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.
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