Related Costs, Restructuring, 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. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release. But as a percentage of total revenue, the popularity of those cards went up—they accounted for nearly 45% of the company’s total revenue last fiscal year, up from just over 41% a year earlier. “I am very pleased with our strong finish to fiscal 2020, underpinned by a faster-than-expected recovery in our two lead growth markets, the U.S. and China. 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. After submitting your information, you will receive an email. In this earnings release, the EPS impact of COVID-19 represents an approximation based on the pandemic’s estimated impact on operating results. Optimization Costs, International The conference call will be webcast, including closed captioning, and can be accessed on the company’s website: http://investor.starbucks.com . Channel Development The impact of the 53 rd week will be reflected in our results for the fourth quarter of fiscal 2021. 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. 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. Share. The company's fiscal year ( FY ) ended in September. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal third quarter ended June 28, 2020. Restructuring, 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 and $7.1 billion. 206-318-7100 July 28, 2020 • 3 min read. 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 … Represents costs associated with our restructuring efforts, primarily severance and asset impairments related to certain company-operated store closures and impairment of an intangible asset. Business Wire. Please note that Starbucks fiscal year 2021 is a 53-week year instead of the usual 52 weeks. Reggie Borges press@starbucks.com. Starbucks has been demonstrating a recovery in these metrics, though, … 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. Operating margin expanded 510 basis points to 42.7%, primarily due to a business mix shift driven by strength in our ready-to-drink products and the structural change in our single-serve business. Durga Doraisamy About Starbucks Management excludes restructuring and impairment costs relating to the write-down of certain company-operated stores and intangible assets. 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. 2. That’s down from just under $11 billion a year ago. In addition to the fourth quarter and fiscal year 2020 results, fiscal year 2021 guidance will be provided on the conference call. Starbucks said it sees its store base rising to roughly 55,000 units in fiscal year 2030, largely driven by continued expansion in China. Q4 Comparable Store Sales of -9% in the U.S. and -3% in China, Demonstrating Sustained Recovery As of the end of Q4 FY20, approximately 93% of our global licensed store portfolio was open. These decreases were slightly offset by 287 net new store openings, or 2% store growth, over the past 12 months. Starbucks’ full-year net revenue in the 2020 fiscal year was $23.5 billion, down 11% from the prior year. In overcaffeinated fashion, Starbucks shot straight past five-year planning to project that it will grow to 55,000 stores from 33,000 by its fiscal year ending in September 2030. 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. 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 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. Nestlé transaction and integration-related costs. Durga Doraisamy Starbucks Corporation (Nasdaq: SBUX) plans to release its third quarter fiscal year 2020 financial results after the market close on Tuesday, July 28, Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. 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. Starbucks sold $10.5 billion in gift cards in its 2020 fiscal year, including new activations and card reloads. 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. Starbucks' full-year net revenue in the 2020 fiscal year was $23.5 billion, down 11% from the prior year. Our strategies are working and I am optimistic that we will emerge from the COVID-19 pandemic as a stronger and more resilient company,” concluded Johnson. 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 … (1) Corporate and Other store data includes the closure of 12 Teavana® retail stores in the first quarter of fiscal 2019. The company committed to setting annual Inclusion and Diversity goals based on retention rates and progress toward achieving Black, Indigenous and People of Color (BIPOC) representation of at least 30% at all corporate levels and at least 40% in all retail and manufacturing roles by 2025. Starbucks expects adjusted earnings growth of at least 20% in fiscal 2022. The impact of the 53 rd week will be reflected in our results for the fourth quarter in fiscal 2021. SEATTLE – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 29, 2020. For fiscal 2023 and fiscal 2024, that growth will be as high as 12%. Starbucks estimated it lost $5.1 billion in sales due to the pandemic. To share in the experience, please visit us in our stores or online at http://news.starbucks.com or www.starbucks.com. Active Starbucks® Rewards Membership in the U.S. Up 10% Year-Over-Year to 19.3 Million In fiscal year 2022, it will likely be closer to 3 percent and 6 percent, respectively. Fiscal 2021 Outlook Reaffirms Path to Full Recovery. The conference call will be webcast, including closed captioning, and … The impact of the 53rd week will be reflected in our results for the fourth quarter of fiscal 2021. Such items may include acquisitions, divestitures, restructuring and other items. 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. 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. A replay of the webcast will be available on the company's website until end of day, Friday, November 27, 2020. Please note that Starbucks fiscal year 2021 is a 53-week year instead of the usual 52 weeks. In addition to the fourth quarter and fiscal year 2020 results, fiscal year 2021 guidance will be provided on the conference call. Please note that Starbucks fiscal year 2021 is a 53-week year instead of the usual 52 weeks. Please see our filings with the SEC including our last annual report on Form 10-K for the fiscal year ended September 27, 2020 and our quarterly reports for a discussion of specific risks that may affect our performance and financial condition. April 14, 2020 05:00 PM Eastern Daylight Time. 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 Today, with over 32,000 stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Please refer to the reconciliation of GAAP … This declaration marks the tenth consecutive annual dividend increase for the company. All rights reserved. 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. Full … Refer to the Starbucks Investor Relations website for additional information regarding historical non-GAAP information. 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. The company assumes no obligation to update any of these forward-looking statements. These statements include statements relating to: the estimated financial impact related to the outbreak of coronavirus disease (COVID-19) including the outlook, guidance and projections for revenues, earnings per share, operating income, operating margins, comparable store sales, net new stores, capital expenditures, interest expense and fiscal 2021 guidance; the nature and extent of the impact of COVID-19 on our business, operations and financial results; the anticipated timing and effects of recovery of our business, including our ability to expand seating and operating hours at our stores; our plans for streamlining our operations, including store openings, closures and changes in store formats and models; our ability to continue steady business improvement and improve customer and partner experiences; and our ability to emerge from this global crisis and drive long-term growth. The unavailable information could have a significant impact on the company’s GAAP financial results. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: The following supplemental information is provided for historical and comparative purposes. Corporate and Other primarily consists of our unallocated corporate operating expenses and Evolution Fresh. GAAP results in fiscal 2020 and fiscal 2019 include items which are excluded from non-GAAP results. Includes only Starbucks® company-operated stores open 13 months or longer. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. 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. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal third quarter ended June 28, 2020. Starbucks plans to open 1,100 net new stores globally in 2021, including 600 in China and 50 in the Americas. Includes only Starbucks® company-operated stores open 13 months or longer. 4. 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. In September, the company launched enhancements to its industry-leading Starbucks® Rewards loyalty program by giving members more payment options and ways to earn Stars through the Starbucks App. shares outstanding - diluted, Store operating expenses as a % of company-operated store revenues, Effective tax rate including noncontrolling interests. 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 … Management excludes these items for reasons discussed above. For fiscal year 2020, Starbucks recorded total revenue of $23.52 billion. Besides the name change, there were no other changes in the types of costs reported within the caption. Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended September 27, 2020. The impact of the 53 rd week will be reflected in our results for the fourth quarter of fiscal 2021. 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. Net stores opened/(closed) and transferred during the period. Key takeaways from Starbucks Q3 FY20 earnings results. Net revenues for the Americas segment of $4.2 billion in Q4 FY20 were 9% lower relative to Q4 FY19, primarily due to a 9% decrease in comparable store sales as well as lower product sales to and royalty revenues from our licensees as a result of lost sales related to the COVID-19 outbreak. and Integration- 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. 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. 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). In addition to the fourth quarter and fiscal year 2020 results, fiscal year 2021 guidance will be provided on the conference call. Represents costs associated with the Global Coffee Alliance with Nestlé. GAAP results in fiscal 2020 and fiscal … Net revenues for the Channel Development segment of $464.0 million in Q4 FY20 were 9% lower relative to Q4 FY19. Starbucks said … Please note that Starbucks fiscal year 2021 is a 53-week year instead of the usual 52 weeks. 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. Net gain resulting from divestiture of certain operations, Net loss attributable to noncontrolling interests, As a % of 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. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. 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