Starbucks earnings rise 9% in quarter
August 02, 2007
by FoodBusinessNews.net Staff
SEATTLE — Net earnings at Starbucks Corp. for the third quarter ended July 1 was $158,343,000, up 9% compared with earnings of $145,498,000 during the same quarter of the previous year.
Total net revenue for the quarter was $2,359,245,000, which was up 20% compared with $1,963,673,000 during the same quarter of the previous year.
"Record store openings helped drive revenue growth of 20%," said Jim Donald, president and chief executive officer. "Starbucks ability to balance strong top-line growth, global expansion and delivering a solid bottom line in a challenging environment was due to the hard work and dedication of our partners across the company. Despite the difficult operating environment of rising expenses — particularly higher dairy costs — we continued to execute on our growth strategy. We will strive to mitigate the impact of these cost pressures, while remaining focused on delivering legendary service to our customers."
The company opened 668 new stores in the quarter and comparable store sales grew 4%. Additionally, international segment revenue increased 28% in the quarter.
For the nine months ended July 1, net earnings were $514,135,000, up 15% compared with $446,970,000 during the same period of the previous year. Total net revenue for the nine months was $6,970,562,000, up 21% compared with revenue of $5,783,587,000 during the same period of the previous year.