Starbucks Corporation has today reported financial results for its 13-week fiscal second quarter and 26-week fiscal year to date ended 2 April 2017.
For Q2, the firm saw global comparable store sales increase by 3%, and consolidated net revenues grew 6% to a Q2 a record $5.3bn.
Global operating income increased 8% to a Q2 record $935m, and operating margin expanded 40 basis points to a Q2 record of 17.7%.
Mobile Payment in the US reached 29% of transactions and Mobile Order and Pay grew to 8% of transactions.
Total stores reached 26,161 in 75 countries globally, with the opening of 427 net new stores in the quarter .
Kevin Johnson, Starbucks president and CEO, said, “With our US 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.
“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.”
CFO Scott Maw added, “Starbucks US comp sales accelerated sequentially through the quarter - culminating with a 4% US comp in March -and we’re seeing further acceleration into April.
“Investments we are making to increase throughput and further premiumise 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
Howard Schultz, executive chairman said,“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.
“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.”