Starbucks Corp (NASDAQ:SBUX) stock rose 3.12% (As on November 3, 11:44:54 AM UTC-4, Source: Google Finance) after the company reported a jump in fourth-quarter sales, boosted by strong demand in North America. The coffee giant credited its three-year ‘Reinvention’ plan for the strong growth, with an 8% rise in global comparable store sales driven by a 4% increase in average ticket (spending per customer), with comparable transactions rising by 3%. It opened 816 net new stores over the quarter, ending the period with 38,038 outlets, of which 52% were company-operated and 48% licensed.

Further, Comparable store sales rose 8% in North America and 5% internationally; overall, like-for-like sales were up 8%, ahead of analyst expectations for rise of around 6.5%. Starbucks benefited from both a higher number of transactions and larger orders during the quarter. In North America, there was a 6% increase in the average ticket and 2% improvement in comparable transactions. In China, along with the US one of Starbucks’ biggest markets, comparable transactions were ahead 8% but the average ticket declined 3%.

SBUX in the fourth quarter of FY 23 has reported the adjusted earnings per share of $1.06, beating the analysts’ estimates for the adjusted earnings per share of 97 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 11 percent to $9.4 billion in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $9.22 billion. Q4 consolidated operating margin expanded 310 basis points from the prior year to 18.2%, primarily driven by increased efficiency throughout the U.S. stores as the strong execution on reinvention amplified results even greater than we anticipated, coupled with sales leverage and pricing.

The company expects fiscal year 2024 global comp growth to be 5% to 7%. The fiscal year 2024 U.S. comparable store sales are expected to grow in the range of 5% to 7%. In China, the comp expected to be in the range of 4% to 6% in Q2 through Q4, with a higher comp in Q1 as the company lap prior year mobility restrictions. The company expects global new store growth of approximately 7%, with approximately 75% of the growth still coming from outside of the U.S. as the company continues to focus on the strategic global expansion, reaching nearly 41,000 stores globally by the end of fiscal year 2024. Of the approximate 7% growth, the company expects the U.S. store count to grow by approximately 4% in fiscal year 2024, driven by the dynamic portfolio format, expanding the white space opportunity.