Starbucks has updated the following fiscal 2011 targets:
- The company is now targeting fiscal 2011 revenue growth of approximately 10 percent on a comparable 52-week basis, driven by comparable store sales growth at the high end of its target range of 3 percent to 7 percent.
- The company now expects to add approximately 600 net new stores (excluding the impact from Borders store closures), with approximately 100 in the U.S. and 500 in International markets.
- Including the impact from Borders store closures, Starbucks is now targeting full-year consolidated operating margin improvement of 50 to 100 basis points over fiscal 2010 non-GAAP results.
- Full-year operating margins for both the U.S. and International segments are now expected to finish near the high end of the 150 to 200 basis point improvement range compared to fiscal 2010 non-GAAP results.
- Operating margin for the CPG segment is now expected to finish near the high end of the 25 percent to 30 percent range.
- Starbucks now expects earnings per share in the range of $1.50 to $1.51, modestly above the previously communicated 15 percent to 20 percent growth over fiscal 2010 non-GAAP EPS on a comparable 52-week basis.
Starbucks has announced its fiscal 2012 targets as follows:
- Starbucks plans to accelerate growth by opening approximately 800 net new stores globally.
- Approximately 200 net new stores in the U.S., with approximately half of the additions being licensed stores.
- Approximately 600 net new stores outside the U.S., with licensed stores comprising approximately two-thirds of the new additions. Net new store openings in China are expected to be approximately one-quarter of the total International new store additions.
- The company is targeting approximately 10 percent revenue growth, driven by mid-single-digit comparable store sales growth, 800 net new store openings, and strong growth in the CPG business.
- Starbucks is targeting full-year operating margin improvement of 50 to 100 basis points on a consolidated basis, driven by improvement in both the U.S. and International segments. Fiscal 2012 CPG margin is expected to be approximately 25 percent.
- The company expects earnings per share growth in the range of 15 percent to 20 percent, consistent with its long-term outlook, and including the unfavorable impact of approximately $0.21 attributable to higher coffee costs.
- Capital expenditures are expected to be approximately $700 million for the full year.