Seattle Starbucks has upped its outlook based on a strong first quarter. During the first quarter, the coffee retailer earned $241.5 million, compared with $64.3 million. And after nearly three years of retrenchment, the company is returning to a growth mode. It plans to open about 100 new U.S. locations during its current fiscal year, along with 200 international sites.
For the quarter, sales rose 4% to $2.72 billion from $2.62 billion last year, while same-store sales grew 4%. It marked the first time Starbucks has experienced an increase in comparable sales gain since 2007.
“We're extremely pleased with the progress we've made in this period of time," CFO Troy Alstead told The Associated Press. "We've come a long way in the U.S."
Starbucks also announced that it is making its debut in the European ready-to-drink (RTD) coffee market through a deal with Arla Foods, the world's largest coffee chain. Arla will manufacture, distribute and market Starbucks-branded premium RTD coffee beverages in Europe.