Starbucks earnings 2019
Net revenues for the Channel Development segment declined 6% from Q4 FY18 to $508.1 million in Q4 FY19, primarily due to licensing our CPG and Foodservice businesses to Nestlé following the close of the transaction on August 26, 2018. Management excludes the gain on the purchase of our East China joint venture as this incremental gain was specific to the purchase activity and for reasons discussed above. Introduces Realigned Operating Segment Reporting Structure and Statement of Earnings Reclassifications Starbucks Corporation (Nasdaq: SBUX) plans to release its fourth quarter and fiscal year 2019 financial results after the market close on Wednesday, October 30, 2019 with a conference call to follow at 2:00 p.m. PT. Management excludes the gain related to the sale of our Taiwan joint venture operations as this incremental gain was specific to the sale activity and for reasons discussed above.
These measures should not be considered in isolation or as a substitute for analysis of the company's results as reported under GAAP. Store operating expenses as a % of company-operated store revenues
Operating margin expanded 220 basis points to 37.6%, primarily due to lapping prior year costs associated with the establishment of the Global Coffee Alliance, including business taxes associated with the up-front payment and employee-related costs. In the fourth quarter of fiscal 2019, the company realigned its operating segment reporting structure to better reflect the cumulative effect of its streamlining efforts. Represents the estimated impact of the U.S. Tax Cuts and Jobs Act, specifically the transition tax on undistributed foreign earnings, estimated incremental foreign withholding taxes on expected repatriated earnings and the re-measurement of deferred taxes.
The company introduces the following fiscal year 2020 guidance (all growth targets are relative to fiscal year 2019 non-GAAP measures unless specified):
Restructuring, impairment and optimization costs
Our non-GAAP financial measures of non-GAAP G&A, non-GAAP operating income, non-GAAP operating income growth, non-GAAP operating margin, non-GAAP effective tax rate and non-GAAP EPS exclude the below-listed items and their related tax impacts, as they do not contribute to a meaningful evaluation of the company's future operating performance or comparisons to the company's past operating performance. Other companies may calculate these non-GAAP financial measures differently than the company does, limiting the usefulness of those measures for comparative purposes. GAAP EPS of $0.67; Non-GAAP EPS of $0.70, Up 13% Year-Over-Year
Both the U.S. and China, its two biggest markets, reported strong same-store sales and increasing traffic.In the U.S., sales at stores open at least a year increased by 6%, driven by its cold drinks. International transaction and integration-related items
Includes transaction costs for the acquisition of our East China joint venture and the divestitures of our Taiwan joint venture and Thailand retail operations; ongoing amortization expense of acquired intangible assets associated with the acquisition of East China and Starbucks Japan; and the related post-acquisition integration costs, such as incremental information technology and compensation-related costs.
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