Starbucks Q4 Global Comparable Sales Rise 7.2%, FY2027 North America Growth Seen at 4%

Starbucks reported a 7.2% increase in global comparable coffeehouse sales for its fiscal fourth quarter, extending its growth streak to five quarters, while non-GAAP operating margin expanded for a third consecutive quarter. The company also forecast approximately 4% North American comparable-sales growth in fiscal 2027 as it continues to execute its “Back to Starbucks” strategy.

North American company-operated comparable sales rose 7.9% in the quarter, supported by double-digit growth in Canada and strong U.S. performance. U.S. comparable sales increased 7.7%.

Consolidated net revenue totaled $9.1 billion. Non-GAAP operating margin reached 14.0%, an increase of 450 basis points year over year on a constant-currency basis, while non-GAAP earnings per share rose 54% to $0.80 on the same basis.

For the full fiscal year, global comparable coffeehouse sales grew 6.2%, including 6.5% growth in the U.S. Consolidated revenue was $37.9 billion, up 2% year over year in constant currency. Full-year non-GAAP operating margin increased 200 basis points to 11.9%, and non-GAAP EPS advanced 27% to $2.72, both on a constant-currency basis.

North American initiatives support sales growth

Starbucks said its Green Apron Service program, menu innovation, rewards platform and coffeehouse upgrades contributed to its North American performance. The Unicorn product launch generated a record sales weekend, followed by what the company described as its strongest fall launch day.

The U.S. rewards program reached a record 36 million 90-day active members at company-operated coffeehouses, increasing both year over year and from the third quarter. Starbucks also completed more than 1,700 coffeehouse “uplifts” across North America, exceeding its fiscal year-end target.

The company opened 303 net new coffeehouses globally during the fourth quarter, bringing its total footprint to 41,607 locations. It added 617 net new global coffeehouses during the full year.

Chairman and Chief Executive Brian Niccol characterized “Back to Starbucks,” initially introduced as a turnaround plan, as the company’s growth plan going forward.

Fiscal 2027 outlook

For fiscal 2027, Starbucks expects North American comparable coffeehouse sales to rise approximately 4%. Consolidated net revenue is projected to decline about 1% year over year, including roughly $700 million associated with a 53rd week. The presentation also identified the conversion of Starbucks’ retail operations in China to a licensed joint-venture model as a significant factor affecting reported results.

The company forecasts non-GAAP consolidated operating margin of 13.5% to 14.0% and non-GAAP EPS of $3.15 to $3.25. The additional week is expected to contribute slightly more than $0.10 to EPS. Starbucks also plans to add approximately 1,200 net new coffeehouses globally.

All full-year guidance is presented on a 53-week basis except for comparable-sales growth. Starbucks cautioned that the outlook contains forward-looking statements subject to risks and uncertainties and that actual results could differ materially.