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Global coffee chain Starbucks has published its Q3 fiscal results for 2024.
According to the latest release from the company, its combined net revenues amounted to $9.1 billion, which was down 1 per cent, but up 1 per cent in constant currency. In comparison to Q2, net revenue was up 6 per cent.
GAAP earnings per share were $0.93 and declined by 6 per cent compared to 2023, while non-GAAP earnings per share of $0.93 declined by 7 per cent, and by 6 per cent on a constant currency basis.
Other key highlights included a decline in global and international comparable store sales as well as the opening of 526 new stores in Q3. Stores in the United States and China contributed to 61 percent of the brand’s stores global portfolio.
In the previous quarter, Starbucks outlined its three-part plan which included a focus on improvements to its operations, customer, and partner experience, as well as attracting new consumers by launching more products with relevant marketing.
“Our three-part action plan is beginning to work and driving operational improvements that we expect to improve financial performance. Our growing culture of focused innovation and relentless execution continues to enhance our capabilities, while helping return the business to sustainable growth,” says Starbucks CEO Laxman Narasimhan.
In addition to this, the company recorded other signs of progress which it attributes to its action plan. One initiative highlighted was the introduction of phase one of its partner driven evolution, the Siren Craft System, which aims to improve the brand’s operations across North America.
The coffee chain also unveiled a host of products, including the launch of its iced energy and summer-berry refreshers.
“Our efficiency efforts, which are tracking ahead of expectations, partially offset investments associated with the cautious consumer environment. Collectively, our disciplined approach enables us to preserve both balance sheet strength and flexibility, positioning us to successfully navigate through the current macroeconomic environment,” says Starbucks CFO Rachel Ruggeri.
The report details financial results for its 13-week fiscal third quarter, which ended 30 June 2024, while the GAAP results in fiscal 2024 and fiscal 2023 detail items that are excluded from non-GAAP results.
For more information on the report, click here.
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