An employee hands a bag to a customer at the drive-thru of a Starbucks coffee shop in Hercules, California, on Thursday, July 28, 2022.
David Paul Morris | Bloomberg | Getty Images
Starbucks on Tuesday reported better-than-expected quarterly earnings and revenue, fueled by demand in the U.S. for its cold coffee drinks.
As inflation surges, interim CEO Howard Schultz said the chain is not seeing customers trade down or reduce their spending. Other restaurant companies, including McDonald’s and Chipotle Mexican Grill, have seen low-income consumers visit less frequently or spend less as higher gas and grocery bills squeeze their budgets. Schultz credited Starbucks’ pricing power and customer…