Starbucks Misses Sales Estimates on China COVID Curbs, Suspends Guidance
Comparable sales in China, where the chain has rapidly expanded in recent years to tap rising coffee consumption, declined 23%, overshadowing 12% growth in North America.
Starbucks CEO Says Airport Cafe Closures, Low Traffic to Offices Weighed on Chinese Sales
Reduced international travel and low traffic to office buildings weighed on Starbucks’ same-store sales in China, according to CEO Kevin Johnson.