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Starbucks beats same-store sales expectations, shares rise 2 percent

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Starbucks beats same-store sales expectations, shares rise 2 percent
FILE PHOTO: A Starbucks sign is show on one of the companies stores in Los Angeles, California, U.S. October 19,2018. REUTERS/Mike Blake/File Photo GLOBAL BUSINESS WEEK AHEAD   -   Copyright  Mike Blake(Reuters)
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(Reuters) – Starbucks Corp beat Wall Street estimates for quarterly sales at established cafes on Thursday, as higher prices and customer orders powered a strong growth in the United States, its largest market.

Shares of the company rose 2 percent in extended trading.

The world’s biggest coffee chain said sales at cafes open at least 13 months in its Americas unit rose 4 percent in the second quarter ended March 31, beating the 3.58 percent rise expected by analysts, according to IBES data by Refinitiv.

Total net revenue rose 4.5 percent to $6.31 billion (4.89 billion pounds), but was slightly below the estimate of $6.32 billion.

(Reporting by Aishwarya Venugopal and Nivedita Balu in Bengaluru; Editing by Arun Koyyur)

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