Press release
Starbucks Reports Q1 Fiscal 2023 Results
Q1 Consolidated Net Revenues Up 8% to a Record $8.7 Billion Q1 Comparable Store Sales Up 5% Globally; Up 10% in the U.S; Up Double Digits Internationally,
About this update from Starbucks Corporation
[{"type":"text","content":"\nQ1 Consolidated Net Revenues Up 8% to a Record $8.7 Billion\nQ1 Comparable Store Sales Up 5% Globally; Up 10% in the U.S; Up Double Digits Internationally, Excluding China\nQ1 GAAP EPS $0.74; Non-GAAP EPS $0.75; Performance Materially Impacted by Headwinds in China\nQ1 Active U.S. Starbucks® Rewards Membership Reaches 30.4 Million, Up 15% Over Prior Year, Up 6% Sequentially\nQ1 Card Loads Reaches a Record $3.3 Billion; Ranking as #2 U.S. Brand in Holiday Gift Card Activations\nCompany Reaffirms 2023 Full Year Guidance\n\n SEATTLE--(BUSINESS WIRE)--\nStarbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal first quarter ended January 1, 2023. GAAP results in fiscal 2023 and fiscal 2022 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.\n\nQ1 Fiscal 2023 Highlights\n\n\nGlobal comparable store sales increased 5%, primarily driven by a 7% increase in average ticket, partially offset by a 2% decline in comparable transactions\n\n\nNorth America and U.S. comparable store sales increased 10%, driven by a 9% increase in average ticket and a 1% increase in comparable transactions\n\n\nInternational comparable store sales decreased 13%, driven by a 12% decline in comparable transactions and a 1% decline in average ticket; China comparable store sales decreased 29%, driven by a 28% decline in comparable transactions and a 1% decline in average ticket\n\n\n\n\nThe company opened 459 net new stores in Q1, ending the period with 36,170 stores globally: 51% company-operated and 49% licensed\n\n\nAt the end of Q1, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 15,952 stores in the U.S. and 6,090 stores in China\n\n\n\n\nConsolidated net revenues up 8%, to a record $8.7 billion, inclusive of approximately 3% unfavorable impact from foreign currency translation\n\n\nGAAP operating margin of 14.4% decreased from 14.6% in the prior year, primarily driven by previously committed investments in labor including enhanced store partner wages and benefits, inflationary pressures and sales deleverage in China, partially offset by strategic pricing in North America and sales leverage across markets outside of China\n\n\nNon-GAAP operating margin of 14.5% decr...