Starbucks serves tasty Q3 results as profit rises 25%
Seattle — Starbucks Corp. reported strong results for third quarter fiscal 2013, with net revenues, same-store sales and operating income all increasing substantially from the same quarter a year earlier.
Net earnings grew 25%, from $333.1 million to $417.8 million.
Net revenues totaled about $3.7 billion, up 13% from $3.3 billion. Same-store sales increased 8% globally, driven by 9% growth in U.S. stores.
In addition to generally strong same-store sales, Starbucks also helped drive revenues with the opening of 1,558 net new stores since the third quarter of the previous fiscal year, including 596 in the Americas segment. The company opened 341 net new stores during the quarter and now operates 19,209 stores globally.
Other highlights of the quarter included a strategic agreement with Danone to jointly produce yogurt products; sale of company equity in stores in Chile and Argentina to business partner Alsea; expansion of a long-term strategic partnership with Green Mountain Coffee Roasters for the manufacturing, marketing, distribution and sale of Starbucks- and Tazo-branded single-serve Keurig packs; expanding the number of stores selling La Boulange bakery products to 1,076; and making changes to the senior leadership team.
“Starbucks third-quarter results represent the best across-the-board third-quarter performance in our 42-year history,” said Howard Schultz, chairman, president and CEO. "Our more than 19,000 store global footprint, our fast-growing CPG presence and our best-in-class digital, card, loyalty and mobile capabilities are creating a 'flywheel' effect elevating the relevancy of all things Starbucks, and driving profitability.”
During fiscal 2014, Starbucks anticipates revenue growth of approximately 10% to 13%, mid-single-digit same-store sales growth and the opening of 1,400 net new stores including 600 in the Americas.