Q4 Consolidated Net Revenues Up 31% to a Record
$8.1 Billion Q4 Comparable Store Sales Up 17% Globally; U.S. Up 22%
with 11% Two-Year Growth Q4 GAAP EPS $1.49; Non-GAAP EPS of $1.00
Driven by Strong U.S. Performance Active Starbucks® Rewards
Membership in the U.S. Approaches 25 million, Up 28% Year-Over-Year
Company Commits to $20 Billion of Share Repurchases and Dividends
Over Next Three Years Company Announces Historic Investments in its
Partners (Employees), Bringing Average U.S. Retail Hourly Wage to
Nearly $17/hr. by Summer 2022
Starbucks Corporation (NASDAQ: SBUX) today reported financial
results for its 14-week fiscal fourth quarter ended October 3,
2021. GAAP results in fiscal 2021 and fiscal 2020 include items
that are excluded from non-GAAP results. Please refer to the
reconciliation of GAAP measures to non-GAAP measures at the end of
this release for more information.
“Our strong finish to fiscal 2021, including record performance
in the fourth quarter, demonstrates the resilience of Starbucks and
reinforces the value of the bold strategic moves we have taken over
the past two years. Through it all, we have thoughtfully navigated
a strong recovery with an eye towards our future, all guided by our
Mission and Values,” said Kevin Johnson, president and ceo.
“Today we announce we will be doubling-down on our investments
in our partners, the heartbeat of our company. We know that when we
exceed the expectations of our people, they in turn exceed the
expectations of our customers - which creates value for all of our
stakeholders - our partners, our customers, our communities and our
shareholders. We anticipate that our strong business momentum,
increased operating efficiency and continued global store expansion
will fund these unprecedented investments while delivering yet
another year of significant growth,” concluded Johnson.
Fiscal 2021
Re-segmentation
In the fourth quarter of fiscal 2021, certain changes were made
to the company's management team, and the operating segment
reporting structure was realigned as a result. The company
realigned the fully licensed Latin America and Caribbean markets
from the Americas operating segment to the International operating
segment. The Americas operating segment has been renamed the North
America operating segment, comprised of company-operated and
licensed stores in the U.S. and Canada. Fiscal 2020 segment
information has been restated to conform with current period
presentation.
There was no impact to consolidated net revenues, consolidated
operating income or net earnings per share as a result of these
changes.
Q4 Fiscal 2021
Highlights
- Global comparable store sales increased 17%, driven by a 15%
increase in comparable transactions and a 2% increase in average
ticket
- North America comparable store sales increased 22%, primarily
driven by an 18% increase in comparable transactions and a 3%
increase in average ticket; U.S. comparable store sales increased
22%, driven by a 19% increase in comparable transactions and a 3%
increase in average ticket
- International comparable store sales increased 3%, driven by a
6% increase in comparable transactions, partially offset by a 2%
decline in average ticket; China comparable store sales decreased
7%, driven by a 5% decline in average ticket and a 2% decline in
transactions; International and China comparable store sales
include adverse impacts of approximately 3% and 4%, respectively,
from lapping prior-year value-added tax exemptions in China
- The company opened 538 net new stores in the fourth quarter of
fiscal 2021, yielding 4% year-over-year unit growth, ending the
period with a record 33,833 stores globally, of which 51% and 49%
were company-operated and licensed, respectively
- Stores in the U.S. and China comprised 62% of the company’s
global portfolio at the end of the fourth quarter of fiscal 2021,
with 15,450 and 5,360 stores, respectively
- Consolidated net revenues of $8.1 billion grew 31% (22% on a
13-week basis(1)) compared to the prior year, mainly driven by a
17% increase in comparable store sales primarily from lapping the
unfavorable impact of business disruption in the prior year due to
the COVID-19 pandemic and strength in U.S. company-operated store
sales in the current year in addition to the impact of the extra
week in Q4 fiscal 2021
- GAAP operating margin of 18.2% increased from 9.0% in the prior
year primarily driven by sales leverage from business recovery and
the lapping of COVID-19 related costs in the prior year as well as
pricing in North America, partially offset by increased supply
chain costs due to inflationary pressures; GAAP operating margin
also benefited from lapping the higher restructuring activities in
the prior year primarily associated with the North America Trade
Area Transformation
- Non-GAAP operating margin of 19.6% increased from 13.2% in the
prior year
- GAAP earnings per share of $1.49 grew from $0.33 in the prior
year including a $0.56 gain on the divestiture of our South Korea
joint venture and $0.10 related to the extra week in Q4 fiscal 2021
- Non-GAAP earnings per share of $1.00 grew from $0.51 in the
prior year including $0.10 related to the extra week in Q4 fiscal
2021
- Starbucks® Rewards loyalty program 90-day active members in the
U.S. increased to 24.8 million, up 28% year-over-year
Full Year Fiscal 2021
Highlights
- Global comparable store sales increased 20%, primarily driven
by a 10% increase in average ticket and a 9% increase in comparable
transactions
- North America comparable store sales increased 22%, primarily
driven by a 13% increase in average ticket and a 7% increase in
comparable transactions; U.S. comparable store sales increased 21%,
driven by a 13% increase in average ticket and an 8% increase in
comparable transactions
- International comparable store sales were up 16%, driven by a
14% increase in comparable transactions and a 1% increase in
average ticket; China comparable store sales increased 17%, driven
by a 19% increase in comparable transactions and a 2% decrease in
average ticket
- Consolidated net revenues of $29.1 billion increased 24% (21%
on a 52-week basis) from the prior year mainly driven by a 20%
increase in comparable store sales primarily from lapping the
unfavorable impact of business disruption in the prior year due to
the COVID-19 pandemic
- GAAP operating margin of 16.8%, up from 6.6% in the prior year
primarily driven by sales leverage from business recovery and the
lapping of COVID-19 related costs in the prior year as well as
pricing in North America, partially offset by additional
investments and growth in wages and benefits for store partners
- Non-GAAP operating margin of 18.1%, up from 9.1% in the prior
year
- GAAP earnings per share of $3.54 grew from $0.79 in the prior
year including a $0.56 gain on the divestiture of our South Korea
joint venture and $0.10 related to the 53rd week in fiscal 2021
- Non-GAAP earnings per share of $3.24 grew from $1.17 in the
prior year including $0.10 related to the 53rd week in fiscal
2021
(1)
For additional reconciliations of the
extra week in fiscal 2021, please see the Supplemental Financial
Data section of our Investor Relations website at
http://investor.starbucks.com.
Q4 North America Segment
Results
Quarter Ended
Oct 3, 2021
Sep 27, 2020
($ in millions)
(14 Weeks Ended)
(13 Weeks Ended)
Change (%)
Change in Comparable Store Sales (1)
22%
(9)%
Change in Transactions
18%
(25)%
Change in Ticket
3%
21%
Store Count
16,826
16,940
(1)%
Revenues
$5,763.0
$4,213.9
37%
Operating Income
$1,255.8
$506.0
148%
Operating Margin
21.8%
12.0%
980 bps
(1)
Includes only Starbucks® company-operated
stores open 13 months or longer. For fiscal 2021, comparable store
sales percentages were calculated excluding the extra week in the
fourth quarter of fiscal 2021. Comparable store sales exclude the
effects of fluctuations in foreign currency exchange rates and
Siren Retail stores. Stores that are temporarily closed or
operating at reduced hours due to the COVID-19 pandemic remain in
comparable store sales while stores identified for permanent
closure have been removed.
Net revenues for the North America segment grew 37% (27% on a
13-week basis) over Q4 FY20 to $5.8 billion in Q4 FY21, primarily
driven by a 22% increase in company-operated comparable store
sales, driven primarily due to lapping the unfavorable impact of
business disruption in the prior year due to the COVID-19 pandemic
and incremental revenue from the extra week in Q4 fiscal 2021.
Operating income increased to $1.3 billion in Q4 FY21, up from
$506.0 million in Q4 FY20. Operating margin of 21.8% expanded from
12.0% in the prior year, primarily driven by sales leverage from
business recovery and the lapping of higher COVID-19 related costs
in the prior year, in addition to the impact of pricing, partially
offset by increased supply chain costs due to inflationary
pressures. Operating margin also benefited from lower restructuring
expenses primarily associated with the North America Trade Area
Transformation.
Q4 International Segment
Results
Quarter Ended
Oct 3, 2021
Sep 27, 2020
($ in millions)
(14 Weeks Ended)
(13 Weeks Ended)
Change (%)
Change in Comparable Store Sales (1)
3%
(10)%
Change in Transactions
6%
(15)%
Change in Ticket
(2)%
7%
Store Count
17,007
15,720
8%
Revenues
$1,914.6
$1,511.3
27%
Operating Income
$377.4
$181.7
108%
Operating Margin
19.7%
12.0%
770 bps
(1)
Includes only Starbucks® company-operated
stores open 13 months or longer. For fiscal 2021, comparable store
sales percentages were calculated excluding the extra week in the
fourth quarter of fiscal 2021. Comparable store sales exclude the
effects of fluctuations in foreign currency exchange rates and
Siren Retail stores. Stores that are temporarily closed or
operating at reduced hours due to the COVID-19 pandemic remain in
comparable store sales while stores identified for permanent
closure have been removed. For the fourth quarter of fiscal 2021,
the International segment's comparable store sales included a 3%
adverse impact from lapping the prior-year value-added tax benefit
in China.
Net revenues for the International segment grew 27% (18% on a
13-week basis) over Q4 FY20 to $1.9 billion in Q4 FY21, driven by
1,287 net new store openings, or 8% store growth, over the past 12
months, incremental revenue from the extra week in Q4 fiscal 2021,
higher product sales to and royalty revenues from our licensees, a
3% favorable impact from foreign currency translation and a 3%
increase in comparable store sales, partially driven by the lapping
of prior year COVID impacts.
Operating income increased to $377.4 million in Q4 FY21 compared
to $181.7 million in Q4 FY20. Operating margin of 19.7% increased
from 12.0% in the prior year, primarily driven by sales leverage
due to lapping the severe impact of the COVID-19 pandemic,
favorability from temporary government subsidies, lapping store
asset impairments in the prior year and labor efficiencies across
company-operated markets.
Q4 Channel Development Segment
Results
Quarter Ended
Oct 3, 2021
Sep 27, 2020
($ in millions)
(14 Weeks Ended)
(13 Weeks Ended)
Change (%)
Revenues
$438.3
$464.0
(6)%
Operating Income
$219.8
$197.9
11%
Operating Margin
50.1%
42.7%
740 bps
Net revenues for the Channel Development segment of $438.3
million in Q4 FY21 were 6% lower (10% lower on a 13-week basis)
relative to Q4 FY20. The decline was primarily driven by a 20%
unfavorable impact of Global Coffee Alliance transition-related
activities, including a structural change in our single-serve
business, partially offset by incremental revenue from the extra
week in Q4 fiscal 2021 and growth in the Global Coffee Alliance and
the International ready-to-drink businesses.
Operating income increased to $219.8 million in Q4 FY21, up from
$197.9 million in Q4 FY20. Operating margin of 50.1% expanded from
42.7% in the prior year, primarily due to Global Coffee Alliance
transition-related activities, including the structural change in
our single-serve business partially offset by the impact of the
extra week in Q4 fiscal 2021.
Fiscal 2022 Financial
Targets
The company will introduce fiscal year 2022 financial targets
during its Q4 FY21 earnings conference call starting today at 2:00
p.m. Pacific Time. These items can be accessed on the company's
Investor Relations website during and after the call. The company
uses its website as a tool to disclose important information about
the company and comply with its disclosure obligations under
Regulation Fair Disclosure.
Company Updates
- Yesterday, the company announced plans that it would deliver
planned retail wage increases first announced in 2020 across the
U.S. in fiscal 2022. This investment, combined with
industry-leading benefit programs, supports Starbucks aspiration to
remain an employer of choice that can attract and retain the
high-quality talent needed to expand its U.S. store footprint. By
January 2022, retail partners with two or more years of service
will see up to a 5-10% increase in their pay, and in Summer
2022, all hourly retail workers in the U.S. will make an
average of nearly $17/ hr. with barista hourly rates ranging
from $15 to $23/ hr. across the country.
- In July, the company announced a new collaboration with Nestlé
to bring Starbucks ready-to-drink coffee beverages to select
markets across Southeast Asia, Oceania and Latin America. The
companies will work to quickly bring these coffee beverages to
consumers in 2022.
- In July, the company, in partnership with Caribbean Coffee
Traders Limited, announced the arrival of the first Starbucks store
in Barbados. Customers can enjoy the iconic Starbucks coffeehouse
experience alongside Starbucks® signature handcrafted beverages
prepared by passionate baristas and locally-sourced menu options,
including sandwiches, wraps and juices.
- In January 2020, the company set an ambitious goal to conserve
or replenish 50% of water used in green coffee production in our
direct operations by 2030, as part of the company’s multi-decade
commitment to become a resource positive company. In August, the
company expanded this goal to include global operations,
agricultural supply chain and packaging, increasing the projected
water conserved or replenished and addressing some of the biggest
impacts on the company's water footprint. In addition, the company
will also prioritize action in high-risk basins to support
watershed health and actively address ecosystem resilience and
water equity.
- In August, the company announced the opening of its first
Farmer Support Center in Brazil, its tenth globally. Located in
Varginha, Minas Gerais state, the new Farmer Support Center extends
Starbucks presence in a key coffee producing region and aims to
provide valuable resources to local coffee communities as part of
the company’s commitment to source coffee responsibly, for the
betterment of people and the planet.
- In August, the company announced the promotion of Leo Tsoi to
chief executive officer of Starbucks China. Serving as Starbucks
China’s chief operating officer and president of Starbucks Retail
for the last five years, Mr. Tsoi has led efforts to grow Starbucks
footprint across the Chinese mainland to 5,300 stores across more
than 200 cities today.
- In September, the company sold its 50% ownership interest in
Starbucks Coffee Korea Co., Ltd. Joint venture partner, E-Mart
Inc., acquired an additional 17.5% interest and Apfin Investment
Pte Ltd, an affiliate of GIC Private Limited, which is a Singapore
sovereign wealth fund, acquired the remaining 32.5%. The sale had a
combined price of $1.175 billion.
- The Board of Directors declared a cash dividend of $0.49 per
share, payable on November 26, 2021, to shareholders of record as
of November 12, 2021.
- The company announced a new commitment of returning $20 billion
to shareholders over the next three years through share repurchases
and dividends.
Conference Call
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
Rachel Ruggeri, cfo. The call will be webcast and can be accessed
at http://investor.starbucks.com. A replay of the webcast will be
available until end of day Friday, November 26, 2021.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with more than 33,800 stores worldwide, the company is the premier
roaster and retailer of specialty coffee in the world. Through our
unwavering commitment to excellence and our guiding principles, we
bring the unique Starbucks Experience to life for every customer
through every cup. To share in the experience, please visit us in
our stores or online at stories.starbucks.com or
www.starbucks.com.
Forward-Looking
Statements
Certain statements contained herein and in our investor
conference call related to these results are “forward-looking”
statements within the meaning of the applicable securities laws and
regulations. 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. These statements
include statements relating to: our increased labor investments;
our business outlook, projections and guidance; operations and
financial results; our sustainability goals and initiatives; the
recovery of our business; and our ability to drive long-term
growth. 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. Actual future results and
trends may differ materially depending on a variety of factors,
including, but not limited to: the actual impact of our increased
labor investments on our operations and financial results; further
spread of COVID-19 and its variants; regulatory measures or
voluntary actions that may be put in place to limit the spread of
COVID-19, including vaccine mandates and restrictions on business
operations or social distancing requirements and the duration and
efficacy of such restrictions and the world-wide distribution and
acceptance of vaccines; the potential for a resurgence of COVID-19
infections in a given geographic region after it has hit its
“peak”; fluctuations in U.S. and international economies and
currencies; our ability to preserve, grow and leverage our brands;
the ability of our business partners and third-party providers to
fulfill their responsibilities and commitments; potential negative
effects of incidents involving food or beverage-borne illnesses,
tampering, adulteration, contamination or mislabeling; potential
negative effects of material breaches of our information technology
systems to the extent we experience a material breach; material
failures of our information technology systems; costs associated
with, and the successful execution of, the company’s initiatives
and plans, including the successful expansion of our Global Coffee
Alliance with Nestlé; our ability to obtain financing on acceptable
terms; the acceptance of the company’s products by our customers,
evolving consumer preferences and tastes and the availability of
consumer financing; changes in the availability and cost of labor;
significant increased logistic costs, including but not limited to
inflationary pressures; the impact of competition; inherent risks
of operating a global business; the prices and availability of
coffee, dairy and other raw materials; the effect of legal
proceedings; and the effects of changes in tax laws and related
guidance and regulations that may be implemented and other risks
detailed in the company filings with the Securities and Exchange
Commission, including the “Risk Factors” sections of Starbucks
Annual Report on Form 10-K for the fiscal year ended September 27,
2020 and Quarterly Report on Form 10-Q for the fiscal quarter ended
June 27, 2021. The company assumes no obligation to update any of
these forward-looking statements.
Two-year Comparable Store
Sales
The two-year comparable store sales metric discussed in today's
investor conference call is calculated as ((1 + % change in
comparable store sales in FY20) * (1 + % change in comparable store
sales in FY21)) - 1. Refer to footnote 1 in the Segment Results and
Supplemental Information sections in this press release for
definitions of change in comparable store sales.
Key Metrics
The company's financial results and long-term growth model will
continue to be driven by new store openings, comparable store sales
and operating margin management. These key operating metrics are
important indicators for the growth of the business and the
effectiveness of the company's marketing and operational
strategies.
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF
EARNINGS
(unaudited, in millions, except
per share data)
Quarter Ended
Quarter Ended
Oct 3, 2021
Sep 27, 2020
% Change
Oct 3, 2021
Sep 27, 2020
(14 Weeks Ended)
(13 Weeks Ended)
As a % of total net
revenues
Net revenues:
Company-operated stores
$
6,864.3
$
5,173.6
32.7
%
84.3
%
83.4
%
Licensed stores
794.5
544.6
45.9
9.8
8.8
Other
487.9
484.9
0.6
6.0
7.8
Total net revenues
8,146.7
6,203.1
31.3
100.0
100.0
Product and distribution costs
2,491.1
1,976.8
26.0
30.6
31.9
Store operating expenses
3,273.4
2,683.4
22.0
40.2
43.3
Other operating expenses
108.6
99.9
8.7
1.3
1.6
Depreciation and amortization expenses
354.7
362.9
(2.3
)
4.4
5.9
General and administrative expenses
501.2
439.0
14.2
6.2
7.1
Restructuring and impairments
55.5
195.0
(71.5
)
0.7
3.1
Total operating expenses
6,784.5
5,757.0
17.8
83.3
92.8
Income from equity investees
120.0
112.2
7.0
1.5
1.8
Operating income/(loss)
1,482.2
558.3
165.5
18.2
9.0
Net gain resulting from divestiture of
certain operations
864.5
—
nm
10.6
—
Interest income and other, net
21.5
9.1
136.3
0.3
0.1
Interest expense
(120.6
)
(125.0
)
(3.5
)
(1.5
)
(2.0
)
Earnings before income taxes
2,247.6
442.4
408.0
27.6
7.1
Income tax expense
483.0
49.7
871.8
5.9
0.8
Net earnings including noncontrolling
interests
1,764.6
392.7
349.4
21.7
6.3
Net earnings attributable to
noncontrolling interests
0.2
0.1
100.0
—
—
Net earnings attributable to
Starbucks
$
1,764.4
$
392.6
349.4
21.7
%
6.3
%
Net earnings per common share -
diluted
$
1.49
$
0.33
351.5
%
Weighted avg. shares outstanding -
diluted
1,187.9
1,179.0
Cash dividends declared per share
$
0.49
$
0.45
Supplemental Ratios:
Store operating expenses as a % of
company-operated store revenues
47.7
%
51.9
%
Effective tax rate including
noncontrolling interests
21.5
%
11.2
%
Year Ended
Year Ended
Oct 3, 2021
Sep 27, 2020
% Change
Oct 3, 2021
Sep 27, 2020
(53 Weeks Ended)
(52 Weeks Ended)
As a % of total net
revenues
Net revenues:
Company-operated stores
$
24,607.0
$
19,164.6
28.4
%
84.7
%
81.5
%
Licensed stores
2,683.6
2,327.1
15.3
9.2
9.9
Other
1,770.0
2,026.3
(12.6
)
6.1
8.6
Total net revenues
29,060.6
23,518.0
23.6
100.0
100.0
Product and distribution costs
8,738.7
7,694.9
13.6
30.1
32.7
Store operating expenses
11,930.9
10,764.0
10.8
41.1
45.8
Other operating expenses
359.5
430.3
(16.5
)
1.2
1.8
Depreciation and amortization expenses
1,441.7
1,431.3
0.7
5.0
6.1
General and administrative expenses
1,932.6
1,679.6
15.1
6.7
7.1
Restructuring and impairments
170.4
278.7
(38.9
)
0.6
1.2
Total operating expenses
24,573.8
22,278.8
10.3
84.6
94.7
Income from equity investees
385.3
322.5
19.5
1.3
1.4
Operating income
4,872.1
1,561.7
212.0
16.8
6.6
Net gain resulting from divestiture of
certain operations
864.5
—
nm
3.0
—
Interest income and other, net
90.1
39.7
127.0
0.3
0.2
Interest expense
(469.8
)
(437.0
)
7.5
(1.6
)
(1.9
)
Earnings before income taxes
5,356.9
1,164.4
360.1
18.4
5.0
Income tax expense
1,156.6
239.7
382.5
4.0
1.0
Net earnings including noncontrolling
interests
4,200.3
924.7
354.2
14.5
3.9
Net earnings/(loss) attributable to
noncontrolling interests
1.0
(3.6
)
nm
—
—
Net earnings attributable to
Starbucks
$
4,199.3
$
928.3
352.4
14.5
%
3.9
%
Net earnings per common share -
diluted
$
3.54
$
0.79
348.1
%
Weighted avg. shares outstanding -
diluted
1,185.5
1,181.8
Cash dividends declared per share
$
2.29
$
1.23
Supplemental Ratios:
Store operating expenses as a % of
company-operated store revenues
48.5
%
56.2
%
Effective tax rate including
noncontrolling interests
21.6
%
20.6
%
Segment Results (in
millions)
North America
Oct 3, 2021
Sep 27, 2020
% Change
Oct 3, 2021
Sep 27, 2020
Quarter
Ended
(14 Weeks Ended)
(13 Weeks Ended)
As a % of North America total
net revenues
Net revenues:
Company-operated stores
$
5,254.3
$
3,875.3
35.6
%
91.2
%
92.0
%
Licensed stores
506.5
336.9
50.3
8.8
8.0
Other
2.2
1.7
29.4
—
—
Total net revenues
5,763.0
4,213.9
36.8
100.0
100.0
Product and distribution costs
1,580.3
1,158.3
36.4
27.4
27.5
Store operating expenses
2,570.8
2,060.7
24.8
44.6
48.9
Other operating expenses
47.3
38.0
24.5
0.8
0.9
Depreciation and amortization expenses
189.9
190.1
(0.1
)
3.3
4.5
General and administrative expenses
78.4
65.2
20.2
1.4
1.5
Restructuring and impairments
40.5
195.6
(79.3
)
0.7
4.6
Total operating expenses
4,507.2
3,707.9
21.6
78.2
88.0
Operating income
$
1,255.8
$
506.0
148.2
%
21.8
%
12.0
%
Supplemental Ratio:
Store operating expenses as a % of
company-operated store revenues
48.9
%
53.2
%
Oct 3, 2021
Sep 27, 2020
% Change
Oct 3, 2021
Sep 27, 2020
Year
Ended
(53 Weeks Ended)
(52 Weeks Ended)
As a % of North America total
net revenues
Net revenues:
Company-operated stores
$
18,737.3
$
14,778.8
26.8
%
91.6
%
90.7
%
Licensed stores
1,702.2
1,509.9
12.7
8.3
9.3
Other
8.4
7.5
12.0
—
—
Total net revenues
20,447.9
16,296.2
25.5
100.0
100.0
Product and distribution costs
5,453.8
4,564.4
19.5
26.7
28.0
Store operating expenses
9,359.5
8,488.0
10.3
45.8
52.1
Other operating expenses
166.0
154.6
7.4
0.8
0.9
Depreciation and amortization expenses
753.9
762.0
(1.1
)
3.7
4.7
General and administrative expenses
300.0
268.0
11.9
1.5
1.6
Restructuring and impairments
155.4
257.5
(39.7
)
0.8
1.6
Total operating expenses
16,188.6
14,494.5
11.7
79.2
88.9
Operating income
$
4,259.3
$
1,801.7
136.4
%
20.8
%
11.1
%
Supplemental Ratio:
Store operating expenses as a % of
company-operated store revenues
50.0
%
57.4
%
International
Oct 3, 2021
Sep 27, 2020
% Change
Oct 3, 2021
Sep 27, 2020
Quarter
Ended
(14 Weeks Ended)
(13 Weeks Ended)
As a % of International total
net revenues
Net revenues:
Company-operated stores
$
1,610.0
$
1,298.3
24.0
%
84.1
%
85.9
%
Licensed stores
288.0
207.7
38.7
15.0
13.7
Other
16.6
5.3
213.2
0.9
0.4
Total net revenues
1,914.6
1,511.3
26.7
100.0
100.0
Product and distribution costs
605.1
479.2
26.3
31.6
31.7
Store operating expenses
702.6
622.7
12.8
36.7
41.2
Other operating expenses
39.8
39.9
(0.3
)
2.1
2.6
Depreciation and amortization expenses
131.6
133.1
(1.1
)
6.9
8.8
General and administrative expenses
98.4
84.5
16.4
5.1
5.6
Restructuring and impairments
—
(0.6
)
nm
—
—
Total operating expenses
1,577.5
1,358.8
16.1
82.4
89.9
Income from equity investees
40.3
29.2
38.0
2.1
1.9
Operating income
$
377.4
$
181.7
107.7
%
19.7
%
12.0
%
Supplemental Ratio:
Store operating expenses as a % of
company-operated store revenues
43.6
%
48.0
%
Oct 3, 2021
Sep 27, 2020
% Change
Oct 3, 2021
Sep 27, 2020
Year
Ended
(53 Weeks Ended)
(52 Weeks Ended)
As a % of International total
net revenues
Net revenues:
Company-operated stores
$
5,869.7
$
4,385.8
33.8
%
84.8
%
83.8
%
Licensed stores
981.4
817.2
20.1
14.2
15.6
Other
70.5
27.6
155.4
1.0
0.5
Total net revenues
6,921.6
5,230.6
32.3
100.0
100.0
Product and distribution costs
2,187.3
1,729.1
26.5
31.6
33.1
Store operating expenses
2,571.4
2,276.0
13.0
37.2
43.5
Other operating expenses
147.3
153.6
(4.1
)
2.1
2.9
Depreciation and amortization expenses
544.7
518.4
5.1
7.9
9.9
General and administrative expenses
360.5
286.4
25.9
5.2
5.5
Restructuring and impairments
—
(1.2
)
nm
—
—
Total operating expenses
5,811.2
4,962.3
17.1
84.0
94.9
Income from equity investees
135.3
102.3
32.3
2.0
2.0
Operating income
$
1,245.7
$
370.6
236.1
%
18.0
%
7.1
%
Supplemental Ratio:
Store operating expenses as a % of
company-operated store revenues
43.8
%
51.9
%
Channel Development
Oct 3, 2021
Sep 27, 2020
% Change
Oct 3, 2021
Sep 27, 2020
Quarter
Ended
(14 Weeks Ended)
(13 Weeks Ended)
As a % of Channel Development
total net revenues
Net revenues
$
438.3
$
464.0
(5.5
)%
Product and distribution costs
277.5
327.8
(15.3
)
63.3
%
70.6
%
Other operating expenses
17.0
18.5
(8.1
)
3.9
4.0
Depreciation and amortization expenses
0.3
0.3
—
0.1
0.1
General and administrative expenses
3.4
2.5
36.0
0.8
0.5
Total operating expenses
298.2
349.1
(14.6
)
68.0
75.2
Income from equity investees
79.7
83.0
(4.0
)
18.2
17.9
Operating income
$
219.8
$
197.9
11.1
%
50.1
%
42.7
%
Oct 3, 2021
Sep 27, 2020
% Change
Oct 3, 2021
Sep 27, 2020
Year
Ended
(53 Weeks Ended)
(52 Weeks Ended)
As a % of Channel Development
total net revenues
Net revenues
$
1,593.6
$
1,925.0
(17.2
)%
Product and distribution costs
1,011.2
1,338.1
(24.4
)
63.5
%
69.5
%
Other operating expenses
31.3
108.2
(71.1
)
2.0
5.6
Depreciation and amortization expenses
1.2
1.2
—
0.1
0.1
General and administrative expenses
10.8
10.5
2.9
0.7
0.5
Total operating expenses
1,054.5
1,458.0
(27.7
)
66.2
75.7
Income from equity investees
250.0
220.2
13.5
15.7
11.4
Operating income
$
789.1
$
687.2
14.8
%
49.5
%
35.7
%
Corporate and Other
Oct 3, 2021
Sep 27, 2020
% Change
Quarter
Ended
(14 Weeks Ended)
(13 Weeks Ended)
Net revenues
$
30.8
$
13.9
121.6
%
Product and distribution costs
28.2
11.5
145.2
Other operating expenses
4.5
3.5
28.6
Depreciation and amortization expenses
32.9
39.4
(16.5
)
General and administrative expenses
321.0
286.8
11.9
Restructuring and impairments
15.0
—
nm
Total operating expenses
401.6
341.2
17.7
Operating loss
$
(370.8
)
$
(327.3
)
13.3
%
Oct 3, 2021
Sep 27, 2020
% Change
Year
Ended
(53 Weeks Ended)
(52 Weeks Ended)
Net revenues
$
97.5
$
66.2
47.3
%
Product and distribution costs
86.4
63.3
36.5
Other operating expenses
14.9
13.9
7.2
Depreciation and amortization expenses
141.9
149.7
(5.2
)
General and administrative expenses
1,261.3
1,114.7
13.2
Restructuring and impairments
15.0
22.4
(33.0
)
Total operating expenses
1,519.5
1,364.0
11.4
Operating loss
$
(1,422.0
)
$
(1,297.8
)
9.6
%
Corporate and Other primarily consists of our unallocated
corporate operating expenses and Evolution Fresh.
STARBUCKS CORPORATION
CONSOLIDATED BALANCE
SHEETS
(unaudited, in millions, except
per share data)
Oct 3, 2021
Sep 27, 2020
ASSETS
Current assets:
Cash and cash equivalents
$
6,455.7
$
4,350.9
Short-term investments
162.2
281.2
Accounts receivable, net
940.0
883.4
Inventories
1,603.9
1,551.4
Prepaid expenses and other current
assets
594.6
739.5
Total current assets
9,756.4
7,806.4
Long-term investments
281.7
206.1
Equity investments
268.5
478.7
Property, plant and equipment, net
6,369.5
6,241.4
Operating lease, right-of-use asset
8,236.0
8,134.1
Deferred income taxes, net
1,874.8
1,789.9
Other long-term assets
578.5
568.6
Other intangible assets
349.9
552.1
Goodwill
3,677.3
3,597.2
TOTAL ASSETS
$
31,392.6
$
29,374.5
LIABILITIES AND SHAREHOLDERS'
EQUITY/(DEFICIT)
Current liabilities:
Accounts payable
$
1,211.6
$
997.9
Accrued liabilities
1,973.2
1,160.7
Accrued payroll and benefits
772.3
696.0
Income taxes payable
348.0
98.2
Current portion of operating lease
liability
1,251.3
1,248.8
Stored value card liability and current
portion of deferred revenue
1,596.1
1,456.5
Short-term debt
—
438.8
Current portion of long-term debt
998.9
1,249.9
Total current liabilities
8,151.4
7,346.8
Long-term debt
13,616.9
14,659.6
Operating lease liability
7,738.0
7,661.7
Deferred revenue
6,463.0
6,598.5
Other long-term liabilities
737.8
907.3
Total liabilities
36,707.1
37,173.9
Shareholders' deficit:
Common stock ($0.001 par value) —
authorized, 2,400.0 shares; issued and outstanding, 1,180.0 and
1,173.3 shares, respectively
1.2
1.2
Additional paid-in capital
846.1
373.9
Retained deficit
(6,315.7
)
(7,815.6
)
Accumulated other comprehensive
income/(loss)
147.2
(364.6
)
Total shareholders’ deficit
(5,321.2
)
(7,805.1
)
Noncontrolling interests
6.7
5.7
Total deficit
(5,314.5
)
(7,799.4
)
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY/(DEFICIT)
$
31,392.6
$
29,374.5
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited and in millions)
Year Ended
Oct 3, 2021
Sep 27, 2020
Sep 30, 2019
OPERATING ACTIVITIES:
Net earnings including noncontrolling
interests
$
4,200.3
$
924.7
$
3,594.6
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization
1,524.1
1,503.2
1,449.3
Deferred income taxes, net
(146.2
)
(25.8
)
(1,495.4
)
Income earned from equity method
investees
(347.3
)
(280.7
)
(250.6
)
Distributions received from equity method
investees
336.0
227.7
216.8
Net gain resulting from divestiture of
certain operations
(864.5
)
—
(622.8
)
Stock-based compensation
319.1
248.6
308.0
Goodwill impairments
—
—
10.5
Non-cash lease costs
1,248.6
1,197.6
—
Loss on retirement and impairment of
assets
226.2
454.4
142.6
Other
(6.0
)
24.5
45.3
Cash provided by/(used in) changes in
operating assets and liabilities:
Accounts receivable
(43.0
)
(2.7
)
(197.7
)
Inventories
(49.8
)
(10.9
)
(173.0
)
Prepaid expenses and other current
assets
251.1
(317.5
)
922.0
Income taxes payable
286.1
(1,214.6
)
1,237.1
Accounts payable
189.9
(210.8
)
31.9
Deferred revenue
(6.1
)
31.0
(30.5
)
Operating lease liability
(1,488.1
)
(1,231.4
)
—
Other operating assets and liabilities
358.7
280.5
(141.1
)
Net cash provided by operating
activities
5,989.1
1,597.8
5,047.0
INVESTING ACTIVITIES:
Purchases of investments
(432.0
)
(443.9
)
(190.4
)
Sales of investments
143.2
186.7
298.3
Maturities and calls of investments
345.5
73.7
59.8
Additions to property, plant and
equipment
(1,470.0
)
(1,483.6
)
(1,806.6
)
Net proceeds from the divestiture of
certain operations
1,175.0
—
684.3
Other
(81.2
)
(44.4
)
(56.2
)
Net cash used in investing activities
(319.5
)
(1,711.5
)
(1,010.8
)
FINANCING ACTIVITIES:
Repayments of commercial paper
(296.5
)
—
—
Net proceeds from issuance of short-term
debt
215.1
1,406.6
—
Repayments of short-term debt
(349.8
)
(967.7
)
—
Proceeds from issuance of long-term
debt
—
4,727.6
1,996.0
Repayments of long-term debt
(1,250.0
)
—
(350.0
)
Proceeds from issuance of common stock
246.2
298.8
409.8
Cash dividends paid
(2,119.0
)
(1,923.5
)
(1,761.3
)
Repurchase of common stock
—
(1,698.9
)
(10,222.3
)
Minimum tax withholdings on share-based
awards
(97.0
)
(91.9
)
(111.6
)
Other
—
(37.7
)
(17.5
)
Net cash provided by/(used in) financing
activities
(3,651.0
)
1,713.3
(10,056.9
)
Effect of exchange rate changes on cash
and cash equivalents
86.2
64.7
(49.0
)
Net increase/(decrease) in cash and cash
equivalents
2,104.8
1,664.3
(6,069.7
)
CASH AND CASH EQUIVALENTS:
Beginning of period
4,350.9
2,686.6
8,756.3
End of period
$
6,455.7
$
4,350.9
$
2,686.6
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest
$
501.1
$
396.9
$
299.5
Income taxes
$
756.3
$
1,699.1
$
470.1
Supplemental
Information
The following supplemental information is provided for
historical and comparative purposes.
U.S. Supplemental Data
Quarter Ended
Oct 3, 2021
Sep 27, 2020
($ in millions)
(14 Weeks Ended)
(13 Weeks Ended)
Change (%)
Revenues
$5,333.4
$3,892.9
37%
Change in Comparable Store Sales (1)
22%
(9)%
Change in Transactions
19%
(25)%
Change in Ticket
3%
21%
Store Count
15,450
15,337
1%
(1)
Includes only Starbucks® company-operated
stores open 13 months or longer. For fiscal 2021, comparable store
sales percentages were calculated excluding the extra week in the
fourth quarter of fiscal 2021. Comparable store sales exclude Siren
Retail stores. Stores that are temporarily closed or operating at
reduced hours due to the COVID-19 pandemic remain in comparable
store sales while stores identified for permanent closure have been
removed.
China Supplemental Data
Quarter Ended
Oct 3, 2021
Sep 27, 2020
($ in millions)
(14 Weeks Ended)
(13 Weeks Ended)
Change (%)
Revenues
$964.0
$814.5
18%
Change in Comparable Store Sales (1)
(7)%
(3)%
Change in Transactions
(2)%
(7)%
Change in Ticket
(5)%
5%
Store Count
5,360
4,706
14%
(1)
Includes only Starbucks® company-operated
stores open 13 months or longer. For fiscal 2021, comparable store
sales percentages were calculated excluding the extra week in the
fourth quarter of fiscal 2021. Comparable store sales exclude the
effects of fluctuations in foreign currency exchange rates, stores
identified for permanent closure and Siren Retail stores. Stores
that are temporarily closed or operating at reduced hours due to
the COVID-19 pandemic remain in comparable store sales while stores
identified for permanent closure have been removed. Comparable
store sales for the fourth quarter of fiscal 2021 included a 4%
adverse impact from lapping the prior-year value-added tax
benefit.
Store Data
Net stores opened/(closed) and
transferred during the period
Quarter Ended
Year Ended
Stores open as of
Oct 3, 2021
Sep 27, 2020
Oct 3, 2021
Sep 27, 2020
Oct 3, 2021
Sep 27, 2020
North America:
Company-operated stores
1
92
(248
)
135
9,861
10,109
Licensed stores
73
32
134
149
6,965
6,831
Total North America
74
124
(114
)
284
16,826
16,940
International:
Company-operated stores
259
274
744
668
7,272
6,528
Licensed stores
205
82
543
452
9,735
9,192
Total International
464
356
1,287
1,120
17,007
15,720
Total Company
538
480
1,173
1,404
33,833
32,660
Non-GAAP Disclosure
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. Our non-GAAP financial
measures of non-GAAP general and administrative expenses (G&A),
non-GAAP operating income, non-GAAP operating income growth,
non-GAAP operating margin, non-GAAP effective tax rate and non-GAAP
earnings per share 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 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 earnings per share are
general and administrative expenses, operating income, operating
income growth, operating margin, effective tax rate and diluted net
earnings per share, respectively.
Non-GAAP
Exclusion
Rationale
Sale of certain joint venture
operations
Management excludes the gain related to
the sale of our South Korea joint venture operations as this
incremental gain was specific to the sale activity and for reasons
discussed above.
Restructuring and impairment costs
Management excludes restructuring and
impairment costs relating to the write-down of certain
company-operated store and corporate assets. Management excludes
these items for reasons discussed above. These expenses are
anticipated to be completed within a finite period of time.
Integration costs
Management excludes integration costs and
amortization of the acquired intangible assets for reasons
discussed above. Additionally, the majority of these costs will be
recognized over a finite period of time.
Nestlé transaction and integration-related
costs
Management excludes the transaction and
integration-related costs related to the Global Coffee Alliance
with Nestlé (inclusive of incremental costs to grow and develop the
alliance) for reasons discussed above.
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 earnings per share may have limitations as
analytical tools. These measures should not be considered in
isolation or as a substitute for analysis of the company’s results
as reported under GAAP. Other companies may calculate these
non-GAAP financial measures differently than the company does,
limiting the usefulness of those measures for comparative
purposes.
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. The
company is unable to reconcile these forward-looking non-GAAP
financial measures to the most directly comparable GAAP measures
without unreasonable efforts because the company is currently
unable to predict with a reasonable degree of certainty the type
and extent of certain items that would be expected to impact GAAP
measures for these periods but would not impact the non-GAAP
measures. Such items may include acquisitions, divestitures,
restructuring and other items. The unavailable information could
have a significant impact on the company’s GAAP financial
results.
STARBUCKS CORPORATION
RECONCILIATION OF SELECTED
GAAP MEASURES TO NON-GAAP MEASURES
(unaudited, in millions except
per share data)
Quarter Ended
Oct 3, 2021
Sep 27, 2020
Consolidated
(14 Weeks Ended)
(13 Weeks Ended)
Change
General and administrative expenses, as
reported (GAAP)
$
501.2
$
439.0
14.2%
Restructuring and impairment costs (1)
—
(0.6
)
Integration costs (2)
(9.7
)
(5.6
)
Non-GAAP G&A
$
491.5
$
432.8
13.6%
Non-GAAP G&A as a % of total net
revenues (4)
6.0
%
7.0
%
Operating income, as reported (GAAP)
$
1,482.2
$
558.3
165.5%
Restructuring and impairment costs (1)
55.5
195.5
Integration costs (2)
59.6
64.0
Nestlé transaction and integration-related
costs (3)
0.1
—
Non-GAAP operating income
$
1,597.4
$
817.8
95.3%
Operating margin, as reported (GAAP)
18.2
%
9.0
%
920 bps
Restructuring and impairment costs (1)
0.7
3.2
Integration costs (2)
0.7
1.0
Nestlé transaction and integration-related
costs (3)
—
—
Non-GAAP operating margin
19.6
%
13.2
%
640 bps
Diluted net earnings per share, as
reported (GAAP)
$
1.49
$
0.33
351.5%
Restructuring and impairment costs (1)
0.05
0.18
Integration costs (2)
0.05
0.05
Gain resulting from divestiture of South
Korea joint venture
(0.73
)
—
Income tax effect on Non-GAAP adjustments
(5)
0.14
(0.05
)
Non-GAAP EPS
$
1.00
$
0.51
96.1%
(1)
Represents costs associated with our
restructuring efforts, primarily lease exit costs and asset
impairments.
(2)
Includes 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.
(3)
Represents costs associated with the
Global Coffee Alliance with Nestlé.
(4)
Non-GAAP G&A as a percentage of total
net revenues for the fourth quarter of fiscal 2021 was 6.0%.
Non-GAAP G&A as a percentage of total net revenues for the
fourth quarter of fiscal years 2020 and 2019 was 7.0% and 6.7%,
respectively. Refer to the Starbucks Investor Relations website for
additional information regarding historical non-GAAP
information.
(5)
Adjustments were determined based on the
nature of the underlying items and their relevant jurisdictional
tax rates.
Q4 QTD FY21 NON-GAAP
DISCLOSURE DETAILS
(in millions and before income
taxes)
Q4 QTD FY21
North America
International
Channel Development
Corporate and Other
Consolidated
Statement of Earnings Line Item
Restructuring and Impairment
Costs
Integration Costs
Nestlé Transaction and
Integration-Related Costs
Integration Costs
Restructuring and Impairment
Costs
Total Non-GAAP
Adjustment
Net revenue
$
—
$
—
$
—
$
—
$
—
$
—
Production and distribution costs
—
Store operating expenses
5.1
5.1
Other operating expenses
0.1
0.1
Depreciation and amortization expenses
44.8
44.8
General and administrative expenses
9.5
0.2
9.7
Restructuring and impairments
40.5
15.0
55.5
Total impact to operating income
$
(40.5
)
$
(59.4
)
$
(0.1
)
$
(0.2
)
$
(15.0
)
$
(115.2
)
Non-Operating gain
Gain resulting from divestiture of South
Korea joint venture
$
864.5
STARBUCKS CORPORATION
RECONCILIATION OF SELECTED
GAAP MEASURES TO NON-GAAP MEASURES
(unaudited, in millions except
per share data)
Year Ended
Oct 3, 2021
Sep 27, 2020
Consolidated
(53 Weeks Ended)
(52 Weeks Ended)
Change
General and administrative expenses, as
reported (GAAP)
$
1,932.6
$
1,679.6
15.1%
Restructuring and impairment costs (1)
—
(1.9
)
International transaction and
integration-related items (2)
(22.2
)
(13.8
)
Nestlé transaction and integration-related
costs (3)
—
(0.5
)
Non-GAAP G&A
$
1,910.4
$
1,663.4
14.8%
Non-GAAP G&A as a % of total net
revenues (4)
6.6
%
7.1
%
Operating income, as reported (GAAP)
$
4,872.1
$
1,561.7
212.0%
Restructuring and impairment costs (1)
170.4
280.6
International transaction and
integration-related items (2)
242.2
243.5
Nestlé transaction and integration-related
costs (3)
(22.7
)
47.4
Non-GAAP operating income
$
5,262.0
$
2,133.2
146.7%
Operating margin, as reported (GAAP)
16.8
%
6.6
%
1,020 bps
Restructuring and impairment costs (1)
0.6
1.2
International transaction and
integration-related items (2)
0.8
1.1
Nestlé transaction and integration-related
costs (3)
(0.1
)
0.2
Non-GAAP operating margin
18.1
%
9.1
%
900 bps
Diluted net earnings per share, as
reported (GAAP)
$
3.54
$
0.79
348.1%
Restructuring and impairment costs (1)
0.14
0.23
International transaction and
integration-related items (2)
0.21
0.21
Nestlé transaction and integration-related
costs (3)
(0.02
)
0.04
Gain resulting from divestiture of South
Korea joint venture
(0.73
)
—
Income tax effect on Non-GAAP adjustments
(5)
0.10
(0.10
)
Non-GAAP EPS
$
3.24
$
1.17
176.9%
(1)
Represents costs associated with our
restructuring efforts, primarily severance and asset impairments
related to certain company-operated store closures and impairment
of certain corporate assets.
(2)
Includes 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.
(3)
Represents costs associated with the
Global Coffee Alliance with Nestlé and a change in estimate
relating to a transaction cost accrual.
(4)
Non-GAAP G&A as a percentage of total
net revenues for fiscal years 2021, 2020 and 2019 was 6.6%, 7.1%
and 6.5%, respectively. Refer to the Starbucks Investor Relations
website for additional information regarding historical non-GAAP
information.
(5)
Adjustments were determined based on the
nature of the underlying items and their relevant jurisdictional
tax rates.
YTD FY21 NON-GAAP DISCLOSURE
DETAILS
(in millions and before income
taxes)
Q4 YTD FY21
North America
International
Channel Development
Corporate and Other
Consolidated
Statement of Earnings Line Item
Restructuring and Impairment
Costs
Integration Costs
Nestlé Transaction and
Integration-Related Costs
Integration Costs
Restructuring and Impairment
Costs
Total Non-GAAP
Adjustment
Net revenue
$
—
$
—
$
—
$
—
$
—
$
—
Production and distribution costs
—
Store operating expenses
17.6
17.6
Other operating expenses
(22.7
)
(22.7
)
Depreciation and amortization expenses
202.4
202.4
General and administrative expenses
21.5
0.7
22.2
Restructuring and impairments
155.4
15.0
170.4
Total impact to operating income
$
(155.4
)
$
(241.5
)
$
22.7
$
(0.7
)
$
(15.0
)
$
(389.9
)
Non-Operating gain
Gain resulting from divestiture of South
Korea joint venture
$
864.5
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211028006140/en/
Starbucks Contact, Investor Relations: Tiffany Willis
206-318-7118 investorrelations@starbucks.com
Starbucks Contact, Media: Maggie Jantzen 206-318-7100
press@starbucks.com
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