Starbucks reports Q2 results, aims to accelerate growth in China, U.S
The results come amid competition from coffee chains in the growing Asian market.
Starbucks Corporation has released its Q2 results, reporting revenue at US$6.3 billion, up by 4.5% year on year.
The increase is reportedly driven by an increase in global same store sales by 3% year on year and global net store growth of 7% year on year. The earnings were recorded at US$0.60, up by 13% year on year.
U.S. same store sales increased 4% whilst China/Asia Pacific same store sales increased by 2%.
“We are especially pleased with our comparable store sales growth in our two lead markets, the U.S. and China, where we are also continuing to drive strong new store development with industry-leading returns. With solid first-half financial results, we are on track to deliver on our full-year commitments,” Starbucks president and chief executive officer Kevin Johnson said.
The company said it opened 319 net new stores in Q2, yielding 30,184 stores at the end of the quarter, a 7% increase over the previous fiscal year. 94% of net new store openings were outside of the U.S. whilst 88% were licensed.
