Coffee giant Starbucks saw signs that customers were dying to leave the dark days of the pandemic behind and behind, and said its US sales had “fully recovered” in the first three months of the year.
Revenue from the same store in the United States in the company’s second quarter rose 9 percent year over year, while global revenue rose 11 percent to $ 6.7 billion.
“In the last quarter we are seeing very early signs that friends and family are back together,” said Kevin Johnson, President and CEO of Starbucks, speaking to analysts on Tuesday after the market closed. “While all vaccine distribution markets are certainly not opening at the same rate, we know that this is the key to enabling us all to be together again.”
Starbucks posted $ 659 million in profits for the quarter, a significant increase from $ 328 million a year earlier when many of its stores were closed due to global quarantine restrictions.
Starbucks was forecasting global sales in the same store to grow as much as 23 percent for the full year as the rest of the world recovers from the pandemic and reopens.
“While the Covid-19 pandemic is not over, this moment gives us confidence to raise our guidance for the full year,” said Johnson.
U.S. members who participated in its loyalty program grew 18 percent over the past year, Johnson said. There are now more than 23 million active 90-day members. Drive-through activity also remained robust, with higher ticket sales as customers ordered multiple drinks and often added a grocery item to their order, such as the Impossible Breakfast Sandwich or cake pops, Mr Johnson said.
