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Tata Starbucks crosses Rs 1,000 crore

Took 10 years to crosses Rs 1,000 crore sales in a financial year

Its FY23 net sales stood at Rs 1,087 crore, a growth of 71 percent over FY22. The company said in its earnings presentation that earnings before interest and taxes (EBIT) were positive for the year.
Tata Starbucks, a joint venture between Tata Consumer Products Limited and Starbucks Coffee Company, crossed the Rs 1,000 crore revenue mark for the first time in FY23 after starting operations around a decade ago.

Its FY23 net sales stood at Rs 1,087 crore, a growth of 71 percent over FY22. The company said in its earnings presentation that earnings before interest and taxes (EBIT) were positive for the year.
The company said that during the January-March quarter, Tata Starbucks saw sales grow by 48 percent, taking growth in FY23 to 71 percent, albeit on a pandemic-impacted basis.

Tata Starbucks added 71 new stores and entered 15 new cities during the year in FY23, the highest annual store addition ever. The total number of stores is now 333 in 41 cities.
The coffee chain is now looking to rapidly expand its presence in the coming years, the company said in a presentation to investors. “To achieve this, we are trying to increase its relevance to more consumer segments,” the company added.

In her presentation, she also mentioned that the loyalty program My Starbucks Rewards exceeded 2.3 million and saw a year-over-year increase of 100 percent.

The company emphasized that it launched its pilot program in 2022 in four cities. This included introducing familiar options to the drinks menu, adding a new 6oz ‘picco’ size to hot drinks, revamping the food menu and refurbishing store interiors.

Pilot stores have demonstrated improved operational metrics, he said, adding that these workflows will be rolled out nationally in 2023.

Tata Starbucks arrived in India in October 2012 as a joint venture between Starbucks Coffee Company and Tata Consumer Products Limited. Since then, the brand has continued to grow, even as it faces increasing competition.

www.themsmeworld.com

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