14.11.03

14.11.2003: Meldung: Starbucks: Fourth Quarter and Fiscal 2003 Results

- Customer Focus and Innovation Drives Highest Annual Revenues and Earnings in Company History
- 12th Consecutive Year of Comparable Store Sales Growth of 5% or Greater
- Company Reiterates Fiscal 2004 Targets as Strong Momentum Continues

Starbucks Corporation (Nasdaq:SBUX - News) today announced record revenues and earnings for its fiscal fourth quarter and its 52 weeks ended September 28, 2003.
For the 13 weeks ended September 28, 2003, consolidated net revenues increased 25 percent to $1.1 billion from $865 million for the same period in fiscal 2002. Net earnings for the 13-week period ended September 28, 2003 increased 21 percent to $69.6 million from $57.7 million for the same period in fiscal 2002. Diluted earnings per share were $0.17 for the 13-week period ended September 28, 2003, compared to $0.14 for the comparable period in fiscal 2002.

For the 52 weeks ended September 28, 2003, consolidated net revenues increased 24 percent to $4.1 billion from $3.3 billion for the same period in fiscal 2002. Net earnings for the 52-week period ended September 28, 2003 increased 26 percent to $268.3 million from $212.7 million for the same period in fiscal 2002. Diluted earnings per share were $0.67 for the 52-week period ended September 28, 2003, compared to $0.54 per share for the comparable period in fiscal 2002.

Consolidated Financial and Operating Summary
Retail revenues increased 24.3 percent to $913.1 million for the 13 weeks ended September 28, 2003. The increase was primarily attributable to the opening of 602 new Company-operated retail stores, the acquisition of Seattle"s Best Coffee® and Torrefazzione Italia® stores in July, and an increase in comparable store sales of 9 percent for the period. The increase in comparable store sales was due almost entirely to an increase in customer transactions.
Specialty revenues increased 28.5 percent to $167.9 million for the 13 weeks ended September 28, 2003. The increase was primarily attributable to growth in domestic retail licensing, the acquisition of Seattle Coffee Company, and growth in the foodservice channel. The product innovations and promotions, which have driven sales in the Company-operated retail channels, have also contributed to the non-retail channels.

Cost of sales and related occupancy costs were 41.5 percent of net revenues for the 13 weeks ended September 28, 2003, compared to 41.1 percent for the corresponding period of fiscal 2002. This increase was primarily due to a shift in the non-retail revenue mix to lower margin products and higher green coffee costs. These increases were partially offset by leverage gained on fixed occupancy costs distributed over an expanded revenue base.
Store operating expenses as a percentage of retail revenues increased to 40.9 percent for the 13 weeks ended September 28, 2003, from 40.6 percent for the corresponding period of fiscal 2002. The increase was primarily due to payroll-related expenditures and was partially offset by lower provisions for asset impairment for international Company-operated retail stores.
Other operating expenses (expenses associated with the Company"s specialty operations) decreased to 26.0 percent of specialty revenues for the 13 weeks ended September 28, 2003, compared to 26.1 percent in the corresponding period of fiscal 2002, primarily due to the additional revenue streams generated by Seattle Coffee Company, partially offset by higher payroll-related expenditures for non-retail channels.

Depreciation and amortization expenses increased to $62.7 million for the 13 weeks ended September 28, 2003, from $54.4 million in the corresponding period of fiscal 2002 primarily due to the opening of additional North American and international Company-operated retail stores. As a percentage of total net revenues, depreciation and amortization decreased to 5.8 percent from 6.3 percent.
General and administrative expenses increased to $57.1 million for the 13 weeks ended September 28, 2003, from $46.7 million in the corresponding period of fiscal 2002. The increase was primarily due to higher payroll-related expenditures. However, as a percentage of total net revenues, general and administrative expenses decreased to 5.3 percent from 5.4 percent.

Income from equity investees was $17.4 million for the 13 weeks ended September 28, 2003, compared to $12.5 million in the corresponding period of fiscal 2002. The increase was primarily due to continued strong results by the North American Coffee Partnership, the Company"s 50 percent owned ready-to-drink partnership with the Pepsi-Cola Company, from expanded product lines, lower direct costs, and manufacturing efficiencies. Also contributing to the increase was the addition of two profitable equity investees, as Starbucks increased its proportionate ownership in the Taiwan and Shanghai markets to 50 percent during the fourth quarter.
Operating income increased 26.5 percent to $112.4 million for the 13 weeks ended September 28, 2003, from $88.8 million in the corresponding period of fiscal 2002, mainly due to revenue growth. The operating margin increased to 10.4 percent of total net revenues in the 13 weeks ended September 28, 2003, compared to 10.2 percent in the corresponding period of fiscal 2002, primarily due to strong revenue growth during the quarter, partially offset by a shift in the revenue mix to lower margin products and higher green coffee costs.

Interest and other income decreased to $0.8 million for the 13 weeks ended September 28, 2003, from $3.2 million in the corresponding period of fiscal 2002, primarily due to foreign currency exchange losses related to a higher volume of Euro-based transactions and the relative decline in value of the United States dollar, compared to foreign currency exchange gains in the prior period.
Income taxes for the 13 weeks ended September 28, 2003 were based on an effective tax rate of 38.5 percent, compared to 37.3 percent in the corresponding period of fiscal 2002, as a result of a shift in the composition of the Company"s pre-tax earnings in fiscal 2003. Operations based in the United States were more profitable than the prior year, and international operations, which are in various phases of development, generated greater non-deductible losses than anticipated.
Fiscal 2004 Targets
The Company reiterated the following fiscal 2004 targets:
Open approximately 1,300 new stores on a global basis. In continental North America, including Canada, the Company plans to open approximately 575 Company-operated locations and 375 licensed locations. Internationally, the Company plans to open approximately 50 locations in Company-operated markets and 300 locations in licensed markets.
The Company continues to target total revenue growth of approximately 20 percent, and comparable store sales growth in the range of 3-7 percent, with monthly anomalies.

The Company expects earnings per share of $0.83-$0.85 for fiscal 2004, including an approximately $0.02 per share benefit from a 53rd week in fiscal 2004. The entire benefit from the 53rd week will occur in fourth quarter 2004. On a quarterly basis, the Company expects year-over-year earnings per share growth of approximately 20 percent in the first three quarters of 2004, and approximately 40 percent in Q4 2004.

In addition, Starbucks expects the effective tax rate to be 38.0 percent for fiscal 2004. The Company is planning for capital expenditures to be in the range of $450 to $475 million.

The Company"s consolidated financial statements, operating segment results, and other additional information have been provided on the following pages in accordance with current year classifications, and should be reviewed in conjunction with this press release.

Contact:

Starbucks Investor Relations
Mary Ellen Fukuhara, 206-318-4025



Source: Starbucks Corporation
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