April 20, 2024

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[THE INVESTOR] The annual operating profit of Starbucks Coffee Korea surpassed the 100 billion-won (US$94 million) mark for the first time last year, industry sources said on Jan. 16.

The operating profit of the coffee chain, which is run by Korean retail conglomerate Shinsegae, was estimated at 110 billion won last year, 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 Korean coffee industry.

The figures for its competitors, such as A Twosome Place and Angel-in-us Coffee, are known to average between 100 and 200 billion won, according to industry sources.

  By Alex Lee and newswires (alexlee@heraldcorp.com)