Starbucks has returned — at least, that’s what executives said at the company’s investor presentation in New York City on Thursday.
“Starbucks is back today,” Chief Brand Officer Tressie Lieberman said. “One in three consumers say that Starbucks is their first choice for coffee or tea away from home.”
Her proclamation comes more than a year after CEO Brian Niccol joined the company and kicked off a turnaround strategy, of course named “Back to Starbucks.” The plan largely took aim at improving the coffee chain’s in-store experience, after years of prioritizing mobile orders and profits at the expense of customers and employees. The strategy included small touches, like reintroducing the condiment bar and requiring baristas to use Sharpies to write personal messages, and bigger investments, like staffing more baristas and revamping its cafes for $100,000 a pop.
“Frankly, the shine is back on Starbucks, both here in the United States and around the world,” Niccol said on Thursday.
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The company’s latest financial results seem to show that customers are coming back, and the turnaround is taking hold. As a result, this year, Starbucks plans to look forward, rather than back.
“In fiscal 2026, we’re going to be shifting to play offense and to innovate,” Niccol said. “We’re not finished with our ‘Back to Starbucks’ plan or our broader transformation, but I am confident in our strategy, our progress, the pace of change and the opportunity ahead of us.”
By fiscal 2028, the coffee chain is projecting global and U.S. same-store sales will grow at least 3%, revenue will rise at least 5% and earnings per share of $3.35 to $4. It also plans to add more than 2,000 cafes globally in fiscal 2028, including 400 net new company-owned U.S. locations.
“This is just a waypoint in our turnaround. Our ambitions extend well beyond this timeline,” Niccol said.
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In the coming months, Starbucks plans to reintroduce tiers to its loyalty program, launch Energy Refreshers and more efficient espresso machines, all with the aim of meeting those new financial targets.
In fiscal 2028, Starbucks is also aiming for consolidated operating margins in a range of 13.5% to 15%. To achieve pre-pandemic margins, the company plans to grow sales and cut $2 billion in costs, CFO Cathy Smith told CNBC’s Kate Rogers.
“For us, pricing is going to be our last lever,” Smith said. “Having a great value perception by our customers is really important.”
Starbucks investors did not appear as confident as executives Thursday: shares of the company slid more than 1% in morning trading. The stock has fallen about 12% over the last year, dragging Starbucks’ market value down to about $109 billion. In addition to skepticism about the company’s turnaround, investor concerns about the broader pullback in consumer spending and higher coffee prices have weighed on the company’s valuation.
‘Just the beginning’
The investor day comes a day after the company released its fiscal first-quarter earnings report.
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For the first time in two years, the coffee chain’s traffic rose, fueling same-store sales growth of 4%. A year ago, the company’s same-store sales fell 4% as transactions shrank 6%.
The company has made progress on some of its goals, like making every drink in under four minutes, CEO Brian Niccol said on CNBC’s “Squawk Box” on Thursday morning.
“This is really just the beginning,” Niccol said of the company’s turnaround.
But while Starbucks’ turnaround strategy is bearing fruit on the top line, investments in its restaurants and labor weighed on profits during its fiscal first quarter. The company’s quarterly earnings per share missed Wall Street’s estimates.
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Executives on Wednesday also shared the company’s first annual forecast since Niccol suspended its outlook more than a year ago, shortly after taking the helm at Starbucks. For fiscal 2026, Starbucks is projecting adjusted earnings per share in a range of $2.15 to $2.40 and global and U.S. same-store sales growth of at least 3%.
Menu changes like protein cold foam have helped Starbucks draw both loyal and infrequent customers, Niccol told CNBC’s Andrew Ross Sorkin. Ahead, the company has more menu innovation on deck, plus changes to its rewards program and an improved digital experience, he added.
Much of that innovation will, of course, focus on Starbucks’ drinks. This spring, the coffee chain plans to launch a premium, sugar-free version of its chai, Lieberman said during the investor presentation.
Starbucks is also going to introduce Energy Refreshers, the latest expansion of its $2 billion drink line. The new additions will contain more caffeine than the original Refreshers, which give drinkers roughly the same boost as a caffeinated soda.
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Starbucks’ China pivot
Executives also shared more details on the company’s international operations, which will undergo a major transformation when Starbucks forms a joint venture with Boyu Capital to run its business in China, the company’s second-largest market.
After the deal closes in the second quarter of fiscal 2026, pending regulatory approval, Boyu will hold up to a 60% interest in the joint venture.
While the deal will result in lower international revenue, the division’s asset-light model is expected to boost Starbucks’ profits in the long run. Over the last decade, McDonald’s and Coca-Cola have pursued similar strategies, refranchising their international restaurants and bottlers, respectively, to cut operating costs and lift earnings.
In fiscal 2025, Starbucks’ international margins were 13%; assuming the joint venture is formed, the company expects that margins will rise to the high teens, according to Brady Brewer, CEO of Starbucks International.
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Both the fiscal 2026 and fiscal 2028 forecasts assume that the company will continue to operate Starbucks’ retail stores in China. While the company expects profit margins would rise as part of the plan, overall earnings may not increase quickly.
Under the joint venture model, the company’s earnings per share in fiscal 2028 would fall by about 15 cents, Smith said.
“I do want to say that’s with our current plans for the China market,” Smith said. “We fully expect, with our new partner, that actually we would see higher growth in China … and so I would think that we would be able to offset some of that into the future.”
The very famous character will be no more (Picture: REX/ITV)
Coronation Street has reached the decision to kill off one of its most famous characters, more than 35 years after he made his debut on the cobbles.
Jim McDonald will die off-screen as part of a new story for Steve (Simon Gregson), who will face an emotional dilemma.
The story will unfold next month, as per storylines seen by Metro.
And Charles Lawson, one of the staples of the show in the 90s particularly, has insisted that he is okay with his alter ego being axed.
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He responded to X users, confirming that there are no hard feelings with the show, and that they informed him of their decision last September.
However, in a separate post, he put the decision down cryptically to ‘politics’.
Outspoken on social media and a regular contributor on GB News, Charles is perhaps more known these days for sharing his views rather than his time as Jim.
On arrival, Jim was fiery and protective but not as thuggish as he’d later become (Picture: ITV/REX)
Liz was always pulled into Jim’s world – whether she liked it or not (Picture: ITV)
The father of Andy and Steve, and husband to Beverley Callard’s Liz, will pass away, causing mixed feelings for Steve.
While it is unknown whether Nick Cochrane will reprise his role as Andy for the story, it has already been ruled out, as first reported by Radio Times, that Bev will make a comeback as Liz, given her new long-term role in Shortland Street.
A spokesperson for Corrie told Metro: ‘We wish Claire every success playing Miss Hannigan and congratulate her on being offered a role she has long wanted to play.
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‘Cassie will be on the cobbles until the summer during which time she will continue to make her presence felt in Weatherfield leading up to a great exit storyline.’
Bev Callard will not be back for the storyline (Picture: ITV)
As for Jim, he was notable for being overly protective of his family and, over time, the show went on to focus more and more on his temper.
In some of the show’s most controversial scenes, Jim was seen hitting Liz during a nasty argument.
He was also at the centre of many a Corrie brawl, as well as being seriously injured in a clash with son Steve which led him to plunging from scaffolding.
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Later, to get gangster Jez Quigley out of Steve’s life, Jim brutally beat him to death and was then jailed.
He made several short comebacks over the years, meeting Peter Barlow in prison and also committing armed robbery.
His last notable – and very sour-taste leaving storyline – came when he conned Liz into believing their lost child was alive.
It is one of fans’ most despised plotlines of all time, with many taking to X sad that this may end up as Jim McDonald’s legacy.
Police would like to identify the man pictured in relation to a theft which occurred in South Moor, Stanley, on Wednesday, January 14.
A Durham Police spokesperson said: “Officers are looking to identify this man in relation to a theft which occurred in South Moor on January 14, 2026.
Anyone who can assist with this investigation, contact the officer in case, PC 9320 Bowes via 101 ext 209320 or via email: scott.bowes1@durham.police.uk – please quote crime ref: CRI00659201.
One of the convicted child murderer’s friends features throughout the new Netflix documentary
A letter Lucy Letby sent to one of her friends after being found guilty in court has been revealed in a new Netflix documentary.
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Titled The Investigation Of Lucy Letby, the documentary about the convicted child killer was released globally on Wednesday morning (February 3).
Featuring ever-before-seen footage of the nurse during her arrest and questioning, as well as new testimony from police and contributions from the mother of one of the victims.
Some of the names, appearances and voices were altered from interviews conducted, with some interviewees digitally anonymised. This is to maintain their anonymity following the 90 minute film’s release
Letby, 36, from Hereford, is currently serving 15 whole-life orders after she was convicted of murdering seven infants and attempting to murder seven others, with two attempts on one of her victims, between June 2015 and June 2016. It was confirmed last month that Letby will face no further charges over additional deaths and collapses of babies that were investigated by police.
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One person featured throughout the documentary is a friend of Letby’s named Maisie, a fellow nurse who she met when they attended the same University.
The nurse, who is one of the people digitally anonymised, had placement with Letby at the Countess of Chester Hospital and defended her at several points in the film.
Towards the end of the documentary, Maisie reveals that she and Letby would write letters to each other ‘up until the trial and the verdict’. She said: “I would always try to be positive and now I don’t know what to say.”
Reading a letter Letby sent her, Maisie said: “Maisie, there are no words to describe my situation, knowing that I have your friendship regardless is so important and special to me.
“I have my own room and toilet. I’m able to shower each day and go outside for a walk. Getting outside is so important, even if it’s a bit chilly. I miss Tigger and Smudge so much, it’s heartbreaking that they cannot understand why I’m no longer there.
“They must think I’m a terrible mummy. Mum and dad are taking good care of them and are no doubt spoiling them. I’m trying to do all that I can to remain strong and positive. I’m determined to get through this. I will not give up.”
Towards the end of the film, Maisie admitted that the last few years have seen questioning whether Letby ‘presented one side to her and and a different side to other people’.
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“There’s always doubt because as much as you know someone, you never know the whole of someone.
“They can still have things you don’t know about them. Unless I saw actual evidence, I can’t believe it. I know people think I support a baby murder. She’s my friend and currently in jail. Forever,” she noted.
Reflecting on when Letby was found guilty, Maisie said: “I just couldn’t imagine why they did this. Once I got over the disbelief I was really scared for her.”
The Investigation of Lucy Letby is available now on Netflix
Last week’s branch closures will leave it with 244 full branches
Santander UK has revealed a hike in annual profits despite putting by another £183 million to cover costs of the motor finance mis-selling scandal and warned over further cost-cutting over the year ahead. The Spanish-owned lending giant reported a 14% rise in pre-tax profits to £1.51 billion for 2025.
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It added the additional provision for motor finance compensation and costs, on top of £295 million for the saga in 2024, having earlier cancelled third quarter results to assess the impact of the Financial Conduct Authority’s redress scheme. But it cautioned “there continue to be significant uncertainties as to the nature, extent and timing of redress payments”.
“The ultimate financial impact could be materially higher or lower than the amount provided,” the bank said. In full-year results it also set the scene for more cost-cutting in 2026, less than a week after it revealed plans to shut another 44 branches, putting nearly 300 jobs at risk.
Santander said it expects further cost efficiencies in 2026 “driven by simplification and automation of our business”.
Last week’s branch closures will leave it with 244 full branches, although it will add more through the deal to take over smaller rival TSB. It said it expects to complete the £2.65 billion TSB deal in the first half of 2026.
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The UK bank results came after its Spanish owner banco Santander announced a 12.2 billion US dollar (£8.9 billion) deal to buy American rival Webster Bank. Banco Santander reported a better-than-expected net income of 3.76 billion euro (£3.24 billon) for the fourth quarter, having brought the results forward by a day due to the announcement of the deal.
An 11-year-old boy has tragically died following a road traffic collision earlier today, the PSNI have confirmed this evening.
The accident happened on the Corcreaghan Road in Kilkeel, Co Down, during early morning commuter traffic in the area.
Detective Inspector Stewart from the Police Service of Northern Ireland’s Collision Investigation Unit said: “Police received a report at approximately 8am of a collision involving a car and a child on the Corcreaghan Road.
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“Officers attended, alongside our colleagues from partner emergency services. Tragically, the young boy was pronounced deceased a short time later in hospital.
“Detectives are continuing to investigate the circumstances of the collision, and would like to hear from witnesses or anyone who may have captured dash-cam or other footage which could assist with our enquiries.
“Please call us on 101, quoting reference 242 03/02/26, or submit information online.”
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SDLP South Down MLA Colin McGrath described the death as a heartbreaking tragedy. Mr McGrath said: “This is an absolutely heartbreaking tragedy and my thoughts are with the family, friends and everyone who knew this young boy. Losing a loved one is never easy, but the loss of a young life in these circumstances is unimaginable.
“I know that the local community is shocked and deeply saddened, but I trust they will do everything they can to support the family at the centre of this as they come to terms with such a devastating loss.
“The police have appealed for witnesses or anyone with dash-cam footage to come forward and I would ask people to help in any way they can.”
Paying her respects, South Down DUP MLA Diane Forsythe said: “I am absolutely heartbroken as is the entire community at this tragic news today. My deepest condolences are with the entire family circle as well as many friends, the school family and wider community who are firmly in my thoughts and prayers.
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“The devastating loss of a child is beyond measure and this one was one of the loveliest there are. Blessed are those who mourn, for they will be comforted. Matthew 5:4.”
The Corcreaghan Road reopened just after 9pm on Tuesday night.
I AM unlucky enough in frequently needing to use the U1702 Moxby Lane from Sheriff Hutton to Easingwold.
By writing this letter, I’m hoping to warn other motorists that if not spotted in time their car’s wheels, tyres and even axels may be significantly damaged.
Pothole on Moxby Lane from Sheriff Hutton to Easingwold. Image supplied
I fully appreciate that North Yorkshire has many hundreds of miles of roads to maintain, but feel that my local area has been overlooked for repair!
Ralph Magee,
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Broadacres,
Lilling,
York
… WITH the terrible state of our roads, I was thinking of something that would make the potholes more visible.
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Perhaps some sort of “radar” but with the amounts of heavy rain we’ve been having lately, perhaps a “sonar” gadget measuring the depth of the water would be more appropriate.
D M Deamer,
Penleys Grove Street,
Monkgate,
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York
What do you think?
Feel strongly about an issue? Write us a letter. Please write no more than 250 words and you must provide your full name, address and mobile number. Send your views by email to: letters@thepress.co.uk
NHS still ‘top loaded with pen pushers’
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THE NHS is apparently top loaded with bureaucrats which begs the question what do they do all day?
When appointed health secretary Wes Streeting said his first priority was to reduce the number of unnecessary pen pushers.
Like all ministers, he is full of hot air – 18 months into office I have just received a hospital appointment confirmed three times.
Peter Rickaby,
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Moat Way,
Brayton
—
Why Kemi is music to my ears!
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HAVING just listened to BBC4’s latest programme of Desert Island Discs with Kemi Badenoch I have come to the following conclusion: Kemi has more common sense, intelligence, communication skills and political ability in her little finger than the whole of the current front branch put together.
Mary Morton,
Hob Moor Drive,
Holgate,
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York
—
Apt name – bar none!
THE irony of a wine bar called Plonkers refusing entry to Labour councillors is wonderful. Joanne Ellis,
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Charlton Street,
York
Send us your local pothole photos
Have you seen worse? Please be safe, but if you can, take a photo of potholes near you and send them to our newsroom, with the location and the date you took the photo. Send them to us via the link below…
The Treasury announced that every pub in England would get 15 per cent off its new business rates bill from April 1.
This support package was a U-turn from November’s Budget, which would have ended financial relief first introduced during the pandemic.
Bolton Council had voted to oppose the end of rate relief on January 20, with the figures for one pub showing monthly bills rising by more than 70 per cent.
But critics have argued the new support doesn’t go far enough to support pubs, which are already struggling to open.
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‘A lot of them are gone already’
Nick Howcroft, owner of Henighans Bar and Grill in Little Lever, said the relief doesn’t go far enough.
He said: “We need to be more radical than 15 per cent – it’s not going to do anything, and it’s not going to save pubs – a lot of them are gone already.”
He added that he only owns one pub now, after putting Henighan’s Eat and Drink on Bury Road in Breightmet up for sale a year ago.
At the time, Nick said he was selling the pub as it had just got “quieter and quieter and quieter” and it was time to move on 14 years after buying it.
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Nick Howcroft, owner of Henighans Bar and Grill in Little Lever (Image: Newsquest)
He added that the government hasn’t given “any clarity” to the plans, and he said: “It’s hard to comment, they don’t have a clue.”
‘Business rates are out of control’
Danny Loynd, manager of The Balmoral, also said he does not think it’s enough, and the relief should have been left where it was.
He said: “I don’t think it’s enough – I think they should have left it where it was.
“I think we’re going to see a lot more closures this year and also next year.
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“Bolton’s a difficult town as it is, so any support we can get is helpful but at the minute we’re not really getting anything.”
Chris Howgate, landlord of Elephant and Castle and The Jolly Carter in Little Lever, said that “business rates are out of control at the minute”.
He said: “They’re through the roof and that’s why businesses are closing.
“I don’t think it’s enough to be honest, especially with rates as they are.”
A NI charity has backed grieving parents call for answers after their 23-year-old son fell to his death from a fifth-floor apartment after the railing ‘gave way’
A Northern Irish charity has backed two grieving parents’ call for answers following the tragic death of their son in London.
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Joshua Robbins from Claudy died suddenly on Thursday, January 29, at Thurston Dwellings on Newton Street in the city, breaking the hearts of his family and friends. It has been alleged that the 23-year-old fell from the fifth floor of the apartment block after a “railing gave way” as he looked over a ledge to see if a pizza delivery had arrived.
His heartbroken parents Fiona Garrett and Will Robbins have called for “truth and accountability” in the wake of Joshua’s tragic death due to alleged safety failings and have now been backed by The Katie Trust. The charity has said it has been “shocked” by its research into similar incidents and that it has “serious and legitimate questions about building safety standards, inspection regimes and accountability” in the UK capital.
A spokesperson for the charity said: “The Katie Trust is deeply saddened to learn of the tragic death of Joshua Robbins, aged 23, who fell from a balcony at a residential property in London last Thursday, as reported in the media.
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“Joshua was the beloved son of Fifi Garrett, a valued member of The Katie Trust team, and the father of Will Robbins. Our thoughts, love and solidarity are firmly with Fifi, Will, and the wider Robbins family at this devastating time. No parent should ever have to endure such a loss, and no child should grow up without their father.
“While the full circumstances surrounding Joshua’s death will be a matter for the relevant authorities to establish, we are profoundly concerned by reports that the balcony railing failed, leading to his fatal fall. The prospect that a basic structural safety feature in a residential building could collapse so easily is deeply troubling.
“As a Trust, we have been further shocked by our own research into similar incidents and by the number of deaths in London linked to balcony failures and concerns about structural integrity. That such incidents continue to occur in the capital city of a G7 nation—often described as a global leader in housing, construction and regulation—raises serious and legitimate questions about building safety standards, inspection regimes and accountability.
“This is not the kind of scenario one would expect in a modern European capital. It is an issue that demands urgent attention at both local and national level. The building in question falls within the constituency of the Prime Minister, Sir Keir Starmer, and we believe it is reasonable to ask what action is being taken to address wider concerns about residential building safety and to prevent further tragedies.
“At this time, we also wish to acknowledge and thank the emergency services, who responded swiftly and professionally, and to recognise the trauma experienced by neighbours and witnesses who were confronted with this distressing incident.
“Above all, our focus remains with Fifi and Will. The Katie Trust will continue to support the family in any way we can, and we stand with all families who have lost loved ones in circumstances that raise serious questions about safety, oversight and preventability.
“Joshua’s death must not be treated as an isolated tragedy. If lessons are to be learned, they must be learned fully and transparently—so that no other family has to suffer a loss like this.”
The former prince has lived there for decades (Picture: JORDAN PETTITT)
Andrew Mountbatten-Windsor moved out of the Royal Lodge, a grand royal residence on the Windsor estate, on Monday night.
The disgraced former duke now lives on a property on the slightly smaller Sandringham Estate, a royal compound that the king personally owns.
The former Duke of York will call the Marsh Farm his permanent home and will pay the cost, according to the BBC.
Mountbatten-Windsor will briefly return to Windsor to collect the remaining of his belongings.
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In October, the ex-prince was stripped of his royal titles and ordered to vacate the Royal Lodge.
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A look at Royal Lodge in Windsor
Mountbatten-Windsor was photographed for the last time on the estate yesterday, riding a horse (Picture: REUTERS)
The Royal Lodge is a Grade II listed building in Windsor that has 30 rooms, including seven bedrooms.
The lavish mansion is made up of a central section standing at three storeys tall, with two-storey wings.
The current building structure dates back to the 19th century and was later expanded in the 1930s by the then Duke of York, also the future King George VI.
The residence was previously occupied by Queen Elizabeth The Queen Mother from 1952 until she died in 2002, aged 101.
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Mountbatten-Windsor has lived in the 30-room Georgian mansion, which sits on 98 acres of land west of London, since 2003.
Marsh Farm, once described by royal insiders as ‘modest’, has a kitchen, two reception rooms, and various outbuildings and stables. Sarah Ferguson will not be joining her ex-husband.
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The move comes after new disclosures showed the extent of his closeness with convicted sex offender Jeffrey Epstein.
Mountbatten-Windsor has always denied any wrongdoing.
Among the three million files released on Friday by the US Department of Justice was a 2010 email exchange between ‘A’ and Epstein.
The businessman asks: ‘What time would you like me and [redacted]?
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‘We will also need/have private time.’
An email exchange between ‘The Duke’ and Epstein (Picture: US Department of Justice/Norkon Computing Systems)
The three pictures show a man believed to be the disgraced former duke looming over the woman, who is lying sprawled on the floor (Pictures: DOJ)
In a response, an email signed off by ‘A’ suggested: ‘Alternatively, we should have dinner at Buckingham Palace and lots of privacy.’
Paul Ellison was found dead within HMP Frankland’s healthcare facility on December 19.
The 54-year-old was one of five inmates at the prison to be found dead over a period of eight days, including on Christmas.
An inquest into his death was today (February 3) opened in Spennymoor, and heard his cause of death is “unascertained”.
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Coroners’ officer Sue Rooney told the hearing: “I understand the circumstances to be that Paul was found slumped on his bed, at the healthcare facility, within HMP Frankland.
“On December 21, 2025, Dr Louise Mulcahy conducted a Post-Mortem Examination at Newcastle RVI Mortuary and gave the cause of death as unascertained.”
The hearing was adjourned and will be mentioned on May 12.
As reported, investigations into the deaths of five inmates are underway, with Prisons and Probation Ombudsman (PPO) Adrian Usher saying he will look at any “themes or any correlation among the deaths”.
