Starbucks CEO Brian Niccol said the company is focused on executing its growth plan but did not rule out eventually becoming a multi-brand operator. His comments came after a Financial Times report that Starbucks had considered an offer for Chipotle, his former employer, which operates more than 4,000 restaurants worldwide. No offer or purchase price was reported. Niccol said any future combination would need to bring together category-defining brands with cultural fit and create benefits in talent, marketing, media buying, real estate and supply chain operations. Starbucks recently reported adjusted fiscal fourth-quarter earnings of $0.80 per share, versus estimates of $0.71, while global comparable-store sales rose 7.2% and U.S. same-store sales increased 7.7%. The company also provided fiscal 2027 adjusted earnings guidance of $3.15 to $3.25 per share. Niccol is separately pursuing an AI-focused redesign of Starbucks’ drive-through operations and plans to strengthen afternoon sales with portable foods and collagen-containing drinks.