MILAN – Starbucks Korea on Thursday reported a 52 percent on-year surge in second-quarter net profit on increased non-contact orders and the opening of new outlets.
“Many consumers turned to non-contact services, such as the ‘siren’ and drive-through orders, due to the new coronavirus outbreak. And the opening of new outlets led to an increase in sales,” a company spokesman said in a text message quoted by the Yonhap agency.
Through the siren, consumers can order online and pick up their orders at the stores without waiting in line.
Net profit for the second quarter jumped to 46.2 billion won ($39 million) from 30.3 billion won a year ago, according to second-quarter earnings results released by E-Mart, Korea’s biggest discount store chain operator.
Operating profit rose 54 percent to 61.7 billion won ($43.86 million) from 40 billion in the same period last year.
Sales went up by 5.4 percent to 482.6 billion won ($343.1 million) from last year’s 458 billion won.
With the first-half sales of 937.1 billion won in South Korea, Starbucks is on track to reach 2 trillion won ($1.42 billion) in sales for 2020.
Starbucks Korea is a 50:50 joint venture set up by E-Mart and Seattle-based Starbucks.
Starbucks Korea, which operates 1,438 stores, earned 1.87 trillion won ($1.33 billion) in sales last year.
