When the pandemic hit, businesses immediately felt the pain as many had to shut their doors. Even the ones that were able to stay open had to quickly figure out how to make drastic changes to the way they served their customers and protected their employees from the spread of Covid-19.
Restaurants and coffee shops remained open, but in many cases, only for take-out or drive-thru service. Remarkably, many have managed to keep going, but only after a very harsh reality check. Starbucks, for example, says it lost about $1.2 billion in sales due to limited operations, reduced hours, and even closures.
Still, the company reported its quarterly earnings last week and managed to exceed expectations largely due to a decision it made years ago. Analysts had expected Starbucks to earn $6.06 billion, but despite the decrease in customer traffic due to the pandemic, the company’s generated $6.2 billion for