The company said its 13-week consolidated net revenues for Q2 (quarter ended March 31, 2024) fell to $8.6 billion, down 2%, and that GAAP and non-GAAP diluted earnings per share were $0.68, respectively.

1. 01

   The company said its 13-week consolidated net revenues for Q2 (quarter ended March 31, 2024) fell to $8.6 billion, down 2%, and that GAAP and non-GAAP diluted earnings per share were $0.68, respectively.

2. 02

   Starbucks said its GAAP operating margin for Q2 contracted 240 basis points year over year to 12.8%. It cited deleverage, higher investments in store partner wages and benefits, increased promotional activity, and lapping the gain on the sale of the Seattle's Best Coffee brand as factors.

3. 03

   The company said global comparable store sales fell 4% in Q2, driven by a 6% decline in comparable transactions, partially offset by a 2% increase in average ticket. It said comparable store sales declined 3% in North America and the U.S., and 11% in China.

4. 04

   The company said it issued $2.0 billion in bonds in February and plans to use the net proceeds for general corporate purposes, including repaying upcoming debt maturities. Net cash provided by operating activities for the 2 quarters (year-to-date, cumulative) was $2,889.9 million.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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