On January 31st, Starbucks released its first quarter results for the 2024 fiscal year. Data shows that Starbucks' comprehensive net revenue increased by 8% to reach $9.4 billion; Global same store sales increased by 5%, same store transaction volume increased by 3%, and average average unit price increased by 2%; At the end of the first quarter, the US and China stores accounted for 61% of the company's global portfolio, with 16466 and 6975 stores respectively in the US and China.
Among them, Starbucks China achieved a net revenue of 735 million US dollars in the first quarter, a year-on-year increase of 20%. In terms of store size, Starbucks China added a net 169 new stores in the first quarter, entering 28 county-level markets, with a total of 6975 stores. At present, Starbucks has exceeded 7000 stores in the mainland Chinese market. At the same time, Starbucks China's digital business (specializing in star delivery and fast delivery) continued to grow, accounting for 52%, an increase of 4% compared to the previous quarter. The consumption frequency of Venus members has increased by nearly 10% compared to the previous quarter. The proportion of member sales increased to 73%.
Starbucks CEO Nasihan said that Starbucks China is accelerating its market sinking and opening its stores in more new county towns in China. Starbucks continues to be optimistic about the huge potential of the Chinese coffee market and will fulfill its commitment to rooted in the Chinese market, continue to invest, and is expected to achieve the development goal of opening 9000 stores by 2025. Starbucks China Chairman and CEO Wang Jingying pointed out that as of the first quarter, Starbucks China has entered 857 county-level and above cities. In the past few years, the profitability of Starbucks' new stores in county-level markets in China has also been better than that of first tier cities. Therefore, it will continue to accelerate its sinking and enter more county-level markets.