星巴克 (SBUX) 2020 Q1 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是赫克托，今天我將成為您的會議接線員。

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

我想歡迎大家參加星巴克咖啡公司 2020 財年第一季度電話會議。

(Operator Instructions)

（操作員說明）

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

我現在將把電話轉給投資者關係副總裁 Durga Doraisamy。

Ms. Doraisamy, you may now begin your conference.

Doraisamy 女士，您現在可以開始您的會議了。

Good afternoon, everyone, and thank you for joining us today to discuss our first quarter fiscal year '20 results.

大家下午好，感謝您今天加入我們，討論我們 20 財年第一季度的業績。

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

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

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

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.

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

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

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示聲明一起考慮，包括我們上一份關於表格 10-K 的年度報告。

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

星巴克不承擔更新任何這些前瞻性陳述或信息的義務。

GAAP results in fiscal '20 include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items.

'20 財年的 GAAP 結果包括與戰略行動相關的幾個項目，包括重組和減值費用、交易和整合成本以及其他項目。

These items are excluded from our non-GAAP results.

這些項目不包括在我們的非公認會計原則結果中。

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.

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 Thursday, February 27, 2020.

本次電話會議正在進行網絡直播，網絡直播的存檔將於 2020 年 2 月 27 日星期四之前在我們的網站上提供。

Finally, for your calendar planning purposes, please note that our second quarter fiscal year '20 earnings conference call has tentatively been scheduled for Tuesday, April 28, 2020.

最後，出於您日曆計劃的目的，請注意，我們的 20 財年第二季度收益電話會議暫定於 2020 年 4 月 28 日星期二舉行。

I will now turn the call over to Kevin.

我現在將把電話轉給凱文。

Kevin?

凱文？

Well, good afternoon, and welcome.

嗯，下午好，歡迎光臨。

Q1 was an exceptional quarter for Starbucks.

第一季度對星巴克來說是一個特殊的季度。

The positive business momentum we've created over the past fiscal year continues with a strong start to fiscal 2020.

我們在上一財年創造的積極業務勢頭在 2020 財年的強勁開局中得以延續。

These results were fueled by a healthy balance of comparable sales growth and new store development as well as continued expansion of our Global Coffee Alliance with Nestlé.

這些結果得益於可比銷售增長和新店開發的健康平衡，以及我們與雀巢全球咖啡聯盟的持續擴張。

I'm especially pleased that we delivered meaningful margin expansion in the quarter even as we continued to invest in the key areas to support sustainable growth, first and foremost in our partners as well as in beverage innovation and digital customer relationships.

我特別高興的是，我們在本季度實現了有意義的利潤率增長，儘管我們繼續投資於支持可持續增長的關鍵領域，首先是在我們的合作夥伴以及飲料創新和數字客戶關係方面。

Given the strength of our Q1 results, we had intended to raise certain aspects of our full year financial outlook for fiscal 2020.

鑑於我們第一季度業績的強勁勢頭，我們原本打算提高 2020 財年全年財務展望的某些方面。

However, due to the dynamic situation unfolding with the coronavirus, we are not revising guidance at this time.

但是，由于冠狀病毒的動態情況，我們目前不會修改指導。

But as we get more clarity on the situation, we will transparently communicate with investors.

但隨著我們對情況的了解越來越清楚，我們將與投資者進行透明的溝通。

Our immediate focus is on 2 key priorities in China: first, caring for the health and well-being of our partners and customers in our stores; second, playing a constructive role in supporting local health officials and government leaders as they work to contain the coronavirus.

我們當前的重點是在中國的兩個關鍵優先事項：第一，關心我們店內合作夥伴和顧客的健康和福祉；其次，在支持地方衛生官員和政府領導人遏制冠狀病毒的工作中發揮建設性作用。

That said, we remain optimistic and committed to the long-term growth potential in China, a market we have been in for more than 20 years.

儘管如此，我們仍然保持樂觀，並致力於中國的長期增長潛力，我們已經進入這個市場超過 20 年。

Before I hand over to Pat, who will provide more detail on our Q1 financial performance, let me share some highlights for the quarter, which provide powerful evidence of the unique strength of our brand.

在我交給帕特（Pat）之前，他將提供我們第一季度財務業績的更多細節，讓我分享本季度的一些亮點，這些亮點有力地證明了我們品牌的獨特實力。

I will also outline additional steps we are taking that continue to elevate Starbucks in ways that will inspire our partners and deepen our relationship with customers.

我還將概述我們正在採取的其他步驟，這些步驟將繼續提升星巴克，以激勵我們的合作夥伴並加深我們與客戶的關係。

In the first quarter, Starbucks delivered global revenue growth of 9%, excluding the 2% impact of streamline activities.

第一季度，星巴克的全球收入增長了 9%，不包括精簡活動帶來的 2% 的影響。

This was led by strong comp sales growth of 5% and net new store growth of 6% over the last 12 months.

這得益於過去 12 個月強勁的複合銷售額增長 5% 和淨新店增長 6%。

At the forefront of these results were our 2 lead growth markets, the U.S. and China, along with Channel Development.

在這些結果的最前沿是我們的兩個主要增長市場，美國和中國，以及渠道開發。

The U.S. grew revenues by an impressive 9% in Q1 led by comp sales growth of 6%, including comp transaction growth of 3% for a third consecutive quarter.

美國第一季度的收入增長了令人印象深刻的 9%，其中補償銷售額增長了 6%，其中補償交易連續第三個季度增長了 3%。

With a 2-year sales comp of 10% for the past 2 consecutive quarters, it is clear that our focus on the customer experience, beverage innovation and digital customer relationships is working.

過去連續兩個季度的 2 年銷售額增長率為 10%，很明顯，我們對客戶體驗、飲料創新和數字客戶關係的關注正在發揮作用。

At the center of this are our Starbucks partners and the investments we continue to make in them.

其中的核心是我們的星巴克合作夥伴以及我們繼續在他們身上進行的投資。

It is no coincidence that following last September's leadership experience where we hosted 12,000 Starbucks field leaders and outlined a series of partner-focused initiatives and investments, our partners delivered one of the most successful U.S. holiday seasons in the history of the company.

繼去年 9 月我們接待了 12,000 名星巴克現場領導並概述了一系列以合作夥伴為中心的計劃和投資之後，我們的合作夥伴帶來了公司歷史上最成功的美國假日季之一，這絕非巧合。

Our partners in China also delivered a solid quarter with revenues increasing by 15% in Q1, excluding a 2% impact of foreign exchange, fueled by a 16% increase in net new stores over the past 12 months and a 3% increase in comp.

我們在中國的合作夥伴也實現了穩健的季度，第一季度收入增長了 15%，不包括 2% 的外匯影響，這得益於過去 12 個月淨新店增長 16% 和 3% 的收入增長。

And for the fourth consecutive quarter, we grew total transactions at a double-digit percentage pace in this strategically important market.

在這個具有戰略意義的市場中，我們連續第四個季度以兩位數的百分比增長了總交易量。

On every market visit I make to China, I experience firsthand the passion, innovation and commitment our partners demonstrate each and every day, and I'm proud of them.

在我對中國的每次市場訪問中，我都親身體驗了我們的合作夥伴每天表現出的熱情、創新和承諾，我為他們感到自豪。

Given the purposeful and highly differentiated partner investments, it is no surprise Starbucks was recently named China's best employer by Aon Hewitt for the fifth consecutive year.

鑑於目標明確且高度差異化的合作夥伴投資，星巴克最近連續第五年被怡安翰威特評為中國最佳雇主也就不足為奇了。

Finally, on the strength of our channel partnerships with Nestlé and Pepsi, our Channel Development revenue grew 5% in Q1 when normalized for the 7% impact of the Tazo and Global Coffee Alliance transitions, boosting our share of the coffee market outside of specialty retail.

最後，憑藉我們與雀巢和百事可樂的渠道合作夥伴關係，我們的渠道開發收入在第一季度增長了 5%，因為 Tazo 和全球咖啡聯盟過渡的 7% 影響正常化，提高了我們在專業零售以外的咖啡市場份額.

This is another example of the strength of the Starbucks brand that continues to expand globally, reaching more customers through more channels.

這是星巴克品牌繼續在全球擴張，通過更多渠道接觸更多客戶的另一個例子。

Collectively, these results demonstrate that we are on the right track with our Growth at Scale agenda.

總的來說，這些結果表明，我們的規模增長議程正走在正確的軌道上。

I am especially grateful to all Starbucks partners around the world who celebrate coffee and human connection and whose passion and commitment to the Starbucks mission and our company values are creating long-term, sustainable value for all stakeholders.

我特別感謝全世界所有慶祝咖啡和人際關係的星巴克合作夥伴，他們對星巴克使命和公司價值觀的熱情和承諾正在為所有利益相關者創造長期、可持續的價值。

As we approach the 50th anniversary of Starbucks in 2021, I am optimistic about the future.

在 2021 年臨近星巴克 50 週年之際，我對未來持樂觀態度。

Why?

為什麼？

Well, when I step back and look at the quarter, I see multiple proof points of the unique strength of our brand, strength that is derived from targeted investments that bolster our competitive position in a high-growth category, enabling us to unlock the full potential of one of the world's most admired and trusted brands.

好吧，當我退後一步看這個季度時，我看到了我們品牌獨特實力的多個證明點，這些實力來自有針對性的投資，增強了我們在高增長類別中的競爭地位，使我們能夠釋放全部世界上最受推崇和最值得信賴的品牌之一的潛力。

In the U.S., customer connection scores reached another all-time high in Q1 as our dedicated store partners continue to elevate the Starbucks experience and deliver the very best moments with our customers each and every day.

在美國，隨著我們的專賣店合作夥伴不斷提升星巴克體驗，並每天為我們的客戶提供最美好的時刻，第一季度的客戶聯繫得分再創歷史新高。

We realize this is a key differentiator for Starbucks, and we continue to make investments in partner hours, benefits and training.

我們意識到這是星巴克的一個關鍵差異化因素，我們將繼續在合作夥伴工作時間、福利和培訓方面進行投資。

There's no doubt that our partners and the investments we make in them are at the core of creating the unique Starbucks Experience that fueled our Q1 performance.

毫無疑問，我們的合作夥伴和我們對他們的投資是創造獨特的星巴克體驗的核心，這推動了我們第一季度的業績。

Additionally, our brand equity research in the first quarter confirmed that Starbucks continues to lead consumer perceptions of specialty coffee retail concepts in the U.S., well ahead of other brands, including so-called third wave independent and local coffee concepts.

此外，我們在第一季度的品牌資產研究證實，星巴克繼續引領消費者對美國特色咖啡零售概念的看法，遠遠領先於其他品牌，包括所謂的第三波獨立和本地咖啡概念。

This is aided in part by our proprietary beverage innovation and our unique ability to personalize handcrafted beverages at scale.

這部分得益於我們專有的飲料創新和我們大規模個性化手工飲料的獨特能力。

We strengthened this competitive advantage in Q1 by extending our Cold Brew platform and Cold Foam options with 2 new seasonal beverages: Pumpkin Cream Cold Brew and Irish Cream Cold Brew which, together, contributed to our traffic growth for the quarter.

我們在第一季度通過擴展我們的 Cold Brew 平台和 Cold Foam 選項來加強這一競爭優勢，推出 2 種新的季節性飲料：Pumpkin Cream Cold Brew 和 Irish Cream Cold Brew，它們共同促進了本季度的流量增長。

Notably, for 5 consecutive quarters, our comp growth has outperformed the external indexes and benchmarks we track in the restaurant and QSR space.

值得注意的是，我們的薪酬增長連續 5 個季度超過了我們在餐廳和 QSR 領域追踪的外部指數和基準。

Our brand strength was also evident on the digital front in Q1.

我們的品牌實力在第一季度的數字方面也很明顯。

In the U.S., we added a record 1.4 million customers to our 90-day active Starbucks Rewards member base, ending the quarter with 18.9 million active members, a 16% increase over prior year.

在美國，我們在 90 天活躍的星巴克獎勵會員群中增加了創紀錄的 140 萬客戶，在本季度末有 1890 萬活躍會員，比去年增長 16%。

This is important because we know from experience that when customers join our rewards program, their total spend with Starbucks increases meaningfully.

這很重要，因為我們從經驗中知道，當客戶加入我們的獎勵計劃時，他們在星巴克的總支出會顯著增加。

We also know that Starbucks is increasingly valued for convenience as the mix of Mobile Order & Pay transactions in the U.S. grew to 17% in Q1.

我們還知道，隨著第一季度美國的移動訂單和支付交易組合增長到 17%，星巴克的便利性越來越受到重視。

And our industry-leading digital platform will further differentiate us from the competition over time.

隨著時間的推移，我們行業領先的數字平台將進一步使我們在競爭中脫穎而出。

Our digital progress in China was equally compelling and is resonating with the digitally savvy Chinese consumer.

我們在中國的數字化進步同樣引人注目，並引起了精通數字化的中國消費者的共鳴。

Proprietary research in Q1 showed that Starbucks remains the country's most beloved coffee brand and customers' first choice for away-from-home coffee.

第一季度的專有研究表明，星巴克仍然是該國最受歡迎的咖啡品牌，也是客戶外出咖啡的首選。

In the first quarter, sales from China's mobile orders jumped to 15% of total revenue, up from 10% the past quarter, with 9% coming from delivery and 6% from mobile order and pickup.

第一季度，中國移動訂單銷售額佔總收入的比例從上一季度的 10% 躍升至 15%，其中 9% 來自交付，6% 來自移動訂單和取貨。

Underpinning these results was the continued growth of China's 90-day active Starbucks Rewards members, reaching 10.2 million customers in Q1.

支撐這些結果的是中國 90 天活躍的星巴克獎勵會員的持續增長，第一季度達到 1020 萬客戶。

That's 40% growth over the prior year when the program was relaunched.

與該計劃重新啟動時的前一年相比，增長了 40%。

Our first quarter digital strength in China was further evidenced by record sales on Alibaba's Singles' Day shopping festival, the #1 card position on Tmall and the leading brand on WeChat social gifting platform.

我們在中國第一季度的數字化實力進一步體現在阿里巴巴雙十一購物節創紀錄的銷售額、天貓卡排名第一以及微信社交禮品平台的領先品牌。

Over our 20 years in China, we have established unparalleled brand stature by delivering a unique premium experience to our customers.

在我們在中國的 20 年裡，我們通過為客戶提供獨特的優質體驗，建立了無與倫比的品牌地位。

Outside of specialty coffee retail, the power of our brand was demonstrated by the continued expansion of our Global Coffee Alliance with Nestlé, now in more than 40 markets, including the additional 5 new markets we entered in Q1, with product sales significantly ahead of expectations.

在精品咖啡零售之外，我們與雀巢的全球咖啡聯盟的持續擴張證明了我們品牌的力量，目前在 40 多個市場，包括我們在第一季度進入的另外 5 個新市場，產品銷售大大超出預期.

Every customer interaction in our stores establishes customer affinity and brand loyalty, with the Global Coffee Alliance then acting as a brand amplifier, bringing Starbucks coffee to new channels and new markets.

我們門店的每一次客戶互動都建立了客戶親和力和品牌忠誠度，全球咖啡聯盟隨後充當品牌放大器，將星巴克咖啡帶入新渠道和新市場。

Our Starbucks Reserve Roasteries are also important brand amplifiers.

我們的 Starbucks Reserve Roasteries 也是重要的品牌放大器。

In November, we opened our Roastery in Chicago, our sixth Roastery globally, to a phenomenal customer reception.

11 月，我們在芝加哥開設了 Roastery，這是我們在全球範圍內的第六家 Roastery，受到了非凡的客戶歡迎。

Since the opening, the store continues to gain international attention, attracting an average of 10,000 visitors a day with a peak of more than 21,000 visitors in a single day.

自開業以來，該店持續受到國際關注，平均每天吸引10,000名訪客，單日峰值超過21,000名訪客。

I want to thank our Starbucks partners who work in the Chicago Roastery as well as the City of Chicago for the warm welcome and spectacular response to the opening of the world's largest Starbucks.

我要感謝在芝加哥烘焙工坊和芝加哥市工作的星巴克合作夥伴，感謝他們對世界上最大的星巴克開業的熱烈歡迎和壯觀的反應。

These proof points provide clear evidence that the Starbucks brand is not only strong but is getting stronger through the focus and discipline of our Growth at Scale agenda.

這些證明點提供了明確的證據，表明星巴克品牌不僅強大，而且通過我們的規模增長議程的重點和紀律而變得更加強大。

In fact, just last week, Starbucks was named one of Fortune's Most Admired Companies for the 18th consecutive year.

事實上，就在上週，星巴克連續第 18 年被《財富》雜誌評為最受尊敬的公司之一。

In summary, I could not be more pleased with our Q1 results and how they reinforce the unique strength of Starbucks.

總而言之，我對我們的第一季度業績以及它們如何增強星巴克的獨特實力感到非常滿意。

But make no mistake, we do not take this for granted.

但請不要誤會，我們並不認為這是理所當然的。

We will continue to take clear and decisive steps to build our brand for the future, focusing on our competitive advantages, investing in our partners as they create those unique Starbucks experiences for our customers, driving beverage innovation and enhancing digital relationships.

我們將繼續採取明確和果斷的步驟來建立我們的未來品牌，專注於我們的競爭優勢，投資於我們的合作夥伴，因為他們為我們的客戶創造獨特的星巴克體驗，推動飲料創新並加強數字關係。

And while we do this, we are further amplifying our brand through the Global Coffee Alliance and committing to an even higher level of social responsibility with bolder aspirations for environmental sustainability.

在我們這樣做的同時，我們正在通過全球咖啡聯盟進一步擴大我們的品牌，並致力於承擔更高水平的社會責任，並以更大膽的方式實現環境可持續性。

As many of you have seen, last week, we disclosed an ambitious multi-decade aspiration for Starbucks to become a resource-positive company, which means we, as a company, want to give more than we take from the planet.

正如你們中的許多人所看到的，上週，我們披露了星巴克在數十年內雄心勃勃地希望成為一家資源積極型公司的願景，這意味著作為一家公司，我們希望給予的比我們從地球上得到的更多。

We thought long and hard about this aspiration and are being deliberate in our approach.

我們對這一願望進行了長期而艱苦的思考，並在我們的方法中進行了深思熟慮。

Over the past year, we conducted a rigorous environmental sustainability study in partnership with third-party advocacy groups.

在過去的一年裡，我們與第三方倡導團體合作開展了一項嚴格的環境可持續性研究。

We embraced science-based targets and utilized industry experts to audit every aspect related to Starbucks' impact on climate, water and waste.

我們採用基於科學的目標，並聘請行業專家對與星巴克對氣候、水和廢物的影響相關的各個方面進行審計。

We have shared the sustainability baseline report and our aspirations transparently on our website, knowing that this will not be easy.

我們已經在我們的網站上透明地分享了可持續發展基線報告和我們的願望，因為我們知道這並不容易。

The journey will not be linear.

旅程不會是線性的。

It will require innovation, many industry partnerships, alignment with other like-minded companies, public policy support and engagement of Starbucks partners and customers.

這將需要創新、許多行業合作夥伴關係、與其他志同道合的公司保持一致、公共政策支持以及星巴克合作夥伴和客戶的參與。

This will challenge us in new and different ways and will require transformational change and measured risk-taking.

這將以新的和不同的方式挑戰我們，並且需要轉型變革和衡量的風險承擔。

We start this journey understanding our footprint, building upon our decade of experience in sustainability and committing to lead on something that is important to all of humanity: taking care of our planet.

我們開始這一旅程，了解我們的足跡，以我們在可持續發展方面十年的經驗為基礎，並致力於引領對全人類都很重要的事情：照顧我們的星球。

And we invite others to join us.

我們邀請其他人加入我們。

As announced last week, we will be transparent in reporting short- and long-term progress against our goals, and we will start with preliminary targets for 2030.

正如上周宣布的那樣，我們將透明地報告針對我們目標的短期和長期進展，我們將從 2030 年的初步目標開始。

That will be the focus of our research and operational plans going forward.

這將是我們未來研究和運營計劃的重點。

Then on Starbucks' 50th anniversary in 2021, we will formalize our 2030 environmental goals and our strategies based on what we have learned between now and then.

然後在 2021 年星巴克成立 50 週年之際，我們將根據我們從現在到那時所學到的知識，正式確定我們的 2030 年環境目標和戰略。

As we embark on this journey, we will prioritize, sequence and balance our investments as we do across every aspect of our business.

當我們踏上這段旅程時，我們將像我們在業務的各個方面所做的那樣，對我們的投資進行優先排序、排序和平衡。

We remain committed to our ongoing double-digit EPS growth model.

我們仍然致力於我們持續的兩位數每股收益增長模式。

We have momentum.

我們有動力。

Our brand is strong, and we will continue to responsibly grow our business by staying true to our mission and values: doing the right things to care for and inspire our partners, creating great Starbucks experiences for our customers and pursuing a bold aspiration for the planet.

我們的品牌很強大，我們將通過堅持我們的使命和價值觀繼續負責任地發展我們的業務：做正確的事情來關心和激勵我們的合作夥伴，為我們的客戶創造卓越的星巴克體驗，並為地球追求一個大膽的願望.

In closing, I would again like to thank my fellow Starbucks partners around the world.

最後，我要再次感謝我在世界各地的星巴克夥伴。

I have the privilege of sharing all your good work on these calls, and it is an honor to serve you and all of our stakeholders.

我有幸在這些電話會議上分享您的所有出色工作，很榮幸為您和我們所有的利益相關者服務。

I would also like to reiterate our support for the ongoing work as we respond to the coronavirus in a thoughtful and responsible way to protect our partners and support health officials and the government as they work to contain this public health risk.

我還想重申我們對正在進行的工作的支持，因為我們以深思熟慮和負責任的方式應對冠狀病毒，以保護我們的合作夥伴並支持衛生官員和政府努力控制這一公共衛生風險。

Starbucks has made a donation to the Red Cross to help support these efforts.

星巴克已向紅十字會捐款以幫助支持這些努力。

We are making decisions real time to ensure the health and well-being of our partners, and I am proud of how Starbucks China is navigating a very dynamic situation.

我們正在實時做出決策，以確保我們合作夥伴的健康和福祉，我為星巴克中國如何在充滿活力的形勢下駕馭而感到自豪。

Now I'll turn it over to Pat for a deeper dive into our Q1 financial results and an update on our FY '20 outlook.

現在我將把它交給帕特，以更深入地了解我們的第一季度財務業績和我們 20 財年展望的更新。

Pat?

拍？

Thank you, Kevin, and good afternoon, everyone.

謝謝你，凱文，大家下午好。

I am pleased to report non-GAAP EPS of $0.79 for our first quarter of fiscal '20, exceeding our expectations and reflecting meaningful margin expansion in each of our operating segments.

我很高興地報告我們 20 財年第一季度的非公認會計原則每股收益為 0.79 美元，超出了我們的預期，並反映了我們每個運營部門的有意義的利潤率擴張。

This represents a 16% increase year-over-year when excluding an $0.08 headwind related to a lower income tax rate in fiscal '19.

如果不包括與 19 財年較低的所得稅率相關的 0.08 美元逆風，這意味著同比增長 16%。

These results underscore the strength of our brand globally and the outstanding underlying momentum across our business as we continue to execute our Growth at Scale agenda.

這些結果突顯了我們在全球範圍內的品牌實力以及在我們繼續執行規模增長議程時我們業務的出色潛在動力。

I will first take you through our Q1 fiscal '20 operating performance by segment, followed by an analysis of our consolidated margin performance.

我將首先帶您了解我們按部門劃分的 20 財年第一季度的經營業績，然後分析我們的綜合利潤率表現。

I will then share some perspective on our outlook for the full fiscal year.

然後，我將分享我們對整個財年前景的一些看法。

Our Americas segment delivered revenue growth of 9% in Q1 primarily driven by 6% comp sales growth and net new store growth of 3% over the past 12 months.

我們的美洲部門在第一季度實現了 9% 的收入增長，這主要是受過去 12 個月內 6% 的複合銷售額增長和 3% 的淨新店增長的推動。

Our U.S. business delivered an impressive 6% comp sales growth in Q1 driven equally by transactions and ticket.

我們的美國業務在第一季度實現了令人印象深刻的 6% 的銷售增長，這同樣受到交易和機票的推動。

These results were driven by an improved partner-led in-store experience, a strong beverage lineup and increased digital customer engagement.

這些結果是由合作夥伴主導的店內體驗改善、強大的飲料陣容和數字客戶參與度增加推動的。

Beverage led on comp growth for a sixth consecutive quarter, driving approximately 5 points of comp sales growth with strength across all beverage categories, with food contributing the remaining point.

飲料連續第 6 個季度引領飲料增長，推動了大約 5 個點的飲料銷售增長，所有飲料類別的增長都保持強勁，食品貢獻了剩餘的點。

Our cold platform continues to resonate with customers during all seasons and was our primary growth engine for the quarter led by cold coffee.

我們的冷飲平台在所有季節都繼續與客戶產生共鳴，並且是我們本季度以冷飲咖啡為首的主要增長引擎。

Importantly, the growth in cold beverages in Q1 occurred in all dayparts and all regions, reflecting broad appeal across our customer base.

重要的是，第一季度冷飲的增長發生在所有時段和所有地區，反映了我們客戶群的廣泛吸引力。

Following the success of our fall seasonal offerings at the start of the quarter and building on the success of last year's season, our holiday platforms delivered strong performance that exceeded our expectations.

在本季度初我們的秋季季節性產品取得成功之後，並在去年季節的成功基礎上，我們的假日平台提供了超出我們預期的強勁表現。

Returning favorites such as Peppermint Mocha and the new innovations like Irish Cream Cold Brew created momentum throughout the holiday period.

薄荷摩卡等回歸熱門產品和愛爾蘭奶油冷釀等新創新在整個假期期間創造了動力。

And as Kevin mentioned, our Starbucks Rewards loyalty program continued to gain momentum, building on the launch of multi-tier redemption last April.

正如 Kevin 所說，我們的 Starbucks Rewards 忠誠度計劃在去年 4 月推出多層兌換的基礎上繼續獲得動力。

Our reimagined Happy Hour resonated well with customers, driving additional member growth.

我們重新構想的歡樂時光與客戶產生了良好的共鳴，推動了額外的會員增長。

And Gift Card activations delivered their strongest year-over-year dollar growth in 4 years.

禮品卡激活帶來了 4 年來最強勁的美元同比增長。

Ticket growth of 3% for the quarter was led by pricing, beverage attach and food.

本季度票價增長 3% 主要是由於定價、飲料附加和食品。

We saw transaction growth in both the morning and afternoon dayparts for a third consecutive quarter and our highest quarterly peak transaction growth in 3 years.

我們連續第三個季度看到上午和下午時段的交易增長，以及我們三年來最高的季度峰值交易增長。

These improvements would not have been possible without the dedication of our Green Apron partners who continue to accommodate higher volumes while elevating the customer experience.

如果沒有我們的綠色圍裙合作夥伴的奉獻精神，這些改進是不可能實現的，他們在提升客戶體驗的同時繼續適應更高的產量。

And finally, Americas non-GAAP operating margin expanded 50 basis points to 22.0% in Q1 driven by sales leverage and supply chain efficiencies, partially offset by growth in wages and benefits and, to a lesser degree, investments in labor hours and inflation and occupancy costs.

最後，在銷售槓桿和供應鏈效率的推動下，美洲非公認會計準則營業利潤率在第一季度增長 50 個基點至 22.0%，部分被工資和福利的增長以及在較小程度上被勞動時間和通貨膨脹和入住率的投資所抵消費用。

Moving on to International.

繼續國際。

The segment delivered revenue growth of 10% in Q1, excluding a 6% unfavorable impact of streamline-related activities.

該部門在第一季度實現了 10% 的收入增長，不包括精簡相關活動帶來的 6% 的不利影響。

This was led by 11% net new store growth over the past 12 months.

這得益於過去 12 個月新店淨增長 11%。

International's comp sales growth of 1% in Q1 was adversely impacted by 2 points due to a soft quarter in Japan, which was lapping 6% comp sales growth from last year.

國際第一季度 1% 的複合銷售額增長受到 2 個百分點的不利影響，原因是日本的季度疲軟，比去年同期增長 6%。

China, our lead international growth market, delivered solid comp sales growth of 3% in Q1, including 1% comp transaction growth.

中國是我們領先的國際增長市場，在第一季度實現了 3% 的穩健銷售增長，其中包括 1% 的複合交易增長。

Continued expansion and strong performance of mobile ordering as well as the up-leveled Starbucks Rewards program were primary drivers of these results.

移動訂購的持續擴張和強勁表現以及升級的星巴克獎勵計劃是這些結果的主要驅動力。

At the end of the first quarter, mobile order and pickup have been rolled out to more than 100 cities encompassing more than 90% of our store base, just 7 months following the launch of the program.

第一季度末，距離該計劃推出僅 7 個月，移動訂單和取貨已在 100 多個城市推出，覆蓋了我們超過 90% 的商店基礎。

And we expanded delivery to 130 cities, covering more than 80% of our portfolio.

我們將交付範圍擴大到 130 個城市，覆蓋了我們產品組合的 80% 以上。

International's non-GAAP operating margin increased by 170 basis points to 21.4%.

International 的非 GAAP 營業利潤率增長 170 個基點至 21.4%。

When excluding the 70 basis point impact of streamline-related activities, non-GAAP operating margin expanded by 100 basis points driven by sales leverage and supply chain efficiencies, partially offset by unfavorability in product mix and strategic investments, notably in-store and digital initiatives.

排除精簡相關活動的 70 個基點影響後，非 GAAP 營業利潤率在銷售槓桿和供應鏈效率的推動下增加了 100 個基點，部分被產品組合和戰略投資（尤其是店內和數字計劃）的不利因素所抵消.

On to Channel Development.

進入渠道開發。

Revenue declined 2% in Q1 as we lapped 2 items that benefited fiscal '19: the sale of Tazo-branded products to Unilever and transition activities related to the Global Coffee Alliance.

第一季度的收入下降了 2%，因為我們發現了 2 個受益於 19 財年的項目：向聯合利華出售 Tazo 品牌產品以及與全球咖啡聯盟相關的過渡活動。

When excluding the 7% adverse impact of these items as well as Global Coffee Alliance transition activities in fiscal '20, revenue increased by 5% in Q1 led by strong underlying growth in the Global Coffee Alliance.

如果排除這些項目的 7% 不利影響以及 20 財年全球咖啡聯盟的過渡活動，在全球咖啡聯盟強勁的潛在增長的帶動下，第一季度的收入增長了 5%。

This segment's non-GAAP operating margin improved by 70 basis points over the prior year.

該部門的非公認會計原則營業利潤率比上一年提高了 70 個基點。

Normalizing for the 20 basis point impact of the transition activities I just mentioned, Channel Development's operating margin expanded 90 basis points in Q1 driven by favorable distribution efficiencies and business mix.

將我剛才提到的過渡活動的 20 個基點影響正常化，在有利的分銷效率和業務組合的推動下，Channel Development 的營業利潤率在第一季度擴大了 90 個基點。

Finally, at the consolidated level, non-GAAP operating margin of 18.2% in Q1 increased by 80 basis points year-over-year primarily driven by sales leverage and supply chain efficiencies.

最後，在綜合層面，第一季度非 GAAP 營業利潤率為 18.2%，同比增長 80 個基點，主要受銷售槓桿和供應鏈效率的推動。

The favorability from these items was partially offset by growth in wages and benefits and, to a lesser degree, by rent inflation and investments in store labor hours.

這些項目的好感被工資和福利的增長部分抵消，在較小程度上被租金上漲和對商店勞動時間的投資所抵消。

I am particularly pleased that we delivered meaningful margin expansion while also continuing to invest in our partners, our stores and our digital capabilities to keep the Starbucks brand strong and relevant.

我特別高興我們實現了有意義的利潤增長，同時繼續投資於我們的合作夥伴、我們的商店和我們的數字能力，以保持星巴克品牌的強大和相關性。

To a great extent, this reflects our ability to drive improvements in margin from sales leverage as well as supply chain and G&A efficiencies and to reinvest a meaningful portion of that upside in our key brand differentiators, which strengthen our competitive position and fuel long-term sustainable growth.

在很大程度上，這反映了我們有能力通過銷售槓桿以及供應鍊和 G&A 效率來推動利潤率的提高，並將這一優勢的重要部分再投資於我們的關鍵品牌差異化，從而加強我們的競爭地位並推動長期發展可持續增長。

Now moving on to our guidance for fiscal 2020.

現在繼續我們對 2020 財年的指導。

Given the strength of our first quarter results, we had intended to raise certain aspects of our guidance for the full fiscal year.

鑑於我們第一季度業績的強勁勢頭，我們原本打算提高整個財年指導的某些方面。

However, as Kevin mentioned, given the extraordinary circumstances that are rapidly developing in China, we are simply reaffirming our original guidance, and we'll provide an update when we have better visibility to the impact of coronavirus.

然而，正如凱文所說，鑑於中國正在迅速發展的特殊情況，我們只是重申我們最初的指導，當我們對冠狀病毒的影響有更好的了解時，我們會提供更新。

The magnitude of the impact will depend on the duration of store closures as we work with local authorities to manage the situation and protect our partners and customers.

影響的程度將取決於商店關閉的持續時間，因為我們與地方當局合作管理局勢並保護我們的合作夥伴和客戶。

At present, we are unable to reasonably estimate the impact to the business.

目前，我們無法合理估計對業務的影響。

Notwithstanding the fact that our China business represented only 10% of our global revenues in the first quarter of fiscal 2020, we expect these events to have a material impact on our International segment and consolidated results for the second quarter and full year of fiscal 2020.

儘管我們的中國業務在 2020 財年第一季度僅占我們全球收入的 10%，但我們預計這些事件將對我們的國際業務以及 2020 財年第二季度和全年的綜合業績產生重大影響。

In any event, based on what we currently know, we expect the impact to our business will be temporary.

無論如何，根據我們目前所知，我們預計對我們業務的影響將是暫時的。

Our brand is very strong in China, and our confidence in the profitability and growth potential of this business is undiminished.

我們的品牌在中國非常強大，我們對該業務的盈利能力和增長潛力的信心不減。

To summarize, we are very pleased with our first quarter performance and view these results as further validation of our strategy to grow Starbucks at scale with greater focus and discipline.

總而言之，我們對第一季度的業績感到非常滿意，並將這些結果視為進一步驗證我們以更加專注和自律的方式大規模發展星巴克的戰略。

We appreciate the hard work of our Starbucks partners who delivered these results in a manner that remains true to our company's mission and values, which is the core of our business.

我們感謝星巴克合作夥伴的辛勤工作，他們以忠於我們公司使命和價值觀的方式取得了這些成果，這是我們業務的核心。

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.

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。

Thank you.

謝謝你。

Operator?

操作員？

(Operator Instructions) Your first question comes from John Glass from Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 John Glass。

Could you maybe just help us understand or dimensionalize the impact of China a little bit more, first, just when the stores were closed?

你能不能幫助我們更多地了解或衡量中國的影響，首先，就在商店關門的時候？

Those stores that aren't closed, maybe a magnitude of what you think the sales declines are currently.

那些沒有關閉的商店，可能是你認為目前銷售額下降的幅度。

And do you continue to pay employees?

你會繼續支付員工工資嗎？

I assume you do but just clarify that.

我假設你這樣做，但只是澄清一下。

And then finally is delivery and offset.

最後是交付和抵消。

Is there a delivery business that can offset some of the closures?

有沒有可以抵消一些關閉的送貨業務？

Or has that also been curtailed by this outbreak?

還是這次爆發也減少了這種情況？

Thanks, John.

謝謝，約翰。

We'll have John Culver kind of give you a little bit of color on the day-to-day in China, and then Pat will follow up on the second part of your question related to the implications.

我們將讓 John Culver 為您介紹中國的日常情況，然後 Pat 將跟進您問題的第二部分與影響相關的內容。

John?

約翰？

Yes, John, obviously, Kevin reiterated the fact that we're focused on making sure we're taking care of our partners, their health and well-being as well as the customers.

是的，約翰，顯然，凱文重申了這樣一個事實，即我們專注於確保我們照顧好我們的合作夥伴、他們的健康和福祉以及客戶。

In terms of the closures, what we've seen is that over the last few weeks, I would say, that as the situation has accelerated, we've taken action to close stores, both working with the local government and the direction that they've given us but then also proactively closing stores in the country.

在關閉方面，我們看到的是，在過去的幾周里，我想說的是，隨著情況的加速，我們已經採取行動關閉商店，與當地政府合作以及他們的方向'已經給了我們，但隨後也主動關閉了該國的商店。

As we shared, we currently have over half our stores closed in the market.

正如我們所分享的，我們目前有一半以上的商店在市場上關閉。

We are assessing this each and every day.

我們每天都在評估這一點。

We do have delivery available to customers from stores that are remaining open.

我們確實可以從仍在營業的商店向客戶提供送貨服務。

But again, this is something that we continue to assess every day.

但同樣，這是我們每天都在繼續評估的事情。

And let me just reiterate, this is a very complex situation.

讓我重申一下，這是一個非常複雜的情況。

And I'm working very closely with Belinda and the team in China to navigate this changing environment.

我正在與 Belinda 和中國團隊密切合作，以應對這種不斷變化的環境。

And as a company, we've navigated complex situations before.

作為一家公司，我們以前曾經歷過複雜的情況。

And in China, we feel there's no other company that's better positioned to navigate this given our relationship that we -- and trust we've been able to build with our partners and the relationship and trust that they've been able to build with their customers.

在中國，鑑於我們與合作夥伴建立的關係和信任，以及他們能夠與他們的合作夥伴建立的關係和信任，我們認為沒有其他公司能夠更好地駕馭這一點。顧客。

We will remain transparent as the events continue to unfold, but we do have complete confidence in the decisions that we're making, and we will continue to provide complete support for our partners and for the people of China as they navigate this situation.

隨著事件的繼續發展，我們將保持透明，但我們對我們正在做出的決定充滿信心，我們將繼續為我們的合作夥伴和中國人民在應對這種情況時提供全力支持。

We've been in the market for 20 years and we have built an admired and trusted brand, and we will continue to play the long game in China as we navigate in the coming weeks and months.

我們已經進入市場 20 年，我們已經建立了一個令人欽佩和值得信賴的品牌，在接下來的幾周和幾個月裡，我們將繼續在中國打持久戰。

And John, this is Pat.

約翰，這是帕特。

Just to build on what John has said, it really is difficult to say at this juncture what the impact to our business will be and how it will show up in our financials given the fluidity of the situation.

只是以約翰所說的話為基礎，在這個時刻確實很難說對我們的業務將產生什麼影響，以及鑑於情況的流動性，它將如何在我們的財務中體現出來。

The business impact is largely a function of 2 things: the number of stores closed and the duration of closure.

業務影響很大程度上取決於兩件事：關閉的商店數量和關閉的持續時間。

And with respect to the duration of closure, it's not entirely in our control.

關於關閉的持續時間，它並不完全在我們的控制範圍內。

I would say, to a lesser extent, the financial impact is a function of how we manage wage costs during the period of closure.

我想說，在較小程度上，財務影響是我們在關閉期間如何管理工資成本的一個函數。

So we're simply not able to provide a reasonable estimate at this point in time.

因此，我們目前根本無法提供合理的估計。

We will need to move beyond the extended Chinese New Year holiday season to assess how the situation may be stabilizing and what the implications are for store closures.

我們將需要超越延長的農曆新年假期，以評估情況如何穩定以及對商店關閉的影響。

We're probably looking at early March at the earliest to reasonably assess the implications for revenue, operating income and EPS for our second quarter and for the full year.

我們最早可能會在 3 月初合理評估對我們第二季度和全年的收入、營業收入和每股收益的影響。

At the very latest, we'll provide an update in conjunction with our Q2 earnings release on April 28.

最晚，我們將在 4 月 28 日發布的第二季度財報中提供更新。

Our commitment is to maintain transparency with investors.

我們的承諾是與投資者保持透明度。

And as and when we have a reasonable basis for estimating the financial impacts for the quarter and year, we will communicate that information.

當我們有合理的基礎來估計季度和年度的財務影響時，我們將傳達該信息。

But importantly, we do expect the impacts to be temporary.

但重要的是，我們確實預計影響是暫時的。

Our long-term double-digit growth model is fully intact.

我們的長期兩位數增長模式完好無損。

And of course, we will gain the benefit of lapping these temporary impacts next year.

當然，明年我們將受益於這些臨時影響。

Your next question comes from David Tarantino with Baird.

您的下一個問題來自貝爾德的大衛塔倫蒂諾。

Pat, maybe just following up on some of those questions around the guidance.

帕特，也許只是跟進指導中的一些問題。

Would you be willing to share where your guidance would be without this China issue so that we can understand where the baseline of the underlying business is, especially if you want to assume that it's temporary?

您是否願意分享在沒有中國問題的情況下您的指導會在哪裡，以便我們了解基礎業務的基線在哪裡，特別是如果您想假設它是暫時的？

Yes.

是的。

I'm not going to provide details as to the magnitude of the guidance raise that we had planned or the specific line items, but I'm happy to share that we would have raised guidance for operating margin and for EPS on the strength of our Q1 results and visibility to some balance-of-year benefits.

我不會提供有關我們計劃的指導性提高幅度或特定項目的詳細信息，但我很高興與大家分享，我們將根據我們的實力提高營業利潤率和每股收益的指導第一季度的結果和對一些年度平衡收益的可見性。

But given the uncertainty of the coronavirus situation in China and its impact to our near-term results, which we expect to be temporary, we felt it was best to defer any change to our guidance until we had better visibility to full year results, including the impact of coronavirus.

但鑑於中國冠狀病毒情況的不確定性及其對我們近期業績的影響（我們預計這將是暫時的），我們認為最好推遲對我們的指導進行任何更改，直到我們對全年業績有更好的了解，包括冠狀病毒的影響。

And as I said before, we're committed to being responsibly transparent with our investors, and we'll provide an update when we have reasonable confidence behind our numbers because it would not be helpful to speculate at this time.

正如我之前所說，我們致力於對我們的投資者保持負責任的透明，當我們對我們的數字有合理的信心時，我們將提供更新，因為此時進行推測是沒有幫助的。

But we could not be more pleased with our Q1 results across the board, the overall underlying momentum in our business and the confidence that that gives us behind our ability to deliver better-than-expected results, setting aside this new issue that has emerged in China.

但是，我們對第一季度的全面業績、業務的整體潛在動力以及我們有能力提供好於預期的業績的信心感到非常滿意，撇開這個在中國。

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

您的下一個問題來自 William Blair 的 Sharon Zackfia。

I am not going to ask a China question.

我不會問中國問題。

I actually wanted to talk about the Americas and the decline in G&A dollars year-over-year.

我實際上想談談美洲和 G&A 美元同比下降。

I know it was modest, but if you could kind of talk about that, whether that was just timing.

我知道這很謙虛，但如果你能談談這個，那是否只是時機。

And then on Channel Development, I think you had expected revenue to go down somewhere between 7% and 9% this year.

然後在渠道開發方面，我認為您預計今年的收入將下降 7% 到 9% 之間。

It was obviously a lot less than the first quarter in terms of the degree of decline.

從下降的程度來看，顯然比一季度要小很多。

Is there something that's changed there?

那裡有什麼改變嗎？

Is it a timing dynamic more weighted to the back half of the declines?

是時間動態更重視下跌的後半部分嗎？

Any commentary would be helpful.

任何評論都會有所幫助。

Sharon, this is Pat.

莎倫，這是帕特。

I'm happy to take both questions.

我很高興回答這兩個問題。

First of all, with respect to the G&A, we are very pleased with the progress that we are making across the company in delivering our G&A efficiency commitment.

首先，關於 G&A，我們對整個公司在履行 G&A 效率承諾方面取得的進展感到非常高興。

As a reminder, we had committed to reduce by 100 basis points G&A as a percentage of system sales.

提醒一下，我們已承諾將 G&A 佔系統銷售額的百分比降低 100 個基點。

That is not something that we routinely report because we don't report system sales.

這不是我們經常報告的事情，因為我們不報告系統銷售。

But a good proxy for that is non-GAAP G&A as a percentage of revenue, and we do report that.

但一個很好的代表是非 GAAP G&A 佔收入的百分比，我們確實報告了這一點。

We've added that to our supplementary schedules in our earnings release.

我們已將其添加到我們的收益發布中的補充時間表中。

And we have seen meaningful efficiencies emerge in the first quarter, and we expect that to continue balance of year.

我們已經看到第一季度出現了有意義的效率，我們預計這將繼續保持年度平衡。

That's on the back of very significant work over the last 12 to 18 months to realize productivity in our G&A, not just in the Americas but really across all of our segments and certainly at corporate.

這是在過去 12 到 18 個月為實現我們的 G&A 生產力而進行的非常重要的工作的支持，不僅在美洲，而且在我們所有的細分市場，當然在公司。

We -- and then with respect to the Global Coffee Alliance, we did see better-than-expected results in the first quarter.

我們——然後是全球咖啡聯盟，我們確實在第一季度看到了好於預期的結果。

We did anticipate a decline for the first quarter and for the full year, but our better-than-expected results in the first quarter resulted from outperformance, specifically in the Global Coffee Alliance.

我們確實預計第一季度和全年都會下降，但我們第一季度的業績好於預期是由於表現出色，特別是在全球咖啡聯盟中。

So we could not be more pleased with how our products are performing as we continue to partner with Nestlé, and we anticipate -- that was going to be one of the aspects of our improved guidance for the year is better-than-expected revenue growth from our Channel Development segment.

因此，隨著我們繼續與雀巢合作，我們對我們產品的表現感到非常滿意，我們預計——這將是我們今年改進指導的一個方面，即收入增長好於預期來自我們的渠道開發部門。

John, you might want to comment on the new markets and...

約翰，您可能想對新市場發表評論並...

Yes.

是的。

And so, Sharon, we couldn't be more pleased with the performance of the Channel Development business, in particular, the Global Coffee Alliance.

所以，Sharon，我們對渠道開發業務的表現非常滿意，特別是全球咖啡聯盟。

Through the quarter, we saw acceleration into 40 markets around the world where we have our products available through grocery as well as foodservice.

在本季度，我們看到加速進入全球 40 個市場，我們通過雜貨店和餐飲服務提供我們的產品。

We also are on path, by the end of this quarter that we're in, to be in over 50 markets.

到本季度末，我們也將進入 50 多個市場。

Our product sales continue to be significantly ahead of expectations, both in terms of packaged coffee, Nespresso capsules as well as Dolce Gusto.

我們的產品銷售在包裝咖啡、Nespresso 膠囊以及 Dolce Gusto 方面繼續大大超出預期。

When you look at our core business here in the U.S., Starbucks brand outgrew the total category for coffee.

當您查看我們在美國的核心業務時，星巴克品牌的增長超過了咖啡的總類別。

Roast and ground share grew 80 basis points, K-Cup share grew 40 basis points and we've got some exciting new items that are coming up.

烘焙和地面份額增長了 80 個基點，K-Cup 份額增長了 40 個基點，而且我們還有一些令人興奮的新產品即將推出。

Later this spring, we previously announced that we're launching premium soluble coffee, which will -- we're excited about and the big opportunity internationally with that.

今年春天晚些時候，我們之前宣布我們將推出優質速溶咖啡，這將——我們對此感到興奮以及國際上的巨大機會。

And then the launch that we had with our Creamers of 4 flavors, we're now expanding to an additional 2 new flavors given the recent success.

然後我們推出了 4 種口味的奶精，鑑於最近的成功，我們現在正在擴展到另外 2 種新口味。

So the Global Coffee Alliance itself is performing very well around the world, and it's helping us continue to grow the Starbucks brand and amplify the brand, as Kevin highlighted in his comments earlier.

因此，正如凱文在早些時候的評論中強調的那樣，全球咖啡聯盟本身在全球範圍內的表現非常好，它正在幫助我們繼續發展星巴克品牌並擴大品牌影響力。

Your next question comes from John Ivankoe from JPMorgan.

您的下一個問題來自摩根大通的 John Ivankoe。

I was hoping to get an update on Deep Brew, especially as we come into April.

我希望能得到有關 Deep Brew 的最新消息，尤其是在我們進入四月份的時候。

And I think we'll have some changes around the change in the AI machine that delivered some customized loyalty to customers as well as the change in the My Starbucks Rewards program.

我認為我們將圍繞人工智能機器的變化進行一些變化，為客戶提供一些定制的忠誠度，以及我的星巴克獎勵計劃的變化。

Maybe as a slightly separate but related question, how much, I guess, confidence do you have as we do get in some of the strength that we saw in fiscal '19 that we can lap some of those significant changes in the consumer offerings?

也許作為一個稍微獨立但相關的問題，我猜你有多少信心，因為我們確實獲得了我們在 19 財年看到的一些優勢，我們可以在消費者產品中進行一些重大變化？

John, I'll let -- I'll have Roz give you a little perspective on Deep Brew and how it's influencing our performance.

約翰，我讓——我會讓羅茲給你一點關於 Deep Brew 的看法，以及它如何影響我們的表現。

Thanks, John, for the question.

謝謝，約翰，這個問題。

So first of all, I wanted to ground everybody in what's happening in some of our equipment innovation.

所以首先，我想讓每個人都了解我們的一些設備創新正在發生的事情。

And one of the strongest pieces of innovation that we're seeing is combining our Mastrena 2 machine, which is our espresso machine, which we installed about 1,900 units last year.

我們看到的最強大的創新之一是結合了我們的 Mastrena 2 機器，這是我們的濃縮咖啡機，我們去年安裝了大約 1,900 台。

We've got 4,000 of those coming this year, and those machines are AI-enabled.

今年我們有 4,000 台，這些機器支持人工智能。

And so that is where we'll see the most significant deliverable around how we will integrate AI into understanding how to deliver the best coffee experience and also reducing the amount of time it takes to deliver and then giving us a chance to provide a variety of coffee to our customers.

因此，我們將看到最重要的可交付成果，即我們將如何將人工智能整合到了解如何提供最佳咖啡體驗以及減少交付所需的時間，然後讓我們有機會提供各種咖啡給我們的顧客。

So you'll see that come through.

所以你會看到它通過。

There's also other innovation happening around Deep Brew, it will show up in various aspects of the business, but the equipment position is our strongest position right now.

Deep Brew 周圍還有其他創新，它將體現在業務的各個方面，但設備位置是我們目前最強的位置。

In addition to that, when we talk about the things that have happened in our loyalty program, we did see some significant improvement in this quarter.

除此之外，當我們談論忠誠度計劃中發生的事情時，我們確實看到了本季度的一些顯著改善。

Right now, we finished this quarter at about 18.9 million growth, and that's a 16% improvement versus last year in our active Starbucks Rewards members.

目前，我們在本季度結束時增長了約 1890 萬，與去年相比，我們活躍的星巴克獎勵會員增加了 16%。

It's the strongest growth rate we've seen in 3 years.

這是我們三年來看到的最強勁的增長率。

So the work that we've done in our multi-tier redemption is also allowing us to grow our member base.

因此，我們在多層兌換中所做的工作也使我們能夠擴大我們的會員基礎。

We've got an increase of annual member growth of 2.7 million members, and we're also seeing all-time records in that area as well.

我們的會員年增長率達到了 270 萬，我們也看到了該領域的歷史記錄。

It's enabling us to do really creative work with how we reimagine our Happy Hour performance, making sure that we are understanding what the customer needs.

它使我們能夠通過重新構想歡樂時光錶演的方式進行真正的創造性工作，確保我們了解客戶的需求。

There's a lot of customer insights that comes out of the work that we do as we grow our member base.

隨著我們會員群的增長，我們所做的工作中產生了很多客戶見解。

We're also seeing the loyalty programs in the new membership behavior that we're seeing, which contributed 2 points of the 6% comp for the quarter.

我們還看到了我們所看到的新會員行為中的忠誠度計劃，這在本季度的 6% 組合中貢獻了 2 分。

So we are learning from what's happening as we align AI to our equipment and then the work that comes out of our loyalty programs in getting us closer to customers' expectations, and it's making a difference.

因此，當我們將人工智能與我們的設備結合起來時，我們正在從正在發生的事情中學習，然後我們的忠誠度計劃所產生的工作讓我們更接近客戶的期望，這正在產生影響。

Your next question comes from Jeffrey Bernstein from Barclays.

您的下一個問題來自巴克萊銀行的 Jeffrey Bernstein。

Great.

偉大的。

Just a broader question on China learnings, putting aside the coronavirus.

撇開冠狀病毒不談，只是一個關於中國學習的更廣泛的問題。

Clearly, there's lots of competition in the market, I think oftentimes coming in on the lower end in terms of experience and perhaps customer affluence.

顯然，市場上有很多競爭，我認為通常在經驗和客戶富裕方面進入低端。

So I'm just wondering what learnings would you say you've taken from this competition to better your positioning.

所以我只是想知道你會說你從這場比賽中學到了什麼來更好地定位。

It seems like you had a slowdown a year ago, and now it seems like trends are moving in the upward direction.

一年前你似乎放緩了，現在似乎趨勢正在向上移動。

Again, I'm just wondering if you could provide some clarity in terms of which 2 or 3 initiatives would you say maybe you took some learnings from some of that competition to better yourself in the market.

同樣，我只是想知道您是否可以提供一些明確的說明，說明您會說哪些 2 或 3 項舉措，也許您從一些競爭中吸取了一些教訓，以在市場上更好地提升自己。

John, why don't you take that one?

約翰，你為什麼不拿那個？

Well, Jeffrey, I think there's a couple of things around what we're doing in China.

嗯，杰弗裡，我認為我們在中國正在做的事情有幾件事。

First and foremost, focusing on the premium quality of the coffee and our ability to handcraft the beverages for customers to the way they want it, we feel that there is no other competitor in China that is able to do it and replicate it at the level that we are as signified by the more than 7 million customers we serve a week across the 4,300 stores.

首先也是最重要的，我們專注於咖啡的優質品質和我們為客戶手工製作飲料的能力，我們認為中國沒有其他競爭對手能夠做到這一點並在這個水平上複製它我們每週在 4,300 家商店服務的超過 700 萬客戶就表明了這一點。

In addition, you then have the opportunity of developing these relationships between our partners and our customers.

此外，您還有機會在我們的合作夥伴和客戶之間發展這些關係。

And our partners are truly the differentiating factor in terms of bringing the Starbucks Experience to life for our customers.

我們的合作夥伴確實是為我們的客戶帶來星巴克體驗的差異化因素。

And when you go to China and you experience our people and their passion for coffee and their passion for service to customers, that is a true differentiator that we have in the market.

當你去中國時，你會體驗到我們的員工以及他們對咖啡的熱情以及他們對客戶服務的熱情，這就是我們在市場上的真正差異化因素。

You then put all that together in the third place.

然後，您將所有這些放在第三位。

And the beauty of our stores, the inviting environment, the way in which we show up in the third place, we have an environment that customers come to and want to be with their family and friends.

還有我們商店的美麗、誘人的環境、我們在第三位出現的方式，我們有一個客戶來到並希望與他們的家人和朋友在一起的環境。

Now what we've done is we've also enhanced that with the digital experience.

現在我們所做的是我們還通過數字體驗增強了這一點。

And we had a great quarter as it relates to digital.

我們有一個很棒的季度，因為它與數字有關。

We now have 90-day actives grew 40% year-over-year to 10.2 million.

現在，我們的 90 天活躍用戶同比增長 40%，達到 1020 萬。

That's nearly double from where it was a year ago.

這幾乎是一年前的兩倍。

We've also gone through and built out Mobile Order & Pay capabilities as well as delivery.

我們還完成並構建了移動訂單和支付功能以及交付。

So mobile orders in total reached more than 15% of sales mix in the quarter compared to 10% in Q4, so 9% being deliveries, 6% being Mobile Order & Pay, and we're continuing to build out these digital relationships with customers.

因此，與第四季度的 10% 相比，本季度的移動訂單總計佔銷售組合的 15% 以上，因此交付佔 9%，移動訂單和支付佔 6%，我們將繼續與客戶建立這些數字關係.

Then you couple all that with the Global Coffee Alliance in our RTD business in China.

然後，您將所有這些與我們在中國的即飲業務中的全球咖啡聯盟結合起來。

There is no other company brand in China that has the distribution points that we have.

中國沒有其他公司品牌擁有我們擁有的分銷點。

We have over 100,000 points of distribution of the Starbucks brand in China, and our partners are bringing it to life every day.

我們在中國擁有超過 100,000 個星巴克品牌的分銷點，我們的合作夥伴每天都在將其變為現實。

And it's their passion and their commitment that is making us successful and will continue to make us successful.

正是他們的熱情和承諾使我們成功，並將繼續使我們成功。

Yes.

是的。

Just add to John's comments and share a perspective, Jeffrey.

只需添加到約翰的評論並分享一個觀點，杰弗裡。

I think, look, over -- throughout history, we've had many, many competitors enter the market.

我想，看，在整個歷史上，我們有很多很多競爭對手進入市場。

Look, coffee is a large and growing addressable market.

看，咖啡是一個龐大且不斷增長的潛在市場。

And we stay focused on the premium experience and the unique differentiators that we believe create Starbucks.

我們始終專注於優質體驗和我們相信創造星巴克的獨特差異化因素。

And if you look throughout history, there's a consistent pattern.

如果你縱觀歷史，就會發現有一個一致的模式。

In most all cases, our competitors shift to focusing more on the value play.

在大多數情況下，我們的競爭對手都轉向更多地關注價值遊戲。

And you see that time and time again.

你會一次又一次地看到這一點。

And I think we can continue to see that trend.

我認為我們可以繼續看到這種趨勢。

So the lesson for us is continue to amplify those unique differentiators that make us Starbucks.

所以我們的教訓是繼續放大那些使我們成為星巴克的獨特差異化因素。

And that's why as you think about the Growth at Scale, we really, as John said, amplify the customer experience we create in the store.

這就是為什麼當您考慮規模增長時，正如約翰所說，我們確實放大了我們在商店中創造的客戶體驗。

We amplify the quality of our coffee and the beverage innovation that we provide, the fact those beverages are handcrafted and personalized for each and every customer.

我們放大咖啡的質量和我們提供的飲料創新，這些飲料是為每一位客戶手工製作和個性化的。

And then we extended that in-store experience to a digital customer relationship.

然後我們將店內體驗擴展到數字客戶關係。

And those mix of ingredients are what differentiates us.

這些成分的組合使我們與眾不同。

And we feel confident that we understand them, we don't compromise those and we stay focused on playing our game.

我們相信我們理解他們，我們不會妥協，我們會專注於玩我們的遊戲。

It's worked in the past, it's working today and it will work in the future.

它過去有效，今天有效，將來也有效。

Your next question comes from Matthew DiFrisco from Guggenheim Securities.

您的下一個問題來自古根海姆證券公司的 Matthew DiFrisco。

I just had a couple of follow-ups.

我剛剛進行了幾次跟進。

With respect to China -- thank you for sharing that about the 10% of global revenue.

關於中國——感謝您分享大約 10% 的全球收入。

Is it correct then, I guess, also to assume -- in your past analyst days, you've obviously shown how strong of a market and the opportunity on the returns there.

那麼，我想，是否也可以假設——在你過去的分析師時代，你顯然已經展示了市場的強勁程度以及那裡的回報機會。

That also would then, by default, have a higher contribution to the income, I suspect.

我懷疑，默認情況下，這也會對收入有更高的貢獻。

And then if you could comment also, is this -- the travel restrictions, are they having any sort of impact also on the ability to meet those growth targets?

然後，如果您也可以評論一下，旅行限制是否對實現這些增長目標的能力也有任何影響？

I know you have 600 stores planned for that country.

我知道你們計劃在那個國家開 600 家商店。

Is that something also that's sort of been halted during this time frame as well?

在這段時間內，這是否也被暫停了？

Yes.

是的。

Matthew, this is Pat.

馬修，這是帕特。

With respect to the first question, China's operating income as a percentage of business unit operating income globally is slightly higher than the 10% that it represents of revenue.

關於第一個問題，中國的營業收入佔全球業務部門營業收入的比例略高於其占收入的10%。

And over to John for the second piece.

第二件交給約翰。

Yes.

是的。

Matthew, on the store side of it, I think it's too early to tell.

馬修，在商店方面，我認為現在說還為時過早。

We're committed to the numbers that we previously communicated around store growth in China, and we'll continue to build beautiful stores and accelerate the growth of the brand.

我們致力於實現我們之前就中國門店增長所傳達的數據，我們將繼續打造漂亮的門店並加速品牌的發展。

Suffice it to say, new stores contribute 80% of our revenue growth in the market.

可以說，新店貢獻了我們市場收入增長的 80%。

And it's an important component and one that we'll continue to focus on with the team there.

這是一個重要的組成部分，我們將繼續與那裡的團隊一起關注。

Your next question comes from Dennis Geiger from UBS.

您的下一個問題來自瑞銀的 Dennis Geiger。

I just wanted to ask a bit more about the continued strength of U.S. traffic.

我只是想進一步了解美國交通的持續實力。

Maybe Roz, could you talk a bit more about where that's coming from?

也許Roz，你能多談談那是從哪裡來的嗎？

How much of it is higher frequency from existing customers versus maybe some new customers?

現有客戶的頻率比一些新客戶的頻率高多少？

And any other observations or insights that you can share?

以及您可以分享的任何其他觀察或見解？

And then I think you've touched on the drivers, but if there's anything you can get into more on how much of it is experience versus digital versus the beverage innovation that you feel is driving that traffic piece, if you can dive into that any more.

然後我認為你已經觸及了驅動因素，但如果你能深入了解其中有多少是經驗、數字和飲料創新，你覺得推動了流量，如果你能深入了解的話更多的。

Sure.

當然。

Thank you, Dennis.

謝謝你，丹尼斯。

So a couple of things.

所以有幾件事。

So you heard Kevin, in Kevin's remarks, that we achieved a 6% comp in this quarter.

所以你在凱文的評論中聽到凱文，我們在本季度實現了 6% 的比較。

Five of those 6 points came from beverage growth.

這 6 分中有 5 分來自飲料增長。

So beverage innovation is a large part of the work that we're doing.

因此，飲料創新是我們所做工作的很大一部分。

That also is impacted by the work we're doing in in-store innovation also and the efficiencies that we're building there and then the digital relationships.

這也受到我們在店內創新方面所做的工作以及我們在那裡建立的效率以及數字關係的影響。

If I could go a little bit further into the efficiencies that we're seeing in the store, we are actually doing a large amount of work around creating and improving productivity in the stores.

如果我可以進一步了解我們在商店中看到的效率，我們實際上正在圍繞創建和提高商店的生產力做大量工作。

And in many cases, this is not productivity driving activity by taking hours out and really reducing our cost position in the stores, it's actually to allow our partners to spend more time with our customers.

在許多情況下，這並不是通過花幾個小時來提高生產力並真正降低我們在商店中的成本狀況，而是讓我們的合作夥伴花更多的時間與我們的客戶在一起。

So we're seeing record scores at this time, of customer connection scores in our stores.

所以我們現在看到了創紀錄的分數，我們商店的客戶聯繫分數。

These are record numbers.

這些是創紀錄的數字。

We believe it's a multitude of things, dealing with reducing the amount of task, the menial tasks, that our store managers and our baristas have to do in our stores.

我們相信這是很多事情，涉及減少我們的商店經理和我們的咖啡師必須在我們的商店中完成的任務量和瑣碎的任務。

In addition to the equipment improvements that we're seeing, we have Nitro Cold Brew across all of our stores right now.

除了我們看到的設備改進外，我們現在在所有商店都有 Nitro Cold Brew。

When we put in a Mastrena 2 machine, we're seeing operational efficiencies.

當我們安裝 Mastrena 2 機器時，我們看到了運營效率。

It's a lower-profile machine.

這是一台低調的機器。

It allows our partners to see over the bar and interact with the customers.

它使我們的合作夥伴可以看到酒吧並與客戶互動。

We're actually seeing a significant amount of work coming out of the work we have learned through our digital relationships, so we know more about who's coming in the morning.

我們實際上看到大量工作來自我們通過數字關係學到的工作，因此我們更了解早上誰來。

Kevin's remarks also revealed that we are growing in every daypart.

凱文的這番話也透露出我們在每一天都在成長。

We're also seeing a significant growth pattern in our cold coffee.

我們還看到冷咖啡的顯著增長模式。

And so that includes all cold beverages, meaning tea as well.

所以這包括所有冷飲，也包括茶。

And we're seeing cold beverages grow in the morning and the afternoon occasion.

我們看到冷飲在早上和下午的場合增加。

We're seeing also to the work -- if you recall, when we began to grow and change our program and loyalty around multi-tier redemption, we are seeing growth with the occasional customer.

我們也看到了這項工作——如果你還記得，當我們開始圍繞多層兌換發展和改變我們的計劃和忠誠度時，我們看到了偶爾客戶的增長。

And there is some connection between cold coffee afternoon occasion and the occasional customer.

下午冷咖啡的場合和偶爾的顧客之間也有一些聯繫。

We are seeing growth after 11:00 in the afternoon with the occasional customer and with cold coffee.

下午 11:00 後，我們看到了偶爾的顧客和冷咖啡的增長。

So we think that it's that combination that's really happening for us, Dennis, in terms of the beverage innovation, so right beverage for our customer base, improving the work that our partners have to do in our stores so that they can interact with the customers and improve customer engagement and then learning from our digital relationships and understanding how to market to our customer base and bring them in the store, and a great example of that is our reimagined Happy Hour.

所以我們認為，丹尼斯在飲料創新方面真正發生了這種組合，為我們的客戶群提供正確的飲料，改善我們的合作夥伴在我們商店中必須做的工作，以便他們可以與客戶互動並提高客戶參與度，然後從我們的數字關係中學習，並了解如何向我們的客戶群進行營銷並將他們帶到商店中，我們重新構想的歡樂時光就是一個很好的例子。

And so we're doing -- we're combining these 3 initiatives together, and we are convinced that this work and the discipline around it is really driving our comp performance, and we can see this in future quarters ahead of us.

所以我們正在做 - 我們將這 3 項舉措結合在一起，我們相信這項工作和圍繞它的紀律確實在推動我們的業績表現，我們可以在未來幾個季度看到這一點。

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

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

I have a question and then a quick follow-up.

我有一個問題，然後快速跟進。

Just on the margins, you had said that that was a place where you would have probably raised guidance.

就在邊緣，您曾說過那是您可能會提出指導意見的地方。

I think in general, Pat, you said you wanted to be conservative on guidance.

我認為總的來說，帕特，你說你想在指導上保持保守。

But could you just talk a little bit about whether the beat versus expectations was, in fact, just how you position the guidance?

但是，您能否談談節拍與預期是否實際上就是您如何定位指導？

Or were there some surprises in there?

還是裡面有什麼驚喜？

Supply chain, obviously, the comps were a bit better than you would have, I think, expected or the long-term algorithm would suggest.

供應鏈，顯然，comps 比我認為的預期或長期算法所建議的要好一些。

So if you could just talk about where the margin upside with maybe some specific initiatives or sources would be.

因此，如果您可以談論一些具體舉措或來源的利潤率上升空間在哪裡。

And then just my follow-up is you had said that the wide-scale closures in China and the store closures to be the primary driver of the impact on the business.

然後我的後續行動是，您曾說過中國的大規模關閉和商店關閉是對業務影響的主要驅動因素。

So does that suggest that for the stores that are remaining open, you're not really seeing a change in trend in the China stores?

那麼這是否意味著對於那些仍在營業的商店，您並沒有真正看到中國商店的趨勢發生變化？

I would have thought there'd be more of an impact on consumer confidence broadly.

我原以為會對廣泛的消費者信心產生更大的影響。

Thank you, Sara.

謝謝你，薩拉。

I'll take both questions and then pivot to John for additional color on China.

我會回答這兩個問題，然後轉向 John 以獲取更多關於中國的信息。

First of all, with respect to margin performance in the quarter, we were really delighted with our overall margin outcome in Q1.

首先，關於本季度的利潤率表現，我們對第一季度的整體利潤率結果感到非常滿意。

And what was better than expected was, to your point, higher-than-expected comp growth and, with that, strong sales leverage contributing positively to margin.

就您而言，好於預期的是，複合增長高於預期，因此強勁的銷售槓桿對利潤率產生了積極影響。

We also had stronger-than-expected benefits from our supply chain.

我們還從供應鏈中獲得了強於預期的收益。

Part of that was a function of the fact that in the U.S., we had such strong sell-through for our food, beverages and merchandise in holiday that we did not incur the level of inventory reserves that we've seen in the past.

部分原因在於，在美國，我們的食品、飲料和商品在假日期間的銷售量如此強勁，以至於我們沒有產生過去所見的庫存儲備水平。

So a number of initiatives came together to deliver really strong margin performance in Q1, and that was the overriding contributor to what we had planned by way of a margin guidance raise for the full year.

因此，多項舉措匯集在一起，在第一季度實現了非常強勁的利潤率表現，這是我們計劃通過全年利潤率指導提高的最重要因素。

With respect to China and the drivers of the business impact, I highlighted that the number of stores and duration of closure are the 2 primary drivers of the business impact.

關於中國和業務影響的驅動因素，我強調了門店數量和關閉時間是業務影響的兩個主要驅動因素。

That's not to say that there aren't other drivers or other considerations here.

這並不是說這裡沒有其他驅動因素或其他考慮因素。

And certainly, the reduced retail footfall that we're seeing across the country in the wake of the efforts taken to contain the virus and how customers generally are a bit reticent to perhaps visit commercial centers versus previously is another factor.

當然，在採取措施遏制該病毒之後，我們在全國范圍內看到的零售客流量減少，以及與以前相比，顧客通常不太可能去商業中心，這是另一個因素。

So it is a contributing factor, but the big factor really is the duration of closure.

所以這是一個促成因素，但真正的重要因素是關閉的持續時間。

And I'll really pivot to John for additional color on that.

我真的會轉向約翰，以獲得額外的色彩。

Yes.

是的。

So Sara, obviously, we're tracking customers in transactions in our stores that we have opened.

所以 Sara，很明顯，我們正在跟踪我們開設的商店的交易中的客戶。

And we look at that each and every day.

我們每天都在看。

I would say that versus historical levels, it definitely has slowed down from -- and Pat gave a little bit of color on that.

我想說的是，與歷史水平相比，它肯定已經放緩了——帕特對此給出了一些看法。

We look at this each and every day.

我們每天都在看這個。

We've taken action in our open stores to adjust operating hours.

我們已經在我們的開放商店採取行動來調整營業時間。

We've also gone in and adjusted some of the product offerings based on supply chain availability.

我們還根據供應鏈的可用性調整了一些產品供應。

And then we've also taken a look at specific trade areas where we can consolidate the stores into 1 store that's meaningful and reaches customers.

然後我們還研究了特定的貿易領域，我們可以將這些商店整合到一個有意義的商店中並吸引客戶。

So a lot of different actions are being taken.

因此正在採取許多不同的行動。

But as Pat shared, the majority of the impact will come from the closed stores.

但正如帕特所說，大部分影響將來自關閉的商店。

But this is something we assess every day.

但這是我們每天都在評估的事情。

As you're aware, Chinese New Year has been extended, and we're continuing to watch this very closely with the team in China.

如您所知，中國新年已經延長，我們將繼續與中國團隊密切關注。

Your next question comes from David Palmer with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 David Palmer。

Just a follow-up on the U.S. and the beverage contribution of 5 points, which is certainly much higher than it was a couple of years ago.

只是美國的跟進，飲料貢獻了 5 分，這肯定比幾年前要高得多。

If we look back that far, it feels like the Frappuccino platform has stabilized, and we've seen the benefit of some of the newer cold beverage platforms like Cold Brew and Nitro and perhaps with the help of Foam more recently.

如果我們回顧過去，感覺星冰樂平台已經穩定下來，我們已經看到了一些較新的冷飲平台（如 Cold Brew 和 Nitro）的好處，也許最近還得到了 Foam 的幫助。

Could you talk about the biggest contributors to the improvement if we kind of look at this from a multi-year perspective?

如果我們從多年的角度來看這一點，您能否談談對改進的最大貢獻者？

And if we're looking forward in a similar way, could you talk about the biggest contributors to beverage growth going forward and how you feel about the pipeline of beverage news kind of keeping this energy going in the beverage side?

如果我們以類似的方式展望未來，您能否談談未來飲料增長的最大貢獻者，以及您對飲料新聞渠道的看法如何保持這種能量在飲料方面的發展？

Yes.

是的。

David, thanks for the question.

大衛，謝謝你的問題。

So a few things.

所以有幾件事。

If you recall, last year, this time, we were probably issuing a lot of LTOs, limited time offers.

如果你還記得，去年，這一次，我們可能發布了很多 LTO，限時優惠。

Some of that was Frappuccino-based.

其中一些是基於星冰樂的。

We were not penetrated with enough Nitro equipment technology in the stores.

我們沒有在商店中使用足夠的 Nitro 設備技術。

And Nitro, we knew, was a growing category.

我們知道，Nitro 是一個不斷增長的類別。

So what you're seeing right now is our execution of putting Nitro in every one of our buildings in the U.S. And so that's a big transition that we've made.

所以你現在看到的是我們在美國的每一棟建築中都安裝了 Nitro。這是我們所做的一個重大轉變。

In addition to that, playing into cold coffee and that process of creating and leaning into cold.

除此之外，玩冷咖啡以及創造和傾向於冷的過程。

And what you can see in the future from that is that we do have equipment improvements coming in our Cold Brew technology.

您在未來可以看到的是，我們的 Cold Brew 技術確實對設備進行了改進。

Part of that is making sure that we are in stock at all times with this process, and so we actually have equipment changes coming in the future for that.

其中一部分是確保我們在此過程中始終有庫存，因此我們實際上將來會為此進行設備更改。

I also mentioned, too, that you've seen us add alternative milks to our beverage line, which gives us a chance to customize.

我還提到，您已經看到我們在我們的飲料系列中添加了替代牛奶，這讓我們有機會進行定制。

We know that there is a portion of our customer base that wants more of a healthy-for-you concept.

我們知道，我們的一部分客戶群想要更多的健康理念。

And so you have seen some of the work that we have done to add oat milk regionally across the country.

因此，您已經看到了我們為在全國范圍內添加燕麥奶所做的一些工作。

And as that becomes more available in the industry, we will acquire more of that capacity.

隨著該行業變得越來越可用，我們將獲得更多的這種能力。

In addition to that, our whole -- our hot business is holding very nicely for us.

除此之外，我們的整體 - 我們的熱門業務對我們來說非常好。

Also, from a holiday perspective, we introduced beverages that had high demand, if you think about the Irish Cream Cold Brew and then what we were able to do with the Pumpkin Spice category.

此外，從假期的角度來看，我們推出了需求量很大的飲料，如果您考慮一下愛爾蘭奶油冷萃咖啡，以及我們對南瓜香料類別所做的事情。

What also gives us confidence as we go forward is the work that we're doing to make sure that we can deliver on what the customers are asking us for.

在我們前進的過程中，讓我們充滿信心的是我們正在做的工作，以確保我們能夠滿足客戶的要求。

So you'll see more coming in the alternative milk category for us and then playing into the cold category.

因此，您會看到更多產品出現在我們的替代牛奶類別中，然後進入冷牛奶類別。

Also, in terms of what helps us sell beverages is our food attach.

此外，就幫助我們銷售飲料而言，我們的食品附加值。

We will be introducing a breakfast sandwich this year with a plant-based patty, both in U.S. and Canada, and the combination of those pairing is significant for us in terms of how we think about what the customer is asking for us to develop.

今年我們將在美國和加拿大推出帶有植物肉餅的早餐三明治，這些搭配的結合對於我們如何看待客戶要求我們開發的產品而言意義重大。

I'll also mention that we are seeing still growth in our morning daypart and with MOP.

我還要提到，我們在早晨的白天和 MOP 中看到仍在增長。

It's significant to also mention that in this quarter, we opened our first convenience store, so we're seeing increased traffic when we create new formats.

值得一提的是，在本季度，我們開設了第一家便利店，因此當我們創建新格式時，我們看到流量增加。

Our first introduction to this was -- is in Penn Plaza in New York.

我們第一次介紹這個是在紐約的賓夕法尼亞廣場。

I had the chance to visit there in the last 10 days.

在過去的 10 天裡，我有機會參觀了那裡。

Customer response is very favorable.

客戶反應非常好。

It is showing just one more way that our brand is significant to our customer.

它只是展示了我們的品牌對我們的客戶很重要的另一種方式。

Once you exit Penn Plaza station, you come right up to the store.

離開 Penn Plaza 站後，您就來到了商店。

Customers are responding that it feels like a walk-through.

客戶回應說，這感覺就像一個演練。

It has our latest technology in there from the digital boards that really announce when your drink is ready.

它擁有來自數字板的最新技術，可以真正宣布您的飲料何時準備好。

It's those kinds of things, combined with beverage innovation, that give us the confidence that we're listening to our customers and providing them access to our stores, access to our brand, the way they want to acquire their coffee and also listening to them in terms of how we should grow our beverage innovation.

正是這些東西與飲料創新相結合，讓我們有信心傾聽客戶的聲音，並為他們提供進入我們商店、接觸我們品牌的途徑，以及他們想要獲取咖啡的方式並傾聽他們的意見就我們應該如何發展我們的飲料創新而言。

So we are committed to this category of cold coffee and also making sure that we're staying close to what the customer would like to see in what's next in their beverage preference.

因此，我們致力於此類冷咖啡，並確保我們與客戶希望在他們的飲料偏好中看到的下一步保持密切聯繫。

Your next question comes from Eric Gonzalez with KeyBanc.

您的下一個問題來自 KeyBanc 的 Eric Gonzalez。

I just have one question on China and then maybe a follow-up.

我只有一個關於中國的問題，然後可能會跟進。

So it seems like you're pushing more aggressively into lower-tier cities where coffee consumption is a little bit lower than it might be in the higher-tier cities.

因此，您似乎正在更積極地進軍低線城市，那裡的咖啡消費量比高線城市可能低一些。

So if you can maybe talk about how the returns equation works in those lower-tier cities and maybe how the product mix differs in those types of locations.

所以，如果你能談談回報方程在那些低線城市是如何運作的，以及產品組合在這些類型的地方有什麼不同的話。

And then as a follow-up to that, with the delivery driving 9% sales mix this quarter, does that imply that the on-premise business is running negative if it's early days about this time last year in the delivery rollout?

然後作為後續行動，本季度交付推動了 9% 的銷售組合，這是否意味著如果在去年這個時候交付交付的早期階段，本地業務正在運行負面？

So can you maybe talk about why that might be the case?

所以你能談談為什麼會這樣嗎？

Is it competition, potentially sales transfer?

是競爭還是潛在的銷售轉移？

Or is delivery itself cannibalizing your in-store business?

還是送貨本身會蠶食您的店內業務？

Yes.

是的。

Eric, this is John.

埃里克，這是約翰。

Just to answer your question, in the quarter, we opened 167 stores.

只是為了回答你的問題，在本季度，我們開設了 167 家門店。

46% of those were either in tier 1 and tier 2 cities.

其中 46% 位於一線和二線城市。

We do see very strong performance in lower-tier cities, and we continue to make investments in those cities, playing the long game.

我們確實在低線城市看到了非常強勁的表現，我們將繼續在這些城市進行投資，玩長線遊戲。

Clearly, when we open our first few stores, there is a lot of demand for Starbucks coming into those cities.

顯然，當我們開設前幾家門店時，對星巴克進入這些城市的需求很大。

As we continue to build out the footprint, what we've seen historically is that the total transactions obviously continue to grow and volumes show up as very similar to some of our outer tier 1 cities.

隨著我們繼續擴大足跡，我們從歷史上看到的是，總交易量顯然繼續增長，交易量與我們的一些外線城市非常相似。

So we feel good about our growth in these tier 4, tier 5 cities overall.

所以我們對我們在這些四五線城市的整體增長感到滿意。

In terms of the delivery aspect of it at 9%, clearly, we see a lot of benefit.

就其 9% 的交付方面而言，顯然，我們看到了很多好處。

It creates a whole new occasion for our existing customers, and it's helping to drive transaction growth in our stores.

它為我們現有的客戶創造了一個全新的場合，並有助於推動我們商店的交易增長。

We have over 3,500 stores in 130 cities, which is 80% of the store base having delivery available to them.

我們在 130 個城市擁有超過 3,500 家門店，佔門店數量的 80%。

We see it as an incremental for these existing customers as well as attracting new customers.

我們將其視為這些現有客戶的增量以及吸引新客戶。

In total, dollar profits continue to increase because of it.

總的來說，美元利潤因此而繼續增加。

It's slightly margin-dilutive, but it does provide a higher ticket as well as a higher food attach.

它略微稀釋了利潤，但它確實提供了更高的票價以及更高的食物附加值。

And we also see stronger demand in the mornings and during the lunch daypart.

我們還看到早上和午餐時段的需求更加強勁。

Your next question comes from Katherine Fogertey with Goldman Sachs.

您的下一個問題來自高盛的 Katherine Fogertey。

I have a couple of questions here.

我在這裡有幾個問題。

So first of all, on International, stripping out the strength that you saw in China, it looks like the rest of International was pretty weak on the traffic side.

所以首先，在國際賽上，除去你在中國看到的實力，看起來國際賽的其餘部分在交通方面相當薄弱。

So I was wondering if you could walk through dynamics you're seeing in select markets there.

所以我想知道您是否可以了解您在特定市場中看到的動態。

And then on the point that was made earlier about the supply chain and having some problem stocking stores in the region in China for the ones that are open, are you guys seeing difficulty transporting goods and services across the country at this point?

然後關於前面提到的關於供應鏈的問題，以及在中國地區為那些開放的商店存貨存在一些問題，你們現在是否看到在全國范圍內運輸貨物和服務有困難？

And if that is the case, would there be any kind of ripple-through effect to maybe push out of new store opens and unit growth?

如果是這樣的話，是否會產生任何連鎖效應來推動新店開張和單位增長？

Yes.

是的。

Katherine, just real quick on the International side.

凱瑟琳，在國際方面真的很快。

As Pat highlighted, we had 2 points of impact given the Japan market and what we saw in Japan.

正如 Pat 強調的那樣，考慮到日本市場和我們在日本看到的情況，我們產生了 2 點影響。

And when you look at Japan, overall, we had 2 major factors that influenced the comp performance in Japan.

當你看日本時，總的來說，我們有兩個主要因素影響了日本的比賽表現。

First was, early on in the quarter, we had a devastating typhoon that went through the country, which impacted 2 full days of sales in the market.

首先是，在本季度初，我們有一場毀滅性的颱風席捲全國，影響了市場上 2 天的銷售。

The second piece was the increase in consumption tax that took place in early October.

第二個是10月初消費稅的上調。

The good news that we saw through the quarter is that comps accelerated through the quarter back to more normal levels.

我們在本季度看到的好消息是，本季度的補償加速恢復到更正常的水平。

So we do feel good about the trends that we're currently seeing in Japan.

因此，我們確實對我們目前在日本看到的趨勢感到滿意。

When you look more broadly across the International segment and you look at, in specifics, EMEA and Asia Pacific, we saw strong growth in both of those regions through our licensed partnerships.

當您更廣泛地審視國際市場並具體地審視歐洲、中東和非洲和亞太地區時，我們通過我們的許可合作夥伴關係在這兩個地區看到了強勁的增長。

U.K., in particular, did very well.

尤其是英國，做得非常好。

We had Middle East and EMEA that also performed well.

我們的中東和 EMEA 也表現良好。

And then when you go over to Asia Pacific, Korea had another strong quarter, which was great to see.

然後，當您轉到亞太地區時，韓國又有一個強勁的季度，很高興看到。

And then we have some smaller markets, Philippines, Indonesia, Australia and New Zealand, doing well as well.

然後我們有一些較小的市場，菲律賓、印度尼西亞、澳大利亞和新西蘭，表現也不錯。

Switching to your question on China on goods and services, we're monitoring each and every day the supply chain challenges.

切換到您關於中國商品和服務的問題，我們每天都在監控供應鏈挑戰。

Clearly, in Hubei province, that area is impacted the most in terms of supply chain given the limited travel that's taking place in that city.

顯然，在湖北省，鑑於該城市的出行有限，該地區在供應鏈方面受到的影響最大。

We haven't seen that meaningful impact take hold in other cities.

我們還沒有看到其他城市產生有意義的影響。

Although, as I shared, we continue to adjust the menus in our stores and the offerings to accommodate any supply chain challenges we have.

雖然，正如我所分享的，我們會繼續調整我們商店的菜單和產品，以適應我們面臨的任何供應鏈挑戰。

Your next question comes from Greg Badishkanian with Citi.

您的下一個問題來自花旗銀行的 Greg Badishkanian。

It's actually Fred Wightman on for Greg.

格雷格實際上是弗雷德·懷特曼（Fred Wightman）。

Just one quick follow-up.

只需快速跟進。

In your response to an earlier question as far as the changes to the full year outlook, you had alluded to some additional visibility.

在您對先前關於全年展望變化的問題的回答中，您提到了一些額外的可見性。

I think it was on operating margins or earnings for the balance of the year.

我認為這是關於今年餘下時間的營業利潤率或收益。

What exactly were you referring to there?

你到底指的是什麼？

Yes.

是的。

So this is Pat.

這就是帕特。

We see further upside in our Channel Development business specifically.

我們特別看到我們的渠道開發業務有進一步的上漲空間。

So we have a stronger outlook for full year revenue and flow-through associated with that in Channel Development.

因此，我們對與渠道開發相關的全年收入和流通量有更強的前景。

There were a couple of other line items where we were anticipating making some adjustments as well.

我們預計還會對其他幾個訂單項進行一些調整。

But far and away, the key driver of what we had planned by way of a guidance raise was the extraordinary strength of our Q1 results.

但很明顯，我們計劃通過指導性加薪的關鍵驅動因素是我們第一季度業績的非凡實力。

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

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

Roz, one of the more impressive drivers of U.S. same-store sales has been growth in loyalty program with the 1.4 million members added during 1Q, the seasonally highest it's been on record since you guys have been disclosing this.

Roz，美國同店銷售最令人印象深刻的驅動因素之一是忠誠度計劃的增長，第一季度增加了 140 萬會員，這是自你們披露這一點以來有記錄的季節性最高水平。

And I was wondering, with this growing base of users, can you talk about changes in the tactics you're using to market more effectively to these customers to help increase the spend as well as the visitation?

我想知道，隨著用戶群的不斷增長，您能否談談您用來更有效地向這些客戶推銷以幫助增加支出和訪問量的策略的變化？

So yes, Andrew, just a few things there.

所以，是的，安德魯，那裡只有幾件事。

One is we have a very effective media spend.

一是我們有非常有效的媒體支出。

And so if you go back a year or so ago, we either had very small investments in our media spend or not very directed.

因此，如果你回到大約一年前，我們要么對媒體支出的投資非常少，要么沒有非常有針對性。

And so now we are better at understanding almost a one-to-one relationship with that consumer.

因此，現在我們能夠更好地理解與該消費者幾乎是一對一的關係。

And so if we have an e-mail address, we can look at their past purchases and then suggest to them what they could enjoy in our stores and then also to alert them to Happy Hour and other events that are happening in the store.

因此，如果我們有一個電子郵件地址，我們可以查看他們過去的購買情況，然後向他們建議他們可以在我們的商店中享受什麼，然後提醒他們歡樂時光和商店中正在發生的其他活動。

And we didn't have that in the past.

而我們過去沒有。

And in addition to that is when we introduce new items.

除此之外，當我們推出新產品時。

And so what we're seeing from a Cold Brew perspective is also just speaking to them about the new cold beverages.

因此，我們從 Cold Brew 的角度看到的也只是與他們談論新的冷飲。

So it's having that one-to-one relationship and access to them and can personalize the offerings that we have to our customer base.

因此，它擁有一對一的關係並可以訪問它們，並且可以為我們的客戶群提供個性化的產品。

In addition to that, some of the other work that we're doing is to help our partners in the stores understand who's shopping in the stores.

除此之外，我們正在做的其他一些工作是幫助我們在商店的合作夥伴了解誰在商店購物。

And so they know their customers just by the relationships that they've built over the years, but now they know a little bit more about who's shopping in their stores and who's visiting our cafés.

因此，他們僅通過多年來建立的關係了解他們的客戶，但現在他們對誰在他們的商店購物以及誰在光顧我們的咖啡館有了更多的了解。

And so we share that information with our partners in the stores, and it makes them very effective at the work that they do.

因此，我們與商店中的合作夥伴共享這些信息，這使他們在工作中非常有效。

And so it's -- a lot of the insights that we're gathering, we're using it to make our decisions and also, too, what's fueling how we think about what innovation that we want to build and develop.

所以它是 - 我們正在收集的很多見解，我們正在使用它來做出我們的決定，並且也推動了我們如何思考我們想要建立和發展的創新。

And so we're using our insights effectively, learning from our new members that are growing and then watching the work that we need to do as we look at the multi-tier redemption program, which is still just approaching a year in terms of its full national rollout.

因此，我們有效地利用了我們的見解，向正在成長的新成員學習，然後在我們查看多層兌換計劃時觀察我們需要做的工作，該計劃仍接近一年。全國全面推廣。

Your next question comes from Gregory Francfort with Bank of America.

您的下一個問題來自美國銀行的 Gregory Francfort。

Just looking back at the U.S. business on, I guess, 18 to 24 months of a slowdown in store growth.

回顧一下美國業務，我想，18 到 24 個月的商店增長放緩。

With that perspective, have you seen maybe less cannibalization from new stores?

從這個角度來看，您是否看到新商店的蠶食可能會減少？

Or is that something that you guys have seen maybe flow back in the comps, and that's part of the reason why they've picked up a few points?

還是你們看到的一些東西可能會在比賽中回流，這就是他們獲得幾分的部分原因？

Any perspective on that?

對此有何看法？

And then as we look forward, I think we're at the bottom of your 3% to 4% unit growth, is this kind of how we should think about the longer-term framework for what you envision store growth being in the U.S.?

然後，正如我們展望的那樣，我認為我們處於您 3% 到 4% 單位增長的底部，我們應該如何看待您設想的美國商店增長的長期框架？

So a few things there in terms of our store growth in the U.S. And so we're seeing pretty much the same amount of cannibalization in our business.

因此，就我們在美國的商店增長而言，有一些事情發生了。因此，我們在業務中看到了幾乎相同數量的蠶食。

There's no change there.

那裡沒有變化。

For us, the best investment we can make is our new store growth.

對我們來說，我們能做的最好的投資就是我們的新店增長。

We appreciate the return on invested capital that we're seeing with our new store investments, so you'll see that continue.

我們感謝我們在新店投資中看到的投資資本回報，因此您會看到這種情況繼續下去。

What we've been doing is really looking at our format and making sure that as we add delivery and new stores, we're looking at coverage and how we cover our customer in the United States.

我們一直在做的是真正關注我們的格式，並確保在我們增加交付和新商店時，我們正在關注覆蓋範圍以及我們如何覆蓋美國的客戶。

One of the things I'll mention is the combination of delivery to our new store growth.

我要提到的一件事是交付與我們新店增長的結合。

We just added a total of 3,500 stores now across 49 markets in delivery.

我們剛剛在 49 個交付市場中增加了 3,500 家門店。

And so we have a broad amount of coverage in the U.S. combining with that.

因此，結合這一點，我們在美國擁有廣泛的覆蓋範圍。

And we still have the estimated number of new stores coming in the U.S. and really advancing our format development, anything from our new format in terms of the convenience stores all the way to our Roastery plan.

而且我們仍然有估計在美國開設新店的數量，並真正推進了我們的業態發展，從便利店的新業態一直到我們的烘焙計劃。

So we are still encouraged by our investments in new real estate, and we're not seeing any shift in cannibalization in our business right now.

因此，我們仍然對我們對新房地產的投資感到鼓舞，而且我們目前沒有看到我們的業務出現任何蠶食的轉變。

And Greg, this is Pat.

還有格雷格，這是帕特。

To build on what Roz has said, we would reaffirm our net store growth guidance for the U.S. of 3% to 4%.

在 Roz 所說的基礎上，我們將重申我們對美國 3% 至 4% 的淨商店增長指導。

Your last question comes from RJ Hottovy with Morningstar.

您的最後一個問題來自晨星的 RJ Hottovy。

Just one follow-up question for Roz.

羅茲只有一個後續問題。

You kind of hinted on this at the last answer, but one area we haven't heard a lot about is that delivery program.

您在最後一個答案中暗示了這一點，但我們沒有聽到很多關於交付計劃的領域。

And obviously, you've been working with some new restaurant formats and developing that.

顯然，您一直在使用一些新的餐廳格式並進行開發。

But just wanted to see if you could provide us an update in terms of where that initiative stands and what takeaways you've had.

但只是想看看您是否可以向我們提供有關該倡議的最新情況以及您有什麼收穫。

Obviously, you share some takeaways from China in terms of attach rates and new customer growth but just any takeaways you've seen at the delivery program so far in the U.S.

顯然，您分享了中國在附加率和新客戶增長方面的一些收穫，但只是您迄今為止在美國的交付計劃中看到的任何收穫。

Sure.

當然。

So yes, we are continuing to expand.

所以是的，我們正在繼續擴展。

Because we're now at 75% U.S. coverage of all Starbucks stores, we are now into a national marketing program which, if you remember this time last year, we were roughly about 115 stores with no marketing against it.

因為我們現在在美國所有星巴克門店的覆蓋率達到 75%，所以我們現在進入了一項全國營銷計劃，如果你記得去年這個時候，我們大約有 115 家門店，沒有針對它的營銷。

And so we are encouraged to continue to see what happens when we alert the customer that delivery is available at their favorite location.

因此，我們鼓勵我們繼續觀察當我們提醒客戶在他們最喜歡的位置可以送貨時會發生什麼。

Our stores are equipped from a technology standpoint.

從技術的角度來看，我們的商店配備齊全。

The partners are well-trained in terms of how to handle the tradeoff between the transition of the beverage to the pickup delivery person.

合作夥伴在如何處理將飲料轉移到提貨配送人員之間的權衡方面受過良好的培訓。

So operationally, it's working extremely well.

所以在操作上，它運行得非常好。

We'll continue to watch it.

我們將繼續關注它。

One thing I'll say about the U.S. business, if you compare it to China in terms of delivery, the adoption rate is still pretty modest in the U.S. And so we're just moving right along with the customer and making it available to as much coffee coverage as we can in the U.S., but it's modestly being adopted in the U.S. if you compare it to China.

關於美國業務，我要說一件事，如果您將其與中國的交付進行比較，美國的採用率仍然相當適中。所以我們只是與客戶一起前進，並將其提供給在美國，我們盡可能多地報導咖啡，但如果你將它與中國進行比較，它在美國被適度採用。

Ladies and gentlemen, that was our last question today.

女士們，先生們，這是我們今天的最後一個問題。

I will now turn the call over to Kevin Johnson for closing remarks.

我現在將把電話轉給凱文·約翰遜（Kevin Johnson）做結束語。

Well, thank you all for joining us on today's call.

好吧，感謝大家加入我們今天的電話會議。

I want to close by recognizing my Starbucks partners around the world for such a strong Q1 performance and the underlying business momentum that we are building as a company.

最後，我想表彰我在全球的星巴克合作夥伴，他們在第一季度的強勁表現以及我們作為一家公司正在建立的潛在業務勢頭。

I also want to recognize my Starbucks partners who are navigating the dynamic situation related to the coronavirus in China.

我還要感謝我的星巴克合作夥伴，他們正在應對與中國冠狀病毒相關的動態情況。

As we deal with these extraordinary circumstances, we will remain focused on caring for the health and well-being of our partners, supporting health officials as they work to contain the coronavirus and doing all of this staying true to the mission and values that built this great company.

在處理這些特殊情況時，我們將繼續專注於關心我們合作夥伴的健康和福祉，支持衛生官員努力遏制冠狀病毒，並在所有這一切中恪守建立這一使命的使命和價值觀偉大的公司。

To our investors, I appreciate your patience and understanding as we work through the temporary business impacts in China.

對於我們的投資者，我感謝您的耐心和理解，因為我們正在努力應對中國暫時的商業影響。

We are as confident as ever in the strength and resilience of our double-digit earnings growth model for the long term, and we are committed to maintaining transparency as we gain a better understanding of the magnitude and duration of the near-term business impacts.

我們對我們兩位數的長期盈利增長模式的實力和彈性一如既往地充滿信心，並且隨著我們更好地了解近期業務影響的幅度和持續時間，我們致力於保持透明度。

I serve all stakeholders of this great company, and I'm so optimistic about our future as we continue to build an enduring company.

我為這家偉大公司的所有利益相關者服務，我對我們的未來非常樂觀，因為我們將繼續建立一家經久不衰的公司。

Thank you.

謝謝你。

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

星巴克咖啡公司 2020 財年第一季度電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。