Press release
Starbucks Reports Q4 and Full Fiscal Year 2024 Results
Results Reflect Challenged Customer Experience; Management is Developing a Plan to Get Back to Starbucks Q4 Consolidated Net Revenues Down 3% to $9.1
About this update from Starbucks Corporation
[{"type":"text","content":"\nResults Reflect Challenged Customer Experience; Management is Developing a Plan to Get Back to Starbucks\nQ4 Consolidated Net Revenues Down 3% to $9.1 Billion; Frequency Declined Across Customer Segments\nQ4 GAAP and Non-GAAP EPS of $0.80; Traffic Focused Investments Further Pressured Results\nQ4 Active U.S. Starbucks® Rewards Membership Totals 33.8 Million, Up 4% Over Prior Year\n\n SEATTLE--(BUSINESS WIRE)--\nStarbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal fourth quarter and 52-week fiscal year ended September 29, 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\nQ4 Fiscal Year 2024 Highlights\n\n\nGlobal comparable store sales declined 7%, driven by an 8% decline in comparable transactions, partially offset by a 2% increase in average ticket\n\n\nNorth America and U.S. comparable store sales declined 6%, driven by a 10% decline in comparable transactions, partially offset by a 4% increase in average ticket\n\n\nInternational comparable store sales declined 9%, driven by a 5% decline in average ticket and a 4% decline in comparable transactions; China comparable store sales declined 14%, driven by an 8% decline in average ticket and a 6% decline in comparable transactions\n\n\n\n\nThe company opened 722 net new stores in Q4, ending the period with 40,199 stores: 52% company-operated and 48% licensed\n\n\nAt the end of Q4, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 16,941 and 7,596 stores in the U.S. and China, respectively\n\n\n\n\nConsolidated net revenues declined 3%, including on a constant currency basis, to $9.1 billion\n\n\nGAAP operating margin contracted 380 basis points year-over-year to 14.4%, primarily driven by deleverage, investments in store partner wages and benefits, and increased promotional activity. This contraction was partially offset by pricing and in-store operational efficiencies.\n\n\nNon-GAAP operating margin contracted 380 basis points year-over-year to 14.4%, or contracted 370 basis points on a constant currency basis\n\n\n\n\nGAAP earnings per share of $0.80 declined 25% over prior year\n\n\nNon-GAAP earnings per share of $0.80 declined...