星巴克 (SBUX) 2023 Q2 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' Second Quarter Fiscal Year 2023 Conference Call. (Operator Instructions)

午安.我叫迭戈，今天我將擔任你們的會議主持人。歡迎大家參加星巴克2023財年第二季電話會議。 （接線生指示）

I will now turn the call over to Tiffany Willis, Vice President of Investor Relations. Ms. Willis, you may now begin your conference.

現在我將把電話轉給投資者關係副總裁 Tiffany Willis。威利斯女士，您可以開始您的會議了。

Good afternoon, everyone, and thank you for joining us today to discuss Starbucks' Second Quarter Fiscal Year 2023 results. Today's discussion will be led by Laxman Narasimhan, chief Executive Officer; Rachel Ruggeri, Executive Vice President and Chief Financial Officer. And for Q&A, we'll be joined by Brady Brewer, Executive Vice President, Chief Marketing Officer; Frank Britt, Executive Vice President, Chief Reinvention Officer; Michael Conway, Group President of International and Channel Development; AJ Jones II, Executive Vice President and Chief Communications Officer of Public Affairs; Sara Trilling, Executive Vice President and President of Starbucks North America; and Belinda Wong, Chairwoman and Chief Executive Officer of Starbucks China.

大家下午好，感謝大家今天加入我們，共同討論星巴克 2023 財年第二季的業績。今天的討論將由執行長 Laxman Narasimhan 和執行副總裁兼財務長 Rachel Ruggeri 主持。在問答環節，我們將邀請執行副總裁兼首席行銷長 Brady Brewer、執行副總裁兼首席重塑官 Frank Britt、國際和通路發展集團總裁 Michael Conway、執行副總裁兼公共事務首席傳播官 AJ Jones II、執行副總裁兼星巴克北美總裁 Sara Trilling 和星巴克中國董事兼首席執行官王靜瑛。

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. Starbucks assumes no obligation to update any of these forward-looking statements or information.

本次電話會議將包含前瞻性陳述，這些陳述受各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。任何此類陳述應與我們收益報告中的警示性聲明以及我們提交給美國證券交易委員會 (SEC) 的文件中討論的風險因素（包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告）一並考慮。星巴克不承擔更新任何此類前瞻性聲明或資訊的義務。

GAAP results in second quarter fiscal year 2023 and the comparative period includes 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.

2023財年第二季及同期的GAAP業績包含多項與策略行動相關的項目，包括重組和減損費用、交易和整合成本以及其他項目。這些項目不包含在非GAAP業績中。

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. 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.

除非另有說明或未對相關指標進行非公認會計準則調整，今日電話會議中引用的所有數據均基於非公認會計準則 (Non-GAAP)。有關今日電話會議中提及的非公認會計準則 (Non-GAAP) 財務指標，請參閱財報公告及星巴克網站 investor.starbucks.com，尋找非公認會計準則 (Non-GAAP) 指標與其對應公認會計準則 (GAAP) 指標的對帳表。

This conference call is being webcast and an archive of the webcast will be available on our website through Friday, June 2, 2023. Also, for your calendar planning purposes, please note that our third quarter fiscal year 2023 earnings conference call has been tentatively scheduled for Tuesday, August 1, 2023.

本次電話會議將進行網路直播，網路直播的存檔將於 2023 年 6 月 2 日星期五之前在我們的網站上提供。此外，為了方便您安排日程，請注意，我們 2023 財年第三季財報電話會議暫定於 2023 年 8 月 1 日星期二舉行。

Now before I turn the call over to Laxman, I want to mention that our prepared remarks for today's call will run approximately 40 minutes, which is longer than what we planned for future calls. But we thought it would be beneficial to give Laxman ample time to provide his observations as our new CEO.

在將電話會議交給拉克斯曼之前，我想提一下，我們今天電話會議的準備發言時間大約為40分鐘，比我們計劃的未來電話會議發言時間要長。但我們認為，給予拉克斯曼充足的時間來發表他作為新任執行長的見解是有益的。

And now with that, I'll turn the call over to Laxman.

現在，我將把電話轉給拉克斯曼。

Thank you, Tiffany, and good afternoon, everyone. It's both a great privilege and responsibility to serve as Starbucks' CEO. On behalf of the Board of Directors and our Starbucks partners, I'd like to thank Howard Schultz for his leadership of the company over the last year.

謝謝蒂芙尼，大家下午好。擔任星巴克首席執行官，我深感榮幸，但責任重大。我謹代表董事會和星巴克合作夥伴，感謝霍華德舒茲在過去一年對公司的領導。

Howard's return in April of 2022 came at a pivotal moment for the company and with great personal and family sacrifice. And I want to personally thank Howard for his over 40 years of ingenuity, creativity, service and enduring love for our company and the iconic Starbucks brand and for his willingness to always lean in, in service of our partners and customers.

霍華德於2022年4月回歸，正值公司的關鍵時刻，他為此付出了巨大的個人和家庭犧牲。我要親自感謝霍華德40多年來的才智、創造力、服務精神以及對我們公司和標誌性星巴克品牌的持久熱愛，感謝他始終傾盡全力，服務我們的合作夥伴和顧客。

Since joining in September, the company has given me a uniquely designed program to fully immerse myself in all aspects of our business. The program involves spending time in our stores, distribution centers, roasting plants, support centers and on our own coffee farm in Costa Rica.

自從九月加入公司以來，公司為我設計了一個獨特的項目，讓我能夠全心投入公司業務的各個方面。這個項目包括在我們的門市、配送中心、烘焙廠、支援中心以及我們位於哥斯達黎加的咖啡農場進行工作。

And I have traveled to meet our partners and business leaders in several international markets across Asia, Latin America and Europe. While Howard formally ran the company through the second quarter, my immersion exposed me to all aspects of day-to-day leadership responsibilities and well-prepared me to transition into the CEO role on March 20, a few days ahead of our Annual Meeting of Shareholders.

我還前往亞洲、拉丁美洲和歐洲等多個國際市場與我們的合作夥伴和業務負責人會面。霍華德在第二季度正式執掌公司期間，我的深度參與讓我接觸到了公司日常領導職責的各個方面，並為我在3月20日（即公司年度股東大會召開前幾天）順利過渡到首席執行官一職做好了充分準備。

I have learned about the company through the eyes of our founder, customers, farmers, partners and the community and through listing meetings with our shareholders. Perhaps most importantly, I've been actively listening and learning from our partners, working side-by-side to earn my barista certification and developing the deepest level of respect for coffee and barista craft.

我透過創辦人、顧客、農民、合作夥伴和社區的視角，以及與股東的上市會議，了解了這家公司。或許最重要的是，我一直積極傾聽和學習合作夥伴的意見，並肩作戰，最終獲得了咖啡師認證，並對咖啡和咖啡師技藝產生了最深厚的敬意。

In my time with the company, I have also been working closely with the executive leadership team. I have been impressed with the great progress and forward momentum of the company, and I am optimistic about our long-term growth headroom and the margin improvement potential.

我在公司任職期間，一直與高階主管團隊保持密切合作。公司的巨大進步和發展勢頭給我留下了深刻的印象，我對我們的長期成長空間和利潤率提升潛力充滿信心。

We also see great opportunity to further strengthen the business, elevate the brand and do everything we can do to make this a great place for partners to work. We will continue to build on our reinvention plan with additional opportunities, and we will update you with these additional plans in due course.

我們也看到了進一步加強業務、提升品牌形象的絕佳機會，並竭盡所能，將這裡打造為合作夥伴理想的工作場所。我們將繼續推動重塑計劃，並推出更多機會，並將適時向您更新這些計劃。

Let me start through this call by sharing my overarching observations, the progress and momentum from our reinvention and the opportunities ahead for Starbucks. Rachel will then walk you through the details of our second quarter fiscal year 2023 performance. We will then open the call for Q&A. What you can take away today is confirmation that we are well positioned to continue to unlock value for all our stakeholders.

首先，我想分享我的整體觀察、我們重塑的進展和動力，以及星巴克未來的機會。接下來，Rachel 將向大家詳細介紹我們 2023 財年第二季的業績。之後，我們將進入問答環節。今天，各位可以肯定的是，我們已做好準備，繼續為所有利害關係人創造價值。

My first observation is that Starbucks is uniquely in the business of human connection. Since our earliest days, we have been a brand that brings people together from the vantage points of serving customers in stores and in drive-through windows. Many are coming to us for connection with others. There is no doubt, Starbucks has conventionally been the mainstay meet-up spot.

我首先觀察到的是，星巴克在人際互動方面獨樹一格。自創立伊始，我們就致力於透過門市和免下車窗口服務顧客，將人們連結在一起。許多人來我們這裡是為了與他人建立連結。毫無疑問，星巴克一直以來都是人們主要的聚會場所。

At the same time, nearly 2/3 of U.S. consumers are by themselves when seeking a beverage or food occasion. As a world in a crisis of disconnection, where loneliness, division and polarization have become far too common, the everyday ritual of coffee is a powerful way to make connection happen with others and with yourself. Starbucks delivers connection no matter how you visit us: in stores, drive-throughs or digitally. We are there to provide this connection any place, any time.

同時，近三分之二的美國消費者在尋找飲料或食物時都是獨自一人。這個世界正處於斷網危機之中，孤獨、分裂和兩極化已變得司空見慣，而每天喝杯咖啡這一習慣，正是與他人、與自己建立聯繫的有效途徑。無論您以何種方式光臨星巴克：門市、免下車取餐通道或線上購物，星巴克都能為您提供連線。我們隨時隨地為您提供這種連接。

That brings me to my second observation. Our performance is strong, but our health could be stronger. I've worked side by side with our partners in our stores and have experienced firsthand how our stores and our operations are still evolving to meet the demands of our customers. There is more work to do to tailor our stores to the demand that we see, advance our technology, enhance how we innovate our equipment and also, more fundamentally, how we get back to focusing on fundamental operations and executing better, a priority that is evident with my deep engagement over the last several months across supply chain, technology, reinvention, store development, store operations, marketing and product.

這讓我想到了我的第二個觀察。我們的業績強勁，但我們的健康狀況可以更好。我曾與合作夥伴在門市並肩工作，親身體驗了我們的門市和營運如何不斷發展以滿足客戶的需求。我們還有很多工作要做，以便根據客戶需求客製化門市，改進技術，提升設備創新能力，以及更根本的是，如何重新專注於基礎營運並提高執行力。過去幾個月，我深入參與了供應鏈、技術、重塑、門市開發、門市營運、行銷和產品等工作，這體現了我們當前的首要任務。

Take, for example, the Siren System that we showcased at Investor Day. This is one example of how we can continue to do more to better support our stores and, in turn, our partners. It is also about the operating processes that we have in our stores and how we make them even more robust.

以我們在投資者日展示的Siren系統為例。這是一個我們可以繼續努力，更好地支持我們的門市，進而支持我們的合作夥伴的例子。它也關乎我們門市的營運流程，以及如何使其更加穩健。

To strengthen our health, we need to think of our business as having theaters to the front with a factory in the back. Our theaters are where our store partners are focusing on their craft and delivering an elevated experience to our customers. To simplify the store partner experience and drive greater productivity within and beyond the store level, we see significant efficiencies in our supply chain, support systems and processes. This is what I mean by our opportunity to strengthen our factory in the back.

為了增強我們的健康，我們需要將我們的業務視為前台劇院和後台工廠。在我們的劇院裡，我們的門市合作夥伴專注於他們的工藝，為我們的客戶提供更優質的體驗。為了簡化門市合作夥伴的體驗，並提高門市內外的生產力，我們的供應鏈、支援系統和流程都顯著提高了效率。這就是我所說的加強後台工廠的機會。

Let me give you a few examples. Today, our store deliveries involve a high-touch one-size-fits-all model. We are out of stock in more items than we would like. Through segmentation and a format-specific approach, we will be able to lower costs while creating a better experience for our partners and, ultimately, for our customers.

我來舉幾個例子。目前，我們門市的配送模式是高接觸、一刀切的模式。缺貨的商品比我們預期的要多。透過細分和針對特定業態的配送方式，我們將能夠降低成本，同時為合作夥伴，最終為顧客，創造更好的體驗。

We also have abundant opportunities to optimize what we buy across several areas as well as opportunities in how we buy it. Currently, we have over 1,500 cup-and-lid combinations across our network. As we streamline, we will create a portfolio of fewer, more sustainable and less costly hubs while further simplifying operations in our stores. All of these opportunities will deliver top line growth and margin expansion and create long-term value.

我們也擁有大量機會來優化我們在多個地區的採購產品以及採購方式。目前，我們的網路擁有超過1500種杯蓋組合。隨著精簡流程，我們將創造一個由更少、更永續、成本更低的樞紐組成的組合，同時進一步簡化門市營運。所有這些機會都將帶來營收成長和利潤率提升，並創造長期價值。

My third observation is that we are a company that strives to be different, and we are now operating in a different kind of world. One thing that has stood out to me here at Starbucks is our culture. Since my first day, it has been clear that Starbucks' culture is like that of no other company. There is a strong partner-first mentality that is both top down and bottom up.

我的第三個觀察是，我們是一家力求與眾不同的公司，如今我們正處於一個截然不同的世界。星巴克最讓我印象深刻的一點就是我們的文化。從我第一天上班開始，就清楚感受到星巴克的文化與其他公司截然不同。我們秉持著強烈的「夥伴至上」的理念，這種理念既自上而下，也自下而上。

At the same time, the world in which we operate is evolving. There is clear opportunity to build stronger capabilities, drive even deeper engagement and adapt a global mindset. With that in mind, as a leadership team, we fully acknowledge the need to evolve and modernize our brand, our business, our capabilities and our culture to meet the needs of an ever-changing world.

同時，我們所處的世界正在不斷發展變化。我們顯然有機會提升自身能力，推動更深入的合作，並適應全球化思維。考慮到這一點，作為領導團隊，我們充分認識到，我們需要不斷發展和現代化我們的品牌、業務、能力和文化，以滿足這個瞬息萬變的世界的需求。

We are, therefore, refounding the company. And as part of that, we are getting back to its basics. You already know about our reinvention. We've also just recently introduced a new mission instead of promises as a contemporary expression of our mutual success. Our mission is this: with every cup, with every conversation, with every community, we nurture the limitless possibilities of human connection.

因此，我們正在重塑公司。作為其中的一部分，我們正在回歸本源。您已經了解我們的重塑歷程。我們最近也推出了一項新的使命，取代過去的承諾，以現代的方式展現我們共同的成功。我們的使命是：用每一杯咖啡、每一次對話、每一個社群，滋養人類連結的無限可能。

The rollout of this work across the globe is well underway. It is driving conversations at all levels within the company and is being met with overwhelmingly positive reception. As we evolve, what differentiates us will remain. We will modernize, yes, and we work straight through to who we are at our core, much like our promises say.

這項工作在全球的推廣正在順利進行中。它正在推動公司各個層面的對話，並獲得了壓倒性的積極反響。隨著我們不斷發展，我們的獨特之處將得以保留。是的，我們將實現現代化，並將始終秉持我們的核心價值觀，正如我們的承諾一樣。

We are a company that, at its best, works to build bridges to a better future for our partners. At our best, we uplift the every day for our customers. At our best, we ensure the future of coffee for all. At our best, we make positive contributions to our communities. And at our best with the environment, we give back more than we take. And as a result, we generate enduring long-term returns for our shareholders.

我們是一家竭盡全力為合作夥伴搭建通往更美好未來的橋樑的公司。我們盡力提升顧客的每一天。我們竭盡全力確保人人共享咖啡的未來。我們竭盡全力為社區做出積極貢獻。我們盡力保護環境，回饋大於索取。最終，我們為股東創造持久的長期回報。

These have been my 3 overarching observations. We are in the business of human connection. Our performance is strong, but our health can be stronger, enable the fearless in the front by strengthening the factories in the back, and we continue to strive to be a different kind of company that is now operating in a different kind of world. Through this lens, we will be disciplined in delivering against what has been limiting us in our journey towards a limitless future.

這是我總結的三個主要觀察。我們從事的是人際連結的事業。我們的表現強勁，但我們的健康狀況可以更佳；透過強化後方工廠，賦能前線人員的無畏精神；我們將繼續努力，成為一家在全新世界中運作的、與眾不同的公司。秉持著這個理念，我們將嚴於律己，克服在邁向無限未來的旅程中一直限制我們的因素。

We are seeing great progress in the work underway with our reinvention plan and the capacity for much more. We've only just scratched the surface of what we can accomplish with this iconic brand and company. We see significant growth headroom and the opportunity to further separate Starbucks from others. We also see opportunities to expand margins while continuing to invest in the business for the long term.

我們正在進行的重塑計劃取得了巨大進展，並且具備了進一步發展的能力。我們僅僅觸及了我們能夠帶領這個標誌性品牌和公司實現的潛力的皮毛。我們看到了巨大的成長空間，以及進一步將星巴克與其他公司區分開來的機會。我們也看到了在繼續長期投資業務的同時提高利潤率的機會。

With that, let me turn to our second quarter performance. The company exceeded expectations in Q2 fiscal year 2023 by nearly all measures, delivering strong results across the broader Starbucks portfolio. Our performance, including continued success in the U.S. and international markets, as well as the recovery we've been seeing in China, can be attributed to the strength of the global brand, relevant innovation in our product and stores and powerful execution by our partners.

接下來，我想談談我們第二季的業績。 2023財年第二季度，星巴克幾乎所有指標都超乎預期，旗下所有產品組合都取得了強勁的業績。我們的業績，包括在美國和國際市場的持續成功，以及我們在中國市場看到的復甦，都歸功於我們全球品牌的實力、產品和門市的創新以及合作夥伴的強大執行力。

Let me first start globally and then with both America and the U.S. Our Q2 revenue was $8.7 billion, up 14% for the prior year and up 17%, excluding more than 2% impact of foreign currency translation. North America delivered revenue growth of 17% in Q2, growing to $6.4 billion.

我先從全球狀況說起，然後再說說美國的情況。我們第二季的營收為87億美元，年增14%，扣除超過2%的外匯折算影響後，較去年同期成長17%。北美地區第二季的營收成長了17%，達到64億美元。

We captured a remarkable 11% comp growth globally, with 12% comp growth in both North America and the U.S. for the second quarter, driven by mid-single-digit growth balanced between transactions and ticket. Our North America growth comes on top of 12% comp growth in the prior year. We expect this demand to continue as we push the envelope with innovation.

我們在全球範圍內實現了11%的驚人同比增長，其中北美和美國第二季度的同比增長均達到12%，這得益於交易量和客票量之間中個位數的增長。北美地區的成長是在去年12%的年成長基礎上實現的。隨著我們不斷突破創新，我們預計這種需求將持續下去。

A recent example is the highly successful launch of Oleato, an innovation Howard identified and has personally led for us. In fact, we've already reached an audience of 5 billion people since our announcement of the February global launch of Starbucks Oleato beverages, making this one of the top 5 product launches in the last 5 years in terms of brand awareness and excitement.

最近的一個例子是Oleato的推出，它取得了巨大的成功。這是Howard發現並親自領導的創新。事實上，自從我們在二月宣布星巴克Oleato飲料全球上市以來，我們的受眾已經達到了50億人，這使得它成為過去五年來品牌知名度和用戶熱情度排名前五的產品發布之一。

The new innovative beverage platform is currently available in 650 stores across 3 markets: Italy, Japan and the U.S. Given the success we are seeing, we look forward to bringing this exciting new offering to more stores and more markets around the world this year.

目前，這種創新飲料平台已在義大利、日本和美國三大市場的 650 家門市上市。鑑於我們所取得的成功，我們期待今年將這一令人興奮的新產品推廣到全球更多門市和更多市場。

Scaled profitable innovation is one of the things that fuels our performance and is a continued area of focus. Our performance is the result of a near-perfect intersection of 3 things: one, our successful innovative beverages suggest our Pistachio Cream Cold Brew that inspires the expanded use of modifiers; two, our food portfolio, which resulted in record sales of our sous vide egg bites and breakfast sandwiches; and three, our attractive convenience capabilities of Mobile Order & Pay drive-thru and delivery, we saw sequential improvement and now accounts for 74% of Q2 U.S. company-owned revenue. You can expect us to lean strongly on purposeful innovation to further capture the tremendous opportunity, both in what we do and in how we do it.

規模化獲利創新是推動我們業績成長的動力之一，也是我們持續關注的領域。我們的業績源自於三個因素近乎完美的結合：第一，我們成功的創新飲品，例如開心果奶油冷萃咖啡，它激發了我們擴大使用修飾語的熱情；第二，我們豐富的食品組合，使得真空低溫烹調蛋塊和早餐三明治的銷量創下新高；第三，我們極具吸引力的便捷服務——移動您可以期待，我們將大力依靠有針對性的創新，進一步抓住巨大的機遇，無論是在業務內容上，還是在工作方式上。

Speaking of channels, our 90-day active Starbucks Rewards membership added more than 400,000 members in the quarter in the U.S., bringing our total membership to 30.8 million members. In addition, we've increased membership by 4 million year-over-year in the U.S., representing 15% growth.

說到管道，本季度，我們在美國90天活躍的星巴克獎勵會員增加了40多萬，使我們的總會員人數達到3080萬。此外，我們在美國也較去年同期成長了400萬，增幅達15%。

Rewards members account for 57% of U.S. company-operated revenue in Q2, which marks the highest contribution on record and represents growth of 3% on a year-over-year basis. We are excited about our growth in active rewards members as it's a contributing factor in consistent demand. We have been a vanguard in this area, and you can expect us to further invest and lead.

獎勵會員貢獻了美國公司第二季營運收入的57%，創下歷史新高，年增3%。我們對活躍獎勵會員的成長感到興奮，這是持續需求的因素。我們一直是該領域的先鋒，您可以期待我們進一步投資並引領行業發展。

An example of that investment is Starbucks Connect, which is now in over 1/3 of our U.S. licensed stores, giving our customers even more opportunities to engage with our brand. With such a diverse portfolio across our U.S. licensed locations, such as hotels, airports and other retailers, coupled with increasing offerings of convenience, we were able to capture further demand, evidenced by revenue in the quarter up 25% year-over-year, supporting our strategy to meet and serve our customers wherever they are.

星巴克Connect就是一項投資，目前已涵蓋我們超過三分之一的美國授權門市，為顧客提供了更多與品牌互動的機會。憑藉遍佈美國授權門市（包括飯店、機場和其他零售商）的多元化組合，以及不斷增加的便利服務，我們能夠進一步滿足需求，本季營收年增25%就是明證，這支持了我們隨時隨地滿足和服務顧客的策略。

Moving on to reinvention. We are making great progress. The investments we made in our partners, stores and technology are already producing a return, whether through productivity gains or partner satisfaction. We are pleased with the multifaceted progress to date.

繼續重塑。我們正在取得巨大進步。我們在合作夥伴、門市和技術方面的投資已經產生回報，無論是透過生產力提升還是合作夥伴滿意度。我們對迄今為止的多方面進展感到滿意。

For example, barista turnover reduced by over 9% from a high in March Q2 of fiscal year 2022, leading to fewer new hires per store. We've been able to increase the average hours per barista per week by 4% year-over-year, a metric we know is one of the many meaningful inputs in achieving the desired compensation of our partners. Clearly, partners' scheduling is a real opportunity for us, and we are laser-focused on it.

例如，咖啡師的離職率較2022財年第二季3月份的高點下降了9%以上，導致每家店的新員工數量減少。我們已將每位咖啡師每週的平均工作時間年增了4%，我們知道，這項指標是實現合作夥伴期望薪酬的眾多重要投入之一。顯然，合作夥伴的排班安排對我們來說是一個真正的機會，我們正全力以赴地致力於此。

Additionally, items per labor hour, a metric which reached a record high in December 2022, continued its strong pace into and throughout Q2 despite seasonal trends. This demonstrates increased productivity in the midst of strong volumes, all by partner engagement and customer connection scores stabilized.

此外，每工時產品產出率（此指標在2022年12月創下歷史新高）儘管存在季節性因素，但在第二季及全年仍保持強勁成長。這表明，在強勁的產量下，生產力有所提升，這得益於合作夥伴參與度和客戶關係得分的穩定。

The rollout of handheld cold foam blenders supporting customization demand commenced in the quarter with completion targeted for third quarter, just in time to support our summer demand as the desire for cold foam customization continues to grow.

支援客製化需求的手持式冷泡沫攪拌機於本季開始推出，預計於第三季完成，正好可以滿足我們夏季的需求，因為對冷泡沫客製化的需求不斷增長。

The Clover Vertica brewers also began to roll out in this quarter and will be in nearly 40% of our company-operated stores across the U.S. by the end of this fiscal year. The Vertica offers our customers our freshest cup of brewed coffee while driving efficiencies in time and waste across our network. This is yet another example of how innovation amplifies what we do best, in this case, coffee served even better.

Clover Vertica 咖啡機也於本季開始投入使用，到本財年末，它將涵蓋我們全美近 40% 的公司直營門市。 Vertica 咖啡機不僅能為顧客提供最新鮮的現煮咖啡，還能有效降低整個咖啡網路的耗時與浪費。這再次證明了創新如何放大我們的優勢——咖啡的品質更上一層樓。

The ultimate proof point of innovation and the progress against our reinvention is our Q2 margin in North America of 19.2%, a 200 basis point expansion year-over-year. We have more to do to reinvent our business. Though we have further opportunity ahead, we are proud to see that our strategies are working and momentum is building.

我們創新和重塑進程的最終證明是，我們第二季在北美的利潤率達到19.2%，年增200個基點。我們還有更多工作要做，以重塑我們的業務。儘管未來還有更多機遇，但我們很自豪地看到，我們的策略正在奏效，發展動能正在增強。

Moving on to International. We are pleased with the strength and growth across our broader portfolio. Q2 revenue was $1.9 billion, up 9% from the prior year and up 19%, excluding 10% impact of foreign currency translation, representing our third highest quarterly revenue due largely to China's faster-than-expected recovery.

再來說說國際業務。我們對我們更廣泛的投資組合的強勁成長感到滿意。第二季營收為19億美元，年增9%，扣除10%的外匯折算影響後，較去年同期成長19%。得益於中國經濟復甦速度快於預期，我們第二季營收創下史上第三高。

We also achieved the highest ever quarterly system sales internationally, and we delivered a company-operated 7% comp, driven by transaction growth, spotlighting demand. Strong comps were also captured across the regions outside of China, with markets like Japan and the U.K., both posting double-digit comps for the eighth consecutive quarter.

我們的國際系統季度銷售額也創歷史新高，公司自主營運的年成長率達到7%，這主要得益於交易量的成長和市場需求的提升。中國以外的地區也取得了強勁的同比增長，日本和英國等市場連續第八個季度實現了兩位數的同比增長。

We're very pleased to see our International store strategy is working. In the quarter, our net new stores grew by 363, representing 8% growth year-over-year. As we look ahead to the end of the fiscal year, we will reach 20,000 stores across the International segment, on pace with the growth strategy we outlined at Investor Day.

我們非常高興地看到我們的國際門市策略正在奏效。本季度，我們的淨新增門市數量為363家，較去年同期成長8%。展望本財年末，我們的國際門市數量將達到2萬家，這與我們在投資者日概述的成長策略步調一致。

We expect China to remain on track to achieve our 13% net new store growth target for this year. Additionally, Asia Pacific, EMEA and Latin American markets are also expected to contribute meaningfully, becoming an area of further emphasis and a more significant contributor to our overall global growth.

我們預期中國市場今年將持續保持強勁成長勢頭，實現13%的新店淨成長目標。此外，亞太地區、歐洲、中東和非洲地區以及拉丁美洲市場也有望做出顯著貢獻，成為我們進一步重視的重點領域，並對我們全球整體成長做出更重要的貢獻。

Moving on to China. Q2 marked a significant turning point when we finally began to emerge from 3 years of unprecedented COVID disruptions, embarking on the recovery journey that we have envisioned. We saw a robust recovery in Q2, reinforcing the resilience of our partners, the strength of our brand and the close relationships that we have built with our customers.

接下來是中國市場。第二季標誌著一個重要的轉捩點，我們終於擺脫了三年來前所未有的新冠疫情衝擊，踏上了我們預想的復甦之路。我們在第二季度實現了強勁復甦，這增強了我們合作夥伴的韌性、我們品牌的實力以及我們與客戶建立的緊密關係。

We experienced faster-than-expected recovery, closing the quarter with nearly $800 million in revenue, up 3% from the prior year and up 11%, excluding the 8% impact of foreign currency translation. Comp growth of 3% marked the first positive comp since the third quarter of fiscal year 2021.

我們經歷了比預期更快的復甦，本季營收接近8億美元，年增3%，扣除8%的外匯折算影響後，年增11%。同店銷售額年增3%，這是自2021財年第三季以來首次實現正成長。

Importantly, we accelerated our store development in the quarter, opening 153 net new stores, more than doubling the net new stores in the previous quarter. We now operate over 6,200 stores across 244 cities, keeping us on track to meet our goal of 9,000 stores by 2025. Our bold decision to continue opening new stores over the past 3 years, despite COVID disruptions and mobility restrictions, is paying off as they continue to deliver returns and profitability.

重要的是，我們在本季加快了門市拓展，淨增加153家門市，是上一季淨增門市數量的兩倍多。目前，我們在244個城市經營超過6,200家門市，預計將實現2025年擁有9,000家門市的目標。過去三年，儘管受到新冠疫情和人員流動限制的影響，我們依然堅持開設新店，這項大膽舉措正在取得成效，新店持續帶來回報和盈利。

Further accelerating recovery is our rapidly expanding omnichannel business. Starbucks delivers -- achieved 21% year-on-year growth to make up 23% of the sales mix, while overall mobile ordering reached 47% of sales, 4% over the prior year. Delivery demand remained robust even after consumer mobility has recovered, demonstrating that it is highly incremental and interwoven into our customers' lifestyles.

我們快速擴張的全通路業務進一步加速了復甦。星巴克外送年增21%，佔銷售額的23%，而整體行動訂餐佔銷售額的47%，比上年增長4%。即使在消費者行動出行恢復後，外送需求依然強勁，這表明外送具有高度的增量性，並且已與顧客的生活方式緊密交織。

Our attractive portfolio supports the increasing demand, putting us in a position of strength to capture opportunity as China transitions due to the next phase of recovery. While we don't expect a straight-line recovery, we are confident in our long-term opportunity. We look forward to serving our customers with the elevated experience only Starbucks can deliver.

我們極具吸引力的產品組合支撐著不斷增長的需求，使我們在中國經濟下一階段復甦轉型之際，佔據有利地位，抓住機會。雖然我們預期復甦不會直線推進，但我們對長期發展充滿信心。我們期待以星巴克獨有的卓越體驗服務顧客。

Now let me wrap up the segment performance with Channel Development. Our Starbucks brand and successful partnerships continue to fuel the success of our Channel Development business, with revenues of over $480 million in the quarter, up 4% year-over-year. Our U.S. at-home coffee continues to resonate with customers as a winning decision with our well-received promotions and product launches.

現在，讓我總結一下通路發展部門的表現。我們的星巴克品牌和成功的合作夥伴關係繼續推動我們通路發展業務的成功，本季營收超過4.8億美元，較去年同期成長4%。憑藉我們廣受好評的促銷活動和產品發布，我們的美國家用咖啡繼續受到顧客的青睞，成為一項成功的選擇。

In terms of ready-to-drink, Starbucks has outgrown the category in sales growth, for 2 consecutive quarters and remain the #1 brand in the U.S. To continue this trend, we launched a much anticipated Pink Drink and Paradise drink, which have already been met with overwhelming excitement.

在即飲飲料方面，星巴克連續兩季的銷售成長超過了其他類別，仍然是美國第一大品牌。為了延續這一趨勢，我們推出了備受期待的粉紅飲料和天堂飲料，已經引起了極大的迴響。

Before I pass the call over to Rachel, I want to again extend my gratitude to our partners, our leadership team and to Howard for the significant progress we have made as a company this past year. I also want to reinforce my confidence in our reinvention, the work underway to refound our business, brand and culture and our position to fully realize the limitless potential of Starbucks.

在將電話轉給Rachel之前，我想再次感謝我們的合作夥伴、領導團隊以及Howard，感謝他們在過去一年為公司的重大進步。我還想再次強調，我對公司重塑、正在進行的業務、品牌和文化重建工作以及充分發揮星巴克無限潛力的決心充滿信心。

For our long-term sustainable growth, we will look to discover ways to, first, further elevate the brand by getting the basics right, operating our stores well and with a beverage-forward food-attached focus for renovation; second, build on our leadership position in digital by scaling and introducing new and relevant customer experiences; third, evolve to a more global presence for our business and for our brand; fourth, work to become less wasteful and move with greater speed; and fifth, and critically reinvigorate our culture around what it means to be a partner at Starbucks.

為了實現長期可持續成長，我們將探索以下方法：首先，透過打好基礎、良好經營門市並以飲料為先導、食品為重點進行革新，進一步提升品牌；其次，透過擴大規模和推出新的相關客戶體驗，鞏固我們在數位領域的領導地位；第三，使我們的業務和品牌更俱全球影響力；

With a reinvention plan driving progress against our business goals, a contemporized mission and a brand-differentiated human connection, our momentum is strengthening the business overall. Our focus on delivering elevated experiences will continue to set us apart.

重塑計畫幫助我們實現業務目標，秉持與時俱進的使命，並建立品牌差異化的人際關係，我們的發展動能正在全面增強。我們專注於提供更卓越的體驗，這將繼續使我們脫穎而出。

As I look to close my remarks for the call, I want to reaffirm our guidance for the year, reflecting my optimism for our future even while recognizing we are operating in a challenging environment. I have great confidence in our leadership team and our partners as we carry on this journey together. We continue to build our plans for the medium to long term to recognize our limitless long-term growth potential. I could not be more excited, nor more grateful for the opportunity to build upon Starbucks' iconic legacy and shepherd in a new era for the company.

在電話會議即將結束之際，我想重申我們對今年的展望，這體現了我對未來的樂觀，儘管我們深知我們正處於充滿挑戰的環境中。我對我們的領導團隊和合作夥伴充滿信心，相信我們將繼續攜手前進。我們將繼續制定中長期計劃，以充分發揮我們無限的長期成長潛力。我非常興奮，也非常感激有機會在星巴克標誌性的傳承基礎上繼續發展，引領公司邁入新時代。

With that, I'll now turn it over to Rachel to discuss our Q2 fiscal year 2023 results in greater detail. Rachel?

現在，我將把時間交給 Rachel，讓她更詳細地討論我們 2023 財年第二季的表現。 Rachel？

Thank you, Laxman, and welcome to your first Starbucks earnings call, and good afternoon, everyone. I'm so proud to discuss our outstanding Q2 performance, underscoring strength in both top line and margin globally. We delivered double-digit comp in all company-operated markets, excluding China, as well as positive comp in China, driven by better-than-expected recovery, and saw continued strength in our licensed markets.

謝謝拉克斯曼，歡迎參加你第一次參加星巴克財報電話會議。大家午安！我很榮幸與大家分享我們第二季的出色表現，這突顯了我們全球營收和利潤率的強勁成長。除中國市場外，我們在所有公司自營市場均實現了兩位數的同比銷售額增長，中國市場的同比銷售額也實現了正增長，這得益於好於預期的復甦。此外，我們的授權市場也持續保持強勁成長。

This momentum was made possible by the investments we are making in our stores and partners and allowed us to continue unlocking capital to reinvest in our business. As a result, our business and brand remains strong. As we begin on this next step in our journey, I'm confident that our execution against our reinvention plan and broader strategies will progress us into our new era.

這一勢頭得益於我們對門市和合作夥伴的投資，並使我們能夠持續釋放資本，用於業務再投資。因此，我們的業務和品牌依然強勁。隨著我們開啟新的旅程，我相信，我們重塑計畫和更廣泛策略的執行力，將推動我們邁入新時代。

Our Q2 consolidated revenues reached $8.7 billion, slightly above our Q1 level and up 14% from the prior year and up 17%, excluding more than 2 percentage impact of foreign currency translation. Revenue growth was primarily driven by 11% comparable stores sales growth, 6% net new company-operated store growth year-over-year as well as continued momentum in our global license to market. This is remarkable performance on every level, but specifically given the seasonality pressures we typically experience in Q2.

我們第二季度的合併營收達到87億美元，略高於第一季度，年增14%，扣除超過2%的外匯折算影響後，較去年同期成長17%。營收成長主要得益於同店銷售額年增11%、自營新店淨額年增6%，以及我們全球授權市場持續成長的動能。這在各個層面都堪稱卓越，尤其是在我們第二季通常面臨季節性壓力的情況下。

Q2 consolidated operating margin expanded 130 basis points from the prior year to 14.3%, exceeding our expectations, primarily driven by sales leverage, including better-than-expected recovery in China, pricing, productivity improvement and lapping prior year COVID-related pay. The margin expansion was partially offset by investments in store partners, higher G&A costs in support of reinvention and inflation.

第二季合併營業利潤率較上年同期成長130個基點，達到14.3%，超出我們的預期，主要得益於銷售槓桿效應，包括中國市場復甦優於預期、定價策略、生產效率提升以及與上年同期新冠疫情相關薪酬的抵銷。利潤率的成長部分被門市合作夥伴的投資、為支持業務重塑而增加的一般及行政管理成本以及通貨膨脹所抵銷。

Q2 EPS was $0.74, up 25% from the prior year. In addition to our strong global performance and better-than-expected recovery in China, this also includes an approximately $0.03 of onetime benefit from Starbucks Rewards redemption tier changes in North America, which reduced the related liabilities.

第二季每股收益為0.74美元，較上年成長25%。這得益於我們強勁的全球業績和中國市場優於預期的復甦，也包括北美星巴克獎勵兌換等級調整帶來的約0.03美元的一次性收益，從而減少了相關負債。

I will now provide segment highlights for Q2. North America delivered revenue of $6.4 billion in Q2, another quarterly record and up 17% from the prior year. The growth was primarily driven by a 12% increase in comparable store sales consisting of 6% and 5% growth in transactions and average ticket, respectively, as well as net new company-operated store growth of 4% year-over-year, further strengthened by the continued momentum of our licensed store business. The segment's outstanding performance was led by the U.S., posting 12% comp in Q2 with transaction and ticket equally contributing to the growth, also bolstered by lapping the Omicron variant of COVID in the prior year.

現在，我將介紹第二季各部門的亮點。北美地區第二季營收達64億美元，再創季度紀錄，較去年同期成長17%。成長主要得益於可比店銷售額成長12%，其中交易額和平均單價分別成長6%和5%，以及公司自營店淨增4%，這得益於我們授權店業務的持續成長。該部門的優異表現由美國引領，第二季年增12%，交易額和單價對成長的貢獻率相同，這也得益於去年控制住Omicron變異新冠病毒。

Remarkably, store traffic has surpassed pre-pandemic levels in our busiest dayparts. And even with higher levels of beverage customization and complexity, we were able to serve the surge in traffic as we unlocked incremental store capacity through reinvention. Starbucks Rewards tender reached a record 57% of U.S. company-operated sales in the quarter, showcasing customer loyalty and connection and indicating a successful launch of the changes to our Star redemption tiers.

值得注意的是，在我們最繁忙的時段，門市客流量已超過疫情前的水平。即使飲品客製化程度和複雜性有所提升，我們仍然能夠應對客流量的激增，因為我們透過重塑釋放了新增的門市容量。星享俱樂部的招標活動在本季度達到了美國公司自營銷售額的57%（創紀錄），展現了顧客的忠誠度和聯繫，也標誌著我們星享積分兌換等級改革的成功實施。

We also continue to expand our store footprint across the U.S., reaching over 9,300 stores, where stores opened in the last few years, driving nearly 50% cash-on-cash returns despite the inflationary environment. As part of our development strategy, we are committed to enhancing sustainability through greener stores with the program saving almost $60 million in annual operating costs in the U.S. alone through water savings and energy reduction when compared to historic store practices. Our runway of growth, coupled with store-level cash returns and commitment to sustainability, is exceptional for a company of our scale, contributing meaningfully to our robust capital position and ability to continue reinvesting in our business.

我們持續拓展美國門市佈局，目前已擁有超過9,300家門市，這些門市均在過去幾年內新開，儘管通膨環境嚴峻，現金回報率仍高達近50%。作為我們發展策略的一部分，我們致力於透過更環保的門市提升永續發展能力。與以往的門市營運方式相比，光是在美國，該計畫就透過節水節能，每年節省近6,000萬美元的營運成本。對於我們這樣規模的公司而言，我們高速的成長動能、門市層面的現金回報率以及對永續發展的承諾，都堪稱卓越，這不僅有助於我們保持穩健的資本狀況，也有助於我們持續投資於業務。

U.S. licensed stores revenue sustained its momentum this quarter, up 25% from the prior year, with strength across the portfolio and further supported by the rollout of Starbucks Connect as Laxman spoke about earlier, broadening our opportunity to reach our customers through our expanding network of stores. North America's operating margin was 19.2% in Q2, expanding 200 basis points from the prior year, primarily driven by pricing, sales leverage, productivity improvement and lapping prior year COVID-related pay, partially offset by store partner investments and inflation.

本季度，美國授權門市營收延續強勁勢頭，較上年增長25%，這得益於整個產品組合的強勁增長，以及Laxman之前提到的星巴克互聯計劃(Starbucks Connect)的推出，這進一步增強了我們透過不斷擴張的門市網絡觸達顧客的機會。北美地區第二季的營業利潤率為19.2%，較上年增長200個基點，主要得益於定價、銷售槓桿、生產力提升以及與上年同期新冠疫情相關薪酬的抵消，但部分抵消了門店合作夥伴的投資和通貨膨脹的影響。

As you heard at the top of the call, we are already seeing our reinvention plan come to life, whether it's through improved partner turnover and engagement, a better customer experience or productivity. Our amplifying efforts fueled margin growth in the quarter. A margin benefit of approximately 60 basis points was also captured in the quarter due to the re-evaluation of our Starbucks Rewards liability, which will not reoccur in the balance of the year.

正如您在電話會議開頭所聽到的，我們已經看到我們的重塑計劃正在取得成效，無論是透過提高合作夥伴流動率和參與度，還是透過提升客戶體驗和生產力。我們不斷加大的努力推動了本季的利潤率成長。由於對星巴克獎勵計畫負債的重新評估，本季的利潤率也提高了約60個基點，而該負債在今年餘下時間不會再次發生。

Moving on to International. The segment delivered revenue of $1.9 billion in the quarter, also a Q2 record, and up 9% from the prior year. When excluding a 10% impact from foreign currency translation, the segment's revenue grew 19%, reflecting double-digit growth in all major markets, including China. The growth was driven by strength across our licensed businesses, a 10% net new company-operated store growth year-over-year and a 7% increase in comparable store sales from transactions.

再來看看國際業務。該部門本季營收達19億美元，創下第二季紀錄，較去年同期成長9%。剔除10%的外匯折算影響後，該部門營收成長19%，反映出包括中國在內的所有主要市場均實現了兩位數成長。成長主要得益於我們授權業務的強勁表現、新增自營門店淨額年增10%以及同店銷售額年增7%。

Our international markets across the globe continue to demonstrate strong momentum. Excluding China, the segment's Q2 revenue grew 14% from the prior year or up 25% when excluding an 11% impact of foreign currency translation. Once again, our international markets, excluding China, collectively achieved double-digit comp growth, driven largely by transactions.

我們遍佈全球的國際市場持續展現強勁勢頭。除中國市場外，該部門第二季營收年增14%，剔除11%的外匯折算影響後則成長25%。除中國市場外，我們的國際市場再次實現了兩位數的可比成長，這主要得益於交易量的成長。

Let me highlight the incredible performance of Japan this quarter, our third largest market globally, which surpassed 1,800 stores and delivered their eighth consecutive quarter of double-digit comp in Q2, as Laxman mentioned earlier. The market also up-leveled its Star Rewards program through introduction of a multi-tier redemption system designed to offer more customer choices and elevate the program economics.

我想特別強調本季日本市場的出色表現。日本是我們全球第三大市場，門市數量超過1,800家，正如Laxman先前所提到的，第二季連續八個季度實現兩位數的年增長。該市場還透過引入多級兌換系統升級了其「星級獎勵」計劃，旨在為顧客提供更多選擇，並提升計劃的經濟效益。

Subsequent to the quarter in April, Japan also became the third global market to introduce Oleato beverages, offering the innovative lineup at more than 60 of their select stores, including the Starbucks Reserve Roastery Tokyo. While still early, our performance in this market, a market that embraces innovation, appears promising.

繼本季四月份之後，日本也成為第三個推出Oleato飲品的全球市場，並在包括星巴克臻選東京烘焙工坊在內的60多家精選門市供應這款創新產品。雖然還處於起步階段，但我們在這個擁抱創新的市場中的表現看起來前景光明。

Shifting to China. China posted comp growth of 3% in Q2, meaningfully exceeding our expectations, including 30% comp growth in March, as we began lapping heightened mobility restrictions in the prior year. From the early weeks of January, when China emerged from peak infections and mobility restrictions were lifted in different cities, we saw a broad-based recovery across all trade zones, dayparts and city tiers. This was fueled by a strong rebound in traffic as customers returned physically to our stores to enjoy moments of reconnection.

業務重心轉向中國。中國市場第二季年增3%，顯著超出我們的預期，其中3月份年增30%，這得益於我們開始應對去年加強的出行限制措施。自從1月初中國疫情高峰逐漸消退、部分城市解除出行限制以來，我們看到所有商圈、時段和城市層級的業績普遍復甦。這得益於客流量的強勁反彈，顧客紛紛返回門市，享受與外界重新聯繫的美好時光。

Starbucks Rewards active members rebounded to 17.8 million by the end of Q2 and hit a new record high by the first week of Q3. The sharp, immediate rebound in traffic demonstrated the strength of our brand and the relationships we have built with customers as well as our strong operating muscle to capture the pent-up demand, all of which drove rapid improvement in average weekly sales in Q2. Looking ahead to the balance of the year, the speed of recovery in terms of average weekly sales will moderate after the faster-than-expected rebound achieved in Q2.

星巴克獎勵活躍會員數量在第二季末反彈至1780萬，並在第三季第一週創下新高。客流量的強勁反彈展現了我們品牌的實力、我們與顧客建立的良好關係，以及我們強大的營運能力，足以滿足被壓抑的需求，所有這些都推動了第二季平均週銷售額的快速成長。展望今年餘下時間，在第二季實現快於預期的反彈之後，平均週銷售額的復甦速度將有所放緩。

For the remainder of the fiscal year, we will continue to face uncertainties such as changes in customer behaviors and the pace of international travel recovery as COVID in China enters a new endemic phase. Nevertheless, we feel confident Starbucks is well positioned for this next phase of recovery. Operating margin for the International segment was 17% in Q2, expanding 390 basis points from the prior year, mainly driven by sales leverage across markets, but specifically driven by the better-than-expected recovery in China, partially offset by higher store partner wages and benefits.

在本財年剩餘時間裡，隨著中國新冠疫情進入新的流行階段，我們將繼續面臨許多不確定性，例如顧客行為的變化以及國際旅行復甦的步伐。儘管如此，我們仍然相信星巴克已為下一階段的復甦做好了充分準備。第二季度，國際業務的營業利潤率為17%，較上年增長390個基點，這主要得益於各市場的銷售槓桿，但更確切地說，是受中國市場好於預期的復甦所推動，但部分抵消了門市員工工資和福利的提高。

Shifting to channel development. The segment's revenue grew 4% from the prior year to $481 million in Q2, in line with our expectations, driven primarily by growth in the Global Coffee Alliance. Global Channel Development extends customer occasions beyond our stores to amplify and diversify the Starbucks presence around the world. Our newer at-home platforms, including Starbucks Fine Espresso and Starbucks Creamers, continued to drive growth for the Global Coffee Alliance.

轉向通路拓展。該部門第二季營收年增4%，達到4.81億美元，符合我們的預期，主要得益於全球咖啡聯盟的成長。全球通路拓展將顧客體驗拓展至門市之外，進而擴大並豐富星巴克在全球的商業版圖。我們更新的在家平台，包括星巴克精品濃縮咖啡和星巴克奶精，持續推動全球咖啡聯盟的成長。

We remain the market leader in global ready-to-drink categories, with North America coffee partnership outgrowing the category and continuing to gain share for the past 2 quarters in a row. The North American coffee partnership saw share gains across platforms, and we're excited about our robust pipeline of innovations. To name a few, we launched Frappuccino mini cans in late March to bring a perfect-sized treat to our consumers.

我們在全球即飲飲料領域依然保持市場領先地位，北美咖啡合作夥伴的市佔率連續兩季保持成長，超越了整個即飲飲料類別。北美咖啡合作夥伴的市場份額在各個平台上均有所增長，我們對我們強大的創新產品線感到興奮。例如，我們在三月下旬推出了迷你罐裝星冰樂，為消費者帶來完美大小的美味享受。

We're also elevating our portfolio with bottled Starbucks Pink Drink and Starbucks Paradise Drink, which were inspired by popular handcrafted beverages in our stores and just hit store shelves in April. The segment's operating margin was 35.6% in Q2, down 710 basis points from the prior year, primarily due to impairment charges against certain manufacturing assets and mix shift. Excluding the impairment, the segment's margin was nearly 40% for the quarter, and we continue to expect Channel Development's margin to normalize in the mid-40s range towards the end of the year.

我們也透過瓶裝星巴克粉紅飲品和星巴克天堂飲品來提升我們的產品組合，這兩款飲品的靈感源自於我們門市廣受歡迎的手工飲品，於4月剛上架。該部門第二季的營業利益率為35.6%，較前一年下降710個基點，主要原因是部分製造資產的減損準備和產品組合調整。扣除減損準備後，該部門本季的利潤率接近40%，我們預期通路發展部門的利潤率將在年底前恢復正常，達到45%左右。

Now moving on to our guidance for fiscal 2023. As Laxman discussed, we are reaffirming our guidance for the fiscal year, balancing our incredible momentum and optimism with the economic uncertainties we continue to face around the world. Let me provide some additional insights on our outlook.

現在談談我們對2023財年的預期。正如拉克斯曼所說，我們重申了本財年的預期，力求在我們強勁的成長動能和樂觀情緒與我們在全球持續面臨的經濟不確定性之間取得平衡。請容許我進一步闡述我們的展望。

First, in the U.S., a meaningful part of the 12% comp in the quarter reflected a lap of Omicron in the earlier part of the quarter, which was incorporated into our original guidance for Q2. U.S. comp has normalized as anticipated in March and into Q3, with expected annual comp continuing to be in the guidance range of 7% to 9%.

首先，在美國，本季12%的年增幅很大一部分反映了Omicron在本季初期的業績下滑，已納入我們最初的第二季業績指引中。美國市場的年增幅已在3月和第三季如預期般恢復正常，預計年度年增幅將持續維持在7%至9%的指引範圍內。

Second, similar to comp, our Q2 North America margin also benefited from lapping a sizable amount of COVID pay in relation to Omicron, accounting for 120 basis points of year-over-year expansion, as well as Starbucks Rewards tier change impact of 60 basis points, which are not expected to recur in the balance of the year.

其次，與同行業類似，我們第二季度的北美利潤率也受益於與 Omicron 相關的大量 COVID 薪酬，佔同比增長 120 個基點，以及星巴克獎勵等級變化的影響 60 個基點，預計這些影響不會在今年餘下時間裡再次出現。

Third, as I discussed earlier, we expect China's average weekly sales to sequentially grow in Q3 and Q4, but at a more moderate pace. Acknowledging the uncertain environment, we expect China comp to improve in the back half of the year, driven in large part by the lap of mobility restrictions in Q3 of the prior year, coupled with the continued recovery, leading to low to mid-single-digit comp on a full year basis.

第三，正如我之前所討論的，我們預計中國第三季和第四季的平均週銷量將環比成長，但成長速度將較為溫和。考慮到市場環境的不確定性，我們預計中國汽車同店銷售額將在下半年有所改善，這在很大程度上得益於去年第三季度出行限制措施的實施，加上經濟持續復甦，預計全年同店銷售額將達到低至中等個位數的增長。

Lastly, although China's Q2 margin was also stronger than expected, it benefited from the timing of certain investments. As we continue to ramp our operations in the balance of the year, we plan to resume investments required to drive sustainable growth over the long term. Further, here are some points of clarification on guidance.

最後，儘管中國市場第二季的利潤率也高於預期，但這得益於某些投資的時機掌握。隨著我們在今年餘下時間繼續擴大運營，我們計劃恢復推動長期可持續增長所需的投資。此外，以下是一些關於指引的澄清要點。

Regarding the shape of margin, we continue to expect sequential margin improvement in both Q3 and Q4. We expect Q3 margin near the prior year level, with Q4 expanding meaningfully over prior year as we lap the significant investments in wages and benefits. Note the quarterly margin shape in Q3 and Q4 is not expected to mirror the prior year.

關於利潤率的走勢，我們預計第三季和第四季的利潤率將環比提升。我們預計第三季的利潤率將接近去年同期水平，而由於我們在工資和福利方面進行了大規模投資，第四季度的利潤率將比去年同期大幅增長。需要注意的是，預計第三季和第四季的季度利潤率走勢將與去年同期有所不同。

We also expect EPS to step up in the second half of the fiscal year, improving sequentially in Q3 and Q4. We expect year-over-year EPS growth in Q3 to be meaningfully lower than our fiscal year guidance range of 15% to 20%, with Q4 year-over-year EPS growth slightly above the high end of our guidance range.

我們也預期每股盈餘將在本財年下半年有所提升，並在第三季和第四季較上季改善。我們預期第三季每股盈餘年增將顯著低於我們財年15%至20%的指引區間，而第四季每股盈餘年增將略高於我們指引區間的上限。

Our guidance continues to include the impacts of significant investments related to our reinvention plan as well as inflationary pressures, which are moderating. We continue to expect our G&A growth to be outsized in fiscal year 2023. A large portion of the G&A growth will reflect critical technology investments, which we believe will fuel our reinvention and business growth.

我們的績效指引繼續考慮與重塑計劃相關的重大投資以及正在緩和的通膨壓力的影響。我們繼續預計2023財年的一般及行政開支（G&A）將大幅成長。 G&A成長的很大一部分將反映關鍵技術投資，我們相信這些投資將推動我們的重塑計劃和業務成長。

Importantly, as we conclude the first half of the fiscal year, our global performance is closely tracking to our original expectations as the significant unexpected headwinds in China were offset by strong performance in the U.S. and the rest of the world. While we continue to navigate our path to recovery in China, coupled with the heightened level of macro uncertainty around the world, we are confident that the reinvention investments we are making in our partners, stores and customers will continue to guide our growth, delivering on our original fiscal 2023 outlook.

重要的是，在財年上半年即將結束之際，我們的全球業績與我們最初的預期高度一致，因為中國市場遭遇的重大意外逆風被美國和世界其他地區的強勁表現所抵消。儘管我們仍在中國市場探索復甦之路，且全球宏觀不確定性加劇，但我們堅信，我們對合作夥伴、門市和客戶的重塑投資將繼續引領我們的成長，並最終實現我們最初的2023財年預期。

Lastly, despite the current interest rate environment, our balance sheet remains very healthy, supported by our strong cash flows and a measured financial policy targeting leverage below 3x lease-adjusted debt to EBITDA. We are in an enviable position to continue to invest in our business, deliver on our shareholder return commitments and retain financial flexibility in the face of current economic uncertainty.

最後，儘管當前利率環境嚴峻，但我們的資產負債表依然非常穩健，這得益於我們強勁的現金流和審慎的財務政策，我們將槓桿率控制在租賃調整後債務與EBITDA之比的3倍以下。面對當前的經濟不確定性，我們擁有令人羨慕的優勢，能夠繼續投資業務，履行股東回報承諾，並保持財務靈活性。

In summary, here are key takeaways from my discussion today. One, our global business and brand remains strong, demonstrated by both top line and margin performance in Q2. We are brewing on all cylinders across our building blocks of growth, namely strong comp, propelled by digital engagement, unrivaled innovation and engaged partners, store growth anchored by best-in-class cash returns and margin uplifted by reinvention as it continues to gain traction.

總而言之，以下是我今天要討論的要點。首先，我們的全球業務和品牌依然強勁，第二季的營收和利潤率表現都證明了這一點。我們正全力以赴，打造成長的基石，包括強勁的同店業績（由數位互動、無與倫比的創新和積極參與的合作夥伴推動）、以一流現金回報率為支撐的門市成長，以及隨著重塑策略持續推進而提升的利潤率。

Two, our fiscal year guidance remains unchanged, balancing our optimism with the economic uncertainties around the world. And finally, our new era is coming to life as we continue unlocking capacity and driving capital returns through reinvention. The investments being fused into our business is centering us on our core while increasing differentiation and building resiliency to help us realize our limitless future.

第二，我們的財年業績指引維持不變，平衡了我們對全球經濟不確定性的樂觀預期。最後，隨著我們繼續透過重塑釋放產能並推動資本回報，我們的新時代正在開啟。融入我們業務的投資將使我們聚焦在核心業務，同時提升差異化和韌性，以幫助我們實現無限的未來。

Before I close, I want to express my deep appreciation for our partners around the world, especially our Green Apron partners, for the critical role they played in achieving our success this quarter. Our future rests on the shoulders of many, and it's our collective unwavering commitment to serve our partners, customers and all of those from farm to cup in the best way possible to allow Starbucks to deliver on our limitless possibilities.

最後，我想對我們遍布全球的合作夥伴，尤其是「綠圍裙」的合作夥伴，表達我最誠摯的謝意，感謝他們在本季度的成功中發揮的關鍵作用。我們的未來寄託在眾多合作夥伴的肩上，我們共同堅定不移地致力於以最佳方式服務我們的合作夥伴、顧客以及從農場到咖啡杯的所有人，讓星巴克能夠發揮無限的潛力。

With that, we will open the call to Q&A. Operator?

接下來，我們將進入問答環節。接線生？

(Operator Instructions) Your first question comes from John Ivankoe, JPMorgan.

（操作員指示）您的第一個問題來自摩根大通的 John Ivankoe。

The question is on the U.S. staffing environment, specifically the store-level partners. It seems like that's where some of the biggest opportunity might really remain for this company going forward. I don't think I need to review second half of '21, great resignation, your own specific challenges with labor. Obviously, a lot of news that was probably bigger than some of the labor issues even at the stores themselves.

問題在於美國的人員配置環境，特別是門市層級的合作夥伴。這似乎是這家公司未來可能真正面臨的一些最大機會。我想我不需要回顧21年下半年的情況，偉大的辭職，以及你自己在勞動力方面面臨的具體挑戰。顯然，許多新聞可能比一些門市本身的勞動力問題更為重要。

I was really wondering where that left us in terms of staffing levels, hiring practices, training and retention, how you view the overall quality of the labor force. And I guess, really importantly, how the current staffing and partner environment is being reflected in terms of overall customer service, in terms of the customer satisfaction and speed. So if we can just spend a couple of minutes as you see the current staffing environment and the opportunity may be over the next year.

我真的很想知道，在人員配置水平、招募實踐、培訓和留任方面，以及您如何看待勞動力的整體素質方面，這會給我們帶來什麼影響。而且，我認為，真正重要的是，目前的人員配置和合作夥伴環境如何反映在整體客戶服務、客戶滿意度和速度方面。所以，我們能否花幾分鐘時間，就目前的人員配置環境和未來一年可能出現的機會進行探討。

John, thank you for your question. Firstly, I will give a bit of an overview, and then I'll call on Frank and Sara to provide their perspectives. Firstly, Starbucks continues to be a brand with a very strong employee value proposition, and we are able to attract a lot of applicants for the jobs that we have open. As I mentioned in my prepared remarks, we're seeing growing stabilization in what we see in our front line. As I mentioned, we are seeing lower levels of attrition and greater stabilization in our retail talent.

約翰，謝謝你的提問。首先，我會簡單介紹一下，然後我會請法蘭克和薩拉分享他們的觀點。首先，星巴克一直以來都是一個擁有強大員工價值主張的品牌，我們能夠吸引大量求職者來申請我們現有的職位。正如我在準備好的發言中提到的，我們的第一線員工隊伍正在逐漸穩定。正如我之前提到的，我們的零售人才流失率正在下降，穩定性也在提高。

Additionally, as you look at the improvements that we are making in our scheduling processes, we're able to deliver an average hours per week to our partners of 4% higher at this point in time. That, of course, does matter because it does have an implication on the compensation that they have. There are clearly more things in the pipeline as well. And Frank, I'd love for you to give your comments on how you see the environment there.

此外，正如您所看到的，我們正在改進排班流程，目前我們能夠為合作夥伴提供每周平均4%的工作時間。這當然很重要，因為這會影響他們的薪酬。顯然，我們還有更多計劃。弗蘭克，我想請您談談您對那裡環境的看法。

Yes. It is clearly an acute labor market environment, and we are mindful of that. We have continued, however, to build on Laxman's points to distinguish yourself as a preferred employer of choice for frontline workforces. And we view that through the lens of how do we create value for the partner as we continue to partner in building the company together.

是的。現在的勞動市場環境顯然非常嚴峻，我們對此心知肚明。然而，我們將繼續以Laxman的觀點為基礎，致力於將貴公司打造為第一線員工的首選雇主。我們著眼於如何在繼續攜手共建公司的同時，為合作夥伴創造價值。

Specifically, in scheduling, we see scheduling as a significant opportunity as we continue to contour hours by store and by daypart and, ultimately, it serves with getting our partners what their needs are relative to the shifts they would like to see week-to-week as well as the hours they need week-to-week and service of their goals professionally and otherwise.

具體來說，在排程方面，我們將排程視為一個重要的機會，因為我們會繼續按商店和時段來規劃工作時間，最終，它可以幫助我們的合作夥伴了解他們每週希望看到的輪班需求以及他們每週需要的工作時間，以及他們在專業和其他方面實現目標的服務。

But then finally, I would say that we have a very robust agenda to continue programmatically improving the partner experience. We can unpack some of the specifics on that. But this is part of the ongoing agenda for reinvention. We feel pleased with our progress, but we feel like there's a significant opportunity to continue to create even more opportunities for them in their careers.

最後，我想說的是，我們有一個非常強大的議程，將繼續以程式化的方式改善合作夥伴的體驗。我們可以詳細闡述其中的一些細節。但這是正在進行的重塑議程的一部分。我們對所取得的進展感到滿意，但我們覺得，這是一個重要的機會，可以繼續為他們的職業生涯創造更多機會。

Sara, any comments from your time in stores?

薩拉，您在商店工作期間有什麼評論嗎？

I would just give one overlay. In addition to what's already been discussed, we've put a tremendous amount of effort over the last quarter in bringing our teams together in formats that allow them to celebrate our mission, to build capability, and it's paying off in terms of their engagement with the company. So that's one.

我只想說一點。除了已經討論過的內容之外，我們在過去一個季度投入了大量精力，以各種形式將我們的團隊聚集在一起，讓他們能夠共同慶祝我們的使命，提升能力，而這在他們與公司的互動方面也取得了成效。這是其中之一。

In fact, just last week and this week, we've got partners gathering to focus at the store level all around connection and driving a different level of customer connection and customer service. I would also say that the investments that we've made in really the core of our business, notably coffee, and the way that we're celebrating our Black Apron partners, so we're investing in partners going to origin, and just more training to build competency around craft is also another area that's driving engagement with our partners at the store level. And lastly, community, which is something that our partners care deeply about. We wrapped up our April month of service. And again, that was a great way to help our partners feel connected to something bigger and with mission and values at the heart of it.

事實上，就在上周和本週，我們召集了合作夥伴，在門市層級集中精力，全面提升客戶聯繫和客戶服務水準。我還想說，我們在核心業務（尤其是咖啡）上的投入，以及我們慶祝Black Apron合作夥伴的方式，例如投資合作夥伴前往原產地，以及提供更多培訓來提升他們的工藝能力，這些也推動了我們在門市層面與合作夥伴的互動。最後，還有社區，這是我們合作夥伴非常關心的事情。我們結束了四月份的服務活動。再次強調，這是一個幫助我們的合作夥伴感受到與更宏大事業聯繫的絕佳方式，並將使命和價值觀置於核心。

If I can add one more thing. I think we're seeing a strong pickup in the program of tipping that we have scaled across our store network.

我可以再補充一點。我認為，我們在整個門市網路中推廣的小費計畫正在強勁成長。

Your next question comes from Sara Senatore with Bank of America.

您的下一個問題來自美國銀行的 Sara Senatore。

I just wanted to ask about the strength of the quarter, maybe in the context of comments, other comments about both the near-term and long-term outlook. So it sounds like there was significant upside to your own expectations for the quarter and objectively very strong. But you're not raising full year guidance, which makes me wonder if maybe your reinvestment path is going to be higher than you had previously anticipated, just because some of the things Rachel mentioned, the COVID lapse, I think, would have been embedded in the outlook initially.

我只是想問本季的業績表現如何，或許可以結合評論，以及其他關於短期和長期前景的評論。聽起來，您對本季的預期有顯著上調，客觀來看非常強勁。但您沒有上調全年業績指引，這讓我懷疑，您的再投資路徑是否會高於先前的預期，僅僅是因為Rachel提到的一些因素，例如新冠疫情的影響，我認為這些因素最初就已經包含在您的展望中了。

And maybe in that same vein, Laxman's view that you're reinventing or refounding the brand, not something I would typically associate with the brand that's putting up the kind of performance that we saw in the second quarter. So if you could just contextualize the strength of the quarter in your full year outlook and also the view about the sort of the brand going forward.

或許出於同樣的考慮，拉克斯曼認為您正在重塑或重建品牌，而我通常不會將這種想法與第二季業績如此亮眼的品牌聯繫起來。所以，您能否結合全年展望，來闡述本季的強勁表現，以及對品牌未來發展的看法？

Rachel?

瑞秋？

Sure. Thanks, Sara. The way I'd look at it is we were incredibly pleased with the performance in Q2. But when you think about, as I shared in my prepared remarks, we benefited from the lap of Omicron as well as the onetime adjustment from the Star liability. That was expected. So we expected that, and that was driven in the comp that we saw in the quarter in North America as well as broadly.

當然。謝謝，Sara。我認為我們對第二季的表現非常滿意。但正如我在準備好的發言中提到的，我們受益於Omicron的業績以及Star負債帶來的一次性調整。這在意料之中。我們也預料到了這一點，而這也推動了我們在本季北美乃至整個市場的業績成長。

But in addition to that, while we recovered better than what we expected in China, when we look out towards the balance of the year, we expect our average weekly sales in China to continue and increase, to improve sequentially quarter-over-quarter, but at a more moderate pace than what we saw in Q2.

但除此之外，雖然我們在中國的恢復情況比我們預期的要好，但展望今年的剩餘時間，我們預計在中國的平均每週銷售額將繼續增長，環比增長，但速度將比第二季度更為溫和。

We've already seen it start to moderate. And that's really driven by the fact that there's still some uncertainty in the overall environment from a recovery standpoint when you look at things like consumer behavior as well as recovery in key segments like our international travel.

我們已經看到它開始緩和。這其實是因為從復甦的角度來看，整體環境仍然存在一些不確定性，例如消費者行為以及國際旅行等關鍵領域的復甦。

So when we take all of that into account, when we look at our guidance for the full year, we believe reaffirming our guidance allows us to continue to convey the momentum, but also for the confidence we have while still navigating a rather uncertain environment globally.

因此，當我們考慮到所有這些因素並審視全年指引時，我們相信重申指引不僅能讓我們繼續保持這種勢頭，還能讓我們在應對全球相當不確定的環境時保持信心。

Your next question comes from Jeffrey Bernstein with Barclays.

您的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Just looking out beyond this year, Rachel or Laxman, I'm just wondering how you think about the operating margins in the coming years, maybe framing it relative to pre-COVID levels back in the day, high teens were the norm. I'm just wondering whether that's still a realistic target?

太好了。 Rachel 或 Laxman，展望今年以後，我想知道您如何看待未來幾年的營業利潤率？或許可以將其與新冠疫情之前的水平進行比較，那時高十幾%的利潤率是常態。我只是想知道這是否仍然是一個現實的目標？

And if so, maybe by when, or perhaps, Laxman, that's just no longer the focus, or it's just not necessarily attainable based on the outsized inflation and ongoing investments you're making in the business. Just wondering how you think about the top versus the bottom line balance there.

如果是這樣，或許到什麼時候？或者，拉克斯曼，這不再是重點，或考慮到過高的通貨膨脹和你對業務的持續投資，這不一定能實現。我只是想知道你如何看待營收和淨利潤的平衡。

I think in terms of guidance, on this call, our focus is entirely in this year, right? So we are confirming our guidance for this year. I think as I mentioned earlier, as I've gone through the immersion, and I've worked in various spots of the company, there's no question what we see is we see headroom in terms of our top line. We also see opportunities for us to improve margins over time.

我認為，就業績指引而言，在這次電話會議上，我們的重點完全放在今年，對嗎？所以我們正在確認今年的業績指引。正如我之前提到的，我經歷了這段沉浸式的體驗，並且曾在公司多個崗位工作過，毫無疑問，我們看到了營收的成長空間。我們也看到了未來提高利潤率的機會。

I gave a couple of examples in the prepared remarks about things that were apparent. We can buy different and we can buy better. Our end-to-end supply chain is significant opportunities to reduce cost and improve availability. We can enhance our tech stack, both to lower cost and then actually reinvest it back in the tech stack to support the large digital push that we are making. Our stores need to better reflect what is needed to meet the evolved demand from where they were initially designed.

我在準備好的發言中舉了幾個顯而易見的例子。我們可以採購不同的產品，也可以採購更好的產品。我們的端到端供應鏈是降低成本和提高可用性的重要機會。我們可以增強技術堆疊，既可以降低成本，又可以將其重新投資於技術棧，以支援我們正在進行的大規模數位轉型。我們的門市需要更好地反映出滿足不斷變化的需求所需的條件，使其與最初的設計理念一致。

Our beverage innovation is strong, food could use more work. And our innovation could be more purposeful and targeted. And these are those kinds of opportunities that I mentioned are the opportunities in the factory in the back. We also have opportunities in the theater in the front. So I think, as you look at it, clearly, there's top line headroom, and there's opportunities to sequentially improve margins. But in this call, we are focused entirely on confirming our guidance for this year.

我們的飲料創新強勁，食品方面則有待進一步改進。我們的創新可以更有針對性、更有目的性。我提到的這些機會，既包括後方工廠的機會，也包括前方戲院的機會。所以，我認為，從各方面來看，我們顯然還有營收成長空間，也有機會持續提升利潤率。但在這次電話會議上，我們專注於確認今年的業績指引。

Your next question comes from David Palmer, Evercore ISI.

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

Wanted to get your texture on the China market and your message there. Your 4-year trend versus pre-COVID levels, you're 24% below where China's same-store sales would have been in this last quarter. And just doing the math on your commentary for the year, it would appear that your same-store sales would still be roughly that amount below pre-COVID level.

想了解一下您對中國市場的看法以及您在這方面的立場。與疫情前的水平相比，您四年來的趨勢顯示，上一季中國同店銷售額比預期低了24%。如果僅從您對今年的業績評論來看，您的同店銷售額似乎仍然比疫情之前的水平低約這個數字。

So the recovery would be kind of stalling out if we just assumed that low- to mid-single-digit comp for the year. So I know you said a lot about China, but I'm wondering what is the thought process behind that sort of sales? And what color can you give behind it?

所以，如果我們只是假設今年的年比銷售額成長在低至中等個位數之間，那麼復甦就會停滯不前。我知道您談了很多關於中國市場的事情，但我想知道這種銷售額背後的思考過程是什麼？您能解釋一下背後的原因嗎？

Rachel and then, well, I'll call on Belinda for some commentary. Rachel? .

瑞秋，然後，好吧，我會請貝琳達來發表一些評論。瑞秋？

Sure. Thanks, David. I think as we look at the remainder of the year for China, as I had shared previously, we expect that our average weekly sales will continue to improve sequentially quarter-over-quarter. We also expect that our comp will improve, especially as we lap the mobility restrictions from prior year. But when you think about the overall environment, while we're encouraged by the fact that we're seeing strong traffic in afternoon dayparts as well as on our weekends, which just speaks to a customer need to connect, there's still a lot happening in terms of the overall environment as it relates to recovery.

當然。謝謝，David。正如我之前所說，展望今年中國剩餘時間的表現，我們預期平均週銷售額將季比持續成長。我們也預計我們的業績將有所改善，尤其是在我們克服了去年的出行限制之後。但從整體環境來看，雖然下午時段和週末客流量強勁令我們感到鼓舞，這顯示顧客有保持聯繫的需求，但就整體環境而言，復甦方面仍有很多事情要做。

And so when we put all of that together and we think about that, when we look to the balance of the year, we expect it to continue to improve but at a more moderate pace relative to what we saw in Q2. And that's what brings us to the full year guidance range of a low- to mid-single-digit comp, which, I think, when you look at that, does reflect momentum, but it also reflects confidence, especially when you look at -- last year, we ended the year with a negative 24% comp on a full year basis and a negative 25 -- 9% even more recently in our last quarter.

所以，當我們把所有這些因素綜合起來，並考慮到今年的剩餘時間時，我們預計它會繼續改善，但相對於第二季度的情況，改善的速度會更加溫和。這也是我們全年業績預期區間低至中個位數的原因。我認為，這確實反映了成長勢頭，也反映了信心，尤其是考慮到去年全年業績同比下降了24%，而最近一個季度的同比下降更是達到了25%（9%）。

So that's how we're thinking about the recovery. We're very encouraged by many of the signs that we see, but there's a lot that we're navigating. And so we feel very good about the guidance we've given as we think about the back half of the year. And with that, I'll turn it over to Belinda.

這就是我們對復甦的看法。我們看到的許多跡像都讓我們備受鼓舞，但我們還有很多事情需要應對。因此，在展望下半年時，我們對先前給予的指導感到非常滿意。接下來，我將把時間交給貝琳達。

Thank you. I'll just provide some colors on our recovery. China has finally turned a new chapter from pandemic to endemic. And Q2 marked the start of our solid and broad recovery, and it's only the beginning. We see strong rebound in traffic, as Rachel has said, back to our stores for reconnection and as a place of experience our customers have long craved, and we're best positioned for this moment because we're in a human connection business. And our unique store play and the Starbucks experience cannot be replicated anywhere else. And we achieved 30% comp in March, and the strong momentum continues in Q3.

謝謝。我只想簡單介紹一下我們的復甦情況。中國終於從大流行轉入地方性流行，開啟了新的篇章。第二季標誌著我們穩固而廣泛的復甦，而這只是個開始。正如Rachel所說，我們看到客流量強勁反彈，他們回到我們的門市重新建立聯繫，並成為我們顧客渴望已久的體驗場所。我們目前處於最佳狀態，因為我們從事的是人際聯繫業務。我們獨特的門市營運和星巴克體驗是其他任何地方都無法複製的。 3月份我們的銷售額年增了30%，強勁勢頭在第三季延續。

We're firing on all cylinders to accelerate our top line and bottom line growth for balance of the year and beyond, and we will leverage our market-leading store portfolio to capture the pent-up demand for reconnection, and we are ready to accelerate even faster on new store growth in the second half of the year. Our evolving omnichannel capability, the strength of our delivery business, our Mobile Order & Pay and e-commerce, all built in the past few years and ready to serve our customers for any location anywhere at any time, highly incremental. And in fact, our Mobile Order & Pay business achieved the highest record sales and mix of 24% in Q2.

我們正全力以赴，加速今年餘下時間及未來幾年的營收和利潤成長。我們將利用市場領先的門市組合，抓住復工復產帶來的壓抑需求，並準備在下半年加速新店擴張。我們不斷發展的全通路能力、強大的配送業務、行動訂購和支付以及電子商務，所有這些都是在過去幾年中建立起來的，隨時準備為任何地點、任何時間的客戶提供服務，並且增長強勁。事實上，我們的行動訂購和支付業務在第二季度實現了24%的最高銷售額和產品組合成長記錄。

We've built strong operating muscle and agility to innovate and execute, and we have the ability to adapt further with speed to meet new customer needs with disciplined execution in stores. The enduring power and strength of the Starbucks brand and the deep connection we have with our customers and partners are all second to none. With that, our 60,000 partners in China are ready to capture the exciting growth ahead.

我們已打造出強大的營運實力和敏捷的創新執行力，並有能力進一步快速適應，以滿足顧客的新需求，並在門市內嚴格執行。星巴克品牌的持久力量和實力，以及我們與顧客和合作夥伴的深厚聯繫，都是首屈一指的。憑藉這些，我們在中國的6萬名合作夥伴已做好準備，抓住未來令人振奮的成長機會。

Your next question comes from Peter Saleh with BTIG.

您的下一個問題來自 BTIG 的 Peter Saleh。

Great. I wanted to ask about the Siren System, Laxman. I think you mentioned it briefly, but really didn't provide a lot more color on it. I know this is something you guys talked about in great detail at the Investor Day in the fall. Just curious if you could give us an update on the testing and rollout of the system and the impact you're expecting going forward.

太好了。拉克斯曼，我想問關於警笛系統（Siren System）的問題。我記得你只是簡單提了一下，但並沒有提供更多細節。我知道你們在秋季的投資者日上詳細討論過這個問題。我好奇的是，你能不能跟我們介紹一下該系統測試和部署的最新情況，以及你預計未來會產生的影響。

Thank you for your question. I feel very good about the progress that we're making on the equipment rollout as well as the testing that is underway on the Siren System. And as you see, some of the nearer-term equipment launches have happened and have landed on time. We have a very systematic approach to how we think about our equipment and the testing that we're doing. And I feel very good about the progress we are making on that system. So all systems go as far as we're concerned. Sara, I wonder whether you want to touch a little bit on some of the equipment launches that we've had so far.

感謝您的提問。我對我們在設備部署以及Siren系統測試方面取得的進展感到非常滿意。如您所見，一些近期的設備已經發布，並且按時完成。我們對設備和正在進行的測試有著非常系統化的考量。我對系統的進展感到非常滿意。所以，就我們而言，所有系統都運作正常。 Sara，我想請您談談我們迄今為止發布的一些設備。

Yes. Thank you. Happy to. I mean specific to Siren System, Laxman, as he said, cold beverage as well as the food station, incubation tests there are complete and feasibility begins in Q3, right, for the rollout. And I think both of which these stations have already shown measurable impact on both productivity as well as throughput and testing. So we're quite bullish on them.

是的，謝謝。很高興。具體到Siren System，正如Laxman所說，冷飲和食品站的孵化測試已經完成，可行性研究將於第三季開始。我認為這兩個網站都已經顯示出對生產力、吞吐量和測試的顯著影響。所以我們對它們非常看好。

And then overall, absolutely, we're already seeing the benefits of the investments that we've made in equipment. We're serving more customers during our busiest dayparts than we did pre-pandemic. And when I'm out in stores, I certainly hear firsthand from our partners how the equipment is making the work easier. And it's evident in speed with service. You can see it in our drive-through times, and you can also see it, importantly in our productivity numbers.

總的來說，我們確實已經看到了設備投資的效益。在最繁忙的時段，我們服務的顧客比疫情前更多。當我在門市時，我當然會直接聽到合作夥伴告訴我們，這些設備是如何讓工作更輕鬆的。這在服務速度上就顯而易見了。您可以從我們的免下車取餐時間中看到這一點，更重要的是，您也可以從我們的生產力數據中看到這一點。

As we're thinking about summer and the weather is warming up around the country, some of the things that we've launched more recently called [Bold Blenders] as well as laborers at that station, specifically make it easier to serve customers and enable the innovation that's going to be coming. The last piece I'd call out that we're really excited about as it relates to our core, again, coffee is Clover Vertica. We all know waste and throughput are going to be -- they're going to benefit favorably. But I think more importantly, we're putting coffee at the center, and our partners are incredibly enthusiastic about the offering that we'll give to our customers and the pride, right, that they'll feel in terms of the quality in the cup. So very, very excited about that one as well.

眼看夏季將至，全國各地的天氣也逐漸轉暖，我們最近推出的Bold Blenders（咖啡機）以及在該站點配備的人工服務，讓服務顧客更加便捷，也為即將到來的創新提供了可能。最後，我想說的是，與我們的核心咖啡相關的，讓我們感到非常興奮的Clover Vertica。我們都知道，咖啡的浪費和產量都會減少，它們會從中受益。但我認為更重要的是，我們把咖啡放在了中心位置，我們的合作夥伴對我們提供給顧客的產品以及他們對咖啡品質的自豪感都充滿熱情。所以，我們也對Clover Vertica感到非常非常興奮。

That's great, Sara. Frank, any comment?

太好了，薩拉。弗蘭克，有什麼評論嗎？

Yes, Sara, you mentioned the productivity. I think it's probably worth highlighting that while we typically see a decline in productivity during winter months due to seasonality and volume within our stores compared to last year, we've seen a sustainment of strong IPLH, our proxy for productivity. And I think this affirms to your point, Sara, the alchemy of partner changes in store workflow and equipment, all yielding tangible value and enduring value for our partners and for our customers.

是的，Sara，您提到了生產力。我認為值得強調的是，雖然由於季節性因素和門市客流量的影響，冬季的生產力通常會比去年有所下降，但我們看到IPLH（我們的生產力指標）仍然保持強勁。 Sara，我認為這證實了您的觀點，即合作夥伴在門市工作流程和設備上的變革，都為我們的合作夥伴和客戶帶來了切實且持久的價值。

The last question comes from Lauren Silberman, Credit Suisse.

最後一個問題來自瑞士信貸的勞倫·西爾伯曼。

Congrats, really strong U.S. comps and traffic. Can you help unpack where the growth is coming from? So is traffic primarily coming from new customers or existing customers, Rewards members or more occasional customers? And then can you just give us an update on where you're running with transactions per store per day?

恭喜，美國市場的業績和流量都非常強勁。您能解釋一下成長的來源嗎？流量主要來自新客戶還是現有客戶、獎勵會員還是偶爾光顧的客戶？然後，您能否更新一下您每家店每日交易量的最新情況？

Great. Let me start with Brady. I think I'd love for you to give your perspectives on the questions, please.

太好了。我先從Brady開始吧。我想請您談談您對這些問題的看法。

Sure. Yes. In the quarter, you saw, in the U.S. business, an equal part in the comp between transaction comp and ticket comp. Of course, we are overlapping some bad weather last year, some Omicron surge. But really, when we look under the surface of that, too, as Rachel shared in her opening remarks, record customer counts for the quarter, when we look year-over-year, that we saw growth there. Transaction comps growing in our busiest dayparts.

當然。是的。在本季度，您看到，在美國業務中，交易額和票務額的比重相當。當然，我們也受到了去年一些惡劣天氣和Omicron激增的影響。但實際上，正如Rachel在開場白中分享的那樣，當我們深入研究這些因素時，我們會發現本季創紀錄的客戶數量，如果我們進行同比分析，就會發現成長。在我們最繁忙的時段，交易額也在增加。

And when we get underneath the hood of that, it's really brand strength. We have growing affinity for the Starbucks brand. We saw some very good highs within the quarter for brand affinity. We look at the relevance of the innovation. So our ice shake and espresso platform continuing to grow, our Refreshers platform continuing to grow, which just reinforces our cold, customized, plant-based beverage strategy is just yielding continued growth. You heard Laxman talk about Pistachio Cream Cold Brew. We launched Oleato in the quarter. So there's so much for customers to be excited about and giving them a reason to come to Starbucks.

深入研究後，我們發現這確實是品牌實力。我們對星巴克品牌的喜愛與日俱增。本季度，品牌喜愛度達到了非常好的水平。我們關注創新的相關性。因此，我們的冰沙和濃縮咖啡平台持續成長，我們的Refreshers平台也持續成長，這強化了我們冷飲、客製化植物性飲品策略，並最終帶來持續成長。您剛剛聽到Laxman談到了開心果奶油冷萃咖啡。我們在本季推出了Oleato。所以，顧客們有很多值得興奮的事情，也給了他們一個來星巴克的理由。

And then lastly, I would just say the execution. You see our Starbucks Rewards membership rewarding Starbucks for that with more of their visits. Now 57% of U.S. transactions are from our Rewards members. And what they're telling us is, as you heard me say before, they are finding a beverage they can't get anywhere else. And so all of those things compile into a great force of momentum for Starbucks, and we continue to be a strong brand that's poised for growth in the future.

最後，我想說的是執行力。你可以看到，我們的星巴克獎勵計畫會員透過增加到星巴克的門市次數來獎勵他們。現在，美國57%的交易來自我們的獎勵計畫會員。正如你之前所說，他們告訴我們，他們找到了一種在其他地方買不到的飲料。所有這些因素共同構成了星巴克強大的發展動力，我們將繼續成為一個強大的品牌，並在未來保持成長動能。

And I would just add, Lauren, to that, that you had asked about TSDs. And we have seen our TSDs grow relative to pre-COVID levels. In fact, in our busiest daypart or morning daypart, we have surpassed our pre-COVID levels. And that's in large part due to the momentum we're seeing in our reinvention. We're able to unlock capacity and better serve our customers, and we're seeing that come to fruition in terms of our overall strength in TSDs, which is also increasing in the early part of our afternoon. So we're encouraged by that.

勞倫，我想補充一點，你問的是TSD（乘客量）。我們發現TSD相對於新冠疫情之前的水平有所增長。事實上，在我們最繁忙的時段，也就是早上時段，我們的TSD已經超過了疫情之前的水平。這很大程度上得益於我們在重塑過程中看到的勢頭。我們能夠釋放運力，更好地服務客戶，我們看到TSD的整體實力正在顯現，下午早些時候的TSD也在成長。這讓我們感到鼓舞。

And that's leading to when Brady talked about the customer count, the growth we had in customer count, that's really across both our SR members as well as our non-SR members. So our overall customer count is increasing. Those customers are more engaged with our brand, and we see that in terms of unit growth as well as increasing transactions and then overall ticket leading to the high -- second highest average weekly sales that we've seen, second only to last quarter, which was an all-time high. So we're incredibly encouraged by what we're seeing from an overall volume standpoint.

這就引出了Brady剛才提到的客戶數量，我們的客戶數量成長實際上涵蓋了我們的SR會員和非SR會員。所以我們的整體客戶數量正在成長。這些客戶對我們的品牌更加投入，我們從單位增長、交易量增加以及總票務量方面都看到了這一點，這促使我們達到了歷史第二高的平均週銷售額，僅次於上個季度的歷史最高水平。因此，從整體銷售來看，我們對目前看到的情況感到非常鼓舞。

Thank you, Rachel. I'm very pleased with the results of this quarter, and we are clearly moving with momentum as a business. There's clearly further opportunities for us and for this wonderful brand. It's a privilege to lead it. I want to thank you all for joining us today for our second quarter fiscal year 2023 earnings call. We appreciate your investment and your time.

謝謝Rachel。我對本季的業績非常滿意，我們的業務發展勢頭強勁。我們和這個優秀的品牌顯然都有更多的機會。能夠領導這個品牌是我的榮幸。感謝大家今天參加我們2023財年第二季財報電話會議。感謝你們的投入和時間。

Thank you. And with that, we conclude today's conference call. All parties may now disconnect. Have a great evening.

謝謝。今天的電話會議到此結束。各位現在可以斷開連接了。祝大家晚上愉快。