Starbucks Half-Year Report 2022

Highlights

• Global comparable store sales increased 7%, driven by a 4% increase in average tickets and a 3% increase in comparable transactions
  • • North America and U.S. comparable store sales increased 12%, driven by a 7% increase in average ticket and a 5% increase in comparable transactions
    • International comparable store sales decreased 8%, driven by a 5% decline in average ticket and a 3% decline in comparable transactions; China comparable store sales decreased 23%, driven by a 20% decline in comparable transactions and a 4% decline in average ticket
    • International and China comparable store sales include the unfavorable impact of approximately 3% and 4%, respectively, from lapping prior-year value-added tax (“VAT”) exemptions in China
• The company opened 313 net new stores in Q2, ending the period with 34,630 stores globally: 51% company-operated and 49% licensed
  • • At the end of Q2, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 15,544 stores in the U.S and 5,654 stores in China
• Consolidated net revenues up 15% to a Q2 record $7.6 billion
• GAAP operating margin of 12.4% decreased 240 basis points from 14.8% in the prior year, primarily driven by inflationary pressures, mobility restrictions and lockdowns in China and investments in retail store partner wages and benefits, partially offset by pricing in North America and lapping restructuring costs in the prior year
  • • Non-GAAP operating margin of 13.0% decreased from 16.0% in the prior year
• GAAP earnings per share of $0.58 grew 4% over the prior year
  • • Non-GAAP earnings per share of $0.59, down from $0.61 in the prior year