STARBUCKS TAKES $3 BILLION HIT TO REVENUE DURING PANDEMIC

AppleMagazine|June 12, 2020

STARBUCKS TAKES $3 BILLION HIT TO REVENUE DURING PANDEMIC
Starbucks expects to lose more than $3 billion in revenue in its fiscal third quarter due to the new coronavirus, but said the disruption to its business should subside through the rest of the year.

“The Starbucks brand is resilient, customer affinity is strong and we believe the most difficult period is now behind us,” Starbucks President and CEO Kevin Johnson said in an open letter.

The Seattle-based coffee giant said in a regulatory filing Wednesday that the virus outbreak will also slash its operating income between $2 billion and $2.2. billion for the quarter, which ends June 28. Starbucks plans to report its third quarter results on July 28.

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June 12, 2020