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☆ Here's what CEOs are saying about consumers this earnings season
▼ + stars: | 2023-08-08 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Consumers have more cash on hand now than before the pandemic, according to a July analysis from the JPMorgan Chase Institute. So, what do corporate earnings reveal about the health of the consumer? “The consumer is in good financial shape, particularly the premium consumer base that we target,” Ed Bastian, chief executive of Delta Air Lines (DAL), said last month. “Both the lower-income consumer and our higher-income consumers are showing really good strength,” said Brian Niccol, chief executive of Chipotle, during the company’s post-earnings call. “The macro effects of higher inflation and a slowing US economy have put increased pressure on the price-sensitive consumer,” said Chip Bergh, chief executive of Levi Strauss.

Persons: Taylor Swift’s, ” Ed Bastian, ”, Robert Jordan, “ We’re, Laxman Narasimhan, Chipotle, Brian Niccol, Levi Strauss, LEVI, Chip Bergh, “, Tarang Amin, Zachary Kirkhorn, Peter Valdes, Kirkhorn, Tesla, Elon Musk’s, Vaibhav, Read, Jennifer Korn, it’s, Google Organizations: CNN, JPMorgan Chase Institute, Airlines, Consumers, Delta Air Lines, DAL, Southwest Airlines, Papa Johns, Apparel, Tesla, Google Locations: United States, Pacific, Papa Johns ’ North, bitcoin

☆ Papa Johns’ prices are driving some customers away
▼ + stars: | 2023-08-03 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

New York CNN —Consumers are pulling back on discretionary spending, and Papa Johns is taking a hit. Lynch joined Papa Johns (PZZA) in 2019. The vast majority, roughly 2,900 out of about 3,400 total North American Papa Johns restaurants, are franchised, according to the company. Sales at Papa Johns locations open at least a year fell in the second quarter. But now, they’re pushing back – and not just at Papa Johns.

Persons: Papa Johns, ”, Rob Lynch, “, we’ve, I’ve, Lynch, American Papa Johns, Luke Sharrett, Papa, Kraft Heinz, Oscar Mayer, Kraft, Miguel Patricio, ” Patricio, George Frey, James Quincey, Steven Cahillane, “ We’re, ‘, ’ ”, ” Lynch, it’s Organizations: New, New York CNN, American Papa, Papa Johns, Bloomberg, Kraft Mac, Kraft Locations: New York, Papa Johns, Capri Sun, Philadelphia, Europe

☆ Stocks are having their best run since 2021. Can they beat the August doldrums?
▼ + stars: | 2023-08-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

On average, August has been the worst performing month for stocks since 1986, according to Morningstar. That means the dwindling number of traders who remain must take extra care in a such a potentially volatile environment. 99-year-old trucking company Yellow shuts downYellow Corp., a 99-year-old trucking company that was once a dominant player in its field, halted operations Sunday and will lay off all 30,000 of its workers, reports my colleague Chris Isidore. He said the company began taking on significant amount of debt 20 years ago in order to acquire other trucking companies. “Now their debt service is just enormous,” he said, pointing to $1.5 billion in debt on its books.

Persons: Morningstar, It’s, it’s, ”, Michael Landsberg, Landsberg, “, ” Jackson, Jerome Powell, Barbie, Barbie ”, “ Oppenheimer, Eva Rothenberg, “ Barbenheimer ”, “ Barbie, Chris Isidore, Satish Jindel, Tom Nightingale, Read Organizations: CNN Business, Bell, New York CNN, Nasdaq, Apple, Landsberg Bennett, Wealth Management, Federal Reserve Bank of Kansas, Fed, Dow, AMC, Oppenheimer AMC Theaters, CNN, Warner Bros, Corp, Teamsters, AFS Logistics, “ Locations: New York, Jackson Hole , Wyoming, Washington, Nashville , Tennessee

☆ AMC has best week in ticket sales led by Barbie and Oppenheimer box office wins
▼ + stars: | 2023-07-31 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +1 min

CNN —AMC Theaters (AMC) hit a revenue record last week, driven by the overwhelming success of the “Barbenheimer” pop culture craze. AMC attributed this 103-year high to the incredible opening weekend of both “Barbie” and “Oppenheimer,” as well as the strong momentum that continued to carry them along. “Barbenheimer” had tremendous staying power in its second weekend in theaters, with “Barbie” grossing $93 million and “Oppenheimer” almost $47 million, according to official studio numbers. It reported that 65 AMC locations across 19 states and Washington, DC, set their own box office records this week as well. In its opening weekend, Greta Gerwig’s “Barbie” had raked in a stunning $162 million domestically in its first weekend, giving the film the biggest opening weekend of 2023 and the largest-ever debut for a female director.

Persons: Barbie ”, “ Oppenheimer, ”, Barbenheimer ”, “ Barbie, Greta Gerwig’s “ Barbie ”, “ Oppenheimer ”, Barbie, Ramishah Maruf Organizations: CNN, AMC, Warner Bros Locations: Washington

☆ Domino’s is still struggling with delivery. One solution? More cars
▼ + stars: | 2023-07-24 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

New York CNN —Domino’s is still suffering declines in its delivery business. But Domino’s (DPZ) still doesn’t want to use outside delivery drivers. Nathan Papes/Springfield News-Leader/USA Today Network/ImagnWeiner said that Domino’s is getting more applications for delivery drivers now than it did in 2019, an encouraging sign. In addition to the electric vehicles, Domino’s has more than 1,000 non-EV cars in its fleet, Weiner said on Monday. By using its own drivers, Domino’s has more control over the delivery experience.

Persons: New York CNN — Domino’s, Uber, Russell Weiner, Nathan Papes, Imagn Weiner, Domino’s, ”, Weiner, Sandeep Reddy, ” Reddy, Reddy, Christopher Carril, ” Weiner Organizations: New, New York CNN, Chevy, Springfield News, USA, RBC Capital Markets Locations: New York, “

"My kids — they like the Blizzards," DeSantis said, as he ordered one for himself. "They like cones, too, but that gets very messy in the car, so we try to stay away from that." Trump had visited the fast food chain and seemed unfamiliar with the famous ice cream treat, asking "What the hell is a Blizzard?" DeSantis, flanked by Iowa Secretary of Agriculture Mike Naig, also used the campaign stop to praise the state's governor, Republican Kim Reynolds, shortly before she signed a six-week abortion ban into law. "She’s done so much, over so many different issues, to make this one of the best-governed states in the country," DeSantis told reporters.

Persons: Ron DeSantis, Donald Trump, DeSantis, Trump, Mike Naig, Republican Kim Reynolds, Reynolds Organizations: Florida Gov, Iowa, Republican, NBC News, Des Moines Locations: BOONE , Iowa, Florida, Des Moines, Bluffs, DeSantis

☆ Chipotle tests a robot to speed up guacamole production
▼ + stars: | 2023-07-13 | by ( Ellie Stevens | ) edition.cnn.com time to read: +3 min

CNN —Your Chipotle guacamole may soon be prepared by a robot. Meet “Autocado,” a Chipotle robot designed to perform the more tedious tasks of creating the chain’s guacamole, including cutting, coring and peeling avocados. But Chipotle (CMG) said this “collaborative robot” will not eliminate jobs, but, instead, employees will work with the robot to speed up guacamole production. For its design, Chipotle partnered with Vebu Labs, a robotics startup in California, to analyze the preparation process at various Chipotle restaurants and identify the most time-consuming tasks for employees. And Chipotle is already testing “Chippy,” a robotic kitchen assistant that uses artificial intelligence to make tortilla chips to dip in Autocado’s guacamole.

Persons: “ Autocado, Chipotle, Curt Garner, ”, Patrick T Organizations: CNN, Technology, Grill Inc, Fallon, Bloomberg, Getty, ., Vebu Labs Locations: El Segundo , California, U.S, California, Vebu, guacamole

☆ Buybuy Baby stores to close amid Bed Bath & Beyond's ongoing bankruptcy liquidation
▼ + stars: | 2023-07-12 | by ( Samantha Delouya | ) edition.cnn.com time to read: +1 min

CNN —Buybuy Baby will close all of its stores as part of its parent company Bed Bath & Beyond’s ongoing bankruptcy liquidation. The deal did not include the chain’s 120 physical retail stores. Bed Bath & Beyond’s brand name, domain and loyalty program assets were purchased by Overstock.com for $21 million last month after filing for bankruptcy in April. The acquisition also did not include Bed Bath & Beyond’s brick-and-mortar stores, which have closed. In a March 2022 letter, former Bed Bath & Beyond activist investor Ryan Cohen said he believed Buybuy Baby was “much more valuable than the Company’s entire market capitalization today.”

Persons: Janie, Jack, Ryan Cohen, ” Organizations: CNN, Bed, CNBC, Sixth Street Partners, Go, Overstock.com, Beyond, & $ Locations: New Jersey, Bath

☆ Freshly sliced meat and new store designs: How Subway is trying to save itself
▼ + stars: | 2023-07-08 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

Subway scrambled to make fixes: Adding freshly sliced meat earlier this month was the most recent one. Revamped menuSubway added freshly sliced meat this week. In addition to a more neatly organized menu board, Subway added numbers and new names to speed up service. And this week, it rolled out freshly sliced meat — a major shift from Subway’s previous method of having the meat sliced at its factories before being delivered to its stores. Adding freshly sliced meat “felt like the natural step that we needed to get back to and address,” Trevor Haynes, president for Subway’s North America operations, previously told CNN.

Persons: that’s, –, Dunkin, Jimmy John’s, Anthony Behar, ” Trevor Haynes Organizations: New, New York CNN, Firehouse, Wall Street, Inspire Brands, Subway, North, QSR Magazine, Jersey, Apple, customizations, Subway’s North, CNN Locations: New York, Jersey, North America, Subway’s North America

☆ Subway is making another big change to its menu
▼ + stars: | 2023-07-05 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —To undercut its fast-growing rivals, Subway is making a big change to its meats. Subway locations currently fresh slice vegetables and freshly bakes bread and cookies daily. The makeover placed less of an emphasis on customization in favor of a “Subway Series” sandwich menu, which now accounts for 20% of sales. Average yearly sales at Subway US restaurants, however, are much lower compared to its sandwich business rivals. Subway is also up for sale, with Haynes saying that it’s “on track” for an imminent announcement, likely in mid-July.

Persons: Jimmy John’s, ” Trevor Haynes, Haynes Organizations: New, New York CNN, Jersey Mike’s, Subs, Subway’s North, CNN, Subway, QSR Magazine, North Locations: New York, Jersey, Subway’s North America, North America

☆ A Snoop Dogg themed Jack in the Box pop-up restaurant is open in California
▼ + stars: | 2023-07-01 | by ( Ashley R. Williams | ) edition.cnn.com time to read: +2 min

CNN —Jack in the Box announced it opened a pop-up restaurant themed after fellow California legend Snoop Dogg – and no, gin and juice will not be on the menu. Jack in the Box announced the opening of a limited-time restaurant location as part of a partnership with rapper Snoop Dogg. Snoop Dogg is known for his appreciation of the vehicles, particularly the Cadillac DeVille. The pop-up joint isn’t the first time the rapper has teamed up with Jack in the Box. “He’s a true fan of the brand and we wanted to welcome him back,” said Tenenbaum, who could not confirm to CNN whether Snoop Dogg would be stopping by the pop-up restaurant.

Persons: Jack, Snoop Dogg, It’s, Snoop, Mijal Tenenbaum, “ Jack, ”, “ Snoop, Tiny Tacos, Curly Fries, ” Tenenbaum, “, Tenenbaum Organizations: CNN, Long Beach Locations: California, Inglewood, San Diego, Snoop’s, Los Angeles

☆ Bed Bath & Beyond splits auction, doubt grows over Buy Buy Baby sale process - CNBC
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Bed Bath & Beyond is splitting the bankruptcy-run auction of its Buy Buy Baby chain into two phases, CNBC reported on Wednesday, citing people familiar with the matter. CNBC also said the home goods retailer was planning to host a separate auction, potentially on Thursday, where buyers can submit bids to keep Buy Buy Baby and its stores running as a going concern. Bed Bath & Beyond did not respond to a Reuters request for comment. Some Bed Bath & Beyond brands including its Buy Buy Baby chain, which sells products for infants and toddlers, had attracted interest from investment firms Go Global Retail and Sixth Street Partners, according to media reports. Last week, Overstock.com (OSTK.O) emerged as the winning bidder for Bed Bath & Beyond's intellectual property and mobile platform in a deal worth $21.5 million.

Persons: Granth, Maju Samuel Organizations: CNBC, Go Global, Sixth Street Partners, Bed, Thomson Locations: Bengaluru

☆ ‘That’s Not Us!’: Blank Slate Coffee Would Like You to Know It Is Not Blank Street
▼ + stars: | 2023-06-28 | by ( Callie Holtermann | ) www.nytimes.com time to read: +1 min

She said a coffee supplier had told her that it would not do business with Blank Street. She overheard people complaining about Blank Street on the sidewalk outside her cafe. “With over 3,000 coffee shops in New York, any similarity with our brand is a complete coincidence,” Blank Street said in a statement on Tuesday. Blank Street declined to answer specific questions, including whether it was aware of a shop called Blank Slate when the company opened its two locations in that area. And other coffee shops with similar names are eager to distance themselves: The owners of Blank Coffee, a vegan cafe in London, said the businesses’ similar names might make customers think their cafe had “sold out.” In March, Blank Coffee formally opposed the registration of the Blank Street Coffee trademark in Britain.

Persons: Jaffe, That’s, ”, Blank, Israel, moaned Organizations: Blank Locations: New York, London, Britain

☆ 150 Starbucks stores to strike over Pride decorations
▼ + stars: | 2023-06-23 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Workers at about 150 unionized Starbucks stores in the United States are going on strike Friday over the coffee chain’s policy for Pride decorations in stores. Starbucks (SBUX) Workers United, the union representing organized stores, has claimed that Starbucks (SBUX) has restricted decorations celebrating Pride month in some locations, demonstrating a “hypocritical treatment of LGBTQIA+ workers.” Starbucks (SBUX) has forcefully denied this claim. Starbucks said it is not aware of any company-owned stores that have banned Pride decorations. Starbucks Workers United says this is an example of Starbucks bowing to pressure, as Target did when moving or removing Pride merchandise from some stores. But, even if some individual managers have removed their Pride decorations, Starbucks corporate has not changed any merchandising or other policies.

Persons: ”, “ We’re Organizations: New, New York CNN — Workers, Workers, Starbucks, Starbucks Workers, US, Twitter, Pride Locations: New York, United States, Oklahoma , Arkansas, Missouri

☆ 7-Eleven is giving the Slurpee a makeover
▼ + stars: | 2023-06-12 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —The Slurpee, an iconic 7-Eleven frozen drink, is getting a makeover. Currently, stores sell at least three flavors (Coca-Cola, cherry and blue raspberry) and 7-Eleven often changes up its limited-time offerings. In 1965, 7-Eleven licensed the machine and changed its name from ICEE to Slurpee, because it described the sound drinkers made while sipping it through the straw. In the 1970s, 7-Eleven sold special cups with sports stars, video games and singers and some people even saved them to collect all of the designs. Every year, 7-Eleven celebrates the frozen concoction on July 11 (you know, 7/11) and hands out free small Slurpees to customers.

Persons: didn’t, Omar Knedlik “, ICEE Organizations: New, New York CNN, National Association of Convenience Stores Locations: New York, Queen, ICEE

☆ People are spending more on groceries. But they’re buying less
▼ + stars: | 2023-06-06 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

New York CNN —The past few months of robust grocery store sales would suggest that shoppers aren’t stretched for cash. Fresh eggs shot up 48.2%, milk rose 5%, bread rose 12.7% and fresh root vegetables went up 14.7. The following month, grocery prices continued to fall. But food inflation is still outpacing inflation overall, and grocery prices are still quite a bit higher than they were last year. We are still seeing prices, month over month, they’re still going up — although much less than they were.”— CNN’s Nathaniel Meyersohn contributed to this report.

Persons: that’s, ”, Alastair Steel, Spencer Platt, they’ve, Steel, “ we’ve, Richard Galanti, Jeff Gennette, “, Brandon Bell, Jeff Owen, Ramon Laguarta, it’s, they’re, —, Nathaniel Meyersohn Organizations: New, New York CNN, Kellogg, PepsiCo, Getty, Steel, Costco, Aldi, ”, Dollar, Assistance, SNAP, Consumers, Bureau of Labor Statistics, BLS Locations: New York

REUTERS/Dado Ruvic/IllustrationJune 5 (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Monday accused the world's largest crypto exchange, Binance, and its founder Changpeng Zhao, of operating an "elaborate scheme to evade U.S. federal securities laws." The SEC charged Binance and Zhao with 13 offences, including operating an unregistered securities exchange and failing to restrict U.S. customers from its platform. "Any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong," Binance said. Merit Peak and Sigma Chain were used to transfer tens of billions of dollars involving Binance, Binance.US and other related entities, the SEC said. Zhao instructed Binance.US to onboard Sigma Chain and Merit Peak as market makers on the Binance.US platform, the SEC said.

Persons: Dado Ruvic, Changpeng Zhao, Zhao, Binance, Binance.US, Chain’s, Angus Berwick, Michelle Price, Nick Zieminski Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Peak's, Reuters, Silvergate Bank, Sigma, BUSINESS Zhao, BAM, Sigma Chain, U.S, Thomson Locations: U.S, Switzerland, Binance.US, Shanghai, Cayman Islands

☆ Why Chick-fil-A Is Drawing Fire Over a ‘Culture of Belonging’
▼ + stars: | 2023-05-31 | by ( Jesus Jiménez | ) www.nytimes.com time to read: +1 min

Chick-fil-A drew fierce criticism this week from conservatives calling out the fast-food chain for its diversity, equity and inclusion policy and questioning the hiring of an executive to be in charge of such efforts. The backlash has made Chick-fil-A one of the latest companies to draw public condemnation over “culture war” flash points like L.G.B.T.Q. Several companies and brands have also been at the center of such criticism in recent months, including Bud Light, Target and the Los Angeles Dodgers. Chick-fil-A itself has drawn controversy in the past, though more typically from the left. ‘Chick-fil-A has gone woke’This week, many conservatives have rebuked Chick-fil-A, pointing to a corporate policy on its website that details the company’s focus on “ensuring equal access,” “valuing differences,” and “creating a culture of belonging,” under the title, “Committed to being Better at Together.”Critics also singled out the chain’s hiring of Erick McReynolds to head its D.E.I.

Persons: Bud Light, ‘, Chick, ”, ” Critics, Erick McReynolds Organizations: Target, Los Angeles Dodgers, ”

☆ Starbucks is changing its ice cubes
▼ + stars: | 2023-05-18 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Starbucks is changing its ice cubes. Customers who order cold beverages will now sip on “nugget ice” in their drinks, ice pieces which are smaller than the chain’s current cubes. The nuggets don’t melt any faster, the company said, and the switch to nuggets doesn’t mean customers will get any less ice since baristas are using the same ice scoop. New Starbucks CEO Laxman Narasimhan sees room for improvement in the business, which includes installing new equipment. Starbucks said in a statement that the new ice machines use less water and will be rolling out to all its stores over the next several years.

☆ Etsy is wasting no time jumping into the wedding registry business
▼ + stars: | 2023-05-10 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

While Bed Bath and Beyond and its popular wedding registry service teeter on the edge, Etsy is stepping in to fill any potential void. Etsy announced on Wednesday that the online marketplace for handcrafted items is launching its own wedding registry. In addition to selecting registry items from Etsy’s vast offerings of handmade and vintage items, the company said the Etsy Registry will also provide couples with a personalization service for nuptial-related paraphernalia, such as wedding decor and bridal party items. “So, launching Etsy Registry was a natural next step,” she said. Etsy has launched its own wedding registry called Etsy Registry.

☆ Starbucks Profit Surges on Higher Prices, Improved Operations
▼ + stars: | 2023-05-03 | by ( Heather Haddon | ) www.wsj.com time to read: 1 min

Starbucks said earlier this year that customers weren’t cutting back despite higher prices. Photo: GABBY JONES for The Wall Street JournalStarbucks said that higher prices and more-efficient operations helped drive higher sales and profit in its most recent quarter, while business in its China market improved. The coffee giant reported sales of $8.72 billion for the three months ended April 2, exceeding analysts’ expectations of $8.41 billion. Revenue in the chain’s second quarter increased by 14.2% from the year-earlier period.

☆ Truck Drivers Bear Big Burden on Data Collection. Some Companies Want to Change That.
▼ + stars: | 2023-04-26 | by ( Isabelle Bousquette | ) www.wsj.com time to read: +1 min

Former truck driver Darren Suarez is terminal manager at Estes Express Lines’ Pine Brook loading dock in New Jersey. Photo: Isabelle BousquetteBeing a truck driver in the 1980s was terrible. Just ask former driver Darren Suarez, who spent years perched in boiling hot cabs with no air conditioning and only crank-down windows. Truck cabs today typically have air conditioning, and a lot else has changed since then, but one thing hasn’t: Drivers are still tasked with collecting and keeping track of detailed shipment data for logistics companies. And although that process has transitioned from paper to digital via app, drivers still bear the brunt of that burden—and it is one of the modern supply chain’s major inefficiencies.

Many Bed Bath & Beyond Inc. shoppers are saying goodbye to the retail giant the only way they know how: Leaving with bags of stuff marked down by 20% off coupons. Shoppers flocked to the chain’s last Manhattan store this week to peruse aisles full of red sales tags. Most of them said they came after they heard Bed Bath & Beyond filed for bankruptcy Sunday.

☆ Billions and Billions Earned: How McDonald’s Keeps Its Edge
▼ + stars: | 2023-04-26 | by ( Spencer Jakab | ) www.wsj.com time to read: +1 min

The McDonald’s app had 127 million downloads worldwide last year—almost four times as many as the next-closest industry competitor. There are some equally mind-boggling figures surrounding the chain today, and not just in its pleasing first-quarter earnings report released Tuesday morning. Its sheer heft as the world’s largest restaurant chain, along with a good dose of digital savvy, has helped expand its lead over fast-food rivals. Consider, for example, that there were 127 million downloads worldwide of the chain’s app last year, according to Apptopia. Even in the fast food-happy United States, downloads last year numbered as many as the second, third and fourth competing app combined.

☆ What happens to buybuy BABY with Bed Bath & Beyond planning to go out of business
▼ + stars: | 2023-04-23 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

CNN —America’s leading specialty baby products retailer will shutter its 120 stores, a consequence of parent company Bed Bath & Beyond’s bankruptcy filing on Sunday. “The buybuy BABY business is the one part of the operation that will probably attract interest from buyers,” Saunders said. Bed Bath & Beyond placed some hope in buybuy BABY while it struggled to survive. He joined Bed Bath & Beyond in 2019 from Target, where he was in charge of expanding its private label brands. In its bankruptcy filing, Bed Bath & Beyond said it had $5.2 billion in debt and assets of just $4.4 billion.

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