Starbucks Q1 Report 2024

Highlights

• Global comparable store sales increased 5%, driven by a 3% increase in comparable transactions and 2% increase in average ticket
  • • North America and U.S. comparable store sales increased 5%, driven by a 4% increase in average ticket and 1% increase in comparable transactions
    • International comparable store sales increased 7%, driven by a 11% increase in comparable transactions and 3% decline in average ticket; China comparable store sales increased 10%, driven by a 21% increase in comparable transactions and 9% decline in average ticket
• The company opened 549 net new stores in Q1, ending the period with 38,587 stores: 51% company-operated and 49% licensed
  • • At the end of Q1, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 16,466 and 6,975 stores in the U.S. and China, respectively
• Consolidated net revenues up 8%, including on a constant currency basis, to a record $9.4 billion
• GAAP operating margin expanded 140 basis points year-over-year to 15.8%, primarily driven by sales leverage and in-store operational efficiencies. This expansion was partially offset by investments in store partner wages and benefits, as well as higher general and administrative costs in support of Reinvention.
  • • Non-GAAP operating margin expanded 130 basis points to 15.8% from 14.5% year over-year, including on a constant currency basis
• GAAP earnings per share of $0.90 grew 22% over prior year
  • • Non-GAAP earnings per share of $0.90 grew 20% over prior year, including on a constant currency basis