Core Insights - Starbucks China reported a 5% year-on-year revenue growth for the fiscal year 2025, reaching $3.105 billion [2] - The CEO of Starbucks China emphasized the importance of agile product optimization and pricing strategies to adapt to the rapidly changing market [2] Financial Performance - In Q4 of fiscal year 2025, Starbucks China's revenue grew by 6% to $830 million (approximately 5.9 billion RMB), marking four consecutive quarters of year-on-year growth [2] - Same-store sales increased by 2%, with same-store transaction volume rising by 9%, although the same-store average ticket price decreased by 7% [2] Store Expansion - Starbucks achieved a sequential increase in operating profit and profit margin for four consecutive quarters [2] - In Q4, 183 new stores were opened, entering 47 new county-level markets, with a total of 415 net new stores added throughout fiscal year 2025 [2] - By the end of fiscal year 2025, Starbucks operated 8,011 stores across 1,091 county-level cities in China [2] Growth Drivers - The sustained growth momentum is attributed to innovation in non-coffee beverages, price adjustments, and the rapidly growing demand for the "Starbucks Delivers" service [2] - The company plans to continue enhancing its third space strategy and deepen connections with local cultures [2]

Core Insights - Starbucks reported strong performance in Q4 of FY2025, with continuous revenue growth for four consecutive quarters and positive same-store sales for two consecutive quarters [1][5][10] - The growth in same-store sales is attributed to product innovation, expansion of the delivery channel, and enhanced membership benefits [1][10][38] Financial Performance - Q4 revenue reached $831.6 million, marking a 7.4% year-over-year increase [5][6] - Full-year revenue for FY2025 was $3.105 billion, reflecting a 19.6% year-over-year growth [7][8] - Same-store sales increased by 42% year-over-year, with a 2% quarter-over-quarter growth [10] Product Innovation - The launch of the revamped tea latte series has expanded non-coffee options, boosting afternoon sales [1][12] - New breakfast sandwich offerings tailored to Chinese consumer preferences have increased food sales [1][12] Delivery and Membership Growth - The "Star Delivery" service continues to grow, benefiting from increased platform traffic and user subsidies [1][14] - Active membership in the "Star Club" reached a record high of 25.5 million by the end of FY2025 [1][22] Store Expansion - By the end of FY2025, Starbucks had 8,011 stores nationwide, entering 1,091 county-level markets [18] - In Q4, 183 new stores were opened, with a total of 415 new stores for the fiscal year [18][20] Strategic Partnerships and Community Engagement - Starbucks has partnered with China Eastern Airlines to enhance customer experience and engagement [22] - The company has invested over 41 million yuan in community initiatives, benefiting 200,000 people [35] Sustainability Initiatives - A strategic partnership with Envision aims to promote carbon reduction and green innovation in the coffee industry [29][30] Technological Advancements - Starbucks has relocated its innovation center to Shenzhen, focusing on digital transformation and technological integration [32] Leadership Perspective - The CEO highlighted the company's confidence in the Chinese market, emphasizing the importance of innovation and high-quality growth [38]

Core Insights - Starbucks reported strong performance in Q4 and full fiscal year 2025, with continuous revenue growth in the Chinese market for the fourth consecutive quarter and positive same-store sales growth for the second consecutive quarter [1] Revenue Performance - The company's revenue growth is attributed to innovative product offerings, expansion of the profitable delivery channel, and enhanced membership benefits in the Starbucks Rewards program [1] Same-Store Sales Growth - The increase in same-store sales is driven by multi-dimensional innovation, including the launch of the new tea latte series that has expanded non-coffee options and boosted afternoon sales, as well as new breakfast sandwich offerings tailored to Chinese consumer preferences [1] Delivery Channel Growth - The delivery business, leveraging new platform traffic growth and user subsidy policies, continues to show strong growth momentum [1] Membership Growth - As of the end of the fiscal year, the number of active members in the Starbucks Rewards program reached a record high of 25.5 million [1]

Core Insights - Starbucks reported strong growth in the Chinese market, with revenue increasing for the fourth consecutive quarter and same-store sales showing positive growth for the second quarter in a row [1][6] Revenue Performance - Revenue reached $831.6 million in Q4, a 6% year-over-year increase, while total revenue for FY2025 was $3.105 billion, up 5% [1] - Same-store sales grew by 2% year-over-year, with transaction volume increasing by 9% [1] Profitability - Operating profit margins remained healthy in double digits, with operating profit and margins improving for four consecutive quarters [2] Store Expansion - In Q4, Starbucks opened 183 new stores, entering 47 new county-level markets, with a total of 415 net new stores for FY2025 [2] - As of the end of FY2025, Starbucks operated 8,011 stores across 1,091 county-level cities in China [2] Product Innovation - Starbucks introduced new products in both coffee and non-coffee categories, including the tea latte series and breakfast sandwiches tailored to Chinese tastes [3] - The tea latte series has significantly boosted afternoon sales, while the new breakfast items have increased food sales [3] Marketing and Customer Engagement - The launch of limited-time products during cultural events has driven record sales, showcasing the brand's connection with local culture [3] - Starbucks partnered with Xiaohongshu to transform over 1,800 stores into themed community spaces, enhancing customer engagement [4] Digital and Sustainability Initiatives - The company has focused on digital capabilities and sustainability, launching a carbon management platform in collaboration with partners to track and reduce carbon footprints [5] - Starbucks aims to integrate technology with human experience to enhance product innovation and customer service [5] Leadership Commentary - The CEO highlighted the company's robust performance in Q4, attributing success to product innovation and the growth of the delivery service [6]

Core Insights - Starbucks reported a continuous revenue growth for four consecutive quarters, reaching $831.6 million in Q4 2025, a year-on-year increase of 6% [1] - The total revenue for the fiscal year 2025 was $3.105 billion, reflecting a 5% year-on-year growth [1] - Same-store sales experienced positive growth for the second consecutive quarter, increasing by 2%, with a 9% rise in transaction volume year-on-year [1] Revenue and Sales Performance - The growth in same-store sales was driven by multi-dimensional innovation, including ongoing product innovation that effectively expanded the customer base and the healthy profitability of the Star Delivery service [1] - The Starbucks Rewards program saw an increase in active members, reaching a record high of 25.5 million by the end of the fiscal year [1] Store Expansion and Profitability - Starbucks maintained a double-digit operating profit margin for its stores, with both operating profit and profit margin showing sequential improvement for four consecutive quarters [1] - In Q4, Starbucks opened 183 new stores and entered 47 new county-level markets, with a total of 415 net new stores added throughout fiscal year 2025 [1] - By the end of fiscal year 2025, Starbucks had established 8,011 stores across 1,091 county-level cities [1] Leadership Commentary - The CEO of Starbucks China, Liu Wenjuan, stated that the company is on a positive trajectory for growth, achieving robust key business metrics and setting multiple historical performance records in the fiscal year-end season [1] - The outstanding performance is attributed to continuous product innovation, exemplified by the tea latte series, and the rapid growth of the Star Delivery business [1]

Core Insights - Starbucks reported a revenue of $3.105 billion in the Chinese market for the fiscal year 2025, representing a year-over-year growth of 5% [1] - The fourth quarter revenue reached $831.6 million, showing a 6% year-over-year increase, marking four consecutive quarters of growth [1] - Same-store sales experienced positive growth for the second consecutive quarter, increasing by 2%, with same-store transaction volume rising by 9% year-over-year [1] Financial Performance - The operating profit margin remained in a healthy double-digit range, with both operating profit and profit margin showing quarter-over-quarter improvements for four consecutive quarters [1] - In the fourth quarter, Starbucks opened 183 new stores in China, entering 47 new county-level markets [1] - For the entire fiscal year 2025, Starbucks China achieved a net increase of 415 stores [1]

Group 1 - The core point of the article highlights that Starbucks reported a fourth-quarter net revenue of $9.6 billion, exceeding market expectations [1] - Same-store sales growth was 1%, which was below the forecasted decline of 0.48% [1] - Adjusted earnings per share were $0.52, slightly below the expected $0.55 [1]

来源：环球市场播报 星巴克一年多来首次实现同店销售额正增长，初步预示着这家咖啡连锁商扭转颓势的努力正在取得成 效。 星巴克周三表示，公司第四财季现有门店的销售额增长1%，高于分析师的平均预期，并打破了此前连 续六个季度下滑的局面。 同店销售额主要得益于国际市场增长3%的强劲表现，中国市场的销售额反弹，但美国市场的业绩持 平，与预期相符。 截至9月28日的财季，净营收为96亿美元，超出分析师预期，但每股收益不及预期。 ...

Core Insights - Starbucks has achieved positive same-store sales growth for the first time in over a year, indicating that the company's efforts to turn around its performance are beginning to show results [1] - The company's net revenue for Q4 of fiscal year 2025 increased by 5.5% year-over-year to $9.57 billion, surpassing market expectations of $9.34 billion [1] - Same-store sales rose by 1%, better than the anticipated decline of 0.48%, ending a six-quarter streak of declines, primarily driven by strong international market performance [1] Financial Performance - Adjusted earnings per share were $0.52, falling short of market expectations of $0.55 [3] - The adjusted operating margin decreased by 900 basis points year-over-year to 9.4%, mainly due to coffee prices, tariffs, and investments in labor during the transformation process [3] Strategic Initiatives - Starbucks is streamlining its menu by eliminating unpopular drinks and replacing them with products that better align with consumer preferences [3] - In Q4, the company closed 627 stores, with over 90% located in the U.S., resulting in a net decrease of 107 stores despite new openings [3] - The company has renovated only 70 stores, primarily in New York and Southern California, but plans to accelerate this process, aiming to complete renovations on over 1,000 stores by the end of the current fiscal year [3] Leadership and Future Outlook - CEO Brian Niccol expressed optimism about the current improvements in sales and transaction volumes, indicating that the revival plan is showing initial success [3] - Starbucks has not provided performance guidance but plans to present its outlook for fiscal year 2026 and beyond at an investor day in late January [4] - The CFO anticipates that higher coffee costs will continue to be a negative factor in the first half of fiscal year 2026 [4]

Core Insights - Starbucks reported fourth-quarter net revenue of 9.6 billion USD, exceeding market expectations of 9.34 billion USD [1] - Same-store sales growth was 1%, while a decline of 0.48% was anticipated [1] - Adjusted earnings per share were 0.52 USD, slightly below the forecast of 0.55 USD [1]