People wear protective face masks outside Starbucks in midtown as the city moves into Phase 2 of re-opening following restrictions imposed to curb the coronavirus pandemic on June 23, 2020 in New York City.
Noam Galai | Getty Images
Starbucks is expected to report its fiscal third-quarter earnings after the bell Tuesday.
Here’s what Wall Street is expecting, based on a survey of analysts by Refinitiv:
- Losses per share: 59 cents expected
- Revenue: $4.01 billion expected
In June, the global coffee chain released a forecast for the quarter ended June 28, saying that it expected a net loss per share of 64 cents to 79 cents and adjusted losses per share of 55 cents to 70 cents. The coronavirus pandemic led Starbucks to lose as much as $3.2 billion in sales during the quarter, according to its internal estimates.
Starbucks said at the time that its fiscal fourth-quarter earnings will improve, predicting net income per share of 11 cents to 36 cents and adjusted earnings per share of 15 cents to 40 cents. But coronavirus cases have since surged in its home market, which could take a toll on sales.
For the full fiscal year, the company expects same-store sales in its two largest markets — the United States and China — to decline 10% to 20%. It forecast flat same-store sales growth in China by the end of the fiscal fourth quarter and predicts U.S. same-store sales will remain negative.
New store openings have resumed in China and the Americas. Starbucks expects to open about 300 net new locations in fiscal 2020 in the segment, down from its prior estimate of 600.
Shares of Starbucks, which has a market value of $88 billion, have fallen 14% so far this year.