Starbucks’ Revenue in China Plunges Amid Covid Curbs

Starbucks Corp. reported a staggering 40% year-on-year decline in quarterly revenue from China, reflecting the damage that the Covid-19 pandemic has done to its second-largest market as its profit took a beating.

In the fiscal third quarter ending July 3, the Seattle-based coffee giant took in $545 million in revenue in China, where nearly 16% of its stores are located, according to the company’s earnings report released Tuesday.