Q4 Comparable Store Sales Up 5% Globally, Led
by 6% Comp Growth in the U.S. and 5% Comp Growth in China
Global Net Store Growth of 7% Versus Prior
Year, Led by 17% Net Store Growth in China
GAAP EPS of $0.67; Non-GAAP EPS of $0.70, Up
13% Year-Over-Year
Active Starbucks® Rewards Membership in the
U.S. Up 15% Year-Over-Year to 17.6 Million
Returned $12 Billion to Shareholders in Fiscal
2019; Announces Quarterly Dividend Increase of 14% to $0.41 Per
Share
Introduces Fiscal 2020 Outlook Reaffirming
Long-term Operating Growth Model
Starbucks Corporation (NASDAQ: SBUX) today reported financial
results for its 13-week fiscal fourth quarter and 52-week fiscal
year ended September 29, 2019. GAAP results in fiscal 2019 and
fiscal 2018 include items which 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.
“I’m very pleased with our strong finish to fiscal 2019, as we
sustained positive momentum across each of our business segments,”
said Kevin Johnson, president and ceo. “Our U.S. business delivered
6% comparable store sales growth in the fourth quarter, while China
grew comparable store sales by 5% and total transactions by 13%.
Our strong performance throughout fiscal 2019 gives us confidence
in a robust operating outlook for fiscal 2020.”
“We are making meaningful progress against our strategic
priorities while streamlining the company, bringing more focus and
discipline to everything we do. The investments we are making for
the long term---in our partners, our stores, beverage innovation
and digital---are collectively delivering an elevated Starbucks
Experience, as evidenced by all-time-high customer connection
scores in the fourth quarter. This long-term focus is instrumental
to how we are building an enduring company,” concluded Johnson.
Q4 Fiscal 2019
Highlights
- Global comparable store sales up 5%, driven by a 3% increase in
average ticket and a 2% increase in comparable transactions
- Americas and U.S. comparable store sales up 6%, both driven by
a 3% increase in average ticket and a 3% increase in comparable
transactions
- International comparable store sales up 3%, driven by a 3%
increase in average ticket and a 1% increase in transactions; China
comparable store sales increased 5%, with comparable transactions
up 2%
- The company opened 630 net new stores in Q4, yielding 31,256
stores at the end of the quarter, a 7% increase over the prior
year
- Consolidated net revenues of $6.7 billion grew 7% over the
prior year
- Consolidated net revenues grew 10% over the prior year adjusted
for unfavorable impacts of approximately 3% from Streamline-driven
activities
- Streamline-driven activities include the licensing of our CPG
and Foodservice businesses to Nestlé following the close of the
transaction on August 26, 2018, and the conversion of certain
international retail operations from company-operated to licensed
models
- GAAP operating margin expanded 90 basis points year-over-year
to 16.1%, primarily due to sales leverage, cost savings
initiatives, lapping prior-year Nestlé transaction-related costs
and lower restructuring and impairment charges, partially offset by
growth in wages and benefits, increased investments in labor hours
and the 2019 Starbucks Leadership Experience
- Non-GAAP operating margin of 17.2% declined 90 basis points
compared to the prior year. Excluding a 30-basis point unfavorable
impact from Streamline-driven activities, non-GAAP operating margin
declined by approximately 60 basis points compared to the prior
year
- GAAP Earnings Per Share of $0.67, up 20% over the prior year
- Non-GAAP EPS of $0.70, up 13% over the prior year, inclusive of
a 4% benefit from income tax rate favorability
- The company returned $2.7 billion to shareholders through a
combination of share repurchases and dividends
- Starbucks® Rewards loyalty program grew to 17.6 million active
members in the U.S., up 15% year-over-year
Full Year Fiscal 2019
Highlights
- Global comparable store sales up 5%, driven by a 3% increase in
average ticket and a 1% increase in comparable transactions
- Americas and U.S. comparable store sales up 5%, both driven by
a 3% increase in average ticket and a 2% increase in comparable
transactions
- International comparable store sales up 3%, driven by a 2%
increase in average ticket and a 1% increase in comparable
transactions; China comparable store sales increased 4%, with
comparable transactions flat
- Consolidated net revenues of $26.5 billion grew 7% over the
prior year
- Consolidated net revenues grew 10% over the prior year adjusted
for unfavorable impacts of approximately 2% from Streamline-driven
activities and 1% from foreign currency translation
- GAAP operating margin declined 30 basis points year-over-year
to 15.4%
- Non-GAAP operating margin of 17.2% declined 80 basis points
compared to the prior year. Excluding a 70-basis point unfavorable
impact from Streamline-driven activities, non-GAAP operating margin
declined by approximately 10 basis points compared to the prior
year
- GAAP Earnings Per Share of $2.92, down 10% over the prior year
- Non-GAAP EPS of $2.83, up 17% over the prior year, inclusive of
a 7% benefit from income tax rate favorability
- The company returned $12.0 billion to shareholders through a
combination of share repurchases and dividends
Fiscal 2019
Re-segmentation
In the fourth quarter of fiscal 2019, the company realigned its
operating segment reporting structure to better reflect the
cumulative effect of its streamlining efforts. Specifically, the
previous China/Asia Pacific ("CAP") segment and Europe, Middle
East, and Africa ("EMEA") segment have been combined into one
International segment. The company will continue to provide
supplemental information on its two lead growth markets, the U.S.
and China, in its quarterly earnings news releases in accordance
with its "Growth at Scale" agenda.
Concurrently, results of Siren Retail, a non-reportable
operating segment consisting of Starbucks ReserveTM Roastery &
Tasting Rooms, Starbucks Reserve brand and Princi operations, which
was previously included within Corporate and Other, is now reported
within the Americas and International segments based on the
geographical location of the operations.
Further, to better support the review of its results, the
company changed the classification of certain costs. The most
significant change was the reclassification of company-operated
store occupancy costs from cost of sales to store operating
expenses. The company also made certain other immaterial changes.
These reclassifications have been retrospectively applied.
There was no impact to consolidated net revenues, consolidated
operating income, or net earnings per share as a result of these
changes.
Concurrent with the change in reportable segments and
reclassification of certain operating expenses noted above, the
company revised its prior period financial information to be
consistent with the current period presentation.
Restated GAAP and non-GAAP quarterly financial information for
FY18 and FY19 (through fiscal Q3) can be found on the Supplemental
Financial Data page of our Investor Relations website
(http://investor.starbucks.com).
Q4 Americas Segment
Results
Quarter Ended
($ in millions)
Sep 29, 2019
Sep 30, 2018
Change (%)
Comparable Store Sales Growth (1)
6%
4%
Change in Transactions
3%
(1)%
Change in Ticket
3%
5%
Store Count
18,067
17,460
3%
Revenues
$4,651.4
$4,259.9
9%
Operating Income
$938.9
$890.8
5%
Operating Margin
20.2%
20.9%
(70) bps
(1) Includes only Starbucks®
company-operated stores open 13 months or longer. Comparable store
sales exclude the effect of fluctuations in foreign currency
exchange rates and Siren Retail stores.
Net revenues for the Americas segment grew 9% over Q4 FY18 to
$4.7 billion in Q4 FY19, primarily driven by 6% growth in
comparable store sales, 607 net new store openings, or 3% store
growth, over the past 12 months, and the impact of the adoption of
new revenue recognition accounting for stored value card (SVC)
breakage.
Operating income grew 5% to $938.9 million in Q4 FY19, up from
$890.8 million in Q4 FY18. Operating margin of 20.2% declined 70
basis points, primarily due to the 2019 Starbucks Leadership
Experience, growth in wages and benefits and increased investments
in labor hours, partially offset by cost savings initiatives and
sales leverage.
Q4 International
Segment Results
Quarter Ended
($ in millions)
Sep 29, 2019
Sep 30, 2018
Change (%)
Comparable Store Sales Growth (1)
3%
1%
Change in Transactions
1%
(1)%
Change in Ticket
3%
2%
Store Count
13,189
11,852
11%
Revenues
$1,572.1
$1,489.8
6%
Operating Income
$262.7
$222.4
18%
Operating Margin
16.7%
14.9%
180 bps
(1) Includes only Starbucks®
company-operated stores open 13 months or longer. Comparable store
sales exclude the effect of fluctuations in foreign currency
exchange rates and Siren Retail stores.
Net revenues for the International segment grew 6% over Q4 FY18
to $1.6 billion in Q4 FY19, primarily driven by 1,337 net new store
openings, or 11% store growth, over the past 12 months, and a 3%
increase in comparable store sales, partially offset by a 5%
revenue-dilutive impact of converting certain retail businesses to
fully licensed markets.
Q4 FY19 operating income of $262.7 million grew 18% over Q4 FY18
operating income of $222.4 million. Operating margin expanded 180
basis points to 16.7%, primarily due to sales leverage, cost
savings initiatives, labor efficiencies and the impact of the
conversions of certain retail businesses to fully licensed markets,
partially offset by growth in wages and benefits, unfavorable
product mix shift and strategic investments.
Q4 Channel
Development Segment Results
Quarter Ended
Change (%)
($ in millions)
Sep 29, 2019
Sep 30, 2018
Revenues
$508.1
$539.3
(6)%
Operating Income
$190.9
$190.8
—%
Operating Margin
37.6%
35.4%
220 bps
Net revenues for the Channel Development segment declined 6%
from Q4 FY18 to $508.1 million in Q4 FY19, primarily due to
licensing our CPG and Foodservice businesses to Nestlé following
the close of the transaction on August 26, 2018.
Operating income of $190.9 million in Q4 FY19 was flat compared
to Q4 FY18. Operating margin expanded 220 basis points to 37.6%,
primarily due to lapping prior year costs associated with the
establishment of the Global Coffee Alliance, including business
taxes associated with the up-front payment and employee-related
costs. This favorability was partially offset by the impact of our
ownership changes, including licensing our CPG and Foodservice
businesses to Nestlé and the sale of our Tazo brand.
Fiscal 2020 Guidance
The company introduces the following fiscal year 2020 guidance
(all growth targets are relative to fiscal year 2019 non-GAAP
measures unless specified):
- Global comparable store sales growth of 3% to 4%
- Approximately 2,000 net new Starbucks stores globally
- Americas approximately 600 net new stores (3% to 4% growth in
the U.S.)
- International approximately 1,400 net new stores (mid-teens
growth in China)
- Consolidated GAAP revenue growth of 6% to 8%
- Consolidated operating income growth of 8% to 10%
- Consolidated operating margin improving modestly
- GAAP interest expense of approximately $415 to $425
million
- GAAP and non-GAAP effective tax rate in the range of 22% to
24%
- GAAP EPS in the range of $2.84 to $2.89
- Non-GAAP EPS in the range of $3.00 to $3.05
- Capital expenditures of approximately $1.8 billion
Please refer to the reconciliation of GAAP measures to non-GAAP
measures at the end of this release.
The company will provide additional information regarding its
business outlook during its regularly scheduled quarterly earnings
conference call; this information will also be available following
the call on the company's website at http://investor.starbucks.com.
Company Updates
1. In July, Starbucks opened its first Starbucks NowTM store in
Beijing, China. The new express store format integrates Starbucks
store environment with the company's Mobile Order & Pay
technology and Starbucks® Delivers into one seamless and convenient
experience for customers.
2. In September, Starbucks hosted over 12,000 store managers and
field operations leaders at its largest ever Leadership Experience.
The three-day conference held in Chicago was designed to help
strengthen leadership capabilities and solidify the foundation of
an enduring company.
3. In September, Starbucks welcomed three new appointees to its
Board of Directors: Richard E. Allison, Jr., Chief Executive
Officer of Domino's; Andrew Campion, Executive Vice President and
Chief Financial Officer of Nike; and Isabel Ge Mahe, Apple's Vice
President and Managing Director of Greater China. These
appointments increased Starbucks board of directors to 13
members.
4. The company repurchased 23.5 million shares of common stock
in Q4 fiscal 2019; approximately 29.2 million shares remain
available for purchase under the current authorization.
5. The Board of Directors declared a cash dividend of $0.41 per
share, an increase of 14%, payable on November 29, 2019, to
shareholders of record as of November 13, 2019.
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
Patrick Grismer, cfo. The call and selected presentation materials
will be webcast and can be accessed at http://investor.starbucks.com. A replay of the
webcast will be available until end of day Thursday, November 28,
2019.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with more than 31,000 stores around the globe, 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 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,” “expect,” “believe,” “could,”
“estimate,” “feel,” “forecast,” “outlook,” “intend,” “may,” “plan,”
“potential,” “project,” “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
certain company initiatives, strategies and plans, as well as
trends in or expectations regarding our diversified business model,
the strength, resilience, momentum, and potential of our business,
operations, and brand, the impacts, benefits, goals and
expectations of our Streamline-driven initiatives and long-term
investments, the execution and anticipated impact of our “Growth at
Scale” agenda, with a focus on our two lead growth markets of the
U.S. and China, expanding the global reach of the Starbucks brand
through our Global Coffee Alliance with Nestlé, increasing
shareholder returns, the company's position to deliver predictable
and sustainable results, building an enduring company, and the
creation of meaningful long-term value for shareholders, the
estimated impact of the changes in U.S. tax law, net new stores,
outlook, guidance and projections for revenues, earnings per share,
operating income, operating margins, comparable store sales,
capital expenditures, interest expense, G&A expenses, tax
rates, and our fiscal 2020 financial targets, fiscal 2020 guidance
and long-term G&A expense guidance. These forward-looking
statements are based on currently available operating, financial,
and competitive information and are subject to a number of
significant risks and uncertainties. Actual future results may
differ materially depending on a variety of factors including, but
not limited to, fluctuations in U.S. and international economies
and currencies, our ability to preserve, grow, and leverage our
brands, 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 integration the East
China business and successful execution of our Global Coffee
Alliance with Nestlé, the acceptance of the company’s products by
our customers, our ability to obtain financing on acceptable terms,
the impact of competition, the prices and availability of coffee,
dairy, and other raw materials, the effect of legal proceedings,
the effects of changes in U.S. tax law 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” section of Starbucks Annual Report on
Form 10-K for the fiscal year ended September 30, 2018. The company
assumes no obligation to update any of these forward-looking
statements.
Non-GAAP Financial
Measures
Certain non‐GAAP measures included in our press release 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
CONSOLIDATED STATEMENTS OF
EARNINGS
(unaudited, in millions, except
per share data)
Quarter Ended
Quarter Ended
Sep 29, 2019
Sep 30, 2018
%
Change
Sep 29, 2019
Sep 30, 2018
As a % of total net
revenues
Net revenues:
Company-operated stores
$
5,480.1
$
5,060.1
8.3
%
81.2
%
80.3
%
Licensed stores
734.7
683.6
7.5
10.9
10.8
Other
532.2
559.9
(4.9
)
7.9
8.9
Total net revenues
6,747.0
6,303.6
7.0
100.0
100.0
Cost of sales
2,139.6
2,018.7
6.0
31.7
32.0
Store operating expenses
2,709.5
2,438.1
11.1
40.2
38.7
Other operating expenses
91.6
161.2
(43.2
)
1.4
2.6
Depreciation and amortization expenses
344.7
326.6
5.5
5.1
5.2
General and administrative expenses
458.4
444.9
3.0
6.8
7.1
Restructuring and impairments
11.8
45.2
(73.9
)
0.2
0.7
Total operating expenses
5,755.6
5,434.7
5.9
85.3
86.2
Income from equity investees
91.9
87.7
4.8
1.4
1.4
Operating income
1,083.3
956.6
13.2
16.1
15.2
Net gain resulting from divestiture of
certain operations
—
2.9
nm
—
—
Interest income and other, net
16.4
36.2
(54.7
)
0.2
0.6
Interest expense
(95.7
)
(63.8
)
50.0
(1.4
)
(1.0
)
Earnings before income taxes
1,004.0
931.9
7.7
14.9
14.8
Income tax expense
201.5
175.5
14.8
3.0
2.8
Net earnings including noncontrolling
interests
802.5
756.4
6.1
11.9
12.0
Net earnings/(loss) attributable to
noncontrolling interests
(0.4
)
0.6
nm
—
—
Net earnings attributable to
Starbucks
$
802.9
$
755.8
6.2
11.9
%
12.0
%
Net earnings per common share -
diluted
$
0.67
$
0.56
19.6
%
Weighted avg. shares outstanding -
diluted
1,205.6
1,348.7
Cash dividends declared per share
$
0.41
$
0.36
Supplemental Ratios:
Store operating expenses as a % of
company-operated store revenues
49.4
%
48.2
%
Effective tax rate including
noncontrolling interests
20.1
%
18.8
%
Year Ended
Year Ended
Sep 29, 2019
Sep 30, 2018
%
Change
Sep 29, 2019
Sep 30, 2018
As a % of total net
revenues
Net revenues:
Company-operated stores
$
21,544.4
$
19,690.3
9.4
%
81.3
%
79.7
%
Licensed stores
2,875.0
2,652.2
8.4
10.8
10.7
Other
2,089.2
2,377.0
(12.1
)
7.9
9.6
Total net revenues
26,508.6
24,719.5
7.2
100.0
100.0
Cost of sales
8,526.9
7,930.7
7.5
32.2
32.1
Store operating expenses
10,493.6
9,472.2
10.8
39.6
38.3
Other operating expenses
371.0
554.9
(33.1
)
1.4
2.2
Depreciation and amortization expenses
1,377.3
1,247.0
10.4
5.2
5.0
General and administrative expenses
1,824.1
1,708.2
6.8
6.9
6.9
Restructuring and impairments
135.8
224.4
(39.5
)
0.5
0.9
Total operating expenses
22,728.7
21,137.4
7.5
85.7
85.5
Income from equity investees
298.0
301.2
(1.1
)
1.1
1.2
Operating income
4,077.9
3,883.3
5.0
15.4
15.7
Gain resulting from acquisition of joint
venture
—
1,376.4
nm
—
5.6
Net gain resulting from divestiture of
certain operations
622.8
499.2
24.8
2.3
2.0
Interest income and other, net
96.5
191.4
(49.6
)
0.4
0.8
Interest expense
(331.0
)
(170.3
)
94.4
(1.2
)
(0.7
)
Earnings before income taxes
4,466.2
5,780.0
(22.7
)
16.8
23.4
Income tax expense
871.6
1,262.0
(30.9
)
3.3
5.1
Net earnings including noncontrolling
interests
3,594.6
4,518.0
(20.4
)
13.6
18.3
Net loss attributable to noncontrolling
interests
(4.6
)
(0.3
)
nm
—
—
Net earnings attributable to
Starbucks
$
3,599.2
$
4,518.3
(20.3
)
13.6
%
18.3
%
Net earnings per common share -
diluted
$
2.92
$
3.24
(9.9
)%
Weighted avg. shares outstanding -
diluted
1,233.2
1,394.6
Cash dividends declared per share
$
1.49
$
1.32
Supplemental Ratios:
Store operating expenses as a % of
company-operated store revenues
48.7
%
48.1
%
Effective tax rate including
noncontrolling interests
19.5
%
21.8
%
Segment Results (in
millions)
Americas
Sep 29, 2019
Sep 30, 2018
%
Change
Sep 29, 2019
Sep 30, 2018
Quarter
Ended
As a % of Americas total net
revenues
Net revenues:
Company-operated stores
$
4,164.2
$
3,790.3
9.9
%
89.5
%
89.0
%
Licensed stores
484.0
466.1
3.8
10.4
10.9
Other
3.2
3.5
(8.6
)
0.1
0.1
Total net revenues
4,651.4
4,259.9
9.2
100.0
100.0
Cost of sales
1,278.9
1,240.8
3.1
27.5
29.1
Store operating expenses
2,112.1
1,847.2
14.3
45.4
43.4
Other operating expenses
34.2
41.0
(16.6
)
0.7
1.0
Depreciation and amortization expenses
180.6
161.7
11.7
3.9
3.8
General and administrative expenses
106.0
66.0
60.6
2.3
1.5
Restructuring and impairments
0.7
12.4
(94.4
)
—
0.3
Total operating expenses
3,712.5
3,369.1
10.2
79.8
79.1
Operating income
$
938.9
$
890.8
5.4
%
20.2
%
20.9
%
Supplemental Ratio:
Store operating expenses as a % of
company-operated store revenues
50.7
%
48.7
%
Year
Ended
Net revenues:
Company-operated stores
$
16,288.2
$
14,921.5
9.2
%
89.2
%
89.1
%
Licensed stores
1,958.0
1,814.0
7.9
10.7
10.8
Other
12.8
13.1
(2.3
)
0.1
0.1
Total net revenues
18,259.0
16,748.6
9.0
100.0
100.0
Cost of sales
5,174.7
4,884.1
5.9
28.3
29.2
Store operating expenses
8,064.8
7,248.6
11.3
44.2
43.3
Other operating expenses
159.8
151.2
5.7
0.9
0.9
Depreciation and amortization expenses
696.1
641.0
8.6
3.8
3.8
General and administrative expenses
323.9
305.1
6.2
1.8
1.8
Restructuring and impairments
56.9
33.4
70.4
0.3
0.2
Total operating expenses
14,476.2
13,263.4
9.1
79.3
79.2
Operating income
$
3,782.8
$
3,485.2
8.5
%
20.7
%
20.8
%
Supplemental Ratio:
Store operating expenses as a % of
company-operated store revenues
49.5
%
48.6
%
International
Sep 29, 2019
Sep 30, 2018
%
Change
Sep 29, 2019
Sep 30, 2018
Quarter
Ended
As a % of International total
net revenues
Net revenues:
Company-operated stores
$
1,315.9
$
1,269.8
3.6
%
83.7
%
85.2
%
Licensed stores
250.7
217.5
15.3
15.9
14.6
Other
5.5
2.5
120.0
0.3
0.2
Total net revenues
1,572.1
1,489.8
5.5
100.0
100.0
Cost of sales
486.1
447.8
8.6
30.9
30.1
Store operating expenses
597.3
590.6
1.1
38.0
39.6
Other operating expenses
31.9
24.4
30.7
2.0
1.6
Depreciation and amortization expenses
126.5
125.6
0.7
8.0
8.4
General and administrative expenses
82.4
78.9
4.4
5.2
5.3
Restructuring and impairments
12.0
26.6
(54.9
)
0.8
1.8
Total operating expenses
1,336.2
1,293.9
3.3
85.0
86.9
Income from equity investees
26.8
26.5
1.1
1.7
1.8
Operating income
$
262.7
$
222.4
18.1
%
16.7
%
14.9
%
Supplemental Ratio:
Store operating expenses as a % of
company-operated store revenues
45.4
%
46.5
%
Year
Ended
Net revenues:
Company-operated stores
$
5,256.2
$
4,702.1
11.8
%
84.9
%
84.7
%
Licensed stores
917.0
837.0
9.6
14.8
15.1
Other
17.5
12.1
44.6
0.3
0.2
Total net revenues
6,190.7
5,551.2
11.5
100.0
100.0
Cost of sales
1,894.9
1,709.4
10.9
30.6
30.8
Store operating expenses
2,428.5
2,182.3
11.3
39.2
39.3
Other operating expenses
116.4
98.9
17.7
1.9
1.8
Depreciation and amortization expenses
511.5
447.6
14.3
8.3
8.1
General and administrative expenses
317.9
302.5
5.1
5.1
5.4
Restructuring and impairments
59.2
55.1
nm
1.0
1.0
Total operating expenses
5,328.4
4,795.8
11.1
86.1
86.4
Income from equity investees
102.4
117.4
(12.8
)
1.7
2.1
Operating income
$
964.7
$
872.8
10.5
%
15.6
%
15.7
%
Supplemental Ratio:
Store operating expenses as a % of
company-operated store revenues
46.2
%
46.4
%
Channel Development
Sep 29, 2019
Sep 30, 2018
%
Change
Sep 29, 2019
Sep 30, 2018
Quarter
Ended
As a % of Channel Development
net revenues
Net revenues
$
508.1
$
539.3
(5.8
)%
Cost of sales
359.1
314.3
14.3
70.7
%
58.3
%
Other operating expenses
20.3
92.0
(77.9
)
4.0
17.1
Depreciation and amortization expenses
0.3
0.1
nm
0.1
—
General and administrative expenses
2.6
3.3
(21.2
)
0.5
0.6
Total operating expenses
382.3
409.7
(6.7
)
75.2
76.0
Income from equity investees
65.1
61.2
6.4
12.8
11.3
Operating income
$
190.9
$
190.8
0.1
%
37.6
%
35.4
%
Year
Ended
Net revenues
$
1,992.6
$
2,297.3
(13.3
)%
Cost of sales
1,390.0
1,252.3
11.0
69.8
%
54.5
%
Other operating expenses
76.2
286.5
(73.4
)
3.8
12.5
Depreciation and amortization expenses
13.0
1.3
nm
0.7
0.1
General and administrative expenses
11.5
13.9
(17.3
)
0.6
0.6
Total operating expenses
1,490.7
1,554.0
(4.1
)
74.8
67.6
Income from equity investees
195.6
183.8
6.4
9.8
8.0
Operating income
$
697.5
$
927.1
(24.8
)%
35.0
%
40.4
%
Corporate and Other
Sep 29, 2019
Sep 30, 2018
% Change
Quarter
Ended
Net revenues
$
15.4
$
14.6
5.5
%
Cost of sales
15.5
15.8
(1.9
)
Store operating expenses
0.1
0.3
(66.7
)
Other operating expenses
5.2
3.8
36.8
Depreciation and amortization expenses
37.3
39.2
(4.8
)
General and administrative expenses
267.4
296.7
(9.9
)
Restructuring and impairments
(0.9
)
6.2
nm
Total operating expenses
324.6
362.0
(10.3
)
Operating loss
$
(309.2
)
$
(347.4
)
(11.0
)%
Year
Ended
Net revenues:
Company-operated stores
$
—
$
66.7
nm
Licensed stores
—
1.2
nm
Other
66.3
54.5
21.7
Total net revenues
66.3
122.4
(45.8
)
Cost of sales
67.3
84.9
(20.7
)
Store operating expenses
0.3
41.3
(99.3
)
Other operating expenses
18.6
18.3
1.6
Depreciation and amortization expenses
156.7
157.1
(0.3
)
General and administrative expenses
1,170.8
1,086.7
7.7
Restructuring and impairments
19.7
135.9
(85.5
)
Total operating expenses
1,433.4
1,524.2
(6.0
)
Operating loss
$
(1,367.1
)
$
(1,401.8
)
(2.5
)%
Corporate and Other primarily consists of our unallocated
corporate operating expenses, Evolution Fresh and formerly, the
Teavana retail business.
STARBUCKS CORPORATION
CONSOLIDATED BALANCE
SHEETS
(unaudited, in millions, except
per share data)
Sep 29, 2019
Sep 30, 2018
ASSETS
Current assets:
Cash and cash equivalents
$
2,686.6
$
8,756.3
Short-term investments
70.5
181.5
Accounts receivable, net
879.2
693.1
Inventories
1,529.4
1,400.5
Prepaid expenses and other current
assets
488.2
1,462.8
Total current assets
5,653.9
12,494.2
Long-term investments
220.0
267.7
Equity investments
396.0
334.7
Property, plant and equipment, net
6,431.7
5,929.1
Deferred income taxes, net
1,765.8
134.7
Other long-term assets
479.6
412.2
Other intangible assets
781.8
1,042.2
Goodwill
3,490.8
3,541.6
TOTAL ASSETS
$
19,219.6
$
24,156.4
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
1,189.7
$
1,179.3
Accrued liabilities
3,499.5
2,298.4
Insurance reserves
210.5
213.7
Stored value card liability and current
portion of deferred revenue
1,269.0
1,642.9
Current portion of long-term debt
—
349.9
Total current liabilities
6,168.7
5,684.2
Long-term debt
11,167.0
9,090.2
Deferred revenue
6,744.4
6,775.7
Other long-term liabilities
1,370.5
1,430.5
Total liabilities
25,450.6
22,980.6
Shareholders’ equity:
Common stock ($0.001 par value) —
authorized, 2,400.0 shares; issued and outstanding, 1,184.6 and
1,309.1 shares, respectively
1.2
1.3
Additional paid-in capital
41.1
41.1
Retained earnings/(deficit)
(5,771.2
)
1,457.4
Accumulated other comprehensive loss
(503.3
)
(330.3
)
Total shareholders’ equity/(deficit)
(6,232.2
)
1,169.5
Noncontrolling interests
1.2
6.3
Total equity/(deficit)
(6,231.0
)
1,175.8
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY/(DEFICIT)
$
19,219.6
$
24,156.4
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited and in millions)
Fiscal Year Ended
Sep 29, 2019
Sep 30, 2018
Oct 1, 2017
OPERATING ACTIVITIES:
Net earnings including noncontrolling
interests
$
3,594.6
$
4,518.0
$
2,884.9
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization
1,449.3
1,305.9
1,067.1
Deferred income taxes, net
(1,495.4
)
714.9
95.1
Income earned from equity method
investees
(250.6
)
(242.8
)
(310.2
)
Distributions received from equity method
investees
216.8
226.8
186.6
Gain resulting from acquisition of joint
venture
—
(1,376.4
)
—
Net gain resulting from divestiture of
certain retail operations
(622.8
)
(499.2
)
(93.5
)
Stock-based compensation
308.0
250.3
176.0
Goodwill impairments
10.5
37.6
87.2
Other
187.9
89.0
68.9
Cash provided by changes in operating
assets and liabilities:
Accounts receivable
(197.7
)
131.0
(96.8
)
Inventories
(173.0
)
(41.2
)
14.0
Prepaid expenses and other current
assets
922.0
(839.5
)
(20.0
)
Income taxes payable
1,237.1
146.0
(91.9
)
Accounts payable
31.9
391.6
46.4
Deferred revenue
(30.5
)
7,109.4
130.8
Other operating assets and liabilities
(141.1
)
16.4
107.2
Net cash provided by operating
activities
5,047.0
11,937.8
4,251.8
INVESTING ACTIVITIES:
Purchases of investments
(190.4
)
(191.9
)
(674.4
)
Sales of investments
298.3
459.0
1,054.5
Maturities and calls of investments
59.8
45.3
149.6
Acquisitions, net of cash acquired
—
(1,311.3
)
—
Additions to property, plant and
equipment
(1,806.6
)
(1,976.4
)
(1,519.4
)
Net proceeds from the divestiture of
certain operations
684.3
608.2
85.4
Other
(56.2
)
5.6
54.3
Net cash used by investing activities
(1,010.8
)
(2,361.5
)
(850.0
)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term
debt
1,996.0
5,584.1
750.2
Repayments of long-term debt
(350.0
)
—
(400.0
)
Proceeds from issuance of common stock
409.8
153.9
150.8
Cash dividends paid
(1,761.3
)
(1,743.4
)
(1,450.4
)
Repurchase of common stock
(10,222.3
)
(7,133.5
)
(2,042.5
)
Minimum tax withholdings on share-based
awards
(111.6
)
(62.7
)
(82.8
)
Other
(17.5
)
(41.2
)
(4.4
)
Net cash used by financing activities
(10,056.9
)
(3,242.8
)
(3,079.1
)
Effect of exchange rate changes on cash
and cash equivalents
(49.0
)
(39.5
)
10.8
Net increase/(decrease) in cash and cash
equivalents
(6,069.7
)
6,294.0
333.5
CASH AND CASH EQUIVALENTS:
Beginning of period
8,756.3
2,462.3
2,128.8
End of period
$
2,686.6
$
8,756.3
$
2,462.3
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest
$
299.5
$
137.1
$
96.6
Income taxes, net of refunds
$
470.1
$
1,176.9
$
1,389.1
Supplemental
Information
The following supplemental information is provided for
historical and comparative purposes.
U.S. Supplemental
Data
Quarter Ended
($ in millions)
Sep 29, 2019
Sep 30, 2018
Change (%)
Revenues
$4,245.9
$3,908.7
9%
Comparable Store Sales Growth (1)
6%
4%
Change in Transactions
3%
(1%)
Change in Ticket
3%
5%
Store Count
15,049
14,612
3%
(1) Includes only Starbucks ®
company-operated stores open 13 months or longer. The results from
Siren Retail operations are not reflected in comparable store
sales.
China
Supplemental Data
Quarter Ended
($ in millions)
Sep 29, 2019
Sep 30, 2018
Change (%)
Revenues
$763.0
$669.6
14%
Comparable Store Sales Growth (1)
5%
1%
Change in Transactions
2%
(2%)
Change in Ticket
3%
3%
Store Count
4,125
3,522
17%
(1) Includes only Starbucks®
company-operated stores open 13 months or longer. Comparable store
sales exclude the effect of fluctuations in foreign currency
exchange rates and Siren Retail stores.
Store
Data
Net stores opened/(closed) and
transferred during the period
Quarter Ended
Year Ended
Stores open as of
Sep 29, 2019
Sep 30, 2018
Sep 29, 2019
Sep 30, 2018
Sep 29, 2019
Sep 30, 2018
Americas:
Company-operated stores
117
96
284
275
9,974
9,690
Licensed stores
97
156
323
624
8,093
7,770
Total Americas
214
252
607
899
18,067
17,460
International (1):
Company-operated stores
214
175
209
2,079
5,860
5,651
Licensed stores
202
187
1,128
(680
)
7,329
6,201
Total International
416
362
1,337
1,399
13,189
11,852
Corporate and Other (2):
Company-operated stores
—
—
—
(288
)
—
—
Licensed stores
—
(10
)
(12
)
(25
)
—
12
Total Corporate and Other
—
(10
)
(12
)
(313
)
—
12
Total Company
630
604
1,932
1,985
31,256
29,324
(1) International store data includes the
transfer of 82 company-operated retail stores in France and the
Netherlands to licensed stores in the second quarter of fiscal
2019, the transfer of 377 company-operated stores in Thailand to
licensed stores as a result of the sale of operations toward the
end of the third quarter of fiscal 2019 and the transfer of 1,477
licensed stores in East China to company-operated retail stores as
a result of the purchase of our East China joint venture on
December 31, 2017.
(2) Corporate and Other store data
includes the closure of 313 Teavana retail stores in fiscal 2018
and 12 Teavana retail stores in the first quarter of fiscal
2019.
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 G&A, non-GAAP operating income, non-GAAP
operating income growth, non-GAAP operating margin, non-GAAP
effective tax rate and non-GAAP EPS 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
EPS 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
East China acquisition-related gain
Management excludes the gain on the
purchase of our East China joint venture as this incremental gain
was specific to the purchase activity and for reasons discussed
above.
Sale of Taiwan joint venture
operations
Management excludes the gain related to
the sale of our Taiwan joint venture operations as this incremental
gain was specific to the sale activity and for reasons discussed
above.
Sale of Tazo brand
Management excludes the net gain on the
sale of our assets associated with our Tazo brand and associated
transaction costs as these items do not reflect future gains,
losses, costs or tax benefits and for reasons discussed above.
Sale of certain retail operations
Management excludes the gains and net loss
related to the sale of our Thailand, France, the Netherlands and
Brazil retail operations as these items do not reflect future
gains, losses or tax impacts for reasons discussed above.
Restructuring, impairment and optimization
costs
Management excludes restructuring charges
and business process optimization costs related to strategic shifts
in its Teavana, U.S., International, e-commerce and other business
units. Additionally, management excludes expenses related to
divesting certain lower-margin businesses and assets, such as
closure of certain company-operated stores and Switzerland
intangible asset impairments. Management excludes these items 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 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.
2018 U.S. stock award
Management excludes the incremental
stock-based compensation award granted in the third quarter of
fiscal 2018 for reasons discussed above.
Nestlé transaction-related costs
Management excludes the
transaction-related costs associated with Nestlé for reasons
discussed above.
Other tax matters
On December 22, 2017, the Tax Cuts and
Jobs Act was signed into U.S. law. Management excludes the
estimated transition tax on undistributed foreign earnings, the
impacts of estimated incremental foreign withholding taxes on
expected repatriated earnings and the re–measurement of deferred
tax assets and liabilities due to the reduction of the U.S. federal
corporate income tax rate 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 EPS 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)
Quarter Ended
Consolidated
Sep 29, 2019
Sep 30, 2018
Change
General and administrative expenses, as
reported (GAAP)
$
458.4
$
444.9
3.0%
Restructuring, impairment and optimization
costs (1)
0.2
(5.1
)
International transaction and
integration-related items (2)
(8.0
)
(4.0
)
2018 U.S. stock award (3)
—
(24.1
)
Nestlé transaction-related costs
0.1
(9.7
)
Non-GAAP G&A
$
450.7
$
402.0
12.1%
Operating income, as reported (GAAP)
$
1,083.3
$
956.6
13.2%
Restructuring, impairment and optimization
costs (1)
12.8
50.0
International transaction and
integration-related items (2)
64.5
63.1
2018 U.S. stock award (3)
—
24.1
Nestlé transaction-related costs
0.1
49.3
Non-GAAP operating income
$
1,160.7
$
1,143.1
1.5%
Operating margin, as reported (GAAP)
16.1
%
15.2
%
90 bps
Restructuring, impairment and optimization
costs (1)
0.2
0.8
International transaction and
integration-related items (2)
0.9
1.0
2018 U.S. stock award (3)
—
0.4
Nestlé transaction-related costs
—
0.8
Non-GAAP operating margin
17.2
%
18.1
%
(90) bps
Diluted net earnings per share, as
reported (GAAP)
$
0.67
$
0.56
19.6%
Restructuring, impairment and optimization
costs (1)
0.01
0.04
International transaction and
integration-related items (2)
0.05
0.05
2018 U.S. stock award (3)
—
0.02
Nestlé transaction-related costs
—
0.04
Other tax matters (4)
—
0.01
Income tax effect on Non-GAAP adjustments
(5)
(0.03
)
(0.09
)
Non-GAAP EPS
$
0.70
$
0.62
12.9%
(1)
Represents costs associated with our
restructuring efforts, primarily severance, lease termination costs
and asset impairments related to certain company-operated store
closures, as well as business process optimization costs, largely
consulting fees.
(2)
Includes transaction costs for the
acquisition of our East China joint venture and the divestitures of
our Taiwan joint venture and Thailand retail operations; 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 incremental stock-based
compensation award for U.S. partners (employees).
(4)
Represents the estimated impact of the
U.S. Tax Cuts and Jobs Act, specifically the transition tax on
undistributed foreign earnings, estimated incremental foreign
withholding taxes on expected repatriated earnings and the
re-measurement of deferred taxes.
(5)
Adjustments were determined based on the
nature of the underlying items and their relevant jurisdictional
tax rates.
Q4 QTD FY19 NON-GAAP
DISCLOSURE DETAILS
(Pretax $ in millions and
USD)
Q4 QTD FY19
Americas
International
Channel Development
Corporate and Other
Consolidated
Statement of Earnings Line Item
Restructuring, Impairment and
Optimization Costs
International Transaction and
Integration Costs
Restructuring, Impairment and
Optimization Costs
Nestlé Transaction-Related
Costs
International Transaction and
Integration Costs
Nestlé Transaction- Related
Costs
Restructuring, Impairment
& Optimization Costs
Total Non-GAAP
Adjustment
Net revenue
Cost of sales
(0.2)
(0.2)
Store operating expenses
3.4
3.4
Other operating expenses
1.4
0.3
(0.1)
1.6
Depreciation and amortization expenses
53.1
53.1
General and administrative expenses
(0.4)
7.7
0.3
0.3
(0.1)
(0.1)
7.7
Restructuring and impairments
0.7
12.0
(0.9)
11.8
Income from equity investees
Total impact to operating income
(0.3)
(64.2)
(13.7)
(0.3)
(0.3)
0.2
1.2
(77.4)
($ in millions)
Year Ended
Consolidated
Sep 29, 2019
Sep 30, 2018
Change
General and administrative expenses, as
reported (GAAP)
$
1,824.1
$
1,708.2
6.8%
Restructuring, impairment and optimization
costs (1)
(9.3
)
(10.0
)
International transaction and
integration-related items (2)
(29.7
)
(38.0
)
2018 U.S. stock award (3)
(61.3
)
(45.8
)
Nestlé transaction-related costs
(1.8
)
(16.9
)
Sale of certain retail operations
transaction costs
—
(1.1
)
Sale of Tazo brand
—
(2.2
)
Non-GAAP G&A
$
1,722.0
$
1,594.2
8.0%
Operating income, as reported (GAAP)
$
4,077.9
$
3,883.3
5.0%
Restructuring, impairment and optimization
costs (1)
146.2
239.0
International transaction and
integration-related items (2)
262.0
224.2
2018 U.S. stock award (3)
61.3
45.8
Nestlé transaction-related costs
12.6
61.3
Sale of certain retail operations
transaction costs
—
1.6
Sale of Tazo brand
—
2.2
Non-GAAP operating income
$
4,560.0
$
4,457.4
2.3%
Operating margin, as reported (GAAP)
15.4
%
15.7
%
(30) bps
Restructuring, impairment and optimization
costs (1)
0.6
1.0
International transaction and
integration-related items (2)
1.0
0.9
2018 U.S. stock award (3)
0.2
0.2
Nestlé transaction-related costs
—
0.3
Non-GAAP operating margin
17.2
%
18.0
%
(80) bps
Diluted net earnings per share, as
reported (GAAP)
$
2.92
$
3.24
(9.9)%
East China acquisition-related gain
—
(0.99
)
Sale of Taiwan joint venture
operations
—
(0.11
)
Sale of Tazo brand
—
(0.25
)
Gain on sale of certain retail
operations
(0.51
)
0.01
Restructuring, impairment and optimization
costs (1)
0.12
0.17
International transaction and
integration-related items (2)
0.21
0.16
2018 U.S. stock award (3)
0.05
0.03
Nestlé transaction-related costs
0.01
0.04
Other tax matters (4)
0.06
0.13
Income tax effect on Non-GAAP adjustments
(5)
(0.03
)
(0.02
)
Non-GAAP EPS
$
2.83
$
2.42
16.9%
(1)
Represents costs associated with our
restructuring efforts, primarily severance, lease termination costs
and asset impairments related to certain company-operated store
closures, as well as business process optimization costs, largely
consulting fees.
(2)
Includes transaction costs for the
acquisition of our East China joint venture and the divestitures of
our Taiwan joint venture and Thailand retail operations; 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 incremental stock-based
compensation award for U.S. partners (employees).
(4)
Represents the estimated impact of the
U.S. Tax Cuts and Jobs Act, specifically the transition tax on
undistributed foreign earnings, estimated incremental foreign
withholding taxes on expected repatriated earnings and the
re-measurement of deferred taxes.
(5)
Adjustments were determined based on the
nature of the underlying items and their relevant jurisdictional
tax rates.
YTD FY19 NON-GAAP DISCLOSURE
DETAILS
(Pretax $ in millions and
USD)
Q4 YTD FY19
Americas
International
Channel Development
Corporate and Other
Consolidated
Statement of Earnings Line Item
Restructuring, Impairment and
Optimization Costs
International Transaction and
Integration Costs
Restructuring, Impairment and
Optimization Costs
Nestlé Transaction- Related
Costs
Restructuring, Impairment and
Optimization Costs
International Transaction and
Integration Costs
Nestlé Transaction- Related
Costs
2018 U.S. Stock Award
Restructuring, Impairment
& Optimization Costs
Total Non-GAAP
Adjustment
Net revenue
Cost of sales
(0.4)
(0.4)
Store operating expenses
(0.1)
17.0
0.0
16.9
Other operating expenses
0.0
3.6
10.8
0.2
14.6
Depreciation and amortization expenses
213.1
213.1
General and administrative expenses
(1.5)
29.1
4.9
0.6
1.8
61.3
5.9
102.1
Restructuring and impairments
56.9
59.2
19.7
135.8
Income from equity investees
Total impact to operating income
(55.3)
(259.2)
(67.7)
(10.8)
(0.2)
(0.6)
(1.8)
(61.3)
(25.2)
(482.1)
Non-Operating gains
Gains resulting from divestiture of
certain operations
(622.8)
Year Ended
Consolidated
Sep 27, 2020
(Projected)
Operating Income Growth
(GAAP)
15 - 17
%
International transaction and
integration-related items (1)
(1
)%
Restructuring, impairment and optimization
costs
(4
)%
2018 U.S. stock award
(2
)%
Non-GAAP Operating Income Growth
8 - 10
%
Diluted net earnings per share (GAAP)
$ 2.84 - 2.89
International transaction and
integration-related items (1)
0.21
Restructuring, impairment and optimization
costs
—
Income tax effect on Non-GAAP adjustments
(2)
(0.05
)
Non-GAAP EPS
$ 3.00 - 3.05
(1)
Includes ongoing amortization expense of
acquired intangible assets associated with the acquisition of our
East China joint venture and Starbucks Japan; and the related
post-acquisition integration costs, such as incremental information
technology and compensation-related costs.
(2)
Adjustments were determined based on the
nature of the underlying items and their relevant jurisdictional
tax rates.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191030005930/en/
Starbucks Contact, Investor Relations: Durga Doraisamy
206-318-7118 investorrelations@starbucks.com
Starbucks Contact, Media: Reggie Borges 206-318-7100
press@starbucks.com
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