Starbucks Corporation NASDAQ: SBUX sieć kawiarni

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Jefferies analysts downgraded Starbucks (NASDAQ:SBUX) stock to Hold from Buy as they see a more balanced risk/reward in the coffee chain operator.

The analysts acknowledge that Starbucks stock is up more than 40% since year-to-date (YTD) lows in May, vastly outperforming the S&P 500 (-2.8%). They made the downgrade move despite admitting it is hard to find a large-cap stock that offers 15–20% EPS growth.

"The risk/reward now appears balanced following investments into the biz and growth concerns earlier this year," the analysts wrote in a note.

Moreover, they cut U.S. same-store sales (SSS) estimates, citing a challenging macroeconomic environment.

"Although we believe in SSS drivers in the U.S. business supported by partners, equipment, and tech, we are concerned about the potential incremental risk to recession in the 2HC23/1HC24 impacting Starbucks "discretionary" spend from some customers (pm daypart). We lower our U.S. SSS ests to account for this via negative transaction growth, although it may come in the form of softer avg check as well, which has been significant in the form of price, premiumization, cold, and modifiers," the analysts further clarified in a client note.

They are especially concerned about the back end of 2023 and 2024 as Starbucks may have "some flex for F23," partially fueled by the reopening in China.

"We suspect the stock will tread water for some time," the analysts concluded.

Starbucks stock is down over 1% Wednesday.

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Latest Release
Feb 02, 2023

EPS / Forecast
0.75 / 0.77

Revenue / Forecast
8.7B / 8.78B

Starbucks shares drop 3% on Q1 miss, 2023 guidance reaffirmed

Starbucks (NASDAQ:SBUX) shares fell more than 3% after-hours following the company reported Q1 results, with comparable sales missing the Street estimates as weak performance in China offset strong sales in North America.

Q1 EPS came in at $0.75, worse than the consensus estimate of $0.77. Revenue grew 8% year-over-year to $8.7 billion, compared to the consensus estimate of $8.78B.

Global comparable store sales grew 5%, primarily driven by a 7% increase in average ticket, partially offset by a 2% decline in comparable transactions.

North America and U.S. comparable store sales increased by 10%, while International comparable store sales and China comparable store sales fell by 13% and 29%, respectively.

“I am very proud of what we achieved in Q1, with nearly every business segment contributing to our strong performance,” said Rachel Ruggeri, CFO. “And I’m pleased to share that our fiscal 2023 guidance remains unchanged, despite the headwinds from China,” Ruggeri added.

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Starbucks reported lower-than-expected sales in its fiscal first quarter, with COVID store shutdowns in China overshadowing stronger results elsewhere.

Global same-store sales--or sales at stores open at least a year--were up 5% in the October-December period, but that was partly due to higher prices. Store transactions were down 2%. Analysts polled by FactSet had forecast a 6.7% increase in same-store sales.

During a conference call with investors, Starbucks’ interim CEO Howard Schultz said China’s decision to end its zero-COVID policy in December caused a spike in infections that closed nearly 30% of Starbucks’ 6,000 stores at its peak. Same-store sales plunged 29%.

But Schultz said Starbucks remains optimistic about China, its second-largest market outside the U.S. As of this week, all of Starbucks’ stores in China are open without restrictions for the first time since March 2020. Schultz said the company remains on track to have 9,000 stores in China by the end of 2025.

In the U.S., same-store sales were up 10% as customers spent more per order. And Starbucks noted that its Holiday Red Cup day in November was its highest single sales day of all time despite strikes at more than 100 U.S. stores by employees who are pressing to unionize. But overall U.S. transactions rose just 1%, and Starbucks said transactions per store remain below pre-COVID levels.

Schultz said the quarter was softer for overall retail, which impacted customer traffic. U.S. retail sales slowed more than expected during the holiday season as higher borrowing costs and higher inflation made shoppers pull back.

But he said consumers didn’t seem to be shying away from the store due to price increases. Starbucks raised its prices around 6% in 2022 but said those increases will moderate this year as U.S. inflationary pressures recede.

“We don’t see ourselves in a situation where we need to discount heavily and we don’t see a situation where our customers are trading down,” Schultz said.

Chief Financial Officer Rachel Ruggeri said an ongoing revamp designed to improve U.S. store efficiency could help boost U.S. traffic. The company plans to invest $450 million this year in store improvements, including new warming ovens and workstations that make it simpler to assemble drinks. Employees have been struggling with rising demand for customizable cold drinks in store kitchens designed for simpler hot drinks.

The store revamp is also an attempt to boost employee morale as Starbucks tries to head off a growing unionization movement. At least 274 of Starbucks’ 9,000 company-owned U.S. stores have voted to unionize since 2021.

Starbucks’ revenue rose 8% to a record $8.7 billion, but that also fell short of analysts’ expectation of $8.79 billion. Earnings of 74 cents per share were also lower than the 77 cents analysts had forecast.

Starbucks shares fell nearly 3% in after-market trading.

https://www.asahi.com/ajw/articles/14830934

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Starbucks wprowadza we Włoszech kawę z oliwą z oliwek

Starbucks (NASDAQ: SBUX) wprowadził w środę w swoich około dwóch tuzinach włoskich lokalizacji kawę z dodatkiem oliwy z oliwek o nazwie Oleato. „Oleato to kolejna rewolucja w kawie, która łączy w sobie alchemię najlepszych składników natury – ziarna kawy arabica Starbucks i tłoczoną na zimno oliwę z oliwek extra virgin Partanna” – powiedział w oświadczeniu Howard Schultz, tymczasowy dyrektor generalny Starbucksa. Oleato zostało zainspirowane „rodzinną tradycją, która istnieje w regionach Włoch od pokoleń”, polegającą na codziennym spożywaniu łyżki oliwy z oliwek w ramach „podnoszącego na duchu rytuału”; Starbucks postanowił zmiksować poranne espresso z oliwą z oliwek, aby połączyć te dwa codzienne rytuały. Początkowo w ramach Oleato oliwa z oliwek będzie dodawana do caffe latte, mrożonego wstrząśniętego espresso i zimnej pianki, a także do bardziej spersonalizowanych dodatków z prasy do tłoczenia oliwy Partanna. Wiosną Starbucks planuje rozszerzyć tę ofertę na południową Kalifornię, a jeszcze w tym roku na Zjednoczone Królestwo, Japonię i Bliski Wschód.

https://www.paszport.ws/newsfeed

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Nowy szef Starbucks chciał lepiej poznać firmę. Zrobił nieoczekiwaną rzecz

Od października jest tymczasowym szefem sieci Starbucks, za chwilę na stałe w przejmie w niej stery. Laxman Narasimhan bo o nim mowa, chcąc lepiej poznać specyfikę pracy w kawiarni zdecydował się na krok, który zaskoczył jej pracowników i klientów.

Laxman Narasimhan jest od października zeszłego roku „tymczasowym” CEO sieci kawiarni Starbucks, od kwietnia zaś ma na stałe zastąpić Howarda Schultza. Nowy prezes kawiarnianego giganta – jak pisze "Rzeczpospolita" – zajmował się dotąd m.in. doradztwem strategicznym w McKinsey i z kawiarniami miał wspólnego jedynie to, że od czasu do czasu bywał ich klientem.

Szef Starbucks przeszedł szkolenie baristy
Narasimhan postanowił nadrobić zaległości i poznać kawowy biznes zupełnie od podstaw, choć działań w tym zakresie nikt od niego nie oczekiwał.

Na swoim profilu w serwisie LinkedIn nowy szef Starbucksa poinformował, że zrobił 40-godzinny kurs i został certyfikowanym baristą sieci. – Spędziłem czas w 33 kawiarniach na 12 rynkach. Jestem teraz certyfikowanym baristą po 40-godzinnym szkoleniu mającym na celu daj mi praktyczne doświadczenie radości i wyzwań związanych z pracą na pierwszej linii – napisał Narasimhan.

Nowy szef lepiej rozumie pracę w kawiarni
Narasimhan przyznaje, że dzięki zdobytemu doświadczeniu „lepiej rozumie pracę w kawiarni". Z pokorą przyjmował też rady, jak również krytykę ze strony współpracowników. – To ciężko wypracowana mądrość, o której będę pamiętał każdego dnia, kontynuując tę podróż – podkreślił nowy szef Sturbucks.

Starbucks to największa na świecie sieć kawiarni, która istnieje od przeszło 50 lat (firma została założona w marcu 1971 roku w Seattle). Obecnie posiada ponad 32 tys. lokali w 80 krajach (w Polsce funkcjonuje ok. 70 lokali należących do tej sieci).

https://www.msn.com/pl-pl/podroze/news/ ... 076d&ei=16

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Investing.com -- Starbucks reported Tuesday better-than-expected second-quarter results, driven by growth in its core North America market and a rebound in China.

Starbucks (NASDAQ:SBUX) shares fell 2.5% in after-hours trade following the report.

Starbucks announced EPS of $0.74 on revenue of $8.7 billion. Analysts polled by Investing.com anticipated EPS of 65 cents on revenue of $8.4B.

Comparable store sales increased 11%, underpinned by a 6% increase in comparable transactions and a 4% increase in the average ticket.

In its core North America market, Starbucks reported comparable store sales increased 12%. International comparable store sales increased 7%, while China, the coffee chain's second largest market, was up 3% year-on-year in Q2. The return to growth in China following a 29% slump in Q1 comes after the country lifted its zero-COVID policy.
...
Investing.com - Starbucks (NASDAQ: SBUX) reported second quarter EPS of $0.74, $0.09 better than the analyst estimate of $0.65. Revenue for the quarter came in at $8.7B versus the consensus estimate of $8.4B.

Starbucks's stock price closed at $114.46. It is up 4.86% in the last 3 months and up 53.99% in the last 12 months.

Starbucks saw 2 positive EPS revisions and 21 negative EPS revisions in the last 90 days.

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Earning a 28.3% Yield-on-Cost from Starbucks (SBUX)
by Brad Thomas, Wide Moat Research • June 1, 2023
One of my best investments ever hangs on the wall of my office. It has returned 15X my original cost.

It’s not a piece of fine art. And it’s not a diploma.

It’s a single share of Starbucks (SBUX).

I bought it for $15 in early 2006.

Brad’s framed Starbucks share

That piece of paper represents two shares now. Starbucks split its shares two for one in 2015. So this stock certificate is worth $195 at today’s market prices. I’ve also collected $27.57 in dividends so far.

And I get a check for $1.06 every three months. That’s a 28.3% yield on what I paid to buy that share of Starbucks. And the dividend keeps increasing every year.

Now that’s what I call productive office décor.

I wish I had bought more Starbucks shares back then. If I had bought 80 shares back then, they would be worth $15,600 today and giving me $340 a year in dividends.

Here at the Intelligent Income Daily, we’re focused on finding the safest income investments on the market. You may not think much of the small amount of money you have to invest today. But over time, even small investments can compound into life-changing sums.

Today I want to show you the power of compounding in action. I’ll also give you one quick way to start investing in companies that steadily grow their dividends.

Don’t Save That Coffee Money, Invest It
You’ve probably heard that you could be rich if you’d just stop buying fancy overpriced coffees.

That sounds like some made-up mumbo-jumbo. Nobody pays more than a few bucks for a coffee. It can’t be that much money. Right?

Well, let’s take a look at the numbers.

I like to get a Grande Skinny Vanilla Latte on my way to the office. It costs about $5.

So that’s about $100 a month. Or $1,200 a year.

If I put that same amount into a bank account nearly a decade ago, I’d have around $13,000 today. That’s a decent chunk of change for kicking the coffee habit.

But that’s where “conventional” saving advice ends.

Instead of letting it sit in a bank account, what if I’d put that money into Starbucks stock?

That $100-a-month habit would now be worth over $26,000 since 2012 – the year Starbucks started paying a dividend. And it would be paying me $560 a year in dividends.

How can there be such a big difference – twice the amount – between saving money in a bank account and investing in Starbucks? It’s twice as much money!

Well, one reason is that interest rates have been close to zero for most of the past decade. That means that bank savings were barely earning anything. Interest rates are higher now, but there’s no guarantee they won’t drop back down when the next recession hits.

The other reason is that buying Starbucks shares means you own a piece of a growing business.This year alone, Starbucks has already opened 196 new stores.

And it plans to continue opening stores, even in this recessionary environment.

Because coffee tends to be cheap, it’s not usually something people are quick to give up when times are tough.

And every time the company opens a new store or raises the prices of its drinks, it increases its earnings. That flows back to the owners of the company in the form of higher share prices and growing dividends.

So when you reinvest those dividends, you get more shares in the company and a bigger piece of the pie. Over time, that compounding gets larger and larger.

You Don’t Have to Give Up What You Like Today to Enjoy Yourself Tomorrow
But what if you can’t give up your daily caffeine fix? The good news is: You don’t have to cut it out entirely.

Maybe you can skip one day a week. Or opt for a smaller, cheaper drink. There are a lot of options today to start investing even with small amounts of money. Even just $20 a month can turn into thousands of dollars over time.

Now, investing comes with risks. You can lose money when the stock market sells off. But if you stay invested in high-quality businesses like Starbucks, you can build up a steady stream of growing income that will compound your wealth over time.

Starbucks currently trades at about 28X earnings. That’s cheaper than its historical average of 31X over the past decade. It also pays a 2.2% yield that has grown every year since it started paying a dividend in 2010.

One day, your Starbucks shares could be paying for your fancy coffee habit.

Happy SWAN (sleep well at night) investing,

Brad Thomas
Editor, Intelligent Income Daily

https://dailytradealert.com/2023/06/01/ ... ucks-sbux/

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Latest Release
Aug 01, 2023

EPS / Forecast
1 / 0.95

Revenue / Forecast
9.2B / 9.29B

(Reuters) -Starbucks missed market expectations for quarterly comparable sales on Tuesday, with demand for its coffees and cold drinks showing some signs of tapering in the North American and international markets even as China sales rebounded sharply.

The world's largest coffeehouse chain has targeted its younger, wealthier U.S. customer base by launching new drinks and promoting food options that have helped drive up average customer sales. But quarterly transactions climbed just 1% in North America, slowing from a 6% increase in the prior quarter.

However, Starbucks (NASDAQ:SBUX) saw a sharp recovery in China, with comparable sales surging 46% in the third quarter. That rebound was in line with its expectations and is expected to last, company officials told investors in a call.

"China, I think, is what's holding the stock up here," Sante Faustini III, director of product intelligence at research firm M Science, told Reuters.

Shares of Starbucks were marginally lower in after-hours trading even as the coffee chain topped Wall Street estimates for quarterly profit and slightly lifted its outlook for full-year earnings growth.

M Science's Faustini III, said while the 7% rise in North America comparable sales as "light," saying the focus was on booming China sales.

Starbucks projected average weekly sales in China to grow in the low- to mid-single digits range in the current quarter, resulting in similar comparable sales growth.

It also cited a record more than 20 million members for its customer loyalty program in China, it's largest market outside the United States, which has 31.4 million rewards members.

Chinese travel in cities, as tracked through subway rides, rose roughly 128% in the quarter and returned to 2019 pre-pandemic levels, according to analysts at BofA Global Research, noting Starbucks sales trends typically coincide with subway data.

Overall, the company now expects full-year earnings growth in the range of 16% to 17%, compared to its prior outlook of toward the low end of 15% to 20% growth range.

It maintained its forecast for full-year comparable sales growth near the high end of a 7% to 9% range, compared to Wall Street's expectations of an 8.7% rise among 14 analysts polled by Refinitiv.

Starbucks executives told investors said they expected revenue pressure to continue in the fourth quarter, driven by at-home coffee business, and for pricing trends to moderate in the final quarter following several months of price hikes.

Global comparable sales at Starbucks rose 10% compared with analysts' expectations for a 11.8% rise, Refinitiv IBES data showed. In its international segment, same-store sales rose 24%, also missing estimates of 25.7%.

Still, the company expanded its adjusted operating margin to 17.4% in the quarter ended July 2, from 16.9% in the prior year, as easing costs of commodities helped offset impact from increased investment in wages and worker benefits.

Excluding items, Starbucks posted a profit of $1 per share, beating analysts' average estimate of 95 cents.

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Investing.com -- Shares in Starbucks (NASDAQ:SBUX) drifted lower in premarket U.S. trading Wednesday after the coffeehouse chain reported global comparable sales that missed estimates, as demand for the Frappuccino maker's drinks and food showed signs of slowing in North America.

Quarterly transactions in the region rose by just 1%, down from a 6% uptick in the prior three-month period. Comparable store sales in North America grew by 7%, missing expectations.

On a global basis, comparable sales at Starbucks grew by 10%, below analysts' projections for an 11.1% jump.

Speaking to investors following the earnings, executives at Starbucks flagged that they expect to see continued revenue pressure in the fourth quarter due in part to a normalization in pricing trends after several months of price increases.

But Starbucks still posted adjusted earnings per share of $1.00, topping Bloomberg consensus estimates of $0.95, thanks to a sharp recovery in sales in China. Tapering commodity costs also offset the impact of spending on wages and worker benefits, boosting profit margin for the quarter ended July 2 up to 17.4%.

"We believe Starbucks's scale, best-in-class digital platform, innovation competencies, and forward-thinking business mentality should position the Company well over the [long-term]. However, the operating environment remains challenged," analysts at KeyBanc said in a note to clients following the results.

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Latest Release
Aug 01, 2023

EPS / Forecast
1 / 0.95

Revenue / Forecast
9.2B / 9.29B

Starbucks comes in ahead, but concedes challenging backdrop
Starbucks (NASDAQ:SBUX) beat earnings estimates even as global comparable sales missed amid signs of slackening demand for the coffeehouse giant's drinks and food in North America.

Adjusted earnings per share totaled $1.00, topping InvestingPro consensus estimates of $0.95, thanks to a sharp recovery in sales in China. That also represented a 23.4% rise from the prior year. Tapering commodity costs also offset the impact of spending on wages and worker benefits, boosting profit margin for the quarter ended July 2 up to 17.4%.

Comparable store sales in North America grew by 7%, missing expectations. On a global basis, comparable sales at Starbucks grew by 10%, below analysts' projections for an 11.1% jump.

Speaking to investors following the earnings, executives at Starbucks flagged that they expect to see continued revenue pressure in the fourth quarter due in part to a normalization in pricing trends after several months of price increases.

KeyBanc believes the company should be well-positioned thanks to its "scale, best-in-class digital platform, innovation competencies, and forward-thinking business mentality," but that "the operating environment remains challenged."

Stifel said it is "encouraged by the continued momentum in the U.S. business and the faster-than-expected pace of recovery in China during F2Q," but it maintained its Hold rating on the stock and lowered its price target by $7 to $110. The analyst added, "We would prefer a better entry point given the risks of softening consumer spending later this year and near-term setbacks in the pace of the China recovery."

Shares ticked higher by 0.9% Wednesday.

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(Reuters) -Starbucks said former CEO Howard Schultz is stepping down from its board, marking his exit from leadership at the company he helped transform into a coffee behemoth that made venti cappuccinos a global phenomenon.

The retirement comes roughly five months after a new CEO took charge and amid a surge in union organizing at the company's U.S. cafes. Organizers say union supporters were illegally fired while the company has denied the allegations.

Schultz last year called unions a "third party" that the employees "wouldn't need," adding that the company was "in a battle for the hearts and minds of our people."

In March, Schultz defended himself and the company against allegations of "union busting" at a U.S. Senate committee hearing.

During his 41-year association, Schultz played a crucial role in taking Starbucks (NASDAQ:SBUX) from a small company selling only whole beans to a global coffeehouse chain with more than 36,000 stores in 86 markets.

Schultz, 70, stepped down as CEO in March after he returned to the helm for the third time. He oversaw a major revamp in technology at Starbucks' stores during his latest stint, doubling down on equipment and employee training to improve service.

Schultz will become lifelong chairman emeritus following the retirement.

"I look forward to supporting this next generation of leaders to steward Starbucks into the future as a customer, supporter and advocate in my role as chairman emeritus," Schultz said.

The honorary title typically brings no official position on the board and does not hold any voting power, attendance or other rights.

Wall Street analysts said the move did not come as a surprise.

"With the executive team and board both built out and aligned to longer-term strategic goals, it makes sense that (Schultz) could confidently take a step back," Stephens analyst Joshua Long said.

The company elected Wei Zhang as the ninth director on its board, effective Oct. 1. Zhang was most recently senior adviser to the Alibaba (NYSE:BABA) Group, and previously led Alibaba Pictures Group.

Other members on the board include Microsoft (NASDAQ:MSFT) CEO Satya Nadella and former Domino's Pizza (NYSE:DPZ) boss Richard Allison.

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TD Cowen analysts downgraded Starbucks Corporation (NASDAQ:SBUX) shares to Market Perform from Outperform with a price target lowered by $10 to $107 per share.

Starbucks shares fell 1.2% on the news.

TD Cowen analysts have highlighted concerns about macroeconomic and competitive pressures in China, which are expected to pose challenges to Starbucks' same-store sales (SSS) in the country.

“We note an increasing investor narrative on China (~16% of 2025E EBIT) that we worry is poised to persist given parallels to Yum circa 2005, when China began a decade of dominating the investor focus. While we were pleased with Starbucks China's 3Q (June) performance, we see risk that China headwinds are likely to get stronger rather than weaker,” they wrote in a note.

While the analysts believe that consensus earnings estimates for 2023-2025 are achievable, they feel that Starbucks' current valuation multiple doesn't adequately account for these challenges compared to its five-year average.

As a result, they anticipate that Starbucks shares may remain in a holding pattern.

Despite these concerns, they still appreciate Starbucks' long-term potential but are taking a cautious stance as they monitor the macroeconomic and competitive dynamics in China.

“We still view non-China Int'l as a bright spot in Starbucks' portfolio though our lower China est leads us to model 2024-25E Int'l comps of 10% & 4.8% that modestly trail 10.5% & 5.4% CM,” the analysts concluded.

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Starbucks Corp (NASDAQ:SBUX).' Akcje spółki spadły o 2,16%, zamykając się w czwartek na poziomie 93,10 USD, co oznacza trzeci dzień z rzędu strat dla spółki. Wynik ten miał miejsce podczas burzliwej sesji giełdowej, podczas której szeroki rynek również doświadczył spadków, a Indeks S&P 500 spadając o 1,64% do poziomu 4.330,00, a Dow Jones Industrial Average spadając o 1,08% i kończąc dzień na poziomie 34.070,42.

W porównaniu z niektórymi rówieśnikami z branży, wyniki Starbucks były znacznie poniżej normy w czwartek. Akcje Coca-Coli (NYSE:KO) Co spadł o 1,54%, zamykając się na poziomie 57,54 USD, PepsiCo (NASDAQ:PEPAkcje ) Inc. spadły o 1,68% i zakończyły notowania na poziomie 175,38 USD, podczas gdy McDonald's Corp (NYSE:MCD).' Akcje spółki S również spadły o 2,16%, zamykając się na poziomie 271,22 USD.

Sesja giełdowa przyniosła niezwykle wysoki wolumen dla akcji Starbucks, z 6,1 mln obrotów w porównaniu do 50-dniowego średniego wolumenu obrotu wynoszącego 5,9 mln.

Patrząc na roczne wyniki, akcje Starbucks są obecnie wyceniane na 22,38 USD poniżej 52-tygodniowego maksimum na poziomie 115,48 USD, osiągniętego 1 maja 2023 r.

Ten raport opiera się na danych dostarczonych przez Dow Jones i FactSet i został przetworzony przy użyciu technologii automatyzacji.

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Starbucks launches smaller cup size in China as competition grows

BEIJING (Reuters) - U.S. coffee chain Starbucks (NASDAQ:SBUX) has rolled out a new smaller cup size in China, its second largest market, in an aim to attract customers as competition in the country intensifies.

Rolled out across its 6,500 stores on Tuesday, the 259ml cup is part of a new range the company calls "Intenso Collection", and can hold more espresso with less milk or cream, making it more intense than the larger cup. It costs 33 yuan ($4.51)

It is nearly one third smaller than the 355ml "tall" cup for which prices start at 30 yuan, but bigger than the company's 236 ml smallest "short" size.

Ben Cavender, managing director and head of strategy at China Market Research Group said Starbucks' new product is an effort to continue offering "newness" in the market to cater to serious coffee drinkers.

"These probably won't appeal to everyone but are a relatively easy line extension to implement," he said.

The move comes as Starbucks' local rivals such as Luckin Coffee (OTC:LKNCY) and ByteDance-backed Manner Coffee have been expanding aggressively and rolling out new products at a faster pace.

They have generated significant consumer buzz through collaborations such as Manner Coffee's tie up with French luxury house Louis Vuitton and Luckin's roll out of a liquor-infused latte with China's liquor maker Kweichow Moutai.

A source familiar with the matter said the new cup size, a first for Starbucks China, was currently only available in mainland China and whether it will be offered abroad will depend on customer reception.

In August, Starbucks said it was seeing a sharp recovery in China, as catering and tourism demand grew following the country's removal of COVID curbs. The company aims to reach a total of 9,000 stores across the country by 2025.