Jim Cramer on Starbucks CEO: “He’s Already Made Major Strides in Breathing New Life”

Starbucks Corporation (NASDAQ:SBUX) is one of the stocks Jim Cramer was focused on recently. Cramer called the company’s CEO a “proven turnaround artist.” He said:

“It’s been a little more than a year since Starbucks brought in Brian Niccol, a proven turnaround artist, to take over the business. Since then, he’s already made major strides in breathing new life into the story, although the stock’s still struggling. There’s been a lot of speculation about the value of the China business of Starbucks. The CEO now tells me it’s expected to be north of $10 billion. That includes the upfront investment by a potential partner, with the company retaining a stake in the China business and the future royalty payments.”

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Starbucks Corporation (NASDAQ:SBUX) sells coffee, tea, and food products. The company provides its products under Starbucks Coffee, Ethos, Teavana, Seattle’s Best Coffee, and Starbucks Reserve brands. During the September 25 episode, Cramer discussed its worker lay-off announcement, as he remarked:

“Finally, there’s Starbucks, which today announced that they were laying off 900 corporate workers, as they also told us they’d be shrinking their North American store count by 1% this year. It’s a billion-dollar restructuring plan. It’s meant to make Starbucks more profitable. You could argue that this could have been done at any time, but I think Starbucks is part of the real economy, and the real economy, it stinks. I remain very bullish, though. I think CEO Brian Niccol’s plan to get Starbucks back on track is terrific. And I advised members of the CNBC Investing Club in our morning meeting streaming show, do some buying. It’s going to send the earnings up, not down.”

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Disclosure: None. This article is originally published at Insider Monkey.