Starbucks posted its financial results for its 13-week fiscal second quarter ended April 2, 2017.
Global comparable store sales increased 3% for the time period, with the US and Americas comp store sales showing 3% growth. China comp store sales increased 7% driven by a 6% increase in transactions.
Consolidated net revenues grew 6% to a Q2 record $5.3 billion with consolidated operating income increasing 8% to a Q2 record $935 million.
“With our U.S. business accelerating throughout the quarter and strong performance in China, we are poised to deliver strong revenue growth in the second half and into the future,” said Kevin Johnson, Starbucks president and ceo.
“Our success in opening over 2,000 stores around the world annually, delivering record AUV and profit, despite a very difficult period for many brick-and-mortar retailers, is a testament to the 330,000 partners who proudly wear the green apron.”
“Starbucks U.S. comp sales accelerated sequentially through the quarter - culminating with a 4% U.S. comp in March -and we’re seeing further acceleration into April," said Scott Maw, Starbucks cfo.
“Investments we are making to increase throughput and further premiumize the Starbucks brand are paying off. And increased capacity combined with accelerating momentum and the beverage, food and technology innovation we will be introducing in the months ahead gives us great confidence in our ability to deliver strong comp sales and revenue growth in the back half of fiscal 2017
“Starbucks Roasteries under design or construction in the iconic, global cities of Shanghai, New York, Tokyo, Milan and Chicago will join our Seattle Roastery in delivering an immersive, ultra-premium, coffee-forward experience like none other anywhere in the world - further elevating the Starbucks brand, enhancing our customer experience and extending our global leadership around all-things-coffee,” said Howard Schultz, Starbucks executive chairman.
“Together our Roasteries, Reserve stores and Reserve bars will broaden - and deepen - the enduring emotional connection that exists between our customers and the Starbucks brand everywhere.”
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