Starbucks says it sees better times ahead as stores reopen
July 29, 2020
Starbucks' revenue shrank 38% in its most recent quarter but the coffee giant says it's recovering faster than expected as its stores reopen from coronavirus lockdowns.
The Seattle-based company said Tuesday that it expects coronavirus-related losses to ease through the rest of this year.
"We believe the worst is behind us," Chief Financial Officer Patrick Grismer said.
Starbucks said 97% of its company-operated stores around the world are now open, including 99% of stores in China and 96% in the U.S. However, some franchised locations remain closed, especially at airports and on college ca...