Starbucks raises full-year profit forecast, shares rise
- Starbucks Corp raised its full-year profit forecast and beat Wall Street estimates for quarterly same-store sales on Thursday, as its new Cloud Macchiato, Matcha tea and cold brews in the United States and speedy delivery network in China drew more customers.
Its new drinks and a refreshed lunch menu focused on improving customer traffic during the lean afternoon hours boosted same-store sales by 4 percent at established U.S. cafes. Analysts were expecting sales growth of 3.58 percent. This comes as it competes with local startup Luckin Coffee, whose speedy growth led it to file for an IPO in the United States earlier this week.
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