Last week gave us some important competitor earnings calls along with some decent intel as well. First, Tim Horton’s noted good comp sales, +8.2% in the system and +4.3% in the US. While there was very low visibility provided, Tim’s noted the rollout of breakfast and lunch wraps. The biggest news was the announcement of a 150 unit SFA for Cincinnati, over the next ten years. Worldwide, they gained 224 units, but still very low opens in the US. There was no color provided to their St. Louis openings, but local press indicates it is two drive-thru stores in two traffic-heavy, newer developing suburban sites. Text from their call follows: “…We are really excited to have announced our first development agreement for Tim’s in the U.S. since the creation of restaurant brands international back in December. Under the terms of the agreement, our partners will look to develop more than 150 Tim Horton’s restaurants over the next 10 years in the Cincinnati area.” Secondly, Starbucks revealed strong US trends last week. System-wide (+8%) and Americas same store sales were +7%, with 3% traffic and 4% half ticket. Full year company coffeehouse margins rose to 29%, and new stores opened at a $1.4M AUV rate. The earnings call revealed a full list of initiatives, including delivery (Seattle and Empire State Building only test thus far), enhancing the employee partner experience (claimed employee turnover was actually down), opening new stores without cannibalization of existing market, and leveraging technology (Mobile Order and Pay in 7500 units). Food revenue grew 19%. Lastly, we noted that Peet’s Coffee and Tea was being sued by a Robert Garrett of Cook County, Illinois for not providing the exact amount of coffee that it advertises in its French press. The company offers both 12 and 32 ounce carafes, both of which Mr. Garrett bought, seemingly to test the accuracy of the company’s claims. He must have a lot of time on his hands – perhaps he should get a puppy?