Starbucks Q4 Earnings Call Transcript
Starbucks Corp. (
SBUX)
Q1 2010 Earnings Call Transcript
January 20, 2010 5:00 p.m. ET
Executives
JoAnn DeGrande - Director of Investor Relations
Howard Schultz - Chairman, President and Chief Executive Officer
Troy Alstead – Executive Vice President and Chief Financial Officer
Clifford Burrows - President of Starbucks Coffee U.S.
John Culver - President of Starbucks Coffee International
Analysts
Matthew DiFrisco - Oppenheimer & Co.
John Ivankoe – J.P. Morgan
Joseph Buckley – Bank of America Merrill Lynch
Sara Senatore - Sanford Bernstein
Jeffrey Bernstein - Barclays Capital
Sharon Zackfia - William Blair & Company
Steven Kron - Goldman Sachs
David Palmer - UBS
John Glass - Morgan Stanley
Presentation
Operator
Good afternoon. My name is (Kera) and I will be your conference operator today. At this time, I would like to welcome everyone to Starbucks Coffee Company’s First Quarter Fiscal Year 2010 Conference Call. All lines have been placed on mute to prevent any background noise.
After the speakers’ remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. Thank you.
Ms. DeGrande, you may begin your conference.
JoAnn DeGrande
Thank you, (Kera). Good afternoon, ladies and gentlemen. This is JoAnn DeGrande, Director of Investor Relations at Starbucks Coffee Company.
With me here in Seattle today are Troy Alstead, CFO, and Cliff Burrows, President of our U.S. business. And, joining us from London, are Howard Schultz, Chairman, President and CEO; and John Culver, the President of our Starbucks International business. Both Cliff and John will be available during the Q&A session following our prepared remarks.
Before we get started, I’d like to remind you that this conference call will contain 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 in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K. Starbucks assumes no obligation to update any of these forward-looking statements or information.
Please refer to the Investor Relations section of Starbucks’ website at www.Starbucks.com and to the financial statements accompanying the earnings release, to find disclosures and reconciliations of non-GAAP financial measures that are mentioned on today’s call with their corresponding GAAP measures.
Before I turn the call over to Howard, let me highlight two upcoming events. First, we’ll filing Starbucks proxy statements this Friday, January 22, which is associated with the second event, which is Starbucks 2010 Annual Meeting Shareholders to be held at 10 a.m. in Seattle on Wednesday, March 24. The meeting will be available via webcast.
Now, I’d like to turn the call over to Howard. Howard.
Howard Schultz
Thank you, JoAnn and hello, everyone, from London. As part of our renewed focus on Starbucks’ International business, I’m here in Europe for the next 10 days with John Culver, President of Starbucks International, visiting countries where Starbucks has operations or is considering new opportunities. It’s been a little bit more than two years since I returned to Starbucks as President and CEO. Very soon after my return, it became apparent to our leadership team and to me that Starbucks would have to undergo a significant transformation in order to address the myriad challenges confronting our business.
