STARBUCKS REPORTS NET LOSS OF $678.4-M IN 2ND QUARTER
The global Starbucks coffee chain on Tuesday (Wednesday, July 29, 2020 in Manila) reported a net loss of $678.4 million, or $0.58 per share, during the quarter ended June 28, largely due to the negative impacts of the pandemic.
Revenue declined 38% from the same period in the prior year to $4.2 billion, Clare Duffy reported for CNN Business.
Still, the company's earnings were somewhat ahead of what Wall Street had expected. The company's stock jumped more than 5% in after-hours trading Tuesday.
Starbucks said Tuesday that most of its company-operated stores had reopened as of the end of the quarter, including 96% of US stores, following closures earlier this year caused by the pandemic. The company said most reopened stores have modified hours and limited seating.
As of its last earnings call in April, about half of the company's US stores remained closed. The company said at the time it planned to have 90% of its US company-owned locations operating by June.