Starbucks Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended January 1, 2012; Revises Earnings Guidance for the Fiscal Year 2012; Provides Earnings Guidance for the First Half and Second Half of Fiscal 2012; Declares Dividend for the First Quarter of Fiscal 2012, Payable on February 24, 2012
January 26, 2012 at 04:03 pm
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Starbucks Corporation reported unaudited consolidated earnings results for the first quarter ended January 1, 2012. For the quarter, the company's total net revenues were $3,435.9 million compared with $2,950.8 million a year ago. The increase was primarily due to a 9% increase in global comparable stores sales, and 72% growth in the CPG segment. Operating income was $556.0 million compared with $501.9 million a year ago. Earnings before income taxes were $570.6 million compared with $508.4 million a year ago. Net earnings attributable to the company was $382.1 million or $0.50 per diluted share compared with $346.6 million or $0.45 per diluted share a year ago.
For the fiscal year 2012, the company continues to target approximately 10% revenue growth, driven by mid-single-digit comparable store sales growth, 800 net new store openings, and strong growth in the CPG business. The company has raised its expectation for earnings per share to a range of $1.78 to $1.82, representing 17% to 20% growth over the $1.52 EPS in the fiscal year 2011, excluding the non-routine gains.
EPS growth is expected to be approximately 10% in the first half of fiscal 2012 and approximately 25% in the second half of fiscal 2012, reflecting the expected distribution of unfavorable commodity cost impact throughout the year.
The company's board of directors declared a cash dividend of $0.17 per share, payable on February 24, 2012, to shareholders of record as of February 8, 2012.
Starbucks Corporation specializes in owning and operating coffee shops. The group also develops a coffee roasting activity. Net sales break down by source of revenue as follows:
- sales within company-operated coffee shops (81.9%): as of October 1st, 2023, owned a network of 19,592 coffee shops under the Starbucks Coffee®, Teavana®, Ethos®, Starbucks Reserve® and Princi® brands;
- sales within licensed stores (12.5%): 18,446 licensed stores located primarily in the United States (6,701), Korea (1,870), Latin America (1,649) and the United Kingdom (911);
- other (5.6%): sales of coffee, beverages and food products for companies, hotels, hospitals, airlines, etc.
Net sales break down by family of products between beverages (60.3%), food (18.3%) and other (21.4%).
Net sales are distributed geographically as follows: the United States (73.4%), China (8.6%) and other (18%).
Starbucks Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended January 1, 2012; Revises Earnings Guidance for the Fiscal Year 2012; Provides Earnings Guidance for the First Half and Second Half of Fiscal 2012; Declares Dividend for the First Quarter of Fiscal 2012, Payable on February 24, 2012