Starbucks Posts Record Q2 Sales of 578 Billion KRW... Operating Profit Down 18%
[Asia Economy Reporter Moon Hyewon] Starbucks Korea achieved its highest quarterly sales ever in the second quarter of this year, but its operating profit decreased.
According to Emart on the 12th, Starbucks' sales in the second quarter of this year reached 578 billion KRW, a 19.8% increase compared to the same period last year.
This surpassed Starbucks' previous highest quarterly sales of 522.7 billion KRW in the first quarter of this year.
The number of stores increased by 66 from 1,508 at the end of last year to 1,674.
However, operating profit in the second quarter decreased by 18.3% to 50.4 billion KRW. Net profit increased by 29.4% to 59.8 billion KRW.
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A Starbucks representative explained, "The summer promotional event (e-frequency) that started in May gained great popularity, resulting in costs for giveaways such as iceboxes, which temporarily reduced operating profit," adding, "The profits related to the e-frequency accumulation and giveaway event will be significantly reflected in the third quarter."
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