US giant Starbucks, the world’s biggest coffee chain, says an increase in customers boosted revenue in the fourth quarter by 6%. The company said net income at its shops open for at least a year was $359m (£222.6m, £277.5m euros) in the three months to September.
“Our Q4 and overall 2012 fiscal year performance demonstrates the strength of our business and brand,” said Howard Schultz, chairman, president and chief executive officer, Starbucks Coffee Company.
“The resiliency and relevance of our U.S. retail business, acceleration of the Channel Development business and expansion in Asia all contributed significantly to our strong results. I am incredibly proud of our 200,000 Starbucks partners around the world who have contributed to the success of the company and I am optimistic about achieving our aspirations for the future. “
“Our excellent fourth quarter and full fiscal year results reflect the strength of our business and the solid execution by our partners, specifically illustrated in the fourth quarter by strong traffic growth, continued momentum in Channel Development, and rapid earnings growth,” stated Troy Alstead, chief financial officer. “By delivering relevant innovation to our customers while increasing focus on execution and operating efficiencies, we drove sales growth and expanded profit margins. On the strength of our business in fiscal 2012 and the momentum we carry into the new fiscal year, we remain confident in our fiscal 2013 outlook of continued strong profitable growth on a global scale.”
Starbucks said the recent closure of 1,000 outlets in the US during Hurricane Sandy would have little impact in context of the current quarter.
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Business EditorStarbucks US coffee chain revenue increased by 6%
by Business Editor ( Author at Spirit India )
Posted on November 2nd, 2012 at 1:24 pm.
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