Press release
Starbucks Reports Q3 Fiscal 2024 Results
Q3 Consolidated Net Revenues of $9.1 Billion, Down 1%; Up 1% in Constant Currency; Up 6% Over Q2 Q3 GAAP and Non-GAAP EPS of $0.93; Action Plans Partially
About this update from Starbucks Corporation
[{"type":"text","content":"\nQ3 Consolidated Net Revenues of $9.1 Billion, Down 1%; Up 1% in Constant Currency; Up 6% Over Q2\nQ3 GAAP and Non-GAAP EPS of $0.93; Action Plans Partially Offset Continued Headwinds\nQ3 Active U.S. Starbucks® Rewards Membership Totals 33.8 Million, Up 7% Over Prior Year and Up 3% Over Q2\n\n\n SEATTLE--(BUSINESS WIRE)--\nStarbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal third quarter ended June 30, 2024. GAAP results in fiscal 2024 and fiscal 2023 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.\n\n\nQ3 Fiscal 2024 Highlights\n\n\n\nGlobal comparable store sales declined 3%, driven by a 5% decline in comparable transactions, partially offset by a 2% increase in average ticket\n\n\nNorth America comparable store sales declined 2%, driven by a 6% decline in comparable transactions, partially offset by a 3% increase in average ticket; U.S. comparable store sales declined 2%, driven by a 6% decline in comparable transactions, partially offset by a 4% increase in average ticket\n\n\n\nInternational comparable store sales declined 7%, driven by a 4% decline in average ticket and a 3% decline in comparable transactions; China comparable store sales declined 14%, driven by a 7% decline in both average ticket and comparable transactions\n\n\n\n\n\n\nThe company opened 526 net new stores in Q3, ending the period with 39,477 stores: 52% company-operated and 48% licensed\n\n\nAt the end of Q3, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 16,730 and 7,306 stores in the U.S. and China, respectively\n\n\n\n\n\n\nConsolidated net revenues declined 1% to $9.1 billion, or a 1% increase on a constant currency basis\n\n\n\nGAAP operating margin contracted 60 basis points year-over-year to 16.7%, primarily driven by increased promotional activity, investments in store partner wages and benefits, and deleverage. This contraction was partially offset by pricing and in-store operational efficiencies.\n\n\nNon-GAAP operating margin contracted 70 basis points year-over-year to 16.7% on a constant currency basis\n\n\n\n\n\n\nGAAP earnings per share of $0.93 declined 6% over prior year\n\n\nNon-GAAP earnings per share of $0.93 declined 7% over prio...