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STARBUCKS REPORTS SECOND-QUARTER RESULTS; NET EARNINGS RISE 128 PERCENT ON 68-PERCENT INCREASE IN NET SALES

 SEATTLE, April 20 /PRNewswire/ -- Starbucks (NASDAQ-NMS: SBUX) today announced financial results for the second quarter (13 weeks) showing increases in net sales, net earnings and earnings per share over the same period in fiscal 1992.
 For the second quarter ended March 28, 1993, net sales increased 68 percent to $33,972,000 from $20,277,000 in the second quarter of fiscal 1992. Retail sales increased 67 percent for the quarter to $29,417,000, specialty sales increased 54 percent to $3,193,000, and mail order sales increased 124 percent to $1,362,000. Earnings before taxes increased 129 percent to $2,008,000 from $878,000 for the second quarter of fiscal 1992. Net earnings of $1,269,000 for the second quarter of fiscal 1993, or 9 cents per share, improved 128 percent from $556,000, or 5 cents per share, for the previous year's second quarter.
 Retail sales increased as a result of strong comparable store sales growth coupled with the opening of new stores. Comparable store net sales for the 114 stores open 13 months or longer at the end of the period grew by 20 percent for the quarter, while new store sales accounted for 47 percent of the increase in retail sales.
 For the six months ended March 28, 1993, net sales increased by 70 percent to $72,536,000 from $42,760,000 for the same period in 1992. Retail sales increased 69 percent to $62,723,000 from $37,190,000 for the same period of 1992. Comparable store sales grew by 23 percent for the six-month period. Specialty sales increased 52 percent to $6,402,000 and mail order sales increased 150 percent to $3,411,000 for the same six-month period. Earnings before taxes increased 112 percent to $7,177,000 from $3,381,000 in the prior year. Net earnings of $4,466,000, or 31 cents per share, improved 108 percent from the previous year's $2,145,000, or 19 cents per share. The weighted average number of shares outstanding increased from 11.6 million to 14.4 million largely as a result of the company's initial public offering in June 1992.
 During the second fiscal quarter Starbucks opened 25 new stores, including the successful opening of its first store in Washington, D.C., which set a company record for first-week sales. For the six months ended March 28, 1993, Starbucks opened 39 company-owned stores and three airport stores bringing the total to 190 company-owned stores and six airport stores. Management expects to open a total of 85 company-owned stores and five airport stores in fiscal year 1993, an increase of 10-company owned and two airport stores over previously announced targets. The company also announced plans to lease approximately 300,000 square feet of a facility to be constructed by Trammel Crow in Kent, Wash., for use as a second roasting and distribution facility. The company expects to occupy the space in the fall of 1993.
 Starbucks is the leading specialty coffee roaster/retailer, operating more than 190 stores in the metropolitan areas surrounding Seattle; Chicago; Vancouver, British Columbia, Canada; Portland, Ore.; Denver; and Los Angeles, San Diego and San Francisco, Calif.; and Washington, D.C. In addition, the company has a mail order business with customers in every state as well as a specialty sales 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
 (In thousands, except earnings per share)
 Three Months Six Months
 Ended: March 28, March 29, March 28, March 29,
 1993 1992 1993 1992
 Net sales $33,972 $20,277 $72,536 $42,760
 Earnings before taxes 2,008 878 7,177 3,381
 Net earnings 1,269 556 4,466 2,145
 Earnings per share $ 0.09 $ 0.05(A) $ 0.31 $ 0.19(A)
 Weighted average
 shares outstanding 14,416 12,300(A) 14,397 11,574(A)
 (A) Reflects the pro forma conversion of preferred stock and warrants into common stock, which occurred at the completion of the public offering.
 -0- 4/20/93
 /CONTACT: Orin Smith, executive vice president, chief financial officer, of Starbucks, 206-447-7950 ext. 4109/
 (SBUX)


CO: Starbucks ST: Washington IN: REA SU: ERN

SW -- SE010 -- 7859 04/20/93 09:34 EDT
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Date:Apr 20, 1993
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