Starbucks predicts a 50% sales drop in China because of coronavirus

Starbucks is expecting significantly lower sales in its Chinese stores in the second quarter because of the deadly coronavirus. In February, sales at stores open at least 13 months in China dropped 78% compared to the prior year because of temporary store closures, reduced hours of operation and a sharp decline in customer traffic, CEO Kevin Johnson and CFO Patrick Grismer noted in a letter to stakeholders Thursday. The disruption means that Starbucks has had to significantly adjust its second-quarter outlook in China.

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