Financial Data

Fiscal Year 2018 Targets as provided on the Q4 FY17 Earnings Call (11/2/2017)

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.

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.

The cumulative effect of strategic transactions and activities undertaken to streamline our business will have a meaningful impact on reported fiscal year 2018 results. To provide as much clarity as possible, we have provided an explanation of the basis of our targets below.

Note: Unless otherwise noted in the “Included / Excluded from Target” column below, the following actions are included in our targets: the pending acquisition of East China, licensing of Taiwan and Singapore, and the strategic actions we are taking to exit our non-core activities, including closing Teavana stores and the Starbucks E-Commerce platform, selling Tazo, and aggressively rationalizing merchandise available for sale in our U.S. Retail stores.

  Fiscal Year 2018 Target Included / Excluded from 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%  
Consolidated Net Revenue Growth High single digits (HSD) HSD excludes the items listed in the note above; including the items listed in the note would add an estimated 2 to 3 points to HSD
Consolidated Operating Margin Up slightly (FY17 = 19.7%) Excludes the expected impact of the change in the ownership structure of East China
Americas Up slightly (FY17 = 23.4%)  
CAP Moderate expansion (FY17 = 25.4%) Excludes the expected impact of the change in the ownership structure of East China
EMEA Solid expansion (FY17 = 13.2%)  
Channel Development Slight expansion (FY17 = 44.5%)  
GAAP EPS Likely above 40% YoY growth Reflects the expected gains from pending acquisition of East China and divestiture of Tazo and Taiwan JV. These actions are expected to contribute $0.50 or more of incremental EPS
Non-GAAP EPS $2.30 to $2.33; 1st half of year a bit below full year average growth, 2nd half of year a bit above full year average growth Excludes the expected gains from pending acquisition of East China and divestiture of Tazo and Taiwan JV, acquisition related transaction and integration costs, and restructuring and impairment expenses
GAAP Tax Rate ~ 27% Includes a benefit of approximately 6% attributable to an anticipated non-taxable gain related to the pending acquisition of East China. When excluding this estimated benefit, the tax rate is expected to be approximately 33%. This favorability will only impact FY18, the period when the East China acquisition is expected to close.
Capital Expenditures ~ $2.0 Billion  

Long-Term Financial Targets as provided on the Q4 FY17 Earnings Call (11/2/2017)

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.