星巴克 (SBUX) 2021 Q1 法說會逐字稿

Good afternoon. My name is Hector, and I will be your conference operator today. I would like to welcome everyone to today's Starbucks Coffee Company conference call. (Operator Instructions)

午安.我叫赫克托，今天我將擔任你們的會議接線生。歡迎各位參加今天星巴克咖啡公司的電話會議。（操作說明）

I will now turn the call over to Durga Doraisamy, Vice President, Investor Relations. You may now begin your conference.

現在我將把電話轉交給投資者關係副總裁杜爾加·多萊薩米。現在您可以開始會議了。

Good afternoon, everyone, and thank you for joining us today to discuss our first quarter fiscal year '21 results. Today's discussion will be led by Kevin Johnson, President and CEO; and Pat Grismer, CFO. 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. Also present is Rachel Ruggeri, Senior Vice President, Finance, for the Americas.

各位下午好，感謝各位今天蒞臨我們中心，共同探討2021財年第一季業績。今天的討論將由總裁兼首席執行官凱文·約翰遜和首席財務官帕特·格里斯默主持。在問答環節，我們將邀請美洲區營運長兼集團總裁 Roz Brewer，以及國際、通路開發和全球咖啡、茶和可可集團總裁 John Culver。美洲區財務高級副總裁 Rachel Ruggeri 也出席了會議。

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

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

GAAP results in fiscal '21 include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items. These items are excluded from our non-GAAP results. For certain non-GAAP financial measures mentioned in today's call, please refer to our website at investor.starbucks.com to find their corresponding GAAP measures as well as a reconciliation of these non-GAAP financial measures with their corresponding GAAP measures.

2021 財年的 GAAP 結果包括與策略行動相關的幾個項目，包括重組和減損費用、交易和整合成本以及其他項目。這些項目不計入我們的非GAAP業績。對於今天電話會議中提到的某些非GAAP財務指標，請訪問我們的網站 investor.starbucks.com 以查找其對應的GAAP指標以及這些非GAAP財務指標與其對應的GAAP指標的調節表。

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, February 26, 2021. 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.

本次電話會議將進行網路直播，網路直播的存檔將在我們的網站上保留至 2021 年 2 月 26 日星期五。最後，為了方便您安排日程，請注意，我們 2021 財年第二季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.

現在我將把通話轉給凱文。

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

下午好，感謝各位今天收看我們的節目。回顧過去的一年，很明顯，我們都經歷了很多，很多艱難的時刻和很多變化。在當今社會和全人類都有些脆弱的時期，我依然保持樂觀，因為今年蘊藏著巨大的療癒希望。我相信星巴克可以在這個療癒過程中發揮重要作用，將人們聚集在一起，讓他們感受到彼此的聯繫，以積極負責的方式支持我們的社區，並推動一個更公平和包容的世界。

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

就在一週前的這週，為了保護我們的合作夥伴和客戶免受冠狀病毒的侵害，我們暫時關閉了中國各地的門市。我們很快意識到需要製定一套應對這種病毒的原則，以便在全球大流行期間安全運營，然後與世界各地的每個市場分享了我們的原則和門市規程。這種方法對我們很有效。今天，我很自豪地宣布，我們在中國的業務在第一季按照預期恢復，我們仍然預計在第二季末實現美國業務的全面銷售恢復。

This journey has not been linear. 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. 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. 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.

這段旅程並非一帆風順。由於我們已經實現了即時監控事件並逐店調整以適應不斷變化的情況的能力，我們的復甦進程繼續略微超出預期。自疫情爆發以來，在三大基本原則的指導下，我們為全球 40 萬星巴克夥伴配備了充足的工具、資源和支持，使他們能夠在門市層級快速做出決策。我們的合作夥伴展現出的敏捷性，在應對前所未有的複雜全球局勢的同時，也始終關心彼此和我們的顧客，這讓我對星巴克的長期前景充滿信心。

Last month, when we met for our biennial investor conference, we talked about Starbucks' resilience. There were 3 takeaways from that discussion that I want to iterate as we share this quarter's results. 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. Second, our speed and agility have enabled us to rapidly adapt to changing consumer behaviors and strengthened our competitive position. And third, we have an innovation agenda for our customer experience and for store transformation that positions us well for future growth.

上個月，在我們兩年一度的投資者大會上，我們討論了星巴克的韌性。那次討論中有 3 個要點，我想在分享本季業績時再次強調。首先，我們近 3 年前製定的「規模化成長」計劃，使我們更加專注於目標，實現了嚴謹的執行，增強了我們將資本分配到最高最佳用途的能力，並在整個星巴克釋放了成長思維。其次，我們的速度和靈活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。第三，我們制定了客戶體驗和門市轉型的創新計劃，這將使我們為未來的成長奠定良好的基礎。

Now I want to share with you results from Q1 that reinforce our belief that Starbucks is stronger and more resilient than ever. 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%. 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. 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. We rapidly adapted and ended the quarter with approximately 40% of our U.S. stores offering limited seating.

現在我想和大家分享第一季的業績，這些業績進一步印證了我們先前的判斷，即星巴克比以往任何時候都更加強大、更有韌性。讓我先從美國的情況說起。我們第一季在美國的同店銷售額下降了 5%，比上一季的下降了 9%。即使在本季後半段，疫情相關的業務中斷導致我們提供店內座位的能力大幅下降（進入第一財季時，我們超過 60% 的美國公司自營門店僅提供有限的座位），但 10 月份的同店銷售額有所改善，延續了上一季的增長勢頭。當新冠疫情在季度中期開始激增時，我們調整了營運方式，採取即買即走的模式，這符合我們的原則，也符合多個州的監管要求。我們迅速調整，到季度末，我們約 40% 的美國門市已提供有限的座位。

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. 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.

憑藉我們強大的創新議程，我們傑出的 Green Apron 合作夥伴在第一季取得了非常強勁的假日業績，為我們實現美國同業全面復甦奠定了積極的基礎。重要的是，在第一季度，我們透過進一步推進對實現規模化成長議程至關重要的 3 項業務驅動舉措，為實現 2021 財年目標奠定了堅實的基礎：提升客戶體驗；推動相關的飲料創新；以及擴大數位化客戶互動。

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

接下來，我將分享第一季的一些重要亮點，以及我們在 2021 財年剩餘時間內推動流量成長的舉措，首先是提升客戶體驗。我們相信，我們的許多客戶已經適應了在家工作或學習的現實。他們去星巴克已經從前往目的地途中的一個停留點，變成了值得離開家去的目的地，因為它安全、熟悉且方便。

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. U.S. stores with drive-throughs saw a slight improvement in out-the-window times and delivered positive comps throughout Q1. They drove over half of net sales in Q1, increasing more than 10% from pre-pandemic levels. 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.

我們為提高得來速吞吐量、擴大數位覆蓋範圍、實現路邊取貨和擴大配送能力所做的工作在第一季得到了體現。美國設有免下車服務的商店的窗口取貨時間略有改善，並且在第一季實現了正增長。第一季度，它們貢獻了超過一半的淨銷售額，比疫情前水準增加了 10% 以上。這些結果讓我們確信，我們為釋放產能和提升得來速店客戶體驗而採取的有針對性的舉措，正在促進我們的業務復甦，同時鞏固我們未來成長的基礎。

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

我們領先業界的行動應用程式仍然是我們提升客戶體驗的重要工具，它為客戶提供了一種安全、便利和個人化的星巴克訂購方式。本季度，行動訂單占美國公司營運交易額的 25%，高於疫情前的 17%，這清楚地表明我們的舉措正在引起客戶的共鳴。受團體訂餐的推動，我們看到平均客單價持續顯著高於疫情前水準。飲料附加費增加、高端飲料組合增加、客製化和加大份量增加，以及食品附加費創歷史新高，所有這些因素共同推動了美國第一季客單價增長約 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. This year, we kicked off holiday with familiar beverages, such as Peppermint Mocha and, of course, Starbucks joyful holiday cups, a 23-year ritual. 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. 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.

此外，我們的季節性節日飲品系列，加上我們富有創意的節日行銷，激發了 Green Apron 合作夥伴的熱情，並吸引了顧客光臨我們的門市。今年，我們以熟悉的飲品開啟了假期，例如薄荷摩卡，當然還有星巴克歡樂的節日杯，這已經是 23 年的傳統了。南瓜奶油冷萃咖啡在上一季取得了巨大成功，為 12 月即將回歸的全新節日熱門飲品——愛爾蘭奶油冷萃咖啡——奠定了良好的基礎。我們的冷飲繼續受到顧客的喜愛，其中冰白巧克力摩卡、冰柴拿鐵和香草甜奶油冷萃咖啡表現尤為突出，這三款飲品均實現了同比增長。

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.

第一季食品業務表現超乎預期，這主要得益於早餐捲餅、Impossible早餐三明治以及節日烘焙食品（如雪人餅乾）和當然還有我孫子最喜歡的蛋糕棒棒糖等產品的強勁表現。

Finally, we saw accelerated growth of digital customer relationships and customer engagement, a key highlight of the quarter. 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. 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. Now this result surpassed our pre-COVID member base, representing a 15% increase relative to the same quarter in prior year.

最後，我們看到數位化客戶關係和客戶互動加速成長，這是本季的亮點。繼第四季成功推出「人人皆可享星享卡」計畫後，星巴克獎勵計畫在第一季取得了驚人的成績，為 2021 財年及以後的成長奠定了堅實的基礎。我們90天活躍的星巴克獎勵計劃會員數量（我們直接與他們溝通並提供個人化優惠）在第一季增加了250萬，達到創紀錄的2180萬。如今，這項結果已經超過了我們在新冠疫情前的會員人數，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. Starbucks Cards are a customer favorite for holiday gifting and are widely available through our stores and other distribution channels, including digitally. 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.

我也很高興地告訴大家，今年假日季，作為我們假日禮品計劃基石的星巴克卡激活量超出了我們的預期。星巴克卡是顧客最喜歡的節日禮品，可透過我們的門市和其他分銷管道（包括數位管道）廣泛購買。星巴克卡的成功顯示我們與顧客之間建立了牢固的情感聯繫，也顯示即使在當前環境下，星巴克體驗仍然具有重要意義。

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

本季度，隨著星巴克獎勵計劃活躍會員數量的增長，他們的參與度也隨之提高。第一季度，獎勵計畫顧客貢獻了美國公司自營銷售額的 50%，高於去年新冠疫情爆發前的 43%，也高於上一季的 47%，這表明我們忠實的顧客對星巴克的韌性和喜愛。無論從哪個角度來看，我們第一季在美國的業績都相當強勁，尤其考慮到我們目前面臨的 COVID 感染激增的不利影響。

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

接下來，我將把目光轉向中國，這是我們第二大的成長市場。延續前兩季的良好勢頭，中國區領導團隊又取得了令人矚目的季度業績，證明了我們能夠迅速適應不斷變化的市場環境，同時專注於提升客戶體驗、創新飲品以及持續拓展數位化客戶關係，正如我們在美國所做的那樣。第一季度，我們實現了令人矚目的5%同店銷售成長，但我們在中國市場復甦最顯著的成就是新店開發業務的快速重啟，而這正是我們在中國市場成長的首要驅動力。

I'm pleased to share that in Q1, we opened almost 160 stores and crossed the 4,800 store milestone. 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. 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. The performance of these new stores underscores our continued confidence in the long-term growth opportunity for Starbucks in China.

我很高興地告訴大家，在第一季度，我們開設了近 160 家門市，門市總數突破了 4800 家大關。這意味著過去 12 個月淨新增門市數量增加了 13%，考慮到我們在中國疫情爆發初期暫停了幾個月的新店開發活動，這一成績尤其令人印象深刻。本季我們進入了 15 個新城市，這些城市的門市開局強勁，客流量超過了中國其他城市的新門市。這些新店的業績凸顯了我們對星巴克在中國長期成長機會的持續信心。

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. In addition, we achieved record sales for this year's Double 11 campaign, which grew by 86% versus last year. And we also set a single-day retail sales record on our Starbucks Rewards members night.

我們透過星巴克獎勵計畫持續大幅拓展在中國的數位化客戶關係，從第一季90天活躍獎勵會員人數成長至1,540萬便可見一斑，與上年同期相比成長了51%，與上一季相比成長了14%，創歷史新高。此外，我們今年的雙十一促銷活動也取得了創紀錄的銷售額，比去年成長了 86%。此外，在星巴克獎勵會員之夜，我們也創下了單日零售紀錄。

Member engagement campaigns and additional functionalities launched through our Starbucks app and mini-apps boosted member engagement and frequency throughout the quarter. 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. Rewards customer engagement continues to grow as mobile ordering has more than doubled in China over the past year. 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. The brand is stronger than ever in our fastest-growing market.

本季度，我們透過星巴克應用程式和小程式推出的會員互動活動和附加功能，提高了會員參與度和消費頻率。事實上，隨著 Starbucks Now 行動點餐和支付服務在中國 99% 的門市以及 Starbucks Delivers 在中國 85% 的門市推出，行動訂單銷售額占公司在中國銷售額的比例達到了創紀錄的 30%，高於上一季度的 26%，其中 Starbucks Delivers 貢獻了 14%，Starbucks 貢獻了 16%。隨著過去一年中國行動訂餐量翻了一番以上，獎勵機制也帶動了顧客參與的持續成長。星巴克仍是中國消費者外出喝咖啡的首選，也是中國社群媒體上討論度最高的咖啡品牌。在成長最快的市場中，該品牌比以往任何時候都更加強大。

And finally, a few comments on our Channel Development business. The strategic value of our Channel Development segment in the current environment is clear. 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. The demand we saw last quarter in Starbucks at-home coffee remained high, boosting our share of the coffee market outside of specialty retail. 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.

最後，我想對我們的通路開發業務做一些說明。在當前環境下，我們通路開發部門的策略價值顯而易見。星巴克產品透過多種管道銷售，鞏固了星巴克在該品類中的領導地位，也提升了我們特殊咖啡零售業務的品牌影響力。上個季度，星巴克家庭咖啡的需求依然旺盛，提高了我們在專業零售以外的咖啡市場佔有率。在美國，星巴克的包裝咖啡市佔率在本季顯著成長，美元銷售額成長近 14%，幾乎是該類別平均值的兩倍。

The Global Coffee Alliance with Nestlé has been a powerful partnership. 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. Think about it. Starbucks is now the #1 coffee brand ahead of all premium and mainstream choices.

全球咖啡聯盟與雀巢的合作一直非常成功。我很自豪地宣布，我們首次在 2020 年全年成為整個咖啡類別中排名第一的咖啡品牌。好好想想。星巴克現在已成為排名第一的咖啡品牌，領先所有高端和主流品牌。

In addition, consumption of our U.S. ready-to-drink coffee products, in partnership with PepsiCo, grew 18% in the quarter. The introduction of ready-to-drink Nitro Cold Brew, which was the #1 innovation in the category last year, exceeded sales expectations. 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.

此外，我們與百事公司合作在美國推出的即飲咖啡產品，本季銷量成長了 18%。去年該品類排名第一的創新產品－即飲氮氣冷萃咖啡的推出，超出了銷售預期。不出所料，在當前環境下，我們的餐飲服務業務繼續受到影響，工作場所咖啡消費以及商務和休閒旅行均出現疲軟，但家庭咖啡和即飲咖啡業務的整體強勁表現部分抵消了這一影響。

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

本季度，我們與雀巢合作進入了 4 個新市場，透過全球咖啡聯盟，在短短兩年多的時間裡，將星巴克家庭咖啡業務拓展到了 66 個市場。總而言之，我們為與雀巢的聯盟感到自豪，並對星巴克品牌透過我們的通路業務在全球範圍內的加速擴張感到滿意。

Now before I hand the call over to Pat, I want to close by sharing a perspective and recognizing my Starbucks partners. Throughout this year, Starbucks will celebrate our 50th anniversary as a company. 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. 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.

在把電話交給帕特之前，我想分享我的看法，並感謝我的星巴克夥伴們。今年，星巴克將慶祝公司成立50週年。自 1971 年成立以來的 50 年間，打造這家標誌性公司的最重要因素是星巴克夥伴，他們與我們的使命有著緊密的聯繫，這一使命植根於人類體驗，並透過我們的價值觀和公司文化得以實現。正是這些星巴克夥伴們，在應對全球疫情的同時，彼此關愛，為顧客創造溫馨的體驗，積極參與社區活動，帶來新思路，加速創新，並迅速適應新的現實，展現出必要的同情心和勇氣，使星巴克轉型成為如今這個更具韌性、更強大的公司，並致力於創造一個充滿冒險、成長和積極影響的美好未來。

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. 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. Starbucks was built for this moment.

隨著世界各地的市場不懈努力為數十億人接種疫苗，我們已準備好迎接一場堪稱偉大的人類重新連接，人們將再次面對面地與他人聯繫，以治癒創傷、獲得歸屬感、反思、分享和慶祝，慶祝作為人類一部分的意義。身為星巴克夥伴，我們致力於重建人與人之間的美好聯繫，讓我們的「第三空間」環境再次將人們聚集在一起，哪怕只是短暫的一刻，也要用微笑、人與人之間的聯繫、一杯精心調製的飲品以及一個歡迎所有人的場所來提升顧客的心情。星巴克正是為這一刻而生的。

And to my Starbucks partners around the world, we all know that our purpose goes far beyond the pursuit of profit. 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. I am optimistic about our shared future, and I want to say thank you.

致世界各地的星巴克夥伴們，我們都知道，我們的目標遠不止於追求利潤。這是我們的時刻，我為能成為你們的伙伴而感到自豪，並感謝你們為星巴克、為彼此、為我們的顧客以及為我們共同所屬的社區所做的一切。我對我們共同的未來充滿信心，並想說謝謝。

Now before he walks you through our Q1 results, I want to close by sharing my sincere gratitude for Pat Grismer. 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. I appreciate Pat's partnership with the entire leadership team at Starbucks and the lasting legacy he's leaving. Pat, as you prepare to retire, I want to thank you and wish you the very best in your next chapter. 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.

在帕特·格里斯默向大家詳細介紹我們第一季的業績之前，我想先表達我對他的真誠感謝。在他任職星巴剋期間，他帶領我們經歷了前所未有的變革和轉型成長，速度驚人，並且在過去兩年中，他在釋放股東的巨大價值方面發揮了重要作用。我非常欣賞 Pat 與星巴克整個領導團隊的合作，以及他留下的寶貴遺產。帕特，在你即將退休之際，我想感謝你，並祝福你在人生的下一個階段一切順利。您將公司託付給與您共事16年的優秀夥伴瑞秋·魯傑裡，她完全有能力在2月1日接任星巴克財務長一職。多年來我們一直密切合作，我期待與您攜手共進，瑞秋，您將領導我們的財務部門，並作為我們高階主管團隊的重要成員做出貢獻。

Further, as you all may have seen today, Roz has accepted an incredible opportunity as chief executive officer at another publicly traded company. She will be leaving Starbucks at the end of February, and her next role is expected to be disclosed in the days ahead. 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. 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. Congratulations.

此外，正如大家今天可能已經看到的，Roz 接受了另一個上市公司的執行長這一絕佳機會。她將於二月底離開星巴克，預計未來幾天內將公佈她的下一個職位。同時，我想表達我們對她的祝賀，並感謝她多年來在領導我們美洲業務方面所做的許多貢獻。Roz，我謹代表整個領導團隊，感謝你的領導才能，並祝福你在新的職位上一切順利。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. 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. Combined, these 3 talented leaders have more than 45 years of Starbucks experience, and we will not miss a beat. 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. I'd like to thank all of my partners for their support as we are well positioned for the future.

隨著這些轉變，我非常自豪地擁有一群實力雄厚的星巴克老員工，他們代表著我們公司的下一代領導。Rachel Ruggeri 將接替 Pat 擔任財務長；隨著我們扁平化組織架構，北美零售業務總裁 Rossann Williams 和執行副總裁兼首席行銷長 Brady Brewer 將直接向我匯報工作，承擔先前由營運長負責的職責。這三位才華洋溢的領導者加起來擁有超過 45 年的星巴克經驗，我們一定能順利開展工作。瑞秋、羅珊和布雷迪，憑藉你們的熱情、真誠以及在星巴克多年的成功，我對我們共同邁入星巴克發展的下一個階段感到非常興奮。我要感謝所有合作夥伴的支持，正因為有了他們的支持，我們才能為未來做好充分準備。

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

現在，我將把電話交給帕特。拍？

Thank you, Kevin, and good afternoon, everyone. 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.

謝謝你，凱文，大家下午好。正如凱文所說，儘管疫情持續造成業務中斷，但我們對 2021 財年的開局非常滿意，季度財務業績實現了顯著的環比改善，這再次證明了我們在這一前所未有的時期為業務引入了新的韌性水平。

Starbucks reported global revenue of $6.7 billion in Q1, down 5% from the prior year. Q1 EPS was higher than the guidance range we provided on our last earnings call, primarily driven by better-than-expected margin recovery. 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. Q1 non-GAAP EPS was $0.61, down from $0.79 in the prior year primarily due to the lingering impact of the pandemic.

星巴克公佈第一季全球營收為 67 億美元，比上年同期下降 5%。第一季每股收益高於我們在上次財報電話會議上給出的預期範圍，主要得益於利潤率恢復優於預期。第一季 GAAP 每股收益為 0.53 美元，低於上年的 0.74 美元，但超出了我們的預期範圍，這也得益於低於預期的重組和減值成本，我稍後會更詳細地討論這一點。第一季非GAAP每股收益為0.61美元，低於去年同期的0.79美元，主要原因是疫情的持續影響。

I will first take you through our Q1 fiscal '21 operating performance by segment, followed by an analysis of our consolidated margin performance. I will then share some perspective on our outlook for Q2 and the full fiscal year.

我會先帶您了解我們 2021 財年第一季各業務部門的經營業績，然後再分析我們的合併利潤率表現。接下來，我將分享我們對第二季和整個財年的展望。

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. 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. As we entered Q1, October improved modestly to minus 3% from minus 4% in September. 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. 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. So we are quite pleased with our comparable store sales performance in Q1 in light of these increasing restrictions.

我們美洲業務部門第一季營收為 47 億美元，比上年同期下降 6%，主要原因是同店銷售額下降 6%，以及受疫情影響，我們向被授權人提供的產品銷售額和特許權使用費收入減少。正如凱文所提到的，在美國，我們看到季度同店銷售額持續較上季改善，從上一季的 -9% 改善到第一季的 -5%。進入第一季後，10 月的降幅略有改善，從 9 月的 -4% 降至 -3%。隨著季度的推進，美國同店銷售額在 11 月和 12 月分別下降了 4% 和 8%，這主要是由於疫情在多個州實施了與疫情相關的營運限制，影響了顧客的出行。正如凱文也指出的那樣，到本季末，我們美國公司自營門市中約有 40% 的門市提供有限的座位，而本季初這一比例超過 60%。鑑於這些日益增加的限制措施，我們對第一季同店銷售業績相當滿意。

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. These impacts were partially offset by improved labor efficiency, driven in part by order consolidation and sales mix shift as well as pricing. Notably, this represented a significant improvement from the previous quarter's non-GAAP operating margin of 16.7%.

美洲地區第一季非GAAP營業利潤率較上年同期下降320個基點至18.8%，主要原因是COVID-19疫情的影響，包括銷售槓桿下降和額外成本增加，以及零售合作夥伴薪資和福利成長。這些影響部分被勞動效率的提高所抵消，而勞動效率的提高部分是由於訂單整合、銷售組合變化以及定價策略的調整所致。值得注意的是，這比上一季的非GAAP營業利潤率16.7%有了顯著提高。

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

接下來是國際部分。國際業務部門第一季營收達17億美元。剔除 5% 的外幣折算有利影響，該業務部門本季度的收入與上年同期持平，反映出過去 12 個月淨新增門市數量增長 8%，但被國際被許可方的產品銷售額和特許權使用費下降以及主要由於 COVID-19 導致的同售店銷售額下降 3% 所抵消，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. 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. 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.

在中國，第一季同店銷售額成長了 5%，其中增值稅優惠接近 5 個百分點；若不計增值稅的影響，則略微為正。正如我們先前的預測，即使不考慮臨時增值稅優惠，到 2020 年底，我們在中國市場的銷售額也已大幅恢復，這證明了星巴克品牌在我們成長最快的市場中的實力和韌性。12 月份，中國同店銷售額成長 4%，若不計入當月近 5 個百分點的增值稅免稅優惠，則僅略微下降。若不計入 10 月的增值稅免稅優惠，並排除 10 月受益的中秋節季節性因素，則 10 月和 11 月的同店銷售額均有所改善。

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

國際業務的非GAAP營業利潤率下降了100個基點至20.4%，主要原因是疫情導致的銷售槓桿下降，部分被勞動效率的提高所抵消。與美洲的情況類似，這比上一季的非GAAP營業利潤率16.3%有了非常顯著的改善。

On to Channel Development. 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. 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.

接下來是通路開發。第一季營收為 3.71 億美元，比去年同期下降 25%，主要原因是全球咖啡聯盟過渡相關活動（包括單杯咖啡業務的結構性變化）造成了 22% 的不利影響。在剔除這些轉型相關活動的影響後，通路發展業務第一季的收入下降了 3%，主要原因是 COVID-19 對該部門餐飲服務業務的不利影響，但即飲業務的成長部分抵消了這一影響。

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

該業務部門的非GAAP營業利潤率從去年同期的36.6%成長至第一季的48.7%。在剔除我剛才提到的全球咖啡聯盟過渡相關活動帶來的 840 個基點的影響後，通路發展部門第一季的營業利潤率成長了 370 個基點，這主要得益於我們即飲咖啡業務的強勁表現。最後，從合併層級來看，第一季非GAAP營業利潤率為15.5%，低於去年同期的18.2%，但較第四季的13.2%有了顯著改善。不出所料，我們第一季營業利潤率年減的主要原因是 COVID-19 導致的銷售槓桿下降以及工資和福利增長，但部分被美洲門市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. 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. 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. 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.

接下來，我們將展望 2021 財年，首先從 GAAP 每股盈餘開始。第一季度，GAAP 每股盈餘比我們預期範圍的上限高出 0.16 美元，主要反映了與我們的貿易區轉型計畫相關的重組成本低於預期。這一利好因素歸因於兩件事：第一，門市關閉的時間推遲到未來幾季；第二，每家關閉門市的平均重組成本降低。由於我們預計這些較低的重組成本將得以維持，我們將 2021 財年全年 GAAP 每股收益預期從 2.34 美元至 2.54 美元上調 0.08 美元，至 2.42 美元至 2.62 美元，其中均包含第 53 週約 0.10 美元的收益。

Now moving to non-GAAP EPS guidance. 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. 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.

現在來看看非GAAP每股盈餘預期。今年開局強勁，加上第一季業績所體現的外匯折算利好，我們有信心能夠超過全年非GAAP每股收益預期，當然，前提是不會出現新的、持續的COVID-19感染浪潮以及任何重大的經濟動盪。然而，鑑於本財年還剩三個季度，考慮到疫情帶來的持續波動，我們認為謹慎的做法是在第二季度收益報告中提供全面的業績指引更新，屆時我們將對全年業績有更清晰的了解。

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. 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.

因此，撇開我剛才提到的更新後的 2021 財年 GAAP 每股收益預期不談，我們重申目前所有其他 2021 財年全年預期，包括 2.70 美元至 2.90 美元範圍內的非 GAAP 每股收益，其中再次包含了額外一周的約 0.10 美元。不過，鑑於我們對近期趨勢有了更清晰的了解，我們將對部分第二季指標提供指導，這些指標進一步證明了復甦符合我們的整體預期。

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. 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. 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.

在美國，我們預期1月同店銷售額將下降約2%，與12月份8%的降幅相比，情況有了顯著改善。隨著 3 月 COVID-19 疫情帶來的重大不利影響逐漸消退，我們預計第二季美國同店銷售額將成長約 5% 至 10%。這與我們先前的預期一致，即到第二季末，我們的美國業務將實現全面銷售復甦，但在此之後還需要兩個季度的時間才能看到利潤率的全面復甦。

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

在中國，我們看到部分省份出現了新一波新冠肺炎感染，這對顧客出行和門市營運規程產生了相應的影響。此外，我們上週開始逐步減少 COVID-19 帶來的實質不利影響，這種情況將持續到第二季​​結束。綜合這兩個因素，我們預期 1 月同店銷售額將下降約 7%，第二季同店銷售額將成長近 100%，反映出 2 月和 3 月的銷售額重疊效應非常顯著。從兩年的角度來看，這意味著第二季度複合成長率將大致持平，因為我們正經歷與 COVID 相關的門市關閉一周年，並在中國恢復長期成長演算法。

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. 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. 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. 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.

從第二季的每股盈餘來看，我們預期 GAAP 每股盈餘在 0.36 美元至 0.41 美元之間，非 GAAP 每股盈餘在 0.45 美元至 0.50 美元之間。這些估計反映了我剛才提供的可比門市銷售成長估計，以及我們在業務中看到的正常利潤率季節性，將第二季度與受假期影響的第一季進行比較。需要明確的是，除了 GAAP EPS 之外，我們 2021 財年全年業績指引的其他指標與我們在 2020 財年第四季財報中公佈的指標相同。這包括我們預期隨著 2021 財年的推進，我們的零售營運部門將在非 GAAP 基礎上實現顯著的利潤率提升，從而使第三季和第四季的每股收益顯著高於前兩個季度。

To summarize, we are delighted with the pace of business recovery in Q1 and the momentum that it provides for fiscal '21. Our China market has substantially recovered, although it is experiencing recent volatility. And our U.S. business is on track to fully recover in the current quarter as we previously communicated. As a result, we remain confident in the strength of our brand and the durability of our growth model. 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.

總而言之，我們對第一季的業務復甦速度以及它為 2021 財年帶來的動力感到非常滿意。我們的中國市場已經大幅復甦，儘管近期出現了一些波動。正如我們之前所宣布的，我們的美國業務預計將在本季全面復甦。因此，我們對品牌實力和成長模式的持久性依然充滿信心。我要對我們的 Green Apron 合作夥伴表示感謝，感謝他們在我們整體業務復甦中持續發揮的關鍵作用。

Before I conclude, I would like to thank Kevin and the Starbucks team. 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. I am thrilled to pass the CFO baton to Rachel Ruggeri, a key member of our senior finance team. 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. Thank you. Rachel?

在結束之前，我要感謝凱文和星巴克團隊。能夠成為星巴克的夥伴是我的榮幸，我為我們團隊在過去兩年所取得的成就感到自豪，我們為股東創造了巨大的價值。我很高興將財務長的重任交給 Rachel Ruggeri，她是公司高級財務團隊的重要成員。我和瑞秋一直在合作，以確保平穩過渡，我想邀請她在這個電話會議上分享幾句話。謝謝。瑞秋？

Thank you, Pat. I'm honored and humbled to assume the role of Chief Financial Officer at Starbucks. 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. And to our investors and financial analysts who have joined us today, I very much look forward to speaking with you soon.

謝謝你，帕特。我很榮幸也很謙卑地擔任星巴克財務長一職。在我為公司服務的 16 年裡，星巴克從未像現在這樣處於長期發展的最佳位置，我期待與凱文、我們的執行領導團隊以及全球各地的伙伴們一起，以專注和自律的方式釋放這一增長潛力。對於今天到場的各位投資人和金融分析師，我非常期待盡快與你們交流。

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

接下來，我將把今天的通話交給接線員，開始我們的問答環節。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約翰·格拉斯。

Congratulations to Pat and Roz on your new ventures. Good luck, and we'll miss you. 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? I mean we've never seen this kind of dynamic where traffic has fallen so much, check has gone up. How do you think -- do you think it just sort of -- just normalizes? Or is it chance? 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?

恭喜帕特和羅茲開啟新的事業。祝你好運，我們會想念你的。Pat、Kevin、Roz 或他們三個，我們該如何看待未來幾季帳單成長與流量成長之間的動態關係？我的意思是，我們從未見過這種交通流量大幅下降，而支票價格卻上漲的局面。你覺得這種情況會如何發展——你覺得它會慢慢變得正常化嗎？還是偶然？或者，是否有相關計劃，即使客流量恢復，也能繼續獲得該項福利？或者，是否有基於此的超額薪酬？

And Pat, how much benefit to margin has that decline in traffic and bundling of orders benefited? How do we think about the margin impact as traffic comes back but maybe those check averages come down over time?

帕特，流量下降和訂單捆綁銷售對利潤率有多大好處？隨著客流量回升，但客單價可能會隨時間下降，我們該如何看待利潤率受到的影響？

Yes. John, this is Kevin. Let me share a perspective on that. First of all, a big reason for the increase in ticket is group ordering. 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.

是的。約翰，這是凱文。讓我分享一下我的看法。首先，票務量增加的一個重要原因是團體訂票。當然，隨著外帶服務的普及，顧客們尋求的是安全、熟悉、便捷的購物體驗，他們進店後會購買多種飲料、多種食品，而且是為比以往更多的人購買，這就是為什麼客流量下降而客單價上升的原因。

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. I do think through this period, I think customers have gotten very used to more premium beverages, more -- higher degree of food attach. 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. Now how long that takes? 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.

也就是說，我認為隨著我們開始重新開放門市座位，隨著疫苗在全球範圍內的持續普及，我們將看到這種情況逐漸正常化，但我確實認為這將對票務產生長期的積極影響。我認為，在這段時間裡，顧客已經非常習慣更高端的飲料，以及更高程度的食品附加服務。而且我認為——我不——我其實認為，隨著交易量的恢復，機票價格最終會比疫情前更高。這需要多長時間？我認為這取決於世界各地不同市場的疫苗接種情況，以及人們恢復正常人流模式、工作和學習模式的速度。

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

我只想問一下──羅茲，你是否想就此補充一些關於美國方面的觀點？

Yes, Kevin, I do. There's a couple of things here to think about in terms of the contributors. Kevin mentioned the higher beverage attach, the higher food attach. There's also the shift to cold beverages. And what we see in cold beverages is a couple of things. 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. And those grew really at a lower range in our ticket options. So what we're doing in beverage innovation is replacing that with cold beverages and replacing that with plant-based. And so that's why we're seeing this improved food attach. 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.

是的，凱文，我願意。關於貢獻者，這裡有幾點要考慮。凱文提到了更高的飲料附加費和更高的食品附加費。此外，人們的飲用習慣也發生了轉變為冷飲。我們在冷飲中看到了兩點。想想我們在中央商務區、大都會市場看到的交易量下降，這些地區銷售的單杯飲料中，沖泡咖啡的銷售量高於平均水平。而這些票務選項的檔次確實有所下降。所以，我們在飲料創新方面所做的，就是用冷飲取代冷飲，用植物性飲料取代植物性飲料。所以這就是我們看到食品附著力增強的原因。因此，我們相信這類創新將使票價高於我們過去所看到的水平。

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

派特，你想回答約翰問題的第二部分嗎？

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

是的。謝謝。關於更高的客單價對利潤率的影響以及我們預期這種情況會如何隨著時間的推移而正常化，正如凱文所說，我們確實預計部分客單價增長將會持續，隨之而來的是部分利潤率收益將會持續。但隨著消費者行為的正常化，部分利潤優勢將會逆轉。

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. 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.

但值得一提的是，我們正在門市營運中開展其他一些舉措，以提高生產力水準。例如，我們正在部署手持式POS機來提高得來速的吞吐量，我們相信這不僅可以提高產能，還能帶來利潤增長；又如，我們正在部署新設備，包括新的意式咖啡機和烤箱，以幫助我們大幅縮短交易時間；再如，我們正在進行持續的運營工程工作，以確保我們在採用新規程後，運營運營能夠繼續提高勞動力。因此，目前還有許多其他活動正在進行，這些活動將推動生產力達到新的水平，並釋放進一步的利潤收益，即使一些銷售活動趨於正常化，從而逆轉了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.

下一個問題來自莎倫·扎克菲亞和威廉·布萊爾。

Congratulations, Roz, on the news. We'll be sad to see you go. I guess I had a question on Stars for all, and it's probably best directed to 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? 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.

恭喜羅茲！我們會很捨不得你離開。我想問一個關於「眾星雲集」的問題，這個問題最好問羅茲。隨著這項計劃的推出，很明顯，美國的會員人數激增。我的意思是，其中有多少成長是與「全民之星」計畫直接相關的？如果可以的話，能否量化一下？然後，任何量化因素都可能表明「全民星享」會員與現有會員群體有何不同，以及你如何引導他們升級到更高級別的星巴克獎勵計劃。

Great. Thank you, Sharon, for that note of congratulations. So just a little bit on SFE. The story behind SFE is we provided for our customer base the options for payment removal. And we knew that was one of the most significant frictions that we had in growing our Starbucks Rewards members. So this strong member growth that we're seeing is not only surpassing our pre-COVID highs, but it's pushing well behind. And you saw the numbers, 22 million active members that's up 15% year-over-year. And it's helping us really fuel the all-time highs that we're seeing in Starbucks Rewards as they convert. And right now, our Starbucks Rewards percent of tender is reaching nearly 50%, as Kevin mentioned. So we are seeing some significant improvement with Stars for Everyone. Also, too, quarter-over-quarter, our mobile app downloads grew by plus 5% and our acquisitions grew 13%. So we're seeing some significant movement in there in terms of how -- the conversion rate.

偉大的。謝謝你，莎倫，給你發了祝賀信。那麼，簡單介紹一下SFE。SFE背後的故事是，我們為客戶群提供了取消支付的選項。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大阻力之一。因此，我們看到的這種強勁的會員成長不僅超過了新冠疫情前的最高水平，而且遠遠超過了之前的水平。你也看到了數據，2,200萬活躍會員，年增15%。隨著積分轉換率的提高，星巴克獎勵計畫的積分也確實達到了歷史新高。正如凱文所提到的，目前我們的星巴克獎勵支付比例已接近 50%。所以我們看到「人人有星」計畫取得了顯著進展。此外，與上一季相比，我們的行動應用程式下載量增加了 5%，收購量增加了 13%。所以我們看到轉換率方面出現了一些顯著的變化。

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

您所要求的一切都已實現。如果說我們現在看到的客戶群與以往有什麼質的差異，那就是我們的客戶群不斷擴大，而且隨著我們應用SFE技術，人們對品牌的喜愛也與日俱增。所以實際上，我們沒有確切的數字來判斷它們在品質上有何不同，我們只知道我們已經解決了支付取消方面的一個重大問題。所以，我們對目前所看到的感到滿意。

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

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

Congrats to everybody on their new roles. All the best to Pat and Roz. A question on capacity and throughput. I mean going back to the mid-2000s, I can think of times when Starbucks talked about reaching your capacity levels. 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. And then the drive-through expansion has also raised that. But I go by those drive-throughs and a lot of them look pretty full. 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. Could you talk about that and what you might be working on to maximize your growth after the vaccine?

恭喜各位榮任新職。祝帕特和羅茲一切順利。關於產能和吞吐量的問題。我的意思是，追溯到 2000 年代中期，我記得星巴克曾談到產能達到極限的情況。當然，考慮到你們在平均單次使用量方面取得瞭如此大的進步，尤其是在你們為行動點餐和支付服務所做的一切努力之後，現在看來，有些評論確實挺搞笑的。而汽車餐廳的擴建也加劇了這種情況。但我經過那些汽車餐廳時，發現很多餐廳看起來都蠻滿的。我想知道疫苗普及後的世界會是什麼樣子，你會如何考慮產能利用率，或者說，隨著我們進入疫苗普及後的現實，你會如何應對這些瓶頸問題，尤其是在免下車服務方面。您能否談談疫苗接種後，您正在採取哪些措施來最大限度地促進自身發展？

Yes. 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?

是的。Roz，不如你來介紹一下我們為了提高不同管道的吞吐量而採取的舉措，然後我也許會發表一些評論，不如我先讓你來回答這個問題吧？

Sure. 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.

當然。因此，我們正在圍繞服務體驗以及我們目前在得來速服務方面進行大量工作，因為我們現在有很多門市都採用了得來速模式。

First of all, let me speak about our future real estate. When we look at our most productive model, it is the drive-through. 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. So drive-through, in terms of numbers, will grow.

首先，我想談談我們未來的房地產計劃。當我們審視我們最高效的模式時，會發現它是得來速餐廳。因此，展望未來，您將會看到我們在美國中部、東南部和西南部地區建造的汽車餐廳數量不斷增加。因此，從數量上看，免下車取餐服務將會成長。

Also, too, there are 3 main approaches that we have to enhance the drive-through productivity. First of all is to optimize the current state. And that's looking at our operation standards, and that's the focus on driving our increased out-the-window times. 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.

此外，我們還有 3 種主要方法來提高得來速的效率。首先要優化當前狀態。這就是我們審視營運標準的方式，也是我們致力於提升出窗時間的方式。因此，這將加強我們店內的所有流程，確保我們的咖啡師能夠有效地工作，這也是我們將繼續努力的方向。

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

第二部分是我們正在開發和測試一些免下車購物解決方案，其中包括我們的手持式POS機。目前，我們大約有300家免下車門市配備了手持式POS機，到2月底，我們將有500家這樣的門市。因此，我們也透過整合和交接技術改進，使訂單管理更加便利。我們稱之為防撞桿更換。此外，我們還計劃翻新 150 家受得來速限制的門市，這些門市要么在發動機設計方面存在問題，無法滿足新的生產力模式，要么需要移除糕點櫃並將所有商品集中到一個銷售點或其他解決方案。

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

最後還有一部分，即未來的免下車概念，例如沒有座位的免下車商店、非常小的單元、我們正在引入的並排免下車通道。所以，我們在這個領域還有很多工作要做，才能充分發揮得來速的潛力。

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

你的下一個問題來自摩根大通的約翰‧伊凡科。

I would actually like to pivot from that question. 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? That's the first question.

我其實想轉換一下話題。就那 40% 沒有得來速但有座位的商店而言，即使搬遷到其他地區，也可能無法提供得來速服務，您能否重點介紹一下您可以採取哪些措施來提高整體消費者使用率，無論是在新冠疫情後期還是後疫情時代，以使這部分商店更加高效？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. Do you have a sense of how variable labor should be? 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?

其次，如果我能偷偷地把它加進去，考慮到交易量下降，顯然可以透過票據抵消，商店的工時也可能減少了。您對可變勞動力的合理水平有什麼概念嗎？換句話說，如果交易量增加 10%，那麼在考慮重建未來幾年的模型時，您認為勞動時間應該增加多少百分比？

Thanks, John. Roz, why don't you take the first question that John asked? And then Pat will follow up on the second question that he asked.

謝謝你，約翰。羅茲，你為什麼不回答約翰提出的第一個問題呢？然後，帕特會就他提出的第二個問題進行後續討論。

Yes. John, thanks for the question. 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. 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. And then also, too, we have our new warming ovens, and those have also an improved operational time and standard improvement.

是的。約翰，謝謝你的提問。因此，考慮到生產力以及可能沒有免下車通道的模式，我們正在研究所有我們可以在建築物內部完成的事情。正如 Pat 所提到的，我們有了新一代的 Mastrena 義式咖啡機，它實際上使我們能夠更快地提供多種咖啡選擇。此外，我們還有新的保溫烤箱，這些烤箱的運行時間和標準也得到了改進。

It's also important that we talk about the work that we're doing with Deep Brew. 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. So there's considerable work that's happening in our cafe-seated stores. And you'll see those things roll out over the next several quarters here. Pat?

我們還需要談談我們與 Deep Brew 合作的工作。而 Deep Brew 正是我們利用人工智慧技術將人工智慧應用於門市設備和流程，進而提高門市生產力的工作成果。因此，我們設有咖啡廳座位的門市正在進行大量工作。接下來的幾個季度，你會看到這些事情陸續推出。拍？

And John, as to your question regarding variable labor, what we focus on is flow-through on variable sales. And that's particularly important as we expect continued sales recovery and then back into growth in the back half of the year. 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. So there is a variable labor component that is embedded in that calculation. 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. 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.

約翰，關於你提出的變動勞動成本的問題，我們關注的是變動銷售額的傳導效應。這一點尤其重要，因為我們預計銷售額將持續復甦，並在下半年恢復成長。即使我們繼續在損益表層面進行大量新的投資，以釋放未來的成長機會，我們也完全預期，隨著我們目標實現約 50% 的可變銷售額的傳遞，將會帶來非常有意義的銷售槓桿效應，這其中也包括我們透過固定勞動力槓桿效應所獲得的收益。因此，計算中包含了可變的勞動成本部分。但重要的是，它承認，在我們經營這些商店的方式方面，包括勞動力在內的總成本結構中有相當一部分是固定的。因此，隨著銷售額的恢復和進一步成長，我們預期銷售槓桿作用將帶來利潤率的提升，有助於抵消我們為釋放未來成長潛力而進行的額外投資的影響。

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

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

Great. I wanted to ask about China, please. Obviously, that was a very strong 5% comp. 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. 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. 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? And related to that, I think new unit economics are still very good but maybe down a little bit from where they were. So just trying to understand what the sort of competitive and operational environment look like now.

偉大的。我想問一下關於中國的問題。顯然，這是一個非常強勁的 5% 的比較。我想請您談談過去您曾提及的，中國市場競爭可能放緩，以及有意開設新店並進行某種程度的自我蠶食等問題。回顧一年前，你們的同店銷售額成長了 3%，銷量成長了 16%，而現在你們的同店銷售額成長了 5%，銷量成長了 13%。您能否談談，這種競爭格局（它確實變得越來越強勁，尤其考慮到——即使撇開這一點不談，即使保持平穩——其中有多少是因蠶食減少而導致的，而​​不是因競爭減少而導致的？與此相關的是，我認為新的單位經濟效益仍然非常好，但可能比以前略有下降。所以，我只是想了解目前的競爭和營運環境是什麼樣的。

Sara, thanks for the questions. 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. Then let's go to Pat. Pat can reinforce kind of our view on the long-term growth model for China that we outlined at the Investor Day in December.

薩拉，謝謝你的提問。約翰，或許我可以請你談談中國市場正在發生的事情，新店的成長情況，以及我們如何繼續推動中國市場的發展。然後我們去找帕特。Pat 可以強化我們在 12 月投資者日上概述的關於中國長期成長模式的觀點。

Okay. Thanks for the question, Sara. 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. It's really remarkable given the current environment that we're operating in.

好的。謝謝你的提問，薩拉。顯然，我們為中國團隊在應對新冠疫情和當前市場激增方面所做的工作感到非常自豪，他們基本上實現了實質性復甦，並符合我們對本季度的預期，實現了 5% 的同店銷售額增長、15% 的營收增長率以及本季度新店數量加速增長至 160 家。考慮到我們目前所處的環境，這確實非常了不起。

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. Our new stores continue to perform very well. As I said, we opened 160 stores, 13% growth over the last 12 months. 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. We're seeing really strong performance and uptick with the Starbucks Now expansion. 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.

我們對長期成長機會以及本財年將持續的復甦仍然非常樂觀。我們的新店業績持續表現優異。正如我所說，我們開設了 160 家門市，在過去 12 個月中成長了 13%。這其中包括我們為應對去年同期爆發的新冠疫情危機而放緩或停止所有門市擴張的那段時間。隨著 Starbucks Now 的擴張，我們看到了非常強勁的業績成長。我們在 24 個城市開設了分店——抱歉，是本季在 9 個不同的城市開設了 24 家分店，我們總共有 40 家分店，我們將繼續擴大這一概念。

And then the last piece beyond the store piece is the acceleration of digital and the digital footprint. And Kevin hit on this a little bit in his comments, but this is also fueling the growth during the pandemic as we navigate. Our 90-day actives increased to 15.4 million members. That's 56% increase over the previous year, and that's 14% increase over the previous quarter, which is great. And then clearly, mobile order sales mix at 30% with MOP at 16% and deliver at 14% is strong growth. So our total mobile order sales are now 2x what they were last year at this time. 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.

最後，除了實體店之外，還有數位化和數位足跡的加速發展。凱文在他的評論中也稍微提到了這一點，但這也是我們在應對疫情期間推動成長的原因之一。我們的90天活躍會員人數增加到1540萬。這比上一年增長了 56%，比上一季增長了 14%，這非常好。顯然，行動訂單銷售額佔 30%，其中 MOP 佔 16%，送貨上門佔 14%，成長勢頭強勁。因此，我們目前的行動端訂單總銷售額是去年同期的兩倍。顯然，我們已經建立了一個能夠應對疫情環境的模式，我們對實現 Pat 提出的第二季 100% 同店銷售額和兩年內市場成長相對平穩的預期非常樂觀。

Thanks, John. 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%. In recent quarters, we had delivered in the low single digits. 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. Fast forward to our Investor Day just a couple of months ago where we updated that to a new range of 2% to 4%.

謝謝你，約翰。薩拉，為了補充約翰所說的，為了更好地理解我們如何看待中國同業增長的長期前景，你可能還記得，在我們 2018 年 12 月的投資者大會上，我們預測中國同業增長為 1% 至 3%。最近幾個季度，我們的交付量都只有個位數。當時我們也承認，由於整體經濟成長速度放緩、競爭加劇以及新單元開發速度加快帶來的銷售轉移，1% 到 3% 是合理的預期。時間快轉到幾個月前的投資者日，我們將這一數字更新為 2% 至 4% 的新區間。

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

就我提到的這些因素而言，我認為經濟、競爭或銷售轉移方面沒有發生實質變化。但重要的是，正如約翰所提到的，我們在數位化能力方面的顯著提升，以及這一切如何引起了我們中國客戶的共鳴，這增強了我們對將中國長期同店銷售預期範圍上調至 2% 至 4% 的信心。考慮到我們品牌的強大吸引力以及在中國為我們帶來卓越回報的出色單店經濟效益，我們認為在積極拓展業務的背景下，這一預期相當有力。

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. And clear -- we are the clear leader in terms of brand affinity and visitation across all coffeehouses. We're the first choice in away-from-home handcrafted coffee beverages for customers. And as a matter of fact, 1 in 2 consumers prefer Starbucks versus anybody else's coffee in the marketplace. 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.

莎拉，我還要補充一點──凱文也稍微提到了這一點，那就是星巴克品牌在市場上的實力。顯而易見——在所有咖啡館中，我們在品牌親和力和客流量方面都遙遙領先。對顧客而言，我們是外出享用手工咖啡飲品的首選。事實上，每兩名消費者中就有一名更喜歡星巴克而不是市場上其他任何品牌的咖啡。因此，從消費者和客戶的角度來看，我們感覺自己處於非常有利的地位，能夠以非常強勁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傑弗裡·伯恩斯坦。

Great. Pat, congrats on the retirement. And Rachel, congrats on your new role. 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. My question is on the labor side of things, which seems to be very topical. I'm happy to hear you guys talk about ongoing efficiencies. But when people talk about labor lately, it seems like there's a lot of opposing forces. Obviously, you have the national minimum wage potentially going up on one

偉大的。帕特，恭喜你退休。瑞秋，恭喜你榮升新職。羅茲，根據現在的新聞報道，我猜我期待在沃爾格林藥局見到你，希望你能幫我裝滿很多星巴克咖啡。我的問題與勞動力方面有關，這似乎是一個非常熱門的話題。很高興聽到你們在討論如何持續提高效率。但最近人們談論勞工問題時，似乎存在著許多對立的力量。顯然，國家最低工資標準有可能在某一天上漲。

(technical difficulty)

（技術難題）

but then you have the elevated unemployment, which historically implies ample labor and, therefore, managing your cost better. So just wondering if you can provide any thoughts in terms of your labor cost and maybe employee availability outlook. 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.

但同時，失業率居高不下，這在歷史上意味著勞動力充足，因此可以更好地控製成本。所以想問您能否就勞動成本和員工可用性前景提供一些看法。我知道你們是理想的雇主，但是你們能否抵銷壓力，無論是透過節省成本、技術、菜單定價，或是從勞動成本的角度考慮這些抵銷因素，都值得我們關注。

Yes. Jeffrey, thanks for your questions. Let me kind of lead off with the perspective, and then I'll hand over to Pat to put some numbers around it. But fundamentally, look, we believe in investing in our partners. It is our Green Apron partners who create that experience for our customers. 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. There's a direct correlation between investment in partners, customer connection scores and traffic increase. And I think that's the first thing to note. 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.

是的。傑弗裡，謝謝你的提問。讓我先從這個角度談談我的看法，然後我再把麥克風交給 Pat，讓他用一些數據來佐證。但從根本上講，我們相信要投資我們的合作夥伴。正是我們的綠色圍裙合作夥伴為我們的客戶創造了這種體驗。因此我們知道，當我們投資於我們的合作夥伴，並讓他們在服務客戶方面做到最好時，我們的客戶聯繫就會提高，流量就會增加，銷售額就會提高。對合作夥伴的投資、客戶聯繫評分和流量成長之間存在直接關聯。我認為這是首先需要注意的一點。所以——這就是為什麼你們看到我們在本財年開始時，在美國大幅提高了薪資和福利。

Second, then we find ways to help offset some of that in 2 ways. Number one is just productivity and throughput. We have a 20,000 square foot Tryer Center. We call it our Tryer Center. And think of it as a Silicon Valley incubation lab right downstairs here in Seattle. 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. Oftentimes, it has to do with the store layout. 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. And so that helps offset some of that increase in wage. 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.

其次，我們想辦法透過兩種方式來抵銷其中的一些影響。第一點就是生產效率和產量。我們有一個佔地 20,000 平方英尺的 Tryer 中心。我們稱之為「嘗試中心」。你可以把它想像成西雅圖樓下的矽谷孵化實驗室。我們擁有世界上最好的、以人為本的設計工程師，他們與我們的合作夥伴一起在那裡工作，尋找幫助他們提高生產力的方法。很多時候，這與店鋪佈局有關。很多時候，這與設備有關，例如烤箱的類型，以及——我們如何讓合作夥伴更輕鬆地完成他們的工作。這樣可以抵銷部分薪資成長。另一個方面是自動化管理任務，例如，Deep Brew 幫助商店實現庫存管理自動化，幫助合作夥伴減少盤點庫存和填寫表格的時間，而現在技術正在發揮作用。

Other examples. Our Mastrena 2 machines that we're putting in our stores have -- are instrumented with Internet of Things sensors in them. And those sensors, every shot of espresso, it sends telemetry data back to our data center. And through machine learning, we can predict when one of our Mastrena machines needs to be maintained or needs to be cleaned or calibrated. 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. 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.

其他例子。我們在商店安裝的 Mastrena 2 機器配備了物聯網感測器。這些感測器會記錄每一杯濃縮咖啡的萃取過程，並將遙測數據發送回我們的資料中心。透過機器學習，我們可以預測我們的 Mastrena 機器何時需要維護、清潔或校準。這樣做可以防止這樣的情況出現：早上店員來開門時，發現一台 Mastrena 機器壞了。因此，我們利用科技來自動化管理任務，從而為我們的合作夥伴提供最佳環境，讓他們能夠專注於自己最擅長的事情，即手動調製飲品並與顧客建立聯繫。此外，我們透過思考如何為門市合作夥伴創造以人為本的設計體驗來提高生產力，這有助於抵消成本的成長。

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

派特，我把這個任務交給你，請你幫忙補充一些相關的數字數據。

Thank you, Kevin. 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. 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. 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%.

謝謝你，凱文。我想補充的是，我們看待美國的方式與我談論中國的方式非常相似，即透過對品牌的投資來改善同店銷售額，而對門市合作夥伴的投資是一項至關重要的投資。用數字來表示，幾年前我們在投資者日上給出的指導意見是，我們美國業務的同業互換預期為 3% 至 4%。最近在投資者日上，我們將預期收益率提高到 4% 至 5%，這完全源於我們對這些投資回報的信心，這些投資主要來自對合作夥伴的投資，以及對數位平台的重大投資，這些投資能夠釋放星巴克品牌的全部銷售潛力，從而產生顯著的銷售槓桿，不僅可以彌補這些投資，還能實現我們持續預期的 1% 至 10% 19% 至 19% 的適度收入增長 10% 19% 19% 19% 19% 至 19% 的 1% 19% 19% 19% 19% 19% 19% 19% 的 1% 19% 19% 19%。的營業收入成長的關鍵所在。

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.

正如凱文所提到的，所有這些因素共同作用，投資與生產力相結合，再與銷售槓桿相結合，從而實現持續的利潤率擴張，這構成了我們整體盈利增長模式的基本組成部分。

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

你的下一個問題來自 Andrew Charles 與 Cowen 的合作系列。

Great. Just to echo everyone else, Pat and Roz, best wishes on your next chapter. And Rachel, good luck in your new role as well. Kevin, a question for you following the announcements that Roz and Pat will be departing in the coming weeks. 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?

偉大的。和大家一樣，祝福帕特和羅茲在人生的新篇章中一切順利。瑞秋，也祝福你在新的崗位上一切順利。凱文，關於羅茲和帕特將在未來幾週內離開的消息，我有個問題想問你。雖然公司將由在星巴克工作超過 15 年的優秀合作夥伴掌管，但近期您將在哪些方面投入精力來幫助確保復甦的連續性？

Yes. Andrew, thanks for the question. Certainly, with -- on the CFO side, Rachel has been a long-term Starbucks partner in our finance organization and supporting the Americas. She is fully up to speed on Starbucks and all things related to driving this business, and so great confidence there. And in Roz' organization, as I flatten the organization, I'm going to take Rossann Williams and Brady Brewer direct to me. Rossann has been running our U.S. North American business now for over 2 years, doing a great job on that. And Brady is our Chief Marketing Officer. 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.

是的。安德魯，謝謝你的提問。當然，就財務長而言，Rachel 一直是星巴克財務部門的長期合作夥伴，並為美洲地區提供支援。她對星巴克以及與經營這項業務相關的一切都瞭如指掌，因此對此非常有信心。在 Roz 的組織中，隨著我扁平化組織架構，我會直接把 Rossann Williams 和 Brady Brewer 帶到我身邊。Rossann 已經負責我們美國北美業務兩年多了，她做得非常出色。布雷迪是我們的首席行銷長。所以，我認為北美領導的穩定性，以及瑞秋對美洲的了解和她擔任全球財務長一職的穩定性，都讓我充滿信心。

And I'll say this. We've got a very strong bench of talent in Starbucks. And what you're seeing is the next generation of leadership stepping into these roles. And I've got great confidence in them. So certainly, I'm going to continue to do what I do, which is we work as a leadership team. We work together as a team based on trust, transparency and teamwork. And these leaders, Rossann and Brady, have been on the executive leadership team now for over a year. Rachel will join us on the leadership team but we won't miss a beat.

我還要說一句。星巴克擁有非常強大的人才儲備。你現在看到的，是新一代領導人正在步入這些崗位。我對他們充滿信心。所以，我當然會繼續做我一直在做的事情，那就是我們作為一個領導團隊來開展工作。我們以信任、透明和團隊合作為基礎，共同合作。而這兩位領導者，Rossann 和 Brady，已經在執行領導團隊中工作一年多了。瑞秋將加入我們的領導團隊，但我們不會因此而受到影響。

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.

我非常感謝 Pat 和 Roz 的貢獻，因為他們不僅做出了貢獻，而且還培養了優秀的接班人，我對此非常感激。

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

你的下一個問題來自大衛·塔倫蒂諾和羅伯特·W·貝爾德的對話。

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

我的問題想問Pat，這與你第一季獲利表現相對於預期收益的提升幅度有關。Pat，你能否詳細解釋一下，與你在本季度初或給出業績指引時的想法相比，推動業績上漲的因素有哪些？

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

另外，您能否從另一個角度分析一下，這種利好是否反映了收益比您預期的來得更早或更大？我想第二部分的背景是，例如，我們應該如何看待這種情況對 2022 年的展望？

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

是的。謝謝你，大衛。因此，我們對第一季的業績非常滿意，非GAAP每股收益比我們預期範圍的中點高出約0.08美元。仔細分析，其中約有 0.05 美元的利好是由我們的業務部門業績推動的，包括美洲和國際業務的利潤率均優於預期。另有 0.02 美元歸因於有利的外匯折算，剩餘的 0.01 美元歸因於低於預期的稅率，而稅率的降低又是由計劃外的、一次性的稅收優惠所驅動的。

As to the business performance, we do expect that momentum to sustain balance of the year. 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. 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. And that's what we've chosen to do. We've decided to hold our full year non-GAAP guidance until we close Q2 and have half the year under our belt. 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.

至於業務表現，我們預計這一勢頭將在今年餘下的時間裡得以維持。正如我在準備好的演講稿中提到的，我們相信我們有可能提前實現全年業績目標。但是，考慮到我們目前的財年還剩下三個季度，以及經營環境的持續波動，現階段持有股票是謹慎的做法。這就是我們最終的選擇。我們決定延後發布全年非GAAP業績指引，直到第二季結束，也就是半年過去之後。屆時，我們將對下半年的情況有更清晰的了解，並能更慎重地決定屆時應該發布怎樣的指導意見更新。

But we are very encouraged by what we've seen thus far. 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. That's comparable sales growth for our U.S. business.

但我們對目前所看到的景象感到非常鼓舞。即使考慮到近期中國市場的波動，我們對美國業務的加速復甦感到無比欣喜。 12 月的年減 8% 到 1 月的年減 2%，我們正朝著實現預期目標穩步邁進，預計到第二季末，美國業務將實現全面銷售復甦，我們完全預期該季度銷售額將增長 5% 至 10%。這與我們美國業務的銷售成長情況類似。

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

所以綜合所有因素來看，我們完全有理由保持樂觀。鑑於我們今年的情況以及疫情仍在以各種方式影響我們的業務，這再次體現了謹慎的態度。但我們對公司建立的韌性感到非常滿意，這也反映在我們的業績上。

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

你的下一個問題來自瑞銀集團的丹尼斯蓋格。

Great. Congrats to all on new opportunities and your new roles. For Kevin and Roz, I think you talked about the strength in food and the higher food attach. I think generally, food has been a pretty strong contributor to sales and comp for the last several years now. 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. 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?

偉大的。恭喜大家獲得新的機會和新的職位。對於 Kevin 和 Roz，我想你們談到了食物的力量和對食物更高的依賴。我認為，總體而言，食品在過去幾年一直是銷售額和同店銷售額成長的重要貢獻者。但似乎在過去幾年裡，隨著人們對飲料的關注度提高，食物的重要性有所下降。我想知道，根據您最近幾個季度，特別是上個季度的觀察，情況是否有所改變？您對未來客戶行為變化的看法，是否會改變您對未來食品產業機會的看法？例如，在創新、潛在合作關係方面是否有所改變，或是否會更重視這個機會？

Yes. Dennis, thanks for your question. Let me share our perspective, and then Roz, I'll hand you to add a bit more from the U.S. perspective. But Dennis, strategically, we are a beverage-first company. We are in the business of handcrafted beverages, personalized for each and every customer around coffee and tea. And it's that experience we create around handcrafted beverages. And that's why we amplify -- we talk about our innovation. It's around customer experience, it's around relevant new beverage innovation, and it's around digital customer relationships. 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. And so we talk about that a lot. We focus on that a lot because that is, at the end of the day, what is a significant differentiator for Starbucks.

是的。丹尼斯，謝謝你的提問。讓我先分享我們的觀點，然後羅茲，我把麥克風交給你，請你從美國的角度再補充一些內容。但丹尼斯，從策略角度來看，我們是一家以飲料為先的公司。我們專注於手工調製飲品，為每位顧客量身訂做咖啡和茶飲。我們正是圍繞著手工飲品來創造這種體驗。所以，我們才會大力宣傳──我們會談論我們的創新。它圍繞著客戶體驗、相關的新飲料創新以及數位化客戶關係。我們專注於打造以飲品為核心的體驗，並以此為核心，這對我們所取得的成長至關重要。所以我們常常談論這個問題。我們非常重視這一點，因為歸根結底，這才是星巴克真正與眾不同的地方。

Now we then attach food. 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.

現在我們來裝食物。所以，我並不是說食物不重要，但我們的策略非常明確，最重要的是要走在前列，不斷創新，推動相關的飲料平台發展，然後透過我們星巴克門市的伙伴為每一位顧客親手製作飲料這一事實來脫穎而出，然後再搭配食物。

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. And they've done a phenomenal job with that over the years. And if I were to say what is the -- probably the most dominant shift in consumer behavior is this whole shift to plant-based. And that is a shift both in beverage and in food. On the beverage side, this is why we've introduced all the alternative milks, whether it's almond milk, soy milk, oat milk. All of that's important. 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. And in fact, we have one Starbucks store here in the Seattle area that we've gone to 100% plant-based food menu. We use that as sort of a test area when we innovate, create things here in our support center, the Tryer Center. We test in that store. 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.

現在，當我們將食物與餐飲結合時，我們的研發團隊已經非常認真地考慮瞭如何使食物菜單與一天中的不同時段以及我們銷售的飲料相匹配。多年來，他們在這方面做得非常出色。如果要我說消費者行為中最主要的轉變是什麼──那可能就是向植物性食品的全面轉變。這標誌著飲料和食品產業的轉變。在飲料方面，這就是為什麼我們推出了所有植物奶，無論是杏仁奶、豆奶還是燕麥奶。所有這些都很重要。在食物方面，您可以看到我們推出的「不可能香腸早餐三明治」等產品，而且您會在我們的菜單上看到越來越多的植物蛋白。事實上，我們在西雅圖地區有一家星巴克門市已經完全採用植物性食品菜單。我們把這裡當作一個試驗區，用來進行創新，在我們支援中心（Trier Center）創造一些東西。我們在那家店裡進行測試。所以，如果我把飲料和食品都考慮在內，我要強調的第一大趨勢就是消費者對植物性食品的偏好和轉變。

And Roz, let me hand it to you. You might have some additional numbers and color to add to that. But I think at a macro level, those are the 2 most important points, I think, Dennis.

羅茲，讓我把票交給你。你可能還需要添加一些額外的數字和顏色。但我認為從宏觀層面來看，這兩點是最重要的，丹尼斯。

Yes. And so Kevin, I think you hit it pretty strong there in terms of us really aligning with customer preference. 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. 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. So the work ahead of us by no means minimizes food. 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.

是的。所以凱文，我認為你在這方面說得很有道理，我們確實需要與客戶的喜好保持一致。我想說的是，我們的團隊一直在圍繞我們的數位平台開展工作，並且比以往任何時候都更了解我們的客戶，我們正在了解他們的偏好趨勢。這樣做也讓我們能夠製作出很棒的咖啡，因為現在我們正在學習如何將咖啡與優質的食物和飲料搭配，從而創造出美味的食物和飲料組合。因此，我們面前的工作絕對不會忽視糧食問題。實際上，我們認為這是一個絕佳的機會，可以進一步擴大我們的業務範圍，並創造優質的食品配件來搭配優質咖啡。

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

你的下一個問題來自富國銀行的 Jon Tower。

Awesome. Great. Just quickly a clarification and a question. First, a clarification. 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? And does the 40 basis point margin benefit still stand from those closures?

驚人的。偉大的。我只想快速澄清一下，並問一個問題。首先，需要澄清一點。帕特，我想你之前在筆錄中提到過，商店關閉速度放緩，這是否會對 2021 年的收入產生預期影響？那麼，這些停產帶來的 40 個基點的利潤率優勢是否仍然存在？

And then my question is on the China loyalty members and the platform. Obviously, very impressive growth here. And I was hoping maybe you could offer some insights into how customers in that market are using the brand now versus the past. Perhaps differently, you're seeing either daypart changes or ticket growth. And I know, obviously, COVID might be muddying the visibility here in exactly understanding what the trends are. But if you could offer some insights into daypart usage ticket growth, obviously frequency changes around the platform, that would be great.

那麼我的問題是關於中國忠誠會員和平台的。顯然，這裡的成長非常顯著。我希望您能就該市場中的客戶現在與過去相比如何使用該品牌提供一些見解。或許情況有所不同，您看到的可能是時段變動或客單價成長。我知道，很顯然，新冠疫情可能會使我們難以準確了解目前的趨勢。但如果您能提供一些關於時段使用量成長情況以及平台內頻率變化的見解，那就太好了。

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

喬恩，謝謝你的提問。我們將請 Pat 解答您提出的第一個疑問，然後 John Culver 將對中國忠誠會員的行為發表評論。

Yes. Thank you, Kevin. 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. 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. 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.

是的。謝謝你，凱文。約翰，關於商圈改造進展，截至第一季末，我們已經完成了商圈改造計畫中約三分之一的門市關閉工作，並預計將在本財年結束前按原計劃完成剩餘門市關閉工作的大部分。因此，與年初的預期相比，進度有所延遲，這完全是因為團隊一直在根據門市關閉對銷售轉移和利潤率的影響，不斷改進門市關閉計劃，以便持續優化。但我們現在對該計劃的投入與年初一樣堅定，甚至與6月份我們首次宣布該計劃並隨後擴大該計劃時一樣堅定。

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. 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.

至於利潤率的影響，我們仍然預計全年綜合利潤率或企業利潤率將提高約 40 個基點。因此，即使部分關店活動略有延遲，我們仍預期這項措施將帶來顯著的利潤率成長。

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. But pretty much, the recovery is taking place across all dayparts consistently. But from a digital Mobile Order & Pay perspective, we are seeing an uptick on the morning side.

Jon，關於你提出的中國、數字以及我們所看到的情況的問題，讓我們來深入探討一下。首先，從時段的影響來看，我們確實看到上午時段的流量上升。但整體而言，各時段的客流量都在持續回升。但從數位行動點餐和付款的角度來看，我們看到早上時段的訂單量有所上升。

In terms of the ticket as it relates to digital, we are seeing ticket consistent with what we've seen previously. Generally, in China, our ticket runs a bit higher than the U.S. under normal circumstances. That is because of group ordering. And I would say our ticket is living up to that, living up to that historical performance.

就數位票務而言，我們看到的票務與之前看到的票務保持一致。一般來說，在中國，正常情況下我們的機票價格會比美國略高一些。這是因為分組排序的緣故。我認為我們的票房成績不負眾望，不負那場歷史性的演出。

The other aspect that we're seeing is social gifting. And social gifting is a big piece of digital in China. We've introduced that as part of the Rewards program, and we're seeing a nice uptick of that as well. 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.

我們看到的另一個面向是社交送禮。社交送禮在中國數位經濟中佔有重要地位。我們已將其納入獎勵計劃，也看到參與人數有了不錯的成長。我對團隊在中國的進展非常滿意，我們將繼續投資並加倍擴大我們在中國的數位影響力。

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

最後一個問題來自 Stifel 公司的 Chris O'Cull。

Pat, my question is related to the plant-based beverages. Is the shift to plant-based beverages a positive for margin on the beverage side? Or does it compress the profitability relative to milk-based drinks, all else equal? And how does continued optimization of the supply chain impact that dynamic over time?

Pat，我的問題與植物性飲料有關。向植物基飲料的轉變是否有利於飲料業的利潤率？或者說，在其他條件相同的情況下，與牛奶飲料相比，它的獲利能力是否會降低？持續優化供應鏈會如何影響這種動態變化？

Yes. Thank you for the question, Chris. 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. I would say much longer term, it remains to be seen. 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. And then we have the opportunity to reevaluate whether at some stage it makes sense to change our pricing practices. I would say generally speaking, our goal is to maintain, if not expand, our margins over time.

是的。謝謝你的提問，克里斯。從利潤率的角度來看，目前的影響有點大，因為雖然這些替代牛奶會增加成本，但我們收取溢價，所以這有助於減輕對利潤率的影響。從長遠來看，這還有待觀察。很大程度上取決於消費者如何越來越多地轉向這些替代奶，這不僅在我們這個行業，而且在更廣泛的範圍內，以支持產量增加的方式，隨著時間的推移，這應該會降低成本。然後，我們就有機會重新評估在某個階段改變我們的定價策略是否合理。總的來說，我們的目標是隨著時間的推移，保持甚至擴大我們的利潤率。

And that was our last question today. I will now turn the call over to Mr. Johnson for his closing remarks.

這就是我們今天的最後一個問題。現在我將把電話交給約翰遜先生，請他作總結發言。

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. 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. 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. Thank you, everybody.

感謝各位今天蒞臨本次會議，同時我也誠摯邀請各位參加我們於3月17日舉行的年度股東大會。我們將舉行線上會議，慶祝星巴克成立50週年，回顧公司自1971年成立以來走過的50年歷程，同時展望更光明的未來。我們希望您喜歡——歡迎您參加我們的線上會議，我們期待在 3 月 17 日見到您——或與您一起參與。謝謝大家。

This concludes Starbucks Coffee Company's conference call. You may now disconnect.

星巴克咖啡公司的電話會議到此結束。您現在可以斷開連線了。