I believe that we have dramatically underestimated the size of the global market, including the number of points of distribution and the power of the Starbucks brand.

224

During the second quarter, all areas of our business, from our retail operations both domestically and internationally, to our specialty businesses delivered strong financial performance, ... Additionally, innovation was prevalent throughout the company and we believe recently announced initiatives combined with our core retail business provide a powerful platform for future growth.

221

Our third-quarter financial results demonstrate the ongoing strength of our business, ... Starbucks operations are functioning at a more sophisticated level than ever before. Our consistently strong performance positions us well to achieve our aggressive fiscal 2005 goals -- including an acceleration of store growth as we pursue the Company's expanding global opportunity.

155

Through a combination of increased transactions, exceptional store level execution and an appealing product mix, we delivered our most successful holiday season since 1994.

125