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Starbucks Corp (SBUX) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, October 1, 2023

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CIK: 829224 Ticker: SBUX



Exhibit 99.1
Starbucks Reports Q4 and Full Year Fiscal 2023 Results
Q4 Consolidated Net Revenues Up 11% to a Record $9.4 Billion
Q4 Comparable Store Sales Up 8% Globally; Up 8% in North America; Up 5% in International
Q4 GAAP EPS $1.06; Non-GAAP EPS $1.06 Driven by Strong Global Performance; Reinvention Execution
International Surpasses 20,000 Stores, Propelling Global Count to Record 38,038
Q4 Active U.S. Starbucks® Rewards Membership Reaches 32.6 Million, Up 14% Over Prior Year

SEATTLE; November 2, 2023 – Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended October 1, 2023. GAAP results in fiscal 2023 and fiscal 2022 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.

Q4 Fiscal 2023 Highlights

•Global comparable store sales increased 8%, driven by a 4% increase in average ticket and 3% increase in comparable transactions
◦North America and U.S. comparable store sales increased 8%, driven by a 6% increase in average ticket and 2% increase in comparable transactions
◦International comparable store sales increased 5%, driven by a 6% increase in comparable transactions and 1% decline in average ticket; China comparable store sales increased 5%, driven by an 8% increase in comparable transactions and a 3% decline in average ticket
•The company opened 816 net new stores in Q4, ending the period with 38,038 stores: 52% company-operated and 48% licensed
◦At the end of Q4, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 16,352 and 6,806 stores in the U.S. and China, respectively
•Consolidated net revenues up 11%, to a record $9.4 billion, or 12%, excluding a 1% unfavorable impact from foreign currency translation
•GAAP operating margin of 18.2% increased from 14.2% in the prior year, primarily driven by in-store operational efficiencies, sales leverage and pricing. This expansion was partially offset by previously committed investments in store partner wages and higher general and administrative costs related to our Reinvention Plan.
◦Non-GAAP operating margin of 18.2% increased from 15.1% in the prior year
•GAAP earnings per share of $1.06 grew 39% over prior year
◦Non-GAAP earnings per share of $1.06 grew 31% over prior year
•Starbucks Rewards loyalty program 90-day active members in the U.S. increased to 32.6 million, up 14% year-over-year

Full Year Fiscal 2023 Highlights

•Global comparable store sales increased 8%, driven by a 5% increase in average ticket and 3% increase in comparable transactions
◦North America and U.S. comparable store sales increased 9%, driven by a 6% increase in average ticket and 3% increase in comparable transactions
◦International comparable store sales increased 5%, driven by a 5% increase in comparable transactions; China comparable store sales increased 2%, driven by a 4% increase in comparable transactions and 2% decline in average ticket
•Consolidated net revenues up 12%, to a record $36.0 billion, or 14%, excluding a 2% unfavorable impact from foreign currency translation
•GAAP operating margin of 16.3% increased from 14.3% in the prior year, primarily driven by pricing, sales leverage and in-store operational efficiencies. This expansion was partially offset by previously committed investments in store partner wages and higher general and administrative costs related to our Reinvention Plan.

The following information was filed by Starbucks Corp (SBUX) on Thursday, November 2, 2023 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

Audit Information
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)
Commitments And Contingencies (Notes)
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 (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)
Insider Trading Arrangements
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 Lease Cost (Details)
Leases- Schedule Of Maturity Of Operating Lease Payments (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)
Pay Vs Performance Disclosure
Property, Plant And Equipment (Tables)
Segment Reporting
Segment Reporting (Consolidated Revenue Mix By Product Type (Details)
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)
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: 0000829224-23-000058
Submitted to the SEC: Fri Nov 17 2023 5:31:27 PM EST
Accepted by the SEC: Fri Nov 17 2023
Period: Sunday, October 1, 2023
Industry: Retail Eating And Drinking Places

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