Are Starbucks 15,000 American Stores Too Few?

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Starbucks has opened stores in the Americas region at a brisk pace. According to its most recent earnings statement:

Net revenues for the Americas segment were $4.0 billion in Q1 FY17, an increase of 7% over Q1 FY16. The increase was driven by incremental revenues from 884 net new store openings over the past 12 months and 3% growth in comparable store sales.

Despite this grow, overall earnings for the company were considered inadequate particularly for its most recent fiscal quarter, which ended January 1

 Q1 Fiscal 2017 Highlights:

Global comparable store sales increased 3% comprised of a 3% increase in the Americas, a 5% increase in CAP, and a 1% decrease in EMEA
U.S. comparable store sales increased 3% comprised of a 5% increase in average ticket and a 2% decrease in transactions. Adjusting for the estimated impact of order consolidation related to the new Starbucks RewardsTM loyalty program, average ticket grew 3% with transactions flat to prior year.
Record consolidated net revenues of $5.7 billion grew 7% over prior year
Record Q1 consolidated operating income increased 7% to $1.1 billion
Record Q1 consolidated operating margin expanded 10 basis points to 19.8%
GAAP EPS of $0.51 increased 11% over Q1 FY16

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According to Reuters, the core of the problem was not just sales as reported in the press release:

Starbucks Chief Operating Officer Kevin Johnson told Reuters the disappointing Americas results were primarily due to operational challenges caused by congestion at drink pickup sites after the number of cafes reaping more than 20 percent of transactions from mobile orders doubled to 1,200 during the fiscal first quarter, which ended Jan. 1.

If sales are going to continue to grow, Starbucks may need more places to pick up coffee

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