Starbucks faces more competition from local beverage brands in China, its biggest market outside the U.S.

Starbucks said quarterly same-store sales growth of 91% in China — up from a contraction last year — missed expectations.

"Entry of new competitors to the specialty coffee market in China" was one of the business risks Starbucks listed in its annual report filed in November.A man wearing a face mask walks past a deliveryman as he waits outside a Starbucks store as the country is hit by an outbreak of the new coronavirus, in Beijing, China February 7, 2020.

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