Quarterly guidance

Quarterly guidance
No quarterly guidance was given.

Annual guidance

Consolidated net revenues
Decrease by approximately 1% year-over-year.
North America comps
Grow approximately 4%.
Consolidated operating margin
13.5% to 14%.
EPS
$3.15 to $3.25.
Net new coffee houses
Approximately 1,200 globally.

Outlook

North America development
Expect fewer company-operated openings in 2027 as the pipeline is rebuilt.
International growth
Expected to lead global unit growth with net new openings accelerating by nearly 50% compared to 2026.
Cost savings
The company remains on track with its $2 billion gross savings program, with benefits expected to be more evident in 2027.
Technology
Fiscal 2027 will be a major tech modernization year, including new staffing, scheduling, and point-of-sale systems.
Afternoon daypart
Management sees room to grow transactions by extending the morning peak and creating a peak in the afternoon.
Supply chain
Testing is underway to improve demand forecasting, ordering accuracy, and replenishment cycles.