星巴克 (SBUX) 2025 Q3 法說會逐字稿

Good afternoon. My name is Diego, and I will be your conference operator today. I would like to welcome everyone to Starbucks Third Quarter Fiscal Year 2025 Conference Call. (Operator Instructions)

午安.我叫 Diego，今天我將擔任您的會議主持人。歡迎大家參加星巴克2025財年第三季電話會議。（操作員指示）

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

現在我將把電話轉給投資人關係副總裁凱瑟琳‧帕克 (Catherine Park)。樸女士，現在可以開始您的會議了。

Good afternoon, and thank you for joining us today to discuss Starbucks' third 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 財年第三季的業績。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 actual results to differ from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factors discussed in our filings with the SEC, including our latest annual report on Form 10-K and quarterly report on Form 10-Q. Starbucks assumes no obligation to update any of these forward-looking statements or information.

本次電話會議將包括前瞻性陳述，這些陳述受各種風險和不確定性的影響，可能導致實際結果與這些陳述不同。任何此類聲明都應與我們收益報告中的警示性聲明以及我們向美國證券交易委員會提交的文件中討論的風險因素一起考慮，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告。星巴克不承擔更新任何前瞻性聲明或資訊的義務。

GAAP results in the third 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 also measured in constant currency and represent non-GAAP measures. Please refer to the 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, September 12, 2025. Also for your calendar planning purposes, please note that our fourth quarter fiscal year 2025 earnings conference call has been tentatively scheduled for Wednesday, October 29, 2025.

2025 財年第三季的 GAAP 業績包括未計入非 GAAP 業績的重組費用。今天電話會議上的收入、營業利潤率和每股盈餘成長指標也是以固定貨幣衡量的，代表非公認會計準則指標。請參閱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 9 月 12 日星期五之前在我們的網站上提供。另外，為了方便您安排行程，請注意，我們 2025 財年第四季財報電話會議暫定於 2025 年 10 月 29 日星期三舉行。

With that, I'll turn the call over to Brian.

說完這些，我將把電話轉給布萊恩。

In June, we brought together 14,000 coffeehouse leaders from across North America for Leadership Experience 2025. We focused on coffee, craft, connection, opportunity and sharpened our commitment to customer service excellence. The momentum from the event continues to inspire our coffeehouse leaders as they drive our transformation.

6 月份，我們召集了來自北美各地的 14,000 名咖啡館領導者參加 2025 年領導力體驗活動。我們專注於咖啡、工藝、聯繫、機會，並加強了對卓越客戶服務的承諾。活動的勢頭繼續激勵著我們的咖啡館領導者推動我們的轉型。

The most significant change will come as we begin fully scaling Green Apron Service across all US company-operated coffeehouses in mid-August. Green Apron Service is a new foundational operating model that establishes repeatable, consistent and scalable standards. It is Starbucks' biggest investment ever in operating standards and customer service. Green Apron Service starts with the five key moments, including craft and connection that define the experience we want every customer to have every time they visit. It is enabled by an evolved staffing model, which includes adjustments to roster size, labor hours, peak coverage and deployment. We're also rolling out our SmartQ technology, an advanced order sequencing algorithm designed to ensure consistent, timely service across all our access points.

最重大的變化將發生在我們於 8 月中旬開始將綠色圍裙服務全面推廣至所有美國公司經營的咖啡館時。綠色圍裙服務是一種新的基礎營運模式，它建立了可重複、一致且可擴展的標準。這是星巴克在營運標準和客戶服務方面迄今為止最大的投資。Green Apron Service 從五個關鍵時刻開始，包括工藝和聯繫，它們定義了我們希望每位顧客每次光臨時都能獲得的體驗。它由不斷發展的人員配置模型實現，其中包括對名冊規模、工時、高峰覆蓋範圍和部署的調整。我們還推出了 SmartQ 技術，這是一種先進的訂單排序演算法，旨在確保我們所有接入點提供一致、及時的服務。

We've accelerated the rollout of Green Apron Service well ahead of schedule because of the strong early results from our pilots. Just eight weeks into our 1,500-store test, partner feedback has been tremendous. Coffeehouses using Green Apron Service have driven improvements in transactions, sales and customer service times. Peak transaction comps have already started to grow, and all-day transaction comps are outperforming the broader North American portfolio. Where we've deployed SmartQ, we've seen a double-digit improvement in cafe orders handed off in under four minutes with 80% of in-cafe orders now meeting that target. Drive-thru service times are consistently under four minutes and Mobile Order and Pay is more accurate and on time. SmartQ is bringing order to mobile order.

由於試點初期取得了良好的效果，我們提前推出了綠色圍裙服務。我們對 1,500 家門市進行了測試，僅八週之後，合作夥伴的回饋就非常積極。使用綠色圍裙服務的咖啡館已經推動了交易、銷售和客戶服務時間的改善。峰值交易量已經開始成長，全天交易量的表現優於更廣泛的北美投資組合。在我們部署 SmartQ 的地方，我們看到咖啡館訂單在四分鐘內完成率實現了兩位數的提高，現在 80% 的咖啡館內訂單都達到了這一目標。免下車服務時間始終在四分鐘以內，行動訂購和付款更加準確和準時。SmartQ 正在為行動訂購帶來秩序。

Once all elements of Green Apron Service are fully implemented together and customers come to appreciate the improved experience, we believe these trends will continue to improve. To ensure they do, we're launching a new grow report in Q1 fiscal year 2026. It's a simple tool that helps coffeehouse leaders focus on five key drivers of same-store sales growth, and it will provide sharper insights to improve our outlier performance and incentivize retail leaders. The grow report and our coffeehouse walks are emblematic of a fundamental shift in our expectations for retail leaders, who will be spending more time in stores focused on operational excellence and customer service. Lastly, we still have an opportunity to meet the demand we already have by reducing unacceptably high out of stocks. The supply chain team is focused on it, and in our pilots, we've been able to improve item availability.

一旦綠色圍裙服務的所有要素都全面實施，並且客戶開始欣賞改進的體驗，我們相信這些趨勢將會繼續改善。為了確保他們做到這一點，我們將在 2026 財年第一季發布一份新的成長報告。這是一個簡單的工具，可以幫助咖啡館領導者專注於同店銷售額成長的五個關鍵驅動因素，並提供更敏銳的洞察力，以改善我們的異常表現並激勵零售領導者。成長報告和我們的咖啡館漫步象徵著我們對零售領導者期望的根本轉變，他們將花更多時間在商店中，專注於卓越營運和客戶服務。最後，我們仍然有機會透過減少不可接受的高缺貨率來滿足現有的需求。供應鏈團隊專注於此，在我們的試點中，我們已經能夠提高物品的可用性。

Now I want to talk about the changes we're driving to our coffeehouse portfolio. Every coffeehouse we operate should be warm and welcoming and provide a place for customers to connect and gather. They should have a great seat for any occasion, and they should provide customers access to a high-quality Mobile Order and Pay experience and a drive-thru where possible. We slowed new builds and major renovations to prioritize a new coffeehouse uplift program with a targeted investment of approximately $150,000 per store and minimal to no downtime. Uplifts are intended to quickly replace thousands of seats we removed and introduce greater texture, warmth and layer design.

現在我想談談我們正在對咖啡館產品組合的變革。我們經營的每家咖啡館都應該溫暖而熱情，為顧客提供一個交流和聚會的場所。他們應該為任何場合提供舒適的座位，並儘可能為顧客提供高品質的行動訂購和支付體驗以及免下車服務。我們放慢了新建和大規模翻修的速度，優先實施新的咖啡館提升計劃，目標投資為每家店約 15 萬美元，並將停機時間降至最低或為零。Uplifts 旨在快速替換我們拆除的數千個座椅，並引入更好的紋理、溫暖和層次設計。

Work is accelerating now in New York City. We'll begin in Southern California later in Q4. And by the end of calendar year 2026, we will have completed at least 1,000 uplifts across North America. We've also begun work on the coffeehouse of the future. We have a new stand-alone prototype that will open in fiscal 2026 that has 32 seats, a drive-thru and a roughly 30% lower cost to build. A small format version with approximately 10 seats is under construction in New York City and will open in the next few months. We believe this new prototype will deliver an exceptional customer experience, improve unit economics and unlock growth opportunities in more markets. We plan to complete an evaluation of our North American portfolio by the end of this fiscal year to ensure we have the right coffeehouses in the right locations to drive profitability and deliver the Starbucks Experience.

目前，紐約市的工作正在加速進行中。我們將於第四季晚些時候在南加州開始。到 2026 年底，我們將在北美完成至少 1,000 次提昇工程。我們也已經開始著手未來的咖啡館的建設。我們有一個新的獨立原型，將於 2026 財年開放，它有 32 個座位、一個免下車通道，建造成本降低約 30%。紐約市正在建造一個約 10 個座位的小型版本，並將在未來幾個月內開放。我們相信，這個新原型將提供卓越的客戶體驗，提高單位經濟效益並在更多市場中釋放成長機會。我們計劃在本財年結束前完成對北美投資組合的評估，以確保我們在合適的地點擁有合適的咖啡館，從而提高盈利能力並提供星巴克體驗。

As a part of this work, we plan to sunset our mobile order and pickup-only concept in fiscal 2026. We found this format to be overly transactional and lacking the warmth and human connection that defines our brand. We have a strong digital offering and believe we can deliver the same level of convenience through our community coffeehouses with a superior Mobile Order and Pay experience. Together, we expect these changes to our operating model and our coffeehouse portfolio strategy will improve and transform the foundations of our North American business so that we are reestablishing that moment of connection between a barista and their customer; bringing back warm and welcoming coffeehouses with great seats; delivering drinks in four minutes or less in the cafe and drive-thru while bringing order to mobile order; rightsizing store renovations and new build costs; eliminating unproductive menu items; and reducing our reliance on deep discounts and promotions. Because of this hard work, we are creating an operating platform to build on with a wave of innovation in 2026 across digital, loyalty and our menu.

作為這項工作的一部分，我們計劃在 2026 財年停止我們的行動訂購和僅取貨概念。我們發現這種形式過於交易化，缺乏我們品牌特有的溫暖和人際關係。我們擁有強大的數位產品，並相信我們可以透過社區咖啡館提供同樣程度的便利性以及卓越的行動訂購和支付體驗。總而言之，我們期望我們的營運模式和咖啡館組合策略的這些變化將改善和改變我們北美業務的基礎，以便我們重建咖啡師和顧客之間的聯繫；帶回擁有舒適座位的溫馨咖啡館；在咖啡館和免下車通道中四分鐘或更短的時間內提供飲品，同時實現移動訂單；調整門店和新成本；消除非生產性菜單的依賴項目；由於這項艱苦的工作，我們正在創建一個營運平台，以便在 2026 年掀起數位化、忠誠度和菜單方面的創新浪潮。

This quarter, we made the most of legacy plans in place, but we have much higher ambition. Building on our Back to Starbucks plan and new foundations, we will bring a consistent drumbeat of innovation to market through fiscal year 2026. We're building a robust menu innovation pipeline, leveraging our Starting 5 approach and stage-gate process that is centered on premium coffee experiences and exciting beverages beyond coffee, artisanal food that resonates across dayparts and the function-forward modern offerings that customers want. In late Q4, we'll introduce protein cold foam. This is the first breakthrough innovation built and tested with our Starting 5 approach. It taps into what has become one of our most popular modifiers, Cold Foam, which grew 23% year-over-year. Protein cold foam with no added sugar is an easy way to add 15 grams of protein to virtually any cold beverage, and customers can also add the flavor of their choice.

本季度，我們充分利用了現有的遺留計劃，但我們有更高的目標。在我們的「重返星巴克」計畫和新基礎的基礎上，我們將在 2026 財年為市場帶來持續不斷的創新。我們正在建立強大的菜單創新管道，利用我們的 Starting 5 方法和階段門流程，以優質咖啡體驗和咖啡以外的令人興奮的飲料、在一天中各個時段引起共鳴的手工食品以及客戶想要的功能性現代產品為中心。在第四季末，我們將推出蛋白質冷泡。這是我們的 Starting 5 方法建構和測試的第一個突破性創新。它利用了我們最受歡迎的改質劑之一——冷泡沫，其銷量比去年同期增長了 23%。不添加糖的蛋白質冷泡可以輕鬆為幾乎任何冷飲添加 15 克蛋白質，顧客還可以添加自己選擇的口味。

Early in calendar year 2026, we'll launch a reimagined artisanal baked case and a bold new 1971 dark roast coffee available on our Clover Vertica brewer in all US company-operated coffeehouses. As we move further into 2026, expect more experiential beverages and nutritious satisfying bites for the afternoon daypart. This month, we'll start testing new coconut water-based tea and coffee beverages in select markets, and we'll lean into customer needs with upcoming tests of gluten-free and high-protein options to create food that's as artisanal as our beverages.

2026 年初，我們將推出重新設計的手工烘焙咖啡和全新大膽的 1971 深度烘焙咖啡，這些咖啡將在我們所有美國公司經營的咖啡館的 Clover Vertica 咖啡機上供應。隨著我們進一步邁入 2026 年，預計下午時段將會有更多體驗式飲料和營養豐富的美味小吃。本月，我們將開始在特定市場測試新的以椰子水為基礎的茶和咖啡飲料，並且我們將根據客戶需求，即將進行無麩質和高蛋白質食品的測試，以製作出與我們的飲料一樣具有手工特色的食品。

In 2026, we'll also introduce new platforms, including global flavors and customizable energy offerings. And of course, we'll continue to own our hit seasons like fall with the Pumpkin Spice Latte and holiday. Our rewards program is a huge asset for us with those nearly 34 million 90-day active members. In early 2026, we'll launch significant innovations in our Starbucks Rewards program, addressing key customer feedback and introducing exciting new features designed to grow loyalty, brand love and engagement. We have an incredible digital business, and in 2026, we'll lean in further with the new Starbucks app and significant enhancements to Mobile Order and Pay that will further improve our ability to deliver a great customer experience at pickup.

2026 年，我們還將推出新平台，包括全球口味和可客製化的能量產品。當然，我們將繼續推出我們的熱門季節，例如秋季的南瓜香料拿鐵和假期。我們的獎勵計劃對我們來說是一筆巨大的財富，我們擁有近 3400 萬 90 天活躍會員。2026 年初，我們將在星巴克獎勵計畫中推出重大創新，解決關鍵客戶回饋並推出旨在提高忠誠度、品牌喜愛度和參與度的令人興奮的新功能。我們擁有令人難以置信的數位業務，到 2026 年，我們將進一步依靠新的星巴克應用程式以及對行動訂購和支付的重大改進，這將進一步提高我們在取貨時提供出色客戶體驗的能力。

As we work to turn around the US business, we believe we have huge opportunities outside the US, too. This quarter, our International business posted more than $2 billion in quarterly revenue for the first time ever. Many of the changes we are driving in the US like lower-cost store builds and renovations can scale around the world, creating opportunities to grow the business faster. In China, the near-term changes we made are paying off. Through Q3, we achieved our third consecutive quarter of revenue growth and total comp turned positive. Beverage innovation and new customization options drove customer frequency, and our changes to non-coffee pricing broadened our customer base and bolstered afternoon and evening sales.

在我們努力扭轉美國業務的同時，我們相信美國以外也擁有巨大的機會。本季度，我們的國際業務季度營收首次超過 20 億美元。我們在美國推動的許多變革，例如低成本的商店建設和翻新，都可以在全球範圍內推廣，從而創造更快的業務成長機會。在中國，我們近期做出的改變正在發揮成效。在第三季度，我們實現了連續第三個季度的營收成長，整體營收變為正值。飲料創新和新的客製化選項推動了顧客頻率，我們對非咖啡定價的改變擴大了我們的客戶群並促進了下午和晚上的銷售。

As you know, we've been working to identify a strategic partner with a like-minded vision and values to help us capture future growth opportunities in China. We've received significant interest from more than 20 interested parties, and we're evaluating options. We remain committed to our China business and want to retain a meaningful stake. The intense interest in partnering with us is a testament to the great team, strong brand and long-term opportunity for Starbucks in China. It really is a vote of confidence. Finally, we will only enter a transaction if it makes sense for Starbucks.

如您所知，我們一直在努力尋找具有志同道合願景和價值觀的策略合作夥伴，以幫助我們抓住中國未來的成長機會。我們已收到來自 20 多個相關方的強烈關注，我們正在評估各種選擇。我們仍然致力於中國業務，並希望保留相當一部分股份。與我們合作的強烈興趣證明了星巴克在中國擁有優秀的團隊、強大的品牌和長期發展機會。這確實是一種信任投票。最後，只有對星巴克有意義的交易，我們才會進行。

Across other markets, performance continues to improve as well. In the UK, we see continued momentum with improving comparable sales performance in the low single digits, driven by a focus on connection, beverage consistency, food innovation and labor investments to support peak operating hours. The momentum stretches across EMEA as well with overall Q3 revenue and comparable sales up year-over-year. Our business in Turkey, for example, is performing strongly despite a challenging economic environment, and we opened our 750th store in the market.

在其他市場，業績也持續改善。在英國，我們看到持續的勢頭，可比銷售額的業績以低個位數增長，這得益於對連接、飲料一致性、食品創新和支持高峰營業時間的勞動力投資的關注。這一勢頭也蔓延到了歐洲、中東和非洲地區，第三季整體收入和可比銷售額均較去年同期成長。例如，儘管經濟環境充滿挑戰，但我們在土耳其的業務表現強勁，我們在該市場開設了第 750 家門市。

In Latin America, we maintained double-digit year-over-year growth in system sales, revenue and operating income. Mexico is approaching the 1,000-store milestone and provides a road map for profitable growth in the region. As we look forward, we see significant opportunity to accelerate growth across our international licensed markets. The team is focused on it and is thinking big.

在拉丁美洲，我們的系統銷售額、收入和營業收入維持了兩位數的年成長。墨西哥即將實現 1,000 家門市的里程碑，並為該地區的獲利成長提供了路線圖。展望未來，我們看到了加速國際授權市場成長的巨大機會。團隊對此非常專注並且有遠大的志向。

As I look back on the progress we've made this quarter in my 10 months here, I believe more than ever in our Back to Starbucks plan. We've had to fix a lot, but we've done the hard work on the hard things. We've moved quickly to build a more consistent operating model, set clear customer service standards and bring order to mobile orders. We're rightsizing our new store builds and renovations to improve economics and we're addressing inventory availability. But these are areas we know we can move even faster, and we're fixing our cost structure and finding offsets across our P&L to support investments at the store level. This transformation lays the operating foundation for our ambitious innovation agenda, and I'm confident by the end of 2026, Starbucks in the US will look and feel very different, delivering the industry's best customer experience.

當我回顧我們在本季度任職 10 個月以來所取得的進展時，我比以往任何時候都更加相信我們的「重返星巴克」計劃。我們必須解決很多問題，但我們已經完成了艱難的工作。我們迅速採取行動，建立更一致的營運模式，制定明確的客戶服務標準，並規範行動訂單。我們正在調整新店建設和裝修規模，以提高經濟效益，並解決庫存可用性問題。但我們知道我們可以在這些領域取得更快的進展，我們正在調整成本結構，並在損益表中尋找抵銷措施，以支持商店層級的投資。這次轉型為我們雄心勃勃的創新議程奠定了營運基礎，我相信到 2026 年底，美國的星巴克的外觀和感覺將煥然一新，提供業內最佳的客戶體驗。

We're not just getting Back to Starbucks, we're building a better Starbucks, where everyone can experience the best of our brand. As we do, we believe we'll drive a stronger top line and in time, healthy, sustainable profits will follow. I know there's a lot of interest in our long-term plans, and I'm pleased to confirm that we will hold an Investor Day in Q2 of fiscal year 2026. I look forward to seeing many of you in person.

我們不僅要讓星巴克重回大眾視野，還要打造一個更好的星巴克，讓每個人都能體驗到我們品牌的最佳品質。我們相信，這樣做將帶來更強勁的收入成長，最終也將帶來健康、可持續的利潤。我知道很多人對我們的長期計劃感興趣，我很高興地確認我們將在 2026 財年第二季舉辦投資者日。我期待與你們中的許多人見面。

Before I close, I want to say thank you to our Green Apron partners. The energy and enthusiasm at Leadership Experience was inspiring, and I continue to see that same momentum every time I visit our coffeehouses. Back to Starbucks is coming to life through the passion and leadership of our coffeehouse leaders and Green Apron partners. I'm grateful for the way they're embracing change and delivering world-class customer experiences. Thank you. They're truly creating the Green Wave.

在結束之前，我想向我們的 Green Apron 合作夥伴表示感謝。領導力體驗中的活力和熱情令人鼓舞，每次我造訪我們的咖啡館時，我都能看到同樣的動力。「重返星巴克」在我們咖啡館領導和綠色圍裙夥伴的熱情和領導下正在逐漸成形。我很感激他們接受改變並提供世界一流的客戶體驗的方式。謝謝。他們確實在創造綠色浪潮。

I also appreciate how our support center partners are embracing the changes in how we get work done. We're all committed to building a culture centered on performance, accountability and prioritizing support for our coffeehouse teams. Thank you for the important role you're playing in driving this change.

我也很欣賞我們的支援中心合作夥伴如何接受我們工作方式的改變。我們都致力於建立一種以績效、責任和優先支持咖啡館團隊為中心的文化。感謝您在推動這項變革中發揮的重要作用。

And with that, I'll turn it over to Cathy to share more detail on our financial results for the quarter.

接下來，我將把時間交給 Cathy，讓她分享更多關於本季財務表現的細節。

Thank you, Brian, and good afternoon, everyone. I'm now four months into my role at Starbucks, and I am confident we have the right strategy in place. We are moving with pace and urgency and are seeing encouraging results from our pilots. We are testing, learning and iterating quickly as we work towards rebuilding a better Starbucks, known for exceptional customer service and serving the world's finest coffee.

謝謝你，布萊恩，大家下午好。我加入星巴克已經四個月了，我相信我們已經制定了正確的策略。我們正在快速而迫切地推進，並且從試點中看到了令人鼓舞的成果。我們正在快速測試、學習和迭代，致力於重建一個更好的星巴克，以卓越的客戶服務和提供世界上最好的咖啡而聞名。

I'll now cover our Q3 results. Our Q3 consolidated revenue was $9.5 billion, up 3% to the prior year, reflecting 6% net new company-operated store growth over the past 12 months, partially offset by a 2% decline in comparable store sales. Our global comparable store sales performance was led by a 2% decline in the US with US transaction comps down less than 4%. While our transactions remain impacted by lapping highly discounted promotions in the prior year, we are seeing continued progress. US company-operated transaction comps improved for the third consecutive quarter. The percentage of US company-operated stores with positive full-day transaction comps and positive morning transactions also improved for the third consecutive quarter. We are seeing improvement across most amenities, most notably in central business districts, and non-Starbucks Rewards members transactions grew year-over-year for the first time since the post-pandemic recovery.

我現在來介紹一下我們的第三季業績。我們的第三季綜合收入為 95 億美元，比上年增長 3%，反映了過去 12 個月公司自營新店淨增長 6%，但可比店銷售額下降 2% 部分抵消了這一增長。我們的全球同店銷售額表現以美國為首，下降了 2%，而美國交易額的下降幅度不到 4%。儘管我們的交易仍然受到去年大幅折扣促銷活動的影響，但我們正在看到持續的進步。美國公司經營的交易額連續第三個季度有所改善。美國公司直營店全天交易額和早晨交易額呈正增長的百分比也連續第三個季度有所提高。我們看到大多數便利設施都有所改善，尤其是在中央商務區，非星巴克獎勵會員的交易量自疫情後復甦以來首次同比增長。

We're also making progress with our Starbucks Rewards customers with quarter-over-quarter improvements in the number of transactions not on promotion. We'll continue to drive growth and loyalty with our rewards customers through a reimagined loyalty program next year. Our ticket growth in the US for the quarter was 2%, reflecting fewer discount-driven offers in the current year. We have reduced the percentage of discounted transactions by 1/3, putting us back to more normalized levels as we build back a healthier transaction base and focus on improving the overall value proposition for our customers.

我們與星巴克獎勵客戶的合作也取得了進展，非促銷交易數量比上一季增加。明年，我們將繼續透過重新設計的忠誠度計劃來推動獎勵客戶的成長和忠誠度。本季我們在美國票務市場的成長率為 2%，反映出今年折扣優惠活動的減少。我們將折扣交易的比例降低了 1/3，使我們恢復到更正常的水平，同時重建更健康的交易基礎，並專注於提高客戶的整體價值主張。

Rounding out North America, Canada had another strong quarter with sales comp growth in the low single digits, propelled by product innovation, particularly in food. Our US licensed store portfolio revenue declined in Q3, driven by the grocery and retail channels. However, we saw strength in airports, where sales volumes grew in the quarter despite TSA traffic declines as well as in the college and university segment, as Brian mentioned.

在北美地區，加拿大又迎來了一個強勁的季度，銷售額年增率維持在個位數，這主要得益於產品創新，尤其是食品領域的創新。受雜貨和零售通路的影響，我們的美國授權店組合收入在第三季下降。然而，正如 Brian 所提到的，我們看到了機場業務的強勁表現，儘管 TSA 客流量下降，但本季機場的銷售額仍然成長。此外，學院和大學部門的銷售額也出現成長。

Licensed stores are a critical part of our portfolio, and we have been actively addressing licensee economics and profitability to fulfill our aspiration to be a world-class licensor. Outside the US, the International segment again delivered strong performance, with 7 out of the top 10 markets comping positively with particular strength in the UK and Mexico. China continues to grow and improve profitability. Starbucks China's comparable store sales grew 2% in the quarter, driven by a 6% improvement in comparable transactions. The market's comp growth was driven by successful product innovation, including the new zero sugar, full flavor platform, a strong integrated marketing campaign and outsized delivery growth.

授權店是我們產品組合的重要組成部分，我們一直在積極解決授權商的經濟和盈利問題，以實現成為世界級授權商的願望。在美國以外，國際市場再次表現強勁，前十大市場中有七個市場表現積極，其中英國和墨西哥表現尤為強勁。中國經濟持續成長，獲利能力不斷提高。本季度，星巴克中國同店銷售額成長 2%，受可比交易量 6% 成長的推動。市場的成長得益於成功的產品創新，包括新的零糖、全口味平台、強大的整合行銷活動和超大的交付成長。

Japan had negative comparable sales in the quarter as the market lapped strong LTO performance in the prior year and has been challenged by soft consumer sentiment. However, our brand continues to be strong, and our core coffee and tea products are performing well. In our Channel Development segment, our Q3 revenues grew 10% year-over-year due to higher revenue in the Global Coffee Alliance. We remain market share leaders in the North America at-home and ready-to-drink coffee categories and continue to work with our partners to innovate and broaden our reach beyond our cafes.

日本本季可比銷售額為負，因為該市場在去年 LTO 表現強勁，但又受到消費者信心疲軟的挑戰。然而，我們的品牌依然強勁，我們的核心咖啡和茶產品表現良好。在我們的通路開發部門，由於全球咖啡聯盟的收入增加，我們的第三季營收年增 10%。我們仍然是北美家用和即飲咖啡類別的市場份額領導者，並繼續與我們的合作夥伴共同創新並擴大我們在咖啡館之外的影響力。

Turning to store growth. We opened 308 net new stores globally in Q3, primarily consisting of company-operated growth in the US and China and international licensed growth. As Brian mentioned, we are conducting a comprehensive evaluation of our portfolio to ensure our coffeehouses can represent our brand and customer promise, which we expect to complete by the end of the fiscal year. As we look to the future, we are focused on disciplined capital deployment with work underway to reduce the cost of both new stores and renovations without compromising a warm, welcoming community coffeehouse environment.

轉向商店增長。我們在第三季在全球開設了 308 家新店，主要包括美國和中國的公司營運成長以及國際授權成長。正如布萊恩所提到的，我們正在對我們的投資組合進行全面評估，以確保我們的咖啡館能夠代表我們的品牌和客戶承諾，我們預計將在本財政年度結束前完成。展望未來，我們專注於嚴謹的資本配置，致力於降低新店和裝修的成本，同時不損害溫馨、友善的社區咖啡館環境。

Shifting to margin. Our Q3 consolidated operating margin was 10.1%, contracting 650 basis points from the prior year, primarily driven by deleverage and investments in support of Back to Starbucks, including additional labor hours and Leadership Experience 2025. Shifting to G&A. In Q3, G&A increased by 18% versus the prior year, driven by our investment in Leadership Experience 2025. This event was a galvanizing moment for our coffeehouse leaders, and they returned to the communities inspired to take action and deliver world-class customer service across our stores in North America. Q3 EPS was $0.50, down 45% from the prior year, primarily reflecting the impact of expense deleverage and our Back to Starbucks investments, including labor and Leadership Experience 2025. Our effective tax rate was higher this quarter due to a discrete tax item in the quarter as we optimize cash deployment across markets. This, combined with the Leadership Experience investment, drove approximately $0.11 of our Q3 EPS decline on a year-over-year basis.

轉入保證金。我們第三季的綜合營業利潤率為 10.1%，比前一年下降了 650 個基點，主要原因是去槓桿和支持「重返星巴克」的投資，包括增加工時和 2025 領導體驗。轉向 G&A。在第三季度，由於我們對領導體驗 2025 的投資，G&A 比上年增長了 18%。這次活動對我們的咖啡館領導者來說是一個激動人心的時刻，他們回到社區後受到啟發，採取行動並在北美的門市提供世界一流的客戶服務。第三季每股收益為 0.50 美元，較上年下降 45%，主要反映了費用去槓桿和我們「重返星巴克」投資（包括勞動力和領導體驗 2025）的影響。由於我們優化了跨市場現金部署，本季出現了單獨的稅項，因此本季我們的有效稅率較高。此項投資與領導力體驗投資相結合，導致我們第三季每股收益年減約 0.11 美元。

To conclude my remarks on our Q3 results, we remain committed to our capital allocation strategy and disciplined capital investment, maintaining our strong balance sheet and BBB+/Baa1 credit rating and returning cash to shareholders via dividends. While we have not provided official guidance for the year, I'd like to offer some preliminary thoughts on our broader outlook and the shape of Q4. As Brian said, we continue to make the most of the existing innovation plans and believe we have a strong fall platform, including the return of our popular Pumpkin Spice Latte that overlays the transformative work taking place on the company, brand and customer experience. Taking into account that we have a lot in flight, combined with the uncertain consumer environment, we are conservative on how the current year-over-year trends will change in Q4 for the US company-operated business. We know we lose the benefit of ticket, and the transactions are improving. Just where they will net out is unclear. We are pleased to be ahead of schedule with key foundational programs like Green Apron Service, and we are confident that 2026 will continue to improve as we see the effects of our Back to Starbucks strategy begin to scale.

總結我對第三季業績的評論，我們將繼續致力於我們的資本配置策略和嚴格的資本投資，保持強勁的資產負債表和 BBB+/Baa1 信用評級，並透過股息向股東返還現金。雖然我們還沒有提供今年的官方指導，但我想就我們的更廣泛的前景和第四季度的情況提出一些初步想法。正如布萊恩所說，我們將繼續充分利用現有的創新計劃，並相信我們擁有強大的秋季平台，包括我們廣受歡迎的南瓜香料拿鐵的回歸，它涵蓋了公司、品牌和客戶體驗方面正在進行的變革性工作。考慮到我們有大量航班，再加上不確定的消費環境，我們對美國公司營運業務第四季的同比趨勢將如何變化持保守態度。我們知道我們失去了票證的好處，而且交易正在改善。他們的淨利究竟會達到多少還不清楚。我們很高興能夠提前完成綠色圍裙服務等關鍵基礎項目，我們相信，隨著「重返星巴克」策略的效果開始顯現，2026 年的情況將繼續改善。

Both the tariff environment and coffee prices continue to be dynamic. We continue to mitigate expected tariff exposure outside of green coffee and are pleased to see green coffee prices moderate. We have also increased our coffee coverage relative to last quarter as prices have declined. Due to our coffee buying and hedging practices, you should expect to see both moving average coffee costs and coffee tariff impacts lag the market with year-over-year coffee cost increases expected to peak in the first half of fiscal 2026.

關稅環境和咖啡價格都持續動態。我們繼續減輕生咖啡以外的預期關稅風險，並很高興看到生咖啡價格適中。由於價格下降，與上一季相比，我們也增加了咖啡覆蓋範圍。由於我們的咖啡購買和對沖做法，您應該會看到移動平均咖啡成本和咖啡關稅影響都落後於市場，預計咖啡成本將在 2026 財年上半年達到高峰。

Our margins in the near term are impacted by critical investments in our stores, partners and customers. However, the early signs of progress we're seeing in partner engagement, transactions in our critical dayparts and customer feedback give us confidence that these investments will yield the returns to drive much healthier margins over time. As we progress on our Back to Starbucks strategy, we will invest over $0.5 billion of additional labor hours into our US company-operated portfolio over the next year, beginning with our Green Apron service rollout in mid-August.

我們的短期利潤率受到對商店、合作夥伴和客戶的關鍵投資的影響。然而，我們在合作夥伴參與度、關鍵時段的交易和客戶回饋方面看到的早期進展跡象讓我們相信，這些投資將產生回報，從而隨著時間的推移帶來更健康的利潤率。隨著我們「重返星巴克」策略的推進，我們將在明年向美國公司營運的投資組合投入超過 5 億美元的額外工時，首先在 8 月中旬推出綠色圍裙服務。

To offset these investments, we are focusing on driving a healthier and more efficient cost structure that allows us to weather macro headwinds, drive strong sales flow-through and simultaneously fund our Back to Starbucks strategy. We are working on resetting and improving our cost structure across the entire P&L with disciplined prioritization, driving more efficiency, accountability and agility into the organization.

為了抵銷這些投資，我們正專注於推動更健康、更有效率的成本結構，使我們能夠抵禦宏觀逆風，推動強勁的銷售流，同時為我們的「重返星巴克」策略提供資金。我們正在努力透過嚴格的優先排序來重置和改善整個損益表的成本結構，從而提高組織的效率、責任感和靈活性。

In closing, I am impressed with how far we've come and know we have more work to do. We know this turnaround is a multiyear effort. We are rebuilding our core foundation on which we can scale and innovate to deliver the Best of Starbucks customer experience while instilling stronger discipline in our cost structure and capital deployment plans. A lot is happening today behind the scenes, and these efforts will come together more visibly by the end of next year. And when they do, I am highly confident that our financial performance will follow: first, in our comps; then in our earnings. I'd like to thank our partners around the world for their commitment to transforming Starbucks into the premier customer service organization that all our stakeholders, partners, customers and shareholders will be proud of.

最後，我對我們的進步印象深刻，但我知道我們還有更多的工作要做。我們知道，這項轉變需要多年的努力。我們正在重建我們的核心基礎，在此基礎上我們可以擴大規模和創新，提供最好的星巴克客戶體驗，同時在我們的成本結構和資本部署計劃中灌輸更嚴格的紀律。今天，幕後正在發生很多事情，到明年年底，這些努力將會更加明顯地匯聚在一起。當他們這樣做時，我非常有信心我們的財務表現將會隨之而來：首先是在我們的同店銷售額中；然後是在我們的收益中。我要感謝我們在世界各地的合作夥伴，感謝他們致力於將星巴克轉變為一流的客戶服務組織，讓我們的所有利益相關者、合作夥伴、客戶和股東都為之感到自豪。

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。謝謝您，接線生。

(Operator Instructions) And your first question comes from David Tarantino with Baird.

（操作員指示）您的第一個問題來自貝爾德的大衛·塔倫蒂諾。

Congrats on the early progress. I wanted to ask about the investment you're making in the stores. Thank you, Cathy, for quantifying that $0.5 billion in labor hours. Can you maybe just frame up some of the cost offsets you mentioned to that number and whether you think it's possible to fully offset that number or whether you're going to need to see sales leverage in addition to the cost offsets to get the right return? I guess how are you thinking about the overall margin impact from that collective effort?

祝賀早期的進展。我想詢問一下您在商店的投資情況。謝謝你，凱西，量化了這 5 億美元的工時。您能否將您提到的一些成本抵消與該數字進行比較，以及您是否認為有可能完全抵消該數字，或者您是否需要除了成本抵消之外還看到銷售槓桿才能獲得正確的回報？我想您如何看待這種集體努力對整體利潤的影響？

Yes. Thanks for the question. First and foremost, let's make sure we understand though that the Green Apron Service is a foundational operating model that establishes the repeatable, consistent, scalable standards that we want and need in customer service. And so it's such an important investment. But to answer your question then, we are, as we shared even last quarter, working across the entire P&L. So named it in the prepared remarks, but from cost of goods sold to operating expenses to G&A, the team is taking on both short-term and long-term cost structure efficiency work that we're doing. So not ready to quantify the exact offset. I would tell you, we see lots and lots of opportunity, and we're getting after it. Some of it will start to come together pretty quickly, and some of it is going to take us a little bit longer. What I would tell you is we're working on '26, '27 and '28. So we're putting in the more durable, sustainable activities to make sure we don't just address it once, but we actually address it long term. What's really exciting though is when we start to grow, we'll actually like what comes through to the bottom line when we start to see that top line come through.

是的。謝謝你的提問。首先，讓我們確保我們理解綠色圍裙服務是一種基礎營運模式，它建立了我們在客戶服務中想要和需要的可重複、一致、可擴展的標準。所以這是一項非常重要的投資。但要回答你的問題，正如我們上個季度所分享的那樣，我們正在處理整個損益表。在準備好的評論中如此稱呼，但從銷售成本到營運費用到一般及行政費用，團隊正在承擔我們正在做的短期和長期成本結構效率工作。因此尚未準備好量化確切的偏移量。我想告訴你，我們看到了很多很多的機會，而且我們正在抓住它們。有些事情會很快開始發生，而有些事情則需要更長的時間。我想告訴你的是，我們正在為 26、27 和 28 而努力。因此，我們正在採取更持久、更永續的活動，以確保我們不只是解決一次問題，而是真正長期解決這個問題。然而真正令人興奮的是，當我們開始成長時，當我們開始看到營收成長時，我們實際上會喜歡底線所帶來的結果。

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

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

Great. Yes, just building on what David was just talking about. I guess, conceptually, right now, we're in an investment mode, and we can imagine that margins may not be moving up very quickly, might be moving down a little bit here in the near term. But I'm wondering how you're thinking about things evolving longer term. I would imagine there'll be an Analyst Day where you'll want to go through each of the pieces of this. But just conceptually, do you see the company going back to pre-COVID levels of margin that might be the 17%-type margin corporate-wide, a little over 20% in the Americas. Is that reasonable to expect? And what sort of journey do you think would -- how long could that take? And what are the big things that are the must-get-right that you're thinking over the next two or three years that would really get you there if you think you could get back there?

偉大的。是的，只是基於 David 剛才所說的內容。我想，從概念上講，現在我們處於投資模式，我們可以想像利潤率可能不會很快上升，短期內可能會略有下降。但我想知道您如何看待事情的長期發展。我想會有一個分析師日，你會想要仔細研究這其中的每一部分。但從概念上講，您是否認為公司的利潤率會回到新冠疫情之前的水平，即全公司範圍內的利潤率可能達到 17%，美洲的利潤率略高於 20%。這是合理的期望嗎？您認為這趟旅程是什麼樣的－需要多長時間？如果您認為您能夠重返那裡，那麼在未來兩三年內，您認為哪些大事是必須要做好的，才能真正幫助您實現那裡的目標？

I'll start, and then I'm sure Brian can add too. So first off, you asked about maybe longer-term kind of earning potential. And first off, Brian mentioned it in his remarks, we're excited. We've put a date on the calendar, a time, early 2026. We believe we'll be in a good position to share not just short term but really longer term how we see this company playing out. So we're really excited about putting a date out there for the Investor Day early 2026.

我先開始，然後我相信 Brian 也可以補充。首先，您詢問的可能是長期獲利潛力。首先，布萊恩在他的演講中提到，我們很興奮。我們在日曆上標示了一個日期，一個時間，2026 年初。我們相信，我們將處於一個良好的位置，不僅可以分享短期內而且可以分享長期內我們對這家公司發展的看法。因此，我們非常高興能夠確定 2026 年初投資者日的日期。

Then to answer your question around 2019, is that the right benchmark and aspiration? What I would tell you is it's a good guidepost. It helps us to understand what is possible. Obviously, you have to drive top line first and foremost. That's the most important thing. So -- but once we do start to drive the top line, can we set up a cost structure below that, that delivers the kinds of profitability that we would expect? And so 2019 is just my best guidepost, our best guidepost right now. We'll see as we approach that guidepost, if that's -- if there's more room past that. But right now, let's look at that as our guidepost. It provides a really clear -- if you unpack the P&L, a really clear path to get there, and that's what the team is working on right now is literally that path. And it's going to take a little bit, I'll leave it there.

那麼回答你關於 2019 年的問題，這是正確的基準和願望嗎？我想告訴你的是，這是一個很好的路標。它幫助我們了解什麼是可能的。顯然，你必須先提高營業收入。這是最重要的事。那麼——但是一旦我們開始推動營收成長，我們能否建立一個低於這一水平的成本結構，以實現我們期望的獲利能力？所以 2019 年就是我最好的路標，也是我們目前最好的路標。當我們接近那個路標時，我們會看到，如果那裡還有更多的空間。但現在，讓我們將其視為我們的路標。它提供了一個非常清晰的——如果你解開損益表，你會發現一條非常清晰的路徑可以到達那裡，而這正是團隊現在正在努力的方向。這需要一點時間，我就把它留在那裡。

Yes. David, this is Brian. The only thing I would add is I've gotten this question before around do you think Starbucks over-earned? And as I better understand the business and I see the opportunities in front of us, I don't think that is the case. I think there is tremendous opportunity in front of us where we get the operating foundation in place, and then we put into place the innovation that we know resonates with customers. And then we continue to do the right things so that our partners are set up for success to deliver the innovation and the ongoing operating model. And as Cathy mentioned, we put a really strong focus on our cost structure. The idea then is you build back a better Starbucks. And that's what we're after. So 2019 serves as a good road map, but we have aspirations to not only achieve that but hopefully exceed that. And as we go on this journey, we'll bring you guys along with us. And I look forward to sharing our thoughts on how this all unfolds at the Investor Day early next year.

是的。大衛，這是布萊恩。我唯一想補充的是，我之前也遇到過這個問題，你認為星巴克的獲利過高嗎？但隨著我對業務的了解加深，並看到我們面前的機遇，我認為事實並非如此。我認為，我們面前有巨大的機遇，只要我們打好營運基礎，然後實施我們知道會引起客戶共鳴的創新。然後，我們繼續做正確的事情，以便我們的合作夥伴能夠成功實現創新和持續的營運模式。正如 Cathy 所提到的，我們非常重視成本結構。我們的想法是重建一個更好的星巴克。這正是我們所追求的。因此，2019 年是一個很好的路線圖，但我們的願望不僅要實現這一目標，而且希望超越這一目標。當我們踏上這段旅程時，我們會帶著你們一起前進。我期待在明年年初的投資者日上分享我們對這一切如何展開的看法。

Your next question comes from Brian Harbour with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Harbour。

Just on the Green Apron Service thing, obviously, you've sort of accelerated that, it sounds like. Could you talk about sort of how fast you would expect that to spread through the whole company store base? How fast those investments will happen? And I think you talked about at your conference sort of making sure there was an assistant store manager in every location. Is that also part of that 500? Or I guess what exactly is sort of included there?

就綠色圍裙服務這件事而言，顯然，聽起來你已經加速了它的發展。您能否談談您預計這種模式將以多快的速度在整個公司門市範圍內推廣？這些投資將多快實現？我認為您在會議上談到了確保每個地方都有一名商店經理助理。這也是 500 的一部分嗎？或者我猜那裡到底包含什麼？

Yes. Look, so the Green Apron Service model will start rolling out the middle of this month. And obviously, it takes a little bit of time to get it across all our stores and implemented where our rosters are the right size and then deployed correctly. But what we've seen in pilot is it takes a little bit of time for us to get into a rhythm with the new labor that we have on the team. And that also takes a little bit of time for our customers to recognize that they're getting a different kind of service experience. The good news is, once both of those things stick, we see transactions move in the right direction from there. And so you heard in my earlier comments what I'm excited about is as the time goes on, we see this building and building and building. And then when you start thinking about the innovation you can layer on top of that, now you're building from a place of strength with innovation as opposed to kind of a place of weakness or trying to recover with innovation.

是的。瞧，綠色圍裙服務模式將於本月中旬開始推出。顯然，需要花一點時間才能將其推廣到我們所有的商店，並在我們的名冊大小合適的情況下實施，然後正確部署。但我們在試點中發現，我們需要一點時間來適應團隊中新勞動力的節奏。而我們的客戶也需要一點時間來認識到他們正在獲得不同類型的服務體驗。好消息是，一旦這兩件事都成功了，我們就會看到交易朝著正確的方向發展。所以，您在我之前的評論中聽到了，令我興奮的是，隨著時間的推移，我們看到這座建築不斷建成。然後，當您開始考慮創新時，您可以在此基礎上進行分層，現在您正在透過創新從優勢地位進行構建，而不是從劣勢地位進行構建或試圖透過創新進行恢復。

In regard to the assistant managers, that's going to be part of the roster. And it really is an element of then, I think, staying true to our mission of we want to promote within greater than 90%. And this presents a tremendous opportunity. And we talked about this at our Leadership Experience, tremendous opportunity for people to grow with Starbucks through the assistant manager role. And so that's what you see unfolding over time is as we get the roster size right, we'll then figure out how we can promote within that roster and within the organization to that assistant manager role, which then nicely sets us up to build a pipeline for the future growth of new stores with managers and so on and so forth. So I'm delighted that Mike and the operating team have just done a really great job of bringing the Green Apron Service model from an idea to true execution that's now scalable. And now we're in the process of scaling it. So really excited for mid-August to get here, then really excited for us to build on that strong foundation.

對於助理經理來說，這將成為名冊的一部分。我認為，這確實是我們堅持使命的一個要素，我們希望在 90% 以上的範圍內推廣。這帶來了巨大的機會。我們在領導力體驗中談到了這一點，透過擔任助理經理，人們可以獲得與星巴克共同成長的巨大機會。因此，隨著時間的推移，您會看到，當我們確定了正確的名冊規模後，我們就會想辦法在名冊內和組織內提拔助理經理，這將為我們建立未來新店發展、經理等的管道做好準備。因此，我很高興看到麥克和營運團隊出色地完成了工作，將綠色圍裙服務模式從一個想法變成了真正的執行，現在可擴展。現在我們正在擴大規模。所以我真的很興奮八月中旬就要到來了，然後我也真的很興奮我們能夠在這個堅實的基礎上繼續前進。

And your next question comes from Sara Senatore with Bank of America.

您的下一個問題來自美國銀行的 Sara Senatore。

Just a clarification, Brian, on your last comment and then a question about food innovation. So it sounds like actually, operational improvements perhaps weren't the primary driver of the sequential improvement in transactions, given it takes customers' time to sort of appreciate them. So has it been marketing? I know you've invested maybe in more traditional marketing. Or I guess to what do you credit the sequential improvement if the operations are sort of still early days?

布萊恩，我只是想澄清一下你的最後一條評論，然後問一個關於食品創新的問題。因此，實際上聽起來，營運改善可能不是交易量連續改善的主要驅動力，因為客戶需要時間來體會它們。那麼這是行銷嗎？我知道您可能在更傳統的營銷方面進行了投資。或者我想，如果營運仍處於早期階段，您會將連續的改進歸功於什麼？

And then just on food, I think this is the second quarter where you've called out food in Canada. Are there any kind of lessons you can take from that, that can be applied to the US? Because I know food has -- feels like it's been an opportunity for a very long time. So just trying to understand what maybe moves the dial on that.

然後就食品而言，我認為這是加拿大第二次批評食品問題。您能從中吸取什麼教訓，並將其應用於美國嗎？因為我知道食物——感覺它已經是一個很長一段時間的機會了。所以只是想了解是什麼導致了這個現象。

Yes. Thanks, Sara. So yes, look, to answer your question, on the operating side, I do believe we're operating better as a system. The Green Apron Service model is not across the system yet. But remember, we rolled out the five key moments. We brought forward the condiment bar. We brought forward, obviously, the idea of speed as it relates to less than four minutes in cafe and also less than four minutes in the drive-thru. And this is one of the things that I think is always impressive is when you give clarity to operating leaders, they understand what the mission is and then they figure out how best to achieve it.

是的。謝謝，薩拉。是的，回答你的問題，在操作方面，我確實相信我們作為一個系統運作得更好。綠色圍裙服務模式尚未在全系統推行。但請記住，我們推出了五個關鍵時刻。我們把調味品吧提前了。顯然，我們提出了速度的概念，因為它與在咖啡館少於四分鐘以及在免下車通道少於四分鐘有關。我認為最令人印象深刻的事情之一是，當你向營運領導者明確說明任務是什麼時，他們就會明白任務是什麼，然後他們會想出如何最好地實現它。

What the Green Apron Service model does is it takes that and makes it even more consistent, more reliable and also gives, frankly, our partners more tools to achieve those key customer metrics that we're after over and over again. So we've made operational progress, which I'm really excited about. And I think Green Apron Service then will kind of institutionalize it and become our system. And hopefully, I think we'll become famous for Green Apron Service; and b, the defining customer service company that I think Starbucks should be, and that's what we're after. That's our mission.

綠色圍裙服務模式的作用是，使其更加一致、更加可靠，並且坦白說，也為我們的合作夥伴提供了更多工具來實現我們一再追求的關鍵客戶指標。因此我們在營運方面取得了進展，對此我感到非常興奮。我認為綠色圍裙服務將會制度化並成為我們的系統。我希望我們能因綠色圍裙服務而聞名；而且，我認為星巴克應該成為一家具有代表性的客戶服務公司，而這正是我們所追求的。這就是我們的使命。

To answer your other part of this question though, I do think our marketing is playing a positive effect on the business. You might have heard in our comments, we're seeing both nondiscounted rewards customer transactions pick up, and we're also seeing non-Rewards transaction customers increase and were up year-over-year in the third quarter. So I think we've got a couple of things working in our favor, much better marketing and I think a stronger operating system right now. And I think we're going to continue to drive against both of those things going forward.

不過，要回答你這個問題的另一部分，我確實認為我們的行銷對業務產生了正面的影響。您可能在我們的評論中聽說過，我們看到非折扣獎勵客戶交易量有所回升，而且我們還看到非獎勵交易客戶數量有所增加，並且第三季度同比增長。所以我認為我們現在有幾件對我們有利的事情，像是更好的行銷和更強大的作業系統。我認為我們將繼續努力對抗這兩件事。

So I'm delighted that what you're seeing is people respond to the marketing and the message. And then I'm also delighted and frankly impressed by our operators on their ability to take a clear message and figure out how to make that happen in their stores. And now we're going to, I think, amplify that with the Green Apron Service model.

因此我很高興看到人們對行銷和資訊做出了回應。我也很高興，坦白說，我們的操作員能夠接受清晰的訊息，並想出如何在他們的商店中實現這一點，這給我留下了深刻的印象。現在，我認為我們將透過綠色圍裙服務模式來擴大這項服務。

Food.

食物。

Food, your question on food. Yes, the team in Canada has done a nice job. I was actually just up in Toronto with the team. And up there, they've done some waffles and pancakes, and I think they're just getting ready to do some bagel bites, which are also really exciting. And yes, of course, there is opportunity for us to figure out what they're doing up in Canada from a food standpoint to figure out what makes sense for us to bring not only to the US but around the world.

食物，您關於食物的問題。是的，加拿大團隊做得很好。事實上我剛剛和團隊一起去了多倫多。在那裡，他們做了一些華夫餅和煎餅，我想他們正準備做一些百吉餅，這也非常令人興奮。是的，當然，我們有機會從食物的角度了解他們在加拿大所做的事情，以弄清楚我們不僅要把食物帶到美國，還要帶到世界各地。

And I would also share with you, I happened to be in London a week or so ago. And the same thing, the team is doing a great job on enhancing their food and their baked case. And this is one of the things, I think, frankly, Starbucks has an opportunity in general and is -- we have 40,000 stores around the world. We have examples of success all over the place, and we're going to do a much better job of taking advantage of where we see success somewhere else in the world and reapply it globally. And so you'll continue to see us figure out how we can leverage these things around the world, share with our license partners and then, obviously, where it makes sense, bring it into the United States market as well.

我還想和大家分享一下，大約一週前我剛好在倫敦。同樣，該團隊在改進他們的食物和烘焙食品方面做得非常出色。坦白說，我認為這是星巴克整體上擁有的機會之一——我們在全球擁有 40,000 家門市。我們在各地都有成功的例子，我們將更好地利用我們在世界其他地方看到的成功經驗並將其推廣到全球。因此，您將繼續看到我們研究如何在世界各地利用這些東西，與我們的許可合作夥伴分享，然後，顯然，在合理的情況下，將其也帶入美國市場。

And your next question comes from Lauren Silberman with Deutsche Bank.

您的下一個問題來自德意志銀行的勞倫·西爾伯曼。

I wanted to just follow up on the Green Apron Service model. Can you help contextualize like anything around the traffic lift that you might be seeing in test stores, whether you're seeing it across dayparts, channels that are more significant? And then my actual question is just on the rewards program, which is always important to the brand's growth. What do you think is missing in the current platform? And what are the key elements of the reimagined program of the future?

我只是想跟進一下綠色圍裙服務模式。您能否幫助您將您在測試商店中可能看到的流量提升情況具體化，無論您是在各個時段還是更重要的管道中看到它？我的實際問題是關於獎勵計劃，這對品牌的發展始終很重要。您認為當前平台缺少什麼？那麼，重新構想的未來計畫的關鍵要素是什麼？

Yes. So look, one of the things that's exciting about the Green Apron Service model is I think you might have heard in my remarks, I think it was maybe like the first three weeks I was with the company, I had the opportunity to do an earnings call with everybody. And one of the things I wanted to do is make sure we won the morning. And one of the things we're seeing right out of the gate is those peaks, we're seeing really nice progress. And then we also see growth throughout the day. We still have an opportunity in the afternoon. And I think you heard me talk about this. We're going to figure out how we get the right food and the right drinks so that we're more relevant in that afternoon occasion. But early on, not surprising. We said we wanted to win the morning, and we wanted to have a more effective full day of business, and that's what we're seeing out of the Green Apron Service model. So that's where we are.

是的。所以，我想，綠色圍裙服務模式令人興奮的一點是，我想你可能已經在我的演講中聽到了，我想這可能就像我在公司工作的前三週，我有機會與每個人進行收益電話會議。我想做的事情之一就是確保我們贏得早上的比賽。我們一開始就看到的事情之一就是這些高峰，我們看到了非常好的進展。然後我們也會看到全天的成長。下午我們還有機會。我想您已經聽我談論過這個了。我們要弄清楚如何獲得合適的食物和飲料，以便我們在下午的場合中更具相關性。但從早期來看，這並不奇怪。我們說我們想要贏得早晨，我們想要更有效地開展一整天的業務，這就是我們從綠色圍裙服務模式中看到的。這就是我們現在的狀況。

And then to your question on rewards, right now, I'd say the rewards program became too much of a one-size-fits-all and a discounting mechanism as opposed to a program that really recognizes people for their loyalty and builds more engagement. And the feedback we've gotten from customers that are part of it is, if I'm a really big loyal customer, I think there should be more recognition of that. And if I'm of a less frequent customer, we should then set up the program so that it fits for them.

然後回答你關於獎勵的問題，現在，我想說獎勵計劃變得太過於千篇一律和折扣機制，而不是真正認可人們的忠誠度並建立更多參與度的計劃。我們從客戶那裡得到的回饋是，如果我是一位非常忠誠的客戶，我認為應該得到更多的認可。如果我是不太常光顧的顧客，我們就應該設定適合他們的程序。

So you're going to see us really tailoring the system to become more about recognizing the loyalty, recognizing the engagement and then building the brand through this rewards program as opposed to what, I think, unfortunately, became a system of just discounting and a one-size-fits-all. So that's where we're moving towards. And I'm really excited about what that program will entail, and I'm excited that we'll probably be able to show you kind of all the bells and whistles when we're together in February.

因此，你會看到我們真正地客製化了這個系統，使其更專注於忠誠度、參與度，然後透過這個獎勵計劃來建立品牌，而不是像我認為的那樣，不幸地變成了一個只有折扣和一刀切的系統。這就是我們前進的方向。我對該計劃將包含的內容感到非常興奮，並且我很高興我們可能能夠在二月聚在一起時向你們展示所有的花哨功能。

Your next question comes from John Ivankoe with JPMorgan.

您的下一個問題來自摩根大通的 John Ivankoe。

So much color in the prepared remarks, I'm going to have to read the transcript to catch all of it. But oftentimes, innovation and consistency and speed and accuracy are oftentimes enemies of one another. So Brian, I guess, how do we handle so much innovation that we talked about in some of your prepared remarks without maybe slowing down or complicating the line -- complicating operations, the coffeehouse experience? And are there any solutions around equipment? Or do you have an opportunity to consider splitting the dayparts at Starbucks, maybe having some afternoon innovation that really is available only in the afternoon, that allows you to focus specifically on the morning? How are you thinking about, I guess, both this opportunity and risk?

準備好的發言稿內容太豐富了，我得讀一下文字記錄才能理解全部。但很多時候，創新與一致性、速度與準確性往往是互相對立的。那麼布萊恩，我想，我們該如何處理我們在您準備好的發言中談到的如此多的創新，而不會減慢或複雜化生產線 - 複雜化運營，咖啡館體驗？有沒有圍繞設備的解決方案？或者您有機會考慮將星巴克的營業時間分成幾個部分，也許進行一些實際上只在下午進行的下午創新，以便讓您專注於上午的營業？我想，您如何看待這個機會和風險？

Yes. Thanks, John, for the question. One of the principles for our innovation is it cannot negatively impact our ability to deliver on cafe orders less than four minutes, right, the drive-thru less than four minutes and then being on time and accurate with our mobile order. So that is one of the key entry points for any innovation that we have to do. With that said, what I also think we're doing a much better job of now is making sure that we understand what are the current approaches for how we make drinks, how we prepare food so that when we do the innovation, we aren't always having to reinvent the process of how you make the drink. And so I think what you're going to see, John, is it's innovation that is unique. It's what customers have been asking for. It's what meets customer needs. And then we do it in a way where our partners give us feedback so that we're able to execute it consistently and with the right type of throughput.

是的。謝謝約翰提出這個問題。我們創新的原則之一是，它不能對我們在四分鐘內送達咖啡館訂單的能力產生負面影響，對在四分鐘內送達免下車訂單的能力產生負面影響，並且不能對我們在移動訂單的準時性和準確性產生負面影響。所以這是我們進行任何創新的關鍵切入點之一。話雖如此，我認為我們現在做得更好的是確保我們了解當前製作飲料、準備食物的方法，這樣當我們進行創新時，我們就不必總是重新發明製作飲料的流程。所以我認為你將會看到，約翰，這是獨一無二的創新。這正是客戶一直要求的。這就是滿足客戶需求。然後，我們透過合作夥伴向我們提供回饋的方式來做到這一點，以便我們能夠以正確的吞吐量持續執行它。

And this is why it's so important that we have this approach of the Starting 5 because this innovation is being kind of co-built with our baristas in our stores versus we build it in the support center, we throw it over the wall, and we hope that our baristas can figure it out, right? Those days are over. The way we're going to do this is we're going to build it together. We're going to build it with the field and our baristas in store at the start of the process. And so it's been very powerful for us. And even the protein platform that we're going to be bringing out later this year is a great example of how we've done just that system, where we tapped into our baristas to help us fine-tune the program so that it's executed in a way that can be a great drink every time on the speed requirements that our customers expect, and it sets our partners up to be successful with every drink that they're preparing. And this is also part of the reason why we had to initially set out on menu simplification. You got to clear out kind of the low-hanging things that are, frankly, a distraction and taking away people's time so that it frees up space to do meaningful innovation that we know can be executed by our partners in our stores.

這就是為什麼我們採用 Starting 5 方法如此重要，因為這種創新是與我們商店的咖啡師共同打造的，而不是我們在支持中心打造它，然後把它扔到牆上，希望我們的咖啡師能夠弄明白，對吧？那些日子已經過去了。我們要做的就是共同建造。我們將在流程開始時與場地和店內的咖啡師一起建造它。所以它對我們來說非常有用。甚至我們將在今年稍後推出的蛋白質平台也是一個很好的例子，展示了我們如何實現這個系統，我們利用我們的咖啡師來幫助我們微調程序，以便能夠按照客戶期望的速度要求每次製作出美味的飲品，並且它讓我們的合作夥伴能夠成功製作出他們正在準備的每一種飲品。這也是我們最初著手簡化菜單的原因之一。你必須清除那些容易被忽視的東西，坦白說，這些東西會分散注意力並佔用人們的時間，這樣才能騰出空間來進行有意義的創新，我們知道這些創新可以由我們的商店中的合作夥伴來執行。

So the Green Apron Service model, hugely important to get that established and set, and we were purposeful to make sure we did that first before we layered in the innovation. But the good news is where we're testing this with the Green Apron Service model, we see our ability to then implement the innovation that we're talking about bringing down the pike. So very excited about what's to come. And I love the fact that these things are built by baristas, and the ideas can come from anywhere. And that's the kind of company we need to be.

因此，建立和完善綠色圍裙服務模式至關重要，我們特意確保在進行創新之前先做到這一點。但好消息是，當我們以綠色圍裙服務模式進行測試時，我們看到了我們有能力實施我們正在談論的創新。我對即將發生的事情感到非常興奮。我喜歡這些東西是由咖啡師製作的，而且創意可以來自任何地方。這正是我們需要成為的公司。

And your next question comes from Andrew Charles with TD Cowen.

您的下一個問題來自 TD Cowen 的 Andrew Charles。

One quick housekeeping first. Just curious, how many Mobile Order and Pay stores are in the portfolio as you go through the process of system optimization? And my real question is that if I go back earlier this month, there was an 8-K highlighting a bonus contingent on reducing operating expenses through fiscal 2027. Can you help us understand what level of reduction is necessary to hit this?

首先進行一次快速的整理。只是好奇，在系統優化過程中，有多少家行動訂購和支付商店包含在內？我真正的問題是，如果我回顧本月早些時候的情況，就會發現有一份 8-K 報告強調，獎金取決於到 2027 財年降低營運費用的情況。您能幫助我們了解達到這目標需要減少到什麼程度嗎？

So to answer your first question, it's roughly like 80, 90 stores in the mobile order pickup space. And then on your second question, look, incentives are a powerful tool. And I wanted to have an incentive for the organization to get after the cost side of things. And I think the good news is I'm seeing people galvanized around getting after what these incentives have set out to do. And so you'll see how that unfolds over the -- I think, the coming months and coming years. And I think Cathy said it well. We ultimately want a better cost structure so that as we grow, we're happy with how the top line falls to the bottom line.

因此，回答您的第一個問題，行動訂單提貨領域大約有 80 到 90 家商店。然後關於你的第二個問題，激勵是一個強大的工具。我希望能夠激勵組織關注成本問題。我認為好消息是，我看到人們正在齊心協力實現這些激勵措施所設定的目標。所以，我認為，你將會看到未來幾個月和幾年內事情將如何發展。我認為 Cathy 說得很好。我們最終想要一個更好的成本結構，這樣隨著我們的發展，我們對頂線如何下降到底線感到滿意。

And your next question comes from Christine Cho with Goldman Sachs.

您的下一個問題來自高盛的 Christine Cho。

So Brian, could you talk a little bit about your decision to expedite the rollout of the Green Apron Service model? So were there any notable surprises or key metrics from your earlier tests across the 2,000 stores last quarter that kind of gave you that confidence to proceed with the full rollout in all of the US stores by the end of the summer as opposed to the 1/3 of the stores by then? Additionally, just your thoughts on how you will measure the ongoing success of the model and how you incorporate some feedback from both customers and partners.

那麼布萊恩，您能否談談您決定加快推出綠色圍裙服務模式的原因？那麼，上個季度您在 2,000 家門市進行的早期測試中，是否有任何值得注意的驚喜或關鍵指標，讓您有信心在夏季結束前在美國所有門市全面推出這項服務，而不是到那時只在 1/3 的門市推出？此外，您還想談談如何衡量該模型的持續成功以及如何結合客戶和合作夥伴的一些回饋。

Yes. Thanks for the question. Look, it really boils down to how we saw the pilots be able to both hire, train, deploy. It was all about getting the right partners in the right place at the right time. And then also when you layered in the technology behind it of the SmartQ, which is all about the ordering algorithm, we saw how that was effective. And then not surprising, what we also saw is we saw a nice movement in transactions in the dayparts that I talked about earlier, both the morning and for the whole day.

是的。謝謝你的提問。看起來，這實際上歸結為我們如何看到飛行員能夠被雇用、訓練和部署。關鍵在於在正確的時間、正確的地點找到正確的合作夥伴。然後，當您將 SmartQ 背後的技術（即排序演算法）分層時，我們就看到了它是多麼有效。然後毫不奇怪的是，我們也看到，正如我之前提到的，無論是早上還是整天，交易量都出現了良好的變化。

And then I also think I mentioned this in my remarks, we've gotten clarity on what are the key metrics that ultimately drive performance. And that's our growth scorecard that we're going to be adopting going forward. And so you'll see us continue to talk about that ongoing and you're not going to be surprised. It's about the customer. It's about our being staffed correctly. It's about ensuring that we obviously get the right speed requirements hit. And so when we do those things, we see the outcomes that we want, which is transaction growth which then ultimately, I think, is a key indicator of health in the business.

然後我想我也在我的評論中提到這一點，我們已經清楚了最終推動績效的關鍵指標是什麼。這就是我們今後將要採用的成長記分卡。因此，您會看到我們繼續談論這一正在進行的事情，您不會感到驚訝。這是關於顧客的。這關係到我們人員的正確配備。這是為了確保我們能夠達到正確的速度要求。因此，當我們做這些事情時，我們會看到我們想要的結果，即交易成長，我認為這最終是業務健康狀況的關鍵指標。

So we loved what we saw. Mike and the team demonstrated that we had the ability to scale it. And so we were like, you know what, the time is right because I'd love the fact that we're going to get this Green Apron Service model in place before we hit Pumpkin Spice Latte, our big fall holiday season. There's going to be a lot of customers that come into our business because of those two marquee moments, and now they're going to experience Green Apron Service. And I just think that's a winning proposition for us that sets the table for what's to come in 2026.

所以我們很喜歡我們所看到的。麥克和他的團隊證明了我們有能力擴大規模。所以我們覺得，你知道嗎，現在是時候了，因為我很樂意在我們秋季大假期南瓜香料拿鐵到來之前，將這個綠色圍裙服務模式落實到位。許多顧客會因為這兩個重要時刻而選擇我們的店面，現在他們將體驗綠色圍裙服務。我認為這對我們來說是一個成功的提議，為 2026 年的未來奠定了基礎。

And your next question comes from Jeffrey Bernstein with Barclays.

您的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Brian, just a question on the US business. Investors often express concern around a few things that could limit return to outsized US comp growth, whether it's US competition from above or below, your unit count penetration maybe being already elevated and value perception. I'm just wondering what do you perceive as the greatest challenge among those? It does seem like based on your comments, maybe these things aren't concerns internally. So I'm just looking for your thoughts on the implications from competition, penetration and value perception.

偉大的。布萊恩，我只是想問關於美國業務的問題。投資者經常對一些可能限制美國公司超額成長回報的因素表示擔憂，無論是來自上方還是下方的美國競爭，您的單位數量滲透率可能已經提高以及價值認知。我只是想知道您認為其中最大的挑戰是什麼？根據您的評論，這些事情似乎不是內部關注的問題。所以我只是想了解一下您對競爭、滲透和價值感知的影響的看法。

Yes. Look, I think one of the most important things you do with a consumer-facing company is making sure that the brand is perceived to be valuable. And one of the things I was really delighted to see is we've made tremendous progress on that value front. And I think it's the highest level we've had in the last two years. And so I'm very focused on how are we driving this brand to be more valuable for our customers tomorrow because that's -- I think that's how you have to think. It's like maybe we were good today, but we need to be even better tomorrow. And I think the Green Apron Service model is a foundational element because if we become the great customer service company that I know we can be consistently, there's tremendous value in that. Nobody else does it. And it's uniquely something Starbucks has always stood for in the past, and I think it's uniquely something we can own going forward.

是的。聽著，我認為對於面向消費者的公司來說，最重要的事情之一就是確保品牌被認為是有價值的。我非常高興地看到，我們在價值方面取得了巨大進步。我認為這是我們過去兩年來的最高水準。因此，我非常關注如何推動這個品牌為我們的客戶提供更多價值，因為那是——我認為這是你必須思考的方式。就好像我們今天可能表現不錯，但明天我們需要做得更好。我認為綠色圍裙服務模式是一個基礎要素，因為如果我們成為一家優秀的客戶服務公司（我知道我們可以始終如一地做到這一點），那麼這將具有巨大的價值。沒有人做這件事。這是星巴克過去一直代表的獨特的東西，我認為這也是我們未來可以擁有的獨特的東西。

And look, the best way I know to compete is to be the best form of yourself. And that best form of Starbucks is, without a doubt, world-class customer service, driven by the connection between our barista and our customer, with the craft of our drinks in a special third place. And so that makes this brand super valuable to every customer and every partner that's a part of this company. So that's what I'm focused on. I love playing offense in a very competitive environment. And we're in competitive environments all around the world, and you're going to continue to see Starbucks beyond the offensive as it relates to great connection, great community and great craft.

你看，我所知道的最好的競爭方式就是展現最好的自己。毫無疑問，星巴克的最佳表現就是世界級的客戶服務，這種服務由我們的咖啡師和顧客之間的聯繫所驅動，而我們飲品的製作工藝則排在第三位。因此，這個品牌對於公司的每位客戶和每位合作夥伴來說都極具價值。這就是我所關注的重點。我喜歡在競爭激烈的環境中進攻。我們身處世界各地的競爭環境中，你將繼續看到星巴克超越進攻，因為它與良好的聯繫、良好的社區和優秀的工藝息息相關。

You next question comes from Chris O'Cull with Stifel.

您的下一個問題來自 Stifel 的 Chris O'Cull。

Brian, I was hoping you could expand on your thinking around the China business just for a moment. I mean the company has been clear, it's looking for a partner. But I was hoping you could elaborate on exactly what you believe you would gain from a strategic relationship. I mean it doesn't look like capital is really an issue when you consider the investments that need to be made in that market. But -- so I'm just wondering, is the primary goal to bring in maybe better expertise in operations or marketing in China? Or what would you consider a win for Starbucks, I guess?

布萊恩，我希望你能稍微闡述你對中國業務的看法。我的意思是，公司已經明確表示正在尋找合作夥伴。但我希望您能夠詳細說明您認為從策略關係中可以獲得什麼。我的意思是，當你考慮到該市場需要進行的投資時，資本似乎不是一個真正的問題。但是——我只是想知道，主要目標是否是為了引進更好的中國營運或行銷專業知識？或者我猜您認為星巴克的勝利是什麼？

Yes. Look, I think the good news is our brand is well respected, held in high regard with the Chinese customer. And our team has been doing a really nice job, I think, figuring out how to compete in a new environment, as I mentioned in my earlier remarks. And as we look at the partners that have come forward, what we are hoping we can have is a partner, first of all, that shares our mission and value. It's got to be a consistent approach to our mission and values, and then I think be a great partner to figure out how we can operate more effectively in that local market. And -- because it's not about capital. What this is about is how do we ensure that the Starbucks brand is in a much better place in the future because I do believe there's going to be thousands of more Starbucks in China. And I think there's no reason why this can't be one of the best businesses in China. And so we're looking for a partner that shares that passion and shares that belief that there's this opportunity to grow one of the special brands in China. And we think having somebody that's a local partner sets us up to ensure that is the case for the Starbucks brand long term.

是的。瞧，我認為好消息是我們的品牌很受尊重，受到中國客戶的高度評價。我認為我們的團隊一直做得非常出色，他們知道如何在新的環境中競爭，正如我在之前的評論中提到的那樣。當我們審視已經走上前來的合作夥伴時，我們希望首先能夠擁有一個與我們擁有共同使命和價值觀的合作夥伴。這必須對我們的使命和價值觀採取一致的態度，然後我認為成為一個偉大的合作夥伴，以弄清楚我們如何在當地市場更有效地運作。而且——因為這與資本無關。問題在於我們如何確保星巴克品牌在未來處於更好的地位，因為我相信中國將會有數千家星巴克。我認為，這沒有理由不能成為中國最好的企業之一。因此，我們正在尋找一個與我們擁有共同熱情並相信有機會在中國發展這個特殊品牌的合作夥伴。我們認為，擁有本地合作夥伴可以幫助我們確保星巴克品牌的長期發展。

Your next question comes from Jon Tower with Citi.

您的下一個問題來自花旗銀行的喬恩‧托爾 (Jon Tower)。

Great. Maybe, Brian, circling back to a topic you kind of hit on a little bit earlier on value. And specifically, I know in previous calls, you talked about the idea of looking at the menu architecture and the pricing architecture. And I'm just curious, with a lot of the innovation that you outlined earlier in the call, I'm just curious how you're thinking about maybe how value fits into the new products that are coming out next year? Are you thinking about different cup sizes that are coming through specifically and price points around that? And then on top of that, how are you thinking about incremental pricing beyond this fourth quarter and into '26 in aggregate?

偉大的。布萊恩，也許我們回到你之前談到的關於價值的話題。具體來說，我知道在之前的電話會議中，您談到了查看選單架構和定價架構的想法。我很好奇，鑑於您在電話會議中早些時候概述的許多創新，我只是好奇您如何考慮價值如何融入明年推出的新產品？您是否考慮過具體有哪些不同的罩杯尺寸以及相應的價格點？除此之外，您如何考慮第四季之後以及 26 年總體的增量定價？

Yes. Yes, obviously, as we bring out the innovation, we want the innovation to be relevant for the daypart that we're going after and the occasion that we're going after. So in some cases, that may mean a smaller size. In some cases, it may mean we think differently about where that price falls within our menu architecture. So obviously, it's important we all remember the old marketing class we took, right? I can't remember if it's four Ps or five Ps, but one of the Ps is definitely price. And we've got to make sure that for the customer experience -- and here's the one thing I think it's really important to remember, we are -- everything we do will be valuable. We are a premium brand that give people access to premium experiences. And so this is not about changing that trajectory of our business.

是的。是的，顯然，當我們推出創新時，我們希望創新與我們所追求的時段和我們所追求的場合相關。因此在某些情況下，這可能意味著尺寸較小。在某些情況下，這可能意味著我們會以不同的方式思考選單架構中的價格位置。所以顯然，記住我們以前上過的行銷課程很重要，對吧？我不記得是四個P還是五個P，但其中一個P肯定是價格。我們必須確保客戶體驗——我認為這是真正需要記住的一件事——我們所做的一切都是有價值的。我們是一個高端品牌，致力於為人們提供高端體驗。所以這不是要改變我們業務的發展軌跡。

With that said, there are different ways to execute both the size and the package that you experience, whether it's an afternoon snack or an afternoon pick-me-up or customizing your energy, customizing your protein, like there are a lot of different ways for us to think about how we bring value to the customer in a premium way. And so that's very much top of mind for us. And I think it's critical for us to continue to be positioned correctly for every occasion. And what was the second part of your question?

話雖如此，您可以透過不同的方式來執行您所體驗的尺寸和包裝，無論是下午的零食還是下午的提神飲料，還是定制您的能量，定制您的蛋白質，就像我們有很多不同的方式來思考如何以優質的方式為客戶帶來價值。所以這是我們最關心的問題。我認為，對我們來說，在任何場合保持正確的定位是至關重要的。你的問題的第二部分是什麼？

Pricing.

定價。

It has to do with pricing in the future.

這與未來的定價有關。

Yes, pricing in the future. Yes, look, I think you've heard me say this all the time and I still fundamentally believe this is pricing is always the last lever I'd like to pull. But with that said, pricing will be a part of our business model. There are times where it makes sense to take some price. And when those situations present itself, we're going to do it in the least amount of pricing necessary. I prefer to always hold back on that one as much as possible. So will we have to use it in the future? Absolutely. It's going to be the last lever I'd like to pull. And when we pull that lever, I probably want to do as little as possible.

是的，將來定價。是的，看，我想你一直聽我這麼說，而我仍然從根本上相信定價永遠是我想要採取的最後一個手段。但話雖如此，定價仍將成為我們商業模式的一部分。有時候付出一些代價是有意義的。當這些情況出現時，我們會以盡可能最低的價格來處理。我寧願盡可能地抑制這一點。那我們將來還得用到它嗎？絕對地。這將是我想要拉動的最後一個槓桿。當我們拉動槓桿時，我可能想做的事情越少越好。

The last question comes from Danilo Gargiulo with Bernstein.

最後一個問題來自伯恩斯坦的 Danilo Gargiulo。

Great. Brian, I'd like to go back to a couple of topics that you were hinting before, specifically like competition. And at some point, Cathy was also talking about the potential macro pressures in the fourth quarter. And it was great progress on a sequential basis on traffic, sequential improvement on traffic, but it still remains negative on a one-year basis. So how do you assess that the contraction was actually driven by the lapping of promotions rather than perhaps consumer finding alternatives that could be either potentially evolving competitive landscape or consumers switching to coffee consumption at home? And then given your assessment, out of all the initiatives that you have been launching, which one do you think is going to be the most critical one to be driving consumers back to stores?

偉大的。布萊恩，我想回到你之前暗示的幾個主題，特別是競爭。在某些時候，Cathy 也談到了第四季可能出現的宏觀壓力。與上一年相比，交通量取得了巨大進步，交通量有所改善，但與上一年相比仍保持負成長。那麼，您如何評價這種萎縮實際上是由促銷活動的重疊所致，而不是消費者尋找替代品（這些替代品可能是潛在的競爭格局變化或消費者轉向在家消費咖啡）？然後根據您的評估，在您推出的所有舉措中，哪一個舉措對於吸引消費者重返商店最為關鍵？

Yes. Well, look, I think it's a combination of things that's going to ultimately bring customers consistently back to our stores. But I do believe getting the foundation right with the Green Apron Service model is mission-critical and step 1. And then obviously, having relevant innovation that puts us in front of culture and in culture is hugely important. And you've heard me outline it, that innovation is going to go from menu across beverage and food to digital to rewards. So I think that's our success platform that we're going to continue to drive towards. And we'll talk more about it at our Investor Day.

是的。嗯，看，我認為這是多種因素的結合，最終會讓顧客不斷地回到我們的商店。但我確實相信，打好綠色圍裙服務模式的基礎是關鍵任務，也是第一步。顯然，擁有相關的創新，讓我們走在文化的前面並融入文化，是非常重要的。你們已經聽我概述了，創新將從菜單到飲料和食品，再到數位化和獎勵。所以我認為這是我們將繼續努力實現的成功平台。我們將在投資者日上進一步討論這個問題。

In regard to the macros and what we see in the business, look, one of the things I was delighted to see is that we continue to see sequential improvements in transactions. And as we exited the quarter, we continue to see that. And so we just right now, obviously, are still figuring our way through these initiatives that are in flight. And until everything is in place, you have some ups and downs as you move through the quarter. So I think the good news for us is I think a lot of the opportunity of growth is in our control. And I think that's what I've asked our team to stay focused on is what are the things we can control, we do that to the best of our ability. We will continue to grow share, and we will build a brand that's beloved. And that's what we're after.

就宏觀和我們在業務中看到的情況而言，我很高興看到的事情之一是我們繼續看到交易的連續改善。當我們結束本季時，我們繼續看到這種情況。因此，顯然，我們現在仍在想辦法實施這些正在進行的措施。在一切就緒之前，整個季度你都會經歷一些起伏。所以我認為對我們來說好消息是，很多成長機會都在我們的掌控之中。我認為這就是我要求我們的團隊集中精力於我們能夠控制的事情，我們會盡最大努力做到這一點。我們將繼續擴大市場份額，並打造一個受人喜愛的品牌。這正是我們所追求的。

I can't control some of the other forces that are out there, but I can bring the best Starbucks in whatever environment we have to compete in. And that's where we're going to stay focused on, Danilo. And it served me well over my last 20 years working in this industry, and I've seen a lot. And the good news is what I see always working is make sure that you value every customer, you set your partners up for success and then you stay on the offensive for your brand. And then that's how you come out on the other side, a stronger, better business. And that's what we're focused on right now.

我無法控制其他一些因素，但無論在什麼競爭環境中，我都可以帶來最好的星巴克。這就是我們要繼續關注的地方，達尼洛。在我從事這個行業的過去 20 年裡，它給了我很大的幫助，我見識了很多。好消息是，我認為始終有效的方法是確保你重視每一位客戶，為你的合作夥伴取得成功做好準備，然後保持對你的品牌的攻勢。這樣，您的企業就會變得更強大、更優秀。這正是我們現在關注的重點。

Obviously, we're still turning this business around. And when you're in a turnaround, there are some unexpected things that happen. And I think we're smart to make sure that we're honest about that. And the reality is, I believe we're working on the right things and whatever comes our way, we'll handle accordingly.

顯然，我們仍在扭轉這項業務。當你處於轉折點時，就會發生一些意想不到的事情。我認為我們很聰明，確保我們對此誠實。事實是，我相信我們正在做正確的事情，無論遇到什麼情況，我們都會妥善處理。

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, everybody, for joining the call. Thank you for the questions, and thanks for all the time. Obviously, you heard in my remarks and hopefully through this Q&A, how genuinely proud I am of this team, both our partners in our stores as well as our partners here in the office with me on working through this turnaround. And as we kind of close out this conversation, this quarter was really all about laying the operational foundation for Starbucks. And our point is we want a Starbucks that's not only stronger and more resilient now, but we're ready to start innovating and innovating at scale in 2026.

好的。好吧，謝謝大家參加電話會議。謝謝你們的提問，也謝謝你們一直以來的關心。顯然，你們在我的演講中聽到了，希望透過這次問答，你們也聽到了我對這個團隊的由衷自豪，包括我們商店裡的合作夥伴以及辦公室裡的合作夥伴，他們與我一起努力實現了這一轉變。當我們結束這次談話時，本季實際上是為了為星巴克奠定營運基礎。我們的觀點是，我們希望星巴克不僅現在更加強大、更具彈性，而且我們準備在 2026 年開始大規模創新。

So obviously, we're making some significant investments in our Green Apron partners and in the operational foundations that support them. And the rollout of our Green Apron Service model is really our most ambitious operational transformation to date, but I'm really excited about the early signs of success that we're seeing. And we're also, I think, going to continue to reset our coffeehouse portfolio strategy. We're prioritizing warmth, connection, community. And I'm really excited about what I'm seeing in the uplifts that we've started to do and how we're creating the coffeehouse of the future with the new building that we're going to be building going forward.

顯然，我們正在對我們的 Green Apron 合作夥伴以及支持他們的營運基礎進行一些重大投資。我們的綠色圍裙服務模式的推出實際上是我們迄今為止最雄心勃勃的營運轉型，但我對我們所看到的成功的早期跡象感到非常興奮。而且我認為，我們也將繼續重新設定我們的咖啡館投資組合策略。我們優先考慮溫暖、聯繫和社區。我對於我們已經開始進行的改進以及我們如何利用未來將要建造的新建築來打造未來的咖啡館感到非常興奮。

It's really energizing, frankly, to partner with this new leadership team. I'm confident in the strength and vision of this group of leaders, and I'm really excited for what we're going to accomplish together. So all of this work, every investment, all the operational change is all about helping us build the best Starbucks and one that is ultimately grounded in purpose, powered by our partners and positioned to lead with innovation in the years ahead. So I'm proud of the progress we've made. I'm really confident in our path forward. Obviously, I'm excited for the fall program. I, like many customers, love the Pumpkin Spice Latte, and that comes out August 26. And quickly thereafter, you'll see us innovating with our protein cold foam and our protein platform.

坦白說，與這個新的領導團隊合作確實令人振奮。我對這群領導人的力量和遠見充滿信心，我對我們將要共同達成的成就感到非常興奮。因此，所有這些工作、每項投資、所有的營運變革都是為了幫助我們打造最好的星巴克，一家以目標為基礎、由我們的合作夥伴提供支持、並在未來幾年引領創新的星巴克。因此我為我們所取得的進步感到自豪。我對我們的前進道路充滿信心。顯然，我對秋季計畫感到很興奮。我和許多顧客一樣，喜歡南瓜香料拿鐵，這款產品將於 8 月 26 日上市。此後不久，您將看到我們透過蛋白質冷泡沫和蛋白質平台進行創新。

So I couldn't be prouder of where we are. As I mentioned in my comments, I do feel like as I've been a part of a lot of these turnarounds, we're ahead of schedule where I would have thought we would have been. And I think that's evidenced by the fact that rather than rolling out Green Apron Service model to just a couple of thousand stores, we're going to be putting it in all our stores. So excited about what's to come and excited to be able to share even more of these details in our next quarterly call and then obviously, at our Investor Day. So thank you, everybody. Take care.

所以我對我們的現狀感到無比自豪。正如我在評論中提到的那樣，我確實覺得，由於我參與了許多這樣的轉變，我們已經提前完成了我所預期的計劃。我認為，事實證明，我們不會只在幾千家商店推廣「綠色圍裙服務」模式，而是會將其推廣到我們所有的商店。我對即將發生的事情感到非常興奮，並且很高興能夠在下一次季度電話會議上以及當然在我們的投資者日上分享更多這些細節。謝謝大家。小心。

This concludes Starbucks' Third Quarter Fiscal Year 2025 Conference Call. You may now disconnect.

星巴克 2025 財年第三季電話會議到此結束。您現在可以斷開連線。