Weekly Global News Wrap: Starbucks to hike wages, launch NFTs; Subway to widen Brazil footprint; Papa John’s eyes nearly 2,000 builds by 2025
Here is a summary of the most interesting news stories of the week from around the world.
Earnings season continues, with Yum! Brands, Starbucks and Sweetgreen being the latest companies posting their latest reports.
The operator of KFC, Pizza Hut and Taco Bell said it would miss its long-term target for operating profits this year as a result of suspending its Russian business.
The coffee giant suspended its fiscal 2022 outlook, citing lockdowns in China, inflation and investments in its stores and employees.
Sweetgreen, meanwhile, said its losses widened, primarily due to a US$21 million increase in stock-based compensation.
Starbucks will also hike wages for tenured workers and double training for new employees amidst the union push from its baristas — with the company intending to spend US$1 billion. Read more from CNN.
Starbucks teased plans to enter the web3 space with the launch of a collection of non-fungible tokens (NFTs) later this year, aiming to expand its “third place” concept. Read more from Restaurant Dive.
Subway has agreed to a master franchise agreement with SouthRock to expand its footprint in Brazil — the first of its kind for the sandwich chain in Latin America. Read more from Nation’s Restaurant News.
Papa John’s revealed plans for 1,400-1,800 new stores opening by the end of 2025. The chain opened 62 net new stores last quarter bolstered by international growth, for a total of 5,524 restaurants systemwide. Read more from Nation’s Restaurant News.