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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-1.51 | -2.02% | 73.42 | 72.89 | 74.52 | 75.51 | 72.985 | 75.27 | 22,153,875 | 05:00:08 |
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 8.01 | Other Events |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description | |
99.1 | Earnings release of Starbucks Corporation dated July 23, 2015 | |
99.2 | Press release dated July 23, 2015 |
STARBUCKS CORPORATION | |||
Dated: July 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 July 23, 2015 | |
99.2 | Press release dated July 23, 2015 |
• | Global comparable store sales increased 7%, driven by a 4% increase in traffic |
◦ | Americas comp sales increased 8%, driven by a 4% increase in traffic |
◦ | China/Asia Pacific comp sales increased 11%, driven by a 10% increase in traffic |
◦ | EMEA comp sales increased 3%, driven by a 2% increase in traffic |
• | Consolidated net revenues increased 18% over Q3 FY14 to a quarterly record $4.9 billion |
• | Consolidated operating income up 22% to $938.6 million |
◦ | Non-GAAP operating income up 24% to $950.1 million |
• | Consolidated operating margin expanded 70 basis points to 19.2% |
◦ | Non-GAAP operating margin increased 100 basis points to 19.5% |
• | GAAP earnings increased 21% over Q3 FY14 to $0.41 per share |
◦ | Non-GAAP earnings increased 24% over Q3 FY14 to $0.42 per share |
• | Starbucks Mobile Order & Pay expanded to over 4,000 U.S. company-operated stores in Q3; full deployment to all U.S. company-operated stores by holiday |
• | 431 net new stores opened in the quarter; total store count reaches 22,519 |
• | Year over year comparable store customer transactions increased nearly 18 million in the U.S. and over 23 million globally |
Quarter Ended Jun 28, 2015 | |||||
Comparable Store Sales(1) | Sales Growth | Change in Transactions | Change in Ticket | ||
Consolidated | 7% | 4% | 3% | ||
Americas | 8% | 4% | 4% | ||
EMEA | 3% | 2% | 1% | ||
CAP | 11% | 10% | 1% | ||
(1) Includes only Starbucks company-operated stores open 13 months or longer. |
Operating Results | Quarter Ended | ||||
($ in millions, except per share amounts) | Jun 28, 2015 | Jun 29, 2014 | Change | ||
Net New Stores | 431 | 344 | 87 | ||
Revenues | $4,881.2 | $4,153.7 | 18% | ||
Operating Income | $938.6 | $768.5 | 22% | ||
Operating Margin | 19.2% | 18.5% | 70 bps | ||
EPS | $0.41 | $0.34 | 21% |
Quarter Ended | |||||
($ in millions) | Jun 28, 2015 | Jun 29, 2014 | Change | ||
Net New Stores | 171 | 149 | 22 | ||
Revenues | $3,414.6 | $3,057.7 | 12% | ||
Operating Income | $855.3 | $728.5 | 17% | ||
Operating Margin | 25.0% | 23.8% | 120 bps |
Quarter Ended | |||||
($ in millions) | Jun 28, 2015 | Jun 29, 2014 | Change | ||
Net New Stores | 58 | 37 | 21 | ||
Revenues | $294.7 | $323.5 | (9)% | ||
Operating Income | $36.0 | $29.2 | 23% | ||
Operating Margin | 12.2% | 9.0% | 320 bps |
Quarter Ended | |||||
($ in millions) | Jun 28, 2015 | Jun 29, 2014 | Change | ||
Net New Stores | 205 | 160 | 45 | ||
Revenues | $652.7 | $287.6 | 127% | ||
Operating Income | $150.0 | $100.8 | 49% | ||
Operating Margin | 23.0% | 35.0% | (1,200) bps |
Quarter Ended | |||||
($ in millions) | Jun 28, 2015 | Jun 29, 2014 | Change | ||
Revenues | $403.6 | $375.3 | 8% | ||
Operating Income | $143.4 | $139.3 | 3% | ||
Operating Margin | 35.5% | 37.1% | (160) bps |
Quarter Ended | |||||
($ in millions) | Jun 28, 2015 | Jun 29, 2014 | Change | ||
Net New Stores | (3) | (2) | (1) | ||
Revenues | $115.6 | $109.6 | 5% | ||
Operating Loss | $(13.1) | $(18.9) | (31)% |
Three Quarters Ended Jun 28, 2015 | |||||
Comparable Store Sales(1) | Sales Growth | Change in Transactions | Change in Ticket | ||
Consolidated | 7% | 3% | 4% | ||
Americas | 7% | 3% | 4% | ||
EMEA | 3% | 2% | 1% | ||
CAP | 10% | 9% | 1% | ||
(1) Includes only Starbucks company-operated stores open 13 months or longer. |
Operating Results | Three Quarters Ended | ||||
($ in millions, except per share amounts) | Jun 28, 2015 | Jun 29, 2014 | Change | ||
Net New Stores (1) | 1,153 | 1,096 | 57 | ||
Revenues | $14,247.9 | $12,267.1 | 16% | ||
Operating Income | $2,631.6 | $2,226.3 | 18% | ||
Operating Margin | 18.5% | 18.1% | 40 bps | ||
EPS | $1.39 | $0.97 | 43% |
• | Total net new store openings for the fiscal year remain at 1,650: |
◦ | Americas: remain at approximately 600, half licensed |
◦ | EMEA: remain at approximately 200, primarily licensed |
◦ | China/Asia Pacific: remain at approximately 850, two-thirds licensed |
• | Continue to expect full year revenue growth of 16% to 18% |
• | Global comparable store sales growth remains in the mid-single digits |
• | Full year GAAP operating margin is still expected to be flat to FY14 due to the impact of the acquisition of Starbucks Japan; full year non-GAAP operating margin is still expected to modestly improve over prior year non-GAAP operating margin. Operating margin by segment: |
◦ | Americas: continue to expect modest margin improvement over FY14 |
◦ | EMEA: now expecting margin to be at or slightly above the upper end of the 10% to 12% range |
◦ | China/Asia Pacific: now expecting margin to be slightly over 20% |
◦ | Channel Development: continue to expect margin improvement of approximately 150 basis points over FY14 |
• | Continue to expect a consolidated tax rate of approximately 31% on a GAAP basis |
• | GAAP Earnings per Share: |
◦ | Now expect full year EPS in the range of $1.77 to $1.78 |
◦ | Now expect Q4 EPS in the range of $0.38 to $0.39 |
• | Non-GAAP Earnings per Share: |
◦ | Now expect full year EPS in the range of $1.57 to $1.58 |
◦ | Continue to expect Q4 EPS in the range of $0.42 to $0.43 |
• | The Company now expects capital expenditures of approximately $1.3 billion |
• | Starbucks and PepsiCo, Inc. today announced they have entered into an agreement for the marketing, sales and distribution of a locally-relevant portfolio of Starbucks ready-to-drink (RTD) coffee and energy products in Latin America. |
• | Enhancing the digital experience for My Starbucks Rewards® members, the company has recently made three strategic relationship announcements, starting with Spotify in May, The New York Times on July 21 and Lyft on July 22. Each of the announcements supports a new opportunity for Starbucks loyalty program members to earn stars through purchases made with other companies and then have the ability to redeem those earned stars for food and beverages at participating Starbucks® stores. These relationships, collectively, lend to a broader strategy to build a robust digital ecosystem with businesses that complement our customer experience. |
• | The Company recently announced two new strategic business partnerships; the first is a licensed agreement with Casino Restauration (a subsidiary of Groupe Casino) that will open Starbucks stores within Géant Casino Hypermarkets and Casino Supermarkets across France. The second is a licensed partnership with Taste Holdings to open Starbucks stores across South Africa, starting with Johannesburg which is expected to open in 2016. This will be Starbucks first store in sub-Saharan Africa. |
• | In May, Starbucks opened a store in Japan’s Tottori Prefecture, the last district in Japan without a Starbucks store. The company operates more than 1,000 stores across the country. |
• | Starbucks, along with more than a dozen leading, U.S.-based companies, announced on July 13 the formation of the 100,000 Opportunities Initiative, an employer-led coalition with a collective goal of engaging 100,000 Opportunity Youth - 16 to 24 year olds who face systemic barriers to jobs and education - through apprenticeships, internships, training programs, and both part-time and full-time jobs. |
• | In June, Starbucks raised $850 million in proceeds from a public offering of $500 million of 2.700% Senior Notes due 2022 and $350 million of 4.300% Senior Notes due 2045. As previously announced, a portion of the proceeds from the offering were used to redeem the Company’s $550 million of 6.250% Senior Notes due 2017. The redemption was settled July 1, 2015. |
• | The Company repurchased 12.1 million shares of common stock in Q3 FY15; 61 million shares remain available for purchase under current authorizations, comprised of 11 million shares that remained available for repurchase as of June 28, 2015 under an existing authorization and an additional 50 million shares which the Company announced today has been authorized for repurchase by its Board of Directors under its ongoing share repurchase program. |
• | The Board of Directors declared a cash dividend of $0.16 per share, payable on August 21, 2015 to shareholders of record as of August 6, 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 | ||||||||||||||||
Jun 28, 2015 | Jun 29, 2014 | % Change | Jun 28, 2015 | Jun 29, 2014 | |||||||||||||
As a % of total net revenues | |||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 3,915.0 | $ | 3,290.5 | 19.0 | % | 80.2 | % | 79.2 | % | |||||||
Licensed stores | 475.2 | 408.1 | 16.4 | 9.7 | 9.8 | ||||||||||||
CPG, foodservice and other | 491.0 | 455.1 | 7.9 | 10.1 | 11.0 | ||||||||||||
Total net revenues | 4,881.2 | 4,153.7 | 17.5 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 1,953.9 | 1,711.5 | 14.2 | 40.0 | 41.2 | ||||||||||||
Store operating expenses | 1,392.4 | 1,176.5 | 18.4 | 28.5 | 28.3 | ||||||||||||
Other operating expenses | 131.6 | 120.6 | 9.1 | 2.7 | 2.9 | ||||||||||||
Depreciation and amortization expenses | 236.5 | 180.1 | 31.3 | 4.8 | 4.3 | ||||||||||||
General and administrative expenses | 288.5 | 269.4 | 7.1 | 5.9 | 6.5 | ||||||||||||
Total operating expenses | 4,002.9 | 3,458.1 | 15.8 | 82.0 | 83.3 | ||||||||||||
Income from equity investees | 60.3 | 72.9 | (17.3 | ) | 1.2 | 1.8 | |||||||||||
Operating income | 938.6 | 768.5 | 22.1 | 19.2 | 18.5 | ||||||||||||
Interest income and other, net | 25.5 | 19.4 | 31.4 | 0.5 | 0.5 | ||||||||||||
Interest expense | (19.1 | ) | (16.4 | ) | 16.5 | (0.4 | ) | (0.4 | ) | ||||||||
Earnings before income taxes | 945.0 | 771.5 | 22.5 | 19.4 | 18.6 | ||||||||||||
Income taxes | 318.5 | 259.0 | 23.0 | 6.5 | 6.2 | ||||||||||||
Net earnings including noncontrolling interests | 626.5 | 512.5 | 22.2 | 12.8 | 12.3 | ||||||||||||
Net earnings/(loss) attributable to noncontrolling interests | (0.2 | ) | (0.1 | ) | 100.0 | — | — | ||||||||||
Net earnings attributable to Starbucks | $ | 626.7 | $ | 512.6 | 22.3 | 12.8 | % | 12.3 | % | ||||||||
Net earnings per common share - diluted | $ | 0.41 | $ | 0.34 | 20.6 | % | |||||||||||
Weighted avg. shares outstanding - diluted | 1,515.7 | 1,522.0 | |||||||||||||||
Cash dividends declared per share | $ | 0.16 | $ | 0.13 | |||||||||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 35.6 | % | 35.8 | % | |||||||||||||
Effective tax rate including noncontrolling interests | 33.7 | % | 33.6 | % |
Three Quarters Ended | Three Quarters Ended | ||||||||||||||||
Jun 28, 2015 | Jun 29, 2014 | % Change | Jun 28, 2015 | Jun 29, 2014 | |||||||||||||
As a % of total net revenues | |||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 11,310.7 | $ | 9,702.3 | 16.6 | % | 79.4 | % | 79.1 | % | |||||||
Licensed stores | 1,380.5 | 1,166.1 | 18.4 | 9.7 | 9.5 | ||||||||||||
CPG, foodservice and other | 1,556.7 | 1,398.7 | 11.3 | 10.9 | 11.4 | ||||||||||||
Total net revenues | 14,247.9 | 12,267.1 | 16.1 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 5,804.9 | 5,135.7 | 13.0 | 40.7 | 41.9 | ||||||||||||
Store operating expenses | 4,032.5 | 3,486.1 | 15.7 | 28.3 | 28.4 | ||||||||||||
Other operating expenses | 394.5 | 346.3 | 13.9 | 2.8 | 2.8 | ||||||||||||
Depreciation and amortization expenses | 659.6 | 524.2 | 25.8 | 4.6 | 4.3 | ||||||||||||
General and administrative expenses | 892.8 | 752.6 | 18.6 | 6.3 | 6.1 | ||||||||||||
Litigation credit | — | (20.2 | ) | (100.0 | ) | — | (0.2 | ) | |||||||||
Total operating expenses | 11,784.3 | 10,224.7 | 15.3 | 82.7 | 83.4 | ||||||||||||
Income from equity investees | 168.0 | 183.9 | (8.6 | ) | 1.2 | 1.5 | |||||||||||
Operating income | 2,631.6 | 2,226.3 | 18.2 | 18.5 | 18.1 | ||||||||||||
Gain resulting from acquisition of joint venture | 390.6 | — | nm | 2.7 | — | ||||||||||||
Interest income and other, net | 36.6 | 57.0 | (35.8 | ) | 0.3 | 0.5 | |||||||||||
Interest expense | (52.3 | ) | (47.7 | ) | 9.6 | (0.4 | ) | (0.4 | ) | ||||||||
Earnings before income taxes | 3,006.5 | 2,235.6 | 34.5 | 21.1 | 18.2 | ||||||||||||
Income taxes | 899.7 | 755.4 | 19.1 | 6.3 | 6.2 | ||||||||||||
Net earnings including noncontrolling interests | 2,106.8 | 1,480.2 | 42.3 | 14.8 | 12.1 | ||||||||||||
Net earnings/(loss) attributable to noncontrolling interests | 1.9 | (0.1 | ) | nm | — | — | |||||||||||
Net earnings attributable to Starbucks | $ | 2,104.9 | $ | 1,480.3 | 42.2 | % | 14.8 | % | 12.1 | % | |||||||
Net earnings per common share - diluted | $ | 1.39 | $ | 0.97 | 43.3 | % | |||||||||||
Weighted avg. shares outstanding - diluted | 1,516.3 | 1,527.8 | |||||||||||||||
Cash dividends declared per share | $ | 0.48 | $ | 0.39 | |||||||||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 35.7 | % | 35.9 | % | |||||||||||||
Effective tax rate including noncontrolling interests | 29.9 | % | 33.8 | % |
Jun 28, 2015 | Jun 29, 2014 | % Change | Jun 28, 2015 | Jun 29, 2014 | |||||||||||||
Quarter Ended | As a % of Americas total net revenues | ||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 3,061.3 | $ | 2,772.3 | 10.4 | % | 89.7 | % | 90.7 | % | |||||||
Licensed stores | 344.9 | 275.6 | 25.1 | 10.1 | 9.0 | ||||||||||||
Foodservice and other | 8.4 | 9.8 | (14.3 | ) | 0.2 | 0.3 | |||||||||||
Total net revenues | 3,414.6 | 3,057.7 | 11.7 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 1,227.7 | 1,130.0 | 8.6 | 36.0 | 37.0 | ||||||||||||
Store operating expenses | 1,126.7 | 1,002.4 | 12.4 | 33.0 | 32.8 | ||||||||||||
Other operating expenses | 26.9 | 26.2 | 2.7 | 0.8 | 0.9 | ||||||||||||
Depreciation and amortization expenses | 130.8 | 119.5 | 9.5 | 3.8 | 3.9 | ||||||||||||
General and administrative expenses | 47.2 | 51.1 | (7.6 | ) | 1.4 | 1.7 | |||||||||||
Total operating expenses | 2,559.3 | 2,329.2 | 9.9 | 75.0 | 76.2 | ||||||||||||
Operating income | $ | 855.3 | $ | 728.5 | 17.4 | % | 25.0 | % | 23.8 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 36.8 | % | 36.2 | % | |||||||||||||
Three Quarters Ended | |||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 8,890.5 | $ | 8,120.6 | 9.5 | % | 89.7 | % | 90.8 | % | |||||||
Licensed stores | 993.0 | 787.6 | 26.1 | 10.0 | 8.8 | ||||||||||||
Foodservice and other | 26.0 | 31.2 | (16.7 | ) | 0.3 | 0.3 | |||||||||||
Total net revenues | 9,909.5 | 8,939.4 | 10.9 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 3,624.4 | 3,353.8 | 8.1 | 36.6 | 37.5 | ||||||||||||
Store operating expenses | 3,276.1 | 2,965.9 | 10.5 | 33.1 | 33.2 | ||||||||||||
Other operating expenses | 93.4 | 75.2 | 24.2 | 0.9 | 0.8 | ||||||||||||
Depreciation and amortization expenses | 386.5 | 346.6 | 11.5 | 3.9 | 3.9 | ||||||||||||
General and administrative expenses | 146.6 | 131.9 | 11.1 | 1.5 | 1.5 | ||||||||||||
Total operating expenses | 7,527.0 | 6,873.4 | 9.5 | 76.0 | 76.9 | ||||||||||||
Operating income | $ | 2,382.5 | $ | 2,066.0 | 15.3 | % | 24.0 | % | 23.1 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 36.8 | % | 36.5 | % |
Jun 28, 2015 | Jun 29, 2014 | % Change | Jun 28, 2015 | Jun 29, 2014 | |||||||||||||
Quarter Ended | As a % of EMEA total net revenues | ||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 217.8 | $ | 251.8 | (13.5 | )% | 73.9 | % | 77.8 | % | |||||||
Licensed stores | 65.5 | 60.8 | 7.7 | 22.2 | 18.8 | ||||||||||||
Foodservice | 11.4 | 10.9 | 4.6 | 3.9 | 3.4 | ||||||||||||
Total net revenues | 294.7 | 323.5 | (8.9 | ) | 100.0 | 100.0 | |||||||||||
Cost of sales including occupancy costs | 143.1 | 161.4 | (11.3 | ) | 48.6 | 49.9 | |||||||||||
Store operating expenses | 78.4 | 91.4 | (14.2 | ) | 26.6 | 28.3 | |||||||||||
Other operating expenses | 12.9 | 12.5 | 3.2 | 4.4 | 3.9 | ||||||||||||
Depreciation and amortization expenses | 12.4 | 15.1 | (17.9 | ) | 4.2 | 4.7 | |||||||||||
General and administrative expenses | 12.8 | 15.0 | (14.7 | ) | 4.3 | 4.6 | |||||||||||
Total operating expenses | 259.6 | 295.4 | (12.1 | ) | 88.1 | 91.3 | |||||||||||
Income from equity investees | 0.9 | 1.1 | (18.2 | ) | 0.3 | 0.3 | |||||||||||
Operating income | $ | 36.0 | $ | 29.2 | 23.3 | % | 12.2 | % | 9.0 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 36.0 | % | 36.3 | % | |||||||||||||
Three Quarters Ended | |||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 688.0 | $ | 766.3 | (10.2 | )% | 75.7 | % | 78.8 | % | |||||||
Licensed stores | 185.4 | 175.8 | 5.5 | 20.4 | 18.1 | ||||||||||||
Foodservice | 35.0 | 30.9 | 13.3 | 3.9 | 3.2 | ||||||||||||
Total net revenues | 908.4 | 973.0 | (6.6 | ) | 100.0 | 100.0 | |||||||||||
Cost of sales including occupancy costs | 434.4 | 487.9 | (11.0 | ) | 47.8 | 50.1 | |||||||||||
Store operating expenses | 240.4 | 280.1 | (14.2 | ) | 26.5 | 28.8 | |||||||||||
Other operating expenses | 40.0 | 35.9 | 11.4 | 4.4 | 3.7 | ||||||||||||
Depreciation and amortization expenses | 38.9 | 44.5 | (12.6 | ) | 4.3 | 4.6 | |||||||||||
General and administrative expenses | 41.6 | 47.1 | (11.7 | ) | 4.6 | 4.8 | |||||||||||
Total operating expenses | 795.3 | 895.5 | (11.2 | ) | 87.5 | 92.0 | |||||||||||
Income from equity investees | 2.1 | 3.0 | (30.0 | ) | 0.2 | 0.3 | |||||||||||
Operating income | $ | 115.2 | $ | 80.5 | 43.1 | % | 12.7 | % | 8.3 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 34.9 | % | 36.6 | % |
Jun 28, 2015 | Jun 29, 2014 | % Change | Jun 28, 2015 | Jun 29, 2014 | |||||||||||||
Quarter Ended | As a % of CAP total net revenues | ||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 588.4 | $ | 217.0 | 171.2 | % | 90.1 | % | 75.5 | % | |||||||
Licensed stores | 63.1 | 70.6 | (10.6 | ) | 9.7 | 24.5 | |||||||||||
Foodservice and other | 1.2 | — | nm | 0.2 | — | ||||||||||||
Total net revenues | 652.7 | 287.6 | 126.9 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 281.8 | 137.8 | 104.5 | 43.2 | 47.9 | ||||||||||||
Store operating expenses | 161.2 | 54.8 | 194.2 | 24.7 | 19.1 | ||||||||||||
Other operating expenses | 15.8 | 13.2 | 19.7 | 2.4 | 4.6 | ||||||||||||
Depreciation and amortization expenses | 41.2 | 11.3 | 264.6 | 6.3 | 3.9 | ||||||||||||
General and administrative expenses | 30.3 | 16.0 | 89.4 | 4.6 | 5.6 | ||||||||||||
Total operating expenses | 530.3 | 233.1 | 127.5 | 81.2 | 81.1 | ||||||||||||
Income from equity investees | 27.6 | 46.3 | (40.4 | ) | 4.2 | 16.1 | |||||||||||
Operating income | $ | 150.0 | $ | 100.8 | 48.8 | % | 23.0 | % | 35.0 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 27.4 | % | 25.3 | % | |||||||||||||
Three Quarters Ended | |||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 1,542.5 | $ | 621.1 | 148.3 | % | 88.5 | % | 75.8 | % | |||||||
Licensed stores | 197.6 | 198.7 | (0.6 | )% | 11.3 | 24.2 | |||||||||||
Foodservice and other | 3.5 | — | nm | 0.2 | — | ||||||||||||
Total net revenues | 1,743.6 | 819.8 | 112.7 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 784.8 | 398.0 | 97.2 | 45.0 | 48.5 | ||||||||||||
Store operating expenses | 436.0 | 158.5 | 175.1 | 25.0 | 19.3 | ||||||||||||
Other operating expenses | 43.4 | 34.8 | 24.7 | 2.5 | 4.2 | ||||||||||||
Depreciation and amortization expenses | 106.3 | 33.4 | 218.3 | 6.1 | 4.1 | ||||||||||||
General and administrative expenses | 88.4 | 43.1 | 105.1 | 5.1 | 5.3 | ||||||||||||
Total operating expenses | 1,458.9 | 667.8 | 118.5 | 83.7 | 81.5 | ||||||||||||
Income from equity investees | 85.8 | 116.8 | (26.5 | ) | 4.9 | 14.2 | |||||||||||
Operating income | $ | 370.5 | $ | 268.8 | 37.8 | % | 21.2 | % | 32.8 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 28.3 | % | 25.5 | % |
Jun 28, 2015 | Jun 29, 2014 | % Change | Jun 28, 2015 | Jun 29, 2014 | |||||||||||||
Quarter Ended | As a % of Channel Development total net revenues | ||||||||||||||||
Net revenues: | |||||||||||||||||
CPG | $ | 302.2 | $ | 286.6 | 5.4 | % | 74.9 | % | 76.4 | % | |||||||
Foodservice | 101.4 | 88.7 | 14.3 | 25.1 | 23.6 | ||||||||||||
Total net revenues | 403.6 | 375.3 | 7.5 | 100.0 | 100.0 | ||||||||||||
Cost of sales | 228.3 | 208.3 | 9.6 | 56.6 | 55.5 | ||||||||||||
Other operating expenses | 58.9 | 48.3 | 21.9 | 14.6 | 12.9 | ||||||||||||
Depreciation and amortization expenses | 0.7 | 0.4 | 75.0 | 0.2 | 0.1 | ||||||||||||
General and administrative expenses | 4.1 | 4.5 | (8.9 | ) | 1.0 | 1.2 | |||||||||||
Total operating expenses | 292.0 | 261.5 | 11.7 | 72.3 | 69.7 | ||||||||||||
Income from equity investees | 31.8 | 25.5 | 24.7 | 7.9 | 6.8 | ||||||||||||
Operating income | $ | 143.4 | $ | 139.3 | 2.9 | % | 35.5 | % | 37.1 | % | |||||||
Three Quarters Ended | |||||||||||||||||
Net revenues: | |||||||||||||||||
CPG | $ | 975.8 | $ | 875.1 | 11.5 | % | 76.6 | % | 76.3 | % | |||||||
Foodservice | 298.4 | 271.7 | 9.8 | 23.4 | 23.7 | ||||||||||||
Total net revenues | 1,274.2 | 1,146.8 | 11.1 | 100.0 | 100.0 | ||||||||||||
Cost of sales | 722.2 | 667.5 | 8.2 | 56.7 | 58.2 | ||||||||||||
Other operating expenses | 160.9 | 142.9 | 12.6 | 12.6 | 12.5 | ||||||||||||
Depreciation and amortization expenses | 2.0 | 1.2 | 66.7 | 0.2 | 0.1 | ||||||||||||
General and administrative expenses | 12.5 | 13.8 | (9.4 | ) | 1.0 | 1.2 | |||||||||||
Total operating expenses | 897.6 | 825.4 | 8.7 | 70.4 | 72.0 | ||||||||||||
Income from equity investees | 80.1 | 64.1 | 25.0 | 6.3 | 5.6 | ||||||||||||
Operating income | $ | 456.7 | $ | 385.5 | 18.5 | % | 35.8 | % | 33.6 | % |
Jun 28, 2015 | Jun 29, 2014 | % Change | ||||||||
Quarter Ended | ||||||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 47.5 | $ | 49.4 | (3.8 | )% | ||||
Licensed stores | 1.7 | 1.1 | 54.5 | |||||||
CPG, foodservice and other | 66.4 | 59.1 | 12.4 | |||||||
Total net revenues | 115.6 | 109.6 | 5.5 | |||||||
Cost of sales including occupancy costs | 72.7 | 65.9 | 10.3 | |||||||
Store operating expenses | 26.1 | 27.9 | (6.5 | ) | ||||||
Other operating expenses | 17.3 | 20.5 | (15.6 | ) | ||||||
Depreciation and amortization expenses | 4.3 | 3.9 | 10.3 | |||||||
General and administrative expenses | 8.3 | 10.3 | (19.4 | ) | ||||||
Total operating expenses | 128.7 | 128.5 | 0.2 | |||||||
Operating loss | $ | (13.1 | ) | $ | (18.9 | ) | (30.7 | )% | ||
Three Quarters Ended | ||||||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 189.7 | $ | 194.3 | (2.4 | )% | ||||
Licensed stores | 4.5 | 4.0 | 12.5 | |||||||
CPG, foodservice and other | 218.0 | 189.8 | 14.9 | |||||||
Total net revenues | 412.2 | 388.1 | 6.2 | |||||||
Cost of sales including occupancy costs | 242.5 | 217.2 | 11.6 | |||||||
Store operating expenses | 80.0 | 81.6 | (2.0 | ) | ||||||
Other operating expenses | 57.1 | 58.1 | (1.7 | ) | ||||||
Depreciation and amortization expenses | 12.2 | 11.3 | 8.0 | |||||||
General and administrative expenses | 27.2 | 32.9 | (17.3 | ) | ||||||
Total operating expenses | 419.0 | 401.1 | 4.5 | |||||||
Operating loss | $ | (6.8 | ) | $ | (13.0 | ) | (47.7 | )% |
Quarter Ended | |||||
($ in millions) | Jun 28, 2015 | Jun 29, 2014 | Change | ||
Revenues | $3,091.0 | $2,731.2 | 13% | ||
Comparable Store Sales Growth(1) | 8% | 7% | |||
Change in Transactions | 4% | 2% | |||
Change in Ticket | 4% | 5% | |||
(1) Includes only Starbucks company-operated stores open 13 months or longer |
Net stores opened (closed) and transferred during the period | |||||||||||||||||
Quarter Ended | Three Quarters Ended | Stores open as of | |||||||||||||||
Jun 28, 2015 | Jun 29, 2014 | Jun 28, 2015 | Jun 29, 2014 | Jun 28, 2015 | Jun 29, 2014 | ||||||||||||
Americas(1) | |||||||||||||||||
Company-operated stores | 68 | 69 | 187 | 155 | 8,582 | 8,233 | |||||||||||
Licensed stores | 103 | 80 | 192 | 264 | 5,988 | 5,679 | |||||||||||
Total Americas | 171 | 149 | 379 | 419 | 14,570 | 13,912 | |||||||||||
EMEA(2) | |||||||||||||||||
Company-operated stores | (9 | ) | (3 | ) | (33 | ) | 1 | 784 | 827 | ||||||||
Licensed stores | 67 | 40 | 184 | 132 | 1,507 | 1,275 | |||||||||||
Total EMEA | 58 | 37 | 151 | 133 | 2,291 | 2,102 | |||||||||||
China/Asia Pacific (3,4) | |||||||||||||||||
Company-operated stores | 82 | 45 | 1,219 | 159 | 2,351 | 1,041 | |||||||||||
Licensed stores | 123 | 115 | (604 | ) | 384 | 2,888 | 3,384 | ||||||||||
Total China/Asia Pacific | 205 | 160 | 615 | 543 | 5,239 | 4,425 | |||||||||||
All Other Segments | |||||||||||||||||
Company-operated stores | (1 | ) | 10 | 9 | 21 | 378 | 378 | ||||||||||
Licensed stores | (2 | ) | (12 | ) | (1 | ) | (20 | ) | 41 | 46 | |||||||
Total All Other Segments | (3 | ) | (2 | ) | 8 | 1 | 419 | 424 | |||||||||
Total Company | 431 | 344 | 1,153 | 1,096 | 22,519 | 20,863 |
Quarter Ended | ||||||||||
Jun 28, 2015 | Jun 29, 2014 | Change | ||||||||
Consolidated | ||||||||||
Operating income, as reported (GAAP) | $ | 938.6 | $ | 768.5 | 22.1 | % | ||||
Starbucks Japan acquisition-related items - other(1) | 11.5 | — | ||||||||
Non-GAAP operating income | $ | 950.1 | $ | 768.5 | 23.6 | % | ||||
Operating margin, as reported (GAAP) | 19.2 | % | 18.5 | % | 70 bps | |||||
Starbucks Japan acquisition-related items - other(1) | 0.2 | — | ||||||||
Non-GAAP operating margin | 19.5 | % | 18.5 | % | 100 bps | |||||
Diluted net earnings per share, as reported (GAAP) | $ | 0.41 | $ | 0.34 | 20.6 | % | ||||
Starbucks Japan acquisition-related items - other(1) | 0.01 | — | ||||||||
Non-GAAP net earnings per share | $ | 0.42 | $ | 0.34 | 23.5 | % | ||||
China/Asia Pacific (CAP) | ||||||||||
Operating income, as reported (GAAP) | $ | 150.0 | $ | 100.8 | 48.8 | % | ||||
Starbucks Japan amortization expense of acquired intangibles | 11.0 | — | ||||||||
Non-GAAP operating income | $ | 161.0 | $ | 100.8 | 59.7 | % | ||||
Operating margin, as reported (GAAP) | 23.0 | % | 35.0 | % | (1,200) bps | |||||
Starbucks Japan amortization expense of acquired intangibles | 1.7 | — | ||||||||
Non-GAAP operating margin | 24.7 | % | 35.0 | % | (1,030) bps |
Quarter Ended | ||||||||
Sep 27, 2015 | Sep 28, 2014 | |||||||
Consolidated | (Projected) | (As Reported) | Change | |||||
Diluted net earnings per share (GAAP) | $0.38 - $0.39 | $ | 0.39 | (3%) - 0% | ||||
Net benefit from transactions in Q4 2014(1) | — | (0.02 | ) | |||||
Starbucks Japan acquisition-related items - other(2) | 0.01 | — | ||||||
Debt extinguishment-related items(3) | 0.03 | — | ||||||
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 - $1.78 | $ | 1.35 | 31% - 32% | ||||
Litigation credit | — | (0.01 | ) | |||||
Net benefit from transactions in Q4 2014(1) | — | (0.02 | ) | |||||
Starbucks Japan acquisition-related items - gain(4) | (0.26 | ) | — | |||||
Starbucks Japan acquisition-related items - other(2) | 0.03 | — | ||||||
Debt extinguishment-related items(3) | 0.03 | — | ||||||
Non-GAAP net earnings per share | $1.57 - $1.58 | $ | 1.33 | 18% - 19% |
Starbucks Contact, Investor Relations: JoAnn DeGrande, 206-318-7118 investorrelations@starbucks.com | Starbucks Contact, Media: Linda Mills, 206-318-7100 press@starbucks.com |
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