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January 28, 2019

Starbucks reports $6.63bn net revenue in Q1 2019

Starbucks’ net revenue has increased by 9.2% to $6.63bn for the first quarter (Q1 2019), ending 30 December 2018.

Starbucks’ net revenue has increased by 9.2% to $6.63bn for the first quarter (Q1 2019), ending 30 December 2018.

The coffee chain also reported an operating income of $1.015bn, a 9% decrease compared to $1.116bn for the same period in the previous year.

Starbucks president and CEO Kevin Johnson said: “Starbucks delivered solid operating results in the first quarter, demonstrating continued momentum in our business, as we drive our growth-at-scale agenda with focus and discipline.

“We are particularly pleased with the sequential improvement in quarterly comparable store transactions in the US, underpinned by our digital initiatives and improved execution of our in-store experience. With this solid start to the fiscal year, we are on track to deliver on our full-year commitments.”

“With this solid start to the fiscal year, we are on track to deliver on our full-year commitments.”

In addition, the company reported a 4% increase in global comparable store sales driven by a 3% increase in average ticket.

The company opened 541 net new shops during the quarter and had 29,865 outlets at the end of the quarter, a 7% increase over the prior year.

Johnson added: “Comprehensive efforts to streamline our business have allowed us to focus on three key strategic initiatives that position Starbucks for long-term success: accelerating growth in our targeted markets of the US and China, expanding the global reach of the Starbucks brand through our Global Coffee Alliance with Nestlé, and increasing shareholder returns.

“Combined with our efforts to build and amplify the Starbucks brand, we expect these initiatives will position the company to drive predictable, sustainable growth and shareholder returns for years to come.”

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