Beijing Business Daily (Reporter Zhang Tianyuan) On January 31, Starbucks released its results for the first quarter of fiscal year 2024. According to the data, Starbucks' consolidated net income increased by 8% to $9.4 billion; Global same-store sales increased by 5%, same-store transactions increased by 3%, and average order value increased by 2%; At the end of the first quarter, U.S. and China accounted for 61% of the company's global portfolio, with 16,466 stores in the U.S. and 6,975 stores in China.
Among them, Starbucks China achieved 7Net income of $3.5 billion, up 20% year-over-year. In terms of store size, Starbucks China added 169 new stores in the first quarter, entering 28 new county-level markets, and bringing the total number of stores to 6,975. At present, the number of Starbucks stores in the Chinese mainland market has exceeded 7,000. At the same time, Starbucks China's digital business (Starbucks Delivery and Coffee Express) continued to grow, accounting for 52%, an increase of 4% from the previous quarter. The consumption frequency of Gold Star members increased by nearly 10% compared to the previous quarter. The proportion of membership sales increased to 73%.
Starbucks CEO Na Sihan said that Starbucks China is accelerating the pace of market sinking and opening stores in more new counties in China. Starbucks continues to be optimistic about the huge potential of the Chinese coffee market, and will continue to invest in the Chinese market, and is on track to achieve its development goal of opening 9,000 stores by 2025. Wang Jingying, Chairman and CEO of Starbucks China, pointed out that as of the first quarter, Starbucks China has entered 857 cities above the county level. In the past few years, the profitability of new stores in China's county-level markets has also been better than that of first-tier cities, so Starbucks will continue to accelerate its sinking and enter more county-level markets.