Starbucks misses sales, revenue estimates as China falters

By DEE-ANN DURBIN
AP Business Writer

Starbucks reported lower-than-expected sales in its fiscal first quarter, hurt by COVID restrictions in China and lower consumer demand in other markets. Global same-store sales, or sales at stores open at least a year, were up 5% in the October-December period, but that was partly due to higher prices. Store transactions were down 2%. Starbucks fell short of Wall Street’s forecast for same-store sales, according to analysts polled by FactSet. Starbucks said its revenue rose 8% to a record $8.7 billion, but that also fell short of analysts’ expectations.