星巴克 (SBUX) 2020 Q2 法說會逐字稿

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

午安.我是Hector，今天將擔任這次電話會議的接線生。歡迎各位參加星巴克咖啡公司2020財年第二季業績電話會議。 （接線生操作說明）

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

現在我將把電話轉交給投資者關係副總裁杜爾加·多萊薩米女士。多萊薩米女士，您可以開始您的會議了。

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

各位下午好，感謝各位今天蒞臨本次會議，共同探討我們2020財年第二季的業績。今天的討論將由總裁兼首席執行官凱文·約翰遜和首席財務官帕特·格里斯默主持。在問答環節，我們將邀請到營運長兼美洲區集團總裁羅茲·布魯爾以及國際、通路開發和全球咖啡茶業務集團總裁約翰·卡爾弗。

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

本次電話會議將包含前瞻性陳述，這些陳述受多種風險和不確定因素的影響，可能導致我們的實際業績與這些陳述有重大差異。任何此類陳述應結合我們在盈利報告中發布的警示性聲明以及我們向美國證券交易委員會（SEC）提交的文件（包括我們最近的10-K表格年度報告和10-Q表格季度報告）中的風險因素討論進行考慮。此外，在某些情況下，我們會透過將實際業績與先前的預測進行比較來評估新冠疫情的影響。這些預測是在疫情傳播之前製定的，基於當時可獲得的資訊和一系列我們認為合理的假設，但其中部分或全部假設可能最終被證明是不準確的。星巴克不承擔更新任何此類前瞻性聲明或資訊的義務。

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

2020財年的GAAP績效包含多項與策略措施相關的項目，包括重組和減損費用、交易和整合成本以及其他項目。這些項目已從我們的非GAAP績效中剔除。請造訪我們的網站investor.starbucks.com，查看今天電話會議中提及的某些非GAAP財務指標與其對應的GAAP指標的調節表。

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

本次電話會議將進行網路直播，直播錄影將於2020年5月29日（星期五）前在我們的網站上提供。最後，為了方便您安排時間，請注意，我們2020財年第三季財報電話會議暫定於2020年7月28日（星期二）舉行。

And I will now turn the call over to Kevin.

現在我將把電話交給凱文。

Good afternoon, and welcome. Around the world, people, frontline responders, governments and businesses are all navigating extraordinary times. On behalf of Starbucks, I want to extend our deepest compassion and empathy for all those impacted by loss of life, feelings of anxiety and isolation and fears of both health and economic uncertainty during this pandemic. It was just 3 weeks ago, in the spirit of continued transparency, when Pat and I shared with all stakeholders our second intra-quarter update on how COVID-19 has impacted our business and how we are responding. Today, continued recovery in China strengthens our belief that these impacts are temporary and that we will emerge from this global pandemic with new insights and capabilities that will make our business even stronger and more relevant.

下午好，歡迎各位。世界各地的人們，包括第一線抗疫人員、政府和企業，都在經歷前所未有的挑戰。我謹代表星巴克，向所有在此次疫情中遭受生命損失、焦慮和孤獨感以及對健康和經濟不確定性的擔憂的人們，致以最深切的慰問和同情。就在三週前，本著保持透明的原則，我和Pat向所有利益相關者分享了我們關於新冠疫​​情對我們業務影響以及我們應對措施的第二次季度中期更新。今天，中國經濟的持續復甦更加堅定了我們的信念：這些影響只是暫時的，我們將從這場全球疫情中汲取新的經驗和能力，使我們的業務更加強大，更具市場競爭力。

The principles we developed to drive our decision-making since the pandemic started in January are serving us well, bringing focus to our response and recovery effort. The 3 simple principles are prioritizing the health and well-being of our partners and customers, playing a constructive role in supporting health and government officials as they work to mitigate the spread of this virus and showing up in a positive and responsible way to serve our communities.

自一月疫情爆發以來，我們所製定的決策原則發揮了重要作用，使我們的應對和復原工作更加聚焦。這三個簡單的原則是：優先考慮合作夥伴和客戶的健康與福祉；積極支持衛生和政府官員遏制病毒傳播；以及以積極負責的態度服務於我們的社區。

In our update to stakeholders on April 8, we shared that the positive business momentum that drove one of the strongest holiday seasons in the history of our company continued well into our second quarter in the United States. Our performance was obviously disrupted by the impacts of COVID-19, but we are confident that the Starbucks brand is well positioned and that our Growth at Scale agenda remains intact and will propel future growth when we emerge from this current crisis.

在4月8日向利益相關者發布的最新報告中，我們提到，推動公司歷史上最強勁的假期季節之一的良好業務勢頭延續到了我們在美國的第二季度。儘管新冠疫情的影響無疑擾亂了我們的業績，但我們相信星巴克品牌定位穩固，我們的規模化成長策略依然有效，並將推動我們在走出當前危機後實現未來的成長。

I will share some notable highlights from Q2 and then offer some perspective on how we expect to recover our business over time.

我將分享第二季的一些亮點，然後展望我們預計如何逐步恢復業務。

Q2 was shaping up to be an exceptional quarter for Starbucks, driven by strong performance in the U.S. and Channel Development, even while we were simultaneously navigating the impact of COVID-19 in China. However, near the end of the quarter, the pandemic started to materially impact our business outside of China, both significantly in the U.S. As a result, consolidated revenue in Q2 was $6 billion, reflecting a 5% decline compared to prior year, primarily due to a 10% contraction in comparable store sales globally, driven by temporary store closures, modified store operations and slower traffic, partially offset by strength in Channel Development.

第二季度原本可望成為星巴克業績卓越的一個季度，這主要得益於美國市場的強勁表現和通路拓展，即便我們同時還要應對新冠疫情在中國的影響。然而，接近季度末，疫情開始對我們在中國以外的業務造成實質影響，尤其是在美國市場。因此，第二季合併營收為60億美元，較上年同期下降5%，主因是全球同店銷售額下降10%，而這又受到門市暫時關閉、門市營運調整和客流量下降的影響，部分被通路拓展的強勁表現所抵銷。

In China, where the pandemic impacted our business for most of Q2, revenue and comparable store sales declined year-over-year by $325 million and 50%, respectively. Today, almost 100% of our stores in China are open, many with limited seating, reduced hours and other safety protocols in place. Starbucks stores that remain closed in China are primarily located in cinemas and enclosed entertainment venues, along with international travel hubs and certain tourist zones, where restrictions are still in effect.

在中國，疫情在第二季度的大部分時間都對我們的業務造成了影響，營收和同店銷售額同比分別下降了3.25億美元和50%。目前，我們在中國幾乎所有門市都已恢復營業，但許多門市採取了限制座位、縮短營業時間和其他安全措施。在中國，仍處於關閉狀態的星巴克門市主要位於電影院、室內娛樂場所、國際交通樞紐以及部分旅遊區，這些地區目前仍實施一些限制措施。

Since we started reopening stores in late February, we have seen meaningful improvements in China comparable store sales in commercial, residential and office locations. We are also seeing the mix of in-store sales continuing to rise. For the month of April, comparable store sales in China were down approximately 35%, marking strong improvement from a weekly low of minus 90% in mid-February. Importantly, even though new store development activities were suspended for most of the quarter, we opened 59 net new locations in China during Q2 and another 7 locations added thus far in April. We are expecting to open at least 500 net new stores in fiscal 2020, with as many as 100 new stores originally planned for this year deferred to fiscal 2021. This represents a rapid reacceleration of our new store development and speaks to the amazing spirit and enormous capability of our team in China. Given this progress, we believe our recovery plan is working, and we remain optimistic about our ability to capitalize on the long-term growth potential of the premium coffee market in China.

自2月下旬開始逐步恢復門市營運以來，中國商業、住宅和辦公場所的同店銷售額均顯著提升。同時，店內銷售佔比也持續成長。 4月份，中國同店銷售額下降約35%，較2月中旬的周低點-90%有了顯著改善。值得一提的是，儘管新店開發活動在第二季的大部分時間裡暫停，但我們在第二季仍在中國淨增59家門市，4月份至今又新增7家。我們預計2020財年將淨增加至少500家門市，其中多達100家原計劃於今年開設的新店將延後至2021財年。這標誌著我們新店開發業務的快速重啟，也體現了我們中國團隊的卓越精神和強大能力。鑑於目前的進展，我們相信我們的復甦計劃正在奏效，並且我們對掌握中國高端咖啡市場的長期成長潛力充滿信心。

We believe, barring any new disruptions, that our business in China is on a path to substantial recovery by the end of this fiscal year. Just last week, we launched the Starbucks GOOD GOOD marketing campaign, which features plant-based alternatives in products and packaging. With this program, Starbucks in China introduced Oatly, a plant-based milk alternative. Also, Starbucks is the first in China to offer national distribution of Beyond Meat's plant-based proteins with new Asian menu items served in packaging made from plant-based materials. This campaign is just 1 step in our larger aspiration to be planet positive while introducing relevant menu choices for customers.

我們相信，如果沒有新的干擾因素，我們在中國的業務將在本財年結束前實現顯著復甦。就在上週，我們啟動了「星巴克好物好物」（Starbucks GOOD GOOD）行銷活動，該活動旨在推廣產品和包裝中的植物性替代品。透過這項活動，星巴克在中國推出了植物性牛奶替代品Oatly。此外，星巴克也是中國首家全面推廣Beyond Meat植物蛋白的零售商，並推出了採用植物性材料包裝的全新亞洲風味菜單。這項活動只是我們致力於為顧客提供更多符合其需求的菜單選擇，並努力實現環保目標的第一步。

Over the past 20 years in China, we've established an admired and trusted brand by investing in our partners and delivering a unique premium experience to our customers. We continue to play the long game in China as we invest in our future. The state-of-the-art Coffee Innovation Park that we will be opening outside Shanghai in 2022 will serve as a key component of Starbucks worldwide coffee roasting network for customers in China and is a testament to the growth opportunity we see for specialty coffee in the market.

過去20年，我們在中國透過投資合作夥伴並為顧客提供獨特的優質體驗，打造了備受推崇且信賴的品牌。我們將繼續在中國進行長期投資，著眼於未來。我們計劃於2022年在上海郊外開設一座先進的咖啡創新園區，它將成為星巴克全球咖啡烘焙網絡的重要組成部分，為中國顧客提供服務，也印證了我們對中國精品咖啡市場增長潛力的認可。

Starbucks' premium customer experience is highly differentiated in China, and the brand is as strong as ever. We continue to thoughtfully invest in China, a market that has significant long-term growth potential for Starbucks. I am proud of how Starbucks China continues to pave the way as 1 of our 2 lead growth markets.

星巴克在中國的高端客戶體驗獨樹一幟，品牌實力也一如既往地強勁。我們將繼續審慎投資中國市場，因為中國市場對星巴克而言擁有巨大的長期成長潛力。我為星巴克中國作為我們兩大領先成長市場之一所取得的成就感到自豪。

Now on to the other lead growth market for Starbucks, the U.S. Coming off one of the strongest holiday quarters in the history of Starbucks, U.S. momentum continued to build well into Q2. Prior to mid-March, revenue growth in the U.S. was accelerating to the strongest level in over 4 years, driven by comparable store sales growth of 8%, including comparable transaction growth of 4%. Additionally, 2-year comps were tracking to 12% growth, the strongest in over 3 years.

接下來我們來看看星巴克的另一個主要成長市場—美國。在經歷了星巴克歷史上最強勁的假期季節之一後，美國市場的成長勢頭在第二季度持續強勁。 3月中旬之前，美國市場的營收成長加速至四年多來的最高水平，這主要得益於同店銷售額成長8%，其中包括同店交易額成長4%。此外，兩年期同店銷售額預計將成長12%，創三年多來的新高。

With growth across all dayparts and strong contributions from both our Starbucks Rewards members and occasional customers, it is very clear that our focus on the customer experience, beverage innovation and digital customer relationships is a powerful combination.

憑藉著全天各個時段的成長，以及星巴克獎勵計畫會員和偶爾顧客的大力支持，我們非常清楚地認識到，我們對顧客體驗、飲品創新和數位化顧客關係的關注是一個強大的組合。

Our performance was interrupted mid-March when a national emergency was declared to mitigate COVID-19. And we decided to close over 50% of our company-operated stores and limit service to drive-through and delivery for those that remained open. In that final 3 weeks of Q2, U.S. comp sales swiftly decelerated, ending the quarter down 3%, driven by a 7% contraction in traffic comp.

3月中旬，由於全國宣布進入緊急狀態以應對新冠疫情，我們的業績受到了影響。我們決定關閉超過50%的自營門市，並將剩餘門市的服務限制為免下車取餐和外帶。在第二季的最後三週，美國同店銷售額迅速放緩，最終以3%的降幅結束了該季度，主要原因是客流量下降了7%。

Based on the experience we gained navigating COVID-19 in China, we have been as well prepared as anyone for this mitigate-and-contain phase in the U.S. particularly as our stores are well positioned to adopt operational safety protocols while still meeting our customers' needs. In the U.S., almost 60% of our company-operated stores include drive-through and over 80% of our customer occasions before the crisis were on-the-go, with the majority of these orders being placed at the drive-through or by using the Starbucks app to mobile order for pickup or delivery. Of note, during the second quarter, 90-day active Starbucks Rewards members, our highly routinized, highly engaged and loyal customer base with whom we can directly communicate digitally, increased to 19.4 million in the U.S., up 15% from a year ago.

基於我們在中國應對新冠疫情的經驗，我們已做好充分準備，應對美國當前的疫情緩解和控制階段，尤其是在我們的門市能夠有效實施營運安全措施的同時，滿足顧客的需求。在美國，我們近60%的直營門市設有得來速服務，疫情前超過80%的顧客消費都是外帶，其中大部分訂單是透過得來速或使用星巴克App下單，選擇到店自取或外送。值得一提的是，第二季度，美國90天活躍的星巴克獎勵計畫會員數量增至1,940萬，年增15%。這些會員是我們高度習慣於日常消費、積極參與且忠誠的顧客群體，我們可以與他們進行直接的數位化溝通。

Since the crisis started, we have seen an average ticket growth increased throughout the quarter, a result of group ordering as customers through this pandemic are making Starbucks runs for their homes, local essential businesses and for frontline response teams. Overall, Nitro Cold Brew and refreshment continue to lead for beverage. And our new alt milk beverages, Almondmilk Honey Flat White and Coconutmilk Latte, are also resonating well with customers.

自疫情爆發以來，本季平均客單價持續成長，這主要得益於疫情期間顧客集體下單，他們紛紛為家中、當地必需品商店以及一線抗疫人員購買星巴克飲品。整體而言，氮氣冷萃咖啡和清爽飲品仍是飲品銷售主力。此外，我們新推出的杏仁蜂蜜馥芮白和椰奶拿鐵等植物奶飲品也深受顧客喜愛。

Our innovation in food, notably our new breakfast wraps, have surpassed expectations to date. Similar to our experience in China, we are transitioning into a new phase of operations we call monitor and adapt. We are now leveraging digital tools that enable us to monitor the COVID-19 situation in every community across the U.S. and leverage a variety of service options, from contactless service, entryway pickup, curbside delivery where parking is available and at home delivery, that allow us to thoughtfully reopen stores and scale up operations. We are finding new, innovative ways to serve our communities, prioritizing the safety of our customers and partners with a focus on exceeding public health standards and adjusting to new customer expectations. The strength of our digital reach, combined with a range of service options, is enabling us to reopen stores, community by community, in a thoughtful way using the 3 simple principles that have guided our response thus far. Our monitoring capability provides the input necessary for decisions that enable us to turn the dial up or down depending on the situation in a specific community or a specific store. This is the beginning of the recovery as we reopen stores beginning in early May, and we expect to have approximately 90% of all company-operated U.S. Starbucks stores reopened by early June with enhanced safety protocols and modified schedules.

我們在食品創新方面，尤其是新推出的早餐捲餅，迄今已超乎預期。與我們在中國的經驗類似，我們正在過渡到一個新的營運階段，我們稱之為「監測與調整」。我們現在正利用數位化工具監測美國各地社區的 COVID-19 疫情，並提供多種服務選項，包括非接觸式服務、入口取貨、有停車位的路邊取貨以及送貨上門，從而使我們能夠謹慎地重新開放門市並擴大營運規模。我們正在探索服務社區的創新方式，優先考慮顧客和合作夥伴的安全，致力於超越公共衛生標準並適應顧客的新期望。憑藉強大的數位覆蓋範圍和豐富的服務選項，我們能夠根據迄今為止指導我們應對疫情的三大原則，以審慎的方式逐個社區地重新開放門市。我們的監測能力為決策提供了必要的信息，使我們能夠根據特定社區或特定門市的疫情情況調整營運規模。這是復甦的開始，我們將從 5 月初開始重新開放門市，預計到 6 月初，美國所有公司自營的星巴克門市將有大約 90% 重新開放，並採取更嚴格的安全措施和調整後的營業時間。

We are also sharing our store safety protocols with our licensees across the U.S. who continue to responsibly operate their stores, particularly in grocery locations across the country.

我們也將我們的門市安全規程分享給全美各地的特許經營商，他們繼續負責任地經營自己的門市，尤其是在全國各地的雜貨店。

My summary on our U.S. business is this. This monitor-and-adapt phase in the U.S. is the inflection point for reopening stores and begins a recovery process that requires ongoing monitoring, community by community, to rapidly adapt and drive the recovery. We are well positioned to leverage our digital assets and new operating formats, like contactless pickup and curbside, to expand service to customers. And our focus on the customer experience, beverage innovation and digital differentiates Starbucks and will enable us to regain the momentum we had prior to COVID-19. At Starbucks, the third place has always been about community, connection and convenience. And we expect to strengthen this competitive advantage through continued improvements in our digital capabilities and innovative store formats, enabling us to connect with customers and serve our communities safely, and with even greater convenience.

我對我們美國業務的總結如下：目前美國正處於監測和調整階段，這是門市重新開業的關鍵轉折點，也是復甦進程的開始。這個復甦進程需要我們持續監測，逐一社區調整，以便快速適應並推動復甦。我們已做好充分準備，利用我們的數位化資產和新的營運模式（例如非接觸式取貨和路邊取貨）來擴大對顧客的服務。我們對顧客體驗、飲品創新和數位化的關注使星巴克脫穎而出，並將幫助我們重拾新冠疫情前的發展勢頭。在星巴克，「第三空間」始終代表著社區、連結和便利。我們期望透過不斷提升數位化能力和創新門市模式來鞏固這一競爭優勢，從而更安全、更便捷地與顧客建立聯繫並服務於我們的社區。

I am proud of how Starbucks partners in the U.S. have shown up through all of this. The fact that while serving their communities, they also served over 1 million free cups of coffee to the frontline responders, who have worked tirelessly to care for others, which makes us all very proud.

我為美國星巴克夥伴們在這段時間的表現感到驕傲。他們在服務社區的同時，也為奮戰在一線的醫護人員提供了超過100萬杯免費咖啡，這些醫護人員不知疲倦地照顧著他人，這讓我們所有人都感到無比自豪。

Leveraging the playbook that was developed in China and refined in the U.S., we are working closely with our international license partners to navigate the current environment and prepare for recovery, guided by our mission and values and commitment to delivering the Starbucks Experience safely and responsibly. With Starbucks in 82 markets, we are committed to supporting our license partners around the world as they, too, navigate this challenge.

我們借鑒在中國開發、在美國完善的成功經驗，與國際授權合作夥伴緊密合作，共同應對當前局勢，並為復甦做好準備。我們將秉承使命和價值觀，致力於安全、負責地提供星巴克體驗。星巴克業務遍及82個市場，我們將全力支持全球各地的授權合作夥伴，協助他們應對這項挑戰。

And finally, a few comments on our Channel Development business. The strategic value of our Channel Development segment has been clearly evident in the current environment. Selling Starbucks products through multiple channels amplifies the brand and extends our ability to meet customers where they are, even when they are unable to visit our retail stores. Through the Global Coffee Alliance with Nestle and our ready-to-drink partners, including Pepsi and Tingyi, we offer a wide range of Starbucks products down the aisle, in grocery stores, at mass merchants, in convenience stores and online. In Q2, this segment's revenue grew by 16%, which includes a 5% favorable impact primarily related to the Global Coffee Alliance transition-related activity, boosting our share of the coffee market outside of specialty retail. This continues to be an important element of our Growth at Scale agenda.

最後，我想就通路拓展業務談幾點看法。在當前環境下，通路拓展業務的策略價值顯而易見。透過多種管道銷售星巴克產品，可以提升品牌影響力，並拓展我們接觸顧客的能力，即使他們無法光顧我們的零售門市。透過與雀巢的全球咖啡聯盟以及包括百事可樂和頂益在內的即飲合作夥伴，我們得以在超市貨架、雜貨店、大型零售商、便利商店和線上通路提供豐富的星巴克產品。第二季度，該業務部門的營收成長了16%，其中5%的成長主要得益於全球咖啡聯盟轉型相關活動帶來的正面影響，從而提升了我們在專業零售以外的咖啡市場份額。這仍然是我們「規模化成長」策略的重要組成部分。

The Global Coffee Alliance with Nestle was established just 20 months ago. And since that time, we have now expanded the Starbucks brand to nearly 50 markets around the world. It is clear that our channel strategy is working extremely well.

與雀巢的全球咖啡聯盟成立至今僅20個月。自那時起，我們已將星巴克品牌拓展至全球近50個市場。顯然，我們的通路策略非常有效。

Before I hand over to Pat to walk you through the details of the quarter and balance-of-year perspective, I want to reinforce 1 key point. Starbucks is resilient. For over 49 years since our founding, we have overcome every challenge presented to us and are overcoming this challenge as well. Our China business is on a path to recovery. Our U.S. business is entering the phase of reopening stores, adapting to the new reality and restoring and rebuilding momentum. And our Channel Development business is posting very strong results and acting as a brand amplifier. Our Growth at Scale agenda provides the focus and discipline for us to successfully navigate this challenge. We remain confident in our approach. We understand there's much more to do and that we must be agile as the world navigates COVID-19 and works to create a vaccine. We have a very clear path going forward. We are optimistic about the future, and we believe Starbucks will emerge from this experience even stronger, more determined and more focused than ever before.

在將本季和全年展望的詳細內容交給Pat之前，我想強調一個關鍵點：星巴克擁有強大的韌性。自公司成立49年來，我們克服了所有挑戰，也克服當前的挑戰。我們的中國業務正逐步復甦。我們的美國業務正進入門市重新開放、適應新常態、恢復並重振成長動能的階段。我們的通路拓展業務也取得了非常強勁的業績，並發揮了品牌放大作用。我們的「規模化成長」策略為我們成功應對這項挑戰提供了專注和自律的動力。我們對自身的方法充滿信心。我們深知還有很多工作要做，在全球應對新冠疫情並努力研發疫苗的過程中，我們必須保持彈性。我們擁有非常清晰的未來發展方向。我們對未來充滿信心，並相信星巴克將從這次經歷中變得更加強大、更加堅定、更加專注。

But the real credit goes to Starbucks partners. Together, we are emotionally connected to a mission grounded in humanity. And together, we are making principled decisions, true to our values. Partners are the key to our resilience. It is why we will do all we can to provide them with economic certainty and support them through this challenging period. After all, partners are the heartbeat of Starbucks.

但真正的功勞應歸於星巴克夥伴。我們彼此之間有著深厚的情感紐帶，共同致力於以人為本的使命。我們也共同做出符合原則的決策，堅守自己的價值觀。夥伴是我們韌性的關鍵。正因如此，我們將竭盡所能為他們提供經濟保障，並支持他們度過這段充滿挑戰的時期。畢竟，夥伴是星巴克的靈魂。

Now I'll turn it over to Pat for a deeper dive into our Q2 financial results, an update on our FY '20 outlook and an overview of our financial readiness to weather this crisis. Pat?

現在我將把發言權交給帕特，讓他更深入地分析我們第二季度的財務業績，更新我們2020財年的展望，並概述我們應對此次危機的財務準備情況。帕特？

Thank you, Kevin, and good afternoon, everyone. I like to start by echoing Kevin's appreciation for all of our Starbucks partners who continue to demonstrate their dedication to Starbucks and their communities in spite of the hardships facing the global community right now.

謝謝凱文，大家下午好。首先，我想和凱文一樣，對所有星巴克夥伴表示感謝，儘管目前全球社會面臨諸多困難，但他們依然展現出對星巴克和社區的奉獻精神。

Unsurprisingly, business disruption attributable to the COVID-19 pandemic has materially impacted our financial results. Our belief is that these impacts are temporary as evidenced by our continued recovery in China, as Kevin outlined, so I will highlight the financial impacts to provide investors with perspective on our normalized performance for the second quarter as well as insight into how future quarters' results may be affected by these conditions. In all cases, we have estimated these impacts by comparing Q2 actual reported results to our internal forecasts, specific to each operating segment and market. These forecasts were developed based on the most recent prevailing trends in revenue and profitability prior to the onset of material COVID-19-related business impacts, specific to each operating segment and market. These impacts first started in China in late January and materialized in other markets later in the quarter.

不出所料，新冠疫情造成的業務中斷對我們的財務表現產生了重大影響。正如凱文所述，我們相信這些影響是暫時的，我們在中國市場的持續復甦也證明了這一點。因此，我將重點闡述這些財務影響，以便投資者了解我們第二季的正常化業績，並洞察未來幾季的業績可能受到的影響。在所有情況下，我們都透過將第二季實際報告業績與我們針對各個營運部門和市場的內部預測進行比較來估算這些影響。這些預測是在新冠疫情相關業務影響出現之前，各營運部門和市場最新的收入和獲利趨勢制定的。這些影響首先於1月下旬在中國出現，並在本季稍後蔓延到其他市場。

For the second quarter, Starbucks produced consolidated revenue of $6 billion, down 5% from the prior year. We estimate the COVID-19 impact to be approximately $915 million due to temporary store closures, restricted sales channels, shortened operating hours and severely reduced customer traffic.

星巴克第二季合併營收為60億美元，較去年同期下降5%。我們估計，由於門市暫時關閉、銷售管道受限、營業時間縮短以及客流量大幅下降，新冠疫情造成的損失約為9.15億美元。

As we shared earlier this month in an 8-K, Q2 non-GAAP EPS was $0.32, down 47% from the prior year. We estimate the COVID-19 impact to be approximately $0.45, including not only profit flow-through on the revenue impact that I noted earlier but also incremental costs that we incurred in response to the pandemic, which I will outline later.

正如我們本月稍早在8-K文件中所揭露的那樣，第二季非GAAP每股收益為0.32美元，較上年同期下降47%。我們估計新冠疫情的影響約為0.45美元，這不僅包括我之前提到的收入影響帶來的利潤傳遞，還包括我們為應對疫情而產生的額外成本，我將在後文詳細說明。

I will first provide some highlights of segment operating results and consolidated margin performance for Q2, and we'll then share some perspective on balance of year results and liquidity.

我將首先介紹第二季度各業務部門的經營業績和合併利潤率表現，然後我們將分享對今年剩餘時間業績和流動性的一些看法。

Revenue for our Americas segment was flat in Q2 relative to the prior year at $4.3 billion as incremental sales from net new store growth of 3% over the past 12 months was effectively offset by a 3% decline in comparable store sales. Through the first 10 weeks of the quarter, the U.S. delivered 8% comparable store sales growth, building on strong momentum from the past few quarters. But this was more than offset by a sharp decline in the final 3 weeks of the quarter due to the COVID-19 impact that I mentioned earlier, ultimately resulting in a 3% decline for the quarter. We estimate America's Q2 revenue decline attributable to COVID-19 to be approximately $450 million.

美洲地區第二季營收與去年同期持平，為43億美元。過去12個月淨新增門市3%帶來的增量銷售額被同店銷售額3%的下滑所抵銷。本季前10週，美國同店銷售額成長8%，延續了過去幾季的強勁成長動能。但由於前文提到的新冠疫情影響，本季最後3週的銷售額大幅下滑，最終導致本季營收下降3%。我們估計，新冠疫情導緻美洲地區第二季營收下降約4.5億美元。

Through the month of February, Americas non-GAAP operating margin improved meaningfully versus the prior year, reflecting strong sales leverage and continued supply chain efficiencies. However, due to the rapid sales decline and significant investments in response to the COVID-19 outbreak that started to materialize in the U.S. in mid-March, Americas Q2 non-GAAP operating margin landed at 14.4%, down from 20.3% in the prior year. We estimate that the COVID-19 impact to Americas non-GAAP operating income was approximately $420 million in Q2, consisting of flow through on lost sales as well as incremental investments, notably catastrophe wages as well as enhanced pay and benefits programs in support of our retail store partners, inventory write-offs and store safety supplies.

2月份，美洲地區的非GAAP營業利潤率較上年同期顯著提升，這得益於強勁的銷售槓桿作用和持續的供應鏈效率提升。然而，由於3月中旬在美國爆發的新冠疫情導致銷售額迅速下滑，以及為應對疫情而進行的大量投資，美洲地區第二季度的非GAAP營業利潤率降至14.4%，低於上年同期的20.3%。我們估計，新冠疫情對美洲地區第二季度非GAAP營業收入的影響約為4.2億美元，其中包括銷售損失的轉嫁以及新增投資，特別是災難性工資、為支持零售門店合作夥伴而加強的薪酬福利計劃、庫存減值和門店安全用品支出。

Moving on to International. Business disruption resulting from COVID-19 impacted the segment for the majority of Q2, starting with China in late January and extending to other markets in March, including Japan. For the quarter, International's revenue declined by $395 million or 26% versus the prior year to $1.1 billion primarily driven by a 31% decrease in comparable store sales, partially offset by 11% net new store growth over the past 12 months. We estimate International's Q2 revenue decline attributable to COVID-19 to be approximately $465 million. International's Q2 non-GAAP operating margin was 3.9%, down from 19.3% in the prior year. We estimate that the COVID-19 impact to International non-GAAP operating income was approximately $280 million in Q2, with components similar to what I outlined for the Americas. Further contributing to the margin decline was a higher-than-normal sales mix of delivery transactions as customers shifted to off-premise consumption, resulting in higher commission and packaging costs.

接下來是國際業務部分。新冠疫情造成的業務中斷在第二季度的大部分時間都對該業務板塊產生了影響，疫情首先於1月下旬在中國爆發，並於3月蔓延至包括日本在內的其他市場。本季度，國際業務的營收年減3.95億美元，降幅達26%，至11億美元，主要原因是同店銷售額下降31%，部分被過去12個月淨新增門市數量增加11%所抵銷。我們估計，新冠疫情導致的國際業務第二季營收下降約4.65億美元。國際業務第二季的非GAAP營業利益率為3.9%，低於去年同期的19.3%。我們估計，新冠疫情對國際業務第二季非GAAP營業收入的影響約為2.8億美元，其組成與我在美洲業務部分所述類似。此外，由於消費者轉向非現場消費，外送交易的銷售佔比高於正常水平，導致佣金和包裝成本上升，這也進一步加劇了利潤率的下降。

On to Channel Development. Revenue was $519 million in Q2 fiscal '20, an increase of 16% over the prior year. When normalizing for the 5% favorable impact of Global Coffee Alliance transition-related items, Channel Development's revenue grew 11% in Q2 over the prior year. Transition-related items include higher inventory sales as Nestle prepared to fulfill foodservice customer orders under the Global Coffee Alliance as well as a benefit related to the transfer of certain single-serve product activities to Nestle on a go-forward basis.

接下來是通路拓展業務。 2020財年第二季度，通路拓展業務營收為5.19億美元，較去年同期成長16%。若剔除全球咖啡聯盟過渡相關項目帶來的5%有利影響，通路拓展業務第二季營收年增11%。過渡相關項目包括：雀巢為履行全球咖啡聯盟下的餐飲服務客戶訂單而增加的庫存銷售額，以及將部分單杯產品業務轉移至雀巢後帶來的收益。

The segment's non-GAAP operating margin was 37.8%, an improvement of 360 basis points over the prior year. Normalizing for the 330 basis point impact of the transition activities I just mentioned, Channel Development's operating margin expanded 30 basis points in Q2.

該業務部門的非GAAP營業利益率為37.8%，較上年同期提升360個基點。剔除我剛才提到的過渡活動帶來的330個基點的影響後，通路發展業務板塊第二季的營業利潤率提升了30個基點。

Finally, at the consolidated level, non-GAAP operating margin of 9.2% in Q2 contracted 660 basis points year-over-year. We estimate the COVID-19 impact to non-GAAP operating income to be approximately $700 million, inclusive of the amounts I cited for the Americas and International. In relation to the $915 million of consolidated revenue impact that I mentioned earlier, this equates to approximately 80% of flow-through on lost revenue, which is materially higher than the 50% variable flow-through rate that we typically observe in our business, reflecting the significant investments we've made in the short term to support our partners and manage our brand for the long term. We believe that these investments will strengthen our competitive position and fuel our recovery as we emerge from the effects of the pandemic.

最後，在合併層面，第二季非GAAP營業利益率為9.2%，較去年同期下降660個基點。我們估計，新冠疫情對非GAAP營業收入的影響約為7億美元，其中包括我之前提到的美洲和國際地區的損失金額。相對於我之前提到的9.15億美元的合併收入損失，這相當於約80%的收入損失轉嫁率，遠高於我們業務中通常觀察到的50%的浮動轉嫁率，這反映了我們為支持合作夥伴和長期品牌管理而進行的短期重大投資。我們相信，這些投資將增強我們的競爭優勢，並推動我們擺脫疫情影響後的復甦。

Now moving on to our outlook for fiscal 2020. Given the global nature of our business, our ability to provide updated guidance for the remainder of the year is predicated on the current phase of COVID-19 response within each of our markets. As Kevin discussed, China, our second largest market, is in the recovery phase, which enhances our ability to estimate balance of year results. However, the U.S., Japan and Canada, which round out our 4 largest markets, are in earlier phases of COVID-19 impacted response, which limits our ability to provide enterprise-level guidance at this time. As a result, we are continuing to suspend formal guidance for fiscal 2020 while providing updated outlooks for selected businesses and financial metrics.

接下來，我們來談談2020財年的展望。鑑於我們業務的全球性，我們能否提供本財年剩餘時間的最新業績指引，取決於我們各個市場應對新冠疫情的當前階段。正如凱文所提到的，我們第二大市場中國目前正處於復甦階段，這增強了我們對剩餘財年業績的預測能力。然而，我們四大市場中的另外三個——美國、日本和加拿大——仍處於新冠疫情影響的早期階段，這限制了我們目前提供企業層面績效指引的能力。因此，我們將繼續暫停發布2020財年的正式業績指引，同時提供部分業務和財務指標的最新展望。

I'll start with China. With the progress we have seen to date, including having 98% of our stores open as of today and continued improvements in customer traffic, as Kevin mentioned, we believe China's comparable store sales will continue to improve in the second half of fiscal 2020 relative to the 50% decline reported for Q2, declining 25% to 35% in Q3 and trending towards roughly flat by the end of Q4 relative to the prior year, yielding a decline of 15% to 25% in China's comparable sales for the full fiscal year. While we temporarily paused new store openings in China in Q2 given COVID-19, development activities resumed towards the end of the quarter, and we are on track to open at least 500 net new stores this fiscal year or over 80% of our original target. This will position us well to continue to capture the growth opportunity we see in China in fiscal '21 and beyond. Combining the effects of comparable store sales declines and new store development deferrals, we estimate revenue in China to be negatively impacted by COVID-19 by approximately $750 million to $850 million with an estimated EPS impact of between $0.30 and $0.37 in fiscal 2020, barring any new disruptions.

我先來說說中國市場。正如凱文所提到的，鑑於我們迄今為止取得的進展，包括目前98%的門市已恢復營業，以及客流量的持續提升，我們相信，與第二季度50%的降幅相比，2020財年下半年中國同店銷售額將繼續改善，第三季度預計下降25%至35%，並在第四季度末趨於與上年同期銷售額持平，最終中國同比銷售額將下降25%將與上年同期銷售額持平。雖然受新冠疫情影響，我們在第二季暫停了在中國開設新店，但開發活動已於季度末恢復，我們預計在本財年淨增至少500家門市，超過原定目標的80%。這將使我們更能掌握2021財年及以後在中國市場的成長機會。綜合考慮可比門市銷售額下降和新店開發延期的影響，我們估計，在2020財年，新冠疫情將對中國市場的收入造成約7.5億美元至8.5億美元的負面影響，預計每股收益將受到影響0.30美元至0.37美元，前提是沒有新的干擾因素。

Moving to the U.S. Today, approximately 50% of our company-operated stores and 46% of our licensed stores in the U.S. are temporarily closed. But we expect to begin reopening many of them next week, initially with modified operations and shorter operating hours. We currently expect approximately 90% of company-operated stores to be open by early June. Additionally, modifications to increase throughput in drive-through, delivery and MOP channels in our existing stores are already underway, along with a new entryway handoff solution, which incorporates best-in-class safety protocols. And as Kevin mentioned, we are also exploring curbside service in locations where parking is available. We believe the focused actions we are taking to deliver a contactless customer experience, coupled with continued beverage innovation and expanded digital capabilities, will help to restore the upward momentum in our U.S. business that we were experiencing prior to the onset of COVID-19. To date, in April, comparable sales growth for U.S. company-operated stores that are open is averaging approximately minus 25% or indexing at 75% of prior year levels. However, as we have not yet entered the recovery phase in the U.S., it is premature to provide a balance-of-year estimate of U.S. revenue or earnings at this time. But given the late quarter onset of COVID-19 impacts in the U.S. as well as a materially higher flow-through rate on lost sales in the U.S., we do expect the negative financial impacts of COVID-19 to be significantly greater in Q3 compared to Q2 and to extend into Q4. So while the initial impacts in the U.S. are less severe than they were in China, from a comparable store perspective, owing to the prevalence of our drive-through model in the U.S., we do expect the impacts to persist for a longer period of time as we move through the monitor-and-adapt phase with the recovery phase extending into fiscal 2021.

回到美國市場。目前，我們在美國約有50%的直營店和46%的加盟店暫時關閉。但我們預計下週將開始逐步重新開放其中許多門市，初期將採取調整後的營運模式並縮短營業時間。我們預計到6月初，約90%的直營店將恢復營業。此外，我們正在對現有門市的得來速、外帶和線上訂購管道進行改造，以提高吞吐量，並推出全新的入口交接方案，該方案融合了業界領先的安全措施。正如凱文所提到的，我們也在探索在有停車位的門市提供路邊取貨服務的可能性。我們相信，我們正在採取的旨在提供非接觸式客戶體驗的重點措施，加上持續的飲品創新和不斷擴展的數位化能力，將有助於恢復我們在新冠疫情爆發前在美國業務的成長勢頭。截至4月份，美國公司自營門市的同店銷售額平均下降約25%，相當於去年同期水準的75%。然而，由於美國尚未進入復甦階段，目前對美國全年營收或獲利做出預測還為時過早。但考慮到新冠疫情在美國的影響在本季末才開始顯現，且美國銷售損失的傳導率顯著更高，我們預計新冠疫情對第三季度的負面財務影響將遠超第二季度，並可能延續至第四季。因此，雖然從可比門市的角度來看，由於我們在美國普遍採用得來速模式，美國受到的初步影響不如中國那麼嚴重，但我們預計，隨著我們進入監測和適應階段，這些影響將持續更長時間，而恢復階段將延續到 2021 財年。

We expect the COVID-19 impacts in Canada and Japan as well as in our international license businesses will follow a similar pattern as the U.S., very pronounced in the third quarter with some easing of these impacts expected in the fourth quarter as these businesses move into the recovery phase. In any event, based on our substantial experience in China today, we continue to believe that these impacts are temporary, that our brand is resilient and our business will fully recover over time.

我們預計，新冠疫情對加拿大、日本以及我們國際授權業務的影響將與美國的情況類似，第三季影響尤為顯著，隨著這些業務進入復甦階段，預計第四季度影響將有所緩解。無論如何，基於我們目前在中國累積的豐富經驗，我們仍然相信這些影響是暫時的，我們的品牌具有韌性，我們的業務最終將全面復甦。

At the enterprise level, we expect the absolute flow-through impact of COVID-19 to be materially greater in Q3 compared to Q2, in particular due to the longer duration of U.S., Canada and Japan business disruption in Q3 compared to Q2. That said, we expect the rate of flow-through on lost sales in Q3 to be slightly lower than in Q2 and to ease further in Q4 as we take appropriate steps to restore the profitability of company-operated stores as they reopen in the back half of the year.

從企業層級來看，我們預期新冠疫情對第三季的絕對影響將顯著大於第二季度，這主要是由於美國、加拿大和日本的業務中斷持續時間比第二季更長。儘管如此，我們預計第三季度銷售損失的傳導速度將略低於第二季度，隨著我們採取適當措施恢復公司自營門市在下半年重新開業後的盈利能力，第四季度這一影響將進一步緩解。

Consistent with the approach we have taken in our 2 interim update this quarter, we will provide transparent updates as to what we are seeing and how that shapes our perspective on the balance-of-year financial results as we execute our store reopening plan and have increased visibility into business performance trends in the U.S. and other markets. We expect to provide our next update in June after we've evaluated the performance of stores we opened in the U.S. and better understand the possible duration of temporary closures in Japan. From our perspective, the reopening of stores and actions we are taking to position ourselves when the crisis subsides do not fully define recovery. Recovery, in our view, is when a company-operated market delivers positive comparable store sales growth and all existing stores are open with the exception of those undergoing renovation.

與本季第二次中期更新所採取的方式一致，我們將持續提供透明的資訊更新，說明我們目前觀察到的情況以及這些情況如何影響我們對全年財務表現的預期。我們將推進門市重新開業計劃，並提高對美國及其他市場業務表現趨勢的能見度。我們預計在6月發布下一份更新，屆時我們將評估在美國新開幕門市的業績，並更了解日本門市臨時關閉的可能持續時間。在我們看來，門市重新開業以及我們為應對危機消退而採取的措施並不能完全定義復甦。我們認為，復甦是指公司自營市場實現同店銷售額正成長，且除正在翻新的門市外，所有現有門市均已恢復營業。

Finally, on a reported basis, Channel Development revenue is expected to decline between 6% and 8% in fiscal 2020 relative to the prior year as we lap certain transition items related to the Global Coffee Alliance that benefited the segment's top line growth in fiscal 2019, with the impact being more pronounced in Q3 and far less pronounced in Q4. Additionally, the disruption resulting from COVID-19 is expected to adversely impact foodservice under the Global Coffee Alliance and our ready-to-drink business during the balance of fiscal 2020. The segment's operating margin is expected to improve modestly in fiscal 2020 relative to the prior year.

最後，以報告數據計算，由於與全球咖啡聯盟相關的某些過渡項目在2019財年推動了該業務板塊的營收成長，預計2020財年通路發展收入將比上年下降6%至8%。其中，第三季受到的影響最為顯著，第四季則相對較小。此外，新冠疫情造成的干擾預計將在2020財年剩餘時間內對全球咖啡聯盟旗下的餐飲服務業務以及我們的即飲咖啡業務產生不利影響。預計該業務板塊2020財年的營業利潤率將比上年略有提升。

The cash flow implications of these near-term operating results are very material. But the scale of our company, combined with the strength of our balance sheet, enables us to manage our business for long-term growth while dealing with short-term business realities. In essence, we are investing in relationships with key constituents, not only to preserve those relationships but to strengthen them for the future.

這些近期經營績效對現金流的影響非常顯著。但憑藉我們公司的規模和穩健的資產負債表，我們能夠在應對短期業務挑戰的同時，實現業務的長期成長。本質上，我們正​​在投資與關鍵利害關係人的關係，不僅是為了維護這些關係，更是為了在未來加強這些關係。

Let me provide several examples of how we are thinking about this. First, through salary and wage continuation and through premium pay for those working on the front lines of our business, both as communicated through the end of May, we are investing in our partners who are critical to the Starbucks Experience and instrumental to our long-term success.

讓我舉幾個例子來說明我們是如何考慮這個問題的。首先，我們透過維持員工的薪資和薪酬，以及為第一線員工提供額外津貼（這兩項措施都已在五月底前公佈），來投資於我們的夥伴。他們是星巴克體驗的關鍵所在，也是我們長期成功不可或缺的基石。

Second, by extending more flexible development and financial terms in Q3, we are investing in our international licensees who are our partners in driving long-term growth.

其次，透過在第三季延長更靈活的開發和財務條款，我們正在投資我們的國際被授權方，他們是推動長期成長的合作夥伴。

Third, through certain accelerated payments, we are helping strategic suppliers weather this crisis so that they can sustain the supply of our proprietary products and support our ongoing product innovation.

第三，透過某些加速付款方式，我們正在幫助策略供應商渡過這場危機，以便他們能夠維持我們專有產品的供應，並支持我們持續的產品創新。

And fourth, by honoring our upcoming quarterly dividend declaration, we are supporting our shareholders with a predictable return of capital in an uncertain investment environment. Our next dividend is payable on May 22 to shareholders of record on May 8.

第四，透過履行即將派發的季度股息，我們在充滿不確定性的投資環境中為股東提供可預測的資本回報。我們的下一期股利將於5月22日支付給5月8日登記在冊的股東。

As disclosed in our most recent 8-K, in addition to accessing additional capital to bridge near-term cash needs, which we expect to peak in Q3, we are creating additional room for investment in our partners and the business more broadly by suspending share repurchases, reducing discretionary expenses and deferring certain capital expenditures. Due primarily to the deferral of some new store openings and store refurbishments, we now expect capital expenditures for fiscal 2020 to total approximately $1.5 billion or $300 million lower than our original plan prior to the onset of COVID-19.

正如我們在最新的8-K文件中披露的那樣，除了獲取額外資金以滿足近期現金需求（我們預計該需求將在第三季度達到峰值）之外，我們還通過暫停股票回購、削減可自由支配支出以及推遲部分資本支出，為投資合作夥伴和更廣泛的業務發展創造更多空間。主要由於部分新店開幕和門市翻新工程的推遲，我們目前預計2020財年的資本支出總額約為15億美元，比新冠疫情爆發前的原計劃減少3億美元。

Importantly, we remain very much committed to our BBB+ credit rating and leverage cap of 3x rent-adjusted EBITDA. That said, while the impacts of COVID-19 will cause us to exceed that leverage cap for a period of time, we view these impacts to be temporary. We expect our leverage to return to near 3x rent-adjusted EBITDA in the latter part of fiscal 2021. In short, our leverage policy is unchanged.

重要的是，我們仍然堅定地致力於維持 BBB+ 的信用評級和 3 倍租金調整後 EBITDA 的槓桿率上限。儘管 COVID-19 的影響會導致我們的槓桿率在一段時間內超過該上限，但我們認為這些影響是暫時的。我們預計在 2021 財年下半年，我們的槓桿率將回落至接近 3 倍租金調整後 EBITDA。簡而言之，我們的槓桿政策保持不變。

To summarize, the financial impacts of COVID-19 are very material and will weigh on our Q3 performance in particular. But the progress we are making in China and the deliberate approach we are taking in the U.S. to reopen stores reinforce our belief that these headwinds are temporary. We are confident that our brand is resilient and that our customers are eager to resume their daily routines. We have the financial strength to make investments for the long term as we navigate challenges in the short term. And we are inspired by the courageous partners who serve our communities by serving our customers at a time when people are looking for the personal connection that defines the Starbucks brand.

總而言之，新冠疫情帶來的財務影響非常顯著，尤其會對我們第三季的業績造成壓力。但我們在中國取得的進展以及在美國採取的謹慎的門市重啟策略，都增強了我們對這些不利因素只是暫時的信心。我們相信，我們的品牌具有強大的韌性，我們的顧客也渴望恢復日常生活。我們擁有足夠的財力，能夠在應對短期挑戰的同時，進行長期投資。我們深受鼓舞，因為我們的夥伴們在人們渴望獲得星巴克品牌所代表的人際互動體驗之際，依然堅守崗位，服務社區，服務顧客。

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

那麼，接下來，我和凱文很高興回答大家的問題，羅茲·布魯爾和約翰·庫爾弗也會加入我們，正如杜爾加在通話開始時所概述的那樣。謝謝。接線生？

(Operator Instructions) Your first question comes from the line of David Palmer with Evercore ISI.

（操作說明）您的第一個問題來自 Evercore ISI 的 David Palmer。

In the U.S., could you talk about your store base in terms of the percentages that are in what -- are not only closed today, those walk-in locations, but also areas that you would anticipate being slower to rebuild sales? Perhaps you want to use China as analogy here, but what I'm thinking about is the mall locations, those downtown areas or even drive-throughs that depend on commuting and highway travel. Any numbers against this that would be helpful as we think about your path to recovery. And relatedly, how much do you think social distancing in these walk-in stores will limit your capacity when they do reopen?

在美國，您能否談談您的門市分佈情況，包括目前關閉的門市（不僅指那些需要步行前往的門市），以及您預計銷售恢復速度會比較慢的地區門市的佔比？您或許想用中國的情況來類比，但我指的是那些位於購物中心、市中心區域，甚至是依賴通勤和高速公路客流的得來速門市。能否提供一些相關數據，以便我們更能製定您的復甦計畫？另外，您認為在這些需要步行前往的門市重新開業後，保持社交距離會對客流量造成多大的影響？

Thanks, David. Roz, why don't I let you share a little bit of perspective on the U.S.?

謝謝你，大衛。羅茲，不如讓你談談你對美國的看法吧？

Thank you, Kevin. And thank you, David, for that question.

謝謝你，凱文。也謝謝你，大衛，提出這個問題。

Let me first start off talking about April. So to date, in April, we did have drive-through locations open. And as Pat mentioned, we had comparable sales growth in those U.S. company-operated stores averaging down by about 25% or indexing right at about 75% of prior levels. So as we reopened stores, we did a few things, to really create the analysis, we created a decision modeling tool that helped us look at the customer frequency that we saw in those drive-through stores as well as looking at sources from local government guidance, the infection curves by county, customer sentiment and partner sentiment. So when we open starting next week, we're going to open with modification. And those modifications will be drive-through stores. We will amplify delivery. We will have the Mobile Order & Pay channels open and then the addition of a new concept, the entryway handoff. We will only have roughly 30 stores that will be cafe open and order. And in those 30 stores, there'll be no seating. So we are making sure that we provide a safe environment for our customers and for our partners. And we will monitor what happens as shelter-in is lifted in certain regions and areas and then begin to reopen the cafe stores. You'll see later in the summer, we'll also add curbside access to our stores. So what we're doing, David, is managing what we're learning and then opening the stores accordingly and applying our partners and our labor against these new entryway model and also to amplify drive-through.

首先，我想談談四月的情況。截至目前，四月我們的得來速門市已經開放。正如帕特所提到的，這些美國公司自營門市的同店銷售額平均下降了約25%，相當於先前的75%左右。因此，在重新開放門市的過程中，我們採取了一些措施，例如開發決策建模工具，以幫助我們分析得來速門店的顧客光顧頻率，並參考當地政府的指導意見、各縣的感染曲線、顧客情緒以及合作夥伴的情緒等資訊。所以，從下週開始重新開放時，我們將採取一些調整。這些調整包括：保留得來速門市；擴大外送服務；開放手機點餐和支付管道；以及新增入口交接服務。我們將只開放約30家門市的咖啡廳，提供點餐服務。在這30家門市中，將不提供堂食座位。所以我們正在努力確保為顧客和合作夥伴提供安全的環境。我們會密切注意部分地區解除居家隔離措施後的情況，並逐步重新開放咖啡店。今年夏天晚些時候，我們也將為門市增設路邊取貨服務。大衛，我們現在的做法是，根據實際情況調整門市開放策略，並讓我們的合作夥伴和員工適應新的入口模式，同時大力發展免下車取貨服務。

We'll also be helping our customers use the app and make sure that they order ahead and pick up in store, either through drive-through or those other channels that I described.

我們還將幫助我們的客戶使用該應用程序，並確保他們提前下單並在店內取貨，無論是透過免下車取貨還是我所描述的其他管道。

Thanks, Roz. I'll just add 1 other point that we shared, David, to reinforce what Roz just said. Pre-COVID, 80% of our customer occasions in stores in the U.S. were for to-go, take-away. And so by augmenting the in-store experience with mobile ordering and contactless pickup, we can service significant volume of customers without having the cafe seating area actually opened. And so I think that's an important point.

謝謝，Roz。 David，我再補充一點，我們之前也討論過，正好可以佐證Roz剛才的觀點。在新冠疫情之前，我們在美國門市的顧客消費中，80%都是外帶。所以，透過手機下單和非接觸式取貨來提升店內體驗，我們可以在不開放咖啡廳堂食區域的情況下，服務大量的顧客。我認為這一點非常重要。

Areas that will be slower, similar in China. If it's office -- stores near office parks where office workers are not going back to work yet, they'll be a little slower. And then I think we anticipate that the mall stores will also be slower. And that -- mall stores are less than 8 -- fewer than 8%, I think, of the total store fleet in the U.S. But I think Roz captured it quite well.

在中國，有些地區的成長速度會比較慢。例如辦公大樓附近的商店，由於上班族還沒復工，這些商店的銷售速度就會變慢。我們預計購物中心的商店也會比較慢。在美國，購物中心的商店數量不到8%，我認為只佔所有商店總數的不到8%。但我認為Roz的分析很到位。

Your next question comes from John Ivankoe with JPMorgan.

下一個問題來自摩根大通的約翰·伊万科。

I wanted to follow up on the China piece of the -- in terms of the percentage of occasions to-go that are within China. I mean I think you've said a couple of times now, 80% of the occasions are to-go in the U.S. I would expect that number to be much lower than that in China, but help me clarify that as Starbucks really does differentiate itself with the cafe experience and the third place experience. So can you kind of, I guess, triangulate the percentage of transactions that are to-go in China with the thought that you might actually get to somewhere near flat comps at the end of the fourth quarter, how you can do that without basically a full reduction of physical social distancing within that market specifically?

我想就中國市場的情況再追問一下──特別是中國境內外賣的比例。您之前提到過幾次，在美國，80%的顧客選擇外帶。我預計中國的這個數字會低得多，但星巴克確實以其獨特的咖啡館體驗和「第三空間」體驗而聞名，所以能否請您幫我進一步解釋一下？考慮到第四季末同店銷售額可能接近持平，您是如何在不完全取消社交隔離措施的情況下，實現這一目標的？

Yes. This is -- okay. Thank you, John. I appreciate that.

是的，這樣可以。謝謝你，約翰。我很感激。

Just real quick on China. Traditionally, we've seen 80% of our business be stay-in and enjoy their drinks in the cafes. As COVID hit, we hit a peak of nearly 80% of transactions being digital orders. And those digital orders were all set up with the contactless experience through walking in the stores and picking up your orders in Mobile Order & Pay. And then the rest of it was delivery. What we see today is that in the stores that we have open, we have roughly 83% of those stores have seating in them with social distancing in place. And so we are seeing people come back into the cafes and sit there, albeit not to the levels that we saw pre-COVID. What we're seeing is that there is a higher percentage of to-go orders taking place in China, and we expect that trend to continue. And if there is a silver lining, I think it is forming a new habit in China, where you are seeing more people take to-go orders and get used to doing that. And so we're optimistic that the shift will continue to occur. We anticipate the 80% of where we were pre-COVID will come back, maybe not as high, but the overall sales levels that we'll see in China, we will get back to full recovery and on a path to full recovery by the end of this fiscal year.

關於中國市場，我簡單說一下。傳統上，我們80%的業務都是顧客在店內享用飲品。新冠疫情爆發後，我們的交易量一度飆升至近80%都是線上訂單。這些線上訂單都實現了非接觸式體驗，顧客可以走進店內，透過手機下單支付取餐。剩下的訂單則是外帶。如今，在我們仍在營業的門市中，大約83%的門市都設有座位，並採取了保持社交距離的措施。因此，我們看到人們開始回到咖啡館用餐，儘管客流量還沒有恢復到疫情前的水平。我們觀察到，在中國，外帶訂單的比例正在上升，我們預計這一趨勢將會持續下去。如果有什麼積極意義的話，我認為這正在中國形成一種新的習慣，越來越多的人開始接受外帶訂單並逐漸習慣這種方式。因此，我們樂觀地認為這種轉變將會持續下去。我們預計，到本財年末，我們在中國的整體銷售水準將恢復到新冠疫情前的 80%，也許不會那麼高，但我們將看到整體銷售水準全面恢復，並走上全面復甦的道路。

Thanks, John. Let me just add 1 other observation. When we look at consumer behavior on a global basis as it relates to COVID-19, after people have been sheltering at home in a lockdown situation for several weeks -- in China, it was a little over 3 weeks. In the U.S., it's been about 6 weeks. What they look for -- what consumer sentiment looks for is something that is safe, experiences that are safe, familiar and convenient. And that is consistent around the world. And so what we've done at Starbucks is we've built the operating protocols in our stores to be safe, to follow every -- and exceed every health standard we can exceed and ensure we can provide every customer a safe experience. Clearly, getting that Starbucks Experience is something that's familiar to them. And when you've had to be sheltering in place for several weeks just to get out for a nice uplifting experience at Starbucks, it's familiar and it's rewarding. And so customers come back to our stores. But having this convenient ability and those 3 attributes, safe, familiar and convenient, that is something that works around the world, following these periods where people have been sheltering at home. We've seen that in China. And I think we're going to see that in even a more amplified way in the U.S., but it's something that we're seeing in every single market around the world when they come out of sort of the lockdown phase.

謝謝約翰。我再補充一點。從全球範圍來看，在新冠疫情期間，人們居家隔離數週後——在中國，隔離時間略超過三週；在美國，則大約六週——消費者會尋找安全、熟悉且便捷的體驗。這一點在全球範圍內都適用。因此，星巴克在門市中製定了安全營運流程，嚴格遵守並超越所有健康標準，確保每位顧客都能獲得安全的體驗。顯然，星巴克體驗對顧客來說是一種熟悉的享受。當人們必須居家隔離數週，只為在星巴克獲得一次愉悅的體驗時，這種熟悉感和滿足感就顯得特別珍貴。因此，顧客會再次光顧我們的門市。但擁有這種便捷的功能以及安全、熟悉和便捷這三個特點，在人們居家隔離之後，在全球範圍內都行之有效。我們在中國已經看到了這一點。我認為在美國，這種情況會更加明顯，但事實上，當世界各地的市場走出封鎖階段時，我們都會看到這種趨勢。

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

你的下一個問題來自莎朗·扎克菲亞和威廉·布萊爾的對話。

Could you talk about how your digital trends have kind of ramped as you've gone through April? I know you gave the update on Rewards for the second quarter. It'd be helpful to know what you're seeing with engagement as we've gone through this month. And then can you also give us an update on kind of any initiatives you have on communicating safety protocols as you start to reopen more of the in-room, dine-in?

您能否談談四月以來，您的數位化發展趨勢是如何加速的？我知道您已經更新了第二季的獎勵計劃。如果能了解一下本月用戶參與度方面的數據，那就太好了。另外，隨著客房服務和堂食服務的逐步恢復，您能否也介紹一下在安全防疫措施方面的一些措施？

Roz, why don't I have you kind of respond as it relates to digital and U.S. and safety protocols? And then maybe John can follow-up on the China digital. So why don't you go ahead first, Roz?

羅茲，不如你先談談關於數位化、美國以及安全協議的問題？然後約翰可以接著談談中國數位化方面的問題。羅茲，你先說吧？

Sure. So as Kevin mentioned in -- when we started off the call, we saw, as we were entering the quarter and actually exiting last year, our Rewards members, which are our highly routinized customers, have really grown with us. We've increased to over 19 million of those customers in the U.S., up 15% a year ago. One of the things that we're seeing as we've been going through this COVID experience is our Starbucks Rewards members, they remain roughly 44% of our business, even as we progress through the quarter. And the majority, roughly about 70% of them, are our frequent Starbucks Rewards customers. And they're still coming to our stores, just less frequently. So -- and also to think about what that looks like over a daytime, really, we've not seen much change there. There's same frequency loss across all dayparts. It's a little bit more pronounced in the morning, but that's to be expected because the routines have been disrupted. So we are encouraged by what we've seen so far in the U.S. We believe that these highly resilient customers will come back to us. The routines may look a little bit different, but they will -- people remain in a work from home position. But even as local mandates get relaxed, we feel like we can monitor and adapt accordingly.

當然。正如凱文在電話會議開始時所提到的，我們看到，從本季開始，實際上到去年年底，我們的星巴克獎勵計畫會員（也就是我們那些習慣性很強的顧客）與我們共同成長。在美國，我們的星巴克獎勵計畫會員數量已超過1,900萬，比去年同期成長了15%。在經歷新冠疫情期間，我們發現，即使本季仍在進行，星巴克獎勵計畫會員仍占我們業務的約44%。其中大部分，約70%，都是我們的常客。他們仍然會光顧我們的門市，只是頻率降低。此外，從一天中各個時段的情況來看，我們並沒有看到太大的變化。所有時段的客流量下降幅度基本上相同。早上的情況略微明顯一些，但這也在意料之中，因為人們的日常作息被打亂了。因此，我們對目前在美國看到的情況感到鼓舞。我們相信這些適應力極強的客戶會回歸。工作流程可能會略有不同，但基本上不會改變——人們仍然會居家辦公。即使各地逐步放寬限制，我們也能密切注意並做出相應的調整。

And just real quick, Sharon, on China. We continue to see digital being a key element of our strategy in China, and really, the adoption of the digital transactions in our stores continues to accelerate. What we've been able to do is leverage our Starbucks Rewards membership to really maintain that connection and engagement during the COVID experience. We're seeing sequential improvements in overall weekly active members. So more and more people continue to adopt the digital app and interact with us digitally. And as I shared or was shared in one of the scripts, the digital order mix is now 29% in Q2. We had a peak in early February of 80% early on. And really, you're seeing a good split between Mobile Order & Pay making up about 16% of that 29% and delivery making up about 13%. So we're very encouraged with the opportunity in digital.

Sharon，關於中國市場，我簡單說一下。我們仍然認為數位化是我們中國策略的關鍵要素，而且我們門市的數位化交易普及率也持續加速成長。我們利用星巴克會員獎勵計劃，在疫情期間有效地維繫了與顧客的聯繫和互動。我們看到每週活躍會員數量持續成長。越來越多的人開始使用我們的數位化應用程序，並透過線上與我們互動。正如我在先前的演講稿中提到的，第二季數位化訂單佔比已達29%。 2月初，我們的數位化訂單佔比曾經一度高達80%。其中，行動點餐及支付佔比約16%，外送佔比約13%，兩者比例均衡。因此，我們對數位化領域的發展前景感到非常樂觀。

And now just a couple of days ago, we announced our partnership with Sequoia Capital, which we think will further accelerate our ability to leverage the digital flywheel and accelerate the pace of retail innovation as we look to partner with local tech companies and key start-ups in China.

就在幾天前，我們宣布與紅杉資本建立合作夥伴關係，我們認為這將進一步加速我們利用數位飛輪的能力，並加快零售創新的步伐，因為我們將尋求與中國本土科技公司和重點新創公司合作。

Sharon, you have a second part of that question. I'd like to address the second part of Sharon's question. She also asked about the marketing piece around the U.S. business. And we do have a marketing plan schedule as we reopen next week. And actually, if you think about the shutdown that we had, we delayed the introduction of our spring beverage lineup and Double-Star Days in addition to our Happy Hour. So you'll see those reignited with a lot more energy than in past. We will spend within our existing plans for this year, just condense them and accelerate most of the work around our -- enabling our app and encouraging people to use the app and order ahead.

莎倫，你的問題還有第二部分。我想先回答莎倫問題的第二部分。她也問到了美國業務的營銷方面。我們確實有一個行銷計劃，將在下週重新開業時啟動。實際上，考慮到我們之前的停業，我們推遲了春季飲品系列、雙星日以及歡樂時光的推出。所以你會看到這些活動以比以往更飽滿的熱情重新啟動。我們將在現有計畫範圍內開展今年的活動，只是將精簡一些，並加快推進我們應用程式的開發和推廣工作，鼓勵顧客使用應用程式提前下單。

And then in terms of delivery, we've been able to accelerate in delivery. We believe in some markets like New York, where we will have a handful of delivery-only stores, we're seeing some significantly higher volumes than normal with delivery in places like New York. But it's still early for us for delivery overall. But it is one of the channels that we will accelerate as we go through the post-COVID and COVID recovery period. Thank you.

在配送方面，我們已經加快了配送速度。我們相信，在紐約等一些市場，由於我們開設了一些僅提供配送服務的門市，配送量已經顯著高於平常。但就整體而言，配送業務仍處於起步階段。不過，隨著疫情後及疫情恢復期的推進，配送是我們重點發展的管道之一。謝謝。

Our next question comes from John Glass with Morgan Stanley.

下一個問題來自摩根士丹利的約翰‧格拉斯。

My question is on how you think about the pace of the U.S. recovery. In addition, obviously, to the pandemic, we're in a recession. So how do you think about incenting customers to come back differently? Or is that not in your calculus? You believe once stores are open, consumers resume their normal pace of consumption. Have you thought about like the product lineup differently now because of the situation? And maybe if you're using China as a benchmark, are there -- are consumer behaviors different? Are they purchasing different? Are they more price-sensitive in China? Or have you really seen no post pandemic or, once you reopened, price sensitivities in China?

我的問題是關於您如何看待美國經濟復甦的速度。除了疫情之外，我們顯然還處於經濟衰退之中。那麼，您打算如何激勵顧客重返商店呢？還是這不在您的考慮範圍之內？您認為一旦商店重新開業，消費者就會恢復正常的消費節奏。鑑於目前的情況，您是否對產品陣容進行了調整？如果您以中國為例，消費者的行為是否有所不同？他們的購買習慣是否有所不同？中國消費者是否對價格更加敏感？或者您真的沒有看到疫情後或重新開業後，中國消費者對價格的敏感度有所提高？

Yes. John, this is Kevin. Let me just comment. Pre-COVID, we had built a tremendous momentum in the business by focusing on 3 things: the customer experience, beverage innovation and digital customer relationships. And that remains the powerful combination for us to continue to engage and drive frequency of customer visits. But we recognize, coming through the COVID experience that everyone around the world is sharing, that really optimizing the initial store experience around these concepts of safe, familiar and convenient is what gets customers now to start -- that's kind of the on-ramp to that engagement.

是的，約翰，我是凱文。我先簡單說幾句。在新冠疫情爆發前，我們專注於三件事，從而在業務上取得了巨大的發展勢頭：客戶體驗、飲品創新和數位化客戶關係。這三點仍然是我們持續吸引顧客、提高顧客到店頻率的強大動力。但我們也意​​識到，在經歷了全球共同經歷的新冠疫情之後，真正優化以安全、熟悉和便捷為核心的初始門市體驗，才是吸引客戶的關鍵——這就像打開了通往客戶互動的大門。

Now certainly, we're going to know a lot more 30 days from now in the U.S. But I think, as Roz highlighted, that in the drive-throughs, just the number of drive-throughs we've had open, without even the cafe open, we were delivering 75 -- roughly 75% of prior year revenue in those individual stores. And so that's just an indication of the power of the brand and the strength of connection that we have with customers. Now I think, over this next week, when we open more stores and with the set of experiences that Roz has articulated, I think we're going to begin that path of engaging. And I think 30 days from now, we're going to have a much clearer view of how rapidly that goes. And we've got a great beverage lineup that Roz just talked about that's going to release. We're going to market and evangelize that. We've got -- we just grew digital customer relationships by 15% to 19.4 million in the U.S. We're going to leverage that to communicate with our customers. And we're going to be thoughtful and responsible with each step that we take, and I think that's the formula.

當然，30天後我們肯定會在美國獲得更多資訊。但正如Roz強調的那樣，僅就我們目前開放的得來速門市而言（甚至在咖啡廳尚未開放的情況下），我們的單店營收就達到了去年同期的75%左右。這足以說明我們品牌的強大影響力以及與顧客之間的強烈連結。我認為，在接下來的一周裡，隨著更多門市的開業，以及Roz所闡述的一系列體驗的推出，我們將正式開啟與顧客互動的新篇章。 30天后，我們就能更清楚地了解這項進程的進展速度。此外，Roz剛才提到的全新飲品系列也即將上市，我們將大力推廣並宣傳這些新品。我們在美國的數位客戶關係剛剛成長了15%，達到1940萬。我們將利用這項優勢與客戶溝通。我們將謹慎行事，認真負責地完成每一步，我認為這就是成功的秘訣。

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

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

Just a follow-up on the U.S. I guess I was surprised at how strong the ticket growth was. I apologize if you talked about this, but does it -- is that sort of an offset to the impact on traffic from the COVID pandemic? We've heard from some other concepts that higher checks are happening because there's more group ordering. Or were there other drivers, I don't know, when I think about menu innovation or sort of more sustainable drivers? And as you reopen stores in the U.S., do you have any sense of how much of those volumes in the stores that remained open might have represented sales transfer from closed stores? Just trying to figure out, as you open stores, what the sort of system-wide sales will look like. Should we just think about kind of doubling the number of stores that are open and doubling the sales volume? Or is there some transfer that's been happening?

關於美國市場，我有個後續問題。客單價成長如此強勁著實讓我驚訝。如果您之前已經談過這一點，我先道個歉。請問，這種成長是否抵消了新冠疫情對客流量的影響？我們從其他一些餐飲品牌了解到，客單價上漲是因為團體訂餐增加。或者，還有其他因素推動了成長嗎？例如菜單創新或其他更永續的因素？隨著您在美國重新開放門市，您是否了解在那些仍然營業的門市中，有多少銷售額可能來自先前關閉門市的轉移？我只是想了解一下，隨著門市的重新開放，整個系統的銷售會是什麼樣子。我們是否應該假設門市數量翻倍，銷售額也翻倍？或者說，是否存在某種轉移？

Roz, why don't you take those questions?

羅茲，為什麼不回答這些問題呢？

Sure. Thank you, Sara, for the questions. First of all, let me start with -- so the plan, we'll start reopening stores next week and then with the anticipation that we'll have just a little greater than 90% June 1 in the various formats. Sara, when I think about the trend in both ticket and traffic, I think about the exit of fourth quarter into first quarter, where we were seeing great pickup in terms of our beverage innovation, most predominantly in Nitro Cold Brew and all cold coffee selling extremely well. It played well through our holiday beverage lineup, and it continued to the point where we saw the 8% comp just into early March, the first 10 weeks of the quarter -- of the year. So first of all, it starts with our beverage innovation.

當然。謝謝Sara的提問。首先，讓我先說說我們的計畫－下週開始逐步恢復門市營業，預計6月1日各種業態的門市恢復率將略高於90%。 Sara，說到客流量和客單價的趨勢，我想到的是第四季度末到第一季初這段時間，我們的飲品創新取得了顯著進展，尤其是氮氣冷萃咖啡和所有冷萃咖啡的銷量都非常火爆。這種勢頭一直延續到我們的假日飲品系列，並在3月初，也就是第一季的前十週，實現了8%的同店銷售額成長。所以，首先，這一切都要歸功於我們的飲品創新。

The second thing is the in-store experience. And so we had done a significant amount of work to actually relieve the partner of a lot of their tactics they were doing in the stores, and they were engaging with our customers in some of the most meaningful ways. Creating the best moments with our customers was really a real key change for us. Our customer sentiment and customer engagement numbers were at record levels in addition to our partner engagement was at record levels as well. We actually saw that partner engagement carry over to when we began to slow down stores due to COVID. We saw partners just volunteering to come work at stores, very energetic. The response from customers has been great. We've seen great social media placements from our customers concerning how grateful they were and what they recognize our partners are doing to work in the stores.

第二點是店內體驗。我們做了大量工作，實際上減輕了員工在店內許多繁瑣的行銷策略，讓他們能夠以更有意義的方式與顧客互動。為顧客創造最佳體驗對我們來說是一項真正的關鍵變革。顧客滿意度和顧客參與度都達到了歷史新高，員工參與度也同樣如此。事實上，我們看到，即使在疫情導致門市營運放緩之後，員工的積極性依然很高。我們看到員工主動請纓回到門市工作，他們熱情高漲。顧客的反應也非常好。我們看到顧客在社群媒體上分享了他們的感激之情，並表達了對員工在門市工作的認可。

So I would just take it back to, Sara, the work that we've been working on for quite a while now, and it's around the beverage innovation, the digital engagements that we've created and then the in-store experience. And those things continue to drive, and that is exactly where we got to the 8% comp as we were coming into the COVID situation.

所以，薩拉，我想回到我們一直以來所做的工作，那就是飲料創新、我們創造的數位互動以及店內體驗。這些因素持續推動著我們的業績成長，也正是這些因素讓我們在新冠疫情爆發前實現了8%的同店銷售成長。

Yes. I'll just add, the increase in ticket was group orders. I mean it was drive-throughs -- going through a drive-through, it's typically someone making a family Starbucks run and buying for their entire family or somebody making, let's say, a frontline responder run and buying -- getting food and beverage for frontline responders. We saw a lot of that. So it's really driven by the fact that it was just drive-through only. And if you're going to take the time to go through drive-through, you're going to load up and buy for the entire family or the entire group. And that drove down transaction, drove up ticket.

是的。我補充一點，訂單量的成長主要來自團體訂單。我的意思是，主要是得來速——通常情況下，人們會開車去得來速買東西，比如給全家買星巴克，或者給一線工作人員買食物和飲料。我們看到很多這樣的情況。所以，訂單量的成長主要是因為當時只提供得來速服務。如果你花時間開車去得來速，你一定會買很多東西，給全家或整個團隊都買。這就導致單筆交易量下降，而訂單量上升。

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

你的下一個問題來自大衛·塔倫蒂諾和R.W.貝爾德的系列文章。

I hope everyone is doing well. Pat, my question is about the level of potential cash burn you might have in the current quarter. I was wondering if you could maybe frame that up for us. And then just talk about your commitment to maintaining the dividend throughout this crisis. I think you mentioned that there's no plans to suspend it, but just wondering what your margin of safety is relative to that question. And then I guess, thirdly, at what point would you feel comfortable as the CFO ramping back up the capital spending with respect to growth and other discretionary CapEx?

希望大家一切都好。帕特，我想問您本季可能面臨的現金消耗水準。您能否就此做個簡要說明？另外，能否談談您在此次危機期間維持分紅的承諾？我記得您提到過沒有暫停分紅的計劃，但我想了解一下您在這方面的安全邊際是多少。還有，作為首席財務官，您認為在什麼情況下可以放心地逐步增加用於增長和其他可自由支配的資本支出？

Thank you, David. I'll start off by saying that given the scale of our company, combined with the strength of our balance sheet, we are confident that we will be able to maintain appropriate liquidity as we manage the current crisis. Now when you consider that today, over 50% of our company-operated stores are closed in the U.S. and Canada and those that are open are largely restricted to drive-through and delivery channels and with store partner payroll protection temporarily in place, our cash burn rate has peaked. And it's at approximately $125 million per week after CapEx but before dividends. We expect this burn rate to go down as we begin reopening large numbers of company-operated stores in the U.S. and Canada in the month of May and to reduce further in the month of June as we normalize our store partner pay practices and benefit from recapturing sales. We have already taken steps to enhance our financial flexibility, and that includes issuing $1.75 billion of bonds in March with the proceeds used to pay down outstanding commercial paper balances, temporarily suspending our share repurchase program, deferring certain capital expenditures and reducing discretionary spending.

謝謝大衛。首先，鑑於我們公司的規模以及穩健的資產負債表，我們有信心在應對當前危機的同時，保持適當的流動性。目前，我們在美國和加拿大超過50%的自營門市處於關閉狀態，而仍在營業的門市也大多僅限於得來速和外送通路。此外，由於門市合作夥伴的薪資保障計劃暫時實施，我們的現金消耗率已達到高峰。在扣除資本支出但未支付股息之前，每週的現金消耗約為1.25億美元。我們預計，隨著5月在美國和加拿大開始重新開放大量自營門市，現金消耗率將會下降；隨著6月門市合作夥伴薪資發放機制的恢復以及銷售額的回升，現金消耗率將進一步降低。我們已經採取措施增強財務靈活性，其中包括在 3 月份發行 17.5 億美元的債券，所得款項用於償還未償商業票據餘額，暫時中止股票回購計劃，推遲某些資本支出，以及減少可自由支配的支出。

And so with the amount of cash currently available to us, and that includes our existing credit facilities and additional borrowing capacity if we need it, we're comfortable with our overall liquidity position and we're well prepared to manage current operating conditions from a cash flow perspective. And that includes the investments in interim partner wages and benefits, which we've extended through the end of May. That said, our near-term focus clearly is on reopening our stores and optimizing their profitability as we emerge from the crisis and learn more about underlying customer traffic patterns and trends.

因此，憑藉我們目前可用的現金，包括現有信貸額度和必要時可獲得的額外借款能力，我們對整體流動性狀況感到滿意，並已做好充分準備，從現金流角度應對當前的營運狀況。這其中也包括對臨時合夥人薪資和福利的投資，我們已將這項投資延長至5月底。儘管如此，我們近期的重點顯然是重新開放門市，並在走出危機、深入了解潛在的客流量模式和趨勢後，優化門市獲利能力。

Now you asked about our dividend. As I said in my prepared remarks, one of the things that we're proud of is that we're able to maintain our commitment to shareholders to provide some measure of certain return in an uncertain investment environment. So our intention today is to continue to pay our quarterly dividend.

現在你們問到了我們的股利問題。正如我在事先準備好的發言稿中所說，我們引以為傲的一點是，我們能夠在充滿不確定性的投資環境中，依然能夠履行對股東的承諾，提供一定程度的確定性回報。因此，我們今天將繼續派發季度股息。

As to CapEx, we've already taken steps to trim CapEx this year. That includes the deferral of certain new store openings that were planned for this year, deferring those into next year. That includes, for example, China, where we had originally guided to 600 new stores this year. We've taken that down to at least 500. So there is some deferral of capital associated with that, and we've taken the opportunity to trim some of our other capital spending programs, including store refurbishments. But based on what we see today, including our expectation that sales will start to recover as we come out of the third quarter into the fourth quarter into next year, I would say, at this stage, we would expect CapEx to normalize in fiscal 2021. But it's simply too early to give any specific guidance around CapEx. But I would say that we're optimistic that given the shape of the recovery curve going into next year, that our capital spending programs, which underpin so much of our growth, we would expect to normalize next year.

關於資本支出，我們今年已經採取措施削減資本支出。這包括推遲原計劃今年開設的部分新店，將其延至明年。例如，我們原計劃今年在中國開設600家新店，現在已將目標下調至至少500家。因此，部分資本支出也隨之延後。同時，我們也藉此機會削減了其他一些資​​本支出項目，包括門市翻新。但根據我們目前的觀察，包括我們預期銷售額將在第三季結束後進入第四季並持續到明年，我認為，現階段我們預計資本支出將在2021財年恢復正常。但現在就資本支出給出任何具體指引還為時過早。不過，鑑於明年復甦曲線的走勢，我們對支撐公司大部分成長的資本支出項目明年恢復正常持樂觀態度。

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

你的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Pat, a question for you in terms of the outlook, at least for the second half. I know it's tough to offer global second half guidance, but you have given us some April color. So I believe U.S., down 25%; China, down 35%. And we can obviously estimate the path to comp recovery. In fact, you were very specific on the China path. So with all of that said, what is -- how do we think about it from a reasonable operating margin range in the U.S. and China based on these current comp trends? Or I don't know if you're more comfortable to give kind of a sensitivity, the annual benefit to earnings from points of comp or basis points of margin? Just trying to make sure there aren't any outliers in terms of rest of the year 2020 or 2021 modeling. I don't know, any form of sensitivity or framework you can provide in terms of what the type of down comp you're talking about would imply for operating margins in those 2 big segments over the next couple of quarters?

好的。派特，關於下半年的展望，我有個問題想請教你。我知道很難給出全球下半年的業績指引，但你四月已經透露了一些資訊。我認為美國市場會下降25%，中國市場會下降35%。我們當然可以估算出同店銷售額的復甦路徑。事實上，你對中國市場的復甦路徑描述得非常具體。那麼，基於目前的同店銷售趨勢，我們該如何考慮美國和中國市場合理的營業利潤率區間呢？或者，我不知道你是否更願意提供一些敏感度分析，例如同店銷售額或利潤率每下降幾個百分點對年度收益的影響？我只是想確保在預測2020年剩餘時間或2021年業績時，不會出現任何異常值。你能否提供一些敏感度分析或框架，來說明你所說的同店銷售額下降會對未來幾季這兩個主要業務部門的營業利潤率產生怎樣的影響？

Yes. Thank you, Jeff. Well, current margin performance is obviously highly distorted by large levels of store closures and interim store partner pay practices, so talking about the value of incremental comp growth or incremental margin improvement is somewhat irrelevant, I would say, at this juncture. Our top priority and our near-term goal is to return to cash-positive store operations and to improve from there towards full recovery. And we will do that by reopening large numbers of stores and improving their profitability, including normalizing store partner pay practices starting in May. And based on our current store reopening plans, we expect that our cash needs are going to peak this quarter.

是的，謝謝你，傑夫。目前，由於大量門市關閉和臨時性的門市合夥人薪酬制度，利潤率表現顯然受到了嚴重影響，因此，在這個階段討論同店銷售額增長或利潤率提升的價值意義不大。我們的首要任務和近期目標是恢復門市現金流為正的營運模式，並在此基礎上逐步實現全面復甦。我們將透過重新開放大量門市並提高其獲利能力來實現這一目標，包括從五月開始逐步恢復正常的門市合夥人薪酬制度。根據我們目前的門市重新開放計劃，我們預計本季現金需求將達到高峰。

Now as I said in my prepared remarks, we do expect the absolute impact of the lower sales and increased investments to intensify in the third quarter. It will be much more significant than they were in the second quarter, in large part, given to the longer duration of impact. Because when you think about it -- and let's talk about the U.S. business. In the second quarter, we had between 2 and 3 weeks impacted by COVID-19 outbreak. In the third quarter, for all intents and purposes, we're expecting 13 weeks of impact, most significant in the month of April, but reduced in the months of May and June as we reopen our stores and normalize our pay practices. Now for International, it's slightly different in the sense that we expect continued improvements in China from both a sales and margin perspective, but we do expect adverse impacts in Japan and other markets, including EMEA, to intensify compared to Q2. And that's, again, largely due to an extended duration of impact in the third quarter.

正如我在事先準備好的發言稿中所說，我們預期銷售額下降和投資增加的絕對影響將在第三季加劇。這將比第二季的影響更為顯著，這主要是因為影響持續時間更長。想想看—我們來談談美國業務。第二季度，我們受新冠疫情影響的時間只有2到3週。而第三季度，我們預計影響將持續13週，其中4月份的影響最為顯著，但隨著我們重新開放門市並恢復正常的薪酬制度，5月和6月的影響將有所減輕。國際市場的情況略有不同，我們預計中國市場的銷售額和利潤率將持續改善，但我們預計日本和其他市場（包括歐洲、中東和非洲地區）受到的不利影響將比第二季加劇。這同樣主要是由於第三季影響持續時間更長。

On balance, there are just too many unknowns and too many moving pieces to be able to provide more explicit guidance on Q3 results outside of China at this time other than to say that the impacts to revenue and operating income will be much more substantial in absolute terms in Q3 compared to Q2, but we do expect these impacts to moderate in the fourth quarter. And we will continue our practice of providing updates to the investment community when we have better visibility to them.

整體而言，目前存在太多未知因素和變數，因此我們暫時無法就中國以外地區的第三季業績提供更明確的指引。我們只能說，與第二季度相比，第三季營收和營業利潤受到的絕對影響將更為顯著，但我們預計這些影響將在第四季度有所緩解。我們將繼續沿用以往的做法，在情況更加明朗時及時向投資界提供最新資訊。

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

你的下一個問題來自瑞銀集團的丹尼斯蓋格。

Just wondering if you could talk a bit more about the competitive environment, both in the U.S. and in China, and how the Starbucks brand is positioned coming out of this, certainly depending on the situation with smaller chains and the independents or even the larger chains in the case of China. Just what that might mean for customer demand, for your traffic trends and also site selection and longer-term unit development potentially.

我想請您詳細談談美國和中國的競爭環境，以及星巴克品牌在當前情況下的定位，這當然取決於小型連鎖店、獨立門市，甚至中國大型連鎖店的情況。這會對顧客需求、客流量趨勢、選址、長期門市發展產生哪些影響？

Yes. Dennis, this is Kevin. I would just start by commenting on the momentum that we had generated pre-COVID. And clearly, the -- posting an 8% comp with 4 points of transaction growth in the U.S. in the first -- up until the last 2 weeks of March was clearly an indication that, I think, this combination of the in-store experience, beverage innovation and digital customer relationships was putting us in a position where we were, I think, growing share of the customer occasions at specialty coffee retail. And I believe, if anything, the way we've navigated the virus continues to put us in a very strong position competitively. That said, there's -- the economic implications following this are sort of yet to be determined. I think we're very optimistic about our competitive position, and we just have to -- we'll be a lot smarter 30 days from now after we get to see the reaction of the reopening in the United States.

是的，丹尼斯，我是凱文。首先我想談談我們在新冠疫情爆發前取得的良好勢頭。顯然，3月前兩週到最後兩週，我們在美國實現了8%的同店銷售額增長和4個百分點的交易量增長，這清楚地表明，我認為，店內體驗、飲品創新和數位化客戶關係的結合，使我們在精品咖啡零售領域佔據了越來越大的市場份額。而且我相信，我們應對疫情的方式，使我們在競爭中保持了非常強大的優勢。話雖如此，疫情帶來的經濟影響仍有待觀察。我們對自身的競爭地位非常樂觀，我們只需要在30天后，觀察美國重新開放後的反應，就能做出更明智的判斷。

Similarly in China, I think we're also in a very strong competitive position. I'd say both in the U.S. and China, we're in the strongest competitive position that we've been in, in the history of the company. And a lot of that comes through the focus and discipline that we had going into COVID as well as the principled way we have decided every action we've taken to navigate the COVID virus responsibly and thoughtfully, prioritizing the health and well-being of our partners and our customers, the engagement partnership we've had with governments and health officials to help contain and -- mitigate and contain the spread of the virus and the fact that we are showing up in a positive and responsible way in every community that we're part of. And so I think our competitive position is very strong. That said, we rise. We've got to keep -- stay focused on the things that matter. We've got to do the right things for our partners and our customers. And if we do that, I think we emerge from this strengthening the brand and strengthening the connection that we have with our customers.

同樣，我認為我們在中國也處於非常強大的競爭地位。可以說，無論是在美國還是中國，我們都處於公司史上最強大的競爭地位。這很大程度上源於我們在應對新冠疫情時所展現出的專注和自律，以及我們為應對疫情而採取的每一項行動都秉持的原則——負責任且深思熟慮地將合作夥伴和客戶的健康福祉放在首位；我們與政府和衛生官員建立了密切的合作關係，共同遏制和控制病毒的傳播；而且，我們在我們參與的每一個社區都積極承擔責任。因此，我認為我們的競爭地位非常強大。即便如此，我們仍需繼續前進。我們必須始終專注於真正重要的事情。我們必須為我們的合作夥伴和客戶做正確的事。如果我們能夠做到這一點，我相信我們就能從這場疫情中脫穎而出，增強品牌影響力，並加強與客戶的聯繫。

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

你的下一個問題來自高盛的凱瑟琳·福格蒂。

Great. If we look at the comp numbers in the U.S. business that you've discussed in March and then your guidance for April, overall, it might suggest that there hasn't really been a big sequential or week-on-week improvement in the business. And with the rest of restaurant, most of them are showing kind of week-on-week improvement. So I'm wondering, when you drill down a little bit on the weekly trends, are you starting to see improvements here with consumers? Or do you need to see these new initiatives like curbside or store reopenings before comps can reaccelerate?

好的。如果我們看一下您在三月提到的美國業務的同店銷售數據，以及您對四月份的預測，總體而言，這可能表明業務並沒有明顯的環比或週環比增長。而其他餐飲企業大多呈現出一定的周環比成長。所以我想問，當您深入分析每週趨勢時，您是否開始看到消費者行為有所改善？還是您認為需要看到像路邊取貨或門市重新開業這樣的新舉措，同店銷售才能再次加速成長？

Pat, why don't you take the numbers on the comp, and then we'll hand off to Roz to talk about sort of the trends that she's watching in terms of customer behavior?

Pat，你先統計一下競爭對手的數據，然後我們再把話題交給 Roz，讓她談談她正在觀察的客戶行為趨勢。

Certainly. Thank you, Katherine. So since the third week of March, when we initiated widespread closures of stores in the U.S., we've seen the comps, which include the impact of closures based on how we've defined comps for this period of time, it's been fairly steady in the range of minus 60 to minus 70. As we have in recent weeks reopened some more of our drive-through stores, we've seen slight improvement within that range so that we're closer to the minus 60 end of that range. But it really is not until we begin to reopen large numbers of stores starting the week of May 4 that we would anticipate seeing a material improvement in that number.

當然。謝謝你，凱瑟琳。自從三月第三週我們開始在美國大規模關閉門市以來，根據我們對這段時間同店銷售額的定義，計入門店關閉的影響後，同店銷售額一直穩定在-60%到-70%之間。最近幾週，隨著我們重新開設了一些得來速門市，同店銷售額略有改善，目前已接近-60%的區間。但我們預計，只有從5月4日那週開始大規模重新開放門市後，同店銷售才會出現實質改善。

Yes. More stores and more ways for customers to engage. And so Roz, why don't you talk a little bit about sort of the incremental ways that we're now engaging beyond just drive-through as we reopen these stores next week?

是的。更多的門市，更多的顧客互動方式。羅茲，你能不能談談除了得來速之外，隨著下週門市重新開業，我們還有哪些其他方式可以吸引顧客？

Yes. So Katherine, thanks for the question. So first of all, Pat did allude to a range, so that 65% to 75%. So as you drill down, there's probably some of those stores that are doing better, and we're seeing it migrate. It really depends on those local jurisdictions and where the sheltering-in has been lifted. And we're seeing that over the last week or so. So in some instances, it's actually too early to tell. Also remember that we have really turned off any marketing in this time. And so our customers are used to us introducing spring beverage in addition to speaking to them on a one-to-one basis through our digital relationships. And we've not acknowledged our birthday presentations to our customers. We've not introduced Happy Hour nor have we done our Double-Star Days. So I would say that we're operating in an abnormal position in terms of how we communicate to our customers.

是的。凱瑟琳，謝謝你的提問。首先，帕特確實提到了一個範圍，大概在65%到75%之間。所以，如果你深入分析，可能會發現有些門市的情況更好，我們也看到這種情況正在轉變。這實際上取決於當地的監管情況以及哪些地區已經解除了居家隔離令。我們在過去一周左右的時間裡看到了這種變化。所以在某些情況下，現在下結論還太早。另外，請記住，我們這段時間幾乎停止了所有行銷活動。我們的客戶已經習慣了我們透過線上管道與他們一對一溝通，並推出春季飲品。我們沒有舉辦生日慶祝活動，也沒有推出歡樂時光或雙星日活動。所以，我認為我們在與客戶溝通方面處於非常規的狀態。

Now coming out of the gate, we're doing a lot of new things with marketing. We'll have digital media. We'll have TV. We'll have paid social, owned, earned media. That all begins early next week. We're also creating new e-mail contacts to each one of our members. So those 30 million that you're -- that we can reach, we will do that in the next week. And the most important thing is to let them know that we are open. And it's surprising to us in some areas, people are not aware if we're open or not, and we've actually had different hours in different regions. So it's too soon to tell in terms of where the pickup will be, but we're pretty positive about the work that we have ahead of us and reintroducing our summer beverage line. So we're encouraged by that. I'll also mention, too, we have extensive work going on with our delivery partner. And so you'll see some marketing in the delivery space as well. So the acceleration of these new models that we opened, we're going to talk about them pretty broadly and loudly, and we'll know more over the next 30 days.

現在，我們一開門紅，在行銷方面做了很多創新。我們將利用數位媒體、電視、付費社群媒體、自有媒體和贏得媒體等管道進行推廣。所有這些都將在下週初開始。我們還將為每位會員建立新的電子郵件聯絡方式。這樣，我們就能觸達3000萬會員，我們將在下週完成這項工作。最重要的是讓他們知道我們已經恢復營業。令我們驚訝的是，在某些地區，人們並不清楚我們是否營業，而且不同地區的營業時間也略有不同。因此，現在確定取貨點的位置還為時過早，但我們對未來的工作充滿信心，並計劃重新推出我們的夏季飲品系列。我們對此感到鼓舞。另外，我還想提一下，我們正在與配送合作夥伴進行深入合作。因此，您也會看到我們在配送領域所進行的一些行銷活動。因此，我們將廣泛且高調地討論我們開啟的這些新模式的加速發展，在接下來的 30 天裡，我們將了解更多資訊。

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

你的下一個問題來自布萊恩·比特納和奧本海默的線路。

In China, you're expecting same-store sales down 25% to 35% in your third quarter. And Yum China this afternoon said the same quarter, their comps are down roughly 10% thus far. What do you think is driving the lag in your recovery versus a peer like this just based on your knowledge of the market? Is it about coffee in general? And just in general, do you expect a similar lag in your recovery in the U.S.? As you reopen just given your dependency on employment levels and your dependency on habitual high-frequency levels, should we expect a similar, like, lag in the recovery?

在中國，您預計第三季同店銷售額將下降25%至35%。百勝中國今天下午也表示，同期同店銷售額迄今已下降約10%。根據您對市場的了解，您認為是什麼原因導致您的復甦速度落後於其他同業？這與咖啡產業的整體情況有關嗎？總的來說，您預計在美國的復甦也會有類似的延遲嗎？考慮到您對就業水準和顧客消費習慣的依賴，隨著業務的重新開放，我們是否應該預期復甦也會有類似的延遲？

John, I'll let you comment on China.

約翰，關於中國的問題，就讓你來評論吧。

Yes. Brian, the biggest impact to us on the recovery is getting the rest of our stores open that aren't open. And those stores right now are in some of our highest volume channels, those being the international travel hubs and the airports, the tourist areas as tourism has subsided in China and then obviously some of the entertainment areas in the downtown urban areas and in the neighborhood. So once we get those stores reopened, we feel that we can get back to a path where our comps will continue to accelerate beyond what we're already seeing. The good news is that we continue to see transactions gain momentum in the market, number one. Number two, we also see digital continuing to play a bigger role and, in particular MOP and MOD, and we're going to continue to leverage that. And then number three, obviously, we're excited about getting new stores reopened as well and start opening new stores. And we're on a path where we are going to hit the 500 stores by the end of this year, and we are going to continue to accelerate. What we've seen thus far in the month of April, we've opened 7 new stores. They're performing well. We are also opening Starbucks Now, which is a mobile order pickup and mobile order delivery store concept. We now have it down in Shenzhen as well as in Beijing. We're going to continue to accelerate that concept. And once schools go back into session, which they start later this week and into next week, we foresee that the mornings will continue to recover as people go back into offices and get more back into routinized behaviors, which I think will help as well.

是的，布萊恩，對我們而言，復甦的最大影響在於讓所有尚未開業的門市重新開業。這些門市目前位於我們客流量最大的管道，例如國際交通樞紐和機場、旅遊區（因為中國的旅遊業已經下滑），以及市中心和社區的一些娛樂場所。一旦這些門市重新開業，我們相信就能重回正軌，實現同店銷售額持續成長，甚至超過目前的水準。好消息是，首先，我們看到市場交易量持續成長。其次，我們看到數位化管道，特別是MOP和MOD，將繼續發揮越來越重要的作用，我們將繼續利用這些管道。第三，我們當然也對新店重新開幕和新店開幕感到興奮。我們的目標是在今年年底前達到500家門市，我們將繼續加速發展。四月至今，我們新開了7家店，業績表現良好。我們也正在推出星巴克Now，這是一種移動下單取餐和外送服務的概念店。目前，深圳和北京都已開設了星巴克Now門市，我們將持續加速推廣此模式。學校將於本週稍晚或下週復課，我們預計隨著人們重返辦公室，恢復日常作息，早晨客流量將會持續回升，這也有助於提升早間客流量。

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

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

I hope you're all staying safe. I was looking to get an update on supply chain, particularly around coffee and, to a lesser degree, pork. I mean you guys are somewhat insulated from protein challenges and shortages that are starting to surface. But given the amount of coffee that is imported in Latin America, it's a little bit earlier stages with COVID-19 relative to the U.S. Can you talk about the visibility you have into securing the supply of coffee and, to a lesser degree, pork for breakfast sandwiches?

希望大家都平安健康。我想了解一下供應鏈的最新情況，特別是咖啡的供應，以及豬肉的供應情況（程度稍輕）。我的意思是，你們在某種程度上免受蛋白質供應挑戰和短缺的影響，而這些挑戰和短缺已經開始顯現。但考慮到拉丁美洲咖啡的進口量，與美國相比，你們受新冠疫情的影響仍處於早期階段。您能否談談您們在確保咖啡供應方面的情況，以及在確保早餐三明治所需的豬肉供應方面的情況？

John, maybe you take green coffee sourcing. And then, Roz, why don't you take rest of the supply chain, the roasting network as well as the food sourcing? But John, since you manage the coffee piece, on green coffee, sourcing of green coffee, why don't you talk a little bit about that?

約翰，或許你可以負責生咖啡豆的採購。羅茲，為什麼不負責供應鏈的其他部分，例如烘焙網絡以及食品採購呢？約翰，既然你負責咖啡部分，包括生咖啡豆的採購，為什麼不談談這方面呢？

Yes. Andrew, this is something that we're monitoring, obviously, each and every day. We feel very good with our positions on green coffee inventories and how we're positioned in the marketplace. What we've seen in terms of green coffee is that in Latin America, they're through the harvest, and we were able to secure the adequate supply that we need. We're now moving into South America, into Brazil and Colombia. And we're continuing to see those markets have good crops this year, and we don't anticipate any supply disruption in that regard. So we feel good about the green coffee. And then as we get it here to the states, having the transportation set up to do so.

是的，安德魯，這顯然是我們每天都在密切關注的事情。我們對目前的生咖啡庫存以及市場定位都非常滿意。就生咖啡而言，拉丁美洲的採摘季節已經結束，我們能夠確保所需的充足供應。現在，我們正將目光轉向南美洲，特別是巴西和哥倫比亞。我們看到這些市場今年的收成依然良好，預計不會有任何供應中斷。因此，我們對生咖啡的供應充滿信心。接下來，我們將安排好運輸，確保生咖啡能順利運送到美國。

Andrew -- thank you, John. Andrew, a couple of things on our roasting capacity. We've been able to keep our roasting facilities open and running. We have followed local mandates for closure. As you can imagine, in Amsterdam and different areas, we shut down for a period of time. But we had a network of coffee built into the system. We did go, take a few units down to do cleaning procedures to make sure we have a safe environment. We've adjusted in our roasting facilities for social distancing, and that's been very effective for us. It has not impacted our production capacity. So we feel pretty confident in our roasting capacity right now. Even before stores are opening, we are in good shape.

安德魯——謝謝你，約翰。安德魯，關於我們的烘焙能力，有幾點需要說明。我們的烘焙工廠一直保持開放運作。我們遵守了當地的停業規定。正如你所想，在阿姆斯特丹和其他一些地區，我們都停業了一段時間。但我們的系統裡有完善的咖啡供應網絡。我們確實抽出一些設備進行清潔消毒，以確保生產環境安全。我們調整了烘焙工廠的佈局，以保持社交距離，這對我們來說非常有效。這並沒有影響我們的產能。所以我們現在對我們的烘焙能力很有信心。即使在商店重新開業之前，我們的狀況也很好。

In terms of food sourcing, there's a lot of activity happening in proteins. Our breakfast sandwich business is secure. I will talk a little bit about breakfast as a category that we are intentionally wanting to regain as we reopen. We feel confident that we've got the inventory there, and it's been in close contact with all of our suppliers in that area. So right now, we feel pretty good about our position. Thanks for the question.

在食品採購方面，蛋白質供應方面非常活躍。我們的早餐三明治業務很穩定。接下來我會重點談談早餐這個品類，我們希望在重新開業後能夠恢復這部分業務。我們有信心庫存充足，並且一直與該地區的供應商保持密切聯繫。所以目前我們對自身狀況相當滿意。謝謝你的提問。

Your next question comes from Matt DiFrisco with Guggenheim.

下一個問題來自古根漢美術館的馬特·迪弗里斯科。

Pat, my question is with respect to sort of the U.S. stores and the 50% or so that are closed. Obviously, that's a higher number than a lot of your peers, and that would suggest that those stores or those locations are somewhat hamstrung during the COVID situation, being locked down. I would presume that you're going to expect those not to open up at 75% indexing pre-COVID May 1, as those probably were closed for reasons and employment not being back. Is that correct sort of an assumption? But also is there some leverage you have potentially with renegotiating rents or leases on some of these stores that if the new normal looks a little bit as far as the recovery period where they might be permanently hamstrung, is there some level of renegotiating or leases where since you've closed these 50%, that's given you a little bit of an entrance into that with the landlords?

派特，我的問題是關於美國門市目前關閉的約50%的情況。顯然，這個比例高於許多同行，這表明在新冠疫情期間，這些門市或門市的營運受到了一定程度的限制。我猜想，您預計這些門市的客流量不會恢復到疫情前5月1日的75%，因為它們可能因為各種原因關閉，而且當時就業尚未恢復。我的假設正確嗎？另外，如果疫情後的新常態持續到復甦期，這些門市可能長期處於受限狀態，那麼您是否可以利用這些門市的租金或租約進行一些談判？鑑於您關閉了這50%的門市，您是否可以利用這一點與房東進行一些談判？

Matt, this is Kevin. Let me just comment on the part of your question, then I'll hand it over to Pat. You'd suggested that 50% of the stores that we closed were hampered for some reason. That's not the case. We decided when we went into the shelter-at-home to only open drive-throughs, and we did that for partner safety. We just decided rather than have any location that has a cafe opened during the period where the nation was sheltering at home and social distancing, we thought that was the safest way for us to ensure both our partners' safety as well as out of our customers. So that's what drove the decision to close all those stores, whereas certainly others made different decisions, and that's fine. But we prioritize the health and well-being of our Starbucks partners and the customers, which is why we were more aggressive perhaps than others in closing stores. And then I'll hand over to Pat for comments on the other question.

馬特，我是凱文。我先就你問題的一部分做個簡要說明，然後把麥克風交給帕特。你提到我們關閉的門市中有50%是因為某些原因而受到影響。事實並非如此。居家隔離期間，我們決定只開放得來速服務，這是為了保障員工的安全。我們認為，在全國居家隔離和保持社交距離期間，與其讓任何一家設有咖啡廳的門店繼續營業，不如採取更安全的方式，既能保障員工的安全，也能保障顧客的安全。這就是我們決定關閉所有門市的原因。當然，其他商家可能會做出不同的決定，這無可厚非。但我們始終將星巴克員工和顧客的健康福祉放在首位，這也是為什麼我們在關閉門市方面可能比其他商家更加積極的原因。接下來，我會把麥克風交給派特，請她就另一個問題做些說明。

Thank you, Kevin. And thanks, Matt, for the question. So a couple of things I'll comment on. The first is that as we reopen our stores that are currently closed, we will be applying our normal discipline to optimize store performance. We have a world-class operations team that is as focused on the bottom line as on the top line, driving sales. And so once we have better visibility to the sales recovery curves for those stores, we will be taking appropriate steps to optimize their profitability. Specifically with respect to rent, what I'd like to say is that to date, we're quite proud of the fact that we have remained current on all of our rent payments, which we believe reinforces our position as a developer of choice, if you will. We are having ongoing conversations with our landlords in various markets regarding what may be commercially reasonable lease concessions in the current environment. So we've not yet confirmed those arrangements, and it's really premature to indicate what that relief may look like, but it is something that we are pursuing.

謝謝凱文，也謝謝馬特的提問。我想就幾點談談我的看法。首先，當我們重新開放目前關閉的門市時，我們將秉持一貫的嚴謹作風來優化門市業績。我們擁有一支世界一流的營運團隊，他們既專注於營收成長，也專注於利潤，致力於推動銷售。因此，一旦我們能夠更清楚地了解這些門市的銷售復甦情況，我們將採取適當措施來提升其獲利能力。具體到租金方面，我想說的是，迄今為止，我們一直按時支付所有租金，我們為此感到非常自豪，我們相信這鞏固了我們作為首選開發商的地位。我們正在與各市場的房東就當前環境下可能存在的合理租金優惠進行持續諮詢。目前我們尚未最終確定這些安排，現在談論具體的優惠方案還為時過早，但我們正在積極尋求解決方案。

And I do think it is fair to believe that occupancy -- lease rates are going to go down post-COVID just given the situation. And I think that's a fair assumption.

我認為，鑑於目前的情況，疫情後入住率和租金下降是合理的。我認為這是一個合理的假設。

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

下一個問題來自 Stifel 公司的 Chris O'Cull。

Could you describe the primary differences in maybe the approach to reopening in the U.S. compared to China? I'm just wondering if it will be easier to recover sales in one country more so than the other because of either the approach the country is taking to reopening or maybe because of just differences in consumer behavior.

您能否描述一下美國和中國在重啟經濟方面的主要差異？我只是想知道，由於兩國採取的重啟方式不同，或者僅僅是由於消費者行為的差異，哪個國家更容易恢復銷售。

Yes. Let me just comment briefly, and then I'll hand off to Roz to sort of share the path for U.S., and then John can close by a little bit of some of the differences in China. For me, I think the comment I would make was in China, it was decisions were made centrally by central government on a city-by-city basis, and even certain office parks and things were actually coordinated when they opened. And so the opening of stores was over a longer period of time than I think we're going to see in the U.S., but it was orchestrated city-by-city and almost community-by-community centrally. Keep in mind, in China, the period of shutdown or the period of sheltering-at-home was about 3 weeks, whereas here in the U.S., it's been about 6 weeks.

是的。我先簡單說幾句，然後把麥克風交給羅茲，讓她來談談美國的情況，最後約翰可以總結中國的一些不同之處。就我個人而言，我想說的是，在中國，各項決策都是由中央政府逐個城市統一制定的，甚至一些辦公園區之類的場所的開放時間也是經過協調的。因此，商店的重新開放時間比美國要長，但這是中央政府逐個城市、幾乎逐一社區統籌安排的。請記住，在中國，封鎖或居家隔離的時間大約是三週，而在美國，則持續了大約六週。

And so now as we reopen in the U.S., I think we anticipate that the stores are going to reopen across the nation at a faster rate. But the format we're going to use is going to be -- in each store is going to be dependent on sort of what's happening in that particular store. So I think there's a lot of similarities in terms of the safety protocol, the operating protocols in the stores, the way we -- the priorities, the principles we use to make these decisions. But I think there'll be a little bit of a difference in terms of -- in the U.S. deciding -- we'll open them faster, but we'll decide geography by geography what's the appropriate format.

隨著美國逐步重啟，我們預計全國各地的門市將以更快的速度重新開業。但具體採用哪種模式，將取決於每家店的實際情況。我認為，在安全規程、門市營運規程以及我們制定決策的優先事項和原則方面，有許多相似之處。但我認為，在美國，門市的重新開業速度會更快，但具體採用哪種模式，我們會根據不同地區的實際情況而定。

Roz, why don't you share a little bit more about the plans that you see unfolding over the next 30 days?

羅茲，你能否再詳細談談你對未來30天計畫的設想？

Sure. So Chris, thank you for that question. So one of the things I'll highlight, and John Culver alluded to it earlier, is a different habit between China and the U.S.

當然。克里斯，謝謝你的提問。我想重點強調一點，約翰·庫爾弗之前也提到過，那就是中國和美國之間存在著不同的習慣。

China is a sit-down market and the U.S. is a grab-and-go market. So for us to have access to a good percentage number, more than 50% of our stores in the U.S. are drive-through. So that alone is going to create a difference. The second difference I will say, and I think it's really obvious, is that we have this decentralized decision-making. And so local municipalities can make a decision on openings and closings and shelter-ins and not and the mobility of the customer. So we'll learn those patterns through the month of May and be able to come back to you, as Pat described, in early June. But one of the things we're doing, and it's primary to us, is partner safety. And so as we reopen the stores, we're reopening in a safe environment, which is why these new modes of pick up and go, we're really enforcing. We're enforcing to download the app and pick up and order ahead. We're also providing the safety for our partners, things like a partner precheck. And we instituted that last week, where thermometers will be available in all stores. And then we will actually have every partner take their temperature and then validate if they're ready to work through a series of questions. That's something that we learned from China. It was very helpful for us. And so we are -- we learn from China and then just expanded that work and then looked at government and local health officials and what they were saying. And that's how we plan to open, and we'll be in this safe position until we learn more.

中國是堂食市場，而美國是即買即走市場。為了確保我們能獲得較高的客流量，我們在美國超過50%的門市都提供免下車服務。僅此一點就足以產生影響。第二個區別，我認為顯而易見，就是我們採用了分散式決策。因此，地方政府可以自行決定門市的開放、關閉、是否實施居家隔離、以及顧客的出行。我們將在五月觀察這些模式，並像帕特所說的那樣，在六月初向大家報告。但我們正在做的一件事，也是我們最重視的，就是員工的安全。因此，在重新開放門市的同時，我們確保在安全的環境下運營，這也是我們大力推廣「即買即走」新模式的原因。我們要求顧客下載應用程序，提前下單取貨。我們也為員工提供安全保障，例如員工預檢。上週我們已經開始實施這項措施，所有門市都將配備體溫計。我們會要求每位員工測量體溫，並詢問一系列問題，以確認他們是否準備好繼續工作。這是我們從中國學到的經驗，對我們非常有幫助。因此，我們借鑒了中國的經驗，並在此基礎上擴大了工作範圍，同時參考了政府和地方衛生官員的建議。這就是我們計劃的複工方案，在獲得更多資訊之前，我們會一直保持這種安全的狀態。

So we're going to learn as we go as -- Kevin calls it monitor and adapt. We're falling into line there and really going to open our stores. I'm encouraged that we'll have 90% of the stores open. The other thing I'll tell you is that our partners are really wanting to -- they start from connection also. And so they're excited about rejoining the stores next week, and we're having somewhat of a homecoming celebration for them as they reenter the stores next week and actually take them through new training around the cleaning protocols and then also how to keep themselves safe and healthy and how to keep customers safe and healthy. So we've got a pretty strong reopening plan that kicks off early next week.

所以我們會邊做邊學——凱文稱之為「監控與調整」。我們正在積極配合，並計劃重新開放門市。令我感到鼓舞的是，我們將有90%的門市恢復營業。另外，我想告訴大家的是，我們的合作夥伴也非常渴望重返工作崗位——他們同樣從建立聯繫開始。因此，他們非常期待下週重返門市。我們將為他們舉辦一個類似「回家」的慶祝活動，屆時他們將重返門市，我們將為他們提供關於清潔流程、如何保障自身及顧客安全健康的全新培訓。因此，我們制定了一個非常完善的重新開放計劃，將於下週初正式啟動。

Thanks, Roz. And John, last word on China?

謝謝，羅茲。約翰，關於中國還有什麼要補充的嗎？

Yes. Chris, just real quick on China. I think the big difference for us has been our ability to leverage the relationships that we've been able to build with the government officials, both in the central government, the provincial government and then into the cities, and really taking those relationships and being able to understand how they're thinking about the reopening and working closely with them on staging our reopening based on what their plans were. We also were very well connected into the local health officials as well. And we work very closely with them to put together the safety protocols in our stores and how we would operate our stores going forward. So really making sure that we created a safe environment and that we continue to build on the trust that our brand has with our customers and obviously with our partners.

是的，克里斯，關於中國，我簡單說一下。我認為對我們來說最大的不同在於，我們能夠充分利用與中央、省級和市級政府官員建立的關係，真正了解他們對重新開放的想法，並根據他們的計劃與他們密切合作，分階段地推進我們的重新開放。我們與當地衛生官員也保持著非常良好的聯繫。我們與他們緊密合作，制定門市的安全規程以及未來的營運方案。我們努力確保創造一個安全的環境，並繼續鞏固我們品牌在顧客和合作夥伴心中建立的信任。

And so what we've seen as we've opened up, first off, our partners, similar to the U.S., were very excited to get back into stores. And as a matter of fact, since we've begun and gotten to the 98% of stores reopened, our customer experience scores has actually increased by over 8 points pre-COVID levels. So the engagement level of our customers and, more importantly, the engagement level of our partners is really amplifying the strength of our brand and the resilience of Starbucks in the market. So very proud of the work that they've done and just want to recognize the China team for what they've done to navigate this complex situation.

因此，隨著我們逐步恢復營業，首先，和美國一樣，我們的合作夥伴都非常興奮地重返門市。事實上，自從我們開始恢復營業，目前已有98%的門市重新開業，顧客體驗評分比疫情前水準提高了8分以上。顧客的參與度，更重要的是，合作夥伴的參與度，都大大提升了我們品牌的實力和星巴克在市場上的韌性。我為他們所做的工作感到非常自豪，也想特別感謝中國團隊在應對這一複雜局面中所做的貢獻。

Ladies and gentlemen, that was our last question today. I will now turn the call over to Mr. Kevin Johnson.

女士們、先生們，這是我們今天最後一個問題。現在我將把電話交給凱文·約翰遜先生。

Thank you. I want to thank you for joining us today, and I hope you and your families are all safe and healthy. We continue to navigate through this unprecedented situation, staying true to our mission and values, and I'm pleased with where we are.

謝謝大家。感謝各位今天蒞臨，也衷心希望您和您的家人平安健康。我們將繼續應對這場前所未有的挑戰，始終堅守我們的使命和價值觀，我對我們目前的進展感到滿意。

China has demonstrated a clear path to recovery. The U.S. is prepared to reopen a large number of stores next week and throughout the month of May. Our channels business has demonstrated resilience through all of this, and I am confident in our approach and optimistic about our ability to continue to drive Starbucks recovery in this monitor-and-adapt phase.

中國已展現出清晰的復甦路徑。美國準備在下週及整個五月重新開放大量門市。我們的通路業務在此次疫情期間展現出了強大的韌性，我對我們的策略充滿信心，並對我們在這個持續監測和調整階段繼續推動星巴克復甦的能力持樂觀態度。

We all understand the power of the Starbucks brand is strong. And through our principled actions, we have strengthened the trust and confidence of both our partners and our customers have in Starbucks. That will serve us very well for the long term. I'm very proud of how Starbucks partners have shown up in every part of the world, and we will continue to be focused, disciplined and transparent with all stakeholders as we continue to navigate this situation. Thank you.

我們都深知星巴克品牌的強大影響力。透過我們秉持的原則，我們鞏固了夥伴和顧客對星巴克的信任和信心。這將對我們長遠發展大有裨益。我為世界各地星巴克夥伴們的表現感到無比自豪，我們將繼續保持專注、嚴謹和透明，與所有利益相關者攜手共渡難關。謝謝。

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

星巴克咖啡公司2020財年第二季電話會議到此結束。您可以斷開連線了。