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.
Wes Schroll, CEO and Founder of Fetch Rewards, joins Cheddar News' Closing Bell, where he explains how his company is helping save shoppers money and discusses how he plans to grow the company with $240 million in new funding.
On this episode of ChedHER, Amira Rasool, CEO and Founder of The Folklore, discusses her $1.7 million pre-seed funding round and why she's being intentional about the investors she's working with; Brittany Merrill-Yeng, co-founder Skrewball Whiskey, reveals the origins of Skrewball Whisky, experiencing a period of rapid growth, and navigating a male-dominated industry; Suz Hernandez, Owner of MamaP, breaks down how her company is combining eco-friendly and sustainable products with a mission to donate to non-profits that help people and the planet.
On this episode of ChedHER: CEO of The Lactation Network breaks down how they are expanding access to lactation support for families nationwide; CEO of Vanta explains the importance of a security team for startups; Midwest Divison Area Manager at JPMorgan Chase discusses the perks of having a business mentor.
The global oil benchmark has crossed the $100 per barrel mark for the first time since 2014. Oil prices have surged nearly 10 percent since Russia's invasion of Ukraine. Russia is the number two oil producer in the world, and it comes at a time when global oil supplies have already been constrained over the course of the past year. Rob Thummel, portfolio manager at Tortoise, joined Cheddar Movers to discuss.
Russia's economy is falling on hard times as businesses throughout the world continue to shut out the country after its invasion of Ukraine. Cheddar News was joined by Christine McDaniel, Senior Research Fellow at the Mercatus Center, to learn more about the situation.
Tech companies such as Google, Apple, and Twitter are the latest to announce back-to-office plans. Google has asked its employees to return starting on April 4th. Heidi Brooks, senior lecturer in organizational behavior at Yale University School of Management, joins Cheddar News to discuss.
