Starbucks Corp. met profit expectations for its second quarter even as its sales disappointed.
The retailer’s net earnings increased 13.5%, to $652.8 million, or 45 cents a share, in line with expectations. Revenue totaled $5.28 billion, less than expected.
Same-store sales rose 3%, also below forecasts, as average tickets rose 4%. Customer transactions were down 2%, which the company attributed to a change in its rewards program.
Starbucks has been battling increased competition from such lower-priced brands as McDonald’s and Dunkin’ Donuts. The coffee giant has also been plagued with problems related to its popular mobile ordering system, which has caused lines in its stores and disgruntled customers.
