2020 $ Chg % Chg 2019 $ Chg %Chg 2018 9% 8% CONSOLIDATED STATEMENTS OF EARNINGS (in millions, except per share data) Net revenues: Company-operated stores Licensed stores Other Total net revenues Product and distribution costs Store operating expenses Other operating expenses Depreciation and amortization expenses General and administrative expenses Restructuring and impairments Total operating expenses Income from equity investees Operating income Gain resulting from acquisition of joint venture Net gain resulting from divestiture of certain operations Interest income and other, net Interest expense Earnings before income taxes Income tax expense Net earnings including noncontrolling interests Net loss attributable to noncontrolling interests Net earnings attributable to Starbucks Earnings per share - basic Earnings per share - diluted Weighted average shares outstanding: Basic Diluted $ 19,164.6 2,327.1 2,026.3 23,518.0 7,694.9 10,764.0 430.3 1,431.3 1,679.6 278.7 22,278.8 322.5 1,561.7 ($2,380) (11%) ($548) (19%) ($63) (3%) ($2,991) (11%) ($832) (10%) $270 3% $59 16% $54 4% ($145) (8%) $143 105% ($450) (2%) $25 8% ($2,516) (62%) $ 21,544.4 2,875.0 2,089.2 26,508.6 8,526.9 10,493.6 371.0 1,377.3 1,824.1 135.8 22,728.7 298.0 4,077.9 $1,854 $223 8% ($288) (12%) $1,789 7% $596 $1,021 11% ($184) (33%) $130 10% $116 7% ($89) (39%) $1,591 8% ($3) (1%) $195 5% $ 19,690.3 2,652.2 2,377.0 24,719.5 7,930.7 9,4722 554.9 1,247.0 1,708.2 224.4 21,137.4 301.2 3,883.3 1,376.4 499.2 191.4 (170.3) 5,780.0 1,262.0 4,518.0 (0.3) $ 4,518.3 39.7 (4370) 1,164.4 239.7 924.7 (3.6) 928.3 ($623) (100%) ($57) (59%) ($106) 32% ($3,302) (74%) ($632) (72%) ($2,670) (74%) $1 (22%) ($2,671) (74%) 622.8 96.5 (331.0) 4,466.2 871.6 3,594.6 (4.6) 3,599.2 $124 25% ($95) (50%) ($161) 94% ($1,314) (23%) ($390) (31%) ($923) (20%) ($4) 1433% ($919) (20%) $ $ $ $ $ 0.79 0.79 $ $ 2.95 2.92 3.27 3.24 $ 1,172.8 1,181.8 1,221.2 1,233.2 1,382.7 1,394.6 ncome Statement - Horizontal Analysis 8. In the [Inc St-Horiz] sheet, complete computing annual changes for each line item on the income statement. Link to the sheet to complete the Income Statement horizontal analysis ==> Inc St-Horiz'!D8 9. Enter an "X" in the box next to the option below that best describes the trend in Starbucks' revenues during the reported periods. Select only one of the choices. Steady or accelerating increase Steady or accelerating decrease Fluctuating, with an initial increase followed by a decrease Fluctuating, with an initial decrease followed by an increase Unchanged 10. Enter an "X" in the box next to the option below that best describes the trend in Starbucks' selling, general & administrative expenses (operating expenses) during the reported periods. Select only one of the choices. Steady or accelerating increase Steady or accelerating decrease Fluctuating, with an initial increase followed by a decrease Fluctuating, with an initial decrease followed by an increase Unchanged 11. Enter an "X" in the box next to the option below that best describes the trend in Starbucks' net income during the reported periods. Select only one of the choices. Steady or accelerating increase Steady or accelerating decrease Fluctuating, with an initial increase followed by a decrease Fluctuating, with an initial decrease followed by an increase Unchanged 12. Examine the percentage changes in income statement line items from 2019 to 2020 for Starbucks. Summarize what is causing the changes in net income from fiscal year 2019 to 2020