Starbucks to close all Teavana stores



Among its 379 stores, Teavana has several locations throughout North Texas, including one in Plano's Shops at Willow Bend and another in Frisco's Stonebriar Centre.

While closing its Teavana stores might seem like a drastic move, consumers shouldn't worry too much about Starbuck's overall well-being. When Starbucks acquired Teavana in November 2012 for $620 million, most Teavana stores were based in shopping malls.

When Starbucks acquired Teavana in 2012, it seemed like a ideal marriage for the king of coffee chains to apply their successful model to the already successful Teavana brand. "Typically leases have escalation clauses". But the frequency of customer visits was flat from a year ago. This versatile strategy may have helped the company increase its sales by 9.4% during its first quarter of 2017.

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Starbucks plans to launch Teavana-branded packaged tea in grocery channels by the end of fiscal 2018.

Johnson dismissed the idea that such promotions affect Starbucks, saying that the "value players" are competing in a different segment.

In its Asia unit, Starbucks' sales rose just 1 percent at established locations during the three-month period. Earlier on Thursday, the company also announced that it would be spending $1.3 billion to purchase the remaining 50% of its joint venture business in China, according to a Chicago Tribune report.

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Unlike in the United States, though, Starbucks' ambitions in China aren't rooted exclusively in physical coffeeshop locations-be they standalone stores or shopping mall spots.

Last year, it generated $8 billion in global revenues.

During the last quarter, Starbucks reported a net profit of 691,6 million U.S. $ on total revenues of 5,66 billion US$.

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The company trimmed its adjusted earnings per share forecast to between $2.05 and $2.06 per share.

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