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.
Target Corporation (NYSE: TGT) reported fourth-quarter 2020 financial results before the opening bell today. The department store chain reported Q4 revenue of $28.3 billion, up 21% year-over-year and higher than
Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per
Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus