Starbucks misses Q1 China sales estimates despite growth
02/01/2024 01:04
Starbucks (SBUX) shares tick slightly down following the release of its first-quarter earnings, which missed same-store sales estimates for China. Sales at Chinese locations rose 10%, below Wall Street forecasts of 16% growth. In addition, average ticket size in China dropped 9% year-over-year. Starbucks attributed the decline to shifting consumer patterns in China, where customers have become more value-conscious amid a weakening economy. Yahoo Finance's Brooke DiPalma breaks down the details. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith
Starbucks (SBUX) shares tick slightly down following the release of its first-quarter earnings, which missed same-store sales estimates for China. Sales at Chinese locations rose 10%, below Wall Street forecasts of 16% growth.
In addition, average ticket size in China dropped 9% year-over-year. Starbucks attributed the decline to shifting consumer patterns in China, where customers have become more value-conscious amid a weakening economy.
Yahoo Finance's Brooke DiPalma breaks down the details.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Angel Smith