China hides Starbucks’ latest best-selling US figures For the fourth fiscal quarter ending October 3, the U.S. chain reported sales on a similar basis in the homeland, an increase of 22% compared to the same period last year, + 11% -infectious levels. , Thus overturning the analysts’ estimates.
On the other hand, sales in the Chinese market have fallen by 7% on a similar basis due to new restrictions introduced to control the spread of delta variation in China, which is currently the market with strong growth of the company. The closure of stores in major cities – including Yum China – has had a similar effect on the operations of many restaurant chains. This is in stark contrast to the predictions of flat sales growth on a similar basis in the Chinese market.
For the rest, accounts are added. The Seattle-based company reported quarterly net income of $ 1.76 billion, up 349% from the same quarter a year earlier. Total turnover increased by 31% to Rs 8.15 billion. Starbucks ‘global comparable sales increased by 17% over the last quarter compared to analysts’ average of 18.5%.
The company broke the analyst estimate of 99 cents and released $ 1 per share returns on a revised basis, promising to repurchase $ 20 billion worth of shares over the next three years. Analysts believe China’s pressure is temporary, and take into account the fact that the Seattle – based company will open more stores on Dragon Land to stimulate market growth as regulations are gradually eased.
Starbucks predicts single-digit sales growth globally by 2022, but CEO Kevin Johnson said higher prices, higher pay, new unit upgrades, automation in stores, faster development of cooking tools and other investments could help surpass Starbucks competitors and increase its 2023 operating range. Its current target is 18% to 19%.
The company expects to open 2,000 new offices by 2022, compared to the current 1,173 offices, of which approximately 75% will open outside the U.S. border, and will invest in equipment such as heating stoves and cold infusion systems. Employees need to perform operations in the best possible way.
Like Starbucks, other similar chains are currently struggling with rising costs, especially for workers. The company said wage spending would lower its profit margin next year and plans to raise prices to offset any losses. After the accounts, Starbucks’ share of the after-trade fell 4.58% to $ 92.56. (All rights reserved)
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