Starbucks net revenues up 12 per cent in third quarter

Starbucks Corporation reported that its net revenues in the third quarter increased by 12 per cent to $2.9 billion, in its financial results released on 29 July.

The report noted that global comparable store sales increased 8 per cent, driven by a 6 per cent increase in traffic and a 2 per cent increase in average purchase ticket.

Earnings per share increased 33 per cent to $0.36 in the 2011 third quarter compared to $0.27 in the same period in 2010. The board of directors declared a $0.13 per share cash dividend to shareholders of record as of 10 August 2011, which will be paid on 26 August 2011.

“Starbucks record third quarter results reflect both the underlying strength and continuing momentum we have been experiencing across all of our business segments and around the world,” says Howard Schultz, Chairman, President and CEO. “These results demonstrate the power, and the extraordinary global potential, of our unique new business model. Starbucks has never been healthier, more connected to our customers and partners, or better positioned to go after the tremendous business opportunities that lie ahead,” Schultz added.

“The exceptional results that we reported today for our fiscal third quarter are a testament to the strength of the Starbucks brand, to the depth of the company’s organizational capabilities, and to the dedication of our partners around the world,” comments Troy Alstead, CFO. “Efforts to enhance the store experience continue to resonate with our customers as strong traffic gains and sales leverage helped mitigate the impact of higher commodity costs. With our global store portfolio performing at record levels and momentum building in CPG, we have a solid foundation in place to pursue continued profitable growth in fiscal 2012 and beyond. As we build upon the strength of the brand and our evolving multi-channel strategy, we expect to drive growth in earnings per share in fiscal 2012 in the range of 15 to 20 percent.”

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