The American multinational chain Starbucks Coffee store and logo seen displayed.
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Starbucks on Wednesday reported that its quarterly same-store sales returned to growth for the first time in nearly two years, showing that its turnaround strategy is winning over lapsed customers.
The coffee chain’s global same-store sales rose 1%, lifted by international markets. Its U.S. same-store sales were flat for the quarter but turned positive in September. Wall Street was projecting global same-store sales declines of 0.3% and a 0.9% decrease in U.S. same-store sales.
“We’re a year into our ‘Back to Starbucks’ strategy, and it’s clear that our turnaround is taking hold,” CEO Brian Niccol said in a statement.
Here’s what the company reported for the quarter ended Sept. 28 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: 52 cents adjusted vs. 56 cents expected
- Revenue: $9.6 billion vs. $9.35 billion expected
Excluding items, Starbucks earned 52 cents per share.
Net sales rose 5% to $9.6 billion.