SEATTLE--(BUSINESS WIRE)--Jan. 21, 2016-- Starbucks Corporation today reported financial results for its 13-week fiscal first quarter ended December 27, 2015.
Q1 Fiscal 2016 Highlights:
Global comparable store sales increased 8%, including a 4% increase in traffic
- Americas comp store sales increased 9%, including a 4% increase in traffic
- China/Asia Pacific comp store sales increased 5%, driven by a 4% increase in traffic
- EMEA comp store sales increased 1%, driven by a 1% increase in traffic
Consolidated net revenues grew 12% over Q1 FY15, to a record $5.4 billion
Consolidated GAAP operating income increased 16% over Q1 FY15, to a record $1.1 billion
- Non-GAAP operating income increased 15% over Q1 FY15 non-GAAP, to a record $1.1 billion
Consolidated GAAP operating margin increased 60 basis points over Q1 FY15, to a Q1 record 19.7%
- Non-GAAP operating margin expanded 40 basis points over Q1 FY15 non-GAAP, to a Q1 record 19.9%
GAAP EPS of $0.46 versus Q1 FY15 GAAP EPS of $0.65
- Non-GAAP EPS increased 15% over Q1 FY15 non-GAAP, to a record $0.46
Opened 528 net new stores in the quarter globally, including a record 281 stores in China/Asia Pacific and a record 79 stores in EMEA
Channel Development revenues increased 16%; operating margin expanded 210 basis points and operating income increased 23% over Q1 FY15
Company served over 23 million more customer occasions from its global comp store base - 18 million in the U.S. - in Q1 over the prior year
Record $1.9 billion loaded on Starbucks Cards in the U.S. and Canada; 1 in 6 American adults received a Starbucks Card over Holiday, up from 1 in 7 in Q1 FY15
Membership in the company's My Starbucks Rewards loyalty program increased 23%; the company now has more than 11 million active members in the U.S.
Q1 Americas Segment Results
Net revenues for the Americas segment were $3.7 billion in Q1 FY16, an increase of 11% over Q1 FY15. The increase was driven by a 9% increase in comparable store sales and incremental revenues from 573 net new store openings over the past 12 months.
Operating income of $934.6 million in Q1 FY16 grew 14% versus $817.5 million in Q1 FY15. Operating margin of 25.1% expanded 80 basis points due to sales leverage and savings in cost of sales, primarily dairy, and was partially offset by investments in our partners (employees) and digital platforms. Full report.
