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The tea party is over: Starbucks to close all Teavana locations
29 July 2017, 12:55 | Lionel James
Starbucks is closing Teavana stores in Baton Rouge and Metairie as it shutters all 379 locations worldwide in the upcoming year in a shift by the coffee giant away from locations based in shopping malls.
Submit your Newswire tips here. More than a dozen stores have closed at the almost 3-year-old, $315 million mall since its grand opening in October 2014.
"Innovation is key, and we continue to innovate around tea, just this month introducing Teavana Infusions, a flavor platform made from real fruits and botanicals that strengthens our lineup of healthy, less indulgent, premium cold beverages", CEO Kevin Johnson said during the company's Q3 earnings call Thursday, reiterating the company's commitment to offer non-coffee beverages.
The chain, which Starbucks bought in 2012 for $620 million, has about 3,300 employees. Dunkin' Donuts said earlier in the day that customer traffic fell again at its established USA locations.
Starbucks is making moves over in China at the moment. This versatile strategy may have helped the company increase its sales by 9.4% during its first quarter of 2017.
Starbucks said earlier on Thursday that it plans to make another major investment in China.
Net income at Starbucks in the third quarter ended July 2 totaled $691.6 million, equal to 47c per share on the common stock, down 8% from $754.1 million, or 51c per share, in the same period a year ago. But that was still less than analysts expected.
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