Starbucks Corporation opened 588 net new stores in Q3 2023. Credit: Starbucks Corporation.

Starbucks has posted attributable net earnings of $1.14bn for the third quarter of fiscal year (FY) 2023, an increase of 25.1% compared with $912.9m a year ago.

For the quarter that ended 2 July 2023, the company’s total net revenues were $9.17bn, up 12% versus $8.15bn in the same period a year ago.

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The coffee chain said its global comparable store sales grew by 10% during in the quarter due to a 5% increase in comparable transactions and a 4% increase in average tickets.

Comparable store sales in North America and the US grew by 7%, driven by a 6% increase in average tickets and a 1% rise in comparable transactions.

The company’s international comparable store sales were also up by 24%, with China comparable store sales surging by 46%.

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During the quarter, the company’s operating income was $1.5bn, an increase of 22.3% versus last year’s figure of $1.3bn.

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The GAAP operating margin rose to 17.3% from 15.9% in the same period a year ago.

The company opened 588 net new stores in the third quarter, crossing the 37,000 store count threshold globally.

Starbucks Corporation CEO Laxman Narasimhan said: “Our strong third-quarter results point to all-around momentum in the business and reflect the significant progress we are making against our Reinvention Plan.

“Our results were also amplified by the distinctive competitive advantages that set us apart in the market.

“Starbucks is an iconic, durable brand and I am confident in the multiple paths available for the company to drive significant growth and margin improvement, which position us well to create outsized long-term shareholder value.”