Starbucks announced today that it will close all Teavana stores.

Starbucks today announced revenue for the last quarter, which was in line with analysts' expectations, but Starbucks predicted that business would be a bit sluggish this quarter and announced that it would close 379 Teavana stores nationwide by the spring of 2018.

The announcement comes after Starbucks announced a major decision to buy a 50 per cent stake in its business in eastern China from its partners, which would cost $1.3 billion and would be Starbucks' biggest acquisition. Starbucks' net income fell to about $690 million, or 47 cents a share, last quarter. In the same period a year ago, Starbucks' net income was about $750 million, or 51 cents a share. Although Starbucks' revenue met expectations this time, both the retail and restaurant industries in the United States are going through a cold winter due to pressure from non-traditional competitors. In terms of overall sales, Starbucks's overall sales rose 5% last quarter compared with the same period last year, and traffic rebounded in the last quarter after three consecutive quarters of continuous decline. In china, sales at Starbucks stores rose 7% last quarter compared with the same period last year.

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