Starbucks had a very difficult reception on Wall Street to its sales and earnings narrative released yesterday. Q1 US same store sales was plus 2, all average ticket, and zero traffic gains from last year. They repeated a now familiar story of weak afternoon and evening business, and declining foot traffic of units inside some malls. Interestingly, Starbucks also reported its lobby and retail product sales had been sluggish for several years, and Christmas LTOs didn’t work. A variety of corrective action plans are working. Starbucks raised wages and stock benefits for employees throughout the US this week. Despite a Starbucks Q1 earnings beat of $.08/share, Wall Street wasn’t impressed.. Also this week, the company announced it was adding paid sick leave as an additional employee benefit and increasing wages and stock benefits for many of its 150,000 employees as a direct result of the Tax Cuts and Jobs Act. We also noted earlier this week that Panera has petitioned the federal Food and Drug Administration to provide a formal definition of an egg. The company claims in the absence of a standard of identity for eggs, companies can advertise and “egg sandwich” that contains additives. Does it again depend on what the meaning of is is?