Starbucks has reported an 8 per cent increase in consolidated net revenue in its Q1 report for 2024.
“Our first quarter performance was strong on many measures,” says Starbucks CEO Laxman Narasimhan. “Of note was the unwavering commitment of our most loyal customers, the growth in rewards members, tender and spend per member.”
Comparable stores sales increased 5 per cent during the quarter, with a 5 per cent increase in North America and a 7 per cent increase internationally from Q1 2023.
Starbucks opened 549 net new stores during the quarter, reaching a total of 38,587 worldwide with 51 per cent company-operated and 49 per cent licensed.
“Despite headwinds, our brand is very strong, and that coupled with innovation and a relentless focus on our green apron partners form long-term differentiators, along with focused execution on Triple Shot Reinvention, will drive balanced and attractive earnings growth,” Narasimhan says.
The company also reported its Starbucks Rewards program has reached 34.3 million members, a 13 per cent increase compared to the same time period in 2023.
“I am proud of the significant margin expansion and double-digit earnings growth we delivered in our first quarter, as it underscores our multiple paths to earnings growth,” says Starbucks CFO Rachel Ruggeri.
“We are executing on several levers within those multiple paths to continue delivering against our balanced growth model over the remainder of the year.”
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