Coffee shop chain’s year-end reports well in the black

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Coffee shop chain’s year-end reports well in the black

Published: 13 Feb. 2020, 20:12

Starbucks Korea’s net profit advanced 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 reached 132.8 billion won ($112.3 million), compared with 112 billion won posted a year earlier, according to the regulatory filing by discount store chain Emart.

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

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

Starbucks entered the Korean market in 1999.

Yonhap