Starbucks 2004 Annual Report Download - page 5

16 Fiscal 2004 Annual Report
SELECTED FINANCIAL DATA
In thousands, except earnings per share and store operating data
The following selected fi nancial data have been derived from the consolidated fi nancial statements of Starbucks Corporation (the
“Company”). The data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” the section “Certain Additional Risks and Uncertainties” in the Company’s Annual Report on
Form 10-K and the Company’s consolidated fi nancial statements and notes thereto.
Oct 3, Sept 28, Sept 29, Sept 30, Oct 1,
2004 2003 2002 2001 2000
As of and for the fiscal year ended (1) (53 Wks) (52 Wks) (52 Wks) (52 Wks) (52 Wks)
RESULTS OF OPERATIONS DATA
Net revenues:
Company-operated retail $ 4,457,378 $ 3,449,624 $ 2,792,904 $ 2,229,594 $ 1,823,607
Specialty:
Licensing 565,798 409,551 311,932 240,665 189,411
Foodservice and other 271,071 216,347 184,072 178,721 164,596
Total specialty 836,869 625,898 496,004 419,386 354,007
Total net revenues 5,294,247 4,075,522 3,288,908 2,648,980 2,177,614
Operating income 610,117 424,713 316,338 280,219 212,190
Internet-related investment losses (2) – – – 2,940 58,792
Gain on sale of investment (3) – – 13,361 – –
Net earnings $ 391,775 $ 268,346 $ 212,686 $ 180,335 $ 94,502
Net earnings per common share – diluted (4) $ 0.95 $ 0.67 $ 0.54 $ 0.46 $ 0.24
Cash dividends per share – – – – –
BALANCE SHEET DATA
Working capital $ 585,505 $ 315,326 $ 310,048 $ 148,661 $ 146,568
Total assets 3,318,957 2,729,746 2,214,392 1,783,470 1,435,026
Long-term debt (including current portion) 4,353 5,076 5,786 6,483 7,168
Shareholders’ equity $ 2,486,755 $ 2,082,427 $ 1,723,189 $ 1,374,865 $ 1,148,212
STORE OPERATING DATA
Percentage change in comparable store sales (5)
United States 11% 9% 7% 5% 9%
International 6% 7% 1% 3% 12%
Consolidated 10% 8% 6% 5% 9%
Stores opened during the year: (6) (7)
United States
Company-operated stores 514 506 503 498 388
Licensed stores 417 315 264 268 342
International
Company-operated stores 120 99 113 151 103
Licensed stores 293 281 297 291 170
Total 1,344 1,201 1,177 1,208 1,003
Stores open at year-end: (7)
United States(8)
Company-operated stores 4,293 3,779 3,209 2,706 2,208
Licensed stores 1,839 1,422 1,033 769 501
International
Company-operated stores 922 802 703 590 439
Licensed stores 1,515 1,222 941 644 353
Total 8,569 7,225 5,886 4,709 3,501
(1) The Company’s fiscal year ends on the Sunday closest to September 30.
(2) During fiscal 2001 and 2000, the Company recognized losses of $2.9 million and $58.8 million, respectively, for impairments of Internet-related
investments determined to be other than temporary.
(3) On October 10, 2001, the Company sold 30,000 of its shares of Starbucks Coffee Japan, Ltd. at approximately $495 per share, net of related costs, which
resulted in a gain of $13.4 million.
(4) Earnings per share data for fiscal years presented above have been restated to reflect the two-for-one stock split in fiscal 2001.
(5) Includes only Starbucks Company-operated retail stores open 13 months or longer. Comparable store sales percentage for fiscal 2004 excludes the extra
sales week.
(6) Store openings are reported net of closures.
(7) International store information has been adjusted for the 100% acquisition of the Singapore operations by reclassifying historical information from Licensed
stores to Company-operated stores.
(8) United States stores open at fiscal 2003 year end include 43 Seattle’s Best Coffee (“SBC”) and 21 Torrefazione Italia Company-operated stores and 74 SBC
franchised stores.