The coffee chain’s quarterly revenue reached a record $4.9 billion. That’s a lot of coffee and pastries.
Consumers around the world can't seem to get enough of Starbucks.
The coffee chain reported record global revenue of $4.9 billion in the three months ending June 28, up 18% compared to the same period last year.
Global comparable sales at cafes open 13 months or longer grew 7%, and were positive in every region. Traffic to stores increased 4% during the period, which CEO Howard Schultz said translates to "having received over 23 million more customer [transactions]" compared to the same period in 2014.
In the U.S. alone, Starbucks' revenue exceeded $3 billion. Comparable store sales were up 8%, due equally to increased guest count and a higher average check. More customers were adding food to their orders during breakfast and lunch, and visited more frequently in the afternoon. New drinks like the flat white and cold brew coffee also boosted sales.
And the growth is expected to stay strong: Starbucks expects global revenue for the fiscal year to increase by 16% to 18% and comparable store sales growth in the mid-single digits.
In an effort to continue the upward momentum, Starbucks is focused on new digital services and has rolled out mobile order and pay in 4,000 U.S. company-operated stores so far. This feature, which allows customers to place their order before they get to a store, allows the cafes to serve more customers faster, and reduces the likelihood that someone will leave the store because the line is too long, said Schultz.
The company expects this mobile service to be at all its company-operated stores by the holiday season.
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