Starbucks Reports Q2 Fiscal 2023 Results

Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal second quarter ended April 2, 2023. GAAP results in fiscal 2023 and fiscal 2022 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non GAAP measures at the end of this release for more information.

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“I am very pleased with our Reinvention progress and grateful for the opportunity to fully immerse into the company, which I formally took over on March 20, 2023. It is a privilege to have learned from our founder and partners around the world,” commented Laxman Narasimhan, chief executive officer. “From my immersion observations, our leadership team now has a clear line of sight into our growth headroom, as well as our opportunities to enhance margins and modernize the business, brand, partner experience and culture of Starbucks. As we strive to continue to be a different kind of company, we will unlock our limitless possibilities to meet the needs of today and, importantly, the future of Starbucks,” Narasimhan added.

“I am so proud of our outstanding second quarter performance, underscoring strength in both topline and margin globally. This momentum was made possible by the investments we are making in our stores and partners, and allowed us to continue unlocking capital to further reinvest in our business,” commented Rachel Ruggeri, chief financial officer. “As we begin on this next step in our journey, I’m confident that, together with our partners, our execution against our Reinvention plan and broader strategies will position us in our new era,” Ruggeri added.

“In support of our Reinvention Plan, and as part of our ongoing efforts to transform our store portfolio, we continue to open, close and evolve our stores as we assess, reposition and strengthen our store portfolio. We are pleased to have opened over 100 net new stores in North America during the quarter and are excited to now have nearly 17,500 stores across the segment,” commented Sara Trilling, executive vice president and president of Starbucks North America. “International added more than 360 net new stores and continues to grow in-line with our ambitious expectations,” added Michael Conway, group president, International and Channel Development.