But it's simply too early to give any specific guidance around capex. But the real credit goes to Starbucks partners. And our focus on the customer experience, beverage innovation and digital differentiate Starbucks and will enable us to regain the momentum we had prior to COVID-19. It will be much more significant than they were in the second quarter, in large part, given to the longer duration of impact because when you think about it -- and let's talk about the US business. I know you gave the update on rewards for the second quarter. 5 months ago. Today, almost 100% of our stores in China are open, many with limited seating, reduced hours and other safety protocols in place. I'm encouraged that we'll have 90% of the stores open. That said, we expect the rate of flow-through on lost sales in Q3 to be slightly lower than in Q2 and to ease further in Q4 as we take appropriate steps to restore the profitability of company-operated stores as they reopen in the back half of the year. But we had a network of coffee built into the system. I think we're very optimistic about our competitive position, and we just have to -- we'll be a lot smarter 30 days from now after we get to see the reaction of the reopening in the United States. At Starbucks, the third place has always been about community, connection and convenience. And based on our current store reopening plans, we expect that our cash needs are going to peak this quarter. Stock Advisor launched in February of 2002. In that final three weeks of Q2, US comp sales swiftly decelerated ending the quarter down 3%, driven by a 7% contraction in traffic. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 29, 2020. And also to think about what that looks like over a daytime, really, we've not seen much change there. This conference call is being webcast and an archive of the webcast will be available on our website through Friday, May 29, 2020. Thanks, David. And so as we reopen the stores, we're reopening in a safe environment, which is why these new modes of pick up and go, we're really enforcing. We're seeing sequential improvements in overall weekly active members. We had a peak in early February of 80% early on. She also asked about the marketing piece around the US business. We've got to do the right things for our partners and our customers. "Based on our substantial experience in China to date, we continue to believe that the impacts of the Covid-19 outbreak are temporary and that our business will fully recover over time," the company said. Your next question comes from John Glass with Morgan Stanley. But one of the things we're doing, and it's primary to us, is partner safety. April 28, 2020 5:00 PM ET. We estimate Americas Q2 revenue decline attributable to COVID-19 to be approximately $450 million. Hi, good afternoon. Thank you, Kevin, and good afternoon, everyone. So in some instances, it's actually too early to tell. The Global Coffee Alliance with Nestle was established just 20 months ago. For the quarter, Starbucks reported global revenue of … Thank you, David. And then maybe John can follow up on the China digital. Thank you, Kevin. As Kevin shared, we are delighted with the performance of all our operating segments, driving a strong finish to our fiscal 2020. A pedestrian wearing a protective mask walks in front of a temporarily closed Starbucks coffee shop in Brooklyn, New York, on Monday, April 27, 2020. And I do think it is fair to believe that occupancy -- lease rates are going to go down post-COVID just given the situation. My summary on our US business is this. on. And so once we have better visibility to the sales recovery curves for those stores, we will be taking appropriate steps to optimize their profitability. Have you thought about like the product lineup differently now because of the situation? We remain confident in our approach. And we will continue our practice of providing updates to the investment community when we have better visibility to them. However, due to the rapid sales decline and significant investments in response to the COVID-19 outbreak that started to materialize in the US in mid-March, Americas Q2 non-GAAP operating margin landed at 14.4%, down from 20.3% in the prior year. The company has suspended its share buyback program, although it continues to pay investors a quarterly dividend. That all begins early next week. One of the things that we're seeing as we've been going through this COVID experience is our Starbucks Rewards members, they remain roughly 44% of our business, even as we progressed through the quarter. And then I'll hand over to Pat for comments on the rest of your question. And when you've had to be sheltering in place for several weeks, just to get out for a nice uplifting experience at Starbucks, it's familiar and it's rewarding. Starbucks (NASDAQ:SBUX) is scheduled to announce Q2 earnings results on Tuesday, July 28th, after market close. We are finding new innovative ways to serve our communities, prioritizing the safety of our customers and partners with the focus on exceeding public health standards and adjusting to new customer expectations. Q2 is shaping up to be an exceptional quarter for Starbucks driven by strong performance in the US and Channel Development, even while we were simultaneously navigating the impact of COVID-19 in China. Q2 Fiscal 2020 Starbucks Earnings Conference Call April 28, 2020 02:00 PM PDT Earnings Release (opens in new window) PDF 756 KB Transcript (opens in new window) PDF 337 KB The US is prepared to reopen a large number of stores next week and throughout the month of May. And so by augmenting the in-store experience with mobile ordering and contactless pickup, we can service significant volume of customers without having the cafe seating area actually opened. Starbucks (SBUX) Q2 2020 earnings: Same-store sales fall 10% April 29, 2020 admin Earnings 0 Starbucks on Tuesday said that its fiscal second-quarter global same-store sales fell 10% as the coronavirus hit sales in its two largest markets, the United States and China. Starbucks Corporation - Starbucks Reports Q2 Fiscal 2020 Results. So what we're doing, David, is managing what we're learning and then opening the stores accordingly and applying our partners and our labor against these new entryway models and also to amplify drive-through. Starbucks Corporation (NASDAQ:SBUX). And that's, again, largely due to an extended duration of impact in the third quarter. Our US business is entering the phase of reopening stores, adapting to the new reality and restoring and rebuilding momentum. And then just talk about your commitment to maintaining the dividend throughout this crisis. Additionally, the disruption resulting from COVID-19 is expected to adversely impact food service under the Global Coffee Alliance and our ready-to-drink business during the balance of fiscal 2020. So that's what drove the decision to close all those stores, whereas certainly others made different decisions, and that's fine. Earnings per share: 32 cents, adjusted; Revenue: $6 billion The coffee chain reported fiscal second-quarter net income of $328.4 million, or 28 cents per share, down from $663.2 million, or 53 cents per share, a year earlier. Okay. And now just a couple of days ago, we announced our partnership with Sequoia Capital, which we think will further accelerate our ability to leverage the digital flywheel and accelerate the pace of retail innovation as we look to partner with local tech companies and key start-ups in China. Our Growth at Scale agenda provides the focus and discipline for us to successfully navigate this challenge. However, the US, Japan and Canada, which round out our four largest markets, are in earlier phases of COVID-19 impacted response, which limits our ability to provide enterprise-level guidance at this time. While current margin performance is obviously highly distorted by large levels of store closures and interim store partner pay practices, so talking about the value of incremental comp growth or incremental margin improvement is somewhat irrelevant, I would say, at this juncture. And so we're optimistic that the shift will continue to occur. So as Kevin mentioned in -- when we started off the call, we saw, as we were entering the quarter and actually exiting last year, our rewards members, which are highly routinized customers have really grown with us. The company is preparing to start reopening U.S. cafes next week as some U.S. states report that the number of new coronavirus cases has plateaued or even declined. The segment's operating margin is expected to improve modestly in fiscal 2020 relative to the prior year. And so our customers are used to us introducing spring beverage in addition to speaking to them on a one-to-one basis through our digital relationships. And maybe if you're using China as a benchmark, are there -- are consumer behaviors different? ... which accounted for approximately 65 percent of total consolidated revenues in the first quarter of fiscal 2020… Your next question comes from the line of David Tarantino with R.W. I would like to welcome everyone to Starbucks Coffee Company's Second Quarter of Fiscal Year 2020 Conference Call. Of note, during the second quarter, 90-day active Starbucks Rewards members, our highly routinized, highly engaged and loyal customer base with whom we can directly communicate digitally, increased to 19.4 million in the US, up 15% from a year ago. We're going to market and evangelize that. We've adjusted in our roasting facilities for social distancing, and that's been very effective for us. Thanks for the question. Matt, this is Kevin. So we are encouraged by what we've seen so far in the US. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. We'll have TV. Yes. And we're seeing that over the last week or so. We expect the COVID-19 impacts in Canada and Japan as well as in our international licensed businesses will follow a similar pattern of the US, very pronounced in the third quarter with some easing of these impacts expected in the fourth quarter as these businesses move into the recovery phase. With Starbucks in 82 markets, we are committed to supporting our license partners around the world as they too navigate this challenge. The fact that while serving their communities, they also served over 1 million free cups of coffee to the front-line responders who have worked tirelessly to care for others, which makes us all very proud. As you can imagine, in Amsterdam and different areas, we shut down for a period of time. But also is there some leverage you have potentially with renegotiating rents or leases on some of these stores that if the new normal looks a little bit as far as the recovery period where they might be permanently hamstrung, is there some level of renegotiating or leases where since you've closed these 50%, that's given you a little bit of an entrance into that with the landlords? And we're going to be thoughtful and responsible with each step that we take, and I think that's the formula. As we have in recent weeks reopened some more of our drive-through stores, we've seen slight improvement within that range so that we're closer to the minus 60 end of that range. It has not impacted our production capacity. GAAP Earnings Per Share of $0.28, down 47% from the prior year primarily due to unfavorable impacts related to the COVID-19 outbreak . And John, last word on China? Thank you very much. For over 49 years since our founding, we have overcome every challenge presented to us and are overcoming this challenge as well. Thanks very much for the transparency. I was wondering if you could maybe frame that up for us. In the US, could you talk about your store base in terms of the percentages that are in -- are not only closed today, those walk-in locations, but also areas that you would anticipate being slower to rebuild sales? We now have it down in Shenzhen as well as in Beijing. I guess I was surprised at how strong the ticket growth was. Your next question comes from the line of Dennis Geiger with UBS. Yeah. And we will monitor what happens as shelter in is lifted in certain regions and areas and then begin to reopen the cafe stores. The response from customers has been great. Starbucks® Rewards loyalty program grew to 19.4 million active members in the U.S., up 15% year-over-year. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. And it's at approximately $125 million per week after capex but before our dividends. I will now turn the call over to Mr. Kevin Johnson. Let me just add one other observation. We've got to keep -- stay focused on the things that matter. Starbucks Warns On Q2 Earnings, Cuts China View Due To COVID-19 Outbreak . Combining the effects of comparable store sales declines and new store development deferrals, we estimate revenue in China to be negatively impacted by COVID-19 by approximately $750 million to $850 million with an estimated EPS impact of between $0.30 and $0.37 in fiscal 2020, barring any new disruptions. Starbucks had $2.57 billion in cash and cash equivalents on hand as of March 29. GAAP Earnings Per Share of $0.28, down 47% from the prior year primarily due to unfavorable impacts related to the COVID-19 outbreak. But you have given us some April color. We will spend within our existing plans for this year, just convince them and accelerate most of the work around enabling our app and encouraging people to use the app and order ahead. The other thing I'll tell you is that our partners are really wanting to -- they start from connection also. Starbucks said Tuesday it expects its fiscal third-quarter results to show steeper declines from the pandemic, given that social-distancing measures and shelter-at-home orders went into place in the U.S. near the end of March. Thank you, John. GAAP Earnings Per Share of $0.28, down 47% from the prior year primarily due to unfavorable impacts related to the COVID-19 outbreak . We actually saw that partner engagement carry over to when we began to slow down stores due to COVID. So I would just take it back since there are the work that we've been working on for quite a while now, and it's around the beverage innovation, the digital engagements that we've created and then the in-store experience. After all, partners are the heartbeat of Starbucks. Q1 2020 Earnings Conference Call. We want to hear from you. But given the amount of coffee that is imported, and Latin America is a little bit earlier stages with COVID-19 relative to the US. As to capex, we've already taken steps to trim capex this year. But we prioritized the health and well-being of our Starbucks partners and the customers, which is why we were more aggressive perhaps than others in closing stores. Our belief is that these impacts are temporary as evidenced by our continued recovery in China, as Kevin outlined, so I will highlight the financial impacts to provide investors with perspective on our normalized performance for the second quarter as well as insight into how future quarters' results may be affected by these conditions. Bringing focus to our response and recovery,effort the three simple principles are prioritizing the health and well-being of our partners and customers, playing a constructive role in supporting health and government officials as they work to mitigate the spread of this virus, and showing up in a positive and responsible way to serve our communities. I would expect that number to be much lower than that in China, but help me clarify that. I hope everyone is doing well. About 98% of Chinese cafes have reopened and are operating under modified hours with enhanced safety protocols. And I think that's a fair assumption. So more and more people continue to adopt the digital app and interact with us digitally. Thank you. So I would say that we're operating in an abnormal position in terms of how we communicate to our customers. Yes. In Q2, this segment's revenue grew by 16%, which includes a 5% favorable impact primarily related to the Global Coffee Alliance transition-related activity, boosting our share of the coffee market outside of specialty retail. All Rights Reserved. Baird. But this was more than offset by a sharp decline in the final three weeks of the quarter due to the COVID-19 impact that I mentioned earlier, ultimately resulting in a 3% decline for the quarter. Ms. Doraisamy, you may now begin your conference. Pat? We currently expect approximately 90% of company-operated stores to be open by early June. To summarize, the financial impacts of COVID-19 are very material and will weigh on our Q3 performance in particular. Returns as of 12/21/2020. And thank you, and I hope everyone is well. This is the beginning of the recovery as we reopen stores beginning in early May, and we expect to have approximately 90% of all company-operated US Starbucks stores reopened by early June with enhanced safety protocols and modified schedules. We continue to navigate through this unprecedented situation, staying true to our mission and values, and I'm pleased with where we are. Excluding items, Starbucks earned 32 … And that remains the powerful combination for us to continue to engage and drive frequency of customer visits. That includes, for example, China, where we had originally guided to 600 new stores this year, we've taken that down to at least 500. Now, on to the other lead growth market for Starbucks, the US. I don't know, any form of sensitivity or framework you can provide in terms of what the type of down comp you're talking about would imply for operating margins in those two big segments over the next couple of quarters? Today, continued recovery in China strengthens our belief that these impacts are temporary, and that we will emerge from this global pandemic with new insights and capabilities that will make our business even stronger and more relevant. The company withdrew its fiscal 2020 outlook in early April. So we're encouraged by that. And a lot of that comes through the focus and discipline that we had going into COVID as well as the principal way we have decided every action we've taken to navigate the COVID virus responsibly and thoughtfully, prioritizing the health and well-being of our partners and our customers, the engagement partnership we've had with government and health officials to help contain -- and mitigate and contain the spread of the virus, and the fact that we are showing up in a positive and responsible way in every community that we're part of. A Division of NBCUniversal. Thanks, John. Good afternoon, everyone, and thank you for joining us today to discuss our second quarter fiscal year 2020 results. Now I think as over this next week, when we open more stores and with the set of experiences that Roz has articulated, I think we're going to begin that path of engaging. And that is consistent around the world. Starbucks (SBUX) delivered earnings and revenue surprises of 3.23% and 4.52%, respectively, for the quarter ended March 2020. This will position us well to continue to capture the growth opportunity we see in China in fiscal '21 and beyond. And since that time, we have now expanded the Starbucks brand to nearly 50 markets around the world. Since we started reopening stores in late February, we have seen meaningful improvements in China comparable store sales in commercial, residential and office locations. But I think as Roz highlighted that in the drive-through, just the number of drive-throughs we've had open without even the cafe open, we were delivering -- roughly 75% of prior-year revenue in those individual stores. Thank you. So for us to have access to a good percentage number, more than 50% of our stores in the US are drive-through. Ladies and gentlemen, that was our last question today. Starbucks said this is a reflection of the “very rapid onset of COVID-19 business impacts in the final three weeks of the quarter.” And finally, a few comments on our Channel Development business. Our monitoring capability provides the input necessary for decisions that enable us to turn the dial up or down depending on the situation in a specific community or a specific store. For me, I think the comment I would make was, in China, it was -- decisions were made centrally by central government on a city-by-city basis, and even certain office parks and things were actually coordinated when they opened. I will first provide some highlights of segment operating results and consolidated margin performance for Q2, and will then share some perspective on balance of year results and liquidity. Great. Business disruption resulting from COVID-19 impacted the segment for the majority of Q2, starting with China in late January and extending to other markets in March, including Japan. We created a decision modeling tool that helped us look at the customer frequency that we saw in those drive-through stores as well as looking at sources from local government guidance, the infection curves by county, customer sentiment and partner sentiment. Thank you, Kevin. So first of all, Pat did allude to a range, so that 65% to 75%. What we've seen in terms of green coffee is that in Latin America, they're through the harvest, and we were able to secure the adequate supply that we need. And we're continuing to see those markets have good crops this year, and we don't anticipate any supply disruption in that regard. We believe, barring any new disruptions, that our business in China is on a path to substantial recovery by the end of this fiscal year. Additionally, two-year comps were tracking to 12% growth, the strongest in over three years. Starbucks 2nd quarter 2020 is significantly impacted by the Coronavirus epidemic with global revenue down 5% on the prior year, and net earnings … And we expect to strengthen this competitive advantage through continued improvements in our digital capabilities and innovative store formats, enabling us to connect with customers and serve our community safely and with even greater convenience. We continue to play the long game in China as we invest in our future. Good afternoon, my name is Hector, and I will be your conference operator today. So I believe US down 25%, China down 35%, and we can obviously estimate the path to comp recovery. In the US, almost 60% of our company-operated stores include drive-through and over 80% of our customer occasions before the crisis were on the go, with the majority of these orders being placed at the drive-through or by using the Starbucks app to mobile order for pickup or delivery. Our breakfast sandwich business is secure. Please proceed with your question. So those 30 million that you're -- that we can reach, we will do that in the next week. GAAP results in fiscal 2020 and fiscal 2019 include items which are excluded from non-GAAP results. That said, our near-term focus clearly is on reopening our stores and optimizing their profitability as we emerge from the crisis and learn more about underlying customer traffic patterns and trends. We're also providing the safety for our partners, things like a partner pre-check. Starbucks on Tuesday said that its fiscal second-quarter global same-store sales fell 10%. As you reopen just given your dependency on employment levels and your dependency on habitual high-frequency levels, should we expect a similar like lag in the recovery? And as Kevin mentioned, we are also exploring curbside service in locations where parking is available. Your next question comes from the line of Sara Senatore with Bernstein. And so we -- we learn from China and then just expanded that work and then looked at government and local health officials and what they were saying. We have followed local mandates for closure. We believe in some markets like New York, where we will have a handful of delivery-only stores, we're seeing some significantly higher volumes than normal with delivery in places like New York. 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