Wall Street

Starbucks beats profit estimates despite hit to China business

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Reuters

By Deborah Mary Sophia and Hilary Russ (Reuters) -Starbucks Corp beat Wall Street estimates for quarterly profit on Tuesday as higher prices and strong demand for its coffees in the United States helped offset a hit to business in China from renewed COVID-19 lockdowns. The Seattle-based chain earned 84 cents per share on an adjusted basis, beating estimates of 75 cents. Shares of the company rose more than 1% in extended trading. However, global comparable sales rose 3% in the fiscal third quarter ended July 3, compared with analysts’ average estimate for a 3.76% rise, according to Refinitiv I…

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