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Starbucks coronavirus recovery begins as most stores reopen globally
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Shares of Starbucks have surged more than 5 percent in after-hours trading as 97 percent of its company-operated stores around the world have reopened, including 99 percent of stores in China and 96 percent in the United States.
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Approximately 87 percent of the company's licensed stores around the world are open, with temporary closures still in place for locations at airports, colleges and universities within the U.S. and Canada.
"As we continue to drive the recovery, we are also building resilience for the future by accelerating the transformation of our business in ways that will elevate the customer and partner experience and drive long-term growth," Starbucks president and CEO Kevin Johnson said in the company's third-quarter earnings press release.
Johnson added that the company is positioned to regain the positive business momentum it had before the pandemic.