Here's Why Starbucks Stock Popped 18% in November
Shares of coffee giant Starbucks (NASDAQ: SBUX) popped 18% in November, according to data provided by S&P Global Market Intelligence. The company kicked off the month with solid financial results that sparked a big jump in the stock price. And from there, Starbucks stock trended higher but roughly inline with the return of the S&P 500.
Starbucks reported financial results for the fourth quarter of its fiscal 2022 on Nov. 3. In Q4, the company generated record quarterly revenue of $8.4 billion. And posting record quarterly revenue at a time like this is actually quite impressive.
The quarterly record is impressive because Starbucks in China is still flailing. Consider that almost one out of every six Starbucks locations in the world are located in China. But the country is still restricted greatly by the COVID-19 pandemic, affecting consumer traffic at cafes. Because of this, same-store sales in China were down a whopping 24% year over year in fiscal 2022.
Source Fool.com
