News Snapshot:
Starbucks shares were elevated on Wednesday after the coffee chain posted record quarterly revenue. However, the US giant said its bottom line had been impacted by inflationary cost pressures and higher wages. It surpasses sales expectations, posting third quarter sales topping $8.2bn, ahead of analysts’ bets of $8.1bn. Roaring sales in the chain’s largest market the US were offset by a hit to revenue in China, its second-largest market. Sales in China fell 44 per cent on a same-store basis in the period, driving an 18 per cent drop in international sales. Store sales in the US were boosted nine...
