March 28, 2023

Dawson County Journal

Dawson County, Nebraska

Starbucks Plans to Tap Young, Wealthy Customers to Weather Recession

Starbucks Corp. topped Wall Street estimates for quarterly comparable sales and profits on Thursday, saying it will weather any coming recession by selling customized cold drinks through its rewards app to grow its ranks of younger, wealthier customers.
Demand in North America for pricier drinks remained strong and declines in China were not as bad as projected in its fourth quarter ended Oct. 2. Earnings were $0.81 per share, versus analyst expectations of $0.72, according to Refinitiv IBES.
Amid record inflation and fears of a global economic downturn, restaurants McDonald’s Corp. and Yum Brands Inc. have drawn lower-income consumers with cheap meals. Even so, wealthier people keep buying pricier food and drinks from Starbucks and Chipotle Mexican Grill Inc…..
Source: The Epoch Times