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A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California.
Lucy Nicholson | Reuters
Starbucks on Thursday reported quarterly earnings and revenue that fell short of analysts’ expectations as weak international demand weighed on its results.
In China, the company’s second-largest market, transactions at cafes open at least 13 months plunged 28%. During the quarter, the Chinese government relaxed its zero Covid policy, which led to new outbreaks of the virus. Outgoing CEO Howard Schultz said that more than 1,800 of its 6,090 Chinese locations were closed at the peak of the latest Covid wave.
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Source cnbc.com
