Starbucks beats same-restaurant sales estimates

Starbucks beats same-restaurant sales estimates
FILE PHOTO: Customers pass by the logo of an American coffee company Starbucks inside a coffee shop in Rio de Janeiro, Brazil August 15, 2018. REUTERS/Pilar Olivares -
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(Reuters) – Starbucks Corp <SBUX.O> beat quarterly same-restaurant sales estimates on Wednesday, as the coffee chain’s loyalty program and new delivery options boosted demand and helped it fend off competition.

Sales at restaurants open for at least 13 months rose 5% in the fourth quarter ended Sept. 29. Analysts had forecast same-store sales growth of 3.95%, according to IBES data from Refinitiv.

Total net revenue rose 7% to $6.75 billion (£5.24 billion), beating the average analyst estimate of $6.68 billion.

(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)

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