Starbucks Sales Down 38% in the Third Quarter

Coffee chain Starbucks (NASDAQ: SBUX) released its third-quarter earnings on Tuesday that were better than expected.

For the quarter ended June 28, sales decreased 38% year over year. U.S. comps declined 41%, and China comps were down 19%, as stores were open for more time in that region. Today, 97% of stores are open globally. There was a $0.58 loss per share, which was better than the $0.64 to $0.79 loss projected by the company in an update in June.

Image source: Starbucks.

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Source Fool.com