Starbucks global comp sales grows 8% in Q1
The coffee chain reported financial results for its 13-week fiscal first quarter ended December 27, 2015.
The rise in global comparable store sales included a 4% increase in traffic. In the Americas, comp store sales increased 9%, including a 4% increase in traffic, while China/Asia Pacific comp store sales increased 5%, driven by a 4% increase in traffic. In the EMEA, comp store sales increased 1%, driven by a 1% increase in traffic.
According to the report, consolidated net revenues of the brand grew 12% over Q1 FY15, to a record $5.4 billion.
Consolidated GAAP operating income increased 16% over Q1 FY15, to a record $1.1 billion. Non-GAAP operating income rose 15% over Q1 FY15 non-GAAP, to a record $1.1 billion.
Starbucks also reported that it has opened 528 net new stores in the quarter globally, including a record 281 stores in China/Asia Pacific and a record 79 stores in EMEA.
“Starbucks record Q1 2016 financial and operating results, highlighted by comp sales increases of 9% in the U.S., 8% globally, another 4% increase in global traffic - and record performance from our Channel Development segment - 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.”
"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 Scott Maw, Starbucks CFO.
“The investments we are making in our people and our business are driving record, industry leading operating and financial performance and consistently strong comp growth, and are both paying off today and setting us up for continued strong performance into the future."
