Starbucks posts loss as coronavirus bites, but stock pops on 'steadily recovering' business

Starbucks saw its fiscal third-quarter revenue plunge by 38% year-over-year, as the coffee giant was unable to avoid the devastating impact of the COVID-19 pandemic, and the ensuing lockdowns that kept customers out of stores.

For the fiscal quarter ended June 28, the closely-followed comparable-store sales dived 40% globally, compared to forecasts for a decline of 42.8%, according to Bloomberg estimates. In the U.S., same-store sales dropped 40%, while international sales were down 37%. In China, comparable store sales were down 19%.

“As we continue to drive the recovery, we are also building resilience for the future by accelerating the transformation of our business in ways that will elevate the customer and partner experience and drive long-term growth,” Johnson said. Elsewhere, during the fiscal third-quarter, 90-day active users on the Starbucks Rewards app in the U.S. fell to 16.3 million, down 5% year-over-year. However, during the earnings call with analysts, Johnson emphasized that “digital it a competitive advantage” for the company.

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