Starbucks Corporation (NASDAQ:SBUX) Q4 2023 Earnings Call Transcript November 2, 2023 7:30 AM ET

Company Participants

Tiffany Willis - VP, IR

Laxman Narasimhan - CEO

Rachel Ruggeri - EVP & CFO

Conference Call Participants

Sara Senatore - Bank of America

Jeffrey Bernstein - Barclays

David Palmer - Evercore ISI

Lauren Silberman - Deutsche Bank

Sharon Zackfia - William Blair

John Ivankoe - JPMorgan

Brian Harbour - Morgan Stanley

Danilo Gargiulo - Bernstein

Operator

Hello. My name is Kevin, and I'll be your conference operator today. I'd like to welcome everyone to Starbucks Fourth Quarter and Full Fiscal Year 2023 Conference Call. [Operator Instructions].

I will now turn the call over to Tiffany Willis, Vice President, Investor Relations. Ms. Willis, you may now begin your conference.

Tiffany Willis

Thank you, Kevin. And good morning, everyone, and thank you for joining us today to discuss Starbucks' fourth quarter and full fiscal year 2023 Results. Today's discussion will be led by Laxman Narasimhan, Chief Executive Officer; and Rachel Ruggeri, Executive Vice President and Chief Financial Officer.

This conference call 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 and risk factors discussed in our filings with the SEC, including our latest annual report on Form 10-K and quarterly report on Form 10-Q. Starbucks assumes no obligation to update any of these forward-looking statements or information.

GAAP results in fourth quarter and full fiscal year 2023 and the comparative period include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs, and other items. These items are excluded from our non-GAAP results. All numbers referenced on today's call are on a non-GAAP basis, unless otherwise noted or there is no non-GAAP adjustment related to the metric.

For non-GAAP financial measures mentioned in today's call, please refer to the earnings release on our website at investor.starbucks.com to find reconciliations of those non-GAAP measures to their corresponding GAAP measures. This conference call is being webcast, and an archive of this webcast will be available on our website until Friday, December 1, 2023.

Also, for calendar planning purposes, please note that our first quarter fiscal year 2024 earnings conference call has been tentatively scheduled for Tuesday, January 30, 2024.

And with that, I'll now turn the call over to Laxman.