Starbucks Corp., Seattle, reported financial results for its 13-week fiscal fourth quarter and 52-week year, which ended Sept. 30.
Global comparable store sales increased 3 percent, driven by a 4 percent increase in average ticket sales, Americas and U.S. comparable store sales increased 4 percent while CAP and China comparable store sales increased 1 percent, the company says. Consolidated net revenues were $6.3 billion, up 11 percent compared with the prior year.
Adjusted for an approximately 2 percent net benefit from streamlinedriven activities, and approximately 1 percent headwind from unfavorable foreign currency translation, consolidated net revenues grew 9 percent compared with the prior year.
Streamline-driven activities include the consolidation of the acquired East China business, partially offset by licensing its consumer packaged goods and foodservice businesses to Nestlé following the close of the Aug. 26 deal, Teavana mall store closures, and the conversion of certain international retail operations from company-owned to licensed models.
“Starbucks record Q4 performance reflected meaningful improvement in virtually every critical operating metric compared to Q3,” said Kevin Johnson, chief executive officer of Starbucks, in a statement. “As we enter fiscal 2019, we are executing against a clear growth agenda, with a focus on our long-term growth markets of the U.S. and China. We are also excited about the long-term growth potential of our new Global Coffee Alliance with Nestlé.
Scott Maw, chief financial officer of Starbucks, added: “In Q4, Starbucks delivered improved sequential results in both our Americas and China/Asia Pacific segments. We also further set the stage for increased benefits from our ongoing efforts to streamline the company.
For the year, global comparable store sales increased 2 percent, driven by a 3 percent increase in average ticket. Americas and U.S. comparable store sales increased 2 percent for the year. Overall, 2018 consolidated net revenues were $24.7 billion, up 10 percent compared with the prior year, the company says. BI