Starbucks report record Q1 FY16 result

Starbucks Corporation has reported record financial results for its 13-week fiscal first quarter (Q1 FY16), ended 27 December, 2015. Consolidated net revenues grew 12 per cent over Q1 FY15, to a record US$5.4 billion. “We’ve entered fiscal 2016 with another record-breaking quarter and a continuation of the accelerating momentum we saw in our business throughout 2015,” said Starbucks' Chief Financial Officer, Scott Maw. “The investments we are making in our people and our business are driving record, industry leading operating and financial performance, and are both paying off today and setting us up for continued strong performance into the future.” Starbucks opened 528 net new stores in the quarter globally, including a record 281 stores in China/Asia Pacific and a record 79 stores in Europe, the Middle East and Africa.
China/Asia Pacific comparable store sales increased 5 per cent, driven by a 4 per cent increase in traffic. Starbucks reported a global comparable store sales increase of 8 per cent, including a 4 per cent increase in customers worldwide. “Starbucks record Q1 2016 financial and operating results, highlighted by comp sales increases of 9 per cent in the US, 8 per cent globally and another 4 per cent increase in global traffic  – underscore the accelerating strength and relevance of the Starbucks brand around the world,” said Howard Schultz, Starbucks Chairman and CEO. “Successful retail, CPG, digital, mobile, loyalty, card and investment strategies are combining to accelerate our revenue growth and drive significant margin expansion and EPS leverage.” The company served over 23 million more customer globally – 18 million in the US – in Q1 over the prior year. Starbucks Coffee Company now operates more than 23,000 stores around the globe.