Starbucks Announces Record 4Q, Fiscal '03 Results

SEATTLE - Starbucks Corp. announced record revenues and earnings for its fiscal fourth quarter and its 52 weeks ended Sept. 28, 2003.

For the 13 weeks ended Sept. 28, consolidated net revenues increased 25 percent to $1.1 billion from $865 million for the same period in fiscal 2002. Net earnings for the 13-week period increased 21 percent to $69.6 million from $57.7 million for the same period in fiscal 2002. Diluted earnings per share were $0.17 for the 13-week period ended Sept. 28 compared to $0.14 for the comparable period in fiscal 2002.

Retail revenues increased 24.3 percent to $913.1 million for the 13 weeks ended Sept. 28, 2003, primarily attributable to the opening of 602 new company-operated retail stores, the acquisition of Seattle's Best Coffee, and Torrefazzione Italia stores in July. Starbucks also said its strong same-store sales increase of 9 percent for the period was due almost entirely to an increase in customer transactions.

The company reiterated the following fiscal 2004 targets including:

-- Opening approximately 1,300 new stores on a global basis. In continental North America, including Canada, the company plans to open approximately 575 company-operated locations and 375 licensed locations. Internationally, the company says it will open some 50 locations in company-operated markets and 300 locations in licensed markets.

-- Continue to target total revenue growth of approximately 20 percent, and comparable store sales growth in the range of 3-7 percent, with monthly anomalies.
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