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)

你好。我叫凱文，今天我將擔任你們的會議操作員。歡迎大家參加星巴克 2023 年第四季和整個財年的電話會議。 （操作員說明）

I will now turn the call over to Tiffany Willis, Vice President, 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 Tiffany Willis。威利斯女士，您現在可以開始會議了。

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.

謝謝你，凱文。大家早安，感謝您今天加入我們討論星巴克第四季和 2023 財年的業績。今天的討論將由執行長 Laxman Narasimhan 主持；雷切爾·魯傑裡 (Rachel Ruggeri)，執行副總裁兼財務長。

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有重大差異。任何此類聲明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 年第四季和整個財年以及比較期間的 GAAP 業績包括與策略行動相關的多項項目，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。對於今天電話會議中提到的非 GAAP 財務指標，請參閱我們網站 Investor.starbucks.com 上的收益發布，以查找這些非 GAAP 指標與其對應 GAAP 指標的調整表。

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.

本次電話會議正在進行網路直播，截至2023 年12 月1 日星期五，我們的網站上將提供本次網路廣播的存檔。另外，出於日曆規劃的目的，請注意，我們的2024 財年第一季度財報電話會議已暫定於2024 年 1 月 30 日星期二。

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. 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. 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.

謝謝你，蒂芙尼。大家，早安。歡迎參加星巴克第四季和 2023 財年財報電話會議。先感謝今天下午加入我們的人們，我們將分享我們長期策略的最新動態，並慶祝星巴克假期的推出。在今天早上開始之前，我想對我們在世界各地的星巴克合作夥伴表示最深切的謝意，感謝他們在2023 財年取得了非常成功的業績。透過與你們中的許多人的聯繫，我了解到我們的重塑計劃是如何繼續實施的。執行得當，為我們星巴克轉型的早期階段提供了巨大動力。我發現我們的品牌如何在我們的商店中以獨特的方式透過我們出色的合作夥伴以數位方式交付，以及我們看到的全球業務的巨大發展空間。

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.

現在轉向我們的業務績效。 Rachel 和我將分享我們在第四季度和 2023 財年取得的強勁業績的詳細信息，我們還將分享我們對公司長期機遇以及 2024 財年指導的信心。您將從今天的電話會議中獲得什麼我們擁有巨大的動力，這主要是由我們的重塑計劃所推動的。我們看到，透過改善合作夥伴和客戶體驗，以及效率和利潤的提高，我們的工作得到了回報。我們相信，這對明年和以後的幾年來說是個好兆頭。

To deliver our long-term sustainable growth, we are focused on 5 areas. You will hear more on what we call our Tripleshot 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 store. Finally, we will reinvigorate the partner culture at Starbucks.

為了實現長期永續成長，我們將重點放在 5 個領域。今天下午您將聽到更多有關我們所謂的 Tripleshot 重塑以及我們持續發展勢頭的信息。討論將對我們的 3 個核心和 2 個支援優先領域提供更詳細的展望。首先，我們將透過我們的商店提升品牌。二是做強做大數字化。第三，我們將真正實現全球化。第四，我們將提高效率，包括店外效率。最後，我們將重振星巴克的合作文化。

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，2023 財年年增 12%，排除外幣換算 2% 的影響則為 14%，使我們的營收成長保持在指導範圍的高端。同樣令人印象深刻的是，在門票和交易成長健康組合的推動下，我們的全球可比商店銷售額在本季度和 2023 財年均同比增長 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，本財年每股收益成長 0.20 美元，達到 3.54 美元，與我們指導範圍的上限保持一致。重要的是，我們第四季的利潤率成長了 310 個基點，全年利潤率成長了 100 個基點。在完成這一切的同時，我們的全球門市數量已增至超過 38,000 家，符合 2023 財年 7% 的門市成長指引。

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的勢頭。在 8% 的同比增長的推動下，本季營收成長了創紀錄的 12%。我們在秋季推出了令人矚目的產品，創下了平均每週銷售額的紀錄。本季度，我們的 90 天活躍星享俱樂部會員人數創下新紀錄，90 天活躍會員人數接近 3,300 萬人，並創下了會員人均消費和會員總消費的記錄。

Customers remain loyal to their favorite 4 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.

顧客仍然忠於他們最喜歡的 4 種經得起時間考驗的經典菜單，其中包括慶祝了 20 週年的南瓜香料拿鐵。除了我們的核心產品表現強勁之外，我們的新產品也表現強勁，包括受蘋果啟發的飲料和食品。本季的業績，包括我們推動門票成長的動態方式，讓我們對單一產品和整體產品組合層面的菜單創新充滿信心。

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，透過正確的菜單創新、行銷組合和策略定價策略，互補但競爭的產品和口味可以成功共存，例如南瓜和蘋果。隨著客戶需求的變化，我們透過現有和新的業態提供更多的飲料、食品以及個人化和客製化服務，以滿足他們的期望並發展業務。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，上個季度北美地區的利潤率擴大至 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.

適逢我們今年最繁忙的冷泡沫促銷活動，我們最近向所有美國公司經營的商店推出了新型便攜式冷泡沫機，提高了第四季度的生產力。減輕了伴侶的壓力，同時繼續滿足冷飲的高需求。為了支持冷飲的持續成長，我們交付了 550 多台新的塊冰機，並繼續按計劃在 2024 財年優先為冰量最緊張的商店安裝。

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美國的 600 多家商店中，我們繼續按計劃推出 Siren System 冷飲站和食品站，優先考慮新商店和翻新地點。我們對新設備設計和推出計劃的投資組合和管道管理非常穩健，使我們能夠交付成果。

We have created a more stable environment in our stores. Hours per partner increased in the quarter by 5% as we continue fighting schedules that fit our partners' and customers' needs. Total 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.

我們在商店裡創造了一個更穩定的環境。隨著我們繼續努力製定適合合作夥伴和客戶需求的時間表，本季每個合作夥伴的工作時間增加了 5%。第四季總人數下降了 10%，而本季咖啡師任職人數增加了 16%。與去年同期相比，本季的客戶聯繫得分也有所提高。我們透過工資、培訓、設備和新店成長將今年利潤的 20% 以上投資回我們的合作夥伴和商店，因此做到了這一切。所有這些都進一步證明我們的策略正在發揮作用。

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.

轉向國際。第四季度，我們看到該細分市場近600 家門市創紀錄成長，國際門市數量仍然高於美國。本季我們的國際收入也實現了創紀錄的兩位數成長，每個關鍵市場都在持續增長。世界。 2023 財年，我們公司經營的英國和日本市場的同店銷售額仍遠高於歷史平均水平，成長歸因於更高的盈利能力和更高的生產力商店格式，以及提升的數位和合作夥伴體驗。

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.

我們看到世界各地的客戶對我們的飲料和食品產品有強勁的需求，全球對我們的南瓜平台的需求創歷史新高。在我們的國際許可市場中，星巴克獎勵計劃的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增長的推動下，在短短一年內增長了9 個百分點。在我們在中國以外的全球強大品牌的支持下，我們的國際業務遠遠領先於我們在去年投資者日表示的增長速度，我們公司運營的市場集中增長，積極的業務合作夥伴為我們的特許商店提供動力。

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.

轉向中國。我們對本季的表現感到滿意。營收較上年成長 8%，若排除約 6% 的外幣換算影響，營收成長 15%。 5% 的利潤率完全符合我們的預期，進一步支持了這一點。全年營收成長至 30 億美元，比上年成長 3%，即成長 11%，不包括約 8% 的外幣換算影響（以 2% 計算）。我們在中國的業績環比改善，下半年營收比上半年成長20%，反映了我們的成長動能。這些結果凸顯了飲料和食品產品的實力、我們市場策略的成功以及我們在中國的合作夥伴在抓住面前的豐富機會時所發揮的強大執行力。

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.

我們繼續看到咖啡創新的力量，透過與當地相關的產品創新（例如世界首創的 Moose Espresso 和較小容量的 Intenso 系列）讓我們的客戶滿意。我們也看到該地區食品銷售的成長和巨大的發展空間，推動了交易和門票機會。

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保持強勁勢頭，透過行動訂單和支付、行動訂單交付、電子商務和通路在店內表現強勁。中國目前擁有超過 2,100 萬活躍忠誠會員，年增 22%，其中許多會員傾向年輕化，以培養下一代客戶。本季度，我們在中國淨開設了326 家目標導向門店，創歷史新高，新店淨增長較上年增長13%，截至2023 財年末，門店總數超過6,800 家。新店出色的財務回報給我們帶來了巨大的回報。我們有信心在 2025 年實現 9,000 家門市的目標，每年淨開設近 1,000 家新店。

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 signaled 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，中國咖啡創新園於 9 月開業，旨在成為我們全球最節能、最永續的咖啡製造和分銷中心，進一步表明我們對全球最大消費市場的承諾以及我們在全球業務增長的承諾。中國為中國。我們期待今天稍後分享更多有關中國市場發展空間的資訊。

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.

去年中國逆風背景下的勢頭讓我們對自己的處境感到樂觀，並肯定了我們業務的獨特競爭優勢。這些優勢包括我們令人振奮的合作夥伴，包括我們的中國領導團隊、我們獨特的商店、我們垂直整合和高度數位化的高效運營，以及我們的相關創新。隨著我們目前產品組合的規模不斷擴大，並在這個不斷成長的咖啡消費市場中進入新的三線城市，我們將保持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，我們的通路業務繼續在全球各地提升星巴克品牌的影響力，無論是在家裡還是在旅途中，為我們零售店以外的消費者創造星巴克時刻。我們是全球排名第一的即飲品牌。值得注意的是，在第四季度，我們慶祝了與雀巢全球咖啡聯盟的五年合作關係。與雀巢的合作關係，包括我們自豪地服務食品服務點以及其他合作夥伴關係，例如我們與百事可樂的北美通路合作夥伴關係以及康師傅和Arla 等國際合作夥伴，幫助我們擴大了客戶接觸點，目前已遍布近90 個市場世界各地。

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，隨著我們的創新持續獲得認可，我們的領先通路市場地位以及品牌資產顯著成長。一些著名的榮譽包括中國即飲、精選獎項。在歐洲、中東、非洲開展多服務業務，並在韓國實現 10 億份服務，在日本透過 Grab & Go 實現銷售。

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，在整個 2023 財年面臨前所未有的波動環境的同時，我們在第四季度和全年都強勁地實現了我們的指導。我們的重塑正在提前推進，推動營收成長、效率和利潤擴張。值得注意的是，我們繼續看到我們的重塑對合作夥伴和客戶體驗的積極影響，這證明我們可以繼續創新、發展和加強我們的業務，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，我們對美國和國際市場的發展空間保持完全樂觀，我們看到所有業務領域都有無限的可能性。儘管全球商業環境仍然不確定，但我們對適應和創新以滿足不斷變化的消費者需求的能力充滿信心。我們將繼續投資我們的合作夥伴，以擴大我們的重塑，並實現我們的永續發展和社會影響計劃，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.

我們對明年的業務動能、品牌的持續實力以及未來幾年的成長機會感到非常滿意。我期待著今天下午晚些時候與您分享有關這些增長策略的更多細節。我們過去一年的表現和未來的計劃讓我們對實現長期成果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.

我現在將把電話轉交給 Rachel，讓您詳細了解第四季度和 2023 財年業績以及我們的 2024 財年指導。

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。雷切爾？

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 focus 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。我很高興討論我們第四季度和 2023 年整個財年的強勁業績，這些業績兌現了我們在 2022 年投資者日分享的全年指引。我們 2023 財年的兩位數獲利成長是兩位數收入成長和利潤率擴張的直接結果，因為我們對重塑的專注和嚴格執行帶來了切實的財務成果。我們第四季的綜合收入達到創紀錄的 94 億美元，比上年增長 9%，如果排除 1% 的外幣換算影響，則增長 12%。正如拉克斯曼所提到的，美國業務表現強勁，秋季推出的產品取得了壓倒性的成功，平均每週銷售額打破了紀錄，我們的國際業務也表現強勁，其中中國業務的表現符合我們的預期。總而言之，與前一年相比，我們的綜合可比商店銷售額增長了 8%，全球新公司自營商店淨增長 7%，並且我們的全球授權市場保持了持續增長的勢頭。

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. Margin expansion continued to be partially offset by our investments in store partners as well as higher G&A costs and 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.

第四季綜合營業利潤率比上年增長310 個基點，達到18.2%，超出了我們的預期，這主要是由於我們在重塑方面的強大執行力放大了業績，甚至超出了我們的預期，再加上銷售槓桿和定價，整個美國商店的效率提高了。利潤成長繼續被我們對商店合作夥伴的投資以及更高的管理費用和重塑支援所部分抵消。第四季每股收益為1.06 美元，比上年增長31%，這得益於我們各個細分市場（尤其是美國）的強勁表現，因為我們的重塑取得了更大的成功，這推動了其業績。 2023 財年，我們的綜合收入達到創紀錄的 360 億美元，比上一年增長 12%，如果排除約 2% 的外幣換算影響，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%.

與我們的指導一致，我們的收入成長包括與前一年相比 8% 的可比較商店成長和 7% 的新公司自營商店淨成長，以及來自我們全球授權商店業務的持續貢獻。我們 2023 財年的綜合營業利潤率為 16.1%，比上年增長 100 個基點，每股收益為 3.54 美元，比上年增長 20%。高於我們最近 16% 至 17% 的指導值。

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.

我現在將提供第四季度的細分亮點。北美地區第四季營收再創新高，達到 69 億美元，較上年增長 12%，這主要得益於可比商店銷售額增長 8%，其中平均門票和交易量增長 6% 和 2%，分別是，新公司自營店比上一年淨增長4%，以及我們的特許店業務的貢獻，該業務繼續受益於旅行的增加。當考慮所有商店、比較店、新店和授權店的增長時，我們很高興地看到超過 2/3 的增長來自交易、混合、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.

我們的美國業務在第四季度實現了 8% 的可比商店銷售成長，主要是由於強勁的門票業績和 6% 的同業增長，這得益於銷量、組合、附加、定制和定價。我們的客戶繼續青睞更優質的飲料，創造了混合和客製化方面的新常態。為了推動這一目標，我們繼續依靠創新，推出了冰南瓜奶油奶茶拿鐵，從而促進了茶葉銷售；以及南瓜奶油冷泡沫，成為我們客戶的客製化最愛。除了飲料的成功外，我們的核心早餐三明治和促銷品（例如烤蘋果羊角麵包）也推動了我們的食品附加價值再創新高。我們在推動增量支出方面取得的成功讓我們相信，我們正在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 six 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.

本季的交易可比銷售額成長了2%，加上又一個季度創下了紀錄，推動了平均每週銷售額的多項記錄，包括在我們成功的秋季推出的推動下，實現了有史以來最高的六週銷售額。在我們的促銷窗口之外，需求仍在持續，這轉化為未來的機會，因為我們向最忠實的客戶提供有針對性的優惠，並在創造更個人化的體驗時提高效率。就需求而言，我們的星巴克獎勵計劃的關鍵方面、活躍會員、每位會員的支出和會員總支出，在本季度又創下了紀錄，均超過了之前的高點。

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 leads 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度，我們也看到臨時客戶中的客戶總數有所增加。總的來說，這種需求說明了我們業務的黏性。再加上客戶聯繫分數的提高以及交易、混合、客製化和附加的成長，所有這些都帶來了持久且不斷成長的業務。美國特許商店第四季度收入依然強勁，比上年增長18%，這得益於消費者在新冠肺炎疫情之前採取了夏季和商務旅行的慣例，並擴大了數位化產品（例如機場和部分零售商的路邊MOP），使我們能夠獲得更多滿足客戶需求的方式，並支援不斷增長的需求。

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.

北美地區第四季的營業利潤率為23.2%，較上年增長420 個基點，這主要得益於我們商店效率的提高，這主要得益於改造、銷售槓桿和定價的有利影響，部分被我們對合作夥伴的持續投資所抵消。

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.

繼續國際化。本季度，該部門實現營收 20 億美元，比上年增長 11%，如果排除約 3% 的外幣換算影響，則增長 15%。我們的營收成長動能延續了上一季的出色表現，源自於我們大多數國際地區的兩位數成長，展現了全球實力。隨著商店客流量的增加和數位參與度的持續以及星巴克會員群的不斷增加，該部門的可比商店銷售額增長了 5%，交易增長了 6%。此外，國際部門的公司自營新店年增 12%，其中中國貢獻了門市成長的很大一部分，因為中國的門市開張量是今年最高的，相當於 2019 年每天新開店近 4 家。第四季度，超出我們的預期。總體而言，該細分市場的門市數量已超過 20,000 家，為未來幾年的市場成長提供了充足的空間。

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.

轉移到中國。正如 Laxman 分享的那樣，在新店實力和可比店面銷售額增長 5% 的推動下，本季和全年中國收入均實現兩位數增長。重要的是，中國的平均每週銷售額較上季成長，符合我們低至中個位數成長的指導。與前一年相比，8% 的強勁交易成長推動了同店銷售額成長5%，反映出我們透過當地相關食品和飲料打造的強大品牌親和力，以及我們的合作夥伴在每次光臨時提供的一致體驗，使我們在市場中脫穎而出。我們繼續看到中國的長期成長，在時段、數位產品和商店格式方面存在重大機遇，因此，我們將繼續為我們的合作夥伴、商店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，正如拉克斯曼所分享的那樣，我們在本季度開設了咖啡創新園，這是我們在美國以外最大的烘焙工廠，這表明了我們對中國業務的堅定承諾。第四季國際業務的營業利潤率為 15.2%，比上年同期成長 70 個基點，這得益於數位投資部分抵銷的銷售槓桿。我們對利潤率感到滿意，這反映了業務的實力，並使我們能夠釋放資本，對業務進行再投資，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.

轉向通路建設。第四季該部門的營收為 4.86 億美元，與上年基本持平，符合我們的預期。這主要是由家庭咖啡推動的。同時可能以 16.1% 的份額在該類別中排名第一，並且在即飲飲料領域排名第一，實現了兩年來的最高份額。我們的秋季推出與北美咖啡合作夥伴關係推動了我們的業績，導致該細分市場的成長優於整體類別。在北美咖啡合作夥伴關係持續強勁表現的推動下，該部門第四季度的營業利潤率為 55.8%，比上年增長了 520 個基點，超出了我們的預期。該細分市場繼續為我們的業務帶來高利潤成長，我們對該通路中看到的顯著利潤成長感到興奮。

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.

轉向我們的 2024 財年指導。我們的指導考慮了我們今天所看到的宏觀經濟和地緣政治環境。此外，我們的指導不包括外幣換算的任何影響。首先，讓我從我們成長的基礎—可比銷售額成長開始。我們預計 2024 財年全球複合成長率將為 5% 至 7%。雖然這與我們去年7% 至9% 的全球比較指導有所不同，但我們的比較範圍，加上我們強勁的新店業績和授權業務的勢頭，推動了更廣泛、更持久的增長敘述，支持我們有吸引力的綜合收入生長。

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.

對於顏色，我們的2024 財年美國可比商店銷售額預計將增長5% 至7%，因為我們的業務在我們領先的創新和技術的推動下繼續擁有巨大的發展空間，提高了客戶忠誠度和強大的數位參與度，如下所示：美國在 2023 財年結束時實現了 9% 的強勁業績成長。 2024 財年全球複合成長率5% 至7% 的另一個積極推動因素是中國的表現，預計第二季至第四季的複合成長率將在4% 至6% 之間，隨著我們的完成，第一季的複合成長率將更高上一年度的流動限制。這種成長是由我們不斷增強的數位能力以及我們從相關產品創新和專門設計的商店中看到的本地機會所推動的，這些機會與客戶產生共鳴並提高了參與度。

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.

我們的新店業績，加上我們強大的中國比較指引，將使市場又一年實現兩位數的收入成長，從而延續我們的發展勢頭。

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地區，因為我們繼續專注於全球策略擴張，達到近 41,000 家到2024 財年末，全球門市數將成長約7%。在我們動態的投資組合形式的推動下，我們預計2024 財年美國門市數量將成長約4%，從而擴大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. 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.

鑑於我們新店具有吸引力的單位經濟效益，我們預計 2024 財年中國將繼續保持約 13% 的快速成長。我們預計，我們剩餘的成長將受到全球其他市場的強勁發展的推動，這些市場正在利用我們品牌的國際實力並變得更加全球化。我幾分鐘前討論過的全球公司成長、全球商店成長以及授權業務的持續成長相結合，為我們的綜合收入成長奠定了基礎。對於 2024 財年，我們預計綜合收入成長將繼續在 10% 至 12% 的範圍內，儘管處於該範圍的低端。這不包括外幣換算的任何影響。

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. 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.

我們預計，我們成長的基本要素將被通路開發部門預期的高個位數收入下降所部分抵消，這主要與西雅圖最佳咖啡的銷售和更廣泛的 SKU 優化有關。如果沒有這些影響，通路開發收入預計將比去年同期持平。我們很自豪能夠在 2023 財年非常強勁的業績基礎上，再次實現兩位數的收入增長，增長率在 10% 至 12% 的範圍內，所有這些都增強了我們對我們業務的信心，我們看到了未來的機會。

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 財年的利潤率將逐步擴大，因為我們將繼續提高商店內外的效率，其中包括約10 億美元的增量高回報、以成長為導向的投資，在我們的合作夥伴、商店和客戶之間平衡，涵蓋工資、新產品和服務。商店設備和改進、數位和產品創新以及供應鏈現代化。我們也將繼續專注於提高整個業務的策略效率，並開展多個工作流程，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，支持我們對業務的持續投資，即使我們長期擴大利潤率和增加收益。

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提供有關效率工作流程的更多詳細資訊。此外，我們預計通路開發部門將繼續增加我們的整體營業利潤率，營業利潤率將從有利的投資組合擴大到 40% 高至 50% 低的範圍。

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.

繼續進行資本配置。透過非常嚴格的資本配置方法，我們 2023 財年的投資資本回報率接近 25%，比前一年有了顯著改善。同樣重要的是，我們預計這種上升趨勢將在 2024 財年繼續。我們預計 2024 財年的資本支出約為 30 億美元，其中超過 85% 的資本支出直接投資於我們的全球商店組合。我們也預計將繼續保持穩定的股息政策，並繼續致力於將股息支付率設定為約50%，這將顯示我們對長期增長的信心，並吸引廣泛的投資者基礎，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，我們很自豪最近連續第 13 次增加年度股息，在此期間複合年增長率為 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重大業務投資，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，我們預計我們的有效 GAAP 和非 GAAP 稅率將在 20% 的中間範圍內。這高於我們 2023 財年 GAAP 和非 GAAP 稅率 23.6%，這得益於預計 2024 財年不會再次出現的某些離散稅項。

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, compromised of both revenue growth and margin expansion.

在結束我的指導意見時，我們繼續預期 2024 財年 GAAP 和非 GAAP 每股盈餘成長將在 15% 至 20% 的範圍內。值得自豪的是，我們預計每股盈餘兩位數的成長將是平衡計畫的結果，同時兼顧營收成長和利潤率擴張。

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，我們對我們業務的持久性以及 2023 財年為 2024 財年奠定的堅實基礎感到滿意，我們的指導是我們對持續長期成長充滿信心的產物。我們期待在下午的策略會議上向您詳細介紹我們的無限機會。

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?

在我結束並將其移交給蒂芙尼之前，我要感謝全球超過450,000 名穿著綠色圍裙的合作夥伴，他們為創造體驗做出了不懈的貢獻，使星巴克成為對我們所有顧客來說如此有意義的地方。正是因為你們大家，我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 into our afternoon strategy meeting.

謝謝你，雷切爾。此時，我們將繼續進行正常的問答環節，該環節將持續到整點。需要澄清的是，本次問答環節將重點放在我們的第四季度和 2023 財年全年業績以及 2024 財年指導。關於上述任何一個之外的主題的問題應該在我們下午的戰略會議上討論。

Kevin, now please open the call for questions.

凱文，現在請開始提問。

(Operator Instructions)

（操作員說明）

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 suggest 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.

我有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。我只是很好奇，這是否可能是我們在積極流量方面看到的一些內容，但也可能是消極的門票，然後是您正在進行的一些投資，也許這可能是利潤擴張的限制因素？我認為，積極的同店銷售肯定表明您的業務執行良好。但只是想了解競爭強度以及對新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 the 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.

感謝你的提問。讓我從這裡開始回答。我們在中國的品牌被稱為“Shing Baka”，它讓中國數百萬客戶的每一天都煥然一新。正如 Rachel 所說，我們的業務也很強勁，第四季的成長率為 5%。如果比較上半年和下半年，下半年的成長差異比上半年高出20%。你應該知道的一件事是，如果你只看早上的時段，我們在中國的業務現在的早上時段比新冠疫情之前要高。

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 merchandised 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.

我們有非常強大的本土創新能力。為了回答你的問題，如果你看看雷切爾提到的交易，我們對食品和飲料交易感到非常滿意。我們在那裡看到的，包括我們所擁有的價格實現，你提到的門票特別指向商品以及我們在商店裡擁有的東西，我們仍在解決這些問題。但我們對飲料和食品的競爭地位感到非常滿意。我們對我們開設的商店的現金回報感到非常滿意。他們非常強大。該團隊在確保較低的建造成本以及我們在商店中能夠實現的生產力方面做得非常出色。我們對我們所獲得的整體回報感到滿意。儘管過去幾年遇到了種種阻力，但業務仍能走到一起，這讓我感到鼓舞。

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.

偉大的。我有一個問題，然後只有一個澄清。問題是關於美國的。拉克斯曼，我認為您提到了第四季度持續的勢頭。只是想知道您是否可以提供任何顏色來說明最近幾個月消費者行為是否有任何變化，無論是好是壞。我知道人們對宏觀經濟放緩的承受能力存在一些擔憂，我希望你可以優先考慮最大的槓桿，以在美國經濟放緩的情況下重新加速經濟成長。

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，您給了 24 財年的指導。我很欣賞它的顏色。我知道您提到了 5% 到 7% 的全球比較和 15% 到 20% 的 EPS。全球範圍內的比較低於目前的長期 7% 至 9%，這些仍然是長期指導指標是否公平？或者這些可能會在今天晚些時候更新嗎？只是想澄清您為 24 財年提供的指導相對於長期指導的情況。

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.

我將回答第一個問題，然後將第二個問題交給雷切爾。關於第一個問題，顯然，我們正在閱讀所有有關宏觀不確定性的聲明，很明顯，我們正在應對全球不確定的經濟和市場。但我不是籠統地談論經濟，而是談論我們對星巴克顧客的看法。客戶對我們的需求仍然強勁。目前我們並沒有看到客戶群的情緒有任何變化。我認為它的作用是反映了星巴克品牌在全球的實力，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 tattling 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，現在我們非常仔細地觀察這一切。與 2008 年人們一直在討論的數字不同，我們參與的管道更加多元化。根據過去 90 天的活動，我們與全球超過 7500 萬客戶建立了數位關係。但我們可以透過數位方式達到其中的倍數。因此，它的範圍比我們傳統上所說的 90 天活躍用戶要大得多。

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，並且在如何處理可能看到的任何不確定性方面我們有多種手段，這在美國也是如此，所以我對我們擁有的勢頭感到滿意。顯然，我們對自己的處境非常警惕和謙虛，我們將盡一切努力超越我們的合作夥伴和客戶的期望。但我們確實有多種手段可以發揮。雷切爾？

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.

感謝你的提問。我看待薪資指引的方式是，我們看到 2023 財年非常強勁，隨著我們進入 24 財年，我們的薪資指引在全球薪資指引範圍內為 5% 至 7%，我們相信，北美地區反映了健康且可實現的競爭指引，不僅支持了我們所看到的實力和勢頭，而且支持了我們對業務的信心。

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.

我認為需要考慮的重要一點是，我們一直在討論如何採取更平衡的方法來推動獲利成長。因此，當我們審視比較時，它是更廣泛的成長敘事的一部分。當我們檢視比較時，我們關注的是新店的業績和授權店的表現。總的來說，這支持了我提供的收入成長範圍。再加上逐步的利潤率擴張，為我們提供了一種平衡的方法來實現15% 至20% 的盈利增長指導，我們認為這很有吸引力，但也反映了我們對業務的信心以及我們所看到的勢頭。

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. .

美洲的營業利潤率為 23.2%，成長超過 4 個百分點，您能否提供一個橋樑或描述對此的最大貢獻者？也許不僅僅是按訂單項，而且，但背後的顏色是什麼？商店和供應鏈中哪些營運狀況良好，推動了這一趨勢？當然，這比 24 財年華爾街的水平要高得多。我只是想知道我們應該如何考慮 24 年的利潤作為您指導的一部分。 。

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 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.

大衛，我首先要說的是，我們對明年利潤率的指導是逐步擴大利潤率。請記住，在全年的基礎上 - 即使我們在第四季度看到了強勁的表現，在全年的基礎上，我們實現了 100 個基點的利潤率擴張，我們對此感到非常滿意。在本季度，即第四季度，我們看到了非常強勁的利潤率擴張，特別是在北美，我們談到的 420 個基點，隨著重塑的好處已經開始放大。因此，我們預計這種情況會在今年下半年加劇，而這正是發生的情況。

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.

因此，當你看看這 420 個基點的驅動因素時，它的最大驅動因素（大約 340 個基點左右）是我們在商店營運費用中看到的槓桿。我想說，這真正的驅動力是我們的重塑所帶來的持續營運效率。因此，我們所做的投資正在推動成長，對合作夥伴、薪資、培訓、新商店和設備的投資，這將帶來一個更穩定的整體環境，從而支持這種槓桿作用。它使我們能夠更有效地為客戶提供服務。

So that's the biggest driver in the quarter. Next is sales leverage, followed by a 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.

所以這是本季最大的推動因素。接下來是銷售槓桿，然後是策略性定價。這種銷售槓桿實際上來自於這樣一個事實：在第四季度，我們的秋季發布引起了客戶的共鳴，我們在全球範圍內看到了創紀錄的需求，但主要是在我們的美國業務，這也推動了利潤率的擴張。然後，所有這些都有助於抵消我們所做的投資，包括對一般管理費用的投資、對合作夥伴工資的投資以及對一般管理費用的投資。

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，當我們展望 24 財年時，我們預計這種勢頭將繼續下去。但我想說，更重要的是從全年的角度來看，我們將繼續看到利潤率的成長與我們在全年的基礎上看到的更加一致。但同樣，利潤率持續擴張。正是我們的收入實力和重塑實力的結合，才帶來了非常實際的財務成果。 。

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 top 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. .

如果我能補充一下就好了。成長顯然是槓桿的真正推動者，您會看到這一點反映在我們損益表的各個項目中。此外，我們也看到了提高效率的機會。今天下午晚些時候，我們將詳細介紹 3 年內 30 億美元的節省計劃和效率，其中很大一部分來自供應鏈中的商店外部，您將看到——其中一部分肯定會出現在我們的營收中。因此，當我們展望未來所擁有的效率時，這給了我們真正的信心，這使我們有能力投資業務，同時實現雷切爾談到的逐步利潤擴張。 。

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。還有美國的比較和交通。您能幫忙分析一下成長的來源嗎？是新客戶、現有客戶、獎勵會員還是更多的臨時客戶？那麼您能否向我們介紹一下您每天每家商店的交易情況？

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，我首先要說的是，總體而言，我們的流量仍然強勁，而且還在成長。因此，當你看到我們在本季度取得的成功業績時，尤其是在美國，我們有史以來最高的平均每週銷售額是由客流量的強勁和整體門票的強勁共同推動的。我們看到進入我們商店的顧客數量和消費額都創歷史新高。現在這些客戶既是我們的獎勵客戶，也是我們的非星巴克獎勵客戶。因此，我們看到各個細分市場的客戶群都在成長。隨著每個客戶的支出增加，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，特別是在過去幾年中，我們已經發展並適應了不斷變化的消費者需求。因此，我們看到總交易量總體上在增長，無論是在我們的比較商店、我們的新商店還是我們的授權商店。重要的是，我們看到每筆交易的單位數顯著增加。這是由我們看到的得來速和送貨服務成長所推動的，這些服務具有更高的附加率或更多的團體訂單。這一切都導致了我們在本季看到的更強勁的業績，並將推動我們前進的勢頭。

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.

就流量而言，當我想到 24 財年時，我們提供的補償指導範圍包括流量的持續改善。因此，本季我們每家商店的每日交易量比上季和前年有所改善。我們預計這種改善將在 24 財年繼續下去，並且我們將繼續預計門票價格的改善，因為我們非常有目的地圍繞定制、更優質的飲料進行創新，並確保我們能夠繼續推動附。這一切的結合將支持我們所指導的兩位數收入成長。

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.

如果我可以添加一件事的話。我認為過去幾年發生的事情是，為了滿足客戶的需求，這項業務已經發生了很大的發展。我認為您在流量、交易以及我們在專門商店所做的事情中都看到了這一點，今天下午晚些時候，我們將討論一下我們將如何進一步關注我們如何滿足客戶所在的位置。

Next question is coming from Sharon Zackfia from William Blair.

下一個問題來自威廉·布萊爾的莎朗·扎克菲亞。

I was hoping you could give us an update as you talk about the transaction improving, how speed it's improving 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.

我希望您能在談論交易改進、吞吐量提高速度如何、無論您如何在得來速或在前線進行衡量（就像我走進商店時所想到的那樣）時給我們提供最新信息。

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.

讓我開始，然後雷切爾可以補充。在過去一年左右的時間裡，團隊非常努力地做的事情之一就是為商店建立了更強大的營運基礎。我對他們所取得的進步感到非常自豪。這包括我們如何處理得來速的流程。您會看到在「得來速」時間範圍內的時間有了真正的改善。該團隊已將營運實踐應用於這些不同的格式。我對他們在該領域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. .

我認為就自動化或我們引入商店的設備而言，這也是我們所看到的一些變化的驅動力。我認為在夏季來臨之前，我們能夠將便攜式冷泡沫攪拌機引入商店，這確實幫助我們的合作夥伴應對夏季飲料銷量的成長。因此，營運實踐和我們正在安裝的設備的結合，所有這些都為我們商店的營運基礎增添了更強大的基礎，我們希望這種情況能夠持續下去。 。

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，我唯一要補充的是，這都是我們重塑的一部分。因此，這一切都是為了尋找能夠優化生產環境的方法，以便我們能夠更好地支持我們的合作夥伴為客戶提供服務。就拉克斯曼的觀點而言，我們已經看到了切實的好處，這些好處在本季度乃至全年都推動了我們的窗外時間的改善。我們衡量什麼是好的，我們已經取得了很大的進步，未來還有更多的機會。這不僅幫助我們更有效地為客戶提供服務，而且還導致了我們所看到的利潤率擴張和獲利成長。

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. .

我想說的是，我們將繼續推進 24 財年的重點領域，特別是在人員配置和日程安排方面，因為我們將繼續努力確保我們的合作夥伴在他們偏好的時期擁有合適的工作時間，這將為我們的商店環境創造另一個層次的穩定性，並提高整體參與度，這將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約翰·伊万科。

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，特別是在得來速餐廳，但我們也可以在店內討論。您能談談您的尖峰時段或高峰 15 分鐘吞吐量機會嗎？首先，您已經意識到您認為可以透過更優化的商店營運平台來實現，特別是擁有更長任期的員工。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，如果我能接受的話。謝謝你的問題。我們擁有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。如果你看看人員配置和日程安排以及我們在這方面的工作方式，我認為我們在該領域取得了實質進展。我認為，因此，你會看到現在的人員流失水準低於新冠疫情之前的水準。您將看到商店中合作夥伴的任期增加。這種情況還會持續下去。我想如果你看看我們透過對合作夥伴的投資以及向他們提供的工資和其他福利所取得的成果。如果你看我們合作夥伴的實得收入，平均年增了 20%。現在還有更多的事情要做。 。

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.

如果你回到 2020 年，看看我們現在所處的位置，這個數字大約高出近 50%，但我們仍然有更多的機會。我認為這對我們有所幫助，這對我們在高峰時期有所幫助。這會對我們在你提到的那 15 分鐘高峰時段有所幫助。

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 a stock 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、我們經營的商店組合以及我們如何與這些商店進行數位化合作時，今天下午晚些時候你將看到一隻股票，圍繞我們如何找到簡化商店中發生的事情的方法我們還透過非常謹慎的選擇來滿足更廣泛的需求，包括如何定位商店、如何處理商店以及如何以數位方式放大我們正在做的事情。而且在供應方面，我們如何將其與我們引進的具有強大營運基礎的設備連結起來。因此，我們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布萊恩哈伯。

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?

我可以問一下你們的資本支出預算的增加情況以及這將用於什麼目的嗎？我想，更廣泛地說，與您之前談到的相比，您是否正在加速某種設備的推出，或者可能可以加速商店改造？

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.

布萊恩，謝謝你的提問。我們的資本支出將增加至約 30 億美元左右，其中大部分（超過 85%）將集中在新店成長和翻修增加。因此，明年我們將大幅增加在美國的翻修次數，約為 1,000 次。因此，全球新店數量、裝修以及店內設備的增加都在增加。但其中更大的比例實際上是全球新店的成長以及翻新。

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.

新設備是我們已經討論過的設備，進一步推出了塊冰，進一步推出了 Clover Vertica，以及一些圍繞茶點和分配的持續工作。因此，其中一些機會圍繞著創造更廣泛的效率，以便能夠在整個商店中實現營運一致性。然後，除了這 85% 之外，我們將看到供應鏈現代化成本以及中國支持創新和技術中心的一些成本。這很大程度上就是成本的構成方式。

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.

我們感到鼓舞的是，那些往往具有非常高的回報，它們是非常高的成長導向投資。因此，我們預計投資資本回報率會有所改善，就像我們今年看到的那樣，鑑於我們去年採取的非常嚴格的投資方法，我們的 ROIC 達到了近 25%。我們預計今年隨著我們增加資本，我們有能力透過在這些高回報、成長型投資中做出非常嚴格的選擇來繼續推進這一目標。

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

今天我們的最後一個問題來自伯恩斯坦的達尼洛·加吉烏洛（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進行。那麼，您對這種加速的哪些方面最感到自豪？您預計未來幾個月哪個方面將加速最多？

I'm very pleased with the way that the reinvention plan is (inaudible) accomplished 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.

我對重塑計劃（聽不清楚）在效率、文化、能力和流程方面的完成方式感到非常滿意，為了系統地提高整個企業的效率，我們現在所擁有的能力和流程實際上非常強大，因為出色地。除此之外，我們正在加速的是我們如何思考特定用途的商店以及我們正在為我們的商店建立強大的營運基礎所做的事情。當我們創建基礎設施、建立商店足跡時，這將真正幫助我們，我們將根據這些足跡添加商店中的設備。

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.

我們的設備管道，我們擁有的設備，我們管理新設備的方式，即將到來的設備，整個管道和產品組合管理都完全步入正軌。我們對在那裡取得的進展感到非常滿意。我認為這是我們未來將繼續看到的事情。

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。現在我將把電話轉給拉克斯曼做總結發言。

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.

我要感謝大家今天早上加入我們。我想感謝你們提出的所有問題，我期待著今天下午見到你們，屆時我們將發布我們的策略更新，並與你們一起慶祝我們的假期發布。感謝大家今天早上加入我們。

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

謝謝。星巴克第四季和 2023 財年全年電話會議至此結束。您現在可以斷開連線。