And still more on Starbucks, it reported Q4 earnings yesterday, reporting that it continued to show improvement in North America while China is recovering from another COVID cycle. In the US, same store sales (sss) were up 22% against 2020 numbers with traffic up 19% and average ticket up 3%. On a 2-year basis, sss rose by 11%, the best benchmark of performance since the pandemic hit the company hard, and although US store level margins were not revealed, they can be seen to be in the lower 20% EBITDA range for the year, a vast improvement over last year’s lower double-digit value. US president John Culver promised that “automated delivery” was coming very soon and also noted that the total drinks product mix in Q4 was 75% cold in nature despite espresso drink sales having spiked. Culver also admitted that units in Central Business Districts have not yet recovered but are comparing positively, while urban stores attained recovery and rural and urban stores with drive-thrus were going great. There was also much discussion around the company lowering the 2022 operating margin forecast (17%) from that of the long-term plan (18% plus) as well as the investments in staffing, employee wage rates and store level productivity enhancement. CEO Kevin Johnson noted that investments in staff showed to be the best ROI over time.