Starbucks has released its financial results for its 13-week fiscal first quarter, which ended on December 31st 2023.
The report found that global comparable store sales increased five percent, driven by a three percent increase in comparable transactions and two percent increase in average ticket size.
Starbucks opened 549 new stores in the last quarter, ending the period with 38,587 stores. Of these, 51 percent were company-operated and 49 percent were licenced. At the end of the quarter, stores in the United States and China comprised 61 percent of the company’s global portfolio, with 16,466 and 6,975 stores, respectively.
“Our first quarter performance was strong on many measures. Of note was the unwavering commitment of our most loyal customers, the growth in rewards members, tender and spend per member,” commented Laxman Narasimhan, chief executive officer.
“Despite headwinds, our brand is very strong, and that coupled with innovation and a relentless focus on our green apron partners form long-term differentiators, along with focused execution on Triple Shot Reinvention, will drive balanced and attractive earnings growth.”
“I am proud of the significant margin expansion and double-digit earnings growth we delivered in our first quarter, as it underscores our multiple paths to earnings growth,” commented Rachel Ruggeri, chief financial officer.
“We are executing on several levers within those multiple paths to continue delivering against our balanced growth model over the remainder of the year.”
