Starbucks Q3

Results on a record high

The world's largest coffee bar chain has recovered from the Corona crisis.
IMAGO / NurPhoto
The world's largest coffee bar chain has recovered from the Corona crisis.

"Starbucks delivered record results in the third quarter, demonstrating strong momentum beyond the recovery. Our ability to move quickly, flexibly and stay ahead of changing customer behavior helped further differentiate Starbucks and position us well for this moment," said Kevin Johnson, president and CEO, in announcing financial results for the third quarter of fiscal 2021, which ended June 27.

Like-for-like sales increased 73 percent globally, driven by a 75 percent increase in comparable transactions, partially offset by a 1 percent decline in average price.

The company opened a net 352 new stores in the third quarter of fiscal 2021, representing 3 percent year-over-year growth, and ended the period with a record 33,295 units globally, 51 percent of which were company-owned and 49 percent licensed. Coffee bars in the U.S. and China accounted for 62 percent of the company's global portfolio at the end of the third quarter of fiscal 2021, with 15,348 and 5,135 stores, respectively.

Consolidated net sales of $7.5 billion grew 78 percent year-over-year. This was primarily driven by like-for-like sales increases, primarily due to absorbing the impact of the Covid 19 pandemic in the prior year, as well as strong year-to-date sales in the U.S.

The number of Starbucks Rewards loyalty program members active for at least 90 days in the U.S. increased to 24.2 million, up 48 percent year-over-year.

"Our partners are ready to meet our customers where they need us - with the right business, in the right place, at the right time. Given the strength of our diverse portfolio and the superior Starbucks experience reflected in our record third quarter results, we are raising our full-year financial guidance and are confident that we will continue to be able to execute on our 'Growth at Scale' agenda to unlock the full potential of the Starbucks brand," Johnson concluded.