The company sees a deeper loss than expected
Up-to-date data from Starbucks paints a picture of an economy that's reopened but still operating far below pre-COVID times.
The company said 91% of company operated stores were opened in May but that same-store sales were down 43% in the month and 32% in the final week of the month. That's a improvement from -63% in April but still very soft.
Perhaps more-worrisome is China where 99% of stores were open in May and the virus is virtually eliminated. Same-store sales were still down 21% in the month and 14% in the final week.
In Q3 they see sales down 40-45% in the Americas region and 20-25% in China.
Shares of the company are trading at $80.34 in the pre-market compared to the close of $82.40 yesterday.
The company guided to earnings for the year ending in September at $0.55-90/share compared to the consensus at $1.35/share.
