Starbucks reports record revenue in Q1 fiscal 2024

U.S. coffee chain operator Starbucks on Tuesday (Jan. 30) reported record consolidated net revenues of 9.4 Billion U.S. dollars in its 13-week fiscal first quarter 2024, ending Dec. 31, 2023.

According to the company's most recent financial filings, the operating income rose to US$1.5 billion, a 25 percent rise over the previous year.

North America and U.S. comparable store sales increased by 5 percent, while international comparable store sales rose by 7 percent and China comparable store sales grew by 10 percent.

The company opened 549 net new stores in the first quarter, ending the period with 38,587 stores.

At the end of the quarter, stores in the United States and China comprised 61 percent of the company's global portfolio, with 16,466 and 6,975 stores respectively.

"Our first quarter performance was strong on many measures," said chief executive officer Laxman Narasimhan.

"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," Narasimhan added.