Starbucks: Record Q3 prompts increased store openings
Seattle -- Starbucks Corp. reported Thursday that it scored record results in the quarter ended July 3, prompting the retailer to accelerate its 2012 new store opening targets to 800 net new stores globally.
Starbucks grew profits 34% in the third quarter, to $279 million from $208 million in the year-ago period. Sales rose 12% to $2.9 billion from $2.6 billion, topping Wall Street estimates.
Same-store sales globally surged 8%, buoyed by a 6% increase in traffic and a 2% increase in average ticket.
“These results demonstrate the power, and the extraordinary global potential, of our unique new business model,” said Howard Schultz, chairman, president and CEO. “Starbucks has never been healthier, more connected to our customers and partners, or better positioned to go after the tremendous business opportunities that lie ahead.”
The company is targeting 600 net new stores for fiscal 2011 -- 100 in the United States and 500 internationally, exclusive of Borders store closures. Its 800 planned stores in 2012 include 200 net new stores in the United States and 600 outside the United States. It is targeting 10% revenue growth in 2012.
Earlier in July, Starbucks announced a new leadership structure to accelerate global growth in fiscal 2012 and beyond, moving to a three-region organizational structure for its retail businesses: the Americas, China and Asia Pacific, and EMEA.