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Starbucks posted consolidated net revenues of $6.2 billion for its 13-week fiscal fourth quarter, down 8 percent from last year primarily due to lost sales caused by the pandemic.
CEO Kevin Johnson attributed their poor sales to the effect of the pandemic, which prompted people to stay at home for breakfast and morning coffee.
However, the company remains optimistic that international sales would grow by 25 to 30 percent next year, while those in the US and the Americas would jump between 17 and 22 percent.
According to Johnson, the results were better than anticipated with a faster-than-expected recovery in its two lead growth markets, the US and China.
He also pointed out that while overall sales fell, Starbucks' suburban locations and drive-thru restaurants exhibited sales growth.
However, people are returning to their stores when they started to reopen seating, added Johnson.
Sales also got a lift from its pumpkin-flavored drinks, with the company's Pumpkin Cream Cold Brew outselling the Pumpkin Spice Latte.
Dunkin', which reported its third-quarter financial results on Thursday morning, also said that its sales have been improving. Its same-store sales ticked up .9 percent for the quarter.
