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		</div><p>Longtime Starbucks leader Howard Schultz is stepping down from the company’s board of directors, the coffee chain announced.</p>
<p>Mr Schultz is credited with transforming the Seattle-based business into the coffee giant it is known as today.</p>
<p>His departure from the board is “part of a planned transition”, the company said.</p>
<p>In a prepared statement, Mr Schultz said his “gratitude to (Starbucks employees) and the millions of stakeholders and customers that have helped Starbucks endure is beyond measure”.</p>
<p>He added that he looks “forward to supporting this next generation of leaders to steward Starbucks into the future as a customer, supporter and advocate in my role as chairman emeritus”.</p>
<p>After purchasing Starbucks in 1987, Mr Schultz headed the company as chief executive until 2000 and again between 2008 and 2017.</p>
<p>He later came out of retirement to return as interim chief executive while the company searched for a new chief executive last year – but bid farewell to that title after Laxman Narasimhan officially took the reins in March.</p>
<p>Also on Wednesday, Starbucks announced that Wei Zhang, who most recently served as senior adviser to e-commerce company Alibaba Group, has been elected to the board effective from October 1.</p>
<p>For its third fiscal quarter ended in July, Starbucks reported record revenue – with same-store sales (or sales at stores open at least a year) notably jumping 46% in China, reversing last year’s declines due to Covid restrictions.</p>
<p>Still, the chain’s revenue and same-store sales were lower than expected as North American store traffic slowed.</p>
<p>The Seattle-based coffee giant said its overall revenue for the period rose 12% to 9.2 billion dollars (£7.36 billion) in the quarter – slightly under analysts’ expected revenue of 9.3 billion dollars (£7.44 billion), according to FactSet.</p>
<p>Meanwhile, the company’s net income rose 25% to 1.1 billion dollars (£880 million), or 99 cents per share.</p>
<p>Excluding restructuring costs, the company earned one dollar per share – higher than the 95 cents analysts forecast.</p>
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