US-based coffee shop chain Starbucks has reported another month of strong sales growth, including a 26% increase in November revenues and a 13% rise in comparable store sales at company-operated stores.
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The company reported consolidated net revenues of US$486m for the four-week period ended 28 November, compared to $387m for the same period in fiscal 2004. On a comparable store sales basis (stores open for at least 13 months), sales at company-operated stores increased 13% for the four-week period.
“The early launch of Starbucks holiday promotion, highlighted by this year’s Christmas Blend, along with the continued popularity of Pumpkin Spice Latte and growth in our music business, all contributed to Starbucks’ outstanding November sales results,” said chairman Howard Schultz.
“It is important to note, as we have said in the past, that comparable store sales growth of the extraordinary level achieved in November is not sustainable. We continue to believe that 20% net revenue growth and approximately 3-7% comparable store sales growth is the right level for longer-term expectations,” he added.
The company opened a net total of 249 stores during the eight-week period to 28 November, including 163 in the US and 86 internationally. As of 28 November, the company had 8,818 stores in operation, of which 6,295 are situated in the US.
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By GlobalData
