Starbucks Corp. said customers are returning to its cafes quicker than expected, forecasting a return to sales growth next year.
The coffee giant on Thursday said same-store sales in its Americas region declined 9% in its latest quarter from last year’s period, a better result than analysts expected. The chain benefited from larger orders as consumers have tended to load up on food and drinks during less frequent trips. Still, Starbucks reported a 25% reduction in transactions during its fourth quarter ended Sept. 27.
The Seattle-based company reported adjusted earnings of 51 cents a share, topping analyst projections. The chain said it expects to fully recover from the pandemic next fiscal year, and anticipates opening 2,150 new stores world-wide even as it closes hundreds of existing ones.
Shares rose 1% to $89 in aftermarket trading. Its stock was up 1% this year through Thursday’s close.
Coffee and breakfast chains have been hit hard as the coronavirus has disrupted morning routines. Breakfast and brunch restaurants have suffered some of the highest rates of closures since the pandemic hit in March, according to data from listing site Yelp .
