Wall Street

Starbucks says customers still opening wallets despite inflation

Published by
The Seattle Times

Starbucks said Tuesday it saw no slowdown in consumer spending even as customers cope with rising costs. Starbucks opened 318 stores globally in the quarter ending July 3 despite closing 16 stores in the U.S., including six in the Puget Sound area. On June 3, the company said it opened stores in Shanghai — the company’s largest China market with 940 stores — that had been closed because of the country’s “zero-COVID” policy. The coffee giant reported revenues of $8.15 billion, beating Wall Street estimates of $8.13 billion, despite the slowdown in the company’s China business. Starbucks said pr…

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