JDE Peet’s, Luckin, Starbucks, Nestle and KDP reveal Q2 quarterly reports

Q2 quarterly reports 2023

Five global coffee roasters have shared their Q2 quarterly reports for 2023.

JDE Peet’s has reported an increase in sales and gross profit in its half-year financial report.

“In the first half of 2023, we delivered resilient financial performance in a category that is globally adjusting in the aftermath of the pandemic, and coping with persistent inflation,” says JDE Peet’s CEO Fabien Simon. “Against this backdrop and despite an industry volume decline in Europe, we delivered mid-single-digit top-line growth, driven by our premium product portfolio, E-commerce acceleration and strong performance in the US and in emerging markets.”

Organic sales increased by 3.5 per cent in the first six months of 2023, compared to the same time period last year. The result was driven by a 6.8 per cent increase in price and volume/mix of -3.3 per cent.

Starbucks has reported a record US$9.2 billion in revenue during the company’s Q3 fiscal quarter for 2023.

“Our strong third quarter results point to all-around momentum in the business, and reflect the significant progress we are making against our Reinvention Plan,” says Starbucks CEO Laxman Narasimhan. “Our results were also amplified by the distinctive competitive advantages that set us apart in the market.”

The record net revenue was a 12 per cent increase compared to Q3 2022. Comparable store sales increased 10 per cent globally, including 7 per cent in North America and 24 per cent internationally.

Luckin Coffee has reported an 88 per cent increase in total net revenue in the company’s latest quarterly report.

“We are incredibly proud to report another record-breaking quarter with strong sales growth and increased profitability,” says Luckin Coffee Chairman and CEO Dr. Jinyi Guo. “Our new, innovative product offerings and marketing efforts continue to resonate with customers, driving significant growth in product revenue and monthly transacting customers.”

Net revenue reached US$855.2 million in the quarter, compared to US$462.2 in Q2 2022. Additionally, the company opened 1,485 new stores, including five new stores in Singapore. The new additions bring Luckin Coffee’s total to 10,836 stores worldwide.

Keurig Dr Pepper’s (KDP) results for Q2 shows an overall increase in sales compared to Q2 2022.

“Our second quarter results demonstrated the strength of KDP’s brand portfolio and our high-quality retail execution,” says KDP Chairman and CEO Bob Gamgort. “We saw continued momentum in the US Refreshment Beverages and International segments, as well as encouraging intraquarter developments in US Coffee, where we expect a sequential recovery in revenue and a meaningful inflection in margins in the back half.”

Net sales increased by 6.6 per cent to US$3.79 billion compared to Q2 2022. On a constant currency basis, net sales increased 6.1 per cent, reflecting net price realisation of 8.2 per cent.

Nestlé has announced its organic growth reached 8.7 per cent in its half-year market report for 2023. This included pricing of 9.5 per cent and real internal growth of -0.8 per cent.

“We pursued our strategic priorities with discipline and focus in a fast-evolving consumer environment,” says Nestlé CEO Mark Schneider. “Based on the strong performance in the first half of the year we upgrade our organic sales growth outlook for 2023.”

Total reported sales increased by 1.6 per cent to CHF US$53.76 billion. Foreign exchange decreased sales by 6.7 per cent, while net acquisitions decreased by 0.4 per cent.

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