Inflation, increased labor costs, unionization efforts and a hit to the Chinese arm of the business did not keep
The chain reported Tuesday it ended the quarter at
"I'm particularly pleased that we delivered our results in the face of stiff ongoing consumer economic and inflationary headwinds; COVID lockdowns across
He said the Q3 performance underscored the brand's decision to invest in its people and technology innovation.
"And our performance demonstrates that the
The chain delivered a record-breaking revenue performance because of customer demand globally, balanced with the team's ability to execute investments despite macroeconomic and operational headwinds, according to CFO
"Our commitment to deliver shareholder value has not wavered, and we are making the right decisions and investments today for the future of
The plan for
"We're seeing a strong positive correlation between comp improvement and the easing of COVID restrictions, giving us confidence that we'll see both a strong rebound in sales and improved flow-through once mobility restrictions in
Although the recovery in
"Together, these efforts have provided us the flexibility and muscle we need to continue to operate as efficiently as possible given current market challenges," Wong said. " As a result, we were able to move quickly to reopen 90% of our
The brand is focused on expansion, opening 107 stores in Q3, including the entry into three cities and ending the quarter with 5,761 stores across 228 cities.
"And we remain on track to have 6,000 stores in
Q3 highlights
- Consolidated net revenues up 9% to a quarterly record
$8.2 billion . -
Comparable store sales up 3% globally; up 9% in the
U.S. -
Global comparable store sales increased 3%, driven by a 6% increase in average ticket, partially offset by a 3% decline in comparable transactions.
North America comparable store sales increased 9%, driven by an 8% increase in average ticket and a 1% increase in comparable transactions;U.S. comparable store sales increased 9%, primarily driven by an 8% increase in average ticket. -
International comparable store sales decreased 18%, driven by a 15% decline in comparable transactions and a 4% decline in average ticket;
China comparable store sales decreased 44%, driven by a 43% decline in comparable transactions and a 1% decline in average ticket. - Opened 318 net new stores in Q3, ending the period with 34,948 stores globally, 51% company-operated and 49% licensed.
Starbucks Rewards loyalty program 90-day active members in theU.S. increased to 27.4 million, up 13% year-over-year.
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