“we expect fiscal 2026 consolidated G&A dollars to run below fiscal 2023 levels”

In context

“ting 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 quarters of the year. Our expectations for margin improvement are driven by the following. First, we will anniversary our Green Apron service investments in Q4. Second, we expect sales leverage builds as we continue to refine and our Back to Starbucks initiatives and improve our supply chain. And third, while market dynamics can change, we continue to expect coffee prices and tariff pressures to peak in Q2 and find some relief in the back half of the fiscal year. Following our structural reorganization last fiscal year, partial offsets to our investments, we expect fiscal 2026 consolidated G&A dollars to run below fiscal 2023 levels, providing We also expect continued discipline on costs more broadly and to find more efficient ways of working across our broader organization around the world. Our EPS guidance of $2.15 to $2.40 reflects our measured approach investing strategically in the first half to establish momentum then building on our work for growth in the second half. Note that our guidance contemplates business as usual China operations in 2026. We have taken this approach as we believe it provides the cleanest view of our expectations for the underlying business. Furthermore, the timing of close and our use of proceeds from the transaction can influence certain P&L line items, increasing variability in our results. That said, if we assumed a joint venture structure for 2026, we expect slightly lower consolid”