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Starbucks Q3 revenue up 11%; increases Americas store openings

BY Marianne Wilson

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.

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Rite Aid names Roundy’s exec as CFO

BY Marianne Wilson

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.

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Higher expenses cut into Overstock.com Q2 net income

BY Dan Berthiaume

Salt Lake City – A 23% increase in Overstock.com’s sales and marketing expense helped reduce its second quarter fiscal 2014 net income to $1.9 million, down 48% from $3.7 million in the same period a year earlier. Revenue grew 13% to $332.5 million, from $293.2 million.

Patrick M. Byrne, CEO and chairman of Overstock.com, cited increases in technology spending as helping the company to quickly conceive and execute new ideas such as a recently launched consumer credit facility.

“Our increases in technology spending have supported an innovation cycle that has spun up to the point that we can conceive and execute on ideas much faster than at any previous time in our existence,” said Byrne. “Barring exogenous events, I anticipate that our innovative efforts will continue gathering momentum.”

In addition, Overstock announced that a California appeals court has set an Aug. 15, 2014 date to hear oral arguments in its previously dismissed stock manipulation lawsuit against Goldman Sachs and Merrill Lynch. The court will also hear a motion to unseal the evidence that has been jointly filed by The Economist, Rolling Stone, Bloomberg, and The New York Times.

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