Starbucks global sales rise 6.2% in Q2
Revenue rose 9% to $9.5b, or 8% on a constant currency basis.
Starbucks reported mid-single-digit growth in global same-store sales, up 6.2% in Q2, driven mainly by more customers visiting stores (+3.8%) and a modest increase in how much they spent per visit (+2.3%).
In North America, comparable sales rose 7.1%, also led by higher traffic (+4.4%) and higher average spending (+2.6%).
The US performed similarly, with a 7.1% gain driven by a 4.3% rise in transactions and a 2.7% increase in ticket size.
International markets grew more slowly, with comparable sales up 2.6%.
That reflected a 2.1% increase in transactions and a smaller 0.5% rise in average spend.
China barely grew at 0.5% comparable sales, as increased customer traffic (+2.1%) was largely offset by lower spending per visit (-1.6%).
The company added a net 11 stores during the quarter, bringing its total footprint to 41,129 locations worldwide. About 52% are company-operated and 48% are licensed.
The US and China remain the largest markets, together accounting for 61% of the global store base, with 16,944 stores in the US and 7,991 in China.
Revenue rose 9% to $9.5b, or 8% on a constant currency basis.
Operating margins improved year-on-year: GAAP margin increased 180 basis points to 8.7%, helped by stronger sales and lower store and depreciation costs tied partly to the reclassification of China retail assets, though offset by higher labour spending linked to the “Back to Starbucks” initiative.
On a non-GAAP basis, operating margin rose 120 basis points to 9.4% (110 basis points on a constant currency basis).
Earnings also improved, with GAAP EPS up 32% to $0.45 and non-GAAP EPS rising 22% to $0.50.
