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Non-Tech : Starbucks (SBUX)

SBUX 80.87

-2.7%

Oct 31 9:30 AM EDT

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From: Sr K	11/4/2022 12:39:04 AM
	of 1506

Starbucks Rings Up Record Sales, Though Cafe Investments Erode Profit Coffee chain reports sales milestone as it spends on employee wages, training Starbucks trails only McDonald’s as the largest restaurant chain by market capitalization. WSJ’s Heather Haddon explains why mobile technology has become a business priority for Starbucks and garnered it a loyal customer base. Photo: Stanislav Kogiku/Zuma Press By Heather Haddon Updated Nov. 3, 2022 7:14 pm ET SHARE Listen to article (2 minutes) Starbucks Corp. said its sales hit a record in its most recent quarter, while a planned multimillion-dollar investment in new cafe equipment and higher wages for employees cut into store-level profit. The coffee giant reported $8.41 billion in revenue for the three months ended Oct. 2, up about 3% from the comparable year-ago period and above expectations of analysts polled by FactSet. The company said Thursday its same-store sales globally increased 7% year-over-year, and Interim Chief Executive Howard Schultz said global demand for Starbucks’s coffee was strong. Exc.

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