Starbucks sees Asia Pacific sales soar
Coffee giant Starbucks has recorded a robust growth during the second quarter, especially across China and Asia Pacific.
Global comparable store sales rose six per cent during the three months ended March 30.
In China and the rest of Asia Pacific, net revenues increased 24 per cent to $265.3 million, driven primarily by incremental revenues from 699 new store openings over the past 12 months. A seven per cent increase in comparable store sales, driven by strong traffic, also contributed to the net revenue growth, it says.
Meanwhile, comparable store sales in the Americas and EMEA were both up six per cent.
“Starbucks strong second quarter performance demonstrates the success of our ongoing efforts to drive industry-leading growth,” said Scott Maw, Starbucks CFO.
Starbucks opened 335 new stores globally, including the 20,000th Starbucks store. Total company store count across all brands grew to 20,519.
The company expects full year revenue to grow 10 per cent or greater.
It plans to open approximately 1500 new stores worldwide this year 750 of which will be in China and Asia Pacific.