In the second quarter of 2024, Starbucks China's revenue was US$734 million, down 11% year-on-year; same-store sales fell 14%, and same-store transaction volume and customer unit price both fell 7%. This is the second consecutive quarter that Starbucks China's revenue and same-store sales have fallen.

In the early morning of July 31, 2024, Beijing time, Starbucks (NASDAQ: SBUX) released the third quarter of fiscal year 2024 (i.e. the second quarter of natural year 2024) financial report showing the above information.

"China is one of our most significant international challenges," Starbucks CEO Laxman Narasimhan said at the earnings conference. The company continues to face more cautious consumer spending and intensified industry competition in China. "In the past year, unprecedented store expansion and large-scale price wars at the expense of same-store sales and profitability have caused serious damage to the business environment."