星巴克 (SBUX) 2024 Q2 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' Second Quarter Fiscal Year 2024 Conference Call. (Operator Instructions) I will now turn the call over to Tiffany Willis, Vice President of Investor Relations and ESG engagement. Ms. Willis, you may begin your conference.

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 財年第二季電話會議。 （操作員指示）我現在將把電話轉給投資者關係和 ESG 參與副總裁 Tiffany Willis。威利斯女士，您可以開始會議了。

Welcome and good afternoon, and thank you for joining us today to discuss Starbucks' second quarter fiscal year 2024 results. 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'll be joined by Belinda Wong, Chairwoman and Co-Chief Executive Officer of Starbucks China; Brady Brewer, Chief Executive Officer of Starbucks International; and Michael Conway, Chief Executive Officer of Starbucks North America.

歡迎大家下午好，感謝您今天加入我們討論星巴克 2024 財年第二季業績。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。星巴克中國董事長兼聯合執行長Belinda Wong 也將出席問答環節； Brady Brewer，星巴克國際執行長；以及星巴克北美執行長麥可康威 (Michael Conway)。

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 the second 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, whereby current period results are converted into United States dollars using the average monthly exchange rates from the comparative period rather than the actual exchange rates for the current period, excluding related hedging activities. 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.

2024 財年第二季和比較期間的 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業績的一部分，今天電話會議的收入、營業利潤率和每股收益成長指標均以固定貨幣衡量，即使用比較期間的平均月匯率而不是實際匯率將當期業績轉換為美元。當期匯率，不包括相關的避險活動。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 the webcast will be available on our website through Friday, June 14, 2024. Also for calendar planning purposes, please note that our third quarter fiscal year 2024 earnings conference call has tentatively been scheduled for Tuesday, July 30, 2024.

本次電話會議正在網路直播，網路直播的存檔將在2024 年6 月14 日星期五之前在我們的網站上提供。收益電話會議暫定於2024 年 7 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. Let me be clear from the beginning. Our performance this quarter was disappointing and did not meet our expectations. Our Q2 total company revenue was $8.6 billion, down 1% year-over-year. Our global comparable store sales declined 4% year-over-year, driven by a negative 3% comp growth in North America led by declining traffic and a negative 11% comp growth in China. Our global operating margins contracted by 140 basis points to 12.8%, and our overall earnings per share declined by 7% to $0.68.

謝謝蒂芙尼，也謝謝大家今天下午加入我們。讓我從一開始就說清楚。我們本季的業績令人失望，沒有達到我們的預期。我們第二季的公司總營收為 86 億美元，年減 1%。我們的全球可比商店銷售額年減 4%，原因是客流量下降導致北美年比負成長 3%，而中國年比負成長 11%。我們的全球營業利潤率下降了 140 個基點，降至 12.8%，每股總收益下降 7%，降至 0.68 美元。

While these results do not reflect our strengths, our capabilities or the opportunities ahead, we confront these challenges from a position of enduring strength. We have led the industry for more than 50 years because we have built a different kind of company, one that exceeds our partner expectations, one that delivers a distinctive and unique experience for our customers and one anchored in the love and craft of coffee.

雖然這些結果並不能反映我們的優勢、能力或未來的機遇，但我們以持久的實力來應對這些挑戰。我們在行業中處於領先地位50 多年，因為我們建立了一家不同類型的公司，一家超越我們合作夥伴期望的公司，一家為我們的客戶提供獨特的體驗，一家植根於對咖啡的熱愛和工藝的公司。

As a result, our worldwide brand equity remains resilient and strong. Our leadership in coffee remains unmatched. Our global base of customers remains loyal. Our experiences are differentiated and elevated, our partners are talented and engaged. Our forward-looking product pipeline is highly appealing. Our distinctive store development capability continues to perform incredibly well. Our network of stores is healthy and robust. Our stores are executing better than ever with a stronger operating foundation. Overall, partner engagement is very strong. Our Triple Shot with 2 Pumps Reinvention strategy continues to deliver, and our possibilities as a company remain limitless.

因此，我們的全球品牌資產仍然具有彈性和強大。我們在咖啡領域的領導地位仍然無與倫比。我們的全球客戶群依然忠誠。我們的經驗與眾不同且提升，我們的合作夥伴才華橫溢且敬業。我們的前瞻性產品線非常有吸引力。我們獨特的商店開發能力持續表現得非常出色。我們的商店網路健康而強大。我們的商店比以往任何時候都執行得更好，營運基礎更強大。整體而言，合作夥伴的參與度非常高。我們的 Triple Shot with 2 Pumps Reinvention 策略繼續實現，我們作為一家公司的可能性仍然是無限的。

Still, we face a challenging operating environment. Headwinds discussed last quarter have continued. In a number of key markets, we continue to feel the impact of a more cautious consumer, particularly with our more occasional customer, and a deteriorating economic outlook has weighed on customer traffic, an impact felt broadly across the industry. In the U.S., severe weather impacted both our U.S. and total company comp by nearly 3% during the quarter. The remainder of our challenges were attributable to fewer visits from our more occasional customers.

儘管如此，我們仍面臨著充滿挑戰的經營環境。上季討論的不利因素仍在繼續。在許多關鍵市場，我們繼續感受到消費者更謹慎的影響，特別是對於我們的偶爾客戶，而不斷惡化的經濟前景對客戶流量造成了壓力，整個行業都普遍感受到了這種影響。在美國，本季惡劣天氣對我們美國市場和整個公司的業績造成了近 3% 的影響。我們面臨的其餘挑戰是由於我們偶爾來訪的客戶減少了。

Turning elsewhere. We still see economic volatility in the Middle East, but we remain confident in the region's long-term growth opportunities. In China, we still see the effects of a slower-than-expected recovery, and we see fierce competition among value players in the market. But we are strengthening our premium position, and our team in China continues to execute with terrific rigor and heart as the market shakeout continues and as demand recovers and matures.

轉向別處。我們仍然看到中東經濟波動，但我們對該地區的長期成長機會仍然充滿信心。在中國，我們仍然看到復甦慢於預期的影響，並且市場上價值參與者之間的競爭非常激烈。但我們正在加強我們的高端地位，隨著市場震蕩的持續以及需求的復甦和成熟，我們在中國的團隊將繼續以極其嚴謹和認真的態度執行任務。

None of these realities are excuses. Some, like weather, are transitory. Others, like a more cautious consumer, may persist longer, but much is within our control. There are 3 execution opportunities in our U.S. business I want to expand on: first, meet the demand we have across dayparts to drive future growth; second, launch even more exciting and relevant new products while maintaining our focus on core coffee forward offerings; and third, reach and demonstrate more value for our occasional and non-Starbucks Rewards customers.

這些現實都不是藉口。有些，比如天氣，是短暫的。其他人，例如更謹慎的消費者，可能會堅持更長時間，但很多事情都在我們的控制範圍內。我想擴展我們美國業務的 3 個執行機會：首先，滿足我們跨時段的需求，以推動未來的成長；其次，推出更令人興奮和相關的新產品，同時保持我們對核心咖啡遠期產品的關注；第三，為我們的偶爾客戶和非星巴克獎勵客戶提供並展示更多價值。

We understand how to do this, and we have what we need to deliver against our plans. So as we look to the second half of the fiscal year and beyond, we're accelerating our work on the underlying execution engines that power our business to realize these opportunities.

我們了解如何做到這一點，並且我們擁有根據我們的計劃交付所需的內容。因此，當我們展望本財年下半年及以後時，我們正在加快底層執行引擎的工作，以推動我們的業務實現這些機會。

Let me talk you through each. First, meet the demand we have in the U.S. across dayparts. The morning daypart is likely what you think of when you think of Starbucks. It is our peak, and it represents about half our business. It's coffee forward, heavily routine-based and driven by strong loyalty. At our best, we bring in customers with distinctive coffee and a great experience. We convert them to Starbucks Rewards members. We build interest with new coffee innovations, and we encourage more frequent visits and food attached.

讓我逐一向您介紹。首先，滿足美國各時段的需求。當您想到星巴克時，您可能會想到早上的時段。這是我們的巔峰，它代表了我們大約一半的業務。這是咖啡的前衛，以日常為基礎，並由強烈的忠誠度驅動。我們盡最大努力為顧客帶來獨特的咖啡和良好的體驗。我們將他們轉換為星巴克獎勵會員。我們透過新的咖啡創新來激發人們的興趣，並鼓勵更頻繁的訪問和附帶食物。

But we currently have a challenge meeting our peak morning demand in the U.S. For example, more than 60% of our morning business in the U.S. comes from Starbucks Rewards members who overwhelmingly order with a Starbucks app. What's interesting though, despite strong Mobile Order & Pay sales, we saw a mid-teens percent order in completion rate within the order channel this past quarter. In other words, customers using MOP put items into their cart and sometimes chose not to complete their order citing long wait times or product unavailability. Here lies opportunity.

但我們目前在滿足美國早上的高峰需求方面面臨著挑戰​​。有趣的是，儘管行動訂單和支付銷售強勁，但我們在上個季度的訂單管道中看到訂單完成率只有百分之十幾。換句話說，使用 MOP 的顧客將商品放入購物車後，有時會因為等待時間過長或產品缺貨而選擇不完成訂單。這就是機會。

We're intensely focused and actively working on improving operational throughput by providing our partners with the right processes and tools, and on giving our customers a better sense of when the order will be ready. Rollout of our equipment-driven Siren System is on track, but we're also fine-tuning the store processes that underpin this new equipment. We have been working for the past 6 months with the Toyota Production System Support Center to unlock additional capacity at our peak. And what we saw through store tests was a real near-term opportunity to fundamentally improve how we operate our stores.

我們高度關注並積極致力於透過為我們的合作夥伴提供正確的流程和工具來提高營運吞吐量，並讓我們的客戶更好地了解訂單何時準備就緒。我們的設備驅動警報系統的推出已步入正軌，但我們也在微調支撐這項新設備的商店流程。過去 6 個月來，我們一直與豐田生產系統支援中心合作，以在高峰期釋放額外產能。我們透過商店測試看到的是一個真正的近期機會，可以從根本上改善我們商店的運作方式。

The Siren craft system, as we're calling it, requires no capital. The technology solutions are relatively straightforward, and we are working to roll it out in North American stores over the coming months. In stores where we've used the Siren craft system to optimize operations, we have already seen an increase in peak throughput, which we estimate to be worth nearly 1 comp point annually. The Siren craft system also bolsters the highly incremental returns we expect from our equipment-driven Siren Systems as it is deployed in stores. Taken together, these new processes and new equipment systems act as complements and amplify efforts to unlock capacity at peak.

我們所說的海妖製程系統不需要資本。該技術解決方案相對簡單，我們正在努力在未來幾個月內在北美商店推出。在我們使用 Siren Craft 系統優化營運的商店中，我們已經看到峰值吞吐量有所增加，我們估計每年可增加近 1 個補償點。 Siren 製程系統也支援我們在商店部署裝置驅動的 Siren 系統時所期望的高度增量回報。總而言之，這些新製程和新設備系統起到了補充作用，並加強了釋放高峰產能的力度。

Additionally, we are revamping and investing in our Deep Brew technology to improve wait time estimates and provide more transparency for customers. They're efforts we began last quarter and built on the many improvements we've made to the Starbucks app over the last 12 weeks with introductions now on a 4-week upgrade cycle.

此外，我們正在改進和投資 Deep Brew 技術，以改善等待時間估計並為客戶提供更高的透明度。這些工作是我們上個季度開始的，是在過去 12 週內對星巴克應用程式進行的許多改進的基礎上進行的，現在以 4 週的升級週期進行介紹。

Another reason customers choose not to complete their order is product availability. For example, our Potato, Cheddar & Chive Bakes were a big hit with customers, but demand was so strong that we are currently only able to offer them in 2,000 of our U.S. stores. We are ramping up supply chain investments to further improve availability with an initial focus on our customers' favorite items.

客戶選擇不完成訂單的另一個原因是產品可用性。例如，我們的馬鈴薯、切達乾酪和細香蔥烘焙產品深受顧客歡迎，但需求如此強勁，以至於我們目前只能在 2,000 家美國門市提供此類產品。我們正在增加供應鏈投資，以進一步提高可用性，最初專注於客戶最喜歡的商品。

In summary, we are working to increase throughput and improve product availability to enhance the customer experience, improve convenience and better capture existing demand. Over time, we believe these improvements will attract a larger subset of customers.

總之，我們正在努力提高吞吐量並提高產品可用性，以增強客戶體驗、提高便利性並更好地捕捉現有需求。隨著時間的推移，我們相信這些改進將吸引更多的客戶。

I also want to talk about unmet overnight demand. We see it as a tremendous and untapped incremental opportunity. Last quarter, we mentioned we were conducting a pilot program to serve customers overnight between 05:00 p.m. and 05:00 a.m. when our stores are traditionally closed. During this pilot test, we doubled our business. Building off that success, we are aggressively pursuing options to build a $2 billion business over the next 5 years. Overnight opportunities are incremental and create a complement to our existing delivery business, which grew by double digits in the U.S. this quarter with both ticket increase and transaction growth.

我還想談談未滿足的隔夜需求。我們認為這是一個巨大的、尚未開發的增量機會。上個季度，我們提到我們正在進行一項試點計劃，在下午 05:00 至下午 05:00 之間為客戶提供通宵服務。凌晨 05:00，我們的商店按照慣例關閉。在這次試點測試中，我們的業務量增加了一倍。在這項成功的基礎上，我們正​​積極尋求在未來 5 年內打造價值 20 億美元業務的方案。隔夜機會是增量的，是對我們現有的遞送業務的補充，本季度美國的遞送業務隨著門票數量和交易量的增長而實現了兩位數的增長。

In addition to the overnight, we have unmet weekend demand potential. Starbucks attracts routine customers all week through the morning and the afternoon. While the weekend continues to attract our routine customers, we also see more families and kids. We are working to realize this demand potential to new product offerings, collaborations, marketing and enhancements to the store experience. As you can see, there is significant demand in the morning and even more potential during afternoon, overnight and the weekend we have yet to realize. And we are accelerating our execution engines to meet it.

除了過夜之外，我們還有未滿足的週末需求潛力。星巴克整個星期的早上和下午都吸引常客。雖然週末繼續吸引我們的常規顧客，但我們也看到了更多的家庭和孩子。我們正在努力實現新產品供應、合作、行銷和增強商店體驗的需求潛力。正如您所看到的，上午的需求量很大，下午、夜間和週末的需求甚至更大，我們尚未意識到。我們正在加速我們的執行引擎來滿足它。

Second, launch more relevant and exciting new products for our U.S. customers while maintaining our focus on core coffee-forward offerings. We are the leader in coffee. We are overwhelmingly focused on our coffee-forward products. Coffee continues to perform strongly. And for example, 63% of our beverage sales in the quarter were cold, up 1% from a year ago, driven by innovation.

其次，為我們的美國客戶推出更多相關且令人興奮的新產品，同時保持我們對核心咖啡前沿產品的關注。我們是咖啡領域的領導者。我們主要專注於我們的咖啡前沿產品。咖啡持續表現強勁。例如，在創新的推動下，本季我們的飲料銷售額中有 63% 是冷飲，比去年同期成長了 1%。

And beyond our core, there is more. We know we are challenged to bring new innovations with frequency and strong appeal across other dayparts. This winter, we brought back pistachio lattes, rolled out Oleato nationally and launched a new core iced-shaken espresso. Our beverage is prepared with new breakfast products like our Potato, Cheddar & Chive Bakes. Some of our new products did well and drove positive customer buzz, but not all met our expectations. That reality, coupled with what our customers have told us, points to opportunity across both coffee and non-coffee. And by that, I mean refreshers, matcha and chai and across food to drive greater attach.

除了我們的核心之外，還有更多。我們知道，我們面臨著在其他時段頻繁推出新創新並具有強大吸引力的挑戰。今年冬天，我們重新推出了開心果拿鐵，在全國推出了 Oleato，並推出了一款新的核心冰搖濃縮咖啡。我們的飲料採用新的早餐產品製成，例如馬鈴薯、切達乾酪和香蔥烘焙食品。我們的一些新產品表現良好並引起了客戶的積極關注，但並非所有產品都達到了我們的預期。這個現實，加上我們的客戶告訴我們的訊息，表明咖啡和非咖啡領域都有機會。我指的是茶點、抹茶、奶茶以及各種食物，以增強依戀。

Later in the quarter, we saw improvement. Our lavender platform is extremely successful, including our lavender matcha, and it compares to some of the most successful launches we've ever had. But to cut through, we're working to drive even more buzz-worthy products and on strengthening the supply of products that become popular. These efforts take time, but our team is working with great energy and speed to make both happen.

在本季度晚些時候，我們看到了改善。我們的薰衣草平台非常成功，包括我們的薰衣草抹茶，與我們曾經推出過的一些最成功的產品相比。但為了突破這一困境，我們正在努力推出更多值得關注的產品，並加強流行產品的供應。這些努力需要時間，但我們的團隊正在以巨大的精力和速度努力實現這一切。

We also invested in our brand over the past quarter to address recent misinformation. The work was effective in driving brand metrics, and our overall brand equity and affinity remains strong. As we look ahead, we have an opportunity to better amplify our new products and to drive more awareness and excitement for those products, particularly among our more occasional customers. As we will detail, we are accelerating the execution engines to help us drive more frequent and exciting product innovations, both in the core and beyond.

上個季度我們也對我們的品牌進行了投資，以解決最近的錯誤訊息。這項工作有效地推動了品牌指標，我們的整體品牌資產和親和力仍然強勁。展望未來，我們有機會更好地擴大我們的新產品，並提高這些產品的知名度和興奮度，特別是在我們的偶爾客戶中。正如我們將詳細介紹的，我們正在加速執行引擎，以幫助我們推動更頻繁、更令人興奮的產品創新，無論是在核心還是在其他方面。

Third, reach and demonstrate more value for our occasional and non-Starbucks Rewards customers. We have loyal customers in the U.S., and they stay truly loyal in terms of frequency, transactions and the level of customization they sought with their purchases. We are a brand known for the premium value we provide. Our one-of-a-kind experiential Starbucks Reserve Roasteries, which elevate our brand and create lasting value, had strong transactions, fueled by innovation across our coffee platforms, other beverages and food. Throughout the quarter, brand perception of value for what I get, on average, remained strong, and our pricing decisions have been measured.

第三，為我們的臨時客戶和非星巴克獎勵客戶提供並展示更多價值。我們在美國擁有忠實的客戶，他們在購買頻率、交易和客製化水平方面保持真正的忠誠度。我們是一個以提供優質價值而聞名的品牌。我們獨特的體驗式星巴克臻選烘焙工坊提升了我們的品牌並創造了持久的價值，在我們的咖啡平台、其他飲料和食品的創新推動下，交易量強勁。在整個季度中，平均而言，我所獲得的品牌價值認知仍然很強，我們的定價決策也經過了衡量。

But in this environment, many customers are being more exacting about where and how they choose to spend their money, particularly with stimulus savings mostly spent. We saw this materialize over the quarter as customers made the trade-offs between food away from home and food at home. Against that tide, we need to be able to reach and communicate with our customers in a way that demonstrates our value, particularly through Starbucks Rewards and the Starbucks app.

但在這種環境下，許多客戶對選擇在哪裡以及如何花錢更加嚴格，尤其是在大部分刺激儲蓄都花掉的情況下。我們看到這種情況在本季度實現，因為顧客在外出食物和在家食物之間進行權衡。面對這種趨勢，我們需要能夠以一種能夠展示我們價值的方式與客戶進行接觸和溝通，特別是透過星巴克獎勵計劃和星巴克應用程式。

We are accelerating back-end work on the Starbucks app to ensure we better connect with our more occasional customers. Starting in May, we will add new and exclusive in-app offers that create additional value for our customers. We'll also launch upgrades to the app that include significant improvements to our wait time algorithms. Then in July, we will begin opening the Starbucks app for all while making MOP available in more places outside our app. Following the milestone, more of our customers will be able to see our offers, including those that use guest checkout; and more customers will discover the strong value we provide, value that they will not see otherwise. More on that later.

我們正在加快星巴克應用程式的後端工作，以確保我們更好地與偶爾來訪的客戶建立聯繫。從五月開始，我們將增加新的獨家應用程式內優惠，為我們的客戶創造額外價值。我們還將啟動應用程式的升級，其中包括對等待時間演算法的重大改進。然後在 7 月，我們將開始向所有人開放星巴克應用程序，同時在應用程式之外的更多地方提供 MOP。在這一里程碑之後，更多的客戶將能夠看到我們的優惠，包括那些使用訪客結帳的客戶；更多的客戶將會發現我們提供的強大價值，這是他們在其他情況下看不到的價值。稍後會詳細介紹。

These opportunities show that much is within our control. We are confident in our accelerated plans to strengthen the execution engines that power how we serve our customers, how we create and amplify a pipeline of new products and how we reach our customers through the Starbucks app. But let me be clear. It will take time to fully realize these opportunities.

這些機會表明，很多事情都在我們的掌控之中。我們對加強執行引擎的加速計劃充滿信心，這些執行引擎為我們如何服務客戶、如何創建和擴大新產品管道以及如何透過星巴克應用程式接觸客戶提供動力。但讓我說清楚。要充分實現這些機會需要時間。

Our Triple Shot with Two Pumps strategy is the way we will drive these plans forward over the long term. So let's talk about our progress made against each strategic pillar. Our first strategic pillar is to elevate the brand. We do this by driving compelling product innovation, building great stores and operating great stores. Above all, we maintain our leadership and innovation in coffee. In fact, just last week, we announced several steps to reinforce our leadership position to the lens of our partners, our customers and our farmers.

我們的雙泵三重策略是我們長期推動這些計劃的方式。那麼，讓我們談談我們在每個策略支柱方面取得的進展。我們的第一個策略支柱是提升品牌。我們透過推動引人注目的產品創新、建立優秀商店和經營優秀商店來實現這一目標。最重要的是，我們保持了咖啡領域的領導地位和創新能力。事實上，就在上週，我們宣布了幾項措施，以加強我們在合作夥伴、客戶和農民眼中的領導地位。

These include new investments in coffee farms to further scale open agronomy practices; new and exquisite whole bean coffees coming to our core and reserve stores; and new pop-up experiences in cities around the world to engage Gen Z and Millennial customers in the craft of coffee, which they love. Further, we are scaling the rollout of our Clover Vertica brewer to deliver the world's finest top-quality brewed coffee.

其中包括對咖啡農場的新投資，以進一步擴大開放農學實踐；全新精緻的全豆咖啡即將登陸我們的核心店和儲備店；以及在世界各地城市推出的新快閃店體驗，吸引 Z 世代和千禧世代顧客參與他們喜愛的咖啡工藝。此外，我們正在擴大 Clover Vertica 沖泡機的推出，以提供世界上最優質的沖泡咖啡。

The Clover Vertica provides customers choice between 6 separate coffee roasts and blends, including decaf, brewed fresh on-demand any time of the day. And its rollout is paired to the global launch of our new Starbucks Milano Duetto light and dark roast blends in stores later this year. As mentioned, we are also driving more frequent and exciting product innovation, both coffee and non-coffee.

Clover Vertica 為顧客提供 6 種獨立的咖啡烘焙和混合咖啡選擇，包括無咖啡因咖啡，隨時隨時按需新鮮沖泡。該產品的推出與今年稍後在全球門市推出的全新星巴克米蘭 Duetto 淺度和深度烘焙混合咖啡同步推出。如前所述，我們也推動更頻繁、更令人興奮的產品創新，包括咖啡和非咖啡產品。

Our team has been working with remarkable speed and agility to create a product innovation pipeline that includes new flavors, textures and functional benefits. Investments in product development are already showing benefit. Our new lavender platform performed nearly as well this past quarter as the PSL. More recently, too, our new Spicy refreshers and Reserve Hot Honey beverages show that relevant product innovation can exceed expectations. At our new Roastery and Reserve stores, we are now introducing new products with more agility and speed. Notably, we're also making strides to cut our average product development cycle in half from our current time table of 12 to 18 months.

我們的團隊一直在以驚人的速度和敏捷性創建產品創新管道，其中包括新口味、質地和功能優勢。產品開發方面的投資已經顯現出效益。我們新的 lavender 平台上季的表現幾乎與 PSL 一樣好。最近，我們的新辣味清涼飲料和儲備熱蜂蜜飲料也顯示相關產品創新可以超乎預期。在我們新的烘焙工作坊和珍藏店，我們現在正在以更敏捷和速度推出新產品。值得注意的是，我們也取得了長足進步，將平均產品開發週期從目前 12 至 18 個月的時間表縮短了一半。

Looking to our innovation pipeline for the second half of the year, I'm excited by the number and types of products we're bringing to market. For summer, we are launching our first texture innovation, pearls. This is the first of more texture-based innovations that our customers can expect in the coming years. And we're launching a new functional product, a 0 to low-calorie handcrafted energy beverage. Both build on our coffee heritage and open entirely new vectors for additional future innovation.

展望今年下半年的創新管道，我對我們推向市場的產品數量和類型感到興奮。夏季，我們推出了首款紋理創新產品—珍珠。這是我們的客戶在未來幾年可以期待的更多基於紋理的創新中的第一個。我們正在推出一種新的功能性產品，一種零熱量到低熱量的手工能量飲料。兩者都建立在我們的咖啡傳統之上，並為未來的更多創新開闢了全新的載體。

And later this year, we will add up to 5 sugar-free customization options to our menu in response to both partner and customer requests. This will provide a lower calorie option for approximately 80% of our beverages. Our product innovation pipeline will also include more plant-based options as well, like our new plant-based ready-to-drink Frappuccino beverage that recently launched in U.S. grocery stores.

今年晚些時候，我們將根據合作夥伴和客戶的要求，在菜單中添加多達 5 種無糖客製化選項。這將為我們大約 80% 的飲料提供較低熱量的選擇。我們的產品創新管道還將包括更多植物性選擇，例如我們最近在美國雜貨店推出的新型植物性即飲星冰樂飲料。

Beyond our beverage development pipeline, we're also focused on enhancements to food. As an example of the investment we're making in food quality, we recently launched a reimagined premium blueberry muffin. And for summer, we're launching a new egg, pesto and mozzarella sandwich. It combines protein with outstanding taste. We're also expanding grab-and-go choices available in our store lobbies to include more vegan, vegetarian and gluten-free options as well as kid-friendly options.

除了我們的飲料開發管道之外，我們還專注於食品的改進。作為我們在食品品質方面投資的一個例子，我們最近推出了重新設計的優質藍莓鬆餅。夏季，我們推出了一款新的雞蛋、香蒜醬和馬蘇里拉起司三明治。它結合了蛋白質和出色的味道。我們還擴大了商店大廳的即取即走選擇，包括更多純素食、素食和無麩質選項以及適合兒童的選項。

Taken together, our partner experience, unique customer experience and our core products are what differentiates us. Our pipeline is significantly stronger than last year, and product builds are being developed with partners and simplicity in mind. We're also investing in our supply chain to lower cost and ensure products are available and in-store for our customers.

總而言之，我們的合作夥伴經驗、獨特的客戶體驗和我們的核心產品使我們與眾不同。我們的產品線比去年強大得多，產品建置是與合作夥伴一起開發的，並且考慮到簡單性。我們也投資於我們的供應鏈，以降低成本並確保我們的客戶可以在店內購買產品。

Lastly, we continue to grow our global store footprint. Our store development capability is a core strength. This year, we will design and build more than 3,000 new stores globally, and we continue to do so in a financially accretive manner. Our new store openings continue to realize strong unit economics. AUVs and ROIs across our portfolio continue to drive strong returns and high incrementality. We're also leveraging learnings from international markets to meaningfully lower breakeven points for store formats scalable in emerging markets.

最後，我們繼續擴大我們的全球商店足跡。我們的店鋪開發能力是我們的核心優勢。今年，我們將在全球設計和建造 3,000 多家新店，並且我們將繼續以增加財務的方式這樣做。我們的新店開幕繼續實現強勁的單位經濟效益。我們的投資組合中的 AUV 和 ROI 繼續推動強勁的回報和高增量。我們也利用國際市場的經驗，大幅降低新興市場中可擴展的商店格式的損益平衡點。

Moving on. Our second strategic pillar is further strengthening and differentiating our leadership position in digital. As mentioned, Starbucks Rewards and the Starbucks app play a central role in driving value for our customers. Our MOP set another record in the U.S., representing 31% of all transactions in the quarter. Our Starbucks Rewards members in the U.S. also grew by 6% over the prior year to nearly 33 million members.

繼續。我們的第二個策略支柱是進一步加強和差異化我們在數位領域的領導地位。如前所述，星巴克獎勵計劃和星巴克應用程式在為客戶創造價值方面發揮核心作用。我們的 MOP 在美國再創紀錄，佔本季所有交易的 31%。我們在美國的星巴克會員數也比前一年增加了 6%，達到近 3,300 萬名會員。

The stickiness and evolution of our digital position provides a structural advantage. Building on this strength, we are mapping additional ways to engage customers as we work to double SR members over the next 5 years. As mentioned, we will begin opening the Starbucks app for all in July. This addresses the current gap in our ability to reach non-Starbucks Rewards members, allows us to deliver more value for the occasional customers and improves our ability to convert them to SR members.

我們數位化地位的黏性和演變提供了結構性優勢。憑藉這一優勢，我們正在製定其他方式來吸引客戶，並努力在未來 5 年內將 SR 成員數量增加一倍。如前所述，我們將於 7 月開始向所有人開放星巴克應用程式。這解決了我們目前接觸非星巴克獎勵會員的能力差距，使我們能夠為偶爾的顧客提供更多價值，並提高我們將他們轉化為 SR 會員的能力。

It drives a better experience for our customers and is core to our growth. We know that SR customers visit more often and spend more. Upgrades in our queue include a guest checkout feature and sequential improvements that make our app an even more appealing gateway for all customers.

它為我們的客戶帶來更好的體驗，也是我們發展的核心。我們知道 SR 客戶訪問的頻率更高，消費也更多。我們隊列中的升級包括訪客結帳功能和連續改進，使我們的應用程式成為對所有客戶更具吸引力的網關。

We also plan to invest $600 million over the next 3 years to further digitize our stores and better target customers in more personalized ways. This includes the installation of digital menu boards across the footprint of all our company stores in the U.S. and China. And we're making additional investments in our Deep Brew AI and machine learning platforms to further digitize and fine-tune how we operate our stores while delivering an improved digital customer experience and more personalized customer offers. Offers that are timely and relevant and flexible to location, inventory availability and weather. These investments, including a new revenue management system are foundational to successful execution.

我們還計劃在未來 3 年內投資 6 億美元，進一步將商店數位化，並以更個人化的方式更好地瞄準客戶。這包括在我們公司位於美國和中國的所有商店內安裝數位菜單板。我們正在對 Deep Brew AI 和機器學習平台進行額外投資，以進一步數位化和微調我們的商店營運方式，同時提供改進的數位客戶體驗和更個人化的客戶優惠。提供及時、相關且靈活的優惠，適合地點、庫存可用性和天氣。這些投資，包括新的收入管理系統，是成功執行的基礎。

In the near term, we continue to provide increasingly compelling offers like marketed pairings, including both beverage and food, that make occasions like lunch even more appealing. We continue to encourage and reward routinized behaviors across the day with exclusive offers for SR members. To better communicate the value we provide, we are working to drive offer awareness with omnichannel marketing. This campaign will remind customers that the best offers are in the app and will target more occasional and non-SR customers.

在短期內，我們將繼續提供越來越引人注目的優惠，例如行銷搭配，包括飲料和食品，這使得午餐等場合更具吸引力。我們繼續鼓勵和獎勵全天的常規行為，為 SR 會員提供獨家優惠。為了更好地傳達我們提供的價值，我們正在努力透過全通路行銷來提高產品認知度。活動將提醒客戶，最好的優惠就在應用程式中，並將針對更多臨時客戶和非 SR 客戶。

Our third strategic pillar is becoming truly global. Our international business remains an important part of our long-term growth strategy. Across the Middle East, we continue to work with the Alshaya Group to support the well-being of our partners and customers. Last month, The Starbucks Foundation and Alshaya Starbucks donated $3 million to the World Central Kitchen and their humanitarian efforts to provide food aid in Gaza. Last week, we also announced that every bag of whole bean Starbucks Odyssey Blend coffee sold at participating North American stores through June will benefit World Central Kitchen's efforts to address hunger around the world.

我們的第三個戰略支柱正在變得真正全球化。我們的國際業務仍然是我們長期成長策略的重要組成部分。在整個中東地區，我們繼續與 Alshaya 集團合作，支持我們的合作夥伴和客戶的福祉。上個月，星巴克基金會和 Alshaya 星巴克向世界中央廚房及其為加薩提供糧食援助的人道主義努力捐贈了 300 萬美元。上週，我們也宣布，截至 6 月在北美參與商店銷售的每一袋全豆星巴克奧德賽混合咖啡都將有利於世界中央廚房解決世界各地飢餓問題的努力。

Turning our attention to China. Macro pressures resulted in traffic contraction this quarter. Performance was impacted by a decline in occasional customers, changing holiday patterns, a high promotional environment and a normalization of customer behaviors following last year's market reopening. Like the U.S., our decline in occasional customers was most noticeable in the afternoons and evenings.

把我們的注意力轉向中國。宏觀壓力導致本季流量收縮。業績受到偶爾客戶減少、假期模式變化、促銷環境高以及去年市場重新開放後客戶行為正常化的影響。與美國一樣，我們的臨時顧客減少在下午和晚上最為明顯。

Still, there are many bright spots. Starbucks remains the Chinese consumers' first choice in away-from-home coffee across city tier and age group. Our morning daypart in China registered growth fueled by coffee routines we've cultivated. Mornings are now larger than before the pandemic. Delivery also achieved positive comp. Starbucks Rewards membership expanded with active members now reaching a record 21 million. We're investing further to grow our SR members and their loyalty to drive greater engagement and lifetime value.

儘管如此，仍有許多亮點。星巴克仍是中國各城市、各年齡層消費者外出喝咖啡的首選。在我們養成的咖啡習慣的推動下，我們在中國的早晨時段出現了增長。現在早晨的時間比大流行之前要多。交付也取得了積極的成果。星巴克獎勵會員數量不斷擴大，活躍會員人數現已達到創紀錄的 2,100 萬人。我們正在進一步投資以培養我們的 SR 會員及其忠誠度，以推動更高的參與度和終身價值。

Beverage innovation is also strong and validates the opportunity we see to further drive the strength of our product pipeline in China. Through the quarter, we unveiled 27 new products fueling brand excitement and meaningful customer engagement, and monthly customer connection scores are at their highest ever as is partner engagement.

飲料創新也很強勁，這證實了我們看到的進一步增強我們在中國產品線實力的機會。本季度，我們推出了 27 款新產品，激發了品牌興奮度和有意義的客戶參與度，每月的客戶聯繫得分和合作夥伴參與度均達到歷史最高水平。

Our robust operating muscle led to sequential margin expansion amidst revenue headwinds, and we sustained very healthy and profitable unit economics and a double-digit store operating margin for a total store portfolio, including new stores. While recovery will remain choppy, our business has shown great resilience, and our fundamentals are very strong. We will win and lead in the premium market. We have built a strong and expanding customer base, a strong brand, a strong portfolio of highly profitable stores and strong capability to drive margin expansion.

我們強勁的經營實力導致在收入逆風的情況下實現了利潤率的連續擴張，並且我們保持了非常健康和盈利的單位經濟效益，以及包括新店在內的總商店組合的兩位數商店營業利潤率。儘管復甦仍將崎嶇不平，但我們的業務已顯示出強大的彈性，而且我們的基本面非常強勁。我們將在高端市場獲勝並處於領先地位。我們已經建立了強大且不斷擴大的客戶群、強大的品牌、強大的高利潤商店組合以及推動利潤擴張的強大能力。

We continue to execute on the 3 key elements of our China strategy, offering more coffee-forward, locally relevant product innovations, making significant investments in technology to increase omnichannel capability and digitize our stores, and increase the percentage of new store openings in lower-tier markets and new county cities where we see stronger new store economics.

我們繼續執行中國策略的三個關鍵要素，提供更多咖啡前衛、本地相關的產品創新，對技術進行大量投資以提高全通路能力和數位化我們的商店，並提高在低端地區開設新店的比例一線市場和新縣城的新店經濟更為強勁。

We will weather through this dynamic and transitory period as the industry shakeout continues. Our confidence in the market opportunity and our ability to deliver remains unwavering as we play the long game in China. Elsewhere, we saw growth in many parts of our International segment, highlighting the resilience and diversity of our business portfolio. Excluding China, our International segment grew revenue and comp in the quarter bolstered by strength in Latin America, Asia Pacific and Japan. The Latin American region continued its strong momentum with double-digit system sales growth. Our Asia Pacific region drove revenue growth despite headwinds in the Indonesian and Malaysian markets. And revenue from our Japan business grew by double digits.

隨著產業震蕩的持續，我們將度過這個充滿活力和短暫的時期。當我們在中國打持久戰時，我們對市場機會和交付能力的信心依然堅定不移。在其他地方，我們看到國際業務的許多部分都在成長，凸顯了我們業務組合的彈性和多樣性。除中國外，我們的國際部門在拉丁美洲、亞太地區和日本的強勁成長的推動下，本季的營收和淨利潤均有所成長。拉丁美洲地區持續保持強勁勢頭，系統銷售額實現兩位數成長。儘管印尼和馬來西亞市場面臨阻力，我們的亞太地區仍推動了營收成長。我們的日本業務收入成長了兩位數。

Across our International segment, we opened 230 net new stores this quarter. In total, our store count outside of North America is now more than 20,800, reflecting a year-over-year growth of 9%. We opened our 400th store in India, our 600th store in Indonesia and our 1,900th store in Korea. We are on track to operate 1,000 stores in India by 2028, translating 1 new store opening every 3 days.

在我們的國際部門，本季我們淨開設了 230 家新店。目前，我們在北美以外的門市總數已超過 20,800 家，年增 9%。我們在印度開設了第 400 家商店，在印尼開設了第 600 家商店，在韓國開設了第 1,900 家商店。我們預計到 2028 年將在印度經營 1,000 家商店，即每 3 天新開 1 家商店。

As we expand to Honduras and Ecuador, our global footprint will grow to more than 39,000 stores across 88 markets, putting us well on the path to 55,000 stores by 2030.

隨著我們向宏都拉斯和厄瓜多爾擴張，我們的全球足跡將增至 88 個市場的 39,000 多家門市，到 2030 年，我們的門市數量將達到 55,000 家門市。

Our fourth strategic pillar, 1 of our 2 pumps is unlocking efficiencies. In the quarter, our Triple Shot strategy continued to unlock meaningful efficiencies across the North American business, driving 150 basis points of store operational efficiencies. Additionally, we saw meaningful reductions in product and distribution costs, driven by supply chain improvements in procurement, transportation and sourcing.

我們的第四個戰略支柱，我們的 2 個泵浦中的 1 個正在釋放效率。本季度，我們的 Triple Shot 策略繼續在整個北美業務中釋放有意義的效率，將商店營運效率提高了 150 個基點。此外，在採購、運輸和採購方面的供應鏈改進的推動下，我們的產品和分銷成本顯著降低。

Specifically in our U.S. stores, we're focused on creating a more stable environment for partners through investments in equipment innovation, process improvements, staffing, scheduling and waste reduction, all things our partners value and prioritize, creating a more satisfying work environment in our stores while derisking our business.

特別是在我們的美國商店，我們致力於透過在設備創新、流程改進、人員配置、日程安排和減少浪費等方面的投資，為合作夥伴創造一個更穩定的環境，所有這些都是我們合作夥伴重視和優先考慮的事情，在我們的商店中創造一個更令人滿意的工作環境。

Today, our stores are running better than ever before, underpinned by the strong fundamentals our team has built. For example, we see meaningful improvement in drive-thru window times without adding more work for our partners, with even more to come as we layer in our Siren craft system. We are rebuilding and refining our supply chain and to unlock efficiencies in our factory in the back, we are leveraging technology in new ways. We have significant above-the-store opportunity to realize efficiencies in our supply chain. They are significantly higher than we initially thought, and we are ahead of plan and savings.

今天，在我們團隊建立的強大基礎的支撐下，我們的商店比以往任何時候都運作得更好。例如，我們看到得來速窗口時間得到了有意義的改善，而無需為我們的合作夥伴增加更多的工作，當我們在我們的Siren 製程系統中分層時，還會有更多的工作。我們正在重建和完善我們的供應鏈，並以新的方式利用技術來提高工廠的效率。我們擁有重要的店面機會來提高供應鏈的效率。它們明顯高於我們最初的預期，而且我們提前了計劃並節省了開支。

Through work to date, we have the confidence we need to extend our goal from $3 billion in added efficiencies over 3 years to $4 billion over the next 4. As a result of our investments and focused efficiency efforts, partner turnover reached a new low in the quarter. Store manager turnover has also improved, and both beat industry benchmarks by a wide margin. Average hours per partner continues to improve by double digits year-over-year, increasing engagement and their take-home pay.

透過迄今為止的工作，我們有信心將我們的目標從 3 年內增加效率 30 億美元擴大到未來 4 年內 40 億美元。 。店經理的流動率也有所改善，而且都大幅超過了行業基準。每個合作夥伴的平均工作時間同比繼續以兩位數的速度增長，從而提高了參與度和實得工資。

That brings me to our fifth strategic pillar, reinvigorating our partner culture. From the beginning, Starbucks set itself apart as a different kind of company. Our unique culture is anchored in our mission, promises and values of craft, results, courage, belonging and joy. And at the heart of our business are our partners. They are central to the Starbucks experience and are delivering on our promise to uplift the every day for customers around the world. I see this every day and through my regular work in stores.

這讓我想到了我們的第五個策略支柱，即重振我們的合作夥伴文化。從一開始，星巴克就將自己定位為一家與眾不同的公司。我們獨特的文化植根於我們的使命、承諾以及工藝、成果、勇氣、歸屬感和快樂的價值。我們業務的核心是我們的合作夥伴。它們是星巴克體驗的核心，並且正在兌現我們為世界各地的顧客提升每一天的承諾。我每天以及在商店的日常工作中都會看到這一點。

We continue to work to restitch the fabric of the green apron for all partners. Just last week, we gathered together to celebrate our first-ever Starbucks Promises Day. And next month, we will celebrate the tenth anniversary of our Starbucks College Achievement Plan with Arizona State University. Following commencement, more than 13,000 partners will have earned their bachelor's degree through the program, bringing to life our partner promise of a bridge to a better future. What's more, over 25,000 partners across more than 90% of our U.S. stores are currently enrolled in the program and are pursuing a bachelor's degree.

我們將繼續努力為所有合作夥伴重新縫製綠色圍裙的布料。就在上週，我們聚集在一起慶祝我們的第一個星巴克承諾日。下個月，我們將與亞利桑那州立大學一起慶祝星巴克學院成就計畫十週年。計畫啟動後，超過 13,000 名合作夥伴將透過該計畫獲得學士學位，兌現我們合作夥伴關於架起通往更美好未來的橋樑的承諾。此外，我們 90% 以上的美國商店中的 25,000 多名合作夥伴目前已註冊該計劃並正在攻讀學士學位。

To close, we had a tough quarter. We need to do better, and we will. As I look forward, I'm confident we have the right strategy. We have terrific partners and a strong executive team that is deeply engaged and continues to lead. I thank each of our 460,000 green apron partners around the world for their remarkable work. We have real opportunity, and we are taking swift action to accelerate investment through the execution engines that will address the near term and drive our long-term success. These actions are funded by a highly profitable operations and productivity initiatives and is captured within our guidance. As these actions take hold, we expect our business to return to algorithmic growth and to achieve its long-term opportunity.

截至結束時，我們度過了一個艱難的季度。我們需要做得更好，我們也會的。展望未來，我相信我們擁有正確的戰略。我們擁有優秀的合作夥伴和強大的執行團隊，他們積極參與並持續發揮領導作用。我感謝全球 46 萬名綠圍裙合作夥伴所做的出色工作。我們擁有真正的機會，我們正在迅速採取行動，透過執行引擎加速投資，這將解決短期問題並推動我們的長期成功。這些行動由高利潤的營運和生產力計劃提供資金，並在我們的指導中得到體現。隨著這些行動的實施，我們預計我們的業務將恢復演算法成長並實現長期機會。

And with that, I will turn it over to Rachel to discuss our results in greater detail. Rachel?

接下來，我將把它交給雷切爾，更詳細地討論我們的結果。雷切爾？

Thank you, Laxman, and good afternoon, everyone. As Laxman shared, our performance this quarter did not reflect what we're capable of as a company. We have an incredible brand, loyal customers globally, a strong portfolio of highly profitable stores and in connection with our partners and customers that's unlike any other in our industry. We know that we can and we will do better.

謝謝拉克斯曼，大家下午好。正如拉克斯曼所說，我們本季的業績並沒有反映出我們作為一家公司的能力。我們擁有令人難以置信的品牌、全球忠實的客戶、強大的高利潤商店組合以及與我們行業中任何其他合作夥伴和客戶的聯繫。我們知道我們可以而且會做得更好。

While it was a difficult quarter, we learned from our own underperformance and recognize the onus is on us to execute. We've sharpened our focus and with our comprehensive road map of well-thought out actions, the path forward is clear. With that, let me turn to our results.

雖然這是一個艱難的季度，但我們從自己的不佳表現中吸取了教訓，並認識到我們有責任執行。我們已經更加明確了我們的重點，並透過我們深思熟慮的行動的全面路線圖，前進的道路是明確的。接下來，讓我談談我們的結果。

Our Q2 consolidated revenue was $8.6 billion, down 1% from the prior year due primarily to a 4% decline in comparable store sales driven by lower transactions, partially offset by 8% net new company-operated store growth over the prior year. Q2 consolidated operating margin contracted 140 basis points from the prior year to 12.8%, primarily driven by deleverage, partner wages and benefit investments as well as promotional activities, partially offset by pricing and our continued execution against reinvention-related in-store operational efficiencies, which drove approximately 150 basis point savings in the quarter. Q2 EPS was down -- was $0.68, down 7% from the prior year, primarily due to the contraction of operating income in both the North America and International segments as a result of lower revenue.

我們第二季的綜合收入為 86 億美元，比上年下降 1%，主要是由於交易量減少導致可比商店銷售額下降 4%，但部分被去年公司自營新店淨增長 8% 所抵消。第二季綜合營業利潤率較前一年收縮140 個基點至12.8%，主要是由於去槓桿化、合作夥伴工資和福利投資以及促銷活動，部分被定價和我們針對與重塑相關的店內運營效率的持續執行所抵消，這使得本季度節省了約 150 個基點。第二季每股收益下降 - 為 0.68 美元，較上年下降 7%，主要是由於收入下降導致北美和國際部門的營業收入收縮。

I'll now provide segment highlights for Q2. North America revenue was $6.4 billion in Q2, flat to the prior year as 5% net new company-operated store growth was mostly offset by a 3% decline in comparable store sales driven by a 7% decrease in transactions partially offset by a 4% increase in average ticket. Our U.S. company-operated business posted a 3% comparable store sales decline in Q2, driven by a 7% decrease in transactions.

我現在將提供第二季的細分亮點。第二季北美營收為64 億美元，與上年持平，新公司自營店淨成長5%，大部分被可比店面銷售額下降3% 所抵消，而可比店面銷售額下降了7%，而交易量下降了7%，部分被交易量下降4% 所抵消。我們的美國公司營運業務在第二季的可比商店銷售額下降了 3%，原因是交易量下降了 7%。

Consistent with Q1, the traffic decline was pronounced among more occasional customers with a more cautious consumer environment as a backdrop and also included an estimated 3% adverse impact from extreme weather, including some store closures. Partially offsetting the decline was a 4% increase in average ticket, reflecting pricing as well as the continued mix shift into cold beverages such as Iced Shaken Espresso and Matcha Tea Latte, which resonate with our customers.

與第一季一致，在消費環境較為謹慎的背景下，偶爾購買的顧客客流量下降明顯，此外，極端天氣（包括一些商店關閉）估計造成 3% 的不利影響。平均票價增加了 4%，部分抵消了下降的影響，這反映了定價以及持續向冰搖濃縮咖啡和抹茶拿鐵等冷飲的混合轉變，這些飲料引起了客戶的共鳴。

Additionally, our new store performance remains strong, with both year 1 AUV and cash margin of recently opened stores projected to be in line with last year's newly opened stores, preserving high incrementality even with our expanding footprint. North America's operating margin was 18% in Q2, contracting 120 basis points from the prior year. The contraction was primarily driven by deleverage, partner wage and benefit investments as well as promotional activities, partially offset by pricing and reinvention-related in-store operational efficiencies.

此外，我們的新店業績依然強勁，新開店的第一年 AUV 和現金利潤率預計將與去年新開店保持一致，即使我們的足跡不斷擴大，仍能保持較高的增量。第二季北美地區的營業利潤率為 18%，較去年同期下降 120 個基點。這一收縮主要是由去槓桿化、合作夥伴工資和福利投資以及促銷活動推動的，但部分被定價和與重塑相關的店內營運效率所抵消。

While deleverage drove the overall contraction in the segment's margin, efficiencies generated through our reinvention efforts meaningfully countered the deleverage we experienced in the quarter. While our reinvention plan is intended to provide a more balanced growth model and margin expansion, we're pleased to see the benefits counterbalance, broader headwinds in our business as our partner staffing and scheduling investments continue to unlock in-store efficiencies.

雖然去槓桿化推動了該部門利潤率的整體收縮，但透過我們的再造努力所產生的效率有意義地抵消了我們在本季度經歷的去槓桿化。雖然我們的重塑計畫旨在提供更平衡的成長模式和利潤率擴張，但我們很高興看到，隨著我們的合作夥伴人員配置和調度投資繼續釋放店內效率，我們的業務中的利益抵消了更廣泛的阻力。

The benefits continue to expand outside of stores as well, resulting in meaningful reduction in the segment's product and distribution costs as a percentage of revenue, partially driven by supply chain savings. We believe our strategies related to reinvention are working, creating more streamlined operations and tangible financial benefits across our business with more opportunity to come.

這些好處也繼續擴展到商店之外，導致該部門的產品和分銷成本佔收入的百分比顯著降低，部分原因是供應鏈節省。我們相信，我們與重塑相關的策略正在發揮作用，為我們的業務創造了更精簡的營運和切實的經濟效益，並帶來更多機會。

Moving to International. The segment delivered $1.8 billion in revenue in the quarter, roughly flat to the prior year, primarily as 12% growth in net new company-operated stores was offset by a 6% decline in comparable store sales driven evenly by transactions and average ticket. Revenue was also impacted by a decrease in licensed store revenues, largely resulting from the negative impacts to our business in the Middle East. Although our revenue was impacted, our long-term aspirations in international has not wavered as there was revenue and comp growth across the International segment when excluding China. This speaks to the strength of our broader international portfolio, driven by markets like Japan, Asia Pacific, Latin America and the Caribbean.

轉向國際。該部門本季實現收入 18 億美元，與上年基本持平，主要是因為公司自營新店淨增長 12%，但被交易和平均門票均勻推動的可比商店銷售額下降 6% 所抵消。收入也受到特許商店收入減少的影響，這主要是由於我們在中東的業務受到負面影響。儘管我們的收入受到影響，但我們在國際市場的長期抱負並未動搖，因為排除中國後，整個國際市場的收入和業績都出現成長。這證明了我們在日本、亞太地區、拉丁美洲和加勒比地區等市場的推動下更廣泛的國際投資組合的實力。

Shifting to China. In Q2, China's revenue declined 3%, driven by an 11% decrease in comparable store sales consisting of 8% and 4% declines in average ticket and transactions, respectively, partially offset by a 14% net new store growth. The market continued to recover slower than expected with further impacts from the timing of holiday-related travel trends. Despite the complex environment, the market opened 118 net new stores in the quarter while sustaining double-digit store operating margin for both new stores and the total portfolio, demonstrating the health and resilience of our brand in the market, positioning us well in the market long term. Total International segment operating margin was 13.3% in Q2, contracting 340 basis points from the prior year primarily driven by promotional activities, partner wage and benefit investments as well as sales mix shift partially offset by pricing in certain markets.

轉移到中國。第二季度，中國的收入下降了3%，原因是可比商店銷售額下降了11%，其中平均門票和交易量分別下降了8% 和4%，但新店淨增長14% 部分抵消了這一影響。受假期相關旅遊趨勢時機的進一步影響，市場復甦速度持續慢於預期。儘管環境複雜，本季市場淨新開店118 家，同時新店和整體組合的門市營業利潤率均保持兩位數，展現了我們品牌在市場上的健康狀況和彈性，使我們在市場中處於有利地位長期。第二季度國際業務總營業利潤率為13.3%，較上年下降340 個基點，這主要是受到促銷活動、合作夥伴工資和福利投資以及銷售組合變化的推動，但部分被某些市場的定價所抵消。

Shifting to channel development. The segment's revenue of $418 million in Q2 declined 13% from the prior year, largely in line with our expectations given the sale of Seattle's Best Coffee and SKU optimization. Importantly, we maintained the #1 share position in both U.S. at-home coffee and U.S. ready to drink.

轉向通路建設。第二季該部門的營收為 4.18 億美元，較上年下降 13%，考慮到西雅圖最佳咖啡的銷售和 SKU 優化，基本上符合我們的預期。重要的是，我們在美國家用咖啡和美國即飲咖啡市場份額均保持第一。

As an example of innovation in China, we launched our Starbucks Refreshers platform with 2 flavors, the Pink Drink and the Purple Drink, to drive our much-desired cool portfolio beyond our stores, particularly among Gen Z. The segment's operating margin was 51.7% in Q2, expanding 1,610 basis points from prior year, driven primarily by growth in our North America coffee partnership joint venture income as well as lapping prior year impairment charges against certain manufacturing assets. The segment's operating margin is progressing in line with our original expectations, continuing to target the full year range of high 40% to low 50%, a very attractive financial model.

作為中國創新的一個例子，我們推出了星巴克清爽飲料平台，有兩種口味：粉色飲料和紫色飲料，以將我們渴望的酷炫產品組合推向我們的門店之外，特別是Z 世代。分市場的營業利潤率為51.7%第二季度，年增 1,610 個基點，這主要是由於我們的北美咖啡合作夥伴合資企業收入增長以及對某些製造資產的上年減值費用進行了調整。該部門的營業利潤率進展符合我們最初的預期，繼續以全年高 40% 至低 50% 的目標為目標，這是一個非常有吸引力的財務模式。

Now moving on to our guidance for fiscal year 2024. Given what we shared today, we're revising our fiscal year guidance, and I'll walk through both, one, what changed; and two, what remains the same in comparison to our previous guidance.

現在轉向我們對 2024 財年的指導。第二，與我們先前的指導相比，哪些內容保持不變。

So first, what changed? Broadly, in the second quarter, our business underperformed as revenues in the U.S., China, Middle East and other markets were impacted more deeply than anticipated by the continued multifaceted headwinds. In addition to the second quarter performance, our exit rates of both revenue and comp growth across our key markets reflect continued headwinds.

那麼首先，什麼改變了？總體而言，第二季我們的業務表現不佳，因為美國、中國、中東和其他市場的收入受到持續的多方面不利因素的影響比預期更嚴重。除了第二季的業績外，我們主要市場的營收和比較成長的退出率也反映出持續的不利因素。

To manage these headwinds, we have focused actions both to unlock capacity and track demand in the spirit of uplifting traffic as well as to further implement our Triple Shot strategy. Leveraging our learnings from the second quarter, and as Laxman discussed in detail, we're working to further elevate our brand through an integrated focus across product innovation and marketing, including strengthening our digital capabilities, delivering more value for our customers.

為了因應這些不利因素，我們本著提振交通的精神，專注於採取行動釋放運力並追蹤需求，並進一步實施我們的三重策略。正如 Laxman 詳細討論的那樣，利用第二季度的經驗教訓，我們正在努力透過產品創新和行銷的綜合關注來進一步提升我們的品牌，包括加強我們的數位能力，為客戶提供更多價值。

For instance, first, to unlock demand in the morning daypart in the U.S., we're working to improve store-related processes, leveraging our Siren craft system while also increasing product availability through improved inventory management. Second, to attract demand, particularly in the afternoon daypart, we're implementing a new and more frequent innovation cadence integrated with a broader multi-channeled marketing approach, inclusive of highly targeted personalized offers.

例如，首先，為了釋放美國早上時段的需求，我們正在努力改進商店相關流程，利用我們的 Siren 製程系統，同時透過改進庫存管理來提高產品可用性。其次，為了吸引需求，特別是在下午時段，我們正在實施一種新的、更頻繁的創新節奏，與更廣泛的多通路行銷方法相結合，包括高度針對性的個人化優惠。

This shift is geared towards our more occasional customers to attract and inject them to our stores and apps. Now some of these actions will take time to fully materialize. However, through our investments in our customer experience and focused execution, we do expect to deliver some benefit in the current fiscal year. As a result of what has changed, our revenue and comp guidance as well as the related flow-through to margin and earnings is impacted. In addition, the continued headwinds impacted our global store growth expectations.

這項轉變是針對我們的臨時客戶，以吸引他們並將他們注入我們的商店和應用程式。現在，其中一些行動需要時間才能完全實現。然而，透過我們對客戶體驗的投資和專注的執行，我們確實期望在本財年帶來一些好處。由於發生的變化，我們的收入和比較指導以及相關的利潤和收益流動受到影響。此外，持續的不利因素影響了我們的全球門市成長預期。

Now before I share the details of our revised fiscal year 2024 guidance, I'll share what remains the same. First, we have confidence in the effectiveness of our proven Triple Shot strategy, as our biggest opportunity lies in our execution.

現在，在分享修訂後的 2024 財年指導的詳細資訊之前，我將分享保持不變的內容。首先，我們對經過驗證的 Triple Shot 策略的有效性充滿信心，因為我們最大的機會在於我們的執行力。

Second, our efficiency efforts are tracking slightly ahead of our expectations. Year-to-date, we achieved 170 basis points of in-store operational efficiencies along with great progress out of store, positioning us to deliver our $3 billion savings target through fiscal year 2026 with line of sight to even more opportunity beyond that.

其次，我們的效率工作略高於我們的預期。今年迄今為止，我們的店內營運效率實現了 170 個基點，店外也取得了巨大進步，這使我們能夠在 2026 財年實現 30 億美元的節省目標，並展望除此之外的更多機會。

Third, while our Channel Development segment is the smallest of our segments, it complements our portfolio, capturing customer occasions beyond our stores; and our performance in that segment continues to deliver. Lastly, we must continue investing in the fundamentals and competitive moat of our business, our partners, our stores and our customers, as we believe these investments will drive long-term growth and industry leadership beyond these transitory headwinds.

第三，雖然我們的通路開發部門是我們部門中最小的部門，但它補充了我們的產品組合，捕捉了我們商店以外的客戶場合；我們在該領域的表現持續出色。最後，我們必須繼續投資於我們的業務、合作夥伴、商店和客戶的基本面和競爭護城河，因為我們相信這些投資將超越這些短暫的逆風，推動長期成長和產業領導地位。

Based on these facts, we are revising our full year fiscal 2024 guidance to: global revenue growth of low single digits from our previous range of 7% to 10%; global and U.S. comps of low single-digit decline to flat, both from the previous range of 4% to 6% growth; China comp of single-digit decline from the previous expectation of low single-digit growth in Q2 through Q4; global net new store growth of approximately 6% from our previous expectation of approximately 7%. We continue to expect our U.S. store count to grow by approximately 4% and now anticipate approximately 12% store growth in China from our previous expectation of approximately 13%; operating margin growth of approximately flat from the previous expectation of progressive expansion. Finally, we expect EPS and non-GAAP EPS growth of flat to low single digits from the previous range of 15% to 20%.

基於這些事實，我們正在修訂 2024 財年全年指引： 全球營收成長從先前的 7% 至 10% 降至低個位數；全球和美國比較的低個位數下降至持平，均從之前的 4% 至 6% 增長範圍；中國經濟較先前第二季至第四季的低個位數成長預期出現個位數下降；全球新店淨成長約 6%，高於我們先前約 7% 的預期。我們繼續預期美國門市數量將成長約 4%，現在預計中國門市數量將成長約 12%，此前我們的預期約為 13%；營業利潤率成長與先前逐步擴張的預期大致相當。最後，我們預期 EPS 和非 GAAP EPS 成長將從先前 15% 至 20% 的區間持平至低個位數。

As a reminder, our guidance does not include any impact from foreign currency translation and assumes constant currency. As an additional insight into our fiscal year 2024 guidance, we expect sequential revenue growth from Q3 to Q4 with pressure on margin and earnings easing in Q4 as our action plans take hold. We continue to expect our full year effective tax rate in the mid-20% range. Lastly, we continue to expect approximately $3 billion in CapEx, most of which is ring-fenced for our direct investment in our global store portfolio, which, as we have shared, continues to drive highly attractive returns.

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。作為對我們 2024 財年指引的進一步洞察，我們預計第三季到第四季的營收將連續成長，隨著我們的行動計畫的實施，第四季的利潤率和獲利壓力將有所緩解。我們繼續預計全年有效稅率在 20% 左右。最後，我們仍然預計資本支出約為 30 億美元，其中大部分用於我們對全球商店投資組合的直接投資，正如我們所分享的，這將繼續帶來極具吸引力的回報。

In summary, here are key takeaways from my discussion today. First, Q2 was a challenging quarter for us as headwinds consistently persisted throughout the quarter leading us to revamp our actions and response plans to both unlock and attract demand. Second, our Triple Shot strategy continues to deliver efficiencies even in the face of headwinds, reinforcing that we have the right strategy at the right time. Next, our fiscal year 2024 guidance has been revised to reflect our Q2 performance, year-to-date results as well as the near-term headwinds we're experiencing. We, however, remain confident in our long-term growth opportunity and thus, committed to our strategy and the related investments. And finally, our disciplined approach to capital allocation drives our financial fortitude, reflecting shareholder commitment underpinned by our best-in-class dividend. This allows us to preserve both balance sheet durability and flexibility, positioning us to successfully navigate this complex and dynamic environment.

總而言之，以下是我今天要討論的要點。首先，第二季度對我們來說是一個充滿挑戰的季度，因為整個季度逆風持續存在，導致我們修改我們的行動和應對計劃，以釋放和吸引需求。其次，即使面對逆風，我們的三重策略也能持續提高效率，證明我們在正確的時間有正確的策略。接下來，我們對 2024 財年指引進行了修訂，以反映我們第二季度的業績、年初至今的業績以及我們正在經歷的近期不利因素。然而，我們對長期成長機會仍然充滿信心，因此致力於我們的策略和相關投資。最後，我們嚴格的資本配置方法推動了我們的財務實力，反映了以我們一流的股利為基礎的股東承諾。這使我們能夠保持資產負債表的耐用性和靈活性，使我們能夠成功應對這個複雜和動態的環境。

Before I open the call to Q&A, I want to share my sincerest gratitude for my partners, both in and out of stores across the globe who show up every day living our values to deliver the differentiated customer experience that makes Starbucks so special for all of us. Thank you, partners.

在開始問答之前，我想對全球各地門市內外的合作夥伴表示最誠摯的謝意，他們每天都實踐我們的價值觀，提供差異化的客戶體驗，使星巴克對所有人來說如此特別。 。謝謝你們，夥伴們。

Operator, you can now open the call to Q&A.

接線員，您現在可以打開問答電話。

(Operator Instructions) with that, our first question comes from Sara Senatore with Bank of America.

（操作員指示）我們的第一個問題來自美國銀行的 Sara Senatore。

I guess it's a two-part question about trends that you were talking about. The first is that you talked about weather as a headwind, and then you said that lavender late in the quarter was one of the strongest launches you've had similar to PSL. But your exit rate -- it sounds like you're saying your exit rate was largely unchanged. So I'm trying to reconcile what would appear to have been headwinds that aren't reoccurring and then very successful innovation with the guidance and the exit rates. That's the first part.

我想這是一個關於您所談論的趨勢的由兩部分組成的問題。首先，您談到天氣是一種逆風，然後您說本季末的薰衣草是您推出的與 PSL 類似的最強勁的產品之一。但你的退出率——聽起來你是說你的退出率基本上沒有改變。因此，我試圖將看似不會再次出現的逆風與非常成功的創新與指導和退出率相協調。這是第一部分。

And the second is just in terms of the cautious consumer. Typically, I think what we'd see is check management, and you don't seem to be seeing that. I think mix is still a tailwind for you. So it seems to me that there's not as much evidence of consumer caution as perhaps just some of what you were talking about, the Starbucks specific, so if you could just comment on those.

第二個是就謹慎的消費者而言。通常，我認為我們會看到的是檢查管理，而您似乎沒有看到這一點。我認為混合對你來說仍然是一個順風車。因此，在我看來，消費者謹慎的證據並不多，也許只是你所談論的一些內容，特別是星巴克，所以你是否可以對這些內容發表評論。

Sara, thank you for your question. Let me address both of them by pointing to the underlying pressures that we see consumers face just in terms of what they have available to spend. So there's no question that if you take some of these transitory headwinds out, which, of course, are not an excuse in any way, and you look at the underlying headwinds particularly around the pressures that consumers face particularly with the occasional customer, what we're seeing is that's where the challenge is. It's a challenge with their traffic and it's their challenge with them coming into our stores.

薩拉，謝謝你的提問。讓我透過指出消費者在可支出方面面臨的潛在壓力來解決這兩個問題。因此，毫無疑問，如果你排除其中一些暫時的不利因素（當然，這無論如何都不是藉口），並且你會看到潛在的不利因素，特別是消費者面臨的壓力，特別是偶爾的客戶，我們會採取什麼措施？ 我們看到這就是挑戰所在。這是他們的流量挑戰，也是他們進入我們商店的挑戰。

If you look at our most loyal customers, they're coming in often. They're seeing the value that we provide in Starbucks Rewards, in our app. They are premiumizing through customization as in the past. And so therefore, what you see there is you see a strong business with our loyal customers particularly those within the environments of the Starbucks app. What we are focused on is, first, how we meet the demand we already have through ensuring that our partners have the processes and the tools at the peak in order to meet the demand of customers who, at this moment, are choosing not to complete their transactions in Mobile Order, Pay.

如果你看看我們最忠實的客戶，你會發現他們經常光顧。他們在我們的應用程式中看到了我們在星巴克獎勵中提供的價值。他們像過去一樣透過定制實現高端化。因此，您將看到我們的忠實客戶（尤其是星巴克應用程式環境中的客戶）擁有強勁的業務。我們關注的是，首先，我們如何滿足我們已有的需求，透過確保我們的合作夥伴擁有高峰的流程和工具，以滿足目前選擇不完成的客戶的需求。

The second thing is we're clearly launching new products, and our pipeline is very strong. And what we are doing, though, as part of that is the third element, is how we reach and deliver value to the more occasional customers as well as those that are not in the Starbucks Rewards ecosystem. And that's where the challenge lies. And that's how you reconcile the 2 points that you had made. So we have a lot in our control, and we are focused on it. And we're focusing on the execution of those 3 opportunities, as I laid out, in North America.

第二件事是我們顯然正在推出新產品，而且我們的產品線非常強大。不過，我們正在做的第三個要素是，我們如何為偶爾的客戶以及那些不在星巴克獎勵生態系統的客戶提供價值。這就是挑戰所在。這就是你如何協調你所提出的兩點。因此，我們可以控制很多事情，並且我們會專注於它。正如我所指出的，我們正在專注於在北美執行這 3 個機會。

And our next question comes from Brian Harbour with Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩哈伯。

When you talk about the more occasional customer, I'm curious, is that often a younger customer? And I think the broader question is just is there any sort of brand resonance issue with perhaps some of that customer base? Do you think there's sort of a product resonance issue with them? Is there more that needs to be done than just kind of accelerating the pace of new products and some of the other drivers that you talked about in the near term?

當你談到偶爾的顧客時，我很好奇，那通常是年輕顧客嗎？我認為更廣泛的問題是，是否存在與某些客戶群產生品牌共鳴的問題？您認為他們之間存在某種產品共鳴問題嗎？除了加快新產品的開發速度和您近期談到的其他一些驅動因素之外，還有更多的事情要做嗎？

Brian, thank you for your question. I think that if you look at our overall brand equity, it is and continues to be strong. If you look at the scores around value for what I get, strong. So if I look at the occasional customer, though, they're clearly making choices based on the economic pressures they face. What they look for from us is they look for variety. They look for the core. 50% of what we have in the afternoon, as an example, is coffee. So obviously, coffee is really important, and distinctiveness of coffee is very important. But they are looking for variety and they're looking for value.

布萊恩，謝謝你的問題。我認為，如果你看看我們的整體品牌資產，你會發現它現在並將繼續保持強勁。如果你看看我所得到的價值的分數，很強。因此，如果我觀察一下偶爾的客戶，他們顯然是根據所面臨的經濟壓力做出選擇的。他們向我們尋求的是多樣性。他們尋找核心。例如，我們下午 50% 的食物是咖啡。可見，咖啡確實很重要，咖啡的獨特性也很重要。但他們正在尋找多樣性，他們正在尋找價值。

And what we're focused on is ensuring that we find a way to connect with them, to bring them into our app ecosystem in order for them to see the value that we provide inside there. That's why you're going to see the actions we take in May. You're going to see the actions that we take in July as we open up the app to all. That is going to make them, particularly in North America, be able to see the value that we provide in a way that's much easier for them. And as they build loyalty over time, they will see even more value as they come into the system. So that's as far as North America goes and the steps that we are taking.

我們的重點是確保找到一種方法與他們聯繫，將他們帶入我們的應用程式生態系統，以便他們看到我們在其中提供的價值。這就是為什麼您將看到我們在五月採取的行動。當我們向所有人開放該應用程式時，您將看到我們在 7 月採取的行動。這將使他們，特別是北美的他們，能夠以對他們來說更容易的方式看到我們提供的價值。隨著時間的推移，他們建立了忠誠度，進入系統後他們會看到更多的價值。這就是北美目前的情況以及我們正在採取的步驟。

Our next question comes from Jeffrey Bernstein with Barclays.

我們的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Great. A broader question on the global unit growth, just more broadly, your confidence or, I guess, the prudence in maintaining what still is outsized growth with the headwinds seemingly large. Just wondering how you can be confident that the current challenges you're facing aren't, in part, due to maybe saturation or cannibalization.

偉大的。關於全球銷售成長的一個更廣泛的問題，更廣泛地說，是你的信心，或者我猜，在逆風看似很大的情況下，維持超額成長的謹慎態度。只是想知道您如何確信您當前面臨的挑戰並非部分歸因於飽和或蠶食。

And I guess that does end up pointing to China. And for China specifically, I think you mentioned healthy unit economics and double-digit restaurant margin. I was just wondering if, Rachel, maybe you could just talk about the specifics in terms of those sales, margins and returns that justify still that outsized growth in a very challenging China macro?

我想這最終確實指向了中國。特別是對於中國，我認為您提到了健康的單位經濟效益和兩位數的餐廳利潤。我只是想知道，雷切爾，你是否可以談談銷售、利潤和回報方面的具體細節，這些細節證明在充滿挑戰的中國宏觀經濟中仍然可以實現超額成長？

Let me first -- I'll take on the first question of global unit growth and hand over to Rachel to talk specifically about your question on China margins. Jeff, what we see is we see very strong cash and cash returns and I think what we've done both in the U.S. but also in the expansion plans that we have internationally. And I think what you see is -- what we're focused on is ensuring that we have reduced the cost of our stores and stores investment. We have done a very good job in bringing efficiency to that. And so as we expand, we see very good cash-on-cash returns.

首先，我將回答關於全球銷售成長的第一個問題，然後將問題交給 Rachel，專門討論您關於中國利潤率的問題。傑夫，我們看到的是非常強勁的現金和現金回報，我認為我們在美國以及國際擴張計劃中都做了什麼。我認為你所看到的是——我們關注的是確保我們降低了商店和商店投資的成本。我們在提高效率方面做得非常好。因此，隨著我們的擴張，我們看到了非常好的現金回報。

The reality is that the penetration we have in many of these markets and the headroom that we have internationally is very high. I mean I think, last time, we talked about the fact that, I think, we were just in 800 cities or -- in China and the opportunity for us in terms of counties is about over 3,000.

現實情況是，我們在許多這些市場的滲透率以及我們在國際上的發展空間都非常高。我的意思是，我想，上次我們談到了這樣一個事實，我想，我們在中國只有 800 個城市，而我們在縣方面的機會大約有 3,000 多個。

So I think we're like -- we're not really penetrated as much as we could be in a place like China, which is why we have confidence. As we look at the real estate options we have, the proposals that are coming together, the kind of cash returns we get are very strong. That's what gives us confidence in terms of the global unit growth. Rachel, do you want to take the second part?

所以我認為我們在像中國這樣的地方並沒有真正滲透得那麼深入，這就是我們有信心的原因。當我們審視我們擁有的房地產選擇、正在整合的提案時，我們獲得的現金回報非常強勁。這讓我們對全球銷售成長充滿信心。雷切爾，你想看第二部嗎？

And if I would just add to that, when we look at the guidance that was given around our new store growth, particularly as it relates to China, that's really a very deliberate decision that we took to be able to increase the number of stores that we were opening in lower-tier cities and new counties where we see even stronger returns. So broadly, our returns are quite attractive, but they're even stronger in those lower-tier cities and the new counties. And as a result of that, that shift actually impacts our development pipeline. So there's a timing impact in terms of new store growth. So that's why we're at 12%, which we think is still a very strong growth and indicative of the opportunity that we see

如果我想補充一點，當我們查看有關新店增長的指導時，特別是與中國相關的指導時，這確實是我們經過深思熟慮的決定，以便能夠增加我們的商店數量我們在低線城市和新縣開設分店，在那裡我們看到了更強勁的回報。總的來說，我們的回報相當有吸引力，但在那些低線城市和新縣的回報甚至更強。因此，這種轉變實際上影響了我們的開發管道。因此，新店的成長會受到時間影響。這就是為什麼我們的成長率為 12%，我們認為這仍然是一個非常強勁的成長，表明我們看到了機會

(technical difficulty)

（技術難度）

Are you still connected? One moment. Can you hear us?

你還保持聯絡嗎？一會兒。你可以聽見我們嗎？

We can hear you.

我們能聽到你的聲音。

And our next question comes from David Palmer with Evercore ISI.

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

First, I wanted to ask a clarification. You mentioned in your prepared remarks that you viewed some of the issues in China as transitory. I think you were speaking more about the competition than you were about the consumer with that comment. I think you mentioned something about a shakeout. I was wondering if you could double-click on that for us, what you're maybe seeing that would make you think that the environment there would be -- competitively would be a transitory one and they would get better that way.

首先，我想澄清一下。你在準備好的發言中提到，你認為中國的一些問題是暫時的。我認為您的評論更多是在談論競爭，而不是在談論消費者。我想你提到了一些關於洗牌的事情。我想知道你是否可以為我們雙擊它，你可能會看到什麼會讓你認為那裡的環境——競爭性將是一個暫時的環境，這樣他們就會變得更好。

And then from a beverage innovation standpoint, I'm wondering how you're viewing the pipeline. Lavender happened, Spicy Lemonade has happened. You have 2 new ones coming up. How are you viewing the pipeline differently than -- and how are you thinking about the process of R&D differently today? And how are you evaluating what you've done?

然後從飲料創新的角度來看，我想知道您如何看待該管道。薰衣草發生了，辣檸檬水發生了。您即將迎來 2 個新的。您對管道的看法與今天有何不同？您如何評價您所做的事情？

I think we had some technical problems in hearing you, but let me just try and recap the question. Your first question was on competition in China and the comment around the shakeout that we are starting to see. And the second comment was on beverage pipeline.

我認為我們在聽取您的意見時遇到了一些技術問題，但讓我嘗試重述一下這個問題。你的第一個問題是關於中國的競爭以及我們開始看到的圍繞洗牌的評論。第二條評論是關於飲料管道的。

So let me start with the competition in China. I think the growth has taken place in the mass area of the China business, of the China overall coffee and tea segment is, one, where we see just intense price competition. We're choosing not to participate in that. We are a premium brand. We have built a business over 25 years with a great deal of competitive advantages. You can see that there. We have amazing partners in stores. We have stores that look distinctive. We have an end-to-end supply chain that, frankly, I would love to have in the U.S. And then we are steeped in coffee and the tradition of coffee in end to end as well as for the knowledge that we have in store. So we bring that to life very well in our business in China.

讓我從中國的競爭開始。我認為成長已經發生在中國業務的大眾領域，中國整個咖啡和茶領域的成長，其中之一是我們看到激烈的價格競爭。我們選擇不參與其中。我們是優質品牌。我們已經建立了超過 25 年的業務，擁有巨大的競爭優勢。你可以在那裡看到。我們在商店裡有很棒的合作夥伴。我們有看起來很獨特的商店。我們有一個端到端的供應鏈，坦白說，我希望在美國擁有這樣的供應鏈。因此，我們在中國的業務中很好地實現了這一點。

At the same time, what you are seeing is the intense competition, particularly in the tea segment and it overlaps into coffee in the mass area, is one where you are seeing some of the shakeout happen in terms of the impact on people and how they can really sustain that kind of intensity. For us, our focus is on the premium end, and we're continuing to see that, right now, the headroom we have in China is large.

同時，你所看到的是激烈的競爭，特別是在茶領域，它與大眾領域的咖啡重疊，你會看到在對人們的影響以及他們如何確實可以維持這種強度。對我們來說，我們的重點是高端市場，我們繼續看到，目前我們在中國的發展空間很大。

I mean we're still at 13 cups per capita. Japan's at 280 and the U.S. is at 380. We know that, over time, as the Chinese consumer stops spending, what you're going to realize is that we have a business that is healthy, that has a P&L and a store operating margin level that is strong, and we're going to see that grow as the consumer gets more and more exposed to coffee. So that is what I mean by the overall competitive environment in China.

我的意思是，我們的人均杯數仍然是 13 杯。日本為 280，美國為 380。越多接觸咖啡，我們將看到這種水平的強勁增長。這就是我所說的中國整體競爭環境。

In terms of your question about the beverage pipeline, I think that's been largely around North America. One of the things we're seeing here is we're core in coffee, and we're tremendously excited about the innovations that we're bringing with whole bean coffee and some of the coffee-forward innovations that we are seeing in our stores. But additionally, as we look at the occasional customers, they are looking for variety. And what we are doing is we're finding ways to open up new platforms of growth.

至於你關於飲料管道的問題，我認為這主要集中在北美地區。我們在這裡看到的一件事是我們是咖啡的核心，我們對全豆咖啡帶來的創新以及我們在商店中看到的一些咖啡前沿創新感到非常興奮。但此外，當我們觀察偶爾的客戶時，他們正在尋求多樣性。我們正在做的是尋找開闢新增長平台的方法。

And last time, I mentioned that there were 3 platforms. And these are foundational -- additional new introductions that we will make over time. The first one was textures. So we started with pearls with our Summer 1 program, which starts next week. We then have a handcrafted energy platform that's coming in later on in this quarter. Additionally, plant-based is an area where we've traditionally been really well known for. So we have designed platforms and these are platforms around which you can expect to see systematic innovations that come in not just this time around, but also, you will see further more that come in around these platforms. That's how we're thinking about R&D. It's around platforms, both in beverage as well as in food.

上次我提到有3個平台。這些都是基礎性的——我們將隨著時間的推移推出更多新的內容。第一個是紋理。因此，我們從下週開始的“夏季 1”計劃中開始使用珍珠。然後，我們將在本季稍後推出一個手工製作的能源平台。此外，植物性食品是我們傳統上非常知名的領域。因此，我們設計了平台，圍繞著這些平台，您不僅可以期待看到這次出現的系統性創新，而且您還會看到圍繞這些平台出現的更多內容。這就是我們思考研發的方式。它圍繞著平台，無論是飲料還是食品。

Our next question comes from Sharon Zackfia with William Blair.

我們的下一個問題來自莎朗·扎克菲亞和威廉·布萊爾。

I guess I'm trying to think through the sequencing of how we got here today. And it seems like in October and early November at the analyst meeting, demand was not a problem in the U.S., and I hear you saying that you have a lot of unmet demand. But can you kind of help us do a hindsight on how these issues have come to a crux so quickly, just 4 or 5 months hence since those kind of very ambitious goals that were given?

我想我正在努力思考我們今天是如何走到這一步的。看起來在10月和11月初的分析師會議上，美國的需求不是問題，我聽到你說你有很多未滿足的需求。但是，您能否幫助我們事後回顧一下這些問題是如何如此迅速地（距離我們提出那些非常雄心勃勃的目標之後的四五個月）就變成了癥結所在？

Thank you, Sharon. I think that if I look at the headwinds that we see in the market, in particular with the consumer and the pressures that they face, I think that they were sharper and more accelerated than what we expected. I think in hindsight, if I look at the situation in China, while long-term growth potential is sort of picking, we're committed to the long term in China. The recovery has been choppy. But I think what we've seen, particularly since that period is we've seen more intense price competition than what we expected. None of that takes away for the long term, but it's clear that what we had this quarter was tough.

謝謝你，莎倫。我認為，如果我看看我們在市場上看到的逆風，特別是消費者及其面臨的壓力，我認為它們比我們預期的更尖銳和加速。我認為事後看來，如果我看看中國的情況，雖然長期成長潛力有點令人擔憂，但我們致力於在中國長期發展。復甦之路崎嶇不平。但我認為我們所看到的，特別是自那段時期以來，我們看到了比我們預期更激烈的價格競爭。從長遠來看，這些都不會帶來什麼影響，但很明顯，我們本季的處境很艱難。

And our next question comes from Peter Saleh with BTIG.

我們的下一個問題來自 BTIG 的 Peter Saleh。

Great. I did want to ask about the Siren System. This was the focal point of the Investor Day a couple of years ago, and it seemed like it was put on the back burner for a little while, but now it seems like you're talking more bullish about this system going forward. So can you just give us an update? I think last we heard, it was going to be rolled out to less than 10% of the stores this year. What is the strategy now? And how does this help solve some of the issues you have? It sounds like some of the issues that you have are more in the supply chain and not necessarily within the four walls of the stores.

偉大的。我確實想問一下海妖系統的事。這是幾年前投資者日的焦點，它似乎被擱置了一段時間，但現在看來你對這個系統的未來更加樂觀。那您能給我們更新一下嗎？我想我們上次聽說，今年將在不到 10% 的商店推出。現在的策略是什麼？這如何幫助解決您遇到的一些問題？聽起來您遇到的一些問題更多地出現在供應鏈中，而不一定在商店的四面牆內。

Peter, just to respond to your question, first of all, the Siren System was never put on the back burner. In fact, we're on track to having the Siren System installed in less than 10% of the stores, much as we committed. So it's on track.

彼得，回答你的問題，首先，警報器系統從來沒有被擱置過。事實上，正如我們所承諾的那樣，我們預計將在不到 10% 的商店中安裝警報器系統。所以一切都步入正軌了。

What we've added in here, though, is the underlying processes to ensure that we can reduce the wait time in the store, inside the four walls of the store. And that's what those processes are intended to do in the U.S. And so that's what the acceleration of the processes are that we have been testing. What we provide is a base on which we will continue to implement the overall Siren Systems that we showcased to you in the September Analyst Day when you were here with us and we talked to it.

不過，我們在這裡添加的是底層流程，以確保我們可以減少商店四面牆內的等待時間。這就是這些流程在美國的目的。我們提供的是一個基礎，我們將在此基礎上繼續實施我們在九月分析師日向您展示的整體警報系統，當時您和我們在一起並進行了交談。

Our next question comes from Lauren Silberman with Deutsche Bank.

我們的下一個問題來自德意志銀行的勞倫‧西爾伯曼。

One quick -- a follow-up and then a question. First, can you just talk about the cadence of U.S. comp throughout the quarter? I know you mentioned lavender was extremely successful. It doesn't seem to be showing up in the comp just given the commentary on the exit rate. So just help us understand the performance of new products and whether that's driving incremental customers you're targeting.

快速跟進，然後提問。首先，您能談談整個季度美國業績的節奏嗎？我知道你提到薰衣草非常成功。考慮到對退出率的評論，它似乎沒有出現在比較中。因此，請幫助我們了解新產品的性能以及這是否會增加您的目標客戶。

And then just a quick one on like loyalty. It looks like active Rewards members declined quarter-over-quarter, which is very rare. Can you just talk about what you're seeing there given the commentary on the strength of the core customer?

然後是關於忠誠度的快速介紹。看起來活躍獎勵會員環比下降，這是非常罕見的。鑑於對核心客戶實力的評論，您能談談您在那裡看到的情況嗎？

Do you want to take that one, Rachel?

你想接受那個嗎，雷切爾？

Sure. Yes. Thank you, Lauren. I'll start with the comp and what I spoke about in my prepared remarks about the exit rate. And lavender was quite successful for us. As you heard in Laxman's prepared remarks, what we are encouraged by is that lavender both to what our customers, particularly Gen Z and Millennial customers, are asking about, which is more new more often and a broader offering, so offering, meaning coffee, non-coffee, food, healthier choices. And so we hit squarely with that with lavender by having particularly our most popular offering in lavender was the Iced Lavender Matcha Latte and so that shows that when we innovate well, we exceed our own expectations.

當然。是的。謝謝你，勞倫。我將從比較以及我在準備好的有關退出率的評論中談到的內容開始。薰衣草對我們來說非常成功。正如您在Laxman 準備好的演講中聽到的那樣，令我們感到鼓舞的是，薰衣草滿足了我們的客戶，特別是Z 世代和千禧一代客戶的需求，這是更新穎、更廣泛的產品，因此提供咖啡，非咖啡、食物、更健康的選擇。因此，我們在薰衣草方面做出了直接的回應，我們最受歡迎的薰衣草產品是冰薰衣草抹茶拿鐵，這表明，當我們創新良好時，我們就會超越我們自己的期望。

That was later in the quarter. So it did do something for us in terms of driving customers into the afternoon. Largely, we saw that platform resonate well in the afternoon with our customers. The Latte, we'll tend to do more in the morning, but broadly, lavender, a hit in the afternoon. So we see that, that overall offering and how we're trying to address the customer -- more occasional customer with that worked well.

那是在本季晚些時候。因此，它確實為我們帶來了一些好處，可以吸引顧客進入下午。很大程度上，我們看到該平台在下午與我們的客戶產生了良好的共鳴。拿鐵，我們傾向於在早上做更多，但總的來說，薰衣草，在下午很受歡迎。所以我們看到，整體產品以及我們如何努力滿足客戶的需求——更多的偶然客戶，效果很好。

But what I would say is that it was later in the quarter. We've got more opportunities coming going forward. And as a result of that, our exit rate in the quarter still reflected continued headwinds, which we're reflecting in our guidance for the back half of the year. What we're expecting with the plans that we've outlined today will help us counterbalance some of those headwinds, particularly as we see those actions start to take place.

但我想說的是，那是在本季晚些時候。未來我們還有更多機會。因此，我們本季的退出率仍然反映出持續的不利因素，我們在今年下半年的指導中反映了這一點。我們對今天概述的計劃的期望將有助於我們抵消其中一些不利因素，特別是當我們看到這些行動開始發生時。

So I think it's important to think about there are consumer headwinds in there. Our plans will counterbalance that. And as we go after some of those challenges, I think the other thing to remember is that we are coming with a position of strength as it relates to the efficiencies around our Triple Shot as well as the growth we have in new stores and the strength we're seeing in our portfolio overall. We have a very strong portfolio, a profitable portfolio that will help us, and our brand is strong. So we look at all of that, and that's how we're thinking about the exit rates of comp as well as what we're seeing for comps in the back half of the year. So hopefully, that provides a little more texture.

因此，我認為重要的是要考慮其中存在的消費者阻力。我們的計劃將平衡這一點。當我們應對其中一些挑戰時，我認為另一件事要記住的是，我們正處於優勢地位，因為這與我們 Triple Shot 的效率以及我們在新商店中的成長和實力有關我們在整體投資組合中看到了這一點。我們擁有非常強大的產品組合，一個對我們有幫助的有利可圖的產品組合，而且我們的品牌也很強大。因此，我們會考慮所有這些，這就是我們如何考慮公司的退出率以及我們在今年下半年看到的公司的情況。所以希望這能提供更多的質感。

Brady, on loyalty?

布雷迪，關於忠誠？

Thank you, Lauren. You talked about the year-over-year increase but quarter-over-quarter declines of Starbucks Rewards members. And I think, just to be clear, that is in terms of 90-day frequency, so we still have a very large population of SR members. So it's about frequency of those customers.

謝謝你，勞倫。您談到星巴克會員數量年增但環比下降。我認為，需要澄清的是，這是就 90 天的頻率而言，所以我們仍然擁有大量的 SR 成員。所以這與這些客戶的頻率有關。

So I think consistent with the consumer pullback, the more occasional and very occasional SR members, those ones visited less frequently within the quarter. As a result of that, we saw fewer 90-day actives quarter-over-quarter. That said, the 6% growth year-over-year, we're continuing to grow SR. MOP grew in the quarter, so we still have a very active customer base setting record high for MOP. Delivery grew double digits in the quarter, and we see a very active digital customer.

因此，我認為與消費者的回落一致，偶爾和非常偶爾的 SR 成員在本季度內訪問的頻率較低。因此，我們發現 90 天活躍活動較上季減少。也就是說，我們的 SR 年成長 6%，並將繼續成長。本季 MOP 有所成長，因此我們仍然擁有非常活躍的客戶群，創下了 MOP 的歷史新高。本季交付量成長了兩位數，我們看到了非常活躍的數位客戶。

And I think as Laxman talked about with regard to how we're going to provide SR and traffic in the coming quarters, this is squarely aligned to this challenge. It's reactivating SR members, bringing them back and demonstrating value and driving frequency through the app and through SR. And we have a lot of great programs lined up (inaudible) there.

我認為，正如 Laxman 談到我們將如何在未來幾季提供 SR 和流量一樣，這與這項挑戰完全一致。它正在重新激活 SR 會員，讓他們回來並透過應用程式和 SR 展示價值和駕駛頻率。我們有很多很棒的節目（聽不清楚）。

Our next question comes from John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的約翰·伊万科。

Two parts if I may. I heard the word misinformation and I think some improving maybe scores around that. So I just wanted to get a sense how much of an opportunity in terms of sales lost that you think correcting this information might actually mean for Starbucks. I don't think you've quantified that, but that would be helpful.

如果可以的話，分為兩部分。我聽到了“錯誤訊息”這個詞，我認為圍繞這一點也許可以提高分數。所以我只是想了解一下，您認為更正此資訊實際上可能對星巴克意味著多少銷售機會的損失。我認為你沒有量化這一點，但這會很有幫助。

And then secondly, regarding the Toyota Production System. I think I heard you said that it would help about a point. Correct me if I'm wrong, but that seems to be a fairly low number. And just talk about what kind of changes that would happen in the Toyota Production System.

其次，關於豐田生產系統。我想我聽到你說這對某一點有幫助。如果我錯了，請糾正我，但這似乎是一個相當低的數字。就說說豐田生產方式會發生什麼樣的變化吧。

And to us, one of the opportunities would be having food ready when the customer orders it. In other words, using food warming cabinets would be particularly effective for both Mobile Order & Pay and drive-thru. So is that something that may be -- as part of Siren, that can be accelerated before the entire Siren System goes into place?

對我們來說，機會之一就是在顧客點餐時準備好食物。換句話說，使用食物保溫櫃對於行動訂單和付款以及得來速特別有效。那麼，作為海妖的一部分，這是否可以在整個海妖系統到位之前加速？

John, thank you for the question. I think on the question about misperception, misperception did have an impact on our business (inaudible). We haven't been -- we don't have a quantification for that. But what we do know is that our brand equity, the stores and the investment involved in the brand have certainly helped spending with overall perception of our brand [we spend every year].

約翰，謝謝你的提問。我認為關於誤解的問題，誤解確實對我們的業務產生了影響（聽不清楚）。我們還沒有——我們沒有對此進行量化。但我們所知道的是，我們的品牌資產、商店和品牌投資肯定有助於提高我們品牌的整體認知度（我們每年都會花錢）。

In terms of the (inaudible) system, what we're doing first is we're tracking how [we do with the week], so how we essentially work with deployment in the store, how we handle what happens at peaks in terms of where people are deployed. How do we essentially [process] customers? And what you see is (inaudible) there. I know we've given you a quantification of 1 percentage point. That is a conservative estimate because when it fully gets deployed and it fits, you would see even bigger improvements that happen.

就（聽不清楚）系統而言，我們首先要做的是追蹤[我們一週的表現]，我們如何在商店中進行部署，如何處理高峰時發生的情況人員部署的地方。我們基本上如何[處理]客戶？你所看到的就在那裡（聽不清楚）。我知道我們已經給你量化了 1 個百分點。這是一個保守的估計，因為當它完全部署並且合適時，您會看到更大的改進發生。

In regard to your question about the [hot food,] that is purely something suggesting and we're looking to accelerate. So it takes (inaudible) to accelerate that with the work that we are doing.

關於你關於[熱食]的問題，這純粹是建議，我們正在尋求加速。因此，我們需要（聽不清楚）透過我們正在做的工作來加速這一進程。

And our next question comes from Andrew Charles with Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Andrew Charles。

I know you're committed, of course, to the tenets of the reinvention plan. But in light of the current environment and caution of U.S. and China consumer, can you level set the long-term earnings algorithm introduced November around guidance for 5% same-store sales and 15% plus EPS growth? Does that still apply to 2025 and beyond?

當然，我知道您致力於遵守重塑計畫的原則。但鑑於當前的環境以及美國和中國消費者的謹慎態度，您能否將 11 月份推出的長期盈利算法設定為 5% 同店銷售額和 15% 以上每股收益增長的指導水平？這仍然適用於 2025 年及以後嗎？

Andrew, thank you for your question. Everything we've seen, I know that we had a tough quarter. But everything we see in terms of the opportunities that lie ahead, as you look at the opportunities we have across (inaudible), the innovation that we [see] in terms of the pipeline going forward (inaudible) beyond. If you look at the productivity opportunities, the store count opportunities (inaudible), we believe we'll be back (inaudible). And we see no change in the long-term outlook that we set earlier in this [business].

安德魯，謝謝你的問題。我們所看到的一切，我知道我們度過了一個艱難的季度。但我們看到的一切都是關於未來的機會，當你看到我們所擁有的機會（聽不清楚）時，我們[看到]在未來的管道（聽不清楚）方面的創新。如果你看看生產力機會、商店計數機會（聽不清楚），我們相信我們會回來（聽不清楚）。我們認為我們早些時候在這項業務中設定的長期前景並沒有改變。

And the last question comes from David Tarantino with Baird.

最後一個問題來自大衛·塔倫提諾和貝爾德。

My question is on the value strategy that you laid out and the need to check traffic or track traffic in a tough environment. But I'm just wondering how you balance that with protecting the long-term health of the brand. Starbucks has always been a very premium brand position and sort of training some of these occasional users to come in on discount might have some detrimental impact. So I'm just wondering how you balance those 2 things and the strategy that you have.

我的問題是關於您制定的價值策略以及在惡劣環境中檢查流量或追蹤流量的需要。但我只是想知道你如何平衡這一點與保護品牌的長期健康。星巴克一直是個非常優質的品牌地位，培訓一些偶爾的用戶以折扣價進來可能會產生一些有害的影響。所以我只是想知道你如何平衡這兩件事和你的策略。

Thank you for your question. (inaudible) and we have no intention of like going across the board and (inaudible) what we are doing is we are (inaudible) the fact that as (inaudible) levels of (inaudible) our brand overall right now [that for what I can] is still very strong (inaudible). So we feel very good about that. And this is more about how we [move] and how we [manage] customers, particularly those that don't (inaudible) that is what we intend to do.

謝謝你的問題。 （聽不清楚）我們無意一刀切，（聽不清楚）我們正在做的是（聽不清楚）我們品牌目前的（聽不清楚）水平[對我來說can]仍然很強（聽不清楚）。所以我們對此感覺非常好。這更多的是關於我們如何[行動]以及如何[管理]客戶，特別是那些不（聽不清楚）我們打算做的客戶。

(inaudible) transactions (inaudible) everything, the work (inaudible) in an integrated way around product (inaudible) as well as what our customers can get in the app to (inaudible)

（聽不清楚）交易（聽不清楚）一切，工作（聽不清楚）以整合的方式圍繞產品（聽不清楚）以及我們的客戶可以在應用程式中獲得什麼（聽不清楚）

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

這是我們最後一個問題。現在我將把電話轉給拉克斯曼·納拉西姆漢 (Laxman Narasimhan) 作總結發言。

Thank you for joining us. We had a tough quarter, but we have a clear action plan that the management team and I are (inaudible) thank you for joining us, and we appreciate the time you're taking this afternoon.

感謝您加入我們。我們度過了一個艱難的季度，但我們有一個明確的行動計劃，管理團隊和我（聽不清楚）感謝您加入我們，我們感謝您今天下午抽出時間。

Thank you. This concludes today's conference. All parties may disconnect. Have a good day.

謝謝。今天的會議到此結束。所有各方都可以斷開連接。祝你有美好的一天。