Available Information
Starbucks 10-K reports, along with all other reports and amendments filed with or furnished to the Securities and Exchange
Commission ("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. Our corporate governance policies, code of ethics and Board committee charters and policies are also posted on the
Investor Relations section of Starbucks website at investor.starbucks.com. The information on our website is not part of this or
any other report Starbucks files with, or furnishes to, the SEC.
Item 1A. Risk Factors
You should carefully consider the risks described below. If any of the risks and uncertainties described in the cautionary factors
described below actually occurs, our business, financial condition and results of operations, and the trading price of our
common stock could be materially and adversely affected. Moreover, we operate in a very competitive and rapidly changing
environment. New factors emerge from time to time and it is not possible to predict the impact of all these factors on our
business, financial condition or results of operation.
• Economic conditions in the US and certain international markets could adversely affect our business and financial results.
As a retailer that is dependent upon consumer discretionary spending, our results of operations are sensitive to changes in
macro-economic conditions. Our customers may have less money for discretionary purchases and may stop or reduce their
purchases of our products or trade down to Starbucks or competitors' lower priced products as a result of job losses,
foreclosures, bankruptcies, increased fuel and energy costs, higher interest rates, higher taxes and reduced access to credit.
Decreases in customer traffic and/or average value per transaction will negatively impact our financial performance as reduced
revenues without a corresponding decrease in expenses result in sales de-leveraging, which creates downward pressure on
margins and also negatively impacts comparable store sales, net revenues, operating income and earnings per share. There is
also a risk that if negative economic conditions persist for a long period of time or worsen, consumers may make long-lasting
changes to their discretionary purchasing behavior, including less frequent discretionary purchases on a more permanent basis.