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.
There are now over 1,000 plant-based restaurants in the U.S. It's clear that people are hungry for vegan alternatives at restaurants nationwide. However, when it comes to pizza, vegan options don't have the best reputation. NUMU Food Group is looking to change that with its brand new vegan mozzarella. Mike Pytlinski, CEO of NUMU Food Group, joins Cheddar News to discuss.
Tattoo artist Katrina "Kat Tat" Jackson, famous for starring in the VH1 hit series "Black Ink Crew: Chicago," is also the first Black woman to own a tattoo shop in Beverly Hills. She joined Cheddar News to discuss her trailblazing work, the stigma BIPOC tattoo artists face in the industry, and the way the space has changed for artists of color since her start. "In the beginning, I remember walking into a tattoo shop just like, hey, I wanna learn, I wanna be a tattoo artist and kind of just being laughed at, not taken seriously," she said. "Even with the tattoo conventions, a lot of African American tattoo artists were almost scared to go to conventions because it's not a welcoming environment."
Jack Miller, Head of Trading at Baird, joined Closing Bell to break down how the Securities and Exchange Commission's proposals would change the landscape for individual investors, as they face stiff opposition from brokerages like Robinhood.
Robotics automation technology company Symbotic made its market debut on the Nasdaq via a SPAC merger with SVF Investment Corp. 3, a special purpose acquisition company sponsored by an affiliate of SoftBank Investment Advisers. Symbotic rang the Opening Bell at the Nasdaq to celebrate the occasion this morning. Its debut on Wall Street comes amid an urgent need for logistics solutions, as it aims to reimagine supply chains with its A.I.-powered robotic and software platform. Tom Earnst, CFO of Symbotic, and Vikas Parekh, managing partner at Softbank Investment Advisors, join Cheddar News' Closing Bell to discuss.
Michelle Castillo joined Closing Bell to break down Elon Musk's announcement to SpaceX employees that the Starlink internet business might not see itself as an IPO until 2025, Twitter planning to hand over the user data he requested as a condition of the acquisition, and Warren Buffet-backed Chinese EV company BYD stating it will be supplying batteries to Tesla "very soon."
At the age of 65, Judy Katz, who ran her own public relations firm for years, was looking for a change. After retirement, she started a brand-new business as an author and ghostwriter of books. Judy Katz joins Jamie Hopkins to discuss finding a new beginning as a ghostwriter and living life to the fullest post-retirement.
Catching you up with today's market check with the mortgage demand plummeting to a 22-year low, Walmart heir Rob Walton getting set to buy the Denver Broncos for $4.56 billion, and talks continuing over Jetblue’s attempted purchase of Spirit headlines.
Meta announced its plans to join the Cannes Lions International Festival of Creativity. This is leaving businesses and customers wondering what the tech giant has in store for the event. Nicola Mendelsohn, the vice president of the global business group at Meta, joined Cheddar News to preview what the tech giant will discuss at this year's festival. "We're going to be showcasing more about reels. We're going to be talking about our commerce solutions, are messaging solutions, and of course, the method of us speaking of new ways to kind of connect with customers," she said.
