Starbucks Withdraws FY20 Guidance

(RTTNews) - Starbucks Corp. (SBUX) said it preliminary estimates second-quarter non-GAAP earnings per share of approximately $0.32. GAAP earnings per share is estimated to be approximately $0.28. The company noted that these estimates reflect the impact of lost sales for the period as well as incremental expenses for partner wages and benefits, store operations and other activities related to the COVID-19 outbreak.

Starbucks Corp. also has decided to withdraw its guidance for fiscal 2020. The company expects the negative financial impacts to third quarter to be significantly greater than they were in second quarter and to extend into fourth quarter.

At the end of the second quarter, the company had approximately $2.5 billion of cash and cash equivalents on its balance sheet.