Weekly Global News Wrap: Top chains' quarterly earnings top Wall Street expectations; Shake Shack reveals gender parity goal; 7-Eleven's dual-restaurant store
Here is a summary of the most interesting news stories of the week from around the world.
McDonald’s, Yum Brands, Starbucks and Restaurant Brands International have reported their quarterly earnings — all of which topped Wall Street’s expectations — according to separate articles written by CNBC.
Shake Shack pledged that 50% of its leaders will be people of color by 2025. Restaurant Business reports more than 75% of the chain’s workforce are people of color, whilst 58.5% of those in management are non-white. Women make up 53% of the chain’s total workforce, it added. Read more here.
Citing a “very tight labor market”, Domino’s CEO Ritch Allison said the chain is “experiencing one of the most difficult staffing environments in a long time.” Nation’s Restaurant News reported the chain experienced continued sales growth with U.S. same-store sales up 13.4% with overall 1% unit growth amid such challenges. Read more here.
7-Eleven has opened a U.S. store that features two restaurants — Raise the Roost Chicken and Biscuits and Parlor Pizza, a continued move to compete in the quick-service space. Restaurant Dive reports the store is part of the convenience store chain’s Evolution Store prototype. Read more here.
Chipotle is facing a US$150 million lawsuit over how it handles employee schedules in New York,, with the chain being accused of nearly 600,000 violations of a city law dictating fair scheduling practices that “allegedly affected thousands of its employees”, Forbes reports. The chain said it will “vigorously defend itself”, the article added. Read more here.