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Starbucks Up Most Since May 2022 on Confidence in Forecast
- Wall Street sees new financial targets as more realistic
- Update on strategy coming at afternoon investor-day session
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Starbucks Corp. shares surged the most since May 2022 after the coffee giant beat sales expectations on resilient demand for its iced lattes, and reined in a key annual growth target that Wall Street expected it to have a hard time meeting.
Same-store sales rose 8% in the quarter through Oct. 1, surpassing the 6.3% average analyst estimate. A higher number of transactions and larger orders drove the increase, according to results released Thursday. The US and China did better than expected by that metric, which tracks performance at stores open for more than a year.