Daily Management Review

Starbucks boosts net income for Q1 in fiscal 2022-2023


Starbucks, one of the biggest coffee chains in the world, reported that its net income increased 5% year over year to $855.2 million in the first quarter of its fiscal 2022–2023 year, finished on December 27.

Earnings per share grew to $0.74 from $0.69 at the same time last year. Compared to analysts' expectations of $0.77 per share, adjusted earnings came in at $0.75 per share. Contrary to expectations of $8.78 billion, the company's sales for the quarter increased 8.2 percent to $8.7 billion.

The company's comparable sales globally increased by 5% as well. North America saw a 10% boost in the index. Comparable sales decreased overall by 13% in other nations while falling by 29% in China. To 36,170 outlets, the chain's total number of coffee shops increased by 459 in the first quarter.

In the press statement, acting CEO Howard Schultz stated, "We accomplished today's great results amid a challenging global consumer and inflationary climate, a terrible quarter for retailers generally, and unprecedented competitive obstacles in China in the first quarter."

source: bloomberg.com