Starbucks announces 'steady recovery' as stores reopen

Starbucks announced that it is "steadily recovering" worldwide as 97 percent of stores have reopened with the easing of coronavirus-induced restrictions.

Stores that are back in business include 96 percent in the US and 99 percent in China.

Store sales fell 40 percent globally, and 41 percent in the Americas for the company's third-quarter ended June 28.

The figures were less than forecasted declines of 42.05 percent and 42.82 percent, respectively.

Sales in China are expected to substantially recover by December and those in US sales by March 2021.

Amid measures to curb the pandemic, the Seattle-based coffee chain had to rely more on delivery and drive-thru services.

Sales through mobile orders rose six percentage points from last year and made up 22 percent of total transactions in the quarter.

For its fiscal year ending in September, Starbucks expects global sales to be 12 to 17 percent lower.

The company lost 46 cents per share in the quarter, but that was better than analysts' expectations of a 59 cent per-share loss.

Its shares rose about 6.5 percent after saying that it would return to profitability in the current quarter.

Total net revenue plummeted by 38 percent to $4.22 billion, but still surpassed analysts' estimate of $4.07 billion.