Daily Coffee Report 8/4/26
Daily coffee report
StoneX Coffee Team
- Coffee
Starbucks Sees Strong Growth in Q2
By: Alexis Rubinstein, Managing Editor - Coffee Network
Starbucks Sees Strong Growth in Q2CoffeeNetwork (New York) - Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal second quarter ended April 3, 2022.
Q2 Fiscal 2022 Highlights
- Global comparable store sales increased 7%, driven by a 4% increase in average ticket and a 3% increase in comparable transactions
- North America and U.S. comparable store sales increased 12%, driven by a 7% increase in average ticket and a 5% increase in comparable transactions
- International comparable store sales decreased 8%, driven by a 5% decline in average ticket and a 3% decline in comparable transactions; China comparable store sales decreased 23%, driven by a 20% decline in comparable transactions and a 4% decline in average ticket
- International and China comparable store sales include the unfavorable impact of approximately 3% and 4%, respectively, from lapping prior-year value-added tax (“VAT”) exemptions in China
- The company opened 313 net new stores in Q2, ending the period with 34,630 stores globally: 51% company-operated and 49% licensed
- At the end of Q2, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 15,544 stores in the U.S and 5,654 stores in China
- Consolidated net revenues up 15% to a Q2 record $7.6 billion
- GAAP operating margin of 12.4% decreased 240 basis points from 14.8% in the prior year, primarily driven by inflationary pressures, mobility restrictions and lockdowns in China and investments in retail store partner wages and benefits, partially offset by pricing in North America and lapping restructuring costs in the prior year
- Non-GAAP operating margin of 13.0% decreased from 16.0% in the prior year
- GAAP earnings per share of $0.58 grew 4% over the prior year
- Non-GAAP earnings per share of $0.59, down from $0.61 in the prior year
- Starbucks® Rewards loyalty program 90-day active members in the U.S. increased to 26.7 million, up 17% year-over-year
“We are single-mindedly focused on enhancing our core U.S. business through our partner, customer and store experiences. Given record demand and changes in customer behavior we are accelerating our store growth plans, primarily adding high-returning drive-thrus, and accelerating renovation programs so we can better meet demand and serve our customers where they are,” said Howard Schultz, interim chief executive officer. “The investments we are making in our people and the company will add the capacity we need in our U.S. stores today and position us ahead of the coming growth curve ahead,” Schultz added.
Net revenues for the North America segment grew 17% over Q2 FY21 to $5.4 billion in Q2 FY22, primarily driven by a 12% increase in company-operated comparable store sales, driven by a 7% increase in average ticket and a 5% increase in transactions, performance of new stores over the past 12 months and strength in our licensed store sales.
Operating income increased to $931.5 million in Q2 FY22, up from $896.4 million in Q2 FY21. Operating margin of 17.1% contracted from 19.3% in the prior year, primarily driven by higher supply chain costs due to inflationary pressure, investments in labor including enhanced store partner wages and higher spend on new partner training, onboarding and support costs to address labor market conditions, as well as lapping prior year government subsidies. This contraction was partially offset by pricing, sales leverage and lower restructuring expenses primarily associated with the North America Trade Area Transformation.
Net revenues for the International segment grew 4% over Q2 FY21 to $1.7 billion in Q2 FY22, driven by 1,462 net new store openings, or 9% store growth, over the past 12 months, higher product sales to and royalty revenues from our licensees and the conversion of the Korea market from a joint venture to a fully licensed market in Q4 FY21. These increases were partially offset by an 8% decline in comparable store sales, primarily attributable to COVID-19 related restrictions in China and lapping the prior-year VAT benefit in China, as well as the impact of unfavorable foreign currency translation.
Operating income decreased to $180.7 million in Q2 FY22 compared to $258.1 million in Q2 FY21. Operating margin of 10.6% contracted from 15.8% in the prior year, primarily driven by investments in strategic initiatives and store partner wages, lower government subsidies as well as higher product and distribution costs from a sales mix shift and inflation. This contraction was partially offset by lower amortization expenses.
Net revenues for the Channel Development segment of $463.1 million in Q2 FY22 were 25% higher relative to Q2 FY21. The increase was primarily driven by growth in the Global Coffee Alliance and the International ready-to-drink businesses.
Operating income increased to $197.9 million in Q2 FY22, up from $172.6 million in Q2 FY21. Operating margin of 42.7% decreased from 46.7% in the prior year, primarily due to business mix shift driven by growth in the Global Coffee Alliance.
Alexis Rubinstein
- Coffee
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Daily Coffee Report 8/3/26
Daily coffee report
StoneX Coffee Team
- Coffee
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