In the three months ending on July 2, sales at Chinese locations open at least 13 months spiked 46% year-over-year, the company said Tuesday. China has been a key growth driver for Starbucks. But the company’s business in China — the world’s second-biggest economy — was hampered by the country’s strict Covid restrictions. Starbucks sales in China took a major hit last spring.
” Narasimhan pointed to the company’s vertical integration and “locally relevant innovation,” which “has won over customers in what has historically been a tea-drinking culture,” as competitive advantages. In China, the average person drinks about 12 cups of coffee per year, he said. That’s far lower than consumption in other markets. In Japan, each person drinks an average of about 200 cups of coffee per year, and in the US that number is 380 cups, he said. China, which has a population of 1.
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Starbucks beats earnings estimates, but sales disappoint despite China boomStarbucks stock has risen just 1.5% this year, giving the company a market value of $115 billion.
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