Starbucks misses sales estimates on China COVID curbs, suspends guidance

Comparable sales in China, where the chain has rapidly expanded in recent years to tap rising coffee consumption, declined 23%, overshadowing 12% growth in North America.

NEW YORK: Starbucks Corp suspended its guidance for the rest of its fiscal year on Tuesday as sales growth missed Wall Street targets due to China's tough COVID-19 curbs.

Comparable sales in China, where the chain has rapidly expanded in recent years to tap rising coffee consumption, declined 23%, overshadowing 12% growth in North America.