Starbucks looks to protein drinks and other new products to turn around lagging US sales next year
In the meantime, slow U.S. demand continues to be a drag on the company's results.
Starbucks reported that its revenue rose 4% to $9.5 billion in its fiscal third quarter. That was better than the $9.3 billion Wall Street expected, according to analysts polled by FactSet.
But same-store sales, or sales at locations open at least a year, fell 2% in the April-June period. That was a bigger decline than Wall Street expected, and it was the sixth straight quarter that the Seattle-based company reported lower same-store sales.
Same-store sales were up in China, Starbucks' second-largest market, but they fell 2% in the U.S.
Starbucks is spending heavily to turn that around. One big expense in the third quarter was a two-day meeting in Las Vegas, where the company hosted 14,000 store managers and regional leaders.
The company said its net income fell 47% to $558 million in the April-June period. Adjusted for one-time items, its earnings fell 46% to 50 cents per share for the quarter. That was lower than the 65 cents analysts had forecast.
Starbucks shares rose 1.8% in after-hours trading.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
41 minutes ago
- Yahoo
MP Materials posts smaller loss as rare earths production surges
(Reuters) -MP Materials posted a smaller-than-expected second-quarter loss Thursday, as the U.S. rare earths miner benefited from higher production amid booming demand, sending its shares up nearly 8% after the bell. The company - which operates the only U.S. rare earths mine in Mountain Pass, California - has been in the spotlight as President Donald Trump's administration ramps up efforts to build out a domestic supply to reduce dependence on China. MP Materials said rare earths concentrate production at the mine increased nearly 45% to 13,145 metric tons, while production for neodymium and praseodymium (NdPr) — the two most in-demand rare earths — jumped nearly 120% to 597 metric tons in the second quarter ended June 30. Rare earths refer to a group of 17 metals used to make magnets that turn power into motion, including the devices that make cellphones vibrate. They are also widely used to make weapons, electric vehicles and other electronics. Last month, the company signed a multibillion-dollar deal with the U.S. government to boost output of rare earth magnets, which are used to build weapons, electric vehicles and many electronics. The deal, which would make the Pentagon the company's biggest shareholder, was followed by a $500 million deal with Apple for the supply of rare earth magnets to the iPhone maker. The drive to boost the domestic supply chain has powered a more than four-fold increase in the company's stock so far this year. The DoD, under the deal, will guarantee a floor price of $110 per kilogram for the two most-popular rare earths, a price nearly twice the current Chinese market level. The price floor is one that had long been sought by U.S. critical minerals companies who have complained about China's market manipulations. The Las Vegas-based company posted an adjusted loss of 13 cents per share, compared with analysts' expectations of 19 cents loss per share, according to data compiled by LSEG. Sign in to access your portfolio
San Francisco Chronicle
an hour ago
- San Francisco Chronicle
Vroom: Q2 Earnings Snapshot
FORT WORTH, Texas (AP) — FORT WORTH, Texas (AP) — Vroom, Inc. (VRM) on Thursday reported a loss of $8.5 million in its second quarter. On a per-share basis, the Fort Worth, Texas-based company said it had a loss of $1.65. Losses, adjusted to account for discontinued operations, came to $1.73 per share. The company posted revenue of $45.7 million in the period.
San Francisco Chronicle
an hour ago
- San Francisco Chronicle
Elicio Therapeutics: Q2 Earnings Snapshot
BOSTON (AP) — BOSTON (AP) — Elicio Therapeutics, Inc. (ELTX) on Thursday reported a loss of $10.6 million in its second quarter. On a per-share basis, the Boston-based company said it had a loss of 66 cents. _____
