Bloomberg Talks · Oct 30, 2026 · 9 min
With Brian Niccol, Chairman and CEO of Starbucks
Photo: Phi Delta Theta, CC BY 2.0 via Wikimedia Commons
Starbucks was already touching the low end of its fiscal 2028 guidance a year early. Brian Niccol, Chairman and CEO of Starbucks, told Romaine Bostick on Bloomberg Talks that the company is done with its turnaround and is now working on a growth plan.
That growth plan does not depend on buying anything. Asked whether Starbucks could become a multi-brand holding company, Brian called it a possibility but said it is not where his attention is.
"I don't need inorganic to hit our growth targets." — Brian Niccol
Brian has run Starbucks through a turnaround that included roughly 250 North American store closures and the sale of 60% of its China business. He raised the targets for fiscal 2027 and set out how many stores he wants to open at home and abroad.
The full segment is covered here so you can skip it.
Here are the 6 takeaways that matter.
Key Takeaways
Starbucks is already at the low end of its fiscal 2028 guidance, a year early
Fiscal 2027 targets: comparable growth of at least 4%, operating margins of 13.5%-14%
Roughly 300 new US stores in fiscal 2028, after about 250 North American closures
The 22,000 stores outside the US could double to 40,000-plus, Brian says
International revenue grew 5% excluding China after Starbucks sold 60% of the China business
A multi-brand Starbucks is possible but is not the focus, and Brian says he needs no M&A to hit targets
1. From Turnaround to Growth
Brian said Starbucks has finished the turnaround phase and is now focused on its fiscal 2027 growth plan.
Starbucks says its turnaround is behind it
"We've kind of moved through the turnaround and now we're really focused on our growth plan." — Brian Niccol
The company is ahead of the targets it set at its own investor day. Brian raised fiscal 2027 expectations to comparable growth of at least 4%, operating margins of 13.5% to 14% and earnings per share of $3.15 to $3.25.
Starbucks reached its fiscal 2028 guidance range a year ahead of plan
"If you look at what we guided for fiscal year 28, we were already touching the low end of that guidance a year earlier." — Brian Niccol
The long-term goal is for operating margins to return to 17% or better.
