Quarterly figures
Starbucks is growing vigorously – but China problems are weighing on
Business is flourishing at the US coffee house chain Starbucks. Photo: Jens Kalaene / dpa-Zentralbild / dpa
© dpa-infocom GmbH
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.