Starbucks Reports February Revenues.
SEATTLE--(BUSINESS WIRE)--Feb. 28, 2002
Starbucks Corporation (Nasdaq:SBUX) today reported consolidated net revenues of $238 million for the four-week period ended February 24, 2002, an increase of 23 percent from consolidated net revenues of $193 million for the same period in fiscal 2001.
On a comparable store sales basis (stores open for at least 13 months), sales at company-operated stores increased 6 percent for the four weeks ended February 24, 2002 as compared to the same four-week period in fiscal 2001.
For the 21 weeks ended February 24, 2002, consolidated net revenues were $1.3 billion, an increase of 22 percent from consolidated net revenues of $1.0 billion for the same period in fiscal 2001. Comparable store sales increased 3 percent for the 21 weeks ended February 24, 2002, as compared to the same 21-week period in fiscal 2001.
"In February we continued to see many Starbucks Card redemption transactions as a result of gift-giving over the December Holidays, as well as new card activations for business gifts and personal use," commented Orin Smith, Starbucks president and chief executive officer. "We look forward to building on this platform through new card designs and programs intended to drive non-holiday activations and redemptions."
STORE INFORMATION Net stores opened during the 21 weeks ended Stores open as of February 24, 2002 February 24, 2002 ----------------- ----------------- Continental North America: Company-Operated Stores 257 3,228 Licensed Stores 121 930 --- --- 378 4,158 International: Company-Operated Stores 48 343 Licensed Stores 114 748 --- --- 162 1,091 Total 540 5,249 === =====
The Company re-emphasized the following fiscal 2002 goals:
-- Starbucks expects full-year revenues to grow approximately 20 percent and comparable store sales growth in the low single digits, with monthly anomalies in fiscal 2002. -- The Company continues to target fiscal year 2002 earnings per share in the range of $0.52 to $0.53, excluding the $0.02 per share capital gain from the sale of Starbucks Japan shares recorded in the first quarter.
Starbucks Coffee Company is the leading retailer, roaster and brand of specialty coffee in the world. In addition to its more than 5,000 retail locations in North America, Europe, the Middle East and the Pacific Rim, Starbucks sells coffee and tea products through its specialty operations, including its online store at Starbucks.com. Additionally, Starbucks produces and sells bottled Frappuccino(R) 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.
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, including anticipated store openings, trends in or expectations regarding the Company's operations and financial results, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties. Actual future results and trends may differ materially depending on a variety of factors, including, but not limited to, coffee and other raw material prices and availability, successful execution of internal performance and expansion plans, the effect of slowing U.S. and international economies, the economic ramifications of the September 11, 2001 terrorist attacks and the governmental response thereto, the impact of competition, the effect of legal proceedings, and other risks detailed in the Company's filings with the Securities and Exchange Commission.
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|Date:||Feb 28, 2002|
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