Starbucks beats same-store sales expectations, shares rise 2%
FILE PHOTO: A Starbucks sign is show on one of the companies stores in Los Angeles, California, U.S. October 19,2018. REUTERS/Mike Blake
(Reuters) – Starbucks Corp beat Wall Street estimates for quarterly sales at established cafes on Thursday, as higher prices and customer orders powered a strong growth in the United States, its largest market.
Shares of the company rose 2 percent in extended trading.
The world’s biggest coffee chain said sales at cafes open at least 13 months in its Americas unit rose 4 percent in the second quarter ended March 31, beating the 3.58 percent rise expected by analysts, according to IBES data by Refinitiv.
Total net revenue rose 4.5 percent to $6.31 billion, but was slightly below the estimate of $6.32 billion.
Reporting by Aishwarya Venugopal and Nivedita Balu in Bengaluru; Editing by Arun Koyyur