Starbucks : Earning Release

Exhibit 99.1

Starbucks Reports Q3 Fiscal 2023 Results

Q3 Consolidated Net Revenues Up 12% to a Record $9.2 Billion

Q3 Comparable Store Sales Up 10% Globally; Up 7% in North America; Up 24% in International

Q3 GAAP EPS $0.99; Non-GAAP EPS $1.00 Exceeding Expectations Globally

Q3 Active U.S. Starbucks® Rewards Membership Reaches 31.4 Million, Up 15% Over Prior Year

SEATTLE; August 1, 2023 - Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal third quarter ended July 2, 2023. GAAP results in fiscal 2023 and fiscal 2022 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.

Q3 Fiscal 2023 Highlights

• Global comparable store sales increased 10%, primarily driven by a 5% increase in comparable transactions and a 4% increase in average ticket
• • North America and U.S. comparable store sales increased 7%, driven by a 6% increase in average ticket and a 1% increase in comparable transactions
  • International comparable store sales increased 24%, driven by a 21% increase in comparable transactions and a 2% increase in average ticket; China comparable store sales increased 46%, driven by a 48% increase in comparable transactions and a 1% decline in average ticket
• The company opened 588 net new stores in Q3, crossing the 37,000 store count threshold globally, ending the period with 37,222 stores: 51% company-operated and 49% licensed
• • At the end of Q3, stores in the U.S. and China comprised 61% of the company's global portfolio, with 16,144 and 6,480 stores in the U.S. and China, respectively
• Consolidated net revenues of $9.2 billion, up 12% from the prior year, or 14%, inclusive of more than 1% unfavorable impact from foreign currency translation
• GAAP operating margin of 17.3% increased from 15.9% in the prior year, primarily driven by sales leverage, pricing and productivity improvement. This expansion was partially offset by previously committed investments in labor, including enhanced store partner wages and benefits and higher general and administrative costs related to our Reinvention Plan.
• • Non-GAAPoperating margin of 17.4% increased from 16.9% in the prior year
• GAAP earnings per share of $0.99 grew 25% over prior year
• • Non-GAAPearnings per share of $1.00 grew 19% over prior year
• Starbucks Rewards loyalty program 90-day active members in the U.S. increased to 31.4 million, up 15% year- over-year

"Our strong third quarter results point to all-around momentum in the business, and reflect the significant progress we are making against our Reinvention Plan. Our results were also amplified by the distinctive competitive advantages that set us apart in the market," commented Laxman Narasimhan, chief executive officer. "Starbucks is an iconic, durable brand and I am confident in the multiple paths available for the company to drive significant growth and margin improvement, which position us well to create outsized long-term shareholder value," Narasimhan added.

"I am pleased with our third quarter performance, which beat our expectations, including our International segment. Our performance was bolstered by the progress we are making against our strategies, specifically our Reinvention Plan, and its unfolding into tangible financial results, as we delivered earnings growth of 19% well above our revenue growth of 12%," commented Rachel Ruggeri, chief financial officer. "The momentum we have built and strength we are seeing globally, gives us the confidence and optimism to close our fiscal year strong," Ruggeri added.

Q3 North America Segment Results

($ in millions)

Change in Comparable Store Sales (1)

Change in Transactions

Change in Ticket

Store Count

Revenues

Operating Income

Operating Margin

2

Quarter Ended
Jul 2, 2023	Jul 3, 2022	Change (%)
7%	9%
1%	1%
6%	8%
17,592	17,050	3%
$6,737.8	$6,058.4	11%
$1,463.9	$1,330.1	10%
21.7%	22.0%	(30) bps

1. Includes only Starbucks® company-operated stores open 13 months or longer. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Stores that are temporarily closed or operating at reduced hours due to the COVID-19 pandemic remain in comparable store sales while stores identified for permanent closure have been removed.

Net revenues for the North America segment grew 11% over Q3 FY22 to $6.7 billion in Q3 FY23, primarily driven by a 7% increase in company-operated comparable store sales, driven by a 6% increase in average ticket and a 1% increase in comparable transactions, net new company-operated store growth of 4% over the past 12 months, as well as strength in our licensed store sales.

Operating income increased to $1.5 billion in Q3 FY23 compared to $1.3 billion in Q3 FY22. Operating margin of 21.7% contracted from 22.0% in the prior year, primarily driven by previously committed investments in labor, including enhanced store partner wages and benefits as well as increased spend on partner training. This contraction was partially offset by strategic pricing, productivity improvement and sales leverage.

Q3 International Segment Results

($ in millions)

Change in Comparable Store Sales (1)

Change in Transactions

Change in Ticket

Store Count

Revenues

Operating Income

Operating Margin

Quarter Ended
Jul 2, 2023	Jul 3, 2022	Change (%)
24%	(18)%
21%	(15)%
2%	(4)%
19,630	17,898	10%
$1,972.9	$1,584.7	24%
$374.5	$135.3	177%
19.0%	8.5%	1,050 bps

1. Includes only Starbucks® company-operated stores open 13 months or longer. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Stores that are temporarily closed or operating at reduced hours due to the COVID-19 pandemic remain in comparable store sales while stores identified for permanent closure have been removed.

Net revenues for the International segment grew 24% over Q3 FY22 to $2.0 billion in Q3 FY23, primarily driven by a 24% increase in comparable store sales, net new company-operated store growth of 11% over the past 12 months, as well as growth in our licensed store revenue including higher product sales and royalty revenues. These increases were partially offset by approximately 5% unfavorable impact from foreign currency translation.

Operating income increased to $374.5 million in Q3 FY23 compared to $135.3 million in Q3 FY22. Operating margin of 19.0% expanded from 8.5% in the prior year, primarily driven by sales leverage including lapping mobility restrictions in China and prior year amortization expenses. This expansion was offset by digital investments and inflationary pressures.

Q3 Channel Development Segment Results

($ in millions)

Revenues

Operating Income

Operating Margin

3

Quarter Ended
Jul 2, 2023	Jul 3, 2022	Change (%)
$448.8	$479.7	(6)%
$208.0	$191.7	9%
46.3%	40.0%	630 bps

Net revenues for the Channel Development segment decreased 6% over Q3 FY22 to $448.8 million in Q3 FY23, driven by a decline in revenue in the Global Coffee Alliance.

Operating income increased to $208.0 million in Q3 FY23 compared to $191.7 million in Q3 FY22. Operating margin of 46.3% expanded from 40.0% in the prior year, primarily driven by growth in our North American Coffee Partnership joint venture income and mix shift.

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Fiscal 2023 Financial Targets

The company will discuss fiscal year 2023 financial targets during its Q3 FY23 earnings conference call starting today at 2:00 p.m. Pacific Time. These items can be accessed on the company's Investor Relations website during and after the call. The company uses its website as a tool to disclose important information about the company and comply with its disclosure obligations under Regulation Fair Disclosure.

Company Updates

1. In May, the company opened the first store in Paraguay, entering the 24th market in Latin America and the Caribbean and 86th market globally, underscoring the company's commitment to the Latin America & Caribbean region and the opportunity for growth globally.
2. In May, the company celebrated over 10,000 partners (employees) that graduated through the Starbucks College Achievement Plan to date, offering eligible partners 100 percent upfront tuition coverage for a first-time bachelor's degree through Arizona State University's online degree program.
3. In May, the company introduced Starbucks® Green Apron Blend, a new coffee blend created by Starbucks retail partners. As part of an ongoing commitment to partners, Starbucks is designating $5 for each one-pound whole bean bag of Starbucks Green Apron Blend sold from participating stores to the Starbucks Caring Unites Partners Fund, a Starbucks program for eligible partners in times of need.
4. In May, the company opened its first store in Rome, which overlooks Piazza Montecitorio, in partnership with Percassi, our Italian licensee partner.
5. In June, the company announced plans to expand their farm capability beyond coffee to include a new sustainability learning and innovation lab at Hacienda Alsacia in Costa Rica, the global agronomy headquarters for research and development. The lab will serve as a learning hub for Starbucks partners and industry leaders to innovate and scale sustainable solutions to some of the world's most challenging issues, helping to ensure the future of coffee for all.
6. In June, the company launched Frozen Lemonade Starbucks® Refreshers beverages to their permanent menu. The launch included three different beverage flavors, all based on their signature Starbucks Refreshers beverages line- up.
7. In Q3 FY23, the company repurchased 2.0 million shares of common stock valued at $204.0 million, bringing total shares repurchased this fiscal year to $699.3 million; approximately 45.7 million shares remain available for purchase under the current authorization.
8. In July, the company announced Arthur Valdez as executive vice president and global supply and customer solutions officer.
9. The board of directors declared a cash dividend of $0.53 per share, payable on August 25, 2023, to shareholders of record on August 11, 2023. The company had 53 consecutive quarters of dividend payouts with CAGR greater than 20%.

Conference Call

Starbucks will hold a conference call today at 2:00 p.m. Pacific Time, which will be hosted by Laxman Narasimhan, ceo, and Rachel Ruggeri, cfo. The call will be webcast and can be accessed at http://investor.starbucks.com. A replay of the webcast will be available until end of day Friday, September 1, 2023.

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About Starbucks

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-qualityarabica coffee. Today, with more than 37,000 stores worldwide, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in

our stores or online at stories.starbucks.comor www.starbucks.com.

Forward-Looking Statements

Certain statements contained herein and in our investor conference call related to these results are "forward-looking" statements within the meaning of applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "feel," "forecast," "intend," "may," "outlook," "plan," "potential," "predict," "project," "seek," "should," "will," "would," and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. Our forward-looking statements, and the risks and uncertainties related thereto, include, but are not limited to, those described under the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the company's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the SEC, as well as:

• our ability to preserve, grow and leverage our brands;
• the acceptance of the company's products and changes in consumer preferences, consumption, or spending behavior and our ability to anticipate or react to them; shifts in demographic or health and wellness trends; or unfavorable consumer reaction to new products, platforms, reformulations, or other innovations;
• the costs associated with, and the successful execution and effects of, our existing and any future business opportunities, expansions, initiatives, strategies, investments and plans, including our Reinvention Plan;
• the impacts of partner investments and changes in the availability and cost of labor including any union organizing efforts and our responses to such efforts;
• the ability of our business partners, suppliers and third-party providers to fulfill their responsibilities and commitments;
• higher costs, lower quality, or unavailability of coffee, dairy, energy, water, raw materials, or product ingredients;
• the impact of significant increases in logistics costs;
• unfavorable global or regional economic conditions and related economic slowdowns or recessions, low consumer confidence, high unemployment, weak credit or capital markets, budget deficits, burdensome government debt, austerity measures, higher interest rates, higher taxes, political instability, higher inflation, or deflation;
• inherent risks of operating a global business including geopolitical considerations related to our business in China and any potential negative effects stemming from the Russian invasion of Ukraine;
• failure to attract or retain key executive or partner talent or successfully transition executives;
• the potential negative effects of incidents involving food or beverage-borne illnesses, tampering, adulteration, contamination or mislabeling;
• negative publicity related to our company, products, brands, marketing, executive leadership, partners, board of directors, founder, operations, business performance, or prospects;
• potential negative effects of a material breach, failure, or corruption of our information technology systems or those of our direct and indirect business partners, suppliers or third-party providers, or failure to comply with personal data protection laws;
• our environmental, social and governance ("ESG") efforts and any reaction related thereto such as the rise in opposition to ESG and inclusion and diversity efforts;
• risks associated with acquisitions, dispositions, business partnerships, or investments - such as acquisition integration, termination difficulties or costs or impairment in recorded value;
• the impact of foreign currency translation, particularly a stronger U.S. dollar;
• the impact of substantial competition from new entrants, consolidations by competitors, and other competitive activities, such as pricing actions (including price reductions, promotions, discounting, couponing, or free goods), marketing, category expansion, product introductions, or entry or expansion in our geographic markets;
• the impact of changes in U.S. tax law and related guidance and regulations that may be implemented, including on tax rates and the Inflation Reduction Act of 2022;