Starbucks Corp. (NASDAQ: SBUX) reported fiscal third-quarter financial results after markets closed Tuesday. The coffee chain said that it had a net loss of $0.46 per share and $4.2 billion in revenue, compared with consensus estimates that called for a net loss of $0.59 per share and $4.06 billion in revenue. The same quarter from last year had $0.78 in EPS and $6.82 billion in revenue.

Consolidated net revenues declined 38% from the prior year due to lost sales related to the COVID-19 outbreak. These lost sales include the effects of temporary store closures, modified operations, reduced hours, and reduced customer traffic.

During the quarter, global comparable store sales declined 40%, driven by a 51% drop in comparable transactions, partially offset by a 23% increase in average ticket. This consisted of Americas and U.S. comparable store sales decreasing 41% and international comparable store sales decreasing 37%.

Net revenues for the Americas segment decreased 41% year over year to $2.8 billion, primarily due to a tremendous decrease in comparable store sales as well as lower product sales. Transactions dropped by 53% and average ticket prices has increased by 27%.

International segment revenues decreased by 40% to $949.6 million. Transactions dropped by 44% but average ticket prices increased 13%.

The company opened 130 net new stores in the second quarter, raising its total to 32,180 stores at the end of the quarter. Note that stores in the U.S. and China comprised 61% of the company’s global portfolio at the end of the quarter, with 15,243 and 4,447 stores, respectively.

Looking ahead to the fiscal fourth quarter, Starbucks expects to see a global comparable-store sales decline in the range of 12% to 17% and EPS in the range of $0.18 to $0.33. Consensus estimates are calling for $0.27 in EPS and $5.92 billion in revenue for the coming quarter.

On the books, cash and cash equivalents were $3.97 billion at the end of the quarter, versus $2.69 billion at the end of the previous fiscal year.

Starbucks stock closed Tuesday at $74.64, with a 52-week range of $50.02 to $98.28. The consensus analyst price target is $80.28. Following the announcement, the stock was up about 2% at $76.00 in the after-hours session.

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