Starbucks Corp on Tuesday became the first major U.S. company to warn of a finan...
) on Tuesday became the first major U.S. company to warn of a financial hit from the new coronavirus outbreak in China, as it closed thousands of restaurants and adjusted operating hours in its biggest growth market.
It will not know until March at the earliest what the financial impact will be, but its long-term double-digit growth expectations are intact, executives said. Starbucks is responding to the virus “in a thoughtful and responsible way to protect our partners and support health officials and the government as they work to contain this public health risk,” Johnson said. “I am proud of how Starbucks China is navigating a very dynamic situation.”The Seattle-based company beat first-quarter estimates for same-restaurant sales, growing 5% compared with expectations for a 4.4% increase, according to IBES data from Refinitiv.
It also plans to add a breakfast sandwich with a plant-based patty in the United States and Canada this year.
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