Thursday 18 August 2022

Starbucks reports 5% drop in revenue to US$6bn for Q2, same-store sales down 10%

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MILAN – Starbucks said Tuesday that its comparable sales and profits tumbled in the first quarter of the year taking a hit from COVID-19 crisis. The Seattle-based coffee chain said conditions will likely worsen in the current quarter before moderating in the company’s fiscal fourth quarter.

Starbucks reported fiscal second-quarter net income of $328.4 million, or 28 cents a share, compared with a net income of $663.2 million, or 53 cents a share, in the year-ago period.

Adjusted for international transaction and integration items, among other things, earnings were 32 cents a share, down nearly half from the prior year.

Catastrophe pay for baristas, hourly pay increases and the cost of store safety items like face coverings weighed on profits during the quarter

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