The first quarter saw "meaningful, sequential improvements in quarterly financial results despite ongoing business disruption from the pandemic."
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Rachel Ruggeri had been a longtime executive at the coffee retailer before leaving to serve as CFO at Continental Mills.
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CEO Kevin Johnson says store traffic is down in central business districts but up in the suburbs.
The coffee chain said it expects to accelerate the development of pickup locations in major U.S. cities over the next 18 months.
The coffee giant also withdrew its outlook for fiscal 2020.
Companies are cutting operations and restricting nonessential travel to mainland China as the virus spreads.
By 2030, the coffee chain wants to cut carbon emissions in half and reduce half of its waste.
The company’s rating was lowered after the stock climbed over 90% in the past 12 months.
The Chinese challenger to Starbucks is going public soon after being in operation for only 19 months.
The coffee chain posts a third straight quarter of accelerating sales growth, indicating its streamlining efforts are paying off.
