Starbucks: reports record third quarter earnings

Seattle / WA. (sc) Starbucks Corporation reported financial results for its fiscal third quarter ended June 27, 2010; updated FY 2010 targets and introduced FY 2011 targets. Fiscal Third Quarter 2010 Highlights:

  • Comparable store sales increased nine percent, driven by a six percent increase in traffic and a three percent increase in average ticket
    • U.S. comparable store sales increased nine percent, driven by a six percent increase in traffic and a three percent increase in average ticket
    • International comparable store sales increased six percent, driven by a four percent increase in traffic and a two percent increase in average ticket
  • Consolidated operating margin improved 400 basis points to 12,5 percent from 8,5 percent in Q3/2009; Non-GAAP operating margin increased 270 basis points to 13,3 percent
    • U.S. operating margin significantly improved to 15,6 percent from 10,8 percent in Q3/2009; U.S. Non-GAAP operating margin increased to 16,5 percent from 13,0 percent in the prior-year period
    • International operating margin improved to 10,3 percent from 7,2 percent in Q3/2009; International Non-GAAP operating margin increased to 10,9 percent from 8,1 percent in the prior-year period
  • EPS increased to 0,27 USD compared to 0,20 USD in Q3/2009; Non-GAAP EPS was 0,29 USD compared to 0,24 USD in Q3/2009
  • Starbucks Via Ready Brew reached 37’000 points of distribution in North America, United Kingdom and Japan.

«Starbucks third quarter results reflect a continuation of the strong performance and momentum we have been driving across our businesses around the world», said Howard Schultz, chairman, president and CEO. «I am particularly pleased to report that the significant Q3 increases in store traffic occurred at the same time as we posted the highest levels of customer satisfaction in Starbucks history and despite the challenging global economic environment. Strong performance is enabling us to deliver record results and increase the dividend to shareholders while continuing to innovate and invest in our businesses. Our Q3 investments provide us with a very solid foundation for growth in fiscal 2011 and beyond», added Schultz.

Info: The complete press release is available here on Starbucks´ server.

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