Why Starbucks Stock Is Falling Today

Shares of Starbucks (NASDAQ: SBUX) declined on Thursday after the global coffeehouse chain warned investors that COVID-19 could dent its sales by as much as $3.2 billion in the fiscal third quarter. As of 3:13 p.m. EDT, Starbucks stock was down more than 7%.

Starbucks said on Wednesday that its comparable-store sales in the U.S. and China could fall as much as 20% in fiscal 2020, due to coronavirus-related store closures.

In addition to the sales declines, Starbucks also expects to generate a loss in the third quarter. The coffee titan said its operating income could fall by as much as $2.2 billion, which would result in a projected net loss between $0.64 and $0.79 per share.

Source Fool.com