Starbucks (SBUX) Stock Rises as CEO Outlines Café Renovation Plans
TLDR
- CEO Brian Niccol announced café makeovers as the next phase of Starbucks’ “Back to Starbucks” turnaround plan
- Over 1,000 renovations completed in the last nine months, with thousands more planned for the next fiscal year
- Same-store sales rose 7.9% in the most recent quarter, with EPS of $0.85 beating the $0.66 consensus
- Wall Street holds a mixed view, with a consensus “Hold” rating and an average price target of $110.30
- National Pension Service increased its SBUX stake by 1.4%, acquiring 37,412 new units to hold 2.8 million worth roughly $285.7 million
Starbucks (SBUX) stock moved higher after CEO Brian Niccol laid out plans to renovate the company’s café locations. SBUX opened at $100.04 on Thursday and has climbed 21% over the past year, within a 52-week range of $77.99 to $110.51.
Niccol made the comments in a media interview, calling café makeovers the next chapter of the “Back to Starbucks” turnaround strategy now in its second year. The plan is focused on improving how customers feel inside Starbucks locations and reminding them what they liked about the brand.
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