SEATTLE--(BUSINESS WIRE)--Jul. 23, 2015-- Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal third quarter and 39-week fiscal year to date ended June 28, 2015. Q3 FY15 GAAP results include Starbucks Japan acquisition-related items, which are excluded from the non-GAAP results.
Q3 Fiscal 2015 Highlights:
- Global comparable store sales increased 7%, driven by a 4% increase in traffic
Americas comp sales increased 8%, driven by a 4% increase in traffic
China/Asia Pacific comp sales increased 11%, driven by a 10% increase in traffic
EMEA comp sales increased 3%, driven by a 2% increase in traffic
- Consolidated net revenues increased 18% over Q3 FY14 to a quarterly record $4.9 billion
- Consolidated operating income up 22% to $938.6 million
Non-GAAP operating income up 24% to $950.1 million
- Consolidated operating margin expanded 70 basis points to 19.2%
Non-GAAP operating margin increased 100 basis points to 19.5%
- GAAP earnings increased 21% over Q3 FY14 to $0.41 per share
Non-GAAP earnings increased 24% over Q3 FY14 to $0.42 per share
- Starbucks Mobile Order & Pay expanded to over 4,000 U.S. company-operated stores in Q3; full deployment to all U.S. company-operated stores by holiday
- 431 net new stores opened in the quarter; total store count reaches 22,519
- Year over year comparable store customer transactions increased nearly 18 million in the U.S. and over 23 million globally
“Starbucks Q3 fiscal 2015 stands as among the strongest and most remarkable quarters in our over 23 years as a public company,” said Howard Schultz, chairman and ceo. “The 4% increase in global transactions we reported equates to our having served an additional 23 million customer occasions in Q3 of this year over last year, clearly evidencing a continuation of the strong momentum we have seen across our business and around the world this fiscal year,” Schultz added.
Consolidated net revenues were $4.9 billion in Q3 FY15, an increase of 18% over Q3 FY14. The increase was primarily driven by incremental revenues from the acquisition of Starbucks Japan, a 7% increase in global comparable store sales and the opening of 1,592 net new stores over the past 12 months.
Consolidated operating income grew 22% to $938.6 million in Q3 FY15, up from $768.5 million in Q3 FY14. Consolidated operating margin expanded 70 basis points to 19.2% primarily driven by sales leverage. This was partially offset by the impact of our ownership change in Starbucks Japan, which drove 90 basis points of margin decline, and by investments in our store partners (employees) in the Americas segment.
Net revenues for the Americas segment were $3.4 billion in Q3 FY15, an increase of 12% over Q3 FY14. The increase was driven by 8% growth in comparable store sales and incremental revenues from 658 net new store openings over the past 12 months.
Operating income of $855.3 million in Q3 FY15 increased 17% from $728.5 million in Q3 FY14. Operating margin expanded 120 basis points to 25.0% primarily due to sales leverage and lower commodity costs, primarily dairy, and was partially offset by investments in our store partners (employees). View the full report here.
