Starbucks reports record Q2 sales as costs climb

By DEE-ANN DURBIN
AP Business Writer

Starbucks’ sales climbed to record levels in its fiscal second quarter, but its profits took a hit from climbing labor and ingredient costs. The Seattle coffee company __ which welcomed back former CEO Howard Schultz last month as its interim leader __ said revenue rose 15% to a record $7.6 billion in its 13-week quarter, which ended April 3. That was in line with Wall Street’s estimates. But net earnings rose just 2%. Starbucks same-store sales were up 7% globally despite a 23% decline in China due to coronavirus restrictions.