Starbuck (Seattle) is reporting record third-quarter sales that increased 78 percent to $7.5 billion, according to The Seatle Times.
Global same-store sales grew 73 percent from the same period last year, at the height of the pandemic. U.S. same-store sales were up 83 percent with rural and suburban traffic leading the growth. Sales in urban areas also reached positive growth for the first time since early 2020.
In response to changing consumer behavior as a result of the pandemic, Starbucks has introduced new store formats emphasizing drive-thru and mobile ordering. The company is reportedly 40 percent finished with a transformation that would close 400 traditional stores and replace them with smaller mobile pickup locations.