Starbucks 2010 Annual Report - Our customers voted us the...

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1 Our customers voted us the #1 Best Coffee in the annual Zagat ® survey. We found a small way to make our Starbucks Cards even more convenient. 2 3 We made sure our customers will never be without great coffee. 4 STARBUCKS CORPORATION AUTHOR FISCAL 2010 ANNUAL REPORT TITLE YEAR
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* Non-GAAP measure. Excludes $339, $332 and $53 million in pretax restructuring and transformation charges in 2008, 2009 and 2010, respectively. ** 2006 includes $0.02 of expense resulting from the cumulative impact of the adoption of an accounting change for asset retirement obligations. Operating Income (in Millions) & Operating Margin (in %) GAAP Non-GAAP FISCAL 2010 FINANCIAL HIGHLIGHTS 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2010 2006 2007 2008 2009 2010 $7.8 Net Revenues (in Billions) $894 $0.71** $0.87 $0.71* $0.80* $1.28* $1,054 Operating Income by Segment, Excluding Other Comparable Store Sales Growth (Company-Operated Stores Open 13 Months or Longer) Earnings per Diluted Share $9.4 5% 7% 7% $10.4 $0.28 $0.28 $0.43 $0.52 –3% $9.8 $10.7 –6% $843* $894* Operating Cash Flow & Capital Expenditures (in Millions) Cash from Operations Capital Expenditures United States International Global CPG 5.7% 13.3% 13.8%* $1,419 $562 $504 $1,472* $53 $332 $339 $0.04 $1.24 9.2%* 11.5% 4.9% 8.1%* 11.2% 2006 2007 2008 2009 2010 $1,132 $1,331 $1,259 $1,389 $1,705 $441 $985 $446 $771 $1,080 18% 15% 9% 12% 73% 73%
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Dear Shareholders, Perhaps more than any other time in Starbucks history, I write to you feeling extremely proud of what Starbucks has accomplished not just in these past 12 months but also in the past three years. We began our transformation journey in 2008 when I returned as ceo. In 2009, the seeds of that transformation took root. Fiscal 2010 marked the transformation’s defi ning year as we delivered record fi nancial results. During this past fi scal year, revenues increased to a record $10.7 billion. Operating income increased by $857 million from fi scal 2009 to $1.4 billion. Our full-year operating margin of 13.3 percent represented the highest full-year consolidated operating margin in our history. We ended 2010 with the highest full-year comparable store sales growth that we have seen in the recent past, while our earnings per share also grew signifi cantly from fi scal 2009, more than double on a comparable 52-week basis. I am thrilled that we were able to further share our success with a fi rst-ever dividend for shareholders and, for our partners, maintaining health care coverage while renewing our focus on elevating the partner experience through recent enhancements to our broad-based equity plan and our 401(k) program. We were also able to offer a special cash award to eligible partners in recognition of their contribution to Starbucks strong performance in 2010. For these reasons and more, we begin 2011 healthier than we have ever been and with the capabilities, talent, resources and passion to continue our momentum. The internal obstacles we overcame, while simultaneously navigating the ongoing economic challenges and staying true to our values, have made us a stronger company.
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Starbucks 2010 Annual Report - Our customers voted us the...

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