Sales Slacken at Starbucks :: Restaurant Supply Resource

Sales Slacken at Starbucks

Starbucks shares drop after the bell

Starbucks Corporation (Nasdaq:SBUX) reported consolidated net revenues of $624 million for the six-week period ended October 3, 2004, an increase of 47 percent from consolidated net revenues of $423 million for the five-week period in fiscal 2003. Net revenues increased 23 percent when calculated on a comparative five-week basis for September in both fiscal 2004 and 2003.

On a comparable store sales basis (stores open for at least 13 months), sales at Company-operated stores increased 7 percent for the five weeks ended September 26, 2004, compared to the same five-week period in fiscal 2003. Comparable store sales growth is calculated excluding the sixth week of fiscal September 2004.

"We are very pleased that we were able to deliver strong comparable store sales growth for the month, despite the impact of recent hurricanes on retailers across the Southeastern region including the more than 250 Starbucks locations in Florida," stated Howard Schultz, chairman. "September comparable store sales are at the high-end of our longer-term target range and demonstrate the strength of the Starbucks brand in the marketplace."

For the 53 weeks ended October 3, 2004, consolidated net revenues were $5.3 billion, an increase of 30 percent from consolidated net revenues of $4.1 billion for the 52 weeks ended in fiscal 2003. Net revenues increased 27 percent when calculated on a comparative 52-week basis for both fiscal 2004 and 2003.

Comparable store sales increased 10 percent for the 52 weeks ended September 26, 2004, compared to the same 52 weeks in fiscal 2003. Comparable store sales growth is calculated excluding the 53rd week of fiscal 2004.

Net stores opened during
the 53 weeks ended Stores open as of
October 3, 2004 October 3, 2004
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United States:
Company-operated Stores 514 4,293
Licensed Stores 417 1,839
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931 6,132
International:
Company-operated Stores 120 887
Licensed Stores 293 1,550
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413 2,437

Total 1,344 8,569
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Date Listed: 2004-10-07

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Industry: Restaurants
Category: Financial
Starbucks
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