Starbucks reported profit and comparable sales that trailed Wall Street's expectations as weakness in China weighed on results, sending shares down in late trading. Executives reaffirmed confidence in the country and predicted a recovery there this year.
Starbucks Corp. reported profit and comparable sales that trailed Wall Street's expectations as weakness in China weighed on results, sending shares down in late trading. Executives reaffirmed confidence in the country and predicted a recovery there this year.
The world's second-largest economy, where Starbucks is betting big, has proven to be a tough market for the company in recent years as on-and-off COVID restrictions and spikes in cases have hurt mobility. Comparable sales in China fell 29 per cent, compared to analysts' average estimate for a 13 per cent decline. That pushed international comparable sales to a 13 per cent drop, deeper than the estimated 3.9 per cent decline.
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