Strong N.America sales boost Starbucks results despite China hit

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AFP

New York (AFP) – Starbucks reported lower quarterly profits Tuesday despite higher sales, as strong demand and price increases in North America mitigated the hit from Chinese lockdowns. Executives from the US coffee giant pointed to torrid growth in its home market that helped produce record quarterly revenues, even as operations in its biggest Chinese markets were halted for much of the quarter. The contrasting performance was starkly apparent in the numbers, with North American comparable sales jumping nine percent, while China’s slumped 44 percent. Profit for the quarter ending June 27 was …

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