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Let's Have Another Cup of Coffee

Starbucks revenues hit $1 billion mark in 4Q 2002

Published

21 years ago

January 3, 2003

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Starbucks Corp. (Seattle) reported that consolidated net revenues hit the $1 billion mark for its fourth quarter ending Dec. 29, 2002, and same-store sales for the 13 weeks increased 9 percent.

For the month of December, the international coffee merchant enjoyed a same-store sales increase of 7 percent.

“We are very pleased with the strong results reported for December,” said chairman and chief global strategist Howard Schultz. “Our holiday promotion was extremely well-received by both new and loyal customers. Despite what was a challenging and disappointing Christmas season for most retailers, Starbucks delivered exceptional comparable-store sales results at the high end of our fiscal 2003 target of 3-7 percent.”

During the quarter, Starbucks opened 115 new company-operated stores in Continental North America, and 74 new licensed stores. It also opened 18 new company-operated stores internationally and 100 licensed stores. There are now 6193 Starbucks units around the world.

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