In the first quarter of this year, China‘s market revenue decreased by 31% compared to the previous year. On February 3rd, Starbucks released its financial results for the first quarter of fiscal year 2023.
According to the data, in the three months ending on January 1, 2023, Starbucks recorded a comprehensive net income of $8.7 billion, an increase of 8% year-on-year. Global same-store sales increased by 5%, and average customer spending increased by 7%. In the first quarter, Starbucks added a net of 459 stores, bringing the total number of global stores at the end of the quarter to 36,170, including 6,090 stores in China.
During the pandemic, Starbucks China’s same-store sales fell by 29%, same-store transactions decreased by 28%, and average customer spending decreased by 1%. According to the financial report, Starbucks China’s market revenue in the first quarter was $621.7 million, a 31% decrease year-on-year. In addition, at the end of 2022, due to a combination of unfavorable factors such as store closures, adjusted business hours, unstable operating environments, and continued decline in customer traffic, Starbucks China’s same-store sales in December 2022 fell by 42%.