【动向】刚刚，星巴克交出新帅上任后首份年报！中国业务新年规划亮点揭晓

今晚，星巴克交出了新帅上任后的第一份完整财年业绩。

根据该公司的2023财年（截至2023年10⽉1⽇的年度）第四季度和全年业绩。其全年综合净收⼊同比增⻓12%至360亿美元，创下历史新高；全球同店销售额增⻓8%，其中中国同店销售额增⻓2%。

“我们对上季度中国业绩表现感到满意。”在财报发布后召开的分析师会议上，星巴克首席执行官纳思瀚（Laxman Narasimhan）表示，第四财季5%的同店销售增长“完全符合我们的预期”。此外，星巴克还预计中国业务在2024财年二季度到四季度的同店销售收入增长将在4%-6%之间，一季度增长会更高。

他又提到，星巴克在重塑计划的推动下发展势头强劲，“我们看到了客户体验的改善，以及效率和利润率的显著提高，也相信这预示着明年及未来数年的良好前景”。此外，纳思瀚还谈到了长期增长的五大重点事项、中国市场竞争局面等等。

在发布业绩后，星巴克股票盘前上涨超过10%，至每股超过100美元。下面，我们第一时间来听听最新说法。

一、逐季改善

先来聚焦中国市场表现。

在2023财年第四季度，星巴克中国录得收入8.406亿美元（约合人民币61.52亿元），同比增长8%；同店（注：仅统计开店13个月或以上的星巴克自营门店）销售额增长5%，其中同店交易量上升8%，平均客单价同比下滑3%。

“与去年同期相比，中国业务收入增长了8%，如果不考虑约6%的不利汇率影响，则增长了15%。”纳思瀚在业绩会上称，当季，星巴克中国全渠道业务保持发展势头，包括移动订餐和支付、外送、电商等渠道，推动了门店销售强劲发展。

从全年来看，星巴克在华同店销售额同比上升2%。其中同店交易量上升4%，平均客单价同比下滑2%。纳思瀚透露，中国业务全年收入达到30亿美元（约合人民币219.53亿元），同比增长3%，剔除约8%的不利汇率影响后同比增长11%。

“我们在中国的业绩逐季改善，下半年的收入比上半年高出 20%，反映出了我们的增长势头。”他讲道，“这些业绩凸显了我们在饮品和食品上的优势、市场战略的成功，以及中国伙伴（注：星巴克称员工为伙伴）在抓住大量机遇时所体现出的强大执行力。” CXO UNION-CXO联盟（cxounion.cn）

纳思瀚又针对餐品进一步指出，星巴克咖啡创新持续带来优势，并通过与本地相关的产品创新吸引中国消费者 。此外，该公司还看到食品销售额增长，这一领域的巨大发展空间将有助于推动客流量和客单价的增长。

在中国，星巴克也在持续扩大会员群体。“我们目前（在中国）拥有超过2100万名忠实、活跃的会员，同比增长了22%，其中许多会员都很年轻，这为我们培养了下一代消费者。”纳思瀚称。

二、加快扩张

随着年内消费复苏，这家咖啡巨头在华的开店速度也在逐季攀升。

截至2023年10月1日，星巴克中国拥有6806家门店，同比新增785家或增长13%，和此前预期一致。其中扩张最快的第四季度新增326家门店。

“上季度，中国贡献了星巴克国际市场中新门店增长的很大一部分，因为星巴克中国在这个财年内的新店开张数量创出历史新高，第四季度相当于每天开近4家新店，这超出了我们的预期。”星巴克首席财务官Rachel Ruggeri称，在新店和5%的同店销售增长支持下，中国业务上季度和全财年的收入均实现了双位数增长（注：剔除汇率不利影响）。

“新门店带来的出色财务回报让我们坚信，（星巴克中国）将能在2025年之前实现9000家门店的目标，即每年净新开近千家门店。”纳思瀚说。

为支持门店拓展和长期增长，这家全球咖啡连锁龙头也已大手笔押注中国市场，包括总投资高达15亿元、今年9月正式投产的星巴克中国咖啡创新产业园。

纳思瀚今晚表示，上述产业园成为了星巴克全球最节能、最具可持续性的咖啡生产和配送中心，进一步表明星巴克对中国市场的承诺及在华业务增长的信心。

在他看来，过去一年，在中国市场面临逆风的背景下，星巴克发展势头依然强劲。“这让我们对自己的市场地位感到乐观，我们的竞争优势也再次得到肯定。这些优势包括我们的伙伴和中国领导团队、特色门店、垂直整合和高度数字化的高效运营，以及中国相关的创新”。 CXO UNION-CXO联盟（cxounion.cn）

纳思瀚指出，中国市场的咖啡饮用人群数量持续增长，星巴克将稳步保持自身在高端市场中的领先地位，不断开发门店类型，进入更多新城市。

不过，这一扩张过程同时面临着众多同行“拼抢”，令竞争难度比过去更高。

在回应竞争局面时，纳思瀚称星巴克在中国拥有大量消费者和强劲业务，“如果你比较一下（2023财年的）上半年和下半年，就会发现下半年增长比上半年高出20%。如果只看早上（高峰期）表现，我们现在的业务比疫情发生前还要好”。

他表示，尽管过去几年中国业务遇到种种挑战，但对其现状感到鼓舞，也对所取得的总体回报感到满意。而这有赖于强大的本土创新、开店效率提升等能力支持，“我们对在中国新开门店感觉良好，团队做得非常出色，这确保了门店能够降低建筑成本同时依然高效”。

三、收入创新高

再从全球整体表现来看，星巴克年内打破了多个业绩纪录。

在2023财年第四季度，该公司综合净收入同比增长11%至94亿美元，创下历史新高；全球同店销售额增⻓ 8%，主要得益于平均客单价增⻓4%和同店交易量增⻓3%。

2023财年全年，星巴克全球综合净收入同比增⻓12%，以360亿美元创下新高；全球同店销售额增⻓8%，其中平均客单价增⻓5%和同店交易量增⻓3%。 CXO UNION-CXO联盟（cxounion.cn）

同样创下新高的还有门店数量。截至财年末，星巴克全球共有38038家门店，其中国际市场店数超过2万家。其中在第四季度，该公司净新增816家新店。

“我们第四季度和整个财年的表现强劲，业绩达到了全年指引的高位区间。我们的重塑推进得比计划更快，（这）推动了收⼊增⻓、效率和利润提升。”纳思瀚评论称，重塑计划继续为员工和客户体验带来积极影响，证明了星巴克可以在持续建立、发展和加强业务的同时为所有⼈创造价值。

其又指出，进⼊新财年，⾯对宏观不确定性，星巴克对整体业务势头和全球发展空间“仍然充满信⼼”，并预计未来⼏年能继续保持发展势头。

根据纳思瀚在业绩会上的说法，为实现长期可持续增长，星巴克将重点关注五个领域，即通过门店提升品牌；加强和扩大数字化业务；真正实现全球化；提高效率，包括在门店以外的效率；让星巴克伙伴文化重新充满活力。

展望2024年，Ruggeri称，该公司全年指引将基于在收入增长和利润上升之间取得平衡。其中，星巴克中国新财年的收入有望实现两位数增长，这是基于新开门店业绩和同店收入的强劲指引。

Ruggeri还说，星巴克新财年的资本支出将增加至约30亿美元，其中超85%将用于开设新店和翻新现有门店。 

“明年我们将大幅增加美国门店的翻新数量至1000左右，这包括装修和投入新的设备；但其中，更大的比例实际上是用于全球市场开新店和翻新。在这85%之外还有其他一些成本，包括让供应链更现代化，以及对中国市场的创新和技术中心提供支持等。”Ruggeri称。 CXO UNION-CXO联盟（cxounion.cn）

四、“不会放弃拿铁”

对于星巴克的最新业绩，路透今晚表示，该公司第四季度业绩超过华尔街预期，北美市场对高定价咖啡和冷饮的强劲需求抵消了中国业务的微弱复苏影响，推动星巴克盘前涨幅达8%。

路透还指，星巴克中国第四财季的同店销售额仅增长了5%，客单价下跌表明消费者在这家咖啡连锁的花费减少，后者还面临瑞幸和Manner等本土对手的激烈竞争。

彭博则表示，星巴克收入超预期证明，即使在经济形势严峻的情况下，消费者也不会放弃拿铁。全年来看，该公司同店销售额增长8%，超过分析师平均预期的6.3%，交易量和客单价上升都推动了增长。

该社进一步指出，从同店销售来看，星巴克最大的两个市场美国和中国增速高于预期。瑞银分析师称，投资者期待星巴克在北美持续增长，“但对亚洲国家的不平衡复苏存疑”。截至周三收盘，星巴克今年以来的股价已下跌7.9% ，落后于标普500指数10%的涨幅。 CXO UNION-CXO联盟（cxounion.cn）

翻译;

Just now, Starbucks handed over the first annual report after the new boss took office! China business New Year plan highlights unveiled

Tonight, Starbucks reported its first full fiscal year under its new boss.

Based on the company’s fourth quarter and full year results for fiscal year 2023 (the year ending October 1, 2023). Its full-year consolidated net income rose 12% year-over-year to $36 billion, a record high. Global same-store sales were up 8 percent, with China same-store sales up 2 percent.

“We are pleased with our performance in China last quarter.” Laxman Narasimhan, Starbucks’ chief executive, said at an analyst meeting following the earnings release that the 5 per cent same-store sales growth in the fiscal fourth quarter was “well in line with our expectations”. In addition, Starbucks also expects China business same-store sales growth of 4% to 6% in the second quarter through the fourth quarter of fiscal 2024, and higher growth in the first quarter.

Laxman Narasimhan, chief executive of Starbucks

He added that Starbucks is seeing strong momentum as a result of its remodeling program, “and we are seeing improvements in the customer experience, as well as significant improvements in efficiency and margins, which we believe bode well for next year and the years ahead.” In addition, Nashan also talked about the five priorities for long-term growth, the Chinese market competition and more.

Starbucks stock rose more than 10 percent to more than $100 per share in premarket trading after the results were released. Now, let’s hear the latest story first.

First, improve season by season

Let’s focus on the performance of the Chinese market first.

In the fourth quarter of fiscal 2023, Starbucks China recorded revenue of $840.6 million (about 6.152bn yuan), an increase of 8% over the same period last year. Same-store sales (note: only Starbucks stores open 13 months or more) increased 5%, with same-store transactions up 8% and average customer unit prices down 3%. CXO UNION-CXO联盟（cxounion.cn）

“Compared to the same period last year, China revenues were up 8 per cent, or 15 per cent excluding the adverse currency impact of about 6 per cent.” Nashan said at the results meeting that in the quarter, Starbucks China’s omni-channel business maintained momentum. Including mobile ordering and payment, delivery, e-commerce and other channels, which promoted strong store sales development.

For the full year, Starbucks’ same-store sales in China rose 2 per cent from a year earlier.

Same-store transaction volume rose 4%, and average customer unit price fell 2% year over year. Nashan revealed that full-year revenue in China reached $3 billion (about 21.953 billion yuan), an increase of 3% and an increase of 11% excluding unfavorable currency effects of about 8%.

“Our performance in China has improved quarter by quarter. With revenues in the second half 20 per cent higher than in the first half, reflecting our momentum.” “These results underscore the strength of our beverage and food offerings, the success of our go-to-market strategy. And the strong execution of our Chinese partners in seizing numerous opportunities,” he said.

Nashan further pointed out that Starbucks coffee innovation continues to bring advantages and attract Chinese consumers through locally-relevant product innovation. In addition, the company is also seeing food sales growth.And there is a lot of room for growth in this area that will help drive traffic and unit price growth. CXO UNION-CXO联盟（cxounion.cn）

In China, Starbucks continues to expand its membership. “We now have more than 21 million loyal and active members [in China], up 22 percent year-on-year, and many of them are young, which cultivates the next generation of consumers for us.” Nashan said.

Second, accelerate expansion

As consumption recovered during the year, the coffee giant’s store openings in China also increased quarter by quarter.

As of October 1, 2023, Starbucks China had 6,806 stores, an increase of 785 stores or 13%, in line with previous expectations. The fastest expansion was in the fourth quarter, when 326 stores were added.

“Last quarter, China contributed a significant portion of new store growth in Starbucks’ international markets, as Starbucks China recorded a record number of new store openings during the fiscal year, equivalent to nearly four new stores per day in the fourth quarter, which exceeded our expectations.” Rachel Ruggeri, Starbucks’ chief financial officer, said the company’s China business posted double-digit revenue growth last quarter and for the full fiscal year, supported by new stores and 5% same-store sales growth.

“The excellent financial returns from the new stores give us confidence that [Starbucks China] will be able to achieve its target of 9,000 stores by 2025, or close to 1,000 net new stores per year.” “Said Nashan. CXO UNION-CXO联盟（cxounion.cn）

To support store expansion and long-term growth, the global coffee chain leader has also made big bets on the Chinese market

To support store expansion and long-term growth. The global coffee chain leader has also made big bets on the Chinese market. Including the Starbucks China Coffee Innovation Industrial Park, which has a total investment of 1.5 billion yuan and officially launched in September this year.

The park has become Starbucks’ most energy efficient and sustainable coffee production and distribution center in the world, further demonstrating Starbucks’ commitment to the Chinese market and confidence in growing its business in the country, Nashem said tonight.

In his view, Starbucks has remained strong in the past year amid headwinds in the Chinese market. “This makes us optimistic about our market position and reaffirms our competitive advantage.” These strengths include our partners and Chinese leadership team, specialty stores, vertically integrated and highly digital efficient operations, and China-related innovation.”

Nashan pointed out that the number of coffee drinkers in the Chinese market continues to grow. And Starbucks will steadily maintain its leading position in the high-end market, continue to develop store types and enter more new cities.

However, this expansion process is also facing many peers “scramble”, making the competition more difficult than in the past.

In response to the competitive situation, Nashan said Starbucks has a large number of consumers and a strong business in China, “if you compare the first half and the second half [of fiscal 2023], the second half is 20% higher than the first half.” “If you just look at morning [peak] performance, our business is better now than it was before the pandemic.” CXO UNION-CXO联盟（cxounion.cn）

He said that despite the challenges the China business has faced over the past few years. He was encouraged by its status and pleased with the overall returns achieved. This relies on strong local innovation, store efficiency and other capabilities to support, “We feel good about opening new stores in China. The team has done a great job, which ensures that the store can reduce construction costs while still efficient.”

Third, the revenue reached a new high

Looking at the overall global performance, Starbucks broke a number of performance records during the year.

In the fourth quarter of fiscal 2023, the company’s consolidated net income increased 11% year-over-year to $9.4 billion, an all-time high; Global same-store sales increased 8%, driven by a 4% increase in average unit price and a 3% increase in same-store transaction volume.

For the full year of fiscal 2023, Starbucks’ global consolidated net income increased 12% year-over-year to a new high of $36 billion. Global same-store sales were up 8%, driven by a 5% increase in average unit price and a 3% increase in same-store transaction volume. CXO UNION-CXO联盟（cxounion.cn）

Also hitting a new high was the number of stores.

At the end of the fiscal year, Starbucks had 38,038 stores worldwide, including more than 20,000 stores in international markets. In the fourth quarter, the company added a net 816 new stores.

“We had a strong fourth quarter and full fiscal year with results at the high end of our full-year guidance range. Our reinvention is moving faster than planned, [which] is driving revenue growth, efficiency and profitability.” The rebranding program continues to have a positive impact on the employee and customer experience, proving that Starbucks can create value for all while continuing to build, grow and strengthen its business.

It also pointed out that entering the new fiscal year, in the face of macro uncertainty, Starbucks “remains confident” in the overall business momentum and global development space, and expects to continue to maintain momentum in the next few years.

According to Nashan, in order to achieve long-term sustainable growth, Starbucks will focus on five areas:

enhancing the brand through stores. Strengthen and expand digital business. Truly globalize. Improve efficiency, including outside the store. Re-energize the Starbucks buddy culture.

Looking ahead to 2024, Ruggeri said the company’s full-year guidance would be based on striking a balance between revenue growth and rising profits. Among them, Starbucks China is expected to achieve double-digit revenue growth in the new fiscal year, based on strong guidance for new store opening results and same-store revenue. CXO UNION-CXO联盟（cxounion.cn）

Ruggeri also said Starbucks’ capital spending will increase to about $3 billion in the new fiscal year. With more than 85 percent of that going toward opening new stores and renovating existing ones.

“Next year we will significantly increase the number of US store renovations to around 1,000, which includes renovations and new equipment; But a larger percentage of that is actually spent on new stores and renovations in global markets. On top of that 85 per cent are other costs. Including modernising the supply chain and supporting innovation and technology centres in the Chinese market.” “Ruggeri said.

Fourth, “won’t give up lattes”

On Starbucks’ latest results, Reuters said tonight that the company’s fourth-quarter results beat Wall Street expectations, as strong demand for high-priced coffee and cold drinks in North America offset a weak recovery in China, pushing Starbucks up 8% premarket.

Starbucks’ same-store sales in China rose just 5 percent in its fiscal fourth quarter, Reuters said, as the drop in unit prices showed consumers were spending less at the coffee chain, which is also facing stiff competition from local rivals such as Luckin and Manner.

Bloomberg said Starbucks’ revenue beat proves that consumers won’t give up lattes even in tough economic times. For the full year, the company’s same-store sales rose 8 percent, beating analysts’ average estimate of 6.3 percent, with higher transaction volumes and higher unit prices driving growth.

In terms of same-store sales, Starbucks’ two largest markets, the United States and China, grew faster than expected. Analysts at UBS said investors were looking for continued growth in North America, “but are skeptical about the uneven recovery in Asian countries.” Up to Wednesday’s close, Starbucks shares had fallen 7.9% this year, lagging the S&P 500’s 10% gain.

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