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Starbucks Q1 2011 Earnings Release

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Submitted By maryliz9012
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Starbucks Reports Record First Quarter 2011 Results
Q1 EPS Up 41% to $0.45
Strong Traffic Drives 7% Increase in Global Comparable Store Sales
Record Operating Margins of 21.9% in U.S. and 16.3% in International
Strongest Holiday Season in Company History

SEATTLE; January 26, 2011 – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its fiscal first quarter ended January 2, 2011. The previously-announced restructuring program, which was in effect during the fiscal 2008-2010 period, was completed at the end of fiscal year 2010. As a result, there are no restructuring charges reflected in fiscal Q1 2011.

Fiscal First Quarter 2011 Highlights:
• Total net revenues increased 8% to a record $3.0 billion
• Comparable store sales increased 7%, driven by a 5% increase in traffic and a 2% increase in average ticket o U.S. comparable store sales increased 8%, driven by a 6% increase in traffic and a 2% increase in average ticket o International comparable store sales increased 5%, driven by a 2% increase in both traffic and average ticket
• Consolidated operating margin improved to a record 17.0%; up 400 basis points on a GAAP basis and up 340 basis points over the prior-year period’s non-GAAP results o U.S. operating margin improved to a record 21.9%: up 450 basis points on a GAAP basis and up 410 basis points over the prior-year period’s non-GAAP results o International operating margin improved to a record 16.3%: up 900 basis points on a GAAP basis and up 720 basis points over the prior-year period’s non-GAAP results
• EPS increased 41% to a record $0.45 in Q1 FY11 compared to $0.32 in Q1 FY10
• The Board of Directors declared a $0.13 per share cash dividend to shareholders of record as of February 9, 2011, which will be paid on February 25, 2011.

"Our holiday lineup, bolstered by Christmas Blend and Starbucks Christmas

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