Starbucks forecasts over $2 billion drop in quarterly income as COVID-19 hits

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Starbucks Corp said on Wednesday it expects current-quarter operating income to plunge by up to $2.2 billion, and sales to decline for the rest of the year even as nearly all its cafes have reopened following easing of coronavirus lockdowns.

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(Reuters) – Starbucks Corp (SBUX.O

However, declines are expected to slow towards the end of the year.

The company expects same-store sales in China to drop by 20% to 25%, slightly more optimistic than an earlier forecast of a 25% to 35% fall. (bit.ly/37gysi0)

Starbucks said it expects current quarter operating income decline between $2 billion to $2.2 billion. It reported an operating income of $1.07 billion in the third quarter of last year.

Reporting by Uday Sampath in Bengaluru; Additional reporting by Hilary Russ in New York; Editing by Vinay Dwivedi and Nick Zieminski


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Author:

Starbucks Corp said on Wednesday it expects current-quarter operating income to plunge by up to $2.2 billion, and sales to decline for the rest of the year even as nearly all its cafes have reopened following easing of coronavirus lockdowns.

Source: {authorlink}

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