1、Fiscal 2020Annual ReportStarbucks Shanghai Container StoreUNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the Fiscal Year Ended September 27, 2020or TRANSITION REPORT PURSUANT TO SEC

2、TION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from to .Commission File Number: 0-20322Starbucks Corporation(Exact Name of Registrant as Specified in its Charter)Washington91-1325671(State of Incorporation)(IRS Employer ID)2401 Utah Avenue South, Seattle, Washington

3、 98134(206) 447-1575(Address of principal executive office, zip code, telephone number)Securities Registered Pursuant to Section 12(b) of the Act:Title of Each ClassTrading SymbolName of Each Exchange on Which RegisteredCommon Stock, $0.001 par value per shareSBUXNasdaq Global Select MarketSecuritie

4、s Registered Pursuant to Section 12(g) of the Act: NoneIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of

5、the Act. Yes No xIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has b

6、een subject to such filing requirements for thepast 90 days. Yes x No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T ( 232.405 of this chapter) during the preceding 12 months (or fo

7、r such shorter period that the registrant was required to submit suchfiles). Yes x No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large ac

8、celerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2of the Exchange Act.Large accelerated filerxAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth companyIf an emerging growth company, indicate by check mark if the

9、 registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its managements assessm

10、ent of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b) by the registered public accounting firm that prepared or issued its auditreport. xIndicate by check mark whether the registrant is a shell company (as defined i

11、n Rule 12b-2 of the Act). Yes No xThe aggregate market value of the voting stock held by non-affiliates of the registrant as of the last business day of the registrants most recently completed secondfiscal quarter, based upon the closing sale price of the registrants common stock on March 29, 2020 a

12、s reported on the NASDAQ Global Select Market was $77.4billion. As of November 6, 2020, there were 1,173.7 million shares of the registrants Common Stock outstanding.DOCUMENTS INCORPORATED BY REFERENCEPortions of the definitive Proxy Statement for the registrants Annual Meeting of Shareholders to be

13、 held on March 17, 2021 have been incorporated by referenceinto Part III of this Annual Report on Form 10-K.STARBUCKS CORPORATIONForm 10-KFor the Fiscal Year Ended September 27, 2020TABLE OF CONTENTSPART IItem 1Business2Item 1ARisk Factors9Item 1BUnresolved Staff Comments19Item 2Properties19Item 3Le

14、gal Proceedings19Item 4Mine Safety Disclosures19PART IIItem 5Market for the Registrants Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities20Item 6Selected Financial Data22Item 7Managements Discussion and Analysis of Financial Condition and Results of Operations25Ite

15、m 7AQuantitative and Qualitative Disclosures About Market Risk46Item 8Financial Statements and Supplementary Data47Index for Notes to Consolidated Financial Statements52Report of Independent Registered Public Accounting Firm89Item 9Changes in and Disagreements with Accountants on Accounting and Fina

16、ncial Disclosure91Item 9AControls and Procedures91Item 9BOther Information93PART IIIItem 10Directors, Executive Officers and Corporate Governance94Item 11Executive Compensation94Item 12Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters94Item 13Certain Rela

17、tionships, Related Transactions and Director Independence94Item 14Principal Accounting Fees and Services94PART IVItem 15Exhibits, Financial Statement Schedules95SIGNATURES104 Starbucks Corporation2020 Form 10-K1CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSThis Annual Report on Form 10-K inclu

18、des “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believes,” “expects,”“anticipates,”

19、 “estimates,” “intends,” “plans,” “seeks” or words of similar meaning, or future or conditional verbs, such as “will,” “should,” “could,” “may,”“aims,” “intends,” or “projects.” A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future ev

20、ents orcircumstances may not occur. You should not place undue reliance on forward-looking statements, which speak only as of the date of this Annual Report on Form10-K. These forward-looking statements are all based on currently available operating, financial and competitive information and are sub

21、ject to various risks anduncertainties. Our actual future results and trends may differ materially depending on a variety of factors, including, but not limited to, the risks and uncertaintiesdiscussed under “Risk Factors” and “Managements Discussion and Analysis of Financial Condition and Results o

22、f Operations.” Given these risks anduncertainties, you should not rely on forward-looking statements as a prediction of actual results. Any or all of the forward-looking statements contained in thisAnnual Report on Form 10-K and any other public statement made by us, including by our management, may

23、 turn out to be incorrect. We are including thiscautionary note to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-lookingstatements. We expressly disclaim any obligation to update or revise any forward-looking stat

24、ements, whether as a result of new information, future events orotherwise.Starbucks Corporation2020 Form 10-K2PART IItem 1. BusinessGeneralStarbucks is the premier roaster, marketer and retailer of specialty coffee in the world, operating in 83 markets. Formed in 1985, Starbucks Corporations commons

25、tock trades on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “SBUX.” We purchase and roast high-quality coffees that we sell, along withhandcrafted coffee, tea and other beverages and a variety of high-quality food items through company-operated stores. We also sell a variety of coffee

26、 and teaproducts and license our trademarks through other channels such as licensed stores, as well as grocery and foodservice through our Global Coffee Alliance withNestl S. A. (“Nestl”). In addition to our flagship Starbucks Coffee brand, we sell goods and services under the following brands: Teav

27、ana, Seattles Best Coffee,Evolution Fresh, Ethos, Starbucks Reserve and Princi.Our objective is to maintain Starbucks standing as one of the most recognized and respected brands in the world. To achieve this, we are continuing the disciplinedexpansion of our global store base, adding stores in both

28、existing, developed markets such as the U.S. and in newer, higher growth markets such as China, as wellas optimizing the mix of company-operated and licensed stores around the world. In addition, by leveraging the experience gained through our traditional storemodel, we continue to offer consumers n

29、ew coffee and other products in a variety of forms, across new categories, diverse channels and alternative store formats.We also believe our Starbucks Global Social Impact strategy, commitments related to ethically sourcing high-quality coffee, contributing positively to thecommunities we do busine

30、ss in and being an employer of choice are contributors to our objective.In this Annual Report on Form 10-K (“10-K” or “Report”) for the fiscal year ended September 27, 2020 (“fiscal 2020”), Starbucks Corporation (together with itssubsidiaries) is referred to as “Starbucks,” the “Company,” “we,” “us”

31、 or “our.”Segment Financial InformationWe have three reportable operating segments: 1) Americas, which is inclusive of the U.S., Canada and Latin America; 2) International, which is inclusive of China,Japan, Asia Pacific, Europe, Middle East and Africa; and 3) Channel Development. Non-reportable ope

32、rating segments such as Evolution Fresh and unallocatedcorporate expenses are reported within Corporate and Other. Revenues from our reportable operating segments as a percentage of total net revenues for fiscal 2020were as follows: Americas (70%), International (22%) and Channel Development (8%).Ou

33、r Americas and International segments include both company-operated and licensed stores. Our Americas segment is our most mature business and has achievedsignificant scale. Certain markets within our International operations are in various stages of development and may require more extensive support

34、, relative to theircurrent levels of revenue and operating income, than our Americas operations.Our Channel Development segment includes roasted whole bean and ground coffees, Seattles Best Coffee , Starbucks- and Teavana-branded single-serveproducts, a variety of ready-to-drink beverages, such as F

35、rappuccino , Starbucks Doubleshot , Starbucks Refreshers beverages and Teavana iced tea, andother branded products sold worldwide outside of our company-operated and licensed stores. A large portion of our Channel Development business operates undera licensed model of the Global Coffee Alliance with

36、 Nestl, while our global ready-to-drink businesses operate under collaborative relationships with PepsiCo,Inc., Anheuser-Busch Companies, LLC, Tingyi-Ashi Beverages Holding Co., Ltd., Arla Foods amba and others.Revenue ComponentsWe generate the majority of our revenues through company-operated store

37、s and licensed stores.Company-operated and Licensed Store Summary as of September 27, 2020AmericasAs a% of TotalAmericas StoresInternationalAs a% of Total International StoresTotalAs a% ofTotal StoresCompany-operated stores10,109 55 %6,528 46 %16,637 51 %Licensed stores8,245 45 %7,778 54 %16,023 49

38、%Total18,354 100 %14,306 100 %32,660 100 %The mix of company-operated versus licensed stores in a given market will vary based on several factors, including our ability to access desirable local retail space,the complexity, profitability and expected ultimate size of the market for Starbucks and our

39、 ability to leverage the support infrastructure within a geographicregion.TM/MCStarbucks Corporation2020 Form 10-K3Company-operated StoresRevenue from company-operated stores accounted for 81% of total net revenues during fiscal 2020. Our retail objective is to be the leading retailer and brand ofco

40、ffee and tea in each of our target markets by selling the finest quality coffee, tea and related products, as well as complementary food offerings, and by providingeach customer with a unique Starbucks Experience. The Starbucks Experience is built upon superior customer service, convenience and a se

41、amless digitalexperience as well as safe, clean and well-maintained stores that reflect the personalities of the communities in which they operate, thereby building a high degreeof customer loyalty.Our strategy for expanding our global retail business is to increase our category share in a disciplin

42、ed manner, by selectively opening additional stores in new andexisting markets, as well as increasing sales in existing stores, to support our long-term strategic objective to maintain Starbucks standing as one of the mostrecognized and respected brands in the world. Store growth in specific existin

43、g markets will vary due to many factors, including expected financial returns, thematurity of the market, economic conditions, consumer behavior and local business practices.Company-operated store data for the year-ended September 27, 2020: Stores Openas ofStores Openas of Sep 29, 2019OpenedClosedTr

44、ansfersNetSep 27, 2020Americas:U.S.8,791 332 (182) 150 8,941 Canada1,175 58 (74) (16)1,159 Siren Retail8 2 (1) 1 9 Total Americas9,974 392 (257) 135 10,109 International:China4,123 613 (32) 581 4,704 Japan1,379 104 (19) 85 1,464 U.K.288 6 (2)(4) 288 All Other65 2 2 67 Siren Retail5 5 Total Internati

45、onal5,860 725 (53)(4)668 6,528 Total company-operated15,834 1,117 (310)(4)803 16,637 Starbucks company-operated stores are typically located in high-traffic, high-visibility locations. Our ability to vary the size and format of our stores allows us tolocate them in or near a variety of settings, inc

46、luding downtown and suburban retail centers, office buildings, university campuses and rural and off-highwaylocations. We are continuing the expansion of our stores, particularly drive-thru formats that provide a higher degree of access and convenience, and alternativestore formats, which are design

47、ed to provide a more streamlined customer experience in dense metropolitan areas.Prior to the novel coronavirus outbreak, known as the global pandemic COVID-19, approximately 80% of Starbucks transactions in U.S. company-operated storeswere “on-the-go” occasions. This has prompted us to reexamine ou

48、r U.S. store footprint and evolve our retail presence over time through targeted storerenovations, relocations and new stores. We have since introduced a new store format, Starbucks Pickup, to enhance the “on-the-go” customer experience andimprove operating efficiency across Starbucks stores in cert

49、ain major metropolitan areas in the Americas. New store formats, such as Starbucks Pickup, aresuitable for customers who prefer to order ahead and pay through the Starbucks Mobile App for pick-up. In our major international markets, we continue to investin technology and establish partnerships with

50、third parties with relevant expertise to increase digital adoption to provide convenience and elevate the customerexperience. In China, the introduction of Starbucks Now stores enables a seamless integration of physical and digital customer touchpoints. Orders may beplaced in advance through the Sta