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Mar 28, 2021
Starbucks Q2 2021 Earnings Report
Starbucks' Q2 2021 results demonstrated impressive momentum with full sales recovery in the U.S. and significant growth in China, leading to increased revenue and earnings per share.
Key Takeaways
Starbucks reported strong Q2 fiscal year 2021 results, with global comparable store sales increasing by 15% and significant growth in the U.S. and China. The company raised its full-year fiscal 2021 revenue, margin, and earnings per share guidance.
Global comparable store sales increased 15%, driven by a 19% increase in average ticket, partially offset by a 4% decline in comparable transactions.
Americas comparable store sales increased 9%, driven by a 22% increase in average ticket, partially offset by a 10% decline in comparable transactions; U.S. comparable store sales increased 9%, driven by a 21% increase in average ticket, partially offset by a 10% decline in comparable transactions.
International comparable store sales increased 35%, driven by a 26% increase in comparable transactions and a 7% increase in average ticket; China comparable store sales increased 91%, driven by a 93% increase in transactions, slightly offset by a 1% decline in average ticket.
Consolidated net revenues of $6.7 billion increased 11% from the prior year.
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 updated its full year fiscal 2021 guidance, including consolidated revenue of $28.5 billion to $29.3 billion, GAAP EPS in the range of $2.65 to $2.75, and non-GAAP EPS in the range of $2.90 to $3.00.
Positive Outlook
- Consolidated revenue of $28.5 billion to $29.3 billion.
- Consolidated GAAP operating margin of 15% to 16%.
- Consolidated non-GAAP operating margin of 16.5% to 17.5%.
- GAAP EPS in the range of $2.65 to $2.75.
- Non-GAAP EPS in the range of $2.90 to $3.00.
Challenges Ahead
- Guidance is dependent on current expectations, which may be impacted by evolving external conditions.
- Guidance is dependent on local safety guidelines.
- Guidance is dependent on shifts in customer routines.
- Guidance is dependent on preferences and mobility.
- Guidance is dependent on tax policy changes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income