The annual operating profit of Starbucks Coffee Korea Co., the local unit of the US giant, crossed the 100 billion-won ($94 million) landmark for the first time last year, driven by solid demand from young consumers, industry sources said Tuesday.
The operating profit of the coffee chain, which is run by South Korean retail conglomerate Shinsegae, was estimated at 110 billion, according to the sources. Sales were estimated to have reached 1.2 trillion won.
The company’s annual revenue first topped the 1 trillion-won mark in 2016, setting a milestone in the South Korean coffee industry.
