星巴克 (SBUX) 2026 Q3 法說會逐字稿

Good afternoon, and welcome to Starbucks third quarter fiscal year 2026 earnings call. (Operator Instructions) I will now turn the call over to Catherine Park, Vice President of Investor Relations. Ms. Park, you may now begin your conference.

下午好，歡迎參加星巴克 2026 會計年度第三季財報電話會議。(接線員指示) 現在我將把電話交給投資人關係副總裁 Catherine Park。Park 女士，您現在可以開始會議。

Good afternoon and thank you for joining us today to discuss Starbucks third 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.

下午好，感謝各位今天加入我們，一同討論星巴克 2026 會計年度第三季業績。今天的討論將由董事長兼執行長 Brian Niccol，以及執行副總裁兼財務長 Cathy Smith 主持。

This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factors discussed in our filings with the SEC. 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，該等陳述受各種風險與不確定性影響，可能導致我們的實際結果與這些陳述有所差異。任何此類陳述均應結合我們財報新聞稿中的警示性聲明，以及我們向美國證券交易委員會（SEC）提交文件中所討論的風險因素一併考量。星巴克不承擔更新任何前瞻性陳述或資訊的義務。

Revenue, operating margin and EPS growth metrics referenced on today's call are non-GAAP and measured in constant currency. All other metrics referenced on today's call are non-GAAP. 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.

今日電話會議中提及的營收、營業利益率與每股盈餘（EPS）成長指標為非 GAAP 指標，並以固定匯率衡量。今日電話會議中提及的其他所有指標亦為非 GAAP 指標。請參閱財報新聞稿，以及我們在 investor.starbucks.com 的網站，以取得這些非 GAAP 指標與相對應 GAAP 指標之調節表，以及補充財務資訊。

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, September 11, 2026. And for your calendar planning purposes, please note that our fourth quarter fiscal year 2026 earnings conference call is tentatively scheduled for Thursday, October 29, 2026.

本次電話會議將以網路直播方式進行，直播存檔將於 2026 年 9 月 11 日（星期五）前在我們的網站上提供。另供各位行事曆規劃參考，我們 2026 會計年度第四季財報電話會議暫定於 2026 年 10 月 29 日（星期四）舉行。

I'll now turn the call over to Brian.

現在我把電話交給 Brian。

Good afternoon, and thanks for joining. Before I begin, I want to acknowledge the devastating earthquake in Japan. We're grateful that all our partners are safe, and our thoughts are with all those affected. For more than 30 years, we've been part of communities across Japan, and we'll be there to support them as they recover.

下午好，感謝各位加入。在我開始之前，我想先提及日本發生的毀滅性地震。我們很感恩所有夥伴都平安無事，也向所有受影響的人致上關懷。三十多年來，我們一直是日本各地社區的一份子，我們也將在他們復原的過程中提供支持。

So now turning to our results for the quarter. In Q3, we delivered our fourth consecutive quarter of positive global comps and our second consecutive quarter of consolidated margin growth. It's clear proof that our back to Starbucks plan is working. Starbucks mission was built on a simple belief, an extraordinary cup of coffee, human connection and a great customer experience matter. Our strong third quarter proves this enduring truth delivers enduring results.

接著談本季業績。在第三季，我們達成全球同店銷售連續第四季成長為正，且合併毛利率（margin）連續第二季成長。這清楚證明我們的「回到星巴克」計畫正在奏效。星巴克的使命建立在一個簡單的信念之上：一杯非凡的咖啡、人與人之間的連結，以及卓越的顧客體驗都很重要。我們強勁的第三季表現證明，這個長久不變的真理能帶來長久的成果。

We bring this truth to life in our coffee houses every day through an experience that engages the census, celebrates the craft of coffee and brings people together. It's in the aroma of fresh ground coffee that greets you at the door, the symphony of sounds of a drink being handcrafted, the pride our partners have when they put on the green apron.

我們每天在門市把這個信念化為現實：透過一種能喚起感官、讚頌咖啡工藝並凝聚人們的體驗。那體現在一進門迎面而來的新鮮研磨咖啡香氣、飲品手工製作時交織成的聲響交響曲，以及夥伴穿上綠色圍裙時的自豪感。

It's the moment of connection between a barista and a customer. It's the smile on their face at the first sip and the feeling of belonging that follows. It's about every detail coming together to create an experience that feels distinctly Starbucks. That's the magic of the third place. It's a human need only we can fulfill and a community only Starbucks can create.

那是咖啡師與顧客之間連結的瞬間。那是第一口啜飲時臉上的微笑，以及隨之而來的歸屬感。這關乎每一個細節的匯聚，打造出一種明確屬於星巴克的體驗。這就是「第三空間」的魔力。這是一種只有我們能滿足的人類需求，也是只有星巴克能創造的社群。

We're reclaiming it, one customer, one cup, one coffee house at a time, and we're on our way to becoming the world's greatest customer service company. This is the Starbucks that's taking shape, one that's true to itself, built to perform consistently year after year, and our third quarter results and performance this year give us the confidence to raise our full year 2026 guidance.

我們正一步一步把它找回來——一次一位顧客、一次一杯飲品、一次一家門市——並正走在成為全球最卓越顧客服務公司的路上。這個正在成形的星巴克，忠於自我、具備年復一年穩定表現的能力；而我們今年第三季的業績與表現，讓我們有信心上調 2026 全年財測指引。

Let's start with the financial highlights. In Q3, consolidated net revenues were $9.3 billion, led by sequentially improving global comp growth of 7.9%. Consolidated operating margin expanded 430 basis points year-over-year to 14.4%, and earnings per share grew 70% year-over-year to $0.85. North America continued to lead our performance in the quarter, company-operated comparable sales increased 8.1%, and licensed Coffee House net revenues were roughly flat despite net closures in the quarter. We also reached a milestone with North America operating margin growing year-over-year for the first time since Q1 fiscal 2024.

先從財務重點開始。第三季合併淨營收為 93 億美元，主要受全球同店銷售成長 7.9%（較前季改善）帶動。合併營業利益率年增 430 個基點至 14.4%，每股盈餘年增 70% 至 0.85 美元。北美在本季持續領先表現，自營門市同店銷售成長 8.1%；而授權門市的 Coffee House 淨營收在本季淨關店的情況下仍大致持平。我們也達成一項里程碑：北美營業利益率自 2024 會計年度第一季以來首次出現年增。

This was driven by operational improvements across both our company-operated and licensed businesses. Bringing down our performance further. In the US, comps were up 7.9%, driven by balanced transaction and ticket growth. And in Canada, comps were even stronger. International company-operated comparable sales grew 5.7%, driven by continued strength in Japan and the UK.

這主要來自我們在自營與授權業務兩方面的營運改善。進一步拆解我們的表現。在美國，同店銷售成長 7.9%，由交易量與客單價的均衡成長所帶動。在加拿大，同店表現更為強勁。國際自營門市同店銷售成長 5.7%，主要受日本與英國持續強勁所帶動。

International licensed store revenues grew year-over-year, and in total, our international business posted its sixth consecutive quarter of positive system-wide comps underscoring our global relevance and the power of our diversified portfolio across 90 markets.

國際授權門市營收年增；整體而言，我們的國際業務系統同店銷售已連續第六季成長為正，凸顯我們的全球相關性，以及我們在 90 個市場的多元化組合所展現的力量。

Our operational discipline and cost savings work are making us a more focused, nimble company that prioritizes better spend smarter and invest with intent. We're now seeing the benefits of that work. And as our revenues grow, more is flowing through to earnings. We said we would drive sales growth first and earnings would follow. Our results show we're walking the talk. We're on the right path, and we remain ahead of schedule.

我們的營運紀律與成本節省工作，正讓我們成為一家更聚焦、更敏捷的公司，優先做到「花得更好、花得更聰明」，並以明確目的進行投資。我們現在正看到這些工作的效益。隨著營收成長，更多成果正轉化為獲利。我們曾表示會先推動銷售成長，獲利將隨之而來。我們的結果顯示我們說到做到。我們走在正確的道路上，而且進度仍領先於原先規劃。

Now let me turn to the progress we've made across the business, driven by our back to Starbucks plan. First, we continue to fine-tune our Coffee House operations to sustain momentum and perform with more consistency at scale. This August marks one year since we launched Green Apron Service and has become the operating foundation of back to Starbucks. We gave ownership and accountability back to Coffee House leaders. We invested in the tools, our standards and coaching our partners need to deliver with consistency, and we made it clear what great looks like.

接下來我談談在「回到星巴克」計畫帶動下，我們在各項業務上的進展。首先，我們持續微調門市營運，以維持動能，並在規模化下更一致地表現。今年 8 月是我們推出「綠圍裙服務」（Green Apron Service）滿一週年，它已成為「回到星巴克」的營運基礎。我們把所有權與責任歸還給門市領導者。我們投資於工具、標準，以及夥伴所需的教練與輔導，以一致地交付成果，並清楚界定何謂卓越。

Our focus on Green Apron Service has been a real game changer for our business. It's given us a platform to fix the operational issues we faced. It's helped us reset expectations, refocus on the customer and remove barriers to growth. That progress is evident in our simplified Grow Coffee House reporting and ranking system. Across North America, two third of our company-operated coffee houses are now at four or more shots up more than 5 points quarter-over-quarter and more than 40 points since it launched last October.

我們對「綠圍裙服務」的聚焦，確實為業務帶來了顛覆性的改變。它為我們提供了一個平台，去修正我們面臨的營運問題。它幫助我們重設期待、重新聚焦顧客，並移除成長障礙。這些進展也反映在我們簡化後的 Grow Coffee House 報告與排名系統中。在北美，自營門市中已有三分之二達到 4 顆星或以上，較前一季提升超過 5 個百分點，較去年 10 月推出以來提升超過 40 個百分點。

We're also getting sharper in how our coffee houses run. Smart Queue is getting smarter as we optimize for greater accuracy and speed. On average, we achieved target service times across every access point in Q3, even with transaction growth across dayparts.

我們也在門市營運方式上變得更精準。隨著我們針對更高的準確度與速度進行最佳化，Smart Queue 也變得更聰明。第三季平均而言，即使各時段交易量成長，我們仍在每個取餐/下單接觸點都達成目標服務時間。

Our supply chain work is creating a better and more predictable experience for our customers, more Coffee House ownership better customer-focused ordering guidance, improved reporting and expanded daily delivery are all working together to get the right product to the right coffee house at the right time. It's improving our food availability rate, which is close to 99% today, that's about 10 points better than it was just a year ago. Our Coffee House leadership is more stable, too. In the third quarter, the percentage of North American Coffee House leaders who have been in role for two years or more improved by about 7 points year-over-year.

我們在供應鏈方面的工作，正為顧客創造更好且更可預期的體驗；更多門市端的所有權、更以顧客為中心的訂貨指引、改善後的報表，以及擴大的每日配送，正共同作用，確保在正確的時間把正確的產品送到正確的門市。這正在提升我們的食品可供應率，目前接近 99%，比一年前約提升 10 個百分點。我們的門市領導團隊也更穩定。在第三季，北美門市領導者中任職滿兩年或以上的比例，年增約 7 個百分點。

That's important because we've seen coffee as leisure stability is highly correlated to store performance. Internal hiring for retail leadership, including coffee house coaches, is up year-over-year as well. That creates more development pathways for partners and gives our Coffee House teams the continuity they need to execute consistently.

這很重要，因為我們看到咖啡館的休閒穩定性與門市績效高度相關。零售領導職（包括咖啡館教練）的內部晉升也較去年同期增加。這為夥伴創造更多發展途徑，並讓我們的咖啡館團隊具備持續性，以一致地落實執行。

We also built on our long-standing efforts to ensure partners share our success, launching the best of Starbucks Reward at the close of the quarter. This new incentive allows eligible Green Apron partners the opportunity to turn up to $300 per quarter for meeting Coffee House performance goals across sales, operations and customer service.

我們也延續長期以來確保夥伴能分享我們成功的努力，並在本季末推出 Starbucks Rewards 的最佳方案。這項新獎勵讓符合資格的綠圍裙夥伴，若達成涵蓋銷售、營運與顧客服務的咖啡館績效目標，每季最高可獲得 300 美元。

Looking forward, we're focused on delivering exceptional service with speed. When we get it right, customers feel it in their experience. We earn trust with every cup served, and we become more than just a great coffee company we become the place where people connect and the gold standard for customer service.

展望未來，我們專注於以更快速度提供卓越服務。當我們做對時，顧客會在體驗中真切感受到。每一杯端出的咖啡都在累積信任，而我們也不只是優秀的咖啡公司——我們會成為人們連結交流的所在，以及顧客服務的黃金標準。

Second, our brand continues to become more visible, relevant and loved, brand affinity, consideration and purchase intent were all at five year highs in the quarter and customer connection on significantly year-over-year. Customers continue to see worth and value in their Starbucks purchase, and we see it in how they behave.

第二，我們的品牌持續變得更可見、更貼近、更受喜愛；本季品牌好感度、考慮度與購買意圖皆創下五年新高，顧客連結也顯著較去年同期提升。顧客持續在星巴克的消費中看見值得與價值，我們也從他們的行為表現中看得出來。

Sales growth in Q3 was broad-based across generations and income groups and across both Starbucks Rewards members and nonmembers even with the continued pressure on US consumer sentiment. Marketing and innovation helped drive that resilience. We built a strong innovation pipeline anchored in customer rituals and amplified by cultural moments. Refreshers remained a standout platform for us in Q3, delivering double-digit year-over-year revenue growth in the US and customizable energy refreshers, blue coconut and Mango kept customers engaged expanded the platform to new occasions and gave them more reasons to visit throughout the day.

即使美國消費者信心仍承壓，第三季的銷售成長仍在各世代與各收入族群，以及 Starbucks Rewards 會員與非會員之間全面擴散。行銷與創新推動了這份韌性。我們建立了強健的創新管線，以顧客日常儀式為核心，並由文化時刻放大聲量。Refreshers 在第三季仍是我們的亮點平台，在美國帶來兩位數的年增營收成長；可客製化的能量 Refreshers、藍椰子與芒果口味讓顧客持續投入，將平台延伸到更多情境，並提供他們在一天不同時段造訪的更多理由。

Our marketing team has done a great job putting us back in front of culture, from Cochella and Soccer Captain Cup Sleeves to a Miffy merch drop in our viral Pink Bearistas, we're creating moments that people notice, talk about and want to be a part of. Starbucks Rewards is reinforcing the daily ritual and building more connection with customers. We now have 35.8 million 90-day active members in the US it's only been 4 months since we launched our new program, and we're already seeing members leveling up from green to gold and gold to reserve. The program also gives us more ways to directly engage with customers and turn a visit into a routine.

我們的行銷團隊在讓品牌重回文化焦點方面做得非常出色——從 Cochella 與 Soccer Captain Cup Sleeves，到 Miffy 周邊上架，以及爆紅的粉紅 Bearistas，我們正在創造讓人注意、討論並想參與其中的時刻。Starbucks Rewards 正在強化每日儀式感，並與顧客建立更深連結。美國目前有 3,580 萬名 90 天活躍會員；新方案推出才 4 個月，我們已看到會員從綠等級升到金等級、從金等級升到 Reserve。該方案也讓我們有更多方式直接與顧客互動，並把一次造訪轉化為日常習慣。

Pre-mod Monday is a great example one in three members who tried a new modification through this benefit reordered it in subsequent weeks. In the US, we also provided Starbucks Reward members early access to our Smoore's coffee lineup. Highlighting the value of being a member. Smarter's beverages are resonating particularly well at Gen Z customers and are tracking as our strongest summer coffee LTO launch in the past several years. Taken together, our brand flywheel is working. We're creating experiences people are excited about, turning engagement into rituals and deepening customer connection that fuels long-term growth.

Pre-mod Monday 就是一個很好的例子——每三位透過此福利嘗試新客製化調整的會員中，就有一位在接下來幾週再次回購同樣的調整。在美國，我們也讓 Starbucks Rewards 會員可優先體驗我們的 Smoore's 咖啡系列。凸顯成為會員的價值。Smarter's 飲品特別受到 Z 世代顧客共鳴，並且是我們近幾年最強勢的夏季咖啡限時推出（LTO）上市表現。綜合來看，我們的品牌飛輪正在運轉。我們打造讓人興奮的體驗，把互動轉化為儀式，並深化顧客連結，進而驅動長期成長。

Third, we continue to improve the third place experience with Coffee House uplift, adding back warmth, texture and great seats at a fraction of the cost of earlier remodels. In Q3, we surpassed 1,000 total uplifts across North America, reaching our fiscal 2026 goal ahead of plan. Early data from uplifted coffee houses show transaction lift across access points, dayparts, formats and customer segments. In short, we like what we're seeing, and they're proving to be a strong brand halo.

第三，我們持續透過咖啡館升級（Coffee House uplift）改善「第三空間」體驗，以早期改裝成本的一小部分，重新加入溫度、質感與更好的座位。在第三季，我們在北美的升級門市總數突破 1,000 家，提前達成原定於 2026 財年的目標。升級後咖啡館的早期數據顯示，在各接觸點、各時段、各店型與各顧客族群皆出現交易量提升。簡而言之，我們喜歡目前看到的結果，而且它們正證明能帶來強勁的品牌光環效應。

That's why we're accelerating our pace with the intention of completing at least 1,500 uplifts by fiscal year-end 2026 and accelerating further in fiscal 2027. Turning to international. We continue to position Starbucks as a world-class global licensor with our China business now under the new joint venture, about 90% of our international portfolio is now managed through a license structure. This gives us a capital-light model that lets us scale our brand with discipline through strong local partnerships. We're taking learnings from our North America license business to evolve how our international model works.

因此，我們正在加快步伐，目標是在 2026 財年年底前至少完成 1,500 家升級，並在 2027 財年進一步加速。接著談國際市場。隨著中國業務現已納入新的合資企業，我們持續將星巴克定位為世界級的全球授權商；目前約 90% 的國際組合已透過授權架構管理。這讓我們採取輕資本模式，能透過強大的在地合作夥伴，以紀律性擴張品牌規模。我們也正把北美授權業務的經驗，運用到國際模式的演進上。

These changes allow us to better reinforce brand standards, financial discipline and shared accountability to our growth system and create a more consistent unified performance management lens across our coffee house portfolio. We're also reshaping our international support organization around our vision. We see international as a capital-efficient way to build our brand around the world. and we're building the structure to support that opportunity and help our license business partners grow with us.

這些調整讓我們能更好地強化品牌標準、財務紀律，以及對成長體系的共同責任，並在整體咖啡館組合中建立更一致、統一的績效管理視角。我們也正依據願景重塑國際支援組織。我們將國際市場視為以資本效率在全球打造品牌的方式，並建立相應架構以支援這項機會，協助我們的授權合作夥伴與我們一同成長。

Looking ahead, as the business continues to strengthen, we have a clear view of where we're performing well, where we can move even faster and where there are outliers that require our focus. In our Coffee Houses, we'll keep raising the bar by unlocking more throughput, driving a better customer experience and supporting our Green Apron partners who bring it to life. Across branded menu, we will keep showing up in ways that are true to Starbucks.

展望未來，隨著業務持續走強，我們清楚知道哪些地方表現良好、哪些地方可以更快推進，以及哪些異常點需要我們聚焦。在咖啡館端，我們將持續提高標準，釋放更多產能、帶動更佳的顧客體驗，並支持讓一切成真的綠圍裙夥伴。在品牌菜單方面，我們將持續以符合星巴克本色的方式出現。

We're finishing the summer season with a strong menu lineup that includes blended refreshers, our legendary Unicorn Frappuccino and new Orange Cream beverages and we'll begin testing sparkling beverages in select markets. We'll mark the return of a fall with our iconic Pumpkin Spice Latte and kick off the holidays with our fan favorite, Peppermint Mocha and we'll keep driving Fandom with a steady pace of buzzworthy merch launches and continued innovation season after season.

我們將以強勁的菜單陣容為夏季收尾，包括冰沙型 Refreshers、我們傳奇的獨角獸星冰樂（Unicorn Frappuccino）以及全新的橙子奶霜飲品，並將在部分市場開始測試氣泡飲品。我們也將以經典的南瓜香料拿鐵（Pumpkin Spice Latte）迎接秋季回歸，並以粉絲最愛的薄荷摩卡（Peppermint Mocha）揭開假期序幕；同時，我們會透過穩定節奏推出話題周邊商品與持續創新，一季接一季地推動粉絲熱度（Fandom）。

In supply chain, we will continue scaling daily delivery and testing a 24-hour operating clock to improve speed availability and reliability. And in technology, fiscal 2027 will be an important modernization year with new inventory ordering, staffing and scheduling and point-of-sale systems to improve execution and make our coffee houses easier to run. Finally, we're applying more discipline to how we grow our global footprint. We remain excited about the white space for new coffee in the US and around the world, and we're making sure every new coffee house we open earns its place.

在供應鏈方面，我們將持續擴大每日配送規模，並測試 24 小時運作時鐘，以提升速度、可得性與可靠性。在科技方面，2027 財年將是重要的現代化年度，將導入新的庫存訂購、人力配置與排班，以及銷售點（POS）系統，以改善執行力並讓咖啡館更易於營運。最後，我們將以更高紀律來推進全球版圖成長。我們仍對美國及全球新開咖啡館的市場空白充滿期待，並確保每一家新開的咖啡館都能「名副其實」、值得它的位置。

We've developed and globally tested new coffee house prototypes that meet our expectations for accelerating international unit growth, and we're applying those learnings to shape our development approach in the US as a result, the composition of US and international new store growth may evolve as we build a stronger US development pipeline and redirect near-term resources to accelerate the pace of our uplift program, where results are already tangible. We remain confident in our global growth ambitions and our long-term opportunity in North America.

我們已開發並在全球測試新的咖啡館原型，符合我們對加速國際展店成長的期待；因此，我們也將這些學習應用於美國的開發策略。結果是，美國與國際的新店成長組成可能會有所演變：一方面建立更強健的美國開發管線，另一方面將短期資源重新導向以加速升級計畫的推進速度，而該計畫的成果已相當具體可見。我們對全球成長企圖心以及北美的長期機會仍充滿信心。

While net new company-operated unit growth in North America may remain modest through fiscal 2027 and we expect international to be a meaningful contributor to unit growth. To conclude, our back to Starbucks plan was built on the belief that human connection and a great customer experience win the day every day and our Q3 results prove they do. Our investments are paying off. More customers are choosing Starbucks more often. Partners are creating more moments of connection. Our brand is more visible, relevant and loved.

雖然北美地區公司自營門市的淨新增店數成長在 2027 財年前可能仍相對溫和，但我們預期國際市場將成為門市成長的重要貢獻者。總結而言，我們的「回到星巴克」計畫建立在一個信念之上：人與人的連結與卓越的顧客體驗，天天都能勝出，而我們第三季的成果證明確實如此。我們的投資正在見效。更多顧客更頻繁地選擇星巴克。夥伴正在創造更多連結時刻。我們的品牌更可見、更貼近，也更受喜愛。

Our Coffee Houses are more warm and welcoming and our business is delivering on its commitments. I want to thank our partners around the world. Your craft, care and focus are making our coffee houses better every day. Customers feel it, and it is showing up in our results. We still have work to do, but the opportunity is significant and clear. We're focused on finishing the fiscal year strong, and we will be relentless in our efforts to reclaim the third place become the world's greatest customer service company and deliver durable long-term growth.

我們的咖啡館變得更加溫暖且更具歡迎感，而我們的業務也正在兌現承諾。我要感謝全球各地的夥伴。你們的技藝、用心與專注，讓我們的咖啡館每天都變得更好。顧客感受得到，並且反映在我們的業績結果上。我們仍有工作要做，但機會重大且清晰。我們專注於以強勁表現完成本財政年度，並將不懈努力，重新奪回「第三空間」、成為全球最卓越的顧客服務公司，並實現可持續的長期成長。

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

接下來，我把時間交給 Cathy。

Thank you, Brian, and thank you all for joining today. Our third quarter results demonstrate the progress we continue to make on both the top and bottom line and the growing durability of our performance. I want to thank our partners across our copy houses, supply chain and support centers whose execution is helping us advance our Back to Starbucks plan and reclaim the third place.

謝謝你，Brian，也謝謝各位今天的參與。我們第三季的結果展現了我們在營收端與獲利端持續取得的進展，以及我們表現日益提升的韌性與可持續性。我要感謝遍布我們咖啡館、供應鏈與支援中心的夥伴，你們的執行力正協助我們推進「Back to Starbucks」計畫並重新奪回第三空間。

Let me now take you through our Q3 results, and then I'll share how we're thinking about the balance of the year. Consolidated net revenues were $9.3 billion, down 1% from the prior year. largely driven by the transition of the China retail business to our new joint venture license structure in the third quarter. Global comps grew 7.9%, improving sequentially from the second quarter and led by transaction growth of more than 4%. Our North America segment revenues were $7.4 billion, with comparable store sales up 8.1%, and in the US, comps grew 7.9%, led by transactions up 4.2% and average ticket up 3.6%.

接下來我將帶各位回顧我們第三季（Q3）的業績，然後分享我們對今年剩餘期間的看法。合併淨營收為 93 億美元，較去年同期下降 1%，主要受第三季中國零售業務轉換為新的合資授權架構所影響。全球同店銷售成長 7.9%，較第二季呈現逐季改善，並由交易量成長超過 4%所帶動。北美事業部營收為 74 億美元，同店銷售成長 8.1%；在美國，同店銷售成長 7.9%，其中交易量成長 4.2%，平均客單價成長 3.6%。

W we're pleased with the healthy composition of transaction and ticket growth which we believe reflects the strengthening fundamentals of our business. As Brian mentioned, our growth was broad-based across dayparts, income levels and access points. Average ticket increases were led by sustained strength in our delivery business as well as innovation-led modifications and attach. In fact, food attach reached a Q3 record across our US company-operated business with growth across all dayparts and the strongest gains in the afternoon.

我們對交易量與客單價成長的健康組合感到滿意，我們相信這反映了業務基本面正在強化。如 Brian 所提到，我們的成長涵蓋各時段、各收入層級與各接觸點，呈現廣泛分布。平均客單價的提升主要來自外送業務持續強勁，以及由創新帶動的客製化調整與加購（attach）。事實上，在美國直營業務中，食品加購率在第三季創下新高，且各時段皆有成長，其中下午時段增幅最為顯著。

Pricing contributed less than a point of ticket growth in the quarter. 90-day active Starbucks Rewards members grew both quarter-over-quarter and year-over-year to $35.8 million. Our new program is exceeding our expectations on multiple fronts, including engagement and average stored value card reload amounts, which continue to grow. Overall, our North America store base was 18,371 coffee houses at the end of the quarter.

本季定價對客單價成長的貢獻不到 1 個百分點。90 天內活躍的 Starbucks Rewards 會員數較前一季與去年同期皆成長至 3,580 萬人。我們的新方案在多個面向超出預期，包括互動參與度與儲值卡平均加值金額，且後者仍持續成長。整體而言，北美門市數在季末為 18,371 家咖啡館。

This included '27, net new openings across our company-operated business and 41 net closures within our licensed portfolio. North America licensed revenues were roughly flat year-over-year, reflecting these net store closures in the quarter. US licensed Coffee Houses delivered another quarter of positive system-wide comps, led by continued strength in our travel and leisure segments.

其中包括我們直營業務淨新增 27 家開店，以及授權門市組合淨關閉 41 家。北美授權業務營收年對年大致持平，反映本季的淨關店情況。美國授權咖啡館再度實現全系統同店銷售正成長，主要由旅遊與休閒通路持續強勁所帶動。

Moving to international. Company-operated comparable store sales grew 5.7%, led by a healthy mix of ticket and tractions Japan, now our largest international company-operated market was a key driver of that strength. Delivering compelling innovation tied to its 30 anniversary celebration and supported by both nostalgic beverages and effective marketing. Performance was also helped by a favorable prior year comparison. The segment delivered $1.3 billion of Q3 net revenues, positive system-wide comps across a diversified portfolio and $300.9 million of Q3 operating income.

接著看國際市場。直營同店銷售成長 5.7%，由客單價與交易量的健康組合所帶動；日本目前是我們最大的國際直營市場，是推動此一強勢表現的關鍵動能。日本推出與 30 週年慶祝活動相關的吸引人創新，並以懷舊飲品與有效行銷加以支撐。表現亦受惠於去年同期較有利的比較基期。該事業部第三季淨營收為 13 億美元，在多元化的投資組合下實現全系統同店銷售正成長，第三季營業利益為 3.009 億美元。

Beginning this quarter, Starbucks retail operations in China were deconsolidated from our financials and reported as a licensed business with our 40% joint venture economics reflected as part of income from equity investees. This transition is the main driver of the year-over-year changes in our International segment reporting. To help with your models, here are a few data points detailing China's contribution to our Q3 International segment P&L and our current view of how the economics to Starbucks will evolve.

自本季起，中國的 Starbucks 零售營運已自我們的財務報表中除列（deconsolidated），並以授權業務方式呈報；我們在合資企業 40% 的經濟利益則列示於權益法投資收益中。此一轉換是造成國際事業部年對年呈報變動的主要原因。為協助各位建立模型，以下提供幾個數據點，說明中國對我們第三季國際事業部損益（P&L）的貢獻，以及我們目前對 Starbucks 經濟利益如何演進的看法。

In the third quarter, we reported $53 million of net revenues attributable to China within our international P&L and operating margin above 100%, reflecting the structure's margin accretive nature. As the joint venture moves beyond this transitional period and scales, we expect our economics to build over time.

第三季，我們在國際事業部損益中認列歸屬於中國的淨營收 5,300 萬美元，營業利益率超過 100%，反映該架構具備提升整體利潤率的特性。隨著合資企業度過此一過渡期並擴大規模，我們預期我們的經濟利益將隨時間逐步提升。

The operating landscape in China continues to evolve and the end market team is working to drive higher-quality growth and local relevance. It is still early, but we remain confident in the joint venture's ability to reinvigorate sustainable growth in China and to reach up to 20,000 copy houses over time.

中國的營運環境仍在演變，當地市場團隊正致力於推動更高品質的成長與在地相關性。目前仍屬早期階段，但我們仍對合資企業重新點燃中國可持續成長、並在長期將咖啡館數量提升至最多 20,000 家的能力充滿信心。

Our international portfolio ended the quarter at 22,933 coffee houses, including 189 net new openings in the quarter. In Channel Development, net revenues grew 22% year-over-year to $587.9 million helped by coffee inflation. Our multi-serve refreshers concentrate and Sweet Cream are generating strong engagement with trial and repeat rates more than twice what we typically see in the business.

我們的國際門市組合在季末為 22,933 家咖啡館，本季淨新增開店 189 家。在通路發展（Channel Development）方面，淨營收年對年成長 22%至 5.879 億美元，受咖啡成本通膨推動。我們的多份量 Refreshers 濃縮液與 Sweet Cream 帶來強勁互動，試用與回購率超過我們在該業務中通常看到的兩倍以上。

In North America, we also recently launched a Zero Sugar option to extend our Starbucks Double Shot Energy beverage platform. We continue to work with our partners to innovate and extend our brand to more customers and more places around the world.

在北美，我們近期也推出零糖選項，以延伸 Starbucks Double Shot Energy 飲料平台。我們將持續與合作夥伴攜手創新，讓更多顧客在全球更多場景中接觸並體驗我們的品牌。

Moving to margin. Our third quarter consolidated operating margin was 14.4% and expanding approximately 430 basis points from the prior year, our second consecutive quarter of consolidated margin expansion. This was largely driven by sales leverage, supported by our cost savings efforts as well as lower inflation paired with reciprocal tariff refunds. The refunds we received in Q3 largely offset related tariffs incurred in the first three quarters of fiscal 2026. As such, we believe the year-to-date view provides a more normalized perspective.

接著談毛利率與營業利益率。第三季合併營業利益率為 14.4%，較去年同期擴張約 430 個基點，為連續第二季合併利益率擴張。這主要由銷售槓桿所帶動，並受我們的成本節省措施以及通膨下降與相互關稅退稅的共同支撐。我們在第三季收到的退稅，基本上抵銷了 2026 財政年度前三季所產生的相關關稅成本。因此，我們認為以年初至今（year-to-date）的視角更能提供較為常態化的觀察。

More precisely, in the quarter, our consolidated product and distribution costs were 30.3% as a percentage of net revenues. We believe the better proxy for a more normalized Q3 COGS rate is the year-to-date metric of 32.3% crucially, both consolidated and North America operating margins expanded year-over-year even without the impact of tariff refunds, underscoring the strengthening fundamentals of our operating model.

更精確地說，本季合併產品與配送成本占淨營收比重為 30.3%。我們認為更能代表第三季較常態化銷貨成本（COGS）比率的指標，是年初至今的 32.3%。關鍵在於，即使不考慮關稅退稅的影響，合併與北美的營業利益率仍較去年同期擴張，凸顯我們營運模式基本面正在強化。

In North America, our third quarter operating margin expanded approximately 280 basis points year-over-year. When excluding the impact of tariff refunds, Q3 North America margin improved more than 100 basis points year-over-year. Stronger sales leverage, operational focus and cost savings are helping offset our investments in green ever and service and menu innovation.

在北美，第三季營業利益率年對年擴張約 280 個基點。若排除關稅退稅影響，第三季北美利益率仍年對年改善超過 100 個基點。更強的銷售槓桿、營運聚焦與成本節省，正協助抵銷我們在 Green Apron、服務以及菜單創新方面的投資。

As we expected, coffee remained a cost headwind in the quarter, but the impact was lower than the first two quarters of the fiscal year. Consolidated G&A decreased by approximately 20% in the quarter, driven by a combination of our cost savings efforts deconsolidation of our China business and lapping expenses related to our leadership experience in fiscal 2025. Our effective tax rate of 21.8% moderated versus the prior year. reflecting favorable updates to full year tax estimates and a cumulative catch-up adjustment in the quarter.

如我們所預期，咖啡在本季仍是成本逆風，但其影響低於本財政年度前兩季。本季合併一般及行政費用（G&A）約下降 20%，主要由成本節省措施、中國業務除列（deconsolidation），以及 2025 財政年度與領導力經驗相關費用的比較基期效應共同驅動。我們的有效稅率為 21.8%，較去年同期下降，反映全年稅務估計的有利更新，以及本季的累積追溯調整（cumulative catch-up adjustment）。

All in, Q3 earnings per share grew approximately 70% and year-over-year to $0.85, a meaningful step towards earnings recovery. We also made solid progress on our balance sheet during the quarter. Using a portion of the China transaction proceeds we repaid approximately $1.8 billion of our debt and further reduced our leverage to 2.9 times, supporting our investment-grade profile and strengthening our financial flexibility. This allows us to continue investing in the business maintain our competitive dividend and create longer-term value for shareholders.

總體而言，第三季每股盈餘年增約 70%，達到 0.85 美元，這是朝向獲利復甦邁出的重要一步。我們在本季也在資產負債表方面取得了扎實進展。我們運用部分中國交易所得償還約 18 億美元債務，並進一步將槓桿比率降至 2.9 倍，支持我們的投資等級定位並強化財務彈性。這使我們得以持續投資於業務、維持具競爭力的股利，並為股東創造更長期的價值。

Turning to our outlook. We believe our top line momentum is becoming more durable margin expansion is taking hold, and our balance sheet is stronger. While the current operating environment remains dynamic, these factors support our confidence in the trajectory of our business. As a result, we are raising our guidance for fiscal year 2026. With one quarter left in the year, we expect our fourth quarter comp growth in the US to be 6.5% or better. We are encouraged by our strong start to the quarter but also recognize the year-over-year traffic comparisons we will lap and the continued variability in the broader consumer landscape.

接著談談我們的展望。我們認為營收動能正變得更具持續性，利潤率擴張正在成形，而我們的資產負債表也更為強健。儘管目前的營運環境仍然多變，這些因素支撐我們對業務發展軌跡的信心。因此，我們上調 2026 會計年度的財測指引。在本年度僅剩一季的情況下，我們預期美國第四季同店成長將達到 6.5% 或更高。我們對本季強勁的開局感到鼓舞，但也認知到我們即將面對的年對年客流比較基期，以及更廣泛消費環境持續存在的波動性。

This implies full fiscal year 2026 US comp growth of a little more than 6% and global comp growth nearing 6%. We expect full fiscal year 2026 consolidated net revenues to be flat to slightly higher year-over-year as we continue to account for the impact of our new China structure. We're also raising our full fiscal year 2026 consolidated margin guidance to greater than 11%. We expect the same fundamental drivers that supported margin expansion in Q3 and to continue in Q4.

這意味著 2026 會計年度全年美國同店成長略高於 6%，全球同店成長接近 6%。由於我們持續反映新的中國架構所帶來的影響，我們預期 2026 會計年度全年合併淨營收將與去年持平至小幅成長。我們也將 2026 會計年度全年合併利潤率指引上調至高於 11%。我們預期支撐第三季利潤率擴張的相同基本驅動因素將延續至第四季。

Sales leverage, disciplined execution and continued progress on an cost savings initiatives should help offset investments in our back to Starbucks priorities. Particularly, as we anniversary the launch of Green Apron Service in August. In Coffee, we expect coffee price pressures to continue easing in Q4, and become largely immaterial to the year-over-year margin comparisons. It is also worth noting that our channel development revenues can move with coffee price trends, given the structure of our CPG business. We remain on track with our $2 billion cost savings plan.

銷售槓桿、嚴謹的執行，以及成本節省計畫的持續進展，應有助於抵銷我們在「回到星巴克」優先事項上的投資。尤其是在我們於 8 月推出 Green Apron Service（綠圍裙服務）後進入週年比較之際。在咖啡方面，我們預期第四季咖啡價格壓力將持續緩解，並在年對年利潤率比較中大致變得不再重要。同時也值得注意的是，鑑於我們 CPG 業務的結構，我們的通路發展營收可能會隨咖啡價格趨勢而波動。我們仍按計畫推進 20 億美元的成本節省方案。

As a reminder, these are gross savings, which we expect to realize through fiscal 2028 and are balanced across product and distribution costs and G&A. This year, the impact of our efforts are most feasible in G&A and our other operating expenses line. We continue to expect our fiscal 2026 consolidated G&A dollars to run below fiscal 2023 levels. For tax, we assume our effective tax rate in Q4 returns to a more normal level in the mid-20s. Putting this all together, we are raising our EPS guidance at both ends of the range to between $2.55 and $2.65.

提醒一下，這些是毛節省額，我們預期將在 2028 會計年度前逐步實現，並在產品與配送成本以及 G&A（一般及行政費用）之間取得平衡。今年，我們的努力影響最可行的部分主要體現在 G&A 以及其他營運費用項目。我們仍預期 2026 會計年度合併 G&A 金額將低於 2023 會計年度水準。在稅務方面，我們假設第四季有效稅率回到較正常的水準，約在 20% 中段。綜合以上，我們將每股盈餘（EPS）指引區間兩端皆上調至 2.55 至 2.65 美元。

Finally, from a unit count perspective, our expectation for approximately 600 to 650 net new coffee house openings in fiscal 2026 remains unchanged. This continues to be supported by strong contribution from our International business. And in North America, while overall performance has strengthened, we are gaining deeper visibility into some underperforming coffee houses, which could result in some closures.

最後，就門市數量而言，我們對 2026 會計年度淨新增約 600 至 650 家咖啡門市的預期維持不變。這仍主要由我們的國際業務強勁貢獻所支撐。而在北美，儘管整體表現已轉強，我們也更深入掌握部分表現不佳的門市情況，這可能導致部分門市關閉。

As always, we will continue to assess our North America portfolio to ensure we have a healthy foundation of coffee houses on which to build for the future. a future which we believe has a long runway of new copy House growth in both North America and around the world. In conclusion, we are encouraged by the momentum we are building through continued work on our Back to Starbucks plan.

一如既往，我們將持續評估北美門市組合，以確保我們擁有健康的門市基礎，作為未來發展的根基——而我們相信，無論在北美或全球，未來仍有很長的門市成長跑道。總結來說，我們對透過持續推進「回到星巴克」計畫所建立的動能感到鼓舞。

Our third quarter results validate our belief that human connection and a great customer experience can drive durable, profitable growth. We still have more to do. We're moving at pace, and we're focused on the work ahead.

我們第三季的結果驗證了我們的信念：人與人的連結以及卓越的顧客體驗，能夠帶來具持續性且有利可圖的成長。我們仍有更多工作要做。我們正以既定步調推進，並專注於接下來的工作。

And with that, we are now ready to take your questions.

接下來，我們準備開始回答各位的提問。

(Operator Instructions)

(接線員指示)

David Tarantino, Baird.

David Tarantino，Baird。

Hi, good afternoon and congratulations on further progress on the plan here. Brian, my question relates to a question I've been getting from a lot of investors which is how long can you keep up the same-store sales momentum that you're seeing currently? And I know the long-term plan calls for 3% annually, but I suspect your you're aiming for something higher. So I guess, could you just give us your thoughts on where you are in the journey of recovering the sales volumes? And what are the building blocks to keep this type of momentum or something above the 3% level going for the next few years?

嗨，午安，恭喜你們在這項計畫上又取得進一步進展。Brian，我的問題與許多投資人常問我的一個問題有關：你們目前看到的同店銷售動能，還能維持多久？我知道長期計畫是每年 3%，但我猜想你們的目標可能更高。所以我想請你談談：在恢復銷售量的旅程中，你們目前處於什麼階段？以及未來幾年要維持這種動能、或讓成長率高於 3% 的關鍵構成要素是什麼？

Thanks, David. And to answer your question on the momentum, the good news for us is, I think this is driven by just better operating practices, Thinking about the green apron service model, meaning we now, I think, are staffed better. We think we have the right routines, the right coaching taking place so that we're giving better customer experiences for all of our customers every single day. And if you look at where the business was there's still lots of space to add more transactions both in the morning and in the afternoon.

謝謝你，David。關於動能的問題，對我們而言好消息是，我認為這主要來自更好的營運作法。以 Green Apron Service（綠圍裙服務）模式來看，代表我們現在的人力配置更到位。我們認為我們有正確的例行作業、正確的教練指導正在發生，因此我們每天都能為所有顧客提供更好的體驗。而如果你回頭看業務先前的狀況，其實在早上與下午兩個時段，仍有很大的空間可以增加交易筆數。

And we've made tremendous progress in both dayparts, but there still is a lot of room for growth. And then as you think about the innovation that we brought out, our marketing team, I think, has done a great job on bringing out relevant innovation, both in drinks, food and also merchandise. I think we're just getting started on that front as well. And so we are operating better on a day-to-day basis. And I think our customers are seeing it, feeling it, experiencing it, and our partners, I think, are becoming more and more consistent with the ability to execute the Green Apron service experience.

我們在兩個時段都取得了巨大的進展，但仍然有很大的成長空間。再來談到我們推出的創新，我認為我們的行銷團隊在推出貼近需求的創新方面做得非常好，涵蓋飲品、食品以及商品。我認為在這方面我們也才剛起步。因此，我們在日常營運上做得更好。我認為顧客看得到、感受得到、也體驗得到，而我們的夥伴在執行 Green Apron 服務體驗的能力上，也正變得越來越一致。

And I just know the business has more room for growth. And when you talk to the customers that have experienced it, they're responding positively. And I still think there is more to come on the innovation side of things, whether it's through our digital platforms or more of the traditional work that we've done on menu and marketing.

我很清楚這個業務仍有更多成長空間。當你與體驗過的顧客交談時，他們的回應是正面的。我也仍然認為在創新面向還會有更多進展，無論是透過我們的數位平台，或是我們在菜單與行銷上所做的較傳統工作。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Great, thanks and congrats on these results. So just really a follow-up on the daypart point that you were just making. I wonder how has the daypart growth been if you had to separate morning versus the afternoon, what's happened in the last year? And then also how you're thinking about it over the next year and maybe beyond?

很好，謝謝，也恭喜這些成果。我想就你剛才提到的時段（daypart）再追問一下。如果要把早上與下午分開來看，過去一年各時段的成長表現如何？另外，你們對未來一年、甚至更長期，是如何思考這件事的？

You've talked about the afternoon daypart being the next big opportunity. I would imagine maybe some of the throughput stuff has been an outsized benefit to the more compressed morning daypart? So any sort of ways that you're thinking about the opportunities on both those sides? And if you see maybe the baton being passed to the afternoon in terms of outsized growth and when?

你們談到下午時段是下一個重大機會。我想像一些提升產能/出杯效率（throughput）的措施，可能對更為集中的早晨時段帶來了較大的助益？所以你們如何看待兩個時段各自的機會？以及你們是否看到在超額成長方面，接力棒可能會轉交到下午時段？大概會在什麼時候？

Thanks, David. So obviously, I think we said from the beginning on the Back to Starbucks strategy, we wanted to win the morning and then start trading the afternoon daypart. And what I'm happy to say is our partners in our stores have done just that. They have done a great job of executing great staffing, great deployment and then ultimately, I think, great experiences in the morning so that we win that rich role every morning.

謝謝你，David。很明顯地，我想我們從一開始在「重返星巴克」（Back to Starbucks）策略上就說過，我們希望先贏下早晨時段，然後開始帶動下午時段的交易。而我很高興地說，我們門市的夥伴確實做到了。他們在排班、人力配置上執行得非常到位，最終我認為也在早晨提供了很棒的體驗，讓我們每天早上都能贏下那個高價值的時段。

And in absolute transactions, it's probably been our biggest winner is the morning daypart. And then as you kind of move through the day, we continue to see transaction growth just not quite at the same level of what we're seeing in the morning. I think that's going to be a combination of two things to get the afternoon kind of going as well, which is going to be a combination of beverage and food and then also just getting better at our routines in the afternoon.

以絕對交易筆數來看，早晨時段大概是我們最大的贏家。接著當你一路往一天的後段走，我們仍持續看到交易成長，只是成長幅度沒有早晨那麼高。我認為要把下午也帶動起來，會是兩件事的組合：飲料與食品的組合，另外就是把下午的作業例行流程做得更好。

So we're doing exactly what we wanted to set out to do from a strategy standpoint. In the morning, create the afternoon and break down any barriers we have that's preventing us from getting to great throughput in all the modes, whether it's drive-thru, cafe, mobile order pickup or delivery. And we're seeing great progress in all those access points and really throughout the day with the biggest wins coming obviously in the morning, which is where we had the biggest bottleneck initially.

所以從策略角度來看，我們正在做的正是當初想達成的事。在早晨打好基礎、創造下午的動能，並拆除任何阻礙我們在所有通路模式達到高吞吐量的障礙，不論是得來速、門市內用、行動點單取貨或外送。我們在所有這些接觸點都看到很大的進展，而且其實是一整天都有改善；最大的勝利顯然來自早晨，因為那裡一開始的瓶頸最大。

Maybe I'll add on, David, really quickly and we mentioned it in the prepared remarks, but refreshers had a really great quarter, which we would expect, but that gives us a great occasion for that afternoon beverage. And so we're seeing people take no caffeine, oftentimes in the afternoon. We're still seeing the base refresher with that minimal amount of caffeine.

David，我再很快補充一下。我們在事先準備的講稿裡也提到，Refreshers 這一季表現非常好，這也符合我們的預期，而這為下午的飲料情境提供了很好的契機。因此我們看到不少人在下午會選擇不含咖啡因的選項。我們也仍看到基礎款的 Refresher，帶有極少量咖啡因的那種。

And then obviously, we're now starting to see some routinization in the morning with the refreshers that have extra capping or the energy. And so I say that because that gives us a great platform along with our Matcha Menu for the afternoon. And then you add on some of the tests we've been doing in food like the wraps starts to give us a really great occasion to expand that afternoon daypart.

然後很明顯地，我們現在也開始看到在早晨，帶有額外加強（boost）或能量（energy）的 Refreshers 逐漸形成固定習慣。我之所以這麼說，是因為這讓我們在下午時段，能以此作為很好的平台，再加上我們的抹茶（Matcha）菜單。再把我們在食品端做的一些測試（例如捲餅 wraps）加進來，就開始為我們擴大下午時段提供非常好的消費情境。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Great, thank you. Brian, I'm curious what you make of what is going on in the coffee category where investors may not be thinking about just burger, chicken, pizza. Just, it appears the category is just not zero sum nature. And just related to that, you guys talked about the opportunity in 2027 to slow development, step up closures of unperforming stores. And I'm curious kind of why now at a time when the tide is closing listed for Starbucks.

很好，謝謝。Brian，我想了解你怎麼看咖啡品類正在發生的事，因為投資人可能不只是在看漢堡、雞肉、披薩。看起來這個品類並不是零和的。另外相關的是，你們談到 2027 年有機會放慢展店、加快關閉表現不佳的門市。我想問為什麼選在現在、在外界看起來對星巴克不利的情勢正在收斂的時點來做這件事？

Yeah, look, so first of all, I'm really excited about the momentum we have in the business. Even as you look at how we exited the quarter, the thing that was great to see is the business kind of picked up yet again. So we're seeing really good things happen with the Starbucks business and then obviously the coffee category. Your comment on new units, look, unfortunately, we did not have a great development strategy when you kind of go back two or three years ago.

是的，你看，首先我對我們業務的動能感到非常振奮。即便你看我們在季度末的走勢，很棒的一點是業務又再度加速。所以我們看到星巴克業務有很多正向發展，當然也包括整體咖啡品類。至於你提到新店開發，你看，不幸的是，如果回到兩三年前，我們的展店策略並不理想。

And it is just one of those things where we either did really difficult remodels on stores or we potentially put the wrong store in the wrong place. And so we're having to clean that up and fix that up. The good news is as the business responds becomes more clear where you have the true problem stores. And I think I said this at the beginning, we're going to fix them. And then we're going to build the pipeline with the right stores that are going to be in the right locations.

有些情況是我們對門市做了非常困難的改裝工程，或是可能把不對的店開在不對的地點。所以我們必須把這些問題清理並修正。好消息是，隨著業務回應變得更清楚，我們也更能辨識哪些才是真正的問題門市。我想我一開始就說過，我們會把它們修好。然後我們會用正確的門市、在正確的地點，重新建立開店的管線。

And the good news is the category is strong. The Starbucks business is strong so that when you have these openings, there'll be really strong openings. So that's really the practice. And I think, as a result, Starbucks will be in a much stronger position going forward.

而好消息是，這個品類很強。星巴克的業務也很強，因此當我們有這些新開店時，開幕表現會非常強勁。所以這就是我們的作法。我認為因此，星巴克未來會處在更強的競爭位置。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行（Bank of America）。

I guess, maybe a similar bent. One is on refreshers. It stand out platform, but it seems like everybody is refresher. So maybe you could talk a little bit about what customers are telling you about what distinguishes Starbucks and whether when other -- when large QSRs, for example, not beverage specialists advertiser, if that creates a halo for you, and I guess the follow-on is, is that any of that change as you pivot your growth strategy? I think very explicitly, you've talked about markets where maybe there are other coffee specialists, but Starbucks doesn't have a location? Does this competitive dynamic shift at all?

我想可能是類似的角度。第一個是關於 Refreshers。這是個很突出的平台，但看起來好像大家都在做 refresher。所以也許你可以談談，顧客告訴你們星巴克的差異化在哪裡？以及當其他——例如大型 QSR——這些並非飲料專家的人也開始投放廣告時，是否反而為你們帶來光環效應（halo）？另外延伸問題是，當你們調整成長策略時，這些因素會有任何改變嗎？我想你們很明確地談到一些市場：那裡可能有其他咖啡專門店，但星巴克沒有據點。這樣的競爭動態會有任何轉變嗎？

Yeah, so I think you're right. The good news is, I think we're the original when it comes to refreshers. And I think the craft and the flavors and now the other ways that you can customize refreshers really is differentiating our refresher platform. And you heard me mention it in my prepared remarks, the growth has been really excellent.

是的，我想你說得對。好消息是，我認為在 Refreshers 這件事上，我們是原創者。而我認為我們在製作工藝、風味，以及現在可用的各種客製化方式，確實讓我們的 Refresher 平台更具差異化。你也聽到我在事先準備的講稿中提到，成長表現非常出色。

And I think it's been a platform, frankly, that we kind of got a little complacent on in the past, and now we are reinvigorating and we're seeing a really positive response. And I think you heard Cathy mentioned this, the thing that's great to see is the way people are using refreshers, whether it's fully decaffeinated or whether it's fully boosted, those are the different occasions that people want refreshers, whether it's in the morning or the afternoon and whether you're young or old, the platform is resonating. I'm really excited that we're getting ready to go test sparkling.

坦白說，這是一個我們過去有點變得自滿的平台，而現在我們正在重新注入活力，也看到非常正向的回應。我想你也聽到 Cathy 提到，令人欣喜的是人們使用 Refreshers 的方式很多元：不論是完全無咖啡因，或是全面加強（boost），這些都是人們想喝 Refreshers 的不同情境——不論是早晨或下午、不論年輕或年長，這個平台都很有共鳴。我也很期待我們即將開始測試氣泡款。

We're calling it spritzers, so refreshers that have like spritzes. We've got those going in a couple of test markets. And most recently, we just added the opportunity to do blended. So you'll see us experiment with other ways to experience refreshers. And I think our point of difference, frankly, is the craft that we provide, the customization that we provide behind that craft. And then I think our team does a great job on getting to the delicious flavors that are relevant for the customer.

我們稱它為 spritzers，也就是帶有氣泡噴感（spritz）的 Refreshers。我們已在幾個測試市場推出。而最近我們也新增了可以做成冰沙（blended）的選項。所以你會看到我們嘗試更多體驗 Refreshers 的方式。而我認為我們的差異化，坦白說，在於我們提供的製作工藝，以及在這個工藝背後所提供的客製化能力。再來，我認為我們的團隊也很擅長做出符合顧客需求、而且非常美味的風味。

So it's been a really strong platform for us. And over the last quarter, it really continued to perform despite all the activity you saw in the space. And I think that was kind of my going-in belief, which is if you're the category leader in the space when other people start advertising in the space and you continue to execute really well, our plan is to get not only our fair share, but more than our fair share.

所以這對我們來說一直是非常強的產品平台。而在上一季，即使你看到市場上有那麼多活動，它仍持續表現出色。我想這也符合我原本的看法：當你是這個領域的品類領導者，其他人開始在這個領域投放廣告，而你仍持續把執行做到位，我們的計畫不只是拿到應得的份額，而是要拿到超過應得的份額。

And so that's really the mission of the team on this one. And then your question on how does it rethink kind of the total business. Look, I think what is definitely clear is there's a trend to cold. But cold beverages are still being executed with coffee, espresso, and the customization that you'd expect around those traditional coffee drinks. And then obviously, we're seeing the refresher business play a really nice role from morning to afternoon.

所以這就是團隊在這件事上的使命。至於你問到這如何影響我們重新思考整體業務。你看，我認為很明確的是，市場趨勢正在往冷飲走。但冷飲仍然是以咖啡、濃縮咖啡（espresso），以及你對那些傳統咖啡飲品所期待的客製化來呈現。而且很明顯地，我們也看到 Refresher 業務在從早晨到下午之間扮演了非常好的角色。

And I think you'll see that continue to be a strong tool for us in the afternoon daypart as we grow that daypart. And you see the competition really heating up in that space as well. So I love the position we're in. I'm really excited about the innovation we've got coming. And the Refreshers platform, our belief was we had a big platform with the opportunity to innovate against it, and you're seeing us do that now.

而且我認為，隨著我們擴大下午時段的業務，你會看到這項作法將持續成為我們在下午時段成長上的一項強力工具。你也看到在那個領域的競爭確實正在升溫。所以我很喜歡我們目前所處的位置。我對我們即將推出的創新感到非常興奮。至於 Refreshers 平台，我們的看法是：這是一個很大的平台，具備可持續在其上進行創新的機會，而你現在也正看到我們在這麼做。

Brian Harbour, Morgan Stanley.

Brian Harbour，摩根士丹利。

Please state your question. I'm curious how much you think kind of the uplifts are helping you right now in the US? And I guess, how you're measuring the success of that on a per store basis. And I guess just relatedly, when you talk about maybe some more closures, I mean, what are some of the characteristics of those stores?

請提出你的問題。我很好奇，你認為目前在美國，這些「門市升級（uplifts）」在多大程度上正在幫助你們？另外，你們如何以單店為基礎衡量其成效？以及相關地，當你們談到可能會有更多關店時，我是說，那些門市有哪些特徵？

Yes, so the uplifts have actually been really terrific performers for us. And we're seeing the business respond frankly, which has been our ingoing hypothesis that would benefit kind of all day long, but it would also benefit all access points because people just feel better about even doing their mobile order pickup when they go to a coffee house versus a place that maybe wasn't up to our Starbucks standard. So we're seeing them delivering transactions. We're just seeing them deliver on being a positive on the brand, just perception and how people feel about the brand.

是的，所以這些門市升級實際上對我們而言表現非常出色。坦白說，我們看到業務有所回應；這也符合我們一開始的假設：它不僅能在全天帶來效益，也能惠及所有接觸點，因為相較於可能未達我們星巴克標準的地方，人們在走進一家咖啡館時，即便只是做行動點單取貨，也會感覺更好。所以我們看到它們帶來交易量。我們也看到它們在品牌面帶來正向效果，包括品牌觀感以及人們對品牌的感受。

And so we're going to continue to accelerate that uplift program and really get all our coffee houses up to the Starbucks standard and the experience that people would expect from Starbucks as well as the experience that our partners want to provide. So it's also very powerful for the experience that we provide because our partners are truly proud now of their coffee house.

因此，我們將持續加速這項門市升級計畫，真正讓我們所有咖啡館都達到星巴克標準，並提供人們對星巴克所期待的體驗，同時也提供我們夥伴想要呈現的體驗。所以這對我們所提供的體驗也非常有力，因為我們的夥伴現在真的以自己的咖啡館為榮。

Your question on some of the stores that will -- we may decide we have to close. Look, it's really about performance and location and sometimes where the actual asset is from a standpoint of remodeling versus we'd be better off just building a new store. So it's not a question of whether or not we think Starbucks can work in the trade area. It's more to do with is this the right representation of Starbucks? And are these the economics that frankly, Starbucks should earn.

至於你問到一些我們可能會決定必須關閉的門市。你看，這主要取決於營運表現與地點，有時也取決於資產本身——從翻新角度來看，可能不如直接新建一家店更好。所以問題不在於我們是否認為星巴克能在該商圈運作。而是更關乎：這是否是星巴克的正確呈現方式？以及這些經濟效益是否是坦白說星巴克應該賺取的水準。

And if the answers aren't yes, and you know what, we're being honest with ourselves and saying, we're going to address the problem now, and we'll build the right Starbucks in that trade area. So I think this is just good hygiene.

如果答案不是肯定的，而且你知道的，我們也誠實面對自己並說：我們現在就要處理這個問題，然後在該商圈打造正確的星巴克門市。所以我認為這只是良好的營運衛生（good hygiene）。

Hey, Brian, maybe I'll add a little bit more on uplift just for a little bit more color, too. What we're seeing, if you think back the quarter, we were a little over 300 or so stores or I think coffee houses that have been uplifted. So that means we did north of 650 this quarter. And so we've got, obviously, early on that entire population. What we're seeing though is what Brian said, which is across all formats, all channels, all dayparts, all our vanities both cafes and drive-thrus, we're seeing a positive halo.

嗨，Brian，我也許再補充一點關於門市升級的內容，提供更多背景。如果你回想本季，我們先前大約有 300 多家、或我想是咖啡館已完成升級。這表示我們本季完成了超過 650 家。所以很明顯，在整個族群上我們仍處於早期階段。不過我們看到的情況如 Brian 所說：跨所有店型、所有通路、所有時段、我們所有的門市樣態——不論是咖啡館或得來速——都出現正向的光環效應（positive halo）。

And I think that all just puts the brand in a much stronger position. And I think we shared in the prepared remarks, our brand health metrics are at kind of five year highs. So I think all of that goes together with that great full customer experience, and we're seeing it with the uplift. And then the other thing is they continue to be a really good return on investment. My last plug is the team is doing a great job of closing -- of not closing stores.

我認為這一切都讓品牌處於更強勢的位置。而且我想我們在事先準備的發言中也分享過，我們的品牌健康度指標達到近五年高點。所以我認為這些都與卓越、完整的顧客體驗相互呼應，而我們也在門市升級上看到了這點。另外一點是，這些投資持續帶來非常好的投資報酬率。我最後再補一句：團隊在「關——不是關店」這件事上做得很棒。

They do the Coffee House Uplifts overnight, so we don't change the team for our customers. And so the fact that we don't take a copy house offline, I think, is incredibly important and there are a very low level of investment as we shared $150,000 on average. So it's a great return. So I think all of that just to say we're really excited.

他們是在一夜之間完成咖啡館升級，因此我們不需要為了顧客而更換團隊。因此，我認為我們不讓咖啡館下線（offline）這件事極其重要；而且如我們所分享，平均投資金額很低，約 15 萬美元。所以回報非常好。總之，我想說的是我們真的很興奮。

Thank you.

謝謝。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Brian, I was wondering if you can share your assessment on same-store sales and operational performance of your stores versus the licensed stores in North America? And what actions are within your control to maybe align the performance between company-operated stores and licensed stores. Can you hear me? Sorry. I repeat the question, sorry.

Brian，我想請你分享一下，你如何評估北美地區自營門市相較於授權門市的同店銷售與營運表現？以及在你們可控的範圍內，有哪些行動可以讓自營門市與授權門市的表現更一致。你聽得到我嗎？抱歉。我重複一次問題，抱歉。

So the question was, what's your assessment on same-store sales growth and operational performance of your stores versus the licensed stores in North America? And what actions are within your control to align the operational performance between the two?

所以問題是：你如何評估北美地區自營門市相較於授權門市的同店銷售成長與營運表現？以及在你們可控的範圍內，有哪些行動可以讓兩者的營運表現對齊？

I'm sorry, I didn't catch the first part of your question, Daniel. Can you just repeat that?

抱歉，我沒有聽清楚你問題的第一部分，Daniel。你可以再重複一次嗎？

Yes. So -- what's your assessment on the same-store sales and operational performance of your stores versus those of the licensed stores in North America, right? And so what are some of the actions within your control to close that gap.

好的。所以——你如何評估北美地區自營門市相較於授權門市的同店銷售與營運表現，對吧？那麼在你們可控的範圍內，有哪些行動可以縮小這個差距。

Yeah, so I just want to make sure I got it. So you're asking me company stores, same-store sales growth performance versus licensed stores, same-store sales growth performance and what differences are we seeing there? So what I would tell you is the good news is we're seeing our license stores really have a kind of a great quarter as well, primarily led by the travel category. But in general, what's happening in our license business is we're putting the same rigor in place that we've got in our company stores.

好的，我只是想確認我理解正確。所以你是在問：自營門市的同店銷售成長表現相較於授權門市的同店銷售成長表現，我們看到哪些差異？我可以告訴你的是，好消息是我們看到授權門市本季也有相當不錯的表現，主要由旅遊類別帶動。但整體而言，在我們的授權業務上正在發生的是：我們正在導入與自營門市同等的嚴謹度。

So we're putting in place to grow report, obviously tweaked to recognize that it's a license model. We're also putting a lot of, I would say, specificity around what the expectations are for a Starbucks experience because our goal is there should be no real difference between a Starbucks experience at a company own store or a Starbucks experience in a licensed store. And so the good news is we're seeing more and more examples where that truly is the case and fewer and fewer examples where we've got a big discrepancy.

因此我們正在建立成長報告機制，當然會做一些調整以反映授權模式。我們也在「星巴克體驗」的期待上做了很多更具體的規範，因為我們的目標是：在自營門市與授權門市之間，星巴克體驗不應有任何實質差異。好消息是，我們看到越來越多案例確實如此，而出現重大落差的案例也越來越少。

So the comp performance was really good in licensed stores as what we saw in our company stores, and we continue to see great progress. And obviously, we're working to continue to make sure that the Starbucks experience, there really is no difference between which outlet you experience, whether it's company-owned or licensed.

因此，授權門市的同店表現與我們在自營門市看到的一樣強勁，我們也持續看到很大的進展。而且很明顯，我們會持續努力，確保不論你體驗的是自營或授權門市，星巴克體驗都不會有差別。

Zach Fadem, Wells Fargo.

Zach Fadem，富國銀行。

Hi, good afternoon. So first, a housekeeping question on the impact of Coffee House initiatives like extended hours, closed stores and delivery and how these factored into the Q3 comp relative to your brand initiatives. And then second question, unrelated on tariff refunds and whether you're anticipating more in Q4 and to what extent the guide contemplates anything there?

嗨，午安。首先，一個例行性問題：像是延長營業時間、關閉門市與外送等咖啡館相關措施的影響，這些在第三季同店（comp）中如何體現，相較於你們的品牌措施而言各自的貢獻如何？第二個問題，無關前者：關於關稅退稅（tariff refunds），你們是否預期第四季會有更多？以及指引（guide）在多大程度上已將這部分納入考量？

Hey, good afternoon. So let me start with the first one. And with regards to the impacts of things like extended hours, actually pretty limited. Let me back first up with a 7.9% comp that we drove about half of it or a little bit less than half of it was due to closures, sales transfer, delivery growth. The rest of it is all that great store performance and menu and innovation. So let me start there. The hours of operation piece was actually very small, just a couple of basis points. So really, really small. And I'm sorry, what was the remainder of your question?

嗨，下午好。那我先從第一個開始。至於像延長營業時間這類因素的影響，其實相當有限。我先用我們帶動的7.9%同店成長來佐證，其中大約一半或略少於一半是來自店點關閉、銷售轉移、外送成長。其餘則完全來自門市的優異表現、菜單以及創新。所以我先從這裡說起。營業時間這一塊其實非常小，只有幾個基點。所以真的、真的很小。不好意思，您問題的其餘部分是什麼？

Brief funds and whether you're anticipating any more in Q4 in the guide?

關於關稅退稅款，以及在指引中您是否預期第四季還會有更多？

Sorry. Thank you. We're excited about the -- first off, the gross -- the operating income margin expand what we saw in the quarter. And we saw that even without the tariff refund as we shared the year-to-date performance is probably the right way to look at our product and distribution costs or COGS because that pretty much nets the impact of increased tariffs and then obviously the refunds. We believe we've largely gotten the refunds we're entitled to at this point. And so I think that's probably a good place to anchor is that year-to-date performance.

不好意思。謝謝。我們對於——首先，對於本季看到的毛利——營業利益率擴張感到振奮。而且即使沒有關稅退稅款，我們也看到了這一點；正如我們分享的，以年初至今的表現來看，可能是觀察我們產品與配送成本（或銷貨成本，COGS）的正確方式，因為那基本上抵銷了關稅上調的影響，然後當然也包含退稅款。我們相信截至目前，我們大致已取得我們有權取得的退稅款。因此我認為，以年初至今的表現作為錨點，可能是個不錯的切入點。

John Ivankoe, JPMorgan Chase & Company.

John Ivankoe，摩根大通（JPMorgan Chase & Company）。

Hi, thank you so much. First, the question and then I think just a quick follow-up. First on the question, in terms of Green Apron Service, did we absolutely nail it in terms of labor hours in terms of not only your current traffic but potentially increased traffic going forward? In other words, could we expect the number of labor hours to stay relatively steady or perhaps have some efficiency opportunity as traffic has grown. So that's the question.

嗨，非常感謝。先問問題，然後我想再快速追問一下。第一個問題，關於Green Apron Service（綠圍裙服務），在工時配置上，我們是否真的做得非常到位——不僅是因應目前的來客量，也包括未來可能增加的來客量？換句話說，隨著來客量成長，我們是否可以預期工時數會相對維持穩定，或甚至還有一些效率提升的空間？這是我的問題。

And then secondly, Brian, I think I heard in your prepared remarks, 24 hour operating model. Does that mean some Starbucks stores could actually be open 24 hours. And I guess, I know that's not an overnight kind of decision. So over time, how much do you think kind of an average extended hours could potentially mean to the Starbucks US system when fully rolled out and optimized? Thank you so much.

第二個問題，Brian，我想我在您事先準備的發言中聽到「24小時營運模式」。這是否表示有些星巴克門市可能真的會24小時營業？我想我知道這不是一夕之間就能決定的事。所以從長期來看，當延長營業時間全面推行並最佳化後，您認為對星巴克美國系統而言，平均延長營業時間可能意味著多大的影響？非常感謝。

Thanks for the question. Look, I think our operators are doing a great job on managing the labor schedule and making sure that we are providing great experiences for the business that we're receiving. I still think there is opportunity for us to get even more growth going in the morning and in the afternoon. And obviously, in the morning, that's where you could really see more efficiency gains out of the labor that we've got there at peak.

謝謝你的問題。我認為我們的營運團隊在管理排班、並確保我們為目前所承接的業務量提供很棒的體驗方面，做得非常好。我仍然認為，我們在早上與下午都還有機會帶動更多成長。而且很明顯地，在早上尖峰時段，你確實可以從我們在尖峰配置的人力中看到更多效率提升的空間。

And then as you kind of move through the day, I think we're going to start to see the same opportunity eventually we'll earn our way into having the additional hours necessary to match the growth of the business. So I think the team has done a great job of managing the labor hours so that we meet the demands of the business and that we aren't capping the growth off. That's really important to all of us is we still think there's more room for growth in the morning.

接著當你一路走到白天的其他時段，我認為我們最終也會開始看到同樣的機會；我們會靠著表現把自己「賺」到所需的額外工時，以匹配業務成長。所以我認為團隊在管理工時方面做得很棒，確保我們能滿足業務需求，同時不會把成長給卡住。這對我們所有人都非常重要，因為我們仍然認為早上還有更多成長空間。

We think there's more growth in the drive-thru. We think there's more growth in mobile order pickup. So -- and that's true in the morning and the afternoon. We can just see it because we've got these different cohorts of stores that demonstrate what's possible. So very optimistic about where we go from here and how we take advantage of the new Green Apron service model and the labor that comes with it.

我們認為得來速還有更多成長。我們認為行動點單取貨也還有更多成長。所以——而且這在早上與下午都成立。我們之所以看得到，是因為我們有不同的門市群組（cohorts）能展示「什麼是可能的」。因此對於接下來的方向，以及我們如何善用新的Green Apron服務模式與其配套的人力配置，我們非常樂觀。

And then on your second question, I think around 24 hours, I think you're referring to our supply chain comments that I made. Where what we want to do is make sure that we now have a system that can create pull through the supply chain and get replenishment done within 24 hours.

至於你的第二個問題，我想你提到的24小時，應該是指我對供應鏈所做的評論。我們想做的是，確保我們現在有一套系統，能在供應鏈中形成拉動（pull-through），並在24小時內完成補貨。

As you mentioned, we do have a handful of stores that happened to also be open 24 hours. But really, what I was talking more about is I'd like to be able to replenish stores within 24 hours so that we're never out of stock. And then also, hopefully, we can shrink the back of house and have then the right inventory at the right location at the right time, and we'll just be much more efficient in the whole entire supply chain process.

如你所提，我們確實有少數門市剛好也是24小時營業。但我主要談的是：我希望能在24小時內為門市補貨，讓我們永遠不會缺貨。同時也希望我們能縮小後場空間，並在正確的時間、正確的地點配置正確的庫存，讓整個供應鏈流程更有效率。

So that's really what we're driving towards. And then obviously, it would be great if the demand proves itself that we should have more stores open 24 hours. But right now, that's not a focus area. The focus area is more on the supply chain.

這就是我們真正努力推動的方向。當然，如果需求證明我們應該有更多門市24小時營業，那會很棒。但目前這不是我們的重點領域。重點更多是在供應鏈。

Jon Tower, Citi.

Jon Tower，花旗（Citi）。

Thanks for taking the question and congratulations on continued momentum. This is Karen Holthouse on for Jon. Just curious what marketing spend looked like year-over-year? And as you're thinking about the sort of shift to more being part of the conversation and part of culture, do you think there's still room from here for advertising to you grow in terms of a percent of sales investment and, or just continuing to optimize more of like the media mix side of things?

謝謝讓我提問，也恭喜你們動能持續。我是代替Jon的Karen Holthouse。想請教行銷費用年對年看起來如何？以及當你們思考把重心轉向「成為對話的一部分、成為文化的一部分」時，你們是否認為從現在起，廣告投入仍有空間提升——例如以銷售額百分比來看提高投資——或者只是持續在媒體組合（media mix）等面向做更多最佳化？

Yeah, look, the team has done a great job with the marketing budget. I think we spent a little bit more than 2% of sales on marketing. And obviously, as the business grows, the good news is we're not capping that spending. So and we're not seeing diminishing returns out of our spending.

是的，你看，團隊在行銷預算的運用上做得非常好。我想我們在行銷上的支出略高於銷售額的2%。而且很明顯地，隨著業務成長，好消息是我們並沒有把這項支出封頂。同時，我們也沒有看到支出報酬遞減。

So the team and Tressie are doing a great job of making sure that we're investing in the places where we believe we can drive transactions drive the brand, build that loyalty and love and make sure people understand what Starbucks stands for.

因此團隊以及Tressie在確保我們把投資放在我們相信能帶動交易量、推動品牌、建立忠誠與喜愛，並讓大家理解星巴克代表什麼的地方，做得非常好。

And I think culturally, we've been on the money. And I think the communication, frankly, is at some of its best moments, the brand has had in a long time. So I love the way they're using the dollars. The budget will obviously continue to grow with the business as we grow. And the team is going to be accountable for making sure that they get great returns for those dollars that we spend.

我認為在文化層面，我們的掌握非常到位。坦白說，在溝通上，這是品牌很長一段時間以來表現最好的時刻之一。所以我很喜歡他們使用這些預算的方式。預算當然會隨著我們的業務成長而持續增加。而團隊也必須對我們花出去的每一塊錢，確保取得很好的回報負責。

And you know what, they rise to the occasion every single time we have the conversation about it. So I think we're in a really great place. And I'm really excited about the plans that we have for the balance of the year as well as I look at 2027.

而且你知道嗎，每一次我們談到這件事，他們都能迎難而上。所以我認為我們處在一個非常好的位置。我也對今年剩餘時間的計畫感到非常興奮，同時也在展望2027年。

Margaret-May Binshtock, Wolfe Research.

Margaret-May Binshtock，Wolfe Research。

Hi, guys. Thanks for taking my question. I just wanted to ask a little bit about digital menu board. Where does the penetration stand today? And what are you seeing specifically on the afternoon daypart performance in stores that have them? And what, I guess, that menu board can allow you to do for the afternoon? Thank you.

嗨，各位。謝謝讓我提問。我想稍微問一下數位菜單看板（digital menu board）。目前的滲透率到什麼程度？以及在有導入的門市，你們特別看到下午時段（daypart）的表現如何？還有我想，這個菜單看板能讓你們在下午時段做到哪些事情？謝謝。

Yeah, so I think digital menu boards now are in -- I think by the time we get to September, we'll be in like 80%, 90% of our stores. And the thing that we've been doing right now is you'll see us dayparting the menu board which has been great. And I think that is helping build our afternoon daypart because we're doing a better job now of merchandising the offerings that we have in the afternoon.

是的，所以我認為數位菜單看板現在正在——我想等到9月時，我們大概會在約80%、90%的門市完成部署。而我們目前正在做的一件事是，你會看到我們依時段（dayparting）來切換菜單看板內容，效果非常好。我認為這正在幫助我們建立下午時段的業務，因為我們現在更善於在下午時段陳列與推廣我們所提供的產品。

And the team continues to fine-tune how we use those digital menu boards to better drive the daypart communication. And it's going to be really great once we have the entire system on the digital menu boards going forward. So and with every uplift, we make sure we put in those digital menu boards as well as then just the digital menu Board program that we have in place. So the marketing team, I think, is taking advantage of the technology and the ability to then daypart it accordingly.

而團隊也持續微調我們如何使用這些數位菜單看板，以更有效地推動各時段的溝通。一旦未來整個系統全面採用數位菜單看板，效果會非常好。所以，每一次門市升級（uplift），我們都會確保同步導入這些數位菜單看板，以及我們既有的數位菜單看板計畫。因此，我認為行銷團隊正在善用這項技術與其能力，並據此進行相應的時段化呈現。

Logan Reich, RBC Capital Markets.

Logan Reich，RBC Capital Markets。

Hey, good afternoon. Thanks for taking my question. Brian, I just had a follow-up on the remodels, obviously tracking ahead of schedule in '26, and you pointed to acceleration in '27. Just trying to get a sense of where the limit on the remodels you guys can do. Any sense on when that could be completed across the whole system and just what the potential acceleration could be in '27?

嗨，下午好。謝謝讓我提問。Brian，我想就翻新（remodels）追問一下，顯然你們在2026年的進度超前，且你提到2027年會加速。我想了解你們可執行翻新的上限大概在哪裡。你們是否能分享一下，整個系統全面完成可能會在什麼時點，以及2027年潛在的加速幅度會是如何？

Yeah, so look, our goal is to try and get it done as fast as we can. Obviously, we want to balance the speed at which we do it, given the other areas that we're also investing in. But I think you're going to see a pretty good step up from '26, to '27. And then obviously, our goal is to try and get it done as quickly as possible from there. So we're building the capability in order to do more than we did this year. and then we'll see how we scale that up because I also don't want to go fast and be sloppy.

是的，所以你看，我們的目標是盡可能快把它完成。當然，我們也要在推進速度與我們同時在投資的其他領域之間取得平衡。但我認為你會看到從2026年到2027年會有相當明顯的提升。然後很明顯地，我們的目標是從那之後盡可能快完成。所以我們正在建立能力，以便做得比今年更多；接著我們會看如何擴大規模，因為我也不希望求快而做得草率。

I want to make sure that we move quickly and do it with excellence. So that's kind of the balancing act that we got to make sure we execute here because they're working really well. And the last thing we want to do is jeopardize quality because you go and amp up the speed to a level where you don't get the quality performance that we want. So meaningful step-up in '27, and we'll see how it goes from there, and then we'll figure out how much faster we can go from there and hopefully complete all of them in a timely fashion.

我希望確保我們既能快速推進，也能做到卓越。所以這就是我們必須拿捏並確保落實的平衡點，因為這些翻新目前運作得非常好。我們最不希望的是，因為把速度拉高到某個程度而犧牲品質，導致無法達到我們想要的品質表現。所以2027年會有顯著的提升，之後我們再看進展如何，並再評估還能加快多少，並希望能在合理的時間內把全部完成。

Steve McManus, BNP Paribas.

Steve McManus，BNP Paribas。

Great. Thanks. I had a question on delivery. So as that scales at a higher penetration rate, how should we think about incrementality and the trade-off versus in-store visits? And is there any color you could share around channel margin implications, that would be great.

很好。謝謝。我有一個關於外送的問題。當外送滲透率提高、規模擴大時，我們應該如何看待增量（incrementality）以及相對於到店來客的取捨？另外，若你能分享一些關於通路毛利影響（channel margin implications）的資訊就太好了。

Yeah. So right now, there's no trade-off on margins, and we have yet to see any meaningful cannibalization from the delivery channel. So we're really excited about it. And pretty soon, we'll have it also in our app with obviously a white label partner, which I think will also make the platform that much more attractive because then you'll be able to get rewards or Star as part of the program, which today, when you do delivery, you aren't participating in the Stars program. So we think there's still a lot of upside in it. And right now, there's no trade-off from a margin standpoint.

是的。所以目前在毛利方面沒有取捨，我們也尚未看到外送通路帶來任何顯著的自我侵蝕（cannibalization）。因此我們對此非常興奮。而且很快我們也會把它整合到我們的App中，當然會透過白標（white label）合作夥伴；我認為這也會讓平台更具吸引力，因為屆時你就能在計畫中獲得獎勵或星星（Stars），而目前使用外送時，你並沒有參與星星（Stars）計畫。所以我們認為它仍有很大的上行空間。而就毛利角度而言，目前沒有任何取捨。

Thank you. And ladies and gentlemen, that was our last question. I will now turn the call over to Brian Niccol for closing remarks.

謝謝。各位女士先生，以上是我們最後一個問題。我現在把電話交回給Brian Niccol作結語。

All right. Well, thank you, and thanks, everybody, for taking the time. Very proud of our results on Q3. I think as I mentioned before, when we put together the back to Starbucks strategy, it really was built on this simple idea that was kind of the founding idea of Starbucks, which is extraordinary coffee, terrific human connection and obviously done in a way where people can have an experience that they want to come back to. And so I think we're proving that, that is playing out as a point of difference for Starbucks and also that the back-to-starbucks program can deliver results in a meaningful way.

好的。非常感謝，也謝謝各位撥冗參與。我們對第三季（Q3）的成果感到非常自豪。我想如同我先前提到的，當我們制定「回到星巴克」（back to Starbucks）策略時，它其實建立在一個很簡單的理念上，也就是星巴克的創立初衷：卓越的咖啡、出色的人際連結，並且以一種讓人們獲得願意再回來的體驗的方式來呈現。因此我認為我們正在證明，這確實正在成為星巴克的差異化優勢，同時「回到星巴克」計畫也能以有意義的方式帶來成果。

So I think we're in the process of building the Starbucks that we believe we should be and Starbucks that's built for performance. And the Starbucks has built for consistency of that performance. And we've got a clear plan. The team is focused on this plan. I think we have tremendous opportunity in front of us, and I'm excited about what's next.

所以我認為我們正在打造我們相信星巴克應該成為的樣子——一個為績效而生的星巴克。以及一個為績效一致性而打造的星巴克。我們有清晰的計畫。團隊正專注於這個計畫。我認為我們面前有非常巨大的機會，我也對接下來的發展感到興奮。

And I'm really excited about where we grow from here because I think the foundational elements that we've put in place really sets the back to Starbucks plan up for enduring performance. So the quarter after quarter. We can talk about the great customer experiences and the great results that come with it. So thank you, everybody. Have a great day and look forward to continuing to talk the business with each and every one of you. Take care.

而我也非常期待我們從這裡如何持續成長，因為我認為我們已經建立的基礎要素，確實讓「回到星巴克」計畫具備長期、可持續的績效表現。因此一季接著一季。我們都能談到很棒的顧客體驗，以及隨之而來的優異成果。所以謝謝各位。祝大家有美好的一天，也期待能持續與各位逐一交流這門生意。保重。

This concludes Starbucks third quarter fiscal year 2026 conference call. You may now disconnect.

以上為星巴克2026會計年度第三季法說會電話會議內容。您現在可以掛線。