Starbucks Corporation has reported financial results for its 13-week fiscal third quarter ended 30 June 2019.
Global comparable store sales increased 6%, driven by a 3% increase in average ticket and a 3% increase in comparable transactions.
The company opened 442 net new stores in Q3, yielding 30,626 stores at the end of the quarter, a 7% increase over the prior year. Nearly one-third of net new store openings were in China and 48% were in other international markets.
Consolidated net revenues of £5.5bn grew 8% over the prior year, Consolidated net revenues grew 11% over the prior year adjusted for unfavorable impacts of approximately 2% from Streamline-driven activities and 1% from foreign currency translation.
Streamline-driven activities include the licensing of its CPG and foodservice businesses to Nestlé following the close of the transaction on August 26, 2018, and the conversion of certain international retail operations from company-operated to licensed models
Kevin Johnson, President and CEO, said, “Starbucks delivered strong operating performance in the third quarter, further demonstrating that our ‘Growth at Scale’ agenda is working.
“Our two targeted long-term growth markets, the U.S. and China, performed extremely well across a number of measures as a result of our focus on enhancing the customer experience, driving new beverage innovation and accelerating the expansion of our digital customer relationships.
'Given the strong momentum across our business, we are raising our full-year financial outlook.”