Starbucks CEO announces 379 Teavana store closures

Starbucks CEO announces 379 Teavana store closures

Starbucks CEO announces 379 Teavana store closures

Starbucks says that it made attempts to avoid the Teavana closing decision, but that its efforts aren't likely to boost the brand. Its embrace of the digital revolution has made the coffee chain look nearly as much like a tech company as it does a food service company.

The company will continue to sell Teavana drinks in its Starbucks stores as well as bottled Teavana beverages in grocery stores.

Unifying the business under one full structure that is company operated in China reinforces the company's commitment to the Chinese market is a strong demonstration of the confidence the company has in local leadership team in the goal to move from the current count of stores of 2,800 to over 5,000 by 2021, said CEO Kevin Johnson.

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Starbucks will be acquiring the 50 per cent interest from joint venture partners President Chain Store Corporation and Uni-President Enterprises Corporation. The majority should be closed by spring 2018.

Starbucks Corp's (SBUX) shares fell more than 7 percent on Friday as its membership growth slowed in the United States, triggering concerns over the US coffee chain's ability to meet long-term growth targets. "Their digital platform and Starbucks Rewards is beginning to show stagnant growth, as it delivered 36 percent of total sales for the quarter, inline with F2Q17".

In the USA, such sales increased 5 per cent, driven largely by an increase in how much an average customer spends.

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Globally, same-store sales grew 4 per cent, which came in below analysts' consensus estimate of 4.8 per cent growth, according to Consensus Metrix.

"With (loyalty) growth continuing to slow, we fear USA same store sales are unlikely to maintain the mid-single digit range that the market has come to expect", Credit Suisse analysts said in a report.

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