Starbucks reports loss per share of $0.58 in Q3

Tuesday, 28. July 2020 22:08

Starbucks Corporation unveiled on Tuesday its loss per diluted share landed at $0.58 in the third fiscal quarter, dropping from earnings per share of $1.12 recorded in the same period last year due to the coronavirus impact. Consolidated net revenue was at $4.2 billion in the third trimester, plummeting 38% on an annual basis but topping estimates.

Meanwhile, the company's global comparable store sales plunged by 40% as Americas comparable store sales sank 41% annually. The Oregon-based firm's net loss landed at $678.4 million in the quarter ending June, slumping 149% from the same trimester last year.

"We firmly believe that we are well positioned to regain the positive business momentum we had before the pandemic began and look forward to reigniting our ‘Growth at Scale’ agenda," Starbucks CEO Kevin Johnson said in a statement.

Shares of Starbucks gained nearly 2% in after-hours trading following the earnings release.

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Breaking the News / GA