Starbucks Corp said on Wednesday that it plans to decrease operating profit for the current quarter by up to $ 2.2 billion, with sales decreases for the rest of the year even when stores reopen after l easing of coronavirus blockages.The world’s largest coffee chain has said it will permanently close approximately 400 stores in the Americas over the next 18 months and cut the number of planned store openings in half to approximately 300 this year.

The company’s shares fell more than 2% in pre-market transactions.

Starbucks projected an adjusted loss of about 55 cents to 70 cents a share for its third quarter ending in June, and said it expects comparable store sales in the United States to drop to 45%.

Sales trends are expected to improve in the fourth quarter, but Starbucks still estimates that comparable store sales in the United States are expected to decline 10% to 20% for the entire year. Read more at FR24