Starbucks (SBUX) Q2 2020 earnings

 

A pedestrian wearing a protective mask walks in front of a temporarily closed Starbucks coffee shop in Brooklyn, New York, on Monday, April 27, 2020.

Gabby Jones | Bloomberg via Getty Images

Starbucks on Tuesday said that its fiscal second-quarter global same-store sales fell 10% as the coronavirus hit sales in its two largest markets, the United States and China.

Shares of the company fell 1% in extended trading.

Here’s what the company reported:

  • Earnings per share: 32 cents, adjusted
  • Revenue: $6 billion

Excluding items, Starbucks earned 32 cents per share, down nearly half from the prior year.

Net sales dropped 5% to $6 billion.

Wall Street anticipated earnings per share of 34 cents on revenue of $5.89 billion, based on a survey of analysts by Refinitiv.

Global same-store sales declined 10%, driven by 13% transactions falling. U.S. same-store sales fell 3% during the quarter, while Chinese same-store sales plunged 50% in the same period. Sales in China have improved after the company started reopening cafes in late February and consumers adapt to a new normal.

Read the full earnings report here.

This is breaking news. Check back for updates.

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