Starbucks shows perky performance in Q3
Seattle – Starbucks Corp. reported impressive financial performance in the third quarter of fiscal 2015 that could be described as downright perky. Net income jumped 22% to $626.7 million from $512.6 million the same quarter a year earlier, with higher pretax earnings offsetting higher income tax charges to produce profit growth.
Total net revenues rose 17% to $4.88 billion, from $4.15 billion. Consolidated same-store sales growth of 7%, driven by a 4% increase in traffic, as well as the addition of 431 net new stores globally and same-store customer transactions increased nearly 18 million in the U.S. and more 23 million globally, drove the sales increase. In the U.S., same-store sales rose 8% with a 4% boost in same-store traffic.
In addition, Starbucks’ mobile order and pay functionality expanded to 4,000 company-owned U.S. stores in the quarter and will be available in all U.S. company-owned stores by the end-of-year holiday period.
“Starbucks third quarter fiscal 2015 stands as among the strongest and most remarkable quarters in our over 23 years as a public company,” said Howard Schultz, chairman and CEO. “The 4% increase in global transactions we reported equates to our having served an additional 23 million customer occasions in the third quarter of this year over last year, clearly evidencing a continuation of the strong momentum we have seen across our business and around the world this fiscal year.”
