Starbucks: Reports Q1 Fiscal 2022 Financial Results

Seattle / WA. (sc) Starbucks Corporation reported financial results for its 13-week fiscal first quarter ended January 02, 2022. GAAP results in fiscal 2022 and fiscal 2021 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures on starbucks.com.

«This holiday quarter delivered strong revenue growth highlighted by incredible customer demand for Starbucks. As we enter the third year of this pandemic, our stores continue to play an important role as a community gathering place that offers safe, familiar and convenient experiences for our customers. Although demand was strong, this pandemic has not been linear, and the macro environment remains dynamic as we experienced higher-than-expected inflationary pressures, increased costs due to Omicron and a tight labour market. We remain focused on actions that drive both top and bottom line growth, including industry-leading investments to attract, train and retain the best talent for our stores as customer occasions increase,» said Kevin Johnson, president and ceo.

«Starbucks will continue to proactively address the industry challenges and operating environment while maintaining our focus on Starbucks partners and customers. Our brand is more resilient than ever as we navigate the future of Starbucks together,» concluded Johnson.

Q1 Fiscal 2022 Highlights

  • Global comparable store sales increased 13 percent, driven by a 10 percent increase in comparable transactions and a 3 percent increase in average ticket
    • North America and U.S. comparable store sales increased 18 percent, primarily driven by a 12 percent increase in comparable transactions and a 6 percent increase in average ticket
    • International comparable store sales decreased 3 percent, driven by a 5 percent decline in average ticket, partially offset by a 2 percent increase in comparable transactions; China comparable store sales decreased 14 percent, driven by a 9 percent decline in average ticket and a 6 percent decline in transactions; International and China comparable store sales include adverse impacts of approximately 3 percent and 4 percent, respectively, from lapping prior-year value-added tax exemptions in China
  • The company opened 484 net new stores in the first quarter of fiscal 2022, yielding 4 percent year-over-year unit growth, ending the period with a record 34,317 stores globally, of which 51 percent and 49 percent were company-operated and licensed, respectively
    • Stores in the U.S. and China comprised 61 percent of the company’s global portfolio at the end of the first quarter of fiscal 2022, with 15,500 and 5,557 stores, respectively
  • Consolidated net revenues of USD 8.1 billion grew 19 percent compared to the prior year, mainly driven by a 13 percent increase in comparable store sales primarily from lapping the unfavourable impact of business disruption in the prior year due to the COVID-19 pandemic and strength of new U.S. company-operated stores compared to the prior year performance of stores closed as a part of our North America Trade Area Transformation
  • GAAP operating margin of 14.6 percent increased from 13.5 percent in the prior year primarily driven by sales leverage from business recovery and the lapping of COVID-19 related costs in the prior year, pricing in North America and lapping the higher restructuring activities in the prior year primarily associated with the North America Trade Area Transformation, partially offset by investments and growth in retail store partner wages and benefits as well as increased supply chain costs primarily due to inflationary pressures
    • Non-GAAP operating margin of 15.1 percent decreased from 15.4 percent in the prior year
  • GAAP earnings per share of USD 0.69 grew 30 percent over the prior year
    • Non-GAAP earnings per share of USD 0.72 grew 18 percent over the prior year
  • «Starbucks» Rewards loyalty program 90-day active members in the U.S. increased to 26.4 million, up 21 percent year-over-year.

For additional information please read the company’s PDF file below (67 KB):

20220202-STARBUCKS-Q1-2022
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