星巴克 (SBUX) 2020 Q4 法說會逐字稿

Good afternoon. My name is Devon, and I will be your conference operator today. I would like to welcome everyone to Starbucks Coffee Company's Fourth Quarter and Fiscal Year 2020 Conference Call. (Operator Instructions) I would like to turn the call over now to Durga Doraisamy, Vice President of Investor Relations. Ms. Doraisamy, you may now begin the conference.

午安.我叫德文，今天我將擔任你們的會議接線生。歡迎各位參加星巴克咖啡公司2020財年第四季及全年業績電話會議。（操作員指示）現在我將把電話交給投資者關係副總裁杜爾加·多萊薩米。多萊薩米女士，會議現在可以開始了。

Good afternoon, everyone, and thank you for joining us today to discuss our fourth quarter and fiscal year 2020 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.

各位下午好，感謝各位今天蒞臨本次會議，與我們共同探討2020年第四季及全年業績。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，以及國際通路發展與全球咖啡、茶和可可集團總裁 John Culver。

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. In addition, we estimate the impact of COVID-19 by comparing actual results to our previous forecast. These forecasts, created prior to the spread of the virus, were based on information available at the time and on a variety of assumptions, which we believe were reasonable. 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。此外，我們透過將實際結果與先前的預測進行比較來評估 COVID-19 的影響。這些預測是在病毒傳播之前做出的，基於當時可獲得的資訊和各種假設，我們認為這些假設是合理的。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 2020 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.

2020 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, November 27, 2020. I will now turn the call over to Kevin. Kevin?

本次電話會議將進行網路直播，網路直播的存檔將在我們的網站上保留至 2020 年 11 月 27 日星期五。現在我將把通話轉給凱文。凱文？

Good afternoon, and thank you for joining us today. 2020 has been an extraordinary year as together, everyone on this planet has been navigating a global pandemic and all of the implications that come along with it. This shared experience gives us much to reflect upon, learn from and be inspired by.

下午好，感謝各位今天蒞臨。2020 年是不同尋常的一年，地球上的每個人都在共同應對全球疫情及其帶來的所有影響。這種共同的經驗讓我們有許多值得反思、學習和啟發的地方。

I am very proud of how Starbucks partners responded, pulling together to support one another, creating safe and familiar experiences for our customers and serving communities. Starbucks partners who proudly wear the green apron have been at the forefront of these efforts, and I am enormously grateful for the courage, compassion and dedication that they've shown throughout this journey. They inspire me and fuel my positive outlook for the future.

我為星巴克夥伴們的應對方式感到非常自豪，他們團結一致，互相支持，為顧客創造安全熟悉的體驗，並服務於社區。身穿綠色圍裙的星巴克夥伴們一直走在這些努力的最前沿，我非常感謝他們在這段旅程中展現出的勇氣、同情心和奉獻精神。他們激勵著我，也讓我對未來充滿正面樂觀的態度。

There are 3 words that I hope you take away from today's call: confidence, resilience and optimism. Let me explain.

我希望大家能從今天的通話中記住三個字：自信、韌性和樂觀。讓我解釋一下。

First, in the most dynamic of times, Starbucks is consistently executing. Our recovery is progressing extremely well as evidenced by better-than-expected sales and profits in the fourth quarter, which gives us great confidence going forward.

首先，在瞬息萬變的時代，星巴克始終保持著高效率的執行力。我們的復甦進展非常順利，第四季的銷售額和利潤都好於預期，證明了這一點，也讓我們對未來充滿信心。

Second, we have accelerated several growth strategies and are innovating rapidly to adapt to new customer behaviors and preferences, building a new level of resilience for the future.

其次，我們加快了多項成長策略，並正在快速創新以適應新的客戶行為和偏好，為未來建立新的韌性。

And third, Starbucks partners have risen to the occasion, which coupled with an innovation agenda that elevates the customer experience introduces exciting new beverages and extends our digital customer relationships, leaves us very well positioned and gives me a tremendous sense of optimism for fiscal '21 and the future of the Starbucks Coffee Company. In these unprecedented times, Starbucks is more focused than ever on making the investments necessary to position our brand and our company for long-term success.

第三，星巴克夥伴們不負眾望，再加上提升顧客體驗、推出令人興奮的新飲品並拓展數位化顧客關係的創新計劃，使我們處於非常有利的地位，也讓我對 2021 財年和星巴克咖啡公司的未來充滿樂觀。在當前這個前所未有的時期，星巴克比以往任何時候都更加重視必要的投資，以使我們的品牌和公司能夠取得長期的成功。

We will maintain our disciplined approach to investing behind our best-in-class digital ecosystem and aligning our product portfolio, store base and partner-led customer experience with evolving preferences and consumption patterns. Our track record of delivering across these areas underpin the resilience of our business during this pandemic and will support Starbucks' continued leadership.

我們將繼續秉持嚴謹的投資策略，致力於打造一流的數位生態系統，並不斷調整產品組合、門市佈局和合作夥伴主導的客戶體驗，以適應不斷變化的偏好和消費模式。我們在這些領域取得的良好業績，支撐了我們在疫情期間的業務韌性，並將支持星巴克繼續保持領先地位。

Let me begin in the U.S. I could not be more pleased with our U.S. sales recovery, which progressed faster than we anticipated in our final quarter of fiscal 2020. We finished the quarter with a comparable store sales decline of 4% for the month of September, a vast improvement from the approximately 65% decline we experienced at the depth of the pandemic only 5 months ago. Fourth quarter comparable store sales declined 9% in the U.S. relative to the same quarter in the prior year, well above the better end of our guidance range. Importantly, transaction volumes in the U.S. climbed steadily throughout the quarter as we methodically and carefully restored in-store seating with approximately 63% of our U.S. stores offering limited seating as we exited the quarter.

讓我先從美國說起。我對我們在美國市場的銷售復甦感到非常滿意，其復甦速度比我們在 2020 財年最後一個季度的預期還要快。本季末，9 月同店銷售額下降了 4%，與 5 個月前疫情最嚴重時期約 65% 的降幅相比，已經有了巨大的改善。美國第四季同店銷售額較上年同期下降 9%，遠高於我們預期範圍的上限。重要的是，隨著我們有條不紊、謹慎地恢復店內座位，美國的交易量在本季度穩步攀升，到本季度末，我們約 63% 的美國門市已提供有限的座位。

Ticket growth was relatively stable across the quarter at approximately 20%, remaining meaningfully above historical levels, aided by continued strength in our drive-through channel where customers tend to place larger orders. Central to the strength of our U.S. recovery has been a relentless focus on rapid innovation, adapting and adjusting to new customer behaviors while continuing to drive the 3 strategies that are fundamental to our Growth at Scale agenda: elevating the customer experience, driving relevant beverage innovation and expanding digital customer engagement.

本季客單價成長相對穩定，約 20%，遠高於歷史水平，這得益於我們得來速通路的持續強勁成長，顧客往往會下更大的訂單。美國經濟復甦的關鍵在於我們始終堅持快速創新，不斷適應和調整新的客戶行為，同時繼續推動我們規模化成長議程的三大基本策略：提升客戶體驗、推動相關飲料創新和擴大數位化客戶互動。

The first pillar of our Growth at Scale strategy, customer experience, is a key competitive differentiator for Starbucks and something that is paying dividends as customers now, more than ever, are seeking the comfort and care that Starbucks uniquely provides. As customers continue to adapt to work from home and study from home realities, they crave safe, familiar and convenient experiences and have shifted their buying behavior accordingly. And we've adapted rapidly to meet those evolving needs.

我們規模化成長策略的第一支柱——客戶體驗，是星巴克的關鍵競爭優勢，並且正在帶來回報，因為現在的客戶比以往任何時候都更加尋求星巴克獨有的舒適和關懷。隨著消費者不斷適應在家工作和在家學習的現實，他們渴望安全、熟悉和便利的體驗，並相應地改變了他們的購買行為。我們迅速做出調整以滿足這些不斷變化的需求。

Broadly speaking, we've seen U.S. transactions migrate from dense metro centers to the suburbs, from cafés to drive-throughs, from early mornings to midmornings with outpaced recovery on the weekends. We've adjusted our operations to match these new customer behavior patterns, including multiple new protocols to provide a safe experience for our partners and customers. And this has resulted in customer connection scores which are well above prior year levels. By caring for our partners since the start of this pandemic, providing them with economic certainty at a time of great vulnerability, we successfully maintained very high levels of partner engagement, and this is paying off in the form of high-quality customer experiences, those best moments that inspire Starbucks customers to continue coming back.

總的來說，我們看到美國的交易活動從人口密集的都市中心轉移到郊區，從咖啡館轉移到汽車餐廳，從清晨轉移到上午，週末的交易活動則出現了過快的復甦。我們已調整營運方式以適應這些新的客戶行為模式，包括制定多項新規程，為我們的合作夥伴和客戶提供安全體驗。這使得客戶聯繫得分遠高於前一年的水平。自從疫情爆發以來，我們一直關愛我們的合作夥伴，在他們最脆弱的時期為他們提供經濟保障，成功地保持了非常高的合作夥伴參與度，這最終轉化為高品質的客戶體驗，這些美好的時刻激勵著星巴克顧客不斷光顧。

As evidence of these traffic shifts, U.S. sales comps were solidly positive for our drive-through locations and suburban stores for the fourth quarter and the month of September, respectively. Although this was offset by negative sales comps in our dense metro stores particularly on weekdays, those numbers reflect the fact that approximately 3% of our stores were temporarily closed across the entire quarter, effectively weighing down the market comp by about 2 percentage points.

為了證明這些客流量的變化，美國第四季和 9 月的汽車餐廳和郊區門市的銷售額均實現了穩定成長。儘管我們在人口密集的都會區門市（尤其是在工作日）的銷售額同比下降抵消了這一影響，但這些數字反映出，在整個季度中，我們約有 3% 的門市暫時關閉，有效地使市場同比下降了約 2 個百分點。

To increase throughput and accommodate higher transaction volumes at our suburban locations, we've rolled out curbside pickup to approximately 800 U.S. company-operated locations and are on track to be in nearly 2,000 stores across the U.S. by the end of fiscal 2021. We've also introduced handheld point-of-sale devices to about 100 stores with the goal of deploying these devices to approximately 400 additional stores by the end of Q1. And we are continuing to restore in-store seating across all of our stores in the U.S. as conditions allow.

為了提高吞吐量並適應郊區門市更高的交易量，我們已在美國約 800 家公司自營門市推出路邊取貨服務，並預計在 2021 財年末之前在美國近 2000 家門市推出該服務。我們還向大約 100 家門市引入了手持式銷售點設備，目標是在第一季末之前將這些設備部署到另外約 400 家門市。我們正根據實際情況，繼續在美國所有門市恢復店內座位。

Building on the strength of our customer experience, differentiated products continue to be an important traffic driver as well, encompassing seasonal favorites as well as new innovations. The relaunch of our Pumpkin Spice platform in late August was a catalyst to our Q4 results with Pumpkin Cream Cold Brew, which was first offered last year, actually outselling Pumpkin Spice Latte this season, leading the entire pumpkin platform to a record high in average daily units.

在客戶體驗優勢的基礎上，差異化產品也持續成為重要的流量驅動因素，其中包括季節性熱門產品和創新產品。8 月下旬，我們重新推出了南瓜香料系列產品，這成為我們第四季業績的催化劑。去年首次推出的南瓜奶油冷萃咖啡，本季的銷量實際上超過了南瓜香料拿鐵，帶動整個南瓜系列產品的平均每日銷量創下歷史新高。

Our cold beverages continue to resonate with customers led by Starbucks Refreshers and Cold Brew with both delivered -- delivering double-digit growth in Q4 and buoyed by positive year-over-year growth in Frappuccino beverages. These results reflect not only the appeal of our products, but also the effectiveness of our marketing campaigns, which reinforce the trust and familiarity of the Starbucks brand at a time when customers are craving a return to normalcy.

我們的冷飲繼續受到顧客的喜愛，其中星巴剋星冰樂和冷萃咖啡銷量均達到兩位數，第四季度實現了兩位數的增長，同時星冰樂飲料也實現了同比增長。這些結果不僅反映了我們產品的吸引力，也反映了我們行銷活動的有效性，在顧客渴望恢復正常生活之際，這些活動加強了星巴克品牌的信任度和熟悉度。

And finally, as customers are increasingly seeking convenient and contactless experiences, our expanding drive-through presence and industry-leading mobile platform, our primary vehicles to increasing convenience in digital customer engagement, have been instrumental to the strength of our recovery. As evidence of this, approximately 75% of U.S. sales volume in Q4 was drive-through and mobile orders. Although this was meaningfully down from 90% in Q3, reflecting a sizable shift to on-premise locations in Q4 as we progressively restored seating in our café, this is notably higher than pre-COVID levels at approximately 60% of sales. Moreover, our mobile order transactions continue to grow, increasing from 18% in Q2 to 24% in Q4 aided by continued improvements to our mobile app as well as an increased messaging across our marketing channels to drive further awareness, introducing more customers to our mobile app, which drove engagement to mobile order and benefited us operationally.

最後，隨著顧客越來越追求便利的非接觸式體驗，我們不斷擴大的免下車服務網絡和業界領先的行動平台（我們提升數位化客戶互動便利性的主要途徑）對我們強勁的復甦起到了至關重要的作用。作為佐證，第四季美國銷售額的約 75% 來自免下車取餐和手機訂單。儘管這一比例較第三季的 90% 大幅下降，反映出第四季度隨著我們逐步恢復咖啡館的座位，顧客更多地轉向了店內消費，但這一比例仍明顯高於新冠疫情前的水平，約為銷售額的 60%。此外，我們的行動訂單交易量持續成長，從第二季度的 18% 增長到第四季度的 24%，這得益於我們行動應用程式的持續改進以及透過行銷管道加大宣傳力度，從而進一步提高知名度，讓更多客戶使用我們的行動應用程序，這提高了行動訂單的參與度，並使我們受益於營運。

Of course, another key driver of increased digital customer engagement is our Starbucks Rewards program. In Q4, Starbucks Rewards drove 47% of U.S. company-operated tender for a second consecutive quarter, up from 43% in our fiscal Q1 prior to the onset of COVID-19. Importantly, Starbucks Rewards' contribution improved throughout the quarter and returned to pre-COVID levels mainly driven by recovery in member spend and higher Mobile Order & Pay usage, as I outlined previously. Additionally, our 90-day active rewards member base increased by 3 million members in Q4, approaching pre-COVID levels at 19.3 million, up 10% from the prior year.

當然，推動數位化客戶參與度提升的另一個關鍵因素是我們的星巴克獎勵計畫。第四季度，星巴克獎勵計畫連續第二季推動了美國公司營運交易額的 47%，高於 COVID-19 疫情爆發前第一財季的 43%。重要的是，正如我之前概述的那樣，星巴克獎勵計劃的貢獻在本季度有所改善，並恢復到新冠疫情前的水平，這主要得益於會員消費的複蘇和移動點餐及支付使用量的增加。此外，我們的 90 天活躍獎勵會員人數在第四季度增加了 300 萬，接近 COVID-19 疫情前的水平，達到 1930 萬，比上年增長了 10%。

The successful launch of Stars for Everyone in mid-September was a key highlight in the quarter. The momentum we saw in the number of customers who downloaded the Starbucks app in Q3 continued throughout Q4. And the number of active customers who joined the Starbucks Rewards program grew slightly in Q4 relative to Q3, likely helped by the late quarter launch of Stars for Everyone. These early results indicate that the flexibility of rewards payment options, including the removal of the store value card requirement to earn stars, is resonating with customers. This gives us optimism regarding our ability to meaningfully grow the number of 90-day active Starbucks Rewards members in fiscal 2021.

9月中旬「人人有星」活動的成功啟動是本季的一大亮點。第三季星巴克應用程式下載量的成長動能在第四季得以延續。與第三季相比，第四季加入星巴克獎勵計畫的活躍顧客數量略有增長，這可能得益於第四季末推出的「人人有星」計畫。這些初步結果表明，獎勵支付方式的靈活性，包括取消獲得星星所需的儲值卡要求，引起了顧客的共鳴。這讓我們對在 2021 財年顯著增加 90 天活躍的星巴克獎勵會員數量的能力充滿信心。

Before moving on from our U.S. business, I'd like to remind you that as we announced in June, we are in the midst of accelerating the transformation of our dense metro business by closing lower-performing stores while continuing to capture that traffic where customers need us to be, including existing drive-through stores, new formats such as curbside and more efficient Starbucks pickup locations. We expect much of this work to be completed in the next 12 to 18 months. At the same time, we remain focused on our strategy of developing drive-through locations, largely in suburban and semirural locations, extending the reach of the Starbucks brand with high-volume, high-margin stores, providing our customers the convenience they are seeking. We continue to grow our delivery business through our partnership with Uber Eats, providing customers the ultimate form of convenience. I could not be more excited about the upward trajectory and level of innovation we're seeing in our U.S. business.

在結束我們在美國的業務之前，我想提醒大家，正如我們在 6 月宣布的那樣，我們正在加速推進我們在人口密集的大都市地區的業務轉型，關閉業績較差的門店，同時繼續在顧客需要我們的地方吸引客流，包括現有的得來速門店、路邊取貨等新形式以及更高效的星巴克取貨點。我們預計這項工作的大部分將在未來 12 至 18 個月內完成。同時，我們仍專注於發展得來速門市的策略，主要選址在郊區和半鄉村地區，透過高銷量、高利潤的門市擴大星巴克品牌的覆蓋範圍，為顧客提供他們所尋求的便利。我們透過與 Uber Eats 的合作，不斷拓展外送業務，為顧客提供極致的便利。我對我們在美國業務所展現出的成長勢頭和創新水平感到無比興奮。

I'll now move on to China, our second lead growth market. Building on the positive momentum in Q3, China demonstrated sequential improvements in monthly comparable store sales across Q4, delivering minus 3% for the quarter. This was in line with our expectations led by initiatives very similar to what I described in the U.S.: outstanding customer experience; new product innovation, notably, our new [tea] cloud platform; and continued expansion of our digital platform.

接下來，我將轉向中國，我們的第二大成長市場。延續第三季的良好勢頭，中國市場第四季同店銷售額較上季有所改善，但本季仍下降了3%。這符合我們的預期，這得益於與我在美國所描述的非常相似的舉措：卓越的客戶體驗；新產品創新，特別是我們的新[茶]雲端平台；以及我們數位平台的持續擴展。

But what's most remarkable about the recovery in China, in my view, is the rapid reacceleration of new store development, which is our #1 driver of growth in China. I'm pleased to say that despite the challenging environment imposed by the pandemic, we crossed both the 4,600 and the 4,700 store milestone in Q4, opening almost 260 stores in the fourth quarter alone. That's an impressive 581 stores or 14% growth in the last 12 months. This is an incredible achievement by the team considering we temporarily paused new store development activity in China for a couple of months starting in late January. Our disciplined approach to store development is paying off as these new stores are off to a strong start with early returns substantially in line with pre-COVID levels.

但在我看來，中國經濟復甦最引人注目的是新店開發迅速恢復，而新店開發正是我們在中國成長的第一大動力。我很高興地宣布，儘管疫情帶來了嚴峻的挑戰，但我們在第四季度門市數量分別突破了 4600 家和 4700 家大關，僅在第四季度就開設了近 260 家新店。過去 12 個月裡，門市數量增加了 581 家，增幅達 14%，成績斐然。考慮到我們從一月底開始暫停了在中國的新店開發活動幾個月，這對團隊來說是一項了不起的成就。我們嚴謹的門市開發方法正在取得成效，這些新店開局強勁，早期收益基本上與新冠疫情前的水平持平。

As part of our store development program in China, the local team has innovated a new retail format that caters to the need state of convenience, Starbucks Now, which is very similar to Starbucks Pickups in the U.S. With speed and agility, Starbucks China opened 40 Now stores in fiscal 2020 with a presence in 9 Chinese cities. Early results are very encouraging, and the team is increasing the pace of development for this innovative concept.

作為我們在中國門市發展計畫的一部分，本地團隊創新了一種新的零售模式，以滿足顧客對便利性的需求，即星巴克Now，它與美國的星巴克取餐服務非常相似。憑藉著快速靈活的行動，星巴克中國在2020財年開設了40家Now門市，涵蓋了中國9個城市。初步結果非常令人鼓舞，團隊正在加快這項創新理念的研發步伐。

On the digital front, we saw continued strength in our mobile platform in China with mobile order sales mix more than doubling in the past 12 months to 26% in Q4 with 13% coming from delivery and 13% from Mobile Order & Pay, well above the mid-teen levels we saw pre-COVID. The digital innovations we launched in China throughout fiscal 2020, including a new WeChat mini program and the enhanced Starbucks Rewards program along with our digital partnership with Alibaba, have fueled customer engagement and strong sequential growth in active Starbucks Rewards members. In Q4, China's 90-day active members increased 36% over Q3 to 13.5 million, representing 34% growth over the prior year. As with the U.S. business, I'm incredibly proud of the continued recovery and industry-leading innovation in China.

在數位化方面，我們看到中國行動平台持續保持強勁勢頭，過去 12 個月行動訂單銷售額佔比翻了一番多，第四季度達到 26%，其中外賣佔 13%，行動下單和支付佔 13%，遠高於新冠疫情爆發前 15% 的水平。我們在 2020 財年期間在中國推出的數位化創新，包括新的微信小程式和增強的星巴克獎勵計劃，以及我們與阿里巴巴的數位化合作，都促進了客戶參與度和活躍星巴克獎勵會員數量的強勁增長。第四季度，中國90天活躍會員數較第三季成長36%至1,350萬，較上年同期成長34%。與美國企業一樣，我對中國企業的持續復甦和業界領先的創新感到無比自豪。

The customer trends we are seeing in specialty retail extend to coffee at home where demand remains elevated through the pandemic. We're applying our innovation mindset and agility to our channel development business to capture share in at-home coffee and to maximize reach of the Starbucks brand across all channels and platforms. In the U.S., Starbucks' share of total packaged coffee grew significantly in Q4 with 17% growth in dollar sales, outpacing the coffee category which grew 9% in the quarter. Consumption of our domestic, ready-to-drink coffee products grew 15% in Q4. Somewhat offsetting this strength was softness in the foodservice business as offices, hotels, colleges and entertainment centers continue to experience low levels of traffic.

我們在專業零售領域觀察到的顧客趨勢也延伸到了家庭咖啡領域，疫情期間家庭咖啡的需求依然居高不下。我們將創新思維和敏捷性應用於通路開發業務，以搶佔家庭咖啡市場份額，並最大限度地擴大星巴克品牌在所有通路和平台上的影響力。在美國，星巴克在第四季度的包裝咖啡市佔率顯著成長，銷售額成長了 17%，超過了該季度咖啡類別 9% 的成長率。第四季度，我們國內即飲咖啡產品的消費量成長了 15%。餐飲服務業的疲軟在一定程度上抵消了這一優勢，因為辦公室、飯店、大學和娛樂中心的客流量仍然很低。

Through the Global Coffee Alliance with Nestle, we accelerated growth and innovation while maintaining our commitment to sustainability in Q4, including the introduction of nondairy Starbucks Creamers with 100% recyclable packaging to our full portfolio of at-home products. We entered 9 new markets in the quarter, bringing Starbucks at-home coffee presence through the Global Coffee Alliance to 62 markets in just 24 months. We also continue to meet customers where they are through our global ready-to-drink portfolio, notably, the continued performance of ready-to-drink Nitro Cold Brew, the #1 innovation in the category this year, exceeding expectations. Overall, we are very pleased with the accelerated expansion of the Starbucks brand around the world through the channel business. This is truly a brand amplifier.

透過與雀巢的全球咖啡聯盟，我們在第四季度加速了成長和創新，同時保持了對永續發展的承諾，包括將採用 100% 可回收包裝的非乳製星巴克奶精引入我們全系列的家用產品中。本季我們進入了 9 個新市場，透過全球咖啡聯盟，在短短 24 個月內將星巴克家庭咖啡業務拓展到了 62 個市場。我們也透過全球即飲產品組合，持續滿足顧客的需求，尤其值得一提的是，即飲氮氣冷萃咖啡作為今年該品類排名第一的創新產品，持續表現出色，超出預期。整體而言，我們對星巴克品牌透過通路業務在全球的加速擴張感到非常滿意。這真是品牌宣傳的利器。

In summary, the Starbucks brand is stronger than ever. Our business recovery is progressing well. And through rapid innovation, we've built a new level of resilience for the future. We believe that the investments we made to protect our partners' well-being and provide them with economic certainty, combined with our principled approach to decision-making and transparency of our communications, have built trust with all stakeholders and will pay dividends long into the future.

總而言之，星巴克品牌比以往任何時候都更強大。我們的業務復甦進展順利。透過快速創新，我們為未來建立了更高水準的韌性。我們相信，我們為保護合作夥伴的福祉並為其提供經濟保障所做的投資，加上我們秉持原則的決策方式和透明的溝通方式，已經贏得了所有利益相關者的信任，並將在未來很長一段時間內帶來回報。

I opened my remarks by suggesting 3 words for you to take away from this call: confidence in our strategy, resilience built from our innovation agility that continues to drive our business recovery and optimism about fiscal '21 and the future of Starbucks. I close by adding one additional word for all Starbucks stakeholders to take away from today: gratitude. None of this would have been possible without the positive spirit and incredibly hard work of our 400,000 Green Apron partners around the world who serve our customers each day. They live our company mission and values every day. Partners are the heartbeat of Starbucks, and they fill me with gratitude and inspiration. Thank you, partners.

我在開場白中建議大家記住這三個詞：對我們策略的信心、透過創新敏捷性建立起來的韌性（這種韌性將繼續推動我們的業務復甦）以及對 2021 財年和星巴克未來的樂觀態度。最後，我想補充一點，希望所有星巴克的利害關係人都能牢記在心：感恩。如果沒有遍布全球的 40 萬名 Green Apron 合作夥伴的積極精神和辛勤工作，這一切都不可能實現，他們每天都在為我們的客戶提供服務。他們每天都在實踐我們公司的使命和價值觀。夥伴是星巴克的靈魂，他們讓我充滿感激和靈感。謝謝各位合作夥伴。

Let me now hand the call over to Pat to discuss our financial performance for Q4 and fiscal 2020 as well as our guidance for FY '21. Pat?

現在我將把電話交給 Pat，讓他來討論我們 2020 年第四季和 2020 財年的財務業績，以及我們對 2021 財年的展望。拍？

Thank you, Kevin, and good afternoon, everyone. As Kevin shared, we are delighted with the performance of all our operating segments, driving a strong finish to our fiscal 2020. For the quarter, Starbucks reported global revenue of $6.2 billion, down 8% from the prior year. We estimate the COVID-19 impact on Q4 consolidated revenue to be approximately $1.2 billion driven by modified operations and reduced customer traffic. Q4 EPS was considerably higher than the guidance range we provided on our last earnings call driven by faster than expected sales and margin recovery as well as a lower tax rate from the impact of certain discrete items.

謝謝你，凱文，大家下午好。正如凱文所說，我們對所有營運部門的業績都非常滿意，這推動了我們 2020 財年的強勁收官。星巴克本季全球營收為 62 億美元，較上年同期下降 8%。我們估計，受新冠疫情影響，第四季合併收入將減少約 12 億美元，主要原因是營運方式改變和客流量減少。第四季每股收益遠高於我們在上次財報電話會議上給出的預期範圍，這主要得益於銷售額和利潤率的快速復甦，以及某些特殊項目帶來的較低稅率。

Q4 GAAP EPS declined from $0.67 in the prior year to $0.33, inclusive of higher-than-expected restructuring and impairment costs related to the acceleration of our strategy to reposition and restructure our company-operated store portfolio in the Americas. Q4 non-GAAP EPS was $0.51, down from $0.70 in the prior year. The estimated negative impact of COVID-19 on Q4 EPS was $0.35. I will now provide some segment highlights and discuss consolidated margin performance for Q4 and will then provide guidance for fiscal 2021, including the expected impact of the 53rd week.

第四季 GAAP 每股盈餘從去年同期的 0.67 美元下降至 0.33 美元，其中包括高於預期的重組和減損成本，這些成本與我們加速推進在美洲重新定位和重組公司自營門市組合的策略有關。第四季非GAAP每股收益為0.51美元，低於去年同期的0.70美元。預計 COVID-19 對第四季每股收益的負面影響為 0.35 美元。接下來，我將重點介紹一些業務板塊，並討論第四季度的綜合利潤率表現，然後對 2021 財年進行展望，包括第 53 週的預期影響。

Starting with the Americas. At $4.2 billion, Americas' Q4 revenue was 9% lower than the prior year primarily due to a 9% decline in comparable store sales as well as lower product sales and royalty revenues from our licensees as a result of the COVID-19 outbreak. We estimate the Q4 decline in Americas revenue and operating income attributable to COVID-19 to be approximately $830 million and $400 million, respectively. This equates to a flow-through rate on lost sales of about 48% in Q4, essentially returning to the segment's typical 50% variable flow-through rate. This is a significant sequential improvement from Q3, reflecting a decrease in catastrophe wages and enhanced pay programs as well as an increase in labor efficiency.

從美洲開始。美洲地區第四季營收為 42 億美元，比上年同期下降 9%，主要原因是受 COVID-19 疫情影響，同店銷售額下降 9%，以及來自被授權人的產品銷售額和特許權使用費收入減少。我們估計，受 COVID-19 疫情影響，美洲地區第四季營收和營業利潤分別下降約 8.3 億美元和 4 億美元。這意味著第四季的銷售損失轉換率約為 48%，基本上恢復到該細分市場典型的 50% 可變轉換率。與第三季度相比，這是一個顯著的環比改善，反映出災害工資的減少、工資計劃的改進以及勞動效率的提高。

Relative to the prior year, Americas' Q4 non-GAAP operating margin contracted 350 basis points to 16.7% 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 partially offset by improved labor efficiency. Importantly, Americas' sales and profitability trended positively across the quarter with sequential improvements each month. The U.S. posted a comparable sales decline of 4% in September, improving from minus 11% in August, and the business achieved positive profitability in every month of the quarter.

與去年同期相比，美洲第四季非GAAP營業利潤率下降350個基點至16.7%，主要原因是COVID-19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，但部分被勞動效率的提高所抵消。值得注意的是，美洲地區的銷售額和獲利能力在本季度呈現正面趨勢，每個月都有所改善。美國9月份同店銷售額下降4%，較8月份的-11%有所改善，且該業務在本季度每個月都實現了正盈利。

Moving on to International. Including a 2% VAT benefit, the segment's comparable store sales of minus 10% in Q4 reflects faster-than-expected sales recovery in Japan, boosted by successful seasonal product promotions and strong drive-through performance. I would now like to highlight the fourth quarter performance of our lead international growth market, China.

接下來是國際部分。在計入 2% 的增值稅優惠後，該業務板塊第四季度同店銷售額下降 10%，反映出日本市場銷售復甦速度快於預期，這得益於成功的季節性產品促銷活動和強勁的得來速銷售業績。現在我想重點介紹一下我們領先的國際成長市場——中國——第四季的表現。

For the month of September, China's comparable store sales were up 1%, including a 4 percentage point VAT exemption benefit, reflecting a slight sequential improvement to August's comp on a like-for-like basis. For the fourth quarter, China's comparable store sales declined 3%, including VAT favorability of 4 percentage points.

9月份，中國同店銷售額成長1%，其中包括4個百分點的增值稅免稅優惠，與8月份的同店銷售額相比略有環比改善。第四季度，中國同店銷售額下降了3%，其中包括4個百分點的增值稅優惠。

International's Q4 revenue of $1.5 billion was a 5% reduction versus the prior year primarily due to the 10% decline in comparable store sales. Also contributing to the decline were lower product sales to and royalties from our licensees due to COVID-19. We estimate that the COVID-19 impact on the decline in International's Q4 revenue and operating income was approximately $300 million and $150 million, respectively.

國際業務第四季營收為 15 億美元，比上年同期下降 5%，主要原因是同店銷售額下降了 10%。導致銷售下滑的另一個原因是受 COVID-19 疫情影響，我們向被授權者提供的產品銷售和版稅收入減少。我們估計，COVID-19 對 International 第四季營收和營業利潤的下降分別造成了約 3 億美元和 1.5 億美元的損失。

International's flow-through rate on lost sales improved from roughly 55% in Q3 to approximately 50% in Q4 primarily due to higher labor efficiency and lower waste partially offset by a reduction in certain temporary benefits, including government relief programs. International's Q4 non-GAAP operating margin declined by 540 basis points from the prior year to 16.3% primarily due to the impact of COVID-19 largely stemming from sales deleverage and nonrestructuring store asset impairments as well as strategic investments, mainly technology and digital initiatives.

國際業務的銷售損失轉嫁率從第三季的約 55% 提高到第四季的約 50%，這主要是由於勞動效率提高和浪費減少，但部分被某些臨時性福利（包括政府救濟計劃）的減少所抵消。國際業務第四季非GAAP營業利潤率較上年同期下降540個基點至16.3%，主要原因是COVID-19疫情的影響，主要源自於銷售槓桿下降和非重組門市資產減損以及策略性投資，主要是技術和數位化措施。

On to Channel Development. Revenue was $464 million in Q4, a 9% decline from the prior year primarily due to Global Coffee Alliance's transition-related items, including a structural change in our single-serve business. Excluding these transition-related items, Channel Development's revenue declined by approximately 1% from the prior year, reflecting the adverse impact of COVID-19 on the segment's foodservice business partially offset by growth in at-home coffee and ready-to-drink. Channel Development's Q4 operating margin expanded by 510 basis points to 42.7% mainly due to a business mix shift driven by the strength in our ready-to-drink products as well as the structural change in our single-serve business.

接下來是通路開發。第四季營收為 4.64 億美元，比上年同期下降 9%，主要原因是全球咖啡聯盟的轉型相關項目，包括我們單杯咖啡業務的結構性變化。除這些與轉型相關的項目外，通路發展部門的收入比上年下降了約 1%，這反映出 COVID-19 對該部門餐飲業務的不利影響，但部分被家庭咖啡和即飲咖啡的成長所抵消。Channel Development 在第四季度營業利潤率成長 510 個基點至 42.7%，主要原因是即飲產品強勁成長推動了業務組合的轉變，以及單份包裝業務的結構性變化。

At the consolidated level, non-GAAP operating margin was 13.2% in Q4, down from 17.2% in the prior year. Unsurprisingly, much of the year-over-year reduction in our operating margins for Q4 and was due to sales deleverage attributable to COVID-19 as well as growth in wages and benefits and nonrestructuring store asset impairments and strategic investments partially offset by labor efficiencies and supply chain savings. We estimate the COVID-19 impact to Q4 non-GAAP operating income to be roughly $550 million. In relation to the $1.2 billion of COVID-19 impact on Q4 consolidated revenue that I mentioned earlier, this equates to a flow-through rate of approximately 46% on lost revenue, which is close to the 50% variable flow-through rate that we typically observe in our business.

從合併層面來看，第四季非GAAP營業利益率為13.2%，低於去年同期的17.2%。不出所料，我們第四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，以及薪資和福利成長、非重組門市資產減損和策略性投資，這些都被勞動力效率提高和供應鏈節約部分抵消。我們估計 COVID-19 對第四季非 GAAP 營業收入的影響約為 5.5 億美元。關於我之前提到的 COVID-19 對第四季度合併收入造成的 12 億美元影響，這相當於損失收入的傳導率約為 46%，接近我們在業務中通常觀察到的 50% 的可變傳導率。

I will now provide guidance for fiscal 2021 starting with the key driver of our growth, comparable sales growth for our company-operated stores. Barring any new significant and sustained waves of COVID-19 infections and/or global economic disruptions, we expect global comparable store sales growth of 18% to 23% in fiscal 2021 fueled by sustained improvement in comparable store transactions across both of our key markets, the U.S. and China. These estimates are based on the experience we've gained from navigating the impact of COVID-19 for the past 9 months, including the more resilient operating protocols that we've built into our business as well as the traffic-driving initiatives and innovations that we've planned for the year ahead.

接下來，我將提供 2021 財年的業績指引，首先從我們成長的關鍵驅動因素——公司自營門市的同店銷售成長——開始。除非出現新的、持續的 COVID-19 感染浪潮和/或全球經濟動盪，否則我們預計 2021 財年全球同店銷售額將成長 18% 至 23%，這主要得益於我們兩大主要市場（美國和中國）同店交易的持續改善。這些估算是基於我們在過去 9 個月應對 COVID-19 疫情影響所獲得的經驗，包括我們在業務中建立的更具韌性的營運協議，以及我們為未來一年規劃的推動客流量的舉措和創新。

For the Americas and the U.S., we expect comparable store sales to grow between 17% to 22% in fiscal 2021, and we continue to expect to achieve full comparable store sales recovery in the U.S. by the end of our fiscal second quarter. This assumes that we are able to continue to restore café seating and operating hours at our U.S. stores, nearing full capacity by the end of the second quarter.

對於美洲和美國，我們預計 2021 財年同店銷售額將成長 17% 至 22%，我們繼續預計到本財年第二季末，美國同店銷售額將完全恢復。這假設我們能夠繼續恢復美國門市的咖啡廳座位和營業時間，並在第二季末接近滿載運轉。

For the International segment, we expect comparable store sales to grow between 25% and 30% in fiscal 2021. This estimate is predicated on COVID-19 impacts continuing to lessen in Japan as well as China's current operating environment remaining substantially unchanged with full seating and regular operating hours in almost all locations. We continue to expect China's comparable store sales to fully recover by the end of our first quarter, excluding the benefit from the temporary VAT exemption which we will continue to expect will expire in January. For the full fiscal year in 2021, we expect China's comparable store sales to grow between 27% and 32%.

對於國際業務板塊，我們預計 2021 財年同店銷售額將成長 25% 至 30%。這項估計是基於以下假設：日本的 COVID-19 影響持續減輕，以及中國目前的營運環境基本上保持不變，幾乎所有場所都恢復了全部座位和正常營業時間。我們仍然預計，到第一季末，中國同店銷售額將全面恢復，但不包括我們預計 1 月到期的臨時增值稅豁免帶來的好處。我們預期 2021 財年中國同店銷售額將成長 27% 至 32%。

Moving on to the next key growth driver, retail store development. Although we expect to open more stores globally in fiscal 2021 than we did last year, targeting approximately 2,150 new store openings compared to about 2,000 in fiscal '20, we expect store closures to increase versus prior year from approximately 600 in fiscal '20 to about 1,050 in fiscal '21. This is primarily due to the accelerated repositioning of our U.S. store portfolio and the restructuring of our Canada business, but also reflects a slightly higher pace of closures in our International licensed store portfolio. As a result, we expect to add approximately 1,100 net new Starbucks stores globally in fiscal 2021, down from approximately 1,400 in fiscal 2020.

接下來是另一個關鍵成長驅動因素：零售門市開發。儘管我們預計 2021 財年全球新開店數量將比上一年更多，目標是新開約 2150 家門店，而 2020 財年約為 2000 家，但我們預計關店數量將比上一年有所增加，從 2020 財年的約 600 家財年增加到 200 家財年的 10 家財年。這主要是由於我們加快了美國門市組合的重新定位和加拿大業務的重組，但也反映出我們國際特許經營門市組合的關閉速度略有加快。因此，我們預計 2021 財年全球將新增約 1,100 家星巴克門市，低於 2020 財年的約 1,400 家。

For the Americas, we expect new store openings to be approximately 850 located mostly in the U.S. with roughly 800 store closures across the segment in fiscal 2021, yielding approximately 50 net new stores. The closures are part of the trade area transformation initiative that we announced in June to accelerate the evolution of our store footprint in dense metro centers, clearing the way for the development of new, more efficient retail store formats that cater to customers' increasing desire for convenience while also improving trade area profitability. Compared to the plans we announced in June, our guidance for fiscal '21 reflects an additional 200 store closures in the Americas' company-operated store portfolio based on our current outlook on store performance mostly in dense metro centers where there is the potential for sales transfer.

對於美洲地區，我們預計 2021 財年將新增約 850 家門市，主要位於美國；同時，該地區將關閉約 800 家門市，淨增約 50 家門市。此次關店是我們於 6 月宣布的貿易區轉型計劃的一部分，旨在加速我們在人口密集的都市中心門店佈局的演變，為開發新的、更高效的零售門店形式鋪平道路，以滿足顧客日益增長的便利需求，同時提高貿易區的盈利能力。與我們 6 月公佈的計劃相比，根據我們目前對門市業績的展望，我們對 2021 財年的指導意見反映了美洲公司自營門市組合中將額外關閉 200 家門店，這些門市主要位於人口密集的都市中心，存在銷售轉移的可能性。

For International, we expect to open approximately 1,300 new stores in fiscal '21 and close approximately 250 stores, yielding 1,050 net new stores next year and including approximately 600 net new stores in China. This reflects a slower pace of International licensed store development as well as a slightly higher pace of International licensed store closures relative to fiscal 2020 in part due to the impacts of COVID-19 resulting from the relatively slow pace of recovery in many markets outside the U.S. Importantly, we believe these impacts are temporary, and we expect the pace of global net store development to return to our long-term growth guidance of 6% to 7% annually in fiscal 2022.

對於國際業務，我們預計在 2021 財年將開設約 1300 家新店，關閉約 250 家門市，明年淨增 1,050 家門市，其中包括在中國淨增約 600 家門市。這反映出國際特許經營店的發展速度放緩，以及國際特許經營店的關閉速度相對於 2020 財年略有加快，部分原因是受 COVID-19 的影響，而 COVID-19 又導緻美國以外許多市場的複蘇速度相對較慢。重要的是，我們認為這些影響是暫時的，我們預計全球淨門市發展速度將在 2022 財年恢復到我們 6% 至 7% 的長期成長預期。

We expect Channel Development's revenue in fiscal 2021 to range between $1.4 billion and $1.6 billion, including the 53rd week. The anticipated decline in the segment's revenue from $1.9 billion in fiscal 2020 is primarily attributable to a structural change in our single-serve business that was announced in February pursuant to an arrangement between Nestle and Keurig Dr Pepper, resulting in a more royalty-based revenue construct for Starbucks that took effect last month. We do not expect the profitability of our single-serve business to be materially impacted by this change. Adding it all up, we expect consolidated revenue to range between $28 billion and $29 billion in fiscal 2021, including approximately $500 million attributable to the 53rd week.

我們預計 Channel Development 在 2021 財年的營收將在 14 億美元至 16 億美元之間，包括第 53 週。該業務部門預計收入將從 2020 財年的 19 億美元下降，主要歸因於我們單杯咖啡業務的結構性變化。該變更於 2 月根據雀巢和 Keurig Dr Pepper 之間的一項協議宣布，導致星巴克採用更以特許權使用費為基礎的收入結構，該結構已於上個月生效。我們預期這項變更不會對單份包裝業務的獲利能力產生重大影響。綜合來看，我們預計 2021 財年的合併收入將在 280 億美元至 290 億美元之間，其中包括歸屬於第 53 週的約 5 億美元。

Let's move on to fiscal 2021 operating margin. Globally, we expect operating margin in fiscal 2021 to improve significantly over the prior year driven primarily by 3 tailwinds partially offset by incremental strategic investments in our business. The 3 tailwinds are: number one, sales leverage as we continue to recover from the impacts of COVID-19; number two, the absence of certain COVID-19-related expenses unique to the prior year; and number three, ongoing supply chain efficiencies.

接下來我們來看2021財年的營業利益率。在全球範圍內，我們預期 2021 財年的營業利潤率將比前一年大幅提高，這主要得益於三大利好因素，但部分被我們業務中新增的策略投資所抵銷。三大利好因素是：第一，隨著我們繼續從 COVID-19 的影響中恢復，銷售槓桿作用增強；第二，不再存在上一年特有的某些與 COVID-19 相關的費用；第三，供應鏈效率持續提高。

The strategic investments are concentrated in 3 areas: number one, enhanced partner wages and benefits; number two, technology to drive further digital customer engagement, expand retail sales and improve store operating efficiency; and number three, environmental sustainability primarily within our supply chain to reduce waste, water consumption and carbon emissions. These investments are spread across our product and distribution costs, store operating expenses and G&A.

策略投資主要集中在三個方面：第一，提高合作夥伴的薪資和福利；第二，利用科技進一步推動數位化客戶互動，擴大零售額，提高門市營運效率；第三，主要在供應鏈中實現環境永續性，以減少浪費、水資源消耗和碳排放。這些投資涵蓋了我們的產品和分銷成本、門市營運費用和一般管理費用。

Let me add one additional point to the operating margin equation for fiscal 2021. We expect commodities to have minimal year-over-year impact on our product and distribution costs. At this point, our overall coffee needs are mostly price locked for fiscal 2021.

讓我再補充一點，以適用於 2021 財年的營業利潤率公式。我們預期大宗商品價格波動對我們的產品和分銷成本的年比影響甚微。目前，我們2021財年的整體咖啡需求價格基本上已鎖定。

Combining the impact of all of these margin drivers, we expect non-GAAP operating margin in fiscal 2021 to be between 16% and 17%, starting well below the lower end of this range in the first half of the year and rising above the upper end of this range in the back half of the year. Similarly, we expect our retail operating segments to deliver significant margin improvement on a non-GAAP basis as fiscal 2021 progresses. For Channel Development, we expect operating margin to exceed pre-COVID-19 levels and approach the mid-40s driven by the structural change in our single-serve business, which I just described.

綜合所有這些利潤率驅動因素的影響，我們預計 2021 財年非 GAAP 營業利潤率將在 16% 至 17% 之間，上半年將遠低於該範圍的下限，下半年將高於該範圍的上限。同樣，我們預計隨著 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。對於通路發展，我們預計營業利潤率將超過 COVID-19 疫情前的水平，並接近 40% 左右，這主要得益於我剛才描述的單份服務業務的結構性變化。

Below the operating income line, we expect interest expense to be between $470 million and $480 million in fiscal 2021 versus $437 million in fiscal 2020. The increase is driven by debt issuances totaling $4.75 billion in the past 8 months. Importantly, we remain committed to our BBB+/Baa1 credit rating and leverage cap of 3x rent-adjusted EBITDA. While the impacts of COVID-19 have resulted in the company exceeding that leverage cap, we view these impacts as temporary. And we expect our leverage to return to near targeted levels in the latter part of fiscal 2021 as our operating cash flow continues to improve and we extinguish upcoming debt maturities.

在營業收入項下，我們預計 2021 財年的利息支出將在 4.7 億美元至 4.8 億美元之間，而 2020 財年為 4.37 億美元。過去 8 個月累計發行債務達 47.5 億美元，是推動這項成長的主要因素。重要的是，我們仍然致力於維持 BBB+/Baa1 信用評級和 3 倍租金調整後 EBITDA 的槓桿上限。雖然 COVID-19 的影響導致公司槓桿率超過了上限，但我們認為這些影響是暫時的。我們預計，隨著經營現金流的持續改善以及即將到期債務的償還，我們的槓桿率將在 2021 財年下半年恢復到接近目標水準。

Based on the strength of our cash flow, I'm happy to report that we paid off a $500 million term loan in Q4. And as we previously announced, our Board of Directors approved a 10% increase to our quarterly dividend, representing the 10th consecutive annual increase since Starbucks commenced paying a dividend in 2010. As to our tax rate in fiscal 2021, we expect our effective GAAP and non-GAAP tax rates to be in the mid-20% range. This compares with GAAP and non-GAAP tax rates of 20.6% and 20.7%, respectively, in fiscal 2020, which benefited from certain discrete tax items that are not expected to repeat to the same degree in fiscal 2021. Finally, we currently expect the suspension of our share repurchase program to continue through the balance of fiscal 2021.

鑑於我們強勁的現金流，我很高興地宣布，我們在第四季度償還了 5 億美元的定期貸款。正如我們之前宣布的那樣，我們的董事會批准將季度股息提高 10%，這是自星巴克 2010 年開始派發股息以來連續第十年提高股息。至於我們 2021 財年的稅率，我們預計實際 GAAP 和非 GAAP 稅率將在 20% 左右。相較之下，2020 財年的 GAAP 和非 GAAP 稅率分別為 20.6% 和 20.7%，這得益於某些特殊的稅收項目，預計這些項目在 2021 財年不會以同樣的程度重複出現。最後，我們目前預計股票回購計畫的暫停將持續到 2021 財年結束。

We expect capital expenditures in fiscal 2021 to total approximately $1.9 billion, slightly higher than what we spent in fiscal 2019. The increase is primarily attributable to 2 things: number one, the reacceleration of new store development following a temporary pause during the pandemic; and number two, an expansion of our global supply chain, notably, the development of the Coffee Innovation Park in China that we announced earlier this year. Finally, at this juncture, we foresee minimal impact from foreign currency movements in fiscal 2021.

我們預計 2021 財年的資本支出總額約為 19 億美元，略高於 2019 財年的支出。這一增長主要歸因於兩件事：第一，在疫情期間暫時停止後，新店開發重新加速；第二，我們全球供應鏈的擴張，特別是我們今年早些時候宣布的在中國建設咖啡創新園。最後，在目前階段，我們預期 2021 財年外匯波動的影響將微乎其微。

When you add it all up, we expect GAAP EPS in the range of $2.34 to $2.54 in fiscal 2021, including approximately $0.10 for the 53rd week. We expect non-GAAP EPS in the range of $2.70 to $2.90 in fiscal 2021, including, again, approximately $0.10 for the extra week, demonstrating further recovery and approaching pre-pandemic levels. For Q1 specifically, we expect GAAP EPS in the range of $0.32 to $0.37 and non-GAAP EPS in the range of $0.50 to $0.55, reflecting our current stage of recovery. Given this expectation for Q1 EPS and combined with the normal seasonality that tends to dampen our EPS in Q2, we expect meaningfully higher EPS in the third and fourth quarters compared to the first 2 quarters of the year.

綜合來看，我們預計 2021 財年 GAAP 每股盈餘將在 2.34 美元至 2.54 美元之間，其中包括第 53 週的約 0.10 美元。我們預計 2021 財年非 GAAP 每股收益將在 2.70 美元至 2.90 美元之間，其中包括額外一周的約 0.10 美元，這表明公司正在進一步復甦並接近疫情前的水平。具體到第一季度，我們預計 GAAP 每股收益在 0.32 美元至 0.37 美元之間，非 GAAP 每股收益在 0.50 美元至 0.55 美元之間，這反映了我們目前的復甦階段。鑑於對第一季每股收益的預期，再加上第二季每股收益通常會受到季節性因素的影響，我們預計第三季和第四季的每股盈餘將比前兩個季度顯著提高。

So let me wrap things up. We are delighted with the pace of business recovery in fiscal 2020 and the momentum that it provides for fiscal 2021. We remain confident in the strength of our brand and the durability of our growth model. And we are committed to making the investments necessary to sustain our competitive advantages, reinforced by the consistent execution of a focused agenda. On that note, I would like to express my appreciation to our Green Apron partners who deliver the Starbucks customer experience in a manner that is truly unmatched and exemplifies our company's mission and values which are the foundation of our business.

那麼，我就總結一下吧。我們對 2020 財年業務復甦的速度以及它為 2021 財年帶來的勢頭感到非常滿意。我們對品牌實力和成長模式的可持續性依然充滿信心。我們致力於進行必要的投資，以維持我們的競爭優勢，並透過持續執行重點明確的議程來鞏固這些優勢。在此，我要向我們的綠圍裙夥伴們表示感謝，他們以真正無與倫比的方式提供星巴克顧客體驗，並體現了我們公司的使命和價值觀，而這正是我們業務的基礎。

With that, Kevin and I are happy to take your questions, joined by Roz Brewer and John Culver as Durga outlined at the top of our call. Thank you. Operator?

因此，我和凱文很高興回答大家的問題，羅茲·布魯爾和約翰·庫爾弗也加入了我們，正如杜爾加在電話會議開始時概述的那樣。謝謝。操作員？

(Operator Instructions) Our first question comes from the line of John Ivankoe with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的約翰·伊万科。

I mean, obviously, there's a lot to unpack in the call, and congratulations on the progress that you've made. The question was really on U.S. segment margins, but I think I can apply it to China here as well. A lot of companies have embarked on simplification efforts that have driven margins. You very specifically have not as you've continued to give the customer the choice that they expect. But you have had a very significant shift in Mobile Order & Pay, which I assume could potentially be leading to some of the labor efficiencies that you alluded to a couple of times in the call.

我的意思是，很顯然，這次通話有很多資訊需要解讀，恭喜你取得的進展。這個問題原本是關於美國市場利潤率的，但我認為它也適用於中國市場。許多公司都已開始推行簡化流程的舉措，提高了利潤率。你並沒有這樣做，因為你一直都在提供顧客他們所期望的選擇。但是，你們在行動點餐和支付方面發生了非常重大的變化，我猜想這可能會帶來一些你在電話中多次提到的勞動效率提升。

So the question is as we kind of think about getting back to previous margins that were achieved in both of those segments, what type of an average unit volume may be relative to 2019 do you think you need to achieve to get back to previous margins? And are we in an environment, on average, unit volume recovery [where we] can potentially start? You're talking about some relatively near-term peaks.

所以問題是，當我們考慮恢復到這兩個業務板塊之前所達到的利潤率時，您認為相對於 2019 年，平均單位銷售需要達到什麼樣的水平才能恢復到之前的利潤率？我們目前所處的環境，平均而言，是否具備單位銷售恢復的條件，我們可以從中著手？你指的是一些相對較近期的峰值。

Thanks, John. We'll hand that to Pat to handle. Pat?

謝謝你，約翰。這件事就交給帕特處理吧。拍？

Yes. Thank you, John, for the question. So with respect to the impact of the increase in our digital business on our labor productivity, we've been very pleased with the growth of our digital business. But even as that has increased and even as some of our café seating has remained closed, we've added operational complexities to the business like enhanced and more frequent cleaning and managing social distancing in our cafés, including as customers come in for Mobile Order & Pay and pickup. And that is to ensure safety in our stores for both our partners and our customers, which has been instrumental to our ability to welcome customers back to the business. And so this has tended to offset some of the improved labor productivity that we would have otherwise realized.

是的。謝謝你的提問，約翰。因此，就數位業務成長對勞動生產力的影響而言，我們對數位業務的成長非常滿意。但即便客流量有所增加，即便我們的一些咖啡館座位仍然關閉，我們也增加了業務運營的複雜性，例如加強和更頻繁的清潔，以及在咖啡館內管理社交距離，包括顧客使用手機下單和付款以及取餐時。這樣做是為了確保我們的合作夥伴和顧客在店內的安全，這對於我們能夠重新迎接顧客回到店內至關重要。因此，這在某種程度上抵消了我們原本可以實現的勞動生產力的提高。

And as a result of these new operational complexities along with the incremental investments we're making to enhance partner wages and benefits, our fiscal '21 margin guidance reflects that labor recovery will trail sales recovery with overall labor productivity returning to pre-COVID levels by Q4. But I do want to clarify that the team remains very much focused on ensuring that we are driving enhanced productivity in our stores. And that's largely through the redesign of in-store operating routines as well as the introduction of new technologies as we continue to automate tasks. So it's really through a combination of how we've responded to the new operating environment to provide that safe and welcoming store atmosphere that our partners and customers require along with how we're able to benefit from sales leverage as we recover our business.

由於這些新的營運複雜性，以及我們為提高合作夥伴的工資和福利而進行的增量投資，我們對 2021 財年的利潤率預期反映出，勞動力復甦將落後於銷售復甦，整體勞動生產率將在第四季度恢復到 COVID 疫情前的水平。但我確實想澄清一點，團隊仍然非常專注於確保我們提高門市的生產力。這主要得益於我們對店內營運流程的重新設計，以及隨著我們不斷推進任務自動化而引入的新技術。因此，這實際上是透過我們如何應對新的經營環境，為我們的合作夥伴和客戶提供所需的安全溫馨的門市氛圍，以及我們如何在業務復甦過程中利用銷售槓桿獲益來實現的。

Now you asked what is the average unit volume that we would need to achieve and how that compares to fiscal '19. As you know, we're anticipating that we will have fully recovered comparable store sales by the end of our fiscal second quarter. But there will be a 2-quarter lag beyond that because of the dynamics I mentioned before we expect to see full margin recovery, and that includes the improved labor productivity.

現在您問我們需要達到的平均單位銷售量是多少，以及與 2019 財年相比如何。如您所知，我們預計到第二財季末，同店銷售額將完全恢復。但由於我之前提到的各種因素，預計利潤率全面恢復還需要兩個季度的時間，這其中也包括勞動生產力的提高。

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

我們的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

A question on the unit growth side of things, maybe China and then more broadly. But China specifically, I think your guidance culminates in like 12%-plus unit growth in fiscal '21, which looks like it's a step down from the prior 15%-plus. And I know you talked about the global unit growth is falling a little short of your 6% to 7% as well.

關於單位成長方面的問題，或許可以先從中國方面入手，然後再從更廣泛的層面來看。但就中國市場而言，我認為你們的預期最終在 2021 財年達到 12% 以上的單位成長，這看起來比之前的 15% 以上有所下降。我知道您也提到全球單位成長率略低於您預期的 6% 到 7%。

So specific to China, do you think you're going to get back to that 15%-plus post-COVID? Or is it maybe more of the law of large numbers, whether there's any gating factors, being partners or real estate or demand? And kind of in that context, I'm just wondering, as everyone talks about the better opportunity from independent store closures and more attractive real estate, whether you're seeing either of those things at this point.

那麼具體到中國，你認為新冠疫情後經濟會恢復到15%以上的水準嗎？或者，這或許更與大數定律有關，是否有任何限制因素，例如是否是合作夥伴、房地產或需求？在這種背景下，我很好奇，既然大家都在談論獨立商店倒閉帶來的更好機會和更具吸引力的房地產，那麼你目前是否看到了這兩點呢？

Thanks, Jeffrey. I'll hand over to John Culver. John, you want to take that?

謝謝你，傑弗裡。接下來交給約翰·庫爾弗。約翰，你想拿那個嗎？

Yes, Jeffrey. For China, we actually have accelerated store growth. We had a record quarter, opened 259 stores in Q4 and feel very good about our year-over-year growth from a store count perspective at 14%. We do see a pathway back to -- getting back to the historical levels. We're guiding to the 600, but we're continuing to look for new opportunities to go faster where it makes sense. At the same time, we're innovating from a concept standpoint with Starbucks Now and the acceleration of that, and we're encouraged by what we're seeing thus far. And then as you look at the new stores and the performance overall, we are seeing emerging back into those historical return trends, and that gives us a lot of room for optimism in terms of the store growth model.

是的，傑弗裡。在中國，我們的門市成長速度其實加快了。我們本季業績創下紀錄，第四季新開了 259 家門市，從門市數量來看，年成長 14%，我們對此感到非常滿意。我們確實看到了恢復到歷史水平的途徑。我們的目標是達到 600 公里/小時，但我們將繼續尋找新的機會，在適當的時候加快速度。同時，我們正在從概念上進行創新，推出 Starbucks Now 並加速推廣，我們對目前為止所看到的成果感到鼓舞。然後，當我們觀察新店和整體業績時，我們發現它們正在回歸歷史回報趨勢，這讓我們對門市成長模式充滿樂觀。

So we are fully committed to accelerating growth. We're going to be opportunistic about it. We believe in the number that we've committed to, and where we can get back more, we will go after it. We've had ongoing discussions with landlords as part of that, and they're looking to partner with us for the relevant sites and continuing to -- to continuing to grow our business. So for us, we will continue to push hard on store development. It accounts for roughly 75% to 80% of our total revenue growth. So we see this as a big piece given the long runway we see there.

因此，我們全力以赴加速成長。我們會抓住機會。我們相信我們承諾的數量，如果能獲得更多回報，我們會努力爭取。為此，我們一直在與房東進行討論，他們希望與我們合作開發相關地塊，並繼續發展我們的業務。因此，我們將繼續大力推進門市開發。它約占我們總收入成長的 75% 至 80%。鑑於那裡還有很長的跑道，我們認為這是非常重要的一部分。

And Jeffrey, this is Pat. Just to build on what John has said, I think it was a couple of years ago at our China investor conference that we talked about a longer-term goal of reaching 6,000 stores in China by the end of fiscal '22. We remain optimistic that we will achieve that number, and that does imply that following fiscal '21, we will see an acceleration on the pace of new unit development in China.

傑弗裡，這位是帕特。補充約翰剛才說的，我想大概是幾年前在我們舉辦的中國投資者大會上，我們討論過一個更長遠的目標，即到 2022 財年末在中國開設 6000 家門市。我們仍然樂觀地認為我們將實現這一目標，這意味著在 2021 財年之後，我們將看到中國新業務發展速度加快。

And our next question comes from the line of Mr. John Glass with Morgan Stanley.

下一個問題來自摩根士丹利的約翰‧格拉斯先生。

I also wanted to ask a question about unit development in the Americas and maybe the closures. Has your thinking thought changed on the closures, about 800 closures in the U.S. to get to a net of 50? I think originally, you talked about 400 in the U.S. and 200 in Canada. Is that -- are you including licensed in that, for example? Or is that just an acceleration of the total company closures?

我還想問一個關於美洲地區單元開發以及可能關閉的問題。您對關閉措施的看法是否有改變？美國大約關閉了 800 家門市，以達到淨關閉 50 家的目標。我記得你最初說過美國有 400 人，加拿大有 200 人。是指－例如，您是否將許可證費用也包含在內？還是這只是公司整體倒閉速度加快的跡象？

And can you also talk about where you are in developing that new prototype? I can't remember if it was Starbucks Now or Starbucks to go. But where are you in that evolution? Have you opened more stores? And how do you think about that in the equation for '21 development?

能否也談談新原型機的研發進度？我記不清是星巴克Now還是星巴克外帶了。但你在這個進化過程中處於什麼階段？你們是否開設了更多分店？那麼，在2021年的發展規劃中，您是如何看待這一點的呢？

Roz, do you want to take that?

羅茲，你想拿嗎？

Yes. Thanks, John. Good question. So concerning the number of store closures in the U.S., we remain pretty much in line with historical levels at, as you stated, about 850 new stores, 800 closures. What we've learned as we've gone through the COVID process, we are learning more about where our customers are returning to access their coffee. So we've accelerated the closures that we have planned for the U.S. stores. Part of this is also to learning what our new formats can offer us.

是的。謝謝你，約翰。問得好。所以，關於美國門市關閉的數量，正如你所說，我們基本上與歷史水平持平，大約是新開 850 家門市，關閉 800 家門市。在應對新冠疫情的過程中，我們了解到，我們的顧客正在哪裡重新購買咖啡。因此，我們加快了原計劃在美國門市的關閉速度。這其中一部分也是為了了解我們的新形式能為我們帶來什麼。

And so you asked the question about our new formats, we are increasing the number of units that we have in the new format. For instance, it also includes new channels as well. So we have curbside stores at about 800 in the U.S., 2,000 of those by the end of '21. We actually are working on restoring seating in our stores. We have roughly 65% of our stores with restored seating. And so as we move forward, we have opened 3 of the new units that we are having, the New York area and one in Toronto area. And we're accelerating that throughout this year and adding more of those units as we go throughout the year. But we will...

所以你問到了我們新格式的問題，我們正在增加新格式的產品數量。例如，它還包括一些新頻道。因此，我們在美國大約有 800 家路邊取貨商店，到 2021 年底，這些商店的數量將達到 2000 家。我們正在努力恢復店內座椅的擺放。我們約有 65% 的門市已修復了座椅。因此，隨著我們不斷推進，我們已經開設了 3 家新分店，一家位於紐約地區，一家位於多倫多地區。今年我們將加快這一進程，並在今年陸續增加這些單元。但我們會…

And those are called pickup -- Starbucks Pickup.

這些就叫做取貨——星巴克取貨。

Those are our Starbucks Pickup stores, and we will continue to deliver those as we go throughout the year.

這些是我們的星巴克自提門市，我們將繼續在全年提供這些門市的配送服務。

And John, just to build on what Roz has said with respect to the composition of our store closures as we reposition the portfolio, when we announced our trade area transformation back in June via our 8-K, we talked about 600 closures in the Americas. That was 400 in the U.S. and 200 in Canada, all company-operated stores. And so with the incremental 200 store closures that we've announced, that's about 100 in the U.S. and 100 in Canada. And part of the reason why we've taken that up is that as our team has started the process of repositioning the portfolio over the course of the summer, accelerating the strategic plans we already have in place, what we've learned is we've been able to manage the closures much more efficiently than we had originally anticipated. And that's largely about the average lease exit costs.

約翰，我還要補充一下羅茲剛才提到的關於我們重新調整產品組合時關閉門市的構成問題。早在六月，我們就透過 8-K 報告宣布了我們的貿易區域轉型計劃，當時我們談到了美洲地區將關閉 600 家門市。美國有 400 家，加拿大有 200 家，全部都是公司自營門市。因此，隨著我們宣布逐步關閉 200 家門市，其中約 100 家位於美國，100 家位於加拿大。我們之所以採取這種做法，部分原因是，隨著我們的團隊在夏季開始重新調整投資組合，加快實施我們已經制定的戰略計劃，我們發現，我們能夠比最初預期的更有效地管理關閉事宜。這大致就是平均租賃退出成本。

So with this new information, we were able to go back and take a look at the portfolio along with insights we have into how the dense metro trade areas are performing and identify an incremental 200 store closures that would create shareholder value through our ability to capture sales transfer from the stores that are closing at nearby locations while also reducing cash operating losses at underperforming stores, avoiding future CapEx that we would otherwise have to spend to remodel some of these stores. And that more than pays for these lease exit costs per unit. And so the additional experience just over the course of the summer put us in a much stronger position to move even more rapidly with the strategic transformation of our estate.

因此，有了這些新信息，我們能夠重新審視投資組合，並結合我們對人口密集的大都市區貿易區業績的了解，確定需要額外關閉 200 家門店，這將通過我們能夠從關閉的門店轉移到附近地點來創造股東價值，同時減少業績不佳門店的現金運營損失，避免我們未來不得​​不花費資本支出來改造其中一些門店。而且這足以支付每套設備的租賃退出成本。因此，整個夏季累積的額外經驗使我們處於更有利的地位，可以更快地推進我們莊園的戰略轉型。

And the thing I would point out that is a big benefit of that, and certainly working in our guidance, is a meaningful improvement to not only our Americas operating margin, but then how that flows through to the enterprise. At the enterprise level, it's on the order of 40 basis points. So we're really pleased with how our team has been able to respond to their learnings over the course of the summer and put together even more aggressive plans that are going to put us in a much more profitable position and also structure the business for stronger growth going forward.

我想指出的一點是，這樣做的一個很大的好處，也是我們指導方針中提到的，不僅能顯著提高我們在美洲的營業利潤率，還能顯著改善整個企業的營運狀況。從企業層面來看，這大約是 40 個基點。因此，我們非常高興看到我們的團隊能夠根據夏季期間所學到的知識做出反應，並製定出更加積極的計劃，這將使我們處於更有利可圖的地位，並為未來的更強勁增長構建業務結構。

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

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

I wanted to ask about same-store sales target. I think the implication is that next year, volumes would be somewhere between flat with 2019 and up 5% in the U.S. Considering that you started 2020 with a plus 6, I guess, is that conservative? And also, as we think about ticket versus traffic, you said that some of it is obviously COVID-related, the higher ticket, but you also get higher ticket from just drive-throughs. So is it possible the comp recovery is perhaps less traffic driven than we might expect considering what happened in this past year?

我想諮詢同店銷售目標。我認為這意味著明年美國的銷量將與 2019 年持平或成長 5%。考慮到 2020 年年初銷量成長了 6%，我想，這個預測是否保守？而且，當我們考慮罰單和交通違規時，您提到其中一些顯然與新冠疫情有關，導致罰單金額較高，但僅僅是駕車通行也會導致罰單金額較高。考慮到過去一年發生的事情，那麼，綜合復甦是否有可能並非由交通流量所驅動？

Pat, why don't you start and let Roz then add some color to it.

派特，不如你先開始，然後讓羅茲來添加一些色彩。

Thanks, Kevin. Thank you, Sara. As to the total comp expectations for next year, I think in the current environment, notwithstanding the fact that we are very pleased with the strength of our recovery thus far, there is significant uncertainty as to how things are going to unfold, whether as a consequence of the progression of the pandemic or what may be happening in the broader economy and how those 2 are linked. As we've thought about what is an appropriate level to target, we've been able to leverage models that our team has built. We have an artificial intelligence data analysis team that does extraordinary work to help inform not only how we operate our stores based on prevailing conditions at each and every store, but also what we're expecting next year to look like for each and every store, taking into consideration both internal and external variables.

謝謝你，凱文。謝謝你，薩拉。至於明年的總收入預期，我認為在當前環境下，儘管我們對迄今為止的復甦勢頭非常滿意，但事情將如何發展仍存在很大的不確定性，這可能是由於疫情的進展，也可能是由於更廣泛的經濟形勢以及這兩者之間的聯繫。在思考應該設定怎樣的目標層次時，我們利用了團隊已經建立的模型。我們擁有一支人工智慧數據分析團隊，他們出色地完成了工作，不僅能夠根據每家門市的實際情況指導我們如何經營門市，還能考慮到內部和外部因素，預測明年每家門市的經營狀況。

And based on those projections, it's fair to say that we have hedged somewhat to be appropriately conservative in the current environment. And based on our progress to date, we remain very pleased, and that includes a faster-than-expected acceleration over the course of the summer, yielding what we consider to be very strong results for our fourth quarter that has provided significant momentum as we enter this year. So I would say that on balance, our expectations are somewhat conservative but appropriately so in the current environment. And that remains our guidance policy is to communicate outcomes that we have a reasonable degree of confidence we can deliver against. And I think our experience here in the last year through the depths of the pandemic has reinforced our ability to do that pretty well.

根據這些預測，可以說我們已經採取了一些對沖措施，以在當前環境下保持適當的保守態度。根據我們迄今為止的進展，我們仍然非常滿意，其中包括夏季期間比預期更快的加速增長，這為我們第四季度帶來了我們認為非常強勁的業績，並為我們進入今年提供了巨大的動力。所以總的來說，我認為我們的預期比較保守，但在當前環境下是恰當的。我們的指導方針仍然是：隻公佈我們有相當程度的信心能夠實現的成果。我認為，過去一年我們在疫情最嚴重時期所累積的經驗，進一步增強了我們做好這件事的能力。

I'll ask Roz to comment on the second part of your question in relation to ticket growth and what's driving that and how we see that trending into next year versus traffic.

我會請 Roz 就您問題的第二部分發表評論，即關於票務增長以及推動增長的因素，以及我們如何看待明年票務增長與交通流量的對比趨勢。

Yes. And note, there's 2 things I'll do. First of all, in terms of returning transactions back to our stores, there's 4 areas we're looking at, and I'll start there. First of all, looking at increasing the members in our loyalty program. We introduced the new Stars for Everyone program in mid-September, and that is moving in the right direction. We're pleased with what we're seeing so far. Secondly, as we just talked about, repositioning our store portfolio to better meet our customers where they are today and more importantly, where they'll be in the future. So it's good for us now and good for the future work that we need to do for our customers. And then also enhancing our engagement of our partners. And we know when our customers and our partners connect, the experience and the best moments in our stores yield benefits for us. And then lastly, creating that -- leveraging our robust pipeline of beverage innovation, which we've seen in our fall outline of the Pumpkin Spice products, and that's going forward.

是的。請注意，我將要做兩件事。首先，就將交易退回到我們的商店而言，我們正在關注 4 個方面，我將從這裡開始。首先，我們要著眼於增加會員忠誠計畫的會員數量。我們在九月中旬推出了新的「人人皆可成星」計劃，目前進展順利。我們對目前所看到的很滿意。其次，正如我們剛才所討論的，重新定位我們的門市組合，以便更好地滿足客戶當前的需求，更重要的是，滿足他們未來的發展需求。所以這對我們現在有好處，對我們未來需要為客戶進行的工作也有好處。此外，也要加強與合作夥伴的互動。我們知道，當我們的客戶和合作夥伴建立聯繫時，他們在我們門市的體驗和美好時刻會為我們帶來收益。最後，我們也要創造未來——利用我們強大的飲料創新產品線，正如我們在秋季南瓜香料產品系列中所看到的，未來我們將繼續推進這一目標。

In terms of the work that we're doing in terms of ticket, ticket has been enhanced. We're looking at ticket at about $21 right now. And so what's happening there is that during the time of the pandemic, we reduced our reliance on price. And so we're just now reintroducing price. So we're keeping price in the range of 1% to 2%. So we continue to see beverage in terms of the size of the beverage, so larger size beverages, multiple beverages and then food attach. And so ticket continues to be strong for us, and we're projecting to hold that through the year.

就票務工作而言，票務系統已經改進了。我們現在看到的票價大約是 21 美元。因此，在疫情期間，我們減少了對價格的依賴。所以我們現在才重新引入價格因素。因此，我們將價格控制在 1% 到 2% 的範圍內。所以我們繼續從飲料的容量角度來看飲料，像是大容量飲料、多杯飲料，以及搭配的食物。因此，我們的票房表現依然強勁，我們預計這一勢頭將保持到年底。

And Sara, just to provide a little bit more fabric on some of the numbers, and I believe Roz may have inadvertently said $21. She meant 21%.

還有，莎拉，為了給一些數字多加一些細節，我相信羅茲可能無意中說了 21 美元。她指的是21%。

21%, sorry.

抱歉，只有21%。

But just to help you understand some of the underlying drivers, at the onset of COVID, ticket comp in the U.S. company-operated stores accelerated to 25%, well beyond what we had expected. And that was driven primarily by a shift in sales mix toward our drive-through and MOP channels where average spend tends to be higher in part due to a higher incidence of group orders. Now in the fourth quarter, ticket growth moderated as compared to those previous highs, but it remained well above pre-COVID levels in the range of 3% to 4%, and that's where it came in at 21% for the quarter. And that was driven by order consolidation, a mix shift to higher-priced cold beverages like our refreshers and Frappuccino and an increase in upsizing as more customers treated themselves to Ventis and Trentas. We do expect further moderation of ticket growth in future quarters particularly as we lap the U.S. onset of COVID-19 in the latter part of our fiscal second quarter.

但為了幫助您了解一些潛在的驅動因素，在新冠疫情爆發初期，美國公司自營門市的門票補償率加速上升至 25%，遠遠超出了我們的預期。這主要是因為銷售組合向得來速和行動支付管道轉移所致，這些通路的平均消費額往往較高，部分原因是團體訂單的發生率較高。第四季度，票務成長速度較之前的最高水準有所放緩，但仍遠高於新冠疫情前的 3% 至 4% 的水平，本季票務成長速度達到 21%。這主要受訂單整合、冷飲（如我們的清涼飲品和星冰樂）價格上漲以及加大杯量（更多顧客選擇大杯和特大杯）的增加所驅動。我們預計未來幾季票務成長將進一步放緩，尤其是在我們第二財季後期美國開始出現新冠疫情之後。

I would say that our average ticket has also benefited from the customer appeal of our plant-based offerings, which are premium priced. Specifically, we're seeing positive momentum in the alternate dairy space as its share of U.S. company-operated net sales nearly doubled in the quarter, and this includes the impact of modifiers for alternate milk. And with the addition of oat milk in fiscal '21, we expect to see ongoing ticket benefits from premium product innovation and modifier growth.

我認為，我們的平均客單價也得益於我們價格較高的植物性產品對顧客的吸引力。具體來說，我們看到替代乳製品領域呈現積極勢頭，其在美國公司自營淨銷售額中所佔份額在本季度幾乎翻了一番，這其中也包括了替代牛奶價格調整的影響。隨著 2021 財年燕麥奶的加入，我們預期高端產品創新和附加價值成長將持續帶來客單價收益。

Maybe a couple of things, I think, you may find interesting in terms of how this relates to how consumer behavior is changing and how it's showing up in our business, remote working has shifted urban transactions to the suburbs. And this has led to higher order consolidation as customers who previously purchased for only themselves are increasingly buying for others. And then as they're coming, they're not just adding beverages for the larger party size, but food attach is at record highs and it continues to grow. In fact, it's grown the fastest in drive-through and MOP, we think, because menu visibility is clearly sparking trial with personal recommendations which will accelerate in the New Year and even larger unlock moving forward. Now while beverage attach has trended down slightly through the quarter, which we continue to expect will happen as our transactions grow, food attach actually grew. And we believe that trial is the start of routine. So we see this as a very encouraging development.

我認為，有兩件事你可能會感興趣，那就是這與消費者行為的變化以及這種變化在我們業務中的表現有何關聯：遠距辦公已經將城市交易轉移到了郊區。這導致了訂單合併率的上升，因為以前只為自己購買的顧客越來越多地為他人購買。而且隨著人數的增加，他們不僅增加了飲料，食物的供應量也達到了歷史新高，而且還在持續增加中。事實上，我們認為，它在得來速和行動支付領域的成長速度最快，因為菜單的可見性顯然激發了人們對個人化推薦的嘗試，這將在新的一年加速發展，並在未來得到更廣泛的應用。雖然本季飲料銷售額略有下降（隨著交易量的成長，我們預計這種情況還會繼續發生），但食品銷售額實際上有所增長。我們認為，試驗是常規流程的開始。所以我們認為這是一個非常令人鼓舞的進展。

And I guess the last thing I would say is that our innovation and our promotions are resonating with customers, giving us optimism as we head into the holiday. We enjoyed strength in new products like the Impossible Breakfast Sandwich and also our new breakfast wraps, plus growth in refreshers. And those are giving existing customers reasons to visit more frequently, and it's giving new customers reasons to visit. We're excited with the momentum we saw from our fall promotion, and so that gives us confidence that as we move into the month of November with our holiday promotion, we will sustain the momentum. So a variety of things related to the ticket growth that give us reason for optimism as we enter the new year. But again, we expect that to moderate as we start to lap the more material impacts of COVID in the back half of the year as our traffic continues to grow.

最後我想說的是，我們的創新和促銷活動引起了顧客的共鳴，這讓我們對即將到來的假期充滿信心。我們在「不可能早餐三明治」和新推出的早餐捲餅等新產品方面取得了強勁表現，此外，清涼飲品也實現了成長。這些措施既讓現有客戶有理由更頻繁地光顧，也讓新客戶有理由光顧。我們對秋季促銷活動的良好勢頭感到非常興奮，這讓我們有信心，隨著我們進入 11 月的假日促銷活動，我們將保持這種勢頭。因此，與票務成長相關的各種因素讓我們有理由對新的一年保持樂觀。但是，隨著下半年新冠疫情帶來的更實質影響逐漸消退，我們的流量也將持續成長，預計這種情況將會有所緩解。

Our next question comes from the line of David Tarantino with Baird.

我們的下一個問題來自大衛·塔倫蒂諾和貝爾德的對話。

I had a question, I guess, about the U.S. comp trend exiting the quarter. And it was a pretty impressive move from August to September. So I was wondering if you could maybe piece together the factors that drove that step change in the comps. And then if you're willing, is that the trend that you're seeing so far in the current quarter? And Pat, if you could maybe just help us what -- understand what you're assuming for the current quarter and that EPS guidance.

我想問一個關於美國季度末同業薪酬趨勢的問題。從八月到九月，這確實是一個令人印象深刻的轉變。所以我想知道您是否能分析一下導致比賽出現這種巨大變化的因素。那麼，如果您願意的話，請問這是您在本季目前為止觀察到的趨勢嗎？帕特，如果你能幫我們理解你對本季的假設以及每股盈餘預期，那就太好了。

Roz, why don't you add some color on the actions that you think drove that, and then Pat can follow up on David's second question.

羅茲，你不妨詳細描述你認為促成此事的具體行動，然後帕特就可以接著回答大衛的第二個問題了。

Sure. So going into the fourth quarter, there were several things that helped us with our comp performance. One of those things is increasing the number of stores that we had opened, expanding drive-through performance and actually bringing efficiency to the drive-through so that we had better out-the-window performance and putting practices and efficiencies and work into place in terms of labor deployment in those stores. In addition to that, we had great success with introducing our fall beverages around Pumpkin Spice and the cold -- Pumpkin Cream Cold Brew product. And then in addition to that, we also saw improvement as we advanced seating and returned seating into our stores.

當然。進入第四季度，有幾件事幫助我們提升了同業表現。其中一項措施是增加我們開設的門市數量，擴大得來速的業績，提高得來速的效率，從而提高門市的實際業績，並在這些門市的勞動力部署方面實施相應的措施、提高效率和改進工作。除此之外，我們推出的秋季飲品，尤其是南瓜香料和冷萃南瓜奶油冷萃咖啡，也取得了巨大的成功。此外，隨著我們把座椅向前移動，向商店中恢復座椅，我們也看到了改善。

We did recognize that our customers began to feel more comfortable coming out. We saw advancements happening in our metro suburban stores, which we already had drive-through stores located in those areas, in addition to seeing more regular business coming from the morning time to midmorning and having our baristas ready in the stores at those times. So as the customer was adjusting, we were adjusting along with them. And so the combination of our in-store efficiencies, labor deployment, new beverages in addition to drive-through effectiveness, we began to see improved comp performance in our stores exceeding fourth quarter.

我們確實注意到，我們的顧客開始更願意出門了。我們看到，我們的都會區郊區門市正在取得進步，這些門市原本就設有得來速服務，而且從早上到上午十點左右，客流量也越來越穩定，我們的咖啡師也已在這些時段做好了在店內服務的準備。所以，當客戶做出調整時，我們也隨之做出調整。因此，結合我們店內效率的提高、勞動力部署、新飲料以及得來速服務的有效性，我們開始看到門市的同店銷售業績在第四季度有所改善。

And David, just to build on what Roz said, Roz nailed it in terms of what the key drivers were of that improvement from minus 11% in August to minus 4% in September. You may be wondering, if we hit minus 4% in September, why are we saying that we won't see full comparable store sales recovery for another 6 months, until the end of our second quarter, that is, the end of March. And what I would highlight is that the closer we get to full recovery, I would say, the harder it becomes to recapture or recover those remaining few percentages. Because when you think back to where we were in the April, May time frame and how our business progressed across the summer, much of the improvement was attributable to reopening stores and then as Roz mentioned, reopening seating and alongside all the great operational improvements that our store managers and their teams have brought to life.

大衛，我只是想補充羅茲所說的，羅茲準確地指出了從 8 月份的 -11% 改善到 9 月份的 -4% 的關鍵驅動因素。你可能會想，如果我們9月的銷售額下降了4%，為什麼我們說同店銷售額要到6個月後，也就是第二季末（即3月底）才能完全恢復呢？我想強調的是，我們越接近全面復甦，就越難重新奪回或恢復剩餘的幾個百分點。因為回想一下我們在四月、五月期間的狀況，以及我們業務在整個夏季的發展情況，很大程度上要歸功於門店的重新開業，正如 Roz 所提到的，重新開放了座位，以及我們門店經理及其團隊帶來的所有出色的運營改進。

Now we're at a point where we have to rely more heavily on some of the newer store innovations in relation to things like curbside pickup or handheld POS at the drive-through to improve productivity so we can capture more of the demand that is there at our drive-through. So we do expect more gradual improvement from this point forward just as our recovery to date has not been linear. We don't think that it's going to necessarily be linear going forward either. But what I will tell you is that the strong momentum that we enjoyed exiting September has continued into the month of October. So we're really pleased with how the first quarter of the new fiscal year is shaping up. But we do expect that the overall pace of progression, that is, the sequential improvements will taper as we get closer and closer to full recovery, and we're very excited about how things are shaping up overall. Thanks, David.

現在，我們必須更加依賴一些新的門市創新，例如路邊取貨或在免下車通道使用手持 POS 機來提高生產力，以便我們能夠抓住免下車通道更多的需求。因此，我們預計從現在開始情況會逐步好轉，就像我們迄今為止的復甦並非線性發展一樣。我們認為未來的發展也不一定會是線性的。但我可以告訴大家的是，我們在九月取得的強勁勢頭一直延續到了十月。所以，我們對新財年第一季的進展非常滿意。但我們預計，隨著我們越來越接近完全康復，整體進展速度（即循序漸進的改善）將會放緩，我們對目前整體的發展感到非常興奮。謝謝你，大衛。

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

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

Roz, can you talk about what you're observing in coffee consumption per capita based on what you observed in the domestic MSR data? What I'm trying to get better understand is that based on improving sales later in the morning and potentially with either members ordering larger beverage sizes and/or MSR guests visiting more frequently versus what you saw a few months ago, can the argument be made that U.S. consumers are functioning on higher caffeine consumption to help get them through the pandemic as work-from-home patterns don't seem likely to reverse for the foreseeable future?

Roz，你能否根據你在國內市場研究數據中觀察到的情況，談談你對人均咖啡消費量的觀察結果？我想更好地理解的是，基於上午晚些時候銷售額的提高，以及會員點購更大杯飲料和/或 MSR 顧客比幾個月前更頻繁地光顧，是否可以認為美國消費者正在通過攝入更多咖啡因來幫助他們度過難關，因為在家辦公的模式在可預見的未來似乎不太可能逆轉？

Sure. So in terms of what we're seeing from customers and their coffee consumption, what we're seeing is that their routines are actually changing, and they're shifting their patterns based on this work from home as you described. So we're seeing our morning business shift to midmorning. We're seeing a shift from our weekday business to our weekends. We've had some extremely strong weekends. And so I think what we're seeing more so in terms of more or less coffee consumption, it is their routines that are adjusting that.

當然。所以，就我們從顧客及其咖啡消費情況來看，我們發現他們的日常習慣實際上正在改變，正如你所描述的，他們正在根據這種在家工作的模式調整他們的習慣。所以我們看到，我們上午的業務高峰期轉移到了上午中段。我們發現業務重心正從工作日轉移到週末。我們最近幾個週末的業績都非常出色。所以我覺得，我們現在看到的咖啡消費量的增減，更多的是人們生活習慣的調整。

The other thing that we've seen, as Pat talked about earlier, is that we're seeing them buy multiple beverages. So we do think that we're seeing them buy maybe in group and for family and for -- and also adding food to those orders. But in terms of coffee consumption, it's hard to say. I do know also, too, that our ready-to-drink business, and John might want to talk about that for a minute, is also improving. So we are holding and retaining our customer throughout the day if they're at retail or if they're at consumer.

正如帕特之前提到的，我們也看到他們購買多種飲料。所以我們認為，他們可能會以團體或家庭為單位購買商品，並且也會在這些訂單中添加食物。但就咖啡消費量而言，很難說。我也知道，我們的即飲飲料業務也在不斷改善，約翰可能想就此談談。因此，無論顧客是在零售店還是在消費商店，我們都能全天留住他們。

Yes. Let me just pick up a little bit on what Roz is talking about. We are seeing rapid growth and share gains for Starbucks down the aisle. And Kevin highlighted that we saw the packaged coffee business here in the U.S. grow 17% in the quarter, far outpacing the category at 9% growth. So we are getting more than our fair share of that growth. In terms of the share growth that we're seeing, the Starbucks brand grew 130 basis points. Our roast and ground share on Starbucks grew 160, and our K-Cup share grew 40 basis points. And then that also translates over into RTD. And in RTD, we saw considerable growth there and in particular, strong share gains both across the addressable RTD coffee category at 50 basis points, chilled coffee at 230 basis points gain and shelf-stable RTD coffee at 140 basis points gain. So as consumers are shifting, Starbucks is available, and they're consuming it in their home and they're turning to us.

是的。讓我稍微補充一下羅茲剛才說的內容。我們看到星巴克在零售業實現了快速成長，市佔率也大幅提升。凱文強調，在美國，包裝咖啡業務在本季度成長了 17%，遠遠超過了該類別 9% 的成長率。因此，我們獲得了遠超過我們應得的成長份額。就我們看到的市佔率成長而言，星巴克品牌成長了 130 個基點。我們在星巴克的烘焙咖啡和研磨咖啡份額增加了 160%，K-Cup 咖啡的份額增加了 40 個基點。然後，這也同樣適用於即飲型飲料（RTD）。在即飲飲料領域，我們看到了相當大的成長，尤其是在可觸達的即飲咖啡類別中，市佔率成長了 50 個基點，冷藏咖啡成長了 230 個基點，常溫即飲咖啡成長了 140 個基點。隨著消費者消費習慣的轉變，星巴克依然存在，人們在家中消費星巴克，他們開始轉向我們。

Our next question comes from the line of Chris O'Cull with Stifel.

我們的下一個問題來自 Stifel 的 Chris O'Cull。

It's great to hear the company is using or analyzing consumer data to evaluate how consumer behavior has shifted, and I know the company has used the data to help identify store closures and Starbucks Pickup locations. But how is the company using the data to improve comp sales? And do you believe you have a lot further opportunities toward that effort?

很高興聽到該公司正在使用或分析消費者數據來評估消費者行為的變化，而且我知道該公司已經利用這些數據來幫助確定門市關閉情況和星巴克取貨地點。但該公司是如何利用這些數據來提高同店銷售額的呢？您是否認為您在實現這一目標方面還有很多進一步的機會？

Yes. Chris, this is Kevin. Let me comment, and then I'll see if Roz and John want to add. But clearly, right now, what the data is telling us and what we've optimized around are experiences that are safe, familiar and convenient. And clearly, in the pandemic -- and part of this is our artificial intelligence tools are monitoring customer behavior and partner sentiment along with data that's fed to us on the spread of COVID to give us insight at a per-store level. But the safe, familiar and convenient is kind of the 3 terms that we would characterize globally that customers are looking for. And that's why, number one, we've deployed these safety protocols consistently throughout our stores. We know how to -- if we can turn the dial up and open more seating or open other channels, we do. If we have to turn the dial back in a market or near a store where the virus is spreading, we know how to do that. And we know how to do that at a store level, community level.

是的。克里斯，這位是凱文。我先說幾句，然後再看看Roz和John是否想補充。但很顯然，目前數據告訴我們的，以及我們圍繞安全、熟悉和便利的體驗所做的優化，都是圍繞著這些體驗展開的。顯然，在疫情期間——其中一部分原因是我們的人工智慧工具正在監控客戶行為和合作夥伴情緒，以及向我們提供的有關 COVID 傳播的數據，以便讓我們獲得每個門市層面的洞察。但安全、熟悉和便利這三個詞，可以說是全球客戶所追求的三大要素。因此，第一，我們一直在所有門市持續推行這些安全措施。我們知道該怎麼做——如果我們能提高音量，增加座位或開闢其他管道，我們就會去做。如果我們必須在病毒傳播的市場或商店附近採取更嚴格的措施，我們知道該怎麼做。我們知道如何在門市層面、社區層面做到這一點。

The convenient part is artificial intelligence tools and the data has shown us if we enable the channels of convenience that Roz and John both described in the U.S. and China, whether it's drive-through, mobile order for pickup, mobile order for delivery, curbside, we enable those channels and then we find ways to increase the throughput in those channels. Roz mentioned increasing the out-the-window time at drive-through. A lot of that's been determined by we know if we add the handheld point-of-sale in a drive-through line and we go out in the line, we can speed up the ordering process, which helps us then better serve customers.

方便之處在於人工智慧工具，數據顯示，如果我們啟用 Roz 和 John 在美國和中國所描述的便捷管道，無論是免下車取餐、手機下單自取、手機下單送貨上門還是路邊取餐，我們啟用這些渠道，然後我們找到提高這些渠道吞吐量的方法。Roz提到要增加免下車取餐時顧客把目光投向窗口的時間。很多事情都是基於這樣的認知：我們知道，如果我們在免下車通道中添加手持式銷售點終端，然後走到隊伍中，我們就可以加快點餐流程，這有助於我們更好地服務顧客。

So the data is helping us understand where we have opportunities to -- first of all, it helps us understand consumer behavior so that we can get the themes that we have to focus on. When we focus on specific areas of that customer experience, that data is helping inform us where we're making progress and where we're unlocking new opportunities for comp growth. And we're doing that across -- certainly across the U.S. and China and then leveraging that to help us rest of world. Roz, maybe you or John, if you have other things you want to add, I'd give you an opportunity to comment.

因此，數據有助於我們了解哪些方面存在機會——首先，它有助於我們了解消費者行為，從而確定我們需要關注的主題。當我們專注於客戶體驗的特定領域時，這些數據可以幫助我們了解我們在哪些方面取得了進展，以及我們在哪些方面發現了新的成長機會。我們正在全美乃至全中國範圍內開展這項工作，並利用這些經驗來幫助世界其他地區。Roz，或者John，如果你還有其他想補充的，我很樂意給你們機會表達意見。

The other area that we are monitoring very closely in terms of customer preferences is combining what we're learning about the customer with our brand equity work that we do and it's fuel -- it's really fueling our beverage innovation. To give you an example, the work that we're doing around contributing to the recovery around beverages, if you look at that, we're growing in the cold space, just monitoring the sales rate of cold, and then optimizing the innovation in that area. So we're using the data to fuel our innovation for the future.

另一個我們在客戶偏好方面密切關注的領域是，將我們對客戶的了解與我們所做的品牌資產工作相結合，這為我們的飲料創新提供了動力——它確實為我們的飲料創新提供了動力。舉個例子，我們正在為飲料行業的復甦做出貢獻，如果你看看這方面，我們會發現我們在冷飲領域不斷發展，我們一直在監測冷飲的銷售速度，然後優化該領域的創新。因此，我們正在利用這些數據來推動未來的創新。

We're also doing that as we look at new ways of managing our equipment. And so when you look at our new equipment that is coming online over this year, it's all AI-enabled. That's also allowing us to learn more about maintenance in the stores and how we apply labor. So we are actually trying to use the data on so many different fronts to actually improve comp performance and monitor where the customer will be in the future.

我們也在探索管理設備的新方法。因此，當你看到我們今年陸續投入使用的新設備時，你會發現它們全部都具備人工智慧功能。這也讓我們能夠更了解門市的維護情況以及我們如何安排勞動力。因此，我們實際上正嘗試從多個方面利用這些數據來真正提高競爭對手的業績，並監控客戶未來的發展方向。

Yes. And I would just add, Chris, from a China perspective, it is -- all the information is telling us, it's about the digital footprint and how we engage our customers and make their ability to interact with Starbucks seamless and frictionless. And so a real big focus on rewards and rewards members. We up-leveled the program in June. Our total rewards members grew 175% year-over-year in the quarter. We're now at 7.2 million members in China. Our 90-day actives grew to 13.5 million or up 34% year-over-year.

是的。克里斯，我還要補充一點，從中國的角度來看，所有資訊都告訴我們，關鍵在於數位足跡，以及我們如何與客戶互動，讓他們能夠與星巴克無縫、無摩擦地互動。因此，我們非常重視獎勵和獎勵會員。我們在六月升級了這個項目。本季我們的獎勵計劃會員總數年增了 175%。我們目前在中國擁有720萬會員。我們的 90 天活躍用戶數成長至 1,350 萬，較去年同期成長 34%。

And then what we're seeing in addition to that is this translation into the Mobile Order & Pay and mobile order and delivery aspect of the business. And that accounted for 26% of transactions in the quarter for China, and that is up versus the low single digits prior to pre-COVID pandemic. So the digital footprint is something that we are investing heavily in, in China to continue to innovate, to continue to rapidly deploy it and engage our customers.

此外，我們還看到這種模式向行動訂購和支付以及行動訂購和配送業務的轉變。這佔中國當季交易量的 26%，而新冠疫情爆發前這一比例僅為個位數。因此，我們正在大力投資數位化足跡，在中國繼續創新，繼續快速部署，並與我們的客戶互動。

And then we've expanded it as well. We now sit across all of Alibaba's platforms as well as the WeChat platform for delivery. And as part of that, we just introduced social gifting for delivery on the WeChat platform. So really building out that footprint in a big way. Starbucks Now exists in 98% of our stores in China, and then the delivery program itself sits at 84% of our footprint in China, covering all our customers. So digital is a big piece.

然後我們也對其進行了擴展。我們現在進駐了阿里巴巴的所有平台以及微信平台進行配送。作為其中的一部分，我們剛剛在微信平台上推出了社交送禮功能。所以，這確實是一項大規模的擴張計畫。Starbucks Now 已涵蓋我們在中國 98% 的門市，而外帶服務涵蓋了我們在中國 84% 的業務範圍，並惠及我們所有的顧客。所以數位化是其中非常重要的一部分。

The other piece that's emerging is this health and wellness. And we've launched the GOOD GOOD campaign earlier this year, which is our plant-based beverages as well as food offerings. And in particular, we're seeing great success with oat milk and the success that that's having, and you're seeing this thirst from our customers around healthy options for themselves. So the team is working hard to develop those. And then obviously, on the store piece, it's the third place environment, how do we continue to innovate around the third place environment, whether it is the Now store, but then also how our Reserve stores showing up and how are we continuing to elevate that brand because the third place is still very, very relevant in China.

另一個正在興起的領域是健康和保健。今年早些時候，我們推出了 GOOD GOOD 活動，其中包括我們的植物性飲料和食物。尤其值得一提的是，燕麥奶取得了巨大的成功，我們的顧客也對健康的選擇表現出了極大的渴望。所以團隊正在努力開發這些產品。然後很明顯，在門市方面，關鍵在於「第三空間」環境，我們如何繼續圍繞「第三空間」環境進行創新，無論是 Now 門市，還是我們的 Reserve 門市，以及我們如何繼續提升該品牌，因為「第三空間」在中國仍然非常非常重要。

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

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

Question on rewards and digital. Your 90-day rewards user growth was 10%, and I was just thinking about how impressive that is given the fact that traffic was down 25% due to COVID. So I guess the Stars for Everyone is working and it's -- and perhaps you think of it this way that it's building your reservoir of digital connections that's maybe understated by rewards users on a regular basis because, of course, there are these people that have opted out lately due to COVID or had their lives disrupted. So are you thinking of it that way that there is a larger pool of lapsed users that would be an easy get on the back end of this that are rewards members but not "regular ones"? And do you have a sense of how large that group is?

關於獎勵和數位化的問題。你們90天的獎勵用戶成長率達到了10%，考慮到受新冠疫情影響，流量下降了25%，這個數字真是令人印象深刻。所以我覺得「人人有星」計畫是有效的，而且——或許你可以這樣想——它正在建立你的數位連接儲備，而獎勵用戶可能經常低估了這一點，因為當然，最近有些人由於新冠疫情或生活受到干擾而選擇退出。所以你的意思是，有大量流失用戶，他們是獎勵會員但不是“普通會員”，在後期很容易重新獲得這些用戶？您知道這個群體有多大嗎？

Roz, do you want to take that?

羅茲，你想拿嗎？

Sure. So just to ground in a few data points there. You're right. At the end of September, our 90-day active Starbucks Reward members grew to about 19.3 million, and that's up more than 10%, as you stated. So what we're seeing in that is that we are engaging our occasional customer, and that is something that we have not been able to do before we introduced Stars for Everyone. So what we're seeing right now is strong activation growth very early on with Stars for Everyone. We're really optimistic in the ability to gain significantly more members in fiscal 2021 of those 90-day active members. We'll continue to innovate around the convenience in that loyalty piece and attract new customers and fueling growth in that area.

當然。所以，這裡先列出幾個數據點。你說得對。正如您所說，截至 9 月底，我們的 90 天活躍星巴克獎勵會員人數增長至約 1,930 萬，增長超過 10%。因此，我們看到的是，我們正在吸引偶爾光顧的客戶，而這是我們在推出「人人有星」活動之前一直無法做到的。所以我們現在看到的是，Stars for Everyone 在早期就實現了強勁的活化成長。我們非常樂觀地認為，在 2021 財年，我們能夠大幅增加 90 天活躍會員的數量。我們將持續在會員忠誠度方面進行創新，提升便利性，吸引新客戶，並推動該領域的成長。

One of the things that we're seeing is that whatever we introduce new now to the stores, we have a much broader audience to introduce that to. So we're seeing quite a bit of pick up there, and we're encouraged by what we see. So we do expect those numbers to climb, and it is bolstered by Stars for Everyone.

我們發現，無論我們現在向商店推出什麼新產品，我們都可以將其推廣給更廣泛的受眾。所以我們看到這方面有相當大的成長，我們對此感到鼓舞。因此我們預期這些數字會攀升，而「人人皆可成為明星」計畫也對此起到了推動作用。

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

我們的下一個問題來自加拿大皇家銀行資本市場的克里斯·卡里爾。

Just on the margin guidance, how does that contemplate the shifts in transaction versus ticket? And I think, Pat, you talked earlier about the growth in food attach. So assuming that there's maybe perhaps normalization there, how does that impact your margin guidance and what's implied there?

僅就利潤率指引而言，該指引如何考慮交易量與出票量的變動？帕特，我想你之前也談到了食品供應的成長。假設情況可能有所好轉，那麼這將如何影響您的利潤率預期以及其中蘊含的意義？

Yes. Thank you for the question. As we thought about the evolution of our margins over the course of fiscal '21, we've taken into account several things. The first and I would say the most important is how we are rebuilding transactions across the year and how that provides us the sales leverage that, as we've learned here in recent months, is so important to our ability to drive improved profitability of our business. We further break that down into which channel it's coming through and what the implications are for average spend and then how we see our mix further shifting.

是的。謝謝你的提問。在思考 2021 財年利潤率的變化時，我們考慮了以下幾個因素。首先，也是我認為最重要的一點，是我們如何在全年重建交易，以及這如何為我們提供銷售槓桿。正如我們最近幾個月所了解到的，銷售槓桿對於我們提高業務獲利能力至關重要。我們進一步細分為透過哪個管道購買，以及這對平均消費有何影響，然後我們再看看我們的組合將如何進一步變化。

So we have taken that into account as we thought through this range of 16% to 17% overall operating margin for the company for the entire fiscal year, recognizing that we will be below the bottom end of that range in the first half of the year and then above the top end of that range in the latter half of the year. And that takes into account not only progression of our sales recovery, but importantly, how we are rebuilding margin while continuing to make investments.

因此，我們在考慮公司整個財年16%至17%的整體營業利潤率範圍時，已經考慮到了這一點，並認識到今年上半年我們將低於該範圍的下限，而下半年我們將高於該範圍的上限。這不僅考慮到了我們銷售復甦的進展，更重要的是，還考慮到了我們如何在繼續投資的同時重建利潤率。

The investments are pretty substantial. Just as we invested heavily through the depths of the crisis, we have some pretty significant investments planned for fiscal '21 behind the things that really drive our business. So we're thinking about what is needed for the long-term to strengthen key points of competitive advantage to unlock future sales growth, and that starts with our partners. So we've planned substantial investments behind enhanced partner wages and benefits. We've planned very substantial investments in technology in order to extend the strength and the growth of our digital platform and how that contributes to our business in ways that both John and Roz have articulated. And then finally, we're making incremental investments behind our bold ambitions in environmental sustainability.

這些投資金額相當可觀。正如我們在危機最嚴重時期進行了大量投資一樣，我們計劃在 2021 財年對真正推動我們業務發展的項目進行一些相當大的投資。因此，我們正在思考長期需要做些什麼來加強關鍵的競爭優勢，從而釋放未來的銷售成長潛力，而這一切都始於我們的合作夥伴。因此，我們計劃投入大量資金來提高合夥人的薪資和福利。我們計劃對科技進行非常大量的投資，以增強我們數位平台的實力和發展，並使其以約翰和羅茲都闡述的方式為我們的業務做出貢獻。最後，我們正在逐步加大投資，以實現我們在環境永續發展方面的宏偉目標。

Those things tend to be offsets to the sales leverage that we realize as we regrow our business and then also the ongoing efficiencies that we gained through operating productivity in our stores as well as ongoing supply chain efficiencies. So it truly is a mix of sales growth, the composition of that growth in terms of how we see both ticket and transactions evolving over the course of the year, and then taking into consideration the investments necessary to strengthen the brand for the long-term because we know those investments are important to maintain those key points of competitive advantage.

這些因素往往會抵消我們在業務重組過程中實現的銷售槓桿效應，以及我們透過提高門市營運效率和持續提高供應鏈效率而獲得的持續效益。因此，這實際上是銷售成長的綜合體現，這種成長的組成取決於我們對全年票務和交易發展趨勢的觀察，同時也要考慮到為長期加強品牌建立所需的投資，因為我們知道這些投資對於保持關鍵的競爭優勢至關重要。

Our next question comes from the line of Gregory Francfort with Bank of America.

我們的下一個問題來自美國銀行的 Gregory Francfort。

I'm going to reask Andrew Charles' question a little bit differently. But I guess when we look at the coffee category, you guys in the U.S. are back to almost flat. Dunkin' is comping modestly positive. I guess you're pointing out that the grocery store business is up. Where is that share coming from? Is it coming from independent coffee shops? Is it coming from other limited service players? Or are Americans just getting overcaffeinated at the moment? Just curious of your thoughts on that matter.

我打算換個方式重新問安德魯查爾斯的問題。但我覺得，就咖啡類別而言，你們美國的咖啡市場幾乎又回到了停滯狀態。Dunkin' 的業績略為偏好。我想你是想說雜貨店的生意變好了。這部分股份來自哪裡？這些咖啡是來自獨立咖啡店嗎？是否來自其他有限服務業者？或者說，美國人最近只是咖啡因攝取過量了？只是好奇你對此事的看法。

Well, thanks for the question. I'll kind of go back to some data we shared on the addressable market of coffee at our last investor conference. And if you recall, the projection was that the addressable market of coffee was going to be growing at roughly a 5% CAGR year after year. And where I think there was probably a little bit of a blip back in March and April during the period where people were sheltering at home, I don't think that has slowed down the growth for the addressable market of coffee. So if the question is do we believe the market for coffee is growing and going to continue to grow? The answer is yes.

謝謝你的提問。我打算回顧我們在上次投資者大會上分享的關於咖啡潛在市場的一些數據。如果你還記得的話，當時的預測是咖啡市場的目標市場將以每年約 5% 的複合年增長率成長。雖然我認為在三月和四月人們居家隔離期間，咖啡市場可能出現了一些波動，但這並沒有減緩咖啡目標市場的成長。所以，如果問題是：我們是否相信咖啡市場正在成長並將繼續成長？答案是肯定的。

Then the second part is how are we doing on gaining share. I think as John Culver highlighted, when you look at at-home coffee, clearly, the data that we're getting from down the aisle is we are growing significant share in a rapidly growing market for at-home coffee. And if you look at what we've tracked over the last several months where we've grown our same-store comparables in the U.S. on a sequential basis and we track that, we have regained the substantial portion of the share that we probably gave back when we shut down all of our stores in April.

第二部分是我們在取得市場佔有率方面做得如何。我認為正如約翰·庫爾弗所強調的那樣，當你觀察家庭咖啡市場時，很明顯，我們從消費者那裡得到的數據表明，我們在快速增長的家庭咖啡市場中獲得了相當大的份額。如果你看看我們過去幾個月追蹤的數據，你會發現我們在美國同店銷售額逐週增長，我們已經重新獲得了我們在 4 月關閉所有門市時可能失去的大部分市場份額。

So I think we are in a growing addressable market of coffee. I think we are in a share-taking position. I think the investments that we are making for trade area transformation and everything that we have done to tune the customer experience, the beverage innovation and our digital customer relationships, we are poised for ongoing share gains in a growing addressable market for coffee.

所以我認為我們正處於一個不斷成長的咖啡市場。我認為我們處於收購市場份額的地位。我認為，我們為貿易區轉型所做的投資，以及我們為改善客戶體驗、飲料創新和數位化客戶關係所做的一切努力，都使我們有能力在不斷增長的咖啡目標市場中持續獲得份額成長。

Our next question comes from the line of Katherine Fogertey with Goldman Sachs.

我們的下一個問題來自高盛的凱瑟琳·福格蒂。

Great. It was really helpful, the levers of guidance that you provided on the call today. Just curious, so as we contemplate the potential for second wave or for the virus to kind of resurge or even potentially, the consumer spending to weaken from here, what are the levers that you have to pull? How committed are you to these strategic investments? And then maybe said another way, should the flow-through be roughly 50%? Or are there reasons to believe that it might kind of revert closer to levels that you saw earlier this year?

偉大的。今天通話中您提供的指導建議真的很有幫助。我只是好奇，當我們考慮第二波疫情的可能性，或者病毒可能再次爆發，甚至消費者支出可能從此減弱時，你們可以採取哪些措施？您對這些策略投資的投入程度如何？換句話說，流通率應該約為 50% 嗎？或者是否有理由相信它可能會回落到今年早些時候的水平？

Katherine, let me comment, and then I'll hand over to Pat to add to this. First of all, one of the things -- when I talked about in my comments about resilience, what I believe to be true is we have developed these store protocols that now have been embedded in the operation processes for how we run our Starbucks stores around the world. And those store protocols have -- they are enabling us to operate in the world of COVID. And so even in the world of COVID where in certain markets it's -- the curve is increasing, in other markets the curve is flattening, we've been able to see sequential improvements in same-store comparables.

凱瑟琳，讓我先說幾句，然後我把麥克風交給派特，讓他補充一下。首先，我剛才在談到韌性時提到的一點是，我認為事實是我們已經制定了這些門市規程，這些規程現在已經融入到我們經營全球星巴克門市的流程中。這些門市防疫措施使我們能夠在新冠疫情下正常運作。因此，即使在新冠疫情肆虐的當下，某些市場的曲線正在上升，而另一些市場的曲線正在趨於平緩，我們也能夠看到同店銷售額的連續改善。

And I attribute that to the fact that those store protocols we've now operationalized. We know how to keep our partners safe. We know how to serve coffee to our customers in our store and keep our customers safe. And we are staying true to what really drove the turnaround of this company over the last 2 or 3 years, which is elevating the customer experience, relevant beverage innovation and digital customer relationships.

我認為這要歸功於我們現在已經實施的那些商店協議。我們知道如何保障合作夥伴的安全。我們知道如何在店內為顧客提供咖啡服務，並確保顧客的安全。我們始終堅持過去兩三年推動公司轉虧為盈的真正動力，那就是提升客戶體驗、進行相關的飲料創新以及建立數位化客戶關係。

So if I look at what's -- you think about what could unfold over the next year or so, we're operating in this environment. And I feel very confident we know how to do that because we've built this new level of resilience throughout the company to do that. That said, the investments -- many of the investments Pat has described are long-term investments that are going to pay great returns for shareholders years to come. So for us, it's more about are we building long-term shareholder value versus are we having to tune those investments quarter-to-quarter.

所以，如果我看看——想想未來一年左右可能發生的事情，我們正處於這樣的環境中。我非常有信心我們知道如何做到這一點，因為我們已經在整個公司建立了這種新的韌性水平來實現這一點。也就是說，帕特所描述的許多投資都是長期投資，將在未來幾年為股東帶來豐厚的回報。所以對我們來說，更重要的是我們是否在創造長期的股東價值，而不是我們是否需要每季調整這些投資。

Now we have some flexibility in that. But at the end of the day, we want to play the long game. And we are so well positioned right now, in my opinion, because we have now adapted the way we operate the company for this world of COVID. We've identified the shifts in consumer behavior. We're rapidly adapting to that new reality. We're investing ahead of that curve in a growing addressable market for coffee. And that just positions us to come out of this gaining massive amounts of share, creating significant shareholder value. And so we're operating playing the long game. Now that said, I'll let Pat comment on the part of your question that said, hey, if we hit some unforeseen things, how much flexibility do we have on the cost side. So Pat?

現在我們在這方面有了一定的彈性。但歸根究底，我們希望著眼長遠。在我看來，我們現在處於非常有利的地位，因為我們已經調整了公司的運作方式，以適應新冠疫情下的世界。我們已經發現了消費者行為的改變。我們正在迅速適應這種新的現實。我們正在搶佔先機，投資於不斷成長的咖啡市場。這將使我們能夠從中獲得更多股份，創造巨大的股東價值。因此，我們採取的是長遠策略。話雖如此，我還是讓 Pat 來回答你問題中的那部分，那就是：如果我們遇到一些意想不到的事情，我們在成本方面有多少靈活性？所以，帕特？

I think Kevin said it really well in terms of the level of resilience that we've built into our business, which gives us the ability to manage much more effectively going forward. And we have seen examples already just in the last couple of quarters, whether in Beijing and Dalian in China or as well as in states like California, Texas and Florida in the U.S., where in each case, we've been able to work with local authorities, adjust our store operations as needed. And we found that the operational disruption of this second wave, so to speak, is less severe than the initial wave in terms of the depth of impact and its duration.

我認為凱文很好地闡述了我們業務中建立的韌性水平，這使我們能夠更有效地進行未來的管理。在過去的幾個季度裡，我們已經看到了這樣的例子，無論是在中國的北京和大連，還是在美國的加利福尼亞州、德克薩斯州和佛羅裡達州等地，在每一種情況下，我們都能夠與當地政府合作，根據需要調整我們的門市營運。我們發現，從影響深度和持續時間來看，第二波疫情造成的營運中斷程度比第一波輕。

Now if, in fact, we see a more significant impact that goes beyond our ability to manage, as Kevin has described through our ability to dial up and dial back, then I would expect that there would be some margin compression. We will do our best, as we did through the depths of the pandemic, to slow discretionary spending where it makes sense, to slow CapEx where it makes sense. But we are absolutely committed to making the investments that we know are essential to our ability to strengthen our brand positioning, to strengthen our key points of competitive advantage. They are going to put us in the best position to unlock the full value of the Starbucks brand for the long term. And we have the financial ability and we have the balance sheet to continue to make those investments as we did and ensure that for the long term, we are the best positioned in the category.

如果實際情況是，我們確實看到了超出我們管理能力範圍的更重大影響，正如凱文所描述的那樣，我們無法透過調整或擴大規模來應對，那麼我預計利潤率會受到一定程度的壓縮。我們將盡最大努力，就像我們在疫情最嚴重時期所做的那樣，在合理的地方放緩可自由支配的支出，在合理的地方放緩資本支出。但我們絕對致力於進行我們認為對加強品牌定位、鞏固關鍵競爭優勢至關重要的投資。他們將使我們處於最佳位置，從而從長遠角度釋放星巴克品牌的全部價值。我們擁有足夠的財力和資產負債表，可以像過去一樣繼續進行這些投資，並確保從長遠來看，我們在該領域處於最佳地位。

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

我們的下一個問題來自瑞銀集團的丹尼斯·蓋格。

Curious if you could frame up whether the bigger opportunity to continue to drive sales is more about the operational adjustments to meet the existing demand or about opportunities to drive new incremental demand, just if you can parse that out. I know a lot's been shared on kind of the innovative operational adjustments in recent months to meet that current demand. And I know you talked about how -- the schedule for continued rollout of curbside and handheld, et cetera.

我很想知道，能否分析一下，繼續推動銷售的更大機會究竟在於調整營運以滿足現有需求，還是在於創造新的增量需求？我知道最近幾個月來，為了滿足當前的需求，大家分享了許多關於創新營運調整的資訊。我知道您談到如何繼續推出路邊取貨和手持取貨等服務的具體安排。

So just kind of curious, factoring all that in, where we are kind of on that meeting these existing demand time line, thinking about your employees and your partners doing a better job even at being more efficient in this new environment with what they have plus the new stuff coming. Just curious if you could kind of frame up those 2 components a bit more.

所以，我很好奇，考慮到所有這些因素，我們在滿足現有需求的時間表方面處於什麼位置，同時還要考慮您的員工和合作夥伴如何在新的環境下，利用他們現有的資源以及即將到來的新事物，做得更好、更有效率。我只是想請您再詳細解釋一下這兩個組成部分。

Yes. Thanks. Roz, why don't you go first and then let me add a thought.

是的。謝謝。羅茲，不如你先說，然後讓我補充一些想法。

Yes. So what you're seeing right now is an acceleration of plans that we had that were planned to take place over the next 3 to 5 years, and what we're doing is accelerating our innovation particularly around trade area transformation to reposition our stores for growth. And so the new formats that you see coming to market were planned for our future growth. And so we're bringing on more productivity within these models. It will help us optimize sales but actually expand our margin position. So you're seeing accelerated innovation right now. We're moving a lot faster and bringing our innovation forward, and that was all based on future growth. So we're moving in that direction just at a faster pace.

是的。所以，你們現在看到的是我們原計劃在未來 3 到 5 年內實施的計劃正在加速推進，我們正在加速創新，尤其是在商圈轉型方面，以重新定位我們的門店，促進成長。因此，您現在看到的即將上市的新產品形式，都是為了我們未來的發展而規劃的。因此，我們正在提高這些模型的生產力。這將有助於我們優化銷售，但實際上會擴大我們的利潤空間。所以你現在看到的是加速創新。我們的發展速度更快，創新步伐也更快，而這一切都是基於對未來成長的預期。所以我們只是以更快的速度朝著那個方向前進。

Yes. And I'll just add that certainly, what we've done with Stars for Everyone and the investments we're making in digital, that's all about long-term growth in relationships. That's why as we launched Stars for Everyone, we're tracking the number of new app downloads each week, and we've seen that spike. We track the number of new rewards customers we sign up. We're seeing that go up. We track the number of inactive rewards that we -- members that we convert to active rewards members. So that expanded customer reach digitally is going to be a huge asset even, I'll say, post-COVID or post-vaccine.

是的。我還要補充一點，我們透過「人人皆可成為明星」計畫所做的一切，以及我們在數位領域的投資，都是為了建立長期的合作關係。這就是為什麼我們在推出「人人有星」活動時，每週都會追蹤新的應用程式下載量，並且我們已經看到了下載量的激增。我們會追蹤新註冊的獎勵計畫客戶數量。我們看到這個數字正在上升。我們會追蹤不活躍獎勵會員的數量，並將這些會員轉化為活躍獎勵會員。因此，即使在新冠疫情之後或疫苗問世之後，擴大數位化客戶覆蓋範圍仍將是一筆巨大的資產。

But the fact that we're focusing on customer experience, beverage innovation in addition to digital is important for the following reason. People are craving the opportunity to socialize right now, and they can't. Everyone's being careful: working from home, schooling from home, being cautious when they go out. So safe, familiar and convenient is important right now. But once there's a vaccine and therapeutics that now allow people to feel more comfortable socializing and being part of the community, we predict there's going to be a huge, huge demand for that third place experience again, that seating in those stores and people coming to enjoy their beverage and their food with others and socialize in our stores and be a part of the community. Once -- but this is down the road when there's vaccine and therapeutics. There's going to be a huge, huge wave of demand for that.

但我們之所以專注於客戶體驗和飲料創新以及數位化，是因為以下原因。人們現在渴望社交，卻無法實現。每個人都很小心：在家工作，在家學習，外出時也很謹慎。所以，安全、熟悉和方便在當下非常重要。但是，一旦有了疫苗和治療方法，人們就可以更安心地進行社交活動並融入社區，我們預測，人們對「第三空間」體驗的需求將會再次大幅增長，人們可以在這些商店裡坐下來，與他人一起享用飲料和食物，在我們的商店裡進行社交活動，成為社區的一份子。曾經有過一次——但這要等到疫苗和治療方法出現之後才會發生。屆時將會出現龐大的市場需求。

And so not only are we laying the foundation with the digital relationships and taking care of our customers with safe, familiar, convenient, but we are also investing and ensuring that when that demand unfolds, that third place experience will be at the pinnacle of serving those customers who want to come and be a part of the community and socialize again because that's what -- that's something that we all aspire for.

因此，我們不僅在透過數位化關係奠定基礎，並以安全、熟悉、便捷的方式照顧我們的客戶，而且還在投資和確保，當這種需求出現時，這種「第三空間」體驗將達到頂峰，為那些想要來到這裡成為社區的一份子並再次進行社交的客戶提供服務，因為這就是——這就是我們所有人所渴望的。

Our final question comes from the line of Andrew Strelzik with BMO Capital Markets.

最後一個問題來自 BMO 資本市場的 Andrew Strelzik。

Great. That's actually a good segue for my question. I was actually hoping you could share more color on what you observe when you open the lobbies with full or partial seating, things like how quickly customer behaviors change once you do that, how incremental it is to comps, how that check growth for that customer compares to the overall check growth that you shared. And if there's any regional differences or nuances, I'd be interested in that as well.

偉大的。這正好引出了我的問題。我其實希望您能更詳細地分享一下，當您開放大廳並提供全部或部分座位時，您觀察到的情況，例如，一旦這樣做，顧客的行為會以多快的速度發生變化，這對免費贈品的影響有多大，以及該顧客的消費增長與您分享的整體消費增長相比如何。如果有任何地區差異或細微差別，我也很感興趣。

Roz?

羅茲？

So Andrew, in terms of what we're seeing as we reopen seating in our stores, we actually saw, first of all, a great need and demand for this. We immediately saw people working in our stores, bringing their work into our cafés and sitting for long periods of time. We had adjusted seating in all of our stores, so there's social distancing in the stores. We also have new cleaning protocols in the stores so that when someone leaves the table and a new customer comes in, they know that the table is clean. So the feedback that we're getting from our customers is that they feel safe and clean inside a Starbucks, that we're providing them safety, we're providing that familiarity and then we're introducing them to our new beverage lineup. And so we're seeing great customer engagement right now as we open seating.

所以安德魯，就我們重新開放店內座位的情況來看，我們首先看到的是，人們對這方面有很大的需求。我們很快就發現，有人在我們的商店工作，然後把工作帶到我們的咖啡館裡，長時間坐在那裡。我們調整了所有門市的座位安排，以確保店內保持社交距離。我們在店內也制定了新的清潔規程，這樣當有顧客離開餐桌，新顧客進來時，他們就知道餐桌是乾淨的。我們從顧客那裡得到的回饋是，他們覺得在星巴克安全又乾淨，我們為他們提供了安全感，提供了熟悉感，然後我們向他們介紹了我們的新飲品系列。因此，隨著我們開放座位，目前我們看到了顧客的高度參與。

In terms of regional activity that we're seeing, so in central business districts likely in like the New York financial district where businesses haven't opened, as you can imagine, traffic is still [slight] in some of those stores. That's that 6% that you see that has not reopened. And then lastly, I would tell you that we are seeing movement towards purchasing your coffee at stores near your home. So our metro suburban areas are doing well. Drive-throughs are doing well and actually, seating in those metro suburban areas are doing extremely well. We're also seeing just great customer engagement even with people still coming through the drive-through window and taking advantage of the work that we're doing with curbside.

就我們目前看到的區域活動而言，例如在像紐約金融區這樣的中心商業區，由於商家尚未開業，你可以想像，其中一些商店的客流量仍然很小。那就是你看到的尚未重新開放的6%的商家。最後，我想告訴大家，我們看到人們越來越傾向於在家附近的商店購買咖啡。所以我們都會郊區的情況都很好。得來速餐廳生意很好，實際上，在那些大都市郊區，堂食生意也非常好。我們也看到，即使人們仍然透過免下車窗口前來，並利用我們在路邊取貨方面所做的工作，顧客的參與度也非常好。

So it's full engagement. And what we're really pleased about is that you can access coffee just about in any way that you feel safe, and that's the feedback that we are getting from our customers.

所以這是全面投入。我們真正感到高興的是，您幾乎可以透過任何您覺得安全的方式獲得咖啡，這也是我們從顧客那裡得到的回饋。

Yes, I'll just reinforce what Roz said. When we open a café for limited seating, the response is immediate and the impact on same-store comp is immediate. Customers are craving that, and we do it in a safe way. And as long as we continue to stay true to our principles about prioritizing the health and well-being of our Starbucks partners and the customers we serve and partnering with local health officials to help mitigate, contain the spread of the virus and showing up in a positive and responsible way in the communities we serve, as long as we stay true to those principles, provide that great experience and do it in a safe way and continue to innovate with relevant new beverages and expand digital, we are well positioned. And we know how to do this.

是的，我同意羅茲的說法。當我們開設一間座位有限的咖啡館時，顧客的反應立竿見影，對同店銷售的影響也立竿見影。顧客渴望這種體驗，而我們以安全的方式滿足他們的需求。只要我們繼續堅持以星巴克夥伴和顧客的健康福祉為先的原則，與當地衛生官員合作，幫助減輕和控制病毒的傳播，並在我們服務的社區中以積極負責的方式出現，只要我們堅持這些原則，提供優質的體驗，並以安全的方式進行，不斷創新推出相關的新飲品，並拓展數位化業務，我們就處於有利地位。我們知道該怎麼做。

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

問答環節到此結束。現在我謹將電話交給凱文‧約翰遜先生，請他作總結發言。

Well, thank you, everyone. As we conclude the call today, I want to thank you all again for joining us. As always, we're committed to leading into the future and communicating with all of you transparently and communicating with all our stakeholders transparently, balancing our company's purpose and profit and keeping you informed of our aspirations and the progress along the way. To that end, we look forward to hosting you soon and talking about our path forward at our virtual December 9 Investor Day, and we hope you can all join us virtually for that. And we want to take this opportunity to wish you and your families a happy Halloween and warm wishes for the holiday season ahead.

謝謝大家。今天通話即將結束，我再次感謝各位的參與。一如既往，我們致力於引領未來，與各位以及所有利害關係人保持透明溝通，平衡公司的目標和利潤，並隨時向大家通報我們的願景和進展。為此，我們期待盡快與您見面，並在 12 月 9 日的線上投資者日上與您探討我們的未來發展方向，我們希望大家都能在線上與我們相聚。我們謹藉此機會祝福您和您的家人萬聖節快樂，並祝福您即將到來的節慶季節一切順利。

And yes, holiday season is upon us, and next week, our Peppermint Mocha returns for its 18th year alongside an exciting holiday menu in our stores. So we hope to see you at Starbucks where we are going to create that safe, familiar and convenient experience for each of you in our stores or at the curbside or at the drive-through window, whatever fits your needs. And we hope to bring a little holiday spark to you and your loved ones in the weeks ahead. So thanks for joining us.

沒錯，節日季節即將到來，下週，我們的薄荷摩卡咖啡將迎來第 18 個年頭，同時我們的門市還將推出令人興奮的節日菜單。所以我們希望在星巴克見到您，我們將竭盡所能，無論是在店內、路邊還是得來速窗口，為您打造安全、熟悉、便捷的體驗，滿足您的各種需求。我們希望在接下來的幾周里，能為您和您的家人帶來一些節日的歡樂氣氛。謝謝您的參與。

This concludes Starbucks Coffee Company's Fourth Quarter and Fiscal Year 2020 Conference Call. You may now disconnect your lines.

星巴克咖啡公司2020財年第四季及全年電話會議到此結束。現在您可以斷開線路了。