Starbucks (SBUX) officially has a new chief executive officer (CEO) as of Monday, as Brian Niccol joins the coffeehouse giant after announcing his departure from the 澳洲幸运5开奖号码历史查询:top job at Chipotle (CMG) la🍌st month, with Starbucks looking to turn around the performance of its recent disappointing quar🎐ters.

Niccol also will have to contend with pressure from activist investors who 澳洲幸运5开奖号码历史查询:recently have taken stakes in Starbucks and engaged with the company on plans to improve its stock price and sales, which have struggled 澳洲幸运5开奖号码历史查询:both in the Uꦫ.S. and internationally in recent quarters. Analysts 澳洲幸运5开奖号码历史查询:largely cheered the move for Starbucks, with several stating that they believe Niccol was a key piece of Chipotle's success and 🐎significant growth during his tenure t♚here as CEO.

Disappointing US Sales as Pu�𒁏�mpkin Spice Season Begins

Same-store sales 澳洲幸运5开奖号码历史查询:have declined in Starbucks' two 澳洲幸运5开奖号码历史查询:most recent quarters as Americans have cut discretionary spending while facing higher prices for essentials. Starbucks and a 澳洲幸运5开奖号码历史查询:number of other fast-food giants have launched 澳洲幸运5开奖号码历史查询:value promotions in recent months to win customers back.

Last month, Starbucks also announced the 澳洲幸运5开奖号码历史查询:earliest-ever debut of its fall lineup—i🍬ncluding the popular pumpkin spice latte—weeks ahead of the official start of fall to 🥃boost sales.

Activist Pressure Brewing

Activist investors Elliott Investment Management and 澳洲幸运5开奖号码历史查询:Starboard Value have each reportedly bought stakes in Starbucks, helping boost the company's stock. The firms haven't publicly disclosed their plans for Starbucks, but Elliott issued a statement celebrating the hiring of Niccol and said it has "engaged with Starbucks' board" over what it believes are the company's "key issues."

Previous reports indicated that Elliott had proposed measures before Niccol was hired, like expanding Starbucks' board as part of a settlement package that would have kept 澳洲幸运5开奖号码历史查询:Laxman Narasimhan in his role as CEO. Starbucks stock jumped roughly 25% the day Niccol's appointment was announced, which could have allayed🐷 some of the activist investor concerns.

International Struggles

Starbucks' same-store sales dropped by 14% year-over-year in China in its 澳洲幸运5开奖号码历史查询:latest earnings report in July, with foot traffic and average ticket both declining in the quarter. China, together with the U.S. comprises 61% of Starbucks' business.

The chain has faced increasing competition from domestic coffee operations, and also has been one of a 澳洲幸运5开奖号码历史查询:number of companies that have said Chi🌌na's post-pandemic economy is proving to be a challenging operating environment.

Starbucks shares were up nearly 0.9% recently on Niccol's first day on the job at $91.94.