What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-11-18 compared with 2021-11-19 · 72 added, 123 removed, 213 unchanged (48% of the section changed)

4 unchanged sentences

In addition to our flagship Starbucks Coffee ® brand, we sell goods and services under the following brands:

Teavana, Seattle’s Best Coffee, Evolution Fresh, Ethos, Starbucks Reserve and Princi.

Teavana ® , Seattle’s Best Coffee ® , Ethos ® , Starbucks Reserve ® and Princi ® .

Our primary objective is to maintain Starbucks standing as one of the most recognized and respected brands in the world.

We believe our work to create a company that is profit-, people- and planet-positive, along with our ability to successfully execute strategies that support this work, contribute to our primary objective.

Profit-Positive

Our profit-positive efforts are aligned with our global long-term “Growth at Scale” agenda to deliver consistent revenue and income growth, through focus and discipline.

We believe incremental investments in our brand, principally to support our people- and planet-positive work, will deliver long-term targeted revenue and income growth.

We believe the continuous investments in our brand and operations will deliver long-term targeted revenue and income growth.

This includes expansion of our global store base, adding stores in both existing, developed markets such as the U.S.

and in newer, higher growth markets such as China, as well as optimizing the mix of company-operated and licensed stores around the world.

In addition, by leveraging experiences gained through our stores and elsewhere, we continue to drive beverage, equipment, process and technology innovation.

and in higher growth markets such as China, as well as optimizing the mix of company-operated and licensed stores around the world.

In addition, by leveraging experiences gained through our stores and elsewhere, we continue to drive beverage, equipment, process and technology innovation, including in our industry-leading digital platform.

We strive to regularly offer consumers new, innovative coffee and other products in a variety of forms, across new categories, diverse channels and alternative store formats.

We are committed to further investments in our partners (employees) and our industry-leading digital platform as well as environmental, social and governance issues underscoring our mission and values.

Our disciplined capital allocation methodology, which prioritizes high-return investments as well as share repurchases and competitive dividends, rounds out our “Growth at Scale” agenda and our profit-positive vision.

People-Positive

Our people-positive vision is to cultivate an inclusive environment where everyone belongs.

This includes empowering our partners with opportunities to pursue their aspirations while living our mission and values, acting with empathy and compassion and sharing in our success.

This enables our partners to deliver an elevated Starbucks Experience to our customers every day.

We also strive to develop long-lasting trust and make tangible differences in the communities where we serve by investing in humanity and the well-being of everyone we connect with, advancing initiatives that support diversity, equity and inclusion through education, pay equity, hiring commitments and meaningful community involvement, including donations.

Planet-Positive

Our planet-positive vision is to give back more than we take from the planet.

This includes reducing our environmental impacts, such as expanding reusable packaging, conserving water, shifting to renewable energy and eliminating landfill waste, and committing to the sustainability of high-quality coffee and other raw materials.

Sustainability of our raw materials, especially coffee, is paramount to our business operations.

We are committed to ethically sourcing coffee, tea and cocoa, donating disease-resistant coffee trees to farmers, providing farmers access to low-interest loans and sharing the expertise of our agronomists with all coffee farmers, among other things.

Starbucks has always been a different kind of company – one deep with purpose, where we work together to create a positive impact in the world.

With coffee at our core, we pursue ambitious goals for our partners (employees), our communities and our planet because we believe it is our role and responsibility to create a thriving business powered by thriving people for a thriving planet and communities.

Starbucks work to uplift one another extends well beyond our partners to the communities where we do business around the world.

We are committed to responsible and ethical sourcing led by Coffee and Farmer Equity (C.A.F.E.) Practices, the company’s third-party verification program and the cornerstone of our approach to ethical sourcing coffee, as well as a more sustainable, resilient future for our planet and for our communities.

Human Capital Management

As a company, Starbucks mission is not only to deliver outstanding financial results by offering exceptional and unique products and services, but to also create a strong connection with the communities where we operate.

We believe the strength of our workforce is one of the significant contributors to our success as a global brand that leads with purpose as part of our people-positive vision.

This is largely attributed to our partners who strive every day to create a welcoming and inclusive environment.

We invest in the well-being – the mental, physical and financial health – of every partner through our practices, policies and benefits.

This work is grounded in the belief that we are at our best when we create inclusive and welcoming environments, where we uplift one another with dignity, respect and kindness.

And we are hard at work uplifting our communities and building environments in our stores that are welcoming and safe.

We believe the strength of our workforce is one of the significant contributors to our success as a global brand that leads with purpose.

Therefore, one of our core strategies is to invest in and support our partners to differentiate our brand, products and services in the competitive specialty coffee market, including the following areas of focus:

1 unchanged sentence

We recognize the diversity of customers, partners and communities and believe in creating an inclusive and equitable environment that represents a broad spectrum of backgrounds and cultures.

Working under these principles, our Partner

Resources Organization is tasked with managing employment-related matters, including recruiting and hiring, onboarding and training, compensation planning, performance management and professional development.

Our Board of Directors and Board committees provide oversight on certain human capital matters, including our Inclusion and Diversity programs and initiatives.

Working under these principles, our Partner Resources Organization is tasked with managing employment-related matters, including recruiting and hiring, onboarding and training, compensation planning, performance management and professional development.

Our Board of Directors (the “Board”) and Board committees provide oversight on certain human capital matters, including our Inclusion and Diversity programs and initiatives.

As noted in its charter, our Compensation and Management Development Committee is responsible for periodically reviewing Starbucks partner resource programs and initiatives, including healthcare and other benefits, as well as our management development and succession planning practices and strategies.

3 unchanged sentences

We regularly conduct anonymous surveys to seek feedback from our partners on a variety of topics, including confidence in company leadership, competitiveness of our compensation and benefits package, career growth opportunities and recommendations on how we can remain an employer of choice.

The results are shared with our partners and reviewed by senior leadership, who analyze areas of progress or deterioration and prioritize actions and activities in response to this feedback to drive meaningful improvements in partner engagement.

The results are shared with our partners and reviewed by

senior leadership, who analyze areas of progress or deterioration and prioritize actions and activities in response to this feedback to drive meaningful improvements in partner engagement.

Our management and cross-functional teams also work closely to evaluate human capital management issues such as partner retention, workplace safety, harassment and bullying, as well as to implement measures to mitigate these risks.

2 unchanged sentences

We believe it is our responsibility to advance racial and social equity, and we are committed to furthering that work with intention, transparency and accountability.

In 2021, we published our third Civil Rights Assessment that evaluated our ongoing efforts related to diversity, equity and inclusion and how they support our mission and values.

The report addressed our progress over time and provides recommendations for how we can better advance diversity, equity and inclusion on behalf of our partners, customers and communities.

We continue to welcome our partners, customers, civil rights and community leaders, along with our chief inclusion and diversity officer, to advise us along this journey.

1 unchanged sentence

• Being intentional in cultivating a culture of inclusion, with a focus on partner retention and development.

◦ Launching a mentorship program connecting black, indigenous and people of color (“BIPOC”) partners to senior leaders, beginning with a cohort of leaders, senior vice president and above, as well as BIPOC directors in corporate and retail roles.

◦ Investing in strategic partnerships with professional organizations that focus on the development of BIPOC talent, providing additional development opportunities for our BIPOC partners.

◦ Expanding our mentorship program designed to foster and deepen understanding of inclusion, diversity, equity and accessibility and provide partners in corporate and retail roles, including Black, Indigenous and people of color (“BIPOC”) and lesbian, gay, bisexual, transgender, queer and/or questioning (“LGBTQ+”) partners, development opportunities and connections with senior leaders.

• Being transparent in our approach to Inclusion and Diversity goal setting and progress.

1 unchanged sentence

◦ Setting annual Inclusion and Diversity goals based on retention rates and progress towards achieving BIPOC representation.

Our goal is for at least 30% of all corporate roles and at least 40% of all retail and manufacturing roles to be held by BIPOC partners by 2025.

Our goal is for at least 30% of all corporate roles and at least 40% of all retail and manufacturing roles to be held by BIPOC partners in the U.S.

• Holding ourselves accountable at the highest levels of the organization.

◦ Incorporating metrics focused on building inclusive and diverse teams into our executive compensation programs beginning in fiscal 2021.

◦ Joining the Board Diversity Action Alliance to act alongside other companies similarly committed to increasing racially and ethnically diverse representation on corporate boards of directors.

◦ Publicizing self-identified race/ethnicity of each member of our board of directors.

◦ Incorporating metrics focused on building inclusive and diverse teams into our executive compensation programs.

◦ Joining the Board Diversity Action Alliance to act alongside other companies similarly committed to increasing racially and ethnically diverse representation on corporate boards.

◦ Publicizing self-identified race/ethnicity/gender of each member of our Board.

Total Rewards

1 unchanged sentence

We have consistently made enhancements in wages in order to attract talent to support our growth strategy and to elevate the customer experience.

To foster a stronger sense of ownership and

align the interests of partners with shareholders, restricted stock units are provided to eligible non-executive partners under our broad-based stock incentive programs.

To foster a stronger sense of ownership and align the interests of partners with shareholders, restricted stock units are provided to eligible non-executive partners under our broad-based stock incentive programs.

Furthermore, we offer comprehensive, locally relevant and innovative benefits to all eligible partners.

23 unchanged sentences

Approximately 144,000 employees were employed outside of the U.S., with approximately 140,000 in company-operated stores and the remainder in regional support operations.

The number of Starbucks partners represented by unions is not significant.

Some Starbucks partners in company-operated stores are represented by unions, though it is an immaterial portion of our total workforce.

We believe our efforts in managing our workforce have been effective, evidenced by a strong Starbucks culture and a good relationship between the company and our partners.

1 unchanged sentence

Name Age Position

Johnson 61 president and chief executive officer

John Culver 61 group president, North America, and chief operating officer

Howard Schultz 69 interim chief executive officer

Laxman Narasimhan 55 chief executive officer-elect

Michael Conway 56 group president, International and Channel Development

Gonzalez 52 executive vice president and general counsel

Zabrina Jenkins 52 acting executive vice president and general counsel

Rachel Ruggeri 53 executive vice president, chief financial officer

Angela Lis 54 executive vice president, chief partner officer

Gina Woods 48 executive vice president, Public Affairs and Social Impact

Johnson has served as president and chief executive officer since April 2017 and has been a Starbucks director since March 2009.

Johnson served as president and chief operating officer from March 2015 to April 2017.

Johnson served as Chief Executive Officer of Juniper Networks, Inc., a leading provider of high-performance networking products and services, from September 2008 to December 2013.

He also served on the Board of Directors of Juniper Networks from September 2008 to February 2014.

Prior to joining Juniper Networks, Mr.

Johnson served as President, Platforms and Services Division for Microsoft Corporation, a worldwide provider of software, services and solutions.

Johnson was a member of Microsoft’s Senior Leadership Team and held several senior executive positions over the course of his 16 years at Microsoft.

Prior to joining Microsoft in 1992, Mr.

Johnson worked in International Business Machine Corp.’s systems integration and consulting business.

John Culver joined Starbucks in August 2002 and has served as group president, North America and chief operating officer since July 2021.

From July 2018 to July 2021, Mr.

Culver served as group president, International, Channel Development and Global Coffee & Tea.

From October 2017 to July 2018, Mr.

Culver served as group president, International and Channels.

From September 2016 to October 2017, he served as group president, Starbucks Global Retail.

From May 2013 to September 2016, he served as group president, China, Asia Pacific, Channel Development and Emerging Brands.

Culver served as president, Starbucks Coffee China and Asia Pacific from October 2011 to May 2013.

From December 2009 to October 2011, he served as president, Starbucks Coffee International.

Culver served as executive vice president;

president, Global Consumer Products, Foodservice and Seattle’s Best Coffee from February 2009 to September 2009, and then as president, Global Consumer Products and Foodservice from October 2009 to November 2009.

He previously served as senior vice president;

president, Starbucks Coffee Asia Pacific from January 2007 to February 2009, and vice president;

general manager, Foodservice from August 2002 to January 2007.

Culver serves on the Board of Directors of Kimberly-Clark Corporation and Columbia Sportswear Company.

Howard Schultz is the founder of Starbucks Corporation and has served as interim chief executive officer and a member of the Starbucks Board since April 2022.

Schultz previously served as chairman of the Board of Starbucks since its inception in 1985 and until June 2018, and since 2018 has held the role of founder and chairman emeritus of Starbucks.

He also previously served as chief executive officer from January 2008 to April 2017 and from November 1985 to June 2000, and as president from January 2008 until March 2015 and from November 1985 to June 1994.

From June 2000 to February 2005, Mr.

Schultz also held the title of chief global strategist.

Schultz also held leadership and director roles with Il Giornale Coffee Company and Starbucks Coffee Company, which were predecessors to Starbucks.

Laxman Narasimhan joined Starbucks as its chief executive officer-elect on October 1, 2022.

Prior to joining Starbucks, Mr.

Narasimhan served as Chief Executive Officer of Reckitt Benckiser Group Plc (“Reckitt”), a FTSE 12 listed British multinational consumer health, hygiene and nutrition company, since September 2019.

Prior to joining Reckitt, Mr.

Narasimhan held various roles at PepsiCo from 2012 to 2019.

He served as PepsiCo’s Group Chief Commercial Officer until July 2019, and prior to that beginning in 2012 served as Chief Executive Officer - Latin America, Europe and Sub-Saharan Africa, Chief Executive Officer - Latin America and Chief Financial Officer of PepsiCo Americas Foods.

Prior to joining PepsiCo, Mr.

Narasimhan spent 19 years at McKinsey & Company, where he focused on its consumer, retail and technology practices in the U.S., Asia and India.

Narasimhan currently serves on the Board of Directors of Verizon Communications, Inc., a NYSE-listed telecommunications company.

Narasimhan is a trustee of the Brookings Institution and a member of the Council on Foreign Relations.

Michael Conway joined Starbucks in March 2013 and was named group president, International and Channel Development in June 2021, where he is responsible for leading Starbucks retail growth and operations in over 80 markets across Asia Pacific, Europe, Middle East and Africa, Latin America and the Caribbean and growth for the Global Channel Development business, which consists of consumer packaged goods, ready-to-drink businesses and strategic partnerships, including those with Nestlé, PepsiCo and other key business partners.

1 unchanged sentence

He also served as executive vice president and president, Starbucks Canada, executive vice president and president for Starbucks Licensed Stores business for the United States and Latin America and executive vice president and president of Starbucks Global Channel Development from December 2014 to March 2020.

He currently serves on the Board of Directors of McCormick & Company, Incorporated.

Gonzalez has served as executive vice president, general counsel, law and corporate affairs since joining Starbucks in April 2018.

From April 2018 to March 2021, she also served as secretary.

Prior to joining Starbucks, Ms.

Gonzalez served as executive vice president and chief administrative officer of Sabre Corporation, a technology provider to the travel industry, from May 2017 to April 2018 and as Sabre’s executive vice president and general counsel from September 2014 to May 2017.

From March 2013 to September 2014, Ms.

Gonzalez served as executive vice president, general counsel and corporate secretary of Dean Foods Company, a food and beverage company, and as its executive vice president, general counsel designate from November 2012 to March 2013.

She served as chief counsel, corporate and securities of Dean Foods from 2008 to 2012.

From 2006 to 2008, Ms.

Gonzalez served as senior vice president and group counsel for Affiliated Computer Services, Inc., an information technology service provider.

Prior to that, Ms.

Gonzalez was a partner with the law firm of Morgan, Lewis & Bockius LLP, where she focused on corporate finance, mergers and acquisitions, Securities and Exchange Commission (“SEC”) compliance and corporate governance.

Gonzalez currently serves on the Board of Directors of Dana Incorporated.

He currently serves on the Board of Directors of McCormick & Company, Incorporated, a NYSE-listed spice and extract manufacturing company.

Zabrina Jenkins joined the Starbucks legal department in 2005 and was named acting executive vice president and general counsel in April 2022, where she leads legal and regulatory affairs, global security and ethics and compliance for the company.

Prior to being named acting executive vice president, she served as senior vice president, deputy general counsel from February 2020 to April 2022.

She previously held roles as senior vice president, deputy general counsel, interim chief ethics and compliance officer, lead legal advisor for Teavana and was a member of the Starbucks 2018 Philadelphia incident crisis management response team.

She serves as an independent board director for Retail Opportunity Investments Corp., a Nasdaq-listed national manager of retail shopping centers, and is a member of the Board of Trustees for Central Washington University.

Rachel Ruggeri joined Starbucks in 2001 as a member of the accounting team and was named executive vice president and chief financial officer in February 2021.

2 unchanged sentences

From September 2016 to June 2020, she held various leadership roles in finance both internal and external to Starbucks, including Chief Financial Officer of Continental Mills from July 2018 to May 2020 and prior to that she was senior vice president of Finance at Starbucks in support of the Americas and Global Retail from September 2016 to June 2018.

She was also a vice president of Finance from December 2010 to September 2016 supporting Corporate Financial Planning & Analysis and the U.S.

She also served as vice president of Finance from December 2010 to September 2016 supporting Corporate Financial Planning & Analysis and the U.S.

Retail business.

Angela Lis joined Starbucks in 1992 as a part-time barista and has served as executive vice president, chief partner officer since November 2020.

From September 2016 to October 2020, Ms.

Lis served as senior vice president, partner resources.

In this role she was responsible for talent and partner strategies that drive our global retail operations business.

Prior to this role, she served as a vice president of partner resources for corporate business functions and global supply chain from December 2012 to September 2016.

During her tenure at Starbucks, Ms.

Lis has led partner resources business partners across the globe.

She has supported both retail and all non-retail business units and was instrumental in the startup of our Channel Development business.

Gina Woods joined Starbucks in 2005 and was named executive vice president of Public Affairs and Social Impact in January 2021.

In this role, she leads global communications, partner (employee) communications and events, government affairs and public policy, community impact, people-positive, integrated reputation communications, storytelling and content creation, Seattle’s hometown strategy and entertainment partnerships.

From July 2018 to January 2021, she served as senior vice president, Reputation Marketing for Public Affairs, and she previously served as vice president, Entertainment & Executive Communications from September 2013 to July 2018.

Segment Financial Information

Segment information is prepared on the same basis that our management reviews financial information for operational decision-making purposes.

In the fourth quarter of fiscal 2021, certain changes were made to our management team, and our operating segment reporting structure was re-aligned as a result.

Specifically, we realigned our fully licensed Latin America and Caribbean markets from our Americas operating segment to our International operating segment.

Additionally, we renamed the Americas operating segment to the North America operating segment, comprised of our company-operated and licensed stores in the U.S.

and Canada.We also made certain other immaterial changes between our International operating segment and Corporate and Other.

We have three reportable operating segments:

2 unchanged sentences

and 3) Channel Development.

Non-reportable operating segments such as Evolution Fresh and unallocated corporate expenses are reported within Corporate and Other.

Non-reportable operating segments and unallocated corporate expenses are reported within Corporate and Other.

Revenues from our reportable operating segments as a percentage of total net revenues for fiscal 2022 were as follows:

4 unchanged sentences

Our Channel Development segment includes roasted whole bean and ground coffees, Seattle’s Best Coffee, Starbucks- and Teavana-branded single-serve products, a variety of ready-to-drink beverages, such as Frappuccino ® and Starbucks Doubleshot ® , foodservice products and other branded products sold worldwide outside of our company-operated and licensed stores.

A large portion of our Channel Development business operates under a licensed model of the Global Coffee Alliance with Nestlé, while our global ready-to-drink businesses operate under collaborative relationships with PepsiCo, Inc., Tingyi-Ashi Beverages Holding Co., Ltd., Arla Foods amba and others.

Revenue Components

13 unchanged sentences

Our strategy for expanding our global retail business is to increase our category share in a disciplined manner, by selectively opening additional stores in new and existing markets, as well as increasing sales in existing stores, to support our long-term strategic objective to maintain Starbucks standing as one of the most recognized and respected brands in the world.

Store growth in specific existing markets will vary due to many factors, including expected financial returns, the maturity of the market, economic conditions, consumer behavior and local business practices.

Company-operated store data for the fiscal year-ended October 2, 2022:

Sep 27, 2020 Opened Closed Transfers Net Oct 3, 2021

Oct 3, 2021 Opened Closed Transfers Net Oct 2, 2022

North America:

14 unchanged sentences

We are continuing the expansion of our stores, particularly drive-thru formats that provide a higher degree of access and convenience, and alternative store formats, which are designed to provide a more streamlined customer experience in dense metropolitan areas.

Prior to the global COVID-19 pandemic, approximately 80% of Starbucks transactions in U.S.

company-operated stores were “on-the-go” occasions.

This has prompted us to reexamine our U.S.

store footprint and evolve our retail presence over time

through targeted store renovations, relocations and new stores.

We have since introduced new store formats, such as Starbucks ® Pickup, Starbucks Now stores and curbside pickup, to enhance the “on-the-go” customer experience and improve operating efficiency across Starbucks ® stores in certain major metropolitan areas in the United States.

New store formats are suitable 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 invest in technology and establish partnerships with third parties with relevant expertise to increase digital adoption to provide convenience and elevate the customer experience.

In China, the introduction of Starbucks Now TM stores is intended to enable a seamless integration of physical and digital customer touchpoints.

In fiscal 2022, we announced our plan in the U.S.

market to increase efficiency while elevating the partner and customer experience (the “Reinvention Plan”).

We believe the investments in partner wages and trainings will increase retention and

productivity while the acceleration of purpose-built store concepts and innovations in technologies will provide additional convenience and connection with our customers.

In our major international markets, we also continue to invest in technology and establish partnerships with third parties with relevant expertise to increase digital adoption to provide convenience and elevate the customer experience.

In China, we leverage platforms such as Starbucks Now TM stores to enable a seamless integration of physical and digital customer touchpoints.

Orders may be placed in advance through the Starbucks Mobile App or Starbucks Delivers TM and can be conveniently picked up by customers and delivery providers in these express retail format locations.

These strategies align closely with rapidly evolving customer preferences, including higher levels of mobile ordering, more contactless pick-up experiences and reduced in-store congestion, all of which naturally allow for greater physical distancing.

We announced plans to invest in a digital third place that will offer members access to new benefits, a digital community and immersive coffee experiences, giving our customers new ways to experience and connect with Starbucks.

We believe our continued efforts to transform our store portfolio and elevate technology will enhance the customer experience and position Starbucks for long-term growth.

15 unchanged sentences

Registered members can receive various benefits depending on factors such as the number of reward points (“Stars”) earned.

In addition to using their Starbucks Cards, Starbucks ® Rewards members can earn Stars by paying with cash, credit or debit cards, or selected mobile wallets at company-operated stores in the U.S.

In addition to using their Starbucks Cards, Starbucks Rewards members can earn Stars by paying with cash, credit or debit cards, or selected mobile wallets at all company-operated stores and a majority of licensed stores in North America.

Using the Mobile Order and Pay functionality of the Starbucks Mobile App, customers can also place orders in advance for pick-up at certain participating locations in several markets.

13 unchanged sentences

Licensed store data for the fiscal year-ended October 2, 2022:

Sep 27, 2020 Opened Closed Transfers Net Oct 3, 2021

Oct 3, 2021 Opened Closed Transfers Net Oct 2, 2022

North America:

2 unchanged sentences

Total North America 6,965 244 (133) 3 114 7,079

6,831 239 (128) 23 134 6,965

International:

Korea 1,611 168 (29) — 139 1,750

Mexico 752 7 (13) — (6) 746

737 68 (14) — 54 791

Latin America 1,437 115 (3) — 112 1,549

791 74 (30) 3 47 838

Turkey 559 50 (5) — 45 604

5 unchanged sentences

Total International 9,735 925 (284) 3 644 10,379

9,192 713 (172) 2 543 9,735

Total licensed 16,700 1,169 (417) 6 758 17,458

(1) North America and International licensed stores as of September 27, 2020, have been recast as a result of our fiscal 2021 operating segment reporting structure realignment.

Other Revenues

17 unchanged sentences

We believe, based on relationships established with our suppliers, the risk of non-delivery on such purchase commitments is remote.

To help ensure the future supply of high-quality green coffee and to reinforce our leadership role in the coffee industry, Starbucks operates ten farmer support centers, including our China Farmer Support Center located in the Yunnan Province of this high-growth market.

this high-growth market.

Farmer support centers are staffed with agronomists and sustainability experts who work with coffee farming communities to promote best practices in coffee production designed to improve both coffee quality and yields and agronomy support to address climate change and other impacts.

4 unchanged sentences

We also purchase a broad range of paper and plastic products, such as cups and cutlery, from several companies to support the needs of our retail stores as well as our manufacturing and distribution operations.

Consistent with our planet-positive vision, we are also expanding our use of reusable packaging to reduce landfill waste.

We are also expanding our use of reusable packaging to reduce landfill waste.

We believe, based on relationships established with these suppliers and manufacturers, that the risk of non-delivery of sufficient amounts of these items generally is remote.

During fiscal 2021, we began to experience certain supply shortages and transportation delays largely attributable to impacts of the COVID-19 pandemic as well as changes in customer demand and behaviors.

During fiscal 2021 and continuing into fiscal 2022, we experienced certain supply shortages and transportation delays largely attributable to impacts of the COVID-19 pandemic as well as changes in customer demand and behaviors.

While we expect these shortages and delays may continue into fiscal 2023, we view them to be temporary and do not believe they will have a material impact to our long-term growth and profitability.

7 unchanged sentences

and in other countries throughout the world.

Some of our trademarks, including Starbucks, the Starbucks logo, Starbucks Reserve, Seattle’s Best Coffee, Teavana and Frappuccino are of material importance.

Some of our trademarks, including Starbucks, the Starbucks logo, Starbucks Reserve and Frappuccino are of material importance.

The duration of trademark registrations varies from country to country.

1 unchanged sentence

We own numerous copyrights for items such as product packaging, promotional materials, in-store graphics and training materials.

We also hold patents on certain products, systems and designs which have an average remaining useful life of approximately two years.

In addition, Starbucks has registered and maintains numerous Internet domain names, including “Starbucks.com,” “Starbucks.net,” “Starbucksreserve.com,” “Seattlesbest.com” and “Teavana.com.”

We also hold patents on certain products, systems and designs which have an average remaining useful life of approximately seven years.

In addition, Starbucks has registered and maintains numerous Internet domain names, including “Starbucks.com,” “Starbucks.net” and “Starbucksreserve.com.”

Seasonality and Quarterly Results

Our business is subject to moderate seasonal fluctuations, of which our fiscal second quarter typically experiences lower revenues and operating income.

Our business is subject to moderate seasonal fluctuations, of which our second fiscal quarter typically experiences lower revenues and operating income.

The COVID-19 pandemic has had an impact on consumer behaviors and customer traffic;

7 unchanged sentences

Available Information

Starbucks Annual Report on Form 10-K reports, along with all other reports and amendments filed with or furnished to the SEC, are publicly available free of charge on the Investor Relations section of our website at investor.starbucks.com or at www.sec.gov as soon as reasonably practicable after these materials are filed with or furnished to the SEC.

Starbucks Annual Report on Form 10-K reports, along with all other reports and amendments filed with or furnished to the Securities and Exchange Commission (the “SEC”), are publicly available free of charge on the Investor Relations section of our website at investor.starbucks.com as soon as reasonably practicable after these materials are filed with or furnished to the SEC.

In addition, the SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov.

We also use our website as a tool to disclose important information about the company and comply with our disclosure obligations under Regulation Fair Disclosure.

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business