Starbucks reports China recovery as customers return to stores
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E-mail Xinhua, May 4, 2023
U.S. coffee giant Starbucks said Wednesday that the company has posted a recovery in its Chinese mainland business this year, fueled by a rebound in traffic as customers returned physically to the stores.
Starbucks achieved a net revenue growth of 3 percent in the Chinese mainland in the second quarter of the 2023 fiscal year, which runs from Jan. 2 to April 2, according to a fiscal report.
The coffee giant also saw a 3-percent increase in same-store sales, driven by a 4-percent increase in same-store transactions.
The net number of new stores opened by Starbucks China stood at 153 during the period, more than double the figure for the previous quarter.
By the end of the quarter, the company operated over 6,200 stores across 244 cities in Chinese mainland, on track to meet the goal of 9,000 stores by 2025, it said.
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