Starbucks Corp. (NASDAQ: SBUX) has released its fiscal third-quarter results for the period ending on June 26, 2016. The coffee giant reported that its global comparable store sales increased 4%, which was broken down as a 4% gain in its Americas segment followed by a 3% gain in the China/Asia Pacific segment, and a 1% decline in the EMEA segment.

Starbucks said that revenues were up 7% to record $5.238 billion in the quarter. Its non-GAAP operating earnings were up 9% to a third-quarter record $1.0 billion, with its comparable earnings coming in at $0.49 per share ($0.51 GAAP EPS) with a non-GAAP margin at a record 19.8%. Thomson Reuters was calling for earnings at $0.49 per share (non-GAAP) on revenues of $5.33 billion.

Record numbers are one thing, but Starbucks has been a great performer and the investing community usually demands more from Howard Schultz and his thousands of barristas.

The company said that it opened up 474 new stores globally on a net basis (including closures) during its third quarter, Starbucks now counts a whopping total of 24,395 stores in 74 countries. With an $84.35 billion market cap as of Thursday’s closing price, that values each Starbucks store (plus the outside stores sales of course) at almost $3.5 million per store.

Two other milestones were mentioned as well. Mobile Order and Pay usage reached 5% of U.S. transactions, up from 4% just one quarter earlier. Membership in the Starbucks Rewards loyalty program rose by 18% versus a year earlier, up to 12.3 million active U.S. loyalty members.

Thursday’s earnings report attributed the revenue growth being primarily driven by the opening of 1,876 net new stores over the past 12 months as well as by its 4% increase in global comparable store sales. It attributed the gain in margins primarily due to sales leverage and lower commodity costs (primarily coffee), partially offset by investments in its employees and digital platforms.

Starbucks also offered some ranges and expectations for guidance. Full year consolidated revenue growth now expected to be approximately 10% on a 52-week basis and full year global comparable store sales growth now expected to be mid-single digits.  Its operating margin is also expected to increase slightly versus the prior year. Starbucks further said that Non-GAAP fiscal year EPS would be in the range of $1.88 to $1.89 versus a $1.89 consensus estimate.

Starbucks Chairman and CEO Howard Schultz said:

Starbucks record Q3 performance, highlighted by strong 7% comp growth and record revenues and profits in China and 18% year-over-year growth in our Starbucks Rewards loyalty program, demonstrates the strength and resilience of the Starbucks brand and business around the world. As we enter Q4 and approach fiscal 2017, we have clear line of sight to returning our U.S. business to historic levels of comp sales growth which had been at or above 5% for the 25 consecutive quarters prior to Q3.

Starbucks CFO Scott Maw said:

Starbucks third quarter results once again reflect strong revenue and profit growth and represent the first non-holiday quarter in which our operating income exceeded $1 billion. We are confident in the correctness of the strategic, operational and digital moves we outlined today and remain steadfast in our commitment to deliver significant, profitable growth over the long term.

24/7 Wall St. warned that investors might have wanted more. Starbucks shares closed up six cents at $57.60 ahead of earnings on Thursday, and the stock was trading down 3.3% at $55.65 in the immediate after-hours reaction. Starbucks has a 52-week trading range of $42.05 to $64.00 and a consensus analyst price target of $67.92.

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