Starbucks sees global store sales decline 10 per cent in last quarter

Global coffee chain Starbucks has reported a 10 per cent decline in sales at its stores around the world in the last quarter, as the coronavirus hit its business.

Global sales fared worse than those in the US, with China seeing comparable store sales down 50 per cent. Same-store sales in the US fell 3 per cent during the quarter through the end of March.

Like many other companies, the coffee chain has withdrawn its 2020 outlook due to the volatility and uncertainty from the virus.

Revenue came in at 6 billion dollars, a drop of 5 per cent from the same period last year, which the company said was directly related to lost sales from the Covid-19 outbreak.

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Starbucks has said it aims to use lessons learned in China for the US, so that it can “monitor and adapt” as it aims to reopen more stores. (dpa)