ALBAWABA - Starbucks announced quarterly profits that surpassed analysts' expectations, but in-store sales defied Wall Street estimates.
The stock achieved an average profit of $1 per share, compared to 95 cents, according to a survey conducted by Refinitiv for analysts' forecasts. Meanwhile, revenues reached $9.2 billion, slightly below the anticipated $9.29 billion.
Interestingly, in-store sales grew by 10%, falling short of StreetAccount's 11% estimate. The growth of in-store sales in both North America and international markets was weaker than expected.
Sales at Starbucks stores in North America increased by 7%, lower than the projected 8.4%. The company stated that customer traffic grew by 1% in the second quarter.
Outside of North America, sales at Starbucks stores grew by 24%, slightly lower than the anticipated 24.2%. Improved demand in China boosted the company's international growth, with in-store sales in China rising by 46% in the second quarter.
