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| Starbucks looks for China caffeine hit | Starbucks looks for China caffeine hit |
| (about 2 hours later) | |
| Starbucks boss Howard Schultz has said expansion in China will secure its future for "decades to come". | Starbucks boss Howard Schultz has said expansion in China will secure its future for "decades to come". |
| While Starbucks still makes most of its profit in the US, Mr Schultz said its Chinese stores were the most efficient and lucrative. | While Starbucks still makes most of its profit in the US, Mr Schultz said its Chinese stores were the most efficient and lucrative. |
| It comes as the world's largest coffee shop chain said it posted its "most profitable quarter - capping off the most profitable year". | |
| Operating profit rose 16% to $4.2bn (£3.4bn) for the year. | Operating profit rose 16% to $4.2bn (£3.4bn) for the year. |
| Last month, Starbucks announced plans to more than double its stores in China to 5,000 by 2021. | Last month, Starbucks announced plans to more than double its stores in China to 5,000 by 2021. |
| In the fourth quarter, Starbucks' profit in China and Asia Pacific increased 48% to $192m, helped by the opening of nearly 100 new stores. | In the fourth quarter, Starbucks' profit in China and Asia Pacific increased 48% to $192m, helped by the opening of nearly 100 new stores. |
| However, globally, sales at existing stores rose by only 4% in the quarter, which was lower than the 4.9% rise analysts had expected. | However, globally, sales at existing stores rose by only 4% in the quarter, which was lower than the 4.9% rise analysts had expected. |
| The company said a change in consumer behaviour was partly to blame for the slow down. | The company said a change in consumer behaviour was partly to blame for the slow down. |
| In what Mr Schultz described as a "seismic shift in consumer traffic", the popularity of online shopping was keeping people at home and away from main streets or malls. | In what Mr Schultz described as a "seismic shift in consumer traffic", the popularity of online shopping was keeping people at home and away from main streets or malls. |
| In Europe, the Middle East and Africa, sales in fact dropped by 1% while in China and Asia Pacific, they were up by the same percentage point. | In Europe, the Middle East and Africa, sales in fact dropped by 1% while in China and Asia Pacific, they were up by the same percentage point. |
| The company said it operates 25,085 stores in 75 countries worldwide with 690 new ones opened in the last quarter. | The company said it operates 25,085 stores in 75 countries worldwide with 690 new ones opened in the last quarter. |