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23
RESULTS OF OPERATIONS — FISCAL 2013 COMPARED TO FISCAL 2012
Consolidated results of operations (in millions):
Revenues
Fiscal Year Ended
Sep 29,
2013
Sep 30,
2012
%
Change
Sep 29,
2013
Sep 30,
2012
% of Total
Net Revenues
Net revenues:
Company-operated stores $ 11,793.2 $ 10,534.5 11.9 % 79.2 % 79.2 %
Licensed stores 1,360.5 1,210.3 12.4 % 9.1 % 9.1 %
CPG, foodservice and other 1,738.5 1,554.7 11.8 % 11.7 % 11.7 %
Total net revenues $ 14,892.2 $ 13,299.5 12.0% 100.0% 100.0%
Total net revenues were $14.9 billion for fiscal 2013, an increase of $1.6 billion, or 12%, over fiscal 2012, primarily due to
increased revenues from company-operated stores (contributing $1.3 billion). The increase in company-operated store revenue
was driven by an increase in comparable store sales (7%, or approximately $720 million) and incremental revenues from 492
net new company-operated store openings over the past 12 months (approximately $386 million).
Licensed store revenue growth contributed $150 million to the increase in total net revenues in fiscal 2013, primarily due to
higher product sales to and royalty revenues from our licensees, as a result of improved comparable store sales and the opening
of 843 net new licensed stores over the past 12 months.
CPG, foodservice and other revenues increased $184 million, primarily driven by increased sales of premium single serve
products (approximately $116 million) and increased foodservice sales (approximately $37 million).
Operating Expenses
Fiscal Year Ended
Sep 29,
2013
Sep 30,
2012
Sep 29,
2013
Sep 30,
2012
% of Total
Net Revenues
Cost of sales including occupancy costs $ 6,382.3 $ 5,813.3 42.9 % 43.7 %
Store operating expenses 4,286.1 3,918.1 28.8 % 29.5 %
Other operating expenses 457.2 429.9 3.1 % 3.2 %
Depreciation and amortization expenses 621.4 550.3 4.2 % 4.1 %
General and administrative expenses 937.9 801.2 6.3 % 6.0 %
Litigation charge 2,784.1 — 18.7 % — %
Total operating expenses 15,469.0 11,512.8 103.9 % 86.6 %
Income from equity investees 251.4 210.7 1.7 % 1.6 %
Operating income/(loss) $(325.4) $ 1,997.4 (2.2)% 15.0%
Supplemental ratios as a % of related revenues:
Store operating expenses 36.3 % 37.2 %
Cost of sales including occupancy costs as a percentage of total net revenues decreased 80 basis points, primarily due to lower
commodity costs (approximately 50 basis points), driven by a decrease in coffee costs.
Store operating expenses as a percentage of total net revenues decreased 70 basis points. As a percentage of company-operated
store revenues, store operating expenses decreased 90 basis points, primarily driven by sales leverage in our Americas segment
(approximately 90 basis points) and store portfolio optimization initiatives in Europe that began in the fourth quarter of fiscal
2012 (approximately 50 basis points). This was partially offset by the addition of Teavana and continued investment in our
emerging brands (approximately 60 basis points).
2013 10-K
Starbucks Corporation Form