Starbucks has reported $3.3bn revenues for the third quarter (Q3) ended 1 July 2012, an increase of 13%, compared to $2.9bn during the quarter ended 3 July 2011.

Operating income was up 22% to $491.6m against $402.2m for the same period the previous year.

Channel development revenues increased 45% to $316m, while store sales throughout the globe increased by 6%.

The company has opened 231 net new stores globally, including its 600th store in mainland China and its first stores in Finland and Costa Rica.

Starbucks chairman, president and CEO Howard Schultz said the company’s Q3 results was primarily due to consumer packaged goods initiatives and continuous growth of its China and Asia-Pacific operations.

"Despite coming in short of our expectations I am pleased with the increasing operating leverage we are seeing, the fact that this was our 11th consecutive quarter of record results and the fact that we achieved the results in the face of high legacy commodity costs and challenging economic and consumer headwinds in key markets," Schultz added.

Starbucks CFO Troy Alstead said, "nonetheless, we remain confident in the underlying strength of our business, in the strategies we have in place for driving sustained, profitable growth, and in our ability to again drive earnings growth in the range of 15% – 20% in fiscal 2013," Alstead added.