Starbucks Posts Strong Third Quarter Fiscal 2009 Results

SEATTLE--(BUSINESS WIRE)--Jul. 21, 2009-- Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its third quarter ended June 28, 2009, provided its FY09 EPS target and introduced FY10 targets. Fiscal Third Quarter 2009 Highlights include:

• EPS of $0.20 compared to $(0.01) in Q308
• Non-GAAP EPS of $0.24 compared to $0.16 in Q308, a 50% year-over-year increase
• Operating margin of 8.5% vs. negative 0.8% in Q308; Non-GAAP operating margin of 10.6% vs. 6.9% in Q308
• U.S. operating margin of 11.2% vs. negative 1.4% in Q308; Non-GAAP U.S. operating margin of 13.4% vs. 8.8% in Q308
• Net revenues of $2.4 billion, compared to $2.6 billion in Q308
• Cost savings of approximately $175 million, exceeding Q3 target of $150 million
• Comparable store sales decline of 5%, a sequential improvement from a decline of 8% in Q209

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