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Starbucks Korea posts 77.8% net profit in Q1

An increase in mobile orders and drive-thru stores contributed to the sales hike.

Starbucks Korea reported a 77.8% year-on-year (YoY) jump in its first-quarter net profit, citing strong demand despite pandemic-induced challenges.

The coffee giant said net profit reached 33.6 billion won (US$29.7 million) in the January-March period, according to quarterly earnings reports released by discount store chain operator E-Mart Inc., which has a 50% stake in the company.

Sales were up 15% YoY to 523 billion won, whilst operating profit surged 73% to 45.4 billion won over the same period.

A company official cited by Yonhap said an increase in mobile orders and drive-thru stores contributed to the sales hike, adding that the quarterly earnings also increased due to a lower base effect last year.

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

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