Starbucks received record revenue in the second quarter – Kommersant
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For the third quarter ended July 2, revenue Starbucks rose 12.5% to $9.2 billion, a record for the company, but analysts expected more, which sent Starbucks’ shares down 1.1% in electronic trading on the NASDAQ.
Net profit increased by 25.1% to $1.14 billion, operating income increased by 22.3% to $1.6 billion. Net income per share increased by 25.3% to $0.99. Operating margin increased from 15.9% to 17.3% due to higher productivity and higher prices. Like-for-like sales at coffee shops that have been open for at least a year rose 10%, slightly below analysts’ forecasts. This indicator turned out to be weaker than forecasts in the North American market: 7% against 8.4%. Outside North America, like-for-like sales rose 24%, also below forecasts.
At the same time, the Chinese market, which is the second largest for Starbucks after North America, showed a growth of 46% against the backdrop of recovery from the pandemic. During the third quarter, Starbucks opened 588 new coffee shops worldwide, bringing the total number of coffee shops to over 37,000. Of these, 61% operate in the US and China. The company forecasts revenue growth of 10-12% for the full fiscal year and earnings per share of 16-17%.
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