Other companies may calculate these non-GAAP financial measures differently than the company does, limiting the usefulness of those measures for comparative purposes. Gain on sale of certain retail operations. Represents costs associated with the Global Coffee Alliance with Nestlé. Impairment and GAAP results in fiscal 2020 and fiscal 2019 include items that are excluded from non-GAAP results. Starbucks’ full-year net revenue in the 2020 fiscal year was $23.5 billion, down 11% from the prior year. Represents costs associated with our restructuring efforts, primarily severance and asset impairments related to certain company-operated store closures. Starbucks Corporation (Nasdaq: SBUX) plans to release its fourth quarter and fiscal year 2020 financial results after the market close on Thursday, October 29, 2020 with a conference call to follow at 2:00 p.m. PT. Actual future results and trends may differ materially depending on a variety of factors, including, but not limited to: further spread of COVID-19; 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 potential for a resurgence of COVID-19 infections in a given geographic region after it has hit its “peak”; 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, including the integration of the East China business and the successful expansion of our Global Coffee Alliance with Nestlé; our ability to obtain financing on acceptable terms; the acceptance of the company’s products by our customers, evolving consumer preferences and tastes and the availability of consumer financing; changes in the availability and cost of labor; the impact of competition; inherent risks of operating a global business; 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 and other risks detailed in the company filings with the Securities and Exchange Commission, including the “Risk Factors” sections of Starbucks Annual Report on Form 10-K for the fiscal year ended September 29, 2019 and Starbucks Quarterly Report on Form 10-Q for the fiscal quarter ended June 28, 2020. All rights reserved. Starbucks Corporation - Starbucks Reports Q3 Fiscal 2020 Results. 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. Corporate and Other primarily consists of our unallocated corporate operating expenses and Evolution Fresh. SEATTLE--(BUSINESS WIRE)-- The conference call will be webcast, including closed captioning, and can be accessed on the company’s website: http://investor.starbucks.com. Starbucks will hold a conference call today at 2:00 p.m. Pacific Time, which will be hosted by Kevin Johnson, president and ceo, and Patrick Grismer, cfo. The company's fiscal year ( FY ) ended in September. 206-318-7100 Please note that Starbucks fiscal year 2021 is a 53-week year instead of the usual 52 weeks. By the end of fiscal 2023, Starbucks expects drive-thru, Starbucks Pickup, and other new store formats to make up 45% of the U.S. store base, up from around 35% today. 13-weeks), (Projected 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. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. It does not incorporate any impacts of COVID-19 on non-operating items, such as interest income, interest expense, income taxes and outstanding shares. Non-GAAP G&A as a percentage of total net revenues for fiscal years 2020, 2019 and 2018 was 7.1%, 6.5% and 6.4%, respectively. Please note that Starbucks fiscal year 2021 is a 53-week year instead of the usual 52 weeks. Today, with over 32,000 stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. • 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. Such items may include acquisitions, divestitures, restructuring and other items. The impact of the 53rd week will be reflected in our results for the fourth quarter in fiscal 2021. GAAP results in fiscal 2020 and fiscal 2019 include items which are excluded from non-GAAP results. 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. Starbucks expects adjusted earnings growth of at least 20% in fiscal 2022. In this earnings release, we estimated the impact of COVID-19 by comparing actual results to our previous forecasts. 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 … Starbucks is seeing a sharp rebound this fiscal year: adjusted EPS should return to a range of $2.70 to $2.90. 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 … GAAP results in fiscal 2020 and fiscal 2019 include items that are excluded from non-GAAP results. Starbucks is expecting adjusted earnings per share growth of 10% to 12% in 2023 and 2024. SEATTLE – Fiscal 2021 is forecast to be a bounce-back year for Starbucks Corp. By scanning a code on the coffee bag or entering a serial number, the tool transforms each bag of coffee beans into a digital passport, launching coffee lovers on a virtual expedition to meet farmers, roasters and baristas and to explore coffee-growing regions around the world. In addition to the fourth quarter and fiscal year 2020 results, fiscal year 2021 guidance will be provided on the conference call. Starbucks plans to open 1,100 net new stores globally in 2021, including 600 in China and 50 in the Americas. 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. 206-318-7118 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. 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 … 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. 2. Includes only Starbucks® company-operated stores open 13 months or longer. Key takeaways from Starbucks Q3 FY20 earnings results. 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. 206-318-7118 Durga Doraisamy Net stores opened/(closed) and transferred during the period. Starbucks Corporation (Nasdaq: SBUX) plans to release its fourth quarter and fiscal year 2020 financial results after the market close on Thursday, October 29, 2020 with a … For the fiscal year 2020, the Seattle-based coffee chain's revenue was down 11.3% due to the Covid-19 pandemic and loss of sales. The company's fiscal year ( FY ) ended in September. Starbucks Announces Q4 and Fiscal Year 2020 Results Conference Call. STARBUCKS CORPORATION Fiscal Year 2020 Guidance The company's fiscal year 2020 guidance is unchanged from what was provided in conjunction with its Q4 fiscal 2019 earnings report, which excludes any impact of the coronavirus. Starbucks Announces Q2 Fiscal Year 2020 Results Conference Call. The conference call will be webcast, including closed captioning, and … Reggie Borges The company assumes no obligation to update any of these forward-looking statements. 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). SEATTLE--(BUSINESS WIRE)- … The International segment reported operating income of $179.5 million in Q4 FY20 compared to $262.7 million in Q4 FY19. SEATTLE--(BUSINESS WIRE)--Starbucks Corporation (Nasdaq: SBUX) plans to release its second quarter fiscal year 2020 financial results after the market close on Tuesday, April 28, 2020 … For fiscal year 2020, Starbucks recorded total revenue of $23.52 billion. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended September 27, 2020. Management excludes the gains related to the sale of our retail operations in Thailand, France and the Netherlands as these items do not reflect future gains or tax impacts for reasons discussed above. 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. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 29, 2020. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: The following supplemental information is provided for historical and comparative purposes. Fiscal 2021 Outlook Reaffirms Path to Full Recovery. The caption "Product and distribution costs" replaced "Cost of sales" in financial statements published in periods prior to our third quarter of fiscal 2020. You can sign up for additional subscriptions at any time. “We’ve already guided to a significant rebound for fiscal ’21 as we lap the extreme impacts of COVID-19 that we experienced in fiscal ’20,” said Patrick J. Grismer, chief financial officer, during Starbucks’ Dec. 9 virtual investor day. Starbucks Corporation plans to release its fourth quarter and fiscal year 2020 financial results after the market close on Thursday, October 29, 2020 with a … Integration Costs, Nestlé Transaction In addition to the fourth quarter and fiscal year 2020 results, fiscal year 2021 guidance will be provided on the conference call. Refer to the Starbucks Investor Relations website for additional information regarding historical non-GAAP information. The unavailable information could have a significant impact on the company’s GAAP financial results. SEATTLE--(BUSINESS WIRE)--Starbucks Corporation (Nasdaq: SBUX) plans to release its fourth quarter and fiscal year 2020 financial results after the market close on Thursday, October 29, 2020 with a conference call to follow at 2:00 p.m. PT. 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). Please note that Starbucks fiscal year 2021 is a 53-week year instead of the usual 52 weeks. To share in the experience, please visit us in our stores or online at http://news.starbucks.com or www.starbucks.com. GAAP results in fiscal 2020 and fiscal 2019 include items which are excluded from non-GAAP results. The impact of the 53 rd week will be reflected in our results for the fourth quarter in fiscal 2021. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. These net new store openings bring the China total store count to over 4,700 company-operated Starbucks stores. 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. (1) Corporate and Other store data includes the closure of 12 Teavana® retail stores in the first quarter of fiscal 2019. 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 year 2020 on a 52-week basis. 5. 4. In this earnings release, the EPS impact of COVID-19 represents an approximation based on the pandemic’s estimated impact on operating results. A replay of the webcast will be available on the company’s website until end of day, Friday, November 27, 2020. The impact of the 53 rd week will be reflected in our results for the fourth quarter of fiscal 2021. Management excludes transaction and integration costs and amortization of the acquired intangible assets for reasons discussed above. Please note that Starbucks fiscal year 2021 is a 53-week year instead of the usual 52 weeks. 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. 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. Impairment & 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. Full … Business Wire. Comparable-store sales declined 14% in fiscal year 2020 compared to the prior year. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. Starbucks Announces Q4 and Fiscal Year 2020 Results Conference Call. 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. SEATTLE – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 29, 2020. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. 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. To share in the experience, please visit us in our stores or online at stories.starbucks.com or www.starbucks.com. Such items may include acquisitions, divestitures, restructuring and other items. GAAP results in fiscal 2020 and fiscal … 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. 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. Net gain resulting from divestiture of certain operations, Net loss attributable to noncontrolling interests, As a % of These net new store openings bring the China total store count to over 4,700 company-operated Starbucks stores. Within the U.S. and Canada licensed store portfolios, the remaining temporary closures were predominantly in airport, college and university locations. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 29, 2020. Operating income increased 4% to $197.9 million in Q4 FY20, up from $190.9 million in Q4 FY19. The unavailable information could have a significant impact on the company’s GAAP financial results. Starbucks Corporation (Nasdaq: SBUX) plans to release its third quarter fiscal year 2020 financial results after the market close on Tuesday, July 28, In addition to the fourth quarter and fiscal year 2020 results, fiscal year 2021 guidance will be provided on the conference call. In fiscal year 2022, it will likely be closer to 3 percent and 6 percent, respectively. Article - 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 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. 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. Q4 GAAP EPS of $0.33; Non-GAAP EPS of $0.51 Reflecting Substantial Improvement from Q3 Optimization Costs, International Contact Information and Shareholder Assistance, https://www.businesswire.com/news/home/20201029006207/en/. 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. 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. That’s down from just under $11 billion a year ago. To receive notifications via email, enter your email address and select at least one subscription below. 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. Refer to the Starbucks Investor Relations website for additional information regarding historical non-GAAP information. 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. , the remaining temporary closures were predominantly in airport, college and university locations new Starbucks Traceability! 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