Industry News | November 14, 2002

Starbucks Reports Record Fourth Quarter and Fiscal 2002 Results

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Starbucks Corporation (Nasdaq:SBUX) today announced record revenues and earnings for its fourth fiscal quarter and its 52 weeks ended September 29, 2002.

For the 13 weeks ended September 29, 2002, consolidated net revenues increased 25 percent to $865 million from $690 million for the same 13-week period of fiscal 2001. Retail revenues increased 26 percent to $735 million, and specialty revenues increased 25 percent to $131 million. Comparable company-operated store sales increased 8 percent as compared with the same 13-week period of fiscal 2001.

Systemwide retail store sales, which include net revenues for both Company-operated and licensed retail stores, increased 28 percent to $1.0 billion for the last 13 weeks of fiscal 2002 from $795 million for the same period in fiscal 2001.

Net earnings for the 13-week period ended September 29, 2002, increased to $58.5 million from $53.2 million for the same period in fiscal 2001. Diluted earnings per share were $0.15 for the 13-week period ended September 29, 2002 compared to $0.14 for the comparable period in fiscal 2001.

For the 52 weeks ended September 29, 2002, consolidated net revenues increased 24 percent to $3.3 billion from $2.6 billion for the same period in fiscal 2001. Retail revenues increased 25 percent to $2.8 billion, and specialty revenues increased 18 percent to $496 million. Comparable Company-operated store sales for the 52-week period ended September 29, 2002, increased 6 percent as compared to the same 52-week period in fiscal 2001.

Systemwide retail store sales increased 29 percent to $3.8 billion for the 52 weeks ended September 29, 2002, from $3.0 billion for the same period in fiscal 2001. Net earnings were $215.1 million for the 52-week period ended September 29, 2002, which is the highest reported net earnings figure in the Company's history, compared to $181.2 million for the same period in fiscal 2001. Diluted earnings per share were $0.54 for the 52-week period ended September 29, 2002, including a $0.03 per share one-time charge recorded during the second fiscal quarter and a $0.02 per share capital gain recorded during the first fiscal quarter of 2002. Excluding both the one-time charge and the capital gain, net earnings increased 20 percent to $218.0 million, or $0.55 per share, compared to $0.46 per share for fiscal 2001.

The Company reiterated the following fiscal 2003 goals:

  • Open at least 1,200 new stores in fiscal 2003
  • Achieve comparable stores sales growth of 3 to 7 percent, with monthly anomalies
  • Increase total revenues by approximately 20 percent
  • Achieve earnings per share of $0.65 to $0.66 for fiscal 2003
  • News and information presented in this release has not been corroborated by QSR, Food News Media, or Journalistic, Inc.