Quarter Ended | Change (%) | ||
($ in millions) | Jun 27, 2021 | Jun 28, 2020 | |
Change in Comparable Store Sales (1)
| 84% | (41)% | |
Change in Transactions | 82% | (53)% | |
Change in Ticket | 1% | 27% | |
Store Count | 18,175 | 18,235 | nm |
Revenues | $5,400.3 | $2,805.5 | 92% |
Operating Income/(Loss) | $1,315.7 | ($404.9) | nm |
Operating Margin/(Loss) | 24.4% | (14.4)% | 3,880 bps |
(1) Includes only Starbucks® company-operated stores open 13 months or longer. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Stores that are temporarily closed or operating at reduced hours due to the COVID-19 pandemic remain in comparable store sales while stores identified for permanent closure have been removed.
|
Quarter Ended | Change (%) | ||
($ in millions) | Jun 27, 2021 | Jun 28, 2020 | |
Change in Comparable Store Sales (1)
| 41% | (37)% | |
Change in Transactions | 55% | (44)% | |
Change in Ticket | (9)% | 13% | |
Store Count | 15,120 | 13,945 | 8% |
Revenues | $1,658.4 | $949.6 | 75% |
Operating Income/(Loss) | $318.3 | ($86.0) | nm |
Operating Margin/(Loss) | 19.2% | (9.1)% | 2,830 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. For the third quarter of fiscal 2021, the International segment's comparable store sales included a 5% adverse impact from lapping the prior-year value-added tax benefit in China.
|
Net revenues for the International segment grew 75% over Q3 FY20 to $1.7 billion in Q3 FY21, driven by a 41% increase in comparable store sales primarily due to lapping the impact of the COVID-19 pandemic in the prior year, higher product sales to and royalty revenues from our licensees including the lapping of temporary royalty relief granted in the prior year, 1,175 net new store openings, or 8% store growth, over the past 12 months, and a 10% favorable impact from foreign currency translation.
Quarter Ended | Change (%) | ||
($ in millions) | Jun 27, 2021 | Jun 28, 2020 | |
Revenues | $414.0 | $447.3 | (7)% |
Operating Income | $216.0 | $124.2 | 74% |
Operating Margin | 52.2% | 27.8% | 2,440 bps |
Starbucks Contact, Investor Relations: | Starbucks Contact, Media: |
Greg Smith | Maggie Jantzen |
206-318-7118 | 206-318-7100 |
investorrelations@starbucks.com | press@starbucks.com |
Quarter Ended | Quarter Ended | |||||||||
Jun 27, 2021 |
Jun 28, 2020 |
%
Change
|
Jun 27, 2021 |
Jun 28, 2020 | ||||||
As a % of total net revenues | ||||||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 6,363.1 | $ | 3,444.4 | 84.7 | % | 84.9 | % | 81.6 | % |
Licensed stores | 680.2 | 300.5 | 126.4 | 9.1 | 7.1 | |||||
Other | 453.2 | 477.2 | (5.0) | 6.0 | 11.3 | |||||
Total net revenues | 7,496.5 | 4,222.1 | 77.6 | 100.0 | 100.0 | |||||
Product and distribution costs | 2,206.0 | 1,484.0 | 48.7 | 29.4 | 35.1 | |||||
Store operating expenses | 2,966.9 | 2,537.8 | 16.9 | 39.6 | 60.1 | |||||
Other operating expenses | 71.4 | 133.6 | (46.6) | 1.0 | 3.2 | |||||
Depreciation and amortization expenses | 354.3 | 361.0 | (1.9) | 4.7 | 8.6 | |||||
General and administrative expenses | 494.9 | 399.9 | 23.8 | 6.6 | 9.5 | |||||
Restructuring and impairments | 19.8 | 78.1 | (74.6) | 0.3 | 1.8 | |||||
Total operating expenses | 6,113.3 | 4,994.4 | 22.4 | 81.5 | 118.3 | |||||
Income from equity investees | 105.5 | 68.4 | 54.2 | 1.4 | 1.6 | |||||
Operating income/(loss) | 1,488.7 | (703.9) | nm | 19.9 | (16.7) | |||||
Interest income and other, net | 36.0 | 12.7 | 183.5 | 0.5 | 0.3 | |||||
Interest expense | (113.4) | (120.8) | (6.1) | (1.5) | (2.9) | |||||
Earnings/(loss) before income taxes | 1,411.3 | (812.0) | nm | 18.8 | (19.2) | |||||
Income tax expense/(benefit) | 257.1 | (133.9) | nm | 3.4 | (3.2) | |||||
Net earnings/(loss) including noncontrolling interests | 1,154.2 | (678.1) | nm | 15.4 | (16.1) | |||||
Net earnings attributable to noncontrolling interests | 0.8 | 0.3 | 166.7 | - | - | |||||
Net earnings/(loss) attributable to Starbucks | $ | 1,153.4 | $ | (678.4) | nm | 15.4 | % | (16.1) | % | |
Net earnings/(loss) per common share - diluted | $ | 0.97 | $ | (0.58) | nm | |||||
Weighted avg. shares outstanding - diluted | 1,186.2 | 1,168.5 | ||||||||
Cash dividends declared per share | $ | 0.45 | $ | 0.41 | ||||||
Supplemental Ratios: | ||||||||||
Store operating expenses as a % of company-operated store revenues | 46.6 | % | 73.7 | % | ||||||
Effective tax rate including noncontrolling interests | 18.2 | % | 16.5 | % |
Three Quarters Ended | Three Quarters Ended | |||||||||
Jun 27, 2021 |
Jun 28, 2020 |
%
Change
|
Jun 27, 2021 |
Jun 28, 2020 | ||||||
As a % of total net revenues | ||||||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 17,742.8 | $ | 13,991.0 | 26.8 | % | 84.8 | % | 80.8 | % |
Licensed stores | 1,889.0 | 1,782.4 | 6.0 | 9.0 | 10.3 | |||||
Other | 1,282.1 | 1,541.5 | (16.8) | 6.1 | 8.9 | |||||
Total net revenues | 20,913.9 | 17,314.9 | 20.8 | 100.0 | 100.0 | |||||
Product and distribution costs | 6,247.5 | 5,718.2 | 9.3 | 29.9 | 33.0 | |||||
Store operating expenses | 8,657.6 | 8,080.7 | 7.1 | 41.4 | 46.7 | |||||
Other operating expenses | 250.8 | 330.3 | (24.1) | 1.2 | 1.9 | |||||
Depreciation and amortization expenses | 1,087.0 | 1,068.3 | 1.8 | 5.2 | 6.2 | |||||
General and administrative expenses | 1,431.4 | 1,240.6 | 15.4 | 6.8 | 7.2 | |||||
Restructuring and impairments | 115.0 | 83.7 | 37.4 | 0.5 | 0.5 | |||||
Total operating expenses | 17,789.3 | 16,521.8 | 7.7 | 85.1 | 95.4 | |||||
Income from equity investees | 265.3 | 210.3 | 26.2 | 1.3 | 1.2 | |||||
Operating income | 3,389.9 | 1,003.4 | 237.8 | 16.2 | 5.8 | |||||
Interest income and other, net | 68.6 | 30.7 | 123.5 | 0.3 | 0.2 | |||||
Interest expense | (349.2) | (312.1) | 11.9 | (1.7) | (1.8) | |||||
Earnings before income taxes | 3,109.3 | 722.0 | 330.7 | 14.9 | 4.2 | |||||
Income tax expense | 673.6 | 190.0 | 254.5 | 3.2 | 1.1 | |||||
Net earnings including noncontrolling interests | 2,435.7 | 532.0 | 357.8 | 11.6 | 3.1 | |||||
Net earnings/(loss) attributable to noncontrolling interests | 0.8 | (3.7) | nm | - | - | |||||
Net earnings attributable to Starbucks | $ | 2,434.9 | $ | 535.7 | 354.5 | 11.6 | % | 3.1 | % | |
Net earnings per common share - diluted | $ | 2.06 | $ | 0.45 | 357.8 | % | ||||
Weighted avg. shares outstanding - diluted | 1,184.7 | 1,182.7 | ||||||||
Cash dividends declared per share | $ | 1.80 | $ | 1.23 | ||||||
Supplemental Ratios: | ||||||||||
Store operating expenses as a % of company-operated store revenues | 48.8 | % | 57.8 | % | ||||||
Effective tax rate including noncontrolling interests | 21.7 | % | 26.3 | % |
Jun 27, 2021 |
Jun 28, 2020 |
%
Change
|
Jun 27, 2021 |
Jun 28, 2020 | ||||||
Quarter Ended |
As a % of Americas
total net revenues
| |||||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 4,929.8 | $ | 2,568.9 | 91.9 | % | 91.3 | % | 91.6 | % |
Licensed stores | 468.5 | 235.5 | 98.9 | 8.7 | 8.4 | |||||
Other | 2.0 | 1.1 | 81.8 | - | - | |||||
Total net revenues | 5,400.3 | 2,805.5 | 92.5 | 100.0 | 100.0 | |||||
Product and distribution costs | 1,416.2 | 805.6 | 75.8 | 26.2 | 28.7 | |||||
Store operating expenses | 2,346.8 | 2,054.4 | 14.2 | 43.5 | 73.2 | |||||
Other operating expenses | 39.7 | 40.7 | (2.5) | 0.7 | 1.5 | |||||
Depreciation and amortization expenses | 188.9 | 191.3 | (1.3) | 3.5 | 6.8 | |||||
General and administrative expenses | 73.2 | 62.2 | 17.7 | 1.4 | 2.2 | |||||
Restructuring and impairments | 19.8 | 56.2 | (64.8) | 0.4 | 2.0 | |||||
Total operating expenses | 4,084.6 | 3,210.4 | 27.2 | 75.6 | 114.4 | |||||
Operating income/(loss) | $ | 1,315.7 | $ | (404.9) | nm | 24.4 | % | (14.4) | % | |
Supplemental Ratio: | ||||||||||
Store operating expenses as a % of company-operated store revenues | 47.6 | % | 80.0 | % | ||||||
Three Quarters Ended | ||||||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 13,483.1 | $ | 10,903.5 | 23.7 | % | 91.3 | % | 89.8 | % |
Licensed stores | 1,278.8 | 1,237.0 | 3.4 | 8.7 | 10.2 | |||||
Other | 6.2 | 5.8 | 6.9 | - | 0.1 | |||||
Total net revenues | 14,768.1 | 12,146.3 | 21.6 | 100.0 | 100.0 | |||||
Product and distribution costs | 3,920.0 | 3,442.2 | 13.9 | 26.5 | 28.3 | |||||
Store operating expenses | 6,788.7 | 6,427.3 | 5.6 | 46.0 | 52.9 | |||||
Other operating expenses | 124.4 | 125.1 | (0.6) | 0.8 | 1.0 | |||||
Depreciation and amortization expenses | 563.9 | 571.9 | (1.4) | 3.8 | 4.7 | |||||
General and administrative expenses | 221.7 | 202.8 | 9.3 | 1.5 | 1.7 | |||||
Restructuring and impairments | 115.0 | 61.9 | 85.8 | 0.8 | 0.5 | |||||
Total operating expenses | 11,733.7 | 10,831.2 | 8.3 | 79.5 | 89.2 | |||||
Operating income | $ | 3,034.4 | $ | 1,315.1 | 130.7 | % | 20.5 | % | 10.8 | % |
Supplemental Ratio: | ||||||||||
Store operating expenses as a % of company-operated store revenues | 50.3 | % | 58.9 | % |
Jun 27, 2021 |
Jun 28, 2020 |
%
Change
|
Jun 27, 2021 |
Jun 28, 2020 | ||||||
Quarter Ended |
As a % of International
total net revenues
| |||||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 1,433.3 | $ | 875.5 | 63.7 | % | 86.4 | % | 92.2 | % |
Licensed stores | 211.7 | 65.0 | 225.7 | 12.8 | 6.8 | |||||
Other | 13.4 | 9.1 | 47.3 | 0.8 | 1.0 | |||||
Total net revenues | 1,658.4 | 949.6 | 74.6 | 100.0 | 100.0 | |||||
Product and distribution costs | 501.7 | 337.7 | 48.6 | 30.3 | 35.6 | |||||
Store operating expenses | 620.1 | 483.4 | 28.3 | 37.4 | 50.9 | |||||
Other operating expenses | 38.3 | 37.5 | 2.1 | 2.3 | 3.9 | |||||
Depreciation and amortization expenses | 129.7 | 128.5 | 0.9 | 7.8 | 13.5 | |||||
General and administrative expenses | 92.3 | 66.1 | 39.6 | 5.6 | 7.0 | |||||
Restructuring and impairments | - | (0.2) | nm | - | - | |||||
Total operating expenses | 1,382.1 | 1,053.0 | 31.3 | 83.3 | 110.9 | |||||
Income from equity investees | 42.0 | 17.4 | 141.4 | 2.5 | 1.8 | |||||
Operating income/(loss) | $ | 318.3 | $ | (86.0) | nm | 19.2 | % | (9.1) | % | |
Supplemental Ratio: | ||||||||||
Store operating expenses as a % of company-operated store revenues | 43.3 | % | 55.2 | % | ||||||
Three Quarters Ended | ||||||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 4,259.7 | $ | 3,087.5 | 38.0 | % | 86.5 | % | 84.5 | % |
Licensed stores | 610.2 | 545.4 | 11.9 | 12.4 | 14.9 | |||||
Other | 53.8 | 22.4 | 140.2 | 1.1 | 0.6 | |||||
Total net revenues | 4,923.7 | 3,655.3 | 34.7 | 100.0 | 100.0 | |||||
Product and distribution costs | 1,535.6 | 1,213.9 | 26.5 | 31.2 | 33.2 | |||||
Store operating expenses | 1,868.9 | 1,653.4 | 13.0 | 38.0 | 45.2 | |||||
Other operating expenses | 101.8 | 105.1 | (3.1) | 2.1 | 2.9 | |||||
Depreciation and amortization expenses | 413.1 | 385.2 | 7.2 | 8.4 | 10.5 | |||||
General and administrative expenses | 254.7 | 196.9 | 29.4 | 5.2 | 5.4 | |||||
Restructuring and impairments | - | (0.6) | nm | - | - | |||||
Total operating expenses | 4,174.1 | 3,553.9 | 17.5 | 84.8 | 97.2 | |||||
Income from equity investees | 95.0 | 73.1 | 30.0 | 1.9 | 2.0 | |||||
Operating income | $ | 844.6 | $ | 174.5 | 384.0 | % | 17.2 | % | 4.8 | % |
Supplemental Ratio: | ||||||||||
Store operating expenses as a % of company-operated store revenues | 43.9 | % | 53.6 | % |
Jun 27, 2021 |
Jun 28, 2020 |
%
Change
|
Jun 27, 2021 |
Jun 28, 2020 | ||||||
Quarter Ended |
As a % of Channel Development total net revenues | |||||||||
Net revenues | $ | 414.0 | $ | 447.3 | (7.4) | % | ||||
Product and distribution costs | 268.3 | 319.9 | (16.1) | 64.8 | % | 71.5 | % | |||
Other operating expenses | (9.9) | 51.4 | nm | (2.4) | 11.5 | |||||
Depreciation and amortization expenses | 0.2 | 0.3 | (33.3) | - | 0.1 | |||||
General and administrative expenses | 2.9 | 2.5 | 16.0 | 0.7 | 0.6 | |||||
Total operating expenses | 261.5 | 374.1 | (30.1) | 63.2 | 83.6 | |||||
Income from equity investees | 63.5 | 51.0 | 24.5 | 15.3 | 11.4 | |||||
Operating income | $ | 216.0 | $ | 124.2 | 73.9 | % | 52.2 | % | 27.8 | % |
Three Quarters Ended | ||||||||||
Net revenues | $ | 1,155.3 | $ | 1,461.0 | (20.9) | % | ||||
Product and distribution costs | 733.8 | 1,010.3 | (27.4) | 63.5 | % | 69.2 | % | |||
Other operating expenses | 14.2 | 89.7 | (84.2) | 1.2 | 6.1 | |||||
Depreciation and amortization expenses | 0.9 | 0.9 | - | 0.1 | 0.1 | |||||
General and administrative expenses | 7.4 | 8.0 | (7.5) | 0.6 | 0.5 | |||||
Total operating expenses | 756.3 | 1,108.9 | (31.8) | 65.5 | 75.9 | |||||
Income from equity investees | 170.3 | 137.2 | 24.1 | 14.7 | 9.4 | |||||
Operating income | $ | 569.3 | $ | 489.3 | 16.3 | % | 49.3 | % | 33.5 | % |
Jun 27, 2021 |
Jun 28, 2020 |
% Change | ||||
Quarter Ended | ||||||
Net revenues | $ | 23.8 | $ | 19.7 | 20.8 | % |
Product and distribution costs | 19.8 | 20.8 | (4.8) | |||
Other operating expenses | 3.3 | 4.0 | (17.5) | |||
Depreciation and amortization expenses | 35.5 | 40.9 | (13.2) | |||
General and administrative expenses | 326.5 | 269.1 | 21.3 | |||
Restructuring and impairments | - | 22.1 | nm | |||
Total operating expenses | 385.1 | 356.9 | 7.9 | |||
Operating loss | $ | (361.3) | $ | (337.2) | 7.1 | % |
Three Quarters Ended | ||||||
Net revenues | $ | 66.8 | $ | 52.3 | 27.7 | % |
Product and distribution costs | 58.1 | 51.8 | 12.2 | |||
Other operating expenses | 10.4 | 10.4 | - | |||
Depreciation and amortization expenses | 109.1 | 110.3 | (1.1) | |||
General and administrative expenses | 947.6 | 832.9 | 13.8 | |||
Restructuring and impairments | - | 22.4 | nm | |||
Total operating expenses | 1,125.2 | 1,027.8 | 9.5 | |||
Operating loss | $ | (1,058.4) | $ | (975.5) | 8.5 | % |
Jun 27, 2021 |
Sep 27, 2020 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 4,753.1 | $ | 4,350.9 |
Short-term investments | 153.6 | 281.2 | ||
Accounts receivable, net | 911.2 | 883.4 | ||
Inventories | 1,548.2 | 1,551.4 | ||
Prepaid expenses and other current assets | 565.6 | 739.5 | ||
Total current assets | 7,931.7 | 7,806.4 | ||
Long-term investments | 285.9 | 206.1 | ||
Equity investments | 535.3 | 478.7 | ||
Property, plant and equipment, net | 6,151.4 | 6,241.4 | ||
Operating lease, right-of-use asset | 8,065.2 | 8,134.1 | ||
Deferred income taxes, net | 1,851.0 | 1,789.9 | ||
Other long-term assets | 586.3 | 568.6 | ||
Other intangible assets | 398.0 | 552.1 | ||
Goodwill | 3,672.0 | 3,597.2 | ||
TOTAL ASSETS | $ | 29,476.8 | $ | 29,374.5 |
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) | ||||
Current liabilities: | ||||
Accounts payable | $ | 1,127.0 | $ | 997.9 |
Accrued liabilities | 1,791.4 | 1,160.7 | ||
Accrued payroll and benefits | 741.0 | 696.0 | ||
Income taxes payable | 204.8 | 98.2 | ||
Current portion of operating lease liability | 1,308.4 | 1,248.8 | ||
Stored value card liability and current portion of deferred revenue | 1,628.3 | 1,456.5 | ||
Short-term debt | - | 438.8 | ||
Current portion of long-term debt | 998.9 | 1,249.9 | ||
Total current liabilities | 7,799.8 | 7,346.8 | ||
Long-term debt | 13,619.2 | 14,659.6 | ||
Operating lease liability | 7,597.8 | 7,661.7 | ||
Deferred revenue | 6,491.4 | 6,598.5 | ||
Other long-term liabilities | 762.9 | 907.3 | ||
Total liabilities | 36,271.1 | 37,173.9 | ||
Shareholders' deficit: | ||||
Common stock ($0.001 par value) - authorized, 2,400.0 shares; issued and outstanding, 1,179.0 and 1,173.3 shares, respectively | 1.2 | 1.2 | ||
Additional paid-in capital | 729.3 | 373.9 | ||
Retained deficit | (7,501.6) | (7,815.6) | ||
Accumulated other comprehensive loss | (29.7) | (364.6) | ||
Total shareholders' deficit | (6,800.8) | (7,805.1) | ||
Noncontrolling interests | 6.5 | 5.7 | ||
Total deficit | (6,794.3) | (7,799.4) | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) | $ | 29,476.8 | $ | 29,374.5 |
Three Quarters Ended | ||||
Jun 27, 2021 |
Jun 28, 2020 | |||
OPERATING ACTIVITIES: | ||||
Net earnings including noncontrolling interests | $ | 2,435.7 | $ | 532.0 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 1,146.2 | 1,124.0 | ||
Deferred income taxes, net | (113.2) | 20.0 | ||
Income earned from equity method investees | (238.3) | (182.3) | ||
Distributions received from equity method investees | 226.7 | 165.6 | ||
Stock-based compensation | 255.3 | 188.0 | ||
Non-cash lease costs | 931.7 | 902.4 | ||
Loss on retirement and impairment of assets | 204.7 | 124.6 | ||
Other | (6.8) | 63.7 | ||
Cash provided by/(used in) changes in operating assets and liabilities: | ||||
Accounts receivable | (13.1) | 13.4 | ||
Inventories | 8.4 | (51.7) | ||
Prepaid expenses and other current assets | 216.8 | (492.1) | ||
Income taxes payable | 128.9 | (1,224.5) | ||
Accounts payable | 108.2 | (320.3) | ||
Deferred revenue | 52.4 | 92.0 | ||
Operating lease liability | (1,029.8) | (918.2) | ||
Other operating assets and liabilities | 154.6 | 70.5 | ||
Net cash provided by operating activities | 4,468.4 | 107.1 | ||
INVESTING ACTIVITIES: | ||||
Purchases of investments | (367.3) | (297.4) | ||
Sales of investments | 130.4 | 133.5 | ||
Maturities and calls of investments | 298.7 | 10.0 | ||
Additions to property, plant and equipment | (985.7) | (1,138.4) | ||
Other | (62.3) | (39.4) | ||
Net cash used in investing activities | (986.2) | (1,331.7) | ||
FINANCING ACTIVITIES: | ||||
Repayments of commercial paper | (296.5) | - | ||
Net proceeds from issuance of short-term debt | 215.6 | 1,157.2 | ||
Repayments of short-term debt | (346.2) | (220.7) | ||
Proceeds from issuance of long-term debt | - | 4,727.6 | ||
Repayments of long-term debt | (1,250.0) | - | ||
Proceeds from issuance of common stock | 191.6 | 98.9 | ||
Cash dividends paid | (1,588.2) | (1,444.2) | ||
Repurchase of common stock | - | (1,698.9) | ||
Minimum tax withholdings on share-based awards | (94.2) | (89.1) | ||
Other | - | (37.8) | ||
Net cash provided by/(used in) financing activities | (3,167.9) | 2,493.0 | ||
Effect of exchange rate changes on cash and cash equivalents | 87.9 | 10.9 | ||
Net increase in cash and cash equivalents | 402.2 | 1,279.3 | ||
CASH AND CASH EQUIVALENTS: | ||||
Beginning of period | 4,350.9 | 2,686.6 | ||
End of period | $ | 4,753.1 | $ | 3,965.9 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
Cash paid during the period for: | ||||
Interest, net of capitalized interest | $ | 373.6 | $ | 274.3 |
Income taxes | $ | 407.9 | $ | 1,691.1 |
Quarter Ended | |||
($ in millions) | Jun 27, 2021 | Jun 28, 2020 | Change (%) |
Revenues | $4,984.6 | $2,621.1 | 90% |
Change in Comparable Store Sales (1)
| 83% | (40)% | |
Change in Transactions | 80% | (52)% | |
Change in Ticket | 1% | 25% | |
Store Count | 15,348 | 15,243 | 1% |
(1) Includes only Starbucks® company-operated stores open 13 months or longer. The results from Siren Retail operations are not reflected in comparable store sales. Comparable store sales include stores that were temporarily closed as a result of the COVID-19 pandemic and exclude stores identified for permanent closure.
|
Quarter Ended | |||
($ in millions) | Jun 27, 2021 | Jun 28, 2020 | Change (%) |
Revenues | $905.2 | $624.4 | 45% |
Change in Comparable Store Sales (1)
| 19% | (19)% | |
Change in Transactions | 30% | (27)% | |
Change in Ticket | (9)% | 10% | |
Store Count | 5,135 | 4,447 | 15% |
(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. Comparable store sales include stores that were temporarily closed as a result of the COVID-19 pandemic, and for the third quarter of fiscal 2021, included a 6% adverse impact from lapping the prior-year value-added tax benefit.
|
Net stores opened/(closed) and transferred during the period | ||||||
Quarter Ended | Three Quarters Ended | Stores open as of | ||||
Jun 27, 2021 |
Jun 28, 2020 |
Jun 27, 2021 |
Jun 28, 2020 |
Jun 27, 2021 |
Jun 28, 2020 | |
Americas: | ||||||
Company-operated stores | 40 | (34) | (249) | 43 | 9,860 | 10,017 |
Licensed stores | 15 | (2) | 70 | 125 | 8,315 | 8,218 |
Total Americas | 55 | (36) | (179) | 168 | 18,175 | 18,235 |
International: | ||||||
Company-operated stores | 177 | 117 | 485 | 394 | 7,013 | 6,254 |
Licensed stores | 120 | 49 | 329 | 362 | 8,107 | 7,691 |
Total International | 297 | 166 | 814 | 756 | 15,120 | 13,945 |
Total Company | 352 | 130 | 635 | 924 | 33,295 | 32,180 |
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 intangible assets. Management excludes these items for reasons discussed above. These expenses are anticipated to be completed within a finite period of time. |
Integration costs | Management excludes integration costs and 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. |
($ in millions) | Quarter Ended | ||||
Consolidated |
Jun 27, 2021 |
Jun 28, 2020 | Change | ||
General and administrative expenses, as reported (GAAP) | $ | 494.9 | $ | 399.9 | 23.8% |
Restructuring and impairment costs (1)
| - | (0.1) | |||
Integration costs (2)
| (4.9) | (3.3) | |||
Non-GAAP G&A | $ | 490.0 | $ | 396.5 | 23.6% |
Non-GAAP G&A as a % of total net revenues (4)
| 6.5 | % | 9.4 | % | |
Operating income/(loss), as reported (GAAP) | $ | 1,488.7 | $ | (703.9) | nm |
Restructuring and impairment costs (1)
| 19.8 | 78.2 | |||
Integration costs (2)
| 54.7 | 60.5 | |||
Nestlé transaction and integration-related costs (3)
| (22.8) | 35.0 | |||
Non-GAAP operating income/(loss) | $ | 1,540.4 | $ | (530.2) | nm |
Operating margin, as reported (GAAP) | 19.9 | % | (16.7) | % | 3,660 bps |
Restructuring and impairment costs (1)
| 0.3 | 1.9 | |||
Integration costs (2)
| 0.6 | 1.4 | |||
Nestlé transaction and integration-related costs (3)
| (0.3) | 0.8 | |||
Non-GAAP operating margin | 20.5 | % | (12.6) | % | 3,310 bps |
Diluted net earnings/(loss) per share, as reported (GAAP) | $ | 0.97 | $ | (0.58) | nm |
Restructuring and impairment costs (1)
| 0.02 | 0.07 | |||
Integration costs (2)
| 0.05 | 0.05 | |||
Nestlé transaction and integration-related costs (3)
| (0.02) | 0.03 | |||
Income tax effect on Non-GAAP adjustments (5)
| (0.01) | (0.03) | |||
Non-GAAP earnings/(loss) per share | $ | 1.01 | $ | (0.46) | nm |
Q3 QTD FY21 | Americas | International | Channel Development | Corporate and Other | Consolidated |
Statement of Earnings Line Item | Restructuring and Impairment Costs | Integration Costs | Nestlé Transaction and Integration-Related Costs | Integration Costs | Total Non-GAAP Adjustment |
Net revenue | |||||
Production and distribution costs | - | ||||
Store operating expenses | 5.0 | 5.0 | |||
Other operating expenses | (22.8) | (22.8) | |||
Depreciation and amortization expenses | 44.8 | 44.8 | |||
General and administrative expenses | 4.8 | 0.1 | 4.9 | ||
Restructuring and impairments | 19.8 | 19.8 | |||
Income from equity investees | - | ||||
Total impact to operating income | (19.8) | (54.6) | 22.8 | (0.1) | (51.7) |
Year Ended | ||
Consolidated |
Oct 3, 2021 | |
(Projected 53-weeks) | ||
Operating Margin (GAAP) | 17.0 | % |
Integration costs (1)
| 0.7 | % |
Restructuring costs (2)
| 0.4 | % |
Nestlé transaction and integration-related costs (3)
| (0.1) | % |
Non-GAAP Operating Margin | 18.0 | % |
Diluted net earnings per share (GAAP) | $2.97 - $3.02 | |
Integration costs (1)
| 0.20 | |
Restructuring costs (2)
| 0.11 | |
Nestlé transaction and integration-related costs (3)
| (0.02) | |
Income tax effect on Non-GAAP adjustments (4)
| (0.06) | |
Non-GAAP earnings per share | $3.20 - $3.25 |
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Starbucks Corporation published this content on 27 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2021 20:50:12 UTC.