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Starbucks Corp (SBUX) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, October 2, 2022

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Starbucks Corp

CIK: 829224 Ticker: SBUX



Exhibit 99.1
Starbucks Reports Q4 and Full Year Fiscal 2022 Results
Q4 Consolidated Net Revenues Up 3%; Up 11% on a 13-week basis to a Record $8.4 Billion
Q4 Comparable Store Sales Up 7% Globally; Up 11% in the U.S. and Double Digits Internationally, excluding China
Q4 GAAP EPS $0.76; Non-GAAP EPS of $0.81 Driven by Strong September Performance; Reinvention Materializing
China Surpasses 6,000 Stores, Pushing Global Store Count to Record 35,711
Active Starbucks® Rewards Membership Up 16% in the U.S. in Q4 to 28.7 Million Members

SEATTLE; November 3, 2022 – Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal fourth quarter and 52-week fiscal year ended October 2, 2022. The comparable prior-year periods in fiscal 2021 included 14- and 53-weeks, respectively. GAAP results in fiscal 2022 and fiscal 2021 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 2022 Highlights

Global comparable store sales increased 7%, primarily driven by an 8% increase in average ticket
North America and U.S. comparable store sales increased 11%, driven by a 10% increase in average ticket and a 1% increase in comparable transactions
International comparable store sales decreased 5%, driven by a 5% decline in comparable transactions and a 1% decline in average ticket; China comparable store sales decreased 16%, driven by a 17% decline in comparable transactions, partially offset by a 1% increase in average ticket
The company opened 763 net new stores in Q4, ending the period with 35,711 stores globally: 51% company-operated and 49% licensed
At the end of Q4, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 15,878 stores in the U.S. and 6,021 stores in China
Consolidated net revenues up 3%, or 11% on a 13-week basis, to a record $8.4 billion, inclusive of a 3% unfavorable impact from foreign currency translation
GAAP operating margin of 14.2% decreased 400 basis points from 18.2% in the prior year, primarily driven by investments and growth in labor including enhanced store partner wages as well as increased spend on new partner training, inflationary pressures, coupled with sales deleverage related to COVID-19 restrictions in China, partially offset by strategic pricing, primarily in North America and sales leverage across markets outside of China
Non-GAAP operating margin of 15.1% decreased from 19.5% in the prior year, or 18.9% on a 13-week basis
GAAP earnings per share of $0.76, down from $1.49 in the prior year
Non-GAAP earnings per share of $0.81, down from $0.99 in the prior year, or $0.89 on a 13-week basis
Starbucks Rewards loyalty program 90-day active members in the U.S. increased to 28.7 million, up 16% year-over-year

Full Year Fiscal 2022 Highlights
Global comparable store sales increased 8%, driven by a 5% increase in average ticket and a 2% increase in comparable transactions
North America comparable store sales increased 12%, driven by a 7% increase in average ticket and a 5% increase in comparable transactions; U.S. comparable store sales increased 12%, driven by an 8% increase in average ticket and a 4% increase in comparable transactions
International comparable store sales decreased 9%, driven by a 5% decline in comparable transactions and a 4% decline in average ticket; China comparable store sales decreased 24%, driven by a 22% decline in comparable transactions and a 3% decline in average ticket
Consolidated net revenues up 11%, or 13% on a 52-week basis, to a record $32.3 billion, inclusive of a 2% unfavorable impact from foreign currency translation


The following information was filed by Starbucks Corp (SBUX) on Thursday, November 3, 2022 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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Inside Starbucks Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Earnings
Consolidated Statements Of Equity
Accounting Policies
Acquisitions And Divestitures
Acquisitions And Divestitures (Allocation Of Total Consideration To Fair Value Of Assets Acquired And Liabilities Assumed) (Details)
Acquisitions And Divestitures (Narrative) (Details)
Commitments And Contingencies (Notes)
Debt
Debt (Components Of Long-Term Debt Including Associated Interest Rates And Related Fair Values) (Details)
Debt (Narrative) (Details)
Debt (Summary Of Long-Term Debt Maturities) (Details)
Debt (Tables)
Deferred Revenue
Deferred Revenue (Narrative) (Details)
Deferred Revenue (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Fair Value Of Outstanding Derivative Contracts) (Details)
Derivative Financial Instruments (Gains And Losses On Derivative Contracts Designated As Hedging Instruments Included In Aoci And Expected To Be Reclassified Into Earnings Within 12 Months, Net Of Tax) (Details)
Derivative Financial Instruments (Notional Amounts Of Outstanding Derivative Contracts) (Details)
Derivative Financial Instruments (Pretax Gains And Losses On Derivative Contracts Designated As Hedging Instruments Recognized In Oci And Reclassifications From Aoci To Earnings) (Details)
Derivative Financial Instruments (Pretax Gains And Losses On Derivative Contracts Not Designated As Hedging Instruments Recognized In Earnings) (Details)
Derivative Financial Instruments (Schedule Of Fair Value Hedging Instruments, Statements Of Financial Position, Location) (Details)
Derivative Financial Instruments (Tables)
Earnings Per Share
Earnings Per Share (Calculation Of Net Earnings Per Common Share ("Eps") - Basic And Diluted) (Details)
Earnings Per Share (Tables)
Employee Stock And Benefit Plans
Employee Stock And Benefit Plans (Employee Stock Options Granted During The Period, Valuation Assumptions) (Details)
Employee Stock And Benefit Plans (Narrative) (Details)
Employee Stock And Benefit Plans (Rsu Transactions) (Details)
Employee Stock And Benefit Plans (Stock Option Transactions) (Details)
Employee Stock And Benefit Plans (Stock-Based Compensation Expense Recognized In The Consolidated Financial Statements) (Details)
Employee Stock And Benefit Plans (Tables)
Equity
Equity (Changes In Components Of Accumulated Other Comprehensive Income, Net Of Tax) (Details)
Equity (Impact Of Reclassifications From Accumulated Other Comprehensive Income On Earnings (Details)
Equity (Narrative) (Details)
Equity (Tables)
Equity Investments
Equity Method And Other Investments (Equity Method And Other Investments) (Details)
Equity Method And Other Investments (Equity Method Investments) (Narrative) (Details)
Equity Method And Other Investments (Tables)
Fair Value Measurements
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Components Of Earnings Before Income Taxes) (Details)
Income Taxes (Provision For Income Taxes) (Details)
Income Taxes (Reconciliation Of The Statutory U.S. Federal Income Tax Rate With Our Effective Income Tax Rate) (Details)
Income Taxes (Summary Of Activity Related To Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Income Taxes (Tax Effect Of Temporary Differences And Carryforwards That Comprise Significant Portions Of Deferred Tax Assets And Liabilities) (Details)
Inventories
Inventories (Components Of Inventories) (Details)
Inventories (Narrative) (Details)
Inventory (Tables)
Leases
Leases (Narrative) (Details)
Leases (Tables)
Leases- Schedule Of Cash Flow, Supplemental Disclosures (Details)
Leases- Schedule Of Lease Cost (Details)
Leases- Schedule Of Maturity Of Operating Lease Payments (Details)
Other Intangible Assets And Goodwill
Other Intangible Assets And Goodwill (Changes In Carrying Amount Of Goodwill By Reportable Operating Segment) (Details)
Other Intangible Assets And Goodwill (Estimated Future Amortization Expense) (Details)
Other Intangible Assets And Goodwill (Finite-Lived Intangible Assets) (Details)
Other Intangible Assets And Goodwill (Indefinite-Lived Intangible Assets) (Details)
Other Intangible Assets And Goodwill (Narrative) (Details)
Other Intangible Assets And Goodwill (Tables)
Prepaid Expenses And Other Current Assets (Tables)
Property, Plant And Equipment (Tables)
Segment Reporting
Segment Reporting (Consolidated Revenue Mix By Product Type (Details)
Segment Reporting (Financial Information For Reportable Operating Segments And All Other Segments) (Details)
Segment Reporting (Information By Geographic Area) (Details)
Segment Reporting (Narrative) (Details)
Segment Reporting (Tables)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies Effects Of Early Adoption Of New Accounting Pronouncement (Details)
Summary Of Significant Accounting Policies Impact Of Licensing Of Cpg And Foodservice Businesses (Details)
Summary Of Significant Accounting Policies Reclassification (Details)
Supplemental Balance Sheet And Statement Of Earnings
Supplemental Balance Sheet Information (Accrued Liabilities) (Details)
Supplemental Balance Sheet Information (Property, Plant And Equipment, Net) (Details)
Supplemental Balance Sheet Information Schedule Of Accrued Liabilities (Tables)
Supplemental Balance Sheet Information Supplemental Balance Sheet (Prepaid And Other Current Assets) (Details)
Supplemental Statement Of Earnings Information (Store Operating Expenses) (Details)
Ticker: SBUX
CIK: 829224
Form Type: 10-K Annual Report
Accession Number: 0000829224-22-000058
Submitted to the SEC: Fri Nov 18 2022 4:35:30 PM EST
Accepted by the SEC: Fri Nov 18 2022
Period: Sunday, October 2, 2022
Industry: Retail Eating And Drinking Places

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