By Heather Haddon 

Starbucks Corp. said customers are returning to its cafes quicker than expected, forecasting a return to sales growth next year.

The coffee giant on Thursday said same-store sales in its Americas region declined 9% in its latest quarter from last year's period, a better result than analysts expected. The chain benefited from larger orders as consumers have tended to load up on food and drinks during less frequent trips. Still, Starbucks reported a 25% reduction in transactions during its fourth quarter ended Sept. 27.

The Seattle-based company reported adjusted earnings of 51 cents a share, topping analyst projections. The chain said it expects to fully recover from the pandemic next fiscal year, and anticipates opening 2,150 new stores world-wide even as it closes hundreds of existing ones.

Shares rose 1% to $89 in aftermarket trading. Its stock was up 1% this year through Thursday's close.

More to come...

Write to Heather Haddon at heather.haddon@wsj.com

 

(END) Dow Jones Newswires

October 29, 2020 16:42 ET (20:42 GMT)

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