Starbucks sales miss as virus spike keeps customers at home

Starbucks on Tuesday (Jan 26) 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 per cent lower in extended trading.

The world's largest coffee chain's global same-store sales fell 5 per cent in
the first quarter, more than analysts' estimates of a 3.4 per cent 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 6per cent for the Americas region, compared with
a 5.2 per cent fall expected by analysts.

But in China, Starbucks' biggest growth market, comparable sales rose 5 per
cent as the company benefited from the popularity of its rewards program
and the return of pre-coronavirus consumer habits.

For the second quarter, Starbucks said it expects US comparable sales to rise
between 5 per cent and 10 per cent, while in China they were forecast to grow

nearly two-fold a year after the pandemic hit the region.

Starbucks also said Chief Operating Officer Roz Brewer would be leaving
the company next month to take a chief executive officer role at another
company.

Net revenue fell 5 per cent to US$6.7 billion, missing expectations of
US$6.93 billion.


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