星巴克 (SBUX) 2023 Q1 法說會逐字稿

Good afternoon. My name is Diego, and I will be your conference operator today. I would like to welcome everyone to Starbucks First Quarter Fiscal Year 2023 Conference Call. (Operator Instructions) I will now turn the call over to Tiffany Willis, Vice President of Investor Relations. Ms. Willis, you may now begin your conference.

下午好。我叫迭戈，今天我將擔任你們的會議接線員。歡迎大家參加星巴克 2023 財年第一季度電話會議。 （操作員說明）我現在將電話轉給投資者關係副總裁蒂芙尼威利斯。威利斯女士，您現在可以開始您的會議了。

Thank you, Diego, and good afternoon, everyone, and thank you for joining us today to discuss Starbucks' First Quarter Fiscal Year 2023 results. Today's discussion will be led by Howard Schultz, Interim Chief Executive Officer; Brady Brewer, Executive Vice President and Chief Marketing Officer; and Rachel Ruggeri, Executive Vice President and Chief Financial Officer. And for Q&A, we'll be joined by Frank Britt, Executive Vice President, Chief Strategy and Transformation Officer; Sara Trilling, Executive Vice President and President of Starbucks North America; Michael Conway, Group President of International and Channel Development; and Belinda Wong, Chairwoman of Starbucks China, who is joining us today from on the ground in China.

謝謝迭戈，大家下午好，感謝您今天加入我們討論星巴克 2023 財年第一季度的業績。今天的討論將由臨時首席執行官 Howard Schultz 主持；執行副總裁兼首席營銷官 Brady Brewer；執行副總裁兼首席財務官 Rachel Ruggeri。對於問答環節，執行副總裁兼首席戰略和轉型官 Frank Britt 將加入我們的行列；星巴克北美執行副總裁兼總裁Sara Trilling； Michael Conway，國際和渠道發展集團總裁；以及星巴克中國區主席 Belinda Wong，她今天從中國實地加入我們。

This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factors discussed in our filings with the SEC, including our latest annual report on Form 10-K and quarterly reports on Form 10-Q.

本次電話會議將包括前瞻性陳述，這些陳述受各種風險和不確定因素的影響，可能導致我們的實際結果與這些陳述存在重大差異。任何此類聲明都應與我們的收益發布中的警示聲明以及我們向美國證券交易委員會提交的文件中討論的風險因素一起考慮，包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告。

Starbucks assumes no obligation to update any of these forward-looking statements or information. GAAP results in first quarter fiscal year 2023 and the comparative period include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items. These items are excluded from our non-GAAP results. All numbers referenced on today's call are on a non-GAAP basis unless otherwise noted or there is no non-GAAP adjustment related to the metric.

星巴克不承擔更新任何這些前瞻性陳述或信息的義務。 2023 財年第一季度和比較期間的 GAAP 業績包括與戰略行動相關的幾個項目，包括重組和減值費用、交易和整合成本以及其他項目。這些項目被排除在我們的非 GAAP 結果之外。除非另有說明或沒有與指標相關的非 GAAP 調整，否則今天電話會議中引用的所有數字均基於非 GAAP。

For non-GAAP financial measures mentioned in today's call, please refer to the earnings release and our website at investor.starbucks.com to find reconciliations of those non-GAAP measures to their corresponding GAAP measures. This call is being webcast, and an archive of the webcast will be available on our website through Friday, March 3, 2023.

對於今天電話會議中提到的非 GAAP 財務指標，請參閱收益發布和我們的網站 investor.starbucks.com，以查找這些非 GAAP 指標與其相應的 GAAP 指標的對賬。此電話會議正在進行網絡直播，網絡直播的存檔將在 2023 年 3 月 3 日星期五之前在我們的網站上提供。

And for calendar planning purposes, please note that our second quarter fiscal year 2023 earnings call has been tentatively scheduled for Tuesday, May 2, 2023. Now before I turn the call over, let me first say thank you to Howard. Because in our short amount of time together, I have witnessed a relentless focus on our culture while not compromising results. You have reinforced the importance of dreaming bigger than others may even think is possible. And for that, I will forever be grateful. And so now the floor is yours, Howard.

出於日曆計劃的目的，請注意，我們的 2023 財年第二季度財報電話會議暫定於 2023 年 5 月 2 日星期二舉行。現在，在我結束電話會議之前，讓我先向霍華德表示感謝。因為在我們在一起的短暫時間裡，我目睹了對我們文化的不懈關注，同時又不在結果上妥協。你已經強調了比別人想像的更大的夢想的重要性。為此，我將永遠感激不已。現在發言權歸你了，霍華德。

Thank you, Tiffany. I did not expect that. Thank you very much. Good afternoon, and welcome, everyone. I'm pleased to comment on the strong financial and operating results Starbucks reported today, highlighted by record quarterly sales of $8.7 billion, up 8% over last year, up 12%, excluding foreign exchange, a stunning 10% comp growth in the U.S. and North America, 5% comp growth globally. And except for China, very strong sales and comp growth in every international market we are in.

謝謝你，蒂芙尼。我原本沒想到。非常感謝。下午好，歡迎大家。我很高興對星巴克今天公佈的強勁財務和經營業績發表評論，突出顯示的是創紀錄的季度銷售額 87 億美元，比去年增長 8%，不包括外彙在內增長 12%，美國的 comp 增長率達到驚人的 10%。和北美，全球 5% 的複合增長率。除中國外，我們在每個國際市場的銷售和收入增長都非常強勁。

We posted strong results despite challenging global consumer and inflationary environments, a softer quarter for retail overall and an unprecedented COVID-related headwinds that unfolded in China. Credit belongs to our partners around the world, who continue to successfully satisfy record demand in our stores while delivering an elevated Starbucks Experience to our customers. In China, COVID-related mobility restrictions and a spike in COVID infections following the end of zero COVID resulted in comp sales of minus 29% for the quarter, 4x worse than what we expected.

儘管全球消費和通脹環境充滿挑戰，零售業整體疲軟的季度以及中國出現前所未有的與 COVID 相關的逆風，但我們仍取得了強勁的業績。榮譽屬於我們在世界各地的合作夥伴，他們繼續成功地滿足我們門店創紀錄的需求，同時為我們的顧客提供更優質的星巴克體驗。在中國，與 COVID 相關的行動限制和 COVID 零感染結束後 COVID 感染的激增導致本季度的銷售額下降了-29%，比我們預期的低 4 倍。

Weak sales combined with the cost to support the health, the safety and well-being of our partners, our first priority, negatively impacted total company earnings by $0.06, resulting in Q1 EPS of $0.75 per share. Despite short-term headwinds, we are confident that the end of zero COVID marks the beginning of China's emergence from 3 years of pandemic, puts the country on a path to reintroducing normalcy and routine back into people's lives and positions the country to resume pre-COVID levels of consumer, social and economic growth.

銷售疲軟加上支持我們合作夥伴的健康、安全和福祉的成本是我們的首要任務，對公司總收益產生了 0.06 美元的負面影響，導致第一季度每股收益為 0.75 美元。儘管存在短期逆風，但我們相信，零 COVID 的結束標誌著中國開始擺脫 3 年的大流行，使該國走上了將正常和日常生活重新引入人們生活的道路，並使該國處於恢復前的狀態。消費者、社會和經濟增長的 COVID 水平。

We also believe that the end of zero COVID will enable renewed consumer activity in China and recovery of our business in the back half of fiscal 2023. Our view is informed by patterns of post-COVID behaviors we have seen in countries around the world as consumer activity accelerates as years of pent-up demand is released. Today, our stores in China are again open without restriction and our partners are back at work. Many have been infected and recovered from COVID.

我們還相信，零 COVID 的結束將使中國的消費者活動重新開始，並在 2023 財年下半年恢復我們的業務。我們的觀點是基於我們在世界各國看到的消費者在 COVID 後的行為模式隨著多年被壓抑的需求釋放，活動加速。今天，我們在中國的門店再次不受限制地開放，我們的合作夥伴也恢復了工作。許多人已被 COVID 感染並康復。

Noteworthy is that we saw a meaningful sequential improvement in sales and traffic as we move through January as people began resuming aspects of their pre-COVID lives, including gradually returning to our stores. More on China shortly. Our performance in Q1 underscores the success of the investments we are making in our people in extending our global leadership around everything coffee and in relevant innovation that, together, are driving sales and transaction growth around the world.

值得注意的是，隨著人們開始恢復 COVID 前生活的各個方面，包括逐漸返回我們的商店，我們在 1 月份看到了銷售和客流量的有意義的連續改善。稍後將詳細介紹中國。我們在第一季度的表現突顯了我們在員工方面的投資取得了成功，這些投資擴大了我們在咖啡領域的全球領先地位，並在相關創新方面共同推動了全球銷售和交易的增長。

Starbucks is more relevant globally today than ever before in our history, ideally positioning us to successfully execute our ambitious growth agenda and have roughly 45,000 stores delivering best-in-class returns around the world by the end of fiscal 2025. On today's call, I will highlight the drivers of our performance in Q1 and provide an update on the progress of our reinvention initiatives.

如今，星巴克在全球的影響力比以往任何時候都高，這使我們能夠成功執行雄心勃勃的增長議程，並在 2025 財年年底前在全球擁有約 45,000 家門店，提供一流的回報。在今天的電話會議上，我將重點介紹我們第一季度業績的驅動因素，並提供我們重塑計劃的最新進展。

I will then provide granular details specifically around the shape of our business in China and shine a bright light on the positive correlation between increases in consumer activity in China and the recovery of our business. Next, Brady will detail the beverage, food, mobile, digital and store innovation that drove record demand for Starbucks Coffee in every market outside of China in Q1. And he will speak to our record holiday performance, the strong growth in U.S. Starbucks Rewards membership sequentially and year-over-year and the extraordinary record of $3.3 billion loaded on cards and gifted in the U.S.

然後，我將詳細介紹我們在中國的業務形態，並闡明中國消費者活動增加與我們業務復甦之間的正相關關係。接下來，Brady 將詳細介紹在第一季度推動中國以外每個市場對星巴克咖啡需求創紀錄的飲料、食品、移動、數字和商店創新。他將談到我們創紀錄的假期業績、美國星巴克會員人數連續和同比的強勁增長，以及在美國卡上和贈送的 33 億美元的非凡記錄。

We entered Q1 with roughly $2 billion globally waiting to be spent in our stores, increased Starbucks Rewards membership and card loads serve as both a current annuity and the future driver of our business. And then finally, Rachel will highlight our Q1 financial and operating performance and speak to the confidence we have in our full year 2023 guidance despite the significant impact from China, and we'll turn the call over to the operator for Q&A.

進入第一季度，全球約有 20 億美元等待在我們的門店消費，增加星巴克獎勵會員和卡負載既是我們當前的年金，也是我們業務未來的驅動力。最後，Rachel 將強調我們第一季度的財務和運營業績，並談到我們對 2023 年全年指引的信心，儘管中國產生了重大影響，我們將把電話轉給接線員進行問答。

Let me begin with North America. The record demand for Starbucks Coffee in North America we've reported on our Q4 call accelerated in Q1 and through holiday. Despite the difficult operating environment that most retailers, particularly brick-and-mortar retailers experienced in the quarter. Average weekly sales in the U.S. company-operated stores reached a record high in Q1, exceeding the prior record set in Q4 of fiscal '22.

讓我從北美開始。我們在第四季度的電話會議上報告了北美對星巴克咖啡的創紀錄需求，在第一季度和假期期間加速增長。儘管大多數零售商，尤其是實體零售商在本季度經歷了艱難的經營環境。美國公司經營的商店的平均每週銷售額在第一季度創下歷史新高，超過了 22 財年第四季度創下的先前記錄。

This is -- this next line, I think, is just -- even when I read it, I'm surprised, with 8 of the 10 highest sales days in our history recorded in the quarter. Consistently strong demand drove revenues up 14% to a quarterly record of $6.6 billion and a comp sale of 10% over last year. And Q1 momentum has continued in Q2. Active Starbucks Rewards membership in the U.S., exiting Q1, totaled over 30 million members, up 4 million members or 15% over last year and up 6% sequentially.

這是——我認為，下一行只是——即使當我讀到它時，我也很驚訝，我們歷史上銷售量最高的 10 天中有 8 天出現在本季度。持續強勁的需求推動收入增長 14%，達到 66 億美元的季度記錄，銷售額比去年同期增長 10%。第二季度繼續保持第一季度的勢頭。截至第一季度，美國活躍的星巴克獎勵會員總數超過 3000 萬，比去年增加 400 萬或 15%，環比增長 6%。

Loyal Starbucks Reward members drove a record 56% of tender, up 3% from last year, reflecting increased customer engagement throughout our system. Our convenience channels, Mobile Order & Pay, drive-through and delivery continue to fuel our business, delivering 72% of U.S. revenue in Q1. We continue to add high returning drive-throughs that attract new customers, expand our footprint and drive new customer occasions. Our over 6,600 store U.S. license business posted similar strong results with 32% revenue growth and double-digit comps across all operating segments.

忠誠的星巴克獎勵會員推動了創紀錄的 56% 的投標，比去年增加了 3%，反映出我們系統中客戶參與度的提高。我們的便利渠道、移動訂單和支付、得來速和交付繼續推動我們的業務發展，第一季度貢獻了美國收入的 72%。我們繼續增加高回報得來速以吸引新客戶，擴大我們的足跡並推動新的客戶場合。我們在美國擁有超過 6,600 家商店的許可業務也取得了類似的強勁業績，所有運營部門的收入增長了 32%，收入均達到兩位數。

What's interesting to me is while grocery retailers are representative segment, within our licensed business, experienced traffic and spend-related headwinds across their store base in Q1, their Starbucks business proved to be the bright spot, bringing incremental traffic into their stores and driving sales for us as well. We continued to roll out Starbucks Connect, enabling licensed stores to offer all Starbucks Mobile Order & Pay and Rewards benefits, expanding the value offering we provide our customers and licensees and enabling us to capture demand across our broader store portfolio. Starbucks Connect is proving to be highly incremental, and we see great upside for it.

對我來說有趣的是，雖然雜貨零售商是我們特許業務中的代表性細分市場，但在第一季度他們的門店基礎經歷了流量和支出相關的逆風，他們的星巴克業務被證明是亮點，為他們的商店帶來了增量流量並推動了銷售對我們也是如此。我們繼續推出 Starbucks Connect，使特許商店能夠提供所有星巴克移動訂單和支付以及獎勵優惠，擴大我們為客戶和被許可人提供的價值，並使我們能夠在更廣泛的商店組合中捕捉需求。 Starbucks Connect 被證明是高度增量的，我們看到了它的巨大優勢。

Cross-functional teams continue to successfully execute against our reinvention initiatives and our reinvention investments are having a measurable positive impact on our business, evidenced by an 8% improvement in U.S. hourly retail partner turnover. Improved turnover correlates to more stable store environments, elimination of new hire-related costs, particularly training, and measurable improvements in productivity, speed of service and partner and customer experience scores that we're already seeing.

跨職能團隊繼續成功執行我們的重塑計劃，我們的重塑投資對我們的業務產生了可衡量的積極影響，美國每小時零售合作夥伴營業額提高 8% 就是證明。營業額的提高與更穩定的商店環境、新員工相關成本（尤其是培訓）的消除以及我們已經看到的生產力、服務速度以及合作夥伴和客戶體驗得分的可衡量改進相關。

Our Q1 performance demonstrates that our reinvention plan investments are the right investments that we are making and are delivering results and creating shareholder value, providing us with tremendous confidence in the revenue, margin and EPS expectations that we shared at our Investor Day. Let me turn to international. Outside of China, the momentum we saw in our International segment exiting Q4 continued in Q1. Excluding China and foreign currency translation, revenues for the quarter are up 25% and comps were up 11%, fueled by recovery consumption in Japan and a rebound in tourism activity across our EMEA markets, following the lift of COVID restrictions.

我們第一季度的業績表明，我們的重塑計劃投資是我們正在進行的正確投資，正在交付成果並創造股東價值，使我們對我們在投資者日分享的收入、利潤率和每股收益預期充滿信心。讓我轉向國際。在中國以外，我們在第四季度的國際業務中看到的勢頭在第一季度繼續。不包括中國和外幣換算，本季度的收入增長了 25%，收入增長了 11%，這得益於日本消費的複蘇以及 COVID 限制解除後我們歐洲、中東和非洲市場的旅遊活動反彈。

One great example is Alshaya. Alshaya is our license partner in the Middle East for the last 23 years and among our largest international licensees with over 1,800 stores across 13 markets. They reported their strongest quarter with the Starbucks brand ever in Q1. We added 370 new stores in international in Q1 and now operate 18,700 stores across 84 markets, 43% company-operated and 57% licensed.

一個很好的例子是 Alshaya。 Alshaya 是我們過去 23 年在中東的許可合作夥伴，也是我們最大的國際許可商之一，在 13 個市場擁有超過 1,800 家商店。他們在第一季度報告了星巴克品牌有史以來最強勁的季度。我們在第一季度在國際上新增了 370 家門店，目前在 84 個市場經營著 18,700 家門店，其中 43% 為公司經營，57% 為特許經營。

Strong growth in our international license business reflects the outside returns the Starbucks brand delivers to our licensees, driving increased investment by our licensees in our business and growing customer engagement with our Starbucks brand around the world.

我們國際許可業務的強勁增長反映了星巴克品牌為我們的被許可人帶來的外部回報，推動我們的被許可人增加對我們業務的投資，並增加全球客戶對我們星巴克品牌的參與度。

Turning to channel development. The Starbucks brand relevant innovation and seasonal moments are resonating with our customers and driving sales and occasions around the world, resulting in a 15% increase in channel revenues in Q1 over last year to $478 million.

轉向渠道開發。星巴克品牌相關的創新和季節性時刻正在與我們的客戶產生共鳴，並推動全球的銷售和活動，導致第一季度渠道收入比去年增長 15%，達到 4.78 億美元。

We continue to hold the #1 dollar share in U.S. at-home coffee and in Q1 outpaced dollar sales growth in North America ready-to-drink category overall, again demonstrating the unique power of the Starbucks brand. In China, Starbucks received the ready-to-drink New Product Launch of the Year award for the introduction of Bottled Frappuccino oat latte.

我們繼續保持美國家庭咖啡市場的第一美元份額，並且在第一季度北美整體即飲類別的銷售額增長超過美元，再次展示了星巴克品牌的獨特力量。在中國，星巴克因推出瓶裝星冰樂燕麥拿鐵獲得了年度即飲新產品發布獎。

We will continue to delight our customers with exciting new beverage innovation in the months ahead, including with the launch of Starbucks ready-to-drink Pink Drink inspired by the overwhelming success of Pink Drinks served in our retail stores and certain to become a customer favorite, especially with our young customers and our Gen Z audience.

在接下來的幾個月裡，我們將繼續以激動人心的新飲料創新來取悅我們的客戶，包括推出星巴克即飲粉紅飲料，其靈感來自於我們零售店提供的粉紅飲料取得的巨大成功，並且肯定會成為客戶的最愛，尤其是我們的年輕客戶和 Z 世代觀眾。

Let me begin the discussion around China by saying that Starbucks has been in China now for over 24 years, and that our confidence in the future of Starbucks business in China and our aspirations for the market and our partners has never been greater. We exited Q1 with almost 6,100 Starbucks stores across 240 cities, and our newest class of stores continue despite the challenges we've had to achieve best-in-class returns and profitability.

圍繞中國展開討論，星巴克進入中國已有24年多，我們對星巴克在中國業務的未來充滿信心，對市場和合作夥伴的期望從未如此強烈。我們在第一季度結束時在 240 個城市擁有近 6,100 家星巴克門店，儘管我們面臨著實現一流回報和盈利能力的挑戰，但我們最新的門店類別仍在繼續。

And we remain on plan to have 9,000 stores in China by the end of 2025. Our belief in China is based on our leadership position in the market, our relationship with our partners and the trust that we have among our Chinese customers and the market and our brand position.

我們仍然計劃到 2025 年底在中國擁有 9,000 家門店。我們對中國的信心基於我們在市場上的領導地位、我們與合作夥伴的關係以及我們在中國客戶和市場中的信任以及我們的品牌定位。

Since 2020, our Starbucks China team has been navigating the most acute COVID-related mobility restrictions and disruptions anywhere in the world, while at the same time, developing the flexibility to execute under any COVID scenario. By leading in together, in service of their customers and fellow partners, our China team has navigated every challenge obstacle and volatility that COVID had put in their way, building more capability, flexibility and operating muscle with each unexpected test.

自 2020 年以來，我們的星巴克中國團隊一直在應對世界上任何地方與 COVID 相關的最嚴重的流動性限制和中斷，同時開發在任何 COVID 情況下執行的靈活性。通過共同領導，為他們的客戶和合作夥伴服務，我們的中國團隊克服了 COVID 給他們帶來的每一個挑戰障礙和波動，在每一次意想不到的測試中建立了更多的能力、靈活性和運營實力。

That flexibility and operating muscle, coupled with deliberate investments that we've made throughout the pandemic, supported our business in Q1 and will increasingly drive efficiency, productivity, profitability and shareholder value, and enable us to deliver an even more relevant and elevated Starbucks experience to our partners and our customers in the years ahead.

這種靈活性和運營實力，加上我們在整個大流行期間進行的有意投資，支持了我們第一季度的業務，並將越來越多地提高效率、生產力、盈利能力和股東價值，並使我們能夠提供更相關和更高的星巴克體驗在未來的歲月裡，我們的合作夥伴和客戶。

As I shared on our last call, our recovery in China gained momentum in Q4 of 2022 despite severe mobility restrictions in many of our larger cities. We saw sequential improvement in all key operating metrics driven by the success of mobile and digital technology investments and expanded delivery capabilities built during COVID that made it easier for our customers to engage with us and better enable us to serve them. The direct positive correlation we saw between increased consumer activity in China and sales in our stores and the speed and consistency with which our business was accelerating, gave us great confidence moving through the quarter.

正如我在上次電話會議上分享的那樣，儘管我們的許多大城市實施了嚴格的流動限制，但我們在中國的複蘇在 2022 年第四季度獲得了勢頭。我們看到，在移動和數字技術投資的成功以及在 COVID 期間建立的擴展交付能力的推動下，所有關鍵運營指標都出現了連續改善，這使我們的客戶更容易與我們互動，並使我們能夠更好地為他們提供服務。我們看到中國消費者活動的增加與我們商店的銷售額之間存在直接的正相關關係，以及我們業務加速發展的速度和一致性，這讓我們對本季度的發展充滿信心。

However, in September, a new wave of COVID spiked resulting in further increased mobility restrictions, new mobile, digital and delivery capabilities enabled us to partially offset the reduction in store traffic in September. However, in early December, zero COVID was lifted and COVID infection spiked across China, resulting in a dramatic decline in consumer activity across the country and causing the most severe COVID disruptions any retailer had encountered.

然而，在 9 月，新一波 COVID 激增導致流動性限制進一步增加，新的移動、數字和交付能力使我們能夠部分抵消 9 月商店客流量的減少。然而，在 12 月初，零 COVID 解除，COVID 感染在中國各地激增，導致全國消費者活動急劇下降，並造成任何零售商遇到的最嚴重的 COVID 中斷。

For us, at its peak, nearly 1,800 Starbucks stores were closed during that month. As a result, comps in Q1 declined 29% with a 42% comp decline in December alone. But like consumers everywhere, our customers in China are creating a full return to familiar pre-COVID routines and lifestyles. And huge consumer demand in China is waiting to be unleashed. Early indications are that it is beginning to happen in our largest cities now with many Chinese recovered from COVID, people returning to work, border and travel restrictions lifted, mall traffic and retail store activity on the rise and consumers reintroducing social activity back into their daily lives.

對我們來說，在高峰期，當月關閉了近 1,800 家星巴克門店。結果，第一季度的收入下降了 29%，僅 12 月就下降了 42%。但與世界各地的消費者一樣，我們在中國的客戶正在全面回歸熟悉的 COVID 之前的日常生活和生活方式。而中國巨大的消費需求正等待釋放。早期跡象表明，現在我們最大的城市開始出現這種情況，許多中國人從 COVID 中康復，人們重返工作崗位，邊境和旅行限制解除，商場客流量和零售店活動增加，消費者將社交活動重新引入他們的日常生活生活。

We saw the strongest level of sustained customer activity we've seen in years in the run-up to and during Chinese New Year festivities. As Rachel will share, we are expecting the second half of fiscal 2023 in China to be stronger than the first half. But uncertainties remain and the better part of valor is to remain cautious around precisely when our recovery in China will take full flight. However, when it does, pattern recognition, the return on pre-COVID routines and the adoption of new post-COVID routines will become self-evident in China. And customers will flock to Starbucks stores to enjoy moments of reconnection, their favorite Starbucks beverages and the premium Starbucks experience our partners in China deliver. And Q1 headwinds will shift to tailwinds. We've seen this pattern repeat in markets around the world, including the United States.

在農曆新年慶祝活動之前和期間，我們看到了多年來最強勁的持續客戶活動。正如雷切爾將分享的那樣，我們預計中國 2023 財年下半年將比上半年更強勁。但不確定性依然存在，勇敢者最好在我們在中國的複蘇何時全面展開之前保持謹慎。然而，當它發生時，模式識別、COVID 前常規的回歸以及新 COVID 後常規的採用將在中國變得不言而喻。顧客將湧入星巴克門店，享受重新建立聯繫的時刻、他們最喜愛的星巴克飲品以及我們在中國的合作夥伴提供的優質星巴克體驗。第一季度的逆風將轉變為順風。我們已經看到這種模式在世界各地的市場上重演，包括美國。

Despite the challenges and the uncertainties of the last 3 years, Starbucks' commitment to China and to our partners and business in China has never wavered. Almost 25 years after entering the market, I remain more confident than ever that we are still only in the early chapters of our growth story in China. And I'm looking forward to being with our China partners for the first time in years when I visit the country this spring.

儘管過去三年充滿挑戰和不確定性，但星巴克對中國以及我們在中國的合作夥伴和業務的承諾從未動搖。進入市場近 25 年後，我比以往任何時候都更有信心，我們仍處於中國增長故事的早期篇章。我期待今年春天訪問中國時，多年來第一次與我們的中國合作夥伴會面。

Laxman's immersion continues to go spectacularly well. He and I engage daily as he absorbs more about our company and business and wins the hearts and minds of Starbucks partners everywhere. Only weeks from now, Lax will take full control of the company and, together with our leadership team, bring reinvention to life, guide Starbucks into a new era of growth and begin writing the next chapters of our storied history. I cannot be more confident that Lax is the right CEO at the right time for Starbucks.

拉克斯曼的沉浸繼續進行得非常順利。他和我每天都在交流，因為他更多地了解我們的公司和業務，並贏得了各地星巴克合作夥伴的芳心。幾週後，Lax 將完全控制公司，並與我們的領導團隊一起，重塑生活，帶領星巴克進入新的增長時代，並開始書寫我們傳奇歷史的新篇章。我非常有信心，Lax 是星巴克合適的 CEO。

And Starbucks Coffee Company domestically and around the world is in great hands with him as the CEO. This, my last earnings call, is very special for me and a powerful emotional reminder of the intersection of my life at Starbucks.

國內外的星巴克咖啡公司都由他擔任首席執行官。這是我最後一次財報電話會議，對我來說非常特別，也是對我在星巴克生活的交匯點的強烈情感提醒。

It was 1983, walking the beautiful streets of Milan that the inspiration for what Starbucks could one day be and mean first struck me. 40 years later, I'm not sure where the years have gone. 40 years later, we have over 36,000 stores around the world, serving over 100 million customers each week. Along the way, we have created opportunity, cared for and improve the lives of millions of Starbucks partners and made progress against my goal of creating a different kind of company, a company steeped in humanity, humility and respect, where everyone is welcome, and we embrace the belief that our differences make us better and stronger.

1983 年，當我走在米蘭美麗的街道上時，星巴克有一天可能成為的樣子和意味深長的靈感第一次打動了我。 40 年後，我不確定這些年都去哪兒了。 40 年後，我們在全球擁有超過 36,000 家門店，每週為超過 1 億客戶提供服務。一路走來，我們創造了機會，關心並改善了數百萬星巴克合作夥伴的生活，並朝著我創建一家與眾不同的公司的目標取得了進展，一家充滿人性、謙遜和尊重的公司，在這裡，每個人都受到歡迎，並且我們相信我們的差異使我們變得更好和更強大。

And a company unlike any company my father ever got a chance to work for, but there's much more opportunity and much more work ahead. Finally, while Starbucks has launched many successful coffee beverages over the years, my Starbucks journey will come full circle when I return to Milan later this month to introduce something much bigger than any new promotion or beverage. While I was in Italy last summer, I discovered an enduring, transformative new category and platform for the company, unlike anything I had ever experienced.

這家公司不同於我父親曾有機會工作過的任何一家公司，但未來還有更多的機會和更多的工作要做。最後，雖然星巴克多年來推出了許多成功的咖啡飲料，但當我本月晚些時候返回米蘭時，我的星巴克之旅將圓滿結束，推出比任何新促銷或飲料都重要得多的東西。去年夏天我在意大利時，我為公司發現了一個持久的、變革性的新類別和平台，這是我從未經歷過的任何事情。

The word I would use to describe it without giving too much away is alchemy. We won't unveil details today, but it will be a game changer, so standby. Many people have asked me if my final earnings call as Starbucks CEO is bitter sweet, it really isn't. Starbucks business and brand, the quality of our coffee, the relevance of the Starbucks partner and customer experiences have defined us since our founding in 1971 and have never been better or stronger.

我會在不過多透露的情況下用來描述它的詞是煉金術。我們今天不會公佈細節，但它會改變遊戲規則，所以敬請期待。許多人問我作為星巴克首席執行官的最後一次財報電話會議是否苦樂參半，事實並非如此。自 1971 年成立以來，星巴克的業務和品牌、我們的咖啡質量、星巴克合作夥伴的相關性和客戶體驗定義了我們，並且從未變得更好或更強。

And our future has never been brighter. It will be my pleasure to take a front-row seat as Laxman leads Starbucks into and through the exciting new era of growth ahead. With that, I'll turn the call over to Brady.

我們的未來從未如此光明。當拉克斯曼帶領星巴克進入並度過激動人心的未來增長新時代時，我很高興坐在前排。有了這個，我會把電話轉給布雷迪。

Thank you, Howard. I know I speak for so many when I say thank you for your relentless pursuit of elevating the Starbucks customer and partner experience. Your leadership to our reinvention has us well positioned to continue advancing towards our biggest aspirations with Laxman and our strengthened leadership team.

謝謝你，霍華德。我知道當我說謝謝你們不懈追求提升星巴克客戶和合作夥伴體驗時，我代表了很多人。您對我們重塑的領導使我們有能力繼續與 Laxman 和我們加強的領導團隊一起朝著我們最大的願望前進。

Good afternoon, everyone. I'm incredibly proud of our strong Q1 performance across all markets. Today, I'll focus on what we saw in the U.S. this quarter. In addition to the strong customer demand for Starbucks overall, our results benefited from last year's strategic pricing actions and increased food attached with record sales for both Sous Vide Egg Bites and breakfast sandwiches.

大家下午好。我為我們在所有市場的第一季度強勁表現感到無比自豪。今天，我將重點介紹本季度我們在美國看到的情況。除了總體上客戶對星巴克的強勁需求外，我們的業績還得益於去年的戰略定價行動和增加的食品，以及 Sous Vide Egg Bites 和早餐三明治的創紀錄銷量。

Our product portfolio and innovations continue to resonate with customers, especially our cold, customized beverage innovation. Beverage sales increased 13%, led by our strength in the espresso category, with featured holiday beverages like the Caramel Brulée Latte and Sugar Cookie Almondmilk Latte contributing to growth. Customized beverages continue to be a differentiator with customers all year long. Modifier sales were up 28% year-over-year in our U.S. company-operated stores, showing that customers are visiting Starbucks for beverages customized to their preferences that they cannot find anywhere else.

我們的產品組合和創新不斷引起客戶的共鳴，尤其是我們的定製冷飲創新。飲料銷售額增長了 13%，這主要得益於我們在濃咖啡類別中的優勢，焦糖布丁拿鐵和糖曲奇杏仁牛奶拿鐵等特色節日飲料為增長做出了貢獻。一整年，定制飲料仍然是讓顧客脫穎而出的因素。我們在美國公司經營的商店中，改性劑銷售額同比增長 28%，這表明顧客到訪星巴克是為了購買根據他們的喜好定制的飲料，這是他們在其他任何地方都找不到的。

The strength and relevance of the Starbucks brand continued to accelerate this holiday season as we surpassed, as Howard said, 30 million active Starbucks Rewards members. We drove record-breaking mobile order usage at 27% of transactions in the U.S. company-operated stores, and we reached an all-time high in the population of our weekly total active customer base. We also saw more than $3.3 billion loaded on Starbucks cards in the U.S., exceeding last year's record results and setting a new record.

正如霍華德所說，我們超過了 3000 萬活躍的星巴克獎勵會員，星巴克品牌的實力和相關性在這個假期期間繼續加速。我們推動了創紀錄的移動訂單使用，占美國公司經營商店交易的 27%，並且我們的每週活躍客戶群總數創下歷史新高。我們還看到在美國的星巴克卡上加載了超過 33 億美元，超過了去年的記錄，創造了新的記錄。

In fact, our gifting business was so strong that the unit sales of Starbucks Cards were greater than the next 4 brands of gift cards combined. This not only drives new Starbucks Rewards registrations but it also drives our business in Q2 as evidenced by the high 56% Starbucks Reward tender that we saw in our U.S. company-operated stores at the end of the quarter. Said another way, during the holiday season, Starbucks truly becomes the currency of kindness and it drives our business.

事實上，我們的禮品業務非常強勁，星巴克卡的單位銷售額超過了接下來 4 個品牌禮品卡的總和。這不僅推動了新的星巴克獎勵註冊，而且還推動了我們在第二季度的業務，正如我們在本季度末在美國公司經營的商店中看到的 56% 的星巴克獎勵招標所證明的那樣。換句話說，在節日期間，星巴克真正成為了善意的代名詞，它推動了我們的業務發展。

At the heart of Starbucks is uplifting human connection. This is a core part of our reinvention, and we accelerated our reinvention investments in the quarter, driving continued improvement in our industry-leading partner retention. We're also committed to elevating the customer experience. And within the quarter, we launched our first Starbucks Rewards, Reward Together partnership with Delta Airlines, which offers members of both Delta SkyMiles and Starbucks Rewards, new ways to earn rewards.

星巴克的核心是提升人際關係。這是我們重塑的核心部分，我們在本季度加快了重塑投資，推動了我們行業領先的合作夥伴保留率的持續提高。我們還致力於提升客戶體驗。在本季度內，我們推出了我們的第一個星巴克獎勵，與達美航空公司一起獎勵合作夥伴關係，為達美“飛凡里程常客計劃”和星巴克獎勵的會員提供新的獎勵方式。

On December 8, we also launched the Starbucks Rewards Odyssey experience in beta to select members. Odyssey members have been invited to partake in multiple Odyssey journeys, driving increased engagement and loyalty from our members and now ownership in their loyalty experience. We also announced the national expansion of our partnership with DoorDash, which, alongside Uber Eats, also provides us the ability to serve customers in a convenient way and enjoy Starbucks wherever they are. And we announced changes to our Starbucks Rewards redemption tiers, which not only supports critical program growth and discount efficiencies, but it also allows us to add increasing value relevant to our members by making popular items like cold coffee, more attainable, a change that our members have praised.

12 月 8 日，我們還向部分會員推出了星巴剋星享奧德賽體驗測試版。 Odyssey 會員已受邀參加多個 Odyssey 旅程，提高了我們會員的參與度和忠誠度，並提高了他們忠誠度體驗的所有權。我們還宣佈在全國范圍內擴大與 DoorDash 的合作夥伴關係，DoorDash 與 Uber Eats 一起，還使我們能夠以便捷的方式為客戶提供服務，讓他們無論身在何處都能享受星巴克。我們還宣布更改星巴克獎勵兌換等級，這不僅支持關鍵計劃的增長和折扣效率，而且還允許我們通過使冷咖啡等受歡迎的商品更容易獲得來增加與會員相關的價值，這是我們的改變會員紛紛點贊。

Finally, we're furthering the value delivered to our SR members by bringing them coffeehouse culture and content through a new series in the Starbucks app called the Starbucks daily, which will launch with [iHeart Radio] this month. In short, Starbucks is an incredibly strong brand and one that is poised for growth. I'll now turn it over to Rachel.

最後，我們通過星巴克應用程序中名為星巴克日報的新系列為他們帶來咖啡館文化和內容，從而進一步為我們的 SR 會員提供價值，該系列將於本月與 [iHeart Radio] 一起推出。簡而言之，星巴克是一個非常強大的品牌，並且有望實現增長。我現在將它交給雷切爾。

Thank you, Brady, and good afternoon, everyone. Let me begin by saying that I am very proud of what we achieved in Q1 with nearly every business contributing to our strong performance. The remarkable strength in nearly all major markets and channels across the globe led to outperformance across our metrics when excluding the headwinds in China. Our Q1 consolidated revenues of $8.7 billion were another record quarterly high, up 8% from the prior year or 12% when excluding an approximately 3% impact of foreign currency translation.

謝謝你，布雷迪，大家下午好。首先讓我說，我對我們在第一季度取得的成就感到非常自豪，幾乎所有業務都為我們的強勁表現做出了貢獻。排除中國的不利因素後，全球幾乎所有主要市場和渠道的顯著實力導致我們的各項指標表現出色。我們第一季度的綜合收入為 87 億美元，再創季度新高，比上年增長 8%，如果不包括約 3% 的外幣換算影響，則增長 12%。

The revenue growth was primarily driven by 5% comparable store sales growth; 5% net new store growth over the past 12 months; impressive momentum in our U.S. and international licensed stores as well as our channel development businesses. When excluding China and the impact from foreign currency translation, revenues in all 3 of our reporting segments continued to expand double digit, demonstrating the demand of our diverse portfolio and power of our innovation as we focus on our new era of growth.

收入增長主要由 5% 的可比店面銷售額增長推動；過去 12 個月新店淨增長 5%；我們在美國和國際特許商店以及我們的渠道開發業務方面取得了令人矚目的發展勢頭。排除中國和外幣換算的影響後，我們所有 3 個報告分部的收入都繼續增長兩位數，表明我們在專注於新的增長時代時對多元化產品組合的需求和創新的力量。

Q1 consolidated operating margin contracted 60 basis points from the prior year to 14.5%, primarily driven by investments in growth in labor, part of which represent the reinvention plan, inflation and deleverage in China. The contraction was partially offset by pricing in North America and sales leverage across markets outside of China. The deleverage in China was more significant than expected, while other margin drivers were largely in line with our original guidance.

第一季度綜合營業利潤率較上年同期收縮 60 個基點至 14.5%，主要受勞動力增長投資的推動，其中部分原因是中國的重塑計劃、通貨膨脹和去槓桿化。北美的定價和中國以外市場的銷售槓桿部分抵消了收縮。中國的去槓桿化比預期更為顯著，而其他利潤率驅動因素基本符合我們最初的指引。

Q1 EPS was $0.75, up 4% from the prior year, including an approximate $0.06 dilutive impact from the headwinds in China relative to our original expectations. Although we anticipated China's recovery to be nonlinear, the headwinds in Q1 were larger than our prior estimate by approximately $0.06 due to the unforeseen changes in COVID restriction and infection spikes. The significant strength across our global portfolio, however, largely offset the impacts from China's performance, keeping us on track to achieve our fiscal 2023 growth targets, as I'll discuss in a moment.

第一季度每股收益為 0.75 美元，比去年同期增長 4%，其中包括相對於我們最初預期的中國逆風帶來的約 0.06 美元的攤薄影響。儘管我們預計中國的複蘇是非線性的，但由於 COVID 限制和感染高峰的不可預見的變化，第一季度的逆風比我們之前的估計大了約 0.06 美元。然而，我們全球投資組合的顯著實力在很大程度上抵消了中國業績的影響，使我們能夠實現 2023 財年的增長目標，我稍後將對此進行討論。

First, I'll provide segment highlights for Q1. North America delivered another quarter of all-time record revenue in Q1 of $6.6 billion, up 14% from the prior year, primarily driven by a 10% increase in comparable store sales, inclusive of a 9% increase in average ticket, net new store growth of 3% over the past 12 months and very strong growth in our U.S. licensed store business. Our U.S. company-operated stores had a record revenue quarter with 10% comp growth in Q1, fueled by strength in digital, innovation and record holiday performance as both Howard and Brady shared. In addition to the continued strength in ticket, the number of unique customers grew 10%, setting another all-time record and further expanding our reach.

首先，我將提供第一季度的細分市場亮點。北美第一季度的收入再創歷史新高，達到 66 億美元，比去年同期增長 14%，這主要是由於可比店面銷售額增長了 10%，其中平均票價、新店淨額增長了 9%過去 12 個月增長了 3%，我們的美國特許商店業務增長非常強勁。正如霍華德和布雷迪所分享的，我們在美國公司經營的商店的收入季度創下歷史新高，第一季度收入增長 10%，這得益於數字、創新和創紀錄的假期業績。除了門票方面的持續增長外，獨立客戶的數量也增長了 10%，再創歷史新高，進一步擴大了我們的影響力。

Let me also highlight the very strong performance of U.S. licensed stores this quarter, which posted revenue growth in excess of 30% and 15% system comp growth over the prior year Q1 with strength across the portfolio. Performance was particularly strong in retail and travel as pre-COVID behavior normalcy returns, with U.S. licensed store revenue indexing at roughly 140% of pre-pandemic levels.

我還要強調本季度美國特許商店的強勁表現，與去年第一季度相比，其收入增長超過 30%，系統收入增長超過 15%，整個產品組合都表現強勁。隨著 COVID 前行為恢復常態，零售和旅遊業的表現尤其強勁，美國特許商店收入指數約為大流行前水平的 140%。

Grocery also experienced strong growth, powered by the continued rollout of Starbucks Connect despite the overall decline in customer traffic across the rest of grocery store industry. North America's operating margin was 18.6% in Q1, contracting 20 basis points from the prior year, primarily due to previously committed investments in labor, including enhanced store partner wages and benefits as well as inflationary headwinds, partially offset by pricing and sales leverage.

儘管其他雜貨店行業的客流量總體下降，但星巴克 Connect 的持續推出推動了雜貨業的強勁增長。北美第一季度的營業利潤率為 18.6%，比上年收縮 20 個基點，這主要是由於先前承諾的勞動力投資，包括提高商店合作夥伴的工資和福利以及通貨膨脹的逆風，部分被定價和銷售槓桿所抵消。

While Q1 operating margin declined sequentially from Q4 fiscal 2022, driven primarily by seasonal sales mix shift, we gained productivity through reinvention, including improved partner retention and equipment rollouts, paving the way for progressive margin expansion in the latter half of fiscal 2023 and years to come.

雖然第一季度營業利潤率從 2022 財年第四季度開始連續下降，這主要是受季節性銷售組合轉變的推動，但我們通過重塑提高了生產力，包括提高合作夥伴保留率和設備推出，為 2023 財年下半年和 2023 財年下半年逐步擴大利潤率鋪平了道路來。

Moving to international. The segment delivered revenue of $1.7 billion in Q1, down 10% from the prior year or up 2% when excluding a nearly 13% unfavorable impact from foreign currency translation. The revenue growth was driven by sustained momentum across all major markets outside of China as well as an 8% increase in total store count over the past 12 months.

走向國際化。該部門在第一季度實現了 17 億美元的收入，比上年下降 10%，如果不包括外幣換算帶來的近 13% 的不利影響，則增長 2%。收入增長得益於中國以外所有主要市場的持續增長勢頭以及過去 12 個月門店總數增長 8%。

The growth was partially offset by a 13% decline in comparable store sales, including a 29% decline in China. Although China posted a comp decline of 29% in Q1, the heaviest decline of 42% was experienced in December with pressure carrying into Q2, all of which was well below our original estimates, as mentioned in my opening. Just to give you a little color, at its peak, nearly 1,800 stores or close to 30% of our portfolio were temporarily closed due to sharp fall in traffic and labor shortage because of partners falling sick to COVID.

這一增長被可比店面銷售額下降 13%（其中中國下降 29%）部分抵消。儘管中國在第一季度出現了 29% 的下降，但 12 月份出現了 42% 的最大跌幅，壓力進入了第二季度，所有這些都遠低於我們最初的估計，正如我在開場白中提到的那樣。只是給你一點顏色，在高峰期，由於合作夥伴感染 COVID 導致客流量急劇下降和勞動力短缺，近 1,800 家商店或我們投資組合的近 30% 暫時關閉。

Outside of China and excluding the impact of foreign currency translation, our diverse international markets across the globe continued to outperform in Q1. Once again, these markets, together, achieved double-digit comp growth, driven primarily by transactions. Their revenue grew 25% in the quarter when excluding a 17% unfavorable impact of foreign currency translation with successful holiday campaigns across all regions. Operating margins for the International segment was 14.3% in Q1, down 400 basis points from the prior year, mainly driven by deleverage in China, but partially offset by strong sales leverage across other global markets and the resulting business mix.

在中國以外，排除外幣換算的影響，我們在全球的多元化國際市場在第一季度繼續表現出色。這些市場再次共同實現了兩位數的收入增長，主要由交易推動。他們的收入在本季度增長了 25%，其中排除了外幣換算帶來的 17% 的不利影響以及所有地區的成功假期活動。第一季度國際業務的營業利潤率為 14.3%，較上年同期下降 400 個基點，主要受中國去槓桿化的推動，但部分被其他全球市場的強勁銷售槓桿和由此產生的業務組合所抵消。

Shifting to channel development. The segment's revenue grew 15% to $478 million in Q1, driven by double-digit growth in both the Global Coffee Alliance and our global ready-to-drink businesses. Within the Global Coffee Alliance, newer platforms continue to be key drivers of growth, including Starbucks Blonde Espresso and Starbucks Creamers. Our ready-to-drink lineups are fueled by core platforms in our international markets and robust innovations in the pipeline.

轉向渠道開發。在全球咖啡聯盟和我們的全球即飲業務實現兩位數增長的推動下，該部門第一季度的收入增長了 15%，達到 4.78 億美元。在全球咖啡聯盟中，更新的平台繼續成為增長的主要驅動力，包括星巴克金色濃縮咖啡和星巴克奶精。我們的即飲產品陣容由我們國際市場的核心平台和正在開發中的強大創新推動。

Sustainability was also top of mind for the segment, trailblazing, recyclable, multiserve iced coffee bottle made from recyclable plastic. The segment's operating margin was 47.4% in Q1, up 350 basis points from the prior year, primarily driven by strength in our North American coffee partnership joint venture income. Now moving to our guidance for fiscal 2023. Let me take a few minutes to go deeper on the implications to our business from the challenges we're facing in China.

可持續性也是該細分市場的首要考慮因素，開創性、可回收、多份冰咖啡瓶由可回收塑料製成。該部門第一季度的營業利潤率為 47.4%，比上年增長 350 個基點，這主要是受我們北美咖啡合作夥伴合資企業收入強勁的推動。現在轉向我們對 2023 財年的指導。讓我花幾分鐘時間更深入地了解我們在中國面臨的挑戰對我們業務的影響。

In January, China's comparable sales growth was a decline of approximately 15%, which was an improvement from a decline of 42% in December. While we're seeing early positive signs of momentum rebuilding, headwinds related to COVID still exist in the market and are expected to impact the full Q2. As a result, we anticipate the negative impact on the operating income in Q2 to be comparable to or greater than Q1.

1 月份，中國可比銷售額增速下降約 15%，較 12 月份 42% 的降幅有所改善。雖然我們看到了勢頭重建的早期積極跡象，但與 COVID 相關的不利因素仍然存在於市場中，預計將影響整個第二季度。因此，我們預計第二季度對營業收入的負面影響將與第一季度相當或更大。

Although we previously projected China recovery as early as Q3 of this fiscal year, we do not have clear line of sight into the timing of recovery and believe China's contribution as a percentage of our fiscal 2023 consolidated operating income to be lower than our original guidance assumed. However, our long-term opportunity in China is very strong.

儘管我們之前預計中國最早會在本財年第三季度復甦，但我們對複甦的時間並沒有明確的認識，並且認為中國對我們 2023 財年綜合營業收入的貢獻將低於我們最初假設的指導.但是，我們在中國的長期機會非常大。

We expect the market to see meaningful sales rebound once recovery is in full swing. Until then, we continue to stay focused on the long-term growth opportunities that China will deliver while weathering the short-term and transitory challenges. Now even with that backdrop and taking into account the uncertainty of China's recovery timing, our fiscal 2023 guidance remains unchanged. As a few point of clarification on guidance, in China, we now expect negative comps to continue through the second quarter, followed by improvement in the balance of the year.

我們預計一旦復甦全面展開，市場將出現有意義的銷售反彈。在此之前，我們將繼續關注中國將帶來的長期增長機遇，同時應對短期和暫時的挑戰。現在，即使在這樣的背景下，並考慮到中國復甦時機的不確定性，我們的 2023 財年指引仍保持不變。作為對指引的幾點澄清，在中國，我們現在預計負收益將持續到第二季度，隨後年度餘額將有所改善。

Another point of clarification is that China store growth remains unchanged as we execute our strategy to expand in new cities. Also, our guidance continues to include the impacts of significant investments related to our reinvention plan and inflationary pressures which largely remain comparable to what we had originally anticipated. Lastly, our guidance reflects the latest projection of foreign currency translation with approximate 2 and 3 percentage point unfavorable impact on fiscal 2023 revenue and earnings growth, respectively. This reflects an improvement of approximately 1 percentage point on both revenue and earnings growth relative to our previous expectations.

需要澄清的另一點是，隨著我們執行在新城市擴張的戰略，中國門店的增長保持不變。此外，我們的指引繼續包括與我們的重塑計劃和通脹壓力相關的重大投資的影響，這些影響在很大程度上與我們最初的預期相當。最後，我們的指引反映了外幣換算的最新預測，分別對 2023 財年的收入和盈利增長產生約 2 個和 3 個百分點的不利影響。這反映出與我們之前的預期相比，收入和盈利增長均提高了約 1 個百分點。

Additionally, in terms of quarterly shape, operating margin is expected to decline sequentially in Q2, near prior year level, driven primarily by the COVID-related headwinds in China. We still expect margins to expand in the back half of the year, improving sequentially in Q3 and Q4 as sales leverage, pricing, productivity gains from reinvention as well as recovery in China begin to contribute to positive margin expansion as the year progresses. We continue to expect quarterly EPS shape to roughly mirror the shape of operating margin with a sequential decline in Q2 and a meaningful step up in the second half of the fiscal year.

此外，就季度形狀而言，營業利潤率預計將在第二季度連續下降，接近去年同期水平，這主要是受中國 COVID 相關逆風的推動。我們仍然預計利潤率將在今年下半年擴大，並在第三季度和第四季度連續改善，因為隨著時間的推移，銷售槓桿、定價、重塑帶來的生產力收益以及中國的複蘇開始為利潤率的正增長做出貢獻。我們繼續預計季度每股收益形狀大致反映營業利潤率的形狀，第二季度連續下降，本財年下半年顯著上升。

Lastly, we also remain committed to returning approximately $20 billion to shareholders by the end of fiscal 2025 between share repurchases and dividends. Our repurchase program resumed in Q1 of this fiscal year and will accelerate as reinvention gains ground. Since the inception of our dividend program, 51 quarters ago, our annual dividend growth has averaged greater than 20%, and our dividend payout rates near the top percentile of growth companies of our size and our scale, which is an exceptional complement to our long-term EPS growth target as high as 15% to 20%.

最後，我們還承諾到 2025 財年末通過股票回購和派息向股東返還約 200 億美元。我們的回購計劃在本財年第一季度恢復，並將隨著重塑取得進展而加速。自 51 個季度前我們的股息計劃啟動以來，我們的年股息增長率平均超過 20%，我們的股息支付率接近我們規模和規模的成長型公司的最高百分位，這是對我們長期的卓越補充- 每股收益增長目標高達15%至20%。

In summary, here are key takeaways for my discussion today. First, our business and our brand are strong and strengthening every day as demonstrated by the record sales in Q1. Next, our Q1 performance serves as proof point that we are progressing nicely against our strategy, inclusive of our reinvention plan and delivering the results we projected. And finally, we will continue to innovate in the critical areas of digital, product and stores as our new era of growth is just beginning to unlock, and we are excited about what lies ahead, including welcoming Laxman as CEO this spring and on our second quarterly earnings call.

總而言之，這是我今天討論的要點。首先，正如第一季度創紀錄的銷售額所證明的那樣，我們的業務和品牌每天都在不斷壯大。接下來，我們第一季度的業績證明我們正在按照我們的戰略取得良好進展，包括我們的重塑計劃和交付我們預期的結果。最後，我們將繼續在數字、產品和商店的關鍵領域進行創新，因為我們的新增長時代才剛剛開始，我們對未來感到興奮，包括今年春天歡迎 Laxman 擔任首席執行官，並在我們的第二個季度財報電話會議。

Now before I close, I want to express my sincere gratitude for the hard work of our Starbucks Green Apron partners across the globe, including those in China who serve our customers in a way that only Starbucks knows how. Also, with this being Howard's last earnings call, I would be remiss if I didn't take a moment to thank Howard for his vision to create a company that is truly different, where value is created for all.

在結束之前，我想對全球星巴克綠圍裙合作夥伴的辛勤工作表示衷心的感謝，其中包括那些以星巴克獨有的方式為客戶提供服務的中國合作夥伴。此外，由於這是霍華德的最後一次財報電話會議，如果我不花一點時間感謝霍華德的願景，那就是他創建一家真正與眾不同的公司、為所有人創造價值的公司。

I know that I speak for many of us when I say we will honor your legacy while taking the company to the next level, all in making you, our partners and our shareholders proud. With that, we'll open the call to Q&A.

我知道，當我說我們將尊重您的遺產，同時將公司提升到一個新的水平時，我知道我代表了我們中的許多人，這一切都是為了讓您、我們的合作夥伴和我們的股東感到自豪。有了這個，我們將打開問答電話。

Operator?

操作員？

And your first question comes from Jeffrey Bernstein with Barclays.

你的第一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

Great. And congratulations, Howard, on your final call. My question is just on -- as I think about the U.S. comp, clearly strong, up 10%. I'm just wondering if you can talk a little bit about the traffic you're seeing today versus maybe pre-COVID. I think we all recognize that the sales are well above pre-COVID levels in total. But clearly, the average check has been the driver of that. I'm just wondering if you can -- how you get comfortable with the fact that the brand is as strong as ever, whether you're able to look at the number of beverages sold. Maybe that's a better indicator or how you think about the business, again, when you strip out obviously the outsized menu pricing that's been taken.

偉大的。霍華德，祝賀你完成最後一次通話。我的問題是——當我想到美國公司時，它顯然很強勁，上漲了 10%。我只是想知道您是否可以談談您今天看到的流量與 COVID 之前的流量。我想我們都認識到總銷售額遠高於 COVID 前的水平。但顯然，平均支票是其中的驅動因素。我只是想知道你是否可以——你如何對這個品牌一如既往的強大這一事實感到滿意，你是否能夠查看銷售的飲料數量。也許這是一個更好的指標，或者你對業務的看法，再次，當你明顯剔除已經採用的超大菜單定價時。

And just as an aside, Howard, I think everyone was looking up alchemy real quick since you made mention, I'm just wondering what specifically we're talking about as the definition seems to be transformation of matter. Would love to get any kind of incremental color.

順便說一句，霍華德，自從你提到煉金術以來，我想每個人都在快速查找煉金術，我只是想知道我們具體在談論什麼，因為定義似乎是物質的轉變。很想得到任何一種增量顏色。

Jeff, if I told you, I'd have to kill you. Rachel, you want to take the comp question? Maybe Sara, can help you as well.

傑夫，如果我告訴你，我會殺了你。雷切爾，你想回答補償問題嗎？也許 Sara 也可以幫助你。

Sure. Let me start with that. Thanks, Jeffrey, for the question. In response to your question around traffic, our 10% comp, as you know, was largely driven by ticket. Our transactions, transactions per store per day, which is how we measure the health of our business are still below pre-COVID levels and actually slightly below prior year. But what's important is we saw our traffic, [TSDs] as well as our units and overall ticket grow in our highest demand period. So our morning daypart and our midday, which is up till about 1:00, saw a year-over-year increase of both transactions and units as well as ticket.

當然。讓我從那個開始。謝謝杰弗里提出這個問題。在回答您關於交通的問題時，如您所知，我們的 10% 補償主要是由門票驅動的。我們的交易，每天每家商店的交易，這是我們衡量業務健康狀況的方式，仍然低於 COVID 之前的水平，實際上略低於前一年。但重要的是，我們看到我們的流量、[TSD] 以及我們的單位和整體票務在我們的最高需求時期增長。因此，我們的上午時段和中午時間（大約 1:00 左右）的交易量、單位數以及門票均出現同比增長。

In addition to that, those dayparts are also in line with 2019 levels. So why that gives us encouragement is our reinvention plan is squarely rooted at creating capacity in our busiest dayparts. So as we start to move along our reinvention plan, it's going to help us increase that capacity while creating a better experience for our partners and our customers. So that gives us a lot of confidence that our growth objectives and our ambitions for this year and beyond are well suited.

除此之外，這些時段也符合 2019 年的水平。因此，為什麼這給了我們鼓勵，是因為我們的重塑計劃直接植根於在我們最繁忙的時段創造能力。因此，當我們開始推進我們的重塑計劃時，它將幫助我們提高能力，同時為我們的合作夥伴和客戶創造更好的體驗。因此，這給了我們很大的信心，我們今年及以後的增長目標和雄心是非常合適的。

And our next question comes from Sara Senatore with Bank of America.

我們的下一個問題來自美國銀行的 Sara Senatore。

I was wondering, Rachel, if you could just talk briefly, you mentioned China was a $0.06 headwind. So ex that, certainly, earnings would have actually been better than we were thinking. Could you just talk maybe in order of magnitude where internally you might have seen surprise? Is it the fact that U.S. comps came in a bit higher than your long-term guide has been? Is it from the other geographies or segments? I just am trying to understand kind of how to think about that.

我想知道，雷切爾，如果你能簡單談談，你提到中國是 0.06 美元的逆風。因此，當然，收益實際上會比我們想像的要好。你能不能按數量級談談你可能在內部看到的驚喜？事實上，美國的補償金比你的長期指南高一點嗎？它來自其他地區或細分市場嗎？我只是想了解如何思考這一點。

And a related question, I think you said last year, China was about 25% of what it normally would be. Are you able to give us any kind of gauge of what it might look like this year, given it's slower to ramp than maybe you had anticipated?

還有一個相關的問題，我想你去年說過，中國的產量約為正常水平的 25%。考慮到今年的增長速度可能比您預期的要慢，您能否給我們提供一些關於今年情況的衡量標準？

Sure. Thanks, Sara. In terms of the question around Q1 and what drove our business outside of the headwinds in China. So if you took headwinds out, to your point, we would have been above expectations. It's a combination of things. It's stronger performance in our U.S. business, which is inclusive of our U.S. license. So our U.S. company operated as well as our U.S. license. It's also growth across our international markets. So excluding China, we had tremendous growth across our markets, which really speaks to the diversity of -- the depth and diversity of our portfolio. We also had tremendous growth in our channels business.

當然。謝謝，薩拉。關於第一季度的問題以及是什麼促使我們的業務擺脫了中國的逆風。因此，如果你排除逆風，就你的觀點而言，我們會超出預期。這是多種因素的結合。這是我們美國業務的強勁表現，其中包括我們的美國許可證。所以我們的美國公司和我們的美國執照一樣運作。這也是我們國際市場的增長。因此，不包括中國在內，我們在整個市場都取得了巨大的增長，這確實說明了我們投資組合的深度和多樣性。我們的渠道業務也取得了巨大的增長。

In addition to that, we saw some favorability in terms of foreign exchange, smaller, but that was also a combination. So it was all of those factors together that would have given us a stronger Q1 than what we had originally expected. Now when you think about that as it pertains to the balance of the year, we're able to reaffirm our guidance. Because even though we're seeing headwinds in China, and we continue to believe we'll have strong momentum across the other businesses, you can imagine there are a lot of other factors at play continuing inflationary pressures, economic challenges. So the combination of all of that gives us confidence that reaffirming our guidance is right given the position we're in today.

除此之外，我們在外匯方面看到了一些有利因素，較小，但這也是一個組合。因此，正是所有這些因素加在一起，使我們的第一季度業績比我們最初預期的要強勁。現在，當你考慮到這一點時，因為它與今年的餘額有關，我們能夠重申我們的指導。因為儘管我們在中國看到逆風，並且我們仍然相信我們在其他業務中將有強勁的勢頭，但你可以想像還有很多其他因素在起作用，比如持續的通脹壓力和經濟挑戰。因此，所有這些結合起來讓我們相信，鑑於我們今天所處的位置，重申我們的指導是正確的。

Rachel, I wonder if Michael can just give us a little bit more color on how strong the international was across the board.

雷切爾，我想知道邁克爾是否可以給我們更多的顏色來說明這個國際球員的全面實力。

Yes. Thank you. To the question, I would say definitely our markets outside of China performed even better than we thought. Just to note, a year ago, most of our markets we would have said is fully recovered. And so what we're seeing now with this 25% growth is growth-over-growth and performance-over-performance. And we were also expecting in some markets to see the economy inflation slow demand and it hasn't.

是的。謝謝。對於這個問題，我肯定會說我們在中國以外的市場表現比我們想像的還要好。請注意，一年前，我們可以說我們的大部分市場已經完全恢復。因此，我們現在看到的這 25% 的增長是增長超過增長和性能超過性能。我們還預計在一些市場中會看到經濟通脹放緩需求，但事實並非如此。

So as Howard talked about the tailwind, we are seeing a true tailwind and continued recovery coming out of the pandemic in all of these markets. Just for example, Latin America, we're seeing revenue growth of over 50%; EMEA, over 20%; U.K., which is a company-operated market, is having double-digit comp growth; Asia Pacific, over 20% revenue growth, and we actually crossed 5,000 stores across that region. And then Japan, which is our third largest company-operated market, is also continuing with significant growth.

因此，當霍華德談到順風時，我們看到所有這些市場都在從大流行中走出真正的順風和持續復甦。例如，在拉丁美洲，我們看到收入增長超過 50%；歐洲、中東和非洲，超過 20%；英國是一個由公司運營的市場，其收入呈兩位數增長；亞太地區，收入增長超過 20%，我們實際上在該地區擁有 5,000 家門店。然後是日本，這是我們第三大公司經營的市場，也在繼續顯著增長。

This is our eighth consecutive quarter of strong revenue growth, driven by not only product but actually digital. Within Japan, we are rolling out the digital flywheel, Mobile Order & Pay is fully penetrated. We've doubled our sales of Mobile Order & Pay over the last quarter. And we just introduced multi-tier redemption, which has shown success in the U.S. We're seeing a significant improvement here as well.

這是我們連續第八個季度實現強勁的收入增長，這不僅受到產品的推動，而且實際上受到數字的推動。在日本，我們正在推出數字飛輪，移動訂單和支付已完全滲透。上個季度，我們的 Mobile Order & Pay 銷售額翻了一番。我們剛剛推出了多層兌換，這在美國取得了成功。我們在這裡也看到了顯著的改進。

So as we think about going forward in these markets, we see more tailwind. The international travel is just starting to come back. As they start to go to other markets as well, we're going to see further tailwind going forward.

因此，當我們考慮在這些市場中前進時，我們看到了更多順風。國際旅行才剛剛開始回歸。隨著他們也開始進入其他市場，我們將看到進一步的順風前進。

And just to answer your other question, Sara, last year, we had expected China to be about 25% of the total company operating income, which is generally where it landed, we'll expect maybe closer to 50% based on what we know today.

為了回答你的另一個問題，Sara，去年，我們預計中國將占公司總營業收入的 25%，這通常是它登陸的地方，根據我們所知，我們預計可能接近 50%今天。

Your next question comes from David Palmer with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 David Palmer。

Congratulations, Howard. Two big-picture questions that often come up with long-term investors. I don't know if this is quite the forum, but maybe a quick comment on each. One would be how you're thinking about the brand and how it would do in a recession should we have one. Why we'd go perhaps better than 2007 and 2008.

恭喜你，霍華德。長期投資者經常提出的兩個宏觀問題。我不知道這是否是一個完整的論壇，但也許可以對每個論壇進行快速評論。一個是你如何看待這個品牌，以及如果我們有一個品牌，它在經濟衰退中會如何表現。為什麼我們會比 2007 年和 2008 年更好。

And then secondly, I think we can all agree that zero COVID is the biggest factor with China. But any sort of metrics that make you feel confident that the brand would have a full recovery? People ask about competition in China. And any sort of metrics around brand scores or anything that gives you confidence that you'll have a full recovery would be helpful.

其次，我認為我們都同意零 COVID 是中國的最大因素。但是有什麼指標能讓你相信該品牌會全面復甦嗎？人們問起中國的競爭。任何關於品牌評分的指標或任何讓你相信你會完全康復的指標都會有所幫助。

David, thank you. Belinda is on the call, and she's sitting, I believe, in Shanghai, and I think she'd be best suited to answer your question regarding China recovery, the situation that she's seeing on the ground. So Belinda, can you respond to that first? And then Brady will talk about the brand.

大衛，謝謝你。 Belinda 正在接聽電話，我相信她正坐在上海，我認為她最適合回答你關於中國復甦的問題，以及她在實地看到的情況。那麼貝琳達，你能先回應一下嗎？然後布雷迪將談論品牌。

Yes. Thank you, Howard. Thank you for the question. Starbucks brand relevance remains as strong as ever, and we're best positioned to capture the growth opportunities ahead. Our latest brand tracker shows Starbucks remains Chinese customers' first choice in the away-from-home coffee category. Also, Starbucks is the brand leader in terms of brand affinity, visitation and frequency.

是的。謝謝你，霍華德。感謝你的提問。星巴克的品牌相關性一如既往，我們最有能力抓住未來的增長機會。我們最新的品牌追踪顯示，星巴克仍然是中國消費者在外出咖啡類別中的首選。此外，星巴克在品牌親和力、訪問量和頻率方面都是品牌領導者。

And despite all the COVID disruptions we faced in Q1, our customer connection score also reached another record high in Q1. So our strong operating muscle and the strong relationships that we have with our customers and our partners and the strength of our brand, really, we are best positioned and so ready to recover and accelerate the growth of our business.

儘管我們在第一季度面臨 COVID 中斷，但我們的客戶聯繫得分在第一季度也創下了歷史新高。因此，我們強大的運營能力以及我們與客戶和合作夥伴的牢固關係以及我們品牌的實力，真的，我們處於最佳位置，因此準備好恢復和加速我們的業務增長。

And I would say that there's no other competitor that can match the competitive advantages that we have, the quality of our coffee, our brand strength, our connection, our unique third place and our omnichannel capabilities, our national footprint and the digital ecosystem and supply chain excellence that we have built.

我想說，沒有其他競爭對手可以與我們擁有的競爭優勢、我們的咖啡質量、我們的品牌實力、我們的聯繫、我們獨特的第三名和我們的全渠道能力、我們的全國足跡以及數字生態系統和供應相媲美我們建立的連鎖卓越。

Brady, do you want to go tell about the brand?

Brady，你想去介紹一下這個品牌嗎？

Yes. As we think about weathering a recession in the U.S., it really comes down to 2 words for us, and that is momentum and innovation. And I'd say that when I say momentum, it's about relevance and resilience. And as we think about relevance, if we look at the last quarter, we have more customers in total population than ever in the U.S. They're very highly engaged. If we look at share of wallet and spend, 56% of our transactions were from our reward members. And just as Belinda said, in China, our U.S. customers see Starbucks as their first choice for coffee with leading affinities.

是的。當我們考慮度過美國的經濟衰退時，對我們來說真的歸結為兩個詞，那就是動力和創新。我會說，當我說勢頭時，它是關於相關性和彈性的。當我們考慮相關性時，如果我們看一下上個季度，我們在美國的總人口中擁有比以往任何時候都多的客戶。他們的參與度非常高。如果我們查看錢包份額和支出，我們 56% 的交易來自我們的獎勵會員。正如貝琳達所說，在中國，我們的美國客戶將星巴克視為首選咖啡，具有領先的親和力。

So from a brand standpoint, we're in a very strong position. When we look at resilience, last quarter, we saw not only ticket growth but transaction growth, even in the face of the macroeconomic headwinds. So in terms of momentum, we see that carrying into the quarter ahead and the year ahead. And then I'd say innovation, as I mentioned, so product, we see continued strength in our future innovation road map and our existing strategy around cold, customized and plant-based beverages. And it comes down to beverages that customers love that they truly can only find at Starbucks. And that was true throughout the pandemic, and it's true right now.

因此，從品牌的角度來看，我們處於非常有利的地位。當我們審視彈性時，上個季度，即使面對宏觀經濟逆風，我們不僅看到了機票增長，而且看到了交易增長。因此，就勢頭而言，我們認為這將延續到未來的季度和未來的一年。然後我會說創新，正如我提到的，所以產品，我們看到我們未來的創新路線圖和我們圍繞冷、定制和植物基飲料的現有戰略的持續優勢。歸結為客戶喜愛的飲料，他們真正只能在星巴克找到。在整個大流行期間都是如此，現在也是如此。

With digital, our digital platforms have been very sticky with customers. And we're just making those better as you look at things like Odyssey and Reward together. And then earlier in the presentation, Rachel shared about equipment, it's just making the job more efficient for our partners, unlocking even greater quality and more customization. So if you take that momentum and that innovation, it just reinforces that we're a very strong brand right now. Looking ahead, despite any economic headwinds, we're still poised for growth.

通過數字化，我們的數字平台對客戶非常有吸引力。當你一起看奧德賽和獎勵之類的東西時，我們只是讓它們變得更好。然後在演講的早些時候，雷切爾分享了關於設備的信息，它只是讓我們的合作夥伴的工作更有效率，解鎖更高的質量和更多的定制。因此，如果你抓住這種勢頭和創新，它只會強化我們現在是一個非常強大的品牌。展望未來，儘管存在任何經濟逆風，我們仍有望實現增長。

I would just add one thing that I think we both said in our prepared remarks, but I think it's worth repeating. At a time when people are generally trading down, and there's a lot of discounting going on, we had the highest average ticket, I believe, in our history in the month of December. And so we don't see ourselves in a situation where we need to discount heavily. And we don't see a situation where our customers are trading down. And I think the strategic advantage we have, which we talked about in the last call, is customization and how our customers are creating their own proprietary beverage. And that adds to the ticket and obviously adds to the value perception that customers believe they're getting at Starbucks.

我只想補充一件事，我認為我們都在準備好的發言中說過，但我認為值得重複。在人們普遍進行低價交易並且正在進行大量折扣的時候，我相信我們在 12 月份的平均票價是歷史上最高的。因此，我們不認為自己處於需要大幅打折的情況。而且我們沒有看到我們的客戶正在交易的情況。我認為我們在上次電話會議中談到的戰略優勢是定制以及我們的客戶如何創造他們自己的專有飲料。這增加了門票，顯然增加了客戶認為他們在星巴克獲得的價值感知。

And our next question comes from John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

Obviously, 3 years for the China consumer dealing with COVID is a very, very long time. And there's at least some concern that consumers' behavior maybe slightly beyond the short term, it may be affected in terms of how people kind of interact and gather and what have you. So I wanted you to kind of comment on what you think about that. Or if you think you'll be busier than even ever.

顯然，對於中國消費者來說，3 年與 COVID 打交道是一段非常非常長的時間。至少有人擔心消費者的行為可能會略微超出短期，它可能會在人們互動和聚集的方式以及你擁有什麼方面受到影響。所以我想讓你對你的想法發表評論。或者，如果您認為自己會比以往更忙。

And if there's any types of leading indicators or green shoots, maybe talk about Macau or talk about Hong Kong or maybe even some markets, small markets or big ones within China that have largely dealt with this last COVID wave. Again, not just looking at the aggregate numbers, but specific end market numbers where you can talk about how the consumer, now that the infection is going to be over for them for quite some time, is now using your brand.

如果有任何類型的領先指標或萌芽，也許可以談談澳門或香港，甚至中國境內的一些市場、小型市場或大型市場，這些市場在很大程度上應對了最後一波 COVID 浪潮。同樣，不僅要查看總數，還要查看特定的終端市場數據，您可以在其中談論消費者，既然感染將在很長一段時間內結束，他們現在如何使用您的品牌。

Again, I'll yield to Belinda. But before I do, I think between myself and Rachel, we've been very clear that we want to take a very conservative view, especially in the near term. In the back half of the year is where we see the return to some level of normalcy. Listen, we don't have line of sight, and I don't think anyone does on how quick things are going to respond. We just have pattern recognition for many other markets. And also, Belinda has shared with us, and we've seen the numbers of what's happened to the run-up and during Chinese New Year, which was quite robust.

再一次，我會屈服於貝琳達。但在我這樣做之前，我認為我自己和雷切爾之間，我們已經非常清楚我們希望採取非常保守的觀點，尤其是在短期內。在今年下半年，我們看到恢復到某種程度的常態。聽著，我們沒有視線，而且我認為沒有人知道事情的反應速度有多快。我們只是對許多其他市場有模式識別。而且，Belinda 與我們分享了，我們已經看到了在春節期間和農曆新年期間發生的事情的數量，這是非常強勁的。

And so I think, John, I think we're going to be very careful, very sensitive. We are going to be on the ground in China and see for ourselves in the next month or 2. And we have been very directly involved with our Chinese team trying to support them, but they've been under a lot of pressure. We just don't know. So Belinda, I think you should just give your color and what you believe is going to happen from your perspective.

所以我認為，約翰，我認為我們會非常小心，非常敏感。我們將在接下來的一兩個月內到中國實地考察。我們一直非常直接地與我們的中國團隊合作，試圖支持他們，但他們承受了很大的壓力。我們只是不知道。所以貝琳達，我認為你應該從你的角度給出你的顏色和你認為會發生的事情。

Thank you, Howard. Yes, I'd love to give some colors on what's going on in China right now. What we're seeing is that we're seeing very encouraging recovery momentum starting January, with strong sequential weekly improvement as Howard has said, and fantastic traffic during Chinese New Year holiday. And that traffic really is covering all cities, all dayparts and all trade zones.

謝謝你，霍華德。是的，我很樂意為中國目前正在發生的事情提供一些顏色。我們看到的是，從 1 月開始，我們看到了非常令人鼓舞的複蘇勢頭，正如霍華德所說，每周連續強勁改善，中國新年假期期間的交通也非常好。而且該流量確實覆蓋了所有城市、所有時段和所有貿易區。

That's including transportation and tourism, and that's the trade zones that we've been suffering quite a bit in the last 3 years. So that's revised again. But bear in mind, and like what Howard just said, we're still in the very early stages of our recovery journey and then the country has just opened up. So we do have short-term uncertainties. And we need to be cautious and the recovery may remain nonlinear. But on the ground here, I'm happy to report that people are going back to work at their offices. You see foot traffic recovering and ramping up in commercial areas.

這包括交通和旅遊業，這就是我們在過去 3 年中遭受相當多的貿易區。於是再次修改。但請記住，正如霍華德剛才所說，我們仍處於復甦之旅的早期階段，然後這個國家才剛剛開放。所以我們確實有短期的不確定性。我們需要保持謹慎，復甦可能會保持非線性。但在這裡，我很高興地報告人們正在回到他們的辦公室工作。您會看到商業區的客流量正在恢復和增加。

You see people going back to cinemas to watch movies, and there's just a lot more social activities and gatherings, right, starting, too. And domestic trips and now starting with international as well. So -- but most importantly, we're seeing customers coming back to our stores. They're returning to our stores to enjoy the Starbucks Experience. And I want to say that all our stores are open and can operate fully now without any restrictions on operations or operating hours. And we can now fully reengage meaningfully and consistently without any disruptions with our customers and our SR members to drive visit and vacancy and deliver our best Starbucks Experience.

你看到人們回到電影院看電影，還有更多的社交活動和聚會，對，也開始了。國內旅行，現在也開始國際旅行。所以 - 但最重要的是，我們看到顧客回到我們的商店。他們返回我們的門店享受星巴克體驗。我想說的是，我們所有的門店都已開放，現在可以全面運營，沒有任何營業或營業時間的限制。現在，我們可以在不中斷與客戶和 SR 會員的情況下，以有意義和持續的方式完全重新參與，以推動訪問和空缺，並提供我們最好的星巴克體驗。

We can now go full steam with our new store development, and we can continue to maximize our omnichannel capability and opportunities to be a part of our customer new regular routine post-COVID. So all are very promising signs. And I just want to end by saying Starbucks is best positioned to capture the future growth opportunities ahead in China. And I'm so confident and more confident than ever of delivering the plan and strategies we shared during Investor Day and achieve 9,000 stores by 2025.

我們現在可以全力以赴開發新店，我們可以繼續最大限度地發揮我們的全渠道能力和機會，成為我們客戶在 COVID 後新的日常工作的一部分。因此，所有這些都是非常有希望的跡象。最後我只想說，星巴克最有能力抓住中國未來的增長機會。我非常有信心，比以往任何時候都更有信心實現我們在投資者日分享的計劃和戰略，到 2025 年實現 9,000 家門店。

Your next question comes from Andrew Charles with Cowen.

你的下一個問題來自 Andrew Charles 和 Cowen。

Howard, best wishes on your next chapter and congrats on all that you've accomplished in Starbucks. Rachel, just given that China is a 100% company-operated business, I wanted to learn about how we should think about the reopening -- the operating leverage of the reopening. Is it fair to say that when you return to 2019 China sales volumes that you -- that would allow you to get back to 2019 China store level margins?

霍華德，祝你在下一章一切順利，並祝賀你在星巴克取得的一切成就。雷切爾，鑑於中國是 100% 公司經營的企業，我想了解我們應該如何考慮重新開放——重新開放的運營槓桿。可以公平地說，當你回到 2019 年的中國銷量時——這會讓你回到 2019 年的中國商店水平利潤率嗎？

Or is it wrong to think that margins can rebound above this level when you get back to 2019 volumes, just given the inroads you've made with digital and other efficiencies in the business? And what I'm really trying to get at here is that if the China sales recovery gets back to '19 levels, does this allow you to return to the prior long-term operating margin target of 17% to 18%.

或者，考慮到您在數字化和其他業務效率方面取得的進展，當您回到 2019 年的銷量時，認為利潤率可以反彈到這個水平之上是錯誤的嗎？我真正想說的是，如果中國銷售恢復到 19 年的水平，這是否能讓你回到之前的 17% 到 18% 的長期營業利潤率目標。

Sure. What I'd say, Andrew, is that we do expect to have margin expansion in China, and that will be driven by the recovery as well as the growth we're seeing beyond recovery. But in terms of a margin expectation, we would expect margin to actually be different than what we saw in 2019 as you see the growth in digital. Just to give you an example, in 2019, digital was about 10% of overall sales in the market. It's now closer to 50%.

當然。安德魯，我要說的是，我們確實希望在中國實現利潤率擴張，這將受到復蘇以及我們在復蘇後看到的增長的推動。但就利潤率預期而言，我們預計利潤率實際上會與我們在 2019 年看到的數字有所不同。舉個例子，2019 年，數字產品約佔市場總銷售額的 10%。現在接近50%。

So that has a different margin structure to it. We know it leads to more overall dollars in overall volume, but it does change the margin structure. But despite that, when you take China and where we're expecting from a recovery standpoint, both this year and beyond, that leads us to the solid margin expansion we're talking about for total company this year as well as the progressive margin expansion that we spoke about at Investor Day. So it will be one part of the whole collective that will allow us to have that expansion over the long term.

因此，它具有不同的保證金結構。我們知道它會導致總交易量增加，但它確實改變了保證金結構。但儘管如此，當你考慮到中國以及我們從復甦的角度來看的地方時，無論是今年還是以後，這都會使我們實現我們今年所談論的整個公司的穩健利潤率擴張以及利潤率的逐步擴張我們在投資者日談到的。因此，它將成為整個集體的一部分，使我們能夠長期實現這種擴張。

Your next question comes from Peter Saleh with BTIG.

你的下一個問題來自 BTIG 的 Peter Saleh。

Great. And Howard, I echo the congrats as well. I wanted to ask about the labor dynamic in China. I know you guys indicated tonight that there was some staffing challenges with the surge in COVID. But just trying to think in the months and quarters ahead, do you expect to see any staffing shortages? I know you've built a lot of stores pre-COVID. Just trying to understand the staffing situation in that market and the ability to meet demand when it does return.

偉大的。霍華德，我也表示祝賀。我想問一下中國的勞動力動態。我知道你們今晚表示，隨著 COVID 的激增，人員配置面臨一些挑戰。但試想一下未來幾個月和幾個季度，您是否預計會出現人員短缺？我知道您在 COVID 之前已經建立了很多商店。只是想了解該市場的人員配置情況以及需求恢復時滿足需求的能力。

Belinda?

貝琳達？

Yes. Thank you for the question. The labor shortage from December was mainly because of our partners with COVID infections and there are all -- they have all returned back to work. We do not have any labor shortage issue, and we're ready to rock and roll and hiring more people to get ready for our new store opening.

是的。感謝你的提問。從 12 月開始的勞動力短缺主要是因為我們的合作夥伴感染了 COVID，他們都已經重返工作崗位。我們沒有任何勞動力短缺問題，我們已準備好搖滾並僱用更多人為我們的新店開業做準備。

And I just wanted to highlight the fact that we have been taking care of our partners in the last 3 years and this year and in the last quarter, you could see that we have all-time low turnover rate and people are staying with us. And so far, I don't see any issue at all with our hiring or our people staying with Starbucks. So thank you.

我只是想強調一個事實，即我們在過去 3 年、今年和上個季度一直在照顧我們的合作夥伴，你可以看到我們的離職率一直很低，而且人們都和我們在一起。到目前為止，我認為我們的招聘或員工留在星巴克方面沒有任何問題。所以謝謝。

Our next question comes from Lauren Silberman with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Lauren Silberman。

I wanted to ask about Starbucks Rewards. So you continue to grow double digits even at 30 million-plus members. How much opportunity do you think exists for further growth? And what are the barriers to transition non-rewards to reward members? And then just related, I know that you guys are planning to change the redemption value in the rewards program for the first time in a few years. Can you just talk about the reasons for the changes?

我想問一下星巴克獎勵。因此，即使會員數量超過 3000 萬，您仍能繼續保持兩位數的增長。您認為進一步增長的機會有多大？將非獎勵會員過渡到獎勵會員的障礙是什麼？然後只是相關，我知道你們正計劃在幾年內第一次更改獎勵計劃中的兌換價值。能否簡單說說變化的原因？

Great. Yes. Thank you very much, Lauren. I appreciate the question. We do see continued opportunity. If we just look at this past year, our SR membership base grew 15% in the U.S. and globally, we're seeing significant growth across our different markets as well. So we see not only that, but it's about 56% of transactions in the quarter. So we see a lot of headroom and relevance for the program.

偉大的。是的。非常感謝你，勞倫。我很欣賞這個問題。我們確實看到了持續的機會。如果我們只看過去一年，我們的 SR 會員基數在美國和全球範圍內增長了 15%，我們在不同市場也看到了顯著增長。因此，我們不僅看到了這一點，而且它約佔本季度交易的 56%。因此，我們看到了該計劃的很大空間和相關性。

Part of that was accelerated with our launch of Stars for everyone a couple of years ago when we lowered the barrier and complexity to enter the program. And we've seen that be a continued contributor over the last couple of years since we launched it. So that takes us to the more than 30 million members we have today. It's not only 15% growth over a year, 6% growth in that membership in the U.S. just quarter-over-quarter. So we see lots of reasons to be optimistic about the opportunity, and we're seeing that prove out in the numbers.

幾年前，當我們降低了進入該計劃的門檻和復雜性時，我們為所有人推出了 Stars，部分加速了這一進程。自從我們推出它以來，我們已經看到它在過去幾年中一直是一個持續的貢獻者。因此，這將我們帶到了今天擁有的超過 3000 萬會員。不僅一年增長了 15%，而且美國的會員數量環比增長了 6%。因此，我們看到很多理由對這個機會持樂觀態度，而且我們看到數字證明了這一點。

In terms of the changes that we just made, within Starbucks Rewards, we really look at that program as offering 2 things, both product and experiential benefits. And so we're really looking at both sides of the equation. The experiential benefits that you've seen us out of the quarter were things like Reward Together, the Starbucks Odyssey program and other special events, whether it's the opening of the Empire State Building and offering members the first chance to go and see a store like that. So we really try and add experiential benefits to the program to make people feel genuinely valued for being Starbucks customer.

就我們剛剛在星巴克獎勵計劃中所做的更改而言，我們真正將該計劃視為提供兩件事，即產品和體驗利益。所以我們真的在看等式的兩邊。您在本季度看到我們的體驗性好處是 Reward Together、Starbucks Odyssey 計劃和其他特別活動，無論是帝國大廈的開幕，還是讓會員第一次有機會參觀像這樣的商店那。因此，我們真正嘗試為該計劃添加體驗式好處，讓人們真正感受到成為星巴克客戶的價值。

On the product side, what you've heard are changes related to our reward redemption tiers. And the purpose of that is a couple of things. From an economic perspective, the redemption tiers and the changes we're making there better align the cost of product redemptions to our current pricing. And by making that change, it will create discount efficiency, which helps us to continue to grow the program while effectively managing margins.

在產品方面，您所聽到的是與我們的獎勵兌換等級相關的變化。這樣做的目的有兩點。從經濟角度來看，贖回等級和我們所做的改變更好地使產品贖回成本與我們當前的定價保持一致。通過做出這種改變，它將創造折扣效率，這有助於我們在有效管理利潤的同時繼續發展該計劃。

So that's the 2 dimensions we look at it on. We see just lots of opportunity left. We have an incredible road map ahead. So we're just going to keep driving the program and I think our customers will have a lot to celebrate in the years ahead.

這就是我們查看它的兩個維度。我們看到剩下的機會很多。我們前面有一個令人難以置信的路線圖。因此，我們將繼續推動該計劃，我認為我們的客戶在未來幾年將有很多值得慶祝的事情。

Your next question comes from Danilo Gargiulo with Bernstein.

你的下一個問題來自 Danilo Gargiulo 和 Bernstein。

Congratulations again, Howard. I want to expand a question that was asked earlier regarding the staffing level but now expanded and maybe focus on the U.S. situation. So the labor market is still relatively tight. So can you share some update on the level of employee retention, turnover and staffing versus 2019? And perhaps if you can also comment on the evolution of the sentiment on partners and the connection scores now that you're unfolding your level of investment.

再次祝賀你，霍華德。我想擴展之前提出的有關人員配置水平但現在擴展的問題，並且可能關注美國的情況。所以勞動力市場仍然比較緊張。那麼，您能否分享一些與 2019 年相比的員工保留率、流動率和人員配備水平的最新情況？既然你正在展開你的投資水平，也許你還可以評論對合作夥伴的看法和聯繫分數的演變。

Frank Britt?

弗蘭克·布里特？

Yes. Thank you for the question. As a fundamental part of the reinvention agenda, as you know, is labor stability, lowering turnover and increasing throughput. And we are pleased with the traction we are starting to see in retention specifically. We've improved hourly partner retention rates by over 5% versus prior year same period. We've improved over 8% versus the highest turnover period, which was in Q2 of '22 and this reduces the time and the investment required for additional new hires and it helps stabilize operations. And we're now running in a pre-COVID level relative to the stores being open.

是的。感謝你的提問。如您所知，作為重塑議程的一個基本部分，是勞動力穩定性、降低人員流動率和提高產量。我們很高興我們開始看到特別是在保留方面的牽引力。與去年同期相比，我們將每小時合作夥伴保留率提高了 5% 以上。與 22 年第二季度的最高營業額期相比，我們已經提高了 8% 以上，這減少了額外新員工所需的時間和投資，並有助於穩定運營。相對於正在營業的商店，我們現在處於 COVID 之前的水平。

As far as the labor market at large, as you well know, the sector does face challenges relative to capacity and talent and the record low unemployment, 3.5%. However, we continue to see and experience strong and consistent overall applicant flow to support our store hiring with the typical seasonality. Our data continues to show that we are the employer of choice in retail at top tier, including the 100 percentile relative to benefits.

就整個勞動力市場而言，眾所周知，該行業確實面臨著產能和人才方面的挑戰以及創紀錄的低失業率 3.5%。但是，我們繼續看到並體驗到強勁且一致的總體申請人流，以支持我們具有典型季節性的商店招聘。我們的數據繼續表明，我們是頂級零售業的首選雇主，包括與福利相關的 100 個百分點。

And finally, we see lots of opportunities to continue to make Starbucks the best job in retail. And we have a very robust master plan as part of the reinvention agenda to make sure we can deliver on that brand promise to our partners in the same way we do with our customers.

最後，我們看到了很多機會，可以繼續讓星巴克成為零售業的最佳工作。我們有一個非常強大的總體規劃作為重塑議程的一部分，以確保我們能夠像對待客戶一樣向合作夥伴兌現品牌承諾。

Your next question comes from Jon Tower with Citigroup.

你的下一個問題來自花旗集團的 Jon Tower。

Best wishes to Howard on what's next. Curious if you could just -- 2 things. First, talk about any incremental pricing that might be planned for fiscal '23, particularly in the U.S., given that inflation, while moving lower, in aggregate is still pretty sticky. Wondering if your thoughts on pricing has changed. Then secondly, if you could dig into the progress the company has made on testing the Siren system in the U.S. and when investors can expect any sort of initial feedback on expected returns and, say, the impact on stores going forward.

祝霍華德接下來會發生什麼。好奇你是否可以 - 兩件事。首先，談談可能為 23 財年計劃的任何增量定價，特別是在美國，鑑於通貨膨脹率雖然走低，但總體而言仍然非常棘手。想知道您對定價的想法是否發生了變化。其次，如果你能深入了解該公司在美國測試 Siren 系統方面取得的進展，以及投資者何時可以期待任何關於預期回報的初步反饋，比如對商店未來的影響。

Rachel will take the first part, and then Sara Trilling, who runs U.S. Retail, will take the second. Rachel?

Rachel 將擔任第一部分，然後負責美國零售業務的 Sara Trilling 將擔任第二部分。雷切爾？

Yes. Thanks, Jon. So in terms of incremental pricing, our comp and our revenue in North America right now, largely in our U.S. business, is benefiting from pricing that was taken in back half of last year. So we're benefiting from the annualization of that pricing.

是的。謝謝，喬恩。因此，就增量定價而言，我們目前在北美的收入和收入，主要是在我們的美國業務中，受益於去年下半年的定價。因此，我們受益於該定價的年度化。

As we comp that this year, we'll start to see our pricing levels normalize more to historical level ranges than what we had seen previously. And typically, our pricing had been taken in line with inflationary pressures. So given that we're seeing inflation, we're still seeing inflation elevated relative to prior years below FY '22, but we're starting to see it soften slightly. So we don't have expectations that we'll have to further that pricing increase. And instead, what we'll see is we'll start to see pricing normalize to more historical levels by the back half of the year.

當我們今年進行比較時，我們將開始看到我們的定價水平比我們之前看到的更正常化到歷史水平範圍。通常情況下，我們的定價是根據通脹壓力製定的。因此，鑑於我們看到了通貨膨脹，我們仍然看到通貨膨脹率相對於前幾年有所上升，低於 22 財年，但我們開始看到它略有走軟。因此，我們不期望我們必須進一步提高價格。相反，我們將看到的是，到今年下半年，我們將開始看到定價正常化到更多的歷史水平。

Sara?

薩拉？

Yes, absolutely. So thank you for the question. So we're continuing to roll out equipment innovations to help make the work easier for our partners and, of course, drive efficiency and ultimately enable partners to better serve our customers and do it with grace. I mean no more are we in a position to roll out single pieces of equipment over a multiyear time horizon. No way, no, thanks. It just can't happen given the unbelievable demand that we're seeing in our business.

是的，一點沒錯。謝謝你的提問。因此，我們將繼續推出設備創新，以幫助我們的合作夥伴更輕鬆地工作，當然，還可以提高效率，並最終使合作夥伴能夠更好地為我們的客戶服務，並優雅地完成任務。我的意思是我們再也無法在多年的時間範圍內推出單件設備。沒辦法，不，謝謝。鑑於我們在業務中看到的令人難以置信的需求，這是不可能發生的。

And so, so far, we've deployed handheld order points in 54% of our stores, cold beverage labelers in 81%, Mastrena 2 espresso stations, 94% and the new warming ovens in 90% of our stores. So all the sides, kind of those handheld order points, which are very, very useful in drive-throughs are going to be rolled out fully this year. And we're seeing the benefits of that across the board. Our drive-through window times, as example, are up, as is our Mobile Order & Pay uptime, just 2 examples of that. I think in Q1, we completed our automated ordering for food and lobby, which removed task time and freed up energy to again focus on customers.

因此，到目前為止，我們已經在 54% 的商店部署了手持訂購點，在 81% 的商店部署了冷飲貼標機，在 94% 的商店部署了 Mastrena 2 濃縮咖啡站，在 90% 的商店部署了新的暖爐。因此，所有方面，比如那些在得來速中非常非常有用的手持訂購點，都將在今年全面推出。我們正在全面看到這樣做的好處。例如，我們的免下車窗口時間已經到了，我們的移動訂單和支付正常運行時間也到了，這只是其中的兩個例子。我認為在第一季度，我們完成了食品和大堂的自動訂購，這消除了任務時間並騰出精力再次專注於客戶。

And we've got more in the hopper. We're really just getting started as we look to reinvention, to continue to drive throughput in our stores. And in close, I'd just say, we've seen all-time highs in productivity.

而且我們在料斗中得到了更多。我們真的才剛剛開始，因為我們希望重新發明，以繼續推動我們商店的吞吐量。最後，我只想說，我們已經看到了生產力的歷史新高。

The one thing I would add, just to finalize your question is that the Siren system is expected to be more of a '24, '25 implementation rollout. So we'll start to see the returns there, which are part of what drove our growth ambitions over the longer term, is supported by further equipment rollout in terms of that level of efficiency and productivity .

我要補充的一件事是，為了最終確定您的問題，Siren 系統預計將更多地在 '24、'25 實施推出。因此，我們將開始看到那裡的回報，這是推動我們實現長期增長雄心的部分原因，並在效率和生產力水平方面得到進一步設備推出的支持。

The last question comes from Brian Harbour with Morgan Stanley.

最後一個問題來自摩根士丹利的 Brian Harbor。

Yes. Maybe just to finish, I'll ask about channel development briefly. You've obviously seen quite strong growth there, quite good margins as well. How much do you expect that to continue? How does that kind of factor into your outlook for this year?

是的。也許只是為了結束，我會簡單地問一下渠道開發。你顯然已經看到那裡有相當強勁的增長，也有相當不錯的利潤率。您預計這種情況會持續到什麼程度？這種因素如何影響你今年的展望？

Michael?

邁克爾？

Yes. Thanks for the question. Yes, we did have a very strong performance in this quarter. From a top line perspective, we had 15% growth that was driven by Global -- our Coffee Alliance, our at-home coffee, where we maintained the #1 share. But there was some pricing in that, and we think that's going to moderate through the course of the year. Also, we had strong North American coffee partnership performance in the quarter. Some of that also had some onetime benefit as we were standing up a new co-man. So that will benefit us going forward, but we won't expect some of that to continue. So what I would say is that we benefited from a number of kind of seasonal and onetime factors. We do remain optimistic about the growth and the profile and we'll probably settle into what we have seen in the past.

是的。謝謝你的問題。是的，我們在本季度的表現確實非常強勁。從頂線的角度來看，我們有 15% 的增長是由全球驅動的——我們的咖啡聯盟，我們的家庭咖啡，我們保持了第一的份額。但其中有一些定價，我們認為這將在今年內緩和。此外，我們在本季度的北美咖啡合作夥伴關係表現強勁。其中一些也有一些一次性的好處，因為我們正在站起來一個新的合作夥伴。所以這將有利於我們前進，但我們不會期望其中的一些會繼續下去。所以我要說的是，我們受益於多種季節性和一次性因素。我們確實對增長和概況保持樂觀，我們可能會適應過去所看到的情況。

We have a lot of great things coming. We're launching our new Pink Drink, which we talked about at the Investor Day, which should help our ready-to-drink business and our at-home coffee business continues to be strong as we are maintaining #1 share.

我們有很多很棒的事情要發生。我們正在推出我們在投資者日談到的新 Pink Drink，這應該有助於我們的即飲飲料業務和我們的家庭咖啡業務繼續保持強勁，因為我們保持了第一的份額。

And if I would just add, we continue to believe that channel development will be a mid-40s margin business, which is really strong, and that's what helps us in terms of being able to reaffirm our guidance on a full year basis.

如果我只想補充一點，我們仍然相信渠道開發將是一個 40 多歲的利潤率業務，這真的很強大，這有助於我們能夠在全年的基礎上重申我們的指導。

I'd just add last word. Someone told me a week ago, this was my 108th, not consecutive but -- earnings conference call. I don't know if that's an award or not. But as many people on the phone that I've learned -- I've known many, many years, thank you for your friendship and support of Starbucks. This past year has been a gift for me. And I leave, I think, with the company, with the wind at its back, with its tremendous leadership team and Laxman, I'm thrilled that you're here. So thank you all very, very much. Really appreciate the opportunity, and thank you again for your friendship and support. Thank you.

我只想補充最後一句話。一周前有人告訴我，這是我的第 108 次，不是連續的，而是——收益電話會議。不知道是不是獎勵但正如我了解到的許多電話中的人——我已經認識很多年了，感謝你們對星巴克的友誼和支持。過去的一年對我來說是一份禮物。我想，我離開公司，帶著風在後面，帶著強大的領導團隊和拉克斯曼，我很高興你能來。所以非常非常感謝大家。非常感謝這次機會，再次感謝您的友誼和支持。謝謝。

Thank you. This concludes Starbucks' First Quarter Fiscal Year 2023 Conference Call. You may now disconnect.

謝謝。星巴克 2023 財年第一季度電話會議到此結束。您現在可以斷開連接。