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Starbucks Corp (SBUX) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Starbucks Corp

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CIK: 829224 Ticker: SBUX
1

Exhibit 99.1
Starbucks Reports Q3 Fiscal 2019 Results
Q3 Comparable Store Sales Up 6% Globally, Led by 7% Comp Growth in the U.S. and 6% Comp Growth in China
Global Net Store Growth of 7% Versus Prior Year, Led by 16% Net Store Growth in China
GAAP EPS of $1.12; Non-GAAP EPS of $0.78, Up 26% Year-Over-Year
Active Starbucks® Rewards Membership in the U.S. Increases 14% Year-Over-Year to 17.2 Million


SEATTLE; July 25, 2019 – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal third quarter ended June 30, 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.

“Starbucks delivered strong operating performance in the third quarter, further demonstrating that our ‘Growth at Scale’ agenda is working,” says Kevin Johnson, president and ceo. “Our two targeted long-term growth markets, the U.S. and China, performed extremely well across a number of measures as a result of our focus on enhancing the customer experience, driving new beverage innovation and accelerating the expansion of our digital customer relationships. Given the strong momentum across our business, we are raising our full-year financial outlook.”

“Starbucks continues to be focused and disciplined in the execution of our three key strategic priorities that we established last year: accelerating growth in the U.S. and China, expanding the global reach of the Starbucks brand through our Global Coffee Alliance with Nestlé, and increasing shareholder returns. With our efforts to streamline the company and elevate the Starbucks brand, we are positioning the company to deliver predictable and sustainable operating results while building an enduring company that creates meaningful long-term value for Starbucks shareholders,” concluded Johnson.


Q3 Fiscal 2019 Highlights
•
Global comparable store sales increased 6%, driven by a 3% increase in average ticket and a 3% increase in comparable transactions
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Americas comparable store sales increased 7%, driven by a 4% increase in average ticket and a 3% increase in transactions; U.S. comparable store sales increased 7%, with transactions up 3%
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China/Asia Pacific comparable store sales increased 5%, driven by a 3% increase in average ticket and a 2% increase in transactions; China comparable store sales increased 6%, with transactions up 2%
•
The company opened 442 net new stores in Q3, yielding 30,626 stores at the end of the quarter, a 7% increase over the prior year. Nearly one-third of net new store openings were in China and 48% were in other international markets
•
Consolidated net revenues of $6.8 billion grew 8% over the prior year
◦
Consolidated net revenues grew 11% over the prior year adjusted for unfavorable impacts of approximately 2% from Streamline-driven activities and 1% from foreign currency translation
◦
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, inclusive of restructuring and impairment charges, declined 10 basis points year-over-year to 16.4%, primarily due to partner (employee) investments, largely in the Americas segment, licensing of our CPG and foodservice businesses to Nestlé, product mix and higher inventory reserves, partially offset by sales leverage, cost savings initiatives and the adoption of new revenue recognition accounting for stored value card (SVC) breakage
◦
Non-GAAP operating margin of 18.3% declined 20 basis points compared to the prior year. Excluding a 70-basis point unfavorable impact from Streamline-related activities, non-GAAP operating margin expanded by approximately 50 basis points
•
GAAP Earnings Per Share of $1.12, up 84% over the prior year

- more -
The following information was filed by Starbucks Corp (SBUX) on Thursday, July 25, 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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Starbucks Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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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
Condensed Consolidated Statements Of Equity
(Components Of Long-Term Debt Including Associated Interest Rates And Related Fair Values) (Details)
Acquisitions And Divestitures
Acquisitions And Divestitures (Narrative) (Details)
Acquisitions And Divestitures Definite-Lived Intangible Assets Acquired (Details)
Commitments And Contingencies
Debt
Debt (Narrative) (Details)
Debt (Summary Of Long-Term Debt Maturities) (Details)
Debt (Tables)
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)
Derivative Financial Instruments Derivative Instruments Under Security Arrangements (Details)
Derivative Financial Instruments Interest Rate Swaps (Schedule Of Fair Value Hedging Instruments, Statements Of Financial Performance And Financial Position) (Details)
Derivative Financial Instruments Schedule Of Interest Rate Swaps (Tables)
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 (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 (Narrative) (Details)
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) (Tables)
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)
Revenue Recognition
Revenue Recognition (Narrative) (Details)
Revenue Recognition Impact Of Licensing Of Cpg And Foodservice Businesses (Details)
Segment Reporting
Segment Reporting (Financial Information For Reportable Operating Segments And All Other Segments) (Details)
Segment Reporting (Narrative) (Details)
Segment Reporting (Reconciliation Of Total Segment Operating Income To Consolidated Earnings Before Income Taxes) (Details)
Segment Reporting (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies Goodwill (Details)
Summary Of Significant Accounting Policies New Accounting Pronouncements Or Change In Accounting Principle (Tables)
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 10.1: Material Contract
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: 0000829224-19-000036
Submitted to the SEC: Tue Jul 30 2019 12:45:22 PM EST
Accepted by the SEC: Tue Jul 30 2019
Period: Sunday, June 30, 2019
Industry: Retail Eating And Drinking Places

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