July 28, 2020 / 11:07 PM / 14 days ago

BRIEF-Starbucks Says Comparable Store Sales Will Substantially Recover In China And U.S. In Fiscal 2021

July 28 (Reuters) - Starbucks Corp:

* STARBUCKS CORP CEO- U.S. COMPS IMPROVED SEQUENTIALLY FROM -14% IN MAY,TO -1% IN JUNE TO +2% FOR JULY MONTH-TO-DATE. - CONF CALL

* STARBUCKS CORP CEO- SAW ACCELERATION IN CUSTOMERS WHO DOWNLOADED STARBUCKS APP AND JOINED STARBUCKS REWARDS, TOTALING 3 MILLION IN Q3 AND UP 17% FROM Q2

* STARBUCKS CORP CEO- DEMAND FOR AT-HOME COFFEE HAS SOARED IN Q3; CO’S SHARE OF TOTAL PACKAGED COFFEE GREW SIGNIFICANTLY IN Q3 IN U.S

* STARBUCKS - ESTIMATES JULY COMPARABLE STORE SALES FOR U.S. COMPANY-OPERATED LOCATIONS TO BE ABOUT -14%, SEQUENTIAL IMPROVEMENT FROM THE -19% IN JUNE

* STARBUCKS - EXPECTS INTERNATIONAL COMPARABLE STORE SALES TO DECLINE BETWEEN 10% AND 15% IN Q4

* STARBUCKS - EXPECT REVENUE TO DECLINE 10%-15% IN Q4, REFLECTING IMPACT OF COVID-19, ESTIMATE TO BE BETWEEN ABOUT $1.4 BILLION TO $1.65 BILLION

* STARBUCKS - WE CURRENTLY EXPECT THE BUSINESS WILL RETURN TO PROFITABILITY IN Q4, WITH EPS IMPROVING VERY MEANINGFULLY COMPARED TO Q3

* STARBUCKS - EXPECTS GAAP EPS IN Q4 OF $0.06 TO $0.21 AND NON-GAAP EPS OF $0.18 TO $0.33

* STARBUCKS - EXPECTS GAAP EPS IN FISCAL 2020 OF $0.50 TO $0.65 AND NON-GAAP EPS OF $0.83 TO $0.98

* STARBUCKS - COMPARABLE STORE SALES WILL SUBSTANTIALLY RECOVER IN CHINA AND U.S. IN FISCAL 2021 BY THE END OF FIRST AND SECOND QUARTERS, RESPECTIVELY Further company coverage:

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