can grab a mobile order and go. The company
is planning to open 50 of those stores in U.S.
cities over the next 12 to 18 months and several
hundred over three to five years.
The stores will be placed within a three- to five-
minute walk of more traditional Starbucks cafes,
so customers will still have an option if they
want to linger. Similar pickup stores — dubbed
Starbucks Now — are opening in China.
“I believe this is one of those rare opportunities
to move aggressively and further
differentiate Starbucks from our competition,”
Johnson said.
The company said that revenue in its fiscal
third quarter plummeted to $4.22 billion from
$6.82 billion. That was still ahead of Wall Street’s
forecast of $4 billion, according to analysts
polled by FactSet.
Global same-store sales were down 40% for the
April-June period, beating analysts’ forecast of a
42% drop.
Starbucks reported a net loss of $678 million
for the third quarter, down from a $1.4 billion
profit a year ago. Adjusted for one-time
items, the company lost 46 cents per share.
That was far better than the 59-cent loss
analysts forecast.
Starbucks estimates it lost $3.1 billion in sales
due to disruption from the coronavirus. The
company said it spent $350 million during the
third quarter on virus-related costs, including
temporary premium pay for employees.
Starbucks shares rose almost 6% in after-
market trading following the release of the
earnings report.