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STARBUCKS COFFEE REPORTS RECORD FIRST-QUARTER RESULTS; NET INCOME RISES 101 PERCENT ON 72-PERCENT INCREASE IN SALES; COMP STORE GROWTH EXCEEDS 25 PERCENT FOR THE QUARTER

 SEATTLE, Jan. 15 /PRNewswire/ -- Starbucks (NASDAQ-NMS: SBUX) today announced financial results for the first quarter (13 weeks ended Dec. 27, 1992), showing record increases in sales, net earnings and earnings per share over the same period in fiscal 1992.
 For the first quarter ended Dec. 27, 1992, net sales increased 71.5 percent to $38,564,000 from $22,483,000 for the first quarter of fiscal 1992. Retail sales increased 70.0 percent for the quarter to $33,306,000, wholesale sales increased 50.1 percent to $3,208,000, and direct mail sales increased 170.4 percent to $2,050,000. Earnings before tax increased 106.5 percent to $5,169,000 from $2,503,000 for the first quarter of fiscal 1992. Net earnings of $3,197,000, or 22 cents per share, improved 101.2 percent from the previous year's $1,589,000, or 15 cents per share. The average number of shares outstanding increased from 10.8 million to 14.4 million, largely as a result of the company's private offering of 2.2 million shares of redeemable preferred stock in December 1991 and the completion of the company's initial public offering in July 1992.
 Retail sales increased as a result of strong same-store sales growth coupled with the rapid opening of new stores, and a strong Christmas season. Comparable store net sales for the 106 stores open 13 months or longer at the end of the period grew by 25.4 percent for the quarter, while new store sales accounted for a 44.6-percent increase in retail sales. The first fiscal quarter (which includes the December holiday season) historically accounts for a significant portion of the company's annual net sales and profits. Because of the seasonality, results for the first quarter are not necessarily indicative of the results that may be achieved for the full fiscal year.
 The company opened 14 new stores and three licensed airport stores during the quarter, including a licensed test store in the Narita Airport in Tokyo. Starbucks ended the period with 165 company-operated stores and six licensed airport stores. Management expects to open a total of 20 stores during the second quarter, and 41 during the second half of the year. While most of these will be opened in the company's existing markets, management expects to open its first store in Washington, D.C., during the spring of 1993.
 Starbucks is America's largest roaster/retailer of highest-quality specialty coffee, operating 165 stores in the metropolitan areas surrounding Seattle; Chicago; Vancouver, British Columbia, Canada; Portland, Ore.; Denver; and Los Angeles, San Diego and San Francisco, Calif. In addition, the company has a national direct mail business with customers in every state as well as a specialty sales (wholesale) division serving a wholesale club, fine restaurants and institutions.
 The company's stock is traded over the counter on the NASDAQ National Market System under the symbol SBUX.
 STARBUCKS COFFEE CO.
 (In thousands, except earnings per share)
 Three Months Ended: Dec. 27, Dec. 29,
 1992 1991
 Net sales $38,564 $22,483
 Earnings before taxes 5,169 2,503
 Net earnings 3,197 1,589
 Earnings per share $ 0.22 $ 0.15(A)
 Weighted average shares outstanding 14,370 10,848(A)
 NOTE (A): Reflects the pro forma conversion of preferred stock and warrants into common stock which occurred at the completion of the public offering.
 -0- 1/15/93 R
 /CONTACT: Orin Smith of Starbucks Coffee, 206-447-7950, ext. 4109/
 (SBUX)


CO: Starbucks Coffee Co. ST: Washington IN: REA SU: ERN

SW-JH -- SE001 -- 5262 01/15/93 10:01 EST
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Date:Jan 15, 1993
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