Starbucks posted quarterly revenue below Wall Street expectations as weaker international customer traffic weighed on results.
The Seattle-based coffee chain reported a 7.2% increase in global same-store sales for its fiscal fourth quarter, covering July through September. The result exceeded the 6% gain forecast by analysts surveyed by FactSet.
U.S. demand drove much of that growth, with domestic same-store sales climbing 7.7%. International same-store sales increased by less than 1%, while traffic at stores outside the U.S. fell 2.8%, Starbucks said.
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Quarterly net revenue declined 4% to $9.14 billion, missing the $9.2 billion analysts had projected.
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