Starbucks says China business is recovering, but second-quarter will take hit to sales from coronavirus closures

  • 📰 CNBC
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 72%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Starbucks says China business is recovering after coronavirus closures, details hit to sales

Starbucks said store closures in China due to the coronavirus outbreak are likely to result in a 50% decline in its same-store sales in China during its fiscal second quarter.

However, it said that it was seeing signs of a pickup in its business in China, and it hasn't yet detected any slowdown in the U.S. Shares of the company fell less than 1% in extended trading. Prior to the coronavirus outbreak, Starbucks predicted China's second-quarter same-stores sales growth would be about 3%. However, the widespread COVID-19 outbreak, which begain in China, forced Starbucks to close the majority of its stores at the beginning of February.The company stated that more than 90% of its stores in China are now open but are operating under elevated safety protocols, including minimal cafe seating.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Who was asking?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines