Earnings
Luckin Coffee now bigger than Starbucks in China
The scandal-tainted startup is staging a comeback.
Japan Foods’ H2 profit up 46.4% to S$4.9m
Chief executive and chairman Takahashi Kenichi said the group’s performance and responses to its halal brands have been “extremely” encouraging.
Max’s Group Q1 earnings dip 88% amidst lockdown restrictions
The company expanded its reach and market by exploring other channels, such as cloud kitchens, retail outlets, and e-commerce platforms.
Jollibee’s profit spikes 1,400% in Q1 due to asset sale
System-wide sales, including those from franchised locations, rose 25.5%.
Weekly Global News Wrap: Chains’ latest earnings a mix bag due to inflationary pressures; Jack in the Box to try kitchen robots; Taco Bell offers $8m worth of scholarships
Here is a summary of the most interesting news stories of the week from around the world.
Yum China expands share repurchase plan
The company earlier said it might delist from the New York Stock Exchange by 2024.
Domino’s half-year profit down, eyes delivery growth to counter labour pressures
The company expects to reach $4 billion in global food sales this year.
Weekly Global News Wrap: Burger King pulls Whopper from discount menus; Subway CEO on new franchise focus; Chipotle opens 3,000th store
Here is a summary of the most interesting news stories of the week from around the world.
Yum China grows sales despite Delta outbreaks
Net income increased 26% to US$990 million.
Starbucks China sees 14% dip in Q1 sales
The coffee giant’s global CEO acknowledged the impact of soaring inflation, higher worker costs and the impact of the Omicron variant on the business.
Singapore’s food and beverage sales up 0.6% in November
F&B sales value during that month remained below pre-pandemic levels.
Jollibee swings to profitability in third quarter
It is also getting a majority stake in the firm that owns bubble tea chain Milksha.
Japan Foods dips into the red with S$1.6 mil half-year loss
Losses were attributed to lower government grants and lower rental concessions from landlords.
