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Fri January 25, 2013
Starbucks profit, sales rise, boosted by Asian demand
Starbucks says profit in its most recent quarter climbed 13 percent as the coffee giant benefits from a big push into Asia.
Starbucks now has 100 stores in Beijing alone, and plans to open about 300 more in China this year.
R.J. Hottovy is an analyst with Morningstar. He says even though China’s economy may be slowing, the country's rising middle class is a boon to Starbucks.
"As we’re finding more and more discretionary income among the middle to upper income consumer, Starbucks is becoming a destination for the Chinese consumer," Hottovy said.
He says the company has done a good job of introducing coffee to a traditionally tea-drinking culture by making its cafes appealing gathering spots. He says Starbucks has also managed to weather a rocky economy in the U.S.