Core Insights - Starbucks is advancing a joint venture with Boyu Capital in the Chinese market, transitioning its direct-operated stores to a franchise model, while reporting growth in its latest financial results [1][2]. Recent Events - Starbucks and Boyu Capital have established a joint venture for operating retail business in China, with Boyu holding up to 60% equity and Starbucks retaining 40%. The transaction is expected to be completed by spring 2026, after which Starbucks' 8,011 direct-operated stores will shift to a franchise model, no longer included in Starbucks' consolidated financial statements. This asset-light transformation aims to enhance profit margins and accelerate expansion in the Chinese market [2]. Performance Overview - In the financial report released on January 28, 2026, Starbucks reported a 5% year-over-year increase in global revenue for the fiscal quarter ending December 28, 2025. The China region achieved an 11% double-digit growth in revenue, with same-store sales showing positive growth for three consecutive quarters. The report also noted a reduction in monthly expenses by approximately $3.9 million due to assets held for sale starting December 2025 [3]. Company Project Progress - Starbucks plans to increase the number of stores in China from over 8,000 to between 15,000 and 20,000, focusing on expanding into lower-tier cities and special business districts. In the first quarter of fiscal year 2026, the company entered 13 new county-level cities, with new store sales performing above average [4]. Stock Performance - On February 4, 2026, Starbucks' stock price was $96.97, with a single-day increase of 4.22% and a trading volume of $874 million. From the beginning of 2026 to February 4, the cumulative increase in stock price reached 15.15%. Stock price fluctuations are influenced by financial reports and market expectations regarding the joint venture's progress [5]. Event Impact - In November 2025, Starbucks faced a shareholder lawsuit alleging the company concealed information regarding declining sales in the U.S. and China markets, leading to stock price volatility. This lawsuit is still ongoing and requires monitoring of future developments [6].
星巴克中国业务转型与财报表现引关注