January 28, 2020 / 9:17 PM / a month ago

Starbucks expects impact from coronavirus in second quarter

Jan 28 (Reuters) - Starbucks Corp said on Tuesday the outbreak of a new coronavirus in China would have a material impact on its second-quarter results.

The company said it has closed more than half of its stores in China and is modifying operating hours.

Starbucks said it would update its 2020 forecast when it is able to reasonably estimate the impact of the virus outbreak.

Sales at restaurants open for at least 13 months rose 5% in the first quarter ended Dec. 29. Analysts had forecast same-store sales growth of 4.4%, according to IBES data from Refinitiv.

Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila

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