Starbucks has revenue of US $6.6 billion in the first quarter of 2019 and will open 2100 new stores for the whole year

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Coffee chain giant Starbucks reported results for the first quarter of 2019 (ended Dec. 30, 2018) after the close of trading on Thursday. During the period, total revenue was $6.633 billion, up 9.2 percent from $6.074 billion a year earlier.

In terms of net income, net income for the current quarter was $761 million, or 61 cents per share, compared with $2.25 billion, or $1.57 per share, in the same period last year. Excluding some one-time items (not in accordance with GAAP), Starbucks' adjusted earnings per share in the first quarter were 75 cents, compared with 65 cents in the same period last year, which beat expectations.

The results also showed that Starbucks same-store sales increased by 4%, of which China grew by 1%. Revenue in China and the Asia-Pacific region rose 45 per cent to $1.2 billion, mainly due to changes in ownership in eastern China.

"the business continues to maintain growth momentum because we are moving forward with our scale growth plan in a focused and disciplined manner," explained Kevin Johnson, chief executive of Starbucks. "after solid performance at the beginning of the current fiscal year, we will be able to deliver on our full-year performance commitments."

In terms of store expansion, Starbucks expects to open 2100 new stores worldwide in fiscal year 2019.

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