Starbucks to add thousands of new locations in China
Shrugging off talk of a Chinese slowdown, Starbucks CEO Howard Schultz remained upbeat about the country's long-term prospects and announced plans to open thousands of new locations. While coffee culture has exploded in China recently, it remains a country of tea drinkers and this move may also pave the way for greater exposure of Teavana's brand within its stores. The company's fourth quarter revenue from Asia Pacific region totaled $652 million and more than doubled versus last year, although same store sales grew at 6% compared to analystsÂ’ estimates of 9.6%.