(Yicai) Nov. 3 -- Starbucks’ operating revenue in China rose 8 percent in the fourth fiscal quarter from a year earlier, as the US coffee chain opened a record high of 326 new stores in the eastern country.

Operating revenue in China reached USD840.6 million in the three months ended Oct. 1, up 8 percent from the same period last year or 15 percent, excluding the impact of foreign exchange, Starbucks announced yesterday. Its number of stores in China hit 6,806 in the period.

For the global market, Starbucks reported USD1.2 billion in net profit in the fourth fiscal quarter, up nearly 39 percent from a year earlier. Operating revenue soared 11.4 percent to a quarterly record of USD9.4 billion.

“Our performance in China improved sequentially quarter-over-quarter, with revenue in the second half of the year 20 percent higher than the first half, reflecting our growth momentum,” Starbucks’ Chief Executive Officer Laxman Narasimhan said during the earnings call yesterday.

“The outstanding financial returns of new stores give us confidence we will reach our goal of 9,000 stores by 2025, opening nearly 1,000 net new stores every year,” Narasimhan noted, adding that Starbucks will maintain its leading position in the premium market as the company continues to grow in sales across the current portfolio and through new tiers of cities in the growing coffee market.

Luckin Coffee, Starbucks’ biggest rival in China, reported net profit of CNY988 million (USD135 million) and revenue of CNY7.2 billion (USD984.4 million) in the three months ended Sept. 30, up 87 percent and 85 percent, respectively, from a year earlier. The Chinese coffee giant’s store count jumped 2,437 to 13,273 in the period.

Editor: Futura Costaglione