The International segment reported operating income of $179.5 million in Q4 FY20 compared to $262.7 million in Q4 FY19. Comparable store sales include stores that were temporarily closed as a result of the COVID-19 outbreak, and for the fourth quarter of fiscal 2020, include a 4% benefit related to a temporary value-added tax exemption. (CNN) — Starbucks is temporarily suspending its buy-one-get-one drink deals, better known as “Happy Hour,” in an effort to reduce the number of customers in … Other companies may calculate these non-GAAP financial measures differently than the company does, limiting the usefulness of those measures for comparative purposes. GAAP results in fiscal 2020 and fiscal 2019 include items that are excluded from non-GAAP results. Fiscal 2021 Outlook Reaffirms Path to Full Recovery. Cash provided by/(used in) changes in operating assets and liabilities: Net cash provided by operating activities, Additions to property, plant and equipment, Net proceeds from the divestiture of certain operations, Proceeds from issuance of short-term debt, Minimum tax withholdings on share-based awards, Net cash provided by/(used in) financing activities, Effect of exchange rate changes on cash and cash equivalents, Net increase/(decrease) in cash and cash equivalents. Shares of Starbucks … As a continuation of the company’s passion and commitment to a more sustainable future, Starbucks joined the new “Transform to Net Zero” initiative as one of nine founding members. Optimization Costs, International Starbucks is one of many fast-food and casual dining companies that have outperformed the S&P 500 this year — it's risen more than 40% while the S&P is up roughly 20%. All the latest news about Starbucks from the BBC. 5. To share in the experience, please visit us in our stores or online at stories.starbucks.com or www.starbucks.com. Operating margin contracted 470 basis points to 12.0%, primarily due to the impact of the COVID-19 outbreak, mainly sales deleverage and additional costs incurred including non-restructuring related store asset impairments, as well as strategic investments, mainly technology and digital initiatives in China and Japan. Refer to the Starbucks Investor Relations website for additional information regarding historical non-GAAP information. Management excludes transaction and integration costs and amortization of the acquired intangible assets for reasons discussed above. GAAP results in fiscal 2020 and fiscal 2019 include items that are excluded from non-GAAP results. The company committed to setting annual Inclusion and Diversity goals based on retention rates and progress toward achieving Black, Indigenous and People of Color (BIPOC) representation of at least 30% at all corporate levels and at least 40% in all retail and manufacturing roles by 2025. The impact of the 53rd week will be reflected in our results for the fourth quarter of fiscal 2021. Please note that Starbucks fiscal year 2021 is a 53-week year instead of the usual 52 weeks. Starbucks (SBUX) reported Q4 earnings after market close on October 29. Channel Development Actual future results and trends may differ materially depending on a variety of factors, including, but not limited to: further spread of COVID-19; regulatory measures or voluntary actions that may be put in place to limit the spread of COVID-19, including restrictions on business operations or social distancing requirements and the duration and efficacy of such restrictions; the potential for a resurgence of COVID-19 infections in a given geographic region after it has hit its “peak”; fluctuations in U.S. and international economies and currencies; our ability to preserve, grow and leverage our brands; the ability of our business partners and third-party providers to fulfill their responsibilities and commitments; potential negative effects of incidents involving food or beverage-borne illnesses, tampering, adulteration, contamination or mislabeling; potential negative effects of material breaches of our information technology systems to the extent we experience a material breach; material failures of our information technology systems; costs associated with, and the successful execution of, the company’s initiatives and plans, including the integration of the East China business and the successful expansion of our Global Coffee Alliance with Nestlé; our ability to obtain financing on acceptable terms; the acceptance of the company’s products by our customers, evolving consumer preferences and tastes and the availability of consumer financing; changes in the availability and cost of labor; the impact of competition; inherent risks of operating a global business; the prices and availability of coffee, dairy and other raw materials; the effect of legal proceedings; and the effects of changes in tax laws and related guidance and regulations that may be implemented and other risks detailed in the company filings with the Securities and Exchange Commission, including the “Risk Factors” sections of Starbucks Annual Report on Form 10-K for the fiscal year ended September 29, 2019 and Starbucks Quarterly Report on Form 10-Q for the fiscal quarter ended June 28, 2020. Subsequent to our year-end, on September 30, 2020, we declared a cash dividend of $0.45 per share payable on November 27, 2020 to shareholders of record on November 12, 2020. Non-GAAP G&A as a percentage of total net revenues for fiscal years 2020, 2019 and 2018 was 7.1%, 6.5% and 6.4%, respectively. News Your source for the latest news from Starbucks. Part of Starbucks' recovery plan will likely include flexing its digital capabilities and making its loyal program even more attractive. Sign up for free newsletters and get more CNBC delivered to your inbox. These measures should not be considered in isolation or as a substitute for analysis of the company’s results as reported under GAAP. Such items may include acquisitions, divestitures, restructuring and other items. Starbucks (SBUX) - Get Report shares were higher on Wednesday after the coffee-bar chain named a black director, Mellody Hobson, as non-executive chairwoman. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. The initiative’s objective is to accelerate the transition to a net-zero emissions global economy no later than 2050. One key question, according to Wells Fargo analyst Jon Tower, is whether Starbucks will be looking to upgrade current drive-thru locations with features like digital menu boards and double lanes. Operating margin expanded 510 basis points to 42.7%, primarily due to a business mix shift driven by strength in our ready-to-drink products and the structural change in our single-serve business. Starbucks is expected to present its plan for long-term growth at its investor day on Wednesday. "While Starbucks could reiterate previously issued long-term EPS growth of 10%+ in 2022 & beyond, we argue the company would be better served by issuing a longer term EPS target given the volatility of lapping COVID-19 impacted quarters," Cowen analyst Andrew Charles said Friday in a preview of investor day. Q4 Comparable Store Sales of -9% in the U.S. and -3% in China, Demonstrating Sustained Recovery 206-318-7118 Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. Corporate and Other primarily consists of our unallocated corporate operating expenses and Evolution Fresh. Management excludes the incremental stock-based compensation award granted in the third quarter of fiscal 2018, and vested in the third quarter of fiscal 2019, for reasons discussed above. Starbucks Reports Q4 Fiscal 2020 Results. Nestlé transaction and integration-related costs. Starbucks' sales in the United States and China, its two largest markets, have been rebounding faster than expected. The company is unable to reconcile these forward-looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts because the company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. It does not incorporate any impacts of COVID-19 on non-operating items, such as interest income, interest expense, income taxes and outstanding shares. View source version on businesswire.com: NEW YORK, NY / ACCESSWIRE / March 24, 2017 / Shares of McDonald's Corp. and Starbucks both were slightly lower as the trading day ended Thursday. (FOXBUSINESS) -- Big things are brewing at Starbucks. To receive notifications via email, enter your email address and select at least one subscription below. (Projected Starbucks uses only Everpure Water Filtration System in its entire chain of restaurants. The abrupt shift in behavior has meant that more coffee drinkers are brewing their own java at home or visiting Starbucks cafes later in the day for a break. (unaudited, in millions, except per share data), Net earnings including noncontrolling interests, Net earnings/(loss) attributable to noncontrolling interests, Weighted avg. Another is meat substitutes, which tend to generate buzz. © 2020 CNBC LLC. The latest breaking news, ... Man told Starbucks barista his name was Aziz, but she wrote Isis. Q3 Consolidated Net Revenues of $4.2 Billion, Down 38% from Prior Year Due to Adverse Impact of COVID-19 Q3 GAAP EPS of -$0.58; Non-GAAP EPS of -$0.46 Reflecting Material Sales Deleverage and Retail Partner Support COVID-19 Impacts Expected to Moderate Meaningfully in Q4 as Recovery Continues Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week … These forward-looking statements do not represent historical data, are based on currently available operating, financial and competitive information and are subject to a number of significant risks and uncertainties. Starbucks has the most advanced digital capabilities of any limited-service restaurant chain in the U.S., according to a new report from technology research firm Incisiv. Management excludes restructuring and impairment costs relating to the write-down of certain company-operated stores and intangible assets. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates, stores identified for permanent closure and Siren Retail stores. Please refer to the reconciliation of GAAP … But the company is still planning on adding tens of thousands more locations in the coming decade. Management excludes the gains related to the sale of our retail operations in Thailand, France and the Netherlands as these items do not reflect future gains or tax impacts for reasons discussed above. These statements include statements relating to: the estimated financial impact related to the outbreak of coronavirus disease (COVID-19) including the outlook, guidance and projections for revenues, earnings per share, operating income, operating margins, comparable store sales, net new stores, capital expenditures, interest expense and fiscal 2021 guidance; the nature and extent of the impact of COVID-19 on our business, operations and financial results; the anticipated timing and effects of recovery of our business, including our ability to expand seating and operating hours at our stores; our plans for streamlining our operations, including store openings, closures and changes in store formats and models; our ability to continue steady business improvement and improve customer and partner experiences; and our ability to emerge from this global crisis and drive long-term growth. Shares of Starbucks, which has a $119 billion market value, have risen 15% year to date, as of Tuesday's market close of $101.21. Refranchising could drive more growth. Starbucks is suspending its popular “Happy Hour” promotion for the time being due to coronavirus cases rising throughout the nation. Millions of Starbucks customers are working from home due to the crisis. Contact Information and Shareholder Assistance, https://www.businesswire.com/news/home/20201029006207/en/. In China, Starbucks has a deal with Beyond Meat. 53-weeks), Income tax effect on Non-GAAP adjustments (3). Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Integration Costs, Nestlé Transaction Starbucks' same-store sales in the country are expected to turn positive in the first quarter. All full-year guidance for the metrics noted below is for fiscal year 2021 on a 53-week basis except comparable store sales growth metrics, which are relative to fiscal year 2020 on a 52-week basis. A replay of the webcast will be available until end of day Friday, November 27, 2020. Active Starbucks® Rewards Membership in the U.S. Up 10% Year-Over-Year to 19.3 Million Fiscal 2021 Outlook Reaffirms Path to Full Recovery SEATTLE – Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended September 27, 2020. The GAAP measures most directly comparable to 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 are general and administrative expenses, operating income, operating income growth, operating margin, effective tax rate and diluted net EPS, respectively. Voices. Earnings beat forecasts while same-store sales fell less than expected. Starbucks will lay off about 700 non-store workers by mid-February, including about 350 at its Seattle headquarters, as part of a reduction of 6,000 positions worldwide over the next eight months. GAAP results in fiscal 2020 and fiscal 2019 include items which are excluded from non-GAAP results. At the end of Q4 FY20, approximately 98% of our global company-operated store portfolio was open, with 97% in the U.S. and 99% in China, as well as 99% in Japan and 97% in Canada. Starbucks will hold a conference call today at 2:00 p.m. Pacific Time, which will be hosted by Kevin Johnson, president and ceo, and Patrick Grismer, cfo. As part of Starbucks quarterly earnings call, Starbucks president and ceo Kevin Johnson provided specifics on the improving business results and the company’s continued confidence in the path ahead. This annual global social impact report for the fiscal year 2019 focuses on three areas that are critical to our business, and where we know we can have the most impact: leading in sustainability, creating meaningful opportunities, and strengthening our communities. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES, General and administrative expenses, as reported (GAAP), International transaction and integration-related items (2), Nestlé transaction and integration-related costs (3), Non-GAAP G&A as a % of total net revenues (4), Diluted net earnings per share, as reported (GAAP), Income tax effect on Non-GAAP adjustments (5). These forecasts were created before the spread of the virus and were based on information available at the time and on various assumptions that we believe were reasonable. One person, one cup and one neighborhood at a time. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. Starbucks lost billions of dollars in sales this year due to the coronavirus pandemic, but investors want to know more about the global coffee giant's plans for driving growth in the years to come after the crisis. 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. Non-GAAP G&A as a percentage of total net revenues for fiscal years 2019 and 2018 was 6.5% and 6.4%, respectively. Starbucks News. These decreases were slightly offset by 287 net new store openings, or 2% store growth, over the past 12 months. Durga Doraisamy In fiscal 2021, Starbucks is projecting annual global same-store sales growth of 18% to 23%, assuming that U.S. dining rooms will be fully reopened by the end of the second fiscal quarter, which ends in March. 206-318-7100 In September, the company launched enhancements to its industry-leading Starbucks® Rewards loyalty program by giving members more payment options and ways to earn Stars through the Starbucks App. Now in company-operated stores in the U.S. and Canada, new and current Starbucks Rewards members are able to pay with cash, credit/debit cards or select mobile wallets and earn Stars toward free items without having to preload a Starbucks Card within the app. Download this Press Release PDF Format (opens in new window) Q4 Comparable Store Sales of -9% in the U.S. and -3% in China, Demonstrating Sustained Recovery Q4 GAAP EPS of $0.33; Non-GAAP EPS of $0.51 Reflecting Substantial Improvement from Q3 The decline was primarily driven by an 8% unfavorable impact of Global Coffee Alliance transition-related activities, including a structural change in our single-serve business, as well as an adverse impact of COVID-19 on the Foodservice business, partially offset by growth in at-home coffee and ready-to-drink products. Related Costs, Restructuring, Over the summer, U.S. cafes offered a breakfast sandwich made with a sausage substitute from Impossible Foods. Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended September 27, 2020. Today, with more than 32,000 stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. 6. All Rights Reserved. More On: starbucks. 3. Optimization Costs, Nestlé transaction and integration-related costs (4), Non-GAAP G&A as a % of total net revenues (5), Income tax effect on Non-GAAP adjustments (7). As the companies made changes to their top management... | December 17, 2020 After submitting your information, you will receive an email. Stores that are temporarily closed or operating at reduced hours due to the COVID-19 outbreak remain in comparable store sales while stores identified for permanent closure have been removed. Starbucks' investor day: Four things investors want to hear Investors will be looking for an update to its long-term outlook, more details on how its store footprint is changing and how it plans to address new consumer behavior. China is expected to be the key market for new restaurant additions. Non-GAAP G&A as a percentage of total net revenues for the fourth quarter of fiscal 2020 was 7.0%. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: The following supplemental information is provided for historical and comparative purposes. Represents costs associated with our restructuring efforts, primarily severance and asset impairments related to certain company-operated store closures. However, with vaccines on the horizon, it will be interesting to see what a post-Covid world looks like. Roughly 800 urban cafes across the U.S. and Canada are expected to close, and the chain plans to build more pick-up locations and drive-thru lanes. These net new store openings bring the China total store count to over 4,700 company-operated Starbucks stores. These decreases were partially offset by 1,117 net new store openings, or 8% store growth, over the past 12 months. The unavailable information could have a significant impact on the company’s GAAP financial results. Net gain resulting from divestiture of certain operations, Net loss attributable to noncontrolling interests, As a % of In addition to the GAAP results provided in this release, the company provides certain non-GAAP financial measures that are not in accordance with, or alternatives for, generally accepted accounting principles in the United States. Transaction and In recent years, Starbucks has turned to cold beverages to induce customers to return more frequently. At its last investor meeting in 2018, the company said it expected adjusted earnings per share to rise at least 10% annually and consolidated revenue growth of 7% to 9% over the long term. Management excludes the transaction and integration-related costs related to the Global Coffee Alliance with Nestlé (inclusive of incremental costs to grow and develop the alliance) for reasons discussed above. You can sign up for additional subscriptions at any time. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release. Starbucks Corporation (Nasdaq: SBUX) today announced that Patrick Grismer, chief financial officer, will participate at the Wolfe Research Consumer Access Day on Wednesday, December 16, 2020, at 10:30 a.m. Eastern Time. But the pandemic's outsized impact on Starbucks' business could change how the company chooses to present its financial targets. [email protected], Starbucks Contact, Media: As a part of the company's commitment to 100% ethically sourced coffee, Starbucks announced the new Starbucks Digital Traceability tool. Starbucks first introduced the Happy Hour promotion in 2010, which was responsible for an 11% increase in its foot traffic last year, the news outlet said. The upswing has made some analysts wary about the stock's valuation, but Oppenheimer raised its price target to $112 ahead of investor day, which would be a nearly 11% gain from current levels. Starbucks expects to swing to a loss in its fiscal third quarter as the company predicts it lost as much as $3.2 billion in revenue due to the pandemic. Stock analysis for Starbucks Corp (SBUX:NASDAQ GS) including stock price, stock chart, company news, key statistics, fundamentals and company profile. It may seem like there's already a Starbucks on every corner. The company also will close about 300 underperforming stores, according to a … We hope you'll continue to follow our journey on Starbucks Stories. Net stores opened/(closed) and transferred during the period. Starbucks thanks frontline workers with free coffee for the month of December, Starbucks to accelerate its deadline to improve its store footprint. This year, Starbucks' Pumpkin Cream Cold Brew outsold the Pumpkin Spice Latte, its trademark autumn drink. Management excludes these items for reasons discussed above. In its fiscal fourth quarter, which ended Sept. 27, same-store sales in the U.S. fell just 9% and only 3% in China. Our strategies are working and I am optimistic that we will emerge from the COVID-19 pandemic as a stronger and more resilient company,” concluded Johnson. We want to hear from you. Restructuring, Starbucks is also adding more plant-based options to its menu to appeal to customers who are consuming fewer animal products and to help fulfill its long-term sustainability goals. 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. Represents incremental stock-based compensation award for U.S. partners (employees). shares outstanding - diluted, Store operating expenses as a % of company-operated store revenues, Effective tax rate including noncontrolling interests. As of the end of Q4 FY20, approximately 93% of our global licensed store portfolio was open. Includes only Starbucks® company-operated stores open 13 months or longer. https://www.businesswire.com/news/home/20201029006207/en/, Starbucks Contact, Investor Relations: Operating margin of 12.1% contracted 810 basis points, primarily due to expenses relating to the Americas store portfolio optimization, the impact of the COVID-19 outbreak including sales deleverage and additional costs incurred, as well as growth in retail partner wages and benefits, partially offset by labor efficiency. © 2017 Starbucks Corporation. Got a confidential news tip? As we have grown to more than 28,000 stores in more than 75 countries, so too has our … One opportunity for growth is oat milk, which is popular with coffee drinkers for its texture and taste even when added to hot drinks. Adjustments were determined based on the nature of the underlying items and their relevant jurisdictional tax rates. But investors will want to know more about how the transformation will change the average sales volume for a cafe and its labor costs. Besides the name change, there were no other changes in the types of costs reported within the caption. The coffee chain has announced plans to pay all U.S. employees a minimum wage of $15 … The pandemic caused the company to lose billions of dollars in sales and spurred some major changes, like hundreds of cafe closures. In this earnings release, we estimated the impact of COVID-19 by comparing actual results to our previous forecasts. Reggie Borges The company will provide additional information regarding its business outlook during its regularly scheduled quarterly earnings conference call today; this information will also be available following the call on the company’s website at http://investor.starbucks.com. Key takeaways from Starbucks Q4 FY20 earnings results. 2. Colder drinks are more likely to be part of an afternoon routine, rather than an early morning ritual. Comparable store sales include a 2% benefit related to a temporary value-added tax exemption in China. total net revenues. GAAP results in fiscal 2020 and fiscal 2019 include items that are excluded from non-GAAP results. Smaller coffee shops may have fared worse during the pandemic, which could work in Starbucks' favor and help it gain market share. As a part of its ongoing commitment to advancing racial and social equity, Starbucks announced several new actions it will take on its journey to that commitment. ... "We have provided scenario-based procedural information to our store teams on how to report … Data is a real-time snapshot *Data is delayed at least 15 minutes. In this earnings release, the EPS impact of COVID-19 represents an approximation based on the pandemic’s estimated impact on operating results. Adjustments to reconcile net earnings to net cash provided by operating activities: Income earned from equity method investees, Distributions received from equity method investees, Gain resulting from acquisition of joint venture, Net gain resulting from divestiture of certain retail operations, Loss on retirement and impairment of assets. Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Includes only Starbucks® company-operated stores open 13 months or longer. Includes transaction costs for the acquisition of our East China joint venture; 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. As of the end of fiscal year 2020, the company had opened 581 net new stores in China, with 259 net new stores opened in the fourth quarter of fiscal 2020, representing a record-level pace of store development for Starbucks China. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Net revenues for the International segment of $1.5 billion in Q4 FY20 were 5% lower relative to Q4 FY19, primarily due to a 10% decrease in comparable store sales as well as lower product sales to and royalty revenues from our international licensees as a result of lost sales related to the COVID-19 outbreak. Temporarily closed as a percentage of total net revenues for the month December. That are excluded from non-GAAP results ) reported Q4 earnings after market close on October 29 even attractive. This release for more information via email, enter your email address and select least! 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