Starbucks Corp SBUX
Q4 2011 Earnings Call Transcript

Transcript Call Date 11/03/2011

Operator: Good afternoon. My name is Christian, and I will be your conference operator today. At this time, I would like to welcome everyone to the Starbucks Coffee Company's Fourth Quarter and Fiscal Year End 2011 Earnings 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.

Thank you. Ms. DeGrande, you may begin your conference.

JoAnn DeGrande - IR: Thank you. Good afternoon. This is JoAnn DeGrande, Director of Investor Relations for Starbucks Coffee Company. Thank you all for joining us today for a review of our fourth quarter and fiscal 2011 year end results. On the call with me today here in Seattle is Troy Alstead, Starbucks CFO and joining us from New York is Howard Schultz, Chairman, President and CEO.

Our discussion today will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release as well as 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 financial statements accompanying the earnings release to find disclosures and reconciliations of non-GAAP financial measures mentioned on today's call along with their corresponding GAAP measures. This conference call is being webcast and an archive of the webcast will be available on our website at under Investor Relations.

Our call will be limited to approximately one hour. So, out of courtesy for others, please limit your questions to one only. If time permits, we will take additional questions.

Now, let me turn the call over to Howard Schultz. Howard?

Howard Schultz - Chairman, President and CEO: Thank you, JoAnn, and welcome to everyone on the call. I am delighted to report the record Q4 and full year earnings Starbucks announced today. Fiscal 2011 was a remarkable year for Starbucks almost on every level. 2011 was a year on which we demonstrated our commitment and unique capabilities around food and beverage innovation, brought the Starbucks experience to new markets and consumers around the world, broadened and deepened our channels of distribution, deepened our relevancy and connection to customers, improved our customer experience and advanced our blueprint for profitable growth. It was a year in which we reported record earnings each quarter and for the full year a very strong comp growth all around the world, achieved the first $3 billion revenue quarter in Starbucks' history, powerfully asserted our coffee authority, and further differentiated and distanced our sales from competitors.

It was a year in which we reaffirmed our commitment to the thousands of communities and tens of millions of consumers we serve each week around the world. And we realigned our organization to best position us to go after the tremendous global opportunities that lie ahead in 2012 and beyond.

Read our Earnings Call Transcript disclaimer.
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