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Starbucks sales miss as virus spike keeps customers at home
01/26/2021 21:54
(Reuters) - Starbucks Corp on Tuesday reported a bigger-than-expected fall in quarterly comparable sales as the rising number of coronavirus cases in the United States kept customers at home, sending its shares 2% lower in extended trading.
The world s largest coffee chain s global same-store sales fell 5% in the first quarter, more than analysts estimates of a 3.4% decline, according to Refinitiv IBES data.
The second wave of COVID-19 infections and accompanying restrictions dented traffic at the coffee chain s stores, hampering its efforts to boost demand through product launches and new drive-thrus.
Comparable sales declined 6% for the Americas region, compared with a 5.2% fall expected by analysts.
Starbucks misses sales estimates as COVID-19 keeps customers at home
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(Reuters) - Starbucks Corp on Tuesday reported a larger-than-expected fall in quarterly sales as the renewed surge in coronavirus cases in the United States kept customers at home.
FILE PHOTO: Customers sit inside a Starbucks coffee shop in Rio de Janeiro, Brazil August 15, 2018. REUTERS/Pilar Olivares/File Photo GLOBAL BUSINESS WEEK AHEAD
The world’s largest coffee chain’s global same-store sales fell 5% in its first quarter, which ended Dec. 27, more than analysts’ estimates of a 3.4% decline, according to Refinitiv IBES data.
Shares fell slightly in extended trading.
The second wave of COVID-19 infections and accompanying restrictions dented traffic at the coffee chain’s stores, hampering its efforts to boost demand through product launches and new drive-thrus.