Starbucks' (SBUX) most recent quarter showed rapid weakening, the next one looks much worse, but the value of the stock probably hinges on what happens to same-store sales once the world starts returning to normal.
And that, in turn, depends on what Covid-19 safety procedures the cafés put in place after reopening, scheduled for May 4.
The company voluntarily closed most of its U.S. company-owned stores other than drive-thrus on March 21, largely to protect its employees and customers. Some remain open, however, so we can see what procedures may be instituted.
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