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Starbucks Gained 19% Profits in The First Quarter

Starbucks Gained 19% Profits in The First Quarter
Picture: Reuters

Starbucks opened 484 net new stores in the first quarter of Fiscal 2022, bringing the total number of outlets worldwide to 34,317. The fiscal first quarter of 2022 recorded consolidated net revenues of $8.1 billion, up 19 percent from the previous quarter. As a result, GAAP earnings per share increased by 30% year over year to $0.69 in the 13 weeks ending January 2. Non-GAAP earnings per share increased 18% year over year to $0.72. The growth in comparable-store sales was credited for the increase in net revenues because Starbucks Gained 19% Profits in The First Quarter.

According to the firm, global comparable store sales increased by 13%, attributable to a 10% increase in similar transactions and a 3% increase in average tickets. For the same period, comparable-store sales in the North American and US markets were up 18 percent.

Starbucks opened 484 net new shops in the first quarter of the fiscal year 2022. The coffeehouse network had 34,317 outlets worldwide after the period, with 51 percent of them being company-owned. The company’s GAAP operating margin grew to 14.6 percent from 13.5 percent in the prior year’s similar period. Starbucks Rewards’ 90-day active members increased by 21% year over year to 26.4 million in the United States.

“This holiday quarter generated robust revenue growth underscored by extraordinary customer demand for Starbucks,” stated Kevin Johnson, Starbucks’s President, and CEO.

“As we enter the third year of this pandemic, our stores continue to play an essential role as a community gathering place that offers our customers safe, familiar, and convenient experiences. We remain focused on actions that drive top and bottom-line growth, including industry-leading investments to attract, train and retain the best talent for our stores as customer occasions increase”, he further said. 

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