Starbucks Reports Q4 and Full Year Fiscal 2022 Results

By: Alexis Rubinstein, Managing Editor - Coffee Network

Fri, 04 Nov 2022, 14:06

Alexis Rubinstein

Managing Editor

CoffeeNetwork (New York) - Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal fourth quarter and 52-week fiscal year ended October 2, 2022.

Q4 Fiscal 2022 Highlights

Global comparable store sales increased 7%, primarily driven by an 8% increase in average ticket
North America and U.S. comparable store sales increased 11%, driven by a 10% increase in average ticket and a 1% increase in comparable transactions
International comparable store sales decreased 5%, driven by a 5% decline in comparable transactions and a 1% decline in average ticket; China comparable store sales decreased 16%, driven by a 17% decline in comparable transactions, partially offset by a 1% increase in average ticket
The company opened 763 net new stores in Q4, ending the period with 35,711 stores globally: 51% company-operated and 49% licensed
At the end of Q4, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 15,878 stores in the U.S. and 6,021 stores in China
Consolidated net revenues up 3%, or 11% on a 13-week basis, to a record $8.4 billion, inclusive of a 3% unfavorable impact from foreign currency translation
GAAP operating margin of 14.2% decreased 400 basis points from 18.2% in the prior year, primarily driven by investments and growth in labor including enhanced store partner wages as well as increased spend on new partner training, inflationary pressures, coupled with sales deleverage related to COVID-19 restrictions in China, partially offset by strategic pricing, primarily in North America and sales leverage across markets outside of China
Non-GAAP operating margin of 15.1% decreased from 19.5% in the prior year, or 18.9% on a 13-week basis
GAAP earnings per share of $0.76, down from $1.49 in the prior year
Non-GAAP earnings per share of $0.81, down from $0.99 in the prior year, or $0.89 on a 13-week basis
Starbucks Rewards loyalty program 90-day active members in the U.S. increased to 28.7 million, up 16% year-over-year

Full Year Fiscal 2022 Highlights

Global comparable store sales increased 8%, driven by a 5% increase in average ticket and a 2% increase in comparable transactions
North America comparable store sales increased 12%, driven by a 7% increase in average ticket and a 5% increase in comparable transactions; U.S. comparable store sales increased 12%, driven by an 8% increase in average ticket and a 4% increase in comparable transactions
International comparable store sales decreased 9%, driven by a 5% decline in comparable transactions and a 4% decline in average ticket; China comparable store sales decreased 24%, driven by a 22% decline in comparable transactions and a 3% decline in average ticket
Consolidated net revenues up 11%, or 13% on a 52-week basis, to a record $32.3 billion, inclusive of a 2% unfavorable impact from foreign currency translation
GAAP operating margin of 14.3% decreased 250 basis points from 16.8% in the prior year, primarily driven by investments and growth in labor including enhanced store partner wages, inflationary pressures, as well as sales deleverage related to COVID-19 restrictions in China, partially offset by sales leverage across markets outside of China and strategic pricing, primarily in North America
Non-GAAP operating margin of 15.1% decreased from 18.0% in the prior year, or 17.8% on a 52-week basis
GAAP earnings per share of $2.83, down from $3.54 in the prior year
Non-GAAP earnings per share of $2.96, down from $3.20 in the prior year, or $3.10 on a 52-week basis

“We saw accelerating demand for Starbucks coffee around the world in Q4 and throughout the year,” said Howard Schultz, interim chief executive officer. “And our Q4 results demonstrate early evidence of the success of our U.S. Reinvention investments. Reinvention will touch, and elevate, every aspect of our Starbucks partner, customer and store experiences, and ideally position Starbucks to deliver accelerated, sustainable, long-term, profitable growth and value creation beginning in 2023,” Schultz added.

“We are incredibly proud of our Q4 performance, and our 2023 guidance sets the stage for another year of record performance,” commented Rachel Ruggeri, chief financial officer.

Net revenues for the North America segment grew 6% (15% on a 13-week basis) over Q4 FY21 to $6.1 billion in Q4 FY22, primarily driven by an 11% increase in company-operated comparable store sales, driven by a 10% increase in average ticket and a 1% increase in transactions, net new store growth of 3% over the past 12 months and strength in our licensed store sales. These increases were partially offset by the impact of the extra week in fiscal 2021.

Operating income decreased to $1.1 billion in Q4 FY22 compared to $1.3 billion in Q4 FY21. Operating margin of 18.6% contracted from 21.8% in the prior year, primarily driven by investments and growth in labor including enhanced store partner wages as well as increased spend on new partner training, coupled with higher commodity and supply chain costs due to inflationary pressures. This contraction was partially offset by strategic pricing and sales leverage.

Net revenues for the International segment declined 7% (1% lower on a 13-week basis) over Q4 FY21 to $1.8 billion in Q4 FY22, primarily driven by an 11% unfavorable impact from foreign currency translation, the impact of the extra week in fiscal 2021, as well as a 5% decline in comparable store sales, primarily attributable to COVID-19 related restrictions in China. These decreases were partially offset by growth in our licensed store revenue including higher product sales, royalty revenues and the conversion of the Korea market from a joint venture to a fully licensed market in Q4 FY21, as well as net new store growth of 8% over the past 12 months.

Operating income decreased to $217.6 million in Q4 FY22 compared to $377.4 million in Q4 FY21. Operating margin of 12.2% contracted from 19.7% in the prior year, primarily driven by sales deleverage related to COVID-19 restrictions in China, lower government subsidies as well as investments in store partners. This contraction was partially offset by strategic pricing and sales leverage across markets outside of China.

Alexis Rubinstein

Coffee

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