星巴克 (SBUX) 2021 Q2 法說會逐字稿

Good afternoon. My name is Devin, and I will be your conference operator today. I would like to welcome everyone to Starbucks Coffee Company's Second Quarter Fiscal Year 2021 Conference Call. (Operator Instructions) I would now like to turn the call over to Durga Doraisamy, Vice President of Investor Relations. Ms. Doraisamy, you may now begin your conference.

午安.我叫德文，今天我將擔任你們的會議接線生。歡迎各位參加星巴克咖啡公司2021財年第二季業績電話會議。（操作員指示）現在我將把電話轉交給投資者關係副總裁杜爾加·多萊薩米。多萊薩米女士，您現在可以開始會議了。

Good afternoon, everyone, and thank you for joining us today to discuss our second quarter fiscal year 2021 results. Today's discussion will be led by Kevin Johnson, President and CEO; and Rachel Ruggeri, CFO. And for Q&A, we will be joined by John Culver, Group President, International Channel Development and Global Coffee, Tea and Cocoa; Brady Brewer, Chief Marketing Officer; Rossann Williams, President, North America.

各位下午好，感謝各位今天蒞臨本次會議，與我們共同探討2021財年第二季業績。今天的討論將由總裁兼執行長凱文·約翰遜和財務長雷切爾·魯傑裡主持。在問答環節，我們將邀請到國際通路發展及全球咖啡、茶和可可集團總裁 John Culver；首席行銷長 Brady Brewer；以及北美總裁 Rossann Williams。

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 factor discussions in our filings with the SEC, including our last annual report on Form 10-K and quarterly reports on Form 10-Q. Starbucks assumes no obligation to update any of these forward-looking statements or information.

本次電話會議將包含前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。任何此類聲明都應與我們在盈利報告中的警示性聲明以及我們在提交給美國證券交易委員會的文件（包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告）中的風險因素討論一並考慮。星巴克不承擔更新任何此類前瞻性聲明或資訊的義務。

GAAP results in fiscal 2021 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. For certain non-GAAP financial measures mentioned in today's call, please refer to our website at investor.starbucks.com to find their corresponding GAAP measures as well as a reconciliation of these non-GAAP financial measures with their corresponding GAAP measures.

2021 財年的 GAAP 結果包括與策略行動相關的幾個項目，包括重組和減損費用、交易和整合成本以及其他項目。這些項目不計入我們的非GAAP業績。對於今天電話會議中提到的某些非GAAP財務指標，請訪問我們的網站 investor.starbucks.com 以查找其對應的GAAP指標以及這些非GAAP財務指標與其對應的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, May 28, 2021. Finally, for your calendar planning purposes, please note that our third quarter fiscal year 2021 earnings conference call has been tentatively scheduled for Tuesday, July 27. I will now turn the call over to Kevin. Kevin?

本次電話會議將進行網路直播，網路直播的存檔將在我們的網站上保留至 2021 年 5 月 28 日星期五。最後，為了方便您安排日程，請注意，我們 2021 財年第三季財報電話會議暫定於 7 月 27 日星期二舉行。現在我將把通話轉給凱文。凱文？

Well, good afternoon, and thank you for joining us today. I want to begin this call by recognizing the impressive momentum in our business, evidenced over this past year and further amplified by the Q2 results we released today. While the COVID-19 pandemic is not over, this momentum is giving us confidence to raise our full year guidance as Rachel will outline later.

下午好，感謝各位今天收看我們的節目。首先，我想肯定一下我們業務令人矚目的發展勢頭，過去一年來我們取得了顯著進步，而今天發布的第二季度業績更是進一步印證了這一點。雖然新冠肺炎疫情尚未結束，但這種勢頭讓我們有信心提高全年業績預期，瑞秋稍後會詳細說明。

Starbucks is as well positioned as it has ever been as global events have driven us to instill a new level of agility and speed into the business. With our Growth at Scale agenda in place well before the global pandemic emerged, we quickly set principles and established store protocols to guide us globally. We monitored events in real time and quickly adapted to changing conditions on a store-by-store basis around the world, working to provide safe, familiar and convenient experiences for our partners and customers.

全球情勢促使我們為業務注入新的彈性和速度，星巴克也因此擁有了前所未有的優勢。在全球疫情爆發之前，我們的規模成長策略就已經制定完畢，我們迅速確立了指導全球發展的原則和門市規程。我們即時監控事態發展，並迅速根據世界各地各門市的情況做出調整，努力為我們的合作夥伴和客戶提供安全、熟悉和便捷的體驗。

Many of us have lived this past year feeling isolated, protecting ourselves and our families from COVID-19. We now share a powerful craving for human connection, a desire to socialize and feel part of the community and the need to be with others and heal. And with vaccination programs underway and, in turn, consumer mobility, we have begun to see what we describe as the great human reconnection. This is evidenced by our Q2 sales in the U.S., which fully recovered in the quarter as we had previously communicated, and the forward momentum across our business around the world as the COVID-19 vaccine distribution progresses at varying rates.

過去一年，我們許多人都生活在與世隔絕的狀態中，為了保護自己和家人免受新冠肺炎的侵害。我們現在都強烈渴望人與人之間的聯繫，渴望社交並感受到自己是社區的一份子，需要與他人在一起並獲得治癒。隨著疫苗接種計劃的開展以及消費者流動性的提高，我們開始看到我們所說的偉大的人類重新連結。這可以從我們第二季在美國的銷售額得到證明，正如我們之前所宣布的那樣，該季度銷售額已完全恢復；隨著 COVID-19 疫苗分發速度不一，我們全球業務也呈現出向前發展的勢頭。

It is no secret that consumer behaviors were disrupted as a result of the pandemic. We recognized shifts in behaviors early, and our understanding of those behaviors will guide our strategy well beyond the pandemic as we believe many of these behaviors are here to stay. Our ability to move with speed and agility and to be out in front of these shifts has helped further differentiate Starbucks, positioning us well for the future.

疫情擾亂了消費者的行為，這已是眾所周知的事實。我們很早就意識到了行為的變化，我們對這些行為的理解將指導我們制定疫情後很長一段時間的策略，因為我們相信其中許多行為將會長期存在。我們能夠快速且靈活地行動，並走在變革的前沿，這有助於星巴克進一步脫穎而出，為我們的未來發展奠定良好的基礎。

I had previously outlined the 5 most notable consumer behaviors we are laser-focused on, which I will share with you again today. First, customers crave human connection. They've been longing to be together again face-to-face, feeling part of a community. This is human nature and has always been central to the Starbucks Experience. Second, they are looking for convenient, personalized experiences that effortlessly fit their lifestyle. Third, customers appreciate consistency, knowing what to expect at each visit. Fourth, customers seek out high-quality offerings that support the well-being of the planet and society. And finally, customers are increasingly looking to support brands with strong values, values that are demonstrated by actions.

我之前已經概述了我們重點關注的 5 種最值得注意的消費者行為，今天我將再次與大家分享。首先，顧客渴望人與人之間的連結。他們一直渴望再次面對面地聚在一起，感受社區的溫暖。這是人之常情，也是星巴克體驗的核心所在。其次，他們追求的是便利、個人化的體驗，能夠輕鬆融入他們的生活方式。第三，顧客喜歡一致性，希望每次光顧都能得到滿意的體驗。第四，顧客尋求能夠促進地球和社會福祉的高品質產品。最後，消費者越來越傾向於支持那些擁有強大價值觀、並透過實際行動來體現這些價值觀的品牌。

Not only have we been adapting to and benefiting from these consumer behaviors, but we also see a clear opportunity to further modernize and reinforce our leadership position, leveraging our strength in technology and predictive analytics as well as the continued transformation of our store portfolio, offering experiences that will drive greater customer loyalty in ways only Starbucks can do.

我們不僅一直在適應並從中受益於這些消費者行為，而且我們還看到了一個明確的機會，可以進一步實現現代化並鞏固我們的領導地位，利用我們在技術和預測分析方面的優勢以及我們門店組合的持續轉型，提供只有星巴克才能做到的體驗，從而提高客戶忠誠度。

When we spoke with you last quarter, markets were in the initial stages of gaining access to COVID-19 vaccines. And we were seeing very early signs of friends and families celebrating being together again to heal from a year filled with economic and social hardship that has challenged our overall well-being. Certainly, not all markets are moving at the same speed in terms of vaccine distribution, but we know that this is the key that enables all of us to once again be together as part of humanity. And there is no global brand better positioned than Starbucks. Founded 50 years ago, Starbucks was built for this moment.

上個季度我們與您交談時，市場正處於取得新冠疫苗的初期階段。我們看到，朋友和家人開始慶祝再次團聚，以治癒過去一年經濟和社會困境帶來的創傷，這些困境挑戰了我們的整體福祉。當然，並非所有市場在疫苗分發方面都以相同的速度推進，但我們知道，這是讓我們所有人再次作為人類的一部分團結在一起的關鍵。沒有哪個全球品牌比星巴克更有市場地位。星巴克創立於50年前，正是為了迎接當下的時代。

Now I want to share with you results from Q2 that reinforce my optimism for our long-term outlook. Let me begin in the U.S. Building on our very strong Q1 holiday results, our second quarter comparable store sales returned to strong positive growth and a meaningful improvement from last quarter's minus 5%. In Q2, comparable store sales rose to an impressive 9%, at the high end of our 5% to 10% guidance range for the quarter. Once again, the credit for this remarkable resilience and recovery goes to our phenomenal Green Apron partners who delivered another quarter of stellar performance in Q2, driving steady improvement, culminating in a new record for weekly sales and full U.S. comp recovery as we exited the quarter.

現在我想和大家分享第二季的業績，這些業績更加堅定了我對我們長期前景的樂觀態度。讓我先從美國市場說起。在第一季假期季節業績強勁成長的基礎上，我們第二季的同店銷售額恢復了強勁的正成長，與上一季的-5%相比有了顯著改善。第二季度，同店銷售額成長了令人矚目的 9%，達到了我們先前預測的 5% 至 10% 的成長區間的高端。再次強調，這種非凡的韌性和復甦要歸功於我們傑出的 Green Apron 合作夥伴，他們在第二季度又取得了卓越的業績，推動了穩步增長，最終在季度末創下了每週銷售額的新紀錄，並實現了美國同店銷售額的全面復甦。

Importantly, in Q2, we further advanced the 3 business-driving initiatives fundamental to our Growth at Scale agenda: elevating the customer experience, driving relevant beverage innovation and expanding digital customer engagement. Let me share notable highlights from Q2 and our traffic-driving initiatives for the balance of fiscal 2021.

重要的是，在第二季度，我們進一步推進了 3 項對實現規模化成長至關重要的業務驅動措施：提升客戶體驗、推動相關飲料創新以及擴大數位化客戶互動。讓我來分享一下第二季的亮點以及我們在 2021 財年剩餘時間內的流量驅動舉措。

Starting with the largest contributor for the quarter, expanding digital customer engagement. Digital continues to be a significant driver of our sales recovery in the U.S. Starbucks Rewards' contribution to the business continues to exceed pre-COVID levels and for the second consecutive quarter is displaying all-time highs across key metrics. Between continued growth in SR member spend, fueled by strength in ticket and frequency as well as new member acquisition, 52% of our U.S. company-operated sales in Q2 were driven by Starbucks Rewards members, reflecting strong member engagement and resilience.

首先從本季貢獻最大的面向入手，擴大數位化客戶互動。數位化仍然是我們在美國銷售復甦的重要驅動力。星巴克獎勵計畫對業務的貢獻持續超過新冠疫情前的水平，並且連續第二季在關鍵指標上都創下歷史新高。在客單價和消費頻率的強勁增長以及新會員獲取的推動下，SR 會員的消費額持續增長，第二季度我們美國公司自營銷售額的 52% 都來自星巴克獎勵計劃會員，這反映了會員的強大參與度和韌性。

Total 90-day active members grew by over 1 million members in Q2 to a record 22.9 million. Relative to the launch of Stars for Everyone just 6 months ago, our 90-day active SR member base has expanded by 19%, a clear testament that the program is attracting customers as we had intended. The increase was underpinned by a meaningful uptick in conversions, with more app downloads advancing to member activations. With Stars for Everyone, customers can choose from a range of payment options, offering convenience, flexibility and choice.

第二季度，90 天活躍會員總數增加了 100 多萬人，達到創紀錄的 2,290 萬人。與 6 個月前推出的「人人有星」計畫相比，我們 90 天活躍的 SR 會員人數增加了 19%，這清楚地證明該計畫正在按預期吸引客戶。這一增長主要得益於轉換率的顯著提升，更多應用下載轉化為會員激活。透過 Stars for Everyone，客戶可以從一系列付款方式中進行選擇，從而獲得便利、靈活和選擇。

Our pioneering digital capabilities not only successfully transformed our digital relationships to drive mobile ordering but also amplify convenience and safety, which are both very much top of mind for our customers. We continue to leverage the advantages of our mobile app to elevate the personalization of the customer experience and deepen customer engagement. As a result, mobile orders represented 26% of U.S. company-operated transactions in Q2, up from 18% a year ago.

我們開創性的數位化能力不僅成功地改變了我們的數位化關係，推動了行動訂購，而且還增強了便利性和安全性，這兩點都是我們的客戶非常關心的。我們將持續利用行動應用程式的優勢，提升客戶體驗的個人化程度，並加深客戶互動。因此，第二季行動訂單占美國公司營運交易的 26%，高於一年前的 18%。

As we have seen each quarter, our digital channel's convenience has proven successful in driving demand. A quick comment on digital that I think is important to highlight, the increasing role that artificial intelligence is playing in the growth and success of our company, an initiative we call Deep Brew. In October 2019, I published an article on LinkedIn entitled, Can Artificial Intelligence Help Nurture Humanity? This article outlined a vision for how Starbucks would leverage artificial intelligence in support of our mission.

正如我們每季所看到的，我們的數位管道的便利性已成功推動了需求成長。關於數位化，我想快速提一下，我認為人工智慧在我們公司的發展和成功中扮演著越來越重要的角色，我們稱之為「深度釀造」計畫。2019 年 10 月，我在 LinkedIn 上發表了一篇題為《人工智慧能否幫助培育人類？ 》的文章。本文概述了星巴克如何利用人工智慧來支持我們的使命。

And that vision has come to life with Deep Brew. Our AI engine that is now used today throughout the company. Deep Brew personalizes the offers and suggestions we make to our customers. It is also at the center of trade area transformation, which I'll provide an update on in a moment. Deep Brew has now automated daily inventory orders across hundreds of U.S. stores as we deploy it broadly. It is supporting partner scheduling and optimizing it in ways that improve both the customer and the partner experience.

Deep Brew 讓這個願景成為現實。我們公司目前使用的AI引擎。Deep Brew 會根據客戶的具體情況提供個人化的優惠和建議。它也是貿易區轉型的核心，我稍後會對此進行詳細介紹。隨著 Deep Brew 的廣泛部署，目前已在美國數百家門市實現了每日庫存訂單的自動化。它支援合作夥伴的排班，並透過各種方式優化排班，從而改善客戶和合作夥伴的體驗。

Deep Brew drives our pandemic dashboard used by our retail leaders across the U.S. And Deep Brew is now doing predictive analytics to model vaccination progress in key markets around the world. Our work in AI is providing Starbucks the underlying predictive models, enabling us to fuel the great human reconnection by freeing up partners to do what they do best, connect with customers and deliver a world-class customer experience.

Deep Brew 為我們全美零售業領導者使用的疫情資訊面板提供技術支援。現在，Deep Brew 正在進行預測分析，以模擬全球主要市場的疫苗接種進展。我們在人工智慧領域的工作為星巴克提供了底層預測模型，使我們能夠透過解放夥伴，讓他們專注於自己最擅長的事情——與顧客建立聯繫並提供世界一流的顧客體驗，從而促進人與人之間偉大的重新連結。

Elevating the customer experience is another fundamental business-driving initiative underlying the Growth at Scale agenda and perhaps the most important of all of our priorities. Starbucks has always excelled at meeting our customers where they are, even as transactions in the current environment have migrated from dense metro centers to suburbs and from cafes to drive-throughs. Company-operated sales in our U.S. suburban and rural locations, where drive-throughs are most predominant, continued to gain momentum, more than offsetting the impact from central business districts and metro centers, where the recovery continues to lag.

提升客戶體驗是「規模化成長」議程下的另一項根本性業務驅動舉措，或許也是我們所有優先事項中最重要的一項。即使在當前環境下，交易場所從人口密集的都市中心轉移到了郊區，從咖啡館轉移到了汽車餐廳，星巴克仍然始終能夠很好地滿足顧客的需求。該公司在美國郊區和農村地區（免下車服務最為普遍）的自營銷售額持續增長，超過了中央商務區和都市區（復甦仍然滯後）的影響。

The drive-through channel has improved quarter-over-quarter since the onset of the pandemic. We continued to invest in several initiatives to increase the throughput of our drive-throughs, including updated operational standards, handheld order devices, more efficient warming ovens and accelerated deployment of our more efficient Mastrena espresso machines. As a result, drive-through saw a slight improvement in out-the-window times versus the prior year. Out-the-window drove over 50% of net sales in Q2, increasing more than 10% from pre-pandemic levels, unlocking capacity and enhancing the customer experience by reducing wait times, ultimately fueling our business recovery.

自疫情爆發以來，得來速通路的業績逐季提升。我們持續投資多項措施來提高得來速的吞吐量，包括更新營運標準、手持點餐設備、更有效率的保溫烤箱以及加速部署更有效率的 Mastrena 義式咖啡機。因此，與前一年相比，免下車取餐的出餐時間略有改善。第二季度，車窗外服務貢獻了超過 50% 的淨銷售額，比疫情前水準成長了 10% 以上，釋放了產能，並透過減少等待時間來提升客戶體驗，最終推動了我們的業務復甦。

Last June, we wrote a letter to all stakeholders, outlining our plan to accelerate strategic initiatives focused on rapidly transforming our store portfolio and optimizing for shifting consumer behaviors. This plan, which we refer to as the Americas Trade Area Transformation, has positioned us extremely well for the future. We called this early. And in just 9 months, we have already completed 70% of the strategic store closures, clearing the way for the development of new, innovative and more efficient retail store formats over time.

去年六月，我們致函所有利益相關者，概述了我們加快戰略舉措的計劃，這些舉措旨在快速轉變我們的門店組合，並優化以適應不斷變化的消費者行為。這項我們稱之為「美洲貿易區轉型」的計劃，使我們為未來做好了極其充分的準備。我們早就預料到了。短短 9 個月內，我們已經完成了 70% 的策略性門市關閉，為未來開發新的、創新的、更有效率的零售門市模式掃清了障礙。

The plan leverages new store formats like Starbucks Pickup in dense metro areas that complements our traditional Starbucks Cafe formats in suburban and rural areas and also enables us to balance continued growth in high-volume and high-margin locations, primarily cafes with drive-throughs. We are responding to customers' increased desire for convenience while also improving the overall profitability of every trade area.

該計劃利用星巴克外賣店等新門市形式，在人口密集的大都市區推廣，與我們在郊區和農村地區傳統的星巴克咖啡館形式形成互補，同時也使我們能夠在客流量大、利潤高的地區（主要是設有得來速的咖啡館）保持持續增長。我們正在響應客戶日益增長的便利性需求，同時提高每個貿易區域的整體獲利能力。

As the great human reconnection gains momentum and anticipation of behaviors and daily routines continuing to evolve, we are meeting our customers wherever they need us to be with the right store, in the right place and at the right time, yet another key differentiator of the Starbucks brand.

隨著人類重新建立聯繫的勢頭日益強勁，人們的行為和日常習慣也在不斷演變，我們將在合適的時間、合適的地點，以合適的門市滿足顧客的需求，這也是星巴克品牌的又一關鍵差異化優勢。

As our sales fully recovered in the quarter, average ticket remains meaningfully higher than pre-pandemic levels. This is true even as transactions have improved significantly quarter-over-quarter, giving the shift in sales mix toward drive-through, where average spend tends to be higher, partially due to a higher incident of group orders. U.S. ticket comp growth of approximately 21% in Q2 was driven by a combination of increased beverage attach, premium beverage mix, increased customization and upsizing and all-time high food attach.

本季銷售額全面恢復，平均客單價仍遠高於疫情前水準。即使交易量較上月大幅改善，銷售組合轉向得來速模式，而得來速的平均消費性往往較高（部分原因是團體訂單的發生率較高），這種情況依然存在。第二季美國機票同店銷售額成長約 21%，主要得益於飲料附加費增加、高端飲料組合增加、客製化和升級服務增加以及食品附加費創歷史新高等因素的共同推動。

The popularity of our innovative menu offerings, which command a premium price, also benefited U.S. ticket growth. Customers have responded extremely well to the new beverage platforms we have introduced, with a focus on relevant new handcrafted beverages that deliver on wellness trends, offer customers choice and support our sustainability agenda. Our winter and spring menus resonated and drove momentum.

我們創新的菜單產品因其高價而廣受歡迎，這也促進了美國客單價的成長。我們推出的全新飲料平台受到了顧客的熱烈歡迎，這些平台專注於符合健康潮流、為顧客提供選擇並支持我們可持續發展議程的相關手工新飲料。我們的冬季和春季菜單引起了反響，並推動了市場成長。

Cold beverages delivered resounding year-over-year growth in Q2, led by Cold Espresso, Starbucks Refreshers and Cold Brew. Also driving our strength in cold beverages was our spring lineup, which launched in early March. We have seen an overwhelmingly positive response to oat milk, with the Iced Brown Sugar Oatmilk Shaken Espresso far exceeding expectations to date. This has helped us push year-over-year growth of 53% in all dairy beverage sales, a testament to the relevance of our sustainability agenda.

第二季冷飲年增率顯著，其中冷萃咖啡、星巴剋星冰樂和冷萃咖啡表現突出。此外，我們在冷飲領域的優勢也得益於我們在 3 月初推出的春季新品系列。我們看到燕麥奶獲得了壓倒性的積極反響，其中冰紅糖燕麥奶濃縮咖啡的銷量遠遠超出了預期。這幫助我們實現了乳製品飲料銷售額年增 53%，證明了我們永續發展議程的重要性。

Plant-based is also resonating in food, with the Impossible Breakfast Sandwich delivering record performance, which, alongside other breakfast sandwiches and cake pops, pushed food attach to record highs in Q2. Any way you look at it, our second quarter results were phenomenal in the U.S. and exceeded our expectations. Importantly, affinity for Starbucks has strengthened as measured by improvements in our customer connection scores and growth in customer loyalty, which further reinforces the strength and resilience of the Starbucks brand and healthy optimism for the future.

植物性食品也引起了廣泛關注，其中 Impossible 早餐三明治取得了創紀錄的業績，它與其他早餐三明治和蛋糕棒一起，推動食品附著物在第二季度達到了創紀錄的高位。無論從哪個角度來看，我們第二季在美國的業績都非常出色，超出了我們的預期。重要的是，從客戶聯繫評分的提高和客戶忠誠度的成長來看，人們對星巴克的喜愛程度有所增強，這進一步鞏固了星巴克品牌的實力和韌性，也讓我們對未來充滿樂觀。

I will now move on to China, our second lead growth market. The strong start to fiscal '21 continued as we entered Q2. And while a resurgence of COVID-19 restrictions impacted customer mobility as the quarter progressed, our China leadership team once again rapidly adapted to the changing conditions and successfully regained momentum as we exited the quarter. In Q2, we achieved 91% comp growth in China, including VAT favorability of approximately 9 percentage points, which came in slightly below our expectations as unanticipated pandemic-related restrictions were imposed across the market.

接下來，我將把目光轉向中國，這是我們第二大的成長市場。2021財年開局強勁，進入第二季後仍保持良好動能。隨著本季的推進，COVID-19 疫情限制措施的再次抬頭影響了客戶的出行，但我們的中國領導團隊再次迅速適應了不斷變化的情況，並在季度末成功恢復了增長勢頭。第二季度，我們在中國實現了 91% 的同店銷售成長，其中包括約 9 個百分點的增值稅優惠，但由於市場中實施了與疫情相關的意外限制，這一數字略低於我們的預期。

Nonessential travel was discouraged in Q2, severely impacting our stores located in travel hubs, including during the entirety of the Chinese New Year holiday, the peak domestic travel season, which saw a significantly lower number of travelers relative to both pre-pandemic and prior year levels. Even as mobility impacted our comps, our ability to expand our digital customer relationships in China through the Starbucks Rewards program reinforces the long-term position of our brand in our fastest-growing market.

第二季度，非必要旅行受到限制，嚴重影響了我們位於交通樞紐的門市，包括整個春節假期（國內旅遊旺季），與疫情前和往年同期相比，旅客數量大幅下降。即使移動性對我們的同店銷售產生了影響，但我們透過星巴克獎勵計劃在中國拓展數位客戶關係的能力，鞏固了我們品牌在成長最快的市場中的長期地位。

As we lapped the first anniversary of the pandemic, I am particularly pleased with our ability to dramatically expand digital customer relationships in China through the Starbucks Rewards program. Our progress is evidenced by the number of 90-day active Starbucks Rewards members more than doubling versus prior year to 16.3 million, driving 72% of sales in China, up 5 percentage points from prior year.

在新冠疫情爆發一週年之際，我尤其欣慰的是，我們能夠透過星巴克獎勵計畫在中國大幅拓展數位化客戶關係。我們的進展體現在90天活躍的星巴克獎勵計畫會員人數比前一年翻了一番多，達到1630萬，在中國推動了72%的銷售額，比前一年增長了5個百分點。

In addition, we expanded the Starbucks Now, Mobile Order & Pay service to WeChat in Q2, making our mobile ordering services ubiquitously available to customers on both Alibaba and WeChat ecosystems as well as our Starbucks app. This enables us to acquire new customers in the WeChat ecosystem while enhancing the customer experience by allowing customers to place orders via the app of their choice.

此外，我們在第二季度將 Starbucks Now 行動點餐和支付服務擴展到了微信，使我們的行動點餐服務能夠透過阿里巴巴和微信生態系統以及我們的星巴克應用程式隨時隨地為顧客提供服務。這使我們能夠在微信生態系統中獲得新客戶，同時透過允許客戶透過他們選擇的應用程式下單來提升客戶體驗。

In Q2, we also launched our flagship store on JD.com, one of China's leading e-commerce platforms, offering merchandise, stored value cards and seasonal food offerings, among other products. Mobile order sales mix hit a record 34% of sales in China, up from 30% in Q1, with 15% driven by Starbucks Delivers and 19% from Starbucks Now. Starbucks Rewards customer engagement continues to grow as mobile order sales have more than doubled in China over this past year.

第二季度，我們也在中國領先的電子商務平台之一京東上推出了旗艦店，提供商品、儲值卡和時令食品等產品。在中國，行動訂單銷售額佔比達到創紀錄的 34%，高於第一季的 30%，其中 15% 來自 Starbucks Delivers，19% 來自 Starbucks Now。隨著過去一年中國行動訂單銷售額翻了一番以上，星巴克獎勵計畫的顧客參與度持續成長。

As COVID-related restrictions subsided late in the quarter, momentum in customer mobility improved, particularly in residential, office and commercial trade zones. In addition, as much of our growth in China comes from our continued expansion of the store portfolio, we crossed the 4,900-store milestone with the opening of 110 net new stores in Q2. That equates to 14% growth in net new stores over the past 12 months, which is particularly impressive considering that we suspended new store development activities for a couple of months in China at the onset of the pandemic. This week, we announced our 5,000th store opening in China, underscoring our continued confidence in Starbucks' long-term growth opportunity in China.

隨著本季末與新冠疫情相關的限制措施逐漸放鬆，顧客出行動能有所改善，尤其是在住宅區、辦公區和商業貿易區。此外，由於我們在中國的成長很大程度上來自於我們不斷擴大門市規模，我們在第二季淨增 110 家門市，門市總數突破了 4900 家大關。這意味著過去 12 個月淨新增門市數量增加了 14%，考慮到我們在疫情初期暫停了在中國的新店開發活動幾個月，這一成績尤其令人印象深刻。本週，我們宣佈在中國開設第 5000 家門市，這凸顯了我們對星巴克在中國長期成長機會的持續信心。

And finally, a few comments on the strength of our channel partnerships with Nestlé and Pepsi. In the U.S., Starbucks' share of total packaged coffee outpaced the category, growing over 8% in dollar sales in Q2. This is a sharp contrast to the overall coffee category, which declined due to a surge in pantry stocking that occurred last year at the onset of the pandemic. I'm proud to say that Starbucks remained the #1 brand in total coffee in the U.S. and was the top share gainer of the coffee category in Q2, gaining nearly 1.5 points over the prior year.

最後，我想就我們與雀巢和百事可樂的通路合作夥伴關係的優勢發表幾點看法。在美國，星巴克在包裝咖啡市場的佔有率超過了該品類，第二季銷售額則成長超過 8%。這與整體咖啡類別形成了鮮明對比，由於去年疫情爆發初期人們大量囤積食品，咖啡品類整體銷售量下降。我很自豪地說，星巴克仍然是美國咖啡市場排名第一的品牌，並且在第二季度成為咖啡品類市場份額增長最快的品牌，比前一年增長了近 1.5 個百分點。

Internationally, Starbucks' products on single-serve platforms, including Nespresso and Dolce Gusto, continued to exceed our expectations. And with the Q1 launch of Starbucks' products on the Nespresso virtual line, our outlook is optimistic as we continue to build distribution, amplify the brand and grow share.

在國際市場上，星巴克的單杯咖啡產品，包括 Nespresso 和 Dolce Gusto，繼續超越我們的預期。隨著星巴克產品在第一季登陸Nespresso虛擬產品線，我們展望未來，我們將持續拓展通路，提升品牌知名度，並擴大市場佔有率。

The Global Coffee Alliance is now in 71 markets around the world, up from 48 markets in Q2 fiscal year '20, bringing more customers the opportunity to enjoy Starbucks in many different ways. Similarly, consumption of our U.S. ready-to-drink coffee products through our North American coffee partnership with PepsiCo grew more than 23% in Q2, over a 5% jump from Q1.

全球咖啡聯盟目前已覆蓋全球 71 個市場，高於 2020 財年第二季的 48 個市場，為更多顧客帶來了以多種不同方式享受星巴克的機會。同樣，透過我們與百事可樂在北美的咖啡合作關係，我們美國即飲咖啡產品的消費量在第二季度增長了 23% 以上，比第一季度增長了 5% 以上。

Q2 also marked the launch of new beverages, including the Cold and Crafted platform and new Nitro Cold beverages, leveraging last year's Starbucks' Nitro ready-to-drink platform launch, which became the #1 innovation in the ready-to-drink category.

第二季也推出了新的飲品，包括冷萃和精釀平台以及新的氮冷飲，利用了星巴克去年推出的氮氣即飲平台，該平台成為即飲品類中排名第一的創新產品。

In summary, as you can see, there are many reasons to be confident and optimistic about the future for Starbucks. Personally, I am optimistic about the back half of this fiscal year. But even more importantly, it is clear to me that the actions we are taking, the customer and partner response we are seeing and the focus and discipline we have brought to the business have clearly positioned Starbucks for the next several years of growth.

總而言之，正如你所看到的，有很多理由讓我們對星巴克的未來充滿信心和樂觀。就我個人而言，我對本財年下半年的前景持樂觀態度。但更重要的是，在我看來，我們正在採取的行動、我們看到的顧客和合作夥伴的回饋，以及我們為業務帶來的專注和紀律，都清楚地表明星巴克在未來幾年內將迎來成長。

The Growth at Scale algorithm we shared at our December Investor Day is solid. The Starbucks brand is stronger and more resilient than ever. We have more opportunities to reach customers than ever before. And we are continuing to personalize and enhance those interactions by always delivering for our customers a unique and innovative food and beverage experience in a safe environment with a personal touch where and when they want.

我們在 12 月投資者日上分享的規模成長演算法非常可靠。星巴克品牌比以往任何時候都更強大、更具韌性。我們現在比以往任何時候都擁有更多接觸客戶的機會。我們將繼續個人化和增強這些互動，始終在安全的環境中，隨時隨地為客戶提供獨特、創新的餐飲體驗，並專注於個人化服務。

As we celebrate our 50th anniversary throughout this year, we do so knowing that Starbucks' third place experience is well established and core to the great human reconnection that has begun. We are a destination for human connection, a warm and welcoming place for all and a place that brings entire communities together, and that is exactly what the world needs, a place that inspires and nurtures the human spirit, one person, one cup and one neighborhood at a time.

今年慶祝星巴克 50 週年之際，我們深知星巴克的「第三空間」體驗已深入人心，並且是人類重新建立聯繫這一偉大事業的核心。我們是人與人之間交流的場所，一個溫暖而熱情的地方，一個將整個社區凝聚在一起的地方，而這正是世界所需要的——一個能夠啟發和滋養人類精神的地方，一次服務一個人，一杯咖啡，一個社區。

And I want to thank our over 400,000 Green Apron partners in 83 markets around the world who have been navigating through this complex environment. Partners, it is you who exemplify what Starbucks has always stood for, a company with a purpose that goes beyond the pursuit of profit, a culture that demonstrates care for our partners, creates uplifting experiences for our customers and plays a positive role in our communities and throughout society. And with that, I'm pleased to turn the call over to Rachel, who will walk you through our Q2 results. Rachel?

我還要感謝我們在全球 83 個市場的 40 多萬名 Green Apron 合作夥伴，感謝他們一直在努力應對這種複雜的環境。各位夥伴，正是你們體現了星巴克一直以來所代表的價值觀：一家超越盈利追求、擁有遠大目標的卓越公司；一種關懷夥伴、為顧客創造愉悅體驗、並在社區和社會中發揮積極作用的企業文化。接下來，我很高興將電話交給瑞秋，她將為大家介紹我們第二季的業績。瑞秋？

Thank you, Kevin, and good afternoon, everyone. As Kevin shared, we are very pleased with the continued momentum in our business, with meaningful sequential improvements in quarterly financial results demonstrating the overall strength and resilience of the Starbucks brand as well as the effectiveness of our strategies, our innovation and our agility.

謝謝你，凱文，大家下午好。正如凱文所說，我們對公司業務的持續發展勢頭感到非常滿意，季度財務業績的顯著改善證明了星巴克品牌的整體實力和韌性，以及我們戰略、創新和敏捷性的有效性。

Starbucks reported global revenue of $6.7 billion in Q2, up 11% from the prior year, inclusive of approximately 2% foreign currency favorability, with growth driven by our company-operated retail markets particularly in the U.S. And with these better-than-expected results, we are confidently raising our outlook for the full year as I will explain later.

星巴克公佈第二季全球營收為67億美元，較上年同期成長11%，其中包含約2%的匯率獲利。成長主要得益於公司自營零售市場，尤其是在美國市場。鑑於這些好於預期的業績，我們有信心提高全年業績預期，稍後我將對此進行詳細闡述。

Q2 EPS exceeded our expectations, primarily driven by better-than-expected margin recovery. Q2 GAAP EPS of $0.56 increased from $0.28 in the prior year and was $0.15 higher than the upper end of our guidance range, inclusive of lower-than-expected restructuring and impairment costs of about $0.04, largely attributable to our more favorable lease exit costs. Q2 non-GAAP EPS was $0.62, up from $0.32 in the prior year and $0.12 above the upper end of our guidance range, primarily driven by continued core business recovery fueled by strong U.S. performance.

第二季每股盈餘超出預期，主要得益於利潤率恢復優於預期。第二季 GAAP 每股盈餘為 0.56 美元，高於去年的 0.28 美元，比我們預期範圍的上限高出 0.15 美元，其中包括低於預期的重組和減損成本約 0.04 美元，這主要歸功於我們更有利的租賃退出成本。第二季非GAAP每股盈餘為0.62美元，高於上年的0.32美元，比我們預期範圍的上限高出0.12美元，主要得益於美國市場強勁表現推動的核心業務持續復甦。

I will first take you through our Q2 fiscal '21 operating performance by segment, followed by an analysis of our consolidated margin performance. I will then share our improved outlook for the full fiscal year.

我會先帶您了解我們 2021 財年第二季各業務部門的經營業績，然後再分析我們的合併利潤率表現。接下來，我將分享我們對整個財政年度的改進預期。

Our Americas segment delivered revenue of $4.7 billion in Q2, 8% higher than the prior year, driven by a 9% increase in comparable store sales, partially offset by lower product sales to and royalty revenues from our licensees as a result of the pandemic. As Kevin mentioned, in the U.S., we saw continued sequential improvement in quarterly comparable store sales from minus 5% in the prior quarter to a very strong positive 9% in Q2. Transaction comp improved from minus 21% in Q1 to minus 10% in Q2, with continued strength in average ticket, which remains significantly above pre-pandemic levels.

第二季度，我們的美洲業務部門實現了 47 億美元的收入，比上年同期增長 8%，這主要得益於同店銷售額增長 9%，但部分被疫情導致的對被許可方的產品銷售額和特許權使用費收入下降所抵消。正如凱文所提到的，在美國，我們看到季度同店銷售額持續較上季改善，從上一季的 -5% 成長到第二季的強勁成長 9%。交易同店銷售額較第一季下降 21% 至第二季下降 10%，平均客單價持續走強，仍遠高於疫情前水準。

On a cumulative 2-year basis, which measures our growth relative to pre-pandemic levels, U.S. comp sales in the month of March grew 11%, implying annual average growth above our long-term algorithm of 4% to 5% and a full sales recovery by the end of Q2, as we previously communicated.

以兩年累計計算，衡量我們相對於疫情前水準的成長，3 月份美國同店銷售額成長了 11%，這意味著年均成長率高於我們 4% 至 5% 的長期演算法，並且正如我們之前所溝通的那樣，到第二季末銷售額將完全恢復。

America's Q2 non-GAAP operating margin expanded 550 basis points from the prior year to 19.9%, primarily driven by lapping of COVID-19-related costs incurred in the prior year, sales leverage from business recovery, pricing, temporary government subsidies and the benefits of trade area transformation, partially offset by growth in investments in wages and benefits for our store partners. Notably, this represented a meaningful improvement from the prior quarter's non-GAAP operating margin of 18.8%.

美國第二季度非GAAP營業利潤率較上年同期增長550個基點至19.9%，主要得益於上年同期發生的COVID-19相關成本的攤銷、業務復甦帶來的銷售槓桿、定價、臨時政府補貼以及貿易區轉型帶來的收益，但部分被門店合作夥伴工資和福利投資的增長所抵消。值得注意的是，這比上一季的非GAAP營業利潤率18.8%有了顯著提高。

Moving on to International. The International segment delivered revenue of $1.6 billion in Q2. Excluding an 8% favorable impact of foreign currency translation, the segment's revenue in the quarter was 34% higher than the prior year, reflecting a 35% increase in comparable store sales, inclusive of a 4% VAT benefit and an 8% net new store growth over the past 12 months, partially offset by lower product sales to and revenues from our international licensees.

接下來是國際部分。國際業務部門第二季營收達16億美元。不計外幣折算帶來的 8% 有利影響，該業務部門本季的收入比上年同期增長了 34%，反映出同店銷售額增長了 35%（包括 4% 的增值稅優惠）以及過去 12 個月淨新增門市數量增長了 8%，但部分被國際授權商的產品銷售額和收入下降所抵消。

In China, we lapped the first anniversary of widespread COVID-related store closures. And as Kevin mentioned, comparable store sales grew 91% in Q2, including VAT favorability of approximately 9 percentage points. The VAT benefit was reinstated for the entire quarter to mitigate the impact of government-mandated restrictions across the mainland, following flare-ups of COVID-19 in several key cities, significantly limiting customer mobility. On a cumulative 2-year basis, China comp sales growth in March was minus 5%, including 4% of VAT benefit.

在中國，我們剛剛度過了因新冠疫情而導致的大規模商店關閉一周年。正如凱文所提到的，第二季同店銷售額成長了 91%，其中包括約 9 個百分點的增值稅優惠。為減輕疫情在中國大陸多個重點城市爆發後，政府強制實施的限制措施對消費者出行造成的影響，增值稅優惠政策恢復至整個季度。以兩年累計計算，3 月中國同店銷售額下降 5%，其中包括 4% 的增值稅優惠。

International's non-GAAP operating margin rose to 19.6% from 3.9% in the prior year and surpassed Q2 FY '19 margin by 30 basis points, mainly driven by sales leverage, reflecting the lapping of severe impacts in the prior year attributable to the COVID-19 outbreak and favorability from temporary government subsidies in Japan.

國際業務的非GAAP營業利潤率從上年的3.9%上升至19.6%，比2019財年第二季度的利潤率高出30個基點，主要得益於銷售槓桿效應，反映了上一年因COVID-19疫情爆發而造成的嚴重影響的消退以及日本政府臨時補貼帶來的利好。

On to channel development. Revenue was $370 million in Q2, a decline of 29% from the prior year, primarily driven by Global Coffee Alliance transition-related activities, including a structural change in our single-serve business and lapping additional product sales in the prior year to Nestlé to transition foodservice order fulfillment. When excluding the approximately 30% adverse impact of these transition-related activities, Channel Development's revenue grew by nearly 2% in Q2, mainly driven by growth in our ready-to-drink business.

接下來是通路開發。第二季營收為 3.7 億美元，較上年同期下降 29%，主要原因是與全球咖啡聯盟過渡相關的活動，包括單杯咖啡業務的結構性變化，以及將上年同期額外的產品銷售轉移給雀巢，以過渡餐飲服務訂單履行。在排除這些轉型相關活動帶來的約 30% 的不利影響後，通路發展部門第二季的營收成長了近 2%，主要得益於即飲業務的成長。

The segment's non-GAAP operating margin expanded to 46.7% in Q2 from 37.8% in the prior year. Normalizing for the 770 basis point impact of Global Coffee Alliance transition-related activities I just mentioned, Channel Development's operating margin expanded 120 basis points in Q2, driven primarily by the strength of our ready-to-drink business.

該業務部門的非GAAP營業利潤率從去年同期的37.8%成長至第二季的46.7%。在剔除我剛才提到的全球咖啡聯盟過渡相關活動帶來的 770 個基點的影響後，通路發展部門第二季的營業利潤率成長了 120 個基點，這主要得益於我們即飲咖啡業務的強勁表現。

Finally, at the consolidated level, non-GAAP operating margin was 16.1% in Q2, up 690 basis points from 9.2% in the prior year, up 30 basis points from Q2 of fiscal 2019 and an improvement from 15.5% in Q1. The year-over-year increase in our operating margin for Q2 was primarily driven by lapping of COVID-19 impacts but also included stronger-than-expected sales leverage and favorability from temporary government subsidies. The margin expansion in Q2 was partially offset by both growth and investments in wages and benefits for store partners.

最後，在合併層面，第二季非GAAP營業利潤率為16.1%，比上年同期的9.2%成長了690個基點，比2019財年第二季成長了30個基點，比第一季的15.5%有所改善。第二季營業利益率年增主要得益於新冠疫情影響的逐漸消退，但也得益於超出預期的銷售槓桿作用和政府臨時補貼帶來的利好。第二季利潤率的擴張被門市合作夥伴的薪資和福利成長及投資部分抵銷。

Moving on to our guidance for fiscal '21. Now that we're at the midpoint of our fiscal year, we have better visibility to anticipated full year results, and therefore, we are raising our full year fiscal '21 EPS guidance as well as updating a few other metrics. The increase is predominantly driven by better-than-expected operating results in the first half of the year, an anticipated benefit attributable to certain discrete tax items in Q4 and a slight tailwind from foreign currency translation, barring, of course, any new significant and sustained waves of COVID-19 infections and any major economic disruptions.

接下來是我們對 2021 財年的展望。現在我們已經到了財年的中點，對全年業績的預期有了更清晰的了解，因此，我們提高了 2021 財年全年每股收益預期，並更新了一些其他指標。成長主要得益於上半年好於預期的經營業績、第四季度某些特定稅收項目帶來的預期收益以及外匯折算帶來的輕微利好，當然，前提是不會出現任何新的、持續的 COVID-19 感染浪潮以及任何重大的經濟動盪。

Our new fiscal '21 GAAP EPS guidance range is $2.65 to $2.75, up from $2.42 to $2.62 previously. Our fiscal '21 non-GAAP EPS is now expected to be in the range of $2.90 to $3, up from our prior range of $2.70 to $2.90. We continue to drive leverage in all areas of our business, giving us confidence in our full year earnings guidance. As a reminder, our fiscal '21 GAAP and non-GAAP EPS guidance ranges are inclusive of approximately $0.10 for the 53rd week.

我們新的 2021 財年 GAAP 每股盈餘預期範圍為 2.65 美元至 2.75 美元，高於先前的 2.42 美元至 2.62 美元。我們現在預計 2021 財年非 GAAP 每股盈餘將在 2.90 美元至 3 美元之間，高於我們先前預期的 2.70 美元至 2.90 美元。我們持續在公司各個業務領域提高槓桿率，這使我們對全年獲利預期充滿信心。再次提醒，我們 2021 財年 GAAP 和非 GAAP 每股盈餘預期範圍包含第 53 週約 0.10 美元。

Given the momentum we've seen in the U.S. business to date, we are raising our guidance for full year fiscal '21 consolidated revenue to a new range of $28.5 billion to $29.3 billion, up from $28 billion to $29 billion. As a reminder, our fiscal '21 consolidated revenue guidance range is inclusive of approximately $500 million for the 53rd week.

鑑於我們迄今為止在美國業務所看到的良好勢頭，我們將 2021 財年全年合併收入預期從 280 億美元至 290 億美元上調至 285 億美元至 293 億美元。再次提醒，我們 2021 財年合併收入預期範圍包含第 53 週約 5 億美元的收入。

Additionally, we are raising our consolidated operating margin to a range of 16.5% to 17.5%, up from our previous guidance of 16% to 17%, even as we continue to make meaningful investments in our key growth drivers. We continue to expect our operating margin recovery to lag sales recovery by 2 quarters, improving as the year progresses and approaching our ongoing target range of 18% to 19% at the consolidated level as we exit fiscal '21.

此外，我們將綜合營業利潤率上調至 16.5% 至 17.5%，高於先前預期的 16% 至 17%，同時我們繼續對關鍵成長驅動因素進行重大投資。我們仍預期營業利潤率的恢復將比銷售額的恢復滯後兩個季度，但隨著年內的發展，情況會有所改善，並在 2021 財年結束時，在合併層面接近我們持續設定的 18% 至 19% 的目標範圍。

As I mentioned earlier, we currently expect certain discrete tax items to favorably impact Q4's tax rate in fiscal '21. Based on current expectation, Q4's tax rate is forecasted to decline to the high teens level, but given the nature of discrete tax items, the timing and magnitude of the favorability are subject to change. In contrast, Q3 tax rate is expected to be slightly higher than our Q2 tax rate. As a result, we now expect our fiscal '21 effective GAAP and non-GAAP tax rates to be in the low to mid-20% range.

正如我之前提到的，我們目前預計某些具體的稅務項目將對 2021 財年第四季的稅率產生有利影響。根據目前的預期，第四季的稅率預計將下降到十幾個百分點，但考慮到稅收項目的性質，優惠政策的時機和幅度可能會發生變化。相比之下，預計第三季的稅率將略高於第二季的稅率。因此，我們現在預計 2021 財年的實際 GAAP 和非 GAAP 稅率將在 20% 的低至中段範圍內。

Moving on to comp sales growth. As sales in our 2 lead growth markets have returned to roughly pre-pandemic levels, albeit with different customer patterns than before the pandemic, we are reverting to our quarterly sales reporting convention at this time and do not anticipate providing monthly comps going forward. And while we continue to see strength in average ticket, we expect it to moderate as customer mobility improves, and we anticipate store visitation frequency will start to normalize in the latter half of fiscal '21. Therefore, we expect a corresponding shift between the mix of traffic and ticket comp as we lap the depth of fiscal '20's pandemic impacts in Q3.

接下來分析同店銷售成長情形。儘管我們兩大主要成長市場的銷售額已基本恢復到疫情前的水平，但客戶模式與疫情前有所不同，因此我們目前恢復按季度發布銷售報告，並且預計未來將不再提供月度對比數據。雖然我們看到平均客單價持續走強，但隨著顧客出行便利性的提高，我們預計客單價將會放緩，並且我們預計到 2021 財年下半年，顧客到店消費頻率將開始趨於正常化。因此，我們預計隨著 2020 財年疫情影響在第三季逐漸消退，交通流量和票務組成將發生相應的變化。

As a reminder, our usual 1-year reported comps are expected to be outsized as we lap the significant negative comps from the effects of COVID-19 in fiscal '20, which began in late January in China, followed by the U.S. as we exited Q2. Consequently, until we lap fiscal '20's COVID-19-related impacts, we believe that our fiscal '21 comps should be assessed relative to pre-pandemic levels. Therefore, the 2-year comp growth rate will be more indicative of our underlying performance.

提醒一下，由於 2020 財年 COVID-19 疫情的影響導致同比數據大幅下降，我們通常的 1 年期報告同比數據預計會偏高。疫情於 1 月下旬在中國爆發，隨後在美國蔓延，我們在第二季末也受到了影響。因此，在徹底消除 2020 財年 COVID-19 相關影響之前，我們認為 2021 財年的業績比較應該以疫情前的水準為基準。因此，兩年的薪酬成長率更能反映我們實際的業績表現。

I want to underscore that the 2-year comps we are monitoring are not calculated on an additive basis, which yield distorted results when lapping large negative comps as the second year comp base is not comparable to the first year. Instead, we are calculating our 2-year comps on a multiplicative basis as described in today's earnings release.

我想強調的是，我們監測的兩年期比較數據並非按累加方式計算，因為第二年的比較基數與第一年不具有可比性，所以當合併較大的負值比較數據時會產生扭曲的結果。相反，我們將按照今天發布的收益報告中所述的乘法方式計算兩年的可比業績。

Finally, to be clear, except for the updates on revenue, EPS, margin and tax rates that I just provided, the remainder of our full year fiscal '21 guidance metrics are unchanged from what we communicated with our Q1 fiscal '21 quarterly earnings report.

最後，需要澄清的是，除了我剛才提供的有關收入、每股收益、利潤率和稅率的更新之外，我們 2021 財年全年業績指引指標的其餘部分與我們在 2021 財年第一季財報中公佈的內容相同。

To summarize, we are delighted that our U.S. business has fully recovered sales as we expected. While we may experience pandemic-related volatility until global herd immunity is attained, we have the protocols in place to respond in real time to ensure the health and safety of our customers and partners while continuing to operate the business. Our performance in Q2 demonstrates the relevance and success of our strategies, with operating margins above the levels of 2 years ago. Our cash position remains strong and we have meaningfully deleveraged our balance sheet this year by paying off debt maturities totaling nearly $1.7 billion, keeping us on track to approach our 3x leverage target by the end of this fiscal year.

總而言之，我們很高興美國業務的銷售額已如預期般全面恢復。儘管在實現全球群體免疫之前，我們可能會經歷與疫情相關的波動，但我們已經制定了相應的規程，可以即時應對，以確保客戶和合作夥伴的健康與安全，同時繼續開展業務。第二季的業績證明了我們策略的相關性和成功性，營業利潤率高於兩年前的水平。我們的現金狀況依然強勁，今年我們透過償還總額近 17 億美元的到期債務，大幅降低了資產負債表的槓桿率，使我們有望在本財年末實現 3 倍槓桿率的目標。

Going forward, I want to underscore that we have a clear set of actions underway to continue to drive comp growth and profitability as we move through the year. Importantly though, we will continue to invest in our business strategically with a long game mentality, taking decisive action to ensure that we are continuing to drive shareholder value long into the future.

展望未來，我想強調的是，我們已經制定了一系列明確的行動計劃，以在今年內繼續推動同店銷售成長和獲利能力提升。但重要的是，我們將繼續以長遠的策略眼光對我們的業務進行投資，採取果斷行動，以確保我們能夠持續為股東創造長期價值。

Now more than ever, we remain confident in the strength of our brand and the durability of our growth model, giving us continued confidence in the model shared at our 2020 Investor Day of delivering long-term double-digit EPS growth at scale, with another year of outsized EPS growth expected in fiscal 2022 as we lap this year's recovery curve.

現在，我們比以往任何時候都更加確信我們品牌的實力和成長模式的持久性，這讓我們對在 2020 年投資者日上分享的模式充滿信心，即實現長期兩位數的 EPS 規模增長，預計在 2022 財年，隨著我們超越今年的復甦曲線，EPS 將再次實現超額增長。

Once again, the real credit for our success goes to our more than 400,000 Green Apron partners worldwide who continue to go above and beyond to deliver an elevated Starbucks Experience. That experience, above all, fueled our growth this past quarter and will continue to be a competitive advantage in the future. Thank you.

再次重申，我們成功的真正功勞要歸功於全球超過 40 萬名綠色圍裙夥伴，他們不斷超越自我，為顧客提供卓越的星巴克體驗。正是這段經歷，推動了我們上個季度的成長，並將繼續成為我們未來的競爭優勢。謝謝。

And with that, Kevin and I are happy to take your questions, joined by Rossann Williams, Brady Brewer and John Culver, as Durga outlined at the top of the call. Thank you. Operator?

接下來，我和凱文很高興回答大家的問題，羅珊威廉斯、布雷迪布魯爾和約翰庫爾弗也將加入我們，正如杜爾加在電話會議開始時所概述的那樣。謝謝。操作員？

(Operator Instructions) Our first question comes from the line of John Glass with Morgan Stanley.

（操作說明）我們的第一個問題來自摩根士丹利的約翰‧格拉斯。

I hope you all are well. Could you just maybe just provide a little more color on the U.S. comps and the America's comps? I suspect it's a tale of 2 formats, right? The suburban drive-through is doing really well, the central business districts lagging, as you indicated. Has that gap begun to close? Have you seen any changes? Maybe you can just help amplify or sort of be more specific about the 2 comps and the components of it.

希望你們一切都好。能否再詳細介紹一下美國和美洲的比賽狀況？我懷疑這是兩種格式的故事，對吧？正如你所指出的，郊區的汽車餐廳生意非常好，而中心商業區的生意則比較落後。這一差距是否已經開始縮小？你發現有什麼改變嗎？或許您可以幫忙補充說明一下，或更具體地介紹一下這兩個組件及其組成部分。

Have you seen any change in the morning daypart? I know people had shifted to later in the day. Are you starting to see that more traditional morning rush come back in the business?

你覺得上午時段有變化嗎？我知道有些人已經把上班時間改到了當天晚些時候。你是否開始看到以往那種早高峰的客流高峰又回來了？

Yes, John, let me comment, and then I'll hand it over to Rachel for some more specifics on the numbers. But on your last part of the question, in terms of dayparts, we saw our 2-year comp growth in all dayparts. So we've seen that morning ritual return, and we've seen positive 2-year comps across those dayparts, which is a very, very positive sign.

好的，約翰，讓我先說幾句，然後我會把麥克風交給瑞秋，讓她提供一些關於數字的更具體資訊。但關於您問題的最後一部分，就時段而言，我們看到過去兩年所有時段的收視率都實現了增長。所以我們看到早晨的這種習慣又回來了，而且我們看到這些時段的兩年同期數據都呈現正面成長，這是一個非常非常正面的訊號。

One of the things that I've been monitoring is when you look at when the FDA announced emergency approval for the Pfizer vaccine on December 11 and then followed with Moderna on December 18 and then J&J on February 27, sort of mapping the actions taken by the FDA to announce availability of vaccines and correlated that back to watch what's happening in our stores day-to-day, and that action alone created this wave of optimism of, I think, consumers, customers being more mobile. Now they're still being cautious.

我一直在關注的一件事是，FDA 分別在 12 月 11 日、12 月 18 日和 2 月 27 日宣布緊急批准輝瑞疫苗、莫德納疫苗和強生疫苗。我觀察了 FDA 宣布疫苗上市的行動，並將這些行動與我們商店每天的情況進行了對比。我認為，光是這項行動就引發了一波樂觀情緒，消費者和顧客的出行意願也更高了。現在他們仍然保持謹慎。

But then certainly, as we saw the rate of vaccinations start to hit 3 million to 4 million vaccinations a day, you really start to see how this great human reconnection unfolds. And so we saw it unfold in all dayparts. And we still see stores in our dense metropolitan areas recovering slower. But I'd tell you the cafes with drive-throughs that we have are comping to more than make up for that.

但隨著疫苗接種率開始達到每天 300 萬到 400 萬劑，你會真正開始看到這種偉大的人類重新連結是如何展開的。於是，我們看到這種情況在一天中的所有時段都發生了。我們仍然看到，人口密集的大都會地區的商店復甦速度較慢。但我可以告訴你，我們這裡那些提供免下車服務的咖啡館，其收益足以彌補這一點。

We are seeing recovery though in those metropolitan areas. It's just -- I think that's going to take a little longer for businesses to bring employees back to work and sort of reshift those traffic patterns. But I think very, very positive progress on dayparts and continued progress in terms of both in dense metropolitan located stores. But I actually think the trade area transformation is unlocking a significantly positive upside for us. And so maybe Rachel, why don't you hit on the numbers? And then Rossann, I'll let you add other observations that you see from the U.S. perspective.

不過，我們看到這些大都會地區正在復甦。我認為，企業需要更長的時間才能讓員工重返工作崗位，並重新調整交通模式。但我認為在時段安排方面取得了非常非常積極的進展，而且在人口密集的都市區門店，這兩方面都持續取得了進展。但我認為貿易區的轉型實際上為我們釋放了巨大的正面潛力。所以瑞秋，你為什麼不試試這些數字呢？然後，Rossann，我請你從美國的角度補充一些你的看法。

Sure. Thank you, Kevin. What I would say is when you look at the comp in the U.S. business in the quarter at 9%, to be able to achieve a 9% comp, it really took growth across our overall portfolio. So the overall portfolio grew. Certainly, our stores in the more metro urban areas are still slower to recover but they improved greatly quarter-over-quarter. And of course, the outperformance in our drive-through. So we saw that across the board and across all dayparts, which give us confidence.

當然。謝謝你，凱文。我想說的是，如果你看一下美國業務本季 9% 的同店銷售額成長率，你會發現，要達到 9% 的同店銷售額成長率，確實需要我們整個業務組合的成長。因此，整體投資組合有所成長。當然，我們在大都市地區的門市復甦速度仍然較慢，但與上一季相比已經有了很大的改善。當然，還有我們得來速餐廳的出色表現。因此，我們看到這種情況普遍存在，並且在一天中的所有時段都是如此，這給了我們信心。

And to Kevin's point, what helped fuel that, particularly in our more metro areas and urban markets, was the trade area transformation where we're 71% -- about 70% complete with that effort today. As you might remember, we communicated we would close around 800 stores across Americas. And so as we've gone through that, we've been able to overall strengthen the portfolio as part of that effort. So that's playing into some of the recovery as well, as well as the overall mobility that's increased throughout the United States. And so with that, I'll turn it over to Rossann.

正如凱文所說，推動這一趨勢的因素，尤其是在我們的大都會區和城市市場，是貿易區轉型，目前我們已經完成了 71% 到 70% 的工作。您可能還記得，我們​​曾宣布將在美洲關閉約 800 家門市。因此，透過這個過程，我們得以全面加強投資組合。所以這也在某種程度上促進了經濟復甦，以及全美流動性的提升。那麼，接下來就交給羅珊了。

Thank you. The only thing I would add is the interruption of our customers' mobility really impacted our AM morning daypart. And that was the daypart that we're most concerned about recovery. Given then the morning daypart sales mix percent is largely recovered compared to pre-COVID levels, this means that as a percent of [tendered by] daypart, we are seeing the morning percent relatively in line with our pre-COVID trends. We expect this morning trend to sustain as things open back up and people return to the central business districts and the urban trade areas.

謝謝。我唯一要補充的是，客戶出行受阻確實對我們上午時段的業務造成了很大的影響。而我們最擔心的是這一時段的恢復情況。鑑於上午時段的銷售組合百分比已基本恢復到新冠疫情前的水平，這意味著，按時段劃分的百分比來看，上午時段的百分比與新冠疫情前的趨勢基本一致。我們預計，隨著各行各業重新開放，人們重返中央商務區和城市貿易區，今天早上的趨勢將會持續。

Interestingly though, we have seen that the peak daypart has actually moved slightly later in the morning from pre-COVID time of 7:30 to 9:30 a.m. to current times of around 8 a.m. to 10 a.m.

不過有趣的是，我們發現高峰時段實際上已經從新冠疫情前的早上 7:30 略微推遲到了早上 9:30。到目前早上8點左右的時間。至上午10點

Our next question comes from the line of Sharon Zackfia with William Blair.

我們的下一個問題來自莎朗·扎克菲亞和威廉·布萊爾的對話。

I guess I'm curious about the reiteration of the comp ranges for both the Americas and International. It kind of seems like you're ahead in Americas year-to-date and maybe a little bit on the lower end of International. Are you seeing something in the International business that gives you comfort that, that full year comp range is achievable?

我很好奇美洲和國際市場的薪資範圍是如何重新制定的。從目前來看，你在美洲地區的業績似乎領先，但在國際市場可能略微落後一些。您是否在國際業務中看到某些跡象，讓您確信全年薪酬目標能夠實現？

Rachel, why don't you take that and then I'll add to it?

瑞秋，你先拿著這個，我再補充一些。

Sure, Sharon. Thanks for the question. What I would say is China was having a good -- seeing good momentum before we entered into Q2. And then there was a resurgence of COVID that caused restrictions across travel, across actually our International markets impacting China, given this was an important period for a market in terms of holidays and the Chinese New Year.

當然可以，莎倫。謝謝你的提問。我想說的是，在進入第二季之前，中國經濟發展勢頭良好。然後，新冠疫情捲土重來，導致旅行受到限制，實際上影響了我們的國際市場，尤其是中國市場，因為這段時間對於中國市場來說是一個重要的時期，正值假期和中國新年期間。

And so as a result, we saw that cause mobility issues in the quarter, which impacted performance and impacted comp. As we saw some of the restrictions start to lift at the end of the quarter, we started to see momentum build, particularly in our key trade zones and key trade areas. For those reasons, we believe in the overall momentum in the market. And the brand continues to be strong, and we're continuing to see great growth in our digital platforms. We're connecting with customers in new and different ways. We continue to open significant amount of new stores. So our confidence in the market continues.

因此，我們看到這導致了本季的人員流動問題，影響了業績和薪酬。隨著季度末一些限制措施開始解除，我們開始看到成長勢頭增強，尤其是在我們的主要貿易區和主要貿易區域。基於以上原因，我們對市場整體發展動能充滿信心。品牌實力依然強勁，我們的數位平台也持續保持強勁成長。我們正在以全新且不同的方式與客戶建立聯繫。我們持續開設大量新店。因此，我們對市場的信心依然存在。

And because of that, we felt the comp range was appropriate. There's a lot of volatility in our comps overall. And so for that reason, we kept comp guidance in line with the ranges we had provided previously. That allows us to be able to keep that level of volatility uncertainty within that range as we find our customers continue to return to our business. And until our customers have a more routine activity overall, and we see more return to normal patterns, we think that range is appropriate.

正因如此，我們認為該補償範圍是適當的。我們的同業比較數據整體波動性很大。因此，出於這個原因，我們保持了薪酬預期與我們先前提供的範圍一致。這樣一來，隨著客戶不斷回歸我們的業務，我們就能將這種波動性的不確定性控制在一定範圍內。在我們的客戶整體上恢復正常活動，並且我們看到更多恢復正常模式之前，我們認為這個範圍是合適的。

Yes. And I'll just add, Sharon, I think clearly, the key is vaccination progress in every country around the world. And one of the things that we've done is we saw vaccination progress, progress very well across the United States and the strong performance we had in the United States. We're now using our Deep Brew AI technology to start to monitor and look at the vaccination progress of every country around the world and use predictive analytics to give us a view and correlation to how that's going to pace the recovery and the acceleration of our growth in International business.

是的。我還要補充一點，莎倫，我認為很明顯，關鍵在於世界各國疫苗接種的進展。我們所取得的成就之一是，我們看到了疫苗接種的進展，全美各地的疫苗接種進展非常順利，我們在美國取得了強勁的成績。我們現在正在使用我們的 Deep Brew AI 技術來監測和查看世界各國的疫苗接種進展，並利用預測分析來了解這將如何影響我們國際業務的復甦和成長速度。

Clearly, this quarter, we had some COVID-related restrictions in many countries in Europe, certainly in Japan and China. And so that had an impact there. But when you look at the progress we're making on vaccinations, certainly in the U.S., that's a proxy for what's going to happen around the world. And with vaccine manufacturing ramping up and more vaccine available to international markets, I think we're going to see a good result. John Culver?

顯然，本季歐洲許多國家都實施了一些與新冠疫情相關的限制措施，日本和中國的情況尤其如此。所以這件事對那裡產生了影響。但看看我們在疫苗接種方面取得的進展，尤其是在美國，這可以作為世界各地疫苗接種進展的參考指標。隨著疫苗生產規模的擴大和更多疫苗進入國際市場，我認為我們會看到好的結果。約翰·庫爾弗？

Yes. And Sharon, what I would just add is, first and foremost, is the optimism that we have that as these restrictions are lifted and customers become more mobile, that our business quickly returns to normal operating levels. We saw that in China in the first quarter and early into the second quarter. We saw that in Japan as restrictions were lifted last year. We're seeing that now in Mexico as restrictions have been lifted and vaccinations have improved. We're also optimistic for the U.K. as openings occur in the U.K. and vaccination levels approach over 50%. So all indications are that we're very confident with the comp guidance that we've provided from an International perspective.

是的。Sharon，我還要補充一點，首先也是最重要的是，我們樂觀地認為，隨著這些限制的解除和顧客出行量的增加，我們的業務將很快恢復到正常的營運水準。我們在中國第一季和第二季初就看到了這種情況。去年日本解除限制措施後，我們看到了這種情況。現在墨西哥的情況正是如此，隨著限制措施的解除和疫苗接種情況的改善。隨著英國逐步開放，疫苗接種率接近 50% 以上，我們對英國的前景也持樂觀態度。因此，種種跡象表明，我們對從國際角度提供的比較指導非常有信心。

And to add further to that, we continue to make major investments in our digital footprint and in new stores, so that when these markets open back up to full mobility, that we are in a position to accelerate our growth and move much faster.

此外，我們還將繼續增加對數位化佈局和新店的投資，以便在這些市場全面恢復正常營運時，我們能夠加速成長，發展速度更快。

Our next question comes from the line of John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的約翰·伊万科。

There's obviously a lot of discussion about the labor market in general in the United States. I mean, there seems to be increased mobility in 2021 in terms of the workforce and also paying higher prices for the workforce. Could you comment just in terms of anything on the partners? That would be insightful, anything that you're doing new over the next, I guess, 9 or 12 months in terms of attracting and retaining and just what your overall retention is at this point?

顯然，美國目前有很多關於勞動市場的討論。我的意思是，2021年勞動力流動性似乎增加，而且勞動成本也更高了。您能否就合作夥伴方面發表一些看法？那將非常有見地，在接下來的9到12個月裡，你們在吸引和留住人才方面有什麼新的舉措嗎？你們目前的整體員工留存率是多少？

Yes. Thanks for the question. Let me sort of summarize kind of my view at a high level and then I'll hand over to Rossann. But yes, first of all, it's important to ground ourselves in what we've done for our partners over this last year. Keep in mind, a year ago, the extreme lockdowns that we had in the U.S., we decided to give our partners economic certainty through that period. We did not do any involuntary layoffs or furloughs. We paid our partners whether they came to work or stayed home. We increased the benefits that we gave them for COVID-related health benefits, mental wellness benefits, parental care benefits, childcare benefits.

是的。謝謝你的提問。讓我先概括一下我的看法，然後把麥克風交給羅珊。但是，首先，我們必須回顧過去一年我們為合作夥伴所做的一切。請記住，一年前，美國經歷了極端封鎖，我們決定在那段時期為我們的合作夥伴提供經濟確定性。我們沒有進行任何非自願裁員或停薪留職。無論員工來上班還是待在家，我們都會支付他們薪水。我們增加了給予他們的與新冠疫情相關的健康福利、心理健康福利、育兒福利和兒童照顧福利。

We took care of our partners through this pandemic. And as a result, our partners have risen to the occasion. Certainly, as we came out of this pandemic, we made a significant investment, an increase of wage that went into effect in December. And partners have applauded that. And so we're in a position right now where I think our partners appreciate what we've done, and we have great respect and appreciation for our partners.

在這場疫情期間，我們始終照顧著我們的合作夥伴。因此，我們的合作夥伴不負眾望。當然，隨著我們走出這場疫情，我們進行了一項重大投資，提高了工資，該措施已於 12 月生效。合作夥伴對此表示讚賞。因此，我認為我們現在所處的位置是，我們的合作夥伴很欣賞我們所做的一切，我們也對我們的合作夥伴充滿尊重和感激。

So unlike what I've read about from other companies, we -- our retention numbers are good. Our partners' energy and spirit is high. And so I don't anticipate us having challenges when it comes to having our partners show up and be in a position to create a great customer experience in every store around the world.

所以，與我從其他公司了解到的情況不同，我們的員工留存率很好。我們的合作夥伴精神飽滿，活力充沛。因此，我預計我們在確保合作夥伴到場並在全球每家門市創造卓越的客戶體驗方面不會遇到挑戰。

Now before I hand over to Rossann, I do want to comment though, in some areas in supply chain, let's take in distribution where store deliveries. Now some of our partners who run the store deliveries are from our customer distribution centers to stores, they've struggled a bit having -- being able to hire and staff to meet the demand that we have and to get enough people. So we are working with them. So I do anticipate we'll do a little bit more to invest and help our supply chain partners, whether it's staff that they need in manufacturing or staffing they need for distribution and transportation. But when it comes to Starbucks, I think we're in a very solid position. Rossann?

在把麥克風交給 Rossann 之前，我想先評論一下供應鏈的某些環節，例如配送環節，包括商店送貨。現在，我們的一些合作夥伴負責將貨物從我們的客戶配送中心運送到門店，他們在招聘和配備人員以滿足我們的需求以及獲得足夠的人手方面遇到了一些困難。所以我們正在與他們合作。因此，我預計我們將加大投入，幫助我們的供應鏈合作夥伴，無論是他們在製造方面需要的員工，還是他們在分銷和運輸方面需要的員工。但就星巴克而言，我認為我們處於非常穩固的地位。羅珊？

What I would add to that is currently, in certain markets at certain times, we are experiencing some labor shortages but it is not a widespread issue at this time. And as Kevin said, we've invested ahead of the curve with our industry-leading benefits and total pay approach, and I feel confident that we will continue to make the necessary investments required to remain a premium employer of choice. Now we will obviously continue to watch this very closely over the next few months unfold to ensure that we are continuing at operating stores in a way that can keep up with customer demand.

我想補充的是，目前在某些市場、某些時期，我們確實遇到了一些勞動力短缺的問題，但這目前還不是一個普遍的問題。正如凱文所說，我們在業界領先的福利和整體薪酬方案方面進行了前瞻性的投資，我相信我們將繼續進行必要的投資，以保持我們作為首選優質雇主的地位。接下來幾個月，我們顯然會繼續密切關注事態發展，以確保我們能夠繼續以滿足客戶需求的方式經營門市。

And I would just add to that, too, is as we've invested meaningfully in our partners, we've still been able to drive our margin. And as we look at the back half of the year, we've indicated that our margin will lag our sales recovery by about 2 quarters. And a key component of that is that we're going to continue to invest in our partners as well as equipment and other things to be able to unlock the demand that we have.

我還要補充一點，儘管我們對合作夥伴進行了大量投資，但我們仍然能夠提高利潤率。展望下半年，我們已經指出，我們的利潤率將比銷售額的復甦滯後約兩個季度。其中一個關鍵因素是我們將繼續投資於我們的合作夥伴、設備和其他方面，以便釋放我們所擁有的需求。

And that's an important note to remind, it doesn't -- it means we're still going to see strengthening in our business, we'll strengthen as we move throughout the quarters. But I just want to highlight that, that investment continues to be part of why we're guiding our margins the way we are. And it does include inflationary components as we open up the economy and as we move through some of these stages as well.

這一點需要特別提醒，這並不意味著——這意味著我們的業務仍將繼續增強，隨著季度的推進，我們的業務將會不斷增強。但我只想強調一點，這項投資仍是我們目前利潤率控制方式的原因之一。而且，隨著我們開放經濟並逐步進入某些階段，其中也包含通貨膨脹因素。

Our next question comes from the line of David Tarantino with Robert W. Blair.

我們的下一個問題來自大衛·塔倫蒂諾和羅伯特·W·布萊爾的對話。

Rachel, I have a couple of questions about your guidance commentary. The first is, I think the first half's performance overperformed your ranges by -- on the order of something like $0.20 in EPS, and that is the amount of the guidance raise. But it sounds like there's also some tax benefit towards the end of the year that's in there. So I was just wondering if you could clarify if there's any offsets we should consider on why the guidance range didn't go up by more than it did. I think that's my first question.

瑞秋，關於你的指導意見，我有幾個問題。首先，我認為上半年的業績超出了你們的預期範圍——每股收益大約超出 0.20 美元，這也是你們上調業績指引的幅度。但聽起來年底還有一些稅優。所以我想問一下，您能否解釋一下，是否有任何需要考慮的因素，導致導引範圍沒有增加更多？我想這是我的第一個問題。

And the second question is at the Investor Day in December, I think the company laid out plans for 20% type EPS growth or 20%-plus off of the 2021 base. And I was wondering if that type of growth is still in play as you think about next year, given the overperformance that you're seeing this year.

第二個問題是，在 12 月的投資者日上，我認為該公司製定了計劃，預計每股收益將增長 20%，或在 2021 年的基礎上增長 20% 以上。我想知道，鑑於今年的出色表現，展望明年，這種成長動能是否依然能夠維持。

Sure. Thank you, David. Thanks for the question. What I would say is we felt confident in being able to raise our guidance on EPS for the full year. And of course, a big driver of that is our overdelivery and our outperformance in the first 2 quarters. But as I've mentioned, we expect that our margin is going to lag our sales recovery over the next couple of quarters. So we'll lag our sales recovery.

當然。謝謝你，大衛。謝謝你的提問。我想說的是，我們有信心上調全年每股收益預期。當然，這很大程度上是因為我們在前兩個季度超額完成任務並取得了優異的業績。但正如我之前提到的，我們預計未來幾季我們的利潤率將落後於銷售額的復甦。因此，我們的銷售復甦將會落後。

And some drivers of that are, we won't see the onetime benefit that we had from the government subsidies that we had in Q2. So we won't have that. We'll start to see our ticket moderate. We still believe that we'll have a slightly elevated ticket as we continue to drive food attach and premiumization of our products as well as shifting customers into cold platforms. But we will see our ticket moderate, which will impact our margin.

造成這種情況的部分原因是，我們將無法再像第二季一樣獲得政府補貼帶來的一次性利益。所以我們不會那樣做。我們將開始看到票價趨於平穩。我們仍然相信，隨著我們繼續推動食品附加價值和產品高端化，並將客戶轉移到冷食平台，我們的客單價會略有上漲。但我們的票價將會趨於平穩，這將影響我們的利潤率。

In addition to that, as I mentioned, we're going to continue to invest in our business. It's critically important as we think about how we unlock the back half of the year and how -- and we continue to grow and meet the demand. So we're going to have to continue to invest in partners, continue to invest in technology and equipment in our stores. And finally, there's an inflationary component in there as well. So when you put that together, that's what really drives our guidance.

除此之外，正如我之前提到的，我們將繼續投資我們的業務。這一點至關重要，因為我們需要考慮如何開啟下半年的業務，以及如何繼續發展並滿足市場需求。因此，我們將繼續投資於合作夥伴，繼續投資於我們門市的科技和設備。最後，其中還包含通貨膨脹因素。所以，把這些因素綜合起來，就構成了我們指引的真正依據。

Now what I would say is we would expect to exit Q4, so we'll strengthen, from a margin perspective, throughout the quarters, but we would expect to exit Q4 approaching the 18% to 19% guidance range that we gave at Investor Day for the long term. So that will show you how the -- how our EPS will essentially strengthen with that margin.

現在我想說的是，我們預計第四季度末，從利潤率的角度來看，我們將在整個季度中穩步提升，但我們預計第四季度末的利潤率將接近我們在投資者日上給出的長期指導目標 18% 至 19% 的範圍。這樣就能向你展示，隨著利潤率的提高，我們的每股盈餘將如何顯著增強。

And what I can say in terms of next year, we don't provide guidance for next year but what we've already provided, but I would say you can still expect outside performance in line with that approximately 20% as we had previously guided.

至於明年，我們不會提供明年的業績指引，但正如我們之前所指引的，你們仍然可以期待業績超出預期，達到大約 20%。

Great. And Rachel, the government subsidy, forgive me if I missed this, but what was the magnitude of that and where does that fall in the P&L?

偉大的。瑞秋，政府補貼，如果我錯過了請原諒，但補貼金額有多大？它在損益表中處於什麼位置？

What I would say is when you think about our overperformance in Q2, so if you think about versus guidance, the fact that we overperformed Q2, the 2 drivers of that is in the Americas segment and it's the government subsidies, so the onetime government subsidies as well as the better-than-expected recovery. And I would say, fairly equal in nature.

我想說的是，如果你考慮到我們第二季度的超額業績，也就是與預期相比，我們第二季度業績超額完成這一事實，主要有兩個驅動因素：一是美洲地區的業務，二是政府補貼，即一次性政府補貼，以及好於預期的複蘇。而且我認為，它們性質相當接近。

Our next question comes from the line of Sara Senatore with Bernstein.

我們的下一個問題來自 Sara Senatore 與 Bernstein 的對話。

Just, I guess, a question about the closures and the store, how you're shifting it. One is, do you have any sense of what the sales transfer might have been from closed stores to the ones that have remained open? I know there are lots of puts and takes now, but just trying to figure out if there was any benefit to the system in terms of same-store sales from closing some of these underperforming stores.

我想問一個關於關店和店鋪營運的問題，你們是如何調整的。其中一個問題是，您是否了解從已關閉的門市到仍在營業的門市的銷售轉移？我知道現在有很多爭論，但我只是想弄清楚，關閉一些業績不佳的門市是否對同店銷售額有任何好處。

And likewise, you've given a lot of color on investments in the business and that lag between top line and margin. But is there a -- my sense is that the restaurant-level margins at drive-throughs is actually higher than sort of some of the traditional stores. So I would have thought that might be a tailwind as well as you kind of trend the store-based transformation. So just those 2 kind of questions on the face of the store-based sales transfer and then margin differentials.

同樣，您也詳細描述了公司投資情況以及營收與利潤率之間的滯後現象。但是，我的感覺是，得來速餐廳的利潤率實際上比一些傳統商店要高。所以我認為這可能也是一個順風，因為你在某種程度上推動了以商店為基礎的轉型。所以，就門市銷售轉移和利潤差異這兩個問題而言，就只有這兩個問題了。

Yes. Sara, thanks for the question. Let me comment then I'll hand it over to Rachel. As you recall, we sort of outlined the fact that we're going to reposition 800 stores in North America this year. We're about 70% through the closures of that. But it's also important to note that approximately 200 of those new stores have been built and reopened, so we're also in the process of fulfilling the repositioning aspect of that.

是的。薩拉，謝謝你的提問。我先說幾句，然後把麥克風交給瑞秋。您可能還記得，我們​​之前已經大致宣布，今年我們將對北美地區的 800 家門市進行重新定位。我們已經完成了大約70%的關閉工作。但同樣重要的是，其中大約有 200 家新店已經建成並重新開業，因此我們也正在完成重新定位方面的工作。

I think that's boding very well for us because it's actually helping us improve the customer experience by having the right store, in the right location, with the right format for customers. And we're on track to complete that as we go through the fiscal year. And I think that's one of the things that's going to set us up and help us in fiscal year '22, kind of going back to David's question about the outsized EPS growth that we look for in fiscal '22. Rachel, do you want to add some more for Sara in terms of sales transfer, yes?

我認為這對我們來說是個好兆頭，因為它實際上有助於我們透過在合適的地點開設合適的商店，採用合適的形式來改善客戶體驗。我們正按計畫推進，爭取在本財年內完成這項任務。我認為這是能夠幫助我們在 2022 財年取得成功的事情之一，也算是回到了 David 提出的關於我們在 2022 財年所期待的超大 EPS 增長的問題。瑞秋，你還要為薩拉的銷售轉移工作補充一些內容嗎？

Thank you, Kevin, and thank you, Sara, for the question. What I would say is from a trade area transformation perspective, if you think about the Americas segment, in my prepared remarks, I talked about the fact that Americas saw about a 550 basis point improvement on margin in the quarter. A driver of that was trade area transformation.

謝謝凱文，也謝謝薩拉提出的問題。我想說的是，從貿易區轉型的角度來看，如果你考慮美洲地區，我在準備好的發言稿中提到，美洲地區本季的利潤率提高了約 550 個基點。其中一個驅動因素是貿易區域的轉型。

And so what we've seen is what we, I think, outlined in Q2 -- or excuse me, in Q1 of this year is that on a full year basis, at the enterprise level, trade area transformation would be a benefit to margin of about 40 basis points. We saw significant improvement in Q2, and that will still align with approximately 40 basis points on the full year at the enterprise level. But that trade area transformation was a contributing factor to part of the success of the Americas segment in the quarter.

因此，我們看到的情況正如我們在今年第二季度（或抱歉，應該是第一季）概述的那樣，從全年來看，在企業層面，貿易區轉型將使利潤率提高約 40 個基點。第二季我們看到了顯著的改善，與全年企業層級相比，仍將達到約 40 個基點。但貿易區域的轉型是美洲業務部門本季成功的促成因素。

And then in terms of the investments that I talked about, certainly, the investments that I've been talking about are across all stores. Largely our drive-throughs as we're trying to -- as we're focusing on unlocking capacity and being able to accommodate the demand but it also relates to our cafes as well. But of course, more predominantly, [drive-throughs concepts] where we're seeing the majority of our demand currently.

至於我剛才提到的投資，當然，我所說的投資涵蓋所有門市。主要是我們的得來速餐廳，因為我們正在努力釋放產能，以滿足需求，但這同時也與我們的咖啡館有關。當然，目前我們看到的大部分需求還是來自[得來速餐廳]。

And as you might recall, at our Investor Day, we actually increased our comp guidance based on what we have seen from the investments we've been doing. So our comp guidance previously had been in the 3% to 4% range. We increased it to 4% to 5% based on these investments that we're making. And so the fact that these investments are starting to unlock productivity and we're seeing the margin benefit from those, we were able to show, on a long-term basis, that will increase comp and then subsequently increase our margin, allow us to continue to expand our margin and support our EPS growth for the longer term. So that's where you're seeing some of the tailwinds as we make these investments in the near term.

您可能還記得，在我們的投資者日上，我們根據我們所進行的投資項目的情況，提高了薪酬預期。因此，我們先前的同業成長預期在 3% 到 4% 之間。基於我們正在進行的這些投資，我們將比例提高到 4% 到 5%。因此，這些投資開始釋放生產力，並且我們看到了由此帶來的利潤率收益，我們能夠證明，從長遠來看，這將提高同業價格，進而提高我們的利潤率，使我們能夠繼續擴大利潤率，並支持我們長期的每股收益成長。所以，這就是我們在短期內進行這些投資所面臨的一些有利因素。

Our next question comes from the line of David Palmer with Evercore ISI. All right. At this time, there is no response from Mr. Palmer. Their question has been withdrawn, and we'll proceed to the next question in queue. Our next question comes from the line of Jeffrey Bernstein with Barclays.

我們的下一個問題來自 Evercore ISI 的 David Palmer。好的。目前尚未收到帕爾默先生的回應。他們的問題已被撤回，我們將繼續處理隊列中的下一個問題。我們的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Just one question on the My Starbucks Rewards program. I think you mentioned that it's right just over 50% of the U.S. company-operated sales from what I think are now 23 million members. And that 23 million number feels like it's, I think based on what you last commented on maybe a year or so ago, that you have 80 million or 90 million total addressable customers that you service. So it seems like 23 million number spending clearly outsized relative to the average. So I'm just wondering what are the initiatives at this point? It seems like you're still growing that program double digits from a percentage basis, but what are the biggest initiatives to further ramp up that 23 million member base over the next 12 to 24 months?

關於星巴克會員獎勵計劃，我有一個問題。我想你有提到過，這沒錯，美國公司自營銷售額的 50% 以上來自我認為現在擁有 2,300 萬會員的公司。而根據你大約一年前發表的評論來看，我覺得 2300 萬這個數字意味著你服務的潛在客戶總數有 8000 萬或 9000 萬。因此，2300萬這個數字的消費額似乎明顯高於平均值。所以我想知道目前有哪些措施？從百分比來看，你們的計畫似乎仍在以兩位數的速度成長，但在接下來的 12 到 24 個月裡，為了進一步擴大 2,300 萬會員基礎，你們最重要的舉措是什麼？

Jeffrey, thanks for the question. I'm going to hand it over to Brady Brewer, our Chief Marketing Officer, who leads our program there. Brady?

傑弗裡，謝謝你的提問。我將把這個主題交給我們的首席行銷長布雷迪·布魯爾，他負責領導我們在那裡的專案。布雷迪？

Great. Thanks for the question, Jeffrey. We see a lot of opportunity with our Rewards program. It is 52% of total sales in the U.S. And as you heard, we added 1 million new active members just in the last quarter alone. That was on top of the 1 million in the quarter before. And there are a few things that we're doing. One is we want to know as many customers as we possibly can. We want to personalize their experience and we want to make the experience effortless.

偉大的。謝謝你的提問，傑弗裡。我們看到了獎勵計劃的巨大潛力。這占美國總銷售額的 52%。而且正如你所聽到的，僅在上個季度，我們就新增了 100 萬活躍會員。這還不包括上一季的100萬。我們正在做一些事情。第一，我們希望盡可能多了解客戶。我們希望為他們提供個人化的體驗，並讓他們的體驗輕鬆便捷。

And so effortless means things like mobile order, curbside, delivery. And we've looked at things like Stars for Everyone, which you've heard us launch about 6 months ago. Trying to lower the barrier to entry so that customers can get the benefits of the program and experience the incentives and the personalized experience they get through the program. And it's through those efforts that we are attracting more customers into the program.

因此，便利性意味著手機下單、路邊取貨、送貨上門等服務。我們也研究了像「人人有星」這樣的項目，你們大概在6個月前聽說我們推出了這個項目。努力降低准入門檻，以便客戶能夠享受該計劃帶來的好處，體驗到該計劃提供的獎勵和個人化體驗。正是透過這些努力，我們吸引了更多客戶加入該計畫。

SFE specifically was a program that we launched to make it easier to join and to make purchases in the program with the pay-as-you-go option. So lowering those barriers to entry, reaching as many people with the program and then ensuring that the incentives and the services that are attached to that program to make the experience personalized and effortless. That's how we're growing the program. And we've seen just tremendous results, obviously, over the last 6 months with those programs, attracting new members and seeing them activate.

SFE 是我們推出的一個項目，旨在讓用戶更容易加入該項目，並透過按需付費選項在項目中購買。因此，要降低准入門檻，讓更多人參與該計劃，並確保與該計劃相關的激勵措施和服務能夠使體驗個性化且輕鬆便捷。我們就是這樣發展這個計畫的。顯然，在過去的 6 個月裡，這些計畫取得了巨大的成果，吸引了新成員並讓他們積極參與。

Thanks, Brady. Jeffrey, I'll just add to Brady's comments. I think Brady and team have done a great job growing our -- keep in mind, these are 90-day active Rewards members so they are active members. When we were at about 20 million active -- 90-day active reward members, we had this conversation with the team that said, look, I believe we have an opportunity to double that number. I'm not going to give a time frame, it might take a couple of years, but double that number.

謝謝你，布雷迪。傑弗裡，我只想補充一下布雷迪的評論。我認為 Brady 和他的團隊在發展我們的會員方面做得非常出色——請記住，這些都是活躍會員，他們至少活躍了 90 天。當我們擁有大約 2000 萬活躍會員（90 天活躍獎勵會員）時，我們和團隊進行了一次談話，我說，你看，我相信我們有機會將這個數字翻一番。我不打算給出具體時間，可能需要幾年時間，但至少要翻倍。

And in doing that, we've now started to apply some very creative and very thoughtful ways to get under the data that we have about customers so that we can -- even if they're non-Rewards customers so that we can better serve them and start to personalize offers and personalize the experience for them. And so working with technology companies that have machine learning algorithms, companies like the Amperity, [Bridge], they've been able to help us continue to advance this.

因此，我們現在開始運用一些非常有創意和非常周全的方法來深入了解我們擁有的客戶數據，以便我們能夠——即使他們不是獎勵計劃的客戶——更好地為他們服務，並開始為他們提供個性化的優惠和體驗。因此，與擁有機器學習演算法的科技公司（例如 Amperity 和 Bridge）合作，幫助我們繼續推進這項工作。

So I think we've got a great set of features and initiatives that enhance the customer experience and how they want to use that mobile app to personalize that customer experience in ways that are relevant to them and for us to find new ways to reach out to non-Rewards customers and start to personalize our engagement with them to bring them into becoming Rewards customers. And so we're going to think very broadly about this over the long term. And I'm optimistic that we're doing some things that are very creative, and it's just going to take some time.

所以我認為我們擁有一系列很棒的功能和舉措，可以提升客戶體驗，並滿足他們使用行動應用程式以個人化方式使用客戶體驗的需求，同時我們也需要找到新的方式來接觸非獎勵客戶，並開始個性化我們與他們的互動，從而將他們轉化為獎勵客戶。因此，我們將從長遠角度對此進行非常廣泛的思考。我很樂觀，我們正在做一些非常有創意的事情，只是需要一些時間。

Doubling that 20 million is an incredible goal so I look forward to progress on that.

將2000萬翻倍是一個了不起的目標，我期待在這方面取得進展。

All right. Write that down.

好的。記下來。

Our next question comes from the line of Andrew Charles with Cowen.

我們的下一個問題來自 Andrew Charles 與 Cowen 的對話。

Just following up on the MSR program. I mean, it's just very encouraging that obviously, you had 3.5 million more active members today versus pre COVID-19. And just kind of 2 questions on the progress of this. First, who are these new members that you're finding? Are they skewing younger? Are they skewing to less penetrated areas in the country like the south?

跟進一下MSR計畫的狀況。我的意思是，很明顯，與新冠疫情爆發前相比，你們現在的活躍會員人數增加了 350 萬，這非常令人鼓舞。關於這項工作的進展，我還有兩點疑問。首先，你找到的這些新成員是誰？他們的使用者群體是否趨於年輕化？他們是否傾向於選擇滲透率較低的地區，例如南部地區？

And then second, I know it's early days but can you observe that trajectory of their behavior such that they seem likely to visit and spend in line with that 3x average versus nonmembers that you've historically observed?

其次，我知道現在下結論還為時過早，但您能否觀察一下他們的行為軌跡，看看他們是否會像您過去觀察到的那樣，以平均 3 倍於非會員的水平來訪和消費？

Great questions. Brady?

問得好。布雷迪？

Yes. The program has been very strong at attracting our high-frequency customers, and so we have a large proportion of high-frequency customers in the program today. And given the incentives of the program lowering those barriers to entry, we are seeing a significant number of more occasional or lower-frequency customers joining in the program these days. That's helping continue to support that 2 to 3x average versus the non-SR customer in terms of frequency.

是的。該計劃在吸引高頻客戶方面非常有效，因此目前該計劃中高頻客戶的比例很高。鑑於該計劃降低了准入門檻，我們看到如今有大量偶爾或低頻用戶加入該計劃。這有助於繼續保持與非 SR 客戶相比，SR 客戶在服務頻率方面平均高出 2 到 3 倍。

We still see that high frequency overall for the program. But what's great about seeing those occasional customers join is that we also see that significant lift in frequency and spend from those members just as we do from the high-frequency members that join. So we see tremendous opportunity in bringing that occasional customer into the program, providing them with a great experience, great incentives and experiences that drive their frequency over time. So we see that as a continued opportunity. We see a lot of runway there, as Kevin said, and we'll continue to press on that for the months and years to come.

我們仍然看到該節目整體上保持著很高的播出頻率。但令人欣喜的是，我們看到這些偶爾光顧的顧客也像高頻顧客一樣，在消費頻率和消費額方面取得了顯著提升。因此，我們看到了巨大的機會，可以將偶爾光顧的顧客納入該計劃，為他們提供良好的體驗、豐厚的獎勵和各種體驗，從而隨著時間的推移提高他們的光顧頻率。所以我們認為這是一個持續的機會。正如凱文所說，我們看到了很大的發展空間，我們將在未來的幾個月和幾年裡繼續朝著這個方向努力。

Our next question comes from the line of Nicole Miller with Piper Jaffray.

我們的下一個問題來自妮可·米勒和派珀·傑弗裡。

I know this is going to sound a little out of sequence and all this number stuff is super important, but obviously, the team and the transition, I think, is equally important. And Rachel, I wanted to ask you last time but we ran out of time. You're just in such a unique perspective in your role. I would -- I don't know if I'll get this right, but kind of growing up at Starbucks, going away. So curious like what did you learn? You come back, the impression that you're going to make? And really, just curious like how has the first few months in this role been for you?

我知道這聽起來有點本末倒置，而且所有這些數字都非常重要，但顯然，我認為團隊和過渡同樣重要。瑞秋，上次我想問你，但時間不夠了。你的角色賦予了你非常獨特的視角。我會——我不知道我能不能表達清楚，但有點像是在星巴克長大，然後離開。很好奇你學到了什麼？你回來後，會給人怎樣的印象？我很好奇，你擔任這個職位的前幾個月感覺如何？

Well, thank you, Nicole, for the question. I appreciate it. What I would say is Starbucks is such a powerful brand. I think you see that globally, but as a person who's worked at the company, you feel it. And so that's, I think, what, for somebody who's been at the company and left and come back, that is the -- that's the force is really what the brand means and it's less about the symbol but it's more about the people behind it. And there's just an incredible group of people that you work with, partners. And it's hard to replicate that.

謝謝你的提問，妮可。謝謝。我想說的是，星巴克是一個非常強大的品牌。我認為這種現像在全球範圍內都存在，但作為在該公司工作過的人，你會深切感受到這一點。所以，我認為，對於那些曾經在公司工作過、離開過、又回來的人來說，這就是——這就是品牌真正的意義所在，它與其說是關於符號，不如說是關於符號背後的人。而且，你的合作夥伴們都是一群非常了不起的人。而且很難複製這種效果。

And so from my perspective, that is the draw. As a customer because I'm a customer, too, and I always have been, is I feel that when I'm in my store, and I think that resonates when you're part of the company and even in the corporate office. So I think that's a unique advantage of being part of a company like Starbucks.

所以從我的角度來看，這就是它的吸引力。身為顧客（因為我也是顧客，而且我一直都是），當我在店裡的時候，我能感受到這一點。我認為，當你身處公司，甚至在公司總部工作時，這種感受也會產生共鳴。所以我認為這是成為像星巴克這樣的公司的一員的獨特優勢。

And what I can say is it's incredible to have watched the growth from the company over the years and to be in a position where I get to work with such an incredibly talented group of leaders to help shape the future of this growth. I think it's an enviable position but it's humbling at the same time. And so I feel grateful for the opportunity. But I appreciate the question.

我可以說，能夠見證公司這些年來的發展壯大，並且能夠與這樣一群才華橫溢的領導一起塑造公司未來的發展，真是令人難以置信。我認為這是一個令人羨慕的地位，但同時也讓人感到自身的渺小。因此，我對這個機會心存感激。但我很感謝你的提問。

Our next question comes from the line of Brian Bittner with Oppenheimer.

我們的下一個問題來自布萊恩·比特納和奧本海默的連線。

Kevin, I know that you are bullish on coffee demand trends in general in the U.S. and the ability for the market to grow at a favorable CAGR moving forward. Is there a way to possibly perhaps frame up this market share grab opportunity that could unfold in the U.S. as we storm out of COVID? I obviously realize you're laser-focused on your own idiosyncratic drivers, but do you have any data or insights to frame up how your market share is trending or insights into the competitive supply situation going on around you, particularly maybe in your urban trade areas?

凱文，我知道你總體上看好美國咖啡需求趨勢，並認為該市場未來能夠以有利的複合年增長率成長。有沒有辦法把握住美國在擺脫新冠疫情後可能出現的搶佔市場份額的機會？我當然知道您非常關注您自身獨特的驅動因素，但是您是否有任何數據或見解來描述您的市場份額趨勢，或者您周圍（特別是您的城市貿易區）的競爭供應情況？

Yes. Brian, let me just start with kind of how I think about the share position that Starbucks has and how that's unfolding through this pandemic and as we emerge from it. I think a couple of thoughts. The thing that we have that's the most measurable is, on a quarterly basis, is looking at sales of the Starbucks coffee down the aisle at CPG, and coffee, whether it's roasted ground coffee, single-serve or ready-to-drink beverages.

是的。布萊恩，讓我先談談我對星巴克市場份額的看法，以及它在疫情期間和疫情結束後的發展情況。我想到幾點。我們最容易衡量的指標是，按季度統計CPG貨架上星巴克咖啡的銷量，以及各種咖啡的銷量，無論是烘焙研磨咖啡、單杯咖啡還是即飲咖啡。

And what we've seen is consistent share gains through this pandemic and even into this quarter. I mean, the ready-to-drink share that we gained both in the U.S. and China is significant. The Global Coffee Alliance with Nestlé has now taken us from fundamentally 2 markets to over how many markets?

我們看到的是，在疫情期間乃至本季度，市佔率都持續成長。我的意思是，我們在美國和中國獲得的即飲飲料市場份額非常可觀。與雀巢的全球咖啡聯盟現在已經將我們的市場從最初的2個擴展到了超過多少個市場？

71.

71.

71 markets around the world. And just take North America, a big market. North America, our growth -- revenue growth was 8%, where the category declined. John, why don't you comment on that? And then let me go back to specialty coffee and retail.

全球71個市場。就拿北美這個大市場來說吧。北美地區，我們的成長——收入成長了 8%，而該類別卻出現了下滑。約翰，你為什麼不對此發表評論呢？然後讓我回到精品咖啡和零售業去吧。

Yes. What I would say, Brian, is it's a holistic strategy on how we capture the consumer and attract them into the Starbucks brand, whether that's through our retail stores, through down the aisle, through foodservice, through ready-to-drink, it's a holistic strategy. And I would say that over the course of the last year, we are seeing that really come to fruition right now.

是的。布萊恩，我想說的是，這是一個整體策略，旨在吸引消費者，讓他們愛上星巴克品牌。無論是透過我們的零售店、貨架陳列、餐飲服務或即飲產品，這都是一個整體策略。而且我認為，在過去一年裡，我們已經看到這一點真正開始結出果實。

We've talked about the resurgence of customers coming back to our stores and stores reopened. We've seen the growth of packaged coffee down the aisle during this time, not only in the U.S. but also internationally. The growth in single-serve internationally as well being on the Nespresso platform, Dolce Gusto platform, the Keurig platform.

我們已經討論過顧客重返門市以及門市重新開業的情況。在此期間，我們看到包裝咖啡在貨架上的銷售成長，不僅在美國，而且在國際上也是如此。國際上單杯咖啡市場也在成長，包括 Nespresso 平台、Dolce Gusto 平台和 Keurig 平台。

In addition, foodservice is going to continue to play a very important role. We just opened our 1,000th foodservice location in China this past month, and we're going to continue to expand in that way. So it's a holistic strategy. We've been able to, in the U.S., now be the #1 brand down the aisle in terms of share, and we've actually grown that share and expanded that #1 position in the quarter versus Q1. So we are seeing our customers who have loved Starbucks continue to consume our coffee and to continue to want to experience it in unique ways and we're very humbled by that.

此外，餐飲服務業將繼續發揮非常重要的作用。上個月，我們在中國開設了第 1000 家餐飲服務門市，我們將繼續以這種方式擴張。所以這是一項整體性策略。在美國，我們現在已經能夠成為市場份額排名第一的品牌，而且與第一季相比，我們本季的市佔率實際上有所增長，排名第一的地位也得到了擴大。我們看到，喜愛星巴克的顧客繼續享用我們的咖啡，並繼續希望以獨特的方式體驗咖啡，對此我們深感榮幸。

Yes. Thanks, John. So Brian, you can see that on our Channels business, every quarter, we get the number, we get the measurement. On our specialty coffee retail, we tend to look at Euromonitor and other longer-term data sources to give us a sense. But right now, the volume of customer occasions that have returned to our stores in the U.S. is phenomenal, and it's exceeded our forecast and our projections in the U.S. And Rossann and her team have adapted rapidly to that.

是的。謝謝你，約翰。所以布萊恩，你可以看到，在我們的通路業務方面，每個季度我們都會得到數據，我們會得到衡量結果。在我們的精品咖啡零售業務中，我們傾向於參考歐睿國際和其他長期資料來源，以了解市場趨勢。但目前，美國門市的客流量恢復情況非常驚人，已經超過了我們先前的預測和預期。 Rossann 和她的團隊也迅速適應了這種情況。

But the thing we're most focused on is how we have rapidly adapted to shifting consumer behaviors that I outlined in sort of my opening comments, how in doing that, we extend and enhance the attributes that differentiate Starbucks from everyone else and how we then create a great experience for our customers in the stores. And the way we do that, the trade area transformation is one important initiative. But the work we do to elevate the customer experience, deliver relevant and exciting new beverages and to extend and enhance digital customer relationships are the 3 key things.

但我們最關注的是我們如何迅速適應我在開場白中概述的不斷變化的消費者行為，以及我們如何通過這樣做來擴展和增強星巴克區別於其他所有品牌的特質，並最終為我們的顧客在門店創造絕佳的體驗。而我們實現這目標的方式之一，就是貿易區轉型，這是一項重要的舉措。但我們致力於提升客戶體驗、提供相關且令人興奮的新飲品以及拓展和加強數位化客戶關係，這三件事是關鍵所在。

And when you look at what's happening in each one of those areas, there's so much positive activity and initiatives and accomplishments and then customer response to those things that I just believe that we're hitting on the right notes. And at this point, I look and say, we're going to have a 2- to 3-year tailwind just simply by watching vaccinations progress around the world. This great human reconnection will happen probability 1.0. And so we are positioned for that, and we're trying to -- we're working to enhance and differentiate the brand in ways that are meaningful to us.

當你觀察每個領域正在發生的事情時，你會發現有很多積極的活動、舉措和成就，而且客戶對這些活動的反饋也非常好，所以我相信我們正朝著正確的方向前進。就目前來看，我認為，僅僅透過觀察世界各地疫苗接種的進展，我們就能迎來 2 到 3 年的順風期。人類的這次偉大重聚發生的機率為 1.0。因此，我們已經為此做好了準備，並且正在努力工作中——我們正在努力以對我們有意義的方式提升和區分品牌。

We're going to take care of our partners. Our partners are the heartbeat of Starbucks. They have risen to the occasion. And so specialty coffee retail is where we set the brand. 100 million of customers a week come to see us, and that's where we establish the brand and then we amplify it through our channels. And I think in both specialty coffee retail and channels, it's happening. And so we'll give you more info as we get more data on share gains. But I can just feel it and sense it as I look at our data, our numbers, and I'm in our stores and sort of watching what's happening.

我們會照顧好我們的合作夥伴。我們的夥伴是星巴克的靈魂。他們不負眾望。因此，精品咖啡零售是我們打造品牌的領域。每周有 1 億顧客光顧我們，我們正是在這裡建立品牌，然後透過我們的管道擴大品牌影響力。我認為在精品咖啡零售和通路領域，這種情況正在發生。因此，一旦我們獲得更多關於股價上漲的數據，我們將及時向您提供更多資訊。但是，當我查看我們的數據、數字，以及我在我們的商店裡觀察正在發生的事情時，我能真切地感受到這一點。

Our final question comes from the line of Chris Carril with RBC Capital Markets.

最後一個問題來自加拿大皇家銀行資本市場的克里斯·卡里爾。

So I just wanted to follow up on the commentary earlier around ticket and how moderation there will perhaps affect margins going forward. But are you seeing anything in the current trends that would suggest that some elements of the still strong ticket could remain sticky even as traffic continues to improve, such as increasing mix of premium beverages or higher food attach?

所以我想就之前關於票務的評論做個補充，談談票務方面的審核可能會如何影響未來的利潤率。但從目前的趨勢來看，您是否發現一些跡象表明，即使客流量持續改善，一些仍然強勁的票價元素仍可能保持穩定，例如增加高檔飲料的比例或提高食品附加費？

Rachel, do you want to take that?

瑞秋，你想拿嗎？

Sure. Thanks, Kevin. Yes, what I would say is we definitely -- I mean, as we start to comp the most severe part of the pandemic from last year, we'll definitely see the construct of our comp shift, and it will return to more of a pre-pandemic level where you see greater transaction and maybe a lower ticket. So we'll definitely see our ticket moderate from the high 20s where we've been.

當然。謝謝你，凱文。是的，我想說的是，隨著我們開始將去年疫情最嚴重時期的數據與去年的數據進行比較，我們肯定會看到我們的比較結構發生變化，並恢復到疫情前的水平，屆時交易量會更大，但單價可能會更低。因此，我們的票價肯定會從之前的20多美元回落到適中水準。

But we believe that some of that will sustain, now not to the degree that it's been, but if you look at some of the behaviors that have driven that, the behaviors that have driven it today are the fact that we have higher beverage attach from group orders, multiple orders. Some of that will probably moderate as people start to go back into the offices and we have more single visits and single-item purchases. But we've had an all-time food attach. This quarter was an all-time record attach on our food. And that's because we're putting forward products that our customers love and enjoy. And so they'll continue to -- if we continue to innovate in the areas that are relevant for them, we continue to see that, that will have -- that will drive food attach.

但我們相信其中一些趨勢會持續下去，雖然不會像以前那樣強烈，但如果你看看推動這種趨勢的一些行為，就會發現如今推動這種趨勢的行為是，團體訂單和多筆訂單的飲料附加費更高。隨著人們開始返回辦公室，單次訪問和單件商品購買增多，其中一些情況可能會有所緩解。但我們對食物的需求達到了前所未有的高度。本季我們食品的支出創歷史新高。這是因為我們推出的產品深受顧客喜愛。因此，如果我們繼續在與他們相關的領域進行創新，我們將繼續看到，這將推動食品需求。

In addition to that, we're seeing, across the board, growth in cold and some of that is from our promotional offerings as well as some of our core offerings. And I think that focus in that area, which is more premium for us in nature, is where our customers are gravitating. And so that will also help us to sustain ticket. I just think the issue will be that it will moderate from where it is today, but we have belief that some of those levers that I just spoke about are indeed sticky.

除此之外，我們看到冷飲業務全面成長，部分成長來自我們的促銷活動以及一些核心產品。我認為，我們在這個領域（對我們來說，這本身就是更高端的領域）的關注點，正是我們的客戶所嚮往的。這樣也有助於我們維持票務運作。我認為問題在於，這種情況會比現在有所緩和，但我們相信，我剛才提到的某些措施確實根深蒂固。

And with that, ladies and gentlemen, this concludes our question-and-answer session. And I would now like to turn the call over to Kevin Johnson for closing remarks.

女士們、先生們，我們的問答環節到此結束。現在我謹將電話交給凱文·約翰遜，請他作總結發言。

Well, thank you. I got to say, Brian got me all like energized about what we're doing. And so as we close today's call, I think it's important to reinforce one key message. And that message is that Starbucks is meeting this moment, this moment of the great human reconnection. And we anticipated the shifts in consumer behaviors, we accelerated our long-range plans and we are well positioned to differentiate ourselves even further with the new level of resilience, speed and agility.

謝謝。不得不說，布萊恩讓我對我們正在做的事情充滿了熱情。因此，在今天的電話會議即將結束之際，我認為有必要強調一個關鍵訊息。而這傳遞的訊息是，星巴克正在迎接這個時代，迎接人類重新連結的偉大時刻。我們預見了消費者行為的變化，並加快了長期計劃的實施，憑藉新的韌性、速度和敏捷性，我們已做好充分準備，進一步脫穎而出。

I got to say, as Rachel was commenting, the strength of this brand and the increasing opportunities for us to offer convenient, elevated personalized experiences for our customers around the world makes me personally very optimistic for the future. Our long-term growth model is solid. And so thank you for your questions. Thanks for joining us today, and have a great evening.

正如瑞秋所說，這個品牌的實力以及我們為世界各地的客戶提供便利、優質、個人化體驗的日益增多的機會，讓我個人對未來非常樂觀。我們的長期成長模式是穩固的。謝謝大家的提問。感謝您今天加入我們，祝您有個美好的夜晚。

This concludes Starbucks Coffee Company's Second Quarter Fiscal Year 2021 Conference Call. You may now disconnect your lines.

星巴克咖啡公司2021財年第二季電話會議到此結束。現在您可以斷開線路了。