Starbucks expects Q3 sales to fall by $3 billion to $3.2 billion due to the coronavirus pandemic.
Starbucks Corp. said Wednesday that it expects losses in the fiscal third-quarter, but has seen sales improvements around the world as cities open up, forecasting a full-year profit.
Starbucks SBUX, -4.07% says its business results will see a greater impact from the coronavirus pandemic in the third quarter versus the second as the company was affected for a longer duration during Q3 in markets outside of China. Full-year net EPS is expected to be 33 cents to 73 cents, and the coffee company is guiding for adjusted EPS of 55 cents to 95 cents. The FactSet consensus is for $1.36.
In China, same-store sales fell 14% for the last week of May, showing continued improvement, after falling 32% in April. Starbucks resumed opening new stores in China at the end of March, with 57 new locations opening their doors in April and May. Starbucks now expects to open 300 net new stores in the U.S. in fiscal 2020, down from 600 originally. The company will close up to 400 stores as part of a repositioning in the U.S. that will include a new store format designed for “on-the-go” urban markets. They’ll be located near traditional cafes that include seating, to reduce crowding.These new Starbucks PickUp locations have been tested in New York City and Toronto and are designed for mobile orders.
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