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Starbucks Corp (SBUX) SEC Filing 10-K Annual report for the fiscal year ending Sunday, September 29, 2019

Starbucks Corp

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CIK: 829224 Ticker: SBUX

Exhibit 99.1
Starbucks Reports Q4 and Full Year Fiscal 2019 Results
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


SEATTLE; October 30, 2019 – 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

- more -
The following information was filed by Starbucks Corp (SBUX) on Wednesday, October 30, 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-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

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
Consolidated Statements Of Equity (Parenthetical)
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)
Acquisitions And Divestitures (Tables)
Commitments And Contingencies (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 (Tables)
Debt Debt (Summary Of Long-Term Debt Maturities) (Details)
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 (Tables)
Derivative Financial Instruments Derivative Financial Instruments (Narrative) (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 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 (Dividends Declared) (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)
Equity Share Repurchase (Details)
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 (Narrative) (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)
Inventories (Tables)
Leases
Leases (Minimum Future Rental Payments Under Non-Cancelable Operating Leases And Lease Financing Arrangements) (Details)
Leases (Narrative) (Details)
Leases (Rent Expense Under Operating Lease Agreements) (Details)
Leases (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 (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)
Selected Quarterly Financial Information
Selected Quarterly Financial Information (Schedule Of Selected Quarterly Financial Information) (Details)
Selected Quarterly Financial Information (Tables)
Subsequent Events (Details)
Subsequent Events Subsequent Events (Notes)
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 Information
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 (Prepaids And Other Current Assets) (Details)
Ticker: SBUX
CIK: 829224
Form Type: 10-K Annual Report
Accession Number: 0000829224-19-000051
Submitted to the SEC: Fri Nov 15 2019 11:16:58 AM EST
Accepted by the SEC: Fri Nov 15 2019
Period: Sunday, September 29, 2019
Industry: Retail Eating And Drinking Places

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