Starbucks same-store sales in China surges by 91% in Q2
Transactions soared by 93%.
Starbucks’ same-store sales in China surged 91% in the second quarter, up from a 50% plummet during the same period last year.
According to the chain’s latest earnings report, transactions in their second-largest market soared 93% in the quarter, but average ticket was down 1%.
Starbucks executives said its overall revenue missed estimates, dragged down by some international markets’ slower recovery. For China, it noted that the company had not anticipated restrictions related to the pandemic in the country, including discouraging non-essential travel even during the Chinese New Year holiday.
Starbucks also opened 110 new stores in China during the quarter.
Outside the U.S., Starbucks’ same-store sales rose 35% despite many European countries extending lockdowns.
The company also raised its full-year outlook for revenue to a range of US$28.5 billion to US$29.3 billion, up from a range of US$28 billion to US$29 billion.