Starbucks Files Q3 2024 10-Q

TL;DR

Starbucks Q3 2024 10-Q filed. Financials and ops details out.

AI Summary

Starbucks Corporation filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the third quarter of fiscal year 2024. Key financial data and operational metrics are presented, reflecting the company's performance in a dynamic market.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for Starbucks, crucial for understanding the company's current performance and future outlook.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the nature of the retail and food service industry can be subject to economic fluctuations and consumer trends.

Key Numbers

• 2024 Q3 — Fiscal Quarter (Reporting period for this 10-Q filing.)
• 0927 — Fiscal Year End (Starbucks' fiscal year concludes around this date annually.)

Key Players & Entities

• STARBUCKS CORP (company) — Filer
• SEATTLE (location) — Business Address City
• WA (location) — Business Address State
• 2064471575 (phone_number) — Business Phone
• 2024-06-30 (date) — Period of Report End Date
• 2024-07-30 (date) — Filing Date

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share SBUX Nasdaq Global Select Mar
• $0.57 — — — 0.3 — 0.3 Cash dividends declared, $0.57 per share — — — ( 645.6 ) — ( 645.6 )
• $0.53 — ) — ( 204.9 ) Cash dividends declared, $0.53 per share — — — ( 606.5 ) — ( 606.5 )
• $1.71 — — ( 1,259.5 ) Cash dividends declared, $1.71 per share — — — ( 1,933.5 ) — ( 1,933.
• $1.59 — ) — ( 700.2 ) Cash dividends declared, $1.59 per share — — — ( 1,823.4 ) — ( 1,823.

Filing Documents

• sbux-20240630.htm (10-Q) — 2292KB
• sbux-6302024xexhibit311.htm (EX-31.1) — 10KB
• sbux-6302024xexhibit312.htm (EX-31.2) — 10KB
• sbux-6302024xexhibit32.htm (EX-32) — 7KB
• sbux-20240630_g1.jpg (GRAPHIC) — 516KB
• 0000829224-24-000042.txt ( ) — 13476KB
• sbux-20240630.xsd (EX-101.SCH) — 75KB
• sbux-20240630_cal.xml (EX-101.CAL) — 109KB
• sbux-20240630_def.xml (EX-101.DEF) — 456KB
• sbux-20240630_lab.xml (EX-101.LAB) — 927KB
• sbux-20240630_pre.xml (EX-101.PRE) — 679KB
• sbux-20240630_htm.xml (XML) — 2299KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1 Financial Statements (Unaudited) 3 Consolidated Statements of Earnings 3 Consolidated Statements of Comprehensive Income 4 Consolidated Balance Sheets 5 Consolidated Statements of Cash Flows 6 Consolidated Statements of Equity 7 Index for Notes to Consolidated Financial Statements 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3 Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures

Item 4 Controls and Procedures 42

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1 Legal Proceedings 43

Risk Factors

Item 1A Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 43

Defaults Upon Senior Securities

Item 3 Defaults Upon Senior Securities 43

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 43

Other Information

Item 5 Other Information 43

Signatures

Signatures 45 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (in millions, except per share data, unaudited) Quarter Ended Three Quarters Ended Jun 30, 2024 Jul 2, 2023 Jun 30, 2024 Jul 2, 2023 Net revenues: Company-operated stores $ 7,516.0 $ 7,556.7 $ 22,323.8 $ 21,782.4 Licensed stores 1,129.0 1,136.2 3,375.7 3,325.2 Other 468.9 475.4 1,402.8 1,494.4 Total net revenues 9,113.9 9,168.3 27,102.3 26,602.0 Product and distribution costs 2,740.9 2,864.2 8,370.2 8,476.1 Store operating expenses 3,829.1 3,697.6 11,404.7 10,998.9 Other operating expenses 143.9 138.7 427.1 394.1 Depreciation and amortization expenses 380.4 342.2 1,117.6 1,011.2 General and administrative expenses 576.0 604.3 1,878.6 1,805.6 Restructuring and impairments — 7.1 — 21.8 Total operating expenses 7,670.3 7,654.1 23,198.2 22,707.7 Income from equity investees 73.9 69.7 197.8 179.0 Gain from sale of assets — — — 91.3 Operating income 1,517.5 1,583.9 4,101.9 4,164.6 Interest income and other, net 28.1 21.3 96.0 51.1 Interest expense ( 141.3 ) ( 140.9 ) ( 422.0 ) ( 406.9 ) Earnings before income taxes 1,404.3 1,464.3 3,775.9 3,808.8 Income tax expense 348.6 322.4 923.2 903.4 Net earnings including noncontrolling interests 1,055.7 1,141.9 2,852.7 2,905.4 Net earnings attributable to noncontrolling interests 0.9 0.2 1.0 0.2 Net earnings attributable to Starbucks $ 1,054.8 $ 1,141.7 $ 2,851.7 $ 2,905.2 Earnings per share - basic $ 0.93 $ 1.00 $ 2.51 $ 2.53 Earnings per share - diluted $ 0.93 $ 0.99 $ 2.51 $ 2.52 Weighted average shares outstanding: Basic 1,132.8 1,145.9 1,133.9 1,147.6 Diluted 1,135.8 1,150.5 1,137.3 1,152.0 See Notes to Consolidated Financial Statements. 3 Table of Contents STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions, unaudited) Quarter Ended Three Quarters Ended Jun 30, 2024 Jul 2, 2023 Jun 30, 2024 Jul 2, 2023 Net earnings including noncontrolling interests $ 1,055.7 $ 1

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Note 1: Summary of Significant Accounting Policies and Estimates Financial Statement Preparation The unaudited consolidated financial statements as of June 30, 2024, and for the quarters and three quarters ended June 30, 2024 and July 2, 2023, have been prepared by Starbucks Corporation under the rules and regulations of the Securities and Exchange Commission ("SEC"). In the opinion of management, the financial information for the quarters and three quarters ended June 30, 2024 and July 2, 2023 reflects all adjustments and accruals, which are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, and cash flows for the interim periods. In this Quarterly Report on Form 10-Q ("10-Q"), Starbucks Corporation is referred to as "Starbucks," the "Company," "we," "us," or "our." Segment information is prepared on the same basis that our management reviews financial information for operational decision-making purposes. Certain prior period information on the consolidated statements of cash flows have been reclassified to conform to the current presentation. The financial information as of October 1, 2023 is derived from our audited consolidated financial statements and notes for the fiscal year ended October 1, 2023 ("fiscal 2023") included in Item 8 in the fiscal 2023 Annual Report on Form 10-K ("10-K"). The information included in this 10-Q should be read in conjunction with the footnotes and management's discussion and analysis of the consolidated financial statements in the 10-K. The results of operations for the quarter and three quarters ended June 30, 2024 are not necessarily indicative of the results of operations that may be achieved for the entire fiscal year ending September 29, 2024 ("fiscal 2024"). Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued guidance expanding

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View this 10-Q filing on SEC EDGAR