The company also warned that its fiscal third-quarter results will take an even bigger hit from the pandemic, even as sales in China begin to recover.Here's what the company reported for the quarter ended March 29:The coffee chain reported fiscal second-quarter net income of $328.4 million, or 28 cents per share, down from $663.2 million, or 53 cents per share, a year earlier.
Wall Street anticipated earnings per share of 34 cents on revenue of $5.89 billion, based on a survey of analysts by Refinitiv. Starbucks expects that same-store sales in China will decline between 15% and 25% in fiscal 2020, as sales continue to rebound in the second half of the fiscal year. About 98% of Chinese cafes have reopened and are operating under modified hours with enhanced safety protocols.
Earlier this month, the company withdrew its fiscal 2020 forecast, citing the "dynamic nature" of the coronavirus crisis. Starbucks said Tuesday it expects its fiscal third-quarter results to show steeper declines from the pandemic, given that social-distancing measures and shelter-at-home orders went into place in the U.S. near the end of March. Negative financial impacts are expected to moderate in the fiscal fourth quarter.
Is jimcramer
Come on Jim. I like your show, but these markets are dangerous for the everyday investor. This run up is so fabricated. Invest now and you will get crushed soon. jimcramer
Smart companies and countries learn from China, and stupid companies and countries learn from fighting China.
jimcramer wants his darling drug sold at Starbucks along with all the shitco shale companies he pumped the other day...
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Forbes - 🏆 394. / 53 Read more »