Starbucks Quarterly Earnings Boosted by Christmas Sales

Starbucks has reported better-than-expected quarterly earnings as sales rose over the festive period.

The coffee giant’s total net revenue rose to $5.37 billion from $4.8 billion in the three months to December 27.

Starbucks’ revenue was boosted by Christmas holiday sales which rose 9%.

Chairman Howard Schultz said the strong results showed the “strength and relevance of the Starbucks brand around the world”.

Starbucks said 1-in-6 American adults received a Starbucks Card over the holiday season.

The company said sales at stores that had been open 13 months or more rose by 8%.

Visits to established stores in the China/Asia Pacific region rose by 4%, but missed the 6.1% growth target analysts had predicted.

During a call with investors, Starbucks CFO Scott Maw said the company had locked in the price for more than 90% of its coffee bean needs in 2016.