Starbucks (SBUX, $84.68) on Thursday reported quarterly earnings and revenue that topped analysts’ estimates, fueled by U.S. customers spending more on iced coffee drinks and Pumpkin Spice Lattes, which climbed 70% compared to a year ago. Cold beverages accounted for more than three-quarters of beverage sales at U.S. company-owned cafes. The Seattle-based coffee company also said U.S. traffic improved in the quarter and has nearly bounced back to 2019 levels.
Net sales for the period rose 3.3% to $8.41 billion. Global same-store sales increased by 7%, fueled by increased spending in its home market. In the United States, Starbucks reported same-store sales growth of 11%, which was the result of people spending more on average and a slight uptick in traffic. Prices were also up 6% from a year ago, but executives said they don’t plan to raise prices anymore for the time being.