Starbucks Reports Decline in Global Same-Store Sales
(MENAFN) Starbucks reported a sharper-than-anticipated 2% drop in global same-store sales for the April to June quarter, according to its earnings released Tuesday.
Sales at stores open at least a year in North America also declined by 2% during the same three-month period.
International same-store sales remained unchanged, while the company recorded a 2% rise in China.
Despite challenges, total revenue for the quarter ending June 29 grew 3.8% year-over-year, reaching $9.5 billion.
However, net income took a significant hit—plummeting 47% to $558.3 million for the quarter.
Earnings per share mirrored the profit drop, falling 47.3% from a year ago to $0.49.
The company, which has been among those targeted by protests and boycotts related to Israel’s military actions in Gaza, also marked its sixth straight quarter of declining U.S. same-store sales.
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