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)

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 財年第二季度電話會議。 （操作員說明）

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

我現在將把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。

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，感謝您今天加入我們討論星巴克 2023 財年第二季度的業績。今天的討論將由首席執行官 Laxman Narasimhan 主持；執行副總裁兼首席財務官 Rachel Ruggeri。對於問答環節，執行副總裁兼首席營銷官 Brady Brewer 將加入我們的行列； Frank Britt，執行副總裁兼首席創新官； Michael Conway，國際和渠道發展集團總裁； AJ Jones II，執行副總裁兼公共事務首席傳播官；星巴克北美執行副總裁兼總裁Sara Trilling；星巴克中國董事長兼首席執行官 Belinda Wong。

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。星巴克不承擔更新任何這些前瞻性陳述或信息的義務。

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。

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。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。

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.

本次電話會議正在進行網絡直播，網絡直播的存檔將在 2023 年 6 月 2 日星期五之前在我們的網站上提供。此外，為了您的日曆計劃目的，請注意我們的 2023 財年第三季度收益電話會議已暫定2023 年 8 月 1 日，星期二。

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.

現在，在我將電話轉給 Laxman 之前，我想提一下，我們為今天的電話會議準備的發言將進行大約 40 分鐘，這比我們為未來電話會議計劃的要長。但我們認為，作為我們的新任首席執行官，讓拉克斯曼有足夠的時間來提供他的觀察結果是有益的。

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

現在有了這個，我會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.

謝謝你，蒂芙尼，大家下午好。擔任星巴克CEO，既是一種榮幸，也是一種責任。我謹代表董事會和我們的星巴克合作夥伴，感謝霍華德舒爾茨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 多年來對我們公司和標誌性星巴克品牌的獨創性、創造力、服務和持久的熱愛，以及他願意始終為我們的合作夥伴和客戶提供服務。

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 9 月加入以來，公司為我提供了一個獨特的設計計劃，讓我完全沉浸在我們業務的各個方面。該計劃涉及花時間在我們的商店、配送中心、烘焙廠、支持中心和我們在哥斯達黎加的咖啡農場。

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.

我曾前往亞洲、拉丁美洲和歐洲的多個國際市場與我們的合作夥伴和商業領袖會面。雖然霍華德在第二季度正式管理公司，但我的全神貫注讓我了解了日常領導職責的各個方面，並為我在 3 月 20 日過渡到 CEO 角色做好了充分準備，比我們的年會提前幾天股東。

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.

我通過我們的創始人、客戶、農民、合作夥伴和社區的視角，以及通過與股東的上市會議了解了這家公司。也許最重要的是，我一直在積極傾聽並向我們的合作夥伴學習，並肩工作以獲得我的咖啡師認證，並對咖啡和咖啡師工藝產生最深層次的尊重。

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.

在公司任職期間，我還一直與執行領導團隊密切合作。公司的巨大進步和前進勢頭給我留下了深刻印象，我對我們的長期增長空間和利潤率提高潛力感到樂觀。

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、提升品牌並儘我們所能使這裡成為合作夥伴工作的好地方的大好機會。我們將繼續在我們的重塑計劃的基礎上提供更多機會，我們將在適當的時候向您更新這些額外的計劃。

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.

讓我通過這次電話會議開始，分享我的總體觀察、我們重塑的進展和勢頭以及星巴克未來的機遇。然後，Rachel 將向您詳細介紹我們 2023 財年第二季度的業績。然後我們將打開問答電話。你今天可以得到的是確認我們有能力繼續為所有利益相關者釋放價值。

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.

我的第一個觀察是，星巴克在人際關係行業中獨樹一幟。從我們成立之初，我們就一直是一個品牌，通過在商店和免下車窗口為客戶提供服務的優勢將人們聚集在一起。許多人來找我們是為了與他人建立聯繫。毫無疑問，星巴克一直是傳統的中流砥柱聚會場所。

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.

與此同時，近 2/3 的美國消費者在尋找飲料或食物時是獨自一人。作為一個處於脫節危機中的世界，孤獨、分裂和兩極分化變得過於普遍，每天喝咖啡是一種與他人和自己建立聯繫的有力方式。無論您以何種方式訪問我們，星巴克都能提供連接：在商店、得來速或數字方式。我們可以隨時隨地提供這種聯繫。

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.

這讓我想到了第二個觀察結果。我們的表現很強勁，但我們的健康狀況可能會更好。我在我們的商店與我們的合作夥伴並肩工作，並親身體驗了我們的商店和我們的運營如何不斷發展以滿足客戶的需求。要根據我們看到的需求定制我們的商店，推進我們的技術，加強我們創新設備的方式，還有更根本的，我們如何重新專注於基本運營和更好地執行，這是一個優先事項，還有更多工作要做過去幾個月我在供應鏈、技術、改造、商店開發、商店運營、營銷和產品方面的深入參與證明了這一點。

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 System 為例。這是我們如何繼續做更多工作以更好地支持我們的商店，進而更好地支持我們的合作夥伴的一個例子。它還與我們商店中的運營流程以及我們如何使它們更加穩健有關。

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面有劇院，後面有工廠。我們的劇院是我們的商店合作夥伴專注於他們的工藝並為我們的客戶提供更高體驗的地方。為了簡化商店合作夥伴的體驗並在商店級別內外提高生產力，我們發現我們的供應鏈、支持系統和流程效率顯著提高。這就是我所說的加強後方工廠的機會。

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.

讓我舉幾個例子。今天，我們的門店送貨採用高觸感、一刀切的模式。我們缺貨的商品比我們想要的多。通過細分和特定格式的方法，我們將能夠降低成本，同時為我們的合作夥伴並最終為我們的客戶創造更好的體驗。

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.

我們也有很多機會來優化我們在多個領域購買的東西以及我們如何購買它的機會。目前，我們的網絡中有超過 1,500 種杯蓋組合。隨著我們的精簡，我們將創建一個更少、更可持續和成本更低的樞紐組合，同時進一步簡化我們商店的運營。所有這些機會都將帶來收入增長和利潤擴張，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，我們是一家努力與眾不同的公司，我們現在在一個不同的世界中運營。在星巴克，讓我印象深刻的一件事是我們的文化。從我第一天開始，星巴克的文化就很明顯與其他公司不同。有一種自上而下和自下而上的強烈合作夥伴至上的心態。

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.

與此同時，我們經營所在的世界也在不斷發展。顯然有機會建立更強大的能力，推動更深入的參與和適應全球思維。考慮到這一點，作為一個領導團隊，我們充分認識到需要發展和現代化我們的品牌、我們的業務、我們的能力和我們的文化，以滿足不斷變化的世界的需求。

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，我們正在重建公司。作為其中的一部分，我們正在回歸其基礎。你已經知道我們的改造。我們最近還推出了一項新使命，而不是承諾，作為我們共同成功的現代表達。我們的使命是：通過每一杯咖啡、每一次對話、每一個社區，我們培育人際關係的無限可能性。

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.

這項工作在全球範圍內的推廣正在進行中。它正在推動公司內部各個層面的對話，並獲得了壓倒性的積極響應。隨著我們的發展，使我們與眾不同的因素將繼續存在。是的，我們將實現現代化，並且我們會像我們的承諾所說的那樣，直接努力成為我們的核心人物。

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.

我們是一家盡最大努力為我們的合作夥伴搭建通向更美好未來的橋樑的公司。我們盡最大努力為客戶提升每一天。我們盡最大努力確保所有人都能享用咖啡的未來。我們盡最大努力為我們的社區做出積極貢獻。盡最大努力保護環境，我們回饋多於索取。因此，我們為股東創造了持久的長期回報。

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.

這些是我的 3 個總體觀察結果。我們從事人際關係業務。我們的業績強勁，但我們的健康可以更強壯，通過加強後方的工廠，使前線無所畏懼，我們繼續努力成為一家不同類型的公司，在不同的世界中運營。通過這個視角，我們將在通往無限未來的旅程中，嚴於律己地應對限制我們的因素。

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.

我們看到正在進行的工作取得了巨大進展，我們的重塑計劃和更多的能力。對於我們可以通過這個標誌性品牌和公司取得的成就，我們只是觸及了皮毛。我們看到了顯著的增長空間和進一步將星巴克與其他公司區分開來的機會。我們還看到了擴大利潤率的機會，同時繼續對業務進行長期投資。

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.

說到這裡，讓我談談我們第二季度的表現。該公司在 2023 財年第二季度的幾乎所有指標都超出了預期，在更廣泛的星巴克產品組合中取得了強勁的業績。我們的業績，包括在美國和國際市場的持續成功，以及我們在中國看到的複蘇，可以歸功於全球品牌的實力、我們產品和商店的相關創新以及我們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.

讓我先從全球開始，然後是美國和美國。我們第二季度的收入為 87 億美元，比上年增長 14%，增長 17%，不包括超過 2% 的外幣換算影響。北美第二季度收入增長 17%，增至 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.

我們在全球實現了 11% 的顯著增長，第二季度在北美和美國實現了 12% 的增長，這主要得益於交易和機票之間的中等個位數增長。我們在北美的增長高於上一年 12% 的複合增長率。我們預計隨著我們不斷創新，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 的成功推出，這是霍華德發現並親自為我們領導的一項創新。事實上，自從我們宣布 2 月份在全球推出星巴克 Oleato 飲料以來，我們已經吸引了 50 億觀眾，使其成為過去 5 年品牌知名度和興奮度方面排名前 5 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.

新的創新飲料平台目前在 3 個市場的 650 家商店有售：意大利、日本和美國。鑑於我們所看到的成功，我們期待今年將這一令人興奮的新產品帶到全球更多商店和更多市場。

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.

規模化盈利創新是推動我們業績增長的因素之一，也是我們持續關注的領域。我們的業績是三方面近乎完美交集的結果：第一，我們成功的創新飲料表明我們的開心果奶油冷萃啤酒激發了改良劑的廣泛使用；第二，我們的食品組合，這導致我們的真空低溫烹調法雞蛋咬和早餐三明治的銷售額創下歷史新高；第三，我們有吸引力的移動訂單和支付得來速和交付的便利能力，我們看到了連續改進，現在佔第二季度美國公司自有收入的 74%。您可以期待我們強烈依賴有目的的創新，以進一步抓住我們所做的事情和我們做事的方式的巨大機會。

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.

說到渠道，我們為期 90 天的活躍星巴克獎勵會員在本季度在美國增加了超過 400,000 名會員，使我們的會員總數達到 3080 萬。此外，我們在美國的會員人數同比增加了 400 萬，增長了 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.

獎勵會員佔第二季度美國公司運營收入的 57%，這是有記錄以來的最高貢獻，同比增長 3%。我們對積極獎勵會員的增長感到興奮，因為這是持續需求的一個促成因素。我們一直是這一領域的先鋒，您可以期待我們進一步投資和引領。

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.

這種投資的一個例子是 Starbucks Connect，它現在在我們超過 1/3 的美國特許商店中，為我們的客戶提供了更多與我們品牌互動的機會。憑藉我們在美國特許經營場所（如酒店、機場和其他零售商）的多樣化產品組合，再加上越來越多的便利產品，我們能夠抓住更多需求，本季度收入同比增長 25% 就是明證，支持我們滿足和服務客戶的戰略，無論他們身在何處。

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。我們正在取得很大進展。我們對合作夥伴、商店和技術的投資已經產生了回報，無論是通過提高生產力還是通過合作夥伴滿意度。我們對迄今取得的多方面進展感到高興。

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，咖啡師營業額較 2022 財年第二季度 3 月的高位下降了 9% 以上，導致每家門店的新員工人數減少。我們已經能夠將每位咖啡師每週的平均工作時間同比增加 4%，我們知道這一指標是實現合作夥伴所需薪酬的眾多有意義的投入之一。顯然，合作夥伴的日程安排對我們來說是一個真正的機會，我們非常專注於此。

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，儘管存在季節性趨勢，但在 2022 年 12 月創下歷史新高的每工時項目數在第二季度和整個第二季度繼續保持強勁勢頭。這表明在強勁的銷量中提高了生產力，所有這一切都是通過合作夥伴參與和穩定的客戶聯繫分數實現的。

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.

支持定制需求的手持式冷泡沫攪拌機的推出於本季度開始，目標是在第三季度完成，隨著對冷泡沫定制需求的持續增長，及時支持我們的夏季需求。

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 啤酒釀造機也在本季度開始推出，到本財年結束時，我們將在美國近 40% 的公司經營的商店中使用。 Vertica 為我們的客戶提供我們最新鮮的沖泡咖啡，同時在我們的網絡中提高時間和浪費效率。這是創新如何擴大我們最擅長的領域的又一個例子，在這種情況下，咖啡的服務甚至更好。

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.

創新的最終證明點和我們重塑的進步是我們在北美的第二季度利潤率為 19.2%，同比增長 200 個基點。我們還有更多工作要做，以重塑我們的業務。儘管我們還有更多機會，但我們很自豪地看到我們的戰略正在發揮作用，勢頭正在增強。

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.

繼續國際化。我們對我們更廣泛的產品組合的實力和增長感到滿意。第二季度收入為 19 億美元，比去年同期增長 9%，不包括 10% 的外幣換算影響，增長 19%，這是我們第三高的季度收入，這主要是由於中國的複蘇快於預期。

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.

我們還在國際上實現了有史以來最高的季度系統銷售額，並且在交易增長和聚焦需求的推動下，我們交付了公司運營的 7% 的利潤。中國以外的地區也取得了強勁的業績，日本和英國等市場連續第八個季度取得兩位數的業績。

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.

我們很高興看到我們的國際商店戰略正在奏效。本季度，我們的淨新店增長了 363 家，同比增長 8%。展望本財年末，我們的國際門店將達到 20,000 家，與我們在投資者日上概述的增長戰略保持一致。

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.

我們預計中國今年仍有望實現我們 13% 的新店淨增長目標。此外，預計亞太地區、歐洲、中東和非洲和拉丁美洲市場也將做出有意義的貢獻，成為我們進一步強調的領域，並為我們的全球整體增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.

繼續前往中國。第 2 季度標誌著一個重要的轉折點，我們終於開始擺脫 3 年前所未有的 COVID 中斷，踏上我們設想的複甦之旅。我們在第二季度看到了強勁的複蘇，加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密切關係。

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複蘇，本季度末收入接近 8 億美元，比去年同期增長 3%，增長 11%，不包括外幣換算帶來的 8% 的影響。 3% 的複合增長率標誌著自 2021 財年第三季度以來的首次正複合增長。

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，我們在本季度加快了門店發展速度，淨開設了 153 家新店，是上一季度淨新店數量的兩倍多。我們現在在 244 個城市經營超過 6,200 家門店，使我們能夠實現到 2025 年達到 9,000 家門店的目標。我們在過去 3 年裡繼續開設新門店的大膽決定，儘管受到 COVID 中斷和流動性限制，但正在獲得回報，因為它們繼續提供回報和盈利能力。

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.

進一步加速復蘇是我們快速擴張的全渠道業務。星巴克交付——實現了 21% 的同比增長，佔銷售組合的 23%，而整體移動訂購達到銷售額的 47%，比上一年增長 4%。即使在消費者流動性恢復之後，交付需求仍然強勁，表明它是高度增量的並且與我們客戶的生活方式交織在一起。

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持不斷增長的需求，使我們能夠在中國因下一階段復甦而轉型之際抓住機遇。雖然我們不期望直線復甦，但我們對我們的長期機會充滿信心。我們期待為我們的客戶提供只有星巴克才能提供的提升體驗。

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.

現在讓我用渠道開發來總結細分市場的表現。我們的星巴克品牌和成功的合作夥伴關係繼續推動我們渠道開發業務的成功，本季度收入超過 4.8 億美元，同比增長 4%。我們的美國家庭咖啡繼續與客戶產生共鳴，這是我們廣受好評的促銷活動和產品發布的成功決定。

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.

在即飲飲品方面，星巴克連續兩個季度的銷售增長超過該品類，並保持美國第一品牌的地位。為了延續這一趨勢，我們推出了備受期待的 Pink Drink 和 Paradise 飲品，它們已經遇到了壓倒性的興奮。

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.

在我將電話轉給雷切爾之前，我想再次感謝我們的合作夥伴、我們的領導團隊和霍華德，感謝我們公司在過去一年取得的重大進展。我還想加強我對我們的重塑、重建我們的業務、品牌和文化的工作以及我們充分發揮星巴克無限潛力的定位的信心。

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.

為了我們的長期可持續增長，我們將尋找方法，首先，通過正確的基礎知識、良好的經營我們的商店和以飲料為中心的食品相關的改造重點來進一步提升品牌；其次，通過擴展和引入新的相關客戶體驗，鞏固我們在數字領域的領導地位；第三，發展我們的業務和品牌的全球影響力；第四，努力減少浪費，加快行動速度；第五，圍繞成為星巴克合作夥伴的意義批判性地重振我們的文化。

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.

憑藉重塑計劃推動實現我們的業務目標、現代使命和品牌差異化的人際關係，我們的勢頭正在加強整體業務。我們專注於提供更高的體驗，這將繼續讓我們與眾不同。

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.

在結束電話會議的發言時，我想重申我們今年的指導方針，反映出我對未來的樂觀態度，同時認識到我們在充滿挑戰的環境中運營。在我們共同踏上這段旅程的過程中，我對我們的領導團隊和我們的合作夥伴充滿信心。我們繼續制定中長期計劃，以認識到我們無限的長期增長潛力。我非常興奮，也非常感激有機會在星巴克的標誌性遺產的基礎上再接再厲，並引領公司進入新時代。

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

有了這個，我現在將它交給雷切爾來更詳細地討論我們 2023 財年第二季度的結果。雷切爾？

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 Laxman，歡迎來到您的第一個星巴克財報電話會議，大家下午好。我很自豪地討論我們出色的第二季度業績，強調了全球收入和利潤率的實力。在好於預期的複蘇推動下，我們在除中國外的所有公司運營市場實現了兩位數的業績增長，並在中國實現了積極的業績增長，並且我們的許可市場持續走強。

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.

我們對門店和合作夥伴的投資使這種勢頭成為可能，並使我們能夠繼續釋放資本以對我們的業務進行再投資。因此，我們的業務和品牌依然強勁。當我們開始我們旅程的下一步時，我相信我們對重塑計劃和更廣泛戰略的執行將使我們進入新時代。

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.

我們第二季度的綜合收入達到 87 億美元，略高於第一季度的水平，比去年同期增長 14% 和 17%，不包括超過 2% 的外幣換算影響。收入增長主要受 11% 的可比店面銷售額增長、6% 的新公司經營店面同比淨增長以及我們全球市場許可的持續增長推動。這在各個層面上都是非凡的表現，但特別是考慮到我們通常在第二季度遇到的季節性壓力。

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.

第二季度綜合營業利潤率比上年增長 130 個基點，達到 14.3%，超出我們的預期，這主要是受銷售槓桿的推動，包括中國好於預期的複蘇、定價、生產率提高以及與上一年 COVID 相關的薪酬。對商店合作夥伴的投資、支持再造和通貨膨脹的更高的 G&A 成本部分抵消了利潤率的增長。

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.

第二季度每股收益為 0.74 美元，同比增長 25%。除了我們強勁的全球業績和好於預期的中國復甦外，這還包括北美星巴克獎勵兌換等級變化帶來的約 0.03 美元的一次性收益，這減少了相關負債。

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.

我現在將提供第二季度的細分市場亮點。北美第二季度實現收入 64 億美元，再創季度記錄，同比增長 17%。增長的主要原因是可比店面銷售額增長 12%，其中交易額和平均票價分別增長 6% 和 5%，以及新公司經營店面同比淨增長 4%，進一步我們的特許經營店業務的持續發展勢頭加強了這一點。該細分市場的出色表現以美國為首，在第二季度實現了 12% 的增長，交易和機票同樣對增長做出了貢獻，這也得益於前一年對 COVID 的 Omicron 變體的支持。

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，商店客流量已經超過了大流行前的水平。即使飲料定制化程度和復雜性更高，我們也能夠通過重塑釋放增量商店容量來應對客流量的激增。星巴克獎勵招標在本季度達到了美國公司經營銷售額的創紀錄的 57%，展示了客戶忠誠度和聯繫，並表明我們成功啟動了星獎勵兌換等級的變化。

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.

我們還繼續擴大我們在美國的門店足跡，覆蓋了過去幾年開設的 9,300 多家門店，儘管存在通貨膨脹環境，但仍實現了近 50% 的現金回報率。作為我們發展戰略的一部分，我們致力於通過更環保的商店來提高可持續性，與以往的商店做法相比，該計劃僅在美國就通過節水和節能節省了近 6000 萬美元的年度運營成本。我們的增長速度，加上門店層面的現金回報和對可持續發展的承諾，對於我們這樣規模的公司來說是非凡的，對我們穩健的資本狀況和繼續對我們的業務進行再投資的能力做出了有意義的貢獻。

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.

本季度美國特許經營店收入保持增長勢頭，比去年同期增長 25%，整個產品組合都表現強勁，而且正如 Laxman 早些時候所說，Starbucks Connect 的推出進一步支持了我們，通過我們不斷擴大的網絡擴大了我們接觸客戶的機會商店。北美第二季度的營業利潤率為 19.2%，比上一年擴大 200 個基點，這主要是由於定價、銷售槓桿、生產率提高和與上一年 COVID 相關的薪酬相比，部分被商店合作夥伴投資和通貨膨脹所抵消。

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.

正如您在電話會議上聽到的那樣，我們已經看到我們的重塑計劃付諸實施，無論是通過提高合作夥伴的流動率和參與度，還是通過更好的客戶體驗或生產力。我們的擴張努力推動了本季度的利潤率增長。由於重新評估我們的星巴克獎勵負債，本季度也獲得了大約 60 個基點的利潤率收益，這將不會在今年的餘額中再次發生。

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.

繼續國際化。該部門在本季度實現了 19 億美元的收入，也創下了第二季度的記錄，比去年同期增長 9%。排除 10% 的外幣換算影響後，該部門的收入增長了 19%，反映了包括中國在內的所有主要市場的兩位數增長。這一增長是由我們授權業務的實力推動的，新公司經營的商店同比淨增長 10%，可比商店交易銷售額增長 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.

我們在全球的國際市場繼續展現強勁勢頭。不包括中國在內，該部門第二季度的收入比上年增長 14%，如果排除 11% 的外幣換算影響，則增長 25%。再一次，我們的國際市場（不包括中國）在交易量的推動下共同實現了兩位數的收入增長。

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.

讓我強調本季度日本令人難以置信的表現，這是我們全球第三大市場，超過 1,800 家商店，並在第二季度連續第八個季度實現兩位數的收入，正如拉克斯曼之前提到的那樣。該市場還通過引入旨在為客戶提供更多選擇並提升計劃經濟性的多層兌換系統，提升了星級回饋計劃的水平。

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.

在 4 月份的季度之後，日本也成為第三個推出 Oleato 飲料的全球市場，在他們的 60 多家精選商店提供創新系列，包括星巴克 Reserve Roastery Tokyo。雖然還很早，但我們在這個擁抱創新的市場上的表現似乎很有希望。

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.

轉移到中國。中國在第二季度實現了 3% 的收入增長，大大超出了我們的預期，其中包括 3 月份 30% 的收入增長，因為我們在前一年開始加強流動性限制。從 1 月的前幾週開始，當中國走出感染高峰期並且不同城市取消了流動限制時，我們看到所有貿易區、時段和城市層級都出現了廣泛的複蘇。這是由於客流量強勁反彈推動的，因為客戶親自回到我們的商店享受重新連接的時刻。

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.

到第二季度末，星享俱樂部活躍會員反彈至 1780 萬，並在第三季度第一周創下歷史新高。流量立即急劇反彈，證明了我們品牌的實力和我們與客戶建立的關係，以及我們強大的運營能力來捕捉被壓抑的需求，所有這些都推動了第二季度平均每週銷售額的快速增長。展望全年，在第二季度實現快於預期的反彈後，平均每週銷售額的恢復速度將放緩。

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.

在本財年的剩餘時間內，隨著 COVID 在中國進入新的流行階段，我們將繼續面臨客戶行為變化和國際旅行複蘇步伐等不確定性。儘管如此，我們相信星巴克在下一階段的複蘇中處於有利地位。第二季度國際業務的營業利潤率為 17%，較上年同期擴大 390 個基點，主要受跨市場銷售槓桿的推動，但具體受中國好於預期的複蘇推動，部分被較高的門店合作夥伴工資所抵消和好處。

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.

轉向渠道開發。該部門第二季度的收入比上年增長 4% 至 4.81 億美元，符合我們的預期，主要受全球咖啡聯盟增長的推動。全球渠道開發將客戶場合擴展到我們的門店之外，以擴大和多樣化星巴克在全球的影響力。我們更新的家用平台，包括星巴克精品濃縮咖啡和星巴克奶精，繼續推動全球咖啡聯盟的增長。

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.

我們仍然是全球即飲飲料類別的市場領導者，北美咖啡合作夥伴關係的增長超過了該類別，並在過去兩個季度繼續增加份額。北美咖啡合作夥伴關係跨平台份額增長，我們對我們強大的創新渠道感到興奮。僅舉幾例，我們在 3 月下旬推出了迷你罐裝星冰樂，為我們的消費者帶來完美尺寸的款待。

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.

我們還通過瓶裝星巴克粉紅飲品和星巴克天堂飲品提升我們的產品組合，它們的靈感來自於我們店內流行的手工製作飲料，並於 4 月剛剛上架。該部門第二季度的營業利潤率為 35.6%，比上年下降 710 個基點，這主要是由於某些製造資產的減值費用和產品組合轉變。不計減值，該部門本季度的利潤率接近 40%，我們繼續預計 Channel Development 的利潤率將在年底前正常化至 40 多歲左右的範圍內。

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.

現在繼續我們對 2023 財年的指導。正如拉克斯曼所討論的那樣，我們重申了我們對本財年的指導，以平衡我們令人難以置信的勢頭和樂觀情緒與我們在世界各地繼續面臨的經濟不確定性。讓我就我們的前景提供一些額外的見解。

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，本季度 12% 的收入中有很大一部分反映了本季度早些時候 Omicron 的一圈，這已納入我們對第二季度的原始指導。美國 comp 在 3 月份和第三季度已如預期正常化，預計年度 comp 繼續處於 7% 至 9% 的指導範圍內。

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 comp 類似，我們的第二季度北美利潤率也受益於與 Omicron 相關的大量 COVID 薪酬，占同比擴張的 120 個基點，以及 60 個基點的星巴克獎勵等級變化影響點，這些點預計不會在今年的餘額中再次出現。

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，我們預計中國的平均每週銷售額將在第三季度和第四季度環比增長，但增速會更為溫和。考慮到不確定的環境，我們預計中國市場將在下半年有所改善，這在很大程度上是受去年第三季度流動性限制的影響，加上持續的複蘇，導致中低單-全年數字補償。

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，儘管中國第二季度的利潤率也高於預期，但受益於某些投資的時機。隨著我們在今年餘下時間繼續擴大業務，我們計劃恢復推動長期可持續增長所需的投資。此外，這裡有一些關於指南的澄清要點。

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.

關於利潤率的形狀，我們繼續預計第三季度和第四季度的連續利潤率會有所改善。我們預計第三季度的利潤率接近去年同期水平，隨著我們對工資和福利進行大量投資，第四季度的利潤率將比去年同期大幅增長。請注意，第三季度和第四季度的季度利潤率形狀預計不會與上一年相同。

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.

我們還預計每股收益將在本財年下半年上升，並在第三季度和第四季度連續改善。我們預計第三季度每股收益同比增長將明顯低於我們 15% 至 20% 的財年指導範圍，第四季度每股盈利同比增長略高於我們指導範圍的高端。

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.

我們的指引繼續包括與我們的重塑計劃相關的重大投資的影響以及正在緩和的通脹壓力。我們繼續預計我們的 G&A 增長將在 2023 財年大幅增長。G&A 增長的很大一部分將反映關鍵技術投資，我們相信這將推動我們的重塑和業務增長。

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，在我們結束本財年上半年時，我們的全球業績與我們最初的預期密切相關，因為中國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。在我們繼續探索中國復甦之路的同時，加上全球宏觀不確定性的加劇，我們相信我們對合作夥伴、商店和客戶進行的重塑投資將繼續引導我們的增長，實現我們最初的 2023 財年展望。

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，儘管目前的利率環境，我們的資產負債表仍然非常健康，這得益於我們強勁的現金流和審慎的財務政策，目標是槓桿率低於 3 倍的租賃調整後債務與 EBITDA。面對當前的經濟不確定性，我們處於令人羨慕的位置，可以繼續投資於我們的業務，兌現我們的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，這是我今天討論的要點。第一，我們的全球業務和品牌依然強勁，第二季度的收入和利潤率表現都證明了這一點。我們正在全力打造我們的增長基石，即強大的競爭，由數字參與、無與倫比的創新和參與的合作夥伴推動，商店增長由一流的現金回報和通過重塑提升的利潤率，因為它繼續獲得牽引力.

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，我們的財政年度指引保持不變，以平衡我們的樂觀情緒與全球經濟的不確定性。最後，隨著我們繼續釋放產能並通過重塑推動資本回報，我們的新時代即將到來。融入我們業務的投資使我們以核心為中心，同時增加差異化和建立彈性，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.

在結束之前，我想對我們在世界各地的合作夥伴，尤其是我們的 Green Apron 合作夥伴，表示深深的感謝，感謝他們在本季度取得成功方面發揮的關鍵作用。我們的未來落在許多人的肩上，我們堅定不移地共同承諾，以盡可能最好的方式為我們的合作夥伴、客戶以及從農場到杯子的所有人提供服務，讓星巴克實現我們的無限可能。

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

有了這個，我們將打開問答電話。操作員？

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

（操作員說明）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，特別是商店級合作夥伴。這似乎是這家公司未來可能真正存在的一些最大機會的地方。我認為我不需要回顧 21 年下半年，偉大的辭職，你自己在勞動方面的具體挑戰。顯然，很多新聞甚至可能比商店本身的一些勞工問題更重要。

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、招聘實踐、培訓和保留方面，這給我們留下了什麼，您如何看待勞動力的整體素質。我想，非常重要的是，當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。因此，如果我們能花幾分鐘時間了解當前的人員配置環境，機會可能會在明年出現。

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，謝謝你的問題。首先，我將給出一些概述，然後請 Frank 和 Sara 提供他們的觀點。首先，星巴克仍然是一個擁有非常強大的員工價值主張的品牌，我們能夠吸引很多申請我們空缺職位的人。正如我在準備好的發言中提到的那樣，我們看到我們在前線看到的情況越來越穩定。正如我所提到的，我們看到零售人才的流失率更低，穩定性更高。

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，當您查看我們在調度流程中所做的改進時，我們現在能夠為我們的合作夥伴提供平均每週多出 4% 的小時數。當然，這確實很重要，因為它確實對他們所獲得的報酬有影響。顯然還有更多的事情正在籌備中。弗蘭克，我希望你能就你如何看待那裡的環境發表評論。

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。這顯然是一個嚴峻的勞動力市場環境，我們注意到這一點。然而，我們繼續以 Laxman 的觀點為基礎，使自己脫穎而出，成為一線員工的首選雇主。我們從如何為合作夥伴創造價值的角度來看待這一點，因為我們將繼續合作共同建設公司。

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，在日程安排方面，我們將日程安排視為一個重要機會，因為我們繼續按商店和時段劃分小時數，最終，它有助於讓我們的合作夥伴了解他們的需求與他們希望每週看到的班次相關的信息 -週以及他們每週需要的時間以及專業和其他方面的目標服務。

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.

但最後，我要說的是，我們有一個非常強大的議程來繼續以編程方式改善合作夥伴的體驗。我們可以解開其中的一些細節。但這是正在進行的重塑議程的一部分。我們對我們的進步感到滿意，但我們覺得有一個重要的機會繼續為他們的職業生涯創造更多機會。

Sara, any comments from your time in stores?

Sara，你在商店的時候有什麼評論嗎？

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.

我只想給一個疊加層。除了已經討論過的內容之外，我們在上個季度付出了巨大的努力，將我們的團隊聚集在一起，使他們能夠慶祝我們的使命，建立能力，並且在他們與公司。這就是一個。

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，我們讓合作夥伴齊聚一堂，關注商店層面的所有聯繫，並推動不同層次的客戶聯繫和客戶服務。我還要說的是，我們在我們業務的核心領域所做的投資，尤其是咖啡，以及我們慶祝我們的 Black Apron 合作夥伴的方式，因此我們正在投資於合作夥伴的起源，以及更多圍繞工藝建立能力的培訓也是推動與我們的合作夥伴在商店層面互動的另一個領域。最後，社區，這是我們的合作夥伴非常關心的事情。我們結束了四月份的服務。再一次，這是幫助我們的合作夥伴感受到與更大事物的聯繫以及以使命和價值觀為核心的偉大方式。

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.

如果我可以再添加一件事。我認為我們在整個商店網絡中擴展的小費計劃中看到了強勁的增長。

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

你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.

我只是想問一下本季度的實力，也許是在評論的背景下，其他關於近期和長期前景的評論。所以聽起來你對本季度的預期有很大的上升空間，而且客觀上非常強勁。但是你沒有提高全年指導，這讓我想知道你的再投資路徑是否會比你之前預期的更高，只是因為 Rachel 提到的一些事情，我認為 COVID 失效，會被嵌入在最初的前景中。

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.

也許以同樣的方式，Laxman 認為你正在重塑或重建品牌，而不是我通常會把它與我們在第二季度看到的那種表現的品牌聯繫起來。因此，如果您可以將本季度的實力與您的全年展望以及對未來品牌類型的看法聯繫起來。

Rachel?

雷切爾？

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，薩拉。我看待它的方式是我們對第二季度的表現非常滿意。但是當你想一想，正如我在準備好的發言中分享的那樣，我們受益於 Omicron 的一圈以及 Star 責任的一次性調整。這是預料之中的。所以我們預料到了這一點，這是在我們在北美以及廣泛地區看到的本季度的競爭中推動的。

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好於我們的預期，但當我們展望今年的餘額時，我們預計我們在中國的平均每週銷售額將繼續增長，環比環比改善，但與我們在第二季度看到的相比，增速更為溫和。

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。這確實是由於這樣一個事實，即從復甦的角度來看，從消費者行為以及我們國際旅行等關鍵領域的複蘇等方面來看，整體環境仍然存在一些不確定性。

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時，當我們審視全年的指導方針時，我們相信重申我們的指導方針可以讓我們繼續傳遞動力，同時也讓我們有信心在全球相當不確定的環境中航行.

Your next question comes from Jeffrey Bernstein with Barclays.

你的下一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

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?

偉大的。展望今年以後，雷切爾或拉克斯曼，我只是想知道你如何看待未來幾年的營業利潤率，也許將其與當天 COVID 前的水平相比較，高青少年是常態。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，也許到什麼時候，或者 Laxman，這不再是重點，或者根據您在業務中進行的超大規模通貨膨脹和持續投資，這不一定是可以實現的。只是想知道您如何看待那裡的頂線和底線平衡。

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.

我認為就指導而言，在這次電話會議上，我們的重點完全放在今年，對嗎？所以我們正在確認我們今年的指導。我認為正如我之前提到的那樣，因為我已經沉浸其中，並且我在公司的各個部門工作過，所以毫無疑問我們看到的是我們在頂線方面看到的空間。隨著時間的推移，我們也看到了提高利潤率的機會。

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.

我在準備好的關於顯而易見的事情的評論中舉了幾個例子。我們可以買不同的，也可以買更好的。我們的端到端供應鍊是降低成本和提高可用性的重要機會。我們可以增強我們的技術堆棧，既可以降低成本，又可以將其重新投資到技術堆棧中，以支持我們正在進行的大規模數字化推動。我們的商店需要更好地反映滿足最初設計時不斷變化的需求所需的內容。

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.

我們的飲料創新很強大，食物可以用更多的工作。我們的創新可以更有目的性和針對性。這些就是我提到的那種機會，就是後面工廠裡的機會。我們在前面的劇院也有機會。所以我認為，正如你所看到的，很明顯，有頂線淨空，並且有機會依次提高利潤率。但在這次電話會議中，我們完全專注於確認我們今年的指導方針。

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.

想了解您對中國市場的看法和您在那裡的信息。你的 4 年趨勢與 COVID 之前的水平相比，你比中國上個季度的同店銷售額低 24%。只需對您當年的評論進行數學計算，您的同店銷售額似乎仍將大致低於 COVID 之前的水平。

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?

因此，如果我們只是假設今年的中低個位數，那麼復甦就會停滯不前。所以我知道你說了很多關於中國的事情，但我想知道這種銷售背後的思維過程是什麼？你能給它背後什麼顏色？

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

Rachel，然後，好吧，我會請 Belinda 發表一些評論。雷切爾？ .

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，大衛。正如我之前分享的那樣，我認為當我們展望中國今年剩餘時間時，我們預計我們的平均每週銷售額將繼續環比增長。我們還預計我們的薪酬會有所改善，尤其是當我們放寬前一年的流動性限制時。但是，當您考慮整體環境時，雖然我們看到下午時段和周末的人流量很大，這讓我們感到鼓舞，這只是說明客戶需要連接，但仍然有很多事情發生與恢復相關的整體環境條款。

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.

因此，當我們將所有這些放在一起並考慮這一點時，當我們展望今年的餘額時，我們預計它會繼續改善，但相對於我們在第二季度看到的情況而言，速度會更加溫和。這就是將我們帶到中低個位數 comp 的全年指導範圍的原因，我認為，當你看到它時，它確實反映了勢頭，但它也反映了信心，特別是當你看到 - - 去年，我們在全年基礎上以負 24% 的收入結束了這一年，在我們的最後一個季度甚至是負的 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.

這就是我們考慮復甦的方式。我們看到的許多跡象讓我們感到非常鼓舞，但我們正在航行的還有很多。因此，當我們考慮今年下半年時，我們對我們給出的指導感覺非常好。有了這個，我會把它交給貝琳達。

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。我只是為我們的恢復提供一些顏色。中國終於翻開了從大流行到地方病的新篇章。第二季度標誌著我們穩固而廣泛復甦的開始，而這僅僅是個開始。正如雷切爾所說，我們看到客流量強勁反彈，回到我們的商店進行重新連接，並將其作為客戶長期渴望的體驗場所，而我們在這一刻處於最佳位置，因為我們從事人際關係業務。我們獨特的商店玩法和星巴克體驗無法在其他任何地方復制。我們在 3 月份實現了 30% 的補償，並且在第三季度繼續保持強勁勢頭。

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.

我們正在全力以赴，以加速今年及以後的收入和利潤增長，我們將利用我們市場領先的商店組合來捕捉被壓抑的重新連接需求，我們準備加速下半年新店增長速度更快。我們不斷發展的全渠道能力、我們交付業務的實力、我們的移動訂單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，並準備好隨時隨地為我們的客戶提供高度增量的服務。事實上，我們的移動訂單和支付業務在第二季度實現了創紀錄的銷售額和 24% 的組合。

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.

我們已經建立了強大的運營能力和創新和執行的敏捷性，並且我們有能力進一步快速適應，通過在商店中有紀律的執行來滿足新的客戶需求。星巴克品牌的持久力量和實力，以及我們與客戶和合作夥伴之間的深厚聯繫，都是首屈一指的。因此，我們在中國的 60,000 名合作夥伴已準備好迎接未來令人興奮的增長。

Your next question comes from Peter Saleh with BTIG.

你的下一個問題來自 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.

偉大的。我想問一下警笛系統，拉克斯曼。我想你只是簡單地提到了它，但實際上並沒有提供更多的顏色。我知道這是你們在秋季的投資者日上詳細討論的內容。只是想知道您是否可以向我們提供有關係統測試和推出的最新信息以及您期望的影響。

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.

謝謝你的問題。我對我們在設備推出以及正在進行的 Siren 系統測試方面取得的進展感到非常滿意。正如你所看到的，一些近期的設備發射已經發生並按時著陸。對於我們如何看待我們的設備和我們正在進行的測試，我們有一個非常系統的方法。我對我們在該系統上取得的進展感到非常滿意。因此，就我們而言，所有系統都在運行。 Sara，我想知道你是否想稍微談談我們迄今為止推出的一些設備。

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。高興。我的意思是具體到 Siren System，Laxman，正如他所說，冷飲和食品站，那裡的孵化測試已經完成，可行性在第三季度開始，對吧，推出。而且我認為這兩個站點都已經顯示出對生產力以及吞吐量和測試的可衡量影響。所以我們非常看好他們。

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.

然後總的來說，絕對地，我們已經看到了我們在設備上進行的投資的好處。與大流行前相比，我們在最繁忙的時段為更多客戶提供服務。當我在商店外出時，我肯定會從我們的合作夥伴那裡直接聽到設備如何使工作變得更輕鬆。這在服務速度上是顯而易見的。您可以在我們的駕車通過時間中看到它，您也可以在我們的生產力數字中看到它，重要的是。

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.

當我們考慮夏天和全國各地的天氣變暖時，我們最近推出的一些東西稱為 [Bold Blenders] 以及該站的工作人員，特別是使服務客戶和啟用即將到來的創新。我要說的最後一件我們真的很興奮，因為它與我們的核心有關，同樣，咖啡是 Clover Vertica。我們都知道浪費和吞吐量將會——它們會從中受益。但我認為更重要的是，我們將咖啡放在中心位置，我們的合作夥伴對我們將提供給客戶的產品非常熱情，並且感到自豪，對，他們會在質量方面感受到杯子。對此也非常非常興奮。

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

太好了，薩拉。弗蘭克，有什麼意見嗎？

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，你提到了生產力。我認為可能值得強調的是，雖然與去年相比，由於我們商店的季節性和數量，我們通常會看到冬季月份的生產力下降，但我們已經看到了強勁的 IPLH 的持續存在，這是我們生產力的代表。我認為這肯定了你的觀點，薩拉，合作夥伴改變商店工作流程和設備的煉金術，所有這些都為我們的合作夥伴和我們的客戶帶來了有形的價值和持久的價值。

The last question comes from Lauren Silberman, Credit Suisse.

最後一個問題來自瑞士信貸的 Lauren Silberman。

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，非常強大的美國競爭和流量。你能幫助解開增長的來源嗎？那麼流量主要來自新客戶還是現有客戶、獎勵會員或更多臨時客戶？然後你能告訴我們你每天每家商店交易的最新情況嗎？

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

偉大的。讓我從布雷迪開始。我想我希望你能就這些問題給出你的觀點。

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，交易補償和票務補償在補償中所佔的比例相等。當然，我們重疊了去年的一些壞天氣，一些 Omicron 的激增。但實際上，當我們深入了解這一點時，正如雷切爾在開場白中分享的那樣，當我們與去年同期相比時，我們看到了本季度創紀錄的客戶數量，我們看到了那裡的增長。交易在我們最繁忙的時段增長。

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.

當我們深入了解它時，它真的是品牌實力。我們對星巴克品牌的親和力越來越強。我們在本季度看到了品牌親和力的一些非常好的高點。我們著眼於創新的相關性。因此，我們的冰奶昔和濃縮咖啡平台繼續增長，我們的 Refreshers 平台繼續增長，這只是加強了我們的冷、定制、植物基飲料戰略，正在產生持續增長。您聽過 Laxman 談論過開心果奶油冷萃咖啡。我們在本季度推出了 Oleato。因此，有太多讓顧客興奮的事情，讓他們有理由來星巴克。

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，我只想說處決。您會看到我們的星巴克會員獎勵星巴克，因為他們的光顧次數更多。現在 57% 的美國交易來自我們的獎勵會員。他們告訴我們的是，正如你之前聽到我所說的，他們正在尋找一種他們在其他任何地方都無法獲得的飲料。因此，所有這些都為星巴克帶來了強大的動力，我們將繼續成為一個強大的品牌，為未來的增長做好準備。

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，我只想補充一點，你問過關於 TSD 的問題。我們已經看到我們的 TSD 相對於 COVID 之前的水平有所增長。事實上，在我們最繁忙的時段或早上時段，我們已經超過了 COVID 之前的水平。這在很大程度上是由於我們在重塑中看到的勢頭。我們能夠釋放容量並更好地為我們的客戶服務，我們看到我們在 TSD 的整體實力方面取得了成果，這在我們下午的早些時候也在增加。所以我們對此感到鼓舞。

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.

這導致布雷迪談到客戶數量時，我們在客戶數量方面的增長，這實際上涉及我們的 SR 成員和非 SR 成員。所以我們的整體客戶數量正在增加。這些客戶對我們品牌的參與度更高，我們看到在單位增長和交易增加方面，然後是整體門票導致我們看到的高 - 第二高的平均每週銷售額，僅次於上個季度，這是歷史新高。因此，從整體數量的角度來看，我們對所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.

謝謝你，雷切爾。我對本季度的結果感到非常滿意，我們顯然正在以業務的勢頭前進。我們和這個出色的品牌顯然還有更多的機會。領導它是一種榮幸。我要感謝大家今天加入我們的 2023 財年第二季度財報電話會議。感謝您的投資和時間。

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

謝謝。至此，我們結束了今天的電話會議。所有各方現在都可以斷開連接。祝你有個愉快的夜晚。