Starbucks rallies after reopening almost 600 stores in China
yorkfoto/E+ via Getty Images

Starbucks Corporation (NASDAQ:SBUX
+4.1%) announced that it has reopened almost 600 of the 940 stores it operates in China.
The positive development follows the near total lockdown in Shanghai due to COVID and mobility restrictions in Beijing.
"We will continue to reopen the rest of our store portfolio. With most of our stores providing mobile ordering only, we are also working with the local authorities to gradually resume indoor dining as soon as possible," read a company statement.
During Starbucks' (SBUX) last earnings conference call, interim CEO Howard Schultz said he is convinced the coffee chain's business in China will be eventually larger than our business in the U.S. However, the company also acknowledged that it has virtually no ability to predict the performance in China during the back half of this year.
Starbucks earnings call transcript.