Daily Coffee Report 8/6/26
Daily coffee report
StoneX Coffee Team
- Coffee
Starbucks Reports Q1 Fiscal 2022 Results
By: Alexis Rubinstein, Managing Editor - Coffee Network
Starbucks Reports Q1 Fiscal 2022 Results
CoffeeNetwork (New York) - Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13- week fiscal first quarter ended January 2, 2022. GAAP results in fiscal 2022 and fiscal 2021 include items that are excluded from non-GAAP results.
“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 labor 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%, driven by a 10% increase in comparable transactions and a 3% increase in average ticket
- North America and U.S. comparable store sales increased 18%, primarily driven by a 12% increase in comparable transactions and a 6% increase in average ticket
- International comparable store sales decreased 3%, driven by a 5% decline in average ticket, partially offset by a 2% increase in comparable transactions; China comparable store sales decreased 14%, driven by a 9% decline in average ticket and a 6% decline in transactions; International and China comparable store sales include adverse impacts of approximately 3% and 4%, 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% year-over-year unit growth, ending the period with a record 34,317 stores globally, of which 51% and 49% were company operated and licensed, respectively
- Stores in the U.S. and China comprised 61% 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 $8.1 billion grew 19% compared to the prior year, mainly driven by a 13% increase in comparable store sales primarily from lapping the unfavorable 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% increased from 13.5% 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% decreased from 15.4% in the prior year
- GAAP earnings per share of $0.69 grew 30% over the prior year
- Non-GAAP earnings per share of $0.72 grew 18% over the prior year
- Starbucks® Rewards loyalty program 90-day active members in the U.S. increased to 26.4 million, up 21% year-over-year
Q1 Channel Development Segment Results:
Net revenues for the Channel Development segment of $417.1 million in Q1 FY22 were 12% higher relative to Q1 FY21. The increase was primarily driven by growth in the Global Coffee Alliance and the International ready-to-drink businesses. Operating income increased to $183.2 million in Q1 FY22, up from $180.8 million in Q1 FY21. Operating margin of 43.9% decreased from 48.7% in the prior year, as North American Coffee Partnership joint venture income declined due to supply chain constraints and inflationary pressures as well as a business mix shift.
Alexis Rubinstein
- Coffee
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August 6 – This morning’s stronger-than-expected U.S. labor data offered markets some relief, reinforcing confidence in the economy while giving the Fed greater flexibility to raise rates should inflationary pressures reaccelerate in next week’s July data. Stock futures are pointing to a mixed open to start the day, with the tech-heavy Nasdaq showing the most weakness. The VIX has fallen notably from yesterday’s spike above 18.4 as it starts the day hovering just below the 16-mark. The dollar is quietly higher as it trades just above 99.8, holding in the tight range seen thus far this week as traders continue to digest data to shape expectations for the Fed’s next move, which we’ll dive into in more depth below. Long-term treasury yields have relaxed slightly from their recent spike, with 30-year yields starting the day trading just above 5.19%, while 10-year yields trade above 4.64%, and 2-year yields sit below 4.22%. Crude oil is modestly higher to start the session after sharp declines earlier in the week, with nearby WTI up 1.8% to trade at $76.40 and nearby Brent up 2.4% to trade at $81.40. Meanwhile, the ags are quietly mixed to start the day.
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Daily Coffee Report 8/5/26
Daily coffee report
StoneX Coffee Team
- Coffee
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