星巴克 (SBUX) 2023 Q3 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 Third 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財年第三季電話會議。 （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。

Thank you, Diego, and good afternoon, everyone, and thank you for joining us today to discuss Starbucks' third 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 will be joined by Belinda Wong, Chairwoman and Chief Executive Officer of Starbucks China.

謝謝迭戈，大家下午好！感謝大家今天加入我們，共同探討星巴克2023財年第三季的業績。今天的討論將由首席執行官拉克斯曼·納拉辛漢 (Laxman Narasimhan) 和執行副總裁兼首席財務官雷切爾·魯傑裡 (Rachel Ruggeri) 主持。星巴克中國董事長兼執行長王靜瑛 (Belinda Wong) 將參與問答環節。

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 report 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 third quarter fiscal year 2023 and the comparative period include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items. These items are excluded from our non-GAAP results. All numbers referenced on today's call are on a non-GAAP basis unless otherwise noted or there is no non-GAAP adjustment related to the metric.

2023財年第三季及同期的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。這些項目不包含在我們的非GAAP績效中。除非另有說明或沒有與此指標相關的非GAAP調整，否則今日電話會議中引用的所有數據均為非GAAP數據。

For non-GAAP financial measures mentioned in today's call, please refer to the earnings release and on our website at investor.starbucks.com to find reconciliations of those non-GAAP measures to their corresponding GAAP measures. This call is being webcast, and an archive of the webcast will be available on our website through Friday, September 1, 2023. Also for your planning purposes, please note that our fourth quarter and fiscal year 2023 earnings call has been scheduled for Thursday, November 2, 2023.

對於今日電話會議中提及的非公認會計準則 (Non-GAAP) 財務指標，請參閱財報公告或造訪我們的網站 investor.starbucks.com，查看這些非公認會計準則 (Non-GAAP) 指標與其對應公認會計準則 (GAAP) 指標的對帳表。本次電話會議將進行網路直播，網路直播的存檔將於 2023 年 9 月 1 日（星期五）前在我們的網站提供。另請注意，為了方便您的規劃，我們 2023 財年第四季及全年財報電話會議已安排於 2023 年 11 月 2 日（星期四）舉行。

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

現在，我將把電話交給拉克斯曼。

Thank you, Tiffany, and thank you all for joining us this afternoon. In a few moments, Rachel Ruggeri will walk you through the detailed results of the third quarter, and Belinda Wong would then join us for Q&A.

謝謝蒂芙尼，也謝謝大家今天下午加入我們。稍後，Rachel Ruggeri 將向大家詳細介紹第三季的業績，Belinda Wong 隨後將參與問答環節。

To start, our strong third quarter results point to all-around momentum in the business. This quarter, we grew consolidated revenue by 12%, up 14% when excluding more than a 1% impact in foreign currency translation to a record $9.2 billion. Importantly, earnings growth of 19% outpaced revenue growth, with margin expanding by 50 basis points to 17.4%. Our strong performance reflects the strengthened foundation of our business, resulting from the significant progress we are making against our reinvention plan.

首先，我們強勁的第三季業績表明，公司業務全面蓬勃發展。本季，我們的合併收入成長了12%，剔除超過1%的外匯折算影響後，成長了14%，達到創紀錄的92億美元。更重要的是，獲利成長19%，超過了營收成長，利潤率提高了50個基點，達到17.4%。我們強勁的業績體現了我們業務基礎的強化，這得益於我們重塑計畫的重大進展。

Since stepping into the role, I have now traveled to every region, working directly with partners. I left each interaction impressed by the differentiated global appeal of the Starbucks brand, powered by innovation and anchored in our unique ability to deliver human connection. These experiences give me great confidence in the significant growth and margin opportunities in front of us, positioning us well to strengthen the brand and create outsized long-term shareholder value.

自上任以來，我已走遍各個地區，與合作夥伴直接合作。每一次互動都讓我對星巴克品牌差異化的全球吸引力印象深刻，這種吸引力源自於創新，並植根於我們獨特的人際連結能力。這些經驗讓我對我們面前巨大的成長和利潤機會充滿信心，使我們能夠更好地鞏固品牌，並創造超乎尋常的長期股東價值。

It was this time last year when Howard and the team identified the must-win opportunities and investments for our foundational reinvention plan. While Rachel will walk you through detailed results, I will now outline the momentum we have from the quarter in 5 key priority areas while pointing out where we see further headroom. Our first priority, we will elevate the brand by running great stores. This comes to life in the strengthened execution in North America.

去年這個時候，Howard 和團隊為我們的基礎重塑計畫確定了必須掌握的機會和投資機會。 Rachel 將向大家詳細介紹業績，而我現在將概述本季我們在五個關鍵優先領域取得的進展，並指出我們認為未來還有哪些發展空間。我們的首要任務是透過經營優質門市來提升品牌形象。這在北美強化的執行力中得到了體現。

Our North America team delivered record revenue in the quarter, with a growth of 11% underpinned by 7% comparable same-store sales growth, leading to the highest average weekly sales in our history. Our ticket growth was driven by pricing, customization and food attach. Additionally, we continue to see improvements in items sold per labor hour. Operationally, we are seeing evidence that we are executing better. Barista attrition, where we are already industry-leading, has improved further by 11% year-over-year.

我們的北美團隊在本季實現了創紀錄的營收成長，成長了11%，這得益於7%的同店銷售額成長，並創下了我們史上最高的周均銷售額。我們的客單價成長主要得益於定價、客製化和食品附加服務。此外，我們每工時售出的商品數量也持續改善。在營運方面，我們看到了執行力提升的證據。我們咖啡師的流失率——我們在這方面已經處於行業領先地位——比去年同期進一步下降了11%。

Through scheduling and staffing improvements, we are beginning to increase the number of hours per partner in store, critical to running great stores and improving partner engagement while also improving productivity. Innovation in beverage and equipment continues to drive our business. In fact, our cold business reached 75% of U.S. beverage sales this past quarter. As the leader in premium coffee, we are particularly encouraged to see cold espresso beverages were up 13% year-over-year.

透過改善排班和人員配置，我們開始增加每位合作夥伴在店的工作時間，這對於經營優質門市、提升合作夥伴參與度以及提高生產力至關重要。飲料和設備的創新持續推動著我們的業務發展。事實上，上個季度，我們的冷飲業務佔了美國飲料銷售額的75%。身為高端咖啡的領導者，我們尤其欣慰地看到冷濃縮咖啡的銷量年增了13%。

Additionally, we continue to elevate the premium coffee experience in both cold and hot. For example, the rollout of our Clover Vertica brewer continues as planned, delivering a larger variety of high-quality hot coffee, including decaffeinated on demand. Our innovative equipment rollout remains on track. Our faster and easier to use portable handheld cold foam blenders continue to have an outsized impact for both the partner and customer experience. The cold foam blenders are now rolled out to all U.S. company-operated stores, in time to meet the summer demand for Starbucks Refreshers' frozen beverages. The new blenders support the additional growth of cold foam, the fastest-growing customization at Starbucks. Modifiers such as cold foam now contribute to over $1 billion in revenue annually.

此外，我們持續提升冷熱咖啡的優質體驗。例如，我們Clover Vertica咖啡機的推出仍在按計劃進行，提供更多種類的高品質熱咖啡，包括按需無咖啡因咖啡。我們創新設備的推廣也進展順利。我們更快速、更易用的便攜式手持冷泡攪拌機，持續為合作夥伴和顧客的體驗帶來顯著提升。目前，冷泡攪拌機已推廣至所有美國公司直營門市，以滿足夏季星巴克Refreshers冰飲的需求。新款攪拌機支援冷泡業務的進一步成長，這是星巴克成長最快的客製化業務。目前，冷泡等改良劑每年貢獻超過10億美元的收入。

The Mastrena 2 espresso machines and new warming ovens are also now in all U.S. company-operated stores. Taken all together, our equipment investments that we began last year are supporting labor efficiencies, allowing us to increase capacity during our busiest dayparts. These investments are both elevating the Starbucks experience and further differentiating us from competitors.

Mastrena 2 義式咖啡機和新款暖咖啡爐現已在美國所有星巴克門市投入使用。總而言之，我們去年開始的設備投資正在提升勞動力效率，使我們能夠在最繁忙的時段提升產能。這些投資不僅提升了星巴克的體驗，也進一步讓我們與競爭對手脫穎而出。

In this past quarter in North America, we once again saw our unit volume outpace pre-COVID levels by double digits, with high attach rates across dayparts: the mornings as well as the afternoons. Also in thinking about dayparts, our Starbucks Refreshers platform, which skews towards an optimal occasion, has seen double-digit growth this past quarter in every daypart. With this success, we are leaning in even further with a systematic pipeline of innovation across dayparts. This includes this summer's launch of our Starbucks Refreshers frozen beverages, customization in our Oleato beverage platform, as well as with our cold-pressed Cold Brew, which enters a testing phase across a few dozen stores this fourth quarter, with a rollout across U.S. company-owned stores expected by the end of fiscal year 2024.

在過去一個季度，北美地區的銷量再次超過新冠疫情前的水平，實現了兩位數增長，並且在各個時段（上午和下午）都保持了較高的銷售率。此外，考慮到時段，我們偏向最佳時機的星巴克 Refreshers 平台在過去一個季度的每個時段都實現了兩位數的成長。憑藉著這項成功，我們正進一步完善各時段的系統性創新體系。這包括今年夏天推出的星巴克 Refreshers 冰飲、Oleato 飲料平台的客製化服務，以及冷壓冷萃咖啡。冷萃咖啡已於第四季在數十家門市進入測試階段，預計將於 2024 財年末在美國公司自營門市全面推出。

Food is also fueling growth. This past quarter, we saw all-time high food attach and sales of breakfast sandwiches. As an attached business, food drove a higher ticket in the quarter, improving volume growth and contributing to the record average weekly sales. Overall, we are excited about the significant opportunity in food as we explore new, elevated and convenient food offerings. We will share more of this in time.

食品業務也在推動成長。上個季度，我們的食品附加業務和早餐三明治的銷售額創下歷史新高。作為附加業務，食品在本季度推動了銷售額的成長，促進了銷售成長，並促成了創紀錄的周均銷售額。整體而言，隨著我們不斷探索新的、更優質、更便利的食品產品，我們對食品領域的巨大機會感到興奮。我們將適時分享更多相關資訊。

We also continue to grow and diversify our store portfolio. We see significant headroom for new store growth in underpenetrated areas in the U.S., including smaller cities as well as new formats in larger metros. New stores and remodels are where we are first prioritizing our Siren System equipment rollout, and we plan to move all stores to brand-forward digital menu boards over the next couple of years to further sharpen personalization and daypart activation.

我們也在持續擴張和豐富門市組合。我們認為，在美國滲透率較低的地區，包括小城市以及大都會地區的新業態，新店成長空間龐大。新店和翻新門市是我們優先考慮部署 Siren System 設備的領域，我們計劃在未來幾年內將所有門市遷移到以品牌為導向的數位菜單板，以進一步提升個人化和時段激活效果。

We are seeing strong growth in delivery. In fact, we are close to creating a $1 billion incremental leg in our delivery business from minimal presence a few years ago. And now we are operationally setting ourselves up for this channel in major markets, starting from a position of strength.

我們看到配送業務成長強勁。事實上，幾年前我們的配送業務規模很小，如今已接近創造10億美元的增量收入。現在，我們正在從優勢地位出發，在主要市場為此管道做好營運準備。

As a second strategic priority, we're looking ahead at how we will further strengthen and differentiate our leadership position in digital. In the third quarter, we continued to grow our digital universe. Our 90-day active Starbucks Rewards customers grew to nearly 75 million globally, growing more than 25% in the quarter. This was driven by a record 90-day active user base of 31.4 million Starbucks Rewards customers in the U.S., an approximate 15% growth or 4 million new customers from the previous year.

作為第二大策略重點，我們正著眼於未來如何進一步鞏固和差異化我們在數位領域的領導地位。第三季度，我們持續拓展數位領域。星巴克獎勵的全球90天活躍客戶數量成長至近7,500萬，本季成長超過25%。這得歸功於美國星巴克獎勵的90天活躍用戶群創下3,140萬的紀錄，較上年同期成長約15%，新增了400萬名客戶。

Starbucks Rewards members in the U.S. drove 57% of tender for the second consecutive quarter, up over 3 percentage points from the prior year. In China, we hit the highest number of 90-day active users we have ever had at over 20 million Starbucks Rewards customers. This is further evidence of our brand strength, relevance and customer engagement in the market.

美國星巴克獎勵會員連續第二季貢獻了57%的購買率，較上年同期成長了3個百分點以上。在中國，我們的90天活躍用戶數量創歷史新高，超過2000萬星巴克獎勵會員。這進一步證明了我們的品牌實力、市場相關性和客戶參與度。

Starbucks has had a long track record of industry-leading digital innovation. As we approach the fundamental platform transformation underway with AI, we intend to invest to lead in this area using a foundational Deep Brew capability as the launching pad. Our focus in these investments will remain on improving the partner experience while elevating the customer experience and delivering productivity gains. We are revamping our approach to further accelerate digital innovation, including order, including payment and delivery enhancements, in terms of speed and personalization, which we believe leads to greater habituation by our customers. This includes developments in the U.S. mobile app user experience as well. Additionally, we plan to make significant investments in China to further enhance our digital capabilities in the market.

星巴克長期以來在數位創新領域保持行業領先地位。隨著我們正在推動人工智慧平台轉型，我們計劃以Deep Brew的基礎功能為起點，在該領域進行投資，引領產業發展。我們的投資重點將持續放在提升合作夥伴體驗、提升客戶體驗和提高生產力。我們正在改進方法，進一步加速數位創新，包括訂單處理、支付和配送的優化，提升速度和個人化，我們相信這將提升客戶的使用習慣。這也包括美國行動應用程式使用者體驗的改進。此外，我們計劃在中國進行大規模投資，以進一步增強我們在中國市場的數位化能力。

Our third priority is global growth. As a company with over 100 million customer occasions each week, more than 37,000 stores and operating in 86 markets around the world, the runway for global growth is limitless. For the quarter, we again saw double-digit top line growth across the International segment. The segment delivered record system sales for the second consecutive quarter as well as the highest revenue and operating margin since the fourth quarter of fiscal year 2021. Excluding the negative impact of foreign exchange, we continue to see double-digit growth in the company-owned markets of Japan and the U.K. while our geographic license partners across the rest of the world all reported very strong performance. Our international store growth was 10% year-over-year. New stores are bringing attractive unit economics for the business while we benefit from strong growth in returns on invested capital in these markets.

我們的第三大優先事項是全球成長。作為一家每週客流量超過1億次、擁有超過3.7萬家門市、業務遍及全球86個市場的公司，全球成長的潛力無限。本季度，我們的國際業務再次實現兩位數營收成長。該業務連續第二季實現創紀錄的系統銷售額，並創下自2021財年第四季以來的最高收入和營業利潤率。剔除外匯的負面影響，我們在日本和英國等公司自有市場持續保持兩位數成長，而我們在全球其他地區的授權合作夥伴也均取得了非常強勁的業績。我們的國際門市數量較去年同期成長10%。新門市為公司帶來了頗具吸引力的單位經濟效益，同時我們也受惠於這些市場投資報酬率的強勁成長。

Turning to China. I am encouraged by our performance in the quarter. I had the opportunity to spend time in the market recently. I can now fully appreciate the extraordinary strength and resilience of the Starbucks brand, which is known as Xingbake locally. Looking at our third quarter results, our China revenue grew 51% from the prior year or up 60% when excluding a 9% impact of foreign currency translation. Additionally, we sequentially grew our revenue 8% from the prior quarter or up 10% when excluding a 2% impact of foreign currency translation, underscoring the robust long-term health of our business.

談到中國市場，本季的業績令我備受鼓舞。最近我有幸深入中國市場，充分感受到星巴克品牌（在當地被稱為「星巴克」）非凡的實力和韌性。綜觀我們第三季的業績，中國區營收年增51%，剔除9%的外匯折算影響後成長60%。此外，我們的營收季增8%，剔除2%的外匯折算影響後成長10%，凸顯了我們業務長期穩健的態勢。

Despite these being early days in our recovery journey, stores that opened in fiscal year 2019 or earlier achieved full sales recovery in the routine morning daypart while other dayparts reported sequential monthly improvement. A strong recovery in the third quarter was amplified by the many distinctive competitive advantage that set us apart in China. The first and foremost advantages are in comparable partners who honor the heritage of our company, bring sophisticated appreciation for our high-quality coffee and passion for delivering the Starbucks experience in ways that are relevant to our Chinese customers.

儘管我們正處於復甦的初期，但2019財年及之前開業的門市在常規的上午時段實現了銷售額的全面復甦，其他時段的銷售額也實現了環比增長。第三季的強勁復甦得益於我們在中國市場獨樹一格的眾多競爭優勢。其中最重要的優勢在於我們擁有一群尊重公司傳統、對我們高品質咖啡充滿鑑賞力、並致力於以貼近中國顧客的方式提供星巴克體驗的優秀合作夥伴。

Our second advantage is our vertically integrated operations. We start with a locally relevant and increasingly greener store footprint. Our distinctively designed stores across formats celebrate the Chinese culture in a unique Xingbake manner, reflecting local arts, crafts and calligraphy. In the fall, we plan to open our Coffee Innovation Park, our single largest and most sustainable manufacturing investment outside of the U.S. This next-generation facility with state-of-the-art supply chain operations will also include a unique customer immersion center.

我們的第二個優勢是垂直整合的營運模式。我們以貼近本地、日益環保的門市佈置為起點。我們設計獨特的門市，以獨特的星巴克風格頌揚中國文化，體現了當地的藝術、工藝和書法。今年秋季，我們計劃開放咖啡創新園，這是我們在美國以外最大、最永續的製造業投資。這座擁有先進供應鏈營運的新一代設施還將包含一個獨特的客戶沉浸式體驗中心。

Third, our locally relevant innovation in China for over 20 years has won over customers in what has historically been a tea-drinking culture. Today, we have nearly 6,500 stores and another nearly 2,400 points of customer connection through our We Proudly Serve Program in China. And yes, there is so much more opportunity ahead in underpenetrated areas within this market.

第三，我們在中國本土創新超過20年，贏得了以飲茶文化為傳統文化的消費者的青睞。如今，我們在中國擁有近6,500家門市，並透過「我們自豪地服務」專案建立了近2,400個客戶聯繫點。沒錯，在這個市場滲透率較低的地區，未來還有更多機會。

Some growth facts to think about. The average person in China drinks 12 cups of coffee each year. That's significantly lower coffee consumption than in Tier 1 cities like Shanghai, where we first entered the market and now have nearly 1,100 stores. And we still have more room to grow in Shanghai. Compare this also to Japan where our per capita is 200 cups versus the 12 cups in China, and the U.S. where the per capita is closer to 380.

一些值得思考的成長數據。中國人均每年喝12杯咖啡。這比我們最初進入上海市場、目前擁有近1100家門市的上海等一線城市咖啡消費量要低得多。而且我們在上海仍有更大的成長空間。相較之下，在日本，我們的人均咖啡消費量為200杯，而中國為12杯；在美國，人均咖啡消費量接近380杯。

We're still in our early days in China, one of the largest consumer markets. With our locally-based investments in R&D and locally relevant offerings like our Dragon Dumplings, which had an amazing quarter, we have built a brand that is highly relevant for China, in China. And we believe our unique approach has us well positioned to play the long game and win.

我們在中國這個最大的消費市場之一仍處於起步階段。憑藉我們在本地研發方面的投入，以及像龍餃子這樣本季表現亮眼的在地化產品，我們已經在中國打造了一個與中國息息相關的品牌。我們相信，我們獨特的策略將使我們佔據有利地位，贏得長遠發展。

Finally, another advantage in China is digital. This will be further demonstrated with highly digital supply chains we run and in the way we engage our customers. We are reshaping our business models, leaning into the remarkable loyalty of our Starbucks Rewards members as well as convenience offerings, including delivery and curbside for our on-the-go business.

最後，中國市場的另一個優勢是數位化。這將透過我們營運的高度數位化供應鏈以及我們與顧客互動的方式進一步體現。我們正在重塑商業模式，充分利用星巴克獎勵會員的卓越忠誠度，並提供包括外送和路邊取餐在內的便捷服務，以更好地服務我們的外帶業務。

A comment on our international business beyond the U.S. and China. We have seen very strong growth and strong unit economics in these markets. It is becoming an important third leg for us. Looking outside the stores in the third quarter, our Channel Development segment revenue was $449 million, down 6% year-over-year, while delivering operating margin of 46.3%, up 630 basis points year-over-year, reflecting SKU rationalization as well as the shifts taking place with a more on-the-go customer.

談談我們在美國和中國以外的國際業務。我們在這些市場看到了非常強勁的成長和強勁的單位經濟效益。這些市場正成為我們重要的第三支柱。第三季度，我們的通路開發部門營收為4.49億美元，年減6%，但營業利潤率為46.3%，年增630個基點，這反映了SKU的合理化以及消費者出行方式的轉變。

We continue to see the opportunity for growth in channel-through innovation, as evidenced by the highly successful ready-to-drink Starbucks Pink Drink and Starbucks Paradise Drink, introduced last quarter, and the Grab and Go series launched in Japan in partnership with Suntory. We saw unprecedented sales during the first month of the launch in Japan, just as we did with our cream cheese lattes in China.

我們持續看到通路創新帶來的成長機遇，上季推出的星巴克即飲粉紅飲品和星巴克天堂飲品大獲成功，以及與三得利合作在日本推出的「即取即走」系列就是明證。在日本上市的第一個月，我們的銷售量就達到了前所未有的水平，就像我們在中國推出的奶油乳酪拿鐵一樣。

Our fourth strategic priority is fueling productivity. We think of our business as a theater in the front and a factory in the back. We have a clear opportunity to maximize efficiencies and effectiveness while reducing waste by focusing on a vast opportunity in stores and also above stores. We have focused on meaningful improvements in staffing and scheduling to ensure that we have the right combination of the right partners in the right roles with the right hours to fuel both engagement and productivity. We also closed the third quarter on target with our waste reduction goals as we strive to make operations as efficient as possible while preserving the Starbucks Experience.

我們的第四個策略重點是提高生產力。我們將業務視為前台劇院和後台工廠。透過專注於門店內外的廣闊機遇，我們擁有顯著的機會來最大限度地提高效率和效益，同時減少浪費。我們專注於人員配置和排班方面的重大改進，以確保我們擁有合適的合作夥伴，在合適的職位上安排合適的工作時間，從而提高員工敬業度和生產力。在第三季結束時，我們也按計畫完成了減少浪費的目標，我們努力在保持星巴克體驗的同時，盡可能提高營運效率。

This is just the beginning of the productivity journey at Starbucks. We have broadened the areas beyond our initial reinvention plan to include our end-to-end supply chain, direct and indirect procurement, how we design and build stores as well as opportunities across technology and our supporting processes. Arthur Valdez, Jr., who joined us recently as the Chief Supply Chain Officer, brings 3 decades of supply chain and logistics leadership to Starbucks, and will be critical in these efforts. Along with sales leverage, what I could see in opportunities with future productivity gains gives me real confidence in long-term progressive margin expansion.

這只是星巴克生產力之旅的開端。除了最初的重塑計畫之外，我們還拓展了其他領域，涵蓋端到端供應鏈、直接和間接採購、門市設計和建造方式，以及技術和支援流程方面的機會。最近加入星巴克擔任首席供應鏈長的Arthur Valdez, Jr.，為星巴克帶來了30年的供應鏈和物流領導經驗，並將在這些工作中發揮關鍵作用。除了銷售槓桿之外，我看到的未來生產力提升帶來的機遇，也讓我對長期利潤率的持續成長充滿信心。

Finally, the DNA of Starbucks is nothing without our culture. This is inherent to the company and something I was quick to learn through my immersion and experience working in stores. Our fifth strategic priority is reinvigorating our culture of human connection. We will measure our success on our business performance through the lens of humanity, just as we always have. And that requires us to reinvigorate our culture. Our partners are the heart of our business for me.

最後，如果沒有我們的文化，星巴克的DNA就毫無意義。文化是公司與生俱來的，也是我透過在門市工作的沉浸式體驗和經驗中迅速掌握的。我們的第五個策略重點是重振人際連結的文化。我們將一如既往地以人性化的視角衡量業務績效的成功。這就需要我們重振我們的文化。對我來說，我們的夥伴是我們業務的核心。

We will continue to invest in the overall partner experience through compensation and benefits as well as through in-store improvements. At Starbucks, we strive to be a different kind of company, but we do recognize that we are operating in a different kind of world. It is through that lens we have spent the last several months rolling out a new unifying mission for the company, new promises for all our stakeholders and soon, a new set of values that will reground the culture of Starbucks in our heritage and a more modernized workplace.

我們將繼續透過薪資福利以及店內改善來投資提升夥伴的整體體驗。在星巴克，我們致力於成為一家與眾不同的公司，但我們也意識到，我們正處於一個截然不同的世界。正是基於這樣的理念，我們在過去幾個月裡推出了新的公司統一使命、面向所有利益相關者的新承諾，以及即將推出的一套新的價值觀，這將使星巴克的文化重新植根於我們的傳統和更現代化的工作場所。

Before I turn the call over to Rachel, I want to leave you with this. It is an honor to be driving such a stellar branded company in one of its best chapters. While we continue to navigate in an environment with a heightened level of macro uncertainty around the world, we will execute with discipline and rigor on our priorities. After all, Starbucks is a strong, resilient brand delivering to customers what the world needs most right now: human connection.

在把電話轉給Rachel之前，我想先跟大家說幾句。我很榮幸能夠領導這樣一家擁有卓越品牌的公司，並見證其輝煌的篇章之一。儘管我們仍在全球宏觀不確定性加劇的環境中前行，但我們仍將嚴謹自律地執行我們的優先事項。畢竟，星巴克是一個強大而富有韌性的品牌，它為顧客提供當今世界最需要的東西：人與人之間的連結。

As I look at the runway in front of us, the possibilities to deliver that connection are truly limitless. What I see is a durable iconic business with multiple paths available for us to deliver on our long-term revenue growth of 10% to 12% and earnings growth of 15% to 20%. I look forward to discussing our strategies and plans for fiscal year 2024 and beyond in greater detail in November in an extended investor call organized in a hybrid media format. We would share more details in the coming weeks.

展望未來，我深感實現這願景的可能性無限。我所看到的是，我們擁有持久的標誌性業務，並有多種途徑來實現10%至12%的長期收入成長和15%至20%的獲利成長。我期待在11月以混合媒體形式舉辦的投資者電話會議上，更詳細地討論我們2024財年及以後的策略和計劃。我們將在未來幾週分享更多細節。

And with that, I'll now turn the call over to Rachel to talk more about our remarkable third quarter financial performance of the quarter. Rachel?

現在，我將把電話轉給 Rachel，讓她進一步談談我們本季出色的第三季財務表現。 Rachel？

Thank you, Laxman, and good afternoon, everyone. I'm very pleased to discuss our Q3 performance, which beat our expectations as our innovation and our brand continues to resonate with our customers around the world, fueling demand across our stores and digitally. Our U.S. business delivered record-breaking performance on many fronts, and our China business continued to recover in line with our expectations. It's clear we have abundant opportunity ahead.

謝謝拉克斯曼，大家下午好。我很高興與大家分享我們第三季的業績，這超出了我們的預期。我們的創新和品牌持續與全球顧客產生共鳴，推動了實體店和線上通路的需求。我們的美國業務在多個方面都取得了創紀錄的業績，中國業務也持續復甦，符合我們的預期。顯然，我們未來擁有巨大的機會。

Our overall performance was bolstered by the progress we're making against our strategies, specifically our reinvention plan, and it's unfolding into tangible financial results. As a reminder, when we set guidance at the beginning of the year, we said that the benefits from our reinvention plan would amplify at the back half of this fiscal year. And that is exactly what we're seeing, highlighting our ability to effectively reinvest in our business for the benefit of all stakeholders.

我們的整體表現得益於我們在策略實施方面的進展，尤其是我們的重塑計劃，這些進展正在轉化為實際的財務成果。需要提醒的是，我們在年初制定業績指引時曾表示，重塑計畫的效益將在本財年下半年進一步放大。而這正是我們所看到的，凸顯了我們能夠有效地對業務進行再投資，造福所有利害關係人。

Our Q3 consolidated revenue reached a record $9.2 billion, up 12% from the prior year or up 14% when excluding more than 1% impact of foreign currency translation. The strength of the brand, loyalty of our customers and innovative products fueled strong sales resulting in double-digit consolidated comparable store sales growth of 10%. In addition to the 10% comparable store sales growth, revenue also benefited from 7% net new company-operated store growth globally year-over-year as well as continued momentum in our global licensed market.

我們第三季的合併營收達到創紀錄的92億美元，年增12%，若剔除超過1%的外匯折算影響，則成長14%。強大的品牌實力、顧客忠誠度以及創新產品推動了強勁的銷售業績，使合併同店銷售額實現了10%的兩位數成長。除了10%的同店銷售額成長外，全球新增自營店淨額年增7%，以及全球授權市場的持續成長也推動了營收的成長。

Q3 consolidated operating margin expanded 50 basis points from the prior year to 17.4%, exceeding our expectations, primarily driven by sales leverage, pricing and productivity improvement from increased efficiency in our U.S. stores. Margin expansion was partially offset by investments in store partners as well as higher G&A costs in support of reinvention. Q3 EPS was $1, up 19% from the prior year, driven by strong performance across our business segments, demonstrating the power of a broad global portfolio.

第三季合併營業利潤率較上年同期成長50個基點，達到17.4%，超出我們的預期，這主要得益於銷售槓桿、定價以及美國門市效率提升帶來的生產力提升。利潤率的成長部分被門市合作夥伴的投資以及為支持業務重塑而增加的一般及行政管理費用所抵銷。第三季每股收益為1美元，較上年同期成長19%，這得益於我們各業務部門的強勁表現，彰顯了廣泛的全球投資組合的強大實力。

I'll now provide segment highlights for Q3. North America delivered another record quarter of revenue with $6.7 billion in Q3, up 11% from the prior year, primarily driven by a 7% increase in comparable store sales, consisting of 6% and 1% growth in average ticket and transactions, respectively, as well as net new company-operated store growth of 4% year-over-year. Our results were further strengthened by the continued momentum from our licensed store business.

現在，我將介紹第三季各部門的亮點。北美地區第三季營收再創紀錄，達67億美元，較上年成長11%，主要得益於可比店銷售額成長7%，其中平均客單價和交易額分別成長6%和1%，以及新增自營店淨額年增4%。特許經營店業務的持續成長進一步增強了我們的業績。

Our U.S. business delivered 7% comparable store sales growth in Q3, primarily driven by solid ticket performance with 6% growth, which benefited from a combination of pricing, food attach and customization. Our customers have relatively adopted the practice of customizing their beverages, allowing for a more personalized and differentiated experience while contributing to a growing higher-margin ticket with abundant opportunity ahead. In Q3, over 60% of beverages were customized, representing a 9% growth when compared to just 5 years ago. Cold foam, for example, continues to be a customization favorite. This quarter's all-time high food attach was driven by 2 of every 5 customers attaching food with their orders, up over 25% from just 5 years ago, driven by our delicious breakfast sandwiches leading to an all-time high ticket in the quarter.

我們美國業務在第三季實現了7%的同店銷售額成長，這主要得益於6%的強勁單價成長，這得益於定價、食品附加和客製化的綜合作用。我們的客戶相對而言已經接受了客製化飲品的做法，這不僅帶來了更個人化和差異化的體驗，也促進了利潤率更高的單價成長，未來機會無限。第三季度，超過60%的飲品實現了定制，與五年前相比增長了9%。例如，冷泡飲品仍然是客製化飲品的熱門選擇。本季食品附加量創歷史新高，每5位顧客中就有2位在訂單中附加了食品，比五年前增長了25%以上，這得益於我們美味的早餐三明治，使本季度的單價創下了歷史新高。

Transaction comparable sales growth in the quarter was 1%, which combined with record ticket drove the highest average weekly sales in our company's history, surpassing the all-time high set during holiday in the first quarter of fiscal year 2023. We are seeing more customers come into our stores with customer counts up 5% year-over-year, in line with the record high set in Q1 of this fiscal year. Our growing tech-enabled convenience capabilities are driving our customers to engage more deeply with Starbucks, as evidenced by the growth in customization, attach and mix shift towards more premium beverages, leading to record demand and incremental higher-margin revenue.

本季交易可比銷售額成長1%，加上創紀錄的單價，推動公司創下歷史最高週均銷售額，超過了2023財年第一季假期期間創下的歷史最高紀錄。我們看到越來越多的顧客光顧我們的門市，顧客數量年增5%，與本財年第一季創下的歷史最高紀錄持平。我們不斷增強的科技賦能便利服務正推動顧客與星巴克進行更深入的互動，客製化、個人化和混合化服務的成長正體現在顧客轉向更高端的飲品，從而帶來創紀錄的需求和更高利潤率的收入成長。

Another proof point of our continued demand is the ongoing success of our Starbucks Rewards Program, which ended the quarter achieving records on many fronts: a record number of active members, spend per member and total member spend. These records alone reflect the stickiness of our business, but we are most pleased by the consistency of our customer connection stores, which highlights customer satisfaction and the delivery of the Starbucks Experience.

星巴克獎勵計畫的持續成功也證明了我們持續的需求。本季結束時，該計劃在多個方面都創下了紀錄：活躍會員數量、每位會員的消費金額和會員總消費金額均創下新高。這些紀錄本身就反映了我們業務的黏性，但最讓我們感到滿意的是顧客聯繫門市的一致性，凸顯了顧客滿意度和星巴克體驗的傳遞。

U.S.-licensed stores revenue continued its momentum this quarter, up 21% from the prior year, with strength across the portfolio and benefiting from increases in post-COVID travel, especially return of business travel, which benefits from Starbucks Connect, our digital offering, now rolled out across all major U.S. airports. North America's operating margin was 21.8% in Q3, contracting 40 basis points from the prior year, as expected, primarily driven by the timing of productivity-focused labor investments as part of our reinvention plan. For color, the reinvention investments included partner wages and benefits as well as an increase in targeted partner training. The contraction was partially offset by favorable impacts of pricing, coupled with labor productivity and sales leverage largely from the ramping benefits of the reinvention plan.

本季度，美國授權店營收延續強勁勢頭，較上年增長 21%，這得益於整個產品組合的強勁增長，並受益於新冠疫情后旅行的增加，尤其是商務旅行的回歸，這得益於我們目前在美國所有主要機場推出的數位服務 Starbucks Connect。北美地區第三季的營業利潤率為 21.8%，較上年下降 40 個基點，符合預期，這主要歸因於我們重塑計劃中註重生產力的勞動力投資的時機。對於 color 而言，重塑投資包括合作夥伴的薪資和福利，以及增加有針對性的合作夥伴培訓。定價的有利影響，加上勞動生產力和銷售槓桿的提高，部分抵消了這一收縮，這主要源於重塑計劃帶來的收益不斷增加。

Moving on to International. In the quarter, the segment delivered $2 billion in revenue, the highest revenue since Q4 of fiscal year 2021, up 24% from the prior year or up 30% when excluding more than 5% impact from foreign currency translation. Our revenue growth reflects double-digit growth in all major markets, including China, which benefited from lapping prior year mobility restrictions. The growth is attributable to a 24% increase in comparable store sales, which was driven by 21% transaction growth as customers continued returning to our stores, largely in China, as well as remarkable digital engagement through the increasing Starbucks Rewards member base.

國際業務方面，本季該部門營收達20億美元，創下2021財年第四季以來的最高水平，年增24%，若剔除超過5%的外幣折算影響，則成長30%。我們的營收成長反映了包括中國在內的所有主要市場均實現了兩位數成長，這得益於上年同期出行限制的放寬。成長主要得益於可比門市銷售額成長24%，這得益於顧客持續回訪我們門市（主要在中國）帶來的21%的交易量成長，以及星巴克獎勵會員數量不斷增加帶來的卓越數位互動。

In addition, the International segment delivered 11% net new company-operated store growth year-over-year, with China contributing a significant portion of store growth as we continue to invest ahead of the curve in China, supporting our long-term ambitions for the market. Excluding China, our international markets combined continued their strong momentum, with revenue growing 11% year-over-year in Q3 or up 14% when excluding a 3 percentage impact from foreign currency translation. The meaningful growth was a byproduct of our successful innovation and digital engagement across various markets. Excluding China, International had 8% store growth year-over-year, and approximately 35% of our new stores year-to-date were drive-thru, resulting in approximately 15% of total store count having the drive-through channel, furthering our ability to create new occasions and serve new customers globally.

此外，國際部門新增自營門市數量年增11%，其中中國市場貢獻了顯著成長，這得益於我們持續在中國市場保持領先地位的投資，支持了我們在該市場的長期發展目標。除中國市場外，我們的國際市場整體延續強勁勢頭，第三季營收年增11%，扣除3%的外幣折算影響後成長14%。這一顯著增長得益於我們在各個市場的成功創新和數位化互動。除中國市場外，國際市場門市數量年增8%，年初至今我們新增門市中約有35%為免下車通道，約佔門市總數的15%，這進一步增強了我們在全球創造新機會和服務新客戶的能力。

Shifting to China. China had a strong quarter, delivering their highest beverage sales for Q3 over the last 5 years, underpinned by comparable store sales growth of 46% in Q3, in line with our expectations. Comp growth was driven by strong transactions, which benefited from the lapping prior year Q3 mobility restrictions. As the market continues to recover, we're pleased with the consistency of demand fueled by new product innovation, increasing digital capability, record sales of our Dragon Dumplings festival food and an acceleration of new store openings amounting to nearly 3 stores per day.

轉向中國市場。中國市場本季表現強勁，第三季飲料銷售額創下五年來新高，同店銷售額成長46%，符合我們的預期。同店銷售成長主要得益於強勁的交易量，這得益於去年第三季出行限制的疊加。隨著市場持續復甦，我們對持續的需求感到欣慰，這得益於新產品創新、數位化能力的提升、節日食品龍餃的創紀錄銷量以及新店開張速度的加快，新店開張速度達到每天近3家。

Average weekly sales in China grew quarter-over-quarter, and we expect this to continue into Q4 with average weekly sales growth of low to mid-single digits, resulting in similar-sized comp growth for the quarter. With the current demand and the long-term opportunity we see in China, we continue to invest in our stores, partners and communities, and we'll have our largest roasting plant outside of the U.S., the Coffee Innovation Park, opening this fall. Our unwavering investments have contributed to our healthy recovery and performance, positioning us well for the long term.

中國市場的平均週銷售額環比增長，我們預計第四季度將延續這一增長勢頭，平均週銷售額增幅將達到低至中等個位數，從而使本季度的同比增幅與上季度持平。鑑於當前的需求以及我們在中國看到的長期機遇，我們持續投資於門市、合作夥伴和社區，並將於今年秋季啟用我們在美國以外最大的烘焙工廠——咖啡創新園區。我們堅定不移的投資促進了我們健康的復甦和業績，為我們長期發展奠定了良好的基礎。

Operating margin for the International segment was 19% in Q3, expanding an impressive 660 basis points from the prior year, mainly driven by sales leverage from lapping prior year mobility restrictions in China, partially offset by investments in digital and partner wages as well as inflationary pressures.

國際業務第三季的營業利潤率為 19%，比上年大幅增長了 660 個基點，這主要得益於中國上年流動性限制帶來的銷售槓桿作用，但數位和合作夥伴工資方面的投資以及通膨壓力部分抵消了這一影響。

Shifting to Channel Development. The segment's revenue contracted 6% year-over-year to $449 million in Q3, driven largely by at-home coffee while proudly holding the #1 share position at 15.1%. Despite the softening of revenue, the segment remained strong due to the breadth and depth of the portfolio. We are particularly proud of our North American coffee partnership, which continued to see category-leading sales and share growth outpacing the total category. Our innovation continues to distinguish us while benefiting the segment overall with strong performance.

轉向通路拓展。該部門第三季營收年減6%，至4.49億美元，主要受家用咖啡業務的推動，但仍以15.1%的市佔率穩居第一。儘管收入有所下降，但由於產品組合的廣度和深度，該部門仍保持強勁成長。我們尤其為北美咖啡合作夥伴感到自豪，該合作夥伴繼續保持行業領先地位，銷售額和市場份額增速均超過整個行業。我們的創新能力持續保持領先地位，同時以強勁的業績為整個部門帶來益處。

A perfect example of this is the award-winning ready-to-drink Starbucks Pink Drink and Starbucks Paradise Drink that Laxman mentioned earlier. The segment's operating margin was 46.3% in Q3, up a resounding 630 basis points from prior year, driven by strength in the North America coffee partnership and sales mix shift. As previously shared, operating margin has returned to the segment's normal mid-40s range, a testament of our strong partnerships and the benefits of a diversified portfolio.

一個完美的例子就是Laxman之前提到的屢獲殊榮的即飲星巴克粉紅飲品和星巴克天堂飲品。該部門第三季的營業利潤率為46.3%，較上年同期大幅增長630個基點，這得益於北美咖啡合作夥伴關係的強勁增長和銷售組合的轉變。如同先前所述，該部門的營業利潤率已恢復到正常的45%左右，證明了我們強大的合作夥伴關係以及多元化產品組合的優勢。

Now moving to guidance for the balance of fiscal year 2023. Given we're in the final quarter of our fiscal year with clear visibility into full year results, combined with the momentum we've built, the pace of reinvention plan unfolding and the strength of our global portfolio, we have the confidence to move our full year earnings growth from the plans we shared in November of the low end of the 15% to 20% growth range to a growth of 16% to 17% for full year fiscal year 2023.

現在轉向 2023 財年餘額的指引。鑑於我們正處於財年的最後一個季度，全年業績清晰可見，再加上我們已經建立的勢頭、重塑計劃的展開速度以及我們全球投資組合的實力，我們有信心將全年盈利增長從 11 月分享的計劃中的 15% 至 20% 的增長範圍低端提升到 2023 財年全年的 16% 至 17% 的增長範圍。

Despite the macroeconomic environment variables, we are poised to move our earnings growth guidance as it reflects the strength of our brand globally and the long-term durability that we are building through our reinvention plan. As it relates to our remaining guidance, we are pleased to reaffirm full year guidance on all other measures. As a reminder, that includes revenue growth of 10% to 12%, global comp growth near the high end of 7% to 9% and solid margin expansion. Store growth, capital spend and tax rate guidance also remain unchanged from what we shared previously. As a reminder, we expect an unfavorable impact from foreign currency translation of approximately 2 to 3 percentage points on fiscal year 2023 revenue and earnings, respectively.

儘管宏觀經濟環境存在變數，我們仍準備調整獲利成長指引，因為這反映了我們品牌在全球範圍內的實力，以及我們透過重塑計畫正在建立的長期持久力。就我們剩餘的指引而言，我們很高興重申所有其他指標的全年指引。需要提醒的是，這包括10%至12%的營收成長、接近7%至9%高端的全球同店銷售額成長以及穩健的利潤率成長。門市成長、資本支出和稅率指引也與我們先前分享的保持不變。需要提醒的是，我們預期外幣折算將對2023財年的營收和獲利分別產生約2至3個百分點的不利影響。

With that, let me provide further detail around our Q4. First, in regard to International. Looking ahead to the balance of the year, we expect our International segment Q4 margin to expand year-over-year, but to be meaningfully lower than Q3 due to seasonality along with accelerated digital and store renovation investments. Second, in regard to China, as I noted earlier, we expect China's average weekly sales to continue to sustain the growth quarter-over-quarter, resulting in average weekly sales growth of low to mid-single digits in Q4, with similar sized comp growth as the market is lapping government stimulus for customers and favorable discounting from prior year, coupled with the timing of difference of the Mid-Autumn Festival, which all contributed to prior year transaction growth.

接下來，讓我進一步介紹一下我們第四季的情況。首先，關於國際業務。展望今年餘下的時間，我們預計國際業務第四季的利潤率將同比增長，但由於季節性因素以及數位化和門市翻新投資的加速，利潤率將顯著低於第三季。其次，關於中國市場，正如我之前提到的，我們預計中國市場的平均週銷售額將繼續保持環比增長，第四季度的平均週銷售額增長率將達到低至中等個位數，同時由於市場正在消化政府的消費刺激措施、與去年相比的優惠折扣，再加上中秋節的時機差異，這些因素都促成了去年的交易增長，因此中國市場的同店增長率將與中國市場的同店增長率。

We continue to expect a low to mid-single-digit comp on a full year basis, consistent with our prior guidance, as well as record-breaking year of net new store development. Finally, as it relates to Channel Development, we expect revenue pressures to continue in Q4, driven largely by the at-home coffee business as customer behavior shift with revenue expected to be largely flat to prior year. However, we expect margins will continue to be above the mid-40s range, driven by seasonality, leveling to a strong mid-40s margin business for the full year.

我們繼續預期全年年增速將保持在低至中個位數，與我們先前的預期一致，同時全年淨新店開發量也將創下紀錄。最後，就通路拓展而言，我們預計第四季度的收入壓力將繼續存在，這主要受消費者行為轉變導致的家用咖啡業務的影響，預計收入將與去年基本持平。然而，受季節性因素的影響，我們預期利潤率將持續維持在45%左右的區間，全年利潤率將穩定在45%左右的區間。

In summary, here are my key takeaways from my discussion today. Our momentum is in full swing and our strong brand, successful product innovations and financial and operational performance across the globe is a testament to our focus and our discipline. Our reinvention plan investments are unfolding and providing tangible returns throughout our business. As a result of our solid performance, our full year fiscal year 2023 guidance, including revenue, has been reiterated and we are confident to move our earnings growth to 16% to 17% for full year fiscal 2023. Finally, I want to say thank you to our partners around the globe for showing up every day and making customer's day brighter by an extending active kindness. It's because of you that the future is truly limitless.

總而言之，以下是我今天要討論的要點。我們正處於蓬勃發展的勢頭之中，我們強大的品牌、成功的產品創新以及全球範圍內的財務和營運業績，都證明了我們的專注和嚴謹。我們重塑計劃的投資正在逐步展開，並為整個業務帶來實際的回報。由於我們穩健的業績，我們重申了2023財年全年業績指引（包括營收），我們有信心將2023財年全年的獲利成長提升至16%至17%。最後，我要感謝我們遍佈全球的合作夥伴，感謝你們每一天的付出，用正面的善意讓客戶的每一天都更加美好。因為有你們，未來才真正無限可能。

With that, we'll 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 Jeffrey Bernstein, Barclays.

（操作員指示）您的第一個問題來自巴克萊銀行的 Jeffrey Bernstein。

Great. I had one question and then just one clarification to Laxman's comments. The question is just on the U.S. comp and traffic. It looks like the traffic was modestly positive this quarter, slowing a little bit from last quarter. And I think it's safe to say that there's going to be some slowing in the menu pricing in forward quarters, and therefore, the average ticket. So with the comp slowing and the average ticket likely to slow, I'm just wondering your confidence in the current algorithm for that 7% to 9% comp looking into next year.

好的。我有一個問題，然後想對拉克斯曼的評論做一點澄清。這個問題是關於美國餐廳的同店客流量。看起來本季的客流量略有成長，比上一季略有放緩。我認為可以肯定地說，未來幾季的菜單定價會有所放緩，因此平均票價也會有所下降。鑑於同店客流量和平均票價可能都會下降，我只是想知道您對明年7%到9%同店客流量的當前演算法是否充滿信心。

And the clarification is just, Laxman, I think you mentioned that you would update long-term guidance when you report the fiscal fourth quarter. But with that said, I think you did mention the 10% to 12% revenue growth long term and 15% to 20% EPS growth. So is that safe to say that those are levels you're comfortable with as we look out into future years or all things are on the table as you offer your initial guidance next quarter?

拉克斯曼，我想澄清的是，您提到過，您會在第四財季財報中更新長期業績指引。話雖如此，您確實提到了長期收入增長10%至12%，每股收益增長15%至20%。那麼，展望未來幾年，您是否可以肯定地說，這些水平是您感到滿意的？或者，在您下個季度提供初步業績指引時，所有因素都已確定？

Well, there were several questions in there so let me just break this up. There was a question on the third quarter. There was a question about our expectations for the balance of the year. And then there was a question about the -- what I've said earlier about my confidence in the multiple paths to achieving the 10% to 12% growth as well as the 15% to 20% earnings growth, and I'll comment on all 3.

嗯，這裡面有幾個問題，我來簡單介紹一下。一個是關於第三季的問題。一個是關於我們對今年剩餘時間的預期的問題。還有一個問題是關於——我之前說過，我對實現10%到12%的增長以及15%到20%的盈利增長的多種途徑充滿信心，我會對這三個問題都進行評論。

So let me first start with Q3. Q3 for us was a very strong quarter, as Rachel mentioned as well. It's in line with our expectations. Our comps were consistent every month. We came off a lap in Q2, which was the impact of Omicron, and so we had a 7% comp, very consistent month-over-month. The comp in Q3 was lapping a 9% comp from last year, so it's a 16% comp on a 2-year basis. And so if you look at this, it's really the strength of the brand, the actions and pricing we took, but also the growing levels of customization and the levels of food attach that Rachel mentioned as well. And that is what led to the average weekly sales in Q3 continuing to break records.

那麼，我先從第三季開始。正如Rachel所提到的，對我們來說，第三季是一個非常強勁的季度。這符合我們的預期。我們的月度同比銷售額保持穩定。第二季我們擺脫了Omicron的影響，因此季增了7%，非常穩定。第三季的年銷售額比去年同期成長了9%，所以兩年來年增了16%。所以，如果你仔細觀察就會發現，這不僅歸功於品牌實力、我們採取的行動和定價策略，也歸功於Rachel提到的不斷提升的客製化程度和食品附加服務。這些因素使得第三季的平均週銷售額持續創下紀錄。

Now your question on transactions. Transactions in Q3 grew year-over-year across all dayparts. Traffic is below 2019 levels, but units per store are above the 2019 average coming from higher food attach. So the food growth along with more customization and judicious price increases led to this record weekly sales that you saw in the quarter. So transactions, as I said, have grown year-over-year across all dayparts.

現在回到您關於交易的問題。第三季所有時段的交易量都較去年同期成長。客流量低於2019年的水平，但由於食品附加價值更高，每家店的銷售額高於2019年的平均水平。因此，食品銷售的成長、客製化程度的提高以及合理的價格上漲，促成了您在本季度看到的創紀錄的周銷售額。正如我所說，所有時段的交易量都比去年同期成長了。

We also had a strong increase in ticket. There's a sort of balance between the pricing, which is very judicious, but also customization and increase in the number of units. Delivery sales doubled in Q3 compared to a year ago, most of which is incremental occasions for our customers. So that's Q3.

我們的單價也大幅成長。定價非常合理，客製化和數量成長之間也取得了某種平衡。第三季的外送銷售額較去年同期翻了一番，其中大部分是為我們的客戶提供的增量服務。這就是第三季的業績。

Let me just highlight something about our loyal customers because that, in some ways, gives you a sense of the strength of the brand. Our 90-day active Starbucks Rewards members have grown 4 million in number year-over-year. They come in more frequently, they buy more. And interestingly enough, as we've seen our sizes, we actually see the growth of our largest sizes over our smaller sizes. So we're not seeing the down-trading in our customer base.

我想重點介紹一下我們的忠實顧客，因為這在某種程度上能反映出我們品牌的實力。我們90天活躍的星巴克獎勵會員數量年增了400萬。他們來得更頻繁，消費也更多。有趣的是，正如我們所觀察到的，我們最大尺寸的顧客成長速度實際上超過了小尺寸的顧客。所以我們並沒有看到顧客群的消費水準下降。

Our stored value credit, the balance of the card, is also growing sequentially. That's how we exit Q3. As you look at the balance of the year, we feel that, first of all, the annualization of the pricing actions will continue. We don't have any lagging significant comp impacts from the previous year. And we do expect pricing trends to moderate as we go into the final quarter, as you said, but we do expect to end the year in line with the comp expectations of 7% to 9% growth that we had set.

我們的儲值信用額度，也就是卡片內的餘額，也是季增。這就是我們結束第三季的方式。回顧全年業績，我們認為，首先，定價行動的年度化趨勢將會持續。與前一年相比，我們並沒有受到任何顯著的滯後影響。正如您所說，我們確實預期價格趨勢在進入最後一個季度時會有所緩和，但我們確實預計今年年底的業績將與我們設定的7%至9%的同比增長預期相符。

Now in terms of answering your question about the long term, the -- what I have seen in both top line as well as in the earnings growth gives me real confidence in the fact that what we've guided to previously, the 10% to 12% revenue growth and the earnings growth of 15% to 20%, we have multiple paths to getting to that. So that just really signals the resilience of the business, the durability of the brand and the multiple paths we see, both in terms of top line as well as earnings growth, which I'm happy to elaborate on.

現在，關於您關於長期的問題，我所看到的營收和獲利成長讓我對先前預測的10%至12%的營收成長和15%至20%的獲利成長充滿信心，我們有多種途徑可以實現這些目標。這確實顯示了業務的韌性、品牌的持久性，以及我們在營收和獲利成長方面看到的多種途徑，我很樂意詳細闡述這一點。

Your next question comes from Sharon Zackfia with William Blair.

您的下一個問題來自 William Blair 的 Sharon Zackfia。

I was curious about the comments on the number of hours per partner. Can you give us kind of some color around where that is now and where you'd like that to be in the U.S., how long you think it takes to get there and kind of what the associated productivity improvements would be? I assume that's throughput related, but would love some color on that.

我對每位合夥人的工作時長的評論很感興趣。您能否詳細介紹目前的情況，以及您希望在美國達到的水平，您認為需要多長時間才能達到這個水平，以及相關的生產力提升會是什麼？我猜這與吞吐量有關，但我希望您能具體說明。

So we're feeling very good about the progress we are making in this area. Our foundational reinvention plan that we announced last year is essential to the improvements that we're seeing now. We're making very good progress on it. There are meaningful improvements in the store environment as well as the productivity gains that we're making. Our equipment rollout is on track. Our peaks are growing faster than the rest of the dayparts. And we're making strong progress on the scheduling and staffing basis.

因此，我們對這一領域的進展感到非常滿意。我們去年宣布的基礎重塑計畫對我們現在看到的改進至關重要。我們在這方面取得了非常好的進展。門店環境得到了顯著改善，生產效率也得到了提升。我們的設備部署進展順利。我們的高峰時段成長速度快於其他時段。我們在排班和人員配置方面也取得了顯著進展。

If you look on the retail team, barista turnover is down, as I said, 9% reduction versus previous year, a 2% reduction versus just the second quarter. And what you see is the combination of investments as well as the scheduling improvements that we're making, the economic proposition, the take-home pay to our baristas has improved by 20% year-over-year and we have more improvements coming. And you're going to see us make improvements month-over-month in terms of the improvements that we're making.

如果你看看零售團隊，你會發現咖啡師的流失率下降了，正如我所說，比去年同期下降了9%，比第二季度下降了2%。你可以看到，正是由於投資以及我們正在進行的排班改進，我們的經濟效益，咖啡師的淨收入同比增長了20%，而且我們還將進一步改進。你會看到，我們正在做的改進正在逐月提升。

I mean we're going to ensure that we continue to increase these average hours through better staffing and scheduling, but also work to accommodate their preferences, including the many that we attract who are keen on a part-time schedule. So this is progress that we're making week over week, month over month, and there's more to come next year.

我的意思是，我們將確保透過更合理的人員配置和時間安排來持續增加員工的平均工作時間，同時也努力滿足他們的偏好，包括我們吸引到的那些熱衷於兼職的員工。這是我們每週、每月都在取得的進步，明年還會有更多進步。

Your next question comes from Andrew Charles, TD Cowen.

您的下一個問題來自 TD Cowen 的 Andrew Charles。

It's a 2-part question on China. Belinda, it's hard to ignore the amount of discount activity in China by competitive coffee shops, that one competitor indicated earlier today will persist for a number of years. And so curious if you can talk about new strategies in place for Starbucks to help protect traffic without degrading the brand's premium status.

這個問題分為兩部分，關於中國。貝琳達，很難忽視中國競爭激烈的咖啡店的折扣活動，今天早些時候，一家競爭對手錶示，這種折扣活動將持續數年。所以，您能否談談星巴克目前採取的新策略，如何在不損害品牌高端地位的情況下，維持客流量？

And then my other question is either for Rachel or Laxman, but you mentioned margin headroom a couple of times. Amid that volatile China macro, what are the offsets if the model -- China's performance weakens? In the 10-Q, I know you called out a sequential increase in North America productivity improvements from 2Q. So maybe that's perhaps an area where there's more to grow or perhaps there's another area that I'm not thinking about that allows for some cushion in the model if we were to see China macro become a little bit more uncertain.

我的另一個問題是想問Rachel或Laxman，但您提到過幾次利潤空間。在中國宏觀經濟波動的情況下，如果模型——中國經濟表現疲軟——會有什麼抵銷作用？我知道您在10季財報中提到，北美地區的生產力自第二季起季增。所以，也許這是一個還有成長空間的領域，也許還有其他我沒有想到的領域，如果中國宏觀經濟變得更加不確定，這些領域可以為模型提供一些緩衝。

Got it. I'll get Belinda to take the first question, Rachel to take the second, and then I'll come in with some summary comments at the end. Belinda?

明白了。我會讓貝琳達回答第一個問題，瑞秋回答第二個問題，然後我會在最後做一些總結性的評論。貝琳達？

Great. Thank you for your question, Andrew. First of all, I want to say that there's no noticeable impact to our sales performance in Q3. In fact, we're very -- I'm very happy with our Q3 performance and the sequential improvement that we achieved. We have been and will continue to stay focused and disciplined in our discount investment to optimize and deliver incremental return.

太好了。謝謝你的提問，安德魯。首先，我想說的是，這對我們第三季的銷售業績沒有明顯的影響。事實上，我對第三季的業績以及我們取得的環比成長非常滿意。我們一直並將繼續專注於折扣投資並嚴格控制，以優化並實現增量回報。

On the competition topic, we welcome competition. They actually expand the coffee market and accelerate adoption and the frequency of coffee consumption. Different brands bring in different value propositions and occasions, and I just want to talk about our value propositions. We're in the human connection business. Since day one 24 years ago, when we entered China, we have been focusing on delivering a premium experience defined by the quality of our coffee and the emotional experience we've built with our customers and our partners that can't be replicated anywhere else.

關於競爭，我們歡迎競爭。競爭實際上擴大了咖啡市場，加速了咖啡的普及和消費頻率。不同的品牌帶來不同的價值主張和場合，我只想談談我們的價值主張。我們從事的是人際連結業務。自24年前進入中國市場以來，我們一直專注於提供以咖啡品質以及我們與客戶和合作夥伴共同建立的情感體驗為特徵的高端體驗，這種體驗在其他任何地方都無法複製。

And our China business has strategically built to serve a diverse range of customer needs and occasions, physical and digital, fast and slow. And the unique business model and capabilities we have built that Lex has mentioned gives us distinctive competitive advantages. So we'll double down on our investment in our product innovation store experience, digitalization in our people to create even more distinctive advantages to capture the limitless opportunities in China in the future. Thank you. We're playing the long game.

我們的中國業務已策略性地構建，以滿足各種客戶需求和場景，無論是實體店還是線上，無論是快節奏還是慢節奏。正如Lex所提到的，我們所建構的獨特商業模式和能力賦予了我們獨特的競爭優勢。因此，我們將加倍投資於產品創新、門市體驗和員工數位化，以創造更多獨特的優勢，從而抓住未來中國市場的無限機會。謝謝。我們正在打一場長線博弈。

Rachel?

瑞秋？

Yes. And Andrew, I would just follow that up with as we look at the performance in China, we're encouraged by the healthy margins that we're seeing today. And even as we see a shift more towards digital, which does have a lower margin percentage overall, it's driving more revenue. And that's no better way to drive margin expansion than through sales leverage, so we're encouraged by what we're seeing today.

是的。安德魯，我想補充一下，我們來看看中國市場的表現，目前健康的利潤率令我們感到鼓舞。即使我們看到業務更多地轉向數位化，雖然整體利潤率確實較低，但它正在推動更多收入成長。而沒有什麼比透過銷售槓桿來提升利潤率更好的方法了，所以我們對目前的表現感到鼓舞。

In addition to that, the team has been very judicious about creating operational efficiencies. So the margin opportunity in China continues to be healthy. That said, if we do see that there are challenges in the future, we've structured our guidance such that it allows us room, which is one of the reasons why we're very intentional and being more directive around qualitative language on margins, saying this year would be solid margin expansion and the future would be progressive, which will allow us to continue to navigate the business and continue to invest where needed so that we can deliver on that 15% to 20% earnings growth that we've guided to.

除此之外，團隊在提升營運效率方面也非常明智。因此，中國市場的利潤率成長機會依然健康。即便如此，如果我們確實發現未來有挑戰，我們也會調整業績指引，以便留出空間。這也是我們刻意且更明確地使用利潤率定性措詞的原因之一。我們表示，今年的利潤率將穩定成長，未來將穩定成長。這將使我們能夠繼續掌控業務，並在需要的地方繼續投資，從而實現我們預期的15%至20%的獲利成長目標。

Well, let me just close with a couple of observations. I was in the China market for an extended period in this quarter. And I got to actually work with our partners and stores. I got to spend time in our supply chain. I got to spend time in our support centers, including looking at our teams that are leading what we do in digital. And I have to tell you, I've been going to China, studying China, advising on China, running business with China for 20 years. And this is a very unique business. It's been a business that's been built with love, and it's remarkable in terms of the passion our partners have. I was very impressed.

最後，我想總結幾點觀察。本季我在中國市場待了一段時間。我與我們的合作夥伴和門市進行了深入交流。我深入考察了我們的供應鏈，也參觀了我們的支援中心，包括考察了領導我們數位化工作的團隊。我必須說，我在中國研究、提供諮詢、開展與中國的業務已經20年了。這是一項非常獨特的業務。它以愛心打造，我們的合作夥伴所展現出的熱情令人矚目。我對此印象非常深刻。

I think it is still early days. I mean when you start looking at the headroom you have, and as Belinda said, the headroom is large. So as people come into the market, they're essentially driving a conversion of tea to coffee, which of course, remember, for 20 years, we've been doing and we've got to 12 cups per capita. The numbers, by the way, significantly higher in Shanghai, but it's still much lower than a tea drinking country like Japan, which has had a history of coffee house culture over time. So the headroom is really large.

我認為現在還為時過早。我的意思是，當你開始審視市場潛力時，正如貝琳達所說，潛力很大。所以，隨著人們進入市場，他們實際上是在推動茶飲向咖啡的轉變。當然，要知道，我們已經這樣做了20年，人均咖啡消費量已經達到12杯。順便說一句，上海的這個數字要高得多，但仍然遠低於像日本這樣的飲茶大國，日本長期以來都有咖啡館文化。所以，潛力真的很大。

If you look at what we also do with our brand, don't forget, we have these -- we proudly serve a Starbucks points of customer connection. In addition, our ready-to-drink partnership with Tingyi is also growing significantly. And we're also available for coffee at home, so our brand is being built across multiple channels. And the investments we're making in digital are very strong.

如果你看看我們在品牌建立方面所做的努力，別忘了，我們擁有這些——我們自豪地為顧客提供星巴克的聯繫點。此外，我們與康師傅的即飲咖啡合作也在顯著發展。我們也提供家庭咖啡，所以我們的品牌正在透過多種管道進行建立。我們在數位領域的投資非常強勁。

With the investments we're making to more vertically integrate our supply chain, it gives a greater flexibility in China and also greater productivity. So I think in addition to that, your other question on productivity, as I look at what I see with regard to the opportunities we have both in the stores and at out stores, and that, by the way, cuts across all the whole business, we have further productivity opportunities, which give us confidence on margin in terms of the progressive margin improvement that we have made. So early days in China, market going to expand and further opportunities for us to get productivity.

我們正在進行投資，進一步垂直整合供應鏈，這為中國市場帶來了更大的靈活性和更高的生產力。所以，除了您關於生產力的另一個問題之外，我認為，當我審視我們在門店內外都擁有的機會時，順便說一句，這些機遇貫穿於整個業務，我們擁有進一步提高生產力的機會，這讓我們對利潤率充滿信心，因為我們已經取得了持續的利潤率提升。所以，在中國市場初期，市場將會擴大，我們也將有更多機會提高生產力。

Your next question comes from Brian Harbour with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Harbour。

I wanted to ask just about the point on kind of supply chain and procurement. I think you guys have been pretty clear on the labor side, what the opportunity is there, what you're doing. Could you elaborate though just more on the supply chain side and where you see the most opportunity there, how that factors into where you think margins can go?

我想問一下關於供應鏈和採購的問題。我想你們在勞動力方面已經說得很清楚了，那裡有什麼機會，你們在做什麼。您能否更詳細地闡述供應鏈方面的情況？您認為供應鏈最大的機會在哪裡？這對您認為利潤率的未來走向有何影響？

Great. I'll take that. As I look at what we've been working on over the last 6 months or so, it's very clear that the investments we're making in our stores is yielding the kind of productivity that you would see, the efficiency as well as the throughput that we get. But what is interesting is if you look end to end, we have opportunities pretty much everywhere, both in terms of what we buy, how we buy it, how we flow products to stores, the services that we provide to our business, the technology investments that we're making, we have opportunities everywhere.

太好了，我接受。回顧我們過去六個月左右的工作，很明顯，我們在門市的投資正在帶來如您所見的生產力提升，包括效率和吞吐量。但有趣的是，如果你從頭到尾觀察，你會發現我們幾乎處處都有機會，無論是採購什麼、如何採購、如何將產品輸送到門市、我們為業務提供的服務，還是我們正在進行的技術投資，我們都有機會。

And I think that's part of the reason why you see we've added Arthur Valdez to the team. And just an example, the availability of breakfast sandwiches went up over the course of the last quarter. And what you see, as a consequence of that, is the attach rates went up as a result of it. And so I think that those are just examples of the kind of improvements we're seeing. Clearly, we're seeing benefits, as you know, with regard to freight and the cost of it.

我想這也是我們聘請亞瑟·瓦爾迪茲加入團隊的原因之一。舉個例子，上個季度早餐三明治的供應量增加了。由此帶來的結果是，附加費率也隨之上漲。所以，我認為這些只是我們正在看到的改進措施的例子。顯然，正如你所知，我們在貨運及其成本方面看到了好處。

And the ability for us to rethink how we do what we do is large. And so there is opportunity there for us in terms of bringing automation in, flowing products better, buying better and, frankly, developing a supply base that can also keep up with the kind of scale and growth plans that we have.

我們重新思考工作方式的能力非常強大。因此，在引入自動化、優化產品流動、改善採購流程，以及坦白說，打造一個能夠跟上我們現有規模和成長計畫的供應基礎方面，我們擁有巨大的機會。

Your next question comes from David Palmer with Evercore ISI.

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

I had a question on transaction growth and what you've seen in your Rewards membership. And I'm wondering if there's an insight there over time, since 2019, you've had over 80% increase in your active Rewards membership. It's 15% higher than a year ago. And you noted that transactions were up 1% in the quarter and down versus 4 years ago. So it looks like maybe frequency is down. Maybe the consumer is using you differently, consolidating orders, certainly bolstering the check by having more items per order.

我有一個關於交易增長以及您在獎勵會員方面看到的情況的問題。我想知道您是否能從中看出一些端倪。自2019年以來，您的活躍獎勵會員數量增加了80%以上，比一年前增加了15%。您也提到，本季交易量成長了1%，但與四年前相比有所下降。所以看起來交易頻率可能下降了。也許消費者正在以不同的方式使用您的服務，整合訂單，透過增加每筆訂單的商品數量來增加收入。

But are you seeing any sort of solves from a marketing standpoint? You have very good visibility into what your consumers are doing. You have over half of your orders, you know your consumer and you see what they're doing and the frequency they're coming. So I'm wondering about the tools you see from a consumer side versus some of the more operational stuff you've been talking about as ways to unlock growth.

但從行銷的角度來看，您看到任何解決方案了嗎？您對消費者的行為有非常清楚的了解。您掌握了超過一半的訂單，您了解消費者，並且了解他們的行為和訪問頻率。所以，我想知道您從消費者角度看到的工具，與您之前提到的一些更具營運性的方法相比，它們是如何釋放成長潛力的。

I think, first of all, let me just clarify something. In your question, I think you suggested -- you made a couple of comments about our Starbucks Rewards members. Let me just give you -- let me just address that. We have more of them, so we had a 4 million growth year-over-year. It's a 15% growth. Our Starbucks Rewards members come in more frequently. So they're not coming in less frequently, they come in more frequently. They buy more after joining the program, right? And as I said, they're also choosing larger sizes as they come in.

首先，我想澄清一下。在你的問題中，我想你提到了——你對我們的星巴克獎勵會員發表了一些評論。讓我來回答一下這個問題。我們的會員人數增加了，所以年增了400萬，增幅達到了15%。我們的星巴克獎勵會員來得更頻繁了。所以他們來得更頻繁了，而不是更少了。加入計劃後，他們的消費量更大了，對吧？而且正如我所說，他們來的時候也會選擇更大杯的咖啡。

The investments we have made in marketing and what we're doing with digital, in particular, what it tells you is that we are even further increasing the pace at which we are bringing innovation and changes in terms of what we do. We have a whole list of benefits that we could bring. And we're taking up the agility in the company in terms of the investments we make, which will help us make this even bigger and stronger. So that's the way I would address your question about the Starbucks Rewards members. It's a key area of growth.

我們在行銷方面的投資，尤其是在數位領域，顯示我們正在進一步加快創新和變革的步伐。我們可以帶來一系列好處。我們正在提升公司在投資方面的靈活性，這將有助於我們進一步壯大星巴克。這就是我回答你關於星巴克獎勵會員的問題的方式。這是一個關鍵的成長領域。

The other thing you should be aware of is as we have scaled this, we have scaled this to connect, which is all our licensed stores. And I think 40% of our licensed stores today have connect, and we're seeing growth in our license business as well as a consequence of that. Finally, we're scaling this globally. You're seeing us take it to our geographic partners, the Starbucks Digital Solutions. There is very strong adoption.

另一件您應該注意的事情是，隨著我們規模的擴大，我們已經將其擴展到連接所有授權門市。我認為目前我們40%的授權門市已經實現了連接，我們的授權業務也因此而成長。最後，我們正在全球擴展這項服務。您將看到我們將其推廣到我們的地理合作夥伴—星巴克數位解決方案。它的採用率非常高。

And you see the kind of results you see, which our geographic license partners are announcing or are sharing with us. I mean, very strong results, and Starbucks Digital Solutions is extremely capable of delivering that. In China, we're seeing real growth there, too. And in fact, that is where we're making a big investment as well in digital because we see that as a way not just to strengthen our relationship, but also to drive results through what we do with digital.

您將看到我們所看到的成果，我們的地理授權合作夥伴正在宣布或與我們分享這些成果。我的意思是，非常強勁的業績，星巴克數位解決方案非常有能力實現這一點。在中國，我們也看到了真正的成長。事實上，我們也在中國大力投資數位技術，因為我們認為這不僅是加強我們關係的一種方式，也是透過我們的數位技術推動業績成長的一種方式。

So I think overall, this is a big area. It's a big area of focus for me. And it's part of the second big priority for us around strengthening and scaling digital. I'll make a last comment. We have a fundamentally amazing capability called Deep Brew inside the company. It's where we have made investments in machine learning and artificial intelligence. I think the ability for us to be at the vanguard of this and to early adopt what we do in this area, furthermore given all the innovations that are going on and the re-platforming that's going on, just gives me greater confidence in what we do in digital. This will be a key area of growth for us.

所以我認為總的來說，這是一個很大的領域。對我來說，這是一個重點關注的領域。這也是我們加強和擴展數位化的第二大優先事項之一。最後我想說的是，我們公司內部擁有一項名為Deep Brew的驚人能力。我們在這方面對機器學習和人工智慧進行了投資。我認為，我們能夠走在前沿，並率先採用我們在該領域所做的工作，再加上正在進行的所有創新和平台重塑，這讓我對我們在數位領域的工作更有信心。這將是我們一個關鍵的成長領域。

Your next question comes from John Ivankoe with JPMorgan.

您的下一個問題來自摩根大通的 John Ivankoe。

I was hoping that if you could address the biggest opportunities to kind of regrow same-store transactions versus 2019. I mean what those -- I guess, as you see kind of the bigger opportunities to be, whether in daypart or specific type of customer. And secondly, with same-store traffic up 1%, do you feel like you are specifically addressing peak hour throughput? In other words, is the factory part of Starbucks, as you would call it, properly set up? I mean is the engine specifically running such that you can achieve all those peak hour transactions, especially where mobile orders might be coming in at a very short amount of time.

我希望您能談談與2019年相比，重新增長同店交易額的最大機會是什麼。我的意思是，我想，正如您所看到的，更大的機會是什麼，無論是在時段還是特定類型的客戶。其次，隨著同店客流量成長1%，您是否覺得自己在專門解決尖峰時段的吞吐量問題？換句話說，星巴克的“工廠”部分（您稱之為“工廠”）是否設置得當？我的意思是，引擎是否專門運轉，以便能夠實現所有高峰時段的交易，尤其是在移動訂單可能在很短的時間內湧入的情況下。

John, thank you for the question. Let me first start with your peak question. We're doing definitely better than what we did before because of the investments that we are making, but we still have further headroom. And I think as we make more investments as we sort of further refine how we think about scheduling and staffing, how we ensure that we get the flows right in our store, we will have the ability to take that up even further. So the daypart -- the peak dayparts are actually growing and growing really well.

約翰，謝謝你的提問。我先從你最關心的問題開始。由於我們正在進行的投資，我們現在的表現肯定比以前更好，但我們仍有提升空間。我認為，隨著我們進行更多投資，隨著我們進一步完善排班和人員配置，以及我們如何確保店內客流的合理化，我們將有能力進一步提升。所以，高峰時段其實正在成長，而且成長得非常好。

Now to answer your question about opportunities, there's opportunity pretty much across the board. If I look at beverage and beverage innovation, terrific, strong innovation coming, more to come. If I look at dayparts, we have opportunities in the afternoon daypart. And our Starbucks Refreshers is a way for us to attack that.

現在回答你關於機會的問題，機會幾乎無所不在。如果我專注於飲料和飲料創新，就會發現即將出現許多出色、強勁的創新，未來還會有更多。如果我關注時段，下午時段也有機會。星巴克的Refreshers正是我們抓住這一機會的一種方式。

And as you know, we have -- it's a big and sizable business, but it doesn't yet fully meet the full needs of what we could do in the afternoon. If I look at food attach, it's at the highest level we've had, but we have the ability for us to continue to elevate and innovate in food in order for us to further grab the opportunity that we have there. Delivery is an opportunity that, as I said, it's just early days. I mean we've also built a $1 billion leg. And that's just the U.S. If I look at China, too, it's growing enormously. So we have a leg there too in terms of what we can do with delivery.

如你所知，我們的業務規模龐大，但目前還無法完全滿足我們下午茶的全部需求。就食品配送而言，它已經達到了我們的最高水平，但我們有能力繼續提升和創新食品服務，以便進一步抓住我們在該領域的機會。外送配送是一個機遇，正如我所說，現在還處於起步階段。我的意思是，我們已經建立了一個10億美元的業務支柱。這還只是在美國。如果我看看中國，它也在快速成長。所以，就外送配送而言，我們在中國也佔有一席之地。

And furthermore, I said earlier that we actually have an opportunity with regard to the net store growth in the U.S. There's real headroom for us to also locate our stores where we see customer growth, smaller towns, different geographies, and we're clearly looking at all of it not just with our own stores, but also with licensed stores. So John, it's a pretty rich set of areas as I look at growth and what we could get that is available for us, and this is just North America.

此外，我之前說過，我們在美國門市淨成長方面確實有機會。我們確實有發展空間，可以將門市設在客戶成長較快的地方，例如小城鎮和不同的地區。我們顯然在考慮所有這些因素，不僅是自營門店，還有授權門市。所以，約翰，在我看來，這是一個非常豐富的成長機會，我們還可以挖掘一些潛力，這還只是北美地區的情況。

Your next question comes from Peter Saleh with BTIG.

您的下一個問題來自 BTIG 的 Peter Saleh。

Great. I just wanted to come back to North America operating margins. Could you maybe give us a sense of some of the drivers of North America operating margins going forward, maybe in order of magnitude? Do you see a path back to, if not, exceeding pre-pandemic levels? And then I guess, within that, do you feel like the mix of drive-throughs maybe heavier on drive-throughs these days versus where you were pre-pandemic? Does that help push the operating margins back up and above pre-pandemic levels?

好的。我只是想回到北美營業利潤率的問題。您能否為我們介紹未來北美營業利潤率的一些驅動因素，例如數量級？您認為公司是否有可能恢復到（甚至超過）疫情前的水準？然後，我想，在這種情況下，您是否覺得與疫情前相比，現在的免下車取餐服務（drive-through）的比重會更大？這是否有助於將營業利益率推高至疫情前的水準？

This is Rachel. Thank you for the question. We've been encouraged by the performance we've seen in North America, both on the top line and on the bottom line. And year-to-date in North America, we're sitting at about 19.9% margin, with about 40 basis points of expansion, and that's driven by a combination of sales leverage, pricing, the benefits from the reinvention plan showing up in productivity, which is helping to offset some of the investments we've made. And we see opportunity to continue to expand margin over the long term as the benefits of the reinvention continue to amplify.

我是Rachel。感謝您的提問。北美市場的表現令我們備受鼓舞，無論是營收或淨利。今年迄今為止，我們在北美的利潤率約為19.9%，成長了約40個基點，這得益於銷售槓桿、定價以及重塑計畫帶來的生產力提升等多種因素，這些因素有助於抵消我們先前的部分投資損失。隨著重塑計畫帶來的效益不斷放大，我們認為長期來看，利潤率有機會繼續提升。

And so I would look at that as really the reinvention is a significant driver of our opportunity in terms of margin expansion. Through reinvention, we're unlocking capacity to be able to serve demand that leads to sales leverage. And in addition to that, we're creating efficiency and resiliency in the middle of the business that's also supporting margin expansion.

因此，我認為，就利潤率提升而言，重塑是我們機會的重要驅動力。透過重塑，我們正在釋放產能，以滿足需求，從而提升銷售槓桿。此外，我們還在業務中層提升效率和韌性，這也有助於提升利潤率。

So I look at it more about what we've already seen progress today with reinvention, what we would expect to see going forward. And that leads us to solid margin expansion at the company level this year and progressive margin expansion in the future, which of course, will be driven in large part by North America.

因此，我更關注我們目前在重塑過程中已經取得的進展，以及我們預期未來將取得的進展。這將使我們今年在公司層面實現穩健的利潤成長，並在未來實現持續的利潤成長，當然，這在很大程度上將由北美市場推動。

I just want to say one thing. I think we're at the top of the hour, but there are a few more questions online. And so we're going to go over and take those questions.

我只想說一件事。我想我們已經到了一小時了，但網路上還有一些問題。所以我們會繼續回答這些問題。

And 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。

A question and then maybe a point of clarification. I know, Rachel, you talked about the high end of the 7% to 9% same-store sales guide for the full year. But there's a lot going on, still some reopening tailwinds perhaps in China. Certainly, I think in the past, you've talked about even in other markets with more travel. So kind of being at the high end of that range, I guess I'm trying to think through kind of the sustainability, especially insofar as the first half in the U.S. was -- looks like it will be substantially higher than the second half. So trying to just make sure I'm understanding how you're thinking about the ongoing comp.

先提個問題，然後或許需要澄清一下。 Rachel，我知道，您提到了全年同店銷售額7%到9%的上限。但目前有很多事情正在發生，中國可能仍然有一些經濟復甦的利多因素。當然，我認為您過去也談到過其他旅遊人數較多的市場。所以，考慮到處於這個區間的上限，我想思考一下它的可持續性，尤其是考慮到美國上半年的銷售額看起來會比下半年大幅成長。所以，我想確保我理解您是如何看待持續性競爭的。

And then the question I have, Laxman, you mentioned unit growth. I think in the past, when Starbucks has accelerated unit growth, there have been periods where it's kind of coincided with slower traffic and ultimately kind of a need to rationalize the store base or reset it. What are the guardrails in place to change that this time around to make sure the unit growth doesn't conflict with continued traffic growth in your existing stores?

然後我的問題是，拉克斯曼，您提到了門市數量增長。我認為過去星巴克加速門市數量成長時，有時會出現客流量下降的情況，最終需要對門市基礎進行合理化或重新規劃。這次，你們採取了哪些措施來改變這種情況，以確保門市數量成長不會與現有門市的客流量持續成長相衝突？

Do you want to take the first one?

你想拿第一個嗎？

Sure. Thanks, Sara. I'll take the first question around comp. And when we look at the balance of the year related to comp, we just expect the momentum in the business to continue. So when you think about in North America in this current quarter, we were encouraged by the fact that our growth in comp was a combination of transaction growth. So we saw transactions grow above prior year in every single daypart. And that was coupled with an elevated ticket. And that was a combination of not only strategic pricing but a balanced contribution from increased customization as well as record attach.

當然。謝謝，Sara。我先回答第一個關於同店銷售額的問題。回顧今年與同店銷售額相關的餘額，我們預期業務成長動能將持續下去。想想本季北美的情況，我們感到鼓舞的是，同店銷售額的成長源自於交易量的成長。我們看到每個時段的交易量都高於去年同期。同時，票價也上漲了。這不僅是策略定價的功勞，也是客製化程度提升以及附加記錄帶來的均衡貢獻。

That drove strong growth in the quarter that, I would say, from a revenue standpoint, we have fundamentals from a revenue perspective that are broad. And we would expect that to continue, that momentum to continue as we look at the balance of the year and going on a full year basis. So that will continue to be fueled through innovation as well as through continued growth in our digital customer rewards membership and our increasing capability around convenience, including growth in digital. So we see all of that as signs to help support the 7% to 9% comp range that we've guided on a full year basis.

這推動了本季的強勁成長。從收入角度來看，我們擁有廣泛的收入基礎。我們預計這種勢頭將持續下去，展望今年全年，也將繼續如此。因此，創新、數位客戶獎勵會員數量的持續成長以及我們在便利性方面的能力提升（包括數位業務的成長）將繼續推動這一成長。因此，我們認為所有這些都有助於支撐我們全年預期的7%至9%的年增幅。

Now when you think about outside of North America, we'd say we expect our recovery to sustain in China, and that was through the guidance I gave around a low to mid-single-digit comp on a full year basis as well as contribution from International and the momentum we're seeing. So we think across the board, the momentum we're seeing, the recovery in China, coupled with the strong performance we're seeing in North America, gives us the confidence to be able to maintain the 7% to 9% of comp range on a full year basis for North America and then at the high end of the range for total company.

現在，說到北美以外的地區，我們預計中國市場的復甦將持續，這得益於我之前給出的全年低至中等個位數的同比增速預期，以及國際市場的貢獻和我們目前看到的勢頭。因此，我們認為，總體而言，我們所看到的勢頭，中國市場的復甦，加上北美市場的強勁表現，讓我們有信心將北美市場的全年同比增速維持在7%至9%的區間，並將公司整體的同比增速維持在區間的高端。

Sara, to your question about our store network and how we see it, I am not concerned. I mean I think there's a very small number of stores that you would normally consider -- that we would consider in the normal course of business that we would look at and say we may have a challenge with them. But there's nothing in there that concerns me. What I'm looking at more from the standpoint of net store growth are the opportunities we have to further enhance our presence in many markets where we are underpenetrated, but also exposed in some of our core markets, multiple formats. I think we've referenced this before as purpose-driven formats in terms of what we can bring into markets in order to meet various needs that customers have.

Sara，關於你關於我們門市網路以及我們如何看待它的問題，我並不擔心。我的意思是，我認為只有極少數你通常會考慮的——也就是我們在正常業務過程中會考慮的——門店，我們會考慮並認為我們可能會面臨挑戰。但這裡面沒有什麼讓我擔心的。從淨門市成長的角度來看，我更看重的是我們在許多滲透率較低、但也在一些核心市場有業務機會的市場中進一步提升影響力的機會，以及多種業態。我想我們之前提到過，這是一種以目標為導向的業態，指的是我們可以將哪些產品帶入市場，以滿足客戶的各種需求。

Your next question comes from Joshua Long with Stephens.

您的下一個問題來自史蒂芬斯的約書亞朗。

A couple of times in your prepared commentary, you referenced some what would sound like to be normalizing demand within the at-home coffee channel within Channel Development. So just curious if you could unpack that a little bit. I'm just curious if you're seeing shifts within the portfolio on that side or if that's kind of an ongoing shift back into kind of retail brick-and-mortar as we get back to kind of return to office. Or just additionally, any sort of commentary you can provide there in terms of how you're attacking that and capturing share as the shifts continue to unfold.

在您準備好的評論中，您幾次提到了通路發展部門中家庭咖啡通路需求的正常化。所以，我很好奇您能否稍微解釋一下。我很好奇，隨著我們復工復產，您是否看到了這方面的投資組合變化，或者這是否是向實體零售的持續轉變。或者，您能否補充一些評論，說明隨著轉變的不斷展開，您是如何應對實體零售的，以及如何搶佔市場份額的。

Right. We have very strong share in out-of-home coffee. I think we're tied for #1, so we feel good about that. At the same time, what you are seeing with the customer is the customer is becoming more on-the-go. And what you are seeing with that is if you stop looking at channels where we have products like we have with our North American coffee partnership, or frankly, our stores or our licensed stores, we're clearly benefiting from more from customers on-the-go. So you see some of that shift take place. But at-home coffee, our shares are very strong.

是的。我們在外帶咖啡領域佔有很大的份額。我認為我們並列第一，所以我們對此感到很滿意。同時，你可以看到，顧客越來越傾向於隨時隨地享用咖啡。如果你不再關注我們銷售產品的管道，例如我們與北美咖啡合作夥伴合作的管道，或者坦白說，我們的門市或授權店，你就會發現，我們顯然從隨時隨地享用咖啡的顧客那裡獲得了更多收益。所以你可以看到這種轉變正在發生。但在家用咖啡領域，我們的份額非常強勁。

But I would add that we are seeing a balance in the portfolio. So that's one of the things we're encouraged by is that while we are seeing consumer behavior shift some, we're seeing an increase in our ready-to-drink both domestically and internationally. And that's helping to support the margin expansion we saw in this quarter and the mid-40s margin that we're guiding to on a full year basis. So I would say in this case, it's the strength of the diversified portfolio that's working to our advantage.

但我想補充一點，我們的產品組合正在趨於平衡。令我們感到鼓舞的是，雖然消費者行為正在發生一些變化，但我們的即飲產品在國內外都有所增長。這有助於支撐我們本季的利潤率成長，以及我們預計的全年利潤率約為40%。所以，我想說，在這種情況下，多元化產品組合的優勢對我們有利。

Your next question comes from Danilo Gargiulo with Bernstein.

您的下一個問題來自伯恩斯坦的 Danilo Gargiulo。

Just a question on the Siren System in the United States. How many stores have the Siren System today? And is the number on track with your internal expectations? And what kind of uplift in productivity margin is this initial rollout hinting at?

只是想問一下關於美國 Siren 系統的問題。目前有多少家店安裝了 Siren 系統？這個數字符合你們的內部預期嗎？首次部署後，生產效率利潤率會提升多少？

Rachel?

瑞秋？

Yes. From a Siren System standpoint, we're in the -- just the testing phase today. We're on track to be able to launch in conjunction with our renovations in new stores next year. And next year, we expect to be less than 10% of our stores will have the Siren System, reaching about 40% of our stores by the year 2026. And so we're encouraged by the progress we're seeing, we're seeing good results, and we do expect it will help lead to margin expansion in the future.

是的。從Siren系統的角度來看，我們目前還處於測試階段。我們預計在明年新店裝修的同時推出該系統。預計明年安裝Siren系統的門市比例將不到10%，到2026年將達到40%左右。我們對目前看到的進展感到鼓舞，看到了良好的效果，我們確實預計它將有助於未來利潤率的成長。

It will be one of the many, what I'd say, equipment investments we're making as well as the investments we're making in the staffing and scheduling within our stores as well as the overall operational excellence focus that the team has. The combination of all of that in North America will lead to a more stabilized production environment, which will help drive margin expansion well into the future. And so we're encouraged by what we're seeing today and we're looking forward to furthering the launch.

這將是我們正在進行的眾多設備投資之一，此外，我們還在門市人員配置和排班方面進行了投資，並致力於提升團隊的整體卓越營運。所有這些措施的結合將為北美帶來更穩定的生產環境，有助於在未來更好地提升利潤率。因此，我們對今天的成果感到鼓舞，並期待進一步推進這項舉措。

Just one thing I'd add to is our pipeline of equipment innovation is very strong. And the way we manage the portfolio, the way we manage the pipeline is very strong. And if you look at some of the commitments that we have made around investments like the portable cold foam blender, it's one of the fastest rollouts in our history in terms of how it's reached all our stores.

我想補充一點，我們的設備創新管道非常強大。我們管理產品組合和通路的方式也非常出色。如果你看看我們在便攜式冷泡沫攪拌機等投資方面做出的一些承諾，你會發現，就其覆蓋所有門市的方式而言，它是我們歷史上最快的推廣產品之一。

So when we have them ready, when we do the renovations, when we have new stores built in automatically, they are actually getting the Siren System. And I feel very good about the way we are managing the portfolio of investments that we are making in this area.

所以，當我們做好準備，當我們進行翻新，當我們自動安裝新店時，他們實際上都在使用警笛系統。我對我們在這個領域的投資組合管理方式感到非常滿意。

Your next question comes from David Tarantino with Baird.

您的下一個問題來自貝爾德的大衛·塔倫提諾。

I have a follow-up question on the commentary related to the longer-term targets. I know we're going to get more details in November on this. But I think the comments were that you have multiple paths to deliver both the revenue and the earnings targets. And I wanted to focus in on the revenue part of that.

我有一個關於長期目標的評論的後續問題。我知道我們將在11月獲得更多關於此方面的細節。但我認為評論中提到，你們有多種途徑來實現收入和獲利目標。我想重點談談其中的收入部分。

I guess if you continue to grow at the rate you're growing from a unit growth perspective, I think you would need to maintain that comp outlook that you gave previously to get to the revenue guidance, unless I'm missing something. So I guess the question is, are you signaling that maybe the unit growth element could change and the comp element could change and you could still get there? I guess maybe any clarification on that front would be helpful.

我想，如果你們繼續以目前的單位成長速度成長，我認為你們需要維持先前給出的同店銷售額預期才能達到收入指引，除非我遺漏了什麼。所以我想問題是，你是否暗示，單位成長因素和同店銷售額可能會發生變化，但你們仍然能夠達到目標？我想，任何關於這方面的澄清都會有所幫助。

Great. Let me take this point on the top line. First of all, Starbucks is an iconic brand with a very strong appeal and durability. If we just look in the last year, the affinity of our brand has strengthened, right? The brand has ranged across consumer segments, across geographies, across occasions. So to your question on top line, we have a historically high number of customers who visit our stores. But it's also in many of the markets around the world, even as China recovers.

好的。我先從營收角度談談這一點。首先，星巴克是一個標誌性品牌，擁有強大的吸引力和持久力。如果我們回顧去年，我們品牌的親和力增強了，對吧？這個品牌已經涵蓋了不同的消費群體、不同的地理和不同的場合。所以，關於你關於營收的問題，我們門市的顧客數量達到了歷史最高水準。而且，即使中國市場正在復甦，我們的門市也遍布全球許多市場。

We have a strong pipeline of innovation across beverage, across food and equipment, and there are even more opportunities across the world with perhaps a different formats, as I mentioned earlier, with dayparts and a focus on dayparts and how we can bring more innovation, particularly on the daypart side, and with new business models like delivery. We built this billion-dollar leg, and it's only now beginning operationally refocused on that and saying how do we ensure that we continue to support that kind of delivery with an operating model that would actually help.

我們在飲料、食品和設備領域擁有強大的創新管道，而且全球範圍內還有更多機會，或許會涉及不同的模式，正如我之前提到的，例如時段，以及我們如何帶來更多創新，尤其是在時段方面，以及像配送這樣的新商業模式。我們打造了這條耗資數十億美元的業務，現在才開始在營運上重新關注這一點，並思考如何確保我們能夠透過真正有效的營運模式繼續支持這種配送方式。

I mentioned earlier that we have terrific capabilities in digital as well as in artificial intelligence and machine learning that we're just unleashing with even more agility in terms of how we strengthen and scale with digital. And it's not just our stores, but it's also in the Connect stores, and it's at Starbucks digital solutions across the world. We have strength in pricing capabilities. And as we make these investments, we're going to get even better in terms of revenue management, building on the great work that's already been done in terms of managing mix, in terms of managing sizing and in managing customization.

我之前提到過，我們在數位化、人工智慧和機器學習方面擁有卓越的能力，而我們正以更敏捷的方式釋放這些能力，以加強和擴展數位化。這不僅體現在我們的門市，也體現在 Connect 門市以及遍布全球的星巴克數位化解決方案。我們在定價能力方面也擁有優勢。隨著這些投資的進行，我們將在收益管理方面取得更大進步，並在組合管理、規模管理和客製化管理方面取得的卓越成就的基礎上更上一層樓。

We have a lobby that is further opportunity for us in terms of how we grow. So I think just in terms of that, there's real opportunity. And in terms of net store growth, as I mentioned earlier, we do have even more headroom in new store builds, both in the U.S. as well as internationally. Our China number is the milestone to even get greater penetration. And some of the opportunities we see and the unit economics that we see in Asia, Europe, Latin America and Africa is real.

我們擁有一個遊說團體，這對我們來說是進一步發展的機會。所以我認為，僅從這一點來看，我們就擁有真正的機會。就淨門市成長而言，正如我之前提到的，我們在新店建設方面確實還有更大的空間，無論是在美國還是在國際市場。我們在中國的數據是實現更高滲透率的里程碑。我們在亞洲、歐洲、拉丁美洲和非洲看到的一些機會和單位經濟效益都是真實的。

And we have a range of formats where we can deliver this third place experience, but also deliver experiential convenience powered by digital in an omnichannel way. So I look at its brand, I look at its consumer appeal, I look at its durability, I look at its strength, I look at its range, it feels very good to me that we will get to a revenue growth of 10% to 12%, and by the way, the earnings growth of 15% to 20% over time.

我們擁有多種模式，既能提供這種第三空間體驗，也能透過全通路數位化手段提供體驗式便利。因此，我關注它的品牌、消費者吸引力、耐用性、實力和產品範圍，我非常高興地看到，我們的收入將增長10%到12%，順便說一句，隨著時間的推移，盈利也將增長15%到20%。

Your next question comes from Zack Fadem with Wells Fargo.

您的下一個問題來自富國銀行的紮克法德姆。

So following up on the long-term algo. If your comps were to slow to a mid-single-digit level for whatever reason, would you say that your 15% to 20% EPS is still on the table? And if so, could you talk about what margin and other levers that keep you confident?

那麼，接下來談談長期演算法。如果您的可比銷售額因某種原因放緩至中等個位數水平，您是否認為您仍然能夠實現 15% 到 20% 的每股收益？如果是這樣，您能否談談哪些利潤率和其他槓桿讓您保持信心？

So thank you for your question. As I said earlier, we see significant margin improvement opportunities at work that will come to productivity. We'll set the appropriate details of this at a later point. But I can just tell you this, as I look at the investments we're making in store, but importantly, what we see about the store, we have opportunities. So I feel very good about the 15% to 20% earnings growth.

感謝您的提問。正如我之前所說，我們看到了顯著的利潤率提升機會，這將帶來生產力的提升。稍後我們將確定具體的提升細節。但我可以告訴您，當我審視我們在門市的投資時，更重要的是，就門市而言，我們確實看到了機會。因此，我對15%到20%的獲利成長感到非常樂觀。

That was our last question. I will now turn the call over to Laxman Narasimhan for closing remarks.

這是我們的最後一個問題。現在，請拉克斯曼·納拉辛漢致閉幕詞。

Thank you all for joining us on this third quarter 2023 earnings call. I deeply appreciate it, and I look forward to seeing you all in November. Until then, thank you.

感謝各位參加我們2023年第三季財報電話會議。我深表感謝，並期待11月與大家見面。在此之前，謝謝大家。

This concludes today's conference. All parties may disconnect. Have a great evening.

今天的會議到此結束。各位可以斷開連接了。祝大家晚上愉快。