{"text":[[{"start":7.55,"text":"Starbucks reported a sharp rise in sales and improved profits, buoyed by US customers across all income levels even as affordability concerns weighed on the coffee giant’s home market. "}],[{"start":18.75,"text":"Sales at cafés open for at least a year rose 6.2 per cent in the quarter ending in March, the strongest increase since 2023, Starbucks said on Tuesday. In the US, comparable sales increased 7.1 per cent, with new transactions accounting for 4.3 per cent of the rise. "}],[{"start":37.7,"text":"The world’s largest coffee house chain has revamped stores, simplified menus, added labour and sped up service under a turnaround plan called “Back to Starbucks” announced by chief executive Brian Niccol in late 2024. In January he declared “Starbucks is Back”."}],[{"start":55.150000000000006,"text":"The second-quarter results will help to allay concerns that the group’s turnaround will take too long and cost too much. Starbucks’ strong results in the US came despite gloomy consumer sentiment made worse by a recent rise in petrol prices triggered by the Iran war. "}],[{"start":70.65,"text":"US customers spent more “across all income levels and age demographics”, Niccol told analysts. "}],[{"start":76.9,"text":"“When you give them an experience that they feel is unique, differentiated, special, a little touch of luxury, it goes a long way,” he said. “We’re seeing that play out with every income cohort. So if you’re somebody that’s viewing this as your splurge, they’re perceiving this as yeah, that was worth it for a little splurge.”"}],[{"start":96.35000000000001,"text":"Starbucks raised its forecast for same-store sales, predicting a 5 per cent increase globally this fiscal year, up from previous guidance for 3 per cent. It also boosted its outlook for earnings per share."}],[{"start":110.60000000000001,"text":"Net revenues are expected to hold steady, in part reflecting the sale of a 60 per cent stake in Starbucks’ China business to the private equity firm Boyu Capital in a deal that closed this month, said Cathy Smith, chief financial officer. "}],[{"start":125.35000000000001,"text":"Starbucks’ 10 largest international markets — including China, Japan and Mexico — reported positive comparable sales for the first time in more than two years, Smith said."}],[{"start":136.15,"text":"Niccol noted that the February launch of a new type of iced coffee in South Korea had sold more than a million cups in its first week."}],[{"start":143.65,"text":"The results come as the surge in energy prices stemming from the Iran war squeezes the budgets of some consumers. Executives said they hadn’t seen the broader economic pressures changing spending patterns."}],[{"start":155.55,"text":"Smith said: “While history demonstrates the resilience of our brand through periods of high gas prices, the current macro environment brings heightened uncertainty to our operating landscape and consumer behaviour more broadly.”"}],[{"start":168.35000000000002,"text":"Starbucks’ revenue rose 9 per cent to $9.5bn, well ahead of a consensus estimate of $9.1bn compiled by Visible Alpha. Net income increased a third to $510.9mn, compared with an estimate of $475.4mn. "}],[{"start":187.95000000000002,"text":"Niccol said: “For the first time in more than two years, we delivered growth on both the top line and the bottom line.” "}],[{"start":194.75000000000003,"text":"Shares of Starbucks were up 5 per cent in after-hours trading."}],[{"start":207.25000000000003,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1777445420_6601.mp3"}