Starbucks says it lost $3 billion in revenue in latest quarter due to pandemicPublished by Terence Mahier | Source
Starbucks said it lost as much as $3.2 billion in revenue during its fiscal third quarter due to the coronavirus pandemic 😷
Starbucks was one of the first U.S. companies to withdraw its guidance for the year as it was hit first in its Chinese locations and then around the world ☕️
After losing close to half of its value between January and March 2020, the shares rebounded surprisingly fast, along with the rest of the market, down only 6% from its Jan. level 🎢
About 95% of U.S. locations are open again, with the majority of closed locations located in the New York City area...
Will investors sell the bad news or look ahead? 🔮
The company shared more details on Tuesday about its plans to accelerate changes to its U.S. stores including a separate counter for mobile order pick-up from customers and delivery couriers at busy locations 📱
Starbucks plans to add more pick-up stores in dense urban markets, like New York City, Chicago and San Francisco. The chain also opened its first mobile pick-up location in November in Manhattan’s Penn Plaza 🏢
The question of the activity returning to its original level still remains unsolved. One could argue that remote work might limit the amount of Chai Tea Latte we consume 😅
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- Newspill Team 💊
10-Jun 09:15 (Eastern Time)
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