Starbucks quarterly same-store sales fell 10% as coronavirus closed cafes in China and US

Starbucks quarterly same-store sales fell 10% as coronavirus closed cafes in China and U.S.

Sales in China have improved as the company reopens cafes.

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

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.

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