American coffeehouse chain Starbucks Corp. announced on Thursday its revenue for the fourth quarter of 2022 reached a record $8.4 billion, rising 3% on a yearly basis, driven by more customer spending in the United States.
Net income arrived at $878.3 million, down 50.2% from $1.76 billion a year earlier. Diluted earnings per share (EPS) followed, decreasing year-on-year to $0.76 from $1.49. Global comparable store sales went up 7% in the same period. The company opened 763 net new stores in the fourth quarter, ending the period with 35,711 stores, 51% company-operated and 49% licensed.
"We saw accelerating demand for Starbucks coffee around the world in Q4 and throughout the year,” said Starbucks' Interim CEO Howard Schultz, predicting that the company's "US Reinvention investments will...ideally position Starbucks to deliver accelerated, sustainable, long-term, profitable growth and value creation beginning in 2023."
Shares rose 2.3% in after-hours trading on the earnings report.
