Launch of New Starbucks Card Receives Tremendous Initial Response
SEATTLE–(BUSINESS WIRE)–Starbucks Corporation (Nasdaq:SBUX – news) today reported consolidated net revenues of $343 million for the five-week period ended December 30, 2001, an increase of 22 percent from consolidated net revenues of $281 million for the same period in fiscal 2001. On a comparable store sales basis (stores open for at least 13 months), sales at company-operated stores increased 3 percent for the five weeks ended December 30, 2001 as compared to the same five-week period in fiscal 2001.
For the 13 weeks ended December 30, 2001, consolidated net revenues were $805 million, an increase of 21 percent from consolidated net revenues of $667 million for the same period in fiscal 2001. Comparable store sales increased 2 percent for the 13 weeks ended December 30, 2001, as compared to the same 13-week period in fiscal 2001.
“We are extremely pleased with our solid December results, which demonstrate the success of our Holiday promotion,” stated Orin Smith, Starbucks president and chief executive officer. “Additionally, response to the newly introduced Starbucks Card has exceeded our expectations, with over 2.3 million cards activated since its launch.” The Starbucks Card was launched in November 2001 and is a stored value card that can be purchased and reloaded in amounts up to $500.
Net stores opened during
the 13 weeks ended Stores open as of
December 30, 2001 December 30, 2001
Continental North America:
Company-Operated Stores 183 3,154
Licensed Stores 82 891
Company-Operated Stores 44 339
Licensed Stores 86 720
Total 395 5,104
Starbucks Coffee Company is the leading retailer, roaster and brand of specialty coffee in the world. In addition to its more than 5,000 retail locations in North America, 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.
SOURCE: Starbucks Coffee Company