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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.44 | 0.50% | 88.28 | 87.69 | 93.59 | 89.25 | 87.3704 | 87.40 | 7,185,259 | 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 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description | |
99.1 | Earnings release of Starbucks Corporation dated January 21, 2016 |
STARBUCKS CORPORATION | |||
Dated: January 21, 2016 | |||
By: | /s/ Scott Maw | ||
Scott Maw | |||
executive vice president, chief financial officer |
Exhibit No. | Description | |
99.1 | Earnings release of Starbucks Corporation dated January 21, 2016 |
• | Global comparable store sales increased 8%, including a 4% increase in traffic |
◦ | Americas comp store sales increased 9%, including a 4% increase in traffic |
◦ | China/Asia Pacific comp store sales increased 5%, driven by a 4% increase in traffic |
◦ | EMEA comp store sales increased 1%, driven by a 1% increase in traffic |
• | Consolidated net revenues grew 12% over Q1 FY15, to a record $5.4 billion |
• | Consolidated GAAP operating income increased 16% over Q1 FY15, to a record $1.1 billion |
◦ | Non-GAAP operating income increased 15% over Q1 FY15 non-GAAP, to a record $1.1 billion |
• | Consolidated GAAP operating margin increased 60 basis points over Q1 FY15, to a Q1 record 19.7% |
◦ | Non-GAAP operating margin expanded 40 basis points over Q1 FY15 non-GAAP, to a Q1 record 19.9% |
• | GAAP EPS of $0.46 versus Q1 FY15 GAAP EPS of $0.65 |
◦ | Non-GAAP EPS increased 15% over Q1 FY15 non-GAAP, to a record $0.46 |
• | Opened 528 net new stores in the quarter globally, including a record 281 stores in China/Asia Pacific and a record 79 stores in EMEA |
• | Channel Development revenues increased 16%; operating margin expanded 210 basis points and operating income increased 23% over Q1 FY15 |
• | Company served over 23 million more customer occasions from its global comp store base - 18 million in the U.S. - in Q1 over the prior year |
• | Record $1.9 billion loaded on Starbucks Cards in the U.S. and Canada; 1 in 6 American adults received a Starbucks Card over Holiday, up from 1 in 7 in Q1 FY15 |
• | Membership in the company's My Starbucks Rewards loyalty program increased 23%; the company now has more than 11 million active members in the U.S. |
Quarter Ended Dec 27, 2015 | |||||
Comparable Store Sales(1) | Sales Growth | Change in Transactions | Change in Ticket | ||
Consolidated(2) | 8% | 4% | 4% | ||
Americas | 9% | 4% | 5% | ||
CAP(2) | 5% | 4% | 2% | ||
EMEA | 1% | 1% | 0% | ||
(1) Includes only Starbucks company-operated stores open 13 months or longer. | |||||
(2) Beginning in December of fiscal 2016, comparable store sales include the results of the 1,009 company-operated stores acquired as part of the acquisition of Starbucks Japan in the first quarter of fiscal 2015. |
Operating Results | Quarter Ended | ||||
($ in millions, except per share amounts) | 12/27/2015 | 12/28/2014 | Change | ||
Net New Stores | 528 | 512 | 16 | ||
Revenues | $5,373.5 | $4,803.2 | 12% | ||
Operating Income | $1,058.0 | $915.5 | 16% | ||
Operating Margin | 19.7% | 19.1% | 60 bps | ||
EPS | $0.46 | $0.65 | (29)% |
Quarter Ended | |||||
($ in millions) | Dec 27, 2015 | Dec 28, 2014 | Change | ||
Net New Stores | 171 | 210 | (39) | ||
Revenues | $3,726.2 | $3,366.9 | 11% | ||
Operating Income | $934.6 | $817.5 | 14% | ||
Operating Margin | 25.1% | 24.3% | 80 bps |
Quarter Ended | |||||
($ in millions) | Dec 27, 2015 | Dec 28, 2014 | Change | ||
Net New Stores | 281 | 234 | 47 | ||
Revenues | $653.6 | $495.8 | 32% | ||
Operating Income | $127.1 | $108.3 | 17% | ||
Operating Margin | 19.4% | 21.8% | (240) bps |
Quarter Ended | |||||
($ in millions) | Dec 27, 2015 | Dec 28, 2014 | Change | ||
Net New Stores | 79 | 58 | 21 | ||
Revenues | $313.0 | $333.3 | (6)% | ||
Operating Income | $48.1 | $50.0 | (4)% | ||
Operating Margin | 15.4% | 15.0% | 40 bps |
Quarter Ended | |||||
($ in millions) | Dec 27, 2015 | Dec 28, 2014 | Change | ||
Revenues | $512.1 | $442.6 | 16% | ||
Operating Income | $193.3 | $157.5 | 23% | ||
Operating Margin | 37.7% | 35.6% | 210 bps |
Quarter Ended | |||||
($ in millions) | Dec 27, 2015 | Dec 28, 2014 | Change | ||
Net New Stores | (3) | 10 | (13) | ||
Revenues | $168.6 | $164.6 | 2% | ||
Operating Income | $5.9 | $10.2 | (42)% |
• | Approximately 1,800 net new store openings in the fiscal year: |
◦ | Americas: approximately 700, half licensed |
◦ | China/Asia Pacific: approximately 900, two-thirds licensed |
◦ | EMEA: approximately 200, primarily licensed |
• | Full year consolidated revenue growth of 10%+ on a 52 week basis, the 53rd week expected to add approximately 2% |
• | Global comparable store sales growth somewhat above mid-single digits |
• | FY16 operating margin is expected to increase slightly versus prior year: |
◦ | Americas: expect moderate improvement over prior year |
◦ | China/Asia Pacific: expected to be flat to down slightly versus prior year |
◦ | EMEA: expected to approach 15% |
◦ | Channel Development: expect moderate improvement versus prior year |
• | Expecting a consolidated tax rate between 34% and 35% |
• | Full year FY16 earnings per share, including the 53rd week in Q4 FY16: |
◦ | GAAP EPS in the range of $1.84 to $1.86 |
◦ | Non-GAAP EPS in the range of $1.87 to $1.89 |
• | Introduced - Q2 FY16 earnings per share: |
◦ | GAAP EPS in the range of $0.37 to $0.38 |
◦ | Non-GAAP EPS in the range of $0.38 to $0.39 |
• | Capital expenditures of approximately $1.4 billion |
• | The company elected Mary Dillon, CEO of Ulta Beauty, to its Board of Directors on January 4; she will serve on the Board’s Compensation and Management Development Committee. |
• | Starbucks and long-time strategic partner Hong Kong Maxim's Group together opened the first Starbucks store in Cambodia in Q1; the company also opened its first two locations in Kazakhstan in the quarter, in collaboration with strategic licensing partner Alshaya. The company now operates in 70 countries worldwide. |
• | In December, the company launched Starbucks Delivery by Postmates, a pilot program in collaboration with leading on-demand delivery service Postmates, where customers can have Starbucks food or beverages delivered to them within designated areas in Seattle. |
• | Starbucks extended its successful Mobile Order & Pay program to Vancouver, B.C. in January, allowing customers to pre-order their favorite beverages and food in over 130 locations in the city. |
• | The company announced a number of new market-leading initiatives in its China market - in addition to existing pay and benefits programs - including a monthly housing allowance subsidy and the Career Coffee Break (sabbatical) benefit. |
• | Starbucks hosted the second “Opportunity Fair and Forum” in the quarter, together with the 100,000 Opportunities Initiative in Phoenix where more than 500 job offers were given to "opportunity youth" by the 25 companies in attendance. In addition, Starbucks Canada committed 10 percent of its store hires to opportunity youth and will further create 600 work placements for Non-Job-Ready Youth over the next three years. |
• | The company announced an enhancement to its Starbucks College Achievement Plan whereby partners who are current or former members of the U.S. Armed Forces may extend 100 percent tuition reimbursement to a spouse or child through the program. |
• | The company repurchased 4.5 million shares of common stock in Q1 FY16; 48 million shares remain available for purchase under current authorizations. |
• | The Board of Directors declared a cash dividend of $0.20 per share, payable on February 19, 2016 to shareholders of record as of February 4, 2016. |
Starbucks Contact, Investor Relations: | Starbucks Contact, Media: | |
Durga Doraisamy | Alisha Damodaran | |
206-318-7118 | 206-318-7100 | |
investorrelations@starbucks.com | press@starbucks.com |
Quarter Ended | Quarter Ended | ||||||||||||||||
Dec 27, 2015 | Dec 28, 2014 | % Change | Dec 27, 2015 | Dec 28, 2014 | |||||||||||||
As a % of total net revenues | |||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 4,210.6 | $ | 3,772.8 | 11.6 | % | 78.4 | % | 78.5 | % | |||||||
Licensed stores | 540.6 | 483.9 | 11.7 | 10.1 | 10.1 | ||||||||||||
CPG, foodservice and other | 622.3 | 546.5 | 13.9 | 11.6 | 11.4 | ||||||||||||
Total net revenues | 5,373.5 | 4,803.2 | 11.9 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 2,186.2 | 1,991.2 | 9.8 | 40.7 | 41.5 | ||||||||||||
Store operating expenses | 1,506.2 | 1,315.5 | 14.5 | 28.0 | 27.4 | ||||||||||||
Other operating expenses | 146.2 | 129.4 | 13.0 | 2.7 | 2.7 | ||||||||||||
Depreciation and amortization expenses | 235.5 | 206.0 | 14.3 | 4.4 | 4.3 | ||||||||||||
General and administrative expenses | 305.5 | 298.4 | 2.4 | 5.7 | 6.2 | ||||||||||||
Total operating expenses | 4,379.6 | 3,940.5 | 11.1 | 81.5 | 82.0 | ||||||||||||
Income from equity investees | 64.1 | 52.8 | 21.4 | 1.2 | 1.1 | ||||||||||||
Operating income | 1,058.0 | 915.5 | 15.6 | 19.7 | 19.1 | ||||||||||||
Gain resulting from acquisition of joint venture | — | 390.6 | (100.0 | ) | — | 8.1 | |||||||||||
Interest income and other, net | 8.1 | 9.7 | (16.5 | ) | 0.2 | 0.2 | |||||||||||
Interest expense | (16.5 | ) | (16.3 | ) | 1.2 | (0.3 | ) | (0.3 | ) | ||||||||
Earnings before income taxes | 1,049.6 | 1,299.5 | (19.2 | ) | 19.5 | 27.1 | |||||||||||
Income taxes | 361.9 | 315.0 | 14.9 | 6.7 | 6.6 | ||||||||||||
Net earnings including noncontrolling interests | 687.7 | 984.5 | (30.1 | ) | 12.8 | 20.5 | |||||||||||
Net earnings/(loss) attributable to noncontrolling interests | 0.1 | 1.4 | (92.9 | ) | — | — | |||||||||||
Net earnings attributable to Starbucks | $ | 687.6 | $ | 983.1 | (30.1 | ) | 12.8 | % | 20.5 | % | |||||||
Net earnings per common share - diluted | $ | 0.46 | $ | 0.65 | (29.2 | )% | |||||||||||
Weighted avg. shares outstanding - diluted | 1,503.3 | 1,516.8 | |||||||||||||||
Cash dividends declared per share | $ | 0.20 | $ | 0.16 | |||||||||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 35.8 | % | 34.9 | % | |||||||||||||
Effective tax rate including noncontrolling interests | 34.5 | % | 24.2 | % |
Dec 27, 2015 | Dec 28, 2014 | % Change | Dec 27, 2015 | Dec 28, 2014 | |||||||||||||
Quarter Ended | As a % of Americas total net revenues | ||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 3,330.7 | $ | 3,010.6 | 10.6 | % | 89.4 | % | 89.4 | % | |||||||
Licensed stores | 387.6 | 346.2 | 12.0 | 10.4 | 10.3 | ||||||||||||
Foodservice and other | 7.9 | 10.1 | (21.8 | ) | 0.2 | 0.3 | |||||||||||
Total net revenues | 3,726.2 | 3,366.9 | 10.7 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 1,346.9 | 1,261.0 | 6.8 | 36.1 | 37.5 | ||||||||||||
Store operating expenses | 1,226.8 | 1,084.4 | 13.1 | 32.9 | 32.2 | ||||||||||||
Other operating expenses | 32.6 | 30.2 | 7.9 | 0.9 | 0.9 | ||||||||||||
Depreciation and amortization expenses | 140.8 | 127.1 | 10.8 | 3.8 | 3.8 | ||||||||||||
General and administrative expenses | 44.5 | 46.7 | (4.7 | ) | 1.2 | 1.4 | |||||||||||
Total operating expenses | 2,791.6 | 2,549.4 | 9.5 | 74.9 | 75.7 | ||||||||||||
Operating income | $ | 934.6 | $ | 817.5 | 14.3 | % | 25.1 | % | 24.3 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 36.8 | % | 36.0 | % |
Dec 27, 2015 | Dec 28, 2014 | % Change | Dec 27, 2015 | Dec 28, 2014 | |||||||||||||
Quarter Ended | As a % of CAP total net revenues | ||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 580.1 | $ | 421.8 | 37.5 | % | 88.8 | % | 85.1 | % | |||||||
Licensed stores | 72.2 | 73.2 | (1.4 | ) | 11.0 | 14.8 | |||||||||||
Foodservice and other | 1.3 | 0.8 | 62.5 | 0.2 | 0.2 | ||||||||||||
Total net revenues | 653.6 | 495.8 | 31.8 | 100.0 | 100.0 | ||||||||||||
Cost of sales including occupancy costs | 295.0 | 233.6 | 26.3 | 45.1 | 47.1 | ||||||||||||
Store operating expenses | 175.3 | 117.7 | 48.9 | 26.8 | 23.7 | ||||||||||||
Other operating expenses | 14.8 | 15.1 | (2.0 | ) | 2.3 | 3.0 | |||||||||||
Depreciation and amortization expenses | 42.1 | 28.1 | 49.8 | 6.4 | 5.7 | ||||||||||||
General and administrative expenses | 30.5 | 25.7 | 18.7 | 4.7 | 5.2 | ||||||||||||
Total operating expenses | 557.7 | 420.2 | 32.7 | 85.3 | 84.8 | ||||||||||||
Income from equity investees | 31.2 | 32.7 | (4.6 | ) | 4.8 | 6.6 | |||||||||||
Operating income | $ | 127.1 | $ | 108.3 | 17.4 | % | 19.4 | % | 21.8 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 30.2 | % | 27.9 | % |
Dec 27, 2015 | Dec 28, 2014 | % Change | Dec 27, 2015 | Dec 28, 2014 | |||||||||||||
Quarter Ended | As a % of EMEA total net revenues | ||||||||||||||||
Net revenues: | |||||||||||||||||
Company-operated stores | $ | 218.9 | $ | 257.6 | (15.0 | )% | 69.9 | % | 77.3 | % | |||||||
Licensed stores | 79.7 | 63.3 | 25.9 | 25.5 | 19.0 | ||||||||||||
Foodservice | 14.4 | 12.4 | 16.1 | 4.6 | 3.7 | ||||||||||||
Total net revenues | 313.0 | 333.3 | (6.1 | ) | 100.0 | 100.0 | |||||||||||
Cost of sales including occupancy costs | 151.4 | 156.2 | (3.1 | ) | 48.4 | 46.9 | |||||||||||
Store operating expenses | 73.9 | 85.8 | (13.9 | ) | 23.6 | 25.7 | |||||||||||
Other operating expenses | 14.8 | 13.7 | 8.0 | 4.7 | 4.1 | ||||||||||||
Depreciation and amortization expenses | 11.5 | 13.8 | (16.7 | ) | 3.7 | 4.1 | |||||||||||
General and administrative expenses | 14.5 | 14.0 | 3.6 | 4.6 | 4.2 | ||||||||||||
Total operating expenses | 266.1 | 283.5 | (6.1 | ) | 85.0 | 85.1 | |||||||||||
Income from equity investees | 1.2 | 0.2 | 500.0 | 0.4 | 0.1 | ||||||||||||
Operating income | $ | 48.1 | $ | 50.0 | (3.8 | )% | 15.4 | % | 15.0 | % | |||||||
Supplemental Ratios: | |||||||||||||||||
Store operating expenses as a percentage of company-operated store revenues | 33.8 | % | 33.3 | % |
Dec 27, 2015 | Dec 28, 2014 | % Change | Dec 27, 2015 | Dec 28, 2014 | |||||||||||||
Quarter Ended | As a % of Channel Development total net revenues | ||||||||||||||||
Net revenues: | |||||||||||||||||
CPG | $ | 399.2 | $ | 343.8 | 16.1 | % | 78.0 | % | 77.7 | % | |||||||
Foodservice | 112.9 | 98.8 | 14.3 | 22.0 | 22.3 | ||||||||||||
Total net revenues | 512.1 | 442.6 | 15.7 | 100.0 | 100.0 | ||||||||||||
Cost of sales | 285.4 | 249.3 | 14.5 | 55.7 | 56.3 | ||||||||||||
Other operating expenses | 60.3 | 51.0 | 18.2 | 11.8 | 11.5 | ||||||||||||
Depreciation and amortization expenses | 0.7 | 0.6 | 16.7 | 0.1 | 0.1 | ||||||||||||
General and administrative expenses | 4.1 | 4.1 | — | 0.8 | 0.9 | ||||||||||||
Total operating expenses | 350.5 | 305.0 | 14.9 | 68.4 | 68.9 | ||||||||||||
Income from equity investees | 31.7 | 19.9 | 59.3 | 6.2 | 4.5 | ||||||||||||
Operating income | $ | 193.3 | $ | 157.5 | 22.7 | % | 37.7 | % | 35.6 | % |
Dec 27, 2015 | Dec 28, 2014 | % Change | ||||||||
Quarter Ended | ||||||||||
Net revenues: | ||||||||||
Company-operated stores | $ | 80.9 | $ | 82.8 | (2.3 | )% | ||||
Licensed stores | 1.1 | 1.2 | (8.3 | ) | ||||||
CPG, foodservice and other | 86.6 | 80.6 | 7.4 | |||||||
Total net revenues | 168.6 | 164.6 | 2.4 | |||||||
Cost of sales including occupancy costs | 95.3 | 93.3 | 2.1 | |||||||
Store operating expenses | 30.2 | 27.6 | 9.4 | |||||||
Other operating expenses | 23.7 | 19.5 | 21.5 | |||||||
Depreciation and amortization expenses | 3.6 | 4.0 | (10.0 | ) | ||||||
General and administrative expenses | 9.9 | 10.0 | (1.0 | ) | ||||||
Total operating expenses | 162.7 | 154.4 | 5.4 | |||||||
Operating income | $ | 5.9 | $ | 10.2 | (42.2 | )% |
Quarter Ended | |||||
($ in millions) | Dec 27, 2015 | Dec 28, 2014 | Change | ||
Revenues | $3,410.8 | $3,022.0 | 13% | ||
Comparable Store Sales Growth(1) | 9% | 5% | |||
Change in Transactions | 4% | 2% | |||
Change in Ticket | 5% | 4% |
(1) | Includes only Starbucks company-operated stores open 13 months or longer. |
Net stores opened (closed) and transferred during the period | |||||||||||
Quarter Ended | Stores open as of | ||||||||||
Dec 27, 2015 | Dec 28, 2014 | Dec 27, 2015 | Dec 28, 2014 | ||||||||
Americas: | |||||||||||
Company-operated stores | 81 | 67 | 8,752 | 8,462 | |||||||
Licensed stores | 90 | 143 | 6,222 | 5,939 | |||||||
Total Americas | 171 | 210 | 14,974 | 14,401 | |||||||
China/Asia Pacific(1): | |||||||||||
Company-operated stores | 90 | 1,071 | 2,542 | 2,203 | |||||||
Licensed stores | 191 | (837 | ) | 3,201 | 2,655 | ||||||
Total China/Asia Pacific | 281 | 234 | 5,743 | 4,858 | |||||||
EMEA: | |||||||||||
Company-operated stores | (39 | ) | (7 | ) | 698 | 810 | |||||
Licensed stores | 118 | 65 | 1,743 | 1,388 | |||||||
Total EMEA | 79 | 58 | 2,441 | 2,198 | |||||||
All Other Segments: | |||||||||||
Company-operated stores | (1 | ) | 9 | 374 | 378 | ||||||
Licensed stores | (2 | ) | 1 | 39 | 43 | ||||||
Total All Other Segments | (3 | ) | 10 | 413 | 421 | ||||||
Total Company | 528 | 512 | 23,571 | 21,878 |
(1) | China/Asia Pacific store data includes the transfer of 1,009 Japan stores from licensed stores to company-operated as a result of the acquisition of Starbucks Japan in the first quarter of fiscal 2015. |
Quarter Ended | |||||||||
Dec 27, 2015 | Dec 28, 2014 | Change | |||||||
Consolidated | |||||||||
Operating income, as reported (GAAP) | $ | 1,058.0 | $ | 915.5 | 15.6% | ||||
Starbucks Japan acquisition-related items - other(1) | 12.3 | 19.3 | |||||||
Non-GAAP operating income | $ | 1,070.3 | $ | 934.8 | 14.5% | ||||
Operating margin, as reported (GAAP) | 19.7 | % | 19.1 | % | 60 bps | ||||
Starbucks Japan acquisition-related items - other(1) | 0.2 | 0.4 | |||||||
Non-GAAP operating margin | 19.9 | % | 19.5 | % | 40 bps | ||||
Diluted net earnings per share, as reported (GAAP) | $ | 0.46 | $ | 0.65 | (29.2)% | ||||
Starbucks Japan acquisition-related items - gain(2) | — | (0.26 | ) | ||||||
Starbucks Japan acquisition-related items - other(1) | 0.01 | 0.01 | |||||||
Non-GAAP net earnings per share | $ | 0.46 | $ | 0.40 | 15.0% | ||||
China/Asia Pacific (CAP) | |||||||||
Operating income, as reported (GAAP) | $ | 127.1 | $ | 108.3 | 17.4% | ||||
Starbucks Japan acquisition-related items(3) | 12.1 | 7.7 | |||||||
Non-GAAP operating income | $ | 139.2 | $ | 116.0 | 20.0% | ||||
Operating margin, as reported (GAAP) | 19.4 | % | 21.8 | % | (240) bps | ||||
Starbucks Japan acquisition-related items(3) | 1.9 | 1.6 | |||||||
Non-GAAP operating margin | 21.3 | % | 23.4 | % | (210) bps |
(1) | Includes ongoing amortization expense of acquired intangible assets and transaction and integration costs, such as incremental information technology ("IT") and compensation-related costs associated with the acquisition. |
(2) | Gain represents the fair value adjustment of Starbucks preexisting 39.5% ownership interest in Starbucks Japan upon acquisition. |
(3) | Includes ongoing amortization expense of acquired intangible assets associated with the acquisition; the first quarter of FY16 also includes post-acquisition integration costs, including incremental IT and compensation-related costs. |
Quarter Ended | ||||||||
Mar 27, 2016 | Mar 29, 2015 | |||||||
Consolidated | (Projected) | (As Reported) | Change | |||||
Diluted net earnings per share (GAAP) | $0.37 - $0.38 | $ | 0.33 | 12% - 15% | ||||
Starbucks Japan acquisition-related items - other(1) | 0.01 | 0.01 | ||||||
Non-GAAP net earnings per share | $0.38 - $0.39 | $ | 0.33 | 15% - 18% | ||||
Year Ended | ||||||||
Oct 2, 2016 | Sep 27, 2015 | |||||||
Consolidated | (Projected 53-weeks) | (As Reported 52-weeks) | Change | |||||
Diluted net earnings per share (GAAP) | $1.84 - $1.86 | $ | 1.82 | 1% - 2% | ||||
Starbucks Japan acquisition-related items - gain(2) | — | (0.26 | ) | |||||
Starbucks Japan acquisition-related items - other(1) | 0.03 | 0.03 | ||||||
Debt extinguishment-related items(3) | — | 0.03 | ||||||
Tax benefit from domestic manufacturing deduction(4) | — | (0.04 | ) | |||||
Non-GAAP net earnings per share | $1.87 - $1.89 | $ | 1.58 | 18% - 20% |
(1) | Includes ongoing amortization expense of acquired intangible assets and transaction and integration costs, such as incremental information technology ("IT") and compensation-related costs associated with the acquisition. |
(2) | Gain represents the fair value adjustment of Starbucks preexisting 39.5% ownership interest in Starbucks Japan upon acquisition. |
(3) | Represents the loss on extinguishment of debt ($61.1M), which is comprised of the cost of the optional redemption provision, unamortized debt issuance costs, and unamortized discount associated with the $550 million of 6.250% 2017 Senior Notes redeemed in Q4 FY15, as well as the related unamortized interest rate hedge loss ($2.0M), which was recorded in interest expense. |
(4) | Represents the incremental benefit related to additional domestic manufacturing deductions to be claimed in our U.S. consolidated tax returns for FY10 through FY14 and through Q3 FY15. |
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