Starbucks Q1 2021 Earnings Report
Key Takeaways
Starbucks reported a 5% decline in global comparable store sales, with U.S. sales down 5% and China up 5%. GAAP EPS was $0.53, and non-GAAP EPS was $0.61. The company opened 278 net new stores, bringing the global total to 32,938.
Global comparable store sales decreased by 5%, driven by a 19% decrease in comparable transactions, partially offset by a 17% increase in average ticket.
Americas comparable store sales declined 6%, with U.S. comparable store sales down 5%.
International comparable store sales were down 3%, while China comparable store sales increased by 5%.
The company opened 278 net new stores in Q1 2021, yielding 4% year-over-year unit growth, ending the period with 32,938 stores globally.
Starbucks
Starbucks
Starbucks Revenue by Segment
Starbucks Revenue by Geographic Location
Forward Guidance
Starbucks provided full-year fiscal 2021 guidance, including global comparable store sales growth of 18% to 23% and GAAP EPS in the range of $2.42 to $2.62.
Positive Outlook
- Global comparable store sales growth of 18% to 23%.
- Americas and U.S. comparable store sales growth of 17% to 22%.
- International comparable store sales growth of 25% to 30%.
- China comparable store sales growth of 27% to 32%.
- Consolidated revenue of $28.0 billion to $29.0 billion.
Challenges Ahead
- Guidance is dependent on current expectations and may be impacted by evolving external conditions.
- Local safety guidelines and shifts in customer routines, preferences, and mobility may affect guidance.
- The company is unable to reconcile forward-looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts.
- Such items may include acquisitions, divestitures, restructuring and other items.
- The unavailable information could have a significant impact on the company’s GAAP financial results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income