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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Starbucks Corporation | NASDAQ:SBUX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.43 | -0.56% | 75.75 | 75.75 | 75.79 | 76.73 | 75.52 | 76.23 | 10,961,100 | 00:59:38 |
Washington | 0-20322 | 91-1325671 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
2401 Utah Avenue South, Seattle, Washington 98134 |
(Address of principal executive offices) (Zip Code) |
(206) 447-1575 |
(Registrant’s telephone number, including area code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description | |
99.1 | Earnings release of Starbucks Corporation dated April 23, 2015 |
STARBUCKS CORPORATION | |||
Dated: April 23, 2015 | |||
By: | /s/ Scott Maw | ||
Scott Maw | |||
executive vice president, chief financial officer |
Exhibit No. | Description | |
99.1 | Earnings release of Starbucks Corporation dated April 23, 2015 |
• | Global comparable store sales increased 7%, with a 3% increase in traffic |
◦ | Americas comp sales increased 7%, with a 2% increase in traffic |
◦ | CAP comp sales increased 12%, driven by a 10% increase in traffic |
◦ | EMEA comp sales increased 2%, driven by a 2% increase in traffic |
• | Consolidated net revenues increased 18% to $4.6 billion |
• | Channel Development revenues grew 16% to $428.0 million |
• | Consolidated operating income of $777.5 million, up 21% over Q2 of FY14 |
◦ | Non-GAAP operating income of $789.4 million, up 23% over Q2 of FY14 |
• | Consolidated operating margin of 17.0% increased 40 basis points over Q2 of FY14 |
◦ | Non-GAAP operating margin of 17.3% increased 70 basis points over Q2 of FY14 |
• | GAAP and non-GAAP earnings per share of $0.33, up 18% over Q2 of FY14 |
• | The company opened 210 net new stores in Q2, including its 5,000th store in China/Asia Pacific, bringing total stores worldwide to 22,088 |
• | Year over year comp store transactions increased over 10 million in the U.S., over 14 million globally |
• | The company added a record 1.3 million new My Starbucks Rewards members in Q2 - bringing total active membership to 10.3 million - and realized a Q2 record $1.1 billion in Starbucks Card loads |
Quarter Ended Mar 29, 2015 | |||||
Comparable Store Sales(1) | Sales Growth | Change in Transactions | Change in Ticket | ||
Consolidated | 7% | 3% | 4% | ||
Americas | 7% | 2% | 5% | ||
EMEA | 2% | 2% | 1% | ||
CAP | 12% | 10% | 2% | ||
(1) Includes only Starbucks company-operated stores open 13 months or longer. |
Operating Results | Quarter Ended | ||||
($ in millions, except per share amounts) | Mar 29, 2015 | Mar 30, 2014 | Change | ||
Net New Stores(1) | 210 | 335 | (125) | ||
Revenues | $4,563.5 | $3,873.8 | 18% | ||
Operating Income | $777.5 | $644.1 | 21% | ||
Operating Margin | 17.0% | 16.6% | 40 bps | ||
EPS | $0.33 | $0.28 | 18% |
Quarter Ended | |||||
($ in millions) | Mar 29, 2015 | Mar 30, 2014 | Change | ||
Net New Stores (1) | (2) | 128 | (130) | ||
Revenues | $3,128.0 | $2,808.8 | 11% | ||
Operating Income | $709.6 | $605.6 | 17% | ||
Operating Margin | 22.7% | 21.6% | 110 bps |
Quarter Ended | |||||
($ in millions) | Mar 29, 2015 | Mar 30, 2014 | Change | ||
Net New Stores | 35 | 32 | 3 | ||
Revenues | $280.3 | $309.9 | (10)% | ||
Operating Income | $29.2 | $17.7 | 65% | ||
Operating Margin | 10.4% | 5.7% | 470 bps |
Quarter Ended | |||||
($ in millions) | Mar 29, 2015 | Mar 30, 2014 | Change | ||
Net New Stores | 176 | 174 | 2 | ||
Revenues | $595.2 | $265.3 | 124% | ||
Operating Income | $112.4 | $87.0 | 29% | ||
Operating Margin | 18.9% | 32.8% | (1,390) bps |
Quarter Ended | |||||
($ in millions) | Mar 29, 2015 | Mar 30, 2014 | Change | ||
Revenues | $428.0 | $370.4 | 16% | ||
Operating Income | $156.1 | $127.3 | 23% | ||
Operating Margin | 36.5% | 34.4% | 210 bps |
Quarter Ended | |||||
($ in millions) | Mar 29, 2015 | Mar 30, 2014 | Change | ||
Net New Stores | 1 | 1 | 0 | ||
Revenues | $132.0 | $119.4 | 11% | ||
Operating Loss | $(4.1) | $(7.8) | (47)% |
Two Quarters Ended Mar 29, 2015 | |||||
Comparable Store Sales(1) | Sales Growth | Change in Transactions | Change in Ticket | ||
Consolidated | 6% | 2% | 4% | ||
Americas | 6% | 2% | 4% | ||
EMEA | 3% | 2% | 1% | ||
CAP | 10% | 9% | 1% | ||
(1) Includes only Starbucks company-operated stores open 13 months or longer. |
Operating Results | Two Quarters Ended | ||||
($ in millions, except per share amounts) | Mar 29, 2015 | Mar 30, 2014 | Change | ||
Net New Stores (1) | 722 | 752 | (30) | ||
Revenues | $9,366.8 | $8,113.4 | 15% | ||
Operating Income | $1,693.1 | $1,457.7 | 16% | ||
Operating Margin | 18.1% | 18.0% | 10 bps | ||
EPS | $0.97 | $0.63 | 54% |
• | Full year revenue growth of 16% - 18% |
• | Global comparable store sales growth of mid-single digits |
• | Consolidated tax rate of approximately 31% on a GAAP basis |
• | Capital expenditures of approximately $1.4 billion |
• | Total new store openings remain at 1,650 net new: |
◦ | Americas: now expecting approximately 600, half licensed |
◦ | EMEA: now expecting approximately 200, primarily licensed |
◦ | China/Asia Pacific: continue to expect approximately 850, two-thirds licensed |
• | GAAP operating margin is now expected to be flat to FY14: |
◦ | Americas: continue to expect modest margin improvement over FY14 |
◦ | EMEA: now expecting margin to be at the upper end of the 10% to 12% range |
◦ | China/Asia Pacific: now expecting margin to approach 20% |
◦ | Channel Development: now expecting margin improvement of approximately 150 basis points over FY14 |
• | Now expecting modest non-GAAP operating margin improvement over prior year non-GAAP operating margin |
• | GAAP Earnings per Share: |
◦ | Continue to expect full year EPS in the range of $1.77 to $1.79 |
◦ | Q3 EPS in the range of $0.39 to $0.40 |
◦ | Q4 EPS in the range of $0.40 to $0.41 |
• | Non-GAAP Earnings per Share: |
◦ | Continue to expect full year EPS in the range of $1.55 to $1.57 |
◦ | Q3 EPS in the range of $0.40 to $0.41 |
◦ | Q4 EPS in the range of $0.42 to $0.43 |
• | Starbucks welcomed Kevin Johnson to his new role as president and coo in March. Johnson manages all operational functions including the company’s global businesses in the Americas, EMEA, China/Asia Pacific and Channel Development and also oversees Starbucks global supply chain. In addition, Johnson will continue to serve on Starbucks Board of Directors, where he has served since 2009. |
• | The Board of Directors declared a 2-for-1 stock split, payable on April 8, 2015, to shareholders of record as of March 30, 2015. Starbucks common stock began trading on a split-adjusted basis on April 9, 2015. This is the sixth 2-for-1 split of the company’s common stock since its initial public offering in 1992 and its first since October 2005. |
• | Starbucks and Chinese leading food and beverage producer Tingyi Holding Corp. announced in March that they have entered into an agreement to manufacture and expand the distribution of Starbucks ready-to-drink (RTD) products throughout mainland China, a $6 billion RTD coffee category. |
• | After completing the first step of its tender offer to acquire Starbucks Japan in the first quarter of fiscal 2015, the company obtained control of the remaining public shares this quarter, bringing total ownership to 100%. |
• | The company expanded its Mobile Order and Pay functionality throughout the Pacific Northwest on March 17th; the feature, which allows customers to place an order in advance and pick it up at their selected Starbucks location, is now available in more than 650 stores in Washington, Idaho, Oregon and Alaska. |
• | Starbucks hosted its 23rd Annual Meeting of Shareholders on March 18; the company reaffirmed its seven growth strategies, previewed new delivery options, discussed ongoing investments in its partners (employees) and announced a commitment to hire 10,000 opportunity youth in the next three years. |
• | In April, Starbucks and Arizona State University announced an expansion to the Starbucks College Achievement Plan, first introduced in June 2014. The program will now offer 100 percent tuition coverage for all four years of college for every eligible U.S. Starbucks partner (employee). |
• | The company repurchased nearly 3 million shares of common stock in Q2 FY15; 23 million shares remain available for purchase under the current authorization. |
• | The Board of Directors declared a cash dividend of $0.16 per share, payable on May 22, 2015 to shareholders of record as of May 7, 2015. |
Starbucks Contact, Investor Relations: | Starbucks Contact, Media: | |
JoAnn DeGrande | Alisha Damodaran | |
206-318-7118 | 206-318-7100 | |
investorrelations@starbucks.com | press@starbucks.com |
Quarter Ended | Quarter Ended | ||||||||||||||||
Mar 29, 2015 | Mar 30, 2014 | % Change | Mar 29, 2015 | Mar 30, 2014 | |||||||||||||
As a % of total net revenues | |||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 3,622.9 | $ | 3,068.0 | 18.1 | % | 79.4 | % | 79.2 | % | |||||||
Licensed stores | 421.3 | 356.2 | 18.3 | 9.2 | 9.2 | ||||||||||||
CPG, foodservice and other | 519.3 | 449.6 | 15.5 | 11.4 | 11.6 | ||||||||||||
Total net revenues | 4,563.5 | 3,873.8 | 17.8 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 1,859.8 | 1,629.2 | 14.2 | 40.8 | 42.1 | ||||||||||||
Store operating expenses | 1,324.6 | 1,134.5 | 16.8 | 29.0 | 29.3 | ||||||||||||
Other operating expenses | 133.5 | 110.9 | 20.4 | 2.9 | 2.9 | ||||||||||||
Depreciation and amortization expenses | 217.1 | 174.4 | 24.5 | 4.8 | 4.5 | ||||||||||||
General and administrative expenses | 305.9 | 240.6 | 27.1 | 6.7 | 6.2 | ||||||||||||
Total operating expenses | 3,840.9 | 3,289.6 | 16.8 | 84.2 | 84.9 | ||||||||||||
Income from equity investees | 54.9 | 59.9 | (8.3 | ) | 1.2 | 1.5 | |||||||||||
Operating income | 777.5 | 644.1 | 20.7 | 17.0 | 16.6 | ||||||||||||
Interest income and other, net | 1.3 | 17.8 | (92.7 | ) | — | 0.5 | |||||||||||
Interest expense | (16.9 | ) | (16.7 | ) | 1.2 | (0.4 | ) | (0.4 | ) | ||||||||
Earnings before income taxes | 761.9 | 645.2 | 18.1 | 16.7 | 16.7 | ||||||||||||
Income taxes | 266.3 | 218.3 | 22.0 | 5.8 | 5.6 | ||||||||||||
Net earnings including noncontrolling interests | 495.6 | 426.9 | 16.1 | 10.9 | 11.0 | ||||||||||||
Net earnings/(loss) attributable to noncontrolling interests | 0.7 | (0.1 | ) | nm | — | — | |||||||||||
Net earnings attributable to Starbucks | $ | 494.9 | $ | 427.0 | 15.9 | 10.8 | % | 11.0 | % | ||||||||
Net earnings per common share - diluted | $ | 0.33 | $ | 0.28 | 17.9 | % | |||||||||||
Weighted avg. shares outstanding - diluted | 1,516.5 | 1,529.1 | |||||||||||||||
Cash dividends declared per share | $ | 0.160 | $ | 0.130 | |||||||||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 36.6 | % | 37.0 | % | |||||||||||||
Effective tax rate including noncontrolling interests | 35.0 | % | 33.8 | % |
Two Quarters Ended | Two Quarters Ended | ||||||||||||||||
Mar 29, 2015 | Mar 30, 2014 | % Change | Mar 29, 2015 | Mar 30, 2014 | |||||||||||||
As a % of total net revenues | |||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 7,395.7 | $ | 6,411.8 | 15.3 | % | 79.0 | % | 79.0 | % | |||||||
Licensed stores | 905.3 | 758.0 | 19.4 | 9.7 | 9.3 | ||||||||||||
CPG, foodservice and other | 1,065.8 | 943.6 | 13.0 | 11.4 | 11.6 | ||||||||||||
Total net revenues | 9,366.8 | 8,113.4 | 15.4 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 3,851.0 | 3,424.2 | 12.5 | 41.1 | 42.2 | ||||||||||||
Store operating expenses | 2,640.1 | 2,309.6 | 14.3 | 28.2 | 28.5 | ||||||||||||
Other operating expenses | 262.9 | 225.8 | 16.4 | 2.8 | 2.8 | ||||||||||||
Depreciation and amortization expenses | 423.1 | 344.1 | 23.0 | 4.5 | 4.2 | ||||||||||||
General and administrative expenses | 604.3 | 483.2 | 25.1 | 6.5 | 6.0 | ||||||||||||
Litigation credit | — | (20.2 | ) | (100.0 | ) | — | (0.2 | ) | |||||||||
Total operating expenses | 7,781.4 | 6,766.7 | 15.0 | 83.1 | 83.4 | ||||||||||||
Income from equity investees | 107.7 | 111.0 | (3.0 | ) | 1.1 | 1.4 | |||||||||||
Operating income | 1,693.1 | 1,457.7 | 16.1 | 18.1 | 18.0 | ||||||||||||
Gain resulting from acquisition of joint venture | 390.6 | — | nm | 4.2 | — | ||||||||||||
Interest income and other, net | 11.1 | 37.6 | (70.5 | ) | 0.1 | 0.5 | |||||||||||
Interest expense | (33.2 | ) | (31.3 | ) | 6.1 | (0.4 | ) | (0.4 | ) | ||||||||
Earnings before income taxes | 2,061.6 | 1,464.0 | 40.8 | 22.0 | 18.0 | ||||||||||||
Income taxes | 581.2 | 496.4 | 17.1 | 6.2 | 6.1 | ||||||||||||
Net earnings including noncontrolling interests | 1,480.4 | 967.6 | 53.0 | 15.8 | 11.9 | ||||||||||||
Net earnings/(loss) attributable to noncontrolling interests | 2.1 | — | nm | — | — | ||||||||||||
Net earnings attributable to Starbucks | $ | 1,478.3 | $ | 967.6 | 52.8 | % | 15.8 | % | 11.9 | % | |||||||
Net earnings per common share - diluted | $ | 0.97 | $ | 0.63 | 54.0 | % | |||||||||||
Weighted avg. shares outstanding - diluted | 1,516.7 | 1,530.7 | |||||||||||||||
Cash dividends declared per share | $ | 0.320 | $ | 0.260 | |||||||||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 35.7 | % | 36.0 | % | |||||||||||||
Effective tax rate including noncontrolling interests | 28.2 | % | 33.9 | % |
Mar 29, 2015 | Mar 30, 2014 | % Change | Mar 29, 2015 | Mar 30, 2014 | |||||||||||||
Quarter Ended | As a % of Americas total net revenues | ||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 2,818.6 | $ | 2,561.3 | 10.0 | % | 90.1 | % | 91.2 | % | |||||||
Licensed stores | 301.9 | 237.8 | 27.0 | 9.7 | 8.5 | ||||||||||||
Foodservice and other | 7.5 | 9.7 | (22.7 | ) | 0.2 | 0.3 | |||||||||||
Total net revenues | 3,128.0 | 2,808.8 | 11.4 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 1,135.8 | 1,059.6 | 7.2 | 36.3 | 37.7 | ||||||||||||
Store operating expenses | 1,065.0 | 963.9 | 10.5 | 34.0 | 34.3 | ||||||||||||
Other operating expenses | 36.4 | 23.7 | 53.6 | 1.2 | 0.8 | ||||||||||||
Depreciation and amortization expenses | 128.6 | 114.8 | 12.0 | 4.1 | 4.1 | ||||||||||||
General and administrative expenses | 52.6 | 41.2 | 27.7 | 1.7 | 1.5 | ||||||||||||
Total operating expenses | 2,418.4 | 2,203.2 | 9.8 | 77.3 | 78.4 | ||||||||||||
Operating income | $ | 709.6 | $ | 605.6 | 17.2 | % | 22.7 | % | 21.6 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 37.8 | % | 37.6 | % | |||||||||||||
Two Quarters Ended | |||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 5,829.2 | $ | 5,348.2 | 9.0 | % | 89.8 | % | 90.9 | % | |||||||
Licensed stores | 648.1 | 512.1 | 26.6 | 10.0 | 8.7 | ||||||||||||
Foodservice and other | 17.6 | 21.4 | (17.8 | ) | 0.3 | 0.4 | |||||||||||
Total net revenues | 6,494.9 | 5,881.7 | 10.4 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 2,396.8 | 2,223.8 | 7.8 | 36.9 | 37.8 | ||||||||||||
Store operating expenses | 2,149.4 | 1,963.5 | 9.5 | 33.1 | 33.4 | ||||||||||||
Other operating expenses | 66.6 | 49.0 | 35.9 | 1.0 | 0.8 | ||||||||||||
Depreciation and amortization expenses | 255.7 | 227.1 | 12.6 | 3.9 | 3.9 | ||||||||||||
General and administrative expenses | 99.3 | 80.7 | 23.0 | 1.5 | 1.4 | ||||||||||||
Total operating expenses | 4,967.8 | 4,544.1 | 9.3 | 76.5 | 77.3 | ||||||||||||
Operating income | $ | 1,527.1 | $ | 1,337.6 | 14.2 | % | 23.5 | % | 22.7 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 36.9 | % | 36.7 | % |
Mar 29, 2015 | Mar 30, 2014 | % Change | Mar 29, 2015 | Mar 30, 2014 | |||||||||||||
Quarter Ended | As a % of EMEA total net revenues | ||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 212.5 | $ | 245.5 | (13.4 | )% | 75.8 | % | 79.2 | % | |||||||
Licensed stores | 56.6 | 54.4 | 4.0 | 20.2 | 17.6 | ||||||||||||
Foodservice | 11.2 | 10.0 | 12.0 | 4.0 | 3.2 | ||||||||||||
Total net revenues | 280.3 | 309.9 | (9.6 | ) | 100.0 | 100.0 | |||||||||||
Cost of sales including occupancy costs | 135.0 | 158.3 | (14.7 | ) | 48.2 | 51.1 | |||||||||||
Store operating expenses | 76.2 | 92.4 | (17.5 | ) | 27.2 | 29.8 | |||||||||||
Other operating expenses | 13.5 | 11.8 | 14.4 | 4.8 | 3.8 | ||||||||||||
Depreciation and amortization expenses | 12.7 | 14.8 | (14.2 | ) | 4.5 | 4.8 | |||||||||||
General and administrative expenses | 14.7 | 16.0 | (8.1 | ) | 5.2 | 5.2 | |||||||||||
Total operating expenses | 252.1 | 293.3 | (14.0 | ) | 89.9 | 94.6 | |||||||||||
Income from equity investees | 1.0 | 1.1 | (9.1 | ) | 0.4 | 0.4 | |||||||||||
Operating income | $ | 29.2 | $ | 17.7 | 65.0 | % | 10.4 | % | 5.7 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 35.9 | % | 37.6 | % | |||||||||||||
Two Quarters Ended | |||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 470.2 | $ | 514.5 | (8.6 | )% | 76.6 | % | 79.2 | % | |||||||
Licensed stores | 119.9 | 115.0 | 4.3 | 19.5 | 17.7 | ||||||||||||
Foodservice | 23.6 | 20.0 | 18.0 | 3.8 | 3.1 | ||||||||||||
Total net revenues | 613.7 | 649.5 | (5.5 | ) | 100.0 | 100.0 | |||||||||||
Cost of sales including occupancy costs | 291.4 | 326.5 | (10.8 | ) | 47.5 | 50.3 | |||||||||||
Store operating expenses | 162.0 | 188.8 | (14.2 | ) | 26.4 | 29.1 | |||||||||||
Other operating expenses | 27.2 | 23.4 | 16.2 | 4.4 | 3.6 | ||||||||||||
Depreciation and amortization expenses | 26.5 | 29.4 | (9.9 | ) | 4.3 | 4.5 | |||||||||||
General and administrative expenses | 28.7 | 32.1 | (10.6 | ) | 4.7 | 4.9 | |||||||||||
Total operating expenses | 535.8 | 600.2 | (10.7 | ) | 87.3 | 92.4 | |||||||||||
Income from equity investees | 1.2 | 1.9 | (36.8 | ) | 0.2 | 0.3 | |||||||||||
Operating income | $ | 79.1 | $ | 51.2 | 54.5 | % | 12.9 | % | 7.9 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 34.5 | % | 36.7 | % |
Mar 29, 2015 | Mar 30, 2014 | % Change | Mar 29, 2015 | Mar 30, 2014 | |||||||||||||
Quarter Ended | As a % of CAP total net revenues | ||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 532.3 | $ | 202.5 | 162.9 | % | 89.4 | % | 76.3 | % | |||||||
Licensed stores | 61.4 | 62.8 | (2.2 | ) | 10.3 | 23.7 | |||||||||||
Foodservice and other | 1.5 | — | nm | 0.3 | — | ||||||||||||
Total net revenues | 595.2 | 265.3 | 124.3 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 269.4 | 127.4 | 111.5 | 45.3 | 48.0 | ||||||||||||
Store operating expenses | 157.0 | 52.4 | 199.6 | 26.4 | 19.8 | ||||||||||||
Other operating expenses | 12.5 | 11.1 | 12.6 | 2.1 | 4.2 | ||||||||||||
Depreciation and amortization expenses | 37.0 | 11.8 | 213.6 | 6.2 | 4.4 | ||||||||||||
General and administrative expenses | 32.4 | 13.0 | 149.2 | 5.4 | 4.9 | ||||||||||||
Total operating expenses | 508.3 | 215.7 | 135.7 | 85.4 | 81.3 | ||||||||||||
Income from equity investees | 25.5 | 37.4 | (31.8 | ) | 4.3 | 14.1 | |||||||||||
Operating income | $ | 112.4 | $ | 87.0 | 29.2 | % | 18.9 | % | 32.8 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 29.5 | % | 25.9 | % | |||||||||||||
Two Quarters Ended | |||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 954.1 | $ | 404.1 | 136.1 | % | 87.5 | % | 75.9 | % | |||||||
Licensed stores | 134.6 | 128.1 | 5.1 | % | 12.3 | 24.1 | |||||||||||
Foodservice and other | 2.3 | — | nm | 0.2 | — | ||||||||||||
Total net revenues | 1,091.0 | 532.2 | 105.0 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 503.0 | 260.2 | 93.3 | 46.1 | 48.9 | ||||||||||||
Store operating expenses | 274.8 | 103.7 | 165.0 | 25.2 | 19.5 | ||||||||||||
Other operating expenses | 27.6 | 21.7 | 27.2 | 2.5 | 4.1 | ||||||||||||
Depreciation and amortization expenses | 65.1 | 22.0 | 195.9 | 6.0 | 4.1 | ||||||||||||
General and administrative expenses | 58.1 | 27.1 | 114.4 | 5.3 | 5.1 | ||||||||||||
Total operating expenses | 928.6 | 434.7 | 113.6 | 85.1 | 81.7 | ||||||||||||
Income from equity investees | 58.2 | 70.5 | (17.4 | ) | 5.3 | 13.2 | |||||||||||
Operating income | $ | 220.6 | $ | 168.0 | 31.3 | % | 20.2 | % | 31.6 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 28.8 | % | 25.7 | % |
Mar 29, 2015 | Mar 30, 2014 | % Change | Mar 29, 2015 | Mar 30, 2014 | |||||||||||||
Quarter Ended | As a % of Channel Development total net revenues | ||||||||||||||||
Net revenues: | |||||||||||||||||
CPG | $ | 329.8 | $ | 282.1 | 16.9 | % | 77.1 | % | 76.2 | % | |||||||
Foodservice | 98.2 | 88.3 | 11.2 | 22.9 | 23.8 | ||||||||||||
Total net revenues | 428.0 | 370.4 | 15.6 | 100.0 | 100.0 | ||||||||||||
Cost of sales | 244.5 | 213.6 | 14.5 | 57.1 | 57.7 | ||||||||||||
Other operating expenses | 50.9 | 46.6 | 9.2 | 11.9 | 12.6 | ||||||||||||
Depreciation and amortization expenses | 0.6 | 0.4 | 50.0 | 0.1 | 0.1 | ||||||||||||
General and administrative expenses | 4.3 | 3.9 | 10.3 | 1.0 | 1.1 | ||||||||||||
Total operating expenses | 300.3 | 264.5 | 13.5 | 70.2 | 71.4 | ||||||||||||
Income from equity investees | 28.4 | 21.4 | 32.7 | 6.6 | 5.8 | ||||||||||||
Operating income | $ | 156.1 | $ | 127.3 | 22.6 | % | 36.5 | % | 34.4 | % | |||||||
Two Quarters Ended | |||||||||||||||||
Net revenues: | |||||||||||||||||
CPG | $ | 673.5 | $ | 588.5 | 14.4 | % | 77.4 | % | 76.3 | % | |||||||
Foodservice | 197.0 | 183.0 | 7.7 | 22.6 | 23.7 | ||||||||||||
Total net revenues | 870.5 | 771.5 | 12.8 | 100.0 | 100.0 | ||||||||||||
Cost of sales | 493.8 | 459.2 | 7.5 | 56.7 | 59.5 | ||||||||||||
Other operating expenses | 102.0 | 94.6 | 7.8 | 11.7 | 12.3 | ||||||||||||
Depreciation and amortization expenses | 1.3 | 0.8 | 62.5 | 0.1 | 0.1 | ||||||||||||
General and administrative expenses | 8.4 | 9.3 | (9.7 | ) | 1.0 | 1.2 | |||||||||||
Total operating expenses | 605.5 | 563.9 | 7.4 | 69.6 | 73.1 | ||||||||||||
Income from equity investees | 48.3 | 38.6 | 25.1 | 5.5 | 5.0 | ||||||||||||
Operating income | $ | 313.3 | $ | 246.2 | 27.3 | % | 36.0 | % | 31.9 | % |
Mar 29, 2015 | Mar 30, 2014 | % Change | ||||||||
Quarter Ended | ||||||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 59.5 | $ | 58.7 | 1.4 | % | ||||
Licensed stores | 1.4 | 1.2 | 16.7 | |||||||
CPG, foodservice and other | 71.1 | 59.5 | 19.5 | |||||||
Total net revenues | 132.0 | 119.4 | 10.6 | |||||||
Cost of sales including occupancy costs | 76.6 | 68.8 | 11.3 | |||||||
Store operating expenses | 26.4 | 25.8 | 2.3 | |||||||
Other operating expenses | 20.3 | 18.0 | 12.8 | |||||||
Depreciation and amortization expenses | 3.9 | 3.7 | 5.4 | |||||||
General and administrative expenses | 8.9 | 10.9 | (18.3 | ) | ||||||
Total operating expenses | 136.1 | 127.2 | 7.0 | |||||||
Operating loss | $ | (4.1 | ) | $ | (7.8 | ) | (47.4 | )% | ||
Two Quarters Ended | ||||||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 142.2 | $ | 145.0 | (1.9 | )% | ||||
Licensed stores | 2.7 | 2.8 | (3.6 | ) | ||||||
CPG, foodservice and other | 151.8 | 130.7 | 16.1 | |||||||
Total net revenues | 296.7 | 278.5 | 6.5 | |||||||
Cost of sales including occupancy costs | 169.8 | 151.3 | 12.2 | |||||||
Store operating expenses | 53.9 | 53.6 | 0.6 | |||||||
Other operating expenses | 39.8 | 37.6 | 5.9 | |||||||
Depreciation and amortization expenses | 7.9 | 7.3 | 8.2 | |||||||
General and administrative expenses | 18.9 | 22.6 | (16.4 | ) | ||||||
Total operating expenses | 290.3 | 272.4 | 6.6 | |||||||
Operating income | $ | 6.4 | $ | 6.1 | 4.9 | % |
Quarter Ended | |||||
($ in millions) | Mar 29, 2015 | Mar 30, 2014 | Change | ||
Revenues | $2,842.1 | $2,520.4 | 13% | ||
Comparable Store Sales Growth(1) | 7% | 6% | |||
Change in Transactions | 2% | 2% | |||
Change in Ticket | 5% | 3% | |||
(1) Includes only Starbucks company-operated stores open 13 months or longer |
Net stores opened (closed) during the period | |||||||||||||||||
Quarter Ended | Two Quarters Ended | Stores open as of | |||||||||||||||
Mar 29, 2015 | Mar 30, 2014 | Mar 29, 2015 | Mar 30, 2014 | Mar 29, 2015 | Mar 30, 2014 | ||||||||||||
Americas(1) | |||||||||||||||||
Company-operated stores | 52 | 59 | 119 | 86 | 8,514 | 8,164 | |||||||||||
Licensed stores | (54 | ) | 69 | 89 | 184 | 5,885 | 5,599 | ||||||||||
(2 | ) | 128 | 208 | 270 | 14,399 | 13,763 | |||||||||||
EMEA(2) | |||||||||||||||||
Company-operated stores | (17 | ) | 1 | (24 | ) | 4 | 793 | 830 | |||||||||
Licensed stores | 52 | 31 | 117 | 92 | 1,440 | 1,235 | |||||||||||
35 | 32 | 93 | 96 | 2,233 | 2,065 | ||||||||||||
CAP (3,4) | |||||||||||||||||
Company-operated stores | 66 | 53 | 1,137 | 114 | 2,269 | 996 | |||||||||||
Licensed stores | 110 | 121 | (727 | ) | 269 | 2,765 | 3,269 | ||||||||||
176 | 174 | 410 | 383 | 5,034 | 4,265 | ||||||||||||
All Other Segments | |||||||||||||||||
Company-operated stores | 1 | 4 | 10 | 11 | 379 | 368 | |||||||||||
Licensed stores | — | (3 | ) | 1 | (8 | ) | 43 | 58 | |||||||||
1 | 1 | 11 | 3 | 422 | 426 | ||||||||||||
Total Company | 210 | 335 | 722 | 752 | 22,088 | 20,519 |
Quarter Ended | ||||||||||
Mar 29, 2015 | Mar 30, 2014 | Change | ||||||||
Consolidated | ||||||||||
Operating income, as reported (GAAP) | $ | 777.5 | $ | 644.1 | 20.7 | % | ||||
Starbucks Japan acquisition-related items - other(1) | 11.9 | — | ||||||||
Non-GAAP operating income | $ | 789.4 | $ | 644.1 | 22.6 | % | ||||
Operating margin, as reported (GAAP) | 17.0 | % | 16.6 | % | 40 bps | |||||
Starbucks Japan acquisition-related items - other(1) | 0.3 | — | ||||||||
Non-GAAP operating margin | 17.3 | % | 16.6 | % | 70 bps | |||||
Diluted net earnings per share, as reported (GAAP) | $ | 0.33 | $ | 0.28 | 17.9 | % | ||||
Starbucks Japan acquisition-related items - other(1) | 0.01 | — | ||||||||
Non-GAAP net earnings per share | $ | 0.33 | $ | 0.28 | 17.9 | % | ||||
China/Asia Pacific (CAP) | ||||||||||
Operating income, as reported (GAAP) | $ | 112.4 | $ | 87.0 | 29.2 | % | ||||
Starbucks Japan amortization expense of acquired intangibles | 11.3 | — | ||||||||
Non-GAAP operating income | $ | 123.7 | $ | 87.0 | 42.2 | % | ||||
Operating margin, as reported (GAAP) | 18.9 | % | 32.8 | % | (1,390) bps | |||||
Starbucks Japan amortization expense of acquired intangibles | 1.9 | — | ||||||||
Non-GAAP operating margin | 20.8 | % | 32.8 | % | (1,200) bps |
Quarter Ended | ||||||||
Jun 28, 2015 | Jun 29, 2014 | |||||||
Consolidated | (Projected) | (As Reported) | Change | |||||
Diluted net earnings per share (GAAP) | $0.39 - $0.40 | $ | 0.34 | 15% - 18% | ||||
Starbucks Japan acquisition-related items - other(1) | 0.01 | — | ||||||
Non-GAAP net earnings per share | $0.40 - $0.41 | $ | 0.34 | 18% - 21% | ||||
Quarter Ended | ||||||||
Sep 27, 2015 | Sep 28, 2014 | |||||||
Consolidated | (Projected) | (As Reported) | Change | |||||
Diluted net earnings per share (GAAP) | $0.40 - $0.41 | $ | 0.39 | 3% - 5% | ||||
Net benefit from transactions in Q4 2014(2) | — | (0.02 | ) | |||||
Starbucks Japan acquisition-related items - other(1) | 0.01 | — | ||||||
Non-GAAP net earnings per share | $0.42 - $0.43 | $ | 0.37 | 14% - 16% | ||||
Year Ended | ||||||||
Sep 27, 2015 | Sep 28, 2014 | |||||||
Consolidated | (Projected) | (As Reported) | Change | |||||
Diluted net earnings per share (GAAP) | $1.77 - $1.79 | $ | 1.35 | 31% - 33% | ||||
Litigation credit | — | (0.01 | ) | |||||
Net benefit from transactions in Q4 2014(2) | — | (0.02 | ) | |||||
Starbucks Japan acquisition-related items - gain(3) | (0.26 | ) | — | |||||
Starbucks Japan acquisition-related items - other(1) | 0.03 | — | ||||||
Non-GAAP net earnings per share | $1.55 - $1.57 | $ | 1.33 | 17% - 18% |
1 Year Starbucks Chart |
1 Month Starbucks Chart |
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