DIRS.INFO The most relevant business & tech news

☆ Taco Bell owner Yum Brands misses revenue estimates despite soaring KFC sales
▼ + stars: | 2023-08-02 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

Yum Brands on Wednesday reported mixed quarterly results as Taco Bell's and Pizza Hut's same-store sales disappointed. Yum Brands' same-store sales grew 9% in the quarter, topping StreetAccount estimates of 6.9%. KFC's system sales in China soared 32%, while its U.S. system sales rose 5%. The pizza chain's domestic same-store sales rose just 1%. Its U.S. same-store sales increased 4%, but its international same-store sales shrank 1% in the quarter.

Persons: Yum Organizations: Brands Inc, Taco, Yum Brands, Refinitiv, U.S Locations: Taco Bell, Kentucky, Louisville , Kentucky, U.S, Russia, China, Taco Bell's

☆ Starbucks beats earnings estimates, but sales disappoint despite China boom
▼ + stars: | 2023-08-01 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

Starbucks on Tuesday reported quarterly earnings that beat analysts' expectations, but its same-store sales missed Wall Street's estimates. The company's same-store sales grew 10%, falling short of StreetAccount estimates of 11%. Same-store sales growth in both North America and its international markets was softer than expected. The coffee giant's North American same-store sales grew 7%, missing estimates of 8.4%. Outside North America, Starbucks' same-store sales increased 24%, falling short of estimates of 24.2%.

Organizations: Starbucks, Refinitiv Locations: Charleroi, Belgium, North America, China

☆ Procter & Gamble sales rise slightly, fueled by higher prices
▼ + stars: | 2023-07-28 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

But the company released a gloomy outlook for its fiscal 2024 sales that fell short of Wall Street's estimates. For fiscal 2024, P&G is forecasting that its revenue will grow 3% to 4%, lower than Wall Street's expectations of 4.5% sales growth. For roughly two years, P&G has been raising prices on its products to mitigate higher commodity costs. In fiscal 2024, P&G expects its volume will start increasing again, and prices will only rise 1% to 1.5%. The division, which includes Oral-B and Pepto-Bismol, scared off North American customers with its higher prices, according to P&G.

Persons: Gamble, Andre Schulten Organizations: Procter, Refinitiv, G, Asia Pacific, Gillette Locations: Compton , California, U.S, United States, Europe, Asia, Pacific, China

☆ McDonald's earnings top estimates as mascot Grimace fuels U.S. sales
▼ + stars: | 2023-07-27 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

McDonald's on Thursday reported quarterly earnings and revenue that topped analysts' expectations as its China sales rebound and mascot Grimace drives U.S. visits. The company's global same-store sales climbed 11.7%, topping StreetAccount estimates of 9.2%. All three of McDonald's divisions reported double-digit growth for same-store sales. In the U.S., its largest market, same-store sales climbed 10.3%. McDonald's also reported that visits to its U.S. locations grew for the fourth consecutive quarter.

Persons: Grimace, Chris Kempczinski, McDonald's Organizations: Refinitiv Locations: San Pablo , California, McDonald's, China, U.S

☆ Sweetgreen shares tumble after salad chain reports weak sales but narrowing losses
▼ + stars: | 2023-07-27 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Sweetgreen on Thursday reported quarterly sales that fell short of Wall Street's expectations, but narrowing losses. The company reported an adjusted EBITDA of $3.3 million, swinging from a loss of $7.8 million in the year-ago period. For 2023, Sweetgreen now expects restaurant-level margins of 16% to 18%, up from its prior range of 15% to 17%. It also expects adjusted EBITDA in a range of a $10 million loss to breaking even. The company previously said is adjusted EBITDA would be a loss of $13 million to $3 million.

Persons: Jonathan Neman, Sweetgreen Organizations: CNBC Locations: Neman

☆ McDonald's is creating a spinoff restaurant brand called CosMc's
▼ + stars: | 2023-07-27 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

McDonald's is creating a spinoff restaurant chain called CosMc's, executives said Thursday. "CosMc's is a small format concept with all the DNA of McDonald's, but with its own unique personality," McDonald's CEO Chris Kempczinski said. The name for the new brand comes from CosMc, a McDonaldland mascot who appeared in advertisements in the late 1980s and early 1990s. The brand will revive CosMc after the return of another McDonald's mascot, Grimace, jolted its U.S. business. "This quarter, if I'm being honest, the theme was Grimace," Kempczinski said.

Persons: Chris Kempczinski, McDonald's, CosMc, Grimace, Kempczinski, haven't Organizations: U.S, Boston Locations: CosMc, jolted

☆ Chipotle sales rise but fall short of Wall Street's expectations
▼ + stars: | 2023-07-26 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Chipotle Mexican Grill on Wednesday reported quarterly earnings that crushed expectations, but the burrito chain's sales fell short. The company's same-store sales grew 7.4%, falling shy of StreetAccount estimates of 7.5%. The company reiterated its full-year forecast of same-store sales growth in the mid- to high-single digit range. However, for the third quarter, Chipotle anticipates same-store sales growth in the low- to mid-single digit range. Wall Street is anticipating same-store sales next quarter of 5.9%, according to StreetAccount.

Persons: Chipotle Organizations: Refinitiv, burrito Locations: New York

☆ Coca-Cola says it's done raising prices in the U.S. and Europe this year
▼ + stars: | 2023-07-26 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

For two years, Coca-Cola has been raising prices on its drinks to combat higher costs. But the company said Wednesday it's done hiking prices this year in developed markets like the U.S. and Europe. Coke's prices were up 10% in the second quarter compared with the year-ago period. Coke plans to keep raising prices in line with inflation in developing markets like Latin America. Coke shares fell less than 1% in morning trading, despite the company raising its full-year outlook and reporting earnings and revenue that topped Wall Streeet estimates.

Persons: Coke, James Quincey, Quincey Organizations: PepsiCo, Pepsi, Quaker Foods, Quaker Foods North America, Lay Locations: U.S, Europe, Latin America, Quaker Foods North, America

☆ Kraft Heinz looks to revive Maxwell House brand with new instant iced latte with foam
▼ + stars: | 2023-07-26 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

At 131 years old, Maxwell House is no spring chicken, and most of its loyal drinkers aren't either. But Kraft Heinz is looking to revive the coffee brand by appealing to younger consumers with its new iced latte with foam, its first product launch in nearly a decade. Even within the instant coffee segment, Maxwell House ranks third, trailing Nestle's Nescafe and JM Smuckers' Folgers in U.S. market share, according to Euromonitor International data. But with its new Iced Latte with Foam, Maxwell House hopes to bridge that gap and win over new customers. The iced latte with foam is available nationwide at major retailers and on Amazon and comes in three flavors: vanilla, hazelnut and caramel.

Persons: Maxwell, aren't, Kraft Heinz, Nescafe, Smuckers, Dunkin Organizations: Maxwell House, Euromonitor, Starbucks, Maxwell, Kraft Locations: U.S

☆ Coca-Cola raises full-year outlook as earnings beat estimates
▼ + stars: | 2023-07-26 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Coca-Cola on Wednesday raised its full-year outlook after reporting earnings and revenue that topped estimates. For 2023, Coke now expects comparable earnings per share growth of 5% to 6%, up from its prior forecast of a 4% to 5% rise. The company's three drinks divisions all reported flat growth for the quarter, but there were some bright spots. Coke Zero Sugar's volume rose 5%, thanks to strong demand in North America and Latin America. Ultra-filtered milk brand Fairlife saw strong growth in the U.S. Coke's coffee division also reported volume growth of 5%, fueled by Costa Coffee's performance in the United Kingdom and China.

Persons: Coke, Costa Organizations: Refinitiv, PepsiCo, Worldwide, U.S, Latin America Locations: San Rafael , California, North America, Latin, U.S, United Kingdom, China

☆ WHO decision on aspartame could hurt diet soda sales or lead to new drink formulas
▼ + stars: | 2023-07-13 | by ( Amelia Lucas | ) www.cnbc.com time to read: +5 min

Although full-calorie options still dominate the soda segment, diet sodas now represent more than a quarter of sales. Diet Coke, Coke Zero, Pepsi Zero Sugar and Diet Mountain Dew all contain aspartame. For most adults, that means drinking less than nine to 14 cans of diet soda every day. Even so, Edward Jones analyst Brittany Quatrochi said she isn't expecting a big hit to diet soda sales. Besides diet sodas, aspartame can also be found in a variety of foods, including breakfast cereals, chewing gum and ice cream.

Persons: Coke, sodas, Cowen, TD Cowen, Vivien Azer, Garrett Nelson, Gerald Pascarelli, Francesco Branca, Hugh Johnston, CFRA's Nelson, Edward Jones, Brittany Quatrochi, isn't, Keurig Dr Pepper, Kevin Keane Organizations: Health, International Agency for Research, Cancer, World Health Organization, Pepsi, WHO, CNBC, PepsiCo, Reuters, Diet Pepsi, Pepsi Zero, Coke, American Beverage Association, Keurig, ABA Locations: Diet, Coke

☆ PepsiCo beats earnings estimates, raises full-year outlook even as higher prices hurt demand
▼ + stars: | 2023-07-13 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

PepsiCo on Thursday reported quarterly earnings and revenue that topped analysts' expectations, despite falling demand for its drinks and food. Shares of the company rose more than 2% in premarket trading. But the company's volume fell as higher prices for its snacks and drinks hurt demand. Quaker Foods North America's volume shrank 5%, and Pepsi's North American beverage unit reported volume fell 4.5% in the quarter. However, Frito-Lay North America was one bright spot, reporting 1% volume growth.

Persons: Ruffles Organizations: Pepsi, PepsiCo, Refinitiv, Quaker, Frito, Lay, Lay Minis Locations: Crockett , California, America

☆ Chipotle tests robot that can prepare avocados to make guacamole faster
▼ + stars: | 2023-07-12 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Avocados sliced, cored and peeled by the Autocado robot created by Chipotle and Vebu Labs. The fast-casual chain developed the collaborative robot, or cobot, in partnership with Vebu Labs, a California-based robotics startup. Chipotle Mexican Grill has developed a robot that can cut, core and peel avocados used in its guacamole as the restaurant industry faces a sustained labor shortage. To prepare avocados using the Autocado, Chipotle employees load up the device with a full case of the ripe fruit. Preparing avocados for guacamole routinely ranks as one of employees' least favorite tasks, Garner said.

Persons: Carl's, Chipotle, Curt Garner, Garner, Vebu, It's, We've, we'll Organizations: Vebu Labs, baristas, CNBC, Employees, guacamole, Miso Robotics Locations: Naperville , Illinois, California, Vebu

☆ You don't need to tip when you buy coffee, Shake Shack founder Danny Meyer says
▼ + stars: | 2023-07-06 | by ( Amelia Lucas | ) www.cnbc.com time to read: 1 min

Restaurateur Danny Meyer doesn't think customers need to tip when they pick up takeout or buy coffee. Meyer founded Shake Shack and serves as chair of its board. He also founded Union Square Hospitality Group, which mostly operates full-service restaurants. The company's eateries include Union Square Cafe, Gramercy Tavern and fast-casual chain Daily Provisions. As more businesses adopt Square's and Toast's point-of-sale systems, customers are getting more used to being prompted to tip as they pay.

Persons: Danny Meyer, Meyer Organizations: Shake, Square Hospitality, Gramercy Tavern

☆ Starbucks files labor complaint against union over Pride decor allegations
▼ + stars: | 2023-06-27 | by ( Kate Rogers | ) www.cnbc.com time to read: +6 min

Protesters in Seattle join a Starbucks Workers United strike over what the union alleges is a change in policy over Pride décor in stores. More than 150 stores pledged to join the strikes around the country, representing nearly 3,500 workers, Workers United said. In the NLRB complaint Monday tied to the union's allegations, Starbucks said the "union and its agents have engaged in a smear campaign that includes deliberate misrepresentations to Starbucks partners." "The union's violations have ignited and inflamed workplace tension and division and provoked strikes and other business disruptions in Starbucks stores," Starbucks said in the filing. "While attacking the union that represents its own workers, Starbucks has now changed its policies in response to worker actions.

Persons: baristas, Sara Trilling, Trilling, Bud, — CNBC's Amelia Lucas Organizations: Starbucks Workers United, Pride, Starbucks, National Labor Relations Board, Starbucks Workers, Workers, U.S, North America, Conservative Locations: Seattle, America

☆ Take a look inside the factory fueling candy giant Mars' $1 billion ice cream ambitions
▼ + stars: | 2023-06-25 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

Mars has also been expanding its portfolio, rolling out new flavors such as M&M's Cookies and Cream Ice Cream Cookie Sandwiches and Twix Cookie Dough Ice Cream. Mars' ice cream goals hinge on the old and the newMars entered the ice cream category in 1986 when it bought Dove, then known just for its ice cream bars before the candy company expanded it into chocolate. "We don't have the biggest ice cream brands, but we do believe we have the biggest brands in ice cream," Shaf Lalani, the U.S. head of Mars Ice Cream, told CNBC. "Mars Inc. ice cream brands face hefty competition, being ranks away from the leading spot in the U.S. ice cream market," said Carl Quash, Euromonitor's head of food and nutrition research. Twix Ice Cream is the fastest-growing product in the company's ice cream portfolio.

Persons: Mars, Anton Vincent, hasn't, General Mills, Bell, Carl, Lalani, — Organizations: Mars, Kind, Kind North America, National Football League, Cream, CNBC, U.S, Euromonitor, Haagen, Unilever, Mars Inc, Tru Locations: Burr Ridge , Illinois, Mars Wrigley North America, U.S, , Illinois, Kind North

☆ Inside Sweetgreen's first automated location — and the salad chain's plans to take the tech nationwide
▼ + stars: | 2023-06-24 | by ( Amelia Lucas | ) www.cnbc.com time to read: +9 min

But with its so-called Infinite Kitchen, Sweetgreen joins the legion of restaurant companies incorporating automation into their businesses. Sweetgreen plans to open a second Infinite Kitchen location later this year. Unlike the traditional Sweetgreen restaurant, customers won't have to wait 10 to 15 minutes to pick up mobile orders. Source: SweetgreenBehind the counter is the "Infinite Kitchen," which resembles the bulk food dispensers found in some grocery stores. Employees have to set up the Infinite Kitchen in the morning, ensuring it's well-stocked and calibrated for accurate and consistent portions.

Persons: Sweetgreen, Jonathan Neman, William Blair, hasn't, Spyce, —, Timothy Noonan, Noonan, they're, T.D, Cowen Organizations: William, William Blair Growth Stock, MIT, IK, CNBC, Employees, Workers Locations: Chicago, Naperville , Illinois, Boston, Neman, New York, Naperville

☆ Here's how Burger King is planning its $400 million comeback
▼ + stars: | 2023-06-23 | by ( Amelia Lucas | Darren Geeter | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's how Burger King is planning its $400 million comebackIn September 2022, Burger King owner Restaurant Brands International announced the chain's $400 million Reclaim the Flame plan. Now the No. 3 burger chain behind McDonald's and Wendy's, Burger King is pouring $150 million into advertising and digital investments to "Fuel the Flame" and $250 million toward a "Royal Reset" involving restaurant technology, equipment and remodels and relocations. It remains to be seen if the overhaul will be enough to help the chain make a comeback.

Persons: Burger Organizations: Burger King, Restaurant Brands Locations: Burger

☆ Burger King parent says U.S. turnaround is already improving profits for franchisees
▼ + stars: | 2023-06-23 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

The burger chain in September unveiled the $400 million turnaround plan it crafted with franchisees after several years of disappointing sales. In 2020, Burger King slid to the No. And the gulf between Burger King and its top rival McDonald's has only widened. But Burger King is trying to launch a comeback, with its parent company pouring money into restaurant renovations and advertising. So far this year, two Burger King franchisees have filed for bankruptcy.

Persons: Burger, We've, we've, Josh Kobza, Tim Hortons, Burger King, McDonald's, Tom Curtis, Curtis Organizations: Restaurant Brands, CNBC, Subs, Burger King, Burger King's U.S, Toms King Holdings, Meridian Restaurants, Restaurant Business, Meridian, Burger King U.S, Brands Locations: U.S, Burger

☆ Starbucks union says workers at more than 150 stores will strike over Pride decor
▼ + stars: | 2023-06-23 | by ( Kate Rogers | ) www.cnbc.com time to read: +6 min

Some organized Starbucks stores will strike across the U.S. starting Friday in Seattle after the coffee giant and the union representing baristas publicly clashed over claims that the company was not allowing Pride month decor in cafes. The union, Starbucks Workers United, said more than 150 stores representing nearly 3,500 workers have pledged to join the strikes, which will take place over the next week. Pride month in June," the company said last week, adding that it unwaveringly supports the LGBTQ+ community. Workers United has alleged instances in at least 22 states when workers have not been able to decorate, pointing to social media accounts where workers have documented their claims. The Starbucks workers are also striking over claims that Starbucks is dragging its feet on negotiating contracts.

Persons: baristas, May Jensen, Lynne Fox, Parker Davis, Davis, Bud, Mari Cosgrove, Cosgrove, — CNBC's Amelia Lucas Organizations: Starbucks, Highland, Parade, U.S, Starbucks Workers, Workers United, Partner Resources, CNBC, Target, Workers Locations: Hollywood, Los Angeles, Seattle, U.S, America, San Antonio , Texas, Oklahoma

☆ Olive Garden parent earnings beat estimates, fueled by strong LongHorn Steakhouse sales
▼ + stars: | 2023-06-22 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Darden Restaurants on Thursday reported quarterly earnings that topped Wall Street's expectations, fueled by strong LongHorn Steakhouse sales. The company's same-store sales increased 4%, led by strong performance by LongHorn Steakhouse. The steakhouse chain reported same-store sales growth of 7.1%, topping StreetAccount estimates of 4.9%. But Olive Garden, which accounts for roughly 45% of Darden's sales, reported weaker-than-expected performance for the quarter. Darden's fine-dining segment reported same-store sales declines of 1.9%.

Persons: Gene Lee, Lee, Darden, Olive, Eddie V's, Chris Steak Organizations: Darden, LongHorn, Refinitiv Locations: Olive, Pittsburg , California

☆ U.S. regulators approve sale of cell-cultured chicken by two startups
▼ + stars: | 2023-06-21 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Proponents of cultured meat say it's healthier and more environmentally friendly than traditional meat. As a result of the decision, the USDA will inspect cultured meat facilities, just as it does traditional meat processing plants and slaughterhouses. The meat produced by Upside Foods and Good Meat will be labeled as "cell-cultivated chicken" when sold to consumers. Chef Jose Andres has placed the first order to sell Good Meat's cultured chicken to serve it in an undisclosed Washington, D.C., restaurant, the company said. Even armed with cash and regulatory approval, cultured meat startups face many hurdles before their products can become mainstream.

Persons: we're, Josh Tetrick, Joinn Biologics, Chef Jose Andres, Dominique Crenn, Uma Valeti Organizations: U.S . Department of Agriculture, USDA, Eat, U.S . Food, Drug Administration, Foods, D.C, Companies, McKinsey Locations: U.S, Singapore, United States, Washington, San Francisco

☆ Mediterranean restaurant chain Cava stock soars as much as 107% in market debut
▼ + stars: | 2023-06-15 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

A banner for the Mediterranean restaurant chain Cava is displayed outside of the New York Stock Exchange (NYSE) as the company goes public on June 15, 2023 in New York City. The stock trades on the New York Stock Exchange under the ticker symbol "CAVA." The company sold 14.4 million shares, raising nearly $318 million and initially valuing the restaurant chain at roughly $2.45 billion. Shares of Mediterranean restaurant chain Cava soared as much as 107% in its market debut Thursday morning before giving up some of those gains. Sector leader Chipotle made its public market debut back in 2006 and has seen its market value grow to $56.9 billion.

Persons: Zoes, It's, Brett Schulman, Chipotle Organizations: New York Stock Exchange, Group, Brands Locations: Cava, New York City, Chao

☆ Mediterranean restaurant chain Cava is going public. More restaurants could follow its lead
▼ + stars: | 2023-06-15 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

As Cava prepares to make its public market debut Thursday, other restaurant companies will be watching closely while they decide whether to follow in the Mediterranean restaurant chain's footsteps. The last 18 months have marked the slowest initial public offering market since the financial crisis. Cava's IPO could help break that drought, as a handful of restaurants watch to see how the chain fares as they mull whether to jump into the public market themselves. "A successful IPO from Cava should open the door to more restaurant IPOs," said Matt Kennedy, senior strategist at Renaissance Capital. That bodes well for the restaurant companies waiting in the wings to go public.

Persons: Cava, Matt Kennedy, Kennedy, Kevin McCarthy, Neuberger Berman Organizations: U.S, Renaissance, Cava, New York Stock Exchange, CNBC, Group, Brands Locations: Ukraine, U.S, Cava, Chão

☆ Cava prices IPO at $22 per share, above stated range
▼ + stars: | 2023-06-14 | by ( Sara Salinas | In Saracsalinas | ) www.cnbc.com time to read: +1 min

Mediterranean fast-casual restaurant chain Cava priced its initial public offering at $22 per share, above a previously stated range, the company said Wednesday. Cava said it sold 14.4 million shares, which at a price of $22 per share, raises nearly $318 million. At $22 per share, the company is valued at roughly $2.45 billion, based on an outstanding share count of more than 111 million shares. Last year, Cava reported net sales of $564.1 million, up 12.8% from the year prior. However, its reported net loss was $59 million, wider than a net loss of $37.1 million in 2021.

Persons: Cava, — CNBC's Amelia Lucas Locations: Cava, Pasadena , California

Search resuls for: "Amelia Lucas"

25 mentions found