星巴克 (SBUX) 2020 Q1 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 First Quarter Fiscal Year 2020 Conference Call. (Operator Instructions)

午安.我叫赫克托，今天我將擔任你們的會議接線生。歡迎各位參加星巴克咖啡公司2020財年第一季業績電話會議。（操作說明）

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

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

Good afternoon, everyone, and thank you for joining us today to discuss our first quarter fiscal year '20 results. Today's discussion will be led by Kevin Johnson, President and CEO; and Pat Grismer, CFO. And for Q&A, we will be joined by Roz Brewer, Chief Operating Officer and Group President, Americas; John Culver, Group President, International, Channel Development and Global Coffee and Tea.

各位下午好，感謝各位今天蒞臨我們中心，共同探討2020財年第一季業績。今天的討論將由總裁兼首席執行官凱文·約翰遜和首席財務官帕特·格里斯默主持。在問答環節，我們將邀請美洲區營運長兼集團總裁 Roz Brewer，以及國際、通路開發和全球咖啡茶集團總裁 John Culver。

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

本次電話會議將包含前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。任何此類聲明都應與我們在盈利報告中的警示性聲明以及我們在提交給美國證券交易委員會的文件（包括我們最新的 10-K 表格年度報告）中的風險因素討論一並考慮。星巴克不承擔更新任何此類前瞻性聲明或資訊的義務。

GAAP results in fiscal '20 include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items. These items are excluded from our non-GAAP results. Please refer to our website at investor.starbucks.com to find the reconciliation of certain non-GAAP financial measures referenced in today's call with their corresponding GAAP measures.

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

This conference call is being webcast, and an archive of the webcast will be available on our website through Thursday, February 27, 2020. 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.

本次電話會議將進行網路直播，網路直播的存檔將在我們的網站上提供，直至 2020 年 2 月 27 日星期四。最後，為了方便您安排日程，請注意，我們 2020 財年第二季財報電話會議暫定於 2020 年 4 月 28 日星期二舉行。

I will now turn the call over to Kevin. Kevin?

現在我將把通話轉給凱文。凱文？

Well, good afternoon, and welcome. Q1 was an exceptional quarter for Starbucks. The positive business momentum we've created over the past fiscal year continues with a strong start to fiscal 2020. 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. 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.

下午好，歡迎光臨。第一季對星巴克來說是一個非凡的季度。我們在上個財年創造的積極業務勢頭在 2020 財年得以延續，並取得了強勁的開局。這些業績得益於同店銷售成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。我特別感到高興的是，儘管我們繼續投資於支持永續成長的關鍵領域，包括我們的合作夥伴、飲料創新和數位化客戶關係，但我們在本季度實現了有意義的利潤成長。

Given the strength of our Q1 results, we had intended to raise certain aspects of our full year financial outlook for fiscal 2020. However, due to the dynamic situation unfolding with the coronavirus, we are not revising guidance at this time. But as we get more clarity on the situation, we will transparently communicate with investors.

鑑於我們第一季的強勁業績，我們原本打算提高 2020 財年全年財務展望的某些方面。然而，由於新冠病毒疫情情勢瞬息萬變，我們目前暫不修改指引。但隨著情況變得更加明朗，我們將與投資人進行透明的溝通。

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. 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.

我們目前在中國的重點是兩個關鍵優先事項：第一，關心我們門市的合作夥伴和顧客的健康和福祉；第二，在支持地方衛生官員和政府領導人遏制冠狀病毒方面發揮建設性作用。儘管如此，我們仍對中國市場的長期成長潛力保持樂觀和堅定承諾，我們已在中國市場深耕20餘年。

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. 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.

在將發言權交給 Pat 之前，他將詳細介紹我們第一季的財務業績，在此之前，我想分享一下本季度的一些亮點，這些亮點有力地證明了我們品牌的獨特實力。我也會概述我們正在採取的其他措施，這些措施將繼續提升星巴克的形象，從而激勵我們的夥伴，並加深我們與顧客之間的關係。

In the first quarter, Starbucks delivered global revenue growth of 9%, excluding the 2% impact of streamline activities. This was led by strong comp sales growth of 5% and net new store growth of 6% over the last 12 months. At the forefront of these results were our 2 lead growth markets, the U.S. and China, along with Channel Development. 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. 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.

第一季度，星巴克全球營收成長9%，不包括精簡業務活動帶來的2%的影響。這主要得益於過去 12 個月內同店銷售額強勁增長 5% 以及淨新增門市數量增長 6%。在這些成果中，我們兩大主要成長市場──美國和中國，以及通路拓展，都扮演了至關重要的角色。美國第一季營收成長了令人矚目的 9%，其中同店銷售額成長了 6%，同店交易量連續第三個季度成長了 3%。過去兩個季度，銷售額年增 10%，這清楚地表明，我們對客戶體驗、飲料創新和數位化客戶關係的重視正在取得成效。

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

這一切的核心是我們的星巴克夥伴以及我們對他們的持續投入。去年九月，我們舉辦了領導力培​​訓活動，邀請了 12,000 名星巴克一線領導人參加，並製定了一系列以合作夥伴為中心的舉措和投資計劃。此後，我們的合作夥伴取得了公司歷史上最成功的美國假日季業績之一，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. And for the fourth consecutive quarter, we grew total transactions at a double-digit percentage pace in this strategically important market. 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. 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.

我們在中國的合作夥伴也取得了穩健的季度業績，第一季營收成長了 15%（不包括 2% 的匯率影響），這主要得益於過去 12 個月淨新增門市數量成長了 16% 以及同店銷售額成長了 3%。在這個具有重要策略意義的市場中，我們連續第四個季度實現了交易總量兩位數百分比的成長。每次我到中國進行市場考察，我都能親身感受到我們的合作夥伴每天所展現出的熱情、創新和奉獻精神，我為他們感到驕傲。鑑於星巴克有目的且高度差異化的合作夥伴投資，該公司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. This is another example of the strength of the Starbucks brand that continues to expand globally, reaching more customers through more channels. Collectively, these results demonstrate that we are on the right track with our Growth at Scale agenda. 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.

最後，憑藉我們與雀巢和百事可樂的通路合作，我們的通路發展收入在第一季度增長了 5%，扣除了 Tazo 和全球咖啡聯盟轉型帶來的 7% 的影響，提高了我們在專業零售以外的咖啡市場份額。這再次證明了星巴克品牌的強大實力，它正不斷在全球擴張，透過更多管道觸達更多顧客。總的來說，這些結果表明，我們在規模化成長方面走在正確的道路上。我特別感謝世界各地的所有星巴克夥伴，他們熱愛咖啡和人與人之間的聯繫，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. Why? 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. 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. We realize this is a key differentiator for Starbucks, and we continue to make investments in partner hours, benefits and training. 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.

2021年是星巴克成立50週年，我對星巴克的未來充滿信心。為什麼？嗯，當我回顧本季業績時，我看到了我們品牌獨特優勢的多個證明點，這種優勢源於有針對性的投資，這些投資鞏固了我們在高成長類別中的競爭地位，使我們能夠釋放世界上最受尊敬和信賴的品牌之一的全部潛力。在美國，第一季顧客聯繫度得分再次創下歷史新高，我們敬業的門市夥伴不斷提升星巴克體驗，每天都為顧客帶來最美好的時刻。我們意識到這是星巴克的關鍵差異化優勢，我們將繼續增加對員工工時、福利和培訓的投入。毫無疑問，我們的合作夥伴以及我們對他們的投資是打造獨特的星巴克體驗的核心，也是我們第一季業績的驅動力。

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. This is aided in part by our proprietary beverage innovation and our unique ability to personalize handcrafted beverages at scale. 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. Notably, for 5 consecutive quarters, our comp growth has outperformed the external indexes and benchmarks we track in the restaurant and QSR space.

此外，我們第一季的品牌資產研究證實，星巴克繼續在美國消費者對特色咖啡零售概念的認知中處於領先地位，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。這在一定程度上得益於我們專有的飲料創新技術以及我們大規模個人化訂製手工飲料的獨特能力。第一季度，我們透過推出兩款新的季節性飲品——南瓜奶油冷萃咖啡和愛爾蘭奶油冷萃咖啡——擴展了我們的冷萃咖啡平台和冷泡咖啡選擇，從而加強了這一競爭優勢，這兩款飲品共同促進了我們本季度的客流量增長。值得注意的是，連續 5 個季度，我們的同店銷售成長都超過了我們在餐飲和快餐領域追蹤的外部指數和基準。

Our brand strength was also evident on the digital front in Q1. 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. This is important because we know from experience that when customers join our rewards program, their total spend with Starbucks increases meaningfully. 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. And our industry-leading digital platform will further differentiate us from the competition over time.

第一季度，我們的品牌實力在數位領域也得到了充分體現。在美國，我們新增了創紀錄的 140 萬名顧客加入 90 天活躍的星巴克獎勵會員群體，本季末活躍會員總數達到 1890 萬，比上年同期增長 16%。這一點很重要，因為我們從經驗中得知，當顧客加入我們的獎勵計劃後，他們在星巴克的總消費額會顯著增加。我們也了解到，星巴克因其便利性而越來越受到重視，因為第一季美國行動點餐和支付交易的比例成長至 17%。隨著時間的推移，我們領先業界的數位平台將進一步使我們與競爭對手拉開差距。

Our digital progress in China was equally compelling and is resonating with the digitally savvy Chinese consumer. Proprietary research in Q1 showed that Starbucks remains the country's most beloved coffee brand and customers' first choice for away-from-home coffee. 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. Underpinning these results was the continued growth of China's 90-day active Starbucks Rewards members, reaching 10.2 million customers in Q1. That's 40% growth over the prior year when the program was relaunched. 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. Over our 20 years in China, we have established unparalleled brand stature by delivering a unique premium experience to our customers.

我們在中國的數位化進展同樣令人矚目，並引起了精通數位技術的中國消費者的共鳴。第一季的專有研究表明，星巴克仍然是美國最受歡迎的咖啡品牌，也是顧客外出喝咖啡的首選。第一季度，中國行動訂單的銷售額佔總收入的比例躍升至 15%，高於上一季的 10%，其中外送配送佔 9%，行動訂單和自提佔 6%。支撐這些業績的是中國星巴克獎勵計畫90天活躍會員數量的持續成長，第一季達到1,020萬顧客。與該計畫重新啟動的前一年相比，成長了 40%。我們在中國第一季的數位化實力進一步得到了證明，阿里巴巴「雙十一」購物節創紀錄的銷售額、天貓排名第一的賀卡以及微信社交送禮平台上的領先品牌都證明了這一點。過去20年，我們在中國透過為客戶提供獨特的優質體驗，樹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. 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.

除了精品咖啡零售之外，我們品牌的實力還體現在我們與雀巢的全球咖啡聯盟的持續擴張上，目前已覆蓋 40 多個市場，包括我們在第一季度進入的 5 個新市場，產品銷售額遠超預期。顧客在我們門市的每一次互動都能建立顧客好感度和品牌忠誠度，而全球咖啡聯盟則扮演著品牌擴大機的角色，將星巴克咖啡帶到新的通路和新的市場。

Our Starbucks Reserve Roasteries are also important brand amplifiers. In November, we opened our Roastery in Chicago, our sixth Roastery globally, to a phenomenal customer reception. 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. 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.

我們的星巴克臻選烘焙工坊也是重要的品牌擴大機。11 月，我們在芝加哥開設了全球第六家烘焙工坊，受到了顧客的熱烈歡迎。自開業以來，該店持續受到國際關注，平均每天吸引 10,000 名遊客，單日最高客流量超過 21,000 人次。我要感謝芝加哥烘焙工坊的星巴克夥伴們，以及芝加哥市政府，感謝他們對全球最大星巴克門市開幕的熱情歡迎和熱烈響應。

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

這些證據清楚地表明，星巴克品牌不僅強大，而且透過我們「規模化成長」策略的專注和自律，正在變得越來越強大。事實上，就在上週，星巴克連續第18年被《財星》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. But make no mistake, we do not take this for granted. 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. 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.

總而言之，我對我們第一季的業績以及這些業績如何鞏固了星巴克的獨特優勢感到非常滿意。但請不要誤會，我們絕不會對此掉以輕心。我們將繼續採取清晰果斷的措施來打造面向未來的品牌，專注於我們的競爭優勢，投資於我們的合作夥伴，讓他們為我們的顧客創造獨特的星巴克體驗，推動飲料創新，並加強數位化關係。同時，我們正在透過全球咖啡聯盟進一步擴大我們的品牌影響力，並致力於承擔更高水準的社會責任，對環境永續性抱有更遠大的目標。

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. We thought long and hard about this aspiration and are being deliberate in our approach. Over the past year, we conducted a rigorous environmental sustainability study in partnership with third-party advocacy groups. We embraced science-based targets and utilized industry experts to audit every aspect related to Starbucks' impact on climate, water and waste. We have shared the sustainability baseline report and our aspirations transparently on our website, knowing that this will not be easy. The journey will not be linear. It will require innovation, many industry partnerships, alignment with other like-minded companies, public policy support and engagement of Starbucks partners and customers. This will challenge us in new and different ways and will require transformational change and measured risk-taking.

正如你們許多人上週所看到的，我們公佈了星巴克一項雄心勃勃的數十年願景，即成為一家資源正效益的公司，這意味著我們作為一家公司，希望給予地球的比我們從地球索取的更多。我們對這一願景進行了長時間的深思熟慮，並採取了審慎的方法。過去一年，我們與第三方倡導團體合作，進行了一項嚴格的環境永續性研究。我們制定了以科學為基礎的目標，並聘請行業專家對星巴克在氣候、水資源和廢物處理方面的影響的各個方面進行了審核。我們已在網站上公開分享了永續發展基準報告和我們的願景，因為我們知道這並不容易。這段旅程並非線性發展。這將需要創新、眾多產業合作、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員工和顧客的參與。這將以新的、不同的方式挑戰我們，需要變革性的改變和審慎的風險承擔。

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. And we invite others to join us. 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. That will be the focus of our research and operational plans going forward. 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.

我們開啟這段旅程，首先要了解我們的足跡，然後憑藉我們在永續發展領域十年的經驗，致力於引領一項對全人類都至關重要的事情：保護我們的地球。我們也邀請其他人加入我們。正如上周宣布的那樣，我們將以透明的方式報告我們在實現目標方面的短期和長期進展，並將從 2030 年的初步目標開始。這將是我們未來研究和營運計劃的重點。然後在 2021 年星巴克成立 50 週年之際，我們將根據從現在到那時所學到的經驗，正式製定我們的 2030 年環境目標和策略。

As we embark on this journey, we will prioritize, sequence and balance our investments as we do across every aspect of our business. We remain committed to our ongoing double-digit EPS growth model. We have momentum. 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.

在我們開啟這段旅程之際，我們將像在業務的各個方面一樣，對我們的投資進行優先排序、分清輕重緩急並保持平衡。我們將繼續致力於實現兩位數的每股盈餘成長模式。我們現在勢頭正盛。我們的品牌實力雄厚，我們將繼續秉持我們的使命和價值觀，以負責任的方式發展業務：做正確的事情來關愛和激勵我們的伙伴，為我們的顧客創造美好的星巴克體驗，並為地球追求遠大的願景。

In closing, I would again like to thank my fellow Starbucks partners around the world. 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. 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. Starbucks has made a donation to the Red Cross to help support these efforts. 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.

最後，我要再次感謝世界各地的星巴克夥伴們。我很榮幸能透過這些電話會議分享你們所做的所有出色工作，能夠為你們和我們所有的利害關係人服務是我的榮幸。我還要重申，我們支持目前正在進行的工作，我們將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遏制這一公共衛生風險。星巴克已向紅十字會捐款，以支持這些工作。我們正在即時做出決策，以確保我們夥伴的健康和福祉，我為星巴克中國在應對這種瞬息萬變的局面時所展現出的風采感到自豪。

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. Pat?

現在我將把麥克風交給 Pat，讓他更深入地分析我們第一季的財務業績，並更新我們 2020 財年的展望。拍？

Thank you, Kevin, and good afternoon, everyone. 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. This represents a 16% increase year-over-year when excluding an $0.08 headwind related to a lower income tax rate in fiscal '19. 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.

謝謝你，凱文，大家下午好。我很高興地宣布，我們 2020 財年第一季的非 GAAP 每股收益為 0.79 美元，超出預期，並反映出我們每個營運部門的利潤率均有顯著增長。如果排除 2019 財年所得稅率降低所帶來的 0.08 美元的不利影響，則年增 16%。這些成果凸顯了我們品牌在全球的實力，以及我們業務在持續推動規模化成長策略下所展現出的卓越發展動能。

I will first take you through our Q1 fiscal '20 operating performance by segment, followed by an analysis of our consolidated margin performance. I will then share some perspective on our outlook for the full fiscal year.

我會先帶您了解我們 2020 財年第一季各業務部門的經營業績，然後再分析我們的合併利潤率表現。接下來，我將分享我們對整個財政年度的展望。

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. Our U.S. business delivered an impressive 6% comp sales growth in Q1 driven equally by transactions and ticket. These results were driven by an improved partner-led in-store experience, a strong beverage lineup and increased digital customer engagement. 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.

我們的美洲業務部門在第一季實現了 9% 的營收成長，主要得益於過去 12 個月內 6% 的同店銷售額成長和 3% 的淨新店成長。第一季度，我們美國業務的同店銷售額實現了令人矚目的 6% 成長，這主要得益於交易量和客單價的雙雙成長。這些成果得益於以合作夥伴為主導的店內體驗的改善、強大的飲料產品陣容以及不斷增強的數位化客戶互動。飲料連續第六個季度引領同店銷售成長，推動同店銷售額成長約 5 個百分點，所有飲料類別均表現強勁，食品貢獻了剩餘的 1 個百分點。

Our cold platform continues to resonate with customers during all seasons and was our primary growth engine for the quarter led by cold coffee. Importantly, the growth in cold beverages in Q1 occurred in all dayparts and all regions, reflecting broad appeal across our customer base.

我們的冷飲平台在各個季節都持續受到顧客的喜愛，並且是本季我們的主要成長引擎，其中冷飲咖啡功不可沒。值得注意的是，第一季冷飲銷量在所有時段和所有地區均實現了成長，這反映出冷飲在我們客戶群中具有廣泛的吸引力。

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. Returning favorites such as Peppermint Mocha and the new innovations like Irish Cream Cold Brew created momentum throughout the holiday period. And as Kevin mentioned, our Starbucks Rewards loyalty program continued to gain momentum, building on the launch of multi-tier redemption last April. Our reimagined Happy Hour resonated well with customers, driving additional member growth. And Gift Card activations delivered their strongest year-over-year dollar growth in 4 years.

繼本季初秋季產品取得成功，並延續去年秋季的成功勢頭，我們的假日平台表現強勁，超出了我們的預期。薄荷摩卡等經典回歸飲品和愛爾蘭奶油冷萃咖啡等創新飲品在整個假期都保持著強勁的銷售勢頭。正如凱文所提到的那樣，我們的星巴克獎勵忠誠度計劃繼續發展壯大，這得益於去年四月推出的多級兌換制度。我們重新設計的歡樂時光活動受到了顧客的歡迎，並帶動了會員數量的進一步增長。禮品卡啟動金額實現了 4 年來最強勁的同比增長。

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

本季票務成長 3%，主要得益於價格、飲料附加費和食品。我們連續第三個季度在上午和下午時段都實現了交易量增長，並且創下了 3 年來最高的季度交易量高峰增長。如果沒有 Green Apron 合作夥伴的奉獻精神，這些改進是不可能實現的，他們不斷滿足更高的業務量，同時提升客戶體驗。

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，受銷售槓桿和供應鏈效率提升的推動，美洲非GAAP營業利潤率在第一季度增長了50個基點，達到22.0%，但部分被工資和福利增長所抵消，並且在較小程度上被勞動力工時投資、通貨膨脹和占用成本所抵消。

Moving on to International. The segment delivered revenue growth of 10% in Q1, excluding a 6% unfavorable impact of streamline-related activities. This was led by 11% net new store growth over the past 12 months. 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.

接下來是國際部分。該業務板塊第一季營收成長 10%，不包括精簡相關活動帶來的 6% 的不利影響。這主要得益於過去 12 個月內淨新增門市數量增加了 11%。國際業務第一季同店銷售額成長 1%，受到日本市場疲軟的 2 個百分點的負面影響，而日本市場的同店銷售額成長率原本比去年同期高出 6%。

China, our lead international growth market, delivered solid comp sales growth of 3% in Q1, including 1% comp transaction growth. Continued expansion and strong performance of mobile ordering as well as the up-leveled Starbucks Rewards program were primary drivers of these results. 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. And we expanded delivery to 130 cities, covering more than 80% of our portfolio.

中國是我們領先的國際成長市場，第一季實現了穩健的同店銷售額成長 3%，其中同店交易額成長 1%。行動訂購業務的持續擴張和強勁表現，以及星巴克獎勵計畫的升級，是這些業績的主要驅動因素。第一季末，行動下單和取貨服務已推廣至 100 多個城市，涵蓋了我們 90% 以上的門市，而距離該計劃推出僅 7 個月。我們將配送範圍擴大到 130 個城市，涵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%. 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.

國際公司的非GAAP營業利潤率成長了170個基點，達到21.4%。在排除精簡相關活動帶來的 70 個基點的影響後，非 GAAP 營業利潤率成長了 100 個基點，這主要得益於銷售槓桿和供應鏈效率的提高，但部分被產品組合和策略投資（尤其是店內和數位化舉措）的不利因素所抵消。

On to Channel Development. 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. 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.

接下來是通路開發。第一季營收下降了 2%，因為我們結束了 2019 財年的兩項收益：將 Tazo 品牌產品出售給聯合利華以及與全球咖啡聯盟相關的過渡活動。如果排除這些項目以及 2020 財年全球咖啡聯盟過渡活動帶來的 7% 不利影響，則第一季營收成長了 5%，這主要得益於全球咖啡聯盟強勁的潛在成長。

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

該業務板塊的非GAAP營業利潤率比上年提高了70個基點。考慮到我剛才提到的過渡活動帶來的 20 個基點的影響，通路發展部門第一季的營業利潤率成長了 90 個基點，這主要得益於有利的分銷效率和業務組合。最後，在合併層面，第一季非GAAP營業利潤率為18.2%，較去年同期成長80個基點，主要得益於銷售槓桿和供應鏈效率的提升。

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. 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. 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.

這些因素帶來的利多被工資和福利的成長部分抵消，租金上漲和商店勞動時間的投資在較小程度上也抵消了部分利多。我特別感到欣慰的是，我們在實現利潤率顯著增長的同時，也繼續投資於我們的合作夥伴、門市和數位化能力，以保持星巴克品牌的強大和相關性。在很大程度上，這反映了我們能夠透過銷售槓桿以及供應鏈和一般及行政管理效率來提高利潤率，並將其中相當一部分收益再投資於我們的關鍵品牌差異化因素，從而加強我們的競爭地位並推動長期可持續增長。

Now moving on to our guidance for fiscal 2020. Given the strength of our first quarter results, we had intended to raise certain aspects of our guidance for the full fiscal year. 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. 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. At present, we are unable to reasonably estimate the impact to the business.

接下來，我們來看看2020財年的業績指引。鑑於我們第一季的強勁業績，我們原本打算提高全年業績預期中的某些方面。然而，正如凱文所提到的，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意見，當我們對冠狀病毒的影響有更清晰的了解時，我們將提供最新消息。影響程度將取決於門市關閉的持續時間，我們將與地方當局合作控制局面，保護我們的合作夥伴和顧客。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. In any event, based on what we currently know, we expect the impact to our business will be temporary. Our brand is very strong in China, and our confidence in the profitability and growth potential of this business is undiminished.

儘管我們在 2020 財年第一季的中國業務僅占我們全球營收的 10%，但我們預計這些事件將對我們 2020 財年第二季和全年的國際業務部門和合併業績產生重大影響。總之，根據我們目前掌握的情況，我們預期對我們業務的影響將是暫時的。我們的品牌在中國非常強大，我們對這項業務的獲利能力和成長潛力充滿信心。

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. 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.

總而言之，我們對第一季的業績感到非常滿意，並將這些結果視為對我們以更大的專注度和紀律大規模發展星巴克策略的進一步驗證。我們感謝星巴克夥伴們的辛勤工作，他們以符合公司使命和價值觀的方式取得了這些成果，而這正是我們業務的核心。

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. Thank you. Operator?

接下來，我和凱文很高興回答大家的問題，羅茲·布魯爾和約翰·庫爾弗也將加入我們，正如杜爾加在電話會議開始時所概述的那樣。謝謝。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約翰·格拉斯。

Could you maybe just help us understand or dimensionalize the impact of China a little bit more, first, just when the stores were closed? Those stores that aren't closed, maybe a magnitude of what you think the sales declines are currently. And do you continue to pay employees? I assume you do but just clarify that. And then finally is delivery and offset. Is there a delivery business that can offset some of the closures? Or has that also been curtailed by this outbreak?

您能否先幫我們更能理解或分析中國的影響，特別是商店關門期間的影響？那些沒有關門的商店，其銷售額的下降幅度可能與你目前認為的下降幅度相當。你們還會繼續支付員工薪水嗎？我猜你是知道的，但還是確認一下吧。最後是交貨和抵銷。是否有外送業務可以彌補部分停業造成的損失？或者說，這次疫情也限制了這種做法嗎？

Thanks, John. 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. John?

謝謝你，約翰。我們將請約翰·庫爾弗為您介紹中國日常運作的情況，然後帕特將跟進您問題的第二部分，即其影響。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. 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. As we shared, we currently have over half our stores closed in the market. We are assessing this each and every day. We do have delivery available to customers from stores that are remaining open. But again, this is something that we continue to assess every day.

是的，約翰，很顯然，凱文重申了我們專注於確保照顧好我們的伴侶、他們的健康和福祉以及客戶的事實。就關店而言，我們看到，在過去幾周里，隨著疫情情況的惡化，我們採取了行動關閉門店，既與地方政府合作並遵循他們的指示，也主動關閉了全國各地的門店。正如我們之前所說，目前我們在市場上的門市有一半以上已經關閉。我們每天都在評估這種情況。我們為仍在營業的門市提供送貨服務。但同樣，這是我們每天都在持續評估的問題。

And let me just reiterate, this is a very complex situation. And I'm working very closely with Belinda and the team in China to navigate this changing environment. And as a company, we've navigated complex situations before. 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. 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. 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.

我再次重申，情況非常複雜。我正與貝琳達和中國團隊緊密合作，以應對這種不斷變化的環境。作為一家公司，我們以前也處理過類似的複雜情況。在中國，我們認為沒有其他公司比我們更有能力應對這種情況，因為我們與合作夥伴建立了良好的關係和信任，他們也與客戶建立了良好的關係和信任。我們將保持透明，密切關注事態發展，但我們對我們正在做出的決定充滿信心，並將繼續全力支持我們的合作夥伴和中國人民應對這一局面。我們進入中國市場已有 20 年，並建立了一個受人尊敬和信賴的品牌，在接下來的幾週和幾個月裡，我們將繼續在中國進行長期佈局。

And John, this is Pat. 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. The business impact is largely a function of 2 things: the number of stores closed and the duration of closure. And with respect to the duration of closure, it's not entirely in our control. I would say, to a lesser extent, the financial impact is a function of how we manage wage costs during the period of closure. So we're simply not able to provide a reasonable estimate at this point in time. 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. 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. At the very latest, we'll provide an update in conjunction with our Q2 earnings release on April 28.

約翰，這位是帕特。正如約翰所說，鑑於情況瞬息萬變，目前很難說這會對我們的業務產生什麼影響，以及會在我們的財務報表中如何反映出來。對業務的影響主要取決於兩件事：關閉的門市數量和關閉的持續時間。至於關閉時間的長短，這並非完全由我們控制。我認為，財務影響在一定程度上取決於我們在停業期間如何管理工資成本。因此，目前我們根本無法提供合理的估算。我們需要超越延長的春節假期，評估情況是否趨於穩定，以及這對商店關門的影響。我們最快可能要到三月初才能合理評估對第二季和全年收入、營業收入和每股盈餘的影響。最遲我們將在4月28日發布第二季財報時提供最新消息。

Our commitment is to maintain transparency with investors. And as and when we have a reasonable basis for estimating the financial impacts for the quarter and year, we will communicate that information. But importantly, we do expect the impacts to be temporary. Our long-term double-digit growth model is fully intact. And of course, we will gain the benefit of lapping these temporary impacts next year.

我們承諾對投資者保持透明。一旦我們有合理的依據來估算本季度和本年度的財務影響，我們將公佈相關資訊。但重要的是，我們預期這些影響是暫時的。我們長期兩位數成長模式完全維持不變。當然，明年我們將受惠於這些暫時性影響的消退。

Your next question comes from David Tarantino with Baird.

你的下一個問題來自 Baird 公司的 David Tarantino。

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

帕特，或許只是想就指導意見中的一些問題做個後續說明。如果您不考慮中國問題，您的指導方針會是什麼？這樣我們就能了解公司業務的基本面，尤其是在您認為這只是暫時的前提下。

Yes. 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. 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. 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. 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.

是的。我不會透露我們計劃上調業績指引的具體幅度或具體項目，但我很高興地告訴大家，鑑於我們第一季度的業績以及對下半年收益的預期，我們原本會上調營業利潤率和每股收益的指引。但鑑於中國冠狀病毒疫情的不確定性及其對我們近期業績的影響（我們預計這種影響是暫時的），我們認為最好推遲對業績指引的任何更改，直到我們對全年業績（包括冠狀病毒的影響）有更清晰的了解。正如我之前所說，我們致力於對投資者保持負責任的透明，當我們對自己的數據有合理的信心時，我們會提供最新信息，因為此時進行猜測是無益的。但我們對第一季的整體業績、業務的整體潛在發展勢頭以及由此帶給我們的信心感到無比滿意，我們有信心能夠取得超出預期的業績，暫且不談在中國出現的這個新問題。

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

你的下一個問題來自莎倫·扎克菲亞 (Sharon Zackfia) 的威廉·布萊爾 (William Blair) 的詩句。

I am not going to ask a China question. I actually wanted to talk about the Americas and the decline in G&A dollars year-over-year. I know it was modest, but if you could kind of talk about that, whether that was just timing. And then on Channel Development, I think you had expected revenue to go down somewhere between 7% and 9% this year. It was obviously a lot less than the first quarter in terms of the degree of decline. Is there something that's changed there? Is it a timing dynamic more weighted to the back half of the declines? Any commentary would be helpful.

我不會問任何與中國有關的問題。我其實想談談美洲地區以及一般及行政費用較去年同期下降的情況。我知道這很一般，但如果你能談談這件事，例如這是否只是時機問題。至於通路開發方面，我認為您之前預計今年的收入會下降 7% 到 9%。顯然，與第一季相比，下降幅度要小得多。那裡發生了什麼變化嗎？這是一種更著重於下跌後半段的時機把握策略嗎？任何意見都將不勝感激。

Sharon, this is Pat. I'm happy to take both questions. 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. As a reminder, we had committed to reduce by 100 basis points G&A as a percentage of system sales. That is not something that we routinely report because we don't report system sales. But a good proxy for that is non-GAAP G&A as a percentage of revenue, and we do report that. We've added that to our supplementary schedules in our earnings release. And we have seen meaningful efficiencies emerge in the first quarter, and we expect that to continue balance of year. 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.

莎倫，這是帕特。我樂意回答這兩個問題。首先，關於一般及行政費用，我們對公司在履行一般及行政費用效率承諾方面取得的進展感到非常滿意。再次提醒大家，我們已承諾將一般及行政費用佔系統銷售額的比例降低 100 個基點。這不是我們通常會報告的內容，因為我們不報告系統銷售情況。但衡量這一點的一個很好的指標是非GAAP一般及行政費用佔收入的百分比，而我們確實會報告這一數據。我們已將該內容添加到盈利報告的補充附表中。我們已經看到第一季出現了顯著的效率提升，我們預計這種情況將在今年剩餘時間內持續下去。這是在過去 12 到 18 個月中，我們為提高一般及行政費用的生產力所做的非常顯著的工作的成果，不僅在美洲地區，而且在所有業務部門，當然也包括公司總部。

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

至於全球咖啡聯盟，我們在第一季確實看到了比預期更好的結果。我們確實預料到第一季和全年業績會下滑，但第一季業績好於預期，這主要得益於超額收益，尤其是全球咖啡聯盟的業績。因此，我們對產品在與雀巢的持續合作中的表現感到無比滿意，我們預計——這也是我們今年業績預期改進的一個方面——渠道開發部門的收入增長將好於預期。

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

約翰，你或許可以對新市場發表一些看法…

Yes. And so, Sharon, we couldn't be more pleased with the performance of the Channel Development business, in particular, the Global Coffee Alliance. Through the quarter, we saw acceleration into 40 markets around the world where we have our products available through grocery as well as foodservice. We also are on path, by the end of this quarter that we're in, to be in over 50 markets. Our product sales continue to be significantly ahead of expectations, both in terms of packaged coffee, Nespresso capsules as well as Dolce Gusto. When you look at our core business here in the U.S., Starbucks brand outgrew the total category for coffee. 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.

是的。所以，莎倫，我們對通路發展業務的表現，特別是全球咖啡聯盟的表現，感到無比滿意。本季度，我們的產品已加速進入全球 40 個市場，這些市場包括雜貨店和餐飲服務場所。到本季末，我們預計將進入超過 50 個市場。我們的產品銷售額持續大幅超出預期，無論是包裝咖啡、Nespresso 膠囊咖啡或 Dolce Gusto 咖啡。當你檢視我們在美國的核心業務時，你會發現星巴克品牌的成長速度超過了咖啡類別的整體成長速度。烘焙咖啡和研磨咖啡的市佔率成長了 80 個基點，K-Cup 咖啡的市佔率成長了 40 個基點，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. 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. 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.

今年春季晚些時候，我們曾宣布將推出優質即溶咖啡，我們對此感到非常興奮，並認為這將帶來巨大的國際機會。繼我們推出 4 種口味的奶精後，鑑於最近的成功，我們現在將新增 2 種口味。因此，全球咖啡聯盟在世界各地都表現出色，正如凱文在先前的演講中所強調的那樣，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.

下一個問題來自摩根大通的約翰·伊万科。

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

我原本希望了解一下 Deep Brew 的最新進展，尤其是在四月即將到來之際。我認為，隨著人工智慧機器的改變（它為顧客提供了一些客製化的忠誠度服務）以及「我的星巴克獎勵計畫」的改變，我們將迎來一些變化。也許可以問一個稍微獨立但相關的問題，我想問的是，隨著我們在 2019 財年看到的一些強勁勢頭得以延續，您對我們能夠應對消費者產品方面的一些重大變化有多大信心？

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，我請羅茲給你簡單介紹一下 Deep Brew 以及它如何影響我們的表現。

Thanks, John, for the question. So first of all, I wanted to ground everybody in what's happening in some of our equipment innovation. 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. We've got 4,000 of those coming this year, and those machines are AI-enabled. 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. So you'll see that come through. 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.

謝謝約翰的提問。首先，我想讓大家了解我們設備創新的一些進展。我們看到的最強大的創新之一是將我們的 Mastrena 2 咖啡機（我們的義式咖啡機，去年我們安裝了大約 1900 台）與…結合起來。今年我們將迎來 4000 台這樣的機器，而這些機器都具備人工智慧功能。因此，我們將看到最重要的成果，即如何將人工智慧融入理解如何提供最佳咖啡體驗中，同時縮短交付時間，並讓我們有機會為顧客提供各種各樣的咖啡。所以你會看到這一點體現出來。Deep Brew 還有其他創新正在進行，這些創新將體現在業務的各個方面，但目前我們在設備方面是最強的。

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. 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. It's the strongest growth rate we've seen in 3 years. So the work that we've done in our multi-tier redemption is also allowing us to grow our member base. 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. 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. There's a lot of customer insights that comes out of the work that we do as we grow our member base. 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. 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.

除此之外，當我們談到會員忠誠度計劃方面發生的事情時，我們確實在本季度看到了一些顯著的改進。目前，本季我們的活躍星巴克獎勵會員數量增加了約 1,890 萬，比去年同期成長了 16%。這是三年來我們所見到的最強勁的成長速度。因此，我們在多層兌換方面所做的工作也使我們能夠擴大會員基礎。我們的年度會員成長量增加了 270 萬，而且這數字也創下了歷史新高。這使我們能夠以更具創意的方式重新構思我們的歡樂時光錶演，確保我們了解客戶的需求。隨著我們會員基礎的不斷擴大，我們在工作中獲得了許多客戶洞察。我們還看到，忠誠度計劃在新會員行為中發揮了作用，這為本季 6% 的複合成長率貢獻了 2%。因此，我們正在從人工智慧與我們的設備相結合的過程中學習，並從我們的忠誠度計劃中獲得經驗，以使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.

下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Just a broader question on China learnings, putting aside the coronavirus. 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. So I'm just wondering what learnings would you say you've taken from this competition to better your positioning. It seems like you had a slowdown a year ago, and now it seems like trends are moving in the upward direction. 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.

偉大的。撇開新冠病毒疫情不談，我想問一個關於中國經驗教訓的更廣泛的問題。顯然，市場競爭非常激烈，我認為很多時候，企業在經驗和客戶經濟實力方面都處於較低水準。所以我想知道，從這次比賽中，你學到了哪些經驗來提升自己的定位？一年前似乎出現了放緩，現在看來趨勢正在朝著上升的方向發展。我再次想問的是，您能否具體說明一下，您認為您從競爭對手那裡吸取了哪些經驗教訓，從而在市場中提升了自己？具體來說，您認為有哪些舉措（兩到三項）是您借鏡的？

John, why don't you take that one?

約翰，你為什麼不接下這個任務呢？

Well, Jeffrey, I think there's a couple of things around what we're doing in China. 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. In addition, you then have the opportunity of developing these relationships between our partners and our customers. And our partners are truly the differentiating factor in terms of bringing the Starbucks Experience to life for our customers. 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. You then put all that together in the third place. 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.

傑弗裡，我覺得我們在中國所做的事情有幾點需要說明。首先，我們專注於咖啡的優質品質，並且能夠根據顧客的要求手工製作飲品。我們認為，在中國，沒有其他競爭對手能夠做到這一點，也沒有其他競爭對手能夠達到我們這樣的水準。我們每週在4,300家門市服務超過700萬名顧客，足以證明這一點。此外，您還有機會發展我們合作夥伴和客戶之間的這些關係。而我們的合作夥伴才是真正能為顧客帶來星巴克體驗的關鍵因素。當你去中國，親身感受我們的人民對咖啡的熱情以及對客戶服務的熱情時，你就會明白，這才是我們在市場上真正的優勢所在。然後，你把所有這些放在第三個位置。我們商店的美麗、溫馨的環境，以及我們在第三空間展現出的獨特魅力，營造出顧客願意與家人朋友一起來此消磨時光的環境。

Now what we've done is we've also enhanced that with the digital experience. And we had a great quarter as it relates to digital. We now have 90-day actives grew 40% year-over-year to 10.2 million. That's nearly double from where it was a year ago. We've also gone through and built out Mobile Order & Pay capabilities as well as delivery. 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.

現在，我們透過數位化體驗進一步增強了這一點。我們在數位化方面取得了非常好的成績。目前，90 天活躍用戶年增 40%，達到 1,020 萬人。這幾乎是去年同期的兩倍。我們還開發並完善了行動訂購和支付功能以及配送服務。因此，本季行動訂單總佔銷售額的 15% 以上，而第四季為 10%，其中 9% 為外賣，6% 為行動下單和支付，我們將繼續與客戶建立這些數位化關係。

Then you couple all that with the Global Coffee Alliance in our RTD business in China. There is no other company brand in China that has the distribution points that we have. We have over 100,000 points of distribution of the Starbucks brand in China, and our partners are bringing it to life every day. And it's their passion and their commitment that is making us successful and will continue to make us successful.

然後，我們將所有這些與我們在中國的即飲咖啡業務中的全球咖啡聯盟結合。中國沒有其他公司品牌擁有我們這樣的分銷網絡。我們在中國擁有超過 10 萬個星巴克品牌分銷點，我們的合作夥伴每天都在讓這個品牌煥發生機。正是他們的熱情和奉獻精神使我們取得了成功，並將繼續使我們成功。

Yes. Just add to John's comments and share a perspective, Jeffrey. I think, look, over -- throughout history, we've had many, many competitors enter the market. Look, coffee is a large and growing addressable market. And we stay focused on the premium experience and the unique differentiators that we believe create Starbucks. And if you look throughout history, there's a consistent pattern. In most all cases, our competitors shift to focusing more on the value play. And you see that time and time again. And I think we can continue to see that trend.

是的。傑弗裡，你只需在約翰的評論基礎上補充一些你的看法。我認為，縱觀歷史，我們已經有很多競爭對手進入市場。你看，咖啡是一個龐大且不斷成長的潛在市場。我們始終專注於打造優質體驗，以及我們認為成就星巴克的獨特差異化因素。縱觀歷史，你會發現一個一致的模式。在絕大多數情況下，我們的競爭對手都會轉向更重視價值行銷。你一次又一次地看到這種情況。我認為這種趨勢還會持續下去。

So the lesson for us is continue to amplify those unique differentiators that make us Starbucks. 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. 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. And then we extended that in-store experience to a digital customer relationship. And those mix of ingredients are what differentiates us. And we feel confident that we understand them, we don't compromise those and we stay focused on playing our game. It's worked in the past, it's working today and it will work in the future.

因此，我們從中得到的教訓是，要繼續強化那些使我們成為星巴克的獨特差異化因素。所以，正如約翰所說，在考慮規模化成長時，我們確實要提升我們在店內創造的顧客體驗。我們致力於提升咖啡的品質和飲品的創新性，因為這些飲品都是手工製作，並為每位顧客量身打造。然後，我們將這種店內體驗延伸到了數位化客戶關係。正是這些成分的組合使我們與眾不同。我們確信我們理解他們，我們不會在這方面妥協，我們會專注於打好自己的比賽。過去行之有效，現在行之有效，將來也必將行之有效。

Your next question comes from Matthew DiFrisco from Guggenheim Securities.

下一個問題來自古根漢證券的馬修·迪弗里斯科。

I just had a couple of follow-ups. With respect to China -- thank you for sharing that about the 10% of global revenue. 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. That also would then, by default, have a higher contribution to the income, I suspect. 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? I know you have 600 stores planned for that country. Is that something also that's sort of been halted during this time frame as well?

我剛剛還有幾個後續問題想問。關於中國—感謝您分享有關中國佔全球收入10%的資訊。那麼，我猜想，也可以這樣假設——在你過去擔任分析師期間，你顯然已經證明了市場的強勁勢頭以及其中的回報機會。這樣一來，我懷疑，這自然也會對收入做出更高的貢獻。另外，您能否也談談旅行限制是否對實現這些成長目標的能力產生了任何影響？我知道你們計劃在該國開設 600 家門市。這件事在這個時期也算是停滯了嗎？

Yes. Matthew, this is Pat. 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. And over to John for the second piece.

是的。馬修，這位是帕特。關於第一個問題，中國業務部門的營業收入佔全球業務部門營業收入的百分比略高於其佔總收入的 10%。接下來由約翰帶來第二部分。

Yes. Matthew, on the store side of it, I think it's too early to tell. 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. Suffice it to say, new stores contribute 80% of our revenue growth in the market. And it's an important component and one that we'll continue to focus on with the team there.

是的。馬修，就商店方面而言，我認為現在下結論還為時過早。我們致力於實現先前公佈的中國門市成長目標，並將持續打造精美門市，加速品牌發展。可以說，新店為我們在該市場的營收成長貢獻了 80%。這是非常重要的一個組成部分，我們將繼續與該團隊一起專注於這一點。

Your next question comes from Dennis Geiger from UBS.

下一個問題來自瑞銀集團的丹尼斯蓋格。

I just wanted to ask a bit more about the continued strength of U.S. traffic. Maybe Roz, could you talk a bit more about where that's coming from? How much of it is higher frequency from existing customers versus maybe some new customers? And any other observations or insights that you can share? 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.

我只是想再了解一下美國交通流量持續強勁的情況。羅茲，你能再詳細說說這是怎麼回事嗎？其中有多少是現有客戶的高訪問頻率，又有多少是新客戶的訪問頻率？您還有其他觀察或見解可以分享嗎？然後，我認為您已經談到了驅動因素，但如果您能更深入地探討一下，您認為在推動流量增長方面，體驗、數位化和飲料創新各自佔多大比重，那就太好了。

Sure. Thank you, Dennis. So a couple of things. So you heard Kevin, in Kevin's remarks, that we achieved a 6% comp in this quarter. Five of those 6 points came from beverage growth. So beverage innovation is a large part of the work that we're doing. 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.

當然。謝謝你，丹尼斯。有兩件事。正如凱文在演講中所說，我們本季實現了 6% 的同業成長。這 6 點中有 5 點來自飲料業的成長。因此，飲料創新是我們工作的重要部分。這也受到我們在店內創新方面所做的工作以及我們正在建立的效率提升和數位化關係的影響。

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

如果我能更深入地談談我們在門市中看到的效率提升，我們實際上正在圍繞提高門市生產力進行大量工作。很多情況下，這並不是透過減少工時來提高生產力，從而真正降低我們在門市的成本，而是為了讓我們的合作夥伴有更多的時間陪伴我們的客戶。所以目前我們看到門市的顧客聯繫度分數創下了歷史新高。這些都是創紀錄的數字。我們認為這涉及到很多方面，包括減少我們門市經理和咖啡師在店內需要完成的任務量，尤其是瑣碎的任務。

In addition to the equipment improvements that we're seeing, we have Nitro Cold Brew across all of our stores right now. When we put in a Mastrena 2 machine, we're seeing operational efficiencies. It's a lower-profile machine. It allows our partners to see over the bar and interact with the customers. 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.

除了我們看到的設備改進之外，我們現在所有門市都提供氮氣冷萃咖啡。當我們安裝 Mastrena 2 機器後，我們看到了營運效率的提升。這是一台外型較為低調的機器。它可以讓我們的合作夥伴越過吧台與顧客互動。實際上，我們看到透過數位化關係了解到的工作帶來了大量的成果，因此我們對早上會來的人有了更多的了解。

Kevin's remarks also revealed that we are growing in every daypart. We're also seeing a significant growth pattern in our cold coffee. And so that includes all cold beverages, meaning tea as well. And we're seeing cold beverages grow in the morning and the afternoon occasion. 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. And there is some connection between cold coffee afternoon occasion and the occasional customer. We are seeing growth after 11:00 in the afternoon with the occasional customer and with cold coffee.

凱文的發言也表明，我們在每天的每個時段都在成長。我們的冷萃咖啡銷售也呈現顯著成長趨勢。因此，這包括所有冷飲，也包括茶。我們發現，冷飲在早晨和下午的消費量都在增加。我們也在關注這項工作——如果你還記得的話，當我們開始圍繞多級兌換發展和改變我們的計劃和忠誠度時，我們看到偶爾會有客戶成長。而下午喝冷咖啡的場合和偶爾光顧的顧客之間確實存在某種關聯。下午 11 點以後，我們看到客流量有所成長，但顧客寥寥無幾，咖啡也冷了。

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. 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.

所以我們認為，丹尼斯，就飲料創新而言，真正讓我們受益的是這些因素的結合，即為我們的客戶群提供合適的飲料，改善我們合作夥伴在門店的工作，以便他們能夠與顧客互動並提高顧客參與度，然後從我們的數位關係中學習，了解如何向我們的客戶群進行營銷並吸引他們到商店消費，而我們重新構想的歡樂時光就是一個很好的例子。因此，我們正在將這 3 項舉措結合起來，我們堅信這項工作及其背後的紀律正在真正推動我們的薪酬業績，我們可以在未來幾季看到這一點。

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

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

I have a question and then a quick follow-up. Just on the margins, you had said that that was a place where you would have probably raised guidance. I think in general, Pat, you said you wanted to be conservative on guidance. But could you just talk a little bit about whether the beat versus expectations was, in fact, just how you position the guidance? Or were there some surprises in there? Supply chain, obviously, the comps were a bit better than you would have, I think, expected or the long-term algorithm would suggest. So if you could just talk about where the margin upside with maybe some specific initiatives or sources would be.

我有一個問題，然後還有一個簡短的後續問題。你曾經略微提到，在那個地方你可能會提出指導意見。帕特，我認為總的來說，你說過你想在指導方針上保持保守。但您能否稍微談談業績超出預期是否實際上只是您對業績指引的一種定位方式？或是裡面有什麼意想不到的驚喜嗎？顯然，供應鏈方面，比較結果比你預期的或長期演算法所顯示的要好一些。所以，如果您能談談利潤成長點在哪裡，並提供一些具體的舉措或資源，那就太好了。

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

然後我的後續問題是，您曾說過，中國的大規模關閉和門市關閉是影響業務的主要驅動因素。這是否意味著，對於那些仍在營業的門市來說，中國門市的趨勢並沒有真正改變？我原以為這會對消費者信心產生更大的整體影響。

Thank you, Sara. I'll take both questions and then pivot to John for additional color on China. First of all, with respect to margin performance in the quarter, we were really delighted with our overall margin outcome in Q1. 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. We also had stronger-than-expected benefits from our supply chain. 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. 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.

謝謝你，薩拉。我會先回答這兩個問題，然後再請約翰補充一些關於中國的資訊。首先，就本季的利潤率表現而言，我們對第一季的整體利潤率結果非常滿意。正如您所說，比預期更好的是同店銷售成長高於預期，由此帶來的強勁銷售槓桿作用對利潤率產生了積極影響。我們的供應鏈也帶來了超乎預期的效益。部分原因是，在美國，我們的食品、飲料和商品在假日期間銷售情況非常強勁，因此我們沒有像過去那樣產生大量的庫存儲備。因此，多項措施共同促成了第一季強勁的利潤率表現，這也是我們計劃提高全年利潤率預期的主要原因。

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. That's not to say that there aren't other drivers or other considerations here. 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. So it is a contributing factor, but the big factor really is the duration of closure.

關於中國以及對業務產生影響的驅動因素，我強調門市數量和關閉時間是影響業務的兩個主要驅動因素。但這並不意味著這裡沒有其他驅動因素或其他考慮因素。當然，全國各地為遏制病毒傳播而採取的措施導致零售客流量減少，顧客普遍比以前更不願意光顧商業中心，這也是另一個因素。所以這是一個促成因素，但真正的主要因素是停業時間的長短。

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

接下來，我得請約翰補充一些細節。

Yes. So Sara, obviously, we're tracking customers in transactions in our stores that we have opened. And we look at that each and every day. I would say that versus historical levels, it definitely has slowed down from -- and Pat gave a little bit of color on that. We look at this each and every day. We've taken action in our open stores to adjust operating hours. We've also gone in and adjusted some of the product offerings based on supply chain availability. 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. So a lot of different actions are being taken. But as Pat shared, the majority of the impact will come from the closed stores. But this is something we assess every day. As you're aware, Chinese New Year has been extended, and we're continuing to watch this very closely with the team in China.

是的。所以薩拉，很明顯，我們正在追蹤我們已開業門市的顧客交易情況。我們每天都會關注這個問題。我認為，與歷史水平相比，增速肯定已經放緩了——帕特對此也做了一些補充說明。我們每天都在關注這個問題。我們已採取措施，調整已開門店的營業時間。我們也根據供應鏈的供應情況，對部分產品進行了調整。此外，我們也檢視了一些特定的貿易區域，可以將這些區域的門市合併成一家更有意義、更能觸及顧客的門市。所以，目前正在採取許多不同的行動。但正如帕特所說，大部分影響將來自關閉的門市。但這是我們每天都要評估的事情。如您所知，春節假期已延長，我們正與中國團隊密切關注事態發展。

Your next question comes from David Palmer with Evercore ISI.

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

關於美國，飲料業的貢獻率為 5 分，這肯定比幾年前高得多。如果我們回顧過去，感覺星冰樂平台已經穩定下來，我們也看到了冷萃咖啡和氮氣等一些較新的冷飲平台帶來的好處，或許最近泡沫也起到了一定的作用。如果從多年的角度來看，您能否談談促成這項進步的最大因素？展望未來，您能否談談推動飲料產業成長的最大因素，以及您如何看待飲料產業新聞的持續發展，從而保持飲料產業的活力？

Yes. David, thanks for the question. So a few things. If you recall, last year, this time, we were probably issuing a lot of LTOs, limited time offers. Some of that was Frappuccino-based. We were not penetrated with enough Nitro equipment technology in the stores. And Nitro, we knew, was a growing category. 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. In addition to that, playing into cold coffee and that process of creating and leaning into cold. And what you can see in the future from that is that we do have equipment improvements coming in our Cold Brew technology. 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.

是的。大衛，謝謝你的提問。有幾件事。如果你還記得的話，去年這個時候，我們可能推出了許多限時優惠活動（LTO）。其中一些是以星冰樂為基礎的。我們的門市中Nitro設備技術的普及程度不夠。我們知道，Nitro（一種低脂飲料）是一個不斷成長的類別。所以，你們現在看到的是我們正在美國所有建築物中安裝 Nitro 系統的過程。這是我們做出的重大轉變。除此之外，還要玩冷咖啡，以及創造和擁抱冷咖啡的過程。從中我們可以看到，未來我們在冷萃咖啡技術方面將會有設備改進。其中一部分工作是確保我們始終有充足的庫存，因此我們未來確實會為此更換設備。

I also mentioned, too, that you've seen us add alternative milks to our beverage line, which gives us a chance to customize. We know that there is a portion of our customer base that wants more of a healthy-for-you concept. And so you have seen some of the work that we have done to add oat milk regionally across the country. And as that becomes more available in the industry, we will acquire more of that capacity. In addition to that, our whole -- our hot business is holding very nicely for us.

我還提到，你們已經看到我們在飲料系列中添加了植物奶，這給了我們客製化產品的機會。我們知道，有一部分客戶更傾向於健康理念。所以，你們已經看到了我們為在全國各地推廣燕麥奶所做的一些工作。隨著這種技術在業界得到更廣泛的應用，我們將獲得更多此類產能。除此之外，我們整個——我們火熱的業務目前進展得非常順利。

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. 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. So you'll see more coming in the alternative milk category for us and then playing into the cold category. Also, in terms of what helps us sell beverages is our food attach. 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.

此外，從節日的角度來看，我們推出了需求量很高的飲料，例如愛爾蘭奶油冷萃咖啡，以及我們在南瓜香料飲料類別中取得的成就。也正是因為我們正在努力確保能夠滿足客戶的需求，才讓我們對未來的發展充滿信心。所以你會看到我們在植物奶領域推出更多產品，然後進軍冷飲領域。此外，我們的食品附加服務也有助於我們銷售飲料。今年，我們將在美國和加拿大推出一款以植物肉餅為餡料的早餐三明治。這種組合對我們來說意義重大，因為它反映了我們如何思考顧客希望我們開發的產品。

I'll also mention that we are seeing still growth in our morning daypart and with MOP. 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. Our first introduction to this was -- is in Penn Plaza in New York. I had the chance to visit there in the last 10 days. Customer response is very favorable. It is showing just one more way that our brand is significant to our customer. Once you exit Penn Plaza station, you come right up to the store. Customers are responding that it feels like a walk-through. It has our latest technology in there from the digital boards that really announce when your drink is ready.

我還要提一下，我們看到早晨時段和 MOP 業務仍在成長。值得一提的是，本季我們開設了第一家便利商店，因此我們發現，當我們推出新業態時，客流量會增加。我們第一次接觸到它是在紐約的賓州廣場。過去十天裡，我有機會去那裡參觀。客戶反應非常正面。這再次表明，我們的品牌對我們的客戶來說意義非凡。從 Penn Plaza 車站出來，你就直接走到商店門口了。顧客回饋說感覺像是在參觀。它採用了我們最新的技術，例如可以即時播報飲品何時準備好的數位顯示器。

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. 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.

正是這些因素，再加上飲料創新，讓我們有信心傾聽顧客的聲音，讓他們能夠方便地光顧我們的門店，接觸我們的品牌，以他們想要的方式購買咖啡，並且我們也在傾聽他們的意見，了解我們應該如何發展飲料創新。因此，我們致力於冷萃咖啡這一品類，同時也確保我們緊跟顧客對未來飲品偏好的期望。

Your next question comes from Eric Gonzalez with KeyBanc.

下一個問題來自 KeyBanc 的 Eric Gonzalez。

I just have one question on China and then maybe a follow-up. 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. 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. 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? So can you maybe talk about why that might be the case? Is it competition, potentially sales transfer? Or is delivery itself cannibalizing your in-store business?

我只有一個關於中國的問題，之後可能還會有個後續問題。所以看來你們正在更積極地進軍二、三線城市，這些城市的咖啡消費量可能比一三線城市還要低。所以，如果您能談談這些低線城市的收益方程式是如何運作的，以及這些地區產品組合有何不同，那就太好了。其次，鑑於本季外送業務佔銷售額的 9%，如果外送業務的推廣仍處於早期階段，那麼這是否意味著堂食業務的業績為負？那麼，您能否談談為什麼會出現這種情況？這是競爭，還是潛在的銷售轉移？或者說，外送本身是否正在蠶食你的店內業務？

Yes. Eric, this is John. Just to answer your question, in the quarter, we opened 167 stores. 46% of those were either in tier 1 and tier 2 cities. We do see very strong performance in lower-tier cities, and we continue to make investments in those cities, playing the long game. Clearly, when we open our first few stores, there is a lot of demand for Starbucks coming into those cities. 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. So we feel good about our growth in these tier 4, tier 5 cities overall.

是的。埃里克，這是約翰。回答你的問題，本季我們新開了167家門市。其中 46% 的人居住在一線城市或二線城市。我們看到低線城市表現非常強勁，我們將繼續在這些城市進行投資，並著眼於長遠發展。顯然，當我們開設最初幾家門市時，這些城市對星巴克的需求非常大。隨著我們不斷擴大商業版圖，從歷史數據來看，總交易量顯然持續成長，交易量與我們一些外圍的一線城市非常相似。因此，我們對在這些四線、五線城市的整體成長感到滿意。

In terms of the delivery aspect of it at 9%, clearly, we see a lot of benefit. It creates a whole new occasion for our existing customers, and it's helping to drive transaction growth in our stores. We have over 3,500 stores in 130 cities, which is 80% of the store base having delivery available to them. We see it as an incremental for these existing customers as well as attracting new customers. In total, dollar profits continue to increase because of it. It's slightly margin-dilutive, but it does provide a higher ticket as well as a higher food attach. And we also see stronger demand in the mornings and during the lunch daypart.

就交貨方面而言，9% 的價格顯然帶來了很大的好處。它為我們現有的客戶創造了全新的購物機會，並有助於推動我們門市的交易成長。我們在 130 個城市擁有超過 3500 家門市，其中 80% 的門市提供送貨服務。我們認為這不僅能為現有客戶帶來成長，也能吸引新客戶。因此，美元總利潤持續成長。雖然會略微稀釋利潤率，但它確實能帶來更高的客單價以及更高的食品附加價值。我們還發現，上午和午餐時段的需求更為強勁。

Your next question comes from Katherine Fogertey with Goldman Sachs.

下一個問題來自高盛的凱瑟琳·福格蒂。

I have a couple of questions here. 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. So I was wondering if you could walk through dynamics you're seeing in select markets there. 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? 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?

我這裡有幾個問題。首先，就國際航線而言，剔除中國航線的強勁表現後，國際航線的其他部分在流量方面似乎相當疲軟。所以我想知道您能否詳細介紹一下您在特定市場觀察到的動態。關於先前提到的供應鏈問題，以及中國部分地區仍在營業的門市在補貨方面遇到的一些問題，你們目前是否也遇到過在全國範圍內運輸貨物和服務方面的困難？如果是這樣，會不會產生某種連鎖反應，例如推動新店開幕和銷售成長？

Yes. Katherine, just real quick on the International side. As Pat highlighted, we had 2 points of impact given the Japan market and what we saw in Japan. And when you look at Japan, overall, we had 2 major factors that influenced the comp performance in Japan. 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. The second piece was the increase in consumption tax that took place in early October. The good news that we saw through the quarter is that comps accelerated through the quarter back to more normal levels. So we do feel good about the trends that we're currently seeing in Japan.

是的。Katherine，我簡單說一下國際方面的狀況。正如 Pat 所強調的，考慮到日本市場以及我們在日本所看到的情況，我們有 2 個影響點。而從日本整體來看，有兩個主要因素影響了日本的競爭表現。首先，在本季初，一場破壞性極強的颱風席捲全國，影響了市場整整兩天的銷售。第二件事是10月初上調消費稅。本季出現的好消息是，同店銷售額在本季加速回升至更正常的水平。所以我們對目前在日本看到的趨勢感到樂觀。

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. U.K., in particular, did very well. We had Middle East and EMEA that also performed well. And then when you go over to Asia Pacific, Korea had another strong quarter, which was great to see. And then we have some smaller markets, Philippines, Indonesia, Australia and New Zealand, doing well as well.

從更廣闊的國際市場來看，特別是歐洲、中東和非洲地區以及亞太地區，我們透過授權合作在這兩個地區都實現了強勁成長。英國尤其表現出色。中東和歐洲、中東及非洲地區也表現良好。然後，當你把目光轉向亞太地區時，韓國又迎來了一個強勁的季度，這令人欣喜。此外，菲律賓、印尼、澳洲和紐西蘭等一些較小的市場也表現良好。

Switching to your question on China on goods and services, we're monitoring each and every day the supply chain challenges. 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. We haven't seen that meaningful impact take hold in other cities. Although, as I shared, we continue to adjust the menus in our stores and the offerings to accommodate any supply chain challenges we have.

關於您提出的中國商品和服務方面的問題，我們每天都在密切關注供應鏈面臨的挑戰。顯然，由於湖北省內出行受限，該地區的供應鏈受到的影響最大。我們尚未看到這種有意義的影響在其他城市紮根。正如我之前所說，我們會不斷調整門市菜單和產品供應，以應對供應鏈方面的任何挑戰。

Your next question comes from Greg Badishkanian with Citi.

下一個問題來自花旗銀行的 Greg Badishkanian。

It's actually Fred Wightman on for Greg. Just one quick follow-up. In your response to an earlier question as far as the changes to the full year outlook, you had alluded to some additional visibility. I think it was on operating margins or earnings for the balance of the year. What exactly were you referring to there?

實際上，代替格雷格上場的是弗雷德懷特曼。還有一個後續問題。您在先前對全年展望變化的問題的回答中，曾暗示會有一些額外的可見性。我認為是關於本年度剩餘時間的營業利潤率或收益。你具體指的是什麼？

Yes. So this is Pat. We see further upside in our Channel Development business specifically. So we have a stronger outlook for full year revenue and flow-through associated with that in Channel Development. There were a couple of other line items where we were anticipating making some adjustments as well. 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.

是的。這位是帕特。我們認為通路拓展業務尤其具有進一步成長的空間。因此，我們對全年收入以及通路發展相關的收益前景持樂觀態度。我們也預計對其他幾個項目進行一些調整。但最主要的驅動因素，還是我們第一季業績的強勁表現。

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

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. 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?

Roz，推動美國同店銷售額增長的最令人印象深刻的因素之一是會員忠誠度計劃的增長，第一季新增會員 140 萬，這是自你們開始披露該數據以來，該季度會員數量創下的歷史新高。我想問的是，隨著用戶群的不斷增長，您能否談談您在行銷策略上做出的哪些改變，以便更有效地向這些客戶進行行銷，從而幫助提高消費額和訪問量？

So yes, Andrew, just a few things there. One is we have a very effective media spend. 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. And so now we are better at understanding almost a one-to-one relationship with that consumer. 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. And we didn't have that in the past. And in addition to that is when we introduce new items. And so what we're seeing from a Cold Brew perspective is also just speaking to them about the new cold beverages. 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.

是的，安德魯，就幾件事。一是我們擁有非常有效率的媒體投入。所以，如果你回顧一年前左右，你會發現我們在媒體上的投入不是非常少，就是方向性很差。因此，現在我們更能理解與消費者之間幾乎一對一的關係。因此，如果我們有他們的電子郵件地址，我們可以查看他們過去的購買記錄，然後向他們推薦他們可以在我們店裡享受的商品，還可以提醒他們店內正在進行的歡樂時光和其他活動。而我們過去並沒有這種情況。此外，我們也會在這個時期推出新產品。所以從冷萃咖啡的角度來看，我們也只是在向他們介紹新的冷飲。因此，透過與客戶建立一對一的關係並接觸他們，我們可以為我們的客戶群提供個人化的產品和服務。

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

除此之外，我們正在進行的其他一些工作是幫助我們門市的合作夥伴了解哪些顧客在門市購物。因此，他們透過多年來建立的關係來了解他們的顧客，但現在他們對誰在他們的商店購物以及誰光顧他們的咖啡館有了更多的了解。因此，我們會與門市的合作夥伴分享這些訊息，這使他們在工作中更有效率。因此，我們收集的許多見解，我們用來做決定，同時也激勵我們思考想要建構和開發的創新。因此，我們正在有效地利用我們的洞察力，從不斷成長的新成員身上學習，然後觀察我們需要做的工作，因為我們正在研究多級兌換計劃，該計劃在全國範圍內全面推廣至今還不到一年。

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

下一個問題來自美國銀行的格雷戈里·弗蘭克福特。

Just looking back at the U.S. business on, I guess, 18 to 24 months of a slowdown in store growth. With that perspective, have you seen maybe less cannibalization from new stores? 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? Any perspective on that? 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.?

回顧美國業務，我估計過去 18 到 24 個月門市成長放緩。從這個角度來看，您是否認為新店開張對老店的蠶食作用有所減弱？或者說，你們是否在比賽中觀察到了這種趨勢，而這正是他們得分上升的部分原因？對此有什麼看法嗎？展望未來，我認為我們已經處於您 3% 到 4% 的單位成長率的底部，這是否是我們應該如何看待您設想的美國門市成長的長期框架？

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. There's no change there. For us, the best investment we can make is our new store growth. We appreciate the return on invested capital that we're seeing with our new store investments, so you'll see that continue. 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. One of the things I'll mention is the combination of delivery to our new store growth. We just added a total of 3,500 stores now across 49 markets in delivery. And so we have a broad amount of coverage in the U.S. combining with that. 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. 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.

所以，就我們在美國門市的成長而言，有幾點需要說明。而且，我們看到業務內部也出現了幾乎相同程度的蠶食現象。情況沒有變化。對我們來說，最好的投資就是拓展新店。我們對新店投資帶來的投資回報感到滿意，所以你們將會看到這種勢頭繼續下去。我們一直在做的，是認真審視我們的模式，確保在增加配送和新店的同時，我們也能兼顧覆蓋範圍以及我們如何服務於美國的客戶。我要提到的一點是，配送業務與我們新店的成長相結合。我們剛在 49 個市場新增了 3500 家配送門市。因此，我們在美國擁有廣泛的覆蓋範圍，再加上這一點。我們仍然預計會在美國開設大量新店，並且正在大力推進我們的業態發展，從便利商店的新業態到烘焙工坊計劃，無所不包。因此，我們對在新房地產方面的投資仍然感到鼓舞，目前我們還沒有看到業務出現任何蠶食現象。

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

格雷格，這位是帕特。為了進一步闡述 Roz 的觀點，我們將重申我們對美國淨門市成長的預期，即 3% 至 4%。

Your last question comes from RJ Hottovy with Morningstar.

您的最後一個問題來自晨星公司的 RJ Hottovy。

Just one follow-up question for Roz. You kind of hinted on this at the last answer, but one area we haven't heard a lot about is that delivery program. And obviously, you've been working with some new restaurant formats and developing that. 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. 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.

我還有一個後續問題想問Roz。你在上一個回答中已經暗示過這一點，但我們很少聽到關於配送計劃的消息。顯然，您一直在嘗試和發展一些新的餐廳模式。我只是想了解一下您能否向我們介紹一下該計劃的進展情況以及您從中獲得的經驗教訓。顯然，您在附加率和新客戶成長方面從中國獲得了一些經驗，但您在美國目前的交付計劃中看到了哪些經驗？

Sure. So yes, we are continuing to expand. 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. And so we are encouraged to continue to see what happens when we alert the customer that delivery is available at their favorite location. Our stores are equipped from a technology standpoint. The partners are well-trained in terms of how to handle the tradeoff between the transition of the beverage to the pickup delivery person. So operationally, it's working extremely well. We'll continue to watch it. 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.

當然。是的，我們正在繼續擴張。由於我們目前在美國的星巴克門市覆蓋率已達到 75%，我們現在啟動了一項全國性行銷計劃。如果你還記得去年這個時候，我們大約只有 115 家門市，而且沒有任何行銷活動。因此，我們受到鼓舞，繼續觀察當我們通知客戶可以在他們最喜歡的地點送貨時會發生什麼。我們的門市在技術方面已配備齊全。合作夥伴們接受過良好的培訓，能夠妥善處理飲料交付給取貨配送員過程中的各種事宜。所以從運作情況來看，它運作得非常好。我們會繼續關注。關於美國業務，我想說的是，如果從配送方面與中國相比，美國的普及率仍然相當低。因此，我們正在與客戶保持同步，盡可能在美國覆蓋更多的咖啡店，但與中國相比，這項服務在美國的普及程度仍然不高。

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

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

Well, thank you all for joining us on today's call. 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. I also want to recognize my Starbucks partners who are navigating the dynamic situation related to the coronavirus in China. 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.

感謝各位參加今天的電話會議。最後，我要感謝世界各地的星巴克夥伴們，感謝他們在第一季取得的強勁業績，以及我們公司正在建立的潛在業務發展勢頭。我還要感謝我的星巴克夥伴們，他們正在努力應對中國新冠病毒疫情帶來的不斷變化的情況。在應對這些特殊情況的同時，我們將繼續專注於關懷合作夥伴的健康和福祉，支持衛生官員遏制冠狀病毒的傳播，並始終秉持打造這家偉大公司的使命和價值觀。

To our investors, I appreciate your patience and understanding as we work through the temporary business impacts in China. 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. I serve all stakeholders of this great company, and I'm so optimistic about our future as we continue to build an enduring company. Thank you.

對於我們的投資者，感謝你們的耐心和理解，我們將努力應對在中國業務受到暫時性的影響。我們一如既往地對我們兩位數盈利增長模式的長期實力和韌性充滿信心，並且我們致力於在更好地了解近期業務影響的程度和持續時間的同時，保持透明度。我為這家偉大公司的所有利益相關者服務，並且對我們未來充滿信心，我們將繼續打造一家永續發展的公司。謝謝。

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

星巴克咖啡公司2020財年第一季電話會議到此結束。您現在可以斷開連線了。