:Starbucks Corp missed Wall Street expectations for quarterly comparable sales on Thursday, as persistent weakness in the coffee chain's China business offset strong sales in the North American market. Shares of the Seattle, Washington-based company slid about 3 per cent to $106.34 in extended trading.
:Starbucks Corp missed Wall Street expectations for quarterly comparable sales on Thursday, as persistent weakness in the coffee chain's China business offset strong sales in the North American market.
While China has largely abandoned its zero-COVID policy and began reopening in early December, customer traffic at Starbucks still remained weak owing to widespread COVID-19 outbreaks in the country. Wall Street analysts have said near-term trends in China are bound to be choppy. However, the lifting of restrictions could benefit Starbucks heading further into the year, boosted also by its pricier cold drinks and growing loyalty program.
Global comparable sales at Starbucks rose 5 per cent, compared with analysts' average estimate of a 6.75 per cent rise, according to Refinitiv IBES data.
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