Starbucks Q3 revenue up 11%; increases Americas store openings
Seattle — Starbucks that its consolidated net revenue growth accelerated 11% in the third quarter, to $4.2 billion. Consolidated operating income increased 25%, to $769 million.
The coffee giant raised the number of net new stores it expects to open in its Americas region from 600 to 650.
Global same-store sales increased 6%, marking the 18th consecutive quarter of global comp growth of 5% or greater. Same-store sales in the United States rose 7%.
“Starbucks record Q3 results demonstrate both the power of our innovation and the opportunities for growth, globally and in the U.S., that lie ahead. Importantly, record revenues and operating margin reflect an acceleration of top-line growth and meaningful contributions from all operating regions and our Channel Development segment,” said Scott Maw, Starbucks CFO.
Oracle opening cloud development center in Seattle
Redwood City, Calif. — Oracle Corp. announced it is opening a cloud development center in Seattle, its first such center outside of California. The company, which plans to hire about 100 engineers to start, said it chose Seattle to take advantage of the “deep expertise” in cloud computing available in the city’s rapidly growing technical community.
"Oracle is committed to providing organizations with the industry’s broadest and most advanced cloud portfolio," said Prashant Ketkar, VP, product management, Oracle. "By opening this state-of-art facility, we are equipped to aggressively build out new cloud services. Seattle has a deep pool of talented engineers with its rich history of innovation and is the perfect location for us to harness that talent in order to accelerate our cloud investments."
The center will be run by Seattle tech natives Craig Kelly, most recently chief technology officer at Edifice, and Don Johnson, formerly with Amazon and RealNetworks.
Rite Aid names Roundy’s exec as CFO
Camp Hill, Pa. — Rite Aid Corporation announced that Darren Karst is joining Rite Aid as executive VP and CFO, effective Aug. 20.
Karst succeeds Frank Vitrano, who has announced he will retire in September, 2015. Until then, Vitrano retains the chief administrative officer responsibilities for the company’s information technology, real estate and indirect procurement functions. He will also serve as a key resource in the development and execution of new business and growth initiatives.
Karst joins Rite Aid from Roundy’s a leading Midwest grocer based in Milwaukee, Wis., where he has been the executive VP, CFO and assistant secretary since 2002. Prior to that, Karst was a partner at the Yucaipa Companies, a private equity investment firm.