Starbucks Full-Year Report 2023
Highlights
- Global comparable store sales increased 8%, driven by a 4% increase in average tickets and 3% increase in comparable transactions
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- North America and U.S. comparable store sales increased 8%, driven by a 6% increase in average tickets and 2% increase in comparable transactions
- International comparable store sales increased 5%, driven by a 6% increase in comparable transactions and 1% decline in average tickets; China comparable store sales increased 5%, driven by an 8% increase in comparable transactions and a 3% decline in average ticket
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- The company opened 816 net new stores in Q4, ending the period with 38,038 stores: 52% company-operated and 48% licensed
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- At the end of Q4, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 16,352 and 6,806 stores in the U.S. and China, respectively
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- Consolidated net revenues up 11%, to a record $9.4 billion, or 12%, excluding a 1% unfavorable impact from foreign currency translation
- GAAP operating margin of 18.2% increased from 14.2% in the prior year, primarily driven by in-store operational efficiencies, sales leverage and pricing. This expansion was partially offset by previously committed investments in store partner wages and higher general and administrative costs related to our Reinvention Plan.
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- Non-GAAP operating margin of 18.2% increased from 15.1% in the prior year
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- GAAP earnings per share of $1.06 grew 39% over the prior year
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- Non-GAAP earnings per share of $1.06 grew 31% over the prior year
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