Starbucks net revenues rise 11% to $36bn in FY23
Operating income for the full year increased by 27% to $5.8bn (£4.7bn) compared to $4.6bn (£3.7bn) reported in 2022
Starbucks has announced that net revenue increase of 11% to $35.9bn (£29.4bn) for the full year ended on 1 October 2023.
Global comparable store sales increased overall 8%. North America comparable store sales increased 9%, while international sales 5%.
Operating income for the full year increased by 27% to $5.8bn (£4.7bn) compared to $4.6bn (£3.7bn) reported in 2022.
Its performance was boosted by a strongQ4, with net revenues for the North America segment suring 12% to $6.9bn (£5.6bn). Operating income increased to $1.6bn (£1.3bn).
Net revenues for the International segment grew 11% over Q4 FY22 to $2bn (£1.6bn) in Q4 FY23, primarily driven by net new company-operated store growth of 12% over the past 12 months. Operating income increased to $301.3m (£247m).
By the end of Q4, the company opened 816 new stores, ending the period with 38,038 stores – of which 52% are company-operated and 48% licensed.
In September, the company celebrated opening its 20,000th international store in the United Kingdom, marking its 25th anniversary in the market.
Commenting on the results, chief executive officer Laxman Narasimhan said: “We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance. Our Reinvention is moving ahead of schedule, fueling revenue growth, efficiency and margin expansion.
“Notably, we continue to see the positive impact of our Reinvention on our partner and customer experiences, proof points that we can continue to create, grow and strengthen our business while creating value for all. As we enter the current year, in the face of macro uncertainty, we remain confident in the momentum throughout our business and headroom globally. We expect sustained momentum throughout the company for years to come.”
