Starbucks Q4 profit up 34%; 1,500 net new stores on tap
Seattle -- Starbucks Coffee Company on Wednesday reported a better-then-expected 34% rise in its fiscal fourth-quarter and raised its quarterly dividend 24%. The company earned $481.1 million, up from $359 million a year ago.
Total net revenues increased 13% to $3.8 billion, just short of expectations.
Global same-store sales increased 7%, driven by a 5% increase in traffic. Same-store sales were up 8% in the United States and the Americas and 8% in China/Asia Pacific region.
Capping off a strong year of international expansion, the company opened 558 net new stores in the quarter, including the 1,000th store in both China and Japan.
“The fourth quarter of fiscal 2013 capped off by far the best year in Starbucks 42-year-history,” said Howard Schultz, chairman, president and CEO of Starbucks Coffee Company. “Our results were driven by disciplined, ongoing efforts to elevate the value and relevance of the Starbucks brand, continued innovation and the success of our efforts to deepen our connection to customers and communities around the world.”
For the year, Starbucks’ total net revenues increased 12% to $14.9 billion. Global comp-store sales grew 7%, driven by a 5% increase in traffic. Same-store sales rose 7% in the Americas.
Starbucks opened 1,701 net new stores in the year, ending fiscal 2013 with 19,767 stores globally.
Looking ahead, the company said it expects 1,500 net new stores in fiscal 2014, including some 600 in the Americas.