Starbucks reports record Q4 revenue despite China declines

By DEE-ANN DURBIN
AP Business Writer

Starbucks’ revenue rose 3% to a record $8.41 billion in its fiscal fourth quarter as U.S. customers shrugged off higher prices on frothy drinks and snacks. The Seattle coffee giant said its same-store sales __ or sales at locations open at least a year __ were up 7%. That beat Wall Street’s forecasts. North American strength offset weakness in China, where pandemic lockdowns are still impacting sales. But Starbucks said its net income fell 50% to $878 million as it invested heavily in store remodels and employee wages. Adjusted for one-time items, the company earned 81 cents per share, also beating analysts’ forecasts.