星巴克 (SBUX) 2021 Q1 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是赫克托，今天我將成為您的會議接線員。

I would like to welcome everyone to today's Starbucks Coffee Company conference call.

我想歡迎大家參加今天的星巴克咖啡公司電話會議。

(Operator Instructions)

（操作員說明）

I will now turn the call over to Durga Doraisamy, Vice President, Investor Relations.

我現在將把電話轉給投資者關係副總裁 Durga Doraisamy。

You may now begin your conference.

你現在可以開始你的會議了。

Good afternoon, everyone, and thank you for joining us today to discuss our first quarter fiscal year '21 results.

大家下午好，感謝您今天加入我們，討論我們 21 財年第一季度的業績。

Today's discussion will be led by Kevin Johnson, President and CEO; and Pat Grismer, 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 Pat Grismer。

And for Q&A, we will be joined by Roz Brewer, Chief Operating Officer and Group President, Americas; John Culver, Group President, International, Channel Development and Global Coffee, Tea and Cocoa.

在問答環節，美洲首席運營官兼集團總裁 Roz Brewer 將加入我們的行列； John Culver，國際、渠道開發和全球咖啡、茶和可可集團總裁。

Also present is Rachel Ruggeri, Senior Vice President, Finance, for the Americas.

出席會議的還有負責美洲的財務高級副總裁 Rachel Ruggeri。

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 report on Form 10-Q.

任何此類聲明都應與我們在提交給美國證券交易委員會的文件中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 '21 include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items.

'21 財年的 GAAP 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, February 26, 2021.

本次電話會議正在進行網絡直播，截至 2021 年 2 月 26 日星期五，我們的網站上將提供網絡直播的存檔。

Finally, for your calendar planning purposes, please note that our second quarter fiscal year '21 earnings call has been tentatively scheduled for Tuesday, April 27.

最後，出於您日曆計劃的目的，請注意，我們的 21 財年第二季度財報電話會議暫定於 4 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。

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

好吧，下午好，感謝您今天加入我們。

As I reflect on this past year, clearly, we have all been through a lot, a lot of trying times and a lot of change.

當我回顧過去的一年時，很明顯，我們都經歷了很多、很多嘗試和很多變化。

And at a time when society and all of humanity are a bit fragile, I am optimistic because this year holds tremendous promise for healing.

在社會和全人類有點脆弱的時候，我很樂觀，因為今年對治愈有巨大的希望。

I believe Starbucks can play an important role in that healing process, bringing people together to feel connected, supporting our communities in a positive and responsible way and advancing a more equitable and inclusive world.

我相信星巴克可以在這個康復過程中發揮重要作用，將人們聚集在一起，感受彼此之間的聯繫，以積極和負責任的方式支持我們的社區，並推動一個更加公平和包容的世界。

It was just 1 year ago this week that we temporarily closed stores across China to protect our partners and customers from the coronavirus.

就在 1 年前的這個星期，我們暫時關閉了中國各地的商店，以保護我們的合作夥伴和客戶免受冠狀病毒的侵害。

We quickly realized the need to establish a set of principles for navigating this virus to operate safely in a global pandemic and then shared our principles and store protocols with every market around the world.

我們很快意識到有必要建立一套原則來引導這種病毒在全球大流行中安全運行，然後與世界各地的每個市場分享我們的原則和存儲協議。

That approach has served us well.

這種方法對我們很有幫助。

And I'm proud to say today, our business in China recovered in Q1 in line with our expectations, and we remain on track to achieve full sales recovery of our U.S. business by the end of Q2.

今天我很自豪地說，我們在中國的業務在第一季度恢復符合我們的預期，我們仍有望在第二季度末實現我們美國業務的全面銷售復甦。

This journey has not been linear.

這段旅程不是線性的。

And because we have operationalized our ability to monitor events in real time and adapt to the changing conditions store by store, our recovery continues to track slightly ahead of our expectations.

而且由於我們已經將實時監控事件的能力付諸實施，並逐個商店適應不斷變化的條件，因此我們的複蘇繼續略微超出我們的預期。

Since the start of this pandemic, while being guided by our 3 fundamental principles, our 400,000 Starbucks partners around the world have been well equipped with tools, resources and support to enable quick decision-making at the store level.

自這場大流行開始以來，在我們的 3 項基本原則的指導下，我們在全球的 400,000 名星巴克合作夥伴已經配備了良好的工具、資源和支持，可以在門店層面實現快速決策。

The agility with which our partners navigated an unprecedentedly complex global situation, while caring for each other and for our customers, leaves me as confident as ever about Starbucks' long-term outlook.

我們的合作夥伴在前所未有的複雜全球形勢下靈活應對，同時彼此關心和照顧我們的客戶，這讓我對星巴克的長期前景一如既往地充滿信心。

Last month, when we met for our biennial investor conference, we talked about Starbucks' resilience.

上個月，當我們在兩年一度的投資者大會上開會時，我們談到了星巴克的韌性。

There were 3 takeaways from that discussion that I want to iterate as we share this quarter's results.

在我們分享本季度的結果時，我想從這次討論中總結出 3 個要點。

First, our Growth at Scale agenda that we established almost 3 years ago has sharpened our focus, enabled disciplined execution, enhanced our ability to allocate capital to its highest and best uses and unleashed a growth mindset throughout Starbucks.

首先，我們在近 3 年前製定的“規模化增長”議程加強了我們的重點，實現了有紀律的執行，增強了我們將資本分配到最高和最佳用途的能力，並在整個星巴克釋放了增長思維。

Second, our speed and agility have enabled us to rapidly adapt to changing consumer behaviors and strengthened our competitive position.

其次，我們的速度和敏捷性使我們能夠迅速適應不斷變化的消費者行為並加強我們的競爭地位。

And third, we have an innovation agenda for our customer experience and for store transformation that positions us well for future growth.

第三，我們為客戶體驗和商店轉型製定了創新議程，為我們未來的增長做好了準備。

Now I want to share with you results from Q1 that reinforce our belief that Starbucks is stronger and more resilient than ever.

現在，我想與您分享第一季度的結果，這些結果強化了我們的信念，即星巴克比以往任何時候都更強大、更有彈性。

Let me begin in the U.S. Our first quarter comparable store sales of minus 5% in the U.S. improved from the prior quarter's minus 9%.

讓我從美國開始。我們第一季度在美國的可比商店銷售額為負 5%，比上一季度的負 9% 有所改善。

Even with pandemic-related business disruption in the latter half of the quarter with significantly reduced our ability to offer in-store seating, with over 60% of our U.S. company-operated stores offering limited seating as we entered our fiscal Q1, comparable store sales improved in October, building on the momentum we saw in the prior quarter.

即使在本季度後半期與大流行相關的業務中斷，顯著降低了我們提供店內座位的能力，當我們進入第一財季時，我們超過 60% 的美國公司經營的商店提供有限的座位，可比商店銷售額在我們上一季度看到的勢頭的基礎上，10 月份有所改善。

When COVID-19 cases began to surge mid-quarter, we adjusted our operations to grab and go, in alignment with our principles and in support of regulatory requirements across a number of states.

當 COVID-19 案件在本季度中期開始激增時，我們調整了我們的運營，以符合我們的原則並支持多個州的監管要求。

We rapidly adapted and ended the quarter with approximately 40% of our U.S. stores offering limited seating.

我們迅速適應並在本季度結束時約有 40% 的美國商店提供有限的座位。

Underpinned by our powerful innovation agenda, our phenomenal Green Apron partners delivered a very strong holiday performance in Q1, building positive momentum on our path to full U.S. comp recovery.

在我們強大的創新議程的支持下，我們出色的 Green Apron 合作夥伴在第一季度實現了非常強勁的假期表現，為我們在美國全面復甦的道路上建立了積極的勢頭。

Importantly, in Q1, we laid a solid foundation for achieving our fiscal 2021 goals by further advancing 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，在第一季度，我們通過進一步推進對規模增長議程至關重要的 3 項業務驅動計劃，為實現 2021 財年目標奠定了堅實的基礎：提升客戶體驗；推動相關飲料創新；並擴大數字客戶參與度。

I will now share some notable highlights from Q1 and our traffic-driving initiatives for the balance of fiscal 2021, starting with elevating the customer experience.

我現在將分享第一季度的一些顯著亮點以及我們在 2021 財年餘下的交通駕駛計劃，首先是提升客戶體驗。

We believe that many of our customers have adapted to their work- or study-from-home realities.

我們相信，我們的許多客戶已經適應了他們在家工作或學習的現實。

Their Starbucks visit has evolved from the stop on the way to a destination to being the destination worth leaving home for because it is safe, familiar and convenient.

他們的星巴克之旅已經從前往目的地途中的停留演變為值得離開家的目的地，因為它安全、熟悉和方便。

The work we have done to increase throughput in drive-through, expand our digital reach, enable curbside pickup and expand delivery capabilities was evident in Q1.

我們在提高免下車吞吐量、擴大我們的數字覆蓋範圍、實現路邊取貨和擴大交付能力方面所做的工作在第一季度顯而易見。

U.S. stores with drive-throughs saw a slight improvement in out-the-window times and delivered positive comps throughout Q1.

擁有免下車服務的美國商店的櫥窗外時間略有改善，並在整個第一季度提供了積極的回報。

They drove over half of net sales in Q1, increasing more than 10% from pre-pandemic levels.

他們推動了第一季度超過一半的淨銷售額，比大流行前的水平增長了 10% 以上。

These results give us confidence that our targeted initiatives to unlock capacity and enhance the customer experience at our drive-through locations are boosting our business recovery while strengthening our foundation for future growth.

這些結果使我們相信，我們在免下車地點釋放容量和增強客戶體驗的有針對性的舉措正在促進我們的業務復甦，同時鞏固我們未來增長的基礎。

Our industry-leading mobile app continues to be an important tool for us to elevate the customer experience as a safe, convenient and personalized way to order Starbucks.

我們行業領先的移動應用程序仍然是我們提升客戶體驗的重要工具，它是一種安全、便捷和個性化的星巴克訂購方式。

This quarter, mobile orders represented 25% of U.S. company-operated transactions in Q1, up from 17% before the pandemic, providing clear evidence that our initiatives are resonating with customers.

本季度，移動訂單佔第一季度美國公司運營交易的 25%，高於大流行前的 17%，這清楚地表明我們的舉措正在引起客戶的共鳴。

We continue to see average ticket meaningfully higher than pre-pandemic levels, driven by group order.

在團體訂單的推動下，我們繼續看到平均票價明顯高於大流行前的水平。

A combination of increased beverage attach, premium beverage mix, increased customization and upsizing, and an all-time high food attachment all drove U.S. ticket growth of approximately 19% in Q1.

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都推動了第一季度美國門票增長約 19%。

In addition, our seasonal holiday beverage lineup, combined with our creative holiday marketing, created excitement amongst our Green Apron partners and drew customers into our stores.

此外，我們的季節性假日飲料系列，結合我們創造性的假日營銷，在我們的綠色圍裙合作夥伴中引起了興奮，並吸引了顧客進入我們的商店。

This year, we kicked off holiday with familiar beverages, such as Peppermint Mocha and, of course, Starbucks joyful holiday cups, a 23-year ritual.

今年，我們以熟悉的飲料開始了假期，比如薄荷摩卡，當然還有星巴克的歡樂節日杯，這是一項 23 年的儀式。

Pumpkin Cream Cold Brew's tremendous success in last quarter's lineup provided a strong prelude to the December return of the new holiday favorite, Irish Cream Cold Brew.

Pumpkin Cream Cold Brew 在上個季度的產品陣容中取得了巨大成功，為 12 月新的節日最愛愛爾蘭奶油冷釀的回歸提供了強有力的前奏。

Our cold beverages continued to resonate with customers, led by Iced White Chocolate Mocha, Iced Chai Latte and Vanilla Sweet Cream Cold Brew, with all 3 delivering positive year-on-year growth.

我們的冷飲繼續引起客戶的共鳴，以冰白巧克力摩卡、冰柴拿鐵和香草甜奶油冷釀為主導，這三款產品均實現了同比正增長。

Food outperformed our expectations in Q1, driven by strength in breakfast wraps, the Impossible Breakfast Sandwich, and holiday bakery items such as the Snowman Cookie and, of course, my grandson's favorite, cake pops.

食品在第一季度的表現超出了我們的預期，這得益於早餐卷、Impossible Breakfast Sandwich 以及雪人餅乾等假日麵包店產品的強勁表現，當然還有我孫子最喜歡的蛋糕汽水。

Finally, we saw accelerated growth of digital customer relationships and customer engagement, a key highlight of the quarter.

最後，我們看到數字客戶關係和客戶參與度加速增長，這是本季度的一個主要亮點。

Following our successful launch of Stars for Everyone in Q4, Starbucks Rewards achieved phenomenal results in Q1, providing a strong foundation for growth in fiscal 2021 and beyond.

繼我們在第四季度成功推出 Stars for Everyone 之後，Starbucks Rewards 在第一季度取得了驚人的成果，為 2021 財年及以後的增長奠定了堅實的基礎。

Our 90-day active Starbucks Rewards member base, to whom we directly communicate and provide personalized offers, increased by 2.5 million members in Q1 to a record 21.8 million.

我們直接與之交流並提供個性化優惠的 90 天活躍的星巴克獎勵會員群在第一季度增加了 250 萬會員，達到創紀錄的 2180 萬。

Now this result surpassed our pre-COVID member base, representing a 15% increase relative to the same quarter in prior year.

現在，這一結果超過了我們在 COVID 之前的成員基礎，比去年同期增加了 15%。

I'm also happy to say that this holiday season, Starbucks Card activations, the cornerstone of our holiday gift program, exceeded our expectations.

我也很高興地說，這個假期，作為我們節日禮物計劃的基石的星巴克卡激活超出了我們的預期。

Starbucks Cards are a customer favorite for holiday gifting and are widely available through our stores and other distribution channels, including digitally.

星巴克卡是客戶最喜歡的節日禮物，可通過我們的商店和其他分銷渠道（包括數字渠道）廣泛購買。

The success of Starbucks Cards illustrates the strong emotional bonds that we've created with customers and the relevance of the Starbucks Experience even in the current environment.

星巴克卡的成功說明了我們與客戶建立的強烈情感紐帶，以及即使在當前環境下星巴克體驗的相關性。

As the number of active Starbucks Rewards members grew during the quarter, so did their engagement.

隨著本季度活躍的星巴克獎勵會員數量的增加，他們的參與度也在增加。

Rewards customers contributed 50% of U.S. company-operated sales in Q1, up from 43% last year before the onset of COVID-19 and up from 47% in the prior quarter, demonstrating our loyal customers' resilience and affinity for Starbucks.

獎勵客戶在第一季度貢獻了美國公司運營銷售額的 50%，高於去年 COVID-19 爆發前的 43%，高於上一季度的 47%，這表明我們的忠實客戶對星巴克的韌性和親和力。

Any way you look at it, our first quarter results were quite strong in the U.S., particularly considering the headwind we faced from the current surge in COVID infections.

無論你怎麼看，我們第一季度的業績在美國都相當強勁，特別是考慮到我們當前面臨的 COVID 感染激增帶來的不利影響。

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。

Building on the positive momentum from the past 2 quarters, the China leadership team delivered another great quarter, which is a testament to our ability to rapidly adapt to changing conditions while focusing on the customer experience, new beverage innovation and continued expansion of digital customer relationships, just as we continue to do in the U.S. We delivered an impressive positive 5% comparable store sales growth in Q1, but what is most remarkable about our recovery in China is the rapid reacceleration of new store development, which is our #1 driver of growth in that market.

在過去兩個季度的積極勢頭的基礎上，中國領導團隊又交付了一個出色的季度，這證明了我們能夠快速適應不斷變化的環境，同時專注於客戶體驗、新飲料創新和持續擴展數字客戶關係，正如我們在美國繼續做的那樣。我們在第一季度實現了令人印象深刻的 5% 可比店面銷售額增長，但我們在中國的複蘇最引人注目的是新店開發的快速重新加速，這是我們的第一推動力該市場的增長。

I'm pleased to share that in Q1, we opened almost 160 stores and crossed the 4,800 store milestone.

我很高興與大家分享，在第一季度，我們開設了近 160 家門店，並突破了 4,800 家門店的里程碑。

That equates to 13% growth in net new stores over the last 12 months, which is particularly impressive considering that we suspended new store development activities for a couple of months at the onset of the pandemic in China.

這相當於過去 12 個月淨新店增長 13%，考慮到我們在中國大流行開始時暫停新店開發活動幾個月，這一點尤其令人印象深刻。

We entered 15 new cities in the quarter, and stores in these cities are off to a strong start with customer traffic outperforming that of new stores in other cities in China.

我們在本季度新進了 15 個城市，這些城市的門店開局強勁，客流量優於中國其他城市的新門店。

The performance of these new stores underscores our continued confidence in the long-term growth opportunity for Starbucks in China.

這些新店的表現突顯了我們對星巴克在中國的長期增長機會的持續信心。

We continue to dramatically expand digital customer relationships in China through the Starbucks Rewards program, as evidenced by the number of 90-day active Rewards members growing to 15.4 million in Q1, a record increase of 51% versus the prior year and 14% over the previous quarter.

我們繼續通過星巴克獎勵計劃在中國顯著擴大數字客戶關係，第一季度 90 天活躍獎勵會員數量增長至 1540 萬，比去年同期增長 51% 和比上年增長 14%，創紀錄地增長就是證明。上一季度。

In addition, we achieved record sales for this year's Double 11 campaign, which grew by 86% versus last year.

此外，今年雙十一也創下了銷售記錄，同比增長86%。

And we also set a single-day retail sales record on our Starbucks Rewards members night.

我們還在星巴克獎勵會員之夜創造了單日零售額記錄。

Member engagement campaigns and additional functionalities launched through our Starbucks app and mini-apps boosted member engagement and frequency throughout the quarter.

通過我們的星巴克應用程序和迷你應用程序推出的會員參與活動和其他功能提高了整個季度的會員參與度和頻率。

In fact, with Starbucks Now Mobile Order & Pay services available across 99% of our store base and with Starbucks Delivers in 85% of our store base in China, mobile order sales mix hit a record 30% of the company's China sales, up from 26% in the last quarter, with 14% driven by Starbucks Delivers and 16% from Starbucks Now.

事實上，通過 Starbucks Now Mobile Order & Pay 服務，我們 99% 的門店都可以使用 Starbucks Delivers 服務，我們在中國 85% 的門店都使用 Starbucks Delivers，移動訂單銷售組合在公司中國銷售額中的佔比達到了創紀錄的 30%，高於上一季度為 26%，其中 14% 由 Starbucks Delivers 推動，16% 來自 Starbucks Now。

Rewards customer engagement continues to grow as mobile ordering has more than doubled in China over the past year.

隨著過去一年中國移動訂購量增加一倍以上，獎勵客戶的參與度持續增長。

Starbucks remains Chinese consumers' first choice in the away-from-home coffee category and is the most talked-about coffee brand on social media in China.

星巴克仍然是中國消費者在戶外咖啡品類中的首選，也是中國社交媒體上最受關注的咖啡品牌。

The brand is stronger than ever in our fastest-growing market.

在我們增長最快的市場中，該品牌比以往任何時候都更強大。

And finally, a few comments on our Channel Development business.

最後，對我們的渠道開發業務發表一些評論。

The strategic value of our Channel Development segment in the current environment is clear.

在當前環境下，我們的渠道開發部門的戰略價值是顯而易見的。

The availability of Starbucks products through multiple channels has secured Starbucks' leadership position in the category, acting as a brand amplifier for our specialty coffee retail business.

星巴克產品通過多種渠道的可用性確保了星巴克在該類別中的領導地位，成為我們特色咖啡零售業務的品牌放大器。

The demand we saw last quarter in Starbucks at-home coffee remained high, boosting our share of the coffee market outside of specialty retail.

我們在上個季度看到的星巴克家用咖啡的需求仍然很高，提高了我們在專業零售以外的咖啡市場的份額。

In the U.S., Starbucks' share of total packaged coffee grew significantly in the quarter, with dollar sales up nearly 14%, nearly twice the category average.

在美國，星巴克在本季度包裝咖啡總量中的份額顯著增長，美元銷售額增長近 14%，幾乎是該類別平均水平的兩倍。

The Global Coffee Alliance with Nestlé has been a powerful partnership.

與雀巢的全球咖啡聯盟一直是強有力的合作夥伴。

And I'm proud to say that for the first time ever, we finished calendar year 2020 as the #1 coffee brand across the entire coffee category.

我很自豪地說，我們有史以來第一次在 2020 日曆年結束時成為整個咖啡類別中排名第一的咖啡品牌。

Think about it.

想想看。

Starbucks is now the #1 coffee brand ahead of all premium and mainstream choices.

星巴克現在是領先於所有優質和主流選擇的第一咖啡品牌。

In addition, consumption of our U.S. ready-to-drink coffee products, in partnership with PepsiCo, grew 18% in the quarter.

此外，我們與百事可樂合作的美國即飲咖啡產品的消費量在本季度增長了 18%。

The introduction of ready-to-drink Nitro Cold Brew, which was the #1 innovation in the category last year, exceeded sales expectations.

即飲 Nitro Cold Brew 的推出是去年該類別中的第一大創新，超出了銷售預期。

Unsurprisingly, our foodservice business continues to be impacted in the current environment with softness in workplace coffee consumption as well as business and leisure travel, which was partially offset by overall strength in our at-home coffee and ready-to-drink businesses.

不出所料，我們的餐飲服務業務在當前環境中繼續受到影響，工作場所咖啡消費以及商務和休閒旅行疲軟，這部分被我們在家咖啡和即飲業務的整體實力所抵消。

With Nestlé, we entered 4 new markets in the quarter, bringing Starbucks at-home coffee presence through the Global Coffee Alliance to 66 markets in just over 2 years.

通過雀巢，我們在本季度進入了 4 個新市場，在短短 2 年多的時間裡，通過全球咖啡聯盟將星巴克的家庭咖啡業務擴展到 66 個市場。

Overall, we are proud of our alliance with Nestlé and pleased with the accelerated global expansion of the Starbucks brand through our channels business.

總體而言，我們為與雀巢的聯盟感到自豪，並對星巴克品牌通過我們的渠道業務加速全球擴張感到高興。

Now before I hand the call over to Pat, I want to close by sharing a perspective and recognizing my Starbucks partners.

現在，在我把電話交給帕特之前，我想通過分享一個觀點和認識我的星巴克合作夥伴來結束。

Throughout this year, Starbucks will celebrate our 50th anniversary as a company.

今年，星巴克將慶祝我們作為一家公司成立 50 週年。

And in that 50 years since 1971, the most important ingredient that has created this iconic company are the Starbucks partners who share a powerful connection to our mission, a mission grounded in human experience and brought to life through our values and company culture.

自 1971 年以來的 50 年間，創建這家標誌性公司的最重要因素是星巴克合作夥伴，他們與我們的使命有著密切的聯繫，這一使命以人類經驗為基礎，並通過我們的價值觀和公司文化得以實現。

It is those same Starbucks partners who are navigating a global pandemic, caring for one another, creating welcoming experiences for our customers, showing up in our communities, bringing new ideas and accelerating innovation and rapidly adapting to our new reality every step of the way, showing the compassion and courage necessary to transform into this new version of Starbucks, a company that is more resilient, stronger than ever and fully committed to a bright future full of adventure, growth and positive impact on those we touch.

正是這些星巴克合作夥伴在應對全球大流行病、相互關愛、為我們的客戶創造溫馨的體驗、出現在我們的社區中、帶來新的想法、加速創新，並在每一步迅速適應我們的新現實，展示了轉變為新版星巴克所需的同情心和勇氣，這家公司比以往任何時候都更有韌性、更強大，並完全致力於一個充滿冒險、成長和對我們所接觸的人產生積極影響的光明未來。

And as markets around the world work tirelessly to vaccinate billions of people, we are prepared for what can only be described as the great human reconnection where people once again connect with others face to face, to heal, to belong, to reflect, to share and to celebrate, to celebrate what it means to be part of humanity.

隨著世界各地的市場不知疲倦地為數十億人接種疫苗，我們已準備好迎接只能被描述為偉大的人類重新聯繫，人們再次面對面地與他人聯繫、治愈、歸屬、反思、分享並慶祝，慶祝成為人類的一部分意味著什麼。

And as Starbucks partners, we are here for that great human reconnection where our third place environment once again brings people together if even for a brief moment to uplift our customers with a smile, a personal connection, a handcrafted beverage and a place where all are welcome.

作為星巴克的合作夥伴，我們來這裡是為了實現人與人之間的重新聯繫，在這裡，我們的第三場所環境再次將人們聚集在一起，即使只是短暫的片刻，也能以微笑、個人聯繫、手工製作的飲料和一個所有人都在的地方提升我們的顧客。歡迎。

Starbucks was built for this moment.

星巴克就是為這一刻而建的。

And to my Starbucks partners around the world, we all know that our purpose goes far beyond the pursuit of profit.

而對於我在世界各地的星巴克合作夥伴，我們都知道，我們的目的遠不止追求利潤。

This is our moment, and I am proud to be your partner and grateful for everything you do for Starbucks, for each other, for our customers and for the communities we are all a part of.

這是我們的時刻，我很自豪能成為您的合作夥伴，並感謝您為星巴克、為彼此、為我們的客戶和我們所在的社區所做的一切。

I am optimistic about our shared future, and I want to say thank you.

我對我們共同的未來感到樂觀，我想說聲謝謝。

Now before he walks you through our Q1 results, I want to close by sharing my sincere gratitude for Pat Grismer.

現在，在他向您介紹我們的第一季度業績之前，我想通過分享我對 Pat Grismer 的真誠感謝來結束。

He has helped lead us through unprecedented change and transformative growth at an amazing pace in his time with Starbucks, and he has played an instrumental role in unlocking considerable shareholder value over the past 2 years.

在星巴克任職期間，他以驚人的速度幫助帶領我們完成了前所未有的變革和變革性增長，並且在過去 2 年中，他在釋放可觀的股東價值方面發揮了重要作用。

I appreciate Pat's partnership with the entire leadership team at Starbucks and the lasting legacy he's leaving.

我感謝帕特與星巴克整個領導團隊的合作以及他留下的持久遺產。

Pat, as you prepare to retire, I want to thank you and wish you the very best in your next chapter.

帕特，當你準備退休時，我要感謝你，並祝你在下一章一切順利。

You leave the company in the great hands of a 16-year partner, Rachel Ruggeri, who is incredibly well positioned to assume the mantle of Starbucks' Chief Financial Officer on February 1. Having worked closely together for many years, I look forward to partnering with you, Rachel, as you lead our finance function and contribute as a valuable partner on our executive leadership team.

你將公司交給了一位 16 年的合夥人 Rachel Ruggeri，他非常有能力在 2 月 1 日擔任星巴克首席財務官。多年來密切合作，我期待著合作雷切爾，與您一起領導我們的財務職能，並作為我們執行領導團隊的重要合作夥伴做出貢獻。

Further, as you all may have seen today, Roz has accepted an incredible opportunity as chief executive officer at another publicly traded company.

此外，正如你們今天可能已經看到的那樣，羅茲接受了一個難得的機會，擔任另一家上市公司的首席執行官。

She will be leaving Starbucks at the end of February, and her next role is expected to be disclosed in the days ahead.

她將於 2 月底離開星巴克，她的下一個角色預計將在未來幾天內公佈。

In the meantime, I want to share that we're very excited for her and are grateful for her many contributions over the years in leading our operations across the Americas.

與此同時，我想與大家分享我們為她感到非常興奮，並感謝她多年來在領導我們在美洲的業務方面所做的許多貢獻。

Roz, on behalf of the entire leadership team, I want to thank you for your leadership and wish you every success in your new role.

Roz，我代表整個領導團隊感謝您的領導，並祝愿您在新職位上一切順利。

Congratulations.

恭喜。

With these shifts, I am immensely proud to have a very strong bench of Starbucks veterans who represent the next generation of leadership for our company.

隨著這些轉變，我非常自豪能夠擁有一支非常強大的星巴克老員工，他們代表了我們公司的下一代領導層。

Rachel Ruggeri succeeding Pat as CFO; and as we flatten the organization, Rossann Williams, President of our North America Retail business; and Brady Brewer, Executive Vice President and Chief Marketing Officer, will now be reporting directly to me, taking on what have previously been responsibilities of our Chief Operating Officer.

Rachel Ruggeri 接替 Pat 擔任首席財務官；在我們扁平化組織的過程中，我們北美零售業務的總裁羅桑·威廉姆斯（Rossann Williams）；執行副總裁兼首席營銷官 Brady Brewer 現在將直接向我匯報，承擔之前我們首席運營官的職責。

Combined, these 3 talented leaders have more than 45 years of Starbucks experience, and we will not miss a beat.

加起來，這三位才華橫溢的領導者擁有超過 45 年的星巴克經驗，我們不會錯過任何一個節拍。

Rachel, Rossann and Brady, building on your passion, authenticity and many years of success at Starbucks, I am excited about our next phase of Starbucks growth together.

Rachel、Rossann 和 Brady，憑藉你們在星巴克的熱情、真誠和多年的成功，我對我們下一階段的星巴克共同成長感到興奮。

I'd like to thank all of my partners for their support as we are well positioned for the future.

我要感謝所有合作夥伴的支持，因為我們已經為未來做好了準備。

And now with that, I will turn the call over to Pat.

現在，我將把電話轉給帕特。

Pat?

拍？

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 our start to fiscal '21 with meaningful sequential improvements in quarterly financial results despite ongoing business disruption from the pandemic, again demonstrating the new level of resilience that we have introduced into the business during these unprecedented times.

正如凱文所分享的，我們對 21 財年的開局感到非常高興，儘管大流行導致業務持續中斷，但季度財務業績連續顯著改善，再次證明了我們在這些前所未有的時期為業務引入的新水平的彈性。

Starbucks reported global revenue of $6.7 billion in Q1, down 5% from the prior year.

星巴克報告第一季度全球收入為 67 億美元，比去年下降 5%。

Q1 EPS was higher than the guidance range we provided on our last earnings call, primarily driven by better-than-expected margin recovery.

第一季度每股收益高於我們在上次財報電話會議上提供的指導範圍，主要是由於利潤率恢復好於預期。

Q1 GAAP EPS of $0.53 declined from $0.74 in the prior year but outperformed our guidance range as it also benefited from lower-than-expected restructuring and impairment costs, as I will discuss in greater detail later.

第一季度 GAAP 每股收益為 0.53 美元，低於去年的 0.74 美元，但優於我們的指導範圍，因為它還受益於低於預期的重組和減值成本，我將在稍後更詳細地討論。

Q1 non-GAAP EPS was $0.61, down from $0.79 in the prior year primarily due to the lingering impact of the pandemic.

第一季度非公認會計原則每股收益為 0.61 美元，低於上一年的 0.79 美元，主要是由於大流行的揮之不去的影響。

I will first take you through our Q1 fiscal '21 operating performance by segment, followed by an analysis of our consolidated margin performance.

我將首先向您介紹我們按部門劃分的 21 財年第一季度的經營業績，然後分析我們的綜合利潤率表現。

I will then share some perspective on our outlook for Q2 and the full fiscal year.

然後，我將分享我們對第二季度和整個財年前景的看法。

Our Americas segment delivered revenue of $4.7 billion in Q1, 6% lower than the prior year primarily due to a 6% decline in comparable store sales as well as 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一季度實現了 47 億美元的收入，比去年同期下降 6%，這主要是由於大流行導致可比商店銷售額下降 6%，以及我們被許可人的產品銷售額和特許權使用費收入下降。

As Kevin mentioned, in the U.S., we saw continued sequential improvement in quarterly comparable store sales from minus 9% in the prior quarter to minus 5% in Q1.

正如 Kevin 所說，在美國，我們看到季度可比商店銷售額從上一季度的負 9% 持續改善至第一季度的負 5%。

As we entered Q1, October improved modestly to minus 3% from minus 4% in September.

當我們進入第一季度時，10 月份從 9 月份的負 4% 小幅改善至負 3%。

Then as the quarter progressed, U.S. comparable store sales were minus 4% and minus 8% in November and December, respectively, primarily due to pandemic-related operating restrictions across several states, which impacted customer mobility.

然後隨著本季度的進展，美國可比商店銷售額在 11 月和 12 月分別為負 4% 和負 8%，這主要是由於幾個州與大流行相關的運營限制影響了客戶的流動性。

As Kevin also noted, approximately 40% of our U.S. company-operated store base was offering limited seating at the end of the quarter, down from more than 60% at the beginning of the quarter.

正如 Kevin 還指出的那樣，在本季度末，我們大約 40% 的美國公司經營的商店基地提供有限的座位，低於本季度初的 60% 以上。

So we are quite pleased with our comparable store sales performance in Q1 in light of these increasing restrictions.

因此，鑑於這些越來越多的限制，我們對第一季度的可比商店銷售業績感到非常滿意。

Americas Q1 non-GAAP operating margin contracted 320 basis points from the prior year to 18.8% primarily due to the impact of COVID-19, including sales deleverage and additional costs incurred as well as growth in retail partner wages and benefits.

美洲第一季度非公認會計原則營業利潤率比上年收縮 320 個基點至 18.8%，這主要是由於 COVID-19 的影響，包括銷售去槓桿化和產生的額外成本以及零售合作夥伴工資和福利的增長。

These impacts were partially offset by improved labor efficiency, driven in part by order consolidation and sales mix shift as well as pricing.

這些影響被提高的勞動力效率部分抵消，部分原因是訂單整合和銷售組合轉變以及定價。

Notably, this represented a significant improvement from the previous quarter's non-GAAP operating margin of 16.7%.

值得注意的是，這比上一季度的非公認會計準則營業利潤率 16.7% 有了顯著改善。

Moving on to International.

繼續國際。

The International segment delivered revenue of $1.7 billion in Q1.

國際部門在第一季度實現了 17 億美元的收入。

Excluding a 5% favorable impact of foreign currency translation, the segment's revenue in the quarter was flat relative to the prior year, reflecting 8% net new store growth over the past 12 months, offset by lower product sales to, and royalties from, our international licensees as well as a 3% decline in comparable store sales primarily due to COVID-19, inclusive of a 3% VAT benefit.

排除 5% 的外匯折算的有利影響，該部門在本季度的收入與去年同期持平，反映出過去 12 個月新店淨增長 8%，但被我們的產品銷售額和特許權使用費的下降所抵消國際被許可人以及主要由於 COVID-19 導致的可比商店銷售額下降 3%，其中包括 3% 的增值稅優惠。

In China, comparable store sales grew 5% in Q1, including VAT favorability of nearly 5 percentage points or slightly positive when excluding the impact of VAT for the quarter.

在中國，第一季度可比商店銷售額增長了 5%，包括增值稅優惠近 5 個百分點或略為正，如果不包括該季度增值稅的影響。

In line with our previous outlook, we substantially recovered our sales in China by the end of calendar 2020, even when excluding the temporary VAT benefit, demonstrating the strength and resilience of the Starbucks brand in our fastest-growing market.

與我們之前的展望一致，到 2020 年底，我們在中國的銷售額大幅回升，即使不包括臨時增值稅優惠，這表明星巴克品牌在我們增長最快的市場中的實力和韌性。

In December, China's comparable store sales were up 4% or only slightly negative when excluding the nearly 5 percentage point VAT exemption benefit for the month, an improvement from both October and November when excluding each month's VAT exemption benefit and setting aside the mid-Autumn festival seasonal shift that benefited October.

12月，剔除當月近5個百分點的免徵增值稅優惠後，中國可比店面銷售額增長4%或僅小幅負增長，較10月和11月均有所改善（剔除每個月的免徵增值稅優惠並留出中秋）節日的季節性轉變使 10 月受益。

International's non-GAAP operating margin declined by 100 basis points to 20.4% mainly due to sales deleverage as a result of the pandemic, partially offset by improved labor efficiency.

International 的非公認會計原則營業利潤率下降 100 個基點至 20.4%，主要是由於大流行導致的銷售去槓桿化，部分被勞動效率的提高所抵消。

Much like the Americas, this represented a very significant improvement from the previous quarter's non-GAAP operating margin of 16.3%.

與美洲非常相似，這比上一季度的非公認會計原則營業利潤率 16.3% 有了非常顯著的改善。

On to Channel Development.

進入渠道開發。

Revenue was $371 million in Q1, a decline of 25% from the prior year primarily due to a 22% unfavorable impact of Global Coffee Alliance transition-related activities, including a structural change in our single-serve business.

第一季度收入為 3.71 億美元，比上年下降 25%，主要是由於全球咖啡聯盟轉型相關活動的 22% 不利影響，包括我們的單份業務的結構性變化。

When excluding the impact of these transition-related activities, Channel Development's revenue declined by 3% in Q1, mainly driven by the adverse impact of COVID-19 on the segment's foodservice business, partially offset by growth in our ready-to-drink business.

排除這些與轉型相關的活動的影響後，Channel Development 的收入在第一季度下降了 3%，主要是由於 COVID-19 對該部門的餐飲服務業務的不利影響，部分被我們即飲業務的增長所抵消。

The segment's non-GAAP operating margin expanded to 48.7% in Q1 from 36.6% in the prior year.

該部門的非公認會計準則營業利潤率從去年的 36.6% 擴大到第一季度的 48.7%。

Normalizing for the 840 basis point impact of Global Coffee Alliance transition-related activities I just mentioned, Channel Development's operating margin expanded 370 basis points in Q1, driven primarily by the strength of our ready-to-drink business.

我剛剛提到的全球咖啡聯盟轉型相關活動的 840 個基點影響正常化，渠道發展的營業利潤率在第一季度擴大了 370 個基點，這主要是由於我們的即飲業務的實力。

Finally, at a consolidated level, non-GAAP operating margin was 15.5% in Q1, down from 18.2% year-over-year but a substantial improvement from 13.2% in Q4.

最後，在綜合水平上，第一季度非美國通用會計準則營業利潤率為 15.5%，低於去年同期的 18.2%，但與第四季度的 13.2% 相比有了顯著改善。

Unsurprisingly, much of the year-over-year reduction in our operating margin for Q1 was due to sales deleverage attributable to COVID-19 as well as growth in wages and benefits, partially offset by store labor efficiencies and pricing in the Americas.

不出所料，我們第一季度的營業利潤率同比下降的大部分原因是由於 COVID-19 導致的銷售去槓桿化以及工資和福利的增長，部分被美洲商店的勞動力效率和定價所抵消。

Moving on to our guidance for fiscal '21 and starting with GAAP EPS.

繼續我們對 21 財年的指導，從 GAAP EPS 開始。

In Q1, GAAP EPS was $0.16 higher than the upper end of our guidance range, primarily reflecting lower-than-expected restructuring costs related to our trade area transformation initiative.

第一季度，GAAP EPS 比我們指導範圍的上限高 0.16 美元，主要反映了與我們的貿易區轉型計劃相關的重組成本低於預期。

This upside was attributable to 2 things: first, a shift in the timing of store closures to future quarters; and second, a reduction in average restructuring cost per closed store.

這種上升可歸因於兩件事：首先，關閉商店的時間轉移到未來幾個季度；其次，減少每家關閉商店的平均重組成本。

As we expect these lower restructuring costs to sustain, we are raising our full year fiscal '21 GAAP EPS guidance by $0.08 from a range of $2.34 to $2.54, to a new range of $2.42 to $2.62, both inclusive of approximately $0.10 for the 53rd week.

由於我們預計這些較低的重組成本將持續下去，我們將 '21 財年 GAAP 全年每股收益指引從 2.34 美元至 2.54 美元提高 0.08 美元，至 2.42 美元至 2.62 美元的新範圍，均包括第 53 週的約 0.10 美元.

Now moving to non-GAAP EPS guidance.

現在轉向非公認會計原則每股收益指導。

Our strong start to the year, combined with a tailwind from foreign currency translation as evidenced in our Q1 results, provides optimism that we have the potential to exceed our full year non-GAAP EPS guidance, barring, of course, any new significant and sustained waves of COVID-19 infections and any major economic disruptions.

我們今年的強勁開局，加上我們第一季度業績所證明的外匯換算的順風，使我們樂觀地認為我們有可能超過我們全年的非公認會計原則每股收益指導，當然，除非任何新的重大和持續COVID-19 感染浪潮和任何重大經濟中斷。

However, given where we are at in our fiscal year with 3 quarters to go and considering that we're continuing to see volatility from the pandemic, we believe it is prudent to provide a comprehensive guidance update with our second quarter earnings report, by which time we'll have much better visibility to full year results.

然而，考慮到我們在本財年中的情況還有 3 個季度，並考慮到我們繼續看到大流行帶來的波動，我們認為在我們的第二季度收益報告中提供全面的指導更新是謹慎的，通過該報告屆時我們將對全年業績有更好的了解。

Therefore, setting aside the updated fiscal '21 GAAP EPS guidance I just mentioned, we reaffirm all other full year fiscal '21 guidance for now, including non-GAAP EPS in the range of $2.70 to $2.90, again inclusive of approximately $0.10 for the extra week.

因此，撇開我剛剛提到的更新後的 21 財年 GAAP 每股收益指引不談，我們現在重申所有其他 21 財年全年指引，包括 2.70 美元至 2.90 美元範圍內的非 GAAP 每股收益，再次包括約 0.10 美元的額外費用星期。

We will, however, provide guidance for selected Q2 metrics given our better visibility to near-term trends, which provide further evidence of recovery in line with our overall expectations.

但是，鑑於我們對近期趨勢的更好了解，我們將為選定的第二季度指標提供指導，這提供了符合我們總體預期的複甦的進一步證據。

In the U.S., we expect to report a comparable store sales decline of approximately 2% for the month of January, representing a marked improvement from December's 8% decline.

在美國，我們預計 1 月份可比商店銷售額下降約 2%，與 12 月份 8% 的下降相比有顯著改善。

Then as we lap material adverse COVID-19 impacts in the month of March, we expect U.S. comparable store sales growth of approximately 5% to 10% for the second quarter.

然後，隨著我們在 3 月份發現對 COVID-19 的重大不利影響，我們預計第二季度美國可比商店銷售額將增長約 5% 至 10%。

This is consistent with our previous outlook that we would achieve full sales recovery in our U.S. business by the end of Q2 with a 2-quarter lag beyond that before we expect to see full margin recovery.

這與我們之前的預期一致，即我們將在第二季度末實現美國業務的全面銷售復甦，比我們預期的利潤率全面復甦要晚兩個季度。

In China, we are seeing another wave of COVID-19 infections in selected provinces and a corresponding impact to customer mobility and store operating protocols.

在中國，我們在選定的省份看到了另一波 COVID-19 感染，並對客戶流動性和商店運營協議產生了相應的影響。

In addition, we started to lap material adverse COVID-19 impacts last week, and this will continue through the remainder of Q2.

此外，我們上週開始考慮對 COVID-19 的重大不利影響，這將持續到第二季度的剩餘時間。

Combining these 2 items, we expect to report a comparable store sales decline of approximately 7% for the month of January and comparable store sales growth of nearly 100% for the second quarter, reflecting very significant lapping effects in the months of February and March.

結合這兩項，我們預計 1 月份可比店面銷售額下降約 7%，第二季度可比店面銷售額增長近 100%，反映出 2 月和 3 月的顯著重疊效應。

On a 2-year basis, that would equate to roughly flat compound growth in the second quarter as we move through the 1-year anniversary of COVID-related store closures and return to our long-term growth algorithm in China.

在 2 年的基礎上，隨著我們度過與 COVID 相關的商店關閉一周年並回到我們在中國的長期增長算法，這將相當於第二季度的複合增長大致持平。

From an EPS perspective in Q2, we are expecting GAAP EPS in the range of $0.36 to $0.41 and non-GAAP EPS in the range of $0.45 to $0.50.

從第二季度的每股收益角度來看，我們預計 GAAP 每股收益在 0.36 美元至 0.41 美元之間，非 GAAP 每股收益在 0.45 美元至 0.50 美元之間。

These estimates reflect the comparable store sales growth estimates that I just provided as well as the normal margin seasonality we see in our business comparing Q2 to our holiday-driven Q1.

這些估計反映了我剛剛提供的可比商店銷售增長估計，以及我們在業務中看到的將第二季度與假日驅動的第一季度進行比較的正常利潤率季節性。

To be clear, except for GAAP EPS, the rest of our full year fiscal '21 guidance metrics are unchanged from what we communicated with our Q4 fiscal '20 quarterly earnings report.

需要明確的是，除了 GAAP 每股收益外，我們 21 財年全年指導指標的其餘部分與我們在 20 財年第四季度收益報告中溝通的內容沒有變化。

This includes our expectation that our retail operating segments will deliver significant margin improvement on a non-GAAP basis as fiscal '21 progresses, yielding meaningfully higher EPS in the third and fourth quarters than the first 2 quarters of the year.

這包括我們預計，隨著 21 財年的進展，我們的零售業務部門將在非公認會計準則基礎上實現顯著的利潤率提升，第三和第四季度的每股收益顯著高於今年前兩個季度。

To summarize, we are delighted with the pace of business recovery in Q1 and the momentum that it provides for fiscal '21.

總而言之，我們對第一季度業務復甦的步伐及其為 21 財年提供的動力感到高興。

Our China market has substantially recovered, although it is experiencing recent volatility.

我們的中國市場已經大幅復甦，儘管它正在經歷近期的波動。

And our U.S. business is on track to fully recover in the current quarter as we previously communicated.

正如我們之前所說，我們的美國業務有望在本季度全面復甦。

As a result, we remain confident in the strength of our brand and the durability of our growth model.

因此，我們對我們的品牌實力和增長模式的持久性充滿信心。

I want to express my appreciation to our Green Apron partners for the critical role that they continue to play in our overall business recovery.

我想對我們的綠色圍裙合作夥伴表示感謝，他們在我們的整體業務復甦中繼續發揮關鍵作用。

Before I conclude, I would like to thank Kevin and the Starbucks team.

在結束之前，我要感謝 Kevin 和星巴克團隊。

It has been an honor to be a Starbucks partner, and I am proud of what we have accomplished as a team to unlock considerable shareholder value over the past 2 years.

很榮幸成為星巴克的合作夥伴，我為我們作為一個團隊在過去 2 年中為釋放可觀的股東價值所取得的成就感到自豪。

I am thrilled to pass the CFO baton to Rachel Ruggeri, a key member of our senior finance team.

我很高興將 CFO 接力棒交給我們高級財務團隊的關鍵成員 Rachel Ruggeri。

Rachel and I have been partnering to ensure a smooth transition, and I would like to invite her to share a few words on this call.

雷切爾和我一直在合作以確保順利過渡，我想邀請她在這次電話會議上分享幾句話。

Thank you.

謝謝你。

Rachel?

雷切爾？

Thank you, Pat.

謝謝你，帕特。

I'm honored and humbled to assume the role of Chief Financial Officer at Starbucks.

我很榮幸也很榮幸能擔任星巴克首席財務官一職。

In my 16 years with the company, Starbucks has never been better positioned for long-term growth, and I look forward to working with Kevin, our executive leadership team and, of course, the partners around the globe to unlock that growth with focus and discipline.

在我為公司工作的 16 年裡，星巴克的長期增長從未像現在這樣更好，我期待與凱文、我們的執行領導團隊，當然還有全球的合作夥伴合作，以專注和紀律。

And to our investors and financial analysts who have joined us today, I very much look forward to speaking with you soon.

對於今天加入我們的投資者和金融分析師，我非常期待很快與您交談。

And with that, I'll turn today's call over to the operator to begin our Q&A session.

有了這個，我將把今天的電話轉給接線員開始我們的問答環節。

Operator?

操作員？

(Operator Instructions) Your first question comes from John Glass with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 John Glass。

Congratulations to Pat and Roz on your new ventures.

祝賀 Pat 和 Roz 的新事業。

Good luck, and we'll miss you.

祝你好運，我們會想念你的。

Pat or Kevin or Roz or all 3, how do we think about the dynamic between check growth and traffic growth in the coming quarters?

Pat 或 Kevin 或 Roz 或所有 3 人，我們如何看待未來幾個季度支票增長和流量增長之間的動態？

I mean we've never seen this kind of dynamic where traffic has fallen so much, check has gone up.

我的意思是，我們從未見過這種動態，流量下降如此之多，支票卻上升了。

How do you think -- do you think it just sort of -- just normalizes?

你怎麼看——你認為它只是有點——只是正常化了嗎？

Or is it chance?

還是機會？

Or is there programs to continue to get that check benefit even as traffic recovers or maybe there's an outperformance on comp on that basis?

或者是否有程序可以在流量恢復時繼續獲得這種檢查收益，或者在此基礎上可能有出色的表現？

And Pat, how much benefit to margin has that decline in traffic and bundling of orders benefited?

帕特，流量和訂單捆綁的下降對保證金有多大好處？

How do we think about the margin impact as traffic comes back but maybe those check averages come down over time?

我們如何看待流量恢復時的利潤影響，但這些檢查平均值可能會隨著時間的推移而下降？

Yes.

是的。

John, this is Kevin.

約翰，這是凱文。

Let me share a perspective on that.

讓我分享一個觀點。

First of all, a big reason for the increase in ticket is group ordering.

首先，門票上漲的一大原因是團購。

And certainly, as we have grab and go and customers are looking for safe, familiar, convenient experiences, customers are coming in and they're purchasing multiple beverages, multiple food items for larger groups than in the past, which is why traffic is down and ticket is up.

當然，隨著我們採取即走即走的方式，客戶正在尋找安全、熟悉、便捷的體驗，客戶進來了，他們比過去為更大的群體購買了多種飲料、多種食品，這就是流量下降的原因票已經漲了。

That said, I think as we start reopening seating in our stores, as vaccinations continue to propagate around the world, we're going to see that normalize, but I do think there's going to be a long-term positive impact on ticket.

話雖如此，我認為隨著我們開始重新開放商店的座位，隨著疫苗接種繼續在世界範圍內傳播，我們將看到這種情況正常化，但我確實認為這將對門票產生長期的積極影響。

I do think through this period, I think customers have gotten very used to more premium beverages, more -- higher degree of food attach.

我確實認為，通過這段時間，我認為客戶已經非常習慣於更優質的飲料，更多——更高程度的食物依戀。

And I think -- I don't -- I actually think ticket will make -- will come out of this higher than it was when we went into it while transactions recovered.

而且我認為 - 我不 - 我實際上認為票會產生 - 會比我們在交易恢復時進入它時更高。

Now how long that takes?

現在需要多長時間？

I think that's a function of how vaccinations unfold in different markets around the world and how quickly people get back to more normal foot traffic patterns and more normal work and school patterns.

我認為這是疫苗如何在世界各地不同市場展開以及人們多快恢復到更正常的步行模式和更正常的工作和學校模式的功能。

And let me just ask if -- Roz, if you want to add any additional perspective on that as it relates to the U.S.

讓我問一下 - 羅茲，如果你想就此添加任何與美國有關的額外觀點。

Yes, Kevin, I do.

是的，凱文，我願意。

There's a couple of things here to think about in terms of the contributors.

就貢獻者而言，這裡有幾件事需要考慮。

Kevin mentioned the higher beverage attach, the higher food attach.

凱文提到飲料附加值越高，食物附加值越高。

There's also the shift to cold beverages.

還有向冷飲的轉變。

And what we see in cold beverages is a couple of things.

我們在冷飲中看到的是幾件事。

If you think about the decline in transactions that we've seen in our central business districts, in our metro markets, those areas carry single beverages and they were higher-than-average brewed coffee.

如果你想想我們在中央商務區和地鐵市場看到的交易量下降，這些區域只提供單一飲料，而且它們是高於平均水平的現煮咖啡。

And those grew really at a lower range in our ticket options.

在我們的票務選項中，這些增長確實在較低的範圍內。

So what we're doing in beverage innovation is replacing that with cold beverages and replacing that with plant-based.

所以我們在飲料創新方面所做的就是用冷飲代替它，用植物性飲料代替它。

And so that's why we're seeing this improved food attach.

這就是為什麼我們看到這種改進的食物附著。

And so we feel confident that those kinds of innovations are going to keep that ticket higher than what we've seen in the past.

所以我們有信心，這些創新將使這張票比我們過去看到的要高。

Pat, you want to take the second part of John's question?

帕特，你想回答約翰問題的第二部分嗎？

Yes.

是的。

Thank you.

謝謝你。

In relation to the impact of the higher ticket on margin and how we expect that to normalize over time, to Kevin's point, we do anticipate that some of that ticket growth will sustain, and with that, some margin benefit will linger.

關於較高票價對利潤率的影響，以及我們預計隨著時間的推移如何正常化，在凱文看來，我們確實預計部分票價增長將持續下去，因此，一些利潤率收益將持續存在。

But there will be, as customer behavior normalizes, some reversal of some of that margin benefit.

但是，隨著客戶行為的正常化，部分利潤收益將會出現逆轉。

But it's important to highlight some of the other ongoing initiatives underway in our store operations to build new levels of productivity, whether the deployment of handheld POS to improve throughput at the drive-through and how we believe that will not only increase our capacity but deliver some margin enhancements, or what we're doing to deploy new equipment, both new espresso machines as well as new ovens that help us to reduce transaction times out the window, or just ongoing operational engineering work to ensure that our operating routines as we've adopted new protocols continue to achieve higher levels of efficiency in terms of how we deploy our labor.

但重要的是要強調我們商店運營中正在進行的一些其他正在進行的舉措，以建立新的生產力水平，是否部署手持 POS 以提高得來速的吞吐量，以及我們如何相信這不僅會增加我們的容量，而且會交付一些利潤提升，或者我們正在做些什麼來部署新設備，包括新的濃縮咖啡機和新的烤箱，幫助我們減少交易時間，或者只是正在進行的運營工程工作，以確保我們的日常運營我們採用了新的協議，在我們如何部署勞動力方面繼續實現更高水平的效率。

So there are a number of other activities underway that will drive new levels of productivity and unlock further margin benefit even as some of the sales activity normalizes and, with that, reverses some of the margin benefit that we've seen here recently.

因此，即使在一些銷售活動正常化的情況下，還有許多其他活動將推動新的生產力水平並釋放進一步的利潤收益，從而扭轉我們最近在這裡看到的一些利潤收益。

Your next question comes from Sharon Zackfia with William Blair.

您的下一個問題來自 Sharon Zackfia 和 William Blair。

Congratulations, Roz, on the news.

祝賀你，羅茲，收到了這個消息。

We'll be sad to see you go.

看到你走，我們會很難過。

I guess I had a question on Stars for all, and it's probably best directed to Roz.

我想我有一個關於 Stars 的問題，最好直接問 Roz。

As you rolled that out, clearly, you saw the membership jump in the U.S. I mean how much of that is directly related to Stars for all, if you could kind of quantify that?

當你推出它時，很明顯，你看到美國的會員人數激增。我的意思是，如果你能量化一下，其中有多少與 Stars 直接相關？

And then any kind of quantitative elements on potentially how these Stars for All members differ from pre-existing cohorts of members and how you've kind of trended in potentially upselling them to the higher level of Starbucks Rewards.

然後是關於這些 Stars for All 會員可能與現有會員群有何不同以及您如何傾向於將它們推銷到更高級別的 Starbucks Rewards 的任何類型的定量元素。

Great.

偉大的。

Thank you, Sharon, for that note of congratulations.

謝謝你，Sharon，祝賀你。

So just a little bit on SFE.

所以只是一點點關於SFE。

The story behind SFE is we provided for our customer base the options for payment removal.

SFE 背後的故事是我們為客戶群提供了取消付款的選項。

And we knew that was one of the most significant frictions that we had in growing our Starbucks Rewards members.

我們知道這是我們在發展星巴克獎勵會員過程中遇到的最重大的摩擦之一。

So this strong member growth that we're seeing is not only surpassing our pre-COVID highs, but it's pushing well behind.

因此，我們看到的這種強勁的會員增長不僅超過了我們在 COVID 之前的高點，而且遠遠落後於我們。

And you saw the numbers, 22 million active members that's up 15% year-over-year.

你看到了這個數字，2200 萬活躍會員，同比增長 15%。

And it's helping us really fuel the all-time highs that we're seeing in Starbucks Rewards as they convert.

它正在幫助我們真正推動我們在星巴克獎勵中看到的歷史新高，因為它們正在轉換。

And right now, our Starbucks Rewards percent of tender is reaching nearly 50%, as Kevin mentioned.

正如 Kevin 所說，現在，我們的 Starbucks Rewards 投標百分比接近 50%。

So we are seeing some significant improvement with Stars for Everyone.

因此，我們看到 Stars for Everyone 的一些顯著改進。

Also, too, quarter-over-quarter, our mobile app downloads grew by plus 5% and our acquisitions grew 13%.

此外，我們的移動應用下載量環比增長 5%，收購量增長 13%。

So we're seeing some significant movement in there in terms of how -- the conversion rate.

因此，我們在轉化率方面看到了一些重大變化。

The everything you asked for, if there's any qualitative difference between who we're seeing coming in, we're just seeing just an expansion of our customer and just more love for the brand as we apply SFE.

你所要求的一切，如果我們看到的進來的人之間有任何質的差異，我們只是看到我們的客戶在擴大，並且在我們應用 SFE 時對品牌的更多愛。

And so really, we don't have the exact numbers in terms of qualitatively how they differ, we just know that we have addressed a significant concern with payment removal.

所以說真的，我們沒有確切的數字來說明它們在質量上有什麼不同，我們只知道我們已經解決了一個關於取消付款的重大問題。

So we're pleased with what we see so far.

因此，我們對迄今為止所看到的感到滿意。

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

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

Congrats to everybody on their new roles.

祝賀大家擔任新角色。

All the best to Pat and Roz.

祝帕特和羅茲一切順利。

A question on capacity and throughput.

關於容量和吞吐量的問題。

I mean going back to the mid-2000s, I can think of times when Starbucks talked about reaching your capacity levels.

我的意思是回到 2000 年代中期，我能想到星巴克談到達到你的產能水平的時候。

And of course, some of those comments seem funny now given the fact that you've come so much further in terms of your AUVs especially after all you've done with Mobile Order & Pay in terms of smoothing out the service for that.

當然，考慮到您在 AUV 方面已經取得瞭如此大的進步，尤其是在您使用 Mobile Order & Pay 來平滑服務之後，其中一些評論現在看起來很有趣。

And then the drive-through expansion has also raised that.

然後，免下車擴張也提高了這一點。

But I go by those drive-throughs and a lot of them look pretty full.

但是我經過那些得來速的車道，其中很多看起來都很滿。

And I wonder about the post-vaccine world and how much you think about capacity utilization or basically coming up on these bottlenecks particularly in the drive-through as we get to a post-vaccine reality.

而且我想知道疫苗接種後的世界以及您對產能利用率的看法或基本上會遇到這些瓶頸，特別是在我們進入疫苗接種後的現實時。

Could you talk about that and what you might be working on to maximize your growth after the vaccine?

您能否談談這一點以及您在接種疫苗後可能會採取哪些措施以最大限度地提高您的增長？

Yes.

是的。

Roz, why don't you take that and go through a little bit of the initiatives that we've done to increase throughput on the different channels and then maybe I'll comment, but why don't I let you take that question?

Roz，你為什麼不考慮一下我們為提高不同渠道的吞吐量而採取的一些舉措，然後也許我會發表評論，但我為什麼不讓你回答這個問題呢？

Sure.

當然。

So we have quite a bit of work happening around our service experience and everything that we're seeing around the drive-through as we have so many of our stores in the drive-through position right now.

因此，我們圍繞我們的服務體驗以及我們在免下車服務中看到的一切進行了大量工作，因為我們現在有很多商店處於免下車服務位置。

First of all, let me speak about our future real estate.

首先，讓我談談我們未來的房地產。

When we look at our most productive model, it is the drive-through.

當我們查看我們最有效率的模型時，它就是免下車。

So in our go-forward position, you'll see an increased number of drive-throughs that we're building in the central United States and across the Southeast and the Southwest.

因此，在我們前進的位置上，您會看到我們在美國中部以及東南部和西南部正在建設的免下車數量增加。

So drive-through, in terms of numbers, will grow.

因此，就數量而言，免下車服務將會增長。

Also, too, there are 3 main approaches that we have to enhance the drive-through productivity.

此外，我們還必須通過 3 種主要方法來提高免下車生產力。

First of all is to optimize the current state.

首先是優化當前狀態。

And that's looking at our operation standards, and that's the focus on driving our increased out-the-window times.

這是著眼於我們的運營標準，這是推動我們增加的窗口外時間的重點。

And so that's reinforcing all of our processes in store, making sure that our baristas can operate efficiently, and that's the ongoing work that we will do.

因此，這加強了我們在店內的所有流程，確保我們的咖啡師能夠高效運作，這是我們將持續開展的工作。

The second piece is we're developing and testing some drive-through forward solutions, and that includes our handheld POS which, right now, we have about 300 drive-through stores with handheld POS, and we'll have 500 of those stores by the end of February.

第二部分是我們正在開發和測試一些免下車前向解決方案，其中包括我們的手持 POS，目前，我們有大約 300 家帶有手持 POS 的免下車商店，到時候我們將擁有 500 家這樣的商店二月底。

And so we're also adding to that the tech improvement to make orders more easily managed through our consolidation and handoff.

因此，我們還增加了技術改進，以通過我們的整合和交接更輕鬆地管理訂單。

We call that our bump bar replacement.

我們稱之為我們的顛簸桿更換。

And then in addition, we're also targeting the renovation of 150 drive-through-constrained stores that have either issues in terms of meeting the new productivity model from an engine design or removing the pastry case and getting things situated on a single point of sale and other solutions.

此外，我們還針對 150 家免下車限製商店進行改造，這些商店要么在滿足發動機設計的新生產力模型方面存在問題，要么在移除糕點盒並將物品放置在單點上。銷售和其他解決方案。

And then there's a final piece, the future drive-through concepts, and those are things like drive-through-only stores that have no seating, very small units, the side-by-side drive-through lanes that we are bringing on to the footprint.

然後是最後一個部分，未來的免下車概念，比如沒有座位的免下車專賣店，非常小的單元，我們正在引入的並排的免下車通道足跡。

So it's -- we've got considerable work in this area to unlock the full potential for drive-through.

所以——我們在這個領域做了很多工作來釋放免下車的全部潛力。

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

您的下一個問題來自摩根大通的 John Ivankoe。

I would actually like to pivot from that question.

我實際上想從這個問題轉向。

In terms of opportunities for the 40% of stores that do not have drive-through but do have seating, that maybe the possibility of a drive-through even on a relocation isn't even possible within the trade area, could you highlight some of the things that you can do to increase throughput overall consumer usage, whether on a late-COVID basis or even a post-COVID basis to make that cohort of stores more productive?

就 40% 沒有免下車但有座位的商店的機會而言，即使在搬遷時，也可能在貿易區內甚至不可能實現免下車，您能否強調一些您可以採取哪些措施來提高整體消費者使用量，無論是在 COVID 後期還是在 COVID 之後，以提高這批商店的生產力？

That's the first question.

這是第一個問題。

And then secondly, if I can sneak it in, considering that the transactions which are down, offset obviously by -- via by ticket, labor hours presumably are down at the store.

其次，如果我可以偷偷摸摸，考慮到交易量下降，顯然被 - 通過票證抵消，商店的勞動時間可能會減少。

Do you have a sense of how variable labor should be?

你知道勞動力應該有多少可變性嗎？

In other words, if transactions increase by 10%, is there a type of percent that you would think labor hours should increase as we kind of think about rebuilding the models for the out-years?

換句話說，如果交易量增加 10%，當我們考慮為未來幾年重建模型時，您是否會認為勞動時間應該增加的百分比？

Thanks, John.

謝謝，約翰。

Roz, why don't you take the first question that John asked?

羅茲，你為什麼不回答約翰問的第一個問題？

And then Pat will follow up on the second question that he asked.

然後 Pat 將跟進他提出的第二個問題。

Yes.

是的。

John, thanks for the question.

約翰，謝謝你的問題。

So thinking of productivity and models that may not have a drive-through, we're looking at everything to -- that we can do on the inside of a building.

因此，考慮到生產力和模型可能沒有免下車，我們正在研究我們可以在建築物內部做的所有事情。

As Pat mentioned, we have our next-generation Mastrena espresso machine that actually allows us to have a much faster pool with multiple coffee offerings.

正如 Pat 提到的，我們擁有我們的下一代 Mastrena 濃縮咖啡機，它實際上使我們能夠擁有一個更快的池，提供多種咖啡產品。

And then also, too, we have our new warming ovens, and those have also an improved operational time and standard improvement.

此外，我們還有新的加熱烤箱，這些烤箱的運行時間和標準也有所改進。

It's also important that we talk about the work that we're doing with Deep Brew.

談論我們正在使用 Deep Brew 所做的工作也很重要。

And this -- and Deep Brew is our work that allows us to apply AI to our equipment and the processes in the store, and that's improving productivity within the store.

而這——Deep Brew 是我們的工作，它允許我們將人工智能應用到我們的設備和商店的流程中，從而提高商店的生產力。

So there's considerable work that's happening in our cafe-seated stores.

因此，在我們的咖啡館坐落商店中正在進行大量工作。

And you'll see those things roll out over the next several quarters here.

你會在這裡看到這些東西在接下來的幾個季度推出。

Pat?

拍？

And John, as to your question regarding variable labor, what we focus on is flow-through on variable sales.

約翰，關於你關於可變勞動力的問題，我們關注的是可變銷售的流通。

And that's particularly important as we expect continued sales recovery and then back into growth in the back half of the year.

這一點尤其重要，因為我們預計銷售將持續復甦，然後在下半年恢復增長。

And even as we continue to make significant new investments in the level of P&L in order to unlock future growth opportunity, we fully expect very meaningful sales leverage that comes with what we target as an approximate 50% flow-through on those variable sales, and that includes what we derive by way of leverage on fixed labor.

即使我們繼續在損益水平上進行重大的新投資以釋放未來的增長機會，我們完全期待非常有意義的銷售槓桿，我們的目標是在這些可變銷售上實現大約 50% 的流通，以及這包括我們通過利用固定勞動力獲得的收益。

So there is a variable labor component that is embedded in that calculation.

因此，該計算中嵌入了可變勞動力成分。

But importantly, it acknowledges that there is a fair portion of our total cost structure inclusive of labor that is fixed in terms of how we operate these stores.

但重要的是，它承認我們的總成本結構中有相當一部分（包括勞動力）在我們如何運營這些商店時是固定的。

So as we recover sales and further build from that point, we anticipate margin expansion as a consequence of sales leverage that helps to offset the impact of the additional investments we're making to unlock future growth.

因此，隨著我們恢復銷售並從那時起進一步建立，我們預計銷售槓桿會導致利潤率擴張，這有助於抵消我們為釋放未來增長而進行的額外投資的影響。

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

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

Great.

偉大的。

I wanted to ask about China, please.

我想問一下中國。

Obviously, that was a very strong 5% comp.

顯然，這是一個非常強大的 5% 組合。

I was wondering if you could just talk about, in the past, some of the context you've given for potentially slower China comps for competition and also intentionally opening new stores and sort of own cannibalization, if you will.

我想知道您是否可以在過去談論您為競爭可能較慢的中國公司提供的一些背景信息，以及有意開設新店和某種自相蠶食，如果您願意的話。

A year ago, if I look back, you had kind of 3% comp and 16% unit growth, and now you have 5% comp and 13% unit growth.

一年前，如果我回顧一下，你有 3% 的收入和 16% 的單位增長，現在你有 5% 的收入和 13% 的單位增長。

Could you maybe talk about how much of this comp, which is certainly getting very strong especially considering even -- and flat even ex of that, how much of that might that -- would be a function of less cannibalization versus less competition?

你能不能談談這個組合有多少，它肯定會變得非常強大，特別是考慮到甚至 - 甚至是平的，這可能有多少 - 將是減少自相殘殺而不是減少競爭的功能？

And related to that, I think new unit economics are still very good but maybe down a little bit from where they were.

與此相關的是，我認為新的單位經濟學仍然非常好，但可能會比以前有所下降。

So just trying to understand what the sort of competitive and operational environment look like now.

所以只是想了解現在的競爭和運營環境是什麼樣的。

Sara, thanks for the questions.

薩拉，謝謝你的提問。

Maybe John, I'll have you talk a little bit about what's happening in China, new store growth and how we continue to drive China.

也許約翰，我會讓你談談中國正在發生的事情、新店的增長以及我們如何繼續推動中國。

Then let's go to Pat.

那麼讓我們去找帕特吧。

Pat can reinforce kind of our view on the long-term growth model for China that we outlined at the Investor Day in December.

Pat 可以強化我們在 12 月投資者日上概述的對中國長期增長模式的看法。

Okay.

好的。

Thanks for the question, Sara.

謝謝你的問題，薩拉。

Clearly, we're very proud of the work the team in China has done to navigate the COVID situation and the current surge that we're seeing in the market to basically substantially recover and -- in line with our expectations for the quarter and deliver a 5% comp, a top line growth rate of 15% and an acceleration of new stores to 160 in the quarter.

顯然，我們為中國團隊為應對新冠疫情所做的工作以及我們在市場上看到的基本大幅恢復的激增感到非常自豪，並且 - 符合我們對本季度的預期並交付5% 的業績，收入增長率為 15%，本季度新店數量加速至 160 家。

It's really remarkable given the current environment that we're operating in.

考慮到我們目前所處的環境，這真的很了不起。

We continue to be very optimistic about the long-term growth opportunity and the continued recovery that is going to take place throughout this fiscal year.

我們繼續對本財年的長期增長機會和持續復甦持非常樂觀的態度。

Our new stores continue to perform very well.

我們的新店繼續表現良好。

As I said, we opened 160 stores, 13% growth over the last 12 months.

正如我所說，我們開設了 160 家門店，在過去 12 個月中增長了 13%。

And that includes a time period where we slowed down or halted all store growth as we navigated the COVID crisis beginning last year at this time.

這包括我們在去年此時開始應對 COVID 危機時放慢或停止所有商店增長的時期。

We're seeing really strong performance and uptick with the Starbucks Now expansion.

隨著 Starbucks Now 的擴張，我們看到了非常強勁的表現和上升。

We're open in 24 cities -- I'm sorry, opened 24 stores in 9 different cities in the quarter, and we have a total of 40 stores, and we'll continue to expand that concept.

我們在 24 個城市開店——對不起，本季度在 9 個不同的城市開了 24 家店，我們總共有 40 家店，我們會繼續擴大這個概念。

And then the last piece beyond the store piece is the acceleration of digital and the digital footprint.

商店之外的最後一塊是數字化的加速和數字化足跡。

And Kevin hit on this a little bit in his comments, but this is also fueling the growth during the pandemic as we navigate.

凱文在他的評論中談到了這一點，但這也推動了我們在大流行期間的增長。

Our 90-day actives increased to 15.4 million members.

我們的 90 天活躍會員增加到 1540 萬。

That's 56% increase over the previous year, and that's 14% increase over the previous quarter, which is great.

這比上一年增長了 56%，比上一季度增長了 14%，這很棒。

And then clearly, mobile order sales mix at 30% with MOP at 16% and deliver at 14% is strong growth.

然後很明顯，移動訂單銷售組合為 30%，澳門幣為 16%，交付率為 14%，這是強勁的增長。

So our total mobile order sales are now 2x what they were last year at this time.

因此，我們的移動訂單總銷售額現在是去年同期的 2 倍。

So clearly, we have put in place a model that has been able to navigate the pandemic environment, and we feel very optimistic in delivering the guidance that Pat put forward of achieving 100% comp for the second quarter and relatively flat growth on a 2-year basis for the market.

很明顯，我們已經建立了一個能夠駕馭大流行環境的模型，我們對提供帕特提出的第二季度實現 100% 補償和相對平穩增長的指導感到非常樂觀。市場的年度基準。

Thanks, John.

謝謝，約翰。

And Sara, to build on what John has said, to put into perspective how we're thinking about comp growth in China long term, you may recall at our December 2018 investor conference, we guided China comp growth of 1% to 3%.

Sara，在約翰所說的基礎上，從長遠來看我們如何看待中國的薪酬增長，你可能還記得在我們 2018 年 12 月的投資者會議上，我們指導中國的薪酬增長為 1% 至 3%。

In recent quarters, we had delivered in the low single digits.

最近幾個季度，我們的交付量只有個位數。

And we acknowledged at the time that as a consequence of a more tempered pace of growth in the broader economy, intensified competition and the sales transfer that comes from an aggressive pace of new unit development, that 1% to 3% was a reasonable expectation.

我們當時承認，由於更廣泛的經濟增長步伐放緩、競爭加劇以及新單位開發的積極步伐帶來的銷售轉移，1% 到 3% 是一個合理的預期。

Fast forward to our Investor Day just a couple of months ago where we updated that to a new range of 2% to 4%.

快進到幾個月前的投資者日，我們將其更新為 2% 至 4% 的新範圍。

I would say in relation to the factors I mentioned, no material change to the economy, competition or sales transfer.

關於我提到的因素，我想說的是，經濟、競爭或銷售轉移沒有重大變化。

But importantly, as John mentioned, significant improvements in our digital capability and how that has all resonated with our customers in China, which underpins our confidence in raising that long-term comp guidance range for China to this 2% to 4%, which we believe is quite powerful in the context of very aggressive unit development given the strong appeal of our brand and the outstanding unit-level economics that deliver superior returns for us in China.

但重要的是，正如約翰所提到的，我們的數字能力的顯著改進以及這一切如何引起我們在中國的客戶的共鳴，這鞏固了我們將中國的長期薪酬指導範圍提高到這 2% 到 4% 的信心，我們鑑於我們品牌的強大吸引力和為我們在中國帶來卓越回報的卓越的單位級經濟性，相信在非常積極的單位開發背景下是相當強大的。

And Sara, just one other thing that I would just add as well is -- and Kevin hit on this a little bit in terms of the strength of the Starbucks brand in the market.

還有薩拉，我還要補充的另一件事是——凱文在星巴克品牌在市場上的實力方面對此有所了解。

And clear -- we are the clear leader in terms of brand affinity and visitation across all coffeehouses.

而且很清楚——就品牌親和力和所有咖啡館的訪問量而言，我們是明顯的領導者。

We're the first choice in away-from-home handcrafted coffee beverages for customers.

我們是客戶在家外手工製作咖啡飲料的首選。

And as a matter of fact, 1 in 2 consumers prefer Starbucks versus anybody else's coffee in the marketplace.

事實上，與市場上其他任何人的咖啡相比，有二分之一的消費者更喜歡星巴克。

So we feel we're in a very strong position from a consumer standpoint and a customer perspective to really emerge out of the challenges that we're facing in a very strong way, and that gives us confidence for the future.

因此，我們覺得從消費者的角度和客戶的角度來看，我們處於非常有利的位置，能夠真正以非常強大的方式擺脫我們面臨的挑戰，這讓我們對未來充滿信心。

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

你的下一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

Great.

偉大的。

Pat, congrats on the retirement.

帕特，恭喜你退休。

And Rachel, congrats on your new role.

瑞秋，恭喜你擔任新角色。

And Roz, based on the headlines coming out now, I guess I look forward to seeing you at Walgreens, hopefully filling lots of Starbucks coffee.

羅茲，根據現在出現的頭條新聞，我想我期待在沃爾格林見到你，希望能喝到很多星巴克咖啡。

My question is on the labor side of things, which seems to be very topical.

我的問題是關於勞動方面的事情，這似乎很熱門。

I'm happy to hear you guys talk about ongoing efficiencies.

我很高興聽到你們談論持續的效率。

But when people talk about labor lately, it seems like there's a lot of opposing forces.

但是最近人們談論勞動時，似乎有很多對立的力量。

Obviously, you have the national minimum wage potentially going up on one

顯然，您的國家最低工資可能會上漲一

(technical difficulty)

（技術難度）

but then you have the elevated unemployment, which historically implies ample labor and, therefore, managing your cost better.

但隨之而來的是失業率上升，這從歷史上看意味著勞動力充足，因此可以更好地管理成本。

So just wondering if you can provide any thoughts in terms of your labor cost and maybe employee availability outlook.

因此，只是想知道您是否可以就勞動力成本和員工可用性前景提供任何想法。

I know you guys are an employer of choice, but your ability to offset the pressure, whether it's through cost saves, technology, menu pricing, how you kind of think about those offsetting forces from a labor cost perspective.

我知道你們是首選雇主，但你們抵消壓力的能力，無論是通過成本節約、技術、菜單定價，還是從勞動力成本的角度來看待這些抵消力量。

Yes.

是的。

Jeffrey, thanks for your questions.

杰弗裡，謝謝你的提問。

Let me kind of lead off with the perspective, and then I'll hand over to Pat to put some numbers around it.

讓我先介紹一下這個觀點，然後我將交給 Pat 給它加上一些數字。

But fundamentally, look, we believe in investing in our partners.

但從根本上看，我們相信投資於我們的合作夥伴。

It is our Green Apron partners who create that experience for our customers.

為我們的客戶創造這種體驗的是我們的綠色圍裙合作夥伴。

And so we know when we invest in our partners and put them in the position to do the best job they can in serving our customers that our customer connection scores go up and our traffic goes up and our sales go up.

所以我們知道，當我們投資於我們的合作夥伴並讓他們能夠盡其所能為我們的客戶提供服務時，我們的客戶聯繫分數就會上升，我們的流量就會上升，我們的銷售額也會上升。

There's a direct correlation between investment in partners, customer connection scores and traffic increase.

對合作夥伴的投資、客戶連接分數和流量增加之間存在直接關聯。

And I think that's the first thing to note.

我認為這是首先要注意的事情。

So -- and that's why you saw us make a fairly significant increase in wage and benefits here in the U.S. as we went into this fiscal year.

所以——這就是為什麼你看到我們在進入本財年時在美國的工資和福利有了相當大的增長。

Second, then we find ways to help offset some of that in 2 ways.

其次，然後我們想辦法以兩種方式幫助抵消其中的一些。

Number one is just productivity and throughput.

第一是生產力和吞吐量。

We have a 20,000 square foot Tryer Center.

我們有一個 20,000 平方英尺的試用中心。

We call it our Tryer Center.

我們稱它為我們的試用者中心。

And think of it as a Silicon Valley incubation lab right downstairs here in Seattle.

把它想像成西雅圖樓下的矽谷孵化實驗室。

And we have some of the world's best, human-centered design engineers that work down there with our partners to find ways to help them improve that productivity.

我們擁有一些世界上最好的、以人為本的設計工程師，他們與我們的合作夥伴一起努力尋找幫助他們提高生產力的方法。

Oftentimes, it has to do with the store layout.

通常，它與商店佈局有關。

Oftentimes, it has to do with the equipment, what kinds of ovens, what's the -- how can we make things easier for partners to do their jobs.

通常，這與設備、烤箱的種類、是什麼有關——我們如何才能讓合作夥伴更輕鬆地完成工作。

And so that helps offset some of that increase in wage.

因此，這有助於抵消部分工資增長。

And then the other is automating administrative tasks, things that -- whether it's -- we've got Deep Brew helping automate inventory management stores, helping reduce the amount of time that partners have to count inventory and fill out forms, and now technology is playing a role doing that.

然後另一個是自動化管理任務，不管是不是——我們讓 Deep Brew 幫助自動化庫存管理商店，幫助減少合作夥伴清點庫存和填寫表格的時間，現在技術是發揮作用。

Other examples.

其他例子。

Our Mastrena 2 machines that we're putting in our stores have -- are instrumented with Internet of Things sensors in them.

我們放置在商店中的 Mastrena 2 機器配備了物聯網傳感器。

And those sensors, every shot of espresso, it sends telemetry data back to our data center.

那些傳感器，每一杯濃縮咖啡，它都會將遙測數據發送回我們的數據中心。

And through machine learning, we can predict when one of our Mastrena machines needs to be maintained or needs to be cleaned or calibrated.

通過機器學習，我們可以預測我們的 Mastrena 機器何時需要維護或需要清潔或校準。

And by doing that, we prevent the situation where perhaps a partner comes to open the store in the morning and one of the Mastrena machines is down.

通過這樣做，我們防止了合作夥伴早上來開店而其中一台 Mastrena 機器停機的情況。

So technology to automate administrative tasks that help provide the best environment for our partners to do what they do best, which is handcrafted beverages and connecting with our customers, and then the way that we get productivity by just thinking about the human-centered design experience we create for partners in the stores, that helps to offset the increase.

因此，自動化管理任務的技術有助於為我們的合作夥伴提供最佳環境，讓他們做他們最擅長的事情，即手工製作飲料並與我們的客戶建立聯繫，然後我們只需考慮以人為本的設計體驗即可獲得生產力我們為商店中的合作夥伴創造，這有助於抵消增長。

And Pat, I'll hand to you to help add a little bit more numerics around that.

帕特，我會交給你幫助添加更多的數字。

Thank you, Kevin.

謝謝你，凱文。

What I would add is that much the same way I talked about China is how we're thinking about the U.S. in relation to improved comps on the back of investments we're making in the brand with investments in our store partners being a critically important investment.

我要補充的是，與我談論中國的方式大致相同，我們對美國的看法是在我們對品牌進行投資的背景下改善組合，而對我們的商店合作夥伴的投資至關重要投資。

And to put that in numerical terms, a couple of years ago when we guided at our Investor Day at the time, a 3% to 4% comp expectation for our U.S. business.

用數字表示，幾年前，當我們在投資者日指導時，我們對美國業務的預期為 3% 到 4%。

More recently at our Investor Day, we raised that to a range of 4% to 5%, and that is entirely the result of our confidence in the returns that we will get on these investments, led by investments in our partners but also significant investments in our digital platforms and what that does to unlock the full sales potential of a Starbucks brand, yielding significant sales leverage that not only pays for these investments but enables what we continue to expect by way of modest annual margin expansion, which is a fundamental part of our ability to convert revenue growth, long term, of 8% to 10% to operating income growth of 9% to 11%.

最近在我們的投資者日，我們將其提高到 4% 到 5% 的範圍，這完全是因為我們對這些投資的回報充滿信心，這主要是對我們的合作夥伴的投資，但也包括重大投資在我們的數字平台中，以及如何釋放星巴克品牌的全部銷售潛力，產生顯著的銷售槓桿，不僅為這些投資買單，而且通過適度的年度利潤率擴張實現我們繼續預期的目標，這是一個基本部分我們將長期收入增長 8% 至 10% 轉化為營業收入增長 9% 至 11% 的能力。

So as Kevin mentioned, all of these things work together, investment combined with productivity to combine further with sales leverage to land the ongoing margin expansion that forms a fundamental part of our overall earnings growth model.

因此，正如凱文所提到的，所有這些事情共同發揮作用，投資與生產力相結合，進一步與銷售槓桿相結合，以實現持續的利潤率擴張，這是我們整體盈利增長模型的基本組成部分。

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

您的下一個問題來自 Andrew Charles 和 Cowen 的對話。

Great.

偉大的。

Just to echo everyone else, Pat and Roz, best wishes on your next chapter.

只是為了呼應其他所有人，Pat 和 Roz，對您的下一章致以最良好的祝愿。

And Rachel, good luck in your new role as well.

瑞秋，也祝你在新角色中好運。

Kevin, a question for you following the announcements that Roz and Pat will be departing in the coming weeks.

凱文，在宣布羅茲和帕特將在未來幾週內離開後，向你提出一個問題。

While the business will be in the very capable hands of partners that have been with Starbucks for over 15 years, where are you going to be leaning in, in near term to help ensure continuity in the recovery?

雖然業務將掌握在與星巴克合作超過 15 年的非常有能力的合作夥伴手中，但在短期內，您將在哪裡尋求幫助以確保復甦的連續性？

Yes.

是的。

Andrew, thanks for the question.

安德魯，謝謝你的問題。

Certainly, with -- on the CFO side, Rachel has been a long-term Starbucks partner in our finance organization and supporting the Americas.

當然，在首席財務官方面，雷切爾一直是我們財務組織的長期星巴克合作夥伴，並支持美洲。

She is fully up to speed on Starbucks and all things related to driving this business, and so great confidence there.

她完全了解星巴克以及與推動這項業務相關的所有事情，並且對此充滿信心。

And in Roz' organization, as I flatten the organization, I'm going to take Rossann Williams and Brady Brewer direct to me.

在 Roz 的組織中，當我扁平化組織時，我會直接將 Rossann Williams 和 Brady Brewer 帶到我身邊。

Rossann has been running our U.S. North American business now for over 2 years, doing a great job on that.

Rossann 經營我們的美國北美業務已有 2 年多了，在這方面做得很好。

And Brady is our Chief Marketing Officer.

Brady 是我們的首席營銷官。

So certainly, I think that stability of leaders running North America and the stability of Rachel and her knowledge of the Americas and stepping into the global CFO role gives me great confidence.

所以當然，我認為管理北美的領導者的穩定性和雷切爾的穩定性以及她對美洲的了解和擔任全球首席財務官的角色給了我很大的信心。

And I'll say this.

我會說這個。

We've got a very strong bench of talent in Starbucks.

我們在星巴克擁有非常強大的人才儲備。

And what you're seeing is the next generation of leadership stepping into these roles.

你所看到的是下一代領導層踏上這些角色。

And I've got great confidence in them.

我對他們很有信心。

So certainly, I'm going to continue to do what I do, which is we work as a leadership team.

所以當然，我將繼續做我所做的事情，那就是我們作為一個領導團隊工作。

We work together as a team based on trust, transparency and teamwork.

我們在信任、透明和團隊合作的基礎上作為一個團隊一起工作。

And these leaders, Rossann and Brady, have been on the executive leadership team now for over a year.

這些領導人，羅桑和布雷迪，現在已經在執行領導團隊工作了一年多。

Rachel will join us on the leadership team but we won't miss a beat.

雷切爾將加入我們的領導團隊，但我們不會錯過任何一個節拍。

And very grateful to both Pat and Roz for their contribution because not only did they contribute, but they also built great successors in their roles, and I'm very grateful.

非常感謝 Pat 和 Roz 的貢獻，因為他們不僅做出了貢獻，而且還為他們的角色建立了偉大的繼任者，我非常感激。

Your next question comes from the line of David Tarantino with Robert W. Baird.

您的下一個問題來自 David Tarantino 和 Robert W. Baird。

My question is for Pat and it's related to the upside in your Q1 earnings performance relative to the guidance.

我的問題是針對帕特的，這與你的第一季度收益表現相對於指引的上升有關。

Pat, could you maybe unpack the factors that drove the upside relative to what you were thinking at the start of the quarter or whenever you gave the guidance?

帕特，你能否解釋一下推動上漲的因素，相對於你在本季度開始時的想法或在你給出指導時的想法？

And then also, can you give us some perspective on whether that upside reflects maybe benefits that are coming in earlier than you anticipated or greater than you anticipated?

然後，您能否給我們一些觀點，說明這種上漲是否反映了比您預期更早或比您預期更大的好處？

And I guess the context of that second part is how should we think about this flowing through to the 2022 outlook, for example?

我想第二部分的背景是，例如，我們應該如何看待這一趨勢貫穿到 2022 年的前景？

Yes.

是的。

Thank you, David.

謝謝你，大衛。

So we were very pleased with our Q1 result with non-GAAP EPS exceeding the midpoint of our guidance range by approximately $0.08.

因此，我們對我們的第一季度業績感到非常滿意，非公認會計原則每股收益超過了我們指導範圍的中點約 0.08 美元。

Picking that apart, about $0.05 of that favorability was driven by our business segment performance, including better-than-expected margins in both the Americas and International.

除此之外，大約 0.05 美元的優惠是由我們的業務部門業績推動的，包括美洲和國際的利潤率都好於預期。

Another $0.02, we'd attribute to favorable foreign currency translation and the remaining $0.01 attributable to a lower-than-expected tax rate, which is driven by unplanned, discrete tax benefits.

另外 0.02 美元，我們將歸因於有利的外幣折算，其餘 0.01 美元歸因於低於預期的稅率，這是由計劃外的離散稅收優惠驅動的。

As to the business performance, we do expect that momentum to sustain balance of the year.

至於業務表現，我們確實預計這一勢頭將維持今年的平衡。

So as I mentioned in my prepared remarks, we believe that it is possible that we can deliver full year results ahead of the guidance we've given.

因此，正如我在準備好的講話中提到的那樣，我們相信我們有可能在我們給出的指導之前交付全年業績。

However, when you consider where we're at in our fiscal year with 3 quarters to go and when you also consider the continued volatility in the operating environment, it's prudent to hold at this stage.

但是，當您考慮到我們在 3 個季度後的財年中所處的位置，以及當您還考慮到運營環境的持續波動時，在這個階段持有是謹慎的。

And that's what we've chosen to do.

這就是我們選擇做的事情。

We've decided to hold our full year non-GAAP guidance until we close Q2 and have half the year under our belt.

我們決定保持全年非 GAAP 指導，直到我們關閉第二季度並有半年的時間。

We will then have much better visibility to the back half of the year and can make a more considered call on what guidance update may be appropriate at that point in time.

然後，我們將對下半年有更好的了解，並且可以更深思熟慮地決定在那個時間點更新哪些指南是合適的。

But we are very encouraged by what we've seen thus far.

但我們對迄今為止所看到的情況感到非常鼓舞。

Even with the recent volatility we've seen in China, we could not be more delighted with the accelerated recovery we've seen in our U.S. business going from a minus 8% comp in December to a minus 2% comp in January, well on our way to achieving the full sales recovery that we outlooked for the U.S. business by the end of our second quarter, fully expecting the quarter to come in at 5% to 10% sales growth.

儘管我們最近在中國看到了波動，但我們看到我們的美國業務從 12 月份的負 8% 到 1 月份的負 2% 加速復蘇，我們感到非常高興。實現我們在第二季度末對美國業務的全面銷售復甦的方式，完全預計該季度的銷售額將增長 5% 至 10%。

That's comparable sales growth for our U.S. business.

這是我們美國業務的可比銷售額增長。

So when you add it all up, there's every reason to be optimistic.

因此，當您將其全部加起來時，我們完全有理由保持樂觀。

It's just a matter of prudence, again, given where we're at in our year and the fact that the pandemic is still impacting our business in different ways, but we're really pleased with the resilience we've built into our business, and that's reflected in our results.

再次，這只是一個謹慎的問題，考慮到我們在這一年中所處的位置以及大流行仍在以不同方式影響我們的業務這一事實，但我們對我們在業務中建立的彈性感到非常滿意，這反映在我們的結果中。

Your next question comes from the line of Dennis Geiger with UBS.

您的下一個問題來自瑞銀的丹尼斯·蓋格（Dennis Geiger）。

Great.

偉大的。

Congrats to all on new opportunities and your new roles.

祝賀所有人獲得新機會和新角色。

For Kevin and Roz, I think you talked about the strength in food and the higher food attach.

對於凱文和羅茲，我想你談到了食物的力量和更高的食物附著力。

I think generally, food has been a pretty strong contributor to sales and comp for the last several years now.

我認為總的來說，食品在過去幾年中一直是銷售和補償的重要貢獻者。

But it's all like maybe food has been a little bit deemphasized over the last couple of years given the increased focus on beverage.

但這一切都好像在過去幾年裡，由於人們對飲料的關注越來越多，食物的重要性有所下降。

Wondering if you could -- based on what you've seen recently in the last few quarters, specifically this last quarter, does it change -- and maybe how you're thinking about customer behaviors changing going forward, does it change at all how you're thinking about the food opportunity going forward from here, whether it's anything different on innovation, potential partnerships or just leaning in a bit more on that opportunity?

想知道您是否可以-根據您最近在過去幾個季度，特別是上一季度所看到的情況，它是否會改變-也許您正在考慮如何改變未來的客戶行為，它是否會改變您正在考慮從這裡開始的食品機會，無論是在創新、潛在合作夥伴關係方面有什麼不同，還是只是更多地依靠這個機會？

Yes.

是的。

Dennis, thanks for your question.

丹尼斯，謝謝你的提問。

Let me share our perspective, and then Roz, I'll hand you to add a bit more from the U.S. perspective.

讓我分享一下我們的觀點，然後羅茲，我會從美國的角度給你補充一點。

But Dennis, strategically, we are a beverage-first company.

但是丹尼斯，從戰略上講，我們是一家飲料第一的公司。

We are in the business of handcrafted beverages, personalized for each and every customer around coffee and tea.

我們從事手工飲料業務，為每位顧客提供個性化的咖啡和茶飲。

And it's that experience we create around handcrafted beverages.

這就是我們圍繞手工飲料創造的體驗。

And that's why we amplify -- we talk about our innovation.

這就是我們放大的原因——我們談論我們的創新。

It's around customer experience, it's around relevant new beverage innovation, and it's around digital customer relationships.

它圍繞客戶體驗，圍繞相關的新飲料創新，圍繞數字客戶關係。

And by focusing and understanding that we are a beverage-first company that what we do is create that experience around those handcrafted beverages has been very important in the growth that we've been driving.

通過專注和理解我們是一家飲料優先的公司，我們所做的就是圍繞這些手工製作的飲料創造體驗，這對我們一直在推動的增長非常重要。

And so we talk about that a lot.

所以我們經常談論這個。

We focus on that a lot because that is, at the end of the day, what is a significant differentiator for Starbucks.

我們非常關注這一點，因為歸根結底，這對星巴克來說是一個重要的差異化因素。

Now we then attach food.

現在我們再附上食物。

And so I'm not saying food is not important, but we're very clear strategically, the most important thing is to be on the front foot and innovate and drive those relevant beverage platforms and then differentiate through the fact that our Starbucks partners in our stores handcraft those beverages personally for each and every customer, and then we attach food.

所以我並不是說食物不重要，但我們在戰略上非常清楚，最重要的是站在前面，創新並推動那些相關的飲料平台，然後通過我們的星巴克合作夥伴在我們的商店親自為每一位顧客手工製作這些飲料，然後我們附上食物。

Now when we attach food, our R&D teams have been very thoughtful about how to have the food menu be relevant to the dayparts and to the beverages that we sell.

現在，當我們附加食物時，我們的研發團隊一直在考慮如何讓食物菜單與時段和我們銷售的飲料相關聯。

And they've done a phenomenal job with that over the years.

多年來，他們在這方面做得非常出色。

And if I were to say what is the -- probably the most dominant shift in consumer behavior is this whole shift to plant-based.

如果我要說什麼是——消費者行為中最主要的轉變可能是整個轉向以植物為基礎的轉變。

And that is a shift both in beverage and in food.

這是飲料和食品的轉變。

On the beverage side, this is why we've introduced all the alternative milks, whether it's almond milk, soy milk, oat milk.

在飲料方面，這就是我們推出所有替代奶的原因，無論是杏仁奶、豆奶還是燕麥奶。

All of that's important.

所有這些都很重要。

And then on the food side, you see what we've done with things like the Impossible Sausage Breakfast Sandwich, and you're seeing more and more plant-based proteins in our food menu.

然後在食物方面，你會看到我們對不可能的香腸早餐三明治之類的東西做了什麼，你會在我們的食物菜單中看到越來越多的植物性蛋白質。

And in fact, we have one Starbucks store here in the Seattle area that we've gone to 100% plant-based food menu.

事實上，我們在西雅圖地區有一家星巴克店，我們已經選擇了 100% 以植物為基礎的食物菜單。

We use that as sort of a test area when we innovate, create things here in our support center, the Tryer Center.

當我們在我們的支持中心 Tryer Center 進行創新和創造事物時，我們將其用作一種測試區域。

We test in that store.

我們在那家商店進行測試。

So if I think about both beverage and food, the #1 trend that I would highlight there is just the consumer shift and consumer preferences around plant-based.

因此，如果我同時考慮飲料和食品，我要強調的第一大趨勢就是消費者的轉變和消費者對植物性食品的偏好。

And Roz, let me hand it to you.

還有羅茲，讓我把它交給你。

You might have some additional numbers and color to add to that.

您可能需要添加一些額外的數字和顏色。

But I think at a macro level, those are the 2 most important points, I think, Dennis.

但我認為在宏觀層面上，這是最重要的兩點，我認為，丹尼斯。

Yes.

是的。

And so Kevin, I think you hit it pretty strong there in terms of us really aligning with customer preference.

所以凱文，我認為你在我們真正符合客戶偏好方面做得非常好。

I will say that the work that our team has been doing around our digital platform and getting to know our customers better than we've ever known them before, we're understanding how their preferences are trending.

我想說的是，我們的團隊一直在圍繞我們的數字平台開展工作，並且比以往任何時候都更好地了解我們的客戶，我們正在了解他們的偏好趨勢如何。

What this is also allowing us to do is to make great coffee as well because now we're learning how to match and pair coffee with great food and beverage items so that we bring together both a food and beverage combination.

這也讓我們能夠做的是製作美味的咖啡，因為現在我們正在學習如何將咖啡與美味的食物和飲料搭配起來，以便我們將食物和飲料組合在一起。

So the work ahead of us by no means minimizes food.

因此，我們面前的工作絕不會減少食物。

Actually, we see it as a golden opportunity for us to just further expand our presence and create quality food attach items to go along with great coffee.

實際上，我們認為這是一個千載難逢的機會，可以進一步擴大我們的影響力，並創造優質的食品附加品來搭配優質咖啡。

Your next question comes from the line of Jon Tower with Wells Fargo.

您的下一個問題來自富國銀行的 Jon Tower。

Awesome.

驚人的。

Great.

偉大的。

Just quickly a clarification and a question.

只是很快的澄清和一個問題。

First, a clarification.

首先，澄清一下。

On the slower pace of store closures that, Pat, I think you mentioned earlier in the transcript, is there an expected revenue impact in '21?

關於商店關閉的速度放緩，我認為您在成績單中之前提到過，Pat 是否會對 21 年的收入產生預期影響？

And does the 40 basis point margin benefit still stand from those closures?

40 個基點的保證金收益是否仍然來自這些關閉？

And then my question is on the China loyalty members and the platform.

然後我的問題是關於中國忠誠會員和平台的。

Obviously, very impressive growth here.

顯然，這裡的增長非常可觀。

And I was hoping maybe you could offer some insights into how customers in that market are using the brand now versus the past.

我希望你能提供一些關於該市場客戶現在與過去如何使用該品牌的見解。

Perhaps differently, you're seeing either daypart changes or ticket growth.

也許不同的是，您看到的是時段變化或票務增長。

And I know, obviously, COVID might be muddying the visibility here in exactly understanding what the trends are.

而且我知道，很明顯，在準確了解趨勢是什麼方面，COVID 可能會混淆這裡的能見度。

But if you could offer some insights into daypart usage ticket growth, obviously frequency changes around the platform, that would be great.

但是，如果您可以提供有關時段使用票增長的一些見解，顯然平台周圍的頻率變化，那就太好了。

Jon, thanks for your questions.

喬恩，謝謝你的提問。

We'll have Pat take the first clarification that you asked for, and then John Culver will comment on China loyalty member behaviors.

我們將讓 Pat 進行您要求的第一個澄清，然後 John Culver 將評論中國忠誠度會員的行為。

Yes.

是的。

Thank you, Kevin.

謝謝你，凱文。

So John, with respect to trade area transformation progress, as of the end of Q1, we had completed approximately 1/3 of the store closures included in our trade area transformation initiative and expect to complete the majority of remaining closures by the end of this fiscal year as originally planned.

所以約翰，關於貿易區轉型進度，截至第一季度末，我們已經完成了貿易區轉型計劃中包含的大約 1/3 的門店關閉，並預計在本月底之前完成大部分剩餘的關閉原計劃的財政年度。

So there has been a bit of a delay relative to what we had anticipated at the beginning of the year, and that's entirely a function of how thoughtfully the team is continuing to refine the store closure plans based on how we read the impacts we're seeing from stores as they are closed in terms of both sales transfer and margin with a view to continue to optimize as we go.

因此，相對於我們在年初的預期，出現了一些延遲，這完全是團隊根據我們如何閱讀影響來繼續完善商店關閉計劃的深思熟慮的結果。從商店來看，因為它們在銷售轉移和利潤方面都關閉了，以期在我們前進的過程中繼續優化。

But we're as committed to that program now as we were at the start of the year and even back to June when we first announced it and then subsequently expanded the program.

但我們現在與年初時一樣致力於該計劃，甚至回到 6 月份我們首次宣布該計劃並隨後擴大該計劃時。

As to the margin impact, we continue to expect about a 40 basis point improvement to our consolidated margin or our enterprise margin on a full year basis.

至於利潤率影響，我們繼續預計全年綜合利潤率或企業利潤率將提高約 40 個基點。

So even with a slight delay to some of the closure activity, we continue to expect meaningful margin expansion as a result of this initiative.

因此，即使一些關閉活動略有延遲，我們仍然預計這一舉措會帶來有意義的利潤率擴張。

And Jon, to your question on China and the digital and what we're seeing, a little bit deeper dive on it, first off, the daypart impact, we're really seeing an uptick in the morning daypart.

喬恩，對於你關於中國和數字以及我們所看到的問題，對它進行更深入的研究，首先，白天的影響，我們真的看到早上的白天有所上升。

But pretty much, the recovery is taking place across all dayparts consistently.

但幾乎所有時段都在持續進行恢復。

But from a digital Mobile Order & Pay perspective, we are seeing an uptick on the morning side.

但從數字移動訂單和支付的角度來看，我們看到早上的情況有所上升。

In terms of the ticket as it relates to digital, we are seeing ticket consistent with what we've seen previously.

就與數字相關的票而言，我們看到的票與我們之前看到的一致。

Generally, in China, our ticket runs a bit higher than the U.S. under normal circumstances.

一般來說，在中國，我們的票價在正常情況下會比美國高一點。

That is because of group ordering.

那是因為組排序。

And I would say our ticket is living up to that, living up to that historical performance.

我會說我們的門票不辜負這一點，不辜負那歷史性的表現。

The other aspect that we're seeing is social gifting.

我們看到的另一個方面是社交禮物。

And social gifting is a big piece of digital in China.

在中國，社交禮物是一個重要的數字化產品。

We've introduced that as part of the Rewards program, and we're seeing a nice uptick of that as well.

我們已經將其作為獎勵計劃的一部分進行了介紹，並且我們也看到了它的良好增長。

So very pleased with the progress the team is making there, and we're going to continue to invest and double down on our digital footprint in China.

對團隊在那裡取得的進展非常滿意，我們將繼續投資並加倍擴大我們在中國的數字足跡。

The last question comes from Chris O'Cull with Stifel.

最後一個問題來自 Chris O'Cull 和 Stifel。

Pat, my question is related to the plant-based beverages.

帕特，我的問題與植物性飲料有關。

Is the shift to plant-based beverages a positive for margin on the beverage side?

向植物性飲料的轉變對飲料方面的利潤率是否有利？

Or does it compress the profitability relative to milk-based drinks, all else equal?

或者它是否壓縮了相對於牛奶飲料的盈利能力，在其他條件相同的情況下？

And how does continued optimization of the supply chain impact that dynamic over time?

隨著時間的推移，供應鏈的持續優化如何影響這種動態？

Yes.

是的。

Thank you for the question, Chris.

謝謝你的問題，克里斯。

I would say that from a margin perspective, currently, the impact is a little bit of a push because while there is incremental cost associated with those alternative milks, we do charge a premium, and so that helps to mute the impact to margin.

我想說，從利潤率的角度來看，目前，這種影響有點推動，因為雖然這些替代牛奶會增加成本，但我們確實收取溢價，因此這有助於減輕對利潤率的影響。

I would say much longer term, it remains to be seen.

我會說更長期，還有待觀察。

A lot of it will depend on how consumers increasingly migrate to those alternative milks not just in our business but broadly in a way that supports increased production, which should, over time, reduce the cost.

其中很大一部分將取決於消費者如何越來越多地轉向這些替代牛奶，不僅在我們的業務中，而且在很大程度上以支持增加產量的方式，隨著時間的推移，這應該會降低成本。

And then we have the opportunity to reevaluate whether at some stage it makes sense to change our pricing practices.

然後我們有機會重新評估在某個階段改變我們的定價做法是否有意義。

I would say generally speaking, our goal is to maintain, if not expand, our margins over time.

我想說一般來說，我們的目標是隨著時間的推移保持（如果不是擴大）我們的利潤。

And that was our last question today.

這是我們今天的最後一個問題。

I will now turn the call over to Mr. Johnson for his closing remarks.

我現在將把電話轉給約翰遜先生，讓他作閉幕詞。

Well, I want to thank you all for joining us today, and I also want to invite you to join us on March 17 for our Annual Meeting of Shareholders.

好吧，我要感謝大家今天加入我們，我還想邀請您參加 3 月 17 日的股東年會。

It will be a virtual meeting when we will celebrate Starbucks and reflect on our journey over the last 50 years since the founding of the company in 1971, while at the same time looking forward to a very bright future.

這將是一次虛擬會議，屆時我們將慶祝星巴克並回顧自 1971 年公司成立以來過去 50 年的歷程，同時展望非常光明的未來。

And we hope you enjoy -- that you join us for that virtual meeting, and we look forward to seeing you -- or participating with you on March 17.

我們希望你喜歡 - 你加入我們參加那個虛擬會議，我們期待著見到你 - 或者在 3 月 17 日與你一起參加。

Thank you, everybody.

謝謝大家。

This concludes Starbucks Coffee Company's conference call.

星巴克咖啡公司的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。