星巴克 (SBUX) 2025 Q1 法說會逐字稿

Good afternoon.

午安.

My name is Diego, and I will be your conference operator today.

我叫迭戈，今天我將擔任你們的會議操作員。

I would like to welcome everyone to Starbucks first-quarter fiscal year 2025 conference call.

歡迎大家參加星巴克 2025 財年第一季電話會議。

(Operator Instructions)

（操作員說明）

I will now turn the call over to Tiffany Willis, Senior Vice President of Investor Relations.

我現在將把電話轉給投資者關係高級副總裁 Tiffany Willis。

Ms. Willis, you may now begin your conference.

威利斯女士，您現在可以開始會議了。

Thank you, Diego, and good afternoon, everyone, and thank you for joining us today to discuss Starbucks first-quarter fiscal 2025 results.

謝謝迭戈，大家下午好，謝謝您今天加入我們討論星巴克 2025 財年第一季的業績。

Today's discussion will be led by Brian Niccol, Chairman and Chief Executive Officer; and Rachel Ruggieri, Executive Vice President and Chief Financial Officer.

今天的討論將由董事長兼執行長 Brian Niccol 主持；以及執行副總裁兼財務長 Rachel Ruggieri。

This conference call will include forward-looking statements which are subject to various risks and uncertainties that could cause our actual results to differ from these statements.

本次電話會議將包括前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述不同。

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.

任何此類聲明應與我們的收益發布中的警告聲明以及我們向 SEC 提交的文件中討論的風險因素結合考慮，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告。

Starbucks assumes no obligation to update any of the forward-looking statements or information revenue, operating margin and EPS growth metrics on today's call are measured in constant currency and represent non-GAAP measures.

星巴克不承擔更新任何前瞻性聲明或資訊的義務，今天電話會議上的收入、營業利潤率和每股盈餘成長指標均以固定匯率衡量，代表非公認會計準則衡量標準。

Please refer to the earnings release and our website at investor.starbucks.com to find reconciliations of these non-GAAP measures to their corresponding GAAP measures.

請參閱收益報告和我們的網站 Investor.starbucks.com，尋找這些非 GAAP 衡量標準與其對應 GAAP 衡量標準的調整表。

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, March 14, 2025.

本次電話會議正在進行網路直播，截至 2025 年 3 月 14 日星期五，我們的網站上將提供網路直播的存檔。

Also for your calendar planning purposes, please note that our second-quarter fiscal year 2025 earnings conference call has been tentatively scheduled for Tuesday, April 29, 2025.

另外，出於您的日曆規劃目的，請注意，我們的 2025 財年第二季財報電話會議暫定於 2025 年 4 月 29 日星期二舉行。

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

現在，我將把電話轉給布萊恩。

Good afternoon and thank you for joining today.

下午好，感謝您今天加入。

Over the past four months, we've been focused on getting Back to Starbucks and those things that I've always set us apart -- a welcoming coffeehouse where people gather and where we serve the finest coffee, handcrafted by our skilled baristas.

在過去的四個月裡，我們一直專注於回到星巴克和那些我一直讓我們與眾不同的東西——一個熱情的咖啡館，人們聚集在一起，我們提供最好的咖啡，由我們熟練的咖啡師手工製作。

We believe it's the fundamental change in strategy we needed to solve our underlying issues, restore confidence in our brand, and return the business to sustainable long-term growth.

我們相信，這是我們解決根本問題、恢復對我們品牌的信心並使業務恢復可持續長期成長所需的策略根本性改變。

While we're only one quarter into our turnaround, we're moving quickly to act on the Back to Starbucks efforts we outlined on our last call.

雖然我們的扭虧為盈只進行了四分之一，但我們正在迅速採取行動，落實我們在上次電話會議中概述的「重返星巴克」努力。

And to date, we've seen a positive response.

到目前為止，我們已經看到了積極的回應。

As Rachel will outline in greater detail, our financial performance met our expectations for the quarter with a total company revenue of $9.4 billion, a global comparable store sales decline of 4%, a global operating margin of 11.9%, and overall earnings per share of $0.69.

正如Rachel 將更詳細地概述的那樣，我們本季的財務業績符合我們的預期，公司總收入為94 億美元，全球可比商店銷售額下降4%，全球營業利潤率為11.9%，總體每股收益為0.69 美元。

To be clear, these results have room for improvement, but I'm confident the disciplined investments we're making in labor, marketing, technology, and stores this fiscal year will help stabilize the business and position Starbucks for future growth.

需要明確的是，這些業績還有改進的空間，但我相信本財年我們在勞動力、行銷、技術和門市方面進行的嚴格投資將有助於穩定業務並為星巴克未來的成長奠定基礎。

We're also working to change the role, structure, and size of our support teams to improve efficiency and accountability.

我們也致力於改變支援團隊的角色、結構和規模，以提高效率和問責制。

This will ensure we deliver on our commitments and our work to get Back to Starbucks.

這將確保我們兌現我們的承諾和工作，重返星巴克。

Let me share with you some of the progress we've made to the quarter and what we're focusing on next.

讓我與您分享我們在本季取得的一些進展以及我們下一步的重點。

Our path Back to Starbucks in the US is driven by four core initiatives: re-introduce Starbucks to the world, deliver the customer experience to win the morning, reestablished Starbucks as the community coffeehouse, and ensure Starbucks is the unrivalled, best job in retail, recognizing our success starts and ends with our green apron partners.

我們重返美國星巴克的道路由四項核心舉措驅動：將星巴克重新引入世界，提供贏得早晨的客戶體驗，將星巴克重新打造為社區咖啡館，並確保星巴克成為零售業無與倫比的最佳工作，認識到我們的成功始於並結束於我們的綠圍裙合作夥伴。

During the quarter, we moved quickly to refocus the business, our mission, and our marketing to align with our core identity as the premier purveyor of the finest coffee in the world.

在本季度，我們迅速採取行動，重新調整業務、我們的使命和行銷的重點，以符合我們作為世界上最好的咖啡的首要供應商的核心身份。

We started by reducing the frequency of discount driven offers resulting in 40% fewer discounted transactions year over year.

我們首先減少了折扣驅動的優惠頻率，導致折扣交易年減了 40%。

We also removed the extra charge for non-dairy milk, customizations, and identified several other steps we can take to make our pricing architecture more transparent for customers.

我們還取消了非乳製品、客製化的額外費用，並確定了我們可以採取的其他幾個步驟，以使我們的定價架構對客戶更加透明。

And just this week, we launched a new coffee for U.S. marketing campaign, re-introducing the brand to a broader customer audience.

就在本週，我們針對美國推出了一項新的咖啡行銷活動，向更廣泛的客戶群重新介紹該品牌。

Our work to re-introduce our brand is just beginning but our core business is already strengthening, demonstrating that when we talk about our business customers respond.

我們重新推出品牌的工作才剛開始，但我們的核心業務已經在加強，這表明當我們談論我們的業務時，客戶會做出反應。

Through the quarter, we saw a shift in our sales mix towards coffee and espresso-based beverages, which over-delivered and compensated for lower-than-expected performance across our holiday promotions.

在整個季度，我們看到我們的銷售組合轉向咖啡和濃縮咖啡飲料，這些飲料超額交付並彌補了我們假日促銷活動中低於預期的業績。

We've been focused on simplifying our menu to position partners for success, improved consistency, drive customer satisfaction, and enhance our economics.

我們一直致力於簡化我們的菜單，以幫助合作夥伴取得成功、提高一致性、提高客戶滿意度並提高我們的經濟效益。

As part of this work, we made some late simplifications to our holiday-product lineup, and believe we have more opportunity ahead as we follow a disciplined stage gate process to innovate and bring to market fewer, better beverage and food offerings that reflect our premium positioning.

作為這項工作的一部分，我們對我們的假日產品陣容進行了一些後期簡化，並相信我們未來有更多的機會，因為我們遵循嚴格的階段性流程進行創新，並向市場推出更少、更好的飲料和食品產品，以反映我們的優質產品定位。

In the coming months, you'll see us begin to optimize our menu offerings, resulting in roughly 30% reduction in both beverages and foods skews by the end of fiscal year 2025.

在接下來的幾個月中，您將看到我們開始優化菜單供應，到 2025 財年末，飲料和食品偏差將減少約 30%。

As we do, we'll work to lead this market with breakthrough beverage and food innovation.

正如我們所做的那樣，我們將努力透過突破性的飲料和食品創新來引領這個市場。

We'll do this by being responsive to customer trends, and their changing preferences.

我們將透過響應客戶趨勢及其不斷變化的偏好來實現這一目標。

We'll rely on our highly engaged green apron partners for inspiration, like we did with our lavender lineup last year, and we'll be more responsive, in tuned into cultural moments, like we did with the Dubai module.

我們將依靠高度參與的綠色圍裙合作夥伴來獲取靈感，就像我們去年的薰衣草系列一樣，我們將更加積極地響應文化時刻，就像我們在杜拜模組所做的那樣。

We also saw continued improvement in comp trends, driven by Back to Starbucks efforts launch during Q1.

在第一季推出的「重返星巴克」活動的推動下，我們也看到了競爭趨勢的持續改善。

Non-Starbucks Rewards customer traffic grew quarter over quarter.

非星巴克獎勵顧客流量逐季成長。

Starbucks Rewards membership and spend grew, both quarter over quarter and year over year, and price parity for non-dairy milk customizations brought back lapsed Starbucks Rewards members.

星巴克獎勵會員和支出逐季度和同比增長，非乳製牛奶定制的平價讓流失的星巴克獎勵會員重新回歸。

Our US category share among QSRs also recovered in Q1 following two quarters of decline.

我們在美國快餐店中的品類份額在經歷了兩個季度的下降之後，在第一季也有所回升。

These things tell us our actions are resonating with customers.

這些事情告訴我們，我們的行為正在引起客戶的共鳴。

Progress like this shows me that the Starbucks brand is still resilient and strong, and that we have significant future potential.

這樣的進步向我表明，星巴克品牌仍然具有彈性和強大，並且我們未來擁有巨大的潛力。

More importantly, it shows that we can sell more of our core beverages simply by demonstrating our premium value.

更重要的是，它表明我們可以透過展示我們的優質價值來銷售更多的核心飲料。

A key part of the premium value we provide is quickly and consistently delivering a high-quality, handcrafted beverage to customers.

我們提供的優質價值的關鍵部分是快速、一致地向客戶提供高品質的手工飲料。

The handoff from our barista to customer is our brand moment of truth, and we've been working hard to get that moment right.

從咖啡師到顧客的交接是我們品牌的關鍵時刻，我們一直在努力實現這一刻。

Through the quarter, we've continued to test and learn as we position the business to achieve our four-minute-throughput goal with a moment of connection.

在整個季度中，我們不斷測試和學習，將業務定位為透過瞬間連接實現四分鐘吞吐量目標。

It's become clear to our pilot work that order sequencing creates more of a bottleneck than capacity.

從我們的試點工作可以清楚看出，訂單排序造成的瓶頸比容量更多。

In short, investments in staffing and deployment, processes and algorithm technology, demonstrate the greatest opportunity to deliver a four-minute wait time in most of our cafes.

簡而言之，在人員配備和部署、流程和演算法技術方面的投資證明了在我們大多數咖啡館提供四分鐘等待時間的最佳機會。

As a result, we've started to segment stores by transaction volume and are now targeting installation of Siren equipment only in our highest-quartile stores where it is needed to meet our throughput expectations.

因此，我們開始按交易量對商店進行細分，現在的目標是僅在需要滿足吞吐量預期的最高四分之一的商店安裝 Siren 設備。

We've also invested additional coverage hours across more than 3,000 US-company-operated stores through precision scheduling, introduce new brewed coffee and tea routines, and simplified beverage builds.

我們還透過精確調度，在 3,000 多家美國公司經營的商店投入了額外的服務時間，引入了新的沖泡咖啡和茶流程，並簡化了飲料製作。

And soon, we launched a pilot across 700 stores looking at staffing levels to improve our green apron partners' ability to serve the world's finest coffee with a moment of connection.

很快，我們在 700 家商店啟動了一項試點，著眼於人員配置水平，以提高我們的綠圍裙合作夥伴透過即時聯繫提供世界上最好的咖啡的能力。

We'll use learnings from this to inform the future investments we need to make and store coverage hours deliver both an exceptional partner and cut customer experience and further differentiate our brand.

我們將利用從中學到的知識來指導我們未來需要進行的投資，商店覆蓋時間不僅可以提供卓越的合作夥伴，還可以減少客戶體驗，並進一步使我們的品牌脫穎而出。

Looking forward, we'll begin to pilot a new in-store prioritization algorithm and are exploring other technology investments to improve order sequencing and our efficiency behind the counter.

展望未來，我們將開始試驗新的店內優先演算法，並探索其他技術投資，以改善訂單排序和櫃檯後面的效率。

We're also progressing effort to build on the strength and popularity of the Starbucks app.

我們也正在努力增強星巴克應用程式的實力和受歡迎程度。

This includes development of a capacity-based timeslot model that allows customers to schedule mobile orders and a mid-year update that will simplify customization options, improve upfront pricing, and provide real-time price changes as customers customized beverages.

這包括開發基於容量的時段模型，允許客戶安排行動訂單，以及年中更新，以簡化客製化選項，改善前期定價，並在客戶客製化飲料時提供即時價格變化。

Lastly, we're planning to fully deploy digital menu boards and cafes across our US company-owned stores over the next 18 months to make our offerings more easily understood and to better show customization add ons.

最後，我們計劃在未來 18 個月內在我們的美國公司自營商店中全面部署數位菜單板和咖啡館，以使我們的產品更容易理解並更好地展示客製化附加功能。

We also made strides to reestablish Starbucks as community coffeehouse to make it easier for our customers enjoy a cup of coffee their way.

我們也取得了長足的進步，將星巴克重新打造為社區咖啡館，讓我們的顧客更輕鬆地以自己的方式享受一杯咖啡。

Condiment bars will be back in all our US company-owned stores by the end of the week.

到本週末，調味品棒將重新出現在我們所有美國公司擁有的商店中。

We re-introduced ceramic months and handwritten notes on cups to better connect with customers and elevate the cafe experience for those who choose to stay and work.

我們重新推出了陶瓷月份和杯子上的手寫便條，以便更好地與顧客建立聯繫，並提升那些選擇留下來工作的咖啡館體驗。

We rolled out new cafe service standards and expanded free refills on hot and iced brewed coffee, and tea to non-Starbucks Rewards customers and participating stores.

我們推出了新的咖啡廳服務標準，並向非星巴克獎勵客戶和參與商店提供免費續杯的熱咖啡和冰咖啡以及茶。

We announced the new coffeehouse code of conduct to prioritize our spaces for customers, and we continue to target a full rollout of Clover Vertica brewers by the end of fiscal year 2025.

我們宣布了新的咖啡館行為準則，以優先考慮為顧客提供空間，並繼續計劃在 2025 財年末全面推出 Clover Vertica 啤酒機。

We're taking a hard look at our store portfolio as well.

我們也在認真審視我們的商店組合。

In the US alone, we still see the potential to double our store count while improving the overall health of our portfolio.

僅在美國，我們仍然看到商店數量增加一倍的潛力，同時改善我們投資組合的整體健康。

We'll do this through a strong store renovation program, new store builds, and store closures.

我們將透過強有力的商店翻新計劃、新店建設和關閉商店來實現這一目標。

And we're going to make sure our stores are warm welcoming with work continuing on store design standards and costs to build.

我們將繼續制定商店設計標準和建造成本，確保我們的商店受到熱烈歡迎。

Early customer and partner reactions to our plans show we've got the right strategy.

客戶和合作夥伴對我們計劃的早期反應表明我們制定了正確的策略。

Both the re-introduction of condiment bars in the expansion of free refills were identified as top drivers of purchase intent.

重新推出調味品棒和擴大免費補充都被認為是購買意願的主要驅動因素。

In the coming months, our teams, we focused on refreshing our menu boards and improving cafe merchandising to reflect the coffeehouse feel and better showcase our simplified menu.

在接下來的幾個月裡，我們的團隊專注於更新菜單板和改進咖啡館的商品陳列，以反映咖啡館的感覺並更好地展示我們簡化的菜單。

We'll starting an expanded test of risers and shelves at the point of handoff to help separate the cafe and mobile experience, and we'll begin to scale projects to increase and diversify seating across more of our cafes.

我們將在交接點開始對立管和架子進行擴展測試，以幫助區分咖啡館和移動體驗，並且我們將開始擴大項目規模，以增加更多咖啡館的座位並使其多樣化。

To deliver a great customer experience, we also have to deliver a great partner experience.

為了提供出色的客戶體驗，我們還必須提供出色的合作夥伴體驗。

It's why everything we do starts ends with our green apron partners, and why I'm committed to ensuring Starbucks is the unrivalled best job in retail.

這就是為什麼我們所做的一切都始於我們的綠色圍裙合作夥伴，也是為什麼我致力於確保星巴克成為零售業無與倫比的最佳工作。

In the past quarter, we more than doubled paid parental leave for eligible US store partners, and we made a new commitment to promote from within 90% of retail leadership roles over the next three years, helping thousands of partners grow their careers and their incomes.

在過去的一個季度，我們為符合條件的美國商店合作夥伴提供的帶薪育嬰假增加了一倍以上，並且我們做出了新的承諾，將在未來三年內晉升90% 以內的零售領導職位，幫助數千名合作夥伴發展職業生涯和收入。

As a result through the quarter, shift completion, average hours per partner, partner retention, and hourly partner engagement improved.

結果，整個季度，輪班完成情況、每個合作夥伴的平均工作時間、合作夥伴保留率以及每小時的合作夥伴參與度都得到了改善。

Looking forward, we'll continue to prioritize efforts that help our green apron partners succeed, both at work, through continued improvements to our staffing model and in their lives through industry leading benefits, competitive pay, and careers that create lasting economic opportunity.

展望未來，我們將繼續優先考慮幫助我們的綠圍裙合作夥伴在工作中取得成功，透過不斷改進我們的人員配置模式，並透過業界領先的福利、有競爭力的薪資和創造持久經濟機會的職業生涯在他們的生活中取得成功。

Turning to International, I've had a chance to see our operations in Italy, Japan, and South Korea and meet with our international license business partners over the past few months as I shared with them many of our international markets setting an example for the experience we aim to deliver in the US and present a great long-term opportunity, particularly as we continue to grow our store footprint and recover our business in certain challenge markets.

談到國際，我有機會了解我們在義大利、日本和韓國的業務，並在過去幾個月與我們的國際授權業務合作夥伴會面，因為我與他們分享了我們的許多國際市場為我們的目標是在美國提供豐富的經驗，並提供一個巨大的長期機會，特別是當我們繼續擴大我們的商店足跡並在某些充滿挑戰的市場恢復我們的業務時。

Just last week, I also made my first market visit to China.

就在上週，我還首次造訪了中國市場。

While there, I saw firsthand the strength of our brand, our team, and the premium customer experience we offer.

在那裡，我親眼目睹了我們品牌、團隊的實力以及我們提供的優質客戶體驗。

I saw how dynamic the market is and the opportunities ahead.

我看到了市場的活力和未來的機會。

I also stall several near-term changes we can make to stabilize and strengthen our business while continuing to explore strategic partnerships to grow in China.

我還擱置了一些我們可以做出的近期改變，以穩定和加強我們的業務，同時繼續探索戰略合作夥伴關係以在中國發展。

We're processing these learnings, and we will share more as we do.

我們正在處理這些經驗教訓，我們將分享更多內容。

For my time there, I also believe there are several lessons we can learn from the strength of our supply chain in China to realize opportunities in our North American business.

就我在那裡的時間而言，我還相信我們可以從中國供應鏈的實力中學到一些經驗教訓，以實現我們北美業務的機會。

If you take one thing from today's call, let it be this: despite near-term challenges, we have significant strengths and a clear plan.

如果您從今天的電話會議中了解到一件事，那就是：儘管近期面臨挑戰，但我們擁有顯著的優勢和明確的計劃。

The response we've seen since fundamentally shifting our strategy to get Back to Starbucks gives us confidence, we're on the track to turn the business around.

自從從根本上改變我們的策略以回歸星巴克以來，我們所看到的反應給了我們信心，我們正在扭轉業務的軌道上。

We are where we want to be one quarter in, but much of our work is just beginning.

我們已經達到了四分之一的目標，但我們大部分的工作才剛開始。

As we continue to learn and implement our Back to Starbucks plan, I believe, we'll make it easier to the customer, and in turn, I believe they'll visit more often.

我相信，隨著我們繼續學習和實施「重返星巴克」計劃，我們將使顧客變得更容易，反過來，我相信他們會更頻繁地光顧。

We'll also find more ways to set our partners up for success so they're able to deliver a great customer experience every time.

我們還將找到更多方法來幫助我們的合作夥伴成功，以便他們每次都能提供出色的客戶體驗。

In doing so we'll reinvigorate our brand, drive stronger financial returns, and return Starbucks to growth.

透過這樣做，我們將重振我們的品牌，推動更強勁的財務回報，並使星巴克恢復成長。

There is important work ahead, and I look forward to bringing you along.

前面有重要的工作，我期待著帶你一起去。

With that, I'll turn it over to Rachel.

有了這個，我會把它交給雷切爾。

Thank you, Brian, and good afternoon, everyone.

謝謝你，布萊恩，大家下午好。

As Brian shared, we're pleased with our start to fiscal year 2025 with our Q1 performance meeting our expectations.

正如 Brian 所說，我們對 2025 財年的開局感到滿意，第一季的業績達到了我們的預期。

Our Back to Starbucks strategy has already driven early progress, including gradual top-line improvement, giving us confidence that we're focused on the right priorities.

我們的「回歸星巴克」策略已經推動了早期進展，包括逐步的營收改善，讓我們相信我們專注於正確的優先事項。

Our Q1 consolidated revenue was 9.4 billion, flat to the prior year, reflecting 7% net new company-operated store growth over the past 12 months, offset by a 4% decline in comparable store sales.

我們第一季的綜合收入為 94 億美元，與上年持平，反映出過去 12 個月新公司自營商店淨增長 7%，但被可比商店銷售額下降 4% 所抵消。

Our global comparable store sales decline was primarily due to a 4% decline in the US.

我們的全球可比商店銷售額下降主要是由於美國下降了 4%。

US comparable store sales improved sequentially throughout the quarter, most evident in the morning day part as non-Starbucks Rewards customers grew from our strategic shift to broader marketing.

美國可比商店銷售額在整個季度中連續成長，尤其是在上午時段，因為非星巴克獎勵客戶從我們的策略轉向更廣泛的行銷而成長。

Our ticket growth in the US remains strong at 4% due to the benefits from the prior year pricing, attached and fewer discounts.

由於受益於前一年的定價、附加費用和較少的折扣，我們在美國的門票成長仍然強勁，達到 4%。

These drivers more than offset mix shift into lower-priced beverages and removal of the extra charge for non-dairy milk customizations.

這些驅動因素足以抵消混合轉向低價飲料和取消非乳製品定制的額外費用。

Turning to store growth, we opened 377 net new stores globally in Q1, and in the US, our new company-operated stores contributed nearly 90% revenue incrementality to the trade areas.

談到門市成長，第一季我們在全球淨新開377家門市，在美國，我們新開的自營門市為貿易領域貢獻了近90%的營收增量。

As we continue to evaluate our stores globally, we will make disciplined decisions to further strength and grow our portfolio, re-establishing ourselves as a community coffeehouse as we drive sustainable, long-term growth.

在我們繼續評估全球門市的同時，我們將做出嚴​​格的決定，以進一步加強和擴大我們的產品組合，在推動可持續、長期成長的同時，將我們重新打造為社區咖啡館。

Shifting to margins.

轉向邊緣。

Our Q1 consolidated operating margin was 11.9%, contracting 380 basis points from the prior year, primarily driven by deleverage and the investments in support of Back to Starbucks, including Star Partner wages, benefits and hours, and the removal of the extra charge for non-dairy no customizations.

我們第一季的綜合營業利潤率為11.9%，較上年下降380 個基點，主要是由於去槓桿化和支持「回歸星巴克」的投資，包括明星合作夥伴的工資、福利和工作時間，以及取消非員工的額外費用。

That contraction was partially offset by annualization of pricing and out-of-store efficiencies, largely within our supply chain.

這種收縮部分被定價和店外效率的年化所抵消，主要是在我們的供應鏈內。

Given the Q1 margin contraction, I wanted to provide additional insight into the investments as well as the offsetting efficiencies.

鑑於第一季利潤率收縮，我想提供有關投資以及抵消效率的更多見解。

Let me start with investments -- a critical, initial step to get Back to Starbucks turnaround.

讓我從投資開始——這是星巴克轉虧為盈的關鍵第一步。

As Brian shared, to deliver our customer experience to win in the morning, we invested additional coverage hours to support the service model of a four-minute wait time and enabling our hospitality point of difference, moments of connection.

正如布萊恩所分享的，為了在早上提供贏得客戶體驗，我們投入了額外的覆蓋時間來支援四分鐘等待時間的服務模式，並實現我們的熱情好客的差異點、連接時刻。

These additional hours, coupled with wage and benefit rate increases, resulted in 180 basis point margin pressure in the North American segment, excluding labor productivity.

這些額外的工作時間，加上工資和福利率的增加，導致北美市場（不包括勞動生產力）的利潤率壓力達到 180 個基點。

As we focus on delivering the customer experience, we continue to evaluate labor needs across our store portfolio as we surgically optimize staffing levels.

當我們專注於提供客戶體驗時，我們會繼續評估整個商店組合的勞動力需求，同時徹底優化人員配置水準。

As you likely saw, we dialed up our marketing communication, including linear TV media, as part of our priority to re-introduce Starbucks to the world.

正如您可能看到的那樣，我們加強了行銷傳播力度，包括線性電視媒體，作為我們向世界重新介紹星巴克的首要任務的一部分。

We were pleased with the positive customer reactions and improvement in our comp trend.

我們對客戶的正面反應和我們的競爭趨勢的改善感到高興。

Overall promotional spend, which is inclusive of marketing spend and discounts, remains largely neutral relative to prior year.

整體促銷支出（包括行銷支出和折扣）與前一年相比基本上保持中立。

To improve value perception, we also removed the extra charge for non-dairy milk customizations, an impact of 60 basis points on the segment's margin in the quarter.

為了提高價值認知，我們還取消了非乳製品客製化的額外費用，這對該部門本季的利潤率產生了 60 個基點的影響。

Following this announcement, we saw strong increases in customer interactions with our brand, as Brian shared previously.

正如布萊恩之前分享的那樣，在這一消息發布後，我們看到客戶與我們品牌的互動大幅增加。

Additionally, non-dairy customizations grew mid-single digits year over year, off a double-digit decline in the prior year.

此外，非乳製品定制業務同比增長了中個位數，而上一年則出現了兩位數的下降。

Collectively, these targeted investments are showing signs of early progress.

總的來說，這些有針對性的投資正在顯示出早期進展的跡象。

While there is a near-term impact on margin, we expect that to our disciplined approach to test and learn, we will make the right investments to drive long-term growth.

雖然短期內會對利潤率產生影響，但我們預計，透過嚴格的測試和學習方法，我們將做出正確的投資來推動長期成長。

Importantly, we also continue focusing on driving efficiencies across the company as we balance our investments, while driving margin expansion over time.

重要的是，我們也繼續致力於在平衡投資的同時提高整個公司的效率，同時隨著時間的推移推動利潤率的擴大。

In Q1, our in-store efficiencies increased as a result of improved partner stability as we focus on the Back to Starbucks strategy.

第一季度，由於我們專注於「回歸星巴克」策略，合作夥伴穩定性提高，店內效率有所提高。

At a store, we further optimized our supply chain and recalibrated rates, resulting in meaningful sourcing efficiencies in the quarter.

在一家商店，我們進一步優化了供應鏈並重新調整了費率，從而在本季度顯著提高了採購效率。

Collectively, in and out of store efficiencies, yield savings of approximately 150 basis points in Q1.

總的來說，第一季店內和店外的效率節省了約 150 個基點。

We'll continue to secure additional efficiencies to help fund investments as we leverage a disciplined and data-driven approach to our turnaround.

我們將繼續確保更高的效率，以幫助資助投資，因為我們利用嚴格的、數據驅動的方法來實現扭虧為盈。

Shifting from efficiencies to G&A.

從效率轉向一般管理費用。

For fiscal year 2025, we expect our G&A percentage to be higher than prior year as we lap lower performance-based compensation.

對於 2025 財年，我們預計 G&A 百分比將高於前一年，因為我們基於績效的薪酬較低。

Specific to Q2, we expect G&A as a percentage of revenue to spike as we transform the support organization, incurring near-term structuring charges, inclusive of severance pay and related benefits.

具體到第二季度，我們預計，隨著我們對支援組織進行轉型，產生短期結構費用（包括遣散費和相關福利），一般行政費用佔收入的百分比將會飆升。

At this time, we're still working through the impact this transformation work, and we'll share more details regarding the financial impact during our Q2 earnings call.

目前，我們仍在研究這項轉型工作的影響，我們將在第二季財報電話會議上分享更多有關財務影響的詳細資訊。

Q1 EPS was $0.69, down 22% from the prior year, primarily reflecting the impact of deleverage and heightened investments.

第一季每股收益為 0.69 美元，年減 22%，主要反映了去槓桿和加大投資的影響。

Q1 EPS also included a $0.02 year-over-year benefit from a lower effective tax rate, primarily driven by a discrete item, which is not expected in the balance of this fiscal year.

第一季每股收益還包括因有效稅率降低而帶來的 0.02 美元的同比收益，這主要是由一項離散項目推動的，預計本財年剩餘時間不會出現這種情況。

Now looking at our full fiscal year 2025, although our guidance is suspended, I'd like to provide some insights into our quarterly earnings shape.

現在看看我們的整個 2025 財年，儘管我們的指導已暫停，但我想提供一些有關我們季度盈利狀況的見解。

EPS is expected to be the lowest in Q2 on an absolute basis due to seasonality, the organizational restructuring I just spoke about, and elevated investments, with year-over-year pressure also testifying in the quarter.

由於季節性、我剛才談到的組織重組以及投資增加，預計第二季每股收益將處於絕對水準最低，且年比壓力也將在本季得到證實。

EPS is then expected to improve in the latter half of the fiscal year 2025, both sequentially and year over year.

預計 2025 財年下半年每股盈餘將較上季及年比有所改善。

Some additional aspects to consider as you think about our full-year 2025 include the coffee landscape and our channel development segment.

當您考慮我們的 2025 年全年時，還需要考慮一些其他方面，包括咖啡格局和我們的通路開發部分。

In regards to the coffee landscape and the trajectory of C price, given our overall practices and hedging strategy, our year-over-year coffee price impact was minimal in Q1.

就咖啡格局和 C 價格走勢而言，考慮到我們的整體做法和對沖策略，第一季咖啡價格比去年同期影響很小。

We currently estimate Q2 EPS to be pressured by approximately $0.01 net of hedge gains.

我們目前預計，扣除對沖收益後，第二季每股收益將受到約 0.01 美元的壓力。

As a reminder, our total cost of green coffee is typically limited to 10% to 15% of our product and distribution costs.

提醒一下，我們的生咖啡總成本通常限制在我們的產品和分銷成本的 10% 到 15%。

In addition to the direct coffee pressure on EPS I just mentioned, C price volatility also impacts our channel development segment and in a more meaningful way.

除了我剛才提到的咖啡對 EPS 的直接壓力之外，C 價格波動也以更有意義的方式影響我們的通路開發部門。

Although we can pass this cost to our business partners, higher prices to an already pressured consumers will likely impact our segment volumes and ultimate revenue and profitability.

儘管我們可以將這筆成本轉嫁給我們的業務合作夥伴，但向已經面臨壓力的消費者收取更高的價格可能會影響我們的細分市場銷售以及最終收入和獲利能力。

Finally, our balance sheet remains strong, and we remain committed to our triple B plus credit rating.

最後，我們的資產負債表仍然強勁，我們仍然致力於實現 3B+ 信用評級。

We continue to prioritize shareholder value through dividends, providing a predictable return of capital while we turn around our business.

我們繼續透過股利優先考慮股東價值，在扭轉業務的同時提供可預測的資本回報。

In closing, we are encouraged by our Q1 results, which demonstrated the effectiveness of our Back to Starbucks strategy.

最後，我們對第一季的業績感到鼓舞，這證明了我們「重返星巴克」策略的有效性。

Although we are in the beginning chapter and have much more work ahead of us, my thanks goes to our incredible partners across the globe who are unwavering in their commitment to bring our strategy to life.

儘管我們正處於起步階段，還有很多工作要做，但我要感謝我們在全球各地令人難以置信的合作夥伴，他們堅定不移地致力於將我們的策略變為現實。

And with that, Brian and I are happy to take your questions.

布賴恩和我很樂意回答您的問題。

Thank you.

謝謝。

Operator?

操作員？

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi.

你好。

Good evening.

晚安.

My question, Brian, is on the sales improvement you saw through the quarter.

布萊恩，我的問題是關於您在本季度看到的銷售改善。

I believe Rachel mentioned that comps improved as the quarter progressed, I guess, can you talk about whether that was comparison related, or do you think they're seeing some underlying structural improvement?

我相信雷切爾提到隨著本季的進展，公司業績有所改善，我猜，你能談談這是否與比較相關，或者你認為他們看到了一些潛在的結構性改善嗎？

And if you're seeing some structural improvement, what do you think is driving that in terms of the key components of your plan?

如果您看到一些結構性改進，您認為就計劃的關鍵組成部分而言是什麼推動了這種改進？

Whether it be advertising or store operations, maybe you can frame that up for us?

無論是廣​​告還是店面經營，也許你可以幫我們設計一下？

Thanks.

謝謝。

Yes, you know, as Rachel said, the good news is we did see kind of sequential improvement throughout the quarter.

是的，你知道，正如雷切爾所說，好消息是我們確實看到了整個季度的連續改善。

And I think I mentioned this in some of our remarks, the thing that it was nice to see is as we stepped away from discounting and went into more broad-based marketing efforts to demonstrate the craft of our coffee as well as the experience -- or the premium experience you get from Starbucks, we saw non-Rewards customer respond with more traffic and more transactions, which was really nice to see how they progress quarter to quarter.

我想我在我們的一些評論中提到了這一點，很高興看到的是，我們放棄了折扣，開始進行更廣泛的營銷工作，以展示我們的咖啡工藝和體驗——或者您從星巴克獲得的優質體驗，我們看到非獎勵客戶以更多的流量和更多的交易做出回應，這真的很高興看到他們每季的進展。

The other thing too that was nice to see as we saw our morning day part continue to show improvements quarter to quarter as well.

另一件事也很高興看到，因為我們看到我們的早晨部分也繼續顯示出逐季度的改進。

And so I think it's a combination of shifting the approach as far as reaching both Rewards and non-Rewards customers with, I think, a compelling message around the craft and the quality of our coffee and our experience.

因此，我認為，這需要轉變方法，以吸引獎勵和非獎勵客戶，並圍繞工藝、咖啡品質和體驗傳達令人信服的訊息。

And then also, I think our partners in the stores are really embracing getting Back to Starbucks and enjoying making the espresso drinks and providing people that craft experience.

而且，我認為我們商店裡的合作夥伴真的很樂意回到星巴克，享受製作濃縮咖啡並為人們提供工藝體驗。

And, as you've seen even most recently, the new Back to Starbucks rollout that we've got in progress in some stores, even this morning and the energy, is really exciting to see, both from our partners and our customers.

而且，正如您最近所看到的，我們在一些商店正在進行的新的「重返星巴克」活動，即使是今天早上，我們的合作夥伴和客戶都感到非常興奮。

Our customers are feeling the enhanced experience coming from our partner.

我們的客戶感受到合作夥伴帶來的增強體驗。

So definitely baby steps in both of these areas, but all moving in the right direction.

因此，這兩個領域肯定都在邁出一小步，但都在朝著正確的方向發展。

Andrew Charles, TD Cowen.

安德魯查爾斯，TD·考恩。

Great, thanks.

太好了，謝謝。

Brian, can you talk a little bit more about [dressy Legrand's] plan of attack to help build the initial marketing work around introducing the brand and curious to last year's disclosed about $50 million of advertising spend, what level can we think about for 2025?

Brian，您能否多談談[dressy Legrand] 的進攻計劃，以幫助圍繞品牌介紹建立初始營銷工作，並且對去年披露的約5000 萬美元的廣告支出感到好奇，我們可以考慮2025 年的廣告支出水平是多少？

You can comment on that as well.

您也可以對此發表評論。

Look, what we are definitely doing right now is switching the dollars out of discounting into, what I would call, working dollars for the brands and the brand experience.

看，我們現在肯定要做的就是將折扣中的美元轉變為我所說的品牌和品牌體驗的工作美元。

And so what you're going to continue to see is, you might have saw we just broken new ad over the weekend, highlighting the key point of difference for Starbucks, which is centers on our connection that our baristas and our great partners have with our customers.

因此，您將繼續看到的是，您可能已經看到我們剛剛在周末發布了新廣告，強調了星巴克的關鍵差異點，即我們的咖啡師和我們偉大的合作夥伴與我們之間的聯繫我們的客戶。

And one of the ways that comes through is writing on cups.

實現這一目標的方法之一就是在杯子上書寫。

And so what I love about this is, before taking these dollars, allocating it to talk about the brand experience and it in such a way where it's very executable for people to actually experiences through our partners in the stores.

因此，我喜歡這一點的是，在拿這些錢之前，將其分配給談論品牌體驗，並以一種非常可行的方式讓人們透過我們在商店中的合作夥伴進行實際體驗。

And so you're going to continue to see us use the dollars to turn it into working dollars to drive towards a brand commitment, but then also an experience commitment, where hopefully, every time you come into a Starbucks only to get your coffee drink, but you also get this connection, and that's we're going to continue to do.

因此，您將繼續看到我們使用這些美元將其轉化為工作美元來推動品牌承諾，但同時也是一種體驗承諾，希望您每次進入星巴克只是為了喝咖啡，但您也能獲得這種聯繫，這就是我們將繼續做的事情。

I think we're still finalizing exactly what does that spend look like ongoing.

我認為我們仍在最終確定這筆支出的具體情況。

But I like the transition that we've made, and I'm optimistic about the campaign that we've just started because there's a lot of additional elements still to come.

但我喜歡我們所做的轉變，我對我們剛開始的活動感到樂觀，因為還有很多其他元素即將到來。

The way to think about it too, from a marketing as a percentage of revenue, we are increasing it.

思考這個問題的方式也是如此，從行銷佔收入的百分比來看，我們正在增加它。

You can say close to doubling it, but we've reduced the discount.

你可以說接近翻倍，但我們減少了折扣。

So we've increased our overall net revenue while we're putting it towards, as Brian said, the working dollars in marketing.

因此，我們增加了整體淨收入，同時正如布萊恩所說，我們將其用於行銷工作資金。

So it's neutral to the business overall, but you will see a shift in terms of how it shows up in the P&L and in the business.

因此，它對整體業務是中性的，但您會看到它在損益表和業務中的顯示方式發生了變化。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Hi, thanks for taking the question.

您好，感謝您提出問題。

Brian, I was wondering if you can help us quantify the impact of the operational improvements that you're starting to see at Starbucks.

布萊恩，我想知道您是否可以幫助我們量化您在星巴克開始看到的營運改善的影響。

Maybe specifically if you can help us understand maybe what percentage of the stores are operating in line with the four-minute handover timeline that you're expecting on the stores and what kind of comp differential do you see between the stores that are operating at the level of efficiency that you're expecting versus the ones that need some incremental time to transform?

也許具體來說，如果您可以幫助我們了解有多少百分比的商店按照您期望的商店四分鐘交接時間表進行運營，以及您認為在該商店運營的商店之間存在什麼樣的補償差異您期望的效率水平與需要一些增量時間來轉換的效率水平有何不同？

Thank you.

謝謝。

Yes.

是的。

So what we've done so far is we definitely put the stores into kind of core tiles as it relates to how many transactions they're working through.

因此，到目前為止，我們所做的就是將商店放入某種核心板塊中，因為這與它們正在處理的交易數量有關。

And what we've -- through this work, what we've discovered is more of the challenge comes through, frankly, the mobile ordering system not having a sequencing system.

坦白說，透過這項工作，我們發現更多的挑戰來自於沒有排序系統的行動訂購系統。

And what happens is that counter area gets really crowded, congested.

結果櫃檯區域變得非常擁擠。

And what occurs for our partners is the work switches to the task of just trying to get drinks and food solved for the rush, as opposed to be being able to consistently deliver the moment of connection while they still deliver the coffee drinks.

對於我們的合作夥伴來說，工作轉向了只是為了趕時間解決飲料和食物的問題，而不是在他們仍然提供咖啡飲料的同時始終能夠提供聯繫的時刻。

And so the good news is we have a high percentage of stores that are already comping positively because when we look at those stores, we see that the connection and the craft is being executed, and we're not in as many of these bottlenecks situations.

因此，好消息是，我們有很高比例的商店已經在積極競爭，因為當我們查看這些商店時，我們看到連接和工藝正在執行，並且我們沒有遇到那麼多瓶頸情況。

And so that's what we're focused on is how do we eliminate these bottlenecks situations for the mobile ordering really overwhelms kind of the production experience to the point where we can no longer provide a great service experience.

因此，我們關注的重點是如何消除這些瓶頸情況，因為行動訂購確實壓垮了生產體驗，以至於我們無法再提供出色的服務體驗。

And so we've seen the difference in performance.

所以我們已經看到了性能上的差異。

We've seen the difference in, and that's from a comp and financial performance, and we've also seen the difference in partner satisfaction, customer satisfaction.

我們已經看到了競爭和財務績效方面的差異，我們也看到了合作夥伴滿意度、客戶滿意度方面的差異。

And so we're working through exactly how we measure these things because, unfortunately, currently we don't have a great sign system in place to measure the timeframe on these things which we are putting into place.

因此，我們正在研究如何衡量這些事情，因為不幸的是，目前我們沒有一個很好的標誌系統來衡量我們正在實施的這些事情的時間框架。

But as I mentioned earlier, the good news is I was in one of our stores this morning, we've already started to put this algorithm in that happens behind the scenes and it smooths out, I would say, those rushes of mobile orders such that our teams are able to provide great moments of connection for the in-cafe customer and the mobile order customer as well as our drive-through customer.

但正如我之前提到的，好消息是我今天早上在我們的一家商店裡，我們已經開始將這種演算法放入幕後，我想說，它可以消除那些湧入的行動訂單，例如我們的團隊能夠為咖啡館內顧客、移動點餐顧客以及得來速顧客提供美好的聯繫時刻。

And we're two weeks in on this, by the way, and in only in three stores, but we're seeing really good performance, both in the financial performance, partner satisfaction, and customer satisfaction.

順便說一句，我們已經在這方面投入了兩週的時間，而且只在三家商店進行了這項工作，但我們看到了非常好的業績，無論是在財務業績、合作夥伴滿意度還是客戶滿意度方面。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Sara Senatore, please unmute yourself.

薩拉參議員，請取消靜音。

We'll move onto the next question.

我們將繼續討論下一個問題。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Thanks.

謝謝。

I wanted to ask you a question about productivity.

我想問你一個關於生產力的問題。

There was a previous belief that there might be a $4 billion productivity opportunity over the four years ending 2028.

先前人們認為，截至 2028 年的四年內可能存在 40 億美元的生產力機會。

Obviously, that's a big number, could be 250 to 300 basis points of margin held up before considering other investments.

顯然，這是一個很大的數字，在考慮其他投資之前可能會保留 250 到 300 個基點的保證金。

And that was going to be largely COGS driven.

這主要是由銷貨成本驅動的。

Do still see the Starbucks -- I still see that sort of opportunity before considering investments you might be making in the business?

還會看到星巴克嗎？

David, this is Rachel.

大衛，這是雷切爾。

Thanks for the question.

謝謝你的提問。

What I'd say is we're continually focused on efficiencies, and we see continued opportunity, both in our store as well as out of store, which is largely, as you pointed out, COGS or through our supply chain.

我想說的是，我們不斷關注效率，我們看到了持續的機會，無論是在我們的店內還是店外，正如您所指出的，這很大程度上是銷貨成本或通過我們的供應鏈。

As I shared in my prepared remarks, we had -- collectively about 150 basis points of margin expansion this quarter due to efficiency.

正如我在準備好的演講中所分享的那樣，由於效率的原因，本季我們的利潤率總共增加了約 150 個基點。

So we continue to believe that's an important part of how we think about our Back to Starbucks strategy.

因此，我們仍然相信這是我們思考「重返星巴克」策略的重要組成部分。

Helping us to balance the investments we'll be making and eventually leading to margin expansion over time.

幫助我們平衡我們將要進行的投資，並最終隨著時間的推移實現利潤率的擴張。

But I think, as far as it relates to the 4 billion, we're still working through what's going to be the right level of efficiencies for us as we go forward.

但我認為，就這 40 億人而言，我們仍在努力尋求未來適當的效率水準。

And so on I wouldn't stick to the 4 billion.

依此類推，我不會堅持40億。

I would just say that we will continue efficiency work as we think about how we're driving margin expansion in the future.

我只想說，當我們考慮如何推動未來利潤率擴張時，我們將繼續提高效率。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Yes.

是的。

Thank you.

謝謝。

Good afternoon.

午安.

Since that announcement you made about support organization, you've also made some management changes.

自從您發布有關支援組織的公告以來，您也進行了一些管理變更。

What needs to change there?

那裡需要改變什麼？

I guess, how much do you expect that to change?

我想，您預計這種情況會改變多少？

And related to that, Rachel, I understand the comments on G&A in 2Q.

與此相關的是，Rachel，我理解第二季 G&A 的評論。

Is this something where you might expect some favorability as we get into 3Q, 4Q and you start to see those changes take hold?

當我們進入第三季、第四季並且您開始看到這些變化發生時，您是否會期待一些好感？

First of all, I would say the purpose of the changes is to get more accountability into our key lines of business.

首先，我想說這些變化的目的是讓我們的關鍵業務部門承擔更多責任。

So you saw we have a -- we're creating the role of a Chief Stores Officer.

所以你看到我們正在設立首席倉庫官的角色。

Mike's responsibility is going to be all about driving excellence in our stores.

麥克的職責就是推動我們商店的卓越發展。

We're putting a Chief Development Officer in place.

我們正在任命一名首席開發長。

Again, ensuring we're building the right sites with the right design at the right cost and return, while still having a clear line of sight.

再次，確保我們以正確的成本和回報構建正確的設計、正確的站點，同時仍然擁有清晰的視線。

And so similar to what we're trying to do for driving that accountability through our stores, which is really where the business happens, we wanted to make sure that we've got the support center also focused on supporting the stores in an efficient manner to where the business happens.

與我們試圖透過我們的商店推動問責制所做的事情類似，這實際上是業務發生的地方，我們希望確保我們的支援中心也專注於以有效的方式支援商店到業務發生的地方。

So structurally, that's what's going on.

從結構上來說，這就是正在發生的事情。

And we're in the process of evolving that over the next couple of months.

我們將在接下來的幾個月內對此進行改進。

On the second half of that, I'll let Rachel chime in on that piece.

在後半部分，我會讓雷切爾插話。

So, Brian, in terms of your question about the G&A and the impact, as we think about the full year, we would expect, while we have the spike in Q2 as I shared in my prepared remarks, we would expect to see -- start to see some savings in Q4 related to that particular effort.

所以，布萊恩，就你關於一般行政費用和影響的問題而言，當我們考慮全年時，我們預計，雖然我們在第二季度出現了高峰，正如我在準備好的發言中分享的那樣，但我們預計會看到——開始看到第四季度與該特定工作相關的一些節省。

But I think what's important to remember is that we're also lapping lower performance-based comp this year, and that starts to take an even greater impact in Q3 and Q4.

但我認為重要的是要記住，我們今年的基於績效的補償也較低，這開始在第三季和第四季產生更大的影響。

So net G&A this year will still be higher than prior year as a percentage of revenue, largely given that lack of lower base performance comp from last year.

因此，今年的淨管理費用佔收入的百分比仍將高於去年，這主要是因為去年的基本業績比較沒有下降。

But and yes, you would expect just from the restructuring itself, you would see some benefit in Q4.

但是，是的，您會期望僅從重組本身，您就會在第四季度看到一些好處。

And then of course, we will expect this will drive leverage over time.

當然，我們預計隨著時間的推移，這將提高槓桿率。

Chris O'Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

Thanks.

謝謝。

Brian, as we've thought about the business, our view has been that improving the partner experience is somewhat intertwined with improving the customer experience.

Brian，正如我們對業務的思考一樣，我們的觀點是，改善合作夥伴體驗在某種程度上與改善客戶體驗是交織在一起的。

Are there specific customer experience issues you believe the company can resolve that should also help improve the employee experience?

您認為公司可以解決哪些特定的客戶體驗問題，這些問題也應該有助於改善員工體驗？

And sort of related to this, when do you expect that the mobile order algorithm changes to be implemented?

與此相關的是，您預計行動訂單演算法變更何時實施？

Yes.

是的。

Look, I think you're absolutely right.

聽著，我認為你是完全正確的。

The idea of setting up our partners to be successful in every customer interaction results in great experiences for our customers and they are highly intertwined.

讓我們的合作夥伴在每次客戶互動中取得成功的想法為我們的客戶帶來了良好的體驗，而且它們是高度交織在一起的。

And I actually believe that's why it's so Important that we have got kind of that great greeting moment, and that great handoff moment.

我實際上相信這就是為什麼我們有一個偉大的問候時刻和那個偉大的交接時刻如此重要。

And what I'm seeing in the kind of the early days of this small pilot is just that where two things are happening.

我在這個小型試點的早期所看到的只是發生了兩件事。

One the partners are set up to deliver these craft drinks with a great human touch or connection at the speed that makes our customers feel really great about getting their drink or their total order.

合作夥伴的目標之一是提供具有良好人性化或聯繫的精釀飲料，其速度使我們的客戶在獲得他們的飲料或整個訂單時感覺非常好。

So they're kind of working in tandem because what the algorithm does is it takes the stress out of the system of having the partner have to figure out how to solve these mobile orders that just came in that weren't sequenced.

因此，他們是協同工作的，因為演算法的作用是減輕系統的壓力，讓合作夥伴必須弄清楚如何解決這些剛進來但未排序的行動訂單。

Now what it does is it sequences those mobile orders so that it can allow the cafe order to get fulfilled in a timely fashion and with the touch of humanity.

現在它所做的就是對這些行動訂單進行排序，以便它可以讓咖啡館的訂單及時、人性化地得到履行。

And the same thing happens with the mobile order because now we're better sequenced up for when people come in to give them their drink.

移動訂單也會發生同樣的情況，因為現在我們可以更好地安排人們進來給他們飲料的時間。

So, you know, we're going to continue to expand the pilot for some other things.

所以，你知道，我們將繼續擴大試點範圍以進行其他一些事情。

We want to test around it with also adding the idea of timeslots.

我們想圍繞它進行測試，同時添加時隙的想法。

How that compares to just changing promise times.

這與僅僅改變承諾時間相比如何。

So ideally, you know, over the next couple of months, we're going to get a lot of learning, which then will give us clarity on the right timetables to rollout, but don't have definitive timing just yet.

因此，理想情況下，在接下來的幾個月裡，我們將獲得大量的學習成果，這將使我們明確正確的推出時間表，但目前還沒有明確的時間表。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Great.

偉大的。

Thank you very much.

非常感謝。

Brian, I know comps always garner outsized attention, and justifiably so, but just wanted to talk about unit growth for a minute.

布萊恩，我知道比較總是會引起極大的關注，這是理所當然的，但我只是想談談單位成長。

And I know in the US, obviously, the unit growth could be a more consistent driver of top line.

我知道，在美國，顯然，單位成長可能是收入的更穩定的驅動力。

And I think you said opportunity to double the store count in the US, I believe you're referring I guess to that company-operated system which in the US is already pushing 10,000 plus.

我認為您所說的將美國商店數量增加一倍的機會，我想您指的是公司運營的系統，該系統在美國已經超過 10,000 家。

So the doubling I guess caught me by surprise, that was above my expectation in terms of the total addressable market.

因此，我想翻倍讓我感到驚訝，就總目標市場而言，這超出了我的預期。

I'm just wondering, as you think about that doubling, what would I think from a rate of growth that's appropriate as you look to achieve that, maybe how you arrive at that doubling?

我只是想知道，當你考慮翻倍時，當你希望實現這一目標時，我會如何看待合適的成長率，也許你如何實現翻倍？

And are there particular geographies or store types that have greater opportunity than others?

是否存在比其他地區或商店類型擁有更多機會的特定地區或商店類型？

Just curious how you think about the TAM in the US and that opportunity.

只是好奇您如何看待美國的 TAM 以及這個機會。

Yes.

是的。

One of the things I'm really excited about is our ability to execute a smaller format that still has a great C, okay, and delivers the partner experience or the engine behind the counter so that we can provide these craft drinks in a timely manner with that personal touch.

我真正感到興奮的一件事是我們能夠執行較小的格式，但仍然具有出色的 C，好吧，並提供合作夥伴體驗或櫃檯後面的引擎，以便我們可以及時提供這些精釀飲料具有個人風格。

And so when you combine our ability to do the drive-through, the cafe, the mobile ordering in small, medium, large executions, it just starts to open up trade areas that you get really excited about.

因此，當您將我們在小型、中型、大型執行中進行得來速、咖啡館、行動訂購的能力結合起來時，它就開始開闢您真正興奮的貿易領域。

And we're having tremendous success in places like Texas or the Southeast.

我們在德克薩斯州或東南部等地取得了巨大的成功。

And as we continue to open stores in those areas, they open with great economics.

隨著我們繼續在這些地區開設商店，它們的開業經濟效益非常好。

And that's what gives us a lot of confidence versus our other markets that, frankly, we have a lot of work to do on just resetting the estate.

與其他市場相比，這給了我們很大的信心，坦白說，我們在重置資產方面還有很多工作要做。

And so that we have the right mix of the small, medium, large and the right mix of the access points.

這樣我們就可以正確組合小型、中型、大型以及正確的接入點組合。

The good news is the brand has a lot of flexibility in how we execute the experience, and that's what gives us the confidence that we could double the store count.

好消息是，該品牌在執行體驗方面具有很大的靈活性，這讓我們有信心將商店數量增加一倍。

And then obviously, we get the sequencing figured out on mobile ordering.

顯然，我們在行動訂購上找到了排序方法。

I think that just frees us up to another degree that we still haven't totally comprehended, I guess.

我認為這只是讓我們自由到另一個我們還沒有完全理解的程度，我想。

John Ivankoe, JP Morgan.

約翰‧伊凡科，摩根大通。

There's definitely some conversation about perhaps limiting the menu in the morning of products that are really some of the high repeat products that will be focused on, speed, accuracy, and consistency and maybe opening up the afternoon in a product set.

肯定會有一些討論，可能會限制早上的產品菜單，這些產品實際上是一些高重複產品，將重點關注速度、準確性和一致性，並且可能會在下午開放產品集。

And we're more differentiated and have a more customizations.

我們更加差異化，並且有更多的客製化。

I wanted to get your thought if that was a possibility of maybe having different offerings in the AM and PM at Starbucks.

我想聽聽您的想法，星巴克是否有可能在上午和下午提供不同的產品。

And secondly, and I think related to that, food-warming cabinets does seem to be one of the quote, unquote, easiest ways to speed up transaction time, specifically in the drive-through.

其次，我認為與此相關的是，食物加熱櫃似乎確實是加快交易時間的最簡單方法之一，特別是在汽車餐廳中。

Could you give us an update on that element of Siren, specifically in terms of what you might expect to roll out today?

您能否向我們介紹《Siren》這一元素的最新情況，特別是您今天可能期望推出的內容？

Yes, thanks for the question.

是的，謝謝你的提問。

And look, that's one of the key pieces of driving our digital menu board execution is that does give us the flexibility to do the merchandising of kind of different food experiences are drink experiences in the afternoon versus the morning.

看，這是推動我們數位菜單板執行的關鍵因素之一，它確實使我們能夠靈活地在下午與早上進行不同的食品體驗（例如飲料體驗）的推銷。

And as I mentioned, I think in my prepared remarks, we are dialing back on the menu, both in food and beverage, to the tune of roughly 30% between now and the end of our fiscal year, which then frees us up, frankly, to make sure we've got, what I would call it the right food offerings in the morning.

正如我所提到的，我認為在我準備好的演講中，我們將在食品和飲料方面的菜單上進行調整，從現在到我們的財政年度結束，調整到大約30%，坦率地說，這將讓我們解放出來，以確保我們在早上得到我所說的正確的食物。

And then also we're looking at how do we provide the right kind of snacks, less food offerings as you get further into the day.

然後我們也在研究如何提供正確的零食，隨著一天的深入，減少食物供應。

And like I said, the digital menu boards allow us the flexibility then to merchandise accordingly.

正如我所說，數位菜單板使我們能夠靈活地進行相應的商品銷售。

Regarding the hot-rolled equivalent, what we find is that's a great solution depending on the volume or transactions that we have in the store, regardless of whether there's a drive through or not.

關於熱軋等價物，我們發現這是一個很好的解決方案，具體取決於我們商店中的數量或交易量，無論是否有免下車服務。

And so you're right, obviously, if we had a hot hold, when the person just shows up to the order board, it could be much faster, but we find that trade-off in that hot hold versus just cooking it fresh to order at those moments. it's not the right trade-off in investing in that type of equipment and also the experience that you get from.

所以你是對的，顯然，如果我們有一個熱保持，當這個人出現在訂單板上時，它可能會快得多，但我們發現在熱保持和新鮮烹飪之間進行權衡在那些時刻訂購。這不是投資此類設備和您從中獲得的經驗的正確權衡。

So right now, it's much more contingent upon the volume thresholds than it is moving speed along kind of for all day kind of experiences, is the way I've described it.

因此，現在，它更多地取決於音量閾值，而不是全天體驗的移動速度，這就是我所描述的方式。

[Katherine] Griffin, Bank of America.

[凱瑟琳]格里芬，美國銀行。

Hi, thanks.

你好，謝謝。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

On behalf of Sara Senatore.

代表薩拉參議員。

So earlier, I think, Rachel, you are talking about having less promotions as a positive impact on revenue.

所以早些時候，我想，雷切爾，你正在談論減少促銷對收入的正面影響。

I think the goal from here is to move towards more of a traffic-driven same-store sales growth model, but we didn't see much of that this quarter.

我認為這裡的目標是轉向更多流量驅動的同店銷售成長模式，但本季我們沒有看到太多這種情況。

I think you mentioned that promotional transactions are 40% lower year over year, but can you quantify what the impact of that was on ticket and was that because of fewer promotions?

我想您提到促銷交易量比去年同期減少了 40%，但是您能否量化這對門票的影響，是否是因為促銷活動減少了？

And then I guess to the extent that you're encouraged by and these results.

然後我想這些結果會讓你感到鼓舞。

Is that what you're looking at, you're looking for more full-priced sales?

這就是您正在尋找的，您正在尋找更多的全價銷售嗎？

I would start by saying we're looking for a combination.

我首先要說的是我們正在尋找一種組合。

I mean, our Rewards customers continue to be incredibly important, but we think value as we speak to all of our customers.

我的意思是，我們的獎勵客戶仍然非常重要，但我們在與所有客戶交談時認為價值。

And as we shifted out of at discounts to a more broad-based marketing, that's helped us reach a broader base of customers, which this quarter even we're early in the turnaround, we saw the signs of progress.

隨著我們從折扣行銷轉向更廣泛的行銷，這幫助我們涵蓋了更廣泛的客戶群，即使我們在本季度處於扭虧為盈的早期階段，我們也看到了進展的跡象。

As Brian had shared, we had growth in the morning day part we had growth across our customer base that our non-US customers grew quarter over quarter.

正如布萊恩分享的那樣，我們在早上的部分實現了成長，我們的整個客戶群都實現了成長，我們的非美國客戶逐季成長。

And importantly, we saw their growth as high as where we were about a year ago.

重要的是，我們看到他們的成長與大約一年前的水平一樣高。

So that gives us a lot of confidence that it's the right strategy.

這讓我們非常有信心這是正確的策略。

And in terms of the impact on ticket, as I had shared in my prepared remarks, our ticket in North America was about 4%, a little over 4%.

至於對門票的影響，正如我在準備好的演講中所分享的那樣，我們在北美的門票大約是4%，略高於4%。

And within that ticket, that was benefiting from annualized pricing, but also benefited from fewer discounts.

在這張門票中，這受益於年化定價，但也受益於較少的折扣。

And that was partially been offset by the mix shift towards lower priced items as well the decision have made to remove all a pricing.

這部分被向低價商品的組合轉變以及取消所有定價的決定所抵消。

So we see that removal of the discount or shifting of the discount, we're still discounting, but shifting the discount as a way for us to strengthen ticket, but also to strengthen the overall proposition as we speak to more customers more broadly.

因此，我們看到，取消折扣或轉移折扣，我們仍然在打折，但轉移折扣是我們加強票務的一種方式，也是在我們更廣泛地與更多客戶交談時加強整體主張的一種方式。

Peter Saleh, BTIG.

彼得·薩利赫，BTIG。

Great.

偉大的。

Thanks for taking the questions.

感謝您提出問題。

Brian, I wanted to ask about the Siren System.

布萊恩，我想問警報器系統的事。

It sounds like you guys are only going to implement this and the highest-quartile stores Just curious, sounds a little bit of a difference from what you were initially expecting last quarter.

聽起來你們只會實施這一點，而最高四分之一的商店只是好奇，聽起來與你們上個季度最初的預期有點不同。

I know it's early, but why don't the other stores, the remaining system, need it and can they get to the four-minute coffee time without the system?

我知道現在還早，但為什麼其他商店、剩餘的系統不需要它，而且他們可以在沒有系統的情況下獲得四分鐘的咖啡時間嗎？

I'm just curious as to the timing on rolling this Siren System out of the top performing stores.

我只是好奇將這個警報系統從表現最好的商店中推出的時機。

Thanks.

謝謝。

Yes.

是的。

Look, you're right, it is a new learning that we picked up over the last couple of months specifically as we've gotten very focused on getting the four-minutes solution and bringing order to mobile ordering.

看，你是對的，這是我們在過去幾個月中學到的新知識，特別是因為我們非常專注於獲得四分鐘解決方案並為行動訂購帶來訂單。

And what has become clear is it's not in most stores is not driven by a lack of capacity.

顯而易見的是，大多數商店的這種情況並不是由於產能不足所致。

It's more the process combined with the algorithm to sequence the mobile orders with the cafe.

它更多的是與演算法相結合的過程，以對咖啡館的行動訂單進行排序。

So there's a threshold where the volume gets to a place for the additional equipment is necessary, but definitely happening in like the top quartile of stores.

因此，存在一個閾值，即數量到達需要額外設備的地方，但肯定會發生在商店的前四分之一處。

And in the majority of our stores, just kind of putting the right process, the right deployment, combined with the algorithm, we see a big unlock in transaction throughput capability.

在我們的大多數商店中，只要採用正確的流程、正確的部署，結合演算法，我們就可以看到交易吞吐量能力的巨大釋放。

So that's what we're focused on.

這就是我們關注的重點。

And you know, it's a learning we picked up over the last couple of months in.

你知道，這是我們在過去幾個月中學到的。

I think this is what's great about taking the test and learn approach is as we learn we adopt, and what we're adopting towards is make sure that we get the best experience for both the partner and our customer.

我認為，採用測試和學習方法的好處在於，我們學習並採用這種方法，而我們採用的目的是確保我們為合作夥伴和客戶提供最佳體驗。

Christine Cho, Goldman Sachs.

克里斯汀‧曹，高盛。

Thank you.

謝謝。

So Brian, as you come into the coffee business with a fresh pair of eyes, as we're hoping to get your assessment of the challenges of drawing younger customers back into stores.

所以布萊恩，當你以全新的眼光進入咖啡行業時，我們希望得到你對吸引年輕顧客重返商店的挑戰的評估。

Do you still view this as an important strategic focus in your turnaround plans in North America.

您是否仍將其視為北美扭虧為盈計畫的重要策略重點？

And if so, why do you think there are more hesitant?

如果是這樣，您認為為什麼還有更多人會猶豫不決？

Is it premium prices?

是溢價嗎？

Is it that they're drinking less coffee in general.

是不是他們普遍喝咖啡少了？

Are they attracted to more local coffeehouse and, more importantly, how do these observations inform your menu and marketing strategy going forward?

他們是否被更多的當地咖啡館所吸引，更重要的是，這些觀察結果如何為您未來的菜單和行銷策略提供資訊？

Thank you.

謝謝。

Yes.

是的。

Look, obviously, I think we've talked about this.

顯然，我想我們已經討論過這個問題了。

One of things we want to do is broaden our reach.

我們想做的事情之一就是擴大我們的影響力。

So, you know, we've said we want to be winning with Gen Z all the way through to the over 50, 60 crowd.

所以，你知道，我們說過我們希望與 Z 世代一起贏得勝利，一直到 50 歲、60 歲以上的人群。

And what we've discovered is, and this is actually a really nice piece of the businesses, the younger customers definitely attracted to the whole tea proposition that we have, the matcha latte solution.

我們發現，這實際上是一項非常好的業務，年輕的顧客肯定會被我們的整個茶產品——抹茶拿鐵解決方案所吸引。

You might have seen we've most recently brought out the unsweetened matcha and that caught a little bit the social media buzz with the Dubai matcha.

您可能已經看到我們最近推出了不加糖的抹茶，這引起了社交媒體對迪拜抹茶的關注。

And so what we're seeing, we're seeing nice movement actually in all age groups.

所以我們所看到的，我們實際上在所有年齡段都看到了很好的運動。

And you know, it does appear that if we bring smart flavors with tea, refreshers, cold beverages, that's inclusive of eating iced coffee or cold brew, we continue to see the progress with the younger customer.

你知道，如果我們在茶、清涼飲料、冷飲（包括冰咖啡或冷萃咖啡）中加入巧妙的口味，我們就會繼續看到年輕顧客的進步。

So I think it's just a much more balanced approach, is how I describe it, as opposed to a you know what we're just focused on young and cold drinks.

所以我認為這只是一種更平衡的方法，正如我所描述的那樣，而不是你知道我們只專注於年輕的冷飲。

That's not what we want to be about.

這不是我們想要的。

We want to you about being a solution, frankly, for all those that want that third-place experience with a customized handcrafted drink.

坦白說，我們希望為所有想要透過客製化手工飲料獲得第三地體驗的人提供解決方案。

And the nice thing is we can do that through tea.

令人高興的是我們可以透過茶來做到這一點。

We can do that through cold.

我們可以透過寒冷做到這一點。

We can do that through coffee.

我們可以透過咖啡來做到這一點。

And so we're seeing nice progress on all those fronts.

因此，我們在所有這些方面都看到了良好的進展。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you very much.

非常感謝。

I wanted to ask about the partner investment you've added, additional hours to 3,000 stores, you talk about that 700-store pilot, how you're assessing the current level of staffing across the US system and magnitude of investment that might still be necessary?

我想問一下你們增加的合作夥伴投資、對 3,000 家商店的額外營業時間、你們談論的 700 家商店試點、你們如何評估整個美國系統當前的人員配備水平以及可能仍存在的投資規模。

And then to what extent do you have the opportunity to offset these investments to other areas I think your run rate margins or leverage be enough?

然後你在多大程度上有機會將這些投資抵消到我認為你的運行率利潤率或槓桿足夠的其他領域？

Thank you.

謝謝。

Yes.

是的。

So we put in the labor into those 3,000 stores from a precision standpoint, which was really just going back and look at the labor tables to find out where, potentially, we've just gotten too thin in certain areas.

因此，我們從精確的角度向這 3,000 家商店投入了勞動力，這實際上只是回顧一下勞動力表，找出我們在某些​​領域可能過於薄弱的地方。

And so we've implemented that.

所以我們已經實現了這一點。

The good news is we've seen a positive response on that front.

好消息是我們在這方面看到了正面的回應。

In regards to the pilot that we've just about to kick off.

關於我們即將啟動的試點計畫。

This is all about understanding the labor model necessary to have a great customer connection for our partners, deliver the speed and handcrafted experience we want.

這一切都是為了了解為我們的合作夥伴建立良好的客戶聯繫、提供我們想要的速度和手動體驗所需的勞動力模式。

And what we know is, if we do all those things, our partners are excited about the job at hand and our customers love the experience that they receive.

我們知道，如果我們做到了所有這些事情，我們的合作夥伴就會對手頭上的工作感到興奮，而我們的客戶也會喜歡他們所獲得的體驗。

And we see that playing out as it will come more often, and it further differentiates the Starbucks business in the premium that we provide.

我們看到這種情況將會更加頻繁地發生，並且它進一步使星巴克業務在我們提供的溢價方面與眾不同。

So this is all about delivering the brand experience, reinforcing the premium experience that you get, and doing things, frankly, that you really can't get anywhere else.

因此，這一切都是為了提供品牌體驗，強化您獲得的優質體驗，並坦白說，做一些您在其他地方確實無法做到的事情。

When you get a hand-crafted beverage with the personal connection that we provide, it's a huge point of difference.

當您透過我們提供的個人聯繫獲得手工製作的飲料時，這是一個巨大的不同點。

It's meaningful for our partners and it's meaningful for our customers.

這對我們的合作夥伴和我們的客戶都有意義。

And just like recently, we're bringing back the rating on cups and bags.

就像最近一樣，我們恢復了杯子和包包的評級。

The feedback I've received from our partners is they love delighting their customers.

我從我們的合作夥伴那裡收到的回饋是，他們喜歡讓客戶滿意。

And what I've heard from our customers is they love getting these messages in moments of connection from our partner.

我從客戶那裡聽到的是，他們喜歡在與我們的合作夥伴建立聯繫時收到這些訊息。

So this is back to the core of what makes Starbucks a unique experience, that we're working towards understanding what type of model do we need to deliver that experience.

因此，這又回到了星巴克獨特體驗的核心，我們正在努力了解我們需要什麼類型的模型來提供這種體驗。

And then we will figure out how we can grow the business accordingly with that type of invest.

然後我們將弄清楚如何透過此類投資來相應地發展業務。

As Rachel mentioned, longer term, what we're looking for is to grow margins from where we are today and grow the business from where we are today.

正如雷切爾所提到的，從長遠來看，我們尋求的是在目前的基礎上增加利潤並在目前的基礎上發展業務。

The goal of doing all this isn't just to standstill.

做這一切的目的不僅僅是停滯不前。

The goal in doing all this is put the brand on its front foot, established a premium value, the premium experience that we provide, and then used as a launching point to grow the business both from transactions that then play out into, obviously, the economics.

做這一切的目標是讓品牌處於領先地位，建立我們提供的優質價值和優質體驗，然後以此為起點，透過交易來發展業務，然後顯然，經濟學。

If I would just add to that really quickly, Lauren, what I would say is when we think about the labor investments which are -- we have a precision staffing model we use, so they are targeted.

勞倫，如果我要快速補充這一點，我想說的是，當我們考慮勞動力投資時，我們使用了精確的人員配置模型，因此它們是有針對性的。

While there is a near-term impact, there is a near-term unfavorable impact as we make these types of investments.

雖然有短期影響，但當我們進行此類投資時，也會產生短期不利影響。

It will be accretive to the business longer term as these investments will drive traffic to Brian's point.

從長遠來看，這將為業務帶來增值，因為這些投資將推動流量達到布萊恩的觀點。

That's why we're doing this and so it wouldn't be in every store.

這就是我們這樣做的原因，因此不會在每家商店都這樣做。

I mean, it's really what the store needs and it's based on that precision staffing.

我的意思是，這確實是商店所需要的，並且基於精確的人員配置。

So I think about it, first and foremost, the way we make this work is through traffic and ensuring that we drive the traffic over the longer term and then to balance all the investments we're making.

所以我認為，首先也是最重要的是，我們實現這項工作的方式是透過流量並確保我們在長期內推動流量，然後平衡我們正在進行的所有投資。

While we do expect these investments will be accretive, and now we'll see broader traffic improvement from these collective investments that we're making.

雖然我們確實預計這些投資將會帶來增值，但現在我們將看到我們正在進行的這些集合投資帶來更廣泛的流量改善。

I do think it's important to just remind that we will continue to work on efficiencies as well.

我確實認為重要的是要提醒我們也將繼續致力於提高效率。

We still have opportunities in the business across our business to be able to balance this.

我們在整個業務領域仍然有機會來平衡這一點。

And all this will lead to margin expansion in the future.

所有這些都將導致未來利潤率的擴大。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

Good afternoon.

午安.

I guess as I think about the different channels that you have commented in North America, whether it's walk-in and drive-through, our mobile, what part of the equation is the furthest off from that four-minute total?

我想，當我想到您在北美評論過的不同管道時，無論是步入式頻道還是免下車頻道，還是我們的手機，等式中的哪一部分距離四分鐘的總時長最遠？

And as you think about labor deployment, is there a way to kind of disaggregate the production of those channels as they come in to make it more aligned?

當您考慮勞動力部署時，是否有一種方法可以在這些管道進入時對其生產進行分解，使其更加一致？

Yes.

是的。

Look, thanks for the question.

聽著，謝謝你的提問。

I will tell you we probably right now the biggest challenge is the fact that the mobile ordering has no sequencing, it's just first in, first out.

我會告訴你，我們現在最大的挑戰可能是行動訂購沒有順序，只是先進先出。

And when you compare that to how drive-through works on all the access points, drive-throughs are very, I would say, controlled access point, right?

當你將其與所有接入點的得來速工作方式進行比較時，我想說，得來速是非常受控的接入點，對吧？

You've got the queue that creates a governor.

您已經有了建立調控器的佇列。

You got the order board where we actually give a great greeting, and then you get to the window, and we give a great handoff.

你拿到了訂單板，我們實際上在那裡給予了很好的問候，然後你到達窗口，我們給予了很好的交接。

That operates pretty well.

這操作得相當不錯。

We have really good metrics.

我們有非常好的指標。

We know how to get window times we're after.

我們知道如何獲得我們所追求的窗口時間。

You, obviously, have the unexpected order that might slow things down, but we can recover quickly.

顯然，你的意外訂單可能會減慢速度，但我們可以很快恢復。

The place where we run into problems, frankly, is the fact that there's just no gating on the mobile orders.

坦白說，我們遇到問題的地方是行動訂單沒有門控。

And the problem we run into is you've seen this, you know, all these orders come flooding in.

我們遇到的問題是，你已經看到了，所有這些訂單都如潮水般湧來。

Frankly, they come flooding in faster than even our customer can get there.

坦白說，他們湧入的速度甚至比我們的客戶到達的速度還要快。

So all these drinks are sitting on the counter and it's at the expense of providing any other experience for a customer that's right in the store.

因此，所有這些飲料都放在櫃檯上，這是以犧牲為店內顧客提供任何其他體驗為代價的。

The thing I'm most excited about this morning, I swung by this is one of our stores with this pilot, and there was no congestion at the counter.

今天早上我最興奮的事情是，我經過這裡是我們一家有試點的商店，櫃檯上沒有擁擠。

And what's also really nice is seeing cafe customer.

見到咖啡館的顧客也是一件非常好的事情。

You know, I love this term we have around -- they ask for their for here cup, and they're like we call it a mug hug, right, that they're like holding on to that ceramic mug, and they're enjoying their moment in the cafe.

你知道，我喜歡我們周圍的這個詞——他們要求這裡的杯子，他們就像我們稱之為杯子擁抱，對，他們就像拿著那個陶瓷杯子，他們是享受他們在咖啡館的時光。

And there's not all this congestion surrounding the counter.

而且櫃檯周圍也沒有那麼擁擠。

So it's just a much more pleasant, peaceful coffee experience.

所以這是一種更愉快、平靜的咖啡體驗。

Then, meanwhile, when the mobile order customer comes in, the drinks or synced up in rhythm with people coming in to get their drinks and go.

然後，同時，當行動訂單客戶進來時，飲料或與進來拿飲料並離開的人同步。

And so that's what we're after.

這就是我們所追求的。

And that's why I go back to this.

這就是為什麼我要回到這個主題。

But we put a lot of things in place, I think and reorder rate, the coffee condiment bar.

但我認為我們做了很多事情，例如重新訂購率、咖啡調味品吧。

The other thing, it was great, this was unexpected, but literally one of our customer, she stopped me and said: Hey, I just wanted to say thanks for the coffee condiment bar.

另一件事，這很棒，這是出乎意料的，但實際上是我們的一位顧客，她攔住了我說：嘿，我只是想對咖啡調味品吧表示感謝。

Because she was able to do her own customization and be on her way.

因為她能夠進行自己的客製化並上路。

And then we change the operation of getting brewed coffee right at the POS.

然後我們改變了在 POS 處獲取沖泡咖啡的操作。

So it was a really fast transaction for that customer that chose to come into our store, brewed cup of coffee, customized for themselves, and move on.

因此，對於選擇進入我們商店、為自己定制一杯咖啡、然後繼續前進的客戶來說，這是一個非常快速的交易。

And so what we're after is getting rid of that choke point that happens around the counter.

因此，我們所追求的就是擺脫櫃檯周圍發生的瓶頸。

And it really happens because right now, mobile ordering system is a first-in, first-out proposition, and we got to fix it.

這確實發生了，因為現在行動訂購系統是先進先出的命題，我們必須解決它。

And that's what we've got a full court press on solving the sequencing of that to deliver these moments of connection in what I would think is a reasonable time period, call it four minutes or less.

這就是我們在法庭上全力解決的順序，以在我認為合理的時間段（四分鐘或更短的時間）內提供這些連接時刻。

So I was really excited about what I saw.

所以我對我所看到的感到非常興奮。

And the good news is we've got a lot of stores that are doing it.

好消息是我們有很多商店正在這樣做。

And then when we make this better with technology behind it.

然後當我們利用背後的技術讓它變得更好時。

I just think there's -- the brand will be right back where it needs to be, which is a premium experience, it's a crafted experience.

我只是認為——這個品牌將會回到它需要的位置，這是一種優質的體驗，這是一種精心設計的體驗。

It's an experience that our partners provide with some level of humanity, but you actually don't get anywhere else.

我們的合作夥伴提供了某種程度的人性化體驗，但實際上您在其他任何地方都無法獲得這種體驗。

And it just creates an environment where you'd like being there, whether you're a partner a customer.

它只是創造了一個讓您願意在那裡的環境，無論您是合作夥伴還是客戶。

Sorry, long answer that.

抱歉，回答太長了。

But this is what I'm most excited about because it was really good learning over the last couple of months to understand where we got a zero in in order to get the unlock.

但這是我最興奮的，因為在過去的幾個月裡，我們學到了很多知識，了解了我們在哪裡得到了零才能解鎖。

Zach Fadem, Wells Fargo.

札克法德姆，富國銀行。

Good afternoon.

午安.

Brian, on the four minutes or less, how does in-store compare to MOP today, as I think it was a few quarters ago, there was a high mix of customers that walked away from MOP orders due to high wait times.

Brian，在四分鐘或更短的時間內，店內與今天的 MOP 相比如何，我認為是幾個季度前，由於等待時間長，有很多顧客放棄了 MOP 訂單。

So curious if you could talk about where that's trending today.

很好奇您能否談談今天的趨勢。

And then separately, just big picture, if you were able to get all transactions under four minutes, how would you frame that, the comp opportunity?

然後單獨來說，只是大局，如果你能夠在四分鐘內完成所有交易，你會如何建立補償機會？

Yes.

是的。

Well, I would frame it as it will go up, as you know.

好吧，我會把它框起來，因為它會上升，如你所知。

And what I would also tell you is the news is we've got some really good learning that when the mobile order promise time gets beyond 15 minutes, that's we have people kind of bailing.

我還要告訴你的是，我們已經得到了一些非常好的教訓，當行動訂單承諾時間超過 15 分鐘時，我們就會有人放棄。

So, you know, we're testing is if you can do these time slots or if you can do these promise times in such a way where it doesn't get past, let's call it 12 to 15 minutes.

所以，你知道，我們正在測試你是否可以完成這些時間段，或者你是否可以以不會超過的方式完成這些承諾時間，我們稱之為 12 到 15 分鐘。

And then we know we're going to delight the mobile order customer and then that frees up the capacity so that the in-store customer can have roughly a four-minute experience.

然後我們知道我們要取悅行動訂單客戶，然後釋放容量，以便店內客戶可以獲得大約四分鐘的體驗。

And what we've seen over and over again is when that happens, now granted, this is my pilot store and go and offer, everything starts to move in harmony, right?

我們一遍又一遍地看到的是，當這種情況發生時，現在理所當然，這是我的試點商店，去提供服務，一切都開始和諧地進行，對吧？

It's like the partners are rush or overwhelmed.

就像合作夥伴很匆忙或不知所措。

So they have the ability to provide the experience, the connectivity that we want the craft and the product that they want to provide.

因此，他們有能力提供我們想要的體驗、連結性以及他們想要提供的產品。

The customer feels like they're seeing their valued.

客戶覺得自己受到了重視。

They've been heard and they have a moment of connection.

他們的聲音被聽到了，並且有一個時刻的聯繫。

And that's what we want to ultimately deliver.

這就是我們最終想要實現的目標。

That's, frankly, why Starbucks is Starbucks.

坦白說，這就是星巴克之所以為星巴克的原因。

Because, in the end, you get this craft-customized beverage in a reasonable amount of time in a way that actually has a touch of humanity that you, frankly, may not get in other parts of your day.

因為，最終，您會在合理的時間內以一種實際上具有人性的方式獲得這種工藝定制的飲料，坦率地說，您可能在一天的其他時間裡無法獲得這種感覺。

And as we improve that experience, it's really amazing to see just how the whole vibe of the coffeehouse just kind of calms down and you can settle in, and the for here, where the ceramic mugs and glasses and plates just add another level of like, hey, this is this is a spot where I can slow down, take a minute while I'm connecting with others or just taking a minute for myself.

當我們改善這種體驗時，看到咖啡館的整體氛圍如何平靜下來，你可以安頓下來，這真是令人驚奇，而在這裡，陶瓷馬克杯、玻璃杯和盤子只是增加了另一個層次的感覺，嘿，這是我可以放慢腳步的地方，在與他人聯繫時花一分鐘，或者只是為自己花一分鐘。

This is what occurs at the same time for the customer that needs to get in get out.

對於需要進出的客戶來說，這是同時發生的情況。

We're setting them up for success to.

我們正在為他們的成功做好準備。

Versus right now, the first in, first out mobile situation overwhelms the proposition times and when it happens, it's not good.

與現在相比，先進先出的移動情況壓倒了提議時間，當這種情況發生時，情況並不好。

And so we got to figure how we don't let those instances occur ongoing.

因此，我們必須弄清楚如何不讓這些情況繼續發生。

Jon Tower, Citi.

喬恩塔，花旗銀行。

That's great.

那太棒了。

Thanks for taking the questions.

感謝您提出問題。

Quick clarification, then a question.

快速澄清，然後提問。

Real quick on the clarification, please.

請盡快澄清。

On the second quarter, are you, from an EPS growth standpoint, suggesting that it's going to be lower than what we saw, the 23.5% contraction in the first quarter, in the second quarter.

從每股盈餘成長的角度來看，您是否認為第二季的第二季將低於我們所看到的，即第一季收縮 23.5%？

That's the clarification.

這就是澄清。

Then on the question, please.

那麼請回答問題。

I'm just curious, Brian, like from a high level, you guys are that the global coffee leader with respect to sales and the footprint and yet you hold a premium price points across many of the markets and menu items.

我只是很好奇，布萊恩，從高層來看，你們是全球咖啡銷售和足跡的領導者，但你們在許多市場和菜單項目上都擁有較高的價格點。

So can you help us think through now that, obviously, you're talking about even doubling the store base in the US to something like 34,000 stores over time, how you how you think through the company's -- how you balance the two forces of being the most distributed potentially and yet keeping pricing and price points where they are today, and what that means for pricing power over time?

那麼，您能否幫助我們思考一下，很明顯，您正在談論隨著時間的推移，甚至將美國的商店數量增加一倍，達到 34,000 家商店，您如何思考公司的 - 您如何平衡這兩種力量是潛在分佈最廣泛的，但仍保持當前的定價和價格點，隨著時間的推移，這對定價能力意味著什麼？

Jon, I'll start, and I'll take the first part, which is, yes, we expect that margin and earnings will, on an absolute basis will be the lowest in Q2.

喬恩，我開始，我將討論第一部分，是的，我們預計利潤率和收益在絕對基礎上將是第二季度的最低水平。

That's based on seasonality, but it's also reflecting the organizational restructure as well as the elevated investments.

這是基於季節性的，但也反映了組織重組以及投資增加。

What that means is earnings year-over-year pressure will intensify, and that's largely driven by the and the organizational restructure.

這意味著獲利同比壓力將會加劇，而這在很大程度上是由組織重組所推動的。

So that's how I'd think about Q2.

這就是我對第二季的看法。

But then we would expect gradual improvement in the back half of the year.

但我們預計下半年會逐漸改善。

And specific to EPS., we would expect that you'll see improvement sequentially and year over year in the back half of the year.

具體到每股收益，我們預計您將在今年下半年看到連續和同比的改善。

To your second question, look, I think this is where innovation has to be a part of our model.

對於你的第二個問題，我認為這就是創新必須成為我們模型的一部分的地方。

And the good news is it's also one of the things that's always been a part of the Starbucks business.

好消息是，這也是星巴克業務一直以來的一部分。

And you're going to continue to see us innovate on food and beverage.

您將繼續看到我們在食品和飲料方面的創新。

It's going to be, both from a standpoint of making sure that we've got the right pricing architecture across the menu and that it also serves the rate occasions, whether it's a morning occasion or an afternoon occasion as well as age.

從確保我們在整個菜單中擁有正確的定價架構的角度來看，它也將服務於不同的價格場合，無論是早上的場合還是下午的場合以及年齡。

We want to make sure we got the right flavors and tea slash coffee.

我們希望確保我們得到正確的口味和茶味咖啡。

So that were relevant for the different taste profiles based on people's age.

因此，這與基於人們年齡的不同口味特徵有關。

So innovation is going to be a key piece of the puzzle to keep the brand relevant, to keep the menu relevant.

因此，創新將成為維持品牌相關性、維持菜單相關性的關鍵。

And then when you do that innovation, we're going to be very cognizant of the pricing architecture that we're bringing forward to support still pays a premium experience, but we want to make sure we maintain being accessible.

然後，當您進行創新時，我們將非常清楚我們提出的支援定價架構仍然可以提供優質體驗，但我們希望確保我們保持可訪問性。

And so you're going to see us leverage food and drink innovation to carry the day as it relates to pricing architecture, occasions, as well as taste.

因此，您將看到我們利用與定價架構、場合和口味相關的食品和飲料創新來取得勝利。

So I think that was the last question.

所以我認為這是最後一個問題。

Yes.

是的。

Okay.

好的。

Well, let's wrap up.

好吧，讓我們結束吧。

So first of all, thanks for all the questions.

首先，感謝大家提出的問題。

You know, obviously, I'm a couple of months into this, but truly energized by the just seeing the resiliency, the humanity of this brand and the relevance of this brand around the world.

你知道，顯然，我已經進入這個行業幾個月了，但當我看到這個品牌的彈性、人性以及這個品牌在世界各地的相關性時，我真的感到充滿活力。

The opportunity to travel not only kind of coast to coast, but then to Asia, and Europe, and Latin America, it really is so inspiring to see what our brand is able to do for our partners and our customers around the world.

有機會不僅可以從東海岸到西海岸，還可以到亞洲、歐洲和拉丁美洲，看到我們的品牌能夠為世界各地的合作夥伴和客戶做些什麼，真是令人鼓舞。

And along those lines, I do want to say a big thank you to all our partners around the world because they make the brand so special.

沿著這些思路，我確實想對我們在世界各地的所有合作夥伴表示衷心的感謝，因為他們使這個品牌如此特別。

And we're committed to doing is making sure that we create the systems so that we can continue to provide that special experience for everybody.

我們致力於做的是確保我們創建系統，以便我們能夠繼續為每個人提供特殊的體驗。

So Q1, obviously, in 2025 results, met our expectations, clearly show some signs of progress.

因此，顯然，2025 年第一季的業績達到了我們的預期，明顯顯示出一些進展的跡象。

But I think it's clear we still have much work to do.

但我認為很明顯我們還有很多工作要做。

The good news is I feel like we know the work that we need to do, and we're working to build a Starbucks that I think we'll all be really proud of because we've got a clear mission and purpose.

好消息是，我覺得我們知道我們需要做的工作，我們正在努力打造一家星巴克，我認為我們都會為此感到自豪，因為我們有明確的使命和目標。

And we're going to, once again, be loved for our coffee, loved for the warmth, love for a welcoming coffeehouse, the green apron partners that we have.

我們將再次因我們的咖啡而被愛，因溫暖而被愛，因溫馨的咖啡館而被愛，因我們擁有的綠圍裙夥伴而被愛。

There's a great peace in our building when you walk around here, and when a question is asked like which one word that describes Starbucks?

當你在這裡走動時，當有人問你用哪個字來描述星巴克之類的問題時，我們的大樓裡會感到非常平靜。

And the word that get written off on the well is love.

在井上被註銷的字是愛。

I think that should not be lost in what we're trying to do for our customers and our partners.

我認為我們在努力為客戶和合作夥伴做的事情中不應該忽視這一點。

So, it's a critical year in front of us.

因此，今年是我們面前的關鍵一年。

We have a lot of work to do to get Back to Starbucks, but I believe we do this work.

要重返星巴克，我們還有很多工作要做，但我相信我們會做到這一點。

We will position the company for tremendous future growth.

我們將為公司未來的巨大發展做好準備。

And I want you to also hear we're moving quickly on all these things.

我希望你們也知道我們在所有這些事情上都在迅速採取行動。

I'm committed to executing with excellence.

我致力於卓越執行。

And once we have clarity on those things will deliver our commitments.

一旦我們明確了這些事情，我們就會兌現我們的承諾。

And so look, in closing, I'm confident that we're going to create economic opportunity for our partners, providing experience that is worth it for our customers, and generate long-term sustainable returns for our shareholders.

因此，最後，我相信我們將為我們的合作夥伴創造經濟機會，為我們的客戶提供值得的經驗，並為我們的股東創造長期可持續的回報。

So this is why we love doing these jobs, and I'm just really excited about what's in front of us at Starbucks.

這就是我們喜歡做這些工作的原因，我對星巴克面前的一切感到非常興奮。

So thank you for joining us and have a great afternoon.

感謝您加入我們並祝您度過一個愉快的下午。

This concludes Starbucks first-quarter fiscal year 2025 conference call.

星巴克 2025 財年第一季電話會議至此結束。

You may now disconnect.

您現在可以斷開連線。