Starbucks’ Global Sales Miss Estimates Despite U.S. Strength
- China, global comparable sales grow but miss forecasts
- Coffee giant updates guidance with better margins, revenue
Photographer: Waldo Swiegers/Bloomberg
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Starbucks Corp.’s global growth fell short of expectations, overshadowing strong U.S. results and an improved sales outlook for the full year.
Gains across all regions were expected in the company’s second quarter after the weakness of a year ago amid lockdowns and Covid-19’s spread. But the global same-store sales increase -- a closely watched metric -- of 15% was short of the 17% estimate compiled by Bloomberg, reflecting pockets of weakness in the global recovery, even as a rebound is apparent in the coffee giant’s key markets of China and the U.S.