Industry News | October 3, 2002
Starbucks Reports Strong September and Fiscal 2002 Revenues
Starbucks Corporation (Nasdaq:SBUX) today reported consolidated net revenues of $338 million for the five-week period ended September 29, 2002, an increase of 26 percent from consolidated net revenues of $268 million for the same period in fiscal 2001. On a comparable store sales basis (stores open for at least 13 months), sales at Company-operated stores increased 9 percent for the five weeks ended September 29, 2002, as compared to the same five-week period in fiscal 2001.
For the 52 weeks ended September 29, 2002, consolidated net revenues were $3.3 billion, an increase of 24 percent from consolidated net revenues of $2.6 billion for the same period in fiscal 2001. Comparable store sales increased 6 percent for the 52 weeks ended September 29, 2002, as compared to the same 52-week period in fiscal 2001.
"During a period of uncertain and challenging economic times, we are particularly proud to deliver Starbucks tenth consecutive year of both comparable store sales gains of five percent or greater and 20 percent plus revenue growth," stated Howard Schultz, Starbucks chairman. "The worldwide acceptance of the Starbucks brand is evident in our fiscal 2002 revenue results, and we look forward to our continued rapid growth in fiscal 2003 and beyond."
Starbucks Coffee Company is the leading retailer, roaster and brand of specialty coffee in the world. In addition to its more than 5,000 retail locations in North America, Latin America, Europe, the Middle East and the Pacific Rim, Starbucks sells coffee and tea products through its specialty operations, including its online store at Starbucks.com.
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