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Starbucks Corp (SBUX) SEC Filing 10-K Annual report for the fiscal year ending Sunday, September 27, 2020

Starbucks Corp

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CIK: 829224 Ticker: SBUX



Exhibit 99.1
Starbucks Reports Q4 Fiscal 2020 Results
Q4 Comparable Store Sales of -9% in the U.S. and -3% in China, Demonstrating Sustained Recovery
Q4 GAAP EPS of $0.33; Non-GAAP EPS of $0.51 Reflecting Substantial Improvement from Q3
Active Starbucks® Rewards Membership in the U.S. Up 10% Year-Over-Year to 19.3 Million
Fiscal 2021 Outlook Reaffirms Path to Full Recovery


SEATTLE; October 29, 2020 – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended September 27, 2020. GAAP results in fiscal 2020 and fiscal 2019 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.
“I am very pleased with our strong finish to fiscal 2020, underpinned by a faster-than-expected recovery in our two lead growth markets, the U.S. and China. These results demonstrate the continued strength and relevance of our brand, the effectiveness of the actions we’ve taken to adapt to meaningful changes in consumer behavior and the extraordinary efforts of our green apron partners to serve our customers and communities in challenging circumstances,” said Kevin Johnson, president and ceo.
“The guiding principles we established at the onset of the pandemic, combined with our industry-leading digital platform and our ability to innovate rapidly, continue to fuel our recovery and provide confidence in a robust operating outlook for fiscal 2021. Our strategies are working and I am optimistic that we will emerge from the COVID-19 pandemic as a stronger and more resilient company,” concluded Johnson.


Q4 Fiscal 2020 Highlights

•Global comparable store sales declined 9%, driven by a 23% decrease in comparable transactions, partially offset by a 17% increase in average ticket
◦Americas and U.S. comparable store sales declined 9%, driven by a 25% decrease in comparable transactions, partially offset by a 21% increase in average ticket
◦International comparable store sales were down 10%, driven by a 15% decline in comparable transactions, partially offset by a 7% increase in average ticket; China comparable store sales were down 3%, with comparable transactions down 7%, partially offset by a 5% increase in average ticket; International and China comparable store sales are inclusive of a benefit from value-added tax exemptions of approximately 2% and 4%, respectively
•The company opened 480 net new stores in Q4, yielding 4% year-over-year unit growth, ending the period with 32,660 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 Q4, with 15,337 and 4,706 stores, respectively
•Consolidated net revenues of $6.2 billion declined 8% from the prior year primarily due to lost sales related to the COVID-19 outbreak
◦Lost sales of approximately $1.2 billion relative to the company’s expectations before the outbreak included the effects of modified operations, reduced hours, reduced customer traffic and temporary store closures(1)
•GAAP operating margin of 9.0%, down from 16.1% in the prior year primarily due to the COVID-19 outbreak, mainly sales deleverage, material investments in retail partner support and other items; GAAP operating margin was also adversely impacted by the Americas store portfolio optimization expenses
◦Non-GAAP operating margin of 13.2%, down from 17.2% in the prior year
•GAAP earnings per share of $0.33, down from $0.67 in the prior year primarily due to unfavorable impacts related to the COVID-19 outbreak totaling approximately -$0.35 per share(1) (2)
◦Non-GAAP earnings per share of $0.51, down from $0.70 in the prior year


The following information was filed by Starbucks Corp (SBUX) on Thursday, October 29, 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-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
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)
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 (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 (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 (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 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) (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) (1)
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)
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: 0000829224-20-000078
Submitted to the SEC: Thu Nov 12 2020 4:59:07 PM EST
Accepted by the SEC: Thu Nov 12 2020
Period: Sunday, September 27, 2020
Industry: Retail Eating And Drinking Places

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