Record Q3 EPS Increases 33% to $0.36
Strong Traffic Drives 8% Increase in Global Comparable Store SalesJul 28, 2011
Starbucks Reports Record Third Quarter 2011 Results
Record Q3 EPS Increases 33% to $0.36
Strong Traffic Drives 8% Increase in Global Comparable Store Sales
Operating Margin Improves 300 Basis Points in U.S. and 200 Basis Points in International
Company Provides FY12 Outlook
SEATTLE, July 28, 2011 - Starbucks Corporation (NASDAQ:SBUX) today reported financial results for its fiscal third quarter ended July 3, 2011 and introduced FY12 targets.
Fiscal Third Quarter 2011 Highlights:
• Total net revenues increased 12% to $2.9 billion
• Global comparable store sales increased 8%, driven by a 6% increase in traffic and a 2% increase in average ticket
• Consolidated operating margin was 13.7%, up 120 basis points over prior-year period’s GAAP results and 40 basis points over prior-year period’s non-GAAP results
o U.S. operating margin improved 300 basis points to 18.8% on a GAAP basis and 210 basis points over the prior-year period’s non-GAAP results
o International operating margin improved 200 basis points to 12.2% on a GAAP basis and 140 basis points over the prior-year period’s non-GAAP results
• Global CPG operating income increased to $66.0 million, up 20% over prior-year period
• EPS increased 33% to $0.36 in Q3 FY11 compared to $0.27 in Q3 FY10
• The Board of Directors declared a $0.13 per share cash dividend to shareholders of record as of August 10, 2011, which will be paid on August 26, 2011
"Starbucks record third quarter results reflect both the underlying strength and continuing momentum we have been experiencing across all of our business segments and around the world,” said Howard Schultz, chairman, president and ceo. “These results demonstrate the power, and the extraordinary global potential, of our unique new business model. Starbucks has never been healthier, more connected to our customers and partners, or better positioned to go after the tremendous business opportunities that lie ahead,” Schultz added.
“The exceptional results that we reported today for our fiscal third quarter are a testament to the strength of the Starbucks brand, to the depth of the company’s organizational capabilities, and to the dedication of our partners around the world,” commented Troy Alstead, cfo. “Efforts to enhance the store experience continue to resonate with our customers as strong traffic gains and sales leverage helped mitigate the impact of higher commodity costs. With our global store portfolio performing at record levels and momentum building in CPG, we have a solid foundation in place to pursue continued profitable growth in fiscal 2012 and beyond. As we build upon the strength of the brand and our evolving multi-channel strategy, we expect to drive growth in earnings per share in fiscal 2012 in the range of 15 to 20 percent.”

Operating Margin Improves 300 Basis Points in U.S. and 200 Basis Points in International
Company Provides FY12 Outlook
SEATTLE, July 28, 2011 - Starbucks Corporation (NASDAQ:SBUX) today reported financial results for its fiscal third quarter ended July 3, 2011 and introduced FY12 targets.