The third quarter was when sales growth at big American companies was supposed to slump. Starbucks was not informed.
In its earnings report on Thursday evening, same-store sales at U.S. outlets – which make up three-quarters of total revenue – were up 6 per cent, holding the pace of the quarter before. Total revenues were up 14 per cent, helped by new openings in the U.S. (There is clearly no more room in America for more Starbucks outlets; the only possible explanation is that they are building new stores in the seating areas of old ones.) Another contributor was continued rapid growth in consumer products sales. Shares rose 7 per cent in late trading.