Starbucks to reintroduce Pumpkin Spice Latte, expand curbside pickup
Coffee chain reveals revenue plunged 38% in most recent quarter
Now this is pumpkin to look forward to.
Starbucks has reportedly confirmed that the seasonal Pumpkin Spice Latte will grace menus once again, and that curbside pickup service may roll out to as many as 1,000 locations by the end of September.
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In a Tuesday earnings call, the coffee chain revealed that revenue plunged 38 percent in the most recent quarter amid the coronavirus health crisis.
Starbucks has reportedly confirmed that the seasonal Pumpkin Spice Latte will grace menus once again (Starbucks)
However, executives remain hopeful that better days are brewing.
“We believe the worst is behind us,” said Chief Financial Officer Patrick Grismer, per the Associated Press.
According to the outlet, 70 percent of U.S. stores are still not offering interior seating, inspiring the chain to introduce curbside service. The quick pick-up option has proven to be so popular that up to 1,000 cafes will offer the service by the end of September.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SBUX | STARBUCKS CORP. | 100.06 | +1.80 | +1.83% |
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What’s more, Starbucks President and CEO Kevin Johnson said that the virus is accelerating the chain’s plans to shift to pickup-only stores. Starbucks is planning to open 50 such locations across the country through the next 12 to 18 months, and several hundred over three to five years.
Though Starbucks did not immediately respond to a request for comment from Fox Business, USA Today cited company officials in reporting that the Pumpkin Spice Latte, affectionately nicknamed the “PSL,” will again return to menus. While a return date was not announced, the legendary latte has hit menus in late August in years past.
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Amid the ongoing outbreak of COVID-19, Starbucks estimates it lost $3.1 billion. The café chain said it spent $350 million during the third quarter on virus-related costs, like temporary premium pay for employees.
The Associated Press contributed to this report.