Starbucks Corp. (NASDAQ:SBUX)

The data reveals several distinct trends in financial performance and operational metrics over the periods analyzed. A notable fluctuation is observed in both company-operated and licensed stores' revenue contributions, as well as in overall net revenues and cost structures.

Company-operated stores

The revenue from company-operated stores shows cyclical patterns with a significant dip around the period ending June 28, 2020, likely linked to external disruptions. Thereafter, a recovery and general upward trend are evident, with peaks around late 2023, indicating a gradual restoration and expansion of owned retail operations.

Licensed stores

Revenues from licensed stores fluctuate but exhibit a marked reduction at mid-2020 followed by a steady increase until the end of 2023. However, revenues show some volatility afterward with a slight decline by early 2025, likely reflecting changing market conditions or strategic adjustments in licensing.

Other revenue

Other revenues remain relatively stable with some minor fluctuations, generally ranging between 400,000 and 530,000 thousand US dollars. A slight downward trend is noticeable in the latest periods, suggesting a possible contraction or reclassification of ancillary revenue streams.

Net revenues

Net revenues mirror the combined effects of the above categories, with a distinct decline in early 2020 and a notable recovery through 2021 and 2022. Peak revenues occur towards the end of 2023, followed by some variability and a decrease in the latest quarter reported.

Cost components

Product and distribution costs

These costs experienced an unusual low in September 2019, followed by increased volatility and a general rising trend post-mid 2020, reflecting possible supply chain or cost inflation pressures.

Store operating expenses

Store operating expenses peaked sharply in September 2019 and remained elevated through 2024, with a noticeable spike in late 2024 and early 2025, potentially connected to reopening or operational scaling activities.

Cost of revenues

This combined cost metric trends upward gradually since 2019, with a temporary dip during mid-2020 corresponding to operational disruptions. Thereafter, costs resumed growth consistent with net revenues.

Gross profit

Gross profit shows a significant reduction during mid-2020, attributed to lower revenues and fixed costs, then a rebound to higher levels peaking towards mid to late 2023 before decreasing again in early 2025, reflecting cost pressures and revenue variability.

Operating and other expenses

Other operating expenses

These expenses remain relatively stable, with minor upward fluctuations toward late 2024.

Depreciation and amortization expenses

Depreciation and amortization maintained a steady level with a slight incremental increase over time, indicating ongoing capital investment and asset base expansion.

General and administrative expenses

General and administrative expenses display an increasing pattern from 2019 through 2024, suggesting growing overhead possibly due to expansion, inflation, or restructuring costs.

Restructuring costs

Restructuring costs show considerable variability with significant spikes notably in September 2020 and again in the first quarter of 2025, implying episodic organizational changes or cost-saving initiatives.

Income from equity investees and other incomes

Income from equity investees is generally positive and exhibits variability with notable peaks in mid-2021 and early 2023. Gains from asset sales appear limited to a single period in early 2023. Interest income remains modest and fairly stable, while interest expense slightly increases over the period, reflecting possible increased borrowing.

Operating income and net earnings

Operating income is highly volatile, with a pronounced loss in mid-2020 followed by recovery and growth peaking in late 2023. Net earnings attributable to the company follow similar patterns, including the substantial loss during 2020, strong recovery, and peaks in 2023. However, net earnings decline in the latest period, signaling potential emerging challenges.

Tax expense

Income tax expense generally correlates with pre-tax earnings, with a tax benefit occurring in mid-2020 concurrent with operating losses. Subsequent periods show increasing tax expenses aligned with rising earnings, though variability exists.

In summary, the financial data reflect significant impact from external disruptions around early to mid-2020, followed by recovery and growth phases. Costs have generally risen, alongside operating income and net earnings, but recent periods show some softness. The trends suggest ongoing operational scaling, investment, and occasional restructuring, highlighting a dynamic business environment with periods of volatility and recovery.