Starbucks reports marked sales improvement across its global business with its key markets in the US and China performing robustly
Starbucks reported consolidated net revenues of $6.7bn in the 13 weeks to 28 March 2021, an 11% increase on same period in 2020, with global like-for-like store sales up 15%
Starbucks has posted strong second quarter results for its global business. Adding further indication world economies are beginning to rebound from the Covid-19 pandemic, the world’s largest coffee chain reported consolidated net revenues of $6.7bn in the 13 weeks to 28 March 2021, an 11% increase on the same period in 2020. Meanwhile, global like-for-like store sales rose 15%.
Net revenues for Starbucks’ Americas segment grew 8% compared to the same period in 2020 to $4.7bn, with the coffee chain’s CEO Kevin Johnson hailing a ‘full sales recovery’ in the US.
“I am very pleased with our progress to date in fiscal 2021, as our second quarter results demonstrated impressive momentum in the business with full sales recovery in the US. Our strong results validate our ability to adapt to changes in our environment and the needs of our customers,” Johnson said.
Starbucks also performed strongly across its global portfolio, with net revenues across its international segment growing 42% compared to the same period in 2020 to $1.6bn. Global like-for-like store sales increased 15%.
In China, the Seattle-based coffee chain reported astonishing 91% like-for-like sales growth compared to the same period in 2020.
The strong results will be welcome news for Starbucks, which has been charting a path to recovery following months of severe disruption to its global business due to the Covid-19 pandemic. The coffee chain reported it ended the second quarter with 32,943 stores globally, of which 51% and 49% were company-operated and licensed, respectively.
Stores in the U.S. and China comprised 62% of the company’s global portfolio, with 15,288 and 4,973 stores, respectively.
However, indicating the pandemic continues to generate market headwinds, Starbucks opened just five net new stores during the period, reflecting the permanent closure of approximately 300 company-owned stores in the US and Canada.
Looking to the year ahead, Starbucks said it intends to open 1,100 net new stores globally in 2021.