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VOL. 44 | NO. 23 | Friday, June 5, 2020

Starbucks takes $3 billion hit to revenue during pandemic

The Associated Press

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Starbucks took a virus-related revenue hit potentially exceeding $3 billion in its third quarter.

The brewer said in a regulatory filing Wednesday that the virus outbreak also slashed its operating income between $2 billion and $2.2. billion as the virus raged.

Starbucks was forced to close its stores to customers, but continued to operate pick-up and other services in most locations. The Seattle company said 95% of U.S. company-run stores are in operation at varying levels of service, just slightly lower than operations globally.

Starbucks provided a preliminary estimate for a third-quarter adjusted loss of about 55 cents to 70 cents per share. Analysts polled by FactSet predict a loss of 16 cents per share.

Shares fell nearly 3% before the opening bell.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0