Starbucks continues its trend of success with a 22 percent increase in profits and seven percent sales growth this quarter
Starbucks profits match its popularity.
Starbucks is continuing to enjoy financial success. As the world’s most famous coffee chain continues to spread its global influence, the company also announced that its profits jumped 22 percent this quarter, from 34 cents per year to 41 cents per year, and sales at stores open for more than one year increased by seven percent.
Starbucks attributes this largely to an increase in customer traffic, as well as the introduction of new menu items, like the popular flat white, as well as new breakfast sandwiches and bistro boxes, which are both popular with guests.
“The past quarter stands as one of the strongest, most remarkable of quarters in the 23-year history of Starbucks as a publicly traded company,” Kevin Johnson, president of Starbucks, told The New York Times.
Howard Schultz, CEO of Starbucks, said that although they are optimistic, they don’t believe that numbers will be consistently this high. Earlier this month, Starbucks announced that they will increase menu prices across the board, which could affect profits in the long run.