Starbucks 2012 Annual Report Download - page 40

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34
Other
Fiscal Year Ended
Sep 30,
2012
Oct 2,
2011 % Change
Total net revenues $ 208.6 $ 175.8 18.7%
Cost of sales 140.1 103.0 36.0%
Other operating expenses 74.4 93.0 (20.0)%
Depreciation and amortization expenses 76.4 58.6 30.4%
General and administrative expenses 607.8 584.0 4.1%
Total operating expenses 898.7 838.6 7.2%
Gain on sale of properties
—
30.2 (100.0)%
Income from equity investees 0.7 (2.4) n
m
Operating loss $ (689.4) $ (635.0) 8.6%
Other includes operating results from Seattle’s Best Coffee, Evolution Fresh, and Digital Ventures, as well as
expenses pertaining to corporate administrative functions that support our operating segments but are not
specifically attributable to, or managed by, any segment and are not included in the reported financial results of
the operating segments.
Other total net revenues increased $33 million, primarily due to incremental revenues from Evolution Fresh,
which was acquired during the first quarter of fiscal 2012.
Total operating expenses increased $60 million, primarily due to increased cost of sales resulting from higher
commodity costs, primarily coffee, and higher general and administrative expenses to support the growth of the
business.
RESULTS OF OPERATIONS — FISCAL 2011 COMPARED TO FISCAL 2010
Consolidated results of operations (in millions):
Revenues
Fiscal Year Ended
Oct 2,
2011
Oct 3,
2010
%
Change
Oct 2,
2011
Oct 3,
2010
% of Total
Net Revenues
Net revenues:
Company-operated stores $ 9,632.4 $ 8,963.5 7.5% 82.3% 83.7%
Licensed stores 1,007.5 875.2 15.1% 8.6% 8.2%
CPG, foodservice and other 1,060.5 868.7 22.1% 9.1% 8.1%
Total net revenues $ 11,700.4 $ 10,707.4 9.3% 100.0% 100.0%
Consolidated net revenues were $11.7 billion for fiscal 2011, an increase of 9%, or $993 million over fiscal 2010.
The increase was primarily due to an increase in company-operated store revenues driven by an 8% increase in
global comparable stores sales (contributing approximately $672 million). The increase in comparable store sales
was due to a 6% increase in number of transactions (contributing approximately $499 million) and a 2% increase
in average value per transaction (contributing approximately $173 million). Also contributing to the increase in