Starbucks reports record revenue in Q1 fiscal 2024

SAN FRANCISCO: US coffee chain operator Starbucks on Tuesday reported record consolidated net revenues of US$9.4 billion in its 13-week fiscal first quarter 2024, ending Dec 31, 2023.

Among the figures, the operating income increased to US$1.5 billion, up by 25 per cent from a year ago, the company said in its latest financial reports.

North America and US comparable store sales increased by 5 per cent, while international comparable store sales rose by 7 per cent and China comparable store sales grew by 10 per cent.

The company opened 549 net new stores in the first quarter, ending the period with 38,587 stores.

At the end of the quarter, stores in the United States and China comprised 61 per cent of the company's global portfolio, with 16,466 and 6,975 stores respectively.

"Our first quarter performance was strong on many measures," said chief executive officer Laxman Narasimhan.

"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."

-- BERNAMA