Starbucks' Americas cafe sales rises less than expected, shares drop
FILE PHOTO: A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California, U.S. on October 27, 2015.
REUTERS/Lucy Nicholson/File Photo
REUTERS: Starbucks Corp , the world's biggest coffee chain, posted a smaller-than-expected rise in quarterly sales at established cafes in the U.S.-dominated Americas region, sending its shares down more than 5 percent in afterhours trading.Starbucks' Americas region saw comparable store sales increase 3 percent, excluding the impacts of hurricanes, in the fourth quarter.Analysts on average expected a 3.3 percent rise, according to Consensus Metrix.Sales at U.S. cafes open at least 13 months rose 3 percent.Net income attributable to the company fell to US$788.5 million in the quarter from US$801 million a year earlier.(Reporting by Uday Sampath in Bengaluru; Editing by Savio D'Souza)
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