New Delhi: Coffee Chain Operator Tata Starbucks Limited has reported 76 per cent growth in revenue to Rs 636 crore for 2021-22 and has “significantly” reduced its net loss driven by normalization of operations following the easing of COVID-related restrictions.
According to the latest annual report of Tata Consumer Products Limited (TCPL), its revenue growth was led by existing stores and new stores added during the financial year ended March 31, 2022.
Sharing details of the performance of its JV, TCPL said, “The revenue from the operation was Rs 636 crore, an increase of 76 per cent and the net loss declined significantly.”
However, it did not specify a net loss for FY22.
It “saw a strong recovery since reopening after the second wave of the pandemic” and accelerated its store openings during the year with 50 new stores, the highest number of store openings in a year.
The company now has 268 stores in 26 cities.
Formed in 2012, Tata Starbucks There is a 50:50 joint venture between Starbucks Corporation and Tata Consumer Products Limited (TCPL), the FMCG arm of the Tata Group.
“During the financial year 2021-22, the company has invested Rs 86 crore in equity capital,” TCPL said.
“As COVID restrictions eased during the year, a strong sequential recovery of sales was achieved and 50 new stores were added with expansion in 8 new cities. The new stores are a mix of historic store openings, such as the Golden Temple complex in Amritsar , jio world drive Bandra Kurla Complex in Mumbai and Brahmaputra Riverfront in Guwahati and small footprint stores,” it said.
In addition, the loyalty program My starbucks The Rewards member base saw an increase of 21 percent last year. It has a loyalty base of around 1.1 million customers.
“Tata Starbucks focused on innovation, digital and deep customer connections to navigate this pandemic and make the Starbucks experience as engaging and personal as ever,” it added.
Its delivery vertical is performing well even after the easing of dine-in restrictions.
“The business was able to deliver breakeven at the operating profit before depreciation and amortization (EBITDA) level,” it said.
As Covid restrictions were eased during the year, Tata Starbucks saw a strong sequential recovery of sales in the business and by March, the store operations index reached 95 per cent, it said.
“We also saw an increase in the average daily transactions across our distribution channel with restrictions in place, and levels stabilizing to higher pre-Covid versus pre-Covid levels as restrictions eased,” the company said.
According to the latest annual report of Tata Consumer Products Limited (TCPL), its revenue growth was led by existing stores and new stores added during the financial year ended March 31, 2022.
Sharing details of the performance of its JV, TCPL said, “The revenue from the operation was Rs 636 crore, an increase of 76 per cent and the net loss declined significantly.”
However, it did not specify a net loss for FY22.
It “saw a strong recovery since reopening after the second wave of the pandemic” and accelerated its store openings during the year with 50 new stores, the highest number of store openings in a year.
The company now has 268 stores in 26 cities.
Formed in 2012, Tata Starbucks There is a 50:50 joint venture between Starbucks Corporation and Tata Consumer Products Limited (TCPL), the FMCG arm of the Tata Group.
“During the financial year 2021-22, the company has invested Rs 86 crore in equity capital,” TCPL said.
“As COVID restrictions eased during the year, a strong sequential recovery of sales was achieved and 50 new stores were added with expansion in 8 new cities. The new stores are a mix of historic store openings, such as the Golden Temple complex in Amritsar , jio world drive Bandra Kurla Complex in Mumbai and Brahmaputra Riverfront in Guwahati and small footprint stores,” it said.
In addition, the loyalty program My starbucks The Rewards member base saw an increase of 21 percent last year. It has a loyalty base of around 1.1 million customers.
“Tata Starbucks focused on innovation, digital and deep customer connections to navigate this pandemic and make the Starbucks experience as engaging and personal as ever,” it added.
Its delivery vertical is performing well even after the easing of dine-in restrictions.
“The business was able to deliver breakeven at the operating profit before depreciation and amortization (EBITDA) level,” it said.
As Covid restrictions were eased during the year, Tata Starbucks saw a strong sequential recovery of sales in the business and by March, the store operations index reached 95 per cent, it said.
“We also saw an increase in the average daily transactions across our distribution channel with restrictions in place, and levels stabilizing to higher pre-Covid versus pre-Covid levels as restrictions eased,” the company said.