Starbucks estimates it lost $915 million in quarterly revenue due to coronavirus

Starbucks estimated on Tuesday it lost $915 million in revenue during its fiscal second quarter triggered by store closures, reduced operating hours, and lower customer traffic resulting from the coronavirus pandemic.

The coffee chain’s net sales dropped 5 percent to $6 billion in the quarter ended March 29, with global same-store sales falling 10 percent.

The company warned that its fiscal third-quarter results will take an even bigger toll due to the pandemic, even as sales in China begin to recover.