星巴克 (SBUX) 2026 Q1 法說會逐字稿

Good morning. My name is Daryl, and I will be your conference operator today. I would like to welcome everyone to Starbucks first-quarter fiscal year 2026 conference call. (Operator Instructions)

早安.我叫達裡爾，今天我將擔任你們的會議接線生。歡迎大家參加星巴克2026財年第一季電話會議。（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 morning, and thank you for joining us today to discuss Starbucks first-quarter fiscal year 2026 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.

早安，感謝各位今天加入我們，共同探討星巴克2026財年第一季業績。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 statement,s 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 first quarter fiscal year 2026 include restructuring and impairments and transaction costs that are excluded from our non-GAAP results. Revenue, operating income, operating margin, EPS, and EPS growth metrics on today's call represent non-GAAP measures and are measured in constant currency. G&A and effective tax rate metrics also 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.

2026 財年第一季的 GAAP 業績包括重組、減損和交易成本，這些成本不計入我們的非 GAAP 業績中。今天電話會議中提到的收入、營業利潤、營業利益率、每股盈餘和每股盈餘成長指標均為非GAAP指標，並以固定匯率衡量。一般及行政費用和實際稅率指標也屬於非公認會計準則指標。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, March 13, 2026. Also, for your calendar planning purposes, please note that our second-quarter fiscal year 2026 earnings conference call has been tentatively scheduled for Tuesday, April 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 2026 年 3 月 13 日星期五。另外，為了方便您安排日程，請注意，我們 2026 財年第二季財報電話會議暫定於 2026 年 4 月 28 日星期二舉行。

I'll now turn the call over to Brian.

現在我將把電話交給布萊恩。

Good morning, and thank you for joining. I look forward to seeing many of you tomorrow for Investor Day, where we will lay out our future vision for the company, our path to sustained growth and profitability, and how we plan to deliver the best of Starbucks for our customers, partners, and shareholders.

早安，感謝各位的參與。我期待明天在投資者日與大家見面，屆時我們將闡述公司的未來願景、實現持續成長和盈利的途徑，以及我們將如何為我們的顧客、合作夥伴和股東提供星巴克最好的服務。

Today, though I want to focus on the continued progress we've made on our Back to Starbucks plan and the momentum we've built across the business through Q1 fiscal 2026 I'm most excited that our turnaround plan is coming to life in the way we envision. First, turnaround the top line, and then earnings growth will follow. and I am delighted to say we are now achieving top-line growth driven by transactions, and we have clear plans on how we expect to turn top-line growth into margin and earnings growth.

今天，雖然我想重點介紹我們在「重返星巴克」計劃方面取得的持續進展，以及我們在 2026 財年第一季之前在整個業務中建立的勢頭，但我最興奮的是，我們的扭虧為盈計劃正在按照我們設想的方式逐步實現。首先，扭轉營收頹勢，獲利成長自然水到渠成。我很高興地宣布，我們目前正透過交易推動營收成長，並且我們已經制定了明確的計劃，將營收成長轉化為利潤率和獲利成長。

We started the fiscal year strong with a focus on disciplined execution at scale. As a result, in Q1, global revenue grew by 5% to $9.9 billion, and global comparable store sales accelerated to 4% growth. We delivered 128 net new coffee houses globally, and we delivered operating margins of 10.1% and EPS of $0.56.

本財年伊始，我們便以嚴謹的執行力和規模優勢取得了良好的開端。因此，第一季全球營收成長 5% 至 99 億美元，全球同店銷售額加速成長 4%。我們在全球新增了 128 家咖啡店，營業利潤率為 10.1%，每股收益為 0.56 美元。

Our North America revenue grew 3% in the first quarter to $7.3 billion. Across North America as a whole and our US business, company-operated sales comps were both 4%, led by 3 percentage points of comp transaction growth. And across our international business, sales comps grew by a healthy 5%, led by strong performance across our company-operated markets in China, Japan, and the UK.

第一季度，我們在北美的營收成長了3%，達到73億美元。在整個北美地區以及我們的美國業務中，公司自營銷售額均成長了 4%，其中同店交易成長了 3 個百分點。在我們的國際業務中，銷售額成長了 5%，這主要得益於我們在中國、日本和英國等公司自營市場的強勁表現。

In the US, where much of our turnaround work has been focused, company-operated transaction comps grew year over year for the first time in eight quarters, and we grew transactions across all dayparts in the quarter.

在美國，我們的扭虧為盈工作主要集中在這一地區，公司自營交易額八個季度以來首次同比增長，並且本季度所有時段的交易量均有所增長。

Starbucks Rewards 90-day active members reached a record 35.5 million customers during the quarter. Rewards transactions grew year over year for the first time in eight quarters, and non-Rewards transactions grew even faster. This was the first quarter we grew both Rewards and non-Rewards transactions since Q2 of fiscal 2022. That's nearly four years ago

本季星巴克獎勵計畫的90天活躍會員人數達到創紀錄的3550萬。獎勵交易額八個季度以來首次實現同比增長，而非獎勵交易額的增長速度更快。這是自 2022 財年第二季以來，我們首次實現獎勵交易和非獎勵交易雙雙成長。那差不多是四年前的事了。

It is clear from our top-line results that our Back to Starbucks plan is working, and our turnaround is taking hold. As we return to growth, we can also see more clearly where we will improve further. Over the past several months, we have surfaced legacy models and processes in our business that we are now fixing. For example, transaction growth has shown us continued opportunities to strengthen our supply chain and reevaluate menu offerings to ensure product availability while reducing future waste. We will keep moving with speed to identify and implement practical changes like these that we know are good for our customers and for our business.

從我們的整體業績來看，很明顯，我們的「重返星巴克」計畫正在奏效，我們的扭虧為盈計畫正在穩步推進。隨著經濟重回成長軌道，我們也能更清楚地看到哪些方面需要進一步改進。在過去的幾個月裡，我們發現了公司內部一些遺留的模式和流程，現在我們正在對這些模式和流程進行修復。例如，交易量的成長向我們展示了持續加強供應鏈和重新評估菜單供應的機會，以確保產品供應，同時減少未來的浪費。我們將繼續快速行動，尋找並實施此類切實可行的變革，因為我們知道這些變革對我們的客戶和我們的業務都有好處。

We're also continuing to refine our labor model because we see some opportunities to fine-tune it based on store format and performance. There's also opportunity to better enable efficiencies with technology solutions in our coffeehouses and across our support centers around the world. We're pleased with our progress, and we believe we remain ahead of schedule. And we're confident on our path forward.

我們也在不斷完善我們的勞動力模式，因為我們看到了根據門市形式和業績對其進行微調的機會。我們還有機會透過技術解決方案，更好地提高我們咖啡店和世界各地支援中心的效率。我們對目前的進展感到滿意，並相信我們仍然提前完成了計劃。我們對未來的道路充滿信心。

But we also recognize that we're still in our turnaround. And as we expected, the strategic investments we're making to fix our operating foundations will take time to flow through to sustainable earnings growth.

但我們也意​​識到，我們仍處於轉型期。正如我們所預期的，我們為改善營運基礎而進行的策略性投資需要時間才能轉化為可持續的獲利成長。

A key piece of our path forward is technology. And I'm excited to share that Anand Varadarajan recently joined Starbucks as our new Chief Technology Officer. Anand joins us following a successful 19-year career at Amazon, where he most recently served as President of Worldwide Grocery Technology. I am confident his leadership and knowledge will result in step-change improvements across all our technology platforms.

科技是我們前進道路上的關鍵一環。我很高興地宣布，Anand Varadarajan 最近加入了星巴克，擔任我們的新技術長。Anand 加入我們之前，曾在亞馬遜成功工作了 19 年，最近擔任亞馬遜全球食品雜貨技術總裁。我相信他的領導能力和知識將使我們所有的技術平台實現質的飛躍式提升。

I want to use the remainder of my time today to share with you what we've done to drive top-line growth through Q1 and why I'm confident we're on the right track to deliver improved growth in fiscal 2026 and beyond. First, our Green Apron Service standard continued to improve our coffeehouse experience, creating value for our customers and underscoring our growth potential in North America.

今天剩下的時間，我想和大家分享我們在第一季為推動營收成長所做的努力，以及為什麼我有信心我們正走在正確的道路上，能夠在 2026 財年及以後實現更好的成長。首先，我們的綠色圍裙服務標準不斷提升咖啡店體驗，為顧客創造價值，並凸顯了我們在北美的成長潛力。

Through the quarter, we leveraged bigger rosters, new customer service standards, continued low hourly partner turnover, and our Smart Queue algorithm to deliver more consistent, timely, and personal service. As a result, across our US company-operated coffeehouses, positive customer comments grew in the quarter. All day and peak throughput steadily increased. We addressed throughput challenges during peak, with average cafe and drive-thru service times both below our four-minute targets, even with meaningful transaction growth. And we brought order to mobile orders, ensuring they remained accurate and on time.

本季度，我們利用更大的員工隊伍、新的客戶服務標準、持續較低的員工流動率以及我們的智慧排隊演算法，提供了更一致、及時和個人化的服務。因此，本季我們在美國公司自營的咖啡店中，顧客的正面評價增加。全天及高峰吞吐量穩定成長。我們解決了高峰時段的吞吐量挑戰，即使交易量顯著增長，咖啡館和得來速的平均服務時間也都低於我們四分鐘的目標。我們規範了行動端訂單，確保訂單準確無誤、準時送達。

To instill more ownership of the coffeehouse experience and the results they deliver, we rolled out new expectations for coffeehouse leaders to stay enroll at least three years. That's because we know leadership continuity strongly correlates to a better culture and improved coffee house performance.

為了增強咖啡館經營者對咖啡館體驗及其成果的責任感，我們對咖啡館經營者提出了新的要求，即至少要留任三年。這是因為我們知道領導階層的穩定性與更好的企業文化和更高的咖啡店績效密切相關。

We also launched the Grow program, a simplified reporting system to evaluate, rank and improve coffeehouses performance. We're measuring five key metrics that closely tied to comp growth and are within coffeehouse leaders control. While it's only been a few months, leaders across our North America operations are already using the new report to help them better run their coffeehouses and take ownership of their action plans to improve performance.

我們還推出了 Grow 計劃，這是一個簡化的報告系統，用於評估、排名和改善咖啡店的表現。我們正在衡量與同店銷售成長密切相關的五個關鍵指標，這些指標都在咖啡店經營者的掌控之中。雖然只有幾個月的時間，但我們北美各業務部門的領導者已經開始使用這份新報告來幫助他們更好地管理咖啡店，並負責制定行動計劃以提高績效。

To better support our Green Apron partners, we fully scaled Green Dot Assist across our North American coffeehouses this past November. This new AI-powered knowledge search tool provides a real-time resource to look at beverage builds, troubleshoot operational issues, and adjust deployment plans. It also provides a strong foundation to test and learn then develop and scale thoughtful AI solutions that reduce friction for partners and help them focus on craft and connection with our customers.

為了更好地支持我們的 Green Apron 合作夥伴，我們在去年 11 月將 Green Dot Assist 全面推廣到我們在北美的咖啡館。這款全新的人工智慧知識搜尋工具提供即時資源，用於查看飲料配方、檢查營運問題和調整部署計畫。它還為測試和學習、開發和擴展深思熟慮的 AI 解決方案奠定了堅實的基礎，這些解決方案可以減少合作夥伴的摩擦，並幫助他們專注於工藝和與客戶的聯繫。

Second, our overhauled approach to marketing and menu innovation is putting Starbucks back in the cultural conversation and back into a leadership position. Our holiday offering featured an exciting menu and new merchandise, including our Barista Mug, which created real energy and buzz that drove more customers into our coffee houses. Our partners also showed up with enthusiasm and a desire to connect with our customers, delivering a record revenue holiday launch week for our US company operator business and driving sustained performance through the quarter.

其次，我們對行銷和菜單創新進行了全面改革，使星巴克重新回到了文化對話中，並重新佔據了領導地位。我們的節日產品包括令人興奮的菜單和新商品，例如我們的咖啡師馬克杯，這引起了真正的活力和轟動，吸引了更多顧客光顧我們的咖啡店。我們的合作夥伴也熱情參與，渴望與我們的客戶建立聯繫，為我們美國公司營運商業務帶來了創紀錄的假日啟動週收入，並推動了整個季度的持續成長。

We also saw brand performance improve. Brand affinity in the US remained strong during the quarter, with continued improvements in visit consideration and Starbucks ranking as a customer's first choice. Connection scores improved with more customers saying our partners make an effort to get to know them. convenience scores improved significantly as customers responded to our Green Apron Service standard and improved in-stock levels and more customers said Starbucks offers great tasting food and healthy menu choices.

我們也看到品牌表現有所提升。本季，美國消費者對星巴克的品牌喜愛度依然強勁，顧客到店意願持續提升，星巴克也成為顧客的首選。隨著更多顧客表示我們的夥伴會努力了解他們，顧客滿意度分數有所提升。便利性評分也顯著提升，因為顧客對我們的「綠色圍裙服務」標準給予了正面回饋，庫存水準也有所提高，而且更多顧客表示星巴克提供美味的食物和健康的菜單選擇。

Value perception scores also held strong in Q1. And when paired with average ticket growth, it clearly shows that we're delivering greater value through menu innovation and customer connection, not through discounts. These are all clear signs that we are creating a more valuable brand for more customers.

第一季價值感知得分也保持強勁。結合平均客單價成長來看，這清楚地表明，我們透過菜單創新和客戶聯繫，而不是透過折扣，來創造更大的價值。這些都清楚地表明，我們正在為更多客戶打造更有價值的品牌。

Going forward, we will continue to build on Starbucks proven seasonal strengths with engaging marketing, on-trend menu innovation and seamless digital experiences that work together to create moments our partners can deliver with excellence, and our customers want to be a part of and share.

展望未來，我們將繼續鞏固星巴克在季節性方面的優勢，透過引人入勝的行銷、引領潮流的菜單創新和無縫的數位化體驗，共同創造我們的伙伴能夠出色地完成任務，而我們的顧客也樂於參與並分享的時刻。

Third, we continue to scale our Coffeehouse Uplift program, bringing more warmth and great seats back into our coffee houses. To date, we've completed approximately 200 uplifts primarily in Southern California and New York City. And we're on track to complete more than 1,000 by the end of fiscal 2026. We believe these investments in our cafes and the customer experience will continue to have a positive impact on our business as we reclaim the third place.

第三，我們將繼續擴大咖啡館提升計畫的規模，為我們的咖啡館帶來更多溫暖和舒適的座位。到目前為止，我們已完成了約 200 次房屋提升工程，主要集中在南加州和紐約市。我們預計在 2026 財政年度結束時完成 1000 多個專案。我們相信，對咖啡館和顧客體驗的這些投資將繼續對我們的業務產生積極影響，幫助我們重新奪回「第三空間」。

Within our International segment, we grew revenue by 10% to $2.1 billion, and we grew comps in 9 of our 10 largest international markets, underscoring the strength and resilience of the Starbucks brand globally. \

在國際業務方面，我們的營收成長了 10%，達到 21 億美元，並且在我們 10 個最大的國際市場中的 9 個市場實現了同店銷售成長，這凸顯了星巴克品牌在全球的實力和韌性。\

China was a standout. Comps accelerated to 7%, marking our third consecutive quarter of comp sales growth, led by transactions. This performance reflects the progress we are making to strengthen our competitive position as the leading premium coffee brand in the market. Looking ahead, we are sharpening our focus for our long-term future in the region.

中國表現突出。同店銷售額加速成長至 7%，這是我們連續第三個季度實現同店銷售成長，主要得益於交易量的成長。這項業績反映了我們在鞏固自身作為市場領先的高端咖啡品牌的競爭地位方面所取得的進展。展望未來，我們將更加專注於在該地區的長期發展。

During the quarter, we identified Boyu as our partner to maximize Starbucks' potential in China. This partnership will help us expand into more cities, deliver exceptional coffee experiences, create new career opportunities for partners, and strengthen Starbucks' position as a global brand for long-term growth.

本季度，我們確定博裕作為我們的合作夥伴，以最大限度地發揮星巴克在中國的潛力。此次合作將幫助我們拓展到更多城市，提供卓越的咖啡體驗，為合作夥伴創造新的職業機會，並鞏固星巴克作為全球品牌的地位，實現長期成長。

We continue to expand our footprint with discipline and pace. In the first quarter, we opened 79 net new international coffee houses, reflecting 130 net new licensed coffee houses and 51 net closures in our company-operated business. India crossed 500 coffee houses, and we announced expansion into six new cities in our Latin American and Caribbean markets, along with plans to surpass 1,000 coffee houses in Mexico this year.

我們將繼續以嚴謹的作風和穩健的步伐擴大我們的商業版圖。第一季度，我們淨增開設了 79 家國際咖啡店，這反映出我們公司自營業務中淨增 130 家特許經營咖啡店和淨關閉 51 家咖啡店。印度的咖啡館數量突破了 500 家，我們宣布將業務拓展到拉丁美洲和加勒比海市場的六個新城市，並計劃今年在墨西哥的咖啡館數量超過 1000 家。

International remains a powerful growth engine for amplifying the Starbucks brand and we are confident in our ability to deliver consistent, profitable growth in this business longer term.

國際市場仍然是提升星巴克品牌影響力的強大成長引擎，我們有信心在這個業務領域實現長期持續獲利成長。

So to conclude, we've continued to build momentum across our business through Q1, and we are clear on our long-term vision. We will be the world's greatest customer service company. We will offer the best job in retail. We will be the community coffee house. Our brand will be visible, relevant and loved everywhere, and we will accelerate growth around the world.

綜上所述，我們在第一季繼續保持了業務成長勢頭，並且我們對長期願景非常明確。我們將成為全球最優秀的客戶服務公司。我們將提供零售業最好的工作。我們將成為社區咖啡館。我們的品牌將在世界各地廣為人知、備受喜愛，我們將加速全球的成長。

And finally, we will deliver on our commitments to create shareholder value. As a result of our disciplined work over the past 18 months, we are now delivering the top-line results we set out to achieve, and we're creating the room we need to invest thoughtfully in our future.

最後，我們將履行創造股東價值的承諾。由於過去 18 個月以來我們嚴謹的工作，我們現在實現了我們設定的目標，並為我們未來進行深思熟慮的投資創造了必要的空間。

As I said last quarter, we have a plan. We have been working the plan, and the plan is working. Our work is not done, and we are clearly in the early stages of our turnaround, and we have clear plans to maintain our top-line performance while improving the foundations of our business. I don't expect the path forward to be linear, but we will continue to test, learn, and refine our approach to deliver the best of Starbucks and drive durable, profitable long-term growth.

正如我上個季度所說，我們已經有了計劃。我們一直在執行該計劃，而且該計劃正在奏效。我們的工作還沒有完成，我們顯然還處於轉型初期，我們有明確的計劃來保持營收成長，同時改善業務基礎。我不認為未來的道路會是一帆風順的，但我們會繼續測試、學習和改進我們的方法，以提供最好的星巴克產品和服務，並推動持久、盈利的長期成長。

Before I turn it over to Cathy, I want to thank our partners across our coffee houses and support centers around the world for their continued focus and relentless effort to execute with excellence. Our Back to Starbucks plan is the strategic currency of our turnaround, and their work is the foundation of our progress and our performance.

在將發言權交給凱西之前，我要感謝我們遍布全球的咖啡店和支援中心的合作夥伴，感謝他們持續的專注和不懈的努力，以追求卓越。我們的「重返星巴克」計畫是我們轉虧為盈的策略貨幣，他們的工作是我們進步和績效的基礎。

Together, we've grown comps and transactions. Brand affinity and customer connection is strong. Our innovation pipeline is stacked with breakthrough menu items and new digital experiences, and the shine is back on our brand, both in the US and around the world.

我們共同努力，提高了可比較交易量和交易筆數。品牌親和力和客戶聯繫牢固。我們的創新產品線充滿了突破性的菜餚和全新的數位體驗，我們的品牌在美國乃至全世界都重煥光彩。

With that, I'll turn it over to Cathy to walk us through our Q1 financial results and to share our fiscal 2026 guidance.

接下來，我將把發言權交給凱西，讓她為我們介紹我們第一季的財務業績，並分享我們 2026 財年的業績指引。

Thank you, Brian, and thank you all for joining us this morning. We made meaningful progress in the first quarter as we executed our growth priorities to build long-term strength in the business. I'm incredibly proud of how our partners showed up for our customers throughout the holiday season, and I want to thank them for their dedication and hard work.

謝謝你，布萊恩，也謝謝各位今天早上收看我們的節目。第一季度，我們透過執行成長重點，為業務的長期發展奠定了基礎，取得了實質進展。我為我們的合作夥伴在整個假期期間為我們的客戶提供的服務感到無比自豪，我要感謝他們的奉獻和辛勤工作。

I'll now share our Q1 results and then provide additional insight into how we're setting up for the months ahead. Our Q1 consolidated revenue was $9.9 billion, up 5% to the prior year, reflecting 1% net new company-operated store growth and a 4% increase in global comparable store sales, driven by strong performance across both our North America and international segments.

接下來，我將分享我們第一季的業績，並進一步闡述我們為未來幾個月所做的準備。我們第一季合併營收為 99 億美元，較上年成長 5%，反映出公司自營新店淨成長 1% 和全球同店銷售額成長 4%，這主要得益於我們在北美和國際業務部門的強勁表現。

Our North America segment revenue grew 3% in the first quarter to $7.3 billion, with comparable store sales growing 4%. In the US, our comparable store sales growth also accelerated to 4%, with transactions up 3%, fueled by the first full quarter of Green Apron Service embedded in the daily operations of our company-operated coffeehouses. Average ticket grew 1%, driven by a growing mix of espresso and tea-based beverages, alongside the continued rise in the popularity of our cold foam platform.

第一季度，我們北美業務部門的營收成長了 3%，達到 73 億美元，同店銷售額成長了 4%。在美國，我們的同店銷售額成長也加速至 4%，交易量成長 3%，這得益於 Green Apron Service 首次完整季度融入我們公司自營咖啡店的日常營運中。平均客單價成長了 1%，這主要得益於濃縮咖啡和茶類飲品的銷量不斷增長，以及冷泡咖啡平台持續受到歡迎。

Our US comp performance is a compelling proof point for our Green Apron Service standard, menu innovation, and marketing efforts. This combination drove broader reach and deeper engagement with customers as evidenced by our 90-day active Starbucks Rewards member base growing 3% year over year to an all-time high of 35.5 million members.

我們在美國市場的表現有力地證明了我們的綠色圍裙服務標準、菜單創新和行銷努力。這個組合推動了更廣泛的覆蓋範圍和更深入的客戶互動，這從我們90天活躍的星巴克獎勵會員數量同比增長3%達到歷史新高3550萬會員中可見一斑。

And as Brian mentioned, our Starbucks Rewards member transactions grew year over year in Q1 for the first time in eight quarters. And non-Starbucks Rewards customer transactions grew even faster.

正如布萊恩所提到的，我們的星巴克獎勵計劃會員交易額在第一季實現了八個季度以來的首次同比增長。非星巴克會員獎勵計劃顧客的交易成長速度更快。

Our US licensed store portfolio revenue declined in Q1, primarily due to ongoing trends within the grocery and retail channels. Steady growth across other areas of our portfolio, including business and offices, college and universities, and healthcare, continued to serve as partial offsets. Overall, our North America portfolio increased by 49 net new coffeehouses to reach 18,360 at the end of the quarter.

第一季度，我們在美國授權門市組合的收入下降，主要原因是雜貨和零售通路的持續趨勢。我們投資組合中其他領域（包括商業和辦公大樓、學院和大學以及醫療保健）的穩定成長繼續起到部分抵消作用。總體而言，截至本季末，我們在北美地區的咖啡館淨增 49 家，達到 18,360 家。

Moving on to International. The segment reported $2.1 billion of net revenue in the first quarter, growing 10% year over year. International's comp growth of 5% was led by transactions, as customers celebrated the holiday season with Starbucks around the world. Most of our largest international markets, including our company-operated businesses in China, Japan, and the UK, contributed to our comp sales performance in the quarter.

接下來是國際部分。該業務部門第一季淨收入達 21 億美元，年增 10%。國際業務同店銷售額成長 5%，主要得益於交易額的成長，因為世界各地的顧客都在節日期間與星巴克一起慶祝。本季度，我們大多數主要的國際市場，包括我們在中國、日本和英國的公司自營業務，都對我們的同店銷售業績做出了貢獻。

China continues to showcase strong momentum. Starbucks China's comparable store sales grew 7% in Q1, with a 5% improvement in comparable transactions powered by product innovation, effective marketing, and continued growth in delivery.

中國持續展現強勁發展勢頭。星巴克中國第一季同店銷售額成長7%，同店交易量成長5%，這得益於產品創新、有效的行銷以及外送業務的持續成長。

In our Channel Development segment, our Q1 net revenues grew 19% year over year due to higher revenue from the Global Coffee Alliance, as well as our ready-to-drink business. In the first quarter, we launched our new multi-serve refreshers concentrate in our North America market, which was met with incredible demand. We will continue to work with our partners to innovate to maintain our leadership position in the North America at-home and ready-to-drink coffee categories.

在我們的通路發展部門，由於全球咖啡聯盟的收入增加以及即飲咖啡業務的成長，我們第一季的淨收入年增了 19%。第一季度，我們在北美市場推出了新的多份裝清爽濃縮液，市場反應熱烈。我們將繼續與合作夥伴共同努力，不斷創新，以保持我們在北美家庭咖啡和即飲咖啡領域的領先地位。

Shifting to margin. Our Q1 consolidated operating margin was 10.1%, contracting 180 basis points from the prior year. This was led by North America's operating margins, which declined by approximately 420 basis points year over year, primarily as our investments in support of Back to Starbucks continued to annualize. Approximately a third of North America's margin contraction was also driven by our product and distribution cost inflation, led by tariffs and elevated coffee pricing. As our fiscal year progresses, we are expecting these pressures will begin to abate.

轉向邊際效益。我們第一季的綜合營業利潤率為 10.1%，比上年同期下降了 180 個基點。北美地區的營業利潤率年減約 420 個基點，這主要是由於我們為支持「重返星巴克」計畫而進行的投資持續產生年度影響。北美利潤率下降約三分之一也是由於產品和分銷成本上漲所致，而關稅和咖啡價格上漲是主要原因。隨著本財年的推進，我們預計這些壓力將開始緩解。

Consolidated G&A in the quarter decreased 7% as our work to streamline the business last year begins to actualize this fiscal year. Our Q1 effective tax rate of 26.8% was higher year over year, primarily driven by lapping some discrete tax items from last year. All in, our Q1 EPS was $0.56, down 19% from the prior year.

本季綜合管理費用下降了 7%，因為我們去年精簡業務的工作在本財年開始取得成效。我們第一季的實際稅率為 26.8%，高於去年同期，主要原因是去年的一些個別稅務項目被納入計算。總的來說，我們第一季的每股收益為 0.56 美元，比去年同期下降了 19%。

I look forward to providing our longer-term targets at our Investor Day tomorrow, but today I'll focus on fiscal 2026. But before I do, let's spend a few moments on China.

我期待在明天的投資者日上公佈我們的長期目標，但今天我將重點放在 2026 財年。但在此之前，讓我們花幾分鐘時間來了解中國。

In November, we announced an agreement to form a joint venture with Boyu Capital to more strategically capture the significant white space we continue to see in China. Under the agreement, Boyu will acquire up to a 60% interest in Starbucks retail operations in China, and Starbucks will retain a 40% interest in the joint venture. We will also continue to own and license the Starbucks brand and intellectual property to the JV. We currently expect to close in the spring of this year, subject to regulatory approvals.

11 月，我們宣布與博裕資本達成協議，成立一家合資企業，以便更有策略地抓住我們在中國持續看到的巨大市場空白。根據協議，博裕將收購星巴克在中國零售業務至多 60% 的股份，而星巴克將在合資企業中保留 40% 的股份。我們將繼續擁有星巴克品牌和智慧財產權，並將其授權給合資公司。我們目前預計今年春季完成交易，但需獲得監管部門的批准。

For your modeling purposes, here are some considerations for how this impacts our financials in the near term. In Q1, we classified the assets and liabilities of Starbucks China's retail operations as held for sale. This required us to cease property, plant, and equipment depreciation and right-of-use asset amortization, resulting in reduced D&A and store operating expenses. This means, starting in December, we are recording approximately $39 million less in monthly expenses than we otherwise would have recognized prior to announcement.

為了便於建模，以下是一些關於這會對我們近期財務狀況產生哪些影響的考慮因素。第一季度，我們將星巴克中國零售業務的資產和負債歸類為持有待售資產。這導致我們停止對固定資產、廠房和設備進行折舊以及對使用權資產進行攤銷，從而減少了折舊和攤提費用以及門市營運費用。這意味著，從 12 月開始，我們每月確認的支出將比先前公佈的支出少約 3,900 萬美元。

We expect these dynamics will likely continue through the transaction close date. Upon closing, we expect Starbucks China's retail operations will fully deconsolidate from our consolidated financials, and we expect to convert our 8,011 company-operated coffeehouses to licensed stores within our International segment.

我們預計這些動態可能會持續到交易完成之日。交易完成後，我們預計星巴克中國的零售業務將完全從我們的合併財務報表中剝離，並且我們預計將我們8011家公司自營咖啡店轉換為國際業務部門的特許經營店。

Under the equity method of accounting, Starbucks will record our 40% share of income from the joint venture, recognized as income from equity investees. We will also collect revenues from the joint venture for sales of coffee and other products, as well as royalty revenues. Our proportionate share of gross profit resulting from these revenues will also be included in income from equity investees.

根據權益法會計準則，星巴克將把其在合資企業中 40% 的收入份額確認為來自權益投資企業的收入。我們還將從合資企業收取咖啡和其他產品的銷售收入以及特許權使用費收入。我們按比例應得的這些收入所產生的毛利也將計入股權投資收益中。

Turning to our outlook for the year. As we assess our Q1 results, we're seeing exactly what we want to see in our top line at this point in our turnaround. And we are pleased with our continued comp strength in January as well. Our strategy is working and gaining traction. We have always said that we expect the top line to come first, and then earnings will follow. As such, our guidance reflects strategic flexibility to leverage our growing top line as we uncover opportunities to further strengthen the business longer term.

接下來展望一下今年的情況。在評估第一季業績時，我們看到，在公司扭虧為盈的這個階段，營收成長完全符合我們的預期。我們對1月持續強勁的同店銷售業績也感到滿意。我們的策略正在奏效，並逐漸取得成效。我們一直都說，我們期望營收先成長，獲利隨後才會實現。因此，我們的指導方針體現了策略靈活性，以便利用不斷增長的收入，同時發掘機會，進一步加強業務的長期發展。

For fiscal 2026, we expect 3% or better global comp sales growth led by 3% or better comp sales in the US as well. In fiscal 2026, we expect approximately 600 to 650 net new coffee houses as we work to rebuild our development pipeline. This includes 150 to 175 net new US company-operated coffee houses, a slight decrease in North America-licensed coffeehouses, and 450 to 500 net new international coffeehouses, of which China comprises close to half. We plan on providing more details of our accelerating pace of growth beyond this year at our Investor Day.

我們預計 2026 財年全球同店銷售額將成長 3% 或更高，其中美國同店銷售額也將成長 3% 或更高。2026 財年，我們預計將新增約 600 至 650 家咖啡館，同時我們將努力重建我們的發展管道。這包括美國公司自營咖啡店淨增 150 至 175 家，北美特許經營咖啡店略有減少，以及國際咖啡店淨增 450 至 500 家，其中中國咖啡店佔近一半。我們計劃在投資者日上提供更多關於今年以後加速成長的細節。

We expect our consolidated net revenues to grow at a similar rate to global comp growth for the full fiscal 2026 as our portfolio repositioning at the end of fiscal 2025 offsets our new store openings. We expect consolidated operating margins to grow slightly year over year, driven by improvements in the back half of the year. Remember that our quarterly margin rates follow natural seasonality in the business, and our second quarters are usually the lowest margin quarters of the year.

我們預計，由於我們在 2025 財年末進行的產品組合調整抵消了新店開業的影響，2026 財年全年合併淨收入將與全球同店銷售額的增長速度相近。我們預計，受下半年業績改善的推動，綜合營業利潤率將較去年同期略有成長。請記住，我們的季度利潤率受業務自然季節性影響，第二季通常是一年中利潤率最低的季度。

Our expectations for margin improvement are driven by the following. First, we will anniversary our Green Apron Service investments in Q4. Second, we expect sales leverage builds as we continue to refine and execute our Back to Starbucks initiatives and improve our supply chain. And third, while market dynamics can change, we continue to expect coffee prices and tariff pressures to peak in Q2 and find some relief in the back half of the fiscal year.

我們對利潤率提升的預期主要受以下因素驅動。首先，我們將在第四季度迎來我們對 Green Apron Service 投資的周年紀念。其次，隨著我們不斷改進和執行「重返星巴克」計畫並改善供應鏈，我們預期銷售槓桿作用將持續增強。第三，雖然市場動態可能會發生變化，但我們仍然預期咖啡價格和關稅壓力將在第二季達到峰值，並在本財年下半年得到緩解。

Following our structural reorganization last fiscal year, we expect fiscal 2026 consolidated G&A dollars to run below fiscal 2023 levels, providing partial offsets to our investments. We also expect continued discipline on costs more broadly and to find more efficient ways of working across our broader organization around the world. Our EPS guidance of $2.15 to $2.40 reflects our measured approach, investing strategically in the first half to establish momentum, then building on our work for growth in the second half.

繼上個財政年度的結構重組之後，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，這將部分抵消我們的投資。我們也希望在更廣泛的範圍內繼續保持成本控制，並在我們遍布全球的整個組織內尋找更有效率的工作方式。我們對每股盈餘的預期為 2.15 美元至 2.40 美元，這反映了我們穩健的策略，即在上半年進行策略性投資以建立成長勢頭，然後在下半年在此基礎上繼續發展。

Note that our guidance contemplates business as usual China operations in the second half of fiscal 2026. We have taken this approach as we believe it provides the cleanest view of our expectations for the underlying business. Furthermore, the timing of close and our use of proceeds from the transaction can influence certain P&L line items, increasing variability in our results. That said, if we assumed a joint venture structure for the second half of fiscal 2026, we expect slightly lower consolidated revenues and comps, partially offset by slightly better consolidated operating margins relative to our original guidance. And on an annualized basis, we believe that the new structure could be approximately 40 basis points accretive to our consolidated margins.

請注意，我們的指導意見是基於 2026 財年下半年中國業務照常營運的情況。我們採取這種方法是因為我們認為它能最清楚地展現我們對公司基本面的期待。此外，交易完成的時間以及我們對交易所得款項的使用可能會影響損益表中的某些項目，從而增加我們業績的波動性。也就是說，如果我們假設 2026 財年下半年採用合資企業結構，我們預計合併收入和同店銷售額將略有下降，但合併營業利潤率相對於我們最初的預期將略有提高，部分抵消了這些下降。我們認為，按年計算，新結構可能會使我們的合併利潤率增加約 40 個基點。

While subject to change, we currently plan to use our transaction proceeds for debt reduction, strengthening our balance sheet and allowing us to execute our long-term growth strategy with greater financial flexibility. Collectively, we expect the transaction to have a $0.02 to $0.03 dilutive effect relative to our current EPS guidance.

雖然情況可能會有所變化，但我們目前計劃將交易所得用於減少債務、增強資產負債表，並使我們能夠以更大的財務靈活性來執行長期成長策略。總體而言，我們預計該交易將對我們目前的每股盈餘預期產生 0.02 至 0.03 美元的稀釋效應。

In summary, our Q1 performance demonstrates the momentum that we're building in our business and gives us confidence we're on the right path. It's also clear that our work isn't done. We remain focused on driving top-line performance and managing our costs to deliver sustainable, profitable long-term growth. And we look forward to speaking further about our future vision tomorrow at our Investor Day.

總而言之，我們第一季的業績顯示了我們業務正在建立的良好勢頭，也讓我們相信我們走在正確的道路上。很顯然，我們的工作還沒完成。我們將繼續專注於提升營收和控製成本，以實現可持續的、盈利的長期成長。我們期待明天在投資者日上進一步闡述我們的未來願景。

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

那麼，我們就可以開始回答你們的問題了。謝謝。操作員？

(Operator Instructions) David Tarantino, Baird.

（操作說明）大衛·塔蘭蒂諾，貝爾德。

Congratulations on the progress you're seeing. I had a question about the North America traffic performance, and maybe first, if you could perhaps clarify how much benefit you might have seen from the transfer of the sales from the stores that you closed during, I guess, late September, and then to just kind of give us some sense of kind of what the underlying improvement was in the business.

恭喜你的進展。我有一個關於北美地區客流量表現的問題，首先，您能否澄清一下，您在9月下旬關閉的門市的銷售額轉移帶來了多少收益？然後，能否讓我們了解一下業務的根本改善？

And then secondly, I guess, Brian, could you maybe frame up what you're seeing in some of the earliest stores that got the Green Apron Service model and whether those are continuing to ramp in terms of the traffic benefit from that service model? Thanks.

其次，布萊恩，我想請你談談你在一些最早採用綠色圍裙服務模式的門市中觀察到的情況，以及這種服務模式是否繼續為門市帶來客流量方面的收益？謝謝。

Thanks, David. And so, to answer your first question, what we're really delighted about is the North American comp result is driven by transactions, and specifically the fact that both non-Rewards customers grew transactions and Rewards customers grew transactions. So two things happened. People came back to the brand, and we also drove engagement or more frequency with our existing customers. So that's a really strong foundation.

謝謝你，大衛。所以，要回答你的第一個問題，我們真正感到高興的是，北美地區的業績成長是由交易量推動的，特別是非獎勵客戶的交易量成長和獎勵客戶的交易量成長。所以發生了兩件事。人們重新關注了我們的品牌，我們也提高了現有客戶的參與度或購買頻率。所以這確實是一個非常堅實的基礎。

To answer your specific question, about a 0.5 point was driven by, call it the sales transfer in the comp is what we're seeing. So the strength really is broad-based. The other thing that I love is we said from the beginning we wanted to win the morning, and that is exactly what we're seeing. Our partners have done a terrific job of staffing, executing the Green Apron Service experience in the morning, and frankly, balance of the day, because we're growing transactions throughout the entire day, but the place where we saw the biggest move was in the morning.

要回答你的具體問題，大約 0.5 個百分點是由…我們稱之為競爭對手的銷售轉移造成的。所以這種優勢確實是廣泛的。我喜歡的另一點是，我們從一開始就說過要贏得上午的比賽，而我們現在也確實看到了這一點。我們的合作夥伴在人員配備方面做得非常出色，早上執行了 Green Apron 服務體驗，坦白說，一天中的其他時間也做得非常出色，因為我們全天的交易量都在增長，但我們看到增長最顯著的時間段是早上。

And then in regard to your question about the pilot stores, this is actually something that we're really excited about. Our 650 pilot stores continue to outperform the fleet by about 200 basis points in comp. And we're seeing most of that is driven -- well, it is all pretty much driven by transactions. So what we continue to see is a great customer service experience in a great place with our partners doing their craft continually resonates with customers. And then I think you heard me talk about this, too. I think we're just getting the brand back on its front foot, both in its marketing communication and also the innovation that we're bringing forward. So I'm really delighted by where we are in this phase of the turnaround.

至於你問到的試點商店，我們對此感到非常興奮。我們的 650 家試點門市的業績繼續比集團其他門市高出約 200 個基點。我們看到，這一切大部分都是由交易驅動的——或者說，這一切幾乎都是由交易驅動的。因此，我們不斷看到，在一個優越的環境中，我們合作夥伴精益求精，提供優質的客戶服務體驗，這持續引起客戶的共鳴。然後我想你也聽到我談到這件事了。我認為我們正在讓品牌重回正軌，無論是在行銷傳播方面，還是在我們不斷推進的創新方面。因此，我對我們目前所處的轉型階段感到非常滿意。

Great. Thank you.

偉大的。謝謝。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

I think sort of inherent in what you talked about was some additional cost opportunities, and it sounded like that's this year, but also over the next couple. Could you elaborate on what some of those will be and what you expect the timing to be?

我認為你剛才談到的內容中隱含著一些額外的成本機會，聽起來不僅今年如此，未來幾年也會如此。您能否詳細說明其中一些具體內容以及您預計的時間表？

Yeah, so I'm sure you guys probably saw this in some of our materials that have been released of late. We've got a clear plan in place to basically track down about $2 billion of costs. We really started that work in 2025, and I think it's going to unfold over the next two years in front of us. It really is across the entire P&L.

是的，我相信你們可能在我們最近發布的一些資料中已經看到過這一點。我們已經制定了明確的計劃，以追回約 20 億美元的成本。我們從 2025 年就開始著手這項工作，我認為它將在未來兩年內逐步展開。這確實影響了整個損益表。

So obviously, we've made some progress on G&A. We're going to continue to make progress in our procurement efforts. We think there's tremendous opportunity with using technology to drive efficiency in the work that we're doing.

顯然，我們在一般及行政費用方面取得了一些進展。我們將繼續推進採購工作，並取得進展。我們認為，利用科技提高工作效率蘊藏著巨大的機會。

The thing that I love is -- and this is really to Cathy Smith's credit and the team, is it's not just one project that we're counting on. We've got a list of projects with people's names next to it, clear deliverables. And the thing I love about the power of our organization is when one idea doesn't work, we get another idea that's up.

我最喜歡的一點是——這真的要歸功於 Cathy Smith 和她的團隊——我們指望的不僅僅是一個項目。我們有一份項目清單，每個項目旁邊都列出了負責人姓名，並明確了交付成果。我最喜歡我們組織的一點是，當一個想法行不通時，我們就會提出另一個想法。

And so that's what gives us confidence to be able to deliver on the cost side of things while we continue to drive the top line. It's going to be an ongoing program. We've identified the $2 billion over the next couple years here. But I will tell you, it's something that we're going to be unrelenting, and it's going to be a consistent piece of our program going forward.

因此，我們有信心在控製成本的同時，繼續提高營收。這將是一個持續進行的項目。我們已經確定了未來幾年內需要投入的 20 億美元。但我可以告訴你們，我們將毫不鬆懈地推進這項工作，它將成為我們未來計畫中持續存在的一部分。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

I want to ask a little bit about the earnings guidance for fiscal '26. Perhaps if you think there's some elements that you would like us to appreciate that might not be so obvious, we'd love to hear about that. And relatedly, the earnings guidance seems just a little wider than I would have thought. What scenarios do you think would get you to the high end and the low end? What do those two scenarios look like? Thanks

我想問一下關於 2026 財年的獲利預期。如果您認為有一些不太明顯但您希望我們注意到的方面，我們非常樂意聽取您的意見。此外，獲利預期似乎比我預想的要寬泛一些。你認為哪些情況會導致價格達到高端，哪些情況會導致價格達到低端？這兩種情況分別是什麼樣的呢？謝謝

Yeah, sure. Thanks, David. So the thing that gets us to the higher end is maintaining the performance on comp, first and foremost. And that's why we're really excited about the underlying strength that we're seeing that's driving the comp.

當然可以。謝謝你，大衛。所以，要達到更高的水平，首先也是最重要的是保持競技表現。正因如此，我們對目前推動同業競爭的潛在強勁勢頭感到非常興奮。

And then obviously, we're going to continue to do the work on the cost side of things. But really, here in the near term, it is going to be driven by comp, which is going to be supported by terrific execution on Green Apron Service model, the marketing menu innovation.

很顯然，我們還會繼續在成本方面開展工作。但實際上，在短期內，這將主要由競爭對手推動，而競爭對手的崛起將得益於 Green Apron Service 模式和行銷菜單創新方面的出色執行。

And I think you'll hear it at our Investor Day, all the comp drivers that, frankly, we have across digital, rewards, menu, I'm really optimistic about our future. But that's going to be the key piece is we got to continue to drive the top line, and we need to do it in a healthy way so that we maintain the integrity of the experience, and we give our customers access to the food and beverage that they want to experience in Starbucks.

我想你會在我們的投資者日上聽到這些，坦白說，我們在數位化、獎勵、菜單等方面的所有競爭驅動因素，我對我們的未來真的非常樂觀。但關鍵在於，我們必須繼續推動營收成長，而且我們需要以健康的方式做到這一點，從而保持體驗的完整性，並讓我們的顧客能夠在星巴克體驗到他們想要的食品和飲料。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Congrats on the quarter. I wanted to unpack some of the same-store sales momentum. The non-Rewards member growth outpacing Rewards member growth I think over the last several quarters. It's great to see there are more Rewards and we're back to positive. What's driving the differential between the two and what do you see as the biggest opportunities to narrow the gap, if that's how you think about it?

恭喜你本季取得佳績。我想分析一下同店銷售成長動能的一些原因。我認為在過去的幾個季度裡，非獎勵會員的成長速度超過了獎勵會員的成長速度。很高興看到獎勵更多了，我們又回到了正收益狀態。造成兩者差異的原因是什麼？如果您是這樣思考的，您認為縮小差距的最大機會是什麼？

Yeah, yeah. So thanks for the question. This is something that when I first came into Starbucks, I wanted to address because I had seen non-Rewards customers declining for a consistent trend. and that's never healthy in a business. You have to win both with your Rewards customers and call it the light or infrequent customer. And so when Tressie and I set out to discuss how we get back on our front foot, we knew we had to make sure that we had the marketing that was broad, and we had to have the message about Starbucks that was broadly appealing. And I think that's what we're seeing happen with customers.

是啊是啊。謝謝你的提問。這是我剛來星巴克時就想解決的問題，因為我發現非會員顧客的數量持續下降，這對任何企業來說都不是好事。你必須同時贏得你的獎勵計劃客戶和那些不常光顧的客戶。因此，當 Tressie 和我開始討論如何重回正軌時，我們知道我們必須確保我們的行銷覆蓋率廣，並且我們必須讓星巴克的品牌訊息具有廣泛的吸引力。我認為這正是我們在客戶身上看到的情況。

And then look, the innovation I think has been on trend. We're getting back into culture, leading culture. Most recently, the Barista Mug was a -- I would call it a lucky strike extra. Tressie would say that was intentional. But it is one of those things where you have to be relevant, leading culture so that you get the infrequent customer to hopefully grow with your brand.

而且你看，我認為創新一直都很符合潮流。我們正在回歸文化，引領文化。最近推出的咖啡師馬克杯——我稱之為一次意外的驚喜。特雷西會說那是故意的。但有些事情，你必須與時俱進，引領潮流，這樣才能讓不常光顧的顧客與你的品牌共同成長。

And the thing that is exciting to see is our Rewards customer user base is getting bigger. So we surpassed 35 million. And what is great about what's happening in a Rewards customer is it's through better engagement that we're getting people to be active, not through discounting and couponing, but rather giving people the Starbucks experience.

令人興奮的是，我們的獎勵計畫客戶用戶群正在不斷擴大。所以我們已經突破了3500萬。而獎勵計畫客戶最棒的地方在於，我們透過更好的互動來吸引人們積極參與，而不是透過折扣和優惠券，而是透過提供星巴克體驗。

And the thing that really makes Starbucks unique, which is our personalization. So when we do that personalization through the Rewards program, we get rewarded with more visits from those customers. And then I think you're going to hear really exciting things about the Rewards program at our Investor Day on how Tressie and the team are going to make that program feel like it is made for you. And I think you'll see us have a step up in performance with our Rewards program as a result without letting up on driving our non-Rewards customers as well. I almost hate calling it non-Rewards customer because they're just as valuable. Every customer matters, and every transaction matters, and we're going to give that type of experience to everybody so that they know they matter.

真正讓星巴克獨一無二的是我們的個人化服務。因此，當我們透過獎勵計劃進行個人化服務時，我們會獲得這些客戶更多的訪問量作為回報。然後，我認為在我們的投資者日上，你會聽到關於獎勵計劃的非常令人興奮的消息，了解 Tressie 和她的團隊將如何讓該計劃感覺像是為你量身打造的。因此，我認為我們的獎勵計畫的績效將會提升，同時我們也不會放鬆對非獎勵客戶的關注。我幾乎都不想稱他們為非獎勵客戶，因為他們同樣有價值。每位顧客都很重要，每一筆交易都很重要，我們將為每個人提供這種體驗，讓他們知道自己很重要。

John Ivankoe, JPMorgan Chase.

John Ivankoe，摩根大通。

The question, and really this is observation-based, certain coffee chains have kind of separated both in the US and around the world, their morning execution from the afternoon execution. And I'm really wondering what kind of opportunity that might mean for Starbucks morning that might be faster, more consistent, but afternoon, that might be more innovative, specifically around, for example, handcrafted blended energy is just one idea. So if you could kind of address that theme of AM versus PM daypart execution.

這個問題，其實也是基於觀察得出的結論，某些咖啡連鎖店在美國乃至全世界都已將早晨營業與下午營業分開。我真的很想知道，這對星巴克來說意味著什麼，早晨可能會更快、更穩定，而下午可能會更具創新性，例如，手工混合能量飲料只是一個想法。所以，如果您能談談上午時段與下午時段執行情況這個主題就太好了。

And secondly, and I think this is related, there's a lot of competition in this space that's accelerating, in fact, in some markets, almost all of it, is drive-through and take-out focused. I'm wondering if that's something that's really on your competitive radar at this point, and if there's anything specific that Starbucks should do or could do to perhaps blunt some of the sales momentum that some of these chains are seeing. Thank you so much.

其次，我認為這與此相關，這個領域的競爭非常激烈，而且競爭還在加速，事實上，在某些市場，幾乎所有的競爭都集中在免下車和外賣服務上。我想知道這是否是你們目前真正關注的競爭問題，以及星巴克是否應該或可以採取任何具體措施來削弱某些連鎖店的銷售動能。太感謝了。

Yeah, thanks, John. So first, to answer your question on the afternoon daypart versus the morning daypart, I think the way we think about it and the customer thinks about it is the morning is very much a ritual. There are a lot of habits that people have versus the afternoon is really a reset. And depending on where you are in that reset, you sometimes want a blended drink, you sometimes want an energy drink, you sometimes want a sparkling drink, okay? And you sometimes want protein.

謝謝你，約翰。首先，要回答你關於下午時段與上午時段的問題，我認為我們和顧客的想法是，上午很大程度上是一種儀式。人們有很多習慣，而下午的時間則真正起到了重置的作用。根據你處於重置狀態的哪個階段，你有時想要一杯混合飲料，有時想要一杯能量飲料，有時你想要一杯氣泡飲料，好嗎？有時候你需要蛋白質。

And what you're going to see us do, and this is why I'm really excited that we're going to finally be done rolling out digital menu boards, it'll be across our entire system, it will allow us to daypart the menu and drive against these two key insights, right?

接下來你們將會看到我們這樣做，這也是我非常興奮的原因，因為我們終於要完成數位菜單板的推廣了，它將覆蓋我們整個系統，這將使我們能夠根據這兩個關鍵洞察來調整菜單，對吧？

The afternoon is a reset; the morning is a ritual. And in the afternoon, you're going to see us, and Tressie's going to be talking about this, we will have customized energy. We will have sparkling energy. We will have those indulgent drinks that people want, right, the Frappuccinos that we've made famous. And we will also have food that complements it. That's very much on trend.

下午是調整的時間；上午是儀式。下午你們就能見到我們了，特雷西會談到這件事，我們會提供客製化的能量。我們將充滿活力。我們將提供人們想要的那些令人沉醉的飲品，對吧？例如我們使其名聲大噪的星冰樂。我們也會提供與之搭配的食物。這非常符合潮流。

So the good news is we've got a strong base already in the afternoon. I just think there's tremendous opportunity to unlock that afternoon daypart further by having more relevant beverages for how people want to reset in their day, and then also complement it with food. And then we're going to use, I think, the traditional tactics you would do in order to market and merchandise that we are the right solution for that afternoon. And frankly, some of these places we've been slow to develop. And so it presents a tremendous opportunity for innovation pipeline to address it.

好消息是，我們下午已經打下了堅實的基礎。我認為，透過提供更多符合人們一天中調整狀態需求的飲品，並輔以相應的食物，可以進一步挖掘下午時段的市場潛力。然後，我認為，我們將採用傳統的行銷策略，向市場推廣我們的產品和服務，證明我們是當天下午的最佳解決方案。坦白說，我們對其中一些地方的開發進展緩慢。因此，這為創新管道提供了解決這一問題的巨大機會。

To your question on drive-thru mobile order pickup, one of the things that I've been really excited about is it really is an entire ecosystem, John. When we've got the cafe, the drive-thru, and mobile order pickup all working together, we are unmatched, okay? And when I put that execution on any street corner, I am confident we will win. And there's an opportunity for us to put a lot more stores with that ecosystem all across the country and be very competitive.

關於你提出的免下車手機訂餐取餐的問題，約翰，我一直感到非常興奮的一點是，它確實是一個完整的生態系統。當我們的咖啡館、得來速和手機訂餐取餐服務都能協同運作時，我們就無人能敵，懂嗎？如果我把這套戰術運用到任何一個街角，我相信我們都會贏。我們有機會在全國各地開設更多擁有這種生態系統的門市，從而極具競爭力。

So Mike and Meredith, they know our goal is to put our entire ecosystem through, I think, cost-effective buildings that ultimately our partners can run with excellence and give our customer the experience that they want because I know customers want those moments in the cafe, they want those moments in the drive-through, and they want those moments for mobile order pickup. And we can do all of it, and we can do it with excellence.

所以麥克和梅雷迪思知道，我們的目標是讓我們的整個生態系統都擁有經濟高效的建築，最終我們的合作夥伴可以卓越地運營這些建築，並為我們的客戶提供他們想要的體驗，因為我知道客戶想要在咖啡館裡享受美好的時光，想要在免下車窗口享受美好的時光，也想要在手機下取單時享受美好的時光。我們不僅能做到這一切，而且還能做得非常出色。

And so I really like where we're headed, and I'm excited about how our pipeline is being rebuilt. And as we get back to building at the clip that we're capable of, because we will have people capability as well to go with that building.

所以我很喜歡我們前進的方向，也對我們的管道重建感到興奮。當我們恢復到我們能夠達到的速度進行建設時，因為我們也將擁有與該建設相匹配的人力能力。

So thank you for the question, because it really is areas that I think drive a lot of opportunity in this business is building, the drive-through cafe, mobile order pickup experience with our cafes, and then really building out an afternoon daypart. On the strength of our morning daypart, I think is just tremendous upside for us.

謝謝你的提問，因為我認為真正能為這個行業帶來很多機會的領域是：打造得來速咖啡館、在我們的咖啡館提供移動點餐取餐體驗，以及真正打造下午時段的門店。就我們上午時段的優勢而言，我認為這對我們來說是一個巨大的優勢。

That's great. Thank you so much, Brian. See you tomorrow.

那太棒了。非常感謝你，布萊恩。明天見。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Oh, thank you. A question on -- another question on same-store sales and then a clarification, I think, on Cathy, one of your comments. So just on same-store sales, you mentioned kind of service. I think that it sounds like service Green Apron, maybe a couple hundred basis points, if you could disaggregate it. Maybe you could just talk a little bit about, as you think about the comp, how much was maybe the service versus innovation versus marketing. I know that's a hard thing to do, but just think about sort of the sustainability of the comp going forward.

哦，謝謝。關於同店銷售，我還有一個問題；然後我想澄清一下，關於凱西，你的一則評論。所以，就同店銷售而言，您提到了某種服務。我覺得這聽起來像是服務綠色圍裙，如果能把它分解開來，可能也就幾百個基點。或許你可以稍微談談，在考慮競爭因素時，服務、創新和行銷這三者各自佔多大比重。我知道這很難做到，但請考慮一下這項賽事未來發展的可持續性。

Cathy, you mentioned guidance embeds flexibility to, I guess, to identify projects. I interpret that as perhaps investments as well as savings, so I just wanted to make sure I understood, is it plausible that you might find additional investments that you want to make this year in addition to the kind of annualizing the $500 million in the labor model? Thanks.

凱西，你提到指導意見中融入了靈活性，我想，是為了確定專案。我的理解是，這可能既包括投資也包括儲蓄，所以我只是想確認我的理解是否正確，除了將 5 億美元用於勞動力模型之外，您今年是否有可能進行額外的投資？謝謝。

So I'll take the first part of that, and then I can hand it over to Cathy on the second part. So the first part is where you kind of ended your question. It's hard to separate these out, but what I can tell you is a strong operating foundation makes all the other initiatives that much more effective, right? So we would not have had the holiday experience that we had with the innovation that we had if we did not have our partners executing Green Apron Service model.

所以我先完成第一部分，然後第二部分就交給凱西了。所以，第一部分就是你問題最後結束的地方。很難將這些因素區分開來，但我可以告訴你的是，一個強大的營運基礎能夠讓所有其他措施更加有效，對吧？如果沒有合作夥伴執行 Green Apron Service 模式，我們就不會擁有如今這種創新的假日體驗。

And we heard it in the customer feedback, right? The customer feedback was, hey, something's different, and it's different in a good way. I feel the service experience. I love how Mike says this, you're going to see our partners with eyes up. You're going to see our partners moving towards customers. You're going to see our partners wanting to make sure that their craft is being experienced the way it's intended to be experienced.

我們從客戶回饋中也聽到了這一點，對吧？顧客回饋說，嘿，有些東西不一樣了，而且是往好的方向發展了。我感受到了服務體驗。我喜歡麥克說的這句話，你們將會看到我們的夥伴們昂首挺胸。你會看到我們的合作夥伴正向客戶靠攏。你會看到我們的合作夥伴希望確保他們的作品能夠以預期的方式被體驗。

And so we heard it over and over again. We had the lowest level of customer complaints we've seen over the last couple of years. We've also seen that customers felt the speed or the convenience. So I think these are all service things. And then we also heard things like, hey, your menu is much more relevant. It seems more health relevant. It seems more flavor relevant. And so that's a sign that the marketing is working, connecting.

於是我們一遍又一遍地聽到這句話。我們收到了近兩年來最低的客戶投訴量。我們也發現，顧客感受到了速度或便利性。所以我覺得這些都是服務方面的事情。然後我們也聽到這樣的說法：嘿，你們的菜單更貼合實際需求。這似乎與健康更相關。似乎味道方面更相關。所以這顯示行銷是有效的，它能與受眾建立聯繫。

And then also I don't want to walk past the fact we've put seats back into our cafes. We've not put uplifts everywhere, but we've tried everything we can to get at least seats back into all our cafes. And you know what? Every cafe I walk into, guess what? People are sitting in those seats, enjoying a cup of coffee or a beverage, and dwelling. And that's what we want to have happen. Because when you walk into a cafe and grab a mobile order to go, and it's full of seats, you feel better about your purchase decision. You just do.

而且我也不想忽略我們已經在咖啡館裡重新擺放了座椅這個事實。我們沒有在所有地方都安裝電梯，但我們已經盡一切努力讓所有咖啡館至少恢復座位。你知道嗎？我走進的每家咖啡館，你猜怎麼著？人們坐在那些座位上，一邊享用咖啡或飲料，一邊沉思。而這正是我們希望發生的事。因為當你走進一家咖啡館，用手機點餐外帶，而咖啡館裡又滿座時，你會對自己的購買決定感到更加滿意。你只需要這麼做。

And if you're driving through the drive-thru and you see through the window a thriving cafe, I think we all have had these experiences where it's like, well, on Saturday when I'm walking the dog, I'll probably stop by the Starbucks and linger. So it really is working in harmony. It was why it was so important that we get the operating foundation strong, and that then we ultimately dial up the marketing and the menu innovation.

如果你開車經過得來速餐廳，透過窗戶看到一家生意興隆的咖啡館，我想我們都有過這樣的經歷，比如，嗯，星期六我遛狗的時候，可能會順便去星巴克待一會兒。所以它們確實在和諧運作。正因如此，打好營運基礎才顯得尤為重要，然後我們才能最終加大行銷力度，進行菜單創新。

So it's hard to distill it. What I can tell you, though, is the fact that they're both working together is why we're seeing the transaction performance that we're seeing. And then on your question about the cost side, I'll hand it over to Cathy.

所以很難概括它。但我可以告訴你的是，正是因為他們兩人通力合作，我們才看到了目前這樣的交易表現。至於你問到的費用問題，我會交給凱西來回答。

Yeah, good morning, Sara. I look forward to seeing you tomorrow. When we talked about having flexibility, it's really about our first objective is to make sure we're supporting the business. And so we're going to continue to do that in our Back to Starbucks strategy in our plan. And so we want to make sure we've got the right flexibility to do that. You'll hear this again tomorrow, but this is not about broad-based cost cutting. We are making sure we invest in what matters most. And so we want to make sure that we've got that flexibility inside the P&L and our guidance.

早安，薩拉。期待明天見到你。當我們談到靈活性時，實際上是指我們的首要目標是確保我們能夠支持業務發展。因此，在我們的「重返星巴克」策略計畫中，我們將繼續這樣做。因此，我們希望確保我們擁有足夠的靈活性來實現這一點。明天你還會聽到同樣的話，但這並非關乎全面削減成本。我們正在確保將資金投入最重要的事情。因此，我們希望確保損益表和績效指引中具備這種彈性。

Obviously, we've talked about the Green Apron Service investment we're doing. We'll continue to evolve our supply chain, which will have little bits of investment here and there, but we equally see the opportunities for reduction or savings there as well. And all of that's embedded inside of our guidance.

顯然，我們已經討論過我們正在進行的 Green Apron Service 投資。我們將繼續改進我們的供應鏈，其中將涉及一些小的投資，但我們也同樣看到了減少或節省成本的機會。所有這些都包含在我們的指導原則中。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

As I think about the US portfolio, comp growth is often volatile, but the unit growth is more stable in terms of a revenue driver over time. Brian, I think you just mentioned putting more restaurants on corners across the US and being able to still win versus the competition. Just wondering if you could talk conceptually about, one, the rate of re-acceleration in the US; and two, kind of how you think about the opportunity over time. I think last year you mentioned talking about doubling the long-term store counts. I'm just wondering how you think about that, whether there's some sort of penetration analysis that you've done to give you that level of confidence and kind of the cost versus return analysis, any color at least conceptually in terms of the glide path to reacceleration and where you could ultimately get to would be great. Thank you.

就美國投資組合而言，同店銷售成長往往波動較大，但長期來看，銷售成長作為收入驅動因素則較為穩定。布萊恩，我想你剛才提到在美國各地的街角開設更多餐廳，並且仍然能夠在競爭中獲勝。我想請您從概念上談談：第一，美國經濟重新加速的速度；第二，您如何看待隨著時間的推移，經濟所面臨的機會。我記得去年你提到要將長期門市數量翻倍。我只是想知道你對此有何看法，你是否進行過某種滲透分析，從而讓你有如此高的信心，以及成本與回報分析，至少在概念上，從重新加速的路徑以及你最終可能達到的目標方面，任何想法都將非常有用。謝謝。

Yeah, yeah, yeah. Thanks for the question. And obviously, we'll get into a lot more of the details on the new unit growth opportunity, both in the US and around the world tomorrow. What I will say right now, though, is like there are thousands of sites that we've looked at and I've identified right now. There's no barrier on unit growth. Frankly, the issues we needed to address was making sure that we were building the right unit, and we had the people capability to open up those new units successfully.

是啊，是啊，是啊。謝謝你的提問。顯然，明天我們將更詳細地探討在美國和世界各地新的業務成長機會。不過，我現在要說的是，我們已經查看過成千上萬個網站，而且我已經確定了其中的一些。單位成長沒有障礙。坦白說，我們需要解決的問題是確保我們建造的是合適的部門，並且我們有足夠的人員能力來成功開設這些新部門。

And so we put both things in place, right? We're going to have what we're calling now coffeehouse coaches, which are assistant store managers. That's going to be a pipeline to enable new store openings from a people standpoint, right? Because it also creates, I think, a great career path for our partners on their path to becoming a coffeehouse leader. And then it also allows us to have more stability in the system while we add new units versus -- what I saw when I first got here is new units were very disruptive on our people, and we can't have that happen.

所以我們就把這兩件事都安排妥當了，對吧？我們將設立一個我們現在稱為「咖啡館教練」的職位，他們同時也是門市的助理經理。從人員角度來看，這將是一條促進新店開幕的管道，對吧？我認為這也能為我們的合作夥伴創造一條通往咖啡館領導者的良好職業道路。而且，這樣還能讓我們在增加新單位的同時，保持系統的穩定性——我剛到這裡時看到的是，新單位對我們的人員造成了很大的干擾，我們不能讓這種情況發生。

The other thing that we're addressing is the build cost and the actual, I would say, flow that we're going to build. And so I love the new building. We've called it the ristretto. We've got the tall and grande executions on that ristretto. And then we also have a pico version of the ristretto.

我們正在解決的另一個問題是建造成本以及我們將要建立的實際流程。所以，我很喜歡這棟新建築。我們稱之為瑞斯崔朵（ristretto）。我們有高大精緻的濃縮咖啡。此外，我們還有一款小杯裝的ristretto咖啡。

And so I love the fact that we've got flexibility in the size, and we can execute all of our access modes. And then we've got the people capability system set up to also then support the people that you need to open these doors. But we'll get into a lot more of these details tomorrow. I just leave you with there's thousands of opportunities in the US and there are thousands outside the US, and our growth opportunity on new units is exciting.

所以我很高興我們尺寸方面具有靈活性，而且我們可以執行所有訪問模式。然後，我們也建立了人員能力體系，以便為那些需要打開這些大門的人員提供支援。但我們明天會詳細討論這些細節。最後我想說的是，美國有成千上萬個機會，美國以外也有成千上萬個機會，我們在新部門的成長機會令人振奮。

Gregory Francfort, Guggenheim Partners.

格雷戈里‧弗蘭福特，古根漢合夥公司。

Brian, there were some comments, I guess, in the proxy about adding a couple platforms as part of the turnaround efforts. And I guess I'm wondering, where does the menu stand today versus when you got there in terms of either SKU or products? And how much have you cleaned up? And then as you look at holes in the menu, where are you looking to identify opportunities to maybe add back some excitement and some marketing to the customer? Thanks.

布萊恩，我猜代理文件中提到了一些關於增加幾個平台作為扭虧為盈努力的一部分的評論。我想知道的是，就 SKU 或產品而言，現在的菜單與您剛來時相比有什麼不同？你清理了多少？然後，當你審視菜單中的不足之處時，你會尋找哪些機會來重新激發顧客的興趣並進行一些行銷？謝謝。

Yeah, sure. Thanks for the question. Yeah, I believe we've reduced the menu by like 25%. And if you even go back further, we've reduced it even further than that. But based on my time just here, it's probably been a reduction of like 25%, 30%.

當然可以。謝謝你的提問。是的，我認為我們已經減少了大約 25% 的菜單選項。如果再往前追溯，我們已經縮減得更遠了。但根據我在這裡的這段時間來看，可能已經減少了 25% 到 30%。

And then the platforms that we're after are like a health and wellness platform, which we started with protein. You'll continue to see us push against the health and wellness platform going forward. I think there's an afternoon platform both in beverage and in food. And not surprising in beverage, I think it is going to be this personalized energy that can be executed as still, sparkling, and blended. So there's a pipeline for that platform.

然後，我們追求的平台就像一個健康和保健平台，我們最初是從蛋白質領域起步的。接下來，你們將會看到我們繼續抵制健康和保健平台。我認為在飲料和食品方面，下午都有相應的銷售平台。不出所料，在飲料領域，這種個人化的能量將會以靜止飲料、氣泡飲料和混合飲料的形式呈現，這並不奇怪。所以這個平台是有發展管道的。

And then also, just to give you an example, on food, I think there's a real opportunity, not surprising, to make sure we have food for how people want to eat, snackable, protein, fiber, right? These are the things for how people want to eat and reset in their afternoon. So most recently you probably saw us talking about another platform area, which is making the bait case more artisanal. So you're going to see us have pastries that I think you're going to want to eat with your eyes, okay? And that is really the heritage of Starbucks. It is about craft. It's about artisanal. And I think we can do this in bakery. We can do this in what I would call snackable food.

另外，舉個例子來說，關於食物，我認為我們確實有機會確保我們提供的食物符合人們的飲食習慣，例如方便食用、富含蛋白質和纖維的食物，這並不奇怪，對吧？這些是人們希望在下午如何進食和放鬆身心的方式。所以最近你可能看到我們談到了另一個平台領域，那就是讓魚餌盒更具手工質感。所以你們將會看到我們有一些糕點，我想你們會想用眼睛「品嚐」它們，好嗎？而這正是星巴克的真正傳承。這關乎技藝。它關乎匠心。我認為我們可以在烘焙領域做到這一點。我們可以用我稱之為零食的方式來製作。

Obviously, we're already doing it in breakfast. Our egg bites, I think, are iconic. And I think we have the opportunity with these platforms to create more iconic food and beverage. And I think you guys are going to be really excited when you see the customized slash personalized energy platform that really leverages a strength, which is our refreshers platform. So that's what we mean by we want to be building platforms into the business. It's things that we can then innovate against without having to introduce at the same time.

顯然，我們已經在早餐中這樣做了。我認為，我們的雞蛋小吃堪稱經典。我認為我們有機會藉助這些平台創造更多標誌性的食品和飲料。我認為當你們看到真正發揮我們優勢的客製化/個人化能量平台時，你們一定會非常興奮，因為這個平台就是我們的提神醒腦平台。這就是我們所說的，我們希望在業務中建立平台。這樣我們就可以針對這些事物進行創新，而無需同時推出新的事物。

Thank you. Thank you very much.

謝謝。非常感謝。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Congrats on the quarter. I did want to ask about the throughput initiatives. Brian, I think you mentioned you're now below the four-minute promise. Is that where you want to be for Starbucks at this point? Or do you feel like there's more opportunities to improve throughput? And if so, where do you think we can get to over the next year or so? Thanks.

恭喜你本季取得佳績。我想問一下關於吞吐量提升計劃的問題。布萊恩，我想你之前說過你現在已經達不到四分鐘的承諾了。這就是你現在希望星巴克達到的目標嗎？或者您認為還有更多提高吞吐量的機會？如果真是這樣，你認為我們在未來一年左右的時間裡能取得怎樣的進展？謝謝。

Yeah, thanks for the question. Look, we've made great progress on throughput at peak. We still have opportunity on the tails, though. There are still too many occasions throughout the day where we aren't hitting our metric. So there still is opportunity, frankly, to get the entire business, every transaction to be under four minutes. We've not achieved that.

謝謝你的提問。你看，我們在峰值吞吐量方面取得了巨大進展。不過，我們仍然有機會在尾部有所作為。一天中仍然有很多時候我們未能達到指標。所以坦白說，仍然有機會讓整個業務，每一筆交易，都在四分鐘以內完成。我們還沒有實現這個目標。

But what we have achieved is, I think, great performance during peaks, which is really, in my opinion, my experience in this industry, you have excellence at the peaks. You can then win with the shoulders and then ultimately balance of day. That really is kind of what I mean by fine-tuning the model.

但我認為，我們所取得的成就是，在高峰期表現出色，這確實是我在這個行業的經驗，在高峰期表現卓越。然後你就可以憑藉肩膀的力量贏得比賽，最終掌控比賽的走向。這就是我所說的對模型進行微調的意思。

And I think one of the things that is crystal clear to us is there is demand when we can get the speed and convenience right, as evidenced by getting more standard opening hours. All our stores now are pretty much opening at 5 AM. And you know what? I wouldn't be surprised if 5 AM becomes 4:30 AM because of the throughput and the experience that we provide. It's just a matter of time. And we'll earn our way into that.

我認為我們非常清楚的一點是，當我們能夠提供速度和便利性時，就會有市場需求，這一點可以從更標準的營業時間來證明。我們現在所有門市基本上都是早上5點開門。你知道嗎？如果因為我們提供的服務量和體驗，早上 5 點變成早上 4 點 30 分，我不會感到驚訝。這只是時間問題。我們會憑藉自己的努力贏得那個機會。

And then the other thing I will tell you, too, is our teams are just getting more reps. The more reps they get, the better we perform. And then you see that in, I think, the 650 stores that are part of the lead pilot. And then you also see that, frankly, in our Grow program. And having our teams really focus in on just a couple key metrics that are in their control really is a big unlock. It eliminates a lot of the complexity, eliminates a lot of the noise, and it allows them to focus on great craft, great speed, and ultimately great experiences.

還有一點我要告訴你們，那就是我們的團隊正在獲得更多的訓練機會。他們練習的次數越多，我們的表現就越好。然後，我認為，在參與試點計畫的 650 家門市中，你就能看到這一點。坦白說，在我們的成長計畫中也能看到這一點。讓我們的團隊真正專注於幾個他們能夠掌控的關鍵指標，這確實是一個很大的突破。它消除了許多複雜性，消除了許多噪音，使他們能夠專注於精湛的工藝、極快的速度，並最終帶來極佳的體驗。

So there's still lots of upside in our mobile order pickup business, our cafe business, our drive-thru business. And I didn't really talk about this much, but we've also got a really nice emerging delivery business. So we just gotta get our Green Apron Service labor model dialed in, get our teams the reps that they need with stability, and then keep with consistent metrics so that they know when they perform, they're recognized for their performance accordingly.

因此，我們的行動訂單取餐業務、咖啡館業務和免下車取餐業務仍然有很大的發展空間。我之前沒怎麼提到過，但我們還有一個非常好的、正在蓬勃發展的配送業務。所以，我們只需要把 Green Apron Service 的勞動力模式調整好，讓我們的團隊獲得穩定所需的代表，然後保持一致的指標，這樣他們就知道當他們表現出色時，他們的表現會得到相應的認可。

So I think Mike and the team, and you'll hear more about this tomorrow at Investor Day, have a great plan for how we unlock the demand that Starbucks has.

所以我認為麥克和他的團隊（明天在投資者日上你會聽到更多相關消息）有一個很棒的計劃，可以釋放星巴克的需求。

Thank you.

謝謝。

Zach Fadem, Wells Fargo.

札克法德姆，富國銀行。

Brian and Cathy, is there any color you can offer on the magnitude of operating margin performance in the first half of the year versus the second half? You mentioned about a third of the pressure today related to product and distribution inflation. Is there a glide path in your mind in terms of these pressures rolling off?

Brian 和 Cathy，你們能否就今年上半年和下半年的營業利潤率表現幅度提供一些見解？您提到，目前大約三分之一的壓力與產品和分銷管道的通膨有關。你心中是否有一個應對這些壓力逐漸消退的預期路徑？

Yeah, I'll start, and maybe I can let Cathy fill in. I think you heard Cathy say some of the inflation, specifically coffee and the tariff headwinds, start to peak here in Q2, and we start rolling off of it into the back half, as well as we start to roll over the initial big investment into our Green Apron Service model, and then compound that with we've got a very conscious effort on cost, which is this $2 billion program over the next two or three years. So I obviously envision that earnings will continue to pick up as we maintain the top-line momentum that we have. But Cathy, I don't know if you want to add anything.

好的，我先開始，也許可以讓凱西替我。我想你聽凱西說過，一些通膨因素，特別是咖啡價格和關稅帶來的不利影響，在第二季度開始達到頂峰，然後我們將在下半年開始逐步緩解，同時我們也開始逐步恢復對綠色圍裙服務模式的初始巨額投資，再加上我們非常注重成本控制，這項計劃將在未來兩到三年內投入 20 億美元。因此，我預計隨著我們保持目前的營收成長勢頭，獲利也將繼續成長。但凱茜，我不知道你是否還有什麼要補充的。

Yeah, Brian hit really kind of the four big ones. We've got the anniversary of the investment in Green Apron Service, which you talked about, that'll -- we get anniversarying it by the fourth quarter. The savings program that we've got in place while we've been working hard and at speed, a lot of that starts to come to fruition beyond some of the restructuring we already did, comes to fruition toward the back half of the year.

是的，布萊恩確實投進了那四個關鍵球。我們即將迎來對 Green Apron Service 的投資週年紀念日，正如你剛才提到的，我們將在第四季度慶祝這一周年紀念日。我們一直在努力快速地推動儲蓄計劃，而我們實施的許多儲蓄計劃，除了我們已經進行的一些重組之外，還將在今年下半年取得一些成果。

And then the tariff on coffee, we do expect to abate in Q3 and Q4. And then the most important one is the sales leverage, just to make sure that we continue to drive the top line like we expect. So all of that will weight it a little bit more to the back half of the year.

至於咖啡關稅，我們預計會在第三季和第四季有所下降。而最重要的就是銷售槓桿，以確保我們能夠繼續像預期那樣推動營收成長。所以所有這些因素都會讓下半年的情況更加突出。

Appreciate the time. See you tomorrow.

感謝您抽出時間。明天見。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

I'm excited to see that you're focusing even more on health and wellness platform. And I was wondering if you can, Brian, start to dimensionalize a little bit how much of the shift in menu and extension of your menu could be contributing to your comps going forward. Specifically, if you can comment on how much the protein beverages line up is mixing today and what's your expectations as it grows over time and potentially how other platforms will complement that. Thank you.

我很高興看到你們更加重視健康和保健平台。布萊恩，我想知道你是否可以分析一下，菜單的調整和擴展在多大程度上會對你未來的比賽結果產生影響。具體來說，您能否評論一下目前蛋白質飲料市場的混合程度，以及您對它未來發展前景的預期，並談談其他平台可能會如何與之互補。謝謝。

Yeah, thanks for the question. So we launched the protein platform back in early Q1. And what I'm happy to say is here in Q2, as we -- not surprising, revisited the platform in January, we saw a nice recommitment to the platform from customers. So it is one of those examples of being very much on trend with how people want to eat and drink, and this is a platform that I think was going to continue to build for us. As a matter of fact, I might have started my day with a vanilla protein latte.

謝謝你的提問。所以我們在第一季初推出了蛋白質平台。我很高興地告訴大家，在第二季度，正如我們在1月份重新審視該平台時所看到的那樣（這並不奇怪），我們看到了客戶對該平台的良好重新投入。所以，這正是順應人們飲食潮流的一個例子，而且我認為，我們將繼續打造這樣一個平台。事實上，我今天早上可能喝了一杯香草蛋白拿鐵。

But look, the thing that is most exciting is customers, when they experience it, they really like it. Awareness is still pretty surprisingly low, but the trial and the repeat rates are really, really great. So meaning when someone tries it, we see a high level of repeat, and it is proven to be highly incremental. So this is one we wouldn't keep doing. And as I said, the thing I always love is you don't want to launch and leave things. You want to launch and leverage things. And that's exactly what we saw with our protein platform in January.

但是，最令人興奮的是顧客，當他們體驗到它時，他們真的很喜歡它。雖然人們的認知度仍然相當低，但試用率和復購率都非常非常高。所以，當有人嘗試之後，我們看到重複率很高，並且證明它具有很高的增量作用。所以這件事我們不會再繼續做了。正如我所說，我一直很喜歡的一點是，你不想啟動專案後就撒手不管。你想推出並利用一些東西。而這正是我們在1月的蛋白質平台上看到的情況。

Maybe I'd add just two more things really quickly that we're excited about for protein is it's we have seen it's a traffic driver, meaning it's the intention of why the customer is coming in. So that's getting us to access new customers or at least new occasions.

我可能還要快速補充兩點，我們對蛋白質感到興奮，因為我們已經看到它是流量驅動因素，這意味著它是顧客進店的意圖。這樣一來，我們就能接觸到新客戶，或至少能創造新的商機。

And then the other thing is that maybe has been a little surprising is the popularity of the cold foam and protein in the cold foam. It's a great way to get that extra 15 grams or so of protein for our customers, and you can put it pretty much on every single drink. And so I think those have been maybe two of the positives or highlights we found out of the protein launch.

還有一點可能有點出乎意料，那就是冷泡芙和冷泡芙中的蛋白質非常受歡迎。這是為我們的顧客補充額外約 15 克蛋白質的好方法，幾乎可以添加到每種飲料中。所以我覺得這大概是我們從蛋白質產品發布中發現的兩個積極方面或亮點。

Great. Thank you.

偉大的。謝謝。

Christopher O'Cull, Stifel.

克里斯托弗·奧庫爾，斯蒂費爾。

Brian, I know you mentioned you aren't taking your foot off the gas in terms of broad-based marketing. Could you just elaborate on how instrumental that's been in turning the tide for non-Rewards customers?

布萊恩，我知道你說過你不會放鬆對大範圍行銷的投入。您能否詳細說明一下，這對於扭轉非獎勵計劃客戶的情況起到了多麼重要的作用？

And then, Cathy, as you look at the 420 basis points margin of attraction in North America, how much of this marketing step-up should we kind of model as a permanent rebasing of G&A OpEx line versus maybe a temporary marketing turnaround costs?

凱西，當你看到北美市場 420 個基點的吸引力優勢時，我們應該將這部分行銷投入的多少視為 G&A 營運支出的永久性調整，還是視為暫時的行銷轉型成本？

Yeah, so I'll start, and then I'll hand it over to Cathy. The marketing, I think, has done a great job of getting the brand back in front of all of our customers. And the metrics that we track, right, are brand affinity, the trust. And we're seeing all those metrics move up. We're also seeing our brand value scores move up.

好的，那我先開始，然後交給凱西。我認為，行銷做得非常出色，讓品牌重新回到了所有客戶面前。我們追蹤的指標是品牌親和力和信任度。我們看到所有這些指標都在上升。我們的品牌價值評分也在上升。

And what I ultimately say is, like, it's one thing to see what people are claiming. It's another thing to see it in their behavior. And what I'm seeing in their behavior is every age cohort has increased their visitation with Starbucks over the last couple months. And so that just demonstrates to me that we're doing a great job of making the brand relevant, making the brand a leader, and making the brand one that innovates on the right things at the right time so that people want to engage with Starbucks.

我最終想說的是，看看人們聲稱什麼，那是一回事。但從他們的行為看出來又是另一回事了。我從他們的行為中觀察到，在過去的幾個月裡，各個年齡層的人光顧星巴克的次數都有所增加。這向我證明，我們在使品牌與時俱進、使品牌成為領導者、使品牌在正確的時間對正確的事物進行創新方面做得非常出色，從而讓人們想要與星巴克互動。

And so I really have to give Tressie and the team a lot of credit, both our digital efforts, our personalization efforts, our menu innovation efforts, and I think just I don't know if you've seen the most recent ad, the Together ad that we have running. Personally, it's one of my favorites.

所以，我真的要好好表揚一下 Tressie 和她的團隊，包括我們的數位化努力、個人化努力、菜單創新努力，還有，我不知道你們有沒有看過我們最近投放的「Together」廣告。就我個人而言，這是我最喜歡的電影之一。

It makes you feel good about the brand. It makes you start to see the soul of the brand, and I think that's what we're bringing back, and that's what I mean by the shine of Starbucks is back, the soul, the feeling, the emotion that you get when you get to have a moment to connect with humanity. And I think people want it, and when we get it right, people love it. And we're seeing that happen, that that's relevant with every age group and every income group.

這會讓你對這個品牌產生好感。它讓你開始看到品牌的靈魂，我認為這就是我們正在帶回來的，這就是我所說的星巴克的光芒回歸了——靈魂、感覺、情感，當你有機會與人類建立聯繫時所感受到的那種情感。我認為人們想要它，當我們把它做好時，人們會喜歡它。我們看到這種情況正在發生，而且這種情況與各個年齡層和各個收入群體都相關。

How we think about our investment in marketing is we looked at our total spend looking at discounts as well, and those were not quite as effective. So we've taken some money and repurposed it into marketing. What I can tell you is this. We believe that that's an ongoing expense. We think it's an important investment in the brand. So that is something you should continue, but it's all included in our guidance. But we really have just reallocated some of the less effective discounts into far more effective marketing dollars.

我們對行銷投資的看法是，我們查看了總支出，也考慮了折扣，但折扣的效果並不理想。所以我們把一部分資金重新投入行銷。我可以告訴你的是…我們認為這是一項持續的開銷。我們認為這是對品牌的重要投資。所以這是你應該繼續做的事情，但所有這些都包含在我們的指導方針中。但我們實際上只是將一些效果較差的折扣重新分配到了更有效的行銷資金中。

Thanks, guys.

謝謝各位。

Thank you. That was our last question, so I'll now turn the call back over to Brian Niccol for closing remarks.

謝謝。這是我們的最後一個問題，現在我將把電話交還給布萊恩·尼科爾，請他做總結發言。

Yeah, thank you. And thanks, everybody, for the questions. And I really do look forward to seeing hopefully everybody at our Investor Day tomorrow. The long-term plan that we have in place is one that I am really excited about, and I think you'll see our executive team and our leadership team share the growth story that we have in front of us.

是啊，謝謝。謝謝大家的提問。我非常期待明天能在我們的投資者日上見到大家。我對我們所製定的長期計畫感到非常興奮，我相信你們將會看到我們的執行團隊和領導團隊分享我們眼前的成長故事。

I do want to just leave you with a few things. Obviously, we are very delighted with where we are on the top line, and we believe we're going to continue to drive that momentum, and then the earnings will obviously come behind it. And I also want to emphasize, in any turnaround, the path is never linear. But I do believe we've got the right plans, the right team, and the right focus going forward. And our Back to Starbucks plan really is the strategic currency of our turnaround.

最後，我還想留給你們幾點建議。顯然，我們對目前的營收狀況非常滿意，我們相信將繼續保持這種成長勢頭，獲利自然也會隨之而來。我還要強調，在任何轉型過程中，道路都不是直線的。但我相信我們已經有了正確的計畫、正確的團隊和正確的方向。我們的「重返星巴克」計劃，實際上是我們扭轉局面的戰略核心。

And I really do want to thank our partners, both in the stores and in our support centers, because they really are the foundation of the progress and the performance that we're achieving. So I couldn't be more excited for them and the Starbucks company to be able to have the shine back, and I couldn't be more excited to share our story with everyone tomorrow at Investor Day on our long-term plans for continued growth and just how much opportunity there is for Starbucks not just in the US but around the world.

我真心感謝我們的合作夥伴，包括門市員工和支援中心的員工，因為他們是我們進步和表現的真正基礎。因此，我為他們和星巴克公司重獲光彩感到無比興奮，我也無比激動地期待著明天在投資者日上與大家分享我們的故事，講述我們持續增長的長期計劃，以及星巴克不僅在美國，而且在全世界都擁有多麼大的發展機會。

So thank you, and look forward to seeing everybody tomorrow.

謝謝大家，期待明天見到大家。

Thank you. This does conclude Starbucks first-quarter fiscal year 2026 conference call. You may now disconnect.

謝謝。星巴克2026財年第一季電話會議到此結束。您現在可以斷開連線了。