Starbucks delivered solid net revenue growth of 14% to $6.0 billion in its second quarter of fiscal 2018. This was primarily driven by incremental revenues from the ownership change in East China, incremental revenues from 2,103 net new Starbucks® store openings over the last 12 months and global comparable store sales growth of 2%

Item 7:     Management’s Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7—

The information required by this item is incorporated herein by reference to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of Seaboard’s Annual Report to Stockholders and attached as Exhibit 13 to this report.

MANAGEMENT'S DISCUSSION AND ANALYSIS

ITEM 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANACIAL CONDITION AND RESULTS OF OPERATIONS Information in response to this Item 7 can be found in the 2017 Annual Report to Stockholders under “Financial Review.” That information is incorporated into this item by reference.

We generated total company revenue of $5.7 billion during the first quarter of 2018, a 34% increase from the $4.3 billion of revenue generated during the first quarter of 2017.

Our revenue has grown from $17.7 million during the year ended December 31, 2004 to $741.1 million during the year ended December 31, 2015.

Because of the diversity in our businesses, we present our financial statements in a three-column format, which allows investors to see our industrial operations separately from our Financial Services operations.