Starbucks Corporation (Nasdaq:SBUX) yesterday reported consolidated net revenues of $200 million for the four-week period ended April 29, 2001, an increase of 19 percent from consolidated net revenues of $168 million for the same period in fiscal 2000. In constant currencies, consolidated net revenues increased 20 percent for the April 2001 four-week period. On a comparable store sales basis (stores open for at least 13 months), sales at company-operated stores increased 2 percent for the four weeks ended April 29, 2001 as compared to the same four-week period in fiscal 2000.
For the 30 weeks ended April 29, 2001, consolidated net revenues were $1.5 billion, an increase of 24 percent from consolidated net revenues of $1.2 billion for the same period in fiscal 2000. In constant currencies, consolidated net revenues increased 25 percent for the 30-week period. Comparable store sales increased 7 percent for the 30-week period ended April 29, 2001, as compared to the same 30-week period in fiscal 2000.
April comparable store sales results of 2 percent were measured against last year’s incredibly strong increase of 12 percent. Total revenue growth for the month was below the Company’s year-to-date level of 24 percent due to lower comparable store sales in the retail business coupled with the extraordinarily difficult comparison to April of last year when total revenue grew at 36 percent, the second highest monthly growth rate in the last two years.
“We believe April was an aberration caused by the difficult year ago comparisons, the overall slowing of the retail environment, and the timing of shipments in our non-retail business,” stated Orin Smith, president and ceo. “We are encouraged by the current trends in our business and fully expect that total revenue growth will be in the 20-25% range for the remainder of the fiscal year and remain confident that we will achieve our goal of 23-25% total revenue growth for the full year.” Additionally, Smith indicated that April’s results were incorporated into the Company’s most recent guidance and reiterated the Company’s fiscal 2001 earnings per share target of $0.46.
Net stores opened during
the 30 weeks ended Stores open as of
April 29, 2001 April 29, 2001
Continental North America:
Company-Operated Stores 280 2,726
Licensed Stores 203 733
Company-Operated Stores 59 232
Licensed Stores 168 520
Total 710 4,211
Starbucks Coffee Company is the leading retailer, roaster and brand of specialty coffee in the world. In addition to its more than 4,200 retail locations in North America, the United Kingdom, continental Europe, the Middle East and the Pacific Rim, Starbucks sells coffee and tea products through its specialty operations, including its online store at Starbucks.com. Additionally, Starbucks produces and sells bottled Frappuccino® coffee drink and a line of superpremium ice creams through its joint venture partnerships. The Company’s other brands enhance the Starbucks Experience through best-of-class products: Tazo Tea Company offers a line of innovative premium teas, and Hear Music produces and distributes a line of exceptional compact discs.