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Starbucks Reports Record First Quarter Fiscal 2013 Results



  Starbucks Reports Record First Quarter Fiscal 2013 Results

Strong Comparable Store Sales Growth of 7% in US and Americas and 6% Globally

  Robust Holiday Contributes to an 11% Increase in Revenues to a Record $3.8
                                   Billion

                       EPS Rises 14% to a Record $0.57

                    Company Reaffirms FY13 Growth Targets

Business Wire

SEATTLE -- January 24, 2013

Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its
13-week fiscal first quarter ended December 30, 2012.

Fiscal First Quarter 2013 Highlights:

  * Total net revenues increased 11% to a record $3.8 billion
  * Global comparable store sales grew 6%, driven by a 4% increase in traffic
    and a 2% increase in average ticket

       * Americas comparable store sales grew 7%, China/Asia Pacific
         comparable store sales grew 11%

  * Consolidated operating margin expanded 40 basis points to 16.6%
  * EPS increased 14% to a record $0.57 per share, compared to $0.50 per share
    in Q1 FY12
  * Opened 212 net new stores globally, including the first 3 stores in India
  * Sold more than 150,000 Verismo® machines since launch, marking a strong
    debut of this emerging platform
  * Added 1.4 million new My Starbucks Rewards members in the U.S., up 86%
    over the 778,000 new members added in the U.S. in Q1 FY12

  * Acquired Teavana Holdings, Inc. on December 31, making Teavana a
    wholly-owned subsidiary of Starbucks and positioning Starbucks to become
    the global leader in tea

“Starbucks strong performance in Q1 demonstrates the strength, and unique
resilience, of our increasingly global business, and the power and growing
relevance of the Starbucks brand to consumers and communities all around the
world,” said Howard Schultz, chairman, president and chief executive officer,
Starbucks Coffee Company. “Solid growth in our U.S. retail business, further
expansion of our Channel Development initiatives and continued successful
execution against our expansion plans throughout China and Asia Pacific all
contributed to the record results we announced today. Starbucks has never been
better positioned to achieve the goals we have set for ourselves around the
world and I have never been more optimistic about our future.”

“Record earnings in the first quarter continued our strong
momentum, reflecting the underlying strength in our core business,” commented
Troy Alstead, chief financial officer. “We delivered excellent holiday results
with 6% global comps, marking the 12th consecutive quarter of comps in excess
of 5%. Our first quarter results demonstrate both efficiency, with record US
productivity, and innovation, with the successful launch of Verismo, our
newest growth platform.”

Added Alstead, “Despite significant and unexpected cost pressures in the
quarter, we achieved our earnings growth target and delivered record
EPS. Starbucks strong Q1 performance reaffirms our confidence in the
aggressive FY13 growth targets we announced in early November. The quality and
diversity of growth drivers in the business, combined with our continued focus
on operational excellence, gives us confidence in sustainable, strong
profitable growth.”

First Quarter Fiscal          
2013 Summary
                                 
                                Quarter Ended Dec 30, 2012
Comparable Store                Sales Growth       Change in         Change in
Sales^(1)                                          Transactions      Ticket
Consolidated                    6%                 4%                2%
Americas                        7%                 4%                2%
EMEA                            (1)%               2%                (3)%
CAP                             11%                8%                3%
^(1) Includes only Starbucks company-operated stores open 13 months or longer.
                                 
                                 
Operating Results               Quarter Ended
($ in millions, except          Dec 30, 2012       Jan 1, 2012       Change
per share amounts)
Net New Stores                  212                241               (29)
Revenues                        $3,799.6           $3,435.9          11%
Operating Income                $630.6             $556.0            13%
Operating Margin                16.6%              16.2%             40 bps
EPS                             $0.57              $0.50             14%
                                                                      

Consolidated net revenues reached a record $3.8 billion in Q1 FY13, an
increase of 11% over Q1 FY12. The increase was primarily due to a 6% increase
in global comparable store sales, and incremental revenues from 401 net new
company-operated store openings over the past 12 months. The 6% increase in
comparable store sales was comprised of a 4% increase in the number of
transactions and a 2% increase in average ticket. Also contributing to
consolidated net revenue growth was 13% revenue growth in Channel Development
and 14% revenue growth in licensed stores.

Consolidated operating income increased 13% to a record $630.6 million,
compared to $556.0 million for the same period a year ago. Operating margin
expanded 40 basis points to 16.6% this quarter, compared to 16.2% in the same
period last year. The margin increase was primarily due to increased sales
leverage.

Segment Reporting Update

At the beginning of the first quarter of FY13, the company decentralized
certain leadership functions in the areas of retail marketing and category
management, global store development and partner resources, to support and
align with the respective operating segment presidents. In conjunction with
these moves, certain general and administrative and depreciation and
amortization expenses associated with these functions, which were previously
reported as unallocated corporate expenses within "Other," are now reported
within the respective operating segments to align with the regions that they
support. In order to conform prior period classifications with the new
alignment, the historical consolidated financial statements have been recast
as reflected in the segment results below. This change did not impact
historical consolidated results.

Q1 Americas Segment Results                                       
                                                                    
                                  Quarter Ended
($ in millions)                   Dec 30, 2012     Jan 1, 2012     Change
Net New Stores                    80               95              (15)
Revenues                          $2,840.7         $2,578.6        10%
Operating Income                  $590.3           $548.9          8%
Operating Margin                  20.8%            21.3%           (50) bps
                                                                    

Net revenues for the Americas segment were $2.8 billion in Q1 FY13, an
increase of 10% over Q1 FY12. The increase was primarily due to a 7% increase
in comparable store sales, comprised of a 4% increase in the number of
transactions and a 2% increase in average ticket. Also contributing to the net
revenue increase was incremental revenues from 253 net new company-operated
store openings over the past 12 months and 11% revenue growth in licensed
stores.

Operating income increased to $590.3 million in Q1 FY13, growth of 8% compared
to $548.9 million for the same period a year ago. Operating margin decreased
50 basis points to 20.8% in Q1 FY13. The margin contraction was driven by
expenses related to the company's October global leadership conference,
litigation charges and the impact from Superstorm Sandy. These expenses
negatively impacted Q1 FY13 operating income and operating margin by $53
million and 190 basis points, respectively, compared to the same period in the
prior year. Partially offsetting those expenses was increased sales leverage.

Q1 EMEA Segment Results                                       
                                                                
                              Quarter Ended
($ in millions)               Dec 30, 2012     Jan 1, 2012     Change
Net New Stores                7                25              (18)
Revenues                      $306.1           $303.0          1%
Operating Income              $22.3            $18.9           18%
Operating Margin              7.3%             6.2%            110 bps
                                                                

Net revenues for the EMEA segment were $306.1 million in Q1 FY13, an increase
of 1% over Q1 FY12. The increase was driven by 41% revenue growth in licensed
stores which was nearly offset by a decline in company-operated revenue as a
result of recent store portfolio optimization activities including the sale of
the Ireland store portfolio and UK airport locations to licensed partners as
well as the closure of underperforming stores in the UK.

Operating income of $22.3 million in Q1 FY13 grew 18% compared to $18.9
million for the same period a year ago. Operating margin increased 110 basis
points to 7.3% compared to 6.2% in the prior-year period. Margin expansion was
primarily driven by a continued focus on cost management and leverage from
strong licensed store revenue growth.

Q1 China/Asia Pacific Segment       
Results
                                                                       
                                     Quarter Ended                   
($ in millions)                      Dec 30, 2012     Jan 1, 2012     Change
Net New Stores                       125              121             4
Revenues                             $214.1           $166.9          28%
Operating Income                     $72.1            $57.3           26%
Operating Margin                     33.7%            34.3%           (60) bps
                                                                       

Net revenues for the China/Asia Pacific segment were $214.1 million in Q1
FY13, an increase of 28% over Q1 FY12. The increase was primarily due to
incremental revenues from 166 net new company-operated store openings over the
past 12 months and an 11% increase in comparable store sales. Additionally,
licensed store revenue growth of 14% contributed to the revenue growth for the
region.

Operating income increased 26% to $72.1 million in Q1 FY13, compared to $57.3
million for the same period a year ago. Operating margin decreased 60 basis
points to 33.7% in Q1 FY13 compared to 34.3% in the prior-year period. The
margin contraction was primarily due to investment spending to support
continued growth in China and a shift in the composition of our store
portfolio from licensed to company-operated stores. The margin contraction was
partially offset by lower performance-based compensation compared to the same
period in the prior year when the region significantly outperformed its
operating plan.

Q1 Channel Development Segment       
Results
                                                                        
                                      Quarter Ended                   
($ in millions)                       Dec 30, 2012     Jan 1, 2012     Change
Revenues                              $379.8           $335.8          13%
Operating Income                      $96.8            $77.9           24%
Operating Margin                      25.5%            23.2%           230 bps
                                                                        

Channel Development net revenues were $379.8 million in Q1 FY13, an increase
of 13% over Q1 FY12, primarily driven by sales of Starbucks- and Tazo-branded
K-Cup® packs. Also contributing to the revenue growth were incremental sales
related to the launch of the Verismo system.

Channel Development operating income grew 24% to $96.8 million in Q1 FY13
compared to $77.9 million for the same period a year ago. Operating margin
increased 230 basis points to 25.5% in Q1 FY13 compared to 23.2% in the
prior-year period. The margin expansion was mainly due to lower coffee-related
costs, partially offset by Verismo launch costs.

Fiscal 2013 Targets

Starbucks reaffirms its fiscal 2013 targets as follows:

  * The opening of approximately 1,300 net new stores globally, representing
    22% growth over fiscal 2012.

       * Approximately 600 net new stores in the Americas, with the majority
         of those in the U.S. Of the approximately 600 stores, approximately
         half of the additions will be licensed stores.
       * Approximately 600 net new stores in China/Asia Pacific, with licensed
         stores comprising approximately half of the new additions. Of the
         approximately 600 stores, slightly more than half will be in China.
       * Approximately 100 net new stores in EMEA (Europe, Middle East, Russia
         and Africa), with licensed stores comprising more than two thirds of
         the new stores.

  * Revenue growth of approximately 10% - 13%, driven by mid-single-digit
    comparable store sales growth, approximately 1,300 net new store openings,
    and continued strong growth in the Channel Development business.
  * Full-year consolidated operating margin improvement of approximately 100
    basis points over FY12 results.

       * Slight operating margin improvement in the Americas and EMEA
         segments.
       * Some operating margin contraction in China/Asia Pacific, driven by
         the shift in equity mix towards company-operated stores as well as
         costs associated with accelerated store growth in China.
       * 100 to 150 basis points of operating margin improvement in Channel
         Development.

  * Earnings per share of $2.06 to $2.15, representing growth in the range of
    15% - 20%.
  * Capital expenditures of approximately $1.2 billion for the full year,
    reflecting the increase in new store growth and an increase in production
    capacity to support recently-announced initiatives.

Company Updates

  * The company opened its 100^th store in Beijing, continuing its aggressive,
    profitable growth strategy in China.
  * Starbucks expanded its long-term relationship with Maxim's Group to now
    operate Starbucks stores in Vietnam, with the first store scheduled to
    open in Ho Chi Minh City in early February 2013.
  * In partnership with Tata Global Beverages Limited, Starbucks opened its
    first three stores in Mumbai, India, in Q1. The first store in Delhi is
    scheduled to open next month.
  * The company opened its 6^th, and first Asia-based, Farmer Support Center
    in Yunnan Province, China, allowing the company to work directly with
    farmers to help reduce the environmental impact of the region's
    coffee-growing activities and improve the livelihood of farmers and their
    families.
  * Approximately 7,000 company-operated Starbucks locations began accepting
    Square's mobile payment application, Square Wallet, giving customers
    another way to enjoy a quick, seamless payment.
  * For the 15^th year, Starbucks was named one of FORTUNE magazine's “100
    Best Companies to Work For.”
  * Starbucks acquired Teavana Holdings, Inc., making Teavana a wholly-owned
    subsidiary of Starbucks and the newest addition to Starbucks emerging
    brands portfolio, which also includes Evolution Fresh, Seattle's Best
    Coffee and Tazo.
  * As part of its strategy to reinvent and elevate tea, the company opened
    its first Tazo® tea store in Seattle's University Village shopping center,
    to serve as a learning laboratory for beverage innovation.
  * The Board of Directors declared a cash dividend of $0.21 per share,
    payable on February 22, 2013, to shareholders of record as of February 7,
    2013.
  * The company repurchased 8 million shares of common stock in Q1 FY13;
    approximately 29 million shares remain available for purchase under
    previous authorizations.

Conference Call

Starbucks will be holding a conference call today at 2:00 p.m. Pacific Time,
which will be hosted by Howard Schultz, chairman, president and ceo, Jeff
Hansberry, president, Channel Development and Emerging Brands and Troy
Alstead, cfo. The call will be broadcast live over the Internet and can be
accessed at the company’s web site address of http://investor.starbucks.com. A
replay of the call will be available via telephone through 9:00 p.m. Pacific
Time on Friday, January 25, 2013 by calling 1-855-859-2056, reservation number
36843944.  A replay of the webcast will also be available via the Investor
Relations page on Starbucks.com through approximately 5:00 p.m. Pacific Time
on Friday, February 22, 2013 at the following URL:
http://investor.starbucks.com.

The company’s consolidated statements of earnings, operating segment results,
and other additional information have been provided on the following pages in
accordance with current year classifications. This information should be
reviewed in conjunction with this press release. Please refer to the company’s
Annual Report on Form 10-K for the fiscal year ended September 30, 2012 for
additional information.

About Starbucks

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing
and roasting the highest quality arabica coffee in the world. Today, with
stores around the globe, the company is the premier roaster and retailer of
specialty coffee in the world. Through our unwavering commitment to excellence
and our guiding principles, we bring the unique Starbucks Experience to life
for every customer through every cup. To share in the experience, please visit
us in our stores or online at www.starbucks.com.

Forward-Looking Statements

This release contains forward-looking statements relating to certain company
initiatives, strategies and plans, as well as trends in or expectations
regarding, earnings per share, revenues, shareholder value, operational
improvements and efficiencies, diversified business model, changes to
organizational structures, business momentum, growth and growth opportunities
overall and of specific businesses, markets and channels, sales leverage,
store traffic, average ticket, overall performance of new and existing stores,
loyalty programs, operating margins, profits, capital expenditures, operating
costs, charges, comparable store sales, store openings and closings, the
strength, health and potential of our business and brand, product innovations,
store experience, tax rate and commodity costs and their impact. These
forward-looking statements are based on currently available operating,
financial and competitive information and are subject to a number of
significant risks and uncertainties. Actual future results may differ
materially depending on a variety of factors including, but not limited to,
coffee, dairy and other raw material prices and availability, costs associated
with, and the successful execution of, the company's initiatives, strategies
and plans, the acceptance of the company's products by our customers,
fluctuations in U.S. and international economies and currencies, the impact of
competition, the effect of legal proceedings, and other risks detailed in the
company filings with the Securities and Exchange Commission, including the
“Risk Factors” section of Starbucks Annual Report on Form 10-K for the fiscal
year ended September 30, 2012. The company assumes no obligation to update any
of these forward-looking statements.

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited, in millions, except per share data)
 
                       Quarter Ended                                 Quarter Ended
Fiscal Year            Dec 30,         Jan 1,          %             Dec 30,     Jan 1,
Ended
                       2012            2012            Change        2012        2012
                                                                     As a % of total
                                                                     net revenues
Net revenues:
Company-operated       $ 2,989.6       $ 2,731.8       9.4   %       78.7  %     79.5  %
stores
Licensed stores          350.2           306.6         14.2          9.2         8.9
CPG, foodservice         459.8           397.5         15.7          12.1        11.6   
and other
Total net                3,799.6         3,435.9       10.6          100.0       100.0
revenues
Cost of sales
including                1,620.7         1,496.1       8.3           42.7        43.5
occupancy costs
Store operating          1,089.5         995.7         9.4           28.7        29.0
expenses
Other operating          132.5           106.7         24.2          3.5         3.1
expenses
Depreciation and
amortization             148.9           134.8         10.5          3.9         3.9
expenses
General and
administrative           231.9           191.5         21.1          6.1         5.6    
expenses
Total Operating          3,223.5         2,924.8       10.2          84.8        85.1
Expenses
Income from              54.5            44.9          21.4          1.4         1.3    
equity investees
Operating income         630.6           556.0         13.4          16.6        16.2
Interest income          (2.9    )       23.2          nm            (0.1  )     0.7
and other, net
Interest expense         (6.6    )       (8.6    )     (23.3 )       (0.2  )     (0.3  )
Earnings before          621.1           570.6         8.9           16.3        16.6
income taxes
Income taxes             188.7           188.4         0.2           5.0         5.5    
Net earnings
including                432.4           382.2         13.1          11.4        11.1
noncontrolling
interest
Net earnings
attributable to          0.2             0.1           100.0         —           —      
noncontrolling
interest
Net earnings
attributable to        $ 432.2         $ 382.1         13.1  %       11.4  %     11.1  %
Starbucks
                                                                                  
Net earnings per
common share -         $ 0.57          $ 0.50          14.0  %
diluted
Weighted avg.
shares                   761.3           768.5
outstanding -
diluted
                                                                                  
Cash dividends
declared per           $ 0.21          $ 0.17
share
                                                                                  
Supplemental
Ratios:
Store operating
expenses as a
percentage of                                                        36.4  %     36.4  %
company-operated
stores revenue
Effective tax
rate including                                                       30.4  %     33.0  %
noncontrolling
interest
                                                                                  

Segment Results

The tables below present reportable segment results net of intersegment
eliminations (in millions):

Americas                                                      
                                                                
                       Dec 30,       Jan 1,        %           Dec 30,     Jan 1,
                       2012          2012          Change      2012        2012
                                                               As a % of Americas
Quarter Ended                                                  total net revenues
Net revenues:
Company-operated       $ 2,586.4     $ 2,356.2     9.8   %     91.0  %     91.4  %
stores
Licensed stores          239.2         216.4       10.5        8.4         8.4
CPG, foodservice         15.1          6.0         151.7       0.5         0.2    
and other
Total net                2,840.7       2,578.6     10.2        100.0       100.0
revenues
Cost of sales
including                1,092.5       1,006.7     8.5         38.5        39.0
occupancy costs
Store operating          959.8         874.8       9.7         33.8        33.9
expenses
Other operating          30.0          20.5        46.3        1.1         0.8
expenses
Depreciation and
amortization             105.4         97.1        8.5         3.7         3.8
expenses
General and
administrative           62.7          30.6        104.9       2.2         1.2    
expenses
Total Operating          2,250.4       2,029.7     10.9        79.2        78.7   
Expenses
Operating income       $ 590.3       $ 548.9       7.5   %     20.8  %     21.3  %
Supplemental
Ratios:
Store operating
expenses as a
percentage of                                                  37.1  %     37.1  %
company-operated
stores revenue
                                                                            

EMEA                                                                    
                                                                          
                       Dec 30,     Jan 1,      %             Dec 30,     Jan 1,
                       2012        2012        Change        2012        2012
                                                             As a % of EMEA
Quarter Ended                                                total net revenues
Net revenues:
Company-operated       $ 252.7     $ 264.3     (4.4   )%     82.6  %     87.2  %
stores
Licensed stores          43.9        31.2      40.7          14.3        10.3
CPG, foodservice         9.5         7.5       26.7          3.1         2.5    
and other
Total net                306.1       303.0     1.0           100.0       100.0
revenues
Cost of sales
including                152.5       150.4     1.4           49.8        49.6
occupancy costs
Store operating          90.3        93.8      (3.7   )      29.5        31.0
expenses
Other operating          8.4         8.6       (2.3   )      2.7         2.8
expenses
Depreciation and
amortization             14.2        14.2      —             4.6         4.7
expenses
General and
administrative           18.4        17.4      5.7           6.0         5.7    
expenses
Total Operating          283.8       284.4     (0.2   )      92.7        93.9
Expenses
Income from              —           0.3       (100.0 )      —           0.1    
equity investees
Operating income       $ 22.3      $ 18.9      18.0   %      7.3   %     6.2   %
Supplemental
Ratios:
Store operating
expenses as a
percentage of                                                35.7  %     35.5  %
company-operated
stores revenue
                                                                          

China / Asia                                                          
Pacific (CAP)
                                                                        
                       Dec 30,     Jan 1,      %           Dec 30,     Jan 1,
                       2012        2012        Change      2012        2012
                                                           As a % of CAP
Quarter Ended                                              total net revenues
Net revenues:
Company-operated       $ 150.5     $ 111.3     35.2  %     70.3  %     66.7  %
stores
Licensed stores          63.6        55.6      14.4        29.7        33.3   
Total net                214.1       166.9     28.3        100.0       100.0
revenues
Cost of sales
including                106.5       84.5      26.0        49.7        50.6
occupancy costs
Store operating          39.4        27.1      45.4        18.4        16.2
expenses
Other operating          10.2        11.4      (10.5 )     4.8         6.8
expenses
Depreciation and
amortization             7.4         5.0       48.0        3.5         3.0
expenses
General and
administrative           12.6        9.2       37.0        5.9         5.5    
expenses
Total Operating          176.1       137.2     28.4        82.3        82.2
Expenses
Income from              34.1        27.6      23.6        15.9        16.5   
equity investees
Operating income       $ 72.1      $ 57.3      25.8  %     33.7  %     34.3  %
Supplemental
Ratios:
Store operating
expenses as a
percentage of                                              26.2  %     24.3  %
company-operated
stores revenue
                                                                        

Channel                                                               
Development
                                                                        
                       Dec 30,     Jan 1,      %           Dec 30,     Jan 1,
                       2012        2012        Change      2012        2012
                                                           As a % of
                                                           Channel Development
Quarter Ended                                              total net revenues
Net revenues:
CPG                    $ 288.3     $ 247.1     16.7  %     75.9  %     73.6  %
Foodservice              91.5        88.7      3.2         24.1        26.4   
Total net                379.8       335.8     13.1        100.0       100.0
revenues
Cost of sales            235.2       220.6     6.6         61.9        65.7
Other operating          63.1        50.1      25.9        16.6        14.9
expenses
Depreciation and
amortization             0.3         0.4       (25.0 )     0.1         0.1
expenses
General and
administrative           4.8         3.8       26.3        1.3         1.1    
expenses
Total Operating          303.4       274.9     10.4        79.9        81.9
Expenses
Income from              20.4        17.0      20.0        5.4         5.1    
equity investees
Operating income       $ 96.8      $ 77.9      24.3  %     25.5  %     23.2  %
                                                                              

Other                                                                  
                                                                         
                                          Dec 30,        Jan 1,         %
                                          2012           2012           Change
Quarter Ended
Net revenues:
Licensed stores                           $ 3.5          $ 3.4          2.9  %
CPG, foodservice and other                  55.4           48.2         14.9
Total net revenues                          58.9           51.6         14.1
Cost of sales                               34.0           33.9         0.3
Other operating expenses                    20.8           16.1         29.2
Depreciation and amortization               21.6           18.1         19.3
expenses
General and administrative expenses         133.4          130.5        2.2
Total Operating Expenses                    209.8          198.6        5.6
Operating loss                            $ (150.9 )     $ (147.0 )     2.7  %
                                                                         

                           Supplemental Information

The following supplemental information is provided for historical and
comparative purposes.

Fiscal First Quarter 2013 U.S.        
Supplemental Data
                                        
                                       Quarter Ended                   
($ in millions)                        Dec 30, 2012     Jan 1, 2012     Change
Comparable Store Sales Growth          7%               9%
Change in Transactions                 4%               8%
Change in Ticket                       2%               2%
Revenues                               $2,503.9         $2,291.8        9%
Operating Income                       $587.9           $522.2          13%
Operating Margin                       23.5%            22.8%           70 bps
                                                                         

Fiscal First Quarter 2013 Store Data

The company’s store data for the periods presented are as follows:

                               Net stores opened       
                               (closed) during the
                               period                     
                               Quarter Ended             Stores open as of
                               Dec 30,       Jan         Dec 30,       Jan 1,
                                             1,
                               2012          2012        2012          2012
Americas:
Company-operated               30            11          7,887         7,634
Licensed stores                50            84          5,096         4,860
                               80            95          12,983        12,494
EMEA:
Company-operated^(1)           (20  )        8           862           880
Licensed stores^(1)            27            17          1,014         903
                               7             25          1,876         1,783
CAP:
Company-operated               47            35          713           547
Licensed stores                78            86          2,706         2,420
                               125           121         3,419         2,967
                                                                        
Total                          212           241         18,278        17,244
                                                                        
^(1) EMEA store data has been adjusted for the transfer of certain
company-operated stores to licensees in the fourth quarter of fiscal 2012.

© 2013 Starbucks Coffee Company. All rights reserved.

Contact:

Starbucks Corporation
Investor Relations:
JoAnn DeGrande / Greg Smith, 206-318-7118
investorrelations@starbucks.com
or
Media:
Zack Hutson, 206-318-7100
press@starbucks.com
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