Tata Starbucks top line has surpassed the Rs 1,000-crore mark, for the first time, in FY23, with growth of a whopping 71 per cent.
“This was a landmark year for business, as we reached four-digit in the top line,” Tata Consumer Products said in its earnings release.
Its net sales for the year stood at Rs 1,087 crore. In its earnings presentation, the company said business was earnings before interest and taxes (EBIT) positive for the year.
It pointed out that the financial year’s top line growth was on a base that was impacted due to the pandemic.
During the January-March quarter, Tata Starbucks recorded a revenue growth of 48 per cent.
In FY23, the coffee chain opened 71 new stores and entered 15 new cities. This is the highest-ever annual store addition and its total store count now stands at 333 across 41 cities.
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It also said in its presentation that the My Starbucks Rewards loyalty program crossed 2.3 million, registering a 100 per cent growth year-on-year.
“Tata Starbucks is looking to rapidly expand its presence in the coming years. To achieve this, we are looking to enhance our relevance for more segments of consumers,” it said in its presentation. It added that the pilot stores demonstrated improved operating metrics.
As such, these work streams will be rolled out nationally in 2023.
The company did its pilot programme in 2022 across four cities. It included familiar options in its beverage menu, revamp of its food menu, refurbished store interiors and adding picco size in hot beverages.
Starbucks entered the country in 2012 as it opened its first store in Mumbai, in a joint venture with the Tata Group.