Coffee chain major Starbucks Corporation (NASDAQ: SBUX) reported its financial results for the quarter ended March 31, 2020 today. The bottom line missed analysts’ expectations while the top line exceeded consensus estimates.
Starbucks posted a 51% dip in earnings for the second quarter of 2020 as the adverse impact of COVID-19 hurt the top-line by 5%. Global comparable-store sales fell 10% due to a 13% decrease in comparable transactions that were partially offset by a 4% rise in average ticket. The company experienced lost sales arising from the COVID-19 that include the effects of temporary store closures, modified operations, reduced hours, and reduced customer traffic.
The coffee company has temporarily closed about 50% of its company-operated stores in the US as well as more than 75% in Canada, Japan, and the United Kingdom. The company expects the negative financial impacts of COVID-19 to be significantly greater in Q3 than Q2 FY20 and to extend into Q4 FY20 but at a more moderate level.
Past Performance
SBUX Q1 2020 Earnings Performance
Starbucks Q4 2019 Earnings Infographic
Most Popular
Highlights of Aurora Cannabis (ACB) Q4 2020 earnings report
Aurora Cannabis, Inc. (NYSE: ACB) reported a wider loss for the fourth quarter of 2020, hurt by a 5% decrease in revenues. The company’s stock fell sharply during Tuesday’s after-hours
Infographic: Stitch Fix Q4 2020 earnings
Stitch Fix (NASDAQ: SFIX) reported fourth-quarter 2020 financial results after the closing bell on Tuesday. The company reported an 11% increase in Q4 revenues to $443.4 million, beating Wall Street
Nike Inc. (NKE) stock spikes after beating Q1 2021 estimates
Nike Inc.'s (NYSE: NKE) profit and revenue in the first quarter of fiscal 2021 surpassed the market's estimates and sent the NKE stock up by about 7% in the extended