星巴克(SBUX) 2024 年第一季度财报电话会议记录

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$Starbucks Corporation(SBUX)$


Starbucks Corporation (NASDAQ:SBUX) Q1 2024 Earnings Call Transcript January 30, 2024 5:00 PM ET

Company Participants

Tiffany Willis - VP of IR

Laxman Narasimhan - CEO

Rachel Ruggeri - EVP & CFO

Brady Brewer - EVP & CMO

Belinda Wong - Chairwoman & Co-CEO, Starbucks China

Conference Call Participants

Jeffrey Bernstein - Barclays

Brian Harbour - Morgan Stanley

Peter Saleh - BTIG

Lauren Silberman - Deutsche Bank

Brian Bittner - Oppenheimer and Company

David Palmer - Evercore ISI

Sara Senatore - Bank of America

Andrew Charles - TD Cowen

Sharon Zackfia - William Blair

Andrew Strelzik - BMO Capital Markets

John Ivankoe - JPMorgan


Good afternoon. My name is Diego and I will be your conference operator today. I would like to welcome everyone to Starbucks’ First Quarter Fiscal Year 2024 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] I would now turn the call over to Tiffany Willis, Vice President of Investor Relations. Ms. Willis, you may now begin your conference.

Tiffany Willis

Thank you, Diego, and good afternoon, everyone, and thank you for joining us today to discuss Starbucks' first quarter fiscal year 2024 results. Today's discussion will be led by Laxman Narasimhan, Chief Executive Officer, and Rachel Ruggeri, Executive Vice President and Chief Financial Officer. And for Q&A, we will be joined by Belinda Wong, Chairwoman and Co-Chief Executive Officer of Starbucks China, and Brady Brewer, Executive Vice President and Chief Marketing Officer.

This call will include forward-looking statements, which are subject to various risks and uncertainties that can cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factors discussed in our filings with the SEC, including our latest annual report on Form 10-K and quarterly report on Form 10-Q. Starbucks assumes no obligation to update any of these forward-looking statements or information.

GAAP results in the first quarter fiscal year 2024 and the comparative period include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs, and other items. These items are excluded from our non-GAAP results. All numbers referenced on today's call are on a non-GAAP basis unless otherwise noted or there is no non-GAAP adjustment related to the metric. As part of our non-GAAP results, revenue, operating margin, and EPS growth metrics on today's call are measured in constant currency. Current period results, however, are converted into United States dollars using the average monthly exchange rates from the comparative period rather than the actual exchange rates for the current period, excluding any related hedging activities. For non-GAAP financial measures mentioned in today's call, please refer to the earnings release and our website at investor.starbucks.com to find reconciliations of those non-GAAP measures to their corresponding GAAP measures. This conference call is being webcast and an archive of the webcast will be available on our website through Friday, March 15, 2024. Also, for your calendar planning purposes, please note that our Second Quarter Fiscal Year 2024 Earnings Conference Call has been tentatively scheduled for Tuesday, April 30, 2024.

And with that, I'll now turn the call over to Laxman.

Laxman Narasimhan

Thank you, Tiffany, and thank you all for joining us this afternoon. I will start by sharing an overview of our business performance in our first quarter of fiscal 2024. I will then turn it over to Rachel Ruggeri to walk through the detailed segment results.

We saw strong momentum and a highly successful holiday in the quarter with record revenue and expanded margins. We saw strong growth in our loyalty programs, sequentially increased in frequency and record spend among our loyal customers. Positive traction from new product innovations, exciting momentum in China with our focus on premium, and progress on the execution Triple Shot strategy. We also saw some unexpected headwinds which impacted the rate of growth. We feel very confident about our robust plans to address these challenges. While we are already seeing traction, there was an impact in the quarter, and it will take some time to normalize. Let me walk you through the details.

Our performance in the quarter was fundamentally strong. Our Q1 total company revenue was a record $9.4 billion, up 8% year-over-year. Our global comparable store sales grew 5% year-over-year, supported by a 5% comp growth in North America, driven by 4% ticket growth, and 10% comp growth in China. Our global operating margins expanded by 130 basis points to 15.8% and our overall earnings per share grew 20% to $0.90. This speaks to the continued successful execution of our reinvention plan and the durable business we are building. We are fortunate to have built one of the strongest brands in the world and we continue to benefit from customer loyalty. Throughout the quarter, we saw our most loyal customers around the world coming into our stores more often. Specifically in the US, we set new records with our 90-day active reward members growing 13% year-over-year to a record 34.3 million, with tender reaching an all-time high of 59%, demonstrating increased engagement. Importantly, the frequency of our most loyal customers increased sequentially and spend per member reached a record in Q1, fueled by our holiday promotion which significantly exceeded our expectations. Our cold and gingerbread platforms drove a record high ticket in the US in the quarter. We also had the highest sales of Starbucks gift cards in our history, making us number two in gift cards sold.

In total, we have an incredible $3.6 billion preloaded onto our cards in the US in the quarter. In short, our growing Starbucks Rewards members are visiting our stores more frequently and increasing their spend each time that they come. We also saw great momentum in China. We aim to be the best in the premium market in China. Our brand equity across Starbucks and Starbucks Reserve is second to none. Based on our latest brand tracker, Starbucks continues to be the first choice in away from home coffee, including among the Gen Z consumers. We continue to lead in brand affinity and have the highest awareness, brand familiarity, and purchase-intent scores. We have the most outstanding partners in our stores, with very strong customer connection, and the highest retention rates in our industry. We offer distinctive global and locally relevant product innovation anchored on superior coffee with food attachments and a morning daypart that now has surpassed pre-COVID levels.

Starbucks Corporation (NASDAQ:SBUX) Q1 2024 Earnings Call Transcript January 30, 2024 5:00 PM ET

Company Participants

Tiffany Willis - 投资关系副总裁

Laxman Narasimhan - CEO

Rachel Ruggeri - EVP& CFO 拉切尔·鲁格里 - 执行副总裁和首席财务官

Brady Brewer - 执行副总裁兼首席营销官


Conference Call Participants

杰弗里伯恩斯坦 - 巴克莱


彼得·萨莱 - BTIG

Lauren Silberman - Deutsche Bank (劳伦·席尔伯曼 - 德意志银行)

Brian Bittner - Oppenheimer and Company 布赖恩·比特纳-奥本海默公司

戴维·帕尔默 - Evercore ISI

Sara Senatore - 美国银行

安德鲁·查尔斯 - TD科温

Sharon Zackfia - William Blair 是一位分析师。

Andrew Strelzik - 野村资本市场

John Ivankoe - 摩根大通


下午好。我叫Diego,今天我将是您的会议操作员。我想欢迎大家参加星巴克2024财年第一季度电话会议。为了防止背景噪音,所有线路均已静音。在发言人讲话后,将进行问答环节。[操作员指示]现在我将把电话转给投资者关系副总裁Tiffany Willis女士。Willis女士,您可以开始您的电话会议了。

Tiffany Willis

谢谢你们加入今天的讨论,一起来探讨2024财年第一季度星巴克的业绩。今天的讨论将由首席执行官Laxman Narasimhan和首席财务官Rachel Ruggeri主持。在问答环节,我们还将邀请中国区董事长兼联席首席执行官王靖宁和首席营销官Brady Brewer加入我们。

本次通话将包含前瞻性的声明,这些声明可能会受到各种风险和不确定因素的影响,这些因素可能导致我们的实际结果与这些声明有实质性不同。有关这些声明,应结合我们的收益发布中的警告性声明以及在与美国证券交易委员会(SEC)提交的文件中讨论的风险因素进行考虑,包括我们最新的年度报告(Form 10-K)和季度报告(Form 10-Q)。星巴克不承担更新这些前瞻性声明或信息的义务。


随着这一点,我现在将电话转给 Laxman。

Laxman Narasimhan

谢谢你,蒂凡尼,也感谢大家在今天下午加入我们。我将首先概述我们在2024财年第一季度的业绩表现。然后我将把话筒交给Rachel Ruggeri,她将详细介绍各业务板块的结果。



总的来说, 在本季度内我们在美国的卡上预加载了不可思议的 36 亿美元。简而言之, 我们不断增长的星巴克奖励会员频繁光顾我们的门店, 每次来消费的金额也在增加。在中国市场我们也取得了巨大的进展。我们的目标是在中国高端市场成为最佳品牌。无论是星巴克还是星巴克精品, 我们的品牌价值都是首屈一指的。根据我们最新的品牌追踪, 星巴克继续是消费者在外购买咖啡的首选,这包括在 Z 世代消费者中。我们在品牌亲和力方面继续领先, 并且在行业中具有最高的知名度、品牌熟悉度和购买意向评分。我们的门店拥有最出色的合作伙伴, 他们与顾客的连接非常紧密, 是我们行业中留住顾客的率最高的门店。我们提供独特的全球和当地相关的产品创新, 以卓越的咖啡为核心, 配以美食, 现在晨餐时间的销售已经超过了疫情前的水平。