Starbucks Corp. (Nasdaq: SBUX) on Oct. 28 reported record financial results for its 14-week fiscal fourth quarter, ended Oct. 3, 2021, during which time the coffee chain made certain changes its management team, which realigned its operating segment reporting structure.
During the quarter, the company realigned the fully licensed Latin America and Caribbean markets from the Americas operating segment to the International operating segment. The Americas operating segment has been renamed the North America operating segment, comprised of company-operated and licensed stores in the U.S. and Canada. Starbucks said there was no impact to consolidated net revenues as a result of these changes.
Starbucks Q4 key points
- Q4 consolidated net revenues up 31% to a record $8.1 billion;
- Q4 comparable store sales up 17% globally, U.S. up 22% with 11% two-year growth;
- QR GAAP EPS $1.49, non-GAAP EPS of $1 driven by strong U.S. performance;
- Active Starbucks rewards membership in the U.S. approaches 25 million, up 28% year-over-year;
- Company commits to $20 billion of share repurchases and dividends over next three years; and
- Company announces historic investments in its partners (employees), bringing average U.S. retail hourly wage to nearly $17/hr. by summer 2022.
“Our strong finish to fiscal 2021, including record performance in the fourth quarter, demonstrates the resilience of Starbucks and reinforces the value of the bold strategic moves we have taken over the past two years. Through it all, we have thoughtfully navigated a strong recovery with an eye towards our future,” said president and chief executive Kevin Johnson.
