Starbucks shares fall after coffee chain warns US cafe closures to deal hefty blow to earnings
The company also warned that its fiscal third-quarter results will take an even bigger hit from the pandemic, even as sales in China begin to recover.
Shares of the company fell more than 1% in extended trading.
Here’s what the company reported for the quarter ended March 29:
- Earnings per share: 32 cents, adjusted
- Revenue: $6 billion
The coffee chain reported fiscal second-quarter net income of $328.4 million, or 28 cents per share, down from $663.2 million, or 53 cents per share, a year earlier.
Excluding items, Starbucks earned 32 cents per share, down nearly half from the prior year. Catastrophe pay for baristas, hourly pay increases and the cost of store safety items like face coverings weighed on profits during the quarter.
Net sales …continued .
[Source: CNBC News]