By DEE-ANN DURBIN
AP Business Writer
Starbucks on Thursday reported record quarterly sales thanks to its robust U.S. business that helped make up for weakness in China and other markets.
The Seattle coffee giant said its North American same-store sales — or sales at locations open at least a year — jumped 22% in the July-September period. But same-store sales in China fell 7% as coronavirus cases once again disrupted store traffic.
Starbucks said its revenue rose 31% to $8.1 billion for the quarter, an all-time high. But that was still short of Wall Street’s forecast of $8.2 billion, according to analysts polled by FactSet.
The company said its net income more than quadrupled to $1.76 billion. Adjusted for one-time items, Starbucks reported earnings of $1.00 per share. That beat Wall Street’s forecast of 99 cents.
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