Shares of the company, which operates 4,292 stores in China, fell 1 percent in extended trading. Currently about half of its stores are shuttered in China, which makes up about 10 percent of global revenue. Starbucks’ China rival, Luckin Coffee Inc (瑞幸咖啡), has said it would keep stores closed in Wuhan throughout the Lunar New Year holidays. Total net revenue rose 7 percent to US$7.1 billion, largely in line with analysts’ average estimate of US$7.11 billion. Net earnings attributable to the company rose to US$885.7 million, or US$0.74 per share, from US$760.6 million, or US$0.61 per share, a year earlier.

Source: Taipei Times January 29, 2020 15:56 UTC