NEW YORK: Starbucks Corp raised its full-year profit forecast and beat Wall Street estimates for quarterly same-store sales, as its new Cloud Macchiato, Matcha tea and cold brews in the United States and speedy delivery network in China drew more customers.
Shares of the world’s largest coffee chain, which have surged about 20 per cent this year, pared gains after rising as much as 2 per cent. They were still on track to hit a record high on Friday.
Its new drinks and a refreshed lunch menu focused on improving customer traffic during the lean afternoon hours boosted same-store sales by 4 per cent at established US cafes. Analysts were expecting sales growth of 3.58 per cent.
Starbucks also added 13 per cent more active members to its loyalty programme in the United States as it expanded its delivery services to almost 1,600 stores in seven markets along with UberEats, and improved the speed of its ordering and payment processes on its app and at cafes. — Reuters
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