Michelle fleury has more. Americans love of lattes and iced coffee helped starbucks through the worst of the post pandemic years. But with high inflation in the us, a cup of coffee is now 5 on average. The big question for investors going into this Earnings Season was would consumers still spend money on elaborate coffees . The answer was mixed. Sales in North America grew 7 , even after the chain raised prices. That figure was below wall streets forecast. Customer traffic only increased by 1 . Most of the gains came from existing customers spending more money. Sales in china, its second biggest market, rose sharply. Same store sales increased a whopping 46 from a year ago. Starbucks remains a favorite brand among chinese consumers. The company benefiting from a rebound after strict covid 19 restrictions were lifted. But the coffee chain said that Wage Increases and investment in its cafes dragged down its overall profits. Starbucks ceo laxman narasimhan, who took over from predecessor
Americans love of lattes and iced coffee helped starbucks through the worst of the post pandemic years. But with high inflation in the us, a cup of coffee is now 5 on average. The big question for investors going into this Earnings Season was would consumers still spend money on elaborate coffees . The answer was mixed. Sales in North America grew 7 , even after the chain raised prices. That figure was below wall streets forecast. Customer traffic only increased by 1 . Most of the gains came from existing customers spending more money. Sales in china, its second biggest market, rose sharply. Same store sales increased a whopping 46 from a year ago. Starbucks remains a favorite brand among chinese consumers. The company benefiting from a rebound after strict covid 19 restrictions were lifted. But the coffee chain said that Wage Increases and investment in its cafes dragged down its overall profits. Starbucks ceo laxman narasimhan, who took over from predecessor Howard Schultz in march,
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Sheffield. Indian Authorities Say a signal problem was likely responsible for the countrys worst train crash in decades. 275 people were killed in the accident and another 1200 were injured when a passenger train hit a stationary Freight Train before derailing and striking a second passenger train. Prime minister Narendra Modi has vowed to punish anyone found responsible for the immigration minister has told gb news its wrong for migrants to demand better Hotel Accommodation while waiting for their asylum claims to be processed east. Its after a protest was sparked in london by migrants being asked to sleep four to a room. Speaking to camilla tominey, Robert Jenrick said the government will never put their interests above the british public. He also said sharing hotel rooms is necessary to get value for taxpayers money. Members whether these are migrants who have said they are destitute, theyve said that they have absolutely nowhere to stay, no friends, no family, no money, and the tax
steaming? i look forward to hearing from you. that is coming up. and here is the news. tens water is holding urgent talks today to secure extra funding thames water. the government says supplies will not be affected if it collapses. the court of appeal are set to rule today on a challenge to the government plan to deport migrants to rwanda. at least 150 people have now been arrested across france after protests over the killing of a 17 year old boy by a police officer. the teenager was shot in a traffic stop in a paris suburb on tuesday. the committee which found boris johnson repeatedly lied to parliament over downing street party is in lockdown will publish another report today about how it believes the findings were undermined. it is expected to name certain mps and peers. i have hints of some of the anger from you about your water from a couple of callers we took in mp5 panel yesterday. if you feel you want to howl at the moon, we are hear from you, want to howl at the