- Total revenues rose 8.2% from
$8.7 billion in Q1 2023 to$9.4 billion for the quarter endingDec. 31, 2023 . -
Revenue for company-operated stores rose 9.5% from
$7.08 billion to$7.75 billion in the comparative quarters. -
Net earnings rose 19.8% from
$855.2 million to$1.01 billion . -
Net earnings per common share on a diluted basis rose 21.6% from
74 cents to90 cents . North America revenues rose 9% from$6.55 billion to$7.12 billion , primarily driven by a 5% increase in comparable store sales, driven by a 4% increase in average ticket and a 1% increase in comparable transactions, net new company-operated store growth of 4% over the past 12 months, as well as growth in licensed store business.-
International revenues rose 9.9% from
$1.68 billion to$1.846 billion , primarily driven by net new company-operated store growth of 12% over the past 12 months and a 7% increase in comparable store sales, driven by an 11% increase in comparable transactions and a 3% decline in average ticket. -
Revenue for licensed stores rose 6.5% from
$1.12 billion to$1.19 billion . -
Revenue from "other" stores fell 6.4% from
$510.9 million to$478 million . - Global comparable store sales increased 5%, driven by a 3% increase in comparable transactions and 2% increase in average ticket.
North America andU.S. comparable store sales increased 5%, driven by a 4% increase in average ticket and 1% increase in comparable transactions-
International comparable store sales increased 7%, driven by a 11% increase in comparable transactions and 3% decline in average ticket;
China comparable store sales increased 10%, driven by a 21% increase in comparable transactions and 9% decline in average ticket. - The company opened 549 net new stores in Q1, ending the period with 38,587 stores: 51% company-operated and 49% licensed.
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Net revenues for the international segment grew 10% over Q1 FY23 to
$1.8 billion in Q1 FY24, primarily driven by net new company-operated store growth of 12% over the past 12 months and a 7% increase in comparable store sales, driven by an 11% increase in comparable transactions and a 3% decline in average ticket. These increases were partially offset by approximately 2% unfavorable impact from foreign currency translation. -
Net revenues for the channel development segment declined 6% to
$448 million , primarily due to a decline in revenue in theGlobal Coffee Alliance following the sale ofSeattle's Best Coffee brand in Q2 FY23 and a decrease in global ready-to-drink revenue.
Shares traded today at
The
"Despite headwinds, our brand is very strong, and that coupled with innovation and a relentless focus on our green apron partners form long-term differentiators, along with focused execution on Triple Shot Reinvention, will drive balanced and attractive earnings growth," CEO
The company cut its full-year sales and guidance after missing its expectations, and now expects 2024 total revenue growth to be 7% to 10%, versus the previous expectation of 10% to 12%, according to Yahoo Finance.
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