Starbucks reports record Q2 sales as costs climb

Starbucks’ sales climbed to record levels in its fiscal second quarter, but its profits took a hit from climbing labor and ingredient costs. The Seattle coffee company — which welcomed back former CEO Howard Schultz last month as its interim leader — said revenue rose 15 percent to a record $7.6 billion in its 13-week quarter, which ended April 3. That was in line with Wall Street’s estimates. But net earnings rose just 2 percent. Starbucks same-store sales were up 7 percent globally despite a 23 percent decline in China due to coronavirus restrictions.