Michelle fleury has more. Americans love of lattes and iced coffee helped starbucks through the worst of the post pandemic years. But with high inflation in the us, a cup of coffee is now 5 on average. The big question for investors going into this Earnings Season was would consumers still spend money on elaborate coffees . The answer was mixed. Sales in North America grew 7 , even after the chain raised prices. That figure was below wall streets forecast. Customer traffic only increased by 1 . Most of the gains came from existing customers spending more money. Sales in china, its second biggest market, rose sharply. Same store sales increased a whopping 46 from a year ago. Starbucks remains a favorite brand among chinese consumers. The company benefiting from a rebound after strict covid 19 restrictions were lifted. But the coffee chain said that Wage Increases and investment in its cafes dragged down its overall profits. Starbucks ceo laxman narasimhan, who took over from predecessor
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