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.
Shares of the Swiss bank Credit Suisse tumbled more than 30 percent after its biggest shareholder, the Saudi National Bank, said it could no longer provide funding.
President of Champagne Laurent-Perrier U.S. Michelle DeFeo discusses how she got started in the French wine industry, why she's proud to work for a women-owned brand, and the secret to perfectly opening a bottle of champagne every time.
Markets shuddered Wednesday on worries about a spreading banking crisis and how badly it will hit the economy, and stocks and bond yields fell on both sides of the Atlantic.
Federal Reserve Chairman Jerome Powell should be very cautious when deciding to raise interest rates or he risks another bank crisis, Rep. John Garamendi (D-Calif. 8th District) told Cheddar News.
Eric Menees, CEO and co-founder of fintech lender Fynn, joined Cheddar News to discuss how his startup offers private student loans for the nation's skilled workforce.
Matt Stucky, senior portfolio manager with Northwestern Mutual Wealth Management Co., joined Cheddar News to discuss Tuesday's trading session as the market digests SVB's collapse and as well as a key inflation report.
