Starbucks (SBUX) Tops Q4 EPS by 20c, Offers FY21 Guidance

Starbucks (NASDAQ: SBUX) reported Q4 EPS of $0.51, $0.20 better than the analyst estimate of $0.31. Revenue for the quarter came in at $6.2 billion versus the consensus estimate of $6.06 billion.

• Q4 Comparable Store Sales of -9% in the U.S. and -3% in China, Demonstrating Sustained Recovery

GUIDANCE:

Starbucks sees FY2021 EPS of $2.70-$2.90, versus the consensus of $2.74. Starbucks sees FY2021 revenue of $28-29 billion, versus the consensus of $28 billion.

• Global comparable store sales growth of 18% to 23%
• Americas and U.S. comparable store sales growth of 17% to 22%
• International comparable store sales growth of 25% to 30%
• China comparable store sales growth of 27% to 32%
• Approximately 2,150 new store openings and 1,100 net new Starbucks stores globally
• Americas approximately 850 new store openings and approximately 50 net new stores
• International approximately 1,300 new store openings and 1,050 net new stores
• Approximately 600 net new stores in China

Consolidated revenue of $28.0 billion to $29.0 billion, inclusive of a $500 million impact attributable to the 53rd week

• Channel Development revenue of $1.4 billion to $1.6 billion
• Consolidated GAAP operating margin of 14% to 15%
• Consolidated Non-GAAP operating margin of 16% to 17%
• Interest expense of approximately $470 million to $480 million
• GAAP and non-GAAP effective tax rates in the mid-20%s
• GAAP EPS in the range of $0.32 to $0.37 for Q1 and $2.34 to $2.54 for full year, inclusive of a $0.10 impact attributable to the 53rd week
• Non-GAAP EPS in the range of $0.50 to $0.55 for Q1 and $2.70 to $2.90 for full year, inclusive of a $0.10 impact attributable to the 53rd week
• Capital expenditures of approximately $1.9 billion

For earnings history and earnings-related data on Starbucks (SBUX) click here.

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