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電話會議主持人。歡迎大家參加星巴克2024財年第二季電話會議。 （接線員指示）現在，我將把電話交給投資者關係和ESG合作副總裁 Tiffany Willis。威利斯女士，您可以開始您的電話會議了。

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.

歡迎大家午安！感謝您今天與我們一起探討星巴克2024財年第二季業績。今天的討論將由執行長拉克斯曼·納拉辛漢（Laxman Narasimhan）和執行副總裁兼財務長瑞秋·魯傑裡（Rachel Ruggeri）主持。星巴克中國董事長兼聯合執行長王靜瑛（Belinda Wong）、星巴克國際執行長布雷迪布魯爾（Brady Brewer）以及星巴克北美執行長麥可康威（Michael Conway）將參與問答環節。

This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factors discussed in our filings with the SEC, including our latest annual report on Form 10-K and quarterly report on Form 10-Q. Starbucks assumes no obligation to update any of these forward-looking statements or information.

本次電話會議將包含前瞻性陳述，這些陳述受各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。任何此類陳述應與我們收益報告中的警示性聲明以及我們提交給美國證券交易委員會 (SEC) 的文件中討論的風險因素（包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告）一並考慮。星巴克不承擔更新任何此類前瞻性聲明或資訊的義務。

GAAP results in 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財年第二季及同期的GAAP業績包含多項與策略行動相關的項目，包括重組和減損費用、交易和整合成本以及其他項目。這些項目不包含在我們的非GAAP績效中。除非另有說明或沒有與該指標相關的非GAAP調整，否則今日電話會議中引用的所有數字均基於非GAAP。作為非GAAP業績的一部分，今日電話會議中的收入、營業利潤率和每股收益成長指標均以固定匯率計量，即當期業績使用同期的平均月匯率而非當期實際匯率折算成美元，且不包括相關的對沖活動。有關今日電話會議中提及的非GAAP財務指標，請參閱我們網站investor.starbucks.com上的財報，以查找這些非GAAP指標與其對應GAAP指標的對帳。

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.

本次電話會議將進行網路直播，網路直播的存檔將於 2024 年 6 月 14 日星期五之前在我們的網站上提供。另外，出於日曆規劃的目的，請注意，我們 2024 財年第三季財報電話會議暫定於 2024 年 7 月 30 日星期二舉行。

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

現在，我將把電話交給拉克斯曼。

Thank you, Tiffany, 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，也謝謝各位今天下午的到來。首先，我要先明確一點：我們本季的業績令人失望，未達預期。第二季公司總營收為86億美元，年減1%。全球同店銷售額較去年同期下降4%，其中北美地區較去年同期下降3%，主要原因是客流量下降，中國地區較去年同期下降11%。全球營業利益率下降140個基點，至12.8%，整體每股盈餘下降7%，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.

雖然這些業績並未反映我們的優勢、能力或未來的機遇，但我們以持久的實力來應對這些挑戰。我們引領業界超過50年，是因為我們打造了一家與眾不同的公司：一家超越合作夥伴期望的公司；一家為顧客提供獨特體驗的公司；一家以對咖啡的熱愛和精湛技藝為根基的公司。

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，我們全球品牌資產依然堅韌強勁。我們在咖啡領域的領導地位依然無與倫比。我們全球的客戶群依然忠誠。我們的體驗差異化且提升，我們的合作夥伴才華橫溢且積極參與。我們前瞻性的產品線極具吸引力。我們獨特的門市拓展能力持續表現優異。我們的門市網路健康穩健。憑藉更強大的營運基礎，我們的門市營運狀況比以往任何時候都更加出色。整體而言，合作夥伴的參與度非常高。我們的「雙泵三重濃縮」重塑策略持續奏效，我們公司的未來發展潛力無限。

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.

然而，我們仍面臨著充滿挑戰的營運環境。上季討論的不利因素仍在持續。在一些關鍵市場，我們持續感受到消費者較為謹慎的影響，尤其是那些偶爾光顧的顧客，而惡化的經濟前景也對客流量造成了壓力，整個產業都普遍感受到了這種影響。在美國，惡劣天氣在本季對我們美國市場和公司整體業績的影響均下降了近3%。我們面臨的其他挑戰則歸因於偶爾光顧的顧客的造訪次數減少。

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.

展望其他方面。中東地區經濟仍動盪不定，但我們對該地區的長期成長機會依然充滿信心。在中國，我們仍然感受到經濟復甦慢於預期的影響，且市場上價值型企業之間的競爭異常激烈。但我們正在鞏固高端市場地位，隨著市場震盪持續，需求復甦並日益成熟，我們中國團隊將繼續以極高的嚴謹性和專注力執行。

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。有些因素，比如天氣，是暫時的。其他因素，例如更謹慎的消費者，可能會持續更長時間，但很多事情都在我們的掌控之中。我想進一步闡述我們美國業務的三個執行機會：第一，滿足我們不同時段的需求，以推動未來增長；第二，在保持對核心咖啡產品關注的同時，推出更多激動人心、更相關的新產品；第三，接觸並展示我們偶爾光顧星巴克獎勵計劃的顧客和非星巴克獎勵計劃顧客的更多價值。

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.

我們知道如何做到這一點，也擁有實現計劃所需的一切。因此，展望本財年下半年及以後，我們正在加快推進底層執行引擎的開發，以驅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.

讓我逐一解釋。首先，滿足我們在美國不同時段的需求。當你想到星巴克時，你很可能想到的是早上時段。這是我們的巔峰時期，大約占我們業務的一半。它以咖啡為先導，高度基於日常習慣，並由強大的顧客忠誠度驅動。我們最擅長的是用獨特的咖啡和優質的體驗吸引顧客。我們將他們轉化為星巴克獎勵會員。我們透過新的咖啡創新來激發顧客的興趣，並鼓勵他們更頻繁地光顧，並附帶提供餐點。

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.

但我們目前面臨著如何滿足美國早高峰需求的挑戰。例如，我們在美國超過60%的早高峰業務來自星巴克獎勵會員，他們絕大多數使用星巴克應用程式點餐。有趣的是，儘管行動點餐和支付的銷售量強勁，但上個季度我們在該通路的訂單完成率卻只有百分之十幾。換句話說，使用行動點餐和支付的顧客將商品放入購物車，有時會因為等待時間過長或商品缺貨而選擇不完成訂單。機會就在這裡。

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.

我們高度重視並積極致力於提高營運吞吐量，為合作夥伴提供合適的流程和工具，並讓客戶更了解訂單的準備時間。我們設備驅動的 Siren 系統的部署正在按計劃進行，但我們也在對支撐這台新設備的門市流程進行微調。過去六個月，我們一直與豐田生產系統支援中心合作，以在高峰期釋放更多產能。透過門市測試，我們發現了一個真正的短期機會，可以從根本上改善我們的門市運作方式。

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.

我們稱之為“Siren 製程系統”，它無需任何資本投入。其技術解決方案相對簡單，我們正計劃在未來幾個月內在北美門市推廣。在已使用 Siren 製程系統優化營運的門市中，我們已經看到峰值吞吐量有所提升，我們估計這每年將帶來近 1 個競爭點的收益。 Siren 製程系統還能增強我們預期在門市部署設備驅動型 Siren 系統後獲得的高增量回報。總而言之，這些新流程和新設備系統相互補充，增強了我們在尖峰產能釋放方面的努力。

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，以改善等待時間估算，並為顧客提供更高的透明度。這項工作始於上個季度，並基於過去 12 週對星巴克 App 進行的許多改進，目前每 4 週進行一次升級。

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.

顧客選擇不完成訂單的另一個原因是產品供應不足。例如，我們的馬鈴薯、切達起司和細香蔥烘焙食品很受顧客歡迎，但由於需求旺盛，目前我們只能在美國 2,000 家門市供應。我們正在增加供應鏈投資，以進一步提高供應，初期將重點放在顧客喜愛的商品。

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.

總而言之，我們正在努力提高吞吐量並改善產品供應，以提升客戶體驗、提升便利性並更好地滿足現有需求。隨著時間的推移，我們相信這些改進將吸引更多的客戶群。

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.

我還想談談尚未滿足的隔夜送餐需求。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項目，在下午5點至凌晨5點之間為顧客提供夜間送餐服務，而這些時間通常是我們門市關閉的時間。在試點期間，我們的業務量翻了一番。在此成功的基礎上，我們正在積極探索各種方案，力爭在未來5年內打造價值20億美元的業務。隔夜送餐機會是增量的，它將補充我們現有的配送業務。本季度，我們的配送業務在美國實現了兩位數的成長，訂單量和交易量均有所成長。

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.

除了夜間顧客，我們週末還有未被滿足的需求潛力。星巴克每週早上和下午都會吸引常客。雖然週末仍然吸引著常客，但我們也看到了更多家庭和兒童顧客。我們正在努力透過推出新產品、開展合作、開展行銷以及提升門市體驗來挖掘這項需求潛力。如您所見，早上的需求量很大，而下午、夜間和週末的需求潛力更大，我們尚未充分挖掘。我們正在加速執行引擎以滿足這一需求。

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.

第二，在保持對核心咖啡產品關注的同時，為美國客戶推出更具相關性、更令人興奮的新產品。我們是咖啡產業的領導者。我們高度專注於咖啡產品。咖啡持續表現強勁。例如，本季我們63%的飲料銷售額來自冷飲，較去年成長1%，這得益於創新。

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.

除了核心產品之外，我們還有更多。我們深知，在其他時段頻繁推出具有強大吸引力的創新產品，是我們面臨的挑戰。今年冬天，我們帶回了開心果拿鐵，在全國推廣了Oleato，並推出了一款全新的核心冰沙濃縮咖啡。我們的飲品搭配了新的早餐產品，例如馬鈴薯、切達起司和細香蔥烘焙食品。我們的一些新產品表現良好，獲得了顧客的正面評價，但並非所有產品都達到了我們的預期。這個現實，加上顧客的回饋，顯示咖啡和非咖啡產品都存在機會。我指的是清涼飲料、抹茶和印度奶茶，以及各種食品，以增加顧客的購買力。

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.

本季度後期，我們看到了改善。我們的薰衣草平台非常成功，包括薰衣草抹茶，堪比我們以往推出的一些最成功的產品。但為了突破困境，我們正在努力推出更多熱門產品，並加強暢銷產品的供應。這些努力需要時間，但我們的團隊正以極大的熱情和速度努力實現這兩個目標。

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.

在過去一個季度，我們也對品牌進行了投資，以糾正近期的錯誤訊息。這項工作有效地提升了品牌指標，我們的整體品牌資產和親和力仍然強勁。展望未來，我們有機會更好地推廣新產品，並提升這些產品的知名度和吸引力，尤其是在我們偶爾光顧的顧客群中。正如我們將要詳細介紹的那樣，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，無論是在核心領域還是其他領域。

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，為偶爾光顧星巴克獎勵計畫的顧客和非星巴克會員提供更多價值，並展現更多價值。我們在美國擁有忠實的顧客，他們在光顧頻率、交易量以及他們追求的個人化購物體驗方面都保持著真正的忠誠度。我們是一個以提供高端價值而聞名的品牌。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形象，並創造了持久的價值。由於我們咖啡平台、其他飲品和食品的創新，我們的交易量強勁成長。在整個季度中，我平均而言對品牌價值的認知仍然強勁，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，許多顧客對消費地點和方式的要求越來越嚴格，尤其是在刺激計畫儲蓄大部分都花光的情況下。我們在本季看到，顧客在外食和在家用餐之間做出權衡，這種趨勢正在顯現。面對這種趨勢，我們需要能夠以一種能夠展現我們價值的方式與顧客接觸和溝通，尤其是透過星巴克獎勵和星巴克應用程式。

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，以確保我們能更好地與更多偶爾光顧的顧客建立聯繫。從五月開始，我們將增加新的獨家應用程式內優惠，為顧客創造更多價值。我們還將推出應用程式升級，包括顯著改進我們的等待時間演算法。之後，我們將在七月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服務。在這一里程碑之後，更多顧客將能夠看到我們的優惠，包括那些使用客人結帳的顧客；更多顧客將發現我們提供的強大價值，這些價值是他們在其他方式下無法看到的。稍後將詳細介紹。

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。我們對加速推進的計劃充滿信心，這些計劃將增強我們服務顧客、創造和拓展新產品線以及透過星巴克應用程式觸達顧客的執行力。但我要明確一點，要完全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「三重濃縮，雙泵」策略是我們長期推進這些計畫的途徑。那麼，讓我們來談談我們在各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、打造優秀的門市和經營優秀的門市來實現這一目標。最重要的是，我們保持咖啡領域的領導地位和創新能力。事實上，就在上週，我們宣布了多項舉措，以鞏固我們在合作夥伴、客戶和種植者眼中的領導地位。

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.

這些舉措包括對咖啡農場進行新的投資，以進一步擴大開放式農藝實踐；在我們的核心門市和儲備門店推出全新精緻的全豆咖啡；以及在全球各個城市推出新的快閃體驗，吸引Z世代和千禧一代顧客體驗他們喜愛的咖啡製作工藝。此外，我們正在擴大Clover Vertica咖啡機的推廣，以提供全球最優質的沖泡咖啡。

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 咖啡機為顧客提供六種不同烘焙和混合咖啡的選擇，包括低因咖啡，可隨時按需新鮮沖泡。它的推出與我們今年稍後在全球門市推出的星巴克米蘭二重奏 (Starbucks Milano Duetto) 淺烘焙和深烘焙混合咖啡同步進行。如前文所述，我們也不斷推動更頻繁、更令人興奮的產品創新，涵蓋咖啡和非咖啡產品。

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.

我們的團隊一直以驚人的速度和敏捷性，致力於打造涵蓋新口味、新口感和新功能優勢的產品創新管道。產品開發方面的投資已初見成效。我們全新的薰衣草平台上季的表現幾乎與PSL一樣出色。最近，我們推出的新款香辣清涼飲料和臻選熱蜂蜜飲品也表明，相關的產品創新能夠超乎預期。在我們新的烘焙工作坊和臻選門店，我們現在能夠以更敏捷、更快速的方式推出新產品。值得一提的是，我們也正在努力將平均產品開發週期從目前的12至18個月縮短一半。

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.

展望下半年的創新產品線，我對我們即將推向市場的產品數量和類型感到興奮。夏季，我們將推出首款口感創新產品－珍珠。這是未來幾年顧客可以期待的更多基於口感的創新產品中的首款。此外，我們還將推出一款新的功能性產品——零卡路里甚至低卡路里的手工能量飲料。這兩款產品都秉承了我們咖啡的精髓，並為未來的創新開闢了全新的方向。

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顧客的要求，在菜單中添加最多5種無糖客製化選項。這將為我們約80%的飲品提供低卡路里選擇。我們的產品創新管道也將包含更多植物性飲品，例如我們最近在美國超市推出的全新植物性即飲星冰樂。

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.

除了飲料開發產品線，我們也致力於食品品質的提升。作為我們在食品品質方面投入的一個例子，我們最近推出了一款全新升級的優質藍莓鬆餅。夏季，我們將推出一款全新的雞蛋、香蒜醬和馬蘇里拉起司三明治。它融合了蛋白質和卓越的口感。我們也正在擴大門市大廳的外帶食品選擇，提供更多純素、素食、無麩質以及兒童友善食品。

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.

總的來說，我們的合作夥伴經驗、獨特的客戶體驗以及核心產品是我們與眾不同之處。我們的產品線比去年顯著增強，產品開發也充分考慮了合作夥伴的需求和簡潔性。我們也正在投資供應鏈，以降低成本，確保產品在店內隨時供應，滿足顧客需求。

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，我們持續拓展全球門市佈局。門市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超過3,000家新店，並將繼續以增值的方式實現這一目標。我們新開門店的單位經濟效益持續強勁。我們旗下所有門市的平均營業額 (AUV) 和投資報酬率 (ROI) 持續帶來強勁的回報和高增量。我們也正在藉鏡國際市場的經驗，大幅降低新興市場中可擴展門市模式的損益平衡點。

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鞏固和提升我們在數位領域的領導地位。如前所述，星巴克獎勵和星巴克應用程式在提升顧客價值方面發揮核心作用。我們的MOP在美國創下了新的紀錄，佔本季所有交易的31%。我們在美國星巴克獎勵的會員數也比去年增加了6%，達到近3,300萬人。

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.

我們數位化定位的黏性和持續發展為我們帶來了結構性優勢。基於這項優勢，我們正在探索更多吸引顧客的方式，力爭在未來五年內將星巴克獎勵會員數量翻倍。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。這將彌補我們目前在觸達非星享俱樂部會員方面存在的不足，使我們能夠為偶爾光顧的顧客提供更多價值，並提升我們將他們轉化為星巴克獎勵會員的能力。

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佳體驗，也是我們業務成長的核心。我們深知，SR 的客戶訪問頻率更高，消費也更高。我們正在進行的升級包括訪客結帳功能以及一系列後續改進，這些改進將使我們的應用程式成為對所有客戶更具吸引力的入口網站。

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.

我們也計劃在未來三年投資6億美元，進一步將門市數位化，並以更個人化的方式更好地鎖定目標客戶。這包括在美國和中國所有公司門市安裝數位菜單板。此外，我們也在Deep Brew AI和機器學習平台上進行額外投資，以進一步實現門市數位化，並優化門市營運方式，同時提供更優質的數位客戶體驗和更個人化的客戶服務。這些服務將根據地點、庫存和天氣狀況靈活調整，並及時、相關。這些投資，包括新的收益管理系統，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.

短期內，我們將繼續提供更具吸引力的優惠，例如包含飲料和食品的市場化搭配，讓午餐等場合更具吸引力。我們將繼續透過為 SR 會員提供的專屬優惠，鼓勵和獎勵他們全天的日常消費行為。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升優惠認知度。活動將提醒顧客，最佳優惠就在應用中，並將面向更多偶爾光顧 SR 的顧客和非 SR 顧客。

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真正走向全球化。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。在中東地區，我們繼續與Alshaya集團合作，支持我們合作夥伴和顧客的福祉。上個月，星巴克基金會和Alshaya星巴克向世界中央廚房及其人道主義行動捐贈了300萬美元，用於在加薩提供糧食援助。上週，我們也宣布，截至6月份，在參與活動的北美門市售出的每一袋星巴克奧德賽拼配全豆咖啡都將用於支持世界中央廚房解決全球飢餓問題的努力。

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.

我們將目光轉向中國市場。宏觀壓力導致本季客流量萎縮。業績受到以下因素的影響：偶爾光顧的顧客數量減少、假日模式變化、促銷活動頻繁以及去年市場重新開放後顧客行為的正常化。與美國市場一樣，偶爾光顧的顧客數量下降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，星巴克仍有許多亮點。星巴克仍然是中國消費者在各個城市和年齡層外出用餐時的首選咖啡。我們在中國早晨時段的咖啡消費量成長，這得益於我們培養的咖啡習慣。現在的早晨用餐人數比疫情前更多。外賣也取得了正面的成長。星巴克獎勵會員數量不斷擴大，活躍會員數已達到創紀錄的2,100萬人。我們正在進一步投資，以增加我們的星巴克獎勵會員數量並提升他們的忠誠度，從而提高他們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.

飲料創新同樣強勁，印證了我們在中國進一步拓展產品線的潛力。本季度，我們推出了27款新產品，進一步提升了品牌吸引力和客戶互動，每月客戶互動評分和合作夥伴互動評分均創歷史新高。

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.

我們強勁的營運實力在收入逆風的情況下，實現了利潤率的環比增長，並保持了非常健康且盈利的單位經濟效益，包括新店在內的所有門市組合的門市營運利潤率也達到了兩位數。儘管復甦仍將起伏不定，但我們的業務已展現出強大的韌性，基本面也非常強勁。我們將在高端市場贏得勝利並保持領先。我們已建立起強大且不斷擴張的客戶基礎、強大的品牌、強大的高利潤門市組合，以及強大的利潤成長驅動力。

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.

我們將繼續執行中國戰略的三大關鍵要素，提供更多以咖啡為先導、符合當地需求的產品創新，大力投資技術以提高全通路能力和數位化我們的門市，並增加在低線市場和新縣城開設新店的比例，因為這些地方新店經濟效益更強。

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.

隨著產業持續洗牌，我們將安然度過這個充滿活力的過渡期。我們對市場機會的信心和交付成果的能力始終堅定不移，因為我們在中國市場著眼長遠。在其他領域，我們的國際業務部門在多個領域都實現了成長，凸顯了我們業務組合的韌性和多樣性。除中國市場外，我們的國際業務部門在本季度實現了收入和利潤雙重增長，這得益於拉丁美洲、亞太地區和日本市場的強勁表現。拉丁美洲地區延續強勁勢頭，系統銷售額實現了兩位數成長。儘管印尼和馬來西亞市場面臨阻力，但我們的亞太地區仍然推動了營收成長。來自日本業務的收入也實現了兩位數成長。

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.

本季度，我們在國際業務淨增230家門市。目前，我們在北美以外的門市總數已超過20,800家，較去年同期成長9%。我們在印度開設了第400家門市，在印尼開設了第600家門市，在韓國開設了第1,900家門市。我們預計在2028年前在印度開設1,000家門市，相當於每3天就有1家新店開幕。

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，我們的全球業務範圍將擴大到 88 個市場的 39,000 多家門市，到 2030 年，我們的全球門市數量將達到 55,000 家。

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，也是我們兩大「泵」之一，是釋放效率。本季度，我們的「三重提升」策略持續在北美業務範圍內釋放顯著的效率提升，推動門市營運效率提升了150個基點。此外，由於採購、運輸和採購環節的供應鏈改進，我們的產品和分銷成本也顯著降低。

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門市，我們致力於透過投資設備創新、流程改善、人員配備、調度和減少浪費等合作夥伴重視和優先考慮的事情，為合作夥伴創造更穩定的環境，在我們的門市創造更令人滿意的工作環境，同時降低我們的業務風險。

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.

如今，由於我們團隊打造的堅實基礎，我們的門市營運比以往任何時候都更加順暢。例如，我們看到得來速窗口時間顯著改善，且沒有增加合作夥伴的工作量。隨著我們引入Siren精煉系統，未來將取得更多進展。我們正在重建和優化供應鏈，並利用新技術來提升我們後方工廠的效率。我們在門市外擁有龐大的機會來提升供應鏈效率。我們的效率遠高於最初的預期，而且我們已提前完成了計劃並節省了成本。

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，我們有信心將目標從三年內增加30億美元的效率提升到未來四年增加40億美元的效率。由於我們的投資和專注的效率提升工作，合作夥伴的流失率在本季創下新低。門市經理的流失率也有所改善，且均大幅超越業界基準。每位合作夥伴的平均工作時間繼續以兩位數的同比速度增長，從而提升了他們的敬業度和淨收入。

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.

這就引出了我們的第五個策略支柱——重振我們的夥伴文化。星巴克從一開始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、承諾以及精湛技藝、成果、勇氣、歸屬感和快樂等價值。而我們業務的核心是我們的夥伴。他們是星巴克體驗的核心，並致力於實現我們提升全球顧客每一天生活品質的承諾。我每天都能感受到這一點，尤其是在店家日常工作中。

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.

我們持續努力，為所有夥伴重新縫製綠色圍裙。就在上週，我們歡聚一堂，慶祝了第一屆「星巴克承諾日」。下個月，我們將與亞利桑那州立大學共同慶祝「星巴克大學成就計畫」十週年。該計畫啟動後，將有超過13,000名夥伴透過該計畫獲得學士學位，兌現我們為夥伴們搭建通往更美好未來的橋樑的承諾。此外，目前，我們超過90%的美國門市已有超過25,000名夥伴加入了該計劃，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.

總而言之，我們度過了一個艱難的季度。我們需要做得更好，我們一定會做得更好。展望未來，我堅信我們擁有正確的策略。我們擁有優秀的合作夥伴和一支強大的執行團隊，他們積極參與並持續引領。我感謝全球46萬名綠圍裙夥伴的傑出工作。我們擁有真正的機遇，我們正在迅速採取行動，透過執行引擎加速投資，這些引擎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，並已納入我們的業績指引。隨著這些行動的落地，我們預計我們的業務將恢復演算法成長，並實現其長期機會。

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

接下來，我會把時間交給 Rachel，讓她更詳細地討論我們的結果。 Rachel？

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，我們本季的業績未能充分體現我們作為一家公司的能力。我們擁有卓越的品牌、全球忠實的客戶、強大的高利潤門市組合，以及與合作夥伴和客戶之間在業界獨一無二的聯繫。我們知道我們能夠做得更好，也一定會做得更好。

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，但我們從自身表現不佳中汲取了教訓，並認識到我們有責任執行。我們更加專注，並制定了全面的、經過深思熟慮的行動路線圖，未來的道路清晰可見。接下來，讓我來談談我們的業績。

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.

我們第二季的合併營收為 86 億美元，較上年同期下降 1%，主要原因是交易量下降導致可比店銷售額下降 4%，但部分抵消了去年同期新增自營店淨增長 8% 的影響。第二季合併營業利潤率較上年同期下降 140 個基點，至 12.8%，主要原因是去槓桿、合作夥伴工資和福利投資以及促銷活動，但部分抵消了定價和我們持續執行與重塑相關的店內運營效率提升措施，這些措施在本季度節省了約 150 個基點。第二季每股收益下降至 0.68 美元，較上年同期下降 7%，主要原因是收入下降導致北美和國際業務部門的營業收入均萎縮。

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.

現在，我將介紹第二季各部門的亮點。第二季度，北美地區營收為64億美元，與去年持平，原因是新增自營門店淨增長5%，但大部分被同店銷售額下降3%所抵消，而同店銷售額下降主要源於交易量下降7%，而平均票價增長4%則部分抵消了這一影響。我們美國自營業務第二季的同店銷售額下降3%，主要源自於交易量下降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，客流量下降主要集中在偶爾光顧的顧客群體中，這主要源自於消費者較為謹慎的消費環境，此外極端天氣（包括部分門市關閉）也帶來了約3%的不利影響。平均客單價上漲4%部分抵銷了客流量的下降，這反映了價格上漲以及我們持續向冰鎮濃縮咖啡和抹茶拿鐵等冷飲產品轉變，這些產品深受顧客喜愛。

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，預計新開店第一年的平均營業利潤率 (AUV) 和現金利潤率將與去年新開店持平，即使我們的業務範圍不斷擴大，仍能保持較高的增量。第二季北美地區的營業利潤率為 18%，較前一年下降 120 個基點。利潤率下降主要受去槓桿、合作夥伴薪資和福利投資以及促銷活動的影響，但定價和與重塑相關的店內營運效率提升部分抵消了這一影響。

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.

雖然去槓桿導致該部門利潤率整體萎縮，但我們透過重塑工作提升的效率有效地抵消了本季經歷的去槓桿效應。雖然我們的重塑計劃旨在提供更均衡的成長模式和利潤率提升，但我們很高興看到，隨著我們在合作夥伴人員配備和排班方面的投資持續釋放門市效率，這些收益抵消了我們業務中更廣泛的阻力。

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.

這些效益也持續擴展到門市之外，導致該部門的產品和分銷成本佔收入的百分比顯著下降，部分原因是供應鏈成本的節省。我們相信，與重塑相關的策略正在奏效，為整個業務帶來了更精簡的營運和切實的財務收益，並帶來更多未來機會。

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.

轉向國際業務。本季，該部門營收18億美元，與上年基本持平，主要原因是新增自營門市淨成長12%，但可比門市銷售額下降6%，主要受交易額及平均單價共同影響。特許經營店收入的下降也影響了收入，這主要是由於中東業務受到的負面影響。儘管收入受到影響，但我們對國際業務的長期願景並未動搖，因為除中國市場外，國際部門的收入和可比門市銷售額均實現成長。這體現了我們更廣泛的國際業務組合的實力，主要由日本、亞太地區、拉丁美洲和加勒比地區等市場推動。

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.

轉向中國市場。第二季度，中國區收入下降 3%，主要由於可比店銷售額下降 11%，其中平均票價和交易額分別下降 8% 和 4%，但新店淨增長 14% 部分抵消了這一下降。市場復甦速度低於預期，並受到假日旅遊趨勢時機的進一步影響。儘管環境複雜，但本季中國市場淨開設了 118 家新店，新店和整體業務組合的門市營業利潤率均保持兩位數，證明了我們品牌在市場上的健康和韌性，為我們在長期市場中佔據了有利地位。第二季度國際部門總營業利潤率為 13.3%，較上年下降 340 個基點，主要原因是促銷活動、合作夥伴工資和福利投資以及銷售組合調整，但部分市場定價抵消了這一影響。

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.

轉向通路拓展。該部門第二季營收為4.18億美元，較前一年下降13%，考慮到西雅圖最佳咖啡的出售和庫存單位優化，營收基本上符合我們的預期。重要的是，我們在美國家用咖啡和即飲咖啡市場均保持了第一的市場份額。

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.

作為在中國創新的一個例子，我們推出了星巴克清爽飲品平台，包含兩種口味：粉紅色飲品和紫色飲品，以推動我們備受追捧的酷炫產品組合在門市之外，尤其是在Z世代消費者群體中的發展。該部門第二季度的營業利潤率為51.7%，較上年增長1,610個基點，主要得益於我們北美咖啡合作合資企業收入的增長，以及上年對某些製造資產的減值支出的抵消。該部門的營業利潤率成長符合我們最初的預期，全年持續維持40%至50%的高位區間，這是一個非常有吸引力的財務模型。

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.

現在來看看我們對 2024 財年的指導。根據我們今天分享的內容，我們正在修改我們的財年指導，我將分別講解：第一，哪些內容髮生了變化；第二，與之前的指導相比，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.

首先，發生了什麼變化？總體而言，第二季我們的業務表現不佳，因為持續的多方面不利因素對美國、中國、中東和其他市場的收入影響超出預期。除了第二季的業績表現外，我們主要市場的營收和同店銷售額成長的退出率也反映了持續的不利因素。

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，我們集中精力提升運力，追蹤需求，以提升客流量，並進一步實施「三重提升」策略。正如拉克斯曼所詳細討論的那樣，我們將利用第二季度的經驗，透過整合產品創新和行銷，進一步提升我們的品牌形象，包括加強我們的數位化能力，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，為了釋放美國上午時段的客流需求，我們正在努力改進門市相關流程，利用我們的 Siren 製程系統，同時透過改善庫存管理來提高產品供應。其次，為了吸引需求，尤其是在下午時段，我們正在實施一種新的、更頻繁的創新節奏，並結合更廣泛的多通路行銷方式，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.

這項轉變旨在吸引並引導我們偶爾光顧的顧客使用我們的門市和應用程式。目前，其中一些舉措尚需時日才能完全落地。然而，透過對客戶體驗的投入和專注的執行，我們預計本財年將取得一些成效。由於這些變化，我們的收入和同店銷售額預期以及相關的利潤和獲利預期都受到了影響。此外，持續的不利因素也影響了我們全球門市成長的預期。

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.

在分享我們修訂後的2024財年指引的細節之前，我想先分享一下保持不變的內容。首先，我們對久經考驗的「三重衝擊」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，我們的效率提升工作略超預期。年初至今，我們的店內營運效率提升了170個基點，店外營運效率也取得了顯著進步，這使我們能夠在2026財年實現30億美元的成本節約目標，並且未來還有更多機會。

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，雖然通路發展部門是我們所有部門中規模最小的一個，但它對我們的產品組合進行了補充，能夠抓住門店以外的客戶機會；我們在該部門的業績持續亮眼。最後，我們必須繼續投資於我們業務、合作夥伴、門市和客戶的基本面和競爭壁壘，因為我們相信，這些投資將推動我們克服這些暫時的逆境，實現長期成長並保持行業領先地位。

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，我們將 2024 財年全年指引修訂為：全球收入增長率從之前的 7% 至 10% 區間降至低個位數；全球和美國同店銷售額將從之前的 4% 至 6% 的增長區間降至低個位數下降至持平我們繼續預期美國門市數量將成長約 4%，目前預期中國門市成長約為 12%，而我們先前預期的約為 13%；營業利潤率成長率與先前逐步擴張的預期大致持平。最後，我們預期每股盈餘和非 GAAP 每股盈餘成長率將從先前的 15% 至 20% 區間降至持平至低個位數。

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，我們的指引未考慮任何外幣折算的影響，並假設匯率不變。作為我們2024財年指引的補充，我們預計第三季至第四季的營收將環比成長，隨著我們行動計畫的落地，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將在20%左右。最後，我們繼續預期資本支出約為30億美元，其中大部分將專門用於對全球門市組合的直接投資，正如我們之前所述，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.

總結一下，以下是我今天討論的要點。首先，第二季度對我們來說是一個充滿挑戰的季度，因為整個季度持續存在的逆風迫使我們調整行動和應對計劃，以釋放和吸引需求。其次，即使在逆風面前，我們的「三重衝擊」策略仍然保持著效率，這再次證明我們在正確的時間採取了正確的策略。其次，我們已修訂2024財年的業績指引，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短期逆風。然而，我們對長期成長機會仍然充滿信心，因此我們致力於我們的策略和相關投資。最後，我們嚴謹的資本配置方法增強了我們的財務韌性，這體現了股東的承諾，並以我們一流的股息為基礎。這使我們能夠保持資產負債表的持久性和靈活性，使我們能夠成功應對這個複雜而動態的環境。

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.

在開始問答環節之前，我想先向我的夥伴表達最誠摯的謝意。無論他們身處全球門市內外，都始終秉持著我們的價值觀，為顧客提供差異化的體驗，讓星巴克對我們所有人來說都如此特別。謝謝你們，夥伴們。

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

接線員，現在可以開啟問答環節了。

(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.

我想你剛才談到的趨勢問題應該分成兩個部分。首先，你提到天氣是不利因素，然後你又說本季末推出的薰衣草是你們推出的最強勁的產品之一，與PSL類似。但你的退出率——聽起來你是說退出率基本上沒有改變。所以我試著將看似不會再次出現的不利因素與非常成功的創新、績效指引和退出率連結起來。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.

第二點是關於謹慎的消費者。通常情況下，我認為我們會看到支票管理，但您似乎沒有看到這一點。我認為混合經營仍然是您的一大優勢。所以在我看來，消費者謹慎的證據並不像您之前提到的星巴克那麼多，所以您能否就此發表評論？

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。我想先談談這兩個問題，首先我想指出的是，我們看到消費者面臨的潛在壓力，僅僅從他們的可用支出來看。所以，毫無疑問，如果排除一些暫時的不利因素（當然，這些因素絕不能成為藉口），然後看看潛在的不利因素，尤其是消費者面臨的壓力，尤其是偶爾光顧的顧客，我們就會發現，挑戰就在這裡。這既是客流量方面的挑戰，也是他們光顧我們門市方面的挑戰。

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顧客，你會發現他們經常光顧。他們看到了我們在星巴克獎勵計劃和我們的應用程式中提供的價值。他們像過去一樣透過客製化來實現高端化。因此，你可以看到我們與忠實顧客，尤其是星巴克應用程式環境中的顧客，有著強勁的業務成長。我們關注的首先是如何滿足現有需求，確保我們的合作夥伴擁有最佳的流程和工具，以滿足那些目前選擇不透過行動點餐和付款完成交易的顧客的需求。

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，我們確實在推出新產品，而且我們的產品線非常強大。而我們正在做的，作為其中一部分的，是第三點，即如何觸達那些偶爾光顧的顧客以及那些不在星巴克獎勵生態系統中的顧客，並為他們提供價值。這就是挑戰所在。這就是你如何協調你提到的兩點。所以我們有很多可控的因素，我們專注於此。正如我之前提到的，我們正專注於在北美地區落實這三個機會。

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 Brian Harbour。

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?

您提到的偶爾光顧的顧客，我很好奇，他們通常是年輕顧客嗎？我認為更廣泛的問題是，這些顧客群中是否存在品牌共鳴問題？您認為他們是否有產品共鳴問題？除了加快新產品的推出速度以及您提到的其他一些短期驅動因素之外，還需要做更多嗎？

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.

Brian，謝謝你的提問。我認為，如果你看看我們整體的品牌資產，它現在和將來都會很強勁。如果你看看我所獲得的價值評分，你會發現它也很強。但如果你看看偶爾光顧的顧客，他們顯然是根據自己面臨的經濟壓力所做的選擇。他們從我們這裡尋找的是多樣性。他們追求的是核心。例如，我們下午50%的飲品都是咖啡。所以顯然，咖啡非常重要，咖啡的獨特性也非常重要。但他們追求的是多元性和價值。

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.

我們專注於確保找到一種與他們建立聯繫的方式，將他們帶入我們的應用生態系統，讓他們看到我們提供的價值。這就是為什麼你們會在五月看到我們採取的行動。你們也會在七月看到我們向所有人開放應用的舉措。這將使他們，尤其是在北美的用戶，能夠以更容易的方式看到我們提供的價值。隨著他們逐漸建立忠誠度，他們在進入系統後會看到更多價值。以上就是我們在北美地區正在採取的措施。

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.

好的。關於全球銷售成長，我想問一個更廣泛的問題，更廣泛地說，在逆風似乎很大的情況下，您對維持目前仍然超高速的成長抱有信心，或者說謹慎態度如何。我只是想知道，您如何確信當前面臨的挑戰不是由於市場飽和或市場蠶食造成的。

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?

我想這最終指向了中國。具體到中國，我記得您提到了健康的單位經濟效益和兩位數的餐廳利潤率。 Rachel，您能否具體談談銷售額、利潤率和回報方面的具體情況，看看在充滿挑戰的中國宏觀經濟環境下，這些因素如何證明我們仍然保持如此高速的成長？

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，我先回答第一個關於全球單位成長的問題，然後交給Rachel，她會具體談談你關於中國利潤率的問題。 Jeff，我們看到的是，我們看到了非常強大的現金和現金回報率，我認為我們在美國和國際擴張計劃中都取得了成功。我想你看到的是——我們專注於確保降低門市成本和門市投資。我們在提高效率方面做得非常出色。因此，隨著我們的擴張，我們看到了非常好的現金回報率。

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.

事實上，我們在許多市場都擁有很高的滲透率，而且在國際市場上還有很大的發展空間。上次我們提到，我們在中國祇涵蓋了800個城市，而我們在中國縣級市場的機會大約有3000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，我們在中國這樣的市場滲透率還不夠高，這也是我們充滿信心的原因。我們審視現有的房地產選擇，以及正在醞釀的方案，發現我們獲得的現金回報非常可觀。這讓我們對全球單位成長充滿信心。 Rachel，你想談談第二部分嗎？

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

我想補充一點，當我們回顧我們關於新店成長的指引時，特別是與中國市場相關的指引，我們發現我們做出的一項非常慎重的決定是為了增加在低線城市和新縣城開設的門市數量，因為在這些地方，我們的回報會更高。整體而言，我們的回報相當誘人，但在這些低線城市和新縣城，回報甚至更高。因此，這種轉變其實影響了我們的發展規劃。所以，新店成長存在時間效應。這就是為什麼我們的成長率達到12%，我們認為這仍然是一個非常強勁的成長，也顯示了我們看到的機會。

(technical difficulty)

（技術難度）

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

你還在線上嗎？請稍等。聽得到我們說話嗎？

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。您在準備好的發言中提到，您認為中國的一些問題是暫時的。我認為您剛才說的更多是競爭問題，而不是消費者問題。您好像提到了市場震盪。請您能否為我們進一步解釋一下，您所看到的某些情況，讓您認為中國目前的競爭環境只是暫時的，而且會越來越好。

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?

從飲料創新的角度來看，我想知道您如何看待產品線。薰衣草和香辣檸檬水已經上市。還有兩個新品牌即將上市。您如何看待產品線與現在有何不同？您對研發流程有何不同的看法？您如何評估自己已經完成的工作？

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.

我想我們聽不清楚您的演講時遇到了一些技術問題，但請容許我試著概括一下這個問題。您的第一個問題是關於中國市場的競爭，以及我們開始看到的市場洗牌。第二個問題是關於飲料通路。

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.

那麼，讓我先從中國的競爭說起。我認為成長發生在中國業務的大眾領域，在中國整體咖啡和茶飲市場中，我們看到的只是激烈的價格競爭。我們選擇不參與其中。我們是一個高端品牌。 25年來，我們建立了強大的競爭優勢。這一點您就可以看出來。我們在門市方面擁有優秀的合作夥伴。我們的門市外觀獨具特色。我們擁有端到端的供應鏈，坦白說，我很想在美國也有這樣的供應鏈。此外，我們深耕於咖啡領域，傳承端到端的咖啡傳統，也擁有豐富的門市知識。因此，我們在中國的業務中很好地體現了這一點。

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，你會看到競爭異常激烈，尤其是在茶飲領域，它與大眾咖啡領域重疊，你會看到一些市場洗牌，這會影響到消費者，也影響到他們如何才能真正維持這種競爭強度。我們的重點是高端市場，我們持續看到，目前我們在中國市場擁有龐大的發展空間。

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，我們人均咖啡消費量仍然是13杯。日本是280杯，美國是380杯。我們知道，隨著時間的推移，隨著中國消費者消費的減少，你會發現我們的業務很健康，盈利能力和門市營運利潤率都很高，而且隨著消費者越來越多地接觸咖啡，我們會看到我們的業務繼續增長。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.

關於您關於飲料產品線的問題，我認為主要集中在北美地區。我們在這裡看到的一點是，我們的核心業務是咖啡，我們對我們透過全豆咖啡帶來的創新以及我們在門市中看到的一些咖啡前沿創新感到非常興奮。此外，我們發現偶爾光顧的顧客也希望獲得多樣化的產品。我們正在努力尋找開拓新增長平台的方法。

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.

上次我提到了三個平台。這些都是基礎性的——我們會逐步推出更多新的產品。第一個是質感。我們先從下週開始的夏季1號計畫開始，推出了珍珠系列。然後，我們將在本季稍後推出一個手工能量平台。此外，植物基產品是我們傳統上非常知名的領域。所以我們設計了這些平台，圍繞著這些平台，你不僅可以期待看到系統性的創新，而且你還會看到更多圍繞這些平台的創新。這就是我們對研發的思考。我們圍繞平台展開研發，既包括飲料領域，也包括食品領域。

Our next question comes from Sharon Zackfia with William Blair.

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

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?

我想我正在思考我們今天走到這一步的先後順序。在10月和11月初的分析師會議上，美國的需求似乎不是問題，我聽到您說有很多需求沒有被滿足。您能否幫我們回顧一下，為什麼這些問題在僅僅4、5個月後就迅速惡化到如此地步？

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，莎倫。我認為，如果回顧我們在市場上看到的逆風，尤其是消費者面臨的壓力，我認為這些逆風比我們預期的更尖銳和迅速。事後看來，如果回顧中國的情況，雖然長期成長潛力正在回升，但我們致力於在中國的長期發展。復甦之路坎坷。但我認為，尤其是自那段時期以來，我們看到的價格競爭比我們預期的更加激烈。這些都不會對長期發展產生影響，但很明顯，我們本季經歷了一段艱難的時期。

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.

太好了。我確實想問一下關於警笛系統（Siren System）的問題。幾年前，它是投資者日的焦點，但似乎被擱置了一段時間，但現在您似乎對這個系統的未來發展更加樂觀了。您能不能跟我們介紹一下最新情況？我記得我們上次聽說，今年這個系統將覆蓋不到10%的門市。現在的策略是什麼？它如何幫助解決你們面臨的一些問題？聽起來你們面臨的一些問題更多地存在於供應鏈中，而不一定局限於門市內部。

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，我先回答你的問題。首先，警笛系統從未被擱置。事實上，我們目前正按計畫在不到10%的門市安裝警笛系統，這與我們的承諾基本一致。所以一切進展順利。

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一些底層流程，以確保我們能夠減少店內顧客的等待時間。這些流程在美國的預期效果正是如此。這就是我們一直在測試的流程加速效果。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9月份分析師日向您展示的整體Siren系統，當時您和我們在這裡進行了討論。

Our next question comes from Lauren Silberman with Deutsche Bank.

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.

簡單來說，先跟進一下，然後再提問。首先，您能否談談本季美國市場的銷售節奏？我知道您提到薰衣草非常成功。但考慮到產品退出率，薰衣草似乎並沒有在業績中反映出來。所以，請您幫助我們了解新產品的表現，以及這些新產品是否正在推動您目標客戶的增量成長。

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?

然後簡單問一下忠誠度。看起來活躍的獎勵會員數量環比下降，這很罕見。結合核心客戶實力的評論，您能談談您觀察到的情況嗎？

Do you want to take that one, Rachel?

你想拿那個嗎，Rachel？

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。我先從比較開始，以及我在準備好的發言中提到的退出率。薰衣草對我們來說相當成功。正如你在拉克斯曼準備好的演講中聽到的，令我們感到鼓舞的是，薰衣草不僅滿足了我們顧客，尤其是Z世代和千禧一代顧客的需求，而且更新更頻繁，產品範圍也更廣泛，包括咖啡、非咖啡、食品和更健康的選擇。因此，我們推出的薰衣草系列恰好迎合了這一點，其中最受歡迎的是冰薰衣草抹茶拿鐵。這表明，當我們進行良好的創新時，我們能夠超越自己的期望。

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.

那是在本季後期。所以它確實在吸引顧客到下午方面發揮了一定作用。總體而言，我們發現該平台在下午與顧客產生了良好的共鳴。拿鐵咖啡我們傾向於在早上推出更多，但總體而言，薰衣草咖啡在下午很受歡迎。所以，我們看到，整體產品以及我們針對顧客——更多是偶爾光顧的顧客——的做法效果很好。

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，這發生在本季後期。未來我們還會有更多的機會。因此，本季的退出率仍然反映了持續的逆風，這一點我們在下半年的業績指引中也體現了出來。我們今天概述的計劃預計將幫助我們抵消部分逆風，尤其是在我們看到這些行動開始付諸實施的情況下。

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.

所以我認為，重要的是要考慮到消費者面臨的阻力。我們的計劃將抵消這些阻力。在我們應對這些挑戰的過程中，我認為另一件需要記住的事情是，我們正處於優勢地位，這與我們Triple Shot的效率、新店的成長以及我們整體產品組合的強勁表現息息相關。我們擁有非常強大的產品組合，一個盈利能力強的產品組合，這將對我們有所幫助，而且我們的品牌也很強大。所以我們會綜合考慮所有這些因素，這就是我們對同店退出率以及下半年同店銷售情況的思考。希望這能提供更多細節。

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，勞倫。您提到星巴克獎勵會員的數量同比增長，但環比下降。我想澄清一下，這是以90天的頻率計算的，所以我們仍然擁有大量的星巴克獎勵會員。所以，關鍵在於這些顧客的頻率。

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，我認為與消費者回落相一致，那些偶爾和非常偶爾訪問的SR會員在本季度的訪問頻率有所降低。因此，我們的90天活躍用戶數量較上季下降。儘管同比增長了6%，但我們的SR仍在持續增長。本季平均每位用戶（MOP）有所成長，因此我們仍然擁有一個非常活躍的客戶群，創下了MOP的歷史新高。本季的交付量實現了兩位數成長，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，正如拉克斯曼所談到的，我們將在未來幾季提供 SR 和流量，這與我們面臨的挑戰完全契合。這是為了重新啟動 SR 會員，讓他們回歸，並透過應用程式和 SR 展示價值並提高會員頻率。我們在這方面有很多很棒的計劃（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 John Ivankoe。

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，可以分成兩個部分。我聽到了“錯誤訊息”這個詞，我認為一些改進的分數可能與此有關。所以我只是想了解一下，您認為糾正這些資訊實際上會對星巴克造成多大的銷售損失。我認為您沒有量化這一點，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。我好像聽您說過，這會對豐田生產系統帶來一些幫助。如果我錯了，請指正，但這個數字似乎相當低。您能談談豐田生產系統會發生哪些變化嗎？

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，其中一個機會就是顧客點餐時食物就能準備好。換句話說，使用食物保溫櫃對於行動點餐支付和免下車服務都特別有效。那麼，作為Siren的一部分，在整個Siren系統投入使用之前，是否可以加快這一進程？

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。關於誤解的問題，我認為誤解確實對我們的業務產生了影響（聽不清楚）。我們還沒有量化數據。但我們知道的是，我們的品牌資產、門市以及對品牌的投資確實提升了消費者對我們品牌的整體認知（我們每年的支出）。

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（我們一週的營運狀況），也就是我們如何在門市部署，如何處理高峰期人員部署的問題。我們是如何（處理）客戶的？您看到的就是（聽不清楚）。我知道我們給您的量化數字是1個百分點。這是一個保守的估計，因為當它完全部署並適應後，您會看到更大的改進。

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.

關於你提到的[熱食]，這純粹是建議，我們正在尋求加速推進。所以，我們需要（聽不清楚）透過我們正在進行的工作來加速推進。

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?

我當然知道您致力於重塑計劃的宗旨。但考慮到目前的環境以及美國和中國消費者的謹慎態度，您能否將11月發布的長期獲利演算法設定為5%的同店銷售額和15%以上的每股盈餘成長目標？這是否仍然適用於2025年及以後？

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，謝謝你的提問。我知道，我們所看到的一切，都表明我們經歷了一個艱難的季度。但我們所看到的，就未來的機會而言，正如你所看到的，我們擁有的（聽不清楚）機遇，以及我們在未來（聽不清楚）管道方面的創新。如果你看看生產力機會，門市數量機會（聽不清楚），我們相信我們會恢復（聽不清楚）。而且，我們認為我們之前為這項業務設定的長期前景並沒有改變。

And the last question comes from David Tarantino with Baird.

最後一個問題來自貝爾德的大衛·塔倫提諾。

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.

我的問題是關於您提出的價值策略，以及在艱難的環境下監測客流量或追蹤客流量的必要性。但我只是想知道您是如何平衡這兩者與保護品牌的長期健康之間的。星巴克一直是一個非常高端的品牌定位，引導一些偶爾光顧的顧客在折扣時間顧可能會產生一些不利影響。所以我想知道您是如何平衡這兩點以及您現有的策略的。

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.

感謝您的提問。 （聽不清楚）我們無意進行全面改革，（聽不清楚）我們正在做的是（聽不清楚）事實上，就（聽不清楚）我們品牌的整體水平而言，目前（就我所能做到的而言）仍然非常強勁（聽不清楚）。所以我們對此感到非常滿意。這更多的是關於我們如何（行動）以及如何（管理）客戶，尤其是那些不（聽不清楚）的客戶，這才是我們打算做的。

(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.

這是我們的最後一個問題。現在，請拉克斯曼·納拉辛漢致閉幕詞。

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。我們經歷了一個艱難的季度，但我們有一個清晰的行動計劃，我和管理層團隊都（聽不清楚）感謝您加入我們，也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。各位可以斷開連接了。祝大家愉快。