星巴克 (SBUX) 2025 Q2 法說會逐字稿

(video playing) Good afternoon, my name is Diego and I will be your conference operator today. I would like to welcome everyone to Starbucks second quarter fiscal year 2025 conference call.

（影片播放）下午好，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2025財年第二季電話會議。

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

（操作員指示）我現在將電話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。

Good afternoon and thank you for joining us today to discuss Starbucks second quarter fiscal year 2025 results. Today's discussion will be led by Brian Niccol, Chairman and Chief Executive Officer and Cathy Smith, Executive Vice President and Chief Financial Officer.

下午好，感謝您今天加入我們討論星巴克 2025 財年第二季業績。今天的討論將由董事長兼執行長 Brian Niccol 和執行副總裁兼財務長 Cathy Smith 主持。

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. Any such statement should be considered in conjunction with cautionary statements and 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不同。任何此類聲明都應與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收益報告和風險因素一起考慮，包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告。

Starbucks assumes no obligation to update any of these forward looking statements or information. GAAP results in the second quarter fiscal year 2025 include restructuring charges that are excluded from our NON-GAAP results. Revenue operating margin and EPS growth metrics on today's call are all 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。2025 財年第二季的 GAAP 結果包括未計入非 GAAP 結果的重組費用。今天電話會議的收入營業利潤率和每股盈餘成長指標均以固定貨幣衡量，代表非公認會計準則指標。

Please refer to our earnings release and our website at investor.starbucks.com to find reconciliations of these non-GAAP measures to the corresponding GAAP measures. This conference call is being webcast and an archive of the webcast will be available on our website through Friday, June 13, 2025. And for your calendar planning purposes, please note that our third quarter fiscal year 2025 earnings conference call has been tentatively scheduled for Tuesday, July 29, 2025.

請參閱我們的收益報告和我們的網站 investor.starbucks.com 來尋找這些非 GAAP 指標與相應的 GAAP 指標的對帳。本次電話會議將進行網路直播，網路直播的存檔將於 2025 年 6 月 13 日星期五之前在我們的網站上提供。為了您的日曆規劃目的，請注意，我們的 2025 財年第三季財報電話會議暫定於 2025 年 7 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。

Thank you for joining today. Seven months ago, we began work on our Back to Starbucks strategy. Since then, we've learned a lot and we've moved quickly amid changing market dynamics to reset our business and our team to focus on the customer and our green apron partners who serve them.

感謝您今天的加入。七個月前，我們開始製定「重返星巴克」策略。從那時起，我們學到了很多東西，並在不斷變化的市場動態中迅速採取行動，重新調整我們的業務和團隊，專注於客戶和為他們服務的綠色圍裙合作夥伴。

Learnings to date tell me a few things. First, we now have the right leaders in place to lead a customer driven culture and to drive our turnaround. Second, my optimism has turned into confidence that our Back to Starbucks plan is the right strategy to turn the business around and to unlock opportunities ahead. We're relentlessly focused on the customer and we're continuing to invest in a green apron service model that enables throughput and connection with our customers. We're also re-establishing our coffeehouses as a third place where customers spend time and build community.

迄今為止的學習告訴我一些事情。首先，我們現在擁有合適的領導者來引領以客戶為導向的文化並推動我們的轉型。其次，我的樂觀已經轉化為信心，相信我們的「重返星巴克」計畫是扭轉業務並釋放未來機會的正確策略。我們始終堅持以客戶為中心，並持續投資綠色圍裙服務模式，以提高吞吐量並與客戶建立聯繫。我們也將咖啡館重新打造為顧客消磨時間和建立社區的第三個場所。

Third, we're not just building back our business, we're building back a better business. I know from experience that when you focus relentlessly on the customer, you take care of your people, improve your operations, and carefully manage costs, the financial results will follow.

第三，我們不僅在重建我們的業務，而且在重建更好的業務。我從經驗中知道，當你堅持不懈地專注於客戶、關心員工、改善營運並謹慎管理成本時，財務結果就會隨之而來。

We're already seeing tangible progress and positive signs from the work we are doing to test, learn, and then quickly scale. Our goal is that every transaction is higher quality and more profitable. Current market dynamics have given us even more focus and conviction to get back to Starbucks. We don't know what the state of the consumer will be in the months to come, but I'm confident we're building a globally resilient business rooted in the strength of our brand, focused on the customer, and enabled by world-class partners at the local level that can succeed in any economic environment. Our turnaround is on track and I see more opportunity than I imagined.

我們已經看到了我們正在進行的測試、學習和快速擴展的工作所取得的實際進展和積極跡象。我們的目標是讓每筆交易都更高品質、更有利可圖。當前的市場動態讓我們更專注、堅定地重返星巴克。我們不知道未來幾個月消費者的狀況如何，但我相信我們正在建立一個具有全球韌性的企業，該企業植根於我們品牌的實力，以客戶為中心，並由當地世界一流的合作夥伴提供支持，能夠在任何經濟環境下取得成功。我們的轉型正在步入正軌，我看到的機會比我想像的還要多。

Turning to performance for the quarter, total company revenue was $8.8 billion with a global net new store growth of 213 coffeehouses, a global comparable store sales decline of 1%, a global operating margin of 8.2%, and overall earnings per share of $0.41.

回顧本季業績，公司總營收為 88 億美元，全球新店淨成長 213 家咖啡館，全球同店銷售額下降 1%，全球營業利潤率為 8.2%，每股收益為 0.41 美元。

These results are far below our capability, but I believe they will be temporary because there is so much opportunity in front of us. I also believe there are better measures than EPS right now to track the progress we're making to turn around the business. We have started to make disciplined investments across the four pillars of our Back to Starbucks plan in partners, coffeehouses, the customer experience, and our marketing and menuing.

這些結果遠低於我們的能力，但我相信這只是暫時的，因為我們面前有太多的機會。我還相信，目前有比每股盈餘更好的衡量標準來追蹤我們扭轉業務的進展。我們已經開始對「重返星巴克」計畫的四大支柱——合作夥伴、咖啡館、客戶體驗以及我們的行銷和菜單——進行有紀律的投資。

We're also focused on managing costs and improving our financial fundamentals so that as growth returns, we can capture more of every dollar spent in our coffeehouses. We're already starting to see early indicators of recovery in our North America business. Partner engagement is up, turnover has dropped to under 50%, which is a new recorded low, transaction declines are slowing across every day part, quality transactions are driving more of our sales, and the customer experience continues to improve.

我們也專注於管理成本和改善財務基礎，以便隨著成長的恢復，我們可以從咖啡館消費的每一美元中獲得更多收益。我們已經開始看到北美業務復甦的早期跡象。合作夥伴參與度上升，營業額降至 50% 以下，創歷史新低，日常交易量下降速度正在放緩，優質交易推動了我們的銷售成長，客戶體驗持續改善。

And finally, our Canadian business has returned to positive comps with positive transaction growth. Let me walk you through why I'm more confident than ever in our Back to Starbucks plan and the work we're doing. Number 1, our success starts and ends with our customers and our green apron partners. Over the past quarter, I've spent a lot of time in our coffeehouses meeting with partners and listening to customers.

最後，我們的加拿大業務已恢復正成長，交易量也出現正成長。讓我向你們解釋為什麼我對我們的「重返星巴克」計畫和我們正在做的工作比以往任何時候都更有信心。第一，我們的成功始於並終於我們的客戶和綠色圍裙合作夥伴。在過去的一個季度裡，我花了很多時間在我們的咖啡館與合作夥伴會面並傾聽顧客的意見。

You can feel the excitement. Our Back to Starbucks plan is the change our partners have been looking for. They're bought in, and they're leading a green wave of hospitality. We've put the focus back on our customers, and we've centered our work on supporting our green apron partners so they can deliver an exceptional customer experience. It's the right thing to do for our partners, our customers, and the business.

你可以感受到那種興奮。我們的「重返星巴克」計畫正是我們的合作夥伴一直在尋求的改變。他們被吸引住了，並引領了綠色酒店業的浪潮。我們重新將焦點放在客戶身上，並將工作重點放在支持我們的綠色圍裙合作夥伴上，以便他們能夠提供卓越的客戶體驗。對於我們的合作夥伴、客戶和企業來說，這都是正確的做法。

During the quarter, we launched an update to shift marketplace that lets partners pick up and trade shifts within their district. It's increased the pool of partners to fill last-minute shift changes by 10 times and has resulted in record-high shift completion, with a half a million more shifts filled year-over-year. This translates into more moments of connection with our customers, higher transaction capture, and a better experience for our partners.

在本季度，我們推出了輪班市場更新，讓合作夥伴可以在其所在區域內選擇和交換輪班。該公司將填補最後一刻輪班變化的合作夥伴數量增加了 10 倍，並創下了輪班完成率的新高，與去年同期相比，完成了 50 萬個輪班。這意味著我們與客戶有更多的聯繫，更高的交易量，並為我們的合作夥伴帶來更好的體驗。

As a result, turnover is the lowest on record, and tenure is on the rise, resulting in more capable, proficient partners. And to help our leaders develop and take ownership of the experiences they create in their coffeehouses, we're getting North America store managers together for a leadership conference this June.

因此，員工流動率達到了歷史最低水平，而任職期限卻在增加，從而產生了更多能力更強、更熟練的合夥人。為了幫助我們的領導者發展和掌握他們在咖啡館創造的體驗，我們將於今年 6 月召集北美商店經理參加一次領導力會議。

Number 2, we are the community coffeehouse. We've moved quickly over the past several months to make small but impactful improvements to the coffeehouse experience. We're creating moments of connection with handwritten notes on cups, and we're making it more enticing to stay in our cafes with ceramic mugs. And expanded free refill policy and the return of great seats.

第二，我們是社區咖啡館。在過去的幾個月裡，我們迅速採取行動，對咖啡館體驗做出了雖小但影響深遠的改進。我們透過在杯子上手寫筆記來創造聯繫的時刻，並且我們透過陶瓷杯讓人們更願意留在我們的咖啡館。並擴大免費續杯政策並恢復優質座位。

As a result, we've seen more customers choose to sit and stay in our cafes, and we continue to receive overwhelmingly positive feedback from customers, demonstrating that small details and hospitality drive satisfaction.

結果，我們看到越來越多的顧客選擇在我們的咖啡館坐下來，我們也不斷收到來自顧客的正面回饋，這表明小細節和熱情好客會帶來滿意度。

The third place is our heritage. It's needed more than ever, and we're reclaiming it. That's why we're evolving our coffeehouse design standards to provide customers a welcoming space to connect and build community.

第三個地方是我們的遺產。現在我們比以往任何時候都更需要它，我們正在重新奪回它。這就是為什麼我們要改進咖啡館的設計標準，為顧客提供一個溫馨的空間來交流和建立社區。

We'll begin to bring reworked coffeehouses online soon, and we think they will truly deliver an exceptional experience. The uplifts feel premium, but keep renovation costs down and minimize closure days. They're warm and invite customers in. They create a sense of craft, and they have great seats for different occasions.

我們很快就會開始將重新裝修的咖啡館上線，我們相信它們將真正帶來非凡的體驗。這些提升讓人感覺很高級，但卻降低了裝修成本，並最大限度地減少了停工天數。他們很熱情並邀請顧客進來。它們營造出一種工藝感，並為不同場合提供了絕佳的座椅。

Expect to see these uplifts begin to open in New York City and Southern California in the months ahead. While we still see long-term potential to double our overall US footprint, we have to improve the health of our portfolio. As a first step, we're taking a critical look at our current portfolio to ensure every coffeehouse we operate provides a great customer experience. And we're beginning the work to build a stronger long-term development pipeline that is better mapped to growth markets and delivers improved unit economics.

預計未來幾個月內這些升降機將開始在紐約市和南加州開放。雖然我們仍然認為長期來看美國市場的整體規模有望翻一番，但我們必須改善投資組合的健康。作為第一步，我們正在嚴格審查我們目前的投資組合，以確保我們經營的每家咖啡館都能提供良好的客戶體驗。我們正在開始建立更強大的長期開發管道，以便更好地適應成長市場並實現更好的單位經濟效益。

Number 3, delivering the customer experience to win the peaks. Using a test and scale approach to win the peaks, we're shifting our focus from beverage production to craft and connection. We're finding through our work that investments in labor rather than equipment are more effective at improving throughput and driving transaction growth.

第三，透過提供客戶體驗來贏得高峰。我們採用測試和規模的方法來贏得高峰，將重點從飲料生產轉移到工藝和連接。我們透過工作發現，對勞動力而不是設備的投資更能有效地提高吞吐量和推動交易成長。

Learnings last quarter came from a 700 coffeehouse staffing and deployment pilot. It confirmed that the right staffing, combined with the right deployment, improves speed of service and connection while growing transactions. We also began testing a new order sequencing algorithm. It proved effective in reducing in-cafe and drive-through service times without impacting the mobile order experience.

上個季度的經驗來自 700 家咖啡館的人員配備和部署試點。事實證明，合適的人員配備和正確的部署可以提高服務和連接速度，同時增加交易量。我們也開始測試新的訂單排序演算法。事實證明，它可以有效減少咖啡館和免下車服務時間，而不會影響行動訂購體驗。

In test locations, average cafe wait times dropped by an average of two minutes, bringing 75% of cafe order wait times under four minutes at peak. Building on feedback from partners and these learnings, we're investing strategically in labor to optimize our operations, bring back a premium experience, and better support our partners throughout the peak and the balance of the day.

在測試地點，咖啡館的平均等待時間減少了兩分鐘，高峰期 75% 的咖啡館訂單等待時間在四分鐘以下。根據合作夥伴的回饋和這些經驗，我們正在對勞動力進行策略性投資，以優化我們的運營，恢復優質的體驗，並在高峰期和一天中的其他時間更好地支持我們的合作夥伴。

Beginning in May, we'll scale a new Green Apron service model to more than 2,000 of our US company-operated locations and to more than one-third of our US coffeehouses by the end of this fiscal year. This new model combines and unifies new service standards and expectations, changes to partner plays and deployment, streamlined routines, and our order sequencing algorithm.

從五月開始，我們將把新的「綠色圍裙」服務模式擴展到我們在美國公司經營的 2,000 多家門市，並在本財年結束前將覆蓋超過三分之一的美國咖啡館。這種新模式結合併統一了新的服務標準和期望、合作夥伴參與和部署的變更、簡化的例程以及我們的訂單排序演算法。

I'm confident, based on our pilot work and spending time with store managers and Green Apron partners across the country, that this new model will create more flexibility within our operation, improve peak throughput, better capture demand, deliver a more premium customer experience, and accelerate transaction growth.

我相信，根據我們的試點工作以及與全國各地的商店經理和 Green Apron 合作夥伴的交流，這種新模式將為我們的營運創造更大的靈活性，提高峰值吞吐量，更好地滿足需求，提供更優質的客戶體驗，並加速交易成長。

As we improve partner deployment and the technology supporting them, we're also rethinking our approach to equipment development and deployment. We've paused the continued rollout of our CapEx heavy siren cold and food equipment and have chosen not to move forward with the deployment of cold press, cold brew equipment. We believe this evolved, labor-focused approach has more potential to improve throughput and connection while minimizing future capital expenditures on equipment.

隨著我們改進合作夥伴部署和支援他們的技術，我們也在重新思考我們的設備開發和部署方法。我們暫停了資本支出重型警報器冷藏和食品設備的持續推出，並選擇不再繼續部署冷壓、冷釀設備。我們相信，這種不斷發展的、以勞動力為中心的方法更有可能提高吞吐量和連接性，同時最大限度地減少未來在設備上的資本支出。

Looking forward, we're on track to fully roll out Clover Vertica brewers in the US with equipment already installed in 70% of our company-operated coffeehouses. And this summer, we'll begin to push an update to the Starbucks app that lets customers schedule their mobile order pickup and improves price transparency throughout the order process.

展望未來，我們預計在美國全面推出 Clover Vertica 咖啡機，目前我們公司營運的 70% 的咖啡館已經安裝了該設備。今年夏天，我們將開始對星巴克應用程式進行更新，讓顧客可以安排他們的行動訂單取貨，並提高整個訂購過程中的價格透明度。

Number 4, reintroduce the Starbucks experience to the world. We're reintroducing the Starbucks experience to the world through a focus on brand and coffee storytelling and an overhauled approach to product innovation. We kicked off Q2 with a new US brand campaign. And tied to the launch, Starbucks Monday invited customers into our coffeehouses for a free brewed coffee after the big game.

第四，向世界重新介紹星巴克體驗。我們透過專注於品牌和咖啡故事以及徹底改進的產品創新方法，向世界重新推出星巴克體驗。我們以新的美國品牌活動拉開了第二季的序幕。配合活動的推出，星巴克週一邀請顧客在大賽結束後到我們的咖啡館享用免費的煮咖啡。

It generated record-breaking customer engagement and drove our second highest Monday gross sales day ever. Customers are also responding to our new ads. Within the quarter, our data shows that the percentage of customers ranking Starbucks as their first choice is the highest it's been in two years. On social media too, our new fan-focused approach has increased engagement on TikTok by nearly 3 times quarter-over-quarter.

它創造了破紀錄的客戶參與度，並推動我們週一的銷售總額創下歷史第二高。顧客也對我們的新廣告做出了回應。我們的數據顯示，本季將星巴克列為首選的顧客比例是兩年來的最高水準。在社群媒體上，我們以粉絲為中心的新方法也使 TikTok 的參與度環比增長了近 3 倍。

Turning to our menu, we've continued to rationalize and update our product lineup to focus on coffee and craft. And to create room for relevant innovation that drives demand. In response to customer feedback, we recently removed sugar from our matcha, lifting matcha sales by nearly 40% versus last year.

談到我們的菜單，我們不斷合理化和更新我們的產品陣容，以專注於咖啡和工藝。並為推動需求的相關創新創造空間。為了回應客戶的回饋，我們最近從抹茶中去除了糖，使抹茶銷售量比去年提高了近 40%。

We launched a new coffee-forward Cortado platform, which has quickly become a popular core offering. And we continue to educate customers on the range of premium coffee we serve, building on the strength of our Clover Vertica brewer.

我們推出了全新的咖啡導向 Cortado 平台，迅速成為廣受歡迎的核心產品。我們將繼續向顧客介紹我們提供的一系列優質咖啡，並進一步鞏固我們 Clover Vertica 咖啡機的優勢。

In the near term, we're making the most out of our beverage pipeline. This summer, we're bringing back the best-selling summer berry refreshers with pearls. Launching the new limited-time iced horchata oat milk shake and espresso, and bringing new innovation to our Frappuccino platform.

短期內，我們將充分利用我們的飲料產品線。今年夏天，我們將重新推出最暢銷的珍珠夏季漿果清涼飲料。推出限時新品冰鎮horchata燕麥奶昔和濃縮咖啡，為我們的星冰樂平台帶來新的創新。

In the longer term, we're using an agile test-and-learn approach to build a culturally relevant innovation pipeline across beverage and food. To do this, we're developing enduring platforms that reshape the business and create long-term potential for the brand.

從長遠來看，我們將採用敏捷的測試和學習方法來建立跨飲料和食品的文化相關的創新管道。為了實現這一目標，我們正在開發持久的平台，重塑業務並為品牌創造長期潛力。

In the coming months, we'll begin to pilot innovations that are sales-driving, brand-building, and can be executed consistently. Work is underway to craft artisanal food, including the exploration of ways to freshly bake, assemble, and serve certain items in our cafes at scale. We're using learnings from the launch of freshly baked and prepared items in the UK and other international markets to inform our test-and-scale approach in the US.

在接下來的幾個月裡，我們將開始試行能夠推動銷售、建立品牌並持續執行的創新。我們正在進行手工食品的製作工作，包括探索如何在我們的咖啡館大規模地新鮮烘焙、組裝和供應某些食品。我們正在利用在英國和其他國際市場推出新鮮烘焙和預製食品的經驗來指導我們在美國進行的測試和規模化方法。

Next, we're exploring how to lead in health and wellness with a new platform that resonates across demographics, which we expect to launch later this year. And we're looking at new beverages that create an entry point to our craft coffee and drink experiences. To help reclaim the third place and boost the afternoon day part, we're also exploring an aperitivo menu that includes sparkling beverages, sippable coffee drinks, and snackable bites.

接下來，我們正在探索如何透過一個能引起不同人群共鳴的新平台引領健康和保健事業，我們預計該平台將於今年稍後推出。我們正在尋找新的飲料，為我們的手工咖啡和飲料體驗創造切入點。為了重新奪回第三名的位置並提升下午的營業額，我們也正在探索開胃酒菜單，其中包括氣泡飲料、可啜飲的咖啡飲料和小吃。

Lastly, we're beginning to move towards a more regular cadence of limited-time flavor launches inspired by baristas and our biggest fans. It's early days, but we're moving quickly to improve the appeal of our product pipeline and to support real-time, culturally relevant menu innovation.

最後，我們開始更規律地推出受咖啡師和我們最忠實的粉絲啟發的限時口味。雖然還處於早期階段，但我們正在迅速採取行動，提高產品線的吸引力，並支持即時、與文化相關的菜單創新。

Finally, we remain on track with the rollout of digital menu boards, which are already in more than 25% of our US company-operated coffeehouses. They're a key unlock to market day parts differently and to introduce innovation that isn't tied to our seasonal product cycles.

最後，我們繼續按計劃推出數位菜單板，目前我們在美國公司經營的咖啡館中已有超過 25% 安裝了數位菜單板。它們是打開以不同方式推銷日用零件和引入不受季節性產品週期束縛的創新的關鍵。

Turning to international, Starbucks has built a globally beloved brand, supported by a business that is executed locally in every country and every community where we operate. In a fast-changing environment, this model, underpinned by our Back to Starbucks plan, improves our resiliency and has proven effective in both challenging and good times.

走向國際，星巴克已打造出一個全球喜愛的品牌，並透過在我們經營的每個國家和每個社區開展的在地化業務提供支援。在快速變化的環境中，以我們的「重返星巴克」計畫為基礎的這一模式提高了我們的彈性，並已被證明在困難時期和順境中都有效。

In the second quarter, eight of our top ten international markets returned to flat comp or comp growth. In the UK, we posted positive comps and have started gaining market share, with great feedback on our fresh-baked launch. In the Middle East, our regional business partner returned to positive transaction comps for the quarter. And in Japan, the business posted their 16th consecutive quarter of comp growth and has increased both brewed coffee and espresso comps through a focus on the coffeehouse experience.

第二季度，我們十大國際市場中有八個恢復了同比持平或同比增長。在英國，我們取得了積極的業績並開始獲得市場份額，我們剛推出的產品獲得了良好的回饋。在中東，我們的區域業務合作夥伴本季的交易額恢復了正成長。在日本，該公司連續第 16 個季度實現同店成長，並透過專注於咖啡館體驗，增加了煮咖啡和濃縮咖啡的同店銷售額。

To support our continued recovery and future growth, we're using learnings from international markets to inform our test-and-scale approach across our global footprint. And we're building on the success of our US brand campaign to localize and extend our marketing across key international markets.

為了支持我們持續的復甦和未來的成長，我們正在利用國際市場的經驗來指導我們在全球業務範圍內的測試和擴展方法。我們正在利用美國品牌活動的成功來實現行銷在地化，並將其擴展到主要的國際市場。

In China, we've also seen indicators of progress following near-term changes to our product offerings, including the introduction of true-taste sugar, free beverages, and new price points on select products. We've got more work to do in the market, but our brand remains strong. Our business is supported by a supply chain and roasting operation that is almost entirely local, and our team continues to make progress on a market-specific back-to-Starbucks plan. As we see signs of progress, I want to be clear that we remain committed to China for the long term. We see great potential for our business there in the years ahead and remain open to how we achieve that growth.

在中國，我們也看到了近期產品供應變化帶來的進步跡象，包括推出真正口味的糖、免費飲料以及部分產品的新價格點。我們在市場上還有很多工作要做，但我們的品牌仍然強大。我們的業務由幾乎完全本地化的供應鏈和烘焙業務支撐，我們的團隊繼續在針對特定市場的回歸星巴克計劃上取得進展。當我們看到進步的跡象時，我想明確表示，我們仍然致力於長期發展中國業務。我們看到未來幾年我們的業務在那裡具有巨大的潛力，並且對如何實現這一成長持開放態度。

Lastly, we continue to extend the reach of our brand beyond the walls of our coffeehouses with our global channel business. During the quarter, we delivered relevant innovation to customers at home and on the move, including a new line of iced energy and frappuccino-like beverages in partnership with PepsiCo.

最後，我們繼續利用全球通路業務將我們品牌的影響力拓展到咖啡館之外。在本季度，我們為居家和出行的客戶提供相關創新，包括與百事可樂合作推出的全新冰鎮能量和星冰樂類飲料系列。

In summary, our Q2 results are disappointing, especially as measured by EPS. But behind the scenes, we made a lot of progress and have real momentum with our back-to-Starbucks plan. I've led other turnarounds, and everything I've seen tells me we're on the right track. I believe we have incredible opportunity in front of us that will create tremendous value for all stakeholders.

總而言之，我們的第二季業績令人失望，尤其是以每股盈餘衡量。但在幕後，我們取得了巨大進展，重返星巴克計畫也獲得了真正的發展動力。我曾領導過其他扭轉局面的案例，我所看到的一切都告訴我，我們正走在正確的軌道上。我相信我們面前有令人難以置信的機遇，它將為所有利益相關者創造巨大的價值。

At this stage in our turnaround, EPS shouldn't be used as a measure of our success. We're testing and learning with speed, and where we're seeing real change is in our coffeehouses. As we scale this work across our full footprint, combined with the strength of our brand, we know we can return the business to strong, profitable growth.

在我們轉型的這個階段，每股盈餘不應該被用來作為衡量我們成功的標準。我們正在快速測試和學習，我們看到真正的變化是在我們的咖啡館。隨著我們在整個業務範圍內擴大這項工作，結合我們品牌的實力，我們知道我們可以讓業務恢復強勁、有利可圖的成長。

If you take away anything from today's call, let it be this. We are putting the customer back at the center of all we do. We're setting our Green Apron partners up for success with the best job in retail. We've got the right team in place to lead. We're confident we have the right strategy and are making the right investments to unlock opportunities ahead. And we see evidence of progress from the work we're testing and scaling, which we believe will lead to improvements in our financial results.

如果您從今天的通話中得到了什麼啟示，那就是這一點。我們將客戶重新置於我們一切工作的中心。我們正在為 Green Apron 合作夥伴提供零售領域最好的工作，幫助他們取得成功。我們已擁有合適的團隊來領導。我們相信，我們擁有正確的策略，並正在進行正確的投資以發掘未來的機會。我們從正在測試和擴展的工作中看到了進展的證據，我們相信這將會改善我們的財務表現。

Some of the investments we're making now will take some time to create material returns, and some elements of our plan will move faster than others. As we continue to build and invest in our Back to Starbucks plan, we'll keep looking for material offsets, learning from our customers and partners, and adjusting our tactics to return the business to growth. There is important work ahead, and I look forward to bringing you along.

我們現在進行的一些投資需要一段時間才能產生實際回報，而且我們計劃中的某些部分進展會比其他部分更快。隨著我們繼續建立和投資「重返星巴克」計劃，我們將繼續尋找實質的補償，向我們的客戶和合作夥伴學習，並調整我們的策略以使業務恢復成長。前面還有重要的工作，我期待著帶你一起去。

With that, I'd like to introduce and welcome Cathy Smith, our new Chief Financial Officer, to share some detail on our results for the quarter.

在此，我想介紹並歡迎我們的新任財務長凱西史密斯 (Cathy Smith) 分享我們本季業績的一些細節。

Thank you, Brian, and good afternoon, everyone. I have been a huge Starbucks fan for many years and am super excited to be here. Starbucks has been my third place for countless meetings and interviews and a landing spot when I had time to reflect. Somewhere I could go and know I'd find a welcoming barista, delicious beverages, and a warm coffeehouse experience.

謝謝你，布萊恩，大家下午好。多年來我一直是星巴克的忠實粉絲，非常高興來到這裡。星巴克是我無數次開會、訪談的第三地點，也是我反思的落腳點。我可以去某個地方，並且知道我會找到熱情的咖啡師、美味的飲料和溫馨的咖啡館體驗。

In my short time in this role, it is clear there are substantial opportunities for growth and value creation. Like Brian, I am confident the four pillars of the Back to Starbucks strategy are right. I have seen this pattern before. Develop the right focus strategy. Test, learn, iterate. Focus on the leading indicators. Look for signs of progress. Work on cost per transaction. Then move to scale.

在我擔任這個職位的短暫時間裡，顯然存在著大量的成長和價值創造機會。和布萊恩一樣，我相信「重返星巴克」策略的四大支柱是正確的。我以前見過這種模式。制定正確的重點策略。測試、學習、迭代。關注領先指標。尋找進步的跡象。計算每筆交易的成本。然後按比例移動。

The desired financial results will take a while, but I have started to see the leading indicators and early evidence that precede all turnarounds. We'll maintain the discipline to ensure small investments yield expected outcomes before scaling in service of long-term, durable growth and strong returns on invested capital. I also know that the turnaround is going to take some time. We are committed to providing transparency along the journey.

預期的財務結果需要一段時間，但我已經開始看到先於所有轉機出現的領先指標和早期證據。我們將保持紀律，確保小額投資在擴大規模之前產生預期的結果，以實現長期、持久的成長和強勁的投資回報。我也知道轉變需要一些時間。我們致力於在整個旅程中提供透明度。

I'll now cover our Q2 results. Our Q2 consolidated revenue was $8.8 billion, up 3% in constant currency to the prior year, reflecting 7% net new company-operated store growth over the past 12 months, partially offset by a 1% decline in comparable store sales.

我現在來介紹一下我們的第二季業績。我們第二季的綜合收入為 88 億美元，以固定匯率計算比上年增長 3%，反映了過去 12 個月公司自營新店淨增長 7%，但可比店銷售額下降 1% 部分抵消了這一增長。

Our global comparable store sales decline was primarily due to a 2% decline in the US, with our US transaction decline improving this quarter to negative 4%. While transactions are not where we expect them to be, we are seeing several indicators that our Back to Starbucks strategy is positioning the business on the right track.

我們的全球同店銷售額下降主要是因為美國市場下降 2%，本季美國交易額下降幅度有所改善，為負 4%。雖然交易量沒有達到我們的預期，但我們看到了一些跡象表明，我們的「重返星巴克」策略正在將業務定位在正確的軌道上。

In the US, market share, brand sentiment, and customer contacts regarding wait times are all improving. We saw stabilization in our non-Starbucks Rewards member traffic, indicating our broad-based marketing campaign to reintroduce Starbucks to the world is resonating with our customers.

在美國，市場佔有率、品牌情緒以及與等待時間相關的客戶聯繫都在改善。我們發現非星巴克獎勵會員的流量趨於穩定，這表明我們向世界重新介紹星巴克的廣泛行銷活動正在引起顧客的共鳴。

Additionally, transaction recovery in our comparable stores was strongest in our morning day part, and we saw improvement quarter-over-quarter as we have invested in staffing and deployment, demonstrating that the deliver-the-customer-experience-to-win-the-peaks pillar of our Back to Starbucks strategy is effective.

此外，我們可比門市的交易復甦在早上時段最為強勁，而且由於我們在人員配備和部署方面的投資，我們看到了季度環比的改善，這表明我們“重返星巴克”戰略中“提供客戶體驗以贏得高峰”的支柱是有效的。

Our ticket growth in the US for the quarter was 3%, reflecting annualization of prior-year pricing and fewer discount-driven offers in the current year. We are driving more durable growth by moving away from highly discounted offers, building the foundation of a healthier-based business to grow from.

本季我們在美國票價成長了 3%，反映了去年定價的年化以及本年度折扣優惠的減少。我們正在透過擺脫高折扣優惠來推動更持久的成長，為更健康的業務成長奠定基礎。

Outside the US, Canada experienced both positive comparable store sales and transaction comp in the quarter. Our Canadian market has benefited from food innovation that has resonated with customers, fueling 12.5% higher food sales.

除美國以外，加拿大本季的同店銷售額和交易額均出現正成長。我們的加拿大市場受益於引起顧客共鳴的食品創新，推動食品銷售額成長了 12.5%。

Shifting to China, China's comparable store sales were flat for the quarter, with positive transactions and expanding margins, driven by their focus on delivering great product innovation and improving value perception. Additionally, customer and partner engagement scores improved year-over-year.

轉向中國，由於專注於提供出色的產品創新和提高價值認知，中國同店銷售額本季持平，交易量為正，利潤率不斷擴大。此外，客戶和合作夥伴參與度得分也逐年提高。

In our international segment, we're seeing faster improvement, as evidenced by eight of the top ten markets, with flat or positive comps. Our international cafes are starting their Back to Starbucks plan from a more consistent brand experience. It's early, but it's encouraging to see positive signs.

在我們的國際領域，我們看到了更快的改善，前十大市場中有八個市場的同比增速持平或為正。我們的國際咖啡館正從更一致的品牌體驗開始他們的「重返星巴克」計畫。雖然還為時過早，但看到積極的跡象令人鼓舞。

Turning to store growth, we opened 213 net new stores globally in Q2, primarily consisting of company-operated growth in the US and China. While we have solid new store economics, we have room for improvement and are evaluating our global store portfolio and new store pipeline, as Brian mentioned. Our cafes will have authentic, coffeehouse vibes with customers in mind.

談到門市成長，我們在第二季在全球開設了 213 家新店，主要包括美國和中國的公司自營門市成長。正如 Brian 所提到的，雖然我們的新店經濟狀況良好，但我們仍有改進空間，並且正在評估我們的全球門市組合和新店通路。我們的咖啡館將以顧客為中心，營造真實的咖啡館氛圍。

Our core model will have both cafe and drive-thru, with welcoming environments and efficient workflow behind the bar. We are also committed to reducing our new store build costs to drive greater new store returns.

我們的核心模式將包括咖啡館和免下車服務，並提供溫馨的環境和高效的吧台工作流程。我們也致力於降低新店建設成本，以推動更高的新店回報。

Shifting to margin, our Q2 consolidated operating margin was 8.2%, contracting 450 basis points from the prior year, primarily driven by de-leverage and additional labor in support of our Back to Starbucks strategy. Our strategic and surgical addition of labor into our stores is critical for us to deliver the customer connection and experience our customers expect.

轉向利潤率，我們第二季度的綜合營業利潤率為 8.2%，比上年下降了 450 個基點，這主要是由於去槓桿和為支持我們的「重返星巴克」策略而增加的勞動力所致。我們在門市中策略性地增加勞動力對於我們提供客戶聯繫和客戶期望的體驗至關重要。

While we prioritize delivering on our customer promise, we are optimizing workflow, driving efficiencies with new algorithms, simplifying our menu, and improving the layout. Although our labor investments drove margin compression in the quarter, the investment in labor allows us to capture additional demand and transactions, which will accelerate our return to growth.

在我們優先履行對客戶的承諾的同時，我們正在優化工作流程，透過新演算法提高效率，簡化菜單，並改進佈局。儘管我們的勞動力投資導致本季利潤率受到壓縮，但對勞動力的投資使我們能夠獲得額外的需求和交易，這將加速我們恢復成長。

Shifting from margin to G&A, in Q2, G&A declined by 3% versus the prior year, driven by the lapping of certain proxy solicitation and advisory costs, and cost savings from the corporate restructuring we completed towards the end of the quarter.

從利潤率轉向一般及行政費用，第二季度，一般及行政費用較上年下降了 3%，這主要是由於某些代理權徵集和諮詢費用的重疊，以及我們在本季度末完成的公司重組帶來的成本節約。

Last quarter, we shared our intention to include these restructuring costs in our non-GAAP results. Considering the stage of our turnaround, we may have additional restructuring costs in the near term as we evaluate our store portfolio and operations. However, we still expect that any additional restructuring initiatives will be completed within a finite period of time, and therefore have elected to exclude the corporate restructuring charges from our non-GAAP results.

上個季度，我們表達了將這些重組成本納入非公認會計準則績效的意圖。考慮到我們轉型的階段，在評估我們的門市組合和營運時，我們可能會在短期內產生額外的重組成本。然而，我們仍預期任何額外的重組措施都將在有限的時間內完成，因此選擇將公司重組費用排除在我們的非公認會計準則結果之外。

As Brian stated, our EPS performance in the quarter was poor. Q2 EPS was $0.41, down 38% from the prior year, primarily reflecting the impact of expense deleverage and heightened story of investments. That said, our considerable progress against our back-to-Starbucks strategy might be more telling at this stage of our turnaround than EPS. We've made tangible progress on all four of our back-to-Starbucks pillars, and while the strategy will take time to be fully implemented and produce financial returns, we are laying the foundation for profitable, durable growth.

正如 Brian 所說，我們本季的每股盈餘表現不佳。第二季每股收益為 0.41 美元，較上年下降 38%，主要反映了費用去槓桿和投資故事增強的影響。話雖如此，我們在回歸星巴克策略方面取得的顯著進展可能在我們扭轉局面的這個階段比每股盈餘更能說明問題。我們在回歸星巴克的四大支柱上都取得了切實的進展，雖然該策略需要時間才能全面實施並產生財務回報，但我們正在為盈利、持久的增長奠定基礎。

To conclude my remarks on our Q2 results, we remain committed to our capital allocation strategy and continue to invest in our business for high returns, maintain our strong balance sheet, targeting a BBB+ BAA1 credit rating, and return cash to shareholders via dividends.

總結我們第二季的業績，我們仍然致力於我們的資本配置策略，並繼續投資於我們的業務以獲得高回報，保持強勁的資產負債表，目標是 BBB+ BAA1 信用評級，並透過股息向股東返還現金。

Shifting to broader topics, while I know you would like to have some insight into our financial outlook, I'm still learning the business and it would be premature for me to provide such insight. Although, I expect our third quarter FY25 top line to follow normal seasonality.

轉到更廣泛的話題，雖然我知道您希望對我們的財務前景有所了解，但我仍在學習業務，現在提供這樣的見解還為時過早。儘管如此，我預計我們 25 財年第三季的營收將遵循正常的季節性。

I recognize our US business drives our results, and it will take time for our Back to Starbucks strategies to be fully implemented in our over 17,000 stores nationally. I know that our shareholders have many questions top of mind, so I will address two topics in detail, tariffs and coffee prices.

我意識到我們的美國業務推動了我們的業績，我們的「重返星巴克」策略需要時間才能在全國 17,000 多家門市全面實施。我知道我們的股東有很多疑問，所以我將詳細討論兩個主題，即關稅和咖啡價格。

Starting with tariffs, although the tariff environment continues to be dynamic, we mobilized a cross-functional team and are actively managing and mitigating risks where possible. As it relates to coffee, I'd like to first remind everyone that we source high-quality Arabica coffee from 28 countries, with the majority of our supply coming from Latin America. Our coffee team is leveraging our global footprint to further diversify and redirect coffee shipments as appropriate.

從關稅開始，儘管關稅環境持續變化，但我們動員了一支跨職能團隊，積極管理並盡可能降低風險。說到咖啡，我想先提醒大家，我們從 28 個國家採購高品質的阿拉比卡咖啡，其中大部分來自拉丁美洲。我們的咖啡團隊正在利用我們的全球影響力，進一步實現咖啡運輸的多樣化和適當轉向。

Excluding coffee, our largest areas of tariff exposure include merchandise currently sourced from China and some imported beverage components. For these impacted areas, we are actively working on strengthening our supply chain, including localizing and moving production as needed. For example, for the upcoming holiday season, we have made progress mitigating our tariff exposure by shifting production to alternate sites.

除咖啡外，我們最大的關稅風險領域包括目前從中國採購的商品和一些進口飲料成分。對於這些受影響的地區，我們正在積極努力加強我們的供應鏈，包括根據需要進行本地化和轉移生產。例如，對於即將到來的假期，我們透過將生產轉移到其他地點，在降低關稅風險方面取得了進展。

Now shifting to coffee prices, the market continues to be volatile, and our coffee team has done a fantastic job opportunistically building our supply and securing favorable pricing. Due to our purchasing and hedging practices, our moving average cost of coffee lags the market. As a reminder, our total cost of green coffee is typically limited to 10% to 15% of our product and distribution costs, and we continue to actively manage and balance coffee inventory with related coffee costs.

現在轉向咖啡價格，市場持續波動，我們的咖啡團隊在機會建立供應和確保優惠價格方面做得非常出色。由於我們的採購和對沖做法，我們的咖啡移動平均成本落後於市場。提醒一下，我們的生咖啡總成本通常限制在我們產品和分銷成本的 10% 到 15%，並且我們將繼續積極管理和平衡咖啡庫存與相關咖啡成本。

In closing, while our financial results are far from Starbucks' potential, I am confident we have the right strategy and are starting to see early evidence and leading indicators. We are building new muscles to test, iterate, and scale quickly, all while focused on customers and listening to partners.

最後，雖然我們的財務表現遠未達到星巴克的潛力，但我相信我們擁有正確的策略，並且開始看到早期證據和領先指標。我們正在建立新的力量來快速測試、迭代和擴展，同時專注於客戶並傾聽合作夥伴的意見。

I want to thank our partners who are dedicated to bringing our Back to Starbucks strategy to life. Working alongside you, I have confidence that we will deliver the experience customers crave and value creation our shareholders deserve.

我要感謝我們的合作夥伴，他們致力於將我們的「重返星巴克」策略變為現實。我相信，與您一起努力，我們將為客戶提供他們渴望的體驗，並為我們的股東創造他們應得的價值。

And with that, Brian and I are happy to take your questions. Thank you. Operator?

因此，布萊恩和我很樂意回答您的問題。謝謝。操作員？

(Operator Instructions) David Palmer, Evercore ISI.

（操作員指示）David Palmer，Evercore ISI。

Thanks. I just want to follow up on some of those points that you made in the opening comments. You mentioned investments in labor and order sequencing perhaps over equipment in terms of solving speed and throughput. And so I'm just thinking this through, it sounds like maybe more OpEx and less CapEx than what you might have thought originally and perhaps this is going to be more of a rapid pace to the improvement that you want to get to, it's going to be more easily deployed.

謝謝。我只是想跟進一下您在開場白中提出的一些觀點。您提到，在解決速度和吞吐量方面，對勞動力和訂單排序的投資可能比對設備的投資更重要。所以我只是仔細想想，這聽起來可能比你最初想像的營運支出要多，資本支出要少，也許這會以更快的速度實現你想要的改進，而且會更容易部署。

Are there any numbers that we can think about in terms of labor investment, maybe per store CapEx thinking that you would be associated with this, maybe less than before? And then anything else that you can think of like that would be important from a staging perspective because it sounds like a lot of changes are happening.

在勞動投資方面，我們是否可以考慮一些數字，也許每個商店的資本支出與此相關，也許比以前更少？然後，從分階段的角度來看，您能想到的任何其他事情都很重要，因為聽起來很多變化正在發生。

David, it's Brian. Yes, thanks for the question. And look, I think your instincts are right. What we've learned over the last couple of months, specifically behind both the algorithm pilot and the labor pilot is the combination of staffing, deployment and technology gives us the outcomes of a great customer connection experience as well as the right speed and throughput associated with what we want to achieve, both in cafe, mobile order and drive-thru.

大衛，我是布萊恩。是的，謝謝你的提問。瞧，我認為你的直覺是正確的。在過去的幾個月裡，特別是在演算法試點和勞動力試點中，我們了解到人員配備、部署和技術的結合為我們帶來了出色的客戶連接體驗，以及與我們想要實現的目標相關的正確的速度和吞吐量，無論是在咖啡館、行動訂購還是免下車服務。

And so we're not seeing the need for the equipment in order to get to the customer experience that we want to provide, both on the level of speed and connection. And then, look, I think what we're doing as far as taking from pilot to scale, I can kind of share with you kind of the journey we've been on so far, right?

因此，我們認為不需要這些設備來實現我們想要提供的客戶體驗，無論是在速度還是連接方面。然後，你看，我認為就從試點到規模化而言，我們正在做的事情，我可以與你們分享我們迄今為止所經歷的歷程，對嗎？

I started with three stores on the algorithm, started in five stores with the labor pilot and now we'll be in roughly 1,500 stores, close to 2,000 stores by, I think, May and then hopefully, by the end of this fiscal year, will be over 3,000 stores with the labor program and the algorithm program.

我從三家商店開始實施演算法，然後開始在五家商店進行勞動力試點，現在我們將在大約 1,500 家商店推廣，到 5 月份將接近 2,000 家商店，然後希望到本財年末，將有超過 3,000 家商店採用勞動力計劃和演算法計劃。

And so this just allows us to get to, I think, the service experience that we want to provide across the stores at a pace that we think makes sense so that we train, we staff, meaning we hire, and then we're able to deploy correctly and then put in the technology behind it. The other thing that's nice to see is we're seeing transactions respond with the improved speed of service and the better, I would call it, deployment/staffing to enable the connection and the speed that we want.

因此，我認為，這使我們能夠以我們認為合理的速度在各個門市提供我們想要提供的服務體驗，以便我們進行培訓、配備人員（也就是招募），然後我們能夠正確部署並投入背後的技術。另一件令人高興的事情是，我們看到交易回應的服務速度有所提高，而且我稱之為更好的部署/人員配置，以實現我們想要的連接和速度。

So I think that gives you a highlight on it. It's probably too early to say what will be the actual speed and the cost associated with it. But the one thing I would say is, and I think you heard this in Cathy's comments in my comments is, we're going to be also looking to make sure that we are very judicious in the cost that continue to go forward in the business because as we make these investments into the store, we're going to see where we can find material offsets in the business.

所以我認為這會讓你對此有所了解。現在談論實際速度和相關成本可能還為時過早。但我想說的一件事是，我想你從凱西的評論中聽到了這一點，那就是我們還將確保我們在業務繼續進行的成本方面非常明智，因為當我們對商店進行這些投資時，我們將看看在哪裡可以找到業務中的材料補償。

And then, obviously, we're banking on some growth to come with the investment in the labor and the store experience. And I highly believe margin then ultimately responds to and the financial results, grow with the growth of the business.

然後，顯然，我們希望透過對勞動力和商店體驗的投資來實現一些成長。我堅信利潤率最終會隨著業務的成長而成長，財務表現也會隨之成長。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you. I wanted to, I guess, follow up on your last comment, which is about the margin. Margin was down in North America. It looks like most of that 600 basis points from labor. I know you talked about that as a headwind. I guess trying to understand, it feels like Starbucks has been investing pretty heavily in labor for a few years now.

謝謝。我想跟進您最後一條有關利潤的評論。北美的利潤率下降。看起來這 600 個基點大部分來自勞動力。我知道您說這是逆風。我想，試著去理解一下，感覺星巴克幾年來一直在勞動力方面投入大量資金。

And I'm not sure if this is what we're seeing before, you see some of the offsets if fundamentally the economics of the box maybe looks different than it has historically? I'm just trying to sort of piece together, it's a little slower in terms of earnings recovery than maybe some of the previous turnarounds we've seen from you, Brian. And so I can't tell if it's a macro issue or if there's something else here that again says that the boxes are going to be sort of fundamentally different than they used to be.

而且我不確定這是否是我們之前看到的，如果從根本上看，盒子的經濟狀況可能與歷史上有所不同，您是否看到了一些抵消？我只是試著把這些拼湊起來，就獲利復甦而言，這可能比我們之前看到的一些扭轉局面的速度要慢一些，布萊恩。因此我無法判斷這是一個宏觀問題還是其他原因導致這些盒子與以前有根本的不同。

Yes. Look, I think what's been going on in the kind of -- if you look back on the history, we've definitely invested in our, I would call it, our employee value proposition or the partner value proposition. But I think along those lines, over the last couple of years, we've actually been removing labor from the stores. I think with the hope that equipment could offset the removal of the labor.

是的。你看，我認為如果回顧歷史，我們肯定會投資於我們的員工價值主張或合作夥伴價值主張。但我認為，沿著這個思路，在過去的幾年裡，我們實際上已經從商店中裁減了勞動力。我認為希望設備能夠抵銷勞動力的流失。

And I think what we're finding is that was just -- that wasn't an accurate assumption with what played out. And unfortunately, at the same time, price was being taken up for a myriad of reasons, right? There was an inflationary environment, so on and so forth. So I think where we find ourselves right now is what we're discovering is the equipment doesn't solve the customer experience that we need to provide, but rather staffing the stores and deploying with this technology behind it does.

我認為我們發現那隻是——那並不是對所發生事情的準確假設。不幸的是，與此同時，價格也因各種原因而被抬高，對嗎？存在通貨膨脹環境等等。所以我認為我們現在發現的是，設備並不能解決我們需要提供的客戶體驗，而是商店的人員配備和背後的技術部署才能解決客戶體驗問題。

And then what we're already starting to see is an impact on that transaction and the number of transactions that are incremental. And I think the combination of coming over top with marketing as well to talk about the experience of the Starbucks coffee company combined with the in-store experience as it relates to technology and staffing, we're already starting to see some nice improvements.

然後，我們已經開始看到對該交易和增量交易數量的影響。我認為，結合行銷以及談論星巴克咖啡公司的體驗，結合與科技和人員配備相關的店內體驗，我們已經開始看到一些不錯的改進。

And just to kind of give you what I talk about there, it's like our non-Rewards customers, we've seen a nice clip up in transactions. And obviously, our Rewards customers where we've removed a lot of the discounting, we're seeing a lot of choppiness there, because we frankly, were using our Rewards program more as a coupon program as opposed to a Rewards program.

就我所談論的內容而言，就像我們的非獎勵客戶一樣，我們看到交易量大幅成長。顯然，我們取消了許多獎勵客戶的折扣，我們看到了很多不穩定的情況，因為坦白說，我們的獎勵計劃更多是作為優惠券計劃而不是獎勵計劃。

And so you're going to see us evolve that program going forward. But the quality of the transactions that we're building back look at it's not discount based. I would say it's kind of the core of what Starbucks is. It's experience based. It's coffee quality based. It's drink based.

因此，您將會看到我們不斷改進該計劃。但我們正在重建的交易品質並不是基於折扣的。我想說這就是星巴克的核心。這是基於經驗的。這是基於咖啡品質的。它是以飲料為基礎的。

So I like where we're headed. I think we're going to build back with better transactions, which sets us up for, I think, some great growth going forward. And I think margins will be part of that growth story in the longer term.

所以我喜歡我們前進的方向。我認為我們將透過更好的交易進行重建，這將為我們未來的巨大成長奠定基礎。我認為從長遠來看利潤率將成為成長的一部分。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

My question is about the portfolio comments you made evaluating the portfolio. I was wondering if you could elaborate specifically on what you're evaluating there in terms of the existing base?

我的問題是關於您對投資組合所做的評價。我想知道您是否可以具體闡述您對現有基礎的評估？

And then I guess, Brian, should we think about a slower pace of unit growth in the near term that eventually accelerates later as you do this evaluation? Or are you going to continue to grow as you do this evaluation?

然後我想，布萊恩，我們是否應該考慮短期內單位成長速度較慢，然後在您進行評估時最終加速？或者說，你會在進行評估的同時繼續成長嗎？

Yes. So thanks, Dave, for the question. Yes. So to answer the first part of your question, look, we have seen our costs go way up on our new builds as well as our renovations and it's just not the cost structure we think we should have going forward nor do I think it's necessary to have a great build and give the customer experience and the partner experience that we need to provide.

是的。所以，戴夫，謝謝你提出這個問題。是的。因此，要回答你問題的第一部分，你看，我們已經看到我們的新建築和裝修成本大幅上升，這不是我們認為未來應該擁有的成本結構，我也不認為有必要擁有出色的建築並提供我們需要的客戶體驗和合作夥伴體驗。

So we're working hard on how we reset both renovation costs as well as new build costs. And with that, it's only logical to say, well, why don't we slow down what we're building right now. And then as we get the new design and build nailed down, we will ramp our way back up, because as I said in my comments earlier, we still believe there's tremendous opportunity to double the store count from where we are today. I just want to double it with the right build at the right cost so that we can provide the right customer experience and the right partner experience.

因此，我們正在努力研究如何重新設定裝修成本和新建成本。因此，合乎邏輯的說法是，為什麼我們不放慢我們現在的建造速度呢？然後，當我們確定新的設計和建造方案後，我們就會加快步伐，因為正如我之前在評論中所說的那樣，我們仍然相信，在目前的水平上，將門市數量增加一倍是有很大機會的。我只是想以合適的成本以合適的構建將其翻倍，以便我們能夠提供正確的客戶體驗和正確的合作夥伴體驗。

And so that's what we're working on right now. Actually, before I even hopped on this call, I had the opportunity to look at something that I think is pretty exciting for how we're going to have much better cost in what we build. But it takes a little bit of time to move that through the development pipeline so that it shows up in market.

這就是我們現在正在做的事情。實際上，在我接聽這個電話之前，我有機會了解一些我認為非常令人興奮的事情，即我們如何以更低的成本建造更好的建築。但需要一點時間才能將其推進開發流程並出現在市場上。

But I love where the team is headed on the cost side of this. I also love what the team is headed on the design side of this. And then when you layer that in with, I think, a great third place, the right labor, staffing, deployment and some technology behind it to enable the speed and throughput that we want, I have high confidence that we can double the store count as I've mentioned before.

但我喜歡這個團隊在成本上的努力。我也很喜歡這個團隊在設計上所做的努力。然後，當你把它與一個偉大的第三地點、合適的勞動力、人員配備、部署和一些技術結合起來，以實現我們想要的速度和吞吐量時，我非常有信心，正如我之前提到的，我們可以將商店數量翻一番。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Could you comment on just the menu simplification you did. I think the thought before was that -- that wouldn't have too much of an impact on transactions and people sort of gravitate to other items. Is that in fact what you saw?

您能否評論一下您所做的菜單簡化？我認為之前的想法是——這不會對交易產生太大影響，人們會被其他商品所吸引。事實上，這就是你所看到的嗎？

And then you did sort of tease some other interesting things that could come over time from an innovation perspective. How do you sort of sequence those things? And how -- how will you think about when is the right time for that?

然後您確實從創新的角度透露了一些可能隨著時間的推移而出現的其他有趣的事情。您如何對這些事情進行排序？那麼您如何考慮什麼時候才是最佳時機呢？

Yes. Yes. Well, look, here just on the transaction front, we still believe we're making the right decisions by simplifying because it frees us up to do what I believe is more like platform innovation, more compelling and relevant innovation, frankly, versus hanging on to what I would say, just slow movers that -- I'm sure there's somebody that wishes we didn't remove it, but they were slow movers, and we got to open space up so that we can have the big movers.

是的。是的。好吧，看，就交易方面而言，我們仍然相信通過簡化我們做出了正確的決定，因為它讓我們可以自由地去做我認為更像是平台創新的事情，坦率地說，更引人注目和更相關的創新，而不是堅持我認為的那些行動遲緩的人——我確信有人希望我們沒有刪除它，但他們行動遲緩，我們必須騰出空間，這樣我們才能擁有大的推動者。

To your point on transactions, one of the things that gives me a lot of optimism is just if you think about from Q1 to Q2, the percent of stores that had positive transaction comp went up by like 80%. We went from, call it, 13.5% of our stores with transaction comps that were positive to now almost 1/4 of our system with positive transaction comps.

關於交易，讓我感到非常樂觀的一件事是，如果你想想從第一季到第二季度，交易額為正的商店比例上升了 80%。我們的門市交易額從原來的 13.5% 成長到現在的近 1/4。

So I know we're making progress just by seeing how we are improving our transaction comps as it relates to our existing store base. And the nice thing is that obviously translates into what percent of stores are delivering sales comp, right? And now we're closing in on 42% of the system with positive sales comp. And the thing that's really exciting, too, is the morning, we're almost right around 50% of our stores with a positive sales comp.

因此，我知道我們正在取得進展，只要看看我們如何改善與現有門市基礎相關的交易情況。好消息是，這顯然可以轉化為有多少百分比的商店實現了銷售補償，對嗎？現在，我們的系統已接近 42% 的銷售額實現正成長。真正令人興奮的是，早上我們幾乎有 50% 的門市實現了正銷售額。

So, Again, we're making great progress, both across the system with the Back to Starbucks programs just on getting back to being focused on the customer, simplifying the operation for our partner and then being very crystal clear on what are the things that we need to be spending our time on. And that is all around providing a great coffee house experience.

因此，我們再次取得了巨大的進步，透過「重返星巴克」計劃，我們整個系統都重新開始關注客戶，簡化了合作夥伴的操作，並且非常清楚地知道我們需要在哪些事情上投入時間。這一切都是為了提供絕佳的咖啡館體驗。

And I think we're starting to see it in the results. And then obviously, as I mentioned earlier in the pilot. So the innovation that you talk about, you guys are going to chuckle about this a little bit, but we're using the stage gate process, right, to make sure that what we bring in truly does provide meaningful innovation, whether it's food, whether it's drinks or whether it's an afternoon targeted program.

我認為我們已經開始從結果中看到這一點。顯然，正如我之前在試播節目中提到的那樣。所以你們談到的創新，你們會對此有點好笑，但我們正在使用階段門流程，對吧，以確保我們帶來的東西確實提供了有意義的創新，無論是食物、飲料還是下午的目標計劃。

I think it's just really smart of us to know how does it impact the business and how does it ultimately perform with the customer and how is it able to be executed consistently with our partners. So I'm really excited about the pipeline that we're building. To be frank, the pipeline was a little thin, and we're building it back.

我認為我們非常聰明，知道它如何影響業務，最終如何為客戶帶來效益，以及如何與我們的合作夥伴一致執行。因此，我對我們正在建造的管道感到非常興奮。坦白說，管道有點薄弱，我們正在重建它。

And I think -- at the same token, the team is doing a nice job of taking advantage of what news we do have to make it as big and as impactful as possible without getting in the way of what we want to accomplish in the store with the Back to Starbucks program. And I think you'll see that even coming up in the summer months as we start to roll out some new news.

我認為——同樣，團隊很好地利用了我們所掌握的新聞，使其盡可能地擴大和產生影響，而又不妨礙我們透過「回到星巴克」計畫在門市中實現的目標。我認為，當我們開始推出一些新消息時，您甚至會在夏季看到這種情況。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Great Brian, you talked about building a globally resilient business. And with investor concerns surrounding a recessionary macro and Starbucks' underperformance in past periods of economic curation, what levers does the brand have as disposal to protect US traffic if the macro would deteriorate further? Maybe said differently, what parts of the Back to Starbucks playbook, can you accelerate if the macro becomes more challenging in the US?

很棒的布萊恩，您談到了建立一個具有全球韌性的企業。由於投資人擔心宏觀經濟衰退以及星巴克在過去經濟衰退時期的表現不佳，如果宏觀經濟進一步惡化，該品牌可以採取什麼手段來保護美國的客流量？換言之，如果美國的宏觀經濟情勢變得更具挑戰性，你可以加速「重返星巴克」策略的哪些部分？

Yes. Thanks for the question. And look, here's what I would tell you is the one thing that we've heard consistently over and over again, is getting back to this idea of the third place and the connection and doing it in a way where we're on time with the mobile order and accurate. We're less than four minutes in the cafe, less than four minutes in the drive-thru. And then with a great seat is a real point of difference.

是的。謝謝你的提問。瞧，我想告訴你的是我們一遍又一遍聽到的一件事，那就是回到第三空間和連接的想法，並以一種讓我們能夠準時、準確地處理移動訂單的方式去做。我們在咖啡館待了不到四分鐘，在免下車通道待了不到四分鐘。然後，擁有一個好座位​​才是真正的不同之處。

And it is one of those things that people would say -- Hey, look, this is a simple everyday luxury that I can still continue to participate in kind of regardless of what some of the economic challenges are around them is what some of the feedback we're getting.

人們會說——嘿，看，這是一種簡單的日常奢侈，無論周圍面臨什麼樣的經濟挑戰，我都可以繼續參與，這就是我們得到的一些回饋。

Now if it's a major step backwards in a macro environment, of course, will be impacted. But my experience has been the best way to go after these things is with your best offense. And our best offense is to make a great third place, with a great drink with a great barista, providing that connection.

現在，如果宏觀環境出現重大倒退，當然會受到影響。但我的經驗是，解決這些問題的最好方法就是盡力進攻。我們最好的進攻方式是打造一個很棒的第三名，用很棒的飲料和很棒的咖啡師來提供這種聯繫。

And in the innovation pipeline, we've got some news that I think would cut through in any environment. So some of those things you can go a little bit faster on because it doesn't require additional equipment or anything, but we'll recognize what's happening with the customer, and we'll adjust accordingly.

在創新管道方面，我們得到了一些我認為在任何環境下都能夠產生影響力的消息。因此，您可以稍微加快一些速度，因為它不需要額外的設備或任何東西，但我們會了解客戶的情況，並進行相應的調整。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Thank you so much. I think, Brian, you mentioned the under 15 minutes go on the mobile order delivery in the last call, and I think you've started to test the mobile order sequencing algo as well if you a few of your stores. Any early thoughts here on how you size the opportunity? And can you walk us through how the partner and customer experience would change with that?

太感謝了。布萊恩，我想，您在上次通話中提到了行動訂單配送時間不到 15 分鐘，而且我認為如果您的幾家商店也開始測試行動訂單排序演算法。對於如何評估這個機會，您有什麼初步想法嗎？您能否向我們介紹一下合作夥伴和客戶體驗將如何改變？

Yes. So yes, so the -- that is a pilot that we've gone from three stores to now. We're in over 400 stores. And what I'm happy to report on is really, what we're trying to do is figure out how we could continue to be on time with mobile orders while providing better speed of service and customer connection for the drive-through, the in-cafe and then obviously, the handoff as it relates to the mobile order.

是的。是的，這是我們從三家商店到現在進行的試點。我們的業務遍及 400 多家商店。我很高興地報告的是，我們正在努力弄清楚如何繼續準時處理行動訂單，同時為免下車服務、咖啡館內服務以及與行動訂單相關的交接提供更快的服務速度和客戶連線。

And the pilot has been proving just that. We've, I think, pulled out over two minutes in the in-store time, and we've definitely seen the drive-through exceed the four-minute goal, which is great. So we're averaging less than four minutes in the drive-thru and we pulled out about 2.5 minutes in the cafe and we've got about 75% of the stores that are in the pilot now achieving what I would call the 4, 4, 12 metrics without having anybody be dissatisfied with the time of their mobile order experience.

而飛行員的嘗試也證明了這一點。我認為，我們已經將店內取餐時間縮短了兩分鐘多，而且我們確實看到免下車取餐時間超過了四分鐘的目標，這很棒。因此，我們在免下車通道的平均等待時間不到 4 分鐘，在咖啡館的平均等待時間約為 2.5 分鐘，目前大約有 75% 的試點門市實現了我所說的 4、4、12 個指標，並且沒有人對他們的行動訂購體驗的時間感到不滿意。

So all really good stuff happening for the customer. As it relates to the partner, the good news is a lot of this just happens behind the scenes for the partner. Because what happens is, behind the scenes, the technology is figuring out how to route which order to the store and to the certain station.

所以，這一切對客戶來說都是非常好的事情。至於與伴侶的關係，好消息是，很多事情只是在幕後為伴侶發生的。因為在幕後，科技正在計算如何將訂單發送到商店和特定的網站。

So that when they pull out the ticket, it has already done the work so that they're pulling the ticket is the right drink for them to make so that they will be successful hitting those speed times and it enables the partner to have the time to have the connection with our customers as well.

這樣，當他們拿出票時，它已經完成了工作，以便他們拿出的票是適合他們製作的飲料，這樣他們就能成功達到那些速度時間，並且它使合作夥伴有時間與我們的客戶建立聯繫。

And like one of the things that really is fun to see in these stores is it's just a lot calmer. People move with purpose but it's a lot calmer, there's the opportunity to provide great connection, and that's really what we want the technology to do behind the scenes is just be there behind the scenes so that our partners are set up for success to connect and do their craft with our customers on every transaction.

在這些商店裡看到真正有趣的事情之一就是它變得更加平靜了。人們帶著目的出行，但出行更加平靜，有機會提供良好的聯繫，而這正是我們真正希望技術在幕後做的事情，技術就在幕後，以便我們的合作夥伴能夠成功地與我們的客戶在每筆交易中建立聯繫並發揮他們的才能。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. I wanted to say hello to Cathy and throw a question your way. You mentioned ROIC and returning to strength, this was not normally a metric highlighted on Starbucks calls. Perhaps it got more attention in your prior roles. I was wondering if you can share metrics in your first month, how you think about the -- the ROIC framework at Starbucks and maybe how it might come into play as you make decisions going forward.

偉大的。我想向 Cathy 打個招呼並向你提出一個問題。您提到了 ROIC 和復原實力，這通常不是星巴克電話會議中強調的指標。也許它在您之前的角色中得到了更多的關注。我想知道您是否可以分享您第一個月的指標，您如何看待星巴克的 ROIC 框架，以及它將如何在您未來的決策中發揮作用。

Thank you, and good afternoon. I look forward to meeting you soon. Yes, so I -- for a very, very long time, believe -- at the end of the day, our shareholders want really two things, give me durable, sustainable growth and give me a good return on invested capital for the risk I'm willing to take for that growth.

謝謝，下午好。我期待很快與您見面。是的，所以我——在很長一段時間內，都相信——歸根結底，我們的股東真正想要的是兩件事：給我持久、可持續的成長，並給我良好的投資回報，以彌補我願意為這種成長承擔的風險。

And so it's very, very simple to me. And so if we focus on those two metrics, I think we'll get to good outcomes for all of us and for our shareholders. That said, to your point, I think we've got a little bit of work, as Brian shared with the portfolio. While they still give us great IRRs by most standards, not by our standards. And so, we've historically done better, and I think we can do better, and we will. So we'll think about that.

所以對我來說這非常非常簡單。因此，如果我們專注於這兩個指標，我認為我們將為我們所有人和我們的股東帶來良好的結果。話雖如此，對於你的觀點，我認為我們還有一些工作要做，正如 Brian 與投資組合所分享的那樣。儘管按照大多數標準，它們仍能為我們帶來很高的 IRR，但以我們的標準卻不是。所以，從歷史上看，我們做得更好，我認為我們可以做得更好，而且我們會的。所以我們會考慮這一點。

All the while, though, we're going to make sure we invest in the Back to Starbucks strategy, and then we'll find our offsets. I love deploying a few tools like zero-based budgeting, which will come into our vernacular this next year, which will help us get after some of those maybe stranded costs. So all of that, though, in service of durable growth and a good return on invested capital.

不過，我們始終會確保投資「重返星巴克」策略，然後找到我們的補償措施。我喜歡部署一些工具，例如零基預算，它將在明年成為我們的日常用語，它將幫助我們解決一些可能的擱淺成本。所以，所有這些都是為了實現持久成長和良好的投資回報。

John Tower, Citi.

花旗銀行的約翰‧陶爾 (John Tower)。

Sorry about that. I got to figure out how to use the mute button. Just maybe following up to the labor pilot comment that you spoke about earlier. I think you said 1,500 stores and 3,000 stores by the end of fiscal '25. Do you see that being deployed across the whole US store base over time? Or is it more a select number of stores?

很抱歉。我得弄清楚如何使用靜音按鈕。也許只是對您之前談到的勞工試點評論的後續跟進。我想您說過到 25 財年末將有 1,500 家商店和 3,000 家商店。您是否認為隨著時間的推移，這項技術會在整個美國門市範圍內推廣？還是只是少數精選商店？

And then maybe on top of that, do you see any sort of incentive changing for store-level labor, maybe at the GM level or at the hourly level? Or do you feel pretty good about where that sits today?

那麼除此之外，您是否看到針對商店級勞動力（可能是總經理級別或小時級別）的任何激勵措施發生變化？或者您對目前的狀況感覺還不錯嗎？

Yes. So look, I do -- well, first, thanks for the question. I do see us rolling this across all of our US company stores. It will be in different forms, right, because we have some stores that are cafe and very urban. We have some stores that are drive-through, mobile, cafe that are more suburban. So what it ultimately looks like as far as being deployed in the store will be contingent upon the business that they run.

是的。所以，我確實——好吧，首先，謝謝你的提問。我確實看到我們將這項計劃推廣到我們所有的美國公司商店。它會以不同的形式出現，對吧，因為我們有一些咖啡館風格的、非常都市化的商店。我們有一些汽車穿梭店、移動商店和咖啡館，這些商店更靠近郊區。因此，就其在商店中的部署而言，最終將取決於他們經營的業務。

And I'll just give you an example. I was just in Chicago last week. And they have the the labor pilot in their stores. And the one store is a downtown Chicago store, doing a lot of transactions, big mobile business, nice cafe business. And not surprising, we added a lot of labor against the mobile order side of the business.

我僅給你舉個例子。我上週剛去過芝加哥。他們的店裡有勞工試辦。這家商店位於芝加哥市中心，交易量很大，有大型行動業務，也有不錯的咖啡館業務。毫不奇怪，我們在行動訂單業務方面增加了大量勞動力。

And for perspective, this store is doing like 250 transactions in 30 minutes. And so the woman that runs it is Alicia and fabulous leader, the place is just running like super smooth, no form of chaos. The customers that want to have an in cafe experience, upgrading cafe experience. Customers that want to just grab and go, having a great drab and go experience.

從這個角度來看，這家商店在 30 分鐘內完成了 250 筆交易。管理這個地方的女人是艾莉西亞，她是一位出色的領導者，這個地方運作得非常順利，沒有任何混亂。想要在咖啡館體驗、升級咖啡館體驗的顧客。那些只想隨手拿點東西就走的顧客，享受著輕鬆愉快的購物體驗。

And in that place, she increased a lot of the labor towards the peak and then also some of the shoulder hours and primarily in the mobile ordering space. And then the algorithm is going to be behind the scenes, help us manage how those orders flow.

在那個地方，她增加了大量的勞動力以應對高峰時段，也增加了一些高峰時段的工作時間，主要是在行動訂購領域。然後演算法將在後台幫助我們管理這些訂單的流程。

Versus like a suburban store one of the things we saw with putting in this additional labor is we committed a person to just be stationed at the drive-thru. And in this case, the women's name was Jessica, that was the store manager of this store. She's done a fabulous job of taking the labor that we're generating as a result of the peak pickup into our weekend business.

與郊區商店相比，我們在投入額外勞動力時發現的情況之一是，我們安排了一個人駐守在免下車通道。在這種情況下，這位女士的名字是傑西卡，她是這家商店的店長。她出色地完成了工作，將我們在高峰期產生的勞動力轉移到了我們的周末業務中。

And so I just give this as examples of it's going to be -- we're going to need to move both the labor and the deployment to match what the business actually flow looks like. And what's great to see is in both of those scenarios, which are two very different stores, you're seeing transaction growth, you're seeing a team that's highly engaged, highly energized. I think moving with simplicity, moving with connection and then also just moving to our customer, which is really exciting.

所以我只是舉這個例子——我們需要轉移勞動力和部署以適應業務的實際流程。令人高興的是，在這兩種情況下，也就是兩個截然不同的商店，你都看到了交易量的增長，你看到了一個高度參與、充滿活力的團隊。我認為以簡單的方式移動，以連接的方式移動，然後也以我們的客戶為中心，這真的令人興奮。

And so the plan is we will be moving this Green Apron service model across all our stores in the US, and it will be a rollout that's very focused. And we'll make sure that our managers and our district managers and the whole leadership is dialed into what we are after with this Green Apron service model. And the early signs are very promising.

因此，我們的計劃是將這種「綠色圍裙」服務模式推廣到我們在美國的所有商店，而且這將是一次非常有針對性的推廣。我們將確保我們的經理、地區經理和整個領導層了解我們透過綠色圍裙服務模式所追求的目標。早期跡象非常令人鼓舞。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

The question is on the drive-thru. And really in the context that the Siren station, particularly around the ice machine and food warming cabinets, at least from my understanding, we're really geared at least partially to significantly improving speed of service at the drive-through especially where you had a very high blended mix or you had a high food mix. So really, I'm going to go two parts with this question is, do you think those components of siren might make sense in the future? Or are you just suspending them for now?

問題是關於免下車通道的。實際上，在 Siren 站的背景下，特別是在製冰機和食物加熱櫃周圍，至少從我的理解來看，我們確實至少在一定程度上致力於顯著提高免下車服務的速度，特別是在混合程度很高或食物混合程度很高的情況下。所以實際上，我將從兩個方面來回答這個問題：您認為警報器的這些組件在未來可能有意義嗎？還是你只是暫時暫停他們？

And the second part of the question, and you've alluded to afternoon a couple of times, does it make sense for Starbucks to actually split its menu to some extent of products that are available in the morning and other products that maybe are a little bit more time-intensive or customized that would only be available in the afternoon.

問題的第二部分，您曾多次提到下午，星巴克實際上將其菜單劃分為上午供應的產品和可能需要更多時間或定制化的產品（僅在下午供應）是否有意義。

Yes. So to answer your first question, obviously, there are some stores, to your point, that would warrant putting in the siren system when they've got a very high mix of drive-through and a very high level of transactions. So it's not that we're not going to ever use the siren system, it's just not something that we need to be rolling out across all 10,000 stores. So it's going to be very targeted and it's going to be on a very, I would say, used basis as it relates to the store has a need.

是的。因此，回答您的第一個問題，顯然，正如您所說，有些商店在擁有大量免下車服務且交易量很高的情況下，有必要安裝警報系統。所以，並不是說我們永遠不會使用警報系統，只是我們不需要在所有 10,000 家商店推廣該系統。因此它將非常具有針對性，而且我會說它將以非常實用為基礎，因為它與商店的需求相關。

And then in that case, we will implement it. But for the bulk of our stores, the majority of our stores, it's just not the necessary solution. We have plenty of capacity if we deploy, use the technology and execute with excellence the way I know we can.

那麼在這種情況下，我們就會實施它。但對於我們的大部分商店，大多數商店來說，這並不是必要的解決方案。如果我們按照我所知道的方式部署、使用技術並且出色地執行，我們就有足夠的能力。

To your other question about how you think about the menu, look, that's kind of what I'm alluding to is when we do things like an aperitivo menu, right, that would be available in the afternoon from like, say, 2 to 5. We definitely want to reinforce the artisanal, the craft aspect that we provide for when people want to have that little snack or that little pick me up drink in the afternoon. And it gives us some flexibility to do some different things in the afternoon. that maybe we wouldn't be able to do in the morning.

對於您關於如何考慮菜單的另一個問題，瞧，我指的是當我們提供開胃酒菜單之類的東西時，它會在下午 2 點到 5 點之間供應。我們當然希望強化手工和工藝的特色，以便人們在下午想吃點小吃或喝點提神的飲料時可以得到這種體驗。這讓我們可以在下午靈活地做一些不同的事情。或許我們早上就無法做到這一點。

So digital menu boards will help enable that the way we can market it and then frankly, just being clear in how we market the actual menu and what the experience is, we'll help with that. So yes, we're going to -- we want to take advantage of what our capabilities are and the fact that we're open from 5:00, 6:00 in the morning until 7:00, 8:00, 9:00 at night. And we got to be smart about delivering on beverages and food for the occasions that move throughout the day.

因此，數位菜單板將有助於我們實現行銷方式，然後坦白說，只要明確我們如何行銷實際菜單以及體驗如何，我們就會提供幫助。所以是的，我們會——我們希望利用我們的能力以及我們從早上 5:00、6:00 營業到晚上 7:00、8:00、9:00 營業的事實。我們必須明智地為一天中不同的場合提供飲料和食物。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

Brian, on the last call, you mentioned several near-term changes that could be implemented in China to stabilize the business. They appear to be working, but can you describe some of those changes and whether you believe they have stabilized the transaction declines?

布萊恩，在上次通話中，您提到了可以在中國實施的幾項近期變革，以穩定業務。它們似乎正在發揮作用，但您能否描述其中的一些變化以及您是否認為它們已經穩定了交易下滑的勢頭？

Yes. Thanks for the question on China. Molly and the team have done a really nice job of getting after some key things that we need to do to be more competitive in the market. And they've started to implement, I think, some very relevant marketing. They've also brought forward some very relevant product innovation, both in flavors and now most recently in this sugar and flavor separation program and then also the dumping program that they have.

是的。感謝您提出有關中國的提問。莫莉和團隊在解決一些關鍵問題方面做得非常出色，這些問題讓我們在市場上更具競爭力。我認為他們已經開始實施一些非常相關的行銷措施。他們還推出了一些非常相關的產品創新，包括口味創新，以及最近的糖和口味分離計劃，以及他們的傾銷計劃。

So they've already started the process of figuring out products at certain prices, combined with, I think, very relevant innovation and some additional marketing that's connecting in a very culturally relevant way. And the good news is Molly and the team are just getting started. So a lot of their ideas still are yet to roll out.

因此，他們已經開始著手研發特定價格的產品，同時我認為，他們還結合了非常相關的創新以及一些以非常具有文化相關性的方式進行聯繫的額外行銷。好消息是莫莉和團隊才剛開始。因此他們的許多想法仍未實現。

But the things that they've rolled out most recently have definitely made a very nice impact. The flat comp with 4 points of transaction growth is really nice to see. And I think the team is going to build on the momentum that we're starting to create in the China market.

但他們最近推出的產品確實產生了非常好的影響。看到交易量增加 4 個百分點且持平，真是令人欣慰。我認為團隊將會利用我們在中國市場開始創造的勢頭。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Great. Brian, this question is on pricing. And earlier, you were mentioning that you had the intention of not increasing prices in 2025. And arguably, with general inflation rising given the tariffs, you might have a golden opportunity to be pricing below competitors and perhaps strengthen the value positioning of Starbucks. At the same time, the coffee prices are increasing. So are you planning to maintain prices in '26 as well? Or will you be prioritizing margin protection? And also, can you help us quantify the impact of rising coffee prices on margin?

偉大的。布萊恩，這個問題是關於定價的。之前您提到過，您打算在 2025 年不漲價。可以說，由於關稅導致整體通膨上升，您可能有一個黃金機會，可以將價格定得低於競爭對手，並可能加強星巴克的價值定位。與此同時，咖啡價格也在上漲。那麼，您還計劃維持 26 年的價格嗎？或者您會優先考慮保證金保護嗎？另外，您能幫助我們量化咖啡價格上漲對利潤的影響嗎？

Yes. So I think as I've stated before, our intention is to not move on pricing for the balance of this fiscal year. And we've also done some other things, I think, to enhance the value proposition like not charging for our dairy. You're going to be seeing us on the pricing front also roll out in the app here in the next couple of months, easier ways for people to navigate and get pricing transparency into their transaction, which I think is also going to help clarify things for our customers.

是的。因此我認為，正如我之前所說，我們的目的是在本財年餘額期間不改變定價。而且我認為我們還做了一些其他的事情來增強價值主張，例如不對我們的乳製品收費。您將會看到我們在接下來的幾個月中在應用程式中推出定價功能，為人們提供更便捷的導航方式，並在交易中獲得價格透明度，我認為這也有助於為我們的客戶澄清一些事情。

And then look, as it relates to 2026, we're going to be working on a lot of things to figure out how we can improve margin. And I think it'd be premature to say we got to use price as the only way to protect margin. I think we're going to be looking at ways to grow the business and also take really a hard look through the zero-based budgeting approach to understand where else there might be some offsets. Frankly, price would be the last lever I'd like to pull. But we'll assess as we get closer to 2026 and then do what we believe is the right thing for both the customer and the business and the brand.

然後看看，就 2026 年而言，我們將進行許多工作來找出如何提高利潤率。我認為，說我們必須以價格作為保護利潤的唯一方法還為時過早。我認為我們將尋找發展業務的方法，並認真研究零基預算方法，以了解還有哪些地方可以進行抵消。坦白說，價格是我最不願意考慮的因素。但隨著 2026 年的臨近，我們會進行評估，然後做我們認為對客戶、企業和品牌都正確的事情。

And I think your last question was in regard to coffee prices as it relates to the business. The good news for us is it's actually a small piece of the total cost of sales proposition. The team does a great job of buying coffee. And I think you've seen historically how they've done a really nice job on that, and they're currently doing a really nice job on that as well.

我認為您的最後一個問題是關於咖啡價格與業務的關係。對我們來說好消息是，這其實只是總銷售成本的一小部分。團隊在購買咖啡方面做得很好。我認為你已經從歷史上看到他們在這方面做得非常出色，而且他們目前在這方面也做得非常出色。

So, Cathy, I don't know if you want to add any more details on it?

那麼，凱茜，我不知道您是否想添加更多細節？

No, just that it's typically 10% to 15% of our product and distribution costs. So as Brian said, it's small. And maybe the only other thing to layer on as our team has historically, for a very long time, had a great sourcing, hedging and warehousing program that then will mute the prices both on the upside when prices are rising and when they're coming back down. So -- but all of that said, I think the bigger picture is where Brian went, which is a smaller piece of our total product and distribution costs.

不，它通常占我們產品和分銷成本的 10% 到 15%。正如布萊恩所說，它很小。也許這是唯一需要注意的事項，因為我們的團隊長期以來一直擁有出色的採購、對沖和倉儲計劃，當價格上漲和下跌時，該計劃都會抑制價格上漲。所以——但儘管如此，我認為更大的圖像是布萊恩去了哪裡，這只是我們總產品和分銷成本中較小的一部分。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

Great. Brian, since the fall of '24, Starbucks has embarked on a pretty meaningful change investment behind advertising, a lot of linear TV behind sporting events, some radio. Can you just talk a little bit about the return on that investment that you're that you're seeing, how you're measuring that? And should we continue to expect that this will be the cadence going forward that you'll continue to invest behind linear TV and radio and maybe even increase that going forward?

偉大的。布萊恩，自 2024 年秋季以來，星巴克開始了一項非常有意義的變革投資，包括廣告、體育賽事背後的大量線性電視和一些廣播。您能否簡單談談您所看到的投資回報以及如何衡量它？我們是否應該繼續期待，您將繼續以這種節奏投資線性電視和廣播，甚至可能在未來增加投資？

Yes. Thanks. Yes, look, we're feeling really good about how the marketing is taking hold. One of the brand trackers that we do, we just got back that brand first choice is the highest Starbucks has been since 2023. The other thing that also I'm really delighted to see is the progress that we're making with our non-Rewards customers from a transaction standpoint, we were at a really big deficit in kind of that fall when I first got here. And literally, every quarter, it has improved from a transaction basis, and even as we enter the third quarter, I'm continuing to see further improvement.

是的。謝謝。是的，看，我們對行銷的進展感到非常滿意。我們進行的品牌追蹤之一剛剛顯示，品牌首選是星巴克，這是自 2023 年以來最高的。另一件讓我非常高興的事情是，從交易的角度來看，我們在非獎勵客戶方面取得了進展，當我第一次來到這裡時，那個秋天我們的虧損確實很大。從交易量來看，每個季度都有所改善，即使進入第三季度，我仍然看到進一步的改善。

And the other thing that's really nice to see is as we've removed a lot of the discounting, we've seen higher-quality transactions show up. So it's showing up in ticket a little bit to the tune of like 1 point roughly. But what I'm most excited about is when you talk to customers, they're giving us feedback that I'm really getting a better experience from Starbucks.

另一件令人高興的事情是，隨著我們取消了大量折扣，我們看到了更高品質的交易出現。因此它在票上顯示的數值大約是 1 點左右。但最讓我興奮的是，當你與顧客交談時，他們給我們的回饋是，我確實從星巴克獲得了更好的體驗。

And it's interesting. It's just little things like the barista asking me, do I want to stay or is this to go? Writing the little note on the cup, having that connection at hand off, having the condiment far back. So I think bringing these things to life and advertising and then having it be reinforced when you're in store, is one of those cycles that just build on it.

這很有趣。這只是一些小事，例如咖啡師會問我，我想留下來還是要離開？在杯子上寫下小紙條，將那張連結放在手邊，將調味品放在遠處。所以我認為，將這些事物變為現實，進行廣告宣傳，然後在顧客進店時進行強化，這就是建立在其上的循環之一。

And look, I think trust and the team are doing a great job. And I would say it's beyond just the linear TV. It's the social, it's the digital, it's all the different aspects of how we communicate with customers. And I think we're going to continue to just get better from here as it relates to the marketing side of the business.

而且我認為信任和團隊都做得很好。我想說它不僅僅是線性電視。它是社交的、它是數位化的，它是我們與客戶溝通的所有不同面向。我認為，就業務的營銷方面而言，我們將繼續取得進步。

And that was our last question. I will now turn the call over to Brian Niccol for closing remarks.

這是我們的最後一個問題。現在我將把電話交給 Brian Niccol 來做結束語。

All right. Well, thank you for your time and all the questions. Obviously, I'd be remiss if I don't first just mention the hard fact in front of us, which is our Q2 2025 financial results were disappointing. And -- but I think the thing I want you to know is behind the scenes, we really are showing a lot of signs of progress and I think as I've said before, our turnaround is going to take a little bit of time, and we've got much more work to do as we build back a better business.

好的。好吧，感謝您抽出時間並提出所有問題。顯然，如果我不先提及擺在我們面前的殘酷事實，那就是我們的 2025 年第二季財務業績令人失望，那我就太失職了。而且——但我想讓你們知道的是，在幕後，我們確實顯示出了很多進步的跡象，而且我認為，正如我之前所說的那樣，我們的轉變需要一點時間，而且在我們重建更好的業務時，我們還有很多工作要做。

I can't emphasize enough. It's not just about building back the business, it's about building back a better business. But I'm more confident, frankly, than ever about the opportunities ahead of us. And frankly, I think there's more opportunity than I even imagined when I first came into the job.

我再怎麼強調也不為過。這不僅是為了重建業務，而是為了重建更好的業務。但坦白說，我對我們面臨的機會比以往任何時候都更有信心。坦白說，我認為這個職位提供的機會比我剛開始工作時想像的還要多。

So -- I've learned a lot over the last seven months. We've got a great team that is in place that is committed to winning with customers and doing it in a way where we set our partners up for success. I think I've said this before, as I've led turnarounds like this before.

所以——在過去的七個月裡我學到了很多。我們擁有一支優秀的團隊，致力於贏得客戶，並幫助我們的合作夥伴成功。我想我以前說過這個，因為我以前曾領導過類似的扭轉局面的案例。

And I really do have a lot of confidence as we continue to scale the work underway and we manage costs smartly, our Starbucks transformation that we're going to leave, I think it's going to be both impactful and enduring.

我確實很有信心，隨著我們繼續擴大正在進行的工作，並明智地管理成本，我們將要進行的星巴克轉型，我認為它將具有影響力和持久力。

And our aim is just that we want to build a Starbucks with a clear mission and purpose. We need to be loved for its coffee, it's warm and welcoming coffee houses, our talented Green Apron partners and the community that we build, and we're focused, I can't emphasize enough, we're focused on moving quickly, but we're also focused on executing with excellence so that we can deliver on all these commitments.

我們的目標就是打造一個有明確使命和宗旨的星巴克。我們需要因我們的咖啡、我們溫暖熱情的咖啡館、我們才華橫溢的 Green Apron 合作夥伴以及我們所建立的社區而受到喜愛，而且我們專注，我再怎麼強調也不為過，我們專注於快速行動，但我們也專注於卓越執行，以便我們能夠兌現所有這些承諾。

So look, in doing so, I'm confident we're going to stabilize the business. I think we're starting to show that right now in our results. And then we're going to build resilience so that we frankly create economic opportunity for both our partners. And then, obviously, we want to provide an exceptional experience for our customers and then we want to clearly generate terrific long-term returns for our shareholders.

所以，我相信透過這樣做，我們能夠穩定業務。我認為我們現在的結果就開始體現這一點了。然後我們將增強韌性，坦率地為我們的合作夥伴創造經濟機會。然後，顯然，我們希望為客戶提供卓越的體驗，然後我們希望為股東創造豐厚的長期回報。

So lastly, I just want to say thank you to our partners for supporting the changes that we're making. And for the feedback that they continue to provide. I can't emphasize enough how much they are the leading edge of our comeback. And I hope that all of our partners are really proud of the work that we're doing, and they're proud to continue to wear the Green Apron. So with that, have a great afternoon and I'm sure we'll be in touch. Take care.

最後，我只想感謝我們的合作夥伴支持我們所做的改變。並感謝他們持續提供的回饋。我再怎麼強調也不為過，他們是我們復出的先鋒力量。我希望我們所有的伴侶都為我們所做的工作感到自豪，並為繼續穿著綠色圍裙而感到自豪。祝您下午愉快，我相信我們會保持聯繫。小心。

This concludes Starbucks' second quarter fiscal year 2025 conference call. You may now disconnect.

星巴克2025財年第二季電話會議到此結束。您現在可以斷開連線。