Starbucks announces record Q2 financial results

Posted by AFN Staff Writers on 30th April 2012

The world’s largest coffee chain, Starbucks Corporation, has announced a “record” increase in net income by 18 per cent for its second quarter in the 2011/12 financial year.

Starbucks reported total net revenues rose 15 per cent to US$3.2 billion for the 13-week period ended 1 April 2012.

Excluding the impact of new store openings, the coffee chain’s sales increased seven per cent, driven by a significant increase in traffic.

This marks Starbucks’ seventh consecutive quarter of over 20 per cent sales growth in China.

During the quarter, Starbucks opened 176 new stores globally, including its 3,000th store in the China/Asia Pacific region.

Starbucks’ chairman, Howard Schultz said that by the end of this financial year, the company aims to have approximately 1,000 new stores globally.

Mr Schultz also said the company introduced new products into multiple channels and more than offset high legacy commodity costs through increased efficiencies.

On March 19 2012, Starbucks opened its first Evolution Fresh juice bar store in Bellevue, Washington. Starbucks bought the American-based fruit juice company Evolution Fresh for US$30 million (AU$29 million) in November 2011.