Starbucks quarterly revenue falls on weak traffic in US and China

Starbucks’ revenue fell 1% in the April-June period as customer traffic weakened in the U.S. and China. But the Seattle coffee giant expressed optimism Tuesday that successful new products and improvements in efficiency will help turn things around. Starbucks reported revenue of $9.1 billion for its fiscal third quarter. That was slightly lower than the $9.2 billion Wall Street anticipated. Starbucks said global same-store sales — or sales at locations open at least a year — fell 3%. Same-store sales in China plunged 14% as the company struggled to compete with lower-priced rivals. U.S. same-store sales fell 2%.