Financial Data

Fiscal Year 2018 Targets as provided on the Q1 FY18 Earnings Call (1/25/2018)

All targets are for the full fiscal year 2018 unless otherwise indicated. All growth targets are relative to non-GAAP measures of fiscal year 2017 where noted.

For a complete reconciliation of our historical GAAP to non-GAAP measures, please see the reconciliation documents located on the Supplemental Financial Data page of our website.

  Fiscal Year 2018 Target
Consolidated Net New Starbucks Stores ~2,300
Americas ~900 (roughly 1/2 licensed)
CAP ~1,100 (nearly 600 in China)
EMEA ~300 (virtually all licensed)
Global Comparable Store Sales Growth 3% to 5% growth; expect to be near the low end of the range for the year
Consolidated Net Revenue Growth High single digits consistent with long term guidance; we expect revenue growth of approximately 9-11% when including approximately 4 points of favorability from the East China acquisition and approximately 2 points of unfavorability from other streamlining activities
Consolidated Operating Margin Slight decrease before additional partner and digital investments related to changes in U.S. tax law. Including these investments, we expect operating margin to decline moderately (FY17 = 19.7%*)
Americas Slight decrease before additional partner and digital investments related to changes in U.S. tax law. Including these investments, we expect operating margin to decline moderately (FY17  = 23.4%)
CAP Moderately higher excluding the ownership change impact from the acquisition of East China; including this ownership change, we expect operating margin to be moderately lower (FY17  = 25.4%*)
EMEA Moderate expansion (FY17 = 13.2%*)
Channel Development Slightly improved (FY17 = 44.5%)
GAAP EPS $3.32 to $3.36 consistent with guidance issued last quarter but updated to include the expected net impact of the new U.S. tax law's federal statutory tax rate and related reinvestments
Non-GAAP EPS $2.48 to $2.53 consistent with guidance issued last quarter but updated to include the expected net impact of the new U.S. tax law's federal statutory tax rate and related reinvestments
GAAP Tax Rate 23% includes:
  • Approximately 5 points of favorability due to the East China acquisition gain;
  • Approximately 2 points of net unfavorability from estimated tax charges related to the transition tax on undistributed foreign earnings, partially offset by the estimated tax benefit from the re-measurement of deferred taxes
 Non-GAAP Tax Rate26% excludes the net 3 point benefit of the items listed above
Capital Expenditures ~ $2.0 Billion

*Non-GAAP measure. For reconciliation of GAAP to non-GAAP measures, please see the reconciliation documents located on the Supplemental Financial Data page.

Long-Term Financial Targets as affirmed on the Q1 FY18 Earnings Call (1/25/2018)

All growth targets are relative to non-GAAP financials.

Annual Global Comparable Store Sales Growth 3% to 5%
Annual Consolidated Net Revenue Growth High single digits
Annual non-GAAP EPS 12% or greater
Annual ROIC 25% or greater

Forward-Looking Statement

This page includes forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our risk factor discussions in our filings with the SEC, including our last Annual Report on Form 10-K. Starbucks assumes no obligation to update any of these forward-looking statements or information, which are made as of their respective dates.