Starbucks jumps 6% after showing signs its recovery from coronavirus lockdowns is picking up (SBUX)

  • Date: 29-Jul-2020
  • Source: Markets Insider
  • Sector:Financial Markets
  • Country:GCC
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Starbucks jumps 6% after showing signs its recovery from coronavirus lockdowns is picking up (SBUX)

REUTERS/Brian Snyder

Starbucks reported quarterly earnings Tuesday that missed Wall Street's expectations for earnings per share.  

CEO Kevin Johnson said on a call with analysts that comparable sales for open stores turned positive in July - a sign that the company's recovery from the coronavirus pandemic lockdowns is picking up.

Shares jumped as much as 6% in premarket trading Wednesday. 

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Shares of Starbucks jumped as much as 6% in premarket trading Wednesday after the company's July sales showed signs that the company's recovery from the coronavirus pandemic lockdowns is picking up. 

On a call with analysts Tuesday, Starbucks CEO Kevin Johnson said that comparable sales for open stores turned positive in July, indicating that the company's strategy to weather the pandemic is working and fueling hopes that the worst of the lockdown is over. 

"We have now developed new levels of agility and resilience that position us well for the future with the mindset and capability to safely, effectively and confidently drive our continued recovery," Johnson said. "We recognize that markets will experience varying levels of COVID-19 impact until new therapeutics and vaccines are developed, and we are well positioned to navigate this phase of the