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Starbucks Korea reports first quarter net profit

Starbucks Korea

Starbucks Korea reported a 78 percent on-year jump in its first-quarter net profit, citing strong demand amid the coronavirus pandemic.

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The company’s net profit reached US$29.7 million in the January to March period, up 77.8 percent from a year earlier, according to quarterly earnings reports released by Emart, Korea’s biggest discount store chain operator.

Emart holds a 50 percent stake in Starbucks Korea.

Sales rose 15 percent on-year to US$464 million, and its operating profit surged 73 percent to US$40.2 billion over the cited period.

An increase in mobile orders and drive-through stores contributed to the sales hike, a company official said, adding that the quarterly earnings also increased due to a lower base effect last year.

Korea has undergone multiple waves of the new coronavirus since the first local outbreak in January 2020. In the first quarter last year, large cafes were ordered to close before 9 p.m.

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As of the end of 2020, Starbucks Korea operated 1,536 outlets nationwide.

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