Starbucks 2008 Annual Report Download

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Starbucks Corporation Fiscal 2008 Annual Report

Table of contents

  • Page 1
    Starbucks Corporation Fiscal 2008 Annual Report

  • Page 2
    Fiscal 2008 Financial Highlights Stores Open at Fiscal Year End (COMPANY-OPERATED AND LICENSED STORES) Net Revenues (IN BILLIONS) & Net Revenue Growth (PERCENTAGES) from Previous Year 16,680 $9.4 21% $10.4 10% International United States 15,011 12,440 10,241 $6.4 $5.3 $4.1 24% 30% 20% $7.8 22%...

  • Page 3
    ... and foodservice and licensed stores businesses, as well as the Seattle's Best Coffee brand. Our profitable CPG business is expanding internationally, and the ready-to-drink piece of that business is steadily gaining market share around the world. Customers purchased nearly half a million Starbucks...

  • Page 4
    ... and we committed to closing approximately 600 underperforming company-operated stores in the U.S. and 61 stores in Australia. We entered into fiscal 2009 with a more rigorous and disciplined approach to managing our store portfolio. During last year's annual meeting of shareholders, I outlined our...

  • Page 5
    ... South Seattle, Washington 98134 (206) 447-1575 (Address of principal executive offices, zip code, telephone number) Securities Registered Pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Common Stock, $0.001 par value per share Nasdaq Global...

  • Page 6
    ... of Equity Securities...Selected Financial Data ...Management's Discussion and Analysis of Financial Condition and Results of Operations ...Quantitative and Qualitative Disclosures About Market Risk ...Financial Statements and Supplementary Data ...Report of Independent Registered Public Accounting...

  • Page 7
    ... world. To achieve this goal, the Company plans to continue disciplined expansion of its retail operations, to grow its specialty operations and to selectively pursue other opportunities by introducing new products and developing new channels of distribution. Segment Financial Information Starbucks...

  • Page 8
    ... ...Total net revenues ...Company-operated Retail Stores 84% 8% 3% 1% 12% 4% Ͻ1% 4% 16% 100% 48% 21% 4% 73% 25% 2% 27% 100% The Company's retail goal is to become the leading retailer and brand of coffee in each of its target markets by selling the finest quality coffee and related products and...

  • Page 9
    ...and development rights for the Company's Quebec and Atlantic Canada operations by reclassifying historical information from Licensed stores to Company-operated stores. Starbucks restructured its Australia market by closing 61 stores in August 2008. (4) Starbucks retail stores are typically located...

  • Page 10
    ...28, 2008, the Company's International operating segment had a total of 3,134 licensed retail stores. Product sales to and royalty and license fee revenues from US and International licensed retail stores accounted for 48% of specialty revenues in fiscal 2008. At fiscal year end 2008, Starbucks total...

  • Page 11
    ... resources are aligned with those of SYSCO Corporation and US Foodservice. The Company's total foodservice operations had over 19,000 accounts, primarily in the US, at fiscal year end 2008. Revenues from foodservice accounts comprised 25% of total specialty revenues in fiscal 2008. Product Supply...

  • Page 12
    ... upon commodity paper and plastic resin costs, but the Company believes it mitigates the effect of short-term raw material price fluctuations through strategic relationships with key suppliers. Products other than whole bean coffees and coffee beverages sold in Starbucks retail stores are obtained...

  • Page 13
    Coffee-related accessories, including items bearing the Company's logos and trademarks, are produced and distributed through contracts with a number of different suppliers. Competition The Company's primary competitors for coffee beverage sales are quick-service restaurants and specialty coffee ...

  • Page 14
    ... Company's corporate governance policies, ethics code and Board of Directors' committee charters are also posted within this section of the website. The information on the Company's website is not part of this or any other report Starbucks files with, or furnishes to, the SEC. Global Responsibility...

  • Page 15
    ... drive long-term shareholder value and improve Starbucks results of operations, including: • improving the current state of the US business by refocusing on the customer experience in the stores, new products and store design elements, and new training and tools for the Company's store partners to...

  • Page 16
    ... locations available for lease at reasonable rates, either of which could keep the Company from meeting annual store opening targets and, in turn, negatively impact net revenues, operating income and earnings per share; • any material interruption in the Company's supply chain beyond its control...

  • Page 17
    ... States due to higher rents for prime store locations or costs of compliance with country-specific regulatory requirements. Because many of the Company's International operations are in an early phase of development, operating expenses as a percentage of related revenues are often higher compared...

  • Page 18
    ...and support to, and monitors the operations of, these business partners, but the product quality and service they deliver to Starbucks customers may be diminished by any number of factors beyond the Company's control. Management believes customers expect the same quality of products and service from...

  • Page 19
    ... make it increasingly difficult to ensure a consistent supply of high quality raw materials, to locate and hire sufficient numbers of key employees to meet the Company's financial targets, to maintain an effective system of internal controls for a globally dispersed enterprise and to train employees...

  • Page 20
    ..., interruption or security failure of that technology could harm the Company's ability to effectively operate its business. Starbucks relies heavily on information technology systems across its operations, including for management of its supply chain, point-of-sale processing in its stores, and...

  • Page 21
    ...offices, training facilities and storage, not including certain seasonal retail storage locations. Item 3. Legal Proceedings See discussion of Legal Proceedings in Note 17 to the consolidated financial statements included in Item 8 of this Report. Item 4. Submission of Matters to a Vote of Security...

  • Page 22
    ... president, Starbucks Coffee US president, Starbucks Coffee International senior vice president; president, Global Consumer Products, Foodservice and Seattle's Best Coffee president, Global Development executive vice president, chief financial officer and chief administrative officer executive vice...

  • Page 23
    ..., Total Pay from April 2003 to January 2008. Prior to joining Starbucks, Mr. Kuchinad held a number of positions in the field of human resources with NIKE, Inc., McDonald's Corporation and Towers Perrin. There are no family relationships among any directors or executive officers of the Company...

  • Page 24
    ...of Equity Securities SHAREHOLDER INFORMATION MARKET INFORMATION AND DIVIDEND POLICY The Company's common stock is traded on the NASDAQ Global Select Market ("NASDAQ"), under the symbol "SBUX." The following table shows the quarterly high and low closing sale prices per share of the Company's common...

  • Page 25
    ... of $100 on that date and the reinvestment of dividends paid since that date. Starbucks has never paid a dividend on its common stock. The stock price performance shown in the graph is not necessarily indicative of future price performance. $250 $200 Starbucks Corporation S&P 500 NASDAQ Composite...

  • Page 26
    ... and equipment) ...BALANCE SHEET Working capital (deficit)(3) ...Total assets ...Short-term borrowings ...Long-term debt (including current portion)(4) ...Shareholders' equity ...STORE INFORMATION Percentage change in comparable store sales(5) United States ...International ...Consolidated ...Stores...

  • Page 27
    ... only Starbucks Company-operated retail stores open 13 months or longer. Comparable store sales percentage for fiscal 2004 excludes the extra sales week. International store information has been adjusted for the fiscal 2008 acquisition of assets and development rights for the Company's Quebec...

  • Page 28
    ... activity in certain areas of the country (California and Florida) where Starbucks has a high concentration of Company-operated stores. These developments combined with recent and ongoing unprecedented shocks to the global financial system and capital markets have all contributed to sharp declines...

  • Page 29
    ... in response to further worsening in the global economy. Starbucks fiscal 2009 US store opening target is approximately a negative 20 net new stores, which includes a nearly 225 Company-operated store decline and approximately 205 net new licensed stores. Internationally, Starbucks is planning to...

  • Page 30
    ... that support the operating segments but are not specifically attributable to or managed by any segment are not included in the reported financial results of the operating segments. These unallocated corporate expenses include certain general and administrative expenses, related depreciation...

  • Page 31
    ... store sales. Fiscal Year Ended Sep 28, 2008 Sep 30, 2007 % Change Sep 28, Sep 30, 2008 2007 % of Total Net Revenues Cost of sales including occupancy costs ...Store operating expenses(1) ...Other operating expenses(2) ...Depreciation and amortization expenses ...General and administrative expenses...

  • Page 32
    ... Company's management reviews financial information for operational decision-making purposes. Starbucks has three reportable operating segments: United States, International and CPG. "Unallocated Corporate" includes expenses pertaining to corporate administrative functions that support the operating...

  • Page 33
    ... costs and higher rent expenses as a percentage of revenues. Higher store operating expenses was due to the softer sales, higher payroll-related expenditures, and charges from canceling future store sites and asset impairments. International The International operating segment sells coffee...

  • Page 34
    ... global economy. Specialty revenues increased primarily due to higher product sales and royalty revenues from opening 550 new licensed retail stores in the last 12 months. Fiscal Year Ended Sep 28, 2008 Sep 30, 2007 % Change Sep 28, Sep 30, 2008 2007 As a % of International Total Net Revenues Cost...

  • Page 35
    ... International club packaged coffee. Fiscal Year Ended Sep 28, 2008 Sep 30, 2007 % Change Sep 28, Sep 30, 2008 2007 As a % of CPG Total Net Revenues Cost of sales ...$219.6 Other operating expenses ...22.0 Depreciation and amortization expenses ...- General and administrative expenses ...6.4 Total...

  • Page 36
    ... 1, 2007 2006 % of Total Net Revenues Fiscal Year Ended % Change Cost of sales including occupancy costs ...Store operating expenses(1) ...Other operating expenses(2) ...Depreciation and amortization expenses ...General and administrative expenses ...Total operating expenses ...Income from equity...

  • Page 37
    ... costs as a percentage of total net revenues due to a shift in sales to higher cost products and higher distribution costs, rent expense and dairy costs. These cost pressures were offset in part by leveraging general and administrative expenses, store operating expenses, and other operating expenses...

  • Page 38
    ... accounts. Fiscal Year Ended Sep 30, 2007 Oct 1, 2006 % Change Sep 30, Oct 1, 2007 2006 As a % of US Total Net Revenues Cost of sales including occupancy costs ...Store operating expenses(1) ...Other operating expenses(2) ...Depreciation and amortization expenses ...General and administrative...

  • Page 39
    ...to higher product sales and royalty revenues from opening 506 new licensed retail stores in the last 12 months. Fiscal Year Ended Sep 30, 2007 Oct 1, 2006 % Change Sep 30, Oct 1, 2007 2006 As a % of International Total Net Revenues Cost of sales including occupancy costs ...Store operating expenses...

  • Page 40
    ... product sales and royalties in the international ready-to-drink business. Fiscal Year Ended Sep 30, 2007 Oct 1, 2006 % Change Sep 30, Oct 1, 2007 2006 As a % of CPG Total Net Revenues Cost of sales ...Other operating expenses ...Depreciation and amortization expenses ...General and administrative...

  • Page 41
    ... costs, access to capital markets, and future operating lease terms. If either of the Company's short-term ratings were downgraded, it would likely make the issuance of commercial paper difficult. In these circumstances the Company could draw upon its credit facility. In normal market conditions...

  • Page 42
    ... business opportunities related to its core businesses. The Company may use its available cash resources to make proportionate capital contributions to its equity method and cost method investees. Any decisions to increase its ownership interest in its equity method investees or licensed operations...

  • Page 43
    ... relate to certain guarantees and are detailed in Note 17 to the consolidated financial statements in this 10-K. COMMODITY PRICES, AVAILABILITY AND GENERAL RISK CONDITIONS Commodity price risk represents the Company's primary market risk, generated by its purchases of green coffee and dairy products...

  • Page 44
    FINANCIAL RISK MANAGEMENT Market risk is defined as the risk of losses due to changes in commodity prices, foreign currency exchange rates, equity prices, and interest rates. The Company manages its exposure to various market-based risks according to an umbrella risk management policy. Under this ...

  • Page 45
    ..." in the consolidated statements of earnings. The offsetting changes in the MDCP liability are recorded in "General and administrative expenses." The Company performed a sensitivity analysis based on a 10% change in the underlying equity prices of its investments, as of the end of fiscal 2008, and...

  • Page 46
    ... value of stock-based compensation; however based on an analysis using changes in certain assumptions that could be reasonably possible in the near term, management believes the effect on the expense recognized for fiscal 2008 would not have been material. Operating Leases Starbucks leases retail...

  • Page 47
    ... About Market Risk The information required by this item is incorporated by reference to the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations - Commodity Prices, Availability and General Risk Conditions" and "Management's Discussion and Analysis...

  • Page 48
    ... Financial Statements and Supplementary Data STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS In millions, except earnings per share Fiscal Year Ended Sep 28, 2008 Sep 30, 2007 Oct 1, 2006 Net revenues: Company-operated retail ...Specialty: Licensing ...Foodservice and other ...Total...

  • Page 49
    STARBUCKS CORPORATION CONSOLIDATED BALANCE SHEETS In millions, except per share data Fiscal Year Ended Sep 28, 2008 Sep 30, 2007 ASSETS Current assets: Cash and cash equivalents ...$ 269.8 Short-term investments - available-for-sale securities ...3.0 Short-term investments - trading securities ......

  • Page 50
    STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS In millions Fiscal Year Ended Sep 28, 2008 Sep 30, 2007 Oct 1, 2006 OPERATING ACTIVITIES: Net earnings ...Adjustments to reconcile net earnings to net cash provided by operating activities: Cumulative effect of accounting change for FIN 47...

  • Page 51
    STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY In millions Accumulated Other Other Additional Additional Common Stock Paid-in Retained Comprehensive Paid-in Capital Earnings Income/(Loss) Shares Amount Capital Total Balance, October 2, 2005 ...Net earnings...Unrealized ...

  • Page 52
    ... the current format, including separately presenting balances for "Insurance reserves" on the consolidated balance sheet. Estimates and Assumptions Preparing financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management...

  • Page 53
    ...Company manages its exposure to various risks within the consolidated financial statements according to an umbrella risk management policy. Under this policy, Starbucks may engage in transactions involving various derivative instruments, with maturities generally not longer than five years, to hedge...

  • Page 54
    ... credit risk and application of the specific identification method. As of September 28, 2008 and September 30, 2007, the allowance for doubtful accounts was $4.5 million and $3.2 million, respectively. Inventories Inventories are stated at the lower of cost (primarily moving average cost) or market...

  • Page 55
    .... Outstanding customer balances are included in "Deferred revenue" on the consolidated balance sheets. There are no expiration dates on the Company's stored value cards or gift certificates, and Starbucks does not charge any service fees that cause a decrement to customer balances. While the Company...

  • Page 56
    ...revenue, and the related shipping costs are included in "Cost of sales including occupancy costs" on the consolidated statements of earnings. Specific to retail store licensing arrangements, initial nonrefundable development fees are recognized upon substantial performance of services for new market...

  • Page 57
    ... the terms of the leases as reductions to rent expense on the consolidated statements of earnings. For premiums paid upfront to enter a lease agreement, the Company records a deferred rent asset in "Prepaid expenses and other current assets" and "Other assets" on the consolidated balance sheets and...

  • Page 58
    ...Translation The Company's international operations generally use their local currency as their functional currency. Assets and liabilities are translated at exchange rates in effect at the balance sheet date. Income and expense accounts are translated at the average monthly exchange rates during the...

  • Page 59
    ... acquired full development and operation rights for the retail stores in these provinces. In the third quarter of fiscal 2008, Starbucks purchased 100% equity ownership in Coffee Equipment Company ("CEC"), a Seattle-based manufacturer and seller of a single cup, commercial grade coffee brewer called...

  • Page 60
    ...by the end of fiscal 2009, and recognize the total remaining lease exit costs and related severance during that time. Australia Store Closures - To address the difficulties specific to its Australia market, Starbucks closed 61 Company-operated stores in the fourth quarter of fiscal 2008. As a result...

  • Page 61
    ... Cost Gross Unrealized Holding Losses Fair Value September 28, 2008 Short-term investments - available-for-sale securities: Corporate debt securities ...Total...Short-term investments - trading securities ...Total short-term investments ...Long-term investments - available-for-sale securities...

  • Page 62
    ... under the Management Deferred Compensation Plan ("MDCP"), a defined contribution plan. The corresponding deferred compensation liability of $68.0 million in fiscal 2008 and $86.4 million in fiscal 2007 is included in "Accrued compensation and related costs" on the consolidated balance sheets. In...

  • Page 63
    ... $(2.5) Total...$ (7.3) Other Derivatives The Company enters into foreign currency forward contracts that are not designated as hedging instruments for accounting purposes to mitigate the translation risk of certain balance sheet items. For the fiscal years 2008 and 2007, these forward contracts...

  • Page 64
    ...method investments ...Total ...Equity Method $267.9 34.7 $302.6 $234.5 24.4 $258.9 The Company's equity investees and ownership interests by reportable operating segment are as follows: Fiscal Year Ended Sep 28, 2008 Sep 30, 2007 United States StarCon, LLC ...International Starbucks Coffee Korea...

  • Page 65
    ... related to product sales and store license fees. As of September 28, 2008, the aggregate market value of the Company's investment in Starbucks Japan was approximately $214 million, based on its available quoted market price. Summarized combined financial information of the Company's equity method...

  • Page 66
    ... assets ...Definite-lived intangibles approximate remaining weighted average useful life in years... $58.3 14.2 (5.9) 8.3 $66.6 8 $36.9 9.5 (4.3) 5.2 $42.1 8 The increase in indefinite-lived intangibles was primarily due to the purchase of distribution rights for Seattle Best Coffee» products...

  • Page 67
    ... of goodwill by reportable operating segment for the fiscal year ended September 28, 2008 were as follows (in millions): United States International Global CPG Total Balance as of September 30, 2007 ...Business Acquisitions ...Other ...Balance as of September 28, 2008 ...United States $127.6 11...

  • Page 68
    ...rent escalation clauses and rent holidays related to certain operating leases. The Company amortizes deferred rent over the terms of the leases as reductions to rent expense on the consolidated statements of earnings. Unrecognized tax benefits represent the estimated long-term portion of the Company...

  • Page 69
    ... rent included in "Prepaid expenses and other current assets" on the consolidated balance sheets as of September 28, 2008 and September 30, 2007, respectively. Note 13: Shareholders' Equity In addition to 1.2 billion shares of authorized common stock with $0.001 par value per share, the Company...

  • Page 70
    ... securities, borrowings under the commercial paper program and revolving credit facility and proceeds from sale of the notes, and were part of the Company's active capital management program. As of September 28, 2008, approximately 6.3 million shares remained available for repurchase, under current...

  • Page 71
    ... financial statements (in millions): Fiscal Year Ended Sep 28, 2008 Sep 30, 2007 Oct 1, 2006 Stock option expense ...RSU expense...ESPP expense ...Total stock-based compensation expense on the consolidated statements of earnings ...Total related tax benefit...Stock-based compensation capitalized...

  • Page 72
    ... Starbucks stock options do not trade on a secondary exchange, employees do not derive a benefit from holding stock options unless there is an increase, above the grant price, in the market price of the Company's stock. Such an increase in stock price would benefit all shareholders commensurately...

  • Page 73
    ... had been exercised on the last business day of the period indicated. The closing per share market value of the Company's stock on September 26, 2008 was $14.96. As of September 28, 2008, total unrecognized stock-based compensation expense related to nonvested stock options was approximately $64...

  • Page 74
    ... fiscal year 2008...Total number of shares issuable under the plan ...Total number of shares issued since inception ...Shares available for future issuance... ... 1.5 1.9 2.9 32.0 21.0 11.0 $26.81 24.59 14.52 Starbucks has an additional employee stock purchase plan in the United Kingdom, which...

  • Page 75
    ... Total... A reconciliation of the statutory federal income tax rate with the Company's effective income tax rate was as follows: Fiscal Year Ended Sep 28, 2008 Sep 30, 2007 Oct 1, 2006 Statutory rate ...State income taxes, net of federal income tax benefit ...Foreign earnings taxed at lower rates...

  • Page 76
    ...on management's assessments of realizable deferred tax assets. The valuation allowance as of September 28, 2008 and September 30, 2007 was related to net operating losses of consolidated foreign subsidiaries. The net change in the total valuation allowance for the years ended September 28, 2008, and...

  • Page 77
    ... Company does not expect this change to be material to the consolidated financial statements. Note 16: Earnings per Share The following table presents the calculation of net earnings per common share ("EPS") - basic and diluted (in millions, except EPS): Fiscal Year Ended Sep 28, 2008 Sep 30, 2007...

  • Page 78
    ...California Labor Code section 432.8 by asking job applicants to disclose at the time of application convictions for marijuana related offenses more than two years old. Plaintiffs also seek attorneys' fees and costs. On November 1, 2007, the Court issued an order certifying the case as a class action...

  • Page 79
    ... store licensing operations in nearly 40 countries and foodservice accounts, primarily in Canada and Japan. Many of the Company's International operations are in early stages of development that require a more extensive support organization, relative to the current levels of revenue and operating...

  • Page 80
    ...Long-lived assets: United States ...Other countries ...Total ... $3,099.9 824.8 $3,924.7 $2,990.6 667.9 $3,658.5 $2,446.1 453.0 $2,899.1 Management evaluates the performance of its operating segments based on net revenues and operating income. The accounting policies of the operating segments are...

  • Page 81
    ...): United States International Global CPG Unallocated Corporate Total Fiscal 2008: Net Revenues: Company-operated retail ...Specialty: Licensing ...Foodservice and other ...Total specialty ...Total net revenues ...Depreciation and amortization ...Income (loss) from equity investees . . Operating...

  • Page 82
    ...Summarized Quarterly Financial Information (unaudited, in millions, except EPS) First Second Third Fourth Total 2008: Net revenues ...$2,767.6 Operating income/(loss) ...333.1 Net earnings/(loss) ...208.1 EPS - diluted ...0.28 2007: Net revenues ...Operating income . . Net earnings ...EPS - diluted...

  • Page 83
    ... balance sheets of Starbucks Corporation and subsidiaries (the "Company") as of September 28, 2008 and September 30, 2007, and the related consolidated statements of earnings, shareholders' equity, and cash flows for each of the three years in the period ended September 28, 2008. These financial...

  • Page 84
    ... controls and procedures are also designed to ensure that information required to be disclosed in the reports the Company files or submits under the Exchange Act is accumulated and communicated to the Company's management, including its principal executive officer and principal financial officer...

  • Page 85
    ... opinion. A company's internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management, and other...

  • Page 86
    ... Ownership Reporting Compliance" and "Corporate Governance - Board Committees and Related Matters" in the Company's definitive Proxy Statement for the Annual Meeting of Shareholders to be held on March 18, 2009 (the "Proxy Statement"). Information regarding the Company's executive officers is set...

  • Page 87
    ...Consolidated Statements of Shareholders' Equity for the fiscal years ended September 28, 2008, September 30, 2007 and October 1, 2006; • Notes to Consolidated Financial Statements; and • Reports of Independent Registered Public Accounting Firm 2. Financial Statement Schedules Financial statement...

  • Page 88
    ... Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. STARBUCKS CORPORATION By: /s/ Howard Schultz Howard Schultz chairman, president and chief executive officer November 24, 2008 POWER...

  • Page 89
    Signature Title By: /s/ James G. Shennan Jr. James G. Shennan Jr. By: /s/ Javier G. Teruel Javier G. Teruel By: /s/ Myron E. Ullman III Myron E. Ullman III By: /s/ Craig E. Weatherup Craig E. Weatherup director director director director 83

  • Page 90
    ... Corporation Management Deferred Compensation Plan Starbucks Corporation 1997 Deferred Stock Plan Starbucks Corporation UK Share Save Plan Starbucks Corporation Directors Deferred Compensation Plan, as amended and restated effective September 29, 2003 Amended and Restated Employment Agreement dated...

  • Page 91
    ...Wide Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan Stock Option Grant Agreement for Purchase of Stock under the 2005 Company-Wide Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan Credit Agreement dated August 12, 2005 among Starbucks Corporation...

  • Page 92
    ... and Release dated July 29, 2008 between Starbucks Corporation and James C. Alling Amendment No. 4 to Credit Agreement dated October 31, 2008, among Starbucks Corporation, Bank of America, N.A., as Administrative Agent and the Lenders party thereto Time Vested Restricted Stock Unit Agreement...

  • Page 93
    ... to Section 906 of the SarbanesOxley Act of 2002 - - - X - - - X - - - X * Denotes a compensatory plan, contract or arrangement, in which the Company's directors or executive officers may participate. Pike Place is a trademark of the Pike Place Market PDA, used under license. 87

  • Page 94
    ..., Partner Resources Gerardo I. Lopez executive vice president; president, Global Consumer Products, Foodservice and Seattle's Best Coffee The company's U.S. Securities and Exchange Commission filings may be obtained without charge by accessing the Investor Relations section of the company's website...

  • Page 95
    ..., store managers also volunteered 60,000 hours of community service-another powerful symbol of their commitment and of great things to come. To minimize our environmental impact, the Starbucks Corporation Fiscal 2008 Annual Report, excluding the 10-K section, was printed on paper manufactured...