Seattle-based coffeeshop chain Starbucks Corporation has reported consolidated net revenues of US$229m for the four-week period ended 27 January, an increase of 24% year on year.
On a comparable store sales basis (stores open for at least 13 months), sales at company-operated stores increased 7% for the four weeks as compared to the same period in fiscal 2001.
For the 17 weeks ended 27 January, consolidated net revenues were US$1bn, an increase of 21% from consolidated net revenues of US$852m for the same period in fiscal 2001. Comparable store sales increased 3% for the 17 weeks, year on year.
Orin Smith, Starbucks president and CEO, commented: “We continue to be pleased with the company’s solid performance and are particularly impressed with the strong acceptance of the recently introduced Starbucks Card.
“Our customers have embraced the Starbucks Card as a convenient and regular purchasing method. The card also provides an opportunity to introduce new customers to Starbucks.”
In light of the strong January results, the Company re-emphasized the following fiscal 2002 goals:
*Starbucks expects FY revenues to grow approximately 20% and comparable store sales growth in the low single digits, with monthly anomalies in fiscal 2002.
*The company continues to target fiscal year 2002 earnings per share in the range of US$0.54 to US$0.55, including the US$0.02 capital gain recorded in the first quarter.