• Same-store sales in China sank 23% as several stores in the country are temporarily closed
Starbucks Corp (NASDAQ: SBUX) on Tuesday suspended its outlook for fiscal 2022 amid sharp decline in sales in China due to Covid-19 lockdowns.
Same-store sales in China sank 23% in the quarter as several stores in the country are temporarily closed. China, which is the second-largest market of the company, has been experiencing an outbreak of Covid-19 cases.
Results for the quarter were in line with Wall Street expectations due to strong demand in the US.