Starbucks Corporation has reported financial results for its 13-week fiscal third quarter and 39-week fiscal year to date which ended June 28, 2015. Starbucks Japan acquisition-related items, which are excluded from the non-GAAP results, are included in the Q3 FY15 GAAP results.
Q3 Fiscal 2015 Highlights
In the third quarter, Starbucks’ global comparable store sales increased 7%, driven by a 4% increase in traffic, while Americas comparable sales increased 8%, driven by a 4% increase in traffic. China/Asia Pacific comparable sales increased 11%, driven by a 10% increase in traffic, and EMEA comp sales increased 3%, driven by a 2% increase in traffic.
Consolidated net revenues increased 18% over Q3 FY14 to a quarterly record $4.9 billion, and consolidated operating income rose 22% to $938.6 million. The non-GAAP operating income increased 24% to $950.1 million.
Starbucks’ consolidated operating margin expanded 70 basis points to 19.2%, while the non-GAAP operating margin increased 100 basis points to 19.5%.
GAAP earnings increased 21% over Q3 FY14 to $0.41 per share, and non-GAAP earnings increased 24% over Q3 FY14 to $0.42 per share.
The Starbucks Mobile Order & Pay program expanded to over 4,000 U.S. company-operated stores in Q3; full deployment to all U.S. company-operated stores is slated to occur by holiday.
431 net new stores opened in the quarter. This addition brings the total store count to 22,519.
Year over year comparable store customer transactions has increased nearly 18 million in the U.S. and over 23 million globally.
“Starbucks Q3 fiscal 2015 stands as among the strongest and most remarkable quarters in our over 23 years as a public company,” said Howard Schultz, chairman and CEO. “The 4% increase in global transactions we reported equates to our having served an additional 23 million customer occasions in Q3 of this year over last year, clearly evidencing a continuation of the strong momentum we have seen across our business and around the world this fiscal year.”
“Starbucks very strong year over year financial performance in Q3 demonstrates our commitment to delivering best in class financial and operating results while at the same time investing in our future growth – building new stores, renovating existing stores, deploying new technology – investing in our partners and delivering an elevated Starbucks Experience to our customers,” said Scott Maw, Starbucks chief financial officer. “We believe that by getting this balance right, we will be able to continue delivering exceptional growth, profitability and increased returns to our shareholders.”