The Starbucks sign is seen outside one of its stores in New York
Starbucks shares gained in premarket Reuters

Starbucks reached record quarterly sales after the coffee shop chain was able to attract more customers despite increasing its prices.

Revenue in the fiscal fourth quarter, which ended Oct. 1, rose 11% from a year earlier to $9.35 billion. Analysts expected $9.29 billion, CNBC reported, citing LSEG data.

Profit jumped 39% to $1.22 billion, or $1.06 per share. Analysts estimated $0.97, CNBC said.

Starbucks shares gained as much as 6% in reaction to earnings in premarket trading.

"As we enter the current year, in the face of macro uncertainty, we remain confident in the momentum throughout our business and headroom globally, " Chief Executive Officer Laxman Narasimhan said in the earnings statement. "We expect sustained momentum throughout the company for years to come."

On average, Starbucks increased prices by 4%. In North America, the increase was even higher at 6%

The company opened a net 816 stores in the last quarter, ending the period with a total of 38,038 globally. The U.S. leads with 16,352. China has 6,806 Starbucks stores.

A year ago, results had the negative impact of China's zero-Covid policy, which reduced traffic in stores.

Coffee