Starbucks Reports Third Quarter Report, Noting 40% Drop in Global Same Store Sales

Starbucks released its its third quarter earnings report, revealing that cafe closures due to the COVID-19 pandemic caused a 40% decrease in global same store sales. In the U.S., same store sales decreased by 41% and experienced a 53% decrease in overall traffic as American consumers shifted to working from home and social distancing practices. The company noted that after reopening roughly 90% of their U.S. cafes by June, it added features including entryway handoff and curbside pickup throughout the COVID-19 crisis and beyond.

Operators have an opportunity to safely provide office coffee service (OCS) to their accounts while many American consumers are hesitant to leave the workplace for coffee.