Strong Q4 for Starbucks (PC: Starbucks)
“We saw accelerating demand for Starbucks coffee around the world in Q4 and throughout the year,” stated interim CEO Howard Schultz as the global coffee chain reported a strong Q4.
During the quarter Starbucks’ global comparable store sales increased 7% primarily driven by an 8% increase in average ticket. Comparable store sales in the US and North America increased 11% driven by a 10% increase in average ticket and a 1% increase in comparable transactions. However, Starbucks’ international comparable store sales decreased 5%, driven by a 5% decline in comparable transactions and a 1% decline in average ticket. While comparable store sales in China decreased 16% driven by a 17% decline in comparable transactions, partially offset by a 1% increase in average ticket.
During this period Starbucks opened 763 net new stores ending the period with 35,711 stores globally of which 51% are company-operated and 49% licensed.
“Our Q4 results demonstrate early evidence of the success of our US Reinvention investments. Reinvention will touch, and elevate, every aspect of our Starbucks partner, customer and store experiences, and ideally position Starbucks to deliver accelerated, sustainable, long-term, profitable growth and value creation beginning in 2023,” Schultz added.
From fiscal 2023 to 2025 Starbucks expects comparable store sales growth to be in the range of 7% to 9% annually, both globally and in the US up from the previous range of 4% to 5%. In China, Starbucks expects outsized comparable store sales performance in fiscal 2023 and fiscal 2024, as the market laps the severe impact of COVID-related lockdowns, with growth normalising in the new range of 4% to 6% in fiscal 2025. Starbucks now expects global revenue growth in the range of 10% to 12% annually from fiscal 2023 to fiscal 2025. The company’s global store portfolio is expected to grow by roughly 7% annually on a net basis from fiscal 2023 to fiscal 2025 up from the previous estimate of approximately 6%. Globally, Starbucks expects to approach 45,000 stores by the end of 2025, and is well on track to reach approximately 55,000 stores by 2030, as projected at its 2020 Investor Day.
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