Starbucks 2012 Annual Report Download - page 36

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30
Segment Information
Segment information is prepared on the same basis that our management reviews financial information for
operational decision-making purposes. The following tables summarize the results of operations by segment (in
millions):
Americas
Fiscal Year Ended
Sep 30,
2012
Oct 2,
2011
Sep 30,
2012
Oct 2,
2011
As a % of Americas
Total Net Revenues
Total net revenues $ 9,936.0 $ 9,065.0 100.0% 100.0%
Cost of sales including occupancy costs 3,885.5 3,512.7 39.1% 38.8%
Store operating expenses 3,427.8 3,184.2 34.5% 35.1%
Other operating expenses 83.8 75.8 0.8% 0.8%
Depreciation and amortization expenses 392.3 390.8 3.9% 4.3%
General and administrative expenses 74.3 60.8 0.7% 0.7%
Total operating expenses 7,863.7 7,224.3 79.1% 79.7%
Income from equity investees 2.1 1.6
—
—
Operating income $ 2,074.4 $ 1,842.3 20.9% 20.3%
Supplemental ratios as a % of related revenues:
Store operating expenses 37.8% 38.1%
Revenues
Americas total net revenues for fiscal 2012 increased 10%, or $871 million, primarily due to increased revenues
from company-operated stores (contributing $712 million), driven by an increase in comparable store sales
(approximately 8%, or $626 million). Also contributing to the increase were incremental revenues from net new
company-operated store openings over the past 12 months (approximately $100 million).
Licensed store revenues also contributed to the increase in total net revenues with an increase of $149 million in
fiscal 2012 over the prior year period, primarily due to higher product sales to and royalty revenues from our
licensees, resulting from improved comparable store sales and the opening of 270 net new licensed stores over the
past 12 months.
Operating Expenses
Cost of sales including occupancy costs as a percentage of total net revenues increased 30 basis points, primarily
driven by higher commodity costs (approximately 110 basis points), mainly coffee, partially offset by increased
sales leverage on occupancy costs (approximately 70 basis points).
Store operating expenses as a percentage of total net revenues decreased 60 basis points. Increased licensed store
revenues contributed approximately 30 basis points of the decrease. Store operating expenses as a percentage of
company-operated store revenues decreased 30 basis points, primarily due to increased sales leverage
(approximately 70 basis points), partially offset by higher debit card transaction fees (approximately 20 basis
points).
% %