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STAR B UCKS CO R PO R ATIO N
Fiscal 2013 Annual Report

I

Dear Shareholders,
am honored to share with you that Starbucks has once again delivered record performance in fiscal 2013, exceeding expectations on almost all fronts as we continued to drive growth across geographies, categories, and our multiple channels of distribution. As you review the highlights of our 42nd year, I hope you will agree that we are achieving our goals in ways in which we can all be extremely proud. In fiscal 2013, Starbucks consolidated revenues reached a record $14.9 billion, a 12 percent increase over last year driven by a 7 percent rise in global comparable store sales and the opening of 1,701 net new stores around the globe. Our non-GAAP operating income* was $2.5 billion, a 23 percent increase, with record non-GAAP operating margin* of 16.5 percent, an impressive 150 basis points higher than last year. This strong revenue growth, coupled with excellent margin improvement, led to record non-GAAP earnings per share* of $2.26, up 26 percent over fiscal 2012. Through dividends and share repurchases, Starbucks returned a record $1.2 billion of cash to you, our shareholders. Today, Starbucks is healthier and more diverse than at any time in our history. In addition to the incredibly hard work of our more than 200,000 partners (employees) who proudly wear the green apron, as well as our leaders in Seattle and throughout the world, our success would not be possible without our bold, strategic vision; a dedication to disruptive innovation and operational excellence; and a foundation of strong values. Together, these tenets are driving our performance.

Our Foundational Values
A distinctive set of values has always shaped how we engage our customers, our partners, and the communities where we do business. This past year, given the tenuous economic and political environment we continued to observe in the U.S. and around the world, Starbucks was particularly cognizant of our...

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