Starbucks announced its fourth quarter financial report for the 2023 fiscal year (July 3 to October 1, 2023) on the 2nd. Data shows that Starbucks' omnichannel business in the mainland China market continued to maintain strong momentum in the fourth quarter, with a net increase of 326 stores in the fourth quarter. The expansion of stores continued to accelerate throughout the fiscal year, with the number of stores in mainland China reaching 6806 by the end of the fiscal year.
Starbucks CEO Laxman Narasimhan mentioned in his statement at the financial report meeting that he is satisfied with the performance of the mainland Chinese market this quarter. He believes that the growth in revenue, same store sales, etc. calculated based on the fiscal quarter is fully in line with the company's own expectations. He said, "In China, our revenue continues to grow month on month every quarter, demonstrating our strong growth momentum
According to statistics, Starbucks maintained a significant improvement in various data for the fourth quarter and full year of the 2023 fiscal year in mainland China, and its business continued to improve. Among them, revenue in the fourth quarter reached $840.6 million, a year-on-year increase of 15% (excluding the impact of exchange rate fluctuations); The annual revenue reached 3 billion US dollars, a year-on-year increase of 11% (excluding the impact of exchange rate fluctuations).
In this quarter, Starbucks opened 326 new stores in mainland China, setting a new record for the company to open new stores in the same market in a single quarter. Currently, Starbucks has over 6800 stores in mainland China. According to the plan previously announced by Starbucks, the goal of opening a total of 9000 stores in mainland China by 2025 is steadily being achieved.