Starbucks sees China comparable gross sales falling in present quarter

FILE PHOTO: A man wearing a mask walks in front of a shuttered Starbucks as the spread of the coronavirus disease (COVID-19) outbreak continues in the Manhattan borough of New York City, U.S., April 27, 2020. REUTERS/Lucas Jackson

(Reuters) – Starbucks Corp (SBUX.O) said on Tuesday it expects comparable sales in China in the current quarter to decline between 25% and 35%, hurt by the coronavirus pandemic that has forced it to close stores and limit operations.

The company did not forecast sales for its U.S. business, citing the onset of the coronavirus late in the quarter, but said it expects the financial impact to be significantly greater in the third quarter compared to the second quarter.

The Seattle-based coffee chain reported a 10% fall in global comparable store sales for the second quarter ended March 29. Analysts had forecast a 9.71% decline, according to IBES data from Refinitiv.

Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel

Source: Reuters