Starbucks executives announced the success of their turnaround plan named “Back to Starbucks” during an investor presentation in NYC. CEO Brian Niccol highlighted the positive financial results, projecting global and U.S. same-store sales growth of at least 3% by fiscal 2028 and adding 2,000 cafes globally, including 400 U.S. locations.

Despite positive results, Starbucks investors remain cautious, causing shares to slide over 1%. The stock has fallen about 12% over the last year, reflecting concerns about consumer spending and higher coffee prices. The company aims to reintroduce tiers to its loyalty program and launch Energy Refreshers to meet new financial targets.

Starbucks is forming a joint venture with Boyu Capital to run its business in China, the second-largest market. The deal is expected to boost profits in the long run, similar to strategies pursued by McDonald’s and Coca-Cola. The joint venture model in China may impact earnings per share in fiscal 2028, but the company anticipates higher growth in the market with its new partner.

Read more at CNBC: Brian Niccol speaks on turnaround