US coffee shop chain Starbucks has reported a 25% increase in October net revenues and said its new Pumpkin Spice Latte had been well received by customers.
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The company posted consolidated net revenues of US$453m for the four-week period ended 31 October, compared to $363m for the same period a year earlier. On a comparable store sales basis (stores open for at least 13 months), sales at company-operated stores increased 11% for the four-week period.
“Fiscal 2005 is off to a great start for the company as reflected by our strong October sales results,” said Jim Donald, CEO designate.
“Innovation, as well as our store partners’ on-going ability to deliver the Starbucks Experience, contributed to our 25% revenue growth during the month. The very successful debut of Pumpkin Spice Latte, which has been enthusiastically received by our customers, is creating momentum as we head into the holiday season,” Donald added.
The company said it expanded its chain by a net total of 131 outlets, 97 of which are in the US, during the four-week period, bringing its total number of stores open as of 31 October to 8,700.
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By GlobalData
