Starbucks reports non-GAAP EPS of 90 cents for its first quarter 2023-24, up 20% year-on-year, with non-GAAP operating margin improving by 1.3 points to 15.8%.

At $9.4 billion, the coffeehouse chain's revenues grew by 8%, including like-for-like sales growth of 5%, driven by 3% increases in footfall and 2% in average ticket.

"Of particular note is the unwavering commitment of our most loyal customers, as well as the growth of our loyalty program members, offer and spend per member", emphasizes CEO Laxman Narasimhan.

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