Q4 Consolidated Net Revenues Up 3%; Up 11% on a
13-week basis to a Record $8.4 Billion
Q4 Comparable Store Sales Up 7% Globally; Up
11% in the U.S. and Double Digits Internationally, excluding
China
Q4 GAAP EPS $0.76; Non-GAAP EPS of $0.81 Driven
by Strong September Performance; Reinvention Materializing
China Surpasses 6,000 Stores, Pushing Global
Store Count to Record 35,711
Active Starbucks® Rewards Membership Up 16% in
the U.S. in Q4 to 28.7 Million Members
Starbucks Corporation (Nasdaq: SBUX) today reported financial
results for its 13-week fiscal fourth quarter and 52-week fiscal
year ended October 2, 2022. The comparable prior-year periods in
fiscal 2021 included 14- and 53-weeks, respectively. GAAP results
in fiscal 2022 and fiscal 2021 include items that are excluded from
non-GAAP results. Please refer to the reconciliation of GAAP
measures to non-GAAP measures at the end of this release for more
information.
Q4 Fiscal 2022
Highlights
- Global comparable store sales increased 7%, primarily driven by
an 8% increase in average ticket
- North America and U.S. comparable store sales increased 11%,
driven by a 10% increase in average ticket and a 1% increase in
comparable transactions
- International comparable store sales decreased 5%, driven by a
5% decline in comparable transactions and a 1% decline in average
ticket; China comparable store sales decreased 16%, driven by a 17%
decline in comparable transactions, partially offset by a 1%
increase in average ticket
- The company opened 763 net new stores in Q4, ending the period
with 35,711 stores globally: 51% company-operated and 49% licensed
- At the end of Q4, stores in the U.S. and China comprised 61% of
the company’s global portfolio, with 15,878 stores in the U.S. and
6,021 stores in China
- Consolidated net revenues up 3%, or 11% on a 13-week basis, to
a record $8.4 billion, inclusive of a 3% unfavorable impact from
foreign currency translation
- GAAP operating margin of 14.2% decreased 400 basis points from
18.2% in the prior year, primarily driven by investments and growth
in labor including enhanced store partner wages as well as
increased spend on new partner training, inflationary pressures,
coupled with sales deleverage related to COVID-19 restrictions in
China, partially offset by strategic pricing, primarily in North
America and sales leverage across markets outside of China
- Non-GAAP operating margin of 15.1% decreased from 19.5% in the
prior year, or 18.9% on a 13-week basis
- GAAP earnings per share of $0.76, down from $1.49 in the prior
year
- Non-GAAP earnings per share of $0.81, down from $0.99 in the
prior year, or $0.89 on a 13-week basis
- Starbucks Rewards loyalty program 90-day active members in the
U.S. increased to 28.7 million, up 16% year-over-year
Full Year Fiscal 2022
Highlights
- Global comparable store sales increased 8%, driven by a 5%
increase in average ticket and a 2% increase in comparable
transactions
- North America comparable store sales increased 12%, driven by a
7% increase in average ticket and a 5% increase in comparable
transactions; U.S. comparable store sales increased 12%, driven by
an 8% increase in average ticket and a 4% increase in comparable
transactions
- International comparable store sales decreased 9%, driven by a
5% decline in comparable transactions and a 4% decline in average
ticket; China comparable store sales decreased 24%, driven by a 22%
decline in comparable transactions and a 3% decline in average
ticket
- Consolidated net revenues up 11%, or 13% on a 52-week basis, to
a record $32.3 billion, inclusive of a 2% unfavorable impact from
foreign currency translation
- GAAP operating margin of 14.3% decreased 250 basis points from
16.8% in the prior year, primarily driven by investments and growth
in labor including enhanced store partner wages, inflationary
pressures, as well as sales deleverage related to COVID-19
restrictions in China, partially offset by sales leverage across
markets outside of China and strategic pricing, primarily in North
America
- Non-GAAP operating margin of 15.1% decreased from 18.0% in the
prior year, or 17.8% on a 52-week basis
- GAAP earnings per share of $2.83, down from $3.54 in the prior
year
- Non-GAAP earnings per share of $2.96, down from $3.20 in the
prior year, or $3.10 on a 52-week basis
“We saw accelerating demand for Starbucks coffee around the
world in Q4 and throughout the year,” said Howard Schultz, interim
chief executive officer. “And our Q4 results demonstrate early
evidence of the success of our U.S. Reinvention investments.
Reinvention will touch, and elevate, every aspect of our Starbucks
partner, customer and store experiences, and ideally position
Starbucks to deliver accelerated, sustainable, long-term,
profitable growth and value creation beginning in 2023,” Schultz
added.
“We are incredibly proud of our Q4 performance, and our 2023
guidance sets the stage for another year of record performance,”
commented Rachel Ruggeri, chief financial officer.
Q4 North America
Segment Results
Quarter Ended
($ in millions)
Oct 2, 2022
Oct 3, 2021
(13 Weeks Ended)
(14 Weeks Ended)
Change (%)
Change in Comparable Store Sales (1)
11%
22%
Change in Transactions
1%
18%
Change in Ticket
10%
3%
Store Count
17,295
16,826
3%
Revenues
$6,134.4
$5,763.0
6%
Operating Income
$1,141.8
$1,255.8
(9)%
Operating Margin
18.6%
21.8%
(320) bps
(1)
Includes only Starbucks® company-operated
stores open 13 months or longer. Comparable store sales exclude the
effects of fluctuations in foreign currency exchange rates and
Siren Retail stores. Stores that are temporarily closed or
operating at reduced hours due to the COVID-19 pandemic remain in
comparable store sales while stores identified for permanent
closure have been removed.
Net revenues for the North America segment grew 6% (15% on a
13-week basis) over Q4 FY21 to $6.1 billion in Q4 FY22, primarily
driven by an 11% increase in company-operated comparable store
sales, driven by a 10% increase in average ticket and a 1% increase
in transactions, net new store growth of 3% over the past 12 months
and strength in our licensed store sales. These increases were
partially offset by the impact of the extra week in fiscal
2021.
Operating income decreased to $1.1 billion in Q4 FY22 compared
to $1.3 billion in Q4 FY21. Operating margin of 18.6% contracted
from 21.8% in the prior year, primarily driven by investments and
growth in labor including enhanced store partner wages as well as
increased spend on new partner training, coupled with higher
commodity and supply chain costs due to inflationary pressures.
This contraction was partially offset by strategic pricing and
sales leverage.
Q4 International
Segment Results
Quarter Ended
($ in millions)
Oct 2, 2022
Oct 3, 2021
(13 Weeks Ended)
(14 Weeks Ended)
Change (%)
Change in Comparable Store Sales (1)
(5)%
3%
Change in Transactions
(5)%
6%
Change in Ticket
(1)%
(2)%
Store Count
18,416
17,007
8%
Revenues
$1,777.0
$1,914.6
(7)%
Operating Income
$217.6
$377.4
(42)%
Operating Margin
12.2%
19.7%
(750) bps
(1)
Includes only Starbucks® company-operated
stores open 13 months or longer. Comparable store sales exclude the
effects of fluctuations in foreign currency exchange rates and
Siren Retail stores. Stores that are temporarily closed or
operating at reduced hours due to the COVID-19 pandemic remain in
comparable store sales while stores identified for permanent
closure have been removed.
Net revenues for the International segment declined 7% (1% lower
on a 13-week basis) over Q4 FY21 to $1.8 billion in Q4 FY22,
primarily driven by an 11% unfavorable impact from foreign currency
translation, the impact of the extra week in fiscal 2021, as well
as a 5% decline in comparable store sales, primarily attributable
to COVID-19 related restrictions in China. These decreases were
partially offset by growth in our licensed store revenue including
higher product sales, royalty revenues and the conversion of the
Korea market from a joint venture to a fully licensed market in Q4
FY21, as well as net new store growth of 8% over the past 12
months.
Operating income decreased to $217.6 million in Q4 FY22 compared
to $377.4 million in Q4 FY21. Operating margin of 12.2% contracted
from 19.7% in the prior year, primarily driven by sales deleverage
related to COVID-19 restrictions in China, lower government
subsidies as well as investments in store partners. This
contraction was partially offset by strategic pricing and sales
leverage across markets outside of China.
Q4 Channel
Development Segment Results
Quarter Ended
($ in millions)
Oct 2, 2022
Oct 3, 2021
(13 Weeks Ended)
(14 Weeks Ended)
Change (%)
Revenues
$483.7
$438.3
10%
Operating Income
$244.6
$219.8
11%
Operating Margin
50.6%
50.1%
50 bps
Net revenues for the Channel Development segment grew 10% (16%
on a 13-week basis) over Q4 FY21 to $483.7 million in Q4 FY22,
driven by growth in the Global Coffee Alliance and global
ready-to-drink business, partially offset by the extra week in Q4
FY21.
Operating income increased to $244.6 million in Q4 FY22 compared
to $219.8 million in Q4 FY21. Operating margin of 50.6% expanded
from 50.1% in the prior year, primarily due to business mix
shift.
Fiscal 2023 Financial
Targets
The company will discuss fiscal year 2023 financial targets,
originally introduced at Starbucks 2022 Investor Day, during its Q4
FY22 and Full Year earnings conference call starting today at 2:00
p.m. Pacific Time. These items can be accessed on the company's
Investor Relations website during and after the call. The company
uses its website as a tool to disclose important information about
the company and comply with its disclosure obligations under
Regulation Fair Disclosure.
Company Updates
- In August, the company installed its first charging station at
a Starbucks store in Provo, Utah as part of its pilot program with
Volvo Cars to electrify the driving route from the Colorado Rockies
to Seattle.
- In August, the company announced the elimination of the chief
operating officer role in connection with a redesign of the
organizational structure. John Culver departed from the role of
group president, North America and chief operating officer
effective October 1, 2022 and will serve in an advisory capacity to
Starbucks through January 1, 2023.
- In September and October, Mary N. Dillon and Javier Teruel
resigned from the company's Board of Directors.
- In September, the company announced that Laxman Narasimhan will
become the company's next chief executive officer and member of the
Starbucks Board of Directors. Narasimhan joined the company as
incoming ceo on October 1, 2022 and will work closely with Howard
Schultz, interim ceo, before assuming the ceo role and joining the
Board on April 1, 2023.
- In September, the company unveiled Starbucks Odyssey, a new
experience powered by Web3 technology that will offer Starbucks
Rewards members, including Starbucks partners (employees) in the
U.S., the opportunity to earn and purchase digital collectible
assets that will unlock access to new benefits and immersive coffee
experiences.
- In September, the company announced new financial benefits for
partners, including My Starbucks Savings and a Student Loan
Management Benefit, designed to help eligible partners manage
student loan repayments and achieve greater financial stability. In
October, additional well-being partner benefits were launched,
including enhanced sick pay and mental health support, as well as
updates to the family expansion reimbursement program.
- In September, the company hosted its biennial Investor Day in
Seattle where Starbucks leaders, including interim ceo, Howard
Schultz, cfo, Rachel Ruggeri, and other executive leaders showcased
the company’s Reinvention plan and growth strategy for the next
three years. Presentations highlighted targeted investments and
actions in partners, customers and stores, which we expect to brew
a new era of growth.
- In September, the company celebrated its 6,000th store in
China. The new store marks the company's 1,000th in Shanghai,
making it the first city in the world to pass the milestone.
- Beginning in September, the company supported communities
across North America and the Caribbean that were impacted by this
year's hurricane season. The company remains committed to
supporting disaster relief efforts on the ground by leveraging
long-term nonprofit partnerships and tapping into our local teams
to deliver critical support.
- In October, the company announced a strategic partnership with
Delta Air Lines that will offer members of Delta SkyMiles and
Starbucks Rewards, two of America’s most highly regarded loyalty
programs, the ability to unlock even more ways to earn rewards at
Delta and Starbucks.
- In October, Tata Starbucks Private Limited celebrated its 10th
anniversary with the opening of the first Starbucks Reserve store
in India, Starbucks Reserve Fort Mumbai in Mumbai,
Maharashtra.
- In October, the company announced it plans to sell the
Seattle's Best Coffee brand to Nestlé to allow both companies to
focus on their core strengths. The transaction is subject to both
Board of Directors and customary regulatory approval.
- The Board of Directors declared a cash dividend of $0.53 per
share, payable on November 25, 2022, to shareholders of record as
of November 11, 2022.
Conference Call
Starbucks will hold a conference call today at 2:00 p.m. Pacific
Time, which will be hosted by Howard Schultz, interim ceo, and
other members of Starbucks executive leadership team. The call will
be webcast and can be accessed at http://investor.starbucks.com. A
replay of the webcast will be available until end of day Friday,
December 2, 2022.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with more than 35,000 stores worldwide, 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 stories.starbucks.com or
www.starbucks.com.
Forward-Looking
Statements
Certain statements contained herein and in our investor
conference call related to these results are “forward-looking”
statements within the meaning of applicable securities laws and
regulations. Generally, these statements can be identified by the
use of words such as “aim,” “anticipate,” “believe,” “continue,”
“could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,”
“outlook,” “plan,” “potential,” “predict,” “project,” “seek,”
“should,” “will,” “would,” and similar expressions intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
statements include statements relating to trends in or expectations
relating to the effects of our existing and any future initiatives,
strategies, investments and plans, including our Reinvention plan,
as well as trends in or expectations regarding our financial
results and long-term growth model and drivers; our operations in
the U.S. and China; our environmental, social and governance
efforts; our partners; economic and consumer trends, including the
impact of inflationary pressures; impact of foreign currency
translation; pricing actions; the conversion of certain market
operations to fully licensed models; our plans for our operations;
our relationship and transactions with Nestlé, including our
anticipated sale of Seattle's Best Coffee brand to Nestlé; tax
rates; business opportunities, expansions and new initiatives,
including Starbucks Odyssey; strategic acquisitions; our dividends
programs; commodity costs and our mitigation strategies; our
liquidity, cash flow from operations, investments, borrowing
capacity and use of proceeds; continuing compliance with our
covenants under our credit facilities and commercial paper program;
repatriation of cash to the U.S.; the likelihood of the issuance of
additional debt and the applicable interest rate; the continuing
impact of the COVID-19 pandemic on our financial results and future
availability of governmental subsidies for COVID-19 or other public
health events; our ceo transition; our share repurchase program;
our use of cash and cash requirements; the expected effects of new
accounting pronouncements and the estimated impact of changes in
U.S. tax law, including on tax rates, investments funded by these
changes and potential outcomes; and effects of legal proceedings.
Such statements are based on currently available operating,
financial and competitive information and are subject to various
risks and uncertainties. Actual future results and trends may
differ materially depending on a variety of factors, including, but
not limited to: the continuing impact of COVID-19 on our business;
regulatory measures or voluntary actions that may be put in place
to limit the spread of COVID-19, including restrictions on business
operations or social distancing requirements, and the duration and
efficacy of such restrictions; the resurgence of COVID-19
infections and the circulation of novel variants of COVID-19;
fluctuations in U.S. and international economies and currencies;
our ability to preserve, grow and leverage our brands; the ability
of our business partners and third-party providers to fulfill their
responsibilities and commitments; potential negative effects of
incidents involving food or beverage-borne illnesses, tampering,
adulteration, contamination or mislabeling; potential negative
effects of material breaches of our information technology systems
to the extent we experience a material breach; material failures of
our information technology systems; costs associated with, and the
successful execution of, the company’s initiatives and plans; new
initiatives and plans or revisions to existing initiatives or
plans; our ability to obtain financing on acceptable terms; the
acceptance of the company’s products by our customers, evolving
consumer preferences and tastes and changes in consumer spending
behavior; partner investments, changes in the availability and cost
of labor including any union organizing efforts and our responses
to such efforts; failure to attract or retain key executive or
employee talent or successfully transition executives; significant
increased logistics costs; inflationary pressures; the impact of
competition; inherent risks of operating a global business
including any potential negative effects stemming from the Russian
invasion of Ukraine; the prices and availability of coffee, dairy
and other raw materials; the effect of legal proceedings; and the
effects of changes in tax laws and related guidance and regulations
that may be implemented, including the Inflation Reduction Act of
2022 and other risks detailed in our filings with the Securities
and Exchange Commission, including in the “Risk Factors” and
“Management's Discussion and Analysis of Financial Condition and
Results of Operations” sections of the company’s most recently
filed periodic reports on Form 10-K and Form 10-Q and subsequent
filings.
A forward-looking statement is neither a prediction nor a
guarantee of future events or circumstances, and those future
events or circumstances may not occur. You should not place undue
reliance on the forward-looking statements, which speak only as of
the date of this release. We are under no obligation to update or
alter any forward-looking statements, whether as a result of new
information, future events or otherwise.
Key Metrics
The company's financial results and long-term growth model will
continue to be driven by new store openings, comparable store sales
growth and operating margin management. We believe these key
operating metrics are useful to investors because management uses
these metrics to assess the growth of our business and the
effectiveness of our marketing and operational strategies.
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF
EARNINGS
(unaudited, in millions, except
per share data)
Quarter Ended
Quarter Ended
Oct 2,
Oct 3,
% Change
Oct 2,
Oct 3,
2022
2021
2022
2021
(13 Weeks Ended)
(14 Weeks Ended)
As a % of total net
revenues
Net revenues:
Company-operated stores
$
6,901.4
$
6,864.3
0.5
%
82.0
%
84.3
%
Licensed stores
998.4
794.5
25.7
11.9
9.8
Other
514.4
487.9
5.4
6.1
6.0
Total net revenues
8,414.2
8,146.7
3.3
100.0
100.0
Product and distribution costs
2,711.0
2,491.1
8.8
32.2
30.6
Store operating expenses
3,544.7
3,273.4
8.3
42.1
40.2
Other operating expenses
123.1
108.6
13.4
1.5
1.3
Depreciation and amortization expenses
357.4
354.7
0.8
4.2
4.4
General and administrative expenses
538.0
501.2
7.3
6.4
6.2
Restructuring and impairments
35.1
55.5
(36.8
)
0.4
0.7
Total operating expenses
7,309.3
6,784.5
7.7
86.9
83.3
Income from equity investees
90.6
120.0
(24.5
)
1.1
1.5
Operating income
1,195.5
1,482.2
(19.3
)
14.2
18.2
Net gain resulting from divestiture of
certain operations
—
864.5
nm
—
10.6
Interest income and other, net
31.0
21.5
44.2
0.4
0.3
Interest expense
(125.3
)
(120.6
)
3.9
(1.5
)
(1.5
)
Earnings before income taxes
1,101.2
2,247.6
(51.0
)
13.1
27.6
Income tax expense
222.7
483.0
(53.9
)
2.6
5.9
Net earnings including noncontrolling
interests
878.5
1,764.6
(50.2
)
10.4
21.7
Net earnings attributable to
noncontrolling interests
0.2
0.2
0.0
0.0
0.0
Net earnings attributable to
Starbucks
$
878.3
$
1,764.4
(50.2
)
10.4
%
21.7
%
Net earnings per common share -
diluted
$
0.76
$
1.49
(49.0
)%
Weighted avg. shares outstanding -
diluted
1,152.5
1,187.9
Cash dividends declared per share
$
0.53
$
0.49
Supplemental Ratios:
Store operating expenses as a % of
company-operated store revenues
51.4
%
47.7
%
Effective tax rate including
noncontrolling interests
20.2
%
21.5
%
Year Ended
Year Ended
Oct 2,
Oct 3,
% Change
Oct 2,
Oct 3,
2022
2021
2022
2021
(52 Weeks Ended)
(53 Weeks Ended)
As a % of total net
revenues
Net revenues:
Company-operated stores
$
26,576.1
$
24,607.0
8.0
%
82.4
%
84.7
%
Licensed stores
3,655.5
2,683.6
36.2
11.3
9.2
Other
2,018.7
1,770.0
14.1
6.3
6.1
Total net revenues
32,250.3
29,060.6
11.0
100.0
100.0
Product and distribution costs
10,317.4
8,738.7
18.1
32.0
30.1
Store operating expenses
13,561.8
11,930.9
13.7
42.1
41.1
Other operating expenses
461.5
359.5
28.4
1.4
1.2
Depreciation and amortization expenses
1,447.9
1,441.7
0.4
4.5
5.0
General and administrative expenses
2,032.0
1,932.6
5.1
6.3
6.7
Restructuring and impairments
46.0
170.4
(73.0
)
0.1
0.6
Total operating expenses
27,866.6
24,573.8
13.4
86.4
84.6
Income from equity investees
234.1
385.3
(39.2
)
0.7
1.3
Operating income
4,617.8
4,872.1
(5.2
)
14.3
16.8
Net gain resulting from divestiture of
certain operations
—
864.5
nm
—
3.0
Interest income and other, net
97.0
90.1
7.7
0.3
0.3
Interest expense
(482.9
)
(469.8
)
2.8
(1.5
)
(1.6
)
Earnings before income taxes
4,231.9
5,356.9
(21.0
)
13.1
18.4
Income tax expense
948.5
1,156.6
(18.0
)
2.9
4.0
Net earnings including noncontrolling
interests
3,283.4
4,200.3
(21.8
)
10.2
14.5
Net earnings attributable to
noncontrolling interests
1.8
1.0
80.0
0.0
0.0
Net earnings attributable to
Starbucks
$
3,281.6
$
4,199.3
(21.9
)
10.2
%
14.5
%
Net earnings per common share -
diluted
$
2.83
$
3.54
(20.1
)%
Weighted avg. shares outstanding -
diluted
1,158.5
1,185.5
Cash dividends declared per share
$
2.00
$
2.29
Supplemental Ratios:
Store operating expenses as a % of
company-operated store revenues
51.0
%
48.5
%
Effective tax rate including
noncontrolling interests
22.4
%
21.6
%
Segment Results
(in millions)
North America
Oct 2,
Oct 3,
% Change
Oct 2,
Oct 3,
2022
2021
2022
2021
Quarter
Ended
(13 Weeks Ended)
(14 Weeks Ended)
As a % of North America total
net revenues
Net revenues:
Company-operated stores
$
5,550.5
$
5,254.3
5.6
%
90.5
%
91.2
%
Licensed stores
583.4
506.5
15.2
9.5
8.8
Other
0.5
2.2
(77.3
)
0.0
0.0
Total net revenues
6,134.4
5,763.0
6.4
100.0
100.0
Product and distribution costs
1,770.6
1,580.3
12.0
28.9
27.4
Store operating expenses
2,862.2
2,570.8
11.3
46.7
44.6
Other operating expenses
51.4
47.3
8.7
0.8
0.8
Depreciation and amortization expenses
205.2
189.9
8.1
3.3
3.3
General and administrative expenses
78.8
78.4
0.5
1.3
1.4
Restructuring and impairments
24.4
40.5
(39.8
)
0.4
0.7
Total operating expenses
4,992.6
4,507.2
10.8
81.4
78.2
Operating income
$
1,141.8
$
1,255.8
(9.1
)%
18.6
%
21.8
%
Supplemental Ratio:
Store operating expenses as a % of
company-operated store revenues
51.6
%
48.9
%
Oct 2,
Oct 3,
% Change
Oct 2,
Oct 3,
2022
2021
2022
2021
Year
Ended
(52 Weeks Ended)
(53 Weeks Ended)
As a % of North America total
net revenues
Net revenues:
Company-operated stores
$
21,214.2
$
18,737.3
13.2
%
90.8
%
91.6
%
Licensed stores
2,150.5
1,702.2
26.3
9.2
8.3
Other
6.1
8.4
(27.4
)
0.0
0.0
Total net revenues
23,370.8
20,447.9
14.3
100.0
100.0
Product and distribution costs
6,677.2
5,453.8
22.4
28.6
26.7
Store operating expenses
10,860.0
9,359.5
16.0
46.5
45.8
Other operating expenses
202.1
166.0
21.7
0.9
0.8
Depreciation and amortization expenses
808.4
753.9
7.2
3.5
3.7
General and administrative expenses
303.3
300.0
1.1
1.3
1.5
Restructuring and impairments
33.3
155.4
(78.6
)
0.1
0.8
Total operating expenses
18,884.3
16,188.6
16.7
80.8
79.2
Operating income
$
4,486.5
$
4,259.3
5.3
%
19.2
%
20.8
%
Supplemental Ratio:
Store operating expenses as a % of
company-operated store revenues
51.2
%
50.0
%
International
Oct 2,
Oct 3,
% Change
Oct 2,
Oct 3,
2022
2021
2022
2021
Quarter
Ended
(13 Weeks Ended)
(14 Weeks Ended)
As a % of International
total net revenues
Net revenues:
Company-operated stores
$
1,350.9
$
1,610.0
(16.1
)%
76.0
%
84.1
%
Licensed stores
415.0
288.0
44.1
23.4
15.0
Other
11.1
16.6
(33.1
)
0.6
0.9
Total net revenues
1,777.0
1,914.6
(7.2
)
100.0
100.0
Product and distribution costs
611.0
605.1
1.0
34.4
31.6
Store operating expenses
682.5
702.6
(2.9
)
38.4
36.7
Other operating expenses
52.4
39.8
31.7
2.9
2.1
Depreciation and amortization expenses
121.5
131.6
(7.7
)
6.8
6.9
General and administrative expenses
92.6
98.4
(5.9
)
5.2
5.1
Total operating expenses
1,560.0
1,577.5
(1.1
)
87.8
82.4
Income from equity investees
0.6
40.3
(98.5
)
0.0
2.1
Operating income
$
217.6
$
377.4
(42.3
)%
12.2
%
19.7
%
Supplemental Ratio:
Store operating expenses as a % of
company-operated store revenues
50.5
%
43.6
%
Oct 2,
Oct 3,
% Change
Oct 2,
Oct 3,
2022
2021
2022
2021
Year
Ended
(52 Weeks Ended)
(53 Weeks Ended)
As a % of International
total net revenues
Net revenues:
Company-operated stores
$
5,361.9
$
5,869.7
(8.7
)%
77.3
%
84.8
%
Licensed stores
1,505.0
981.4
53.4
21.7
14.2
Other
73.2
70.5
3.8
1.1
1.0
Total net revenues
6,940.1
6,921.6
0.3
100.0
100.0
Product and distribution costs
2,357.7
2,187.3
7.8
34.0
31.6
Store operating expenses
2,701.8
2,571.4
5.1
38.9
37.2
Other operating expenses
191.4
147.3
29.9
2.8
2.1
Depreciation and amortization expenses
513.0
544.7
(5.8
)
7.4
7.9
General and administrative expenses
345.3
360.5
(4.2
)
5.0
5.2
Total operating expenses
6,109.2
5,811.2
5.1
88.0
84.0
Income from equity investees
2.3
135.3
(98.3
)
0.0
2.0
Operating income
$
833.2
$
1,245.7
(33.1
)%
12.0
%
18.0
%
Supplemental Ratio:
Store operating expenses as a % of
company-operated store revenues
50.4
%
43.8
%
Channel Development
Oct 2,
Oct 3,
% Change
Oct 2,
Oct 3,
2022
2021
2022
2021
Quarter
Ended
(13 Weeks Ended)
(14 Weeks Ended)
As a % of Channel Development
total net revenues
Net revenues:
$
483.7
$
438.3
10.4
%
Product and distribution costs
309.0
277.5
11.4
63.9
%
63.3
%
Other operating expenses
16.0
17.0
(5.9
)
3.3
3.9
Depreciation and amortization expenses
—
0.3
nm
—
0.1
General and administrative expenses
4.1
3.4
20.6
0.8
0.8
Total operating expenses
329.1
298.2
10.4
68.0
68.0
Income from equity investees
90.0
79.7
12.9
18.6
18.2
Operating income
$
244.6
$
219.8
11.3
%
50.6
%
50.1
%
Oct 2,
Oct 3,
% Change
Oct 2,
Oct 3,
2022
2021
2022
2021
Year
Ended
(52 Weeks Ended)
(53 Weeks Ended)
As a % of Channel Development
total net revenues
Net revenues
$
1,843.6
$
1,593.6
15.7
%
Product and distribution costs
1,194.2
1,011.2
18.1
64.8
%
63.5
%
Other operating expenses
51.6
31.3
64.9
2.8
2.0
Depreciation and amortization expenses
0.1
1.2
(91.7
)
0.0
0.1
General and administrative expenses
12.2
10.8
13.0
0.7
0.7
Total operating expenses
1,258.1
1,054.5
19.3
68.2
66.2
Income from equity investees
231.8
250.0
(7.3
)
12.6
15.7
Operating income
$
817.3
$
789.1
3.6
%
44.3
%
49.5
%
Corporate and Other
Oct 2,
Oct 3,
% Change
2022
2021
Quarter
Ended
(13 Weeks Ended)
(14 Weeks Ended)
Net revenues
$
19.1
$
30.8
(38.0
)%
Product and distribution costs
20.4
28.2
(27.7
)
Other operating expenses
3.3
4.5
(26.7
)
Depreciation and amortization expenses
30.7
32.9
(6.7
)
General and administrative expenses
362.5
321.0
12.9
Restructuring and impairments
10.7
15.0
(28.7
)
Total operating expenses
427.6
401.6
6.5
Operating loss
$
(408.5
)
$
(370.8
)
10.2
%
Oct 2,
Oct 3,
% Change
2022
2021
Year
Ended
(52 Weeks Ended)
(53 Weeks Ended)
Net revenues
$
95.8
$
97.5
(1.7
)%
Product and distribution costs
88.3
86.4
2.2
Other operating expenses
16.4
14.9
10.1
Depreciation and amortization expenses
126.4
141.9
(10.9
)
General and administrative expenses
1,371.2
1,261.3
8.7
Restructuring and impairments
12.7
15.0
(15.3
)
Total operating expenses
1,615.0
1,519.5
6.3
Operating loss
$
(1,519.2
)
$
(1,422.0
)
6.8
%
Corporate and Other primarily consists of our unallocated
corporate operating expenses.
STARBUCKS CORPORATION
CONSOLIDATED BALANCE
SHEETS
(unaudited, in millions, except
per share data)
Oct 2, 2022
Oct 3, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
2,818.4
$
6,455.7
Short-term investments
364.5
162.2
Accounts receivable, net
1,175.5
940.0
Inventories
2,176.6
1,603.9
Prepaid expenses and other current
assets
483.7
594.6
Total current assets
7,018.7
9,756.4
Long-term investments
279.1
281.7
Equity investments
311.2
268.5
Property, plant and equipment, net
6,560.5
6,369.5
Operating lease, right-of-use asset
8,015.6
8,236.0
Deferred income taxes, net
1,799.7
1,874.8
Other long-term assets
554.2
578.5
Other intangible assets
155.9
349.9
Goodwill
3,283.5
3,677.3
TOTAL ASSETS
$
27,978.4
$
31,392.6
LIABILITIES AND SHAREHOLDERS'
EQUITY/(DEFICIT)
Current liabilities:
Accounts payable
$
1,441.4
$
1,211.6
Accrued liabilities
2,137.1
2,321.2
Accrued payroll and benefits
761.7
772.3
Current portion of operating lease
liability
1,245.7
1,251.3
Stored value card liability and current
portion of deferred revenue
1,641.9
1,596.1
Short-term debt
175.0
—
Current portion of long-term debt
1,749.0
998.9
Total current liabilities
9,151.8
8,151.4
Long-term debt
13,119.9
13,616.9
Operating lease liability
7,515.2
7,738.0
Deferred revenue
6,279.7
6,463.0
Other long-term liabilities
610.5
737.8
Total liabilities
36,677.1
36,707.1
Shareholders' deficit:
Common stock ($0.001 par value) —
authorized, 2,400.0 shares; issued and outstanding, 1,147.9 and
1,180.0 shares, respectively
1.1
1.2
Additional paid-in capital
205.3
846.1
Retained deficit
(8,449.8
)
(6,315.7
)
Accumulated other comprehensive
income/(loss)
(463.2
)
147.2
Total shareholders’ deficit
(8,706.6
)
(5,321.2
)
Noncontrolling interests
7.9
6.7
Total deficit
(8,698.7
)
(5,314.5
)
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY/(DEFICIT)
$
27,978.4
$
31,392.6
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited and in millions)
Year Ended
Oct 2, 2022
Oct 3, 2021
Sep 27, 2020
OPERATING ACTIVITIES:
Net earnings including noncontrolling
interests
$
3,283.4
$
4,200.3
$
924.7
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization
1,529.4
1,524.1
1,503.2
Deferred income taxes, net
(37.8
)
(146.2
)
(25.8
)
Income earned from equity method
investees
(268.7
)
(347.3
)
(280.7
)
Distributions received from equity method
investees
231.2
336.0
227.7
Net gain resulting from divestiture of
certain operations
—
(864.5
)
—
Stock-based compensation
271.5
319.1
248.6
Non-cash lease costs
1,497.7
1,248.6
1,197.6
Loss on retirement and impairment of
assets
91.4
226.2
454.4
Other
(67.8
)
(6.0
)
24.5
Cash provided by/(used in) changes in
operating assets and liabilities:
Accounts receivable
(326.1
)
(43.0
)
(2.7
)
Inventories
(641.0
)
(49.8
)
(10.9
)
Income taxes payable
(149.6
)
286.1
(1,214.6
)
Accounts payable
345.5
189.9
(210.8
)
Deferred revenue
(75.8
)
(6.1
)
31.0
Operating lease liability
(1,625.6
)
(1,488.1
)
(1,231.4
)
Other operating assets and liabilities
339.6
609.8
(37.0
)
Net cash provided by operating
activities
4,397.3
5,989.1
1,597.8
INVESTING ACTIVITIES:
Purchases of investments
(377.9
)
(432.0
)
(443.9
)
Sales of investments
72.6
143.2
186.7
Maturities and calls of investments
67.3
345.5
73.7
Additions to property, plant and
equipment
(1,841.3
)
(1,470.0
)
(1,483.6
)
Net proceeds from the divestiture of
certain operations
59.3
1,175.0
—
Other
(126.3
)
(81.2
)
(44.4
)
Net cash used in investing activities
(2,146.3
)
(319.5
)
(1,711.5
)
FINANCING ACTIVITIES:
Net proceeds/(payments) from issuance of
commercial paper
175.0
(296.5
)
—
Net proceeds from issuance of short-term
debt
36.6
215.1
1,406.6
Repayments of short-term debt
(36.6
)
(349.8
)
(967.7
)
Proceeds from issuance of long-term
debt
1,498.1
—
4,727.6
Repayments of long-term debt
(1,000.0
)
(1,250.0
)
—
Proceeds from issuance of common stock
101.6
246.2
298.8
Cash dividends paid
(2,263.3
)
(2,119.0
)
(1,923.5
)
Repurchase of common stock
(4,013.0
)
—
(1,698.9
)
Minimum tax withholdings on share-based
awards
(127.2
)
(97.0
)
(91.9
)
Other
(9.2
)
—
(37.7
)
Net cash provided by/(used in) financing
activities
(5,638.0
)
(3,651.0
)
1,713.3
Effect of exchange rate changes on cash
and cash equivalents
(250.3
)
86.2
64.7
Net increase/(decrease) in cash and cash
equivalents
(3,637.3
)
2,104.8
1,664.3
CASH AND CASH EQUIVALENTS:
Beginning of period
6,455.7
4,350.9
2,686.6
End of period
$
2,818.4
$
6,455.7
$
4,350.9
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest
$
474.7
$
501.1
$
396.9
Income taxes
$
1,157.6
$
756.3
$
1,699.1
Supplemental
Information
The following supplemental information is provided for
historical and comparative purposes.
U.S. Supplemental
Data
Quarter Ended
($ in millions)
Oct 2, 2022
Oct 3, 2021
(13 Weeks Ended)
(14 Weeks Ended)
Change (%)
Revenues
$5,703.3
$5,333.4
7%
Change in Comparable Store Sales (1)
11%
22%
Change in Transactions
1%
19%
Change in Ticket
10%
3%
Store Count
15,878
15,450
3%
(1)
Includes only Starbucks® company-operated
stores open 13 months or longer. Comparable store sales exclude
Siren Retail stores. Stores that are temporarily closed or
operating at reduced hours due to the COVID-19 pandemic remain in
comparable store sales while stores identified for permanent
closure have been removed.
China
Supplemental Data
Quarter Ended
($ in millions)
Oct 2, 2022
Oct 3, 2021
(13 Weeks Ended)
(14 Weeks Ended)
Change (%)
Revenues
$775.6
$964.0
(20)%
Change in Comparable Store Sales (1)
(16)%
(7)%
Change in Transactions
(17)%
(2)%
Change in Ticket
1%
(5)%
Store Count
6,021
5,360
12%
(1)
Includes only Starbucks® company-operated
stores open 13 months or longer. Comparable store sales exclude the
effects of fluctuations in foreign currency exchange rates, stores
identified for permanent closure and Siren Retail stores. Stores
that are temporarily closed or operating at reduced hours due to
the COVID-19 pandemic remain in comparable store sales while stores
identified for permanent closure have been removed.
Store
Data
Net stores opened/(closed) and
transferred during the period
Quarter Ended
Year Ended
Stores open as of
Oct 2, 2022
Oct 3, 2021
Oct 2, 2022
Oct 3, 2021
Oct 2, 2022
Oct 3, 2021
North America:
Company-operated stores
166
1
355
(248
)
10,216
9,861
Licensed stores
79
73
114
134
7,079
6,965
Total North America
245
74
469
(114
)
17,295
16,826
International:
Company-operated stores
320
259
765
744
8,037
7,272
Licensed stores
198
205
644
543
10,379
9,735
Total International
518
464
1,409
1,287
18,416
17,007
Total Company
763
538
1,878
1,173
35,711
33,833
Non-GAAP Disclosure
In addition to the GAAP results provided in this release, the
company provides certain non-GAAP financial measures that are not
in accordance with, or alternatives for, generally accepted
accounting principles in the United States. Our non-GAAP financial
measures of non-GAAP general and administrative expenses (G&A),
non-GAAP operating income, non-GAAP operating income growth,
non-GAAP operating margin, non-GAAP effective tax rate and non-GAAP
earnings per share exclude the below-listed items and their related
tax impacts, as they do not contribute to a meaningful evaluation
of the company’s future operating performance or comparisons to the
company's past operating performance. The GAAP measures most
directly comparable to non-GAAP G&A, non-GAAP operating income,
non-GAAP operating income growth, non-GAAP operating margin,
non-GAAP effective tax rate and non-GAAP earnings per share are
general and administrative expenses, operating income, operating
income growth, operating margin, effective tax rate and diluted net
earnings per share, respectively.
Non-GAAP
Exclusion
Rationale
Restructuring and impairment costs
Management excludes restructuring and
impairment costs relating to the write-down of certain
company-operated store and corporate assets. Management excludes
these items for reasons discussed above. These expenses are
anticipated to be completed within a finite period of time.
Transaction and integration-related
costs
Management excludes transaction and
integration costs, primarily amortization, of the acquired
intangible assets for reasons discussed above. Additionally, the
majority of these costs will be recognized over a finite period of
time.
Nestlé transaction and integration-related
costs
Management excludes the transaction and
integration-related costs related to the Global Coffee Alliance
with Nestlé (inclusive of incremental costs to grow and develop the
alliance) for reasons discussed above.
Sale of certain company-operated business
and joint venture operations
Management excludes the gain related to
the sale of Evolution Fresh, as well as our South Korea and Russia
joint venture operations as these incremental gains were specific
to the sale activity and for reasons discussed above.
Non-GAAP G&A, non-GAAP operating income, non-GAAP operating
income growth, non-GAAP operating margin, non-GAAP effective tax
rate and non-GAAP earnings per share may have limitations as
analytical tools. 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.
Certain non-GAAP measures included in this report were not
reconciled to the comparable GAAP financial measures. The company
is unable to reconcile these forward-looking non-GAAP financial
measures to the most directly comparable GAAP measures without
unreasonable efforts because the company is currently unable to
predict with a reasonable degree of certainty the type and extent
of certain items that would be expected to impact GAAP measures for
these periods but would not impact the non-GAAP measures. Such
items may include acquisitions, divestitures, restructuring and
other items, which are fluid and unpredictable in nature. In
addition, the company believes such a reconciliation would imply a
degree of precision that may be confusing or misleading to
investors. The unavailable information could have a significant
impact on the company’s GAAP financial results.
STARBUCKS CORPORATION
RECONCILIATION OF SELECTED
GAAP MEASURES TO NON-GAAP MEASURES
(unaudited, in millions except
per share data)
Quarter Ended (1)
Consolidated
Oct 2, 2022
Oct 3, 2021 (2)
Change
(13 Weeks Ended)
(14 Weeks Ended)
Operating income, as reported (GAAP)
$
1,195.5
$
1,482.2
(19.3)%
Restructuring and impairment costs (3)
35.1
55.5
Transaction and integration-related costs
(4)
42.0
48.1
Nestlé transaction and integration-related
costs (5)
—
0.1
Non-GAAP operating income
$
1,272.6
$
1,585.9
(19.8)%
Operating margin, as reported (GAAP)
14.2
%
18.2
%
(400) bps
Restructuring and impairment costs (3)
0.4
0.7
Transaction and integration-related costs
(4)
0.5
0.6
Nestlé transaction and integration-related
costs (5)
—
0.0
Non-GAAP operating margin
15.1
%
19.5
%
(440) bps
Diluted net earnings per share, as
reported (GAAP)
$
0.76
$
1.49
(49.0)%
Restructuring and impairment costs (3)
0.03
0.05
Transaction and integration-related costs
(4)
0.04
0.04
Gain resulting from divestiture of certain
company-operated business and joint venture operations
—
(0.73
)
Income tax effect on Non-GAAP adjustments
(6)
(0.02
)
0.14
Non-GAAP EPS
$
0.81
$
0.99
(18.2)%
(1)
Certain numbers may not foot due to
rounding convention.
(2)
In the first quarter of fiscal 2022, the
company changed its treatment of removing certain integration costs
related to the acquisitions of Starbucks Japan and East China for
its non-GAAP financial measures. Integration costs, primarily
related to information technology investments and
compensation-related programs, are deemed to be representative of
ongoing operations. These integration costs will remain in our
non-GAAP measures; non-GAAP measures for the quarter ended October
3, 2021 have been recast to reflect this change.
(3)
Represents costs associated with our
restructuring efforts.
(4)
Includes amortization expense of acquired
intangible assets associated with the acquisition of East China.
The fourth quarter of fiscal 2022 also includes other expenses
associated with the sale of our Evolution Fresh business.
(5)
Represents costs associated with the
Global Coffee Alliance with Nestlé.
(6)
Adjustments were determined based on the
nature of the underlying items and their relevant jurisdictional
tax rates.
Q4 QTD FY22 NON-GAAP
DISCLOSURE DETAILS
(in millions and before income
taxes)
Q4 QTD FY22
North America
International
Channel Development
Corporate and Other
Consolidated
Statement of Earnings Line Item
Restructuring and Impairment
Costs
Transaction and
Integration-Related Costs
Nestlé Transaction and
Integration- Related Costs
Transaction and
Integration-Related Costs
Restructuring and Impairment
Costs
Total Non-GAAP
Adjustment
Other operating expenses
$
—
$
—
$
—
$
2.0
$
—
$
2.0
Depreciation and amortization expenses
—
40.0
—
—
—
40.0
Restructuring and impairments
24.4
—
—
—
10.7
35.1
Total impact to operating income
$
(24.4
)
$
(40.0
)
$
—
$
(2.0
)
$
(10.7
)
$
(77.1
)
Non-Operating gain
Interest income and other, net
$
0.3
STARBUCKS CORPORATION
RECONCILIATION OF SELECTED
GAAP MEASURES TO NON-GAAP MEASURES
(unaudited, in millions except
per share data)
Year Ended (1)
Consolidated
Oct 2, 2022
Oct 3, 2021 (2)
(52 Weeks Ended)
(53 Weeks Ended)
Change
Operating income, as reported (GAAP)
$
4,617.8
$
4,872.1
(5.2)%
Restructuring and impairment costs (3)
46.0
170.4
Transaction and integration-related costs
(4)
191.2
198.1
Nestlé transaction and integration-related
costs (5)
—
(22.7
)
Non-GAAP operating income
$
4,855.0
$
5,217.9
(7.0)%
Operating margin, as reported (GAAP)
14.3
%
16.8
%
(250) bps
Restructuring and impairment costs (3)
0.1
0.6
Transaction and integration-related costs
(4)
0.6
0.7
Nestlé transaction and integration-related
costs (5)
—
(0.1
)
Non-GAAP operating margin
15.1
%
18.0
%
(290) bps
Diluted net earnings per share, as
reported (GAAP)
$
2.83
$
3.54
(20.1)%
Restructuring and impairment costs (3)
0.04
0.14
Transaction and integration-related costs
(4)
0.17
0.17
Nestlé transaction and integration-related
costs (5)
—
(0.02
)
Gain resulting from divestiture of certain
company-operated business and joint venture operations
(0.01
)
(0.73
)
Correction of prior year estimated tax
expense (6)
(0.02
)
—
Income tax effect on Non-GAAP adjustments
(7)
(0.05
)
0.10
Non-GAAP EPS
$
2.96
$
3.20
(7.5)%
(1)
Certain numbers may not foot due to
rounding convention.
(2)
In the first quarter of fiscal 2022, the
company changed its treatment of removing certain integration costs
related to the acquisitions of Starbucks Japan and East China for
its non-GAAP financial measures. Integration costs, primarily
related to information technology investments and
compensation-related programs, are deemed to be representative of
ongoing operations. These integration costs will remain in our
non-GAAP measures; non-GAAP measures for the year ended October 3,
2021 have been recast to reflect this change.
(3)
Represents costs associated with our
restructuring efforts.
(4)
Includes amortization expense of acquired
intangible assets associated with the acquisition of East China.
Fiscal 2022 also includes other expenses associated with our Russia
market exit and with the sale of our Evolution Fresh business.
Fiscal 2021 also includes amortization expense of acquired
intangible assets associated with the acquisition of Starbucks
Japan.
(5)
Represents costs associated with the
Global Coffee Alliance with Nestlé and a change in estimate
relating to a transaction cost accrual.
(6)
Represents a beneficial
return-to-provision adjustment related to the prior year
divestiture of certain joint venture operations that also received
non-GAAP treatment.
(7)
Adjustments were determined based on the
nature of the underlying items and their relevant jurisdictional
tax rates.
YTD FY22 NON-GAAP DISCLOSURE
DETAILS
(in millions and before income
taxes)
Q4 YTD FY22
North America
International
Channel Development
Corporate and Other
Consolidated
Statement of Earnings Line Item
Restructuring and Impairment
Costs
Transaction and
Integration-Related Costs
Nestlé Transaction and
Integration- Related Costs
Transaction and
Integration-Related Costs
Restructuring and Impairment
Costs
Total Non-GAAP
Adjustment
Other operating expenses
$
—
$
20.0
$
—
$
4.0
$
—
$
24.0
Depreciation and amortization expenses
—
167.1
—
—
—
167.1
General and administrative expenses
—
0.1
—
—
—
0.1
Restructuring and impairments
33.3
—
—
—
12.7
46.0
Total impact to operating income
$
(33.3
)
$
(187.2
)
$
—
$
(4.0
)
$
(12.7
)
$
(237.2
)
Non-Operating gain
Interest income and other, net
$
8.2
RECONCILIATION OF EXTRA WEEK
FOR FISCAL 2021 MEASURES
(unaudited, in millions except
per share data)
The following tables reconcile the impact
of the extra week for the fiscal fourth quarter and fiscal year
ended October 3, 2021, to further enhance the comparability as we
lap the 53rd week that was part of our fiscal 2021 results.
Reconciliation of
Revenues
North America
International
Channel
Development
Corporate and Other
Consolidated
Revenue for the quarter ended October 3,
2021 as reported (GAAP) - 14-weeks
$
5,763.0
$
1,914.6
$
438.3
$
30.8
$
8,146.7
Impact of the extra week
(427.3
)
(126.6
)
(20.5
)
(1.2
)
(575.6
)
Revenue - 13-weeks
$
5,335.7
$
1,788.0
$
417.8
$
29.6
$
7,571.1
Revenue for the quarter ended October 2,
2022 (GAAP) - 13 weeks
$
6,134.4
$
1,777.0
$
483.7
$
19.1
$
8,414.2
Change (%)
15
%
(1
)%
16
%
(35
)%
11
%
Revenue for the year ended October 3,
2021
as reported (GAAP) - 53-weeks
$
20,447.9
$
6,921.6
$
1,593.6
$
97.5
$
29,060.6
Impact of the extra week
(427.3
)
(126.6
)
(20.5
)
(1.2
)
(575.6
)
Revenue - 52-weeks
$
20,020.6
$
6,795.0
$
1,573.1
$
96.3
$
28,485.0
Revenue for the year ended October 2, 2022
(GAAP) - 52 weeks
$
23,370.8
$
6,940.1
$
1,843.6
$
95.8
$
32,250.3
Change (%)
17
%
2
%
17
%
(1
)%
13
%
Reconciliation of
Operating Margin
Consolidated
Operating Margin for the quarter ended
October 3, 2021 as reported (GAAP) - 14-weeks
18.2
%
Non-GAAP Impact
1.3
%
Non-GAAP Operating Margin - 14-weeks
19.5
%
Impact of the extra week
(0.6
)%
Non-GAAP Operating Margin - 13-weeks
18.9
%
Operating Margin for the year ended
October 3, 2021 as reported (GAAP) - 53-weeks
16.8
%
Non-GAAP Impact
1.2
%
Non-GAAP Operating Margin - 53-weeks
18.0
%
Impact of the extra week
(0.2
)%
Non-GAAP Operating Margin - 52-weeks
17.8
%
Reconciliation of
Earnings Per Share
Oct 2,
Oct 3,
%
Quarter
Ended
2022
2021
Change
GAAP Earnings Per Share - 14-weeks
$
1.49
Non-GAAP Impact
(0.50
)
Non-GAAP Earnings Per Share - 14-weeks
0.99
Impact of the extra week
(0.10
)
Non-GAAP Earnings Per Share - 13-weeks
$
0.81
$
0.89
(9
)%
Oct 2,
Oct 3,
%
Year
Ended
2022
2021
Change
GAAP Earnings Per Share - 53-weeks
$
3.54
Non-GAAP Impact
(0.34
)
Non-GAAP Earnings Per Share - 53-weeks
3.20
Impact of the extra week
(0.10
)
Non-GAAP Earnings Per Share - 52-weeks
$
2.96
$
3.10
(5
)%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221103005251/en/
Starbucks Contact, Investor Relations: Tiffany Willis
investorrelations@starbucks.com
Starbucks Contact, Media: Reggie Borges
press@starbucks.com 206-318-7100
Starbucks (NASDAQ:SBUX)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Starbucks (NASDAQ:SBUX)
Historical Stock Chart
Von Apr 2023 bis Apr 2024