Starbucks Reports Q2 Fiscal 2024 Results

Starbucks Reports Q2 Fiscal 2024 Results

Starbucks Q2 Fiscal 2024 Highlights

Starbucks Q2 Fiscal 2024 Highlights

SEATTLE--(BUSINESS WIRE)--Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 31, 2024. GAAP results in fiscal 2024 and fiscal 2023 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.

Q2 Fiscal 2024 Highlights

  • Global comparable store sales declined 4%, driven by a 6% decline in comparable transactions, partially offset by a 2% increase in average ticket.
  • North America and U.S. comparable store sales declined 3%, driven by a 7% decline in comparable transactions, partially offset by a 4% increase in average ticket.
  • International comparable store sales declined 6%, driven by a 3% decline in both comparable transactions and average ticket; China comparable store sales declined 11%, driven by an 8% decline in average ticket and a 4% decline in comparable transactions.
  • The company opened 364 net new stores in Q2, ending the period with 38,951 stores: 52% company-operated and 48% licensed.
  • At the end of Q2, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 16,600 and 7,093 stores in the U.S. and China, respectively.
  • Consolidated net revenues declined 2%, to $8.6 billion, or a 1% decline on a constant currency basis.
  • GAAP operating margin contracted 240 basis points year-over-year to 12.8%, primarily driven by deleverage, incremental investments in store partner wages and benefits, increased promotional activities, lapping the gain on the sale of Seattle's Best Coffee brand, as well as higher general and administrative costs primarily in support of Reinvention. This decline was partially offset by pricing and in-store operational efficiencies.
  • Non-GAAP operating margin contracted 150 basis points year-over-year to 12.8%, or contracted 140 basis points on a constant currency basis.
  • GAAP earnings per share of $0.68 declined 14% over prior year.
  • Non-GAAP earnings per share of $0.68 declined 8% over prior year, or declined 7% on a constant currency basis.
  • Starbucks Rewards loyalty program 90-day active members in the U.S. totaled 32.8 million, up 6% year-over-year.

“In a highly challenged environment, this quarter's results do not reflect the power of our brand, our capabilities or the opportunities ahead,” commented Laxman Narasimhan, chief executive officer. “It did not meet our expectations, but we understand the specific challenges and opportunities immediately in front of us. We have a clear plan to execute and the entire organization is mobilized around it. We are very confident in our long-term and know that our Triple Shot Reinvention with Two Pumps strategy will

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