Starbucks 2013 Annual Report Download - page 37

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29
RESULTS OF OPERATIONS — FISCAL 2012 COMPARED TO FISCAL 2011
Consolidated results of operations (in millions):
Revenues
Fiscal Year Ended
Sep 30,
2012
Oct 2,
2011
%
Change
Sep 30,
2012
Oct 2,
2011
% of Total
Net Revenues
Net revenues:
Company-operated stores $ 10,534.5 $ 9,632.4 9.4 % 79.2 % 82.3 %
Licensed stores 1,210.3 1,007.5 20.1 % 9.1 % 8.6 %
CPG, foodservice and other 1,554.7 1,060.5 46.6 % 11.7 % 9.1 %
Total net revenues $ 13,299.5 $ 11,700.4 13.7% 100.0% 100.0%
Consolidated net revenues were $13.3 billion for fiscal 2012, an increase of 13.7%, or $1.6 billion over fiscal 2011, primarily
due to increased revenues from company-operated stores (contributing $902 million), driven by an increase in comparable store
sales (approximately 7%, or $680 million). Also contributing to the increase were incremental revenues from net new
company-operated store openings over the past 12 months (approximately $184 million).
Licensed store revenues contributed $203 million to the increase in total net revenues in fiscal 2012, primarily due to higher
product sales to and royalty revenues from our licensees, resulting from improved comparable store sales and the opening of
665 net new licensed stores over the past 12 months.
CPG, foodservice and other revenues increased $494 million, primarily due to sales of Starbucks- and Tazo-branded K-Cup®
portion packs launched in the CPG channel on November 1, 2011 (approximately $232 million). The benefit of recognizing full
revenue from packaged coffee and tea under the direct distribution model (approximately $78 million) and an increase in
foodservice revenues (approximately $50 million) also contributed.
Operating Expenses
Fiscal Year Ended
Sep 30,
2012
Oct 2,
2011
Sep 30,
2012
Oct 2,
2011
% of Total
Net Revenues
Cost of sales including occupancy costs $ 5,813.3 $ 4,915.5 43.7 % 42.0 %
Store operating expenses 3,918.1 3,594.9 29.5 % 30.7 %
Other operating expenses 429.9 392.8 3.2 % 3.4 %
Depreciation and amortization expenses 550.3 523.3 4.1 % 4.5 %
General and administrative expenses 801.2 749.3 6.0 % 6.4 %
Total operating expenses 11,512.8 10,175.8 86.6 % 87.0 %
Gain on sale of properties — 30.2 — % 0.3 %
Income from equity investees 210.7 173.7 1.6 % 1.5 %
Operating income $ 1,997.4 $ 1,728.5 15.0% 14.8%
Supplemental ratios as a % of related revenues:
Store operating expenses 37.2 % 37.3 %
Cost of sales including occupancy costs as a percentage of total net revenues increased 170 basis points, driven by increased
commodity costs (approximately 160 basis points), primarily due to higher coffee costs.
Store operating expenses as a percentage of total net revenues decreased 120 basis points, due to increased Channel
Development and licensed store revenues. Store operating expenses as a percent of company-operated store revenues decreased
10 basis points due to increased sales leverage.
2013 10-K
Starbucks Corporation Form