Starbucks hopes to withstand the recession by attracting young, rich customers.
Starbucks Corp. beat Wall Street expectations for quarterly comparable sales and profitability on Thursday, claiming that by offering specialised cold drinks through its rewards app to expand its ranks of younger, wealthier clients, it will be able to weather any impending recession. The demand for more expensive drinks in North America remained strong, and decreases in China’s fourth quarter, which concluded on October 2, weren’t as bad as anticipated. According to Refinitiv IBES, earnings came in at $0.81 per share, beating analyst projections of $0.72. In after-hours trading, the Seattle-based company’s shares increased by nearly 2%. Interim CEO Howard Schultz…