Starbucks profit rises 31% in the first fiscal quarter to $815.9 million

Starbucks earned net income of $815.9 million, or $0.69 per share, in the first quarter of its fiscal 2022 year ended Jan. of market closing.

The result represents a 31.1% increase over the corresponding period in the previous fiscal year, when the company had earned $622.2 million, or $0.53 per share.

In adjusted terms, earnings per share increased from $0.61 to $0.72.

Net revenue grew 19.3% in the same comparison, to US$ 8.05 billion. According to Starbucks, this increase was partly motivated by the weaker comparison basis, since in the same quarter of the previous year the business was affected by the Covid-19 pandemic.

The strong performance of the new stores operated by the company in the United States also contributed to this increase. Analysts polled by FactSet had expected revenue of $7.98 billion.

According to the company, year-end sales were a positive factor in the quarter, but higher-than-expected inflation, labor shortages and higher costs associated with the Omicron variant of the coronavirus weighed on performance.

Global same-store sales grew 13% year-on-year, reflecting a 3% increase in the average ticket and a 10% increase in the number of transactions.

Same-store sales increased 18% in North America and the US and decreased 3% in the international segment. In China, these sales fell by 14%.

In the first fiscal quarter, 484 stores were opened, net of closings.

The number represents an increase of 4% in the annual comparison. At the end of the period, Starbucks had 34,317 stores globally, 51% owned and 49% licensed. With information from Dow Jones Newswires.