(Yicai) Oct. 31 -- US coffee chain giant Starbucks said that its strategy of abandoning price wars is aimed at the North American market and has nothing to do with China after its same-store sales in the Asian country fell by the most globally.

Starbucks did not introduce ultra-low-priced products in the Chinese market even when facing Luckin Coffee and other rivals, but it began gifting more coupons and launched meals and co-branded products, the Seattle-based company's country arm announced today.

Starbucks also continues its plan to expand in Chinese regions other than big cities, opening half of its new stores in counties in the fiscal 2024. The net number of Chinese stores increased by 290 in the quarter ended Sept. 29, with the firm entering 78 county-level markets. Starbucks China has 7,596 outlets in nearly 1,000 countries.

New stores in lower-tier cities and county-level markets have sustainedly outperformed those in major cities, Starbucks pointed out.

Starbucks' same-store sales tumbled 14 percent in China, its second-biggest market, in the fiscal fourth quarter, according to its financial report released on Oct. 22. The company blamed "intensified competition and a soft macro environment that impacted consumer spending" for the drop.

The decline was driven by a 6 percent fall in comparable transactions and an 8 percent drop in the average ticket price last quarter from a year earlier, it noted.

Starbucks's net profit plunged 25 percent to USD910 million in the fiscal fourth quarter from a year ago. Same-store sales sank 10 percent in the United States and 7 percent globally. Revenue fell 3 percent to USD9.1 billion, mainly because of the softness in the North American market, especially in the US.

Editor: Martin Kadiev