星巴克 (SBUX) 2024 Q3 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 the Starbucks' third-quarter fiscal year 2024 conference call. (Operator Instructions)

午安.我叫 Diego，今天我將擔任您的會議主持人。歡迎大家參加星巴克2024財年第三季電話會議。（操作員指示）

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

現在，我將電話會議轉給投資者關係高級副總裁 Tiffany Willis。威利斯女士，現在可以開始您的會議了。

Thank you, Diego. Good afternoon, and thank you, everyone, for joining us today to discuss Starbucks' third-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.

謝謝你，迭戈。下午好，感謝大家今天加入我們，討論星巴克 2024 財年第三季業績。今天的討論將由執行長 Laxman Narasimhan 和執行副總裁兼財務長 Rachel Ruggeri 主持。

This conference call will include forward-looking statements which are subject to various risks and uncertainties that can cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factors discussed in our filings with the SEC, including our latest annual report on Form 10-K and quarterly report on Form 10-Q.

本次電話會議將包括前瞻性陳述，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。任何此類聲明都應與我們收益報告中的警示性聲明以及我們向美國證券交易委員會提交的文件中討論的風險因素一起考慮，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告。

Starbucks assumes no obligation to update any of these forward-looking statements or information. GAAP results in third-quarter fiscal year 2024 as comparative period include several items related to strategic actions, including restructuring and impairment charges and other items. These items are excluded from our non-GAAP results.

星巴克不承擔更新任何前瞻性聲明或資訊的義務。2024 財年第三季的 GAAP 業績作為比較期，包括與策略行動相關的幾個項目，包括重組和減損費用以及其他項目。這些項目不包含在我們的非公認會計準則結果中。

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.

今天電話會議上引用的所有數字均基於非 GAAP 基礎，除非另有說明或沒有與該指標相關的非 GAAP 調整。

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.

作為我們非公認會計準則業績的一部分，今天電話會議上的收入、營業利潤率和每股收益增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非當前期間的實際匯率將當前期間業績轉換為美元，不包括相關的對沖活動。

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

對於今天電話會議中提到的非 GAAP 財務指標，請參閱收益報告和我們的網站 investor.starbucks.com，以查找這些非 GAAP 指標與其相應的 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, September 13, 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 9 月 13 日星期五之前在我們的網站上提供。

And lastly, for your planning purposes, please note that our fourth-quarter and full fiscal year 2024 earnings conference call has been tentatively scheduled for Wednesday, October 30, 2024.

最後，為了您的計劃目的，請注意，我們的 2024 財年第四季和全年財報電話會議暫定於 2024 年 10 月 30 日星期三舉行。

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 for joining us this afternoon. Let me start by laying out our results for this quarter. Our Q3 total company revenue was $9.1 billion, up 1% year over year and 6% over Q2. Our global comparable store sales declined 3% year over year, driven by a negative 2% comp growth in North America; and a negative 14% comp growth in China and partially offset by strong performance in Japan.

謝謝你，蒂芙尼，謝謝你今天下午加入我們。首先，我來介紹一下我們本季的業績。我們第三季的公司總營收為 91 億美元，年增 1%，比第二季成長 6%。我們的全球同店銷售額年減 3%，其中北美地區同店銷售額年減 2%；中國地區同店銷售額年減 14%，但日本市場的強勁表現部分抵銷了這一下降。

Our global operating margins contracted by 70 basis points to 16.7% and overall earnings per share for the quarter was $0.93. Our total company results were in line with guidance, but international performance, particularly in China, was challenged. We are not satisfied with the results, but our actions are making an impact. Leading business and operational indicators are trending in the right direction ahead of our financial results, and our runway for improvement is long.

我們的全球營業利潤率下降了70個基點，至16.7%，本季每股收益為0.93美元。公司整體業績符合預期，但國際業務，尤其是在中國市場的業績面臨挑戰。我們對結果並不滿意，但我們的行動正在產生影響。領先的業務和營運指標在我們的財務表現之前正朝著正確的方向發展，而且我們的改進空間還很大。

We see greenshoots in our US business driven by the three-part action plan outlined last quarter. First, meet and unlock capacity for new demand through a relentless focus and improvements to our US store operations and on elevating the experience we create for our partners and customers; second, attract new customers and drive transaction growth by launching and integrating more exciting new products with relevant marketing, while maintaining our focus on core coffee-forward offerings; and third, reach new customers and demonstrate our value by making sure customers believe that Starbucks Experience is worth it every time.

在上個季度製定的三部分行動計畫的推動下，我們的美國業務出現了復甦的跡象。首先，透過不懈關注和改進我們在美國門市的營運以及提升我們為合作夥伴和客戶創造的體驗來滿足和釋放新需求；其次，透過推出和整合更多令人興奮的新產品與相關營銷來吸引新客戶並推動交易增長，同時保持對核心咖啡產品的關注；第三，透過讓客戶相信體驗每次都是值得的，來吸引新客戶並展示我們的價值。

First, our largest opportunity, meet and unlock capacity for new demand. A relentless focus on improving operational execution across our nearly 10,000 US company-operated stores is the cornerstone of our near-term plan. While it is early days of progress, our plan is working. If you walk away from today's call with one thought, let it be the significant changes and long-term upside potential taking place within our US stores and across our end-to-end supply chain to unlock growth, enhance the customer experience, and drive cost efficiencies.

首先，我們最大的機會是滿足和釋放新需求的產能。堅持不懈地致力於提高我們在美國近 10,000 家公司直營店的營運執行力是我們近期計劃的基石。雖然進展尚處於初期，但我們的計劃正在發揮作用。如果您在今天的電話會議後還有什麼想法，那就是我們在美國門市以及整個端到端供應鏈中正在發生的重大變化和長期上升潛力，以釋放成長動力、提升客戶體驗並提高成本效率。

Within our stores, we've seen material positive momentum across core store health and performance metrics with notable improvements in partner scheduling and turnover, critical store issues, and inventory management. Stores ranked in our top two operational performance quartiles reached a new high during the quarter, a 28% upwards shift from Q2, but we have more opportunity.

在我們的商店中，我們看到核心商店健康和績效指標呈現出實質的正面勢頭，合作夥伴調度和營業額、關鍵商店問題和庫存管理都有了顯著改善。在本季度，我們營運業績排名前兩個四分位數的商店達到了新高，比第二季度上升了 28%，但我們還有更多機會。

Our focus on operational excellence, driven by our reinvention plan has led to a multi-second year-over-year improvement in out of the window times. The nearly 50% reduction in calls received by a customer contact center for my order took too long and mobile order & pay and delivery uptime rates of 99%. These are key indicators of our work to drive growth by addressing customer wait times, product availability, and the customer experience.

在重塑計劃的推動下，我們專注於卓越運營，這使得窗口外時間比去年同期提高了數秒。客戶聯絡中心接到的有關我的訂單的電話減少了近 50%，等待時間太長，而行動訂購和付款以及送貨的正常運作時間率卻高達 99%。這些是我們透過解決客戶等待時間、產品可用性和客戶體驗來推動成長的關鍵指標。

This quarter, we also introduced phase one of our Siren Craft Systems, which includes several process and partner-driven enhancements to our US store operations. Changes include a new peak time play collar role, strategic investments in partner hours, training, new routines, simple enhancements to technology, and an evolved beverage build process.

本季度，我們還推出了 Siren Craft 系統的第一階段，其中包括對我們美國門市營運的幾項流程和合作夥伴驅動的改進。變化包括新的高峰時段遊戲領導角色、對合作夥伴工作時間的策略性投資、培訓、新例程、技術的簡單改進以及改進的飲料製作流程。

Early deployment across 1,200 stores demonstrated a material incremental improvement across key performance, throughput, efficiency, and reliability metrics. Encouraged by this, we fully deployed Siren Craft System's process improvements across our entire portfolio of US company-operated stores this week.

早期在 1,200 家商店的部署表明，關鍵性能、吞吐量、效率和可靠性指標均得到了實質性的提升。受此鼓舞，本週我們在美國公司營運的整個門市組合中全面部署了 Siren Craft System 的流程改善。

Later this quarter, we will begin rolling out a simple refit to our espresso machines, which we expect to improve espresso throughput by up to 15% without compromising quality. And with a minor software change in our store production systems, we have a similar ability to improve food throughput.

本季晚些時候，我們將開始對我們的濃縮咖啡機進行簡單的改裝，預計這將在不影響品質的情況下將濃縮咖啡的產量提高 15%。只需對我們商店的生產系統進行微小的軟體更改，我們就能夠同樣提高食品產量。

When paired with Siren System equipment announced as part of our reinvention plan, these new processes become a force multiplier that we expect to drive a true step change improvement. Early assessments demonstrate the capability to drive a 10 to 20 second wait time reduction and a resulting comp opportunity range of 1% to 1.5%.

當與我們重塑計畫中宣布的 Siren System 設備搭配使用時，這些新流程將成為一種力量倍增器，我們期望它能夠推動真正的階躍式改進。早期評估表明，它可以將等待時間減少 10 到 20 秒，並帶來 1% 到 1.5% 的競爭機會範圍。

Leveraging our Deep Brew analytics platform, we have identified customer experience outlier stores, approximately 10% of our network and have developed targeted plans to address and improve them, including accelerated Siren System deployment.

利用我們的 Deep Brew 分析平台，我們確定了客戶體驗異常商店，約占我們網路的 10%，並製定了有針對性的計劃來解決和改進這些問題，包括加速 Siren 系統部署。

Similarly, we are accelerating the pace of our new store builds and renovations with 580 net new bills and more than 800 renovations planned in North America for FY 2024.

同樣，我們正在加快新店建設和翻新的步伐，計劃在 2024 財年在北美新增 580 家門市，並進行 800 多項翻新。

Store development efforts are focused on Tier 2 and Tier 3 cities, where we see population growth and forecast both underserved demand and high incrementality.

門市開發工作主要集中在二線和三線城市，我們看到這些城市的人口正在成長，並且預測這些城市的需求尚未得到滿足，但增量較高。

Increasingly, these new store builds and renovations also include Siren System equipment. In line with prior guidance, we remain on track to deploy equipment in less than 10% of company-operated stores by the end of FY 2024 and about 40% by the end of FY 2026.

這些新店的建設和翻新也越來越多地包括警報系統設備。根據先前的指導，我們仍有望在 2024 財年末在不到 10% 的公司自營商店中部署設備，並在 2026 財年末在約 40% 的公司自營商店中部署設備。

Building on our pilot, Starbucks and Gopuff have agreed to terms for an expanded relationship to open 100 delivery-only kitchens across the US. We're also accelerating the rollout of digital story boards with target deployment across most US stores in the next two years, a year earlier than originally anticipated. Lastly, we're working on other ways to enhance the cafe experience. This includes new and expanded seating options that elevate many stores while upholding a safe and inviting place for partners and customers.

在我們試點的基礎上，星巴克和 Gopuff 已同意擴大合作關係，在美國開設 100 家僅提供外帶服務的廚房。我們還將加快推出數位故事板，目標是在未來兩年內在美國大多數商店部署，比最初預期提前一年。最後，我們正在研究其他方法來提升咖啡館的體驗。這包括新的和擴展的座位選擇，可以提升許多商店的檔次，同時為合作夥伴和客戶提供一個安全和舒適的環境。

A key outcome of our operational efforts has been material and sustained improvements to the partner experience. Driven by precision partner-centric staffing and scheduling efforts, we ended the quarter with a new post-pandemic low partner turnover rate; the best shift completion rate in two years and a 13% improvement in average hours per partner, now the highest on record. These initiatives create more stability in our stores, provide more predictability for our partners and sustain our experience flywheel.

我們營運努力的關鍵成果是合作夥伴體驗得到了實質和持續的改善。在以合作夥伴為中心的精準人員配置和排班工作的推動下，我們在本季度結束時創下了疫情後合作夥伴流失率的新低；兩年來的最佳輪班完成率，以及每位合作夥伴的平均工作時間提高了 13%，創下了歷史新高。這些措施為我們的商店創造了更大的穩定性，為我們的合作夥伴提供了更多的可預測性，並維持了我們的經驗飛輪。

Looking beyond our stores, we continue to realize new efficiencies, cost savings, and performance improvements across our end-to-end supply chain, thanks to strong support from our suppliers, and we see even more headroom. We have a structured process to realize significant continued improvements across our end-to-end supply chain.

除了我們的商店之外，由於我們供應商的大力支持，我們繼續在端到端供應鏈中實現新的效率、成本節約和性能改進，並且我們看到了更大的發展空間。我們擁有一套結構化流程，以實現端到端供應鏈的持續顯著改善。

We are ahead of plan on productivity. We expect our productivity to drive efficiency and unlock capital from areas that don't touch the customer.

我們的生產力已超出計劃。我們希望我們的生產力能夠提高效率並從不接觸客戶的領域釋放資本。

In turn, these savings will enable us to target investments that drive value for our customers beginning later in Q4, reigniting our North America flywheel for growth. We're early days on this journey, building both our strategic sourcing and revenue management capabilities.

反過來，這些節省將使我們能夠從第四季度後期開始針對為客戶創造價值的投資，重新點燃我們北美的成長飛輪。我們正處於這趟旅程的早期階段，正在建立我們的策略採購和收入管理能力。

Our second priority is to drive demand through relevant product innovation of coffee at our core. We've seen meaningful improvement here as well. This quarter, we drove traffic into our stores through an engaging and innovative pipeline of products, supported by integrated marketing campaigns. Core share was up 1% year over year, representing 76% of our beverage mix through the quarter.

我們的第二個重點是透過以咖啡為核心的相關產品創新來推動需求。我們在這裡也看到了有意義的進步。本季度，我們透過整合行銷活動的支持，透過引人入勝且創新的產品線吸引了大量客流進入我們的商店。核心份額年增 1%，佔本季飲料產品組合的 76%。

Our newly formulated iced coffee received positive feedback.

我們新配製的冰咖啡獲得了正面的回饋。

Our strength in cold espresso innovation continued to drive the platform's growth, up 4% year over year. And we launched Starbucks Milano Duetto whole bean coffee in Milan ahead of a global launch this October.

我們在冷濃縮咖啡創新方面的優勢持續推動平台的成長，年增 4%。我們在米蘭推出了星巴克米蘭二重奏全豆咖啡，並於今年 10 月在全球推出。

Beyond coffee, our new Summer-Berry Starbucks Refreshers Beverages with pearls drove the highest week one product launch in our history. Their success buoyed the entire Starbucks Refreshers beverage platform to an all-time high during the quarter.

除了咖啡之外，我們新推出的含珍珠的星巴克夏日漿果清涼飲料創下了我們歷史上首周產品上市的最高紀錄。他們的成功推動整個星巴克 Refreshers 飲料平台在本季達到了歷史最高水準。

As mentioned in Q2, we continue to build out our 24-month product pipeline while accelerating our pace of innovation. For example, recognized the growing appeal and opportunity created by the energy category, we launched a new handcrafted Iced Energy beverages across our US stores in just three months compared to a normal 12 to 18.

正如第二季所提到的，我們繼續建立我們的 24 個月產品線，同時加快創新步伐。例如，認識到能量飲料類別日益增長的吸引力和機遇，我們僅用了三個月就在美國門市推出了新的手工冰鎮能量飲料，而通常需要 12 到 18 個月。

Looking forward, we believe our Q4 product offerings, including the return of Pumpkin Spice, combined with supporting marketing activities and offers, provides the right formula to drive customer interest, demand, and deeper engagement with both new and existing customers.

展望未來，我們相信，我們第四季度的產品供應（包括南瓜香料的回歸）結合支持性行銷活動和優惠，將提供正確的方式，以推動客戶的興趣、需求以及與新舊客戶的更深入互動。

Our third and final near-term priority is to reach new customers and demonstrate the value we offer by ensuring the Starbucks Experience as worth it every time, recognizing the premium position of our brand we've been measured in our use of offers.

我們的第三項也是最後一項近期重點是吸引新客戶，並透過確保每次星巴克體驗都物有所值來展示我們提供的價值，認識到我們品牌的高端地位，我們在使用優惠時已經對其進行了衡量。

During this quarter, only 14% of our transactions were driven by offers compared to a competitive average of 29%. And of offer-driven transactions, 10% was Star-based offers targeted to Starbucks Rewards members. Only 4% were driven by price-based offers.

本季度，我們的交易中只有 14% 是由報價推動的，而競爭平均為 29%。在優惠驅動的交易中，10% 是針對星巴克獎勵會員的星級優惠。只有 4% 是由價格驅動的。

Our best offers are in the app. Together, offers and other integrated marketing activities, when paired with exciting product innovation, successfully grew Starbucks Rewards membership, reactivated many lapse towards members and drove customer traffic on promotional days and product launch weeks.

我們的最佳優惠就在應用程式中。優惠活動和其他整合行銷活動與令人興奮的產品創新相結合，成功增加了星巴克獎勵會員數量，重新激活了許多會員，並在促銷日和產品發布週推動了客戶流量。

Active US Starbucks Rewards members grew to 33.8 million during the quarter. Members across every decile increased the frequency of their visits. We're focused on the continued growth of the program because the average active member spends materially more annually and drives a higher lifetime value for the business than a nonmember.

本季度，美國星巴克獎勵活躍會員數量增加至 3,380 萬人。每個十分位數的會員都增加了訪問頻率。我們專注於該計劃的持續成長，因為平均活躍會員每年的支出比非會員多得多，並且為企業帶來的終身價值更高。

Research also tells us that the most inactive Starbucks Rewards members don't realize they've lapsed. This demonstrates a continued opportunity to drive return visits, active member growth, and deeper customer loyalty. Looking forward, we will continue to use more targeted offers, coupled with select pricing actions, funded by efficiency initiatives to drive traffic and conversion.

研究也告訴我們，最不活躍的星巴克獎勵會員並沒有意識到他們已經失效了。這表明，仍有機會推動回訪、活躍會員成長以及更深層的客戶忠誠度。展望未來，我們將繼續使用更有針對性的優惠，結合精選的定價措施，並透過效率計劃提供資金來推動流量和轉換。

We plan to leverage a mix of paid media, acquisition, and retention offers to stop to signage and partner education to drive transactions and increase the frequency of visits with a focus on product launches and continued Starbucks Rewards member growth.

我們計劃利用付費媒體、客戶獲取和保留優惠等多種方式，透過標牌和合作夥伴教育來推動交易並增加訪問頻率，重點是產品發布和星巴克獎勵會員的持續增長。

It's worth remembering the ubiquity of the Starbucks brand and our ability to intercept customers. For instance, our business is up 13% in airports and up 9% in hotels, pointing to these trends, leveraging our brand and our ability to intersect customers while demonstrating value, not just in price, but with the premium experience, remains a sizable opportunity across our entire store portfolio.

值得記住的是星巴克品牌的普遍性和我們吸引顧客的能力。例如，我們的機場業務成長了 13%，飯店業務成長了 9%，這些趨勢表明，利用我們的品牌和與客戶互動的能力來展示價值（不僅在價格上，而且在優質體驗上），這在我們的整個門市組合中仍然是一個巨大的機會。

Moving on to digital. As part of our action plan, we made continued improvements to our Starbucks app, including wait time algorithm enhancements that have improved order ready accuracy by nearly 50 percentage points. This, combined with in-app offers, helped drive a 10% year-over-year growth in mobile order and pay revenue, and a 7% year-over-year increase in MOP transactions.

轉向數位化。作為行動計劃的一部分，我們對星巴克應用程式進行了持續改進，包括等待時間演算法增強，使訂單準備準確率提高了近 50 個百分點。結合應用程式內優惠，此舉措推動行動訂單和支付收入年增 10%，MOP 交易量較去年同期成長 7%。

Looking deeper, our data shows that 1 in 4 non-Starbucks Rewards members want the ability to use mobile order pay. Nearly 80% of those customers don't want to join a Rewards program or create an account to do it.

深入研究後，我們的數據顯示，四分之一的非星巴克獎勵會員希望能夠使用行動訂單支付。其中近 80% 的客戶不想加入獎勵計劃或建立帳戶來參與獎勵計劃。

In response, we opened MOP for all to provide those customers the convenience they see while removing perceived barriers to entry.

作為回應，我們向所有人開放了 MOP，為這些客戶提供他們所看到的便利，同時消除他們所認為的進入障礙。

We believe these enhancements to the digital experience, coupled with more effortless ordering, will continue to drive Starbucks Rewards membership over time with customers increasing frequency and spend. Once customers are in our digital ecosystem, they're more likely to remain engaged across channels and drive greater lifetime value.

我們相信，這些數位體驗的增強，加上更輕鬆的訂購方式，將隨著時間的推移繼續推動星巴克獎勵會員的增加，並增加顧客的頻率和消費。一旦客戶進入我們的數位生態系統，他們就更有可能透過各種管道保持參與並實現更大的終身價值。

In summary, our plans are beginning to work. We're recovering our brand from its perceptions. We're rebuilding the operational foundation of our stores and supply chain. We're reducing costs to support investments, we're sustaining partner experience improvements, and we're working to make the Starbucks Experience worth it every time.

總而言之，我們的計劃開始奏效了。我們正在從人們的認知中恢復我們的品牌。我們正在重建商店和供應鏈的營運基礎。我們正在降低成本以支持投資，我們正在持續改善合作夥伴的體驗，我們正在努力使每次星巴克體驗都物有所值。

While it's early days, I'm confident in the trajectory of our US

雖然現在還處於初期階段，但我對美國的發展軌跡充滿信心

business and the operational improvements we're making. And I'm reassured by the impact our work is expected to deliver in FY 2025 and beyond.

業務和我們正在進行的營運改善。我對我們的工作預計在 2025 財年及以後產生的影響感到放心。

Looking outside the US, we continue to see weakness in parts of our international business and strength in others. Headwinds persist in the Middle East, Southeast Asia, parts of Europe, driven by widely discussed misperceptions about our brand. In some European markets, consumers are stretched. At the same time, we see significant strength in markets like Japan and parts of Latin America.

放眼美國以外，我們仍然看到部分國際業務表現疲軟，而其他業務表現強勁。由於廣泛討論的對我們品牌的誤解，中東、東南亞和歐洲部分地區仍面臨阻力。在一些歐洲市場，消費者面臨壓力。同時，我們看到日本和拉丁美洲部分地區等市場展現出顯著的實力。

China is one of our most notable international challenges and an area I'd like to talk about in more detail. The competitive market dynamics in China are reflected in our recent results. We've continued to face a more cautious consumer spending and intensified competition.

中國是我們面臨的最顯著的國際挑戰之一，也是我想更詳細談論的一個領域。我們最近的業績反映了中國市場的競爭動態。我們持續面臨更謹慎的消費者支出和更激烈的競爭。

In the past year, unprecedented store expansion and a mass segment price war at the expense of comp and profitability have also caused significant disruptions to the operating environment.

在過去的一年裡，前所未有的門市擴張和以犧牲同店銷售額和獲利能力為代價的大規模細分市場價格戰也對經營環境造成了嚴重破壞。

Still, we have made progress in important areas. Through Q3, metrics like average daily transactions, weekly sales, and operating margin improved sequentially quarter over quarter. Starbucks Rewards members grew by 1.6 million to a record-high 22 million active members. And customer connection scores reached a new high, while partner turnover reached a new low.

儘管如此，我們在重要領域還是取得了進展。第三季度，平均每日交易量、每週銷售額和營業利潤率等指標逐季提高。星巴克獎勵會員增加了 160 萬，活躍會員人數達到創紀錄的 2,200 萬。客戶聯繫分數創下新高，而合作夥伴流失率則創下新低。

We've built an amazing business in China over the past 25 years, a business for China built by an outstanding local team. We've pioneered the growth of the premium coffee industry in market with our Starbucks and Starbucks Reserve brands and brand equity remains distinctive.

在過去25年裡，我們在中國建立了令人驚嘆的業務，這是一支優秀的本地團隊為中國打造的業務。我們以星巴克和星巴克臻選品牌引領了高端咖啡產業在市場上的發展，品牌資產依然獨具特色。

We are incredibly committed and expert partners with an unmatched depth in coffee and craft. Our stores are distinctive and industry-leading, and our supply chain is world class. New stores have expanded our presence to more than 900 county cities and continue to drive exceptional cash-on-cash returns and a payback of less than two years.

我們是非常敬業和專業的合作夥伴，在咖啡和工藝方面擁有無與倫比的深度。我們的商店獨具特色且業界領先，我們的供應鏈是世界一流的。新店將我們的業務範圍擴大到 900 多個縣城，並繼續帶來卓越的現金回報和不到兩年的回報時間。

We're looking beyond near-term challenges and towards long-term opportunities in the market.

我們不僅著眼於短期挑戰，也著眼於市場中的長期機會。

We built Starbucks in China around three principles. A great customer experience is grounded in a great partner experience. Our coffee will always be distinctive and high quality, with low penetration relative to other markets, which provides continued headroom.

我們圍繞著三個原則在中國建立星巴克。良好的客戶體驗以良好的合作夥伴體驗為基礎。我們的咖啡始終具有特色和高品質，相對於其他市場滲透率較低，因此可提供持續的發展空間。

Our beautiful stores will celebrate the culture and traditions of China and their local communities.

我們美麗的商店將頌揚中國及其當地社區的文化和傳統。

Even in a challenging market, we have stayed true to these principles and our relative premium positioning. This is reflective in the competitive margins we have sustained in the face of price competition.

即使在充滿挑戰的市場中，我們也始終堅持這些原則和相對高端的定位。這反映了我們在價格競爭中所保持的競爭優勢。

Over the past 25 years, we've gone through different phases of growth in China and have relied on different strategic partnerships to grow our business and capabilities, like joint ventures and strategic partnerships in technology, real estate, and supply chain. As we look forward, we see higher growth and margin opportunities in China. We're building the next generation of Starbucks, grounded in our premium brands and with a business that is even more digital innovative and locally relevant.

在過去的25年裡，我們在中國經歷了不同的發展階段，並依靠不同的策略夥伴關係來發展我們的業務和能力，例如技術、房地產和供應鏈領域的合資企業和策略合作夥伴關係。展望未來，我們看到中國有更高的成長和利潤機會。我們正在打造下一代星巴克，以我們的高端品牌為基礎，開展更具數位創新和本地相關性的業務。

To do so, as our strategy evolves, we are in the early stages of exploring strategic partnerships to further enhance our competitive position to accelerate growth and innovate to win in the long term in China. We remain completely committed to our business and our partners in China, for the next 25 years and beyond. The long-term opportunity for us is significant.

為此，隨著我們策略的演變，我們正處於探索戰略合作夥伴關係的早期階段，以進一步增強我們的競爭地位，加速成長和創新，從而在中國取得長期勝利。在未來25年及以後，我們仍將全心全意地致力於我們在中國的業務和合作夥伴。對我們來說，長期機會是巨大的。

Before I close, I would like to confirm that Elliott Management is a shareholder in our company, and our conversations to date have been constructive. On the business, my continued confidence is rooted in the focus, energy, and effort of our partners across the business and around the globe.

在結束之前，我想確認 Elliott Management 是我們公司的股東，並且我們迄今為止的對話是建設性的。對於業務，我持續的信心源於我們在整個業務範圍內和全球範圍內的合作夥伴的專注、精力和努力。

Our growing culture focused innovation and relentless execution continues to enhance our capabilities, operational muscle and executional discipline, driving forward our action plan and our long-term Triple Shot strategy while helping return the business to sustainable algorithmic growth.

我們不斷發展的文化重點是創新和不懈的執行，這不斷增強我們的能力、營運實力和執行紀律，推動我們的行動計劃和長期三重策略，同時幫助業務恢復可持續的演算法成長。

And with that, I'll turn this over to Rachel.

現在，我將把這個交給 Rachel。

Thank you, Laxman, and good afternoon, everyone. As Laxman shared, we're seeing progress against our three-part action plans. Additionally, our efficiency efforts, which are tracking ahead of expectations, partially offset investments associated with the cautious consumer environment. With continued focus on our action plans, efficiency efforts, and disciplined operational execution, we expect progress as we close out the year. With that, let me turn to our results.

謝謝你，拉克斯曼，大家午安。正如拉克斯曼所說，我們的三部分行動計畫正在取得進展。此外，我們的效率努力超出了預期，部分抵消了與謹慎的消費環境相關的投資。透過持續關注我們的行動計劃、效率努力和嚴格的營運執行，我們預計在今年結束時會取得進展。接下來，讓我來談談我們的成果。

Our Q3 consolidated revenue was $9.1 billion, up 1% from the prior year, demonstrating sequential revenue growth quarter over quarter, consistent with what we guided. Revenue growth over the prior year was driven by 8% net new company-operated store growth, partially offset by a 3% decline in comparable store sales from a 5% decrease in transactions and a 2% increase in average ticket as we continue to navigate through a value-driven consumer environment.

我們的第三季綜合收入為 91 億美元，比上年增長 1%，環比收入連續成長，與我們的預期一致。營收較上年同期成長主要得益於公司自營新店淨成長 8%，但由於我們繼續在價值驅動的消費環境中前行，同店銷售額因交易量下降 5% 和平均票價上漲 2% 而下降 3%，部分抵消了這一增長。

US led the average ticket increase of 4%, driven by pricing and multi-beverage orders. The increase in average ticket in the US reflects how our innovative products and thoughtful promotions resonated with customers in our quest to offer enhanced value, indicating that our action plans are starting to take hold.

受定價和多種飲料訂單的推動，美國引領了平均票價上漲 4%。美國平均票價的成長反映了我們的創新產品和周到的促銷活動在提供更高價值的過程中引起了客戶的共鳴，這表明我們的行動計劃開始發揮作用。

Shifting to transactions. US posted a comparable transaction decline of 6%, primarily driven by non-SR members. Across SR customers, as Laxman shared, we saw improved frequency across all deciles. Mobile order and pay in the US

轉向交易。美國可比交易量下降了 6%，主要原因是非 SR 成員。正如 Laxman 所分享的，對於 SR 客戶來說，我們看到所有十分位數的頻率都有所提高。美國的行動訂購和支付

remained strong in the quarter with positive year-over-year total transaction growth of 7%, as customers continue to value both the experience and convenience of the mobile order and pay channel.

本季保持強勁成長，總交易量較去年同期成長 7%，因為客戶繼續重視行動訂購和支付管道的體驗和便利性。

As we open our app for all with MOP guest checkout, which launched earlier this month, we expect to create and deliver value across a broader population, expanding our universe of known customers to deepen engagement, driving increased frequency and spend.

隨著我們向所有人開放我們的應用程序，並於本月初推出 MOP 訪客結帳功能，我們希望在更廣泛的人群中創造和提供價值，擴大我們的已知客戶範圍，加深參與度，從而提高頻率和支出。

In addition to strong SR program growth in the US, we saw strong SR program growth in China. SR members grew to a record 22 million 90-day active members in China, and in June, we also enhanced the program through extending rewards and introducing new diamond tier, which provides exclusive benefits to our most loyal SR members. We're pleased with the SR member growth across both the US and China and expect to see the benefit from this growth in future quarters as new members provide a longer-term benefit.

除了美國 SR 項目強勁成長之外，我們還看到中國 SR 項目也強勁成長。在中國，SR 會員數量增長至創紀錄的 2200 萬 90 天活躍會員，6 月份，我們還通過擴大獎勵範圍和推出新的鑽石級別增強了該計劃，為我們最忠實的 SR 會員提供專屬福利。我們對美國和中國的 SR 會員成長感到高興，並期望在未來幾季看到這種成長帶來的好處，因為新會員將帶來長期利益。

Shifting to margin. Our Q3 consolidated operating margin contracted 70 basis points from the prior year to 16.7%, primarily driven by increased promotional activities, investments in store partner wages, and benefits as well as deleverage. The contraction was partially offset by pricing and our continued execution against reinvention-related in-store operational efficiencies as well as out-of-store efficiencies, which primarily center around our supply chain.

轉入保證金。我們的第三季綜合營業利潤率較上年下降 70 個基點至 16.7%，主要原因是促銷活動的增加、對門市合作夥伴工資和福利的投資以及去槓桿。這一收縮被定價和我們持續執行的與重塑相關的店內營運效率以及店外效率（主要圍繞我們的供應鏈）所部分抵消。

As you've heard Laxman discuss, we're focused on improving operational execution and efficiencies, which is now more important than ever as we build resiliency in our business. Our efficiency efforts are built on creating sustainable improvements in our operations and end-to-end supply chain, allowing us to both reinvest in our business and drive margin expansion.

正如您所聽到的拉克斯曼所討論的，我們專注於提高營運執行力和效率，這在我們建立業務彈性時比以往任何時候都更加重要。我們的效率努力建立在持續改進我們的營運和端到端供應鏈的基礎上，這使我們能夠對業務進行再投資並推動利潤率的擴大。

A testament to these efforts includes the achievement in excess of 200 basis points in year-over-year efficiency gains as of Q3 and across both in-store and out-of-store areas, manifesting through our business and reduced store operating expenses and product and distribution costs, respectively. Collectively, these line items represent approximately 85% of our annual spend.

這些努力的證明包括截至第三季度，店內和店外區域的效率同比提高了 200 多個基點，這分別體現在我們的業務和降低的門市營運費用以及產品和分銷成本上。總的來說，這些項目約占我們年度支出的 85%。

Our in-store focus, a combination of efficiencies and staffing and scheduling as well as enhancements in our store equipment and new store format design, has fueled a reduction in partner turnover, creating greater stability in our stores. We believe that stability not only creates opportunity to nurture stronger connections with customers, but also increases productivity, which translated to roughly 110 basis point improvement in store operating expense in the quarter.

我們對店內業務的關注，包括效率、人員配備和時間安排的結合，以及店內設備的改進和新店面形式的設計，都促使合作夥伴的流失率降低，從而提高了店內業務的穩定性。我們相信，穩定性不僅創造了與客戶建立更緊密聯繫的機會，而且還提高了生產力，這意味著本季門市營運費用提高了約 110 個基點。

Our efficiency focus also extends outside of the store, as we've been taking a hard look across our supply chain and other areas, including G&A. As Laxman shared, we're working collaboratively with suppliers to identify opportunities to leverage our scale for cost reductions without compromising product quality or distribution timeliness, which led to meaningful savings in the quarter of approximately 100 basis points between rebates and rate savings.

我們對效率的關注也延伸到了商店之外，因為我們一直在認真審視我們的供應鏈和其他領域，包括一般及行政管理 (G&A)。正如拉克斯曼所分享的，我們正在與供應商合作，尋找機會利用我們的規模來降低成本，同時又不影響產品品質或分銷及時性，這使得本季度在回扣和費率節省之間實現了約 100 個基點的顯著節省。

In addition, we believe our end-to-end supply chain focus gives us the opportunity to increase inventory availability with the right products at the right time, enhancing the customer experience while reducing waste.

此外，我們相信，端到端供應鏈的重點使我們有機會在正確的時間提供正確的產品來增加庫存可用性，從而增強客戶體驗並減少浪費。

As we've shared G&A was elevated at more than 7% of revenue through Q2, as we have deliberately invested in resources to continue to grow our technology capability.

正如我們所分享的，由於我們有意投資資源來繼續提升我們的技術能力，因此到第二季度，G&A 費用佔收入的比例已超過 7%。

We have, however, reduced G&A in Q3 and expect it to remain closer to 6% of revenue in the second half of this fiscal year as we balance investments for our long-term growth.

然而，我們在第三季減少了一般行政費用，並預計在本財年下半年它將保持在接近收入的 6% 的水平，因為我們要平衡投資以實現長期成長。

When considering our progress this fiscal year, our in-store and out-of-store year-to-date efficiency efforts collectively amounted to nearly 300 basis points of margin improvement.

考慮到我們本財年取得的進展，我們年初至今在店內和店外的效率提升努力總計使利潤率提高了近 300 個基點。

Our significant efficiency runway coupled with sales growth, gives us confidence to drive margin expansion over time. Given this, we have ample opportunities to deliver above our initial goal of $3 billion, driving to $4 billion in efficiencies over the next four years.

我們顯著的效率跑道加上銷售成長，使我們有信心隨著時間的推移推動利潤率的擴大。有鑑於此，我們有充足的機會超越最初設定的 30 億美元的目標，並在未來四年內將效率提高到 40 億美元。

Q3 EPS was $0.93, down 6% from the prior year. The decline was driven largely by the cautious consumer environment, which in response drove increased promotions and marketing in the quarter, partially offset by our efficiency efforts. Additionally, our higher effective tax rate had a $0.03 unfavorable impact driven by fewer discrete items relative to the prior year.

第三季每股收益為 0.93 美元，較前一年下降 6%。下降的主要原因是謹慎的消費環境，這促使本季增加了促銷和行銷，但部分被我們的效率努力所抵消。此外，由於與前一年相比，單一項目減少，導致我們的有效稅率提高，產生了 0.03 美元的不利影響。

With segment results being discussed in detail in today's Q3 earnings release, I'll now touch on our capital allocation and financial resilience and then move into guidance. As a reminder, our disciplined approach to capital allocation continues to drive financial flexibility, allowing us to continue to make the necessary investments in our business to drive long-term growth.

在今天的第三季財報中詳細討論了各部門的業績後，我現在將談談我們的資本配置和財務彈性，然後進入指引。提醒一下，我們對資本配置的嚴謹態度繼續推動財務靈活性，使我們能夠繼續對業務進行必要的投資，以推動長期成長。

Our new stores continue to be a meaningful part of our growth equation with approximately 85% of our CapEx allocated to our stores, both new stores and renovations. These high-return growth-oriented investments have superior economics while adding incrementally to our business.

我們的新店繼續成為我們成長方程式的重要組成部分，大約 85% 的資本支出分配給了我們的門市，包括新店和翻新門市。這些高回報的成長型投資具有優越的經濟效益，同時也能逐步增加我們的業務。

Even with over 16,700 stores across the US and another 7,300 in China, we have abundant white space ahead, particularly as populations continue to move to more suburban and rural areas.

即使我們在美國擁有超過 16,700 家門市，在中國擁有 7,300 家門市，但我們未來仍有充足的空白空間，特別是隨著人口繼續向郊區和農村地區遷移。

Take a Tier 3 market in US, for example, a place like Joplin, Missouri. A drive-thru in that market boasts a year one ROI in excess of 65%, with cash margins approaching 30% and a payback period of less than two years.

以美國的三級市場為例，例如密蘇裡州喬普林。該市場的免下車服務第一年的投資報酬率超過 65%，現金利潤率接近 30%，投資回收期不到兩年。

Year one AUVs reach approximately 2 million with opportunity ahead as we build out the trade area. Importantly, our new store revenue is highly incremental, adding an average of nearly 90% to the trade area attained by our world-class store development partners and the rigorous work that leverages AI-assisted strategic site selection process.

第一年，AUV 數量將達到約 200 萬，隨著貿易區的建設，未來充滿機會。重要的是，我們的新店收入具有高度增量，在我們世界一流的店鋪開發合作夥伴以及利用人工智慧輔助戰略選址流程的嚴謹工作所實現的貿易面積上平均增加了近 90%。

We see that in China as well. Take a New County City, for example. We're in only about 900 of the nearly 3,000 across the market. Today, we see year one ROI as high as 70% with cash margins averaging over 30% as we've successfully managed both store development and operating costs even in the current macroeconomic backdrop. We believe this is a great investment and accretive to shareholder value, building out the long-term opportunity.

我們在中國也看到了這種情況。以新縣城為例。整個市場有近 3,000 家門市，我們只涉足其中的 900 家左右。如今，即使在當前的宏觀經濟背景下，我們也成功地管理了門市開發和營運成本，因此第一年的投資報酬率高達 70%，現金利潤率平均超過 30%。我們相信這是一項偉大的投資，能夠增加股東價值，創造長期機會。

With our disciplined approach to capital allocation, underpinned by our strengthening store portfolio, we are reinforcing our financial resilience, while remaining committed to our compelling dividend. We continue to target an earnings payout ratio of approximately 50%, near the top end of growth companies of our size and scale, resulting in a significant portion of our earnings going directly back to our shareholders.

我們採取嚴謹的資本配置方法，以不斷加強的門市組合為基礎，增強我們的財務韌性，同時繼續致力於提供誘人的股息。我們繼續將獲利支付率定為 50% 左右，接近我們同等規模和規模的成長型公司的高端，從而使我們的很大一部分盈利直接回饋給股東。

And currently, we have maintained a leverage target below 3x lease adjusted EBITDA, ensuring a strong financial foundation and consistent with our investment-grade credit rating of BBB+, which allows us to continue to access capital efficiently. Collectively, our disciplined approach enables us to preserve both balance sheet strength and flexibility, positioning us to successfully navigate through the current macroeconomic environment.

目前，我們已將槓桿目標維持在 3 倍租賃調整後 EBITDA 以下，確保了強大的財務基礎，並與我們 BBB+ 的投資級信用評級一致，這使我們能夠繼續有效地獲取資本。總的來說，我們嚴謹的方法使我們能夠保持資產負債表的實力和靈活性，使我們能夠成功應對當前的宏觀經濟環境。

Moving to our fiscal year 2024 guidance. We are encouraged with our progress this quarter, and we're pleased to reaffirm all metrics of our full year 2024 guidance. Our confidence is underpinned by the result of our action plans, coupled with the continued efficiency unlock both in and out of store.

轉向我們的 2024 財年指導。我們對本季的進展感到鼓舞，並很高興重申 2024 年全年指引的所有指標。我們的信心源自於我們的行動計畫的成果以及店內和店外持續的效率提升。

In summary, here are key takeaways from my discussion today. First, we are seeing progress against our action plans. Second, our efficiency efforts partially offset investments associated with the cautious consumer environment. Third, we believe our financial fortitude and disciplined capital allocation strategy positions us well for the long term. And last, our full-year 2024 guidance remains intact.

總而言之，以下是我今天要討論的要點。首先，我們看到行動計劃正在取得進展。其次，我們的效率努力部分抵銷了與謹慎的消費環境相關的投資。第三，我們相信，我們的財務實力和嚴謹的資本配置策略將使我們在長期內處於有利地位。最後，我們對 2024 年全年的預期保持不變。

Before I close, I want to acknowledge all of our partners across the globe, working tirelessly each and every day to elevate the Starbucks Experience in our stores, at our roasting plants, and in our support centers, you are and always have been our superpower. Thank you, partners.

最後，我想感謝我們遍布全球的所有合作夥伴，你們每天都在孜孜不倦地工作，以提升我們門市、烘焙廠和支援中心的星巴克體驗，你們現在是、並且一直都是我們的超級力量。謝謝各位夥伴們。

And with that, we'll open the call for questions. Operator?

現在，我們將開始提問。操作員？

(Operator Instructions)

（操作員指示）

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

(Operator Instructions)

（操作員指示）

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Sure. Thanks, Brian. Let me start with the G&A actions. So in the quarter, our G&A actually declined year over year by about 5%. And the drivers of that include performance-based compensation, so lower performance-based compensation, coupled with lapping over some foundation investments from the prior year.

當然。謝謝，布萊恩。讓我先從 G&A 行動開始。因此，本季我們的 G&A 實際上比去年同期下降了約 5%。其驅動因素包括基於績效的薪酬，因此基於績效的薪酬較低，再加上上一年的一些基礎投資的重疊。

In addition to that, given the environment, we made some deliberate decisions to focus on cost efficiencies, which helped us offset some of the investments we've made in wages and benefits as well as the investments we've made in technology. We'll expect that to further into Q4. As we look to the out years, we will continue to drive leverage in our G&A as part of our overall efficiency focus and efforts.

除此之外，考慮到當時的環境，我們做出了一些深思熟慮的決定，重點是成本效益，這有助於我們抵消在工資和福利以及技術方面的一些投資。我們預計這一情況將持續至第四季。展望未來，我們將繼續提高一般及行政管理方面的槓桿率，作為我們整體效率重點和努力的一部分。

Now on the store side, you asked about reinvesting, where does that go? And as far as our in-store and out-of-store efficiencies, those investments largely this year have helped to support the promotional activities as well as the investments we've made in our partner wages and benefits.

現在在商店方面，您詢問了再投資的情況，那會怎麼樣？就我們的店內和店外效率而言，今年的投資主要有助於支持促銷活動以及我們在合作夥伴薪資和福利方面的投資。

Now as we look towards next year, we'll continue on our path of efficiency efforts. Those efforts will help us to be able to unlock the capacity to be able to reinvest back into our business in a sundry of different areas, but it will also allow us to drive margin expansion. So I think that answered all of your questions. Thank you.

現在，展望明年，我們將繼續努力提高效率。這些努力將幫助我們釋放能力，使我們能夠在各個不同領域重新投資於我們的業務，同時也使我們能夠推動利潤率的擴大。所以我認為這回答了你的所有問題。謝謝。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Great. I wanted to ask about the composition. So think, Rachel, you mentioned average check benefited from multi-beverage orders, which I guess suggests that perhaps you're not seeing premiumization or customization anymore, but rather just increased group sizes.

偉大的。我想問一下有關作文的問題。所以想想，Rachel，你提到平均帳單受益於多種飲料訂單，我想這表明也許你不再看到高端化或客製化，而只是看到了團體規模的增加。

And then you also mentioned pricing. How much price do you have year over year? If you could give any color on that.

然後您還提到了定價。你們的價格年比去年是多少？如果您能對此作出任何說明的話。

And then the final piece, you talked about much lower promotional intensity or mix than what we see from some of your competitors that I'm trying to understand how does that 14% compare perhaps to what Starbucks might have seen in the past?

最後一點，您談到促銷強度或組合比我們從一些競爭對手那裡看到的要低得多，我想了解一下這 14% 與星巴克過去的水平相比如何？

Sure, Sara. Thank you for the question. I'll start with the 4% check. So in the US business, our ticket comp increased by 4%. And as I shared in my prepared remarks, that does include -- about 25% of it was related to beverage attach or multi-beverage orders in response to our promotional offers. So it showed that our customers responded well to our offers, so that's really the driver of it.

當然，薩拉。謝謝你的提問。我先從 4% 的支票開始。因此，在美國業務中，我們的票房收入增加了 4%。正如我在準備好的演講中分享的那樣，其中約 25% 與響應我們的促銷優惠而附加的飲料或多種飲料訂單有關。這表明我們的客戶對我們的報價反應良好，所以這才是真正的驅動力。

We aren't seeing the customization and the personalization in the same way because our offers were much more targeted and driven around specific beverages as well as overall beverage attach. And so as a result of that, that drove the ticket in the quarter. But we were pleased with that because it shows that customers responded well to those offers.

我們沒有以同樣的方式看到客製化和個人化，因為我們的報價更有針對性，並且圍繞著特定飲料以及整體飲料附加。因此，這推動了本季的票務需求。但我們對此感到高興，因為這表明客戶對這些優惠反應良好。

Now when we think about price year over year in that 4% ticket, I would say the remainder of the ticket, about 75% is really net price. That includes everything from pricing moves, including the increases that we took in California, coupled with the promotional offers. So I'd say that's a net pricing impact on that 4%.

現在，當我們考慮那 4% 票的同比價格時，我會說剩餘的票款，大約 75% 實際上是淨價。其中包括價格變動等所有內容，包括我們在加州採取的漲價措施，以及促銷優惠。所以我認為這是對 4% 的淨定價影響。

And in terms of the promotional intensity, I'll turn it over to Laxman in a minute, but what I can say about the promotional environment is we've been very measured from a promotional standpoint given the fact that we have a premium positioning as our brand. And so the majority of our promotional efforts we're focused on driving growth in our Starbucks Rewards membership, because we know that those members tend to increase their value for us over the lifetime. It's a more efficient way for us to promote.

至於促銷力度，我稍後會將其交給拉克斯曼，但關於促銷環境，我可以說的是，考慮到我們的品牌定位高端，我們在促銷方面非常謹慎。因此，我們的大部分促銷活動都集中在推動星巴克獎勵會員的成長上，因為我們知道這些會員的終身價值往往會為我們增加。這對我們來說是一種更有效的推廣方式。

And in the quarter, we were pleased with the fact that between the offers and the marketing activities, we were able to grow our Starbucks Rewards membership in the US as a result of that. We also saw traffic increase on days where we had offers as well as days where we had new product launches. So that also gave us some encouragement just in terms of the effectiveness of our offers.

在本季度，我們很高興地看到，透過這些優惠和行銷活動，我們在美國星巴克獎勵會員數量有所增加。我們也發現，在推出優惠活動和新產品發布的日子裡，流量都有增加。因此，從我們所提供服務的有效性來看，這也給了我們一些鼓勵。

And with that, I'll turn it over to Laxman.

現在，我將把發言權交給拉克斯曼。

Sara, just to build on the question that you asked and Rachel's response. The Starbucks brand is grounded in the idea that if you exceed the partner expectations, you will exceed the customer expectations. And it is in this experience that we deliver the premiumness of the brand.

薩拉，只是想基於你提出的問題和雷切爾的回答。星巴克品牌的理念是：如果你超越合作夥伴的期望，你就會超越顧客的期望。正是透過這種體驗，我們傳遞了品牌的優質性。

And when you look at the words worth it for the Starbucks Experience, what we measure in our work and brand equities, not just about price, it is about the quality, the distinctive quality, the product customization that you mentioned, the consistency of the experience that we create bolt-on stores and digitally, delivered at a price that customers believe is worth it when they come into the store to transact with us or when they transact with us across channels.

當您看到星巴克體驗中「物有所值」這個詞時，我們衡量工作和品牌資產的不僅僅是價格，還有品質、獨特的品質、您提到的產品定制，以及我們在附加商店和數位平台上創建的體驗的一致性，以客戶認為物有所值的價格交付，當客戶進入商店與我們交易或透過其他管道與我們交易時。

Now one of the things that we have been very careful about is that given the premiumness of the brand, we've been very careful about the offers. And as Rachel said, it is at a lower intensity than it is for some of the other brands.

現在，我們非常謹慎的事情之一是，考慮到品牌的高端性，我們對優惠非常謹慎。正如 Rachel 所說，它的強度比其他一些品牌要低。

What we've tried to do is focus on the Starbucks Rewards members. For our business, 60% of our revenue comes from the SR program, and 40% comes from the non-SR program. And what we've found is that some of these offers that we have done, particularly for Starbucks Rewards members has helped drive engagement and incremental visits. We talked a bit about the fact that we've seen engagement go up in every decile of the Starbucks Rewards members.

我們嘗試做的是專注於星巴克獎勵會員。對於我們的業務而言，60％的收入來自SR計劃，40％來自非SR計劃。我們發現，我們推出的一些優惠活動，特別是針對星巴克獎勵會員的優惠活動，有助於提高會員參與度和增加訪問量。我們談到了這樣一個事實：星巴克獎勵會員的參與度在各個十分位都有所上升。

If I look at a non-SR customers, which is about 40% of it, what we've been working on is ensuring that we give them offers to come in and become part of the SR program. Additionally, they have told us, about a fourth of them tell us that they want the digital convenience, but they don't necessarily want to be part of the program. So we've done things around how we open up the app for them to order and get the digital convenience.

如果我看一下非 SR 客戶（約佔 40%），我們一直在努力確保為他們提供加入並成為 SR 計劃一部分的機會。此外，他們告訴我們，大約四分之一的人告訴我們，他們想要數位便利，但他們不一定想成為該計劃的一部分。因此，我們圍繞如何開放應用程式供他們訂購並獲得數位便利做了一些工作。

What we see over time is for the non-SR customers, we still have the opportunity to target price investments funded by the progress we are making in our efficiency program. And all the way brings it back to our three-part action plan in terms of what we're doing to continue to deliver the kind of premium experience Starbucks is about.

隨著時間的推移，我們發現，對於非 SR 客戶，我們仍然有機會利用我們在效率計劃中取得的進展來資助目標價投資。這一切都回到了我們的三部分行動計劃，即我們正在採取哪些措施來繼續提供星巴克的優質體驗。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Thank you very much. My question was on China. The headwinds, Laxman, as I mentioned, are seemingly large. The comps down 14%. I think you mentioned we just highlighted the ramp in competition and the macro challenges and the price wars.

偉大的。非常感謝。我的問題是關於中國的。正如我所提到的，拉克斯曼，阻力似乎很大。同店銷售額下降了 14%。我想您提到過，我們剛剛強調了競爭的加劇、宏觀挑戰和價格戰。

But with that said, I know you mentioned exploring strategic partnerships and you've had partnerships in the past. Just curious if you could provide some more color. I know in the past, the Board has evaluated alternatives such as the licensing of China, similar to other multinational QSRs, which would kind of allow to participate in the growth, but mitigate the volatility and reduce your capital needs.

但話雖如此，我知道你們提到探索策略夥伴關係，而且你們過去也曾建立過合作夥伴關係。只是好奇您是否可以提供更多顏色。我知道，董事會過去曾評估過其他替代方案，例如在中國頒發許可證，類似於其他跨國快餐店，這將允許企業參與成長，但可以減輕波動並減少資本需求。

So I'm just wondering what your thoughts are on that, whether that was kind of the reference you made earlier, maybe some of the pros and cons as you contemplate the potential for those strategic alternatives such as licensing? Any color would be great. Thank you.

所以我只是想知道您對此有何看法，這是否是您之前提到的，也許是您在考慮許可等戰略替代方案的潛力時的一些利弊？任何顏色都很好。謝謝。

Jeff, thanks so much. We built a distinctive business in China with both the Starbucks and Starbucks Reserve brands that are relatively more premium relative to what we have in the market. And we've got 60,000 partners; 19,000 of them wore black aprons and coffee. And so the depth of coffee expertise we have is tremendous.

傑夫，非常感謝。我們在中國透過星巴克和星巴克臻選品牌建立了獨特的業務，相對於我們在市場上現有的品牌而言，這兩個品牌的品質相對較高。我們有 60,000 名合作夥伴，其中 19,000 人穿著黑色圍裙，喝著咖啡。因此，我們擁有豐富的咖啡專業知識。

Additionally, as we look at the really long term, the potential in this business is amazing. I mean we've essentially very early days, given the per-caps we see and the headroom that it provides. So the stores, the brand, the partners, the supply chain, the digital presence we have, all are distinctive advantages.

此外，從長遠來看，這個行業的潛力是驚人的。我的意思是，考慮到我們看到的人均數據和它提供的空間，我們基本上還處於非常早期的階段。因此，我們的商店、品牌、合作夥伴、供應鏈、數位業務都是獨特的優勢。

But as you rightfully said, there's been quite a change in the competitive environment. And we've been very entrepreneurial. I mean, 25 years ago when [Howe] went to China, we've created a specialty coffee industry from pretty much nowhere. And we have been very entrepreneurial and we've looked at various ways of making that happen, including joint ventures, and partnerships -- strategic partnerships and technology, real estate, and supply chain.

但正如您所說，競爭環境已經發生了很大變化。我們非常具有創業精神。我的意思是，25 年前當 [Howe] 來到中國時，我們幾乎從無到有創造了特色咖啡產業。我們非常具有創業精神，我們探索了實現這一目標的各種方式，包括合資企業和合作夥伴關係——策略合作夥伴關係和技術、房地產和供應鏈。

We're frankly at the very early stages of this. And so I don't want to necessarily comment specifically on any one option versus another. But we're in the early stages. And we recognize that what we want to be sure of is that we are further strengthening our advantage in this market because the long-term opportunity for us is significant. And we will update you as we make progress on this effort in terms of exploring these strategic partnerships.

坦白說，我們正處於這一進程的早期階段。因此，我不想對任何一個選項做出具體的評論。但我們還處於早期階段。我們認識到，我們想要確保的是，我們正在進一步加強我們在這個市場的優勢，因為對我們來說，這是一個巨大的長期機會。隨著我們在探索這些策略夥伴關係方面的努力取得進展，我們將向大家通報最新進展。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

Great. I think you guys mentioned that traffic was down 6% in the US and the majority of that was due to the non-Rewards customers, which makes up, call it, 40% of your business. That's a pretty substantial decline in that customer base by a double-digit decline in that customer base.

偉大的。我想你們提到過，美國的流量下降了 6%，其中大部分是由於非獎勵客戶造成的，他們佔了你們業務的 40%。該客戶群的下降幅度相當大，下降了兩位數。

So can you just talk a little bit about where you think these customers are going? And why is it that there is such a steep decline in this customer account and just this segment? Thank you very much.

那麼，您能否簡單談談您認為這些顧客會去哪裡呢？為什麼這個客戶帳戶和這個部分的客戶數量會急劇下降呢？非常感謝。

So first of all, I think we are operating in a challenging consumer environment. You see the impact of that in away-from-home consumption. If you look at our business at home, the grocery stores with our brands, you're seeing volume increase, you're seeing share increase in a category that's in decline, but we see volume increase at home.

首先，我認為我們正處於一個充滿挑戰的消費環境。您可以看到這對外出消費的影響。如果你看看我們的家庭業務，看看我們品牌的雜貨店，你會看到銷量在增加，你會看到在一個正在下滑的類別中的份額在增加，但我們看到家庭銷量在增加。

In our ready-to-drink business, we're seeing clearly that they had some challenges. But with the work that our joint venture team is doing, we're seeing progress there. But away-from-home consumption, you see the impact of the challenging consumer environment.

在我們的即飲業務中，我們清楚地看到他們面臨一些挑戰。但透過我們的合資團隊的努力，我們看到了進展。但對於外出消費，你會看到充滿挑戰的消費環境的影響。

What we're focused on is what is it that we can do to control what we have. And so the Starbucks Rewards members, you see greater engagement; that is 60% of our revenue.

我們關注的是，我們能做什麼來控制我們所擁有的東西。因此，星巴克獎勵會員的參與度更高；這是我們收入的 60%。

Clearly, if you look at the sort of lower deciles of the Starbucks Rewards program, we see opportunity even there for them to increase their visitations. But if I look at what we're seeing with our non-SR customers, we still maintain the number-one position in terms of coffee shops visited from the research that we do internally and for the equity work we've done.

顯然，如果你看一下星巴克獎勵計劃的較低十分位數，我們會發現他們仍然有機會增加客流量。但是，如果我看看我們的非 SR 客戶的情況，從我們內部進行的研究和所做的公平工作來看，我們在咖啡店訪問量方面仍然保持第一的位置。

So I think that this is a statement around the overall environment. We know that there are things that we can do in order to communicate value better to our non-SR customers, which is why we've opened up the app for all starting this quarter. And once they come in and once they see what's happening inside the convenience of the mobile order to pay channel, they will get exposed to what we have inside the app.

所以我認為這是圍繞整體環境的聲明。我們知道，我們可以做一些事情來更好地向非 SR 客戶傳達價值，這就是為什麼我們從本季開始向所有人開放該應用程式。一旦他們進來，一旦他們看到行動訂單支付管道的便利性，他們就會了解我們應用程式內的內容。

And we know that we have an opportunity as we look at the end-to-end efficiencies that we can get in our supply chain, that we can target price investments in those areas that will help them realize the price proposition that we have overall.

我們知道，當我們審視供應鏈中端到端的效率時，我們就有機會，我們可以針對這些領域進行價格投資，幫助他們實現我們整體的價格主張。

If you really step back and look at us, we've been very disciplined over the last many years. We've taken less pricing than many, but we also recognize the environment we're operating in is challenged. And so I think what you'll see us do is being measured in the way we do this and do it through the app and target price investments where appropriate, leveraging off the efficiency work that Rachel spoke about.

如果你真的退一步看看我們，你會發現過去許多年來我們一直非常自律。我們的定價比許多公司都要低，但我們也意識到我們所處的營運環境面臨挑戰。因此，我認為你會看到我們所做的是根據我們這樣做的方式進行衡量的，並透過應用程式和適當情況下的目標價投資來實現，利用 Rachel 談到的效率工作。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Great. I guess maybe first, a clarification on the question. Rachel, you mentioned the $4 billion in savings. Just want to ensure that's a gross or a net number.

偉大的。我想也許首先需要澄清一下這個問題。雷切爾，你提到了 40 億美元的節省。只是想確保這是一個總額還是淨額。

And then I guess maybe going to the Siren stations that you've talked about, I know you're still on track to get 40% or less than 40% done in North America by the end of fiscal '26. Can you talk about what you're seeing with respect to returns? And what's the impediment to accelerating that type of remodel schedule, picking it up, say, instead of less than 40% by the end of '26 picking that up to 50%, 60% or pulling forward more to current fiscal '25, say?

然後我想也許可以去到您談到的 Siren 站，我知道您仍然預計在 26 財年末在北美完成 40% 或不到 40% 的業績。能談談您對回報的看法嗎？那麼，加速這種改造計畫的障礙是什麼呢？比如說，不是在 26 年底前將改造進度提高到 40% 以下，而是提高到 50%、60% 或提前到 25 財年？

Jon, I'll start with -- on the $4 billion of savings over the next 4 years, that is a net number. So we have obviously a larger gross number to ensure that we can deliver on that. So that's the way I think about the savings.

喬恩，我首先要說的是——未來 4 年節省 40 億美元，這是一個淨數字。因此，我們顯然擁有更大的總數來確保我們能夠實現這一目標。這就是我對儲蓄的看法。

On your second question on the Siren Craft -- on the Siren Systems and the equipment deployment, well, firstly, we've deployed the process improvements across all our stores in the US this week. This has been very well received, the inclusive of the new routines, the training, the beverage bills, the partner investments. We will see transaction impact with that.

關於您關於 Siren Craft 的第二個問題——關於 Siren 系統和設備部署，首先，本週我們已經在美國所有商店部署了流程改進。這受到了熱烈歡迎，包括新的例行活動、培訓、飲料費用、合作夥伴投資。我們將看到其對交易的影響。

Now we have matched our Siren System equipment rollouts with the renovations of store bills because of the returns that that gives us. But it's not stopping us from actually using those Siren System equipment in order for us to debottleneck these outlier stores.

現在，我們已將 Siren System 設備的推出與商店帳單的翻新相匹配，因為這會為我們帶來回報。但這並沒有阻止我們實際使用 Siren System 設備來消除這些異常商店的瓶頸。

And as I mentioned in my prepared remarks, with the work we've done with Deep Brew and the analytics that we have, there were 10% of our stores that have the highest customer service outages. For these 10% stores, that's less than 1,000, right? There's work going on store-by-store.

正如我在準備好的發言中提到的那樣，根據我們在 Deep Brew 上所做的工作以及我們所做的分析，我們有 10% 的商店的客戶服務中斷率最高。對於這 10% 的商店來說，數量不到 1,000 家，對嗎？各家商店都在陸續開展工作。

And what we're doing store by store is to look to see is a combination of process improvements, how we run the stores, as well as looking at our renovation cycle to potentially resequence them in order for us to bring the Siren systems in an accelerated fashion to help us debottleneck these stores.

我們對每家商店進行檢查是為了了解流程改進、商店運作方式以及改造週期，以便對它們進行重新排序，從而讓我們能夠以更快的方式引入 Siren 系統，幫助我們消除這些商店的瓶頸。

Now later this quarter, we're going to start rolling out a couple of things that will help us attack some of the bottleneck areas we see. For example, this retrofit to our espresso machines, same quality, higher throughput. We're going to see the rollout start to over 6,000 espresso constrained stores starting next quarter.

在本季晚些時候，我們將開始推出一些措施，幫助我們解決所發現的一些瓶頸問題。例如，對我們的濃縮咖啡機進行改造，品質相同，產量更高。從下個季度開始，我們將看到該服務在 6,000 多家濃縮咖啡專賣店中開始推廣。

We're doing the same thing with some of the software changes we're making around food and how we drive throughput there. So these are targeted sequenced efforts that will have high impact on those stores with the greatest constraints.

我們對食品領域的一些軟體改進以及如何提高食品的吞吐量也做了同樣的事情。因此，這些都是有針對性的有序努力，將對受到最大限制的商店產生重大影響。

You will see Clover Vertica being all stores by the end of financial year 2025. So we're going at this, not just waiting for the whole system, but looking at portions of it that we can bring in a more accelerated fashion in order for us to drive throughput in the stores.

到 2025 財年末，您將看到 Clover Vertica 進入所有商店。因此，我們這樣做，不只是等待整個系統，而是研究可以以更快的方式引入的各部分，以便提高商店的吞吐量。

If I would just add one more point to that is I think it's important to note that the Siren System of the equipment is a major overhaul to our overall stores, our engine. It requires quite a bit of CapEx as well as quite a bit of change management. So we intentionally leverage the renovation and new store process because it allows us to optimize the costs while take advantage of downtime. So that's also an important note in terms of how we've been thoughtful about how we roll these systems out more broadly.

如果我再補充一點，我認為需要注意的是，該設備的警報系統是對我們的整體商店、我們的引擎的重大改造。它需要相當多的資本支出以及相當多的變更管理。因此，我們有意利用裝修和新店流程，因為它使我們能夠優化成本，同時利用停機時間。因此，就我們如何更廣泛地推廣這些系統而言，這也是一個重要的注意事項。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Right, we'll move on to the next question. David Tarantino, Baird.

好的，我們繼續下一個問題。大衛·塔倫蒂諾，貝爾德。

Hi. Good afternoon. I just wanted to follow up on the US business. A lot of encouraging commentary about some of the internal metrics you're seeing in the business there. But I was hoping maybe you could talk about how that's translating to sales performance and whether you're already starting to see sales responding to some of the progress you're making?

你好。午安.我只是想跟進美國業務。對於您在那裡看到的一些內部業務指標，有很多令人鼓舞的評論。但我希望您能談談這對銷售業績有何影響，以及您是否已經開始看到銷售對您所取得的一些進展做出反應？

And maybe more specifically, if you expect the fourth quarter comp growth or transaction growth in the US or North America to be better than what you saw in the third quarter.

更具體地說，如果您預計美國或北美第四季的同店成長或交易成長將好於第三季。

Let me start with the three-part action plan that we had in place. The first one is fixing our stores. And I think that we're making strong progress here. And so if you just look at examples of MOP, the growth rate we had quarter over quarter, which was a -- sorry, year-over-year which was a 10% growth, the uptime that we have in MOP, obviously, big improvements.

讓我先介紹一下我們所製定的三部分行動計畫。第一個是修復我們的商店。我認為我們正在取得重大進展。因此，如果您只看 MOP 的例子，我們季度環比的增長率是 - 抱歉，同比增長了 10%，我們在 MOP 中的正常運行時間顯然有很大的改善。

So that's an example of the kind of improvements that we're seeing. Our drive-thrus are more efficient. And with the multi-second improvements we've seen clearly translate as well into our ability to meet the demand that we have.

這就是我們所看到的改進的一個例子。我們的免下車服務更有效率。我們看到，隨著數秒的改進，我們也能夠滿足需求。

The product innovations, we touched on some of those that we have and the impact of those, the Summer-Berry Refreshers, the high sales we've ever had in the launch week, leading to the Refresher platform, reaching 18% of sales. So examples over there.

在產品創新方面，我們談到了我們擁有的一些創新以及它們的影響，夏季漿果清涼飲料在發布週內取得了前所未有的高銷量，使得清涼飲料平台的銷售額達到了 18%。上面有例子。

And also the work we're doing with our SR program and increase in number and increasing the engagement of these. So those are all the metrics that we have in terms of the kind of improvements that we're seeing against the three-part action plan.

我們正在進行 SR 計劃的工作，並增加其數量和參與度。因此，就我們根據三部分行動計畫所看到的改進而言，這些都是我們所擁有的指標。

As we look ahead into this quarter and we look at, for example, July, what you see in July is the fact that we are seeing shifts in routines in July. We normally see that from a seasonality perspective. But I think we've seen more pronounced changes in the routines in July, in addition to some of the tech outages that have impacted people across industries.

當我們展望本季並觀察例如 7 月時，您會發現 7 月的慣例正在改變。我們通常從季節性的角度來看這一點。但我認為，除了一些影響各行各業的技術故障外，我們還看到 7 月的日常工作發生了更明顯的變化。

And so we see the disruptions, for example, of the airport stores that I mentioned or the hospitality stores where we're seeing strong growth. And so what I would say to you is that our guidance to us at the end of the day, reflect the challenging consumer environment and while we expect the comps to be flat to low single digit for the year. But what I expect is that these actions that we're putting in place will position us stronger to see growth in FY 2025.

因此，我們看到了中斷，例如我提到的機場商店或我們看到強勁成長的飯店商店。因此，我想告訴大家的是，我們最終給出的指導意見反映了充滿挑戰的消費環境，同時我們預計今年的可比銷售額將持平至個位數低點。但我預計，我們正在採取的這些行動將使我們在 2025 財年實現更強勁的成長。

And just to remind that comp guidance range is a low single-digit decline to flat.

需要提醒的是，公司指導範圍是從低個位數下降到持平。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Hi. Can you hear me now?

你好。現在你能聽到我說話嗎？

Yes.

是的。

Yes, we can.

是的，我們可以。

Okay. Perfect. That's all like a Verizon commercial. I wanted to ask -- I know you gave the -- the kind of returns you're seeing in US new stores as well as in China. But I think with the weakness you're seeing in comps, it kind of begs the question of how committed you are to this kind of global rate of expansion in the 7% to 8% range for company-owned stores.

好的。完美的。這一切都很像 Verizon 的廣告。我想問一下——我知道您已經給了——您在美國新店和中國新店看到的回報情況。但我認為，鑑於您所看到的同店銷售疲軟，這不禁讓人想問，您對公司自營店全球擴張率（7% 至 8%）的承諾有多大。

Well, I'll just make a comment and then hand it to Rachel specifically. So first of all, we're not chasing a number. We look at every project that we have, every site, and we look at the incremental returns, the incrementality of the business that it brings and we're entirely driven by ROI. And we see the strong cash-on-cash returns in the US.

好吧，我只是發表一下評論，然後將其具體交給 Rachel。首先，我們不追求數字。我們審視我們擁有的每一個專案、每一個站點，並專注於增量回報、它帶來的業務增量，我們完全由投資報酬率驅動。我們看到美國現金回報率強勁。

Rachel spoke to the kind of cash-on-cash returns we're seeing in the Tier 2 and Tier 3 markets, where the headroom is large for us. I mean we're underpenetrated in those markets. And so if you look at the pipeline of real estate investments in the US, they're really targeted at the Tier 2, Tier 3 mostly.

雷切爾談到了我們在二線和三線市場看到的現金回報率，這些回報率對我們來說有很大的發展空間。我的意思是我們在這些市場的滲透率還不夠。因此，如果你看美國的房地產投資管道，你會發現它們主要針對的是二線和三線城市。

And the work we've done with Deep Brew to identify the sites to ensure that we build, there's clearly work that's going into how we ensure that the returns we get in these sites are strong.

我們與 Deep Brew 合作確定了建造地點，顯然我們正在努力確保從這些地點獲得豐厚的回報。

In a very similar way in China, if you look at the cash-on-cash returns that we're getting in the lower tier cities that we're expanding in, the cash returns are strong. So we're not really chasing a number; we're chasing a return. And where we see incrementality, where we see returns, we will invest.

在中國，情況也非常相似，如果你看一下我們在擴張的低線城市中獲得的現金回報，你會發現現金回報非常豐厚。所以我們其實不是在追求數字；我們追求的是回報。只要我們看到增量，只要我們看到回報，我們就會投資。

The only thing I would add to that is just given the fact that we do see these strong returns and the incremental nature to our overall business, we see the vast opportunity. We have a very rigorous site selection process. We also have an ability to be able to monitor overall performance. And the combination of all of that allows us to strengthen our portfolio through the growth of new stores.

我唯一想補充的是，鑑於我們確實看到了強勁的回報以及整體業務的增量性質，我們看到了巨大的機會。我們的選址流程非常嚴格。我們還有能力監控整體效能。所有這些結合起來使我們能夠透過新店的成長來加強我們的產品組合。

So we see it as an important part of our overall long-term growth algorithm. But I think what's important in what Laxman said is it really comes down to ensuring that we keep monitoring the overall economics. And as long as we see the kind of returns we see today, then it supports our long-term growth ambitions.

因此，我們將其視為我們整體長期成長演算法的重要組成部分。但我認為拉克斯曼所說的話中最重要的一點是，這實際上是為了確保我們持續監控整體經濟狀況。只要我們看到今天所看到的回報，它就能支持我們的長期成長目標。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

Hi. Thank you. We generally have the perception that the US is the leading market for Starbucks around the world. And certainly, it is in terms of total sales.

你好。謝謝。我們普遍認為美國是星巴克全球的主要市場。當然，這是就總銷售額而言的。

But my question was, as you look around the world in Latin America and Europe and Asia, and a lot of markets really are competitive and have challenging consumer environments, what have you, is there anything that you can point to that are being done particularly well in any of these markets from a food, from a service, from a beverage perspective, that maybe can be some tangible leading indicators that we can start to get excited about as we think about fiscal '25 and '26 innovation past what you've already done?

但我的問題是，環顧拉丁美洲、歐洲和亞洲，你會發現許多市場競爭激烈，消費者環境也充滿挑戰。從食品、服務、飲料的角度來看，這些市場有哪些做得特別好的地方？這些可能是一些切實的領先指標，讓我們在思考 25 財年和 26 財年的創新時，對它們感到興奮，超越你們已經取得的成就？

I'll just point to our business in Japan. It's been growing double digits, terrific round of innovation, great execution in stores, strengthened digital presence, and a brand that really celebrates the coffee house in Japan.

我只想指出我們在日本的業務。它一直保持著兩位數的成長速度、出色的創新、出色的門市執行力、增強的數位影響力，並且是一個真正推崇日本咖啡館的品牌。

I think if you look around the world, we have pockets of these pretty much everywhere. It may not necessarily be uniformly the case. But pretty much everywhere, we have examples of our brand, the experience that we deliver, the products that we bring to bear, the speed of innovation that we have. And by the way, even in pockets in China, we have amazing stories of these. The US, too.

我想，如果你環顧世界，你會發現幾乎每個地方都有這樣的現象。情況可能不一定總是如此。但幾乎在任何地方，我們都有我們品牌的例子、我們提供的經驗、我們帶來的產品以及我們的創新速度。順便說一句，即使在中國的一些地方，我們也聽到了這些令人驚奇的故事。美國也一樣。

So I think that there is a broad set of examples that we constantly look at to learn from and find ways of scaling around the world. And that's what we mean at the heart of truly going global, which is our third imperative in our Triple Shot strategy. It is a way for us to share best practices across the world.

因此，我認為，我們不斷從大量的例子中進行學習，並找到在世界範圍內推廣的方法。這就是我們真正走向全球化的核心，也是我們三重策略的第三個要務。這是我們在世界各地分享最佳實踐的一種方式。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Yes. Thank you. So you've made some significant investments into staffing, scheduling, and partner wage and benefits over the years. And it does seem like it's making very good progress so far. But I was wondering if there are any major areas you see incremental opportunities?

是的。謝謝。因此，多年來，您在人員配備、日程安排以及合作夥伴的薪資和福利方面進行了大量的投資。到目前為止，它似乎確實取得了非常好的進展。但我想知道您是否看到了哪些主要領域的增量機會？

And just adding on to that, on one hand, you have the goals to improve the cost efficiencies and productivity. But on the other, you will continue to focus on partner and customer experience. So just curious to your thoughts as to how you strike a balance here. Thank you.

除此之外，一方面，您的目標是提高成本效率和生產力。但另一方面，您將繼續專注於合作夥伴和客戶體驗。我只是好奇您如何在這裡取得平衡。謝謝。

I feel very good about the progress we are making on delivering a more stable partner experience in our stores in the US. I think if I just look at the average hours partner, where we are, it's reached a real high, a historic high. So I feel good about that.

我對我們在美國門市提供更穩定的合作夥伴體驗方面所取得的進展感到非常滿意。我想，如果只看合夥人的平均工作時間，我們目前的水準已經達到了一個真正的高點，一個歷史最高點。所以我對此感到很滿意。

I think part of what we are looking to continue to do is how we ensure we simplify in the stores, how we simplify our menus, how we simplify our beverage bills, how we simplify in our supply chain, what happens upstream versus downstream and how we focus on training how we ensure more consistency in the experiences that we deliver.

我認為我們希望繼續做的事情之一是如何確保簡化商店、簡化菜單、簡化飲料賬單、簡化供應鏈、簡化上游和下游的情況，以及如何專注於培訓以確保我們提供的體驗更加一致。

And the Siren Craft System is a great example of this. Some of the stories we've heard as we've rolled this out over the course of over the last several weeks, including this week across all our network. It's just what it's doing in terms of the part of reception and the positivity we hear from partners, including what they say about their ability to connect with customers and also deliver a more personal experience in stores.

Siren Craft 系統就是一個很好的例子。過去幾週，包括本週在我們所有網路推廣的過程中，我們聽到了一些關於該系統的反饋。這個系統的效果很好，合作夥伴也給予了正面評價，包括他們對於系統與顧客溝通能力以及在門市提供更個人化體驗的評價。

So it's clearly this is the sort of thing that we have to do and just continue to make the right investments to deliver the right partner experience in order to exceed the customer expectations that I know a premium brand like ours is all about.

所以很明顯這是我們必須要做的事情，並且繼續進行正確的投資，提供正確的合作夥伴體驗，以超越客戶的期望，我知道像我們這樣的高端品牌就是為了滿足客戶的期望。

I feel very good about the progress we are making on delivering a more stable partner experience in our stores in the US. I think if I just look at the average hours partner, where we are, it's reached a real high, a historic high. So I feel good about that.

我對我們在美國門市提供更穩定的合作夥伴體驗方面所取得的進展感到非常滿意。我想，如果我只看合夥人的平均工作時間，就會發現我們已經達到了一個真正的高點，一個歷史性的最高點。所以我對此感覺很好。

I think part of what we are looking to continue to do is how we ensure we simplify in the stores, how we simplify our menus, how we simplify our beverage bills, how we simplify in our supply chain, what happens upstream versus downstream and how we focus on training how we ensure more consistency in the experiences that we deliver.

我認為我們希望繼續做的事情之一是如何確保簡化商店、簡化菜單、簡化飲料賬單、簡化供應鏈、簡化上游和下游的情況，以及如何專注於培訓以確保我們提供的體驗更加一致。

And the Siren Craft System is a great example of this. Some of the stories we've heard as we've rolled this out over the course of over the last several weeks, including this week across all our network. It's just what it's doing in terms of the part of reception and the positivity we hear from partners, including what they say about their ability to connect with customers and also deliver a more personal experience in stores.

Siren Craft System 就是一個很好的例子。在過去幾週我們推出這項服務的過程中，包括本週在我們整個網路上推出的服務，我們聽到了一些故事。這只是在接待方面所做的工作，以及我們從合作夥伴那裡聽到的積極評價，包括他們所說的與客戶聯繫的能力以及在商店中提供更個性化的體驗的能力。

So it's clearly this is the sort of thing that we have to do and just continue to make the right investments to deliver the right partner experience in order to exceed the customer expectations that I know a premium brand like ours is all about.

所以很明顯這是我們必須要做的事情，並且繼續進行正確的投資，提供正確的合作夥伴體驗，以超越客戶的期望，我知道像我們這樣的高端品牌就是為了滿足客戶的期望。

Thank you. I wanted to go back and look at some of the products and the value strategies from April through July. There's -- you were very active with some of the new products, and they would be something beyond the coffee core. They would be things that you would think would drive not just the strong trial that you say, but incremental traffic to your business.

謝謝。我想回顧一下四月到七月的一些產品和價值策略。您對一些新產品非常積極，這些產品不僅僅是咖啡核心。您可能會認為，這些因素不僅會推動您所謂的強勁試用，還會為您的業務帶來增量流量。

And I know you were going to dial up some value marketing, maybe you confirm if you did -- you felt like you did that. But I'm wondering, what do you think worked particularly well, not just in the first trial week or two, but on a more sustaining basis from that in these initiatives, including the value and the new products?

我知道你會撥打一些價值行銷電話，也許你可以確認一下你是否這樣做了——你覺得你這樣做了。但我想知道，您認為哪些舉措特別有效，不僅僅是在第一個或第二個試驗週，而且在這些舉措中，包括價值和新產品，在更持久的基礎上？

And in light of the traffic decline of 6%, I'm wondering what do you think were really the offsets? Has there been some decline in the coffee core? Or is there a daypart?

鑑於交通量下降了 6%，我想知道您認為真正的補償是什麼？咖啡核心有沒有出現一些下滑？或有時段嗎？

Or how should we think about offsets to these things that you're doing?

或者我們應該如何考慮對你所做的事情進行補償？

Thank you, David. Let me just first start with coffee, right? I think as I said in my prepared remarks, we've gone to one additional point on cold, so it's now 76%. Obviously, that's seasonal, but it's 76%. If you look at our espresso business, that's growing 4%. So espresso drinks are up 4%. So coffee has grown.

謝謝你，大衛。我先從咖啡開始吧，好嗎？我想，正如我在準備好的發言中所說的那樣，我們在寒冷方面又增加了一個點，所以現在是 76%。顯然，這是季節性的，但它是 76%。如果你看看我們的濃縮咖啡業務，你會發現它成長了 4%。因此濃縮咖啡飲料的銷量上漲了4%。因此咖啡就生長起來了。

And our distinctiveness in coffee. And I think you'll see that in the kind of innovations and new products would bring in, including the launch of Milano Duetto towards the end of this quarter. So coffee is core to who we are, distinctive in terms of breadth of what we bring, and the products will obviously have that.

以及我們的咖啡的獨特之處。我認為您會看到這種創新和新產品的出現，包括本季末推出的 Milano Duetto。因此，咖啡是我們的核心，就我們提供的產品的廣度而言，我們的獨特性顯而易見，而且我們的產品也具有這一點。

I think one of the things we did talk about was the fact that afternoons are an opportunity for us. And as we look at these new platforms of what we have launched, if I look at pearls, for example, it was significantly ahead of what we thought it would be to the point where we ran out of supply.

我認為我們確實談論過的事情之一是下午對我們來說是一個機會。當我們回顧我們推出的這些新平台時，以珍珠為例，它的銷售量遠遠超出了我們的預期，甚至已經到了供應短缺的地步。

And I think that it wasn't a supply issue necessarily, but it was more the demand was ahead of what we thought it would be.

我認為這不一定是供應問題，而是需求超出了我們的預期。

We had to pull back marketing. And my sense is that as you look at what we now have in our stores, they're back in stores with new products, and it's a platform that we will continue to build over time. So we're not just launching a product; we're launching platform.

我們不得不撤回行銷。我的感覺是，當你看到我們商店裡現在有的東西時，他們就會帶著新產品回到商店，這是一個我們會隨著時間的推移繼續建立的平台。所以我們不只是推出一款產品；我們還推出一個平台。

The energy platform. We've been in the energy business since 2007 with the launch of Double Shot and Triple Shot Espresso. What we now have is we have a zero calorie energy platform that we are scaling, and it's building steadily and will be something that we've committed to over time.

能源平台。我們自 2007 年推出 Double Shot 和 Triple Shot Espresso 以來一直從事能源業務。我們現在擁有一個正在擴展的零卡路里能源平台，而該平台正在穩步建設中，我們將長期致力於此。

If you look at some of our food innovations like the egg mozzarella pesto sandwich as an example, it's a terrific sandwich. And again, it's one that's going to join our core, but it's building systematically over time.

如果你看一下我們的一些食物創新，例如雞蛋馬蘇里拉香蒜醬三明治，你會發現這是一個非常棒的三明治。再次強調，它將加入我們的核心，但它會隨著時間的推移而係統地建構。

We still have work to do on supply around how we ensure stability and reliability of supply, particularly in food in order to get the kind of service that we're going to need across our 10,000 stores with the products that we launch.

我們在供應方面仍有許多工作要做，例如如何確保供應的穩定性和可靠性，特別是食品供應，以便我們 10,000 家門市能夠為我們推出的產品提供所需的服務。

So that's an opportunity, David, that I think we still have, and the team is working very hard along with our suppliers in order to make that happen.

所以，大衛，我認為這仍然是一個機會，我們的團隊正在與我們的供應商一起努力實現這一目標。

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

這是我們的最後一個問題。現在，我將把發言時間交給拉克斯曼‧納拉辛漢 (Laxman Narasimhan)，請他作最後發言。謝謝。

Thank you all for the time today. If you take away one thing, let it be this: we are making real progress on our three-part plan. We are focused on what we can control in a consumer environment that can be best be described as complex.

感謝大家今天的寶貴時間。如果您要記住一件事，那就是：我們的三部分計劃正在取得真正的進展。我們專注於在可以說是複雜的消費環境中我們能夠控制的事情。

Our teams are moving to the urgency. I thank them for their efforts and for staying focused on what we can control.

我們的團隊正在緊急採取行動。我感謝他們的努力以及他們對我們能夠控制的事情的關注。

I have full confidence in the long-term potential of Starbucks worldwide. Thank you.

我對星巴克全球的長期潛力充滿信心。謝謝。

Thank you all for the time today. If you take away one thing, let it be this: we are making real progress on our three-part plan. We are focused on what we can control in a consumer environment that can be best be described as complex.

感謝大家今天的寶貴時間。如果您要記住一件事，那就是：我們的三部分計劃正在取得真正的進展。我們專注於在可以說是複雜的消費環境中我們能夠控制的事情。

Our teams are moving to the urgency. I thank them for their efforts and for staying focused on what we can control.

我們的團隊正在緊急採取行動。我感謝他們的努力以及他們對我們能夠控制的事情的關注。

I have full confidence in the long-term potential of Starbucks worldwide. Thank you.

我對星巴克全球的長期潛力充滿信心。謝謝。