星巴克 (SBUX) 2025 Q4 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' fourth-quarter fiscal year 2025 conference call. (Operator Instructions)

午安.我叫迭戈，今天我將擔任你們的會議接線生。歡迎各位參加星巴克2025財年第四季業績電話會議。（操作說明）

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

現在我將把電話交給投資人關係副總裁凱瑟琳·帕克。樸女士，您現在可以開始會議了。

Good afternoon, and thank you for joining us today to discuss Starbucks' fourth-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，感謝各位今天蒞臨現場，與我們共同探討星巴克2025財年第四季業績。今天的討論將由董事長兼首席執行官布萊恩·尼科爾和執行副總裁兼首席財務官凱西·史密斯主持。

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 statements should be considered in conjunction with cautionary statements in our earnings release and risk factors discussed in our filings with the SEC, including our latest annual report on Form 10-K and quarterly report on Form 10-Q. Starbucks assumes no obligation to update any of these forward-looking statements or information.

本次電話會議將包含前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有差異。任何此類聲明都應與我們的盈利報告中的警示性聲明以及我們在提交給美國證券交易委員會的文件（包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告）中討論的風險因素一並考慮。星巴克不承擔更新任何此類前瞻性聲明或資訊的義務。

GAAP results in the fourth quarter fiscal year 2025 include restructuring and impairment charges, litigation settlements, and transaction costs that are excluded from our non-GAAP results. Revenue, operating income, operating margin, EPS growth, and G&A 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 and supplemental financial information.

2025 財年第四季的 GAAP 結果包括重組和減損費用、訴訟和解費用以及交易成本，這些費用不包含在我們的非 GAAP 結果中。本次電話會議中提到的營收、營業利益、營業利益率、每股盈餘成長及一般及行政費用指標均以固定匯率衡量，代表非GAAP指標。請參閱獲利報告和我們的網站 investor.starbucks.com，以查找這些非 GAAP 指標與相應的 GAAP 指標的調節表和補充財務資訊。

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, December 12, 2025. Also, for your calendar planning purposes, please note that our first-quarter fiscal year 2026 earnings conference call has been tentatively scheduled for Wednesday, January 28, 2026.

本次電話會議將進行網路直播，網路直播的存檔將在我們的網站上保留至 2025 年 12 月 12 日星期五。另外，為了方便您安排行程，請注意，我們 2026 財年第一季財報電話會議暫定於 2026 年 1 月 28 日星期三舉行。

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

接下來，我將把電話交給布萊恩。

Good afternoon and thank you for joining. A year ago, we launched our Back to Starbucks strategy to get us back to the exceptional craft, connection, and welcoming coffeehouses that define the Starbucks experience and set us apart. Since then, we've been focused on executing our plan and accelerating it where we've seen opportunity. We took the significant step of scaling several key pieces of work during the quarter, and it's clear from our results that our plan is working and our turnaround is taking hold.

下午好，感謝各位的參與。一年前，我們啟動了「回歸星巴克」策略，旨在重拾星巴克獨有的卓越工藝、人與人之間的聯繫以及溫馨的咖啡館氛圍，這些特質定義了星巴克的體驗，也使我們與眾不同。從那時起，我們就一直專注於執行我們的計劃，並在發現機會的地方加快前進。本季我們採取了擴大幾項關鍵工作規模的重要舉措，從我們的結果來看，很明顯，我們的計劃正在奏效，我們的轉型正在穩步推進。

We finished the fiscal year strong with 5% global revenue growth and global comparable store sales growth of 1% in the fourth quarter, making it our first positive quarter in seven quarters. Our North America company-operated comps improved to flat year over year, driven by flat US comp and positive comp growth in Canada. And in both markets, transaction comps continued to improve sequentially from the third quarter.

本財年以強勁的勢頭收官，第四季全球營收成長 5%，全球同店銷售額成長 1%，這是我們七個季度以來的第一個正成長季度。受美國市場同店銷售額持平和加拿大市場同店銷售成長的推動，北美公司自營業務的同店銷售額較去年同期持平。兩個市場的交易額均較第三季較上季持續改善。

Across our US company-operated portfolio, we more than tripled the percentage of coffeehouses with positive transaction comps from a year ago, with year-over-year transactions improving across all regions and day parts. And we're getting back to winning the morning, with flat morning day part transactions that outpaced our overall recovery in Q4. Notably, our US company-operated sales comp turned positive in September, driven by transactions, and it's remained positive through October, reflecting the momentum taking shape in our business.

在我們美國公司自營的咖啡店組合中，與去年同期相比，交易額成長的咖啡店比例增加了兩倍多，所有地區和所有時段的年比交易額均有所提高。我們又重新贏得了早盤市場，早盤交易量保持穩定，超過了第四季的整體復甦速度。值得注意的是，受交易量的推動，我們美國公司自營的同店銷售額在 9 月份轉正，並且一直保持到 10 月份的正增長，這反映了我們業務正在形成的良好勢頭。

Our International segment continued to demonstrate the resilience of our brand, delivering 3% comp sales growth in the fourth quarter, led by strength across our top markets, including Japan, which bounced back into positive comp territory in the quarter, as well as China, the UK, and Mexico. Earnings per share of $0.52 in the fourth quarter continues to reflect the investments we're making in the business to execute our strategy. As I've said before, we expect to grow the top line first, and then earnings will follow.

我們的國際業務部門繼續展現了我們品牌的韌性，在第四季度實現了 3% 的同店銷售額增長，這主要得益於我們主要市場的強勁表現，包括日本（該季度已恢復正增長）、中國、英國和墨西哥。第四季每股收益為 0.52 美元，繼續反映出我們為執行策略而對業務進行的投資。正如我之前所說，我們預計首先會實現營收成長，然後獲利才會隨之成長。

These results demonstrate meaningful progress we've made on our Back to Starbucks plan as we bring our work to scale. And they show the early impact of investments we've made across three key areas in fiscal 2025 to deliver exceptional customer service, improve the look and feel of our community coffeehouses, and get back into culture with an overhauled approach to marketing and menu innovation.

這些結果表明，隨著我們將工作規模化，我們在「重返星巴克」計畫方面取得了實質進展。它們顯示了我們在 2025 財年在三個關鍵領域進行的投資的早期影響，這些投資旨在提供卓越的客戶服務，改善我們社區咖啡館的外觀和感覺，並透過徹底改革的營銷和菜單創新方法重返文化領域。

First, we've continued to invest in and scale Green Apron Service as the new standard for our coffeehouse customer experience. August was a milestone as we went live with the new standard across our full US company-operated portfolio. We made much-needed investments in staffing and hours to put more partners on the floor at the right times. We reassessed and extended hours of operations for about half of our US company-operated portfolio so that nearly all are now open consistently at or before 5:00 AM.

首先，我們持續投資並擴大 Green Apron Service 的規模，將其作為我們咖啡店客戶體驗的新標準。8 月是一個里程碑，因為我們在美國所有公司經營的業務組合中正式啟用了新標準。我們對人員配備和工時進行了急需的投資，以便在適當的時間安排更多合夥人到崗。我們重新評估並延長了美國公司自營業務組合中約一半的營業時間，使幾乎所有業務現在都能在早上 5:00 或之前穩定營業。

We expanded rosters and maintained healthy hours per partner. And as a result, we had strong partner engagement, record low hourly partner turnover, and improved customer experience scores in the fourth quarter. Even though we're only two months in, we're seeing the results we want from Green Apron Service, and we're encouraged by the future opportunity we expected to create as our partners adopt the standard and our customers experience the difference.

我們擴大了員工隊伍，並維持了每位合夥人合理的工時。因此，我們在第四季度實現了強勁的合作夥伴參與度、創紀錄的低小時合作夥伴流動率以及更高的客戶體驗評分。雖然我們才進行了兩個月，但我們已經看到了 Green Apron Service 所取得的預期成果，而且隨著我們的合作夥伴採用該標準，我們的客戶體驗到其中的不同，我們對未來創造的機會感到鼓舞。

We set throughput goals to ensure customers get their order on time, every time, whether it's in café, mobile order, or in the drive-through. As part of our Green Apron Service rollout, we launched our SmartQ sequencing algorithm. Since implementation, more than 80% of our US company-operated coffeehouses had café service times averaging four minutes or less, even with greater transaction volumes following our fall launch. Average drive-through service times are still below our four-minute target, and mobile order and pay remains highly accurate and on time.

我們設定了吞吐量目標，以確保顧客每次都能按時收到訂單，無論是在咖啡廳、手機下單還是在免下車窗口。作為我們綠色環保服務推廣計畫的一部分，我們推出了 SmartQ 定序演算法。自實施以來，我們美國公司自營咖啡店中超過 80% 的咖啡服務時間平均為 4 分鐘或更短，即使在秋季推出後交易量更大。平均免下車服務時間仍低於我們四分鐘的目標，行動點餐和付款仍然非常準確及時。

Our delivery business in the US has also continued to expand rapidly, growing nearly 30% year over year in the fourth quarter and surpassing $1 billion in sales for the full fiscal year. And we will be nearly complete with the rollout of our Clover Vertica brewer in our US company-operated coffeehouses by the end of Q1, making it easier than ever for customers to get a fantastic and freshly brewed cup of coffee of their choice.

我們在美國的配送業務也持續快速擴張，第四季年增近 30%，整個財年的銷售額超過 10 億美元。到第一季末，我們將基本完成在美國公司自營咖啡店推廣 Clover Vertica 咖啡機的工作，讓顧客比以往任何時候都更容易享用到一杯他們選擇的美味新鮮沖泡的咖啡。

Second, we're now delivering a great customer experience in coffeehouses that are more warm, welcoming, and connected to their communities. Earlier this year, we shared that we were reassessing our North American portfolio. The reality, as we came to learn, was that we were operating some coffeehouses that didn't demonstrate a viable path to profitability or create a warm, welcoming space for our customers and partners. As a result, for the full year in fiscal 2025, our North America company-operated store counts declined by approximately 1% on a net basis.

其次，我們現在在咖啡館提供優質的客戶體驗，這些咖啡館更加溫馨、熱情，並與社區聯繫更加緊密。今年早些時候，我們曾表示正在重新評估我們在北美的業務組合。我們後來才意識到，我們經營的一些咖啡館並沒有展現出可行的獲利模式，也沒有為我們的顧客和合作夥伴創造一個溫馨舒適的環境。因此，在 2025 財年全年，我們北美公司自營門市數量淨下降了約 1%。

With a healthier base of coffeehouses, we see meaningful opportunity for growth. We're taking a disciplined approach to how, where, and what we build to improve both the customer experience and unit economics. We are piloting a new coffeehouse prototype with lower build cost and optimized space utilization that still deliver a full coffeehouse experience aligned to our brand. In fact, last month, we converted one of our pickup-only locations in New York into a small-format version of this prototype. We're excited to test, learn, and iterate.

有了更健康的咖啡館基礎，我們看到了有意義的成長機會。我們採取嚴謹的方法，從建造方式、建造地點到建造內容，來改善客戶體驗和單位經濟效益。我們正在試行一種新的咖啡館原型，這種原型具有更低的建造成本和更優化的空間利用率，同時也能提供符合我們品牌理念的完整咖啡館體驗。事實上，上個月，我們將紐約的一家僅供自提的門市改造成了這種原型店的小型版本。我們很興奮能夠進行測試、學習和迭代。

Our teams are also working at pace to ramp up our uplift renovation program, bringing warmth, texture, and seating back into our coffeehouses. As of the fourth quarter, we completed nearly 70 uplifts, primarily across New York and Southern California. It's a small sample size, but we are encouraged by the improvements to sales and transactions we've seen to date. We are working to complete more than 1,000 of these uplifts by the end of fiscal 2026.

我們的團隊也在加緊推進我們的升級改造計劃，為我們的咖啡館重新帶來溫暖、質感和舒適的座位。截至第四季度，我們完成了近 70 次搬遷，主要集中在紐約和南加州地區。雖然樣本量很小，但我們對迄今為止看到的銷售和交易量的改善感到鼓舞。我們正在努力，爭取在 2026 財年結束前完成 1000 多項此類升級改造。

Third, we've overhauled our marketing and our menu innovation, and it's driving stronger customer perception scores and market share growth in the US. On the heels of a successful fall launch, we introduced protein cold foam and protein lattes at the end of September. They taste great and they're made from premium ingredients, living up to the Starbucks standards.

第三，我們徹底改革了行銷和菜單創新，這正在推動美國客戶感知評分的提高和市場份額的成長。繼秋季成功上市之後，我們在9月底推出了蛋白質冷泡咖啡和蛋白質拿鐵。它們味道極佳，採用優質原料製成，符合星巴克的標準。

And they kick off a steady pace of disciplined, stage-gated innovation in our menu pipeline. We're only about a month in and we're learning a lot. Customer awareness continues to build, and it is bringing less frequent customers into our coffeehouses. We're excited about the incremental nature of this platform and its long-term role.

它們開啟了我們菜單研發過程中有條不紊、分階段進行的創新步伐。我們才開始一個月左右，就已經學到很多了。顧客意識不斷提高，導致光顧我們咖啡店的顧客頻率降低。我們對這個平台的漸進式發展及其長期作用感到興奮。

Our measure for brand affinity accelerated in the quarter, reaching its highest point since 2023, and Starbucks ranking as customer's first choice was a five-year record high. We saw the biggest gains in service time, connection, and care perceptions, demonstrating the power of Green Apron Service. Non-Starbucks Rewards customer transactions through year over year for the second consecutive quarter across all day parts, validating our approach to marketing.

本季度，我們的品牌親和力指標加速成長，達到 2023 年以來的最高點，星巴克作為顧客首選品牌的排名也創下五年來的最高紀錄。我們在服務時間、連結和關懷感知方面取得了最大的進步，這證明了綠色圍裙服務的強大力量。連續第二個季度，非星巴克獎勵計劃顧客在所有時段的交易量均同比增長，驗證了我們的行銷策略。

And value perception strengthened across all generations in the fourth quarter and for the fiscal year, driven by our investment in Green Apron Service and our proactive moves to bring back the condiment bar, simplify our pricing architecture, and remove the extra charge for non-dairy milks. We know our value equation extends beyond pricing. And when we provide great customer service alongside handcrafted, personalized beverages made with high-quality ingredients, we provide unmatched value to our customers.

在第四季度和本財年，所有世代的價值感知都得到了加強，這得益於我們對 Green Apron Service 的投資，以及我們積極主動地恢復調味品吧、簡化定價結構和取消非乳製品牛奶的額外收費。我們知道，我們的價值等式不僅體現在價格上。當我們提供優質的客戶服務，以及採用優質原料手工製作的個人化飲品時，我們就為我們的客戶提供了無與倫比的價值。

Turning to International, our growth agenda and Back to Starbucks principles span well beyond North America. In the fourth quarter, our International business reached record revenues of $2.1 billion and ended the year with an all-time high of $7.8 billion. We continue to extend our global reach, opening 316 net new coffeehouses in the fourth quarter for a total of more than 900 in fiscal 2025.

展望國際市場，我們的成長計畫和「回歸星巴克」原則遠遠超出了北美地區。第四季度，我們的國際業務收入達到創紀錄的 21 億美元，全年營收達到歷史新高 78 億美元。我們不斷擴大全球業務範圍，第四季淨增316家咖啡店，到2025財年將達到900多家。

We also opened brand-building Starbucks flagship coffeehouses, including inside the legendary Santiago Bernabéu Stadium in Madrid, with more flagship coffeehouses in store for 2026. We'll bring one-of-a-kind experiences centered on coffee and craft to even more customers around the world.

我們還開設了星巴克品牌旗艦咖啡店，包括在馬德里傳奇的聖地亞哥·伯納烏球場內開設的咖啡店，2026 年還將開設更多旗艦咖啡店。我們將為世界各地更多顧客帶來以咖啡和手工藝為中心的獨特的體驗。

In China, the team continues to drive demand in a competitive marketplace, delivering 2% comp growth in Q4, its second consecutive quarter of positive comps, and our portfolio crossed 8,000 stores. On the strategic front, we've had very strong interest from multiple high-quality partners, all of whom see significant value in the Starbucks brand and team. We expect to retain a meaningful stake in Starbucks China and remain confident in the long-term growth potential in the region.

在中國，該團隊在競爭激烈的市場中繼續推動需求，第四季度實現了 2% 的同店銷售成長，這是連續第二個季度實現正增長，我們的門市數量超過了 8000 家。在策略方面，我們收到了多家優質合作夥伴的濃厚興趣，他們都看到了星巴克品牌和團隊的巨大價值。我們預計將繼續持有星巴克中國相當可觀的股份，並對該地區的長期成長潛力充滿信心。

As I reflect on fiscal 2025, we did important work to rebuild our core and strengthen our foundation, and we're entering fiscal 2026 on stronger footing. Looking to Q1, the holiday season is a cherished moment for our customers and for our business. It's the first time we're bringing all our work together. Our coffeehouses will be more warm and welcoming. They'll be better staffed. Orders will be better sequenced.

回顧 2025 財年，我們做了大量重要工作來重建核心業務並加強基礎，我們以更堅實的基礎進入 2026 財年。展望第一季度，假期對我們的客戶和我們的業務來說都是一個珍貴的時刻。這是我們第一次將所有工作成果匯集在一起。我們的咖啡館將更加溫馨舒適。他們的人員配備會更加充足。訂單排序將更加合理。

We'll have a relevant menu with holiday classics like the Peppermint Mocha and Snowman Cookie, alongside returning favorites like the Eggnog Latte, which customers have been asking us to bring back for years. We'll have engaging new ads and great new merchandise that's worth gifting, like our limited edition Bearista glass mugs and Hello Kitty collaboration. And we'll have newly designed gift cards, which have become a holiday staple. As we bring it all together, I'm confident the holiday season at Starbucks will be iconic, and our customers will see and feel the difference.

我們將推出應景的菜單，包括薄荷摩卡和雪人餅乾等節日經典飲品，以及回歸的熱門飲品，例如蛋奶酒拿鐵，顧客們多年來一直要求我們重新推出這款飲品。我們將推出引人入勝的新廣告和值得贈送的精美新商品，例如我們的限量版 Bearista 玻璃杯和 Hello Kitty 聯名款。我們也將推出全新設計的禮品卡，禮品卡已成為節慶必備品。當我們把所有環節整合起來，我相信星巴克的假期季節將會成為經典，我們的顧客將會看到並感受到其中的不同。

Building on investments made in fiscal 2025, we're focused on executing with excellence and driving growth through innovation in fiscal 2026. Our intent is to become the world's best customer service company. To do this, we'll double down on Green Apron Service by empowering our leaders in and above the coffeehouse, we'll scale the assistant store manager role across more company-operated coffeehouses, and we'll dramatically simplify store-level reporting from nearly two dozen metrics down to a scorecard of just five KPIs that best correlate to comp growth.

在 2025 財年投資的基礎上，我們將在 2026 財年專注於卓越執行，並透過創新推動成長。我們的目標是成為全球最佳客戶服務公司。為了實現這一目標，我們將加倍投入綠色圍裙服務，賦予咖啡店內外的領導者更多權力；我們將擴大助理店長的角色，涵蓋更多公司自營的咖啡店；我們將大幅簡化門市層面的報告，從近二十個指標減少到僅包含五個與同店銷售增長最相關的關鍵績效指標的記分卡。

These are focused on the customer, the partner, transactions, inventory availability, and food safety. We are giving our partners the tools, roster, and processes to consistently deliver our standard. And as we work to deliver a consistent customer experience across every coffeehouse, we're also improving how we work with our licensee partners to provide more tailored support, drive operational excellence, and profitably grow together.

這些重點包括客戶、合作夥伴、交易、庫存可用性和食品安全。我們正在為合作夥伴提供工具、人員配備和流程，以持續達到我們的標準。在努力為每家咖啡店提供一致客戶體驗的同時，我們也在改進與特許經營合作夥伴的合作方式，以提供更有針對性的支持，推動卓越運營，並共同實現盈利增長。

Just last week, we hosted our North America licensee partners here at our support center, and we're excited for what's ahead. As we work to lead in culture, we're driving continued menu innovation that wins the morning and helps us earn the afternoon. In 2026, we'll introduce an up-leveled bake case that features new artisanal bakery products and elevated service wares to mirror our coffeehouse vibe.

就在上週，我們接待了北美地區的授權合作夥伴來到我們的支援中心，我們對未來充滿期待。為了引領文化潮流，我們不斷推陳出新，力求在上午贏得顧客，並在下午取得成功。2026 年，我們將推出升級版烘焙展示櫃，其中將包含全新的手工烘焙產品和高級服務用具，以體現我們咖啡館的氛圍。

And building on our recent matcha reformulation, we'll continue to optimize and up-level our matcha menu with more customizable offerings that meet customer needs and stay true to our brand. Work continues on our supply chain to support our pace of innovation and improve inventory availability. And through 2026, you'll see us announcing improvements to our rewards program and mobile app and new brand activations.

在最近對抹茶配方進行調整的基礎上，我們將繼續優化和提升抹茶菜單，提供更多可客製化的產品，以滿足客戶需求並維持我們品牌的特色。我們正持續改進供應鏈，以支持我們的創新步伐並提高庫存可用性。到 2026 年，我們將陸續宣布對獎勵計劃和行動應用程式進行改進，並推出新的品牌推廣活動。

Our strategy is only as good as the people who are executing. And in over the past year, we underwent significant change and fast. We asked a lot of our partners across the company, and they're delivering with excellence to build a stronger Starbucks. I would like to take a moment to thank our Green Apron and support partners who are working hard to bring our strategy to life every day.

我們的戰略好壞取決於執行者的品質。在過去的一年裡，我們經歷了重大而快速的變化。我們對公司各部門的合作夥伴提出了很高的要求，他們出色地完成了任務，使星巴克變得更加強大。我想藉此機會感謝我們的綠色圍裙團隊和支持夥伴，他們每天都在努力將我們的策略付諸實踐。

You really can feel the energy and excitement in our coffeehouses, and the change is real and our partners are leading it. Whether it's Melissa and her team in Austin that's built up such a strong community there, Jessica and Mary Beth in Nashville who are clearly dialed in to what it takes to deliver great customer service, or Oscar in New York and his commitment to coffeehouse excellence, your focus on coffee, craft, and connection is truly making a difference.

您真的可以感受到我們咖啡館裡的活力和激情，這種改變是真實存在的，而我們的伴侶正在引領這種改變。無論是奧斯汀的梅麗莎和她的團隊建立瞭如此強大的社區，納許維爾的傑西卡和瑪麗貝絲顯然非常清楚如何提供優質的客戶服務，還是紐約的奧斯卡致力於咖啡館的卓越品質，你們對咖啡、工藝和人際關係的關注確實產生了影響。

So as I conclude, let me put it simply. We set a plan, we're working the plan, and the plan is working. We have more work to do, but we're building momentum. Regardless of the headwinds and tailwinds we may encounter, I'm confident we have the right team and strategy to deliver long-term, sustainable growth.

最後，我簡單地總結一下。我們制定了計劃，我們正在執行計劃，而且計劃正在發揮作用。我們還有很多工作要做，但我們正在積蓄力量。無論我們可能遇到怎樣的逆風或順風，我相信我們擁有合適的團隊和策略，能夠實現長期、可持續的成長。

I'll now turn it over to Cathy to share more detail on our financial results.

現在我將把發言權交給凱西，讓她詳細介紹我們的財務表現。

Thank you, Brian. I'll start where Brian ended by also thanking our partners around the world for their focus and commitment to building back a better Starbucks. Their hard work helped us gain traction in the fourth quarter and deliver on some critical objectives that we believe will bring us back to sustainably growing both the top and bottom line.

謝謝你，布萊恩。我將從布萊恩結束的地方開始，感謝世界各地的合作夥伴，感謝他們為重建一個更好的星巴克所付出的專注和努力。他們的辛勤工作幫助我們在第四季度取得了進展，並實現了一些關鍵目標，我們相信這些目標將使我們恢復到營收和利潤的可持續成長狀態。

I'll now discuss our Q4 results. Our Q4 consolidated revenue was $9.6 billion, up 5% to the prior year, reflecting 2% net new company-operated store growth and a 1% increase in global comparable store sales, driven by International outperformance, positive comps in Canada, and continued progress in our US business. In the US, our comparable store sales were flat year over year, with tickets up 1%, reflecting fewer discount-driven offers in the current year.

接下來我將討論我們第四季的業績。我們第四季合併收入為 96 億美元，比上年增長 5%，反映出公司自營新店淨增長 2% 和全球同店銷售額增長 1%，這主要得益於國際市場的出色表現、加拿大同店銷售額的積極增長以及美國業務的持續進步。在美國，我們的同店銷售額與去年同期持平，客單價上漲 1%，反映今年折扣促銷活動減少。

While US company-operated transaction comps were down 1%, we marked our fourth consecutive quarter of improvement. We are rebuilding our transaction base as we focus on improving the overall value proposition for our customers. We were especially pleased to deliver transaction-led comp sales growth, approaching 1% in September, as we benefited from the first full month of Green Apron Service across our US company-operated coffeehouses, as well as the timing shift of our fall launch.

儘管美國公司自營交易額比去年同期下降了 1%，但我們連續第四個季度實現了成長。我們正在重建交易基礎，同時專注於提升客戶的整體價值主張。我們特別高興的是，9 月以交易為主導的同店銷售成長接近 1%，這得益於我們在美國公司自營咖啡店全面推行 Green Apron 服務的第一個完整月份，以及我們秋季推出的時間調整。

Our 90-day active Starbucks Rewards member base grew 1%, both quarter over quarter and year over year, to 34.2 million members. This was led by higher re-engagement and fueled by customers returning for their seasonal favorites and new offerings as part of our fall launch. Transactions among this cohort also continued to improve in the fourth quarter. And our intentional shift away from last year's discounting strategies drove a healthier mix of non-discounted transactions.

我們的 90 天活躍星巴克獎勵計畫會員人數較上季和年增 1%，達到 3,420 萬名會員。這主要得益於更高的顧客復購率，以及顧客為了購買他們喜愛的季節性商品和秋季新品而再次光顧。第四季度，該群體中的交易量也持續改善。我們有意放棄去年的折扣策略，從而實現了更健康的非折扣交易組合。

As Brian mentioned, non-Starbucks Rewards customer transactions in the fourth quarter grew year over year for the second consecutive quarter. Our US licensed store portfolio revenue declined in Q4, primarily due to trends in the grocery and retail channels. Travel remains a bright spot, however, with airports delivering positive transaction and ticket growth in the quarter. The college and university segment also showcased year-over-year growth, supported by a good start to the fall semester.

正如布萊恩所提到的，第四季非星巴克獎勵計畫顧客的交易量連續第二季年增。由於食品雜貨和零售通路的趨勢，我們在美國特許經營店組合的收入在第四季度有所下降。不過，旅遊業依然是一大亮點，機場在本季實現了交易量和機票數量的正成長。高校市場也實現了同比增長，這得益於秋季學期良好的開局。

Moving on to International, this segment reported 9% year over year net revenue growth in the fourth quarter, delivering another record of over $2 billion. Many of our top International markets contributed to strong comp sales performance in the quarter with China, Japan, the UK, and Mexico leading the way.

接下來看國際業務，該部門第四季淨收入年增 9%，再次創下超過 20 億美元的紀錄。本季度，我們許多主要國際市場都為強勁的同店銷售業績做出了貢獻，其中中國、日本、英國和墨西哥表現突出。

China continues to grow and improve profitability. Starbucks China's comparable store sales grew 2% in the quarter, driven by a 9% improvement in comparable transactions. The market's comp growth was driven by continued product innovation, particularly in its tea latte lineup and a fast-growing delivery business. The team remains nimble in optimizing its product and pricing architecture in a dynamic marketplace. Moreover, Starbucks China's healthy unit economics keep us motivated to capture the abundant white space we continue to see in the region.

中國經濟持續成長，獲利能力不斷提高。星巴克中國同店銷售額本季成長2%，主要得益於同店交易量成長9%。市場同店銷售成長主要得益於持續的產品創新，尤其是其茶拿鐵系列產品和快速成長的配送業務。在瞬息萬變的市場中，該團隊始終保持靈活，不斷優化其產品和定價架構。此外，星巴克中國良好的單位經濟效益激勵我們去抓住該地區持續存在的豐富市場空白。

As Brian mentioned, we remain focused on our search for the right partner to help unlock our future growth potential in China. As a reminder, the value to Starbucks in a potential transaction includes three things: the upfront investment by our future partner, Starbucks retaining a meaningful stake in the China business, and future royalty payments.

正如布萊恩所提到的，我們仍然專注於尋找合適的合作夥伴，以幫助我們釋放在中國的未來成長潛力。再次提醒，星巴克在潛在交易中獲得的價值包括三件事：未來合作夥伴的前期投資、星巴克在中國業務中保留的實質股份以及未來的特許權使用費。

In our Channel Development segment, our Q4 net revenues grew 16% year over year due to higher revenue from the Global Coffee Alliance. We remain market share leaders in the North America at-home and ready-to-drink coffee categories amid a challenging coffee price environment. We continue to work with our partners to adapt and innovate to broaden our reach beyond our cafés.

在通路發展板塊，由於全球咖啡聯盟的收入增加，我們第四季的淨收入年增了 16%。在充滿挑戰的咖啡價格環境下，我們仍然是北美家庭咖啡和即飲咖啡市場的市場份額領導者。我們將繼續與合作夥伴共同努力，不斷調整和創新，以擴大我們的業務範圍，使其超越我們的咖啡館。

In fact, the 2024 launch of our protein drink in the UK has exceeded our expectations, resulting in growth into eight additional markets in 2025. We have expectations to expand this further next year, including in the US, through our North American Coffee Partnership.

事實上，我們在 2024 年於英國推出的蛋白質飲料超出了我們的預期，並在 2025 年拓展了另外八個市場。我們預計明年將進一步擴大這一規模，包括透過我們的北美咖啡合作夥伴關係在美國擴大這一規模。

Shifting to margin, our Q4 consolidated operating margin was 9.4%, contracting 500 basis points from the prior year. This was primarily driven by inflation, led by coffee prices and tariffs, as well as investments in support of Back to Starbucks, largely in labor hours. Consolidated G&A in the quarter decreased by 2% versus the prior year to reach approximately 6.6% of revenues. And with our interest expense and effective tax rates generally coming in line with our expectations, Q4 APS was $0.52, down 34% from the prior year.

從利潤率來看，我們第四季的綜合營業利潤率為 9.4%，比去年同期下降了 500 個基點。這主要是由通貨膨脹（咖啡價格和關稅）以及支持「重返星巴克」運動的投資（主要是勞動時間）所驅動的。本季綜合管理費用較上年同期下降 2%，約佔營收的 6.6%。由於我們的利息支出和實際稅率總體上符合預期，第四季度每股收益為 0.52 美元，比上年下降 34%。

In the fourth quarter, we took decisive action on multiple fronts to accelerate getting back to Starbucks. This included the completion of our assessment of our coffeehouse portfolio and identified closures, as well as a simplification of our broader support organization to one that is streamlined and more closely aligned to our future growth priorities.

第四季度，我們從多個方面採取果斷行動，加快星巴克回歸的腳步。這包括完成對咖啡店組合的評估並確定關閉的門市，以及簡化我們更廣泛的支援組織，使其更加精簡，並與我們未來的成長重點更加緊密地結合。

Let me walk through some of the impacts to our financials. In the fourth quarter, we had 107 net store closures globally as part of the restructuring we announced in September. These coffeehouses were deemed unable to meet our standards for customer experience even through a potential uplift or for profitability. Many fell under both categories. As a result of these closures, we expect a reduction in our baseline North America company-operated revenues, partially offset by sales transfer to nearby coffeehouses that remain open. We also expect the impact to operating margins to be slightly accretive.

讓我來詳細說說這對我們財務狀況的一些影響。第四季度，作為我們在 9 月宣布的重組計劃的一部分，我們在全球範圍內淨關閉了 107 家門市。即使這些咖啡館有可能提升服務品質或提高獲利能力，但我們認為它們無法達到我們對顧客體驗的標準。許多人同時屬於這兩類。由於這些門市的關閉，我們預計北美公司自營的基本收入將會減少，但部分損失將轉移到附近仍在營業的咖啡店的銷售額所抵銷。我們也預計，這將對營業利潤率產生輕微的提升作用。

As we look to the future, we are focused on disciplined capital deployment with work underway to reduce build costs and improve the profitability of new coffeehouses while continuing to deliver a warm, welcoming coffeehouse environment. Given that our development pipelines naturally carry long lead times, we expect the benefits of these strategic changes to flow through our P&L gradually over a multi-year period.

展望未來，我們將專注於有條不紊的資本部署，目前正在努力降低建設成本，提高新咖啡館的獲利能力，同時繼續提供溫馨舒適的咖啡館環境。鑑於我們的研發流程自然需要較長的周期，我們預期這些策略變革所帶來的效益將在多年內逐步反映在我們的損益表中。

In the near term, however, we expect that the cost reduction related to streamlining our support structure will have more immediate impacts to our P&L. As such, we expect that our consolidated G&A in fiscal 2026 will run lower than fiscal 2023 levels, serving as a partial offset to our Back to Starbucks investments.

不過，就短期而言，我們預期精簡支援結構帶來的成本降低將對我們的損益表產生更直接的影響。因此，我們預計 2026 財年的合併一般及行政費用將低於 2023 財年的水平，這將部分抵銷我們對「重返星巴克」的投資。

While we expect to provide our near- and longer-term outlook during our Investor Day in late January, the following are some initial considerations for our US company-operated business for fiscal 2026. We're pleased with the progress we've made to date, with our positive comps in September continuing through October. Our Green Apron Service standard is ramping, and we're no longer lapping heavy levels of promotion in fiscal 2026. We're excited about a strong holiday lineup, future menu innovation, and our coffeehouse uplifts.

雖然我們預計將在 1 月下旬的投資者日上公佈我們的近期和長期展望，但以下是我們 2026 財年美國公司營運業務的一些初步考慮。我們對迄今為止的進展感到滿意，9 月的良好業績延續到了 10 月。我們的綠色圍裙服務標準正在逐步提高，我們將在 2026 財年不再進行大規模的促銷活動。我們對強大的節日陣容、未來的菜單創新以及咖啡館的升級改造感到興奮。

We also recognize that we have more work to do as we continue to rebuild our transaction base. Turnarounds are difficult to forecast, and while we have good reason to believe that our US company-operated comps should build through the year, we also know that recoveries are not always linear.

我們也意識到，在繼續重建交易基礎的過程中，我們還有更多工作要做。扭轉局面很難預測，雖然我們有充分的理由相信我們美國公司自營的同店銷售額會在一年內增長，但我們也知道復甦並不總是線性的。

Moving to earnings, we remain disciplined on costs as we focus on allocating our resources to our Back to Starbucks priorities. Our investments in Green Apron Service will annualize through fiscal 2026. We'll also stay nimble in navigating the current environment where tariffs and coffee prices remain dynamic. As we continue to grow, our goal is that every transaction is higher quality and more profitable.

談到獲利，我們將繼續嚴格控製成本，並將資源集中用於「重返星巴克」計畫的優先事項。我們對 Green Apron Service 的投資將持續到 2026 財年。我們也會保持靈活，以應對當前關稅和咖啡價格持續波動的環境。隨著我們不斷發展壯大，我們的目標是讓每一筆交易都更有品質、更有利潤。

We're on a multi-year turnaround. Q4 was a turning point, having delivered the first quarter of global comp growth in seven quarters, and we're encouraged by our trends to date in Q1. We're focused on driving our top line and managing the costs that are within our control, giving us confidence in our path to sustainable, durable, long-term growth. As a token of such confidence, we announced an increase to our quarterly dividend earlier this month, recognizing our 15th consecutive year of increase. We are clear-eyed about the work ahead of us, and we're excited about our future.

我們正在進行為期多年的轉型。第四季是一個轉捩點，實現了七個季度以來的首次全球薪資成長，我們對第一季迄今的發展趨勢感到鼓舞。我們專注於提升營收，並控制我們可控範圍內的成本，這使我們對實現可持續、持久、長期成長的道路充滿信心。為了表達這種信心，我們在本月初宣布提高季度股息，這標誌著我們連續第 15 年提高股息。我們對未來的工作有著清醒的認識，並對未來充滿期待。

And with that, we are now ready to take your questions. Thank you. Operator?

至此，我們就可以開始回答大家的問題了。謝謝。操作員？

Thank you. (Operator Instructions) David Palmer, Evercore ISI.

謝謝。（操作說明）David Palmer，Evercore ISI。

Okay, good. I'll just try to squeeze in a couple parts to my one question. Brian, one of the things that we often find ourselves discussing with Starbucks is this back to Starbucks often feels like back to the old Starbucks, which might have been much more of an in-café, coffee, espresso, hot beverage. And today, Starbucks is obviously many more channels than that. It's much more cold beverage. And the competitive set itself, the way younger consumers are using the brand, it's a lot that's different.

好的。我盡量把幾個部分塞進我的問題。布萊恩，我們經常和星巴克討論的一個問題是，這種回歸星巴克的感覺往往像是回到了以前的星巴克，那時的星巴克更像是一家咖啡館，提供咖啡、濃縮咖啡和熱飲。而如今，星巴克顯然擁有比這多得多的通路。這飲料更冰爽。競爭格局本身，以及年輕消費者使用品牌的方式，都發生了很大的變化。

So getting back to Starbucks, people wonder if that will bring the same sort of comp energy that the old Starbucks used to have if perhaps that Back to Starbucks is addressing a fraction of the business. So maybe that's a general question that's worth discussing. But right now, some of the things you've done feel like it would be activating more of the café part of it. I wonder if you're seeing differences in your comps by part, by order type, and maybe address that general concern about maybe activating part of the in-café may not be enough to drive the overall business as much. Thanks.

所以回到星巴克，人們想知道，如果「重返星巴克」計畫只針對一小部分業務，那麼它是否會帶來像以前的星巴克那樣的競爭活力。所以這或許是一個值得探討的普遍性問題。但就目前而言，你所做的一些事情感覺更像是要激活咖啡館的更多元素。我想知道您是否發現不同部分、不同訂單類型的比較結果存在差異，或許可以解決這樣一個普遍擔憂，即激活部分店內服務可能不足以推動整體業務成長。謝謝。

Yes, David, thanks for the question. Back to Starbucks is comprehensive. I think the way to think about it is I'm talking about the definition of the brand, which is the soul of the brand is around customer connection and our craft as it relates to every beverage. Now that's not to say we aren't going to continue to innovate across all the different access points. I think the place we got the most off strategy or off brand was with the café, and the way that we handled mobile orders actually distracted us from executing really well in the drive-through as well as the café and for the new emerging channel around delivery.

是的，大衛，謝謝你的提問。回到星巴克是一個全面的話題。我認為思考這個問題的方式是，我指的是品牌的定義，品牌的靈魂在於與顧客的聯繫以及我們與每款飲品相關的工藝。但這並不意味著我們將停止在所有不同的接入點進行創新。我認為我們在策略或品牌方面最偏離的地方是咖啡廳，我們處理行動訂單的方式實際上分散了我們在得來速、咖啡廳以及新興的配送管道方面的精力。

So what I would actually say is the thing that I love about where we are with Back to Starbucks is we've now established a new Green Apron Service standard. And that standard is going to be able to support the simple idea of what makes Starbucks Starbucks, which is great craft, great connection. And that craft and connection can happen in mobile order, it can happen in drive-through, and it can happen in the café.

所以，我真正想說的是，我最喜歡「重返星巴克」計畫的一點是，我們現在已經建立了一個新的綠色圍裙服務標準。而這項標準將能支撐星巴克之所以成為星巴克的簡單理念，即精湛的工藝和良好的人際關係。這種技能和聯繫可以在手機點餐時實現，可以在免下車窗口實現，也可以在咖啡館實現。

And I think what we saw throughout the quarter is just that when we launched the Green Apron Service standard in the middle of August, we saw the business respond so much so that in September was the first month where we actually had comps, positive comps, driven by transactions, point-of-transaction comp growth.

我認為我們在整個季度看到的是，當我們在 8 月中旬推出 Green Apron 服務標準時，業務反應非常熱烈，以至於 9 月份是我們第一個真正實現同店銷售額正增長的月份，這是由交易量和交易點同店銷售額增長推動的。

So Back to Starbucks is a reference around the whole brand proposition. And it gets us, I think, centered on providing a great customer service experience, which separates this brand from everybody else. The foundation is this customer connection. I think the visible transformation you'll see in our uplifts, but I think you'll also experience it when you interact with our baristas and our coffeehouse leaders.

所以「重返星巴克」指的是整個品牌理念。我認為，這讓我們專注於提供優質的客戶服務體驗，這使我們的品牌與其他所有品牌區分開來。與客戶的聯繫是這一切的基礎。我認為您會在我們的提升服務中看到明顯的改變，但我相信當您與我們的咖啡師和咖啡館管理人員互動時，您也會親身感受到這種改變。

With the Green Apron Service Model, we've actually freed our partners up to get back to focusing on moving towards customers, providing that connection, and providing that customization in the beverage that people want, whether it's hot, cold, coffee, refreshers, and you're going to continue to see us innovate across matcha. So it's holistic, and what I love about it is I see it really playing out nicely in transactions right now.

透過 Green Apron 服務模式，我們實際上解放了合作夥伴，讓他們能夠重新專注於服務客戶、建立聯繫，並根據人們的需求提供客製化的飲品，無論是熱飲、冷飲、咖啡還是清爽飲品，我們都將繼續在抹茶領域進行創新。所以它是整體性的，我喜歡它的一點是，我看到它現在在交易中得到了很好的體現。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Great. Thank you. I wanted to ask you a question on the reception of the protein platform. And specifically, what has been the feedback on the pricing point of the protein platform? And in light of the increased ticket that piece might be driving, what's your updated view on the pricing that you think would be sustainable to be taking in 2026 and beyond? Thank you.

偉大的。謝謝。我想問您一個關於蛋白質平台的接受度的問題。具體來說，用戶對蛋白質平台的定價有何回饋？考慮到這部分內容可能會導致票價上漲，您對 2026 年及以後可持續的定價有何最新看法？謝謝。

So yes, Danilo, I want to make sure I got your question right. I think I heard you asking how's the protein platform performing and what's been the response to, I guess, the pricing architecture on protein? If I missed it, chime in after I give you the answer. So first of all, the protein platform, I am really excited about how this has come out of the gates.

是的，達尼洛，我想確認我是否理解了你的問題。我好像聽到你在問蛋白質平台的運作情況如何，以及大家對蛋白質定價架構的回饋如何？如果我漏掉了什麼，請在我給答案後補充。首先，關於蛋白質平台，我對它目前的進展感到非常興奮。

Awareness is still building. And one of the things that's great about this platform is you can now have protein in over 90% of the drinks you get from Starbucks, so whether that's cold foam or that's through the protein milk -- and the feedback from customers, whether it's been in matcha, an iced Americano, or a latte has been, you know what, this is really delicious. And that is what we need.

人們的意識仍在不斷提高。這個平台的一大優點是，現在星巴克超過 90% 的飲品都含有蛋白質，無論是冷萃泡沫還是蛋白牛奶——顧客的反饋，無論是抹茶、冰美式還是拿鐵，都表示「這真的很好喝」。這正是我們所需要的。

And it also is able -- we're able to provide the protein into the customization of the way people want to have their drinks. We're not boxing them into a certain way that they have to execute it. And we also allow you to flavor it how you want. Now oddly enough, one of the top cold foams is our pumpkin cold foam. So it's -- a protein pumpkin cold foam is one of our top ways that people are experiencing cold foam.

而且我們還能——我們能夠根據人們想要的方式客製化飲料，並提供相應的蛋白質。我們並沒有限制他們必須以某種特定的方式執行。我們還允許您根據自己的喜好添加口味。奇怪的是，最受歡迎的冷泡咖啡之一竟然是我們的南瓜冷泡咖啡。所以——蛋白質南瓜冷泡茶是我們最受歡迎的冷泡茶之一。

I will also tell you our value scores, and I think I mentioned this in my earlier remarks. When we look at this both ways, is it worth it -- and how are our value scores, they continue to increase. And the feedback we've heard on the protein specifically is it's a tremendous value with the customization, the amount of protein that you can get, so the macros associated with it.

我也會告訴你們我們的價值評分，我想我在之前的發言中提到過這一點。當我們從這兩個角度來看，這樣做是否值得——以及我們的價值評分如何，它們都在不斷提高。我們收到的關於蛋白質的回饋是，它具有極高的性價比，可以進行定制，你可以獲得大量的蛋白質，以及與之相關的宏量營養素。

So I'm very optimistic as the awareness builds, this platform will continue to build. And this is really just kind of the first step, I think, in continuing to drive health and wellness built on, frankly, arguably one of the greatest health and wellness drinks out there called coffee. So I'm very optimistic about where we are with this. I think the marketing team's done a great job. Our partners in-store have done a great job and the feedback from our customers, not surprisingly, has been really positive.

因此，我對隨著人們意識的提高，這個平台將繼續發展壯大感到非常樂觀。我認為這只是繼續推動健康和保健的第一步，而健康和保健的基礎，坦白說，可以說是目前最棒的健康和保健飲品之一，就是咖啡。所以我對目前的進展非常樂觀。我認為行銷團隊做得非常出色。我們的門市合作夥伴做得非常出色，不出所料，顧客的回饋也非常正面。

Great, thank you.

太好了，謝謝。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi. Good afternoon. My question's on the Green Apron Service model. And Brian, I presume this takes some time to really get the full consumer response to the changes you've made. So I guess, can you talk about where you are in the journey after only maybe a couple months in place? And maybe you can sort of compare your current state of the ones that were upgraded to this service model in August to the ones you did earlier in the year and how that may or may not be different as you look at sort of the duration effect that this could have on the business.

你好。午安.我的問題是關於綠色圍裙服務模式的。布萊恩，我估計要真正獲得消費者對你所做的改變的完整回饋，還需要一些時間。所以我想問一下，您上任才幾個月，能否談談您目前的進展？或許您可以將 8 月份升級到此服務模式的用戶的當前狀態與今年早些時候升級的用戶進行比較，看看這在持續時間上會對業務產生怎樣的影響，以及這種影響可能與以往有何不同。

Yes, thanks, David. Great point. So you're right, we started Green Apron Service standard middle of August, and we really kind of rolled it out in three phases over the course of the last two or three weeks in August. So I would say we're really only like eight or nine weeks in on it. And the good news is it does appear that it continues to build week to week for a couple reasons.

是的，謝謝你，大衛。說得對。沒錯，我們從 8 月中旬開始實施綠色圍裙服務標準，並在 8 月最後兩到三週分三個階段逐步推廣。所以我覺得我們其實才進行了八、九周而已。好消息是，由於以下兩個原因，它似乎每週都在持續成長。

One, our teams have to get used to operating with the additional hours and the bigger rosters. There's also an element of hiring. And then there's also an element of giving the customer the experience so that they realize like this isn't just a one-timer, this is now the new way they're going to experience Starbucks.

第一，我們的團隊必須適應加班和人員更密集的工作安排。其中也涉及招募環節。此外，也要讓顧客體驗到這種感覺，讓他們意識到這不僅僅是一次性的體驗，而是他們體驗星巴克的新方式。

And probably the best evidence I have for that is the initial 650 stores that we piloted on continue to outpace the rest of our company performance. So I'm optimistic that what's going to happen is, over time, as our rosters get populated, our teams get more reps with the additional investment, they understand the five key moments, the coffeehouse walks, and then our customers experience it over and over again.

而我能提供的最佳證據可能是，我們最初試行的 650 家門市的表現持續優於公司其他門市的表現。所以我樂觀地認為，隨著時間的推移，隨著我們的人員配備越來越完善，隨著我們投入的資金不斷增加，我們的團隊會獲得更多的實踐機會，他們會了解五個關鍵時刻、咖啡館漫步，然後我們的客戶會一次又一次地體驗到這一點。

I think we're going to continue to see us hopefully close the gap on those first 650 stores and build just like what we saw in those 650 stores. I think it is a little bit of time and experience, both for our partners and our customers. But it's been great to see how it's been building. And frankly, Mike and the whole operating team has done a phenomenal job with the rollout. And our coffeehouse leaders have done a phenomenal job getting their teams excited about the new way we're going to serve customers.

我認為我們將繼續努力，爭取縮小與前 650 家門市之間的差距，並像那 650 家門市一樣取得成功。我認為這需要一些時間和經驗，對我們的合作夥伴和客戶都是如此。但很高興看到它的發展歷程。坦白說，Mike 和整個營運團隊在推廣方面做得非常出色。我們的咖啡店領導者們做得非常出色，他們成功地激發了團隊對我們即將採用的全新服務顧客方式的熱情。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

Hi, thank you. The question is also on Green Apron. I'm wondering if Green Apron was done fairly defensively; in other words, to maybe fill some gaps that were in the system to really help traffic decline? Or if there was a more offensive element of Green Apron to actually drive traffic? And if that's the case that more hours, more staffing is leading to more transaction growth if we have an opportunity to step up Green Apron even further? In other words, is there a 2.0 or a 3.0? I've kind of taken this even further from a staffing perspective. That's really the first part.

你好，謝謝。這個問題也出現在 Green Apron 網站上。我想知道「綠色圍裙」計畫的推出是否帶有較強的防禦性質；換句話說，它是否是為了填補系統中的一些漏洞，從而真正幫助減少交通流量？或者，如果 Green Apron 包含更具攻擊性的元素，是否真的能吸引流量？如果增加工時和人員配備能夠帶來更多的交易成長，那麼如果我們有機會進一步提升 Green Apron 的水平呢？換句話說，是否存在 2.0 或 3.0 版本？從人員配備的角度來看，我更進一步了。那隻是第一部分。

And secondly, other than just having customers come back into the store, how do we communicate to the customer base broadly in America, some of whom may have dropped out of Starbucks, to come back in and experience a better Starbucks than maybe they might have remembered a few years ago?

其次，除了讓顧客回到店裡之外，我們如何與美國廣大顧客群溝通，讓他們中的一些人（其中一些人可能已經不再光顧星巴克）重新回到店裡，體驗比他們幾年前記憶中更好的星巴克呢？

Yes. So thanks, John. So what I would tell you is, look, obviously, we had an incoming hypothesis that our stores weren't staffed correctly and that we weren't, I guess, sorting orders correctly or sequencing orders correctly between the drive-through, mobile order, and the café. And I think as we learned, we figured out that that hypothesis was correct.

是的。謝謝你，約翰。所以我想告訴你們的是，很明顯，我們最初的假設是我們的門市人員配備不足，而且我們也沒有正確地對訂單進行分類或排序，無論是在得來速、手機下單還是咖啡廳之間。我認為，隨著我們不斷學習，我們逐漸發現這個假設是正確的。

And what it required was both the SmartQ technology to better sequence orders and then increase staffing so that our partners were able to either stay focused on the drive-through, stay focused on their food station, stay focused on the customer, provide a great greeting when people came in, or give them a great experience at the handoff.

而這需要 SmartQ 技術來更好地安排訂單順序，並增加人手，以便我們的合作夥伴能夠專注於得來速、專注於他們的食品站、專注於顧客、在人們進來時提供熱情的問候，或在交接時為他們提供良好的體驗。

So I think it was a combination of fixing some missteps and then putting us on the offensive. Because I believe we're best positioned to provide the best customer experience in the industry. And one thing that I've heard consistently from customer feedback since we've launched this out broadly is, wow, I noticed the difference. I feel the difference. I see the difference. And it is as simple as just being greeted when you walk into our stores. And that has changed, I think, people's perceptions pretty quickly.

所以我認為這是糾正一些錯誤並讓我們轉入進攻態勢的綜合結果。因為我相信我們擁有最有利的地位，能夠提供業界最佳的客戶體驗。自從我們廣泛推出這項服務以來，我從客戶回饋中不斷聽到的一句話是：哇，我注意到了其中的差異。我感覺到了不同。我看出了差別。就像您走進我們的門市時會受到熱情接待一樣簡單。我認為，人們的看法很快就改變了。

The one thing that's great about our business, John, and you probably know this, is the frequency is so high, right? So I've never had the opportunity to work on a business with such high frequency that if we stay consistent with the Green Apron Service standard, our customers realize it quickly. And we're also a very social brand. It gets shared pretty quickly as well.

約翰，我們這個行業最棒的一點，你可能也知道，就是它的頻率非常高，對吧？因此，我從未有機會如此頻繁地參與一項業務，以至於如果我們始終堅持 Green Apron 服務標準，我們的客戶很快就能感受到這一點。而且我們也是一個非常注重社群的品牌。它傳播得也很快。

Now obviously, it's really important we continue to provide innovation so that we bring people in. And one of the things I didn't mention on protein is one of the things that's great about protein is we're seeing low-frequency rewards customers show up with more frequency. So it's going to be the combination of consistently great execution. It also -- what's nice, too, is as we perform better at peak, we actually earn even more hours, which then allows us to open an hour earlier.

很顯然，我們必須不斷創新才能吸引人才。關於蛋白質，我沒有提到的一點是，蛋白質的優點之一是，我們看到低頻獎勵客戶出現的頻率更高了。所以，關鍵在於始終如一的出色執行。還有一點也很不錯，那就是我們在高峰期表現越好，實際上就能賺到更多的工時，這樣我們就可以提前一個小時開門營業。

And then it feeds itself where, call it, whatever Phase 2 is or Phase 3 is, we're kind of earning our way into those as opposed to having to do the course correct that we had to do initially with Green Apron Service. So I love how the flywheel -- once it gets going on this, the experience builds for our partner and the experience builds for our customer, and then I think the transactions build in our results.

然後，它會自我完善，無論稱之為第二階段還是第三階段，我們都在努力進入這些階段，而不是像最初使用 Green Apron Service 時那樣，不得不糾正方向。所以我喜歡這種飛輪效應——一旦它開始運轉起來，我們的合作夥伴的體驗就會不斷提升，我們的客戶的體驗也會不斷提升，然後我認為交易量就會增加，最終轉化為我們的業績。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you very much. You talked about flat morning transactions outperforming the overall business. What's driving the relative outperformance in the morning? As it relates to the afternoon, do you think it's more reflective of the macro or competitive dynamics? I know there's a lot of discussion around energy and whether there's some shift to energy. How are you thinking about Starbucks' future in that category? Thank you.

非常感謝。你提到早盤交易量平淡，但表現優於整體業務水準。是什麼因素導致了早盤的相對優異表現？至於下午的情況，您認為它更反映了宏觀經濟動態還是競爭格局？我知道現在有很多關於能源以及能源轉型的討論。您如何看待星巴克在該領域的未來發展？謝謝。

Yes, so look, I think the reason why -- well, the reason -- the data would suggest the reason why we're winning in the morning is because we're better staffed, we're providing better speed of service, while still providing that craft and that connection. And so we've just seen consistent improvement in the morning, and specifically number of transactions that we are delivering per 15 minutes. And that's translating into -- in Q1, what was a flat transaction performance.

是的，所以你看，我認為——嗯，確切地說——數據表明，我們早上獲勝的原因是，我們人員配備更充足，服務速度更快，同時仍然保持著精湛的技藝和良好的服務質量。因此，我們看到早上情況持續好轉，特別是每 15 分鐘的交易量增加。而這轉化為——在第一季度，交易業績持平。

We've also, though, seen sequential improvement in the midday and afternoon. Not all the way to where we want it to be, but I think we have opportunity, frankly, on some of our drinks and food offerings in the afternoon that you're going to see us focused on going forward. And the good news now, too, is our staffing levels are no longer at just minimum staffing once you get to around 11, 12 o'clock. We now are staffed correctly where we can better service the business in the afternoon too.

不過，我們也看到中午和下午的情況有所改善。雖然還沒有完全達到我們想要的狀態，但坦白說，我認為我們在下午的飲品和食品供應方面還有提升空間，未來我們會重點關注這些方面。現在也有好消息，那就是到了晚上 11 點、12 點左右，我們的人員配備不再只是最低限度了。現在我們的人員配備充足，下午也能更好地為企業提供服務。

And so I think just like what we saw in the morning, you get better staff in the morning, you get better throughput, you get better customer connection, we get better business results. The same thing is happening in the afternoon. And that was kind of the second and third phases of the Green Apron Service model, was we first rolled out the additional staffing in the morning, then we brought it into the afternoon. And I think we're seeing the sequential improvement accordingly. But we've always said we want to win the morning, and then we'll grow our way into afternoon. And that's exactly what I think you're seeing the business do.

所以我覺得就像我們早上看到的那樣，早上員工素質越高，吞吐量就越高，客戶關係就越好，我們就能取得更好的業務成果。下午也發生了同樣的事情。這算是綠色圍裙服務模式的第二和第三階段，我們首先在上午推出了額外的員工，然後將其擴展到了下午。我認為我們看到了相應的逐步改進。但我們一直都說，我們要贏得上午的比賽，然後才能在下午逐漸擴大優勢。而我認為，這正是你現在看到的企業正在做的事。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Yes, thanks. Good afternoon, guys. The investments associated with that -- I guess I'm referring specifically to kind of added staffing, right? Is that in place by this point? Or I guess when you talk about leveling up Green Apron Service, could you talk about what that means from sort of an incremental investment perspective at this point? And then I guess just also on the product cost side of things as we go into '26, could you talk about -- I think you've targeted some savings here. Obviously, there's also sort of commodity inflation. Could you talk about how those things may balance each other out or not?

好的，謝謝。大家下午好。與此相關的投資－我指的是增加人員配備，對吧？目前這項措施已經到位了嗎？或者，我想說的是，當您談到提升 Green Apron Service 的水平時，您能否從目前的增量投資角度談談這意味著什麼？然後，我想也談談產品成本方面的問題，隨著我們進入 2026 年，您能否談談——我認為您已經在這裡設定了一些節省成本的目標。顯然，也存在某種程度的大宗商品通膨。您能否談談這些因素是如何相互抵消或相互矛盾的？

Yes, so we've made kind of our initial investment into the Green Apron Service model. And now as it becomes our operating standard, we really will earn our way into the additional labor that comes with the growth. So we don't foresee additional investments, I would say, to be able to make the Green Apron Service standard come to life.

是的，我們已經對綠色圍裙服務模式進行了初步投資。現在，隨著它成為我們的營運標準，我們將真正贏得成長帶來的額外勞動力。因此，我認為我們預計不會有額外的投資來使綠色圍裙服務標準得以實現。

And then on your second question in regard to commodity or coffee prices, obviously, coffee prices have not retreated. They still have stayed elevated, and we're dealing with that accordingly. We're trying to find offsets where we can in the business. But hopefully, we'll start to see that recede, but it hasn't happened yet. Cathy, I don't know if you want to add anything to that.

至於你提出的第二個問題，即商品或咖啡價格，顯然，咖啡價格並沒有回落。他們的排名仍然很高，我們正在採取相應的應對措施。我們正在努力在業務中尋找可能的抵消點。但希望這種情況會開始緩解，但目前還沒發生。凱茜，我不知道你是否還有什麼要補充的。

Yes, maybe just a little bit more on the investment in Green Apron Service. It started to roll out. We've been ramping it through our test program, and then it started to roll out more, obviously, earnestly in August. So you'll see that continue to annualize into the early parts of this year. We've got the full investment in the stores, but they will need to continue to annualize, so you'll see that.

是的，或許應該在 Green Apron Service 的投資上再增加一點。它開始陸續推出。我們一直在透過測試計劃逐步推進，然後很明顯，從 8 月開始正式全面推廣。所以你會看到這種情況在今年年初繼續呈現年度化趨勢。我們已經對門市進行了全額投資，但它們需要繼續按年結算，所以你會看到這一點。

And then ASMs, or the assistant store managers or coffeehouse leaders, we did say that those -- we would lag that investment a little bit. We've started with our initial pilot. They're all hired, and we'll start to roll that. And there's a little bit of a differential there, which we talked about, too, on the product inflation. Expect coffee to continue to be a headwind at least through half a year. All of our best thinking would say that we're going to start to see some relief at the backside of the year.

至於 ASM（助理店長）或咖啡店負責人，我們確實說過，我們會稍微推遲對他們的投資。我們的初步試點工作已經開始了。他們都被錄用了，我們將開始推進這項工作。這其中存在一些差異，我們也討論過產品通膨方面的問題。預計咖啡產業至少在未來半年內仍將面臨不利因素。根據我們的最佳判斷，今年下半年情況將會有所緩解。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you. I wanted to ask about the coffeehouses that you're closing. You said they didn't demonstrate a viable path to profitability, but I wasn't sure if that's because AUVs are lower or the costs are higher. Just trying to think through like sales transfer. And in that context, Cathy, as you think through the margin for the business over time, should I be thinking about lower restaurant level margins, but also lower G&A to get back to kind of operating margins that look similar to where they were maybe pre-COVID? So just sort of the impact of store closures on top line and margins and then margin over time. Thank you.

謝謝。我想問你們要關閉的那些咖啡館的情況。你說他們沒有展現出可行的獲利路徑，但我不太確定這是因為AUV較低還是成本較高。我只是想把銷售轉移之類的事情想清楚。凱西，在這種情況下，當你考慮企業長期的利潤率時，我是否應該考慮降低餐廳層面的利潤率，同時也降低一般及行政費用，以恢復到類似新冠疫情前的營運利潤率水準？所以，我們主要想了解門市關閉對營收和利潤率的影響，以及利潤率隨時間的變化。謝謝。

Yes, so first off, we looked at, obviously, our entire portfolio to say, can it first represent the customer experience we want going forward? That was the most important criteria. Then we also ran a financial filter, as you would expect, on can it also give us a return that we would be proud of? And the combination of those got us to the closures, which we don't take lightly. And to your point, as we said in the prepared remarks, it's going to be slightly accretive to our profitability going forward because they were unprofitable.

是的，所以首先，我們顯然審視了我們的整個產品組合，看看它是否能夠代表我們未來想要的客戶體驗？這是最重要的評判標準。然後，正如你所預料的那樣，我們還進行了財務篩選，看看它能否為我們帶來令我們引以為傲的回報？正是這些因素共同導致了停業，我們對此非常重視。正如你所說，正如我們在準備好的演講稿中所述，這將略微提高我們未來的獲利能力，因為它們之前是不盈利的。

To answer your question on why is that, it's a combination. But at the end of the day, what makes a coffeehouse a great coffeehouse is that you have to grow top line. So you've got to have a great top line. Generally, when we stood up those coffeehouses, they were a good investment. They had a good occupancy. We expected the right labor. So it really starts with the top line. And if we can't get the top line or the revenue where it should be, that typically makes the coffeehouse not viable. So I'm not saying there aren't some nuances in occupancy and labor and all that, but the biggest one is top line.

至於你問為什麼會這樣，答案是多種因素共同作用的結果。但歸根究底，一家咖啡館能否成為一家偉大的咖啡館，關鍵在於能否提高營業額。所以你必須要有出色的營收。總的來說，我們開辦的那些咖啡館都是不錯的投資。入住率很高。我們期待能找到合適的勞動力。所以一切都是從第一行開始的。如果營業額或收入達不到應有的水平，那麼咖啡館通常就無法維持營運。所以，我並不是說入住率、勞力等方面沒有細微差別，但最大的差別是總收入。

So then to answer your question -- and by the way, on transfer, we do see some transfer. We've been pleased it's been a little higher than we expected, which is great. And we kept great density wherever we could. So we are seeing some sales transfer. Going forward, though, to your question, first off, I'll put a plug to our Investor Day. We're excited to see everyone at the end of January for our Investor Day, where we will lay out a more complete financial algorithm and picture.

所以，回答你的問題——順便說一句，關於轉會，我們確實看到了一些轉會。我們很高興實際價格比預期略高，這真是太好了。我們盡可能地保持了高密度。所以我們看到了一些銷售轉移。不過，回到你的問題，首先，我要宣傳我們的投資者日活動。我們非常期待在一月底的投資者日上見到大家，屆時我們將詳細介紹更完整的財務演算法和概況。

But to think about what do we need to be true going forward for our coffeehouses, they've got to be a great return. So we've got to get an AUV. By the way, there's a pretty big spread in average unit volumes that we can make in a viable coffeehouse, but we have to get a good top-line store, and then we'll make sure that we sign up that pro forma with a great P&L coming through it. So I say that because I wouldn't expect holistically big differences in the future. We've got to have great coffeehouses, and that'll drive the sales.

但要思考我們未來的咖啡館需要具備哪些條件，那就是必須獲得豐厚的回報。所以我們需要一台自主水下航行器（AUV）。順便說一下，一家成功的咖啡店的平均單店銷售可以有相當大的提升空間，但我們必須先找到一家營收不錯的門市，然後我們才能確保透過良好的損益表來達成合作。所以我這麼說，是因為我不認為未來會出現整體上的巨大變化。我們必須擁有優質的咖啡館，這樣才能帶動銷售。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Thank you very much. Cathy, I appreciate the qualitative color in your prepared remarks, and I think you actually just alluded to more of an update in late January and Investor Day seemingly around earnings. I'm just wondering if you can share any thoughts on fiscal '26 and longer term, whether there's any guardrails you can share today, top or bottom line, as we think about the comps maybe returning modestly positive and the profitability that comes from that.

偉大的。非常感謝。凱西，我很欣賞你準備好的發言稿中生動的描述，而且我認為你實際上只是暗示了在1月下旬和投資者日期間會有更多更新，似乎是圍繞盈利情況展開的。我只是想問您能否分享一下對 2026 財年及更長期的看法，您今天能否分享一些關於營收或利潤的指導方針，因為我們正在考慮同店銷售額可能會略有回升，以及由此帶來的盈利能力。

This is a tie-in to that. I mean, I know there was often talk about cost savings in the past. I don't know if there's any kind of ballpark range, as you've had more time to think about it, of potential savings or maybe the greatest buckets of opportunity. I know former leadership used to talk a lot about the dollar opportunity per year or whatnot, but any early thoughts on either the top and bottom line and the cost savings surrounding that? Thank you.

這與那件事有關。我的意思是，我知道過去常有人談論節約成本。我不知道在你花更多時間思考之後，是否有一個大致的範圍可以估算出潛在的節省金額，或者說最大的機會所在。我知道前任領導者經常談論每年的美元收益機會之類的，但對於營收、利潤以及相關的成本節約方面，大家有什麼初步的想法嗎？謝謝。

I'm going to, I'm sure, completely disappoint you in my response. First off, we'll give you 2026 and longer-term guidance at our Investor Day. We hope to see you there. But as you can imagine, Brian already shared, we're really excited that we've now gone from six quarters of negative comps to a positive in our seventh quarter, and we hope to build from here.

我敢肯定，我的回答會讓你徹底失望。首先，我們將在投資者日上向您提供 2026 年及更長期的業績指引。我們希望在那裡見到你。但正如布萊恩之前所說，我們非常高興能夠從連續六個季度業績下滑轉為第七個季度業績轉正，我們希望能夠以此為基礎繼續發展。

And so it starts with top line. We hope to continue to see those transactions grow. And we are optimistic there. We've got the right plan in place that Brian's outlined. So I would say that. And then over time, earnings are going to lag. So we've said that you grow top line first and then the earnings will follow. We are taking all the necessary actions now though to make sure that every single transaction is more profitable going forward, and that's where I would leave it for now.

所以一切都從第一行開始。我們希望看到這些交易繼續成長。我們對此持樂觀態度。我們已經制定了布萊恩概述的正確計劃。所以我會這麼說。然後隨著時間的推移，收益將會滯後。所以我們說過，要先提高營收，然後獲利自然會跟著來。目前我們正在採取一切必要措施，以確保今後每一筆交易都能更加有利可圖，我暫時就說這麼多。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Great. Thank you. I'm curious how the improved value perceptions play into your 2026 pricing plans and if pricing is contemplating your belief that 2026 same-store sales should build through the year. And then, Cathy, just separately, the past two calls, you've helped set the stage on the current quarter outlook, not guidance, but more outlook for North America same-store sales. And I'm wondering if you could provide some help just on how to model that for 1Q.

偉大的。謝謝。我很好奇，價值認知的提升將如何影響你們 2026 年的定價計劃，以及定價是否考慮到了你們對 2026 年同店銷售額逐年增長的預期。然後，Cathy，另外，在過去的兩次電話會議中，你幫助我們確定了本季的前景，不是業績指引，而是對北美同店銷售的展望。我想請教一下，能否幫忙建立第一季的模型？

So to answer your first question on value and worth it, obviously, it's great to see our value scores moving up. And is the brand worth paying for? Also moving up. We always are keeping an eye on our value proposition. As we think about pricing going forward, we're going to be very strategic, very targeted with and when we use it. I don't envision us just doing broad-scale pricing across our menu.

所以，要回答你關於價值和是否值得的第一個問題，顯然，看到我們的價值評分上升，我們感到非常高興。這個品牌值得付費嗎？也在上升。我們始終關注自身的價值主張。展望未來，我們在考慮定價策略時，將會採取非常具有策略性、目標明確的方式來決定何時使用定價。我並不認為我們會對所有菜餚實行統一定價。

Obviously, we'll continue to monitor what happens with the inflation that we have to deal with, both wage and commodities. And then we'll be smart about the growth that we get. And if we need to use that lever of pricing, obviously we'll always keep an eye on what happens with our value rating scores if we have to move on pricing going forward. Maybe the second part of the question I'll give to Cathy.

顯然，我們將繼續關注我們必須應對的通貨膨脹問題，包括薪資和商品價格。然後我們會明智地利用我們所獲得的成長。如果我們需要使用定價這一槓桿，顯然，如果我們需要在未來調整價格，我們會密切關注我們的價值評級分數會發生什麼變化。或許我會把問題的第二部分交給凱西來回答。

Yes, on Q1, Andrew, so we did share in the prepared remarks we were pleased that September had turned positive. And that trend had continued through October, so that's a good way to start thinking about the quarter. And so we would expect the quarter to be led by positive transaction comps.

是的，關於第一季度，安德魯，我們在事先準備好的發言稿中也表達了同樣的喜悅之情，我們很高興九月份的情況有所好轉。這種趨勢一直持續到 10 月份，所以這是開始思考本季的一個好方法。因此，我們預計本季將主要由積極的交易同店銷售額推動。

And as I have shared before, obviously, earnings are going to lag as we continue to annualize now that Green Apron Service investment that we've been making. We will start to see some of the offset coming through and some of the cost structure work we've done, but just -- it's premature to give guidance, but I would say top-line growth led and earnings will lag even versus -- obviously not to the extent we have in the past.

正如我之前分享過的，很顯然，隨著我們對 Green Apron Service 的投資繼續進行年化，收益將會落後。我們將開始看到一些抵消效應顯現，以及我們所做的一些成本結構調整，但是——現在給出指導還為時過早，但我認為營收增長將帶動盈利增長，即使與過去相比也會滯後——當然不會像過去那樣嚴重。

Christine Cho, Goldman Sachs.

Christine Cho，高盛集團。

Great. Thank you. You mentioned that the college and campuses are doing well in the quarter, but there are some broad concerns about the macro pressures on the younger consumers. Are you able to comment on how the consumer spending behavior evolved with that younger consumer cohort under age 35 over the last few months and how that informs your go-forward strategy? Do you view this as an increasing headwind for the coffee industry in the near term? Thank you.

偉大的。謝謝。您提到本季大學和校園表現良好，但人們普遍擔憂宏觀經濟壓力對年輕消費者的影響。您能否就過去幾個月中 35 歲以下年輕消費族群的消費行為變化情況以及這些變化如何影響您未來的策略發表一些看法？您認為這會在短期內對咖啡產業構成越來越大的不利因素嗎？謝謝。

I would just say as we look at every kind of generational cohort, we have seen a really nice response both in transactions and sales over this most recent quarter. And what we know we have to do is we have to deliver a great experience for these customers because I think they are going to be more choiceful with where they choose to spend their dollars.

我想說的是，當我們審視各個世代群體時，我們發現，在最近這個季度，無論是交易量還是銷售額，都出現了非常好的反響。我們知道我們必須為這些客戶提供良好的體驗，因為我認為他們會更謹慎地選擇在哪裡花錢。

But that's why I think it's so important that when they do choose to spend their dollar with Starbucks, they walk away feeling like that was worth it and they got a good value. And that's what we're continuing to see happen. Definitely in the morning day part and then as throughout the balance of the day goes, we continue to strive to make sure we give them a great experience so that they say, you know what, that was a good way to spend my dollar. And that's what we saw over the quarter, and I think it was reflected in kind of the movement we saw in transaction growth.

但也因為如此，我認為非常重要的一點是，當他們選擇在星巴克消費時，他們離開時應該覺得物有所值，得到了很好的體驗。而這正是我們持續看到的情況。尤其是在上午時段，以及之後一整天，我們都會繼續努力確保為他們提供良好的體驗，讓他們覺得「這錢花得值」。這就是我們在本季所看到的，我認為這反映在了我們看到的交易成長趨勢中。

Andy Barish, Jefferies.

安迪·巴里什，傑富瑞集團。

Hey, guys. You mentioned some work on the last call and then reiterated the licensed business. Can you kind of give us a sense, coming out of your meetings with them, what's going on there? And is there an opportunity maybe to sort of streamline that business to help the company-owned stores?

嘿，夥計們。您在上次通話中提到了一些工作，然後重申了持牌經營的業務。您能否大致介紹一下，在您與他們的會面之後，那裡發生了什麼？是否有可能透過某種方式簡化業務流程來幫助公司自營門市？

Yes, well, as you would expect, we took a hard look at both our strategy and structure. And what we've realized is there's a real opportunity for continued growth in our licensed business. And we also think there's a different way of working with our licensed partners that will set us up for success. So that's why we also had to do some of the restructuring work in how we support that business.

是的，正如你所料，我們對公司的策略和結構都進行了認真的審視。我們已經意識到，我們的特許經營業務存在著持續成長的真正機會。我們也認為，與我們的授權合作夥伴合作還有一種不同的方式，這將使我們走向成功。所以，這也是為什麼我們必須對支持該業務的方式進行一些重組工作的原因。

But we do believe there's the opportunity for us to grow from a unit standpoint. And we've got some terrific partners, some that are at small scale and others that are big scale. And we're focused on making sure that we build the right next kind of set of units and that they get operated up to the Green Apron Service standard going forward. So that was really what this whole license summit was about. We have to provide some tailoring to the execution for the certain channels. But for the most part, I think the license or -- and licensee, in this case, both believe there's tremendous growth to be had in our license business.

但我們相信，從單位規模來看，我們有機會成長。我們有一些非常棒的合作夥伴，有些規模較小，有些規模較大。我們正致力於確保建造出合適的下一代設備，並確保它們今後能夠按照綠色停機坪服務標準運作。所以，這才是這次牌照高峰會的真正目的。我們需要針對特定頻道對執行方式進行一些調整。但總的來說，我認為授權方（或在本例中是被授權方）都認為我們的授權業務有巨大的成長空間。

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

Yes, thanks for taking the question. Brian, how is Starbucks impacted by just increased competition from all the emerging beverage brands, especially maybe in the markets where you do have a significant amount of overlap? I'm just trying to understand how you guys are thinking about this new group of beverage concepts.

是的，謝謝你回答這個問題。Brian，星巴克會受到來自眾多新興飲料品牌日益激烈的競爭的影響嗎？尤其是在你們市場存在大量重疊的情況下？我只是想了解你們對這組新飲料概念的看法。

Yes, look, I think the way I have been approaching it is we've got to be on our best offense. And our best offense is to make sure that we stand for the craft around our coffee and drinks and food, and then the customer connection and experience that we provide.

是的，你看，我認為我一直以來的做法是，我們必須採取最好的進攻策略。我們最好的進攻策略是確保我們堅持咖啡、飲料和食物的工藝，以及我們提供的客戶聯繫和體驗。

The good news is we provide all the access modes that all these new emerging concepts provide. Now I already have the biggest drive-through coffee chain in America. I already have the biggest mobile order and digital coffee business in America. And I also have the biggest café coffee business in America.

好消息是，我們提供了所有這些新興概念所提供的所有存取方式。現在我已經擁有了美國最大的汽車餐廳咖啡連鎖店。我已經擁有美國最大的行動訂餐和數位咖啡業務。而且我還擁有全美最大的咖啡館生意。

And one thing I learned early in my career is scale matters, and we have scale in all those access points. And then we also, I believe, have a unique positioning around the craft and connection and the customer experience that we provide. So what I believe is we got to be on our best offense, and I think competition will make us better. And I've asked our organization to be focused that way where we need to be better than we were yesterday, and that's how I know we're on our best offense.

我在職業生涯早期就學到的一件事是規模很重要，而我們在所有這些接入點都具有規模優勢。而且，我認為，我們在工藝、人際互動和客戶體驗方面也擁有獨特的定位。所以我認為我們必須拿出最佳進攻狀態，而且我認為競爭會讓我們變得更強。我已經要求我們整個組織專注於此，我們必須比昨天做得更好，這樣我才能知道我們正處於最佳進攻狀態。

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

謝謝。這是我們最後一個問題。現在我將把電話交給布萊恩·尼科爾，請他作總結發言。

All right. Well, thank you for all the questions. And look, I want to -- I appreciate everybody joining because I know this is a busy day of earnings, so thank you for joining. But as we wrap up, I want to leave you with three things.

好的。謝謝大家提出的所有問題。還有，我想說──我感謝大家的參與，因為我知道今天是收入高峰期，所以謝謝大家的參與。但最後，我想留給大家三件事。

First, we made real progress in fiscal 2025, okay? We worked really quickly to execute the Back to Starbucks strategy. We accelerated things we knew were working, like Green Apron Service, and we've seen momentum build across our US business. And I think we have a clear line of sight on the growth that's in front of us in our US business. It's also nice to see that our China business is back to growth. And you know what? We're seeing tremendous opportunities for growth around the globe.

首先，我們在 2025 財年取得了實質進展，好嗎？我們迅速行動，執行了「重返星巴克」策略。我們加快了那些我們知道行之有效的項目，例如 Green Apron Service，並且我們看到了我們在美國業務的發展勢頭。我認為我們對美國業務未來的成長前景有著清晰的認識。令人欣慰的是，我們的中國業務也恢復了成長。你知道嗎？我們看到全球範圍內都蘊藏著巨大的成長機會。

Second, I do want to point out, because this is kind of David Palmer's initial question, Back to Starbucks is not a slogan. It's an enduring model for growth that frankly is centered on customers, and it's going to be driven by our partners in our stores. And it's for every access mode that people want to experience Starbucks. And it really is getting us back to what we do best, which is exceptional craft, genuine connection, and welcoming community coffeehouses.

其次，我想指出，因為這有點像是大衛·帕爾默最初的問題，「重返星巴克」並不是一個口號。這是一個以客戶為中心的持久成長模式，並將由我們門市的合作夥伴推動。而且，無論人們選擇哪種方式來體驗星巴克，它都能滿足他們的需求。這確實讓我們回歸到我們最擅長的領域，那就是精湛的工藝、真誠的交流和溫馨的社區咖啡館。

And third, I think on our fourth-quarter results, it gives us confidence that we really have turned the page to a new chapter in our turnaround. Our work is to be the world's best customer service company, and we want to have the best job in retail. And I think the fourth quarter marked kind of a turn for us in our US operations. So clearly not declaring any victory, we still have a lot of work in front of us, but it's clear we're moving in the right direction. And I believe we're in the process of building the best Starbucks yet. So have a great day. Thanks for joining. And obviously, we'll be talking to you in January. Take care.

第三，我認為我們第四季的業績讓我們有信心，我們已經真正翻開了扭虧為盈新篇章。我們的目標是成為全球最佳客戶服務公司，我們希望擁有零售業最好的工作。我認為第四季標誌著我們美國業務的一個轉捩點。所以，我們顯然不能宣布任何勝利，我們面前還有很多工作要做，但很明顯，我們正朝著正確的方向前進。我相信我們正在打造迄今為止最好的星巴克。祝你今天過得愉快。感謝您的加入。很顯然，我們會在一月份和您再次交談。小心。

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

星巴克2025財年第四季電話會議到此結束。您現在可以斷開連線。