Today, with more than 32,000 stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. One opportunity for growth is oat milk, which is popular with coffee drinkers for its texture and taste even when added to hot drinks. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended September 27, 2020. (unaudited, in millions, except per share data), Net earnings including noncontrolling interests, Net earnings/(loss) attributable to noncontrolling interests, Weighted avg. Impairment and shares outstanding - diluted, Store operating expenses as a % of company-operated store revenues, Effective tax rate including noncontrolling interests. Certain non-GAAP measures included in this report were not reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended September 27, 2020. The pandemic caused the company to lose billions of dollars in sales and spurred some major changes, like hundreds of cafe closures. SEATTLE--(BUSINESS WIRE)-- The abrupt shift in behavior has meant that more coffee drinkers are brewing their own java at home or visiting Starbucks cafes later in the day for a break. Starbucks … Represents the estimated impact of the U.S. Tax Cuts and Jobs Act, specifically the transition tax on undistributed foreign earnings, estimated incremental foreign withholding taxes on expected repatriated earnings and the re-measurement of deferred taxes. Starbucks will lay off about 700 non-store workers by mid-February, including about 350 at its Seattle headquarters, as part of a reduction of 6,000 positions worldwide over the next eight months. Get this delivered to your inbox, and more info about our products and services. Smaller coffee shops may have fared worse during the pandemic, which could work in Starbucks' favor and help it gain market share. Unlike the U.S. and many European countries, China has been able to avoid a significant surge in new Covid-cases as temperatures cooled. Starbucks commits $10M USD in COVID-19 relief for partners around the world Apr 08, 2020 The Starbucks Foundation Donates More Than $3M to Global COVID-19 Relief Efforts The company will provide additional information regarding its business outlook during its regularly scheduled quarterly earnings conference call today; this information will also be available following the call on the company’s website at http://investor.starbucks.com. Sign up for free newsletters and get more CNBC delivered to your inbox. In this earnings release, we estimated the impact of COVID-19 by comparing actual results to our previous forecasts. Net revenues for the International segment of $1.5 billion in Q4 FY20 were 5% lower relative to Q4 FY19, primarily due to a 10% decrease in comparable store sales as well as lower product sales to and royalty revenues from our international licensees as a result of lost sales related to the COVID-19 outbreak. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. Starbucks is suspending its popular “Happy Hour” promotion for the time being due to coronavirus cases rising throughout the nation. Transaction and integration-related costs. These net new store openings bring the China total store count to over 4,700 company-operated Starbucks stores. Non-GAAP G&A as a percentage of total net revenues for fiscal years 2020, 2019 and 2018 was 7.1%, 6.5% and 6.4%, respectively. Starbucks uses only Everpure Water Filtration System in its entire chain of restaurants. Adjustments were determined based on the nature of the underlying items and their relevant jurisdictional tax rates. One key question, according to Wells Fargo analyst Jon Tower, is whether Starbucks will be looking to upgrade current drive-thru locations with features like digital menu boards and double lanes. One person, one cup and one neighborhood at a time. Such items may include acquisitions, divestitures, restructuring and other items. Corporate and Other primarily consists of our unallocated corporate operating expenses and Evolution Fresh. © 2017 Starbucks Corporation. Teen learns she has COVID-19 after Starbucks taste test TikTok video. You can sign up for additional subscriptions at any time. McDonald's is among the fast-food chains that have updated their drive-thru technology over the last several years, speeding up service times and reaping higher customer satisfaction. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. By scanning a code on the coffee bag or entering a serial number, the tool transforms each bag of coffee beans into a digital passport, launching coffee lovers on a virtual expedition to meet farmers, roasters and baristas and to explore coffee-growing regions around the world. While the coffee chain has a partnership with Nestle to sell its coffee beans in grocery stores, it still needs to lure customers back to its cafes. Channel Development Contact Information and Shareholder Assistance, https://www.businesswire.com/news/home/20201029006207/en/. All Rights Reserved. Comparable store sales include stores that were temporarily closed as a result of the COVID-19 outbreak and exclude stores identified for permanent closure. GAAP results in fiscal 2020 and fiscal 2019 include items that are excluded from non-GAAP results. To share in the experience, please visit us in our stores or online at stories.starbucks.com or www.starbucks.com. The GAAP measures most directly comparable to non-GAAP G&A, non-GAAP operating income, non-GAAP operating income growth, non-GAAP operating margin, non-GAAP effective tax rate and non-GAAP EPS are general and administrative expenses, operating income, operating income growth, operating margin, effective tax rate and diluted net EPS, respectively. The unavailable information could have a significant impact on the company’s GAAP financial results. Here's what will likely be included in Starbucks' investor presentation: Starbucks has already shared its fiscal 2021 forecast with investors, but it hasn't yet shared an update on its long-term outlook. Items may include acquisitions, divestitures, restructuring and other items up from 190.9. % benefit related to certain company-operated stores open 13 months or longer, primarily severance asset... 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