Starbucks released their Q2 Earnings report last week which painted a broadly positive picture, showing that the company is well-positioned to take advantage of the rebound as many countries come out of lockdown. Looking at the share-price growth below, we can see that investor sentiment endorses that confidence.

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Highlights from the Report

  • Q2 Comparable Store Sales Growth of 9% in the U.S.; Demonstrating Full Sales Recovery
  • Q2 Comparable Store Sales Growth of 91% in China, Including Reinstated VAT Benefit
  • Q2 GAAP EPS $0.56; Non-GAAP EPS $0.62 Reflecting Meaningful Margin Improvement from Prior Quarter
  • Active Starbucks® Rewards Membership in the U.S. Up 18% Year-Over-Year to 22.9 Million
  • Raising Full-Year Fiscal 2021 Revenue, Margin and Earnings Per Share Guidance

I am very pleased with our progress to date in fiscal 2021, as our second-quarter results demonstrated impressive momentum in the business with full sales recovery in the U.S. Our strong results validate our ability to adapt to changes in our environment and the needs of our customers. – said Kevin Johnson, president and CEO.

Johnson went on to say:

We have positioned Starbucks for the inevitable great human reconnection that we see unfolding in the U.S. and will propagate in every market around the world, where people once again connect with others face-to-face to heal, to belong, to reflect, to share and to celebrate. Starbucks was built for this moment, and as we celebrate our 50th anniversary, we remain confident in our ability to execute our ‘Growth at Scale’ agenda and unlock the full potential of the Starbucks brand.

Q2 Fiscal 2021 Highlights

  • Global comparable store sales increased 15%, driven by a 19% increase in average ticket, partially offset by a 4% decline in comparable transactions
    • Americas comparable store sales increased 9%, driven by a 22% increase in average ticket, partially offset by a 10% decline in comparable transactions; U.S. comparable store sales increased 9%, driven by a 21% increase in average ticket, partially offset by a 10% decline in comparable transactions
    • International comparable store sales increased 35%, driven by a 26% increase in comparable transactions and a 7% increase in average ticket; China comparable store sales increased 91%, driven by a 93% increase in transactions, slightly offset by a 1% decline in average ticket; International and China comparable store sales are inclusive of a benefit from value-added tax exemptions in China reinstated as of January 1, 2021, of approximately 4% and 9%, respectively
  • The company opened 5 net new stores in the second quarter of fiscal 2021, yielding 3% year-over-year unit growth, ending the period with 32,943 stores globally, of which 51% and 49% were company-operated and licensed, respectively
    • Net new store openings reflect the impact of approximately 300 U.S. and Canada company-operated store closures in relation to the acceleration of the Americas Trade Area Transformation initiative announced last June, which is part of our ongoing strategy to strengthen and optimize our portfolio
    • Stores in the U.S. and China comprised 62% of the company’s global portfolio at the end of the second quarter of fiscal 2021, with 15,288 and 4,973 stores, respectively
  • Consolidated net revenues of $6.7 billion increased 11% from the prior year, mainly driven by a 15% growth in comparable store sales primarily from lapping the unfavorable impact of business disruption in the prior year due to the COVID-19 pandemic and strength in U.S. company-operated sales in the current year, partially offset by the unfavorable impact of Global Coffee Alliance transition-related activities
  • GAAP operating margin of 14.8% increased from 8.1% in the prior year primarily driven by sales leverage from business recovery and the lapping of COVID-19 related costs in the prior year, partially offset by growth and investments in wages and benefits for store partners
    • Non-GAAP operating margin of 16.1%, up from 9.2% in the prior year
  • GAAP earnings per share of $0.56, up from $0.28 in the prior year
    • Non-GAAP earnings per share of $0.62, up from $0.32 in the prior year
  • Starbucks® Rewards loyalty program 90-day active members in the U.S. increased to 22.9 million, up 18% year-over-year


  • Nick Baskett


    Nick Baskett is the editor in Chief at Bartalks. He holds a diploma from the Financial Times as a Non Executive Director and works as a consultant across multiple industries. Nick has owned multiple businesses, including an award-winning restaurant and coffee shop in North Macedonia.

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