View source version on businesswire.com: Starbucks® Rewards loyalty program 90-day active members in the U.S. increased to 19.3 million, up 10% year-over-year Full Year Fiscal 2020 Highlights Global comparable store sales declined 14%, driven by a 22% decrease in comparable transactions, partially offset by a … The impact of the 53rd week will be reflected in our results for the fourth quarter in fiscal 2021. Starbucks projected that comparable-store sales will race back to growth in the fiscal year ahead, landing at between 18% and 23% compared to this past year's 14% slump. Generally, these statements can be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “remain,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Non-GAAP G&A as a percentage of total net revenues for fiscal years 2019 and 2018 was 6.5% and 6.4%, respectively. The company will provide additional information regarding its business outlook during its regularly scheduled quarterly earnings conference call today; this information will also be available following the call on the company’s website at http://investor.starbucks.com. Share on Facebook; Share on Twitter; Share on LinkedIn; Share in email; Starbucks today announced its Q3 FY20 earnings results, providing insight into the company’s continued road to recovery from the COVID-19 pandemic. Includes only Starbucks® company-operated stores open 13 months or longer. 206-318-7100 To receive notifications via email, enter your email address and select at least one subscription below. The conference call will be webcast, including closed captioning, and can be accessed on the company’s website: http://investor.starbucks.com. These decreases were partially offset by 1,117 net new store openings, or 8% store growth, over the past 12 months. https://www.businesswire.com/news/home/20201029006207/en/, Starbucks Contact, Investor Relations: SEATTLE--(BUSINESS WIRE)- … Net stores opened/(closed) and transferred during the period. Reggie Borges As a part of the company's commitment to 100% ethically sourced coffee, Starbucks announced the new Starbucks Digital Traceability tool. Today, with over 32,000 stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Stores that are temporarily closed or operating at reduced hours due to the COVID-19 outbreak remain in comparable store sales while stores identified for permanent closure have been removed. Starbucks Corporation - Starbucks Reports Q3 Fiscal 2020 Results. 206-318-7118 The company assumes no obligation to update any of these forward-looking statements. Business Wire. In this earnings release, we estimated the impact of COVID-19 by comparing actual results to our previous forecasts. The company's fiscal year ( FY ) ended in September. SEATTLE--(BUSINESS WIRE)-- Management excludes the incremental stock-based compensation award granted in the third quarter of fiscal 2018, and vested in the third quarter of fiscal 2019, for reasons discussed above. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. Nestlé transaction and integration-related costs. Starbucks reported adjusted earnings per share of $.79, and revenues of $7.1 billion for Q1 fiscal year 2020, compared to analyst estimates of $.76 … Subsequent to our year-end, on September 30, 2020, we declared a cash dividend of $0.45 per share payable on November 27, 2020 to shareholders of record on November 12, 2020. As of the end of Q4 FY20, approximately 93% of our global licensed store portfolio was open. Management excludes the estimated transition tax on undistributed foreign earnings, the impacts of estimated incremental foreign withholding taxes on expected repatriated earnings and the re–measurement of deferred tax assets and liabilities due to the reduction of the U.S. federal corporate income tax rate for reasons discussed above. As of the end of fiscal year 2020, the company had opened 581 net new stores in China, with 259 net new stores opened in the fourth quarter of fiscal 2020, representing a record-level pace of store development for Starbucks China. 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 EPS may have limitations as analytical tools. SEATTLE – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal first quarter ended December 29, 2019.GAAP results in fiscal 2020 and fiscal 2019 include items which are excluded from non-GAAP results. Starbucks has been demonstrating a recovery in these metrics, though, … For Starbucks, the fiscal year ended on September 27, 2020, and the company reported $23.5 billion in revenue - a decrease of 11.3% from $26.5 billion a year earlier. The company said its digital sales mix stood at 26 percent at the end of the fourth quarter of fiscal year 2020, which ended in September — up two times over the previous year’s level. Operating margin contracted 470 basis points to 12.0%, primarily due to the impact of the COVID-19 outbreak, mainly sales deleverage and additional costs incurred including non-restructuring related store asset impairments, as well as strategic investments, mainly technology and digital initiatives in China and Japan. July 28, 2020 • 3 min read. Key takeaways from Starbucks Q3 FY20 earnings results. A replay of the webcast will be available on the company's website until end of day, Friday, November 27, 2020. Comparable store sales include stores that were temporarily closed as a result of the COVID-19 outbreak, and for the fourth quarter of fiscal 2020, include a 4% benefit related to a temporary value-added tax exemption. The company … GAAP results in fiscal 2020 and fiscal 2019 include items which are excluded from non-GAAP results. Related Costs, Restructuring, Operating margin of 12.1% contracted 810 basis points, primarily due to expenses relating to the Americas store portfolio optimization, the impact of the COVID-19 outbreak including sales deleverage and additional costs incurred, as well as growth in retail partner wages and benefits, partially offset by labor efficiency. Restructuring, Certain non-GAAP measures included in our press release and in our investor conference call related to these results were not reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. A replay of the webcast will be available on the company’s website until end of day, Friday, November 27, 2020. The decline was primarily driven by an 8% unfavorable impact of Global Coffee Alliance transition-related activities, including a structural change in our single-serve business, as well as an adverse impact of COVID-19 on the Foodservice business, partially offset by growth in at-home coffee and ready-to-drink products. The unavailable information could have a significant impact on the company’s GAAP financial results. 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 EPS are general and administrative expenses, operating income, operating income growth, operating margin, effective tax rate and diluted net EPS, respectively. Other companies may calculate these non-GAAP financial measures differently than the company does, limiting the usefulness of those measures for comparative purposes. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Starbucks plans to open 1,100 net new stores globally in 2021, including 600 in China and 50 in the Americas. As part of the earnings report, the company shared it continues to focus on three key principles as it navigates through COVID-19: prioritize the well-being of partners (employees) and customers, support health and government officials, and responsibly serve … Net gain resulting from divestiture of certain operations, Net loss attributable to noncontrolling interests, As a % of Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. 53-weeks), Income tax effect on Non-GAAP adjustments (3). In addition to the fourth quarter and fiscal year 2020 results, fiscal year 2021 guidance will be provided on the conference call. Besides the name change, there were no other changes in the types of costs reported within the caption. Impairment & Global comparable store sales declined 9%, driven by a 23% decrease in comparable transactions, partially offset by a 17% increase in average ticket, Americas and U.S. comparable store sales declined 9%, driven by a 25% decrease in comparable transactions, partially offset by a 21% increase in average ticket, International comparable store sales were down 10%, driven by a 15% decline in comparable transactions, partially offset by a 7% increase in average ticket; China comparable store sales were down 3%, with comparable transactions down 7%, partially offset by a 5% increase in average ticket; International and China comparable store sales are inclusive of a benefit from value-added tax exemptions of approximately 2% and 4%, respectively, The company opened 480 net new stores in Q4, yielding 4% year-over-year unit growth, ending the period with 32,660 stores globally, of which 51% and 49% were company-operated and licensed, respectively, Stores in the U.S. and China comprised 61% of the company’s global portfolio at the end of Q4, with 15,337 and 4,706 stores, respectively, Consolidated net revenues of $6.2 billion declined 8% from the prior year primarily due to lost sales related to the COVID-19 outbreak, Lost sales of approximately $1.2 billion relative to the company’s expectations before the outbreak included the effects of modified operations, reduced hours, reduced customer traffic and temporary store closures, GAAP operating margin of 9.0%, down from 16.1% in the prior year primarily due to the COVID-19 outbreak, mainly sales deleverage, material investments in retail partner support and other items; GAAP operating margin was also adversely impacted by the Americas store portfolio optimization expenses, Non-GAAP operating margin of 13.2%, down from 17.2% in the prior year, GAAP earnings per share of $0.33, down from $0.67 in the prior year primarily due to unfavorable impacts related to the COVID-19 outbreak totaling approximately -$0.35 per share, Non-GAAP earnings per share of $0.51, down from $0.70 in the prior year, Starbucks® Rewards loyalty program 90-day active members in the U.S. increased to 19.3 million, up 10% year-over-year, Global comparable store sales declined 14%, driven by a 22% decrease in comparable transactions, partially offset by a 10% increase in average ticket, Americas and U.S. comparable store sales declined 12%, driven by a 21% decrease in comparable transactions, partially offset by an 11% increase in average ticket, International comparable store sales were down 19%, driven by a 23% decline in comparable transactions, partially offset by a 5% increase in average ticket; China comparable store sales declined 17%, driven by a 21% decrease in comparable transactions, slightly offset by a 5% increase in average ticket; International and China comparable store sales are inclusive of a benefit from value-added tax exemptions of approximately 1% and 2%, respectively, Consolidated net revenues of $23.5 billion declined 11.3% from the prior year primarily due to lost sales related to the COVID-19 outbreak, Lost sales of approximately $5.1 billion relative to the company’s expectations before the outbreak included the effects of temporary store closures, modified operations, reduced hours and reduced customer traffic, GAAP operating margin of 6.6%, down from 15.4% in the prior year primarily due to the COVID-19 outbreak, mainly sales deleverage, material investments in retail partner support and other items, Non-GAAP operating margin of 9.1%, down from 17.2% in the prior year, GAAP earnings per share of $0.79, down from $2.92 in the prior year primarily due to unfavorable impacts related to the COVID-19 outbreak totaling approximately -$2.01 per share, Non-GAAP earnings per share of $1.17, down from $2.83 in the prior year, Global comparable store sales growth of 18% to 23%, Americas and U.S. comparable store sales growth of 17% to 22%, International comparable store sales growth of 25% to 30%, China comparable store sales growth of 27% to 32%, Approximately 2,150 new store openings and 1,100 net new Starbucks stores globally, Americas approximately 850 new store openings and approximately 50 net new stores, International approximately 1,300 new store openings and 1,050 net new stores, Approximately 600 net new stores in China, Consolidated revenue of $28.0 billion to $29.0 billion, inclusive of a $500 million impact attributable to the 53, Channel Development revenue of $1.4 billion to $1.6 billion, Consolidated GAAP operating margin of 14% to 15%, Consolidated Non-GAAP operating margin of 16% to 17%, Interest expense of approximately $470 million to $480 million, GAAP and non-GAAP effective tax rates in the mid-20%s, GAAP EPS in the range of $0.32 to $0.37 for Q1 and $2.34 to $2.54 for full year, inclusive of a $0.10 impact attributable to the 53, Non-GAAP EPS in the range of $0.50 to $0.55 for Q1 and $2.70 to $2.90 for full year, inclusive of a $0.10 impact attributable to the 53, Capital expenditures of approximately $1.9 billion. 5. In this earnings release, the EPS impact of COVID-19 represents an approximation based on the pandemic’s estimated impact on operating results. Impairment and Starbucks Reports Q2 Fiscal 2020 Results Q2 Consolidated Net Revenues of $6.0 Billion, Down 5% from Prior Year Due to Adverse Impact of COVID-19 Q2 GAAP EPS of $0.28; Non-GAAP EPS of $0.32 Reflecting Material Sales Deleverage and Retail Partner Support COVID-19 Impacts Expected to Intensify in Q3 and Moderate in Q4 Substantial Recovery in China Expected by End of Fiscal 2020 … Comparable store sales include a 2% benefit related to a temporary value-added tax exemption in China. These net new store openings bring the China total store count to over 4,700 company-operated Starbucks stores. The impact of the 53 rd week will be reflected in our results for the fourth quarter in fiscal 2021. These forecasts were created before the spread of the virus and were based on information available at the time and on various assumptions that we believe were reasonable. The conference call will be webcast, including closed captioning, and can be accessed on the company Please refer to the reconciliation of GAAP … For a complete reconciliation of our historical GAAP to non-GAAP measures, please see the reconciliation documents located on the Supplemental Financial Data page of our IR website at … Certain non-GAAP measures included in this report were not reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. Comparable-store sales declined 14% in fiscal year 2020 compared to the prior year. investorrelations@starbucks.com, Starbucks Contact, Media: The caption "Product and distribution costs" replaced "Cost of sales" in financial statements published in periods prior to our third quarter of fiscal 2020. Starbucks Corporation (Nasdaq: SBUX) plans to release its third quarter fiscal year 2020 financial results after the market close on Tuesday, July 28, 2020 with a conference call to follow at 2:00 p.m. PT. The company's fiscal year ( FY ) ended in September. The impact of the 53rd week will be reflected in our results for the fourth quarter of fiscal 2021. STARBUCKS CORPORATION Fiscal Year 2020 Guidance Updated on July 28, 2020 The guidance noted below is for Q4 FY20 and fiscal year 2020, and the growth metrics are relative to Q4 FY19 and fiscal year 2019. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal third quarter ended June 28, 2020. Adjustments to reconcile net earnings to net cash provided by operating activities: Income earned from equity method investees, Distributions received from equity method investees, Gain resulting from acquisition of joint venture, Net gain resulting from divestiture of certain retail operations, Loss on retirement and impairment of assets. Represents costs associated with our restructuring efforts in the U.S. and Canada company-operated businesses. April 14, 2020 05:00 PM Eastern Daylight Time. These forward-looking statements do not represent historical data, are based on currently available operating, financial and competitive information and are subject to a number of significant risks and uncertainties. Cash provided by/(used in) changes in operating assets and liabilities: Net cash provided by operating activities, Additions to property, plant and equipment, Net proceeds from the divestiture of certain operations, Proceeds from issuance of short-term debt, Minimum tax withholdings on share-based awards, Net cash provided by/(used in) financing activities, Effect of exchange rate changes on cash and cash equivalents, Net increase/(decrease) in cash and cash equivalents. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. 6. Full … The International segment reported operating income of $179.5 million in Q4 FY20 compared to $262.7 million in Q4 FY19. 206-318-7100 Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. Starbucks assumes no obligation to update any of these forward-looking statements or information. Starbucks guided for its fiscal first quarter and full-year fiscal 2021, forecasting global same-store sales growth between 18% and 23% and revenue between $28 billion and $29 billion for 2021. For fiscal 2023 and fiscal 2024, that growth will be as high as 12%. Represents costs associated with our restructuring efforts, primarily severance and asset impairments related to certain company-operated store closures. Refer to the Starbucks Investor Relations website for additional information regarding historical non-GAAP information. Starbucks Announces Q1 Fiscal Year 2020 Results Conference Call Contacts Starbucks Contact, Investor Relations: Durga Doraisamy 206-318-7118 investorrelations@starbucks.com Durga Doraisamy Starbucks said it sees its store base rising to roughly 55,000 units in fiscal year 2030, largely driven by continued expansion in China. A replay of the webcast will be available on the … In addition to the fourth quarter and fiscal year 2020 results, fiscal year 2021 guidance will be provided on the conference call. Now in company-operated stores in the U.S. and Canada, new and current Starbucks Rewards members are able to pay with cash, credit/debit cards or select mobile wallets and earn Stars toward free items without having to preload a Starbucks Card within the app. Net revenues for the International segment of $1.5 billion in Q4 FY20 were 5% lower relative to Q4 FY19, primarily due to a 10% decrease in comparable store sales as well as lower product sales to and royalty revenues from our international licensees as a result of lost sales related to the COVID-19 outbreak. Within the U.S. and Canada licensed store portfolios, the remaining temporary closures were predominantly in airport, college and university locations. Starbucks Announces Q4 and Fiscal Year 2020 Results Conference Call. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: The following supplemental information is provided for historical and comparative purposes. That’s basically in line with the $2.83 posted in FY2019. Transaction and Integration Costs, Nestlé Transaction Comparable-store sales declined 14% in fiscal year 2020 compared to the prior year. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 29, 2020. As a continuation of the company’s passion and commitment to a more sustainable future, Starbucks joined the new “Transform to Net Zero” initiative as one of nine founding members. Prepaid expenses and other current assets, LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT), Current portion of operating lease liability, Stored value card liability and current portion of deferred revenue, Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,173.3 and 1,184.6 shares, respectively, TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT). • All full-year guidance for the metrics noted below is for fiscal year 2021 on a 53-week basis except comparable store sales growth metrics, which are relative to fiscal 2020 on a 52-week basis. GAAP results in fiscal 2020 and fiscal 2019 include items that are excluded from non-GAAP results. Optimization Costs, Nestlé transaction and integration-related costs (4), Non-GAAP G&A as a % of total net revenues (5), Income tax effect on Non-GAAP adjustments (7). 4. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. The initiative’s objective is to accelerate the transition to a net-zero emissions global economy no later than 2050. Please note, the guidance provided above is dependent on our current expectations, which may be impacted by evolving external conditions and local safety guidelines as well as shifts in customer routines, preferences and mobility. Comparable store sales include stores that were temporarily closed as a result of the COVID-19 outbreak and exclude stores identified for permanent closure. Represents the estimated impact of the U.S. Tax Cuts and Jobs Act, specifically the transition tax on undistributed foreign earnings, estimated incremental foreign withholding taxes on expected repatriated earnings and the re-measurement of deferred taxes. The conference call will be webcast, including closed captioning, and can be accessed on the company’s website: http://investor.starbucks.com . 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