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Dec 27, 2020
Starbucks Q1 2021 Earnings Report
Starbucks' Q1 2021 results reflected meaningful improvements despite business disruptions, fueled by investments in partners, beverage innovation, and digital customer relationships.
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
Revenue by Segment
Company-operated Revenue
CapyFin.comLicensed stores Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.comChannel Dev. Revenue
CapyFin.comCorporate/Other Revenue
CapyFin.com 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