Starbucks Corp (SBUX) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, October 3, 2021

Earnings Press Release
10-K Annual Report
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Starbucks Corp
Ticker: SBUX CIK: 829224

Exhibit 99.1

Starbucks Reports Record Q4 and Full Year Fiscal 2021 Results

Q4 Consolidated Net Revenues Up 31% to a Record $8.1 Billion

Q4 Comparable Store Sales Up 17% Globally; U.S. Up 22% with 11% Two-Year Growth

Q4 GAAP EPS $1.49; Non-GAAP EPS of $1.00 Driven by Strong U.S. Performance

Active Starbucks® Rewards Membership in the U.S. Approaches 25 million, Up 28% Year-Over-Year

Company Commits to $20 Billion of Share Repurchases and Dividends Over Next Three Years

Company Announces Historic Investments in its Partners (Employees), Bringing Average U.S. Retail Hourly Wage to Nearly $17/hr. by Summer 2022

SEATTLE; October 28, 2021 – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 14-week fiscal fourth quarter ended October 3, 2021. GAAP results in fiscal 2021 and fiscal 2020 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.

“Our strong finish to fiscal 2021, including record performance in the fourth quarter, demonstrates the resilience of Starbucks and reinforces the value of the bold strategic moves we have taken over the past two years. Through it all, we have thoughtfully navigated a strong recovery with an eye towards our future, all guided by our Mission and Values,” said Kevin Johnson, president and ceo.

“Today we announce we will be doubling-down on our investments in our partners, the heartbeat of our company. We know that when we exceed the expectations of our people, they in turn exceed the expectations of our customers - which creates value for all of our stakeholders - our partners, our customers, our communities and our shareholders. We anticipate that our strong business momentum, increased operating efficiency and continued global store expansion will fund these unprecedented investments while delivering yet another year of significant growth,” concluded Johnson.

Fiscal 2021 Re-segmentation

In the fourth quarter of fiscal 2021, certain changes were made to the company's management team, and the operating segment reporting structure was realigned as a result. The company realigned the fully licensed Latin America and Caribbean markets from the Americas operating segment to the International operating segment. The Americas operating segment has been renamed the North America operating segment, comprised of company-operated and licensed stores in the U.S. and Canada. Fiscal 2020 segment information has been restated to conform with current period presentation.

There was no impact to consolidated net revenues, consolidated operating income or net earnings per share as a result of these changes.

Q4 Fiscal 2021 Highlights

•Global comparable store sales increased 17%, driven by a 15% increase in comparable transactions and a 2% increase in average ticket

◦North America comparable store sales increased 22%, primarily driven by an 18% increase in comparable transactions and a 3% increase in average ticket; U.S. comparable store sales increased 22%, driven by a 19% increase in comparable transactions and a 3% increase in average ticket

◦International comparable store sales increased 3%, driven by a 6% increase in comparable transactions, partially offset by a 2% decline in average ticket; China comparable store sales decreased 7%, driven by a 5% decline in average ticket and a 2% decline in transactions; International and China comparable store sales include adverse impacts of approximately 3% and 4%, respectively, from lapping prior-year value-added tax exemptions in China

The following information was filed by Starbucks Corp (SBUX) on Thursday, October 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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