Starbucks SBUX shares are trading lower after the company reported worse-than-expected second-quarter EPS results. The company also said it sees a coronavirus impact to intensify in the third quarter.
Starbucks reported quarterly earnings of 32 cents per share, which missed the analyst consensus estimate of 34 cents by 5.88%. This is a 46.67% decrease over earnings of 60 cents per share from the same period last year.
The company reported quarterly sales of $6 billion, which beat the analyst consensus estimate of $5.890 billion by 1.87%. This is a 4.85% decrease over sales of $6.306 billion in the same period last year.
$SBUX Turns out governments aren’t in charge of re-opening consumer spending.
— Jeff Macke (@JeffMacke) April 28, 2020
Chinese Starbucks units expected to comp negative 25-35% in Q3, -10% to flat in Q4.
-25% comps 3 months after re-opening would murder what’s left of the US malls. pic.twitter.com/OgjsF52AIj
Comps were down 10% year over year.
Starbucks shares were trading down 1.64% at $77.40 in Tuesday's after-hours session. The stock has a 52-week high of $99.72 and a 52-week low of $50.02.
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