SEATTLE, Usa– Starbucks Corporation announced on Wednesday during its Annual Meeting of Shareholders that the Board of Directors has declared a two-for-one stock split.
Shareholders of record as of March 30, 2015 will receive one additional share for each share held on the record date. The new shares will be payable on April 8, 2015.
Starbucks common stock will begin trading on a split-adjusted basis on April 9, 2015. This is the sixth two-for-one split of the company’s common stock since its initial public offering in 1992; the previous stock split occurred in October 2005.
“On behalf of our board of directors, the Starbucks leadership team and the 300,000 partners who wear the Green Apron globally, I am proud to announce this two-for-one stock split, the sixth in our 23-year history as a public company,” said Howard Schultz, chairman and ceo of Starbucks Corporation.
“This split is a direct reflection of the past seven years of increasing shareholder value, enhancing the liquidity of our shares, and building an attractive share price. It also takes place at a time when Starbucks shareholders are experiencing an all-time high in value as we continue to deliver world-class customer service and, in turn, record profits and revenue.”
“Adjusting for the stock split effectively has the impact of modestly increasing our earnings guidance for the second quarter and for fiscal 2015,” noted Scott Maw, chief financial officer of Starbucks Corporation.
On a split adjusted basis, the company’s previously communicated GAAP and non-GAAP earnings per share targets equate to GAAP EPS of $0.32 and a non-GAAP range of $0.32 to $0.33 for the second quarter of fiscal 2015, and a GAAP range of $1.77 to $1.79 and a non-GAAP range of $1.55 to $1.57 for the full fiscal year 2015.
Due to this adjustment, the company is updating its GAAP and non-GAAP Q2 FY15 and full year FY15 EPS targets; it is neither updating nor reaffirming any other FY15 targets at this time. A reconciliation of GAAP to non-GAAP measures can be found at the end of this release.
Answers to frequently asked questions about the stock split can be found on the Investor Relations section of the company’s website at http://investor.starbucks.com.
