Starbucks Corp. said holiday sales helped boost its business, though higher-than-expected inflation, a tight labor market and cost increases driven by the Covid-19 Omicron variant weighed on the chain’s most recent quarter.
For the three months ended Jan. 2, Starbucks reported per-share earnings of 72 cents, after adjusting for one-time items, below analysts’ expectations of 80 cents per share, according to FactSet. The coffee giant reported net income of $816 million, up 31% from a year earlier.
