首页 News 正文

Starbucks continues to expand its sinking market, with a revenue of $8.56 billion in the second quarter of fiscal year 2024

怕代时
1279 0 0

On May 1st, Starbucks released its financial report showing that its revenue for the second quarter of the 2024 fiscal year was $8.56 billion, a year-on-year decrease of 2%; The net profit was 770 million US dollars, a year-on-year decrease of 15%. Starbucks achieved a revenue of $17.99 billion in the first half of 2024, a year-on-year increase of 3%; Net profit of 1.8 billion US dollars, a slight increase of 2%.
According to Starbucks CFO Rachel Ruggeri, Starbucks has adjusted its global revenue growth forecast for the full year of 2024 from the previous 7% to 10% to a lower single digit growth. Starbucks also expects continuous revenue growth from the third to fourth quarters of 2024, and with the company's action plan taking effect, the profit margin and profit pressure for the fourth quarter will be alleviated.
In the second quarter of fiscal year 2024, Starbucks opened a net of 364 new stores, with a total of 38951 global stores, an increase of 6% from the previous year. Among them, 52% are directly operated stores and 48% are franchised. The United States and China together account for 61% of Starbucks' global stores, with 16600 and 7093 stores in the United States and China, respectively.
In the second quarter of fiscal year 2024, Starbucks' strategy to expand into the lower tier market in China is still ongoing. The vast county market in China provides great room for imagination for Starbucks to grow its performance.
Starbucks CEO Nasihan said that in this quarter, Starbucks China's breakfast time performance was strong, with sales greater than before the epidemic, and sales of exclusive Starbucks same store delivery achieved growth. "We will continue to implement the three key elements of China's strategy, providing more locally related innovative coffee products; increasing major technological investment, improving omnichannel capabilities, and digitizing stores; considering the strong economic benefits of new stores in the sinking market, we will further expand new stores in the sinking market, especially in new county-level cities."
In the second quarter of fiscal year 2024, Starbucks net added 118 stores in China, a year-on-year increase of 14%, entering 20 new cities and covering nearly 900 county-level cities. The 90 day active member scale in the sinking market has grown rapidly, with member growth rates exceeding those in high tier cities. Membership sales have grown significantly, with a sales growth rate twice that of high tier cities.
In addition, Starbucks is accelerating its beverage innovation in the Chinese market. Starbucks China has launched a total of 27 new products this quarter, twice the quantity of the previous quarter and three times the same period last year.
Although Starbucks is delving deeper into the sinking market, it is not interested in the price wars that other brands are passionate about.
Starbucks founder Howard Schultz previously stated in an interview that Starbucks is not engaged in a discount or price war. Starbucks' business is community based, using coffee to create cultural connections. Competition is making millions of people aware of coffee, and over time, as customers become more familiar with coffee, they will want to upgrade from low-end or discounted products. But as long as we continue to earn market respect, they will choose to upgrade to Starbucks.
There is still a lot of room for growth in China's coffee market. According to Zhuo Shi Consulting, it is expected that the scale of China's freshly made coffee market will maintain a CAGR growth rate of 21.2% from 2022 to 2028, making it the fastest-growing sub category in the Chinese freshly made beverage market. The 2023 China Urban Coffee Development Report shows that as an emerging force in coffee consumption, China's coffee industry has a compound growth rate of 12.5%, with enormous development potential.
CandyLake.com 系信息发布平台,仅提供信息存储空间服务。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
您需要登录后才可以回帖 登录 | 立即注册

本版积分规则

  •   知名做空机构香橼研究(Citron Research)周四(11月21日)在社交媒体平台X上发布消息称,该公司已决定做空“比特币大户”微策略(Microstrategy)这家公司,并认为该公司已经将自己变身成为一家比特币投资基金 ...
    caffycat
    昨天 11:18
    支持
    反对
    回复
    收藏
  •   每经AI快讯,11月20日,文远知行宣布旗下自动驾驶环卫车S6与无人扫路机S1分别在新加坡滨海湾海岸大道与滨海艺术中心正式投入运营。据介绍,这是新加坡首个商业化运营的自动驾驶环卫项目。 ...
    star8699
    3 天前
    支持
    反对
    回复
    收藏
  •   上证报中国证券网讯(记者王子霖)11月20日,斗鱼发布2024年第三季度未经审计的财务报告。本季度斗鱼依托丰富的游戏内容生态,充分发挥主播资源和新业务潜力,持续为用户提供高质量的直播内容及游戏服务,进一步 ...
    goodfriendboy
    3 天前
    支持
    反对
    回复
    收藏
  •   人民网北京11月22日电 (记者栗翘楚、任妍)2024广州车展,在新能源汽车占据“半壁江山”的同时,正加速向智能网联新能源汽车全面过渡,随着“端到端”成为新宠,智能驾驶解决方案成为本届广州车展各大车企竞 ...
    3233340
    昨天 17:06
    支持
    反对
    回复
    收藏
怕代时 新手上路
  • 粉丝

    0

  • 关注

    0

  • 主题

    2