Lou Whiteman

As an investor, I struggle to see why I should be excited about this or why I should care.

For one thing, as Rachel noted, they are dumping the fastest-growing, most interesting part of this business.

Now, for China, I know it's a licensing agreement.

They can still asset-light.

But China, international revenue is up 10%, North America revenue up 3%.

Which part are you getting rid of again?

Again, maybe getting rid of isn't fair.

Travis, is 3% comp store sales worth investing into?

Is even 5%?

Is 3% revenue growth really reason to get excited?

Here's what I didn't hear.

which is what I think as an investor I want to hear.

Again, I'm not shorting this either.

I think the business is doing what they should.

But what is your plan for long-term market-beating growth?

I think that's really hard for Starbucks to do, especially as they go asset-light international.

It used to be international as a growth story.

They can still, yes, benefit

from China and all of that, but you are neutering some of that long-term international growth story.

I think it's so important to separate.