Starbucks EMEA sees 1% revenue decline in Q1
The decrease was driven by "unfavourable" foreign currency translation.
Starbucks has announced their financial results for Q1 with the Europe, Middle East and Africa (EMEA) division having a 1% dip in net revenues to US$266.3 million from US$268.1 million last year.
Comparable store sales also took a 1% fall. The decline was attributed to the "unfavourable" foreign currency translation, partially offset by the opening of 324 net new stores over the past 12 months, where their store count now stands as 3,241 from 3,097.
“Starbucks delivered solid operating results in the first quarter, demonstrating continued momentum in our business, as we drive our growth-at-scale agenda with focus and discipline. With this solid start to the fiscal year, we are on track to deliver on our full-year commitments,” Kevin Johnson, president and CEO of Starbucks, said.
On a global scale, consolidated net revenues grew by 9% at US$6.6 billion year-over-year. Global comparable store sales also increased 4% that is said to be driven by a 3% growth in average ticket size. Starbucks also opened a total of 541 outlets during the quarter.
Photo credit: Starbucks UK Facebook
