Recently, Starbucks released its Q4 and full year financial reports for the 2024 fiscal year. In the fourth quarter, net income was 783.7 million US dollars, an increase of 6% compared to the previous quarter (excluding the impact of exchange rate fluctuations); The transaction volume of the store has increased, and the operating profit and operating profit margin have risen month on month. In the fiscal year 2024, Starbucks China's net revenue reached $2.958 billion, and its operating profit margin maintained a healthy double-digit trend.
Starbucks China CEO Liu Wenjuan said, "Currently, the coffee market in China is highly active, and market fluctuations and changes are still ongoing. This quarter, we have responded agilely to changes in the market environment and further consolidated our development core. With strong Starbucks brand momentum, organizational agility, and operational strength, we have built a strong and resilient business development trend, and key business data such as net revenue, store transaction volume, operating profit, and operating profit margin have all achieved month on month increases
The financial report also showed a net increase of 290 stores in the fourth quarter, entering 78 county-level markets. At the end of the quarter, Starbucks China had a total of 7596 stores, covering nearly 1000 county-level markets. In the fiscal year 2024, based on the annual store expansion plan, Starbucks China added 790 new stores, a year-on-year increase of 12%; Newly entered 166 county-level markets, all of which have set a new historical high.
In the fiscal year 2024, we optimized Starbucks China's store expansion strategy and accelerated the pace of opening new stores in lower tier cities and new county-level markets. It is worth noting that our number of new stores, the number of newly entered county-level cities, and the proportion of new stores in lower tier cities (third tier and below) have all reached historical highs. "Liu Wenjuan said that our confidence and commitment to the Chinese market remain firm. In the fiscal year 2025, the company will continue to adhere to a high-quality, profitable, and sustainable growth strategy, rooted in the Chinese market, with a long-term development mindset, working together with industry chain partners, steadily moving forward, actively crossing the coffee industry transformation, and promoting the high-quality and long-term development of the Chinese coffee industry.