Starbucks expects comparable sales in China to plunge, shares fall [Toronto Globe and Mail (Ontario, Canada)]
Starbucks Corporation (SBUX)
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Source: Toronto Globe and Mail
Starbucks expects comparable sales in China to plunge, shares fall A man wearing a mask walks in front of a shuttered Starbucks as the spread of the COVID-19 outbreak continues in the Manhattan borough of New York, on April 27, 2020. LUCAS JACKSON/Reuters A man wearing a mask walks in front of a shuttered Starbucks as the spread of the COVID-19 outbreak continues in the Manhattan borough of New York, on April 27, 2020. Starbucks Corp. said on Tuesday it expects comparable sales in China to decline between 25 per cent and 35 per cent in the current third quarter, hurt by the novel coronavirus pandemic that has forced it to close stores and limit operations. The company’s shares fell about 2 per cent in extended trading. Restaurant chains across North America have felt the impact of lockdowns spurred by the new coronavirus. In China, Starbucks’ biggest growth market, stores were closed for most of the second quarter while restaurants in the United States moved to a pick-up and delive
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