Starbucks Sees $3.2 Billion Sales Hit From Pandemic

Starbucks is forecasting a $3.2 billion loss in the current quarter due to the pandemic, which has significantly impacted its commuter-dependent business model. The company is struggling to provide guidance and expects an adjusted loss per share. U.S. sales dropped by 43% in May, and the market's recovery expectations are not aligning with reality. Despite these challenges, Starbucks plans to open 500 new stores in China and is rethinking its 'third place' concept due to changing consumer preferences.

What financial impact is Starbucks forecasting for the current quarter?

How has the pandemic affected Starbucks' customer base?

What was the percentage decline in comparable U.S. sales reported by Starbucks in May?

What is Starbucks' plan regarding new store openings in China despite the pandemic?

What changes is Starbucks considering in response to the pandemic?