(Reuters) – Starbucks Corp (SBUX.O: Quote, Profile, Research, Stock Buzz) brewed up strong quarterly sales and profit growth, but its disappointing profit forecast for this holiday quarter dragged down its shares.
Starbucks estimated earnings in the fiscal first quarter, its biggest for revenue, of 44 cents to 45 cents, excluding items, saying the strong dollar would reduce its revenue. Analysts on average had a target 47 cents, according to Thomson Reuters I/B/E/S.
By Lisa Baertlein and Yashaswini Swamynathan
(Reuters) – McDonald’s Corp (MCD.N: Quote, Profile, Research, Stock Buzz) shares hit an all-time high on Thursday after Chief Executive Steve Easterbrook said a rebound in quarterly restaurant sales showed that his turnaround plan is starting to work.
Global sales at established restaurants were up a much better-than-expected 4 percent in the third quarter, ending six straight quarters of flat or falling results. And, Easterbrook said, the trend would continue in the current quarter.
Oct 22 (Reuters) – McDonald’s Corp reported its
first rise in quarterly global same-restaurant sales in more
than a year and said the trend would continue in the current
quarter as Chief Executive Steve Easterbrook’s turnaround plan
begins to takes hold.
Shares of the world’s biggest restaurant chain by sales
jumped more than 8 percent in early trading, as a renewed focus
on value helped business around the world.
LOS ANGELES, Oct 20 (Reuters) – Yum Brands Inc’s
move to spin off its China business will allow investors to
choose how much risk they are willing to stomach in the
fast-food company’s future.
The company said on Tuesday it would split into two
independent, publicly held companies by the end of next year –
one focused on its nearly 6,900 KFC and Pizza Hut restaurants in
China and one devoted to its roughly 35,000 restaurants
elsewhere in the world.
Oct 20 (Reuters) – KFC owner Yum Brands Inc said it
plans to spin off its dominant China business, which has been
besieged by food scandals and marketing missteps, amid pressure
from an activist shareholder who recently joined its board of
Shares of the parent company of the KFC, Pizza Hut and Taco
Bell chains rose about 5 percent to $75.22 in early trading,
before retreating to $73.55 in the afternoon.
Oct 15 (Reuters) – Yum Brands Inc said on Thursday
it had appointed activist investor Keith Meister to its board,
bolstering speculation that the company may spin off its China
business and sending shares up almost 2 percent to $70.55 in
Meister, who heads hedge fund Corvex Management, has urged
Yum to separate its 6,900-restaurant China division, which
contributed 57 percent of the company’s overall revenue and 54
percent of its operating profit in the latest quarter.
LOS ANGELES, Oct 14 (Reuters) – Former Iowa science teacher
John Cisna, who says he lost 60 pounds on a six-month regimen of
McDonald’s food and daily walks, has sparked outrage among
public health advocates for taking his story to U.S. schools on
the fast-food chain’s dime.
The criticism comes as Steve Easterbrook, McDonald’s Corp’s
chief executive, fights to remake the 60-year-old chain
into what he calls a “modern, progressive burger company.”
LOS ANGELES (Reuters) – Whole Foods Market Inc (WFM.O: Quote, Profile, Research, Stock Buzz) on Monday said it made a minority investment in Mendocino Farms, an 11-unit, upscale sandwich chain known for its indulgent sandwiches and salads made from ingredients such as humanely raised, antibiotic-free pork.
Whole Foods declined to disclose the size of its investment in the popular Los Angeles-based chain or other details related to the partnership.
LOS ANGELES (Reuters) – California Governor Jerry Brown on Saturday signed a bill that sets the strictest government standards in the United States for the use of antibiotics in livestock production.
The move from California, known for its leadership on public health and environmental issues, comes amid growing concern that the overuse of such drugs is contributing to rising numbers of life-threatening human infections from antibiotic-resistant bacteria known as “superbugs.”
LOS ANGELES (Reuters) – Meal delivery service Munchery on Thursday said it hired Pascal Rigo, a former Starbucks executive, as its chief customer experience officer.
Rigo served as Starbucks Corp’s senior vice president of Starbucks food and La Boulange until June 20. He was hired by the world’s biggest coffee chain after it paid $100 million in 2012 to buy Bay Bread LLC, the parent of the La Boulange bakery chain Rigo founded.