Starbucks takes $3 billion hit to revenue during pandemic

Starbucks continues to cut back during the coronavirus pandemic; Hollywood gets ready for its close up

Fox Business Briefs: Starbucks will continue to cut employee hours after it decided to keep most of its dining rooms closed during the coronavirus pandemic; Hollywood task force submits report on how to safely resume production.

Starbucks took a virus-related revenue hit potentially exceeding $3 billion in its third quarter.

Continue Reading Below

The brewer said in a regulatory filing Wednesday that the virus outbreak also slashed its operating income between $2 billion and $2.2. billion as the virus raged.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Starbucks was forced to close its stores to customers, but continued to operate pick-up and other services in most locations. The Seattle company said 95% of U.S. company-run stores are in operation at varying levels of service, just slightly lower than operations globally.

TickerSecurityLastChangeChange %
SBUXSTARBUCKS CORPORATION78.83-3.54-4.30%

STARBUCKS TRANSFORMING STORES FOR POST-CORONAVIRUS WORLD: HERE'S WHAT TO EXPECT

Starbucks provided a preliminary estimate for a third-quarter adjusted loss of about 55 cents to 70 cents per share. Analysts polled by FactSet predict a loss of 16 cents per share.

Shares fell nearly 3% before the opening bell.

CLICK HERE TO READ MORE ON FOX BUSINESS

Source: Read Full Article