星巴克 (SBUX) 2026 Q4 法說會逐字稿

Good afternoon, and welcome to Starbucks' fourth quarter and full fiscal year 2026 earnings call. (Operator Instructions)

下午好，歡迎參加星巴克 2026 財政年度第四季暨全年財報電話會議。(接線員指示)

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

現在我將把電話交給投資人關係副總裁 Catherine Park。Park 女士，您可以開始您的會議。

Good afternoon, and thank you for joining us today to discuss Starbucks' Fourth 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 財政年度第四季業績。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 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，該等陳述受多項風險與不確定性影響，可能導致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陳述，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之義務。

Certain metrics referenced on today's call are non-GAAP and measured in constant currency. Please refer to the earnings release on our website at investor.starbucks.com to find reconciliations of these non-GAAP measures to the corresponding GAAP measures and supplemental financial information.

今天電話會議中提及的部分指標為非 GAAP 指標，並以固定匯率衡量。請參閱我們網站 investor.starbucks.com 上的財報新聞稿，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 will be available on our website through Friday, December 11, 2026. And for your calendar planning purposes, please note that our first quarter fiscal '27 earnings conference call is tentatively scheduled for Wednesday, January 27, 2027.

本次電話會議將進行網路直播，並將於 2026 年 12 月 11 日（週五）前在我們網站提供重播存檔。另供各位行事曆規劃參考，我們 2027 財政年度第一季財報電話會議暫定於 2027 年 1 月 27 日（週三）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. We closed fiscal 2026 with another terrific quarter and a much stronger Starbucks than we had a year ago. Back to Starbucks started as a turnaround plan and now Back to Starbucks is our growth plan. In Q4, our net revenues were $9.1 billion, down 3.9% year-over-year, reflecting the midyear transition of our China business to a licensed model. Global comps were up 7.2%, marking our fifth consecutive quarter of comp growth and US comps were up 7.7%. Consolidated operating margin expanded 450 basis points year-over-year to 14%, our third consecutive quarter of margin growth and earnings per share grew approximately 54% to $0.80. For the full year, consolidated net revenues grew $37.9 billion, up 2.1%.

下午好，感謝各位加入。我們以又一個出色的季度結束 2026 財政年度，星巴克也比一年前強大得多。「回到星巴克（Back to Starbucks）」起初是一項扭轉計畫，如今已成為我們的成長計畫。第四季淨營收為 91 億美元，年減 3.9%，反映我們於年中將中國業務轉為授權模式的影響。全球同店銷售成長 7.2%，為連續第五季同店成長；美國同店成長 7.7%。合併營業利益率年增 450 個基點至 14%，為連續第三季擴張；每股盈餘約成長 54% 至 0.80 美元。全年合併淨營收達 379 億美元，成長 2.1%。

Global company-operated comps were up 6.2%, with US comps up 6.5% and international comps up 3.7%. Consolidated operating margin expanded 200 basis points to 11.9% and earnings per share grew approximately 27% to $2.72, exceeding the high end of our guidance. These results reflect our relentless focus on executing our Back to Starbucks strategy.

全球直營同店成長 6.2%，其中美國同店成長 6.5%，國際同店成長 3.7%。合併營業利益率擴張 200 個基點至 11.9%，每股盈餘約成長 27% 至 2.72 美元，超越我們財測區間上緣。這些成果反映我們對「回到星巴克」策略執行的堅定聚焦。

Two years ago, we committed to getting Back to Starbucks and delivering our brand promise more consistently. We put the customer at the center of every decision. We gave our partners more support. We got clear on what matters. We restored the third place, and we put Starbucks back on its front foot.

兩年前，我們承諾要回到星巴克，並更一致地兌現品牌承諾。我們把顧客放在每一項決策的核心。我們為夥伴提供更多支持。我們釐清什麼才是最重要的。我們重塑「第三空間」，並讓星巴克重新站上主動進攻的位置。

Our plan is working. More customers are visiting us because the Starbucks experience is better. Our coffeehouses are coffeehouses again, our partners are creating more moments of connection. Our brand is more visible, relevant and loved. Our license and channel development businesses are extending our reach to more places and occasions. And more of our sales growth is translating into earnings. For more than 50 years, we've grown by delivering on the Starbucks brand promise, exceptional coffee, human connection and a great customer experience in a true third place.

我們的計畫正在奏效。更多顧客造訪，因為星巴克體驗變得更好。我們的咖啡館再次成為真正的咖啡館，我們的夥伴也創造出更多連結的時刻。我們的品牌更具能見度、更貼近時代、也更受喜愛。我們的授權與通路開發業務，正把觸角延伸到更多地點與更多消費情境。而且，我們更多的銷售成長正在轉化為獲利。50 多年來，我們一直透過兌現星巴克的品牌承諾——卓越咖啡、人與人的連結，以及在真正「第三空間」中的優質顧客體驗——來實現成長。

It comes down to the fundamentals. When we execute them with excellence, we grow. That's what we saw in fiscal '26 and it's what gives me confidence in the durability of our performance for the future. We had a great quarter and a great year, and it put us ahead of schedule on our fiscal '28 framework. And as we focus on growth in fiscal '27, we have even more opportunity ahead.

歸根結底，就是基本功。當我們以卓越的方式把基本功做到位，我們就能成長。這正是我們在 2026 財政年度所看到的，也讓我對未來表現的韌性更有信心。我們交出了一個很棒的季度與很棒的一年，並使我們在 2028 財政年度框架目標上超前進度。而當我們聚焦於 2027 財政年度的成長時，前方還有更多機會。

Let me walk you through some of the highlights for the quarter, starting in North America. Company-operated comps grew 7.9%, driven by double-digit comps in Canada and strong comps in the US. That momentum is being driven by great execution in our coffeehouses, a strong brand and a healthier portfolio.

接下來我將帶各位回顧本季的一些重點，先從北美開始。直營同店成長 7.9%，主要由加拿大同店雙位數成長，以及美國強勁的同店表現所帶動。這股動能來自我們在咖啡館端的優秀執行、強勢品牌，以及更健康的產品組合。

First, our coffeehouses are coffeehouses again. We're operating with greater discipline and consistency anchored by Green Apron Service. In the quarter, more than 80% of our North America company-operated coffeehouses delivered positive comps, up from less than 50% a year ago. Average service times remained on target, and we continue to refine Smart Queue and our operating routines to improve throughput and consistency across all access points.

第一，我們的咖啡館再次成為真正的咖啡館。我們以「綠圍裙服務（Green Apron Service）」為核心，透過更高的紀律與一致性來營運。本季，北美超過 80% 的直營咖啡館實現同店正成長，高於一年前不到 50% 的水準。平均服務時間維持在目標範圍內，我們也持續優化 Smart Queue 與營運例行流程，以提升所有接觸點的出杯效率與一致性。

Inventory availability is at an all-time high with daily delivery now reaching close to 90% of our North America company-operated coffeehouses, and our new quarterly coffeehouse incentive program is driving greater discipline around staffing and product waste, while keeping teams focused on great customer service.

存貨可得性創下歷史新高；目前每日配送已覆蓋接近 90% 的北美直營咖啡館。我們新的季度咖啡館獎勵計畫也正推動在人力配置與產品耗損方面更高的紀律，同時讓團隊持續聚焦於卓越的顧客服務。

Our leadership pipeline is also getting stronger. We now have more than 3,000 coffeehouses coaches enrolled across our US company-operated business, and they've all been hired from within the company. These positions improve leadership stability and execution, give our partners new pathways to grow and help build the next generation of leaders to support our future growth.

我們的領導人才管道也在變得更強。目前在美國直營業務中，已有超過 3,000 名咖啡館教練加入，且全數為公司內部晉用。這些職位可提升領導穩定性與執行力，為夥伴提供新的成長路徑，並協助培養下一代領導者，以支持我們未來的成長。

Second, customers are responding to a stronger, more relevant brand and menu. Starbucks brand affinity is at near record levels as our menu innovation, marketing and merchandise continue to create moments that drive culture and bring people into our coffeehouses. Espresso, Refreshers, Matcha and our artisanal bake case showed continued strength in the quarter.

第二，顧客對更強大、也更貼近需求的品牌與菜單做出了正向回應。隨著我們在菜單創新、行銷與商品上的投入持續創造文化話題與關鍵時刻，星巴克的品牌好感度接近歷史新高，並帶動人潮走進咖啡館。本季濃縮咖啡（Espresso）、星沁爽（Refreshers）、抹茶（Matcha）以及我們的手作烘焙展示櫃（artisanal bake case）持續展現強勁動能。

Our Unicorn launch in August United 34 markets for our first Global coffeehouse activation and delivered a record sales weekend for our North America company-operated business. We followed that with our strongest North America fall launch day and our global Peanuts collaboration demonstrated the power of great merch, delivering robust sales days around the world.

我們於 8 月推出的 Unicorn 活動，串聯 34 個市場，成為我們首次全球咖啡館整合行銷活動，並為北美直營業務帶來創紀錄的週末銷售。隨後，我們迎來北美史上最強的秋季新品上市首日；而我們與 Peanuts 的全球聯名也展現優質周邊商品的威力，在全球各地帶來亮眼的銷售表現。

Our US company-operated comp growth remained balanced with contribution from both ticket and transactions. 90-day active Starbucks Rewards members reached a record 36 million, growing both year-over-year and sequentially from Q3. And sales growth remains broad-based across income levels, generations and dayparts. Together, these results tell us the Starbucks Experience is resonating.

我們美國直營同店成長仍維持均衡，來自客單價與交易量的貢獻兼具。90 天活躍的 Starbucks Rewards 會員數達到創紀錄的 3,600 萬人，年增且較第三季續增。銷售成長也仍在不同所得層級、世代與時段間呈現廣泛分布。綜合來看，這些結果告訴我們，「星巴克體驗」正在引起共鳴。

Our coffeehouses feel more like Starbucks too. As of fiscal year-end, we surpassed our goal by completing more than 1,700 total uplifts across North America, bringing back warm, comfortable seating and the third place to our cafes. Uplifted coffeehouses continue to show transaction lift across access points, dayparts, formats and loyalty groups, giving us confidence to continue our pace of work.

我們的咖啡館也更有星巴克的感覺。截至財年末，我們完成北美超過 1,700 家門市的整體升級（uplifts），超越原先目標，讓溫暖舒適的座位與「第三空間」回到我們的咖啡館。完成升級的門市在不同接觸點、時段、店型與會員族群中，持續展現交易量提升，讓我們更有信心維持目前的推進速度。

Third, we're building a healthier coffeehouse portfolio. In North America, we closed coffeehouses that didn't show a path to delivering the experience or financial performance we expect. We also unveiled our smaller format coffeehouses in multiple markets, taking the concept we showcased at Investor Day from prototype to reality in less than a year. Customer and partner feedback has been terrific, and we'll learn from these early openings to help shape how we build for the future. International is an important growth engine for Starbucks.

第三，我們正在打造更健康的咖啡館門市組合。在北美，我們關閉了那些看不到能達成我們所期待之體驗或財務表現路徑的門市。我們也在多個市場推出更小型態的咖啡館，把我們在投資人日展示的概念，於不到一年內從原型推進到實際落地。顧客與夥伴的回饋非常正面；我們也將從這些早期開店中汲取經驗，協助塑造未來的建店方式。國際市場是星巴克重要的成長引擎。

Our diversified portfolio remained a key strength in Q4 with comp sales growth across the majority of our licensed and company-operated markets, led by the UK, Philippines and Mexico. Our increasingly licensed international model, which combines the power of Starbucks with the deep market expertise of local operators underpinned our unit growth.

我們多元化的投資組合在第四季仍是關鍵優勢；在我們多數授權與直營市場中，同店銷售皆實現成長，其中以英國、菲律賓與墨西哥領先。我們日益以授權為主的國際模式，結合星巴克的品牌力量與在地營運商深厚的市場專業，支撐了我們的門市成長。

China exceeded its goals in fiscal 2026, we surpassed 6,000 coffeehouses in Asia Pacific, and we grew to more than 1,900 in Latin America and the Caribbean, bringing Starbucks premium coffee experience to nearly 500 new communities. Our progress through fiscal '26 reinforces what we know. We know what makes Starbucks special. We know Back to Starbucks drives growth, and we know how to win. For fiscal '27, we will raise the bar.

中國在2026會計年度超越其目標；我們在亞太地區的門市數突破6,000家，並在拉丁美洲與加勒比地區成長至超過1,900家，將星巴克高端咖啡體驗帶進近500個新社區。我們在2026會計年度的進展再次印證我們所知道的。我們知道是什麼讓星巴克與眾不同。我們知道「回到星巴克」（Back to Starbucks）能帶動成長，也知道如何取勝。在2027會計年度，我們將把標準再提高。

We entered the new fiscal year on stronger operational footing and with momentum. At a high level, for fiscal '27, we expect North America comps of approximately 4%, consolidated operating margin of 13.5% to 14% and EPS of $3.15 to $3.25.

我們以更穩健的營運基礎與動能進入新的會計年度。整體而言，對於2027會計年度，我們預期北美同店銷售約成長4%，合併營業利益率為13.5%至14%，每股盈餘（EPS）為3.15至3.25美元。

To deliver these results, five priorities will drive our work. First, win on the fundamentals in the coffeehouse through Green Apron Service. That means building capacity to deliver exceptional Green Apron Service to more customers. We see room to grow transaction across every daypart in our coffeehouses by extending our peak in the morning and creating a peak in the afternoon.

為達成這些成果，五項優先事項將驅動我們的工作。第一，透過「綠圍裙服務」（Green Apron Service）在咖啡館把基本功做到位。這意味著建立產能，為更多顧客提供卓越的綠圍裙服務。我們看到在咖啡館的每個時段都有提升交易量的空間：延長早晨尖峰，並在下午創造尖峰。

To do this, we'll keep making Smart Queue smarter, we'll improve production flow behind the bar to unlock throughput while maintaining great craft. We'll also begin Mastrena 3 espresso machine test and exploring next-generation drive-through concepts to improve speed and connection. It means greater operating precision.

為此，我們將持續讓 Smart Queue 更加智慧化；我們也會改善吧檯後方的製作流程，在維持精湛手作的同時釋放產能、提升通過量。我們也將開始測試 Mastrena 3 義式咖啡機，並探索下一代得來速（drive-through）概念，以提升速度與連結感。這代表更高的營運精準度。

We'll keep refining how we forecast and deploy labor and how we manage inventory and product waste and we'll raise growth performance expectations while keeping our leaders focused on operating behaviors that create a meaningful third place full of community and connection and drive consistent results. And it means continued investment in our partners.

我們將持續精進人力預測與配置方式，以及庫存管理與產品耗損管理；同時在提升成長績效期待的同時，讓領導者聚焦於能打造充滿社群與連結、具意義「第三空間」的營運行為，並帶來一致的成果。這也意味著持續投資於我們的夥伴（partners）。

Fiscal '27 will be a major tech modernization year. We'll roll out new staffing and scheduling and point-of-sale systems through the year that simplify tasks, improve speed of service and allow partners to spend more time engaging with customers. We're also transforming our supply chain with testing underway to improve demand forecasting, ordering accuracy and replenishment cycles.

2027會計年度將是科技現代化的重要一年。我們將在全年推出新的排班與人力配置系統，以及銷售點（POS）系統，以簡化工作、提升服務速度，並讓夥伴能花更多時間與顧客互動。我們也正在測試以轉型供應鏈，改善需求預測、訂購準確度與補貨週期。

As this work scales, it will drive greater availability, less product waste and less work for our partners over time. Second, make our branded menu even more relevant and loved. We'll drive mass reach through effective marketing to bring in new and lapsed customers while continuing to nurture our Starbucks Rewards members.

隨著這些工作擴大規模，將在時間推移下帶來更高的供應可得性、更少的產品浪費，以及更少的夥伴工作負擔。第二，讓我們的品牌菜單更貼近需求、也更受喜愛。我們將透過有效行銷擴大觸及面，吸引新顧客與流失顧客回流，同時持續培育我們的 Starbucks Rewards 會員。

We'll keep winning the morning and earning the afternoon with planful innovation, building scalable platforms that can grow with us. These include functional and zero sugar beverages, new bakery items, more portable options, and protein forward choices that meet more customer needs and wants throughout the day.

我們將持續在早晨取勝，並以有計畫的創新贏得下午時段，打造可擴展的平台，與我們一同成長。這些包括機能性與零糖飲品、新的烘焙品項、更便於攜帶的選擇，以及以蛋白質為主的品項，以滿足顧客在一天中不同時段更多的需求與偏好。

Great innovation strengthens the ritual and gives customers more reasons to choose Starbucks. In fiscal '27, we'll bring beverages, food and merchandise together in collections that create more compelling customer moments and drive greater attach.

卓越的創新能強化儀式感，並給顧客更多選擇星巴克的理由。在2027會計年度，我們將把飲品、食品與商品整合為系列（collections），創造更具吸引力的顧客時刻，並提升加購（attach）。

Merchandise remains a small part of our business today, but Q4 showed its potential. Both our Pink and Peanuts launches contributed to ticket growth in the quarter. We'll apply that same integrated approach to upcoming brand launches like holiday. We've learned a lot about what it takes to execute innovation well. In fiscal '27, we'll put even greater focus on operational readiness with thoughtful builds, better training and the right staffing to help our partners deliver with excellence.

商品目前仍僅占我們業務的一小部分，但第四季展現了其潛力。我們的 Pink 與 Peanuts 兩項上市活動皆帶動了該季客單成長。我們將把同樣的整合式方法應用於即將到來的品牌檔期上市，例如節慶（holiday）。我們已學到許多關於如何把創新執行到位的要點。在2027會計年度，我們將更聚焦於營運就緒度，透過周全的建置、更好的訓練與適當的人力配置，協助夥伴以卓越表現交付成果。

Third, build the right experiences and capabilities for the future. Starbucks has built an exceptional digital experience in one of the world's most engaged customer communities. In the year ahead, we'll make our industry-leading Starbucks app even more intuitive for customers to order, customize and have frictionless access wherever they are.

第三，打造面向未來的正確體驗與能力。星巴克在全球最具互動度的顧客社群之一中，建立了卓越的數位體驗。在接下來的一年，我們將讓業界領先的 Starbucks App 對顧客而言更直覺，便於下單、客製化，並在任何所在位置都能無摩擦地使用。

We'll update the menu experience and build more personalized touch points through relevant content and recommendations tailored to customer tastes and preferences. In Q2, we'll begin to integrate delivery directly into the Starbucks app and will extend the opportunity for customers to begin earning and redeeming Stars on delivery orders.

我們將更新菜單體驗，並透過與顧客口味與偏好相符的內容與推薦，建立更多個人化觸點。在第二季，我們將開始把外送（delivery）直接整合進 Starbucks App，並擴大讓顧客在外送訂單上也能開始累積與兌換星星（Stars）的機會。

We are working on opportunities for AI to make search and discovery in the app more seamless with the potential to support conversational and agentic ordering over time. And we're exploring ways to make it easier for customers to place mobile orders from their cars and through emerging AI platforms. We're also working to reimagine the drive-thru experience to make it faster, more convenient and more personal.

我們正探索 AI 機會，使 App 內的搜尋與探索更順暢，並有潛力隨時間推進支援對話式與代理式（agentic）下單。我們也在探索讓顧客更容易在車內完成行動點餐，以及透過新興 AI 平台下單的方法。我們也正著手重新構想得來速體驗，使其更快速、更便利且更具個人化。

Roughly half of our customers use the drive-thru, making it a significant opportunity. In fiscal '27, we'll begin testing background AI models and the drive-thru that help our baristas input orders more accurately and efficiently as they interact with customers. The intent is to help our partners focus on connecting with customers while improving both throughput and speed of service. We're also exploring experiences that recognize participating customers as they arrive, present personalized digital menus and make payment more effortless. We're early in this work, and we'll test, learn and scale what works.

約有一半的顧客使用得來速，使其成為一項重要機會。在2027會計年度，我們將開始測試背景 AI 模型與得來速方案，協助咖啡師在與顧客互動時更準確且更有效率地輸入訂單。其目的在於協助夥伴更專注於與顧客建立連結，同時提升通過量與服務速度。我們也在探索能在顧客抵達時辨識參與顧客、呈現個人化數位菜單，並讓付款更省力的體驗。我們仍處於早期階段，將測試、學習並擴大推行有效做法。

Fourth, grow with discipline in the US and around the world. We see significant long-term white space in North America with the opportunity to build around 5,000 additional coffeehouses over time. We're focused on making disciplined decisions today that set us up for stronger, more durable growth in the future.

第四，在美國及全球以紀律推動成長。我們看到北美長期仍有顯著的市場空白（white space），未來有機會再新增約5,000家咖啡館。我們專注於今天做出有紀律的決策，為未來更強勁、更具韌性的成長奠定基礎。

Rebuilding our development pipeline will take time, which means we expect fewer company-operated openings in fiscal '27 and a stronger, healthier pipeline beyond that. As we do this work, we'll continue investing in our uplift program. We expect to complete more than 2,000 uplifts in fiscal '27. We'll also work to grow our North America license business, bringing the Starbucks Experience to even more customers. We expect International to lead our global unit growth this fiscal year with net new coffeehouse openings accelerating by nearly 50% compared to fiscal '26. That translates to about three new coffeehouses a day.

重建我們的展店管線需要時間，這意味著我們預期在2027會計年度直營門市的新開店數將較少，而其後將擁有更強健、更健康的管線。在推進這些工作時，我們將持續投資於我們的門市提升（uplift）計畫。我們預期在2027會計年度完成超過2,000項 uplift。我們也將致力於成長北美授權業務，將星巴克體驗帶給更多顧客。我們預期本會計年度國際市場將引領全球門市淨增長，淨新增咖啡館開店數相較2026會計年度加速近50%。這相當於每天約新增三家咖啡館。

Beyond fiscal '27, we see substantial room to grow our footprint outside North America from more than 23,000 international coffeehouses today to nearly 40,000 over the long term. That includes the potential to double our presence in China and India with meaningful growth across other regions.

在2027會計年度之後，我們看到北美以外的版圖仍有可觀成長空間：可從目前超過23,000家國際門市，長期成長至接近40,000家。其中包括在中國與印度將據點倍增的潛力，並在其他地區實現具規模的成長。

Fifth, create more opportunity for partners. Our hourly partner turnover rate remains well below the industry average, driven by what third-party studies confirm are industry-leading pay and benefits as well as improved staffing and flexible schedules that give partners the hours they want to work.

第五，為夥伴創造更多機會。我們的計時制夥伴離職率仍遠低於產業平均；第三方研究也證實，這主要受惠於業界領先的薪酬與福利，以及改善的人力配置與彈性排班，讓夥伴能獲得其希望工作的工時。

And in fiscal '27, we'll expand coffeehouse coaches to more North American coffeehouses, giving experienced partners more opportunities for advancement while building a pipeline of talent to support future coffeehouse growth. We'll pair that with more training and development opportunities and better tools for leaders to build and manage strong teams. Taken together, these priorities give us clear direction and confidence in the path ahead.

此外在2027會計年度，我們將把咖啡館教練（coffeehouse coaches）擴展至更多北美門市，讓資深夥伴擁有更多晉升機會，同時建立人才管線以支援未來門市成長。我們也將搭配更多訓練與發展機會，以及更好的工具，協助領導者建立並管理強健的團隊。綜合而言，這些優先事項為我們提供清晰方向，並讓我們對前方道路充滿信心。

Back to Starbucks started as a turnaround plan, and it put us back in a position of strength. Today, Back to Starbucks is our growth plan. To conclude, fiscal '26 was a tremendous year of progress and results, and it gives us confidence in our trajectory. We're ahead of schedule in relation to our fiscal '28 framework, and we see a clear path to consistent comp growth and stronger earnings in fiscal '27.

「重返星巴克」最初是一項扭轉局勢的計畫，讓我們重新回到有利的強勢位置。今天，「重返星巴克」是我們的成長計畫。總結來說，2026 財年是進展與成果都非常卓越的一年，這也讓我們對自身的發展軌跡充滿信心。相較於我們的 2028 財年框架，我們進度超前，並且看見一條清晰的道路，可在 2027 財年實現持續的同店成長與更強勁的獲利。

To our partners around the world, thank you. The progress we've made reflects your focus, ownership and belief in our brand promise, I'm confident we'll keep building on what is working, raising the bar and bringing the best of Starbucks to even more customers around the world.

致全球各地的夥伴們，謝謝你們。我們所取得的進展反映了你們對焦、主人翁精神，以及對我們品牌承諾的信念；我有信心我們會持續在有效的做法上再接再厲、提高標準，並把星巴克最好的體驗帶給全球更多顧客。

With that, I'll turn it over to Cathy to take you through our results in more detail and our fiscal '27 guidance.

接下來，我把時間交給 Cathy，請她更詳細地帶大家看我們的業績表現以及 2027 財年的指引。

Thank you, Brian, and thank you all for joining us today. In fiscal 2026, we strengthened the fundamentals of our business and that work is increasingly showing up in our financial performance. I'd like to also thank our partners whose focus and dedication were critical to delivering our Back to Starbucks priorities. Now to our fourth quarter results and outlook. Fourth quarter consolidated net revenues were $9.1 billion, down 3.9% year-over-year, primarily reflecting Starbucks China's transition from company operated to a licensed joint venture.

謝謝你，Brian，也謝謝各位今天與我們一同參與。在 2026 財年，我們強化了業務的基本面，而這些工作正日益反映在我們的財務表現上。我也要感謝我們的夥伴，你們的專注與投入對於落實「重返星巴克」的優先事項至關重要。接著來看第四季的業績與展望。第四季合併淨營收為 91 億美元，年減 3.9%，主要反映星巴克中國由直營轉型為授權合資企業。

Global comps grew 7.2%, our fifth consecutive positive quarter. North America net revenues grew 6.3% to $7.3 billion, led by strong company-operated comps in both the US and Canada. US comps grew 7.7%, with a healthy balance of transactions up 2.4% and ticket up 5.2%.

全球同店銷售成長 7.2%，為連續第五個季度呈現正成長。北美淨營收成長 6.3% 至 73 億美元，主要由美國與加拿大直營門市強勁的同店表現帶動。美國同店成長 7.7%，其中交易量成長 2.4%、客單價成長 5.2%，呈現健康的均衡組合。

Contribution from transactions moderated from Q3, particularly as we began to lap the growth from last year. On a two-year basis, US transaction comps improved sequentially from Q3, a sign that customers continue to choose us more often.

交易量的貢獻較第三季放緩，特別是因為我們開始面臨去年成長的比較基期。以兩年基礎來看，美國交易量同店表現較第三季呈現連續改善，顯示顧客持續更常選擇我們。

And as Brian mentioned, we delivered growth across all dayparts, income levels and access points. Ticket growth continued to reflect balanced contribution from pricing, attach, mix and delivery growth with pricing and mix, including merchandise, driving most of the sequential improvement from Q3.

此外，如 Brian 所提到，我們在全天各時段、各收入層級與各接觸點都實現成長。客單價成長仍反映來自定價、加購（attach）、組合（mix）與外送成長的均衡貢獻；其中定價與組合（包含商品）帶動了相較第三季的大部分連續改善。

We've been very pleased with our delivery performance in the US, with revenues more than tripling over the past five years, and these transactions have been largely incremental, expanding delivery to more coffeehouses supported our growth in fiscal '26 and with delivery soon to be fully integrated into the Starbucks app, we see additional runway in fiscal '27. We're also driving the engagement we want to see in our Starbucks Rewards program. 90-day active members reached a record 36 million in the quarter. More members are moving into higher frequency tiers and Starbucks Rewards members led our transaction and sales growth in the quarter.

我們對美國外送表現感到非常滿意，過去五年營收已超過三倍成長，而這些交易多為增量；將外送擴展至更多門市支撐了我們在 2026 財年的成長，且隨著外送即將全面整合至星巴克 App，我們在 2027 財年仍看見更多成長空間。我們也在推動星巴克 Rewards 計畫中我們希望看到的互動參與。本季 90 天活躍會員數創新高，達 3,600 萬。更多會員正移動至更高頻率的等級，而星巴克 Rewards 會員帶動了本季的交易量與銷售成長。

North America licensed revenues grew 2.6% in Q4, reflecting a third consecutive quarter of positive system-wide comps and strength across broader retail, travel and leisure. We ended the quarter with 18,176 coffeehouses in North America. This reflects 247 company-operated net closures primarily from last month's portfolio actions and partially offset by 52 net licensed openings. Moving to International. The segment delivered Q4 net revenues of $1.3 billion and operating income of $261.3 million, with positive system-wide comps across our diversified portfolio.

北美授權營收在第四季成長 2.6%，反映系統同店連續第三季呈現正成長，且在更廣泛的零售、旅遊與休閒通路表現強勁。本季末北美共有 18,176 家門市。其中包含 247 家直營門市淨關閉，主要來自上月的門市組合調整行動，並由 52 家授權門市淨開店部分抵銷。接著看國際市場。該部門第四季淨營收為 13 億美元、營業利益為 2.613 億美元，在我們多元化的組合中，系統同店皆呈現正成長。

International company-operated comps, which are now largely comprised of Japan and the UK grew 0.9%. We had exceptional performance in the UK, balanced by tougher comparisons in Japan. As a reminder, Starbucks China's retail operations are now deconsolidated from our financials and reported as a licensed business. With our 40% joint venture economics reported in income from equity investees. This transition will continue to be the driver of year-over-year changes in International through the first half of fiscal '27.

國際直營同店（目前主要由日本與英國構成）成長 0.9%。英國表現非常出色，但日本面臨較具挑戰的比較基期而相互抵銷。提醒一下，星巴克中國的零售營運現已自我們財務報表中除列，並以授權業務方式呈報。我們 40% 的合資經濟利益則列示於權益法投資收益中。此一轉型將持續成為 2027 財年上半年國際部門年對年變動的主要驅動因素。

International drove our unit growth in fiscal '26 ending Q4 with 23,431 coffeehouses, including 498 net new openings in the fourth quarter. This demonstrates our continued confidence in the long-term opportunity to grow our brand globally.

國際市場帶動了我們在 2026 財年的展店成長，第四季末共有 23,431 家門市，其中第四季淨新增開店 498 家。這展現了我們對於長期在全球擴大品牌成長機會的持續信心。

In total, we ended fiscal '26 with 41,607 coffeehouses globally, with 617 net new openings for the full year, well ahead of our most recent expectations. In Channel Development, Q4 net revenues declined 8.9% to $494.4 million led by the Global Coffee Alliance and the absence of coffee price-related tailwinds we saw in the first three quarters. Operating income was about flat year-over-year, despite the lower revenue base. With consumers remaining choiceful in their spending, we and our partners will continue to lean into innovation and marketing activations to maintain our number 1 position in at-home and ready-to-drink coffee in North America and to build new occasions with offerings like Refreshers and protein. Moving to margin.

整體而言，我們在 2026 財年末全球共有 41,607 家門市，全年淨新增開店 617 家，明顯優於我們最近的預期。在通路發展（Channel Development）方面，第四季淨營收年減 8.9% 至 4.944 億美元，主要受全球咖啡聯盟（Global Coffee Alliance）以及前三季所見的咖啡價格相關順風效應消失所影響。儘管營收基礎較低，營業利益年對年約持平。在消費者支出仍較為審慎的情況下，我們與合作夥伴將持續加大創新與行銷活動，以維持我們在北美居家與即飲咖啡市場的第一名地位，並透過如 Refreshers 與蛋白質等產品開創新的消費情境。接著談毛利率。

Q4 consolidated operating margin expanded 450 basis points to approximately 14%. This was our third consecutive quarter of margin expansion, with improvement across every segment. North America operating margin expanded 440 basis points to approximately 16%, driven primarily by sales leverage, disciplined execution and cost savings. We also lapped our Green Apron Service labor investments in August, which are now a part of our base. These benefits were partially offset by higher product and distribution costs mainly from product mix.

第四季合併營業利益率擴張 450 個基點至約 14%。這是我們連續第三個季度的利益率擴張，各部門皆有改善。北美營業利益率擴張 440 個基點至約 16%，主要由銷售槓桿、嚴謹的執行與成本節省所帶動。我們也在 8 月度過了 Green Apron Service 的人力投資比較基期，該投資現已納入我們的基礎成本。上述效益部分被較高的產品與配送成本所抵銷，主要來自產品組合影響。

Coffee price impacts were roughly neutral in the quarter. Consolidated G&A declined approximately 20%, reflecting our cost savings efforts and China deconsolidation. Together, these results reflect stronger execution with more of our sales growth flowing to the bottom line. Interest and other income of $59.2 million benefited from net gains on certain investments in the fourth quarter. And our effective tax rate was in line with our expectations at 24.7%.

本季咖啡價格影響大致中性。合併一般及行政費用（G&A）下降約 20%，反映我們的成本節省努力以及中國業務除列。綜合而言，這些結果反映更強的執行力，使我們更多的銷售成長能夠轉化為最終獲利。利息及其他收益為 5,920 萬美元，受惠於第四季特定投資的淨收益。我們的有效稅率為 24.7%，符合預期。

All in, fourth quarter EPS was $0.80, up approximately 54% year-over-year. Our fourth quarter and full year results showcase our focus on executing Back to Starbucks to strengthen the business and our earnings recovery is well underway.

整體而言，第四季每股盈餘（EPS）為 0.80 美元，年增約 54%。我們第四季與全年業績展現了我們專注於執行「重返星巴克」以強化業務，而我們的獲利復甦已在穩步推進。

Turning to our outlook. In fiscal '27, we see multiple drivers of growth and a clear path to stronger earnings as we continue advancing our long-term priorities. As a reminder, fiscal '27 is a 53-week year. Our guidance includes the extra week, except for sales comps, which are on a comparable 52-week basis.

接著談展望。在 2027 財年，我們看見多項成長驅動因素，並且在持續推進長期優先事項的同時，有一條清晰的道路可帶來更強勁的獲利。提醒一下，2027 財年為 53 週年度。我們的指引包含額外的第 53 週，但銷售同店（comps）除外，該項以可比的 52 週基礎計算。

Starting at the top of the P&L, we expect full year consolidated net revenues to decrease by approximately 1% year-over-year, including approximately $700 million of revenues related to the 53rd week. The expected decline is primarily driven by our International segment as we lap Starbucks China's retail operations, which were company operated in the first half of the year.

從損益表（P&L）最上方開始，我們預期全年合併淨營收將年減約 1%，其中包含約 7 億美元與第 53 週相關的營收。預期下滑主要由國際部門所驅動，因為我們將面臨星巴克中國零售營運的比較基期；該業務在上半年仍為直營。

Our revenue expectations also include modest coffee deflation and the impact of fewer new North America coffeehouse openings. We expect full year North America net revenue growth to slightly exceed comp growth driven by the impact of the 53rd week. During the first three quarters of the year, we expect North America net revenue growth will trail the segment's comp growth, reflecting the recent company-operated coffeehouse closures.

我們的營收預期亦包含溫和的咖啡通縮，以及北美新開門市數量減少的影響。我們預期北美全年淨營收成長將略高於同店成長，主要由第 53 週的影響所帶動。在年度前三季，我們預期北美淨營收成長將落後於該部門的同店成長，反映近期直營門市關閉的影響。

In addition, we expect Channel Development net revenues to decline by approximately 10%, also heavily influenced by coffee price trends. In the US, consumers are increasingly prioritizing experiences that feel worth it. That reinforces our focus on quality, craft and connection and on delivering a consistently great customer experience. We expect fiscal '27 North America comps to grow approximately 4%, led by beverage and food innovation, Green Apron Service, delivery and a small contribution from uplifts and sales transfer from coffeehouse closures. Any pricing will remain focused and well below CPI.

此外，我們預期通路發展（Channel Development）淨營收將下滑約10%，同樣深受咖啡價格走勢影響。在美國，消費者愈來愈優先選擇那些「覺得值得」的體驗。這也強化了我們對品質、工藝與連結的聚焦，並致力於提供一貫卓越的顧客體驗。我們預期2027會計年度北美同店銷售（comps）約成長4%，主要由飲品與食品創新、Green Apron Service、外送，以及來自門市升級（uplifts）與咖啡館關閉所帶來的銷售移轉的小幅貢獻所帶動。任何定價調整都將維持聚焦，且明顯低於CPI。

We expect fiscal '27 cadence of US comps to be more balanced across the quarters than fiscal '26. Specifically, we expect less variability between Q1 and the rest of the year. Also moving forward, we'll focus our annual comp guidance on our North America company-operated business. It is the primary driver of our underlying comp performance as our international portfolio is now predominantly licensed.

我們預期2027會計年度美國同店銷售（comps）的季度節奏，將比2026會計年度更為均衡。具體而言，我們預期第一季與其餘季度之間的波動會更小。此外，展望未來，我們將把年度同店指引聚焦於北美自營業務。這是我們同店表現的主要驅動因素，因為我們的國際組合目前已以授權（licensed）為主。

We expect fiscal '27 consolidated operating margin of 13.5% to 14%, up approximately 190 basis points at the midpoint. This is led by our North America business and supported by sales leverage and our focus on disciplined coffeehouse execution. In addition, we remain on track with our cost savings work which we expect to continue realizing through fiscal '28.

我們預期2027會計年度合併營業利益率為13.5%至14%，以中位數計約提升190個基點。這主要由北美業務帶動，並受惠於銷售槓桿效益，以及我們對咖啡館營運執行的紀律性聚焦。此外，我們的成本節省工作仍按計畫推進，預期將持續在2028會計年度之前逐步實現。

And to date, we've realized roughly half of those gross savings, we expect benefits to operating margin to become more evident in fiscal '27 as we now have lapped our labor investments in Green Apron Service. In G&A, we continue to realize savings from actions we took last year and expect consolidated G&A dollars to be flat to slightly down year-over-year. For international, we expect operating margin to begin the year at around 20% and improved slightly through the year, supported by sales leverage and our capital efficient licensed model. And in channel development, we expect operating margin to remain in the mid- to high 40% range over the longer term.

截至目前，我們已實現約一半的總節省額；隨著我們已度過（lapped）在Green Apron Service上的人力投資，我們預期對營業利益率的效益將在2027會計年度更為明顯。在一般與行政費用（G&A）方面，我們持續實現去年採取行動所帶來的節省，並預期合併G&A金額將年對年持平至小幅下降。就國際業務而言，我們預期營業利益率在年初約為20%，並在全年略有改善，受惠於銷售槓桿以及我們資本效率較高的授權模式。而在通路發展方面，長期而言我們預期營業利益率將維持在40%中段至高段區間。

For tax, we expect our effective tax rate will be roughly in line with or slightly below fiscal '26. Putting it all together, we expect EPS of $3.15 to $3.25, growing close to 18% year-over-year at the midpoint. Our guidance includes a benefit of slightly more than $0.10 related to the 53rd week.

在稅務方面，我們預期有效稅率大致與2026會計年度相當或略低。綜合以上，我們預期每股盈餘（EPS）為3.15至3.25美元，以中位數計年對年成長接近18%。我們的指引包含與第53週相關、略高於0.10美元的利益。

Finally, we expect approximately 1,200 net new coffeehouses globally in fiscal '27. International is expected to drive much of this growth at approximately 1,100 net new openings with China contributing about half. In North America, we expect 90 to 100 net new coffeehouses for the year, about half is expected to come from our licensed portfolio. The balance is expected to come from our company-operated business as we rebuild the development pipeline Brian discussed. Fiscal '27 is an important step toward our fiscal '28 framework.

最後，我們預期2027會計年度全球將新增約1,200家淨新開咖啡館。其中，國際市場預期將貢獻大部分成長，淨新增開店約1,100家，中國約占其中一半。在北美方面，我們預期全年淨新增90至100家咖啡館，其中約一半預期來自我們的授權組合。其餘則預期來自自營業務，因為我們正在重建Brian所提到的開發管線。2027會計年度是邁向我們2028會計年度架構的重要一步。

We're tracking ahead of pace toward our 2028 goals and we remain focused on building from here. Our capital allocation priorities remain investing in the business with discipline, maintaining our investment-grade balance sheet and supporting a competitive dividend. We recently raised our quarterly dividend to $0.63 per share, our 16th consecutive annual increase.

我們朝向2028年目標的進度超前，並持續專注於在此基礎上再接再厲。我們的資本配置優先順序仍是：以紀律投資於業務、維持投資等級資產負債表，並支持具競爭力的股利。我們近期將季度股利提高至每股0.63美元，為連續第16年年度調升。

We also expect to deploy approximately $1 billion towards share repurchases, reflecting our confidence in the business and our plan. In fiscal '27, we expect capital expenditures to be approximately 5% of net revenues, primarily as we continue investing in uplifts and our Back to Starbucks priorities.

我們也預期將投入約10億美元進行庫藏股回購，反映我們對業務與計畫的信心。在2027會計年度，我們預期資本支出約為淨營收的5%，主要用於持續投資門市升級（uplifts）以及我們的「Back to Starbucks」優先事項。

To conclude, fiscal '26 demonstrated the meaningful progress we're making and gives us confidence in the path ahead. Back to Starbucks has moved us from turnaround to growth and our priorities are clear. We're focused on executing with discipline and delivering sustainable growth and long-term shareholder value.

總結而言，2026會計年度展現了我們正在取得的重大進展，並讓我們對前方道路更具信心。「Back to Starbucks」已讓我們從扭轉局面走向成長，我們的優先事項也很明確。我們將專注於以紀律執行，並帶來可持續的成長與長期股東價值。

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) Brian Harbour, Morgan Stanley.

（接線員指示）Brian Harbour，摩根士丹利。

In guiding 4% same-store sales this year. I mean that is very specific. You had kind of the 3% plus algo. So should we think about that as being -- you essentially view this as an on-algo-year plus maybe some of the benefit from closures and uplifts that you stated. And I guess could you just comment on whether you're seeing something akin to that right now as we enter the fiscal first quarter. And just, I guess, more broadly, what do you view as kind of the most important incremental layers as we go into this year?

你們今年指引同店銷售成長4%。我的意思是，這非常具體。你們之前大概是3%以上的演算法（algo）。所以我們是否應該把這理解為——你們基本上把今年視為一個「符合演算法」的年度，再加上你們提到的關店與門市升級（uplifts）帶來的一些效益？另外，我想請你們評論一下，當我們進入會計年度第一季時，你們現在是否看到類似的情況。以及更廣泛地說，當我們進入今年時，你們認為最重要的增量驅動層面是哪些？

Yes. Look, thanks for the question. No, the way to think about it is our guidance for fiscal year '27 is really built on the strength of the fundamentals of the business, really driven by Green Apron Service, coupled with really strong rewards and digital program and then obviously the marketing menu innovation that we've got going on.

是的。聽著，謝謝你的問題。不，我認為應該這樣理解：我們對2027會計年度的指引，確實是建立在業務基本面強勁之上，主要由Green Apron Service所驅動，同時搭配非常強勁的會員獎勵與數位計畫，當然也包括我們正在推進的行銷與菜單創新。

So the way I look at it is we're probably a year ahead of schedule relative to the guidance we gave for fiscal year '28 and we do see strength in the business that gave us the confidence to commit to 4% comps. And obviously, I think our goal always is to continue to build on the strength that we have. And the good news is that strength is coming through the fundamentals. I can't emphasize that enough. Hopefully, you heard that in my prepared remarks. The business is on really strong footing and it's driven by operational health.

所以我的看法是，相較於我們先前對2028會計年度所給的指引，我們可能已經提前一年達到進度；而我們也確實看到業務的強勁表現，讓我們有信心承諾4%的同店成長。而且很明顯，我認為我們的目標一向是持續在既有的強勢基礎上再往上建立。好消息是，這股強勢是從基本面展現出來的。這點我再怎麼強調都不為過。希望你在我事先準備的發言中也有聽到。業務基礎非常穩健，而這是由營運健康度所驅動的。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Great. I was wondering if you can comment on the evolution of margins in 2027. How should we think about the puts and takes? I heard you say expectations on deflationary coffee. And if you can also indulge us in maybe expanding on the $2 billion saving opportunities that you have identified in the past. So if you could give us some examples of incremental savings that you could be unlocking from here on, excluding the sales leverage that is coming with that. And congrats.

很好。我想請問你們能否評論一下2027年的利潤率演變。我們應該如何看待其中的利多與利空因素（puts and takes）？我聽到你提到對咖啡價格通縮的預期。另外，也請容我追問一下，關於你們過去提到已識別的20億美元節省機會。如果可以的話，能否舉一些例子，說明從現在起你們還可能解鎖哪些增量節省（不包含隨之而來的銷售槓桿效益）？以及恭喜。

Thanks, Danilo. And I appreciate the congrats. Thank you. So a little bit of color on 2027 margin. As we shared in the prepared remarks, it won't be quite as -- you won't see as much variation as you saw in '26.

謝謝你，Danilo。也謝謝你的恭喜。謝謝。我補充一些2027年利潤率的細節。如同我們在事先準備的發言中分享的，利潤率的變動不會像2026年那樣——你不會看到那麼大的波動。

As you know, we had a lot of change moving through our P&L last year. So going into 2027, it will be a little bit more balanced. I guess, all in, probably about a little bit better than 40% to 45% or so is in the first half, the remainder is in the back half. But it's fairly balanced throughout the course of the year. And then to really answer about savings, we're really pleased with our savings program.

如你所知，去年我們的損益表（P&L）經歷了很多變化。因此進入2027年後，整體會更為均衡一些。我想整體而言，大概略多於40%到45%左右會落在上半年，其餘則在下半年。但全年各期間之間相當均衡。至於節省方面的問題，我們對節省計畫的進展感到非常滿意。

As we shared in the prepared remarks, we're over 50% of the $2 billion gross savings program achieved. And this year, more towards G&A, as we always shared, next would be OpEx and then cost of goods sold. Cost of goods sold is the one that we always said would be more into '27 and '28, and that's exactly what we're going to see as you're going to start to see it weight more there because of just the realities of getting new products online with new vendors. Sometimes we have to let existing contracts finish. And so just getting that to pull through our business, the cost of goods sold start to show up in '27 and '28 more.

如同我們在事先準備的發言中分享的，我們已經完成了20億美元總節省計畫的50%以上。而今年如同我們一貫所說，節省會更多落在一般及行政費用（G&A）；接下來會是營運費用（OpEx），然後才是銷貨成本。銷貨成本一直是我們說會更多落在'27與'28的項目，而這正是你們將會看到的情況：由於讓新產品與新供應商上線的現實因素，你會開始看到它在那段期間的比重更高。有時候我們必須讓既有合約走完。因此，當這些措施逐步在我們的業務中發揮效果時，銷貨成本的改善會在'27與'28更明顯地呈現。

But we're on track. We feel very, very good, still have a very robust pipeline. The team continues to add to that every day. And you're going to see a little bit more in cost of goods sold and then operating expenses. And then lastly would be G&A because you've seen the most of that this year. We'll have a little bit of benefit from the calendarization of the work we did this year.

但我們進度如期。我們感覺非常、非常好，仍然有非常強健的專案儲備。團隊每天都在持續增加新的項目。你們會看到銷貨成本方面會多一些，接著是營運費用。最後才會是一般及行政費用（G&A），因為今年你們已經看到最多的G&A改善。我們也會因為今年所做工作的時程攤提而獲得一些效益。

Yes. The only thing I would add to what Cathy said is, just if you remember at our Investor Day, we targeted the idea of 13.5% to 15% margins by fiscal year '28. I think the fact that we are already believing we will achieve that low end of that guidance in fiscal year '27 speaks to, I think, the excellent work on the cost but also the fundamentals that are driving the top line and transactions. So the fact that we're already hitting what we were guiding for '28 the low end in '27, I think, just speaks to the strength of the business and the operating discipline that we have on cost.

是的。我唯一想補充Cathy所說的是，如果你們還記得我們在投資人日的目標，我們鎖定在2028會計年度達到13.5%到15%的利潤率。我認為，我們現在已經相信能在2027會計年度達成該指引區間的低端，這反映了成本端的出色工作，也反映了推動營收與交易量的基本面。因此，我們在'27就達到原本對'28所給的低端指引，我認為這顯示了業務的韌性，以及我們在成本上的營運紀律。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

I wanted to ask a question about the company unit growth in the United States, Americas. I think your comment was that net unit growth would be something south of 100, I think maybe closer to 40 to 50 this year. Could you speak to maybe the ramp that you see going into -- longer term going forward, I know there's capabilities that have to be added back. And if I could throw in one other thing, the technology test that you're talking about, it sounds like a lot of that is going to help the drive-thru and could you just give us a sense of timetable, if that works. And if it does work, what metrics you think that will affect sales or profitability and when that could hit?

我想問一個關於美國、（整體）美洲地區公司自營門店（unit）成長的問題。我記得你們的評論是，淨門店成長會低於100家，今年可能更接近40到50家。能否談談你們看到的爬坡情況——更長期往前看，我知道有些能力需要再補回來。另外我再加問一點：你們提到的科技測試，聽起來其中很多會幫助得來速（drive-thru）；能否給我們一個時間表，如果方便的話。如果測試有效，你們認為它會影響哪些指標（例如銷售或獲利能力），以及何時可能反映出來？

Yes. So I'll start on the first part of your question. Just in regard to new units in the US specifically, we think it's going to be in that, call it, 100 net new range or a little below there. And that's really driven by the fact that we had to reset the pipeline.

好的。我先回答你問題的第一部分。就美國的新門店而言，我們認為淨新增大概會在約100家左右或略低一些。這主要是因為我們必須重整開店管線（pipeline）。

Obviously, we had to do some closures. But what I'm really excited about is how the pipeline is building for '28 and I think we showed you guys our prototype at Investor Day, and I'm happy to say that, that prototype is now up and running in a couple of markets. And we're seeing great response both in the cost to build and then the way that our teams are able to operate. Our partners are providing great experiences for our customers. So the feedback on the new unit has been really positive. Obviously, it's early days on the performance, but they've all opened really well.

顯然，我們必須做一些關店。但我真正感到興奮的是，'28年的開店管線正在建立起來；我想我們在投資人日向各位展示了我們的原型店（prototype），我也很高興地說，這個原型店現在已在幾個市場開業並運作。我們看到非常好的回饋，不論是在建置成本，或是我們團隊的營運方式。我們的夥伴（員工）正在為顧客提供很棒的體驗。因此，新門店的回饋非常正面。當然，對於營運表現而言仍屬早期，但它們開幕表現都非常好。

And then as you look out into fiscal year '28, we want to get back into building new units north of 300 or so in the US. And we believe that is what gets us going towards that opportunity of 5,000 or more in North America. So lots of opportunity on the new unit side of things. It does take a little bit of time to reset the pipeline, but I believe we now have done all the hard work and now it's in the business of executing against the pipeline and getting the units built.

接著展望到2028會計年度，我們希望回到在美國每年新建300家以上左右的門店。我們相信，這將推動我們朝向北美5,000家或更多門店的機會前進。因此，在新門店方面有很多機會。重整開店管線需要一些時間，但我相信我們現在已完成所有艱難的工作，接下來就是依照管線執行並把門店建起來。

On your question about drive-thru, we're just getting started in some of these ideas. And it will be exciting to see how these things test out. Once we have better understanding of the testing, our goal is, David, that will improve throughput and you know how this works. If you can improve throughput, a lot of good things happen from there, both on the top line and bottom line.

至於你關於得來速的問題，我們才剛開始推動其中一些想法。看到這些項目如何測試會很令人期待。一旦我們對測試有更好的理解，我們的目標是，David，能提升服務吞吐量（throughput），你也知道這是怎麼運作的。如果你能提升吞吐量，很多好事就會隨之發生，無論是在營收端或獲利端。

So more to come, it'd be premature to get specific on this, but the whole rationale behind it is to give a better customer experience and also a better partner experience, which then results in more throughput that ultimately drives the top and bottom line.

所以後續還會有更多資訊；現在就把細節講得很具體還言之過早，但背後的整體邏輯是提供更好的顧客體驗，也提供更好的夥伴（員工）體驗，進而帶來更高的吞吐量，最終推動營收與獲利。

Chris O'Cull, Baird.

Chris O'Cull，Baird。

Congrats to the team for the progress it's making. So I had a follow-up question about the North American margin. The profit flow-through was much better than we expected in the fourth quarter. Beyond higher sales, what were the biggest drivers of the leverage? And then looking ahead, what does guidance assume for the North American international operating margins next year? And are there any unusual items that could make the quarterly progression uneven?

恭喜團隊取得的進展。我有一個關於北美利潤率的追問。第四季的利潤流入（profit flow-through）比我們預期好很多。除了銷售更高之外，槓桿改善最大的驅動因素是什麼？再往前看，明年指引對北美與國際的營業利潤率（operating margins）假設是什麼？是否有任何不尋常項目可能使季度走勢不均勻？

Thanks, Chris. So starting to Q4 2026's North America margin, as you just said, the biggest driver is always sales leverage. So the 7% comp we did in the US, that obviously helps a ton with the sales leverage. So that's the biggest driver of the margin expansion we saw. We also are rolling over our Green Apron Service investments we did last year, remember in August, mid-August time frame, so we get the benefit of rolling over those investments as well.

謝謝，Chris。先從2026會計年度第四季的北美利潤率談起，如你所說，最大的驅動因素一向是銷售槓桿。我們在美國做到7%的同店成長（comp），這顯然對銷售槓桿幫助非常大。因此，這是我們看到利潤率擴張的最大因素。我們也跨過了去年所做的Green Apron Service投資基期——記得是在8月中旬左右——因此我們也受益於跨過這些投資的比較基期。

And then a little bit of kind of a few other things. We had some pricing benefit, we had some supply chain savings come through, and all of that is helping with that margin expansion. I go back to where Brian was earlier, though, and it's all on the fundamentals. If you think about what we're doing to drive the durability of both the top line and the bottom line, it's -- everything we're talking about are going to help us to continue with that progress, which obviously then shows up in our guidance for this next year for fiscal '27. Then maybe moving to fiscal '27.

另外還有一些其他因素。我們有一些定價效益，也有一些供應鏈節省開始反映出來，這些都在幫助利潤率擴張。不過我回到Brian先前提到的重點：一切都取決於基本面。如果你想想我們正在做的事情，目的是提升營收端與獲利端的可持續性——我們談到的所有事項都會幫助我們持續取得進展，而這也會反映在我們對下一年度（'27會計年度）的指引中。接著也許談談'27會計年度。

I'm going to knock on wood about onetimers or unusual things, I'm hoping not, we do know we've got some benefits of coffee should be helping us year-over-year. Obviously, we were a little bit higher in coffee prices this last year. It started to moderate throughout the course of the year. By the time it got to the fourth quarter, there was no impact. But that will help us with a little bit of a tailwind this next year.

我先敲敲木頭，關於一次性（onetimers）或不尋常事項，我希望不要發生；我們確實知道咖啡成本方面的利多應該會在年對年比較上幫助我們。顯然，去年咖啡價格偏高一些。它在全年過程中開始趨於緩和。到了第四季時，已經沒有影響。但這會在明年為我們帶來一些順風。

All of the fundamental work we've done around cost savings will continue to help. And the biggest driver of the profit this next year, again, will always be that comp guide that we just gave. That's always going to help with the leverage. So we're optimistic with the progress we're making, and that should be showing up in the guidance we just gave.

我們在成本節省方面所做的所有基本功，將會持續帶來幫助。而明年利潤最大的驅動因素，仍然會是我們剛剛給出的同店成長（comp）指引。這一向都會有助於槓桿改善。因此，我們對目前取得的進展感到樂觀，而這也應該會反映在我們剛剛提供的指引中。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

Just, I guess, a question maybe about longer-term growth. Cathy, first, do you mind just sharing the benefits perhaps from sales transfer, store closures. Just trying to think about the balance between traffic and ticket over time. I think your check, obviously, a nice mix of attach and maybe a little bit of price. Next year, 4% comp, I think, would imply maybe less ticket, I'm assuming, a bit more of a balance with traffic. So just sort of the components there.

我想只是有個問題，可能是關於較長期的成長。Cathy，先請問你是否方便分享一下，像是銷售移轉、門市關閉等帶來的效益？我只是想思考一下，長期來看客流量與客單價之間的平衡。我認為你們的客單，顯然是很不錯的組合，包含加購帶動以及可能一點點的價格因素。明年4%的同店成長，我想這可能意味著客單貢獻較少——我假設——而在客流量上會更平衡一些。所以想請你們拆解一下其中的組成。

And then I think, Brian, at one point, you had -- you've sort of -- it seems like you've kind of narrowed your expectations for how many stores the North America could support over time. Any changes or what has changed perhaps from maybe earlier commentary or maybe the number was a bit higher than the 5,000 you cited?

另外我想，Brian，你之前某個時點提到——你們有點——看起來你們對北美長期可支撐的門市數量預期有所收斂。相較於先前的說法，有沒有任何變化？或是有哪些因素改變了？例如你提到的5,000家，是否比你們先前提到的數字更低？

Maybe I'll start, Sara. So I'll start with first Q4 comps to help break down the growth we saw. So as you said, you asked about store closures or transfers there. It's consistent with the previous quarter, about 200 basis points helped us there. Pricing and delivery were about half of the ticket, and then the attach and mix were the other half a ticket. So again, we had a 5.2% ticket in US and that was about half pricing delivery and about half attach and mix.

Sara，我先開始回答。那我先從第四季同店成長來拆解我們看到的成長來源。如你所說，你問到門市關閉或移轉的影響。這與前一季一致，約有200個基點對我們有幫助。價格與外送約占客單的一半，而加購與組合（mix）則占另外一半的客單。所以同樣地，我們在美國的客單成長是5.2%，其中約一半來自價格/外送，另一半來自加購與組合。

As we move into FY27, we're going to weight a little bit more towards ticket than transaction as we continue to see the strength of all the work the team is doing in attach and mix. We continue to see really good progress both there and attach and mix. We'll see some price continue to come through. It will be below CPI. And then the remainder of that comp growth will be in transactions, continue to be led by our great operations.

進入FY27時，隨著我們持續看到團隊在加購與組合方面所做工作的強勁成效，我們會把權重稍微更偏向客單，而不是交易量。我們在那裡（加購與組合）持續看到非常好的進展。也會有一些價格因素持續反映出來。但會低於CPI。

Yes. The only thing I would add to that is the thing that gives us a lot of confidence in kind of pushing the guidance up in '27 versus just a long-term guidance of 3% or better is the fact that we continue to have really good strength in transactions. So that's the foundational elements that are driving the business.

是的。我唯一想補充的是，讓我們對於在'27把指引往上調、而不只是維持長期「3%或更好」指引更有信心的原因，是我們在交易量上仍持續展現非常好的強度。所以這是推動業務的基礎要素。

And I think we've made great progress in food attach and mix, as Cathy mentioned. On your question around new units, the way I would describe it is we've got clear line of sight on the 5,000. Obviously, as we get closer down the road, I'm guessing there's going to be more upside to that number. But for now, we've kind of -- as we've done all the market planning, we feel really good about saying we see line of sight on the 5,000 additional units.

我認為我們在食品加購與組合方面也取得了很大進展，如Cathy所提。至於你問到新店數量，我會這樣描述：我們對5,000家有非常清晰的可見度。顯然，隨著時間推進、越接近那個階段，我猜這個數字還會有更多上行空間。但就目前而言，基於我們完成的各項市場規劃，我們很有信心地說，我們看得到新增5,000家門市的清晰路徑。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Just one quick clarification and then a question. Curious, what drive the expectation that 1Q in North America same-store sales to run pretty consistent with 2Q to 4Q, given that there's an easier comp in the first quarter? And my real question is, Brian, the proxy calls out a successful new platform launch in the US by the end of the fiscal year. And I'm curious of the priorities laid out, what fits this criteria.

先快速釐清一點，然後再問一個問題。我很好奇，為什麼會預期北美第一季同店銷售的走勢會與第二季到第四季大致一致，因為第一季的比較基期更容易？而我真正的問題是，Brian，委託書（proxy）提到在本財年結束前於美國成功推出一個新平台。我想了解，在你們列出的優先事項中，哪些符合這個標準。

You've spoken in the past about how you've won in the morning and the afternoon is going to be your bigger focus. So perhaps the revamped afternoon food platform is going to satisfy that criteria, but curious if you could expand some more on your thoughts.

你過去談過你們已在早晨時段取得勝利，而下午時段將是你們更大的重點。所以也許是改版後的下午食品平台會符合這個標準，但想請你更進一步展開說明你的想法。

So I'll start, Andrew, on the cadence of our comp guidance throughout the course of the year. Yes, Q1 is the easiest lap if you just look at last year. But if you look at absolute transactions, we were actually fairly consistent through the year. One thing the team has done or a lot of work on is trying to take some of the seasonality out of our business. And so we have a strong product lineup that happens -- the cadence of it is less, in the past, we used to have, I think, a little bit more very distinct seasons.

Andrew，我先回答我們全年同店指引節奏的問題。是的，如果只看去年，第一季是最容易的比較基期。但如果看絕對交易量，其實我們全年相當一致。團隊做的一件事——也投入了大量工作——是試著降低我們業務的季節性影響。因此我們有很強的產品陣容——其推出節奏也比較不那麼季節化；過去我們可能有更明顯、區隔更清楚的季節檔期。

We've been trying to make sure that we smooth that out. You saw it a little bit last year, you'll see it a little bit more this year, but they worked really hard at pulling seasonality and then the other thing is, I just look at the absolute transaction volume per quarter, it's actually far more consistent throughout the year. And so that's what gives us the guidance that we did, which is fairly consistent through the year. Obviously, there'll be a little bit of variation.

我們一直在確保把這些波動拉平。你去年已經看到一些，今年會看到更多；他們非常努力地把季節性因素抽離。另一點是，我看每季的絕對交易量，其實全年更一致得多。因此我們才會給出這樣的指引，也就是全年走勢相對一致。當然，仍會有一些小幅變動。

Yes. And then to your question of platforms, so like protein would be an example of the platform. Obviously, the Energy Refreshers is an example of a platform and then some of the work that we've done in -- on the food front, you'll be seeing some platforms roll out on the food side of things around our leveraging our bites business, moving that from just a morning idea to also an afternoon idea.

是的。至於你問的平台（platform），例如蛋白（protein）就是一個平台的例子。顯然，Energy Refreshers 也是一個平台的例子；另外我們在——食品方面所做的一些工作，你會看到一些平台在食品端推出，圍繞著我們如何運用我們的bites業務，把它從只是早晨的概念，延伸成也適用於下午的概念。

And then there's still opportunities on health and wellness to go beyond just protein, so we feel really good about the initiatives we've got coming down the pike on, call it, platforms and then also the platforms that we've already gotten out the door. So you'll continue to see us have both, I would call, like, LTO ideas and then also platform ideas. And those working together are doing a nice job of driving transaction and sales.

此外，在健康與保健方面仍有機會不只侷限於蛋白，因此我們對於接下來即將推出的各項舉措——不妨稱之為平台——以及我們已經推出的那些平台，都感到非常有信心。所以你會持續看到我們同時有我所稱的LTO（限時供應）點子，以及平台型的點子。而兩者相互配合，對於帶動交易量與銷售表現得很不錯。

John Ivankoe, JP Morgan Chase & Company.

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

I wanted to maybe talk about the implications of a seven-day a week delivery which I think is also going to have a 24-hour fulfillment if it doesn't already. So Brian or Cathy, can you talk about the implications specifically in the afternoon, but also the morning what that might mean for beverages, what might that mean for food, what that might mean to the grab-and-go case? In other words, how big of an unlock might we be just on the cusp of relative to the legacy Starbucks distribution platform into the stores back end?

我想談談每週七天配送的影響；我認為這也會帶來24小時履約（如果現在還不是的話）。所以Brian或Cathy，你們能否談談其影響，特別是在下午時段，但也包括早晨時段：這對飲料可能意味著什麼、對食品意味著什麼、對即取即走（grab-and-go）冷藏陳列櫃意味著什麼？換句話說，相較於過去星巴克既有的門市後端配送平台，我們是否正站在一個即將解鎖的重大機會門檻上？

Yes. Look, it's a great question. And we do believe supply chain is going to be a nice advantage for us once we get the replenishment schedule there. We're getting closer on the daily deliveries. And we're going to continue to improve on the replenishment schedule. But yes, it helps in exactly those areas that you talked about.

是的。你看，這是個很好的問題。而我們確實相信，一旦我們把補貨排程做到位，供應鏈會成為我們的一項不錯優勢。我們在每日配送方面正越來越接近。而且我們會持續改善補貨排程。但沒錯，它確實能在你提到的那些領域提供幫助。

We'll kind of -- we have this mantra, we want to have the right product at the right place at the right time. And what this allows us to do is just that. Each of our coffeehouses behave differently on various elements of the business, whether it's food or beverage that's in the cold case that you can grab and go, whether it's the food platform that we heat up for people and give you that fresh food experience or the beverages that we make kind of by craft for everybody.

我們有一句口號：在對的時間、對的地點，提供對的產品。而這讓我們能做到這一點。我們每一家咖啡館在業務的各個面向表現都不盡相同，不論是食品或飲料——例如冷藏櫃裡可即取即走的品項、我們為顧客加熱並提供新鮮食品體驗的食品平台，或是我們以手作方式為每位顧客製作的飲品。

And to have the ability to get the daily deliveries within a signal for the replenishment within 24 hours is going to be a big advantage for us to make sure that we keep all of those things in stock at the right cadence for our customers and our partners to serve it. So we believe there's still a lot of upside to be had there, and the team is making great progress. We've made a lot of progress early on the daily deliveries, and we're going to be getting to the replenishment here in the next, call it, 6 to 12 months.

而且能夠在 24 小時內，透過一個補貨訊號取得每日配送的能力，將會是我們的一大優勢，確保我們能以正確的節奏把所有這些品項維持在庫存中，讓我們的顧客與合作夥伴能夠提供服務。因此我們相信這裡仍有很大的上行空間，而團隊也正在取得很大的進展。我們在每日配送方面一開始就取得了很大進展，而在接下來大約 6 到 12 個月內，我們也將推進到補貨這一塊。

Lauren Silberman, Deutsche Bank.

Lauren Silberman，德意志銀行。

Congrats. So you guys have mentioned a couple of times that you're running ahead of schedule. I know approaching the low end of the fiscal '28 guide, what elements have been faster? Is it like sales, margins, cost savings, anything else that we don't necessarily see? And then can we interpret this as potential upside to fiscal '28 targets?

恭喜。所以你們提到過幾次，你們的進度超前。我知道你們正接近 2028 會計年度指引的低端，哪些要素進展更快？是像銷售、毛利率、成本節省，或是其他我們不一定看得到的項目嗎？另外，我們是否可以把這解讀為 2028 會計年度目標可能有上行空間？

Well, look, the good news is you kind of listed off all the things that are ahead of schedule, sales, margins and earnings. So that's why you see us guiding already to the low side of fiscal year '28. And look, the other thing I'd tell you is the guidance for fiscal year '28, I think we said this at Investor Day, it's just a point in time on our journey. Like we have no expectations that that's an end point. So our goal is, obviously, to always continue to figure how we grow the business smartly, and that's exactly what's happening.

嗯，你看，好消息是你剛才列的那些項目基本上都超前進度：銷售、毛利率以及獲利。所以你才會看到我們現在就已經把指引帶到 2028 會計年度的低端。另外我想告訴你的是，2028 會計年度的指引——我想我們在投資人日也說過——它只是我們旅程中某個時間點的目標。我們並不預期那會是終點。所以我們的目標當然是持續找出如何以聰明的方式成長業務，而這正是目前正在發生的事。

And we're doing it the right way through the fundamentals of operations and then obviously, surrounding it with, I think, the right innovation, whether it's digital, menu and then obviously, I think the creative solutions we're going to have in the asset, too. So I think we're hitting on all cylinders. And that's why you heard me say really Back to Starbucks as a strategy is switch gears from a turnaround plan to a growth plan. And I couldn't be more optimistic about where we're headed.

而且我們是以正確的方式在做：透過營運基本功，並且在其周邊搭配我認為正確的創新，不論是數位、菜單，當然還有我們在資產端也會推出的創意解決方案。所以我認為我們是全速運轉、各方面都在發力。這也是為什麼你聽到我說，「回到星巴克」（Back to Starbucks）作為一項策略，正在從復甦/扭轉計畫切換到成長計畫。我對我們前進的方向再樂觀不過。

Sharon Zackfia, William Blair.

Sharon Zackfia，William Blair。

I'm curious whether you're seeing a continued correlation between the scorecard and individual unit comp performance. And if you look at those small percentage of locations that are comping negatively, is that typically related to scorecard deficiencies and things you can do operationally? Or are there more idiosyncratic issues?

我想了解你們是否仍然看到評分卡與單店同店表現之間持續存在關聯。如果看那些少數同店成長為負的門市，通常是與評分卡的不足、以及你們可以透過營運改善的事項有關嗎？還是有更多較為特殊、個別的因素？

So yes, the good news is the Grow Scorecard continues to be a great indicator of performance. And I will tell you the stores that we're not comping, there are some idiosyncratic issues like the road is under construction or we might have been moving delivery around to make sure we allocate delivery to the right stores. And then there are a handful of stores that we know we need to be operating better. Whether that means we need more stability in the team or we may have some issues with above store leadership. So there are opportunities.

是的，好消息是 Grow Scorecard 仍然是很好的績效指標。我也要說明，那些同店沒有成長的門市，有一些是較為特殊的因素，例如道路正在施工，或是我們可能在調整配送，以確保把配送量分配到正確的門市。另外也有少數門市，我們知道需要把營運做得更好。可能代表我們需要團隊更穩定，或是門市以上層級的管理領導存在一些問題。所以確實有改善機會。

The good news is the scorecard gives us clear feedback. So we know where to spend our time on those stores. And I think our operators and Mike and the team are doing a great job of dialing that in going forward. So it's going to continue to be the tool that we use. Actually, just as an aside, I got a great e-mail just the other day from one of our coffeehouse leaders, her name is Maddie. She runs a store in Northern Idaho. She told me from when we started a Green Apron -- or I'm sorry, the Grow Scorecard with Green Apron Service, she was one of the stores that was like number 1,574. Her goal was to get into the top 5.

好消息是，這個評分卡能給我們清楚的回饋。因此我們知道在那些門市該把時間花在哪裡。我認為我們的營運團隊、Mike 和整個團隊在未來把這件事調校到位做得非常好。所以它會持續是我們使用的工具。順帶一提，我前幾天收到一封很棒的電子郵件，來自我們其中一位咖啡館領導者，她叫 Maddie。她在愛達荷州北部管理一家門市。她告訴我，從我們開始推行 Green Apron Service 的 Grow Scorecard 以來，她原本是排名第 1,574 的門市之一。她的目標是進入前 5 名。

She sent me an e-mail just this week to let me know that she's now number 3 in the entire system. So of course, I had to call her and find out what she did. And you know what she told me? She focused on Green Apron Service, and she focused on that Grow Scorecard. And as a result, Mike and I are going to be heading out to go see her because I want to celebrate leadership like that. And we've got more of those stories every day at Starbucks. So it's a very powerful tool. It's a very effective tool, and it's also a tool that I think our coffeehouse leaders understand how to use and use it in a way that's very productive and enables them to lead correctly.

她就在這週寄信告訴我，她現在在整個系統中已經是第 3 名。所以我當然得打電話給她，了解她做了什麼。你知道她跟我說什麼嗎？她專注在 Green Apron Service，也專注在那個 Grow Scorecard。因此，Mike 和我將會出發去看她，因為我想要表揚這樣的領導力。而在星巴克，我們每天都有更多這樣的故事。所以這是一個非常強大的工具。它非常有效，而且我也認為我們的咖啡館領導者理解如何使用它，並以非常有生產力的方式運用，讓他們能夠正確地帶領團隊。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

So with CapEx at approximately 5% sales next year, development is expected to accelerate in the following year. How much of the spending is -- establishes capabilities that can kind of support the next phase of growth? And can the higher opening pace fit within the similar capital envelope or should we expect another step-up?

所以在明年資本支出（CapEx）約為銷售額的 5% 的情況下，預期在隔年開發會加速。這些支出中有多少是——用來建立某些能力，以支援下一階段的成長？而更高的開店速度能否在類似的資本額度內消化，還是我們應該預期資本支出會再上調一階？

Yes. So we're -- this next year, we're going to be -- as you would look at, I think when you see our full filings our CapEx was actually a lower percent of revenue this last year, really, I think, reflecting those -- the fewer new openings.

是的。所以我們——在接下來這一年，你會看到，我想當你看到我們完整的申報文件時，我們去年的資本支出其實占營收的比例更低，主要反映——新開店數較少。

As we move into this next year, we are ramping up our uplift. So we want to bring that great coffeehouse experience to more and more stores. As we said, we're going to continue to increase that. That's where some of the CapEx will go this next year and then obviously supporting the new store openings that we've communicated. Going beyond that, though, into the following year, we still believe we should be in that 5% of revenue range, plus or minus, and we'll continue to use that as our guide.

當我們進入接下來這一年，我們正在加速推進門市升級（uplift）。所以我們希望把那種很棒的咖啡館體驗帶到越來越多的門市。如同我們所說，我們會持續提高這個比重。下一年度部分的資本支出會投入在這裡，當然也會用來支援我們已經對外溝通的新店開設。再往後到隔年，我們仍然相信資本支出應該會維持在營收 5% 左右、上下浮動的區間，我們也會持續以此作為指引。

When you ask about what amount is going for new capabilities maybe for the future, it's actually fairly small. If you think about where our supply chain is, we don't need a lot of incremental capital, there's some, obviously, to continue to invest there, but it's not massive amounts traditionally our biggest capital goes into the support of our coffeehouses.

你問到有多少金額會用在未來的新能力上，其實相對不大。如果你想想我們供應鏈目前的狀況，我們不需要大量的新增資本；當然還是會有一些持續投資，但傳統上並不是很龐大的金額——我們最大的資本投入通常是用在支援我們的咖啡館門市。

Jon Tower, Citi.

Jon Tower，花旗（Citi）。

Just curious, maybe, obviously, uplifts are a big part of the story or a bigger part of the story next year than they were in '26. Curious if you could kind of shed some light on what you're seeing with respect to absolute lifts on the stores so far. How it's actually showing up in the business? Are you seeing a nice balance between traffic and ticket? Or is one kind of over indexing?

我只是好奇，顯然門市升級（uplifts）是故事中的重要部分，或至少在明年會比在 2026 年更重要。想請你們稍微分享一下，到目前為止你們看到門市的絕對提升幅度如何。它實際上如何反映在業務表現上？你們是否看到客流量與客單價之間有不錯的平衡？還是其中一項表現特別突出？

And then just a second question, you'd mentioned the idea of being more asset light across the world outside of North America. So when thinking about the Japanese business, do you guys have any thoughts on if and when you do something with that and turn it into a license model?

另外第二個問題，你們提到在北美以外的全球市場要更偏向輕資產（asset light）。所以在思考日本業務時，你們是否有任何想法：是否、以及何時會對那塊業務採取行動，並把它轉成授權（license）模式？

So -- well, I'll start with the first part of your question on the uplift. The uplift continue to do exactly what we want. It's brand building and it's transaction driving and it shows up in the total results for the business. So I'm really excited for the fact that we're going to get going and be able to do more than 2,000 in this coming fiscal year. And so the feedback, and I don't know if you've had the opportunity to go into one of our coffeehouse that have gone through an uplift.

那麼——嗯，我先從你問題中關於翻新提升（uplift）的第一部分開始。這項翻新提升持續達到我們想要的效果。它既能建立品牌，也能帶動交易量，並且會反映在公司整體業績結果上。所以我對於我們即將啟動、並在接下來這個會計年度能做超過2,000家感到非常興奮。至於回饋，我不確定你是否有機會走進我們其中一家已完成翻新提升的咖啡門市。

But the feedback both from our partners and our customers is, this feels like Starbucks again, like thank you for bringing back my third place and so it does a lot for, I think, the brand. And then obviously, we love what we're seeing from the impact on transactions and then obviously, the total sales results. So that, by all accounts, is a winner for us, and we're going to keep driving that really hard.

但無論是我們的夥伴（員工）還是顧客的回饋都是：這感覺又像星巴克了，像是在說謝謝你把我的第三空間帶回來——所以我認為這對品牌有很大幫助。然後很明顯地，我們也很喜歡看到它對交易量的影響，以及當然，對整體銷售結果的帶動。所以各方面來看，這對我們而言是個贏家，我們會持續非常用力地推進。

To your question on international, the thing I would tell you is we had another great year international. I think this is now seven consecutive quarters of comp growth. If you exclude China, our revenue was up 5%. So really, the team did a tremendous job around the world, and I'm really excited about the growth opportunities that are in front of us.

至於你問到國際業務，我想告訴你的是：我們國際業務又度過了非常出色的一年。我想這已經是連續第七個季度同店成長。如果排除中國，我們的營收成長了5%。所以團隊在全球各地都做得非常出色，我也對眼前的成長機會感到非常振奮。

Specifically to Japan, I got to give the Japan team a lot of credit. They had another terrific year, and it's a really great business. And I think we've said this consistently. We always evaluate what is the right ownership strategy. And if and when the time comes where that should change, we'll share that with you.

具體到日本，我必須給日本團隊很大的肯定。他們又交出了一個非常棒的年度表現，這是一個非常優質的業務。而且我想我們一直都這麼說。我們總是會評估什麼才是正確的持股／所有權策略。如果以及當時機到來、需要改變時，我們會與各位分享。

But I'm really proud of the way that the team delivered. And I'm really proud of how our international business is performing. And I'm really confident for the new unit growth that we've got coming down for this fiscal year and into the out years.

但我對團隊的交付成果感到非常自豪。我也對我們國際業務的表現感到非常自豪。而且我對本會計年度以及未來幾年我們即將到來的新店成長非常有信心。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Congrats on the performance. I wanted to ask about the rewards program. You've had a couple of quarters now under your belt with the change in the rewards program. I know you mentioned 36 million active users. But can you give us a little bit more sense on how they're performing in terms of frequency, spend? Any more detail you can provide there would be great.

恭喜你們的表現。我想問一下會員獎勵計畫（rewards program）。你們調整獎勵計畫後，現在已經過了幾個季度。我知道你提到有3,600萬名活躍用戶。但你能否再多分享一些他們在消費頻率、花費金額方面的表現？你能提供的任何更多細節都會很有幫助。

Yes. Look, that is a one of those initiatives that continues to, I think, meet and exceed our expectations. The way we've done the new tiering with Green, Gold and Reserve, we're continuing to see people move up from Green to Gold and Gold to Reserve, and that's really driven by, first and foremost, frequency. And then I think as we get better with our personalization, we're also going to see ticket continue to have an impact. But the early days, the first big moves we're seeing are in the frequency world. So not surprising, a lot of the new users that first come into Green start at a lower frequency level.

可以。你看，這是那種我認為持續符合、甚至超出我們預期的計畫之一。我們推出新的分級——Green、Gold與Reserve——我們持續看到會員從Green升到Gold、再從Gold升到Reserve，而這主要是由消費頻率所驅動。接著我認為，隨著我們在個人化做得更好，我們也會看到客單價（ticket）持續帶來影響。但在初期，我們看到的第一波最大變化是在頻率面。所以不意外，很多新用戶剛加入Green時，起初的消費頻率較低。

And then as they spend more time in the program, we see their frequency levels increase. And then we see people moving up from Green to Gold and obviously, Gold to Reserve. So the program is working exactly the way we would hope. Customers are giving us feedback that they're enjoying the program. They love being able to redeem the stars at 60 stars for the $2 offer. And the team is doing a great job of figuring out how to take advantage of what is the next step in the evolution of that rewards program, which is going to be more around additional personalization.

然後當他們在計畫中待得更久、投入更多，我們會看到他們的消費頻率提高。接著我們看到會員從Green升到Gold，當然也看到從Gold升到Reserve。所以這個計畫的運作方式完全符合我們的期待。顧客也回饋說他們很享受這個計畫。他們很喜歡能用60顆星兌換2美元優惠。而團隊也做得很好，正在思考如何把握這個獎勵計畫演進的下一步，也就是更進一步的個人化。

Margaret-May Binshtok, Wolfe Research.

Margaret-May Binshtok，Wolfe Research。

Brian, I know you've talked about creating a second peak in the afternoon as a priority for fiscal '27. Can you talk a little bit about where the afternoon stands today perhaps versus a year ago? What you see the biggest drivers are from here on the afternoon? And any update on how Energy Refreshers have trended since you launched?

Brian，我知道你談過把下午打造成第二個高峰，作為2027會計年度的優先事項。你能否談談今天的下午時段相較於一年前大概處於什麼狀態？你認為接下來推動下午時段的最大驅動因素是什麼？另外，Energy Refreshers自推出以來的走勢如何，有沒有更新？

Yes. Thanks for the question. This is something that I'm really excited about. We're kind of in the early days of a lot of our efforts. But one of the things that's been really great is with the upgrades that we've made to our food and our pastry case, the biggest place where we've seen an increase of attach has been in the afternoon, in the PM.

好的，謝謝你的問題。這是我非常興奮的一件事。我們在許多努力上仍算是早期階段。但有一件很棒的事是：隨著我們對食品與糕點展示櫃所做的升級，我們看到「加購連帶率（attach）」提升最多的時段是在下午，也就是PM時段。

So we've seen a nice little pickup in afternoon attach. The refreshers program, the thing that's great is -- and we still have more work to do on this, but energy has actually skewed more towards the morning. But the fact now that you can get caffeine-free refreshers is driving some nice growth in the afternoon. And we've got some work coming down this fiscal year where you'll see us now highlight for people that there is a caffeine-free refresher program, which I think you're going to see play really well in the afternoon. We also have some work around a tea platform where we're going to put some health and wellness into our teas, which I'm really excited about.

所以我們看到下午的加購連帶率有不錯的小幅提升。至於Refresher計畫，很棒的一點是——我們在這方面仍有更多工作要做——但能量類產品其實更偏向早晨時段。不過，現在你可以買到無咖啡因的Refresher，這正在帶動下午時段不錯的成長。而在本會計年度我們也會有一些工作推進，你會看到我們開始更明確地向消費者強調：我們有無咖啡因的Refresher產品線，我認為這在下午會非常受歡迎。我們也在茶飲平台上做一些工作，會把健康與養生元素融入我們的茶飲中，這讓我非常期待。

And so we're making really great progress in the afternoon. TSDs are up versus a year ago. And I think you heard me say this in our earlier remarks, they're up all day and every daypart, but it's great to see that the morning is increasing, the afternoon is increasing and the initiatives that we've targeted to the afternoon are actually working the way we'd hope they would work.

因此我們在下午時段取得了非常好的進展。TSD相較一年前有所上升。而且我想你也聽到我在先前的談話中提到，它們在全天、每個時段都在成長；但很高興看到早晨在成長、下午也在成長，而且我們針對下午所鎖定的各項措施，確實如我們所希望的那樣發揮作用。

Maybe I'll just put a plug in as well for another favorite in the afternoon is our Matcha business and our Matcha platform. Our Matcha business is now over $1 billion platform, and it's growing tremendously year-over-year. What started as probably just a more simple Matcha beverage. We now -- almost everyone puts a cold foam on it, and it is sought after more often in the afternoon. So that's also been a great addition as we continue to evolve the Matcha business.

另外我也想順便提一下，下午另一個很受歡迎的品項是我們的抹茶業務與抹茶平台。我們的抹茶業務現在已經是超過10億美元的產品平台，而且年對年成長非常強勁。一開始可能只是比較簡單的抹茶飲品。現在——幾乎每個人都會加冷泡沫（cold foam），而且它在下午更常被點購。所以在我們持續演進抹茶業務的過程中，這也成為一個很棒的新增動能。

Yes. Actually, as you mentioned, the other thing to think about too for the afternoon that's been great is our cold beverage innovation has really connected. And kind of to Cathy's point, those cold beverages, a lot of them have cold foam. So as we talk about the mix that we're seeing, the combination of customers moving to cold, which also results in usually a little bit bigger size. And then the idea of modifying with cold foam, whether it's matcha, cold brew, iced coffee or iced Americanos, continues to see a really nice impact in the afternoon.

是的。其實，正如你提到的，另一個對下午也很重要、而且表現很棒的點是：我們的冷飲創新確實引起了共鳴。而且有點呼應Cathy的觀點，這些冷飲很多都會加冷泡沫。所以當我們談到目前看到的產品組合變化時，顧客轉向冷飲通常也意味著會選擇更大杯型。再加上以冷泡沫做客製化——不論是抹茶、冷萃、冰咖啡或冰美式——都持續在下午帶來非常不錯的影響。

Brian Bittner, Oppenheimer & Co.

Brian Bittner，Oppenheimer & Co.。

Question is now that the Green Apron Service investments really had been fully in the base for some time. Look, it clearly was the right strategy. That's obvious. But is there now potentially an opportunity, Brian, to go back and surgically reanalyze the footprint and potentially see if maybe there's pockets where you can find opportunities to perhaps get more efficient now that you've had time with all this learning? And if so, could this potentially be a lever for maybe additional operating leverage moving forward?

問題是，綠圍裙服務（Green Apron Service）的投資其實已經有一段時間完全納入基礎配置之中。你看，這顯然是正確的策略。這很明顯。但現在是否可能有一個機會，Brian，回頭以更精準的方式重新分析門市佈局（footprint），看看是否有一些區域可以找到機會，在你們累積了這些學習之後，或許能讓效率更高？如果是的話，這是否可能成為未來帶來額外營運槓桿的其中一個拉桿？

Yes. Thanks for your question. And I couldn't agree more that the Green Apron Service labor investment was the absolute right thing for the business. The thing that's great to see is -- and I'm going to get a little technical with you here, but we've got right now a three-hour peak in the morning. And the good news is the way we're seeing the business respond to being staffed deployed correctly in the morning, it's giving us confidence that, that three-hour peak can actually become a four-hour peak in the morning.

是的。謝謝你的提問。我也完全同意，綠圍裙服務的人力投資對這個業務而言絕對是正確的作法。很高興看到的是——我這裡會跟你講得稍微技術一點——我們目前早上有一個三小時的尖峰時段。好消息是，從我們看到的業務對於早上正確配置人力與排班的反應來看，這讓我們更有信心，早上的三小時尖峰其實可以變成四小時尖峰。

And the reason why that's important is, obviously, we're earning our way into having additional labor to support more transactions at a peak type performance. And I think you're going to see the same thing happen in the afternoon. It will start out as an hour, and then we'll stretch it into two hours and then ideally, it will get to three hours.

而這之所以重要，是因為很明顯地，我們正在用績效「賺回」更多人力，來支援在尖峰表現下承接更多交易量。我認為你也會看到同樣的事情發生在下午。它一開始可能是一個小時，接著我們會把它拉長到兩個小時，然後理想狀況下會到三個小時。

And if you look at Starbucks historically, way back when -- we actually had a four-hour morning peak. So we are getting back to what we know we can do. And that is what I get excited about. And that's when you mentioned like getting surgical, that's what I think about getting surgical, which is driving and extending the peaks, so that we give customers better service and our partners are staffed and deployed to meet the demand that we know and see at those times of day. So we're going to continue to fine-tune it. But I really think we're fine-tuning it from the standpoint of driving more growth, more throughput and bigger peaks. So I think that was the last question?

如果你回頭看星巴克過去的歷史，很久以前——我們其實曾經有四小時的早晨尖峰。所以我們正在回到我們知道自己能做到的狀態。這也是我感到興奮的地方。而你提到像是「精準動刀」那樣的作法，我所想的精準動刀，就是推動並延長尖峰時段，讓我們能提供顧客更好的服務，同時讓夥伴的人力配置與派工能滿足我們在一天中那些時段所知道、也看得到的需求。所以我們會持續微調。但我真的認為，我們的微調是從推動更多成長、更高吞吐量（throughput）以及更大的尖峰表現這個角度出發。所以我想那是最後一個問題？

Yes, that was the last question. I'll turn it over to Brian Niccol for closing remarks.

是的，那是最後一個問題。我把時間交給 Brian Niccol 做結語。

Okay. So look, thanks, everybody, for your time. I'd like to wrap up. And there's a couple of things I just want to leave you with. First, we had a terrific quarter and a great year, okay, because we got back to, I think, winning on the fundamentals.

好的。各位，謝謝大家撥冗參與。我想做個總結。有幾點我想留給大家。第一，我們有一個非常出色的季度和很棒的一年，因為我們回到了——我認為——在基本功上取勝。

And as a result, our core business is stronger, we are ahead of schedule, and the improvements we've made are going to be lasting improvements because they're built on the fundamentals of the business. The second thing is, Back to Starbucks, I mentioned this earlier, it started as a turnaround plan. It really is now our growth plan. We delivered five consecutive quarters of positive comps, three consecutive quarters of margin expansion. We're seeing the TSDs perform in the peaks, both in the morning, the afternoon and all day.

因此，我們的核心業務更強健，我們進度超前，而我們所做的改善將會是長期且可持續的改善，因為它們是建立在業務基本功之上。第二點是「重返星巴克」（Back to Starbucks），我先前提過，它一開始是一個扭轉計畫。但現在它確實已經成為我們的成長計畫。我們連續五個季度實現同店成長（comps）為正，連續三個季度實現利潤率擴張。我們看到 TSDs 在尖峰時段的表現，不論是早上、下午，甚至是全天。

So we're continuing to feel really confident in what our growth plan is all about. And then the third thing is, I think it's really important as we look at fiscal year '27, we're focused on delivering consistent comp performance that's going to be driven by, I think, the fundamentals of the business with great innovation, both in menu, digital, and then obviously, across our assets.

所以我們對我們的成長計畫所代表的一切，持續感到非常有信心。第三點是，我認為當我們展望 2027 會計年度時，專注於交付一致且穩定的同店表現非常重要；而這將由——我認為——業務的基本功所驅動，並搭配出色的創新，不論是在菜單、數位，以及當然還包括我們的各項資產。

So we know when we get really good top line, we have the ability to expand the bottom line. And I think we demonstrated that as we closed out fiscal year '26. And I think that's what you're going to continue to see us do going forward. So we've got a clear strategy, really proud of our teams in every single coffeehouse.

所以我們知道，當我們把營收端（top line）做得很好時，我們就有能力擴大利潤端（bottom line）。我想我們在 2026 會計年度收官時已經證明了這一點。而我認為，這也是你們未來會持續看到我們做到的事情。所以我們有清晰的策略，也為每一家咖啡門市的團隊感到非常自豪。

I think the Seattle Support Center is dialed in and focused on absolutely the right work. And we've got a growth plan that we're going to continue to execute and deliver durable results. So I'm super excited about what's ahead.

我認為西雅圖支援中心（Seattle Support Center）已經對焦到位，並專注在絕對正確的工作上。而我們也有一個成長計畫，將持續執行並交付具韌性的成果。所以我對接下來的發展感到非常興奮。

The other thing I'll let you know too is, holiday kicks off next week. And I've got an insider's look at what our merchandising looks like for that, all the merchandise looks fabulous. I haven't been here that long, but I think it's the best I've ever seen. So I can't wait to get out in the stores next week. See the stores turn red, with the great holiday merchandise. And if you've never had a Tiramisu Latte, get ready to have a Tiramisu Latte from Starbucks because I think that's also fabulous.

另外我也想讓大家知道，假期檔期下週就要開始了。我已經先睹為快看過我們那段期間的商品陳列（merchandising），所有商品看起來都非常棒。我來這裡時間還不算長，但我覺得這是我看過最棒的一次。所以我等不及下週到門市走走。看看門市因為很棒的節慶商品而變成一片紅。另外，如果你從來沒喝過提拉米蘇拿鐵（Tiramisu Latte），那就準備好從星巴克來一杯提拉米蘇拿鐵吧，因為我覺得那也非常棒。

So hopefully, you can get out there, celebrate with your family and friends. I know I'll be out there celebrating with our partners as we launch holiday. So look forward to seeing everybody in a few months, and I'm sure we'll be talking soon. So thank you, and take care.

所以希望大家都能出去走走，和家人朋友一起慶祝。我知道我也會在外面，和我們的夥伴一起慶祝節慶檔期的啟動。期待幾個月後再見到各位，我相信我們很快也會再聊。謝謝大家，保重。

This concludes Starbucks' fourth quarter and full fiscal year 2026 conference call. You may now disconnect.

以上為星巴克 2026 會計年度第四季暨全年電話法說會內容。您現在可以掛線。