“And considering the quarterly EPS shape, we expect it to mirror the quarterly shape of operating margin, which will also have a meaningful step-up in the second half of the fiscal year.”

In context

“is is up from our fiscal 2022 GAAP and non-GAAP tax rates of 22.4% and 23.1%, respectively, which benefited from certain discrete tax items that are not expected to repeat to the same degree in fiscal 2023. Finally, based on the current environment, we expect foreign currency translation to have approximate four percentage point unfavorable impact on fiscal 2023 earnings growth. Despite that, we continue to expect fiscal 2023 GAAP EPS growth to be at the high end of the 15% to 20% range. Fiscal 2023 non-GAAP EPS growth is expected to be at the low end of the long-term range of 15% to 20% as the benefits of the reinvention investments will take time to amplify. It's important to note that Q4 fiscal 2022 included approximately $0.05 of nonrecurring items, largely from discrete tax benefits. And considering the quarterly EPS shape, we expect it to mirror the quarterly shape of operating margin, which will also have a meaningful step-up in the second half of the fiscal year. In closing, here are key takeaways from my discussion today. We are incredibly proud of our Q4 performance, underpinned by the experience our partners create for our customers each and every day. Our 2023 guidance sets the stage for another year of record performance. Importantly, we recognize that our future growth is dependent on our investments in our partners, stores and customers. As we lean in and solve the challenges of our business, together with our partners, we are confident of our path to unlock a new era of growth, creating value for all stakeholders, partners, customers and shareholders. Once again, our success is earned through our more than 450,000 Green Apron partners working across the globe to elevate the Starbucks experience each and every day. Their commitment and thei”