Starbucks misses sales estimates on China COVID curbs, suspends guidance

Published by
Reuters

By Praveen Paramasivam and Hilary Russ (Reuters) -Starbucks Corp suspended its guidance for the rest of its fiscal year on Tuesday as sales growth missed Wall Street targets due to China’s tough COVID-19 curbs. 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. China’s strict lockdown measures to meet its zero-COVID policy have upended operations of most global companies that have a significant presence in the Chinese market, including Apple, Gucci-parent Kering and Taco Bell…

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