Starbucks revenues grows to $5 billion in Q2, while mobile pay usage doubles
The coffee chain brand reported consolidated net revenues rising 9% in the 13-week fiscal second quarter ended March 27, 2016.
Global comparable store sales increased 6%, comprising of a 4% increase in ticket and 2% increase in traffic. Consolidated GAAP operating income jumped 11% to a Q2 record $864 million, while non-GAAP operating income increased 11% over Q2 FY15 non-GAAP, to a Q2 record $878 million.
The company opened 350 net new stores globally, bringing total stores to 23,921 worldwide at the end of Q2. According to the results, Starbucks served nearly 16 million more customer occasions from its global comp store base - and over 12 million more customer occasions in the U.S. - in Q2 FY16 compared to Q2 FY15.
Membership in the company's Starbucks Rewards loyalty program increased 16% year-over-year and 8% in Q2 versus Q1 FY16; company now has 12 million active loyalty members in the U.S.
Mobile Order and Pay usage doubled year-over-year, with the company now processing 8 million Mobile Order and Pay transactions per month
"Starbucks record Q2 financial and operating performance - including a stunning 18% increase in revenues and a 5% increase in transactions in China - underscores the strength of the Starbucks brand and the resiliency of our global retail and CPG businesses," said Howard Schultz, chairman and CEO.
"Loyalty, technology and innovation are continuing to fuel our digital flywheel and propel our business forward all around the world."
“Starbucks Q2 represented another quarter of solid growth, with the highest revenues of any non-holiday quarter in our history and excellent financial, operating and profit performance,” said Scott Maw, CFO.
“The record-setting performance we delivered in the first half of fiscal 2016 ideally positions us to benefit from the investments we are making in our partners, in our stores and in groundbreaking innovation, and to continue delivering world class returns to our shareholders into the future.”
