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Starbucks Reports Record Second Quarter Fiscal 2012 Results

SEATTLE, April 26, 2012 - Starbucks Corporation (NASDAQ:SBUX) today reported financial results for its 13-week fiscal second quarter ended April 1, 2012.

Fiscal Second Quarter 2012 Highlights:

  • Total net revenues increased 15% to $3.2 billion
  • Global comparable store sales increased 7%, driven by a 6% increase in traffic and a 1% increase in average ticket
  • EPS increased 18% to $0.40 per share, compared to $0.34 per share in Q2 FY11
  • Channel Development revenues increased 57%, driven by sales of Starbucks- and Tazo-branded K-Cup® packs and the benefit of recognizing the full revenue from packaged coffee sales under the direct distribution model
  • Starbucks opened 176 net new stores globally, including its 3,000th store in the China/Asia Pacific segment, its first store in Norway and the first Evolution Fresh™ store in Bellevue, Wash.

"Starbucks record Q2 performance demonstrates the strength of our business, the increasing power and global relevance of our brand and the success of our unique Blueprint for Profitable Growth business strategy," said Howard Schultz, chairman, president and ceo. "In Q2 we expanded our retail presence, recorded our seventh consecutive quarter of over 20% sales growth in China, introduced new products into multiple channels and more than offset high legacy commodity costs through increased efficiencies. I could not be more excited or more optimistic about the future of our company as we pursue disciplined, profitable growth all around the world," Schultz added.

“Starbucks delivered strong growth in the fiscal second quarter, again demonstrating the value of our evolving diversified business model. Revenue growth was driven by continued strong global same store sales and an increasing contribution from our Channel Development segment,” commented Troy Alstead, cfo. “On the strength of our business and recent trends, we are accelerating new store growth in fiscal 2012 to approximately 1,000 net new stores globally, and raising our earnings targets for the year. With coffee cost pressures easing in the second half of the year and momentum building from investments in our growth initiatives, we are well positioned to deliver on our aggressive targets.”

Second Quarter Fiscal 2012 Summary