Starbucks reported total net revenue of US$3.2 billion for the second quarter of 2012, marking a 15 per cent increase over the same period a year prior. The company’s Channel Development segment saw significant growth of 57 per cent, following the release of a Starbucks and Tazo-branded K-Cup. “Starbucks record Q2 performance demonstrates the strength of our business, increasing power and global relevance of our brand,” says Howard Schultz, Chairman and CEO of Starbucks. “In Q2 we expanded our retail presence, recorded our seventh consecutive quarter of over 20 per cent sales growth in China and introduced new products into multiple channels. Starbucks opened 176 new stores globally in the 2012 Q2 period, including its 3000th store in China and Asia Pacific segment. The company opened its first store in Norway and the first Evolution Fresh store in Bellevue, Washington. The reported noted that Earnings Per Share (EPS) increased by 18 per cent to US$0.40, compared to $0.34 compared to the same period a year prior.