US coffee chain Starbucks has logged a 10 per cent increase in comparable store sales for its 13-week quarter to July 2 with China comparable store sales jumping 46 per cent.
The company reported consolidated net sales of US$9.2 billion, up 12 per cent year on year. While net sales for North America increased 11 per cent to $6.7 billion, net sales of international business were up 24 per cent to US$2 billion.
“I am confident in the multiple paths available for the company to drive significant growth and margin improvement, which position us well to create outsized long-term shareholder value,” said Laxman Narasimhan, CEO of Starbucks.
The company opened 588 net new stores during the period, including its first in Paraguay and Rome.
“The momentum we have built and strength we are seeing globally gives us the confidence and optimism to close our fiscal year strong,” said Rachel Ruggeri, CFO at Starbucks.
Last month, Starbucks Thailand disclosed a plan to increase the store network in the country to 800 stores by the end of this year, including eight of its Community Stores.
