Starbucks turns to protein drinks, store upgrades to revive US sales
Although US customers are spending more per visit, transactions were down 4 per cent, signaling a decrease in foot traffic.Meanwhile, China– Starbucks' second-largest market — saw growth in same-store sales. CEO Laxman Narasimhan said the company is reviewing around 20 partnership offers as it looks to expand in smaller Chinese cities.'We remain committed to our China business and want to retain a meaningful stake,' Narasimhan was quoted as saying by news agency AP.'The intense interest in partnering with us is a testament to the great team, strong brand, and long-term opportunity for Starbucks in China. It really is a vote of confidence.'HOW STARBUCKS PLANS TO REVIVE US SALESTo address US challenges, Starbucks will begin rolling out its new 'Green Apron Service' model nationwide in mid-August. The system, tested in 1,500 stores, sets new staffing and hospitality standards to improve service during peak hours.The company is also streamlining operations through new software that helps sequence orders, reducing wait times. Starbucks said 80 per cent of in-store orders are now fulfilled in under four minutes, meeting a target set last fall.Still, those improvements come with significant costs. One major expense in the third quarter was a two-day leadership conference in Las Vegas, attended by 14,000 store managers and regional leaders.Net income dropped 47 per cent to USD 558 million for the quarter. On an adjusted basis, earnings fell to 50 cents per share, below the analysts' forecast of 65 cents.Despite the earnings miss, Starbucks shares rose 3 per cent in after-hours trading, as investors showed cautious optimism about the company's recovery efforts.- EndsWith inputs from Associated PressMust Watch
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
2 hours ago
- First Post
India begins groundwork for US tariff deal, ministries told to draft sector-wise concessions: Report
Facing pressure from Trump's 25 per cent tariff, the Indian government has launched an inter-ministerial effort to draw up trade concessions ahead of key negotiations. With a US delegation set to arrive on August 25, key economic ministries have been directed to prepare sector-specific proposals read more President Donald Trump with Prime Minister Narendra Modi at the White House. The 25 per cent tariff and Russian penalty on India comes even as officials continue to hammer out a trade deal, which has been ongoing since February. File image/AP In response to US President Donald Trump's sweeping 25 per cent tariff imposition on Indian goods, New Delhi has launched a cross-ministerial exercise to identify trade concessions it can offer in upcoming negotiations. With a high-level US delegation set to arrive on August 25, key economic ministries have been directed to prepare sector-specific proposals, The Indian Express reported. The Trump administration is seeking deeper market access than India has previously committed to, pressing for broad tariff reductions and the removal of non-tariff trade barriers. STORY CONTINUES BELOW THIS AD The 25 per cent tariff, effective from August 7, is compounded by a separate, unspecified 'penalty' tied to India's defense and energy imports from Russia. According to the report, government departments have already begun submitting possible concession packages. In some cases, such as oil refining, adjustments are underway, with refiners beginning to cut back on Russian crude purchases. However, sources warned against retaliatory posturing in response to Trump's provocations, no matter how inflammatory they may be. 'This is a time for pragmatism, not posturing,' one official noted. Although Trump had originally listed India among his top trade priorities, progress has been sluggish, leading to mounting frustration in Washington. Like other countries navigating Trump's tariff tactics, India has followed a cautious approach, offering selective concessions while safeguarding its economic interests and shielding vulnerable domestic sectors. Observers note that several nations that rushed to sign trade deals with the US—such as the UK and Australia, emerged with lopsided agreements that disproportionately benefited Washington, particularly in cases where trade deficits existed. New Delhi had long operated on the assumption that the US would maintain a 10–20% tariff differential between India and China, and continue to respect India's longstanding trade red lines. These include opposition to genetically modified (GM) crops and the need to protect its vast, labor-intensive manufacturing base that underpins much of its export economy. STORY CONTINUES BELOW THIS AD Officials remain cautious on sensitive agricultural imports, particularly soybeans, corn, and dairy, despite already proposing tariff cuts on 55 per cent of US imports. This figure could rise in the upcoming talks, especially as India's trade pacts with Japan, South Korea, and ASEAN saw over 80 per cent of tariff lines reduced to zero. While negotiators are eyeing October as the tentative deadline for finalising a deal, progress in fresh rounds of talks could accelerate that timeline. Complicating India's position, however, is the possibility of China finalising a trade deal of its own, potentially locking in favorable tariff rates and securing waivers, including on penalties linked to Russian oil imports.
Time of India
3 hours ago
- Time of India
APSRTC urged to replace outdated ticketing machines before free bus travel scheme rollout
Vijayawada: AP public transport dept (RTC) employees have urged the govt to replace the outdated unified ticketing system machines ahead of rolling out the free bus travel scheme for women passengers in govt-run buses from Aug 15 in the state. They said the existing ticket issuing machines (TIMS), which are over three years old, are creating manifold problems for conductors while issuing tickets, with issues like inadequate battery backup, hardware/motherboard problems, and touch screen issues. The bus conductors, in many instances, are forced to issue manual tickets to passengers as the substandard paper roll and ink quantity supplied to TIMS machines do not give properly printed tickets. APSRTC has around 14,000 TIMS devices procured from E-Bix, a Chinese firm, for which the govt pays a monthly rent of Rs 680 for each device. "The govt plans to roll out the free bus travel scheme for women across the state from Aug 15. Following the launch of the scheme, APSRTC buses will see more number of passengers, particularly women. It would be increasingly difficult for RTC drivers and conductors to issue tickets using the existing TIMS devices, as these machines, which run on 4G network, have less data speed, posing significant difficulty in issuing a large number of free tickets in a short time," APSRTC employees' union president P Damodar Rao said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Explore new and used vehicles across the board. Carxplore Shop Now Undo RTC employees have submitted a representation to the authorities requesting the corporation replace the existing TIMS devices with newer ones to facilitate a seamless ticketing experience for passengers by the launch of the free bus scheme. "The corporation should tie up with banks and software firms and ask them to donate free TIMS devices and paper rolls with their bank rolls to reduce the burden on the corporation and provide better services to passengers. In Tamil Nadu, govt buses are using TIMS devices provided by a public sector bank free of cost, with quality paper rolls also supplied by the bank, thus reducing the burden on the govt. APSRTC, too, should explore the TN model and replicate it in AP," the employees urged the corporation. They also demanded the installation of charging points on the older RTC buses to charge the TIMS devices. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
Mint
5 hours ago
- Mint
India indicates it will keep buying Russian oil despite Trumps threats
NEW DELHI (AP) — India has indicated that it would continue buying oil from Russia despite threats by U.S. President Donald Trump. The Indian foreign ministry said its relationship with Russia was 'steady and time-tested,' and should not be seen through the prism of a third country. Addressing a weekly presser on Friday, spokesman Randhir Jaiswal said India's broader stance on securing its energy needs was guided by the availability of oil in the markets and prevailing global circumstances. The comments follow an announcement by President Donald Trump that he intends to impose a 25% tariff on goods from India plus an additional import tax because of New Delhi's purchases of Russian oil. The threat came as the U.S. president has increasingly soured on Russia for failing to agree to a ceasefire in Ukraine and has threatened new economic sanctions if progress is not made. India bought 68,000 barrels per day of crude oil from Russia in January 2022, but by June of same year oil imports rose to 1.12 million barrels per day. The daily imports peaked at 2.15 million in May 2023 and have varied since. Supplies rose as high as nearly 40% of India's imports at one point, making Moscow the largest supplier of crude to New Delhi, the Press Trust of India reported, citing data from Kpler, a data analytics company. India's daily oil consumption is pegged around 5.5 million barrels, of which nearly 88% is met through imports. The country has historically bought most of its crude from the Middle East, but this has changed since Russia's full-scale invasion of Ukraine in February 2022. India, the world's third-largest crude importer after China and the U.S., began buying Russian oil available at discounted rates after the West shunned it to punish Moscow.
