Despite Covid-19 seriously denting the company’s performance, the coffee retailer still beat analyst predictions
Starbucks swung to a net loss of $678.1M for the quarter, compared to net earnings of $1.37bn in the prior-year period. However, net loss per share of $0.58 beat Wall Street projections for a net loss of $0.63 per share. Earnings per share (EPS) totalled $1.12 in the third quarter of fiscal 2019.
“Starbucks partners have risen to the occasion, and our near-term focus is to recover sales safely and responsibly by offering our customers the comfort and care that differentiate the Starbucks experience,” said Kevin Johnson, President and CEO of Starbucks. “We are pleased to share that the vast majority of Starbucks stores around the world have reopened and our global business is steadily recovering, demonstrating the relevance of the Starbucks brand and the trust we have built with our customers. We firmly believe that we are well-positioned to regain the positive business momentum we had before the pandemic began and look forward to reigniting our ‘Growth at Scale’ agenda.”
