Starbucks announced Tuesday it’s replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol as the coffee chain tries to reverse a sales slump, sending its stock soaring more than 20%. Chipotle’s stock fell 10% on the news that Niccol would leave after a successful tenure at the burrito chain. Narasimhan’s departure is effective immediately. Starbucks … Read more
Laxman Narasimhan attends the 2023 TAAF Annual AAPI CEO Dinner at The Pool on September 26, 2023 in New York City. (Photo by JP Yim/Getty Images for The Asian American Foundation (TAAF). Jp Yim | Getty Images Activist Elliott Management and Starbucks‘ board of directors are in settlement talks, according to people familiar with the … Read more
A sign advertises meal deals at a McDonald’s restaurant in Burbank, California, on July 22, 2024. Mario Tama | Getty Images Restaurant CEOs have become obsessed with the word “value” in explaining to investors why their sales lagged this quarter while sharing plans to revive traffic in the coming months. On McDonald’s quarterly conference call … Read more
A general view of a Tim Hortons Drive-Thru coffeehouse and restaurant at Lakeside Retail Park on February 5, 2024 in Grays, United Kingdom. John Keeble | Getty Images Restaurant Brands International on Thursday reported quarterly revenue that beat analysts’ expectations, fueled by better-than-expected sales at Tim Hortons and the company’s international restaurants. “We certainly were planning … Read more
A sign is posted in front of a Taco Bell restaurant on May 01, 2024 in Richmond, California. Justin Sullivan | Getty Images Yum Brands on Tuesday reported revenue that fell short of expectations as both Pizza Hut and KFC reported declining same-store sales. Shares of the company rose less than 1% in premarket trading. … Read more
Signage for Kellanova (K) outside the New York Stock Exchange (NYSE) on September 05, 2023 in New York City. AP Shares of Kellanova climbed 13% in morning trading Monday on reports of buyout interest. M&M’s owner Mars is in talks to acquire the snacking company, CNBC’s David Faber reported, adding rival candy company Hershey is … Read more
Gastonia, North Carolina, Taco Bell Mexican fast food restaurant and drive thru at dusk. Jeff Greenberg | Universal Images Group | Getty Images Yum Brands hopes to use artificial intelligence to take down drive-thru orders at hundreds of Taco Bell restaurants by the end of this year. The restaurant company announced on Wednesday that it’s … Read more
Starbucks glass art on a store in Tokyo. Jakub Porzycki | Nurphoto | Getty Images Starbucks on Tuesday reported quarterly revenue that missed analysts’ expectations as both its U.S. and international cafes faced weaker demand. Shares of the company rose more than 1% in extended trading. Here’s what the company reported compared with what Wall … Read more
Procter & Gamble on Tuesday reported mixed quarterly results, but the company’s volume increased for the first time in more than two years. Volume excludes pricing, making the metric a more accurate reflection of demand than sales. Over the last several years, P&G’s price hikes across its portfolio, from diapers to detergent, fueled its sales … Read more
McDonald’s fast food restaurant in Manhattan, New York, United States of America, on July 6th, 2024. Beata Zawrzel | Nurphoto | Getty Images After a challenging second quarter, McDonald’s executives told restaurant operators and analysts they are refocusing on how to recapture consumers with deals, as they pushed for an extension of the its $5 … Read more
