Washington | 91-1325671 | ||||
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) |
Title | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, par value $0.001 per share | SBUX | Nasdaq Global Select Market |
Large accelerated filer | x | Accelerated filer | ¨ | Non-accelerated filer | ¨ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company | ☐ |
Shares Outstanding as of April 27, 2022 | ||
1,146.9 million |
PART I. FINANCIAL INFORMATION | ||||||||
Item 1 | ||||||||
Item 2 | ||||||||
Item 3 | ||||||||
Item 4 | ||||||||
PART II. OTHER INFORMATION | ||||||||
Item 1 | ||||||||
Item 1A | ||||||||
Item 2 | ||||||||
Item 3 | ||||||||
Item 4 | ||||||||
Item 5 | ||||||||
Item 6 | ||||||||
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||
Company-operated stores | $ | 6,276.7 | $ | 5,653.1 | $ | 12,999.1 | $ | 11,379.6 | |||||||||||||||
Licensed stores | 849.5 | 595.0 | 1,700.3 | 1,208.8 | |||||||||||||||||||
Other | 509.4 | 419.9 | 986.6 | 829.1 | |||||||||||||||||||
Total net revenues | 7,635.6 | 6,668.0 | 15,686.0 | 13,417.5 | |||||||||||||||||||
Product and distribution costs | 2,465.8 | 1,992.4 | 4,992.7 | 4,041.5 | |||||||||||||||||||
Store operating expenses | 3,314.7 | 2,823.3 | 6,714.6 | 5,690.7 | |||||||||||||||||||
Other operating expenses | 101.7 | 87.7 | 203.4 | 179.5 | |||||||||||||||||||
Depreciation and amortization expenses | 367.7 | 366.7 | 733.8 | 732.6 | |||||||||||||||||||
General and administrative expenses | 481.5 | 464.4 | 1,007.3 | 936.5 | |||||||||||||||||||
Restructuring and impairments | 4.4 | 23.0 | (3.1) | 95.2 | |||||||||||||||||||
Total operating expenses | 6,735.8 | 5,757.5 | 13,648.7 | 11,676.0 | |||||||||||||||||||
Income from equity investees | 49.1 | 77.1 | 89.4 | 159.7 | |||||||||||||||||||
Operating income | 948.9 | 987.6 | 2,126.7 | 1,901.2 | |||||||||||||||||||
Interest income and other, net | 46.3 | 17.3 | 46.2 | 32.7 | |||||||||||||||||||
Interest expense | (119.1) | (115.0) | (234.4) | (235.8) | |||||||||||||||||||
Earnings before income taxes | 876.1 | 889.9 | 1,938.5 | 1,698.1 | |||||||||||||||||||
Income tax expense | 201.1 | 230.5 | 447.4 | 416.5 | |||||||||||||||||||
Net earnings including noncontrolling interests | 675.0 | 659.4 | 1,491.1 | 1,281.6 | |||||||||||||||||||
Net earnings attributable to noncontrolling interests | 0.5 | — | 0.7 | — | |||||||||||||||||||
Net earnings attributable to Starbucks | $ | 674.5 | $ | 659.4 | $ | 1,490.4 | $ | 1,281.6 | |||||||||||||||
Earnings per share - basic | $ | 0.59 | $ | 0.56 | $ | 1.29 | $ | 1.09 | |||||||||||||||
Earnings per share - diluted | $ | 0.58 | $ | 0.56 | $ | 1.28 | $ | 1.08 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 1,149.2 | 1,177.5 | 1,159.4 | 1,176.3 | |||||||||||||||||||
Diluted | 1,153.9 | 1,184.8 | 1,165.2 | 1,183.9 |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||
Net earnings including noncontrolling interests | $ | 675.0 | $ | 659.4 | $ | 1,491.1 | $ | 1,281.6 | |||||||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||||||||
Unrealized holding gains/(losses) on available-for-sale debt securities | (10.5) | (2.5) | (13.9) | (3.0) | |||||||||||||||||||
Tax (expense)/benefit | 2.6 | 0.5 | 3.4 | 0.6 | |||||||||||||||||||
Unrealized gains/(losses) on cash flow hedging instruments | 67.1 | 97.2 | 155.8 | 104.9 | |||||||||||||||||||
Tax (expense)/benefit | (14.2) | (23.9) | (26.0) | (26.8) | |||||||||||||||||||
Unrealized gains/(losses) on net investment hedging instruments | 38.1 | 47.7 | 79.6 | 17.5 | |||||||||||||||||||
Tax (expense)/benefit | (9.6) | (12.1) | (20.1) | (4.5) | |||||||||||||||||||
Translation adjustment and other | (38.5) | (83.4) | (24.3) | 155.3 | |||||||||||||||||||
Tax (expense)/benefit | — | 2.2 | — | 2.2 | |||||||||||||||||||
Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale debt securities, hedging instruments, and translation adjustment | (34.2) | (7.9) | (50.3) | (11.5) | |||||||||||||||||||
Tax expense/(benefit) | 6.0 | 1.8 | 8.9 | 3.6 | |||||||||||||||||||
Other comprehensive income | 6.8 | 19.6 | 113.1 | 238.3 | |||||||||||||||||||
Comprehensive income including noncontrolling interests | 681.8 | 679.0 | 1,604.2 | 1,519.9 | |||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | 0.5 | — | 0.7 | — | |||||||||||||||||||
Comprehensive income attributable to Starbucks | $ | 681.3 | $ | 679.0 | $ | 1,603.5 | $ | 1,519.9 | |||||||||||||||
Apr 3, 2022 | Oct 3, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 3,913.4 | $ | 6,455.7 | |||||||
Short-term investments | 82.1 | 162.2 | |||||||||
Accounts receivable, net | 1,001.9 | 940.0 | |||||||||
Inventories | 1,920.0 | 1,603.9 | |||||||||
Prepaid expenses and other current assets | 623.7 | 594.6 | |||||||||
Total current assets | 7,541.1 | 9,756.4 | |||||||||
Long-term investments | 285.6 | 281.7 | |||||||||
Equity investments | 270.8 | 268.5 | |||||||||
Property, plant and equipment, net | 6,460.8 | 6,369.5 | |||||||||
Operating lease, right-of-use asset | 8,170.2 | 8,236.0 | |||||||||
Deferred income taxes, net | 1,809.4 | 1,874.8 | |||||||||
Other long-term assets | 582.8 | 578.5 | |||||||||
Other intangible assets | 254.7 | 349.9 | |||||||||
Goodwill | 3,646.1 | 3,677.3 | |||||||||
TOTAL ASSETS | $ | 29,021.5 | $ | 31,392.6 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 1,329.5 | $ | 1,211.6 | |||||||
Accrued liabilities | 2,092.4 | 2,321.2 | |||||||||
Accrued payroll and benefits | 665.9 | 772.3 | |||||||||
Current portion of operating lease liability | 1,236.3 | 1,251.3 | |||||||||
Stored value card liability and current portion of deferred revenue | 1,781.6 | 1,596.1 | |||||||||
Current portion of long-term debt | 1,998.6 | 998.9 | |||||||||
Total current liabilities | 9,104.3 | 8,151.4 | |||||||||
Long-term debt | 14,014.4 | 13,616.9 | |||||||||
Operating lease liability | 7,668.5 | 7,738.0 | |||||||||
Deferred revenue | 6,381.9 | 6,463.0 | |||||||||
Other long-term liabilities | 613.6 | 737.8 | |||||||||
Total liabilities | 37,782.7 | 36,707.1 | |||||||||
Shareholders' deficit: | |||||||||||
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,146.9 and 1,180.0 shares, respectively | 1.1 | 1.2 | |||||||||
Additional paid-in capital | 41.1 | 846.1 | |||||||||
Retained deficit | (9,070.5) | (6,315.7) | |||||||||
Accumulated other comprehensive income | 260.3 | 147.2 | |||||||||
Total shareholders’ deficit | (8,768.0) | (5,321.2) | |||||||||
Noncontrolling interests | 6.8 | 6.7 | |||||||||
Total deficit | (8,761.2) | (5,314.5) | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) | $ | 29,021.5 | $ | 31,392.6 |
Two Quarters Ended | |||||||||||
Apr 3, 2022 | Mar 28, 2021 | ||||||||||
OPERATING ACTIVITIES: | |||||||||||
Net earnings including noncontrolling interests | $ | 1,491.1 | $ | 1,281.6 | |||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 777.7 | 772.9 | |||||||||
Deferred income taxes, net | 28.4 | (25.2) | |||||||||
Income earned from equity method investees | (118.7) | (131.3) | |||||||||
Distributions received from equity method investees | 100.8 | 130.2 | |||||||||
Stock-based compensation | 149.2 | 175.3 | |||||||||
Non-cash lease costs | 670.7 | 617.9 | |||||||||
Loss on retirement and impairment of assets | 77.3 | 175.4 | |||||||||
Other | (17.9) | (15.4) | |||||||||
Cash provided by/(used in) changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (62.1) | 12.8 | |||||||||
Inventories | (324.9) | 51.3 | |||||||||
Prepaid expenses and other current assets | (120.7) | 139.7 | |||||||||
Accounts payable | 133.0 | 21.3 | |||||||||
Deferred revenue | 110.2 | 89.8 | |||||||||
Operating lease liability | (766.3) | (676.3) | |||||||||
Other operating assets and liabilities | (95.0) | 99.5 | |||||||||
Net cash provided by operating activities | 2,032.8 | 2,719.5 | |||||||||
INVESTING ACTIVITIES: | |||||||||||
Purchases of investments | (67.5) | (321.7) | |||||||||
Sales of investments | 72.6 | 121.7 | |||||||||
Maturities and calls of investments | 55.7 | 289.0 | |||||||||
Additions to property, plant and equipment | (871.9) | (647.9) | |||||||||
Other | (69.8) | (20.1) | |||||||||
Net cash used in investing activities | (880.9) | (579.0) | |||||||||
FINANCING ACTIVITIES: | |||||||||||
Net proceeds/(payments) from issuance of commercial paper | — | (296.5) | |||||||||
Net proceeds from issuance of short-term debt | 17.4 | 203.3 | |||||||||
Repayments of short-term debt | (12.6) | (320.5) | |||||||||
Proceeds from issuance of long-term debt | 1,498.1 | — | |||||||||
Repayments of long-term debt | — | (1,250.0) | |||||||||
Proceeds from issuance of common stock | 56.3 | 134.4 | |||||||||
Cash dividends paid | (1,139.2) | (1,058.0) | |||||||||
Repurchase of common stock | (3,997.5) | — | |||||||||
Minimum tax withholdings on share-based awards | (122.1) | (90.1) | |||||||||
Other | (9.2) | — | |||||||||
Net cash used in financing activities | (3,708.8) | (2,677.4) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 14.6 | 66.7 | |||||||||
Net increase/(decrease) in cash and cash equivalents | (2,542.3) | (470.2) | |||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||
Beginning of period | 6,455.7 | 4,350.9 | |||||||||
End of period | $ | 3,913.4 | $ | 3,880.7 | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest, net of capitalized interest | $ | 236.0 | $ | 250.8 | |||||||
Income taxes | $ | 783.2 | $ | 236.2 | |||||||
Common Stock | Additional Paid-in Capital | Retained Earnings/(Deficit) | Accumulated Other Comprehensive Income/(Loss) | Shareholders’ Equity/(Deficit) | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 2, 2022 | 1,151.6 | $ | 1.2 | $ | 41.1 | $ | (8,753.0) | $ | 253.5 | $ | (8,457.2) | $ | 6.9 | $ | (8,450.3) | ||||||||||||||||||||||||||||||||
Net earnings | — | — | — | 674.5 | — | 674.5 | 0.5 | 675.0 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 6.8 | 6.8 | — | 6.8 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 54.4 | — | — | 54.4 | — | 54.4 | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options/vesting of RSUs | 0.4 | (0.1) | (4.4) | — | — | (4.5) | — | (4.5) | |||||||||||||||||||||||||||||||||||||||
Sale of common stock | 0.1 | — | 11.0 | — | — | 11.0 | — | 11.0 | |||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (5.2) | — | (61.0) | (431.1) | — | (492.1) | — | (492.1) | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared, $0.49 per share | — | — | — | (560.9) | — | (560.9) | — | (560.9) | |||||||||||||||||||||||||||||||||||||||
Net distributions to noncontrolling interests | — | — | — | — | — | — | (0.6) | (0.6) | |||||||||||||||||||||||||||||||||||||||
Balance, April 3, 2022 | 1,146.9 | $ | 1.1 | $ | 41.1 | $ | (9,070.5) | $ | 260.3 | $ | (8,768.0) | $ | 6.8 | $ | (8,761.2) | ||||||||||||||||||||||||||||||||
Balance, December 27, 2020 | 1,177.2 | $ | 1.2 | $ | 488.6 | $ | (8,253.6) | $ | (145.9) | $ | (7,909.7) | $ | 5.7 | $ | (7,904.0) | ||||||||||||||||||||||||||||||||
Net earnings | — | — | — | 659.4 | — | 659.4 | — | 659.4 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 19.6 | 19.6 | — | 19.6 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 76.7 | — | — | 76.7 | — | 76.7 | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options/vesting of RSUs | 0.6 | — | 20.0 | — | — | 20.0 | — | 20.0 | |||||||||||||||||||||||||||||||||||||||
Sale of common stock | 0.1 | — | 10.1 | — | — | 10.1 | — | 10.1 | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared, $0.45 per share | — | — | — | (530.1) | — | (530.1) | — | (530.1) | |||||||||||||||||||||||||||||||||||||||
Balance, March 28, 2021 | 1,177.9 | $ | 1.2 | $ | 595.4 | $ | (8,124.3) | $ | (126.3) | $ | (7,654.0) | $ | 5.7 | $ | (7,648.3) |
Common Stock | Additional Paid-in Capital | Retained Earnings/(Deficit) | Accumulated Other Comprehensive Income/(Loss) | Shareholders’ Equity/(Deficit) | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, October 3, 2021 | 1,180.0 | $ | 1.2 | $ | 846.1 | $ | (6,315.7) | $ | 147.2 | $ | (5,321.2) | $ | 6.7 | $ | (5,314.5) | ||||||||||||||||||||||||||||||||
Net earnings | — | — | — | 1,490.4 | — | 1,490.4 | 0.7 | 1,491.1 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | 113.1 | 113.1 | — | 113.1 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 151.5 | — | — | 151.5 | — | 151.5 | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options/vesting of RSUs | 3.0 | (0.1) | (88.5) | — | — | (88.6) | — | (88.6) | |||||||||||||||||||||||||||||||||||||||
Sale of common stock | 0.2 | — | 22.8 | — | — | 22.8 | — | 22.8 | |||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (36.3) | — | (890.8) | (3,122.2) | — | (4,013.0) | — | (4,013.0) | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared, $0.98 per share | — | — | — | (1,123.0) | — | (1,123.0) | — | (1,123.0) | |||||||||||||||||||||||||||||||||||||||
Net distributions to noncontrolling interests | — | — | — | — | — | — | (0.6) | (0.6) | |||||||||||||||||||||||||||||||||||||||
Balance, April 3, 2022 | 1,146.9 | $ | 1.1 | $ | 41.1 | $ | (9,070.5) | $ | 260.3 | $ | (8,768.0) | $ | 6.8 | $ | (8,761.2) | ||||||||||||||||||||||||||||||||
Balance, September 27, 2020 | 1,173.3 | $ | 1.2 | $ | 373.9 | $ | (7,815.6) | $ | (364.6) | $ | (7,805.1) | $ | 5.7 | $ | (7,799.4) | ||||||||||||||||||||||||||||||||
Cumulative effect of adoption of new accounting guidance | — | — | — | (2.2) | — | (2.2) | — | (2.2) | |||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | 1,281.6 | — | 1,281.6 | — | 1,281.6 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | 238.3 | 238.3 | — | 238.3 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 177.2 | — | — | 177.2 | — | 177.2 | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options/vesting of RSUs | 4.4 | — | 24.0 | — | — | 24.0 | — | 24.0 | |||||||||||||||||||||||||||||||||||||||
Sale of common stock | 0.2 | — | 20.3 | — | — | 20.3 | — | 20.3 | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared, $1.35 per share | — | — | — | (1,588.1) | — | (1,588.1) | — | (1,588.1) | |||||||||||||||||||||||||||||||||||||||
Balance, March 28, 2021 | 1,177.9 | $ | 1.2 | $ | 595.4 | $ | (8,124.3) | $ | (126.3) | $ | (7,654.0) | $ | 5.7 | $ | (7,648.3) |
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Net Gains/(Losses) Included in AOCI | Net Gains/(Losses) Expected to be Reclassified from AOCI into Earnings within 12 Months | Outstanding Contract/Debt Remaining Maturity (Months) | |||||||||||||||||||||
Apr 3, 2022 | Oct 3, 2021 | ||||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||
Coffee | $ | 260.6 | $ | 197.8 | $ | 244.9 | 9 | ||||||||||||||||
Cross-currency swaps | — | 4.4 | — | 32 | |||||||||||||||||||
Dairy | 3.7 | (0.4) | 3.7 | 11 | |||||||||||||||||||
Foreign currency - other | 5.1 | 1.3 | 2.6 | 33 | |||||||||||||||||||
Interest rates | (17.7) | (44.8) | (1.1) | 127 | |||||||||||||||||||
Net Investment Hedges: | |||||||||||||||||||||||
Cross-currency swaps | 43.5 | 37.9 | — | 90 | |||||||||||||||||||
Foreign currency | 16.0 | 16.0 | — | 0 | |||||||||||||||||||
Foreign currency debt | 43.5 | (5.3) | — | 24 |
Quarter Ended | |||||||||||||||||||||||||||||
Gains/(Losses) Recognized in OCI Before Reclassifications | Gains/(Losses) Reclassified from AOCI to Earnings | Location of gain/(loss) | |||||||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||||||
Coffee | $ | 24.0 | $ | 5.7 | $ | 17.8 | $ | (3.4) | Product and distribution costs | ||||||||||||||||||||
Cross-currency swaps | 4.9 | 13.8 | (0.8) | 0.6 | Interest expense | ||||||||||||||||||||||||
9.4 | 13.5 | Interest income and other, net | |||||||||||||||||||||||||||
Dairy | 3.4 | (0.9) | 2.9 | (0.6) | Product and distribution costs | ||||||||||||||||||||||||
Foreign currency - other | 0.7 | 7.1 | 2.4 | 0.2 | Licensed stores revenue | ||||||||||||||||||||||||
(0.3) | (1.9) | Product and distribution costs | |||||||||||||||||||||||||||
Interest rates | 34.1 | 71.5 | (0.5) | (0.5) | Interest expense | ||||||||||||||||||||||||
— | (3.6) | Interest income and other, net | |||||||||||||||||||||||||||
Net Investment Hedges: | |||||||||||||||||||||||||||||
Cross-currency swaps | (2.1) | 6.1 | 3.5 | 3.4 | Interest expense | ||||||||||||||||||||||||
Foreign currency debt | 40.2 | 41.6 | — | — | |||||||||||||||||||||||||
Two Quarters Ended | |||||||||||||||||||||||||||||
Gains/(Losses) Recognized in OCI Before Reclassifications | Gains/(Losses) Reclassified from AOCI to Earnings | Location of gain/(loss) | |||||||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||||||
Coffee | 95.5 | 17.7 | 24.3 | (2.7) | Product and distribution costs | ||||||||||||||||||||||||
Cross-currency swaps | 9.4 | 10.4 | (1.6) | 1.6 | Interest expense | ||||||||||||||||||||||||
16.3 | 8.7 | Interest income and other, net | |||||||||||||||||||||||||||
Dairy | 8.0 | 1.6 | 2.5 | 2.0 | Product and distribution costs | ||||||||||||||||||||||||
Foreign currency - other | 7.6 | (18.8) | 4.5 | 0.2 | Licensed stores revenue | ||||||||||||||||||||||||
(1.7) | (1.9) | Product and distribution costs | |||||||||||||||||||||||||||
Interest rates | 35.3 | 94.0 | (0.9) | (1.1) | Interest expense | ||||||||||||||||||||||||
— | (3.6) | Interest income and other, net | |||||||||||||||||||||||||||
Net Investment Hedges: | |||||||||||||||||||||||||||||
Cross-currency swaps | 14.2 | (10.4) | 6.9 | 6.6 | Interest expense | ||||||||||||||||||||||||
Foreign currency debt | 65.4 | 27.9 | — | — | |||||||||||||||||||||||||
Gains/(Losses) Recognized in Earnings | |||||||||||||||||||||||||||||
Location of gain/(loss) recognized in earnings | Quarter Ended | Two Quarters Ended | |||||||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||||||||
Non-Designated Derivatives: | |||||||||||||||||||||||||||||
Dairy | Interest income and other, net | $ | 0.1 | $ | — | $ | 0.1 | $ | — | ||||||||||||||||||||
Foreign currency - other | Interest income and other, net | 11.6 | (0.8) | 21.8 | (1.7) | ||||||||||||||||||||||||
Coffee | Interest income and other, net | 6.2 | — | 9.3 | — | ||||||||||||||||||||||||
Diesel fuel and other commodities | Interest income and other, net | 0.7 | 0.8 | 0.7 | 2.0 | ||||||||||||||||||||||||
Fair Value Hedges: | |||||||||||||||||||||||||||||
Interest rate swap | Interest expense | (21.3) | (1.5) | (26.1) | (1.1) | ||||||||||||||||||||||||
Long-term debt (hedged item) | Interest expense | 24.8 | 4.8 | 33.0 | 7.7 |
Apr 3, 2022 | Oct 3, 2021 | ||||||||||
Coffee | $ | 917 | $ | 481 | |||||||
Cross-currency swaps | 773 | 806 | |||||||||
Dairy | 55 | 53 | |||||||||
Diesel fuel and other commodities | 24 | 10 | |||||||||
Foreign currency - other | 1,105 | 1,009 | |||||||||
Interest rate swaps | 1,600 | 1,250 |
Derivative Assets | |||||||||||||||||
Balance Sheet Location | Apr 3, 2022 | Oct 3, 2021 | |||||||||||||||
Designated Derivative Instruments: | |||||||||||||||||
Coffee | Prepaid expenses and other current assets | $ | 35.4 | $ | 130.5 | ||||||||||||
Cross-currency swaps | Other long-term assets | 68.8 | 54.7 | ||||||||||||||
Dairy | Prepaid expenses and other current assets | 5.2 | 0.8 | ||||||||||||||
Foreign currency - other | Prepaid expenses and other current assets | 12.6 | 8.9 | ||||||||||||||
Other long-term assets | 9.1 | 6.9 | |||||||||||||||
Interest rate swaps | Other long-term assets | 35.7 | 22.7 | ||||||||||||||
Non-designated Derivative Instruments: | |||||||||||||||||
Coffee | Prepaid expenses and other current assets | 2.3 | — | ||||||||||||||
Dairy | Prepaid expenses and other current assets | 0.9 | — | ||||||||||||||
Diesel fuel and other commodities | Prepaid expenses and other current assets | 1.6 | 0.1 | ||||||||||||||
Foreign currency | Prepaid expenses and other current assets | 6.7 | 7.3 | ||||||||||||||
Derivative Liabilities | |||||||||||||||||
Balance Sheet Location | Apr 3, 2022 | Oct 3, 2021 | |||||||||||||||
Designated Derivative Instruments: | |||||||||||||||||
Coffee | Accrued liabilities | $ | 23.4 | $ | — | ||||||||||||
Cross-currency swaps | Other long-term liabilities | 0.7 | 3.3 | ||||||||||||||
Dairy | Accrued liabilities | 1.4 | 0.9 | ||||||||||||||
Foreign currency - other | Accrued liabilities | 7.4 | 7.4 | ||||||||||||||
Other long-term liabilities | 5.0 | 3.6 | |||||||||||||||
Interest rates | Other long-term liabilities | 11.1 | 1.3 | ||||||||||||||
Non-designated Derivative Instruments: | |||||||||||||||||
Dairy | Accrued liabilities | 0.2 | 0.2 | ||||||||||||||
Diesel fuel and other commodities | Accrued liabilities | 1.0 | — | ||||||||||||||
Foreign currency | Accrued liabilities | 1.6 | 0.1 | ||||||||||||||
Carrying amount of hedged item | Cumulative amount of fair value hedging adjustment included in the carrying amount | ||||||||||||||||||||||
Apr 3, 2022 | Oct 3, 2021 | Apr 3, 2022 | Oct 3, 2021 | ||||||||||||||||||||
Location on the balance sheet | |||||||||||||||||||||||
Long-term debt | $ | 1,088.6 | $ | 771.7 | $ | (11.4) | $ | 21.7 |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
Balance at April 3, 2022 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 3,913.4 | $ | 3,913.4 | $ | — | $ | — | |||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Available-for-sale debt securities | |||||||||||||||||||||||
Corporate debt securities | 8.2 | — | 8.2 | — | |||||||||||||||||||
Total available-for-sale debt securities | 8.2 | — | 8.2 | — | |||||||||||||||||||
Marketable equity securities | 73.9 | 73.9 | — | — | |||||||||||||||||||
Total short-term investments | 82.1 | 73.9 | 8.2 | — | |||||||||||||||||||
Prepaid expenses and other current assets: | |||||||||||||||||||||||
Derivative assets | 64.7 | 39.6 | 25.1 | — | |||||||||||||||||||
Long-term investments: | |||||||||||||||||||||||
Available-for-sale debt securities | |||||||||||||||||||||||
Corporate debt securities | 139.6 | — | 139.6 | — | |||||||||||||||||||
Foreign government obligations | 3.8 | — | 3.8 | — | |||||||||||||||||||
Mortgage and other asset-backed securities | 58.9 | — | 58.9 | — | |||||||||||||||||||
State and local government obligations | 1.4 | — | 1.4 | — | |||||||||||||||||||
U.S. government treasury securities | 81.9 | 81.9 | — | — | |||||||||||||||||||
Total long-term investments | 285.6 | 81.9 | 203.7 | — | |||||||||||||||||||
Other long-term assets: | |||||||||||||||||||||||
Derivative assets | 113.6 | — | 113.6 | — | |||||||||||||||||||
Total assets | $ | 4,459.4 | $ | 4,108.8 | $ | 350.6 | $ | — | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Accrued liabilities: | |||||||||||||||||||||||
Derivative liabilities | $ | 35.0 | $ | 23.8 | $ | 11.2 | $ | — | |||||||||||||||
Other long-term liabilities: | |||||||||||||||||||||||
Derivative liabilities | 16.8 | — | 16.8 | — | |||||||||||||||||||
Total liabilities | $ | 51.8 | $ | 23.8 | $ | 28.0 | $ | — |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
Balance at October 3, 2021 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 6,455.7 | $ | 6,455.7 | $ | — | $ | — | |||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Available-for-sale debt securities | |||||||||||||||||||||||
Commercial paper | 63.0 | — | 63.0 | — | |||||||||||||||||||
Corporate debt securities | 24.7 | — | 24.7 | — | |||||||||||||||||||
Mortgage and other asset-backed securities | 0.1 | — | 0.1 | — | |||||||||||||||||||
Total available-for-sale debt securities | 87.8 | — | 87.8 | — | |||||||||||||||||||
Marketable equity securities | 74.4 | 74.4 | — | — | |||||||||||||||||||
Total short-term investments | 162.2 | 74.4 | 87.8 | — | |||||||||||||||||||
Prepaid expenses and other current assets: | |||||||||||||||||||||||
Derivative assets | 147.6 | 131.1 | 16.5 | — | |||||||||||||||||||
Long-term investments: | |||||||||||||||||||||||
Available-for-sale debt securities | |||||||||||||||||||||||
Auction rate securities | 6.0 | — | — | 6.0 | |||||||||||||||||||
Corporate debt securities | 162.0 | — | 162.0 | — | |||||||||||||||||||
Foreign government obligations | 4.0 | — | 4.0 | — | |||||||||||||||||||
Mortgage and other asset-backed securities | 31.9 | — | 31.9 | — | |||||||||||||||||||
State and local government obligations | 1.5 | — | 1.5 | — | |||||||||||||||||||
U.S. government treasury securities | 76.3 | 76.3 | — | — | |||||||||||||||||||
Total long-term investments | 281.7 | 76.3 | 199.4 | 6.0 | |||||||||||||||||||
Other long-term assets: | |||||||||||||||||||||||
Derivative assets | 84.3 | — | 84.3 | — | |||||||||||||||||||
Total assets | $ | 7,131.5 | $ | 6,737.5 | $ | 388.0 | $ | 6.0 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Accrued liabilities: | |||||||||||||||||||||||
Derivative liabilities | $ | 8.6 | $ | 0.3 | $ | 8.3 | $ | — | |||||||||||||||
Other long-term liabilities: | |||||||||||||||||||||||
Derivative liabilities | 8.2 | — | 8.2 | — | |||||||||||||||||||
Total liabilities | $ | 16.8 | $ | 0.3 | $ | 16.5 | $ | — |
Apr 3, 2022 | Oct 3, 2021 | ||||||||||
Coffee: | |||||||||||
Unroasted | $ | 929.1 | $ | 670.3 | |||||||
Roasted | 294.3 | 233.5 | |||||||||
Other merchandise held for sale | 322.0 | 329.3 | |||||||||
Packaging and other supplies | 374.6 | 370.8 | |||||||||
Total | $ | 1,920.0 | $ | 1,603.9 |
Apr 3, 2022 | Oct 3, 2021 | ||||||||||
Income tax receivable | $ | 183.3 | $ | 20.7 | |||||||
Government subsidies receivable | 97.1 | 172.4 | |||||||||
Other prepaid expenses and current assets | 343.3 | 401.5 | |||||||||
Total prepaid expenses and current assets | $ | 623.7 | $ | 594.6 |
Apr 3, 2022 | Oct 3, 2021 | ||||||||||
Land | $ | 46.2 | $ | 46.2 | |||||||
Buildings | 587.2 | 587.6 | |||||||||
Leasehold improvements | 8,846.5 | 8,637.6 | |||||||||
Store equipment | 2,963.9 | 2,934.1 | |||||||||
Roasting equipment | 863.6 | 857.2 | |||||||||
Furniture, fixtures and other | 1,465.9 | 1,392.0 | |||||||||
Work in progress | 539.5 | 374.1 | |||||||||
Property, plant and equipment, gross | 15,312.8 | 14,828.8 | |||||||||
Accumulated depreciation | (8,852.0) | (8,459.3) | |||||||||
Property, plant and equipment, net | $ | 6,460.8 | $ | 6,369.5 |
Apr 3, 2022 | Oct 3, 2021 | ||||||||||
Accrued occupancy costs | $ | 84.7 | $ | 107.1 | |||||||
Accrued dividends payable | 561.9 | 578.1 | |||||||||
Accrued capital and other operating expenditures | 902.1 | 840.7 | |||||||||
Self-insurance reserves | 251.7 | 229.3 | |||||||||
Income taxes payable | 113.8 | 348.0 | |||||||||
Accrued business taxes | 178.2 | 218.0 | |||||||||
Total accrued liabilities | $ | 2,092.4 | $ | 2,321.2 |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||
Wages and benefits | $ | 2,018.3 | $ | 1,664.9 | $ | 4,029.0 | $ | 3,271.1 | |||||||||||||||
Occupancy costs | 664.9 | 626.2 | 1,330.2 | 1,254.3 | |||||||||||||||||||
Other expenses | 631.5 | 532.2 | 1,355.4 | 1,165.3 | |||||||||||||||||||
Total store operating expenses | $ | 3,314.7 | $ | 2,823.3 | $ | 6,714.6 | $ | 5,690.7 |
(in millions) | Apr 3, 2022 | Oct 3, 2021 | |||||||||
Trade names, trademarks and patents | $ | 97.1 | $ | 96.4 |
Apr 3, 2022 | Oct 3, 2021 | ||||||||||||||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||
Acquired and reacquired rights | $ | 1,126.7 | $ | (1,040.5) | $ | 86.2 | $ | 1,141.5 | $ | (971.9) | $ | 169.6 | |||||||||||||||||||||||
Acquired trade secrets and processes | 27.6 | (26.2) | 1.4 | 27.6 | (24.8) | 2.8 | |||||||||||||||||||||||||||||
Trade names, trademarks and patents | 127.4 | (61.7) | 65.7 | 126.3 | (51.9) | 74.4 | |||||||||||||||||||||||||||||
Licensing agreements | 20.1 | (15.8) | 4.3 | 18.8 | (13.5) | 5.3 | |||||||||||||||||||||||||||||
Other finite-lived intangible assets | 24.3 | (24.3) | — | 24.0 | (22.6) | 1.4 | |||||||||||||||||||||||||||||
Total finite-lived intangible assets | $ | 1,326.1 | $ | (1,168.5) | $ | 157.6 | $ | 1,338.2 | $ | (1,084.7) | $ | 253.5 |
Fiscal Year | Total | ||||
2022 (excluding the two quarters ended April 3, 2022) | $ | 97.9 | |||
2023 | 20.9 | ||||
2024 | 20.4 | ||||
2025 | 14.4 | ||||
2026 | 1.5 | ||||
Thereafter | 2.5 | ||||
Total estimated future amortization expense | $ | 157.6 |
North America | International | Channel Development | Corporate and Other | Total | |||||||||||||||||||||||||
Goodwill balance at October 3, 2021 | $ | 493.2 | $ | 3,148.3 | $ | 34.7 | $ | 1.1 | $ | 3,677.3 | |||||||||||||||||||
Other(1) | 0.4 | (31.6) | — | — | (31.2) | ||||||||||||||||||||||||
Goodwill balance at April 3, 2022 | $ | 493.6 | $ | 3,116.7 | $ | 34.7 | $ | 1.1 | $ | 3,646.1 |
Apr 3, 2022 | Oct 3, 2021 | Stated Interest Rate | Effective Interest Rate(1) | |||||||||||||||||||||||
Issuance | Amount | Estimated Fair Value | Amount | Estimated Fair Value | ||||||||||||||||||||||
May 2022 notes | $ | 500.0 | $ | 500.1 | $ | 500.0 | $ | 503.1 | 1.300 | % | 1.334 | % | ||||||||||||||
June 2022 notes | 500.0 | 500.7 | 500.0 | 506.7 | 2.700 | % | 2.819 | % | ||||||||||||||||||
March 2023 notes | 1,000.0 | 1,008.2 | 1,000.0 | 1,035.9 | 3.100 | % | 3.107 | % | ||||||||||||||||||
October 2023 notes(2) | 750.0 | 762.0 | 750.0 | 794.8 | 3.850 | % | 2.859 | % | ||||||||||||||||||
February 2024 notes(3) | 500.0 | 500.6 | — | — | 0.553 | % | 0.783 | % | ||||||||||||||||||
March 2024 notes(4) | 698.4 | 671.4 | 763.8 | 761.0 | 0.372 | % | 0.462 | % | ||||||||||||||||||
August 2025 notes | 1,250.0 | 1,275.7 | 1,250.0 | 1,371.5 | 3.800 | % | 3.721 | % | ||||||||||||||||||
June 2026 notes | 500.0 | 485.7 | 500.0 | 526.4 | 2.450 | % | 2.511 | % | ||||||||||||||||||
March 2027 notes | 500.0 | 472.1 | 500.0 | 513.0 | 2.000 | % | 2.058 | % | ||||||||||||||||||
March 2028 notes | 600.0 | 600.3 | 600.0 | 663.2 | 3.500 | % | 3.529 | % | ||||||||||||||||||
November 2028 notes | 750.0 | 772.4 | 750.0 | 855.9 | 4.000 | % | 3.958 | % | ||||||||||||||||||
August 2029 notes(2) | 1,000.0 | 1,004.4 | 1,000.0 | 1,109.9 | 3.550 | % | 3.840 | % | ||||||||||||||||||
March 2030 notes | 750.0 | 684.8 | 750.0 | 758.6 | 2.250 | % | 3.084 | % | ||||||||||||||||||
November 2030 notes | 1,250.0 | 1,158.7 | 1,250.0 | 1,286.9 | 2.550 | % | 2.582 | % | ||||||||||||||||||
February 2032 notes | 1,000.0 | 952.7 | — | — | 3.000 | % | 3.155 | % | ||||||||||||||||||
June 2045 notes | 350.0 | 358.7 | 350.0 | 414.1 | 4.300 | % | 4.348 | % | ||||||||||||||||||
December 2047 notes | 500.0 | 480.0 | 500.0 | 556.5 | 3.750 | % | 3.765 | % | ||||||||||||||||||
November 2048 notes | 1,000.0 | 1,079.1 | 1,000.0 | 1,248.6 | 4.500 | % | 4.504 | % | ||||||||||||||||||
August 2049 notes | 1,000.0 | 1,070.5 | 1,000.0 | 1,241.0 | 4.450 | % | 4.447 | % | ||||||||||||||||||
March 2050 notes | 500.0 | 456.2 | 500.0 | 527.5 | 3.350 | % | 3.362 | % | ||||||||||||||||||
November 2050 notes | 1,250.0 | 1,162.8 | 1,250.0 | 1,339.5 | 3.500 | % | 3.528 | % | ||||||||||||||||||
Total | 16,148.4 | 15,957.1 | 14,713.8 | 16,014.1 | ||||||||||||||||||||||
Aggregate debt issuance costs and unamortized premium/(discount), net | (124.0) | (119.7) | ||||||||||||||||||||||||
Hedge accounting fair value adjustment(2) | (11.4) | 21.7 | ||||||||||||||||||||||||
Total | $ | 16,013.0 | $ | 14,615.8 |
Fiscal Year | Total | ||||
2022 | $ | 1,000.0 | |||
2023 | 1,000.0 | ||||
2024 | 1,948.4 | ||||
2025 | 1,250.0 | ||||
2026 | 500.0 | ||||
Thereafter | 10,450.0 | ||||
Total | $ | 16,148.4 |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||
Operating lease costs(1) | $ | 393.4 | $ | 389.3 | $ | 779.5 | $ | 798.7 | |||||||||||||||
Variable lease costs | 235.8 | 224.3 | 465.6 | 446.7 | |||||||||||||||||||
Short-term lease costs | 7.1 | 7.6 | 14.2 | 16.3 | |||||||||||||||||||
Total lease costs | $ | 636.3 | $ | 621.2 | $ | 1,259.3 | $ | 1,261.7 |
Two Quarters Ended | |||||||||||
Apr 3, 2022 | Mar 28, 2021 | ||||||||||
Cash paid related to operating lease liabilities | $ | 845.5 | $ | 792.4 | |||||||
Operating lease liabilities arising from obtaining ROU assets | 710.6 | 659.6 | |||||||||
Apr 3, 2022 | Mar 28, 2021 | ||||||||||
Weighted-average remaining operating lease term | 8.5 years | 8.7 years | |||||||||
Weighted-average operating lease discount rate | 2.5 | % | 2.4 | % |
Fiscal Year | Total | ||||
2022 (excluding the two quarters ended April 3, 2022) | $ | 754.3 | |||
2023 | 1,481.1 | ||||
2024 | 1,381.8 | ||||
2025 | 1,236.9 | ||||
2026 | 1,077.3 | ||||
Thereafter | 4,059.4 | ||||
Total lease payments | 9,990.8 | ||||
Less imputed interest | (1,086.0) | ||||
Total | $ | 8,904.8 |
Quarter Ended April 3, 2022 | Total | ||||
Stored value cards and loyalty program at January 2, 2022 | $ | 1,952.5 | |||
Revenue deferred - card activations, card reloads and Stars earned | 3,124.0 | ||||
Revenue recognized - card and Stars redemptions and breakage | (3,426.3) | ||||
Other(1) | (5.0) | ||||
Stored value cards and loyalty program at April 3, 2022(2) | $ | 1,645.2 | |||
Quarter Ended March 28, 2021 | Total | ||||
Stored value cards and loyalty program at December 27, 2020 | $ | 1,750.0 | |||
Revenue deferred - card activations, card reloads and Stars earned | 2,709.7 | ||||
Revenue recognized - card and Stars redemptions and breakage | (2,977.8) | ||||
Other(1) | (6.7) | ||||
Stored value cards and loyalty program at March 28, 2021(2) | $ | 1,475.2 | |||
Two Quarters Ended April 3, 2022 | Total | ||||
Stored value cards and loyalty program at October 3, 2021 | $ | 1,448.5 | |||
Revenue deferred - card activations, card reloads and Stars earned | 7,041.5 | ||||
Revenue recognized - card and Stars redemptions and breakage | (6,837.1) | ||||
Other(1) | (7.7) | ||||
Stored value cards and loyalty program at April 3, 2022(2) | $ | 1,645.2 | |||
Two Quarters Ended March 28, 2021 | Total | ||||
Stored value cards and loyalty program at September 27, 2020 | $ | 1,280.5 | |||
Revenue deferred - card activations, card reloads and Stars earned | 6,147.1 | ||||
Revenue recognized - card and Stars redemptions and breakage | (5,958.0) | ||||
Other(1) | 5.6 | ||||
Stored value cards and loyalty program at March 28, 2021(2) | $ | 1,475.2 |
Quarter Ended | Available-for-Sale Debt Securities | Cash Flow Hedges | Net Investment Hedges | Translation Adjustment and Other | Total | ||||||||||||||||||||||||
April 3, 2022 | |||||||||||||||||||||||||||||
Net gains/(losses) in AOCI, beginning of period | $ | (1.2) | $ | 224.6 | $ | 77.1 | $ | (47.0) | $ | 253.5 | |||||||||||||||||||
Net gains/(losses) recognized in OCI before reclassifications | (7.9) | 52.9 | 28.5 | (38.5) | 35.0 | ||||||||||||||||||||||||
Net (gains)/losses reclassified from AOCI to earnings | 0.1 | (25.8) | (2.6) | 0.1 | (28.2) | ||||||||||||||||||||||||
Other comprehensive income/(loss) attributable to Starbucks | (7.8) | 27.1 | 25.9 | (38.4) | 6.8 | ||||||||||||||||||||||||
Net gains/(losses) in AOCI, end of period | $ | (9.0) | $ | 251.7 | $ | 103.0 | $ | (85.4) | $ | 260.3 | |||||||||||||||||||
March 28, 2021 | |||||||||||||||||||||||||||||
Net gains/(losses) in AOCI, beginning of period | $ | 4.1 | $ | (75.5) | $ | (13.5) | $ | (61.0) | $ | (145.9) | |||||||||||||||||||
Net gains/(losses) recognized in OCI before reclassifications | (2.0) | 73.3 | 35.6 | (81.2) | 25.7 | ||||||||||||||||||||||||
Net (gains)/losses reclassified from AOCI to earnings | (0.1) | (3.5) | (2.5) | (6.1) | |||||||||||||||||||||||||
Other comprehensive income/(loss) attributable to Starbucks | (2.1) | 69.8 | 33.1 | (81.2) | 19.6 | ||||||||||||||||||||||||
Net gains/(losses) in AOCI, end of period | $ | 2.0 | $ | (5.7) | $ | 19.6 | $ | (142.2) | $ | (126.3) | |||||||||||||||||||
Two Quarters Ended | Available-for-Sale Debt Securities | Cash Flow Hedges | Net Investment Hedges | Translation Adjustment and Other | Total | ||||||||||||||||||||||||
April 3, 2022 | |||||||||||||||||||||||||||||
Net gains/(losses) in AOCI, beginning of period | $ | 1.5 | $ | 158.3 | $ | 48.6 | $ | (61.2) | $ | 147.2 | |||||||||||||||||||
Net gains/(losses) recognized in OCI before reclassifications | (10.5) | 129.8 | 59.5 | (24.3) | 154.5 | ||||||||||||||||||||||||
Net (gains)/losses reclassified from AOCI to earnings | — | (36.4) | (5.1) | 0.1 | (41.4) | ||||||||||||||||||||||||
Other comprehensive income/(loss) attributable to Starbucks | (10.5) | 93.4 | 54.4 | (24.2) | 113.1 | ||||||||||||||||||||||||
Net gains/(losses) in AOCI, end of period | $ | (9.0) | $ | 251.7 | $ | 103.0 | $ | (85.4) | $ | 260.3 | |||||||||||||||||||
March 28, 2021 | |||||||||||||||||||||||||||||
Net gains/(losses) in AOCI, beginning of period | $ | 5.7 | $ | (82.1) | $ | 11.5 | $ | (299.7) | $ | (364.6) | |||||||||||||||||||
Net gains/(losses) recognized in OCI before reclassifications | (2.4) | 78.1 | 13.0 | 157.5 | 246.2 | ||||||||||||||||||||||||
Net (gains)/losses reclassified from AOCI to earnings | (1.3) | (1.7) | (4.9) | — | (7.9) | ||||||||||||||||||||||||
Other comprehensive income/(loss) attributable to Starbucks | (3.7) | 76.4 | 8.1 | 157.5 | 238.3 | ||||||||||||||||||||||||
Net gains/(losses) in AOCI, end of period | $ | 2.0 | $ | (5.7) | $ | 19.6 | $ | (142.2) | $ | (126.3) | |||||||||||||||||||
Quarter Ended | ||||||||||||||||||||
AOCI Components | Amounts Reclassified from AOCI | Affected Line Item in the Statements of Earnings | ||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | |||||||||||||||||||
Gains/(losses) on available-for-sale debt securities | $ | (0.2) | $ | 0.2 | Interest income and other, net | |||||||||||||||
Gains/(losses) on cash flow hedges | 30.9 | 4.3 | ||||||||||||||||||
Gains/(losses) on net investment hedges | 3.5 | 3.4 | Interest expense | |||||||||||||||||
34.2 | 7.9 | Total before tax | ||||||||||||||||||
(6.0) | (1.8) | Tax (expense)/benefit | ||||||||||||||||||
$ | 28.2 | $ | 6.1 | Net of tax | ||||||||||||||||
Two Quarters Ended | ||||||||||||||||||||
AOCI Components | Amounts Reclassified from AOCI | Affected Line Item in the Statements of Earnings | ||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | |||||||||||||||||||
Gains/(losses) on available-for-sale debt securities | $ | — | $ | 1.7 | Interest income and other, net | |||||||||||||||
Gains/(losses) on cash flow hedges | 43.4 | 3.2 | ||||||||||||||||||
Gains/(losses) on net investment hedges | 6.9 | 6.6 | Interest expense | |||||||||||||||||
50.3 | 11.5 | Total before tax | ||||||||||||||||||
(8.9) | (3.6) | Tax (expense)/benefit | ||||||||||||||||||
$ | 41.4 | $ | 7.9 | Net of tax | ||||||||||||||||
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||
Restricted Stock Units (“RSUs”) | $ | 54.1 | $ | 75.1 | $ | 149.8 | $ | 173.5 | |||||||||||||||
Options | (0.6) | 0.9 | (0.5) | 1.8 | |||||||||||||||||||
Total stock-based compensation expense | $ | 53.5 | $ | 76.0 | $ | 149.3 | $ | 175.3 |
Stock Options | RSUs | ||||||||||
Options outstanding/Nonvested RSUs, October 3, 2021 | 5.2 | 7.7 | |||||||||
Granted | — | 3.7 | |||||||||
Options exercised/RSUs vested | (0.7) | (3.5) | |||||||||
Forfeited/expired | — | (0.6) | |||||||||
Options outstanding/Nonvested RSUs, April 3, 2022 | 4.5 | 7.3 | |||||||||
Total unrecognized stock-based compensation expense, net of estimated forfeitures, as of April 3, 2022 | $ | — | $ | 245.8 |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||
Net earnings attributable to Starbucks | $ | 674.5 | $ | 659.4 | $ | 1,490.4 | $ | 1,281.6 | |||||||||||||||
Weighted average common shares outstanding (for basic calculation) | 1,149.2 | 1,177.5 | 1,159.4 | 1,176.3 | |||||||||||||||||||
Dilutive effect of outstanding common stock options and RSUs | 4.7 | 7.3 | 5.8 | 7.6 | |||||||||||||||||||
Weighted average common and common equivalent shares outstanding (for diluted calculation) | 1,153.9 | 1,184.8 | 1,165.2 | 1,183.9 | |||||||||||||||||||
EPS — basic | $ | 0.59 | $ | 0.56 | $ | 1.29 | $ | 1.09 | |||||||||||||||
EPS — diluted | $ | 0.58 | $ | 0.56 | $ | 1.28 | $ | 1.08 |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Beverage(1) | $ | 4,599.0 | 60 | % | $ | 4,212.8 | 63 | % | $ | 9,497.4 | 60 | % | $ | 8,464.5 | 63 | % | |||||||||||||||||||||||||||||||
Food(2) | 1,364.3 | 18 | % | 1,131.4 | 17 | % | 2,798.9 | 18 | % | 2,272.0 | 17 | % | |||||||||||||||||||||||||||||||||||
Other(3) | 1,672.3 | 22 | % | 1,323.8 | 20 | % | 3,389.7 | 22 | % | 2,681.0 | 20 | % | |||||||||||||||||||||||||||||||||||
Total | $ | 7,635.6 | 100 | % | $ | 6,668.0 | 100 | % | $ | 15,686.0 | 100 | % | $ | 13,417.5 | 100 | % |
North America (1) | International (1) | Channel Development | Corporate and Other (1) | Total | |||||||||||||||||||||||||
April 3, 2022 | |||||||||||||||||||||||||||||
Total net revenues | $ | 5,445.7 | $ | 1,702.4 | $ | 463.1 | $ | 24.4 | $ | 7,635.6 | |||||||||||||||||||
Depreciation and amortization expenses | 202.0 | 133.4 | — | 32.3 | 367.7 | ||||||||||||||||||||||||
Income from equity investees | — | 0.6 | 48.5 | — | 49.1 | ||||||||||||||||||||||||
Operating income/(loss) | 931.5 | 180.7 | 197.9 | (361.2) | 948.9 | ||||||||||||||||||||||||
March 28, 2021 | |||||||||||||||||||||||||||||
Total net revenues | $ | 4,638.5 | $ | 1,637.0 | $ | 369.9 | $ | 22.6 | $ | 6,668.0 | |||||||||||||||||||
Depreciation and amortization expenses | 186.0 | 143.4 | 0.3 | 37.0 | 366.7 | ||||||||||||||||||||||||
Income from equity investees | — | 26.8 | 50.3 | — | 77.1 | ||||||||||||||||||||||||
Operating income/(loss) | 896.4 | 258.1 | 172.6 | (339.5) | 987.6 | ||||||||||||||||||||||||
Two Quarters Ended | |||||||||||||||||||||||||||||
North America | International | Channel Development | Corporate and Other | Total | |||||||||||||||||||||||||
April 3, 2022 | |||||||||||||||||||||||||||||
Total net revenues | $ | 11,178.0 | $ | 3,578.4 | $ | 880.1 | $ | 49.5 | $ | 15,686.0 | |||||||||||||||||||
Depreciation and amortization expenses | 402.1 | 266.5 | — | 65.2 | 733.8 | ||||||||||||||||||||||||
Income from equity investees | — | 1.3 | 88.1 | — | 89.4 | ||||||||||||||||||||||||
Operating income/(loss) | 2,014.6 | 480.3 | 381.1 | (749.3) | 2,126.7 | ||||||||||||||||||||||||
March 28, 2021 | |||||||||||||||||||||||||||||
Total net revenues | $ | 9,314.2 | $ | 3,319.0 | $ | 741.2 | $ | 43.1 | $ | 13,417.5 | |||||||||||||||||||
Depreciation and amortization expenses | 374.9 | 283.4 | 0.6 | 73.7 | 732.6 | ||||||||||||||||||||||||
Income from equity investees | — | 53.0 | 106.7 | — | 159.7 | ||||||||||||||||||||||||
Operating income/(loss) | 1,699.3 | 541.0 | 353.3 | (692.4) | 1,901.2 |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | $ Change | % Change | Apr 3, 2022 | Mar 28, 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Company-operated stores | $ | 6,276.7 | $ | 5,653.1 | $ | 623.6 | 11.0 | % | $ | 12,999.1 | $ | 11,379.6 | $ | 1,619.5 | 14.2 | % | |||||||||||||||||||||||||||||||
Licensed stores | 849.5 | 595.0 | 254.5 | 42.8 | 1,700.3 | 1,208.8 | 491.5 | 40.7 | |||||||||||||||||||||||||||||||||||||||
Other | 509.4 | 419.9 | 89.5 | 21.3 | 986.6 | 829.1 | 157.5 | 19.0 | |||||||||||||||||||||||||||||||||||||||
Total net revenues | $ | 7,635.6 | $ | 6,668.0 | $ | 967.6 | 14.5 | % | $ | 15,686.0 | $ | 13,417.5 | $ | 2,268.5 | 16.9 | % |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | $ Change | Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | $ Change | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
As a % of Total Net Revenues | As a % of Total Net Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product and distribution costs | $ | 2,465.8 | $ | 1,992.4 | $ | 473.4 | 32.3 | % | 29.9 | % | $ | 4,992.7 | $ | 4,041.5 | $ | 951.2 | 31.8 | % | 30.1 | % | |||||||||||||||||||||||||||||||||||||||
Store operating expenses | 3,314.7 | 2,823.3 | 491.4 | 43.4 | 42.3 | 6,714.6 | 5,690.7 | 1,023.9 | 42.8 | 42.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | 101.7 | 87.7 | 14.0 | 1.3 | 1.3 | 203.4 | 179.5 | 23.9 | 1.3 | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses | 367.7 | 366.7 | 1.0 | 4.8 | 5.5 | 733.8 | 732.6 | 1.2 | 4.7 | 5.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 481.5 | 464.4 | 17.1 | 6.3 | 7.0 | 1,007.3 | 936.5 | 70.8 | 6.4 | 7.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairments | 4.4 | 23.0 | (18.6) | 0.1 | 0.3 | (3.1) | 95.2 | (98.3) | — | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 6,735.8 | 5,757.5 | 978.3 | 88.2 | % | 86.3 | % | 13,648.7 | 11,676.0 | 1,972.7 | 87.0 | 87.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Income from equity investees | 49.1 | 77.1 | (28.0) | 0.6 | 1.2 | 89.4 | 159.7 | (70.3) | 0.6 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 948.9 | $ | 987.6 | $ | (38.7) | 12.4 | % | 14.8 | % | $ | 2,126.7 | $ | 1,901.2 | $ | 225.5 | 13.6 | % | 14.2 | % | |||||||||||||||||||||||||||||||||||||||
Store operating expenses as a % of company-operated stores revenue | 52.8 | % | 49.9 | % | 51.7 | % | 50.0 | % |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | $ Change | Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | $ Change | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
As a % of Total Net Revenues | As a % of Total Net Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 948.9 | $ | 987.6 | $ | (38.7) | 12.4 | % | 14.8 | % | $ | 2,126.7 | $ | 1,901.2 | $ | 225.5 | 13.6 | % | 14.2 | % | |||||||||||||||||||||||||||||||||||||||
Interest income and other, net | 46.3 | 17.3 | 29.0 | 0.6 | 0.3 | 46.2 | 32.7 | 13.5 | 0.3 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (119.1) | (115.0) | (4.1) | (1.6) | (1.7) | (234.4) | (235.8) | 1.4 | (1.5) | (1.8) | |||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | 876.1 | 889.9 | (13.8) | 11.5 | 13.3 | 1,938.5 | 1,698.1 | 240.4 | 12.4 | 12.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 201.1 | 230.5 | (29.4) | 2.6 | 3.5 | 447.4 | 416.5 | 30.9 | 2.9 | 3.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings including noncontrolling interests | 675.0 | 659.4 | 15.6 | 8.8 | 9.9 | 1,491.1 | 1,281.6 | 209.5 | 9.5 | 9.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | 0.5 | — | 0.5 | — | — | 0.7 | — | 0.7 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings attributable to Starbucks | $ | 674.5 | $ | 659.4 | $ | 15.1 | 8.8 | % | 9.9 | % | $ | 1,490.4 | $ | 1,281.6 | $ | 208.8 | 9.5 | % | 9.6 | % | |||||||||||||||||||||||||||||||||||||||
Effective tax rate including noncontrolling interests | 23.0 | % | 25.9 | % | 23.1 | % | 24.5 | % |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | $ Change | Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | $ Change | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
As a % of North America Total Net Revenues | As a % of North America Total Net Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company-operated stores | $ | 4,936.3 | $ | 4,268.4 | $ | 667.9 | 90.6 | % | 92.0 | % | $ | 10,150.4 | $ | 8,553.2 | $ | 1,597.2 | 90.8 | % | 91.8 | % | |||||||||||||||||||||||||||||||||||||||
Licensed stores | 507.0 | 368.1 | 138.9 | 9.3 | 7.9 | 1,022.9 | 756.6 | 266.3 | 9.2 | 8.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 2.4 | 2.0 | 0.4 | — | — | 4.7 | 4.4 | 0.3 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total net revenues | 5,445.7 | 4,638.5 | 807.2 | 100.0 | 100.0 | 11,178.0 | 9,314.2 | 1,863.8 | 100.0 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Product and distribution costs | 1,564.0 | 1,213.1 | 350.9 | 28.7 | 26.2 | 3,193.4 | 2,473.5 | 719.9 | 28.6 | 26.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Store operating expenses | 2,625.4 | 2,203.1 | 422.3 | 48.2 | 47.5 | 5,327.7 | 4,442.1 | 885.6 | 47.7 | 47.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | 47.1 | 39.2 | 7.9 | 0.9 | 0.8 | 95.3 | 80.7 | 14.6 | 0.9 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses | 202.0 | 186.0 | 16.0 | 3.7 | 4.0 | 402.1 | 374.9 | 27.2 | 3.6 | 4.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 71.3 | 77.7 | (6.4) | 1.3 | 1.7 | 148.0 | 148.5 | (0.5) | 1.3 | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairments | 4.4 | 23.0 | (18.6) | 0.1 | 0.5 | (3.1) | 95.2 | (98.3) | — | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 4,514.2 | 3,742.1 | 772.1 | 82.9 | 80.7 | 9,163.4 | 7,614.9 | 1,548.5 | 82.0 | 81.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 931.5 | $ | 896.4 | $ | 35.1 | 17.1 | % | 19.3 | % | $ | 2,014.6 | $ | 1,699.3 | $ | 315.3 | 18.0 | % | 18.2 | % | |||||||||||||||||||||||||||||||||||||||
Store operating expenses as a % of company-operated stores revenue | 53.2 | % | 51.6 | % | 52.5 | % | 51.9 | % |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | $ Change | Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | $ Change | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
As a % of International Total Net Revenues | As a % of International Total Net Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company-operated stores | $ | 1,340.4 | $ | 1,384.7 | $ | (44.3) | 78.7 | % | 84.6 | % | $ | 2,848.7 | $ | 2,826.4 | $ | 22.3 | 79.6 | % | 85.2 | % | |||||||||||||||||||||||||||||||||||||||
Licensed stores | 342.5 | 226.9 | 115.6 | 20.1 | 13.9 | 677.4 | 452.2 | 225.2 | 18.9 | 13.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 19.5 | 25.4 | (5.9) | 1.1 | 1.6 | 52.3 | 40.4 | 11.9 | 1.5 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total net revenues | 1,702.4 | 1,637.0 | 65.4 | 100.0 | 100.0 | 3,578.4 | 3,319.0 | 259.4 | 100.0 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Product and distribution costs | 580.5 | 528.0 | 52.5 | 34.1 | 32.3 | 1,196.4 | 1,064.2 | 132.2 | 33.4 | 32.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Store operating expenses | 689.3 | 620.2 | 69.1 | 40.5 | 37.9 | 1,386.9 | 1,248.6 | 138.3 | 38.8 | 37.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | 39.5 | 32.0 | 7.5 | 2.3 | 2.0 | 78.7 | 67.6 | 11.1 | 2.2 | 2.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses | 133.4 | 143.4 | (10.0) | 7.8 | 8.8 | 266.5 | 283.4 | (16.9) | 7.4 | 8.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 79.6 | 82.1 | (2.5) | 4.7 | 5.0 | 170.9 | 167.2 | 3.7 | 4.8 | 5.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 1,522.3 | 1,405.7 | 116.6 | 89.4 | 85.9 | 3,099.4 | 2,831.0 | 268.4 | 86.6 | 85.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income from equity investees | 0.6 | 26.8 | (26.2) | — | 1.6 | 1.3 | 53.0 | (51.7) | — | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 180.7 | $ | 258.1 | $ | (77.4) | 10.6 | % | 15.8 | % | $ | 480.3 | $ | 541.0 | $ | (60.7) | 13.4 | % | 16.3 | % | |||||||||||||||||||||||||||||||||||||||
Store operating expenses as a % of company-operated stores revenue | 51.4 | % | 44.8 | % | 48.7 | % | 44.2 | % |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | $ Change | Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | $ Change | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
As a % of Channel Development Total Net Revenues | As a % of Channel Development Total Net Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 463.1 | $ | 369.9 | $ | 93.2 | $ | 880.1 | $ | 741.2 | $ | 138.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Product and distribution costs | 300.5 | 231.9 | 68.6 | 64.9 | % | 62.7 | % | 559.3 | 465.4 | 93.9 | 63.5 | % | 62.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | 10.7 | 13.1 | (2.4) | 2.3 | 3.5 | 22.0 | 24.1 | (2.1) | 2.5 | 3.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses | — | 0.3 | (0.3) | — | 0.1 | — | 0.6 | (0.6) | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 2.5 | 2.3 | 0.2 | 0.5 | 0.6 | 5.8 | 4.5 | 1.3 | 0.7 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 313.7 | 247.6 | 66.1 | 67.7 | 66.9 | 587.1 | 494.6 | 92.5 | 66.7 | 66.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income from equity investees | 48.5 | 50.3 | (1.8) | 10.5 | 13.6 | 88.1 | 106.7 | (18.6) | 10.0 | 14.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 197.9 | $ | 172.6 | $ | 25.3 | 42.7 | % | 46.7 | % | $ | 381.1 | $ | 353.3 | $ | 27.8 | 43.3 | % | 47.7 | % |
Quarter Ended | Two Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | $ Change | % Change | Apr 3, 2022 | Mar 28, 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Other | $ | 24.4 | $ | 22.6 | $ | 1.8 | 8.0 | % | $ | 49.5 | $ | 43.1 | $ | 6.4 | 14.8 | % | |||||||||||||||||||||||||||||||
Total net revenues | 24.4 | 22.6 | 1.8 | 8.0 | 49.5 | 43.1 | 6.4 | 14.8 | |||||||||||||||||||||||||||||||||||||||
Product and distribution costs | 20.8 | 19.4 | 1.4 | 7.2 | 43.6 | 38.4 | 5.2 | 13.5 | |||||||||||||||||||||||||||||||||||||||
Other operating expenses | 4.4 | 3.4 | 1.0 | 29.4 | 7.4 | 7.1 | 0.3 | 4.2 | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses | 32.3 | 37.0 | (4.7) | (12.7) | 65.2 | 73.7 | (8.5) | (11.5) | |||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 328.1 | 302.3 | 25.8 | 8.5 | 682.6 | 616.3 | 66.3 | 10.8 | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | 385.6 | 362.1 | 23.5 | 6.5 | 798.8 | 735.5 | 63.3 | 8.6 | |||||||||||||||||||||||||||||||||||||||
Operating loss | $ | (361.2) | $ | (339.5) | $ | (21.7) | 6.4 | % | $ | (749.3) | $ | (692.4) | $ | (56.9) | 8.2 | % |
Net stores opened/(closed) and transferred during the period | |||||||||||||||||||||||||||||||||||
Quarter Ended | Two Quarters Ended | Stores open as of | |||||||||||||||||||||||||||||||||
Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | Apr 3, 2022 | Mar 28, 2021 | ||||||||||||||||||||||||||||||
North America | |||||||||||||||||||||||||||||||||||
Company-operated stores | 54 | (209) | 93 | (289) | 9,954 | 9,820 | |||||||||||||||||||||||||||||
Licensed stores | (16) | 20 | 7 | 50 | 6,972 | 6,881 | |||||||||||||||||||||||||||||
Total North America (1) | 38 | (189) | 100 | (239) | 16,926 | 16,701 | |||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||||
Company-operated stores | 102 | 123 | 315 | 308 | 7,587 | 6,836 | |||||||||||||||||||||||||||||
Licensed stores | 173 | 71 | 382 | 214 | 10,117 | 9,406 | |||||||||||||||||||||||||||||
Total International (1) | 275 | 194 | 697 | 522 | 17,704 | 16,242 | |||||||||||||||||||||||||||||
Total Company | 313 | 5 | 797 | 283 | 34,630 | 32,943 | |||||||||||||||||||||||||||||
Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(3) | |||||||||||||||||||||||
Period (1) | ||||||||||||||||||||||||||
January 3, 2022 - January 30, 2022 | 1,650,000 | $ | 102.83 | 1,650,000 | 16,129,441 | |||||||||||||||||||||
January 31, 2022 - February 27, 2022 | 1,432,263 | 94.55 | 1,432,263 | 14,697,178 | ||||||||||||||||||||||
February 28, 2022 - April 3, 2022 | 2,125,000 | 88.02 | 2,125,000 | 52,572,178 | ||||||||||||||||||||||
Total | 5,207,263 | $ | 94.51 | 5,207,263 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit No. | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||||||||||||||||||||||||||||
10-Q | 000-20322 | 04/28/2015 | 3.1 | |||||||||||||||||||||||||||||||||||
8-K | 000-20322 | 03/19/2021 | 3.1 | |||||||||||||||||||||||||||||||||||
8-K | 000-20322 | 02/14/2022 | 4.2 | |||||||||||||||||||||||||||||||||||
8-K | 000-20322 | 02/14/2022 | 4.3 | |||||||||||||||||||||||||||||||||||
8-K | 000-20322 | 02/14/2022 | 4.4 | |||||||||||||||||||||||||||||||||||
— | — | — | — | X | ||||||||||||||||||||||||||||||||||
8-K | 000-20322 | 04/05/2022 | 10.1 | |||||||||||||||||||||||||||||||||||
— | — | — | — | X | ||||||||||||||||||||||||||||||||||
— | — | — | — | X | ||||||||||||||||||||||||||||||||||
32** | — | — | — | — | — | |||||||||||||||||||||||||||||||||
101 | The following financial statements from the Company's 10-Q for the fiscal quarter ended April 3, 2022, formatted in iXBRL: (i) Consolidated Statements of Earnings, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Equity and (vi) Notes to Consolidated Financial Statements | — | — | — | — | X | ||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted in iXBRL and contained in Exhibit 101) | — | — | — | — | X | ||||||||||||||||||||||||||||||||
STARBUCKS CORPORATION | |||||||||||
By: | /s/ Rachel Ruggeri | ||||||||||
Rachel Ruggeri | |||||||||||
executive vice president, chief financial officer | |||||||||||
Signing on behalf of the registrant and as principal financial officer |
/s/ Howard Schultz | ||||||||
Howard Schultz | ||||||||
interim chief executive officer |
/s/ Rachel Ruggeri | ||||||||
Rachel Ruggeri | ||||||||
executive vice president, chief financial officer | ||||||||
/s/ Howard Schultz | ||||||||
Howard Schultz | ||||||||
interim chief executive officer |
/s/ Rachel Ruggeri | ||||||||
Rachel Ruggeri | ||||||||
executive vice president, chief financial officer | ||||||||