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Starbucks' new manager is satisfied with the fourth quarter revenue performance of the Chinese market after handing over his first annual financial report since taking office

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On the evening of November 2nd, Starbucks released its fourth quarter (July 1, 2023 to September 31, 2023, the same below) and full fiscal year performance reports for the fiscal year 2023 (October 1, 2022 to September 31, 2023). This is the first annual financial report released by Starbucks since its new global CEO took office. As of the close on November 2nd, Starbucks' stock price rose 9.48% to close at $100.01 per share.
In the fiscal year 2023, Starbucks' global same store sales (self operated stores that have been open for 13 months or more) increased by 8%, same store transaction volume increased by 3%, and average unit price per customer increased by 5%. Comprehensive net income reached a historic high, with a year-on-year increase of 12% to $36 billion.
In terms of the Chinese market, the person in charge of Starbucks told Securities Daily: "Our revenue is increasing month on month in each fiscal quarter, with a 20% increase in revenue in the second half of the fiscal year compared to the first half, highlighting our advantages in beverages and food, the success of our market strategy, and our strong execution ability in the face of abundant market opportunities
In the fourth quarter of the 2023 fiscal year, Starbucks' revenue in the Chinese market reached 840.6 million US dollars, a year-on-year increase of 8%; Same store sales increased by 5% and same store transaction volume increased by 8%. Starbucks predicts that the growth rate of same store sales revenue for its Chinese business in the 2024 fiscal year will be between 4% and 6%.
Starbucks CEO Laxman Narasimhan told Securities Daily, "We are satisfied with the performance of the Chinese market in the fourth quarter. Revenue in the fourth quarter increased by 8% year-on-year, which is fully in line with our expectations
Throughout the year, Starbucks' sales at its same store in China increased by 2% year-on-year. Among them, the same store transaction volume increased by 4%, and the average unit price per customer decreased by 2% year-on-year. The annual revenue of China's business reached 3 billion US dollars, approximately RMB 21.953 billion, a year-on-year increase of 3%. Starbucks expects the same store sales revenue growth rate of its Chinese business to be between 4% and 6% in the 2024 fiscal year.
With the recovery of the consumer market, Starbucks continues to accelerate its store expansion, with a net increase of 326 stores in the Chinese market in the fourth fiscal quarter, setting a new historical record. Throughout the 2023 fiscal year, the number of Starbucks stores increased by 13% to 6806. In the previous fiscal quarter, the Chinese market contributed the majority of the growth of Starbucks' new stores in the international market. In the fourth fiscal quarter, it was equivalent to opening nearly 4 new stores per day, exceeding our expectations. "The person in charge of Starbucks told reporters that they are confident in opening 9000 stores by 2025, or 1000 new stores per year.
In the fourth fiscal quarter, Starbucks' omnichannel business in the Chinese market continued to maintain strong growth momentum, with fast growth in stores, coffee fast, specialty delivery, e-commerce, and other channels. As of the end of the reporting period, Starbucks had over 21 million active members, a year-on-year increase of 22%.
According to a reporter from Securities Daily, in September this year, Starbucks China Coffee Innovation Industrial Park was unveiled, creating the world's most energy-efficient and sustainable coffee roasting factory and logistics center. This is also Starbucks' largest productive investment outside the US market, demonstrating Starbucks' unwavering confidence in China, the world's largest consumer market.
The person in charge of Starbucks said, "We are based on the essence of coffee and constantly innovate, bringing products that are loved by Chinese customers such as Mousse Concentrate and the globally launched series of coffee with smaller exclusive cup sizes. At the same time, our food sales also have great potential, which will further drive the increase of store transaction volume and unit price
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