Press release
Starbucks Reports Q3 Fiscal 2023 Results
Q3 Consolidated Net Revenues Up 12% to a Record $9.2 Billion Q3 Comparable Store Sales Up 10% Globally; Up 7% in North America; Up 24% in International Q3
About this update from Starbucks Corporation
[{"type":"text","content":"\nQ3 Consolidated Net Revenues Up 12% to a Record $9.2 Billion\nQ3 Comparable Store Sales Up 10% Globally; Up 7% in North America; Up 24% in International\nQ3 GAAP EPS $0.99; Non-GAAP EPS $1.00 Exceeding Expectations Globally\nQ3 Active U.S. Starbucks® Rewards Membership Reaches 31.4 Million, Up 15% Over Prior Year\n\n\n SEATTLE--(BUSINESS WIRE)--\nStarbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal third quarter ended July 2, 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\n\nQ3 Fiscal 2023 Highlights\n\n\n\nGlobal comparable store sales increased 10%, primarily driven by a 5% increase in comparable transactions and a 4% increase in average ticket\n\n\nNorth America and U.S. comparable store sales increased 7%, driven by a 6% increase in average ticket and a 1% increase in comparable transactions\n\n\n\nInternational comparable store sales increased 24%, driven by a 21% increase in comparable transactions and a 2% increase in average ticket; China comparable store sales increased 46%, driven by a 48% increase in comparable transactions and a 1% decline in average ticket\n\n\n\n\n\n\nThe company opened 588 net new stores in Q3, crossing the 37,000 store count threshold globally, ending the period with 37,222 stores: 51% company-operated and 49% licensed\n\n\nAt the end of Q3, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 16,144 and 6,480 stores in the U.S. and China, respectively\n\n\n\n\n\n\nConsolidated net revenues of $9.2 billion, up 12% from the prior year, or 14%, inclusive of more than 1% unfavorable impact from foreign currency translation\n\n\n\nGAAP operating margin of 17.3% increased from 15.9% in the prior year, primarily driven by sales leverage, pricing and productivity improvement. This expansion was partially offset by previously committed investments in labor, including enhanced store partner wages and benefits and higher general and administrative costs related to our Reinvention Plan.\n\n\nNon-GAAP operating margin of 17.4% increased from 16.9% in the prior year\n\n\n\n\n\n\nGAAP earnings per share of $0.99 grew 25% over prior year\n\n\nNon-GAAP earnings p...