Starbucks has announced plans to open its first franchise stores in the UK later this year.
The move follows the company’s first quarter report, which saw total net revenues increased by 16 per cent to a record USD 3.4 billion, with comparable store sales up 9 per cent, driven by a 7 per cent increase in traffic and a 2 per cent increase in average transactions. The company declined to give a breakdown of UK sales.
Starbucks UK also revealed that it will invest £8m in refurbishing an additional 70 London stores ahead of this summer’s Olympic Games, including six more high-profile renovations at shops in the capital’s West End and the City.
The company said last month it planned to open 300 outlets over the next five years, of which a third will come from its licence agreement with the petrol forecourt retailer Euro Garages.
Howard Schultz, Starbucks chairman, president and ceo, said: “Our first-quarter performance represents the highest quarterly earnings in the history of the company, and is a testament to the hard work and commitment of our 200,000 partners (employees) around the world. Starbucks is firing on all cylinders and taking full advantage of the many global opportunities that lie ahead.”
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