Q4 Consolidated Net Revenues Up 11% to a Record $9.4 Billion
Q4 Comparable Store Sales Up 8% Globally; Up 8% in North America; Up 5% in International
Q4 GAAP EPS $1.06; Non-GAAP EPS $1.06 Driven by Strong Global Performance; Reinvention Execution
International Surpasses 20,000 Stores, Propelling Global Count to Record 38,038
Q4 Active U.S.Starbucks® Rewards Membership Reaches 32.6 Million, Up 14% Over Prior Year
SEATTLE--(BUSINESS WIRE)-- Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended October 1, 2023. GAAP results in fiscal 2023 and fiscal 2022 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.
Q4 Fiscal 2023 Highlights
Full Year Fiscal 2023 Highlights
“We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance. Our Reinvention is moving ahead of schedule, fueling revenue growth, efficiency and margin expansion,” commented Laxman Narasimhan, chief executive officer. “Notably, we continue to see the positive impact of our Reinvention on our partner and customer experiences, proof points that we can continue to create, grow and strengthen our business while creating value for all. As we enter the current year, in the face of macro uncertainty, we remain confident in the momentum throughout our business and headroom globally. We expect sustained momentum throughout the company for years to come,” Narasimhan added.
“Our strong full fiscal year 2023 performance demonstrated our durable long-term growth and Reinvention plan execution,” commented Rachel Ruggeri, chief financial officer. “We are proud that our full fiscal year 2024 guidance will be grounded on a balance of both revenue growth and margin expansion,” Ruggeri added.
Q4 North America Segment Results
|
|
|
|
|
|
| Quarter Ended |
| Change (%) | ||
($ in millions) | Oct 1, 2023 |
| Oct 2, 2022 |
| |
Change in Comparable Store Sales (1) | 8% |
| 11% |
|
|
Change in Transactions | 2% |
| 1% |
|
|
Change in Ticket | 6% |
| 10% |
|
|
Store Count | 17,810 |
| 17,295 |
| 3% |
Revenues | $6,900.0 |
| $6,134.4 |
| 12% |
Operating Income | $1,601.4 |
| $1,141.8 |
| 40% |
Operating Margin | 23.2% |
| 18.6% |
| 460 bps |
(1) Includes only Starbucks® company-operated stores open 13 months or longer. 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 12% over Q4 FY22 to $6.9 billion in Q4 FY23, primarily driven by an 8% increase in comparable store sales, driven by a 6% increase in average ticket and a 2% increase in comparable transactions, net new company-operated store growth of 4% over the past 12 months, as well as strength in our licensed store sales.
Operating income increased to $1.6 billion in Q4 FY23 compared to $1.1 billion in Q4 FY22. Operating margin of 23.2% expanded from 18.6% in the prior year, primarily driven by in-store operational efficiencies, sales leverage and pricing. This expansion was partially offset by previously committed investments in store partner wages and benefits.
Q4 International Segment Results
|
|
|
|
|
|
| Quarter Ended |
| Change (%) | ||
($ in millions) | Oct 1, 2023 |
| Oct 2, 2022 |
| |
Change in Comparable Store Sales (1) | 5% |
| (5)% |
|
|
Change in Transactions | 6% |
| (5)% |
|
|
Change in Ticket | (1)% |
| (1)% |
|
|
Store Count | 20,228 |
| 18,416 |
| 10% |
Revenues | $1,979.9 |
| $1,777.0 |
| 11% |
Operating Income | $301.3 |
| $217.6 |
| 38% |
Operating Margin | 15.2% |
| 12.2% |
| 300 bps |
(1) Includes only Starbucks® company-operated stores open 13 months or longer. 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 International segment grew 11% over Q4 FY22 to $2.0 billion in Q4 FY23, primarily driven by net new company-operated store growth of 12% over the past 12 months as well as growth in our licensed store revenue including higher product sales and royalty revenues. Also contributing to the increase was a 5% increase in comparable store sales, driven by a 6% increase in comparable transactions and a 1% decline in average ticket. These increases were partially offset by an approximately 3% unfavorable impact from foreign currency translation.
Operating income increased to $301.3 million in Q4 FY23 compared to $217.6 million in Q4 FY22. Operating margin of 15.2% expanded from 12.2% in the prior year, primarily driven by lapping prior year amortization expenses and sales leverage. This expansion was partially offset by digital investments.
Q4 Channel Development Segment Results
|
|
|
|
|
|
| Quarter Ended |
| Change (%) | ||
($ in millions) | Oct 1, 2023 |
| Oct 2, 2022 |
| |
Revenues | $486.1 |
| $483.7 |
| 0% |
Operating Income | $271.2 |
| $244.6 |
| 11% |
Operating Margin | 55.8% |
| 50.6% |
| 520 bps |
Net revenues for the Channel Development segment of $486.1 million in Q4 FY23 were relatively flat to Q4 FY22, driven by an increase in revenue in the Global Coffee Alliance partially offset by a decrease in global ready-to-drink revenue.
Operating income increased to $271.2 million in Q4 FY23 compared to $244.6 million in Q4 FY22. Operating margin of 55.8% expanded from 50.6% in the prior year, primarily driven by growth in our North American Coffee Partnership joint venture income.
Fiscal 2024 Financial Targets
The company will discuss fiscal year 2024 financial targets during its Q4 FY23 and full year earnings conference call starting today at 7:00 a.m. Eastern Time. The company will also host a Reinvention update and holiday launch later today at 4:00 p.m. Eastern Time. These items can be accessed on the company's Investor Relations website during and after the call and event. 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
Conference Call
Starbucks will hold a conference call today at 7:00 a.m. Eastern Time, which will be hosted by Laxman Narasimhan, 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, December 1, 2023.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 38,000 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 applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. Our forward-looking statements, and the risks and uncertainties related thereto, include, but are not limited to, those described under the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the SEC, as well as:
A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this report. We are under no obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
Key Metrics
The company's financial results and long-term growth model will continue to be driven by new store openings, comparable store sales growth and operating margin management. We believe these key operating metrics are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our marketing and operational strategies.
STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (unaudited, in millions, except per share data) | ||||||||||||||||
| Quarter Ended |
| Quarter Ended | |||||||||||||
| Oct 1, 2023 |
| Oct 2, 2022 |
| % Change |
| Oct 1, 2023 |
| Oct 2, 2022 | |||||||
| ||||||||||||||||
|
|
|
|
|
|
| As a % of total net revenues | |||||||||
Net revenues: |
|
|
|
|
|
|
|
|
| |||||||
Company-operated stores | $ | 7,679.9 |
|
| $ | 6,901.4 |
|
| 11.3 | % |
| 81.9 | % |
| 82.0 | % |
Licensed stores |
| 1,187.5 |
|
|
| 998.4 |
|
| 18.9 |
|
| 12.7 |
|
| 11.9 |
|
Other |
| 506.2 |
|
|
| 514.4 |
|
| (1.6 | ) |
| 5.4 |
|
| 6.1 |
|
Total net revenues |
| 9,373.6 |
|
|
| 8,414.2 |
|
| 11.4 |
|
| 100.0 |
|
| 100.0 |
|
Product and distribution costs |
| 2,933.1 |
|
|
| 2,711.0 |
|
| 8.2 |
|
| 31.3 |
|
| 32.2 |
|
Store operating expenses |
| 3,721.3 |
|
|
| 3,544.7 |
|
| 5.0 |
|
| 39.7 |
|
| 42.1 |
|
Other operating expenses |
| 145.2 |
|
|
| 123.1 |
|
| 18.0 |
|
| 1.5 |
|
| 1.5 |
|
Depreciation and amortization expenses |
| 351.4 |
|
|
| 357.4 |
|
| (1.7 | ) |
| 3.7 |
|
| 4.2 |
|
General and administrative expenses |
| 635.8 |
|
|
| 538.0 |
|
| 18.2 |
|
| 6.8 |
|
| 6.4 |
|
Restructuring and impairments |
| — |
|
|
| 35.1 |
|
| nm |
| — |
|
| 0.4 |
| |
Total operating expenses |
| 7,786.8 |
|
|
| 7,309.3 |
|
| 6.5 |
|
| 83.1 |
|
| 86.9 |
|
Income from equity investees |
| 119.4 |
|
|
| 90.6 |
|
| 31.8 |
|
| 1.3 |
|
| 1.1 |
|
Operating income |
| 1,706.2 |
|
|
| 1,195.5 |
|
| 42.7 |
|
| 18.2 |
|
| 14.2 |
|
Interest income and other, net |
| 30.1 |
|
|
| 31.0 |
|
| (2.9 | ) |
| 0.3 |
|
| 0.4 |
|
Interest expense |
| (143.2 | ) |
|
| (125.3 | ) |
| 14.3 |
|
| (1.5 | ) |
| (1.5 | ) |
Earnings before income taxes |
| 1,593.1 |
|
|
| 1,101.2 |
|
| 44.7 |
|
| 17.0 |
|
| 13.1 |
|
Income tax expense |
| 373.8 |
|
|
| 222.7 |
|
| 67.8 |
|
| 4.0 |
|
| 2.6 |
|
Net earnings including noncontrolling interests |
| 1,219.3 |
|
|
| 878.5 |
|
| 38.8 |
|
| 13.0 |
|
| 10.4 |
|
Net earnings attributable to noncontrolling interests |
| 0.0 |
|
|
| 0.2 |
|
| nm |
| 0.0 |
|
| 0.0 |
| |
Net earnings attributable to Starbucks | $ | 1,219.3 |
|
| $ | 878.3 |
|
| 38.8 |
|
| 13.0 | % |
| 10.4 | % |
Net earnings per common share - diluted | $ | 1.06 |
|
| $ | 0.76 |
|
| 39.5 | % |
|
|
|
| ||
Weighted avg. shares outstanding - diluted |
| 1,149.4 |
|
|
| 1,152.5 |
|
|
|
|
|
|
| |||
Cash dividends declared per share | $ | 0.57 |
|
| $ | 0.53 |
|
|
|
|
|
|
| |||
Supplemental Ratios: |
|
|
|
|
|
|
|
|
| |||||||
Store operating expenses as a % of company-operated store revenues |
|
|
| 48.5 | % |
| 51.4 | % | ||||||||
Effective tax rate including noncontrolling interests |
|
|
| 23.5 | % |
| 20.2 | % |
| Year Ended |
| Year Ended | |||||||||||||
| Oct 1, 2023 |
| Oct 2, 2022 |
| % Change |
| Oct 1, 2023 |
| Oct 2, 2022 | |||||||
| ||||||||||||||||
|
|
|
|
|
|
| As a % of total net revenues | |||||||||
Net revenues: |
|
|
|
|
|
|
|
|
| |||||||
Company-operated stores | $ | 29,462.3 |
|
| $ | 26,576.1 |
|
| 10.9 | % |
| 81.9 | % |
| 82.4 | % |
Licensed stores |
| 4,512.7 |
|
|
| 3,655.5 |
|
| 23.4 |
|
| 12.5 |
|
| 11.3 |
|
Other |
| 2,000.6 |
|
|
| 2,018.7 |
|
| (0.9 | ) |
| 5.6 |
|
| 6.3 |
|
Total net revenues |
| 35,975.6 |
|
|
| 32,250.3 |
|
| 11.6 |
|
| 100.0 |
|
| 100.0 |
|
Product and distribution costs |
| 11,409.1 |
|
|
| 10,317.4 |
|
| 10.6 |
|
| 31.7 |
|
| 32.0 |
|
Store operating expenses |
| 14,720.3 |
|
|
| 13,561.8 |
|
| 8.5 |
|
| 40.9 |
|
| 42.1 |
|
Other operating expenses |
| 539.4 |
|
|
| 461.5 |
|
| 16.9 |
|
| 1.5 |
|
| 1.4 |
|
Depreciation and amortization expenses |
| 1,362.6 |
|
|
| 1,447.9 |
|
| (5.9 | ) |
| 3.8 |
|
| 4.5 |
|
General and administrative expenses |
| 2,441.3 |
|
|
| 2,032.0 |
|
| 20.1 |
|
| 6.8 |
|
| 6.3 |
|
Restructuring and impairments |
| 21.8 |
|
|
| 46.0 |
|
| (52.6 | ) |
| 0.1 |
|
| 0.1 |
|
Total operating expenses |
| 30,494.5 |
|
|
| 27,866.6 |
|
| 9.4 |
|
| 84.8 |
|
| 86.4 |
|
Income from equity investees |
| 298.4 |
|
|
| 234.1 |
|
| 27.5 |
|
| 0.8 |
|
| 0.7 |
|
Gain from sale of assets |
| 91.3 |
|
|
| — |
|
| nm |
| 0.3 |
|
| — |
| |
Operating income |
| 5,870.8 |
|
|
| 4,617.8 |
|
| 27.1 |
|
| 16.3 |
|
| 14.3 |
|
Interest income and other, net |
| 81.2 |
|
|
| 97.0 |
|
| (16.3 | ) |
| 0.2 |
|
| 0.3 |
|
Interest expense |
| (550.1 | ) |
|
| (482.9 | ) |
| 13.9 |
|
| (1.5 | ) |
| (1.5 | ) |
Earnings before income taxes |
| 5,401.9 |
|
|
| 4,231.9 |
|
| 27.6 |
|
| 15.0 |
|
| 13.1 |
|
Income tax expense |
| 1,277.2 |
|
|
| 948.5 |
|
| 34.7 |
|
| 3.6 |
|
| 2.9 |
|
Net earnings including noncontrolling interests |
| 4,124.7 |
|
|
| 3,283.4 |
|
| 25.6 |
|
| 11.5 |
|
| 10.2 |
|
Net earnings attributable to noncontrolling interests |
| 0.2 |
|
|
| 1.8 |
|
| (88.9 | ) |
| 0.0 |
|
| 0.0 |
|
Net earnings attributable to Starbucks | $ | 4,124.5 |
|
| $ | 3,281.6 |
|
| 25.7 |
|
| 11.5 | % |
| 10.2 | % |
Net earnings per common share - diluted | $ | 3.58 |
|
| $ | 2.83 |
|
| 26.5 | % |
|
|
|
| ||
Weighted avg. shares outstanding - diluted |
| 1,151.3 |
|
|
| 1,158.5 |
|
|
|
|
|
|
| |||
Cash dividends declared per share | $ | 2.16 |
|
| $ | 2.00 |
|
|
|
|
|
|
| |||
Supplemental Ratios: |
|
|
|
|
|
|
|
|
| |||||||
Store operating expenses as a % of company-operated store revenues |
|
|
| 50.0 | % |
| 51.0 | % | ||||||||
Effective tax rate including noncontrolling interests |
|
|
| 23.6 | % |
| 22.4 | % |
Segment Results (in millions)
North America | |||||||||||||||
| Oct 1, 2023 |
| Oct 2, 2022 |
| % Change |
| Oct 1, 2023 |
| Oct 2, 2022 | ||||||
Quarter Ended |
|
|
|
|
|
| As a % of North America total net revenues | ||||||||
Net revenues: |
|
|
|
|
|
|
|
|
| ||||||
Company-operated stores | $ | 6,211.5 |
| $ | 5,550.5 |
| 11.9 | % |
| 90.0 | % |
| 90.5 | % | |
Licensed stores |
| 685.9 |
|
| 583.4 |
| 17.6 |
|
| 9.9 |
|
| 9.5 |
| |
Other |
| 2.6 |
|
| 0.5 |
| 420.0 |
|
| 0.0 |
|
| 0.0 |
| |
Total net revenues |
| 6,900.0 |
|
| 6,134.4 |
| 12.5 |
|
| 100.0 |
|
| 100.0 |
| |
Product and distribution costs |
| 1,905.7 |
|
| 1,770.6 |
| 7.6 |
|
| 27.6 |
|
| 28.9 |
| |
Store operating expenses |
| 2,986.0 |
|
| 2,862.2 |
| 4.3 |
|
| 43.3 |
|
| 46.7 |
| |
Other operating expenses |
| 67.1 |
|
| 51.4 |
| 30.5 |
|
| 1.0 |
|
| 0.8 |
| |
Depreciation and amortization expenses |
| 236.6 |
|
| 205.2 |
| 15.3 |
|
| 3.4 |
|
| 3.3 |
| |
General and administrative expenses |
| 103.2 |
|
| 78.8 |
| 31.0 |
|
| 1.5 |
|
| 1.3 |
| |
Restructuring and impairments |
| — |
|
| 24.4 |
| nm |
| — |
|
| 0.4 |
| ||
Total operating expenses |
| 5,298.6 |
|
| 4,992.6 |
| 6.1 |
|
| 76.8 |
|
| 81.4 |
| |
Operating income | $ | 1,601.4 |
| $ | 1,141.8 |
| 40.3 | % |
| 23.2 | % |
| 18.6 | % | |
Supplemental Ratio: |
|
|
|
|
|
|
|
|
| ||||||
Store operating expenses as a % of company-operated store revenues |
|
|
| 48.1 | % |
| 51.6 | % | |||||||
|
|
|
|
|
|
|
|
|
| ||||||
Year Ended |
|
|
|
|
|
|
|
|
| ||||||
Net revenues: |
|
|
|
|
|
|
|
|
| ||||||
Company-operated stores | $ | 23,905.4 |
| $ | 21,214.2 |
| 12.7 | % |
| 90.0 | % |
| 90.8 | % | |
Licensed stores |
| 2,659.1 |
|
| 2,150.5 |
| 23.7 |
|
| 10.0 |
|
| 9.2 |
| |
Other |
| 5.1 |
|
| 6.1 |
| (16.4 | ) |
| 0.0 |
|
| 0.0 |
| |
Total net revenues |
| 26,569.6 |
|
| 23,370.8 |
| 13.7 |
|
| 100.0 |
|
| 100.0 |
| |
Product and distribution costs |
| 7,530.4 |
|
| 6,677.2 |
| 12.8 |
|
| 28.3 |
|
| 28.6 |
| |
Store operating expenses |
| 11,959.2 |
|
| 10,860.0 |
| 10.1 |
|
| 45.0 |
|
| 46.5 |
| |
Other operating expenses |
| 263.8 |
|
| 202.1 |
| 30.5 |
|
| 1.0 |
|
| 0.9 |
| |
Depreciation and amortization expenses |
| 910.1 |
|
| 808.4 |
| 12.6 |
|
| 3.4 |
|
| 3.5 |
| |
General and administrative expenses |
| 389.7 |
|
| 303.3 |
| 28.5 |
|
| 1.5 |
|
| 1.3 |
| |
Restructuring and impairments |
| 20.7 |
|
| 33.3 |
| (37.8 | ) |
| 0.1 |
|
| 0.1 |
| |
Total operating expenses |
| 21,073.9 |
|
| 18,884.3 |
| 11.6 |
|
| 79.3 |
|
| 80.8 |
| |
Operating income | $ | 5,495.7 |
| $ | 4,486.5 |
| 22.5 | % |
| 20.7 | % |
| 19.2 | % | |
Supplemental Ratio: |
|
|
|
|
|
|
|
|
| ||||||
Store operating expenses as a % of company-operated store revenues |
|
|
| 50.0 | % |
| 51.2 | % |
International | |||||||||||||||
| Oct 1, 2023 |
| Oct 2, 2022 |
| % Change |
| Oct 1, 2023 |
| Oct 2, 2022 | ||||||
Quarter Ended |
|
|
|
|
|
| As a % of International total net revenues | ||||||||
Net revenues: |
|
|
|
|
|
|
|
|
| ||||||
Company-operated stores | $ | 1,468.4 |
| $ | 1,350.9 |
| 8.7 | % |
| 74.2 | % |
| 76.0 | % | |
Licensed stores |
| 501.6 |
|
| 415.0 |
| 20.9 |
|
| 25.3 |
|
| 23.4 |
| |
Other |
| 9.9 |
|
| 11.1 |
| (10.8 | ) |
| 0.5 |
|
| 0.6 |
| |
Total net revenues |
| 1,979.9 |
|
| 1,777.0 |
| 11.4 |
|
| 100.0 |
|
| 100.0 |
| |
Product and distribution costs |
| 704.7 |
|
| 611.0 |
| 15.3 |
|
| 35.6 |
|
| 34.4 |
| |
Store operating expenses |
| 735.3 |
|
| 682.5 |
| 7.7 |
|
| 37.1 |
|
| 38.4 |
| |
Other operating expenses |
| 64.0 |
|
| 52.4 |
| 22.1 |
|
| 3.2 |
|
| 2.9 |
| |
Depreciation and amortization expenses |
| 84.3 |
|
| 121.5 |
| (30.6 | ) |
| 4.3 |
|
| 6.8 |
| |
General and administrative expenses |
| 91.0 |
|
| 92.6 |
| (1.7 | ) |
| 4.6 |
|
| 5.2 |
| |
Total operating expenses |
| 1,679.3 |
|
| 1,560.0 |
| 7.6 |
|
| 84.8 |
|
| 87.8 |
| |
Income from equity investees |
| 0.7 |
|
| 0.6 |
| 16.7 |
|
| 0.0 |
|
| 0.0 |
| |
Operating income | $ | 301.3 |
| $ | 217.6 |
| 38.5 | % |
| 15.2 | % |
| 12.2 | % | |
Supplemental Ratio: |
|
|
|
|
|
|
|
|
| ||||||
Store operating expenses as a % of company-operated store revenues |
|
|
| 50.1 | % |
| 50.5 | % | |||||||
|
|
|
|
|
|
|
|
|
| ||||||
Year Ended |
|
|
|
|
|
|
|
|
| ||||||
Net revenues: |
|
|
|
|
|
|
|
|
| ||||||
Company-operated stores | $ | 5,556.9 |
| $ | 5,361.9 |
| 3.6 | % |
| 74.2 | % |
| 77.3 | % | |
Licensed stores |
| 1,853.6 |
|
| 1,505.0 |
| 23.2 |
|
| 24.8 |
|
| 21.7 |
| |
Other |
| 77.1 |
|
| 73.2 |
| 5.3 |
|
| 1.0 |
|
| 1.1 |
| |
Total net revenues |
| 7,487.6 |
|
| 6,940.1 |
| 7.9 |
|
| 100.0 |
|
| 100.0 |
| |
Product and distribution costs |
| 2,608.4 |
|
| 2,357.7 |
| 10.6 |
|
| 34.8 |
|
| 34.0 |
| |
Store operating expenses |
| 2,761.1 |
|
| 2,701.8 |
| 2.2 |
|
| 36.9 |
|
| 38.9 |
| |
Other operating expenses |
| 219.0 |
|
| 191.4 |
| 14.4 |
|
| 2.9 |
|
| 2.8 |
| |
Depreciation and amortization expenses |
| 335.1 |
|
| 513.0 |
| (34.7 | ) |
| 4.5 |
|
| 7.4 |
| |
General and administrative expenses |
| 335.8 |
|
| 345.3 |
| (2.8 | ) |
| 4.5 |
|
| 5.0 |
| |
Total operating expenses |
| 6,259.4 |
|
| 6,109.2 |
| 2.5 |
|
| 83.6 |
|
| 88.0 |
| |
Income from equity investees |
| 2.7 |
|
| 2.3 |
| 17.4 |
|
| 0.0 |
|
| 0.0 |
| |
Operating income | $ | 1,230.9 |
| $ | 833.2 |
| 47.7 | % |
| 16.4 | % |
| 12.0 | % | |
Supplemental Ratio: |
|
|
|
|
|
|
|
|
| ||||||
Store operating expenses as a % of company-operated store revenues |
|
|
| 49.7 | % |
| 50.4 | % |
Channel Development | |||||||||||||||
| Oct 1, 2023 |
| Oct 2, 2022 |
| % Change |
| Oct 1, 2023 |
| Oct 2, 2022 | ||||||
Quarter Ended |
|
|
|
|
|
| As a % of Channel Development total net revenues | ||||||||
Net revenues | $ | 486.1 |
| $ | 483.7 |
| 0.5 | % |
|
|
|
| |||
Product and distribution costs |
| 317.3 |
|
| 309.0 |
| 2.7 |
|
| 65.3 | % |
| 63.9 | % | |
Other operating expenses |
| 14.0 |
|
| 16.0 |
| (12.5 | ) |
| 2.9 |
|
| 3.3 |
| |
Depreciation and amortization expenses |
| 0.0 |
|
| 0.0 |
| nm |
| 0.0 |
|
| 0.0 |
| ||
General and administrative expenses |
| 2.3 |
|
| 4.1 |
| (43.9 | ) |
| 0.5 |
|
| 0.8 |
| |
Total operating expenses |
| 333.6 |
|
| 329.1 |
| 1.4 |
|
| 68.6 |
|
| 68.0 |
| |
Income from equity investees |
| 118.7 |
|
| 90.0 |
| 31.9 |
|
| 24.4 |
|
| 18.6 |
| |
Operating income | $ | 271.2 |
| $ | 244.6 |
| 10.9 | % |
| 55.8 | % |
| 50.6 | % | |
|
|
|
|
|
|
|
|
|
| ||||||
Year Ended |
|
|
|
|
|
|
|
|
| ||||||
Net revenues | $ | 1,893.8 |
| $ | 1,843.6 |
| 2.7 | % |
|
|
|
| |||
Product and distribution costs |
| 1,250.1 |
|
| 1,194.2 |
| 4.7 |
|
| 66.0 | % |
| 64.8 | % | |
Other operating expenses |
| 54.6 |
|
| 51.6 |
| 5.8 |
|
| 2.9 |
|
| 2.8 |
| |
Depreciation and amortization expenses |
| 0.1 |
|
| 0.1 |
| nm |
| 0.0 |
|
| 0.0 |
| ||
General and administrative expenses |
| 8.4 |
|
| 12.2 |
| (31.1 | ) |
| 0.4 |
|
| 0.7 |
| |
Total operating expenses |
| 1,313.2 |
|
| 1,258.1 |
| 4.4 |
|
| 69.3 |
|
| 68.2 |
| |
Income from equity investees |
| 295.7 |
|
| 231.8 |
| 27.6 |
|
| 15.6 |
|
| 12.6 |
| |
Gain from sale of assets |
| 91.3 |
|
| — |
| nm |
| 4.8 |
|
| — |
| ||
Operating income | $ | 967.6 |
| $ | 817.3 |
| 18.4 | % |
| 51.1 | % |
| 44.3 | % |
Corporate and Other | ||||||||||
| Oct 1, 2023 |
| Oct 2, 2022 |
| % Change | |||||
|
| |||||||||
Quarter Ended |
|
|
|
| ||||||
Net revenues | $ | 7.6 |
|
| $ | 19.1 |
|
| (60.2 | )% |
Product and distribution costs |
| 5.4 |
|
|
| 20.4 |
|
| (73.5 | ) |
Other operating expenses |
| 0.1 |
|
|
| 3.3 |
|
| (97.0 | ) |
Depreciation and amortization expenses |
| 30.5 |
|
|
| 30.7 |
|
| (0.7 | ) |
General and administrative expenses |
| 439.3 |
|
|
| 362.5 |
|
| 21.2 |
|
Restructuring and impairments |
| — |
|
|
| 10.7 |
|
| nm | |
Total operating expenses |
| 475.3 |
|
|
| 427.6 |
|
| 11.2 |
|
Operating loss | $ | (467.7 | ) |
| $ | (408.5 | ) |
| 14.5 | % |
|
|
|
|
|
| |||||
Year Ended |
|
|
|
|
| |||||
Net revenues | $ | 24.6 |
|
| $ | 95.8 |
|
| (74.3 | )% |
Product and distribution costs |
| 20.2 |
|
|
| 88.3 |
|
| (77.1 | ) |
Other operating expenses |
| 2.0 |
|
|
| 16.4 |
|
| (87.8 | ) |
Depreciation and amortization expenses |
| 117.3 |
|
|
| 126.4 |
|
| (7.2 | ) |
General and administrative expenses |
| 1,707.4 |
|
|
| 1,371.2 |
|
| 24.5 |
|
Restructuring and impairments |
| 1.1 |
|
|
| 12.7 |
|
| (91.3 | ) |
Total operating expenses |
| 1,848.0 |
|
|
| 1,615.0 |
|
| 14.4 |
|
Operating loss | $ | (1,823.4 | ) |
| $ | (1,519.2 | ) |
| 20.0 | % |
STARBUCKS CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited, in millions, except per share data) | |||||||
| Oct 1, 2023 |
| Oct 2, 2022 | ||||
ASSETS |
|
|
| ||||
Current assets: |
|
|
| ||||
Cash and cash equivalents | $ | 3,551.5 |
|
| $ | 2,818.4 |
|
Short-term investments |
| 401.5 |
|
|
| 364.5 |
|
Accounts receivable, net |
| 1,184.1 |
|
|
| 1,175.5 |
|
Inventories |
| 1,806.4 |
|
|
| 2,176.6 |
|
Prepaid expenses and other current assets |
| 359.9 |
|
|
| 483.7 |
|
Total current assets |
| 7,303.4 |
|
|
| 7,018.7 |
|
Long-term investments |
| 247.4 |
|
|
| 279.1 |
|
Equity investments |
| 439.9 |
|
|
| 311.2 |
|
Property, plant and equipment, net |
| 7,387.1 |
|
|
| 6,560.5 |
|
Operating lease, right-of-use asset |
| 8,412.6 |
|
|
| 8,015.6 |
|
Deferred income taxes, net |
| 1,769.8 |
|
|
| 1,799.7 |
|
Other long-term assets |
| 546.5 |
|
|
| 554.2 |
|
Other intangible assets |
| 120.5 |
|
|
| 155.9 |
|
Goodwill |
| 3,218.3 |
|
|
| 3,283.5 |
|
TOTAL ASSETS | $ | 29,445.5 |
|
| $ | 27,978.4 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) |
|
|
| ||||
Current liabilities: |
|
|
| ||||
Accounts payable | $ | 1,544.3 |
|
| $ | 1,441.4 |
|
Accrued liabilities |
| 2,145.1 |
|
|
| 2,137.1 |
|
Accrued payroll and benefits |
| 828.3 |
|
|
| 761.7 |
|
Current portion of operating lease liability |
| 1,275.3 |
|
|
| 1,245.7 |
|
Stored value card liability and current portion of deferred revenue |
| 1,700.2 |
|
|
| 1,641.9 |
|
Short-term debt |
| 33.5 |
|
|
| 175.0 |
|
Current portion of long-term debt |
| 1,818.6 |
|
|
| 1,749.0 |
|
Total current liabilities |
| 9,345.3 |
|
|
| 9,151.8 |
|
Long-term debt |
| 13,547.6 |
|
|
| 13,119.9 |
|
Operating lease liability |
| 7,924.8 |
|
|
| 7,515.2 |
|
Deferred revenue |
| 6,101.8 |
|
|
| 6,279.7 |
|
Other long-term liabilities |
| 513.8 |
|
|
| 610.5 |
|
Total liabilities |
| 37,433.3 |
|
|
| 36,677.1 |
|
Shareholders’ deficit: |
|
|
| ||||
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,142.6 and 1,147.9 shares, respectively |
| 1.1 |
|
|
| 1.1 |
|
Additional paid-in capital |
| 38.1 |
|
|
| 205.3 |
|
Retained deficit |
| (7,255.8 | ) |
|
| (8,449.8 | ) |
Accumulated other comprehensive income/(loss) |
| (778.2 | ) |
|
| (463.2 | ) |
Total shareholders’ deficit |
| (7,994.8 | ) |
|
| (8,706.6 | ) |
Noncontrolling interests |
| 7.0 |
|
|
| 7.9 |
|
Total deficit |
| (7,987.8 | ) |
|
| (8,698.7 | ) |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT) | $ | 29,445.5 |
|
| $ | 27,978.4 |
|
|
|
|
|
STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in millions) | |||||||||||
| Year Ended | ||||||||||
| Oct 1, 2023 |
| Oct 2, 2022 |
| Oct 3, 2021 | ||||||
OPERATING ACTIVITIES: |
|
|
|
|
| ||||||
Net earnings including noncontrolling interests | $ | 4,124.7 |
|
| $ | 3,283.4 |
|
| $ | 4,200.3 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
| ||||||
Depreciation and amortization |
| 1,450.3 |
|
|
| 1,529.4 |
|
|
| 1,524.1 |
|
Deferred income taxes, net |
| (59.4 | ) |
|
| (37.8 | ) |
|
| (146.2 | ) |
Income earned from equity method investees |
| (301.8 | ) |
|
| (268.7 | ) |
|
| (347.3 | ) |
Distributions received from equity method investees |
| 222.8 |
|
|
| 231.2 |
|
|
| 336.0 |
|
Gain on sale of assets |
| (91.3 | ) |
|
| — |
|
|
| — |
|
Net gain resulting from divestiture of certain operations |
| — |
|
|
| — |
|
|
| (864.5 | ) |
Stock-based compensation |
| 302.7 |
|
|
| 271.5 |
|
|
| 319.1 |
|
Non-cash lease costs |
| 1,365.9 |
|
|
| 1,497.7 |
|
|
| 1,248.6 |
|
Loss on retirement and impairment of assets |
| 101.4 |
|
|
| 91.4 |
|
|
| 226.2 |
|
Other |
| 26.8 |
|
|
| (67.8 | ) |
|
| (6.0 | ) |
Cash provided by/(used in) changes in operating assets and liabilities: |
|
|
|
|
| ||||||
Accounts receivable |
| (4.1 | ) |
|
| (326.1 | ) |
|
| (43.0 | ) |
Inventories |
| 366.4 |
|
|
| (641.0 | ) |
|
| (49.8 | ) |
Income taxes payable |
| 52.5 |
|
|
| (149.6 | ) |
|
| 286.1 |
|
Accounts payable |
| 100.1 |
|
|
| 345.5 |
|
|
| 189.9 |
|
Deferred revenue |
| (110.8 | ) |
|
| (75.8 | ) |
|
| (6.1 | ) |
Operating lease liability |
| (1,443.8 | ) |
|
| (1,625.6 | ) |
|
| (1,488.1 | ) |
Other operating assets and liabilities |
| (93.7 | ) |
|
| 339.6 |
|
|
| 609.8 |
|
Net cash provided by operating activities |
| 6,008.7 |
|
|
| 4,397.3 |
|
|
| 5,989.1 |
|
INVESTING ACTIVITIES: |
|
|
|
|
| ||||||
Purchases of investments |
| (610.5 | ) |
|
| (377.9 | ) |
|
| (432.0 | ) |
Sales of investments |
| 2.5 |
|
|
| 72.6 |
|
|
| 143.2 |
|
Maturities and calls of investments |
| 616.9 |
|
|
| 67.3 |
|
|
| 345.5 |
|
Additions to property, plant and equipment |
| (2,333.6 | ) |
|
| (1,841.3 | ) |
|
| (1,470.0 | ) |
Proceeds from sale of assets |
| 110.0 |
|
|
| — |
|
|
| — |
|
Net proceeds from the divestiture of certain operations |
| — |
|
|
| 59.3 |
|
|
| 1,175.0 |
|
Other |
| (56.1 | ) |
|
| (126.3 | ) |
|
| (81.2 | ) |
Net cash used in investing activities |
| (2,270.8 | ) |
|
| (2,146.3 | ) |
|
| (319.5 | ) |
FINANCING ACTIVITIES: |
|
|
|
|
| ||||||
Net (payments)/proceeds from issuance of commercial paper |
| (175.0 | ) |
|
| 175.0 |
|
|
| (296.5 | ) |
Net proceeds from issuance of short-term debt |
| 114.6 |
|
|
| 36.6 |
|
|
| 215.1 |
|
Repayments of short-term debt |
| (78.8 | ) |
|
| (36.6 | ) |
|
| (349.8 | ) |
Net proceeds from issuance of long-term debt |
| 1,497.8 |
|
|
| 1,498.1 |
|
|
| — |
|
Repayments of long-term debt |
| (1,000.0 | ) |
|
| (1,000.0 | ) |
|
| (1,250.0 | ) |
Proceeds from issuance of common stock |
| 167.4 |
|
|
| 101.6 |
|
|
| 246.2 |
|
Cash dividends paid |
| (2,431.8 | ) |
|
| (2,263.3 | ) |
|
| (2,119.0 | ) |
Repurchase of common stock |
| (984.4 | ) |
|
| (4,013.0 | ) |
|
| — |
|
Minimum tax withholdings on share-based awards |
| (89.3 | ) |
|
| (127.2 | ) |
|
| (97.0 | ) |
Other |
| (11.1 | ) |
|
| (9.2 | ) |
|
| — |
|
Net cash used in financing activities |
| (2,990.6 | ) |
|
| (5,638.0 | ) |
|
| (3,651.0 | ) |
Effect of exchange rate changes on cash and cash equivalents |
| (14.2 | ) |
|
| (250.3 | ) |
|
| 86.2 |
|
Net increase/(decrease) in cash and cash equivalents |
| 733.1 |
|
|
| (3,637.3 | ) |
|
| 2,104.8 |
|
CASH AND CASH EQUIVALENTS: |
|
|
|
|
| ||||||
Beginning of period |
| 2,818.4 |
|
|
| 6,455.7 |
|
|
| 4,350.9 |
|
End of period | $ | 3,551.5 |
|
| $ | 2,818.4 |
|
| $ | 6,455.7 |
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
|
| ||||||
Cash paid during the period for: |
|
|
|
|
| ||||||
Interest, net of capitalized interest | $ | 524.3 |
|
| $ | 474.7 |
|
| $ | 501.1 |
|
Income taxes | $ | 1,294.2 |
|
| $ | 1,157.6 |
|
| $ | 756.3 |
|
Supplemental Information
The following supplemental information is provided for historical and comparative purposes.
U.S. Supplemental Data
| Quarter Ended |
| Change (%) | ||
($ in millions) | Oct 1, 2023 |
| Oct 2, 2022 |
| |
Revenues | $6,425.0 |
| $5,703.3 |
| 13% |
Change in Comparable Store Sales (1) | 8% |
| 11% |
|
|
Change in Transactions | 2% |
| 1% |
|
|
Change in Ticket | 6% |
| 10% |
|
|
Store Count | 16,352 |
| 15,878 |
| 3% |
|
China Supplemental Data
| Quarter Ended |
| Change (%) | ||
($ in millions) | Oct 1, 2023 |
| Oct 2, 2022 |
| |
Revenues | $840.6 |
| $775.6 |
| 8% |
Change in Comparable Store Sales (1) | 5% |
| (16)% |
|
|
Change in Transactions | 8% |
| (17)% |
|
|
Change in Ticket | (3)% |
| 1% |
|
|
Store Count | 6,806 |
| 6,021 |
| 13% |
|
Store Data
| Net stores opened/(closed) and transferred during the period |
|
|
|
| ||||||
| Quarter Ended |
| Year Ended |
| Stores open as of | ||||||
| Oct 1, 2023 |
| Oct 2, 2022 |
| Oct 1, 2023 |
| Oct 2, 2022 |
| Oct 1, 2023 |
| Oct 2, 2022 |
North America: |
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores | 176 |
| 166 |
| 412 |
| 355 |
| 10,628 |
| 10,216 |
Licensed stores | 42 |
| 79 |
| 103 |
| 114 |
| 7,182 |
| 7,079 |
Total North America | 218 |
| 245 |
| 515 |
| 469 |
| 17,810 |
| 17,295 |
International: |
|
|
|
|
|
|
|
|
|
|
|
Company-operated stores | 384 |
| 320 |
| 927 |
| 765 |
| 8,964 |
| 8,037 |
Licensed stores | 214 |
| 198 |
| 885 |
| 644 |
| 11,264 |
| 10,379 |
Total International | 598 |
| 518 |
| 1,812 |
| 1,409 |
| 20,228 |
| 18,416 |
Total Company | 816 |
| 763 |
| 2,327 |
| 1,878 |
| 38,038 |
| 35,711 |
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 |
Restructuring and impairment costs | Management excludes restructuring and impairment costs for reasons discussed above. These expenses are anticipated to be completed within a finite period of time. |
Transaction and integration-related costs | Management excludes transaction and integration costs, primarily amortization, of the acquired intangible assets for reasons discussed above. Additionally, we incur certain costs associated with certain divestiture activities. The majority of these costs will be recognized over a finite period of time. |
Gain on sale of assets | Management excludes the gain related to the sale of assets to Nestlé, primarily consisting of intellectual properties associated with the Seattle's Best Coffee brand, as these items do not reflect future gains or tax impacts for reasons discussed above. |
Sale of certain joint venture operations and retail operations | Management excludes the gain or loss, and subsequent adjustments, if any, related to the sale of certain joint venture and retail operations as these activities were specific to the sale and 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.
STARBUCKS CORPORATION RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (unaudited, in millions except per share data) | ||||||||||
| Quarter Ended (1) |
|
| |||||||
Consolidated | Oct 1, 2023 |
| Oct 2, 2022 |
| Change | |||||
Operating income, as reported (GAAP) | $ | 1,706.2 |
|
| $ | 1,195.5 |
|
| 42.7 | % |
Restructuring and impairment costs (2) |
| — |
|
|
| 35.1 |
|
|
| |
Transaction and integration-related costs (3) |
| — |
|
|
| 42.0 |
|
|
| |
Non-GAAP operating income | $ | 1,706.2 |
|
| $ | 1,272.6 |
|
| 34.1 | % |
|
|
|
|
|
| |||||
Operating margin, as reported (GAAP) |
| 18.2 | % |
|
| 14.2 | % |
| 400 bps | |
Restructuring and impairment costs (2) |
| — |
|
|
| 0.4 |
|
|
| |
Transaction and integration-related costs (3) |
| — |
|
|
| 0.5 |
|
|
| |
Non-GAAP operating margin |
| 18.2 | % |
|
| 15.1 | % |
| 310 bps | |
|
|
|
|
|
| |||||
Diluted net earnings per share, as reported (GAAP) | $ | 1.06 |
|
| $ | 0.76 |
|
| 39.5 | % |
Restructuring and impairment costs (2) |
| — |
|
|
| 0.03 |
|
|
| |
Transaction and integration-related costs (3) |
| — |
|
|
| 0.04 |
|
|
| |
Income tax effect on Non-GAAP adjustments (4) |
| — |
|
|
| (0.02 | ) |
|
| |
Non-GAAP EPS | $ | 1.06 |
|
| $ | 0.81 |
|
| 30.9 | % |
STARBUCKS CORPORATION RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (unaudited, in millions except per share data) | ||||||||||
| Year Ended (1) |
|
| |||||||
Consolidated | Oct 1, 2023 |
| Oct 2, 2022 |
| Change | |||||
Operating income, as reported (GAAP) | $ | 5,870.8 |
|
| $ | 4,617.8 |
|
| 27.1 | % |
Restructuring and impairment costs (2) |
| 21.8 |
|
|
| 46.0 |
|
|
| |
Transaction and integration-related costs (3) |
| 0.1 |
|
|
| 191.2 |
|
|
| |
Gain on sale of assets |
| (91.3 | ) |
|
| — |
|
|
| |
Non-GAAP operating income | $ | 5,801.4 |
|
| $ | 4,855.0 |
|
| 19.5 | % |
|
|
|
|
|
| |||||
Operating margin, as reported (GAAP) |
| 16.3 | % |
|
| 14.3 | % |
| 200 bps | |
Restructuring and impairment costs (2) |
| 0.1 |
|
|
| 0.1 |
|
|
| |
Transaction and integration-related costs (3) |
| — |
|
|
| 0.6 |
|
|
| |
Gain on sales of assets |
| (0.3 | ) |
|
| — |
|
|
| |
Non-GAAP operating margin |
| 16.1 | % |
|
| 15.1 | % |
| 100 bps | |
|
|
|
|
|
| |||||
Diluted net earnings per share, as reported (GAAP) | $ | 3.58 |
|
| $ | 2.83 |
|
| 26.5 | % |
Restructuring and impairment costs (2) |
| 0.02 |
|
|
| 0.04 |
|
|
| |
Transaction and integration-related costs (3) |
| 0.00 |
|
|
| 0.17 |
|
|
| |
Gain on sale of assets |
| (0.08 | ) |
|
| — |
|
|
| |
Gain resulting from divestiture of certain company-operated business and joint venture operations |
| — |
|
|
| (0.01 | ) |
|
| |
Correction of prior year estimated tax expense (4) |
| — |
|
|
| (0.02 | ) |
|
| |
Income tax effect on Non-GAAP adjustments (5) |
| 0.02 |
|
|
| (0.05 | ) |
|
| |
Non-GAAP EPS | $ | 3.54 |
|
| $ | 2.96 |
|
| 19.6 | % |
Q4 YTD FY23 NON-GAAP DISCLOSURE DETAILS (in millions and before income taxes) | |||||||
Q4 YTD FY23 | North America | International | Channel Development | Corporate and Other | Consolidated | ||
Statement of Earnings Line Item | Restructuring and Impairment Costs | Transaction and Integration-Related Costs | Transaction and Integration-Related Costs | Gain on Sale of Assets | Transaction and Integration-Related Costs | Restructuring and Impairment Costs | Total Non-GAAP Adjustment |
Other operating expenses | $ — | $ — | $ 0.3 | $ — | $ (0.2) | $ — | $ 0.1 |
Restructuring and impairments | 20.7 | — | — | — | — | 1.1 | 21.8 |
Gain on sale of assets | — | — | — | (91.3) | — | — | (91.3) |
Total impact to operating income | $ (20.7) | $ — | $ (0.3) | $ 91.3 | $ 0.2 | $ (1.1) | $ 69.4 |
|
|
|
|
|
|
|
|
Non-Operating gain |
|
|
|
|
|
|
|
Interest income and other, net |
|
|
|
| $ (6.9) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20231102590090/en/
Starbucks Contact, Investor Relations: Tiffany Willisinvestorrelations@starbucks.com
Starbucks Contact, Media: Reggie Borgespress@starbucks.com
Source: Starbucks Corporation