What's driving Starbucks' revenue growth in licensed stores?

Starbucks' revenue growth in licensed stores can be attributed to several key factors:

1. **New Store Openings**: The growth in licensed stores is partly due to the opening of new stores. For instance, in Q1 FY24, Starbucks opened 549 net new stores, which contributed to the expansion of its store footprint and revenue growth.
2. **Conversion of Licensed Stores to Company-Operated Stores**: Starbucks has been converting licensed stores to company-operated stores, which has led to an increase in revenue from these stores. For example, in Q2 FY24, the company reported that it had opened 549 net new stores, including the conversion of licensed stores to company-operated stores.
3. **International Expansion**: Starbucks' international segment has seen a positive impact on revenue, driven by new store openings and the conversion of licensed stores. In Q1 FY24, international segment revenues increased by 1%, primarily due to new store openings and the conversion of licensed stores.
4. **Average Ticket Prices**: Starbucks has reported an increase in average ticket prices, which has contributed to the growth in revenue from licensed stores. For example, in Q2 FY24, global comparable store sales rose 5%, with an average ticket price increase of 2%.

In summary, Starbucks' revenue growth in licensed stores is driven by a combination of new store openings, conversions from licensed to company-operated stores, international expansion, and increases in average ticket prices.