Starbucks
Starbucks (SBUX) increased by 0.53% as the company announced an abrupt change in leadership on Tuesday.
The coffee chain stated that it picked Chipotle Mexican Grill (CMG) Chief Executive Brian Niccol as its next leader. Niccol is slated to take over as Chief Executive and Executive Chairman of its board on September 9.
Current Starbucks Chief Laxman Narasimhan has spent roughly 16 months on the job, succeeding Howard Schultz after his third stint as CEO. Schultz had publicly criticized how Narasimhan and other executives were steering the chain.
The switch comes as Starbucks works to turn around its business and contend with activist investors.
Starbucks shares surged 25% Tuesday.
Trump Media & Technology
Donald Trump’s return to the rival social-media platform X weighed on Truth Social’s parent company.
On Monday, Trump posted on Elon Musk’s X—formerly known as Twitter—for the first time in nearly a year. Later that day, Trump and Musk also appeared together on X’s livestreaming service, Spaces. Their discussion was delayed because of technical problems.
Trump’s return to mainstream social-media platforms like X has made many analysts question Truth Social’s business prospects over the past year. The former president was previously kicked off X and Facebook following the January 6, 2021, attack on the U.S. Capitol.
Trump Media shares fell 3.6% Tuesday.
Victoria’s Secret
Victoria’s Secret has poached a new chief executive from Rihanna’s competing brand.
Victoria's Secret performance this week:
The lingerie retailer named Hillary Super—former leader of Savage X Fenty—as its next CEO, after Martin Waters stepped down from the role after three years.
The company said Chief Financial Officer Timothy Johnson will serve as interim CEO until Super’s appointment takes effect on September 9.
Super previously led Anthropologie before taking the helm at Savage X Fenty after pop star and billionaire founder Rihanna stepped down in 2023.
Super spearheaded Savage X Fenty’s rebranding efforts, as Victoria’s Secret in recent years has sought to win back customers in North America with more inclusive sizing and diverse models.
Victoria’s Secret shares soared 16% Wednesday.
Walmart
Walmart isn’t seeing any slowdown in consumer spending amid recession fears.
The country’s largest retailer on Thursday posted strong quarterly sales, as U.S. consumers flocked to Walmart stores for low-cost groceries. Walmart also raised its sales and profit targets for the remainder of the fiscal year.
Executives said shoppers are gravitating to deals and to the convenience of online order pickup and delivery, leading to an increase in shoppers—especially higher-income customers.
The results helped assuage recent concerns that the U.S. was sliding into recession.
Walmart shares gained 6.6% Thursday, closing at an all-time high.
Ulta Beauty
Ulta Beauty got a glow-up after an endorsement from Warren Buffett.
The famed investor’s Berkshire Hathaway took a roughly $260 million stake in Ulta in the second quarter, per a regulatory filing made public late Wednesday.
The cosmetics-store operator has been a beauty-sector winner, with its steady revenue growth and commanding market share. But after three strong years, bolstered by a pandemic-era surge in beauty spending, the company warned of slowing growth earlier this year.
