Starbucks CEO Says Airport Cafe Closures, Low Traffic to Offices Weighed on Chinese Sales – NBC 5 Dallas-Fort Worth


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Reduced international travel and low traffic to office buildings weighed on Starbucks' same-store sales in China, according to CEO Kevin Johnson. The coffee chain reported Tuesday that its same-store sales in China shrank by 14% in its fiscal first quarter. Goldman Sachs downgraded the stock to neutral, citing the uncertain timeline for China's recovery and higher costs weighing on the company's profits. Reduced international travel and low traffic to office buildings weighed on Starbucks' same-store sales in China, CEO Kevin Johnson said Wednesday. "Our stores that are in airports in the international travel terminals are closed, so clearly that's weighing...