Starbucks lLoses Less Than Expected, Cuts Revenue By RM 13 Billion Due To Epidemic

( Seattle, 29th July 2020 ) Coffee chain group Starbucks announced that due to the impact of the new crown pneumonia pandemic, the adjusted loss per share for the third quarter ended June 28 was 46 US cents, which was less than the expected loss of 59 US cents; revenue; It fell 38% to US$4.22 billion, beating expectations of US$4.07 billion.

After the announcement, Starbucks stock price rose more than 2% in the aftermarket period. The group estimates that the epidemic caused a loss of US$3.1 billion (RM13 billion) in revenue last quarter.

Johnson & Johnson, the company's chief executive officer, said that the global business is recovering and most of the stores have reopened. According to the announcement, Starbucks’ global same-store sales revenue fell by 40% in the last quarter, while the US market fell by 41%, which was better than expected 42.05% and 42.82% declines.

The group disclosed that it resumed its plans to open new stores in China and the American markets.

**Info & Image are taken online