Home Coffee companies Coffee Chains Starbucks rep...

Starbucks reports 3Q revenue down 38% YoY to $4.2 billion and net loss of $678.4 million

Starbucks Black Lives Matter

MILAN – Starbucks reported Tuesday its heaviest earnings-per-share loss in more than a decade, due to the devastating impact of the COVID-19 pandemic, and the ensuing lockdowns that kept customers out of stores

The coffee chain on Tuesday reported a net loss of $678.4 million, or $0.58 per share, during its fiscal third quarter ended June 28, largely due to the negative impacts of the coronavirus. Starbucks revenue declined 38% from the same period in the prior year to $4.2 billion.

This compares to year-ago revenues of $6.82 billion. Global same-store sales — a key gauge of restaurant performance — fell 40 per cent in the quarter.

Still, the company’s earnings were somewhat ahead of what Wall Street had expected. Shares of the company rose more than 6% in extended trading.

Dear Reader,
you are not required to purchase anything for certain limited use of Comunicaffe International.
However, if you do not purchase a subscription, your access to our contents will be limited.
For further information about our subscriptions please visit the subscription page.

 

If you are already subscribed please type here your credentials: