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1/26, 10:09 PM (Source: TeleTrader)
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Starbucks Q1 revenue down by 5% to $6.7B

Starbucks Corporation reported on Tuesday its consolidated net revenue stood at $6.7 billion falling by 5% from the prior year primarily due to the impact of the COVID-19 pandemic. The Americas consolidated net revenue was $4.7 billion in the first quarter of fiscal 2021, which is down by 6% compared to the same trimester last year.

Its diluted earnings per common share declined from $0.74 in the first quarter of 2020 to $0.53. Meanwhile, the company's global comparable-store sales dropped by 5% with Americas sales down 6% and international sales declining 3% in comparison to the same period of fiscal 2020. Its operating income stood at $813.5 million, down by 26% from $1.1 billion reported in the first quarter of the previous year.

"I am very pleased with our start to fiscal 2021, with meaningful, sequential improvements in quarterly financial results despite ongoing business disruption from the pandemic. Investments in our partners, beverage innovation and digital customer relationships continued to fuel our recovery and position Starbucks for long-term, sustainable growth," the company's President and Chief Executive Officer (CEO) Kevin Johnson said.

After the release of the report, the shares of Starbucks decreased by 1.58% in the after-hours trading.

Breaking the News / TF