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Starbucks Corp (SBUX) SEC Filing 10-Q Quarterly Report for the period ending Sunday, June 27, 2021

Starbucks Corp

CIK: 829224 Ticker: SBUX



Exhibit 99.1
Starbucks Reports Record Q3 Fiscal 2021 Results
Q3 Consolidated Net Revenues Up 78% to a Record $7.5 Billion
Q3 Comparable Store Sales Up 73% Globally; U.S. Up 83% with 10% Two-Year Growth
Q3 GAAP EPS $0.97; Record Non-GAAP EPS of $1.01 Driven by Strong U.S. Performance
China Surpasses 5,000 Stores, Pushing Global Store Count to Record 33,295
Active Starbucks® Rewards Membership in the U.S. Up 48% Year-Over-Year to 24.2 Million
Raising Full-Year Fiscal 2021 Margin and Earnings Per Share Guidance


SEATTLE; July 27, 2021 – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal third quarter ended June 27, 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.

“Starbucks delivered record performance in the third quarter, demonstrating powerful momentum beyond recovery. Our ability to move with speed and agility and to be out in front of shifting customer behaviors has helped further differentiate Starbucks, positioning us well for this moment,” said Kevin Johnson, president and ceo.

“As the Great Human Reconnection continues to unfold, our partners are rising to the occasion, ready to meet our customers wherever they need us to be – with the right store, in the right place, at the right time. Given the strength of our diverse portfolio and the elevated Starbucks Experience, as evidenced in our Q3 record results, we are raising our full-year financial outlook and are confident in our ability to continue to execute our ‘Growth at Scale’ agenda to unlock the full potential of the Starbucks brand,” concluded Johnson.


Q3 Fiscal 2021 Highlights

Global comparable store sales increased 73%, driven by a 75% increase in comparable transactions, partially offset by a 1% decrease in average ticket
Americas comparable store sales increased 84%, driven by an 82% increase in comparable transactions and a 1% increase in average ticket; U.S. comparable store sales increased 83%, driven by an 80% increase in comparable transactions and a 1% increase in average ticket
International comparable store sales increased 41%, driven by a 55% increase in comparable transactions, partially offset by a 9% decline in average ticket; China comparable store sales increased 19%, driven by a 30% increase in transactions, partially offset by a 9% decline in average ticket; International and China comparable store sales include adverse impacts of approximately 5% and 6%, respectively, from lapping prior-year value-added tax exemptions in China
The company opened 352 net new stores in the third quarter of fiscal 2021, yielding 3% year-over-year unit growth, ending the period with a record 33,295 stores globally, of which 51% and 49% were company-operated and licensed, respectively
Stores in the U.S. and China comprised 62% of the company’s global portfolio at the end of the third quarter of fiscal 2021, with 15,348 and 5,135 stores, respectively
Consolidated net revenues of $7.5 billion grew 78% compared to the prior year, mainly driven by a 73% increase 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
GAAP operating margin of 19.9% increased from -16.7% in the prior year primarily driven by sales leverage from business recovery and the lapping of COVID-19 related costs in the prior year, as well as pricing in the Americas, partially offset by investments in wages and benefits for store partners; GAAP operating margin also benefited from higher restructuring activities in the prior year primarily associated with the Americas Trade Area Transformation


The following information was filed by Starbucks Corp (SBUX) on Tuesday, July 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)
Subsequent Events
Subsequent Events (Narrative) (Details)
Summary Of Significant Accounting Policies (Narrative) (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)

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Starbucks Corp provided additional information to their SEC Filing as exhibits

Ticker: SBUX
CIK: 829224
Form Type: 10-Q Quarterly Report
Accession Number: 0000829224-21-000075
Submitted to the SEC: Tue Jul 27 2021 4:57:11 PM EST
Accepted by the SEC: Tue Jul 27 2021
Period: Sunday, June 27, 2021
Industry: Retail Eating And Drinking Places

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