Starbucks announced that it will close some 400 stores in the United States and Canada and that It expects to record losses in the current quarter, with a drop in sales of more than 3,000 million dollars.
Miami World / .
The US company also expects its cafeteria revenues to remain down for the rest of the year, despite the fact that a large majority has already reopened, according to a report to the stock regulator.
Starbucks indicated that 95 percent of the approximately 8,000 direct-non-franchise stores it operates in the United States are operating, with different types of service, in some cases only with products to take away.
Throughout the year, The company expects sales in its two main markets, the United States and China, to drop by 10-20 percent. In addition to closing about 400 coffee shops over the next 18 months, the Seattle, Washington-based company will open only about 300 new ones in the current fiscal year, about half of what it had planned.
As a consequence of the covid-19, Starbucks will also bet on stores only for order picking, especially in urban areas such as New York, San Francisco or Chicago.
In addition, it will reform many of its establishments, considering that, due to the pandemic, customers will want to spend less time there and prefer more facilities to buy their coffees to go.
“Starbucks have always been known as ‘third place’, a cozy place away from home and the work where we connect around a cup of coffee, ”CEO Kevin Johnson explained in a statement.
“As we navigate the covid-19 crisis, we are accelerating our establishment transformation plans to respond to the realities of the current situation, while continuing to offer a safe, familiar and useful experience for our clients,” he added.
Following the announcement, Starbucks shares posted clear losses on Wall Street and closed with a pullback of just over 4 percent.