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Morning Briefing for pub, restaurant and food wervice operators

Fri 4th Nov 2016 - Starbucks trading update, Danish bakers Ole & Steen to make UK debut
Starbucks reports 4% like-for-like growth in fourth quarter: Starbucks has reported global like-for-likes up 4% for its 14-week fiscal fourth quarter ended 2 October 2016. US like-for-likes increased 4%, comprised of a 6% increase in average ticket and 1% decrease in traffic. After adjusting for the estimated impact of order consolidation related to the new Starbucks Rewards loyalty programme, average ticket grew 4% and traffic grew 1%. Consolidated net revenues grew 16% to $5.7bn. Consolidated operating income increased 27% to $1.2bn. The company opened 690 net new stores in the quarter, bringing total stores to 25,085 in 75 countries worldwide. Mobile Order and Pay represented 6% of US transactions in the quarter, up from 5% in the prior quarter. Like-for-like sales in the EMEA segment were flat. Consolidated net revenues grew 11% to $21.3bn. The company opened 2,042 net new stores globally in the fiscal year 2016, including the first Starbucks stores in Cambodia, Kazakhstan, Luxembourg, Andorra and South Africa. Chief executive Howard Shultz said: “Starbucks record fourth quarter and fiscal 2016 financial and operating results in the face of ongoing economic, consumer and geopolitical headwinds, and the significant investments we continue to make in our people and our business, once again demonstrate the power, relevance and resilience of the Starbucks business and brand. The trust and confidence our customers have in the Starbucks brand – and in our store partners – is propelling our business forward in markets and channels around the world as never before.” Chief financial officer Scott Maw added: “Starbucks fourth quarter of fiscal 2016 was the most profitable quarter – capping off the most profitable year – in our more than 24 years as a public company. The strength and health of our business enables us to both fund profitable growth and return significant cash back to shareholders – a record $3.2bn in fiscal 2016 alone.”

Danish bakers Ole & Steen to launch debut UK site: Danish bakers Ole & Steen is to launch its debut site in the UK, in London. The company will open a 4,400 square foot restaurant at St James’ Market in Haymarket after securing the site through agent Shelley Sandzer. The site is split over ground floor and basement levels and is due to open in the first week of January 2017. The restaurant concept is being launched by Ole Kristoffersen and Steen Skallbaek, who are known for their bakery chain Lagkagehuset in Denmark with more than 50 sites. The Ole & Steen menu will feature a mix of freshly baked breads, including Scandinavian flatbreads, stews, soups and sandwiches. Design of the new site is being carried out by Space Copenhagen and features a clean black and copper exterior with space for 120 covers. Ole & Steen UK operations director Alastair Gordon said: “As this is Ole & Steen’s first restaurant and shop outside Denmark it was hugely important to secure a busy, central location. Shelley Sandzer presented us with the perfect site. We are glad to be in the company of other exciting operators and can’t wait to introduce our new brand both to the food-loving people of London and also to visitors from around the world.” Leo Feldman, of Shelley Sandzer, added: “The team at Ole & Steen wanted a landmark site for their international debut and we are thrilled to see them take this space. Their site is at the heart of a very quickly developing area, which has recently welcomed Veneta, the latest concept from the Salt Yard Group, as well as Anzu, a new concept from Tonkotsu, and Duck & Waffle’s second London site. We are very pleased to assist in the launch of another UK first and deliver on the brief for the client.”

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