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)

下午好。我的名字是赫克托，今天我將成為您的會議接線員。我想歡迎大家參加星巴克咖啡公司 2020 財年第二季度電話會議。 （操作員說明）

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

我現在將把電話轉給投資者關係副總裁 Durga Doraisamy。 Doraisamy 女士，您現在可以開始您的會議了。

Good afternoon, everyone, and thank you for joining us today to discuss our 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.

大家下午好，感謝您今天加入我們討論我們的 2020 財年第二季度業績。今天的討論將由總裁兼首席執行官 Kevin Johnson 主持；和首席財務官 Pat Grismer。在問答環節，美洲首席運營官兼集團總裁 Roz Brewer 將加入我們的行列； John Culver，國際、渠道開發和全球咖啡和茶集團總裁。

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

本次電話會議將包括前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述存在重大差異。任何此類聲明都應與我們在提交給美國證券交易委員會的文件中的收益發布和風險因素討論中的警告聲明一起考慮，包括我們上一份關於表格 10-K 的年度報告和關於表格 10-Q 的季度報告。此外，在某些情況下，我們通過將實際結果與我們之前的預測進行比較來估計 COVID-19 的影響。這些預測是在病毒傳播之前創建的，基於當時可用的信息和各種假設，我們認為這些假設是合理的，但其中部分或全部可能被證明不准確。星巴克不承擔更新任何這些前瞻性陳述或信息的義務。

GAAP results in fiscal 2020 include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items. 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財年的公認會計原則結果包括與戰略行動相關的幾個項目，包括重組和減值費用、交易和整合成本以及其他項目。這些項目不包括在我們的非公認會計原則結果中。請訪問我們的網站investor.starbucks.com，了解今天電話會議中提到的某些非公認會計原則財務指標與其相應的公認會計原則指標的對賬情況。

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.

本次電話會議正在進行網絡直播，網絡直播的存檔將在 2020 年 5 月 29 日星期五之前在我們的網站上提供。最後，為了您的日曆規劃目的，請注意，我們的 2020 財年第三季度收益電話會議已暫定定於 2020 年 7 月 28 日星期二。

And I will now turn the call over to Kevin.

我現在將把電話轉給凱文。

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。在世界各地，人們、一線響應者、政府和企業都在度過非常時期。我謹代表星巴克，向所有在這場大流行期間因生命損失、焦慮和孤立感以及對健康和經濟不確定性的恐懼而受到影響的人表達我們最深切的同情和同情。就在 3 週前，本著持續透明的精神，帕特和我與所有利益相關者分享了我們關於 COVID-19 如何影響我們的業務以及我們如何應對的第二個季度內更新。今天，中國的持續復甦加強了我們的信念，即這些影響是暫時的，我們將從這場全球大流行中脫穎而出，擁有新的洞察力和能力，這將使我們的業務更加強大和相關。

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 1 月份大流行開始以來，我們為推動決策制定的原則對我們很有幫助，將重點放在我們的應對和恢復工作上。三個簡單的原則是優先考慮我們的合作夥伴和客戶的健康和福祉，在支持衛生和政府官員努力減輕這種病毒的傳播並以積極和負責任的方式為我們服務時發揮建設性作用社區。

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 日對利益相關者的更新中，我們分享了推動我們公司歷史上最強勁的假日季節之一的積極業務勢頭持續到我們在美國的第二季度。我們的表現明顯受到 COVID-19 的影響，但我們相信星巴克品牌處於有利地位，我們的規模增長議程保持不變，並將在我們擺脫當前危機時推動未來增長。

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

我將分享第二季度的一些值得注意的亮點，然後就我們期望如何隨著時間的推移恢復我們的業務提供一些觀點。

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.

在美國和渠道發展的強勁表現的推動下，第二季度對星巴克來說將是一個特殊的季度，儘管我們同時在應對 COVID-19 在中國的影響。然而，在本季度末，大流行開始對我們在中國以外的業務產生重大影響，這在美國都受到了重大影響。因此，第二季度的綜合收入為 60 億美元，與去年相比下降了 5%，主要是由於全球可比店面銷售額收縮 10%，原因是暫時關閉店鋪、修改店鋪運營和客流量放緩，部分被渠道發展的實力所抵消。

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，大流行在第二季度的大部分時間影響了我們的業務，收入和可比商店銷售額同比分別下降了 3.25 億美元和 50%。如今，我們在中國幾乎 100% 的門店都在營業，其中許多門店都設有座位有限、營業時間縮短和其他安全協議。在中國仍處於關閉狀態的星巴克門店主要位於電影院和封閉式娛樂場所，以及國際旅遊樞紐和某些旅遊區，這些地方仍然存在限制。

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.

自從我們在 2 月下旬開始重新開店以來，我們看到中國商業、住宅和辦公地點的可比店面銷售額顯著改善。我們還看到店內銷售的組合繼續上升。 4 月份，中國同店銷售額下降約 35%，較 2 月中旬負 90% 的每週低點大幅改善。重要的是，儘管新店開發活動在本季度的大部分時間裡暫停，但我們在第二季度在中國開設了 59 家淨新店，並在 4 月份迄今新增了 7 家店。我們預計在 2020 財年將開設至少 500 家淨新店，而原計劃今年的新店多達 100 家，推遲到 2021 財年。這代表著我們新店開發的快速重新加速，並說明了驚人的精神和巨大的我們在中國的團隊的能力。鑑於這一進展，我們相信我們的複蘇計劃正在奏效，我們對利用中國優質咖啡市場長期增長潛力的能力保持樂觀。

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，除非出現任何新的中斷，否則我們在中國的業務將在本財年末實現大幅復甦。就在上週，我們推出了星巴克 GOOD GOOD 營銷活動，在產品和包裝中採用植物替代品。通過這個項目，星巴克在中國推出了一種植物性牛奶替代品 Oatly。此外，星巴克是中國第一家在全國范圍內提供 Beyond Meat 的植物性蛋白質的供應商，新的亞洲菜單項目採用植物性材料製成的包裝。這次活動只是我們在為客戶介紹相關菜單選擇的同時對地球有益的更大願望的第一步。

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.

在過去的 20 年裡，我們通過投資於我們的合作夥伴並為我們的客戶提供獨特的優質體驗，建立了一個令人欽佩和值得信賴的品牌。在投資未來的同時，我們將繼續在中國進行長期的博弈。我們將於 2022 年在上海以外開設的最先進的咖啡創新園將成為星巴克面向中國客戶的全球咖啡烘焙網絡的重要組成部分，這也證明了我們在中國看到的精品咖啡的增長機會市場。

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.

星巴克的優質客戶體驗在中國高度差異化，品牌一如既往的強大。我們繼續深思熟慮地投資中國，這個市場對星巴克來說具有巨大的長期增長潛力。我為星巴克中國作為我們兩個領先增長市場之一繼續鋪平道路而感到自豪。

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.

現在轉到星巴克的另一個主要增長市場，美國。在經歷了星巴克歷史上最強勁的假日季度之一之後，美國的勢頭在第二季度繼續保持良好勢頭。在 3 月中旬之前，美國的收入增長正在加速至 4 年來的最高水平，這得益於可比商店銷售額增長 8%，其中可比交易增長 4%。此外，2 年期組合的增長率為 12%，是 3 年來最強勁的。

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.

隨著全天的增長以及我們的星巴克獎勵會員和偶爾的客戶的大力貢獻，很明顯，我們對客戶體驗、飲料創新和數字客戶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，當宣布國家緊急狀態以緩解 COVID-19 時，我們的表現中斷了。我們決定關閉超過 50% 的公司自營商店，並將服務限制為繼續營業的免下車和送貨服務。在第二季度的最後 3 週，美國的comp 銷售迅速減速，在本季度結束時下降了 3%，這主要是由於交通量收縮了 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.

根據我們在中國應對 COVID-19 所獲得的經驗，我們已經為美國的這個緩解和控制階段做好了充分的準備，特別是因為我們的商店能夠很好地採用運營安全協議，同時仍然滿足我們的客戶需要。在美國，我們公司近 60% 的自營商店包括免下車服務，而在危機之前，我們 80% 以上的客戶活動都是在路上進行的，其中大部分訂單是通過免下車或通過使用 Starbucks 應用程序進行移動訂單取貨或送貨。值得注意的是，在第二季度，90 天活躍的星巴克獎勵會員，即我們可以直接進行數字交流的高度常規化、高度參與和忠誠的客戶群，在美國增加到 1940 萬，比一年前增長了 15%。

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.

自危機開始以來，我們看到整個季度的平均門票增長有所增加，這是由於大流行期間的客戶正在為他們的家、當地的基本業務和一線響應團隊進行星巴克的集體訂購。總體而言，Nitro Cold Brew 和茶點繼續引領飲料市場。我們新推出的 alt 牛奶飲料 Almondmilk Honey Flat White 和 Coconutmilk Latte 也引起了客戶的共鳴。

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.

迄今為止，我們在食品方面的創新，尤其是我們的新早餐包裝，已經超出了預期。與我們在中國的經驗類似，我們正在過渡到一個新的運營階段，我們稱之為監控和適應。我們現在正在利用數字工具，使我們能夠監控美國每個社區的 COVID-19 情況，並利用各種服務選項，從非接觸式服務、入口取貨、有停車位的路邊送貨到送貨上門，這允許我們深思熟慮地重新開設商店並擴大運營規模。我們正在尋找新的創新方式來服務我們的社區，優先考慮客戶和合作夥伴的安全，重點是超越公共衛生標準並適應新的客戶期望。我們的數字影響力與一系列服務選項相結合，使我們能夠使用迄今為止指導我們應對措施的 3 條簡單原則，以深思熟慮的方式逐個社區地重新開設商店。我們的監控能力為決策提供了必要的輸入，使我們能夠根據特定社區或特定商店的情況調高或調低撥號盤。這是複甦的開始，因為我們從 5 月初開始重新開設門店，我們預計到 6 月初，大約 90% 的公司運營的美國星巴克門店將重新開業，並加強了安全協議並修改了時間表。

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.

我們還與美國各地的被許可人分享我們的商店安全協議，他們繼續負責任地經營他們的商店，特別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是這樣的。在美國，這個監測和適應階段是重新開店的轉折點，並開始了一個恢復過程，需要逐個社區進行持續監測，以快速適應和推動恢復。我們有能力利用我們的數字資產和新的運營模式（如非接觸式取貨和路邊）來擴大對客戶的服務。我們對客戶體驗、飲料創新和數字化的關注使星巴克與眾不同，並使我們能夠重新獲得 COVID-19 之前的勢頭。在星巴克，第三位一直是關於社區、聯繫和便利的。我們希望通過持續改進我們的數字能力和創新的商店形式來加強這種競爭優勢，使我們能夠與客戶聯繫並安全地為我們的社區服務，並且更加便利。

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.

我為星巴克在美國的合作夥伴在這一切中的表現感到自豪。他們在為社區服務的同時，還為前線救援人員提供了超過100萬杯免費咖啡，他們孜孜不倦地關愛他人，這讓我們感到非常自豪。

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.

利用在中國開發並在美國完善的劇本，我們正與我們的國際許可合作夥伴密切合作，以應對當前環境並為恢復做好準備，我們的使命和價值觀以及對安全和負責任地提供星巴克體驗的承諾的指導。隨著星巴克在 82 個市場中的存在，我們致力於支持我們在世界各地的許可合作夥伴，因為他們也應對這一挑戰。

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，對我們的渠道開發業務發表一些評論。在當前環境下，我們渠道開發部門的戰略價值已經顯而易見。通過多種渠道銷售星巴克產品可以擴大品牌知名度，並擴大我們與客戶見面的能力，即使他們無法訪問我們的零售店。通過與雀巢和我們的即飲合作夥伴（包括百事可樂和康師傅）的全球咖啡聯盟，我們在過道、雜貨店、大眾商家、便利店和網上提供各種星巴克產品。在第二季度，該部門的收入增長了 16%，其中包括主要與全球咖啡聯盟過渡相關活動相關的 5% 的有利影響，提高了我們在專業零售以外的咖啡市場的份額。這仍然是我們大規模增長議程的重要組成部分。

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僅在 20 個月前成立。從那時起，我們現已將星巴克品牌擴展到全球近 50 個市場。很明顯，我們的渠道策略運行得非常好。

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.

在我交給帕特向您介紹季度和年度平衡的細節之前，我想強調一個關鍵點。星巴克是有彈性的。自成立以來的 49 年多來，我們克服了擺在我們面前的每一個挑戰，並且也在克服這一挑戰。我們的中國業務正在復蘇。我們的美國業務正在進入重新開店階段，適應新的現實，恢復和重建勢頭。我們的渠道開發業務正在發布非常強勁的業績，並起到了品牌放大器的作用。我們的規模增長議程為我們成功應對這一挑戰提供了重點和紀律。我們對我們的方法仍然充滿信心。我們知道還有很多工作要做，而且我們必須在世界應對 COVID-19 並努力研製疫苗時保持敏捷。我們有一條非常明確的前進道路。我們對未來持樂觀態度，我們相信星巴克會從這次經歷中脫穎而出，比以往任何時候都更強大、更堅定、更專注。

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.

但真正的功勞歸功於星巴克的合作夥伴。我們一起在情感上與以人性為基礎的使命聯繫在一起。我們一起做出有原則的決定，忠於我們的價值觀。合作夥伴是我們恢復能力的關鍵。這就是為什麼我們將盡我們所能為他們提供經濟確定性並支持他們度過這個充滿挑戰的時期。畢竟，合作夥伴是星巴克的心跳。

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?

現在我將把它交給帕特，以更深入地了解我們的第二季度財務業績、我們 20 財年展望的更新以及我們應對這場危機的財務準備情況的概述。拍？

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.

謝謝你，凱文，大家下午好。首先，我想回應 Kevin 對我們所有星巴克合作夥伴的感謝，儘管全球社區目前面臨困難，但他們仍繼續表現出對星巴克及其社區的奉獻精神。

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，由於 COVID-19 大流行導致的業務中斷對我們的財務業績產生了重大影響。正如凱文所說，我們認為這些影響是暫時的，正如我們在中國的持續復甦所證明的那樣，因此我將強調財務影響，以便為投資者提供關於我們第二季度正常化業績的觀點以及對未來幾個季度的洞察力結果可能會受到這些條件的影響。在所有情況下，我們通過將第二季度實際報告的結果與我們的內部預測進行比較來估計這些影響，具體到每個運營部門和市場。這些預測是根據與 COVID-19 相關的重大業務影響開始之前收入和盈利能力的最新流行趨勢制定的，具體針對每個運營部門和市場。這些影響於 1 月下旬首先在中國開始，並在本季度晚些時候在其他市場上體現出來。

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.

第二季度，星巴克的綜合收入為 60 億美元，比上年下降 5%。我們估計，由於商店臨時關閉、銷售渠道受限、營業時間縮短和客流量嚴重減少，COVID-19 的影響約為 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.

正如我們本月早些時候在 8-K 中分享的那樣，第二季度非公認會計原則每股收益為 0.32 美元，比去年下降 47%。我們估計 COVID-19 的影響約為 0.45 美元，不僅包括我之前提到的對收入影響的利潤流動，還包括我們為應對大流行而產生的增量成本，我稍後將對此進行概述。

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.

我將首先提供一些關於第二季度分部經營業績和綜合利潤率表現的亮點，然後我們將分享一些關於年度業績和流動性平衡的觀點。

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.

我們美洲部門的收入在第二季度與去年同期持平，為 43 億美元，因為過去 12 個月新店淨增長 3% 的增量銷售額被可比店面銷售額下降 3% 有效抵消。在本季度的前 10 週，在過去幾個季度的強勁勢頭的基礎上，美國實現了 8% 的可比商店銷售額增長。但這被我之前提到的 COVID-19 影響導致本季度最後 3 週的急劇下降所抵消，最終導致本季度下降 3%。我們估計美國第二季度因 COVID-19 導致的收入下降約為 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.

整個 2 月份，美洲非公認會計準則營業利潤率較上年顯著提高，反映出強勁的銷售槓桿和持續的供應鏈效率。然而，由於銷售快速下降以及為應對 3 月中旬開始在美國爆發的 COVID-19 爆發而進行的大量投資，美洲第二季度非公認會計準則營業利潤率從之前的 20.3% 下降至 14.4%年。我們估計，第二季度 COVID-19 對美洲非 GAAP 營業收入的影響約為 4.2 億美元，包括銷售額損失和增量投資，特別是巨災工資以及支持我們的增強薪酬和福利計劃零售店合作夥伴、庫存核銷和商店安全用品。

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.

繼續國際。 COVID-19 導致的業務中斷在第二季度的大部分時間影響了該細分市場，從 1 月底的中國開始，並在 3 月擴展到包括日本在內的其他市場。本季度，International 的收入較上年下降 3.95 億美元或 26%，至 11 億美元，主要是由於可比商店銷售額下降 31%，部分被過去 12 個月淨新店增長 11% 所抵消。我們估計國際公司第二季度因 COVID-19 導致的收入下降約為 4.65 億美元。 International 的第二季度非公認會計原則營業利潤率為 3.9%，低於去年的 19.3%。我們估計，第二季度 COVID-19 對國際非公認會計準則營業收入的影響約為 2.8 億美元，其組成部分與我為美洲概述的部分相似。進一步導致利潤率下降的是交付交易的銷售組合高於正常水平，因為客戶轉向場外消費，導致佣金和包裝成本增加。

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.

進入渠道開發。 20 財年第二季度的收入為 5.19 億美元，比上年增長 16%。將全球咖啡聯盟轉型相關項目的 5% 有利影響正常化後，Channel Development 第二季度的收入比去年同期增長了 11%。與轉型相關的項目包括更高的庫存銷售，因為雀巢準備在全球咖啡聯盟下履行餐飲服務客戶的訂單，以及與將某些單一服務產品活動轉移給雀巢相關的利益。

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.

該部門的非公認會計準則營業利潤率為 37.8%，比上年提高 360 個基點。將我剛才提到的過渡活動的 330 個基點影響正常化後，Channel Development 的營業利潤率在第二季度擴大了 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，在綜合層面，第二季度非美國通用會計準則營業利潤率為 9.2%，同比下降 660 個基點。我們估計 COVID-19 對非 GAAP 營業收入的影響約為 7 億美元，包括我引用的美洲和國際金額。就我之前提到的 9.15 億美元的綜合收入影響而言，這相當於大約 80% 的收入損失流通率，這大大高於我們通常在業務中觀察到的 50% 的可變流通率，反映了我們在短期內為支持我們的合作夥伴和長期管理我們的品牌所做的重大投資。我們相信，隨著我們擺脫大流行的影響，這些投資將加強我們的競爭地位並推動我們的複蘇。

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.

現在繼續我們對 2020 財年的展望。鑑於我們業務的全球性質，我們在今年剩餘時間提供更新指導的能力取決於我們每個市場內 COVID-19 響應的當前階段。正如凱文所說，我們的第二大市場中國正處於復蘇階段，這增強了我們估計年度餘額結果的能力。但是，我們的 4 個最大市場中的美國、日本和加拿大正處於 COVID-19 影響響應的早期階段，這限制了我們目前提供企業級指導的能力。因此，我們將繼續暫停 2020 財年的正式指導，同時為選定的業務和財務指標提供更新的展望。

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.

我將從中國開始。正如 Kevin 所說，隨著我們迄今為止所看到的進展，包括截至今天 98% 的門店開業以及客流量的持續改善，我們相信中國的可比門店銷售額將在 2020 財年下半年繼續改善報告的第二季度下降 50%，第三季度下降 25% 至 35%，到第四季度末與上年相比基本持平，中國全年可比銷售額下降 15% 至 25% .儘管由於 COVID-19，我們在第二季度暫時暫停在中國開設新店，但開發活動在本季度末恢復，我們有望在本財年淨開設至少 500 家新店，或超過我們最初目標的 80% .這將使我們能夠繼續抓住我們在 21 財年及以後在中國看到的增長機會。結合可比店面銷售額下降和新店開發推遲的影響，我們估計中國的收入將受到 COVID-19 的負面影響約 7.5 億美元至 8.5 億美元，預計 2020 財年每股收益影響在 0.30 美元至 0.37 美元之間，除非有任何影響新的干擾。

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.

搬到美國今天，我們在美國大約 50% 的公司自營商店和 46% 的特許商店暫時關閉。但我們預計下週將開始重新開放其中的許多，最初會修改操作並縮短營業時間。我們目前預計大約 90% 的公司自營商店將在 6 月初開業。此外，我們已經在進行修改以提高我們現有商店的得來速、交付和 MOP 通道的吞吐量，以及新的入口通道交接解決方案，該解決方案採用了一流的安全協議。正如凱文所說，我們還在探索有停車位的路邊服務。我們相信，我們為提供非接觸式客戶體驗而採取的重點行動，加上持續的飲料創新和擴展的數字能力，將有助於恢復我們在 COVID-19 爆發之前所經歷的美國業務的上升勢頭。迄今為止，在 4 月份，美國公司經營的新開業商店的可比銷售額增長平均約為負 25%，或指數為上年水平的 75%。然而，由於我們尚未進入美國的複蘇階段，目前提供美國收入或收益的年度平衡估計還為時過早。但鑑於 COVID-19 影響在美國的季度末開始，以及美國銷售損失的流通率大幅提高，我們確實預計 COVID-19 的負面財務影響在第三季度將顯著大於Q2 並延伸到 Q4。因此，雖然美國最初的影響不如中國那麼嚴重，但從可比商店的角度來看，由於我們的得來速模式在美國很流行，我們確實預計影響會持續更長的時間隨著我們進入監控和適應階段，恢復階段將持續到 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 COVID-19 對加拿大和日本以及我們的國際許可業務的影響將遵循與美國類似的模式，在第三季度非常明顯，隨著這些業務進入第四季度，這些影響預計會有所緩解恢復階段。無論如何，基於我們今天在中國的豐富經驗，我們仍然相信這些影響是暫時的，我們的品牌是有彈性的，我們的業務將隨著時間的推移而完全恢復。

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.

在企業層面，我們預計第三季度 COVID-19 的絕對流通影響將比第二季度大得多，特別是由於第三季度美國、加拿大和日本的業務中斷時間比第二季度更長。話雖如此，我們預計第三季度銷售損失的流轉率將略低於第二季度，並在第四季度進一步放緩，因為我們採取適當措施恢復公司自營商店的盈利能力，因為它們在下半年重新開業年。

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.

與我們在本季度的第二次臨時更新中採取的方法一致，我們將提供透明的更新，說明我們所看到的內容以及在我們執行商店重新開業計劃並擁有提高對美國和其他市場業務績效趨勢的了解。在評估了我們在美國開設的商店的表現並更好地了解日本臨時關閉的可能持續時間之後，我們預計將在 6 月提供下一次更新。從我們的角度來看，商店的重新開業以及我們在危機消退時為定位自己而採取的行動並不能完全定義復蘇。在我們看來，復甦是指公司經營的市場實現了可比門店銷售額的正增長，並且所有現有門店都營業，但正在進行裝修的門店除外。

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，據報導，2020 財年渠道開發收入預計將比上一年下降 6% 至 8%，因為我們完成了與全球咖啡聯盟相關的某些過渡項目，這些項目有利於該部門在 2019 財年的收入增長，影響在第三季度更為明顯，而在第四季度則遠沒有那麼明顯。此外，預計在 2020 財年剩餘時間內，COVID-19 造成的中斷將對全球咖啡聯盟下的餐飲服務和我們的即飲業務產生不利影響。預計 2020 財年該部門的營業利潤率將相對於去年。

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.

這些近期經營業績對現金流的影響非常重大。但我們公司的規模，加上我們資產負債表的實力，使我們能夠在應對短期業務現實的同時管理我們的業務以實現長期增長。從本質上講，我們正在投資與關鍵成員的關係，不僅是為了維護這些關係，而且是為了在未來加強它們。

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思考這個問題的。首先，通過工資和工資的延續以及為在我們業務一線工作的人員提供的額外報酬，正如截至 5 月底所傳達的那樣，我們正在投資於對星巴克體驗至關重要並有助於我們長期的合作夥伴。長期成功。

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，通過在第三季度擴展更靈活的開發和財務條款，我們正在投資於我們的國際被許可人，他們是我們推動長期增長的合作夥伴。

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，通過某些加速付款，我們正在幫助戰略供應商度過這場危機，以便他們能夠維持我們專有產品的供應並支持我們正在進行的產品創新。

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，通過兌現我們即將發布的季度股息聲明，我們正在為我們的股東在不確定的投資環境中提供可預測的資本回報。我們的下一次股息將於 5 月 22 日支付給 5 月 8 日在冊的股東。

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.

正如我們在最近的 8-K 中所披露的那樣，除了獲得額外的資金來彌補近期現金需求（我們預計這將在第三季度達到頂峰）外，我們正在通過暫停股票為我們的合作夥伴和更廣泛的業務創造額外的投資空間回購，減少可自由支配的費用並推遲某些資本支出。主要由於一些新店開業和商店翻新的推遲，我們現在預計 2020 財年的資本支出總額將比我們在 COVID-19 開始之前的原始計劃減少約 15 億美元或 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，我們仍然非常致力於我們的 BBB+ 信用評級和 3 倍租金調整後 EBITDA 的槓桿上限。也就是說，雖然 COVID-19 的影響會導致我們在一段時間內超過槓桿上限，但我們認為這些影響是暫時的。我們預計我們的槓桿率將在 2021 財年下半年恢復到接近租金調整後 EBITDA 的 3 倍。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，COVID-19 的財務影響非常重大，尤其會影響我們的第三季度業績。但我們在中國取得的進展以及我們在美國採取的重開商店的深思熟慮的做法強化了我們的信念，即這些不利因素是暫時的。我們相信我們的品牌是有彈性的，我們的客戶渴望恢復他們的日常生活。在應對短期挑戰時，我們擁有進行長期投資的財務實力。當人們正在尋找定義星巴克品牌的個人聯繫時，我們受到勇敢的合作夥伴的啟發，他們通過為我們的客戶服務來服務我們的社區。

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?

有了這個，凱文和我很高興回答你的問題，羅茲布魯爾和約翰卡爾弗也加入了，正如杜爾加在我們電話會議的開頭所概述的那樣。謝謝你。操作員？

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

（操作員說明）您的第一個問題來自與 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，您能否談談您的商店基地的百分比——不僅是今天關閉的那些步入式地點，還有您預計重建銷售速度較慢的區域？也許你想在這裡用中國做類比，但我想的是購物中心的位置，那些市中心區，甚至是依賴通勤和高速公路旅行的免下車。在我們考慮您的康復之路時，任何反對這一點的數字都會有所幫助。與此相關的是，您認為這些步入式商店重新開放時的社交距離會在多大程度上限制您的容量？

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

謝謝，大衛。羅茲，我為什麼不讓你分享一點對美國的看法？

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

謝謝你，凱文。謝謝你，大衛，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.

讓我首先談談四月。所以迄今為止，在 4 月，我們確實開設了免下車地點。正如帕特所提到的，我們在這些美國公司經營的商店中實現了可比的銷售增長，平均下降了約 25%，或者指數約為之前水平的 75%。因此，當我們重新開店時，我們做了一些事情，為了真正創建分析，我們創建了一個決策建模工具，幫助我們查看在這些免下車商店中看到的客戶頻率以及查看來自當地政府的來源指導、縣感染曲線、客戶情緒和合作夥伴情緒。因此，當我們從下週開始開放時，我們將在修改後開放。這些修改將是免下車商店。我們將擴大交付。我們將開放移動訂單和支付渠道，然後添加一個新概念，即入口通道切換。我們將只有大約 30 家咖啡館開放和訂購的商店。在這 30 家商店中，將沒有座位。因此，我們確保為客戶和合作夥伴提供安全的環境。我們將監控在某些地區和地區解除避難所後會發生什麼，然後開始重新開放咖啡店。您將在夏季晚些時候看到，我們還將增加對我們商店的路邊訪問。因此，大衛，我們正在做的是管理我們正在學習的內容，然後相應地開設商店，並利用我們的合作夥伴和我們的勞動力來應對這些新的入口模式，同時擴大免下車服務。

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，並確保他們通過免下車或我描述的其他渠道提前訂購併在商店取貨。

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，羅茲。我將添加我們分享的另一點，大衛，以加強 Roz 剛才所說的話。在 COVID 之前，我們在美國商店中 80% 的客戶活動都是外賣、外賣。因此，通過移動訂購和非接觸式取貨來增強店內體驗，我們可以為大量客戶提供服務，而無需實際開放咖啡廳座位區。所以我認為這是很重要的一點。

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.

速度較慢的地區，與中國類似。如果是辦公室——辦公室公園附近的商店，辦公室工作人員還沒有回到工作崗位，他們會慢一點。然後我認為我們預計商場商店也會變慢。而且——商場商店不到 8 家——我認為不到美國商店總數的 8%。但我認為 Roz 很好地抓住了這一點。

Your next question comes from John Ivankoe with JPMorgan.

您的下一個問題來自摩根大通的 John Ivankoe。

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?

我想跟進中國的部分 - 就中國境內的活動百分比而言。我的意思是我想你已經說過幾次了，80% 的場合都是在美國去的。我預計這個數字會比中國低得多，但請幫助我澄清一下，因為星巴克確實與眾不同本身俱有咖啡館體驗和第三名體驗。所以，我想，你能不能對在中國進行的交易百分比進行三角測量，並認為你可能會在第四季度末實際達到接近持平的水平，你怎麼能做到這一點，而基本上沒有特別是在該市場內全面減少物理社交距離？

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

是的。這是——好的。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.

對中國來說真的很快。傳統上，我們已經看到我們 80% 的業務都待在店內並在咖啡館享用飲品。隨著 COVID 的爆發，我們達到了近 80% 的交易是數字訂單的峰值。這些數字訂單都是通過走進商店並在 Mobile Order & Pay 中取貨的非接觸式體驗設置的。然後剩下的就是交付。我們今天看到的是，在我們開設的商店中，大約 83% 的商店都有座位，並保持社交距離。因此，我們看到人們回到咖啡館並坐在那裡，儘管沒有達到我們在 COVID 之前看到的水平。我們看到的是，中國的待購訂單比例更高，我們預計這種趨勢將持續下去。如果有一線希望，我認為它正在中國形成一種新習慣，你會看到越來越多的人接受外賣訂單並習慣這樣做。因此，我們樂觀地認為這種轉變將繼續發生。我們預計，我們在 COVID 之前的 80% 將會恢復，可能不會那麼高，但我們將在中國看到的整體銷售水平，我們將恢復全面復甦，並走上全面復甦的道路本財年末。

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。讓我添加另外 1 個觀察結果。當我們在全球範圍內觀察與 COVID-19 相關的消費者行為時，人們已經在家中避難了幾週，處於封鎖狀態——在中國，這只是 3 週多一點。在美國，大約 6 週。他們所尋找的——消費者所尋找的是安全、安全、熟悉和方便的體驗。這在世界各地都是一致的。因此，我們在星巴克所做的是，我們已經在我們的商店中建立了運營協議，以確保安全，遵守每一個 - 並超越我們可以超過的每一個健康標準，並確保我們能夠為每一位顧客提供安全的體驗。顯然，獲得星巴克體驗是他們所熟悉的。當你不得不在原地避難幾個星期才能出去在星巴克享受令人振奮的體驗時，這很熟悉，而且很有意義。所以客戶回到我們的商店。但是，擁有這種便捷的能力以及安全、熟悉和方便這三個屬性，在人們一直在家中避難的這些時期之後，這在世界各地都行之有效。我們已經在中國看到了這一點。而且我認為我們將在美國以更加放大的方式看到這一點，但是當世界各地的每個市場走出某種鎖定階段時，我們都會看到這種情況。

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

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

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?

你能談談你的數字趨勢在四月份是如何上升的嗎？我知道你提供了第二季度獎勵的更新。在我們本月經歷的過程中，了解您對參與度的看法會很有幫助。然後，當您開始重新開放更多的室內用餐時，您能否向我們介紹您在傳達安全協議方面採取的任何舉措的最新情況？

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?

Roz，我為什麼不讓你回應一下，因為它與數字、美國和安全協議有關？然後也許約翰可以跟進中國數字。所以你為什麼不先走，Roz？

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。因此，正如凱文在電話中提到的那樣——當我們開始電話會議時，我們看到，當我們進入本季度並在去年實際退出時，我們的獎勵會員，即我們高度常規化的客戶，確實與我們一起成長。我們在美國的客戶數量已增加到超過 1900 萬，比一年前增長了 15%。在經歷這次 COVID 體驗時，我們看到的一件事是我們的星巴克獎勵會員，即使我們在本季度取得進展，他們仍然占我們業務的大約 44%。其中大部分（大約 70%）是我們常去的星巴克獎勵客戶。他們仍然會來我們的商店，只是不那麼頻繁了。所以 - 還要想想白天的樣子，真的，我們在那裡沒有看到太大的變化。所有時段都有相同的頻率損失。早上會更明顯一些，但這是意料之中的，因為日常生活被打亂了。因此，我們對迄今為止在美國所看到的情況感到鼓舞。我們相信，這些極具彈性的客戶會回到我們身邊。這些例程可能看起來有點不同，但它們會 - 人們仍然在家工作。但即使地方規定有所放鬆，我們也覺得我們可以進行相應的監控和調整。

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.

很快，莎朗，關於中國。我們繼續將數字化視為我們在中國戰略的一個關鍵要素，而且實際上，我們商店對數字化交易的採用繼續加速。我們能夠做的是利用我們的 Starbucks Rewards 會員資格，在 COVID 體驗期間真正保持這種聯繫和參與。我們看到整體每週活躍成員的連續改進。因此，越來越多的人繼續採用數字應用程序並以數字方式與我們互動。正如我在其中一個腳本中分享或被分享的那樣，數字訂單組合現在在第二季度達到 29%。我們在 2 月初早些時候達到了 80% 的峰值。確實，您會看到移動訂單和支付佔 29% 的 16% 和交付佔 13% 之間的良好分配。因此，我們對數字化機會感到非常鼓舞。

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快我們利用數字飛輪的能力，並加快零售創新的步伐，因為我們希望與當地科技公司和關鍵啟動 -在中國漲。

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.

Sharon，你有這個問題的第二部分。我想談談莎朗問題的第二部分。她還詢問了圍繞美國業務的營銷部分。我們確實有一個營銷計劃時間表，因為我們下週重新開放。實際上，如果您考慮一下我們的停工時間，除了歡樂時光之外，我們還推遲了春季飲料系列和雙星日的推出。因此，您會看到那些以比過去更多的能量重新點燃。我們將在今年現有的計劃內進行支出，壓縮它們並加速圍繞我們的大部分工作 - 啟用我們的應用程序並鼓勵人們使用該應用程序並提前訂購。

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.

然後在交付方面，我們已經能夠加快交付速度。我們相信在像紐約這樣的一些市場，我們將擁有少數只提供送貨服務的商店，我們看到在紐約這樣的地方送貨量明顯高於正常水平。但總體而言，我們交付還為時過早。但這是我們在經歷後 COVID 和 COVID 恢復期時將加速的渠道之一。謝謝你。

Our next question comes from John Glass with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 John Glass。

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?

我的問題是關於你如何看待美國復甦的步伐。此外，顯然，對於大流行，我們正處於衰退之中。那麼，您如何看待以不同的方式激勵客戶回來？或者這不在你的微積分中？您相信一旦商店開門，消費者就會恢復正常的消費節奏。你有沒有想過因為這種情況而改變現在的產品陣容？如果你以中國為基準，也許——消費者行為有什麼不同嗎？他們的購買方式不同嗎？他們對中國的價格更敏感嗎？或者你真的沒有看到大流行之後，或者一旦你重新開放，中國的價格敏感性？

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，這是凱文。讓我評論一下。在 COVID 之前，我們通過專注於三件事在業務中建立了巨大的發展勢頭：客戶體驗、飲料創新和數字客戶關係。這仍然是我們繼續參與並推動客戶訪問頻率的強大組合。但我們認識到，通過世界各地每個人都在分享的 COVID 體驗，真正圍繞安全、熟悉和方便的這些概念優化初始商店體驗是讓客戶現在開始的原因——這是一種入門那個訂婚。

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.

現在可以肯定的是，從現在起 30 天后，我們會在美國知道更多。但我認為，正如 Roz 強調的那樣，在免下車通道中，只是我們已經開放的免下車通道的數量，甚至沒有咖啡館開張時，我們在這些單獨的商店中交付了 75 - 大約是上一年收入的 75%。所以這只是品牌的力量和我們與客戶的聯繫強度的一個標誌。現在我認為，在下週，當我們開設更多商店並擁有 Roz 所闡述的一系列體驗時，我認為我們將開始這條參與之路。而且我認為從現在起 30 天后，我們將更清楚地了解這一進程的速度。我們有一個很棒的飲料陣容，Roz 剛剛談到它將會發布。我們將推銷並宣傳這一點。我們已經 - 我們剛剛將美國的數字客戶關係增長了 15%，達到 1940 萬。我們將利用它與我們的客戶溝通。我們將在我們採取的每一步中深思熟慮和負責任，我認為這就是公式。

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

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

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?

只是對美國的跟進。我想我對門票增長的強勁程度感到驚訝。如果您談到了這一點，我深表歉意，但是這樣做是否可以抵消 COVID 大流行對交通的影響？我們從其他一些概念中聽說，由於有更多的組排序，所以正在進行更高的檢查。或者當我想到菜單創新或更可持續的驅動因素時，是否還有其他驅動因素？當您在美國重新開店時，您是否知道在仍然營業的商店中，有多少銷量可能代表了關閉商店的銷售轉移？只是想弄清楚，當你開店時，系統範圍內的銷售會是什麼樣子。我們是否應該考慮將開張的商店數量翻一番，銷量翻一番？還是發生了一些轉移？

Roz, why don't you take those questions?

羅茲，你為什麼不回答這些問題？

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。謝謝你，薩拉，你的問題。首先，讓我開始 - 所以計劃，我們將在下週開始重新開放商店，然後預計我們將在 6 月 1 日以各種形式擁有略高於 90% 的商店。 Sara，當我考慮門票和客流量的趨勢時，我想到了從第四季度到第一季度的退出，我們在飲料創新方面看到了巨大的回升，主要是 Nitro Cold Brew 和所有冷咖啡的銷售非常好。它在我們的假日飲料陣容中表現良好，並且一直持續到今年 3 月初，即本季度的前 10 週，我們看到了 8% 的比例。所以首先，它從我們的飲料創新開始。

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。因此，我們做了大量工作，實際上讓合作夥伴擺脫了他們在商店裡所做的許多策略，他們以一些最有意義的方式與我們的客戶互動。與我們的客戶一起創造最美好的時刻對我們來說確實是一個真正的關鍵變化。除了我們的合作夥伴參與度也達到創紀錄水平之外，我們的客戶情緒和客戶參與度也達到了創紀錄的水平。實際上，我們看到合作夥伴的參與一直延續到我們因 COVID 開始放慢商店速度時。我們看到合作夥伴只是自願來商店工作，非常有活力。客戶的反應非常好。我們從客戶那裡看到了很棒的社交媒體展示，他們表達了他們的感激之情，以及他們認識到我們的合作夥伴在商店裡所做的工作。

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.

所以我想回到莎拉，我們已經做了很長一段時間的工作，它圍繞著飲料創新、我們創造的數字化互動以及店內體驗。這些事情繼續推動，這正是我們在進入 COVID 情況時獲得 8% 補償的地方。

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。我只是補充一下，門票的增加是團體訂單。我的意思是直通車——通過直通車，通常是有人讓一家星巴克經營並為他們的整個家庭購買，或者有人製造，比方說，前線救援人員經營和購買——為他們購買食物和飲料一線響應者。我們看到了很多。所以它真的是由它只是驅動通過的事實驅動的。如果你要花時間通過得來速，你會為整個家庭或整個團體裝載和購買。這推動了交易，推動了門票。

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

您的下一個問題來自大衛·塔倫蒂諾（David Tarantino）與 R.W. Baird 的對話。

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?

我希望每個人都做得很好。帕特，我的問題是關於您在本季度可能存在的潛在現金消耗水平。我想知道你是否可以為我們設計這個框架。然後談談您在整個危機期間維持股息的承諾。我認為您提到沒有暫停它的計劃，但只是想知道您的安全邊際相對於該問題是多少。然後我想，第三，當首席財務官增加與增長和其他可自由支配的資本支出有關的資本支出時，你會在什麼時候感到舒服？

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.

謝謝你，大衛。我首先要說的是，鑑於我們公司的規模，加上我們資產負債表的實力，我們有信心在應對當前危機時能夠保持適當的流動性。現在，當您考慮到今天，我們公司運營的商店中有超過 50% 在美國和加拿大關閉，而那些開放的商店在很大程度上僅限於免下車和送貨渠道，並且商店合作夥伴的工資保護暫時到位，我們的現金燃燒率達到頂峰。在資本支出之後但在股息之前，每週約為 1.25 億美元。隨著我們在 5 月份開始在美國和加拿大重新開放大量公司經營的商店，我們預計這種消耗率將會下降，並在 6 月份進一步減少，因為我們使商店合作夥伴的薪酬做法正常化並從重新獲得收益中受益銷售量。我們已經採取措施提高我們的財務靈活性，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余額、暫時中止我們的股票回購計劃、推遲某些資本支出和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，以我們目前可用的現金數量，包括我們現有的信貸額度和額外的借貸能力（如果我們需要），我們對我們的整體流動性狀況感到滿意，我們已做好充分準備，從現金流的觀點。這包括對臨時合作夥伴工資和福利的投資，我們已將其延長至 5 月底。也就是說，我們近期的重點顯然是在我們擺脫危機並更多地了解潛在的客戶流量模式和趨勢時重新開放我們的商店並優化其盈利能力。

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.

現在你問到我們的股息。正如我在準備好的發言中所說，我們引以為豪的一件事是，我們能夠保持對股東的承諾，在不確定的投資環境中提供一定的回報。所以我們今天的意圖是繼續支付我們的季度股息。

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.

至於資本支出，我們今年已經採取措施削減資本支出。這包括推遲今年計劃的某些新店開業，將其推遲到明年。例如，這包括中國，我們今年最初在中國引導了 600 家新店。我們已將其降至至少 500。因此，與此相關的資本有所延遲，我們藉此機會削減了一些其他資本支出計劃，包括商店翻新。但根據我們今天看到的情況，包括我們預計隨著我們從第三季度到明年第四季度，銷售額將開始復蘇，我想說，在現階段，我們預計資本支出將在 2021 財年正常化. 但是現在就資本支出給出任何具體指導還為時過早。但我想說的是，鑑於明年復蘇曲線的形狀，我們的資本支出計劃是我們增長的重要基礎，我們預計明年將正常化，我們對此持樂觀態度。

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杰弗裡伯恩斯坦。

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?

偉大的。帕特，就前景而言，至少是下半年的問題。我知道很難提供全球下半年的指導，但你給了我們一些四月的色彩。所以我相信美國，下跌 25%；中國，下降 35%。我們顯然可以估計出補償恢復的路徑。事實上，你在中國的道路上非常具體。綜上所述，根據這些當前的競爭趨勢，我們如何從美國和中國的合理營業利潤率範圍內思考它？或者我不知道你是否更願意給出一種敏感性，即來自補償點或利潤率基點的收益的年度收益？只是試圖確保在 2020 年剩餘時間或 2021 年建模方面沒有任何異常值。我不知道，您可以提供任何形式的敏感性或框架，就您所談論的降價補償類型而言，這對未來幾個季度這兩個主要細分市場的營業利潤率有何影響？

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。好吧，當前的利潤率表現顯然受到大量門店關閉和臨時門店合作夥伴薪酬做法的嚴重扭曲，所以在這個時刻談論增量複合增長或增量利潤率提高的價值有些無關緊要。我們的首要任務和近期目標是恢復現金積極的商店運營，並從那裡改善以實現全面復甦。我們將通過重新開設大量商店並提高其盈利能力來做到這一點，包括從 5 月開始規範商店合作夥伴的薪酬做法。根據我們目前的商店重新開業計劃，我們預計我們的現金需求將在本季度達到頂峰。

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.

現在，正如我在準備好的講話中所說，我們確實預計銷售額下降和投資增加的絕對影響將在第三季度加劇。考慮到影響的持續時間更長，這將比第二季度更加重要。因為當您考慮它時-讓我們談談美國業務。在第二季度，我們有 2 到 3 週的時間受到 COVID-19 爆發的影響。在第三季度，出於所有意圖和目的，我們預計將產生 13 週的影響，其中 4 月最為顯著，但隨著我們重新開店並規範我們的薪酬做法，5 月和 6 月會有所減少。現在對於國際而言，從銷售和利潤率的角度來看，我們預計中國將繼續改善，但我們確實預計日本和包括歐洲、中東和非洲在內的其他市場的不利影響將比第二季度加劇。這再次主要是由於第三季度的影響持續時間延長。

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.

總而言之，除了說對收入和營業收入的絕對影響將更加顯著之外，目前尚無法對中國以外的第三季度業績提供更明確的指導，還有太多未知數和太多變動因素第三季度與第二季度相比，但我們確實預計這些影響在第四季度會有所緩和。當我們對投資界有更好的了解時，我們將繼續向投資界提供更新的做法。

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

您的下一個問題來自瑞銀的丹尼斯·蓋格（Dennis Geiger）。

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.

只是想知道您是否可以多談談美國和中國的競爭環境，以及星巴克品牌如何從中脫穎而出，當然取決於小型連鎖店和獨立連鎖店甚至大型連鎖店的情況就中國而言。這對客戶需求、您的流量趨勢以及選址和潛在的長期單位開發可能意味著什麼。

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，這是凱文。我首先要評論一下我們在 COVID 之前產生的勢頭。很明顯，直到 3 月的最後 2 週，首先在美國發布了 8% 的比較和 4 個交易點的增長，這清楚地表明，我認為，店內體驗的這種結合，飲料創新和數字客戶關係使我們處於一個位置，我認為，我們在精品咖啡零售的客戶場合中所佔的份額越來越大。我相信，如果有的話，我們應對病毒的方式繼續使我們在競爭中處於非常有利的地位。也就是說，這之後的經濟影響還有待確定。我認為我們對我們的競爭地位非常樂觀，我們只需要——在我們看到美國重新開放的反應之後的 30 天后，我們會變得更加聰明。

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.

同樣在中國，我認為我們也處於非常強大的競爭地位。我想說的是，在美國和中國，我們都處於公司歷史上最強大的競爭地位。其中很多來自我們對 COVID 的關注和紀律，以及我們決定採取的每一項行動的原則方式，以負責任和深思熟慮地應對 COVID 病毒，優先考慮我們的健康和福祉合作夥伴和我們的客戶，我們與政府和衛生官員建立的合作夥伴關係，以幫助遏制和 - 減輕和遏制病毒的傳播，以及我們以積極和負責任的方式出現在我們每個社區的事實的一部分。所以我認為我們的競爭地位非常強大。也就是說，我們起來了。我們必須保持——專注於重要的事情。我們必須為我們的合作夥伴和客戶做正確的事情。如果我們這樣做，我認為我們會從中脫穎而出，加強品牌並加強我們與客戶的聯繫。

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

您的下一個問題來自高盛的 Katherine Fogertey。

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?

偉大的。如果我們查看您在 3 月份討論過的美國業務的比較數據，然後查看您對 4 月份的總體指導，這可能表明該業務並沒有真正的連續或每周大幅改善.與其他餐廳一樣，他們中的大多數人都表現出每週都有所改善。所以我想知道，當您深入了解每週趨勢時，您是否開始看到消費者的改善？或者您是否需要看到這些新舉措，例如路邊或商店重新開業，然後才能重新加速？

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?

帕特，你為什麼不把比賽中的數字拿來，然後我們將交給羅茲談談她在客戶行為方面觀察到的趨勢？

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。因此，自從 3 月的第三週，當我們在美國開始大範圍關閉商店時，我們已經看到了補償，其中包括基於我們在這段時間內如何定義補償的關閉的影響，它相當穩定在負 60 到負 70 的範圍內。由於我們最近幾週重新開設了更多的免下車商店，我們看到該範圍內略有改善，因此我們更接近該範圍的負 60 端。但實際上，直到我們從 5 月 4 日那週開始重新開放大量商店，我們才能預計這一數字會出現實質性改善。

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。更多的商店和更多的客戶參與方式。所以羅茲，你為什麼不談談我們現在正在參與的漸進方式，而不僅僅是下週重新開放這些商店時的免下車方式？

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。所以凱瑟琳，謝謝你的問題。所以首先，Pat 確實提到了一個範圍，即 65% 到 75%。因此，當您深入研究時，可能有一些商店做得更好，我們看到它正在遷移。這真的取決於那些地方司法管轄區以及哪些地方已經解除了庇護。我們在過去一周左右看到了這一點。所以在某些情況下，實際上現在說還為時過早。還要記住，我們在這段時間裡真的關閉了任何營銷。因此，除了通過我們的數字關係與他們進行一對一交談外，我們的客戶還習慣於我們介紹春季飲料。而且我們還沒有向客戶承認我們的生日禮物。我們還沒有引入歡樂時光，也沒有完成我們的雙星日。所以我想說，就我們與客戶的溝通方式而言，我們處於異常狀態。

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.

現在走出大門，我們在營銷方面做了很多新的事情。我們將擁有數字媒體。我們會有電視。我們將支付社交媒體、自有媒體、贏得媒體。這一切都將在下周初開始。我們還為我們的每一位成員創建了新的電子郵件聯繫人。因此，我們可以達到的那 3000 萬，我們將在下週完成。最重要的是讓他們知道我們是開放的。在某些地區令我們感到驚訝的是，人們不知道我們是否開放，而且我們實際上在不同地區有不同的營業時間。因此，現在判斷提貨地點還為時過早，但我們對擺在我們面前的工作以及重新推出我們的夏季飲料系列非常樂觀。所以我們對此感到鼓舞。我還要提到，我們正在與我們的交付合作夥伴進行大量工作。因此，您也會在交付領域看到一些營銷。因此，我們開放的這些新模型的加速，我們將廣泛而響亮地談論它們，我們將在接下來的 30 天內了解更多信息。

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

您的下一個問題來自 Brian Bittner 與 Oppenheimer 的對話。

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，您預計第三季度的同店銷售額將下降 25% 至 35%。百勝中國今天下午表示，在同一季度，到目前為止，他們的業績下降了大約 10%。僅根據您對市場的了解，您認為是什麼原因導致您的複蘇落後於這樣的同行？一般是關於咖啡的嗎？總的來說，您是否預計您在美國的複蘇也會出現類似的滯後？鑑於您對就業水平的依賴以及對習慣性高頻水平的依賴，當您重新開放時，我們是否應該期待類似的複蘇滯後？

John, I'll let you comment on China.

約翰，我會讓你評論中國。

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。布賴恩，對我們恢復的最大影響是讓我們其餘的商店開業，但沒有開業。而這些商店現在在我們一些流量最大的渠道中，那些是國際旅遊樞紐和機場，隨著中國旅遊業的消退，旅遊區，然後顯然是市中心和附近的一些娛樂區.因此，一旦我們讓這些商店重新開業，我們覺得我們可以回到我們的組合將繼續加速超越我們已經看到的路徑。好消息是，我們繼續看到交易在市場上獲得動力，排名第一。第二，我們還看到數字繼續發揮更大的作用，特別是 MOP 和 MOD，我們將繼續利用這一點。第三，顯然，我們很高興新店也重新開業並開始開設新店。我們正走在今年年底前將達到 500 家門店的道路上，我們將繼續加快步伐。到目前為止，我們在 4 月份看到的情況是，我們開設了 7 家新店。他們的表現很好。我們還開設了 Starbucks Now，這是一個移動訂單取貨和移動訂單交付商店的概念。我們現在在深圳和北京都有它。我們將繼續加速這一概念。一旦學校恢復上課，他們將在本週晚些時候和下週開始上課，我們預計隨著人們回到辦公室並更多地回到常規行為中，早晨將繼續恢復，我認為這也會有所幫助。

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

您的下一個問題來自 Andrew Charles 和 Cowen 的對話。

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?

我希望你們都保持安全。我希望了解供應鏈的最新情況，尤其是關於咖啡以及在較小程度上是豬肉方面的信息。我的意思是你們在某種程度上不受蛋白質挑戰和開始出現的短缺的影響。但考慮到拉丁美洲進口的咖啡數量，相對於美國而言，COVID-19 的進口階段有點早。你能談談你在確保咖啡供應方面的能見度，在較小程度上，豬肉供應早餐三明治？

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，也許你會採購生咖啡。然後，Roz，你為什麼不接管供應鏈的其餘部分、烘焙網絡以及食品採購？但是約翰，既然你管理咖啡片，關於生咖啡，生咖啡的採購，你為什麼不談談這個？

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監控的事情。我們對我們在生咖啡庫存方面的立場以及我們在市場中的定位感到非常滿意。我們在生咖啡方面看到的是，在拉丁美洲，它們正在收穫，我們能夠確保我們需要的充足供應。我們現在正在進軍南美，進軍巴西和哥倫比亞。我們繼續看到這些市場今年的收成很好，我們預計這方面不會出現任何供應中斷。所以我們對生咖啡感覺很好。然後，當我們把它運到各州時，我們就設置了運輸工具。

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，我們的烘焙能力有幾件事。我們已經能夠讓我們的烘焙設施保持開放和運行。我們已按照當地要求關閉。可以想像，在阿姆斯特丹和不同的地區，我們關閉了一段時間。但是我們在系統中內置了一個咖啡網絡。我們確實去了，把幾個單位下來做清潔程序，以確保我們有一個安全的環境。我們已經調整了烘焙設施以適應社交距離，這對我們來說非常有效。它沒有影響我們的生產能力。所以我們現在對我們的烘焙能力很有信心。甚至在商店開業之前，我們的狀態就很好。

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.

在食物採購方面，蛋白質中發生了很多活動。我們的早餐三明治業務是安全的。我將稍微談談早餐作為我們在重新開放時有意恢復的一個類別。我們相信我們在那裡有庫存，並且它與我們在該地區的所有供應商保持密切聯繫。所以現在，我們對自己的位置感覺很好。謝謝你的問題。

Your next question comes from Matt DiFrisco with Guggenheim.

您的下一個問題來自古根海姆的 Matt DiFrisco。

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?

帕特，我的問題是關於美國商店的種類和關閉的 50% 左右。顯然，這比您的許多同行要高，這表明這些商店或這些地點在 COVID 情況下有些受阻，被鎖定。我假設你會期望那些不會在 5 月 1 日之前以 75% 的指數指數開放，因為這些可能是由於原因和就業沒有恢復而關閉的。這是正確的假設嗎？但是，在重新談判其中一些商店的租金或租賃方面，您是否有一些潛在的影響力既然你已經關閉了這 50%，這讓你有一點與房東接觸的機會？

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，這是凱文。讓我評論一下你的問題，然後我會把它交給帕特。你建議我們關閉的商店中有 50% 因某種原因而受到阻礙。事實並非如此。當我們進入家庭避難所時，我們決定只開放免下車通道，我們這樣做是為了合作夥伴的安全。我們只是決定，而不是在國家在家中避難和社會疏遠期間開設咖啡館的任何地點，我們認為這是我們確保合作夥伴和客戶安全的最安全方式.所以這就是推動關閉所有這些商店的決定的原因，而其他人肯定做出了不同的決定，這很好。但我們優先考慮星巴克合作夥伴和顧客的健康和福祉，這就是為什麼我們在關閉門店時可能比其他人更積極的原因。然後我將交給Pat 徵求對另一個問題的意見。

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.

謝謝你，凱文。並感謝馬特的問題。所以我會評論幾件事。首先是當我們重新開放目前關閉的商店時，我們將運用我們的正常紀律來優化商店業績。我們擁有世界一流的運營團隊，他們專注於盈利和盈利，推動銷售。因此，一旦我們對這些商店的銷售恢復曲線有了更好的了解，我們將採取適當的措施來優化他們的盈利能力。特別是在租金方面，我想說的是，迄今為止，我們為我們一直在支付所有租金而感到自豪，我們認為這加強了我們作為首選開發商的地位，如果你願意的話。我們正在與各個市場的房東就當前環境下可能在商業上合理的租賃特許權進行對話。所以我們還沒有確認這些安排，現在說明這種救濟可能是什麼樣子還為時過早，但這是我們正在追求的。

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.

而且我確實認為，考慮到這種情況，在 COVID 之後，出租率會下降是公平的。我認為這是一個公平的假設。

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

您的下一個問題來自 Chris O'Cull 和 Stifel。

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與中國在重新開放的方式上可能存在的主要區別？我只是想知道在一個國家恢復銷售是否會比另一個國家更容易，因為該國正在採取重新開放的方法，或者可能只是因為消費者行為的差異。

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。讓我簡單評論一下，然後我將交給 Roz 來分享美國的路徑，然後 John 可以稍微總結一下中國的一些差異。對我來說，我認為我要發表的評論是在中國，它是由中央政府在逐個城市的基礎上集中做出的，甚至某些辦公園區和事物在開業時實際上是協調的。因此，商店開業的時間比我認為我們在美國看到的要長，但它是一個城市一個城市，幾乎一個社區一個社區的集中安排。請記住，在中國，停工期或居家隔離期大約為 3 週，而在美國，大約為 6 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.

因此，現在隨著我們在美國重新開業，我認為我們預計這些商店將以更快的速度在全國范圍內重新開業。但是我們將要使用的格式將是——在每家商店中將取決於特定商店中發生的事情。所以我認為在安全協議、商店的運營協議、我們的方式——優先事項、我們用來做出這些決定的原則方面有很多相似之處。但我認為在美國決定方面會有一點不同，我們會更快地開放它們，但我們會根據地理區域來決定什麼是合適的格式。

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

Roz，你為什麼不多分享一下你看到的未來 30 天內展開的計劃？

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。所以克里斯，謝謝你的問題。所以我要強調的一件事，約翰卡爾弗早些時候提到的，是中國和美國之間的不同習慣。

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.

中國是一個坐下來的市場，美國是一個搶手的市場。因此，為了讓我們能夠獲得一個好的百分比數字，我們在美國 50% 以上的商店都是免下車的。因此，僅此一項就會產生差異。我要說的第二個區別，我認為這很明顯，是我們有這種分散的決策。因此，當地市政當局可以決定開放和關閉以及庇護所，而不是客戶的流動性。因此，我們將在 5 月份了解這些模式，並能夠在 6 月初如 Pat 所描述的那樣與您聯繫。但是我們正在做的事情之一，對我們來說是首要的，就是合作夥伴的安全。因此，當我們重新開店時，我們是在一個安全的環境中重新開張，這就是為什麼這些新的提貨模式，我們真的在執行。我們正在強制下載該應用程序並提前取貨和訂購。我們還為我們的合作夥伴提供安全保障，例如合作夥伴預檢。我們上週制定了這一規定，所有商店都將提供溫度計。然後我們實際上會讓每個合作夥伴測量他們的體溫，然後驗證他們是否準備好解決一系列問題。這是我們從中國學到的東西。這對我們很有幫助。所以我們是——我們向中國學習，然後只是擴大了這項工作，然後研究了政府和地方衛生官員以及他們所說的話。這就是我們計劃開放的方式，在我們了解更多信息之前，我們將處於這個安全的位置。

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.

所以我們要邊做邊學——凱文稱之為監控和適應。我們在那裡排隊，真的要開店了。令我感到鼓舞的是，我們將有 90% 的商店開業。我要告訴你的另一件事是，我們的合作夥伴真的很想——他們也從連接開始。所以他們對下週重新加入商店感到很興奮，我們為他們舉辦了某種回家慶祝活動，因為他們下週重新進入商店，並實際上讓他們接受了有關清潔協議的新培訓，然後還有如何保持自己安全和健康，以及如何保證客戶的安全和健康。因此，我們有一個非常強大的重新開放計劃，將於下周初開始。

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

謝謝，羅茲。約翰，關於中國的最後一句話？

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，關於中國的事情真的很快。我認為對我們來說最大的不同是我們有能力利用我們與政府官員建立的關係，包括中央政府、省政府和城市，並真正利用這些關係並成為能夠了解他們對重新開放的看法，並與他們密切合作，根據他們的計劃進行我們的重新開放。我們也與當地衛生官員有很好的聯繫。我們與他們密切合作，將我們商店的安全協議以及我們未來如何經營我們的商店整合在一起。因此，確實要確保我們創造了一個安全的環境，並繼續建立我們的品牌對我們的客戶以及顯然與我們的合作夥伴的信任。

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，我們在開業時所看到的，首先，我們的合作夥伴，類似於美國，非常高興能夠重新進入商店。事實上，自從我們開始並達到 98% 的商店重新開業以來，我們的客戶體驗分數實際上已經提高了 8 分以上。因此，我們客戶的參與度，更重要的是，我們合作夥伴的參與度確實增強了我們品牌的實力和星巴克在市場上的韌性。他們為他們所做的工作感到非常自豪，並且只想承認中國團隊為應對這種複雜情況所做的工作。

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，這是我們今天的最後一個問題。我現在將把電話轉給 Kevin Johnson 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.

謝謝你。我要感謝你今天加入我們，我希望你和你的家人都平安健康。我們將繼續度過這一前所未有的局面，忠於我們的使命和價值觀，我對我們所處的位置感到滿意。

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.

中國已經展示了一條清晰的複甦之路。美國準備在下周和整個 5 月份重新開放大量商店。我們的渠道業務在所有這些過程中都表現出彈性，我對我們的方法充滿信心，並對我們在這個監控和適應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.

我們都知道星巴克品牌的力量是強大的。通過我們有原則的行動，我們增強了合作夥伴和客戶對星巴克的信任和信心。從長遠來看，這將為我們提供很好的服務。我為星巴克合作夥伴在世界各地的表現感到非常自豪，在我們繼續應對這種情況時，我們將繼續對所有利益相關者保持專注、紀律和透明。謝謝你。

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 財年第二季度電話會議到此結束。您現在可以斷開連接。