It was a happy holiday at Starbucks, but the company's sales momentum could start to slow due to the coronavirus outbreak in China.
New drinks like the Pumpkin Cream Cold Brew were a hit with customers, helping the Seattle-based coffee giant beat Wall Street's forecasts in the October-December period. Starbucks reaffirmed its 2020 profit guidance for now, but said it has already closed more than half of its stores in China.
Starbucks reported Tuesday that its earnings rose 16% to $886 million in its fiscal first quarter. Earnings, adjusted for non-recurring items like restructuring charges, were 79 cents per share. That beat Wall Street's forecast of 76 cents.
Starbucks said same-store sales — or sales at stores open at least 13 months — jumped 5% worldwide in the October-December period, ahead of analysts' forecast of 4.4%. Revenue was up 7% to $7.1 billion, in line with analysts' forecasts.
Starbucks said 1.4 million U.S. customers joined its Starbucks Rewards loyalty program during the quarter. The company said demand for mobile ordering and payment is growing in the U.S.
Nugget ice is booming across America. Middleby CEO Tim FitzGerald explains the craze, restaurant demand and why the trend could become a major growth engine.
Wearable robotics are moving beyond sci-fi. Dephy CEO Luke Mooney explains how its smart ankle exoskeleton is changing mobility, recovery and everyday movement.
Voice AI is moving into cars, restaurants and customer service. SoundHound CEO Keyvan Mohajer explains the company’s growth and the future of voice-powered AI.
Americans are still spending, but rising anxiety over jobs, AI, housing and tariffs tells a different story. Kearney Consumer Institute’s Katie Thomas explains.
Disney is back in focus after Q3 earnings. Investors are watching streaming profits, theme parks and ESPN as the entertainment giant looks for its next catalyst
Healthcare policy is shifting fast, raising questions about drug prices, Medicare and access. Leap Health CEO Hani Elias explains what patients need to know.
