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Starbucks Corp (SBUX) SEC Filing 10-Q Quarterly report for the period ending Sunday, December 30, 2018

Starbucks Corp

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CIK: 829224 Ticker: SBUX

Exhibit 99.1
Starbucks Reports Q1 Fiscal 2019 Results
Q1 Consolidated Net Revenues Up 9% to Record $6.6 Billion
Q1 Comparable Store Sales Up 4% Globally Driven by 4% Growth in the U.S.
China Comparable Store Sales Up 1% in Q1 and Total China Stores Up 18% Versus Prior Year
GAAP EPS of $0.61; Non-GAAP EPS of $0.75, Up 15% Year-Over-Year Including Income Tax Favorability
Active Starbucks RewardsTM Membership in the U.S. Increases 14% Year-Over-Year to 16.3 Million


SEATTLE; January 24, 2019 – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal first quarter ended December 30, 2018. 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.

“Starbucks delivered solid operating results in the first quarter, demonstrating continued momentum in our business, as we drive our growth-at-scale agenda with focus and discipline,” said Kevin Johnson, president and ceo. “We are particularly pleased with the sequential improvement in quarterly comparable store transactions in the U.S., underpinned by our digital initiatives and improved execution of our in-store experience.  With this solid start to the fiscal year, we are on track to deliver on our full-year commitments.”

“Comprehensive efforts to streamline our business have allowed us to focus on three key strategic initiatives that position Starbucks for long-term success:  accelerating growth in our targeted markets of the U.S. and China, expanding the global reach of the Starbucks brand through our Global Coffee Alliance with Nestlé, and increasing shareholder returns.  Combined with our efforts to build and amplify the Starbucks brand, we expect these initiatives will position the company to drive predictable, sustainable growth and shareholder returns for years to come,” concluded Johnson.


Q1 Fiscal 2019 Highlights
•
Global comparable store sales increased 4%, driven by a 3% increase in average ticket
◦
Americas and U.S. comparable store sales increased 4%, with transactions flat
◦
CAP comparable store sales increased 3%, including 1% transaction growth; China comparable store sales increased 1%, with transactions down 2%
•
The company opened 541 net new stores in Q1, yielding 29,865 stores at the end of the quarter, a 7% increase over the prior year. Over two-thirds of the net new store openings were outside the U.S.; approximately 50% were licensed
•
Consolidated net revenues of $6.6 billion grew 9% over the prior year including a net benefit of approximately 1% from Streamline-driven activities and unfavorable foreign currency translation of nearly 1%
◦
Streamline-driven activities include the consolidation of the acquired East China business, partially offset by licensing our CPG and foodservice businesses to Nestlé following the close of the deal on August 26, 2018 and the sale of the Tazo brand
•
GAAP operating margin, inclusive of restructuring and impairment charges, declined 310 basis points year-over-year to 15.3% primarily due to Streamline-driven activities and partner (employee) investments
◦
Non-GAAP operating margin of 17.4% declined 180 basis points compared to the prior year
•
GAAP Earnings Per Share of $0.61, down 61% over the prior year
◦
Non-GAAP EPS of $0.75, up 15% over the prior year, included a $0.07 benefit from discrete income tax items
•
The company returned $5.5 billion to shareholders through a combination of share repurchases and dividends
•
Starbucks RewardsTM loyalty program grew to 16.3 million active members in the U.S., up 14% year-over-year



- more -
The following information was filed by Starbucks Corp (SBUX) on Thursday, January 24, 2019 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Earnings
Acquisitions And Divestitures
Acquisitions And Divestitures (Narrative) (Details)
Acquisitions And Divestitures Acquisitions And Divestitures (Tables)
Acquisitions And Divestitures Definite-Lived Intangible Assets Acquired (Details)
Commitments And Contingencies (Notes)
Debt
Debt (Components Of Long-Term Debt Including Associated Interest Rates And Related Fair Values) (Details)
Debt (Tables)
Debt Debt (Narrative) (Details)
Debt Debt (Summary Of Long-Term Debt Maturities) (Details)
Derivative And Financial Instruments (Notional Amounts Of Outstanding Derivative Contracts) (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Derivative Gains And Losses Included In Aoci And Expected To Be Reclassified Into Earnings In 12 Months, Net Of Tax) (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 (Tables)
Derivative Financial Instruments Derivative Financial Instruments (Fair Value Of Outstanding Derivative Contracts) (Details)
Earnings Per Share
Earnings Per Share (Calculation Of Net Earnings Per Common Share (Eps) - Basic And Diluted) (Details)
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Tables)
Employee Stock Plans
Employee Stock Plans (Narrative) (Details)
Employee Stock Plans (Stock Option And Rsu Transactions) (Details)
Employee Stock Plans (Stock-Based Compensation Expense Recognized In Consolidated Statement Of Earnings) (Details)
Employee Stock Plans (Tables)
Equity
Equity (Changes In Total Equity) (Details)
Equity (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)
Fair Value Measurements
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes Income Taxes (Narrative) (Details)
Income Taxes Income Taxes (Tables)
Inventories
Inventories (Components Of Inventory) (Details)
Inventories (Narrative) (Details)
Inventories (Tables)
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 Other Intangible Assets And Goodwill (Estimated Future Amortization Expense) (Details)
Other Intangible Assets And Goodwill Other Intangible Assets And Goodwill (Finite-Lived Intangible Assets) (Details)
Other Intangible Assets And Goodwill Other Intangible Assets And Goodwill (Indefinite-Lived Intangible Assets) (Details)
Revenue Recognition Impact Of Licensing Of Cpg And Foodservice Businesses (Details)
Revenue Recognition Revenue Recognition
Revenue Recognition Revenue Recognition (Narrative) (Details)
Segment Reporting
Segment Reporting (Financial Information For Reportable Operating Segments And All Other Segments) (Details)
Segment Reporting (Reconciliation Of Total Segment Operating Income To Consolidated Earnings Before Income Taxes) (Details)
Segment Reporting (Tables)
Segment Reporting Segment Reporting (Narrative) (Details) (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies Goodwill (Details)
Summary Of Significant Accounting Policies New Accounting Pronouncements Or Change In Accounting Principle (Tables)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies Summary Of Significant Policies (Policies)
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information (Accrued Liabilities) (Details)
Supplemental Balance Sheet Information (Property, Plant And Equipment, Net) (Details)
Supplemental Balance Sheet Information (Tables)
Supplemental Balance Sheet Information Supplemental Balance Sheet Information (Prepaid Expenses And Other Current Assets) (Details)

Material Contracts, Statements, Certifications & more

Starbucks Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: SBUX
CIK: 829224
Form Type: 10-Q Quarterly Report
Accession Number: 0000829224-19-000011
Submitted to the SEC: Tue Jan 29 2019 12:04:40 PM EST
Accepted by the SEC: Tue Jan 29 2019
Period: Sunday, December 30, 2018
Industry: Retail Eating And Drinking Places

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