Starbucks yesterday reported consolidated net revenues of $486 million for the four-week period ended November 28, 2004 — an increase of 26 percent from consolidated net revenues of $387 million for the same period in fiscal 2004. On a comparable store sales basis, sales at company-operated stores increased 13 percent for the four weeks ended November 28, 2004, as compared to the same four-week period in fiscal 2004.

“The early launch of Starbucks holiday promotion, highlighted by this year’s Christmas Blend, along with the continued popularity of Pumpkin Spice Latte and growth in our music business, all contributed to Starbucks outstanding November sales results,” stated Howard Schultz, chairman. “I am very proud of our partners throughout the Company for launching Starbucks holiday season with such great success.”

“It is important to note, as we have said in the past, that comparable store sales growth of the extraordinary level achieved in November is not sustainable,” added Schultz. “We continue to believe that 20 percent net revenue growth and approximately three to seven percent comparable store sales growth is the right level for longer-term expectations.”

For the eight weeks ended November 28, 2004, consolidated net revenues were $940 million, an increase of 25 percent from consolidated net revenues of $750 million for the eight weeks ended in fiscal 2004. Comparable store sales increased 12 percent for the eight weeks ended November 28, 2004, as compared to the same eight weeks in fiscal 2004.