Starbucks Reports 96 Percent of Locations Open, 130 Net New Stores Despite Significant Sales Drop in Third Quarter
SEATTLE — Seattle-based Starbucks Corp. (NASDAQ: SBUX) reported that the company’s U.S. comparable store sales declined 40 percent, with comparable transactions down 52 percent through its 13-week fiscal third quarter ending June 28. Additionally, the company reported a consolidated net revenue of $4.2 billion, representing a 38 percent decline from last year primarily due to lost sales related to the COVID-19 outbreak.
On the shareholder side, the company experienced a generally accepted accounting principles (GAAP) loss per share of 58 cents, down from earnings per share of $1.12 in the prior year.
Despite decreased sales and a decline in net revenue, Starbucks opened 130 net new stores in the third quarter, resulting in 5 percent year-over-year unit growth and ending the period with 32,180 stores globally. The company currently operates or licenses 15,243 locations in the United States.
As of July 28, approximately 97 percent of Starbucks’ global company-operated stores are open, with 96 percent of U.S. locations and 99 percent of China locations open. Currently 87 percent of the company’s global licensed store portfolio is open, with temporary closures predominantly in airport, college and university locations within the United States and Canada.
Starbucks’ stock price closed at $77.42 per share on Wednesday, July 29, down from $96.65 per share one year ago.