星巴克 (SBUX) 2020 Q4 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是德文，今天我將成為您的會議接線員。

I would like to welcome everyone to Starbucks Coffee Company's Fourth Quarter and Fiscal Year 2020 Conference Call.

我想歡迎大家參加星巴克咖啡公司 2020 年第四季度和財年電話會議。

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

（操作員說明）我想現在將電話轉給投資者關係副總裁 Durga Doraisamy。

Ms. Doraisamy, you may now begin the conference.

Doraisamy 女士，您現在可以開始會議了。

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

大家下午好，感謝您今天加入我們，討論我們的第四季度和 2020 財年業績。

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

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

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

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

This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements.

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

Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K and quarterly report on Form 10-Q.

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

In addition, we estimate the impact of COVID-19 by comparing actual results to our previous forecast.

此外，我們通過將實際結果與我們之前的預測進行比較來估計 COVID-19 的影響。

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.

這些預測是在病毒傳播之前做出的，是基於當時可用的信息和各種假設，我們認為這些假設是合理的。

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

星巴克不承擔更新任何這些前瞻性陳述或信息的義務。

GAAP results in fiscal 2020 include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items.

2020財年的公認會計原則結果包括與戰略行動相關的幾個項目，包括重組和減值費用、交易和整合成本以及其他項目。

These items are excluded from our non-GAAP results.

這些項目不包括在我們的非公認會計原則結果中。

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

對於今天電話會議中提到的某些非 GAAP 財務指標，請訪問我們的網站investor.starbucks.com 以查找其相應的 GAAP 指標以及這些非 GAAP 財務指標與其相應 GAAP 指標的對賬。

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, November 27, 2020.

本次電話會議正在進行網絡直播，網絡直播的存檔將於 2020 年 11 月 27 日星期五之前在我們的網站上提供。

I will now turn the call over to Kevin.

我現在將把電話轉給凱文。

Kevin?

凱文？

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

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.

2020 年是不平凡的一年，這個星球上的每個人都在應對全球流行病以及隨之而來的所有影響。

This shared experience gives us much to reflect upon, learn from and be inspired by.

這種共同的經歷給了我們很多反思、學習和啟發的機會。

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.

我為星巴克合作夥伴的反應感到非常自豪，他們齊心協力互相支持，為我們的客戶和服務社區創造安全和熟悉的體驗。

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.

自豪地穿著綠色圍裙的星巴克合作夥伴一直站在這些努力的最前沿，我非常感謝他們在整個旅程中表現出的勇氣、同情心和奉獻精神。

They inspire me and fuel my positive outlook for the future.

他們激勵著我，激發了我對未來的積極展望。

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

我希望你從今天的電話會議中帶走三個詞：信心、韌性和樂觀。

Let me explain.

讓我解釋。

First, in the most dynamic of times, Starbucks is consistently executing.

首先，在最具活力的時代，星巴克始終如一地執行。

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.

我們的複蘇進展非常順利，第四季度的銷售額和利潤都好於預期，這給了我們前進的信心。

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，我們加快了多項增長戰略，並正在快速創新以適應新的客戶行為和偏好，為未來建立新的彈性水平。

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.

第三，星巴克的合作夥伴已經挺身而出，再加上提升客戶體驗的創新議程，引入了令人興奮的新飲料並擴展了我們的數字客戶關係，使我們處於有利地位，讓我對 21 財年充滿了樂觀情緒以及星巴克咖啡公司的未來。

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.

在這個前所未有的時代，星巴克比以往任何時候都更加專注於進行必要的投資，以定位我們的品牌和公司以取得長期成功。

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.

我們將保持嚴謹的方法來投資於我們一流的數字生態系統，並使我們的產品組合、商店基礎和合作夥伴主導的客戶體驗與不斷變化的偏好和消費模式保持一致。

Our track record of delivering across these areas underpin the resilience of our business during this pandemic and will support Starbucks' continued leadership.

我們在這些領域的業績記錄鞏固了我們在這場大流行期間業務的彈性，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.

讓我從美國開始，我對我們在美國的銷售復甦感到非常滿意，它的進展速度比我們在 2020 財年最後一個季度的預期要快。

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.

我們在本季度結束時，9 月份的可比商店銷售額下降了 4%，與僅 5 個月前在大流行深度時經歷的約 65% 的下降相比，有了很大的改善。

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.

與去年同期相比，美國第四季度可比商店銷售額下降了 9%，遠高於我們指導範圍的較好範圍。

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.

重要的是，美國的交易量在整個季度穩步攀升，因為我們有條不紊地小心地恢復了店內座位，當我們退出本季度時，大約 63% 的美國商店提供有限的座位。

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.

整個季度的票價增長相對穩定，約為 20%，顯著高於歷史水平，這得益於我們的得來速渠道持續強勁，客戶傾向於下更大的訂單。

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.

我們美國經濟復甦的核心一直是堅持不懈地專注於快速創新、適應和調整新的客戶行為，同時繼續推動對我們的規模增長議程至關重要的 3 項戰略：提升客戶體驗、推動相關飲料創新並擴大數字客戶參與度。

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.

我們規模化增長戰略的第一個支柱，客戶體驗，是星巴克的一個關鍵競爭優勢，並且隨著客戶現在比以往任何時候都更加尋求星巴克獨特提供的舒適和關懷，這種東西正在帶來紅利。

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.

隨著客戶繼續適應在家工作和在家學習，他們渴望安全、熟悉和方便的體驗，並相應地改變了他們的購買行為。

And we've adapted rapidly to meet those evolving needs.

我們已經迅速適應了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.

從廣義上講，我們已經看到美國的交易從密集的地鐵中心轉移到郊區，從咖啡館轉移到免下車，從清晨到中午，週末恢復速度超過了恢復速度。

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.

我們調整了我們的運營以匹配這些新的客戶行為模式，包括多個新協議，為我們的合作夥伴和客戶提供安全的體驗。

And this has resulted in customer connection scores which are well above prior year levels.

這導致客戶連接分數遠高於去年的水平。

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.

自此次大流行開始以來，通過照顧我們的合作夥伴，在極度脆弱的時候為他們提供經濟確定性，我們成功地保持了非常高水平的合作夥伴參與度，這以高質量的客戶體驗的形式得到了回報，那些激勵星巴克顧客繼續光顧的最佳時刻。

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.

作為這些交通變化的證據，美國的銷售業績分別對我們第四季度和 9 月份的免下車地點和郊區商店產生了積極的影響。

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.

儘管這被我們密集的地鐵商店的負銷售收入所抵消，特別是在工作日，但這些數字反映了這樣一個事實，即我們大約 3% 的商店在整個季度暫時關閉，有效地壓低了市場收入約 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.

為了提高我們郊區地點的吞吐量並適應更高的交易量，我們已經在大約 800 個美國公司運營的地點推出了路邊取貨服務，並有望在 2021 財年年底前在美國的近 2,000 家商店中開展業務。

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.

我們還向大約 100 家商店推出了手持式銷售點設備，目標是在第一季度末將這些設備部署到大約 400 家額外的商店。

And we are continuing to restore in-store seating across all of our stores in the U.S. as conditions allow.

如果條件允許，我們將繼續在美國所有商店恢復店內座位。

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.

基於我們客戶體驗的優勢，差異化產品也繼續成為重要的流量驅動因素，包括季節性產品和新的創新產品。

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.

我們的 Pumpkin Spice 平台於 8 月下旬重新啟動，這是我們第四季度業績的催化劑，去年首次推出的 Pumpkin Cream Cold Brew 於本季的銷量實際上超過了 Pumpkin Spice Latte，使整個南瓜平台的日均日均量創下歷史新高單位。

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.

我們的冷飲繼續與以星巴克 Refreshers 和 Cold Brew 為首的客戶產生共鳴，兩者均已交付——在第四季度實現了兩位數的增長，並受到星冰樂飲料同比正增長的推動。

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.

這些結果不僅反映了我們產品的吸引力，還反映了我們營銷活動的有效性，在顧客渴望恢復正常的時候，這增強了星巴克品牌的信任和熟悉度。

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.

最後，隨著客戶越來越多地尋求便捷和非接觸式體驗，我們不斷擴大的免下車業務和行業領先的移動平台，我們提高數字客戶參與便利性的主要工具，對我們的複蘇勢頭起到了重要作用。

As evidence of this, approximately 75% of U.S. sales volume in Q4 was drive-through and mobile orders.

作為證據，第四季度美國約 75% 的銷售額來自免下車和移動訂單。

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.

儘管這比第三季度的 90% 顯著下降，反映出隨著我們逐步恢復咖啡館的座位，第四季度大量轉移到本地位置，但這明顯高於 COVID 之前的水平，約佔銷售額的 60%。

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.

此外，我們的移動訂單交易量繼續增長，從第二季度的 18% 增長到第四季度的 24%，這得益於我們對移動應用程序的持續改進以及我們營銷渠道中消息傳遞的增加，以提高知名度，為我們的移動設備引入更多客戶應用程序，它推動了移動訂單的參與並在運營上使我們受益。

Of course, another key driver of increased digital customer engagement is our Starbucks Rewards program.

當然，提高數字客戶參與度的另一個關鍵驅動因素是我們的 Starbucks Rewards 計劃。

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.

在第四季度，星巴克獎勵連續第二個季度推動了 47% 的美國公司運營投標，高於我們在 COVID-19 出現之前的第一財季的 43%。

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.

重要的是，正如我之前所概述的，星巴克獎勵的貢獻在整個季度有所改善，並回到了 COVID 之前的水平，這主要是由於會員支出的恢復和更高的移動訂單和支付使用率。

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.

此外，我們的 90 天活躍獎勵會員群在第四季度增加了 300 萬會員，接近 COVID 之前的水平，達到 1930 萬，比去年增長 10%。

The successful launch of Stars for Everyone in mid-September was a key highlight in the quarter.

Stars for Everyone 於 9 月中旬成功推出，是本季度的一大亮點。

The momentum we saw in the number of customers who downloaded the Starbucks app in Q3 continued throughout Q4.

我們在第三季度下載星巴克應用程序的客戶數量中看到的勢頭在整個第四季度都在持續。

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.

與第三季度相比，第四季度加入星巴克獎勵計劃的活躍客戶數量略有增長，這可能得益於季度末推出的 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.

這些早期結果表明，獎勵支付選項的靈活性，包括取消使用儲值卡來賺取星星的要求，正在引起客戶的共鳴。

This gives us optimism regarding our ability to meaningfully grow the number of 90-day active Starbucks Rewards members in fiscal 2021.

這讓我們對在 2021 財年有意義地增加 90 天活躍的星巴克獎勵會員數量的能力感到樂觀。

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.

在繼續我們的美國業務之前，我想提醒您，正如我們在 6 月宣布的那樣，我們正在通過關閉業績不佳的商店來加速我們密集的地鐵業務的轉型，同時繼續吸引客戶的流量。需要我們成為，包括現有的免下車商店、路邊等新業態和更高效的星巴克取貨地點。

We expect much of this work to be completed in the next 12 to 18 months.

我們預計大部分工作將在未來 12 到 18 個月內完成。

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.

與此同時，我們仍然專注於開發免下車地點的戰略，主要是在郊區和半農村地區，通過大容量、高利潤的商店擴大星巴克品牌的影響力，為我們的客戶提供他們所尋求的便利.

We continue to grow our delivery business through our partnership with Uber Eats, providing customers the ultimate form of convenience.

通過與 Uber Eats 的合作，我們繼續發展我們的外賣業務，為客戶提供終極便利。

I could not be more excited about the upward trajectory and level of innovation we're seeing in our U.S. business.

我對我們在美國業務中看到的上升軌跡和創新水平感到非常興奮。

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

我現在將轉到中國，我們的第二個領先增長市場。

Building on the positive momentum in Q3, China demonstrated sequential improvements in monthly comparable store sales across Q4, delivering minus 3% for the quarter.

在第三季度的積極勢頭的基礎上，中國在第四季度的月度可比商店銷售額連續改善，該季度實現了負 3%。

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.

這符合我們的預期，這些舉措與我在美國所描述的非常相似：出色的客戶體驗；新產品創新，特別是我們新的[茶]雲平台；並繼續擴展我們的數字平台。

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.

但在我看來，中國經濟復甦最引人注目的是新店開發的快速重新加速，這是我們在中國增長的第一大驅動力。

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.

我很高興地說，儘管大流行帶來了充滿挑戰的環境，但我們在第四季度突破了 4,600 家和 4,700 家門店的里程碑，僅在第四季度就開設了近 260 家門店。

That's an impressive 581 stores or 14% growth in the last 12 months.

這是令人印象深刻的 581 家門店，在過去 12 個月中增長了 14%。

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.

考慮到我們從 1 月下旬開始暫停在中國的新店開發活動幾個月，這是團隊取得的令人難以置信的成就。

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.

我們嚴謹的門店開發方法正在取得成效，因為這些新門店開局良好，早期回報與疫情爆發前的水平基本一致。

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.

作為我們在中國的門店開發計劃的一部分，當地團隊創新了一種新的零售業態，以滿足便利狀態的需求，即星巴克現在，這與美國的星巴克皮卡非常相似。星巴克中國憑藉速度和敏捷性開設了 40現在在 2020 財年在中國 9 個城市開設門店。

Early results are very encouraging, and the team is increasing the pace of development for this innovative concept.

早期的結果非常令人鼓舞，團隊正在加快這一創新概念的開發步伐。

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.

在數字方面，我們看到我們在中國的移動平台持續強勁，移動訂單銷售組合在過去 12 個月翻了一番以上，在第四季度達到 26%，其中 13% 來自交付，13% 來自移動訂單和支付，遠高於我們在 COVID 之前看到的青少年中期水平。

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.

我們在 2020 財年在中國推出的數字創新，包括新的微信小程序和增強的星巴克獎勵計劃以及我們與阿里巴巴的數字合作夥伴關係，推動了客戶參與度和活躍的星巴克獎勵會員的強勁連續增長。

In Q4, China's 90-day active members increased 36% over Q3 to 13.5 million, representing 34% growth over the prior year.

第四季度，中國 90 天活躍會員比第三季度增長 36%，達到 1350 萬，比上年增長 34%。

As with the U.S. business, I'm incredibly proud of the continued recovery and industry-leading innovation in China.

與美國業務一樣，我為中國的持續復甦和行業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.

我們在專業零售中看到的客戶趨勢延伸到家庭咖啡，在大流行期間需求仍然高漲。

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.

我們正在將我們的創新思維和敏捷性應用於我們的渠道開發業務，以在家庭咖啡中獲得份額，並最大限度地擴大星巴克品牌在所有渠道和平台上的影響力。

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.

在美國，星巴克在第四季度的包裝咖啡總量中的份額顯著增長，美元銷售額增長了 17%，超過了本季度增長 9% 的咖啡類別。

Consumption of our domestic, ready-to-drink coffee products grew 15% in Q4.

我們的國內即飲咖啡產品的消費量在第四季度增長了 15%。

Somewhat offsetting this strength was softness in the foodservice business as offices, hotels, colleges and entertainment centers continue to experience low levels of traffic.

由於辦公室、酒店、大學和娛樂中心的客流量持續低迷，餐飲服務業務的疲軟在一定程度上抵消了這一優勢。

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.

通過與雀巢的全球咖啡聯盟，我們加速了增長和創新，同時在第四季度保持了我們對可持續發展的承諾，包括在我們的全部家用產品組合中引入採用 100% 可回收包裝的非乳製品星巴克奶精。

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.

我們在本季度進入了 9 個新市場，通過全球咖啡聯盟將星巴克的家庭咖啡業務在短短 24 個月內推向了 62 個市場。

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.

我們還通過我們的全球即飲產品組合繼續滿足客戶的需求，特別是即飲 Nitro Cold Brew 的持續表現，這是今年該類別中排名第一的創新，超出預期。

Overall, we are very pleased with the accelerated expansion of the Starbucks brand around the world through the channel business.

總體而言，我們對星巴克品牌通過渠道業務在全球範圍內的加速擴張感到非常高興。

This is truly a brand amplifier.

這是真正的品牌放大器。

In summary, the Starbucks brand is stronger than ever.

總之，星巴克品牌比以往任何時候都強大。

Our business recovery is progressing well.

我們的業務復甦進展順利。

And through rapid innovation, we've built a new level of resilience for the future.

通過快速創新，我們為未來建立了新的彈性水平。

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.

我們相信，我們為保護合作夥伴的福祉並為他們提供經濟確定性而進行的投資，加上我們在決策和溝通透明度方面的原則性方法，已經與所有利益相關者建立了信任，並將在長期內獲得回報。未來。

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.

我在發言開始時建議您從這次電話會議中帶走三個詞：對我們的戰略充滿信心，從我們的創新敏捷性中建立起的韌性，繼續推動我們的業務復甦，以及對 21 財年和星巴克未來的樂觀態度。

I close by adding one additional word for all Starbucks stakeholders to take away from today: gratitude.

最後，我要為所有星巴克利益相關者添加一個從今天起要帶走的詞：感謝。

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.

如果沒有我們每天為客戶服務的全球 400,000 名 Green Apron 合作夥伴的積極精神和令人難以置信的辛勤工作，這一切都不可能實現。

They live our company mission and values every day.

他們每天都在踐行我們公司的使命和價值觀。

Partners are the heartbeat of Starbucks, and they fill me with gratitude and inspiration.

合作夥伴是星巴克的心跳，他們讓我充滿感激和鼓舞。

Thank you, partners.

謝謝合作夥伴。

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.

現在讓我把電話交給帕特，討論我們第四季度和 2020 財年的財務業績以及我們對 21 財年的指導。

Pat?

拍？

Thank you, Kevin, and good afternoon, everyone.

謝謝你，凱文，大家下午好。

As Kevin shared, we are delighted with the performance of all our operating segments, driving a strong finish to our fiscal 2020.

正如凱文所分享的，我們對所有運營部門的表現感到高興，為我們的 2020 財年帶來強勁的業績。

For the quarter, Starbucks reported global revenue of $6.2 billion, down 8% from the prior year.

本季度，星巴克公佈的全球收入為 62 億美元，比上年下降 8%。

We estimate the COVID-19 impact on Q4 consolidated revenue to be approximately $1.2 billion driven by modified operations and reduced customer traffic.

我們估計 COVID-19 對第四季度合併收入的影響約為 12 億美元，這主要是由於運營的改變和客戶流量的減少。

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.

第四季度每股收益遠高於我們在上次財報電話會議上提供的指導範圍，原因是銷售和利潤率恢復快於預期，以及某些離散項目的影響導致稅率降低。

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.

第四季度公認會計原則每股收益從上一年的 0.67 美元下降至 0.33 美元，其中包括與我們加快重新定位和重組我們在美洲的公司經營的商店組合的戰略相關的重組和減值成本高於預期。

Q4 non-GAAP EPS was $0.51, down from $0.70 in the prior year.

第四季度非公認會計原則每股收益為 0.51 美元，低於上年的 0.70 美元。

The estimated negative impact of COVID-19 on Q4 EPS was $0.35.

COVID-19 對第四季度每股收益的估計負面影響為 0.35 美元。

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.

我現在將提供一些細分市場亮點並討論第四季度的綜合利潤率表現，然後將為 2021 財年提供指導，包括第 53 週的預期影響。

Starting with the Americas.

從美洲開始。

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.

美洲地區第四季度收入為 42 億美元，比上年下降 9%，這主要是由於 COVID-19 爆發導致可比商店銷售額下降 9% 以及我們的被許可人的產品銷售和特許權使用費收入下降。

We estimate the Q4 decline in Americas revenue and operating income attributable to COVID-19 to be approximately $830 million and $400 million, respectively.

我們估計由於 COVID-19 導致的第四季度美洲收入和營業收入下降分別約為 8.3 億美元和 4 億美元。

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.

這相當於第四季度銷售損失的流通率約為 48%，基本上回到了該部門典型的 50% 的可變流通率。

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.

與第三季度相比，這是一個顯著的連續改善，反映了災難工資的下降和增強的薪酬計劃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.

與上年相比，美洲第四季度非公認會計準則營業利潤率收縮 350 個基點至 16.7%，主要是由於 COVID-19 的影響，包括銷售去槓桿化和產生的額外成本以及零售合作夥伴工資和福利的增長部分抵消通過提高勞動效率。

Importantly, Americas' sales and profitability trended positively across the quarter with sequential improvements each month.

重要的是，美洲地區的銷售額和盈利能力在整個季度呈積極趨勢，每個月都有連續改善。

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.

美國 9 月份可比銷售額下降 4%，高於 8 月份的負 11%，該業務在本季度的每個月都實現了正盈利。

Moving on to International.

繼續國際。

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.

包括 2% 的增值稅優惠在內，該部門在第四季度的可比商店銷售額為負 10%，這反映了日本的銷售復甦快於預期，這得益於成功的季節性產品促銷和強勁的得來速表現。

I would now like to highlight the fourth quarter performance of our lead international growth market, China.

我現在想強調一下我們領先的國際增長市場中國第四季度的表現。

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.

9 月份，中國可比商店銷售額增長 1%，其中包括 4 個百分點的增值稅豁免優惠，這反映了 8 月份的同比業績略有改善。

For the fourth quarter, China's comparable store sales declined 3%, including VAT favorability of 4 percentage points.

第四季度，中國可比商店銷售額下降 3%，包括增值稅優惠 4 個百分點。

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.

International 的第四季度收入為 15 億美元，較上年下降 5%，主要是由於可比商店銷售額下降了 10%。

Also contributing to the decline were lower product sales to and royalties from our licensees due to COVID-19.

由於 COVID-19，我們的被許可人的產品銷售和特許權使用費也導致下降。

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.

我們估計 COVID-19 對 International 第四季度收入和營業收入下降的影響分別約為 3 億美元和 1.5 億美元。

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 的銷售損失流轉率從第三季度的大約 55% 提高到第四季度的大約 50%，這主要是由於更高的勞動效率和更少的浪費，部分被包括政府救濟計劃在內的某些臨時福利的減少所抵消。

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.

International 的第四季度非 GAAP 營業利潤率較上年下降 540 個基點至 16.3%，這主要是由於 COVID-19 的影響主要源於銷售去槓桿和非重組商店資產減值以及戰略投資，主要是技術和數字計劃。

On to Channel Development.

進入渠道開發。

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.

第四季度的收入為 4.64 億美元，比上年下降 9%，這主要是由於全球咖啡聯盟的轉型相關項目，包括我們單份業務的結構性變化。

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.

不包括這些與過渡相關的項目，Channel Development 的收入比上一年下降了約 1%，這反映了 COVID-19 對該部門餐飲服務業務的不利影響，部分被家庭咖啡和即飲的增長所抵消。

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.

Channel Development 的第四季度營業利潤率增長 510 個基點至 42.7%，這主要是由於我們的即飲產品的實力以及我們的單一服務業務的結構變化推動的業務組合轉變。

At the consolidated level, non-GAAP operating margin was 13.2% in Q4, down from 17.2% in the prior year.

在綜合層面，第四季度非美國通用會計準則營業利潤率為 13.2%，低於去年的 17.2%。

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.

不出所料，我們第四季度的營業利潤率同比下降的大部分原因是由於 COVID-19 導致的銷售去槓桿化以及工資和福利的增長以及非重組商店資產減值和戰略投資部分被勞動力效率和供應鏈節省。

We estimate the COVID-19 impact to Q4 non-GAAP operating income to be roughly $550 million.

我們估計 COVID-19 對第四季度非公認會計原則營業收入的影響約為 5.5 億美元。

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.

就我之前提到的 COVID-19 對第四季度合併收入的 12 億美元影響而言，這相當於收入損失的流通率約為 46%，這接近於我們之前提到的 50% 的可變流通率通常在我們的業務中觀察到。

I will now provide guidance for fiscal 2021 starting with the key driver of our growth, comparable sales growth for our company-operated stores.

我現在將為 2021 財年提供指導，從我們增長的關鍵驅動力開始，即我們公司自營商店的可比銷售額增長。

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.

除非出現任何新的重大且持續的 COVID-19 感染浪潮和/或全球經濟中斷，我們預計 2021 財年全球可比商店銷售額將增長 18% 至 23%，這得益於我們兩個主要市場的可比商店交易持續改善，美國和中國。

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.

這些估計是基於我們在過去 9 個月中從應對 COVID-19 的影響中獲得的經驗，包括我們在業務中建立的更具彈性的操作協議以及交通驅動計劃和創新我們已經為來年做好了計劃。

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.

對於美洲和美國，我們預計 2021 財年可比店面銷售額將增長 17% 至 22%，我們繼續預計到第二財季末美國可比店面銷售額將全面復甦。

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.

這假設我們能夠繼續恢復我們美國商店的咖啡館座位和營業時間，到第二季度末接近滿負荷。

For the International segment, we expect comparable store sales to grow between 25% and 30% in fiscal 2021.

對於國際部門，我們預計 2021 財年可比商店銷售額將增長 25% 至 30%。

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.

這一估計是基於 COVID-19 對日本的影響持續減少以及中國當前的運營環境基本保持不變，幾乎所有地點都坐滿座位和正常營業時間。

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.

我們繼續預計中國的可比商店銷售額將在第一季度末完全恢復，不包括我們將繼續預計將於 1 月到期的臨時增值稅豁免的好處。

For the full fiscal year in 2021, we expect China's comparable store sales to grow between 27% and 32%.

對於 2021 年的整個財年，我們預計中國的可比門店銷售額將增長 27% 至 32%。

Moving on to the next key growth driver, retail store development.

轉向下一個關鍵增長動力，零售店發展。

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.

儘管我們預計 2021 財年在全球開設的門店數量將比去年多，目標是開設約 2,150 家新店，而 20 財年約為 2,000 家，但我們預計門店關閉量將從 20 財年的約 600 家增加到約21 財年為 1,050。

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.

這主要是由於我們美國門店組合的加速重新定位和我們加拿大業務的重組，但也反映了我們的國際特許門店組合的關閉速度略快。

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.

因此，我們預計 2021 財年全球淨新增約 1,100 家星巴克門店，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.

對於美洲，我們預計新店開張量約為 850 家，主要位於美國，到 2021 財年，該細分市場將關閉約 800 家門店，淨新增約 50 家門店。

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.

關閉是我們在 6 月宣布的貿易區轉型計劃的一部分，該計劃旨在加速我們在密集的地鐵中心的商店足蹟的發展，為開發新的、更高效的零售店業態鋪平道路，以滿足客戶日益增長的購物需求。便利的同時也提高了貿易區的盈利能力。

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.

與我們在 6 月宣布的計劃相比，我們對 21 財年的指導反映了美洲公司經營的商店組合中額外關閉了 200 家商店，這是基於我們目前對商店業績的展望，主要是在有銷售潛力的密集地鐵中心轉移。

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.

對於國際，我們預計在 21 財年將開設約 1,300 家新店並關閉約 250 家店，明年將新增 1,050 家淨新店，其中包括在中國的約 600 家淨新店。

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.

與 2020 財年相比，這反映了國際特許商店發展速度放緩以及國際特許商店關閉速度略快，部分原因是由於美國以外許多市場的複蘇速度相對緩慢導致 COVID-19 的影響。重要的是，我們認為這些影響是暫時的，我們預計全球網店發展的步伐將在 2022 財年恢復到我們每年 6% 至 7% 的長期增長指導。

We expect Channel Development's revenue in fiscal 2021 to range between $1.4 billion and $1.6 billion, including the 53rd week.

我們預計 Channel Development 在 2021 財年的收入將在 14 億美元至 16 億美元之間，包括第 53 週。

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.

該部門的收入預計從 2020 財年的 19 億美元下降，主要是由於我們在 2 月份根據雀巢和 Keurig Dr Pepper 之間的安排宣布的單一服務業務的結構性變化，導致更多基於特許權使用費的收入上個月生效的星巴克建築。

We do not expect the profitability of our single-serve business to be materially impacted by this change.

我們預計單一服務業務的盈利能力不會受到這一變化的重大影響。

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.

加起來，我們預計 2021 財年的綜合收入將在 280 億美元至 290 億美元之間，其中包括第 53 週的約 5 億美元。

Let's move on to fiscal 2021 operating margin.

讓我們繼續討論 2021 財年的營業利潤率。

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.

在全球範圍內，我們預計 2021 財年的營業利潤率將比上一年顯著提高，這主要是由於我們業務的增量戰略投資部分抵消了 3 個順風。

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.

三個順風是：第一，銷售槓桿，因為我們繼續從 COVID-19 的影響中恢復；第二，沒有上一年特有的某些與 COVID-19 相關的費用；第三，持續的供應鏈效率。

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.

戰略投資集中在三個領域：第一，提高合作夥伴的工資和福利；第二，推動進一步數字化客戶參與、擴大零售銷售和提高商店運營效率的技術；第三，主要在我們的供應鏈中實現環境可持續性，以減少廢物、水消耗和碳排放。

These investments are spread across our product and distribution costs, store operating expenses and G&A.

這些投資分散在我們的產品和分銷成本、商店運營費用和 G&A 中。

Let me add one additional point to the operating margin equation for fiscal 2021.

讓我在 2021 財年的營業利潤率等式中再加一點。

We expect commodities to have minimal year-over-year impact on our product and distribution costs.

我們預計商品對我們的產品和分銷成本的同比影響最小。

At this point, our overall coffee needs are mostly price locked for fiscal 2021.

在這一點上，我們的整體咖啡需求主要是 2021 財年的價格鎖定。

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.

結合所有這些利潤率驅動因素的影響，我們預計 2021 財年非公認會計準則營業利潤率將在 16% 至 17% 之間，從今年上半年遠低於該範圍的下限開始，併升至高於上限這一區間在今年下半年結束。

Similarly, we expect our retail operating segments to deliver significant margin improvement on a non-GAAP basis as fiscal 2021 progresses.

同樣，我們預計隨著 2021 財年的進展，我們的零售業務部門將在非公認會計準則基礎上實現顯著的利潤率提升。

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.

對於渠道開發，我們預計營業利潤率將超過 COVID-19 之前的水平，並接近 40 年代中期，這是由我剛才描述的單一服務業務的結構變化驅動的。

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.

在營業收入線以下，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。

The increase is driven by debt issuances totaling $4.75 billion in the past 8 months.

這一增長是由過去 8 個月總計 47.5 億美元的債務發行推動的。

Importantly, we remain committed to our BBB+/Baa1 credit rating and leverage cap of 3x rent-adjusted EBITDA.

重要的是，我們仍然致力於我們的 BBB+/Baa1 信用評級和 3 倍租金調整後 EBITDA 的槓桿上限。

While the impacts of COVID-19 have resulted in the company exceeding that leverage cap, we view these impacts as temporary.

雖然 COVID-19 的影響導致公司超過了槓桿上限，但我們認為這些影響是暫時的。

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.

我們預計我們的槓桿率將在 2021 財年下半年恢復到接近目標水平，因為我們的經營現金流繼續改善，我們將消除即將到期的債務。

Based on the strength of our cash flow, I'm happy to report that we paid off a $500 million term loan in Q4.

基於我們現金流的實力，我很高興地報告我們在第四季度還清了 5 億美元的定期貸款。

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.

正如我們之前宣布的那樣，我們的董事會批准將我們的季度股息提高 10%，這是自 2010 年星巴克開始派發股息以來連續第 10 年增長。

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.

至於我們在 2021 財年的稅率，我們預計我們的有效 GAAP 和非 GAAP 稅率將在 20% 的中間範圍內。

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.

相比之下，2020 財年的 GAAP 和非 GAAP 稅率分別為 20.6% 和 20.7%，這得益於某些離散的稅收項目，這些稅收項目預計在 2021 財年不會以相同程度重複。

Finally, we currently expect the suspension of our share repurchase program to continue through the balance of fiscal 2021.

最後，我們目前預計暫停我們的股票回購計劃將持續到 2021 財年的剩餘時間。

We expect capital expenditures in fiscal 2021 to total approximately $1.9 billion, slightly higher than what we spent in fiscal 2019.

我們預計 2021 財年的資本支出總額約為 19 億美元，略高於我們在 2019 財年的支出。

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.

增長主要歸因於兩件事：第一，在大流行期間暫時停頓後新店開發的重新加速；第二，我們全球供應鏈的擴展，特別是我們今年早些時候宣布的中國咖啡創新園的發展。

Finally, at this juncture, we foresee minimal impact from foreign currency movements in fiscal 2021.

最後，在這個時刻，我們預計 2021 財年外匯變動的影響微乎其微。

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.

加起來，我們預計 2021 財年 GAAP 每股收益在 2.34 美元至 2.54 美元之間，其中第 53 週約為 0.10 美元。

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.

我們預計 2021 財年非美國通用會計準則每股收益在 2.70 美元至 2.90 美元之間，包括額外一周的約 0.10 美元，表明進一步復甦並接近大流行前的水平。

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.

特別是對於第一季度，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，反映了我們目前的複蘇階段。

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.

鑑於對第一季度每股收益的預期，再加上通常會抑制第二季度每股收益的正常季節性，我們預計第三季度和第四季度的每股收益將明顯高於今年前兩個季度。

So let me wrap things up.

所以讓我總結一下。

We are delighted with the pace of business recovery in fiscal 2020 and the momentum that it provides for fiscal 2021.

我們對 2020 財年業務復甦的步伐及其為 2021 財年提供的動力感到高興。

We remain confident in the strength of our brand and the durability of our growth model.

我們對我們的品牌實力和增長模式的持久性充滿信心。

And we are committed to making the investments necessary to sustain our competitive advantages, reinforced by the consistent execution of a focused agenda.

我們致力於進行必要的投資，以維持我們的競爭優勢，並通過持續執行重點議程來加強。

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.

在這一點上，我要感謝我們的綠色圍裙合作夥伴，他們以真正無與倫比的方式提供星巴克客戶體驗，並體現了我們公司的使命和價值觀，這是我們業務的基礎。

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.

有了這個，Kevin 和我很高興回答您的問題，Roz Brewer 和 John Culver 也加入了 Durga 在我們的電話會議頂部概述的行列。

Thank you.

謝謝你。

Operator?

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 John Ivankoe。

I mean, obviously, there's a lot to unpack in the call, and congratulations on the progress that you've made.

我的意思是，很明顯，電話中有很多東西要解開，祝賀你取得的進展。

The question was really on U.S. segment margins, but I think I can apply it to China here as well.

這個問題實際上是關於美國細分市場的利潤率，但我想我也可以在這裡將它應用到中國。

A lot of companies have embarked on simplification efforts that have driven margins.

許多公司已經著手進行簡化工作，從而提高了利潤率。

You very specifically have not as you've continued to give the customer the choice that they expect.

您一直沒有為客戶提供他們期望的選擇。

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.

但是您在移動訂單和支付方面發生了非常重大的轉變，我認為這可能會導致您在電話中多次提到的一些勞動效率。

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?

所以問題是，當我們考慮恢復之前在這兩個細分市場中實現的利潤率時，您認為您需要達到什麼類型的平均單位銷量相對於 2019 年才能恢復到之前的利潤率？

And are we in an environment, on average, unit volume recovery [where we] can potentially start?

平均而言，我們是否處於一個可以開始進行單位體積恢復的環境中？

You're talking about some relatively near-term peaks.

你說的是一些相對近期的峰值。

Thanks, John.

謝謝，約翰。

We'll hand that to Pat to handle.

我們將把它交給帕特來處理。

Pat?

拍？

Yes.

是的。

Thank you, John, for the question.

謝謝你，約翰，這個問題。

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.

因此，關於我們數字業務的增長對我們勞動生產率的影響，我們對數字業務的增長感到非常滿意。

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.

但是，即使這種情況有所增加，即使我們的一些咖啡廳座位仍然關閉，我們也增加了業務的運營複雜性，例如加強和更頻繁地清潔和管理我們咖啡廳的社交距離，包括客戶進來進行移動訂單和付款和取貨。

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.

那是為了確保我們的合作夥伴和客戶在我們商店的安全，這有助於我們歡迎客戶重返業務。

And so this has tended to offset some of the improved labor productivity that we would have otherwise realized.

因此，這往往會抵消一些我們本來可以實現的勞動生產率的提高。

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.

由於這些新的運營複雜性以及我們為提高合作夥伴工資和福利而進行的增量投資，我們的 21 財年利潤率指導反映了勞動力復甦將落後於銷售復甦，整體勞動生產率將恢復到 COVID 之前的水平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.

但我確實想澄清一下，團隊仍然非常專注於確保我們提高商店的生產力。

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.

這主要是通過重新設計店內運營程序以及在我們繼續自動化任務時引入新技術。

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.

因此，這實際上是通過結合我們如何應對新的運營環境來提供我們的合作夥伴和客戶所需的安全和熱情的商店氛圍，以及我們如何在恢復業務時從銷售槓桿中受益。

Now you asked what is the average unit volume that we would need to achieve and how that compares to fiscal '19.

現在您問我們需要達到的平均單位數量是多少，以及與 19 財年相比如何。

As you know, we're anticipating that we will have fully recovered comparable store sales by the end of our fiscal second quarter.

如您所知，我們預計到第二財季末我們將完全恢復可比商店銷售額。

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.

但是，由於我之前提到的動態，我們預計利潤率將全面恢復，其中包括勞動生產率的提高，因此會有兩個季度的滯後。

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

我們的下一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

A question on the unit growth side of things, maybe China and then more broadly.

關於單位增長方面的問題，也許是中國，然後是更廣泛的問題。

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.

但特別是中國，我認為你的指導最終會在 21 財年實現 12% 以上的單位增長，這看起來比之前的 15% 以上有所下降。

And I know you talked about the global unit growth is falling a little short of your 6% to 7% as well.

我知道你談到全球單位增長也低於你的 6% 到 7%。

So specific to China, do you think you're going to get back to that 15%-plus post-COVID?

如此具體到中國，你認為你會回到疫情后 15% 以上的水平嗎？

Or is it maybe more of the law of large numbers, whether there's any gating factors, being partners or real estate or demand?

或者可能更多的是大數定律，是否有任何門控因素，是合作夥伴、房地產還是需求？

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.

在這種情況下，我只是想知道，當每個人都在談論獨立商店關閉和更具吸引力的房地產帶來的更好機會時，你現在是否看到了這些事情中的任何一個。

Thanks, Jeffrey.

謝謝，杰弗裡。

I'll hand over to John Culver.

我會交給約翰·卡爾弗。

John, you want to take that?

約翰，你想拿那個嗎？

Yes, Jeffrey.

是的，杰弗裡。

For China, we actually have accelerated store growth.

對於中國，我們實際上加快了門店增長。

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%.

我們有一個創紀錄的季度，在第四季度開設了 259 家門店，從門店數量的角度來看，我們對 14% 的同比增長感到非常滿意。

We do see a pathway back to -- getting back to the historical levels.

我們確實看到了一條回到歷史水平的道路。

We're guiding to the 600, but we're continuing to look for new opportunities to go faster where it makes sense.

我們正在指導 600，但我們正在繼續尋找新的機會，以便在有意義的地方更快地前進。

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.

與此同時，我們正在從概念的角度對 Starbucks Now 進行創新並加速創新，我們對目前所看到的情況感到鼓舞。

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.

然後，當您查看新店和整體表現時，我們看到這些歷史回歸趨勢正在重新出現，這為我們在商店增長模式方面提供了很大的樂觀空間。

So we are fully committed to accelerating growth.

因此，我們完全致力於加速增長。

We're going to be opportunistic about it.

我們將對此投機取巧。

We believe in the number that we've committed to, and where we can get back more, we will go after it.

我們相信我們已經承諾的數量，並且我們可以得到更多回報，我們會追求它。

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.

作為其中的一部分，我們一直在與房東進行討論，他們正在尋求與我們合作開發相關網站並繼續 - 繼續發展我們的業務。

So for us, we will continue to push hard on store development.

所以對我們來說，我們將繼續努力推動門店發展。

It accounts for roughly 75% to 80% of our total revenue growth.

它約占我們總收入增長的 75% 至 80%。

So we see this as a big piece given the long runway we see there.

因此，鑑於我們在那裡看到的長跑道，我們將其視為一大塊。

And Jeffrey, this is Pat.

杰弗裡，這是帕特。

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.

只是在約翰所說的基礎上，我認為幾年前在我們的中國投資者會議上，我們談到了到 22 財年末在中國達到 6,000 家門店的長期目標。

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.

我們仍然樂觀地認為我們將實現這一數字，這確實意味著在 21 財年之後，我們將看到中國新單位開發的步伐加快。

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

我們的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.

我還想問一個關於美洲單位開發的問題，也許還有關閉的問題。

Has your thinking thought changed on the closures, about 800 closures in the U.S. to get to a net of 50?

您對關閉的想法是否發生了變化，在美國關閉了大約 800 家以達到淨 50 家？

I think originally, you talked about 400 in the U.S. and 200 in Canada.

我認為最初，您在美國談到了 400 個，在加拿大談到了 200 個。

Is that -- are you including licensed in that, for example?

那是-例如，您是否包括其中的許可？

Or is that just an acceleration of the total company closures?

或者這只是公司全部關閉的加速？

And can you also talk about where you are in developing that new prototype?

你能談談你在開發新原型方面的進展嗎？

I can't remember if it was Starbucks Now or Starbucks to go.

我不記得是星巴克現在還是星巴克走了。

But where are you in that evolution?

但是你在那個進化中處於什麼位置？

Have you opened more stores?

你開了更多的商店嗎？

And how do you think about that in the equation for '21 development?

您如何看待 '21 發展等式中的這一點？

Roz, do you want to take that?

羅茲，你想拿那個嗎？

Yes.

是的。

Thanks, John.

謝謝，約翰。

Good question.

好問題。

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.

因此，關於美國關閉商店的數量，我們與歷史水平基本保持一致，正如你所說，大約有 850 家新店，800 家關閉。

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.

我們在經歷 COVID 流程時所學到的東西，我們正在更多地了解我們的客戶返回何處獲取他們的咖啡。

So we've accelerated the closures that we have planned for the U.S. stores.

因此，我們加快了我們為美國商店計劃的關閉速度。

Part of this is also to learning what our new formats can offer us.

其中一部分也是為了了解我們的新格式可以為我們提供什麼。

And so you asked the question about our new formats, we are increasing the number of units that we have in the new format.

所以你問了關於我們的新格式的問題，我們正在增加我們在新格式中擁有的單元數量。

For instance, it also includes new channels as well.

例如，它還包括新頻道。

So we have curbside stores at about 800 in the U.S., 2,000 of those by the end of '21.

因此，我們在美國擁有約 800 家路邊商店，到 21 年底將有 2,000 家。

We actually are working on restoring seating in our stores.

我們實際上正在努力恢復我們商店的座位。

We have roughly 65% of our stores with restored seating.

我們大約 65% 的商店都恢復了座位。

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.

因此，隨著我們向前發展，我們已經開設了 3 個新單位，一個在紐約地區，一個在多倫多地區。

And we're accelerating that throughout this year and adding more of those units as we go throughout the year.

我們今年全年都在加速這一進程，並在全年增加更多這樣的單位。

But we will...

但我們會...

And those are called pickup -- Starbucks Pickup.

這些被稱為皮卡——星巴克皮卡。

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 Starbucks Pickup 門店，我們將在全年繼續提供這些門店。

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.

約翰，在我們重新定位投資組合時，在 Roz 所說的關於我們關閉商店的構成的基礎上，當我們在 6 月通過我們的 8-K 宣布我們的貿易區轉型時，我們談到了美洲的 600 家關閉.

That was 400 in the U.S. and 200 in Canada, all company-operated stores.

美國有 400 家，加拿大有 200 家，都是公司經營的商店。

And so with the incremental 200 store closures that we've announced, that's about 100 in the U.S. and 100 in Canada.

因此，隨著我們宣布關閉 200 家商店，美國大約有 100 家，加拿大大約有 100 家。

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.

我們採取這一措施的部分原因是，隨著我們的團隊在整個夏天開始重新定位投資組合，加速我們已經制定的戰略計劃，我們了解到的是我們我們能夠比我們最初預期的更有效地管理關閉。

And that's largely about the average lease exit costs.

這主要是關於平均租賃退出成本。

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.

因此，有了這些新信息，我們能夠回過頭來查看投資組合以及我們對密集的地鐵貿易區的表現的見解，並確定增加的 200 家門店關閉，這些門店將通過我們捕獲的能力創造股東價值銷售從附近關閉的商店轉移，同時減少表現不佳商店的現金運營損失，避免未來的資本支出，否則我們將不得不花費在改造其中一些商店。

And that more than pays for these lease exit costs per unit.

這遠遠超過了每單位的這些租賃退出成本。

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，僅在夏季期間獲得的額外經驗使我們處於更有利的位置，可以更快地推動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.

我要指出的是，這樣做的一大好處，當然在我們的指導下工作，不僅是對我們在美洲的營業利潤率的有意義的改進，而且是對企業的影響。

At the enterprise level, it's on the order of 40 basis points.

在企業層面，大約是 40 個基點。

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.

因此，我們非常高興我們的團隊能夠在整個夏天對他們的學習做出回應，並製定了更積極的計劃，這些計劃將使我們處於更有利可圖的位置，並為更強大的業務構建業務未來的增長。

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

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

I wanted to ask about same-store sales target.

我想問一下同店銷售目標。

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?

我認為這意味著明年的銷量將在與 2019 年持平到美國增長 5% 之間。考慮到您在 2020 年開始時以正 6 開始，我猜，這是保守的嗎？

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.

而且，當我們考慮門票與交通時，您說其中一些顯然與 COVID 相關，較高的門票，但您也可以從免下車中獲得較高的門票。

So is it possible the comp recovery is perhaps less traffic driven than we might expect considering what happened in this past year?

那麼考慮到過去一年發生的事情，comp 恢復是否可能比我們預期的更少流量驅動？

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

帕特，你為什麼不開始讓羅茲給它添加一些顏色。

Thanks, Kevin.

謝謝，凱文。

Thank you, Sara.

謝謝你，薩拉。

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.

至於明年的總薪酬預期，我認為在目前的環境下，儘管我們對迄今為止的複蘇力度感到非常滿意，但事情將如何發展存在很大的不確定性，無論是作為大流行病進展的後果或更廣泛的經濟中可能發生的事情以及這兩者之間的聯繫。

As we've thought about what is an appropriate level to target, we've been able to leverage models that our team has built.

當我們考慮到什麼是合適的目標級別時，我們已經能夠利用我們團隊建立的模型。

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.

我們有一個人工智能數據分析團隊，他們的工作非常出色，不僅可以幫助我們根據每家商店的普遍情況如何經營我們的商店，還可以幫助我們預測明年每家商店的樣子，考慮內部和外部變量。

And based on those projections, it's fair to say that we have hedged somewhat to be appropriately conservative in the current environment.

基於這些預測，可以公平地說，我們在當前環境下已經對沖了一些適當的保守性。

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.

根據我們迄今為止取得的進展，我們仍然非常高興，其中包括整個夏季的加速速度快於預期，產生了我們認為第四季度非常強勁的業績，這為我們提供了巨大的動力今年進入。

So I would say that on balance, our expectations are somewhat conservative but appropriately so in the current environment.

所以我想說，總的來說，我們的期望有點保守，但在當前環境下是適當的。

And that remains our guidance policy is to communicate outcomes that we have a reasonable degree of confidence we can deliver against.

這仍然是我們的指導政策是傳達我們有合理程度的信心可以交付的結果。

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.

而且我認為我們在過去一年中在大流行最嚴重的時期的經歷增強了我們做得很好的能力。

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 就您的問題的第二部分發表評論，該部分與門票增長有關，是什麼推動了這一點，以及我們如何看待明年的趨勢與流量。

Yes.

是的。

And note, there's 2 things I'll do.

請注意，我會做兩件事。

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.

首先，在將交易退回到我們的商店方面，我們正在研究 4 個領域，我將從那裡開始。

First of all, looking at increasing the members in our loyalty program.

首先，著眼於增加我們忠誠度計劃的成員。

We introduced the new Stars for Everyone program in mid-September, and that is moving in the right direction.

我們在 9 月中旬推出了新的 Stars for Everyone 計劃，並且朝著正確的方向發展。

We're pleased with what we're seeing so far.

我們對迄今為止所看到的感到滿意。

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.

其次，正如我們剛剛談到的那樣，重新定位我們的商店組合，以更好地滿足我們的客戶，更重要的是，他們將在未來的位置。

So it's good for us now and good for the future work that we need to do for our customers.

因此，這對我們現在有好處，對我們需要為客戶做的未來工作也有好處。

And then also enhancing our engagement of our partners.

然後還加強了我們與合作夥伴的參與。

And we know when our customers and our partners connect, the experience and the best moments in our stores yield benefits for us.

我們知道，當我們的客戶和我們的合作夥伴建立聯繫時，我們商店的體驗和最佳時刻會為我們帶來好處。

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.

最後，創造它——利用我們強大的飲料創新管道，我們已經在南瓜香料產品的秋季大綱中看到了這一點，並且正在向前發展。

In terms of the work that we're doing in terms of ticket, ticket has been enhanced.

就我們在票證方面所做的工作而言，票證已得到增強。

We're looking at ticket at about $21 right now.

我們現在的票價約為 21 美元。

And so what's happening there is that during the time of the pandemic, we reduced our reliance on price.

所以那裡發生的事情是，在大流行期間，我們減少了對價格的依賴。

And so we're just now reintroducing price.

所以我們現在才重新引入價格。

So we're keeping price in the range of 1% to 2%.

因此，我們將價格保持在 1% 到 2% 的範圍內。

So we continue to see beverage in terms of the size of the beverage, so larger size beverages, multiple beverages and then food attach.

所以我們繼續從飲料的尺寸來看飲料，所以更大尺寸的飲料，多種飲料，然後是食物。

And so ticket continues to be strong for us, and we're projecting to hold that through the year.

所以門票對我們來說仍然很強勁，我們預計這一年會保持下去。

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

還有 Sara，只是為了在一些數字上提供更多的結構，我相信 Roz 可能無意中說了 21 美元。

She meant 21%.

她的意思是21%。

21%, sorry.

21%，對不起。

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.

但只是為了幫助您了解一些潛在的驅動因素，在 COVID 開始時，美國公司經營的商店的票務補償加速到 25%，遠遠超出了我們的預期。

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.

這主要是由於銷售組合向我們的免下車和 MOP 渠道轉變，其中平均支出往往更高，部分原因是團體訂單的發生率更高。

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.

現在在第四季度，與之前的高點相比，票價增長有所放緩，但仍遠高於 COVID 之前的水平，在 3% 至 4% 的範圍內，這就是該季度的 21%。

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.

這是由訂單整合、向高價冷飲（如我們的清涼飲料和星冰樂）的混合轉變以及隨著越來越多的客戶使用 Ventis 和 Trentas 而增加的。

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.

我們確實預計未來幾個季度的門票增長將進一步放緩，特別是在我們第二財季後半段美國開始出現 COVID-19 之際。

I would say that our average ticket has also benefited from the customer appeal of our plant-based offerings, which are premium priced.

我想說的是，我們的平均票價也受益於我們以植物為基礎的產品的客戶吸引力，這些產品價格高昂。

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.

具體來說，我們看到替代乳製品領域的積極勢頭，因為其在本季度美國公司經營的淨銷售額中的份額幾乎翻了一番，這包括改性劑對替代牛奶的影響。

And with the addition of oat milk in fiscal '21, we expect to see ongoing ticket benefits from premium product innovation and modifier growth.

隨著 '21 財年燕麥奶的加入，我們預計會從優質產品創新和改良劑增長中看到持續的票務收益。

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.

我認為，您可能會發現一些有趣的事情，即這與消費者行為的變化以及它在我們的業務中的表現有何關係，遠程工作已將城市交易轉移到郊區。

And this has led to higher order consolidation as customers who previously purchased for only themselves are increasingly buying for others.

這導致了更高的訂單整合，因為以前只為自己購買的客戶越來越多地為他人購買。

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.

然後，隨著他們的到來，他們不僅為更大的派對添加了飲料，而且食物的附加值達到了創紀錄的高位，而且還在繼續增長。

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.

事實上，我們認為，它在免下車和 MOP 方面增長最快，因為菜單可見性顯然引發了個人推薦的嘗試，這將在新的一年加速，甚至更大的解鎖向前發展。

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.

現在，雖然飲料附加在本季度略有下降，我們仍然預計隨著我們的交易增長，食品附加實際上會增長。

And we believe that trial is the start of routine.

我們相信試驗是常規的開始。

So we see this as a very encouraging development.

所以我們認為這是一個非常令人鼓舞的發展。

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.

我想我想說的最後一件事是我們的創新和我們的促銷活動引起了客戶的共鳴，讓我們在進入假期時保持樂觀。

We enjoyed strength in new products like the Impossible Breakfast Sandwich and also our new breakfast wraps, plus growth in refreshers.

我們在新產品（如 Impossible Breakfast Sandwich）和我們的新早餐包裝中享有優勢，並且在茶點方面也有所增長。

And those are giving existing customers reasons to visit more frequently, and it's giving new customers reasons to visit.

這些讓現有客戶有理由更頻繁地訪問，也讓新客戶有理由訪問。

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.

我們對秋季促銷活動的勢頭感到興奮，這讓我們相信，隨著假期促銷活動進入 11 月份，我們將保持這種勢頭。

So a variety of things related to the ticket growth that give us reason for optimism as we enter the new year.

因此，與門票增長相關的各種事情讓我們有理由在進入新的一年時保持樂觀。

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.

但是，我們再次預計，隨著我們的流量繼續增長，我們將在今年下半年開始感受到 COVID 的更多實質性影響。

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

我們的下一個問題來自貝爾德的大衛塔倫蒂諾。

I had a question, I guess, about the U.S. comp trend exiting the quarter.

我想我有一個問題，關於本季度退出的美國競爭趨勢。

And it was a pretty impressive move from August to September.

從 8 月到 9 月，這是一個非常令人印象深刻的舉措。

So I was wondering if you could maybe piece together the factors that drove that step change in the comps.

所以我想知道你是否可以拼湊出推動比賽變化的因素。

And then if you're willing, is that the trend that you're seeing so far in the current quarter?

然後，如果您願意，這是您在本季度迄今為止看到的趨勢嗎？

And Pat, if you could maybe just help us what -- understand what you're assuming for the current quarter and that EPS guidance.

帕特，如果你能幫助我們 - 了解你對當前季度的假設以及每股收益指導。

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.

Roz，你為什麼不為你認為驅動的行為添加一些顏色，然後 Pat 可以跟進 David 的第二個問題。

Sure.

當然。

So going into the fourth quarter, there were several things that helped us with our comp performance.

因此，進入第四季度，有幾件事對我們的比賽表現有所幫助。

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.

其中之一是增加我們開設的商店數量，擴大免下車績效，並實際上為免下車服務帶來效率，以便我們獲得更好的窗外績效，並將實踐、效率和工作落實到位這些商店的勞動力部署條款。

In addition to that, we had great success with introducing our fall beverages around Pumpkin Spice and the cold -- Pumpkin Cream Cold Brew product.

除此之外，我們在推出秋季飲料方面取得了巨大的成功，這些飲料圍繞著南瓜香料和冷飲——南瓜奶油冷釀產品。

And then in addition to that, we also saw improvement as we advanced seating and returned seating into our stores.

除此之外，我們還看到了改進，因為我們提高了座位並將座位返回到我們的商店。

We did recognize that our customers began to feel more comfortable coming out.

我們確實認識到，我們的客戶開始感到更加自在。

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.

我們看到我們的地鐵郊區商店正在取得進步，我們已經在這些地區開設了直通式商店，此外還看到更多的常規業務從早上到中午，並且我們的咖啡師在那個時候在商店裡準備好了。

So as the customer was adjusting, we were adjusting along with them.

因此，當客戶在調整時，我們也在與他們一起調整。

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.

因此，結合我們的店內效率、勞動力部署、新飲料以及免下車效率，我們開始看到我們商店的業績改善超過第四季度。

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.

而大衛，只是在 Roz 所說的基礎上，Roz 指出了從 8 月的負 11% 到 9 月的負 4% 的主要驅動因素是什麼。

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.

您可能想知道，如果我們在 9 月份達到負 4%，為什麼我們要說在第二季度末也就是 3 月底之前，再過 6 個月我們不會看到可比店面銷售額完全恢復。

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.

我要強調的是，我們越接近完全恢復，我會說，奪回或恢復剩下的幾個百分比就越困難。

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.

因為當你回想我們在 4 月、5 月的時間框架以及我們的業務在整個夏天的進展情況時，大部分改進都歸功於重新開放商店，然後正如 Roz 所說，重新開放座位以及所有偉大的運營改進我們的商店經理和他們的團隊為我們帶來了生機。

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.

現在，我們必須更多地依賴一些較新的商店創新，例如路邊取貨或免下車時的手持 POS，以提高生產力，這樣我們才能抓住更多的需求。在我們的得來速。

So we do expect more gradual improvement from this point forward just as our recovery to date has not been linear.

因此，正如我們迄今為止的複蘇並不是線性的一樣，我們確實預計從這一點開始會有更多的逐步改善。

We don't think that it's going to necessarily be linear going forward either.

我們認為它也不一定是線性的。

But what I will tell you is that the strong momentum that we enjoyed exiting September has continued into the month of October.

但我要告訴你的是，我們在 9 月份享有的強勁勢頭一直持續到 10 月份。

So we're really pleased with how the first quarter of the new fiscal year is shaping up.

因此，我們對新財年第一季度的發展情況感到非常滿意。

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.

但我們確實預計，隨著我們越來越接近完全恢復，整體進展速度，即連續改善將逐漸放緩，我們對整體情況的發展感到非常興奮。

Thanks, David.

謝謝，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 和 Cowen 的觀點。

Roz, can you talk about what you're observing in coffee consumption per capita based on what you observed in the domestic MSR data?

Roz，您能根據您在國內 MSR 數據中觀察到的情況，談談您在人均咖啡消費方面觀察到的情況嗎？

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?

我想要更好地理解的是，基於早上晚些時候的銷售情況有所改善，並且可能與您在幾個月前看到的情況相比，會員訂購更大的飲料尺寸和/或 MSR 客人更頻繁地訪問，是否可以提出論點由於在家工作的模式在可預見的未來似乎不太可能逆轉，美國消費者正在依靠更高的咖啡因消費量來幫助他們度過大流行病？

Sure.

當然。

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.

因此，就我們從客戶和他們的咖啡消費中看到的情況而言，我們看到的是他們的日常生活實際上正在發生變化，並且他們正在根據您所描述的在家工作改變他們的模式。

So we're seeing our morning business shift to midmorning.

因此，我們看到我們的早間業務轉移到上午。

We're seeing a shift from our weekday business to our weekends.

我們看到了從工作日到週末的轉變。

We've had some extremely strong weekends.

我們有一些非常強勁的周末。

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.

所以我認為我們在咖啡消費量或多或少方面看到的更多，是他們的日常生活正在調整這一點。

The other thing that we've seen, as Pat talked about earlier, is that we're seeing them buy multiple beverages.

正如帕特之前所說，我們看到的另一件事是，我們看到他們購買了多種飲料。

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.

因此，我們確實認為我們看到他們可能會集體購買，為家人購買，並為這些訂單添加食物。

But in terms of coffee consumption, it's hard to say.

但就咖啡消費而言，很難說。

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.

我也知道，我們的即飲業務（約翰可能想談一談）也在改善。

So we are holding and retaining our customer throughout the day if they're at retail or if they're at consumer.

因此，無論他們是零售還是消費者，我們都會全天保持並留住我們的客戶。

Yes.

是的。

Let me just pick up a little bit on what Roz is talking about.

讓我稍微了解一下 Roz 在說什麼。

We are seeing rapid growth and share gains for Starbucks down the aisle.

我們看到了星巴克的快速增長和分享收益。

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.

凱文強調說，我們看到美國的包裝咖啡業務在本季度增長了 17%，遠遠超過了該類別 9% 的增長。

So we are getting more than our fair share of that growth.

因此，我們獲得的增長超過了我們應得的份額。

In terms of the share growth that we're seeing, the Starbucks brand grew 130 basis points.

就我們看到的份額增長而言，星巴克品牌增長了 130 個基點。

Our roast and ground share on Starbucks grew 160, and our K-Cup share grew 40 basis points.

我們在星巴克的烘焙和磨碎份額增長了 160，我們的 K-Cup 份額增長了 40 個基點。

And then that also translates over into RTD.

然後這也轉化為 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.

在 RTD 方面，我們看到了可觀的增長，特別是在可尋址的 RTD 咖啡類別中的強勁份額增長了 50 個基點，冷凍咖啡增長了 230 個基點，貨架穩定的 RTD 咖啡增長了 140 個基點。

So as consumers are shifting, Starbucks is available, and they're consuming it in their home and they're turning to us.

因此，隨著消費者的轉變，星巴克出現了，他們在家中消費，並轉向我們。

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

我們的下一個問題來自 Chris O'Cull 和 Stifel。

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.

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情況，而且我知道該公司已經使用這些數據來幫助確定商店關閉和星巴克取貨地點。

But how is the company using the data to improve comp sales?

但是公司如何使用這些數據來提高銷售業績呢？

And do you believe you have a lot further opportunities toward that effort?

你相信你有更多的機會來實現這一目標嗎？

Yes.

是的。

Chris, this is Kevin.

克里斯，這是凱文。

Let me comment, and then I'll see if Roz and John want to add.

讓我評論一下，然後我會看看 Roz 和 John 是否要添加。

But clearly, right now, what the data is telling us and what we've optimized around are experiences that are safe, familiar and convenient.

但很明顯，現在，數據告訴我們的以及我們優化的內容是安全、熟悉和方便的體驗。

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.

很明顯，在大流行中——其中一部分原因是我們的人工智能工具正在監控客戶行為和合作夥伴情緒，以及提供給我們的關於 COVID 傳播的數據，以便我們在每家商店的層面提供洞察力。

But the safe, familiar and convenient is kind of the 3 terms that we would characterize globally that customers are looking for.

但安全、熟悉和方便是我們將在全球範圍內描述客戶正在尋找的三個術語。

And that's why, number one, we've deployed these safety protocols consistently throughout our stores.

這就是為什麼，第一，我們在整個商店中始終如一地部署這些安全協議。

We know how to -- if we can turn the dial up and open more seating or open other channels, we do.

我們知道如何——如果我們可以調高撥盤並打開更多座位或打開其他頻道，我們會這樣做。

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.

如果我們必須在病毒正在傳播的市場或商店附近調回撥盤，我們知道該怎麼做。

And we know how to do that at a store level, community level.

我們知道如何在商店層面、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.

方便的部分是人工智能工具，數據向我們展示瞭如果我們啟用 Roz 和 John 在美國和中國都描述的便利渠道，無論是得來速、移動訂單取貨、移動訂單交付、路邊，我們啟用這些通道，然後找到增加這些通道吞吐量的方法。

Roz mentioned increasing the out-the-window time at drive-through.

Roz 提到在得來速時增加了窗外時間。

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.

這很大程度上取決於我們知道，如果我們將手持式銷售點添加到免下車生產線中，然後排隊出去，我們可以加快訂購流程，從而幫助我們更好地為客戶服務。

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.

因此，數據幫助我們了解我們有機會去哪裡——首先，它幫助我們了解消費者行為，以便我們能夠獲得我們必須關注的主題。

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.

當我們專注於客戶體驗的特定領域時，這些數據會幫助我們告知我們在哪些方面取得了進展，以及我們在哪些方面為公司的增長提供了新的機會。

And we're doing that across -- certainly across the U.S. and China and then leveraging that to help us rest of world.

我們正在這樣做——當然是在美國和中國，然後利用它來幫助我們在世界其他地方。

Roz, maybe you or John, if you have other things you want to add, I'd give you an opportunity to comment.

Roz，也許是你或 John，如果你還有其他想要補充的東西，我會給你一個發表評論的機會。

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.

我們在客戶偏好方面密切關注的另一個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，它是燃料——它確實推動了我們的飲料創新。

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.

舉個例子，我們圍繞飲料復甦所做的工作，如果你看一下，我們正在冷空間中成長，只是監控冷的銷售率，然後優化創新那個區域。

So we're using the data to fuel our innovation for the future.

因此，我們正在使用這些數據來推動我們未來的創新。

We're also doing that as we look at new ways of managing our equipment.

當我們研究管理設備的新方法時，我們也在這樣做。

And so when you look at our new equipment that is coming online over this year, it's all AI-enabled.

因此，當您查看我們今年即將上線的新設備時，它全都支持人工智能。

That's also allowing us to learn more about maintenance in the stores and how we apply labor.

這也讓我們能夠更多地了解商店的維護以及我們如何使用勞動力。

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.

因此，我們實際上是在嘗試使用許多不同方面的數據來實際提高競爭績效並監控客戶未來的發展方向。

Yes.

是的。

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.

克里斯，我只想補充一點，從中國的角度來看，所有信息都在告訴我們，這是關於數字足跡以及我們如何吸引客戶並讓他們能夠與星巴克無縫、無摩擦地互動。

And so a real big focus on rewards and rewards members.

因此，真正的重點是獎勵和獎勵會員。

We up-leveled the program in June.

我們在 6 月升級了該計劃。

Our total rewards members grew 175% year-over-year in the quarter.

本季度，我們的獎勵會員總數同比增長 175%。

We're now at 7.2 million members in China.

我們現在在中國有 720 萬會員。

Our 90-day actives grew to 13.5 million or up 34% year-over-year.

我們的 90 天活躍人數增長到 1350 萬，同比增長 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.

除此之外，我們看到的是這種轉化為移動訂單和支付以及移動訂單和業務交付方面。

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.

這佔中國本季度交易量的 26%，高於 COVID 大流行之前的低個位數。

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.

因此，我們正在大力投資數字足跡，在中國繼續創新，繼續快速部署它並吸引我們的客戶。

And then we've expanded it as well.

然後我們也擴展了它。

We now sit across all of Alibaba's platforms as well as the WeChat platform for delivery.

我們現在橫跨阿里巴巴的所有平台以及微信平台進行交付。

And as part of that, we just introduced social gifting for delivery on the WeChat platform.

作為其中的一部分，我們剛剛在微信平台上引入了社交送禮。

So really building out that footprint in a big way.

所以真的在很大程度上建立了這個足跡。

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.

Starbucks Now 存在於我們在中國 98% 的門店中，然後配送計劃本身佔據了我們在中國 84% 的足跡，覆蓋了我們所有的客戶。

So digital is a big piece.

所以數字是一個很大的部分。

The other piece that's emerging is this health and wellness.

正在出現的另一部分是這種健康和保健。

And we've launched the GOOD GOOD campaign earlier this year, which is our plant-based beverages as well as food offerings.

今年早些時候，我們發起了 GOOD GOOD 活動，這是我們的植物性飲料和食品。

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.

尤其是，我們看到燕麥奶取得了巨大的成功以及它所取得的成功，您也看到了我們的客戶對自己的健康選擇的渴望。

So the team is working hard to develop those.

所以團隊正在努力開發這些。

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.

然後很明顯，在商店這塊，它是第三位環境，我們如何圍繞第三位環境繼續創新，是否是現在商店，還有我們的儲備商店如何出現以及我們如何繼續提升那個品牌，因為第三名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與 Evercore ISI 的 David Palmer。

Question on rewards and digital.

關於獎勵和數字的問題。

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.

您的 90 天獎勵用戶增長為 10%，而我只是在想，鑑於 COVID 導致流量下降了 25%，這是多麼令人印象深刻。

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.

所以我猜 Stars for Everyone 正在發揮作用，而且它是 - 也許你這樣想，它正在建立你的數字連接庫，這可能被定期獎勵用戶低估了，因為當然，有些人擁有最近由於 COVID 選擇退出或他們的生活受到干擾。

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"?

那麼，您是否認為有更多的失效用戶在後端很容易獲得獎勵成員而不是“普通用戶”？

And do you have a sense of how large that group is?

你知道這個群體有多大嗎？

Roz, do you want to take that?

羅茲，你想拿那個嗎？

Sure.

當然。

So just to ground in a few data points there.

所以只是在那裡的幾個數據點。

You're right.

你是對的。

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.

如您所說，截至 9 月底，我們 90 天的活躍星巴克獎勵會員增長至約 1930 萬，增長超過 10%。

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.

所以我們看到的是，我們正在吸引偶爾的客戶，這是我們在推出 Stars for Everyone 之前無法做到的事情。

So what we're seeing right now is strong activation growth very early on with Stars for Everyone.

所以我們現在看到的是，Stars for Everyone 很早就出現了強勁的激活增長。

We're really optimistic in the ability to gain significantly more members in fiscal 2021 of those 90-day active members.

我們對在 2021 財年獲得 90 天活躍會員中的更多會員的能力感到非常樂觀。

We'll continue to innovate around the convenience in that loyalty piece and attract new customers and fueling growth in that area.

我們將繼續圍繞忠誠度的便利性進行創新，並吸引新客戶並推動該領域的增長。

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.

我們看到的一件事是，無論我們現在向商店推出什麼新產品，我們都有更廣泛的受眾來介紹它。

So we're seeing quite a bit of pick up there, and we're encouraged by what we see.

所以我們在那裡看到了很多回升，我們對我們所看到的感到鼓舞。

So we do expect those numbers to climb, and it is bolstered by Stars for Everyone.

因此，我們確實希望這些數字會攀升，並且得到了 Stars for Everyone 的支持。

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 Chris Carril。

Just on the margin guidance, how does that contemplate the shifts in transaction versus ticket?

就保證金指導而言，這如何考慮交易與票證的變化？

And I think, Pat, you talked earlier about the growth in food attach.

而且我認為，帕特，你之前談到了食物附著的增長。

So assuming that there's maybe perhaps normalization there, how does that impact your margin guidance and what's implied there?

因此，假設那裡可能存在正常化，這將如何影響您的保證金指導以及其中隱含的內容？

Yes.

是的。

Thank you for the question.

感謝你的提問。

As we thought about the evolution of our margins over the course of fiscal '21, we've taken into account several things.

當我們考慮到 21 財年期間利潤率的演變時，我們考慮了幾件事。

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.

首先，我想說最重要的是我們如何在全年重建交易，以及如何為我們提供銷售槓桿，正如我們在最近幾個月在這裡了解到的那樣，這對於我們提高盈利能力的能力非常重要商業。

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.

我們進一步將其分解為它通過哪個渠道以及對平均支出的影響以及我們如何看待我們的組合進一步轉變。

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.

因此，我們考慮到了這一點，因為我們考慮了公司整個財年 16% 到 17% 的整體營業利潤率，並認識到我們將在今年上半年低於該範圍的下限然後在下半年高於該範圍的上限。

And that takes into account not only progression of our sales recovery, but importantly, how we are rebuilding margin while continuing to make investments.

這不僅考慮到我們銷售復甦的進展，而且重要的是，我們如何在繼續投資的同時重建利潤。

The investments are pretty substantial.

投資相當可觀。

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.

正如我們在危機最嚴重的時期進行了大量投資一樣，我們計劃在 21 財年進行一些非常重要的投資，這些投資是在真正推動我們業務發展的背後。

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.

因此，我們正在考慮長期需要什麼來加強競爭優勢的關鍵點以釋放未來的銷售增長，這從我們的合作夥伴開始。

So we've planned substantial investments behind enhanced partner wages and benefits.

因此，我們計劃在提高合作夥伴的工資和福利後進行大量投資。

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.

我們計劃在技術上進行大量投資，以擴展我們數字平台的實力和增長，以及它如何以 John 和 Roz 所闡述的方式為我們的業務做出貢獻。

And then finally, we're making incremental investments behind our bold ambitions in environmental sustainability.

最後，我們正在為我們在環境可持續性方面的雄心壯志進行增量投資。

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.

這些事情往往會抵消我們在重新發展業務時意識到的銷售槓桿，以及我們通過商店的運營生產力以及持續的供應鏈效率獲得的持續效率。

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.

因此，它確實是銷售增長的混合體，這種增長的構成取決於我們如何看待票務和交易在一年中的演變，然後考慮到長期加強品牌所需的投資因為我們知道這些投資對於保持競爭優勢的關鍵點很重要。

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.

我將以稍微不同的方式重新提出 Andrew Charles 的問題。

But I guess when we look at the coffee category, you guys in the U.S. are back to almost flat.

但我想當我們看看咖啡類別時，你們在美國的人幾乎回到了平淡無奇的狀態。

Dunkin' is comping modestly positive.

鄧肯的表現適度積極。

I guess you're pointing out that the grocery store business is up.

我猜你是在指出雜貨店生意興隆。

Where is that share coming from?

那份額從哪裡來？

Is it coming from independent coffee shops?

它來自獨立的咖啡店嗎？

Is it coming from other limited service players?

它來自其他有限服務玩家嗎？

Or are Americans just getting overcaffeinated at the moment?

還是美國人現在只是喝多了咖啡因？

Just curious of your thoughts on that matter.

只是好奇你對這件事的看法。

Well, thanks for the question.

嗯，謝謝你的問題。

I'll kind of go back to some data we shared on the addressable market of coffee at our last investor conference.

我會回到我們在上次投資者會議上分享的關於咖啡目標市場的一些數據。

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.

如果你還記得的話，預測是咖啡的潛在市場將以每年大約 5% 的複合年增長率增長。

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.

我認為在 3 月和 4 月人們在家中避難期間可能會出現一些小插曲，但我認為這並沒有減緩可尋址的咖啡市場的增長。

So if the question is do we believe the market for coffee is growing and going to continue to grow?

因此，如果問題是我們是否相信咖啡市場正在增長並會繼續增長？

The answer is yes.

答案是肯定的。

Then the second part is how are we doing on gaining share.

然後第二部分是我們如何獲得份額。

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.

我認為正如 John Culver 強調的那樣，當您查看家庭咖啡時，很明顯，我們從過道中獲得的數據是，我們在快速增長的家庭咖啡市場中的份額正在增長。

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.

如果你看看我們在過去幾個月中追踪的情況，我們在美國的同店可比同類產品連續增長並且我們追踪到這一點，我們已經重新獲得了我們可能給予的大部分份額回到我們四月份關閉所有商店的時候。

So I think we are in a growing addressable market of coffee.

所以我認為我們正處於一個不斷增長的可尋址咖啡市場。

I think we are in a share-taking position.

我認為我們處於共享地位。

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.

我認為我們為貿易區轉型所做的投資以及我們為調整客戶體驗、飲料創新和我們的數字客戶關係所做的一切，我們都準備好在不斷增長的咖啡市場中獲得持續的份額。

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 Katherine Fogertey。

Great.

偉大的。

It was really helpful, the levers of guidance that you provided on the call today.

你今天在電話會議上提供的指導槓桿真的很有幫助。

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?

只是好奇，所以當我們考慮第二波或病毒捲土重來的可能性，甚至潛在地，消費者支出將從這裡減弱時，你必須拉動什麼槓桿？

How committed are you to these strategic investments?

您對這些戰略投資的投入程度如何？

And then maybe said another way, should the flow-through be roughly 50%?

然後也許換一種說法，流通量應該是大約 50% 嗎？

Or are there reasons to believe that it might kind of revert closer to levels that you saw earlier this year?

還是有理由相信它可能會恢復到更接近你今年早些時候看到的水平？

Katherine, let me comment, and then I'll hand over to Pat to add to this.

凱瑟琳，讓我評論一下，然後我會交給帕特來補充。

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.

首先，有一件事——當我在我的評論中談到彈性時，我認為正確的是我們已經開發了這些商店協議，這些協議現在已經嵌入到我們如何運營星巴克商店的運營流程中世界。

And those store protocols have -- they are enabling us to operate in the world of COVID.

這些商店協議具有-它們使我們能夠在 COVID 世界中運營。

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.

因此，即使在 COVID 的世界中，在某些市場中——曲線正在增加，而在其他市場中，曲線正在變平，我們已經能夠看到同店可比商品的連續改善。

And I attribute that to the fact that those store protocols we've now operationalized.

我將其歸因於我們現在已經實施的那些存儲協議。

We know how to keep our partners safe.

我們知道如何保護我們的合作夥伴的安全。

We know how to serve coffee to our customers in our store and keep our customers safe.

我們知道如何在我們的商店為我們的客戶提供咖啡並保證我們的客戶安全。

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.

我們堅持過去 2 或 3 年真正推動這家公司扭虧為盈的原因，即提升客戶體驗、相關飲料創新和數字客戶關係。

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.

因此，如果我看看是什麼——你想想在接下來的一年左右會發生什麼，我們就是在這種環境中運作的。

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.

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彈性水平來做到這一點。

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.

也就是說，這些投資——Pat 描述的許多投資都是長期投資，將為未來幾年的股東帶來豐厚的回報。

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.

因此，對我們來說，更多的是我們是否建立長期股東價值，而不是我們是否必須按季度調整這些投資。

Now we have some flexibility in that.

現在我們在這方面有一些靈活性。

But at the end of the day, we want to play the long game.

但歸根結底，我們想打一場持久戰。

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.

在我看來，我們現在處於如此有利的位置，因為我們現在已經針對這個 COVID 世界調整了我們運營公司的方式。

We've identified the shifts in consumer behavior.

我們已經確定了消費者行為的轉變。

We're rapidly adapting to that new reality.

我們正在迅速適應這一新現實。

We're investing ahead of that curve in a growing addressable market for coffee.

我們在不斷增長的可尋址咖啡市場中領先於這條曲線進行投資。

And that just positions us to come out of this gaining massive amounts of share, creating significant shareholder value.

而這恰恰使我們能夠擺脫這種獲得大量股份的局面，創造顯著的股東價值。

And so we're operating playing the long game.

所以我們正在玩長期遊戲。

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.

既然如此，我會讓帕特評論你的問題，嘿，如果我們遇到一些不可預見的事情，我們在成本方面有多大的靈活性。

So Pat?

那麼帕特?

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.

我認為凱文在我們業務中建立的彈性水平方面說得非常好，這使我們能夠更有效地管理前進。

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.

我們已經在過去幾個季度看到了一些例子，無論是在中國的北京和大連，還是在美國的加利福尼亞、德克薩斯和佛羅里達等州，我們都能夠與地方當局，根據需要調整我們的商店運營。

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.

我們發現，就影響的深度和持續時間而言，可以說，第二波的運營中斷沒有第一波那麼嚴重。

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.

現在，如果事實上，我們看到了超出我們管理能力的更重大影響，正如凱文通過我們撥號和回撥的能力所描述的那樣，那麼我預計會有一些利潤壓縮。

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.

我們將盡最大努力，就像我們在大流行最嚴重的時候所做的那樣，在有意義的地方放慢可自由支配的支出，在有意義的地方放慢資本支出。

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.

但我們絕對致力於進行我們所知道的投資，這些投資對於我們加強品牌定位、加強我們的競爭優勢關鍵點的能力至關重要。

They are going to put us in the best position to unlock the full value of the Starbucks brand for the long term.

從長遠來看，它們將使我們處於釋放星巴克品牌全部價值的最佳位置。

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.

我們有財務能力和資產負債表，可以繼續像我們一樣進行這些投資，並確保從長遠來看，我們在該類別中處於最佳位置。

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

我們的下一個問題來自瑞銀的丹尼斯蓋格。

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.

好奇你是否可以確定繼續推動銷售的更大機會是更多地是關於滿足現有需求的運營調整，還是關於推動新的增量需求的機會，只要你能分析出來。

I know a lot's been shared on kind of the innovative operational adjustments in recent months to meet that current demand.

我知道最近幾個月為滿足當前需求而進行的創新運營調整已經分享了很多。

And I know you talked about how -- the schedule for continued rollout of curbside and handheld, et cetera.

我知道你談到瞭如何——繼續推出路邊和手持設備等的時間表。

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.

所以只是有點好奇，考慮到所有這些因素，我們在哪裡滿足這些現有的需求時間線，想想你的員工和你的合作夥伴做得更好，即使在這個新環境中更有效率，加上他們所擁有的新的東西來了。

Just curious if you could kind of frame up those 2 components a bit more.

只是好奇您是否可以將這兩個組件更多地框起來。

Yes.

是的。

Thanks.

謝謝。

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

Roz，你為什麼不先走，然後讓我補充一個想法。

Yes.

是的。

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.

所以你現在看到的是我們計劃在未來 3 到 5 年內實施的計劃加速，我們正在做的是加速我們的創新，特別是圍繞貿易區轉型重新定位我們的商店生長。

And so the new formats that you see coming to market were planned for our future growth.

因此，您看到的即將上市的新格式是為我們未來的增長而計劃的。

And so we're bringing on more productivity within these models.

因此，我們在這些模型中帶來了更高的生產力。

It will help us optimize sales but actually expand our margin position.

它將幫助我們優化銷售，但實際上擴大了我們的利潤頭寸。

So you're seeing accelerated innovation right now.

所以你現在看到了加速的創新。

We're moving a lot faster and bringing our innovation forward, and that was all based on future growth.

我們正在加快步伐並推動我們的創新，而這一切都基於未來的增長。

So we're moving in that direction just at a faster pace.

因此，我們正以更快的速度朝著這個方向前進。

Yes.

是的。

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.

我肯定會補充一點，我們對 Stars for Everyone 所做的事情以及我們在數字領域所做的投資，都是關於關係的長期增長。

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.

這就是為什麼在我們推出 Stars for Everyone 時，我們每週都會跟踪新應用下載的數量，並且我們已經看到了這一高峰。

We track the number of new rewards customers we sign up.

我們跟踪我們註冊的新獎勵客戶的數量。

We're seeing that go up.

我們看到它在上升。

We track the number of inactive rewards that we -- members that we convert to active rewards members.

我們跟踪我們轉換為活躍獎勵成員的非活躍獎勵的數量。

So that expanded customer reach digitally is going to be a huge asset even, I'll say, post-COVID or post-vaccine.

因此，即使是在 COVID 或疫苗接種後，以數字方式擴大客戶範圍也將成為一項巨大的資產。

But the fact that we're focusing on customer experience, beverage innovation in addition to digital is important for the following reason.

但事實上，我們專注於客戶體驗，除了數字化之外的飲料創新很重要，原因如下。

People are craving the opportunity to socialize right now, and they can't.

人們現在渴望社交的機會，但他們做不到。

Everyone's being careful: working from home, schooling from home, being cautious when they go out.

每個人都在小心：在家工作，在家上學，外出時要小心。

So safe, familiar and convenient is important right now.

因此，安全、熟悉和方便現在很重要。

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.

但是，一旦有了疫苗和療法，現在讓人們在社交和成為社區的一員時感到更自在，我們預測，對第三空間體驗的巨大需求將會再次出現，即那些商店裡的座位和人們來與他人一起享用他們的飲料和食物，在我們的商店進行社交活動並成為社區的一員。

Once -- but this is down the road when there's vaccine and therapeutics.

曾經——但是當有疫苗和治療方法時，這就是未來。

There's going to be a huge, huge wave of demand for that.

將會有一個巨大的需求浪潮。

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，我們不僅為數字關係奠定了基礎，並以安全、熟悉、方便的方式照顧我們的客戶，而且我們還在投資並確保當需求展開時，第三方體驗將處於服務的頂峰那些想來並成為社區一部分並再次社交的客戶，因為這就是我們都渴望的東西。

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

我們的最後一個問題來自 BMO Capital Markets 的 Andrew Strelzik。

Great.

偉大的。

That's actually a good segue for my question.

對於我的問題，這實際上是一個很好的選擇。

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.

實際上，我希望您可以分享更多關於您在打開全座位或部分座位的大廳時所觀察到的內容，例如一旦您這樣做後客戶行為的變化速度，對comps的增量，如何檢查該客戶的增長與您共享的整體支票增長相比。

And if there's any regional differences or nuances, I'd be interested in that as well.

如果有任何地區差異或細微差別，我也會對此感興趣。

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.

所以安德魯，就我們在商店重新開放座位時看到的情況而言，我們實際上首先看到了對此的巨大需求和需求。

We immediately saw people working in our stores, bringing their work into our cafés and sitting for long periods of time.

我們立即看到人們在我們的商店工作，將他們的作品帶到我們的咖啡館並長時間坐著。

We had adjusted seating in all of our stores, so there's social distancing in the stores.

我們調整了所有商店的座位，所以商店裡有社交距離。

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.

我們還在商店中製定了新的清潔規程，這樣當有人離開桌子並有新顧客進來時，他們就知道桌子是乾淨的。

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.

因此，我們從客戶那裡得到的反饋是，他們在星巴克里感到安全和乾淨，我們正在為他們提供安全，我們正在提供這種熟悉感，然後我們正在向他們介紹我們的新飲料系列。

And so we're seeing great customer engagement right now as we open seating.

因此，當我們開放座位時，我們現在看到了很好的客戶參與度。

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.

就我們所看到的區域活動而言，因此在中央商務區，可能像紐約金融區這樣的企業尚未開業，您可以想像，其中一些商店的客流量仍然[輕微]。

That's that 6% that you see that has not reopened.

那就是您看到的未重新開放的 6%。

And then lastly, I would tell you that we are seeing movement towards purchasing your coffee at stores near your home.

最後，我要告訴你的是，我們看到了在你家附近的商店購買咖啡的趨勢。

So our metro suburban areas are doing well.

所以我們的地鐵郊區做得很好。

Drive-throughs are doing well and actually, seating in those metro suburban areas are doing extremely well.

直通車做得很好，實際上，那些地鐵郊區的座位做得非常好。

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.

即使人們仍然通過免下車窗口進來並利用我們在路邊所做的工作，我們也看到了很好的客戶參與度。

So it's full engagement.

所以這是完全的參與。

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.

我們真正感到高興的是，您幾乎可以以任何您覺得安全的方式享用咖啡，這就是我們從客戶那裡得到的反饋。

Yes, I'll just reinforce what Roz said.

是的，我只是加強羅茲所說的話。

When we open a café for limited seating, the response is immediate and the impact on same-store comp is immediate.

當我們為有限的座位開設咖啡館時，反應是立竿見影的，對同店競爭的影響也是立竿見影的。

Customers are craving that, and we do it in a safe way.

客戶渴望這一點，我們以安全的方式做到這一點。

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.

只要我們繼續堅持我們的原則，即優先考慮我們的星巴克合作夥伴和我們服務的顧客的健康和福祉，並與當地衛生官員合作，以幫助減輕、遏制病毒的傳播並出現在在我們所服務的社區中以積極和負責任的方式，只要我們堅持這些原則，提供良好的體驗並以安全的方式進行，並繼續通過相關的新飲料進行創新並擴展數字化，我們就處於有利地位。

And we know how to do this.

我們知道如何做到這一點。

With that, this concludes our question-and-answer session.

至此，我們的問答環節到此結束。

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

我現在想把電話轉給 Kevin Johnson 先生，讓他發表任何結束語。

Well, thank you, everyone.

嗯，謝謝大家。

As we conclude the call today, I want to thank you all again for joining us.

在我們今天結束電話會議時，我要再次感謝大家加入我們。

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.

一如既往，我們致力於引領未來，透明地與大家溝通，透明地與所有利益相關者溝通，平衡我們公司的宗旨和利潤，讓您了解我們的願望和一路上的進展。

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.

為此，我們期待很快接待您，並在 12 月 9 日的虛擬投資者日上討論我們的前進道路，我們希望你們都可以虛擬地加入我們的行列。

And we want to take this opportunity to wish you and your families a happy Halloween and warm wishes for the holiday season ahead.

我們想藉此機會祝您和您的家人萬聖節快樂，並為即將到來的假期送上溫馨的祝福。

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.

是的，假期即將來臨，下週，我們的薄荷摩卡咖啡將迎來第 18 個年頭，同時在我們的商店中提供令人興奮的假期菜單。

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.

因此，我們希望在星巴克與您相見，我們將在我們的商店、路邊或免下車窗口為您創造安全、熟悉和便捷的體驗，無論您需要什麼。

And we hope to bring a little holiday spark to you and your loved ones in the weeks ahead.

我們希望在接下來的幾週內為您和您所愛的人帶來一點節日的火花。

So thanks for joining us.

所以感謝您加入我們。

This concludes Starbucks Coffee Company's Fourth Quarter and Fiscal Year 2020 Conference Call.

星巴克咖啡公司第四季度和 2020 財年電話會議到此結束。

You may now disconnect your lines.

您現在可以斷開線路。