• Reaffirms Fiscal 2001 Earnings Per Share Target of $0.46
  • Emphasizes Continued Aggressive Global Store Growth Plans

Starbucks Corporation (Nasdaq: SBUX) yesterday reported consolidated net revenues of $269 million for the five-week period ended September 30, 2001, an increase of 18 percent from consolidated net revenues of $227 million for the same period in fiscal 2000. On a comparable store sales basis (stores open for at least 13 months), sales at company-operated stores increased 1 percent for the five weeks ended September 30, 2001 as compared to the same five-week period in fiscal 2000, despite the fact that all company-owned stores in North America were closed early on September 11, 2001.

For the 52 weeks ended September 30, 2001, consolidated net revenues were $2.6 billion, an increase of 22 percent from consolidated net revenues of $2.2 billion for the same period in fiscal 2000. Comparable store sales increased 5 percent for the 52-week period ended September 30, 2001, as compared to the same 52-week period in fiscal 2000.

“We continue to be pleased with the performance of our business and remain committed to our fiscal 2001 earnings per share target of $0.46,” stated Starbucks president and chief executive officer, Orin Smith. The Company plans to announce results for fiscal 2001 on November 15, 2001.

The Company also reported opening a record 1,208 new stores during fiscal year 2001 and reiterated its commitment to aggressive global store growth plans, including opening at least 1,200 new stores in fiscal 2002, as well as breaking ground in Nevada on a fourth roasting plant.

“We believe the current softening macro economic trends provide a favorable environment to aggressively pursue our global expansion strategy,” commented Howard Schultz, Starbucks chairman and chief global strategist.

                           STORE INFORMATION

Net stores opened during
the 52 weeks ended Stores open as of
September 30, 2001 September 30, 2001
—————— ——————
Continental North America:
Company-Operated Stores 525 2,971
Licensed Stores 279 809
— —
804 3,780
Company-Operated Stores 122 295
Licensed Stores 282 634
— —
404 929

Total 1,208 4,709
===== =====

Starbucks Coffee Company is the leading retailer, roaster and brand of specialty coffee in the world. In addition to its more than 4,700 retail locations in North America, the United Kingdom, continental Europe, the Middle East and the Pacific Rim, Starbucks sells coffee and tea products through its specialty operations, including its online store at Starbucks.com. Additionally, Starbucks produces and sells bottled Frappuccino® coffee drink and a line of superpremium ice creams through its joint venture partnerships. The Company’s other brands enhance the Starbucks Experience through best-of-class products: Tazo Tea Company offers a line of innovative premium teas, and Hear Music produces and distributes a line of exceptional compact discs.

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, including anticipated store openings, trends in, or expectations regarding, the Company’s operations and financial results, are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties. Actual future results and trends may differ materially depending on a variety of factors including but not limited to, coffee and other raw material prices and availability, successful execution of internal performance and expansion plans, the effect of slowing U.S. and international economies, the impact of competition, the effect of legal proceedings and other risks detailed in the Company’s filings with the Securities and Exchange Commission.

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