Starbucks is in the execution phase of its “Back to Starbucks” turnaround: recent results showed a fourth straight quarter of global comparable-sales growth and a second consecutive quarter of margin expansion, while management continues investing in the coffeehouse experience.
The filing turns that turnaround into a smaller, cleaner store base. Starbucks will close roughly 1% of its more than 18,000 North America coffeehouses—about 250 locations—that fail its experience and financial-performance standards. 〔0〕 The company expects most closures by fiscal 2026 year-end, with approximately $300 million of restructuring charges, including about $200 million in cash lease-exit and employee-separation costs and $100 million in non-cash asset disposal and impairment charges.
| Metric | New information | Comparison |
|---|---|---|
| North America closures | ~250 stores | ~1% of more than 18,000 stores |
| Restructuring charges | ~$300 million | ~$200 million cash; ~$100 million non-cash |
| FY2026 net new global openings | ~440 | Prior guidance: 600–650 |
The clear expectation reset is slower footprint growth. FY2026 net new openings fall to approximately 440 from 600–650 previously expected, roughly 30% below the midpoint of prior guidance. 〔1〕 There is no separate published consensus in the filing; the company’s own prior guidance is the relevant benchmark.
This is strategic pruning, not a broad retreat from North America. The closures target stores that are not meeting the brand’s coffeehouse or financial standards, while higher international openings partly offset the North American reduction. But the near-term trade-off is tangible: Starbucks is accepting fewer net openings and substantial restructuring costs to improve the quality of the existing portfolio before accelerating expansion.
Bottom line: The filing is a negative guidance reset, even though the closures fit the turnaround strategy. Starbucks is prioritizing store quality and economics over near-term footprint growth, with the benefits still needing to show up after the cleanup.
Read the original 8-K on SEC EDGAR ↗