Starbucks cuts sharp traffic decline in large order size after + 2% (NASDAQ: SBUX)

opStarbucks (NASDAQ: SBUX) Global comparable store sales fell 40% during the quarter -42.8% consensus estimate. The average ticket was 23% during the quarter and transaction growth was -51%.

Comparable sales in the US fell to 41% at the top, compared to consensus for a 43% decline. International comparable sales were 37% vs. -42.5% consensus.

Active membership at Starbucks Rewards in the US fell 5% during the quarter to 16.3M, largely due to reduced customer frequency due to temporary store closures and other impacts related to the COVID-19 outbreak.

The company’s consolidated operating margin fell to -12.6% from a year earlier.

Looking ahead, Starbucks expects FY12 global comparable sales of -12% to -17% and EPS consensus of $ 0.83 to $ 0.98 vs. $ 0.81.

A conference call is scheduled for 5:00 pm ET at Starbucks.

SBUX + 2.10% AH $ 76.20. The shares hold the S&P 500 index and broad retail mark for the year.

Previously: Starbucks EPS beats by $ 0.15, beats on revenue (July 28)

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