Starbucks takes $3 billion hit to revenue during pandemic
Wednesday, 10 June 2020 ()
Starbucks took a virus-related revenue hit potentially exceeding $3 billion in its third quarter.
The brewer said in a regulatory filing Wednesday that the virus outbreak also slashed its operating income between $2 billion and $2.2. billion as the virus raged.
Starbucks was forced to close its stores to customers, but continued to operate pick-up and other services in most locations. The Seattle company said 95% of U.S. company-run stores are in operation at varying levels of service, just slightly lower than operations globally.
Starbucks provided a preliminary estimate for a third-quarter adjusted loss of about 55 cents to 70 cents per share. Analysts polled by FactSet predict a loss of 16 cents per share.
Shares fell nearly 3% before the opening bell.