Starbucks reported 2nd quarter earnings yesterday and our analyst reports that their sales and earnings results were solid but not overpowering. America’s same store sales were plus 4%, with transaction counts flat and their average ticket 4% higher. In the US, Starbucks continues to both open and close stores in tandem. Management noted they were working smaller with walk up and drive thru stores replacing older dated outlets. They also continue to invest in employee wages and more extensive digital undertakings. Last week, they introduced the revamped loyalty program with fewer stars necessary for awards. The new program was met with disappointment initially however, as customers believed their existing points were not transferring over and would be lost. The company has since clarified that points do transfer.