Starbucks’ Q2 profit tops estimates
Seattle -- Starbucks Coffee Company reported that its second-quarter profit rose 26% to $390.4 million, up from $309.9 million last year, amid sales increases in the Americas and Asia regions.
Total net revenue for the quarter ended March 31, 2013, rose 11% to $3.56 billion, not quite the $3.58 billion Wall Street expected. Global same-store store sales grew 6%, driven by a 4% increase in traffic and a 2% increase in average ticket, marking the 13th consecutive quarter of global comp growth greater than 5%.
Same-store sales increased 6% in the Americas region and 8% in China and Asia Pacific. In Europe, it fell 2%.
Starbucks added 590 net new stores globally in the quarter. The company plans to open approximately 1,650 net new stores globally, reiterating the previous target of 1,300 Starbucks locations and including 350 Teavana stores acquired and to be opened in the year
"Starbucks record operating performance in Q2 continues to demonstrate the underlying strength and resilience of our expanding global business, and the increasing relevance of the Starbucks brand to consumers all around the world,” said Howard Schultz, chairman, president and CEO. “Innovation and an enhanced customer experience drove strong comp sales and revenue growth, while a laser focus on improving efficiency and controlling costs enabled us to deliver record margins and earnings. Starbucks has never been better positioned to achieve the aspirational goal we have set of becoming one of the world's most respected, admired and enduring brands.”