Starbucks (SBUX) third quarter 2020 earnings

People wear protective face masks outside of Starbucks in downtown as the city moves to Phase 2 of reopening after restrictions imposed to curb the coronavirus pandemic on June 23, 2020 in New York City.

Noam Galai | fake pictures

Starbucks suffered losses during its fiscal third quarter, as its same-store sales fell 40% in the wake of the coronavirus pandemic.

The company’s shares rose more than 2% in extended operations.

This is what the company reported for the quarter ended June 28 compared to what Wall Street expected, according to an analyst survey by Refinitiv:

  • Losses per share: 46 cents, adjusted, vs. 59 cents expected
  • Revenue: $ 4.22 billion vs. $ 4.07 billion expected

Excluding items, Starbucks lost 46 cents a share, narrower than the 59-cent-per-share loss expected by analysts surveyed by Refinitiv.

Net sales it fell 38% to $ 4.22 billion, exceeding expectations of $ 4.07 billion. Global sales at the same store plunged 40% during the quarter.