
Specialty coffee retail giant Starbucks Corporation (SBUX) missed its quarterly comparable store sales growth estimates for the third quarter of fiscal 2023 (ended July 2). The company reported a comparable sales growth of 10%, compared to the analysts’ estimate of 11.8%.
SBUX experienced a surge in sales in China, although the U.S. and other international markets showed signs of a slowdown. However, competition in China is also intensifying. Hence, to attract more customers in the country, the company launched a smaller size cup across its 6,500 stores.