Seattle / WA. (sc) Starbucks Corporation reported financial results for its 13-week fiscal third quarter ended July 03, 2022. GAAP results 2022 and 2021 include items that are excluded from non-GAAP results.
Q3 Fiscal 2022 Highlights
- Global comparable store sales increased 3 percent, driven by a 6 percent increase in average ticket, partially offset by a 3 percent decline in comparable transactions
- North America comparable store sales increased 9 percent, driven by an 8 percent increase in average ticket and a 1 percent increase in comparable transactions; U.S. comparable store sales increased 9 percent, primarily driven by an 8 percent increase in average ticket
- International comparable store sales decreased 18 percent, driven by a 15 percent decline in comparable transactions and a 4 percent decline in average ticket; China comparable store sales decreased 44 percent, driven by a 43 percent decline in comparable transactions and a 1 percent decline in average ticket
- The company opened 318 net new stores in Q3, ending the period with 34,948 stores globally: 51 percent company-operated and 49 percent licensed
- At the end of Q3, stores in the U.S. and China comprised 61 percent of the company’s global portfolio, with 15,650 stores in the U.S and 5,761 stores in China
- Consolidated net revenues up 9 percent to a quarterly record USD 8.2 billion, including a 2 percent adverse impact from foreign currency translation
- GAAP operating margin of 15.9 percent decreased 400 basis points from 19.9 percent in the prior year, primarily driven by inflationary pressures, investments in labor including enhanced store partner wages as well as sales deleverage related to COVID-19 restrictions in China, partially offset by pricing in North America and leverage across markets outside of China
- Non-GAAP operating margin of 16.9 percent decreased from 20.4 percent in the prior year
- GAAP earnings per share of USD 0.79, down from USD 0.97 in the prior year
- Non-GAAP earnings per share of USD 0.84, down from USD 0.99 in the prior year
- «Starbucks» Rewards loyalty program 90-day active members in the U.S. increased to 27.4 million, up 13 percent year-over-year
«We have clear line-of-sight on what we need to do to reinvent the company, elevate our partner and customer experiences and drive accelerated, profitable growth all around the world,» said Howard Schultz, interim chief executive officer. «The Q3 results we announced demonstrate the early progress we have made in just four short months,» Schultz added.
«We delivered record-breaking revenue performance during the quarter from continued strength in customer demand globally, balanced with our ability to execute investments despite macroeconomic and operational headwinds. Our commitment to deliver shareholder value has not wavered, and we are making the right decisions and investments today for the future of Starbucks,» commented Rachel Ruggeri, chief financial officer.
