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Starbucks Shares Fell 6 Percent in Q3

The coffee company ascribes the dip to underwhelming sales in China
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Starbucks Shares Fell 6 Percent in Q3
Photography: Courtesy of Starbucks
Photography: Courtesy of Starbucks

In the most recent premarket trading, Starbucks’ (Seattle) shares fell 6 percent, according to CNBC. Starbucks cites faltering sales in China as one of the main reasons for this decline; a recent resurgence of Covid-19 in China has reportedly slowed down sales in the coffee company’s foreign markets.

Same-store sales shrank by 70 percent in China this past fiscal quarter. This news comes just a day after Starbucks announced it will be working towards raising all employee wages to $15 an hour by 2022.

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