星巴克 (SBUX) 2023 Q4 法說會逐字稿

Hello. My name is Kevin, and I'll be your conference operator today. I'd like to welcome everyone to Starbucks' Fourth Quarter and Full Fiscal Year 2023 Conference Call. (Operator Instructions)

大家好。我叫凱文，今天我將擔任你們的電話會議主持人。歡迎大家參加星巴克2023財年第四季及全年電話會議。 （接線生指示）

I will now turn the call over to Tiffany Willis, Vice President, 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, Kevin. And good morning, everyone, and thank you for joining us today to discuss Starbucks' Fourth Quarter and full fiscal year 2023 Results. Today's discussion will be led by Laxman Narasimhan, Chief Executive Officer; and Rachel Ruggeri, Executive Vice President and Chief Financial Officer.

謝謝凱文。大家早安，感謝大家今天加入我們，共同探討星巴克2023財年第四季及全年業績。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。

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 fourth quarter and full 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. For non-GAAP financial measures mentioned in today's call, please refer to the earnings release on our website at investor.starbucks.com to find reconciliations of those non-GAAP measures to their corresponding GAAP measures.

2023財年第四季及全年及同期的GAAP業績包含多項與策略行動相關的項目，包括重組和減損費用、交易和整合成本以及其他項目。這些項目不包含在非GAAP業績中。除非另有說明或沒有與該指標相關的非GAAP調整，否則今日電話會議中引用的所有數據均基於非GAAP。有關今日電話會議中提及的非GAAP財務指標，請參閱我們網站investor.starbucks.com上的財報，其中提供了這些非GAAP指標與其對應GAAP指標的對帳表。

This conference call is being webcast, and an archive of this webcast will be available on our website through Friday, December 1, 2023. Also for calendar planning purposes, please note that our first quarter fiscal year 2024 earnings conference call has been tentatively scheduled for Tuesday, January 30, 2024.

本次電話會議將進行網路直播，網路直播的存檔將於 2023 年 12 月 1 日星期五之前在我們的網站上提供。另外，出於日曆規劃的目的，請注意，我們 2024 財年第一季財報電話會議暫定於 2024 年 1 月 30 日星期二舉行。

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. Good morning, everyone. Welcome to Starbucks' Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. Thank you in advance to those who will join us this afternoon where we will share an update on our long-term strategies and celebrate the launch of holiday at Starbucks.

謝謝，蒂芙尼。大家早安。歡迎參加星巴克2023財年第四季及全年業績電話會議。先感謝各位今天下午的到來，我們將分享我們長期策略的最新進展，並慶祝星巴克假期季節的到來。

Before we get started this morning, I'd like to express my deepest gratitude to our Starbucks partners around the world for a very successful fiscal year 2023. I've learned through connecting with so many of you how our reinvention plan has continued to be well executed, giving us great momentum in this early stage of our transformation at Starbucks. I have discovered how our brand is uniquely delivered in our stores and digitally through our extraordinary partners and the tremendous headroom we see for our global business.

在今天早上開始之前，我想對我們遍布全球的星巴克夥伴們表達最深切的謝意，感謝你們在2023財年取得了巨大的成功。透過與你們的交流，我了解到我們的重塑計劃如何持續有效地執行，這為我們在星巴克轉型的早期階段提供了巨大的動力。我還發現了我們品牌如何透過我們傑出的夥伴們在門市和數位管道中以獨特的方式呈現，以及我們在全球業務中看到的巨大發展空間。

Turning now to our business performance. Rachel and I will share details of our strong results delivered in the fourth quarter and fiscal year 2023, and we will also share our confidence in the company's long-term opportunity with guidance for fiscal year 2024. What you will take away from this call today is that we have great momentum, fueled largely by our reinvention plan. We are seeing the work pay off through improved partner and customer experiences, as well as captured improvements in efficiency and margin. We believe this bodes well for this next year and for years beyond.

現在談談我們的業務表現。 Rachel 和我將分享我們在第四季和 2023 財年的強勁業績，我們也將分享我們對公司長期機會的信心，並展望 2024 財年的業績指引。今天電話會議中，各位將了解到，我們擁有強勁的發展勢頭，這主要得益於我們的重塑計劃。我們看到，透過改善合作夥伴和客戶體驗，以及提高效率和利潤率，這些努力正在獲得回報。我們相信，這對明年乃至未來幾年來說都是一個好的開始。

To deliver our long-term sustainable growth, we are focused on 5 areas. You will hear more on what we call our Triple Shot reinvention and our continued momentum this afternoon. The discussion will provide a more detailed outlook on our 3 core and 2 enabling priority areas. First, we will elevate the brand through our stores. Second, we will strengthen and scale in digital. Third, we will become truly global. Fourth, we will unlock efficiencies, including outside the store. Finally, we will reinvigorate the partner culture at Starbucks.

為了實現長期可持續成長，我們專注於五個領域。今天下午，您將聽到更多關於我們所謂的「三重濃縮」重塑以及我們持續發展勢頭的信息。討論將更詳細地展望我們的三個核心領域和兩個賦能重點領域。首先，我們將透過門市提升品牌形象。其次，我們將加強並擴大數位化規模。第三，我們將真正實現全球化。第四，我們將釋放效率，包括門市以外的效率。最後，我們將重振星巴克的夥伴文化。

In the fourth quarter, our total company revenue reached a record $9.4 billion, representing an 11% increase year-over-year. Full year revenue reached a record of $36 billion, representing 12% growth year-over-year for fiscal 2023 or 14% when excluding the 2% impact of foreign currency translation, aligning our revenue growth at the high end of our guidance range. Equally impressive, our global comparable store sales increased 8% year-over-year, both for the quarter and the fiscal year 2023, driven by a healthy mix of ticket and transaction growth.

第四季度，我們公司總營收達到創紀錄的94億美元，年增11%。全年營收達到創紀錄的360億美元，年增12%，扣除2%的外匯折算影響後，年增14%，這使得我們的營收成長處於我們預期區間的高端。同樣令人印象深刻的是，受客單價和交易量健康成長的推動，我們本季和2023財年的全球同店銷售額均較去年同期成長8%。

We grew earnings per share by 31% to $1.06 for the quarter and by $0.20 to $3.54 for the fiscal year, again, aligning to the top end of our guidance range. Importantly, we grew margin by 310 basis points for the fourth quarter and 100 basis points on a full year basis. And we did all this while growing our global store count to over 38,000, in line with our store growth guidance of 7% in fiscal year 2023.

本季每股收益成長31%，達到1.06美元，全年每股收益成長0.20美元，達到3.54美元，再次達到我們預期範圍的上限。重要的是，第四季利潤率成長了310個基點，全年利潤率成長了100個基點。同時，我們的全球門市數量已增至3.8萬家以上，符合我們2023財年7%的門市成長預期。

Demand for Starbucks remains strong around the world. Here in the U.S., our largest market, we saw momentum sustain throughout the quarter. Revenue for the quarter was up a record 12%, underpinned by 8% comps. We had a remarkable fall launch that led to record-breaking average weekly sales. Our 90-day active Starbucks Rewards members reached a new record this quarter of nearly 33 million 90-day active members, and setting records in spend per member and total member spend.

全球市場對星巴克的需求依然強勁。在我們最大的市場美國，我們整個季度都保持了強勁成長勢頭。本季營收創紀錄地成長了12%，其中可比價格成長了8%。我們秋季新品發表會的精彩表現，帶來了創紀錄的周均銷售額。本季度，星巴克90天活躍會員數創下新高，接近3,300萬，會員人均消費和會員總消費均創下新高。

Customers remain loyal to their favorite fall menu classics that have stood the test of time, including the Pumpkin Spice Latte, which celebrated its 20th anniversary. In addition to very strong performance in our core offerings, we also have strong performance with new offerings, including our Apple-inspired beverages and food items. The results from the quarter, including the dynamic ways we are driving ticket growth, give us great confidence in our menu innovation on both an individual product and overall portfolio level.

顧客依然忠於他們鍾愛的秋季菜單經典菜餚，這些菜餚經受住了時間的考驗，包括剛剛迎來20週年的南瓜香料拿鐵。除了核心產品表現強勁外，我們的新產品也同樣表現不俗，包括我們受蘋果啟發的飲料和食品。本季的業績，包括我們推動客單價成長的正面方式，讓我們對菜單創新充滿信心，無論是在單一產品層面還是在整體產品組合層面。

We have proven that complementary yet competing products and flavors can successfully coexist, such as Pumpkin and Apple, with the right menu innovation, marketing mix and strategic pricing strategies. As customer demands have evolved, we've delivered more beverages, food and personalization and customization across existing and new formats to meet their expectations and grow the business. Our continued investments in our partners, equipment, supply chain and technology are paying off, evidenced by a margin expansion across North America to 23.2% this past quarter.

我們已經證明，互補又相互競爭的產品和口味（例如南瓜和蘋果口味）能夠透過合理的菜單創新、行銷組合和策略性定價策略成功共存。隨著客戶需求的不斷變化，我們透過現有和新的產品形式，提供更多飲料、食品以及個人化客製化服務，以滿足客戶的期望並促進業務成長。我們對合作夥伴、設備、供應鏈和技術的持續投資正在獲得回報，上一季北美地區的利潤率成長至23.2%。

Timed with our busiest cold foam promotion of the year, the recent rollout of our new portable cold foamers to all U.S. company-operated stores, enhanced productivity in the fourth quarter. and lessened the strain on our partners, while continuing to meet the high cold beverage demand. In support of the continued growth in cold beverages, we delivered over 550 new nugget ice machines and remained on track with installation prioritized for our most ice-constrained stores in fiscal year 2024.

正值我們今年最繁忙的冷泡促銷活動之際，我們最近向所有美國公司直營門市推出了新款便攜式冷泡機，這不僅提升了第四季度的生產力，也減輕了合作夥伴的壓力，同時繼續滿足了市場對冷飲的旺盛需求。為了支持冷飲的持續成長，我們交付了超過550台新的塊冰機，並繼續按計畫在2024財年優先為冰量最緊張的門市安裝。

Clover Vertica, our on-demand single-cup brewer, is now installed in over 600 of our stores across the U.S., and we continue the on-schedule rollout of the Siren System cold and food stations, prioritizing new stores and renovation locations. Our portfolio and pipeline management of new equipment design and rollout plans are robust and enabled us to deliver our results.

我們的按需單杯咖啡機 Clover Vertica 現已安裝在我們遍布全美的 600 多家門市。我們將繼續按計劃推出 Siren System 冷飲站和食品站，並優先考慮新店和翻新門市。我們強大的新設備設計和推廣計劃組合及通路管理能力，使我們能夠達成目標。

We have created a more stable environment in our stores. Hours per partner increased in the quarter by 5% as we continue finding schedules that fit our partners' and customers' needs. Turnover was down in the fourth quarter by 10%, while Barista tenure increased by 16% for the quarter. Customer connection scores also improved in the quarter relative to this time last year. We did all of this by investing over 20% of this year's profits back into our partners and stores through wages, training, equipment and new store growth. All this is further evidence that our strategy is working.

我們在門市營造了更穩定的環境。隨著我們不斷調整工作時間，每位合作夥伴的工作時長在本季增加了5%。第四季員工流失率下降了10%，而咖啡師的任期在本季增加了16%。與去年同期相比，本季的客戶關係評分也有所提升。所有這些，都是透過將今年超過20%的利潤，透過薪資、培訓、設備和新店擴張等方式，重新投資於我們的合作夥伴和門市來實現的。所有這些都進一步證明了我們的策略正在奏效。

Turning to International. In the fourth quarter, we saw record store growth of nearly 600 stores across the segment, with International store count remaining higher than that of the U.S. We also experienced record double-digit revenue growth internationally in the quarter with continued growth across every key market around the world. Our comparable same-store sales in our company-operated markets for both the U.K. and Japan remained well above historical averages in fiscal year 2023, with growth attributed to higher profitability and higher productivity store formats, as well as elevated digital and partner experiences.

展望國際市場。第四季度，我們在整個國際市場新增門市近600家，創下紀錄，國際門市數量仍高於美國本土。本季度，我們的國際業務收入也實現了創紀錄的兩位數成長，全球各主要市場均保持成長。 2023財年，我們在英國和日本等公司自營市場的同店銷售額仍遠高於歷史平均水平，這得益於更高的盈利能力和更高的生產效率，以及更佳的數位化和合作夥伴體驗。

We saw strong customer demand for our beverage and food offerings around the world with record global demand for our pumpkin platform. And in our international license markets, Starbucks Rewards programs grew by 4 million 90-day active members, now contributing to 30% of total sales, up 9 percentage points in just 1 year, driven by the growth for Starbucks Digital Solutions. Supported by our strong brand globally, outside of China, our International segment is well ahead of the growth pace we indicated at last year's Investor Day, with focused growth in our company-operated markets and motivated business partners powering our licensed stores.

我們看到全球消費者對我們飲料和食品的需求強勁，其中南瓜平台的全球需求創下新高。在我們的國際授權市場，星巴克獎勵計畫的90天活躍會員數量增加了400萬，目前佔總銷售額的30%，在星巴克數位解決方案成長的推動下，僅一年就提升了9個百分點。在我們全球（除中國外）強大品牌的支持下，我們的國際業務成長速度遠超我們在去年投資者日所預測的水平，這得益於我們專注於自營市場的成長，以及積極進取的業務合作夥伴為我們的授權門市提供支持。

Turning to China. We were pleased with our performance in the quarter. delivering revenue growth of 8% from the prior year or up 15% when excluding approximately 6% impact of foreign currency translation. This is further supported by a comp of 5% squarely in line with our expectations. Full year revenue grew to $3 billion, up 3% from the prior year or up 11% excluding approximately 8% impact foreign currency translation with comp of 2%. Our performance in China improved sequentially quarter-over-quarter, with revenue in the second half of the year 20% higher than the first half, reflecting our growth momentum. These results underscore the strength of beverage and food offerings, the success of our market strategies and the powerful execution unleashed by our partners in China as we capture the abundant opportunities in front of us.

談到中國市場。我們對本季的業績感到滿意。營收年增8%，若剔除約6%的外匯折算影響，則成長15%。此外，5%的年增幅也完全符合我們的預期，進一步鞏固了這一成長動能。全年營收成長至30億美元，年增3%，若剔除約8%的外匯折算影響，則成長11%，年增幅為2%。我們在中國市場的業績環比有所提升，下半年營收環比上半年成長20%，反映了我們的成長動能。這些業績凸顯了我們飲料和食品產品的強勁表現、我們市場策略的成功以及中國合作夥伴在我們抓住面前眾多機遇時所展現出的強大執行力。

We continue to see strength from coffee-forward innovations, delighting our customers with locally relevant product innovation like the [Moose Espresso] and the smaller-sized Intenso range, a first in the world. We're also seeing higher food sales with tremendous headroom in this area, driving both transaction and ticket opportunities.

我們持續見證咖啡創新的強勁成長，憑藉在地化的產品創新，例如Moose Espresso和全球首創的小杯Intenso系列，我們為顧客帶來了驚喜。此外，食品類產品的銷售額也在成長，且該領域擁有龐大的發展空間，這將推動交易和票務銷售機會的提升。

In Q4, we saw continued momentum across the omnichannel experiences of Starbucks in China with strength in store through Mobile Order & Pay, Mobile Order Delivery, E-commerce and in channels. China now has over 21 million active loyalty members, representing 22% year-over-year growth, with many members skewing younger to build our next generation of customers. In the quarter, we opened a record 326 net new purpose-driven stores in China, reaching 13% net new store growth over the prior year to over 6,800 stores at the end of fiscal year 2023. The outstanding financial returns of new stores give us confidence we will reach our goal of 9,000 stores by 2025, opening nearly 1,000 net new stores every year.

第四季度，我們看到星巴克在中國的全通路體驗持續成長，透過行動點餐支付、行動點餐配送、電商平台以及實體通路，在門市層級均表現強勁。目前，中國活躍會員超過2,100萬，年成長22%，其中許多會員更加年輕，他們正在成為我們下一代顧客的後盾。本季度，我們在中國淨增開設了326家目標門店，創下新高，淨增門市數量較上年同期增長13%，截至2023財年末，門市數量超過6800家。新店的優秀財務回報讓我們充滿信心，到2025年，我們將實現9,000家門市的目標，每年淨增近1,000家門市。

Finally, the September opening of the China Coffee Innovation Park, designed to be our most energy-efficient and sustainable coffee manufacturing and distribution center in the world, further signal our commitment to the largest consumer market in the world and the growth of our business in China for China. We look forward to sharing more on the headroom we see in China later today.

最後，我們即將於九月啟用的中國咖啡創新園區，旨在打造我們全球最節能、最永續的咖啡生產和配送中心，這進一步彰顯了我們對全球最大消費市場的承諾，以及我們在中國業務的成長潛力。我們期待今天稍後分享更多關於我們在中國市場的發展潛力。

The momentum against the backdrop of headwinds in China this past year give us optimism in our position and affirm our distinctive competitive advantages for our business. These advantages include our uplifting partners, including our China leadership team, our distinctive stores, our vertically integrated and highly digitized efficient operations, and our relevant innovation. We will maintain our leading position in the premium market as we continue to grow in scale across our current portfolio and through new tiers of cities in this growing market of coffee drinkers.

過去一年，儘管中國市場面臨許多挑戰，但強勁的成長勢頭讓我們對自身發展充滿信心，並鞏固了我們獨特的競爭優勢。這些優勢包括我們充滿活力的合作夥伴（包括我們的中國領導團隊）、我們獨特的門市、我們垂直整合、高度數位化的高效運營，以及我們相關的創新。我們將持續擴大現有產品組合的規模，並進入這個日益壯大的咖啡消費市場，拓展新一線城市，從而保持我們在高端市場的領先地位。

Finally, our channel business continues to elevate the Starbucks brand around the world at home and on the go, creating Starbucks moments for consumers outside of our retail stores. We're the #1 ready-to-drink brand around the world. Notably, in the fourth quarter, we celebrated our 5-year partnership with the Global Coffee Alliance with Nestle. This Nestle relationship, which includes We Proudly Serve food service locations as well as additional partnerships, such as our North America channel partnership with PepsiCo and international partners like Tingyi and Arla have helped us grow our customer touch points, and is now in nearly 90 markets around the world.

最後，我們的通路業務持續提升星巴克品牌在全球居家和旅遊領域的影響力，為門市外的消費者創造星巴克時刻。我們是全球排名第一的即飲咖啡品牌。值得一提的是，在第四季度，我們慶祝了與雀巢全球咖啡聯盟合作五週年。這項與雀巢的合作，包括「我們自豪地服務」餐飲服務點以及其他合作夥伴關係，例如與百事可樂的北美通路合作以及康師傅和Arla等國際合作夥伴，這些合作幫助我們拓展了客戶接觸點，目前已覆蓋全球近90個市場。

For fiscal year 2023, we saw notable growth in our leading channel market position as well as accretive brand equity as we continue to be recognized for our innovation. Some notable accolades include awards in China Ready-to-drink, Select. In the Europe, Middle East, Africa Multiserve business as well as achieving 1 billion in servings in Korea and selling out of Grab & Go in Japan.

2023財年，我們領先的通路市場地位顯著提升，品牌資產也不斷成長，因為我們的創新能力持續獲得認可。我們榮獲的獎項包括中國即飲、精選系列、歐洲、中東和非洲多杯裝業務，以及韓國10億份的銷售量和日本Grab & Go產品銷售一空。

In closing, while navigating an environment of unprecedented volatility throughout fiscal year 2023, we finished our fourth quarter and full year strong delivering on our guidance. Our reinvention is moving ahead of schedule, fueling revenue growth, efficiency and margin expansion. Notably, we continue to see the positive impact of our reinvention on our partner and customer experiences, proof points that we can continue to innovate, grow and strengthen our business while creating value for all.

最後，儘管2023財年經歷了前所未有的動盪，我們仍然在第四季和全年取得了強勁的業績，並實現了預期目標。我們的業務重塑計畫正在提前推進，推動營收成長、效率提升和利潤率提升。值得注意的是，我們持續看到業務重塑對合作夥伴和客戶體驗的正面影響，這證明我們能夠繼續創新、發展和壯大業務，同時為所有人創造價值。

Looking ahead, we remain fully optimistic about our headroom across the U.S. and internationally, and we see limitless possibilities across all areas of the business. While the global business environment remains uncertain, we are confident in our ability to adapt and innovate to meet evolving consumer needs. We will continue to invest in our partners to expand upon our reinvention and to deliver on our sustainability and social impact initiatives, all while driving long-term growth.

展望未來，我們對公司在美國和國際市場的發展空間充滿信心，並看到所有業務領域都蘊藏著無限可能。儘管全球商業環境依然充滿不確定性，但我們對自己適應和創新的能力充滿信心，能夠滿足不斷變化的消費者需求。我們將繼續投資於合作夥伴，以進一步深化我們的重塑，並落實我們的永續發展和社會影響力計劃，同時推動長期成長。

We feel very good about the business momentum for next year, the continued strength of the brand and the opportunity for growth in the years ahead. I look forward to sharing greater detail around these strategies for growth with you later this afternoon. Our performance this past year and the plans ahead give us great confidence in the multiple paths we have in front of us to achieve our long-term results.

我們對明年的業務發展動能、品牌的持續實力以及未來幾年的成長機會充滿信心。我期待今天下午稍晚與大家分享更多有關這些成長策略的細節。過去一年的業績以及未來的計劃讓我們對實現長期業績的多種途徑充滿信心。

I will now hand the call over to Rachel to walk you through further details of the fourth quarter and fiscal year 2023 results, as well as our fiscal year 2024 guidance.

現在，我將把電話交給 Rachel，讓她向您詳細介紹 2023 財年第四季和全年業績以及 2024 財年的預期。

Thank you all for joining us this morning, and we look forward to seeing you this afternoon. Rachel?

感謝大家今天早上加入我們，我們期待今天下午見到你們。 Rachel？

Thank you, Laxman, and good morning, everyone. I'm very pleased to discuss our strong Q4 and full fiscal year 2023 performance, which delivered on our full year guidance shared at the 2022 Investor Day. Our fiscal year 2023 double-digit earnings growth was a direct result of both double-digit revenue growth and margin expansion, as our focused and disciplined execution of our reinvention delivered tangible financial results. Our Q4 consolidated revenue reached a record $9.4 billion, up 9% from the prior year or up 12% when excluding a 1% impact of foreign currency translation. As Laxman mentioned, the U.S. business delivered strong performance with record breaking average weekly sales from an overwhelmingly successful fall launch, and our International business was also strong, with China performing in line with our expectations. Combined, this resulted in our consolidated comparable store sales growth of 8% and net new company-operated store growth of 7% globally over the prior year, as well as sustained momentum in our global licensed markets.

謝謝拉克斯曼，大家早安。我很高興與大家分享我們2023財年第四季和全年的強勁業績，這符合我們在2022年投資者日分享的全年業績指引。我們在2023財年實現兩位數獲利成長，這直接得益於兩位數的營收成長和利潤率的提升，這得益於我們專注且嚴謹的重塑策略，並取得了切實的財務成果。第四季合併營收達到創紀錄的94億美元，年增9%，扣除1%的外幣折算影響後成長12%。正如拉克斯曼所提到的，美國業務表現強勁，秋季新品發布會取得了巨大成功，創下了周均銷售額的新高；我們的國際業務也表現強勁，其中中國市場的表現符合我們的預期。綜合來看，我們的合併同店銷售額年增8%，全球新增自營店淨額年增7%，同時我們在全球授權市場的動能也維持了持續成長。

Q4 consolidated operating margin expanded 310 basis points from the prior year to 18.2%, exceeding our expectations, primarily driven by increased efficiency throughout our U.S. stores as our strong execution on reinvention amplified results even greater than we anticipated, coupled with sales leverage and pricing.

第四季綜合營業利潤率較上年擴大 310 個基點至 18.2%，超出我們的預期，主要由於我們在美國門市的效率提高，因為我們在重塑方面的強有力執行使業績超出了我們的預期，再加上銷售槓桿和定價。

Margin expansion continued to be partially offset by our investments in store partners as well as higher G&A costs in support of reinvention. Q4 EPS was $1.06, up 31% from the prior year, driven by strong performance across our segments, especially the U.S., as its results were bolstered by the amplified success of our reinvention. For fiscal year 2023, our consolidated revenue reached a record $36 billion, up 12% from the prior year or up 14% when excluding approximately 2 percentage impact of foreign currency translation.

利潤率的成長繼續被我們對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部分抵消。第四季每股收益為1.06美元，較上年增長31%，這得益於我們各部門（尤其是美國部門）的強勁表現，而重塑業務的成功進一步增強了美國部門的業績。 2023財年，我們的合併營收達到創紀錄的360億美元，較上年增長12%，若剔除約2%的外匯折算影響，則增長14%。

Consistent with our guidance, our revenue growth included 8% comparable store growth and 7% net new company-operated store growth over prior year, as well as ongoing contributions from our global licensed store businesses. Our fiscal year 2023 consolidated operating margin was 16.1%, up 100 basis points versus prior year, And EPS of $3.54, was up 20% over prior year. above our recent guidance of 16% to 17%.

與我們的預期一致，我們的營收成長包括：可比門市成長8%，新增自營門市淨成長7%，以及全球授權店業務的持續貢獻。 2023財年，我們的合併營業利潤率為16.1%，較上年增長100個基點；每股收益為3.54美元，較上年增長20%，高於我們近期16%至17%的預期。

I'll now provide segment highlights for Q4. North America delivered another quarter of record revenue with $6.9 billion in Q4, up 12% from the prior year, driven by a combination of an 8% increase in comparable store sales, consisting of 6% and 2% growth in average ticket and transactions, respectively, as well as net new company-operated store growth of 4% over the prior year and contributions from our licensed store business, which continues to benefit from increased travel. When considering growth from all stores, comp, new and licensed, we were pleased to see more than 2/3 of our growth came from transactions, mix, attach and customization, which we collectively call demand.

現在，我將介紹第四季各部門的亮點。北美地區第四季營收再創紀錄，達到69億美元，年增12%，這得益於可比店銷售額增長8%（其中平均客單價和交易額分別增長6%和2%），以及公司自營新店淨增長4%，以及我們特許經營店業務的貢獻，該業務繼續受益於旅行業務的增長。考慮到所有門市（包括同店、新店和特許經營店）的成長，我們很高興地看到，超過三分之二的成長來自交易、組合、附加和定制，我們統稱為需求。

Our U.S. business delivered 8% comparable store sales growth in Q4, primarily driven by strong ticket performance with 6% comp growth, which benefited from volume, mix, attach, customization and pricing. Our customers continue to favor more premium beverages, creating a new normal as it relates to mix and customization. To fuel this, we continue to lean in with innovation, offering our Iced Pumpkin Cream Chai Tea Latte, which boosted tea sales; as well as Pumpkin Cream Cold Foam, which become a customization favorite with our customers. In addition to our beverage success, we also had another record quarter of food attach driven by both our core breakfast sandwiches and promotional items, such as our Baked Apple Croissant. The success we're having in driving incremental spend gives us confidence that we're delivering meaningful value and a differentiated experience to our customers.

我們美國業務在第四季度實現了 8% 的同店銷售額成長，主要得益於強勁的客單價表現，同店銷售額增長了 6%，這得益於銷量、產品組合、附加產品、定制和定價。我們的客戶繼續青睞更優質的飲品，這在產品組合和客製化方面創造了新常態。為了推動這一成長，我們繼續依靠創新，推出了冰南瓜奶油印度奶茶拿鐵，這促進了茶飲的銷售；以及南瓜奶油冷泡沫，這成為我們客戶最喜歡的客製化產品。除了飲料的成功之外，我們的食品附加產品也在本季創下了新高，這得益於我們的核心早餐三明治和促銷品，例如我們的烤蘋果羊角麵包。我們在推動增量支出方面取得的成功使我們有信心為客戶提供有意義的價值和差異化的體驗。

Transaction comparable sales growth in the quarter was 2%, which, combined with another quarter of a record ticket, drove multiple record average weekly sales, including delivering our sixth highest sales weeks ever, driven by our successful fall launch. Demand continued outside of our promotion windows, which translates to future opportunity as we leverage targeted offers to our most loyal customers, increasing efficiency as we create a more personalized experience. As it relates to demand, it was another record-breaking quarter for key aspects of our Starbucks Rewards program, active members, spend per member and total member spend, which all surpassed previous highs.

本季交易可比銷售額成長2%，加上又一個季度創下歷史新高，推動了多個創紀錄的周均銷售額，其中包括在秋季新品發布會的成功推動下，創下了我們歷史上第六高的周銷售額。即使在促銷期之外，需求依然強勁，這意味著未來我們將有機會為最忠實的顧客提供有針對性的優惠，從而在創造更個性化體驗的同時提高效率。就需求而言，星巴克獎勵計劃的關鍵指標——活躍會員、每位會員的消費額和會員總消費額——在本季度再次創下新高，均超過了以往的最高紀錄。

To further illustrate the strength of demand, we saw total customer growth among our occasional customers as well. Collectively, this demand speaks to the stickiness of our business. That, coupled with increased customer connection scores and growth across transactions, mix, customization and attach, all lead to a durable and growing business. U.S. licensed store revenue remained strong in Q4, up 18% from the prior year, benefiting from consumers adopting pre-COVID routines of summer and business travel and expanded digital offerings, such as MOP in airports and curbside at select retailers, enabling us with more ways to meet our customers where they are, supporting increasing demand.

為了進一步說明需求的強勁，我們也看到偶爾光顧的顧客總數也在增加。總的來說，這種需求體現了我們業務的黏性。再加上客戶連接分數的提升，以及交易、混合、客製化和附加服務的成長，所有這些都將幫助我們業務的持久成長。美國授權店營收在第四季度保持強勁，年增18%，這得益於消費者恢復了新冠疫情之前的夏季和商務旅行習慣，以及數位化服務的擴展，例如機場的MOP和指定零售商的路邊取貨，這使我們能夠透過更多方式在客戶所在地與他們聯繫，從而滿足不斷增長的需求。

North America's operating margin was 23.2% in Q4, expanding 420 basis points from the prior year, driven by increased efficiency in our stores, largely from reinvention, sales leverage and favorable impacts of pricing, partially offset by continued investment in our partners.

北美第四季的營業利潤率為 23.2%，比上年擴大了 420 個基點，這得益於我們門市效率的提高，這主要得益於重塑、銷售槓桿和定價的有利影響，但對合作夥伴的持續投資部分抵消了這一影響。

Moving on to International. In the quarter, the segment delivered $2 billion in revenue, up 11% from the prior year or up 15% when excluding approximately 3% impact from foreign currency translation. Our revenue growth momentum continues off of a remarkable prior quarter and stems from double-digit growth in the majority of our international regions demonstrating global strength. The segment delivered a 5% increase in comparable store sales driven by a 6% transaction growth, as store traffic increased and digital engagement continued with an increasing Starbucks Rewards member base. In addition, the International segment delivered 12% net new company-operated store growth year-over-year, with China contributing a significant portion of store growth as they had their highest store openings this year, equating to almost 4 new store openings daily in Q4, exceeding our expectations. Collectively, the segment surpassed the 20,000 store mark with ample headroom for growth across markets in the years to come.

國際業務方面，本季該部門營收達20億美元，年增11%，若剔除約3%的外匯折算影響，則成長15%。我們的營收成長動能延續了上一季的強勁勢頭，這得益於我們大多數國際地區均實現了兩位數成長，展現了全球實力。由於門市客流量增加、數位互動持續推進以及星巴克獎勵會員數量的增加，該部門同店銷售額增長了5%，這主要得益於交易額增長6%。此外，國際部門新增自營門市數量年增12%，其中中國市場貢獻了顯著成長，創下今年新店開張數量新高，第四季每天新增近4家門市，超出了我們的預期。整體而言，國際部門門市總數已突破2萬家，未來幾年在各市場都擁有充足的成長空間。

Shifting to China. As Laxman shared, China's revenue in the quarter and on a full year basis grew by double digits driven by strength in our new stores and comparable store sales growth of 5%. Importantly, China's average weekly sales grew quarter-over-quarter, in line with our guidance of low to mid-single-digit growth. Comparable store sales growth of 5% was driven by strong transaction growth of 8% over the prior year, reflecting the strong brand affinity we create with locally relevant food and beverage and the consistent experience our partners deliver with every visit, differentiating us in the market. We continue to see long-term growth in China with significant opportunities in dayparts, digital offerings and store format, and accordingly, continue to make investments for the future of our partners, stores and local community.

進軍中國市場。正如Laxman所述，得益於新店的強勁成長和5%的同店銷售額成長，本季及全年中國區營收均實現了兩位數成長。值得一提的是，中國區週均銷售額較上季成長，符合我們預期的低至中個位數成長。同店銷售額成長5%的動力源自於去年同期8%的強勁交易額成長，體現了我們透過本地特色餐飲打造的強大品牌親和力，以及我們合作夥伴在每次光臨時提供的始終如一的體驗，使我們在市場中脫穎而出。我們持續看好中國市場的長期成長，在時段、數位產品和服務以及門市模式方面都蘊藏著巨大的機遇，因此，我們將繼續為合作夥伴、門市和當地社區的未來進行投資。

Notably, in the quarter, as Laxman shared, we opened the Coffee Innovation Park, our largest roasting plant outside of the U.S., demonstrating our unwavering commitment to our business in China. Operating margin for the International segment was 15.2% in Q4, expanding 70 basis points over the prior year, driven by sales leverage partially offset by digital investments. We are pleased with our margin, reflecting the strength of business and enabling us to unlock capital to reinvest back in the business to fuel growth.

值得注意的是，正如Laxman所分享的，我們在本季開設了咖啡創新園，這是我們在美國以外最大的烘焙工廠，彰顯了我們對中國業務的堅定承諾。第四季度，國際業務的營業利潤率為15.2%，較上年增長70個基點，這得益於銷售槓桿的推動，但部分抵消了數位化投資的影響。我們對利潤率感到滿意，這反映了業務的強勁成長，並使我們能夠釋放資本，重新投資於業務，以推動成長。

Shifting to channel development. The segment's revenue was $486 million in Q4, essentially flat over the prior year, in line with our expectations. This was driven largely by at-home coffee. While probably holding the #1 share position in the category at 16.1% as well as the #1 position in ready-to-drink, achieving our highest share in 2 years. Our fall launch in conjunction with our North America coffee partnership drove our performance resulting in the segment growing better than overall category. The segment's operating margin was 55.8% in Q4, up an impressive 520 basis points from prior year and exceeding our expectations, driven by ongoing strong performance in the North America coffee partnership. This segment continues to be highly margin accretive to our business and we're excited by the significant profit growth we're seeing in this channel.

轉向通路拓展。該部門第四季營收為4.86億美元，與去年基本持平，符合我們的預期。這主要得益於家用咖啡業務。該部門在即飲咖啡和家用咖啡類別中均佔第一，市佔率達16.1%，創下兩年來最高。我們秋季發布的產品與北美咖啡合作夥伴關係的結合推動了我們的業績，使該部門的成長優於整體品類。第四季度，該部門的營業利潤率為55.8%，較上年同期大幅增長520個基點，超出我們的預期，這主要得益於北美咖啡合作夥伴關係持續強勁的表現。該部門繼續為我們的業務帶來高額利潤增值，我們對該通路利潤的顯著增長感到興奮。

Shifting to our fiscal year 2024 guidance. Our guidance accounts for the macroeconomic and geopolitical environment as we see it today. Additionally, our guidance does not include any impact from foreign currency translation. First, let me start with the foundation of our growth, comparable sales growth. We expect fiscal year 2024 global comp growth to be 5% to 7%. While this is a change from our prior year global comp guidance of 7% to 9%, our comp range, coupled with our strong new store performance and momentum in our licensed business, drives a broader and more durable growth narrative supporting our attractive consolidated revenue growth.

轉向我們2024財年的業績指引。我們的指引已充分考慮了我們目前所處的宏觀經濟和地緣政治環境。此外，我們的指引不包含任何外幣折算的影響。首先，我想談談我們成長的基礎—可比銷售額成長。我們預計2024財年全球可比銷售額成長率將達到5%至7%。雖然這與前一年7%至9%的全球可比銷售額指引有所不同，但我們的可比銷售額範圍，加上我們強勁的新店業績和授權業務的強勁增長勢頭，將推動更廣泛、更持久的增長態勢，從而支撐我們具有吸引力的合併收入增長。

For color, our fiscal year 2024 U.S. comparable store sales are expected to grow in the range of 5% to 7% as our business continues to have substantial headroom spurred by our leading innovation and technology, increasing customer loyalty and strong digital engagement as evidenced by the U.S. finishing fiscal year 2023 with strong performance of 9% comp growth. Another positive driver of our fiscal year 2024 5% to 7% global comp growth is the performance in China, with comp expected to be in the range of 4% to 6% in Q2 through Q4, with a higher comp in Q1 as we lap prior year mobility restrictions. Such growth is fueled by our increasing digital capability, coupled with the local opportunity we see stemming from our relevant product innovation and purpose-designed stores, which are resonating with customers and driving engagement.

就彩妝業務而言，我們預計2024財年美國同店銷售額將增長5%至7%，這得益於我們領先的創新和技術、不斷提升的客戶忠誠度以及強勁的數位化互動，這為我們的業務持續擁有巨大的增長空間，美國市場在2023財年結束時實現了9%的強勁同店增長率。推動我們2024財年全球同店銷售額實現5%至7%成長的另一個正面因素是中國市場的業績，預計第二季至第四季的同店銷售額將在4%至6%之間，而由於我們克服了去年的出行限制，第一季的同店銷售額將有所增長。這種成長得益於我們不斷增強的數位化能力，以及我們從相關產品創新和專門設計的門市中看到的本地機遇，這些舉措引起了客戶的共鳴並提高了客戶參與度。

Our new store performance, combined with our strong China comp guidance, will give another year of double-digit revenue growth in the market, delivering on our momentum.

我們新店的業績，加上我們強勁的中國同店銷售指引，將使市場收入再度實現兩位數成長，延續我們的發展動能。

Next, in thinking of our global new store growth, we expect global new store growth of approximately 7%, with approximately 75% of the growth still coming from outside of the U.S. as we continue to focus on our strategic global expansion, reaching nearly 41,000 stores globally by the end of fiscal year 2024. Of the approximate 7% growth, we expect our U.S. store count to grow by approximately 4% in fiscal year 2024, driven by our dynamic portfolio format, expanding our white space opportunity.

接下來，考慮到我們的全球新店成長，我們預計全球新店成長約為 7%，其中約 75% 的成長仍來自美國以外，因為我們將繼續專注於我們的策略性全球擴張，到 2024 財年末，全球門市數量將達到近 41,000 家。在約 7% 的成長中，我們預計在 2024 財年，我們的美國門市數量將成長約 4%，這得益於我們動態投資組合形式的推動，擴大了我們的空白空間機會。

We anticipate China will continue its rapid growth of approximately 13% in fiscal year 2024, given the attractive unit economics of our new stores. We expect the remainder of our growth will be driven by the robust development in our other markets around the world that are leveraging the strength of our brand internationally and becoming more global.

鑑於我們新店的單位經濟效益頗具吸引力，我們預期中國市場在2024財年將持續維持約13%的快速成長。我們預計，剩餘的成長將由我們全球其他市場的強勁發展所驅動，這些市場正在利用我們品牌的國際實力，並進一步走向全球化。

The combination of our global comp growth that I discussed a few minutes ago and our global store growth as well as continued growth in our licensed business, sets the foundation of our consolidated revenue growth. For fiscal year 2024, we expect our consolidated revenue growth to continue in the range of 10% to 12%, albeit at the low end of the range. This does not include any impact from foreign currency translation.

我幾分鐘前討論過的全球同店銷售額成長、全球門市成長以及授權業務的持續成長，共同構成了我們合併收入成長的基礎。我們預計2024財年的合併收入成長率將維持在10%至12%之間，儘管處於區間的低端。這還不包括任何外幣折算的影響。

We expect the foundational elements of our growth will be partially offset by an expected high single-digit revenue decline in our Channel Development segment largely related to the sale of Seattle's Best Coffee and broader SKU optimization. Absent those impacts, Channel Development revenue is expected to be flat year-over-year.

我們預計，通路開發部門的收入預計將出現高個位數下降，這主要與西雅圖最佳咖啡的出售以及更廣泛的庫存單位優化有關，這將部分抵消我們成長的基本要素。若不計入這些影響，通路開發部門的收入預計將與去年持平。

(technical difficulty)

（技術難度）

We're proud to reinforce yet another year of double-digit revenue growth at the low end of a 10% to 12% range, building on a very strong fiscal year 2023 performance, all of which reinforces the confidence we have in our business and opportunities we see ahead.

我們很自豪能夠在 2023 財年表現非常強勁的基礎上，再創兩位數收入成長，成長率在 10% 至 12% 之間，所有這些都增強了我們對業務和未來機會的信心。

Shifting to operating margin. We expect progressive margin expansion in fiscal year 2024 as we continue to deliver efficiency both in and out of our stores, inclusive of approximately $1 billion in incremental high-return, growth-oriented investments balanced across our partners, stores and customers across wages, new store equipment and enhancements, digital and product innovation and supply chain modernization. We will also continue our focus and discipline in unlocking strategic efficiencies across our business and have multiple work streams underway to support approximately $1 billion in incremental leverage opportunity. These efficiencies, coupled with sales leverage and strategic pricing, support our continued investment in our business even as we expand margin and grow earnings over the long term.

轉向營業利潤率。我們預計2024財年利潤率將逐步提升，因為我們將持續提升店內店外的效率，其中包括約10億美元的增量高回報、成長導向投資，這些投資將在合作夥伴、門市和客戶之間實現均衡，涵蓋薪酬、新店設備及升級改造、數位化和產品創新以及供應鏈現代化。我們也將繼續專注於提升整個業務的策略效率，並正在進行多項工作，以支援約10億美元的增量槓桿機會。這些效率，加上銷售槓桿和策略定價，將支持我們在長期擴大利潤率和獲利成長的同時，持續投資於業務。

We will provide greater detail around our efficiency work streams in our strategy meeting later today. In addition, we expect our Channel Development segment to continue to be accretive to our overall operating margin, with operating margin expanding to the high 40% to low 50% range from the favorable portfolio mix.

我們將在今天稍後的策略會議上更詳細地介紹我們的效率工作流程。此外，我們預期通路開發部門將持續提升我們的整體營運利潤率，在良好的產品組合下，營運利潤率將提升至40%至50%的區間。

Moving on to capital allocation. Through a very disciplined approach to capital allocation, our return on invested capital in fiscal year 2023 approach 25%, a meaningful improvement from prior year. Equally important, we expect this upward trajectory to continue in fiscal year 2024. We expect our CapEx in fiscal year 2024 to be approximately $3 billion, with over 85% of our CapEx directly invested in our global store portfolio. We also expect to continue our stable dividend approach and remain committed to targeting an approximate 50% dividend payout ratio, displaying our confidence in our long-term growth and attracting a broad investor base, which benefits all stakeholders. As one of the highest dividend payers among high-growth companies, we are proud to have recently commemorated our 13th consecutive annual dividend increase with a CAGR of 20% over such period.

再來說說資本配置。透過嚴謹的資本配置方法，我們在2023財年的資本報酬率接近25%，較前一年有顯著提升。同樣重要的是，我們預計這一上升趨勢將在2024財年延續。我們預計2024財年的資本支出約為30億美元，其中超過85%將直接投資於我們的全球門市組合。我們也預計將繼續保持穩定的股息分配策略，並致力於將股息支付率保持在50%左右，以展現我們對長期增長的信心，並吸引廣泛的投資者群體，從而使所有利益相關者受益。作為高成長公司中股息支付率最高的公司之一，我們很榮幸最近慶祝了連續第13年增加年度股息，在此期間的複合年增長率達到20%。

Our capital allocation strategy has positioned us well to be able to continue significant business investments while retaining financial flexibility and maintaining our BBB+ investment grade credit rating.

我們的資本配置策略使我們能夠繼續進行大量業務投資，同時保持財務靈活性並維持 BBB+ 投資等級信用評級。

Regarding tax rates in fiscal year 2024, we expect our effective GAAP and non-GAAP tax rates to be in the mid-20% range. This is higher than our fiscal year 2023 GAAP and non-GAAP tax rates of 23.6%, which benefited from certain discrete tax items that are not expected to reoccur in fiscal year 2024.

關於2024財年的稅率，我們預期有效的GAAP和非GAAP稅率將在20%左右。這高於2023財年的23.6%的GAAP和非GAAP稅率，這得益於某些預計在2024財年不會再次發生的單獨稅項。

In closing my guidance comments, we continue to expect fiscal year 2024 GAAP and non-GAAP EPS growth to be in the 15% to 20% range. Proudly, we expect our double-digit EPS growth will be a result of a balanced plan, comprised of both revenue growth and margin expansion.

最後，我的指引意見是：我們繼續預期2024財年GAAP和非GAAP每股盈餘成長將在15%至20%之間。我們自豪地預期，兩位數的每股盈餘成長將源自於一項兼顧營收成長和利潤率提升的均衡計畫。

Overall, we are pleased with the durability of our business and strong foundation fiscal 2023 has set for fiscal year 2024, and our guidance is a product of our confidence in our continued long-term growth. We look forward to telling you more about our limitless opportunities in our afternoon strategy meeting.

整體而言，我們對公司業務的持久性以及2023財年為2024財年奠定的堅實基礎感到滿意，我們的業績指引源自於我們對公司持續長期成長的信心。我們期待在下午的策略會議上與您分享我們無限的機會。

Before I close and turn it over to Tiffany, I want to thank the more than 450,000 partners who wear the green apron across the globe for their tireless contributions to create the experience that makes Starbucks such a meaningful place for all of our customers. It's because of all of you that I have such great confidence in the opportunity ahead. Tiffany?

在結束演講並把時間交給蒂芙尼之前，我想感謝全球超過45萬名身著綠色圍裙的伙伴們，感謝他們孜孜不倦的貢獻，讓星巴克成為我們所有顧客都感到意義非凡的地方。正是因為你們所有人，我才對未來的機會充滿信心。蒂芙尼？

Thank you, Rachel. At this time, we'll proceed with our normal Q&A session, which will last until the top of the hour. Just for clarification, this Q&A session shall be focused on our fourth quarter and full fiscal year 2023 results and fiscal year 2024 guidance. Questions on topics outside of either of those should be held until our afternoon strategy meeting.

謝謝Rachel。現在，我們將繼續進行正常的問答環節，持續到整點。需要澄清的是，本次問答環節將重點討論我們2023財年第四季和全年業績以及2024財年的業績指引。有關上述任何主題以外的問題，請留到下午的策略會議再回答。

Kevin, now please open the call for questions.

凱文，現在請開始提問。

(Operator Instructions)

（操作員指示）

Our first question today is coming from Sara Senatore from Bank of America.

我們今天的第一個問題來自美國銀行的 Sara Senatore。

I had a question about China, please, which I think we've heard the competitive environment there very intense. And I was just curious if that was perhaps some of what we saw in terms of positive traffic, but perhaps a negative ticket, and then some of the investments you're making and perhaps that might be gating factors for margin expansion? The positive same-store sales, I think, certainly suggests that your business is executing well. But just trying to get a read on competitive intensity and maybe implications for new unit economics and the margin structure for the business going forward.

我想問一個關於中國的問題，我想我們已經聽說那裡的競爭環境非常激烈。我只是好奇，這是否可能是我們看到的客流量增加、票房收入減少的原因之一，以及你們正在進行的一些投資，這些可能是利潤率成長的限制因素？我認為，同店銷售額的增加無疑顯示你們的業務表現良好。但我只是想了解一下競爭強度，以及它可能對新的單位經濟效益和未來業務利潤結構的影響。

Thank you for the question. Let me start with the answer here. Our brand in China is known as [Shing Baka] and it uplifts every day for millions of customers in China. And as Rachel said, our business is also strong, 5% comp in Q4. If you look at the first half of the year versus the second half of the year, the growth difference in the second half was 20% higher than the first. One thing you should know is that if you just look at the morning daypart, the morning daypart for our business in China now is higher than it was pre-COVID.

謝謝你的提問。我先來回答一下。我們在中國的品牌是[Shing Baka]，它每天都在為中國數百萬顧客帶來愉悅的體驗。正如Rachel所說，我們的業務也很強勁，第四季年增了5%。如果比較一下上半年和下半年，你會發現下半年的成長差距比上半年高出20%。你應該知道的是，如果只看上午時段，我們現在在中國的上午時段業務比新冠疫情之前更高。

We have very strong local innovation. And to answer your question, if you look at the transactions that Rachel mentioned, we're very comfortable with the food and beverage transactions. And what we see there, including the price realization that we have, the ticket that you mentioned specifically points to merchandise and what we had in the store, which we are still working through. But we feel very good about the competitive position of beverages, the competitive position of food. We feel very good about the cash returns of the stores that we are opening. They're very strong. The team has done a wonderful job in ensuring that the cost of builds are low, with the productivity that we have been able to accomplish in our stores. We feel good about the overall returns that we are getting there. And I'm heartened by the -- by how the business is coming together despite all the headwinds that have been there for the last couple of years.

我們擁有非常強大的在地創新能力。回答你的問題，如果你看一下Rachel提到的交易，你會發現我們對食品和飲料業務非常滿意。我們看到的，包括我們目前的價格實現情況，你提到的票據具體指的是商品以及我們店內現有的商品，我們仍在努力解決這個問題。我們對飲料和食品的競爭地位感到非常滿意。我們對即將開業門市的現金回報率非常滿意，非常可觀。團隊在確保低建造成本的同時，也確保了門市的生產效率，這方面做得非常好。我們對目前獲得的整體回報感到滿意。儘管過去幾年經歷了種種阻力，但業務仍然在穩步發展，這讓我感到欣慰。

Next question is coming from Jeffrey Bernstein from Barclays.

下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Great. I had a question and then just one clarification. The question is on the U.S. comp. Laxman, I think you mentioned momentum sustained through the fourth quarter. Just wondering if you could offer any color on whether there's been any change in consumer behavior in recent months for better or for worse. I know there's some concern about affordability into a slowing macro, I was hoping maybe you could prioritize the greatest levers to reaccelerate the U.S. comp if they were to slow.

太好了。我有個問題，想澄清一下。問題是關於美國市場的。拉克斯曼，我記得你提到了第四季持續的勢頭。我想知道你能否解釋一下，最近幾個月消費者行為是否有任何變化，無論是好是壞。我知道在宏觀經濟放緩的情況下，人們對負擔能力存在一些擔憂，我希望你能優先考慮那些能夠重振美國市場、尤其是在宏觀經濟放緩的情況下的強大槓桿。

And my clarification. Just Rachel, you gave fiscal '24 guidance. I appreciate the color. I know you mentioned 5% to 7% worldwide comp and 15% to 20% EPS. That worldwide comp is below the current long-term 7% to 9%. Is it fair that those are still the long-term guidance metrics or might those be updated later today? Just trying to clarify the guidance you gave for fiscal '24 relative to the long-term guidance.

還有我的澄清。 Rachel，您剛才給了24財年的指引。我很欣賞您的描述。我知道您提到了5%到7%的全球同店銷售額和15%到20%的每股盈餘。這個全球同店銷售額低於目前7%到9%的長期預期。這些指標是否仍然作為長期指引指標，或今天稍後會更新？我只是想澄清一下，您給出的24財年指引與長期指引有何不同。

I'll take the first question and hand over to Rachel for the second. On the first question, clearly, we're reading all these statements about the macro uncertainty, and it's clear that we are navigating the uncertain economies and markets around the world. But rather than talking about the economy in general terms, let me just speak about what we see with the Starbucks customer. Customer demand for us remains strong. We're not really seeing any change in the sentiment in our customer base at this time. And I think what it does is it reflects the strength of the Starbucks brand globally, it reflects the loyalty of our customers, it reflects our position in their routine and it also reflects the long-term durability of this business.

我先回答第一個問題，第二個問題交給Rachel。關於第一個問題，顯然，我們正在閱讀所有關於宏觀不確定性的陳述，而我們顯然正在應對全球不確定的經濟和市場。但我不想泛泛地談論經濟，只想談談我們對星巴克顧客的看法。顧客對我們的需求依然強勁。目前，我們並沒有真正看到顧客群體的情緒有任何變化。我認為這反映了星巴克品牌在全球範圍內的實力，反映了我們顧客的忠誠度，反映了我們在他們日常生活中的地位，也反映了這項業務的長期可持續性。

Now we, of course, watch all of this extremely carefully. Unlike 2008, which is the number that people have been touting around, we have a widely more diversified set of channels that we participate in. We have digital relationships worldwide with over 75 million customers in terms of their last 90-day activity. But we can reach a multiple of those digitally. So it's a much larger universe than what we would traditionally refer to as just our 90-day active users.

當然，我們現在非常謹慎地關注這一切。與人們一直在吹捧的2008年的數字不同，我們參與的管道更加多元化。根據過去90天的活躍用戶數據，我們在全球範圍內與超過7500萬客戶建立了數位關係。但我們可以透過數位方式觸達這些客戶的數倍。因此，這比我們傳統上所說的90天活躍用戶規模大得多。

So we have the ability to reach our customers, and we have multiple levers in terms of how we deal with any uncertainty that we might see, and that's true as well in the U.S. So I feel good about the momentum we have. We're obviously extremely watchful and humble about where we are, and we'll do everything we can to exceed the expectations of our partners and our customers. But we do have multiple levers to play. Rachel?

因此，我們有能力接觸客戶，我們擁有多種槓桿來應對可能遇到的任何不確定性，在美國也是如此。因此，我對我們目前的勢頭感到滿意。我們顯然對現狀保持高度警惕和謙遜，並將竭盡全力超越合作夥伴和客戶的期望。但我們確實擁有多種槓桿可以運用。 Rachel？

Thank you for the question. The way I'd look at the comp guidance is as we look at a very strong fiscal year 2023, and as we move into FY '24, our comp guidance of 5% to 7% on the global comp guidance range as well as for North America, we believe, reflects both a healthy as well as achievable comp guidance that supports not only the strength that we've seen and the momentum, but it supports the confidence we have in the business.

謝謝你的提問。我看待公司業績指引的方式是，考慮到2023財年將非常強勁，而隨著我們進入2024財年，我們預計公司業績指引將比全球和北美地區高出5%至7%，我們認為這既反映了公司業績的健康增長，也反映了公司可實現的業績指引，這不僅體現了我們所看到的強勁增長勢頭，也體現了我們對公司業務的體現。

I think what's important to think about is we've been talking about a more balanced approach to how we drive our earnings growth. And so when we look at comp, it's part of a broader growth narrative. Where we look at comp, we're looking at the performance of our new stores and the performance of our licensed stores. And collectively, that's supporting the revenue growth range that I provided. That, coupled with progressive margin expansion, gives us a balanced approach to achieving the 15% to 20% earnings growth guidance, which we believe is attractive but also reflects the confidence that we have in the business and the momentum that we're seeing.

我認為，重要的是，我們一直在探討如何以更平衡的方式推動獲利成長。因此，當我們審視同店業績時，它是更廣闊的成長敘事的一部分。我們審視同店業績時，會關注新店和授權店的表現。所有這些共同支撐了我之前設定的收入成長區間。再加上利潤率的逐步提升，我們得以採取更平衡的方式，以達到15%至20%的獲利成長預期。我們認為這個目標不僅具有吸引力，也體現了我們對業務的信心以及我們所看到的成長勢頭。

Next question is coming from David Palmer from Evercore ISI.

下一個問題來自 Evercore ISI 的 David Palmer。

The Americas operating margin, 23.2%, up over 4 points, could you provide a bridge or describe the biggest contributors to this? Maybe not just by line item, but also, but what is the color behind that? What is going right operationally, both in the stores and in supply chain that's driving that? And of course, this is a lot higher than where the Street is for fiscal '24. I'm just wondering how we should be thinking about that margin for '24 as part of your guidance.

美洲地區的營業利益率為23.2%，成長了4個百分點以上。您能否提供一些信息，或者描述一下其中最大的貢獻者？或許不只是逐項分析，但背後的原因是什麼？無論是在門市還是供應鏈方面，營運方面哪些方面做得不錯，推動了這項成長？當然，這比華爾街對24財年的預測要高得多。我只是想知道，作為您指引的一部分，我們應該如何看待24財年的利潤率。

David, I would start with saying our guidance on margin for next year is progressive margin expansion. And remember, on a full year basis -- even with the strength we saw in Q4, on a full year basis, we achieved 100 basis points of margin expansion, which we're incredibly pleased with. In the quarter, in Q4, we saw very strong margin expansion, particularly in North America, the 420 basis points that we spoke about, that's as the benefits of the reinvention have begun to amplify. And so we expected that would amplify in the back half of the year, and that's what happened.

戴維，首先我想說的是，我們對明年利潤率的預期是逐步提升。請記住，即使考慮到第四季度的強勁表現，我們全年的利潤率也實現了100個基點的成長，這讓我們非常滿意。第四季度，我們的利潤率成長非常強勁，尤其是在北美地區，達到了我們之前提到的420個基點，這體現了重塑業務模式帶來的效益。因此，我們預期利潤率會在下半年進一步提升，事實也確實如此。

And so when you look at the drivers of that 420 basis points, the largest driver of it, around 340 basis points or so, is leverage we saw in our store operating expense. And that's really driven by, what I'd say, is the sustained operational efficiencies from our reinvention. So the investments we made are fueling growth, investments in our partners, in wages, in training, in our new store and equipment, and that's leading to a more stable environment overall, which is supporting that leverage. It's allowing us to be more efficient in how we serve the customer. So that's the biggest driver in the quarter.

所以，當你觀察這420個基點的驅動因素時，最大的驅動因素（大約340個基點）是我們在門市營運費用中看到的槓桿率。而這其實源自於我們轉型帶來的持續營運效率。因此，我們的投資正在推動成長，包括對合作夥伴、員工、培訓、新門市和設備的投資，這些投資正在創造一個更穩定的整體環境，從而支撐了槓桿率。這使我們能夠更有效率地為客戶提供服務。所以，這是本季最大的驅動因素。

Next is sales leverage, followed by strategic pricing. And that sales leverage really comes from the fact that in Q4, our fall launch resonated with customers, and we saw record demand really across the globe, but largely in our U.S. business, and that also fueled the margin expansion. And then that all helped to offset the investments we've made, including investments in G&A -- investment in partner wages, as well as investment in G&A.

接下來是銷售槓桿，然後是策略性定價。銷售槓桿的真正來源是，在第四季度，我們秋季發布的產品引起了客戶的共鳴，我們在全球範圍內（主要是美國業務）的需求創下了歷史新高，這也推動了利潤率的成長。所有這些都有助於抵銷我們所做的投資，包括對一般及行政費用（G&A）的投資－包括對合作夥伴薪資的投資，以及對一般及行政費用（G&A）的投資。

Now when we look to FY '24, we will expect some of that momentum to continue. But I would say it's more important to look on a full year basis, and we'll continue to see margin expand more in line with what we saw on the full year basis. But again, continued margin expansion. And it's that combination of strength in our revenue, but also strength in our reinvention, which is delivering very tangible financial results.

現在，展望2024財年，我們預期這種勢頭將有所延續。但我認為，更重要的是著眼於全年，我們將繼續看到利潤率的成長，與全年的水準更加一致。利潤率將持續成長。正是我們強勁的營收成長和我們重塑業務的強勁成長，帶來了非常實際的財務表現。

If I could just add to this. Growth is clearly a real enabler of leverage, and you'll see that reflected in the various lines in our P&L. Additionally, we see efficiency opportunities. And later this afternoon, we're going to detail out a $3 billion savings program and efficiency over 3 years, with a big portion of that coming from outside the store in the supply chain, in particular, and you'll see that -- a portion of that is certainly coming out in our comps line. And so this gives us the real confidence as we look ahead around the kind of efficiency that we have, that gives us the ability to invest in the business and at the same time, deliver the progressive margin expansion that Rachel talked about.

我可以補充一點。成長顯然是槓桿的真正推動力，您會在我們損益表中的各個項目中看到這一點。此外，我們也看到了效率提升的機會。今天下午晚些時候，我們將詳細介紹一項為期三年、價值30億美元的節支計劃和效率提升計劃，其中很大一部分來自門市以外的供應鏈，您會看到——其中一部分肯定會來自我們的同店銷售額。因此，這讓我們對未來的效率充滿信心，讓我們有能力投資業務，同時實現Rachel提到的漸進式利潤成長。

Next question is coming from Lauren Silberman from Deutsche Bank.

下一個問題來自德意志銀行的勞倫‧西爾伯曼。

Congrats on the quarter. Also on the U.S. comps and traffic, can you help unpack where the growth is coming from? Is it new customers, existing customers, rewards members or more occasional customers? And then can you give us an update on where you're running with transactions per store per day?

恭喜本季取得佳績。另外，關於美國市場的可比較銷售額和客流量，您能否解釋一下成長的來源？是來自新客戶、現有客戶、獎勵會員還是偶爾光顧的客戶？然後，您能否更新一下每家店每日交易量的最新情況？

Lauren, I'll start by just saying, overall, our traffic continues to be strong and it's growing. So when you look at the success of our performance in the quarter, particularly in the U.S., our highest-ever average weekly sales were driven by a combination of strength in traffic but also strength in overall ticket. And we saw a record number of customers coming into our stores and spending a record amount. Now those customers are both our rewards customers as well as our non-Starbucks Rewards customers. So we're seeing growth in our customer base across the segments. And that's driving strong performance as each customer is spending more.

勞倫，首先我想說的是，整體而言，我們的客流量持續強勁，而且還在成長。所以，看看我們本季的業績表現，尤其是在美國，我們創下的歷史最高週均銷售額，這既得益於客流量的強勁增長，也得益於整體客單價的強勁增長。我們看到，到店顧客數量和消費金額都創下了歷史新高。現在，這些顧客既包括我們的獎勵計畫會員，也包括非星巴克獎勵計畫會員。因此，我們看到各個細分領域的客戶群都在成長。隨著每位顧客的消費額增加，這推動了強勁的業績。

And I think what's unique about our business, particularly over the past couple of years is we've evolved and adapted towards our changing consumer demands. And so we're seeing total transactions growing overall, both in our comp stores, in our new stores as well as our licensed stores. And importantly, we're seeing units per transaction significantly higher. And that's driven by the growth we're seeing in drive-thru as well as delivery, which has a higher attach rate or more group orders. And that's all leading to the stronger performance that we saw in the quarter and will fuel the momentum as we go forward.

我認為我們業務的獨特之處，尤其是在過去幾年裡，在於我們不斷演變，適應不斷變化的消費者需求。因此，我們看到交易總額整體成長，無論是在同店、新店或授權店。重要的是，我們看到每筆交易的單位數顯著增加。這得益於免下車取餐和外送服務的成長，這些服務擁有更高的配送率或更多的團體訂單。所有這些都促成了我們本季更強勁的業績，並將持續增強我們未來的發展勢頭。

And in terms of traffic, when I think about FY '24, the comp guidance range that we provided includes continuing improvement in our traffic. So our transactions per store per day improved this quarter versus last quarter and the year before. And we'll expect that improvement to continue in FY '24, as well as we'll continue to expect an improvement in ticket as we very purposely innovate around customization, more premium beverages as well as ensure we're able to continue to drive attach. And the combination of that will support our double-digit revenue growth that I guided to.

就客流量而言，當我回顧2024財年時，我們給出的業績預期範圍包含了客流量的持續提升。因此，本季我們每家店的日均交易量較上一季及去年同期均有所提升。我們預期這種提升將在2024財年持續下去，同時，隨著我們在客製化、更多優質飲品方面進行有針對性的創新，以及確保我們能夠繼續推動附加價值成長，我們也將繼續期待客流量的提升。所有這些因素將支撐我們實現我預期的兩位數收入成長。

If I can just add one thing to it. I think what has happened over the last several years is how much this business has evolved in order to meet the customer where it's at. And I think you're seeing that as well in traffic, in transactions, but also in what we're doing in purpose-defined stores, and later this afternoon, we're going to talk a bit about how we're going to lean in even further around how we meet customers where they are at.

我可以補充一點。在過去幾年裡，為了更好地服務顧客，我們的業務發生了巨大的變化。我想大家不僅在客流量、交易量方面看到了這一點，還在我們在特定門市的營運中看到了這一點。今天下午晚些時候，我們將討論如何進一步深入服務顧客。

Next question is coming from Sharon Zackfia from William Blair.

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

I was hoping you could give us an update as you talk about the transaction improving, how speed is improving the throughput, whether -- how you measure that in the drive-thru or kind of on the front line as I would think of it walking into the store.

我希望您能向我們提供最新消息，您談到了交易的改善，速度如何提高吞吐量，您如何在免下車通道或走進商店的第一線進行衡量。

Let me start and then Rachel can add to it. One of the things that the team has worked on incredibly hard over the last year or so is putting in place a much stronger operating foundation in the stores. And I'm very proud of the progress that they are making. And that includes how we deal with the processes in the drive-thrus. You're seeing real improvement in terms of out of the window of time in the drive-thru. The team has put operating practices across these various formats. And I feel very good about the progress that they are making in that area.

讓我先說一下，Rachel 可以補充一下。過去一年左右，團隊付出了巨大努力的一件事就是在門市中建立了更強大的營運基礎。我為他們的進展感到非常自豪。這包括我們如何處理免下車取餐通道的流程。在免下車取餐通道的「窗口外時間」方面，您會看到真正的改進。團隊已將營運實踐應用於各種不同的模式。我對他們在這方面所取得的進展感到非常滿意。

I think in terms of the automation or the equipment that we have also brought into the store, that has also been a driver of some of the changes that we have seen. I think just ahead of the summer, we were able to get in the portable cold foam blender into stores, which really helped our partners deal with the growth in volume on beverages in the summer. So a combination of operating practices, the equipment that we are putting in place, all of that adds to much stronger operational foundation in our store, and we expect that to continue.

我認為，就我們引入門市的自動化設備而言，這也是我們看到的一些變化的驅動因素。我記得就在夏季來臨之前，我們把便攜式冷泡攪拌機引入了門店，這確實幫助我們的合作夥伴應對了夏季飲料銷量的增長。所以，營運實踐和我們正在安裝的設備相結合，所有這些都為我們門市的營運基礎增添了更強大的力量，我們預計這種情況還會持續下去。

The only thing I would add to that, Sharon, is that's all part of our reinvention. So it's all about finding ways to be able to optimize the production environment so we can better support our partners in serving our customers. And to Laxman's point, we've seen tangible benefits which in the quarter and actually throughout the year has driven improvements in our out-the-window time. We measure what good looks like, and we've made great improvements and there's more opportunity ahead. And that's helping us to not only more efficiently serve the customers, but it's what's leading to the margin expansion as well as the earnings growth that we're seeing.

莎倫，我唯一想補充的是，這都是我們重塑的一部分。所以，一切都是為了找到優化生產環境的方法，以便我們能夠更好地支援合作夥伴，更好地服務客戶。正如拉克斯曼所說，我們已經看到了切實的收益，這在本季度乃至全年都推動了我們的「窗口時間」（out-the-window time）的改善。我們衡量什麼是好的，並且已經取得了巨大的進步，未來還有更多的機會。這不僅幫助我們更有效率地服務客戶，也帶來了利潤率的提升以及我們所看到的獲利成長。

And we'll continue to further those, what I'd say, areas of focus in FY '24, specifically around staffing and scheduling as we continue to work on ensuring we have the right hours for our partners at their periods of preferences, which will create another level of stability in our store environment and greater engagement overall that will, again, help us in terms of the efficiency in serving our customers. So we expect that momentum to continue.

我們將繼續推動這些24財年的重點領域，特別是在人員配置和排班方面，我們將繼續努力確保合作夥伴能夠根據他們的偏好安排合適的工作時間，這將進一步提升我們門市環境的穩定性和整體參與度，從而再次幫助我們提高服務客戶的效率。因此，我們預計這種勢頭將持續下去。

Next question is coming from John Ivankoe from JPMorgan.

下一個問題來自摩根大通的 John Ivankoe。

There's been a lot of conversation this quarter about throughput, particularly at the drive-thru, but we can also talk in-store. Can you talk about your peak hour or peak 15-minute throughput opportunity that firstly, you've already realized that you think you can realize with a more optimized store operational platform and especially having employees with greater tenure? How much more of an opportunity do we have from here?

本季有很多關於吞吐量的討論，尤其是在免下車取餐通道，但我們也可以談談店內吞吐量。您能否談談高峰時段或高峰15分鐘吞吐量的機會？首先，您已經意識到，透過更優化的門市營運平台，尤其是擁有更長年限的員工，您認為可以實現這一點。從現在開始，我們還有多少機會？

John, if I could take that on. Thank you for your question. We have more opportunities than what we have realized, but we are making very good progress. If you look at staffing and scheduling and how we are working on that, I think we've made material progress in that area. And I think as a consequence of that, you've seen attrition levels now lower than where they were pre-COVID. You see tenures of partners in the store increase. And that's going to continue. I think if you just look at what we've been able to achieve with the investments that we've made in our partners with wages and other benefits that have been provided to them, if you take a look at the take-home income, on average for our partners on a year-over-year basis, it's up 20% on average. Now there's still more to come.

約翰，請容許我回答這個問題。謝謝你的提問。我們面臨的機會比我們意識到的要多，但我們正在取得非常好的進展。如果你看看人員配備和排班安排以及我們在這方面的工作，我認為我們在這方面已經取得了實質的進展。我認為，正因如此，你會看到員工流動率現在比新冠疫情之前有所下降。你會看到店內合夥人的任期延長。而且這種情況還會持續下去。我認為，如果你看看我們對合夥人的投資，包括他們獲得的工資和其他福利，以及他們獲得的淨收入，我們合夥人的平均淨收入同比增長了20%。現在，我們還會繼續增加收入。

If you go back to 2020 and you look at where we are right now, the number is about close to 50% higher, but we still have further opportunities. And I think that's going to help us, it's going to help us at peak times. It's going to help us in those peak 15 minutes that you talked about.

如果你回顧2020年，看看我們現在的情況，這個數字大約高出50%，但我們仍然有更多機會。我認為這對我們有幫助，在高峰時段會對我們有幫助。在你提到的15分鐘高峰時段，這也會對我們有幫助。

But also as we look at demand overall and we look at the portfolio of stores we run and how we work with digital with those, you're going to see us talk later this afternoon around how we find ways to simplify what happens in the store and also meet a broader set of demand with very careful choices about how we locate stores, what we do with stores, how we digitally amplify what we are doing in terms of demand but also in supply, how we link that with the equipment we're bringing in with a strong operating foundation. So there's more opportunity than what we have now.

但當我們審視整體需求，審視我們經營的門市組合，以及我們如何將這些門市與數位化技術結合時，大家將在今天下午晚些時候看到我們討論如何簡化門市營運流程，並透過謹慎的選擇來滿足更廣泛的需求。我們精心挑選了門市位置、門市營運方式、如何透過數位化手段擴大我們在需求和供應方面的業務，以及如何將數位化與我們引進的設備結合起來，打造強大的營運基礎。所以，我們擁有比現在更多的機會。

Next question is coming from Brian Harbour from Morgan Stanley.

下一個問題來自摩根士丹利的 Brian Harbour。

Can I just ask about the step-up in your CapEx budget and what that's going to be directed towards? And I guess, more broadly, is there any sort of equipment rollout that you're kind of accelerating versus what you've previously talked about, or perhaps store remodels that could be accelerated?

可以問一下你們的資本支出預算增加的情況嗎？這些預算將用於哪些方面？更廣泛地說，與之前提到的相比，你們是否有加快設備部署的計畫？或是有加速門市改造的計畫？

Brian, thank you for the question. Our CapEx will increase to around approximately $3 billion, and the majority of that, over 85%, will be focused on new store growth, increase in renovations. So we're significantly increasing our renovations to about -- in the U.S., about 1,000 renovations next year. So an increase in new stores globally, renovations, as well as equipment in the stores. But the larger percentage of it is really the new store growth globally as well as the renovation.

Brian，謝謝你的提問。我們的資本支出將增加到約30億美元，其中大部分（超過85%）將用於新店擴張和店面翻新。因此，我們明年將大幅增加美國店面翻新數量，預計約1000家。這意味著全球新店數量、店面翻新以及店內設備都將增加。但其中更大比例的資金實際上來自全球新店擴張和店面翻新。

The new equipment is equipment that we've spoken about, the rollout of -- further rollout of nugget ice, further rollout of Clover Vertica, some continuing work around refreshment and dispense. So some of those opportunities around creating broader efficiencies to be able to create operational consistency across the stores. Then outside of that 85%, we'll be seeing supply chain modernization costs as well as some costs in China supporting an innovation and technology center. And so that's largely how the costs are made up.

我們之前曾提到新設備，包括進一步推出的粒狀冰塊、Clover Vertica，以及一些圍繞茶點和配送的持續改進。這些改進旨在提高更廣泛的效率，從而實現所有門市營運的一致性。除了這85%的門市之外，我們還將看到供應鏈現代化的成本，以及在中國支持創新和技術中心的一些成本。這些成本基本上就是這些構成的。

What we're encouraged by that is those tend to have very high return, they're very high growth-oriented investments. So we expect to see improvement in our return on invested capital, much like what we saw this year where we achieved nearly 25% on our ROIC, given the very disciplined approach we took to investments last year. And we see this year as we increase our capital, our ability to continue to further that by making very disciplined choices in these high-return, growth-oriented investments.

令我們感到鼓舞的是，這些投資通常回報率很高，而且都是高成長導向投資。因此，我們預期投資資本報酬率將會提升，就像今年一樣，由於我們去年採取了非常嚴謹的投資策略，我們的投資資本報酬率達到了近25%。隨著我們今年資本的增加，我們有能力透過在這些高回報、高成長導向投資中做出非常嚴謹的選擇，繼續提升我們的投資資本回報率。

Our last question today is coming from Danilo Gargiulo from Bernstein.

我們今天的最後一個問題來自伯恩斯坦的 Danilo Gargiulo。

Laxman, in the press release, you were mentioning that the reinvention plan is moving ahead of schedule. So which aspects of this acceleration are you most proud of? And which aspect do you expect to accelerate the most in the months to come?

拉克斯曼，在新聞稿中，您提到重塑計劃正在提前推進。那麼，對於這種加速，您最引以為傲的是哪些方面呢？您預計未來幾個月哪些方面會加速最快？

I'm very pleased with the way that the reinvention plan is being implemented. A couple of highlights. I think the progress we have made on staffing and scheduling is extremely strong. Furthermore, if you look at what we've been able to accomplish with regard to efficiencies and the culture and the capability and the processes we now have in place in order to systematically attack these efficiencies across the business is actually very strong as well. What we are accelerating on top of that is how we think about purpose-defined stores and what we're doing in putting together a strong operating foundation in our stores. That is going to really help us as we create the infrastructure, we create the store footprint, against which we will add to the equipment that we have in stores.

我對重塑計畫的實施非常滿意。以下是一些亮點。我認為我們在人員配備和排班方面取得了非常顯著的進展。此外，如果你看看我們在效率、文化、能力以及我們目前為系統性地提升整個業務效率而建立的流程方面所取得的成就，你會發現這些成就也非常出色。除此之外，我們正在加速思考如何打造目標明確的門市，以及如何在門市中建立強大的營運基礎。這將對我們創建基礎設施、規劃門市佈局大有裨益，我們將以此為基礎，增加門市設備。

Our equipment pipeline, what we have, the way we manage our new equipment, what's coming in, that entire pipeline and portfolio management is entirely on track. And we feel very good about the progress we are making there. And I think that is something that we're going to continue to see going forward.

我們的設備庫存、現有設備、新設備的管理方式、即將到來的設備，以及整個庫存和產品組合管理都完全步入正軌。我們對目前的進展感到非常滿意。我相信，未來我們將繼續保持這種勢頭。

Thank you. That was our last question. I'll now turn the call over to Laxman for closing remarks.

謝謝。這是我們最後一個問題。現在，我將把發言時間交給拉克斯曼，請他做最後發言。

I want to thank you all for joining us this morning. I want to appreciate all your questions, and I look forward to seeing you all this afternoon when we have our strategic update, and when we get to celebrate our holiday launch with you. Thank you all for joining us this morning.

感謝大家今天上午的參與。非常感謝大家提出的所有問題，期待今天下午與大家見面，屆時我們將進行策略更新，並和大家一起慶祝節日發布會。感謝大家今天上午的參與。

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

謝謝。星巴克2023財年第四季及全年電話會議到此結束。您可以斷開連線了。