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Starbucks Corp (SBUX) SEC Filing 10-Q Quarterly Report for the period ending Sunday, March 28, 2021

Starbucks Corp

CIK: 829224 Ticker: SBUX



Exhibit 99.1
Starbucks Reports Q2 Fiscal 2021 Results
Q2 Comparable Store Sales Growth of 9% in the U.S.; Demonstrating Full Sales Recovery
Q2 Comparable Store Sales Growth of 91% in China, Including Reinstated VAT Benefit
Q2 GAAP EPS $0.56; Non-GAAP EPS $0.62 Reflecting Meaningful Margin Improvement from Prior Quarter
Active Starbucks® Rewards Membership in the U.S. Up 18% Year-Over-Year to 22.9 Million
Raising Full-Year Fiscal 2021 Revenue, Margin and Earnings Per Share Guidance


SEATTLE; April 27, 2021 – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 28, 2021. GAAP results in fiscal 2021 and fiscal 2020 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 progress to date in fiscal 2021, as our second quarter results demonstrated impressive momentum in the business with full sales recovery in the U.S. Our strong results validate our ability to adapt to changes in our environment and the needs of our customers,” said Kevin Johnson, president and ceo.

“We have positioned Starbucks for the inevitable great human reconnection that we see unfolding in the U.S. and will propagate in every market around the world, where people once again connect with others face-to-face to heal, to belong, to reflect, to share and to celebrate. Starbucks was built for this moment, and as we celebrate our 50th anniversary, we remain confident in our ability to execute our ‘Growth at Scale’ agenda and unlock the full potential of the Starbucks brand,” concluded Johnson.


Q2 Fiscal 2021 Highlights

Global comparable store sales increased 15%, driven by a 19% increase in average ticket, partially offset by a 4% decline in comparable transactions
Americas comparable store sales increased 9%, driven by a 22% increase in average ticket, partially offset by a 10% decline in comparable transactions; U.S. comparable store sales increased 9%, driven by a 21% increase in average ticket, partially offset by a 10% decline in comparable transactions
International comparable store sales increased 35%, driven by a 26% increase in comparable transactions and a 7% increase in average ticket; China comparable store sales increased 91%, driven by a 93% increase in transactions, slightly offset by a 1% decline in average ticket; International and China comparable store sales are inclusive of a benefit from value-added tax exemptions in China reinstated as of January 1, 2021, of approximately 4% and 9%, respectively
The company opened 5 net new stores in the second quarter of fiscal 2021, yielding 3% year-over-year unit growth, ending the period with 32,943 stores globally, of which 51% and 49% were company-operated and licensed, respectively
Net new store openings reflect the impact of approximately 300 U.S. and Canada company-operated store closures in relation to the acceleration of the Americas Trade Area Transformation initiative announced last June, which is part of our ongoing strategy to strengthen and optimize our portfolio
Stores in the U.S. and China comprised 62% of the company’s global portfolio at the end of the second quarter of fiscal 2021, with 15,288 and 4,973 stores, respectively
Consolidated net revenues of $6.7 billion increased 11% from the prior year, mainly driven by a 15% growth in comparable store sales primarily from lapping the unfavorable impact of business disruption in the prior year due to the COVID-19 pandemic and strength in U.S. company-operated sales in the current year, partially offset by the unfavorable impact of Global Coffee Alliance transition-related activities



The following information was filed by Starbucks Corp (SBUX) on Tuesday, April 27, 2021 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
Condensed Consolidated Statements Of Equity
(Components Of Long-Term Debt Including Associated Interest Rates And Related Fair Values) (Details)
Commitments And Contingencies
Debt
Debt (Narrative) (Details)
Debt (Summary Of Long-Term Debt Maturities) (Details)
Debt (Tables)
Deferred Revenue
Deferred Revenue (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)
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)
Intangible Assets, Goodwill And Other (Changes In Carrying Amount Of Goodwill By Reportable Operating Segment) (Details)
Intangible Assets, Goodwill And Other (Narrative) (Details)
Inventories
Inventories (Components Of Inventory) (Details)
Inventories (Narrative) (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Schedule Of Lease Cost (Details)
Leases - Schedule Of Maturity Of Operating Lease Payments (Details)
Leases - Schedule Supplemental Disclosures (Details)
Other Intangible Assets And Goodwill
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 (Tables)
Revenue From Contract With Customer (Details)
Revenue Recognition (Narrative) (Details)
Segment Reporting
Segment Reporting (Narrative) (Details)
Segment Reporting (Reconciliation Of Total Segment Operating Income To Consolidated Earnings Before Income Taxes) (Details)
Segment Reporting (Revenue From External Customers By Products And Services) (Details)
Segment Reporting (Tables)
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Supplemental Balance Sheet And Income Statement
Supplemental Balance Sheet And Statement Of Earnings Information (Tables)
Supplemental Balance Sheet Information (Accrued Liabilities) (Details)
Supplemental Balance Sheet Information (Prepaid Expenses And Other Current Assets) (Details)
Supplemental Balance Sheet Information (Property, Plant And Equipment, Net) (Details)
Supplemental Income Statement Information (Store Operating Expenses) (Details)

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: 0000829224-21-000053
Submitted to the SEC: Tue Apr 27 2021 4:47:04 PM EST
Accepted by the SEC: Tue Apr 27 2021
Period: Sunday, March 28, 2021
Industry: Retail Eating And Drinking Places

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