Starbucks Corporation has reported record consolidated net revenue of $9.4 billion for the first quarter, an 8 per cent increase year on year.

The brand’s global comparable store sales edged up 5 per cent, driven by a 3 per cent increase in comparable transactions. 

North America and US comparable store sales were up 5 per cent, while those of China and the remaining markets increased 10 per cent and 7 per cent respectively.

The company opened 549 net new stores in the quarter, ending the period with 38,587 stores. Stores in the US and China comprised 61 per cent of the brand’s global portfolio.

“Despite headwinds, our brand is very strong, and that coupled with innovation and a relentless focus on our green apron partners form long-term differentiators, along with focused execution on Triple Shot Reinvention, will drive balanced and attractive earnings growth,” said CEO Laxman Narasimhan.

In November, Starbucks introduced ‘Triple Shot Reinvention with Two Pumps’ – a long-term growth plan for brand elevation, global expansion, and cost efficiency. The plan includes three priorities – elevating the brand, strengthening and scaling digital, and becoming truly global – along with “two pumps” – unlocking efficiency and reinvigorating the partner culture.