Romaine Bostick

you know for some of those folks that migrate into reserve i think they'll find it's a really special experience you've managed to sort of uh get sales back up there are still some analysts that look at some of the growth rate that you have four percent i think was safe in the most recent quarter i think your guidance is what three to five percent a little bit longer term but there are some analysts they're looking back to the heyday from a decade or two ago when starbucks was more uh mid single digits and even up into the teens is that even realistic to get back to those levels

On the top line, when does the bottom line catch up?

What's holding back that margin expansion, that profitability right now?

I am curious, at least here in the U.S., with regards to those growth plans, how much have you taken into account the economic environment?

I mean, a lot of your products are still, if not premium, certainly perceived as premium priced products here.

Does that work against you if we do end up in an economic downturn?

Do you think you have that pricing power right now?

Should you feel like you need to pull that lever?

You're spending a lot to revamp your stores.

I know that's a temporary cost in theory, but there are other additional costs you're having to deal with, including labor costs and things that are going to be more longer term and permanent.

How is that factored into the forecast?

I am curious, though, about some of the unionization drives that kind of predated you but are obviously still there as well.

Have you spoken with those unions in any sort of meaningful way recently?

Are they still demanding more than what you've already offered?

The US is obviously your primary market, but Starbucks for quite some time and made a real big push into China.

At one point you were the largest coffee chain in China.

You've retrenched from that just a little bit, and you've recently entered into a partnership to effectively sell off the majority of that business to the private equity firm, Boyu.

What is Starbucks going to look like, particularly in China and the rest of the countries?

You talked at your investor day about this being sort of an asset life model that you're taking there.

Does that also mean that investors should expect maybe slimmer margins because of the fact that you have to share a lot of that money with Boyu?