Starbucks Corporation (NASDAQ: SBUX) announced financial results for its first quarter ended December 27th, 2020. The company reported a global comparable store sales fall of 5% due to a 19% decrease in comparable transactions, this was partially offset by a 17% increase in average ticket. Starbucks has opened a total of 278 net new stores in the first quarter, yielding 4% year over year unit growth as the company totaled 32,938 stores globally. Consolidated net revenues amounted to USD 6.7 Billion as it fell 5% compared the same period a year ago. GAAP operating margin was 13.5%, a 17.2% drop in the prior year due to the COVID-19 pandemic.
“I am very pleased with our start to fiscal 2021, with meaningful, sequential improvements in quarterly financial results despite ongoing business disruption from the pandemic. Investments in our partners, beverage innovation and digital customer relationships continued to fuel our recovery and position Starbucks for long-term, sustainable growth,” said Kevin Johnson, president and ceo.
“Our results demonstrate the continued strength and relevance of our brand, the effectiveness of the actions we’ve taken to adapt to changes in consumer behavior and the steadfast commitment of our green apron partners to serve our customers and communities. We remain optimistic about our robust operating outlook for fiscal 2021 as well as our ability to unlock the full potential of Starbucks to create value for our stakeholders,” concluded Johnson.