Why Starbucks Shares Are Gaining After Its Conference Presentation
During a Las Vegas restaurant and casino industry conference today, Starbucks Corporation (NASDAQ: SBUX) made an investor presentation revealing improving trends in both the U.S. and China. While comparable sales, or comps, still suffered year-over-year declines because of COVID-19, TheStreet reports, Starbucks' Chinese business is nearly back to normal -- fresh, piping-hot upbeat news prompting investors to bid the coffee chain's shares up 1.25% by market close.
At the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Forum this morning, Starbucks' executives presented a slide deck showing sequential improvement in U.S. comps during the summer months. Sales were down 19% year over year in June, 14% in July, and 11% in August. The company also listed handheld point-of-service (POS) at drive-throughs, curbside pickups, and the "Stars for Everyone" reward program as "future recovery enablers."
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Source Fool.com
