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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 Wa ....
In its cafes dragged down its overall profits. starbucks ceo laxman narasimhan, who took over from predecessor howard schultz in march, hailed the progress the company was making. he still faces lots of challenges, though, including the company s response to union organizing. that s michelle fleury there. meanwhile, ride hailing firm uber reported a surprise profit of almost $400 million for the second quarter after a $2 billion loss compared to a year ago. now, this is uber s first ever quarterly operating profit. the results were boosted by gains in uber s equity investments. revenue rose 14%, but missed analysts forecasts slightly. oil giant bp saw its second quarter profits slumped 70% from a year ago, coming in at $2.6 billion and missing forecasts. this is a read line defining margins, rather, and oil trading income has fallen. energy giants have seen their profits dwindle from 2022 when oil and gas prices surged in the wake of the russia s invasion of ukraine. ....
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 street s 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 ....