Starbucks(US:SBUX) IPO早知道·2025-08-02 01:53Core Viewpoint - Starbucks reported a 4% year-over-year increase in global net revenue for Q3 FY25, reaching approximately $9.5 billion, with North America growing by 2% and international markets by 9% [6][9]. Financial Performance - Total net revenues for Q3 FY25 were $9,456 million, up 3.8% from $9,113.9 million in Q3 FY24 [7]. - Company-operated stores generated $7,812.5 million, a 3.9% increase, while licensed stores saw a decline of 2.1% to $1,105.6 million [7]. - Operating income decreased by 38.3% to $935.6 million, and net earnings attributable to Starbucks fell by 47.1% to $558.3 million [7][9]. Same-Store Sales - Global same-store sales declined by 2%, with a 2% drop in transaction volume offset by a 1% increase in average ticket price [9]. - In contrast, same-store sales in China increased by 2%, driven by a 6% growth in transaction volume, despite a 4% decrease in average ticket price [9]. Store Expansion - Starbucks opened 308 new stores globally in Q3, bringing the total to 41,097, with 53% being company-operated [9]. Strategic Partnerships - Starbucks is exploring strategic partnerships in China, having received interest from over 20 potential partners, aiming to enhance local operations and marketing expertise [10]. - CEO Brian Niccol emphasized the importance of aligning missions and values with potential partners to ensure long-term success in the Chinese market [10]. Valuation Expectations - The valuation expectation for Starbucks' China operations could reach $10 billion, significantly exceeding initial expectations due to improved performance in the first half of the year [9][10].