Starbucks closes more than half of its China stores amid coronavirus

In announcing first quarter sales that topped Wall Street’s expectations, the coffee giant said that the virus’ spread forced it to shutter more than half of its 4,100 stores in its second-largest market — the impact of which is expected to show up next quarter.

China is Starbucks’ second-largest market, but also its fastest growing. The company plans to “monitor and modify the operating hours” in other stores, as the disease’s toll continues to mount, and more cases are discovered worldwide.

“As events unfold, we will be transparent with all stakeholders in communicating how we are responding to these extraordinary circumstances and the implications for our near-term business results,” CEO Kevin Johnson said in a statement. (MORE)