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A pedestrian wearing a protective mask walks in front of a temporarily closed Starbucks coffee shop in Brooklyn, New York, on Monday, April 27, 2020.
Gabby Jones | Bloomberg via Getty Images
Starbucks is expected to report earnings after the bell Tuesday.
The global coffee chain said in early April that its fiscal second-quarter adjusted earnings per share will be 32 cents, down from 60 cents per share in the year-ago period. Starbucks withdrew its fiscal 2020 outlook, citing the “dynamic nature” of the coronavirus crisis.
Wall Street is anticipating earnings per share of 34 cents on revenue of $5.89 billion, based on a survey of analysts by Refinitiv.
U.S. same-store sales fell about 3% during the quarter, while Chinese same-store sales plunged 50% in the same period, the company said in April. Sales in China have improved after the company started reopening cafes in February and consumers adapt to a new normal.
In the United States, however, sales have been steadily worsening since March 12. The company limited orders to drive-thru or delivery only on March 21.
Starbucks is preparing to reopen U.S. cafes as some U.S. states report that the number of new coronavirus cases has plateaued or even declined.
