Starbucks says it lost $3 billion in revenue in latest quarter due to pandemic
Published 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 ๐Ÿ˜ท

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 โ˜•๏ธ
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 ๐ŸŽข

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? ๐Ÿ”ฎ

Extra Insights

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 ๐Ÿ“ฑ

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 Manhattanโ€™s Penn Plaza ๐Ÿข

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 ๐Ÿ˜…

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- Newspill Team ๐Ÿ’Š
10-Jun 09:15 (Eastern Time)

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