Washington | 000-20322 | 91-1325671 | ||||||
(State or other jurisdiction of
incorporation)
|
(Commission File Number) |
(IRS Employer
Identification No.)
|
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||||
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, par value $0.001 per share | SBUX | Nasdaq Global Select Market |
Exhibit No. | Description | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL) |
STARBUCKS CORPORATION | ||||||||||||||
Dated: | October 30, 2024 | |||||||||||||
By: | /s/ Rachel Ruggeri | |||||||||||||
Rachel Ruggeri | ||||||||||||||
executive vice president, chief financial officer |
Quarter Ended | Change (%) | ||||||||||||||||
($ in millions) | Sep 29, 2024 | Oct 1, 2023 | |||||||||||||||
Change in Comparable Store Sales (1) |
(6)% | 8% | |||||||||||||||
Change in Transactions | (10)% | 2% | |||||||||||||||
Change in Ticket | 4% | 6% | |||||||||||||||
Store Count | 18,424 | 17,810 | 3% | ||||||||||||||
Revenues | $6,691.9 | $6,900.0 | (3)% | ||||||||||||||
Operating Income | $1,253.5 | $1,601.4 | (22)% | ||||||||||||||
Operating Margin | 18.7% | 23.2% | (450) bps | ||||||||||||||
(1) Includes only Starbucks® company-operated stores open 13 months or longer. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Stores that are temporarily closed or operating at reduced hours remain in comparable store sales while stores identified for permanent closure have been removed. |
Quarter Ended | Change (%) | ||||||||||||||||
($ in millions) | Sep 29, 2024 | Oct 1, 2023 | |||||||||||||||
Change in Comparable Store Sales (1) |
(9)% | 5% | |||||||||||||||
Change in Transactions | (4)% | 6% | |||||||||||||||
Change in Ticket | (5)% | (1)% | |||||||||||||||
Store Count | 21,775 | 20,228 | 8% | ||||||||||||||
Revenues | $1,893.2 | $1,979.9 | (4)% | ||||||||||||||
Operating Income | $282.9 | $301.3 | (6)% | ||||||||||||||
Operating Margin | 14.9% | 15.2% | (30) bps | ||||||||||||||
(1) Includes only Starbucks® company-operated stores open 13 months or longer. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Stores that are temporarily closed or operating at reduced hours remain in comparable store sales while stores identified for permanent closure have been removed. |
Quarter Ended | Change (%) | ||||||||||||||||
($ in millions) | Sep 29, 2024 | Oct 1, 2023 | |||||||||||||||
Revenues | $465.4 | $486.1 | (4)% | ||||||||||||||
Operating Income | $264.7 | $271.2 | (2)% | ||||||||||||||
Operating Margin | 56.9% | 55.8% | 110 bps |
Starbucks Contact, Investor Relations: | Starbucks Contact, Media: | |||||||
Tiffany Willis | Emily Albright |
|||||||
investorrelations@starbucks.com | press@starbucks.com |
Quarter Ended | Quarter Ended | ||||||||||||||||||||||||||||
Sep 29, 2024 |
Oct 1, 2023 |
% Change |
Sep 29, 2024 |
Oct 1, 2023 |
|||||||||||||||||||||||||
As a % of total net revenues | |||||||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||
Company-operated stores | $ | 7,442.1 | $ | 7,679.9 | (3.1) | % | 82.0 | % | 81.9 | % | |||||||||||||||||||
Licensed stores | 1,129.5 | 1,187.5 | (4.9) | 12.4 | 12.7 | ||||||||||||||||||||||||
Other | 502.4 | 506.2 | (0.8) | 5.5 | 5.4 | ||||||||||||||||||||||||
Total net revenues | 9,074.0 | 9,373.6 | (3.2) | 100.0 | 100.0 | ||||||||||||||||||||||||
Product and distribution costs | 2,810.3 | 2,933.1 | (4.2) | 31.0 | 31.3 | ||||||||||||||||||||||||
Store operating expenses | 3,881.7 | 3,721.3 | 4.3 | 42.8 | 39.7 | ||||||||||||||||||||||||
Other operating expenses | 138.7 | 145.2 | (4.5) | 1.5 | 1.5 | ||||||||||||||||||||||||
Depreciation and amortization expenses | 395.0 | 351.4 | 12.4 | 4.4 | 3.7 | ||||||||||||||||||||||||
General and administrative expenses | 644.8 | 635.8 | 1.4 | 7.1 | 6.8 | ||||||||||||||||||||||||
Total operating expenses | 7,870.5 | 7,786.8 | 1.1 | 86.7 | 83.1 | ||||||||||||||||||||||||
Income from equity investees | 103.4 | 119.4 | (13.4) | 1.1 | 1.3 | ||||||||||||||||||||||||
Operating income | 1,306.9 | 1,706.2 | (23.4) | 14.4 | 18.2 | ||||||||||||||||||||||||
Interest income and other, net | 26.8 | 30.1 | (11.0) | 0.3 | 0.3 | ||||||||||||||||||||||||
Interest expense | (140.0) | (143.2) | (2.2) | (1.5) | (1.5) | ||||||||||||||||||||||||
Earnings before income taxes | 1,193.7 | 1,593.1 | (25.1) | 13.2 | 17.0 | ||||||||||||||||||||||||
Income tax expense | 284.1 | 373.8 | (24.0) | 3.1 | 4.0 | ||||||||||||||||||||||||
Net earnings including noncontrolling interests | 909.6 | 1,219.3 | (25.4) | 10.0 | 13.0 | ||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | 0.3 | 0.0 | nm | 0.0 | 0.0 | ||||||||||||||||||||||||
Net earnings attributable to Starbucks | $ | 909.3 | $ | 1,219.3 | (25.4) | 10.0 | % | 13.0 | % | ||||||||||||||||||||
Net earnings per common share - diluted | $ | 0.80 | $ | 1.06 | (24.5) | % | |||||||||||||||||||||||
Weighted avg. shares outstanding - diluted | 1,137.3 | 1,149.4 | |||||||||||||||||||||||||||
Cash dividends declared per share | $ | 0.61 | $ | 0.57 | |||||||||||||||||||||||||
Supplemental Ratios: | |||||||||||||||||||||||||||||
Store operating expenses as a % of company-operated store revenues | 52.2 | % | 48.5 | % | |||||||||||||||||||||||||
Effective tax rate including noncontrolling interests | 23.8 | % | 23.5 | % |
Year Ended | Year Ended | ||||||||||||||||||||||||||||
Sep 29, 2024 |
Oct 1, 2023 |
% Change |
Sep 29, 2024 |
Oct 1, 2023 |
|||||||||||||||||||||||||
As a % of total net revenues | |||||||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||
Company-operated stores | $ | 29,765.9 | $ | 29,462.3 | 1.0 | % | 82.3 | % | 81.9 | % | |||||||||||||||||||
Licensed stores | 4,505.1 | 4,512.7 | (0.2) | 12.5 | 12.5 | ||||||||||||||||||||||||
Other | 1,905.2 | 2,000.6 | (4.8) | 5.3 | 5.6 | ||||||||||||||||||||||||
Total net revenues | 36,176.2 | 35,975.6 | 0.6 | 100.0 | 100.0 | ||||||||||||||||||||||||
Product and distribution costs | 11,180.6 | 11,409.1 | (2.0) | 30.9 | 31.7 | ||||||||||||||||||||||||
Store operating expenses | 15,286.5 | 14,720.3 | 3.8 | 42.3 | 40.9 | ||||||||||||||||||||||||
Other operating expenses | 565.6 | 539.4 | 4.9 | 1.6 | 1.5 | ||||||||||||||||||||||||
Depreciation and amortization expenses | 1,512.6 | 1,362.6 | 11.0 | 4.2 | 3.8 | ||||||||||||||||||||||||
General and administrative expenses | 2,523.3 | 2,441.3 | 3.4 | 7.0 | 6.8 | ||||||||||||||||||||||||
Restructuring and impairments | — | 21.8 | nm | — | 0.1 | ||||||||||||||||||||||||
Total operating expenses | 31,068.6 | 30,494.5 | 1.9 | 85.9 | 84.8 | ||||||||||||||||||||||||
Income from equity investees | 301.2 | 298.4 | 0.9 | 0.8 | 0.8 | ||||||||||||||||||||||||
Gain from sale of assets | — | 91.3 | nm | — | 0.3 | ||||||||||||||||||||||||
Operating income | 5,408.8 | 5,870.8 | (7.9) | 15.0 | 16.3 | ||||||||||||||||||||||||
Interest income and other, net | 122.8 | 81.2 | 51.2 | 0.3 | 0.2 | ||||||||||||||||||||||||
Interest expense | (562.0) | (550.1) | 2.2 | (1.6) | (1.5) | ||||||||||||||||||||||||
Earnings before income taxes | 4,969.6 | 5,401.9 | (8.0) | 13.7 | 15.0 | ||||||||||||||||||||||||
Income tax expense | 1,207.3 | 1,277.2 | (5.5) | 3.3 | 3.6 | ||||||||||||||||||||||||
Net earnings including noncontrolling interests | 3,762.3 | 4,124.7 | (8.8) | 10.4 | 11.5 | ||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | 1.4 | 0.2 | 600.0 | 0.0 | 0.0 | ||||||||||||||||||||||||
Net earnings attributable to Starbucks | $ | 3,760.9 | $ | 4,124.5 | (8.8) | 10.4 | % | 11.5 | % | ||||||||||||||||||||
Net earnings per common share - diluted | $ | 3.31 | $ | 3.58 | (7.5) | % | |||||||||||||||||||||||
Weighted avg. shares outstanding - diluted | 1,137.3 | 1,151.3 | |||||||||||||||||||||||||||
Cash dividends declared per share | $ | 2.32 | $ | 2.16 | |||||||||||||||||||||||||
Supplemental Ratios: | |||||||||||||||||||||||||||||
Store operating expenses as a % of company-operated store revenues | 51.4 | % | 50.0 | % | |||||||||||||||||||||||||
Effective tax rate including noncontrolling interests | 24.3 | % | 23.6 | % |
Sep 29, 2024 |
Oct 1, 2023 |
%
Change
|
Sep 29, 2024 |
Oct 1, 2023 |
|||||||||||||||||||||||||
Quarter Ended | As a % of North America total net revenues |
||||||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||
Company-operated stores | $ | 6,018.0 | $ | 6,211.5 | (3.1) | % | 89.9 | % | 90.0 | % | |||||||||||||||||||
Licensed stores | 673.4 | 685.9 | (1.8) | 10.1 | 9.9 | ||||||||||||||||||||||||
Other | 0.5 | 2.6 | (80.8) | 0.0 | 0.0 | ||||||||||||||||||||||||
Total net revenues | 6,691.9 | 6,900.0 | (3.0) | 100.0 | 100.0 | ||||||||||||||||||||||||
Product and distribution costs | 1,854.5 | 1,905.7 | (2.7) | 27.7 | 27.6 | ||||||||||||||||||||||||
Store operating expenses | 3,150.8 | 2,986.0 | 5.5 | 47.1 | 43.3 | ||||||||||||||||||||||||
Other operating expenses | 67.0 | 67.1 | (0.1) | 1.0 | 1.0 | ||||||||||||||||||||||||
Depreciation and amortization expenses | 278.2 | 236.6 | 17.6 | 4.2 | 3.4 | ||||||||||||||||||||||||
General and administrative expenses | 87.9 | 103.2 | (14.8) | 1.3 | 1.5 | ||||||||||||||||||||||||
Total operating expenses | 5,438.4 | 5,298.6 | 2.6 | 81.3 | 76.8 | ||||||||||||||||||||||||
Operating income | $ | 1,253.5 | $ | 1,601.4 | (21.7) | % | 18.7 | % | 23.2 | % | |||||||||||||||||||
Supplemental Ratio: | |||||||||||||||||||||||||||||
Store operating expenses as a % of company-operated store revenues | 52.4 | % | 48.1 | % | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||
Company-operated stores | $ | 24,258.7 | $ | 23,905.4 | 1.5 | % | 89.8 | % | 90.0 | % | |||||||||||||||||||
Licensed stores | 2,747.4 | 2,659.1 | 3.3 | 10.2 | 10.0 | ||||||||||||||||||||||||
Other | 3.4 | 5.1 | (33.3) | 0.0 | 0.0 | ||||||||||||||||||||||||
Total net revenues | 27,009.5 | 26,569.6 | 1.7 | 100.0 | 100.0 | ||||||||||||||||||||||||
Product and distribution costs | 7,478.0 | 7,530.4 | (0.7) | 27.7 | 28.3 | ||||||||||||||||||||||||
Store operating expenses | 12,467.1 | 11,959.2 | 4.2 | 46.2 | 45.0 | ||||||||||||||||||||||||
Other operating expenses | 280.9 | 263.8 | 6.5 | 1.0 | 1.0 | ||||||||||||||||||||||||
Depreciation and amortization expenses | 1,052.4 | 910.1 | 15.6 | 3.9 | 3.4 | ||||||||||||||||||||||||
General and administrative expenses | 375.8 | 389.7 | (3.6) | 1.4 | 1.5 | ||||||||||||||||||||||||
Restructuring and impairments | — | 20.7 | nm | — | 0.1 | ||||||||||||||||||||||||
Total operating expenses | 21,654.2 | 21,073.9 | 2.8 | 80.2 | 79.3 | ||||||||||||||||||||||||
Operating income | $ | 5,355.3 | $ | 5,495.7 | (2.6) | % | 19.8 | % | 20.7 | % | |||||||||||||||||||
Supplemental Ratio: | |||||||||||||||||||||||||||||
Store operating expenses as a % of company-operated store revenues | 51.4 | % | 50.0 | % | |||||||||||||||||||||||||
Sep 29, 2024 |
Oct 1, 2023 |
%
Change
|
Sep 29, 2024 |
Oct 1, 2023 |
|||||||||||||||||||||||||
Quarter Ended |
As a % of International
total net revenues
|
||||||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||
Company-operated stores | $ | 1,424.1 | $ | 1,468.4 | (3.0) | % | 75.2 | % | 74.2 | % | |||||||||||||||||||
Licensed stores | 456.1 | 501.6 | (9.1) | 24.1 | 25.3 | ||||||||||||||||||||||||
Other | 13.0 | 9.9 | 31.3 | 0.7 | 0.5 | ||||||||||||||||||||||||
Total net revenues | 1,893.2 | 1,979.9 | (4.4) | 100.0 | 100.0 | ||||||||||||||||||||||||
Product and distribution costs | 651.6 | 704.7 | (7.5) | 34.4 | 35.6 | ||||||||||||||||||||||||
Store operating expenses | 730.9 | 735.3 | (0.6) | 38.6 | 37.1 | ||||||||||||||||||||||||
Other operating expenses | 56.3 | 64.0 | (12.0) | 3.0 | 3.2 | ||||||||||||||||||||||||
Depreciation and amortization expenses | 87.3 | 84.3 | 3.6 | 4.6 | 4.3 | ||||||||||||||||||||||||
General and administrative expenses | 84.9 | 91.0 | (6.7) | 4.5 | 4.6 | ||||||||||||||||||||||||
Total operating expenses | 1,611.0 | 1,679.3 | (4.1) | 85.1 | 84.8 | ||||||||||||||||||||||||
Income from equity investees | 0.7 | 0.7 | — | 0.0 | 0.0 | ||||||||||||||||||||||||
Operating income | $ | 282.9 | $ | 301.3 | (6.1) | % | 14.9 | % | 15.2 | % | |||||||||||||||||||
Supplemental Ratio: | |||||||||||||||||||||||||||||
Store operating expenses as a % of company-operated store revenues | 51.3 | % | 50.1 | % | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||
Company-operated stores | $ | 5,507.2 | $ | 5,556.9 | (0.9) | % | 75.0 | % | 74.2 | % | |||||||||||||||||||
Licensed stores | 1,757.7 | 1,853.6 | (5.2) | 24.0 | 24.8 | ||||||||||||||||||||||||
Other | 74.0 | 77.1 | (4.0) | 1.0 | 1.0 | ||||||||||||||||||||||||
Total net revenues | 7,338.9 | 7,487.6 | (2.0) | 100.0 | 100.0 | ||||||||||||||||||||||||
Product and distribution costs | 2,575.2 | 2,608.4 | (1.3) | 35.1 | 34.8 | ||||||||||||||||||||||||
Store operating expenses | 2,819.4 | 2,761.1 | 2.1 | 38.4 | 36.9 | ||||||||||||||||||||||||
Other operating expenses | 225.1 | 219.0 | 2.8 | 3.1 | 2.9 | ||||||||||||||||||||||||
Depreciation and amortization expenses | 338.3 | 335.1 | 1.0 | 4.6 | 4.5 | ||||||||||||||||||||||||
General and administrative expenses | 338.8 | 335.8 | 0.9 | 4.6 | 4.5 | ||||||||||||||||||||||||
Total operating expenses | 6,296.8 | 6,259.4 | 0.6 | 85.8 | 83.6 | ||||||||||||||||||||||||
Income from equity investees | 3.6 | 2.7 | 33.3 | 0.0 | 0.0 | ||||||||||||||||||||||||
Operating income | $ | 1,045.7 | $ | 1,230.9 | (15.0) | % | 14.2 | % | 16.4 | % | |||||||||||||||||||
Supplemental Ratio: | |||||||||||||||||||||||||||||
Store operating expenses as a % of company-operated store revenues | 51.2 | % | 49.7 | % | |||||||||||||||||||||||||
Sep 29, 2024 |
Oct 1, 2023 |
%
Change
|
Sep 29, 2024 |
Oct 1, 2023 |
|||||||||||||||||||||||||
Quarter Ended | As a % of Channel Development total net revenues |
||||||||||||||||||||||||||||
Net revenues | $ | 465.4 | $ | 486.1 | (4.3) | % | |||||||||||||||||||||||
Product and distribution costs | 286.1 | 317.3 | (9.8) | 61.5 | % | 65.3 | % | ||||||||||||||||||||||
Other operating expenses | 15.3 | 14.0 | 9.3 | 3.3 | 2.9 | ||||||||||||||||||||||||
Depreciation and amortization expenses | — | 0.0 | nm | — | 0.0 | ||||||||||||||||||||||||
General and administrative expenses | 2.0 | 2.3 | (13.0) | 0.4 | 0.5 | ||||||||||||||||||||||||
Total operating expenses | 303.4 | 333.6 | (9.1) | 65.2 | 68.6 | ||||||||||||||||||||||||
Income from equity investees | 102.7 | 118.7 | (13.5) | 22.1 | 24.4 | ||||||||||||||||||||||||
Operating income | $ | 264.7 | $ | 271.2 | (2.4) | % | 56.9 | % | 55.8 | % | |||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
Net revenues | $ | 1,769.8 | $ | 1,893.8 | (6.5) | % | |||||||||||||||||||||||
Product and distribution costs | 1,075.4 | 1,250.1 | (14.0) | 60.8 | % | 66.0 | % | ||||||||||||||||||||||
Other operating expenses | 58.4 | 54.6 | 7.0 | 3.3 | 2.9 | ||||||||||||||||||||||||
Depreciation and amortization expenses | 0.0 | 0.1 | nm | 0.0 | 0.0 | ||||||||||||||||||||||||
General and administrative expenses | 7.7 | 8.4 | (8.3) | 0.4 | 0.4 | ||||||||||||||||||||||||
Total operating expenses | 1,141.5 | 1,313.2 | (13.1) | 64.5 | 69.3 | ||||||||||||||||||||||||
Income from equity investees | 297.6 | 295.7 | 0.6 | 16.8 | 15.6 | ||||||||||||||||||||||||
Gain from sale of assets | — | 91.3 | nm | — | 4.8 | ||||||||||||||||||||||||
Operating income | $ | 925.9 | $ | 967.6 | (4.3) | % | 52.3 | % | 51.1 | % |
Sep 29, 2024 |
Oct 1, 2023 |
% Change |
|||||||||||||||
Quarter Ended | |||||||||||||||||
Net revenues | $ | 23.5 | $ | 7.6 | 209.2 | % | |||||||||||
Product and distribution costs | 18.1 | 5.4 | 235.2 | ||||||||||||||
Other operating expenses | 0.1 | 0.1 | 0.0 | ||||||||||||||
Depreciation and amortization expenses | 29.5 | 30.5 | (3.3) | ||||||||||||||
General and administrative expenses | 470.0 | 439.3 | 7.0 | ||||||||||||||
Total operating expenses | 517.7 | 475.3 | 8.9 | ||||||||||||||
Operating loss | $ | (494.2) | $ | (467.7) | 5.7 | % | |||||||||||
Year Ended | |||||||||||||||||
Net revenues | $ | 58.0 | $ | 24.6 | 135.8 | % | |||||||||||
Product and distribution costs | 52.0 | 20.2 | 157.4 | ||||||||||||||
Other operating expenses | 1.2 | 2.0 | (40.0) | ||||||||||||||
Depreciation and amortization expenses | 121.9 | 117.3 | 3.9 | ||||||||||||||
General and administrative expenses | 1,801.0 | 1,707.4 | 5.5 | ||||||||||||||
Restructuring and impairments | — | 1.1 | nm | ||||||||||||||
Total operating expenses | 1,976.1 | 1,848.0 | 6.9 | ||||||||||||||
Operating loss | $ | (1,918.1) | $ | (1,823.4) | 5.2 | % |
Sep 29, 2024 |
Oct 1, 2023 |
||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 3,286.2 | $ | 3,551.5 | |||||||
Short-term investments | 257.0 | 401.5 | |||||||||
Accounts receivable, net | 1,213.8 | 1,184.1 | |||||||||
Inventories | 1,777.3 | 1,806.4 | |||||||||
Prepaid expenses and other current assets | 313.1 | 359.9 | |||||||||
Total current assets | 6,847.4 | 7,303.4 | |||||||||
Long-term investments | 276.0 | 247.4 | |||||||||
Equity investments | 463.9 | 439.9 | |||||||||
Property, plant and equipment, net | 8,665.5 | 7,387.1 | |||||||||
Operating lease, right-of-use asset | 9,286.2 | 8,412.6 | |||||||||
Deferred income taxes, net | 1,766.7 | 1,769.8 | |||||||||
Other long-term assets | 617.0 | 546.5 | |||||||||
Other intangible assets | 100.9 | 120.5 | |||||||||
Goodwill | 3,315.7 | 3,218.3 | |||||||||
TOTAL ASSETS | $ | 31,339.3 | $ | 29,445.5 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT) | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 1,595.5 | $ | 1,544.3 | |||||||
Accrued liabilities | 2,194.7 | 2,145.1 | |||||||||
Accrued payroll and benefits | 786.6 | 828.3 | |||||||||
Current portion of operating lease liability | 1,463.1 | 1,275.3 | |||||||||
Stored value card liability and current portion of deferred revenue | 1,781.2 | 1,700.2 | |||||||||
Short-term debt | — | 33.5 | |||||||||
Current portion of long-term debt | 1,248.9 | 1,818.6 | |||||||||
Total current liabilities | 9,070.0 | 9,345.3 | |||||||||
Long-term debt | 14,319.5 | 13,547.6 | |||||||||
Operating lease liability | 8,771.6 | 7,924.8 | |||||||||
Deferred revenue | 5,963.6 | 6,101.8 | |||||||||
Other long-term liabilities | 656.2 | 513.8 | |||||||||
Total liabilities | 38,780.9 | 37,433.3 | |||||||||
Shareholders’ deficit: | |||||||||||
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,133.5 and 1,142.6 shares, respectively |
1.1 | 1.1 | |||||||||
Additional paid-in capital | 322.6 | 38.1 | |||||||||
Retained deficit | (7,343.8) | (7,255.8) | |||||||||
Accumulated other comprehensive income/(loss) | (428.8) | (778.2) | |||||||||
Total shareholders’ deficit | (7,448.9) | (7,994.8) | |||||||||
Noncontrolling interests | 7.3 | 7.0 | |||||||||
Total deficit | (7,441.6) | (7,987.8) | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT) | $ | 31,339.3 | $ | 29,445.5 | |||||||
Year Ended | |||||||||||||||||
Sep 29, 2024 |
Oct 1, 2023 |
Oct 2, 2022 |
|||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||
Net earnings including noncontrolling interests | $ | 3,762.3 | $ | 4,124.7 | $ | 3,283.4 | |||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 1,592.4 | 1,450.3 | 1,529.4 | ||||||||||||||
Deferred income taxes, net | (13.8) | (59.4) | (37.8) | ||||||||||||||
Income earned from equity method investees | (306.4) | (301.8) | (268.7) | ||||||||||||||
Distributions received from equity method investees | 333.3 | 222.8 | 231.2 | ||||||||||||||
Gain on sale of assets | — | (91.3) | — | ||||||||||||||
Stock-based compensation | 308.3 | 302.7 | 271.5 | ||||||||||||||
Non-cash lease costs | 1,314.9 | 1,365.9 | 1,497.7 | ||||||||||||||
Loss on retirement and impairment of assets | 121.5 | 101.4 | 91.4 | ||||||||||||||
Other | 31.9 | 26.8 | (67.8) | ||||||||||||||
Cash provided by/(used in) changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | 18.4 | (4.1) | (326.1) | ||||||||||||||
Inventories | 42.8 | 366.4 | (641.0) | ||||||||||||||
Income taxes payable | (61.9) | 52.5 | (149.6) | ||||||||||||||
Accounts payable | 28.0 | 100.1 | 345.5 | ||||||||||||||
Deferred revenue | (72.2) | (110.8) | (75.8) | ||||||||||||||
Operating lease liability | (1,294.9) | (1,443.8) | (1,625.6) | ||||||||||||||
Other operating assets and liabilities | 291.0 | (93.7) | 339.6 | ||||||||||||||
Net cash provided by operating activities | 6,095.6 | 6,008.7 | 4,397.3 | ||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||
Purchases of investments | (627.5) | (610.5) | (377.9) | ||||||||||||||
Sales of investments | 10.3 | 2.5 | 72.6 | ||||||||||||||
Maturities and calls of investments | 768.2 | 616.9 | 67.3 | ||||||||||||||
Additions to property, plant and equipment | (2,777.5) | (2,333.6) | (1,841.3) | ||||||||||||||
Proceeds from sale of assets | — | 110.0 | — | ||||||||||||||
Net proceeds from the divestiture of certain operations | — | — | 59.3 | ||||||||||||||
Other | (72.7) | (56.1) | (126.3) | ||||||||||||||
Net cash used in investing activities | (2,699.2) | (2,270.8) | (2,146.3) | ||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||
Net (payments)/proceeds from issuance of commercial paper | — | (175.0) | 175.0 | ||||||||||||||
Net proceeds from issuance of short-term debt | 123.8 | 114.6 | 36.6 | ||||||||||||||
Repayments of short-term debt | (157.5) | (78.8) | (36.6) | ||||||||||||||
Net proceeds from issuance of long-term debt | 1,995.3 | 1,497.8 | 1,498.1 | ||||||||||||||
Repayments of long-term debt | (1,825.1) | (1,000.0) | (1,000.0) | ||||||||||||||
Proceeds from issuance of common stock | 108.0 | 167.4 | 101.6 | ||||||||||||||
Cash dividends paid | (2,585.0) | (2,431.8) | (2,263.3) | ||||||||||||||
Repurchase of common stock | (1,266.7) | (984.4) | (4,013.0) | ||||||||||||||
Minimum tax withholdings on share-based awards | (100.4) | (89.3) | (127.2) | ||||||||||||||
Other | (10.6) | (11.1) | (9.2) | ||||||||||||||
Net cash used in financing activities | (3,718.2) | (2,990.6) | (5,638.0) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 56.5 | (14.2) | (250.3) | ||||||||||||||
Net increase/(decrease) in cash and cash equivalents | (265.3) | 733.1 | (3,637.3) | ||||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||
Beginning of period | 3,551.5 | 2,818.4 | 6,455.7 | ||||||||||||||
End of period | $ | 3,286.2 | $ | 3,551.5 | $ | 2,818.4 | |||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||||||||||||
Cash paid during the period for: | |||||||||||||||||
Interest, net of capitalized interest | $ | 570.7 | $ | 524.3 | $ | 474.7 | |||||||||||
Income taxes | $ | 1,373.3 | $ | 1,294.2 | $ | 1,157.6 |
Quarter Ended | Change (%) | ||||||||||||||||
($ in millions) | Sep 29, 2024 | Oct 1, 2023 | |||||||||||||||
Revenues | $6,245.1 | $6,425.0 | (3)% | ||||||||||||||
Change in Comparable Store Sales (1) |
(6)% | 8% | |||||||||||||||
Change in Transactions | (10)% | 2% | |||||||||||||||
Change in Ticket | 4% | 6% | |||||||||||||||
Store Count | 16,941 | 16,352 | 4% | ||||||||||||||
(1)Includes only Starbucks® company-operated stores open 13 months or longer. Comparable store sales exclude Siren Retail stores. Stores that are temporarily closed or operating at reduced hours remain in comparable store sales while stores identified for permanent closure have been removed. | |||||||||||||||||
Quarter Ended | Change (%) | ||||||||||||||||
($ in millions) | Sep 29, 2024 | Oct 1, 2023 | |||||||||||||||
Revenues | $783.7 | $840.6 | (7)% | ||||||||||||||
Change in Comparable Store Sales (1) |
(14)% | 5% | |||||||||||||||
Change in Transactions | (6)% | 8% | |||||||||||||||
Change in Ticket | (8)% | (3)% | |||||||||||||||
Store Count | 7,596 | 6,806 | 12% | ||||||||||||||
(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 remain in comparable store sales while stores identified for permanent closure have been removed. |
Net stores opened/(closed) and transferred during the period | |||||||||||||||||||||||||||||||||||
Quarter Ended | Year Ended | Stores open as of | |||||||||||||||||||||||||||||||||
Sep 29, 2024 |
Oct 1, 2023 |
Sep 29, 2024 |
Oct 1, 2023 |
Sep 29, 2024 |
Oct 1, 2023 |
||||||||||||||||||||||||||||||
North America: | |||||||||||||||||||||||||||||||||||
Company-operated stores | 221 | 176 | 533 | 412 | 11,161 | 10,628 | |||||||||||||||||||||||||||||
Licensed stores | 5 | 42 | 81 | 103 | 7,263 | 7,182 | |||||||||||||||||||||||||||||
Total North America | 226 | 218 | 614 | 515 | 18,424 | 17,810 | |||||||||||||||||||||||||||||
International: | |||||||||||||||||||||||||||||||||||
Company-operated stores | 331 | 384 | 893 | 927 | 9,857 | 8,964 | |||||||||||||||||||||||||||||
Licensed stores | 165 | 214 | 654 | 885 | 11,918 | 11,264 | |||||||||||||||||||||||||||||
Total International | 496 | 598 | 1,547 | 1,812 | 21,775 | 20,228 | |||||||||||||||||||||||||||||
Total Company | 722 | 816 | 2,161 | 2,327 | 40,199 | 38,038 | |||||||||||||||||||||||||||||
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 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. | ||||
Quarter Ended |
|||||
Consolidated | |||||
Revenue for the quarter ended Oct 1, 2023 as reported (GAAP) |
$ | 9,373.6 | |||
Revenue for the quarter ended Sep 29, 2024 as reported (GAAP) |
$ | 9,074.0 | |||
Change (%) | (3.2) | % | |||
Constant Currency Impact (%) | 0.3 | % | |||
Change in Constant Currency (%) | (2.9) | % | |||
Year Ended | |||||
Consolidated | |||||
Revenue for the year ended Oct 1, 2023 as reported (GAAP) |
$ | 35,975.6 | |||
Revenue for the year ended Sep 29, 2024 as reported (GAAP) |
$ | 36,176.2 | |||
Change (%) | 0.6 | % | |||
Constant Currency Impact (%) | 0.7 | % | |||
Change in Constant Currency (%) | 1.3 | % | |||
Quarter Ended |
|||||||||||||||||||||||
Consolidated | Sep 29, 2024 |
Oct 1, 2023 |
Change | Constant Currency Impact | Change in Constant Currency | ||||||||||||||||||
Operating income, as reported (GAAP) | $ | 1,306.9 | $ | 1,706.2 | (23.4)% | ||||||||||||||||||
Non-GAAP operating income | $ | 1,306.9 | $ | 1,706.2 | (23.4)% | 0.8% | (22.6)% | ||||||||||||||||
Operating margin, as reported (GAAP) | 14.4 | % | 18.2 | % | (380) bps | ||||||||||||||||||
Non-GAAP operating margin | 14.4 | % | 18.2 | % | (380) bps | 10 bps | (370) bps | ||||||||||||||||
Diluted net earnings per share, as reported (GAAP) | $ | 0.80 | $ | 1.06 | (24.5)% | ||||||||||||||||||
Non-GAAP EPS | $ | 0.80 | $ | 1.06 | (24.5)% | 0.9% | (23.6)% | ||||||||||||||||
Year Ended | |||||||||||||||||||||||
Consolidated | Sep 29, 2024 |
Oct 1, 2023 |
Change | Constant Currency Impact | Change in Constant Currency | ||||||||||||||||||
Operating income, as reported (GAAP) | $ | 5,408.8 | $ | 5,870.8 | (7.9)% | ||||||||||||||||||
Restructuring and impairment costs (1) |
— | 21.8 | |||||||||||||||||||||
Transaction and integration-related costs (2) |
— | 0.1 | |||||||||||||||||||||
Gain on sale of assets |
— | (91.3) | |||||||||||||||||||||
Non-GAAP operating income | $ | 5,408.8 | $ | 5,801.4 | (6.8)% | 1.1% | (5.7)% | ||||||||||||||||
Operating margin, as reported (GAAP) | 15.0 | % | 16.3 | % | (130) bps | ||||||||||||||||||
Restructuring and impairment costs (1) |
— | 0.1 | |||||||||||||||||||||
Transaction and integration-related costs (2) |
— | 0.0 | |||||||||||||||||||||
Gain on sales of assets |
— | (0.3) | |||||||||||||||||||||
Non-GAAP operating margin | 15.0 | % | 16.1 | % | (110) bps | — bps | (110) bps | ||||||||||||||||
Diluted net earnings per share, as reported (GAAP) | $ | 3.31 | $ | 3.58 | (7.5)% | ||||||||||||||||||
Restructuring and impairment costs (1) |
— | 0.02 | |||||||||||||||||||||
Transaction and integration-related costs (2) |
— | 0.00 | |||||||||||||||||||||
Gain on sale of assets |
— | (0.08) | |||||||||||||||||||||
Income tax effect on Non-GAAP adjustments (3) |
— | 0.02 | |||||||||||||||||||||
Non-GAAP EPS | $ | 3.31 | $ | 3.54 | (6.5)% | 0.9% | (5.6)% |