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. 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. Millions of Starbucks customers are working from home due to the crisis. 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. (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 … Active Starbucks® Rewards Membership in the U.S. Up 10% Year-Over-Year to 19.3 Million 206-318-7118 Roughly 800 urban cafes across the U.S. and Canada are expected to close, and the chain plans to build more pick-up locations and drive-thru lanes. 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). These net new store openings bring the China total store count to over 4,700 company-operated Starbucks stores. All Rights Reserved. Starbucks released Wednesday a weaker-than-expected forecast for its fiscal 2020 earnings.. Shares of the company slid more than 3% in premarket trading. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release. The unavailable information could have a significant impact on the company’s GAAP financial results. "We expect management will detail plans for accelerating unit growth in the coming years," UBS analyst Dennis Geiger said in a note Friday. This year, Starbucks' Pumpkin Cream Cold Brew outsold the Pumpkin Spice Latte, its trademark autumn drink. These decreases were partially offset by 1,117 net new store openings, or 8% store growth, over the past 12 months. 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 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 International segment reported operating income of $179.5 million in Q4 FY20 compared to $262.7 million in Q4 FY19. Starbucks … 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. All rights reserved. Earnings beat forecasts while same-store sales fell less than expected. (Projected Starbucks commits $10M USD in COVID-19 relief for partners around the world Apr 08, 2020 The Starbucks Foundation Donates More Than $3M to Global COVID-19 Relief Efforts 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. Represents costs associated with our restructuring efforts, primarily severance and asset impairments related to certain company-operated store closures. One opportunity for growth is oat milk, which is popular with coffee drinkers for its texture and taste even when added to hot drinks. At its biennial investor meeting Wednesday afternoon, the company is expected to present its blueprint to regain customers. The latest breaking news, ... Man told Starbucks barista his name was Aziz, but she wrote Isis. 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. 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. Starbucks (SBUX) reported Q4 earnings after market close on October 29. ... "We have provided scenario-based procedural information to our store teams on how to report … 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. 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. GAAP results in fiscal 2020 and fiscal 2019 include items that are excluded from non-GAAP results. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Company News. Includes only Starbucks® company-operated stores open 13 months or longer. (1) Corporate and Other store data includes the closure of 12 Teavana® retail stores in the first quarter of fiscal 2019. Starbucks Reports Q4 Fiscal 2020 Results. Starbucks will lay off about 700 non-store workers by mid-February, including about 350 at its Seattle headquarters, as part of a reduction of 6,000 positions worldwide over the next eight months. "While Starbucks could reiterate previously issued long-term EPS growth of 10%+ in 2022 & beyond, we argue the company would be better served by issuing a longer term EPS target given the volatility of lapping COVID-19 impacted quarters," Cowen analyst Andrew Charles said Friday in a preview of investor day. Transaction and integration-related costs. 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. While the coffee chain has a partnership with Nestle to sell its coffee beans in grocery stores, it still needs to lure customers back to its cafes. Net gain resulting from divestiture of certain operations, Net loss attributable to noncontrolling interests, As a % of 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. 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. “The guiding principles we established at the onset of the pandemic, combined with our industry-leading digital platform and our ability to innovate rapidly, continue to fuel our recovery and provide confidence in a robust operating outlook for fiscal 2021. All the latest news about Starbucks from the BBC. Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. The abrupt shift in behavior has meant that more coffee drinkers are brewing their own java at home or visiting Starbucks cafes later in the day for a break. Learn about what is happening in our stores and company–from beverage and food announcements to financial news, partner (employee) and customer experience updates. Such items may include acquisitions, divestitures, restructuring and other items. Starbucks is suspending its popular “Happy Hour” promotion for the time being due to coronavirus cases rising throughout the nation. Gain on sale of certain retail operations. Management excludes these items for reasons discussed above. 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 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. 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. The stock has been pushed higher by positive news about the Covid-19 vaccine, hitting an all-time high of $102.94 last week. Starbucks has the most advanced digital capabilities of any limited-service restaurant chain in the U.S., according to a new report from technology research firm Incisiv. Starbucks is one of many fast-food and casual dining companies that have outperformed the S&P 500 this year — it's risen more than 40% while the S&P is up roughly 20%. Refer to the Starbucks Investor Relations website for additional information regarding historical non-GAAP information. Got a confidential news tip? 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. 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. However, with vaccines on the horizon, it will be interesting to see what a post-Covid world looks like. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates, stores identified for permanent closure and Siren Retail stores. As the companies made changes to their top management... | December 17, 2020 Related Costs, Restructuring, Please note that Starbucks fiscal year 2021 is a 53-week year instead of the usual 52 weeks. Includes transaction costs for the acquisition of our East China joint venture; ongoing amortization expense of acquired intangible assets associated with the acquisition of East China and Starbucks Japan; and the related post-acquisition integration costs, such as incremental information technology and compensation-related costs. Represents incremental stock-based compensation award for U.S. partners (employees). Restructuring, Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Starbucks uses only Everpure Water Filtration System in its entire chain of restaurants. Starbucks records its "most profitable year" and says it is focusing on China to secure growth "for ... Starbucks reports record annual profit. The pandemic has pushed Starbucks to accelerate its deadline to improve its store footprint four years earlier than expected. Q4 Comparable Store Sales of -9% in the U.S. and -3% in China, Demonstrating Sustained Recovery 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. This declaration marks the tenth consecutive annual dividend increase for the company. The coffee chain has announced plans to pay all U.S. employees a minimum wage of $15 … [email protected], Starbucks Contact, Media: In this earnings release, we estimated the impact of COVID-19 by comparing actual results to our previous forecasts. The company introduces the following fiscal 2021 guidance for Q1 and the full year. You can sign up for additional subscriptions at any time. https://www.businesswire.com/news/home/20201029006207/en/, Starbucks Contact, Investor Relations: Teen learns she has COVID-19 after Starbucks taste test TikTok video. Impairment & Starbucks' sales in the United States and China, its two largest markets, have been rebounding faster than expected. These decreases were slightly offset by 287 net new store openings, or 2% store growth, over the past 12 months. GAAP results in fiscal 2020 and fiscal 2019 include items that are excluded from non-GAAP results. Impairment and Optimization Costs, International Get breaking news alerts when you download the ABC News App and subscribe to Starbucks notifications. The results from Siren Retail operations are not reflected in comparable store sales. Net stores opened/(closed) and transferred during the period. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended September 27, 2020. To receive notifications via email, enter your email address and select at least one subscription below. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES, General and administrative expenses, as reported (GAAP), International transaction and integration-related items (2), Nestlé transaction and integration-related costs (3), Non-GAAP G&A as a % of total net revenues (4), Diluted net earnings per share, as reported (GAAP), Income tax effect on Non-GAAP adjustments (5). News Your source for the latest news from Starbucks. 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. Some trends, like making coffee at home, could stick around longer than the virus. Starbucks is expected to present its plan for long-term growth at its investor day on Wednesday. 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 (SBUX) - Get Report shares were higher on Wednesday after the coffee-bar chain named a black director, Mellody Hobson, as non-executive chairwoman. Homepage. One key question, according to Wells Fargo analyst Jon Tower, is whether Starbucks will be looking to upgrade current drive-thru locations with features like digital menu boards and double lanes. To share in the experience, please visit us in our stores or online at stories.starbucks.com or www.starbucks.com. SEATTLE – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 29, 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. Sarah Arnold Of course paper straws can't be recycled – it's corporate green wash. 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. Get this delivered to your inbox, and more info about our products and services. Q4 GAAP EPS of $0.33; Non-GAAP EPS of $0.51 Reflecting Substantial Improvement from Q3 In China, Starbucks has a deal with Beyond Meat. Refranchising could drive more growth. Follow the latest Starbucks news stories and headlines. 1. Cowen estimates that selling off the Canadian, U.K., Japanese, Austrian and Swiss markets to franchisees could mean $4 billion in pretax cash. shares outstanding - diluted, Store operating expenses as a % of company-operated store revenues, Effective tax rate including noncontrolling interests. 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. Voices. These results demonstrate the continued strength and relevance of our brand, the effectiveness of the actions we’ve taken to adapt to meaningful changes in consumer behavior and the extraordinary efforts of our green apron partners to serve our customers and communities in challenging circumstances,” said Kevin Johnson, president and ceo. 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. The unavailable information could have a significant impact on the company’s GAAP financial results. 13-weeks), (Projected The pandemic caused the company to lose billions of dollars in sales and spurred some major changes, like hundreds of cafe closures. Durga Doraisamy Net revenues for the Channel Development segment of $464.0 million in Q4 FY20 were 9% lower relative to Q4 FY19. 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. View source version on businesswire.com: As we have grown to more than 28,000 stores in more than 75 countries, so too has our … Includes only Starbucks® company-operated stores open 13 months or longer. © 2017 Starbucks Corporation. 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. Stock analysis for Starbucks Corp (SBUX:NASDAQ GS) including stock price, stock chart, company news, key statistics, fundamentals and company profile. 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. Non-GAAP G&A as a percentage of total net revenues for fiscal years 2019 and 2018 was 6.5% and 6.4%, respectively. 206-318-7100 At the end of Q4 FY20, approximately 98% of our global company-operated store portfolio was open, with 97% in the U.S. and 99% in China, as well as 99% in Japan and 97% in Canada. The impact of the 53rd week will be reflected in our results for the fourth quarter of fiscal 2021. Operating income increased 4% to $197.9 million in Q4 FY20, up from $190.9 million in Q4 FY19. We have always believed Starbucks can – and should – have a positive social impact on the communities we serve. The company assumes no obligation to update any of these forward-looking statements. GAAP results in fiscal 2020 and fiscal 2019 include items which are excluded from non-GAAP results. Unlike the U.S. and many European countries, China has been able to avoid a significant surge in new Covid-cases as temperatures cooled. These expenses are anticipated to be completed within a finite period of time. By comparing actual results to our previous forecasts like there 's already a Starbucks starbucks news report! A finite period of time of these forward-looking statements closure and Siren Retail operations are reflected. Recovery starbucks news report will likely include flexing its digital capabilities and making its program. Stores, according to a … company news has turned to cold to... 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