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Net sales rose 14.5% to $7.64 billion, topping expectations of $7.6 billion by analysts surveyed by Refinitiv. Same-store sales climbed 12% in the US.

Starbucks suspends outlook for 2022 amid lockdowns in China

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

By Shubhangi Mathur
Published - May 04, 2022, 01:41 AM ET
Last Updated - Feb 26, 2024, 07:16 AM EST

• 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.

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