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Starbucks chairman and chief executive officer Brian Niccol declared his company's two-year turnaround complete on Thursday and said the chain's next priority is renovating thousands of its cafes. "Starbucks is back," Niccol said on CNBC's "Squawk Box."
Niccol wrote in a letter to employees that the company has "returned to growth, delivered positive global comps and improved margins." The Back to Starbucks plan, which he launched on his second day as CEO in September 2024, centered on improving service quality, simplifying operations, and restoring the coffeehouse environment that had defined the brand.
The current focus is on physical store upgrades. More than 1,000 locations have been renovated over the past nine months, with the company expecting to reach 1,500 or more by the end of the 2026 fiscal year, according to CNBC. Thousands of additional locations are planned for renovation in the next fiscal year. Niccol said that the renovations typically center on seating and lighting changes intended to create a warmer atmosphere for visitors.
"I want to finish the job on uplifting all of our coffeehouses," Niccol said on CNBC, framing the ambition as bringing back the distinctive atmosphere that defines the coffeehouse setting.