“In fiscal 2026, we expect approximately 600,000 to 650 net new coffee houses as we work to rebuild our development pipeline.”

In context

“s well as royalty revenues. Our proportionate share of gross profit resulting from these revenues will also be included in income from equity investees. Turning to our outlook for the year. As we assess our Q1 results, we're seeing exactly what we want to see in our top line at this point in our turnaround. And we are pleased with our continued comp strength in January as well. Our strategy is working and gaining traction. We have always said that we expect the top line to come first and then earnings will follow. As such, our guidance reflects strategic flexibility to leverage our growing top line as we uncover opportunities to further strengthen the business longer term. For fiscal 2026, we expect 3% or better global comp sales growth, led by 3% or better comp sales in the U.S. as well. In fiscal 2026, we expect approximately 600,000 to 650 net new coffee houses as we work to rebuild our development pipeline. This includes 150 to 175 net new U.S. company-operated coffee houses, a slight decrease in North America licensed coffee houses, and 450 to 500 net new international coffee houses, of which China comprises close to half. We plan on providing more details of our accelerating pace of growth beyond this year at our Investor Day. We expect our consolidated net revenues to grow at a similar rate to global comp growth for the full fiscal 2026, as our portfolio repositioning at the end of fiscal 2025 offsets our new store openings. We expect consolidated operating margins to grow slightly year over year, driven by improvements in the back half of the year. Remember that our quarterly margin rates follow natural seasonality in the business, and our second quarters are usually the lowest margin qu”