星巴克 (SBUX) 2021 Q2 法說會逐字稿

Good afternoon.

下午好。

My name is Devin, and I will be your conference operator today.

我的名字是德文，今天我將成為您的會議接線員。

I would like to welcome everyone to Starbucks Coffee Company's Second Quarter Fiscal Year 2021 Conference Call.

我想歡迎大家參加星巴克咖啡公司 2021 財年第二季度電話會議。

(Operator Instructions) I would now like to turn the call over to Durga Doraisamy, Vice President of Investor Relations.

（操作員說明）我現在想將電話轉給投資者關係副總裁 Durga Doraisamy。

Ms. Doraisamy, you may now begin your conference.

Doraisamy 女士，您現在可以開始您的會議了。

Good afternoon, everyone, and thank you for joining us today to discuss our second quarter fiscal year 2021 results.

大家下午好，感謝您今天加入我們討論我們的 2021 財年第二季度業績。

Today's discussion will be led by Kevin Johnson, President and CEO; and Rachel Ruggeri, CFO.

今天的討論將由總裁兼首席執行官 Kevin Johnson 主持；和首席財務官 Rachel Ruggeri。

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.

在問答環節，國際渠道開發和全球咖啡、茶和可可集團總裁 John Culver 將加入我們的行列；布雷迪布魯爾，首席營銷官； Rossann Williams，北美總裁。

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.

本次電話會議將包括前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述存在重大差異。

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.

任何此類聲明都應與我們在提交給 SEC 的文件中的收益發布和風險因素討論中的警告聲明一起考慮，包括我們上一份關於表格 10-K 的年度報告和關於表格 10-Q 的季度報告。

Starbucks assumes no obligation to update any of these forward-looking statements or information.

星巴克不承擔更新任何這些前瞻性陳述或信息的義務。

GAAP results in fiscal 2021 include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items.

2021財年的公認會計原則結果包括與戰略行動相關的幾個項目，包括重組和減值費用、交易和整合成本以及其他項目。

These items are excluded from our non-GAAP results.

這些項目不包括在我們的非公認會計原則結果中。

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.

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 以查找其相應的 GAAP 指標以及這些非 GAAP 財務指標與其相應 GAAP 指標的對賬。

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, May 28, 2021.

本次電話會議正在進行網絡直播，網絡直播的存檔將在 2021 年 5 月 28 日星期五之前在我們的網站上提供。

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.

最後，出於您日曆計劃的目的，請注意，我們的 2021 財年第三季度財報電話會議暫定於 7 月 27 日星期二舉行。

I will now turn the call over to Kevin.

我現在將把電話轉給凱文。

Kevin?

凱文？

Well, good afternoon, and thank you for joining us today.

好吧，下午好，感謝您今天加入我們。

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.

我想通過承認我們業務的令人印象深刻的勢頭開始這次電話會議，這在過去一年中得到了證明，並在我們今天發布的第二季度業績中得到進一步放大。

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.

雖然 COVID-19 大流行尚未結束，但這種勢頭讓我們有信心提高全年指導，正如雷切爾稍後將概述的那樣。

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.

星巴克的定位與以往一樣好，因為全球性事件促使我們向業務灌輸新的敏捷性和速度水平。

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.

隨著我們在全球大流行出現之前就制定了大規模增長議程，我們迅速制定了原則並建立了商店協議，以在全球範圍內指導我們。

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.

我們實時監控事件，並迅速適應全球各地門店不斷變化的情況，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.

在過去的一年裡，我們中的許多人都感到孤立無援，保護自己和家人免受 COVID-19 的侵害。

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.

我們現在有著對人際關係的強烈渴望，渴望社交和感受社區的一部分，以及與他人相處和治癒的需要。

And with vaccination programs underway and, in turn, consumer mobility, we have begun to see what we describe as the great human reconnection.

隨著疫苗接種計劃的開展，以及隨之而來的消費者流動性，我們已經開始看到我們所說的偉大的人類重新聯繫。

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.

我們在美國的第二季度銷售額證明了這一點，正如我們之前所傳達的那樣，該銷售額在本季度完全恢復，並且隨著 COVID-19 疫苗分發以不同的速度進行，我們在全球範圍內的業務發展勢頭良好。

It is no secret that consumer behaviors were disrupted as a result of the pandemic.

消費者行為因大流行而受到干擾，這已不是什麼秘密。

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.

我們很早就認識到了行為的轉變，我們對這些行為的理解將指導我們的戰略遠遠超出大流行，因為我們相信其中許多行為將繼續存在。

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.

我們以速度和敏捷性移動並在這些轉變之前處於領先地位的能力有助於進一步區分星巴克，為我們的未來做好準備。

I had previously outlined the 5 most notable consumer behaviors we are laser-focused on, which I will share with you again today.

我之前已經概述了我們非常關注的 5 種最值得注意的消費者行為，今天我將再次與您分享。

First, customers crave human connection.

首先，客戶渴望人際關係。

They've been longing to be together again face-to-face, feeling part of a community.

他們一直渴望再次面對面地在一起，感覺自己是社區的一部分。

This is human nature and has always been central to the Starbucks Experience.

這是人性，一直是星巴克體驗的核心。

Second, they are looking for convenient, personalized experiences that effortlessly fit their lifestyle.

其次，他們正在尋找方便、個性化的體驗，輕鬆適應他們的生活方式。

Third, customers appreciate consistency, knowing what to expect at each visit.

第三，客戶欣賞一致性，知道每次訪問會發生什麼。

Fourth, customers seek out high-quality offerings that support the well-being of the planet and society.

第四，客戶尋求支持地球和社會福祉的高質量產品。

And finally, customers are increasingly looking to support brands with strong values, values that are demonstrated by actions.

最後，客戶越來越希望支持具有強烈價值觀的品牌，這些價值觀通過行動體現出來。

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這些消費者行為並從中受益，而且我們還看到了進一步現代化和鞏固我們的領導地位的明顯機會，利用我們在技術和預測分析方面的優勢以及我們商店組合的持續轉型，提供以只有星巴克才能做到的方式提高客戶忠誠度的體驗。

When we spoke with you last quarter, markets were in the initial stages of gaining access to COVID-19 vaccines.

當我們上個季度與您交談時，市場正處於獲得 COVID-19 疫苗的初始階段。

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.

我們很早就看到了朋友和家人慶祝再次聚在一起的跡象，以從充滿挑戰我們整體福祉的經濟和社會困難的一年中痊癒。

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.

當然，並非所有市場在疫苗分發方面都以相同的速度發展，但我們知道這是使我們所有人再次作為人類的一部分團結在一起的關鍵。

And there is no global brand better positioned than Starbucks.

沒有比星巴克定位更好的全球品牌了。

Founded 50 years ago, Starbucks was built for this moment.

成立於 50 年前的星巴克就是為這一刻而建的。

Now I want to share with you results from Q2 that reinforce my optimism for our long-term outlook.

現在我想與您分享第二季度的結果，這些結果增強了我對我們長期前景的樂觀態度。

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%.

讓我從美國開始。在我們非常強勁的第一季度假期業績的基礎上，我們的第二季度可比商店銷售額恢復了強勁的正增長，並且比上一季度的負 5% 有了顯著改善。

In Q2, comparable store sales rose to an impressive 9%, at the high end of our 5% to 10% guidance range for the quarter.

在第二季度，可比商店銷售額上升至令人印象深刻的 9%，處於我們本季度 5% 至 10% 指導範圍的高端。

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.

再一次，這種非凡的彈性和恢復歸功於我們非凡的 Green Apron 合作夥伴，他們在第二季度又創造了一個季度的出色表現，推動了穩步改善，最終在我們退出該季度時創造了每週銷售額的新紀錄和美國的全面復甦.

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.

重要的是，在第二季度，我們進一步推進了對我們的規模增長議程至關重要的 3 項業務驅動計劃：提升客戶體驗、推動相關飲料創新和擴大數字客戶參與度。

Let me share notable highlights from Q2 and our traffic-driving initiatives for the balance of fiscal 2021.

讓我分享第二季度的顯著亮點以及我們在 2021 財年餘下的交通駕駛計劃。

Starting with the largest contributor for the quarter, expanding digital customer engagement.

從本季度最大的貢獻者開始，擴大數字客戶參與度。

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.

數字化繼續成為我們在美國銷售復甦的重要推動力。星巴克獎勵對業務的貢獻繼續超過 COVID 之前的水平，並且連續第二個季度在關鍵指標上創下歷史新高。

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.

在 SR 會員支出的持續增長（受票務和頻率以及新會員獲取的推動）的推動下，我們第二季度美國公司運營的銷售額中有 52% 是由 Starbucks Rewards 會員推動的，這反映了強大的會員參與度和彈性。

Total 90-day active members grew by over 1 million members in Q2 to a record 22.9 million.

90 天活躍會員總數在第二季度增加了超過 100 萬，達到創紀錄的 2290 萬。

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.

與 6 個月前推出的 Stars for Everyone 相比，我們 90 天活躍的 SR 會員群擴大了 19%，這清楚地證明了該計劃正在按照我們的預期吸引客戶。

The increase was underpinned by a meaningful uptick in conversions, with more app downloads advancing to member activations.

這一增長得益於轉化率的顯著上升，更多的應用程序下載推進到會員激活。

With Stars for Everyone, customers can choose from a range of payment options, offering convenience, flexibility and choice.

通過 Stars for Everyone，客戶可以從一系列支付選項中進行選擇，提供便利、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.

我們開創性的數字能力不僅成功地改變了我們的數字關係以推動移動訂購，而且還增強了便利性和安全性，這都是我們客戶的首要考慮因素。

We continue to leverage the advantages of our mobile app to elevate the personalization of the customer experience and deepen customer engagement.

我們繼續利用我們的移動應用程序的優勢來提升客戶體驗的個性化並加深客戶參與度。

As a result, mobile orders represented 26% of U.S. company-operated transactions in Q2, up from 18% a year ago.

因此，移動訂單在第二季度占美國公司運營交易的 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.

正如我們每個季度所看到的那樣，我們的數字渠道的便利性已被證明成功地推動了需求。

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.

對我認為重要的數字技術的快速評論很重要，人工智能在我們公司的成長和成功中發揮著越來越大的作用，我們稱之為 Deep Brew。

In October 2019, I published an article on LinkedIn entitled, Can Artificial Intelligence Help Nurture Humanity?

2019年10月，我在LinkedIn上發表了一篇題為《人工智能能幫助培養人類嗎？

This article outlined a vision for how Starbucks would leverage artificial intelligence in support of our mission.

本文概述了星巴克如何利用人工智能來支持我們的使命的願景。

And that vision has come to life with Deep Brew.

Deep Brew 實現了這一願景。

Our AI engine that is now used today throughout the company.

我們現在在整個公司使用的 AI 引擎。

Deep Brew personalizes the offers and suggestions we make to our customers.

Deep Brew 個性化我們向客戶提供的報價和建議。

It is also at the center of trade area transformation, which I'll provide an update on in a moment.

它也是貿易區轉型的中心，我稍後會提供更新。

Deep Brew has now automated daily inventory orders across hundreds of U.S. stores as we deploy it broadly.

隨著我們的廣泛部署，Deep Brew 現在已經在數百家美國商店中實現了每日庫存訂單自動化。

It is supporting partner scheduling and optimizing it in ways that improve both the customer and the partner experience.

它支持合作夥伴計劃並以改善客戶和合作夥伴體驗的方式對其進行優化。

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.

Deep Brew 推動了我們在美國各地的零售領導者使用的流行病儀表板。Deep Brew 現在正在進行預測分析，以模擬全球主要市場的疫苗接種進度。

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.

我們在人工智能方面的工作為星巴克提供了基礎預測模型，使我們能夠通過讓合作夥伴騰出時間去做他們最擅長的事情、與客戶建立聯繫並提供世界級的客戶體驗，從而推動人類重新建立偉大的聯繫。

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.

提升客戶體驗是規模增長議程背後的另一項基本業務驅動計劃，也許是我們所有優先事項中最重要的。

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.

即使當前環境下的交易已經從密集的地鐵中心轉移到郊區，從咖啡館轉移到免下車，星巴克一直擅長於滿足我們的客戶。

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.

在我們的美國郊區和農村地區，免下車服務占主導地位，公司經營的銷售繼續增長，遠遠抵消了復甦繼續滯後的中央商務區和地鐵中心的影響。

The drive-through channel has improved quarter-over-quarter since the onset of the pandemic.

自大流行開始以來，免下車渠道已比上一季度有所改善。

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.

我們繼續投資於多項舉措以提高我們的得來速服務的吞吐量，包括更新的操作標準、手持式訂購設備、更高效的加熱烤箱以及加快部署我們更高效的 Mastrena 濃縮咖啡機。

As a result, drive-through saw a slight improvement in out-the-window times versus the prior year.

因此，與去年相比，免下車服務的窗口外時間略有改善。

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.

窗外推動了第二季度淨銷售額的 50% 以上，比大流行前的水平增加了 10% 以上，通過減少等待時間來釋放容量並增強客戶體驗，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.

去年 6 月，我們給所有利益相關者寫了一封信，概述了我們加快戰略舉措的計劃，重點是快速轉變我們的商店組合併針對不斷變化的消費者行為進行優化。

This plan, which we refer to as the Americas Trade Area Transformation, has positioned us extremely well for the future.

這個計劃，我們稱之為美洲貿易區轉型，為我們的未來做好了充分的準備。

We called this early.

我們很早就打了這個電話。

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.

在短短 9 個月內，我們已經完成了 70% 的戰略性門店關閉，為隨著時間的推移開發新的、創新的和更高效的零售店業態掃清了道路。

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.

該計劃利用新的商店形式，例如在人口密集的大都市地區使用星巴克提貨，以補充我們在郊區和農村地區的傳統星巴克咖啡館形式，並使我們能夠平衡高容量和高利潤地點的持續增長，主要是咖啡館和免下車服務。

We are responding to customers' increased desire for convenience while also improving the overall profitability of every trade area.

我們正在響應客戶對便利性的日益增長的需求，同時也提高了每個貿易領域的整體盈利能力。

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.

隨著人類重新連接的勢頭和對行為和日常生活的預期不斷發展，我們正在滿足我們的客戶，無論他們需要我們在正確的商店、正確的地點和正確的時間，這是我們的另一個關鍵差異化因素。星巴克品牌。

As our sales fully recovered in the quarter, average ticket remains meaningfully higher than pre-pandemic levels.

隨著我們的銷售額在本季度完全恢復，平均票價仍顯著高於大流行前的水平。

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.

即使交易量環比顯著改善，這也是事實，這使得銷售組合轉向免下車，平均支出往往更高，部分原因是團體訂單的發生率更高。

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.

美國第二季度的票務收入增長約 21%，這是由增加的飲料附加、優質飲料組合、增加的定制和升級以及歷史最高的食品附加共同推動的。

The popularity of our innovative menu offerings, which command a premium price, also benefited U.S. ticket growth.

我們提供高價的創新菜單產品的受歡迎程度也有利於美國機票的增長。

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.

客戶對我們推出的新飲料平台反應非常好，重點關注相關的新手工飲料，這些飲料可以滿足健康趨勢，為客戶提供選擇並支持我們的可持續發展議程。

Our winter and spring menus resonated and drove momentum.

我們的冬季和春季菜單引起了共鳴並推動了勢頭。

Cold beverages delivered resounding year-over-year growth in Q2, led by Cold Espresso, Starbucks Refreshers and Cold Brew.

冷飲在第二季度實現了強勁的同比增長，其中冷意式濃縮咖啡、星巴克清新劑和冷萃咖啡領漲。

Also driving our strength in cold beverages was our spring lineup, which launched in early March.

3 月初推出的春季系列也推動了我們在冷飲領域的實力。

We have seen an overwhelmingly positive response to oat milk, with the Iced Brown Sugar Oatmilk Shaken Espresso far exceeding expectations to date.

我們已經看到對燕麥奶的壓倒性積極反應，迄今為止，冰紅糖燕麥奶搖濃縮咖啡遠遠超出預期。

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.

這幫助我們推動了所有乳製品飲料銷售額的同比增長 53%，這證明了我們可持續發展議程的相關性。

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.

以植物為基礎的食物也引起了共鳴，Impossible Breakfast Sandwich 創造了創紀錄的表現，與其他早餐三明治和蛋糕汽水一起，將食物附著量推至第二季度的歷史新高。

Any way you look at it, our second quarter results were phenomenal in the U.S. and exceeded our expectations.

不管你怎麼看，我們第二季度的業績在美國都是驚人的，超出了我們的預期。

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.

重要的是，通過我們的客戶聯繫得分的提高和客戶忠誠度的增長來衡量，對星巴克的親和力有所增強，這進一步增強了星巴克品牌的實力和韌性以及對未來的健康樂觀。

I will now move on to China, our second lead growth market.

我現在將轉到中國，我們的第二個領先增長市場。

The strong start to fiscal '21 continued as we entered Q2.

隨著我們進入第二季度，21 財年的強勁開局仍在繼續。

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.

雖然隨著本季度的進展，COVID-19 限制的重新出現影響了客戶的流動性，但我們的中國領導團隊再次迅速適應了不斷變化的條件，並在我們退出本季度時成功地恢復了勢頭。

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.

在第二季度，我們在中國實現了 91% 的複合增長，包括大約 9 個百分點的增值稅優惠，這略低於我們的預期，因為整個市場都實施了與大流行相關的意外限制。

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.

第二季度不鼓勵非必要旅行，嚴重影響了我們位於旅遊樞紐的商店，包括在整個農曆新年假期期間，國內旅遊旺季，與大流行前和去年相比，旅客人數顯著減少水平。

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.

儘管流動性影響了我們的業績，但我們通過星巴克獎勵計劃擴大在中國的數字客戶關係的能力鞏固了我們品牌在我們增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.

值此大流行一周年之際，我對我們通過星巴克獎勵計劃大幅擴展中國數字客戶關係的能力感到特別高興。

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.

我們的進步體現在 90 天活躍的星巴克獎勵會員數量比去年增加了一倍以上，達到 1,630 萬，佔中國銷售額的 72%，比去年增加 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.

此外，我們在第二季度將 Starbucks Now、Mobile Order & Pay 服務擴展到了微信，使我們的移動訂購服務在阿里巴巴和微信生態系統以及我們的星巴克應用程序上無處不在。

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.

這使我們能夠在微信生態系統中獲得新客戶，同時通過允許客戶通過他們選擇的應用程序下訂單來增強客戶體驗。

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.

在第二季度，我們還在中國領先的電子商務平台之一京東開設了旗艦店，提供商品、儲值卡和季節性食品等產品。

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.

移動訂單銷售組合在中國的銷售額中達到創紀錄的 34%，高於第一季度的 30%，其中 15% 由 Starbucks Delivers 推動，19% 來自 Starbucks Now。

Starbucks Rewards customer engagement continues to grow as mobile order sales have more than doubled in China over this past year.

隨著過去一年在中國的移動訂單銷售額翻了一番多，星巴克獎勵的客戶參與度繼續增長。

As COVID-related restrictions subsided late in the quarter, momentum in customer mobility improved, particularly in residential, office and commercial trade zones.

隨著本季度末與 COVID 相關的限制消退，客戶流動性的勢頭有所改善，特別是在住宅、辦公和商業貿易區。

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.

此外，由於我們在中國的大部分增長來自我們對門店組合的持續擴張，我們在第二季度淨開設了 110 家新店，突破了 4,900 家門店的里程碑。

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.

這相當於過去 12 個月淨新店增長 14%，考慮到我們在大流行開始時在中國暫停了幾個月的新店開發活動，這一點尤其令人印象深刻。

This week, we announced our 5,000th store opening in China, underscoring our continued confidence in Starbucks' long-term growth opportunity in China.

本週，我們宣佈在中國開設第 5,000 家門店，突顯了我們對星巴克在中國的長期增長機會的持續信心。

And finally, a few comments on the strength of our channel partnerships with Nestlé and Pepsi.

最後，對我們與雀巢和百事可樂的渠道合作實力發表一些評論。

In the U.S., Starbucks' share of total packaged coffee outpaced the category, growing over 8% in dollar sales in Q2.

在美國，星巴克在包裝咖啡總量中的份額超過了該類別，第二季度的美元銷售額增長了 8% 以上。

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.

這與整體咖啡類別形成鮮明對比，整體咖啡類別由於去年大流行爆發時食品儲藏室庫存激增而下降。

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.

我很自豪地說，星巴克仍然是美國咖啡總量中的第一品牌，並且是第二季度咖啡類別的最大份額增長者，比上一年增長了近 1.5 個百分點。

Internationally, Starbucks' products on single-serve platforms, including Nespresso and Dolce Gusto, continued to exceed our expectations.

在國際上，星巴克在單一服務平台上的產品，包括 Nespresso 和 Dolce Gusto，繼續超出我們的預期。

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.

隨著第一季度在 Nespresso 虛擬線上推出星巴克產品，我們的前景是樂觀的，因為我們將繼續建立分銷、擴大品牌並擴大份額。

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.

全球咖啡聯盟現已進入全球 71 個市場，高於 20 財年第二季度的 48 個市場，為更多客戶帶來了以多種不同方式享用星巴克的機會。

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.

同樣，通過我們與百事可樂的北美咖啡合作夥伴關係，我們在美國的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.

第二季度還標誌著新飲料的推出，包括 Cold and Crafted 平台和新的 Nitro Cold 飲料，利用去年星巴克推出的 Nitro 即飲平台，該平台成為即飲類別中的第一大創新。

In summary, as you can see, there are many reasons to be confident and optimistic about the future for Starbucks.

總而言之，正如你所看到的，有很多理由對星巴克的未來充滿信心和樂觀。

Personally, I am optimistic about the back half of this fiscal year.

就個人而言，我對本財年下半年持樂觀態度。

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.

但更重要的是，我很清楚，我們正在採取的行動、我們看到的客戶和合作夥伴的反應以及我們為業務帶來的重點和紀律清楚地定位了星巴克未來幾年的增長。

The Growth at Scale algorithm we shared at our December Investor Day is solid.

我們在 12 月的投資者日分享的規模增長算法是可靠的。

The Starbucks brand is stronger and more resilient than ever.

星巴克品牌比以往任何時候都更強大、更有彈性。

We have more opportunities to reach customers than ever before.

我們比以往任何時候都有更多接觸客戶的機會。

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.

我們將繼續個性化和增強這些互動，始終在安全的環境中為我們的客戶提供獨特和創新的食品和飲料體驗，並在他們想要的時間和地點提供個性化的體驗。

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.

在我們今年慶祝成立 50 週年之際，我們知道星巴克的第三名體驗已經確立，並且是已經開始的偉大人類重新聯繫的核心。

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.

我們是人與人之間聯繫的目的地，對所有人來說都是一個溫暖而熱情的地方，也是一個將整個社區聚集在一起的地方，而這正是世界所需要的，一個激發和培養人類精神的地方，一個人，一個杯子和一個一次鄰里。

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.

我要感謝我們遍布全球 83 個市場的 400,000 多名 Green Apron 合作夥伴，他們一直在這個複雜的環境中航行。

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.

合作夥伴，是您體現了星巴克一直以來的理念，是一家以超越利潤為宗旨的公司，一種體現對合作夥伴的關懷、為我們的客戶創造令人振奮的體驗並在我們的社區中發揮積極作用的文化和整個社會。

And with that, I'm pleased to turn the call over to Rachel, who will walk you through our Q2 results.

有了這個，我很高興將電話轉給 Rachel，他將引導您了解我們的第二季度業績。

Rachel?

雷切爾？

Thank you, Kevin, and good afternoon, everyone.

謝謝你，凱文，大家下午好。

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.

正如 Kevin 所說，我們對業務的持續發展勢頭感到非常滿意，季度財務業績的連續改善表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.

星巴克報告稱，第二季度全球收入為 67 億美元，比去年同期增長 11%，其中包括約 2% 的外匯優惠，增長由我們公司經營的零售市場推動，尤其是在美國。而且這些業績好於預期，我們有信心提高全年的展望，我稍後會解釋。

Q2 EPS exceeded our expectations, primarily driven by better-than-expected margin recovery.

第二季度每股收益超出了我們的預期，主要是由於利潤率恢復好於預期。

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.

第二季度 GAAP 每股收益為 0.56 美元，高於上一年的 0.28 美元，比我們的指導範圍上限高 0.15 美元，其中包括低於預期的重組和約 0.04 美元的減值成本，這主要歸功於我們更有利的租賃退出成本。

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.

第二季度非公認會計原則每股收益為 0.62 美元，高於上年的 0.32 美元，比我們的指導範圍上限高 0.12 美元，這主要是受美國強勁表現推動核心業務持續復甦的推動。

I will first take you through our Q2 fiscal '21 operating performance by segment, followed by an analysis of our consolidated margin performance.

我將首先帶您了解我們按部門劃分的 21 財年第二季度的經營業績，然後分析我們的綜合利潤率表現。

I will then share our improved outlook for the full fiscal year.

然後，我將分享我們對整個財政年度的改善前景。

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.

我們的美洲部門在第二季度實現了 47 億美元的收入，比去年同期增長 8%，這主要是受可比商店銷售額增長 9% 的推動，但部分被大流行導致我們的被許可人的產品銷售額和特許權使用費收入下降所抵消。

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.

正如 Kevin 所說，在美國，我們看到季度可比商店銷售額持續連續改善，從上一季度的負 5% 到第二季度非常強勁的正 9%。

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.

交易補償從第一季度的負 21% 提高到第二季度的負 10%，平均票價持續走強，仍遠高於大流行前的水平。

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.

在衡量我們相對於大流行前水平的增長的 2 年累計基礎上，3 月份美國的複合銷售額增長了 11%，這意味著年平均增長高於我們 4% 至 5% 的長期算法和一個完整的正如我們之前所傳達的，到第二季度末銷售將恢復。

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.

美國第二季度非美國通用會計準則營業利潤率較上年增長 550 個基點至 19.9%，主要受上年發生的 COVID-19 相關成本、業務復甦、定價、臨時政府補貼和福利帶來的銷售槓桿影響貿易區轉型，部分被我們商店合作夥伴的工資和福利投資增長所抵消。

Notably, this represented a meaningful improvement from the prior quarter's non-GAAP operating margin of 18.8%.

值得注意的是，這比上一季度的非公認會計原則營業利潤率 18.8% 有了顯著改善。

Moving on to International.

繼續國際。

The International segment delivered revenue of $1.6 billion in Q2.

國際部門在第二季度實現了 16 億美元的收入。

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.

剔除外匯折算帶來的 8% 的有利影響，該部門在本季度的收入比去年同期增長 34%，反映出可比商店銷售額增長了 35%，其中包括 4% 的增值稅優惠和 8% 的淨新店過去 12 個月的增長，部分被我們的國際被許可人的產品銷售和收入下降所抵消。

In China, we lapped the first anniversary of widespread COVID-related store closures.

在中國，我們慶祝了與 COVID 相關的商店廣泛關閉一周年。

And as Kevin mentioned, comparable store sales grew 91% in Q2, including VAT favorability of approximately 9 percentage points.

正如凱文所提到的，第二季度可比商店銷售額增長了 91%，其中包括大約 9 個百分點的增值稅優惠。

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.

在幾個主要城市爆發 COVID-19 後，整個季度恢復了增值稅優惠，以減輕政府強制限制對大陸的影響，大大限制了客戶的流動性。

On a cumulative 2-year basis, China comp sales growth in March was minus 5%, including 4% of VAT benefit.

在累積的 2 年基礎上，3 月份中國企業的銷售額增長為負 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.

International 的非 GAAP 營業利潤率從上一年的 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，這主要受銷售槓桿的推動，反映了上一年由於 COVID- 19 疫情與日本政府臨時補貼的利好。

On to channel development.

進行渠道開發。

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.

第二季度收入為 3.7 億美元，較上年下降 29%，主要受全球咖啡聯盟轉型相關活動的推動，包括我們的單一服務業務的結構變化以及上一年向雀巢增加的產品銷售額過渡餐飲服務訂單履行。

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.

剔除這些與轉型相關的活動帶來的約 30% 的不利影響後，渠道開發的收入在第二季度增長了近 2%，主要受我們即飲業務增長的推動。

The segment's non-GAAP operating margin expanded to 46.7% in Q2 from 37.8% in the prior year.

該部門的非公認會計原則營業利潤率從去年的 37.8% 擴大到第二季度的 46.7%。

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.

我剛剛提到的全球咖啡聯盟過渡相關活動的 770 個基點影響正常化，渠道發展的營業利潤率在第二季度擴大了 120 個基點，這主要是由於我們的即飲業務的實力。

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.

最後，在合併層面，第二季度非公認會計準則營業利潤率為 16.1%，比上年的 9.2% 增長 690 個基點，比 2019 財年第二季度增長 30 個基點，比第一季度的 15.5% 有所改善。

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.

我們第二季度營業利潤率的同比增長主要是受 COVID-19 影響的推動，但也包括強於預期的銷售槓桿和政府臨時補貼的好感。

The margin expansion in Q2 was partially offset by both growth and investments in wages and benefits for store partners.

第二季度的利潤率增長被商店合作夥伴工資和福利的增長和投資部分抵消。

Moving on to our guidance for fiscal '21.

繼續我們對 '21 財年的指導。

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.

既然我們處於財政年度的中點，我們對預期的全年業績有了更好的了解，因此，我們正在提高我們的 21 財年全年每股收益指導以及更新其他一些指標。

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.

這一增長主要是由於上半年的經營業績好於預期、第四季度某些離散稅收項目帶來的預期收益以及外匯換算帶來的輕微順風，當然，除非任何新的重大和持續的 COVID-19 感染浪潮和任何重大的經濟中斷。

Our new fiscal '21 GAAP EPS guidance range is $2.65 to $2.75, up from $2.42 to $2.62 previously.

我們新的 21 財年 GAAP 每股收益指導範圍為 2.65 美元至 2.75 美元，高於之前的 2.42 美元至 2.62 美元。

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.

我們的 21 財年非公認會計原則每股收益現在預計在 2.90 美元到 3 美元之間，高於我們之前的 2.70 美元到 2.90 美元。

We continue to drive leverage in all areas of our business, giving us confidence in our full year earnings guidance.

我們將繼續在我們業務的所有領域提高槓桿率，使我們對全年盈利指引充滿信心。

As a reminder, our fiscal '21 GAAP and non-GAAP EPS guidance ranges are inclusive of approximately $0.10 for the 53rd week.

提醒一下，我們的 '21 財年 GAAP 和非 GAAP 每股收益指導範圍包括第 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.

鑑於迄今為止我們在美國業務中看到的勢頭，我們將 21 財年全年綜合收入的指引從 280 億美元提高到 290 億美元，提高到 285 億美元至 293 億美元的新範圍。

As a reminder, our fiscal '21 consolidated revenue guidance range is inclusive of approximately $500 million for the 53rd week.

提醒一下，我們的 21 財年綜合收入指導範圍包括第 53 週的約 5 億美元。

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.

此外，我們正在將我們的綜合營業利潤率從我們之前的 16% 到 17% 的指導提高到 16.5% 到 17.5% 的範圍，即使我們繼續對我們的關鍵增長驅動因素進行有意義的投資。

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.

我們繼續預計我們的營業利潤率復甦將落後於銷售復甦兩個季度，隨著時間的推移而改善，並在我們退出 21 財年時接近我們在合併水平上 18% 至 19% 的持續目標範圍。

As I mentioned earlier, we currently expect certain discrete tax items to favorably impact Q4's tax rate in fiscal '21.

正如我之前提到的，我們目前預計某些離散稅收項目將對 21 財年第四季度的稅率產生有利影響。

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.

根據目前的預期，第四季度的稅率預計將下降至十幾歲的水平，但考慮到離散稅項的性質，優惠的時間和幅度可能會發生變化。

In contrast, Q3 tax rate is expected to be slightly higher than our Q2 tax rate.

相比之下，第三季度的稅率預計將略高於我們的第二季度稅率。

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.

因此，我們現在預計我們的 21 財年有效 GAAP 和非 GAAP 稅率將在 20% 的中低範圍內。

Moving on to comp sales growth.

繼續進行銷售增長。

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.

由於我們的兩個主要增長市場的銷售額已大致恢復到大流行前的水平，儘管與大流行之前的客戶模式不同，但我們目前正在恢復我們的季度銷售報告慣例，並且預計不會提供每月的銷售業績。

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.

雖然我們繼續看到平均門票的強勢，但我們預計隨著客戶流動性的提高，它會放緩，我們預計商店訪問頻率將在 21 財年下半年開始正常化。

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.

因此，隨著我們在第三季度了解 20 財年大流行影響的深度，我們預計交通和票務組合之間會發生相應的轉變。

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.

提醒一下，我們通常 1 年報告的補償預計將超大，因為我們在 20 財年中從 COVID-19 的影響中獲得了顯著的負面補償，該補償於 1 月下旬在中國開始，隨後是我們退出時的美國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.

因此，在我們結束 20 財年與 COVID-19 相關的影響之前，我們認為我們的 21 財年補償應該相對於大流行前的水平進行評估。

Therefore, the 2-year comp growth rate will be more indicative of our underlying performance.

因此，2 年的複合增長率將更能反映我們的基本業績。

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.

我想強調的是，我們正在監測的 2 年補償不是基於加法計算的，這在計算大的負補償時會產生扭曲的結果，因為第二年的補償基數與第一年不可比。

Instead, we are calculating our 2-year comps on a multiplicative basis as described in today's earnings release.

相反，我們在今天的收益發布中描述的乘法基礎上計算我們的 2 年補償。

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，需要明確的是，除了我剛剛提供的關於收入、每股收益、利潤率和稅率的更新外，我們 21 財年全年指導指標的其餘部分與我們在 21 財年第一季度收益報告中溝通的內容沒有變化.

To summarize, we are delighted that our U.S. business has fully recovered sales as we expected.

總而言之，我們很高興我們的美國業務完全恢復了我們預期的銷售。

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.

雖然在獲得全球群體免疫之前，我們可能會經歷與大流行相關的波動，但我們制定了實時響應協議，以確保我們的客戶和合作夥伴的健康和安全，同時繼續開展業務。

Our performance in Q2 demonstrates the relevance and success of our strategies, with operating margins above the levels of 2 years ago.

我們在第二季度的表現證明了我們戰略的相關性和成功，營業利潤率高於兩年前的水平。

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.

我們的現金狀況依然強勁，今年我們通過償還總計近 17 億美元的到期債務，有效地去槓桿化了我們的資產負債表，使我們有望在本財年末實現我們的 3 倍槓桿目標。

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.

展望未來，我想強調的是，我們正在採取一系列明確的行動，以在我們度過這一年的過程中繼續推動公司的增長和盈利能力。

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.

但重要的是，我們將繼續以長期的遊戲心態戰略性地投資我們的業務，採取果斷行動以確保我們在未來很長一段時間內繼續推動股東價值。

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對我們的品牌實力和增長模式的持久性充滿信心，這讓我們對在 2020 年投資者日分享的模式繼續充滿信心，即實現長期兩位數的 EPS 規模增長，另一個隨著我們踏上今年的複蘇曲線，預計 2022 財年每股收益將出現大幅增長。

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.

再一次，我們成功的真正功勞歸功於我們在全球範圍內超過 400,000 名 Green Apron 合作夥伴，他們繼續超越並超越提供提升的星巴克體驗。

That experience, above all, fueled our growth this past quarter and will continue to be a competitive advantage in the future.

最重要的是，這一經驗推動了我們在過去一個季度的增長，並將繼續成為未來的競爭優勢。

Thank you.

謝謝你。

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.

有了這個，凱文和我很高興回答你的問題，羅桑·威廉姆斯、布雷迪·布魯爾和約翰·卡爾弗也加入了，正如杜爾加在電話頂部概述的那樣。

Thank you.

謝謝你。

Operator?

操作員？

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

（操作員說明）我們的第一個問題來自摩根士丹利的 John Glass。

I hope you all are well.

我希望你們一切都好。

Could you just maybe just provide a little more color on the U.S. comps and the America's comps?

您能否為美國比賽和美國比賽提供更多顏色？

I suspect it's a tale of 2 formats, right?

我懷疑這是2種格式的故事，對吧？

The suburban drive-through is doing really well, the central business districts lagging, as you indicated.

正如您所指出的，郊區的直通車做得非常好，中央商務區落後。

Has that gap begun to close?

差距開始縮小了嗎？

Have you seen any changes?

你看到什麼變化了嗎？

Maybe you can just help amplify or sort of be more specific about the 2 comps and the components of it.

也許您可以幫助放大或更具體地了解 2 個伴奏及其組成部分。

Have you seen any change in the morning daypart?

你看到早上白天有什麼變化嗎？

I know people had shifted to later in the day.

我知道人們已經轉移到當天晚些時候。

Are you starting to see that more traditional morning rush come back in the business?

您是否開始看到更傳統的早高峰在業務中重新出現？

Yes, John, let me comment, and then I'll hand it over to Rachel for some more specifics on the numbers.

是的，約翰，讓我發表評論，然後我將把它交給雷切爾，以了解有關數字的更多細節。

But on your last part of the question, in terms of dayparts, we saw our 2-year comp growth in all dayparts.

但在你問題的最後一部分，就時段而言，我們看到我們在所有時段的 2 年復合增長。

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.

所以我們已經看到早上的儀式回歸了，我們在這些時段看到了積極的 2 年比賽，這是一個非常非常積極的信號。

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.

我一直在監控的一件事是，當您查看 FDA 於 12 月 11 日宣布緊急批准輝瑞疫苗，然後在 12 月 18 日宣布 Moderna 和 2 月 27 日強生之後，在某種程度上映射了採取的行動FDA 宣布疫苗的可用性並將其關聯起來，以觀察我們商店每天發生的事情，僅這一行動就引發了這一波樂觀情緒，我認為，消費者和客戶的移動性更強。

Now they're still being cautious.

現在他們仍然很謹慎。

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.

但可以肯定的是，當我們看到疫苗接種率開始達到每天 300 萬到 400 萬次時，你真的開始看到這種偉大的人類重新聯繫是如何展開的。

And so we saw it unfold in all dayparts.

所以我們看到它在所有白天都在展開。

And we still see stores in our dense metropolitan areas recovering slower.

而且我們仍然看到我們密集的大都市地區的商店恢復較慢。

But I'd tell you the cafes with drive-throughs that we have are comping to more than make up for that.

但我會告訴你，我們擁有的免下車咖啡館正在努力彌補這一點。

We are seeing recovery though in those metropolitan areas.

儘管在這些大都市地區，我們看到了復甦。

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.

只是 - 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改變這些交通模式。

But I think very, very positive progress on dayparts and continued progress in terms of both in dense metropolitan located stores.

但我認為在日間時段非常非常積極的進展以及在密集的大都市商店方面的持續進展。

But I actually think the trade area transformation is unlocking a significantly positive upside for us.

但我實際上認為貿易區轉型為我們帶來了顯著的積極優勢。

And so maybe Rachel, why don't you hit on the numbers?

所以也許雷切爾，你為什麼不點擊數字？

And then Rossann, I'll let you add other observations that you see from the U.S. perspective.

然後Rossann，我會讓你添加你從美國的角度看到的其他觀察結果。

Sure.

當然。

Thank you, Kevin.

謝謝你，凱文。

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.

我想說的是，當您查看本季度美國業務的 9% 時，為了能夠實現 9% 的比較，我們的整體投資組合確實需要增長。

So the overall portfolio grew.

所以整體投資組合增長了。

Certainly, our stores in the more metro urban areas are still slower to recover but they improved greatly quarter-over-quarter.

當然，我們在大城市地區的門店恢復速度仍然較慢，但環比改善很大。

And of course, the outperformance in our drive-through.

當然，還有我們得來速的出色表現。

So we saw that across the board and across all dayparts, which give us confidence.

因此，我們在所有時段和所有時段都看到了這一點，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.

在凱文看來，是什麼幫助推動了這一點，特別是在我們更多的都會區和城市市場，是我們已經完成了 71% 的貿易區轉型——今天大約 70% 完成了這項工作。

As you might remember, we communicated we would close around 800 stores across Americas.

您可能還記得，我們曾告知我們將關閉美洲大約 800 家商店。

And so as we've gone through that, we've been able to overall strengthen the portfolio as part of that effort.

因此，當我們經歷了這些之後，我們已經能夠整體加強投資組合作為這項工作的一部分。

So that's playing into some of the recovery as well, as well as the overall mobility that's increased throughout the United States.

因此，這也對一些復甦以及整個美國增加的整體流動性產生了影響。

And so with that, I'll turn it over to Rossann.

因此，我將把它交給Rossann。

Thank you.

謝謝你。

The only thing I would add is the interruption of our customers' mobility really impacted our AM morning daypart.

我唯一要補充的是，客戶流動性的中斷確實影響了我們上午的白天時段。

And that was the daypart that we're most concerned about recovery.

那是我們最關心恢復的時段。

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.

鑑於那時與 COVID 之前的水平相比，上午時段的銷售組合百分比在很大程度上恢復了，這意味著作為 [tendered by] 時段的百分比，我們看到上午的百分比相對符合我們在 COVID 之前的趨勢。

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.

我們預計，隨著事情的重新開放以及人們返回中央商務區和城市貿易區，今天上午的趨勢將持續下去。

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.

不過有趣的是，我們已經看到，高峰時段實際上在早上稍晚一點，從 COVID 之前的時間 7:30 移到了上午 9:30。

to current times of around 8 a.m.

到現在的早上 8 點左右。

to 10 a.m.

到上午 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（Sharon Zackfia）和威廉·布萊爾（William Blair）的觀點。

I guess I'm curious about the reiteration of the comp ranges for both the Americas and International.

我想我對美洲和國際的補償範圍的重申感到好奇。

It kind of seems like you're ahead in Americas year-to-date and maybe a little bit on the lower end of International.

看起來你今年迄今為止在美洲領先，也許在國際的低端有點領先。

Are you seeing something in the International business that gives you comfort that, that full year comp range is achievable?

您是否在國際業務中看到讓您感到欣慰的是，全年的薪酬範圍是可以實現的？

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

瑞秋，你為什麼不拿那個，然後我再補充一下？

Sure, Sharon.

當然，莎朗。

Thanks for the question.

謝謝你的問題。

What I would say is China was having a good -- seeing good momentum before we entered into Q2.

我想說的是，在我們進入第二季度之前，中國表現良好——看到了良好的勢頭。

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.

然後，COVID 的死灰復燃導致了旅行限制，實際上影響了我們的國際市場，因為這是假期和農曆新年市場的重要時期。

And so as a result, we saw that cause mobility issues in the quarter, which impacted performance and impacted comp.

因此，我們看到這會導致本季度的流動性問題，從而影響績效並影響薪酬。

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.

當我們看到一些限制在本季度末開始解除時，我們開始看到勢頭增強，特別是在我們的主要貿易區和主要貿易區。

For those reasons, we believe in the overall momentum in the market.

出於這些原因，我們相信市場的整體勢頭。

And the brand continues to be strong, and we're continuing to see great growth in our digital platforms.

該品牌繼續強大，我們繼續看到我們的數字平台的巨大增長。

We're connecting with customers in new and different ways.

我們正在以新的和不同的方式與客戶建立聯繫。

We continue to open significant amount of new stores.

我們繼續開設大量新店。

So our confidence in the market continues.

因此，我們對市場的信心仍在繼續。

And because of that, we felt the comp range was appropriate.

正因為如此，我們覺得補償範圍是合適的。

There's a lot of volatility in our comps overall.

總體而言，我們的組合存在很大的波動性。

And so for that reason, we kept comp guidance in line with the ranges we had provided previously.

因此，出於這個原因，我們將補償指南與我們之前提供的範圍保持一致。

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.

這使我們能夠將波動不確定性水平保持在該範圍內，因為我們發現我們的客戶繼續返回我們的業務。

And until our customers have a more routine activity overall, and we see more return to normal patterns, we think that range is appropriate.

直到我們的客戶總體上有更常規的活動，並且我們看到更多恢復正常模式，我們認為這個範圍是合適的。

Yes.

是的。

And I'll just add, Sharon, I think clearly, the key is vaccination progress in every country around the world.

我要補充一點，Sharon，我清楚地認為，關鍵是全世界每個國家的疫苗接種進展。

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.

我們所做的其中一件事是我們看到了疫苗接種的進展，整個美國的進展非常好，我們在美國的表現也很強勁。

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.

我們現在正在使用我們的 Deep Brew AI 技術開始監控和查看世界上每個國家的疫苗接種進度，並使用預測分析來讓我們了解這將如何加快復甦和加速我們的國際業務的增長。

Clearly, this quarter, we had some COVID-related restrictions in many countries in Europe, certainly in Japan and China.

顯然，本季度，我們在歐洲的許多國家（尤其是日本和中國）都有一些與 COVID 相關的限制。

And so that had an impact there.

所以這在那裡產生了影響。

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.

但是當你看到我們在疫苗接種方面取得的進展時，當然是在美國，這代表了世界各地將要發生的事情。

And with vaccine manufacturing ramping up and more vaccine available to international markets, I think we're going to see a good result.

隨著疫苗生產的增加和更多的疫苗可用於國際市場，我認為我們將看到一個好的結果。

John Culver?

約翰卡爾弗？

Yes.

是的。

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.

Sharon，我要補充的是，首先，我們樂觀地認為，隨著這些限制的解除和客戶的流動性增加，我們的業務將迅速恢復到正常的運營水平。

We saw that in China in the first quarter and early into the second quarter.

我們在第一季度和第二季度初在中國看到了這一點。

We saw that in Japan as restrictions were lifted last year.

我們在日本看到了這一點，因為去年取消了限制。

We're seeing that now in Mexico as restrictions have been lifted and vaccinations have improved.

隨著限制措施的解除和疫苗接種的改善，我們現在在墨西哥看到了這一點。

We're also optimistic for the U.K. as openings occur in the U.K. and vaccination levels approach over 50%.

我們也對英國持樂觀態度，因為英國出現了空缺，疫苗接種水平接近 50% 以上。

So all indications are that we're very confident with the comp guidance that we've provided from an International perspective.

因此，所有跡像都表明，我們對我們從國際角度提供的薪酬指導非常有信心。

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.

更重要的是，我們繼續對我們的數字足跡和新商店進行重大投資，以便當這些市場重新開放時，我們能夠加速我們的增長並更快地行動。

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 John Ivankoe。

There's obviously a lot of discussion about the labor market in general in the United States.

顯然有很多關於美國勞動力市場的討論。

I mean, there seems to be increased mobility in 2021 in terms of the workforce and also paying higher prices for the workforce.

我的意思是，2021 年勞動力的流動性似乎有所增加，而且勞動力的價格也會更高。

Could you comment just in terms of anything on the partners?

你能就合作夥伴的任何事情發表評論嗎？

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?

這將是有見地的，我猜你在接下來的 9 或 12 個月內所做的任何新事情，在吸引和留住方面，以及你在這一點上的整體留存率是多少？

Yes.

是的。

Thanks for the question.

謝謝你的問題。

Let me sort of summarize kind of my view at a high level and then I'll hand over to Rossann.

讓我在高層次上總結一下我的觀點，然後我將交給 Rossann。

But yes, first of all, it's important to ground ourselves in what we've done for our partners over this last year.

但是，是的，首先，重要的是要立足於我們去年為合作夥伴所做的一切。

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.

請記住，一年前，我們在美國進行了極端封鎖，我們決定在此期間為我們的合作夥伴提供經濟確定性。

We did not do any involuntary layoffs or furloughs.

我們沒有進行任何非自願裁員或休假。

We paid our partners whether they came to work or stayed home.

我們付錢給我們的合作夥伴，無論他們是來上班還是待在家裡。

We increased the benefits that we gave them for COVID-related health benefits, mental wellness benefits, parental care benefits, childcare benefits.

我們增加了我們為他們提供的與 COVID 相關的健康福利、心理健康福利、育兒福利、育兒福利。

We took care of our partners through this pandemic.

我們在這場大流行中照顧了我們的合作夥伴。

And as a result, our partners have risen to the occasion.

因此，我們的合作夥伴已經應運而生。

Certainly, as we came out of this pandemic, we made a significant investment, an increase of wage that went into effect in December.

當然，隨著我們走出這場大流行，我們進行了大量投資，增加了工資，這在 12 月生效。

And partners have applauded that.

合作夥伴對此表示讚賞。

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.

因此，我們現在處於我認為我們的合作夥伴欣賞我們所做的事情的位置，我們非常尊重和讚賞我們的合作夥伴。

So unlike what I've read about from other companies, we -- our retention numbers are good.

因此，與我從其他公司了解到的情況不同，我們——我們的保留人數很好。

Our partners' energy and spirit is high.

我們合作夥伴的精力和精神都很高。

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.

因此，在讓我們的合作夥伴出現並能夠在世界各地的每家商店創造出色的客戶體驗方面，我預計我們不會遇到挑戰。

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.

現在，在我移交給 Rossann 之前，我確實想評論一下，在供應鏈的某些領域，讓我們在商店交貨的地方進行分配。

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.

現在我們的一些運營商店交付的合作夥伴從我們的客戶配送中心到商店，他們有點掙扎——能夠僱用和工作人員來滿足我們的需求並獲得足夠的人。

So we are working with them.

所以我們正在與他們合作。

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.

所以我確實預計我們會做更多的投資和幫助我們的供應鏈合作夥伴，無論是他們在製造中需要的員工，還是他們在分銷和運輸中需要的員工。

But when it comes to Starbucks, I think we're in a very solid position.

但談到星巴克，我認為我們處於非常穩固的地位。

Rossann?

羅桑？

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.

我要補充的是，目前在某些市場的某些時候，我們正在經歷一些勞動力短缺，但目前這不是一個普遍的問題。

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.

正如凱文所說，我們已經通過行業領先的福利和總薪酬方法進行了投資，我相信我們將繼續進行必要的投資，以保持成為首選雇主。

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.

現在，我們顯然將在接下來的幾個月中繼續密切關注這一情況，以確保我們繼續以能夠滿足客戶需求的方式經營商店。

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.

我還要補充一點，因為我們對合作夥伴進行了有意義的投資，我們仍然能夠提高利潤率。

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.

當我們回顧今年下半年時，我們已經表明我們的利潤率將落後於我們的銷售復甦約 2 個季度。

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.

其中一個關鍵組成部分是我們將繼續投資於我們的合作夥伴以及設備和其他東西，以便能夠釋放我們的需求。

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.

這是一個需要提醒的重要注意事項，它沒有 - 這意味著我們仍然會看到我們的業務得到加強，我們將在整個季度中得到加強。

But I just want to highlight that, that investment continues to be part of why we're guiding our margins the way we are.

但我只想強調這一點，投資仍然是我們以現在的方式引導利潤的部分原因。

And it does include inflationary components as we open up the economy and as we move through some of these stages as well.

它確實包括我們開放經濟以及我們經歷其中一些階段時的通脹因素。

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與羅伯特 W. 布萊爾的對話。

Rachel, I have a couple of questions about your guidance commentary.

瑞秋，我有幾個關於你的指導評論的問題。

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.

首先，我認為上半年的表現超出了你的範圍——每股收益大約為 0.20 美元，這就是指導性加薪的數額。

But it sounds like there's also some tax benefit towards the end of the year that's in there.

但聽起來到年底還有一些稅收優惠。

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.

所以我只是想知道你是否可以澄清我們是否應該考慮為什麼指導範圍沒有增加超過它的任何補償。

I think that's my first question.

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.

第二個問題是在 12 月的投資者日，我認為該公司製定了 20% 類型的每股收益增長或 2021 年基數增長 20% 以上的計劃。

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.

考慮到你今年看到的超常表現，我想知道明年這種增長是否仍在發揮作用。

Sure.

當然。

Thank you, David.

謝謝你，大衛。

Thanks for the question.

謝謝你的問題。

What I would say is we felt confident in being able to raise our guidance on EPS for the full year.

我想說的是，我們對能夠提高全年每股收益的指導充滿信心。

And of course, a big driver of that is our overdelivery and our outperformance in the first 2 quarters.

當然，其中一個重要驅動因素是我們的超額交付和前兩個季度的出色表現。

But as I've mentioned, we expect that our margin is going to lag our sales recovery over the next couple of quarters.

但正如我所提到的，我們預計未來幾個季度我們的利潤率將落後於我們的銷售復甦。

So we'll lag our sales recovery.

因此，我們將滯後於銷售復甦。

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.

其中的一些驅動因素是，我們不會看到我們從第二季度獲得的政府補貼中獲得的一次性收益。

So we won't have that.

所以我們不會有那個。

We'll start to see our ticket moderate.

我們將開始看到我們的門票適中。

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.

我們仍然相信，隨著我們繼續推動食品附加和產品的高端化，以及將客戶轉移到冷平台，我們的票價將略有提高。

But we will see our ticket moderate, which will impact our margin.

但我們會看到我們的罰單適中，這將影響我們的利潤。

In addition to that, as I mentioned, we're going to continue to invest in our business.

除此之外，正如我所提到的，我們將繼續投資於我們的業務。

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.

當我們考慮如何解鎖下半年以及如何繼續增長並滿足需求時，這一點至關重要。

So we're going to have to continue to invest in partners, continue to invest in technology and equipment in our stores.

因此，我們將不得不繼續投資於合作夥伴，繼續投資於我們商店的技術和設備。

And finally, there's an inflationary component in there as well.

最後，其中也有通貨膨脹的成分。

So when you put that together, that's what really drives our guidance.

因此，當您將其放在一起時，這才是真正推動我們指導的原因。

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.

現在我想說的是，我們預計將退出第四季度，因此從利潤率的角度來看，我們將在整個季度中加強，但我們預計第四季度的退出將接近我們在投資者日給出的 18% 至 19% 的指導範圍從長遠來看。

So that will show you how the -- how our EPS will essentially strengthen with that margin.

因此，這將向您展示我們的每股收益將如何隨著該利潤率而增強。

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.

我可以說的是明年，我們不會提供明年的指導，而是我們已經提供的指導，但我會說你仍然可以期待外部表現與我們之前指導的大約 20% 一致.

Great.

偉大的。

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?

如果我錯過了這一點，政府補貼的雷切爾（Rachel）請原諒我，但它的大小是多少，它在損益表中落在哪裡？

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.

我想說的是，當您考慮我們在第二季度的超常表現時，因此，如果您考慮與指導相比，我們在第二季度表現超常的事實，這兩個驅動因素是在美洲市場，這是政府補貼，所以一次性的政府補貼以及好於預期的複蘇。

And I would say, fairly equal in nature.

我會說，本質上是相當平等的。

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

我們的下一個問題來自 Sara Senatore 和 Bernstein 的觀點。

Just, I guess, a question about the closures and the store, how you're shifting it.

只是，我想，關於關閉和商店的問題，你如何轉移它。

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?

一是，您是否知道銷售從已關閉的商店轉移到仍然營業的商店的情況？

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.

我知道現在有很多看跌期權，但只是想弄清楚關閉這些表現不佳的商店是否對系統在同店銷售方面有任何好處。

And likewise, you've given a lot of color on investments in the business and that lag between top line and margin.

同樣，您對業務投資以及收入和利潤之間的滯後給予了很多色彩。

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.

但是有沒有 - 我的感覺是，免下車的餐廳級利潤率實際上高於一些傳統商店。

So I would have thought that might be a tailwind as well as you kind of trend the store-based transformation.

所以我會認為這可能是一種順風，就像你傾向於以商店為基礎的轉型一樣。

So just those 2 kind of questions on the face of the store-based sales transfer and then margin differentials.

因此，僅針對基於商店的銷售轉移和利潤率差異的這兩種問題。

Yes.

是的。

Sara, thanks for the question.

薩拉，謝謝你的問題。

Let me comment then I'll hand it over to Rachel.

讓我評論一下，然後我會把它交給雷切爾。

As you recall, we sort of outlined the fact that we're going to reposition 800 stores in North America this year.

正如你所記得的，我們在某種程度上概述了今年我們將在北美重新定位 800 家商店的事實。

We're about 70% through the closures of that.

我們完成了大約 70% 的工作。

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.

但同樣重要的是要注意，其中大約 200 家新店已經建成並重新開業，因此我們也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.

我認為這對我們來說是個好兆頭，因為它實際上通過在正確的位置以正確的形式為客戶提供正確的商店來幫助我們改善客戶體驗。

And we're on track to complete that as we go through the fiscal year.

我們正在按計劃完成這一財政年度。

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.

我認為這是在 22 財年幫助我們建立並幫助我們的事情之一，有點像大衛關於我們在 22 財年尋找的超大每股收益增長的問題。

Rachel, do you want to add some more for Sara in terms of sales transfer, yes?

Rachel，你想在銷售轉移方面為 Sara 添加更多內容，是嗎？

Thank you, Kevin, and thank you, Sara, for the question.

謝謝你，凱文，謝謝你，薩拉，提出這個問題。

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.

我想說的是從貿易領域轉型的角度來看，如果你考慮美洲部分，在我準備好的評論中，我談到了美洲在本季度的利潤率提高了 550 個基點的事實。

A driver of that was trade area transformation.

其中的一個驅動因素是貿易區轉型。

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.

所以我們所看到的就是我們在第二季度概述的——或者對不起，在今年第一季度，在全年的基礎上，在企業層面，貿易區轉型將有利於利潤率約40個基點。

We saw significant improvement in Q2, and that will still align with approximately 40 basis points on the full year at the enterprise level.

我們在第二季度看到了顯著改善，這仍將與企業層面全年約 40 個基點保持一致。

But that trade area transformation was a contributing factor to part of the success of the Americas segment in the quarter.

但貿易區轉型是本季度美洲業務成功的部分因素。

And then in terms of the investments that I talked about, certainly, the investments that I've been talking about are across all stores.

然後就我談到的投資而言，當然，我一直在談論的投資遍及所有商店。

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.

很大程度上是我們正在嘗試的免下車 - 因為我們專注於釋放容量並能夠滿足需求，但它也與我們的咖啡館有關。

But of course, more predominantly, [drive-throughs concepts] where we're seeing the majority of our demand currently.

但是，當然，更主要的是 [drive-throughs 概念]，我們目前看到了我們的大部分需求。

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.

您可能還記得，在我們的投資者日，我們實際上根據從我們一直在做的投資中看到的情況增加了我們的薪酬指導。

So our comp guidance previously had been in the 3% to 4% range.

所以我們之前的薪酬指導一直在 3% 到 4% 的範圍內。

We increased it to 4% to 5% based on these investments that we're making.

根據我們正在進行的這些投資，我們將其提高到 4% 到 5%。

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.

因此，事實上，這些投資開始釋放生產力，並且我們從中看到了利潤收益，我們能夠證明，從長期來看，這將增加薪酬，然後增加我們的利潤，使我們能夠繼續擴大我們的利潤率並長期支持我們的每股收益增長。

So that's where you're seeing some of the tailwinds as we make these investments in the near term.

因此，當我們在短期內進行這些投資時，您會看到一些順風。

Our next question comes from the line of David Palmer with Evercore ISI.

我們的下一個問題來自與 Evercore ISI 的 David Palmer。

All right.

好的。

At this time, there is no response from Mr. Palmer.

此時，帕爾默先生沒有任何回應。

Their question has been withdrawn, and we'll proceed to the next question in queue.

他們的問題已被撤回，我們將繼續進行隊列中的下一個問題。

Our next question comes from the line of Jeffrey Bernstein with Barclays.

我們的下一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

Just one question on the My Starbucks Rewards program.

我的星巴克獎勵計劃中只有一個問題。

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.

我想你提到過，從我認為現在有 2300 萬會員的美國公司經營的銷售額中，它剛剛超過 50%。

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.

這個 2300 萬的數字感覺就像是，根據你大約一年前的最後評論，你有 8000 萬或 9000 萬總目標客戶為你服務。

So it seems like 23 million number spending clearly outsized relative to the average.

因此，相對於平均水平，似乎有 2300 萬個數字支出明顯偏大。

So I'm just wondering what are the initiatives at this point?

所以我只是想知道目前有哪些舉措？

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?

看起來您仍在以百分比為基礎以兩位數的速度增長該計劃，但在未來 12 到 24 個月內進一步擴大 2300 萬會員群的最大舉措是什麼？

Jeffrey, thanks for the question.

杰弗裡，謝謝你的問題。

I'm going to hand it over to Brady Brewer, our Chief Marketing Officer, who leads our program there.

我將把它交給我們的首席營銷官 Brady Brewer，他在那裡領導我們的項目。

Brady?

布雷迪？

Great.

偉大的。

Thanks for the question, Jeffrey.

謝謝你的問題，杰弗裡。

We see a lot of opportunity with our Rewards program.

我們在獎勵計劃中看到了很多機會。

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.

它占美國總銷售額的 52%。正如您所聽到的，僅在上個季度，我們就增加了 100 萬新的活躍會員。

That was on top of the 1 million in the quarter before.

這是在上一季度的 100 萬的基礎上。

And there are a few things that we're doing.

我們正在做一些事情。

One is we want to know as many customers as we possibly can.

一是我們想了解盡可能多的客戶。

We want to personalize their experience and we want to make the experience effortless.

我們希望個性化他們的體驗，我們希望讓體驗變得輕鬆。

And so effortless means things like mobile order, curbside, delivery.

因此毫不費力意味著移動訂單、路邊、送貨等。

And we've looked at things like Stars for Everyone, which you've heard us launch about 6 months ago.

我們已經研究了諸如 Stars for Everyone 之類的東西，你聽說我們在大約 6 個月前推出了這些東西。

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.

努力降低進入門檻，使客戶能夠從該計劃中受益，並體驗他們通過該計劃獲得的激勵和個性化體驗。

And it's through those efforts that we are attracting more customers into the program.

正是通過這些努力，我們吸引了更多的客戶加入該計劃。

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.

特別是 SFE 是我們推出的一項計劃，旨在通過即用即付選項更輕鬆地加入和購買該計劃。

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.

因此，降低這些准入門檻，通過該計劃覆蓋盡可能多的人，然後確保該計劃附帶的激勵措施和服務，以使體驗個性化且輕鬆。

That's how we're growing the program.

這就是我們發展該計劃的方式。

And we've seen just tremendous results, obviously, over the last 6 months with those programs, attracting new members and seeing them activate.

很明顯，在過去的 6 個月裡，這些計劃已經取得了巨大的成果，吸引了新成員並看到它們被激活。

Thanks, Brady.

謝謝，布雷迪。

Jeffrey, I'll just add to Brady's comments.

杰弗裡，我將添加到布雷迪的評論中。

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.

我認為布雷迪和團隊在發展我們的方面做得很好——請記住，這些是 90 天活躍的獎勵會員，所以他們是活躍的會員。

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.

當我們有大約 2000 萬活躍 - 90 天活躍獎勵成員時，我們與團隊進行了這樣的對話，他們說，看，我相信我們有機會將這個數字翻倍。

I'm not going to give a time frame, it might take a couple of years, but double that number.

我不會給出時間框架，可能需要幾年時間，但這個數字會翻倍。

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.

在這樣做的過程中，我們現在已經開始應用一些非常有創意和非常周到的方法來獲取我們擁有的關於客戶的數據，以便我們能夠——即使他們是非獎勵客戶，以便我們能夠更好地服務他們並開始為他們提供個性化的優惠和個性化的體驗。

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，與擁有機器學習算法的技術公司合作，如 Amperity、[Bridge] 等公司，他們能夠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.

因此，我認為我們有一套很棒的功能和計劃，可以增強客戶體驗，以及他們希望如何使用該移動應用程序以與他們相關的方式個性化客戶體驗，並讓我們找到新的聯繫方式給非獎勵客戶，並開始個性化我們與他們的互動，使他們成為獎勵客戶。

And so we're going to think very broadly about this over the long term.

因此，從長遠來看，我們將非常廣泛地考慮這個問題。

And I'm optimistic that we're doing some things that are very creative, and it's just going to take some time.

我很樂觀，我們正在做一些非常有創意的事情，這只是需要一些時間。

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

將 2000 萬翻一番是一個令人難以置信的目標，所以我期待在這方面取得進展。

All right.

好的。

Write that down.

把它寫下來。

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

我們的下一個問題來自 Andrew Charles 和 Cowen 的觀點。

Just following up on the MSR program.

只是跟進 MSR 計劃。

I mean, it's just very encouraging that obviously, you had 3.5 million more active members today versus pre COVID-19.

我的意思是，與 COVID-19 之前相比，今天的活躍成員增加了 350 萬，這非常令人鼓舞。

And just kind of 2 questions on the progress of this.

關於這方面的進展，只有 2 個問題。

First, who are these new members that you're finding?

首先，您要尋找的這些新成員是誰？

Are they skewing younger?

他們變得更年輕了嗎？

Are they skewing to less penetrated areas in the country like the south?

他們是否傾向於像南方這樣滲透率較低的地區？

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，我知道現在還為時尚早，但您能否觀察到他們的行為軌跡，使得他們似乎很可能訪問和消費與您過去觀察到的與非會員相比的平均 3 倍？

Great questions.

好問題。

Brady?

布雷迪？

Yes.

是的。

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.

該計劃在吸引我們的高頻客戶方面非常強大，因此我們今天的計劃中有很大比例的高頻客戶。

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.

鑑於該計劃降低了這些准入門檻的激勵措施，我們現在看到大量更多偶爾或頻率較低的客戶加入該計劃。

That's helping continue to support that 2 to 3x average versus the non-SR customer in terms of frequency.

與非 SR 客戶相比，這有助於在頻率方面繼續支持 2 到 3 倍的平均值。

We still see that high frequency overall for the program.

我們仍然看到該計劃的總體頻率很高。

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.

但是，看到這些偶爾加入的客戶的好處在於，我們也看到這些成員的頻率和支出顯著提升，就像我們從高頻成員加入一樣。

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.

因此，我們看到了將偶爾的客戶帶入該計劃的巨大機會，為他們提供出色的體驗、出色的激勵措施和體驗，從而隨著時間的推移提高他們的頻率。

So we see that as a continued opportunity.

所以我們認為這是一個持續的機會。

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.

正如凱文所說，我們在那裡看到了很多跑道，我們將在未來的幾個月和幾年裡繼續努力。

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

我們的下一個問題來自 Nicole Miller 和 Piper Jaffray。

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.

我知道這聽起來有點亂，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。

And Rachel, I wanted to ask you last time but we ran out of time.

還有瑞秋，上次我想問你，但我們沒時間了。

You're just in such a unique perspective in your role.

你只是在你的角色中如此獨特的視角。

I would -- I don't know if I'll get this right, but kind of growing up at Starbucks, going away.

我會 - 我不知道我是否會做對，但有點在星巴克長大，離開。

So curious like what did you learn?

很好奇你學到了什麼？

You come back, the impression that you're going to make?

你回來，你要給人的印象？

And really, just curious like how has the first few months in this role been for you?

真的，只是好奇在這個角色的頭幾個月對你來說怎麼樣？

Well, thank you, Nicole, for the question.

好吧，謝謝你，妮可，你的問題。

I appreciate it.

我很感激。

What I would say is Starbucks is such a powerful brand.

我想說的是，星巴克是一個如此強大的品牌。

I think you see that globally, but as a person who's worked at the company, you feel it.

我認為你在全球範圍內都看到了這一點，但作為一個在公司工作過的人，你會感覺到。

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.

所以，我認為，對於那些在公司工作過又離開又回來的人來說，那就是——這就是品牌的真正意義所在，它與符號無關，而更多的是關於它背後的人.

And there's just an incredible group of people that you work with, partners.

和你一起工作的只有一群不可思議的人，合作夥伴。

And it's hard to replicate that.

而且很難復制。

And so from my perspective, that is the draw.

所以從我的角度來看，這就是平局。

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.

作為客戶，因為我也是客戶，而且我一直都是，當我在我的商店時，我會感覺到這種感覺，我認為當你成為公司的一員，甚至是在公司辦公室時，這種感覺會引起共鳴。

So I think that's a unique advantage of being part of a company like Starbucks.

所以我認為這是成為像星巴克這樣的公司的一部分的獨特優勢。

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.

我能說的是，多年來見證了公司的發展，並且能夠與這樣一群才華橫溢的領導者一起工作，幫助塑造這種增長的未來，這真是令人難以置信。

I think it's an enviable position but it's humbling at the same time.

我認為這是一個令人羨慕的職位，但同時也令人謙卑。

And so I feel grateful for the opportunity.

所以我很感激這個機會。

But I appreciate the question.

但我很欣賞這個問題。

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

我們的下一個問題來自奧本海默的 Brian Bittner。

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.

凱文，我知道你看好美國的咖啡需求趨勢，以及市場在未來以有利的複合年增長率增長的能力。

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?

有沒有辦法可能構築這種市場份額搶奪機會，當我們從 COVID 中猛衝出來時，這種機會可能會在美國展開？

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?

我顯然意識到您非常關注自己的特殊驅動因素，但是您是否有任何數據或見解來確定您的市場份額趨勢或對您周圍競爭供應情況的見解，尤其是在您的城市貿易中領域？

Yes.

是的。

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.

布賴恩，讓我先談談我如何看待星巴克所擁有的股票地位，以及在這場大流行中以及我們從中擺脫出來時它是如何發展的。

I think a couple of thoughts.

我有幾個想法。

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.

我們擁有的最可衡量的事情是，按季度查看 CPG 貨架上的星巴克咖啡的銷售情況，以及咖啡，無論是烘焙磨碎咖啡、單杯咖啡還是即飲飲料。

And what we've seen is consistent share gains through this pandemic and even into this quarter.

我們所看到的是在這場大流行甚至到本季度的持續增長。

I mean, the ready-to-drink share that we gained both in the U.S. and China is significant.

我的意思是，我們在美國和中國獲得的即飲市場份額非常可觀。

The Global Coffee Alliance with Nestlé has now taken us from fundamentally 2 markets to over how many markets?

與雀巢的全球咖啡聯盟現在已經把我們從基本上 2 個市場帶到了多少個市場？

71.

71.

71 markets around the world.

全球71個市場。

And just take North America, a big market.

就拿北美來說吧，一個大市場。

North America, our growth -- revenue growth was 8%, where the category declined.

北美，我們的增長——收入增長 8%，該類別下降。

John, why don't you comment on that?

約翰，你為什麼不對此發表評論？

And then let me go back to specialty coffee and retail.

然後讓我回到精品咖啡和零售。

Yes.

是的。

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.

我想說的是，布賴恩，這是一個關於我們如何捕捉消費者並吸引他們進入星巴克品牌的整體戰略，無論是通過我們的零售店，通過過道，通過餐飲服務，通過即飲，這是一個整體戰略。

And I would say that over the course of the last year, we are seeing that really come to fruition right now.

我想說的是，在過去的一年裡，我們現在看到這真的實現了。

We've talked about the resurgence of customers coming back to our stores and stores reopened.

我們已經談到了顧客重新回到我們的商店和重新開業的情況。

We've seen the growth of packaged coffee down the aisle during this time, not only in the U.S. but also internationally.

在此期間，我們已經看到包裝咖啡在過道上的增長，不僅在美國，而且在國際上也是如此。

The growth in single-serve internationally as well being on the Nespresso platform, Dolce Gusto platform, the Keurig platform.

Nespresso 平台、Dolce Gusto 平台、Keurig 平台上的單一服務在國際上的增長。

In addition, foodservice is going to continue to play a very important role.

此外，餐飲服務將繼續發揮非常重要的作用。

We just opened our 1,000th foodservice location in China this past month, and we're going to continue to expand in that way.

上個月，我們剛剛在中國開設了第 1,000 家餐飲服務點，我們將繼續以這種方式擴張。

So it's a holistic strategy.

所以這是一個整體策略。

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.

在美國，我們現在已經能夠成為份額排名第一的品牌，而且我們實際上已經增加了這一份額，並在本季度與第一季度相比擴大了這一排名。

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.

因此，我們看到熱愛星巴克的顧客繼續消費我們的咖啡，並繼續希望以獨特的方式體驗它，我們對此感到非常謙卑。

Yes.

是的。

Thanks, John.

謝謝，約翰。

So Brian, you can see that on our Channels business, every quarter, we get the number, we get the measurement.

所以布萊恩，你可以看到，在我們的渠道業務中，每個季度，我們都會得到數字，得到測量結果。

On our specialty coffee retail, we tend to look at Euromonitor and other longer-term data sources to give us a sense.

在我們的特色咖啡零售中，我們傾向於查看 Euromonitor 和其他長期數據源來給我們一個感覺。

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.

但現在，回到我們美國門店的客戶活動數量非常驚人，超出了我們的預測和我們在美國的預測，Rossann 和她的團隊已經迅速適應了這一點。

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.

但我們最關注的是我們如何迅速適應我在開場評論中概述的不斷變化的消費者行為，在此過程中，我們如何擴展和增強使星巴克與其他人區分開來的屬性，以及我們如何隨後為我們的客戶在商店中創造出色的體驗。

And the way we do that, the trade area transformation is one important initiative.

我們這樣做的方式是，貿易區轉型是一項重要舉措。

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.

但是，我們為提升客戶體驗、提供相關且令人興奮的新飲料以及擴展和增強數字客戶關係所做的工作是 3 件關鍵的事情。

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.

當您查看這些領域中的每一個領域正在發生的事情時，會有如此多的積極活動、舉措和成就，然後是客戶對這些事情的反應，我只是相信我們正在做對的事情。

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.

在這一點上，我看著並說，僅僅通過觀察世界各地的疫苗接種進展，我們將有 2 到 3 年的順風。

This great human reconnection will happen probability 1.0.

這種偉大的人類重新連接將以 1.0 的概率發生。

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.

所以我們為此做好了準備，我們正在努力——我們正在努力以對我們有意義的方式來增強和區分品牌。

We're going to take care of our partners.

我們會照顧好我們的合作夥伴。

Our partners are the heartbeat of Starbucks.

我們的合作夥伴是星巴克的心臟。

They have risen to the occasion.

他們已經適應了這個場合。

And so specialty coffee retail is where we set the brand.

所以精品咖啡零售是我們樹立品牌的地方。

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.

每周有 1 億客戶來看我們，這就是我們建立品牌的地方，然後我們通過我們的渠道擴大它。

And I think in both specialty coffee retail and channels, it's happening.

而且我認為在精品咖啡零售和渠道中，它正在發生。

And so we'll give you more info as we get more data on share gains.

因此，隨著我們獲得更多有關股票收益的數據，我們將為您提供更多信息。

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.

但是，當我查看我們的數據、我們的數字，並且我在我們的商店中並在某種程度上觀察正在發生的事情時，我可以感覺到它並感覺到它。

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

我們的最後一個問題來自加拿大皇家銀行資本市場的 Chris Carril。

So I just wanted to follow up on the commentary earlier around ticket and how moderation there will perhaps affect margins going forward.

所以我只是想跟進早些時候關於門票的評論，以及那裡的節制可能會如何影響未來的利潤率。

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?

但是，您在當前趨勢中是否看到任何跡象表明，即使流量繼續改善，仍然強勁的門票的某些元素可能會保持粘性，例如增加優質飲料的組合或更高的食物附加值？

Rachel, do you want to take that?

瑞秋，你想拿那個嗎？

Sure.

當然。

Thanks, Kevin.

謝謝，凱文。

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.

是的，我要說的是，我們肯定——我的意思是，隨著我們從去年開始應對大流行中最嚴重的部分，我們肯定會看到我們的補償結構發生轉變，它將回歸到更多大流行前的水平，您會看到更多的交易，可能還有更低的票價。

So we'll definitely see our ticket moderate from the high 20s where we've been.

因此，我們肯定會看到我們的票價從我們去過的 20 多歲開始適中。

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.

但我們相信，其中一些會持續下去，現在不會達到以前的程度，但如果你看看驅動它的一些行為，今天驅動它的行為是我們有更高的飲料依附性。組訂單，多訂單。

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.

隨著人們開始回到辦公室，並且我們有更多的單次訪問和單件購買，其中一些可能會有所緩和。

But we've had an all-time food attach.

但我們有一個空前的食物附加。

This quarter was an all-time record attach on our food.

本季度是我們食物的歷史記錄。

And that's because we're putting forward products that our customers love and enjoy.

那是因為我們推出了客戶喜愛和喜歡的產品。

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.

所以他們會繼續——如果我們繼續在與他們相關的領域進行創新，我們會繼續看到，那將會——這將推動食物的附著。

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.

除此之外，我們還看到全面的寒冷增長，其中一些來自我們的促銷產品以及我們的一些核心產品。

And I think that focus in that area, which is more premium for us in nature, is where our customers are gravitating.

而且我認為專注於該領域，這在本質上對我們來說更有價值，是我們的客戶所吸引的地方。

And so that will also help us to sustain ticket.

因此，這也將幫助我們維持門票。

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.

我只是認為問題在於它將從今天的水平緩和，但我們相信我剛才談到的一些槓桿確實具有粘性。

And with that, ladies and gentlemen, this concludes our question-and-answer session.

至此，女士們，先生們，我們的問答環節到此結束。

And I would now like to turn the call over to Kevin Johnson for closing remarks.

我現在想把電話轉給凱文·約翰遜（Kevin Johnson）做閉幕詞。

Well, thank you.

嗯，謝謝。

I got to say, Brian got me all like energized about what we're doing.

我得說，Brian 讓我對我們正在做的事情充滿活力。

And so as we close today's call, I think it's important to reinforce one key message.

因此，當我們結束今天的電話會議時，我認為強調一個關鍵信息很重要。

And that message is that Starbucks is meeting this moment, this moment of the great human reconnection.

那個信息是星巴克正在迎接這個時刻，這個偉大的人類重新連接的時刻。

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.

我們預見到了消費者行為的轉變，我們加快了我們的長期計劃，並且我們已經做好準備，以更高水平的彈性、速度和敏捷性進一步區分自己。

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.

我不得不說，正如 Rachel 所說，這個品牌的實力以及我們為全球客戶提供便捷、提升的個性化體驗的機會越來越多，這讓我個人對未來非常樂觀。

Our long-term growth model is solid.

我們的長期增長模式是穩固的。

And so thank you for your questions.

謝謝你的提問。

Thanks for joining us today, and have a great evening.

感謝您今天加入我們，祝您度過一個愉快的夜晚。

This concludes Starbucks Coffee Company's Second Quarter Fiscal Year 2021 Conference Call.

星巴克咖啡公司 2021 財年第二季度電話會議到此結束。

You may now disconnect your lines.

您現在可以斷開線路。