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Starbucks sees rare fall in profits in China in 3rd quarter

(CRI Online)    15:40, August 01, 2018

According to news portal 163.com, Starbucks in China reported a 7.6 percent decline in profit in the 3rd quarter, said to be the first fall in profit for the company in the China market in nine years. Starbucks has so far not commented on its financial performance in China, said 163.com.

China's boom in coffee delivery services, as well as various ready-to-drink teas, are considered a major challenge to Starbucks in China, said Zhu Danpeng, a researcher with the China Brand Value Research Institute.

In the 3rd quarter, Starbucks revenues totaled 6.3 billion U.S. dollars, up 11 percent over last year. Growth was largely driven by the addition of new stores, particularly in China. China is reportedly the company's second largest market, surpassed only by the United States.

Despite its relatively poor performance in the 3rd quarter, Starbucks remains optimistic about its future development in the China market.

"We believe that the current situation is only temporary, and we have full confidence in the future of the Chinese market. With the development of a series of innovative initiatives, we believe that the development of the Chinese market will soon return to the right track," the company told 163.com on Wednesday.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Liang Jun, Bianji)

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