25.04.03

25.4.2003: Meldung: Starbucks Corp.: Second Quarter Results

Starbucks Reports Second Quarter Fiscal 2003 Results
Thursday April 24, 4:06 pm ET

SEATTLE-- April 24, 2003--Starbucks Corporation (Nasdaq:SBUX - News) today announced revenues and earnings for its fiscal second quarter ended March 30, 2003.

For the 13 weeks ended March 30, 2003, consolidated net revenues increased 22 percent to $954 million from $783 million for the same 13- week period of fiscal 2002. Retail revenues increased 22 percent to $809 million, and specialty revenues increased 22 percent to $145 million. Comparable Company-operated store sales increased 7 percent as compared with the same 13-week period of fiscal 2002.

Net earnings for the 13-week period ended March 30, 2003, increased to $52.1 million from $31.7 million for the same period in fiscal 2002. Diluted earnings per share were $0.13 for the 13-week period ended March 30, 2003, compared to $0.08 for the comparable period in fiscal 2002. Net earnings for the 13-week period ended March 31, 2002, included a one-time charge of $18.0 million for litigation settlement. Excluding the one-time charge, net earnings increased 21 percent from the comparable 13- week period ended March 31, 2002. There were no similar one-time charges in the second quarter of 2003.

For the 26 weeks ended March 30, 2003, consolidated net revenues increased 23 percent to $2.0 billion from $1.6 billion for the same period in fiscal 2002. Retail revenues increased 23 percent to $1.7 billion, and specialty revenues increased 24 percent to $299 million. Comparable Company-operated store sales for the 26-week period ended March 30, 2003, increased 8 percent as compared to the same 26-week period in fiscal 2002.

Net earnings for the 26-week period ended March 30, 2003, increased 31 percent to $130.5 million from $99.4 million for the same period in fiscal 2002. Diluted earnings per share were $0.33 for the 26-week period ended March 30, 2003, compared to $0.25 per share for the comparable period in fiscal 2002. Net earnings for the 26-week period ended March 31, 2002, included a one-time charge recorded during the second quarter and a capital gain recorded during the first quarter of fiscal 2002. Excluding both the one-time charge and the capital gain, net earnings increased 27 percent from the comparable 26-week period ended March 31, 2002.

Today, Starbucks also discussed the following fiscal 2003 targets:

Open approximately 1,200 new stores on a global basis, with refinements to the components of this target. In Continental North America the Company continues to expect to open 525 Company-operated locations and now plans to open approximately 275 licensed locations. Internationally, the Company continues to plan to open 75 locations in Company-operated markets and now plans to open approximately 325 locations in licensed markets.
Achieve comparable store sales growth of 3 to 7 percent, with monthly anomalies, for the remainder of the year.
Increase total revenues by approximately 20 percent for fiscal 2003.
Achieve earnings per share of $0.66-$0.67 for fiscal 2003. This reflects a recent adjustment from the previously stated target of $0.67-$0.68, as a result of the agreement to acquire Seattle Coffee Company, announced on April 16, 2003. Accordingly, the Company refined its quarterly targets to reflect this impact and now expect earnings per share of $0.16 for the third quarter and a range of $0.17 - $0.18 for the fourth quarter.
Target an effective tax rate of 38.5 percent for the remainder of the fiscal year.
Capital expenditures for fiscal 2003 in the range of $400-425 million.

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 the Company"s web site address of 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 May 1, 2003, by calling 800/642-1687, reservation number 9638096 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 in accordance with current year classifications, and should be reviewed in conjunction with this press release.

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)

13 Weeks Ended 13 Weeks Ended
----------------------------- -------------------
March 30, March 31, March 30, March 31,
2003 2002 % Change 2003 2002
--------- --------- --------- --------- ---------
(in thousands, except per As a % of total net
share data) revenues
(unless otherwise
indicated)
-------------------
Net revenues:
Retail $809,317 $664,262 21.8% 84.8% 84.8%
Specialty 144,889 118,955 21.8% 15.2% 15.2%
--------- --------- --------- ---------
Total net revenues 954,206 783,217 21.8% 100.0% 100.0%

Cost of sales and
related occupancy
costs 392,098 320,081 41.1% 40.9%
Store operating
expenses 331,612 270,986 (a) 41.0% (a) 40.8%
Other operating
expenses 43,818 33,543 (b) 30.2% (b) 28.2%
Depreciation and
amortization
expenses 57,961 49,972 6.1% 6.4%
General and
administrative
expenses 49,796 67,314 5.2% 8.6%

Income from equity
investees 6,604 7,105 0.7% 0.9%
--------- ---------

Operating income 85,525 48,426 76.6% 9.0% 6.2%

Interest and other
income, net 1,239 2,135 0.1% 0.3%
--------- --------- --------- ---------

Earnings before
income taxes 86,764 50,561 9.1% 6.5%

Income taxes 34,713 18,838 3.6% 2.4%
--------- --------- --------- ---------

Net earnings $ 52,051 $ 31,723 64.1% 5.5% 4.1%
========= ========= ========= =========

Net earnings per
common share -
diluted $ 0.13 $ 0.08
========= =========
Weighted average
shares outstanding -
diluted 399,622 397,861
========= =========

(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
---------------------------- -------------------
March 30, March 31, March 30, March 31,
2003 2002 % Change 2003 2002
--------- --------- -------- --------- ---------
Net earnings, as
reported above $ 52,051 $ 31,723 64.1% $ 0.13 $ 0.08
Settlement charge
included in General
and administrative
expenses (net of tax) - 11,340 - 0.03
--------- --------- --------- ---------
Net earnings,
excluding one-time
item $ 52,051 $ 43,063 20.9% $ 0.13 $ 0.11
========= ========= ========= =========

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)

26 Weeks Ended 26 Weeks Ended
-------------------------------- -------------------
March 30, March 31, March 30, March 31,
2003 2002 % Change 2003 2002
----------- --------- ---------- --------- ---------
(in thousands, except per share As a % of total net
data) revenues
(unless otherwise
indicated)
-------------------
Net revenues:
Retail $1,658,803 $1,346,527 23.2% 84.7% 84.8%
Specialty 298,929 242,025 23.5% 15.3% 15.2%
----------- ----------- --------- ---------
Total net revenues 1,957,732 1,588,552 23.2% 100.0% 100.0%

Cost of sales and
related occupancy
costs 811,259 657,110 41.4% 41.4%
Store operating
expenses 654,588 531,476 (a) 39.5% (a) 39.5%
Other operating
expenses 81,939 63,868 (b) 27.4% (b) 26.4%
Depreciation and
amortization
expenses 115,346 100,273 5.9% 6.3%
General and
administrative
expenses 101,445 108,443 5.2% 6.8%

Income from equity
investees 13,248 13,056 0.7% 0.8%
----------- -----------
Operating
income 206,403 140,438 47.0% 10.5% 8.8%

Interest and other
income, net 5,735 4,628 0.3% 0.3%
Gain on sale of
Starbucks Japan
shares - 13,361 0.0% 0.8%
----------- ----------- --------- ---------

Earnings before
income taxes 212,138 158,427 10.8% 9.9%

Income taxes 81,681 58,984 4.1% 3.7%
----------- ----------- --------- ---------

Net earnings $ 130,457 $ 99,443 31.2% 6.7% 6.2%
=========== =========== ========= =========

Net earnings per
common share -
diluted $ 0.33 $ 0.25
=========== ===========
Weighted average
shares
outstanding -
diluted 399,427 394,917
=========== ===========

(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 one-time items (unaudited and in thousands, except per share data):

26 Weeks Ended 26 Weeks Ended
---------------------------- -------------------
March 30, March 31, March 30, March 31,
2003 2002 % Change 2003 2002
--------- --------- -------- --------- ---------
Net earnings, as
reported above $130,457 $ 99,443 31.2% $ 0.33 $ 0.25
Gain on sale of
Starbucks Japan
shares (net of tax) - (8,417) - (0.02)
Settlement charge
included in General
and administrative
expenses (net of tax) - 11,340 - 0.03
--------- --------- --------- ---------
Net earnings,
excluding one-time
item $130,457 $102,366 27.4% $ 0.33 $ 0.26
========= ========= ========= =========


STARBUCKS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 30, Sept. 29,
2003 2002
----------- -----------
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 250,401 $ 99,677
Short-term investments - Available-for-sale
securities 240,111 217,302
Short-term investments - Trading securities 15,875 10,360
Accounts receivable, net 103,142 97,573
Inventories 203,212 263,174
Prepaid expenses and other current assets 50,608 42,351
Deferred income taxes, net 43,621 42,206
----------- -----------
Total current assets 906,970 772,643
Equity and other investments 111,275 102,929
Property, plant and equipment, net 1,329,905 1,265,756
Other assets 42,071 43,691
Goodwill and other intangible assets 30,706 29,764
----------- -----------
TOTAL ASSETS $2,420,927 $2,214,783
=========== ===========

LIABILITIES AND SHAREHOLDERS" EQUITY
Current liabilities:
Accounts payable $ 144,831 $ 135,994
Accrued compensation and related costs 117,601 105,899
Accrued occupancy costs 46,064 51,195
Accrued taxes 29,195 54,244
Other accrued expenses 87,585 72,289
Deferred revenue 67,524 42,264
Current portion of long-term debt 716 710
----------- -----------
Total current liabilities 493,516 462,595
Deferred income taxes, net 27,421 22,496
Long-term debt 4,719 5,076
Other long-term liabilities 726 1,036
Shareholders" equity:
Common stock and additional paid-in capital 931,054 891,040
Other additional paid-in-capital 39,393 39,393
Retained earnings 932,186 801,728
Accumulated other comprehensive loss (8,088) (8,581)
----------- -----------
Total shareholders" equity 1,894,545 1,723,580
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS" EQUITY $2,420,927 $2,214,783
=========== ===========

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

26 weeks ended
-------------------
March 30, March 31,
2003 2002
--------- ---------
(unaudited)
OPERATING ACTIVITIES:
Net earnings $130,457 $99,443
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization expenses 124,761 107,866
Gain on sale of investment - (13,361)
Provision for impairment and asset disposals (925) 6,971
Deferred income taxes, net 4,199 (11,557)
Equity in income of investees (4,930) (6,559)
Tax benefit from exercise of non-qualified stock
options 18,020 24,976
Net amortization of premium and accretion of
discount on marketable securities 2,648 -
Cash provided/(used) by changes in operating
assets and liabilities:
Net purchases of trading securities (5,443) (3,577)
Inventories 60,655 48,672
Accounts payable 6,997 (27,655)
Accrued taxes (25,160) (39,617)
Deferred revenue 25,129 12,323
Other operating assets and liabilities 2,139 34,131
-------------------
Net cash provided by operating activities 338,547 232,056
INVESTING ACTIVITIES:
Purchase of available-for-sale securities (140,321) (159,894)
Maturity of available-for-sale securities 62,401 2,000
Sale of available-for-sale securities 52,314 106,260
Net additions to equity, other investments and
other assets (2,897) (7,744)
Proceeds from sale of equity investment - 14,843
Additions to property, plant and equipment (182,011) (183,607)
-------------------
Net cash used by investing activities (210,514) (228,142)
FINANCING ACTIVITIES:
Proceeds for the issuance of common stock 52,138 60,215
Principal payments on long-term debt (350) (347)
Repurchase of common stock (30,144) (1,829)
-------------------
Net cash provided/(used) by financing activities 21,644 58,039
Effect of exchange rate changes on cash and cash
equivalents 1,047 (179)
-------------------
Net increase in cash and cash equivalents 150,724 61,774

CASH AND CASH EQUIVALENTS:
Beginning of the period 99,677 51,250
-------------------
End of the period $250,401 $113,024
===================

Segment Reporting

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 26 Weeks Ended
------------------- -----------------------
March 30, March 31, March 30, March 31,
2003 2002 2003 2002
--------- --------- ----------- -----------
North American Retail $741,552 $616,618 $1,523,739 $1,250,473
International Retail 67,765 47,644 135,064 96,054
--------- --------- ----------- -----------

Subtotal Retail revenues 809,317 664,262 1,658,803 1,346,527

Business Alliances 71,295 53,374 142,921 107,349
All other business units
(excluding International
Retail) 110,333 79,170 225,647 163,959
Intersegment revenues (36,739) (13,589) (69,639) (29,283)
------------------- -----------------------
Subtotal Specialty
revenues 144,889 118,955 298,929 242,025
--------- --------- ----------- -----------

Total net revenues $954,206 $783,217 $1,957,732 $1,588,552
========= ========= =========== ===========

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
--------------------- -------------------
March 30, March 31, March 30, March 31,
2003 2002 2003 2002
---------- ---------- --------- ---------
(as a percentage of
related revenues)

North American Retail $ 115,897 $ 99,812 15.6% 16.2%
Business Alliances 13,502 11,424 18.9% 21.4%
All other business units 12,679 12,989 9.0% 11.5%
Unallocated corporate
expenses (a) (56,553) (75,799) n/a n/a
---------- ----------
Operating income $ 85,525 $ 48,426 9.0% 6.2%
========== ==========

(a) Includes general and administrative expenses and depreciation
expenses of $6.8 million and $8.5 million on general and
administrative related assets in 2003 and 2002, respectively. The
fiscal 2002 expenses include the $18.0 million litigation
settlement charge.

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

26 Weeks Ended 26 Weeks Ended
----------------------- -------------------
March 30, March 31, March 30, March 31,
2003 2002 2003 2002
----------- ----------- --------- ---------
(as a percentage of
related revenues)

North American Retail $ 265,800 $ 210,748 17.4% 16.9%
Business Alliances 29,201 26,095 20.4% 24.3%
All other business units 27,552 29,805 9.5% 12.9%
Unallocated corporate
expenses (b) (116,150) (126,210) n/a n/a
----------- -----------
Operating income $ 206,403 $ 140,438 10.5% 8.8%
=========== ===========

(b) Includes general and administrative expenses and depreciation
expenses of $14.7 million and $17.8 million on general and
administrative related assets in 2003 and 2002, respectively. The
fiscal 2002 expenses include the $18.0 million litigation
settlement charge.


Austria and Switzerland

In March 2003, the Company announced plans to acquire its licensed
operations in Austria and Switzerland from its partner, Bon appetit
Group. Starbucks anticipates the acquisition will be completed in the
Company"s third fiscal quarter and will not have a significant impact
to its fiscal 2003 financial results.

The Company"s 19.5 percent equity ownership interests in both of
these licensed operations had previously been accounted for under the
cost method. As a result of the acquisition announcement and the
Company"s ability to exert significant influence over operating and
financial policies, Starbucks determined that the equity method of
accounting should be applied for these investments. As required under
generally accepted accounting principles, the prior periods have been
adjusted as if these investments were always accounted for under the
equity method. The following table summarizes the impacts, which
resulted in a cumulative loss adjustment of $4.6 million:

13 Weeks 13 Weeks Ended
Ended
------------- --------------------------
December 29, December 30, March 31,
2002 2001 2002
------------- ------------ ------------
Net earnings,
before restatement $ 79,973 $ 68,355 $ 32,077

Restatement of
income from
equity investees (1,567) (635) (354)
------------- ------------ ------------
Net earnings, after
restatement $ 78,406 $ 67,720 $ 31,723
============= ============ ============

Net earnings per common
share - diluted:
Before restatement $0.20 $0.17 $0.08
============= ============ ============
After restatement $0.20 $0.17 $0.08
============= ============ ============


26 Weeks 52 Weeks 52 Weeks
Ended Ended Ended
------------- ------------ -------------
March 31, September 29, September 30,
2002 2002 2001
------------- ------------ -------------
Net earnings,
before restatement $ 100,432 $ 215,073 $ 181,210

Restatement of
income from
equity investees (989) (2,274) (784)
------------- ------------ -------------
Net earnings, after
restatement $ 99,443 $ 212,799 $ 180,426
============= ============ =============
Net earnings per common
share - diluted:
Before restatement $0.25 $0.54 $0.46
============= ============ =============
After restatement $0.25 $0.54 $0.46
============= ============ =============

Consolidated Balance Sheets - Detail

Inventories consist of the following (in thousands):

March 30, September 29,
2003 2002
------------- -------------
(unaudited)
Coffee:
Unroasted $71,849 $128,173
Roasted 29,875 35,770
Other merchandise held for sale 61,630 65,403
Packaging and other supplies 39,858 33,828
------------- -------------
Total $203,212 $263,174
============= =============

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

March 30, September 29,
2003 2002
------------- -------------
(unaudited)

Land $11,414 $11,310
Buildings 54,465 30,961
Leasehold improvements 1,213,665 1,131,382
Roasting and store equipment 571,632 516,129
Furniture, fixtures and other 348,218 282,068
------------- -------------
2,199,394 1,971,850
Less accumulated depreciation and
amortization (928,382) (814,427)
------------- -------------
1,271,012 1,157,423
Work in progress 58,893 108,333
------------- -------------
Property, plant and equipment, net $1,329,905 $1,265,756
============= =============

Systemwide Retail Store Sales

Systemwide retail store sales are used by industry analysts and by
management to measure global penetration of Starbucks retail stores.
However, this measure does not capture revenues generated in
non-retail-store channels, such as foodservice accounts, warehouse
club accounts, interactive operations, distribution through the
Company"s grocery channel, or any of the external sales of bottled
Frappuccino(R), Starbucks DoubleShot(TM), or Tazo tea products.

Systemwide retail store sales, which include net sales for both
Company-operated and licensed retail stores, were as follows (in
millions):

13 Weeks Ended 26 Weeks Ended
------------------- -------------------
March 30, March 31, March 30, March 31,
2003 2002 2003 2002
--------- --------- --------- ---------
Company-operated retail stores
sales (1) $ 809 $ 664 $ 1,659 $ 1,347
Licensed retail stores
sales (2) 306 231 600 458
--------- ------------------- ---------
Total $ 1,115 $ 895 $ 2,259 $ 1,805
========= =================== =========

(1) Company-operated retail store sales are reflected as "Retail"
revenues on the accompanying consolidated statements of earnings.
(2) Includes retail store sales as reported by domestic and
international licensees. Portions of these sales may be estimated
due to timing of periodic reporting by licensees.

The increases in systemwide retail store sales of 25 percent for
both the 13-week and 26-week periods ended March 30, 2003, compared to
the same periods in fiscal 2002 are primarily due to the opening of
1,090 stores in the last 12 months and strong comparable store sales
growth in North America.

Store Counts

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

Net stores opened during the Stores open
26-week period ended as of
------------------------------ March 30,
March 30, 2003 March 31, 2002 2003
-------------- --------------- ------------
Continental North America:
Company-Operated Stores 227 307 3,723
Licensed Stores 151 153 1,229
-------------- --------------- ------------
378 460 4,952
International:
Company-Operated Stores 33 55 417
Licensed Stores 161 144 1,089
-------------- --------------- ------------
194 199 1,506
-------------- --------------- ------------

Total Stores 572 659 6,458
============== =============== ============

Additional Information

The following reconciliation of earnings before income taxes and
earnings before income taxes as a percentage of total net revenues is
provided to assist the reader with understanding the financial impact
of one-time items (unaudited and in thousands, except per share data):

26 Weeks Ended 26 Weeks Ended
------------------------------ -------------------
March 30, March 31, March 30, March 31,
2003 2002 % Change 2003 2002
---------- --------- --------- --------- ---------

Earnings before
income taxes, as
reported $ 212,138 $ 158,427 33.9% 10.8% 9.9%
Gain on sale of
Starbucks Japan
shares - (13,361) - (0.8%)
Settlement charge
included in General
and administrative
expenses - 18,000 - 1.2%
---------- ---------- --------- ---------
Earnings before
income taxes,
excluding
one-time items $ 212,138 $ 163,066 30.1% 10.8% 10.3%
========== ========== ========= =========


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® 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:

Starbucks Investor Relations
Mary Ellen Fukuhara, 206/318-4025
http://www.businesswire.com/cnn/sbux.shtml


Source: Starbucks
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