Net income totaled $328.4 million, or 28 cents per share for the quarter, down from $663.2 million, or 53 cents, a year earlier.
The latest adjusted earnings were 32 cents. Analysts had forecast adjusted profit of 34 cents for the latest quarter.
Revenue registered $5.996 billion in the quarter, down 4.9% from $6.306 billion a year ago. Analysts had predicted $5.89 billion for the latest quarter.
The coronavirus pandemic hasn’t been kind to Starbucks, of course. “Since the beginning of this global crisis, Starbucks has made decisions that prioritize the well-being of our partners and customers, support health and government officials, and responsibly serve our communities,” Starbucks CEO Kevin Johnson said in a statement.
“This principled approach is showing steady business improvement in China, where today, substantially all existing Starbucks stores have reopened with modified operations, new store locations are being added and customer engagement continues to grow with each passing week.”
The company is using its experience in China to guide it in other markets, including the U.S., “where we are now entering the ‘monitor and adapt’ phase to reopen many more stores with best-in-class safety protocols,” he said.
As of the last week of March, 44% of Starbucks’ company-owned stores were open in the U.S.
Starbucks shares recently stood at $77.45 in after-hours trading, down 1.58%. The stock rose 1.22% in the regular session Tuesday.
It has dropped 11% in the last three months, about the same as the S&P 500.