Press release
Starbucks Reports Q1 Fiscal 2024 Results
Q1 Consolidated Net Revenues Up 8% to a Record $9.4 Billion Q1 Comparable Store Sales Up 5% Globally; Up 5% in North America; Up 7% in International Q1 GAAP
About this update from Starbucks Corporation
[{"type":"text","content":"\nQ1 Consolidated Net Revenues Up 8% to a Record $9.4 Billion\nQ1 Comparable Store Sales Up 5% Globally; Up 5% in North America; Up 7% in International\nQ1 GAAP EPS Up 22% to $0.90; Non-GAAP EPS Up 20% to $0.90 as Reinvention Unlocks Continued Efficiency\nQ1 Active U.S. Starbucks® Rewards Membership Reaches 34.3 Million, Up 13% Over Prior Year\nQ1 U.S. Card Loads Reaches a Record $3.6 Billion; Ranking as #2 U.S. Brand in Holiday Gift Card Activations\n\n\n SEATTLE--(BUSINESS WIRE)--\nStarbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal first quarter ended December 31, 2023. GAAP results in fiscal 2024 and fiscal 2023 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\n\nQ1 Fiscal 2024 Highlights\n\n\n\nGlobal comparable store sales increased 5%, driven by a 3% increase in comparable transactions and 2% increase in average ticket\n\n\nNorth America and U.S. comparable store sales increased 5%, driven by a 4% increase in average ticket and 1% increase in comparable transactions\n\n\n\nInternational comparable store sales increased 7%, driven by a 11% increase in comparable transactions and 3% decline in average ticket; China comparable store sales increased 10%, driven by a 21% increase in comparable transactions and 9% decline in average ticket\n\n\n\n\n\n\nThe company opened 549 net new stores in Q1, ending the period with 38,587 stores: 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 16,466 and 6,975 stores in the U.S. and China, respectively\n\n\n\n\n\n\nConsolidated net revenues up 8%, including on a constant currency basis, to a record $9.4 billion\n\n\n\nGAAP operating margin expanded 140 basis points year-over-year to 15.8%, primarily driven by sales leverage and in-store operational efficiencies. This expansion was partially offset by investments in store partner wages and benefits, as well as higher general and administrative costs in support of Reinvention.\n\n\nNon-GAAP operating margin expanded 130 basis points to 15.8% from 14.5% year-over-year, including on a constant currency basis\n\n\n\n\n\n\nGAAP earnings per share of $0.90 grew 22% over prior year\n\n\...