Starbucks Slips as China Weakness Hits Results

(Bloomberg) — Starbucks Corp. reported profit and comparable sales that trailed Wall Street’s expectations as weakness in China weighed on results, sending shares down in late trading. Executives reaffirmed confidence in the country and predicted a recovery there this year. 

Comparable sales of 5% in the quarter ended Jan. 1 were below the average estimate for 6.8% growth compiled by Bloomberg, with the Seattle-based company saying China “materially impacted” performance.