Starbucks has reported a 19.8% increase in attributable net earnings for the first quarter of fiscal year 2024, with figures reaching $1.02bn compared to $855.2m in the same quarter the previous year.
Its total net revenues also saw a notable rise, climbing 8.2% to $9.42bn for the quarter ending 31 December 2023, up from $8.71bn a year earlier.
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The coffee chain’s global comparable store sales grew by 5% during the quarter, a result of a 3% rise in comparable transactions and a 2% increase in average ticket.
In North America and the US specifically, comparable store sales also saw a 5% increase, attributed to a 4% rise in average ticket and a 1% growth in comparable transactions.
Internationally, Starbucks’ comparable store sales went up by 7%, with a significant 11% increase in comparable transactions, although this was partially offset by a 3% decline in average ticket.
The company’s operating income saw a healthy increase to $1.5bn in Q1 FY24, up from $1.2bn in the same quarter of the previous year.
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By GlobalDataThe latest quarter also saw an expansion in Starbucks’ GAAP operating margin, which grew 140 basis points year-over-year to 15.8%.
This improvement was primarily driven by sales leverage and enhanced in-store operational efficiencies, the company said.
Over the quarter, Starbucks continued its expansion, opening 549 net new stores, concluding the period with a total of 38,587 stores globally, of which 51% are company-operated and 49% are licensed.
Starbucks Corporation CEO Laxman Narasimhan stated: “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.
“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.”
