Starbucks coffee chain reports 78% revenue growth
American coffee company and eponymous coffee chain Starbucks reported $ 7.5 billion in the third quarter of 2021, up 78% over the same period in 2020 ($ 4.2 billion). The main reason for the growth was an increase in sales in the same stores by 73%. is reported in the financial statements.
In the US, comparable-store sales rose 83%. Outside the US, they grew 41%. However, Starbucks CFO Rachel Ruggeri noted that the vast majority of the international markets the company operates in lag behind the US regarding vaccinations and mobility, so revenue recovery in those markets is predictably lagging.
Another reason was the relatively low results last year due to the negative impact of disruptions in operations due to the COVID-19 pandemic.
Profit in the third quarter of 2021 was $ 1.1 billion against a loss of $ 678.4 million last year. GAAP earnings per share were $ 0.97, compared with a loss of $ 0.58 in the same period in 2020. Non-GAAP earnings per share were $ 1.01, compared to a loss of $ 0.46.
It became known that the company opened 352 new stores in the reporting period of the 2021 fiscal year, which is 3% more than in the same period of 2020. At the end of the reporting period, the company had 33,295 stores worldwide, of which 62% were in the United States and China. It also reported that the number of active participants in the Starbucks Rewards loyalty program in the United States rose to $ 24.2 million, up 48% from last year.
For the full fiscal year 2021, the company expects LFL sales to grow between 20% and 21% globally. Consolidated revenue in the corridor from $ 29.1 billion to $ 29.3 billion. Earnings per share under GAAP to range from $ 2.97 to $ 3.02, non-GAAP – from $ 3.2 to $ 3.25.
The company’s shares on august 3 at the close of trading on the NASDAQ fell 0.02% to $ 126.03.
Recall that Starbucks, in the second quarter of the fiscal year 2021 increased its revenue by 11%, to $ 6.7 billion, compared to the same period in 2020. Last year, the company’s total net revenue was nearly $ 6 billion.
