24.01.03

24.1.2003: Meldung: Starbucks: Record revenues and earnings

January 23, 2003
Reports Record First Quarter Fiscal 2003 Results; First Quarter Earnings Per Share of $0.20 Exceeds Consensus Estimate by $0.02 Raises Fiscal 2003 Earnings Per Share Target to $0.67-$0.68; Expects January Comparable Store Sales Results to Exceed Full Year Target of 3-7 Percent

Starbucks Corporation (Nasdaq:SBUX) today announced record revenues and earnings for its fiscal first quarter ended December 29, 2002.

For the 13 weeks ended December 29, 2002, consolidated net revenues increased 25 percent to $1 billion from $805 million for the same 13-week period of fiscal 2002. Retail revenues increased 25 percent to $849 million, and specialty revenues increased 25 percent to $154 million. Comparable Company-operated store sales increased 9 percent as compared with the same 13-week period of fiscal 2002.

Net earnings for the 13-week period ended December 29, 2002, increased to $80.0 million from $68.4 million for the same period in fiscal 2002. Diluted earnings per share were $0.20 for the 13-week period ended December 29, 2002, compared to $0.17 for the comparable period in fiscal 2002. Net earnings for the 13-week period ended December 30, 2001, included a gain of $13.4 million recognized on the sale of a portion of the Company"s investment in Starbucks Coffee Japan, Ltd. Excluding the gain, net earnings increased 33 percent from the comparable 13-week period ended December 30, 2001. There were no similar gains recorded in the first fiscal quarter of 2003.

"We are proud of the unified effort from our more than 60,000 partners (employees) working throughout the Company that resulted in Starbucks strongest quarterly performance to date," stated Orin Smith, Starbucks president and chief executive officer. "Specifically, this period marked the first $1 billion revenue quarter in the Company"s history. Not only did the Company exceed its stated revenue growth target, but it also exceeded its comparable store sales and earnings per share targets. In addition, Starbucks was named one of the `100 Best Companies to Work For" by FORTUNE Magazine for the fifth time. This recognition validates the importance of our continued commitment to both our customers and partners. Based on our strong first quarter results, we are excited about the prospects for the remainder of fiscal 2003 and beyond."

Today, the Company raised its fiscal 2003 earnings per share target to $0.67-$0.68 from $0.65-$0.66. On a quarterly basis, excluding one time items in fiscal 2002, Starbucks continues to target approximately 20 percent earnings per share growth for the remainder of the year, which translates to $0.13 in the second quarter, $0.16- $0.17 in the third quarter, and $0.18 in the fourth quarter of fiscal 2003. The Company further stated that based on current trends it believes January comparable store sales growth will exceed the top end of its full year target range of 3-7 percent. Starbucks also reiterated the following fiscal 2003 targets:



-- Open at least 1,200 new stores;
-- Achieve comparable stores sales growth of 3 to 7 percent, with monthly anomalies, and;
-- Increase total revenues by approximately 20 percent.

The Company will be holding a conference call today at 1:30 p.m. Pacific time, which will be hosted by Howard Schultz, chairman and chief global strategist, Orin Smith, president and chief executive officer and Michael Casey, executive vice president and chief financial officer. The call will be broadcast live over the Internet and can be accessed at http://www.starbucks.com/aboutus/investor.asp. A replay of the call will be available from approximately 4:00 p.m. Pacific time today through 4:00 p.m. Pacific time on January 30, 2003, by calling 800/642-1687, reservation number 7525641 or by accessing it via the Company"s web-site at http:// www.starbucks.com/aboutus/investor.asp.


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


STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)


13 Weeks Ended 13 Weeks Ended
----------------------------- ------------------
December December December December
29, 30, % Change 29, 30,
2002 2001 2002 2001
----------------------------- ------------------
(in thousands, except per
share data)
As a % of total
net revenues
(unless otherwise
indicated)
------------------
Net revenues:
Retail $ 849,486 $682,265 24.5% 84.7% 84.7%
Specialty 154,040 123,070 25.2% 15.3% 15.3%
-------------------- ------------------
Total net revenues 1,003,526 805,335 24.6% 100.0% 100.0%

Cost of sales and
related occupancy
costs 419,161 337,029 41.8% 41.8%
Store operating
expenses 322,976 260,490 (a) 38.0%(a) 38.2%
Other operating
expenses 38,121 30,325 (b) 24.7%(b) 24.6%
Depreciation and
amortization expenses 57,385 50,301 5.7% 6.2%
General and
administrative
expenses 51,649 41,129 5.1% 5.1%

Income from equity
investees 8,211 6,585 0.8% 0.8%
--------------------

Operating income 122,445 92,646 32.2% 12.2% 11.5%

Interest and other
income, net 4,496 2,493 0.4% 0.3%
Gain on sale of
Starbucks Japan
shares - 13,361 0.0% 1.7%
-------------------- ------------------

Earnings before
income taxes 126,941 108,500 12.6% 13.5%

Income taxes 46,968 40,145 4.6% 5.0%
-------------------- ------------------

Net earnings $ 79,973 $ 68,355 17.0% 8.0% 8.5%
==================== ==================


Net earnings per
common share -
diluted $ 0.20 $ 0.17
====================
Weighted average
shares outstanding -
diluted 399,218 391,999
====================


(a) Calculated as a percentage of retail revenues.
(b) Calculated as a percentage of specialty revenues.

The following reconciliation of net earnings and earnings per
share is provided to assist the reader with understanding the
financial impact of a one-time item (unaudited and in thousands,
except per share data):


13 Weeks Ended 13 Weeks Ended
------------------------- ----------------
December December December December
29, 30, 29, 30,
2002 2001 % Change 2002 2001
------------------------- ----------------

Net earnings, as reported
above $79,973 $68,355 17.0% $0.20 $ 0.17
Gain on sale of Starbucks
Japan shares (net of tax) - (8,417) - (0.02)
---------------- ----------------
Net earnings, excluding one-
time item $79,973 $59,938 33.4% $0.20 $ 0.15
================ ================



STARBUCKS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
December September
29, 2002 29, 2002
----------------------
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 307,499 $ 174,572
Short-term investments - Available-for-sale
securities 191,134 217,302
Short-term investments - Trading securities 14,316 10,360
Accounts receivable, net 111,249 97,573
Inventories 210,114 263,174
Prepaid expenses and other current assets 42,892 42,351
Deferred income taxes, net 47,876 42,206
----------------------
Total current assets 925,080 847,538
Equity and other investments 107,575 105,986
Property, plant and equipment, net 1,303,892 1,265,756
Other assets 53,535 53,554
Goodwill 19,908 19,902
----------------------
TOTAL ASSETS $2,409,990 $2,292,736
======================

LIABILITIES AND SHAREHOLDERS" EQUITY
Current liabilities:
Accounts payable $ 124,616 $ 135,994
Checks drawn in excess of bank balances 56,038 74,895
Accrued compensation and related costs 109,556 105,899
Accrued occupancy costs 45,583 51,195
Accrued taxes 79,249 54,244
Other accrued expenses 79,863 72,289
Deferred revenue 91,731 42,264
Current portion of long-term debt 713 710
----------------------
Total current liabilities 587,349 537,490
Deferred income taxes, net 25,611 22,496
Long-term debt 4,897 5,076
Other long-term liabilities 1,014 1,036
Shareholders" equity:
Common stock and additional paid-in capital 877,167 891,040
Other additional paid-in-capital 39,393 39,393
Retained earnings 884,759 804,786
Accumulated other comprehensive loss (10,200) (8,581)
----------------------
Total shareholders" equity 1,791,119 1,726,638
----------------------
TOTAL LIABILITIES AND SHAREHOLDERS" EQUITY $2,409,990 $2,292,736


STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
13 weeks ended
-------------------
December December
29, 30,
2002 2001
-------------------
(unaudited)
OPERATING ACTIVITIES:
Net earnings $79,973 $68,355
Adjustments to reconcile net earnings to net cash
provided
by operating activities:
Depreciation and amortization expenses 61,562 54,024
Gain on sale of investment - (13,361)
Provision for impairment and asset disposals (1,761) 2,684
Deferred income taxes, net (1,649) (7,805)
Equity in income of investees (4,475) (3,119)
Tax benefit from exercise of non-qualified stock
options 4,274 9,170
Net amortization of premium and accretion of
discount on marketable
Securities 1,138 -
Cash provided/(used) by changes in operating
assets and liabilities:
Net purchases of trading securities (3,778) (2,674)
Current assets 37,358 41,268
Accrued taxes 24,940 1,593
Deferred revenue 49,442 22,437
All other current liabilities (13,276) (25,932)
-------------------
Net cash provided by operating activities 233,748 146,640
INVESTING ACTIVITIES:
Net sales of available-for-sale securities 24,875 27,236
Proceeds from sale of equity investment - 14,843
Net distributions from equity investees 4,971 842
Additions to property, plant and equipment and
other assets (93,986) (92,649)
-------------------
Net cash used by investing activities (64,140) (49,728)
FINANCING ACTIVITIES:
Increase in cash provided by checks drawn in
excess of bank balances (18,857) (3,745)
Proceeds from exercise of stock options and sale
of common stock under
employee stock purchase plan 11,789 22,652
Principal payments on long-term debt (176) (173)
Repurchase of common stock (29,936) (1,829)
-------------------
Net cash provided/(used) by financing activities (37,180) 16,905
Effect of exchange rate changes on cash and cash
equivalents 499 (221)
-------------------
Net increase in cash and cash equivalents 132,927 113,596
CASH AND CASH EQUIVALENTS:
Beginning of year 174,572 113,237
-------------------
End of year $307,499 $226,833
===================


Starbucks Corporation is organized into a number of business units
that correspond to the Company"s operating segments: North American
Retail, Business Alliances and All other business units, which
includes International Retail, international store licensing, grocery
channel licensing, warehouse club accounts, interactive operations,
equity investees and other initiatives.

The table below reconciles revenues by operating segment to total
net revenues on the Consolidated Statements of Earnings for the
periods indicated (unaudited, in thousands):

13 Weeks Ended
--------------------
December December
29, 2002 30, 2001
--------------------

North American Retail $ 782,187 $633,855
International Retail 67,299 48,410
--------------------

Subtotal Retail revenues 849,486 682,265

Business Alliances 71,626 53,975
All other business units
(excluding International Retail) 115,314 84,789
Intersegment revenues (32,900) (15,694)
--------------------

Subtotal Specialty revenues 154,040 123,070
--------------------

Total net revenues $1,003,526 $805,335
====================


The table below presents operating income by operating segment,
net of intersegment eliminations for the periods indicated (unaudited,
in thousands):

13 Weeks Ended 13 Weeks Ended
-------------------- ----------------
December December December December
29, 30, 29, 30,
2002 2001 2002 2001
-------------------- ----------------
(as a percentage
of related
revenues)

North American Retail $ 149,903 $ 110,936 19.2% 17.5%
Business Alliances 15,699 14,671 21.9% 27.2%
All other business units 16,440 17,450 11.0% 14.9%
Unallocated corporate
expenses (a) (59,597) (50,411) n/a n/a
--------------------

Operating income $ 122,445 $ 92,646 12.2% 11.5%
====================

(a) Includes general and administrative expenses and depreciation
expenses of $7.9 million and $9.3 million on general and
administrative related assets in 2003 and 2002, respectively.


Consolidated Balance Sheets - Detail

Inventories consist of the following (in thousands):


December September
29, 2002 29, 2002
---------------------
Coffee: (unaudited)
Unroasted $89,089 $128,173
Roasted 29,049 35,770
Other merchandise held for sale 57,959 65,403
Packaging and other supplies 34,017 33,828
---------------------
Total $210,114 $263,174
=====================


Property, plant and equipment are recorded at cost and consist of
the following (in thousands):


December September
29, 2002 29, 2002
-----------------------
(unaudited)
Land $11,414 $11,310
Buildings 32,076 30,961
Leasehold improvements 1,172,261 1,131,382
Roasting and store equipment 528,610 516,129
Furniture, fixtures and other 335,943 282,068
-----------------------
2,080,304 1,971,850
Less accumulated depreciation and amortization (868,133) (814,427)
-----------------------
1,212,171 1,157,423
Work in progress 91,721 108,333
-----------------------
Property, plant and equipment, net $1,303,892 $1,265,756
=======================


The Company"s store data for the periods presented are as follows:



Net stores opened
during the Stores
13-week period open as
ended of
----------------- December
December December 29, 2002
29, 30,
2002 2001
---------------------------
Continental North America:
Company-Operated Stores 115 183 3,611
Licensed Stores 74 82 1,152
---------------------------
189 265 4,763
International:
Company-Operated Stores 18 44 402
Licensed Stores 100 86 1,028
---------------------------
118 130 1,430
---------------------------

Total Stores 307 395 6,193
===========================


Starbucks Coffee Company is the leading retailer, roaster and brand of specialty coffee in the world, with more than 6,000 retail locations in North America, Latin America, Europe, the Middle East and the Pacific Rim. The Company is committed to offering the highest quality coffee and the Starbucks Experience while conducting its business in ways that produce social, environmental and economic benefits for communities in which it does business. In addition to its retail operations, the Company produces and sells bottled Frappuccino(R) coffee drinks, Starbucks DoubleShot(TM) coffee drink, and a line of superpremium ice creams through its joint venture partnerships. The Company"s other brands enhance the Starbucks Experience through best-of-class products: Tazo Tea Company offers a line of innovative premium teas, and Hear Music produces and distributes a line of exceptional compact discs.


Contact Information:
Mary Ellen Fukuhara
Starbucks Investor Relations
206-318-4025
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