Starbucks Changes Financial Reporting on Some of its Operations
October 16 2019 - 6:11PM
Dow Jones News
By Kimberly Chin
Starbucks Corp. (SBUX) said it would change the way it reports
on some of its operations in an effort to mirror the company's
streamlining efforts, the retailer said Wednesday.
For the fourth quarter, which it will report on Oct. 30,
Starbucks said it will combine its China/Asia Pacific segment with
its Europe, Middle East and Africa segment into a single
International segment. The company said it will continue to provide
supplemental information on two of its biggest sales-growth
regions, the U.S. and China.
Additionally, the company will report results from its Starbucks
Reserve Roastery and Tasting Rooms, Starbucks Reserve brand and
Princi operations --which fall under its Siren Retail operating
segment -- under its Americas and International segments, depending
on the operations' geographical locations. It previously reported
the operations under the Corporate and Other line.
The Seattle coffee chain said it would also re-classify certain
costs, reporting cost of sales as store-operating sales.
With the changes, Starbucks said it will restate its GAAP and
non-GAAP quarterly results for fiscal 2018 and fiscal 2019 through
the third quarter.
The changes won't have an impact on revenues or earnings, the
company said.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
October 16, 2019 17:56 ET (21:56 GMT)
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