Starbucks reports quarterly revenue beats estimates as ‎business recovers in China

Starbucks announced better-than-estimated profits and revenues during the second quarter of fiscal year 2023, supported by better-than-expected international sales.

The results of the American Company showed that net income amounted to $908.3 million during the three months ending on April 2, up from $674.5 million during the same period of the previous year.

Starbucks’ adjusted earnings per share was 74 cents, compared to expectations of 65 cents per share during the three months reported.

The company’s revenue rose to $8.72 billion, up 14% year-on-year, and beating analysts’ average estimate of $8.4 billion.

The coffee chain significantly outperformed estimates of sales in the same number of stores in China, up 3% compared to an estimate of a 9.8% drop.

This is CEO Laxman Narasimhan’s first business report since he assumed the leadership on March 23. “Our team has a clear vision of growth, opportunities to improve margins and modernize the brand, partner experience and Starbucks culture,” he said.