Starbucks misses sales, revenue targets

STARBUCKS reported lower-than-expected sales in its fiscal first quarter, with Covid store shutdowns in China overshadowing stronger results elsewhere.

Global same-store sales — or sales at stores open at least a year — were up 5 percent in the October-December period, but that was partly due to higher prices. Store transactions were down 2 percent. Analysts polled by FactSet had forecast a 6.7-percent increase in same-store sales.