Starbucks Corp attracted more customers in the latest quarter on an expanded lin...
) attracted more customers in the latest quarter on an expanded line up of beverages and food offerings in the United States and China, leading the coffee chain to raise its fiscal 2019 profit forecast.
Shares of the company rose nearly 6% to $96.40 after the bell and were on track to hit a record high, after the world’s largest coffee chain posted its biggest same-store sales growth in three years. The added food options and Nitro Cold brew, a rich coffee that has a foamy texture like beer, lured more customers to stores during lunch hours, which is typically the slowest time of the day, the company said.“ an area where Starbucks has struggled,” Edward Jones analyst Brian Yarbrough said. “A lot of investors were asking: ‘When are you going to see a traffic increase?’ ... This is a nice quarter on that standpoint.
The company has also been investing heavily in China by opening new stores and expanding delivery to cater to increased demand for on-the-go coffee.
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