Starbucks Corporation · NASDAQ:SBUX
Starbucks — Q1 2024 Earnings Presentation
15 slides from Starbucks's earnings presentation, Jan 30, 2024
Slide 1: Starbucks Reports Q1 Fiscal 2024 Results
Exhibit 99.1 Starbucks Reports Q1 Fiscal 2024 Results Q1 Consolidated Net Revenues Up 8% to a Record $9.4 Billion Q1 Comparable Store Sales Up 5% Globally; Up 5% in North America; Up 7% in International Q1 GAAP EPS Up 22% to $0.90; Non-GAAP EPS Up 20% to $0.90 as Reinvention Unlocks Continued Effici
Slide 2: Q1 North America and International Segment Results
2 Q1 North America Segment Results Quarter Ended ($ in millions) Dec 31, 2023 Jan 1, 2023 Change (%) Change in Comparable Store Sales (1) 5% 10% Change in Transactions 1% 1% Change in Ticket 4% 9% Store Count 17,931 17,381 3% Revenues $7,120.7 $6,551.3 9% Operating Income $1,520.8 $1,212.4 25% Opera
Slide 3: Q1 Channel Development Segment Results
3 Q1 Channel Development Segment Results Quarter Ended ($ in millions) Dec 31, 2023 Jan 1, 2023 Change (%) Revenues $448.0 $478.2 (6)% Operating Income $209.7 $226.3 (7)% Operating Margin 46.8% 47.3% (50) bps Net revenues for the Channel Development segment declined 6% over Q1 FY23 to $448.0 million
Slide 4: Fiscal 2024 Financial Targets
4 Fiscal 2024 Financial Targets The company will discuss fiscal year 2024 financial targets during its Q1 FY24 earnings conference call starting today at 2:00 p.m. Pacific Time. These items can be accessed on the company's Investor Relations website during and after the call. The company uses its we
Slide 5: About Starbucks; Forward-Looking Statements
5 About Starbucks Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 38,000 stores worldwide, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment
Slide 6: Forward-Looking Statements (continued)
6 goods), marketing, category expansion, product introductions, or entry or expansion in our geographic markets; • the impact of changes in U.S. tax law and related guidance and regulations that may be implemented, including on tax rates; • the impact of health epidemics, pandemics or other public h
Slide 7: Consolidated Statements of Earnings
7 STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (unaudited, in millions, except per share data) Quarter Ended Quarter Ended Dec 31, Jan 1, % Dec 31, Jan 1, 2023 2023 Change 2023 2023 As a % of total net revenues Net revenues: Company-operated stores $ 7,755.2 $ 7,083.5 9.5 % 82.3 % 81.3
Slide 8: Segment Results
8 Segment Results (in millions) North America Dec 31, Jan 1, % Dec 31, Jan 1, 2023 2023 Change 2023 2023 As a % of North America Quarter Ended total net revenues Net revenues: Company-operated stores $ 6,381.1 $ 5,870.6 8.7 % 89.6 % 89.6 % Licensed stores 737.9 680.0 8.5 10.4 10.4 Other 1.7 0.7 142.
Slide 9: Channel Development and Corporate and Other
9 Channel Development Dec 31, Jan 1, % Dec 31, Jan 1, 2023 2023 Change 2023 2023 As a % of Channel Development Quarter Ended total net revenues Net revenues $ 448.0 $ 478.2 (6.3) % Product and distribution costs 279.0 294.2 (5.2) 62.3 % 61.5 % Other operating expenses 12.8 13.0 (1.5) 2.9 2.7 General
Slide 10: Consolidated Balance Sheets
10 STARBUCKS CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited, in millions, except per share data) Dec 31, Oct 1, 2023 2023 ASSETS Current assets: Cash and cash equivalents $ 3,000.4 $ 3,551.5 Short-term investments 383.0 401.5 Accounts receivable, net 1,165.1 1,184.1 Inventories 1,646.3 1,806.4 P
Slide 11: Consolidated Statements of Cash Flows
11 STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in millions) Quarter Ended Dec 31, Jan 1, 2023 2023 OPERATING ACTIVITIES: Net earnings including noncontrolling interests $ 1,024.4 $ 855.2 Adjustments to reconcile net earnings to net cash provided by operating activities
Slide 12: Supplemental Information
12 Supplemental Information The following supplemental information is provided for historical and comparative purposes. U.S. Supplemental Data Quarter Ended ($ in millions) Dec 31, 2023 Jan 1, 2023 Change (%) Revenues $6,643.0 $6,110.2 9% Change in Comparable Store Sales (1) 5% 10% Change in Transac
Slide 13: Non-GAAP Disclosure
13 Non-GAAP Disclosure In addition to the GAAP results provided in this release, the company provides certain non-GAAP financial measures that are not in accordance with, or alternatives for, generally accepted accounting principles in the United States. When provided, our non- GAAP financial measur
Slide 14: Net Revenue Constant Currency Reconciliation
14 STARBUCKS CORPORATION NET REVENUE CONSTANT CURRENCY RECONCILIATION (unaudited, in millions) Consolidated Revenue for the quarter ended Jan 1, 2023 as reported (GAAP) $ 8,713.9 Revenue for the quarter ended Dec 31, 2023 as reported (GAAP) $ 9,425.3 Change (%) 8.2 % Constant Currency Impact (%) 0.3
Slide 15: Reconciliation of Selected GAAP Measures to Non-GAAP Measures
15 STARBUCKS CORPORATION RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (unaudited, in millions except per share data) Quarter Ended (1) Constant Change in Dec 31, Jan 1, Change Currency Constant 2023 2023 Consolidated Impact Currency Operating income, as reported (GAAP) $ 1,485.4 $ 1