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  "documentTitle": "Starbucks (SBUX)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2018-10-09 00:00:00",
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      "text": "Share buybacks of ~$14bn over the next two years (~18% of market cap)",
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      "text": "Track record of consistent growth in same-store sales and transactions\nLong-term average same-store sales (\"SSS\") growth of 5% both in the U.S. and globally\nSSS historically driven ~50% by transactions, ~30% by pricing, and ~20% by mix",
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      "text": "Recent acquisitions and divestitures suggest strong focus on core business\nAcquisition of East China JV and licensing of lower-performing or lower potential markets\nSale of CPG business to Nestle for $7.2bn and ongoing royalties\nClosing of Teavana stores and divestiture of Tazo tea brand to Unilever",
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