Starbucks on Wednesday announced that it expects fiscal second-quarter adjusted earnings of 32 cents per share.
The company’s stock fell less than 1% in extended trading.
The global coffee chain also withdrew its outlook for fiscal 2020. Its fiscal 2020 revenue was expected to rise between 6% and 8% and global same-store sales growth was forecast to be in a range of 3% to 4%.
Starbucks said that U.S. same-store sales fell 3% during the quarter, “reflecting the very rapid onset of COVID-19 business impacts in the final three weeks of the quarter.” In the quarter up to March 11, U.S. same-store sales grew 8%.
The Seattle-based coffee chain said that sales began to decline on March 12 and steadily worsened as it moved to serving only via drive-thru and delivery. In the last week of the month, same-store sales plummeted between 60% to 70%.
In China, Starbucks’ second-largest market, same-store sales plunged 50% during the second quarter. The company cited temporary closures, reduced hours and the drop in customer traffic.
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