Starbucks coffee store in Madrid. While comparable store sales increased 12% in North America, international same-store sales decreased 8%.
Starbucks has reported financial results for its 13-week fiscal second quarter ended April 3, 2022. The coffee chain's growth streak continued in the second quarter of 2022. Starbucks reported 12% same-store sales growth in the U.S. and North America markets. The strength of the North America market was slightly offset by a struggling Chinese market, where sales were down 23% due to COVID-centric lockdowns.
Global comparable store sales increased 7%
, driven by a 4% increase
in average ticket
and a 3% increase in comparable transactions
. North America
and U.S. comparable store sales increased 12%
, driven by a 7% increase in average ticket and a 5% increase in comparable transactions.
International comparable store sales decreased 8%
, driven by a 5% decline in average ticket and a 3% decline in comparable transactions; China comparable store sales decreased 23%
, driven by a 20% decline in comparable transactions and a 4% decline in average ticket.
International and China comparable store sales include the unfavorable impact of approximately 3% and 4%, respectively, from lapping prior-year value-added tax ("VAT") exemptions in China.
The company opened 313 net new stores in Q2, ending the period with 34,630 stores globally: 51% company-operated and 49% licensed. At the end of Q2, stores in the U.S. and China comprised 61% of the company's global portfolio, with 15,544 stores in the U.S. and 5,654 stores in China.
"We are confident that the investments in our partners, our stores and our brand that we announced today will deliver returns in excess of historic levels and accelerate our growth long into the future," Rachel Ruggeri, Starbucks CFO, said in a statement.
"Given record demand and changes in customer behavior we are accelerating our store growth plans, primarily adding high-returning drive-thrus, and accelerating renovation programs so we can better meet demand and serve our customers where they are," Howard Schultz, interim CEO said in a statement. "The investments we are making in our people and the company will add the capacity we need in our U.S. stores today and position us ahead of the coming growth curve."