Morning Briefing Asia

Starbucks Suspends Its Guidance After Sales Plunge

Starbucks India CEO Sushant Dash Interview — Photographer: Abeer Khan/Bloomberg

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By Alison Ciaccio and Samantha Stewart

October 22, 2024 at 9:42 PM UTC

Good morning. Starbucks sales slumped again, sending its share price lower. China’s electric vehicle exports to Europe soar ahead of incoming levies. And Louis Vuitton put a twist on its handbag for women on the go. Listen to the day's top stories.

It’s another sales slump for Starbucks. The coffee chain’s shares fell when it pulled guidance for 2025 after same-store sales plunged for a third consecutive quarter, this time down 7%. The preliminary earnings release shines a spotlight on the scope of problems facing new CEO Brian Niccol. McDonald’s shares plunged after its Quarter Pounders were linked to an E. coli outbreak in the US, sickening 49 people and killing one.