EX-99.2 3 sbux-9292019xexhibit992.htm EXHIBIT 99.2 Exhibit
Exhibit 99.2
Q4 2019 RE-SEGMENTATION AND STATEMENTS OF EARNINGS RECLASSIFICATIONS


In the fourth quarter of fiscal 2019, we realigned Starbucks operating segment reporting structure to better reflect the cumulative effect of our streamlining efforts. Specifically, our previous China/Asia Pacific ("CAP") segment and Europe, Middle East, and Africa ("EMEA") segment have been combined into one International segment. We will continue to provide supplemental information on our two lead growth markets, the U.S. and China, in our quarterly earnings news releases in accordance with our "Growth at Scale" agenda.
Concurrently, results of Siren Retail, a non-reportable operating segment consisting of Starbucks ReserveTM Roastery & Tasting Rooms, Starbucks Reserve brand and Princi operations, which was previously included within Corporate and Other, is now reported within the Americas and International segments based on the geographical location of the operations.
Further, to better support the review of our results, we have changed the classification of certain costs. The most significant change is the reclassification of company-operated store occupancy costs from cost of sales to store operating expenses. We have also made certain other immaterial changes. These reclassifications have been retrospectively applied.
There was no impact to consolidated net revenues, consolidated operating income, or net earnings per share as a result of these changes.
Concurrent with the change in reportable segments and reclassification of certain operating expenses noted above, we have revised our prior period financial information to be consistent with the current period presentation.
The tables below present our consolidated and reportable segment results, as recast, net of intersegment eliminations (unaudited, in millions):
 
Quarter Ended
 
Fiscal Year Ended
Consolidated (GAAP)
Dec 31,
2017
 
Apr 1,
2018
 
Jul 1,
2018
 
Sep 30,
2018
 
Sep 30,
2018
Net revenues:
 
 
 
 
 
 
 
 
 
Company-operated stores
$
4,741.8

 
$
4,828.0

 
$
5,060.4

 
$
5,060.1

 
$
19,690.3

Licensed stores
682.4

 
625.6

 
660.6

 
683.6

 
2,652.2

Other
649.5

 
578.2

 
589.3

 
559.9

 
2,377.0

Total net revenues
6,073.7

 
6,031.8

 
6,310.3

 
6,303.6

 
24,719.5

Cost of sales
1,988.7

 
1,947.8

 
1,975.4

 
2,018.7

 
7,930.7

Store operating expenses
2,255.8

 
2,365.8

 
2,412.5

 
2,438.1

 
9,472.2

Other operating expenses
132.9

 
124.9

 
135.9

 
161.2

 
554.9

Depreciation and amortization expenses
258.8

 
331.6

 
330.0

 
326.6

 
1,247.0

General and administrative expenses
383.2

 
407.2

 
472.8

 
444.9

 
1,708.2

Restructuring and impairments
27.6

 
134.7

 
16.9

 
45.2

 
224.4

Total operating expenses
5,047.0

 
5,312.0

 
5,343.5

 
5,434.7

 
21,137.4

Income from equity investees
89.4

 
52.7

 
71.4

 
87.7

 
301.2

Operating income
$
1,116.1

 
$
772.5

 
$
1,038.2

 
$
956.6

 
$
3,883.3

Operating margin
18.4
%
 
12.8
%
 
16.5
%
 
15.2
%
 
15.7
%




Q4 2019 RE-SEGMENTATION AND STATEMENTS OF EARNINGS RECLASSIFICATIONS




 
Quarter Ended
 
Fiscal Year Ended
Consolidated (Non-GAAP)
Dec 31,
2017
 
Apr 1,
2018
 
Jul 1,
2018
 
Sep 30,
2018
 
Sep 30,
2018
Net revenues:
 
 
 
 
 
 
 
 
 
Company-operated stores
$
4,741.8

 
$
4,828.0

 
$
5,060.4

 
$
5,060.1

 
$
19,690.3

Licensed stores
682.4

 
625.6

 
660.6

 
683.6

 
2,652.2

Other
649.5

 
578.2

 
589.3

 
559.9

 
2,377.0

Total net revenues
6,073.7

 
6,031.8

 
6,310.3

 
6,303.6

 
24,719.5

Cost of sales
1,984.3

 
1,950.1

 
1,975.9

 
2,018.7

 
7,929.1

Store operating expenses
2,254.3

 
2,363.8

 
2,411.1

 
2,431.6

 
9,460.9

Other operating expenses
132.9

 
122.1

 
130.6

 
121.6

 
507.2

Depreciation and amortization expenses
246.9

 
276.1

 
274.6

 
274.3

 
1,071.9

General and administrative expenses
377.2

 
395.3

 
419.6

 
402.0

 
1,594.2

Restructuring and impairments

 

 

 

 

Total operating expenses
4,995.6

 
5,107.4

 
5,211.8

 
5,248.2

 
20,563.3

Income from equity investees
89.4

 
52.7

 
71.4

 
87.7

 
301.2

Operating income
$
1,167.5

 
$
977.1

 
$
1,169.9

 
$
1,143.1

 
$
4,457.4

Operating margin
19.2
%
 
16.2
%
 
18.5
%
 
18.1
%
 
18.0
%





Q4 2019 RE-SEGMENTATION AND STATEMENTS OF EARNINGS RECLASSIFICATIONS




 
Quarter Ended
 
Fiscal Year Ended
Americas (GAAP)
Dec 31,
2017
 
Apr 1,
2018
 
Jul 1,
2018
 
Sep 30,
2018
 
Sep 30,
2018
Net revenues:
 
 
 
 
 
 
 
 
 
Company-operated stores
$
3,790.0

 
$
3,568.1

 
$
3,773.0

 
$
3,790.3

 
$
14,921.5

Licensed stores
466.7

 
429.3

 
452.0

 
466.1

 
1,814.0

Other
3.9

 
2.2

 
3.5

 
3.5

 
13.1

Total net revenues
$
4,260.6

 
$
3,999.6

 
$
4,228.5

 
$
4,259.9

 
$
16,748.6

Cost of sales
1,250.5

 
1,181.0

 
1,211.8

 
1,240.8

 
4,884.1

Store operating expenses
1,796.3

 
1,777.9

 
1,827.2

 
1,847.2

 
7,248.6

Other operating expenses
38.9

 
34.3

 
37.0

 
41.0

 
151.2

Depreciation and amortization expenses
158.3

 
160.8

 
160.2

 
161.7

 
641.0

General and administrative expenses
64.5

 
74.2

 
100.4

 
66.0

 
305.1

Restructuring and impairments
1.6

 
0.9

 
18.4

 
12.4

 
33.4

Total operating expenses
3,310.1

 
3,229.1

 
3,355.0

 
3,369.1

 
13,263.4

Operating income
$
950.5

 
$
770.5

 
$
873.5

 
$
890.8

 
$
3,485.2

Operating margin
22.3
%
 
19.3
%
 
20.7
%
 
20.9
%
 
20.8
%
 
Quarter Ended
 
Fiscal Year Ended
Americas (Non-GAAP)
Dec 31,
2017
 
Apr 1,
2018
 
Jul 1,
2018
 
Sep 30,
2018
 
Sep 30,
2018
Net revenues:
 
 
 
 
 
 
 
 
 
Company-operated stores
$
3,790.0

 
$
3,568.1

 
$
3,773.0

 
$
3,790.3

 
$
14,921.5

Licensed stores
466.7

 
429.3

 
452.0

 
466.1

 
1,814.0

Other
3.9

 
2.2

 
3.5

 
3.5

 
13.1

Total net revenues
4,260.6

 
3,999.6

 
4,228.5

 
4,259.9

 
16,748.6

Cost of sales
1,250.5

 
1,181.0

 
1,211.8

 
1,240.8

 
4,884.1

Store operating expenses
1,796.3

 
1,777.4

 
1,827.2

 
1,847.5

 
7,248.3

Other operating expenses
38.9

 
34.3

 
37.2

 
41.0

 
151.4

Depreciation and amortization expenses
158.3

 
160.8

 
160.2

 
161.7

 
641.0

General and administrative expenses
64.5

 
73.1

 
100.4

 
67.1

 
305.1

Restructuring and impairments

 

 

 

 

Total operating expenses
3,308.5

 
3,226.6

 
3,336.8

 
3,358.1

 
13,229.9

Operating income
$
952.1

 
$
773.0

 
$
891.7

 
$
901.8

 
$
3,518.7

Operating margin
22.3
%
 
19.3
%
 
21.1
%
 
21.2
%
 
21.0
%




Q4 2019 RE-SEGMENTATION AND STATEMENTS OF EARNINGS RECLASSIFICATIONS




 
Quarter Ended
 
Fiscal Year Ended
International (GAAP)
Dec 31,
2017
 
Apr 1,
2018
 
Jul 1,
2018
 
Sep 30,
2018
 
Sep 30,
2018
Net revenues:
 
 
 
 
 
 
 
 
 
Company-operated stores
$
898.5

 
$
1,246.5

 
$
1,287.4

 
$
1,269.8

 
$
4,702.1

Licensed stores
214.6

 
196.3

 
208.6

 
217.5

 
837.0

Other
3.1

 
3.8

 
2.8

 
2.5

 
12.1

Total net revenues
1,116.2

 
1,446.6

 
1,498.8

 
1,489.8

 
5,551.2

Cost of sales
371.4

 
449.3

 
440.9

 
447.8

 
1,709.4

Store operating expenses
427.7

 
579.1

 
584.9

 
590.6

 
2,182.3

Other operating expenses
26.5

 
26.2

 
21.9

 
24.4

 
98.9

Depreciation and amortization expenses
61.3

 
130.9

 
129.8

 
125.6

 
447.6

General and administrative expenses
60.4

 
67.5

 
95.7

 
78.9

 
302.5

Restructuring and impairments

 
28.5

 

 
26.6

 
55.1

Total operating expenses
947.3

 
1,281.5

 
1,273.2

 
1,293.9

 
4,795.8

Income from equity investees
50.7

 
16.7

 
23.5

 
26.5

 
117.4

Operating income
$
219.6

 
$
181.8

 
$
249.1

 
$
222.4

 
$
872.8

Operating margin
19.7
%
 
12.6
%
 
16.6
%
 
14.9
%
 
15.7
%
 
Quarter Ended
 
Fiscal Year Ended
International (Non-GAAP)
Dec 31,
2017
 
Apr 1,
2018
 
Jul 1,
2018
 
Sep 30,
2018
 
Sep 30,
2018
Net revenues:
 
 
 
 
 
 
 
 
 
Company-operated stores
$
898.5

 
$
1,246.5

 
$
1,287.4

 
$
1,269.8

 
$
4,702.1

Licensed stores
214.6

 
196.3

 
208.6

 
217.5

 
837.0

Other
3.1

 
3.8

 
2.8

 
2.5

 
12.1

Total net revenues
1,116.2

 
1,446.6

 
1,498.8

 
1,489.8

 
5,551.2

Cost of sales
371.4

 
449.3

 
440.9

 
447.8

 
1,709.4

Store operating expenses
426.2

 
577.6

 
583.5

 
583.8

 
2,171.2

Other operating expenses
26.5

 
23.4

 
22.1

 
24.4

 
96.3

Depreciation and amortization expenses
49.4

 
75.4

 
74.4

 
73.3

 
272.5

General and administrative expenses
58.9

 
60.6

 
73.0

 
73.8

 
266.3

Restructuring and impairments

 

 

 

 

Total operating expenses
932.4

 
1,186.3

 
1,193.9

 
1,203.1

 
4,515.7

Income from equity investees
50.7

 
16.7

 
23.5

 
26.5

 
117.4

Operating income
$
234.5

 
$
277.0

 
$
328.4

 
$
313.2

 
$
1,152.9

Operating margin
21.0
%
 
19.1
%
 
21.9
%
 
21.0
%
 
20.8
%








Q4 2019 RE-SEGMENTATION AND STATEMENTS OF EARNINGS RECLASSIFICATIONS




 
Quarter Ended
 
Fiscal Year Ended
Channel Development (GAAP)
Dec 31,
2017
 
Apr 1,
2018
 
Jul 1,
2018
 
Sep 30,
2018
 
Sep 30,
2018
Total net revenues
$
628.0

 
$
562.6

 
$
567.4

 
$
539.3

 
$
2,297.3

Cost of sales
330.7

 
302.8

 
304.6

 
314.3

 
1,252.3

Other operating expenses
62.4

 
58.1

 
74.0

 
92.0

 
286.5

Depreciation and amortization expenses
0.6

 
0.3

 
0.2

 
0.1

 
1.3

General and administrative expenses
3.4

 
3.4

 
3.7

 
3.3

 
13.9

Total operating expenses
397.1

 
364.6

 
382.5

 
409.7

 
1,554.0

Income from equity investees
38.7

 
36.0

 
47.9

 
61.2

 
183.8

Operating income
$
269.6

 
$
234.0

 
$
232.8

 
$
190.8

 
$
927.1

Operating margin
42.9
%
 
41.6
%
 
41.0
%
 
35.4
%
 
40.4
%
 
Quarter Ended
 
Fiscal Year Ended
Channel Development (Non-GAAP)
Dec 31,
2017
 
Apr 1,
2018
 
Jul 1,
2018
 
Sep 30,
2018
 
Sep 30,
2018
Total net revenues
$
628.0

 
$
562.6

 
$
567.4

 
$
539.3

 
$
2,297.3

Cost of sales
330.7

 
302.8

 
304.6

 
314.3

 
1,252.3

Other operating expenses
62.4

 
58.1

 
68.4

 
52.4

 
241.3

Depreciation and amortization expenses
0.6

 
0.3

 
0.2

 
0.1

 
1.3

General and administrative expenses
3.4

 
3.4

 
4.7

 
3.3

 
14.9

Restructuring and impairments

 

 

 

 

Total operating expenses
397.1

 
364.6

 
377.9

 
370.1

 
1,509.8

Income from equity investees
38.7

 
36.0

 
47.9

 
61.2

 
183.8

Operating income
$
269.6

 
$
234.0

 
$
237.4

 
$
230.4

 
$
971.3

Operating margin
42.9
%
 
41.6
%
 
41.8
%
 
42.7
%
 
42.3
%





Q4 2019 RE-SEGMENTATION AND STATEMENTS OF EARNINGS RECLASSIFICATIONS




 
Quarter Ended
 
Fiscal Year Ended
Corporate and Other (GAAP)
Dec 31,
2017
 
Apr 1,
2018
 
Jul 1,
2018
 
Sep 30,
2018
 
Sep 30,
2018
Net revenues:
 
 
 
 
 
 
 
 
 
Company-operated stores
$
53.3

 
$
13.4

 
$

 
$

 
$
66.7

Licensed stores
1.1

 

 

 

 
1.2

Other
14.5

 
9.6

 
15.6

 
14.6

 
54.5

Total net revenues
68.9

 
23.0

 
15.6

 
14.6

 
122.4

Cost of sales
36.1

 
14.7

 
18.1

 
15.8

 
84.9

Store operating expenses
31.8

 
8.8

 
0.4

 
0.3

 
41.3

Other operating expenses
5.1

 
6.3

 
3.0

 
3.8

 
18.3

Depreciation and amortization expenses
38.6

 
39.6

 
39.8

 
39.2

 
157.1

General and administrative expenses
254.9

 
262.1

 
273.0

 
296.7

 
1,086.7

Restructuring and impairments
26.0

 
105.3

 
(1.5
)
 
6.2

 
135.9

Total operating expenses
392.5

 
436.8

 
332.8

 
362.0

 
1,524.2

Operating loss
$
(323.6
)
 
$
(413.8
)
 
$
(317.2
)
 
$
(347.4
)
 
$
(1,401.8
)
 
Quarter Ended
 
Fiscal Year Ended
Corporate and Other (Non-GAAP)
Dec 31,
2017
 
Apr 1,
2018
 
Jul 1,
2018
 
Sep 30,
2018
 
Sep 30,
2018
Net revenues:
 
 
 
 
 
 
 
 
 
Company-operated stores
$
53.3

 
$
13.4

 
$

 
$

 
$
66.7

Licensed stores
1.1

 

 

 

 
1.2

Other
14.5

 
9.6

 
15.6

 
14.6

 
54.5

Total net revenues
68.9

 
23.0

 
15.6

 
14.6

 
122.4

Cost of sales
31.7

 
17.0

 
18.6

 
15.8

 
83.3

Store operating expenses
31.8

 
8.8

 
0.4

 
0.3

 
41.4

Other operating expenses
5.1

 
6.3

 
2.9

 
3.8

 
18.2

Depreciation and amortization expenses
38.6

 
39.6

 
39.8

 
39.2

 
157.1

General and administrative expenses
250.4

 
258.2

 
241.5

 
257.8

 
1,007.9

Restructuring and impairments

 

 

 

 

Total operating expenses
357.6

 
329.9

 
303.2

 
316.9

 
1,307.9

Operating loss
$
(288.7
)
 
$
(306.9
)
 
$
(287.6
)
 
$
(302.3
)
 
$
(1,185.5
)





Q4 2019 RE-SEGMENTATION AND STATEMENTS OF EARNINGS RECLASSIFICATIONS




 
Quarter Ended
Consolidated (GAAP)
Dec 30,
2018
 
Mar 31,
2019
 
Jun 30,
2019
Net revenues:
 
 
 
 
 
Company-operated stores
$
5,370.3

 
$
5,159.0

 
$
5,535.0

Licensed stores
737.1

 
678.2

 
725.0

Other
525.3

 
468.7

 
563.0

Total net revenues
6,632.7

 
6,305.9

 
6,823.0

Cost of sales
2,175.8

 
2,012.0

 
2,199.6

Store operating expenses
2,586.8

 
2,554.1

 
2,643.2

Other operating expenses
97.6

 
87.1

 
94.4

Depreciation and amortization expenses
333.4

 
356.2

 
343.1

General and administrative expenses
448.0

 
458.1

 
459.7

Restructuring and impairments
43.2

 
43.0

 
37.7

Total operating expenses
5,684.8

 
5,510.5

 
5,777.7

Income from equity investees
67.8

 
62.3

 
76.0

Operating income
$
1,015.7

 
$
857.7

 
$
1,121.3

Operating margin
15.3
%
 
13.6
%
 
16.4
%
 
Quarter Ended
Consolidated (Non-GAAP)
Dec 30,
2018
 
Mar 31,
2019
 
Jun 30,
2019
Net revenues:
 
 
 
 
 
Company-operated stores
$
5,370.3

 
$
5,159.0

 
$
5,535.0

Licensed stores
737.1

 
678.2

 
725.0

Other
525.3

 
468.7

 
563.0

Total net revenues
6,632.7

 
6,305.9

 
6,823.0

Cost of sales
2,176.0

 
2,012.0

 
2,199.6

Store operating expenses
2,582.1

 
2,550.3

 
2,638.3

Other operating expenses
92.6

 
82.8

 
90.6

Depreciation and amortization expenses
281.0

 
302.2

 
289.5

General and administrative expenses
415.1

 
421.8

 
434.4

Restructuring and impairments

 

 

Total operating expenses
5,546.8

 
5,369.1

 
5,652.4

Income from equity investees
67.8

 
62.3

 
76.0

Operating income
$
1,153.7

 
$
999.1

 
$
1,246.6

Operating margin
17.4
%
 
15.8
%
 
18.3
%




Q4 2019 RE-SEGMENTATION AND STATEMENTS OF EARNINGS RECLASSIFICATIONS




 
Quarter Ended
Americas (GAAP)
Dec 30,
2018
 
Mar 31,
2019
 
Jun 30,
2019
Net revenues:
 
 
 
 
 
Company-operated stores
$
4,092.2

 
$
3,849.6

 
$
4,182.2

Licensed stores
514.6

 
463.1

 
496.3

Other
5.7

 
1.4

 
2.6

Total net revenues
4,612.5

 
4,314.1

 
4,681.1

Cost of sales
1,351.3

 
1,220.5

 
1,324.0

Store operating expenses
1,983.1

 
1,935.7

 
2,034.0

Other operating expenses
44.5

 
39.4

 
41.7

Depreciation and amortization expenses
166.9

 
173.0

 
175.6

General and administrative expenses
75.1

 
70.9

 
72.0

Restructuring and impairments
22.9

 
18.2

 
15.1

Total operating expenses
3,643.8

 
3,457.7

 
3,662.4

Operating income
$
968.7

 
$
856.4

 
$
1,018.7

Operating margin
21.0
%
 
19.9
%
 
21.8
%
 
Quarter Ended
Americas (Non-GAAP)
Dec 30,
2018
 
Mar 31,
2019
 
Jun 30,
2019
Net revenues:
 
 
 
 
 
Company-operated stores
$
4,092.2

 
$
3,849.6

 
$
4,182.2

Licensed stores
514.6

 
463.1

 
496.3

Other
5.7

 
1.4

 
2.6

Total net revenues
4,612.5

 
4,314.1

 
4,681.1

Cost of sales
1,351.3

 
1,220.5

 
1,324.0

Store operating expenses
1,983.2

 
1,935.7

 
2,034.0

Other operating expenses
44.7

 
39.2

 
41.7

Depreciation and amortization expenses
166.9

 
173.0

 
175.6

General and administrative expenses
75.7

 
70.9

 
72.4

Restructuring and impairments

 

 

Total operating expenses
3,621.8

 
3,439.3

 
3,647.7

Operating income
$
990.7

 
$
874.8

 
$
1,033.4

Operating margin
21.5
%
 
20.3
%
 
22.1
%




Q4 2019 RE-SEGMENTATION AND STATEMENTS OF EARNINGS RECLASSIFICATIONS




 
Quarter Ended
International (GAAP)
Dec 30,
2018
 
Mar 31,
2019
 
Jun 30,
2019
Net revenues:
 
 
 
 
 
Company-operated stores
$
1,278.1

 
$
1,309.4

 
$
1,352.8

Licensed stores
222.5

 
215.1

 
228.7

Other
3.4

 
4.9

 
3.8

Total net revenues
1,504.0

 
1,529.4

 
1,585.3

Cost of sales
462.7

 
470.2

 
476.1

Store operating expenses
603.7

 
618.4

 
609.2

Other operating expenses
31.3

 
26.3

 
26.7

Depreciation and amortization expenses
127.0

 
130.4

 
127.7

General and administrative expenses
69.3

 
80.2

 
86.0

Restructuring and impairments
6.4

 
24.2

 
16.6

Total operating expenses
1,300.4

 
1,349.7

 
1,342.3

Income from equity investees
26.4

 
22.1

 
27.2

Operating income
$
230.0

 
$
201.8

 
$
270.2

Operating margin
15.3
%
 
13.2
%
 
17.0
%
 
Quarter Ended
International (Non-GAAP)
Dec 30,
2018
 
Mar 31,
2019
 
Jun 30,
2019
Net revenues:
 
 
 
 
 
Company-operated stores
$
1,278.1

 
$
1,309.4

 
$
1,352.8

Licensed stores
222.5

 
215.1

 
228.7

Other
3.4

 
4.9

 
3.8

Total net revenues
1,504.0

 
1,529.4

 
1,585.3

Cost of sales
462.7

 
470.2

 
476.1

Store operating expenses
598.9

 
614.6

 
604.3

Other operating expenses
31.4

 
26.2

 
24.4

Depreciation and amortization expenses
74.6

 
76.4

 
74.1

General and administrative expenses
66.3

 
69.1

 
74.2

Restructuring and impairments

 

 

Total operating expenses
1,233.9

 
1,256.5

 
1,253.1

Income from equity investees
26.4

 
22.1

 
27.2

Operating income
$
296.5

 
$
295.0

 
$
359.4

Operating margin
19.7
%
 
19.3
%
 
22.7
%




Q4 2019 RE-SEGMENTATION AND STATEMENTS OF EARNINGS RECLASSIFICATIONS




 
Quarter Ended
Channel Development (GAAP)
Dec 30,
2018
 
Mar 31,
2019
 
Jun 30,
2019
Total net revenues
$
504.6

 
$
446.6

 
$
533.3

Cost of sales
348.4

 
305.4

 
377.1

Other operating expenses
18.6

 
17.1

 
20.2

Depreciation and amortization expenses

 
12.3

 
0.2

General and administrative expenses
3.2

 
3.1

 
2.7

Total operating expenses
370.2

 
337.9

 
400.2

Income from equity investees
41.4

 
40.2

 
48.8

Operating income
$
175.8

 
$
148.9

 
$
181.9

Operating margin
34.8
%
 
33.3
%
 
34.1
%
 
Quarter Ended
Channel Development (Non-GAAP)
Dec 30,
2018
 
Mar 31,
2019
 
Jun 30,
2019
Total net revenues
$
504.6

 
$
446.6

 
$
533.3

Cost of sales
348.4

 
305.4

 
377.1

Other operating expenses
13.3

 
13.1

 
18.7

Depreciation and amortization expenses

 
12.3

 
0.2

General and administrative expenses
3.2

 
3.1

 
2.7

Total operating expenses
364.9

 
333.9

 
398.7

Income from equity investees
41.4

 
40.2

 
48.8

Operating income
$
181.1

 
$
152.9

 
$
183.4

Operating margin
35.9
%
 
34.2
%
 
34.4
%




Q4 2019 RE-SEGMENTATION AND STATEMENTS OF EARNINGS RECLASSIFICATIONS




 
Quarter Ended
Corporate and Other (GAAP)
Dec 30,
2018
 
Mar 31,
2019
 
Jun 30,
2019
Total net revenues
$
11.6

 
$
15.8

 
$
23.3

Cost of sales
13.4

 
15.9

 
22.4

Store operating expenses

 

 

Other operating expenses
3.2

 
4.3

 
5.8

Depreciation and amortization expenses
39.5

 
40.5

 
39.6

General and administrative expenses
300.4

 
303.9

 
299.0

Restructuring and impairments
13.9

 
0.6

 
6.0

Total operating expenses
370.4

 
365.2

 
372.8

Operating loss
$
(358.8
)
 
$
(349.4
)
 
$
(349.5
)
 
Quarter Ended
Corporate and Other (Non-GAAP)
Dec 30,
2018
 
Mar 31,
2019
 
Jun 30,
2019
Total net revenues
$
11.6

 
$
15.8

 
$
23.3

Cost of sales
13.6

 
15.9

 
22.4

Store operating expenses

 

 

Other operating expenses
3.2

 
4.3

 
5.8

Depreciation and amortization expenses
39.5

 
40.5

 
39.6

General and administrative expenses
269.9

 
278.7

 
285.1

Restructuring and impairments

 

 

Total operating expenses
326.2

 
339.4

 
352.9

Operating loss
$
(314.6
)
 
$
(323.6
)
 
$
(329.6
)





Q4 2019 RE-SEGMENTATION AND STATEMENTS OF EARNINGS RECLASSIFICATIONS




Certain metrics have been updated to reflect our new segment reporting structure, including the International segment's comparable store sales. Comparable store sales include Starbucks® company-operated stores open 13 months or longer. Comparable store sales do not reflect the effect of fluctuations in foreign currency exchange rates and results from global Siren Retail operations.
 
Quarter Ended
 
Fiscal Year Ended
International
Dec 31,
2017
 
Apr 1,
2018
 
Jul 1,
2018
 
Sep 30,
2018
 
Sep 30,
2018
Comparable Store Sales Growth
%
 
2
 %
 
(1
)%
 
1
 %
 
1
 %
Change in Transactions
%
 
(1
)%
 
(3
)%
 
(1
)%
 
(1
)%
Change in Ticket
1
%
 
3
 %
 
2
 %
 
2
 %
 
2
 %
 
Quarter Ended
International
Dec 30,
2018
 
Mar 31,
2019
 
Jun 30,
2019
Comparable Store Sales Growth
2
%
 
2
%
 
5
%
Change in Transactions
1
%
 
%
 
1
%
Change in Ticket
1
%
 
2
%
 
3
%





Q4 2019 RE-SEGMENTATION AND STATEMENTS OF EARNINGS RECLASSIFICATIONS




Under our new segment reporting structure, U.S. and China revenue and store count now include the results of Siren Retail operations. The new structure did not result in any change to previously reported comparable store sales growth, which continues to only include Starbucks® company-operated stores open 13 months or longer and does not reflect the effect of fluctuations in foreign currency exchange rates.
 
Quarter Ended
U.S. Supplemental Data
Dec 30,
2018
 
Mar 31,
2019
 
Jun 30,
2019
Revenue
$
4,216.0

 
$
3,955.3

 
$
4,288.1

Comparable Store Sales Growth(1)
4
%
 
4
%
 
7
%
Change in Transactions
%
 
%
 
3
%
Change in Ticket
4
%
 
4
%
 
3
%
Store Count
14,767

 
14,787

 
14,883

(1) Includes only Starbucks® company-operated stores open 13 months or longer. The results from Siren Retail operations are not reflected in comparable store sales.
 
Quarter Ended
China Supplemental Data
Dec 30,
2018
 
Mar 31,
2019
 
Jun 30,
2019
Revenue
$
657.7

 
$
708.6

 
$
735.2

Comparable Store Sales Growth(2)
 %
 
2
 %
 
6
%
Change in Transactions
(2
)%
 
(1
)%
 
2
%
Change in Ticket
2
 %
 
3
 %
 
4
%
Store Count
3,685

 
3,791

 
3,924

(2) Includes only Starbucks® company-operated stores open 13 months or longer. The effect of fluctuations in foreign currency exchange rates and results from Siren Retail operations are not reflected in comparable store sales.