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)

下午好。我叫迭戈，今天我將擔任你們的會議操作員。歡迎大家參加星巴克 2023 年第三財年電話會議。 （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 (Tiffany Willis)。威利斯女士，您現在可以開始會議了。

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，感謝您今天加入我們討論星巴克 2023 財年第三季度的業績。今天的討論將由首席執行官 Laxman Narasimhan 主持；雷切爾·魯杰裡 (Rachel Ruggeri)，執行副總裁兼首席財務官。星巴克中國董事長兼首席執行官黃碧琳也將參加問答環節。

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.

本次電話會議將包括前瞻性陳述，這些陳述受到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存在重大差異。任何此類聲明均應與我們的收益發布中的警告聲明以及我們向 SEC 提交的文件中討論的風險因素結合考慮，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告。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 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 財年第三季度和比較期間的 GAAP 業績包括與戰略行動相關的多項項目，包括重組和減值費用、交易和整合成本以及其他項目。這些項目不包括在我們的非 GAAP 業績中。除非另有說明或沒有與該指標相關的非 GAAP 調整，否則今天電話會議中引用的所有數字均基於非 GAAP 基礎。

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.

對於今天電話會議中提到的非 GAAP 財務指標，請參閱收益報告和我們的網站 Investor.starbucks.com，查找這些非 GAAP 指標與其相應 GAAP 指標的調節表。本次電話會議正在網絡直播，並且網絡廣播的存檔將在 2023 年 9 月 1 日星期五之前在我們的網站上提供。另外，出於您的規劃目的，請注意，我們的 2023 年第四季度和財年收益電話會議定於星期四舉行， 2023 年 11 月 2 日。

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

現在，我將把電話轉給拉克斯曼。

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 將向您介紹第三季度的詳細結果，然後 Belinda Wong 將與我們一起進行問答。

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，我們強勁的第三季度業績表明了業務的全面發展勢頭。本季度，我們的綜合收入增長了 12%，剔除超過 1% 的外幣換算影響後，我們的綜合收入增長了 14%，達到創紀錄的 92 億美元。重要的是，19% 的盈利增長超過了收入增長，利潤率擴大了 50 個基點，達到 17.4%。我們強勁的業績反映了我們的業務基礎得到了加強，這是我們在重塑計劃方面取得的重大進展的結果。

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.

自從上任以來，我已經走遍了每個地區，直接與合作夥伴一起工作。每次互動都給我留下了深刻的印象，星巴克品牌的差異化全球吸引力以創新為動力，並以我們提供人際聯繫的獨特能力為基礎。這些經歷讓我對我們面前的顯著增長和利潤機會充滿信心，使我們能夠加強品牌並創造超額的長期股東價值。

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.

去年的這個時候，霍華德和團隊為我們的基礎重塑計劃確定了必須贏得的機會和投資。雖然 Rachel 將向您介紹詳細的結果，但我現在將概述本季度我們在 5 個關鍵優先領域的勢頭，同時指出我們在哪些方面看到了進一步的發展空間。我們的首要任務是通過經營優秀的商店來提升品牌。這在北美加強執行力中得到體現。

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度創造了創紀錄的收入，增長了 11%，同店銷售額增長了 7%，創造了我們歷史上最高的平均每週銷售額。我們的門票增長是由定價、定制和食品附加推動的。此外，我們繼續看到每工時銷售的商品有所改善。在運營方面，我們看到有證據表明我們執行得更好。我們已經處於行業領先地位的咖啡師流失率同比進一步提高了 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.

通過改進日程安排和人員配置，我們開始增加每位合作夥伴在店內的工作時間，這對於經營優質商店、提高合作夥伴參與度以及提高生產力至關重要。飲料和設備的創新繼續推動我們的業務。事實上，上個季度我們的冷飲業務占美國飲料銷售額的 75%。作為優質咖啡的領導者，我們特別高興地看到冷濃縮咖啡飲料同比增長 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，我們繼續提升冷熱咖啡的優質體驗。例如，我們的 Clover Vertica 咖啡機繼續按計劃推出，提供更多種類的高品質熱咖啡，包括按需提供的脫咖啡因咖啡。我們的創新設備的推出仍在按計劃進行。我們更快、更易於使用的便攜式手持式冷泡沫攪拌機繼續對合作夥伴和客戶體驗產生巨大影響。冷泡沫攪拌機現已推廣到所有美國公司經營的商店，及時滿足夏季對星巴克 Refreshers 冷凍飲料的需求。新的攪拌機支持冷泡沫的進一步增長，這是星巴克增長最快的定制產品。冷泡沫等改性劑現在每年貢獻超過 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 濃縮咖啡機和新型加熱烤箱現已在美國所有公司經營的商店中銷售。總而言之，我們去年開始的設備投資正在提高勞動效率，使我們能夠在最繁忙的時段提高產能。這些投資既提升了星巴克的體驗，又進一步使我們與競爭對手區分開來。

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.

在北美的上個季度，我們的單位銷量再次超過新冠疫情前的水平兩位數，並且各個時段（上午和下午）的附加率很高。同樣在考慮時段時，我們的星巴克 Refreshers 平台偏向於最佳時機，在過去一個季度的每個時段都實現了兩位數的增長。憑藉這一成功，我們在跨時段的系統創新渠道方面取得了進一步的進展。這包括今年夏天推出的 Starbucks Refreshers 冷凍飲料、Oleato 飲料平台的定制以及我們的冷壓 Cold Brew，該產品將於第四季度在數十家商店進入測試階段，並在整個美國公司推出預計到 2024 財年末將擁有自營商店。

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.

食品也在推動增長。上個季度，我們看到早餐三明治的食品附加值和銷量創歷史新高。作為附屬業務，食品在本季度推動了更高的銷售量，提高了銷量增長並創造了創紀錄的平均每週銷售額。總的來說，當我們探索新的、優質的和方便的食品時，我們對食品領域的重大機遇感到興奮。我們將及時分享更多相關內容。

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.

我們還繼續擴大我們的商店組合併使其多樣化。我們認為美國滲透率較低的地區（包括較小的城市以及較大都市的新業態）有巨大的新店增長空間。新店和改造是我們首先優先推出 Siren 系統設備的地方，我們計劃在未來幾年內將所有商店轉移到品牌前向數字菜單板，以進一步提高個性化和時段激活。

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.

我們看到交付量強勁增長。事實上，我們的配送業務從幾年前的最低水平就已經接近創造 10 億美元的增量。現在，我們正在主要市場上為該渠道做好運營準備，從優勢地位入手。

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.

作為第二個戰略重點，我們正在展望如何進一步加強和差異化我們在數字領域的領導地位。第三季度，我們繼續發展我們的數字世界。我們的星巴克獎勵計劃 90 天活躍客戶數量在全球範圍內增至近 7500 萬，本季度增長超過 25%。這是由美國 3140 萬星巴克獎勵客戶創紀錄的 90 天活躍用戶群推動的，比上一年增長了約 15%，即增加了 400 萬新客戶。

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.

美國的星巴克獎勵會員連續第二個季度推動了 57% 的投標，比去年同期增長了 3 個百分點以上。在中國，我們的 90 天活躍用戶數量達到了歷史最高水平，超過 2000 萬星巴克獎勵客戶。這進一步證明了我們的品牌實力、相關性和客戶在市場上的參與度。

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.

星巴克在行業領先的數字創新方面擁有悠久的歷史。當我們接近正在進行的人工智能基礎平台轉型時，我們打算利用基礎 Deep Brew 功能作為啟動平台進行投資，以引領這一領域。我們在這些投資中的重點仍然是改善合作夥伴體驗，同時提升客戶體驗並提高生產力。我們正在改進我們的方法，以進一步加速數字創新，包括訂單、支付和交付的增強，在速度和個性化方面，我們相信這會讓我們的客戶更加習慣。這也包括美國移動應用程序用戶體驗的發展。此外，我們計劃在中國進行重大投資，以進一步增強我們在市場上的數字能力。

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.

我們的第三個優先事項是全球增長。作為一家每週接待超過 1 億次客戶、擁有超過 37,000 家商店並在全球 86 個市場開展業務的公司，全球增長的跑道是無限的。本季度，我們再次看到國際業務部門的收入實現兩位數增長。該部門連續第二個季度實現創紀錄的系統銷售額，以及自 2021 財年第四季度以來的最高收入和營業利潤率。排除外彙的負面影響，我們繼續看到公司自有業務的兩位數增長日本和英國市場，而我們在世界其他地區的地理許可合作夥伴都報告了非常強勁的業績。我們的國際商店同比增長 10%。新店為企業帶來了有吸引力的單位經濟效益，同時我們也受益於這些市場投資資本回報率的強勁增長。

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.

轉向中國。我對我們本季度的表現感到鼓舞。最近我有機會在市場上呆了一段時間。我現在可以充分體會到星巴克品牌非凡的實力和韌性，在當地被稱為“星巴克”。從我們第三季度的業績來看，我們的中國收入比上年增長了 51%，如果排除 9% 的外幣換算影響，則增長了 60%。此外，我們的收入環比增長 8%，排除外幣換算 2% 的影響後增長 10%，突顯了我們業務穩健的長期健康狀況。

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.

儘管現在還處於復甦之旅的早期階段，但 2019 財年或更早開業的商店在常規上午時段實現了銷售全面復甦，而其他時段則報告了月度環比改善。第三季度的強勁復甦因我們在中國脫穎而出的許多獨特競爭優勢而得到放大。第一個也是最重要的優勢是我們的同類合作夥伴尊重我們公司的傳統，對我們的高品質咖啡有高度的讚賞，並熱衷於以與我們的中國客戶相關的方式提供星巴克體驗。

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我們的垂直整​​合運營。我們從與當地相關且日益環保的商店足跡開始。我們各業態設計獨特的商店以獨特的“星巴克”方式頌揚中國文化，體現當地的藝術、工藝和書法。今年秋天，我們計劃開設咖啡創新園，這是我們在美國以外最大、最可持續的製造業投資。這個擁有最先進供應鏈運營的下一代設施還將包括一個獨特的客戶沉浸中心。

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20多年來的本土創新贏得了歷史悠久的飲茶文化中的客戶。如今，我們通過“我們自豪的服務計劃”在中國擁有近 6,500 家商店和近 2,400 個客戶聯繫點。是的，這個市場中尚未滲透的領域還有更多的機會。

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事實。中國人均每年喝12杯咖啡。這比上海等一線城市的咖啡消費量要低得多，我們首先進入上海市場，目前在上海擁有近 1,100 家門店。我們在上海還有更大的發展空間。與此相比，日本的人均杯數為 200 杯，而中國的人均杯數為 12 杯，而美國的人均杯數接近 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發展初期。憑藉我們在研發方面的本地投資和本地相關產品（例如我們的龍餃子，該季度的表現令人驚嘆），我們在中國建立了一個與中國高度相關的品牌。我們相信，我們獨特的方法使我們能夠打好持久戰並取得勝利。

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，中國的另一個優勢是數字化。這將通過我們運營的高度數字化供應鏈以及我們與客戶互動的方式得到進一步證明。我們正在重塑我們的商業模式，依靠星巴克獎勵會員的卓越忠誠度以及便利服務，包括我們的移動業務的送貨和路邊服務。

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.

對我們在美國和中國以外的國際業務的評論。我們在這些市場中看到了非常強勁的增長和強勁的單位經濟效益。它正在成為我們重要的第三站。從第三季度的門店來看，我們的渠道開發部門收入為 4.49 億美元，同比下降 6%，而營業利潤率為 46.3%，同比增長 630 個基點，也反映出 SKU 合理化隨著更多移動客戶的轉變。

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.

我們繼續看到通過創新實現渠道增長的機會，上季度推出的即飲星巴克粉紅飲料和星巴克天堂飲料非常成功，以及與三得利合作在日本推出的 Grab and Go 系列就證明了這一點。在日本推出的第一個月，我們就看到了前所未有的銷量，就像我們在中國的奶油芝士拿鐵一樣。

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.

我們的第四個戰略重點是提高生產力。我們將我們的業務視為前面的劇院和後面的工廠。通過關注商店內以及商店上方的巨大機會，我們有明顯的機會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日程安排方面的有意義的改進，以確保我們擁有合適的合作夥伴、合適的角色和合適的工作時間，以提高參與度和生產力。我們還實現了第三季度的減少廢物目標，努力使運營盡可能高效，同時保留星巴克體驗。

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始。我們擴大了最初的重塑計劃之外的領域，包括我們的端到端供應鏈、直接和間接採購、我們如何設計和建造商店以及跨技術和支持流程的機會。最近加入我們擔任首席供應鏈官的小阿瑟·瓦爾迪茲 (Arthur Valdez, Jr.) 為星巴克帶來了 3 年來在供應鍊和物流方面的領導經驗，並將在這些努力中發揮關鍵作用。除了銷售槓桿之外，我所看到的未來​​生產率提高的機會讓我對長期逐步擴大利潤率充滿信心。

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。這是公司固有的，也是我通過在商店工作的沉浸和經驗很快學到的。我們的第五個戰略重點是重振我們的人際關係文化。正如我們一貫所做的那樣，我們將通過人性的視角來衡量我們業務績效的成功。這需要我們重振我們的文化。對我來說，我們的合作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.

我們將繼續通過薪酬和福利以及店內改進來投資於整體合作夥伴體驗。在星巴克，我們努力成為一家不同類型的公司，但我們確實認識到我們正在一個不同的世界中運營。正是通過這個視角，我們在過去的幾個月里為公司推出了新的統一使命，為所有利益相關者做出了新的承諾，並很快推出了一套新的價值觀，這些價值觀將在我們的傳統和更加現代化的基礎上重新奠定星巴克文化的基礎。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.

在我把電話轉給雷切爾之前，我想告訴你這個。能夠帶領這樣一家一流的品牌公司進入其最好的篇章之一，我感到很榮幸。雖然我們繼續在全球宏觀不確定性加劇的環境中前行，但我們將嚴格執行我們的優先事項。畢竟，星巴克是一個強大、有彈性的品牌，為顧客提供當今世界最需要的東西：人與人之間的聯繫。

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.

當我看著我們面前的跑道時，提供這種連接的可能性確實是無限的。我看到的是一項持久的標誌性業務，我們有多種途徑可以實現 10% 至 12% 的長期收入增長和 15% 至 20% 的盈利增長。我期待在 11 月以混合媒體形式組織的長期投資者電話會議上更詳細地討論我們 2024 財年及以後的戰略和計劃。我們將在未來幾週內分享更多細節。

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?

說到這裡，我現在將把電話轉給雷切爾，更多地談論我們本季度出色的第三季度財務業績。雷切爾？

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。我很高興討論我們第三季度的業績，隨著我們的創新和品牌繼續與世界各地的客戶產生共鳴，刺激了我們商店和數字領域的需求，該業績超出了我們的預期。我們的美國業務在許多方面都取得了破紀錄的業績，我們的中國業務繼續復甦，符合我們的預期。很明顯，我們前面有充足的機會。

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.

我們的整體業績得益於我們在戰略上取得的進展，特別是我們的重塑計劃，並且它正在轉化為切實的財務成果。提醒一下，當我們在年初制定指導方針時，我們表示，我們的重塑計劃的好處將在本財年後半段放大。這正是我們所看到的，突顯了我們有能力有效地對我們的業務進行再投資，以造福所有利益相關者。

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.

我們第三季度的綜合收入達到創紀錄的 92 億美元，比上年增長 12%，如果排除超過 1% 的外幣換算影響，則增長 14%。品牌的實力、客戶的忠誠度和創新產品推動了強勁的銷售，實現了 10% 的兩位數綜合可比商店銷售額增長。除了可比商店銷售額增長 10% 外，收入還受益於全球新公司自營商店淨增長 7% 以及全球授權市場的持續增長勢頭。

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.

第三季度綜合營業利潤率比上年同期增長 50 個基點，達到 17.4%，超出了我們的預期，這主要是由於我們美國商店效率提高所帶來的銷售槓桿、定價和生產力的提高。利潤增長部分被對商店合作夥伴的投資以及支持重塑的更高的一般管理費用所抵消。在我們各業務部門強勁業績的推動下，第三季度每股收益為 1 美元，比上年增長 19%，展示了廣泛的全球投資組合的力量。

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.

我現在將提供第三季度的細分亮點。北美第三季度營收再創新高，達到 67 億美元，比上年增長 11%，這主要是由於可比商店銷售額增長 7%，其中平均門票和交易量分別增長 6% 和 1%。新開的公司自營店同比增長 4%。我們的特許經營店業務的持續增長勢頭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.

我們的美國業務在第三季度實現了 7% 的可比商店銷售增長，這主要是由穩健的門票業績推動的，增長了 6%，這得益於定價、食品附加和定制的結合。我們的客戶相對採用了定制飲料的做法，從而獲得更加個性化和差異化的體驗，同時為不斷增長的更高利潤率做出貢獻，並為未來帶來豐富的機會。第三季度，超過 60% 的飲料是定制的，與 5 年前相比增長了 9%。例如，冷泡沫仍然是定制產品的最愛。本季度的食品附加費創歷史新高，原因是每 5 名顧客中就有 2 名在訂單中附加了食品，這一數字比 5 年前增加了 25% 以上，而我們美味的早餐三明治導致本季度的食品附加費創歷史新高。

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.

本季度交易可比銷售額增長 1%，再加上創紀錄的門票數量，帶動了我們公司歷史上最高的平均每週銷售額，超過了 2023 財年第一季度假期期間創下的歷史新高。我們看到越來越多的客戶進入我們商店的顧客數量同比增長 5%，與本財年第一季度創下的歷史新高一致。我們不斷增長的技術支持的便利能力正在推動我們的客戶與星巴克更深入地互動，定制、附加和混合轉向更優質飲料的增長就證明了這一點，從而導致了創紀錄的需求和增量更高利潤的收入。

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.

我們持續需求的另一個證據是我們的星巴克獎勵計劃的持續成功，該計劃在本季度結束時在許多方面都創下了記錄：活躍會員數量、每位會員的支出和會員總支出均創歷史新高。這些記錄本身就反映了我們業務的粘性，但我們最滿意的是客戶聯繫商店的一致性，這凸顯了客戶滿意度和星巴克體驗的交付。

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.

本季度美國授權商店收入繼續保持增長勢頭，較上年增長 21%，整個產品組合均表現強勁，並受益於疫情后旅行的增加，尤其是商務旅行的回歸，這得益於我們的數字產品 Starbucks Connect，現已在美國所有主要機場推出。北美第三季度的營業利潤率為 21.8%，與上年同期相比下降了 40 個基點，符合預期，這主要是由於作為我們重塑計劃一部分的以生產力為重點的勞動力投資的時機。對於顏色，重塑投資包括合作夥伴工資和福利以及增加有針對性的合作夥伴培訓。價格的有利影響以及很大程度上來自重塑計劃不斷增加的效益的勞動生產率和銷售槓桿部分抵消了這一收縮。

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.

繼續國際化。本季度，該部門實現了 20 億美元的收入，這是自 2021 財年第四季度以來的最高收入，比上年增長 24%，如果排除超過 5% 的外幣換算影響，則增長 30%。我們的收入增長反映了所有主要市場的兩位數增長，包括中國，該市場受益於去年的流動限制。這一增長歸因於可比門店銷售額增長了 24%，這是由於客戶繼續回到我們的門店（主要是在中國），交易增長了 21%，以及星巴克會員群不斷增加帶來的顯著數字參與。

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，國際部門的新公司自營店同比淨增長 11%，其中中國貢獻了店面增長的很大一部分，因為我們繼續在中國領先投資，支持我們的長期目標市場。除中國外，我們的國際市場繼續保持強勁勢頭，第三季度收入同比增長 11%，排除外幣換算 3% 的影響後增長 14%。這種有意義的增長是我們在各個市場的成功創新和數字化參與的副產品。除中國外，國際門店同比增長 8%，而年初至今，我們的新店中約有 35% 為得來速門店，因此擁有得來速渠道的門店總數約佔總店數的 15%，進一步推動了門店數量的增長。我們有能力創造新場合併為全球新客戶提供服務。

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.

轉移到中國。中國季度表現強勁，第三季度飲料銷量創過去 5 年來最高，這得益於第三季度可比門店銷售額增長 46%，符合我們的預期。比較增長是由強勁的交易推動的，這得益於去年第三季度流動性限制的取消。隨著市場持續復甦，我們對新產品創新、數字能力不斷增強、龍餃節日食品創紀錄的銷售以及新店開張速度加快（每天近 3 家）所推動的需求的一致性感到滿意。

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.

中國的平均每週銷售額環比增長，我們預計這種情況將持續到第四季度，平均每週銷售額增長率為低至中個位數，從而導致本季度的同比增長規模相似。憑藉當前的需求和我們在中國看到的長期機遇，我們將繼續投資於我們的商店、合作夥伴和社區，我們將擁有美國以外最大的烘焙工廠——咖啡創新園，將於今年秋季開業。我們堅定不移的投資促進了我們的健康復蘇和業績，為我們的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.

第三季度國際業務的營業利潤率為 19%，較上年增長了 660 個基點，這主要是由於中國取消上一年的流動性限製而產生的銷售槓桿，部分被數字化和合作夥伴工資的投資以及通貨膨脹所抵消。壓力。

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.

轉向渠道開發。第三季度，該部門的收入同比收縮 6% 至 4.49 億美元，主要由家庭咖啡推動，同時仍以 15.1% 的份額穩居第一。儘管收入疲軟，但由於產品組合的廣度和深度，該部門仍然保持強勁。我們對北美咖啡合作夥伴關係感到特別自豪，該合作夥伴的銷售額和份額增長繼續領先於整個類別。我們的創新繼續使我們脫穎而出，同時以強勁的業績使整個細分市場受益。

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拉克斯曼之前提到的屢獲殊榮的即飲星巴克粉紅飲料和星巴克天堂飲料。在北美咖啡合作夥伴關係的強勁和銷售組合轉變的推動下，該部門第三季度的營業利潤率為 46.3%，比去年同期大幅增長 630 個基點。正如之前所分享的，營業利潤率已恢復到該細分市場 40 多歲左右的正常範圍，這證明了我們強大的合作夥伴關係和多元化投資組合的好處。

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 財年餘額的指導。鑑於我們正處於財年的最後一個季度，對全年業績有了清晰的了解，再加上我們已經建立的勢頭、重塑計劃展開的步伐以及實力在我們的全球投資組合中，我們有信心將全年盈利增長從 11 月份分享的計劃中的 15% 至 20% 增長范圍的低端提高到全年財年 16% 至 17% 的增長2023 年。

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，但我們仍準備調整盈利增長指引，因為它反映了我們品牌在全球的實力以及我們通過重塑計劃建立的長期耐用性。由於這與我們剩餘的指導有關，我們很高興重申對所有其他措施的全年指導。提醒一下，這包括 10% 至 12% 的收入增長、接近 7% 至 9% 高端的全球比較增長以及穩健的利潤率擴張。門店增長、資本支出和稅率指導也與我們之前分享的保持不變。提醒一下，我們預計外幣換算將對 2023 財年的收入和收益分別產生約 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，讓我提供有關第四季度的更多詳細信息。首先，關於國際化。展望今年剩餘時間，我們預計國際部門第四季度的利潤率將同比擴大，但由於季節性因素以及數字和商店裝修投資的加速，將顯著低於第三季度。其次，就中國而言，正如我之前指出的，我們預計中國的平均週銷售額將繼續維持環比增長，導致第四季度平均週銷售額增長為低至中個位數，而同等規模的公司由於市場正在接受政府對客戶的刺激措施和較去年有利的折扣，加上中秋節的時間差異，這些因素都促進了去年的交易增長。

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.

我們繼續預計全年業績將達到低至中個位數，這與我們之前的指導一致，並且新店淨開發量將創歷史新高。最後，由於與渠道開發相關，我們預計第四季度收入壓力將持續，這主要是由家庭咖啡業務推動的，因為客戶行為發生變化，收入預計將與去年基本持平。然而，我們預計，在季節性的推動下，利潤率將繼續高於 40 年代中期的水平，全年業務利潤率將保持在 40 年代中期的強勁水平。

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，以下是我今天討論的主要內容。我們的勢頭如火如荼，我們強大的品牌、成功的產品創新以及全球的財務和運營業績證明了我們的專注和紀律。我們的重塑計劃投資正在展開，並為我們的整個業務帶來切實的回報。由於我們穩健的業績，我們重申了 2023 財年全年指導（包括收入），我們有信心將 2023 財年全年盈利增長提高至 16% 至 17%。最後，我想說謝謝感謝您，感謝我們全球各地的合作夥伴，感謝您每天都在場，並通過積極的善意讓客戶的日子更加美好。因為有你，未來才真正不可限量。

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

這樣，我們將開始問答電話。操作員？

(Operator Instructions) Your first question comes from Jeffrey Bernstein, Barclays.

（操作員說明）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.

偉大的。我有一個問題，然後對拉克斯曼的評論進行了一項澄清。問題僅在於美國的競爭和流量。看起來本季度的流量略有增長，比上季度略有放緩。我認為可以肯定地說，未來幾個季度的菜單定價將會有所放緩，因此平均票價也會有所放緩。因此，隨著競爭放緩以及平均門票可能會放緩，我只是想知道您對明年 7% 至 9% 競爭的當前算法是否有信心。

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?

需要澄清的是，拉克斯曼，我想您提到您將在報告第四財季時更新長期指導。但話雖如此，我認為您確實提到了 10% 至 12% 的長期收入增長和 15% 至 20% 的每股收益增長。那麼，當我們展望未來幾年時，可以肯定地說這些水平是您感到滿意的嗎？或者當您在下季度提供初步指導時，所有事情都已擺在桌面上？

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.

好吧，其中有幾個問題，所以讓我來分解一下。關於第三季度有一個問題。有人問我們對今年剩餘時間的預期。然後是一個關於我之前說過的關於我對實現 10% 至 12% 增長以及 15% 至 20% 盈利增長的多種途徑的信心的問題，我將對此發表評論全部 3.

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.

讓我首先從第三季度開始。正如雷切爾（Rachel）也提到的那樣，第三季度對我們來說是一個非常強勁的季度。這符合我們的預期。我們每個月的比較都是一致的。我們在第二季度跑了一圈，這是 Omicron 的影響，所以我們有 7% 的補償，每個月都非常穩定。第三季度的比較與去年相比為 9%，因此按 2 年計算，比較為 16%。因此，如果你看一下這一點，你會發現這確實是品牌的實力、我們採取的行動和定價，還有雷切爾提到的不斷增長的定制水平和食品附加水平。這就是導致第三季度平均每週銷售額繼續打破記錄的原因。

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.

現在你的問題是關於交易的。第三季度所有時段的交易量均同比增長。客流量低於 2019 年的水平，但由於食品附加費較高，每家商店的銷量高於 2019 年的平均水平。因此，食品的增長以及更多的定制和明智的價格上漲導致了您在本季度看到的創紀錄的每週銷售額。因此，正如我所說，所有時段的交易量都在逐年增長。

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.

我們的門票也大幅增加。定價之間存在某種平衡，這是非常明智的，但也有定制和單位數量的增加。第三季度的送貨銷售額比一年前翻了一番，其中大部分是我們客戶的增量場合。這就是第三季度。

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.

讓我重點介紹一下我們忠實客戶的一些情況，因為這在某種程度上可以讓您感受到品牌的實力。我們的 90 天活躍星享俱樂部會員數量同比增長 400 萬。他們來得更頻繁，買得更多。有趣的是，正如我們所看到的尺寸一樣，我們實際上看到最大尺寸的增長超過了較小尺寸的增長。因此，我們沒有看到客戶群出現降級交易。

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，即卡的餘額，也在連續增長。這就是我們退出第三季度的方式。從今年的餘額來看，我們認為，首先，定價行為的年化將會繼續。與上一年相比，我們沒有任何滯後的重大補償影響。正如您所說，我們確實預計隨著進入最後一個季度，定價趨勢將會放緩，但我們確實預計年底將達到我們設定的 7% 至 9% 增長的預期。

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，就回答你關於長期的問題而言，我在營收和盈利增長方面所看到的情況讓我對我們之前指導的 10% 的目標充滿信心。 12% 的收入增長和 15% 到 20% 的盈利增長，我們有多種途徑可以實現這一目標。因此，這確實表明了業務的彈性、品牌的持久性以及我們看到的多種路徑，無論是在收入增長還是盈利增長方面，我很高興詳細闡述這一點。

Your next question comes from Sharon Zackfia with William Blair.

你的下一個問題來自莎朗·扎克菲亞和威廉·布萊爾。

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.

我很好奇關於每個合作夥伴的工作時間的評論。您能否向我們介紹一下現在的情況以及您希望在美國實現的情況，您認為需要多長時間才能實現這一目標，以及相關的生產力改進是什麼？我認為這與吞吐量相關，但會喜歡一些顏色。

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，我們對在這一領域取得的進展感到非常滿意。我們去年宣布的基礎重塑計劃對於我們現在所看到的改進至關重要。我們在這方面取得了很好的進展。商店環境得到了有意義的改善，我們的生產力也得到了提高。我們的設備部署已步入正軌。我們的高峰比其他時段增長得更快。我們在日程安排和人員配置方面取得了巨大進展。

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，咖啡師的營業額下降了，正如我所說，與去年相比減少了 9%，與第二季度相比減少了 2%。您看到的是投資以及我們正在進行的日程安排改進、經濟主張、我們咖啡師的實得工資同比提高了 20% 的組合，而且我們還會有更多改進。您將看到我們每個月都在做出改進。

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，我們將確保通過更好的人員配置和日程安排來繼續增加平均工作時間，同時也努力滿足他們的偏好，包括我們吸引的許多熱衷於兼職時間表的人。因此，這是我們一周又一周、一月又一月取得的進展，明年還會有更多進展。

Your next question comes from Andrew Charles, TD Cowen.

您的下一個問題來自 TD Cowen 的安德魯·查爾斯 (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.

這是一個關於中國的問題，分為兩部分。貝琳達，我們很難忽視競爭性咖啡店在中國的大量折扣活動，一位競爭對手今天早些時候表示，這種折扣活動將持續數年。我很好奇您是否可以談談星巴克採取的新策略，以幫助保護流量而不降低品牌的優質地位。

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.

然後我的另一個問題是針對 Rachel 或 Laxman 的，但您多次提到了保證金空間。在中國宏觀經濟波動的情況下，如果模型——中國的表現走弱，會產生哪些抵消作用？在第十季度中，我知道您指出北美生產力自第二季度以來連續提高。因此，也許這可能是一個有更多增長空間的領域，或者也許還有另一個我沒有考慮的領域，如果我們看到中國宏觀經濟變得更加不確定，那麼可以在模型中提供一些緩衝。

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?

知道了。我會讓貝琳達回答第一個問題，雷切爾回答第二個問題，然後我會在最後提出一些總結性評論。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.

偉大的。謝謝你的提問，安德魯。首先，我想說的是，我們第三季度的銷售業績沒有受到明顯影響。事實上，我們對第三季度的表現以及我們取得的連續改進感到非常滿意。我們一直並將繼續在折扣投資中保持專注和紀律，以優化和提供增量回報。

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.

在競爭話題上，我們歡迎競爭。他們實際上擴大了咖啡市場並加速了咖啡的採用和消費頻率。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。我們從事人際關係業務。自 24 年前進入中國的第一天起，我們就一直專注於提供優質體驗，這種體驗由我們的咖啡品質以及我們與客戶和合作夥伴建立的情感體驗所定義，這些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.

我們的中國業務戰略性地旨在滿足各種客戶需求和場合，無論是實體的還是數字的、快的還是慢的。 Lex提到的我們所建立的獨特的商業模式和能力給我們帶來了獨特的競爭優勢。因此，我們將加倍加大對產品創新、門店體驗、員工數字化的投資，創造更獨特的優勢，抓住未來中國的無限機遇。謝謝。我們正在打一場持久戰。

Rachel?

雷切爾？

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，我想跟進一下在中國的表現，我們對今天看到的健康利潤率感到鼓舞。即使我們看到更多地轉向數字化，整體利潤率確實較低，但它正在推動更多的收入。沒有比通過銷售槓桿來推動利潤率擴張更好的方法了，所以我們對今天所看到的情況感到鼓舞。

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，該團隊在提高運營效率方面非常明智。因此，中國的利潤機會仍然健康。也就是說，如果我們確實看到未來存在挑戰，我們就會構建我們的指導，以便為我們留出空間，這就是為什麼我們非常有意並在邊緣定性語言方面更具指導性的原因之一，表示今年的利潤率將穩步增長，未來將不斷進步，這將使我們能夠繼續引導業務並繼續在需要的地方進行投資，以便我們能夠實現我們所指導的 15% 至 20% 的盈利增長到。

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.

好吧，讓我以一些觀察作為結束。本季度我在中國市場呆了很長時間。我必須與我們的合作夥伴和商店進行實際合作。我必須花時間研究我們的供應鏈。我必須花時間在我們的支持中心，包括考察領導我們數字化工作的團隊。我必須告訴你，我去中國、研究中國、為中國提供諮詢、與中國開展業務已有20年了。這是一項非常獨特的業務。這是一家充滿愛的企業，我們的合作夥伴所充滿的熱情是非凡的。我印象非常深刻。

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，當你開始關注你擁有的淨空時，正如貝琳達所說，淨空很大。因此，當人們進入市場時，他們實質上是在推動茶向咖啡的轉變，當然，請記住，20 年來，我們一直在這樣做，而且我們的人均飲用量已達到 12 杯。順便說一句，上海的數字明顯更高，但仍然比日本這樣的飲茶國家低得多，日本長期以來一直有咖啡館文化的歷史。所以淨空真的很大。

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.

如果您看看我們對我們的品牌所做的事情，請不要忘記，我們擁有這些 - 我們自豪地為星巴克客戶聯繫點提供服務。此外，我們與康師傅的即飲合作夥伴關係也在顯著發展。我們還可以在家喝咖啡，因此我們的品牌正在通過多個渠道建立。我們在數字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.

通過我們為更加垂直整合供應鏈而進行的投資，它為中國提供了更大的靈活性和更高的生產力。因此，我認為除此之外，你關於生產力的另一個問題，當我看看我所看到的關於我們在商店和商店外的機會時，順便說一下，這貫穿了整個業務，我們有更多的生產力機會，這讓我們對利潤率的逐步提高充滿信心。所以在中國早期，市場將會擴大，我們有更多機會獲得生產力。

Your next question comes from Brian Harbour with Morgan Stanley.

你的下一個問題來自摩根士丹利的布萊恩·哈伯。

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?

我想問的是供應鍊和採購方面的問題。我認為你們在勞工方面已經非常清楚，那裡有什麼機會，你們在做什麼。您能否詳細說明供應鏈方面的情況，以及您認為哪裡機會最多，這如何影響您認為利潤率的走向？

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.

偉大的。我會接受的。當我回顧過去 6 個月左右的時間裡我們所做的工作時，很明顯，我們在商店中進行的投資正在產生您所看到的生產力、效率以及吞吐量我們得到的。但有趣的是，如果你從頭到尾地觀察，我們幾乎到處都有機會，無論是在我們購買什麼、如何購買、如何將產品流向商店、我們為業務提供的服務、技術方面。我們正在進行的投資，我們到處都有機會。

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.

我認為這就是我們將阿瑟·瓦爾迪茲加入團隊的部分原因。舉個例子，上個季度早餐三明治的供應量有所增加。結果你看到的是附加率因此而上升。所以我認為這些只是我們所看到的改進的例子。顯然，如您所知，我們在運費和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.

我們有很大的能力重新思考我們如何做我們所做的事情。因此，我們有機會引入自動化、更好地流動產品、更好地購買，坦率地說，開發一個也能跟上我們現有的規模和增長計劃的供應基地。

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中看到的情況的問題。我想知道隨著時間的推移是否有一個洞察，自 2019 年以來，您的活躍獎勵會員人數增加了 80% 以上。比一年前增加了 15%。您注意到本季度的交易量增長了 1%，與 4 年前相比有所下降。所以看起來頻率可能下降了。也許消費者以不同的方式使用你，合併訂單，當然通過每個訂單包含更多商品來加強檢查。

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.

但從營銷的角度來看，您是否看到了任何解決方案？您可以很好地了解消費者的行為。您擁有超過一半的訂單，您了解您的消費者，並且了解他們在做什麼以及他們來的頻率。因此，我想知道您從消費者方面看到的工具與您一直在談論的一些更具操作性的東西作為釋放增長的方式。

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.

我想，首先讓我澄清一些事情。在你的問題中，我認為你提出了一些關於我們的星巴克獎勵會員的評論。讓我告訴你——讓我來解決這個問題。我們有更多這樣的人，所以我們同比增長了 400 萬。這是 15% 的增長。我們的星享俱樂部會員來得更頻繁。所以他們來的頻率並沒有減少，而是更頻繁了。加入該計劃後他們會購買更多，對吧？正如我所說，他們在進來時也會選擇更大的尺寸。

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.

我們在營銷方面所做的投資以及我們在數字方面所做的事情，特別是它告訴您的是，我們正在進一步加快我們在工作方面帶來創新和變革的步伐。我們有一整套可以帶來的好處。我們正在通過投資提高公司的靈活性，這將幫助我們將公司做得更大、更強。這就是我回答您有關星巴克獎勵會員的問題的方式。這是一個關鍵的增長領域。

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.

您應該注意的另一件事是，當我們擴展它時，我們已經擴展它以連接，這是我們所有的授權商店。我認為我們今天 40% 的授權商店已經聯網，我們看到了我們的授權業務的增長以及由此帶來的結果。最後，我們正在全球範圍內擴展這一點。您會看到我們將其帶給我們的地理合作夥伴星巴克數字解決方案。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.

您會看到您所看到的結果，我們的地理許可合作夥伴正在宣布或正在與我們分享這些結果。我的意思是，非常強勁的結果，星巴克數字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增長。事實上，這就是我們在數字化方面進行大量投資的地方，因為我們認為這不僅是加強我們關係的一種方式，而且也是通過我們在數字化方面所做的事情來推動成果的一種方式。

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。這對我來說是一個重點關注的領域。這是我們圍繞加強和擴展數字化的第二大優先事項的一部分。我將做最後的評論。我們公司內部擁有一項令人驚嘆的能力，稱為“Deep Brew”。這是我們在機器學習和人工智能方面進行投資的地方。我認為，我們有能力成為這方面的先鋒，並儘早採用我們在這一領域所做的事情，此外，考慮到正在發生的所有創新和正在進行的平台重組，這讓我對我們的工作更有信心。做數字。這將是我們的一個關鍵增長領域。

Your next question comes from John Ivankoe with JPMorgan.

您的下一個問題來自摩根大通的約翰·伊万科。

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.

我希望你們能夠解決與 2019 年相比重新增長同店交易的最大機會。我的意思是，我猜，正如你們所看到的更大的機會，無論是在時段還是特定類型的客戶。其次，同店客流量增長了 1%，您是否覺得您正在專門解決高峰時段的吞吐量？換句話說，你所說的星巴克的工廠部分是否設置得當？我的意思是，引擎專門運行，以便您可以實現所有這些高峰時段交易，特別是在移動訂單可能在很短的時間內到達的情況下。

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。讓我首先從你的高峰問題開始。由於我們正在進行的投資，我們的表現肯定比以前更好，但我們仍然有進一步的發展空間。我認為，隨著我們進行更多投資，進一步完善我們對日程安排和人員配置的思考方式，以及如何確保我們商店的流程正確，我們將有能力進一步推進這一點。因此，時段——高峰時段實際上正在增​​長，而且增長得非常好。

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，幾乎所有方面都有機會。如果我看看飲料和飲料創新，就會發現很棒的、強大的創新即將到來，而且還會有更多。如果我看一下時段，我們在下午的時段有機會。我們的星巴克提神飲料是我們應對這一問題的一種方式。

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.

如您所知，我們有——這是一項規模龐大的業務，但它尚未完全滿足我們下午可以做的全部需求。如果我看一下食品附加值，它處於我們所擁有的最高水平，但我們有能力繼續提升和創新食品，以便我們進一步抓住那裡的機會。正如我所說，交付是一個機會，但現在還處於早期階段。我的意思是我們還建立了一條 10 億美元的支線。這只是美國。如果我也看看中國，它正在飛速增長。因此，在交付方面我們也有優勢。

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，在美國的淨商店增長方面，我們實際上有機會。我們也有真正的空間，可以將我們的商店定位在我們看到客戶增長、較小的城鎮、不同地區的地方，而且我們顯然正在尋找不僅是我們自己的商店，還有授權商店。約翰，當我考慮增長以及我們可以獲得的東西時，這是一個非常豐富的領域，而這只是北美。

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?

偉大的。我只是想回到北美的營業利潤率。您能否讓我們了解北美運營利潤率未來的一些驅動因素（也許按數量級排列）？如果沒有的話，您是否認為有可能回到超過大流行前的水平？然後我想，在這之中，你是否覺得現在的免下車服務組合可能比大流行前的情況更重？這是否有助於將營業利潤率推回到大流行前的水平？

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.

這是雷切爾。感謝你的提問。我們對北美地區的營收和利潤表現感到鼓舞。今年迄今為止，在北美，我們的利潤率約為 19.9%，擴張約 40 個基點，這是由銷售槓桿、定價以及生產力中體現的重塑計劃帶來的好處共同推動的，這有助於抵消我們所做的一些投資。隨著重塑的好處不斷放大，我們看到了長期繼續擴大利潤率的機會。

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，重塑確實是我們利潤擴張機會的重要驅動力。通過重塑，我們正在釋放能力來滿足需求，從而提高銷售槓桿。除此之外，我們還在業務中間創造效率和彈性，這也支持利潤率擴張。

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，我更多地關注我們今天在重塑方面已經取得的進展，以及我們期望未來看到的進展。這使我們今年公司層面的利潤率實現穩健增長，並在未來逐步實現利潤率增長，當然，這在很大程度上將由北美推動。

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。我認為我們已經到了最重要的時刻，但網上還有一些問題。因此，我們將回顧並回答這些問題。

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.

一個問題，然後可能是一個澄清點。我知道，Rachel，您談到了全年同店銷售指南的高端 7% 至 9%。但正在發生很多事情，也許在中國仍然有一些重新開放的順風車。當然，我想在過去，您也談到過即使是在其他旅行較多的市場。因此，處於該範圍的高端，我想我正在嘗試考慮可持續性，特別是就美國上半年而言 - 看起來它將大大高於下半年。因此，我想確保我理解您對正在進行的比較的看法。

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，你提到了單位增長。我認為在過去，當星巴克加速單位增長時，有時會遇到客流量放緩的情況，最終需要對商店基礎進行合理化或重置。這次有哪些措施需要改變，以確保單位增長不會與現有商店的持續客流量增長發生衝突？

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，薩拉。我將回答關於比較的第一個問題。當我們查看與補償相關的年度餘額時，我們只是預計業務勢頭將持續下去。因此，當您考慮本季度在北美的情況時，我們對公司的增長是交易增長的結合這一事實感到鼓舞。因此，我們看到每個交易日的交易量都高於去年同期。而且還加上了高價門票。這不僅是戰略定價的結合，也是增加定制和記錄附加的平衡貢獻的結合。

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.

這推動了本季度的強勁增長，我想說，從收入的角度來看，從收入的角度來看，我們擁有廣泛的基本面。我們預計這種勢頭將繼續下去，當我們審視今年的餘額和全年的情況時，這種勢頭將繼續下去。因此，這將繼續通過創新、我們的數字客戶獎勵會員的持續增長以及我們在便利性方面不斷增強的能力（包括數字領域的增長）來推動。因此，我們將所有這些視為有助於支持我們全年指導的 7% 至 9% 的補償範圍的跡象。

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，當你考慮北美以外的地區時，我們會說我們預計中國的複蘇將持續下去，這是通過我圍繞全年低至中個位數的補償以及貢獻提供的指導而實現的來自國際和我們所看到的勢頭。因此，我們認為，從整體上看，我們看到的勢頭、中國的複蘇，加上我們在北美看到的強勁表現，使我們有信心能夠維持 7% 至 9% 的比較範圍以北美全年為基礎，然後以整個公司的範圍高端為基礎。

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.

薩拉，對於你關於我們商店網絡以及我們如何看待它的問題，我並不擔心。我的意思是，我認為您通常會考慮的商店數量非常少，我們會在正常業務過程中考慮這些商店，並說我們可能會對它們提出挑戰。但裡面沒有什麼讓我擔心的。從淨商店增長的角度來看，我更多地關注的是我們必須進一步增強我們在許多滲透率不足的市場中的存在的機會，但也在我們的一些核心市場、多種業態中有所暴露。我認為我們之前已經將其稱為目的驅動的格式，即我們可以將什麼引入市場以滿足客戶的各種需求。

Your next question comes from Joshua Long with Stephens.

你的下一個問題來自約書亞·朗和斯蒂芬斯。

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.

在您準備的評論中，您多次提到了渠道開發中家庭咖啡渠道需求正常化的一些內容。所以只是好奇你是否可以稍微解壓一下。我只是好奇你是否看到這方面的投資組合發生變化，或者當我們回到辦公室時，這是否是一種持續的回歸零售實體的轉變。或者另外，您可以在那裡提供任何類型的評論，說明您如何應對這一問題並隨著轉變的繼續展開而獲得份額。

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.

正確的。我們在戶外咖啡方面佔有很大的份額。我認為我們並列第一，所以我們對此感覺很好。與此同時，您在客戶身上看到的是客戶變得更加忙碌。你會看到的是，如果你停止尋找我們擁有產品的渠道，就像我們與北美咖啡合作夥伴一樣，或者坦率地說，我們的商店或我們的授權商店，我們顯然會從客戶那裡獲得更多收益-去。所以你會看到一些轉變正在發生。但在家咖啡方面，我們的股價非常強勁。

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，我們看到了投資組合的平衡。因此，令我們感到鼓舞的事情之一是，雖然我們看到消費者行為發生了一些變化，但我們看到國內和國際即飲飲料的數量有所增加。這有助於支持我們在本季度看到的利潤率擴張以及我們全年指導的 40 年代中期的利潤率。所以我想說，在這種情況下，多元化投資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達尼洛·加吉烏洛（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?

只是關於美國海妖系統的問題。目前有多少家商店擁有警報器系統？這個數字符合您的內部預期嗎？最初的推出暗示著生產率的什麼樣的提升？

Rachel?

雷切爾？

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。從警報系統的角度來看，我們今天正處於測試階段。我們有望在明年新店裝修的同時推出新產品。明年，我們預計只有不到 10% 的商店將配備 Siren 系統，到 2026 年，這一比例將達到約 40%。因此，我們對所看到的進展感到鼓舞，我們看到良好的結果，我們確實預計這將有助於未來利潤率的擴大。

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.

我想說，這將是我們正在進行的眾多設備投資以及我們在商店內的人員配置和調度以及團隊整體卓越運營重點方面進行的投資之一。北美所有這些因素的結合將帶來更加穩定的生產環境，這將有助於推動未來利潤率的擴張。因此，我們對今天所看到的情況感到鼓舞，並期待著進一步推出。

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.

我要補充的一件事是我們的設備創新渠道非常強大。我們管理投資組合、管理渠道的方式非常強大。如果你看看我們圍繞便攜式冷泡沫攪拌機等投資做出的一些承諾，就其到達我們所有商店的方式而言，這是我們歷史上最快的推出之一。

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.

因此，當我們準備好它們時，當我們進行裝修時，當我們自動內置新商店時，他們實際上正在獲得警報器系統。我對我們管理該領域投資組合的方式感到非常滿意。

Your next question comes from David Tarantino with Baird.

你的下一個問題來自大衛·塔倫蒂諾和貝爾德。

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.

我對與長期目標相關的評論有一個後續問題。我知道我們將在 11 月份獲得更多相關細節。但我認為評論是，你有多種途徑來實現收入和盈利目標。我想重點關注其中的收入部分。

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.

我想如果你繼續以單位增長的速度增長，我認為你需要維持你之前給出的公司前景以獲得收入指導，除非我遺漏了一些東西。所以我想問題是，你是否表示單位增長元素可能會改變，補償元素可能會改變，但你仍然可以到達那裡？我想也許這方面的任何澄清都會有所幫助。

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.

偉大的。讓我把這一點放在最上面。首先，星巴克是一個標誌性品牌，具有非常強的號召力和持久力。如果只看去年，我們品牌的親和力是不是增強了？該品牌涵蓋了跨消費者群體、跨地域、跨場合。因此，對於您最重要的問題，我們的商店的顧客數量創下歷史新高。但即使中國正在復蘇，全球許多市場也存在這種情況。

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、食品和設備方面擁有強大的創新渠道，而且世界各地還有更多的機會，可能有不同的形式，正如我之前提到的，包括時段和重點關注時段以及我們如何帶來更多創新，特別是在時段方面，以及送貨等新業務模式。我們建立了這條價值數十億美元的支線，現在才開始在運營上重新關注這一點，並說明我們如何確保我們繼續以真正有幫助的運營模式支持這種交付。

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，我們在數字化以及人工智能和機器學習方面擁有出色的能力，我們只是在如何通過數字化加強和擴展方面更加敏捷地釋放這些能力。不僅是我們的門店，Connect 門店以及世界各地的星巴克數字解決方案也是如此。我們有強大的定價能力。當我們進行這些投資時，我們將在收入管理方面變得更好，建立在管理組合、管理規模和管理定制方面已經完成的出色工作的基礎上。

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.

我們的大堂為我們的成長提供了進一步的機會。所以我認為就這一點而言，存在著真正的機會。就商店淨增長而言，正如我之前提到的，我們在美國和國際上的新商店建設方面確實有更多的空間。我們的中國數字是獲得更大滲透率的里程碑。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.

我們擁有一系列的格式，不僅可以提供第三地體驗，還可以以全渠道方式提供由數字技術支持的體驗便利。所以我看看它的品牌，我看看它的消費者吸引力，我看看它的耐用性，我看看它的強度，我看看它的範圍，我感覺非常好，我們將實現 10% 的收入增長12%，順便說一句，隨著時間的推移，盈利增長 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 Zack Fadem。

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?

因此，要跟進長期算法。如果您的比較由於某種原因放緩至中個位數水平，您是否會說您的 15% 到 20% 的每股收益仍然存在？如果是這樣，您能否談談哪些保證金和其他槓桿可以讓您保持信心？

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.

謝謝你的提問。正如我之前所說，我們在工作中看到了顯著的利潤改善機會，這將提高生產力。我們稍後將設置適當的細節。但我可以告訴你這一點，當我審視我們在商店中進行的投資時，但重要的是，我們對商店的看法是，我們有機會。所以我對15%到20%的盈利增長感覺非常好。

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

這是我們最後一個問題。現在我將把電話轉交給拉克斯曼·納拉西姆漢 (Laxman Narasimhan) 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.

感謝大家參加我們的 2023 年第三季度財報電話會議。我對此深表謝意，並期待在 11 月與大家見面。在那之前，謝謝你。

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

今天的會議到此結束。所有各方都可以斷開連接。祝您度過一個美好的夜晚。