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.

午安.我是Alex，今天將擔任本次電話會議的接線生。歡迎各位參加星巴克2022財年第一季業績電話會議。 （接線生提示）現在我將會議交給投資人關係副總裁Tiffany Willis女士。 Willis女士，您可以開始您的會議了。

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.

各位下午好，感謝各位今天蒞臨星巴克2022財年第一季業績討論會。本次討論將由星巴克總裁兼執行長凱文·約翰遜和執行副總裁兼財務長瑞秋·魯傑裡主持。在問答環節，我們將邀請到北美集團總裁兼營運長約翰·卡爾弗、國際及通路發展集團總裁邁克爾·康威以及星巴克中國區首席執行官蔡崇信。

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.

本次電話會議將包含前瞻性陳述，這些陳述受多種風險和不確定因素的影響，可能導致我們的實際業績與這些陳述有重大差異。任何此類陳述應結合我們在獲利報告中發布的警示性聲明以及我們在提交給美國證券交易委員會（SEC）的文件中討論的風險因素進行解讀，包括我們最近的10-K表年度報告和10-Q表季度報告。星巴克不承擔更新任何此類前瞻性聲明或資訊的義務。

GAAP results in 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財年第一季的GAAP業績包含多項與策略措施相關的項目，包括重組和減損費用、交易和整合成本以及其他項目。這些項目已從我們的非GAAP績效中剔除。除非另有說明，本次電話會議中提及的所有數字均基於非GAAP準則。如欲了解本次電話會議中提及的非GAAP財務指標，請參閱獲利報告以及造訪investor.starbucks.com查看這些非GAAP指標與其對應的GAAP指標的調節表。

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.

本次電話會議將進行網路直播，直播錄影將於2022年3月4日（星期五）前在我們的網站上提供。為了方便您安排時間，請注意，我們2022財年第二季財報電話會議暫定於2022年5月3日（星期二）舉行。接下來，我會把電話交給凱文。

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，也歡迎各位參加今天的電話會議。在深入探討本季業績之前，我想先回顧一下，世界已經進入這場疫情的第三年，同時也要肯定，在這段時間裡，星巴克在推動業務復甦方面取得了顯著進展。

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.

過去兩年可謂跌宕起伏。全球許多地區持續受到新冠疫情的嚴重衝擊，包括星巴克的兩大主要市場—美國和中國。然而，在這樣充滿挑戰的環境下，星巴克始終秉持著三點不變的原則：首先，全球消費者對星巴克產品的需求持續成長，涵蓋所有產品種類和所有時段。這得歸功於我們過去一年來在拓展數位化客戶關係、推出全新飲品以及為顧客提供安全、熟悉且便捷的體驗方面所做的努力。

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，我們始終將門市夥伴和顧客的健康與安全放在首位，即使相關成本可能造成短期獲利壓力。自疫情爆發以來，我們一直為夥伴提供業界領先的疫情福利。第三，我們自疫情初期制定的靈活營運方案也持續發揮重要作用。正是這些因素的結合，使我們能夠在應對短期挑戰的同時，繼續投資於我們認為對所有利害關係人具有長期價值的領域。

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.

星巴克第一季營收創下歷史新高，達81億美元，年增19%。全球同店銷售額成長13%，充分展現了消費者對星巴克的強勁忠誠度。市場對星巴克的需求持續成長，我們將全力以赴，長期掌握這項發展動能。然而，儘管營收實現了顯著成長，我們也面臨著巨大的成本壓力，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.

隨著奧密克戎變異株的快速蔓延，導致我們在美國業務的三個關鍵領域成本超出預期，且每個領域對績效的影響都類似。高傳染性的奧密克戎變異株加劇了我們供應鏈的人員短缺，導致配送和運輸成本高於預期。此外，我們為合作夥伴提供的業界領先的疫情隔離津貼也大幅上漲，新星巴克合作夥伴的培訓和入職成本也高於預期。

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.

在應對此次新冠疫情最新變種帶來的短期挑戰之際，我們依然對自身快速適應的能力充滿信心，同時我們將繼續推進長期策略，實現市場份額提升、業務成長和價值創造。在我們另一個主要市場——中國，當地的「零感染」政策對門市營業時間和交易量造成了顯著影響。儘管新店淨成長和業績依然強勁，但整體營收和獲利能力低於預期。我們認為這些情況具有普遍性，因此我們將專注於妥善應對不斷變化的宏觀經濟形勢，並平衡業務的長期投資。

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.

接下來，我將更詳細地介紹我們第一季的業績，以及我們為應對當前業務、產業和整體經濟狀況所採取的措施。同時，我們將繼續優先考慮合作夥伴，並確保星巴克能實現長期獲利成長。在美國，假期季節期間顧客需求非常強勁。我們能夠以顧客期望的方式、時間、地點為他們提供星巴克體驗，最終實現了第一季53億美元的營收。年成長23%的營收主要得益於客流量兩位數的成長，這凸顯了我們極具吸引力的假日產品陣容，以及假日季期間我們與顧客在門市和線上通路建立的牢固聯繫。

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.

全天各時段的顧客需求均有所成長，星巴克卡啟動和儲值金額創下歷史新高，超過30億美元。星巴克獎勵計畫會員人數增加21%，達到創紀錄的2,640萬人（90天活躍會員）。平均客單價實現了中等個位數的成長，這體現了我們透過客製化高端飲品和極具吸引力的食品選擇，持續保持差異化優勢。

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 版本推出之前，我們已經感受到疫情帶來的通膨壓力和人員短缺問題。 Omicron 版本推出後，通膨成本和人員短缺問題進一步加劇，遠遠超出我們的預期。正如我之前提到的，高通膨、與疫情相關的薪酬和培訓以及新合作夥伴的入職等三大因素對我們的盈利能力造成了大致相同的影響，即便客戶需求依然強勁。

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影響在短期內可能產生的影響，更重要的是，我們正在採取哪些措施來應對每項影響。與業內許多其他公司一樣，我們也感受到了新冠疫情對 Omicron 的影響。更具體地說，由於第三方配送供應商因 Omicron 專案而出現人手短缺，導致他們無法滿足我們部分配送需求，因此我們與分銷和運輸相關的供應鏈成本迅速上升。為了滿足強勁的客戶需求，我們不得不大幅增加使用成本較高的現貨市場和替代配送方案。

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.

因此，供應鏈驅動的通膨成本被歐密克戎公司意外放大，並在12月迅速加劇，導致我們美國業務當季利潤率下降超過170個基點。在2022財年伊始，我們曾預期全年通膨對利潤率的影響約為200個基點。我們預計，在本財年剩餘時間內，這些成本將高於我們先前的預期。與大多數經濟學家一樣，我們預期供應鏈中斷將在可預見的未來持續存在。

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.

本財政年度我們已採取了多項價格調整措施，分別在2021年10月和2022年1月。此外，我們還計劃在今年剩餘時間內採取更多價格調整措施，這些措施對於緩解成本壓力（包括通貨膨脹）至關重要，有助於我們為未來的業務發展做好準備。我們審慎的價格策略基於諸多因素，其中包括：美國通貨膨脹率持續攀升，目前已達7%甚至更高，工資、客戶需求和其他成本也在不斷上漲；其次，Omicron在美國的迅速擴張也迫使我們快速調整門市營運流程。

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.

從創立之初，星巴克就始終將夥伴的健康與福祉放在首位，並在整個疫情期間不斷實踐這一承諾，提供業內領先的福利待遇。此刻，我們依然秉持著這理念。我們的新冠疫苗接種津貼已惠及數千名夥伴，並協助更廣泛的疫苗接種工作。由於高傳染性病毒奧密克戎變種的出現，更多夥伴因病居家隔離或接觸病毒後居家隔離而享受了我們的新冠隔離福利，導致新冠相關福利的支付額遠超預期。

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.

我們預計下一季新冠隔離和疫苗接種津貼的使用情況與上一季類似，但在2022財年下半年將放緩。在整個疫情期間，新冠隔離津貼一直是至關重要的員工福利。為了幫助抵銷這項福利高於預期的支出，我們正在採取必要措施，削減美國損益表中可自由支配領域的支出。例如，鑑於客戶需求強勁，我們認為可以進一步收緊一般及行政費用，包括促銷支出和行銷費用。我們相信，在我們努力平衡不斷增長的成本壓力與對員工的承諾之際，這些措施是審慎之舉。

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，由於約有400萬美國人尚未重返工作崗位，幾乎所有服務業的企業都面臨人員配備挑戰和人員流動率上升的問題。人才爭奪戰尤為激烈。星巴克一直致力於透過差異化的薪資福利方案來吸引和留住最優秀的夥伴，但我們也同樣面臨著人員配備問題。為了應對這項挑戰，並作為一家備受青睞的雇主，我們在上個季度招募了越來越多的新夥伴，這使得我們的培訓成本迅速飆升至遠超歷史水平。這項投資對於我們業務的成功至關重要，因為我們致力於打造卓越的星巴克體驗，讓我們的夥伴感受到支持，讓顧客感受到愉悅。

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.

我們從經驗中得知，持續投資於我們的合作夥伴（包括長期合作夥伴和新合作夥伴）將繼續提升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發展。我們仍然堅信，在2021財年第四季財報電話會議上宣布的10億美元合作夥伴薪資和工時投資是正確的長期投資，能夠確保我們擁有最優秀的人才來支持業務發展。除了這些措施之外，正如我們在上次電話會議上所強調的那樣，我們將繼續在整個組織內推行營運效率提升，以提高生產力，這對於我們實現長期利潤成長的承諾至關重要。

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，我們在美國市場的需求非常強勁，正如我們強勁的營收業績所展現的那樣，我們擁有巨大的持續成長潛力。作為領導團隊，我們將嚴格執行已製定的各項行動計劃，確保營收成長也能轉化為實際的獲利成長。為了為星巴克的所有利害關係人帶來令人滿意的財務業績，我們必須繼續在持續獲利和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.

展望中國市場。第一季度，我們在中國的門市數量持續成長，突破5,500家，全球門市總數達到創紀錄的3,4317家。值得一提的是，我們在中國最新一代新店表現依然出色，實現了業界領先的門市獲利能力和投資報酬率。中國星巴克獎勵計畫90天活躍會員數量接近1,800萬，較上年同期增加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.

出行限制和國家「零新冠」政策帶來了顯著的不利影響，經調整去年同期增值稅補貼後，同店銷售額較去年同期下降10%。我們遵守了新冠疫情相關的衛生規定，因此，截至第一季末，我們在中國四分之三的門市都經歷了停業、調整門市營運方案或縮減營運規模的情況。

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.

儘管如此，我們在中國的業務依然展現出顯著的長期成長潛力。我們著眼長遠，積極應對瞬息萬變的市場環境。數位化業務的優異表現和成長令人鼓舞，它不僅拓展了新的客戶體驗，也開闢了新的便利管道。數位化訂購持續受到顧客的青睞，第一季銷售額佔比達到創紀錄的38%。顧客需求在上午和下午的各個時段都十分旺盛。加之我們持續擴張的門市佈局，都充分證明了中國市場蘊藏著巨大的成長機會。

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.

儘管面臨這些挑戰，我們的合作夥伴依然堅持不懈，積極採取措施保障店內安全，包括設立健康站、測量體溫，並確保合作夥伴和顧客佩戴口罩。值得一提的是，本季我們的客戶滿意度評分創歷史新高。這充分體現了我們合作夥伴的韌性和我們品牌的實力，也讓我們更加堅信，隨著新冠疫情相關限制措施的逐步解除，我們在中國市場的成長機會依然強勁。

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.

從更廣闊的視角審視中國以外的國際市場，我們本季業績表現強勁。除中國以外，我們國際業務部門涵蓋的眾多市場在本季度均取得了卓越的業績，收入增長27%，其中歐洲、拉丁美洲、日本、韓國以及更廣泛的亞太地區表現尤為突出。這充分展現了多元化投資組合的優勢，也增強了我們對全球成長潛力的信心。

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.

從國際市場來看，我們的通路拓展市場持續保持著令人矚目的營收成長。我們很高興看到，星巴克與雀巢的全球咖啡聯盟表現持續強勁，在Nespresso星巴克咖啡的推動下，星巴克家用咖啡的市佔率較上年持續成長。此外，透過與百事可樂在北美地區的咖啡合作，我們近期宣布進軍能量飲料市場，推出星巴克BAYA能量飲料。這款即飲飲料採用咖啡果實中天然存在的咖啡因和抗氧化劑製成，旨在為消費者帶來活力充沛的體驗。能量飲料是快速成長的類別。我們相信，這款新品將使我們脫穎而出，並為我們的產品組合開闢新的成長領域。

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.

在將電話轉給瑞秋之前，我想強調，本季在極具挑戰性的經營環境下創下的營收紀錄，以及上述一系列舉措，讓我們對實現規模化成長充滿信心。儘管在當前瞬息萬變的市場環境下，季度業績難以預測，但我們在疫情期間強勁的需求和靈活的營運模式，使我們能夠打造一家更強大、更具韌性的公司。

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.

儘管我們預計這些複雜因素在短期內仍將持續，但星巴克已做好充分準備進行調整，並持續為夥伴和顧客提供卓越體驗。消費者對星巴克的需求在所有市場都十分強勁，並且持續成長。我們將繼續在維持近期獲利能力的同時，兼顧夥伴投資與創新，以提升顧客忠誠度，進而實現長期成長。

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.

兩年來，在合作夥伴的支持下，我們的業務在每次新冠疫情高峰過後都更加強勁地復甦，我們預計在 Omicron 計畫期間也將如此。我們未來擁有巨大的成長機會，我們正在進行的投資將使星巴克能夠在快速成長的咖啡市場中持續擴大份額，並在長期內實現兩位數的獲利成長。

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.

有鑑於此，我們重申2022財年營收預期，但認為有必要調整利潤率和獲利預期，以反映Omicron變體帶來的成本壓力。我們認為這些壓力屬於短期影響，並已製定明確的應對措施來渡過難關。

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?

接下來，我將把電話交給瑞秋，讓她為大家詳細介紹我們第一季的業績以及2022財年的業績展望。瑞秋？

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.

謝謝凱文，大家下午好。我們第一季的業績展現了星巴克品牌的實力，這得益於強勁的顧客需求，儘管受到新冠疫情間歇性影響，而由於高傳染性的奧密克戎變種病毒的出現，疫情在本季度加速蔓延。同時，這也凸顯了業界持續面臨的壓力和營運挑戰，正如凱文剛才所提到的，我們正在積極應對這些問題。

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.

星巴克第一季全球營收達 81 億美元，較上年同期成長 19%，創下第一季紀錄。這主要得益於美國假期季節的出色表現，以及儘管中國「零新冠」政策持續影響了我們的中國業務，但憑藉其廣度和深度，星巴克全球業務組合依然取得了強勁的業績。

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.

第一季綜合營業利潤率較上年同期下降30個基點至15.1%，主要原因是門市合作夥伴的薪資和福利支出大幅增加以及通貨膨脹，部分被北美地區的銷售槓桿和定價策略所抵銷。第一季每股收益為0.72美元，較上年同期成長18%，反映出強勁的營收成長。然而，由於美國業務受到凱文概述的三大關鍵因素的影響，該業績低於我們的預期：通貨膨脹加速、新冠疫情相關薪酬延長以及新合作夥伴培訓和支持成本增加。

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.

接下來我將介紹第一季各業務板塊的亮點。北美業務股第一季營收達57億美元，較去年成長23%，主要得益於同店銷售額成長18%，其中交易量成長12%，平均客單價成長6%。該類兩年同店銷售額在本季達到12%，連續第六個季度實現成長，也是自疫情爆發以來兩年同店銷售額的最高水平，儘管許多地區的門市營業時間有所調整。儘管團體訂餐業務逐漸恢復正常，但平均客單價仍維持在高位，這主要得益於價格策略、食品附加價值連續第七個季度創歷史新高以及強勁的假日銷售業績。

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.

我們的得來速窗口和手機下單服務持續占美國公司直營門市銷售額的約70%，為顧客提供安全、便利且個人化的星巴克體驗方式。美國公司直營門市53%的消費額來自星巴克獎勵計畫會員，90天活躍會員人數達2,640萬，較上年同期成長21%，光是本季就新增了160萬活躍會員。

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.

北美地區第一季的營業利潤率為 18.8%，比上年同期增長 10 個基點，銷售槓桿、定價、採購節省以及北美貿易區轉型帶來的收益在很大程度上被門店合作夥伴工資投資、高通膨以及為應對勞動力市場狀況而增加的新合作夥伴培訓、入職和支持成本支出所抵消。

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.

接下來是國際業務部分。在國際業務板塊，我們第一季營收創下歷史新高，達到19億美元，年增12%。成長主要得益於過去12個月淨新增門市數量成長9%，以及國際授權商的強勁銷售成長，其中包括韓國市場轉型為完全授權經營模式。這些成長被同店銷售額3%的下降部分抵銷。

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.

除因上一年增值稅優惠到期而導致的 3% 的下降外，該業務板塊的同店銷售額持平，因為反覆出現的 COVID-19 疫情嚴重阻礙了人員流動，並影響了我們在中國的業務。即使在本季末，中國的大多數門市仍在執行更高的安全措施並縮短營業時間。

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.

受疫情相關的安全和出行限制影響，中國市場第一季同店銷售額下降14%，其中因去年同期增值稅取消而下降4%。然而，我們依然致力於並專注於在中國市場的成長策略。因此，我們在第一季在中國淨增加197家門市，並進入16個新城市，兩項數據均創下第一季歷史新高。此外，我們在中國市場的5,500多家門市始終致力於提升星巴克體驗，並創下營運記錄，本季顧客滿意度評分最高，員工流動率也降至近三年來的最低水準。

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，我們也將星巴克外送服務擴展至美團平台，與中國領先的電商服務供應商合作，提升顧客體驗，並持續推動未來幾季外送業務的成長計畫。除了中國以外，我們全球業務組合中的多個國際市場在第一季持續復甦，其中日本和英國為我們的收入成長做出了顯著貢獻。

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.

國際業務部門第一季的營業利潤率為 18.3%，比上年同期下降 170 個基點，主要原因是門市合作夥伴的工資和福利以及戰略舉措方面的投資，以及銷售組合變化導致的產品和分銷成本增加，部分被銷售槓桿作用所抵消。

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.

接下來是通路拓展方面。第一季營收成長12%至4.17億美元，主要得益於全球咖啡聯盟的成長以及國際即飲咖啡業務的強勁表現。根據IRI和歐睿國際的數據，星巴克在本季度再次蟬聯美國家庭咖啡和全球即飲咖啡品類的品牌第一，這進一步印證了消費者希望在家中或外出時也能享受到與星巴克門店體驗相同的星巴克咖啡口味。

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.

第一季度，該業務部門的營業利潤率為 43.9%，比上年同期下降 480 個基點，原因是由於供應鏈限制和通膨壓力以及業務組合變化，我們北美咖啡合作合資企業的收入下降。

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.

接下來談談我們對2022財年的業績展望。我們重申2022財年全球同店銷售額成長預期為高個位數，營收預期區間為325億美元至330億美元。考慮到當前動態的經營環境存在諸多不利因素，例如通膨率處於數十年來的最高水平、新冠疫情在全球範圍內反复衝擊我們的業務以及持續存在的行業勞動力短缺，我們認為此時調整2022財年的營業利潤率和每股收益預期是審慎之舉。

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.

根據我們最新的展望趨勢，我們預計2022財年利潤率將面臨超過200個基點的額外壓力，這些壓力綜合起來包括通貨膨脹、與新冠疫情相關的薪酬支出、新合作夥伴的培訓和支持成本，以及出行限制導致的銷售額下降。然而，正如凱文所概述的，我們已經並將繼續採取有針對性的措施來抵消這些壓力，包括選擇性地加快價格上漲、嚴格控制多個成本領域以及在運營的各個環節實施提高產能的舉措。

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%.

我們相信，隨著合作夥伴的投資逐步轉化為更高的員工留存率，與人員配備相關的成本，特別是培訓費用，將會有所緩解。總體而言，這些措施帶來的利潤率提升預計將基本抵銷預期的利潤率壓力。除上述舉措外，我們將繼續優先投資於能夠推動長期成長的項目，包括先前宣布的提高美國門市合作夥伴的薪資。因此，我們預期2022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.

接下來談談每股盈餘 (EPS)。鑑於我們第一季的業績以及本年度剩餘時間利潤率預計將面臨的壓力，我們預計 2022 財年 GAAP 每股收益將下降 4% 至 6%。此外，我們預計 2022 財年非 GAAP 每股收益將比 2021 財年 3.10 美元的基數增長 8% 至 10%（該基數不包括額外一周的業績，並已根據某些整合成本的非 GAAP 處理方式的變更進行了調整）。這筆每股收益成長區間反映了我們第一季的業績，並考慮了我們為管理和推動業務發展而採取的適當措施，以及我們之前討論的三大不利因素的影響。

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而言，我們預計第二季度面臨的不利因素將加劇，因為1月份Omicron的故障升級導致的中斷進一步擴大。雖然第二季整體的不利程度尚不明朗，但我們預計第二季非GAAP每股收益和利潤率將低於去年同期水平，而第三季將隨著我們利潤率提升措施的逐步落實而出現顯著改善。預計第四季將繼續復甦，但速度會更加緩慢，這也包括夏季薪資投入的增加，因為我們將美國門市的平均時薪提高到了17美元。假設沒有其他重大影響，包括新冠疫情的進一步影響，我們預計2023財年及以後的每股盈餘將恢復兩位數成長。

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.

除上述指標外，2022財年其他所有業績指引指標，包括全球新增門市數量、資本支出、利息支出及稅率，均與我們在2021財年第四季財報電話會議上公佈的指標保持一致。儘管Omicron病毒或其他潛在變種病毒的複燃可能帶來意料之外的全球性影響，但我們仍有信心在2022財年實現卓越的營收成長。這得益於強勁的客戶需求、我們多元化的產品組合以及我們持續以安全、便捷和穩定的方式為客戶提供寶貴的人性化服務的能力。

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.

我們依然堅持未來三年向股東返還200億美元的承諾，並在第一季透過股票回購和季度分紅返還了超過40億美元。最後，鑑於動態的經營環境以及我們在2022財年業績指引中反映出的成本壓力，我們現在預計2023財年利潤率將同比增長，並在2024財年恢復到18%至19%的長期目標水平。當然，所有這些預測都基於以下假設：不會出現任何新的重大業務中斷，無論是疫情或整體經濟狀況造成的中斷。

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環境的努力可能比最初預期的要長，但我們的長期成長模式仍然保持不變，其指導原則是：公司的成功始於投資於我們的合作夥伴，這最終會為顧客和星巴克的所有利益相關者（包括我們的股東）創造價值。

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，我準備的發言可概括為以下三點：第一，第一季度展現了我們強勁的營收成長和品牌韌性，同時也凸顯了利潤率壓力，我們正在透過有針對性的措施來應對；第二，鑑於不斷變化的宏觀和經營環境，我們正在調整2022財年的利潤率和每股預期，同時重申強勁的營收成長；最後，我們將繼續致力於成長。

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都歸功於世界各地充滿熱情的星巴克夥伴，他們以關懷和奉獻精神，為顧客提供安全、地道且個性化的星巴克體驗。我們對所有夥伴致以最崇高的敬意和最真誠的感謝。接下來，我和凱文將與約翰·庫爾弗、麥可·康威和蔡磊一起回答大家的問題。謝謝。接線生？

(Operator Instructions)

（操作說明）

Your first question comes from Jeffrey Bernstein with Barclays.

你的第一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

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%.

關於今年及未來幾年的營業利益率預期，我有個問題。您現在說今年非GAAP準則下的營業利潤率將接近17%。但要到2024財年才能恢復到18%至19%的目標水平，不過我猜想2023財年仍會在17%的基礎上繼續增長。所以我想確認一下我的理解是否正確。您能否列出恢復到18%至19%目標水準的各項舉措的優先順序？我知道您之前提到過勞動力投資將帶動銷售成長，這至關重要。此外，您還提出了一系列成本節約措施，最終，價格策略將起到支撐作用。我只是想確認一下，我們對這些舉措的優先順序理解正確，哪些方面最能讓您有信心恢復到18%至19%的目標水平。

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.

我是瑞秋。謝謝你的提問。首先，我想說的是，展望2022財年，根據我們在第一季度的觀察以及對下半年的預測，我們認為接近17%的利潤率，更準確的利潤率指標使我們能夠——正如我們所看到的，我們在12月份看到了成本壓力加速上升，並且正如我們在1月份和第二季度所指出的那樣，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.

現在我們將採取措施來應對這些成本，但這需要一些時間。因此，我們認為謹慎的做法是將利潤率預期設定在接近17%。這樣一來，隨著2022財年結束和2023財年進入新財年，我們的利潤率將會下降——略低於我們最初的預期。因此，正如您所概述的，我們將繼續尋找提升銷售額的方法。這是我們未來提升利潤率和實現獲利成長的最大機會。因此，我們將繼續投資於能夠推動銷售額成長的業務領域，無論是在今年還是2023財年。我們也將繼續關注那些能夠幫助我們保持當前成長勢頭的領域，並持續到明年。總而言之，銷售額是我們最大的機會。

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.

此外，正如我們先前所述，我們將繼續調整定價策略，在定價決策和行動與市場需求之間取得平衡。隨著我們持續發展，這將是我們面臨的另一個重大機會。同時，我們也將持續提升業務效率。正如我們之前所述，我們一直在致力於提高生產力，這不僅有助於今年的業務成長，也將延續到2023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.

從利多因素來看，隨著中國和美國業務的復甦，以及我們持續提升效率，我們確實擁有發展機會。但總的來說，我認為銷售額仍將是我們持續成長的關鍵，不僅在今年，而且在2023財年也是如此。希望這些資訊能對您有所幫助。

Your next question comes from Jared Garber with Goldman Sachs.

下一個問題來自高盛的賈里德·加伯。

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?

我想就之前的問題再補充一點，特別是關於利潤率方面。 Rachel 或 Kevin，能否幫忙介紹一下你們採取的一些定價策略？你們還有哪些措施可以抵銷這些定價策略帶來的影響，或者說，可以應付一些通膨壓力嗎？在過去幾個月的定價策略下，你們觀察到需求上的需求彈性如何？未來你們又將如何看待這個問題？

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，Jared，我是Kevin。謝謝你的提問。我之前說過，我們採用非常成熟的定價策略，運用分析和人工智慧，並由一支才華橫溢的團隊負責監督，他們負責建模，持續關注需求彈性以及價格策略。我想我們之前提到過我們在10月和1月採取的一些定價措施。我稍後會把麥克風交給John，讓他詳細介紹美國市場的定價策略。即便採取了這些定價措施，我們在假期季節仍然看到了非常強烈的需求。 John，接下來請你詳細說說。

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，Jared，謝謝你的提問。正如Kevin和Rachel所說，我們的定價策略受多種因素影響，例如通貨膨脹率、合作夥伴的投資、我們計劃進行的基礎設施投資，以及我們持續推動創新研發的投資。我們在做所有這些事情的同時，也在努力平衡客戶的溢價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.

去年年中，我們注意到通貨膨脹開始上升，因此決定採取價格管制措施，並於10月1日正式實施。隨著通膨持續攀升，我們意識到需要採取進一步措施，並於1月1日正式實施。因此，我們圍繞價格管制採取了兩項舉措，以應對我們目前面臨的挑戰。

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.

目前，我們還計劃在今年餘下時間採取額外的定價措施，以進一步抵消我們目前看到的趨勢和部分成本壓力。正如凱文所強調的，這些措施都是基於分析和洞察團隊的研究成果。就彈性而言，我們尚未看到客戶需求受到任何實質影響。相反，我們的客戶需求持續成長。上個季度，我們在美國的交易量成長了12%，創下疫情前以來的最高水平，表現非常強勁，我們的客單價也同樣堅挺。因此，我們將密切關注市場動態，並根據情況進行調整。

Your next question comes from Andrew Charles with Cowen.

下一個問題來自考恩公司的安德魯查爾斯。

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?

我想問John或Leo一個問題。顯然，中國的銷售環境充滿挑戰，儘管你們在數位化和會員忠誠度策略方面取得了相當可觀的成果，但也無法置身事外。中國市場的發展依然強勁，並按計畫推進。但我很好奇，在什麼情況下，你們會重新考慮中國市場的發展計劃，放慢新店開業速度，更專注於提升同店銷售額？

Leo, why don't you take that one?

裡奧，你為什麼不接下這個任務呢？

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，我想祝大家新年快樂。今年是我們中國農曆新年的第二天。關於你提到的門市開業和發展問題，我想說的是，過去兩年我們實際上已經開設了超過1200家門市，其中大部分都是在疫情期間開設的。這相當於我們門市總數的五分之一以上，比市場上許多其他零售商多年來的門市規模都要大。

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.

而且，正如凱文剛才提到的，我們所有這些新店都實現了業內領先的盈利能力和回報率。這充分展現了我們即將挖掘的巨大市場潛力。因此，在了解整個發展歷程時，值得注意的是，我們在中國70%的成長其實都得益於新店的開設。我認為，我們將繼續抓住並利用這一市場發展機會。

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，我們一直在推行的三大策略已被證明行之有效。第一，拓展市場，將業務拓展到更多縣市。第二，深耕細作，打造豐富多元的咖啡產品組合，為顧客創造全新的咖啡體驗。第三，隨著疫情的反覆出現，我們將繼續運用數據分析的力量，優化門市運營，包括門市佈局，從而更好地在這些市場中生存和發展。

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.

我必須說，我從事這個市場已經超過十年了。我看到的是，我們實際上還處於這些市場的早期階段。隨著我們拓展業務範圍、深入市場、採取更明智的策略，我們的開局實際上正在幫助我們實現長期的成功。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.

我只想重申Leo提出的關鍵點。隨著我們不斷新建門市，它們的獲利能力和投資回報率都達到了行業領先水平。只要我們能繼續保持這種領先的獲利能力和投資報酬率，我們就會繼續加大新店建設力度，著眼於長遠發展。

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.

安德魯，你的問題是，什麼情況下我們會重新考慮？答案是，如果我們發現收入和投資報酬率沒有達到我們預期的最低目標，我們會重新評估。但就目前而言，情況非常理想。正如利奧所提到的，在疫情期間，隨著我們不斷擴大和深化新店開發，它們的表現都非常出色。因此，我們將繼續加大投入。

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

下一個問題來自美國銀行的薩拉·塞納托雷。

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.

我想問一下美國同店銷售額的情況。首先，Omicron系統的推出是否對營收造成了影響？我知道您提到了成本，但許多同行在12月下旬都經歷了同店銷售額下滑。另外，您看到大多數餐廳的交易量仍在增長，而您這邊卻實現了增長。能否談談具體情況？您的成長是否也體現在城市市場？不同地區的成長情況如何？我只是想了解一下，為什麼您的客流量能夠以其他同行難以企及的方式復甦。

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，謝謝你的提問。是的，我們確實看到了 Omicron 的影響，尤其是在本季最後兩到三週。這體現在幾個方面，顯然，隨著病例激增，首先，客戶的出行受到了影響。其次，我們也看到我們的合作夥伴的病例數和出勤率也出現了類似的激增，凱文和瑞秋都談到了 Omicron 的 COVID 補貼，也就是我們為合作夥伴提供的 COVID 補貼。

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.

同時，我們正處於創紀錄的假期季節，團隊在極其複雜的環境下實現了23%的強勁營收成長，我們為此感到無比自豪。從交易量和交易成長來看，人們對星巴克的需求被壓抑已久，他們渴望回歸正常的生活節奏。

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.

有幾點我想重點說明：首先，我們看到門市的飲料銷售情況持續趨於正常化。飲料組合整體成長強勁，尤其是冷飲，目前已佔飲料交易總額的70%以上。此外，所有乳製品也表現強勁，整體成長，附加品類的銷售額也有所提升。無論是節慶飲品還是整體促銷活動，都帶來了非常強勁的成長。食品銷售持續成長，並在本季屢創新高，主要得益於早餐和烘焙食品的強勁表現。

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.

我還要補充一點，我們的交易高峰較上一季和去年同期均有所提升。此外，我們的數位化業務也實現了強勁成長。目前，我們的90天活躍會員數已超過2600萬。同時，我們的非SR客戶交易量也持續成長，並達到了疫情前以來的最高水準。

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.

就門市分佈和成長動能而言，郊區和鄉村門市（尤其是那些擁有得來速服務的門市）的業績持續領先其他區域。我們的得來速門市已連續四個季度實現兩位數的同店銷售成長。中央商務區、城市核心區和城市邊緣地區的復甦也在持續，這三個區域的同店銷售均已連續三個季度實現正成長。

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.

此外，便利管道持續發揮重要作用。包括店內購買、得來速和外送在內的這些管道，佔本季銷售額的70%以上。因此，我們對強勁的客戶需求以及合作夥伴在極其嚴峻的形勢下滿足客戶需求並挺身而出的表現感到非常鼓舞。

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.

薩拉，我只想補充約翰剛才所說的，我們也看到，隨著每一波新冠疫情的到來，客戶需求都在增強。我們預計Omicron計畫結束後也會如此。約翰和他的團隊在應對這些問題上做得非常出色，我認為他很好地闡述了我們採取的、最終促成這一結果的各項措施。

Your next question comes from John Glass with Morgan Stanley.

下一個問題來自摩根士丹利的約翰‧格拉斯。

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?

回到生產力方面，從這次經驗中，您在縮短營業時間、減少菜單種類和簡化菜單複雜性方面學到了什麼？減少這些因素是否對您的生產力有幫助？或者說，這樣做是否與您提高銷售額的目標背道而馳？

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，謝謝你的提問，約翰。我先簡單回答一下，然後把這個問題交給約翰，讓他詳細解答。但可以肯定的是，在這次疫情期間，我們已經學會如何快速適應。所以，當疫情再次來襲時，我們知道如何調整門市的防疫措施、營業時間；如果需要將員工集中到一家門市，或暫時關閉一家門市，我們也會這樣做。如果需要加強某些管道，例如免下車取貨或手機自提，我們也會這樣做。

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.

所以我們變得非常善於適應。我認為幫助我們成功的一點是，我們也看到了提升生產力的機會，尤其是在展望未來的時候。這兩點都非常重要：一是我們如何適應新冠疫情，二是我們如何簡化門市工作流程，並提供能夠提高生產力的解決方案，同時改善員工和顧客的體驗。約翰，接下來就請你詳細介紹一下你們正在進行的一些工作吧。

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，這正是團隊目前重點關注的領域。顯然，首先要採取行動，降低門市合作夥伴的工作複雜度，以便他們更能滿足顧客的需求。我們之前的電話會議中也分享過我們在自動化訂購方面所做的工作。這項工作正在持續推進，旨在減少合作夥伴的手動操作。

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.

我們不斷投資改進設備的功能，提高設備的運作效率，從而提高設備的生產能力，無論是 Mastrena 2 機器、保溫烤箱還是冷萃咖啡系統。同時，我們也一直在評估我們的飲料製作流程，探索如何更有效率、更有效地製作飲料，從而提高生產效率。

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，關於淘汰低銷售SKU，我們已經採取措施淘汰和減少低銷售SKU。我們在新冠疫情第一波高峰期間就採取了這項措施，當時我們遇到了一些供應鏈的挑戰。我們下架了一些低銷售食品，但並未對整體銷售收入造成顯著影響。因此，提高生產效率對我們未來的發展至關重要，也是我們重點關注的領域。

Your next question comes from Lauren Silberman with Credit Suisse.

下一個問題來自瑞士信貸的勞倫·西爾伯曼。

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?

就會員數量而言，獎勵會員在本季度增加了 21%；美國流量增加了 12%。活躍獎勵會員的成長速度超過了流量成長速度，我認為這是我們在過去幾季中一直觀察到的現象。您能否談談造成這種差異的原因？您之前提到過，會員加入計畫後消費金額會增加 2 到 3 倍。對於新加入的會員群體來說，這項規律是否仍然適用？如果適用，這些新會員需要多長時間才能達到消費成熟度？

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，勞倫。正如我剛才提到的，本季我們的活躍會員數量增加了21%，目前已超過2600萬。與去年同期相比，我們新增了500萬90天活躍會員。因此，星巴克獎勵計畫目前占我們門市消費總額的53%，創歷史新高，比2021財年第一季成長了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，他們的消費額也相應增長。我們看到，會員第一年的消費額與前一年相比顯著增長。無論顧客的消費頻率高低，加入會員後消費額都會大幅提升。正如您所提到的，獎勵計劃會員的消費頻率更高，到店頻率更是非會員的三倍。因此，作為一家公司，我們將繼續加大對該領域的投入，我們認為這蘊藏著巨大的成長潛力，能夠為滿足顧客的需求帶來巨大的價值。

Your next question comes from David Tarantino with Baird.

下一個問題來自 Baird 公司的 David Tarantino。

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員工流動率。考慮到您先前對培訓成本和新合夥人入職的評價，最近一個季度的員工流動率似乎讓您感到驚訝。我想這可能是我們之前沒有聽過的趨勢。所以我想了解一下，如果您確實遇到了員工流動率激增的情況，您認為是什麼原因導致了這一高峰，以及您為什麼認為隨著時間的推移，這種情況可能會有所緩解。

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，全國勞動市場普遍緊張已是公開的秘密。尤其是在餐飲服務業，勞動力短缺和人員配置難以滿足企業需求，受到的影響尤其嚴重。據我們追踪，我們的員工流動率一直高於疫情前的水平。

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.

但隨著我們本季末採取的措施，我們開始看到員工流動率趨於穩定。基本上，過去幾週我們的小時員工流動率基本上已經趨於平穩。此外，我們也看到合作夥伴的滿意度顯著提升，情況也不斷改善。

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，我們是理想雇主。我們將繼續對我們的員工進行正確的投資，無論是在薪資、福利方面，還是真正為他們提供與公司共同成長的機會。鑑於我們已採取的措施，我們非常有信心能夠從困境中走出來，變得更加強大。但顯然，當前的環境充滿挑戰。我們不得不調整勞動力模式和門市營業時間來應對。到目前為止，我們已經成功應對，我們有信心繼續保持這種狀態。

Your next question comes from Andrew Barish with Jefferies.

下一個問題來自傑富瑞集團的安德魯·巴里什。

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.

瑞秋，我只是想更了解其他通膨的 200 個基點，以及它與你在今年早些時候發布的指南中提到的通膨有何不同。

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，我相信您指的是凱文在事先準備好的發言稿中提到的那200個基點。關於這200個基點，我有兩種解讀。在凱文的發言稿中，我們談到了近200個基點。其中大部分是2022財年初的通膨壓力。您應該記得，我們​​預計2022財年將面臨較高的成本壓力，這與我們先前在工資方面做出的決策以及整個供應鏈和商品供應鏈的運費和勞動力通膨壓力有關。

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.

正如我們之前所述，這些成本實際上在12月加速成長，並在1月進一步加劇，這主要與Omicron計畫有關。因此，當我們談到下半年還將面臨200個基點的不利因素時，其中絕大部分實際上是與Omicron項目相關的通膨壓力，這種壓力在12月已經顯現，並且在第二季度仍在持續。此外，這還包括與新冠疫情相關的薪酬以及培訓費用。

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.

隨著第二季的結束以及 Omicron 專案逐漸退出市場（我無法準確預測具體時間），我們預計 Omicron 專案帶來的通膨壓力對利潤率的影響將會減弱。但整體而言，2022 財年的通膨壓力仍將高於 2021 財年。

Your next question comes from John Ivankoe with JPMorgan.

下一個問題來自摩根大通的約翰·伊万科。

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.

我想回到關於美國客流量的討論，因為我們看來，美國同店客流量仍然比2021年第一季度下降了兩位數，而且儘管您上個季度提到獨立顧客數量和會員數量都創下了歷史新高，但情況依然如此。所以我想知道，您認為有哪些潛在的目標客戶群可以重新吸引到之前的顧客，這是第一個問題。

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，您能否利用 MSR 的直接溝通功能、個人化功能等等，真正加快該計劃的步伐，使您的整體門市訪問量恢復到 2019 年或 2020 財年第一季（隨便你怎麼稱呼）的水平？

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，就像你提到的交易量一樣，我們正努力恢復到之前的水平。顯然，有幾個因素正在影響我們的交易量，例如門市的佈局，以及顧客的出行方式（例如居家辦公或居家隔離），他們無法像往常一樣正常生活。

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.

好消息是，早餐時段的客流量和交易高峰已經恢復，這讓我們對未來一段時間內交易量的成長充滿信心。此外，我們將繼續利用便利的行動點餐和支付管道，以及免下車取餐和外帶服務，以滿足不斷變化的客戶需求，從而推動未來的交易量成長。

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，我們會繼續評估門市佈局，確保在顧客聚集的區域新建門市，並將現有門市遷至更靠近顧客的地方，考慮到疫情及其帶來的變化。星巴克獎勵計劃將在這一成長過程中發揮重要作用。

Our last question comes from David Palmer with Evercore ISI.

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?

關於John's餐廳的後續問題。就堂食客流量而言，顯然美國所有餐廳的客流量都比較疲軟。您能否談談您每家店的堂食客流量，以及與疫情前相比的情況？考慮到這一差距，您認為一旦消費者對疫情感到更加安心，其中有多少會成為唾手可得的銷售成長點？又有多少會因為消費者行為的長期轉變而持續存在？

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。我認為我們看到的情況——或者說，我們已經看到的情況——是，由於我們不得不調整門市營運流程，在某些情況下，我們不得不改為僅提供自提服務，或者僅提供免下車取貨服務，並重新調整了門市模式。因此，顧客進店並在店內用餐的能力不如疫情前。這是我們持續關注的領域，我們將在疫情允許的情況下，盡可能地調整並全面重新開放門市；同時，我們也要考慮到目前面臨的一些人員配備挑戰。因此，我們將繼續密切關注並調整情況，並每天做出相應的決策。

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.

就顧客及其不斷變化的生活習慣而言，以及哪些會恢復到以前的樣子，哪些又發生了改變，我們相信，憑藉星巴克體驗，顧客之所以選擇我們，是因為他們喜愛高品質咖啡帶來的卓越體驗。無論顧客是透過門市或便利管道購買，我們都將繼續在各個領域發展壯大，以滿足他們未來生活習慣的各種變化。

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

謝謝。現在我將把電話交給凱文·約翰遜，請他作總結發言。

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.

感謝各位今天蒞臨。我希望大家能記住三點：第一，今年假日季，我們看到了強勁的客戶需求；第二，面對成本壓力，我們正在積極採取一系列措施，包括調整價格和收緊其他可自由支配的成本領域，以應對這一挑戰。當然，正如我們過去在疫情高峰期後所看到的，當這些高峰期結束後，需求會比疫情高峰期前更加強勁地回升，我們預計Omicron也會如此。

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.

感謝各位今天蒞臨，我們也期待各位參加三月的年度股東會。謝謝大家。

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

星巴克2022財年第一季電話會議到此結束。您可以斷開連線了。