Market Updates
Starbucks U.S. Sales Strength Lifts Global Sales
Scott Peters
03 May, 2022
New York City
Starbucks Corporation said second quarter 2022 revenues increased 15% to $7.5 billion and net income increased 2.3% to $674 million a year ago.
Diluted earnings per share increased to 58 cents from 56 cents a year ago.
Revenues at company operated stores increased 11% $6.3 billion and at licensed stores surged 43% to $850 million.
Revenues in North America increased 17% to $5.5 billion but operating margins declined to 17.1% from 19.3% primarily driven but higher supply chain costs and labor wages.
Global comparable sales increased 7% driven by a 4% increase in average ticket price and 3% increase in comparable transactions.
North America and U.S. comparable sales increased 12% driven by 7% increase in average ticket price and 5% increase in comparable transactions.
International comparable store sales fell 8%, driven by a 5% decline in average ticket price and a 3% fall in comparable transactions.
China, the second largest market for the coffee chain, comparable store sales declined 23%, driven by a 20% fall in comparable transactions and a 4% decline in average ticket price.
Total number of U.S. stores increased 1% to 16,926 and international store count increased 9% to 17,704.
The company opened 313 net new stores in the second quarter, ending the period with 34,630 stores globally and 51% company-operated and 49% licensed stores.
The coffee retailer said 15,544 stores in the U.S. and 5,654 in its second largest market China together total 61% of total stores.
Starbucks Reward Loyalty program 90-day active members increased 17% to 26.7 million.
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Earnings
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