Daily Coffee Report 8/11/26
Daily coffee report
StoneX Coffee Team
- Coffee
Starbucks Reports Q1 Fiscal 2023 Results, China Shows Negative Impact
By: Alexis Rubinstein, Managing Editor - Coffee Network
Starbucks Reports Q1 Fiscal 2023 Results, China Shows Negative Impact CoffeeNetwork (New York) - Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal first quarter ended January 1, 2023.
Q1 Fiscal 2023 Highlights
- Global comparable store sales increased 5%, primarily driven by a 7% increase in average ticket, partially offset by a 2% decline in comparable transactions
- North America and U.S. comparable store sales increased 10%, driven by a 9% increase in average ticket and a 1% increase in comparable transactions
- International comparable store sales decreased 13%, driven by a 12% decline in comparable transactions and a 1% decline in average ticket; China comparable store sales decreased 29%, driven by a 28% decline in comparable transactions and a 1% decline in average ticket
- The company opened 459 net new stores in Q1, ending the period with 36,170 stores globally: 51% company-operated and 49% licensed
- At the end of Q1, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 15,952 stores in the U.S. and 6,090 stores in China
- Consolidated net revenues up 8%, to a record $8.7 billion, inclusive of approximately 3% unfavorable impact from foreign currency translation
- GAAP operating margin of 14.4% decreased from 14.6% in the prior year, primarily driven by previously committed investments in labor including enhanced store partner wages and benefits, inflationary pressures and sales deleverage in China, partially offset by strategic pricing in North America and sales leverage across markets outside of China
- Non-GAAP operating margin of 14.5% decreased from 15.1% in the prior year
- GAAP earnings per share of $0.74 grew 7% over prior year, including an estimated $0.06(1) of dilutive impact from China
- Non-GAAP earnings per share of $0.75 grew 4% over the prior year, including an estimated $0.06(1) of dilutive impact from China
- Starbucks Rewards loyalty program 90-day active members in the U.S. increased to 30.4 million, up 15% year-over-year
“Starbucks performance in Q1 demonstrates the strength and resilience of our business and accelerating demand for Starbucks Coffee all around the world," said Howard Schultz, interim ceo. “We posted today's strong results despite challenging global consumer and inflationary environments, a soft quarter for retail overall and the unprecedented, COVID-related headwinds that unfolded in China in Q1,” Schultz added.
Q1 North America Segment Results
Net revenues for the North America segment grew 14% over Q1 FY22 to $6.6 billion in Q1 FY23, primarily driven by a 10% increase in company-operated comparable store sales, driven by a 9% 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.
Operating income increased to $1.2 billion in Q1 FY23 compared to $1.1 billion in Q1 FY22. Operating margin of 18.5% contracted from 18.9% in the prior year, primarily driven by previously committed investments in labor including enhanced store partner wages and benefits, as well as higher commodity and supply chain costs due to inflationary pressures. This contraction was partially offset by strategic pricing and sales leverage.
Q1 International Segment Results
Net revenues for the International segment declined 10% over Q1 FY22 to $1.7 billion in Q1 FY23, primarily driven by approximately 13% unfavorable impact from foreign currency translation, as well as a 13% decline in comparable store sales, primarily attributable to suppressed mobility in China. These decreases were partially offset by growth in our licensed store revenue including higher product sales and royalty revenues, as well as net new store growth of 8% over the past 12 months.
Operating income decreased to $240.4 million in Q1 FY23 compared to $299.6 million in Q1 FY22. Operating margin of 14.3% contracted from 16.0% in the prior year, primarily driven by sales deleverage in China. This contraction was partially offset by sales leverage across markets outside of China, lapping amortization expenses and business mix.
Q1 Channel Development Segment Results
Net revenues for the Channel Development segment grew 15% over Q1 FY22 to $478.2 million in Q1 FY23, driven by growth in the Global Coffee Alliance and global ready-to-drink business.
Operating income increased to $226.3 million in Q1 FY23 compared to $183.2 million in Q1 FY22. Operating margin of 47.3% expanded from 43.9% in the prior year, primarily due to strength in our North American Coffee Partnership joint venture income.
Alexis Rubinstein
- Coffee
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Perspective: Morning Commentary for August 11
August 11 – It was generally a quiet night for the markets until early this morning when a headline hit that Iran and Oman were close to reaching a deal. Stock futures rallied, while the dollar index followed Treasury yields lower, along with active selling in the energy- and food-based commodities. The headline had limited impact though in a world that has become skeptical of promises of peace. Stock futures remain steady to firmer at this hour, while the VIX trades near 16 – just above 2026 lows. The dollar index is trading near 99.8 this morning, after recovering from its early morning selloff over the following hour of trade. Yields on 10-year Treasuries are trading near 4.69%, while yields on 2-year Treasuries trade near 4.22%. WTI crude oil is trading near $82 per barrel at this hour, while Brent trades near $88. The grain and oilseed markets are mostly weaker, after failing to recover from this morning’s early selloff that started in the crude oil market.
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Daily Coffee Report 8/10/26
Daily coffee report
StoneX Coffee Team
- Coffee
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