Starbucks is basically printing its own gift card currency now: according to the coffee chain's quarterly sales report (PDF), customers put over $4 billion (with a B) dollars onto Starbucks gift cards last year. That is more than the GDP of many countries (PDF), including Fiji, Aruba, Belize, and more. It is more than the ten lowest national 2012 GDPs (Samoa, Comoros, Dominica, Tonga, Micronesia, São Tomé and Principe, Palau, the Marshall Islands, Kiribati, and Tuvalu) combined. As QZ notes, 10% of Americans received Starbucks gift cards during the 2013 holiday season, and they apparently account for almost a third of the company's US transactions. No wonder small time coffee shops are accepting Starbucks gift cards.
And that is just the gift cards. They reported $4.2 billion in revenue last quarter with a profit of $813 million, which is almost 30% higher than the same quarter the year before. CEO Howard Schultz says they're going to open 1,000 new shops around the world next year.
However, Bloomberg notes that these numbers may be a little deceiving. They trail estimates of where analysts thought Starbucks would be, and it turns out that US growth is actually slowing. Below, Bloomberg crunches numbers with Starbucks CFO Troy Alstead.
Video: Earnings Down as Shoppers Go Online: Starbucks CFO
· Starbucks Reports Record Q1 Results [Starbucks]
· The world put $4 billion on Starbucks gift cards last year [QZ via Consumerist]
· Earnings Down as Shoppers Go Online: Starbucks CFO [Bloomberg]
· All Starbucks Coverage on Eater [-E-]