Chagee's Improving Same-Store Sales Signal 3Q Recovery
Dow Jones
8 hours ago
0414 GMT - Chagee's improving same-store sales in July and August are likely to increase investors' confidence in the management's earlier guidance for a turnaround in 3Q, Jefferies analysts say in a note. The Chinese tea chain's 2Q same-store sales dropped 16.1% in China and 15.1% in overseas markets. However, the analysts say that Chagee's same-store sales decline narrowed to a low-single digit in July, while they may post growth in August. Jefferies has a hold rating on the stock and a target price of $11.80. The American depositary receipts closed at $10.80 on Friday.
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