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Jun 27, 2021
Starbucks Q3 2021 Earnings Report
Starbucks delivered record performance driven by strong U.S. performance and expansion in China.
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.
Revenue by Segment
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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