Starbucks has posted attributable net earnings of $1.21bn for the fourth quarter of fiscal year 2023, a surge of 39% compared with $878.3m a year previously.

For the quarter ended 1 October 2023, its total net revenues were $9.37bn, an increase of 11.6% over $8.41bn in the same period of the previous year.

The coffee chain’s global comparable store sales increased 8% during the quarter, driven by a 4% increase in average tickets and a 3% increase in comparable transactions.

Its comparable store sales in North America and the US during the quarter rose by 8%, primarily due to a 6% increase in average tickets and a 2% increase in comparable transactions.

International comparable store sales grew by 5% due to a 6% increase in comparable transactions.

The company’s operating income was $1.70bn during the quarter, an increase of 42.7% from $1.19bn reported a year previously.

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By GlobalData

The company stated that its GAAP operating margin during the period increased to 16.3% from 14.3% the year before.

During the quarter, the company opened 816 net new stores, ending the period with 38,038 stores.

Starbucks Corporation CEO Laxman Narasimhan stated: “We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance. Our re-invention is moving ahead of schedule, fuelling revenue growth, efficiency and margin expansion.

“Notably, we continue to see the positive impact of our re-invention on our partner and customer experiences, proof points that we can continue to create, grow and strengthen our business while creating value for all.

“As we enter the current year, in the face of macro uncertainty, we remain confident in the momentum throughout our business and headroom globally. We expect sustained momentum throughout the company for years to come.”

Starbucks has also unveiled a long-term growth strategy, setting a target of opening 55,000 stores by 2030.

To achieve this, the company aims to grow by an average of eight stores per day.

In the near term, three out of every four new stores are expected to be opened outside the US.