Strong comp store sales increases of 6% globally and 7% in the U.S.
drive record Q3 revenues of $4.2 billion
Channel Development revenues increase 13%
Consolidated operating margin expands to a Q3 record 18.5%
Company reiterates strong growth outlook; introduces initial FY15
growth targets
SEATTLE--(BUSINESS WIRE)--Jul. 24, 2014--
Starbucks Corporation (NASDAQ:SBUX) today reported financial results for
its 13-week fiscal third quarter and 39-week fiscal year to date ended
June 29, 2014.
Q3 Fiscal 2014 Highlights:
-
Consolidated net revenue growth accelerated to 11%; net revenues
totaled a Q3 record $4.2 billion
-
Global comparable store sales increased 6%, marking the 18th
consecutive quarter of global comp growth of 5% or greater
-
Americas comp sales increased 6%; U.S. comp sales increased 7%
-
EMEA comp sales increased 3%
-
China/Asia Pacific comp sales increased 7%
-
Consolidated operating income increased 25%, to a Q3 record $769
million
-
Consolidated operating margin expanded 200 bps, to a Q3 record 18.5%,
primarily driven by sales leverage
-
Channel Development revenues increased 13%; operating margin expanded
800 bps to 37.1%
-
Earnings per share increased 22% to a Q3 record $0.67 per share
-
The Company opened 344 net new stores globally, ending the quarter
with 20,863 stores across 64 countries
Updated Fiscal 2014 Targets
Following the strong performance year-to-date, the company is updating
the following fiscal 2014 targets:
-
Consolidated operating margin improvement now targeted at 200 bps over
FY13, when excluding the Kraft litigation charge in fiscal 2013
-
Channel Development now targeting approximately 600 bps
improvement over FY13
-
Earnings per share now expected to be in the range of $2.70 to $2.72;
or $2.65 to $2.67 when excluding an estimated net benefit of $0.05 for
certain FY14 non-GAAP adjustments. Please refer to the GAAP to
non-GAAP reconciliation at the end of this release:
-
Q4 EPS now in the range of $0.76 to $0.78; or $0.73 to $0.75 when
excluding a $0.03 estimated net benefit as described in the above
referenced reconciliation
-
Net new stores now expected to be approximately 1,550
-
Americas: increased from 600 to 650
Fiscal 2015 Targets
The company introduces initial fiscal 2015 targets as follows:
-
Revenue growth of 10% or greater
-
Global comparable store sales growth in the mid single digits
-
An additional 1,600 net new stores globally
-
Earnings per share growth of 15%-20% over FY14 calculated based on
Non-GAAP earnings per share
“Starbucks Q3 represents another quarter of outstanding operating
performance in which each of our segments contributed to record
results,” said Howard Schultz, chairman, president and ceo of Starbucks
Coffee Company. “The increasing power of the Starbucks brand, the
success of our best-in-class mobile, social and digital technologies and
our greatest asset - over 300,000 partners who deliver the Starbucks
Experience to over 70 million customers around the world each week -
position us to continue growing our business around the world and into
the future.”
“Starbucks record Q3 results demonstrate both the power of our
innovation and the opportunities for growth, globally and in the U.S.,
that lie ahead. Importantly, record revenues and operating margin
reflect an acceleration of top-line growth and meaningful contributions
from all operating regions and our Channel Development segment,” said
Scott Maw, Starbucks cfo. “Our Q3 results give us confidence in our
ability to deliver on our full year fiscal 2014 targets and support the
strong 2015 revenue and profit growth targets we introduced today,
despite continued challenging economic and consumer headwinds in many of
the global markets in which we operate.”
Third Quarter Fiscal 2014 Summary
|
|
|
|
|
Quarter Ended Jun 29, 2014
|
Comparable Store Sales(1)
|
Sales Growth
|
|
|
Change in Transactions
|
|
|
Change in Ticket
|
Consolidated
|
6%
|
|
|
2%
|
|
|
4%
|
Americas
|
6%
|
|
|
2%
|
|
|
4%
|
EMEA
|
3%
|
|
|
2%
|
|
|
2%
|
CAP
|
7%
|
|
|
6%
|
|
|
1%
|
(1) Includes only Starbucks company-operated stores open
13 months or longer.
|
|
|
|
|
|
Operating Results
|
|
Quarter Ended
|
|
|
($ in millions, except per share amounts)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Change
|
Net New Stores
|
|
344
|
|
341
|
|
3
|
Revenues(1)
|
|
$4,153.7
|
|
$3,735.3
|
|
11%
|
Operating Income
|
|
$768.5
|
|
$615.2
|
|
25%
|
Operating Margin(1)
|
|
18.5%
|
|
16.5%
|
|
200 bps
|
EPS
|
|
$0.67
|
|
$0.55
|
|
22%
|
(1) Prior period results have been corrected to reflect
an immaterial reclassification of certain fees related to our
foodservice operations; for full revised FY12 and FY13 results,
refer to http://investor.starbucks.com.
|
Consolidated net revenues were $4.2 billion in Q3 FY14, an increase of
11% over Q3 FY13, driven primarily by 6% growth in global comparable
store sales and incremental revenues from 1,654 net new store openings
over the past 12 months.
Consolidated operating income increased 25% to $768.5 million, compared
to $615.2 million for the same period a year ago. Operating margin
expanded 200 basis points to 18.5%, primarily driven by sales leverage
and lower commodity costs.
Q3 Americas Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
($ in millions)
|
Jun 29, 2014
|
|
|
|
|
Jun 30, 2013
|
|
|
|
|
Change
|
Net New Stores
|
149
|
|
|
|
|
158
|
|
|
|
|
(9)
|
Revenues
|
$3,057.7
|
|
|
|
|
$2,776.5
|
|
|
|
|
10%
|
Operating Income
|
$728.5
|
|
|
|
|
$619.3
|
|
|
|
|
18%
|
Operating Margin
|
23.8%
|
|
|
|
|
22.3%
|
|
|
|
|
150 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues for the Americas segment were $3.1 billion in Q3 FY14, an
increase of 10% over Q3 FY13. The increase was driven by 6% growth in
comparable store sales and incremental revenues from 759 net new store
openings over the past 12 months.
Operating income of $728.5 million in Q3 FY14 increased 18% from $619.3
million for the same period a year ago. Operating margin expanded 150
basis points to 23.8%, primarily due to sales leverage.
Q3 EMEA Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
($ in millions)
|
Jun 29, 2014
|
|
|
|
|
Jun 30, 2013
|
|
|
|
|
Change
|
Net New Stores
|
37
|
|
|
|
|
43
|
|
|
|
|
(6)
|
Revenues
|
$323.5
|
|
|
|
|
$287.2
|
|
|
|
|
13%
|
Operating Income
|
$29.2
|
|
|
|
|
$9.3
|
|
|
|
|
214%
|
Operating Margin
|
9.0%
|
|
|
|
|
3.2%
|
|
|
|
|
580 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues for the EMEA segment were $323.5 million in Q3 FY14, an
increase of 13% over Q3 FY13. The growth was primarily due to favorable
foreign currency exchange and a 3% increase in comparable store sales.
Incremental revenues from 161 net new store openings over the past 12
months also contributed.
Operating income increased 214% to $29.2 million in Q3 FY14, from $9.3
million in the prior year quarter. Operating margin expanded 580 basis
points to 9.0%, primarily driven by sales leverage and continued cost
management.
Q3 China/Asia Pacific Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
($ in millions)
|
Jun 29, 2014
|
|
|
|
|
Jun 30, 2013
|
|
|
|
|
Change
|
Net New Stores
|
160
|
|
|
|
|
119
|
|
|
|
|
41
|
Revenues
|
$287.6
|
|
|
|
|
$233.7
|
|
|
|
|
23%
|
Operating Income
|
$100.8
|
|
|
|
|
$84.7
|
|
|
|
|
19%
|
Operating Margin
|
35.0%
|
|
|
|
|
36.2%
|
|
|
|
|
(120) bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues for the China/Asia Pacific segment were $287.6 million in
Q3 FY14, an increase of 23% over Q3 FY13. The increase was primarily
driven by incremental revenues from 740 net new store openings over the
past 12 months. A 7% increase in comparable store sales, driven by
strong traffic, also contributed to the net revenue growth.
Operating income of $100.8 million in Q3 FY14 increased 19% compared to
the same period a year ago. Operating margin declined 120 basis points
to 35.0%, driven by the portfolio shift to more company-operated stores
and unfavorable foreign currency exchange, partially offset by sales
leverage.
Q3 Channel Development Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
($ in millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Change
|
Revenues(1)
|
|
$375.3
|
|
$331.0
|
|
13%
|
Operating Income
|
|
$139.3
|
|
$96.3
|
|
45%
|
Operating Margin(1)
|
|
37.1%
|
|
29.1%
|
|
800 bps
|
(1) Prior period results have been corrected to reflect
an immaterial reclassification of certain fees related to our
foodservice operations; for full revised FY12 and FY13 results,
refer to http://investor.starbucks.com.
|
Net revenues for the Channel Development segment were $375.3 million in
Q3 FY14, an increase of 13% over Q3 FY13, primarily driven by increased
sales of premium single serve products and higher sales volumes of
packaged coffee in the U.S.
Operating income grew 45% to $139.3 million in Q3 FY14 compared to $96.3
million for the same period a year ago. Operating margin increased 800
basis points to 37.1% in Q3 FY14, primarily due to lower coffee costs
and improved inventory management compared to the prior year.
Q3 All Other Segments Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
($ in millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Change
|
Net New Stores
|
|
(2)
|
|
21
|
|
(23)
|
Revenues(1)
|
|
$109.6
|
|
$106.9
|
|
3%
|
Operating Loss
|
|
($18.9)
|
|
($9.4)
|
|
101%
|
(1) Prior period results have been corrected to reflect
an immaterial reclassification of certain fees related to our
foodservice operations; for full revised FY12 and FY13 results,
refer to http://investor.starbucks.com.
|
Net revenues for All Other Segments were $109.6 million in Q3 FY14, an
increase of 3% compared to Q3 FY13, primarily driven by increased sales
in our emerging businesses.
Q3 FY14 operating loss increased to $18.9 million compared to a loss of
$9.4 million for the same period a year ago, driven by investments to
support growth in our emerging businesses.
Year to Date Financial Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Quarters Ended Jun 29, 2014
|
Comparable Store Sales(1)
|
Sales Growth
|
|
|
Change in Transactions
|
|
|
Change in Ticket
|
Consolidated
|
6%
|
|
|
3%
|
|
|
3%
|
Americas
|
6%
|
|
|
3%
|
|
|
3%
|
EMEA
|
5%
|
|
|
3%
|
|
|
1%
|
CAP
|
7%
|
|
|
6%
|
|
|
1%
|
(1) Includes only Starbucks company-operated stores open
13 months or longer.
|
|
|
|
|
|
|
|
Operating Results
|
|
Three Quarters Ended
|
|
|
($ in millions, except per share amounts)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Change
|
Net New Stores(1)
|
|
1,096
|
|
1,143
|
|
(47)
|
Revenues(2)
|
|
$12,267.1
|
|
$11,078.1
|
|
11%
|
Operating Income
|
|
$2,226.3
|
|
$1,789.9
|
|
24%
|
Operating Margin(2)
|
|
18.1%
|
|
16.2%
|
|
190 bps
|
EPS
|
|
$1.94
|
|
$1.63
|
|
19%
|
(1) Net new stores for the three quarters ended June
30, 2013 includes 337 Teavana stores acquired in the second
quarter of fiscal 2013.
|
(2) Prior period results have been corrected to reflect
an immaterial reclassification of certain fees related to our
foodservice operations; for full revised FY12 and FY13 results,
refer to http://investor.starbucks.com.
|
Company Updates
-
In June, Starbucks introduced new FizzioTM handcrafted
sodas and Teavana® Shaken Iced Teas in the U.S. to further extend its
Refreshment offerings. The FizzioTM soda machine is a
breakthrough in carbonation technology with the ability to deliver an
unmatched soda experience. FizzioTM sodas are available in
over one third of U.S. company-operated retail stores.
-
Starbucks opened its first company-operated Starbucks® store at Walt
Disney World Resort. It also recently opened its first store in
Bogota, Colombia and its first store in Hanoi, Vietnam. The company
expanded the Teavana® Teabar concept to Los Angeles and opened the
second Teabar in New York; now operating five Teavana® Fine Teas +
Teabars in the U.S.
-
Starbucks and Duracell Powermat announced that they have begun a
national rollout of Powermat wireless charging, beginning with stores
in the San Francisco Bay Area, with expansion to additional major
markets in 2015.
-
Starbucks, in partnership with Arizona State University, launched the
Starbucks College Achievement Plan, empowering thousands of U.S.
partners (employees) to complete a bachelor's degree with Starbucks
offering full tuition reimbursement for their junior and senior years
for eligible partners.
-
Starbucks hosted its third Partner Family Forum in China, gathering
more than 1,200 Starbucks South China partners together in Guangzhou.
This was followed by the first-ever Partner Family Forums held in the
U.S.
-
The Company's unsecured debt rating was upgraded to A3 with a stable
outlook by Moody's Investors Service. The upgrade affects the
company’s nearly $2.1 billion senior unsecured bonds. Moody’s also
affirmed the company’s short-term commercial paper rating at P-2.
Starbucks had held a Baa1 rating with a stable outlook since November
25, 2013.
-
The Company repurchased 4.2 million shares of common stock in Q3 FY14;
approximately 18 million shares remain available for purchase under
current authorizations.
-
The Board of Directors declared a cash dividend of $0.26 per share,
payable on August 22, 2014 to shareholders of record as of August 7,
2014.
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, coo, and Scott Maw, cfo. The call will be webcast and
can be accessed at http://investor.starbucks.com.
A replay of the webcast will be available through approximately 9:00
p.m. Pacific Time on Thursday, August 21, 2014.
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 29, 2013 for additional information.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically
sourcing and roasting high-quality arabica coffee. 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, operations and brand, our
innovation, our ability to meet our targets, our ability to leverage our
assets, including our brand, and our mobile, social and digital
technologies, growth and growth opportunities and related investments,
earnings per share, revenues, operating margins, profits, capital
expenditures, comparable store sales and net new stores. 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 29, 2013. 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
|
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
|
% Change
|
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net revenues (1)
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
$
|
3,290.5
|
|
|
$
|
2,986.3
|
|
|
|
10.2
|
%
|
|
|
79.2
|
%
|
|
79.9
|
%
|
Licensed stores
|
|
408.1
|
|
|
342.0
|
|
|
|
19.3
|
|
|
|
9.8
|
|
|
9.2
|
|
CPG, foodservice and other(1)
|
|
455.1
|
|
|
407.0
|
|
|
|
11.8
|
|
|
|
11.0
|
|
|
10.9
|
|
Total net revenues
|
|
4,153.7
|
|
|
3,735.3
|
|
|
|
11.2
|
|
|
|
100.0
|
|
|
100.0
|
|
Cost of sales including occupancy costs
|
|
1,711.5
|
|
|
1,597.6
|
|
|
|
7.1
|
|
|
|
41.2
|
|
|
42.8
|
|
Store operating expenses
|
|
1,176.5
|
|
|
1,084.1
|
|
|
|
8.5
|
|
|
|
28.3
|
|
|
29.0
|
|
Other operating expenses(1)
|
|
120.6
|
|
|
98.9
|
|
|
|
21.9
|
|
|
|
2.9
|
|
|
2.6
|
|
Depreciation and amortization expenses
|
|
180.1
|
|
|
153.3
|
|
|
|
17.5
|
|
|
|
4.3
|
|
|
4.1
|
|
General and administrative expenses
|
|
269.4
|
|
|
249.6
|
|
|
|
7.9
|
|
|
|
6.5
|
|
|
6.7
|
|
Total operating expenses
|
|
3,458.1
|
|
|
3,183.5
|
|
|
|
8.6
|
|
|
|
83.3
|
|
|
85.2
|
|
Income from equity investees
|
|
72.9
|
|
|
63.4
|
|
|
|
15.0
|
|
|
|
1.8
|
|
|
1.7
|
|
Operating income
|
|
768.5
|
|
|
615.2
|
|
|
|
24.9
|
|
|
|
18.5
|
|
|
16.5
|
|
Interest income and other, net
|
|
19.4
|
|
|
3.5
|
|
|
|
454.3
|
|
|
|
0.5
|
|
|
0.1
|
|
Interest expense
|
|
(16.4
|
)
|
|
(6.3
|
)
|
|
|
160.3
|
|
|
|
(0.4
|
)
|
|
(0.2
|
)
|
Earnings before income taxes
|
|
771.5
|
|
|
612.4
|
|
|
|
26.0
|
|
|
|
18.6
|
|
|
16.4
|
|
Income taxes
|
|
259.0
|
|
|
194.6
|
|
|
|
33.1
|
|
|
|
6.2
|
|
|
5.2
|
|
Net earnings including noncontrolling interests
|
|
512.5
|
|
|
417.8
|
|
|
|
22.7
|
|
|
|
12.3
|
|
|
11.2
|
|
Net earnings attributable to noncontrolling interests
|
|
(0.1
|
)
|
|
—
|
|
|
|
nm
|
|
|
—
|
|
|
—
|
|
Net earnings attributable to Starbucks
|
|
$
|
512.6
|
|
|
$
|
417.8
|
|
|
|
22.7
|
%
|
|
|
12.3
|
%
|
|
11.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per common share - diluted
|
|
$
|
0.67
|
|
|
$
|
0.55
|
|
|
|
21.8
|
%
|
|
|
|
|
|
|
|
Weighted avg. shares outstanding - diluted
|
|
761.0
|
|
|
761.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share
|
|
$
|
0.26
|
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated store
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
35.8
|
%
|
|
36.3
|
%
|
Effective tax rate including noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
33.6
|
%
|
|
31.8
|
%
|
(1) Prior period results have been corrected to reflect
an immaterial reclassification of certain fees related to our
foodservice operations; for full revised FY12 and FY13 results,
refer to http://investor.starbucks.com.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Quarters Ended
|
|
|
Three Quarters Ended
|
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
|
% Change
|
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net revenues (1)
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
$
|
9,702.3
|
|
|
$
|
8,783.7
|
|
|
|
10.5
|
%
|
|
|
79.1
|
%
|
|
79.3
|
%
|
Licensed stores
|
|
1,166.1
|
|
|
1,014.2
|
|
|
|
15.0
|
|
|
|
9.5
|
|
|
9.2
|
|
CPG, foodservice and other(1)
|
|
1,398.7
|
|
|
1,280.2
|
|
|
|
9.3
|
|
|
|
11.4
|
|
|
11.6
|
|
Total net revenues
|
|
12,267.1
|
|
|
11,078.1
|
|
|
|
10.7
|
|
|
|
100.0
|
|
|
100.0
|
|
Cost of sales including occupancy costs
|
|
5,135.7
|
|
|
4,748.6
|
|
|
|
8.2
|
|
|
|
41.9
|
|
|
42.9
|
|
Store operating expenses
|
|
3,486.1
|
|
|
3,212.2
|
|
|
|
8.5
|
|
|
|
28.4
|
|
|
29.0
|
|
Other operating expenses(1)
|
|
346.3
|
|
|
330.8
|
|
|
|
4.7
|
|
|
|
2.8
|
|
|
3.0
|
|
Depreciation and amortization expenses
|
|
524.2
|
|
|
455.3
|
|
|
|
15.1
|
|
|
|
4.3
|
|
|
4.1
|
|
General and administrative expenses
|
|
752.6
|
|
|
711.7
|
|
|
|
5.7
|
|
|
|
6.1
|
|
|
6.4
|
|
Litigation charge/(credit)
|
|
(20.2
|
)
|
|
—
|
|
|
|
nm
|
|
|
(0.2
|
)
|
|
—
|
|
Total operating expenses
|
|
10,224.7
|
|
|
9,458.6
|
|
|
|
8.1
|
|
|
|
83.4
|
|
|
85.4
|
|
Income from equity investees
|
|
183.9
|
|
|
170.4
|
|
|
|
7.9
|
|
|
|
1.5
|
|
|
1.5
|
|
Operating income
|
|
2,226.3
|
|
|
1,789.9
|
|
|
|
24.4
|
|
|
|
18.1
|
|
|
16.2
|
|
Interest income and other, net
|
|
57.0
|
|
|
51.4
|
|
|
|
10.9
|
|
|
|
0.5
|
|
|
0.5
|
|
Interest expense
|
|
(47.7
|
)
|
|
(19.0
|
)
|
|
|
151.1
|
|
|
|
(0.4
|
)
|
|
(0.2
|
)
|
Earnings before income taxes
|
|
2,235.6
|
|
|
1,822.3
|
|
|
|
22.7
|
|
|
|
18.2
|
|
|
16.4
|
|
Income taxes
|
|
755.4
|
|
|
581.4
|
|
|
|
29.9
|
|
|
|
6.2
|
|
|
5.2
|
|
Net earnings including noncontrolling interests
|
|
1,480.2
|
|
|
1,240.9
|
|
|
|
19.3
|
|
|
|
12.1
|
|
|
11.2
|
|
Net earnings attributable to noncontrolling interests
|
|
(0.1
|
)
|
|
0.6
|
|
|
|
nm
|
|
|
—
|
|
|
—
|
|
Net earnings attributable to Starbucks
|
|
$
|
1,480.3
|
|
|
$
|
1,240.3
|
|
|
|
19.4
|
%
|
|
|
12.1
|
%
|
|
11.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per common share - diluted
|
|
$
|
1.94
|
|
|
$
|
1.63
|
|
|
|
19.0
|
%
|
|
|
|
|
|
|
|
Weighted avg. shares outstanding - diluted
|
|
763.9
|
|
|
761.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share
|
|
$
|
0.78
|
|
|
$
|
0.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated store
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
35.9
|
%
|
|
36.6
|
%
|
Effective tax rate including noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
33.8
|
%
|
|
31.9
|
%
|
(1) Prior period results have been corrected to reflect
an immaterial reclassification of certain fees related to our
foodservice operations; for full revised FY12 and FY13 results,
refer to http://investor.starbucks.com.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Results (in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
|
% Change
|
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of Americas
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
total net revenues
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
$
|
2,772.3
|
|
|
$
|
2,536.9
|
|
|
|
9.3
|
%
|
|
|
90.7
|
%
|
|
91.4
|
%
|
Licensed stores
|
|
275.6
|
|
|
228.5
|
|
|
|
20.6
|
|
|
|
9.0
|
|
|
8.2
|
|
CPG, foodservice and other
|
|
9.8
|
|
|
11.1
|
|
|
|
(11.7
|
)
|
|
|
0.3
|
|
|
0.4
|
|
Total net revenues
|
|
3,057.7
|
|
|
2,776.5
|
|
|
|
10.1
|
|
|
|
100.0
|
|
|
100.0
|
|
Cost of sales including occupancy costs
|
|
1,130.0
|
|
|
1,051.2
|
|
|
|
7.5
|
|
|
|
37.0
|
|
|
37.9
|
|
Store operating expenses
|
|
1,002.4
|
|
|
934.8
|
|
|
|
7.2
|
|
|
|
32.8
|
|
|
33.7
|
|
Other operating expenses
|
|
26.2
|
|
|
23.0
|
|
|
|
13.9
|
|
|
|
0.9
|
|
|
0.8
|
|
Depreciation and amortization expenses
|
|
119.5
|
|
|
105.2
|
|
|
|
13.6
|
|
|
|
3.9
|
|
|
3.8
|
|
General and administrative expenses
|
|
51.1
|
|
|
43.0
|
|
|
|
18.8
|
|
|
|
1.7
|
|
|
1.5
|
|
Total operating expenses
|
|
2,329.2
|
|
|
2,157.2
|
|
|
|
8.0
|
|
|
|
76.2
|
|
|
77.7
|
|
Operating income
|
|
$
|
728.5
|
|
|
$
|
619.3
|
|
|
|
17.6
|
%
|
|
|
23.8
|
%
|
|
22.3
|
%
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated store
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
36.2
|
%
|
|
36.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Quarters Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
$
|
8,120.6
|
|
|
$
|
7,499.5
|
|
|
|
8.3
|
%
|
|
|
90.8
|
%
|
|
91.2
|
%
|
Licensed stores
|
|
787.6
|
|
|
684.4
|
|
|
|
15.1
|
|
|
|
8.8
|
|
|
8.3
|
|
CPG, foodservice and other
|
|
31.2
|
|
|
37.3
|
|
|
|
(16.4
|
)
|
|
|
0.3
|
|
|
0.5
|
|
Total net revenues
|
|
8,939.4
|
|
|
8,221.2
|
|
|
|
8.7
|
|
|
|
100.0
|
|
|
100.0
|
|
Cost of sales including occupancy costs
|
|
3,353.8
|
|
|
3,143.6
|
|
|
|
6.7
|
|
|
|
37.5
|
|
|
38.2
|
|
Store operating expenses
|
|
2,965.9
|
|
|
2,786.6
|
|
|
|
6.4
|
|
|
|
33.2
|
|
|
33.9
|
|
Other operating expenses
|
|
75.2
|
|
|
74.1
|
|
|
|
1.5
|
|
|
|
0.8
|
|
|
0.9
|
|
Depreciation and amortization expenses
|
|
346.6
|
|
|
316.2
|
|
|
|
9.6
|
|
|
|
3.9
|
|
|
3.8
|
|
General and administrative expenses
|
|
131.9
|
|
|
143.9
|
|
|
|
(8.3
|
)
|
|
|
1.5
|
|
|
1.8
|
|
Total operating expenses
|
|
6,873.4
|
|
|
6,464.4
|
|
|
|
6.3
|
|
|
|
76.9
|
|
|
78.6
|
|
Income from equity investees
|
|
—
|
|
|
2.4
|
|
|
|
(100.0
|
)
|
|
|
—
|
|
|
—
|
|
Operating income
|
|
$
|
2,066.0
|
|
|
$
|
1,759.2
|
|
|
|
17.4
|
%
|
|
|
23.1
|
%
|
|
21.4
|
%
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated store
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
36.5
|
%
|
|
37.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun 29, 2014
|
|
|
Jun 30, 2013
|
|
|
|
% Change
|
|
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of EMEA
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
total net revenues
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
$
|
251.8
|
|
|
$
|
228.2
|
|
|
|
10.3
|
%
|
|
|
77.8
|
%
|
|
79.5
|
%
|
Licensed stores
|
|
60.8
|
|
|
49.6
|
|
|
|
22.6
|
|
|
|
18.8
|
|
|
17.3
|
|
CPG, foodservice and other
|
|
10.9
|
|
|
9.4
|
|
|
|
16.0
|
|
|
|
3.4
|
|
|
3.3
|
|
Total net revenues
|
|
323.5
|
|
|
287.2
|
|
|
|
12.6
|
|
|
|
100.0
|
|
|
100.0
|
|
Cost of sales including occupancy costs
|
|
161.4
|
|
|
147.5
|
|
|
|
9.4
|
|
|
|
49.9
|
|
|
51.4
|
|
Store operating expenses
|
|
91.4
|
|
|
85.8
|
|
|
|
6.5
|
|
|
|
28.3
|
|
|
29.9
|
|
Other operating expenses
|
|
12.5
|
|
|
9.9
|
|
|
|
26.3
|
|
|
|
3.9
|
|
|
3.4
|
|
Depreciation and amortization expenses
|
|
15.1
|
|
|
13.7
|
|
|
|
10.2
|
|
|
|
4.7
|
|
|
4.8
|
|
General and administrative expenses
|
|
15.0
|
|
|
21.0
|
|
|
|
(28.6
|
)
|
|
|
4.6
|
|
|
7.3
|
|
Total operating expenses
|
|
295.4
|
|
|
277.9
|
|
|
|
6.3
|
|
|
|
91.3
|
|
|
96.8
|
|
Income from equity investees
|
|
1.1
|
|
|
—
|
|
|
|
nm
|
|
|
|
0.3
|
|
|
—
|
|
Operating income
|
|
$
|
29.2
|
|
|
$
|
9.3
|
|
|
|
214.0
|
%
|
|
|
9.0
|
%
|
|
3.2
|
%
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated store
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
36.3
|
%
|
|
37.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Quarters Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
$
|
766.3
|
|
|
$
|
699.9
|
|
|
|
9.5
|
%
|
|
|
78.8
|
%
|
|
80.8
|
%
|
Licensed stores
|
|
175.8
|
|
|
139.5
|
|
|
|
26.0
|
|
|
|
18.1
|
|
|
16.1
|
|
CPG, foodservice and other
|
|
30.9
|
|
|
27.2
|
|
|
|
13.6
|
|
|
|
3.2
|
|
|
3.1
|
|
Total net revenues
|
|
973.0
|
|
|
866.6
|
|
|
|
12.3
|
|
|
|
100.0
|
|
|
100.0
|
|
Cost of sales including occupancy costs
|
|
487.9
|
|
|
440.8
|
|
|
|
10.7
|
|
|
|
50.1
|
|
|
50.9
|
|
Store operating expenses
|
|
280.1
|
|
|
259.3
|
|
|
|
8.0
|
|
|
|
28.8
|
|
|
29.9
|
|
Other operating expenses
|
|
35.9
|
|
|
29.0
|
|
|
|
23.8
|
|
|
|
3.7
|
|
|
3.3
|
|
Depreciation and amortization expenses
|
|
44.5
|
|
|
41.6
|
|
|
|
7.0
|
|
|
|
4.6
|
|
|
4.8
|
|
General and administrative expenses
|
|
47.1
|
|
|
59.0
|
|
|
|
(20.2
|
)
|
|
|
4.8
|
|
|
6.8
|
|
Total operating expenses
|
|
895.5
|
|
|
829.7
|
|
|
|
7.9
|
|
|
|
92.0
|
|
|
95.7
|
|
Income from equity investees
|
|
3.0
|
|
|
—
|
|
|
|
nm
|
|
|
|
0.3
|
|
|
—
|
|
Operating income
|
|
$
|
80.5
|
|
|
$
|
36.9
|
|
|
|
118.2
|
%
|
|
|
8.3
|
%
|
|
4.3
|
%
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated store
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
36.6
|
%
|
|
37.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China / Asia Pacific (CAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun 29, 2014
|
|
|
Jun 30, 2013
|
|
|
|
% Change
|
|
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of CAP
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
total net revenues
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
$
|
217.0
|
|
|
$
|
171.6
|
|
|
|
26.5
|
%
|
|
|
75.5
|
%
|
|
73.4
|
%
|
Licensed stores
|
|
70.6
|
|
|
62.1
|
|
|
|
13.7
|
|
|
|
24.5
|
|
|
26.6
|
|
Total net revenues
|
|
287.6
|
|
|
233.7
|
|
|
|
23.1
|
|
|
|
100.0
|
|
|
100.0
|
|
Cost of sales including occupancy costs
|
|
137.8
|
|
|
112.5
|
|
|
|
22.5
|
|
|
|
47.9
|
|
|
48.1
|
|
Store operating expenses
|
|
54.8
|
|
|
42.2
|
|
|
|
29.9
|
|
|
|
19.1
|
|
|
18.1
|
|
Other operating expenses
|
|
13.2
|
|
|
12.0
|
|
|
|
10.0
|
|
|
|
4.6
|
|
|
5.1
|
|
Depreciation and amortization expenses
|
|
11.3
|
|
|
8.6
|
|
|
|
31.4
|
|
|
|
3.9
|
|
|
3.7
|
|
General and administrative expenses
|
|
16.0
|
|
|
14.0
|
|
|
|
14.3
|
|
|
|
5.6
|
|
|
6.0
|
|
Total operating expenses
|
|
233.1
|
|
|
189.3
|
|
|
|
23.1
|
|
|
|
81.1
|
|
|
81.0
|
|
Income from equity investees
|
|
46.3
|
|
|
40.3
|
|
|
|
14.9
|
|
|
|
16.1
|
|
|
17.2
|
|
Operating income
|
|
$
|
100.8
|
|
|
$
|
84.7
|
|
|
|
19.0
|
%
|
|
|
35.0
|
%
|
|
36.2
|
%
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated store
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
25.3
|
%
|
|
24.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Quarters Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
$
|
621.1
|
|
|
$
|
478.6
|
|
|
|
29.8
|
%
|
|
|
75.8
|
%
|
|
72.4
|
%
|
Licensed stores
|
|
198.7
|
|
|
182.8
|
|
|
|
8.7
|
|
|
|
24.2
|
|
|
27.6
|
|
Total net revenues
|
|
819.8
|
|
|
661.4
|
|
|
|
23.9
|
|
|
|
100.0
|
|
|
100.0
|
|
Cost of sales including occupancy costs
|
|
398.0
|
|
|
323.9
|
|
|
|
22.9
|
|
|
|
48.5
|
|
|
49.0
|
|
Store operating expenses
|
|
158.5
|
|
|
121.9
|
|
|
|
30.0
|
|
|
|
19.3
|
|
|
18.4
|
|
Other operating expenses
|
|
34.8
|
|
|
33.7
|
|
|
|
3.3
|
|
|
|
4.2
|
|
|
5.1
|
|
Depreciation and amortization expenses
|
|
33.4
|
|
|
24.4
|
|
|
|
36.9
|
|
|
|
4.1
|
|
|
3.7
|
|
General and administrative expenses
|
|
43.1
|
|
|
37.5
|
|
|
|
14.9
|
|
|
|
5.3
|
|
|
5.7
|
|
Total operating expenses
|
|
667.8
|
|
|
541.4
|
|
|
|
23.3
|
|
|
|
81.5
|
|
|
81.9
|
|
Income from equity investees
|
|
116.8
|
|
|
105.3
|
|
|
|
10.9
|
|
|
|
14.2
|
|
|
15.9
|
|
Operating income
|
|
$
|
268.8
|
|
|
$
|
225.3
|
|
|
|
19.3
|
%
|
|
|
32.8
|
%
|
|
34.1
|
%
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store operating expenses as a percentage of company-operated store
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
25.5
|
%
|
|
25.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Channel Development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun 29, 2014
|
|
|
Jun 30, 2013
|
|
|
|
% Change
|
|
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Channel Development
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
total net revenues (1)
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPG
|
|
$
|
286.6
|
|
|
$
|
246.9
|
|
|
|
16.1
|
%
|
|
|
76.4
|
%
|
|
74.6
|
%
|
Foodservice(1)
|
|
88.7
|
|
|
84.1
|
|
|
|
5.5
|
|
|
|
23.6
|
|
|
25.4
|
|
Total net revenues
|
|
375.3
|
|
|
331.0
|
|
|
|
13.4
|
|
|
|
100.0
|
|
|
100.0
|
|
Cost of sales
|
|
208.3
|
|
|
213.1
|
|
|
|
(2.3
|
)
|
|
|
55.5
|
|
|
64.4
|
|
Other operating expenses(1)
|
|
48.3
|
|
|
39.0
|
|
|
|
23.8
|
|
|
|
12.9
|
|
|
11.8
|
|
Depreciation and amortization expenses
|
|
0.4
|
|
|
0.2
|
|
|
|
100.0
|
|
|
|
0.1
|
|
|
0.1
|
|
General and administrative expenses
|
|
4.5
|
|
|
5.5
|
|
|
|
(18.2
|
)
|
|
|
1.2
|
|
|
1.7
|
|
Total operating expenses
|
|
261.5
|
|
|
257.8
|
|
|
|
1.4
|
|
|
|
69.7
|
|
|
77.9
|
|
Income from equity investees
|
|
25.5
|
|
|
23.1
|
|
|
|
10.4
|
|
|
|
6.8
|
|
|
7.0
|
|
Operating income
|
|
$
|
139.3
|
|
|
$
|
96.3
|
|
|
|
44.7
|
%
|
|
|
37.1
|
%
|
|
29.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Quarters Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPG
|
|
$
|
875.1
|
|
|
$
|
789.8
|
|
|
|
10.8
|
%
|
|
|
76.3
|
%
|
|
75.7
|
%
|
Foodservice(1)
|
|
271.7
|
|
|
253.7
|
|
|
|
7.1
|
|
|
|
23.7
|
|
|
24.3
|
|
Total net revenues
|
|
1,146.8
|
|
|
1,043.5
|
|
|
|
9.9
|
|
|
|
100.0
|
|
|
100.0
|
|
Cost of sales
|
|
667.5
|
|
|
660.9
|
|
|
|
1.0
|
|
|
|
58.2
|
|
|
63.3
|
|
Other operating expenses(1)
|
|
142.9
|
|
|
140.5
|
|
|
|
1.7
|
|
|
|
12.5
|
|
|
13.5
|
|
Depreciation and amortization expenses
|
|
1.2
|
|
|
0.9
|
|
|
|
33.3
|
|
|
|
0.1
|
|
|
0.1
|
|
General and administrative expenses
|
|
13.8
|
|
|
16.8
|
|
|
|
(17.9
|
)
|
|
|
1.2
|
|
|
1.6
|
|
Total operating expenses
|
|
825.4
|
|
|
819.1
|
|
|
|
0.8
|
|
|
|
72.0
|
|
|
78.5
|
|
Income from equity investees
|
|
64.1
|
|
|
62.7
|
|
|
|
2.2
|
|
|
|
5.6
|
|
|
6.0
|
|
Operating income
|
|
$
|
385.5
|
|
|
$
|
287.1
|
|
|
|
34.3
|
%
|
|
|
33.6
|
%
|
|
27.5
|
%
|
(1) Prior period results have been corrected to reflect
an immaterial reclassification of certain fees related to our
foodservice operations; for full revised FY12 and FY13 results,
refer to http://investor.starbucks.com.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun 29, 2014
|
|
|
|
Jun 30, 2013
|
|
|
|
|
% Change
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
|
|
$
|
49.4
|
|
|
|
|
$
|
49.6
|
|
|
|
|
|
(0.4
|
)%
|
Licensed stores
|
|
|
|
1.1
|
|
|
|
|
1.8
|
|
|
|
|
|
(38.9
|
)
|
CPG, foodservice and other(1)
|
|
|
|
59.1
|
|
|
|
|
55.5
|
|
|
|
|
|
6.5
|
|
Total net revenues
|
|
|
|
109.6
|
|
|
|
|
106.9
|
|
|
|
|
|
2.5
|
|
Cost of sales including occupancy costs
|
|
|
|
65.9
|
|
|
|
|
66.5
|
|
|
|
|
|
(0.9
|
)
|
Store operating expenses
|
|
|
|
27.9
|
|
|
|
|
21.3
|
|
|
|
|
|
31.0
|
|
Other operating expenses(1)
|
|
|
|
20.5
|
|
|
|
|
15.2
|
|
|
|
|
|
34.9
|
|
Depreciation and amortization expenses
|
|
|
|
3.9
|
|
|
|
|
3.6
|
|
|
|
|
|
8.3
|
|
General and administrative expenses
|
|
|
|
10.3
|
|
|
|
|
9.7
|
|
|
|
|
|
6.2
|
|
Total operating expenses
|
|
|
|
128.5
|
|
|
|
|
116.3
|
|
|
|
|
|
10.5
|
|
Operating loss
|
|
|
|
$
|
(18.9
|
)
|
|
|
|
$
|
(9.4
|
)
|
|
|
|
|
101.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Quarters Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
|
|
$
|
194.3
|
|
|
|
|
$
|
105.7
|
|
|
|
|
|
83.8
|
%
|
Licensed stores
|
|
|
|
4.0
|
|
|
|
|
7.5
|
|
|
|
|
|
(46.7
|
)
|
CPG, foodservice and other(1)
|
|
|
|
189.8
|
|
|
|
|
172.2
|
|
|
|
|
|
10.2
|
|
Total net revenues
|
|
|
|
388.1
|
|
|
|
|
285.4
|
|
|
|
|
|
36.0
|
|
Cost of sales including occupancy costs
|
|
|
|
217.2
|
|
|
|
|
172.5
|
|
|
|
|
|
25.9
|
|
Store operating expenses
|
|
|
|
81.6
|
|
|
|
|
44.4
|
|
|
|
|
|
83.8
|
|
Other operating expenses(1)
|
|
|
|
58.1
|
|
|
|
|
53.8
|
|
|
|
|
|
8.0
|
|
Depreciation and amortization expenses
|
|
|
|
11.3
|
|
|
|
|
7.9
|
|
|
|
|
|
43.0
|
|
General and administrative expenses
|
|
|
|
32.9
|
|
|
|
|
24.8
|
|
|
|
|
|
32.7
|
|
Total operating expenses
|
|
|
|
401.1
|
|
|
|
|
303.4
|
|
|
|
|
|
32.2
|
|
Operating loss
|
|
|
|
$
|
(13.0
|
)
|
|
|
|
$
|
(18.0
|
)
|
|
|
|
|
(27.8
|
)%
|
(1) Prior period results have been corrected to reflect
an immaterial reclassification of certain fees related to our
foodservice operations; for full revised FY12 and FY13 results,
refer to http://investor.starbucks.com.
|
Supplemental Information
The following supplemental information is provided for historical and
comparative purposes.
Fiscal Third Quarter 2014 U.S.
Supplemental Data
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
($ in millions)
|
Jun 29, 2014
|
|
|
Jun 30, 2013
|
|
|
Change
|
Revenues
|
$2,731.2
|
|
|
$2,450.2
|
|
|
11%
|
Comparable Store Sales Growth(1)
|
7%
|
|
|
9%
|
|
|
|
Change in Transactions
|
2%
|
|
|
7%
|
|
|
|
Change in Ticket
|
5%
|
|
|
2%
|
|
|
|
(1) Includes only Starbucks company-operated stores open
13 months or longer
|
|
|
|
|
|
|
|
|
|
Store Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net stores opened (closed) during the period
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Three Quarters Ended
|
|
Stores open as of
|
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
69
|
|
|
62
|
|
|
155
|
|
|
112
|
|
|
8,233
|
|
|
7,914
|
Licensed stores
|
|
80
|
|
|
96
|
|
|
264
|
|
|
228
|
|
|
5,679
|
|
|
5,239
|
|
|
149
|
|
|
158
|
|
|
419
|
|
|
340
|
|
|
13,912
|
|
|
13,153
|
EMEA(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
(3
|
)
|
|
1
|
|
|
1
|
|
|
(23
|
)
|
|
839
|
|
|
844
|
Licensed stores
|
|
40
|
|
|
42
|
|
|
132
|
|
|
95
|
|
|
1,263
|
|
|
1,097
|
|
|
37
|
|
|
43
|
|
|
133
|
|
|
72
|
|
|
2,102
|
|
|
1,941
|
CAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
45
|
|
|
48
|
|
|
159
|
|
|
161
|
|
|
1,065
|
|
|
827
|
Licensed stores
|
|
115
|
|
|
71
|
|
|
384
|
|
|
230
|
|
|
3,360
|
|
|
2,858
|
|
|
160
|
|
|
119
|
|
|
543
|
|
|
391
|
|
|
4,425
|
|
|
3,685
|
All Other Segments(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores
|
|
10
|
|
|
27
|
|
|
21
|
|
|
336
|
|
|
378
|
|
|
350
|
Licensed stores
|
|
(12
|
)
|
|
(6
|
)
|
|
(20
|
)
|
|
4
|
|
|
46
|
|
|
80
|
|
|
(2
|
)
|
|
21
|
|
|
1
|
|
|
340
|
|
|
424
|
|
|
430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
344
|
|
|
341
|
|
|
1,096
|
|
|
1,143
|
|
|
20,863
|
|
|
19,209
|
(1) EMEA store data has been adjusted for the transfer
of certain company-operated stores to licensed stores in the
second quarter of fiscal 2014.
|
(2) Net new stores for the three quarters ended
June 30, 2013 includes 337 Teavana stores acquired in the second
quarter of fiscal 2013.
|
Non-GAAP Disclosure
In addition to the GAAP results provided in this release, the company
provides expected non-GAAP earnings per share for Q4 fiscal 2014 and
full year fiscal 2014. These non-GAAP financial measures are not in
accordance with, or an alternative for, generally accepted accounting
principles in the United States. The GAAP measure most directly
comparable to non-GAAP earnings per share is diluted net earnings per
share.
The expected Q4 fiscal 2014 and full year fiscal 2014 non-GAAP earnings
per share being furnished exclude the estimated non-routine net benefit
related to the sale of certain retail operations that may close in the
fourth quarter of fiscal 2014. The full year fiscal 2014 non-GAAP
earnings per share being furnished also exclude the benefit recognized
from a litigation credit in Q1 fiscal 2014. The company’s management
believes that providing these non-GAAP financial measures better enables
investors to understand and evaluate the company’s prospective operating
performance. More specifically, management excludes these two
non-routine benefits because it believes that the impacts of these
benefits do not reflect expected future gains or expenses beyond fiscal
2014 and do not contribute to a meaningful evaluation of the company’s
future operating performance or comparisons to the company’s past
operating performance.
These non-GAAP financial measures may have limitations as analytical
tools, and these measures should not be considered in isolation or as a
substitute for analysis of the company’s results as reported under
GAAP. Other companies may calculate these non-GAAP financial measures
differently than the company does, limiting the usefulness of those
measures for comparative purposes.
|
|
|
|
|
|
|
|
STARBUCKS CORPORATION
|
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
|
(unaudited)
|
|
|
|
Quarter Ended
|
|
|
|
Year Ended
|
|
|
|
Sep 28, 2014
|
|
|
|
Sep 28, 2014
|
Consolidated
|
|
|
|
|
|
|
|
|
|
Projected diluted net earnings per share (GAAP)
|
|
|
$0.76 - $0.78
|
|
|
|
$2.70 - $2.72
|
Litigation credit
|
|
|
—
|
|
|
|
|
(0.02
|
)
|
Projected net benefit on transactions that may close in Q4 2014
|
|
|
(0.03
|
)
|
|
|
|
(0.03
|
)
|
Projected non-GAAP earnings per share
|
|
|
$0.73 - $0.75
|
|
|
|
$2.65 - $2.67
|

Source: Starbucks Corporation
Starbucks Corporation
Investor Relations:
JoAnn
DeGrande, 206-318-7118
investorrelations@starbucks.com
or
Media:
Jim
Olson, 206-318-7100
press@starbucks.com