Although
The coffee giant also beat the
"Our ability to move with speed and agility and to be out in front of shifting customer behaviors has helped further differentiate
Grab a cold one
"We continue to see strong demand for
In fact, the cold category represented 74% of beverage sales in Q3, growing 10 percentage points over the past two years.
"We've seen a meaningful increase and customizations, such as adding Cold Foam or Shot of Espresso," Johnson said. "Additionally, alternative dairy offerings represent nearly 25% of milk-related beverage sales, up from prior year. These innovative offerings in cold and alternative dairy are particularly attractive to millennial and Gen Z customers and are aligned with our focus on the well-being of people and the planet."
Extending the in-store experience
In addition to beverage platform innovation, extending the in-store experience with digital customer relationships is helping the chain reach more customers and enhance the customer experience.
"We again added over 1 million new active
Non-rewards customers are just as important
While Johnson admitted that the rewards program had accelerated the chain's recovery, Q3 also saw a huge increase of non-rewards customers. The rewards spend grew at a mid-teens rate quarter-over-quarter, for the first time in 11 quarters, but non-rewards spend growth outpaced SR spend.
"This is further evidence of the great human reconnection," Johnson said. "The rapid reengagement of non-rewards customers not only propelled our record results but also underscores the strength of the brand and the growth potential ahead."
What about
The only "bad" news from the earnings report came from
Johnson defended the company's performance, however, saying that the chain would continue to see robust growth in
"Remarkably, total revenue in
In addition to unit growth and sequential acceleration of two-year comps in
"This has resonated strongly with our customers in
"I have full confidence in the strength of the
Q3 Fiscal 2021 Highlights
- Global comparable store sales increased 73%, driven by a 75% increase in comparable transactions, partially offset by a 1% decrease in average ticket
Americas comparable store sales increased 84%, driven by an 82% increase in comparable transactions and a 1% increase in average ticket;U.S. comparable store sales increased 83%, driven by an 80% increase in comparable transactions and a 1% increase in average ticket- International comparable store sales increased 41%, driven by a 55% increase in comparable transactions, partially offset by a 9% decline in average ticket.
China comparable store sales increased 19%, driven by a 30% increase in transactions, partially offset by a 9% decline in average ticket.-
International and
China comparable store sales include adverse impacts of approximately 5% and 6%, respectively, from lapping prior-year value-added tax exemptions inChina - The company opened 352 new stores in the third quarter of fiscal 2021, yielding 3% year-over-year unit growth, ending the period with a record 33,295 stores globally, of which 51% and 49% were company-operated and licensed, respectively
-
Stores in the
U.S. andChina comprised 62% of the company's global portfolio at the end of the third quarter of fiscal 2021, with 15,348 and 5,135 stores, respectively -
Consolidated net revenues of
$7.5 billion grew 78% compared to the prior year, mainly driven by a 73% increase in comparable-store sales primarily from lapping the unfavorable impact of business disruption in the prior year due to the COVID-19 pandemic and strength inU.S. company-operated sales in the current year
"This portfolio repositioning and new store formats have increased drive-thru performance to 75% of our total US sales," said Johnson, who told investors that he was raising the chain's full-year financial outlook.
The Board of Directors declared a cash dividend of
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