Seattle-based coffeehouse giant Starbucks Corporation has reported consolidated net revenues of US$316m for the five-week period ended 31 March, an increase of 25% from consolidated net revenues of US$252m for the same period in fiscal 2001.
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On a comparable store sales basis (stores open for at least 13 months), sales at company-operated stores increased 7% in March, compared to the same period in fiscal 2001.
For the 26 weeks ended 31 March, consolidated net revenues were US$1.6bn, up 22% from consolidated net revenues of US$1.3bn for the same period in fiscal 2001. Meanwhile comparable store sales increased 4% year on year.
“In a period of uncertain economic times, we are pleased to see that the Starbucks Experience continues to be very relevant to our customers,” commented Howard Schultz, chairman and chief global strategist.
STORE INFORMATION
Net stores opened during
the 26 weeks ended Stores open as of
March 31, 2002 March 31, 2002
————– ————–
Continental North America:
Company-Operated Stores 307 3,278
Licensed Stores 153 962
— —
460 4,240
International:
Company-Operated Stores 55 350
Licensed Stores 144 778
— —
199 1,128
Total 659 5,368
=== =====
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The company previously revealed the following fiscal 2002 goals:
*Increase FY revenues by approximately 20% and comparable store sales growth in the low single digits, with monthly anomalies in fiscal 2002.
*Achieve FY 2002 earnings per share in the range of US$0.52 to US$0.53, excluding the US$0.02 per share capital gain from the sale of Starbucks Japan shares recorded in the Q1.
Starbucks plans to announce its fiscal 2002 Q2 financial results on Thursday, 25 April 2002.
