Starbucks (SBUX:US) saw its stock rally nearly 11% on Thursday after the coffee-chain operator said its revenue exceeded analyst expectations

The company's earnings per share (EPS) of $1.06 outperformed the expected $0.97, and its revenue reached $9.37 billion, up by 11.4% compared to the expected $9.29 billion.

The company's same-store sales surged by 8%, driven by higher average checks and a 3% increase in customer traffic to its cafes. This performance exceeded analysts' projections of a 6.8% same-store sales growth, with domestic locations outperforming.

In the U.S. and North America, same-store sales grew by 8%, with a 6% rise in the average check and a 2% increase in customer traffic. Internationally, outside North America, same-store sales increased by 5%, primarily due to higher customer visits.

In China, Starbucks' second-largest market, same-store sales increased by 5%, with an 8% rise in customer traffic, although the average ticket declined by 3%.

Looking forward to fiscal 2024, Starbucks expects same-store sales growth of 5% to 7%, which is slightly lower than its long-term forecast of 7% to 9% same-store sales growth. 

“We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance. Our Reinvention is moving ahead of schedule, fueling revenue growth, efficiency and margin expansion,” commented Laxman Narasimhan, chief executive officer.

Several lawmakers have been trading SBUX shares in recent months, including Markwayne Mullin, Josh Gottheimer, Ro Khanna, and Scott Franklin.