Last10K.com

Starbucks Corp (SBUX) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 29, 2020

SEC Filings

Starbucks Corp

CIK: 829224 Ticker: SBUX

Exhibit 99.1
Starbucks Reports Q2 Fiscal 2020 Results
Q2 Consolidated Net Revenues of $6.0 Billion, Down 5% from Prior Year Due to Adverse Impact of COVID-19
Q2 GAAP EPS of $0.28; Non-GAAP EPS of $0.32 Reflecting Material Sales Deleverage and Retail Partner Support
COVID-19 Impacts Expected to Intensify in Q3 and Moderate in Q4
Substantial Recovery in China Expected by End of Fiscal 2020

SEATTLE; April 28, 2020 – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 29, 2020. GAAP results in fiscal 2020 and fiscal 2019 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.

“People around the world are united around a common cause as we navigate the COVID-19 situation globally. We are very grateful for the heroic efforts of medical personnel, first responders, government officials and volunteers who are working tirelessly in the service of others. I am exceptionally proud of the thousands of Starbucks partners around the world who are safely serving customers and playing a positive role in every community we serve,” said Kevin Johnson, president and ceo.

“Since the beginning of this global crisis, Starbucks has made decisions that prioritize the well-being of our partners and customers, support health and government officials, and responsibly serve our communities. This principled approach is showing steady business improvement in China where today, substantially all existing Starbucks® stores have reopened with modified operations, new store locations are being added and customer engagement continues to grow with each passing week. We are leveraging our experience in China to inform our actions in other markets, including the U.S., where we are now entering the “monitor and adapt” phase to reopen many more stores with best-in-class safety protocols. We continue to navigate this dynamic situation — which we believe is temporary — and are confident that Starbucks will emerge from this global crisis even stronger than before,” concluded Johnson.

Q2 Fiscal 2020 Highlights
Global comparable store sales declined 10%, driven by a 13% decrease in comparable transactions, partially offset by a 4% increase in average ticket
Americas and U.S. comparable store sales declined 3%, driven by a 7% decrease in comparable transactions, partially offset by a 5% increase in average ticket
International comparable store sales were down 31%, driven by a 32% decline in comparable transactions, slightly offset by a 1% increase in average ticket; China comparable store sales were down 50%, with comparable transactions down 53%
The company opened 255 net new stores in Q2, yielding 6% year-over-year unit growth, ending the period with 32,050 stores globally, of which 51% and 49% were company-operated and licensed, respectively
Stores in the U.S. and China comprised 61% of the company's global portfolio at the end of Q2, with 15,257 and 4,351 stores, respectively
Consolidated net revenues of $6.0 billion declined 5% from the prior year due to lost sales related to the COVID-19 outbreak
Lost sales include the effects of temporary store closures, modified operations, reduced hours and reduced customer traffic
GAAP operating margin contracted 550 basis points year-over-year to 8.1%, primarily due to sales deleverage and additional costs incurred in response to the COVID-19 outbreak, mainly catastrophe wages as well as enhanced pay programs and additional benefits in support of retail store partners, inventory write-offs and store safety items
Non-GAAP operating margin of 9.2% contracted 660 basis points compared to the prior year
GAAP Earnings Per Share of $0.28, down 47% from the prior year primarily due to unfavorable impacts related to the COVID-19 outbreak
Non-GAAP EPS of $0.32, down 47% from the prior year
Starbucks® Rewards loyalty program grew to 19.4 million active members in the U.S., up 15% year-over-year


The following information was filed by Starbucks Corp (SBUX) on Tuesday, April 28, 2020 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.

View differences made from one quarter to another to evaluate Starbucks Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Starbucks Corp.

Continue

Assess how Starbucks Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Starbucks Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Revenue
Financial
M & A
Other
Filter by Subcategory:
All
Product
Geography
Income
Dividend
Debt
Expense
Shares
Earnings
Other
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
Supplemental Balance Sheet Information Supplemental Balance Sheet Information (Prepaid Expenses And Other Current Assets) (Details)
(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 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)
Inventories
Inventories (Components Of Inventory) (Details)
Inventories (Narrative) (Details)
Inventories (Tables)
Leases
Leases - Narrative (Details)
Leases - Schedule Of Cash Flow, Supplemental Disclosures (Details)
Leases - Schedule Of Future Minimum Rental Payments (Details)
Leases - Schedule Of Lease Cost (Details)
Leases - Schedule Of Maturity Of Operating Lease Payments (Details)
Leases - Schedule Of Rent Expense (Details)
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)
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)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies Goodwill (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 (Tables)

Material Contracts, Statements, Certifications & more

Starbucks Corp provided additional information to their SEC Filing as exhibits

Ticker: SBUX
CIK: 829224
Form Type: 10-Q Quarterly Report
Accession Number: 0000829224-20-000045
Submitted to the SEC: Tue Apr 28 2020 4:53:56 PM EST
Accepted by the SEC: Tue Apr 28 2020
Period: Sunday, March 29, 2020
Industry: Retail Eating And Drinking Places

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/sbux/0000829224-20-000045.htm