Starbucks has presented its quarterly figures: Although revenues and operating profit have increased, investors were disappointed. The reason is the cafe chain’s business in China.
Business is flourishing at Starbucks, the world’s largest café chain – but not in the important foreign market of China.
In the three months to the end of September, the company increased its revenues year-on-year by 31 percent to 8.1 billion dollars (6.9 billion euros), as it announced after the US market closed. Operating profit rose 165 percent to $ 1.5 billion.
The annual report was still badly received by investors – the share reacted after the trading hours with significant price losses. Because while Starbucks benefited from the recovery from the pandemic almost around the world, a new corona wave in China caused lockdowns there again. In Starbucks’ largest growth market, this led to a seven percent decline in like-for-like sales.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
