FILE - In this May 21, 2020 file photo, patrons to a Starbucks in the Chicago neighborhood of Hyde Park walk past stacked chairs and tables. Starbucks says that the COVID-19 pandemic caused an approximately $3 billion to $3.2 billion decline in its third-quarter consolidated revenue. The coffee chain said Wednesday, June 10, that the virus outbreak also lowered operating income by about $2 billion to $2.2. billion. (AP Photo/Charles Rex Arbogast)
June 10, 2020 - 6:17 AM
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.
News from © The Associated Press, 2020