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1971 Seattle
Embracing our heritage and values while aiming higher than ever.
Starbucks Corporation Fiscal 2012 Annual Report
2012
Mumbai
Fiscal 2012 Financial Highlights
Net Revenues (in Billions)
$11.7 $10.4 $10.7 $9.8 7%* 8% 7% $13.3
Comparable Store Sales Growth
(Company-Operated Stores Open 13 Months or Longer)
–3% –6%
2008
2009
2010
2011
2012
20082009
2010
2011
2012
Operating Income (in Millions)
GAAP Non-GAAP
$1,997 $1,728 $1,698** $1,419 $1,414**
Operating Margin
GAAP Non-GAAP
13.3% 13.5%** 14.8% 14.5%** 15.0%
8.1%** $843** $504 $562 $894** 4.9% 5.7%
9.2%**
2008
2009
2010
2011
2012
2008
2009
2010
2011
2012
Earnings per Diluted Share
GAAP EPS Non-GAAP EPS
Operating Cash Flow &Capital Expenditures
(in Millions) Cash from Operations
$1.79 $1.62 $1.52*** $1,259 $985 $856 $446 $441 $532 $1,389 $1,705
Capital Expenditures
$1,750
$1,612
$1.24 $1.23** $0.80** $0.52
$0.71** $0.43
2008
2009
2010
2011
2012
2008
2009
2010
2011
2012
* 2010 comparable store sales growth was calculated excluding the additional week in September 2010.** Non-GAAP measure. Excludes $339, $332 and $53 million in pretax restructuring and transformation charges in 2008, 2009 and 2010, respectively. Also excludes a benefit from the 53rd week in 2010 of approximately $59 million and a gain on the sale of properties in 2011 of $30 million. *** 2011 excludes $0.10 of gain resulting from the acquisition of the company’s joint venture operations inSwitzerland and Austria and the gain on the sale of properties.
we will ceaselessly honor our values. I firmly believe that the ability to adhere to these attributes is what defines the most enduring organizations of our time, and as I share them with you in the context of highlights from Starbucks past year, I think you will agree that they are key to our ongoing success.
Staying True to Our CorePurpose and Capabilities as We Grow
We will always be a coffee company whose core business is to ethically source and roast the highest-quality arabica coffee in the world, as we simultaneously create authentic connections with our customers and the communities we serve. I assure you we are not deviating from this purpose but rather enhancing it with extreme diligence. Scaling the StarbucksExperience. Today, 42 years after opening our first store in Seattle, Starbucks operates in 61 countries, and we recently had our most successful launch ever, in India. I was in Mumbai when our doors opened, and I personally witnessed, with our fantastic business partner in India, Tata Global Beverages, the unabashed affection and demand for Starbucks, a definitive signal that our brand is resonatingaround the world. In the China and Asia Pacific region in 2012, we once again posted strong annual returns, including 11 consecutive quarters of double-digit comparable store sales growth. This success showcases how—with nearly 3,300 stores, plus hundreds more planned throughout Asia Pacific—we are mastering the transferable ability to scale our brand’s core attributes and expertise, while respectingand reflecting regional customs and cultures so we may be locally relevant. When we strike this delicate balance, we establish trust, which ensures the company has opportunities for continued growth everywhere we do business. That includes the 36 countries in EMEA, where revenues grew 9 percent last year and where we continue to apply lessons of the past to reconnect with our customers in thiseconomically challenged but important region. As the equity of our brand thrives around the world, we anticipate having 20,000 stores on six continents by 2014. Additionally, over the next five years, we plan to open 3,000 new stores in the Americas region alone. Unlike a period in our past, I assure you that our growth today is highly disciplined. Strengthening Connections. As always, our 200,000...
Embracing our heritage and values while aiming higher than ever.
Starbucks Corporation Fiscal 2012 Annual Report
2012
Mumbai
Fiscal 2012 Financial Highlights
Net Revenues (in Billions)
$11.7 $10.4 $10.7 $9.8 7%* 8% 7% $13.3
Comparable Store Sales Growth
(Company-Operated Stores Open 13 Months or Longer)
–3% –6%
2008
2009
2010
2011
2012
20082009
2010
2011
2012
Operating Income (in Millions)
GAAP Non-GAAP
$1,997 $1,728 $1,698** $1,419 $1,414**
Operating Margin
GAAP Non-GAAP
13.3% 13.5%** 14.8% 14.5%** 15.0%
8.1%** $843** $504 $562 $894** 4.9% 5.7%
9.2%**
2008
2009
2010
2011
2012
2008
2009
2010
2011
2012
Earnings per Diluted Share
GAAP EPS Non-GAAP EPS
Operating Cash Flow &Capital Expenditures
(in Millions) Cash from Operations
$1.79 $1.62 $1.52*** $1,259 $985 $856 $446 $441 $532 $1,389 $1,705
Capital Expenditures
$1,750
$1,612
$1.24 $1.23** $0.80** $0.52
$0.71** $0.43
2008
2009
2010
2011
2012
2008
2009
2010
2011
2012
* 2010 comparable store sales growth was calculated excluding the additional week in September 2010.** Non-GAAP measure. Excludes $339, $332 and $53 million in pretax restructuring and transformation charges in 2008, 2009 and 2010, respectively. Also excludes a benefit from the 53rd week in 2010 of approximately $59 million and a gain on the sale of properties in 2011 of $30 million. *** 2011 excludes $0.10 of gain resulting from the acquisition of the company’s joint venture operations inSwitzerland and Austria and the gain on the sale of properties.
we will ceaselessly honor our values. I firmly believe that the ability to adhere to these attributes is what defines the most enduring organizations of our time, and as I share them with you in the context of highlights from Starbucks past year, I think you will agree that they are key to our ongoing success.
Staying True to Our CorePurpose and Capabilities as We Grow
We will always be a coffee company whose core business is to ethically source and roast the highest-quality arabica coffee in the world, as we simultaneously create authentic connections with our customers and the communities we serve. I assure you we are not deviating from this purpose but rather enhancing it with extreme diligence. Scaling the StarbucksExperience. Today, 42 years after opening our first store in Seattle, Starbucks operates in 61 countries, and we recently had our most successful launch ever, in India. I was in Mumbai when our doors opened, and I personally witnessed, with our fantastic business partner in India, Tata Global Beverages, the unabashed affection and demand for Starbucks, a definitive signal that our brand is resonatingaround the world. In the China and Asia Pacific region in 2012, we once again posted strong annual returns, including 11 consecutive quarters of double-digit comparable store sales growth. This success showcases how—with nearly 3,300 stores, plus hundreds more planned throughout Asia Pacific—we are mastering the transferable ability to scale our brand’s core attributes and expertise, while respectingand reflecting regional customs and cultures so we may be locally relevant. When we strike this delicate balance, we establish trust, which ensures the company has opportunities for continued growth everywhere we do business. That includes the 36 countries in EMEA, where revenues grew 9 percent last year and where we continue to apply lessons of the past to reconnect with our customers in thiseconomically challenged but important region. As the equity of our brand thrives around the world, we anticipate having 20,000 stores on six continents by 2014. Additionally, over the next five years, we plan to open 3,000 new stores in the Americas region alone. Unlike a period in our past, I assure you that our growth today is highly disciplined. Strengthening Connections. As always, our 200,000...
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