Starbucks(US:SBUX) Nan Fang Du Shi Bao·2025-10-30 12:15Core Insights - Starbucks is on a path to renewed growth, with Q4 2025 revenue reaching $9.6 billion, a 5% year-over-year increase, and total revenue for FY 2025 at $37.2 billion, up 3% [1] - The Chinese market shows significant recovery, with Q4 revenue of $832 million, a 6% year-over-year increase, marking the fourth consecutive quarter of growth [1] - Same-store sales globally increased by 2% in Q4, with international business outperforming North America, achieving $2.1 billion in revenue, a 9% increase [1][3] Financial Performance - Q4 same-store sales growth was 1%, driven by a 1% increase in transaction volume, marking the first global same-store sales growth in seven quarters [3] - North America same-store sales remained flat, indicating that growth was primarily driven by international operations [5] - International same-store sales grew by 3% in Q4, with China showing a 2% increase in same-store sales, supported by a 9% rise in transaction volume [5] Market Expansion - As of the end of FY 2025, Starbucks operated 40,990 stores globally, with 8,011 in China, representing 61% of total stores in the U.S. and China [7] - In Q4, Starbucks opened 183 new stores in China, entering 47 new county-level markets, contributing to a total of 415 net new stores for FY 2025 [9] Product Innovation and Localization - The recovery in the Chinese market is attributed to localized innovations, including new product launches and marketing strategies [11] - Popular non-coffee beverages and seasonal products have driven demand, with significant growth in the afternoon tea segment [11] - Starbucks has enhanced its community engagement by transforming over 1,800 stores into themed "interest community spaces" in collaboration with social media platforms [11] Leadership Insights - CEO Brian Niccol emphasized the company's commitment to retaining a significant stake in the Chinese market while expressing confidence in its long-term growth potential [13] - Starbucks China CEO, Liu Wenjuan, highlighted robust growth in key business metrics and the company's commitment to sustainable high-quality development [13]