Starbucks' net revenue rises in Q3 fiscal year, beating expectations

The global coffee brand previously warned of lower quarterly sales growth and announced plans to close about 150 U.S. cafes in the next fiscal year.

Starbucks reported that their consolidated net revenues raised up to 11% (USD$6.3 billion) and global comparable sales to 1% as their 13-week fiscal third quarter comes to a close.

Kevin Johnson, Starbucks CEO and president, said it only shows their commitment to its strategic growth priorities and increases in long-term value for their shareholders.

“We remain confident in our global growth strategies, in the sustainability of our leadership position around all things coffee and tea and in our leadership teams around the world to navigate our next phase of growth.”

Revenues in the Asia Pacific and EMEA are also flourishing as they have rose to 46% (USD$1.2 billion) and 10% (USD$275 million), respectively.

This is driven by the new openings of 746 stores in the Asia Pacific and 375 more in EMEA for the past 12 months.

“Starbucks record Q3 revenues and profits once again reflect the underlying strength of the Starbucks business and brand all around the world,” said Starbucks CFO Scott Maw, Starbucks CFO.

“We continue to grow share in virtually every market and channel in which we operate at the same time that our streamline initiatives are enabling us to sharpen our focus - and leverage our resources - against our highest value, long-term growth opportunities.”