Starbucks reports record revenue as store count, prices rise

By DEE-ANN DURBIN
AP Business Writer

Starbucks reported record revenue in the April-June period, benefitting from hundreds of new stores and higher prices. The Seattle-based coffee giant said its revenue rose 9% to $8.2 billion, a quarterly record. That surpassed Wall Street’s forecast. Global same-store sales, or sales at stores open at least a year, rose 3%, which was just shy of Wall Street’s expectations. Starbucks said traffic was slower, mostly due to continuing closures in China. But customers spent more when they visited. Starbucks said its net income fell 21% as the company spent more on labor, worker training and supply chain costs.