Starbucks' China sales rebound while missing quarterly estimates
Starbucks missed market expectations for quarterly comparable sales, with demand for its coffees and cold drinks showing signs of tapering in North America and international markets. However, the company saw a sharp rebound in China, with comparable sales surging 46% in the third quarter. Starbucks executives expect the China rebound to last and projected average weekly sales in China to grow in the low- to mid-single digits range in the current quarter. Despite the sales miss, Starbucks topped Wall Street estimates for quarterly profit and slightly lifted its outlook for full-year earnings growth. The company also maintained its forecast for full-year comparable sales growth near the high end of a 7% to 9% range.
