Starbucks Corp topped Wall Street forecasts for quarterly sales and earnings, as rejigged menus and heavy promotions helped attract customers to its cafes, driving its shares 4 percent higher on Thursday.
Results for the final three months of 2018 showed that the Seattle-headquartered company`s sales at established cafes in both the United States and China, its top two markets, topped analysts` estimates thanks to the popularity of newer beverages.
Its most recent holiday-themed menus included popular items such as Gingerbread and Juniper lattes, while its Draft Nitro cold brew, launched in 2016 with the aim of creating a beer-like experience, has been credited with pulling in customers during slow afternoons.
The company has also teamed up with food delivery services in China to help boost sales.
Globally, Starbucks` same-restaurant sales rose 4 percent in the three months ended Dec. 30, exceeding analysts` average estimate of a 2.8 percent increase, according to IBES data from Refinitiv.
Total net revenue climbed to $6.63 billion from $6.07 billion.
Quarterly net earnings attributable to Starbucks fell to $760.6 million from $2.25 billion a year earlier, reflecting nearly $1.8 billion in gains last year from acquisitions and the sale of some businesses.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.