|
STARBUCKS CORPORATION |
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CONSOLIDATED STATEMENT OF EARNINGS |
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|
in millions dollars, except per share data |
||||
| Fiscal Year Ended |
2-Oct-16 |
27-Sep-15 |
Changes | % Change |
| Net Revenues | ||||
| company operated stores |
16844.1 |
15197.3 |
1646.8 |
11% |
| licensed stores |
2154.2 |
1861.9 |
292.3 |
16% |
| CPG, food service and other |
2317.6 |
2103.5 |
214.1 |
10% |
| Total net revenue |
21315.9 |
19162.7 |
2153.2 |
11% |
| Cost of sales including occupancy costs |
8511.1 |
7787.5 |
723.6 |
9% |
| Store operating expenses |
6064.3 |
5411.1 |
653.2 |
12% |
| other operating expenses |
545.4 |
522.4 |
23 |
4% |
| Depreciation and Amortization expenses |
980.8 |
893.9 |
86.9 |
10% |
| General and administrative expenses |
1360.6 |
1196.7 |
163.9 |
14% |
| Litigation credit |
0 |
0 |
0 |
|
| Total operating expenses |
17462.2 |
15811.6 |
1650.6 |
10% |
| Income from equity investees |
318.2 |
249.9 |
68.3 |
27% |
| operating income |
4171.9 |
3601 |
570.9 |
16% |
| gains resulting from acquisition of joint ventures |
0 |
390.6 |
-390.6 |
-100% |
| loss on extinguishment of debt |
0 |
-61.1 |
61.1 |
-100% |
| interest income and other, net |
108 |
43 |
65 |
151% |
| interest expense |
-81.3 |
-70.5 |
-10.8 |
15% |
| earnings before income tax |
4198.6 |
3903 |
295.6 |
8% |
| income tax expenses |
1379.7 |
1143.7 |
236 |
21% |
| Net earnings including no controlling interests |
2818.9 |
2759.3 |
59.6 |
2% |
| Net earnings/(loss) attributable to non controlling interest |
1.2 |
1.9 |
-0.7 |
-37% |
| Net earnings attributable to Starbucks |
2817.7 |
2757.4 |
60.3 |
2% |
| Earnings per share - basis |
1.91 |
1.84 |
0.07 |
4% |
| Earnings per share - diluted |
1.9 |
1.82 |
0.08 |
4% |
| weighted average shares outstanding | ||||
| Basic |
1471.6 |
1495 |
-23.4 |
-2% |
| Diluted |
1486.7 |
1513.4 |
-26.7 |
-2% |
|
STARBUCKS CORPORATION |
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CONSOLIDATED BALANCE SHEETS |
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|
(in millions, except per share data) |
||||
|
2-Oct-16 |
27-Sep-15 |
Changes | % Change | |
|
ASSETS |
$ |
$ |
$ |
% |
| Current Assets | ||||
| Cash and cash equivalents |
2128.80 |
1530.10 |
598.70 |
39% |
| Short term investments |
134.40 |
81.30 |
53.10 |
65% |
| Accounts receivables, net |
768.80 |
719.00 |
49.80 |
7% |
| inventories |
1378.50 |
1306.40 |
72.10 |
6% |
| prepaid expenses and other current assets |
350.00 |
334.20 |
15.80 |
5% |
| Total current assets |
4760.50 |
3971.00 |
789.50 |
20% |
| long term investments |
1141.70 |
312.50 |
829.20 |
265% |
| equity and cost investment |
354.50 |
352.00 |
2.50 |
1% |
| property plant and equipment, net |
4533.80 |
4088.30 |
445.50 |
11% |
| Deferred income taxes, net |
885.40 |
1180.80 |
-295.40 |
-25% |
| Other long term assets |
417.70 |
415.90 |
1.80 |
0% |
| other intangible assets |
516.30 |
520.40 |
-4.10 |
-1% |
| Goodwill |
1719.60 |
1575.40 |
144.20 |
9% |
| TOTAL ASSETS |
14329.50 |
12416.30 |
1913.20 |
15% |
LIABILITIES AND EQUITY |
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| Current liabilities | ||||
| accounts payable |
730.60 |
684.20 |
46.40 |
7% |
| accrued liability |
1999.10 |
1755.30 |
243.80 |
14% |
| insurance reserves |
246.00 |
224.80 |
21.20 |
9% |
| stored value card liability |
1171.20 |
983.80 |
187.40 |
19% |
| Current portion of long term debt |
400.00 |
0.00 |
400.00 |
|
| Total current liabilities |
4546.90 |
3648.10 |
898.80 |
25% |
| Long term debt |
3202.20 |
2347.50 |
854.70 |
36% |
| other long term liabilities |
689.70 |
600.90 |
88.80 |
15% |
| Total liabilities |
8438.80 |
6596.50 |
1842.30 |
28% |
| Shareholders’ equity | ||||
| Common stock ($0.001 par value) |
1.50 |
1.50 |
0.00 |
0% |
| Additional paid in capital |
41.10 |
41.10 |
0.00 |
0% |
| retained earnings |
5949.80 |
5974.80 |
-25.00 |
0% |
| Accumulated other comprehensive loss |
-108.40 |
-199.40 |
91.00 |
-46% |
| Total shareholders’ equity |
5884.00 |
5818.00 |
66.00 |
1% |
| Non controlling interests |
6.70 |
1.80 |
4.90 |
272% |
| Total equity |
5890.70 |
5819.80 |
70.90 |
1% |
| TOTAL LIABILITIES AND EQUITY |
14329.50 |
12416.30 |
1913.20 |
15% |
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Analysis
Total current assets changed by twenty percent from $3971.00 to $4760.50. Total assets grew from $ 12416.30 to 14329.50 an increase of 15%. The total current liabilities increased from $3648.10 to $4546.90 a 25% increase. Total liabilities grew from $6596.50 in 2015 to $8438.80 an increase of 28%. Total equity grew by 1% from $5819.80 to $5890.70. Starbucks’ total revenue grew by 11% from $19162.7 to $21315.9. The net earnings grew from $2757.4 to $2817.7 a two percent increase. From the above data, the company’s liabilities are growing faster than its assets. The trend needs to be checked as the company might run into financial difficulties if it is unable to pay for its obligations when they fall due. Similarly, the company is experiencing slow revenue growth which might pose serious challenges in future
