Scott Maw

CHIEF FINANCIAL OFFICER

UBS Global Consumer

and Retail Conference
March 8, 2018
FORWARD LOOKING STATEMENTS
This presentation contains forward-looking statements. Forward-looking statements
are subject to various risks and uncertainties that could cause our actual results to
differ materially from these statements and should be considered in conjunction
with cautionary statements and risk factor discussions in our filings with the SEC,
including our last annual report on Form 10K. Starbucks assumes no obligation to
update any of these forward-looking statements or information.
The Past Five Years

METRIC FYE12 FYE17

Store Count 18,066 27,339

Customers
61M 91M
served/week

Revenue $13B $22B

Market Cap $39B $78B

 Experiential Retail Digital Connection

The Third Place Starbucks Mobile App

Six Operational Priorities

1. Operational excellence to accelerate U.S.

comps across all dayparts
2. Innovate across food & beverage
3. Accelerate the power and momentum
of our digital flywheel
4. Enable long-term growth in China
5. Elevate the Starbucks Experience
through Roasteries and Reserve
6. Gain share of at-home coffee
1. Operational excellence to accelerate U.S.
comps across all dayparts
2. Innovate across food & beverage
3. Accelerate the power and momentum
of our digital flywheel
Global
Growth Drivers

4. CAP/China
5. Siren Retail
6. CPG
New U.S. Store Growth Remains Highly Incremental to Revenue and Profitability

U.S. YEAR 1 AUV FY17 U.S. NET NEW STORES

COMPANY OPERATED, USD MILLIONS

New stores comp

~$1.5
342 greater than

Company 3x the
Operated portfolio
average
in the first four
416 years after entering
the comp base
Licensed
FY17

Sales Transfer Incremental Sales

New U.S. Store Growth Remains Highly Incremental to Revenue and Profitability

DAILY TRANSACTIONS WITHIN TRADE AREA

~700

Before

REVENUE WITHIN TRADE AREA

USD MILLIONS

~$1.5

Fort Collins, CO
Before
Existing Store
Existing café opened in 2003
Note: Data measured for 1 year before impacting event and 1 year after impacting event
New U.S. Store Growth Remains Highly Incremental to Revenue and Profitability

DAILY TRANSACTIONS WITHIN TRADE AREA

~1,600

~1,000
~700
~700 ~600
Before After

REVENUE WITHIN TRADE AREA

USD MILLIONS ~$3.8

~$2.5
~$1.5
~$1.5 ~$1.3
Fort Collins, CO
Before After
Existing Store New Store
New drive-thru opened <3 miles
from existing store in 2016 Note: Data measured for 1 year before impacting event and 1 year after impacting event
Long-term Financial Targets

Annual Global Comp Store Sales Growth 3% to 5%

Annual Consolidated Net Revenue Growth High single digits

Annual Non-GAAP EPS Growth 12% or greater

1
Annual ROIC* 25% or greater

Committed to returning $15B to shareholders over the next 3 years

* ROIC defined as net operating profit after taxes “NOPAT”/average invested capital normalized for acquisitions and divestitures. NOPAT
adjusted for impairments and implied lease interest expense on operating leases; invested capital includes capitalized leases and
excludes cash and cash equivalents and short- and long-term investments.
Q&A