星巴克 (SBUX) 2020 Q3 法說會逐字稿

Good afternoon. My name is Hector, and I will be your conference operator today. I would like to welcome everyone to Starbucks Coffee Company Third Quarter Fiscal Year 2020 Conference Call. (Operator Instructions)

午安.我叫赫克托，今天我將擔任你們的會議接線生。歡迎各位參加星巴克咖啡公司2020財年第三季電話會議。（操作說明）

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

現在我將把電話交給投資者關係副總裁杜爾加·多萊薩米。多萊薩米女士，您現在可以開始會議了。

Good afternoon, everyone, and thank you for joining us today to discuss our third quarter fiscal year 2020 results. Today's discussion will be led by Kevin Johnson, President and CEO; and Pat Grismer, CFO. And for Q&A, we will be joined by Roz Brewer, Chief Operating Officer and Group President, Americas.

各位下午好，感謝各位今天蒞臨本次會議，共同探討我們2020財年第三季的業績。今天的討論將由總裁兼首席執行官凱文·約翰遜和首席財務官帕特·格里斯默主持。在問答環節，我們將邀請美洲區營運長兼集團總裁 Roz Brewer 出席。

This conference call will include forward-looking statements, which are subject to various risks and uncertainties, that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K and quarterly reports on Form 10-Q. In addition, we estimate the impact of COVID-19 by comparing actual results to our previous forecast. These forecasts that were 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, but some or all of which may prove not to be accurate. Starbucks assumes no obligation to update any of these forward-looking statements or information.

本次電話會議將包含前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。任何此類聲明都應與我們在盈利報告中的警示性聲明以及我們在提交給美國證券交易委員會的文件（包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告）中的風險因素討論一並考慮。此外，我們透過將實際結果與先前的預測進行比較來評估 COVID-19 的影響。這些在病毒傳播之前所做的預測是基於當時可獲得的資訊和各種假設，我們認為這些假設是合理的，但其中一些或全部可能被證明是不準確的。星巴克不承擔更新任何此類前瞻性聲明或資訊的義務。

GAAP results in fiscal 2020 include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items. These items are excluded from our non-GAAP results. For certain non-GAAP financial measures mentioned in today's call, please refer to our website at investor.starbucks.com to find their corresponding GAAP measures as well as a reconciliation of these non-GAAP financial measures with their corresponding GAAP measures.

2020 財年的 GAAP 結果包括與策略行動相關的幾個項目，包括重組和減損費用、交易和整合成本以及其他項目。這些項目不計入我們的非GAAP業績。對於今天電話會議中提到的某些非GAAP財務指標，請訪問我們的網站 investor.starbucks.com 以查找其對應的GAAP指標以及這些非GAAP財務指標與其對應的GAAP指標的調節表。

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, August 28, 2020. Finally, for your calendar planning purposes, please note that our fourth quarter and fiscal year 2020 earnings conference call has been tentatively scheduled for Thursday, October 29, 2020.

本次電話會議將進行網路直播，網路直播的存檔將在我們的網站上提供，直至 2020 年 8 月 28 日星期五。最後，為了方便您安排行程，請注意，我們 2020 年第四季及全年財報電話會議暫定於 2020 年 10 月 29 日星期四舉行。

I will now turn the call over to Kevin.

現在我將把通話轉給凱文。

Well, good afternoon, and welcome. Thank you for joining us today. It's been 3 months since our last earnings call as the entire world, all of humanity, has been navigating the COVID-19 pandemic through this very dynamic and challenging period.

下午好，歡迎光臨。感謝您今天蒞臨。距離我們上次財報電話會議已經過了 3 個月，全世界、全人類都經歷了 COVID-19 疫情帶來的這段充滿變數和挑戰的時期。

In times of adversity, values matter. And I'm very proud of how Starbucks partners around the world have responded during this global pandemic united by our mission and values and guided by 3 simple principles: prioritizing the health and well-being of Starbucks partners and the customers we serve, supporting local government and health officials as they work to mitigate and contain the virus and showing up in a responsible and positive way in each and every community we serve. The dedication, agility and positive energy of our partners inspires me. And for that, I am grateful.

逆境中，價值觀至關重要。我為世界各地的星巴克夥伴在這場全球疫情期間的應對方式感到非常自豪，他們團結一致，秉持著我們的使命和價值觀，並遵循 3 個簡單的原則：優先考慮星巴克夥伴和我們服務的顧客的健康和福祉，支持地方政府和衛生官員努力減輕和控制病毒，並在我們服務的每一個社區中以負責任和積極的方式出現。伴侶的敬業精神、敏捷性和積極向上的精神激勵著我。為此，我心存感激。

Throughout this dynamic period, I believe the combination of principal decision-making and transparency in our communication has built trust: trust with all stakeholders. We've provided Starbucks partners economic certainty through the shutdown while prioritizing their health. As we reopen stores, we created safe, familiar and convenient experiences for our customers. We remain committed to doing so as we adapt the store portfolio to cater to evolving patterns of consumer behavior, including on-the-go consumption, mobile order and pickup, drive-through and contactless pickup and delivery, in accordance with our multiyear strategy, which has been further validated by the unfortunate dynamics created by COVID-19.

在這段充滿活力的時期，我相信，主要決策和溝通透明度的結合建立了信任：與所有利害關係人之間的信任。在疫情停業期間，我們為星巴克夥伴們提供了經濟保障，同時將他們的健康放在首位。隨著門市重新開業，我們為顧客創造了安全、熟悉和便利的購物體驗。我們將繼續致力於此，並根據我們多年策略調整門市組合，以適應不斷變化的消費者行為模式，包括外帶消費、行動訂購和取貨、免下車取貨和非接觸式取貨和配送，而 COVID-19 帶來的不幸局面進一步驗證了這一戰略的正確性。

We showed up in the community to provide free coffee to the frontline health care workers who have been caring for those in need. We collaborated with our suppliers and, every step of the way, we supported our global license partners in markets around the world. With a strong balance sheet, we took appropriate steps to ensure liquidity and maintained our quarterly dividend payment to shareholders while maintaining flexibility for the future. And we did all of this while continuing to advance our long-term strategy to position Starbucks for continued success.

我們來到社區，為奮戰在一線照顧病人的醫護人員提供免費咖啡。我們與供應商密切合作，並始終支持我們在世界各地市場的全球授權合作夥伴。憑藉穩健的資產負債表，我們採取了適當措施以確保流動性，並維持了向股東支付季度股息的計劃，同時為未來保持靈活性。我們一邊完成所有這些工作，一邊繼續推進我們的長期策略，以確保星巴克能夠持續成功。

Trust is earned, and building trust with all stakeholders is a very important attribute of Starbucks. I believe the significant investments we made this quarter have inspired Starbucks partners, strengthened customer loyalty and will pay dividends long into the future as the Starbucks brand is stronger than ever.

信任是靠贏得的，與所有利害關係人建立信任是星巴克非常重要的特質。我相信，我們本季進行的大量投資已經激勵了星巴克夥伴，增強了顧客忠誠度，並將在未來很長一段時間內帶來回報，因為星巴克品牌比以往任何時候都更加強大。

On today's call, I will summarize the business recovery results that we are driving as we navigate the current situation and how we are rapidly adapting our business for this new reality. My hope is that from this call, you'll understand and take away 2 important points.

在今天的電話會議上，我將總結我們在應對當前情況的過程中所取得的業務復甦成果，以及我們如何迅速調整業務以適應這種新的現實。我希望透過這次通話，您能理解並記住以下兩點重要內容。

First, our recovery plan is working. With the vast majority of stores around the world now reopened, we saw meaningful improvements in both sales and profitability as the quarter unfolded. Additionally, customer affinity for Starbucks is very strong as demonstrated by improvements in our customer connection scores, growth in customer loyalty and market share gains. Well, we anticipate these improvements to continue, our balance sheet and the strategic actions we have taken to position Starbucks to weather a more protracted disruption in global economic activity. And second, in response to clear shifts in consumer behavior and preferences, we are now accelerating strategic initiatives for the future and positioning Starbucks for continued long-term growth. We have moved aggressively to advance our evolution of the store base to accommodate trends that we have long seen emerging in our business that were only exacerbated by COVID-19.

首先，我們的恢復計劃正在發揮作用。隨著全球絕大多數門市重新開業，本季銷售額和獲利能力均取得了顯著改善。此外，顧客對星巴克的喜愛程度非常高，這反映在顧客聯繫評分的提高、顧客忠誠度的成長和市場佔有率的提升。我們預計這些改善將會持續，我們的資產負債表以及我們為使星巴克能夠應對全球經濟活動更持久的動盪而採取的戰略行動都將有所改善。其次，為了因應消費者行為和偏好的明顯變化，我們正在加快推動面向未來的策略舉措，使星巴克能夠持續實現長期成長。我們積極推動門市佈局的變革，以適應我們長期以來在業務中看到的趨勢，而 COVID-19 疫情只是加劇了這些趨勢。

When taken together, these 2 points indicate a bright future ahead for all stakeholders of the Starbucks Coffee Company.

綜上所述，這兩點顯示星巴克咖啡公司的所有利害關係人將擁有光明的未來。

Let me begin in the U.S. where the recovery accelerated throughout Q3. We exited the quarter with 96% of stores open, up from 44% at the beginning of the quarter. With health and well-being top of mind, we monitored trends and quickly adapted to support our partners and serve our customers safely and responsibly. Through a combination of new store operating protocols and service channels, we were able to amplify a number of contactless experiences for our customers, including drive-through, entryway pickup with Mobile Order & Pay and delivery.

讓我先從美國說起，美國的復甦在第三季加速。本季末，我們已有 96% 的門市恢復營業，高於本季初的 44%。我們始終將健康和福祉放在首位，密切關注各種趨勢，並迅速做出調整，以安全負責地支持我們的合作夥伴並服務我們的客戶。透過結合新的門市營運規程和服務管道，我們能夠為顧客提供多種非接觸式體驗，包括免下車取貨、使用手機下單和支付的入口取貨以及送貨上門。

And with new proprietary data-driven decision tools that monitor public health conditions, government guidelines, customer preferences and partner sentiment in real time, we were able to gradually and safely reopen a select number of our U.S. stores for limited seating experiences, expanding to nearly 30% of our U.S. company-operated stores by the end of the quarter. As a result, weekly U.S. comps steadily improved throughout the quarter from the low point, a decline of minus 65% in mid-April, up to minus 16% as we exited Q3. And through all of this, we posted all-time-high customer connection scores.

憑藉全新的專有數據驅動決策工具，可以即時監測公共衛生狀況、政府指導方針、客戶偏好和合作夥伴情緒，我們得以逐步安全地重新開放部分美國門市，提供有限的堂食服務，到本季度末，這一比例已擴大到我們美國公司自營店的近 30%。因此，美國每週同店銷售額在整個季度穩步改善，從 4 月中旬的低點 -65% 下降到第三季末的 -16%。在此期間，我們的客戶聯繫評分達到了歷史新高。

Looking specifically at the comps of the 3,100 U.S. stores that remained open throughout the entire quarter, those stores improved sequentially from minus 14% comp in May to minus 1% in June to a positive 2% comp for July month-to-date. We have now developed new levels of agility and resilience that position us well for the future with the mindset and capability to safely, effectively and confidently drive our continued recovery. We recognize that markets will experience varying levels of COVID-19 impact until new therapeutics and vaccines are developed, and we are well positioned to navigate this phase of the pandemic.

具體來看，在整個季度中一直保持營業的 3100 家美國門市的同店銷售額，這些門市的同店銷售額環比有所改善，從 5 月份的 -14% 下降到 6 月份的 -1%，再到 7 月份迄今為止的 2% 增長。我們現在已經培養了新的敏捷性和韌性，這使我們能夠以安全、有效和自信的態度和能力，為未來做好充分準備，推動我們持續復甦。我們認識到，在新的治療方法和疫苗研發出來之前，市場將受到不同程度的 COVID-19 影響，而我們已做好充分準備來應對疫情的這一階段。

Today, customers are seeking safe, familiar and convenient experiences in many aspects of their lives. And in that regard, our digital assets have proven to be a competitive advantage. Within the quarter, we saw significant acceleration in the number of customers who downloaded the Starbucks app and joined Starbucks Rewards, totaling 3 million in the quarter and up 17% from Q2. Additionally, engagement with Starbucks Rewards customers outpaced non-Starbucks Rewards members, with year-over-year sales growth from Starbucks Rewards customers turning positive in early July. As a result, Starbucks Rewards, as a percentage of tender in Q3, rose 4 percentage points from a year ago to 46%, which is above the pre-COVID trend, highlighting our success in acquiring new loyalty members as well as reengaging our existing customer base. And finally, customer usage of mobile ordering increased to 22% of total transactions, up 6 percentage points from a year ago.

如今，消費者在生活的各個層面都追求安全、熟悉和便利的體驗。在這方面，我們的數位資產已被證明是一種競爭優勢。本季度，下載星巴克應用程式並加入星巴克獎勵計畫的顧客數量顯著增長，本季總計達到 300 萬，比第二季度增加 17%。此外，星巴克獎勵計畫會員的參與度超過了非星巴克獎勵計畫會員，星巴克獎勵計畫會員的年比銷售額在 7 月初轉正。因此，星巴克獎勵計畫在第三季的支付比例比去年同期上升了 4 個百分點，達到 46%，高於新冠疫情前的趨勢，這凸顯了我們在獲取新忠誠會員以及重新吸引現有客戶群方面取得的成功。最後，顧客使用手機下單的比例上升至總交易量的 22%，比一年前增加了 6 個百分點。

Although our digital platform continues to be a source of strength, disruption to the weekday morning routines, notably, commuting to work and school, is a headwind we are focused on across the U.S. as we continue to recover our business. We continue to see improvements in the morning peak period as well as some customer occasions shifting to later in the morning daypart. As we see customer visits shifting from urban cafés to suburban drive-throughs, customers are also purchasing multiple beverages and food items on a single order, essentially a group order. These dynamics have contributed to a meaningful increase in average spend per order compared to pre-pandemic levels, leading to 25% average ticket comp growth for the quarter.

儘管我們的數位平台仍然是我們的優勢所在，但工作日早晨的日常活動，特別是上下班和上學的通勤，受到了乾擾，這是我們在美國各地努力恢復業務時面臨的一大不利因素。我們持續看到早高峰時段有所改善，同時一些客戶的就診時間也轉移到了上午晚些時候。隨著顧客光顧的場所從城市咖啡館轉移到郊區的汽車餐廳，顧客也開始在一次訂單中購買多種飲料和食品，這實際上是一種團體訂單。這些因素導致每筆訂單的平均消費額較疫情前水準顯著增長，使得本季平均客單價增加了 25%。

As we reopen stores to include mobile orders, entryway pickup and in-store to-go orders, ticket growth moderated and transaction volume increased as the quarter unfolded. Almost 90% of sales volumes in Q3 flowed through the combination of drive-through and Mobile Order & Pay. In addition, with national coverage in the U.S., Starbucks Delivers transactions tripled in Q3 from Q2 levels with the highest volume in the late morning and midday.

隨著我們重新開放門市，包括行動訂單、入口取貨和店內外帶訂單，客單價成長放緩，交易量在本季逐漸增加。第三季近 90% 的銷售額是透過得來速和行動點餐及支付方式實現的。此外，隨著星巴克在美國全國範圍內的覆蓋，其外送服務在第三季度的交易量比第二季度增長了兩倍，其中上午晚些時候和中午的交易量最高。

All of this indicates that customers are adapting their routines, and we are well positioned to drive further recovery by simply increasing throughput and enhancing those safe, familiar and convenient experiences customers desire. As I will discuss in greater detail later, that is why we are accelerating innovative store formats, like Starbucks pickup and new operating protocols such as curbside delivery, as they align closely with the customer preferences that have evolved as a result of COVID-19.

所有這些都表明顧客正在調整他們的日常習慣，而我們完全有能力透過提高吞吐量和增強顧客所渴望的安全、熟悉和便捷的體驗來推動進一步的復甦。稍後我將更詳細地討論這一點，這就是為什麼我們要加速創新門市模式，例如星巴克取貨和新的營運協議，例如路邊取貨，因為它們與因 COVID-19 而不斷變化的客戶偏好密切相關。

Let me now move on to China where, at the end of Q3, 99% of stores had reopened with approximately 90% having regular operating hours and over 70% having full seating. Building on the positive recovery momentum from Q2, China demonstrated sequential improvements in monthly comparable sales across Q3, exceeding our expectations for the quarter. In addition to comp sales recovery, we reignited new store development, crossing the 4,400-store milestone with the opening of almost 100 net new stores in the quarter. Mobile order sales mix reached 23% of sales in Q3, with 12% coming from delivery and 11% from Mobile Order & Pay, well above the mid-teens levels we saw pre-COVID.

現在讓我把目光轉向中國。截至第三季末，99% 的商店已經重新開業，約 90% 的商店恢復了正常的營業時間，超過 70% 的商店恢復了全部座位。延續第二季積極的復甦勢頭，中國市場第三季同店銷售額環比成長，超出我們對季度的預期。除了同店銷售復甦外，我們還重新啟動了新店開發，本季淨增近 100 家門市，門市總數突破 4,400 家大關。第三季行動訂單銷售額佔比達 23%，其中外賣佔 12%，行動訂單和支付佔 11%，遠高於新冠疫情前十幾個百分點的水平。

As digital adoption accelerates in China, we continue to innovate in ways that deepen customer relationships and extend the reach of the Starbucks Experience across a variety of digital platforms and ecosystems. In May, we launched a new WeChat mini program with new functionality for WeChat users, including Starbucks Delivers. And in June, we enhanced the Starbucks Rewards program, introducing a multi-tier redemption system similar to what we rolled out in the U.S. last year. Fueled by these new digital initiatives, we have seen strong sequential growth in active Rewards members. In fact, the Q3 90-day active members increased 25% over Q2 to 9.9 million, representing 9% growth over the prior year.

隨著中國數位化進程的加速，我們不斷創新，以加深與客戶的關係，並將星巴克體驗擴展到各種數位平台和生態系統。5 月，我們推出了一款新的微信小程序，為微信用戶帶來了包括星巴克外送在內的新功能。6 月，我們改進了星巴克獎勵計劃，引入了類似去年在美國推出的多層兌換系統。在這些新的數位化措施的推動下，我們看到活躍獎勵會員數量實現了強勁的連續成長。事實上，第三季 90 天活躍會員人數比第二季成長了 25%，達到 990 萬，比去年同期成長了 9%。

We are pleased with the progress we are making in China to recover sales. However, we are reminded by the recent resurgence of COVID-19 cases in Beijing and the corresponding actions taken to mitigate the spread that our new normal requires us to monitor the situation in every community, rapidly adapt and innovate in ways that continue to bring more customers into our stores and increase the frequency of those visits. With the differentiated capabilities and strategic advantages we enjoy in China, including our digital partnership with Alibaba and our access to emerging technologies through our co-investment relationship with Sequoia Capital, we are confident that we will substantially recover our sales in China by the end of this calendar year, demonstrating the strength and resilience of the Starbucks brand in our fastest-growing market.

我們對在中國市場恢復銷售所取得的進展感到滿意。然而，北京最近新冠肺炎病例的再次激增以及為緩解疫情傳播而採取的相應措施提醒我們，新的常態要求我們監測每個社區的情況，迅速調整和創新，以繼續吸引更多顧客光顧我們的門店，並增加顧客光顧的頻率。憑藉我們在中國所擁有的差異化能力和戰略優勢，包括與阿里巴巴的數位化合作以及透過與紅杉資本的共同投資關係獲得新興技術，我們有信心在今年年底前大幅恢復在中國的銷售額，這將展現星巴克品牌在我們增長最快的市場中的實力和韌性。

Moving to Channel Development. This has been a quarter where demand for at-home coffee has soared, and our Channel Development business has demonstrated tremendous resilience and gained market share as customers adjust to their at-home routines. In the U.S., Starbucks' share of total packaged coffee grew significantly in Q3, 21% growth in dollar sales, outpacing the coffee category, which grew 13% in the quarter. Our domestic ready-to-drink business grew by 11%, gaining 2 points of share in Q3. Our Global Coffee Alliance with Nestlé, combined with our ready-to-drink partners, including PepsiCo and Tingyi, have extended our ability to meet customers where they are, which is particularly important in the current environment. We are now in 53 markets with the Global Coffee Alliance, more than tripling our at-home coffee presence versus a year ago, and we expect to be in over 60 markets by the end of this fiscal year.

轉入通路開發部門。本季度，人們對在家喝咖啡的需求激增，隨著顧客適應居家生活，我們的通路開發業務展現出了極強的韌性，並獲得了市場份額。在美國，星巴克在第三季的包裝咖啡市佔率顯著成長，銷售額成長了 21%，超過了咖啡品類當季 13% 的成長率。我們的國內即飲飲料業務成長了 11%，第三季市佔率提高了 2 個百分點。我們與雀巢的全球咖啡聯盟，加上我們的即飲合作夥伴（包括百事可樂和頂益），擴大了我們滿足客戶需求的能力，這在當前環境下尤其重要。我們目前已透過全球咖啡聯盟進入 53 個市場，與一年前相比，我們的家庭咖啡業務規模增長了三倍多，我們預計到本財年結束時，我們的業務將進入 60 多個市場。

With our near-term business recovery fully in motion and delivering results, let me now focus on how we are leveraging this disruptive period to accelerate value-creating initiatives that further differentiates Starbucks and fuel predictable, sustainable long-term growth. Why is this important? In every industry, there are periods of disruption that create great opportunity for those businesses that adapt to the disruption, invest in relevant ways and strengthen their differentiation and competitive advantage. Those businesses that fail to evolve typically fall behind.

隨著我們近期業務的全面復甦並取得成效，現在讓我重點談談我們如何利用這段充滿挑戰的時期來加速創造價值的舉措，從而進一步提升星巴克的差異化優勢，並推動可預測、可持續的長期增長。為什麼這很重要？在任何產業，都會經歷變革時期，而那些能夠適應變革、進行相關投資並加強自身差異化和競爭優勢的企業，將會迎來巨大的機會。那些不與時俱進的企業通常會落後。

Given the strength of our brand, our advanced digital capabilities and our strong balance sheet, I believe this is one of those rare opportunities to move aggressively and further differentiate Starbucks from our competition. And I will highlight 3 areas where we are doing just that: convenient store formats, digital customer engagement and plant-based menu lines.

鑑於我們強大的品牌實力、先進的數位化能力和穩健的資產負債表，我認為這是一個難得的機會，讓我們能夠積極進取，進一步將星巴克與競爭對手區分開來。我將重點介紹我們正在努力實現這一目標的三個領域：便利商店模式、數位化客戶互動和植物性菜單系列。

Over the years, we have demonstrated a clear track record of reimagining store formats to better serve customers, and we are now reimagining how we further elevate the customer experience by leveraging these various store formats to create a network of stores in a community. Think of this as blending highly complementary store formats throughout a community that collectively better serve the expanding and shifting need states of customers in that community and, thus, increasing revenue in the trade area while optimizing profitability and investment returns.

多年來，我們不斷改進門市形式，以更好地服務顧客，並取得了顯著的成績。現在，我們正在重新構想如何利用這些不同的門市形式，在社區中創建一個門市網絡，進一步提升顧客體驗。可以把這想像成在整個社區內融合高度互補的商店形式，從而更好地滿足該社區顧客不斷增長和變化的需求，進而增加商圈的收入，同時優化盈利能力和投資回報。

We have been blending store formats in suburban markets for years where we have complemented traditional Starbucks stores, the third place experience, with drive-through and mobile order pickup experiences that serve customers' need for convenience. We are introducing a simple handheld device to further increase throughput and improve the customer experience. And we are introducing a new curbside pickup experience that will be available in 700 to 1,000 locations by the end of this quarter, which enables incremental customer visits.

多年來，我們一直在郊區市場融合不同的門市形式，在傳統的星巴克門市（第三空間體驗）的基礎上，增加得來速和手機下單取餐體驗，以滿足顧客對便利性的需求。我們正在推出一款簡單的手持設備，以進一步提高吞吐量並改善客戶體驗。我們正在推出全新的路邊取貨體驗，到本季末將在 700 到 1000 個地點推出，這將有助於增加顧客到店次數。

In urban core markets where drive-throughs and curbside aren't feasible, we will begin to reposition our store formats to create a blend of traditional Starbucks stores with new Starbucks pickup stores. These stores are built in a smaller footprint and create a familiar and convenient walk-through experience that is very relevant to customers in urban markets. Each of these Starbucks pickup stores will ideally be located within a 3- to 5-minute walk from a traditional Starbucks store, giving customers the flexibility to enjoy their beverage in our store or on the go. We plan to accelerate the development of over 50 of these stores over the next 12 to 18 months with a view to have several hundred in the U.S. over the next 3 to 5 years.

在城市核心市場，由於免下車和路邊取貨服務不可行，我們將開始重新調整我們的門市形式，以創造傳統星巴克門市與新型星巴克取貨門市的混合模式。這些商店佔地面積較小，營造出熟悉便捷的購物體驗，非常適合城市市場的顧客。這些星巴克取餐店的理想位置是在距離傳統星巴克門市步行 3 至 5 分鐘的範圍內，讓顧客可以靈活地在店內或外帶享用飲品。我們計劃在未來 12 至 18 個月內加快開發 50 多家此類門市，目標是在未來 3 至 5 年內在美國開設數百家門市。

We have also accelerated the rollout of a similar concept in China, Starbucks Now stores, adding 9 new locations in Q3 for a total of 15. We are seeing firsthand the power of integrating physical and digital customer touchpoints to meet customers' growing need for convenience.

我們也在中國加快了類似概念的推廣，推出了 Starbucks Now 門市，第三季新增了 9 家門市，總數達到 15 家。我們親眼見證了整合實體和數位客戶觸點，以滿足客戶日益增長的便利性需求的強大力量。

In addition to accelerating our store transformation strategy, we are creating new capabilities that expand digital customer engagement. We're having great success bringing new customers on to the app and into the rewards program. We will build on this momentum in the fall when we introduce a new pay-as-you-go option for Starbucks Rewards members in the U.S. and Canada. This significant new addition will open up an invitation to join Starbucks Rewards to a much better audience.

除了加速門市轉型策略之外，我們還在創造新的能力，以擴大數位化客戶互動。我們在吸引新客戶使用應用程式和加入獎勵計劃方面取得了巨大成功。今年秋季，我們將乘勢而上，為美國和加拿大的星巴克獎勵計劃會員推出新的按需付費選項。這項重要的新增功能將向更廣泛的受眾發出加入星巴克獎勵計畫的邀請。

While nearly half of our sales now comes from Rewards members who are preloading their stored value cards, we have heard from many more customers that they would like an option to earn rewards when paying directly with cash, credit, debit and select digital laws. By adding this capability to Starbucks Rewards, we will give customers more ways to pay and earn rewards when using the Starbucks app.

雖然我們現在近一半的銷售額來自預先充值儲值卡的獎勵會員，但我們從更多客戶那裡了解到，他們希望可以選擇在直接使用現金、信用卡、金融卡和特定數位支付方式付款時賺取獎勵。透過在星巴克獎勵計劃中添加此功能，我們將為顧客在使用星巴克應用程式時提供更多支付和賺取獎勵的方式。

In China, since we began our China digital partnership with Alibaba 2 years ago, we've worked together to deliver innovative digital services to our customers and transform the coffee industry in China. As part of our ongoing partnership, we are expanding our reach to customers across the Chinese mainland by introducing the Starbucks Now Mobile Order & Pay feature to multiple platforms in the Alibaba digital economy, including Taobao; digital mapping and information provider, Amap; local services app, Koubei; and Alipay, which serve a combined user base of nearly 1 billion customers. Through these apps, customers will be able to preorder and pay for their favorite Starbucks beverage and food online and then pick up in person at most Starbucks stores across the Chinese Mainland. Previously, this service was only available through our Starbucks China mobile app. This is a significant step forward, and we value our partnership with Alibaba greatly.

在中國，自從兩年前我們與阿里巴巴開始在中國進行數位化合作以來，我們一直攜手為客戶提供創新的數位服務，並改變中國的咖啡產業。作為我們持續合作的一部分，我們正在透過將 Starbucks Now 手機點餐和支付功能引入阿里巴巴數位經濟中的多個平台（包括淘寶；數位地圖和資訊提供者愛地圖；本地服務應用程式口碑；以及支付寶）來擴大我們在中國大陸的客戶覆蓋範圍，這些平台的用戶總數接近 10 億。透過這些應用程序，顧客可以在線預訂和支付他們最喜歡的星巴克飲料和食品，然後親自到中國大陸的大多數星巴克門市取貨。此前，這項服務僅可透過我們的星巴克中國手機應用程式獲得。這是一個重要的進步，我們非常重視與阿里巴巴的合作關係。

We are listening to our customers and continually seeking ways to make Starbucks more relevant, inviting and uplifting through personalized human connection, the seamless link between the customer experience we create in our stores and the power of the digital customer relationships.

我們傾聽顧客的聲音，不斷尋求各種方法，透過個人化的人際互動，將我們在門市創造的顧客體驗與強大的數位化顧客關係無縫銜接，使星巴克更具相關性、吸引力和鼓舞人心。

Finally, our recent announcements of plant-based beverage and food innovation through partnerships with Beyond Meat, Impossible and Oakley reflect the fact that customers want more plant-based options. We believe that customers are embracing plant-based choices because they are good, good: good for your health and good for the planet. We are shifting more beverage and food menu items to include plant-based options. Recent examples include cold brew with cinnamon almond milk foam in the U.S. and oat milk versions of 2 signature Starbucks beverages in China: oat milk latte and oak milk matcha latte. Early results from these innovations are very encouraging, so we are accelerating efforts to expand these offerings for our customers and, in the process, making meaningful progress against our planet-positive goals.

最後，我們最近透過與 Beyond Meat、Impossible 和 Oakley 的合作，宣佈在植物性飲料和食品創新方面取得進展，這反映出顧客希望有更多植物性選擇。我們相信，顧客之所以接受植物性食品，是因為它們確實有許多優點：對健康有益，對地球也有好處。我們正在調整飲料和食品菜單，增加植物性食品的選擇。最近的例子包括美國推出的肉桂杏仁奶泡沫冷萃咖啡，以及中國推出的兩款星巴克招牌飲品的燕麥奶版本：燕麥奶拿鐵和燕麥奶抹茶拿鐵。這些創新的初步成果非常令人鼓舞，因此我們正在加快努力，擴大這些產品和服務，以更好地服務我們的客戶，並在這一過程中，朝著我們對地球有益的目標取得有意義的進展。

Let me close by reinforcing 2 key messages I hope you take away from this call. First, our recovery strategy is working as evidenced by the improving business results across all of our key segments. Second, we have future-proofed our business model and reinforced our balance sheet to enable us to play offense by accelerating key strategic initiatives that further differentiate Starbucks and reinforce the long-term sustainable growth opportunity ahead. Those 2 points reinforce an optimistic view of our future.

最後，我想再次強調我希望大家能從這通電話中記住的兩個關鍵訊息。首先，我們的復甦策略正在奏效，所有主要業務部門的表現都在改善，這證明了這一點。其次，我們已經使我們的商業模式面向未來，並加強了我們的資產負債表，使我們能夠透過加速關鍵戰略舉措來採取進攻策略，從而進一步使星巴克脫穎而出，並鞏固未來的長期可持續增長機會。這兩點強化了我們對未來的樂觀看法。

Before we conclude this call, I want to thank you all for joining us today. The last several months have been quite unprecedented in regard to public health and commerce, given the impacts of COVID-19. Simultaneously, there is a powerful awakening underway in America to address systemic racism and social inequality, issues that Starbucks has always embraced, believing that we have a role and responsibility to advance positive change. That has never been more true than it is today. The mission and values that unite Starbucks partners continue to help us navigate these complex times and inspire us to promote equity, great opportunities and build resilient communities. And building upon the deliberate actions we have taken to provide a warm, welcoming and safe environment for everyone, our work will not end. This is who we are at our core, and it is what our partners and customers expect of us.

在結束本次通話之前，我要感謝各位今天參加我們的電話會議。鑑於新冠肺炎疫情的影響，過去幾個月在公共衛生和商業方面都是前所未有的。同時，美國正在發生一場強大的覺醒運動，旨在解決系統性種族主義和社會不平等問題。星巴克一直以來都積極關注這些問題，並認為我們有責任和義務推動積極的變革。這句話在今天比以往任何時候都更真實。星巴克夥伴們秉持的使命和價值觀，將繼續幫助我們應對這些複雜的時代，並激勵我們促進公平、創造更多機會，建立具有韌性的社區。我們已採取一系列措施，為所有人提供溫暖、熱情、安全的環境，但我們的工作不會就此結束。這就是我們公司的核心價值觀，也是我們的合作夥伴和客戶對我們的期望。

I again thank all Starbucks partners for your commitment, dedication and caring for one another as well as our customers and the communities in which we operate through this pandemic is heartwarming. You are the heartbeat of Starbucks, and I am proud to work in service of you. As always, we look forward to bringing you along our journey to create opportunities and strengthen our communities.

我再次感謝所有星巴克夥伴在這場疫情期間所展現出的奉獻精神、對彼此以及對顧客和我們經營所在社區的關愛，這令人感動。你們是星巴克的靈魂，我很榮幸能為你們服務。一如既往，我們期待與您攜手，共同創造機遇，增強社區凝聚力。

Thank you for your time and attention today and for your ongoing support. Now over to Pat.

感謝您今天抽空關注，也感謝您一直以來的支持。現在輪到帕特了。

Thank you, Kevin, and good afternoon, everyone. I will start by echoing Kevin's appreciation for all Starbucks partners who have worked tirelessly to deliver safe, convenient and familiar experiences for our customers and to support our communities under very challenging circumstances. They are the heartbeat of our company and our inspiration.

謝謝你，凱文，大家下午好。首先，我要和凱文一樣，對所有星巴克夥伴表示感謝，感謝他們在非常具有挑戰性的情況下，不懈努力地為顧客提供安全、便捷和熟悉的體驗，並支持我們的社區。他們是我們公司的心臟，也是我們的靈感來源。

Although the impacts of COVID-19 weighed heavily on our Q3 financial results, we are encouraged by the fact that our sales and profits across all our operating segments recovered more quickly than we expected and that our very strong balance sheet has allowed us to make significant and important investments in the business for the long term while weathering the pandemic.

儘管 COVID-19 對我們第三季度的財務業績造成了沉重打擊，但我們感到鼓舞的是，我們所有營運部門的銷售額和利潤恢復速度都比預期更快，而且我們非常強勁的資產負債表使我們能夠在應對疫情的同時，對業務進行重大而重要的長期投資。

For the quarter, Starbucks reported global revenue of $4.2 billion, down 38% from the prior year. We estimate the COVID-19 impact on consolidated revenue to be approximately $3.1 billion, primarily due to temporary store closures, restricted sales channels, shortened operating hours and reduced customer traffic. Non-GAAP EPS in Q3 was a loss of $0.46, down from a profit of $0.78 in the prior year, inclusive of an estimated $1.20 negative impact of COVID-19, which includes flow through on the revenue impact that I noted earlier as well as significant investments that we made in response to the pandemic, which I will outline later. Non-GAAP EPS was considerably better than the preliminary guidance range that we provided in our 8-K on June 10 driven by better-than-expected sales and margins.

星巴克本季全球營收為 42 億美元，較上年同期下降 38%。我們估計 COVID-19 對合併收入的影響約為 31 億美元，主要原因是商店暫時關閉、銷售管道受限、營業時間縮短和客流量減少。第三季非GAAP每股虧損0.46美元，而去年同期獲利0.78美元，其中包括COVID-19疫情造成的約1.20美元負面影響，其中包括我之前提到的對收入的影響，以及我們為應對疫情而進行的重大投資，我稍後會詳細說明。非GAAP每股收益遠超過我們在6月10日8-K文件中提供的初步指引範圍，這主要得益於銷售額和利潤率好於預期。

I will first provide some highlights of segment operating results and consolidated margin performance for Q3. I will then discuss our guidance for Q4 and fiscal 2020 followed by a preliminary perspective on fiscal 2021.

首先，我將重點放在第三季各業務部門的經營績效及合併利潤率表現。接下來，我將討論我們對第四季和 2020 財年的業績指引，以及 2021 財年的初步展望。

At $2.8 billion, revenue for our Americas segment was 40% lower in Q3 than the prior year, largely due to a 41% decline in comparable store sales, including minus 40% in the U.S. We estimate the decline in Americas revenue and operating income attributable to COVID-19 in Q3 to be approximately $2.3 billion and $1.5 billion, respectively. This equates to a flow-through rate on lost sales of approximately 65% for Q3, which was a significant improvement from Q2 but still materially higher than the 50% variable flow-through rate that we typically observe in our business, primarily due to incremental partner support costs, net of certain government stimulus program benefits, as well as incremental store operating expenses.

第三季度，美洲業務的營收為 28 億美元，比去年同期下降 40%，主要原因是同店銷售額下降了 41%，其中美國下降了 40%。我們估計，第三季美洲業務因 COVID-19 疫情造成的收入和營業利潤下降分別約為 23 億美元和 15 億美元。這相當於第三季損失銷售額的轉換率約為 65%，與第二季相比有了顯著改善，但仍遠高於我們業務中通常觀察到的 50% 的可變轉化率，這主要是由於合作夥伴支持成本增加（扣除某些政府刺激計劃的收益）以及門市營運費用增加所致。

Importantly, both sales and profitability trended positively across the quarter, with sequential improvements in each month. And comparable store sales were towards the better end of our guidance range. The U.S. business posted a comparable sales decline of 19% in June, improving from minus 43% in May, restoring the business to positive profitability for the month.

重要的是，本季銷售額和獲利能力均呈現正面趨勢，且每個月都有所改善。同店銷售也接近我們預期範圍的較高水準。美國業務6月同店銷售額下降19%，較5月份的-43%有所改善，當月恢復獲利。

Moving on to International. The segment's comparable store sales declined by 37% in Q3 relative to the prior year but exceeded the expectations we shared last month, primarily driven by Japan's faster-than-expected pace of sales recovery boosted by successful seasonal product promotions. The segment's comparable store sales Q3 also reflect a 2% benefit related to temporary value-added tax, or VAT, exemption in China. This benefit was largely offset by traffic softness that emerged in Beijing in the last 2 weeks of the quarter due to a resurgence of COVID-19 in that city.

接下來是國際部分。該業務部門第三季同店銷售額年減 37%，但超出了我們上個月的預期，這主要得益於日本市場銷售復甦速度快於預期，而這又得益於成功的季節性產品促銷活動。該業務部門第三季同店銷售額也反映了中國暫時免徵增值稅（VAT）帶來的 2% 的收益。由於北京新冠疫情在本季最後兩週再次爆發，導致交通疲軟，很大程度上抵消了上述利多。

For the month of June, China's comparable store sales declined 16% after excluding an 8 percentage point VAT exemption benefit, about half of which was related to a true-up for the first 2 months of the quarter. This was a notable sequential improvement to May's comp on a like-for-like basis. For the third quarter, China's comparable store sales declined 19%, including VAT favorability of 4 percentage points.

6 月份，中國同店銷售額下降了 16%，這還不包括 8 個百分點的增值稅豁免優惠，其中約一半與該季度前兩個月的調整有關。與五月份的同類數據相比，這是一個顯著的環比改善。第三季度，中國同店銷售額下降19%，其中包括4個百分點的增值稅優惠。

International's revenue of $950 million in Q3 was a 40% reduction versus the prior year, primarily due to the 37% decline in comparable store sales. Also contributing to the decline were lower product sales to our licensees as a result of lost sales related to the COVID-19 outbreak as well as temporary royalty relief that we granted our international licensees. And there was an additional 2% revenue dilutive impact of transitioning our Thailand business to licensed operations last year. These adverse year-over-year revenue impacts were partially offset by net new store growth of 9% over the past 12 months.

國際業務第三季營收為 9.5 億美元，比去年同期下降 40%，主要原因是同店銷售額下降了 37%。銷售下滑的原因還包括：由於 COVID-19 疫情爆發導致的銷售損失，以及我們給予國際被授權者的臨時特許權使用費減免。去年，我們將泰國業務轉型為特許經營模式，這額外造成了 2% 的收入稀釋影響。過去 12 個月淨新增門市數量增加 9%，部分抵消了這些不利的年收入影響。

We estimate that the COVID-19 impact to the decline in International's Q3 revenue and operating income was approximately $760 million and $420 million, respectively. The improvement in International's flow-through rate on lost sales of roughly 55% in Q3 from 60% in Q2 was attributable to favorable items unique to the period, primarily temporary government relief programs, the temporary extension of China loyalty program benefits during the pandemic and limited-time rent concessions in both China and Japan.

我們估計，COVID-19 對 International 第三季營收和營業利潤的下降分別造成了約 7.6 億美元和 4.2 億美元的損失。國際業務第三季因銷售損失而產生的轉嫁率從第二季的 60% 提高到約 55%，這主要歸功於該時期特有的有利因素，主要是政府的臨時救濟計劃、疫情期間中國忠誠度計劃優惠的臨時延長以及中國和日本的限時租金減免。

On to Channel Development. Revenue was $447 million in Q3, a decline of 16% from the prior year. When normalizing for the 21% unfavorable impact of lapping, Global Coffee Alliance transition-related items that benefited the prior year, including higher inventory sales as Nestlé prepared to fulfill customer orders, Channel Development's revenue grew 5% in Q3 over the prior year. The growth was driven by strong packaged coffee and single-serve product sales, offsetting the adverse impact of COVID-19 on the segment's foodservice business.

接下來是通路開發。第三季營收為 4.47 億美元，較上年同期下降 16%。如果將研磨帶來的 21% 的不利影響以及全球咖啡聯盟過渡相關項目（這些項目在上一年受益，包括雀巢為滿足客戶訂單而增加的庫存銷售額）進行標準化，渠道發展部門第三季度的收入比上年同期增長了 5%。包裝咖啡和單份產品的強勁銷售推動了成長，抵消了 COVID-19 對該部門餐飲服務業務的不利影響。

Channel Development's non-GAAP operating margin was 35.6%, an improvement of 120 basis points over the prior year. Normalizing for the 460 basis point impact of the transition activities I just mentioned, Channel Development's non-GAAP operating margin contracted 340 basis points in Q3. The contraction was due primarily to a business mix shift within Channel Development as well as deleverage on fixed coffee manufacturing costs shared across the company's operating segments driven by lower retail production volumes resulting from COVID-19.

Channel Development 的非 GAAP 營業利潤率為 35.6%，比前一年提高了 120 個基點。在剔除我剛才提到的過渡活動帶來的 460 個基點的影響後，通路發展部門第三季的非 GAAP 營業利潤率下降了 340 個基點。此次收縮主要是由於通路開發業務組合的轉變，以及受 COVID-19 疫情影響，零售產量下降，導致公司各營運部門分攤的固定咖啡製造成本降低。

At the consolidated level, non-GAAP operating margin was minus 12.6% in Q3, down from 18.3% in the prior year. As you would expect, much of the year-over-year reduction in our operating margin was due to sales deleverage as well as incremental expenses to provide a safe experience in our stores, all related to the impacts of COVID-19. We estimate this to be approximately 80% of the margin decline. The remaining 20% primarily reflects substantial and very intentional investments that we are making in the brand and to build trust with key stakeholders, recognizing that these relationships are an essential part of our brand and critical to our ability to not only recover from the effects of the pandemic but also to strengthen our competitive position for long-term growth.

從合併層面來看，第三季非GAAP營業利益率為-12.6%，低於去年同期的18.3%。正如您所預料的那樣，我們營業利潤率同比下降的主要原因是銷售槓桿作用減弱以及為確保門市安全而增加的費用，所有這些都與 COVID-19 的影響有關。我們估計這大約佔利潤率下降的 80%。剩餘的 20% 主要反映了我們對品牌進行了大量且有目的性的投資，以及與關鍵利益相關者建立信任，我們認識到這些關係是我們品牌的重要組成部分，對於我們不僅能夠從疫情的影響中恢復過來，而且能夠加強我們的競爭地位以實現長期增長至關重要。

These investments totaled approximately $350 million in the quarter and were focused on 3 key areas. First, we invested in our partners as they are critical to the Starbucks Experience and instrumental to our long-term success. For most of the quarter, including during the period of extensive store closures, we provided our partners with salary, wage and befits continuation as well as temporary premium pay in the U.S. and Canada for those who work on the frontlines of our business and enhanced assistance related to personal care and well-being, net of subsidies from certain government stimulus program benefits. This represented about 85% of our total investments for the quarter.

該季度這些投資總額約為 3.5 億美元，主要集中在 3 個關鍵領域。首先，我們對合作夥伴進行投資，因為他們對星巴克體驗至關重要，也是我們長期成功的關鍵。在本季度的大部分時間裡，包括大規模門市關閉期間，我們為員工提供了工資、薪金和福利的延續，以及在美國和加拿大為那些在我們業務一線工作的員工提供的臨時加班費，並加強了與個人護理和福祉相關的援助，扣除了某些政府刺激計劃福利的補貼。這約占我們本季總投資的 85%。

Second, we supported our international licensees who are our partners in driving long-term growth globally by temporarily extending more flexible development terms and royalty relief.

其次，我們透過暫時延長更靈活的開發條款和特許權使用費減免，為我們的國際被授權人（他們是我們的合作夥伴）提供支持，以推動全球長期成長。

And third, we helped several strategic suppliers weather this crisis with certain accelerated payments in effect through July and by honoring minimum supplier commitments during periods of depressed sales volumes so they can sustain the supply of our proprietary process and services in support of our ongoing product innovation. We are fortunate that the scale of our business and the strength of our balance sheet enabled us to invest as we did, consistent with our mission and values as a company while positioning us well for the future.

第三，我們透過加快付款方式（有效期至 7 月）以及在銷售量低迷時期履行最低供應商承諾，幫助幾家戰略供應商渡過了這場危機，以便他們能夠維持我們專有工藝和服務的供應，從而支持我們持續的產品創新。我們很幸運，公司規模和資產負債表的實力使我們能夠進行這樣的投資，這既符合我們公司的使命和價值觀，也為我們的未來奠定了良好的基礎。

Our $3 billion bond issuance in May enabled us to fund these investments, cover our capital expenditures, prefund next year's bond maturities at attractive rates and, of course, sustain our quarterly dividend payments, honoring our commitment to shareholders. Importantly, as we exited Q3, we were cash flow positive with upward momentum, setting us on a solid path to reduce our financial leverage in future quarters.

我們在 5 月發行了 30 億美元的債券，這使我們能夠為這些投資提供資金，支付資本支出，以優惠的利率預先支付明年到期的債券，當然，還能維持我們的季度股息支付，履行我們對股東的承諾。重要的是，第三季結束時，我們的現金流為正，而且勢頭良好，這為我們在未來幾季降低財務槓桿奠定了堅實的基礎。

Moving on to our outlook for Q4 and fiscal 2020, starting with the metric that, in our view, defines recovery for our retail business: comparable store sales growth. Globally, we expect comparable store sales for Q4 and for fiscal 2020 to decline between 12% and 17%, demonstrating sustained sequential improvement, including across both of our key markets of the U.S. and China. We also expect Americas and U.S. comparable store sales to be down 12% to 17% for Q4 and for fiscal 2020.

接下來，我們展望 2020 年第四季和 2020 財年，首先來看我們認為能夠定義零售業務復甦的指標：同店銷售成長。在全球範圍內，我們預計第四季和 2020 財年的同店銷售額將下降 12% 至 17%，這表明業績將持續環比改善，包括我們在美國和中國這兩個主要市場。我們也預計，美洲和美國同店銷售額在第四季和 2020 財年將下降 12% 至 17%。

While the recent flare-ups of COVID-19 in several parts of the U.S. underscore the persistent uncertainty in our operating environment, we expect continued improvement in our U.S. business in Q4 bolstered by the focused actions that Kevin described in relation to our contactless customer experience, digital capabilities and beverage innovation. Currently, with modified operations and limited café seating in nearly 40% of our stores as well as 4% of the portfolio remaining closed, we estimate that our fiscal July comparable store sales for U.S. company-operated locations will be approximately minus 14%, a sequential improvement from the minus 19% that we delivered in June even as we dialed back some of our U.S. operations in response to some regional COVID-19 flare-ups.

儘管美國部分地區近期 COVID-19 疫情的反覆爆發凸顯了我們經營環境持續存在的不確定性，但我們預計，在 Kevin 所描述的有關非接觸式客戶體驗、數位化能力和飲料創新的重點行動的推動下，我們在美國的業務將在第四季度繼續改善。目前，由於近 40% 的門市調​​整了營運方式並限制了咖啡廳座位，另有 4% 的門市仍然關閉，我們預計美國公司自營門市 7 月份的同店銷售額將下降約 14%，較 6 月份的下降 19% 有所改善，儘管我們為了應對美國部分地區的 COVID-19 疫情反彈而縮減了部分業務。

Moving on to our International segment. With the expectation of COVID-19 impacts continuing to ease in the fourth quarter, particularly in Japan, we now expect International's comparable store sales to decline between 10% and 15% in Q4, including a 3% favorable VAT impact. For China specifically, we expect Q4 comparable store sales to range between flat and minus 5%.

接下來是我們的國際業務區。由於預計 COVID-19 的影響將在第四季度繼續緩解，尤其是在日本，我們現在預計 International 的同店銷售額在第四季度將下降 10% 至 15%，其中包括 3% 的有利增值稅影響。具體到中國市場，我們預期第四季同店銷售額將持平或下降 5%。

Although this is generally in line with our previous guidance and now reflects both a new tailwind and a new headwind, the new tailwind is the temporary VAT exemption, which I mentioned earlier, benefiting China's fourth quarter comp sales growth by about 4 percentage points. The new headwind is a combination of factors: first, COVID-related emergency response measures in Beijing where Starbucks currently has over 360 locations; and second, a prolonged slowdown in international and domestic travel impacting Starbucks locations at China's airports and tourist venues.

雖然這總體上與我們先前的指導一致，並且現在反映了新的利好因素和新的不利因素，但新的利好因素是我之前提到的臨時增值稅豁免，這將使中國第四季度同店銷售增長提高約 4 個百分點。新的不利因素是多種因素共同作用的結果：首先是北京採取的與新冠疫情相關的應急應對措施，星巴克目前在北京擁有超過 360 家門市；其次是國際和國內旅行的持續放緩，影響了星巴克在中國機場和旅遊景點的門市。

For the full fiscal year, we expect China's comparable store sales to decline in the range of 15% to 20%, including a 2% favorable VAT impact. And for International, we expect full year comparable store sales to decline in the range of 20% to 25% in fiscal 2020, including a 1% favorable VAT impact. As an indication of the continued recovery that we're seeing in this business, we estimate that China's comparable store sales growth will decline approximately 12% to 14% for the month of July when excluding a 4 percentage point benefit from the temporary VAT exemption. This is sequentially better than June's results when China's comparable store sales growth declined 16% when excluding VAT favorability of 8 percentage points. We expect the VAT exemption will expire at the end of December.

預計本財年中國同店銷售額將下降 15% 至 20%，其中包括 2% 的增值稅優惠影響。對於國際業務，我們預計 2020 財年全年同店銷售額將下降 20% 至 25%，其中包括 1% 的增值稅優惠影響。作為該行業持續復甦的標誌，我們估計，如果不計入臨時增值稅豁免帶來的 4 個百分點的利好，中國 7 月份同店銷售增長將下降約 12% 至 14%。這比 6 月的業績有所好轉，當時中國同店銷售額成長下降了 16%（不計增值稅優惠 8 個百分點）。我們預計增值稅豁免將於12月底到期。

Finally, Channel Development. This segment's revenue is expected to decline between 5% and 6% on a reported basis for the full year in fiscal 2020. Relative to the prior years, we lapped certain transition items related to the Global Coffee Alliance that benefited the segment's top line growth in fiscal 2019.

最後，通路開發。預計該業務部門 2020 財年全年營收將下降 5% 至 6%（以報告基準計算）。與往年相比，我們在 2019 財年順利完成了與全球咖啡聯盟相關的某些過渡項目，這些項目有利於該部門的收入成長。

Adding it all up at the enterprise level. Globally, we expect revenue to decline between 10% to 15% in Q4 versus the prior year, primarily reflecting the negative impact of COVID-19, which we estimate to range between approximately $1.4 billion to $1.65 billion. We estimate the operating income decline related to COVID-19 to be approximately $850 million to $1.1 billion globally, reflecting a flow-through rate of roughly 60% to 65% on lost sales in Q4. This is roughly comparable to the flow-through rate that we delivered in Q3 as we expect improved sales leverage in Q4 will be offset by the absence of nonrecurring margin benefits that we realized in Q3.

從企業層級將所有因素匯總起來。在全球範圍內，我們預計第四季營收將比上年同期下降 10% 至 15%，主要反映出 COVID-19 的負面影響，我們估計其影響約為 14 億美元至 16.5 億美元。我們估計，與 COVID-19 相關的全球營業收入下降約 8.5 億美元至 11 億美元，反映出第四季銷售額損失的傳導率約為 60% 至 65%。這與我們第三季實現的流通率大致相當，因為我們預計第四季度銷售槓桿的提高將被第三季未實現的非經常性利潤收益所抵銷。

With continued sales and margin recovery, we currently expect the business will return to profitability in Q4, with EPS improving very meaningfully compared to Q3. We now expect GAAP EPS in Q4 of $0.06 to $0.21 and non-GAAP EPS of $0.18 to $0.33. This current outlook for Q4, coupled with our better-than-expected results in Q3, yields a raise to our full year expectations for EPS in fiscal 2020 compared to our prior forecast. We now expect GAAP EPS in fiscal 2020 of $0.50 to $0.65 and non-GAAP EPS of $0.83 to $0.98.

隨著銷售額和利潤率的持續回升，我們目前預計公司將在第四季度恢復盈利，每股收益將比第三季度有顯著改善。我們現在預計第四季度 GAAP 每股收益為 0.06 美元至 0.21 美元，非 GAAP 每股收益為 0.18 美元至 0.33 美元。鑑於目前對第四季的展望，以及第三季優於預期的業績，我們上調了 2020 財年全年每股收益預期，高於先前的預測。我們現在預計 2020 財年 GAAP 每股收益為 0.50 美元至 0.65 美元，非 GAAP 每股收益為 0.83 美元至 0.98 美元。

Now I'd like to share some perspective on our U.S. and China recovery curves going forward. Based on what we've learned as we've navigated the impact of COVID-19 for the past 6 months as well as the innovations and growth that we've planned for next year, and barring any new major and sustained waves of infection and/or global economic disruptions, we anticipate that comparable store sales will substantially recover in China and the U.S. in fiscal 2021 by the end of our first and second quarters, respectively. Additionally, we expect that margin recovery for each business will trail sales recovery by about 2 quarters.

現在我想分享我對美國和中國未來經濟復甦曲線的一些看法。根據我們過去 6 個月應對 COVID-19 疫情影響的經驗，以及我們為明年制定的創新和增長計劃，並且除非出現新的重大且持續的疫情和/或全球經濟動盪，我們預計 2021 財年中國和美國的同店銷售額將分別在2021年第一季末和第二季度末大幅恢復。此外，我們預期各業務的利潤率恢復將比銷售額恢復落後約 2 個季度。

As we believe we are now past the depth of the pandemic and are on a steady path to full recovery, and as we've successfully bridged our liquidity needs, we will now return to our normal cadence of investor updates and look forward to sharing our continued progress with our fourth quarter earnings report in October.

我們相信，疫情最嚴重的時期已經過去，公司正穩步走向全面復甦，並且我們已經成功解決了流動性需求，因此我們將恢復正常的投資者更新頻率，並期待在 10 月份的第四季度收益報告中與大家分享我們持續取得的進展。

In summary, Starbucks sales and profits are recovering nicely. Our liquidity position remains strong and continues to improve, and we are continuing to invest in growth and the future of our business.

總而言之，星巴克的銷售額和利潤正在很好地復甦。我們的流動性狀況依然強勁並持續改善，我們將繼續投資於業務成長和未來發展。

It has been a very challenging quarter for Starbucks as it has for many other businesses, but we believe the worst is behind us. We've developed a new level of agility and resilience for the future. The considerable investments we have made in our partners and other stakeholders, which honor our company mission and values, combined with evolving our store portfolio, leave us as confident as ever in the unique strength and appeal of our brand and position us to unlock the full potential of Starbucks.

對星巴克來說，這和許多其他企業一樣，是一個充滿挑戰的季度，但我們相信最糟糕的時期已經過去。我們為未來培養了更高水準的敏捷性和韌性。我們對合作夥伴和其他利害關係人進行了大量投資，這體現了我們公司的使命和價值觀，再加上我們不斷發展的門市組合，使我們對自身品牌的獨特實力和吸引力充滿信心，並使我們能夠充分發揮星巴克的潛力。

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

接下來，我和凱文很高興接受大家的提問，羅茲·布魯爾也會加入我們，正如杜爾加在通話開始時所概述的那樣。謝謝。操作員？

(Operator Instructions) Your first question comes from the line of Jeffrey Bernstein with Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Just looking to talk a little bit about the broader outlook from a consumer perspective. It seems like on the heels of COVID, most consumers and investors alike, seem like we're entering a recession. So a couple of questions related to that. I'm just wondering if you could talk about your performance a dozen or so years ago and why maybe the brand is better insulated in this go-around, maybe comparing and contrasting the U.S. versus China. And then just to clarify, I think you mentioned that the China comps you expect to substantially recover by the end of fiscal 1Q, perhaps a little bit of a delay from, I think, you were previously saying, by the end of the fiscal fourth quarter. I'm wondering whether you're seeing any signs of a China consumer slowdown at all in recent weeks.

偉大的。想從消費者的角度稍微談談更廣大的前景。新冠疫情之後，似乎大多數消費者和投資者都認為我們正步入經濟衰退。所以，關於這一點，我有幾個問題。我只是想問問您能否談談您十多年前的業績，以及為什麼您的品牌在這次的競爭中能更好地抵禦風險，或許可以比較一下美國和中國的情況。然後，為了澄清一下，我想您提到過，您預計中國同店銷售額將在第一財季末大幅恢復，這可能比您之前所說的第四財季末略有延遲。我想知道你最近幾週是否觀察到中國消費者消費放緩的任何跡象。

Yes. Jeffrey, this is Kevin. I'll take your questions. First of all, I'll start with your second question, China. I think as we see a resurgence of cases, similar to what we've seen in Beijing, that causes a little bit of -- that's what's caused a little bit of the delay by a quarter in China. Not significantly, it was about, I'd say, 4 or 5 weeks. And now Beijing is back on a on a positive trajectory. But because it was such a large market, I think that's what slowed it down. But it has nothing to do, in my opinion, with anything related to the economic, it's more just as a resurgence happens in a large market like that, that we -- when it happens like that, we're able to sort of turn the dial back slightly on the range of customer experiences we serve, true to the principles that we outlined, and we help support government and local health officials as they contain the spread of the virus. They successfully have done that in Beijing. And so then we start turning the dial back up and opening up those customer experiences.

是的。傑弗裡，這位是凱文。我會回答你們的問題。首先，我先回答你的第二個問題，中國。我認為，隨著病例再次激增，類似於我們在北京看到的情況，這導致——這就是中國四分之一的延誤的原因。不算太久，大概過了 4 到 5 週吧。現在北京又走上了積極的發展軌道。但正因為市場規模如此龐大，我認為這才是導致其發展速度放緩的原因。但在我看來，這與經濟沒有任何關係，更多的是因為當像這樣的大市場出現復甦時，我們——當這種情況發生時，我們能夠根據我們概述的原則，稍微調整一下我們提供的客戶體驗範圍，並幫助政府和地方衛生官員控制病毒的傳播。他們在北京已經成功地做到了這一點。於是，我們開始重新加大力度，拓展顧客體驗。

And I think that's a very positive thing because I think, as a company, we've now taken this playbook that was developed in China and adapted for the U.S., and we basically have embedded it into our store protocols and our operating procedures. So that in 32,000 stores around the world, if there happens to be a flare-up in a certain city or a certain portion of a market, the stores in that market have the agility to basically turn the dial down if they need to or turn it back up if things are recovering. And that puts us in a position of confidence in how we can continue to navigate the global pandemic as evolves. And so that was the contributing factor in China.

我認為這是一件非常積極的事情，因為我認為，作為一家公司，我們現在已經採用了在中國開發並針對美國進行調整的這套方案，並且基本上已經將其融入到我們的門店規章和運營程序中。因此，在全球 32,000 家門市中，如果某個城市或某個市場的某個部分出現疫情爆發，該市場的門市可以靈活地根據需要降低營運規模，或者在情況好轉時重新加大營運規模。這讓我們對如何持續應對不斷變化的全球疫情充滿信心。所以，這就是中國會出現這種情況的原因之一。

In terms of recession, I'll leave the predictions of economic growth to the economists. But what we've seen is continued demand for Starbucks. In fact, you look at what we've outlined. The #1 thing we can do to continue to grow our same-store comps and the recovery is basically increase the throughput in the channels that are safe, familiar and convenient. And that's why, for example, we're deploying these handheld point-of-sales. I don't know how many of you have seen a drive-through -- a Starbucks drive-through. There's typically cars lined up and, oftentimes, out to the street. So where we deploy this handheld point-of-sale, we can now have a Starbucks partner out there taking orders, walking through that line of cars, which is going to dramatically increase the throughput at drive-through.

至於經濟衰退，我會把經濟成長的預測留給經濟學家。但我們看到的是，人們對星巴克的需求依然持續。事實上，看看我們列出的內容就知道了。要繼續提高同店銷售額並實現復甦，我們能做的最重要的事情就是提高安全、熟悉和方便的通路的吞吐量。這就是為什麼我們要部署這些手持式銷售點終端的原因。我不知道你們當中有多少人見過得來速餐廳——比如星巴克得來速餐廳。通常情況下，會有很多汽車排成一排，而且很多時候，車子都停到了街上。因此，當我們部署這種手持式銷售終端時，我們就可以讓星巴克夥伴在車流中穿梭，接受訂單，這將大大提高得來速的吞吐量。

Similar, enabling curbside will open up more customer occasions for us to continue to drive more transactions into our stores. And so I think based on what we're seeing in terms of the demand and by being able to increase throughput in those channels that are viewed as safe and convenient by our customers, that's going to help us on the recovery curve. In terms of should recession -- recessionary periods start to hit, I think we've differentiated ourselves. We've got lots of points of presence. We're serving customers. I think the brand is strong. Our digital reach is strong. And I think we're well positioned to navigate anything that might come our way.

同樣，啟用路邊取貨服務將為我們創造更多顧客光顧的機會，從而繼續推動更多交易進入我們的門市。因此，我認為根據我們目前看到的需求情況，以及透過提高客戶認為安全且方便的管道的吞吐量，這將有助於我們實現復甦。至於經濟衰退——當經濟衰退時期開始到來時，我認為我們已經與眾不同。我們有很多服務點。我們正在為顧客服務。我認為這個品牌實力很強。我們的數字影響力很強。我認為我們已經做好充分準備，以應對可能出現的任何情況。

Jeffrey, this is Pat. One thing I would say to build on what Kevin has said is that if you compare Starbucks today to where we were during the last economic recession, today, we have an industry-leading digital platform and a rewards program that didn't exist back in 2008, 2009. And that's an important part of our competitive advantage and gives us more resilience today compared to 10 years ago.

傑弗裡，這位是帕特。我想補充凱文所說的一點是，如果你將今天的星巴克與上次經濟衰退期間的情況進行比較，你會發現，如今我們擁有行業領先的數位平台和獎勵計劃，而這些在 2008 年、2009 年是根本不存在的。這是我們競爭優勢的重要組成部分，也使我們比 10 年前更具韌性。

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

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

I just wanted to ask a bit about the guidance, if I could. You said that sales and operating profit recovered more quickly than expected. But to me, it looks like the big difference is more on the profit line with the comps this quarter kind of pretty consistent maybe with guidance. I was just curious basically what the -- why there was sort of better-than-expected flow-through, considering how much of it was a function of discretionary investments. And then if I look at 4Q, just trying to understand, again, the comp is actually maybe the midpoint of the same or a bit lower in most markets. But are you being conservative again on the EPS? Just trying to understand, there's a lot of moving parts, but if I sort of reconcile the top line versus the EPS, it seems like there's been a little bit of a disconnect this quarter, and I'm trying to figure out if that will happen again in 4Q or even next year since you've said that profit recovery might lag top line.

如果可以的話，我想問一下關於指導方面的問題。您曾說過，銷售額和營業利潤的復原速度比預期更快。但在我看來，最大的差異似乎更在於利潤線，本季的同店銷售額與預期基本一致。我只是好奇，考慮到其中很大一部分是由可自由支配的投資造成的，為什麼會有比預期更好的收益傳遞。然後，如果我看一下第四季度，只是想了解一下，結果發現，在大多數市場，同店銷售額實際上可能處於中間水平，或者略低於同期水平。但你們對每股盈餘的預期再次採取了保守態度嗎？我只是想弄清楚，這裡面有很多變數，但如果我把營收和每股收益對比一下，似乎本季度兩者之間存在一些脫節，我正在努力弄清楚這種情況是否會在第四季度甚至明年再次發生，因為你說過利潤復甦可能會滯後於營收復甦。

Thanks, Sara. Pat, do you want to take that one?

謝謝你，莎拉。帕特，你想接那個嗎？

Yes. Thank you, Sara. So in relation to Q3, compared to the expectations we had when we filed our 8-K on June 10, you're absolutely right, we saw a much better flow-through for profit performance than we did improvement in sales. We did see stronger-than-expected sales recovery across the month, but the profit improvement was outsized in relation to the sales recovery, as you highlighted. And that's primarily due to the fact that as we have increasingly better visibility to the shape of our sales recovery curve, our operators are in a much stronger position to manage with much greater efficiency labor deployment and inventory. And so as a consequence, we saw much better profitability than we had anticipated.

是的。謝謝你，薩拉。所以就第三季而言，與我們在 6 月 10 日提交 8-K 報告時的預期相比，您說得完全正確，我們看到利潤表現的提升遠比銷售額的改善要好得多。正如您所強調的，我們確實看到當月銷售額復甦強勁，但利潤成長幅度相對於銷售額復甦而言過大。這主要是因為隨著我們對銷售復甦曲線的形狀越來越清晰的了解，我們的營運人員能夠更有效地管理勞動力部署和庫存，從而處於更有利的地位。因此，我們的獲利能力遠超預期。

I would also highlight in particular the performance of our Japan business. Because they had a rather strong improvement in sales and because they're a company-owned market, we saw that -- we saw with that a significant improvement in profit for the month of June compared to our original expectations. In relation to Q4, I think it's fair to say that our outlook is pretty comparable to what we had forecasted as of that June 10 8-K. We have narrowed the range for the U.S. business and for the Americas generally because we have more visibility to our results for the quarters. We're nearly 1 month into our fourth quarter. At the same time, we have much better visibility to our ability to manage the middle of the P&L. And so we feel very comfortable with the ranges that we've given for EPS as well.

我還要特別強調一下我們在日本的業務表現。由於他們的銷售額有了相當大的改善，而且他們是一家公司自營市場，因此我們看到——與最初的預期相比，6 月份的利潤有了顯著改善。關於第四季度，我認為可以公平地說，我們的展望與我們在 6 月 10 日發布的 8-K 文件中預測的相當。由於我們對各季度的業績有了更清晰的了解，因此我們縮小了美國業務和整個美洲地區的預期範圍。我們已經進入第四季近一個月了。同時，我們對自身管理損益表中間部分的能力有了更清楚的認知。因此，我們對給予的 EPS 範圍也感到非常滿意。

In relation to next year, you asked about fiscal '21, and I provided in my prepared remarks a very preliminary perspective on the shape of our sales recovery curve, noting that our margin recovery would likely lag sales recovery by a couple of quarters. The fact is that it's very early to predict what next year is going to look like. But based on the experience we've gained to date, based on how well we know our brand and how consumers are responding to our brand, based on the strength of our rewards program and our digital platform, we are building operating plans for next year that presume the levels of sales and profit recovery that I mentioned. So it is on that basis that we've provided that preliminary perspective, and we'll continue to keep investors updated as we go, looking forward to providing a more refined perspective with our Q4 earnings call by which time we will have developed our operating plans for fiscal '21. Thank you.

關於明年，您問到了 2021 財年的情況，我在準備好的發言稿中對我們銷售復甦曲線的形狀給出了一個非常初步的看法，指出我們的利潤率復甦可能會比銷售復甦滯後幾個季度。事實上，現在預測明年會是什麼樣子還為時過早。但根據我們迄今為止累積的經驗，根據我們對自身品牌的了解以及消費者對我們品牌的反應，根據我們獎勵計劃和數位平台的實力，我們正在製定明年的營運計劃，這些計劃假設銷售額和利潤能夠恢復到我提到的水平。因此，我們在此基礎上提供了初步觀點，我們將繼續隨時向投資者通報最新情況，期待在第四季度財報電話會議上提供更完善的觀點，屆時我們將製定 2021 財年的營運計劃。謝謝。

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

我們的下一個問題來自大衛·塔倫蒂諾和貝爾德的對話。

Congrats on navigating through what we hope is the worst of the COVID shock here. But I have a question really on the U.S. business. And I think, Kevin, you mentioned the morning routine business is going to be the most difficult to build back. And I was wondering if you could elaborate on what the plan is to build that back specifically and perhaps what you've seen in the markets where the economies maybe opened up earlier, if you're starting to see that business come back, for example, in the southeast or other markets that might have opened earlier than some of the core markets.

恭喜你們挺過了我們希望是新冠疫情衝擊最嚴重的時期。但我對美國商業確實有一個疑問。凱文，我認為你剛才提到，晨間習慣的重建將會是最困難的。我想請您詳細說明一下具體的重建計劃是什麼，以及您在經濟可能較早開放的市場中看到了什麼，例如，在東南部或其他可能比一些核心市場更早開放的市場，您是否開始看到業務復甦。

Yes, David. Thanks for your question or your comments and for your question. Why don't I let Roz describe sort of the initiatives we have focused on, on that morning daypart, and then I'll sort of punctuate a couple of things. So Roz, let me hand it over to you.

是的，大衛。感謝您的提問或評論。不如讓羅茲來介紹一下我們在上午時段重點關注的舉措，然後我再補充幾點。羅茲，現在交給你了。

Thanks, Kevin. Thanks, David, for the question. First of all, morning daypart, as you well described, is important to us. We have seen a shift in the customer in terms of how they view their morning, and we're seeing a shift to mid-morning, around the 9:30 time frame; and then another pickup in the afternoon, around 2 p.m. And because we've created so many tools, a decision-driven tool that we've designed specifically for labor planning, we've shifted our labor to those time frames, understanding what is shifted in the customers' patterns in their routine.

謝謝你，凱文。謝謝你的提問，大衛。首先，正如您所描述的那樣，上午時段對我們來說非常重要。我們發現顧客對早晨的看法發生了轉變，他們現在傾向於在上午 9:30 左右取貨；然後在下午 2 點左右再取貨一次。因為我們開發了許多工具，包括專為勞動力規劃設計的決策驅動型工具，所以我們根據這些時間框架調整了勞動力，了解客戶日常作息模式的變化。

In addition, we're also seeing that in some of our really dense workplaces, for instance, downtown areas where we have stores, where there's more work from home in those geographies, those have been slower to recover. And so we're watching those carefully. But those are also the areas, those dense areas, that we are bringing in our new trade area transformation work. We're realigning the network of stores to increase what we are seeing in terms of revenue in that trade area and optimizing the profitability. So those dense areas are being transformed by the new network of stores.

此外，我們也發現，在一些人口密度很高的工作場所，例如市中心有門市的地區，以及那些在家工作人數較多的地區，這些地區的復甦速度較慢。所以我們正在密切關注這些情況。但這些也是我們正在進行新的貿易區改造工作的區域，那些人口密集的區域。我們正在重新調整門市網絡，以提高該貿易區域的收入並優化獲利能力。因此，這些人口密集的地區正在被新的商店網路所改變。

Additionally, I'll tell you that we are doing the work to reach a broader level of customer base with the new design in our loyalty program. And so you may have heard of the announcement around our new pay-as-you-go plan. That will allow us to expand payment options and ways to earn stars. And this, we believe, will provide meaningful impact on our business results overall, also helping us understand the activity of the customer as we reward the loyalty and delivering personalized offers to the expanded customer base.

此外，我還要告訴大家，我們正在努力透過我們忠誠度計畫的新設計來擴大客戶群。所以您可能已經聽說過我們新的按需付費計劃的公告。這將使我們能夠擴展支付方式和賺取星星的途徑。我們相信，這將對我們的整體業務成果產生有意義的影響，同時也有助於我們了解客戶的行為，從而獎勵忠誠客戶並向擴大的客戶群提供個人化優惠。

So starting this fall in the U.S. and Canada, you'll be able to download the Starbucks app and sign up for Starbucks Rewards. You'll be able to pay with a credit or debit card, cash or select a mobile wallet to earn the stars, without having to preload a Starbucks card within the app. And so customers can link those card payments to a PayPal account. And we believe these are the kinds of initiatives that will make a difference as we try to regain the most important parts of our business and watch what happens as the transition from work from home returns back to work from office. And we'll be watching the customer patterns very carefully and adjusting.

所以從今年秋季開始，在美國和加拿大，你將可以下載星巴克應用程式並註冊星巴克獎勵計畫。您可以使用信用卡或金融卡、現金付款，或選擇行動錢包來賺取星星，而無需在應用程式內預先充值星巴克卡。因此，客戶可以將這些銀行卡付款關聯到PayPal帳戶。我們相信，隨著我們努力恢復業務中最重要的部分，並觀察從居家辦公過渡到辦公室辦公的過程中會發生什麼，這些舉措將會起到作用。我們會密切注意客戶行為模式並做出相應調整。

We're really comfortable that we now have so many different channels to our business, adding drive-throughs out in those metro suburban areas near where people are working from home. It's our highest concentration of drive-through units. And so we feel like this new agility and resilience that we've built into the business will allow us to look at that morning daypart, adjust to the transitions we're seeing in mid-morning, early afternoon, and then bring in a new customer base, additional customer base, with the new rewards program.

我們現在擁有如此多不同的業務管道，這讓我們感到非常欣慰，例如在那些靠近人們在家辦公的都市郊區增設了免下車服務點。這是我們得來速餐廳最集中的地方。因此，我們覺得我們在業務中建立的這種新的敏捷性和韌性將使我們能夠關注上午時段，調整我們目前在上午中段、下午早些時候看到的轉變，然後透過新的獎勵計劃吸引新的客戶群，更多的客戶群。

Thank you, Roz. I think you hit the right thing. The digital customer relationships, just keep in mind, we just added 3 million new digital customers that registered for the rewards program and being able to communicate with them personally. And then as Roz said, the work they've done on increasing throughput at drive-through and launching curbside, that just opens up new channels. So that's spot-on. Thank you, Roz.

謝謝你，羅茲。我覺得你說對了。請記住，在數位化客戶關係方面，我們剛剛新增了 300 萬名註冊獎勵計畫的數位化客戶，並且能夠與他們進行個人化溝通。正如 Roz 所說，他們在提高得來速通道吞吐量和推出路邊取餐服務方面所做的工作，開闢了新的管道。完全正確。謝謝你，羅茲。

Your next question comes from the line of Sharon Zackfia with William Blair. At this time, there is no response from Ms. Zackfia's line.

你的下一個問題來自莎朗·扎克菲亞和威廉·布萊爾的對話。目前，扎克菲亞女士的電話無人接聽。

The next question comes from the line of John Glass with Morgan Stanley.

下一個問題來自摩根士丹利的約翰‧格拉斯。

I wanted to go back to the comment, Pat, you made about the margins recovering slower than sales. Just at a high level, a lot of retailers, a lot of restaurants, have determined they can do more with less during this period of time, and they've learned that they can make labor more efficient, menus more efficient. Why wouldn't that be the same case for Starbucks, that margins -- it should be the opposite? And I would also think the digital transactions are more profitable so that would sort of accelerate that. Or is there some embedded assumption about reinvestments, so that some of these new channels actually aren't as margin accretive as maybe I'm assuming?

帕特，我想回到你之前提到的關於利潤率恢復速度慢於銷售額恢復速度的評論。從宏觀層面來看，許多零售商、很多餐廳都意識到，在這段時間裡，他們可以用更少的資源做更多的事情，他們也了解到，他們可以提高勞動力效率，提高菜單效率。為什麼星巴克的利潤率不能也這樣呢？ ——它應該恰恰相反才對！而且我認為數位交易利潤更高，這會加速這一進程。或者，是否存在一些關於再投資的隱含假設，導致某些新管道實際上並沒有我想像中那麼大的利潤成長？

Yes, John, happy to answer your question. We do expect margins will improve gradually as we move through the fourth quarter and into next year. But in the next couple of quarters, we do expect margins will continue to lag prior year. And although the margin impacts of partner benefits and inventory reserves are expected to subside considerably in Q4, the leading driver of margin pressure will be continued deleverage of fixed costs, such as occupancy and depreciation expense, as we work to restore sales. So it's largely a function of the speed with which we can recover sales and then how we manage some incremental cost to our business because we do expect to see certain costs persist due to our new way of operating. That includes cleaning supplies and the associated labor.

是的，約翰，我很樂意回答你的問題。我們預計隨著第四季進入明年，利潤率將逐步提高。但在接下來的幾個季度裡，我們預期利潤率將繼續落後於去年同期。儘管預計合作夥伴福利和庫存儲備對利潤率的影響將在第四季度大幅減弱，但利潤率承壓的主要驅動因素將是固定成本（如租金和折舊費用）的持續去槓桿化，因為我們將努力恢復銷售。因此，這很大程度上取決於我們恢復銷售的速度，以及我們如何控制業務中一些新增成本，因為我們預計由於新的營運方式，某些成本會持續存在。這包括清潔用品和相關的人工費用。

But it is premature to say whether those costs will drive a structural change to our operating margins. We continue to innovate our operating systems and technology to improve throughput and drive efficiencies. We also expect a margin tailwind from the transformation of our U.S. urban market strategy. That has rolled out and includes the repositioning of some existing assets, and that will help to offset any new incremental costs. And we also expect margin benefits from ongoing efforts to renegotiate operating leases. So we do expect to see a combination of margin headwinds and tailwinds, but far and away, the biggest driver of the margin recovery will be the sales recovery. However, we do expect that there will be that lag between sales recovery and margin recovery as we continue to refine our ability to operate differently in the new environment.

但現在斷言這些成本是否會導致我們的營業利潤率發生結構性變化還為時過早。我們不斷創新作業系統和技術，以提高吞吐量和效率。我們也預計，美國城市市場策略的轉型將為利潤率帶來利好。該計劃已經實施，其中包括重新調整一些現有資產，這將有助於抵消任何新增成本。我們也預期，透過持續重新談判經營租賃協議，將帶來利潤率提升。因此，我們預期利潤率將面臨不利因素和有利因素的雙重影響，但利潤率復甦的最大驅動力無疑是銷售額的復甦。但是，我們預期銷售額恢復和利潤率恢復之間會存在一定的滯後，因為我們需要不斷改進在新環境下以不同方式運作的能力。

Our next question comes from the line of Sharon Zackfia with William Blair.

我們的下一個問題來自莎朗·扎克菲亞和威廉·布萊爾的對話。

I hope you guys can hear me now.

希望你們現在能聽到我說話。

Sharon, we can hear you.

莎倫，我們聽得到你說話。

Okay. Perfect. So I wanted to follow up on Roz' comments about the pay-as-you-go feature for Starbucks Rewards. Is that just rolling out in the U.S.? Or are you also making any modifications overseas? And can you help us think about where that has the greatest impact? I mean is it a customer acquisition tool? Does it really widen the funnel? Is it a frequency dynamic? And any kind of initial margin thoughts. I know that the rewards is a little bit less frequent, I think, than the regular rewards program, but any clarity around that would be helpful.

好的。完美的。所以我想就 Roz 關於星巴克獎勵計劃的按需付費功能發表一些看法。這項措施目前只在美國推出嗎？或者你們也在海外進行任何修改嗎？您能否幫我們思考一下，這種做法在哪些方面會產生最大的影響？我的意思是，它是一種客戶獲取工具嗎？它真的能拓寬漏斗嗎？這是頻率動態變化嗎？以及任何初步的保證金想法。我知道獎勵發放頻率可能比常規獎勵計劃要低一些，但如果能對此進行更詳細的說明就太好了。

Great. Go ahead, Roz.

偉大的。請繼續，羅茲。

Sure. So Sharon, first of all, the current Starbucks Rewards members, they'll continue to enjoy all the benefits of the current program, the current loyalty program and usage of the app. And then those members can choose to keep paying with their preloaded Starbucks card to earn 2 stars per $1. And I now have the option to earn 1 star per $1 spent when you pay with a credit or debit card, cash or select mobile wallet. So that is -- so it serves 2 purposes: one, to expand the funnel on the customer base, but we actually believe that we'll get even deeper penetration with our Starbucks Rewards members as well. So it will do both of those things. We're rolling this out in U.S. and in Canada. So this program is just to North America at this time, and there's a different program that we use in China.

當然。所以莎倫，首先，現有的星巴克獎勵計劃會員將繼續享受當前計劃的所有福利，包括當前的會員忠誠度計劃和應用程式的使用。然後，這些會員可以選擇繼續使用預付的星巴克卡付款，每消費 1 美元即可獲得 2 顆星星。現在，如果您使用信用卡、金融卡、現金或指定行動錢包付款，每消費 1 美元即可獲得 1 顆星。所以，它有兩個目的：一是擴大客戶群的管道，但我們實際上相信，我們也能更深入地滲透到我們的星巴克獎勵會員中。所以它會同時做到這兩件事。我們將在美國和加拿大推出這項服務。所以目前這個專案只針對北美地區，我們在中國使用的是另一個不同的專案。

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

你的下一個問題來自摩根大通的約翰‧伊凡科。

First, a follow-up on the efficiency question, then a separate one on efficiency as well. It would kind of be apparent that you would be able to run stores with less operating hours if there's a shift towards digital, if there's a shift towards off-premise. If you can give a comment on that specifically because that's what we are hearing from other restaurants. And then secondly, as we kind of think about the organization and the overall growth plan that the company has, what type of efficiency and effectiveness exercises have perhaps emerged beyond what you previously said on a corporate or G&A perspective, a support perspective, as we think about '21 and '22 of perhaps optimizing some of the organizational structure?

首先，針對效率問題進行後續討論，然後再單獨討論效率問題。如果向數位轉型，向非現場銷售轉型，那麼很明顯，你可以縮短商店的營業時間。如果您能就此發表一些評論，那就太好了，因為我們也從其他餐廳聽到了類似的反饋。其次，當我們思考公司的組織架構和整體發展計畫時，除了您先前從公司或一般管理費用的角度、支援角度所提到的之外，還有哪些提高效率和效益的措施可能會出現？例如，當我們考慮 2021 年和 2022 年優化組織結構時，又有哪些措施可能會出現？

Thanks, John. Roz, why don't you take the part of John's question on what we're doing with operating hours and sort of efficiency in the store. And then, Pat, why don't you take the back half of his question on G&A and how that all comes together on the P&L. Roz?

謝謝你，約翰。羅茲，你來回答約翰提出的問題，關於我們商店的營業時間和效率方面正在做些什麼。然後，帕特，為什麼不回答他關於一般及行政費用以及所有這些如何匯聚到損益表中的問題的後半部分呢？羅茲？

Yes. So first of all, John, what we're doing to prepare for labor in the stores is critical for us. As you can imagine, labor being -- for any retailers, are our greatest expense and so being very efficient in terms of how we manage those labor hours in addition to the productivity. And so we have productivity tools in the store that help us manage when labor hours are needed. We're watching things as simple as infectious rates. And so when those rates rise in certain areas, we will adjust the hours in those stores. We'll know that we have partners available to work, and we will apply them to the store. And so we do have methods in place to make sure that we're managing just as efficiently as possible in these uncertain times. So we have that work ongoing.

是的。約翰，首先，我們為門市勞動力所做的準備工作對我們來說至關重要。可以想像，對於任何零售商來說，勞動力都是我們最大的開支，因此，除了提高生產力之外，我們在管理勞動力時間方面也必須非常有效率。因此，我們在店內配備了生產力工具，以幫助我們管理何時需要勞動力。我們正在關註一些非常簡單的指標，例如感染率。因此，當某些地區的利率上升時，我們將調整這些門市的營業時間。我們會知道是否有合適的合作夥伴，並安排他們到店裡工作。因此，我們制定了相應的方法，以確保在當前充滿不確定性的時期，我們能夠盡可能有效地進行管理。所以這項工作我們正在進行中。

We've also -- you likely heard earlier, probably 4 to 6 weeks ago, where we made an adjustment in our stores around partners who wanted to return to the stores and those who decided that they wanted to work elsewhere and find a new career. And so we've adjusted appropriately. However, we continue to run hours based on store and demand in that area, and we've created our own decision tools to decide what that looks like. So we continue to work that like we've done in the past with a lot more visibility over what's needed to fulfill the demand in those stores.

我們也——您可能之前已經聽說過，大概在 4 到 6 週前——對門店進行了調整，以滿足那些想要回到門店工作的伙伴以及那些決定去其他地方工作並尋找新職業的伙伴的需求。因此，我們做出了相應的調整。但是，我們仍然會根據門市和該地區的需求來安排營業時間，我們已經創建了自己的決策工具來決定特定的營業時間。因此，我們將繼續像過去一樣進行這項工作，並且對滿足這些門市的需求有了更清晰的了解。

And then, John, just to pick up on some additional aspects of our margin outlook. It's important to bear in mind that as we do innovate new channels of distribution at our stores, for example, curbside delivery, or as we anticipate the longer-term growth of third-party delivery, those channels require incremental costs, but they're necessary in order to capture the incremental sales. So those would be a couple of examples where we see growth that may be margin percentage dilutive but dollar profit accretive. And so to Roz's point, the team continues to work through ways that we can improve operating efficiency in the store to help offset some of these incremental investments to accommodate an evolution in the overall shape of our business.

然後，約翰，我想再補充一些關於我們利潤率前景的其他方面。值得注意的是，當我們為門市創新新的分銷管道（例如路邊交貨）或預期第三方配送的長期成長時，這些通路需要增加成本，但為了獲得額外的銷售額，這些成本是必要的。所以以上就是幾個例子，在這些例子中，我們看到成長可能會稀釋利潤率，但會增加美元利潤。正如 Roz 所說，團隊將繼續努力提高門市的營運效率，以抵消部分新增投資，從而適應我們業務整體格局的演變。

Pat, I'd also like to add that we are also working, as we've talked about before, to look at equipment efficiencies in our stores. And so the Mastrena 2 is at 4,000 stores as we speak, and so we continue to look at equipment and all operations behind the bar as well.

帕特，我還想補充一點，正如我們之前討論過的，我們也在努力提高我們門市的設備效率。目前，Mastrena 2 已在 4000 家門市銷售，我們也將繼續關注酒吧後面的設備和所有操作。

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

你的下一個問題來自考恩公司（Cowen and Company）的安德魯·查爾斯（Andrew Charles）一線。

I'm trying to get a better sense of the size of the prize at curbside delivery. So just curious, how many stores are offering the curbside pickup now in the context of how many stores that are nonurban, stores that are drive-through in the portfolio and curious on how you see this progressing and really what limits the speed at which you can add this capability given it, obviously, is a lot easier from a process perspective relative to the new real estate you're exploring in some of these smaller-format locations?

我正在努力更好地了解路邊交貨的獎品大小。所以我很好奇，目前有多少家店提供路邊取貨服務？其中，非城市地區的門市和駕車取貨門市的數量又是多少？我很想知道您如何看待這項服務的發展，以及是什麼限制了您添加這項服務的速度。顯然，從流程角度來看，路邊取貨比您在一些小型門市探索的新店面要容易得多。

Roz, do you want to take that one?

羅茲，你想選那個嗎？

Sure. Andrew, thanks for the question. So we were in test of about 250 stores. Really pleased with what we saw in those stores with curbside, which encouraged us to accelerate, and we will be in close to 1,000 stores in short order here. So we continue to push curbside. The interesting thing about curbside for us is that it is tech enabled. So you can access curbside from the app where it is available currently. And so we're continuing to roll that out. And so we expect to continue to see what we thought in that 250-store test trial that we've been running just prior to COVID. So this is an acceleration of a plan that we've already had. And so we look forward to curbside to give our customers just one more contactless opportunity and our partners a chance to deliver the best customer service to our customers.

當然。安德魯，謝謝你的提問。所以當時我們在大約250家門市進行了測試。我們對那些提供路邊取貨服務的商店的銷售情況非常滿意，這鼓勵我們加快步伐，相信不久之後，我們的服務就會覆蓋近 1000 家商店。所以我們繼續推進路邊取貨。對我們來說，路邊取貨最吸引人的地方在於它利用了科技。所以，目前在提供該服務的應用程式上，您可以存取路邊取貨服務。因此，我們正在繼續推廣這項計劃。因此，我們希望繼續看到我們在新冠疫情爆發前進行的 250 家門市測試試驗中的想法得到驗證。所以，這是我們原有計畫的加速實施。因此，我們期待路邊取貨服務，為我們的客戶提供另一個非接觸式服務的機會，也期待我們的合作夥伴有機會為我們的客戶提供最好的客戶服務。

Your next question comes from the line of Matt DiFrisco with Guggenheim.

你的下一個問題來自 Matt DiFrisco 與古根漢美術館的合作計畫。

Just had one follow-up on the dayparts. I guess from the text, it says -- I mean you're seeing growth, and it seems to be shifting in the later part of the morning. But I guess with the down 14% in July, is it correct to assume that the afternoon daypart or post 10 a.m. daypart is meaningfully positive? And then I wonder if you can comment a little bit about marketing. One of your bigger peers today talked about having -- sort of entering the second half of this year with -- the calendar year with a war chest for marketing dollar spend. What type of dollars should we think about on a year-over-year basis? Have you sort of deferred some to be spent and accrued it in the first half that could be actually deployed and put into the marketplace in the second half?

剛剛收到一個關於時段安排的後續問詢。從文字來看，我的意思是——你看到了成長，而且這種成長似乎在上午晚些時候有所變化。但我想，鑑於7月下降了14%，是否可以假設下午時段或上午10點以後的時段也會出現這種情況？時段效應是否具有顯著的正向意義？那麼，您能否就行銷發表一下看法呢？今天，你們的一位資深同行談到，他們已經為今年下半年的行銷支出準備了充足的資金。我們應該從哪些方面來考慮同比變化？您是否將部分資金推遲到下半年使用，並在上半年累積起來，以便在下半年真正投入市場？

Thank you, Matt. Roz, why don't you go ahead and take both of those questions, if you could?

謝謝你，馬特。羅茲，如果你方便的話，不如你來回答這兩個問題？

Sure. So Matt, to your first question about daypart, one of the things that we're seeing also as it shifts to later morning and another pickup in the afternoon is we're seeing expanded tickets. So we are seeing group ordering where we believe we're seeing larger beverage size and additional beverage and food attached. And so we talked about that increase being 25% of what we've seen in our ticket expansion. So we are seeing that.

當然。所以馬特，關於你的第一個問題，即時段，我們看到的情況之一是，隨著時段轉移到上午晚些時候，下午又出現了一次高峰，我們看到訂單量增加了。因此，我們看到團體點餐的現象，我們認為團體點餐的飲料杯容量更大，而且通常會額外點一些飲料和食物。因此，我們討論了這一成長幅度相當於我們票務擴張幅度的 25%。所以我們看到了這一點。

To the rest of your question around marketing, we've continued marketing. In the very beginning, we ceased marketing because we had so many stores that were in transition from café to drive-through. We reignited marketing. You've seen it in our work with our Happy Hour, our Double-Star Days and then the initiation of our summertime beverages and then the discussion around our plant-based menu. You'll see us coming into the fall with excitement around our work with Pumpkin Spice Latte. You'll see us market for our holiday beverage plans. And then the work that we plan to do to market the new loyalty program. And the new loyalty program, again, is another way for us to have a new customer base attached to an app that we can speak to frequently and bring them into the store and increase frequency. So we have marketing plan for the remaining of the year and throughout FY '21.

至於你提出的其他行銷方面的問題，我們一直在繼續進行行銷。最初，我們停止了行銷，因為我們有很多門市正在從咖啡館轉型為汽車餐廳。我們重振了行銷。你已經從我們的歡樂時光、雙星日、夏季飲品以及圍繞植物性菜單的討論中看到了這一點。秋天來臨之際，你會看到我們滿懷熱情地推出南瓜香料拿鐵。你會看到我們為節日飲品計劃做市場推廣。接下來是我們計畫進行的推廣新會員計畫的工作。新的會員計劃，再次為我們提供了一種新的客戶群體，我們可以透過應用程式與他們頻繁溝通，並將他們吸引到店內，從而提高他們的消費頻率。因此，我們制定了今年剩餘時間和整個 2021 財年的行銷計劃。

And just to build on what Roz has said in relation to our fiscal '20 spend, to Roz's point, the level of spend in Q3 was markedly higher as a percentage of revenue than Q2, in part due to some of the deferral of marketing activity. We do anticipate that our level of overall marketing spend in Q4 as a percentage of revenue will be pretty comparable to our full year rate. We are not anticipating that, that overall level of spend will diminish going forward. But I would highlight that as a concept, our advertising spend has historically been pretty low because of the strength of our brand and the amount of marketing that we attract.

就 Roz 剛才提到的我們 2020 財年的支出而言，正如 Roz 所說，第三季度的支出水準佔收入的百分比明顯高於第二季度，部分原因是部分行銷活動被推遲了。我們預計第四季整體行銷支出佔收入的比例將與全年水準相當。我們預計，未來整體支出水準不會下降。但我想強調的是，從概念上講，由於我們強大的品牌實力和我們吸引到的行銷數量，我們的廣告支出歷來都相當低。

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

我們的下一個問題來自布萊恩·比特納和奧本海默的連線。

Pat, just unpacking your comments on the 2021 same-store sales recovery, do you anticipate store-level volumes in the U.S. fully recovering to pre-COVID levels by 2021? Or do you really need an environment to shift where employment is fully restored and people are back to their pre-COVID routines? Or can you get back there in this new normal environment we're all living in?

Pat，我只是想仔細分析你對 2021 年同店銷售復甦的評論，你預計美國門市的銷量到 2021 年能否完全恢復到新冠疫情前的水平？或者，你真的需要一個就業完全恢復、人們恢復到新冠疫情前生活方式的環境才能實現轉變嗎？或者，在我們現在所處的這種新的常態環境下，你還能回到那個狀態嗎？

Yes, Brian. Thanks for your question. As I said in my prepared remarks, our preliminary perspective on fiscal '21 presumes that there will be no major second wave or no major macroeconomic dislocation. It's nearly impossible to predict whether and when those might happen. Based on what we know today, based on how we see our business is recovering, we anticipate and we are developing an operating plan around the assumption that our U.S. business fully recover sales, meaning back to pre-COVID-19 levels, by the end of the second fiscal quarter. And that would be the end of March. We're expecting China will fully recover about 1 quarter sooner. And then as I mentioned, we're anticipating margin recovery will lag sales recovery by about 2 quarters.

是的，布萊恩。謝謝你的提問。正如我在準備好的發言稿中所說，我們對 2021 財年的初步展望是，不會出現第二波重大疫情，也不會出現重大的宏觀經濟動盪。幾乎不可能預測這些事情是否會發生以及何時發生。根據我們目前所了解的情況，根據我們對業務復甦情況的判斷，我們預計並正在製定一項營運計劃，該計劃基於以下假設：到第二財季末，我們的美國業務銷售額將完全恢復，即恢復到 COVID-19 疫情前的水平。到那時就到三月底了。我們預計中國經濟將提前一個季度全面復甦。正如我之前提到的，我們預計利潤率的復甦將比銷售額的復甦滯後約兩個季度。

That's a very preliminary perspective just to share with the investment community how we're thinking about the shape of next year, not being able to predict whether and when some other events might happen, we have to get on with our business, we have to prepare our operating plans and focus our teams on continuing to deliver results. We're pleased overall with the progress we've seen to date. We still have a long ways to go to get back to full recovery, but we're optimistic based on the strength of our brand and the strategies and the initiatives that we have to drive sales and to improve margins.

這只是我們與投資界分享的非常初步的觀點，即我們對明年情勢的看法。由於無法預測其他一些事件是否以及何時發生，我們必須繼續開展業務，制定營運計劃，並讓我們的團隊專注於繼續取得業績。總體而言，我們對目前的進展感到滿意。我們距離全面復甦還有很長的路要走，但我們對未來充滿信心，因為我們擁有強大的品牌實力，並制定了策略和舉措來推動銷售和提高利潤率。

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

我們的下一個問題來自富國銀行的 Jon Tower。

A lot of them have been answered already, but I am curious how you think about this potential longer-term shift in work from home for many consumers and how you think about product innovation around that. Specifically, do you see yourselves potentially offering some new items that you wouldn't be able to if consumers were not working from home as often? And also, even with curbside, do you see potential to add some new products that you might not be able to add without that option?

很多問題都已經得到了解答，但我很好奇您如何看待許多消費者在家辦公這種潛在的長期轉變，以及您如何看待圍繞這一趨勢的產品創新。具體來說，您是否認為，如果消費者不經常在家辦公，您可能無法提供一些新產品？另外，即使有了路邊取貨服務，您是否認為有可能增加一些沒有該選項就無法添加的新產品？

Yes, Jon, let me comment. And Roz, I'll let you add anything. I think, look, we've always been really clear that the 3 things that we focus on that really drive our growth is, number one, the customer experience, that's the experience in our stores and these different channels we're talking about; number two is extending that experience in our store to digital customer relationships; and number three is primarily beverage innovation, we're a beverage-first company and then we attach food. And so I think that same formula works whether you work from home or you work from work.

是的，喬恩，讓我說幾句。羅茲，你什麼都可以補充。我認為，我們一直非常清楚，真正推動我們成長的三件事是：第一，客戶體驗，包括我們在門市和我們所說的這些不同管道的體驗；第二，將門市體驗延伸到數位化客戶關係；第三，主要是飲料創新，我們是一家以飲料為先的公司，然後才涉足食品領域。所以我認為，無論是在家工作還是在公司工作，這個方法都同樣適用。

I do think what is the focus right now, until there's a vaccine, we just realized that we've got to focus on those experiences that customers optimize around whether they're working from home or not, which are safe, familiar and convenient. And so our beverage innovation is going to continue to focus on all the great things we've been doing around our cold beverage lineup with cold foam, coffee-forward beverages, our refreshers. All of that is going to continue to move forward. And I don't necessarily see that as being a driver of the fact that people work from home or we have curbside. We're going to continue to innovate in ways that are relevant to our customers, independent of the channel by which they buy from us.

我認為，在疫苗問世之前，我們現在的重點是，我們必須專注於那些客戶無論在家工作還是外出工作都能優化的體驗，這些體驗應該是安全、熟悉和方便的。因此，我們的飲料創新將繼續專注於我們在冷飲系列中所做的所有出色工作，包括冷泡、咖啡味飲料和清爽飲品。所有這些都將繼續向前推進。我並不認為這是人們在家工作或我們提供路邊取貨服務的原因。我們將繼續以與客戶相關的方式進行創新，無論他們透過何種管道向我們購買產品。

I do think, as Roz pointed out, we're seeing larger ticket. And I think part of that is a function of people work from home, they make a Starbucks run and they buy for the whole family or they're buying more group sort of orders, they're attaching more food. And I think that bodes well for the innovation that we've been driving and announcing around our plant-based offerings. Plant-based is becoming very popular, whether it's plant-based milks or the Impossible breakfast sandwich that we launched in the U.S., the Beyond Meat offerings that we put on the menu in Canada and China. And so our innovation agenda is going to continue to drive around the things that we know are relevant to our customers, things that inspire our partners and stay true to handcrafted beverages. That's what differentiates us. And I think we're going to maintain a focus on those things.

正如羅茲指出的那樣，我認為我們看到的是更大金額的交易。我認為部分原因是人們在家工作，他們去星巴克買咖啡，然後給全家人買，或者他們購買更多團體訂單，他們會添加更多食物。我認為這預示著我們在植物基產品領域不斷推進和推出的創新將會取得良好進展。植物性食品正變得越來越受歡迎，無論是植物奶，還是我們在美國推出的 Impossible 早餐三明治，以及我們在加拿大和中國推出的 Beyond Meat 產品。因此，我們的創新議程將繼續圍繞我們知道與客戶相關的事物、能夠激勵合作夥伴的事物以及堅持手工飲品的理念。這就是我們之間的差別。我認為我們將繼續關注這些方面。

Roz, I'll let -- if there's anything else you want to add. And then Pat who got some comments, too. So let's go to Roz.

Roz，如果你還有什麼要補充的，我會讓你補充的。帕特也收到了一些評論。那我們去找羅茲吧。

Yes, just a few things. First of all, although our sales mix has really tilted to -- more towards lunch and afternoon since the onset of COVID, morning still remains a significant daypart for us. So we're not walking away from that. There are some things that we're considering in terms of innovation. And then there are some things that we're accelerating in the innovation pipeline. For instance, we're going to be introducing a plant-based protein box because we know in the afternoon, there's this extra boost needed. And so that will come forward quicker than planned. We're also looking at things like, for instance, with curbside, we're trying to bring the lobby to door side. So just recently, we added merchandise to the app. So then if you wanted to order for gift-giving, some of our serveware, a mug, a nice cup, so we've done some of those things. And we'll continue to do that because we're really listening to the customer and understanding what they need, and we can evolve and then we can accelerate our innovation pipeline just as quickly as we can.

是的，就幾件事。首先，雖然自從新冠疫情爆發以來，我們的銷售組合確實更多地向午餐和下午時段傾斜，但上午仍然是我們一天中一個重要的時段。所以我們不會放棄這件事。在創新方面，我們正在考慮一些事情。此外，我們也正在創新流程中加快一些專案的進展。例如，我們將推出植物蛋白盒，因為我們知道下午人們需要額外的能量補充。因此，這件事會比原計劃更快發生。我們也正在研究一些事情，例如，對於路邊服務，我們正在嘗試將大廳搬到門口。最近，我們在應用程式中添加了商品資訊。所以，如果您想訂購一些禮品，例如我們的一些餐具、馬克杯、漂亮的杯子等等，我們已經做過一些這樣的產品了。我們將繼續這樣做，因為我們真正傾聽客戶的聲音，了解他們的需求，這樣我們才能不斷發展，並盡可能快地加快我們的創新進程。

Pat, you wanted to add something?

帕特，你想補充什麼嗎？

Yes. Thank you, Roz. I'd like to highlight specifically how our Channel Development business has benefited from work from home and how the team is looking at opportunities to capitalize on that. The volume we were seeing in at-home coffee remained at elevated levels across the quarter. Starbucks outperformed the category. We gained share. And our core strategies for at-home coffee are generally the same, but we are looking at opportunities to sustain the momentum that we gained as consumers adjusted their at-home routines. For example, we're focusing on accelerating e-commerce. Based on the shift in shopping patterns and meeting consumers' evolving needs, we're also looking at premiumizing the category, expanding consumption and driving loyalty through our Channel Development business as well. Thanks.

是的。謝謝你，羅茲。我想重點介紹一下我們的通路開發業務是如何從居家辦公中受益的，以及團隊是如何尋找機會來利用這一點的。本季度，我們看到家庭咖啡的銷售量一直保持在較高水準。星巴克的表現優於同類產品。我們獲得了市場佔有率。我們針對家庭咖啡的核心策略總體上是相同的，但隨著消費者調整他們的家庭生活習慣，我們正在尋找機會來保持我們所取得的成長勢頭。例如，我們正致力於加速電子商務發展。基於購物模式的轉變和滿足消費者不斷變化的需求，我們也考慮透過通路開發業務，提升該品類的品質，擴大消費，並提高消費者忠誠度。謝謝。

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

你的下一個問題來自 Stifel 旗下的 Chris O'Cull。

Roz, would you help us understand the potential sales lift for a store that adds curbside? And maybe describe some of the other initiatives that you believe could have a meaningful impact on capacity and throughput. And then, Pat, do you expect the benefit from the qualified payroll credits to be smaller in the fourth quarter than they were in the third?

Roz，您能否幫我們了解一下，如果一家商店增加路邊取貨服務，其銷售額可能會提升多少？或許還可以描述一下您認為可能對產能和吞吐量產生重大影響的其他一些舉措。那麼，帕特，你預期第四季合格工資抵免帶來的收益會比第三季少嗎？

Roz, why don't you take the first part, and then Pat will comment.

羅茲，不如你先說第一部分，然後帕特再發表評論。

Sure. Let me start off. First of all, Chris, your question around curbside and what would we expect in terms of upside there, it's encouraging what we saw in our trial days. So -- and we know that contactless experience for our customer is more present than ever, so we believe in this new channel for us. But it's really too early for us to tell what the real benefit will be. But we'll come back to you. As this thing grows, we'll let you know how that's working for us.

當然。我先來。首先，克里斯，關於你提出的路邊取貨以及我們預期在這方面會有哪些成長潛力的問題，我們在試營運期間看到的情況令人鼓舞。所以——而且我們知道，對於我們的客戶來說，非接觸式體驗比以往任何時候都更加重要，因此我們相信這個新管道對我們來說很有前景。但現在判斷真正的益處是什麼還為時過早。但我們會再來找你。隨著這個計畫的發展，我們會告訴你們它對我們的效果如何。

In terms of capacity and what we think could help, for instance, our drive-through line. This new handheld, that capacity that we are creating, allows us to do what a lot of retailers call busting the line actually. And so we're able to get out of the store, get out in that line, even put an order in the queue much faster and get those out the window times down and get the beverage and the food items to the customer much quicker. We're also doing work that handheld will enable if you want it to just -- if the line began to get long, if you were picking up and trying to walk into the store. So between handheld and curbside, we feel like we're going to be able to deliver a different customer service, and it will unlock and enable some efficiencies that we need and speed. And so we're looking at those 2 as some key drivers.

就產能而言，我們認為可以提供幫助的措施包括，例如我們的免下車取餐服務。我們正在創造的這種新型手持設備，使我們能夠真正做到許多零售商所說的「打破排隊秩序」。因此，我們可以更快地離開商店，更快地排隊，更快地下單，更快地從窗口取貨，更快地將飲料和食物送到顧客手中。我們也在進行一些手持設備方面的工作，如果你需要的話，例如——如果隊伍開始變長，如果你拿起手機想走進商店。因此，我們覺得透過手持設備和路邊取貨，我們將能夠提供不同的客戶服務，這將釋放並實現我們需要的效率和速度。因此，我們將這兩個因素視為關鍵驅動因素。

And Chris, in relation to your question regarding the government stimulus program benefits, the lion's share of our investment in Q3 was around catastrophe pay, a form of partner support and care. And that's where the government stimulus program benefits kicked in, helping to offset a portion of that. So for Q4, since we have effectively sunsetted our catastrophe pay, we're not anticipating significant expense in Q4. And as a result, we would not anticipate significant government stimulus program benefits by way of payroll tax credits.

克里斯，關於你提出的政府刺激計劃福利的問題，我們第三季度的大部分投資都圍繞著災難津貼，這是一種伴侶支持和關懷的形式。而政府的經濟刺激計劃正是在這種情況下發揮作用，幫助抵消了部分損失。因此，由於我們已經有效地取消了災難性支出，我們預計第四季度不會有重大支出。因此，我們預計政府不會透過工資稅抵免等方式提供重大的刺激計劃福利。

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

你的最後一個問題來自瑞銀集團的丹尼斯蓋格。

Kevin, you talked some about how solid customer demand remains, and perhaps it sounds maybe a little changed from pre-COVID levels and, therefore, I think you're highlighting the importance of throughput in operations to continuing to drive sales. But anything more you can share with respect to existing customers using the brand a little bit less for now that their brand -- that their tune has changed, perhaps offset by new customers that you gained or that have become heavier users over the last few months. And ultimately, is that a net benefit because the new customers become sticky, existing customers return to their routines? Anything more there, metrics to share or just kind of how you're thinking about that customer dynamic.

凱文，你剛才提到客戶需求仍然強勁，但聽起來可能與新冠疫情前的水平略有不同，因此，我認為你是在強調營運效率對於持續推動銷售的重要性。但關於現有客戶目前對該品牌的使用頻率略有下降，因為他們的品牌——他們的態度發生了變化——您能否分享更多資訊？或許新客戶或在過去幾個月中成為重度用戶的客戶可以抵消這種變化。最終，這是否會帶來淨收益，因為新客戶會變得黏性強，而老客戶會恢復他們的日常習慣？還有什麼其他資訊嗎？例如可以分享的指標，或是您是如何看待客戶動態的？

Yes. Thanks for the question. I'll start by saying, throughout this quarter, we have navigated the pandemic in a way that I consider very consistent with Starbucks' mission and values. And in many ways, we navigated this by prioritizing the safety and the health and well-being of our partners and the customers we serve. And unlike many, many others in the industry, in April or -- yes, in April, we closed all our stores with the exception of drive-throughs. And that was clearly to provide a safe environment for our partners and as well as the contactless experience for us to handcraft beverages and food items for our customers. During that period, we had significant demand through the drive-through. It was quite amazing the lines and the amount of time the customer would wait in line and drive through to get their Starbucks. And so that was the first indication that there's a very powerful customer affinity to Starbucks even in a global pandemic.

是的。謝謝你的提問。首先我想說的是，在本季度，我們應對疫情的方式我認為與星巴克的使命和價值觀非常一致。在很多方面，我們都是優先考慮合作夥伴和我們所服務客戶的安全、健康和福祉，從而應對這項挑戰的。與業內許多其他公司不同，我們在四月——沒錯，就是四月——關閉了所有門市，只保留了得來速門市。顯然，這是為了提供我們的合作夥伴一個安全的環境，同時也是為了讓我們能夠為顧客提供非接觸式的飲品和食品製作體驗。在此期間，我們的免下車取餐服務需求量大。令人驚訝的是，顧客們為了買到一杯星巴克，竟然要排隊等候那麼長時間，甚至開車去拿咖啡。因此，這首次表明，即使在全球疫情大流行期間，顧客對星巴克仍然有著非常強大的忠誠度。

Now as we started reopening stores in May and customers -- we began to -- with mobile ordering and contactless entryway pickup, we continue to see customers coming back to us, clearly, the priority or the customer behavior was around safe, familiar, convenient experiences. So that's why I think we saw such a dramatic increase in the number of app downloads and customers that joined the rewards program because that is the safest way to order. You order on your phone and then you can pick it up contactless or you can get it for delivery. And so that was another indication. So we quickly figure out, if we launch curbside, we're going to get more customers. If we put handheld point-of-sale at the drive-through lines, we get drive-through. When we open our stores for to-go orders or even limited seating, we see customers come back. And yet at the same time, we stay true to the principles that we outlined, which is prioritize the health and well-being of our Starbucks partners, the customers we serve, to also support government, local health officials as they work to contain the spread of the virus and third is to just show up in a positive and responsible way in every community we serve.

現在，隨著我們在 5 月開始重新開放門市，顧客也開始使用手機下單和非接觸式入口取貨服務，我們不斷看到顧客回歸，顯然，顧客的首要考慮因素是安全、熟悉、便捷的體驗。所以我覺得這就是為什麼我們看到應用程式下載量和加入獎勵計劃的顧客數量出現瞭如此巨大的增長，因為這是最安全的訂購方式。您可以透過手機下單，然後選擇非接觸式取貨或送貨上門。所以，這又是一個跡象。所以我們很快就意識到，如果我們推出路邊取貨服務，就能吸引更多顧客。如果我們在免下車通道安裝手持式銷售終端，就能實現免下車服務。當我們開放門市提供外帶服務甚至有限的堂食服務時，我們就會看到顧客回來。然而同時，我們始終堅持我們所製定的原則，即優先考慮星巴克夥伴和我們服務的顧客的健康和福祉，支持政府和地方衛生官員努力控制病毒的傳播，第三點是在我們服務的每一個社區中以積極負責的方式出現。

Now when I look at the data, our customer connection scores are at an all-time high. And part of that is, I believe, the way that we've navigated this has built trust. It's built trust in our Starbucks partners that we're always going to do the right thing. We put people ahead of profit whether it was providing economic certainty for our partners or ensuring that our customers have safe ways to interact with us. I think that deposit in the reservoir trust is building and strengthening customer affinity. Obviously, the deployment of mobile reach is building more customers that become sticky. They build that relationship with Starbucks. We can communicate with them. We can serve their needs. We can personalize that experience for them. And then the investments we're making to make it easier for customers to have those experience is just -- is continuing to unfold. And we saw that certainly in the month of June where we saw a very good response from customers that helped us exceed expectations on what we would see in sales, and then that's continued in July to progress.

現在我查看數據，發現我們的客戶連線評分達到了歷史最高水準。我認為，部分原因在於我們處理這件事的方式建立了信任。這讓我們的星巴克夥伴們相信，我們總是會做正確的事。我們始終將人放在利潤之上，無論是為合作夥伴提供經濟保障，或是確保客戶能夠安全地與我們互動。我認為，這種對儲量信託的投入正在建立和加強客戶忠誠度。顯然，行動端的普及應用正在吸引更多忠實用戶。他們與星巴克建立了這種關係。我們可以和他們溝通。我們可以滿足他們的需求。我們可以為他們提供個人化的體驗。然後，我們正在進行投資，讓客戶更容易獲得這些體驗，而這些投資也不斷展開。我們在六月確實看到了這一點，客戶的反應非常好，這幫助我們超越了預期的銷售業績，而且這種勢頭在七月繼續保持成長。

So when I look at the fact that our share in the month of June, we gained share in the month of June, and I'm confident that we're on a path to continue to gain share. So if there's any question that closing stores was going to create a longer-term loss of market share, it's just proven because we saw clearly in the month of May, we did -- we were -- even on share in the month of June, we gained share. And I suspect as we keep doing these things, we're going to continue to gain share. And in the process, customer connection scores are at an all-time high, and our customer affinity that we measure on a regular basis is also very strong. So I think we have line-of-sight visibility to what our customers need and want. And as we deliver that, they respond. And I think the plans that we have in place in accelerating the strategic initiatives are right in the sweet spot of customer -- shifting customer behavior. So I think about this as the investments we made this quarter, we're playing a long game. This is about building trust with our customers and then positioning Starbucks for long-term sustainable growth. And I feel very good about the fact that we're now in a position where we've operationalized these store protocols, and we know how to adapt very rapidly.

所以，當我看到我們在六月的市佔率有所成長時，我相信我們正走在繼續成長市場佔有率的道路上。所以，如果有人質疑關閉門市是否會造成更長期的市場份額損失，那麼事實已經證明了這一點，因為我們在五月份清楚地看到，我們確實——我們——甚至在六月份，我們的市場份額還增加了。我估計，只要我們繼續這樣做，我們的市佔率就會繼續成長。在此過程中，客戶聯繫得分達到了歷史最高水平，我們定期衡量的客戶忠誠度也非常高。所以我認為我們能夠清楚地了解客戶的需求和願望。當我們做到這一點時，他們會做出回應。我認為我們為加速策略措施而製定的計劃，恰好契合了客戶——不斷變化的客戶行為。所以我認為，我們本季進行的投資，是為了長遠發展。這關乎建立與顧客的信任，並為星巴克的長期永續發展奠定基礎。我感到非常欣慰的是，我們現在已經能夠實施這些門市規程，我們知道如何快速適應。

And we do that with distributed leadership. 32,000 stores around the world. There's 32,000 store managers. Each one of them is paying attention to what's happening in their community. They have the playbook. They know how to adapt. And so in many ways, where back in March, April, people would describe this as we're navigating a crisis, this global pandemic, well, today, we're not -- this is not a crisis any longer, in my opinion. We are navigating a global pandemic, but we know exactly how to do it. That's woven into the fabric of how we operate, and partners are rising to the occasion. So I feel very good about where we're at. I feel very good about the strategic initiatives, and the data that we see on customer response is spot-on. So that's where we are from where we were 90 days ago when we spoke with you last on the earnings call, and it's all credit to our Starbucks partners. They've done a phenomenal job.

我們透過分散式領導來實現這一點。全球共有 32,000 家門市。共有32,000名門市經理。他們每個人都在關注社區裡發生的事情。他們掌握了策略。他們懂得如何適應。因此，在很多方面，如果說三月、四月的時候，人們會把這描述為我們正在應對一場危機，一場全球大流行，那麼今天，在我看來，這已經不再是一場危機了。我們正在應對全球疫情，但我們非常清楚該如何應對。這已經融入我們的營運方式中，合作夥伴們也正在積極應對。所以我對我們目前的狀況感到非常滿意。我對這些策略舉措感到非常滿意，而且我們看到的客戶回饋數據也完全準確。所以，這就是我們與 90 天前上次在財報電話會議上與您交談時的情況相比所取得的進展，這一切都要歸功於我們的星巴克夥伴們。他們做得非常出色。

And that was our last question today. I will now turn the call over to Kevin Johnson.

這就是我們今天的最後一個問題。現在我將把電話交給凱文·約翰遜。

Well, let me just thank all of you for joining us today. My hope is that through this discussion, we've been able to give you a sense of the confidence we have in our ability to navigate this global pandemic. Our recovery strategy is working, and we're accelerating the strategic initiatives that further differentiate Starbucks for the future. We're doing this in a way that is true to our mission and our values. And we're on the front foot right now but also acknowledging that like everyone else in this world, we've got to monitor and adapt and be agile. But I'm very proud of my Starbucks partners, in how they've responded. And I just want to take an opportunity to thank all of you, our stakeholders, for your support, and we look forward to the continued dialogue. So thanks, everybody.

好的，首先感謝各位今天蒞臨我們的節目。我希望透過這次討論，我們能夠讓大家感受到我們對應對這場全球疫情的信心。我們的復甦策略正在奏效，我們正在加速推動各項策略舉措，以進一步提升星巴克未來的差異化優勢。我們這樣做是秉承了我們的使命和價值觀。我們現在處於領先地位，但也意識到，和世界上其他人一樣，我們必須監控、適應並保持敏捷。但我為我的星巴克夥伴們感到非常自豪，他們應對得非常出色。我謹藉此機會感謝各位利害關係人的支持，我們期待繼續進行對話。謝謝大家。

This concludes Starbucks Coffee Company's Third Quarter Fiscal Year 2020 Conference Call. You may now disconnect.

星巴克咖啡公司2020財年第三季電話會議到此結束。您現在可以斷開連線了。