Jim Cramer recaps Starbucks' Q3 numbers

Company Performance & Strategy - Starbucks' stock experienced volatility after the earnings report, initially tumbling, then rising, and finally settling flat [1][2] - Headline numbers were weaker than expected, but overall results were encouraging due to turnaround efforts [2] - Brian Nickel's hiring as CEO led to a 25% stock jump, based on his turnaround success at Chipotle [3] - Starbucks is focused on solving the throughput problem with a goal of processing orders in less than four minutes and improving the in-store experience [5] - The company's Green Apron service model, aimed at improving the in-store experience, is being scaled up across US stores ahead of schedule [13][16] Financial Results & Analysis - Global same-store sales were down 2%, while Wall Street expected a 13% decline [7] - Starbucks earned 50 cents per share, while Wall Street expected 65 cents, but one-off items impacted earnings [7][8] - Excluding one-off items, earnings per share would have been 61 cents [8] Regional Performance - North America performed better than expected, with the US in line with expectations [10] - China showed improvement with same-store sales up 2%, driven by a 6% increase in transactions [10] - The rest of the international business had flat comps, while Wall Street expected a 22% increase [11] Strategic Considerations - Starbucks is evaluating options for its Chinese business, with significant interest from over 20 parties, but aims to retain a meaningful stake [18] - The company is focused on winning the morning day part and ensuring correct staffing levels throughout the day [15]