Q3 Consolidated Net Revenues of $4.2 Billion, Down 38% from Prior Year Due to Adverse Impact of COVID-19

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Q3 GAAP EPS of -$0.58; Non-GAAP EPS of -$0.46 Reflecting Material Sales Deleverage and Retail Partner Support

COVID-19 Impacts Expected to Moderate Meaningfully in Q4 as Recovery Continues

SEATTLE; Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal third quarter ended June&nbsp;28, 2020.&nbsp; GAAP results in fiscal 2020 and fiscal 2019 include items that are excluded from non-GAAP results.&nbsp; Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.

“Since the beginning of the COVID-19 outbreak in January, we have taken a principled approach to navigate the crisis, true to our mission and values.&nbsp; Every step of the way, we have thoughtfully addressed the needs of Starbucks stakeholders and are particularly proud of the industry-leading investments we have made to support our partners while creating a safe, familiar and convenient experience for our customers.&nbsp; Starbucks partners have risen to the occasion, and our near-term focus is to recover sales safely and responsibly by offering our customers the comfort and care that differentiate the Starbucks Experience,” said Kevin Johnson, president and ceo.

“We are pleased to share that the vast majority of Starbucks stores around the world have reopened and our global business is steadily recovering, demonstrating the relevance of the Starbucks brand and the trust we have built with our customers.&nbsp; As we continue to drive the recovery, we are also building resilience for the future by accelerating the transformation of our business in ways that will elevate the customer and partner experience and drive long-term growth.&nbsp; We firmly believe that we are well positioned to regain the positive business momentum we had before the pandemic began and look forward to reigniting our 'Growth at Scale' agenda,” concluded Johnson.

PDF: <a href="https://stories.starbucks.com/uploads/2020/07/Starbucks-Q3-FY20-Earnings-Release.pdf">Detailed financial data</a>

Q3 Fiscal 2020 Highlights

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Visit the <a href="https://investor.starbucks.com/ir-home/default.aspx" target="_blank" rel="noreferrer noopener">Investor Relations page </a>to access the <a href="https://78449.themediaframe.com/dataconf/productusers/sbux/mediaframe/33694/indexl.html" target="_blank" rel="noreferrer noopener">live audio webcast</a>.

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(1) In this release, we estimate the impact of COVID-19 by comparing actual results to our previous forecasts.&nbsp; These forecasts were created prior to the spread of the virus and were based on information available at the time and on a variety of assumptions which we believe were reasonable, some or all of which may prove not to be accurate.

(2) In this release, the EPS impact of COVID-19 represents an approximation based on the estimated impact of the pandemic on operating results. It does not incorporate any impacts of COVID-19 on non-operating items, such as interest income, interest expense, income taxes and outstanding shares.

Starbucks today reported financial results for its 13-week fiscal third quarter ended June 28, 2020.

Starbucks Reports Q3 Fiscal 2020 Results

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"Starbucks partners have risen to the occasion, and our near-term focus is to recover sales safely and responsibly by offering our customers the comfort and care that differentiate the Starbucks Experience," said Kevin Johnson.

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