Starbucks suffers drop in earnings due to Corona | Free Press

The pandemic had to partially close Starbucks branches. But even with the stores that were open, there were significantly fewer customers.

Seattle (AP) – The corona crisis continued to weigh heavily on the world’s largest coffeehouse chain, Starbucks, in the last fiscal quarter.

In the three months to the end of September, earnings fell 51 percent year-on-year to $ 393 million (€ 337 million), as Starbucks announced after the US market closed. Revenue fell eight percent to $ 6.2 billion.

Starbucks estimated lost revenue due to partial store closures, limited opening times and lower customer traffic as a result of the pandemic at about $ 1.2 billion during the quarter. However, CEO Kevin Johnson was satisfied. Analysts were also expecting even worse numbers. However, the stock fell slightly after trading hours.