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The group reported revenue of $9.5bn, exceeding estimates and up 9% year-on-year.
Starbucks raised its annual comparable sales growth target from 3% to at least 5%.
KEY POINTS
- US comparable sales grew 7.1%, mainly from a 4.3% increase in transactions.
- North American adjusted operating margin fell to 9.9% due to higher costs and product mix.
- China's comparable sales growth was only 0.5%, signaling a significantly weaker performance.
- Starbucks' Chinese joint venture with Boyu will change financial reporting from Q3 onward.
COMPANIES
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