Starbucks Corp beat quarterly sales estimates on Wednesday, as the world's ...
) beat quarterly sales estimates on Wednesday, as the world’s largest coffee chain’s loyalty program and new delivery options boosted demand and helped fend off competition, especially in the United States and China.
Shares rose 3% in extended trading after the Seattle-based company also forecast 2020 comparable restaurant sales largely above estimates. The program’s active U.S. membership jumped 15% to 17.6 million in the fourth quarter, and sales at locations open for at least 13 months rose 5% in the fourth quarter ended Sept. 29, beating analysts’ average forecast of 3.95%, according to IBES data from Refinitiv.Net earnings attributable to the company rose to $802.9 million, or 67 cents per share, from $755.8 million, or 56 cents per share, a year earlier.
“We are making meaningful progress against our strategic priorities while streamlining the company,” Chief Executive Kevin Johnson said in a statement.
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