May 22, 2022

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Starbucks Misstates Sales Estimates Due to COVID

May 3, 2022 | 4:08 PM

Starbucks I mentioned on Tuesday Quarterly sales to Expectations below From Wall Street, since strict restrictions by COVID-19 in China It affected sales in the country and clouded its strong performance in the US market.

The company shares They rose 1.8% in after-hours trading after their results were announced.

The Similar sales in ChinaStarbucks has expanded rapidly in recent years to take advantage of increased coffee consumption. decreased 23%.

In addition, the Strict lockdown measures in the country To comply with its policy Zero COVID It disrupted the operations of most global companies that have a large presence in the Chinese market, including manzanaowner of Gucci and Kering and owner of Taco Bell, Yum China.

The global sales Starbucks peers, who recently brought back the former CEO Howard Schulze To lead the company when workers are in many cafeterias guildsrose 7% in the second quarter, when analysts polled by Refinitiv expected 7.1% growth.

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