Starbucks Q4 revenue down by 8% YoY to $6.2B

Thursday, 29. October 2020 21:14

Starbucks Corporation reported on Thursday the consolidated net revenue of $6.2 billion in the fourth quarter of 2020, which is down by 8% compared to the same trimester last year. Its diluted earnings per common share declined by 50.7% year-on-year from $0.67 to $0.33.

Meanwhile, the company's global comparable store sales dropped by 9% in the United States and by 10% internationally in comparison to the same period of 2019. Its net income stood at $392.6 million, down by 51.1% from $802.9 million reported in the fourth quarter last year.

"I am very pleased with our strong finish to fiscal 2020, underpinned by a faster-than-expected recovery in our two lead growth markets, the U.S. and China. These results demonstrate the continued strength and relevance of our brand, the effectiveness of the actions we've taken to adapt to meaningful changes [...] in challenging circumstances," the company's President and Chief Executive Officer (CEO) Kevin Johnson said.

After the release of the report, the shares of Starbucks decreased by 2.27% in the after-hours trading.

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Author:
Breaking the News / JR