- Weather may delay launch of mission to study deflected asteroid
- China to flesh out economic stimulus plans after bumper rally
- Asian markets track Wall St rally on US jobs data
- World marks anniversary of Oct. 7 attack on Israel
- Asian markets track Wall St rally on jobs data
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- Tunisia incumbent Saied set to win presidential vote: exit polls
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Two elephants die in flash flooding in northern Thailand
- Tunisia votes with Saied set for re-election
- Too hot by day, Dubai's floodlit beaches are packed at night
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
Starbucks reports record sales but lower profits on weak China
Starbucks reported record quarterly revenues Thursday behind a strong US performance, but weak China results and increased expenses pinched profits.
Comparable sales surged at the coffee chain's North American shops, lifted by a 10 percent increase in average ticket size following price hikes and a slight uptick in comparable transactions.
The results are the latest from a big US consumer-oriented company to illustrate continued robust consumer demand despite inflation.
Howard Schultz, interim chief executive, attributed the strong US performance to "reinvention" investments that have included boosts to employee compensation and store revamps as the chain confronts a unionization drive in its home market.
But the added spending on these areas -- coupled with increased commodity and supply chain costs -- dragged down Starbucks' bottom line.
Profits for the quarter ending October 2 were $878.3 million, down 50 percent from the year-ago period, while revenues climbed 3.3 percent to $8.4 billion.
The company continued to see meager results in China amid waves of Covid-19 restrictions in the country. Comparable sales dropped 16 percent in the period in the market.
With the coronavirus again on the rise in China, "we anticipate the current Covid-related uncertainty to continue," Schultz told analysts on a conference call.
"While our long-term aspirations for China remain undiminished, we expect the recovery of our business in the country to be nonlinear," Schultz said.
Shares of Starbucks rose 2.0 percent to $86.35 in after-hours trading.
J.Bondarev--CPN