ALBAWABA - Starbucks announced that its profits had risen to $8.72 billion in the first quarter of this year supported by global sales particularly in China, which is the company's second-largest market after Beijing backed down from its highly-restrictive COVID-19 policy.
The company's sales outside of the United States increased by 7 percent, 12 percent in the American market, and 3 percent in the Chinese market.
The company's net sales jumped by 14.2 percent, the firm said in a statement.
The company's earnings per share reached 74 cents, compared to experts' expectations of 65 cents and profits of $8.4 billion.
The company's net profit also increased to $908.3 million, or 79 cents per share, compared to $674.5 million, or 58 cents, during the same period in 2022.
The store's sales, which is an indicator used by retailers to evaluate the performance of existing stores during a year, jumped by 11 percent during the first quarter, exceeding expectations of 7.1 percent.
