Starbucks offered an upbeat sales outlook for the quarter ending in September, as Covid-19 vaccinations and the reopening of offices in the US send customers back into coffee shops.
Sales in the three months to the end of June hit a record $7.5bn, an increase of 78 per cent over a year-ago period hampered by coronavirus shutdowns. Comparable sales, which track revenues in locations open at least a year, were up 73 per cent. Both measures exceeded analysts’ forecasts.
Starbucks expects comparable sales to be 18-21 per cent higher year on year in its fiscal fourth quarter, higher than the 17.5 per cent increase that analysts predict.
Large restaurant chains have benefited as authorities relax limitations on travel and indoor dining, prompting more people to eat out again. Consumers’ growing preference for placing orders online, a trend fuelled by the pandemic, has also helped companies such as Starbucks, Chipotle and Domino’s Pizza…