Starbucks reports growth in second quarter

Starbucks has reported consolidated net revenues of US$6.3 billion for the fiscal quarter (Q2) ended 31 March, 2019. This rep undefined

resents a growth of five per cent over the prior year.

The quarter saw global comparable store sales increase by three per cent. Starbucks Americas and United States comparable store sales increased four per cent, China/Asia Pacific increased two per cent, and China increasing three per cent alone.

“Starbucks delivered another quarter of solid operating results, demonstrating that our ‘Growth at Scale’ agenda is working,” Starbucks President and CEO Kevin Johnson says.

“We are especially pleased with our comparable store sales growth in our two lead markets, the [United States] and China, where we are also continuing to drive strong new store development with industry-leading returns. With solid first-half financial results, we are on track to deliver on our full-year commitments.”

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Starbucks opened 319 net new stores in Q2, yielding 30,184 stores at the end of the quarter, a seven per cent increase over the prior year. Ninety-four per cent of net new store openings were outside of the US, while 88 per cent were licensed.

Starbucks Rewards loyalty program grew to 16.8 million active members in the US, up 13 per cent year-over-year.

“Starbucks remains focused and disciplined in the execution of our three key strategic priorities: accelerating growth in our targeted markets of the US and China, expanding the global reach of the Starbucks brand through our Global Coffee Alliance with Nestlé, and increasing shareholder returns,” Johnson says.

“With our efforts to streamline the company and elevate the Starbucks brand, we are not only positioning the company to deliver more predictable and sustainable operating results but are also building Starbucks to be an enduring company that creates meaningful value for shareholders for decades to come.”

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