星巴克 (SBUX) 2020 Q3 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是赫克托，今天我將成為您的會議接線員。

I would like to welcome everyone to Starbucks Coffee Company Third Quarter Fiscal Year 2020 Conference Call.

我想歡迎大家參加星巴克咖啡公司 2020 財年第三季度電話會議。

(Operator Instructions)

（操作員說明）

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

我現在將把電話轉給投資者關係副總裁 Durga Doraisamy。

Ms. Doraisamy, you may now begin your conference.

Doraisamy 女士，您現在可以開始您的會議了。

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

大家下午好，感謝您今天加入我們討論我們的 2020 財年第三季度業績。

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

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

And for Q&A, we will be joined by Roz Brewer, Chief Operating Officer and Group President, Americas.

在問答環節，美洲首席運營官兼集團總裁 Roz Brewer 將加入我們的行列。

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

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

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

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

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

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

These forecasts 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.

這些在病毒傳播之前做出的預測是基於當時可用的信息和各種假設，我們認為這些假設是合理的，但其中部分或全部可能被證明是不准確的。

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

星巴克不承擔更新任何這些前瞻性陳述或信息的義務。

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

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

These items are excluded from our non-GAAP results.

這些項目不包括在我們的非公認會計原則結果中。

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

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

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, August 28, 2020.

本次電話會議正在進行網絡直播，網絡直播的存檔將在 2020 年 8 月 28 日星期五之前在我們的網站上提供。

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.

最後，為了您的日曆計劃，請注意，我們的第四季度和 2020 財年收益電話會議暫定於 2020 年 10 月 29 日星期四舉行。

I will now turn the call over to Kevin.

我現在將把電話轉給凱文。

Well, good afternoon, and welcome.

嗯，下午好，歡迎光臨。

Thank you for joining us today.

感謝您今天加入我們。

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.

自我們上次召開財報電話會議以來已經過去了 3 個月，因為整個世界，全人類，一直在應對 COVID-19 大流行，度過了這個充滿活力和充滿挑戰的時期。

In times of adversity, values matter.

在逆境中，價值觀很重要。

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.

我為全球星巴克合作夥伴在我們的使命和價值觀以及三個簡單原則的指導下在這場全球大流行中做出的反應感到非常自豪：優先考慮星巴克合作夥伴和我們服務的客戶的健康和福祉，支持當地政府和衛生官員努力減輕和控制病毒，並以負責任和積極的方式出現在我們服務的每個社區。

The dedication, agility and positive energy of our partners inspires me.

我們合作夥伴的奉獻精神、敏捷性和正能量激勵著我。

And for that, I am grateful.

為此，我很感激。

Throughout this dynamic period, I believe the combination of principal decision-making and transparency in our communication has built trust: trust with all stakeholders.

在這個充滿活力的時期，我相信主要決策和溝通透明度的結合建立了信任：與所有利益相關者的信任。

We've provided Starbucks partners economic certainty through the shutdown while prioritizing their health.

我們通過關閉為星巴克合作夥伴提供了經濟確定性，同時優先考慮他們的健康。

As we reopen stores, we created safe, familiar and convenient experiences for our customers.

當我們重新開店時，我們為客戶創造了安全、熟悉和便捷的體驗。

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.

我們將繼續致力於這樣做，因為我們根據我們的多年戰略調整商店組合以適應不斷變化的消費者行為模式，包括移動消費、移動訂單和取貨、免下車和非接觸式取貨和交付， COVID-19 造成的不幸動態進一步證實了這一點。

We showed up in the community to provide free coffee to the frontline health care workers who have been caring for those in need.

我們現身社區，為一直在照顧有需要的人的前線醫護人員提供免費咖啡。

We collaborated with our suppliers and, every step of the way, we supported our global license partners in markets around the world.

我們與供應商合作，並且在每一步都支持我們在全球市場的全球許可合作夥伴。

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.

憑藉強大的資產負債表，我們採取了適當的措施來確保流動性，並維持我們向股東支付的季度股息，同時保持未來的靈活性。

And we did all of this while continuing to advance our long-term strategy to position Starbucks for continued success.

我們做到了這一切，同時繼續推進我們的長期戰略，讓星巴克繼續取得成功。

Trust is earned, and building trust with all stakeholders is a very important attribute of Starbucks.

信任是贏得的，與所有利益相關者建立信任是星巴克的一個非常重要的屬性。

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.

我相信我們本季度所做的重大投資激勵了星巴克合作夥伴，增強了客戶忠誠度，並將在未來很長一段時間內獲得紅利，因為星巴克品牌比以往任何時候都更強大。

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.

在今天的電話會議上，我將總結我們在當前形勢下正在推動的業務復甦成果，以及我們如何迅速調整業務以適應這一新現實。

My hope is that from this call, you'll understand and take away 2 important points.

我希望從這個電話中，你會理解並帶走 2 個要點。

First, our recovery plan is working.

首先，我們的恢復計劃正在奏效。

With the vast majority of stores around the world now reopened, we saw meaningful improvements in both sales and profitability as the quarter unfolded.

隨著全球絕大多數商店現在重新開業，隨著本季度的展開，我們看到銷售額和盈利能力都有顯著改善。

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.

此外，客戶對星巴克的親和力非常強，我們的客戶聯繫分數的提高、客戶忠誠度的增長和市場份額的增加都證明了這一點。

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.

好吧，我們預計這些改善將繼續下去，我們的資產負債表和我們為使星巴克能夠經受住全球經濟活動更長期的中斷而採取的戰略行動。

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.

其次，為了應對消費者行為和偏好的明顯轉變，我們現在正在加快未來的戰略舉措，並為星巴克的持續長期增長做好準備。

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.

我們已積極推進商店基礎的發展，以適應我們長期以來在業務中出現的趨勢，而這些趨勢只會因 COVID-19 而加劇。

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

綜上所述，這兩點為星巴克咖啡公司的所有利益相關者指明了光明的未來。

Let me begin in the U.S. where the recovery accelerated throughout Q3.

讓我從美國開始，那裡的複蘇在整個第三季度都在加速。

We exited the quarter with 96% of stores open, up from 44% at the beginning of the quarter.

我們在本季度結束時開設了 96% 的商店，高於本季度初的 44%。

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.

以健康和福祉為重中之重，我們監測趨勢並迅速適應，以支持我們的合作夥伴並安全、負責任地為我們的客戶服務。

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.

通過結合新的商店運營協議和服務渠道，我們能夠為我們的客戶擴大許多非接觸式體驗，包括免下車、使用移動訂單和支付的入口取貨和交付。

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.

借助能夠實時監控公共衛生狀況、政府指導方針、客戶偏好和合作夥伴情緒的新專有數據驅動決策工具，我們能夠逐步安全地重新開放我們的部分美國門店，以提供有限的座位體驗，並擴展到近到本季度末，我們在美國的公司經營的商店達到 30%。

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.

結果，整個季度的美國周薪從低點穩步改善，4 月中旬下降了負 65%，當我們退出第三季度時下降了負 16%。

And through all of this, we posted all-time-high customer connection scores.

通過所有這些，我們發布了歷史最高的客戶連接分數。

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.

具體來看整個季度仍在營業的 3,100 家美國商店的比較，這些商店從 5 月的負 14% 到 6 月的負 1% 到 7 月至今的正 2% 的持續增長。

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.

我們現在已經開發出新的敏捷性和彈性水平，使我們能夠以安全、有效和自信地推動我們持續復甦的心態和能力，為未來做好準備。

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.

我們認識到，在開發出新的治療方法和疫苗之前，市場將經歷不同程度的 COVID-19 影響，我們已做好準備應對這一大流行階段。

Today, customers are seeking safe, familiar and convenient experiences in many aspects of their lives.

如今，客戶在生活的許多方面都在尋求安全、熟悉和便捷的體驗。

And in that regard, our digital assets have proven to be a competitive advantage.

在這方面，我們的數字資產已被證明是一種競爭優勢。

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.

在本季度，我們看到下載 Starbucks 應用程序並加入 Starbucks Rewards 的客戶數量顯著增加，本季度總計 300 萬，比第二季度增長 17%。

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.

此外，與星享會客戶的互動超過了非星享會會員，星享會客戶的銷售額同比增長在 7 月初轉為正數。

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.

結果，作為第三季度投標的百分比，星巴克獎勵計劃比一年前上升了 4 個百分點至 46%，高於新冠疫情之前的趨勢，突顯了我們在獲得新的忠誠會員以及重新吸引我們現有的客戶群。

And finally, customer usage of mobile ordering increased to 22% of total transactions, up 6 percentage points from a year ago.

最後，移動訂購的客戶使用量增加到總交易量的 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.

儘管我們的數字平台仍然是我們的力量來源，但隨著我們繼續恢復我們的業務，我們在美國各地關注的不利因素是擾亂工作日早上的例行公事，尤其是上班和上學的通勤。

We continue to see improvements in the morning peak period as well as some customer occasions shifting to later in the morning daypart.

我們繼續看到早上高峰期的改善以及一些客戶活動轉移到上午晚些時候。

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.

當我們看到客戶訪問從城市咖啡館轉移到郊區駕車時，客戶也在一次訂單中購買多種飲料和食品，基本上是團體訂單。

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.

與大流行前的水平相比，這些動態促成了每筆訂單的平均支出顯著增加，導致本季度平均票務收入增長 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.

隨著我們重新開設商店以包括移動訂單、入口取貨和店內外賣訂單，隨著季度的展開，門票增長放緩，交易量增加。

Almost 90% of sales volumes in Q3 flowed through the combination of drive-through and Mobile Order & Pay.

第三季度近 90% 的銷售額來自免下車和移動訂單與支付的組合。

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.

此外，在美國全國范圍內，星巴克第三季度的交易量是第二季度的三倍，在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.

所有這一切都表明客戶正在調整他們的日常工作，我們可以通過簡單地增加吞吐量和增強客戶期望的安全、熟悉和方便的體驗來推動進一步的恢復。

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.

正如我稍後將更詳細討論的那樣，這就是為什麼我們正在加速創新商店形式，例如星巴克提貨和新的運營協議，例如路邊送貨，因為它們與因 COVID-19 而演變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.

現在讓我談談中國，在第三季度末，99% 的商店已經重新開業，大約 90% 的商店營業時間正常，超過 70% 的商店已經滿座。

Building on the positive recovery momentum from Q2, China demonstrated sequential improvements in monthly comparable sales across Q3, exceeding our expectations for the quarter.

基於第二季度的積極復甦勢頭，中國在第三季度的月度可比銷售額連續改善，超出了我們對該季度的預期。

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.

除了銷售復甦外，我們重新啟動了新店開發，在本季度淨開設近 100 家新店，突破了 4,400 家門店的里程碑。

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.

移動訂單銷售組合在第三季度達到銷售額的 23%，其中 12% 來自交付，11% 來自移動訂單和支付，遠高於我們在 COVID 之前看到的青少年水平。

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.

隨著中國數字化應用的加速，我們將繼續以深化客戶關係的方式進行創新，並在各種數字平台和生態系統中擴展星巴克體驗的影響力。

In May, we launched a new WeChat mini program with new functionality for WeChat users, including Starbucks Delivers.

5 月，我們為微信用戶推出了新的微信小程序，其中包括星巴克外賣。

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.

6 月，我們加強了 Starbucks Rewards 計劃，引入了類似於我們去年在美國推出的多層兌換系統。

Fueled by these new digital initiatives, we have seen strong sequential growth in active Rewards members.

在這些新的數字計劃的推動下，我們看到活躍的獎勵會員連續強勁增長。

In fact, the Q3 90-day active members increased 25% over Q2 to 9.9 million, representing 9% growth over the prior year.

事實上，第三季度的 90 天活躍會員比第二季度增長了 25%，達到 990 萬，比去年增長了 9%。

We are pleased with the progress we are making in China to recover sales.

我們對在中國恢復銷售所取得的進展感到高興。

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.

然而，最近北京 COVID-19 病例再次出現以及為減緩傳播而採取的相應行動提醒了我們，我們的新常態要求我們監測每個社區的情況，迅速適應和創新，以繼續帶來更多客戶進入我們的商店並增加這些訪問的頻率。

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.

憑藉我們在中國享有的差異化能力和戰略優勢，包括與阿里巴巴的數字合作夥伴關係以及通過與紅杉資本的共同投資關係獲得新興技術，我們有信心在年底前大幅恢復在中國的銷售額這個日曆年，展示了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.

轉向渠道開發。

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.

這是對家庭咖啡的需求飆升的一個季度，隨著客戶適應他們的家庭習慣，我們的渠道開發業務表現出巨大的彈性並獲得了市場份額。

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.

在美國，星巴克在第三季度的包裝咖啡總量中的份額顯著增長，美元銷售額增長了 21%，超過了本季度增長 13% 的咖啡類別。

Our domestic ready-to-drink business grew by 11%, gaining 2 points of share in Q3.

我們的國內即飲業務增長 11%，在第三季度獲得 2 個百分點的份額。

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.

我們與雀巢的全球咖啡聯盟，以及我們的即飲合作夥伴，包括百事可樂和康師傅，擴大了我們滿足客戶需求的能力，這在當前環境下尤為重要。

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.

我們現在與全球咖啡聯盟合作進入 53 個市場，比一年前增加了兩倍多，我們預計到本財年末將進入 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.

隨著我們近期業務全面復甦並取得成果，現在讓我專注於我們如何利用這一顛覆性時期來加速創造價值的舉措，從而進一步區分星巴克並推動可預測的、可持續的長期增長。

Why is this important?

為什麼這很重要？

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.

在每個行業中，都有一些顛覆性的時期為那些適應顛覆性、以相關方式投資並增強其差異化和競爭優勢的企業創造了巨大的機會。

Those businesses that fail to evolve typically fall behind.

那些未能發展的企業通常會落後。

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.

鑑於我們品牌的實力、我們先進的數字能力和強大的資產負債表，我相信這是積極行動並進一步將星巴克從我們的競爭中脫穎而出的難得機會之一。

And I will highlight 3 areas where we are doing just that: convenient store formats, digital customer engagement and plant-based menu lines.

我將重點介紹我們正在這樣做的 3 個領域：便利店形式、數字客戶參與和基於植物的菜單線。

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.

多年來，我們在重新構想商店形式以更好地為客戶服務方面表現出清晰的記錄，現在我們正在重新構想如何通過利用這些不同的商店形式在社區中創建商店網絡來進一步提升客戶體驗。

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.

將此視為在整個社區中融合高度互補的商店形式，共同更好地服務於該社區中客戶不斷擴大和變化的需求狀態，從而增加貿易領域的收入，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.

多年來，我們一直在郊區市場融合商店形式，在傳統星巴克商店、第三場所體驗、免下車和移動訂單取貨體驗中補充了滿足客戶便利需求的體驗。

We are introducing a simple handheld device to further increase throughput and improve the customer experience.

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。

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.

我們正在推出一種新的路邊取貨體驗，到本季度末將在 700 到 1,000 個地點提供，從而增加客戶訪問量。

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.

在免下車和路邊不可行的城市核心市場，我們將開始重新定位我們的商店形式，以創建傳統星巴克商店與新星巴克皮卡商店的融合。

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.

這些商店的佔地面積更小，創造了一種熟悉和方便的步行體驗，與城市市場的客戶非常相關。

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.

理想情況下，這些星巴克提貨店中的每一個都位於距離傳統星巴克店 3 到 5 分鐘步行路程內，讓顧客可以靈活地在我們的店內或在旅途中享用他們的飲料。

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.

我們計劃在未來 12 至 18 個月內加快發展 50 多家此類商店，以期在未來 3 至 5 年內在美國擁有數百家商店。

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.

我們還加速在中國推出類似概念的星巴克門店，在第三季度新增 9 家門店，共計 15 家。

We are seeing firsthand the power of integrating physical and digital customer touchpoints to meet customers' growing need for convenience.

我們親眼目睹了整合實體和數字客戶接觸點以滿足客戶日益增長的便利需求的力量。

In addition to accelerating our store transformation strategy, we are creating new capabilities that expand digital customer engagement.

除了加速我們的商店轉型戰略外，我們還在創造新的能力來擴大數字客戶的參與度。

We're having great success bringing new customers on to the app and into the rewards program.

我們在將新客戶引入應用程序和獎勵計劃方面取得了巨大成功。

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.

我們將在秋季為美國和加拿大的 Starbucks Rewards 會員推出一種新的現收現付選項時，進一步鞏固這一勢頭。

This significant new addition will open up an invitation to join Starbucks Rewards to a much better audience.

這一重要的新增功能將邀請更多的觀眾加入 Starbucks Rewards。

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.

雖然現在我們近一半的銷售額來自預裝儲值卡的獎勵會員，但我們從更多客戶那裡得知，他們希望選擇在直接使用現金、信用卡、借記卡和特定數字法支付時獲得獎勵。

By adding this capability to Starbucks Rewards, we will give customers more ways to pay and earn rewards when using the Starbucks app.

通過將此功能添加到 Starbucks Rewards，我們將為客戶在使用 Starbucks 應用程序時提供更多支付和獲得獎勵的方式。

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.

在中國，自從兩年前我們開始與阿里巴巴建立中國數字合作夥伴關係以來，我們一直致力於為我們的客戶提供創新的數字服務並改變中國的咖啡行業。

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.

作為我們持續合作的一部分，我們正在通過將 Starbucks Now Mobile Order & Pay 功能引入阿里巴巴數字經濟中的多個平台（包括淘寶）來擴大我們對中國大陸客戶的影響；數字地圖和信息提供商，高德地圖；本地服務應用，口碑；和支付寶，它們服務於近 10 億客戶的綜合用戶群。

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.

通過這些應用程序，顧客將能夠在線預訂和支付他們最喜歡的星巴克飲料和食品，然後在中國大陸的大多數星巴克門店親自取貨。

Previously, this service was only available through our Starbucks China mobile app.

此前，該服務僅通過我們的星巴克中國移動應用程序提供。

This is a significant step forward, and we value our partnership with Alibaba greatly.

這是向前邁出的重要一步，我們非常重視與阿里巴巴的合作夥伴關係。

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.

我們傾聽客戶的心聲，並不斷尋求方法，通過個性化的人際關係、我們在商店中創造的客戶體驗與數字客戶關係的力量之間的無縫鏈接，讓星巴克更具相關性、吸引力和振奮人心。

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.

最後，我們最近宣布通過與 Beyond Meat、Impossible 和 Oakley 合作開展植物性飲料和食品創新，這反映了客戶想要更多植物性選擇的事實。

We believe that customers are embracing plant-based choices because they are good, good: good for your health and good for the planet.

我們相信客戶正在接受以植物為基礎的選擇，因為它們是好的、好的：對您的健康有益，對地球有益。

We are shifting more beverage and food menu items to include plant-based options.

我們正在改變更多的飲料和食品菜單項目，以包括基於植物的選項。

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.

最近的例子包括美國的肉桂杏仁奶沫冷萃咖啡和中國兩種星巴克特色飲品的燕麥奶版本：燕麥牛奶拿鐵和橡木牛奶抹茶拿鐵。

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.

這些創新的早期成果非常令人鼓舞，因此我們正在加快努力為我們的客戶擴展這些產品，並在此過程中為實現我們的地球積極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.

讓我通過強調 2 條關鍵信息來結束我希望你能從這次電話會議中獲得的信息。

First, our recovery strategy is working as evidenced by the improving business results across all of our key segments.

首先，我們的複蘇戰略正在發揮作用，我們所有關鍵部門的業務業績都在改善。

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.

其次，我們的商業模式面向未來，並加強了我們的資產負債表，使我們能夠通過加快關鍵戰略舉措來發揮進攻作用，從而進一步區分星巴克並加強未來的長期可持續增長機會。

Those 2 points reinforce an optimistic view of our future.

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.

在我們結束這次電話會議之前，我要感謝大家今天加入我們。

The last several months have been quite unprecedented in regard to public health and commerce, given the impacts of COVID-19.

鑑於 COVID-19 的影響，過去幾個月在公共衛生和商業方面是前所未有的。

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.

與此同時，美國正在大力覺醒，以解決系統性種族主義和社會不平等問題，這是星巴克一直堅持的問題，相信我們有推動積極變革的角色和責任。

That has never been more true than it is today.

這從未像今天這樣真實。

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.

團結星巴克合作夥伴的使命和價值觀繼續幫助我們度過這些複雜的時代，並激勵我們促進公平、巨大的機會和建立有彈性的社區。

And building upon the deliberate actions we have taken to provide a warm, welcoming and safe environment for everyone, our work will not end.

在我們為每個人提供溫暖、熱情和安全的環境而採取的深思熟慮的行動的基礎上，我們的工作不會結束。

This is who we are at our core, and it is what our partners and customers expect of us.

這是我們的核心，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.

我再次感謝所有星巴克合作夥伴的承諾、奉獻和相互關愛，以及我們的客戶和我們在這場大流行中開展業務的社區，這令人心曠神怡。

You are the heartbeat of Starbucks, and I am proud to work in service of you.

你是星巴克的心臟，我很自豪能為你服務。

As always, we look forward to bringing you along our journey to create opportunities and strengthen our communities.

與往常一樣，我們期待著與您一起創造機會並加強我們的社區。

Thank you for your time and attention today and for your ongoing support.

感謝您今天的時間和關注以及您一直以來的支持。

Now over to Pat.

現在交給帕特。

Thank you, Kevin, and good afternoon, everyone.

謝謝你，凱文，大家下午好。

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.

首先，我要回應 Kevin 對所有星巴克合作夥伴的感謝，他們孜孜不倦地為我們的客戶提供安全、方便和熟悉的體驗，並在非常具有挑戰性的情況下支持我們的社區。

They are the heartbeat of our company and our inspiration.

他們是我們公司的心跳和靈感。

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 的影響嚴重影響了我們的第三季度財務業績，但我們感到鼓舞的是，我們所有運營部門的銷售和利潤恢復得比我們預期的要快，而且我們非常強大的資產負債表使我們能夠取得重大進展在抵禦大流行的同時，對業務進行長期的重要投資。

For the quarter, Starbucks reported global revenue of $4.2 billion, down 38% from the prior year.

本季度，星巴克公佈的全球收入為 42 億美元，比去年同期下降 38%。

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.

我們估計 COVID-19 對綜合收入的影響約為 31 億美元，主要是由於臨時關閉商店、銷售渠道受限、營業時間縮短和客戶流量減少。

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.

第三季度的非公認會計原則每股收益為 0.46 美元，低於上一年的 0.78 美元的利潤，其中包括 COVID-19 估計的 1.20 美元的負面影響，其中包括我之前提到的對收入影響的流動以及我們為應對這一流行病而進行的重大投資，我將在稍後概述。

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.

由於銷售和利潤率好於預期，非 GAAP 每股收益明顯好於我們在 6 月 10 日在 8-K 中提供的初步指導範圍。

I will first provide some highlights of segment operating results and consolidated margin performance for Q3.

我將首先提供一些關於第三季度分部經營業績和綜合利潤率表現的亮點。

I will then discuss our guidance for Q4 and fiscal 2020 followed by a preliminary perspective on fiscal 2021.

然後，我將討論我們對第四季度和 2020 財年的指導，然後是對 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.

第三季度，我們美洲部門的收入為 28 億美元，比去年同期下降 40%，這主要是由於可比商店銷售額下降了 41%，其中包括美國的負 40%。我們估計美洲收入和營業收入的下降歸因於第三季度的 COVID-19 分別約為 23 億美元和 15 億美元。

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.

這相當於第三季度銷售損失的流通率約為 65%，這比第二季度有了顯著改善，但仍大大高於我們通常在業務中觀察到的 50% 可變流通率，這主要是由於增量合作夥伴支持成本，扣除某些政府刺激計劃的好處，以及增加的商店運營費用。

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

重要的是，整個季度的銷售額和盈利能力均呈積極趨勢，每個月都有連續改善。

And comparable store sales were towards the better end of our guidance range.

可比商店銷售額接近我們指導範圍的更好端。

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.

美國業務 6 月份可比銷售額下降 19%，低於 5 月份的負 43%，使該業務在當月恢復了正盈利。

Moving on to International.

繼續國際。

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.

與去年同期相比，該部門的可比商店銷售額在第三季度下降了 37%，但超出了我們上個月的預期，這主要是由於成功的季節性產品促銷推動了日本的銷售恢復速度快於預期。

The segment's comparable store sales Q3 also reflect a 2% benefit related to temporary value-added tax, or VAT, exemption in China.

該部門第三季度的可比門店銷售額也反映了與中國臨時增值稅或增值稅豁免相關的 2% 的收益。

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.

由於該市 COVID-19 的死灰復燃，本季度最後兩周北京出現的交通疲軟在很大程度上抵消了這一優勢。

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.

在剔除 8 個百分點的增值稅豁免優惠後，中國 6 月份的可比門店銷售額下降了 16%，其中約一半與本季度前 2 個月的修正有關。

This was a notable sequential improvement to May's comp on a like-for-like basis.

這是對 May 的同類產品的顯著連續改進。

For the third quarter, China's comparable store sales declined 19%, including VAT favorability of 4 percentage points.

第三季度，中國同店銷售額下降 19%，包括增值稅優惠 4 個百分點。

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.

國際在第三季度的收入為 9.5 億美元，比上一年減少了 40%，主要是由於可比商店銷售額下降了 37%。

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.

由於與 COVID-19 爆發相關的銷售損失以及我們授予國際被許可人的臨時特許權使用費減免，導致我們的被許可人的產品銷售額下降也是導致下降的原因。

And there was an additional 2% revenue dilutive impact of transitioning our Thailand business to licensed operations last year.

去年將我們的泰國業務轉變為許可業務，對收入產生了額外 2% 的稀釋影響。

These adverse year-over-year revenue impacts were partially offset by net new store growth of 9% over the past 12 months.

這些不利的同比收入影響被過去 12 個月新店淨增長 9% 部分抵消。

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.

我們估計 COVID-19 對 International 第三季度收入和營業收入下降的影響分別約為 7.6 億美元和 4.2 億美元。

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.

國際公司第三季度銷售損失的流通率從第二季度的 60% 改善了約 55%，這歸因於該時期特有的有利項目，主要是政府臨時救濟計劃、大流行期間中國忠誠度計劃福利的臨時延長以及中國和日本的限時租金優惠。

On to Channel Development.

進入渠道開發。

Revenue was $447 million in Q3, a decline of 16% from the prior year.

第三季度收入為 4.47 億美元，同比下降 16%。

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.

當將研磨帶來的 21% 的不利影響正常化時，全球咖啡聯盟與上一年受益的轉型相關項目，包括雀巢準備履行客戶訂單時的更高庫存銷售，渠道開發的第三季度收入比上一年增長了 5%。

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.

這一增長是由強勁的包裝咖啡和單份產品銷售推動的，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.

Channel Development 的非 GAAP 營業利潤率為 35.6%，比上一年提高了 120 個基點。

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.

將我剛才提到的過渡活動的 460 個基點影響正常化後，Channel Development 的非 GAAP 營業利潤率在第三季度收縮了 340 個基點。

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.

收縮主要是由於渠道開發內部的業務組合轉變，以及由於 COVID-19 導致零售產量下降，公司運營部門共享的固定咖啡製造成本的去槓桿化。

At the consolidated level, non-GAAP operating margin was minus 12.6% in Q3, down from 18.3% in the prior year.

在綜合層面，第三季度非美國通用會計準則營業利潤率為負 12.6%，低於去年的 18.3%。

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.

正如您所料，我們營業利潤率的同比下降主要是由於銷售去槓桿化以及為我們的商店提供安全體驗而增加的費用，所有這些都與 COVID-19 的影響有關。

We estimate this to be approximately 80% of the margin decline.

我們估計這大約是利潤率下降的 80%。

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.

剩下的 20% 主要反映了我們在品牌上進行的大量且非常有意識的投資，並與主要利益相關者建立信任，認識到這些關係是我們品牌的重要組成部分，對我們不僅能夠從大流行，但也加強我們的長期增長的競爭地位。

These investments totaled approximately $350 million in the quarter and were focused on 3 key areas.

本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。

First, we invested in our partners as they are critical to the Starbucks Experience and instrumental to our long-term success.

首先，我們投資於我們的合作夥伴，因為他們對星巴克體驗至關重要，對我們的長期成功至關重要。

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.

在本季度的大部分時間裡，包括在大量門店關閉期間，我們為我們的合作夥伴提供了薪水、工資和福利，以及在美國和加拿大為在我們業務前線工作的人員提供的臨時保費，並加強了援助與個人護理和福祉相關，扣除某些政府刺激計劃福利的補貼。

This represented about 85% of our total investments for the quarter.

這約占我們本季度總投資的 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，我們通過臨時延長更靈活的開發條款和特許權使用費減免來支持作為我們合作夥伴的國際被許可人推動全球長期增長。

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.

第三，我們幫助幾家戰略供應商度過了這場危機，在 7 月之前實施了某些加速付款，並在銷量低迷期間履行了最低供應商承諾，以便他們能夠維持我們專有流程和服務的供應，以支持我們正在進行的產品創新.

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.

我們很幸運，我們的業務規模和資產負債表的實力使我們能夠像我們所做的那樣進行投資，這與我們作為一家公司的使命和價值觀一致，同時為我們的未來做好了定位。

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.

我們在 5 月份發行了 30 億美元的債券，使我們能夠為這些投資提供資金，支付我們的資本支出，以具有吸引力的利率為明年的債券到期預付資金，當然，還可以維持我們的季度股息支付，履行我們對股東的承諾。

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.

重要的是，當我們退出第三季度時，我們的現金流為正且具有上升勢頭，這使我們走上了降低未來幾個季度財務槓桿的堅實道路。

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.

繼續我們對第四季度和 2020 財年的展望，從我們認為定義零售業務復甦的指標開始：可比商店銷售增長。

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.

在全球範圍內，我們預計第四季度和 2020 財年的可比門店銷售額將下降 12% 至 17%，這表明持續的連續改善，包括我們在美國和中國這兩個主要市場。

We also expect Americas and U.S. comparable store sales to be down 12% to 17% for Q4 and for fiscal 2020.

我們還預計第四季度和 2020 財年美洲和美國可比商店銷售額將下降 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.

雖然最近在美國幾個地區爆發的 COVID-19 突顯了我們運營環境的持續不確定性，但我們預計第四季度我們的美國業務將繼續改善，這將得益於凱文描述的與我們的非接觸式客戶體驗相關的重點行動、數字化能力和飲料創新。

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.

目前，由於我們近 40% 的門店的運營調整和咖啡館座位有限，以及 4% 的投資組合仍然關閉，我們估計美國公司運營地點的 7 財年可比門店銷售額將約為負 14%，即使我們為應對一些地區性的 COVID-19 突發事件而縮減了部分美國業務，但仍比 6 月份實現的負 19% 有所改善。

Moving on to our International segment.

繼續我們的國際部分。

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.

隨著對 COVID-19 影響的預期在第四季度繼續緩解，尤其是在日本，我們現在預計 International 的可比商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。

For China specifically, we expect Q4 comparable store sales to range between flat and minus 5%.

特別是對於中國，我們預計第四季度可比店面銷售額將持平至負 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.

雖然這總體上符合我們之前的指引，現在既反映了新的順風，也反映了新的逆風，但新的順風是我之前提到的臨時免徵增值稅，這使中國第四季度的銷售增長約 4 個百分點。

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.

新的不利因素是多種因素的組合：首先，星巴克目前在北京擁有 360 多個門店的與 COVID 相關的應急響應措施；其次，國際和國內旅行的長期放緩影響了中國機場和旅遊場所的星巴克門店。

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.

對於整個財年，我們預計中國可比門店銷售額將下降 15% 至 20%，包括 2% 的有利增值稅影響。

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.

對於國際，我們預計 2020 財年全年可比商店銷售額將下降 20% 至 25%，包括 1% 的有利增值稅影響。

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.

作為我們在該業務中看到的持續復甦的跡象，我們估計如果不計臨時增值稅豁免帶來的 4 個百分點的收益，7 月份中國的可比商店銷售額增長將下降約 12% 至 14%。

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.

這比 6 月份的結果要好，當時中國的可比商店銷售額增長下降了 16%，不包括 8 個百分點的增值稅優惠。

We expect the VAT exemption will expire at the end of December.

我們預計增值稅豁免將於 12 月底到期。

Finally, Channel Development.

最後，渠道開發。

This segment's revenue is expected to decline between 5% and 6% on a reported basis for the full year in fiscal 2020.

該部門的收入預計將在 2020 財年全年報告的基礎上下降 5% 至 6%。

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.

與往年相比，我們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在 2019 財年的收入增長。

Adding it all up at the enterprise level.

在企業級別添加所有內容。

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.

在全球範圍內，我們預計第四季度的收入將比去年同期下降 10% 至 15%，主要反映了 COVID-19 的負面影響，我們估計其範圍在約 14 億美元至 16.5 億美元之間。

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.

我們估計全球與 COVID-19 相關的營業收入下降約為 8.5 億美元至 11 億美元，這反映了第四季度銷售損失的流通率約為 60% 至 65%。

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.

這與我們在第三季度交付的流通率大致相當，因為我們預計第四季度銷售槓桿的提高將被我們在第三季度實現的非經常性利潤率收益的缺失所抵消。

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.

隨著銷售和利潤率的持續回升，我們目前預計該業務將在第四季度恢復盈利，與第三季度相比，每股收益顯著提高。

We now expect GAAP EPS in Q4 of $0.06 to $0.21 and non-GAAP EPS of $0.18 to $0.33.

我們現在預計第四季度的 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。

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.

與我們之前的預測相比，第四季度的當前前景，加上我們好於預期的第三季度業績，使我們對 2020 財年每股收益的全年預期有所提高。

We now expect GAAP EPS in fiscal 2020 of $0.50 to $0.65 and non-GAAP EPS of $0.83 to $0.98.

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.

現在我想分享一些關於我們未來美國和中國復甦曲線的觀點。

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.

根據我們在過去 6 個月中應對 COVID-19 的影響以及我們為明年計劃的創新和增長所學到的知識，除非出現任何新的重大和持續的感染浪潮， / 或全球經濟中斷，我們預計到 2021 財年第一季度和第二季度末，中國和美國的可比商店銷售額將分別大幅回升。

Additionally, we expect that margin recovery for each business will trail sales recovery by about 2 quarters.

此外，我們預計每項業務的利潤率復甦將落後於銷售復甦約 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.

由於我們相信我們現在已經度過了大流行的深度，並且正走在全面復甦的穩定道路上，並且隨著我們成功滿足了流動性需求，我們現在將恢復投資者更新的正常節奏，並期待分享我們的我們在 10 月份的第四季度收益報告繼續取得進展。

In summary, Starbucks sales and profits are recovering nicely.

總而言之，星巴克的銷售額和利潤正在恢復良好。

Our liquidity position remains strong and continues to improve, and we are continuing to invest in growth and the future of our business.

我們的流動性狀況保持強勁並繼續改善，我們將繼續投資於業務的增長和未來。

It has been a very challenging quarter for Starbucks as it has for many other businesses, but we believe the worst is behind us.

對於星巴克來說，與許多其他企業一樣，這是一個非常具有挑戰性的季度，但我們相信最糟糕的時期已經過去。

We've developed a new level of agility and resilience for the future.

我們為未來開發了新的敏捷性和彈性水平。

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.

我們對合作夥伴和其他利益相關者進行了大量投資，這些投資體現了我們的公司使命和價值觀，再加上不斷發展的商店組合，讓我們對品牌的獨特實力和吸引力一如既往地充滿信心，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.

有了這個，凱文和我很高興回答你的問題，羅茲布魯爾也加入了，正如杜爾加在我們電話會議的開頭所概述的那樣。

Thank you.

謝謝你。

Operator?

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 Jeffrey Bernstein。

Great.

偉大的。

Just looking to talk a little bit about the broader outlook from a consumer perspective.

只是想從消費者的角度談談更廣泛的前景。

It seems like on the heels of COVID, most consumers and investors alike, seem like we're entering a recession.

似乎在 COVID 之後，大多數消費者和投資者都認為我們正在進入衰退。

So a couple of questions related to that.

所以有幾個與此相關的問題。

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.

我只是想知道你是否可以談談你十幾年前的表現，以及為什麼這個品牌在這次復飛中更好地絕緣，也許可以比較和對比美國與中國。

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.

然後澄清一下，我認為您提到您預計到第一財季末中國企業將大幅恢復，我認為您之前所說的到第四財季末可能會有所延遲四分之一。

I'm wondering whether you're seeing any signs of a China consumer slowdown at all in recent weeks.

我想知道最近幾週你是否看到中國消費放緩的跡象。

Yes.

是的。

Jeffrey, this is Kevin.

杰弗裡，這是凱文。

I'll take your questions.

我會回答你的問題。

First of all, I'll start with your second question, China.

首先，我將從你的第二個問題開始，中國。

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.

我認為，當我們看到病例再次出現時，類似於我們在北京看到的情況，這導致了一點——這就是導致中國延遲四分之一的原因。

Not significantly, it was about, I'd say, 4 or 5 weeks.

不是很明顯，我會說大約是 4 或 5 週。

And now Beijing is back on a on a positive trajectory.

現在北京又回到了積極的軌道上。

But because it was such a large market, I think that's what slowed it down.

但因為這是一個如此大的市場，我認為這就是它放慢速度的原因。

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.

但在我看來，這與任何與經濟有關的事情都無關，更像是在這樣一個大市場發生復蘇時，我們——當它發生時，我們能夠轉向我們服務的客戶體驗範圍略有下降，符合我們概述的原則，我們幫助支持政府和地方衛生官員，因為他們控制了病毒的傳播。

They successfully have done that in Beijing.

他們在北京成功地做到了這一點。

And so then we start turning the dial back up and opening up those customer experiences.

因此，我們開始調回撥盤並開放這些客戶體驗。

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.

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這個在中國開發並適用於美國的劇本，我們基本上已經將其嵌入到我們的商店協議和我們的運營程序中。

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.

因此，在全球 32,000 家商店中，如果某個城市或某個市場的某個部分發生突發事件，該市場的商店可以靈活地在需要時將錶盤調低或轉向如果事情正在恢復，它會備份。

And that puts us in a position of confidence in how we can continue to navigate the global pandemic as evolves.

這使我們對如何繼續應對全球大流行病的發展充滿信心。

And so that was the contributing factor in China.

這就是中國的促成因素。

In terms of recession, I'll leave the predictions of economic growth to the economists.

在衰退方面，我將把經濟增長的預測留給經濟學家。

But what we've seen is continued demand for Starbucks.

但我們看到的是對星巴克的持續需求。

In fact, you look at what we've outlined.

事實上，你看看我們已經概述的內容。

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.

我們可以做的第一件事是繼續增加我們的同店組合和恢復，基本上是增加安全、熟悉和方便的渠道的吞吐量。

And that's why, for example, we're deploying these handheld point-of-sales.

這就是為什麼，例如，我們正在部署這些手持式銷售點。

I don't know how many of you have seen a drive-through -- a Starbucks drive-through.

我不知道你們中有多少人看過免下車——星巴克的免下車。

There's typically cars lined up and, oftentimes, out to the street.

通常有汽車排成一排，而且經常開到街上。

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.

因此，在我們部署這個手持式銷售點的地方，我們現在可以讓星巴克合作夥伴在那裡接受訂單，穿過那排汽車，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.

類似地，啟用路邊服務將為我們打開更多客戶機會，繼續推動更多交易進入我們的商店。

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.

因此，我認為，根據我們在需求方面所看到的情況，並且能夠增加那些被我們的客戶視為安全和方便的渠道的吞吐量，這將有助於我們恢復曲線。

In terms of should recession -- recessionary periods start to hit, I think we've differentiated ourselves.

就經濟衰退而言——衰退期開始襲來，我認為我們已經與眾不同。

We've got lots of points of presence.

我們有很多存在點。

We're serving customers.

我們正在為客戶服務。

I think the brand is strong.

我覺得這個品牌很強大。

Our digital reach is strong.

我們的數字影響力很強。

And I think we're well positioned to navigate anything that might come our way.

而且我認為我們有能力駕馭任何可能發生的事情。

Jeffrey, this is Pat.

杰弗裡，這是帕特。

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.

在凱文所說的基礎上，我想說的一件事是，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，今天，我們擁有行業領先的數字平台和獎勵計劃，而這在過去並不存在。 2008 年，2009 年。

And that's an important part of our competitive advantage and gives us more resilience today compared to 10 years ago.

這是我們競爭優勢的重要組成部分，與 10 年前相比，今天的我們更具彈性。

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

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

I just wanted to ask a bit about the guidance, if I could.

如果可以的話，我只是想問一些關於指導的問題。

You said that sales and operating profit recovered more quickly than expected.

你說銷售和營業利潤的恢復速度比預期的要快。

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.

但對我來說，看起來最大的區別在於本季度的利潤線可能與指導非常一致。

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.

我只是好奇基本上是什麼 - 為什麼會有好於預期的流動，考慮到其中有多少是可自由支配投資的函數。

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.

然後，如果我看一下 4Q，只是想再次了解，在大多數市場中，comp 實際上可能是相同或略低的中點。

But are you being conservative again on the EPS?

但是你對每股收益再次保守嗎？

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.

只是想了解，有很多活動的部分，但如果我在某種程度上調和頂線與每股收益，本季度似乎有一點脫節，我試圖弄清楚這是否會第四季度甚至明年再次發生，因為您曾說過利潤恢復可能會滯後於收入。

Thanks, Sara.

謝謝，薩拉。

Pat, do you want to take that one?

帕特，你想拿那個嗎？

Yes.

是的。

Thank you, Sara.

謝謝你，薩拉。

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.

因此，就第三季度而言，與我們在 6 月 10 日提交 8-K 時的預期相比，您是絕對正確的，我們看到的利潤表現比我們在銷售方面的改善要好得多。

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.

正如您所強調的，我們確實看到整個月的銷售復甦強於預期，但與銷售復甦相比，利潤改善幅度過大。

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.

這主要是因為隨著我們對銷售恢復曲線的形狀有了越來越好的了解，我們的運營商處於更有利的位置，可以更高效地管理勞動力部署和庫存。

And so as a consequence, we saw much better profitability than we had anticipated.

因此，我們看到的盈利能力比我們預期的要好得多。

I would also highlight in particular the performance of our Japan business.

我還要特別強調我們日本業務的表現。

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.

因為他們的銷售額有了相當大的改善，而且他們是公司擁有的市場，我們看到了——與我們最初的預期相比，我們看到了 6 月份的利潤顯著改善。

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.

關於第四季度，我認為可以公平地說，我們的前景與我們在 6 月 10 日 8-K 時的預測相當。

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.

我們縮小了美國業務和美洲業務的範圍，因為我們對季度業績有更多的了解。

We're nearly 1 month into our fourth quarter.

我們進入第四季度將近 1 個月。

At the same time, we have much better visibility to our ability to manage the middle of the P&L.

同時，我們對管理損益中間的能力有了更好的了解。

And so we feel very comfortable with the ranges that we've given for EPS as well.

因此，我們也對我們為 EPS 提供的範圍感到非常滿意。

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.

關於明年，您詢問了 21 財年，我在準備好的講話中對我們的銷售復甦曲線的形狀提供了一個非常初步的觀點，並指出我們的利潤率復甦可能會比銷售復甦滯後幾個季度。

The fact is that it's very early to predict what next year is going to look like.

事實上，現在預測明年的情況還為時過早。

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.

但是根據我們迄今為止獲得的經驗，根據我們對品牌的了解程度以及消費者對我們品牌的反應，根據我們的獎勵計劃和數字平台的實力，我們正在製定明年的運營計劃假設我提到的銷售和利潤恢復水平。

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.

因此，正是在此基礎上，我們提供了初步觀點，我們將繼續為投資者提供最新信息，期待在第四季度財報電話會議中提供更完善的觀點，屆時我們將發展我們的運營'21 財政年度計劃。

Thank you.

謝謝你。

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

我們的下一個問題來自貝爾德的大衛塔倫蒂諾。

Congrats on navigating through what we hope is the worst of the COVID shock here.

恭喜您順利度過了我們希望是 COVID 衝擊最嚴重的階段。

But I have a question really on the U.S. business.

但我真的有一個關於美國業務的問題。

And I think, Kevin, you mentioned the morning routine business is going to be the most difficult to build back.

我認為，凱文，你提到早上的例行工作將是最難重建的。

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.

我想知道您是否可以詳細說明具體重建該計劃的計劃，以及您在經濟可能較早開放的市場中看到的情況，例如，如果您開始看到該業務恢復，在東南部或其他可能比一些核心市場更早開放的市場。

Yes, David.

是的，大衛。

Thanks for your question or your comments and for your question.

感謝您的問題或您的意見和您的問題。

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.

為什麼我不讓 Roz 描述一下我們在那個早上的時段所關注的計劃，然後我會強調幾件事。

So Roz, let me hand it over to you.

所以羅茲，讓我把它交給你。

Thanks, Kevin.

謝謝，凱文。

Thanks, David, for the question.

謝謝，大衛，這個問題。

First of all, morning daypart, as you well described, is important to us.

首先，正如您所描述的，早晨時段對我們很重要。

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.

我們已經看到客戶對早上的看法發生了變化，我們看到了上午 9:30 左右的轉變；然後在下午 2 點左右再接一次。

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.

而且因為我們已經創建瞭如此多的工具，一個我們專門為勞動力計劃設計的決策驅動工具，我們已經將我們的勞動力轉移到了這些時間框架內，了解客戶在日常工作中的模式發生了什麼變化。

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.

此外，我們還看到，在我們一些真正密集的工作場所，例如，我們有商店的市中心地區，在這些地區在家工作較多的地方，這些地區的恢復速度較慢。

And so we're watching those carefully.

所以我們正在仔細觀察這些。

But those are also the areas, those dense areas, that we are bringing in our new trade area transformation work.

但這些也是我們正在引入新的貿易區轉型工作的區域，那些密集的區域。

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.

我們正在重新調整商店網絡，以增加我們在該貿易領域的收入並優化盈利能力。

So those dense areas are being transformed by the new network of stores.

因此，這些密集的區域正在被新的商店網絡改造。

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.

此外，我會告訴您，我們正在努力通過忠誠度計劃中的新設計覆蓋更廣泛的客戶群。

And so you may have heard of the announcement around our new pay-as-you-go plan.

因此，您可能聽說過有關我們新的即用即付計劃的公告。

That will allow us to expand payment options and ways to earn stars.

這將使我們能夠擴展支付選項和賺取星星的方式。

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.

我們相信，這將對我們的整體業務成果產生有意義的影響，也有助於我們在獎勵忠誠度並向擴大的客戶群提供個性化服務時了解客戶的活動。

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.

因此，從今年秋天開始，在美國和加拿大，您將能夠下載 Starbucks 應用程序並註冊 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.

您將能夠使用信用卡或借記卡、現金或選擇移動錢包來賺取星星，而無需在應用程序中預加載星巴克卡。

And so customers can link those card payments to a PayPal account.

因此，客戶可以將這些卡付款鏈接到 PayPal 帳戶。

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.

我們相信，當我們試圖重新獲得我們業務中最重要的部分並觀察從在家工作返回到辦公室工作時會發生什麼時，這些舉措將會有所作為。

And we'll be watching the customer patterns very carefully and adjusting.

我們將非常仔細地觀察客戶模式並進行調整。

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.

我們真的很高興我們現在有這麼多不同的業務渠道，在人們在家工作的地方附近的那些地鐵郊區增加了直通車。

It's our highest concentration of drive-through units.

這是我們最集中的得來速單元。

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.

因此，我們覺得我們在業務中建立的這種新的敏捷性和彈性將使我們能夠查看早上的時段，適應我們在上午中旬、下午早些時候看到的過渡，然後引入新的客戶群，額外的客戶群，以及新的獎勵計劃。

Thank you, Roz.

謝謝你，羅茲。

I think you hit the right thing.

我認為你打對了。

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.

數字客戶關係，請記住，我們剛剛增加了 300 萬新的數字客戶，他們註冊了獎勵計劃並能夠與他們進行個人交流。

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.

然後正如 Roz 所說，他們在提高免下車吞吐量和在路邊發射方面所做的工作，只是開闢了新的渠道。

So that's spot-on.

所以這是正確的。

Thank you, Roz.

謝謝你，羅茲。

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

您的下一個問題來自莎朗·扎克菲亞（Sharon Zackfia）和威廉·布萊爾（William Blair）的台詞。

At this time, there is no response from Ms. Zackfia's line.

此時，扎克菲亞女士的線路沒有任何回應。

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

下一個問題來自約翰·格拉斯與摩根士丹利的觀點。

I wanted to go back to the comment, Pat, you made about the margins recovering slower than sales.

我想回到評論，帕特，你說利潤率恢復得比銷售額慢。

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.

只是在較高的水平上，很多零售商，很多餐館，已經確定他們可以在這段時間裡事半功倍，他們已經知道他們可以讓勞動力更有效率，菜單更有效率。

Why wouldn't that be the same case for Starbucks, that margins -- it should be the opposite?

為什麼星巴克的情況不一樣，利潤率應該是相反的？

And I would also think the digital transactions are more profitable so that would sort of accelerate that.

而且我還認為數字交易更有利可圖，因此會加速這一點。

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?

或者是否有一些關於再投資的內在假設，所以這些新渠道中的一些實際上並不像我假設的那樣增加利潤？

Yes, John, happy to answer your question.

是的，約翰，很高興回答你的問題。

We do expect margins will improve gradually as we move through the fourth quarter and into next year.

我們確實預計，隨著我們進入第四季度並進入明年，利潤率將逐漸提高。

But in the next couple of quarters, we do expect margins will continue to lag prior year.

但在接下來的幾個季度，我們確實預計利潤率將繼續落後於去年。

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.

儘管合作夥伴福利和庫存儲備對利潤率的影響預計將在第四季度大幅下降，但隨著我們努力恢復銷售，利潤率壓力的主要驅動力將是固定成本的持續去槓桿化，例如佔用和折舊費用。

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.

因此，這在很大程度上取決於我們恢復銷售的速度，以及我們如何管理業務的一些增量成本，因為我們確實希望看到某些成本由於我們的新運營方式而持續存在。

That includes cleaning supplies and the associated labor.

這包括清潔用品和相關的勞動力。

But it is premature to say whether those costs will drive a structural change to our operating margins.

但現在說這些成本是否會推動我們的營業利潤率發生結構性變化還為時過早。

We continue to innovate our operating systems and technology to improve throughput and drive efficiencies.

我們繼續創新我們的操作系統和技術，以提高吞吐量和提高效率。

We also expect a margin tailwind from the transformation of our U.S. urban market strategy.

我們還預計我們的美國城市市場戰略轉型會帶來利潤增長。

That has rolled out and includes the repositioning of some existing assets, and that will help to offset any new incremental costs.

這已經推出，包括重新定位一些現有資產，這將有助於抵消任何新的增量成本。

And we also expect margin benefits from ongoing efforts to renegotiate operating leases.

我們還預計，重新談判經營租賃的持續努力會帶來利潤。

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.

因此，我們確實預計會看到利潤率逆風和順風的組合，但很明顯，利潤率復甦的最大驅動力將是銷售復甦。

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.

但是，我們確實預計，隨著我們繼續提高在新環境中以不同方式運營的能力，銷售恢復和利潤率恢復之間會存在滯後。

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（Sharon Zackfia）和威廉·布萊爾（William Blair）的觀點。

I hope you guys can hear me now.

我希望你們現在能聽到我的聲音。

Sharon, we can hear you.

莎倫，我們可以聽到你的聲音。

Okay.

好的。

Perfect.

完美的。

So I wanted to follow up on Roz' comments about the pay-as-you-go feature for Starbucks Rewards.

因此，我想跟進 Roz 關於 Starbucks Rewards 即用即付功能的評論。

Is that just rolling out in the U.S.?

這只是在美國推出嗎？

Or are you also making any modifications overseas?

或者您是否也在海外進行任何修改？

And can you help us think about where that has the greatest impact?

您能幫助我們思考影響最大的地方嗎？

I mean is it a customer acquisition tool?

我的意思是它是一個客戶獲取工具嗎？

Does it really widen the funnel?

它真的擴大了漏斗嗎？

Is it a frequency dynamic?

是頻率動態嗎？

And any kind of initial margin thoughts.

以及任何類型的初始保證金想法。

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.

我知道獎勵的頻率比常規獎勵計劃要少一些，但任何澄清這一點都會有所幫助。

Great.

偉大的。

Go ahead, Roz.

來吧，羅茲。

Sure.

當然。

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.

因此，Sharon，首先，現有的 Starbucks Rewards 會員，他們將繼續享受當前計劃、當前忠誠度計劃和應用程序使用的所有好處。

And then those members can choose to keep paying with their preloaded Starbucks card to earn 2 stars per $1.

然後這些會員可以選擇繼續使用他們預裝的星巴克卡付款，每 1 美元可賺取 2 顆星。

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.

當您使用信用卡或借記卡、現金或選擇移動錢包付款時，我現在可以選擇每消費 1 美元即可賺取 1 顆星。

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.

這就是 - 所以它有兩個目的：第一，擴大客戶群的渠道，但我們實際上相信我們也會更深入地滲透到我們的 Starbucks Rewards 會員中。

So it will do both of those things.

所以它會做這兩件事。

We're rolling this out in U.S. and in Canada.

我們正在美國和加拿大推出這項服務。

So this program is just to North America at this time, and there's a different program that we use in China.

所以這個程序目前只針對北美，我們在中國使用了不同的程序。

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

您的下一個問題來自摩根大通的 John Ivankoe。

First, a follow-up on the efficiency question, then a separate one on efficiency as well.

首先是關於效率問題的後續行動，然後是關於效率的單獨問題。

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.

很明顯，如果向數字化轉變，如果向場外轉變，您將能夠以更少的營業時間經營商店。

If you can give a comment on that specifically because that's what we are hearing from other restaurants.

如果您可以對此發表評論，因為這是我們從其他餐廳聽到的。

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?

其次，當我們考慮公司的組織和整體增長計劃時，除了您之前所說的公司或 G&A 角度、支持角度之外，可能還出現了哪些類型的效率和有效性練習，因為我們想想'21和'22也許優化一些組織結構？

Thanks, John.

謝謝，約翰。

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.

羅茲，你為什麼不回答約翰關於我們在營業時間和商店效率方面所做的問題的一部分。

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.

然後，帕特，你為什麼不回答他關於 G&A 的問題的後半部分，以及這些問題是如何在損益表中結合在一起的。

Roz?

羅茲？

Yes.

是的。

So first of all, John, what we're doing to prepare for labor in the stores is critical for us.

所以首先，約翰，我們正在為商店的勞動力做準備對我們來說至關重要。

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.

正如您可以想像的那樣，對於任何零售商來說，勞動力是我們最大的開支，因此在我們如何管理這些工時以及生產力方面非常有效。

And so we have productivity tools in the store that help us manage when labor hours are needed.

所以我們在商店裡有生產力工具，可以幫助我們管理何時需要工作時間。

We're watching things as simple as infectious rates.

我們正在關注像傳染率這樣簡單的事情。

And so when those rates rise in certain areas, we will adjust the hours in those stores.

因此，當某些地區的費率上漲時，我們將調整這些商店的營業時間。

We'll know that we have partners available to work, and we will apply them to the store.

我們會知道我們有合作夥伴可以工作，我們會將他們應用到商店中。

And so we do have methods in place to make sure that we're managing just as efficiently as possible in these uncertain times.

因此，我們確實有適當的方法來確保我們在這些不確定的時期盡可能高效地進行管理。

So we have that work ongoing.

所以我們正在進行這項工作。

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.

我們也 - 您可能在 4 到 6 週前聽說過，我們針對想要返回商店的合作夥伴以及那些決定想在其他地方工作並找到新職業的合作夥伴對我們的商店進行了調整.

And so we've adjusted appropriately.

所以我們進行了適當的調整。

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.

但是，我們繼續根據該地區的商店和需求運行時間，並且我們創建了自己的決策工具來決定它的樣子。

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.

因此，我們繼續像過去一樣工作，對滿足這些商店需求所需的內容有更多的了解。

And then, John, just to pick up on some additional aspects of our margin outlook.

然後，約翰，只是想了解我們利潤率前景的一些其他方面。

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.

重要的是要記住，當我們在我們的商店創新新的分銷渠道時，例如路邊交付，或者我們預計第三方交付的長期增長，這些渠道需要增加成本，但它們是為了捕捉增量銷售是必要的。

So those would be a couple of examples where we see growth that may be margin percentage dilutive but dollar profit accretive.

因此，這些將是我們看到增長可能會稀釋利潤率但會增加美元利潤的幾個例子。

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.

因此，就 Roz 而言，團隊繼續通過各種方式來提高商店的運營效率，以幫助抵消部分增量投資，以適應我們業務整體形態的演變。

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.

Pat，我還想補充一點，正如我們之前談到的，我們也在努力研究我們商店的設備效率。

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.

因此，正如我們所說，Mastrena 2 在 4,000 家商店中銷售，因此我們繼續關注設備和酒吧後面的所有操作。

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

您的下一個問題來自 Cowen and Company 的 Andrew Charles。

I'm trying to get a better sense of the size of the prize at curbside delivery.

我試圖更好地了解路邊送貨時獎品的大小。

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?

所以只是好奇，現在有多少商店在提供路邊取貨服務，因為有多少非城市商店，在投資組合中有駕車通過的商店，並且好奇您如何看待這種進展以及真正限制您的速度的因素顯然，相對於您在這些較小格式位置中探索的新房地產，從流程的角度來看，是否可以添加此功能？

Roz, do you want to take that one?

羅茲，你想拿那個嗎？

Sure.

當然。

Andrew, thanks for the question.

安德魯，謝謝你的問題。

So we were in test of about 250 stores.

因此，我們對大約 250 家商店進行了測試。

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.

對我們在路邊商店看到的情況感到非常滿意，這鼓勵了我們加快步伐，我們將在這裡的近 1,000 家商店進行短期訂購。

So we continue to push curbside.

所以我們繼續推動路邊。

The interesting thing about curbside for us is that it is tech enabled.

對我們來說，路邊的有趣之處在於它是技術支持的。

So you can access curbside from the app where it is available currently.

因此，您可以從當前可用的應用程序訪問路邊。

And so we're continuing to roll that out.

所以我們將繼續推出它。

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.

因此，我們希望繼續看到我們在 COVID 之前一直在運行的 250 家商店測試試驗中的想法。

So this is an acceleration of a plan that we've already had.

所以這是我們已經制定的計劃的加速。

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.

因此，我們期待在路邊為我們的客戶再提供一次非接觸式機會，讓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古根海姆的馬特迪弗里斯科。

Just had one follow-up on the dayparts.

只是在時段進行了一次跟進。

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.

我猜從文字中可以看出——我的意思是你看到了增長，而且它似乎在上午晚些時候發生了變化。

But I guess with the down 14% in July, is it correct to assume that the afternoon daypart or post 10 a.m.

但我想隨著 7 月份 14% 的下降，假設下午時段或上午 10 點之後是否正確？

daypart is meaningfully positive?

時段是有意義的積極嗎？

And then I wonder if you can comment a little bit about marketing.

然後我想知道你是否可以評論一下營銷。

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.

你今天的一位大同行談到了 - 進入今年下半年 - 日曆年有一個用於營銷美元支出的戰爭基金。

What type of dollars should we think about on a year-over-year basis?

我們應該逐年考慮哪種類型的美元？

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?

你有沒有推遲一些在上半年花費和積累的，可以在下半年實際部署並投入市場的？

Thank you, Matt.

謝謝你，馬特。

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

羅茲，如果可以的話，你為什麼不繼續回答這兩個問題呢？

Sure.

當然。

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.

所以，馬特，關於你關於時段的第一個問題，我們看到的一件事也是，因為它轉移到上午晚些時候，下午的另一個接載是我們看到了擴大的門票。

So we are seeing group ordering where we believe we're seeing larger beverage size and additional beverage and food attached.

因此，我們看到團體訂購，我們相信我們看到更大的飲料尺寸和附加的飲料和食物。

And so we talked about that increase being 25% of what we've seen in our ticket expansion.

所以我們談到這一增長是我們在門票擴張中看到的增長的 25%。

So we are seeing that.

所以我們看到了這一點。

To the rest of your question around marketing, we've continued marketing.

對於您關於營銷的其餘問題，我們繼續進行營銷。

In the very beginning, we ceased marketing because we had so many stores that were in transition from café to drive-through.

一開始，我們停止了營銷，因為我們有太多的商店正在從咖啡館過渡到免下車。

We reignited marketing.

我們重新點燃了營銷。

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.

您已經在我們的歡樂時光、雙星日、夏季飲料的開始以及圍繞植物性菜單的討論中看到了這一點。

You'll see us coming into the fall with excitement around our work with Pumpkin Spice Latte.

你會看到我們帶著對南瓜香料拿鐵的工作興奮地進入秋天。

You'll see us market for our holiday beverage plans.

您會看到我們的假日飲料計劃市場。

And then the work that we plan to do to market the new loyalty program.

然後是我們計劃為推銷新的忠誠度計劃所做的工作。

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.

再次，新的忠誠度計劃是我們將新客戶群附加到我們可以經常與之交談並將他們帶入商店並增加頻率的應用程序的另一種方式。

So we have marketing plan for the remaining of the year and throughout FY '21.

因此，我們制定了今年剩餘時間和整個 21 財年的營銷計劃。

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.

並且只是在羅茲所說的關於我們 20 財年支出的基礎上，在羅茲看來，第三季度的支出水平佔收入的百分比明顯高於第二季度，部分原因是營銷活動的推遲.

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.

我們確實預計，我們在第四季度的整體營銷支出水平佔收入的百分比將與我們的全年比率相當。

We are not anticipating that, that overall level of spend will diminish going forward.

我們沒有預料到，總體支出水平將在未來減少。

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.

但我要強調的是，作為一個概念，我們的廣告支出歷來相當低，因為我們的品牌實力和我們吸引的營銷量。

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

我們的下一個問題來自奧本海默的 Brian Bittner。

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?

帕特，剛剛打開了您對 2021 年同店銷售復甦的評論，您是否預計到 2021 年美國的商店級銷量會完全恢復到 COVID 之前的水平？

Or do you really need an environment to shift where employment is fully restored and people are back to their pre-COVID routines?

或者你真的需要一個環境來改變就業完全恢復並且人們恢復到他們在 COVID 之前的日常生活嗎？

Or can you get back there in this new normal environment we're all living in?

或者你能在我們都生活的這個新的正常環境中回到那裡嗎？

Yes, Brian.

是的，布賴恩。

Thanks for your question.

謝謝你的問題。

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.

正如我在準備好的講話中所說，我們對 21 財年的初步看法假設不會出現第二波重大浪潮或宏觀經濟混亂。

It's nearly impossible to predict whether and when those might happen.

幾乎不可能預測這些是否以及何時發生。

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.

根據我們今天所知道的，根據我們對業務復甦的看法，我們預計並且我們正在製定一項運營計劃，假設我們的美國業務將完全恢復銷售，這意味著到最後恢復到 COVID-19 之前的水平第二財季。

And that would be the end of March.

那將是三月底。

We're expecting China will fully recover about 1 quarter sooner.

我們預計中國將在大約 1 個季度左右全面復甦。

And then as I mentioned, we're anticipating margin recovery will lag sales recovery by about 2 quarters.

然後正如我所提到的，我們預計利潤率的恢復將落後於銷售恢復約 2 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.

這是一個非常初步的觀點，只是為了與投資界分享我們如何考慮明年的形狀，無法預測是否以及何時可能發生其他事件，我們必須繼續我們的業務，我們必須準備我們的運營計劃，並讓我們的團隊專注於繼續交付成果。

We're pleased overall with the progress we've seen to date.

總體而言，我們對迄今為止所看到的進展感到滿意。

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.

我們還有很長的路要走，才能完全恢復，但基於我們品牌的實力以及我們必須推動銷售和提高利潤率的戰略和舉措，我們持樂觀態度。

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.

其中很多問題已經得到解答，但我很好奇你如何看待許多消費者在家工作的這種潛在的長期轉變，以及你如何看待圍繞這一點的產品創新。

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?

具體來說，如果消費者不經常在家工作，您是否認為自己可能會提供一些您無法提供的新產品？

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?

而且，即使在路邊，您是否認為有可能添加一些沒有該選項您可能無法添加的新產品？

Yes, Jon, let me comment.

是的，喬恩，讓我評論一下。

And Roz, I'll let you add anything.

還有羅茲，我會讓你添加任何東西。

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.

我認為，看，我們一直非常清楚，我們關注的真正推動我們增長的三件事是，第一，客戶體驗，這就是我們商店的體驗以及我們正在談論的這些不同渠道；第二是將我們商店的體驗擴展到數字客戶關係；第三主要是飲料創新，我們是一家以飲料為先的公司，然後是食品。

And so I think that same formula works whether you work from home or you work from work.

因此，我認為無論您在家工作還是在辦公室工作，相同的公式都適用。

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.

我確實認為現在的重點是什麼，直到出現疫苗，我們才意識到我們必須專注於客戶優化的那些體驗，無論他們是否在家工作，這些體驗是安全、熟悉和方便的。

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.

因此，我們的飲料創新將繼續專注於我們圍繞冷飲系列所做的所有偉大事情，包括冷泡沫、咖啡飲料、我們的清涼劑。

All of that is going to continue to move forward.

所有這一切都將繼續向前發展。

And I don't necessarily see that as being a driver of the fact that people work from home or we have curbside.

而且我不一定認為這是人們在家工作或我們有路邊的事實的驅動因素。

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.

我們將繼續以與客戶相關的方式進行創新，獨立於他們從我們這裡購買的渠道。

I do think, as Roz pointed out, we're seeing larger ticket.

我確實認為，正如 Roz 指出的那樣，我們看到了更大的門票。

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.

我認為部分原因是人們在家工作，他們開一家星巴克，為全家人買東西，或者他們購買更多的團體訂單，他們附上更多的食物。

And I think that bodes well for the innovation that we've been driving and announcing around our plant-based offerings.

我認為這對於我們一直在推動和宣布圍繞植物產品的創新來說是個好兆頭。

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.

植物性食品正變得非常流行，無論是植物性牛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菜單上推出的 Beyond Meat 產品。

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.

因此，我們的創新議程將繼續圍繞我們所知道的與客戶相關的事物、激勵我們的合作夥伴並忠於手工飲料的事物展開。

That's what differentiates us.

這就是我們的不同之處。

And I think we're going to maintain a focus on those things.

我認為我們將繼續關注這些事情。

Roz, I'll let -- if there's anything else you want to add.

Roz，如果您還有其他要添加的內容，我會說。

And then Pat who got some comments, too.

然後帕特也得到了一些評論。

So let's go to Roz.

所以讓我們去羅茲。

Yes, just a few things.

是的，只有幾件事。

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.

首先，儘管自 COVID 爆發以來，我們的銷售組合確實更傾向於午餐和下午，但早上對我們來說仍然是重要的一天。

So we're not walking away from that.

所以我們不會放棄這一點。

There are some things that we're considering in terms of innovation.

在創新方面，我們正在考慮一些事情。

And then there are some things that we're accelerating in the innovation pipeline.

還有一些我們正在創新管道中加速的事情。

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.

例如，我們將推出一種植物蛋白盒，因為我們知道下午需要這種額外的提升。

And so that will come forward quicker than planned.

因此，這將比計劃更快地出現。

We're also looking at things like, for instance, with curbside, we're trying to bring the lobby to door side.

我們也在研究，例如，在路邊，我們正試圖將大廳帶到門口。

So just recently, we added merchandise to the app.

所以就在最近，我們在應用程序中添加了商品。

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.

因此，如果您想訂購送禮，我們的一些餐具，一個杯子，一個漂亮的杯子，所以我們已經做了一些這樣的事情。

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.

我們將繼續這樣做，因為我們真的在傾聽客戶的意見並了解他們的需求，我們可以發展，然後我們可以盡可能快地加速我們的創新管道。

Pat, you wanted to add something?

帕特，你想補充點什麼嗎？

Yes.

是的。

Thank you, Roz.

謝謝你，羅茲。

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.

我想特別強調一下我們的渠道開發業務如何從在家工作中受益，以及團隊如何尋找機會來利用這一點。

The volume we were seeing in at-home coffee remained at elevated levels across the quarter.

我們在家用咖啡中看到的銷量在本季度保持在較高水平。

Starbucks outperformed the category.

星巴克的表現優於該類別。

We gained share.

我們獲得了份額。

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.

我們在家喝咖啡的核心策略大體上是相同的，但我們正在尋找機會來維持我們在消費者調整他們的家庭習慣時獲得的勢頭。

For example, we're focusing on accelerating e-commerce.

例如，我們專注於加速電子商務。

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.

基於購物模式的轉變和滿足消費者不斷變化的需求，我們也在考慮通過我們的渠道開發業務來提升品類、擴大消費和提高忠誠度。

Thanks.

謝謝。

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

您的下一個問題來自 Chris O'Cull 和 Stifel。

Roz, would you help us understand the potential sales lift for a store that adds curbside?

Roz，你能幫助我們了解增加路邊的商店的潛在銷售增長嗎？

And maybe describe some of the other initiatives that you believe could have a meaningful impact on capacity and throughput.

並且也許描述一些您認為可能對容量和吞吐量產生有意義影響的其他舉措。

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?

然後，帕特，您是否預計第四季度合格工資抵免帶來的收益會小於第三季度？

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

Roz，你為什麼不拿第一部分，然後帕特會評論。

Sure.

當然。

Let me start off.

讓我開始吧。

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.

首先，克里斯，你關於路邊的問題以及我們對那裡的上行期望是什麼，這令人鼓舞我們在試用期看到的情況。

So -- and we know that contactless experience for our customer is more present than ever, so we believe in this new channel for us.

所以 - 我們知道我們的客戶的非接觸式體驗比以往任何時候都更加存在，所以我們相信這個新渠道對我們來說。

But it's really too early for us to tell what the real benefit will be.

但現在說真正的好處是什麼還為時過早。

But we'll come back to you.

但我們會回來找你的。

As this thing grows, we'll let you know how that's working for us.

隨著這件事的發展，我們會讓你知道它是如何為我們工作的。

In terms of capacity and what we think could help, for instance, our drive-through line.

在容量和我們認為可以提供幫助的方面，例如，我們的免下車生產線。

This new handheld, that capacity that we are creating, allows us to do what a lot of retailers call busting the line actually.

這種新的手持設備，我們正在創造的容量，使我們能夠做很多零售商所說的實際上破壞生產線的事情。

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.

因此，我們能夠走出商店，排隊等候，甚至可以更快地在隊列中下訂單，縮短窗口時間，更快地將飲料和食品送到客戶手中。

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.

如果您希望它只是-如果線路開始變長，如果您拿起並試圖走進商店，我們也在做手持設備將啟用的工作。

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.

所以在手持和路邊之間，我們覺得我們將能夠提供不同的客戶服務，它將解鎖並實現我們需要的一些效率和速度。

And so we're looking at those 2 as some key drivers.

因此，我們將這兩個視為一些關鍵驅動因素。

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.

克里斯，關於你關於政府刺激計劃福利的問題，我們在第三季度的大部分投資是圍繞巨災薪酬，一種合作夥伴支持和關懷的形式。

And that's where the government stimulus program benefits kicked in, helping to offset a portion of that.

這就是政府刺激計劃帶來好處的地方，有助於抵消其中的一部分。

So for Q4, since we have effectively sunsetted our catastrophe pay, we're not anticipating significant expense in Q4.

因此，對於第四季度，由於我們已經有效地取消了我們的巨災薪酬，我們預計第四季度不會出現重大支出。

And as a result, we would not anticipate significant government stimulus program benefits by way of payroll tax credits.

因此，我們預計政府刺激計劃不會通過工資稅抵免獲得顯著收益。

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

你的最後一個問題來自瑞銀的丹尼斯蓋格。

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.

凱文，您談到了客戶需求如何保持穩定，這聽起來可能與 COVID 之前的水平略有不同，因此，我認為您正在強調運營中吞吐量對繼續推動銷售的重要性。

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.

但是，對於使用該品牌的現有客戶，您可以分享的任何內容都比他們的品牌少一點——他們的風格已經改變，可能會被您獲得的新客戶所抵消，或者在過去幾個月中成為更重的用戶.

And ultimately, is that a net benefit because the new customers become sticky, existing customers return to their routines?

最終，這是否是淨收益，因為新客戶變得粘稠，現有客戶又回到了他們的日常生活中？

Anything more there, metrics to share or just kind of how you're thinking about that customer dynamic.

還有更多內容，要分享的指標，或者只是您對客戶動態的看法。

Yes.

是的。

Thanks for the question.

謝謝你的問題。

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.

我首先要說的是，在整個本季度，我們以一種我認為與星巴克的使命和價值觀非常一致的方式應對了這場大流行病。

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.

在許多方面，我們通過優先考慮我們的合作夥伴和我們所服務的客戶的安全、健康和福祉來解決這個問題。

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.

與業內許多其他人不同，在 4 月或 - 是的，在 4 月，我們關閉了除免下車外的所有商店。

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.

這顯然是為了為我們的合作夥伴提供一個安全的環境，以及為我們為客戶手工製作飲料和食品提供非接觸式體驗。

During that period, we had significant demand through the drive-through.

在此期間，我們通過免下車獲得了巨大的需求。

It was quite amazing the lines and the amount of time the customer would wait in line and drive through to get their Starbucks.

排隊和顧客排隊等候並開車通過以獲得他們的星巴克的時間非常令人驚訝。

And so that was the first indication that there's a very powerful customer affinity to Starbucks even in a global pandemic.

因此，這是第一個跡象表明，即使在全球大流行中，星巴克也有著非常強大的客戶親和力。

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.

現在，隨著我們在 5 月開始重新開店，客戶——我們開始——通過移動訂購和非接觸式入口取貨，我們繼續看到客戶回到我們身邊，顯然，優先考慮或客戶行為是圍繞安全、熟悉、方便經驗。

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.

這就是為什麼我認為我們看到應用程序下載數量和加入獎勵計劃的客戶數量如此顯著增加，因為這是最安全的訂購方式。

You order on your phone and then you can pick it up contactless or you can get it for delivery.

您在手機上訂購，然後您可以非接觸式取貨，也可以送貨上門。

And so that was another indication.

這是另一個跡象。

So we quickly figure out, if we launch curbside, we're going to get more customers.

所以我們很快發現，如果我們在路邊推出，我們將獲得更多客戶。

If we put handheld point-of-sale at the drive-through lines, we get drive-through.

如果我們將手持式銷售點放在得來速線上，我們就會得到得來速。

When we open our stores for to-go orders or even limited seating, we see customers come back.

當我們為外賣訂單甚至有限座位開放我們的商店時，我們會看到顧客回來。

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.

但與此同時，我們堅持我們概述的原則，即優先考慮我們的星巴克合作夥伴和我們服務的顧客的健康和福祉，同時支持政府和地方衛生官員努力遏制第三是在我們服務的每個社區中以積極和負責任的方式出現。

Now when I look at the data, our customer connection scores are at an all-time high.

現在，當我查看數據時，我們的客戶連接分數處於歷史最高水平。

And part of that is, I believe, the way that we've navigated this has built trust.

我相信，其中一部分原因是，我們解決這個問題的方式已經建立了信任。

It's built trust in our Starbucks partners that we're always going to do the right thing.

它建立了對我們的星巴克合作夥伴的信任，即我們總是會做正確的事情。

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.

無論是為我們的合作夥伴提供經濟確定性，還是確保我們的客戶有安全的方式與我們互動，我們都將人置於利潤之上。

I think that deposit in the reservoir trust is building and strengthening customer affinity.

我認為在儲層信託中的存款正在建立和加強客戶親和力。

Obviously, the deployment of mobile reach is building more customers that become sticky.

顯然，移動覆蓋的部署正在建立更多具有粘性的客戶。

They build that relationship with Starbucks.

他們與星巴克建立了這種關係。

We can communicate with them.

我們可以和他們交流。

We can serve their needs.

我們可以滿足他們的需求。

We can personalize that experience for them.

我們可以為他們提供個性化的體驗。

And then the investments we're making to make it easier for customers to have those experience is just -- is continuing to unfold.

然後我們為讓客戶更容易獲得這些體驗而進行的投資正在繼續展開。

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.

我們確實在 6 月份看到了這一點，我們看到客戶的反應非常好，這幫助我們超出了我們在銷售中看到的預期，然後在 7 月份繼續取得進展。

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.

因此，當我看到我們在 6 月份的份額，我們在 6 月份獲得了份額時，我相信我們正走在繼續獲得份額的道路上。

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.

因此，如果對關閉商店會造成長期市場份額損失有任何疑問，那隻是因為我們在 5 月份清楚地看到了這一點，我們確實 - 我們 - 甚至在 6 月份的份額，我們獲得了份額。

And I suspect as we keep doing these things, we're going to continue to gain share.

我懷疑隨著我們繼續做這些事情，我們將繼續獲得份額。

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.

而且在這個過程中，客戶聯繫得分創歷史新高，我們定期衡量的客戶親和力也非常強。

So I think we have line-of-sight visibility to what our customers need and want.

因此，我認為我們對客戶的需求和想要的東西具有可視性。

And as we deliver that, they respond.

當我們交付時，他們會做出回應。

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.

而且我認為我們為加速戰略計劃而製定的計劃正好在客戶的最佳位置——改變客戶行為。

So I think about this as the investments we made this quarter, we're playing a long game.

所以我認為這是我們本季度所做的投資，我們正在玩一場漫長的比賽。

This is about building trust with our customers and then positioning Starbucks for long-term sustainable growth.

這是關於與我們的客戶建立信任，然後將星巴克定位為長期可持續增長。

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.

我對我們現在處於實施這些存儲協議的位置感到非常滿意，並且我們知道如何快速適應。

And we do that with distributed leadership.

我們通過分佈式領導來做到這一點。

32,000 stores around the world.

全球 32,000 家商店。

There's 32,000 store managers.

有 32,000 名商店經理。

Each one of them is paying attention to what's happening in their community.

他們每個人都在關注他們社區中正在發生的事情。

They have the playbook.

他們有劇本。

They know how to adapt.

他們知道如何適應。

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.

所以在很多方面，早在 3 月，4 月，人們會形容這是因為我們正在度過一場危機，這場全球大流行，好吧，今天，我們不是 - 在我看來，這不再是一場危機.

We are navigating a global pandemic, but we know exactly how to do it.

我們正在應對全球流行病，但我們確切地知道如何去做。

That's woven into the fabric of how we operate, and partners are rising to the occasion.

這已經融入了我們的運營方式，合作夥伴正在迎難而上。

So I feel very good about where we're at.

所以我對我們所處的位置感覺很好。

I feel very good about the strategic initiatives, and the data that we see on customer response is spot-on.

我對戰略舉措感覺非常好，我們看到的客戶響應數據非常準確。

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.

這就是我們 90 天前在財報電話會議上與您最後一次交談時所處的位置，這完全歸功於我們的星巴克合作夥伴。

They've done a phenomenal job.

他們完成了非凡的工作。

And that was our last question today.

這是我們今天的最後一個問題。

I will now turn the call over to Kevin Johnson.

我現在將把電話轉給凱文約翰遜。

Well, let me just thank all of you for joining us today.

好吧，讓我感謝你們今天加入我們。

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.

我希望通過這次討論，我們能夠讓您感受到我們對應對這場全球流行病的能力充滿信心。

Our recovery strategy is working, and we're accelerating the strategic initiatives that further differentiate Starbucks for the future.

我們的複蘇戰略正在奏效，我們正在加快戰略舉措，進一步讓星巴克在未來脫穎而出。

We're doing this in a way that is true to our mission and our values.

我們這樣做的方式符合我們的使命和價值觀。

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.

我們現在處於領先地位，但也承認像這個世界上的其他人一樣，我們必須監控和適應並保持敏捷。

But I'm very proud of my Starbucks partners, in how they've responded.

但我為我的星巴克合作夥伴感到非常自豪，他們的反應如何。

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.

我只想藉此機會感謝你們所有人，我們的利益相關者，感謝你們的支持，我們期待繼續對話。

So thanks, everybody.

所以謝謝大家。

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

星巴克咖啡公司 2020 財年第三季度電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。