Starbucks profit up 12%; 1,300 stores on tap for 2013
Seattle -- Starbucks Corp. said its profit rose in its first quarter as customers spent more at its stores in the United States and Asia.
Starbucks earned $432.2 million in the quarter ended December 30, 2012, compared with $382.1 million in the year-ago period.
Revenue rose 11% to $3.8 billion, slightly below expectations.
The company reported that global same-store sales rose 6%. In Europe, the metric fell 1%. Americas’ comparable store sales grew 7%. Same-store sales in the China/Asia Pacific region grew 11%.
“Record earnings in the first quarter continued our strong momentum, reflecting the underlying strength in our core business,” commented Troy Alstead, CFO. “We delivered excellent holiday results with 6% global comps, marking the 12th consecutive quarter of comps in excess of 5%. Our first quarter results demonstrate both efficiency, with record U.S. productivity, and innovation, with the successful launch of Verismo, our newest growth platform.”
Starbucks also reaffirmed its fiscal 2013 targets, which include the opening of approximately 1,300 net new stores globally, representing 22% growth over fiscal 2012. Approximately 600 of the new stores will be located in the Americas, with the majority in the United States. Of the approximately 600 stores, approximately half of the additions will be licensed stores.
Approximately 600 net new stores will be in China/Asia Pacific, with licensed stores comprising approximately half of the new additions. Of the approximately 600 stores, slightly more than half will be in China.
The remaining 100 net new stores will be in EMEA (Europe, Middle East, Russia and Africa), with licensed stores comprising more than two-thirds of the new stores.