Forget McDonald's. This Chinese Fast-Food Chain Is Now the World's Biggest.
This recipe helped Mixue Ice Cream and Tea become the world's biggest food-and-beverage chain by number of locations, topping McDonald's and Starbucks.
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Yahoo
an hour ago
- Yahoo
Starbucks Shortlists Dozen Firms Including Tencent for China Investment
(Bloomberg) -- Starbucks Corp. has shortlisted about a dozen parties including private equity firms and technology companies into the second round of a process to invest in its China business, people familiar with the situation said. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival We Should All Be Biking Along the Beach Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus Boyu Capital, Carlyle Group Inc., EQT AB, FountainVest Partners, KKR & Co., Hillhouse Investment and Primavera Capital are among the private equity firms invited to participate, along with tech giants Inc. and Tencent Holdings Ltd., the people said, asking not to be identified discussing private information. The shortlisted firms will be given access to the coffee chain's China financials so they can evaluate and prepare bids in the coming months, the people said. Fresh backing and more local expertise could help Starbucks expand its store count and further develop its supply chain in China, as well as enhance mobile platforms and brand strategies for Chinese consumers, according to the people. The search for a partner in China is 'not about capital,' Starbucks Chief Executive Officer Brian Niccol said on a July 29 earnings call with analysts. 'What this is about is how do we ensure that the Starbucks brand is in a much better place in the future.' Niccol has previously said the China business could grow to 20,000 stores from roughly 7,800. China is the Seattle-based chain's second-biggest market, but Starbucks has fallen behind local rivals such as Luckin Coffee Inc., which have boomed with much cheaper alternatives and frequent product launches. Starbucks has started to follow suit by incorporating lower-priced and tailored offerings such as fruit teas and sugar-free alternatives to its China menus. And there are signs of some improvement, with same-store sales rising in the latest quarter for the first time since the end of 2023, the company said this week. The process to introduce new backers in China attracted more than 20 potential investors in total, Niccol said on the call with analysts. Starbucks wants to retain a 'meaningful' stake in the business, he said. Bloomberg News first reported in May that Starbucks was reviewing its China operations. By July, the company had received proposals from prospective investors with an eye on taking a controlling stake in the business. The company has said it isn't considering a full sale. Deliberations are ongoing and may not lead to a transaction. Other industry and financial investors could also join at later stage when talks are more advanced, the people said. Starbucks declined to comment. Representatives for EQT, FountainVest, Hillhouse, KKR and Primavera also declined to comment. Boyu, Carlyle, and Tencent didn't respond to requests for comment. --With assistance from Echo Wong, Zheping Huang, Bei Hu and Claire Che. Russia Builds a New Web Around Kremlin's Handpicked Super App Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts How Podcast-Obsessed Tech Investors Made a New Media Industry ©2025 Bloomberg L.P.
Yahoo
11 hours ago
- Yahoo
Starbucks CEO talks rising coffee prices and tariffs
Coffee prices (KC=F) have risen more than 20% over the past year. President Trump's tariffs could cause them to climb even higher. Starbucks (SBUX) CEO Brian Niccol explains how the company prepares for higher prices and if it means you will have to start paying more for your morning cup. To watch more expert insights and analysis on the latest market action, check out more Opening Bid. the outlook for coffee prices. Uh, first actually coffee prices have already climbed well off the canvas and now you have uh, potential tariffs, very high tariffs into the mix. When will the price of coffee at Starbucks be forced to go much higher because of these tariffs? You know, look, here's the good news is we are a very much diversified in our uh, coffee buying and also the guys do a great job of being smart about what we buy, when we buy, how we hedge it. And so, uh, it has minimal impact, uh, you know, in the very near term. So we're able to be thoughtful about what we need to do going forward. So, obviously we'll continue to keep a close eye on it. It's something that is a big deal to us and uh, we're going to continue to make sure that we navigate it smartly. Brian, so will you have to raise prices and do you think Starbucks has the ability to do that? You know, right now we don't have any plans to raise prices. Um, and in the future, if we find that we need to do something like that, you know, we'll be smart about how we increase those prices. Related Videos Starbucks CEO Brian Niccol talks Q3 earnings, turnaround strategy Starbucks earnings fall short, CEO touts turnaround plan Komatsu CFO on US Tariff Impact Reddit, Fannie Mae & Freddie Mac, Fluor: Trending Tickers Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11 hours ago
- Yahoo
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
