Starbucks swings to a loss as cafe closures, pandemic costs weigh on profits
A Starbucks Coffee in Harlem is closed, as retail sales suffer record drop during the outbreak of the coronavirus disease (COVID-19) in New York, April 15, 2020.
Bryan Smith | Reuters
But the company appears optimistic about the future, raising the outlook for its adjusted earnings for the fiscal fourth quarter. Shares of the company rose more than 2% in extended trading.
Here’s what the company reported for the quarter ended June 28 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Loss per share: 46 cents, adjusted, vs. 59 cents expected
- Revenue: $4.22 billion vs. $4.07 billion expected
The global coffee chain reported fiscal third-quarter net loss of $678.4 million, or 58 cents per share, …continued .
[Source: CNBC News]