The American coffee chain Starbucks has lowered its quarterly profit and also moderated expectations for the current reporting period. The group is suffering from weak US market conditions and grabs well. For example, Starbucks closes all 379 Teavana stores.
Starbucks saw earnings in the third quarter of its financial year reach $ 692 million. That was 754.1 million dollars a year earlier. “The combination of conditions in the third quarter and continued pressure in the retail and catering sector makes us somewhat more cautious in the fourth quarter,” said financial chief Scott Maw. Starbucks’ sales came to $5.7 billion. That is an increase of 8 percent and a record level.
“With (loyalty) growth continuing to slow, we fear U.S. same store sales are unlikely to maintain the mid-single digit range that the market has come to expect,” Credit Suisse analysts said in a report.
“(Starbucks’) long-term forecast for mid-single digit global comparable sales growth, double digit revenue growth and 15-20 percent earnings growth may no longer be a realistic target,” analysts at Wedbush Securities said.
The Teavana stores closing Starbucks, most in the spring of 2018, were also acquired in 2012. The company will continue to sell the Teavana brands in its regular stores. In addition, Starbucks announced that the stake of 50 percent partner partners in Shanghai Starbucks Coffee was bought.
Altice increased sales and profits in the second quarter, mainly helped by strong performance in the United States. That reported the telecom company listed in Amsterdam on Thursday.
Total revenues increased by 2.7 percent to around 6 billion euros annually. At Altice USA, which recently received its own listing in New York, sales revenue of almost 6 percent was reported, while domestic revenues in France stabilized more or less
The group’s operating profit (EBITDA) was more than 2.4 billion euros. That was 6.9 percent more than in the second quarter last year. There too, the American branch was the biggest hunter. Altice USA saw this profit increase by a quarter to 913 million euros. In France, profit just returned a little 5 percent.
Altice is also active in Portugal. There, sales stabilized. In Israel, the yields also rose slightly.
According to CEO Michel Combes, the second quarter performance shows that Altice’s overall vision starts to shed fruit. He maintained the previously stated financial goals for the whole year. In France, SFR’s mobile network is still being used to improve.