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Fri 27th Jan 2017 - Results: Hickory's Smokehouse and Starbucks
Ebitda before exceptional costs hit £1.33m at Hickory’s Smokehouse: Hickory’s Smokehouse has posted sales of £14.4m for the year ended 30 April 2016, up from £12.8m for the previous 12 months. Group Ebitda before exceptional costs was £1.33m. The results cover the first full year since Hickory’s received investment from private equity firm Piper Private Equity. Hickory’s was founded in Chester by Neil McDonnell in 2010 following extensive research into the American barbecue and smokehouse sector, which included touring the southern US states in 2009. Hickory’s restaurants are renowned for their focus on food quality, authenticity and exceptional customer service. There are Hickory’s sites in Chester, West Kirby, Burton Green, Wall Heath and Rhos-on-Sea. Since Piper’s £6m investment in October 2014, two new Hickory’s restaurants have opened in Burton Green and Wall Heath. A third opens in Castle Bromwich in February with further sites in the pipeline in the Midlands and the north. It is hoped the Wall Heath site, devastated by a major fire in August 2016, will reopen this summer. McDonnell said: “We are very happy with the latest figures and particularly encouraged by the fantastic response Hickory’s receives from guests both old and new. We look forward to bringing Hickory’s to more communities in the coming year.”

Starbucks reports like-for-likes up 3% in latest quarter: Starbucks has reported global like-for-like sales increased by 3% in the 13 weeks to 1 January 2027 comprised of a 3% increase in the Americas, a 5% increase in China and Asia, and a 1% decrease in EMEA. US like-for-like sales increased 3% comprised of a 5% increase in average ticket and a 2% decrease in transactions. Adjusting for the estimated impact of order consolidation related to the new Starbucks Rewards loyalty programme, average ticket grew 3% with transactions flat to prior year. The company had record consolidated net revenues of $5.7bn, growing 7% over prior year. Record quarter one consolidated operating margin expanded ten basis points to 19.8%. A record $2.1bn loaded on Starbucks Cards in the US and Canada in quarter one, up 15% year-over-year; Starbucks Card transactions reached 40% of US company-operated transactions. Active membership in Starbucks Rewards grew 16% year-over-year to 12.9 million members in the US Mobile Order and Pay represented 7% of US company-operated transactions in the quarter, up from 3% in the prior year; Mobile payment reached 27% of US company-operated transactions. The company opened 649 net new stores in the quarter, bringing total stores to 25,734 in 75 countries worldwide. “Starbucks is engaging more deeply – and more frequently – and expanding its base of loyal customers faster and more consistently today than ever before,” said Howard Schultz, chairman and chief executive. “The trust and confidence our customers have in the Starbucks brand is fueling our flywheel and propelling our business forward in markets and channels all around the world.” Chief financial officer Scott Maw added: “We are pleased with the record first quarter financial and operating results we announced today, particularly given that the results were delivered in the face of a challenging environment for restaurant retailers overall. As always, credit for our success belongs to the more than 300,000 Starbucks partners around the world who proudly wear the green apron and who deliver an elevated Starbucks Experience to our customers now over 90 million times, each week.” Net revenues for the EMEA segment were $262.4m in the first quarter of FY17, a 16% decrease versus the first quarter of FY16. The decrease was primarily driven by the shift to more licensed stores in the region, including the absence of revenue related to the sale of our Germany retail operations in the third quarter of FY16, as well as unfavorable foreign currency translation. Partially offsetting the decrease were incremental revenues from the opening of 489 net new licensed stores over the past 12 months. Operating income decreased 8% to $44.1m in the first quarter of FY17, down from $48.1m in quarter one FY16. Operating margin expanded 140 basis points to 16.8% primarily due to sales leverage driven by the shift in the portfolio towards more licensed stores. Partially offsetting the margin expansion was unfavorable foreign currency exchange and sales deleverage in certain company-operated stores. 

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