MILAN – Starbucks said Tuesday that its comparable sales and profits tumbled in the first quarter of the year taking a hit from COVID-19 crisis. The Seattle-based coffee chain said conditions will likely worsen in the current quarter before moderating in the company’s fiscal fourth quarter.
Starbucks reported fiscal second-quarter net income of $328.4 million, or 28 cents a share, compared with a net income of $663.2 million, or 53 cents a share, in the year-ago period.
Adjusted for international transaction and integration items, among other things, earnings were 32 cents a share, down nearly half from the prior year.
Catastrophe pay for baristas, hourly pay increases and the cost of store safety items like face coverings weighed on profits during the quarter
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