Starbucks Q3 2021 Earnings Report
Key Takeaways
Starbucks reported record Q3 fiscal 2021 results with consolidated net revenues up 78% to a record $7.5 billion. Global comparable store sales increased by 73%, and the company achieved a record non-GAAP EPS of $1.01. The company is raising its full-year fiscal 2021 margin and earnings per share guidance.
Global comparable store sales increased 73%, driven by a 75% increase in comparable transactions.
Americas comparable store sales increased 84%, with U.S. comparable store sales up 83%.
International comparable store sales increased 41%, with China comparable store sales up 19%.
The company opened 352 net new stores, ending the period with a record 33,295 stores globally.
Starbucks
Starbucks
Starbucks Revenue by Segment
Starbucks Revenue by Geographic Location
Forward Guidance
Starbucks provided Q4 and full year fiscal 2021 guidance.
Positive Outlook
- Global comparable store sales growth of 18% to 21% for Q4 2021
- Americas and U.S. comparable store sales growth of 22% to 25% for Q4 2021
- Consolidated revenue of $29.1 billion to $29.3 billion for fiscal year 2021
- Consolidated GAAP operating margin of approximately 17% for fiscal year 2021
- Non-GAAP EPS in the range of $3.20 to $3.25 for fiscal year 2021
Challenges Ahead
- International comparable store sales growth in the mid to high single-digits for Q4 2021
- China comparable store sales growth roughly flat for Q4 2021
- Americas approximately 800 new store openings and approximately zero net new stores for fiscal year 2021
- International approximately 1,350 new store openings and 1,100 net new stores for fiscal year 2021
- Capital expenditures of approximately $1.7 billion for fiscal year 2021
Revenue & Expenses
Visualization of income flow from segment revenue to net income