China/Asia Pacific segment leads Starbucks revenue growth

Starbucks released its 2013 first quarter results on 24 January, reporting a record US$3.8 billion in net revenues, marking an increase of 11 per cent over the same quarter a year ago.  The China/Asia Pacific segment reported the strongest revenue growth, for a total of US$214 million, representing a 28 per cent increase over a year ago. The Americas segment also performed well, representing 10 per cent increase in revenue to $2.8 billion.  The Europe, Middle East and Africa (EMEA) segment continued to show the weakest growth, at 1 per cent, to US$306 million. The segment had previously reported 0 per cent growth for the 2012 fiscal year. In the Channel Development segment, the company reported net revenues of $379.8 million, an increase of 13 per cent over the comparable 2012 quarter. The growth was largely attributed to sales of Starbucks and Tazo-branded K-Cup packs. The company also reported it sold more than 150,000 Verismo single-serve machines since the official launch. “Solid growth in our US retail business, further expansion of our Channel Development initiatives and continued successful execution against our expansion plans throughout China and Asia Pacific all contributed to the record results we announced,” said Starbucks Chairman, President and CEO Howard Schultz in a statement. “Starbucks has never been better positioned to achieve the goals we have set for ourselves around the world and I have never been more optimistic about our future.”