Starbucks edges lower after CEO Niccol provides long-term targets

Shares of U.S. coffee chain Starbucks SBUX.O down about 1% at $94.23 in early trading

Co announces much-awaited long-term targets at its first Investor Day under CEO Brian Niccol in New York on Thursday

Targets annual EPS of $3.35 to $4.00 by fiscal 2028, compared with estimates of $3.47 - data compiled by LSEG

Forecasts net revenue increase of 5% or more in FY2028, compared with analysts' estimates of 5.64% growth

Expects to add more than 2,000 net new stores globally and 400 U.S. company-operated stores by FY2028

Co to also launch revamped, three-tier loyalty program on March 10

SBUX reported its first rise in U.S. comparable sales in two years on Wednesday, in the midst of a months-long turnaround effort under Niccol

However, margins fell for the eighth straight quarter, hurt by tariffs and heavy investment into turnaround initiatives

SBUX down about 12% in the past 12 months