Starbucks Sees $3.2 Billion Virus Hit, Plans New Cafe Format
- Coffee giant says comparable U.S. sales down 43% in May
- Company rethinking store formats due to changing preferences
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Starbucks Corp. expects the coronavirus pandemic to reduce sales this quarter by as much as $3.2 billion, dragging down the coffee chain’s performance as it sees a recovery stretching into next year.
The company, which like other restaurants has had a difficult time offering guidance, said Wednesday it expects to report an adjusted loss of 55 to 70 cents a share when it next releases earnings. Operating income will decline as much as $2.2 billion in the period, the company said in a statement.