Starbucks says it's already recovering from the impact of COVID-19
Starbucks was one of the first US companies to be sucked into the coronavirus downdraft. Now, it’s the first to start reporting from the other side.
Starbucks is already getting back to normal in China. After closing 85% of its stores, the company expected all but a few to be open by the end of this month.
At the Starbucks' annual shareholders meeting, CEO Kevin Johnson heaped praise on workers at its China operation, saying they had created the model for Starbucks to follow as the coronavirus sweeps through the U.S.
The company said it won’t fully know the financial impact of COVID-19 on its U.S. operations until late next month at the earliest. It has already suspended earnings guidance until the second half of the year.