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Heard on the Street Recap: Jobs Stall
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Yahoo
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Starbucks earnings fall short, CEO touts turnaround plan
Starbucks (SBUX) reported fiscal third quarter adjusted earnings per share of $0.50. That is below the Bloomberg consensus estimate of $0.65. Net revenue was slightly better than expected, $9.46 billion versus a $9.29 billion estimate. Total comparable sales fell 2%. Wall Street had been expecting a decline of 1.5%. In the release, chairman and CEO Brian Niccol says that the company's turnaround is "ahead of schedule." Yahoo Finance Senior Reporter Brooke DiPalma reports the details. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here. Turning now to Starbucks as its third quarter results just hitting the wire. Let's get to Yahoo! Finance senior reporter Brooke DiPalma with the latest, Brooke. Josh, this certainly was a better than feared report, and that's why you see the stock moving higher in these after-hours trading. When you take a look at the global same-store sales numbers, we did in fact see a decline of 2%, and that was more than what Wall Street had expected, a 1.5% decline. But big picture here, what investors are really focused on is this turnaround effort here in the US, and that's why we're seeing that better than feared rubric here. US same-store sales declined down about 2%, and that was just slightly less than the 2.53% that Wall Street had expected. Also, when it comes to foot traffic, that was also slightly higher, albeit a decline than what Wall Street had expected. We saw foot traffic in line with the decline that we saw this previous quarter. Foot traffic, or transactions rather, were down 4%, and that was better than feared. Wall Street had been expecting a 4 and a half percent decline when it comes to transactions this past quarter. If you take a zoom out and you take a look at revenue, the company did beat on revenue for the quarter, coming in at $9.46 billion. That was higher than what the street had expected at $9.29 billion. But adjusted earnings, that was a big miss there. Adjusted earnings came in at 50 cents, that was about 15 cents less than what the street had expected. And we're getting a bit of color there from the CFO. She said within the release that the company made a quote-unquote non-recurring investment in its leadership experience and also incurred a discreet tax item. But we do see the shares rallying here, and that's largely because the CEO, Brian Nickel there, is really making headway with this turnaround effort, according to what he said in the release that they have fixed a lot and done the hard work on the hard things to bring strong to build a strong operational foundation. He went on to say that based on his experience of turnarounds, they are quote-unquote ahead of schedule. Of course, Brian Nickel led the turnaround over at Chipotle. And Brooke, what about the China business specifically? What are we seeing there? Yeah, what we saw as far as China goes is same-store sales increase only about a tick higher than what Wall Street had expected, up 2% compared to the 1.44% increase in same-store sales growth that Wall Street had expected. But that has largely been a turnaround story there. We know that Starbucks had previously said that they are seeking out a strategic partner within that region. Just, you know, earlier this month, the company did tell Yahoo! Finance that they're quote-unquote looking for that strategic partner with like-minded values, and they want to retain a meaningful stake in the business. Certainly what we're seeing there is an improvement. Once again, same-store sales within that region up 2% this past quarter. All right, thank you, Brooke. Appreciate it. Related Videos Starbucks CEO talks rising coffee prices and tariffs Berkshire Hathaway earnings: 'Perfect' stock to own when 'worried' Fed Governor Adriana Kugler to resign Dow falls more than 500 points on jobs report, tariffs Sign in to access your portfolio
Washington Post
an hour ago
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Sanctions bill targets China for enabling Putin's war in Ukraine
Bipartisan legislation introduced in the Senate on Friday would force the Trump administration to impose economic penalties on China for supporting Russia's war machine, targeting Moscow's most important sponsor as the president intensifies efforts to end the war in Ukraine. The bill introduced by Sens. Jeanne Shaheen (D-New Hampshire) and John Cornyn (R-Texas) would require the administration to target Chinese 'entities and individuals' that have helped sustain the Russian defense industry despite enormous battlefield losses and widespread Western sanctions imposed since the start of the war.
