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  "documentTitle": "Starbucks (SBUX)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2018-10-09 00:00:00",
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      "text": "Source: SBUX US store build cost and AUV are as per December 2016 investor day, and store-level EBITDA margin is as per June 2018 investor conference. SBUX China data is as per May 2018 China investor day. Taco Bell store build cost is as per Bernstein research, while other assumptions are based on FY 2017 results for Taco Bell's company-operated stores assuming 80% of Taco Bell Division D&A relates to those stores. KFC China data is as per Yum China October 2017 investor day and excludes a 3% franchise fee paid to YUM in order to illustrate the economic returns of each store to the entire system.",
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