Thursday, June 11, 2020

Starbucks sees $3.2 billion coronavirus hit, expands new ‘pickup’ cafe format

Seattle Times
Starbucks expects the coronavirus pandemic to reduce sales this quarter by as much as $3.2 billion, dragging down the coffee chain’s performance as it sees a recovery stretching into next year.

The Seattle-based company, which like other restaurants has had a difficult time offering guidance, said Wednesday it expects to report an adjusted loss of 55 to 70 cents a share when it next releases earnings. Operating income will decline as much as $2.2 billion in the period, the company said in a statement.. . . more