(New York) Starbucks, the American coffeehouse chain, continues to benefit from solid demand for its drinks and snacks in the United States, even at higher prices, which has enabled it to offset the drop in sales in China.
Posted at 6:24 p.m.
The company announced Thursday a record turnover of 8.4 billion dollars between July and September, which corresponds to the fourth quarter of its financial year, up 3.3% year on year.
But at a number of comparable stores and without currency effects, its sales increased by 7% worldwide.
In the United States, they increased by 11%, in particular due to a 10% increase in the average ticket paid by customers.
The increase “underscores both the high level of brand loyalty and the extent to which Starbucks has embedded itself in consumer habits,” commented Neil Saunders, retail industry specialist for GlobalData.
In China, its second largest market, sales fell 16% due to COVID-19 restrictions, which lowered its sales outside the United States by 5%.
Starbucks’ net profit, on the other hand, was halved over the period, to $878 million.
The group, which is facing a unionization movement in its establishments in the United States, has notably increased its salary expenditure, between higher salaries and training of new employees. It is also confronted with inflationary pressures, which are driving up the prices of raw materials.
The action of the group, which now has just under 36,000 establishments in 83 countries, rose 2% in electronic trading following the closing of the stock market.
For its full fiscal year, Starbucks saw its revenue grow 11% to $32.25 billion. Its net profit fell 22% to $3.3 billion.