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Starbucks expects to take a $3.2B sales hit from coronavirus

Bloomberg/The Seattle Times 06/11/2020

Starbucks expects the outbreak of the coronavirus to cut its sales by up to $3.2 billion and estimates its operating income will fall $2.2 billion. The coffee giant’s shares fell 4.7 percent on the news. “These numbers are a lot worse than the Street was expecting,” said Michael Halen, senior restaurant analyst at Bloomberg Intelligence. “People expect some sort of crazy snapback but it’s not going to materialize in restaurants.”

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