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.
The S&P 500 fell 0.6% Monday, its second straight fall after a stunningly strong report on the jobs market dented the market’s hopes that interest rates would ease
Will Rhind, CEO of GraniteShares, joined Cheddar News to discuss Friday's trading session and the overall market as investors deal with some uncertainty despite the Federal Reserve's cautious optimism about inflation cooling.
Looking ahead to what could move markets next week, Cheddar News discusses what earnings to expect and explains why a Southwest Airlines executive will testify about its recent flight cancellations.
Toy's don't just have to be mindless objects we give children to pass time, they can be educational, brain stimulating, and emotionally calming. From toys that tell you stories to ones that let you test your creative side and music making skills, this year's Consumer Electronics Show presented some tech toys that could have some positive impacts on your mind.
Jason Vitug, financial wellness expert and author of "Happy Money Happy Life," joined Cheddar News to discuss how to overcome the emotional, financial and stressful toll of workforce reductions.
