NEW YORK, September 17, 2015 /PRNewswire/ --

ACI Association has initiated research coverage on Starbucks Corporation (NASDAQ: SBUX). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.

Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/reports?keyword=SBUX  

Highlights from our SBUX Report include: 


        
        - Results Exceeded Analysts' Estimates - On July 23, 2015, Starbucks Corporation
          (Starbucks), announced results for its 13-week third quarter ended June 28, 2015.
          Starbucks recorded an 18% YoY growth in consolidated revenue at $4.88 billion in Q3
          2015, beating the Zacks Consensus revenue estimates of $4.86 billion. Growth in
          revenue was primarily supported by incremental revenues from the acquisition of
          Starbucks Japan coupled with a 7% rise in global comparable store sales. Compared to
          the Zacks Consensus EPS estimate of $0.41, Starbuck posted a non-GAAP EPS of $0.42
          which reflected a 24% YoY increase.



        
        - Americas Segment Performance Review- Starbucks saw a 12% YoY increase in net
          revenues from Americas, at $3.4 billion in Q3 2015, driven by an 8% increase in
          comparable store sales. Incremental revenues from 658 net new store openings over the
          past 12 months, also aided to the region's revenue growth. Further, operating income
          from the Americas segment rallied 17% YoY to $855.3 million in Q3 FY15, resulting 120
          basis points (bps) expansion in operating margin to 25.0%. Rise in margin was mainly
          driven by sales leverage and decline in commodity costs, primarily in dairy products.



        
        - EMEA Segment Performance Review - Net revenues for the EMEA segment witnessed a 9%
          YoY decline to $294.7 million in Q3 FY15, impacted by unfavorable foreign currency
          translation and the shift in the portfolio towards more licensed stores. However, a 3%
          increase in comparable store sales partially negated the fall in revenue. Operating
          income grew 23% YoY to $36.0 million in Q3 FY15 and operating margin witnessed a 320
          bps YoY increase to 12.2%, due to sales leverage driven by the ongoing shift in the
          portfolio towards more licensed stores.



        
        - China/Asia Pacific Segment Performance Review - With a strong triple-digit growth
          of 127% YoY, revenue from the China/Asia Pacific segment stood at $652.7 million in Q3
          2015, supported by incremental revenues from the acquisition of Starbucks Japan.
          Incremental revenues from 750 net new store openings over the past 12 months and 11%
          increase in comparable store sales, further boosted revenues from the China/Asia
          Pacific region. Operating income saw a 49% jump to $150.0 million. Operating margin,
          however, declined 1,200 bps to 23.0%, impacted by the ownership change in Starbuck
          Japan.



        
        - Outlook for Q4 2015 and 2015 - For the full year 2015, Starbucks expects the
          revenue-growth of 16%-18% with global comparable store sales in mid-single digits. The
          Company expects GAAP EPS to be in $1.77 to $1.78 range, while for Q4 2015, the same is
          expected to be between $0.38 to $0.39.

To find out how this influences our rating on Starbucks Corporation, read the full report in its entirety here: http://www.aciassociation.com/reports?keyword=SBUX    

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