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Starbucks Korea logs record earnings in 2019

Starbucks Korea saw its net profit advance nearly 19 percent last year. Korea Times file
Starbucks Korea saw its net profit advance nearly 19 percent last year. Korea Times file

Starbucks Korea saw its net profit advance 18.5 percent in 2019 from a year earlier to a record high as the company continued to expand its number of stores here, data showed Thursday.

Net profit came to 132.8 billion won (US$112.3 million), compared with 112 billion won posted a year earlier, according to the regulatory filing by discount store chain E-Mart Inc.

Operating profit jumped 22.6 percent to hit 175.1 billion won, with its sales advancing 22.8 percent over the period to 1.8 trillion won to set a record high.

E-Mart, the country's biggest discount store chain operated by Shinsegae Group, holds a 50-percent stake in Starbucks Korea, with the remaining portion controlled by its U.S. parent Starbucks.

The coffee chain said there were 1,336 stores in South Korea as of end-2019, which is 74 more than the previous year.

Starbucks entered the South Korean market in 1999. (Yonhap)


Starbucks Korea saw its net profit advance nearly 19 percent last year. Korea Times file
Starbucks Korea saw its net profit advance nearly 19 percent last year. Korea Times file

Starbucks Korea saw its net profit advance 18.5 percent in 2019 from a year earlier to a record high as the company continued to expand its number of stores here, data showed Thursday.

Net profit came to 132.8 billion won (US$112.3 million), compared with 112 billion won posted a year earlier, according to the regulatory filing by discount store chain E-Mart Inc.

Operating profit jumped 22.6 percent to hit 175.1 billion won, with its sales advancing 22.8 percent over the period to 1.8 trillion won to set a record high.

E-Mart, the country's biggest discount store chain operated by Shinsegae Group, holds a 50-percent stake in Starbucks Korea, with the remaining portion controlled by its U.S. parent Starbucks.

The coffee chain said there were 1,336 stores in South Korea as of end-2019, which is 74 more than the previous year.

Starbucks entered the South Korean market in 1999. (Yonhap)




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