Starbucks to open 100 new sites in FY24 amid sales growth
The group reported that ‘strong and resilient’ revenue growth continued during 2023, even with challenging economic headwinds in the UK
Starbucks UK plans to open an additional 100 new sites in FY24, as total revenues rose 21.9% to £547.7m for the year to 1 October 2023.
The group reported that “strong and resilient” revenue growth continued during 2023, even with challenging economic headwinds in the UK.
As a result, the group’s gross profit rose from £129.1m in FY22 to £149m; operating profits rose from £12.6m to £21.7m; and profit before tax rose from £10.4m to £16.9m.
During the year, Starbucks invested in Drive Thru stores and digital channels, such as mobile order and pay systems, delivery services, and improved its loyalty programme, which saw a 100% increase in 90-day active membership going from 600k to 1.2m.
Starbucks also reached its target to open more than 100 stores in the UK during FY23.
Duncan Moir, president of Starbucks EMEA, said: “We are immensely proud to have celebrated our 25th anniversary in the UK and EMEA this year. We are pleased to report another strong year of revenue growth, owing in large part to the dedication, hard-work and relentless pursuit of excellence that our brilliant team of partners continue to deliver.
“We are pleased to have met our new store opening commitments during the year, opening more than 100 new stores in the UK. While we continue to navigate challenging market conditions, we are excited to work alongside our partners to continue growing our footprint in the region.”
