As a part of its ongoing commitment to advancing racial and social equity, Starbucks announced several new actions it will take on its journey to that commitment. At its last investor meeting in 2018, the company said it expected adjusted earnings per share to rise at least 10% annually and consolidated revenue growth of 7% to 9% over the long term. Additionally, the majority of these costs will be recognized over a finite period of time. Key takeaways from Starbucks Q4 FY20 earnings results. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. 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. 206-318-7100 Our non-GAAP financial measures of 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 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. It does not incorporate any impacts of COVID-19 on non-operating items, such as interest income, interest expense, income taxes and outstanding shares. This declaration marks the tenth consecutive annual dividend increase for the company. 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. SEATTLE--(BUSINESS WIRE)-- In China, Starbucks has a deal with Beyond Meat. News Your source for the latest news from Starbucks. 53-weeks), Income tax effect on Non-GAAP adjustments (3). Starbucks released Wednesday a weaker-than-expected forecast for its fiscal 2020 earnings.. Shares of the company slid more than 3% in premarket trading. Active Starbucks® Rewards Membership in the U.S. Up 10% Year-Over-Year to 19.3 Million Fiscal 2021 Outlook Reaffirms Path to Full Recovery SEATTLE – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended September 27, 2020. 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. A replay of the webcast will be available until end of day Friday, November 27, 2020. Teen learns she has COVID-19 after Starbucks taste test TikTok video. Data is a real-time snapshot *Data is delayed at least 15 minutes. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended September 27, 2020. Operating income increased 4% to $197.9 million in Q4 FY20, up from $190.9 million in Q4 FY19. Starbucks News. This year, Starbucks' Pumpkin Cream Cold Brew outsold the Pumpkin Spice Latte, its trademark autumn drink. Comparable store sales include stores that were temporarily closed as a result of the COVID-19 outbreak and exclude stores identified for permanent closure. Nestlé transaction and integration-related costs. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: The following supplemental information is provided for historical and comparative purposes. 13-weeks), (Projected 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. China is expected to be the key market for new restaurant additions. But investors will want to know more about how the transformation will change the average sales volume for a cafe and its labor costs. 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. Over the summer, U.S. cafes offered a breakfast sandwich made with a sausage substitute from Impossible Foods. Learn about what is happening in our stores and company–from beverage and food announcements to financial news, partner (employee) and customer experience updates. At its biennial investor meeting Wednesday afternoon, the company is expected to present its blueprint to regain customers. 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 stories.starbucks.com or www.starbucks.com. 206-318-7118 Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. Starbucks … 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. Starbucks lost billions of dollars in sales this year due to the coronavirus pandemic, but investors want to know more about the global coffee giant's plans for driving growth in the years to come after the crisis. These decreases were slightly offset by 287 net new store openings, or 2% store growth, over the past 12 months. 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. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended September 27, 2020. The upswing has made some analysts wary about the stock's valuation, but Oppenheimer raised its price target to $112 ahead of investor day, which would be a nearly 11% gain from current levels. More On: starbucks. The Board of Directors declared a cash dividend of $0.45 per share, an increase of 10%, payable on November 27, 2020 to shareholders of record as of November 12, 2020. Earnings beat forecasts while same-store sales fell less than expected. Q3 Consolidated Net Revenues of $4.2 Billion, Down 38% from Prior Year Due to Adverse Impact of COVID-19 Q3 GAAP EPS of -$0.58; Non-GAAP EPS of -$0.46 Reflecting Material Sales Deleverage and Retail Partner Support COVID-19 Impacts Expected to Moderate Meaningfully in Q4 as Recovery Continues Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week … Starbucks uses only Everpure Water Filtration System in its entire chain of restaurants. Corporate and Other primarily consists of our unallocated corporate operating expenses and Evolution Fresh. Such items may include acquisitions, divestitures, restructuring and other items. You can sign up for additional subscriptions at any time. Please refer to the reconciliation of GAAP … Follow us on Twitter @StarbucksNews. 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 Q4 FY20, approximately 93% of our global licensed store portfolio was open. https://www.businesswire.com/news/home/20201029006207/en/, Starbucks Contact, Investor Relations: Non-GAAP G&A as a percentage of total net revenues for the fourth quarter of fiscal 2020 was 7.0%. Here's what will likely be included in Starbucks' investor presentation: Starbucks has already shared its fiscal 2021 forecast with investors, but it hasn't yet shared an update on its long-term outlook. Unlike the U.S. and many European countries, China has been able to avoid a significant surge in new Covid-cases as temperatures cooled. Management excludes transaction and integration costs and amortization of the acquired intangible assets for reasons discussed above. However, with vaccines on the horizon, it will be interesting to see what a post-Covid world looks like. Homepage. 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. Represents costs associated with the Global Coffee Alliance with Nestlé. You must click the link in the email to activate your subscription. In its fiscal fourth quarter, which ended Sept. 27, same-store sales in the U.S. fell just 9% and only 3% in China. Sarah Arnold Of course paper straws can't be recycled – it's corporate green wash. Today, with more than 32,000 stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. 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. (CNN) — Starbucks is temporarily suspending its buy-one-get-one drink deals, better known as “Happy Hour,” in an effort to reduce the number of customers in … To receive notifications via email, enter your email address and select at least one subscription below. Management excludes restructuring and impairment costs relating to the write-down of certain company-operated stores and intangible assets. Starbucks' holidays cups are back in 2020 along with new menu items. Represents costs associated with our restructuring efforts in the U.S. and Canada company-operated businesses. Within the U.S. and Canada licensed store portfolios, the remaining temporary closures were predominantly in airport, college and university locations. Starbucks' investor day: Four things investors want to hear The International segment reported operating income of $179.5 million in Q4 FY20 compared to $262.7 million in Q4 FY19. 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. We have always believed Starbucks can – and should – have a positive social impact on the communities we serve. Net gain resulting from divestiture of certain operations, Net loss attributable to noncontrolling interests, As a % of Starbucks (SBUX) - Get Report shares were higher on Wednesday after the coffee-bar chain named a black director, Mellody Hobson, as non-executive chairwoman. In recent years, Starbucks has turned to cold beverages to induce customers to return more frequently. Cowen estimates that selling off the Canadian, U.K., Japanese, Austrian and Swiss markets to franchisees could mean $4 billion in pretax cash. As part of Starbucks quarterly earnings call, Starbucks president and ceo Kevin Johnson provided specifics on the improving business results and the company’s continued confidence in the path ahead. 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. Millions of Starbucks customers are working from home due to the crisis. As the companies made changes to their top management... | December 17, 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. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. [email protected], Starbucks Contact, Media: In this earnings release, we estimated the impact of COVID-19 by comparing actual results to our previous forecasts. Hobson will … Voices. 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). Transaction and Comparable store sales include a 2% benefit related to a temporary value-added tax exemption in China. SEATTLE – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 29, 2020. These expenses are anticipated to be completed within a finite period of time. [email protected]. 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. 3. Starbucks first introduced the Happy Hour promotion in 2010, which was responsible for an 11% increase in its foot traffic last year, the news outlet said. 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. A Division of NBCUniversal. Company News. 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. Transaction and integration-related costs. Starbucks is also adding more plant-based options to its menu to appeal to customers who are consuming fewer animal products and to help fulfill its long-term sustainability goals. 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. This annual global social impact report for the fiscal year 2019 focuses on three areas that are critical to our business, and where we know we can have the most impact: leading in sustainability, creating meaningful opportunities, and strengthening our communities. In fiscal 2021, Starbucks is projecting annual global same-store sales growth of 18% to 23%, assuming that U.S. dining rooms will be fully reopened by the end of the second fiscal quarter, which ends in March. 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. Integration Costs, Nestlé Transaction 10/29/20. 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. 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). Another is meat substitutes, which tend to generate buzz. Starbucks records its "most profitable year" and says it is focusing on China to secure growth "for ... Starbucks reports record annual profit. Shares of Starbucks, which has a $119 billion market value, have risen 15% year to date, as of Tuesday's market close of $101.21. 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