NEW YORK — Starbucks said its profit rose 16 percent during the first three months of the year, helped by positive sales around the world.
Still, the sales growth fell short of Wall Street’s expectations, and the company’s stock fell 5 percent to $57.58 in after-hours trading.
The Seattle-based coffee chain said global comparable sales rose 6 percent for the period ended March 27. That reflected a 7 percent increase in its flagship U.S. market, where the company has been trying to sign up more people for its mobile app and push food such as breakfast sandwiches and salad boxes.
Starbucks Chief Operating Officer Kevin Johnson said food accounted for more than 20 percent of sales in the U.S.
