3 6 Ke·2026-01-29 00:37Core Insights - Starbucks reported a strong performance in Q1 of FY2026, with net revenue in China reaching $823.4 million (approximately 5.7 billion RMB), marking an 11% year-over-year increase, and same-store sales growing by 7% [1][4][21] - The CEO highlighted the exceptional performance in the Chinese market and the strategic partnership with Boyu Capital, following the announcement of a 60% stake sale in its China operations [1][9][21] - Following the positive quarterly results and the long-awaited FY2026 guidance, Starbucks' stock price rose by 7.6% in after-hours trading [1][21] Financial Performance - For Q1 FY2026, Starbucks' global consolidated net revenue increased by 6% to $9.9 billion (approximately 68.8 billion RMB), with GAAP earnings per share at $0.26 and non-GAAP earnings per share at $0.56 [21] - The company added 128 new stores, bringing the total to 41,118, with 52% being company-operated and 48% franchised [21] - Same-store sales in the U.S. grew by 4%, marking the first increase in two years, driven by a rebound in customer traffic [25][27] International Business - Internationally, same-store sales grew by 5%, with significant contributions from self-operated markets like China, Japan, and the UK [6][21] - The company plans to continue cautious and rhythmic store expansion, with a net addition of 79 international stores in Q1 [8] Strategic Partnership - Starbucks has formed a joint venture with Boyu Capital to operate its retail business in China, with Boyu holding up to 60% equity [9][11] - The partnership aims to enhance Starbucks' presence in lower-tier cities in China, where significant growth opportunities exist [15][14] Future Outlook - Starbucks anticipates global and U.S. same-store sales growth of 3% or more for FY2026, with a similar growth rate for consolidated net revenue [23] - The company expects to add approximately 600 to 650 new stores globally in FY2026 [23] Customer Experience Initiatives - Starbucks continues to enhance the "third space" experience, focusing on creating a unique environment for customers [17] - Recent collaborations with various groups aim to improve member value and experience, including joint membership programs and special events [19]