Starbucks sets new records with Q2 results

Starbucks has posted a record US$3.6 billion in second quarter revenues, a growth of 11 per cent on the same period last year. The company also recorded another second quarter record, with earnings per share (EPS) of US$0.51. This has prompted them to raise their full year EPS target range to $2.12 to $2.18 from the previous target range of $2.06 to $2.15. Starbucks’ growth has been driven by strong performances in the Americas and the China/Asia Pacific segments. The Europe, Middle East and Africa segment of the business was static, after showing just one per cent growth in the first quarter. “Innovation and an enhanced customer experience drove strong comp sales and revenue growth, while a laser focus on improving efficiency and controlling costs enabled us to deliver record margins and earnings,” Starbucks’ Chairman, President and CEO, Howard Schultz, said in a statement. “Starbucks has never been better positioned to achieve the aspirational goal we have set of becoming one of the world's most respected, admired and enduring brands.” The company opened an additional 590 stores globally during the period, including 337 Teavana stores after purchasing the tea chain in late 2012. Starbucks has also been recognized by Fortune magazine as the fifth “Most Admired Company” in the world and the Starbucks coffee K-cup packs were recognized as the most successful consumer packaged beverage product of 2012 by Information Resources, a leading market research company.