Starbucks says China on path to reintroducing normalcy

Expects consumer activity in China to accelerate. Says China stores open and unrestricted. Saw sequential improvement in January. Says "confident" in FY guidance despite China. Says Q1 strength in North America continued into Q2. Says "on plan" to have 9,000 stores in China by end of 2025. Says "huge consumer demand in China is waiting to be unleashed." Expects 2H23 in China stronger than 1H23. Says still in "early chapters" of growth story in China. Schultz expects to visit China in the Spring. Comments taken from Q1 earnings conference call.