The company said consolidated net revenues for the quarter ended March 31, 2024 decreased 2% to $8.6 billion from $8.7 billion a year earlier. It cited a decline in global comparable store sales and unfavorable foreign currency fluctuations as the main drivers.

10-QQuarterly reportFiled Apr 30, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said consolidated net revenues for the quarter ended March 31, 2024 decreased 2% to $8.6 billion from $8.7 billion a year earlier. It cited a decline in global comparable store sales and unfavorable foreign currency fluctuations as the main drivers.
Starbucks said its consolidated operating margin for the quarter fell 240 basis points from a year earlier to 12.8%. The company cited deleverage, higher investments in store partner wages and benefits, increased promotional activity, and lapping the gain from the sale of the Seattle's Best Coffee brand as factors.
The company said its cash and investments were $3.4 billion as of March 31, 2024 (October 1, 2023: $4.2 billion). It said it repurchased 12.8 million shares in the market for $1,250.1 million in the cumulative period through Q2.
North America operating income for the quarter fell 6% to $1.1 billion from $1.2 billion a year earlier, and operating margin decreased 110 basis points to 18.0%, the company said. It cited deleverage and higher investments in store partner wages as factors.

Key figures

Quarter ended March 31, 2024

Revenue: $8.6B
Operating income: $1.1B
Net income: $772M
EPS: $0.68

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Starbucks Q: March 31, 2024 quarter net revenues $8.6 billion, global comparable store sales down 4%

The company said consolidated net revenues for the quarter ended March 31, 2024 decreased 2% to $8.6 billion from $8.7 billion a year earlier. It cited a decline in global comparable store sales and unfavorable foreign currency fluctuations as the main drivers.

Source · Based on the MD&A text of the filing

Quarterly consolidated operating margin 12.8%, down 240 basis points year over year

Starbucks said its consolidated operating margin for the quarter fell 240 basis points from a year earlier to 12.8%. The company cited deleverage, higher investments in store partner wages and benefits, increased promotional activity, and lapping the gain from the sale of the Seattle's Best Coffee brand as factors.

Source · Based on the MD&A text of the filing

Cash and investments $3.4 billion, 12.8 million shares repurchased through Q2

The company said its cash and investments were $3.4 billion as of March 31, 2024 (October 1, 2023: $4.2 billion). It said it repurchased 12.8 million shares in the market for $1,250.1 million in the cumulative period through Q2.

Source · Based on the MD&A text of the filing

North America quarterly operating income $1.1 billion, operating margin 18.0%

North America operating income for the quarter fell 6% to $1.1 billion from $1.2 billion a year earlier, and operating margin decreased 110 basis points to 18.0%, the company said. It cited deleverage and higher investments in store partner wages as factors.

Source · Based on the MD&A text of the filing

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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