星巴克 (SBUX) 2024 Q1 法說會逐字稿

Good afternoon. My name is Diego, and I will be your conference operator today. I would like to welcome everyone to Starbucks' First Quarter Fiscal Year 2024 Conference Call. (Operator Instructions)

午安.我叫迭戈，今天我將擔任你們的會議操作員。歡迎大家參加星巴克 2024 財年第一季電話會議。 （操作員說明）

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

我現在將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, Diego, and good afternoon, everyone, and thank you for joining us today to the Starbucks' First Quarter Fiscal Year 2024 results.

謝謝迭戈，大家下午好，謝謝您今天與我們一起了解星巴克 2024 財年第一季的業績。

Today's discussion will be led by Laxman Narasimhan, Chief Executive Officer; and Rachel Ruggeri, Executive Vice President and Chief Financial Officer. And for Q&A, we will be joined by Belinda Wong, Chairwoman and Co-Chief Executive Officer of Starbucks China; and Brady Brewer, Executive Vice President and Chief Marketing Officer.

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。星巴克中國董事長兼聯合執行長黃碧琳也將參加問答環節；執行副總裁兼首席行銷長 Brady Brewer。

This call will include forward-looking statements, which are subject to various risks and uncertainties that can 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 the first quarter fiscal year 2024 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. As part of our non-GAAP results, revenue, operating margin and EPS growth metrics on today's call are measured in constant currency. Current period results, however, are converted into the United States dollars using the average monthly exchange rates from the comparative period rather than the actual exchange rates for the current period, excluding any related hedging activities. For non-GAAP financial measures mentioned in today's call, please refer to the earnings release and our website at investor.starbucks.com to find reconciliations of those non-GAAP measures to their corresponding GAAP measures.

2024 財年第一季和比較期間的 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。作為我們非公認會計準則績效的一部分，今天電話會議上的收入、營業利潤率和每股盈餘成長指標均以固定匯率衡量。然而，本期業績採用比較期間的平均月匯率而非本期實際匯率換算為美元，不包括任何相關的避險活動。對於今天電話會議中提到的非 GAAP 財務指標，請參閱收益報告和我們的網站 Investor.starbucks.com，以尋找這些非 GAAP 指標與其對應 GAAP 指標的調整表。

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, March 15, 2024. Also, for your calendar planning purposes, please note that our second quarter fiscal year 2024 earnings conference call has been tentatively scheduled for Tuesday, April 30, 2024.

本次電話會議正在網路直播，截至2024 年3 月15 日星期五，我們的網站上將提供網路廣播的存檔。此外，出於您的日曆規劃目的，請注意，我們的2024 財年第二季收益電話會議已暫定定於 2024 年 4 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, and thank you all for joining us this afternoon. I will start by sharing an overview of our business performance in our first quarter of fiscal 2024. I will then turn it over to Rachel Ruggeri to walk through the detailed segment results.

謝謝蒂芙尼，也謝謝大家今天下午加入我們。我將首先分享我們 2024 財年第一季的業務業績概述。然後我會將其交給 Rachel Ruggeri，以詳細介紹部門業績。

We saw strong momentum in a highly successful holiday in the quarter with record revenue and expanded margins. We saw strong growth in our loyalty programs, sequentially increased in frequency and record spend among our loyal customers, positive traction from new product innovations, exciting momentum in China with our focus on premium and progress on the execution of our Triple Shot strategy. We also saw some unexpected headwinds, which impacted the rate of growth. We feel very confident about our robust plans to address these challenges. While we're already seeing traction, there was an impact in the quarter, and it will take some time to normalize.

我們看到了本季非常成功的假期的強勁勢頭，收入創歷史新高，利潤率擴大。我們看到我們的忠誠度計劃強勁增長，忠誠客戶的頻率連續增加並創紀錄的支出，新產品創新的積極推動力，我們對溢價的關注在中國令人興奮的勢頭以及三重戰略執行的進展。我們也看到了一些意想不到的阻力，影響了成長率。我們對應對這些挑戰的穩健計劃充滿信心。雖然我們已經看到了成長勢頭，但本季還是受到了影響，而且需要一段時間才能恢復正常。

Let me walk you through the details. Our performance in the quarter was fundamentally strong. Our Q1 total company revenue was a record $9.4 billion, up 8% year-over-year. Our global comparable store sales grew 5% year-over-year, supported by a 5% comp growth in North America, driven by 4% ticket growth and 10% comp growth in China. Our global operating margins expanded by 130 basis points to 15.8% and our overall earnings per share grew 20% to $0.90. This speaks to the continued successful execution of our reinvention plan and the durable business we are building.

讓我向您介紹詳細資訊。我們本季的業績基本強勁。我們第一季的公司總收入達到創紀錄的 94 億美元，年增 8%。我們的全球可比商店銷售額年增 5%，這得益於北美 5% 的同比增長，以及中國 4% 的門票增長和 10% 的同比增長的推動。我們的全球營業利潤率成長了 130 個基點，達到 15.8%，每股總收益成長 20%，達到 0.90 美元。這表明我們的重塑計劃和我們正在建立的持久業務的持續成功執行。

We are fortunate to have built one of the strongest brands in the world, and we continue to benefit from customer loyalty. Throughout the quarter, we saw our most loyal customers around the world coming into our stores more often. Specifically, in the U.S., we set new records with our 90-day active Rewards members growing 13% year-over-year to a record 34.3 million, with tender reaching an all-time high of 59% demonstrating increased engagement. Importantly, the frequency of our most loyal customers increased sequentially and spend per member reached a record in Q1 fueled by our holiday promotion, which significantly exceeded our expectations.

我們很幸運能夠建立世界上最強大的品牌之一，我們將繼續受益於客戶忠誠度。在整個季度中，我們看到世界各地最忠實的客戶更頻繁地進入我們的商店。具體來說，在美國，我們創下了新紀錄，90 天活躍獎勵會員數量同比增長 13%，達到創紀錄的 3430 萬，投標率達到 59% 的歷史新高，這表明參與度有所提高。重要的是，在我們的假期促銷的推動下，我們最忠誠的客戶的頻率連續增加，並且每個會員的支出在第一季度達到了創紀錄的水平，這大大超出了我們的預期。

Our Cold and Gingerbread platforms drove a record high ticket in the U.S. in the quarter. We also had the highest sales of Starbucks Gift Cards in our history, making us #2 in gift cards sold. In total, we have an incredible $3.6 billion preloaded onto our cards in the U.S. in the quarter. In short, our growing Starbucks Rewards members are visiting our stores more frequently and increasing their spend each time that they come.

我們的 Cold 和 Gingerbread 平臺本季在美國的銷售量創下了歷史新高。我們的星巴克禮品卡銷售量也是史上最高的，使我們在禮品卡銷售量上排名第二。本季度，我們在美國的卡上預存的金額總計高達 36 億美元，令人難以置信。簡而言之，我們不斷壯大的星享俱樂部會員越來越頻繁地光顧我們的門市，並且每次來店的消費都在增加。

We also saw great momentum in China. We aim to be the best in the premium market in China. Our brand equity across Starbucks and Starbucks Reserve is second to none. Based on our latest brand tracker, Starbucks continues to be the first choice in away-from-home coffee, including among the Gen Z consumers. We continue to lead in brand affinity and have a highest awareness, brand familiarity and purchase intent scores. We have the most outstanding partners in our stores with very strong customer connection and the highest retention rates in our industry. We offer distinctive global and locally relevant product innovation anchored on superior coffee with food attachments and a morning daypart that now have surpassed pre-COVID levels.

我們也看到了中國的強勁勢頭。我們的目標是成為中國高端市場的佼佼者。我們在星巴克和星巴克臻選的品牌資產是首屈一指的。根據我們最新的品牌追蹤報告，星巴克仍然是外出喝咖啡的首選，包括 Z 世代消費者。我們在品牌親和力方面繼續處於領先地位，並擁有最高的認知度、品牌熟悉度和購買意願得分。我們的商店擁有最優秀的合作夥伴，擁有非常強大的客戶關係和業界最高的留任率。我們提供獨特的全球和本地相關產品創新，以優質咖啡和食品配件為基礎，現在已經超越了新冠疫情之前的水平。

Our loyal customers, a major part of tender, are coming more often and our loyalty program is growing. We're doing all of this while offering premium physical and digital experiences delivered across our distinctive store portfolio across other physical channels and through our digital connection and doing so at a commensurate value. This ambition of being best in premium in China is in line with our long-term growth ambitions for China.

我們的忠實客戶（招標的主要部分）越來越頻繁地出現，我們的忠誠度計劃也在不斷發展。我們在做這一切的同時，透過我們獨特的商店組合、跨其他實體管道、透過我們的數位連接提供優質的實體和數位體驗，並以相稱的價值做到這一點。這種成為中國高端高端產品的雄心壯志與我們在中國的長期成長目標是一致的。

Let me now talk about the headwinds and our response. We entered the first quarter very strong globally. We had great momentum in August and September, and that continued into October, which exceeded our expectations across every measure. Beginning in mid-November, while our business continued to grow, the growth rate was impacted by 3 unexpected factors.

現在讓我談談逆風和我們的應對措施。我們進入第一季時在全球範圍內表現強勁。我們在 8 月和 9 月保持了強勁的勢頭，這種勢頭一直持續到 10 月，各項指標都超出了我們的預期。從11月中旬開始，我們的業務在持續成長的同時，成長受到了3個意想不到的因素的影響。

First, we saw a negative impact to our business in the Middle East. Second, events in the Middle East also had an impact in the U.S., driven by misperceptions about our position. Our most loyal customers remain loyal and in fact, increased their frequency and spend in the quarter. But we did see a softening of U.S. traffic. Specifically, our occasional U.S. customers, who tend to visit the afternoon, came in less frequently. I will speak in a moment as to how we quickly responded with an effective action plan. Finally, we experienced a slower-than-expected recovery in China, driven by a more cautious consumer. While we had a relatively very strong Double 11 holiday, the overall market weakness led to significantly increased pricing competition.

首先，我們在中東的業務受到了負面影響。其次，由於對我們立場的誤解，中東發生的事件也對美國產生了影響。我們最忠實的客戶仍然保持忠誠度，事實上，他們在本季的頻率和支出有所增加。但我們確實看到美國交通量有所疲軟。具體來說，我們偶爾來的美國客戶往往在下午來訪，但來的頻率較低。我稍後將介紹我們如何透過有效的行動計畫快速做出反應。最後，在消費者更謹慎的推動下，中國的復甦速度慢於預期。雖然雙十一假期相對強勁，但整體市場疲軟導致價格競爭明顯加劇。

We responded quickly to these headwinds. In the U.S., we implemented targeted offers aimed at bringing our occasional customers into our loyalty program. As we've seen over time, Starbucks Rewards members develop a routinized long-term relationship with our brand that increases both ticket and transactions. Additionally, we activated new capabilities within our proprietary Deep Brew data analytics and AI tool to identify and incentivize specific rewards members cohorts. Finally, we are leaning further into our brand, marketing and factual narrative and social media to engage these audiences where they are.

我們對這些不利因素做出了迅速反應。在美國，我們實施了有針對性的優惠，旨在將我們的臨時客戶納入我們的忠誠度計劃。正如我們長期以來所看到的，星巴克獎勵會員與我們的品牌建立了常規的長期關係，從而增加了門票和交易。此外，我們還啟動了專有 Deep Brew 數據分析和人工智慧工具中的新功能，以識別和激勵特定獎勵會員群。最後，我們進一步依靠我們的品牌、行銷和事實敘事以及社群媒體來吸引這些受眾。

We've already seen the positive impact of these new initiatives with our more occasional customers beginning to rebound in December. However, we continue to see further opportunity to welcome back our very occasional customers. We feel good about the trajectory over the course of the quarter, but it will take time for our plans to be fully realized.

我們已經看到了這些新舉措的正面影響，我們的偶爾客戶在 12 月開始反彈。然而，我們繼續看到更多的機會來歡迎我們偶爾回來的客戶。我們對本季的發展軌跡感到滿意，但我們的計劃需要時間才能完全實現。

In China, we remain very confident in the long term. The market is going through a transition as we see an increase in mass market competitors, which we believe will shake out over time, and the market will emerge looking fundamentally different than what we see today. We expect a much larger and tiered market as per capita consumption continues to increase and the market matures. There are 3 key elements in our China strategy.

在中國，我們對長期發展仍然充滿信心。隨著我們看到大眾市場競爭對手的增加，市場正在經歷轉變，我們相信隨著時間的推移，這些競爭對手將會被淘汰，市場將與我們今天看到的完全不同。隨著人均消費的持續增加和市場的成熟，我們預期市場將變得更大、更分層。我們的中國戰略有3個關鍵要素。

First, we are offering more coffee forward, locally relevant product innovations and we're increasing engagement in social media channels to influencers and partnerships, which are highly effective in China. These actions are increasing awareness and have led to greater customer frequency. Second, we have made significant investments in technology, increasing our omnichannel capability, allowing us to serve more customers through new occasions. These investments have also led to a more digitized store environment, increasing efficiency of our supply chain and stores while enhancing the partner experience and strengthening our unit economics in both existing and new stores.

首先，我們正在提供更多的咖啡前沿、與當地相關的產品創新，我們正在增加社交媒體管道對影響者和合作夥伴的參與，這在中國非常有效。這些行動提高了人們的認識，並導致了更高的客戶頻率。其次，我們在技術上進行了大量投資，增強了我們的全通路能力，使我們能夠透過新的場合服務更多的客戶。這些投資也帶來了更數位化的商店環境，提高了我們的供應鏈和商店的效率，同時增強了合作夥伴的體驗並增強了我們現有和新商店的單位經濟效益。

Finally, we're increasing the percentage of new stores opening in lower tier markets and new county cities where we see meaningfully stronger new store economics. As you can see, we moved quickly to respond and implement a plan to address these unexpected headwinds. It will take time for these action plans to be fully realized. That said, we remain confident in our Triple Shot strategy and our long-term growth. So let me share some of the progress in the quarter.

最後，我們正在增加在低線市場和新縣城開設新店的比例，我們看到這些地方的新店經濟明顯強勁。正如您所看到的，我們迅速採取了應對措施並實施了一項計劃來解決這些意外的不利因素。這些行動計劃的完全實現還需要時間。儘管如此，我們對 Triple Shot 策略和長期成長仍然充滿信心。讓我分享一下本季的一些進展。

Our first Triple Shot Reinvention priority is to elevate our brand by operating great stores and driving product innovation. The best lever for elevating our brand is our store experience. We continue to raise the bar on running great stores with a focus on enhancing both our partner and customer experience. One example is the continued rollout of our Siren System cold and food stations. We remain on track to have approximately 10% of our stores equipped with a Siren System by the end of this year. We are a coffee company, and we will continue to lead with coffee innovation. We're continuing the installation of our Clover Vertica in nearly 10% of our U.S. company-operated stores in the quarter.

我們的 Triple Shot Reinvention 首要任務是透過經營優質商店和推動產品創新來提升我們的品牌。提升我們品牌的最佳槓桿是我們的商店體驗。我們持續提高經營優秀商店的標準，重點是增強我們的合作夥伴和客戶體驗。一個例子是我們繼續推出 Siren System 冷飲站和食品站。我們仍有望在今年年底前讓約 10% 的商店配備警報系統。我們是一家咖啡公司，我們將繼續引領咖啡創新。本季度，我們將繼續在近 10% 的美國公司自營商店中安裝 Clover Vertica。

We are on track to have on-demand single-cup brewers installed in nearly 60% of our U.S. company-operated stores in fiscal year 2024. This will continue to elevate our coffee offering while also making partners more productive by reducing waste and creating efficiencies in store, allowing them to spend more time doing what they do best, connecting with our customers. Just imagine a perfectly brewed on-demand cup of coffee at any time throughout the day, even decaf. This quality and the offering are like no other in the industry.

我們預計在 2024 財年在近 60% 的美國公司自營商店中安裝按需單杯沖泡機。這將繼續提升我們的咖啡供應，同時透過減少浪費和提高效率來提高合作夥伴的生產力店內，讓他們能夠花更多時間做自己最擅長的事情，並與我們的客戶建立聯繫。想像一下，整天任何時間都能喝到一杯完美的按需沖泡咖啡，甚至是無咖啡因咖啡。這種品質和產品在業界是獨一無二的。

We also continue to offer coffee blends, which are distinctive and remind people of the romance of coffee. Our Verona blend is anchored in the essence of Verona, Italy. It was our tribute to the city of romance in Italy. In celebration of our 5 years in Italy, we will introduce a new coffee, Starbucks Milano Roast inspired by the art and culture of Milan. Milan's miart, an international modern and contemporary art fair, is the perfect backdrop to a launch in our Milan Roastery that will then scale globally. The moment will capture a love of coffee, the passion of our partners and the dynamism of Milano.

我們也繼續提供拼配咖啡，它們各具特色，讓人想起咖啡的浪漫。我們的維羅納混合酒植根於義大利維羅納的精髓。這是我們向義大利這座浪漫之城的致敬。為了慶祝我們在義大利成立 5 週年，我們將推出一款新咖啡，星巴克米蘭烘焙咖啡，其靈感來自米蘭的藝術和文化。米蘭 miart 是一個國際現代和當代藝術博覽會，是我們米蘭烘焙工坊推出產品的完美背景，隨後將擴展到全球。這一刻將體現出對咖啡的熱愛、我們合作夥伴的熱情以及米蘭的活力。

Today, we are excited to launch the Oleato platform with Oleato customizations across the U.S. In the coming weeks, we will also launch a chocolate-covered strawberry Creme Frappuccino and a Chocolate Hazelnut Cookie Cold Brew in time for Valentine's Day. Starting this week, and continuing over the next few months, we will be introducing 3 new beverage platforms, each of which is squarely aimed at our Gen Z and millennial customers across the range of coffee and core beverages and compelling for the afternoon. These product innovations are examples of how we continuously elevate the brand and welcome customers back with a unique Starbucks experience.

今天，我們很高興在美國推出具有 Oleato 定制功能的 Oleato 平台。在接下來的幾週內，我們還將在情人節及時推出巧克力草莓奶油星冰樂和巧克力榛子餅乾冷萃咖啡。從本週開始，並在接下來的幾個月裡，我們將推出3 個新的飲料平台，每個平台都專門針對我們的Z 世代和千禧一代客戶，提供各種咖啡和核心飲料，並在下午吸引人們的眼球。這些產品創新體現了我們如何不斷提升品牌並以獨特的星巴克體驗歡迎顧客再次光臨。

We're also offering new and exciting options beyond coffee, including food that appeals to different dayparts, especially the afternoon. In January, we added new menu items, including the potato, Cheddar and chive bakes and the Chicken Maple butter and egg sandwich. These are products that tide our customers over between lunch and dinner. Importantly, our digital experience makes attaching food to afternoon drink orders easy and convenient. We've seen a very positive customer response to these new items, and we are expanding inventory to meet the strong demand.

除了咖啡之外，我們還提供令人興奮的新選擇，包括適合不同時段（尤其是下午）的食物。一月份，我們添加了新的菜單項，包括馬鈴薯、切達乾酪和香蔥烘焙食品以及雞肉楓黃油和雞蛋三明治。這些產品可以幫助我們的客戶在午餐和晚餐之間度過難關。重要的是，我們的數位體驗使將食物附加到下午飲料訂單中變得簡單方便。我們看到客戶對這些新產品的反應非常積極，我們正在擴大庫存以滿足強勁的需求。

We're also pleased with the pace of our new store openings and strong unit economics. Our most recent age class of company-operated new stores in the U.S. is average unit volumes of approximately $2 million with ROIs of approximately 50%. And as we continue to open more stores, growing by approximately 4% this year in the U.S. on a base of over 16,000, including licensed stores, we will further invest in purpose-built stores to meet our customers where they need and want us to be. This includes drive-thrus, which have grown by over 500 stores since Q1 of last year.

我們也對新店開業的速度和強勁的單位經濟效益感到滿意。我們公司在美國經營的新店的最新年齡組平均單位銷售額約為 200 萬美元，投資回報率約為 50%。隨著我們繼續開設更多商店，今年在美國的門市數量增加了約4%，數量已超過16,000 家，其中包括授權商店，我們將進一步投資專門商店，以滿足客戶的需求並希望我們能夠滿足他們的需求。是。其中包括得來速，自去年第一季以來已增加了 500 多家商店。

Even in the U.S., we see abundant greenfield opportunity ahead. Our second strategic priority is further strengthening and differentiating our leadership position in digital. We saw our mobile order and pay surpass a record high 30% of all transactions in the quarter, and we reduced downtime of mobile order and pay by half as we continue to find ways to deliver better customer experience. We'll continue to make the Starbucks app even better, including adding the ability to use a personal cup in ordering through the app and the rollout of more accurate order wait times. We're also laser-focused on ensuring our customers can personalize their orders in whatever way they want. One example is helping customers find products based on dietary needs.

即使在美國，我們也看到了豐富的綠地機會。我們的第二個策略重點是進一步加強和差異化我們在數位領域的領導地位。我們看到我們的行動訂單和支付在本季度所有交易中所佔比例超過了創紀錄的30%，並且隨著我們繼續尋找提供更好客戶體驗的方法，我們將行動訂單和支付的停機時間減少了一半。我們將繼續改進星巴克應用程序，包括添加使用個人杯子透過應用程式點餐的功能，以及推出更準確的訂單等待時間。我們也專注於確保我們的客戶能夠以他們想要的任何方式個性化他們的訂單。一個例子是幫助客戶根據飲食需求找到產品。

We saw record results in our U.S. delivery business with growth of nearly 80% year-over-year, aided by our expanded partnership with DoorDash. We see significant growth for continued incremental growth as delivery represents only 2% of our transactions. Our purpose-built stores optimized for delivery and fulfillment help seize this opportunity. Additionally, we are conducting a pilot with Gopuff, targeting a fully incremental opportunity for overnight orders between 5 p.m. and 5 a.m. In this pilot, Starbucks trained Barista's prepare handcrafted Starbucks drinks and food inside Gopuff micro fulfillment centers, delivering to the customer's door in about 30 minutes.

在我們與 DoorDash 擴大合作夥伴關係的幫助下，我們的美國配送業務取得了創紀錄的業績，年增近 80%。我們看到持續增量成長的顯著成長，因為交付僅占我們交易的 2%。我們專為交付和履行而優化的商店有助於抓住這個機會。此外，我們正在與 Gopuff 進行試點，目標是為下午 5 點至下午 5 點之間的隔夜訂單提供完全增量的機會。在這個試點計畫中，星巴克培訓咖啡師在 Gopuff 微型配送中心內準備手工製作的星巴克飲料和食品，並在大約 30 分鐘內送貨上門。

To further expand the reach and impact of mobile ordering and rewards, we now offer Starbucks Connect in over 40% of our more than 6,700 U.S. licensed stores, with further expansion planned for this year. We're also pleased to share that Bank of America will be our next Starbucks Rewards partner, delivering even more value to our most loyal customers. This opportunity builds the great success of our partnership with Delta Air Lines that has deepened connection and engagement with our members and is 1 of 2 new Starbucks Awards partnerships we told you we would roll out this year.

為了進一步擴大行動訂購和獎勵的覆蓋範圍和影響力，我們現在在 6,700 多家美國授權商店中超過 40% 提供 Starbucks Connect，並計劃在今年進一步擴張。我們也很高興地宣布，美國銀行將成為我們的下一個星巴克獎勵合作夥伴，為我們最忠實的客戶提供更多價值。這一機會使我們與達美航空的合作夥伴關係取得了巨大成功，加深了與會員的聯繫和互動，也是我們今年將推出的 2 個新的星巴克獎合作夥伴關係之一。

Our third strategic priority is becoming truly global. Our international business represents an important growth opportunity for us over the long term. If you look at our business, excluding the headwinds, we had a strong quarter, demonstrating the momentum and resiliency across the portfolio. We opened over 420 net new stores in the quarter, a growth of 10% year-over-year, bringing total store count to over 20,600 stores with nearly 14,000 of those stores outside of China and the U.S. In Japan, we reached a milestone of 1,900 stores across the market with much opportunity ahead.

我們的第三個戰略重點是實現真正的全球化。從長遠來看，我們的國際業務為我們提供了重要的成長機會。如果你看看我們的業務，排除不利因素，我們有一個強勁的季度，展示了整個投資組合的勢頭和彈性。本季我們淨新開設超過 420 家門市，年成長 10%，門市總數超過 20,600 家，其中近 14,000 家門市位於中國和美國以外。在日本，我們實現了市場上有 1,900 家商店，前景廣闊。

Let me address our business in the Middle East. I am deeply distressed by the violence shaking the region. As I have shared, Starbucks condemns violence against the innocent, hate and weaponized speech. We are intensely focused on supporting our partners and the many other stakeholders affected by what is taking place. We have seen a significant impact on traffic and sales in the region and we are working with our licensees during this time to ensure the safety and well-being of our partners and our customers.

讓我談談我們在中東的業務。我對該地區發生的暴力事件深感悲痛。正如我所分享的，星巴克譴責針對無辜者的暴力、仇恨和武器化言論。我們高度重視支持我們的合作夥伴以及受當前事件影響的許多其他利害關係人。我們已經看到該地區的交通和銷售受到重大影響，在此期間我們正在與我們的被授權者合作，以確保我們的合作夥伴和客戶的安全和福祉。

I shared earlier in my remarks how we are addressing the near-term situation in China. Overall, our business and brand in China remains strong. Our revenue in the quarter grew 20% in constant currency underpinned by a 10% increase in comparable store sales growth as the market lapped prior year mobility restrictions. As we strengthen our position in the premium market in China, let me point to a few accomplishments of the quarter. We launched 12 new coffee forward beverages in the quarter, including Intenso, which was incredibly popular with our customers, including Gen Z, fueling the morning daypart, which is now larger than pre-COVID levels.

我早些時候在演講中分享了我們如何應對中國的近期局勢。整體而言，我們在中國的業務和品牌依然強勁。以固定匯率計算，我們本季的營收成長了 20%，這得益於市場超越了上一年的流動性限制，可比商店銷售額成長了 10%。隨著我們加強在中國高端市場的地位，讓我指出本季的一些成就。我們在本季推出了12 種新的咖啡前沿飲料，其中包括Intenso，它非常受我們的客戶（包括Z 世代）的歡迎，為早晨時段提供了能量，目前的水平比新冠肺炎疫情前的水平還要高。

Our digital channels accounted for a record 52% of sales, up 4 percentage points quarter-over-quarter. Our Starbucks Rewards gold member frequency increased by nearly 10% over the prior quarter, with total member engagement setting a record 73% of tender, demonstrating the stability of our most loyal customers. Our new stores continue to deliver attractive returns on both the top line and profitability with further strengthened unit economics in stores opened in new county cities. And our turnover amongst full-time store partners reached a record low in the quarter, coupled with an all-time high partner satisfaction score.

我們的數位管道佔銷售額的比例達到創紀錄的 52%，較上季成長 4 個百分點。我們的星享俱樂部金卡會員頻率比上一季增加了近 10%，會員總參與度創下了 73% 的歷史新高，證明了我們最忠實客戶的穩定性。我們的新店繼續在營收和盈利能力方面帶來誘人的回報，並進一步增強了在新縣城開設的門市的單位經濟效益。本季我們的全職商店合作夥伴的營業額創下歷史新低，同時合作夥伴滿意度得分也達到歷史最高水準。

Early this month, we celebrated our 25th anniversary in China. With nearly 7,000 stores, we have built a durable business. We have built a terrific brand, and we are well on track to hit our 9,000 store target by 2025 and continue to have full confidence in the market opportunity. We continue to see enormous potential in China's premium market, and no one is better positioned to lead in this space.

本月初，我們慶祝了在中國成立 25 週年。我們擁有近 7,000 家商店，建立了持久的業務。我們已經建立了一個了不起的品牌，我們預計在 2025 年實現 9,000 家門市的目標，並繼續對市場機會充滿信心。我們繼續看到中國高端市場的巨大潛力，而且沒有人比誰更有能力在這一領域處於領先地位。

Even as we navigate a dynamic environment, we remain confident in our long-term growth in our International segment. As part of elevating our brand across the International segment, along with a second Reserve store in India, we will open 2 additional Starbucks Roasteries that celebrate coffee, art and design in markets outside the U.S. and China. We will announce these locations and opening timings in due course.

即使我們處於一個充滿活力的環境中，我們仍然對國際業務的長期成長充滿信心。作為在國際市場提升我們品牌的一部分，我們將在印度開設第二家珍藏店，並另外開設兩家星巴克烘焙工坊，在美國和中國以外的市場上慶祝咖啡、藝術和設計。我們將適時公佈這些地點和開放時間。

Turning to our fourth priority. We're focused on unlocking $3 billion in efficiencies, and I'm pleased to say that we're making steady progress. Our Triple Shot Reinvention efforts delivered 130 basis points of margin expansion in the first quarter of the fiscal year. As you heard me say often, the key to our success is the experience that our partners create for our customers. We're investing in a better experience for our partners to advance our business to a more balanced growth model as we unlock efficiency. In the quarter, we have seen the effectiveness of the Reinvention driven investments we have made in in-store operational efficiencies such as standards, equipment innovation and scheduling improvements, leading to a more stable environment for our partners.

轉向我們的第四個優先事項。我們致力於提高 30 億美元的效率，我很高興地說我們正在穩步取得進展。我們的 Triple Shot Reinvention 努力在本財年第一季實現了 130 個基點的利潤率擴張。正如您經常聽到我說的那樣，我們成功的關鍵是我們的合作夥伴為客戶創造的體驗。我們正在投資為合作夥伴提供更好的體驗，在釋放效率的同時將我們的業務推向更平衡的成長模式。在本季度，我們看到了我們在標準、設備創新和調度改進等店內營運效率方面進行的重塑驅動投資的有效性，為我們的合作夥伴帶來了更穩定的環境。

Turnover has decreased by 5% year-over-year and is now well below pre-COVID levels. Average partner hours increased 10% leading to a 14 percentage point increase in partner sentiment related to scheduling, specifically preferred hours, which we know is important to partners. We are listening to our partners and investing to make their experience better. Of course, we have more work to do, but we are proud of the progress we have made today. Outside of our stores, we're working to drive efficiencies across our supply chain and expenses. I am pleased with the progress, and we remain on track to unlock $3 billion of efficiencies over the next 3 years.

營業額較去年同期下降 5%，目前遠低於新冠疫情爆發前的水準。合作夥伴平均工作時間增加了 10%，導致合作夥伴對日程安排（特別是首選工作時間）的看法增加了 14 個百分點，我們知道這對合作夥伴很重要。我們正在傾聽合作夥伴的意見並進行投資，以改善他們的體驗。當然，我們還有更多工作要做，但我們為今天的進展感到自豪。在我們的商店之外，我們正在努力提高整個供應鏈和費用的效率。我對所取得的進展感到滿意，我們仍有望在未來 3 年內實現 30 億美元的效率提升。

Our final priority is reinvigorating our partner culture. In addition to the investments in partner experience, we're focused on partner culture. Our leadership team and Board of Directors have been deeply engaged in putting the partner experience at the heart of the business. An independent assessment found that our strategic investments, greater on-the-ground support, a dedicated labor relations team and more bespoke management trading are having a tangible impact on the commitments we have made to our partners. The assessment was also clear that there has been no union busting playbook at Starbucks.

我們的最後一個優先事項是重振我們的合作夥伴文化。除了對合作夥伴體驗的投資外，我們還關注合作夥伴文化。我們的領導團隊和董事會一直致力於將合作夥伴體驗置於業務的核心。一項獨立評估發現，我們的策略投資、更多的實地支援、專門的勞資關係團隊和更多客製化的管理交易正在對我們對合作夥伴所做的承諾產生切實的影響。評估也明確表明，星巴克不存在破壞工會的做法。

I want to be clear in my view on the matter of unionization at Starbucks. We believe in a direct relationship with our partners. Adding the 4% of our stores in the U.S. where our partners have chosen to be represented by a union, we are committed to finding a constructive path forward with those unions. I care deeply about our partners, their experiences and safety at Starbucks and their futures. Our partners remain core to the success of our business, and I am proud to be restitching the fabric of the green apron for all partners. Going forward, we plan to continue to focus deeply on reintegrating our partner culture. It's a priority for me, and I'll continue spending time each month working up close shoulder to shoulder with partners in stores.

我想明確表達我對星巴克工會問題的看法。我們相信與合作夥伴的直接關係。加上我們在美國的 4% 的合作夥伴選擇由工會代表的商店，我們致力於與這些工會一起尋找建設性的前進道路。我非常關心我們的合作夥伴、他們在星巴克的經歷和安全以及他們的未來。我們的合作夥伴仍然是我們業務成功的核心，我很自豪能為所有合作夥伴重新縫製綠色圍裙的布料。展望未來，我們計劃繼續深入關注重新整合我們的合作夥伴文化。這是我的首要任務，我將繼續每個月花時間與商店中的伴侶並肩工作。

I did this during my visit to India earlier this month, and I will continue doing it to stay grounded in the realities of the business, good and not so good. I'm also proud to have earned my Coffee Master Black Apron along with my executive leadership team. A deep connection to partners and to coffee is a top priority for me and for every leader at Starbucks.

我在本月早些時候訪問印度期間就這樣做了，而且我將繼續這樣做，以立足於業務的現實，無論好壞。我也很自豪與我的執行領導團隊一起贏得了咖啡大師黑圍裙。與合作夥伴和咖啡的深厚聯繫是我和星巴克每位領導者的首要任務。

As we look ahead to what is brewing for Starbucks in 2024, I had great optimism. We have a strong strategy, our refreshed mission, values and promises are underpinning everything we do. We have many strengths to build on and a clear plan to navigate this dynamic environment. While it will take time, we are confident we have significant headroom to further grow top line and bottom line in the long term and invest in our partners and the business by delivering strong shareholder returns.

當我們展望 2024 年星巴克的發展時，我非常樂觀。我們擁有強而有力的策略，我們更新的使命、價值觀和承諾支撐著我們所做的一切。我們有許多優勢可以發揮，也有明確的計劃來應對這個充滿活力的環境。雖然這需要時間，但我們相信，從長遠來看，我們有巨大的空間進一步成長營收和利潤，並透過提供強勁的股東回報來投資我們的合作夥伴和業務。

Finally, before I turn this over to Rachel, I want to remind everyone that Starbucks is focused on human connection. We stand for belonging. We stand for joy. We stand for humanity. That is what differentiates our brand and our business and has for the last 52 years. We believe this has never been more important in the world. And with that, Rachel?

最後，在我把這個問題交給雷切爾之前，我想提醒大家，星巴克專注於人與人之間的連結。我們代表歸屬感。我們為喜悅而站立。我們代表人類。這就是我們的品牌和業務在過去 52 年來的獨特之處。我們相信這在世界上從未如此重要。那麼，雷切爾？

Thank you, Laxman, and good afternoon, everyone. Let me start by saying that I am so proud of the significant margin expansion and double-digit earnings growth we delivered in our first quarter despite the top line headwinds we experienced. Our strong focus on reinvention continued to unlock efficiencies driving a balanced outcome where both revenue growth and margin expansion drove our earnings growth. As we have shared, we are unlocking multiple paths to support our earnings growth over the long term, creating a more durable business and this quarter proves testament to that durability.

謝謝拉克斯曼，大家下午好。首先我要說的是，儘管我們經歷了營收逆風，但我對第一季實現的利潤率大幅成長和兩位數的獲利成長感到非常自豪。我們對重塑的強烈關注繼續提高效率，推動平衡的結果，其中收入成長和利潤率擴張推動了我們的獲利成長。正如我們所分享的，我們正在開闢多種途徑來支持我們的長期獲利成長，創造更持久的業務，本季證明了這種持久性。

Our Q1 consolidated revenue reached a record $9.4 billion, up over 8% from the prior year even with the confluence of factors adversely impacting our business as Laxman discussed in detail at the top of our call. The revenue increase was driven by 5% comparable store sales growth, 8% net new company-operated store growth as well as a 6% increase in our global licensed store revenue over the prior year, underscoring the strength of our broader portfolio and our execution.

我們第一季的綜合收入達到了創紀錄的 94 億美元，比上年增長了 8% 以上，儘管拉克斯曼在電話會議的開頭詳細討論了對我們業務產生不利影響的各種因素。營收成長的推動因素包括可比商店銷售額成長5%、新公司自營商店淨成長8% 以及我們的全球授權商店營收比上一年成長6%，這突顯了我們更廣泛的產品組合和執行力的實力。

Q1 consolidated operating margin expanded 130 basis points from the prior year to 15.8%, primarily driven by sales leverage and Reinvention related in-store operational efficiencies, partially offset by our continued investments in our partners. Our Reinvention has successfully driven resiliency in our business with our North America margin expanding a notable 280 basis points in the quarter, which I will discuss in further detail in a moment.

第一季綜合營業利潤率比上年增長 130 個基點，達到 15.8%，這主要是由銷售槓桿和 Reinvention 相關的店內營運效率推動的，但部分被我們對合作夥伴的持續投資所抵消。我們的重塑成功地推動了我們業務的彈性，我們的北美利潤率在本季度顯著擴大了 280 個基點，我稍後將對此進行更詳細的討論。

Q1 EPS was $0.90, up 20% from the prior year. Our strong double-digit EPS growth in the quarter demonstrates multiple paths to drive growth and profitability. I'll now provide segment highlights for Q1.

第一季每股收益為 0.90 美元，比上年增長 20%。本季每股收益兩位數的強勁成長顯示了推動成長和獲利的多種途徑。我現在將提供第一季的細分亮點。

North America delivered another quarter of record revenue in Q1 was $7.1 billion, up 9% from the prior year, driven by a combination of a 5% increase in comparable store sales inclusive of a 4% and 1% increase in average ticket and transactions, respectively, as well as net new company operated growth of 4% over the prior year. Our U.S. licensed store business also contributed to the segment's growth from increased travel and further rollout of our Starbucks Connect program.

北美地區第一季營收再創歷史新高，達到 71 億美元，較上年增長 9%，這主要得益於可比商店銷售額增長 5%，其中平均門票和交易量增長 4% 和 1%，淨新營運公司分別較上年成長4%。我們的美國特許店業務也因旅行的增加和星巴克互聯計劃的進一步推出而對該部門的成長做出了貢獻。

Our U.S. company-operated business delivered 5% comparable store sales growth in Q1 driven by 4% ticket growing from pricing, mix and customization. This led us to having our highest average ticket in our 50-plus-year history as our successful holiday innovation and complementary product offerings, including our new Chai Tea Latte and Sugar Plum Cheese Danish resonated with customers. Comparable transactions for the quarter increased 1% as traffic was pressured to negative single digits in November before it started to rebound in December.

我們的美國公司營運業務在第一季實現了 5% 的可比商店銷售成長，這得益於定價、組合和客製化帶來的 4% 的門票成長。這導致我們取得了 50 多年來歷史上最高的平均票價，因為我們成功的假期創新和補充產品（包括我們的新柴茶拿鐵和丹麥糖梅起司）引起了客戶的共鳴。該季度的可比交易量增加了 1%，因為 11 月的流量壓力降至負個位數，然後在 12 月開始反彈。

In light of the pressured traffic, and as Laxman mentioned earlier, customers showed strong loyalty through our Starbucks Rewards program with record engagement and the highest ever spend per member. North America's operating margin was 21.4% in Q1, expanding 280 basis points from the prior year, driven by 240 basis points from Reinvention related in-store operational efficiencies as well as sales leverage and pricing, partially offset by continued investment in our partners. This substantial margin expansion in the quarter reflected the meaningful labor staffing and scheduling improvements we made as part of our reinvention. We unlocked significant stability by focusing on staffing and scheduling hours based on partners' preferred shifts, which enhanced both our partners' experience and subsequent store performance.

鑑於交通壓力，正如 Laxman 先前提到的，客戶透過我們的星巴克獎勵計畫展現了強烈的忠誠度，參與度創歷史新高，每位會員的支出也創歷史新高。北美地區第一季的營業利潤率為21.4%，比上年同期增長280 個基點，這得益於Reinvention 相關的店內運營效率以及銷售槓桿和定價提高了240 個基點，但部分被我們對合作夥伴的持續投資所抵消。本季利潤率的大幅成長反映了我們在重塑過程中所做的有意義的勞動力配置和日程安排改進。我們根據合作夥伴的首選班次重點關注人員配置和安排時間，從而實現了顯著的穩定性，從而增強了合作夥伴的體驗和後續商店績效。

We saw store efficiency increase as items per labor hour reached its highest level in the quarter. Outside of stores, we reaped the benefits of enhancing -- enhanced sourcing and waste reductions in the first quarter, as seen by improvement in the segment's product and distribution costs. When you think about the operational efficiencies that continue to manifest both in and out of stores, we expect to continue delivering progressive margin expansion.

我們看到商店效率提高，每工時的商品數量達到了本季的最高水準。在商店之外，我們在第一季獲得了加強採購和減少浪費的好處，從該部門的產品和分銷成本的改善就可以看出。當您考慮到商店內外繼續體現的營運效率時，我們預計將繼續實現利潤率的逐步擴張。

Moving to International. The segment delivered $1.8 billion in revenue in the quarter, up 12% from the prior year. The revenue growth was driven by a 12% increase in net new company-operated stores year-over-year as well as a 7% increase in comparable store sales driven by 11% transaction growth, partially offset by a 3% decline in average ticket. As Laxman mentioned, the pace of recovery in China was slower than expected. That, coupled with a negative impact to our business in the Middle East, pressured our international segment as a whole. However, we continue to see these headwinds as transitory and remain committed to our long-term growth ambitions in the segment.

轉向國際。該部門本季營收 18 億美元，比上年增長 12%。營收成長的推動因素是公司自營新店淨額年增 12%，以及交易成長 11% 推動的可比商店銷售額成長 7%，但部分被平均門票下降 3% 所抵銷。正如拉克斯曼所說，中國的復甦步伐慢於預期。再加上我們在中東的業務受到負面影響，這給我們整個國際業務帶來了壓力。然而，我們仍然認為這些阻力是暫時的，並且仍然致力於實現我們在該領域的長期成長目標。

In Q1, China's revenue grew 20% driven by 15% new store growth as well as a 10% increase in comparable store sales growth, including 21% transaction growth, largely related to the market lapping prior year COVID impact. Comparable ticket, however, declined 9% due to mix shift, including lower sales of merchandise and increased promotional environment. The market opened 169 net new stores and entered 28 new county cities in the quarter, serving as a proof point that our commitment to expanding our premium position in the market has not wavered.

第一季度，中國的營收成長了20%，這主要得益於15% 的新店成長以及10% 的可比商店銷售成長（包括21% 的交易成長），這在很大程度上與市場超越去年新冠疫情影響有關。然而，由於商品銷量下降和促銷環境改善等混合變化，可比票價下降了 9%。本季度，市場淨新開店169家，新進縣城28家，證明我們擴大市場高端地位的決心沒有動搖。

Total International segment operating margin was 13.1% in Q1, contracting 110 basis points from the prior year. The contraction was primarily driven by investments in partner wages and benefits, business mix shift as a greater portion of the segment's revenue was generated in our company-operated markets versus the prior year and strategic investments, partially offset by sales leverage.

第一季國際業務總營業利益率為 13.1%，較前一年下降 110 個基點。收縮主要是由於對合作夥伴工資和福利的投資、業務組合的轉變（與前一年相比，該部門的大部分收入來自我們公司運營的市場）以及戰略投資，部分被銷售槓桿所抵消。

Shifting to channel development. The segment's revenue of $448 million in Q1 declined 7% from the prior year, largely in line with our expectations given the sale of Seattle's Best Coffee. Our business continues to resonate with customers as Starbucks maintained the #1 share position in both U.S. at-home coffee and U.S. ready-to-drink in the first quarter as our holiday offerings such as Peppermint Mocha and Gingerbread were among customer favorites. The segment's operating margin was 46.8% in Q1, down 60 basis points from prior year, driven by product cost and Global Coffee Alliance, partially offset by business mix shift. Although there was contraction in the first quarter, we continue to expect the segment's full year operating margin to expand to the high 40% to low 50% range and be accretive to our total company margin.

轉向通路建設。第一季該部門的營收為 4.48 億美元，比去年同期下降 7%，基本上符合我們對西雅圖最佳咖啡銷售的預期。我們的業務繼續引起客戶的共鳴，第一季度，星巴克在美國家庭咖啡和美國即飲飲料方面保持第一的市場份額，我們的薄荷摩卡和薑餅等節日產品深受客戶喜愛。在產品成本和全球咖啡聯盟的推動下，該部門第一季的營業利潤率為 46.8%，較上年下降 60 個基點，但部分被業務組合轉變所抵消。儘管第一季出現收縮，但我們仍然預計該部門的全年營業利潤率將擴大到 40% 至 50% 的低區間，並增加我們公司的總利潤率。

Now moving on to our guidance for fiscal year 2024. We are confident that the business pressures we experienced in the first quarter are transitory. With that, our guidance shared at our Reinvention update in November remains unchanged related to our global store growth, operating margin and EPS. However, given the collective magnitude of headwinds on our first quarter revenue and the time it will take for our action plans to be realized, we are revising our full year outlook for revenue and comp to reflect our Q1 results, as well as account for recent trends, including a softer-than-planned January, which we expect will impact our Q2 performance.

現在轉向我們對 2024 財年的指導。我們相信，我們在第一季經歷的業務壓力是暫時的。因此，我們在 11 月的重塑更新中分享的有關全球門市成長、營業利潤率和每股盈餘的指導意見保持不變。然而，考慮到我們第一季收入面臨的整體阻力以及實現我們的行動計劃所需的時間，我們正在修改全年收入和比較預期，以反映我們第一季的業績，並考慮到最近的業績趨勢，包括一月份的情況比計劃的疲軟，我們預計這將影響我們第二季的業績。

With that, we now expect our full year global revenue growth in the range of 7% to 10%, revised from our previous range of the low end of 10% to 12%. Full year global and U.S. comp growth in the range of 4% to 6%, both revised from the previous range of 5% to 7%. China comp growth of low single digits for the balance of the year, revised from the previous range of 4% to 6% in Q2 through Q4 with higher comp in Q1. Just to be clear, we continue to expect to deliver full year global store growth at approximately 7%, progressive operating margin expansion on a full year basis, full year EPS and non-GAAP EPS growth in the range of 15% to 20% as we have multiple paths to such earnings growth as we demonstrated in the first quarter.

因此，我們現在預計全年全球營收成長將在 7% 至 10% 之間，從先前 10% 至 12% 的低端區間進行修正。全年全球和美國綜合成長率介於 4% 至 6% 之間，均從先前的 5% 至 7% 範圍內修正。今年中國剩餘時間的綜合成長率為低個位數，從先前第二季至第四季的 4% 修正至 6%，第一季的綜合成長率較高。需要明確的是，我們繼續預計全年全球門市成長率約為 7%，全年營業利潤率逐步擴大，全年每股收益和非公認會計原則每股收益成長在 15% 至 20% 之間。正如我們在第一季所展示的那樣，我們有多種途徑可以實現這種獲利成長。

As an additional insight, here are a few clarification items related to guidance. As a reminder, our guidance does not include any impact from foreign currency translation and assumes constant currency. In terms of quarterly shape, we expect growth rates for our global revenue comp, operating margin as well as GAAP and non-GAAP EPS to be the lowest in Q2 and meaningfully below our full fiscal year guidance ranges due to the pressures we discussed in today's call. These metrics are then expected to rebound and stabilize in the second half of our fiscal year.

作為額外的見解，這裡有一些與指南相關的澄清項目。提醒一下，我們的指導不包括外幣換算的任何影響，並假設貨幣不變。就季度情況而言，由於我們在今天的報告中討論的壓力，我們預計我們的全球收入比較、營業利潤率以及公認會計原則和非公認會計原則每股收益的增長率將是第二季度最低的，並且明顯低於我們整個財年的指導範圍。稱呼。這些指標預計將在我們財年下半年反彈並穩定。

While we continue to expect our effective GAAP and non-GAAP tax rates in the mid-20% range, they are expected to be meaningfully higher than our fiscal year 2023 tax rate of 23.6%, which benefited from certain discrete nonrecurring tax items.

雖然我們繼續預期我們的有效 GAAP 和非 GAAP 稅率在 20% 的中間範圍內，但預計它們將大大高於我們 2023 財年 23.6% 的稅率，該稅率受益於某些離散的非經常性稅項。

Finally, our disciplined capital allocation approach continues to deliver significant results. The combination of revenue growth, margin expansion and improved working capital, underpinned by the disciplined capital allocation, increased our Q1 cash from operations to a record $2.4 billion. Our strong cash generation, together with our leverage and investment grade rating, creates exceptional shareholder returns while maintaining balance sheet flexibility to fund our critical investments, creating a competitive advantage.

最後，我們嚴格的資本配置方法繼續取得顯著成果。在嚴格的資本配置的支撐下，收入成長、利潤率擴張和營運資本改善相結合，使我們第一季的營運現金增加至創紀錄的 24 億美元。我們強大的現金產生能力，加上我們的槓桿和投資等級評級，創造了卓越的股東回報，同時保持資產負債表的靈活性，為我們的關鍵投資提供資金，創造競爭優勢。

In summary, here are key takeaways from my discussion today. First, our Triple Shot Reinvention is continuing to unlock our greatest potential, evidenced by the strong operating margin performance and balanced earnings growth in the first quarter in spite of the pressured environment. Next, our revenue and comp guidance has been revised to reflect our Q1 results and expected near-term and transitory headwinds. But importantly, despite these headwinds, we remain committed to our full year fiscal 2024 EPS growth in the range of 15% to 20%. Further, we have robust plans to navigate through the complex and dynamic environment and recognize our plans will take time to materialize, but remain confident in our long-term growth. And finally, our focused and disciplined approach to capital allocation drives our financial fortitude and balance sheet optionality, keeping us in a position of strength.

總而言之，以下是我今天要討論的要點。首先，我們的 Triple Shot Reinvention 正在繼續釋放我們最大的潛力，儘管面臨環境壓力，第一季強勁的營業利潤率表現和平衡的獲利成長就證明了這一點。接下來，我們修改了收入和比較指導，以反映我們第一季的業績以及預期的近期和暫時的不利因素。但重要的是，儘管存在這些不利因素，我們仍致力於 2024 財年全年每股收益成長 15% 至 20%。此外，我們制定了穩健的計劃來應對複雜和動態的環境，並認識到我們的計劃需要時間才能實現，但對我們的長期成長仍然充滿信心。最後，我們專注且嚴格的資本配置方法推動了我們的財務實力和資產負債表的選擇性，使我們保持優勢地位。

Before I close, I want to thank all the partners across the globe who consistently find ways to create joy and foster connection to and with our customers. You give me the confidence that our best days are yet to come. So thank you, partners.

在結束之前，我要感謝全球所有合作夥伴，他們不斷尋找方法為客戶創造歡樂並促進與客戶的聯繫。你給了我信心，我們最好的日子還沒到來。所以謝謝你們，夥伴們。

With that, I'll turn it back to Tiffany.

有了這個，我會把它還給蒂芙尼。

Thank you, Rachel. Before we open the call to Q&A, we request that your questions today be focused on the quarterly performance that we just discussed, as this call is not to address questions related to recent proxy filings.

謝謝你，雷切爾。在我們開始問答電話之前，我們要求您今天的問題集中在我們剛剛討論的季度業績上，因為本次電話會議不是為了解決與最近的代理備案相關的問題。

With that, Diego, let's take the first question.

迭戈，我們來回答第一個問題。

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

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

Just a question on the fiscal '24 guidance. I appreciate that you tempered the comp growth for both the U.S. and China. For the U.S., it looks like it's only a point and China, it's only a few points, but we would define that, I guess, as modestly. You mentioned that fiscal 2Q is expected well below the targets before accelerating the rest of the year. So with that as a backdrop, I'm just wondering if you could talk a little bit about -- I think you mentioned January has been softer than expected. Any color you could provide there? And otherwise, your confidence in that new guidance, it does seem like it implies a rather sharp acceleration in the back half of the year. I'm just wondering how you think about the guidance relative to maybe tempering it further and not having that risk if perhaps the recovery doesn't play out as fast as you might be expecting.

只是關於 24 財年指導的問題。我很欣賞你們緩和了美國和中國的複合成長。對美國來說，這看起來只是一個點，而對中國來說，這只是幾個點，但我想，我們會將其定義為謙虛的。您提到，在今年剩餘時間加速之前，第二財季預計將遠低於目標。因此，以此為背景，我只是想知道您是否可以談談 - 我認為您提到一月份的情況比預期要溫和。你可以在那裡提供任何顏色嗎？否則，您對新指導的信心似乎確實意味著今年下半年會出現相當急劇的加速。我只是想知道您如何看待與進一步調整相關的指導意見，如果經濟復甦的速度沒有您預期的那麼快，那麼就不會出現這種風險。

Yes. Thank you, Jeffrey. This is Rachel. As it relates to our guidance, when we look at our revised revenue guidance, it's based on the performance we saw in Q1 as well as the near-term and transitory headwinds that we've spoken about. With that, we expect Q2 will be below the full year guidance ranges, largely due to the fact that it's going to take some time for our plans to materialize as well as we'll continue to see impacts to our business in the Middle East. But what gives us confidence in that revenue range is the fact that we still have a very strong and growing loyal customer base. We're having increased capability as it relates to our digital programs around the world. And we've also seen that our Reinvention has been very successful in helping us to meet increasing demand.

是的。謝謝你，傑弗裡。這是雷切爾。由於它與我們的指導相關，因此當我們查看修訂後的收入指導時，它是基於我們在第一季度看到的業績以及我們談到的近期和暫時的不利因素。因此，我們預計第二季將低於全年指導範圍，這主要是因為我們的計劃需要一段時間才能實現，而且我們將繼續看到我們在中東的業務受到的影響。但讓我們對這項收入範圍充滿信心的是，我們仍然擁有非常強大且不斷成長的忠誠客戶群。我們正在增強與我們在世界各地的數位項目相關的能力。我們也看到，我們的重塑在幫助我們滿足不斷增長的需求方面非常成功。

Most specifically in this quarter, we saw really strong demand supported in our morning daypart, our busiest day part in our U.S. business. And we actually exceeded both prior year, the year before, and we're very right online with pre-COVID level. So we're encouraged by that overall just in terms of transactions. And in addition to that, as we talked about in the call, we're confident that we have multiple levers to be able to drive our earnings growth. Revenue growth is one factor, and we believe we've got growth in that guidance range, that will help drive margin expansion through flow-through.

最特別的是在本季度，我們看到早上時段的需求非常強勁，這是我們美國業務中最繁忙的時段。我們實際上超過了去年，前年，我們的在線水平非常正確，達到了新冠疫情之前的水平。因此，就交易而言，我們對整體情況感到鼓舞。除此之外，正如我們在電話會議中談到的那樣，我們相信我們擁有多種槓桿來推動我們的獲利成長。收入成長是一個因素，我們相信我們已經在該指導範圍內實現了成長，這將有助於透過流通推動利潤率擴張。

But in addition to that, we have in-store and out-of-store efficiencies that we're seeing great success with. And so that gives us some confidence that we have a balanced path and multiple levers to be able to drive that earnings growth of 15% to 20% on a full year basis.

但除此之外，我們在店內和店外的效率方面也取得了巨大的成功。因此，這讓我們有信心，我們擁有平衡的路徑和多種槓桿，能夠推動全年獲利成長 15% 至 20%。

Your next question comes from Brian Harbour with Morgan Stanley.

你的下一個問題來自摩根士丹利的布萊恩哈伯。

Could you talk more about kind of the specific plans to drive sort of the occasional customer? And it sounds like you would expect some pretty solid improvement in U.S. sales as we go through the year. It sounds like what was new was some new product platforms. Could you just elaborate on how quickly you think those will work? What might be coming on the product side that drives your confidence in U.S. sales?

您能否多談談吸引臨時客戶的具體計畫？聽起來您預計今年美國的銷售額將出現相當穩健的改善。聽起來新的是一些新的產品平台。您能詳細說明一下您認為這些措施能多快發揮作用嗎？產品方面可能會發生什麼事情來增強您對美國銷售的信心？

Sure. Let me start, and I'll call on Brady a bit to provide some more color. As we said earlier, what we saw in the U.S. was a quarter that was actually very strong until about the middle of November. And what you see in the results, very strong performance from the loyal customers, very strong holiday performance, very strong brand equity and very strong performance in gift card sales. And we mentioned as well that we've got about $3.6 billion loaded on our card, so manifestation of the overall brand being very strong. And so there is, of course, what we do have the isolated impact with the occasional customers, particularly those that visit in the afternoon.

當然。讓我開始吧，我會請布雷迪提供更多的資訊。正如我們之前所說，我們在美國看到的一個季度實際上非常強勁，直到 11 月中旬左右。您在結果中看到，忠誠客戶的表現非常強勁，節日表現非常強勁，品牌資產非常強勁，禮品卡銷售表現也非常強勁。我們也提到，我們的卡片上已經充值了約 36 億美元，因此整體品牌的表現非常強勁。當然，我們所做的事情對偶爾來訪的客戶，尤其是那些下午來訪的客戶產生了孤立的影響。

So if you look at some of the actions that we have in place, first, there is actually more demand than we're currently meeting in the U.S. Second, our loyalty program is already performing exceptionally well, as Rachel mentioned, but we have a combination of things that we're doing to address the traffic slowdown, particularly in the afternoon. The first area is innovation. We mentioned a couple of new products coming in time for Valentine's Day. But we're going to have 3 new beverage platforms coming in the next 6 months, and you will see how important that is for us over time.

因此，如果你看看我們採取的一些行動，首先，實際上需求比我們目前在美國遇到的需求還要多。其次，正如雷切爾所提到的，我們的忠誠度計劃已經表現得非常好，但我們有一個我們正在採取一系列措施來解決交通放緩問題，特別是在下午。第一個領域是創新。我們提到了幾款適時在情人節推出的新產品。但我們將在未來 6 個月內推出 3 個新的飲料平台，隨著時間的推移，您會發現這對我們有多重要。

The second action is really we're opening up our app ecosystem to bring more people into the app because we know that our members develop a routinized long-term relationship with our brand that increases both traffic and transactions. And third, we are implementing targeted offers aimed at some of these very occasional customers to bring them back into the stores. And all that, of course, is foundational to, we continue to execute in our stores in order to elevate partner pride, bring a great deal of passion back into the business and ensure that we can meet more of the demand that we know exists.

第二個行動實際上是我們正在開放我們​​的應用程式生態系統，以吸引更多人使用該應用程序，因為我們知道我們的會員與我們的品牌建立了常規的長期關係，從而增加了流量和交易。第三，我們正在針對其中一些非常偶然的顧客實施有針對性的優惠，以將他們帶回商店。當然，所有這些都是我們繼續在我們的商店中執行的基礎，以提高合作夥伴的自豪感，為業務帶來巨大的熱情，並確保我們能夠滿足更多我們知道存在的需求。

Brady, do you want to give a bit more flavor around some of the activations, particularly on the innovation side?

Brady，您是否想為某些活化措施（尤其是創新方面）提供更多風味？

Sure. Thank you, Brian. Thank you, Laxman. As Laxman said, there's a calendar of compelling product innovation. Laxman spoke about the new beverage platforms that are coming over the next few months. On food, we're seeing a lot of momentum on this health-conscious all-day breakfast and all-day snacking that I spoke about on the Investor Day. As we've released new products in that space, we've seen great resonance with customers and we'll continue to mine that space. Then we look at digital, Laxman referenced the 30% of U.S. transactions coming through MOP. We're seeing high demand for that service even among occasional customers, so increasing the reach of the app, number one, increasing personalized communication in the app, both to drive ticket for those routinized customers, but also frequency for the less frequent customers is a capability that we continue to build.

當然。謝謝你，布萊恩。謝謝你，拉克斯曼。正如拉克斯曼所說，有一個引人注目的產品創新日曆。拉克斯曼談到了未來幾個月即將推出的新飲料平台。在食物方面，我們看到了我在投資者日談到的這種注重健康的全天早餐和全天零食的強勁勢頭。隨著我們在該領域發布新產品，我們與客戶產生了巨大的共鳴，我們將繼續挖掘該領域。然後我們看看數位化，Laxman 提到美國 30% 的交易是透過 MOP 進行的。我們發現，即使是偶爾的客戶也對該服務有很高的需求，因此，第一，增加應用程式的覆蓋範圍，增加應用程式中的個人化溝通，既可以為那些習慣性客戶提供門票，也可以為不那麼頻繁的客戶提供頻率。我們不斷建立的能力。

We talk a lot about our personalization capabilities at Starbucks, but truly, that job is never done because as new technologies and capabilities come online, we are grabbing those and integrating them into our system to use that as a business accelerator. And then lastly, I'd say just making Starbucks more accessible, expanding, as you heard from Laxman, the delivery options you have with Starbucks is a very fast-growing part of our business. And then looking at ways to capture more Starbucks Rewards members who are currently not members through big partnerships like the one we've just announced with Bank of America. So between compelling products, really accelerating SR member acquisition efforts, and then building our brand, as Laxman said, to address the fact-based narrative in social media and win our customers and win every visit back, that's where we're focused.

我們在星巴克談論了很多我們的個性化能力，但事實上，這項工作永遠不會完成，因為隨著新技術和能力的上線，我們正在抓住這些並將它們整合到我們的系統中，將其作為業務加速器。最後，我想說的是，正如您從拉克斯曼那裡聽到的那樣，讓星巴克變得更容易接近和擴展，星巴克的送貨選擇是我們業務中成長非常快的一部分。然後尋找方法透過大型合作關係吸引更多目前還不是會員的星巴克獎勵會員，就像我們剛剛宣布的與美國銀行的合作夥伴關係一樣。因此，正如Laxman 所說，在引人注目的產品、真正加速SR 會員收購工作以及建立我們的品牌之間，解決社交媒體中基於事實的敘述並贏得我們的客戶並贏得每次訪問，這就是我們的重點。

Your next question comes from Peter Saleh with BTIG.

您的下一個問題來自 BTIG 的 Peter Saleh。

I did want to ask about the check dynamics going on in China. Looks like down, call it, 9%. It's a pretty steep decline. Can you just talk about the promotional environment that you're seeing there? And what exactly you guys are doing to combat that? And just more specifically, should we expect this check impact to really continue for the balance of the year? Or how do we think about that going forward?

我確實想問中國的支票動態。看起來下降了，稱之為，9%。這是一個相當陡峭的下降。您能談談您在那裡看到的促銷環境嗎？你們到底在做什麼來對抗這個問題？更具體地說，我們是否應該期望這種支票影響真正持續到今年剩餘時間？或者我們如何看待未來的發展？

Well, we have Belinda online here. So maybe I'll turn this over to Belinda. Do you want to answer that question, please?

嗯，我們有貝琳達在線。所以也許我會把這個交給貝琳達。請問你想回答這個問題嗎？

Okay. Thank you for the question. Let me just address the AT decline first, the average tech decline. First of all, our beverage and food sales were strong and contributed majority of our comp growth in Q1 and our AT decline, the 9% decline mainly came from 2 areas. One is lower sales of our higher priced merchandise as our consumers now more cautious in their spending. But the merchandise category constitutes a relatively small portion of our sales mix.

好的。感謝你的提問。讓我先談談 AT 的下降，也就是平均技術的下降。首先，我們的飲料和食品銷售強勁，貢獻了第一季業績成長的大部分，而我們的 AT 下降，9% 的下降主要來自兩個領域。一是我們的高價商品銷售下降，因為我們的消費者現在在消費方面更加謹慎。但商品類別在我們的銷售組合中所佔的比例相對較小。

Second is the targeted promotional investments that we are making to personalize offers and reward customers' behaviors in order to drive [trial vacancy]. Now this enables us to optimize our sales and margin. And this is powered by China Deep Brew that helps us to design the right offers to the right cohorts of customers at the right time. So that's mainly the reasons for decline. And you asked about the promotional environment.

其次是我們正在進行的有針對性的促銷投資，以提供個人化優惠並獎勵客戶的行為，以推動[試用空缺]。現在，這使我們能夠優化我們的銷售額和利潤。這由 China Deep Brew 提供支持，幫助我們在正確的時間為正確的客戶群設計正確的產品。所以這就是下降的主要原因。您也詢問了促銷環境。

Let me just -- let me just say this. The coffee market is evolving, as Lax said, and going through a transition. It's still early days, and it has not yet fully tiered, right? You see mass -- influx of mass market competitors focus on fast store expansion and low-price tactics to drive trial. This will shake out over time. And yes, we are operating under an increased promotional environment. We're not interested in entering the price war. We're focusing on capturing high-quality but profitable, sustainable growth, okay? And it is our aim to be the best and lead in the premium market as Lax has said, which Starbucks has pioneered in China 25 years ago.

讓我——讓我這麼說。正如拉克斯所說，咖啡市場正在不斷發展，並且正在經歷轉型。現在還處於早期階段，還沒有完全分層，對嗎？你會看到大量湧入的大眾市場競爭對手專注於快速商店擴張和低價策略來推動試用。隨著時間的推移，這種情況將會逐漸消失。是的，我們是在日益加強的促銷環境下運作的。我們對打價格戰沒興趣。我們專注於實現高品質但有利可圖的可持續成長，好嗎？正如星巴克25年前在中國開創的Lax所說，我們的目標是成為高端市場的佼佼者和領導者。

And we will continue to focus on premium experience that is high-quality coffee and human connection. And we have clear strategies to fuel our comp and total growth. As Lax shared the 3 points, well, the 3 strategies, I'll add a little bit more color. We're going to dial up our beverage and food innovation with robust marketing activations on social media and in-store. We're going to accelerate our digitalization efforts to drive innovations, sales and productivity. We're going to continue our new store expansion infill in existing cities and accelerate new county city entry, as Lax has said. We're going to dial up our omnichannel expansion, scale up our membership program and continue to invest in our partners.

我們將繼續專注於優質咖啡和人際關係的優質體驗。我們有明確的策略來推動我們的競爭和整體成長。由於 Lax 分享了 3 點，嗯，3 種策略，我將添加更多色彩。我們將透過社群媒體和店內的強有力的行銷活動來推動我們的飲料和食品創新。我們將加快數位化進程，以推動創新、銷售和生產力。正如 Lax 所說，我們將繼續在現有城市進行新店擴張，並加快新縣城的進入。我們將加強全通路擴張力度，擴大會員計畫並繼續投資我們的合作夥伴。

So we have all these strategies to drive our comp growth and total growth in traffic and ticket. So we are very confident in our ability to deliver our growth in the short and long term. Thank you.

因此，我們擁有所有這些策略來推動我們的競爭成長以及流量和門票的整體成長。因此，我們對實現短期和長期成長的能力充滿信心。謝謝。

Your next question comes from Lauren Silberman with Deutsche Bank.

您的下一個問題來自德意志銀行的勞倫·西爾伯曼。

I wanted to ask about the U.S. business, and I appreciate all the color. I guess, 2 related questions. One, I understand you're seeing a more significant slowdown with the occasional customer. Have you also seen a slowdown in traffic with Rewards customers? Or are the challenges really just isolated to occasional, trying to understand some of the breadth of the social media challenges? And then second, you ramped up the level of promotional activities for Rewards. Is this effectively hitting the occasional customer? Just trying to understand how you're thinking about promotional activity ahead.

我想問美國業務，我很欣賞所有的顏色。我想，有兩個相關的問題。第一，據我所知，您發現偶爾客戶的業務放緩更為嚴重。您是否也發現獎勵客戶的流量放緩？或者這些挑戰真的只是孤立的或偶爾的，試圖了解社群媒體挑戰的一些廣度？其次，您提高了獎勵促銷活動的水平。這是否有效地打擊了偶爾的顧客？只是想了解您如何看待未來的促銷活動。

Well, let me take this on. First of all, we are seeing no slowdown in our loyal SR customers. In fact, we're seeing an increase in frequency. They're buying more, they're customizing more. That part of the business is extremely strong. We did see, as you rightfully said, a slowdown in the very occasional customers, which we're still working to get back. But on folks in the middle who are occasional, some of the tactics that we use, which, of course, you're seeing, essentially help bring them back into the fray in terms of the traffic we've seen. It bounced back towards December. So we're focused on ensuring that we do the right thing in terms of welcoming back our very occasional customers with the right offer, with the right innovation and with the right experience in stores.

好吧，讓我來承擔這個任務。首先，我們的忠實 SR 客戶數量並沒有放緩。事實上，我們看到頻率增加。他們購買更多，定制更多。這部分業務非常強大。正如您所說，我們確實看到了偶爾客戶數量的放緩，但我們仍在努力恢復這些客戶。但對於偶爾出現在中間的人，我們使用的一些策略，當然，你會看到，基本上幫助他們回到我們所看到的流量的競爭中。到了 12 月，它又反彈了。因此，我們專注於確保我們做正確的事情，以正確的優惠、正確的創新和正確的店內體驗來歡迎我們偶爾回來的顧客。

Your next question comes from Brian Bittner with Oppenheimer & Co.

您的下一個問題來自 Oppenheimer & Co. 的 Brian Bittner。

Rachel, I wanted to ask about the operating margin expansion in the Americas segment. Obviously, it was very impressive. And it was driven by leverage on your store operating expense line. In fact, when we break it down on a dollar basis, on a same-store basis, those operating expenses were actually flattish or even slightly down year-over-year. Can you just unpack what's going on in that line item? How sustainable is this performance on the operating expense line?

雷切爾，我想問美洲業務的營業利潤率擴張情況。顯然，這是非常令人印象深刻的。它是由商店營運費用線的槓桿所驅動的。事實上，當我們以美元為基礎、以同店為基礎進行細分時，這些營運費用實際上與去年同期持平，甚至略有下降。您能解開該訂單項目中發生的情況嗎？營業費用方面的這種表現的可持續性如何？

Sure. As you look at the store operating expense, it's largely driven by the activities we've taken around our Reinvention in in-store operational efficiencies. So that's a combination of a number of factors, including we've focused on operational execution, leveraging standards to be able to manage performance across over 9,700 stores and growing. So that's been one driver. In addition to that, we've had continued improvement in our equipment. And the investments we made in equipment a year ago as well as the investments we currently make, that's all annualizing and helping to support the favorability that we're seeing in the margin expansion.

當然。當您查看商店營運費用時，您會發現它很大程度上是由我們圍繞店內營運效率重塑所採取的活動所驅動的。這是多種因素的結合，包括我們專注於營運執行、利用標準來管理 9,700 多家商店的績效並不斷增長。這就是一位司機。除此之外，我們也不斷改進我們的設備。我們一年前在設備上進行的投資以及我們目前進行的投資，都是按年計算的，有助於支持我們在利潤率擴張中看到的有利因素。

And then third is, more recently, we focused on improving our overall scheduling. So providing more hours for our partners per store. We have a ways to go, but we know that that's a high driver of engagement. All of those efforts together have led to lower turnover in a more stable environment. And it's that stability that really allows us to create a better efficiency in serving our customers. So as an example, I already spoke about our morning daypart this quarter in the U.S. was the strongest that we've seen. And that's a function of all of those efforts and activities that I just spoke about being realized in supporting our demand. So creating a better experience for our partners leads to the better experience for our customers.

第三，最近我們專注於改善我們的整體調度。因此，為每家商店的合作夥伴提供更多的營業時間。我們還有很長的路要走，但我們知道這是提高參與度的重要驅動力。所有這些努力共同導致了在更穩定的環境中較低的營業額。正是這種穩定性真正使我們能夠提高服務客戶的效率。舉個例子，我已經談到了美國本季早晨的時段是我們所見過的最強勁的時段。這是我剛才談到的為支持我們的需求而實現的所有努力和活動的結果。因此，為我們的合作夥伴創造更好的體驗將為我們的客戶帶來更好的體驗。

Now some of that was annualization from the efforts that we made last year, but we continue to see quite a bit of opportunity ahead when we think about continuing to focus on scheduling, continual focus on improvements in staffing. We have more work ahead of us there as well as in store -- or excuse me, out of store efficiencies. The way we scrutinize our sourcing, the way we distribute to our stores, we've seen some benefits from that this quarter. That won't show up in-store operating expense. That will be in our product and distribution cost. But between those 2 lines, that's where we see potential opportunity going forward. So it gives us confidence in the progressive margin expansion -- but importantly, our ability to continue to meet that 15% to 20% earnings growth.

現在其中一些是我們去年所做的努力的年度化，但當我們考慮繼續關注日程安排、持續關注人員配置的改進時，我們仍然看到未來有相當多的機會。我們在那裡和店內還有更多的工作要做——或者對不起，店外的效率。我們審查採購的方式，我們向商店分銷的方式，我們在本季度看到了一些好處。這不會顯示店內營運費用。這將計入我們的產品和分銷成本。但在這兩條線之間，我們看到了未來潛在的機會。因此，這讓我們對利潤率逐步擴張充滿信心，但更重要的是，我們有能力繼續實現 15% 至 20% 的獲利成長。

Your next question comes from David Palmer with Evercore ISI.

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

A big picture question. I don't know if this is maybe one for Brady, but by our math, just looking back to 2016, just because you gave some percentages on what was cold and what was hot of your beverages. It looks like, your U.S. cold beverage sales have grown by roughly $750,000 per store, while hot beverage sales have declined by $150,000 per store. And since pre-COVID your Rewards membership has more than doubled, but traffic is down since that time. So -- and we don't see your customer like you do. So this is a bit of a question. But it looks like you maybe have less of that everyday hot coffee and Latte consumer and more of a new type of consumer that comes less frequently and probably has opts for cold beverage. I'm envisioning them being my daughter and 3 of her friends coming in some afternoon. So it's more of an episodic visit, big orders, cold beverage led.

一個大問題。我不知道這是否適合 Brady，但根據我們的數學計算，只要回顧一下 2016 年，就因為您給出了飲料中冷飲和熱飲的一些百分比。看起來，美國每家商店的冷飲銷售額增加了大約 75 萬美元，而每家熱飲銷售額則下降了 15 萬美元。自新冠疫情爆發之前以來，您的獎勵會員資格增加了一倍多，但自那時以來流量有所下降。所以—我們不像您那樣看待您的客戶。所以這是一個問題。但看起來日常熱咖啡和拿鐵消費者可能會減少，而更多的是一種新型消費者，他們來得不那麼頻繁，並且可能會選擇冷飲。我想像他們是我的女兒和她的三個朋友，他​​們會在某個下午過來。所以這更像是一次偶然的訪問、大訂單、冷飲主導。

So with this happening, if this is what's happening, how does that inform your strategy for growth going forward? I know you're doing some things to increase capacity on cold beverage and maybe that helps fuel the summer months a little bit more. But I'm just wondering like what -- do you share that perspective? And how does that fuel your strategy?

那麼，隨著這種情況的發生，如果確實發生了這種情況，這對您未來的成長策略有何影響？我知道你們正在做一些事情來增加冷飲的容量，也許這有助於為夏季提供更多的能量。但我只是想知道──你同意這個觀點嗎？這如何推動你的策略？

Yes. Thank you, David. It's a great question. My perspective is a little different in that we don't see a trade-off in frequency between cold beverage customers and hot beverage customers. It's really a shift in generational taste preferences where that's highly frequent millennial Gen Z customer is drinking cold coffee every day. Just as people have different generations, we're drinking hot coffee to start their day every day. So we've seen a continued increase in our cold beverage in our portfolio, as you noted, but what I found with the cold beverages is there are infinite customizations possible on the cold beverage platform. And what that means is that it's increasingly a beverage, you can't get anywhere else.

是的。謝謝你，大衛。這是一個很好的問題。我的觀點有點不同，因為我們沒有看到冷飲客戶和熱飲客戶之間的頻率權衡。這確實是一代口味偏好的轉變，千禧世代 Z 世代顧客每天都會喝冷咖啡。正如人們有不同的世代一樣，我們每天都喝著熱咖啡開始新的一天。因此，正如您所指出的，我們的產品組合中的冷飲不斷增加，但我發現冷飲平台上可以進行無限的客製化。這意味著它越來越成為一種飲料，你在其他任何地方都找不到。

And so it has staying power to it. So we don't see a trade-off in frequency from hot to cold. It's -- cold is a great business for us. And we don't see a threat there, we see a great opportunity. You mentioned about the capacity that we can put in place with Siren System and other aspects of the things we're doing in Reinvention, which is really about accelerating our capacity to create and craft cold beverages at pace with our customers, both in drive-through, mobile order and delivery, in particular. So that is a huge opportunity for the company.

因此它具有持久力。因此，我們沒有看到從熱到冷的頻率的權衡。寒冷對我們來說是一項偉大的事業。我們在那裡沒有看到威脅，我們看到了一個巨大的機會。您提到了我們可以透過Siren System 實現的能力以及我們在Reinvention 中所做的事情的其他方面，這實際上是為了加快我們與客戶同步創造和製作冷飲的能力，無論是在駕駛方面還是在駕駛方面。特別是透過行動訂購和交付。所以這對公司來說是一個巨大的機會。

And on hot beverage, I would say we're not leaving that customer behind. We're continuing to innovate on hot beverages just as we did today with the launch of our Oleato beverages. We're launching Clover Vertica store across our portfolio. We're in 10% of stores now, and that is the best cup of brewed coffee you've ever been able to get at Starbucks, rolling out on a proprietary machine. And then lastly, you mentioned or Lax mentioned are Milano Roast, which is really our passion for coffee coming to fruition. So whether you're a cold coffee customer or a hot coffee customer, we're increasingly creating a reason for you to visit, and we see no trade-off there.

至於熱飲，我想說我們不會把這位顧客拋在後面。我們將繼續在熱飲方面進行創新，就像我們今天推出 Oleato 飲料一樣。我們將在我們的產品組合中推出 Clover Vertica 商店。現在 10% 的門市都有我們的服務，這是您在星巴克能喝到的最好的一杯現煮咖啡，是在專有機器上推出的。最後，您提到或 Lax 提到的是米蘭烘焙，這確實是我們對咖啡的熱情得以實現。因此，無論您是冷咖啡顧客還是熱咖啡顧客，我們都會越來越多地為您創造一個訪問的理由，並且我們認為這之間沒有任何權衡。

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

您的下一個問題來自美國銀行的 Sara Senatore。

I just like to ask about unit growth. I know in both the U.S. and China. I know you mentioned new -- the most recent vintage is high volumes and strong ROIs in the U.S. But I was curious if you are seeing anything that might suggest that the acceleration in unit growth may be translating into slower same-store transaction growth. I know this is a very kind of idiosyncratic quarter. But in the past, I think when we have seen faster growth, it is sometimes corresponded with lower same-store transactions. I wanted to see if you had any color on any variation in markets or infill versus greenfield? And then if you could just maybe address that same question in China.

我只是想問單位增長情況。我在美國和中國都知道。我知道你提到了新的——最近的年份是美國的高銷量和強勁的投資回報率，但我很好奇你是否看到任何可能表明單位增長的加速可能會轉化為同店交易增長放緩的跡象。我知道這是一個非常特別的季度。但在過去，我認為當我們看到更快的成長時，有時會伴隨著較低的同店交易。我想看看您對市場或填充區與綠地的變化有何看法？然後你是否可以在中國解決同樣的問題。

Rachel, do you want to take on the U.S.? And Belinda, I'd like you to take on China.

雷切爾，你想挑戰美國嗎？貝琳達，我希望你能夠挑戰中國。

Sure. Thanks, Sara, for the question. In the U.S., what we see is we continue to see that our unit volumes, as we shared in Laxman's prepared remarks are continuing to grow. And importantly, when you look at the growth in North America and in the U.S. business this quarter, our revenue grew 9%. So you've got a 5% comp in there. And we've already spoken to, though we were pleased with the performance and the strength we saw, particularly in our most loyal customers, we talked about some of the headwinds that related to some of the impact we saw there. But when you look broadly and you look at the combination of comp and new store growth driving to that 9%, it shows you that we still have a lot of, I'd call it, opportunity even in the U.S. in terms of continuing to open more new stores.

當然。謝謝薩拉提出這個問題。在美國，我們看到我們的單位銷售量持續成長，正如我們在拉克斯曼準備好的演講中所分享的那樣。重要的是，當你看看本季北美和美國業務的成長時，我們的收入成長了 9%。所以你那裡有 5% 的補償。我們已經交談過，儘管我們對我們看到的性能和實力感到滿意，特別是我們最忠實的客戶，但我們也談到了與我們在那裡看到的一些影響相關的一些不利因素。但當你放眼望去，你會看到公司業績和新店增長的結合推動了 9% 的增長，這表明我們仍然有很多機會，我稱之為，即使在美國，我們仍然有很多機會繼續開設更多新店。

And when we do it through purpose design (sic) [purpose defined], we're able to look at the market and determine how do we drive the overall trade area higher with a variety of different types of stores to meet customers where they are. So we see a lot of opportunity there. And with that, I'll turn it over to Belinda.

當我們透過目的設計（原文如此）[目的定義]來做到這一點時，我們能夠觀察市場並確定如何透過各種不同類型的商店來推動整體貿易區域更高，以滿足客戶所在的位置。所以我們在那裡看到了很多機會。有了這個，我會把它交給貝琳達。

Sara, can I just add one thing here? We've gone through a look MSA by MSA and what is interesting is as you start looking at where the population has shifted and you look at how the U.S. is so different from what it was even 5 years ago, I think what you see is white space for us. And particularly as you look at purpose-defined stores and our plans to build in the U.S., we have a lot more headroom in the U.S. With that, let me call on Belinda to talk a little bit on China, both around how our business has been reset, but also the kind of growth options we see. Belinda, go ahead.

薩拉，我可以在這裡補充一件事嗎？我們逐一檢視了 MSA，有趣的是，當你開始觀察人口轉移的地方，以及美國與 5 年前的情況有何不同時，我認為你看到的是我們的空白空間。特別是當你看到專門商店和我們在美國建立的計劃時，我們在美國有更多的空間。因此，讓我請貝琳達談談中國，包括我們的業務如何被重置，但也是我們看到的那種增長選擇。貝琳達，繼續吧。

Okay. Thank you. So despite the short-term headwinds, the long-term opportunity in China is clear. I think everyone will agree to that. So I talked extensively at the investor forum about the huge greenfield opportunities to both increase penetration in existing cities and entering new county cities. So as of end Q1, we are only in 857 cities out of nearly 3,000 in China. The opportunities are abundant. And new stores continue to deliver best-in-class store profitability and returns.

好的。謝謝。因此，儘管存在短期阻力，但中國的長期機會是顯而易見的。我想每個人都會同意這一點。因此，我在投資者論壇上廣泛談論了增加現有城市滲透率和進入新縣城的巨大綠地機會。截至第一季末，我們僅在中國近 3,000 個城市中的 857 個城市開展業務。機會很多。新商店繼續提供一流的商店盈利能力和回報。

And when you look at new county city stores that we have entered recently and in the past couple of years, it consistently outperformed top-tier cities, new stores and profitability, too. So as Laxman has pointed to, we will accelerate our entry into new county cities. So we are on track to reach 9,000 stores, so many opportunities out there. We will -- we have a very sophisticated system digitalized and to help our team to identify the right areas to open, to optimize the cannibalization impact and where we should be going. So with our experience, our team, our operating muscle and track record, I have full confidence in our store expansion plan, and we're on target to achieving 13% store growth in FY '24.

當你看看我們最近和過去幾年進入的新縣城店時，它的表現也始終優於一線城市、新店和盈利能力。所以正如拉克斯曼所指出的，我們將加快進入新的縣城。因此，我們的門市數量預計將達到 9,000 家，機會非常多。我們將——我們擁有一個非常複雜的數位化系統，幫助我們的團隊確定開放的正確領域，優化蠶食影響以及我們應該去的地方。因此，憑藉我們的經驗、我們的團隊、我們的營運實力和業績記錄，我對我們的門市擴張計劃充滿信心，我們的目標是在 24 財年實現 13% 的門市成長。

I've been to China 3 times in the last 9 months. And one of the things that's fundamentally impressed me with the business is really how we've used COVID and the time that the business has actually taken to reset the business. If you look at the end-to-end costs from a supply chain perspective with the digitization of what has happened end-to-end in China, it is frankly incredibly strong. I'd love to have some of that back in the U.S. If I look at the ability to deliver the value that we have end-to-end in China, coupled with the premium experience with the wonderful stores we designed at a very low investment cost because that has also been fine-tuned, what you realize is that as we expand the kind of economics we're seeing are very strong.

過去 9 個月我去過中國 3 次。讓我印象深刻的事情之一是我們如何利用新冠疫情以及企業實際花費的時間來重新調整業務。如果你從供應鏈的角度來看端到端的成本，以及中國端到端發生的數位化，坦白說，它是非常強大的。我很想在美國擁有一些這樣的東西。如果我看看我們在中國提供端到端價值的能力，再加上我們以非常低的投資設計的精彩商店的優質體驗成本，因為這也經過了微調，你會意識到，隨著我們的擴張，我們看到的經濟非常強勁。

And so I think that is foundational to what Belinda talked about, big headroom in terms of cities to go to, but also what I compliment the team on is the work that has gone in to build the business end-to-end, that is extremely strong. This doesn't happen overnight. This happens because of 25 years of history and the muscle and the capability that the business has built in China. The team is ready, obviously, as the market turns, and we see things come back, you're going to see the kind of economics get even better.

因此，我認為這是貝琳達所說的基礎，就要去的城市而言，還有很大的空間，但我對團隊的讚揚是為建立端到端業務所做的工作，即非常強。這不會在一夜之間發生。之所以能取得這樣的成績，是因為該公司擁有 25 年的歷史以及在中國累積的實力和能力。顯然，團隊已經準備好了，隨著市場的轉變，我們看到情況回升，你會看到經濟狀況變得更好。

Your next question comes from Andrew Charles, TD Cowen.

您的下一個問題來自 TD Cowen 的安德魯查爾斯 (Andrew Charles)。

Great. Rachel, how did you arrive at the new low single-digit China same-store sales guidance from the 4% to 6% previously? Perhaps you can help us understand the typical quarter-to-quarter changes in [seasonal AWS] that you typically see in China and how that factors into the new 2024 guidance?

偉大的。 Rachel，您是如何得出新低個位數的中國同店銷售指引（從之前的 4% 到 6%）的？也許您可以幫助我們了解您在中國通常看到的[季節性 AWS] 的典型季度變化以及這些變化如何影響新的 2024 年指引？

Sure. Thank you, Andrew. When we looked at the guidance for China, it's largely based around, I wouldn't say the seasonality is maybe as distinct as what we see in the U.S. business with Q2 being so much lower than any of our other quarters and strengthening as we go through Q3, Q4, particularly because we're lapping quite a bit of compares from the prior year. If you recall, last year in Q3, we were lapping the COVID impacts from the prior year. So we have a pretty big lap when you look at that comp and that compare in Q3. So it's more around the progression we expect in the business, less about the compare or about seasonality and more about the progression in the business.

當然。謝謝你，安德魯。當我們查看中國的指導時，它主要基於，我不會說季節性可能與我們在美國業務中看到的那樣明顯，第二季度比我們其他任何季度都要低得多，並且隨著我們的發展而加強到第三季度、第四季度，特別是因為我們與前一年進行了大量比較。如果您還記得，去年第三季度，我們正在研究前一年的新冠疫情影響。因此，當您查看該比較和第三季的比較時，我們有一個相當大的圈數。因此，它更多地圍繞著我們期望的業務進展，而不是比較或季節性，更專注於業務進展。

And what we're looking to is Chinese New Year, as an example, is a good indicator of what we expect to see around the consumer environment, and that's factored into our assumptions. So a lot of it depends on mainly the recovery, the time it's going to take as Belinda and team work on the action plans, which are in some ways, I'd say, adapted to what we're saying.

例如，我們所期待的農曆新年是我們期望在消費環境中看到的一個很好的指標，這也是我們的假設的一個因素。因此，這很大程度上取決於恢復情況、貝琳達和團隊制定行動計劃所需的時間，我想說，這些行動計劃在某種程度上適應了我們所說的內容。

We've already led in the premium market, but we're adapting some of our strategies as it relates to the awareness of the customer and how we go after the customer through the innovation and new channels of social media. So we expect that, that's going to take some time, and that's reflected in the guidance range. But I would think about it that way, it's more about the recovery and the progression from where we are with the plans today, which we're expecting we'll see a rebound in closer to a stabilization in the back half of the year.

我們已經在高端市場處於領先地位，但我們正在調整一些策略，因為這關係到客戶的意識以及我們如何透過社群媒體的創新和新管道來吸引客戶。因此，我們預計這將需要一些時間，這反映在指導範圍中。但我會這樣想，更多的是關於我們今天的計劃的復甦和進展，我們預計我們將在今年下半年看到反彈，接近穩定。

I think it's fair to say that the Chinese consumer is very cautious. And so the recovery is going to be choppy. But as Rachel has said, we think we factored that into the guidance that we see, the long-term opportunity in China is tremendous.

我認為可以公平地說，中國消費者非常謹慎。因此，復甦將是不穩定的。但正如雷切爾所說，我們認為我們將這一點納入了我們所看到的指導中，中國的長期機會是巨大的。

Your next question comes from Sharon Zackfia with William Blair.

你的下一個問題來自莎朗·扎克菲亞和威廉·布萊爾。

On the customer that lapsed in the first quarter, was there any particular demographic that you saw more of an impact with? And then on the conversation around the new beverage platform, I think you said 3 upcoming new beverage platforms. Can you talk about the potential trade-offs there with speed as you talk about untapped demand?

對於第一季流失的客戶，您認為有哪些特定族群受到的影響較大？然後在圍繞新飲料平台的對話中，我想您提到了 3 個即將推出的新飲料平台。當您談論未開發的需求時，您能談談速度上潛在的權衡嗎？

So I think what I heard you say was, were there any demographic, specific demographics that had impacted? And the second question was on the 3 beverage platforms, is there something that is a trade-off between speed? Is that correct? We couldn't hear you properly actually. Maybe you could repeat that question.

所以我想我聽到你說的是，是否有任何特定的人口統計數據受到了影響？第二個問題是在3個飲料平台上，是否需要在速度之間進行權衡？那是對的嗎？實際上我們聽不到你的聲音。也許你可以重複這個問題。

I think my sound is breaking up. Just -- when I think about you introducing new beverage platforms and introducing complexity potentially into the system, I naturally worry about throughputs and you talk about untapped demand and the opportunity to tap into that as part of the buffer into the back half of the year, and I'm just thinking about that. With the new beverage platforms, I'm hoping you can talk about if there is a trade-off with speed or if the new beverage platforms have been designed to help facilitate throughput?

我覺得我的聲音快要崩潰了。只是 - 當我想到您引入新的飲料平台並可能為系統引入複雜性時，我自然會擔心吞吐量，而您則談到了未開發的需求以及將其作為下半年緩衝的一部分的機會，我只是在考慮這一點。對於新的飲料平台，我希望您能談談是否需要對速度進行權衡，或者新的飲料平台是否旨在幫助提高吞吐量？

Brady, do you want to take it on?

布雷迪，你想接受嗎？

Sure. So in terms of beverage platform, specifically, I'll start there. We put every product we offer through a very rigorous set of tests and measures to make sure that it's conducive to operations. That it's easier for our partners to deliver in the stores and make sure that it's accretive to the business. A lot of times, what we'll do is we'll bring in a new product and we'll take a lower volume product out just to maintain the total complexity of the system. Rather than just add, add, add. We have a very disciplined approach about how we do that. And so the 3 beverage platforms, which we won't reveal yet have gone through that.

當然。因此，具體而言，就飲料平台而言，我將從這裡開始。我們對提供的每件產品都進行了一系列非常嚴格的測試和措施，以確保其有利於營運。我們的合作夥伴可以更輕鬆地在商店送貨，並確保它能促進業務成長。很多時候，我們要做的就是引進新產品，然後淘汰產量較低的產品，以維持系統的整體複雜性。而不是只是添加、添加、添加。我們對於如何做到這一點有非常嚴格的方法。我們尚未透露的 3 個飲料平台也經歷了這個過程。

And so it's really about how to do these products in a way that's accretive to the business, and specifically targeted. And so in these cases, this is about looking at that occasional customer and frequent customer, but particularly appealing for the afternoon where we want to continue to build our business. We've really laser targeted these products for those occasions. And so we're excited to bring those to customers.

因此，這實際上是關於如何以一種有利於業務且有針對性的方式生產這些產品。因此，在這些情況下，我們要關注的是偶爾的客戶和常客，但對於我們想要繼續發展業務的下午尤其有吸引力。我們確實針對這些場合專門設計了這些產品。因此，我們很高興將這些帶給客戶。

And then with regards to the demographics, Starbucks attract a very wide range of customers around the world, and particularly in the U.S., again, a very wide range of customers. So the way I would characterize it is occasional. And I know we've spoken about the very occasional. That's really what we would say is the audience with whom we saw that impact in November and started rebounding in December. So that's where I would leave it and say we've got plans to bring them back.

然後就人口統計而言，星巴克在世界各地吸引了非常廣泛的客戶，尤其是在美國，同樣吸引了非常廣泛的客戶。所以我對它的描述是偶然的。我知道我們已經談論過非常偶然的事情。我們真正想說的是，我們在 11 月看到了這種影響並在 12 月開始反彈的觀眾。所以這就是我要留下的地方，並說我們已經計劃將它們帶回來。

Your next question comes from Andrew Strelzik with BMO Capital Markets.

您的下一個問題來自 BMO 資本市場的 Andrew Strelzik。

I wanted to just make sure that we understand the bridge from the revised or lowered revenue growth guidance to maintain EPS growth guidance. Obviously, the first quarter operating margin was very strong, particularly in North America. So is something changing there in your expectations for the year? Are the cost saves coming through faster or greater? Is there a change in how you're thinking about buyback contribution there? Just any more texture on that bridge would be helpful.

我只是想確保我們了解修訂或降低的收入成長指引與維持每股盈餘成長指引之間的橋樑。顯然，第一季的營業利潤率非常強勁，尤其是在北美。那麼您對今年的期望有什麼改變嗎？成本節省的速度是更快還是更大？您對回購貢獻的看法有改變嗎？只要在橋上添加更多紋理就會有所幫助。

Sure. Thank you for the question. As it relates to our guidance and how we're thinking about maintaining the earnings growth range of 15% to 20%, though, our revenue has been revised, I think what's important to think about that is what we're pointing to is that Q2 will be below our full year guidance ranges on all of our metrics. And then we'll expect to see a rebound and a stabilization in the back half of the year. And that rebound and stabilization will come to from the revenue growth that we're guiding to. So the 7% to 10%. And in that revenue growth range, there is an assumption, even though we've got these plans in place and we expect it will take some time to materialize, there is the impact we have from a strong growing loyal customer base as well as what we've talked to around the strength in digital and some of the success we're seeing in reinvention.

當然。感謝你的提問。由於它與我們的指導以及我們如何考慮維持 15% 至 20% 的盈利增長範圍有關，因此我們的收入已被修改，我認為重要的是要考慮這一點，這就是我們所指出的第二季度的所有指標將低於我們的全年指引範圍。然後我們預計會在今年下半年看到反彈和穩定。這種反彈和穩定將來自我們所引導的收入成長。所以7%到10%。在這個收入增長範圍內，有一個假設，即使我們已經制定了這些計劃，並且我們預計這需要一些時間才能實現，但強大的、不斷增長的忠誠客戶群對我們產生的影響以及我們討論了數字化的優勢以及我們在重塑方面所取得的一些成功。

So that's factored in there to give us the confidence to be able to expect that we'll see the flow-through from the revenue growth in the back half of the year. But in addition to that, what we're expecting is that we'll continue to see the strength in our in-store and out-of-store operational efficiencies. So we had good success this quarter. We'll expect some of that to continue into Q2, and it will further into Q3 and Q4. That's how we'll be able to drive to the 15% to 20% on a full year basis.

因此，考慮到這一點使我們有信心能夠預期我們將在今年下半年看到收入成長帶來的現金流。但除此之外，我們期望我們將繼續看到店內和店外營運效率的優勢。所以我們本季取得了良好的成功。我們預計其中一些將持續到第二季​​度，並將進一步持續到第三季和第四季。這樣我們就能將全年成長率提高到 15% 到 20%。

The last question comes from John Ivankoe with JPMorgan.

最後一個問題來自摩根大通的約翰‧伊凡科。

It's maybe a related one to the previous. But normally, operating companies, when they do reduce revenue, it's pretty customary for earnings to come down along with that. Now you guys have communicated, I think, $3 billion of cost savings on a 3-year basis. I think that's $1 billion on a gross basis, on a 1-year basis. Can you talk about if there were any cost savings that were pulled forward into fiscal '24? Were there any meaningful expenses, maybe discretionary expenses in '24 that were perhaps pushed out into '25 and '26?

這可能與上一篇相關。但通常情況下，營運公司在減少收入時，收入通常也會隨之下降。現在，我認為你們已經傳達了，在 3 年內可以節省 30 億美元的成本。我認為以一年的總額計算，這一數字為 10 億美元。您能否談談是否有任何成本節約被推遲到 24 財年？ 24 年是否有任何有意義的開支，也許是可自由支配的開支，可能會被推遲到 25 和 26 年？

And maybe I'm getting a little bit ahead of myself at this point or getting ahead of you at this point, as we kind of think about you're getting more margin on that lower revenue than maybe we would have thought earlier. Does it actually lead to a more difficult comparison that you'll have to face '25 over '24? Is there just some shifts in expenses between the 2 years?

也許我在這一點上有點領先於自己，或者在這一點上領先於你，因為我們認為你在較低的收入中獲得的利潤比我們之前想像的要多。這是否真的會導致你必須面對「25」和「24」的更困難的比較？兩年之間的費用是否有些變動？

The way I would look at it, John, is, as we showed in the first quarter, we were able to demonstrate that margin expansion of 130 basis points at the total company level, given a combination of sales leverage. So we still had strong sales growth, right? That sales leverage as well as the flow-through from that sales leverage and the in-store operational efficiencies that we spoke to. And when we think about the back half of the year, we'll expect to continue to see benefit from the revenue growth and the sales leverage that comes from that. But we'll also see benefit from the in-store and out-of-store operational efficiencies, which we do have ability to increase our focus on some of those areas, which will help to ensure our 15% to 20% earnings growth commitment on a full year basis.

約翰，我的看法是，正如我們在第一季所展示的那樣，考慮到銷售槓桿的組合，我們能夠證明整個公司的利潤率擴張了 130 個基點。所以我們的銷售成長仍然強勁，對吧？我們談到的銷售槓桿以及銷售槓桿帶來的流量和店內營運效率。當我們考慮今年下半年時，我們預計將繼續受益於收入成長和由此產生的銷售槓桿。但我們也將看到店內和店外營運效率的好處，我們確實有能力加強對其中一些領域的關注，這將有助於確保我們 15% 至 20% 的盈利增長承諾以全年為基礎。

Outside of that, we also have investments as it relates to G&A, as -- investments as it relates to our Reinvention. And we'll continue to make the investments because those investments drive a meaningful impact, and they're a driver of our competitive advantage. But we do have an ability to also dial up and dial down some of those investments to help support the commitments we're making. As it relates to the years ahead, I don't think -- it's probably best to just focus on their year-end we're in right now. But that's how I would expect the guidance to come together and how I think about Q2 relative to the balance of the year.

除此之外，我們還有與 G&A 相關的投資，以及與我們的重塑相關的投資。我們將繼續進行投資，因為這些投資會產生有意義的影響，並且它們是我們競爭優勢的驅動力。但我們確實有能力增加和減少其中一些投資，以幫助支持我們所做的承諾。由於這與未來幾年有關，我認為最好只專注於我們現在所處的年終。但這就是我對指導意見的預期，以及我對第二季相對於今年剩餘時間的看法。

John, if I could just add one more thing. I think we've systematized our approach to how we think about innovation, how we think about productivity, how we think about growth overall, it's a very sort of systematic approach that we have in place of pipelines around how we're looking at different things. So we have visibility, clearly, in terms of things that we can do, for example, about the store and they go multiple years. And so even if we did bring something forward because we can, it does not at all mean that we don't have more that we go after. So I feel very confident about that, that we'll continue to invest in the business. There's no impact from a buyback. I think that was a question asked earlier, none whatsoever.

約翰，我能否再補充一件事。我認為我們已經系統化了我們如何看待創新、如何看待生產力、如何看待整體成長的方法，這是一種非常系統化的方法，我們用它來取代我們如何看待不同的管道事物。因此，在我們可以做的事情方面，我們有清晰的可見性，例如，關於商店，而且它們已經存在多年了。因此，即使我們確實提出了一些東西，因為我們可以，這並不意味著我們沒有更多的東西可以追求。所以我對此非常有信心，我們將繼續投資這項業務。回購沒有影響。我認為這是之前提出的問題，沒有任何問題。

And we're investing in the business, but we also know that we have opportunities for us to make ourselves more efficient. At the same time, get the throughput that we think we need in order to meet the demand that exists out there.

我們正在投資這項業務，但我們也知道我們有機會提高自己的效率。同時，獲得我們認為需要的吞吐量，以滿足現有的需求。

Yes. I do think it's just worth noting is that our buybacks are expected to be nearly 1% of our earnings growth, net of interest, so small in the scheme of things.

是的。我確實認為值得注意的是，扣除利息後，我們的回購預計將佔獲利成長的近 1%，在計劃中規模如此之小。

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

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

Thank you so much, Diego. I will close by reiterating our strong momentum from the quarter and our overall confidence in our long-term growth. While we continue to navigate some headwinds, we're encouraged by the strength of our brand, particularly with our loyal customers around the world and the plans that we have in place to address the challenges we have identified.

非常感謝你，迭戈。最後，我將重申我們本季的強勁勢頭以及我們對長期成長的整體信心。雖然我們繼續克服一些阻力，但我們的品牌實力，特別是我們在世界各地的忠實客戶，以及我們為應對所發現的挑戰而製定的計劃，讓我們深受鼓舞。

On a broader level, I've learned that we truly are a different kind of company here at Starbucks, but we are now operating in a different kind of world. We recognize that no one can solve the many difficult problems in the world alone. Starbucks is, however, and will continue to be the world's third place, providing people with places to come together, to connect, to find common ground, to feel they belong and to bring a little joy in their every day. Thank you for joining us this afternoon.

在更廣泛的層面上，我了解到星巴克確實是一家不同類型的公司，但我們現在在一個不同的世界中運作。我們認識到，沒有人能夠單獨解決世界上的許多難題。然而，星巴克現在並將繼續成為世界第三大咖啡店，為人們提供聚集、聯繫、尋找共同點、感受到歸屬感並為他們的每一天帶來一點快樂的地方。感謝您今天下午加入我們。

This concludes Starbucks' First Quarter Fiscal Year 2024 Conference Call. You may now disconnect.

星巴克 2024 財年第一季電話會議至此結束。您現在可以斷開連線。