REUTERS: Starbucks Corp on Tuesday reported a smaller-than-expected drop in quarterly comparable store sales as more people used its drive-thru and delivery options to buy coffee and food during coronavirus-driven lockdowns.
The Seattle-based company, like many restaurants and coffee chains, took a big hit from government-imposed restrictions to check the spread of the pandemic, prompting it to rely more on its delivery and drive-thru services to make up for lost business.
Third-quarter comparable sales fell 40per cent globally and 41per cent in the Americas. Analysts had forecast a worldwide decline of 42.05per cent and a 42.82per cent drop for the Americas, according to IBES data from Refinitiv.
Chief Executive Officer Kevin Johnson said global business was steadily recovering and a vast majority of its stores around the world had reopened.
Total net revenue slumped about 38per cent to US$4.22 billion, but still beat the average analyst estimate of US$4.07 billion.
(Reporting by Nivedita Balu in Bengaluru; Editing by Anil D'Silva)