星巴克 (SBUX) 2022 Q1 法說會逐字稿

Good afternoon. My name is Alex, and I will be your conference operator today. I would like to welcome everyone to Starbucks' First Quarter Fiscal Year 2022 Conference Call. (Operator Instructions) I would now like to turn the conference over to Tiffany Willis, Vice President of Investor Relations. Ms. Willis, you may now begin your conference.

下午好。我的名字是亞歷克斯，今天我將成為您的會議接線員。我想歡迎大家參加星巴克 2022 財年第一季度電話會議。 （操作員說明）我現在想將會議轉交給投資者關係副總裁 Tiffany Willis。威利斯女士，你現在可以開始你的會議了。

Good afternoon, everyone, and thank you for joining us today to discuss Starbucks' first quarter fiscal year 2022 results. Today's discussion will be led by Kevin Johnson, President and CEO; and Rachel Ruggeri, Executive Vice President and CFO. And for Q&A, we will be joined by John Culver, Group President of North America and Chief Operating Officer; Michael Conway, Group President of International and Channel Development; and Leo Tsoi, Chief Executive Officer of Starbucks China.

大家下午好，感謝您今天加入我們討論星巴克 2022 財年第一季度的業績。今天的討論將由總裁兼首席執行官 Kevin Johnson 主持；和執行副總裁兼首席財務官 Rachel Ruggeri。在問答環節，北美集團總裁兼首席運營官 John Culver 將加入我們的行列； Michael Conway，國際和渠道發展集團總裁；以及星巴克中國首席執行官蔡崇信。

This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factors discussed in our filings with the SEC, including our last annual report on Form 10-K and quarterly report on Form 10-Q. Starbucks assumes no obligation to update any of these forward-looking statements or information.

本次電話會議將包括前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述存在重大差異。任何此類聲明都應與我們在提交給美國證券交易委員會的文件中討論的收益發布和風險因素中的警示聲明一起考慮，包括我們上一份關於表格 10-K 的年度報告和關於表格 10-Q 的季度報告。星巴克不承擔更新任何這些前瞻性陳述或信息的義務。

GAAP results in first quarter fiscal year 2022 include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items. These items are excluded from our non-GAAP results. All number references on today's call are on a non-GAAP basis, unless otherwise noted. For non-GAAP financial measures mentioned in today's call, please refer to the earnings release and our website at investor.starbucks.com to find a reconciliation of those non-GAAP measures to their corresponding GAAP measures.

2022財年第一季度的公認會計原則結果包括與戰略行動相關的幾個項目，包括重組和減值費用、交易和整合成本以及其他項目。這些項目不包括在我們的非公認會計原則結果中。除非另有說明，否則今天電話會議上的所有數字參考均基於非公認會計原則。對於今天電話會議中提到的非公認會計原則財務指標，請參閱收益發布和我們的網站investor.starbucks.com，以找到這些非公認會計原則指標與其相應公認會計原則指標的對賬。

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, March 4, 2022. For calendar planning purposes, please note that our second quarter fiscal year 2022 earnings conference call has been tentatively scheduled for Tuesday, May 3, 2022. And with that, allow me to turn the call over to Kevin.

本次電話會議正在進行網絡直播，網絡直播的存檔將在 2022 年 3 月 4 日星期五之前在我們的網站上提供。出於日曆計劃的目的，請注意，我們的 2022 財年第二季度收益電話會議暫定於週二舉行，2022 年 5 月 3 日。因此，請允許我將電話轉給凱文。

Thank you, Tiffany, and welcome, everyone, to today's call. Before we dive into the quarter's results, I want to take a moment to reflect on the fact the world is now entering the third year of this pandemic and recognize that over this period, Starbucks has made significant progress driving our business recovery.

謝謝蒂芙尼，歡迎大家參加今天的電話會議。在我們深入探討本季度的業績之前，我想花點時間反思一下世界現在正進入這場大流行的第三個年頭，並認識到在此期間，星巴克在推動我們的業務復甦方面取得了重大進展。

The last 2 years have been anything but linear. Many parts of the world continue to experience significant COVID-related disruptions, including Starbucks' 2 lead markets, United States and China. However, through a dynamic and challenging environment, 3 things have remained true for Starbucks: first, global consumer demand for Starbucks is strengthening across our offerings and throughout all dayparts. This is a result of our work over the past year to expand digital customer relationships, introduce new beverage offerings and provide a safe, familiar and convenient experience for our customers.

過去 2 年絕不是線性的。世界許多地區繼續經歷與 COVID 相關的重大中斷，包括星巴克的兩個主要市場美國和中國。然而，在充滿活力和充滿挑戰的環境中，星巴克保持了三件事：首先，全球消費者對星巴克的需求在我們的產品和所有時段都在加強。這是我們在過去一年中努力擴大數字客戶關係、推出新的飲料產品並為我們的客戶提供安全、熟悉和方便的體驗的結果。

Second, we remain unwavering in the prioritizing the health and safety of our store partners and customers, even when the associated costs may create short-term earnings pressure. We have consistently provided best-in-class COVID benefits to our partners since this pandemic began. And third, the flexible operating protocols we established from the beginning of the pandemic continued to serve us well. The combination of these things has enabled us to adapt to near-term challenges while continuing to invest in what we know is a long-term opportunity for all stakeholders.

其次，即使相關成本可能會造成短期盈利壓力，我們仍然堅定不移地優先考慮商店合作夥伴和客戶的健康和安全。自大流行開始以來，我們一直為我們的合作夥伴提供一流的 COVID 福利。第三，我們從大流行開始就建立的靈活操作協議繼續為我們服務。這些因素的結合使我們能夠適應近期的挑戰，同時繼續投資於我們所知道的對所有利益相關者來說都是一個長期的機會。

Starbucks delivered record first quarter revenue of $8.1 billion, representing 19% growth. Global same-store sales grew 13%, demonstrating strong customer affinity for Starbucks. Demand for Starbucks continues to build, and we are fully committed to capitalizing on this momentum for the long term. That said, while we have seen extraordinary top line growth, we've also experienced extraordinary cost pressure, which impacted our margin performance.

星巴克第一季度的收入達到創紀錄的 81 億美元，增長 19%。全球同店銷售額增長了 13%，顯示了星巴克的強大客戶親和力。對星巴克的需求持續增長，我們完全致力於長期利用這一勢頭。也就是說，雖然我們看到了非凡的收入增長，但我們也經歷了非凡的成本壓力，這影響了我們的利潤率表現。

As the Omicron variant began to quickly spread, it resulted in higher-than-anticipated costs in 3 key areas across our U.S. business, each of which impacted our results similarly. A highly transmissible Omicron variant amplified staffing shortages in our supply chain, resulting in higher-than-planned distribution and transportation costs. We also experienced a significant increase in our industry-leading COVID isolation pay for our partners, and we saw higher-than-anticipated costs from training and onboarding of new Starbucks partners.

隨著 Omicron 變體開始迅速傳播，它導致我們美國業務的 3 個關鍵領域的成本高於預期，每個領域都對我們的業績產生了類似的影響。高度傳播的 Omicron 變體加劇了我們供應鏈中的人員短缺，導致分銷和運輸成本高於計劃。我們還為合作夥伴提供了行業領先的 COVID 隔離費用顯著增加，並且我們看到新星巴克合作夥伴的培訓和入職成本高於預期。

As we navigate the near-term challenges of this latest COVID variant, we remain confident in our ability to rapidly adapt while continuing to drive our long-term agenda of share gains, growth and value creation. In our other lead market, China, the zero-COVID policy there contributed to significant disruption to store hours and transaction volume. Net new store growth and performance remained strong, yet overall revenue and profitability came in below expectations. While we believe that these dynamics are contemporary, we are focused on appropriately navigating the evolving macro dynamics and balancing long-term investments in the business.

在我們應對這一最新 COVID 變體的近期挑戰時，我們仍然對我們快速適應的能力充滿信心，同時繼續推動我們的股票收益、增長和價值創造的長期議程。在我們的另一個主要市場中國，那裡的零新冠病毒政策導致了商店營業時間和交易量的嚴重中斷。淨新店增長和業績保持強勁，但整體收入和盈利能力低於預期。雖然我們相信這些動態是當代的，但我們專注於適當地駕馭不斷變化的宏觀動態並平衡對業務的長期投資。

I'll now provide more insight into our Q1 results and the actions we are taking to address the current state of our business, industry and overall economy while continuing to prioritize our partners and ensuring Starbucks delivers long-term profitable growth. In the U.S., we experienced very strong customer demand over the holiday season. Our ability to deliver the Starbucks Experience to our customers how, when and where they want, resulted in first quarter revenue of $5.3 billion. Year-over-year revenue growth of 23% was driven by a double-digit increase in customer traffic, highlighting our compelling holiday lineup and strong in-store and digital customer connection throughout the holiday season.

我現在將更深入地了解我們的第一季度業績以及我們為解決當前業務、行業和整體經濟狀況而採取的行動，同時繼續優先考慮我們的合作夥伴並確保星巴克實現長期盈利增長。在美國，我們在假期期間經歷了非常強勁的客戶需求。我們能夠以客戶希望的方式、時間和地點向他們提供星巴克體驗，第一季度收入為 53 億美元。 23% 的收入同比增長是由兩位數的客流量增長推動的，突顯了我們引人注目的假日陣容以及整個假日季期間強大的店內和數字客戶聯繫。

Customer demand increased through all dayparts and resulted in record Starbucks Card activations and reloads in excess of $3 billion. Starbucks Rewards grew 21% to a record 26.4 million 90-day active members. Average ticket grew mid-single digits, demonstrating our continued differentiation through customized premium beverages and compelling food options.

客戶需求在所有時段都在增加，導致星巴克卡激活和重新加載超過 30 億美元。 Starbucks Rewards 增長 21%，達到創紀錄的 2640 萬 90 天活躍會員。平均票價增長了中個位數，表明我們通過定制的優質飲料和引人注目的食物選擇繼續保持差異化。

Prior to the emergence of the Omicron variant, we were experiencing some inflationary pressures and staffing issues resulting from the broader pandemic. When the Omicron surge began, inflationary costs and staffing shortages were amplified, well in excess of our expectations. As I mentioned, 3 primary factors: high inflation, COVID-related pay and training and onboarding of new partners impacted our profitability to approximately the same degree, even while customer demand remained strong.

在 Omicron 變體出現之前，我們正經歷著因更廣泛的流行病而導致的一些通貨膨脹壓力和人員配備問題。當 Omicron 激增開始時，通貨膨脹成本和人員短缺被放大，遠遠超出了我們的預期。正如我所提到的，三個主要因素：高通脹、與 COVID 相關的薪酬以及新合作夥伴的培訓和入職對我們的盈利能力的影響程度大致相同，即使客戶需求仍然強勁。

Now let me outline the impacts we believe these will have for the near term and more importantly, the actions we are taking to address each of them. Like many others in the industry, we felt the impact of Omicron in the wider COVID-19 pandemic. More specifically, we experienced a rapid increase in supply chain costs related to distribution and transportation as our third-party delivery providers had Omicron-related staffing shortages, impacting their ability to fulfill a portion of our distribution needs. This required us to greatly increase the use of much more expensive spot market and alternative delivery solutions in order to meet strong customer demand.

現在讓我概述一下我們認為這些將在短期內產生的影響，更重要的是，我們為解決這些問題正在採取的行動。與業內許多其他人一樣，我們感受到了 Omicron 在更廣泛的 COVID-19 大流行中的影響。更具體地說，我們經歷了與分銷和運輸相關的供應鏈成本迅速增加，因為我們的第三方交付提供商存在與 Omicron 相關的人員短缺，影響了他們滿足我們部分分銷需求的能力。這要求我們大大增加使用更昂貴的現貨市場和替代交付解決方案，以滿足強大的客戶需求。

As a result, supply chain-driven inflationary costs were unexpectedly amplified by Omicron and rapidly accelerated in December, impacting our U.S. business by more than 170 basis points on margin in the quarter. As we entered fiscal year '22, we had estimated full year inflationary impacts of around 200 basis points on margin. For the balance of the year, we expect these costs to increase versus our previous estimate. Like most economists, we anticipate supply chain disruptions will continue for the foreseeable future.

結果，供應鏈驅動的通脹成本被 Omicron 意外放大，並在 12 月迅速加速，本季度對我們美國業務的利潤率影響超過 170 個基點。當我們進入 22 財年時，我們估計全年通脹對利潤率的影響約為 200 個基點。對於今年的剩餘時間，我們預計這些成本將比我們之前的估計增加。與大多數經濟學家一樣，我們預計供應鏈中斷將在可預見的未來繼續存在。

We have already taken pricing actions this fiscal year, 1 in October 2021 and another in January 2022. And we have additional pricing actions planned through the balance of this year, which play an important role to mitigate cost pressures, including inflation, as we position our business for the future. There are many factors that contribute to our thoughtful pricing strategy, including: the increasing U.S. inflation rate currently running at 7% or perhaps greater as well as wage, customer demand and other costs; second, the rapid spread of Omicron through the U.S. required us to quickly adapt store protocols.

我們已經在本財年採取了定價行動，2021 年 10 月的 1 次和 2022 年 1 月的另一次。我們計劃在今年餘下時間採取其他定價行動，這在緩解成本壓力（包括通貨膨脹）方面發揮著重要作用，因為我們定位我們未來的業務。有許多因素促成了我們深思熟慮的定價策略，包括：美國目前正在以 7% 或更高的通脹率上升，以及工資、客戶需求和其他成本；其次，Omicron 在美國的迅速傳播要求我們快速適應存儲協議。

From our very beginning, and as we've demonstrated throughout this pandemic, Starbucks has always prioritized the health and wellness of our partners by offering some of the best benefits in the industry. This moment is no different. Our COVID vaccination pay has supported thousands of partners and the broader efforts in helping get more people vaccinated. And with the highly transmissible Omicron variant, we had more partners leverage our COVID isolation benefits as they were either home sick or home isolating after being exposed to the virus, which led to significantly higher COVID-related benefits paid than expected.

從一開始，正如我們在整個大流行期間所證明的那樣，星巴克始終通過提供業內最佳福利來優先考慮我們合作夥伴的健康和福祉。這一刻也不例外。我們的 COVID 疫苗接種支付支持了數以千計的合作夥伴以及幫助更多人接種疫苗的更廣泛的努力。借助高度可傳播的 Omicron 變體，我們有更多的合作夥伴利用我們的 COVID 隔離福利，因為他們要么在家生病，要么在接觸病毒後居家隔離，這導致支付的與 COVID 相關的福利明顯高於預期。

We expect similar usage of COVID isolation and vaccination pay through this next quarter, moderating in the back half of fiscal '22. Throughout this pandemic, COVID isolation pay has been a critically important partner benefit. To help offset the higher-than-expected expense of this benefit, we are taking the necessary measures to reduce spending in discretionary areas of our U.S. P&L. As an example, with strong customer demand, we believe we can tighten up a bit more in our G&A expenses, including promotional spend and marketing. We believe these measures are prudent as we work to balance increasing cost pressures with our commitment to our partners.

我們預計到下個季度將有類似的 COVID 隔離和疫苗接種費用的使用，在 22 財年的後半段有所放緩。在整個大流行期間，COVID 隔離費一直是至關重要的合作夥伴福利。為了幫助抵消這項福利高於預期的費用，我們正在採取必要措施減少美國損益表中可自由支配領域的支出。例如，由於客戶需求強勁，我們相信我們可以進一步收緊 G&A 費用，包括促銷支出和營銷。我們相信這些措施是審慎的，因為我們努力平衡不斷增加的成本壓力和我們對合作夥伴的承諾。

Finally, with approximately 4 million Americans who have not yet returned to the workforce, nearly every business in the services industry is facing staffing challenges and increased turnover. The battle for talent is notable. While Starbucks has always been committed to attracting and retaining the best partners with our differentiated pay and benefits package, we too experienced staffing issues. In response to this challenge and as an employer of choice, we hired an increasing number of new partners into our business this past quarter, which rapidly increased our training costs well above historic levels. This investment is critical to the success of our business as we work to create a great Starbucks Experience where our partners feel supported and customers feel uplifted.

最後，大約有 400 萬美國人尚未重返工作崗位，幾乎服務行業的每家企業都面臨著人員配備和營業額增加的挑戰。人才爭奪戰引人注目。雖然星巴克一直致力於通過差異化的薪酬和福利方案吸引和留住最佳合作夥伴，但我們也遇到了人員配備問題。為應對這一挑戰，作為首選雇主，我們在上個季度聘請了越來越多的新合作夥伴加入我們的業務，這迅速增加了我們的培訓成本，遠高於歷史水平。此項投資對我們業務的成功至關重要，因為我們致力於打造出色的星巴克體驗，讓我們的合作夥伴感到支持，客戶感到振奮。

We know from experience that the continued investments in our partners, both tenured and new, will continue to drive the levels of customer connection and overall productivity that support the long-term success and differentiation of our business. And we remain confident that the $1 billion investment in partner wages and hours that we announced on our fiscal '21 Q4 call is the right long-term investment to ensure we have the very best talent to support our business. In addition to these actions and as we highlighted on the last call, we continue to implement operational efficiencies throughout the organization to drive the productivity critical to our commitment to long-term margin expansion.

從經驗中我們知道，對我們的長期和新合作夥伴的持續投資將繼續推動客戶聯繫水平和整體生產力，從而支持我們業務的長期成功和差異化。我們仍然相信，我們在 21 財年第四季度電話會議上宣布的對合作夥伴工資和工時的 10 億美元投資是正確的長期投資，以確保我們擁有最優秀的人才來支持我們的業務。除了這些行動之外，正如我們在上次電話會議中強調的那樣，我們將繼續在整個組織內實施運營效率，以提高對我們對長期利潤增長的承諾至關重要的生產力。

In summary, the demand in our U.S. market is very strong, and we have a tremendous opportunity for continued growth, as highlighted by our robust revenue results. As a leadership team, we hold ourselves accountable to the actions we have outlined to ensure our revenue growth is also reflected in our bottom line. To deliver compelling financial results to all Starbucks' stakeholders, we must continue to balance ongoing profitability with long-term investments.

總而言之，我們美國市場的需求非常強勁，我們擁有持續增長的巨大機會，正如我們強勁的收入結果所強調的那樣。作為一個領導團隊，我們對我們概述的行動負責，以確保我們的收入增長也反映在我們的底線中。為了向星巴克的所有利益相關者提供令人信服的財務結果，我們必須繼續在持續盈利能力與長期投資之間取得平衡。

Turning to China. We continue to grow our store footprint in Q1 as we surpassed 5,500 stores in the market. This brings our global store footprint to a record 34,317 stores. It's important to note that our latest generation of new stores in China continued to perform well as best-in-class store profitability and return on investment were achieved. Our 90-day active Starbucks Rewards members in China reached nearly 18 million, an increase of 2.6 million versus prior year, with members contributing 75% of sales.

轉向中國。隨著我們在市場上超過 5,500 家商店，我們在第一季度繼續擴大我們的商店足跡。這使我們的全球門店足跡達到創紀錄的 34,317 家門店。值得注意的是，我們在中國的最新一代新店繼續表現良好，實現了一流的店面盈利能力和投資回報。我們在中國的 90 天活躍星享俱樂部會員達到近 1800 萬，比去年增加 260 萬，會員貢獻了 75% 的銷售額。

Mobility restrictions and the country's zero-COVID policy have presented significant headwinds, contributing to a minus 10% same-store comp after adjusting for the VAT subsidy from a year ago. We adhered to COVID health regulations and, as a result, experienced closures, dynamic store protocols or reduced operations in 3/4 of our stores throughout China exiting Q1.

流動性限制和該國的零新冠病毒政策帶來了巨大的阻力，在調整了一年前的增值稅補貼後，導致同店收入減少了負 10%。我們遵守 COVID 健康法規，因此在第一季度結束時，我們在中國 3/4 的商店經歷了關閉、動態商店協議或減少運營。

That said, our business in China continues to represent significant long-term growth. We are playing the long game as we navigate a dynamic environment. We are encouraged by the performance and growth in our digital offering as it drives new customer occasions and opens new channels of convenience. Digital ordering continues to resonate with customers, growing to a Q1 record 38% of sales. Customer demand was evident across both the morning and afternoon dayparts. This, coupled with our continued store expansion, is a testament to the significant growth opportunity in the market.

也就是說，我們在中國的業務繼續代表著顯著的長期增長。當我們在動態環境中航行時，我們正在玩漫長的遊戲。我們對數字產品的表現和增長感到鼓舞，因為它推動了新的客戶場合併開闢了新的便利渠道。數字訂購繼續引起客戶的共鳴，第一季度銷售額增長到創紀錄的 38%。客戶需求在上午和下午時段都很明顯。再加上我們持續的門店擴張，證明了市場的巨大增長機會。

Through these challenges, however, our partners persevered and responded to ensure in-store safety by staffing health stations, taking temperatures and ensuring masks were worn by both partners and customers. Importantly, our customer connection scores were at an all-time high in the quarter. This is a testament to the resiliency of our partners and the strength of our brand, giving us confidence that as COVID-related restrictions eventually abate, our opportunity for growth in China remains as compelling as ever.

然而，通過這些挑戰，我們的合作夥伴堅持不懈，並通過配備衛生站、測量體溫和確保合作夥伴和顧客都佩戴口罩來確保店內安全。重要的是，我們的客戶聯繫得分在本季度創下歷史新高。這證明了我們合作夥伴的彈性和我們品牌的實力，讓我們相信，隨著與 COVID 相關的限制最終減弱，我們在中國的增長機會仍然像以往一樣引人注目。

Looking more broadly at the international markets outside of China, we saw strong results for the quarter. The broad portfolio of markets in our International segment, excluding China, delivered outstanding results this quarter, posting 27% revenue growth with strength across Europe, Latin America, Japan, Korea and broader Asia Pacific. This illustrates the power of a diversified portfolio and gives us confidence in our global growth potential.

放眼中國以外的國際市場，我們看到了本季度的強勁業績。除中國外，我們國際業務的廣泛市場組合在本季度取得了出色的業績，在歐洲、拉丁美洲、日本、韓國和更廣泛的亞太地區實現了 27% 的收入增長。這說明了多元化投資組合的力量，讓我們對我們的全球增長潛力充滿信心。

Shifting from International, we continue to see impressive revenue growth from our Channel Development markets. And we are pleased with the continued performance of the Global Coffee Alliance with Nestlé as Starbucks at-home coffee continues to gain market share over the prior year, driven by Starbucks by Nespresso. And through our North America coffee partnership with PepsiCo, we recently announced our entrance into the energy category with Starbucks BAYA energy drink, a ready-to-drink beverage crafted from caffeine naturally found in coffee fruit as well as antioxidants to give consumers a feel-good boost. Energy drinks represent a rapidly growing category. We believe this new beverage differentiates us, opening up another category in the portfolio for growth.

從國際轉移，我們繼續看到我們的渠道開發市場的收入增長令人印象深刻。我們對與雀巢的全球咖啡聯盟的持續表現感到高興，因為在星巴克 by Nespresso 的推動下，星巴克家庭咖啡在去年繼續獲得市場份額。通過我們與百事可樂的北美咖啡合作夥伴關係，我們最近宣布進入能量類別，推出星巴克 BAYA 能量飲料，這是一種由咖啡水果中天然存在的咖啡因和抗氧化劑製成的即飲飲料，給消費者一種感覺——很好的推動。能量飲料代表了一個快速增長的類別。我們相信這種新飲料使我們與眾不同，在產品組合中開闢了另一個增長類別。

Before I turn the call over to Rachel, I want to highlight that this quarter's record top line performance in a uniquely challenging operating environment, along with the set of actions outlined above, gives us confidence in our growth at scale agenda. While quarterly results can be difficult to predict in this dynamic environment, our strong demand and operating flexibility throughout this pandemic have enabled us to build an even stronger, more resilient company.

在我將電話轉給雷切爾之前，我想強調一下，本季度在極具挑戰性的運營環境中創紀錄的頂線業績，以及上述一系列行動，讓我們對我們的規模增長充滿信心。儘管在這種動態環境中很難預測季度業績，但我們在整個大流行期間的強勁需求和運營靈活性使我們能夠建立一個更強大、更有彈性的公司。

While we expect these complexities to persist through the near term, Starbucks is well positioned to adapt and continue to deliver great experiences for partners and customers. Consumer demand for Starbucks is strong across all markets and continues to grow. We will continue to balance appropriate levels of near-term profitability with the partner investments and innovations that drive customer loyalty and, in turn, long-term growth.

雖然我們預計這些複雜性將在短期內持續存在，但星巴克已經做好了適應並繼續為合作夥伴和客戶提供出色體驗的準備。消費者對星巴克的需求在所有市場都很強勁，並且還在持續增長。我們將繼續在適當水平的近期盈利能力與推動客戶忠誠度的合作夥伴投資和創新之間取得平衡，進而推動長期增長。

For over 2 years now, and thanks to our partners, our business has emerged stronger after each wave of a COVID surge has peaked, and we expect this will be the case as Omicron runs its course. We have significant growth opportunities ahead and the investments we are making position Starbucks to continue capturing share in the fast-growing coffee addressable market while driving double-digit earnings growth over the long term.

2 年多來，多虧了我們的合作夥伴，在每一波 COVID 激增達到頂峰後，我們的業務變得更加強大，我們預計隨著 Omicron 的發展，情況也會如此。我們未來有巨大的增長機會，我們正在進行的投資使星巴克能夠繼續在快速增長的咖啡目標市場中佔據份額，同時長期推動兩位數的收益增長。

With that, we are reiterating our fiscal '22 guidance for revenue but believe it is prudent to revise margin and earnings guidance to reflect the cost pressures that were amplified by the Omicron variant. We view these as near-term pressures, and we have a clear set of actions to manage through this moment.

因此，我們重申我們的 22 財年收入指引，但認為修改利潤率和收益指引以反映 Omicron 變體放大的成本壓力是謹慎的做法。我們將這些視為近期壓力，我們有一套明確的行動來應對這一刻。

With that, I now turn the call over to Rachel to walk you through details of our Q1 results and fiscal '22 guidance components. Rachel?

有了這個，我現在將電話轉給雷切爾，向您介紹我們的第一季度業績和 22 財年指導組件的詳細信息。雷切爾？

Thank you, Kevin, and good afternoon, everyone. Our Q1 performance showcased the strength of the Starbucks brand, underscored by strong customer demand despite intermittent COVID headwinds, which accelerated this quarter, given the highly transmissible Omicron variant. At the same time, it also highlighted continued industry pressures and operational challenges, which we are actively addressing as Kevin highlighted moments ago.

謝謝你，凱文，大家下午好。我們第一季度的表現展示了星巴克品牌的實力，儘管有間歇性的 COVID 逆風，但由於 Omicron 的高傳播性變體，本季度加速了強勁的客戶需求，這突顯了這一點。同時，它還強調了持續的行業壓力和運營挑戰，正如凱文剛才強調的那樣，我們正在積極解決這些問題。

Starbucks delivered global revenue of $8.1 billion in the first quarter, up 19% from the prior year, setting a Q1 record, primarily driven by the exceptional holiday performance in the U.S., coupled with strong results from our global portfolio with remarkable breadth and depth despite continued mobility disruptions to our China operations impacted by the country's zero-COVID policy.

星巴克第一季度的全球收入為 81 億美元，比去年同期增長 19%，創下第一季度的紀錄，這主要得益於美國出色的假日表現，以及我們全球投資組合的強勁業績，儘管儘管如此，受該國的零新冠病毒政策影響，我們中國業務的流動性持續中斷。

Q1 consolidated operating margin contracted 30 basis points from the prior year to 15.1% due primarily to significant investments in store partner wages and benefits as well as inflation, partially offset by sales leverage and pricing in North America. Q1 EPS was $0.72, up 18% from the prior year, reflecting strong revenue growth. However, it was lower than our expectations due primarily to our U.S. business, driven by the 3 key factors Kevin outlined: accelerated inflation, extended COVID-related pay and increased spend on new partner training and support costs.

第一季度綜合營業利潤率較上年下降 30 個基點至 15.1%，主要是由於對商店合作夥伴工資和福利以及通貨膨脹的重大投資，部分被北美的銷售槓桿和定價所抵消。第一季度每股收益為 0.72 美元，比上年增長 18%，反映了強勁的收入增長。然而，它低於我們的預期主要是由於我們的美國業務，這是由凱文概述的 3 個關鍵因素推動的：通貨膨脹加速、與 COVID 相關的薪酬增加以及新合作夥伴培訓和支持成本的支出增加。

I will now provide some segment highlights for Q1. The North America segment delivered revenue of $5.7 billion in Q1, up 23% from the prior year, primarily driven by an 18% increase in comparable store sales, including a 12% increase in transactions and a 6% increase in average ticket. 2-year comp in this segment reached 12% for the quarter, representing the sixth quarter of sequential improvement and the highest 2-year comp since the onset of the pandemic despite modified store hours across many regions. Our average ticket remained elevated even as group ordering continues to normalize, driven by pricing, record-breaking food attach, which had its seventh consecutive quarter at an all-time high and strong holiday performance.

我現在將提供第一季度的一些細分亮點。北美分部在第一季度實現收入 57 億美元，比上年增長 23%，主要受可比商店銷售額增長 18% 的推動，其中包括交易量增長 12% 和平均票價增長 6%。本季度該細分市場的 2 年補償率達到 12%，這是連續改善的第六個季度，也是自大流行開始以來的最高 2 年補償率，儘管許多地區的商店營業時間有所調整。儘管團體訂購繼續正常化，但我們的平均票價仍然較高，這是由定價、創紀錄的食品附加值推動的，該附加值連續第七個季度創下歷史新高和強勁的假日表現。

Our drive-through windows and mobile orders continued to account for approximately 70% of U.S. company-operated sales, offering our customers safe, convenient and personalized ways to engage with Starbucks. 53% of spend in our U.S. company-operated stores was generated by our Starbucks Rewards customer base with the 90-day active membership reaching 26.4 million, up 21% over the prior year, adding 1.6 million new active members in this quarter alone.

我們的免下車窗口和移動訂單繼續占美國公司運營銷售額的約 70%，為我們的客戶提供了與星巴克互動的安全、便捷和個性化的方式。在我們美國公司運營的門店中，53% 的支出是由我們的星巴克獎勵客戶群產生的，90 天活躍會員達到 2640 萬，比上年增長 21%，僅在本季度就增加了 160 萬新活躍會員。

North America's operating margin was 18.8% in Q1, up 10 basis points from the prior year as sales leverage, pricing, sourcing savings and the benefit of the North America trade area transformation were largely offset by investments in store partner wages, high inflation as well as increased spend on new partner training, onboarding and support costs to address labor market conditions.

北美第一季度的營業利潤率為 18.8%，比上年增長 10 個基點，因為銷售槓桿、定價、採購節省和北美貿易區轉型的好處在很大程度上被商店合作夥伴工資的投資、高通脹以及高通脹所抵消隨著新合作夥伴培訓、入職和支持成本的增加，以應對勞動力市場狀況。

Moving on to International. In the International segment, we set a Q1 revenue record as the segment reached $1.9 billion, up 12% over the prior year. The growth was primarily driven by a 9% increase in net new stores over the past 12 months and strong sales growth from our international licensees, including the conversion of our Korea market to a fully licensed business. These increases were partially offset by a 3% decrease in comparable store sales.

繼續國際。在國際部門，我們創下了第一季度的收入記錄，該部門達到 19 億美元，比去年增長 12%。增長主要是由於過去 12 個月淨新店增長 9% 以及我們的國際授權商的強勁銷售增長，包括我們將韓國市場轉變為完全授權的業務。這些增長被可比商店銷售額下降 3% 部分抵消。

Excluding a 3% decline attributable to lapping the prior year VAT benefit, the segment's comparable store sales were flat as reoccurring COVID resurgences severely hindered mobility and impacted our business in China, where the majority of stores were operating under elevated safety protocols and reduced store hours even as we exited the quarter.

不包括由於上一年增值稅優惠而導致的 3% 下降，該部門的可比商店銷售額持平，因為反復發生的 COVID 死灰復燃嚴重阻礙了流動性並影響了我們在中國的業務，在中國，大多數商店都在提高安全協議下運營並減少了營業時間即使我們退出了本季度。

Reflecting the pandemic-related safety and mobility restrictions in China, the market's comparable store sales declined 14% in Q1, including a 4% decrease from lapping the prior year VAT release. However, we remain committed to and focused on our growth strategy in the market. As a result, we opened 197 net new stores and entered 16 new cities in the quarter in China, both record highs for any Q1 period. Additionally, our over 5,500 stores in the market remain committed to elevating the Starbucks Experience, setting operational records with our highest customer engagement scores in the quarter and lowest partner turnover in the last 3 years.

反映中國與大流行相關的安全和出行限制，市場的可比商店銷售額在第一季度下降了 14%，其中包括比上年增值稅釋放下降 4%。然而，我們仍然致力於並專注於我們在市場上的增長戰略。因此，我們在本季度在中國開設了 197 家淨新店並進入了 16 個新城市，均創下第一季度的歷史新高。此外，我們在市場上的 5,500 多家門店仍致力於提升星巴克體驗，創造了本季度最高客戶參與度得分和過去 3 年最低合作夥伴營業額的運營記錄。

Last month, we also expanded Starbucks Delivers to the Meituan platforms market-wide, partnering with China's leading e-commerce service provider to enhance the customer experience, continuing with our plan to grow our delivery business in the quarters to come. Outside of China, a number of our international markets across our global portfolio saw a sustained recovery in Q1, including Japan and the U.K. contributing meaningfully to our revenue growth.

上個月，我們還將星巴克外賣擴展到美團平台市場，與中國領先的電子商務服務提供商合作以提升客戶體驗，繼續我們在未來幾個季度發展外賣業務的計劃。在中國以外，我們全球投資組合的多個國際市場在第一季度持續復甦，包括日本和英國，這對我們的收入增長做出了有意義的貢獻。

Operating margin for the International segment was 18.3% in Q1, down 170 basis points from the prior year, mainly driven by investments in store partner wages and benefits and strategic initiatives as well as higher product and distribution costs from a sales mix shift, partially offset by sales leverage.

第一季度國際部門的營業利潤率為 18.3%，比上年下降 170 個基點，主要是由於對商店合作夥伴工資和福利和戰略計劃的投資以及銷售組合轉變導致的產品和分銷成本增加，部分抵消了通過銷售槓桿。

Moving on to Channel Development. Revenue grew 12% to $417 million in Q1, primarily driven by growth in the Global Coffee Alliance as well as the strength in our international ready-to-drink business. Based on IRI and Euromonitor data, Starbucks once again retained the #1 brand position in both the U.S. at-home coffee and global ready-to-drink categories during the quarter, reinforcing customers' desire to replicate their Starbucks in-store experience and fulfill their Starbucks' taste profiles while at home or on the go.

繼續進行渠道開發。第一季度收入增長 12% 至 4.17 億美元，主要得益於全球咖啡聯盟的增長以及我們國際即飲業務的實力。根據 IRI 和 Euromonitor 的數據，星巴克在本季度再次保持了美國家庭咖啡和全球即飲類別的第一品牌地位，增強了客戶複製星巴克店內體驗並滿足在家或在旅途中他們的星巴克口味檔案。

The segment's operating margin was 43.9% in Q1, down 480 basis points from the prior year as our North American coffee partnership joint venture income declined due to supply chain constraints and inflationary pressures as well as business mix shifts.

由於供應鏈限制和通脹壓力以及業務組合轉變，我們的北美咖啡合作合資企業收入下降，第一季度該部門的營業利潤率為 43.9%，比去年下降 480 個基點。

Moving on to our guidance for fiscal '22. We reiterate our fiscal '22 global comparable store sales growth guidance of high single digit and revenue guidance range of $32.5 billion to $33 billion. Considering meaningful margin headwinds that exist in this dynamic operating environment, with inflation at its highest level in decades, COVID-19 resurgences impacting our businesses globally and a continued industry-wide labor shortage, we believe it is prudent to revise both our fiscal '22 operating margin and EPS guidance at this time.

繼續我們對 '22 財年的指導。我們重申我們的 22 財年全球可比商店銷售增長指導為高個位數，收入指導範圍為 325 億美元至 330 億美元。考慮到在這種動態的經營環境中存在有意義的利潤率逆風，通貨膨脹處於幾十年來的最高水平，COVID-19 的複甦影響了我們的全球業務以及全行業持續的勞動力短缺，我們認為修改我們的 '22 財年是謹慎的目前的營業利潤率和每股收益指導。

Based on the latest trends in our outlook, we anticipate over 200 basis points of incremental margin pressure in fiscal '22 from inflation, COVID-related pay, new partner training and support costs as well as reduced sales from mobility restrictions combined. As Kevin outlined, however, we have and we will continue to take intentional steps to offset these pressures, including selectively accelerating price increases, tightly managing numerous cost areas as well as actioning throughput initiatives across our operations.

根據我們展望的最新趨勢，我們預計 22 財年通貨膨脹、與 COVID 相關的薪酬、新合作夥伴培訓和支持成本以及流動性限制導致的銷售減少等因素將帶來超過 200 個基點的增量利潤壓力。然而，正如凱文所概述的那樣，我們已經並將繼續採取有意識的措施來抵消這些壓力，包括有選擇地加速價格上漲、嚴格管理眾多成本領域以及在我們的運營中採取行動吞吐量計劃。

We also believe there will be some moderation in staffing-related costs, specifically related to training expenses as our partner investments begin to translate into higher retention. Collectively, the margin benefits from these actions are expected to nearly offset the anticipated margin pressure. In addition to these actions, we will continue to prioritize investments that will drive our growth over the long term, including raising U.S. store partner wages as previously announced. As a result, we expect fiscal '22 GAAP margin to approach 16.5% and non-GAAP margin to approach 17%.

我們還認為，隨著我們的合作夥伴投資開始轉化為更高的保留率，與人員配備相關的成本將會有所放緩，特別是與培訓費用相關。總的來說，這些行動帶來的利潤收益預計將幾乎抵消預期的利潤壓力。除了這些行動之外，我們將繼續優先考慮能夠推動我們長期增長的投資，包括如先前宣布的那樣提高美國商店合作夥伴的工資。因此，我們預計 '22 財年 GAAP 利潤率將接近 16.5%，非 GAAP 利潤率將接近 17%。

Moving on to EPS. Given our Q1 results and margin pressures expected in the balance of the year, our fiscal '22 GAAP EPS is now expected to decline by a range of 4% to 6%. Additionally, we expect our fiscal '22 non-GAAP EPS growth to be in the range of 8% to 10% from the base of $3.10 in fiscal '21 that excludes the extra week and is adjusted for the change in the non-GAAP treatment of certain integration costs. The EPS growth range reflects our Q1 results, accounts for the appropriate steps we are taking to manage and drive the business and account for the impacts of the 3 headwinds we've discussed.

轉到EPS。鑑於我們在今年餘下時間預計的第一季度業績和利潤率壓力，我們的 22 財年 GAAP 每股收益現在預計將下降 4% 至 6%。此外，我們預計我們的 22 財年非 GAAP 每股收益增長將在 21 財年 3.10 美元的基礎上增長 8% 至 10%，不包括額外的一周，並根據非 GAAP 處理的變化進行調整一定的整合成本。 EPS 增長范圍反映了我們的第一季度業績，說明了我們為管理和推動業務而採取的適當步驟，並說明了我們討論過的 3 個不利因素的影響。

In terms of quarterly margin and EPS cadence, we expect headwinds to intensify in Q2 as Omicron disruptions escalated in January. While the intensity throughout Q2 is unknown, we expect Q2 quarterly non-GAAP EPS and margin to be below prior year levels, with significant improvement in Q3 coming from our margin enhancement actions materializing. Q4 is then expected to show continued recovery but at a more gradual pace, inclusive of the summer step-up in wage investments as we raise the U.S. average store hourly wage to $17. Assuming no other significant impacts, including further impacts from COVID, we anticipate our EPS to return to double-digit growth in fiscal '23 and beyond.

就季度利潤率和每股收益節奏而言，我們預計隨著 1 月份 Omicron 中斷升級，不利因素將在第二季度加劇。雖然整個第二季度的強度未知，但我們預計第二季度非公認會計準則每股收益和利潤率將低於去年水平，第三季度的顯著改善來自我們的利潤率提升行動。預計第四季度將顯示持續復甦，但速度會更加緩慢，包括夏季工資投資增加，因為我們將美國商店平均小時工資提高到 17 美元。假設沒有其他重大影響，包括 COVID 的進一步影響，我們預計我們的每股收益將在 23 財年及以後恢復兩位數的增長。

All other full year '22 guidance metrics, including global net new store count, CapEx, interest expense and tax rates are unchanged from what we previously communicated on our fourth quarter fiscal '21 earnings call. Despite the unexpected global impacts of Omicron or other potential variant resurgences, we remain confident in delivering outstanding top line growth in fiscal '22, enabled by incredible customer demand, our diversified portfolio and continued ability to deliver the valuable human connection to our customers in a safe, convenient and consistent manner.

所有其他 22 年全年指導指標，包括全球淨新店數量、資本支出、利息費用和稅率，與我們之前在 21 財年第四季度財報電話會議上傳達的信息保持不變。儘管 Omicron 或其他潛在變體復甦對全球產生了意想不到的影響，但我們仍然有信心在 22 財年實現出色的收入增長，這得益於令人難以置信的客戶需求、我們多樣化的產品組合以及持續為客戶提供有價值的人際關係的能力安全、方便和一致的方式。

We also continue to stand by our commitment to return $20 billion to our shareholders over the next 3 years and have returned more than $4 billion in Q1 between share repurchases and our quarterly dividend. Finally, given the dynamic operating environment and the incremental cost pressures reflected in our fiscal '22 guidance, we now expect year-on-year margin improvement in fiscal '23 with a return to the long-term target of 18% to 19% in fiscal '24. Of course, all of these estimates presumes no new material business disruptions, whether from the pandemic or the broader economy.

我們還繼續信守在未來 3 年向股東返還 200 億美元的承諾，並且在第一季度的股票回購和季度股息之間已返還超過 40 億美元。最後，鑑於我們 '22 財年指引中反映的動態經營環境和增量成本壓力，我們現在預計 '23 財年的利潤率將同比提高，並恢復到 18% 至 19% 的長期目標。 '24 財政年度。當然，所有這些估計都假設沒有新的重大業務中斷，無論是來自大流行還是更廣泛的經濟。

Although our efforts to adapt to the evolving market conditions may take longer than initially anticipated, our long-term growth model remains intact, guided by the belief that the success of our company starts with investing in our partners, which ultimately creates value for customers and for all Starbucks' stakeholders, including our shareholders.

儘管我們適應不斷變化的市場條件的努力可能需要比最初預期更長的時間，但我們的長期增長模式保持不變，其信念是我們公司的成功始於對合作夥伴的投資，最終為客戶和創造價值星巴克的所有利益相關者，包括我們的股東。

In closing, the 3 key points summarizing my prepared remarks are: first, Q1 demonstrated our strong revenue growth and the resilience of our brand while also highlighting margin pressures, which we are addressing through purposeful actions; second, given the evolving macro and operating environment, we are revising our margin and EPS outlook for fiscal '22 while reaffirming strong top line growth; and finally, we remain committed to our long-term growth model.

最後，總結我準備好的評論的三個關鍵點是：首先，第一季度展示了我們強勁的收入增長和我們品牌的彈性，同時也強調了利潤率壓力，我們正在通過有目的的行動來解決這些問題；其次，鑑於不斷變化的宏觀和經營環境，我們正在修改我們的 22 財年利潤率和每股收益展望，同時重申強勁的收入增長；最後，我們仍然致力於我們的長期增長模式。

As always, credit for our success today and tomorrow belongs to our passionate Starbucks partners around the world who deliver a safe, authentic and personalized Starbucks Experience to our customers with care and commitment. Our partners have our greatest respect and appreciation. With that, Kevin and I are happy to take your questions, joined by John Culver, Michael Conway and Leo Tsoi. Thank you. Operator?

一如既往，我們今天和明天的成功歸功於我們遍布全球的熱情星巴克合作夥伴，他們以關懷和承諾為我們的客戶提供安全、真實和個性化的星巴克體驗。我們的合作夥伴有我們最大的尊重和讚賞。有了這個，凱文和我很高興回答你的問題，約翰·卡爾弗、邁克爾·康威和 Leo Tsoi 也加入了進來。謝謝你。操作員？

(Operator Instructions)

（操作員說明）

Your first question comes from Jeffrey Bernstein with Barclays.

您的第一個問題來自巴克萊銀行的 Jeffrey Bernstein。

A question on the operating margin guidance for both this year and the out years. It sounds like this year, you're now saying approaching 17% on a non-GAAP basis. But now not getting back to the 18% to 19% until fiscal '24, albeit I guess, still growing in fiscal '23 off of the 17%. So I just want to make sure I understood that correctly. And if you could then prioritize the initiatives to return to that 18% to 19%? I know you had previously mentioned labor investment should drive sales, which would be critical. And then you had a variety of cost-saving initiatives and ultimately, pricing would be there to backstop. I just want to make sure we have that prioritization right in terms of the biggest buckets that give you the confidence getting back to that 18% to 19%.

關於今年和未來幾年的營業利潤率指導的問題。聽起來今年，你現在說的非公認會計原則基礎上接近 17%。但是現在直到 24 財年才回到 18% 到 19%，儘管我猜，在 23 財年仍然從 17% 增長。所以我只是想確保我理解正確。如果你可以優先考慮恢復到 18% 到 19% 的舉措？我知道你之前提到過勞動力投資應該推動銷售，這很關鍵。然後你有各種節省成本的舉措，最終，定價將在那裡提供支持。我只是想確保我們在最大的桶方面有正確的優先級，讓你有信心回到 18% 到 19%。

This is Rachel. Thank you for the question. How I'd start would say, as we look at FY '22, based on what we saw in Q1 and what we're guiding for the balance of the year, we think approaching 17%, the better gauge of our margin has allowed us to -- as we're seeing, we saw cost pressures accelerate in December, and we're seeing those intensify as we noted in January and into Q2.

這是雷切爾。感謝你的提問。我會如何開始說，當我們看 22 財年時，根據我們在第一季度看到的情況以及我們對今年餘額的指導，我們認為接近 17%，我們可以更好地衡量我們的利潤率我們 - 正如我們所看到的，我們看到成本壓力在 12 月加速，並且正如我們在 1 月和第二季度所指出的那樣，我們看到這些壓力正在加劇。

Now we'll take action against those costs but it will take us a little bit of time. And so for that reason, we believe it's prudent for us to guide approaching 17%. With that, as we exit FY '22 and as we enter FY '23, we'll now see a lower margin -- a slightly lower margin than what we had originally guided. And as a result of that, we're continuing to look at ways to drive sales, as you outlined. That is our biggest opportunity for us to be able to drive margin and to grow earnings in the future. So we'll continue to invest in our business in the areas that are going to drive sales both in this year as in FY '23. We'll also continue to focus on the areas this year and into next year that will help us continue the momentum that we're seeing. So sales is, by and large, our biggest opportunity.

現在我們將對這些成本採取行動，但這需要我們一點時間。因此，出於這個原因，我們認為引導接近 17% 是謹慎的做法。有了這個，當我們退出 22 財年並進入 23 財年時，我們現在會看到較低的利潤率——比我們最初指導的利潤率略低。因此，正如您所概述的，我們將繼續尋找推動銷售的方法。這是我們未來能夠提高利潤率和增加收益的最大機會。因此，我們將繼續在今年和 23 財年將推動銷售的領域投資於我們的業務。我們還將繼續關註今年和明年的領域，這將有助於我們繼續保持我們所看到的勢頭。因此，總的來說，銷售是我們最大的機會。

In addition to that, as we've outlined, we'll continue to take pricing while we balance pricing decisions and actions with our demand. And so that will be another big opportunity for us as we continue to grow. And then we'll continue to find efficiencies in our business. As we've outlined, we've been working on efficiencies related to productivity that will help support this year and it will also expand into FY '23.

除此之外，正如我們所概述的，我們將繼續定價，同時平衡定價決策和行動與我們的需求。因此，隨著我們的不斷發展，這對我們來說將是另一個重大機遇。然後我們將繼續在我們的業務中尋找效率。正如我們所概述的，我們一直在努力提高與生產力相關的效率，這將有助於今年的支持，並且還將擴展到 23 財年。

We certainly have opportunity as we think about, from a tailwind perspective, as we see recovery, both in China as well as in our U.S. business and as we continue to further the efficiencies focusing on. But broadly, I would say sales, by and large, is going to be our continued opportunity for our growth not only this year but into FY '23. So hopefully, that gives you a perspective.

從順風的角度來看，我們當然有機會，因為我們看到中國和美國業務的複蘇，以及我們繼續提高效率的重點。但從廣義上講，我想說，總的來說，銷售將成為我們持續增長的機會，不僅在今年，而且到 23 財年。所以希望這能給你一個視角。

Your next question comes from Jared Garber with Goldman Sachs.

您的下一個問題來自高盛的 Jared Garber。

Wanted to follow up on the previous question a little bit as it relates to margins. Rachel or Kevin, could you help frame maybe some of the pricing actions that you've taken? And what maybe you still have left in the chamber, so to speak, to help offset some of these pricing -- or some of these inflationary pressures? And what are you seeing on the demand side as it relates to sort of elasticity of demand with these pricing actions going through in the last couple of months and then what you're looking at going forward?

想要跟進上一個問題，因為它與邊距有關。 Rachel 或 Kevin，您能否幫助制定一些您已採取的定價措施？可以說，您在會議廳裡還剩下什麼來幫助抵消部分定價——或部分通脹壓力？您在需求方面看到了什麼，因為它與過去幾個月經歷的這些定價行動的需求彈性有關，那麼您對未來的展望是什麼？

Yes, Jared, this is Kevin. Thanks for the question. I've commented before, we have a very sophisticated approach to pricing that leverages analytics, artificial intelligence, and it's overseen by a very talented team who do the modeling and look at the elasticity of demand along with the pricing actions on an ongoing basis. I think we mentioned some of the pricing actions we took both in October and January. I'll hand to John here in a second to talk through those in the U.S. But with those pricing actions, we still saw incredibly strong demand through the holiday season. But John, let me hand to you to go through the specifics.

是的，賈里德，這是凱文。謝謝你的問題。我之前評論過，我們有一種非常複雜的定價方法，它利用分析、人工智能，並且由一個非常有才華的團隊監督，他們進行建模並持續關注需求彈性以及定價行為。我想我們提到了我們在 10 月和 1 月採取的一些定價行動。我將在這裡與約翰交談，討論美國的情況。但通過這些定價行動，我們在假期期間仍然看到了令人難以置信的強勁需求。但是約翰，讓我交給你詳細說明。

Yes, Jared, thanks for your question. Our pricing strategy, as Kevin has shared and Rachel as well, is driven by several factors such as inflation rates, partner investments, the infrastructure investments that we want to make, and then obviously, the investments we want to make on continuing the innovation pipeline. We do all those things while balancing the premium value for our customers and the experience we want to provide them.

是的，賈里德，謝謝你的提問。正如 Kevin 和 Rachel 所分享的那樣，我們的定價策略受到多種因素的驅動，例如通貨膨脹率、合作夥伴投資、我們想要進行的基礎設施投資，然後顯然是我們想要在繼續創新管道方面進行的投資.我們做所有這些事情的同時，還要平衡為客戶提供的優質價值和我們希望為他們提供的體驗。

As we saw inflation begin to increase in the middle of this past year, we made the decision to take pricing and we implemented pricing effective October 1. As inflation continued to grow, we saw that. We needed to take additional action and we did so effective January 1. So we've taken 2 moves around pricing to help mitigate the challenges that we're seeing.

由於我們看到通脹在去年年中開始上升，我們決定採取定價，並從 10 月 1 日起實施定價。隨著通脹繼續增長，我們看到了這一點。我們需要採取額外的行動，我們從 1 月 1 日起就這樣做了。因此，我們圍繞定價採取了 2 項舉措，以幫助緩解我們所面臨的挑戰。

Now we also have additional pricing actions that we have planned for the balance of the year that will additionally help offset the trends and some of the cost pressures that we're seeing. And as Kevin highlighted, that's being informed by the analytics and insight team. In terms of elasticity, we have not seen any meaningful impact to customer demand. To the contrary, our customer demand continues to grow. We're coming off of a very strong quarter in terms of transaction growth at 12% for the quarter in the U.S., the highest since pre-pandemic levels, and our ticket is also very strong as well. So we watch that very closely and we will adjust accordingly.

現在，我們還計劃在今年餘下時間採取額外的定價行動，這將進一步幫助抵消我們所看到的趨勢和一些成本壓力。正如 Kevin 所強調的那樣，分析和洞察團隊提供了信息。在彈性方面，我們沒有看到對客戶需求的任何有意義的影響。相反，我們的客戶需求持續增長。就美國本季度的交易增長 12% 而言，我們正經歷一個非常強勁的季度，這是自大流行前水平以來的最高水平，我們的票數也非常強勁。所以我們會密切關注這一點，我們會做出相應的調整。

Your next question comes from Andrew Charles with Cowen.

您的下一個問題來自 Andrew Charles 和 Cowen。

A question for John or Leo. Obviously, the China sales environment has been challenging, and you guys are not immune to it despite some pretty impressive gains in the digital and loyalty strategies. China development remains robust and on track for the year. But just curious, what would it take for you to reconsider China development plans to slow down openings and focus more intensely on improving the same-store sales?

約翰或利奧的問題。顯然，中國的銷售環境一直充滿挑戰，儘管在數字和忠誠度戰略方面取得了一些令人印象深刻的收益，但你們也不能倖免。今年中國發展依然強勁，步入正軌。但只是好奇，您將如何重新考慮中國的發展計劃以減緩開業速度並更加專注於提高同店銷售額？

Leo, why don't you take that one?

獅子座，你為什麼不拿那個？

Certainly. Andrew, first of all, I want to say Happy New Year to everyone. This is the second year -- second day of our Chinese New Year here in China. Now your question on the store opening and the development, what I'd like to say is that we have actually opened more than 1,200 stores in the past 2 years, and most of them we actually opened during the pandemic. This is equivalent to more than 1/5 of our portfolio, which is larger than many of the other retailers in the market for years.

當然。安德魯，首先，我想對大家說新年快樂。這是第二年——我們在中國過年的第二天。現在關於開店和發展的問題，我想說的是，在過去的兩年裡，我們實際上開了1200多家店，其中大部分是我們在疫情期間實際開的。這相當於我們產品組合的 1/5 以上，多年來比市場上的許多其他零售商都要大。

And what is more, as Kevin just mentioned, we have been able, all these new stores, to achieve the best-in-class profitability and returns. And this goes to show the huge market potential that we are here to unlock. And so when you see this entire development, it is important to note that 70% of our growth actually in China is driven by our new store openings. And I would say, we'll continue to drive and leverage the opportunity here as we see in this market development.

更重要的是，正如凱文剛剛提到的，我們已經能夠，所有這些新店，實現一流的盈利能力和回報。這顯示了我們在這裡釋放的巨大市場潛力。因此，當您看到整個發展過程時，重要的是要注意，我們在中國的實際增長 70% 是由我們的新店開張推動的。我想說，正如我們在市場發展中看到的那樣，我們將繼續推動和利用這裡的機會。

And simply put, the 3 strategies that we've been working on is proven. Number one is to go wide to add them into more prefecture markets and prefecture cities. Second is to go deeper by bringing a rich and diversified stock portfolios that create new coffee experience to our customers. And third, as the pandemic is coming back and with a resurgence, we continue to be smarter to leverage the power of our data analytics and also to drive our store economics, including our store footprint so that we can operate in these markets.

簡而言之，我們一直在研究的 3 種策略得到了證明。一是擴大範圍，將它們添加到更多的地級市場和地級市。其次是通過帶來豐富和多元化的股票投資組合，為我們的客戶創造新的咖啡體驗，從而更加深入。第三，隨著大流行病捲土重來，我們將繼續更聰明地利用數據分析的力量，並推動我們的商店經濟，包括我們的商店足跡，以便我們能夠在這些市場中運營。

And I have -- I must say that I've been in this market for more than 10 years. What I'm seeing is we are really in the early stages of these markets. And as we go wide, go deep and go smarter, actually, our opening is actually helping us to build our success for the long term. Thank you, Andrew.

而且我 - 我必須說我已經進入這個市場超過 10 年了。我看到的是我們真的處於這些市場的早期階段。事實上，隨著我們走得更遠、更深入、更聰明，我們的開放實際上正在幫助我們建立長期的成功。謝謝你，安德魯。

And I'll just reinforce the key point that Leo made. As we continue to build these net new stores, they're performing as best-in-class store profitability and return on investment. And as long as we keep delivering best-in-class profitability, return on investment, we're going to continue to lean in on building new stores and play the long game.

我將加強 Leo 提出的關鍵點。隨著我們繼續建立這些淨新店，它們的店面盈利能力和投資回報率均處於一流水平。只要我們繼續提供一流的盈利能力和投資回報，我們將繼續依靠建立新店並進行長期的比賽。

In your question, Andrew, is what would cause us to rethink that? The answer would be if we saw revenue and return on investment not meeting that hurdle rate that we feel comfortable with, we would reevaluate. But right now, it's amazing. Through this pandemic, as Leo mentioned, as we go wider and deeper in our new store development, they are performing extremely well. And so we're going to continue to lean in.

在你的問題中，安德魯，是什麼讓我們重新思考這個問題？答案是，如果我們看到收入和投資回報率沒有達到我們認為滿意的門檻，我們會重新評估。但現在，這太神奇了。正如 Leo 所說，通過這次大流行，隨著我們在新店開發中的深入和深入，他們的表現非常好。所以我們將繼續前行。

Your next question comes from Sara Senatore with Bank of America.

您的下一個問題來自美國銀行的 Sara Senatore。

I wanted to ask about the U.S. same-store sales number. And first of all, did you see any impact on the top line with the advent of Omicron? I know you mentioned cost, of course, but a lot of the industry did see a dampening effect on comps in the back half of December. And then on a related note, you're seeing transaction growth when most restaurants still are not. So maybe could you talk a bit about what's happening? Is it coming in your urban markets? Does it have different regional footprint? Just trying to understand how your traffic might be recovering in a way that the rest of the industry doesn't seem to be.

我想問一下美國的同店銷售額。首先，您是否看到 Omicron 的出現對收入產生任何影響？我知道你當然提到了成本，但很多行業確實在 12 月下半月看到了對補償的抑製作用。然後在相關的說明中，當大多數餐廳仍然沒有時，您會看到交易增長。所以也許你能談談正在發生的事情嗎？它會進入你的城市市場嗎？它有不同的區域足跡嗎？只是想了解您的流量如何以業內其他公司似乎沒有的方式恢復。

Yes. Sara, thanks for the question. Yes, we did see an Omicron impact, especially amplified in the last 2 to 3 weeks of the quarter. And it played out in a couple of ways, obviously, in terms of as the cases surged, number one, customer mobility was impacted. But then also, we saw our partners also have a similar surge in the number of cases as well as call-outs, which Kevin spoke to and Rachel spoke to in terms of the Omicron COVID pay or the COVID pay that we provide our partners.

是的。薩拉，謝謝你的問題。是的，我們確實看到了 Omicron 的影響，尤其是在本季度的最後 2 到 3 週被放大。顯然，它以多種方式發揮作用，就案件激增而言，第一，客戶流動性受到影響。但是，我們也看到我們的合作夥伴的案件數量和呼叫數量也出現了類似的激增，凱文和雷切爾談到了 Omicron COVID 工資或我們為合作夥伴提供的 COVID 工資。

Now with that, we also were in the midst of having a record holiday quarter and couldn't be more proud of the work that the team did in terms of delivering very strong top line growth of 23% in a very, very complex environment. In terms of what we're seeing in terms of the transactions and the growth of transactions, there is a pent-up demand for Starbucks and for people wanting and longing to return to their normalized routine.

現在，我們也正處於創紀錄的假期季度之中，並且對團隊在非常非常複雜的環境中實現 23% 的強勁收入增長方面所做的工作感到無比自豪。就我們在交易和交易增長方面看到的情況而言，對星巴克以及希望和渴望恢復正常生活的人們的需求被壓抑。

So a couple of things that I would just call out: first, the beverage attach that we're seeing in the stores continues to normalize. We've seen strong beverage mix growth across, in particular, cold beverages, which now account for 70% -- over 70% of our beverage transactions. We've also seen strength in all dairy and the growth of all dairy and then also an increase in the modifier performance. Whether it was the holiday beverage or the overall promotion that we saw, very strong growth. Food continues to grow and break all-time records in the quarter, and really, that's being driven by breakfast and by bakery.

因此，我只想指出幾件事：首先，我們在商店中看到的飲料附件繼續正常化。我們已經看到飲料組合強勁增長，特別是冷飲，現在占我們飲料交易的 70% - 超過 70%。我們還看到所有乳製品的強度和所有乳製品的增長，以及改性劑性能的提高。無論是假日飲料還是我們看到的整體促銷活動，增長都非常強勁。食品在本季度繼續增長並打破歷史記錄，實際上，這是由早餐和麵包店推動的。

The other thing I would just add is that our peak transactions improved versus the prior quarter and a year-over-year basis. And then we had strong growth on the digital side. We now surpassed 26 million 90-day active members. And as part of that, our non-SR customer transactions continued to grow and reached its highest level since the pre-pandemic.

我要補充的另一件事是，與上一季度和同比相比，我們的交易高峰有所改善。然後我們在數字方面有了強勁的增長。我們現在超過 2600 萬 90 天活躍會員。作為其中的一部分，我們的非 SR 客戶交易繼續增長並達到自大流行前以來的最高水平。

In terms of the stores and where we saw traction in that, the suburban and the rural stores, where drive-thrus are the most prevalent, continue to outpace the rest of the portfolio. Our drive-thrus had its fourth straight quarter of double-digit comp growth. The central business district, the urban core and the urban edge recovery also continues, and it was the third quarter in a row of positive comps for all 3 of those urbanities.

就商店和我們看到的牽引力而言，得來速最普遍的郊區和農村商店繼續超過其他投資組合。我們的得來速公司連續第四個季度實現兩位數的增長。中央商務區、城市核心和城市邊緣的恢復也在繼續，這是所有這三個城市連續第三個季度出現積極的情況。

And then the convenience channels continue to play a big role. Between MOP, drive-thru and delivery, that accounted for over 70% of our sales in the quarter. So very encouraged with the strong customer demand and the way in which our partners really were able to meet the needs of our customers and step up under very, very challenging circumstances.

然後便利渠道繼續發揮重要作用。在 MOP、得來速和送貨之間，占我們本季度銷售額的 70% 以上。強烈的客戶需求以及我們的合作夥伴真正能夠滿足客戶需求並在非常非常具有挑戰性的情況下挺身而出的方式讓我們深受鼓舞。

And Sara, I would just add to everything John just said, what we've seen too is following each COVID wave, we've seen customer demand strengthen. And we anticipate that's going to happen following Omicron as well. But John and his team have done a fantastic job navigating this place, and I think he did a great job outlining the actions that we've taken that have driven that result.

莎拉，我只想補充約翰剛才所說的一切，我們也看到每一次 COVID 浪潮之後，我們已經看到客戶需求增強。我們預計這也將在 Omicron 之後發生。但是約翰和他的團隊在導航這個地方做得非常出色，我認為他做得很好，概述了我們為推動這一結果而採取的行動。

Your next question comes from John Glass with Morgan Stanley.

您的下一個問題來自摩根士丹利的 John Glass。

Going back to productivity, what have you learned from this experience in terms of the ability to start to reduce store hours, to reduce menu items and complexity? And does that play a role in your productivity, that is to say, reducing some of those things? Or is that antithetical to your goal of driving sales?

回到生產力，您從這次經驗中學到了什麼，能夠開始減少商店營業時間、減少菜單項和復雜性？這對你的生產力有影響嗎，也就是說，減少了一些事情？還是這與您推動銷售的目標背道而馳？

Yes. Thanks for the question, John. I'll just comment briefly and then I'll hand it over to John to take into some more detail. But certainly, we have learned to be very, very adaptable throughout this pandemic. And so certainly, when these COVID waves hit, we know how to adapt store protocols, store hours, if we need to consolidate partners in 1 store and temporarily close a store, we do that. If we need to amplify certain channels like drive-thru or mobile for pickup, we do that.

是的。謝謝你的問題，約翰。我將簡要評論一下，然後將其交給 John 以了解更多細節。但可以肯定的是，我們已經學會在這場大流行中非常非常適應。因此，當然，當這些 COVID 浪潮襲來時，我們知道如何調整商店協議、商店營業時間，如果我們需要將合作夥伴整合到一家商店並暫時關閉一家商店，我們就會這樣做。如果我們需要放大某些渠道，例如得來速或移動取貨，我們會這樣做。

So we've become very adaptable. And I think one of the things that's helped us is also see the opportunities for us to drive productivity gains certainly as we look to the future. And both are very important, how we adapt to COVID but also how we simplify the work in our stores and bring solutions that give us productivity while, at the same time, it improves the partner and the customer experience. And John, I'll let you just talk a little bit about the details of some things you guys are working on.

所以我們變得非常適應。而且我認為對我們有所幫助的一件事是，在展望未來時，我們也看到了提高生產力的機會。兩者都非常重要，我們如何適應 COVID，以及我們如何簡化商店的工作，並提供能夠提高我們生產力的解決方案，同時改善合作夥伴和客戶體驗。約翰，我會讓你們談談你們正在做的一些事情的細節。

Yes. This is an area, John, that the team is laser focused on. And clearly, it starts with taking action to reduce the complexity of the work in our stores for our partners to meet the demand of our customers. And we've shared previous calls the work that we've got going on around automated ordering. That continues to be put in place to reduce those manual routines of our partners.

是的。約翰，這是團隊專注於激光的一個領域。顯然，首先要採取行動降低我們商店工作的複雜性，讓我們的合作夥伴滿足客戶的需求。我們已經分享了之前的電話我們圍繞自動訂購所做的工作。這將繼續實施，以減少我們合作夥伴的手動例程。

We continue to make investments in improved functionality for our equipment and better flow-through of that equipment in terms of what it's able to produce, whether that's the Mastrena 2 machines, whether that's the warming ovens or whether that's our cold brew system, and then also at the same time, always assessing our beverage routines, ways in which we can build beverages, become more effective and more productive in building those beverages and drive better productivity.

我們繼續投資於改進我們設備的功能，並更好地通過該設備的生產能力，無論是 Mastrena 2 機器，無論是加熱烤箱還是我們的冷釀系統，然後同時，始終評估我們的飲料常規，我們可以製作飲料的方式，在製作這些飲料時變得更有效和更有效率，並提高生產力。

And then lastly, in terms of eliminating low-volume SKUs, we have taken action to eliminate and reduce low-volume SKUs. We did that during the first surge of COVID where we ran into some of the supply chain challenges. We took action to pull some of the low-volume food items out of the stores, and we have not had a meaningful impact to overall sales revenue. So productivity plays a key role for us going forward, and it's an area that we're laser focused on.

最後，在淘汰小批量 SKU 方面，我們已採取措施消除和減少小批量 SKU。我們在 COVID 的第一次激增期間做到了這一點，我們遇到了一些供應鏈挑戰。我們採取行動將一些小批量食品從商店中撤出，我們對整體銷售收入沒有產生有意義的影響。因此，生產力對我們向前發展起著關鍵作用，這是我們非常關注的一個領域。

Your next question comes from Lauren Silberman with Credit Suisse.

您的下一個問題來自瑞士信貸的 Lauren Silberman。

So on membership, so rewards membership up 21% in the quarter; U.S. traffic, 12%. So active rewards member growth has been faster than traffic, which I think is something we've seen over the past couple of quarters. Can you talk about the dynamics of that difference? And then you previously talked about members spending 2 to 3x more once they join the program. Does that still hold with the newer cohorts that are coming into the program? And if so, how long does it take for those new members to move along that maturity curve?

就會員而言，本季度獎勵會員增長 21%；美國流量，12%。因此，積極獎勵會員的增長速度快於流量，我認為這是我們在過去幾個季度中看到的情況。你能談談這種差異的動力嗎？然後您之前談到會員加入該計劃後的花費會增加 2 到 3 倍。這是否仍然適用於進入該計劃的新群體？如果是這樣，這些新成員需要多長時間才能沿著這條成熟曲線移動？

Okay. Thank you very much, Lauren. As I shared, we added and grew our active memberships 21% in the quarter and we now exceed 26 million active members. We added 5 million active 90-day members on a year-over-year basis. So Starbucks Rewards now represents 53% of the spend in our stores, which is at an all-time high and which is a 3-point increase versus fiscal -- Q1 fiscal '21.

好的。非常感謝你，勞倫。正如我所分享的，我們在本季度增加並增長了 21% 的活躍會員，現在我們的活躍會員超過 2600 萬。我們每年增加了 500 萬活躍的 90 天會員。因此，星巴克獎勵現在占我們商店支出的 53%，這是歷史最高水平，與 21 財年第一季度相比增長了 3 個百分點。

As part of that, their growth in terms of spend has grown commensurately. We're seeing significant increase in the spend in the first year of membership versus the prior 12 months of the preceding membership. We're seeing a strong lift in spend when they join, regardless of whether the customer is high or low frequency. And Rewards members, as you shared, are spending at an elevated rate and visit our stores at a 3x frequency rate versus our nonmembers. So we're going to continue, as a company, to double down in this area, and we see it as significant upside and presenting tremendous value to meet the need states of our customers.

作為其中的一部分，他們在支出方面的增長也相應增長。與之前會員資格的前 12 個月相比，我們看到會員資格第一年的支出顯著增加。無論客戶是高頻還是低頻，我們都看到他們加入後的支出大幅增加。正如您所分享的，Rewards 會員的消費率更高，光顧我們商店的頻率是我們非會員的 3 倍。因此，作為一家公司，我們將繼續在這一領域加倍努力，我們認為這是顯著的優勢，並為滿足客戶的需求狀態提供了巨大的價值。

Your next question comes from David Tarantino with Baird.

您的下一個問題來自貝爾德的大衛塔倫蒂諾。

My question is on the turnover in the U.S. It seems like that might have surprised you in the most recent quarter, given your commentary about training costs and onboarding new partners. So I guess that's a trend maybe we haven't heard from others. So I wanted to understand kind of what you think drove that spike in turnover if you had one, and why you think that might ease as the year goes on here.

我的問題是關於美國的營業額。鑑於您對培訓成本和入職新合作夥伴的評論，最近一個季度這似乎讓您感到驚訝。所以我想這是一種趨勢，也許我們還沒有從其他人那裡聽到過。所以我想了解你認為如果你有一個營業額飆升的原因，以及為什麼你認為隨著時間的推移這種情況可能會緩解。

Yes, David, I'll take that question. And clearly, it's no secret that we're in a constrained labor environment broadly across the country. And in particular, foodservice is one of the most heavily impacted in terms of finding available labor and staffing the needs of a business. Our turnover rates, I would say, as we track them, they were and have been elevated versus our pre-COVID levels.

是的，大衛，我會回答這個問題。顯然，我們在全國范圍內普遍處於受限制的勞動力環境中，這已經不是什麼秘密了。特別是，餐飲服務是在尋找可用勞動力和為企業配備人員方面受影響最嚴重的服務之一。我想說，當我們跟踪它們時，我們的流動率與我們在 COVID 之前的水平相比，它們曾經並且已經升高。

But what we've done with the actions that we've taken as we emerged out of the quarter, we're beginning to see that turnover rate stabilize. And basically, our hourly turnover rate has basically flattened over the course of the last several weeks. In addition to that, we've also seen a significant uptick in terms of partner sentiment, which is improving as well.

但是，當我們在本季度出現時，我們已經採取了行動，我們開始看到周轉率趨於穩定。基本上，我們的小時周轉率在過去幾週基本持平。除此之外，我們還看到合作夥伴情緒顯著上升，這種情緒也在改善。

So for us, we are an employer of choice. We're going to continue to make the right investments in our partners, whether that has to do with wage, whether that has to do with benefits or just really giving them the opportunity to grow with the company. And we feel very confident that we're going to come out of this in a much stronger place, given the actions that we've taken. But clearly, it is a challenging environment. We've had to adjust our labor models and adjust store hours to address it. And we've been able to navigate it thus far, and we have confidence that we'll continue to be able to navigate that.

所以對我們來說，我們是首選雇主。我們將繼續對我們的合作夥伴進行正確的投資，無論是與工資有關，還是與福利有關，或者只是讓他們有機會與公司一起成長。我們非常有信心，鑑於我們已經採取的行動，我們將在一個更強大的地方走出困境。但顯然，這是一個充滿挑戰的環境。我們不得不調整我們的勞動力模式並調整營業時間來解決這個問題。到目前為止，我們已經能夠駕馭它，我們有信心繼續駕馭它。

Your next question comes from Andrew Barish with Jefferies.

您的下一個問題來自 Jefferies 的 Andrew Barish。

Rachel, I was just trying to understand a little bit more on the kind of 200 basis points of other inflation and how that's changed or different from what you were talking about kind of going into this year on the prior guide.

雷切爾，我只是想更多地了解其他通脹的 200 個基點，以及它與你在之前的指南中所說的今年的變化或不同。

Sure, and I believe you're referring to the 200 basis points that maybe Kevin addressed in his prepared remarks. There's a couple of ways I'd look at the 200 that we had is in Kevin's prepared remarks, we talked about nearly 200 basis points. The majority of that was inflationary pressures as we began FY '22. So as you recall, we had expected to have elevated cost pressures going into FY '22 related to the decisions we made around wage but also the inflationary pressures, both in freight and labor across our supply chain and across -- and through our commodities.

當然，我相信你指的是凱文在他準備好的評論中提到的 200 個基點。在凱文準備好的評論中，我有幾種方法可以查看我們擁有的 200 個基點，我們談到了近 200 個基點。其中大部分是我們在 22 財年開始時的通脹壓力。因此，您還記得，我們曾預計進入 22 財年的成本壓力會增加，這與我們圍繞工資做出的決定以及通貨膨脹壓力有關，無論是在我們的供應鍊和整個供應鏈中的貨運和勞動力方面，還是通過我們的商品。

What we've seen, those costs have actually, as we've outlined, accelerated in December and have intensified, really largely related to Omicron into January. So when we talk about the back half of the year having another 200 basis points of headwinds, the lion's share of that is really inflationary pressures related to Omicron that we saw in December and that we're seeing further in Q2. That also includes the COVID-related pay as well as training.

我們所看到的，正如我們所概述的，這些成本實際上在 12 月加速並加劇，這在很大程度上與 1 月份的 Omicron 相關。因此，當我們談到今年下半年還有 200 個基點的逆風時，其中很大一部分實際上是與 Omicron 相關的通脹壓力，我們在 12 月看到了這種壓力，並且我們在第二季度看到了進一步的壓力。這還包括與 COVID 相關的薪酬以及培訓。

As we get through Q2 and when Omicron subsides, I don't know exactly when that will happen, but as it does, we would expect that our inflationary pressures related to Omicron would lessen in terms of the impact on margin. But overall, our inflationary pressures in FY '22 will remain elevated relative to FY '21.

隨著我們度過第二季度以及當 Omicron 消退時，我不知道這將在什麼時候發生，但事實上，我們預計與 Omicron 相關的通脹壓力會在對利潤率的影響方面減輕。但總體而言，我們在 22 財年的通脹壓力將相對於 21 財年保持較高水平。

Your next question comes from John Ivankoe with JPMorgan.

您的下一個問題來自摩根大通的 John Ivankoe。

I wanted to get back to the discussion on U.S. traffic because it looks to us that U.S. same-store traffic is still down double digits from the first quarter of '22 to the first quarter of '21, and despite at least what you said last quarter, a record number of discrete customers, obviously, a record number of MSR members. So I wonder like what the big kind of addressable buckets in your opinion there is to kind of re-attract the frequency of your previous customer base is kind of the first point.

我想回到關於美國流量的討論，因為在我們看來，從 22 年第一季度到 21 年第一季度，美國同店流量仍然下降了兩位數，儘管至少你上次說了什麼季度，離散客戶數量創歷史新高，顯然，MSR 成員數量創歷史新高。所以我想知道你認為有什麼大的可尋址桶可以重新吸引你以前的客戶群的頻率，這是第一點。

And secondly, is there anything that you can do with the direct communication functions around MSR, the personalization, what-have-you to really step on the gas for that program to get back your overall store visitation levels back to the levels it was in '19 or fiscal first quarter of '20, whatever you want to call it?

其次，您可以使用圍繞 MSR 的直接溝通功能做些什麼，個性化，您有什麼可以真正踩到該程序的油門，以將您的整體商店訪問水平恢復到原來的水平'19 或 '20 財年第一季度，你想怎麼稱呼它？

Yes, John, just as it relates to the transactions that you mentioned, we are focused on getting back to those levels. A couple of things that are impacting it is obviously, the way in which our stores are set up and how customers are being mobile or not going to work and not having their normal routines.

是的，約翰，正如它與您提到的交易有關，我們專注於回到這些水平。顯然，影響它的幾件事是，我們商店的設置方式以及客戶如何移動或不去工作以及沒有正常的日常生活。

Now we did see, on the good side, a positive side, return of the breakfast daypart and peak transactions, which gives us optimism for hope in terms of growing those transactions during that period. In addition, I would say that we're going to continue to leverage the convenience channels of Mobile Order & Pay as well as drive-through and delivery to meet the changing customer needs to drive transaction growth going forward as well.

現在我們確實看到了積極的一面，早餐時段的回歸和交易高峰，這讓我們對在那段時期內增加這些交易的希望感到樂觀。此外，我想說，我們將繼續利用移動訂單和支付的便利渠道以及免下車和交付來滿足不斷變化的客戶需求，從而推動交易增長。

And then lastly, I would say that we will continue to assess the store footprint to make sure that we are building new stores and relocating additional stores -- existing stores into the areas where customers are, given the pandemic and the changes that have occurred in the pandemic. And Starbucks Rewards is going to play a significant role in that as part of that growth.

最後，我想說的是，鑑於大流行和發生的變化，我們將繼續評估商店的足跡，以確保我們正在建造新商店並將更多商店——現有商店搬遷到顧客所在的地區。流行病。作為增長的一部分，星巴克獎勵將在其中發揮重要作用。

Our last question comes from David Palmer with Evercore ISI.

我們的最後一個問題來自 Evercore ISI 的 David Palmer。

Just a follow-up on John's. With regard to on-premise traffic, it's obviously been weak across all U.S. restaurants. Could you talk about your on-premise traffic per store and how that compares to pre-COVID? And looking at that gap, how much of that do you think is going to be an easy sales win as soon as consumers become more comfortable with regard to COVID? And how much do you think might be a lingering change just due to behaviors shifting longer term?

只是約翰的後續行動。關於內部流量，美國所有餐廳的流量顯然都很疲軟。您能否談談每家商店的本地流量以及與 COVID 之前相比如何？看看這個差距，你認為一旦消費者對 COVID 變得更加舒適，其中有多少會是輕鬆的銷售勝利？您認為僅僅由於行為的長期轉變可能會帶來多少揮之不去的變化？

Yes. I think that what we see -- well, I know what we've seen is that as we've had to adjust store operating protocols, in some cases, we've gone to pickup-only, we've gone to drive-thru-only and we've readjusted the format. So the ability for customers to come into the stores and to sit in the store is not at the level of capacity than it was back prior to COVID. This is an area that we're continuing to focus on in adjusting and reopening the stores fully, number one, as we're able to, given COVID; and number two, as we're able to, given some of the staffing challenges that we've seen. So we continue to adjust and monitor this very closely and make decisions on a daily basis.

是的。我認為我們所看到的——嗯，我知道我們所看到的是，由於我們不得不調整商店的運營協議，在某些情況下，我們已經只取貨，我們已經開車—— thru-only，我們重新調整了格式。因此，顧客進入商店並坐在商店裡的能力並沒有達到 COVID 之前的容量水平。這是我們將繼續專注於全面調整和重新開放商店的領域，第一，鑑於 COVID，我們能夠做到；第二，鑑於我們已經看到的一些人員配置挑戰，我們能夠做到。因此，我們將繼續對此進行非常密切的調整和監控，並每天做出決定。

Now in terms of customers and their changing routines and how much is going to go back to where it was before and how much has changed, we feel confident that given the Starbucks Experience, our customers come to us because they love a great premium experience in a high-quality cup of coffee. And whether it is coming in our stores or coming through the convenience channels, we're going to continue to grow in all those areas and meet the change whatever it is for our customers going forward in terms of their routines.

現在，就客戶及其不斷變化的習慣而言，以及將有多少恢復到以前的水平以及發生了多少變化，我們相信，鑑於星巴克體驗，我們的客戶來到我們這裡是因為他們喜歡在一杯高品質的咖啡。無論是進入我們的商店還是通過便利渠道，我們都將繼續在所有這些領域發展，並滿足客戶在日常生活方面的任何變化。

Thank you. I will now turn the call over to Kevin Johnson for closing remarks.

謝謝你。我現在將把電話轉給凱文·約翰遜（Kevin Johnson）做結束語。

Well, thank you all for joining us today. I hope you get a sense of 3 things: number one, this holiday period, we saw strong customer demand; number two, with the cost pressures we're facing, we're being proactive in a set of actions that we're taking across the company, including pricing and tightening up in other discretionary cost areas to address this. And certainly, as we've seen in post -- in the past COVID surges, that when those surges end, we see stronger demand return from what we saw even before that COVID spike, and we anticipate that to happen with Omicron.

嗯，謝謝大家今天加入我們。我希望你能明白三件事：第一，這個假期，我們看到了強勁的客戶需求；第二，面對我們面臨的成本壓力，我們在整個公司採取了一系列行動，包括定價和收緊其他可自由支配的成本領域來解決這個問題。當然，正如我們在帖子中所看到的那樣——在過去的 COVID 激增中，當這些激增結束時，我們看到甚至在 COVID 飆升之前我們看到的需求就會出現更強勁的回報，我們預計 Omicron 會發生這種情況。

So we thank you all for joining us today, and we're looking forward to having you also join our Annual Meeting of Shareholders in March. Thank you, everybody.

因此，我們感謝大家今天加入我們，我們期待著您也參加 3 月份的年度股東大會。謝謝大家。

This concludes Starbucks' First Quarter Fiscal Year 2022 Conference Call. You may now disconnect.

星巴克 2022 財年第一季度電話會議到此結束。您現在可以斷開連接。