Continued Strong Comparable Store Sales Growth of 7% in the US and 6%
Globally
Revenues Increase 11% to a Q2 Record $3.6 Billion; Operating Income
Rises 26%
Record Q2 EPS of $0.51 Includes $0.03 Non-Routine Gain
Company Raises Full Year EPS Target
SEATTLE--(BUSINESS WIRE)--Apr. 25, 2013--
Starbucks Corporation (NASDAQ: SBUX) today reported financial results
for its 13-week fiscal second quarter and 26-week fiscal year to date
ended March 31, 2013.
Fiscal Second Quarter 2013 Highlights:
-
Total net revenues increased 11% to $3.6 billion
-
Global comparable store sales grew 6%, driven by a 4% increase in
traffic and a 2% increase in average ticket, marking the 13th
consecutive quarter of global comp growth greater than 5%
-
Operating margin expanded 180 basis points to a Q2 record 15.3%
-
Consolidated operating income grew 26% to $544 million
-
Record Q2 EPS of $0.51 per share included a $0.03 non-routine gain on
the sale of the company's equity in the joint venture that operates
Starbucks stores in Mexico; excluding this gain, EPS grew 20%
-
Dollars loaded on Starbucks Cards through both new card activations
and reloads increased 32% over Q2 FY12
-
Starbucks added 590 net new stores globally, including 337 Teavana
stores
-
The company has raised its full year earnings per share target range
to $2.12 to $2.18 from the previous target range of $2.06 to $2.15
"Starbucks record operating performance in Q2 continues to demonstrate
the underlying strength and resilience of our expanding global business,
and the increasing relevance of the Starbucks brand to consumers all
around the world,” said Howard Schultz, chairman, president and chief
executive officer. “Innovation and an enhanced customer experience drove
strong comp sales and revenue growth, while a laser focus on improving
efficiency and controlling costs enabled us to deliver record margins
and earnings. Starbucks has never been better positioned to achieve the
aspirational goal we have set of becoming one of the world's most
respected, admired and enduring brands.”
“Record second quarter results once again illustrate the power of the
Starbucks business and brand,” commented Troy Alstead, chief financial
officer. “Continued strength in our US operations, despite ongoing
uncertainty in the macro environment, has fueled our performance and
allows us to pursue long term strategic initiatives across our segments.
Given our performance in the first half of the year and the considerable
momentum in the business as we enter the second-half, we are raising our
full year earnings growth target.”
|
|
|
Second Quarter Fiscal 2013 Summary
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended Mar 31, 2013
|
|
Comparable Store Sales(1)
|
|
|
|
Sales Growth
|
|
|
Change in Transactions
|
|
|
Change in Ticket
|
|
Consolidated
|
|
|
|
6%
|
|
|
4%
|
|
|
2%
|
|
Americas
|
|
|
|
6%
|
|
|
5%
|
|
|
2%
|
|
EMEA
|
|
|
|
(2)%
|
|
|
(1)%
|
|
|
0%
|
|
CAP
|
|
|
|
8%
|
|
|
4%
|
|
|
3%
|
|
(1) Includes only Starbucks company-operated stores open
13 months or longer.
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Results
|
|
|
|
Quarter Ended
|
|
|
|
|
($ in millions, except per share amounts)
|
|
|
|
Mar 31, 2013
|
|
|
Apr 1, 2012
|
|
|
Change
|
|
Net New Stores(1)
|
|
|
|
590
|
|
|
176
|
|
|
414
|
|
Revenues
|
|
|
|
$3,555.9
|
|
|
$3,195.9
|
|
|
11%
|
|
Operating Income
|
|
|
|
$544.1
|
|
|
$430.4
|
|
|
26%
|
|
Operating Margin
|
|
|
|
15.3%
|
|
|
13.5%
|
|
|
180 bps
|
|
EPS
|
|
|
|
$0.51
|
|
|
$0.40
|
|
|
28%
|
|
(1) Includes 337 Teavana stores added in the second
quarter of fiscal 2013.
|
|
|
Consolidated net revenues reached a Q2 record $3.6 billion in Q2 FY13,
an increase of 11% over Q2 FY12. The increase was due to a 6% increase
in global comparable store sales and incremental revenues from the
opening of 1,448 net new stores over the past 12 months, including the
addition of 337 Teavana stores.
Consolidated operating income increased 26% to a Q2 record $544.1
million, compared to $430.4 million for the same period a year ago.
Operating margin expanded 180 basis points to 15.3% this quarter,
compared to 13.5% in Q2 FY12. The margin increase was primarily driven
by sales leverage and lower coffee costs.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 Americas Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
($ in millions)
|
|
|
|
Mar 31, 2013
|
|
|
Apr 1, 2012
|
|
|
Change
|
|
Net New Stores(1)
|
|
|
|
95
|
|
|
72
|
|
|
23
|
|
Revenues
|
|
|
|
$2,604.1
|
|
|
$2,374.7
|
|
|
10%
|
|
Operating Income
|
|
|
|
$549.7
|
|
|
$449.5
|
|
|
22%
|
|
Operating Margin
|
|
|
|
21.1%
|
|
|
18.9%
|
|
|
220 bps
|
|
(1) Americas store data has been adjusted to exclude
Seattle's Best Coffee, Evolution Fresh and Tazo Retail, which are
now reported within All Other Segments.
|
|
|
Net revenues for the Americas segment were $2.6 billion in Q2 FY13, an
increase of 10% over Q2 FY12. The increase was primarily due to a 6%
increase in comparable store sales, comprised of a 5% increase in the
number of transactions and a 2% increase in average ticket. Also
contributing to the net revenue increase was incremental revenues from
522 net new store openings over the past 12 months.
Operating income increased to $549.7 million in Q2 FY13, representing
growth of 22% compared to $449.5 million for the same period a year ago.
Operating margin expanded 220 basis points to 21.1% in Q2 FY13 driven by
sales leverage and lower coffee costs.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 EMEA Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
($ in millions)
|
|
|
|
Mar 31, 2013
|
|
|
Apr 1, 2012
|
|
|
Change
|
|
Net New Stores
|
|
|
|
22
|
|
|
17
|
|
|
5
|
|
Revenues
|
|
|
|
$273.2
|
|
|
$272.4
|
|
|
0%
|
|
Operating Income
|
|
|
|
$5.2
|
|
|
($7.0)
|
|
|
nm
|
|
Operating Margin
|
|
|
|
1.9%
|
|
|
(2.6)%
|
|
|
450 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues for the EMEA segment were $273.2 million in Q2 FY13, flat
to Q2 FY12. Revenue growth of 48% in licensed stores, driven by the
opening of 117 net new stores in the last 12 months, was offset by a
decline in company-operated revenue primarily driven by prior store
portfolio optimization activities.
Operating income of $5.2 million in Q2 FY13 grew $12.2 million from an
operating loss of $7.0 million in Q2 FY12. Operating margin increased
450 basis points to 1.9%. Margin expansion was primarily driven by a
continued focus on cost management and a shift in our store portfolio to
more licensed stores. Also contributing to the margin expansion was a
reduction to the estimated asset retirement obligations of our store
leases in the region.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 China/Asia Pacific Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
($ in millions)
|
|
|
|
Mar 31, 2013
|
|
|
Apr 1, 2012
|
|
|
Change
|
|
Net New Stores
|
|
|
|
147
|
|
|
83
|
|
|
64
|
|
Revenues
|
|
|
|
$213.6
|
|
|
$174.6
|
|
|
22%
|
|
Operating Income
|
|
|
|
$68.3
|
|
|
$68.2
|
|
|
0%
|
|
Operating Margin
|
|
|
|
32.0%
|
|
|
39.1%
|
|
|
(710) bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues for the China/Asia Pacific segment were $213.6 million in
Q2 FY13, an increase of 22% over Q2 FY12. The increase was primarily due
to incremental revenues from 516 net new store openings over the past 12
months and an 8% increase in comparable store sales.
Operating income of $68.3 million in Q2 FY13 was flat to the prior-year
quarter. Operating margin decreased 710 basis points to 32.0% this
quarter compared to 39.1% in Q2 FY12. The margin contraction was
primarily due to investment spending to support continued growth in
China and a shift in the composition of our store portfolio from
licensed to company-operated stores. Also contributing to the margin
contraction was the absence this year of non-routine income included in
income from equity investees in the prior year.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 Channel Development Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
($ in millions)
|
|
|
|
Mar 31, 2013
|
|
|
Apr 1, 2012
|
|
|
Change
|
|
Revenues
|
|
|
|
$343.5
|
|
|
$321.5
|
|
|
7%
|
|
Operating Income
|
|
|
|
$94.1
|
|
|
$79.5
|
|
|
18%
|
|
Operating Margin
|
|
|
|
27.4%
|
|
|
24.7%
|
|
|
270 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Channel Development net revenues were $343.5 million in Q2 FY13, an
increase of 7% over Q2 FY12, primarily driven by sales of Starbucks- and
Tazo-branded K-Cup® packs.
Operating income grew 18% to $94.1 million in Q2 FY13 compared to $79.5
million for the same period a year ago. Operating margin increased 270
basis points to 27.4% in Q2 FY13 compared to 24.7% in the prior-year
period. The margin expansion was primarily due to lower coffee costs.
Segment Reporting Update
Beginning in Q2 FY13, we removed unallocated corporate expenses from
Other. Other is now referred to as All Other Segments and includes
Teavana, Seattle's Best Coffee, Evolution Fresh, Tazo Retail and Digital
Ventures. Unallocated corporate operating expenses, which pertain
primarily to corporate administrative functions that support the
operating segments but are not specifically attributable to or managed
by any segment, are now a reconciling item between total segment
operating results and consolidated financial results. While our
consolidated results are not impacted, our historical segment financial
information has been revised to be consistent with the current period
presentation. A historical recast of results can be found on the
Investor Relations page on Starbucks.com.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 All Other Segments Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
($ in millions)
|
|
|
|
Mar 31, 2013
|
|
|
Apr 1, 2012
|
|
|
Change
|
|
Net New Stores
|
|
|
|
326
|
|
|
4
|
|
|
322
|
|
Revenues
|
|
|
|
$121.5
|
|
|
$52.7
|
|
|
131%
|
|
Operating loss
|
|
|
|
($4.1)
|
|
|
($6.7)
|
|
|
(39)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues for All Other Segments were $121.5 million in Q2 FY13, an
increase of 131% over Q2 FY12, primarily driven by the addition of
Teavana retail store sales in the current quarter.
Operating loss was $4.1 million in Q2 FY13 compared to a loss of $6.7
million for the same period a year ago. The $2.6 million improvement was
primarily driven by the acquisition of Teavana in Q2 FY13.
|
|
|
|
|
|
|
Year to Date Financial Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two Quarters Ended Mar 31, 2013
|
|
Comparable Store Sales(1)
|
|
|
|
Sales Growth
|
|
|
Change in Transactions
|
|
|
Change in Ticket
|
|
Consolidated
|
|
|
|
6%
|
|
|
4%
|
|
|
2%
|
|
Americas
|
|
|
|
6%
|
|
|
4%
|
|
|
2%
|
|
EMEA
|
|
|
|
(1)%
|
|
|
0%
|
|
|
(2)%
|
|
CAP
|
|
|
|
9%
|
|
|
6%
|
|
|
3%
|
|
(1) Includes only Starbucks company-operated stores open
13 months or longer.
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Results
|
|
|
|
Two Quarters Ended
|
|
|
|
|
($ in millions, except per share amounts)
|
|
|
|
Mar 31, 2013
|
|
|
Apr 1, 2012
|
|
|
Change
|
|
Net New Stores(1)
|
|
|
|
802
|
|
|
417
|
|
|
385
|
|
Revenues
|
|
|
|
$7,355.4
|
|
|
$6,631.8
|
|
|
11%
|
|
Operating Income
|
|
|
|
$1,174.6
|
|
|
$986.4
|
|
|
19%
|
|
Operating Margin
|
|
|
|
16.0%
|
|
|
14.9%
|
|
|
110 bps
|
|
EPS
|
|
|
|
$1.08
|
|
|
$0.90
|
|
|
20%
|
|
(1) Includes 337 Teavana stores added in the second
quarter of fiscal 2013.
|
|
|
Fiscal 2013 Targets
Starbucks reaffirms the following fiscal 2013 targets:
-
Revenue growth of approximately 10% - 13%
-
Mid single digit global comparable store sales growth
-
Full-year consolidated operating margin improvement of approximately
100 basis points over FY12 results
-
Capital expenditures of approximately $1.2 billion for the full year
Starbucks has updated the following fiscal 2013 targets:
-
The company plans to open approximately 1,650 net new stores globally,
reiterating the previous target of 1,300 Starbucks stores and
including 350 Teavana stores acquired and to be opened in the year
-
Starbucks has raised its full year earnings per share target to a
range of $2.12 - $2.18 consisting of $0.50 - $0.53 in Q3 and $0.54 -
$0.57 in Q4
Company Updates
-
Starbucks was recognized by Fortune magazine as the fifth “Most
Admired Company” in the world and Ethisphere Magazine named Starbucks
one of the World's Most Ethical Companies for the seventh year in a
row.
-
The company opened its first store in Vietnam on January 31, an iconic
flagship location in Ho Chi Minh City.
-
Starbucks® coffee K-cup® packs were recognized as the most successful
CPG beverage product of 2012 by Information Resources, Inc. (IRI), a
leading market research company.
-
As part of the ongoing evaluation of appropriate ownership structures
in international markets, Starbucks sold its 18% equity in Mexico to
long time trusted business partner, Alsea, S.A.B. de C.V.
-
Starbucks announced the expansion of its loyalty and rewards program
with an industry-first innovation that will enable customers to earn
rewards for grocery channel purchases that can be redeemed in
Starbucks retail stores.
-
The company expanded its comprehensive ethical sourcing program with a
new research and development center in Costa Rica; the 240-hectare
farm will be converted into a global agronomy center and is part of
Starbucks commitment to ethically sourcing 100 percent of its coffee
by 2015.
-
Starbucks announced the appointment of two new members to its senior
leadership team; Sharon Rothstein was named global chief marketing
officer and Matthew Ryan will serve as global chief strategy officer.
-
The Board of Directors declared a cash dividend of $0.21 per share,
payable on May 24, 2013, to shareholders of record as of May 9, 2013.
-
The company repurchased approximately 3 million shares of common stock
in Q2 FY13; approximately 26 million shares remain available for
purchase under previous authorizations.
Conference Call
Starbucks will be holding a conference call today at 2:00 p.m. Pacific
Time, which will be hosted by Howard Schultz, chairman, president and
ceo, Troy Alstead, cfo and Cliff Burrows, president, Americas. The call
will be webcast and can be accessed at http://investor.starbucks.com.
A replay of the webcast will be available through approximately 5:00
p.m. Pacific Time on Friday, May 24, 2013. A replay of the call will
also be available via telephone through 9:00 p.m. Pacific Time on
Saturday, April 27, 2013 by calling 1-855-859-2056, reservation number
36849786.
The company’s consolidated statements of earnings, operating segment
results, and other additional information have been provided on the
following pages in accordance with current year classifications. This
information should be reviewed in conjunction with this press release.
Please refer to the company’s Annual Report on Form 10-K for the fiscal
year ended September 30, 2012 for additional information.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically
sourcing and roasting the highest quality arabica coffee in the
world. Today, with stores around the globe, the company is the premier
roaster and retailer of specialty coffee in the world. Through our
unwavering commitment to excellence and our guiding principles, we bring
the unique Starbucks Experience to life for every customer
through every cup. To share in the experience, please visit us in our
stores or online at www.starbucks.com.
Forward-Looking Statements
This release contains forward-looking statements relating to certain
company initiatives, strategies and plans, as well as trends in or
expectations regarding our diversified business model, the strength,
health and potential of our business and brand, business momentum,
growth and growth opportunities, earnings per share, revenues, operating
margins, profits, capital expenditures, comparable store sales and store
openings and closings. These forward-looking statements are based on
currently available operating, financial and competitive information and
are subject to a number of significant risks and uncertainties. Actual
future results may differ materially depending on a variety of factors
including, but not limited to, coffee, dairy and other raw material
prices and availability, costs associated with, and the successful
execution of, the company's initiatives, strategies and plans, the
acceptance of the company's products by our customers, fluctuations in
U.S. and international economies and currencies, the impact of
competition, the effect of legal proceedings, and other risks detailed
in the company filings with the Securities and Exchange Commission,
including the “Risk Factors” section of Starbucks Annual Report on Form
10-K for the fiscal year ended September 30, 2012. The company assumes
no obligation to update any of these forward-looking statements.
|
|
|
STARBUCKS CORPORATION
|
|
CONSOLIDATED STATEMENTS OF EARNINGS
|
|
(unaudited, in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Quarter Ended
|
|
|
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
|
%
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
Fiscal Year Ended
|
|
|
|
2013
|
|
|
2012
|
|
|
Change
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net revenues
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
|
|
$
|
2,807.7
|
|
|
|
$
|
2,521.2
|
|
|
|
11.4
|
%
|
|
|
79.0
|
%
|
|
|
78.9
|
%
|
|
Licensed stores
|
|
|
|
|
322.1
|
|
|
|
|
290.3
|
|
|
|
11.0
|
|
|
|
9.1
|
|
|
|
9.1
|
|
|
CPG, foodservice and other
|
|
|
|
|
426.1
|
|
|
|
|
384.4
|
|
|
|
10.8
|
|
|
|
12.0
|
|
|
|
12.0
|
|
|
Total net revenues
|
|
|
|
|
3,555.9
|
|
|
|
|
3,195.9
|
|
|
|
11.3
|
|
|
|
100.0
|
|
|
|
100.0
|
|
|
Cost of sales including occupancy costs
|
|
|
|
|
1,530.4
|
|
|
|
|
1,411.9
|
|
|
|
8.4
|
|
|
|
43.0
|
|
|
|
44.2
|
|
|
Store operating expenses
|
|
|
|
|
1,038.4
|
|
|
|
|
956.5
|
|
|
|
8.6
|
|
|
|
29.2
|
|
|
|
29.9
|
|
|
Other operating expenses
|
|
|
|
|
112.1
|
|
|
|
|
105.3
|
|
|
|
6.5
|
|
|
|
3.2
|
|
|
|
3.3
|
|
|
Depreciation and amortization expenses
|
|
|
|
|
153.1
|
|
|
|
|
137.1
|
|
|
|
11.7
|
|
|
|
4.3
|
|
|
|
4.3
|
|
|
General and administrative expenses
|
|
|
|
|
230.3
|
|
|
|
|
206.9
|
|
|
|
11.3
|
|
|
|
6.5
|
|
|
|
6.5
|
|
|
Total Operating Expenses
|
|
|
|
|
3,064.3
|
|
|
|
|
2,817.7
|
|
|
|
8.8
|
|
|
|
86.2
|
|
|
|
88.2
|
|
|
Income from equity investees
|
|
|
|
|
52.5
|
|
|
|
|
52.2
|
|
|
|
0.6
|
|
|
|
1.5
|
|
|
|
1.6
|
|
|
Operating income
|
|
|
|
|
544.1
|
|
|
|
|
430.4
|
|
|
|
26.4
|
|
|
|
15.3
|
|
|
|
13.5
|
|
|
Interest income and other, net
|
|
|
|
|
50.8
|
|
|
|
|
35.3
|
|
|
|
43.9
|
|
|
|
1.4
|
|
|
|
1.1
|
|
|
Interest expense
|
|
|
|
|
(6.1
|
)
|
|
|
|
(8.8
|
)
|
|
|
(30.7
|
)
|
|
|
(0.2
|
)
|
|
|
(0.3
|
)
|
|
Earnings before income taxes
|
|
|
|
|
588.8
|
|
|
|
|
456.9
|
|
|
|
28.9
|
|
|
|
16.6
|
|
|
|
14.3
|
|
|
Income taxes
|
|
|
|
|
198.1
|
|
|
|
|
146.8
|
|
|
|
34.9
|
|
|
|
5.6
|
|
|
|
4.6
|
|
|
Net earnings including noncontrolling interest
|
|
|
|
|
390.7
|
|
|
|
|
310.1
|
|
|
|
26.0
|
|
|
|
11.0
|
|
|
|
9.7
|
|
|
Net earnings attributable to noncontrolling interest
|
|
|
|
|
0.3
|
|
|
|
|
0.2
|
|
|
|
50.0
|
|
|
|
—
|
|
|
|
—
|
|
|
Net earnings attributable to Starbucks
|
|
|
|
$
|
390.4
|
|
|
|
$
|
309.9
|
|
|
|
26.0
|
%
|
|
|
11.0
|
%
|
|
|
9.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per common share - diluted
|
|
|
|
$
|
0.51
|
|
|
|
$
|
0.40
|
|
|
|
27.5
|
%
|
|
|
|
|
|
|
|
Weighted avg. shares outstanding - diluted
|
|
|
|
|
761.3
|
|
|
|
|
773.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share
|
|
|
|
$
|
0.21
|
|
|
|
$
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated stores
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
37.0
|
%
|
|
|
37.9
|
%
|
|
Effective tax rate including noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
33.6
|
%
|
|
|
32.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARBUCKS CORPORATION
|
|
CONSOLIDATED STATEMENTS OF EARNINGS
|
|
(unaudited, in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two Quarters Ended
|
|
|
Two Quarters Ended
|
|
|
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
|
%
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
Fiscal Year Ended
|
|
|
|
2013
|
|
|
2012
|
|
|
Change
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net revenues
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
|
|
$
|
5,797.3
|
|
|
|
$
|
5,253.0
|
|
|
|
10.4
|
%
|
|
|
78.8
|
%
|
|
|
79.2
|
%
|
|
Licensed stores
|
|
|
|
|
672.2
|
|
|
|
|
596.9
|
|
|
|
12.6
|
|
|
|
9.1
|
|
|
|
9.0
|
|
|
CPG, foodservice and other
|
|
|
|
|
885.9
|
|
|
|
|
781.9
|
|
|
|
13.3
|
|
|
|
12.0
|
|
|
|
11.8
|
|
|
Total net revenues
|
|
|
|
|
7,355.4
|
|
|
|
|
6,631.8
|
|
|
|
10.9
|
|
|
|
100.0
|
|
|
|
100.0
|
|
|
Cost of sales including occupancy costs
|
|
|
|
|
3,151.1
|
|
|
|
|
2,908.0
|
|
|
|
8.4
|
|
|
|
42.8
|
|
|
|
43.8
|
|
|
Store operating expenses
|
|
|
|
|
2,127.9
|
|
|
|
|
1,952.2
|
|
|
|
9.0
|
|
|
|
28.9
|
|
|
|
29.4
|
|
|
Other operating expenses
|
|
|
|
|
244.6
|
|
|
|
|
212
|
|
|
|
15.4
|
|
|
|
3.3
|
|
|
|
3.2
|
|
|
Depreciation and amortization expenses
|
|
|
|
|
302.0
|
|
|
|
|
271.9
|
|
|
|
11.1
|
|
|
|
4.1
|
|
|
|
4.1
|
|
|
General and administrative expenses
|
|
|
|
|
462.2
|
|
|
|
|
398.4
|
|
|
|
16.0
|
|
|
|
6.3
|
|
|
|
6.0
|
|
|
Total Operating Expenses
|
|
|
|
|
6,287.8
|
|
|
|
|
5,742.5
|
|
|
|
9.5
|
|
|
|
85.5
|
|
|
|
86.6
|
|
|
Income from equity investees
|
|
|
|
|
107.0
|
|
|
|
|
97.1
|
|
|
|
10.2
|
|
|
|
1.5
|
|
|
|
1.5
|
|
|
Operating income
|
|
|
|
|
1,174.6
|
|
|
|
|
986.4
|
|
|
|
19.1
|
|
|
|
16.0
|
|
|
|
14.9
|
|
|
Interest income and other, net
|
|
|
|
|
48.0
|
|
|
|
|
58.5
|
|
|
|
(17.9
|
)
|
|
|
0.7
|
|
|
|
0.9
|
|
|
Interest expense
|
|
|
|
|
(12.7
|
)
|
|
|
|
(17.4
|
)
|
|
|
(27.0
|
)
|
|
|
(0.2
|
)
|
|
|
(0.3
|
)
|
|
Earnings before income taxes
|
|
|
|
|
1,209.9
|
|
|
|
|
1,027.5
|
|
|
|
17.8
|
|
|
|
16.4
|
|
|
|
15.5
|
|
|
Income taxes
|
|
|
|
|
386.8
|
|
|
|
|
335.2
|
|
|
|
15.4
|
|
|
|
5.3
|
|
|
|
5.1
|
|
|
Net earnings including noncontrolling interest
|
|
|
|
|
823.1
|
|
|
|
|
692.3
|
|
|
|
18.9
|
|
|
|
11.2
|
|
|
|
10.4
|
|
|
Net earnings attributable to noncontrolling interest
|
|
|
|
|
0.6
|
|
|
|
|
0.4
|
|
|
|
50.0
|
|
|
|
—
|
|
|
|
—
|
|
|
Net earnings attributable to Starbucks
|
|
|
|
$
|
822.5
|
|
|
|
$
|
691.9
|
|
|
|
18.9
|
%
|
|
|
11.2
|
%
|
|
|
10.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per common share - diluted
|
|
|
|
$
|
1.08
|
|
|
|
$
|
0.90
|
|
|
|
20.0
|
%
|
|
|
|
|
|
|
|
Weighted avg. shares outstanding - diluted
|
|
|
|
|
761.3
|
|
|
|
|
770.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated stores
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
36.7
|
%
|
|
|
37.2
|
%
|
|
Effective tax rate including noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
32.0
|
%
|
|
|
32.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Results
The tables below present reportable segment results net of intersegment
eliminations (in millions):
|
Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
|
%
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Change
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of Americas
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
total net revenues
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
|
|
$
|
2,376.2
|
|
|
$
|
2,170.2
|
|
|
9.5
|
%
|
|
|
91.2
|
%
|
|
|
91.4
|
%
|
|
Licensed stores
|
|
|
|
|
216.7
|
|
|
|
198.9
|
|
|
8.9
|
|
|
|
8.3
|
|
|
|
8.4
|
|
|
CPG, foodservice and other
|
|
|
|
|
11.2
|
|
|
|
5.6
|
|
|
100.0
|
|
|
|
0.4
|
|
|
|
0.2
|
|
|
Total net revenues
|
|
|
|
|
2,604.1
|
|
|
|
2,374.7
|
|
|
9.7
|
|
|
|
100.0
|
|
|
|
100.0
|
|
|
Cost of sales including occupancy costs
|
|
|
|
|
1,000.0
|
|
|
|
941.6
|
|
|
6.2
|
|
|
|
38.4
|
|
|
|
39.7
|
|
|
Store operating expenses
|
|
|
|
|
891.9
|
|
|
|
837.4
|
|
|
6.5
|
|
|
|
34.2
|
|
|
|
35.3
|
|
|
Other operating expenses
|
|
|
|
|
21.2
|
|
|
|
18.7
|
|
|
13.4
|
|
|
|
0.8
|
|
|
|
0.8
|
|
|
Depreciation and amortization expenses
|
|
|
|
|
105.6
|
|
|
|
97.2
|
|
|
8.6
|
|
|
|
4.1
|
|
|
|
4.1
|
|
|
General and administrative expenses
|
|
|
|
|
38.1
|
|
|
|
32.4
|
|
|
17.6
|
|
|
|
1.5
|
|
|
|
1.4
|
|
|
Total Operating Expenses
|
|
|
|
|
2,056.8
|
|
|
|
1,927.3
|
|
|
6.7
|
|
|
|
79.0
|
|
|
|
81.2
|
|
|
Income from equity investees
|
|
|
|
|
2.4
|
|
|
|
2.1
|
|
|
14.3
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
Operating income
|
|
|
|
$
|
549.7
|
|
|
$
|
449.5
|
|
|
22.3
|
%
|
|
|
21.1
|
%
|
|
|
18.9
|
%
|
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated stores
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
37.5
|
%
|
|
|
38.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two Quarters Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
|
|
$
|
4,962.6
|
|
|
$
|
4,526.3
|
|
|
9.6
|
%
|
|
|
91.1
|
%
|
|
|
91.4
|
%
|
|
Licensed stores
|
|
|
|
|
455.8
|
|
|
|
415.3
|
|
|
9.8
|
|
|
|
8.4
|
|
|
|
8.4
|
|
|
CPG, foodservice and other
|
|
|
|
|
26.3
|
|
|
|
11.6
|
|
|
126.7
|
|
|
|
0.5
|
|
|
|
0.2
|
|
|
Total net revenues
|
|
|
|
|
5,444.7
|
|
|
|
4,953.2
|
|
|
9.9
|
|
|
|
100.0
|
|
|
|
100.0
|
|
|
Cost of sales including occupancy costs
|
|
|
|
|
2,092.5
|
|
|
|
1,948.3
|
|
|
7.4
|
|
|
|
38.4
|
|
|
|
39.3
|
|
|
Store operating expenses
|
|
|
|
|
1,851.7
|
|
|
|
1,712.2
|
|
|
8.1
|
|
|
|
34.0
|
|
|
|
34.6
|
|
|
Other operating expenses
|
|
|
|
|
51.2
|
|
|
|
39.2
|
|
|
30.6
|
|
|
|
0.9
|
|
|
|
0.8
|
|
|
Depreciation and amortization expenses
|
|
|
|
|
211.0
|
|
|
|
194.3
|
|
|
8.6
|
|
|
|
3.9
|
|
|
|
3.9
|
|
|
General and administrative expenses
|
|
|
|
|
100.9
|
|
|
|
63.0
|
|
|
60.2
|
|
|
|
1.9
|
|
|
|
1.3
|
|
|
Total Operating Expenses
|
|
|
|
|
4,307.3
|
|
|
|
3,957.0
|
|
|
8.9
|
|
|
|
79.1
|
|
|
|
79.9
|
|
|
Income from equity investees
|
|
|
|
|
2.4
|
|
|
|
2.1
|
|
|
14.3
|
|
|
|
—
|
|
|
|
—
|
|
|
Operating income
|
|
|
|
$
|
1,139.8
|
|
|
$
|
998.3
|
|
|
14.2
|
%
|
|
|
20.9
|
%
|
|
|
20.2
|
%
|
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated stores
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
37.3
|
%
|
|
|
37.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
|
%
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Change
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of EMEA
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
total net revenues
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
|
|
$
|
219.0
|
|
|
$
|
233.5
|
|
|
|
(6.2
|
)%
|
|
|
80.2
|
%
|
|
|
85.7
|
%
|
|
Licensed stores
|
|
|
|
|
45.9
|
|
|
|
31.1
|
|
|
|
47.6
|
|
|
|
16.8
|
|
|
|
11.4
|
|
|
CPG, foodservice and other
|
|
|
|
|
8.3
|
|
|
|
7.8
|
|
|
|
6.4
|
|
|
|
3.0
|
|
|
|
2.9
|
|
|
Total net revenues
|
|
|
|
|
273.2
|
|
|
|
272.4
|
|
|
|
0.3
|
|
|
|
100.0
|
|
|
|
100.0
|
|
|
Cost of sales including occupancy costs
|
|
|
|
|
140.8
|
|
|
|
143.9
|
|
|
|
(2.2
|
)
|
|
|
51.5
|
|
|
|
52.8
|
|
|
Store operating expenses
|
|
|
|
|
83.2
|
|
|
|
91.9
|
|
|
|
(9.5
|
)
|
|
|
30.5
|
|
|
|
33.7
|
|
|
Other operating expenses
|
|
|
|
|
10.7
|
|
|
|
8.9
|
|
|
|
20.2
|
|
|
|
3.9
|
|
|
|
3.3
|
|
|
Depreciation and amortization expenses
|
|
|
|
|
13.7
|
|
|
|
14.3
|
|
|
|
(4.2
|
)
|
|
|
5.0
|
|
|
|
5.2
|
|
|
General and administrative expenses
|
|
|
|
|
19.6
|
|
|
|
20.4
|
|
|
|
(3.9
|
)
|
|
|
7.2
|
|
|
|
7.5
|
|
|
Total Operating Expenses
|
|
|
|
|
268.0
|
|
|
|
279.4
|
|
|
|
(4.1
|
)
|
|
|
98.1
|
|
|
|
102.6
|
|
|
Income from equity investees
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Operating income/(loss)
|
|
|
|
$
|
5.2
|
|
|
$
|
(7.0
|
)
|
|
|
nm
|
|
|
1.9
|
%
|
|
|
(2.6
|
)%
|
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated stores
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
38.0
|
%
|
|
|
39.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two Quarters Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
|
|
$
|
471.7
|
|
|
$
|
497.9
|
|
|
|
(5.3
|
)%
|
|
|
81.4
|
%
|
|
|
86.5
|
%
|
|
Licensed stores
|
|
|
|
|
89.8
|
|
|
|
62.4
|
|
|
|
43.9
|
|
|
|
15.5
|
|
|
|
10.8
|
|
|
CPG, foodservice and other
|
|
|
|
|
17.8
|
|
|
|
15.3
|
|
|
|
16.3
|
|
|
|
3.1
|
|
|
|
2.7
|
|
|
Total net revenues
|
|
|
|
|
579.3
|
|
|
|
575.6
|
|
|
|
0.6
|
|
|
|
100.0
|
|
|
|
100.0
|
|
|
Cost of sales including occupancy costs
|
|
|
|
|
293.3
|
|
|
|
294.4
|
|
|
|
(0.4
|
)
|
|
|
50.6
|
|
|
|
51.1
|
|
|
Store operating expenses
|
|
|
|
|
173.5
|
|
|
|
185.7
|
|
|
|
(6.6
|
)
|
|
|
29.9
|
|
|
|
32.3
|
|
|
Other operating expenses
|
|
|
|
|
19.1
|
|
|
|
17.6
|
|
|
|
8.5
|
|
|
|
3.3
|
|
|
|
3.1
|
|
|
Depreciation and amortization expenses
|
|
|
|
|
27.9
|
|
|
|
28.5
|
|
|
|
(2.1
|
)
|
|
|
4.8
|
|
|
|
5.0
|
|
|
General and administrative expenses
|
|
|
|
|
38.0
|
|
|
|
37.8
|
|
|
|
0.5
|
|
|
|
6.6
|
|
|
|
6.6
|
|
|
Total Operating Expenses
|
|
|
|
|
551.8
|
|
|
|
564.0
|
|
|
|
(2.2
|
)
|
|
|
95.3
|
|
|
|
98.0
|
|
|
Income from equity investees
|
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|
(100.0
|
)
|
|
|
—
|
|
|
|
0.1
|
|
|
Operating income
|
|
|
|
$
|
27.5
|
|
|
$
|
11.9
|
|
|
|
131.1
|
%
|
|
|
4.7
|
%
|
|
|
2.1
|
%
|
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated stores
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
36.8
|
%
|
|
|
37.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China / Asia Pacific (CAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
|
%
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Change
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of CAP
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
total net revenues
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
|
|
$
|
156.5
|
|
|
$
|
117.5
|
|
|
33.2
|
%
|
|
|
73.3
|
%
|
|
|
67.3
|
%
|
|
Licensed stores
|
|
|
|
|
57.1
|
|
|
|
57.1
|
|
|
—
|
|
|
|
26.7
|
|
|
|
32.7
|
|
|
Total net revenues
|
|
|
|
|
213.6
|
|
|
|
174.6
|
|
|
22.3
|
|
|
|
100.0
|
|
|
|
100.0
|
|
|
Cost of sales including occupancy costs
|
|
|
|
|
104.9
|
|
|
|
86.8
|
|
|
20.9
|
|
|
|
49.1
|
|
|
|
49.7
|
|
|
Store operating expenses
|
|
|
|
|
40.3
|
|
|
|
27.2
|
|
|
48.2
|
|
|
|
18.9
|
|
|
|
15.6
|
|
|
Other operating expenses
|
|
|
|
|
11.5
|
|
|
|
9.7
|
|
|
18.6
|
|
|
|
5.4
|
|
|
|
5.6
|
|
|
Depreciation and amortization expenses
|
|
|
|
|
8.5
|
|
|
|
5.6
|
|
|
51.8
|
|
|
|
4.0
|
|
|
|
3.2
|
|
|
General and administrative expenses
|
|
|
|
|
10.9
|
|
|
|
10.0
|
|
|
9.0
|
|
|
|
5.1
|
|
|
|
5.7
|
|
|
Total Operating Expenses
|
|
|
|
|
176.1
|
|
|
|
139.3
|
|
|
26.4
|
|
|
|
82.4
|
|
|
|
79.8
|
|
|
Income from equity investees
|
|
|
|
|
30.8
|
|
|
|
32.9
|
|
|
(6.4
|
)
|
|
|
14.4
|
|
|
|
18.8
|
|
|
Operating income
|
|
|
|
$
|
68.3
|
|
|
$
|
68.2
|
|
|
0.1
|
%
|
|
|
32.0
|
%
|
|
|
39.1
|
%
|
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated stores
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
25.8
|
%
|
|
|
23.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two Quarters Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
|
|
$
|
307.0
|
|
|
$
|
228.8
|
|
|
34.2
|
%
|
|
|
71.8
|
%
|
|
|
67.0
|
%
|
|
Licensed stores
|
|
|
|
|
120.7
|
|
|
|
112.7
|
|
|
7.1
|
|
|
|
28.2
|
|
|
|
33.0
|
|
|
Total net revenues
|
|
|
|
|
427.7
|
|
|
|
341.5
|
|
|
25.2
|
|
|
|
100.0
|
|
|
|
100.0
|
|
|
Cost of sales including occupancy costs
|
|
|
|
|
211.4
|
|
|
|
171.2
|
|
|
23.5
|
|
|
|
49.4
|
|
|
|
50.1
|
|
|
Store operating expenses
|
|
|
|
|
79.7
|
|
|
|
54.3
|
|
|
46.8
|
|
|
|
18.6
|
|
|
|
15.9
|
|
|
Other operating expenses
|
|
|
|
|
21.7
|
|
|
|
21.1
|
|
|
2.8
|
|
|
|
5.1
|
|
|
|
6.2
|
|
|
Depreciation and amortization expenses
|
|
|
|
|
15.9
|
|
|
|
10.6
|
|
|
50.0
|
|
|
|
3.7
|
|
|
|
3.1
|
|
|
General and administrative expenses
|
|
|
|
|
23.5
|
|
|
|
19.2
|
|
|
22.4
|
|
|
|
5.5
|
|
|
|
5.6
|
|
|
Total Operating Expenses
|
|
|
|
|
352.2
|
|
|
|
276.4
|
|
|
27.4
|
|
|
|
82.3
|
|
|
|
80.9
|
|
|
Income from equity investees
|
|
|
|
|
64.9
|
|
|
|
60.5
|
|
|
7.3
|
|
|
|
15.2
|
|
|
|
17.7
|
|
|
Operating income
|
|
|
|
$
|
140.4
|
|
|
$
|
125.6
|
|
|
11.8
|
%
|
|
|
32.8
|
%
|
|
|
36.8
|
%
|
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated stores
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
26.0
|
%
|
|
|
23.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Channel Development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
|
%
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Change
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Channel Development
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
total net revenues
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPG
|
|
|
|
$
|
254.6
|
|
|
$
|
237.4
|
|
|
7.2
|
%
|
|
|
74.1
|
%
|
|
|
73.8
|
%
|
|
Foodservice
|
|
|
|
|
88.9
|
|
|
|
84.1
|
|
|
5.7
|
|
|
|
25.9
|
|
|
|
26.2
|
|
|
Total net revenues
|
|
|
|
|
343.5
|
|
|
|
321.5
|
|
|
6.8
|
|
|
|
100.0
|
|
|
|
100.0
|
|
|
Cost of sales
|
|
|
|
|
212.6
|
|
|
|
204.7
|
|
|
3.9
|
|
|
|
61.9
|
|
|
|
63.7
|
|
|
Other operating expenses
|
|
|
|
|
49.3
|
|
|
|
49.3
|
|
|
—
|
|
|
|
14.4
|
|
|
|
15.3
|
|
|
Depreciation and amortization expenses
|
|
|
|
|
0.3
|
|
|
|
0.3
|
|
|
—
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
General and administrative expenses
|
|
|
|
|
6.5
|
|
|
|
4.9
|
|
|
32.7
|
|
|
|
1.9
|
|
|
|
1.5
|
|
|
Total Operating Expenses
|
|
|
|
|
268.7
|
|
|
|
259.2
|
|
|
3.7
|
|
|
|
78.2
|
|
|
|
80.6
|
|
|
Income from equity investees
|
|
|
|
|
19.3
|
|
|
|
17.2
|
|
|
12.2
|
|
|
|
5.6
|
|
|
|
5.3
|
|
|
Operating income
|
|
|
|
$
|
94.1
|
|
|
$
|
79.5
|
|
|
18.4
|
%
|
|
|
27.4
|
%
|
|
|
24.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two Quarters Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPG
|
|
|
|
$
|
542.9
|
|
|
$
|
484.5
|
|
|
12.1
|
%
|
|
|
75.0
|
%
|
|
|
73.7
|
%
|
|
Foodservice
|
|
|
|
|
180.5
|
|
|
|
172.8
|
|
|
4.5
|
|
|
|
25.0
|
|
|
|
26.3
|
|
|
Total net revenues
|
|
|
|
|
723.4
|
|
|
|
657.3
|
|
|
10.1
|
|
|
|
100.0
|
|
|
|
100.0
|
|
|
Cost of sales
|
|
|
|
|
447.8
|
|
|
|
425.3
|
|
|
5.3
|
|
|
|
61.9
|
|
|
|
64.7
|
|
|
Other operating expenses
|
|
|
|
|
112.4
|
|
|
|
99.5
|
|
|
13.0
|
|
|
|
15.5
|
|
|
|
15.1
|
|
|
Depreciation and amortization expenses
|
|
|
|
|
0.6
|
|
|
|
0.7
|
|
|
(14.3
|
)
|
|
|
0.1
|
|
|
|
0.1
|
|
|
General and administrative expenses
|
|
|
|
|
11.3
|
|
|
|
8.7
|
|
|
29.9
|
|
|
|
1.6
|
|
|
|
1.3
|
|
|
Total Operating Expenses
|
|
|
|
|
572.1
|
|
|
|
534.2
|
|
|
7.1
|
|
|
|
79.1
|
|
|
|
81.3
|
|
|
Income from equity investees
|
|
|
|
|
39.7
|
|
|
|
34.2
|
|
|
16.1
|
|
|
|
5.5
|
|
|
|
5.2
|
|
|
Operating income
|
|
|
|
$
|
191.0
|
|
|
$
|
157.3
|
|
|
21.4
|
%
|
|
|
26.4
|
%
|
|
|
23.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
|
%
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Change
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
|
|
$
|
56.0
|
|
|
|
$
|
—
|
|
|
|
100.0
|
%
|
|
Licensed stores
|
|
|
|
|
2.4
|
|
|
|
|
3.2
|
|
|
|
(25.0
|
)
|
|
CPG, foodservice and other
|
|
|
|
|
63.1
|
|
|
|
|
49.5
|
|
|
|
27.5
|
|
|
Total net revenues
|
|
|
|
|
121.5
|
|
|
|
|
52.7
|
|
|
|
130.6
|
|
|
Cost of sales including occupancy costs
|
|
|
|
|
69.7
|
|
|
|
|
34.4
|
|
|
|
102.6
|
|
|
Store operating expenses
|
|
|
|
|
23.0
|
|
|
|
|
—
|
|
|
|
100.0
|
|
|
Other operating expenses
|
|
|
|
|
19.4
|
|
|
|
|
18.7
|
|
|
|
3.7
|
|
|
Depreciation and amortization expenses
|
|
|
|
|
3.4
|
|
|
|
|
0.6
|
|
|
|
466.7
|
|
|
General and administrative expenses
|
|
|
|
|
10.1
|
|
|
|
|
5.7
|
|
|
|
77.2
|
|
|
Total Operating Expenses
|
|
|
|
|
125.6
|
|
|
|
|
59.4
|
|
|
|
111.4
|
|
|
Operating loss
|
|
|
|
$
|
(4.1
|
)
|
|
|
$
|
(6.7
|
)
|
|
|
(38.8
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two Quarters Ended
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
|
|
$
|
56.0
|
|
|
|
$
|
—
|
|
|
|
100.0
|
%
|
|
Licensed stores
|
|
|
|
|
5.9
|
|
|
|
|
6.5
|
|
|
|
(9.2
|
)
|
|
CPG, foodservice and other
|
|
|
|
|
118.4
|
|
|
|
|
97.7
|
|
|
|
21.2
|
|
|
Total net revenues
|
|
|
|
|
180.3
|
|
|
|
|
104.2
|
|
|
|
73.0
|
|
|
Cost of sales including occupancy costs
|
|
|
|
|
106.0
|
|
|
|
|
68.3
|
|
|
|
55.2
|
|
|
Store operating expenses
|
|
|
|
|
23.0
|
|
|
|
|
—
|
|
|
|
100.0
|
|
|
Other operating expenses
|
|
|
|
|
40.2
|
|
|
|
|
34.6
|
|
|
|
16.2
|
|
|
Depreciation and amortization expenses
|
|
|
|
|
4.3
|
|
|
|
|
1.0
|
|
|
|
330.0
|
|
|
General and administrative expenses
|
|
|
|
|
15.0
|
|
|
|
|
9.8
|
|
|
|
53.1
|
|
|
Total Operating Expenses
|
|
|
|
|
188.5
|
|
|
|
|
113.7
|
|
|
|
65.8
|
|
|
Operating loss
|
|
|
|
$
|
(8.2
|
)
|
|
|
$
|
(9.5
|
)
|
|
|
(13.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information
The following supplemental information is provided for historical and
comparative purposes.
|
Fiscal Second Quarter 2013 U.S.
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
($ in millions)
|
|
|
|
Mar 31, 2013
|
|
|
Apr 1, 2012
|
|
|
Change
|
|
Comparable Store Sales Growth
|
|
|
|
7%
|
|
|
8%
|
|
|
|
|
Change in Transactions
|
|
|
|
5%
|
|
|
7%
|
|
|
|
|
Change in Ticket
|
|
|
|
2%
|
|
|
1%
|
|
|
|
|
Revenues
|
|
|
|
$2,312.9
|
|
|
$2,115.1
|
|
|
9%
|
|
Operating Income
|
|
|
|
$543.2
|
|
|
$434.3
|
|
|
25%
|
|
Operating Margin
|
|
|
|
23.5%
|
|
|
20.5%
|
|
|
300 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Second Quarter 2013 Store Data
The company’s store data for the periods presented are as follows:
|
|
|
|
|
Net stores opened (closed) during the
|
|
|
|
|
|
|
|
|
|
|
|
period
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Two Quarters Ended
|
|
|
Stores open as of
|
|
|
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
|
Mar 31,
|
|
|
Apr 1,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Americas:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated(1)
|
|
|
|
25
|
|
|
|
22
|
|
|
|
52
|
|
|
|
34
|
|
|
7,895
|
|
|
7,643
|
|
Licensed stores(1)
|
|
|
|
70
|
|
|
|
50
|
|
|
|
130
|
|
|
|
134
|
|
|
5,100
|
|
|
4,830
|
|
|
|
|
|
95
|
|
|
|
72
|
|
|
|
182
|
|
|
|
168
|
|
|
12,995
|
|
|
12,473
|
|
EMEA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated(2)
|
|
|
|
(4
|
)
|
|
|
(3
|
)
|
|
|
(24
|
)
|
|
|
5
|
|
|
858
|
|
|
877
|
|
Licensed stores(2)
|
|
|
|
26
|
|
|
|
20
|
|
|
|
53
|
|
|
|
37
|
|
|
1,040
|
|
|
923
|
|
|
|
|
|
22
|
|
|
|
17
|
|
|
|
29
|
|
|
|
42
|
|
|
1,898
|
|
|
1,800
|
|
CAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated
|
|
|
|
66
|
|
|
|
28
|
|
|
|
113
|
|
|
|
63
|
|
|
779
|
|
|
575
|
|
Licensed stores
|
|
|
|
81
|
|
|
|
55
|
|
|
|
159
|
|
|
|
141
|
|
|
2,787
|
|
|
2,475
|
|
|
|
|
|
147
|
|
|
|
83
|
|
|
|
272
|
|
|
|
204
|
|
|
3,566
|
|
|
3,050
|
|
All Other Segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated
|
|
|
|
306
|
|
|
|
3
|
|
|
|
309
|
|
|
|
2
|
|
|
323
|
|
|
16
|
|
Licensed stores
|
|
|
|
20
|
|
|
|
1
|
|
|
|
10
|
|
|
|
1
|
|
|
86
|
|
|
81
|
|
|
|
|
|
326
|
|
|
|
4
|
|
|
|
319
|
|
|
|
3
|
|
|
409
|
|
|
97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
590
|
|
|
|
176
|
|
|
|
802
|
|
|
|
417
|
|
|
18,868
|
|
|
17,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Americas store data has been adjusted to exclude
Seattle's Best Coffee, Evolution Fresh and Tazo Retail, which are now
reported within All Other Segments.
(2) EMEA store data has been adjusted for the transfer of
certain company-operated stores to licensees in the fourth quarter of
fiscal 2012.
© 2013 Starbucks Coffee Company. All rights reserved.
Source: Starbucks Corporation
Starbucks Corporation
Investor Relations:
JoAnn
DeGrande / Greg Smith, 206-318-7118
investorrelations@starbucks.com
or
Media:
Jim
Olson, 206-318-7100
press@starbucks.com