星巴克 (SBUX) 2022 Q2 法說會逐字稿

Good afternoon. My name is Alex, and I will be your conference operator today. I would like to welcome everyone to Starbucks Second Quarter Fiscal Year 2022 Conference Call. (Operator Instructions)

下午好。我的名字是亞歷克斯，今天我將成為您的會議接線員。我想歡迎大家參加星巴克 2022 財年第二季度電話會議。 （操作員說明）

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

我現在將把電話轉給投資者關係副總裁 Tiffany Willis。威利斯女士，你現在可以開始你的會議了。

Good afternoon, everyone, and thank you for joining us to discuss Starbucks' second quarter fiscal year 2022 results. Today's discussion will be led by Howard Schultz, Interim Chief Executive Officer; Belinda Wong, Chairwoman of Starbucks China; Brady Brewer, Executive Vice President and Chief Marketing Officer; and Rachel Ruggeri, Executive Vice President and Chief Financial Officer. And for Q&A, we will be joined by John Culver, Group President of North America and Chief Operating Officer; Michael Conway, Group President of International and Channel Development; and Adam Brotman, Strategic Adviser on Digital Innovation.

大家下午好，感謝您加入我們討論星巴克 2022 財年第二季度的業績。今天的討論將由臨時首席執行官霍華德舒爾茨主持；星巴克中國區主席 Belinda Wong； Brady Brewer，執行副總裁兼首席營銷官；和執行副總裁兼首席財務官 Rachel Ruggeri。在問答環節，北美集團總裁兼首席運營官 John Culver 將加入我們的行列； Michael Conway，國際和渠道發展集團總裁；和數字創新戰略顧問 Adam Brotman。

This conference call will include forward-looking statements, which are subject to various risks and uncertainties that can 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 factors discussed in our filings with the SEC, including our latest annual report on Form 10-K and quarterly report on Form 10-Q. Starbucks assumes no obligation to update these forward-looking statements or information.

本次電話會議將包括前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述存在重大差異。任何此類聲明都應與我們在提交給美國證券交易委員會的文件中討論的收益發布和風險因素中的警示聲明一起考慮，包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告。星巴克不承擔更新這些前瞻性陳述或信息的義務。

GAAP results in second quarter fiscal year 2022 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. All numbers referenced on today's call are on a non-GAAP basis, unless otherwise noted. For non-GAAP financial measures mentioned in today's call, please refer to the earnings release and our website at investor.starbucks.com to find a reconciliation of those non-GAAP measures to their corresponding GAAP measures.

2022財年第二季度的公認會計原則結果包括與戰略行動相關的幾個項目，包括重組和減值費用、交易和整合成本以及其他項目。這些項目不包括在我們的非公認會計原則結果中。除非另有說明，否則今天電話會議中引用的所有數字均基於非公認會計原則。對於今天電話會議中提到的非公認會計原則財務指標，請參閱收益發布和我們的網站investor.starbucks.com，以找到這些非公認會計原則指標與其相應公認會計原則指標的對賬。

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, June 3, 2022. For calendar planning purposes, please note that our third quarter fiscal year 2022 earnings conference call has been tentatively scheduled for Tuesday, August 2, 2022.

本次電話會議正在進行網絡直播，網絡直播的存檔將在 2022 年 6 月 3 日星期五之前在我們的網站上提供。出於日曆計劃的目的，請注意，我們的 2022 財年第三季度收益電話會議暫定於週二舉行, 2022 年 8 月 2 日。

And with that, allow me to turn the call over to Howard.

有了這個，請允許我把電話轉給霍華德。

Thank you, Tiffany. Love and responsibility brought me back to Starbucks. My love of the company and my deep responsibility for our partners and shareholders. In the month I've been back, I've traveled the country and met with thousands of Starbucks retail store partners and visited all 5 of our roasting plants, and I've learned firsthand about the unique challenges confronting the company today.

謝謝你，蒂芙尼。愛和責任讓我回到了星巴克。我對公司的熱愛以及對我們的合作夥伴和股東的深切責任。在我回來的一個月裡，我走遍了全國，會見了數千家星巴克零售店合作夥伴，參觀了我們所有的 5 家烘焙工廠，我親身了解了公司今天面臨的獨特挑戰。

I've also experienced the passionate relationship our partners have with the company and the enduring emotional connection our customers have to the Starbucks brand. COVID presented unprecedented operating challenges to consumer brands. COVID also drove dramatic changes in customer behavior that Starbucks stores and systems were not designed or built for. The challenges have been amplified by record demand for Starbucks coffee in our U.S. stores that has accelerated with the lifting of COVID restrictions.

我還體驗了我們的合作夥伴與公司之間的熱情關係，以及我們的客戶與星巴克品牌之間持久的情感聯繫。 COVID 給消費品牌帶來了前所未有的運營挑戰。 COVID 還推動了星巴克商店和系統並非設計或構建的客戶行為的巨大變化。隨著 COVID 限制的解除，我們美國商店對星巴克咖啡的創紀錄需求加劇了挑戰。

Our Q2 results tell the story. In Q2, our sales comp in North America grew 12% over last year, 23% compared to Q2 2020. Both drive-thru and Mobile Order & Pay activity have surged, together now generating over 70% of our U.S. store volume. Delivery, a nearly $500 million business, was up 30% in the first half of fiscal year. And in our stores, customers are increasingly further customizing already complex handcrafted cold beverages.

我們的第二季度業績說明了這個故事。在第二季度，我們在北美的銷售額比去年增長了 12%，與 2020 年第二季度相比增長了 23%。得來速和移動訂單和支付活動都激增，現在合計占我們美國商店銷量的 70% 以上。交付是一項近 5 億美元的業務，在本財年上半年增長了 30%。在我們的商店中，客戶越來越多地進一步定制已經很複雜的手工冷飲。

The combination of shifts and customer patterns, accelerating demand and algorithms built for different customer behaviors has placed tremendous strain on our U.S. store partners. Ordinarily, we would have anticipated and invested ahead of the shifts we're seeing, but COVID disruptions interfered with our ability to make the required investments in store design, operations, infrastructure and technology to do so.

轉變和客戶模式、加速需求和針對不同客戶行為構建的算法相結合，給我們的美國商店合作夥伴帶來了巨大壓力。通常，我們會在我們看到的轉變之前進行預期並進行投資，但 COVID 中斷干擾了我們在商店設計、運營、基礎設施和技術方面進行所需投資的能力。

As a result, we've been unable to meet the relentless demand we're seeing in our U.S. stores as seamlessly as our customers and partners expect and candidly deserve. Simply said, we do not, today, have the adequate capacity to meet the growing demand for Starbucks coffees.

因此，我們無法像我們的客戶和合作夥伴所期望的那樣無縫地滿足我們在美國商店看到的無情需求，並且坦率地應得。簡單地說，我們今天沒有足夠的能力來滿足對星巴克咖啡不斷增長的需求。

Going forward, we will be making investments in our partners and business to literally catch up on investments we have not made and make further investments to position the company ahead of the coming growth curve. We will also be accelerating our new store growth with 90% of new stores being high-returning drive-throughs. Our newest class of drive-throughs will integrate new store designs, technology, including more handheld devices and equipment improvements that will increase efficiency, speed of service, and, we believe, deliver even greater profitability in the future. We will then incorporate the new technologies and equipment into our existing stores and provide our people with the tools and resources they need to elevate the Starbucks Experience we deliver to our customers and create even more demand in the future.

展望未來，我們將對我們的合作夥伴和業務進行投資，以趕上我們尚未進行的投資，並進行進一步的投資，以使公司領先於即將到來的增長曲線。我們還將加快新店的增長，90% 的新店都是高回報的免下車。我們最新的免下車類別將整合新的商店設計、技術，包括更多的手持設備和設備改進，這將提高效率和服務速度，並且我們相信，未來將提供更大的盈利能力。然後，我們會將新技術和設備整合到我們現有的商店中，並為我們的員工提供他們需要的工具和資源，以提升我們為客戶提供的星巴克體驗並在未來創造更多需求。

And we'll be making significant investments to extend our digital capabilities and deepen our digital connection to customers and the emotional attachment our customers have to the Starbucks brand. Returns on our digital investments are consistently among the highest returns we generate, which brings us to the decision we will revisit in fiscal '23 to suspend stock buybacks. Buying back stock yields us, on average, about a 10% return. With Starbucks' treasure trove of global assets, a 10% return is not satisfactory to me. Throughout our history, the investments we have made in our people and business have always delivered outsized returns to our shareholders.

我們將進行重大投資，以擴展我們的數字能力並加深我們與客戶的數字聯繫以及我們的客戶對星巴克品牌的情感依戀。我們的數字投資回報一直是我們產生的最高回報之一，這使我們做出了我們將在 23 財年重新考慮暫停股票回購的決定。回購股票平均會給我們帶來大約 10% 的回報。以星巴克的全球資產寶庫，10%的回報率我並不滿意。縱觀我們的歷史，我們對員工和業務的投資總是為我們的股東帶來超額回報。

We're so eager to show off our pipeline of disruptive innovation that we're moving our Investor Day up to September in Seattle from December in New York. With significant innovation around technology and personalization we will reveal our industry game-changers that will further increase store productivity and efficiency. What you will see is the coming transformation and reimagination of the Starbucks customer and partner experiences.

我們非常渴望展示我們的顛覆性創新管道，因此我們將在西雅圖的投資者日從 12 月在紐約推遲到 9 月。通過圍繞技術和個性化的重大創新，我們將揭示我們的行業遊戲規則改變者，這將進一步提高商店的生產力和效率。您將看到星巴克客戶和合作夥伴體驗即將發生的轉變和重新構想。

The transformation will accelerate already record demand in our stores, but the investments will enable us to handle the increased demand and deliver increased profitability, while also delivering an elevated experience to our customers and most importantly, reducing strain on our partners. We must reintroduce joy in the customer and emotional connection back into the partner experience.

轉型將加速我們商店已經創紀錄的需求，但這些投資將使我們能夠應對不斷增長的需求並提高盈利能力，同時也為我們的客戶提供更好的體驗，最重要的是，減輕我們合作夥伴的壓力。我們必須將客戶的喜悅和情感聯繫重新引入合作夥伴體驗。

We've identified over $200 million of investment that's incremental to the significant investments we've already committed to in our U.S. company-operated stores this year. These include further investments in training, wage and equipment and new investments in internal communication with our people, where we will launch a new partner app to communicate directly with all store partners.

我們已經確定了超過 2 億美元的投資，這是我們今年已經承諾在美國公司經營的商店進行的重大投資的增量。其中包括對培訓、工資和設備的進一步投資，以及對與我們員工的內部溝通的新投資，我們將推出一個新的合作夥伴應用程序，以直接與所有商店合作夥伴溝通。

We will also be reaffirming our commitment to coffee excellence and partner education by reintroducing our Black Apron, Coffee Master and Origin Trip programs. And in 2023, we will introduce enhanced digital tipping for our partners. We believe these investments will improve retention and recruiting and elevate the experience we deliver to our partners and our customers.

我們還將通過重新引入我們的 Black Apron、Coffee Master 和 Origin Trip 計劃來重申我們對卓越咖啡和合作夥伴教育的承諾。 2023 年，我們將為合作夥伴引入增強的數字小費。我們相信這些投資將提高留存率和招聘率，並提升我們為合作夥伴和客戶提供的體驗。

Over the last month, we've realigned Starbucks U.S. organization to focus entirely on transforming and reimagining our core U.S. business. Belinda Wong will share plans for accelerated growth in China as soon as COVID-related mobility restrictions there are lifted. And make no mistake, our aspirations around China have never been greater and I remain convinced Starbucks' business in China will be eventually larger than our business in the U.S.

在過去的一個月裡，我們重新調整了星巴克美國的組織，以完全專注於轉變和重新構想我們的美國核心業務。一旦與 COVID 相關的出行限制解除，Belinda Wong 將分享在中國加速增長的計劃。毫無疑問，我們對中國的抱負從未如此強烈，我仍然堅信星巴克在中國的業務最終將超過我們在美國的業務。

We have a big breakthrough idea around the launch of Starbucks Web 3.0 and a unique platform for NFTs that Brady Brewer and Adam Brotman, architect of Mobile Order & Pay and the Starbucks digital app, who is serving as a special adviser to us, will shortly tell you about. I believe Web 3.0 will create an authentic digital third place experience and drive substantial new revenue streams for Starbucks and be accretive to the brand.

我們對推出 Starbucks Web 3.0 和一個獨特的 NFT 平台有一個重大的突破性想法，Brady Brewer 和移動訂單與支付的架構師 Adam Brotman 以及作為我們特別顧問的星巴克數字應用程序的架構師將很快告訴你。我相信 Web 3.0 將創造真正的數字第三場所體驗，為星巴克帶來可觀的新收入來源，並為品牌增值。

Our Web 3.0 strategy is a proxy for the greater ambition we have for the company going forward. Despite the fact that post COVID, our customers are not using our stores the same way, and we've been operationally challenged as a result, our national retail footprint and best-in-class real estate portfolio is still enabling us to meet customers wherever they are and irrespective of their needs state. This relentless demand we're seeing in our stores today underscores this reality.

我們的 Web 3.0 戰略代表了我們對公司未來的更大雄心。儘管在 COVID 之後，我們的客戶並沒有以同樣的方式使用我們的商店，因此我們在運營上面臨挑戰，我們的全國零售足跡和一流的房地產投資組合仍然使我們能夠在任何地方與客戶會面他們是並且無論他們的需求狀態如何。我們今天在商店中看到的這種無情的需求突顯了這一現實。

Looking ahead, try to imagine thousands of vastly more productive and efficient Starbucks stores reconfigured to align with today's customer behavior and built around technology that will deliver increased speed of service, improved labor management and reduced unit cost, an elevated partner and customer experience. Now imagine the accretive impact to our financials when we reengineer our stores to deliver what we're capable of in delivering and arming our people with the tools and resources they need to once again exceed our customers' expectations.

展望未來，試著想像數以千計的生產力和效率大大提高的星巴克門店進行了重新配置，以適應當今的客戶行為，並圍繞技術構建，這些技術將提供更高的服務速度、改進的勞動力管理和降低的單位成本、提升的合作夥伴和客戶體驗。現在想像一下，當我們重新設計我們的商店以提供我們有能力為我們的員工提供和武裝他們所需的工具和資源以再次超越客戶的期望時，這對我們的財務產生的影響。

From my perspective, I understand what's needed, and I'm back to lead this transformation and committed to seeing it through. Starbucks sits alone with something few, if any, of our peers literally have, and that is unmet demand. Companies spend hundreds of millions of dollars on marketing, promotions and social media trying to create demand. We have demand everywhere we look, despite having not lived up to the expectations we set for ourselves, let alone exceeding the expectations of our customers and our people since the pandemic.

從我的角度來看，我了解需要什麼，我回來領導這一轉變並致力於完成它。星巴克只有很少的東西，如果有的話，我們的同行確實有，這就是未滿足的需求。公司在營銷、促銷和社交媒體上花費數億美元試圖創造需求。儘管沒有達到我們為自己設定的期望，但我們到處都有需求，更不用說自大流行以來超出客戶和員工的期望了。

The big opportunity ahead for us is to meet strong and growing demand in our stores more efficiently and effectively and to leverage technology to enhance productivity and reduce burden on our store partners.

我們面臨的重大機遇是更有效地滿足我們商店強勁且不斷增長的需求，並利用技術提高生產力並減輕我們商店合作夥伴的負擔。

Let me highlight just a few sources of the accelerating demand we're seeing in our U.S. stores and business. Mobile Order & Pay, an over $4 billion business, is up 400% in 5 years, is up 20% over last year. Our $500 million delivery business is up 30% over last year. The Starbucks Card puts our brand in the hands of nearly 120 million people and is alone larger than the entire gift card category. Starbucks customers are increasingly prepaying for their purchases in huge volumes, roughly $11 billion last year, and we are on track to exceed that figure this year.

讓我強調一下我們在美國商店和業務中看到的需求加速增長的幾個來源。移動訂單和支付是一項價值超過 40 億美元的業務，在 5 年內增長了 400%，比去年增長了 20%。我們價值 5 億美元的快遞業務比去年增長了 30%。星巴克卡將我們的品牌置於近 1.2 億人手中，僅此一項就超過了整個禮品卡類別。星巴克客戶越來越多地為他們的購買預付巨額款項，去年約為 110 億美元，而我們今年有望超過這一數字。

At this moment, well over $1 billion is loaded on Starbucks Cards waiting to be spent in our stores. And active Starbucks Rewards membership in the U.S. grew 17% over last year to Q2 to 27 million members. Strong underlying demand means the productivity and efficiency investments I've described represent literally low-hanging fruit available to us right now.

目前，有超過 10 億美元的星巴克卡在等待在我們的商店消費。美國的活躍星巴克獎勵會員比去年增長 17%，達到 2700 萬會員。強勁的潛在需求意味著我所描述的生產力和效率投資實際上代表了我們現在可以獲得的唾手可得的果實。

In every sense, Starbucks remains a growth company today and will remain a growth company into the future. Two related dynamics underscore the power of the equity of the Starbucks brand and support our growth aspirations: consistent pricing power and strong demand for Starbucks products in CPG channels. Over the last year, we raised prices several times to address increasing inflationary pressures. Yet, we experienced negligible customer attrition, once again demonstrating the elasticity of demand for Starbucks coffee.

從任何意義上說，星巴克今天仍然是一家成長型公司，未來仍將是一家成長型公司。兩個相關的動態強調了星巴克品牌資產的力量並支持我們的增長願望：一致的定價能力和 CPG 渠道對星巴克產品的強勁需求。去年，我們多次提高價格以應對日益增加的通脹壓力。然而，我們經歷的客戶流失微不足道，再次證明了對星巴克咖啡的需求彈性。

Even so, inflationary pressures have outpaced our price increases, resulting in several points of margin compression in the short term and costing us over 200 basis points in the first half of the fiscal year. In Q2, we were able to absorb the incremental cost while still delivering on our EPS expectations.

即便如此，通脹壓力已經超過了我們的價格上漲，導致短期內利潤率壓縮了幾個點，並使我們在本財年上半年損失了超過 200 個基點。在第二季度，我們能夠吸收增量成本，同時仍實現我們的每股收益預期。

In our channels business, Starbucks today has the #1 share in the U.S. at coffee and the #1 share in global ready-to-drink coffee. Customer loyalty inside and outside our stores has never been greater. You have to ask yourself how many retail companies have a consumer brand that is best of class and literally the #1 position in grocery and in multiple channels of distribution. You'd be hard-pressed to find any. I could not be more optimistic or confident in the successful transformation and reimagination of our store partner and customer experiences.

在我們的渠道業務中，星巴克如今在美國的咖啡市場份額第一，在全球即飲咖啡市場份額第一。我們商店內外的客戶忠誠度從未如此高。您必須問自己，有多少零售公司擁有一流的消費品牌，並且在雜貨店和多種分銷渠道中名列前茅。你很難找到任何東西。我對我們的商店合作夥伴和客戶體驗的成功轉型和重新構想感到無比樂觀或充滿信心。

Let me turn to China. I cannot think of any other Western consumer brand, let alone a food and beverage retailer, that has performed as well as us in China over the last 20 years. I say that with great pride having been to China so often, building confidence, trust and respectful relationships with government officials and working closely with our Chinese team.

讓我轉向中國。我想不出任何其他西方消費品牌，更不用說食品和飲料零售商，在過去 20 年裡在中國表現得和我們一樣好。我非常自豪能夠經常訪問中國，與政府官員建立信心、信任和尊重的關係，並與我們的中國團隊密切合作。

However, the situation in China is unprecedented. Shanghai, a city 4x the size of New York City, is completely locked down. Other major cities, including Beijing, are experiencing new COVID outbreaks and implementing new mobility restrictions pursuant to China's strict zero-COVID policy.

然而，中國的情況是前所未有的。上海，一個面積是紐約市的 4 倍的城市，完全被封鎖了。包括北京在內的其他主要城市正在經歷新的 COVID 爆發，並根據中國嚴格的零 COVID 政策實施新的出行限制。

Conditions in China are such that we have virtually no ability to predict our performance in China in the back half of the year. Given the materiality and the high level of ongoing uncertainty around China, accelerating inflation and the significant investments we are planning, the only responsible course of action for us to take is to suspend guidance for Q3 and Q4.

中國的情況讓我們幾乎無法預測下半年在中國的表現。鑑於中國周圍持續存在的重大不確定性和高度不確定性、通脹加速以及我們計劃進行的重大投資，我們唯一負責任的行動方案是暫停對第三季度和第四季度的指導。

As we move through Q3 and approach September's Investor Day, we will have much greater visibility on Q4, holiday and fiscal '23, and be in a position to share details around our comprehensive post-COVID China plan with you.

隨著我們進入第三季度並接近 9 月的投資者日，我們將對第四季度、假期和 23 財年有更大的了解，並能夠與您分享我們全面的後 COVID 中國計劃的詳細信息。

I'm very pleased with the growth we're seeing from our international business. Excluding China, our International segment grew comps in the double digits in the quarter, stronger than anticipated, demonstrating the strength of our diversified portfolio and the opportunity ahead. Even including the impact of China, our International segment still grew 4% in the quarter over last year to a record $1.7 billion.

我對我們從國際業務中看到的增長感到非常高興。除中國外，我們的國際業務在本季度實現了兩位數的增長，強於預期，顯示了我們多元化投資組合的實力和未來的機遇。即使包括中國的影響，我們的國際業務在本季度仍比去年同期增長 4%，達到創紀錄的 17 億美元。

Our international store base grew 9% over last year to over 17,700 stores. [15%] of that growth was in licensed markets. We expect 75% of the net new stores we will open in fiscal '22 to be outside the U.S., further underscoring the enormous global and the opportunity ahead.

我們的國際門店數量比去年增長 9%，達到 17,700 多家門店。 [15%] 增長來自許可市場。我們預計我們將在 22 財年開設的 75% 的淨新店將在美國以外，進一步突顯了巨大的全球和未來的機遇。

Now let me turn to a subject in the news. Across America, there is a movement in the media and across multiple industries, including the service sector, whereby fellow citizens have begun turning to labor unions as a means of gaining voice, representation and improved working conditions. This movement is not related to any specific company.

現在讓我談談新聞中的一個主題。在整個美國，媒體和包括服務業在內的多個行業都發生了一場運動，同胞們開始求助於工會，以此作為獲得發言權、代表權和改善工作條件的一種手段。此運動與任何特定公司無關。

We are highly emphatic to the root causes of the frustration and anxieties that Gen Z Americans are facing, having come of age during turbulent moments in our history: the 2008 Global Financial Crisis, The Great Recession and now The Global Coronavirus Pandemic. These young people have completely valid concerns given today's uncertainty and economic instability. They look around and they see the burgeoning labor movement as a possible remedy to what they are feeling.

我們非常強調 Z 世代美國人所面臨的挫折和焦慮的根本原因，他們是在我們歷史上的動盪時刻長大的：2008 年全球金融危機、大衰退和現在的全球冠狀病毒大流行。鑑於當今的不確定性和經濟不穩定，這些年輕人的擔憂是完全有道理的。他們環顧四周，他們認為蓬勃發展的勞工運動是他們所感受的一種可能的補救措施。

I understand the climate, and I'm deeply sensitive to the needs of all of our Green Apron partners. Yet, we have a very different and vastly more positive vision for our company based on listening, connecting and collaborating directly with our people.

我了解氣候，並且對我們所有綠色圍裙合作夥伴的需求非常敏感。然而，基於傾聽、聯繫和直接與我們的員工合作，我們對公司有一個非常不同且更加積極的願景。

Throughout our history at Starbucks, we have led our industry, and in many cases, corporate America, in introducing breakthrough benefits for our people. Aon Hewitt, the gold standard in benefits, rates Starbucks in the 100th percentile in the retail sector, the 100th percentile, including from part-time workers who want stability and flexibility to achieve their future aspirations. That means no retail company in America ranks above Starbucks for the benefits we provide our people. We are proud of our history and leadership in wages and benefits, and we are committed to doing even more to meet the evolving needs of our Starbucks partners in the future.

縱觀我們在星巴克的歷史，我們一直引領著我們的行業，在許多情況下，引領著美國企業，為我們的員工帶來了突破性的福利。福利的黃金標準怡安休伊特將星巴克評為零售業的第 100 個百分位，第 100 個百分位，其中包括希望穩定和靈活地實現未來願望的兼職員工。這意味著在美國，沒有一家零售公司在我們為員工提供的福利方面排名高於星巴克。我們為我們在工資和福利方面的歷史和領先地位感到自豪，我們致力於在未來做出更多努力來滿足星巴克合作夥伴不斷變化的需求。

Sharing success through wins and benefits with our partners is among our core values, and has been for 50 years, and our values are not and never have been the result of demands or interference from any outside entity. It's who we are, it's who we have been and who we always will be. Compare any union contract in our sector to the constantly expanding list of wages and benefits we have provided our people for decades and the union contract will not even come close to what Starbucks offers. We remain committed to doing the right thing for each and every Starbucks partner and that includes respect for differing opinions, inclusion and embracing diversity and individuality.

通過與合作夥伴的勝利和利益共享成功是我們的核心價值觀之一，並且已經延續了 50 年，我們的價值觀不是也永遠不是任何外部實體要求或乾涉的結果。這就是我們是誰，這就是我們曾經是誰，我們將永遠是誰。將我們行業中的任何工會合同與我們數十年來為員工提供的不斷擴大的工資和福利清單進行比較，工會合同甚至不會接近星巴克提供的合同。我們始終致力於為每位星巴克合作夥伴做正確的事，其中包括尊重不同意見、包容以及擁抱多樣性和個性。

Today, we take further steps to modernize our pay and benefits vision for our partners with further investments in wage, barista skills training, coffee excellence and financial wellness and literacy. And in September, we will share additional initiatives we are planning for Starbucks partners in areas that include help with student loan refinancing, additional skills recognition programs enhanced in-app tipping and new profit-haring initiatives.

今天，我們採取進一步措施，通過在工資、咖啡師技能培訓、卓越咖啡以及財務健康和掃盲方面的進一步投資，為我們的合作夥伴實現薪酬和福利願景的現代化。 9 月，我們將分享我們為星巴克合作夥伴計劃的其他舉措，包括幫助學生貸款再融資、額外的技能認可計劃增強應用內小費和新的利潤分享計劃。

Partners at Starbucks U.S. company-operated stores, where we have the right to unilaterally make these changes, will receive these wages and benefit enhancements. This covers more than 240,000 Starbucks partners and roughly 8,800 Starbucks stores across the country.

在星巴克美國公司經營的門店中，我們有權單方面進行這些更改的合作夥伴將獲得這些工資和福利增強。這涵蓋了全國超過 240,000 家星巴克合作夥伴和大約 8,800 家星巴克門店。

We do not have the same freedom to make these improvements at locations that have a union or where union organizing is underway. Partners in those stores will receive the wages increases that were announced in October 21, but Federal law prohibits us from promising new wages and benefits at stores involved in union organizing. And by law, we cannot implement unilateral changes at stores that have a union. Where Starbucks is required to engage in collective bargaining, we will negotiate in good faith. Starbucks will not favor or discriminate against any partner based on union issues. And we will respect the right of Starbucks partners to make their own decisions when exercising these rights.

在有工會或正在進行工會組織的地方，我們沒有同樣的自由來進行這些改進。這些商店的合作夥伴將獲得 10 月 21 日宣布的加薪，但聯邦法律禁止我們在參與工會組織的商店承諾新的工資和福利。根據法律，我們不能在有工會的商店中單方面實施變更。如果星巴克被要求進行集體談判，我們將本著誠意進行談判。星巴克不會基於工會問題偏袒或歧視任何合作夥伴。我們將尊重星巴克合作夥伴在行使這些權利時做出自己決定的權利。

A question I get asked frequently is how long are you going to stay? So let me try and preempt it here. I've just framed the enthusiasm and the optimism I have for our transformation plan going forward. We have line of sight on what the transformation looks like and how meaningfully our plan will benefit the company and our people as together we co-create and reimagine the future chapters of Starbucks' storied history. The plan I shared is being designed mindfully and strategically and will be executed successfully. This I can assure you.

我經常被問到的一個問題是你打算待多久？所以讓我在這裡嘗試搶占它。我剛剛描述了我對我們未來轉型計劃的熱情和樂觀。我們對轉型的樣子以及我們的計劃將對公司和我們的員工帶來多大的好處有了清晰的認識，因為我們共同創造和重新構想了星巴克傳奇歷史的未來篇章。我分享的計劃是經過精心設計和戰略性的，並將成功執行。我可以向你保證。

The Board and I have agreed I will stay to help transition our next leader. We are driving towards naming the new leader in the fall. After joining the company, he or she will undergo full immersion and have the opportunity to collaborate with me for a defined but not indefinite period. The plan is for me to completely hand over the CEO reins sometime in the first calendar quarter of '23 and to thereafter remain on the Starbucks Board.

董事會和我已同意我將留下來幫助我們的下一任領導人過渡。我們正朝著在秋季任命新領導人的方向前進。加入公司後，他或她將完全沉浸其中，並有機會與我合作一段明確但不是無限期的合作。我的計劃是在 23 年第一季度的某個時間完全交出 CEO 的職務，然後繼續留在星巴克董事會。

Over the last 50 years, we have built Starbucks into one of the most recognized and respected brands in the world. And we have delivered best-in-class returns to our shareholders since being a public company in 1992. The investments in our people and our company we discuss today will absolutely assure that despite our success in the past, our best days are ahead.

在過去的 50 年裡，我們將星巴克打造成世界上最受認可和最受尊敬的品牌之一。自 1992 年成為上市公司以來，我們為股東帶來了一流的回報。我們今天討論的對我們員工和公司的投資將絕對保證，儘管我們過去取得了成功，但我們最好的日子即將到來。

We're looking forward to demonstrating what's ahead and the enthusiasm we have to sharing that with you on our Investor Day in September.

我們期待在 9 月的投資者日展示未來的發展以及我們必須與您分享的熱情。

And with that, I'll turn the call over to Belinda. Belinda?

有了這個，我會把電話轉給貝琳達。貝琳達？

Thank you, Howard. While we are into the third year of navigating through COVID in China, in Q2, we encountered the most severe resurgence of the virus to date. 72% of the 225 cities we're in experienced Omicron outbreaks, including Shanghai and Shenzhen. With this more infectious variant, mobility restrictions and lockdowns are imposed faster and relaxed more cautiously.

謝謝你，霍華德。當我們在中國進入新冠疫情的第三個年頭時，在第二季度，我們遇到了迄今為止最嚴重的病毒捲土重來。在我們所在的 225 個城市中，72% 的城市經歷了 Omicron 疫情，包括上海和深圳。有了這種更具傳染性的變體，行動限制和封鎖可以更快地實施，也可以更謹慎地放鬆。

Starbucks' focus since the start of the pandemic has been to protect the health and well-being of our partners and customers, provide support and show up positively in our communities. Our efforts have deepened our connection to customers and made our partners proud.

自大流行開始以來，星巴克的重點一直是保護我們的合作夥伴和客戶的健康和福祉，提供支持並積極地出現在我們的社區中。我們的努力加深了我們與客戶的聯繫，讓我們的合作夥伴感到自豪。

Over the last 2 years, we have built up muscle and agility to navigate through COVID challenges. With every resurgence, we add new chapters to our China COVID playbook, strengthening our capabilities and resilience. As we moved into Q3 and continuing today, roughly 1/3 of our stores remain temporarily closed or are offering delivery or MOP only. And most of our remaining stores are operating under strict safety protocols that interfere with our traffic and operations.

在過去的 2 年中，我們增強了應對 COVID 挑戰的力量和敏捷性。隨著每一次復蘇，我們都會為我們的中國 COVID 手冊添加新的篇章，增強我們的能力和應變能力。隨著我們進入第三季度並繼續今天，我們大約 1/3 的商店仍然暫時關閉或僅提供送貨或澳門幣。我們剩餘的大多數商店都在嚴格的安全協議下運營，這會干擾我們的交通和運營。

As a result, net revenue in China declined 14% and sales comp declined 20% in Q2 versus last year, after adjusting for the VAT subsidy, all from reduced traffic. We expect an even greater impact on our Q3 results due to the timing of the Shanghai lockdown and a further resurgence of the virus in other cities, including Beijing. We expect mobility restrictions to continue under the country's zero-COVID policy for the foreseeable future.

因此，在調整增值稅補貼後，中國的淨收入與去年相比下降了 14%，銷售額下降了 20%，這都是由於客流量減少所致。由於上海封鎖的時機以及該病毒在包括北京在內的其他城市的進一步死灰復燃，我們預計對我們第三季度的業績產生更大的影響。我們預計在可預見的未來，在該國的零新冠病毒政策下，行動限制將繼續存在。

In Q2, we continue to invest to increase our digital connection to customers. As a result, digital mix now represents a record 43% of sales. Our launch of Starbucks Delivers on Meituan in January has driven incrementality and make Starbucks the coffee category leader on third-party delivery platforms.

在第二季度，我們繼續投資以增加我們與客戶的數字連接。因此，數字組合現在佔銷售額的創紀錄的 43%。我們於 1 月在美團推出星巴克外賣，推動了增量，使星巴克成為第三方外賣平台上的咖啡品類領導者。

We remain laser-focused on our growth as we manage through short-term challenges. At our China Investor Day in 2018, we shared our aspiration to operate 6,000 stores in China by 2022. Despite years of COVID disruptions, we remain on track to do so, adding 97 net new stores in Q2, with our new stores continuing to deliver best-in-class returns and profitability.

在應對短期挑戰時，我們仍然專注於我們的增長。在 2018 年的中國投資者日上，我們分享了到 2022 年在中國經營 6,000 家門店的願望。儘管受到了多年的新冠疫情影響，我們仍有望實現這一目標，在第二季度淨新增 97 家門店，我們的新門店繼續交付一流的回報和盈利能力。

We also continue to invest in smart technologies to improve our productivity and efficiency, leverage our scale and deliver an elevated experience to our partners and customers. We're extremely proud that despite COVID challenges, we achieved our highest-ever customer connection score in March.

我們還繼續投資於智能技術，以提高我們的生產力和效率，利用我們的規模並為我們的合作夥伴和客戶提供更優質的體驗。儘管面臨 COVID 挑戰，我們感到非常自豪，但我們在 3 月份取得了有史以來最高的客戶連接分數。

The enduring loyalty and connection our customers have to the Starbucks brand sets us apart from all competitors. Today, 1 in 2 coffee consumers in China choose Starbucks over any other coffee retail brand, a huge lead that we have held for years and continue to build upon.

我們的客戶對星巴克品牌的持久忠誠度和聯繫使我們在所有競爭對手中脫穎而出。今天，中國有二分之一的咖啡消費者選擇星巴克而不是任何其他咖啡零售品牌，這是我們多年來保持並繼續發展的巨大領先優勢。

Our dreams and aspirations for Starbucks China have never been greater, and I'm incredibly proud of what we have accomplished in China while managing through the pandemic. Our accomplishments are due to the extraordinary dedication and efforts of our 70,000 partners. No coffee retailer in China is better positioned than Starbucks to navigate the current headwinds on or to resume accelerated growth once COVID mobility restrictions are lifted.

我們對星巴克中國的夢想和抱負從未像現在這樣宏大，我為我們在應對疫情期間在中國取得的成就感到無比自豪。我們的成就歸功於我們 70,000 名合作夥伴的非凡奉獻和努力。中國沒有一家咖啡零售商比星巴克更能駕馭當前的逆風，或在解除 COVID 出行限制後恢復加速增長。

With that, I'll turn the call over to Brady. Brady?

有了這個，我會把電話轉給布雷迪。布雷迪？

Thank you, Belinda. Starbucks is one of the most sought-after brands in the world. And by engaging deeply with our customers over 50 years, we've amassed a treasure trove of assets, both physical and digital. Just one example being the nearly 27 million active Starbucks Rewards members in the U.S. We're activating these unique brand assets as a catalyst to accelerate the future of Starbucks as a global brand and as a business.

謝謝你，貝琳達。星巴克是世界上最受歡迎的品牌之一。通過 50 多年來與客戶的深入接觸，我們積累了豐富的資產，包括實物和數字資產。舉個例子，美國近 2700 萬活躍的 Starbucks Rewards 會員。我們將激活這些獨特的品牌資產作為催化劑，加速星巴克作為全球品牌和企業的未來。

From our beginning, we've nurtured human connection and served a fundamental belief that coffee brings us together. We brought this to life in what we've called the third place, a place between home and work, where you could connect and feel a sense of belonging over coffee.

從一開始，我們就培養了人與人之間的聯繫，並堅信咖啡將我們凝聚在一起。我們在所謂的“第三場所”中實現了這一點，這是一個介於家庭和工作之間的地方，您可以在這里聯係並感受咖啡的歸屬感。

Now we are extending the third place concept of Starbucks into a new kind of community. Emerging technologies associated with Web 3, and specifically NFTs, now enable this aspiration and allow us to extend who Starbucks has always been at our core.

現在我們正在將星巴克的第三空間概念擴展到一種新的社區。與 Web 3 相關的新興技術，特別是 NFT，現在實現了這一願望，並使我們能夠擴展星巴克一直以來的核心地位。

We are creating the digital third place. To achieve this, we will broaden our framework of what it means for people to be a member of the Starbucks community, adding new concepts such as ownership and community-based membership models that we see developing in the Web 3 space.

我們正在創造數字第三場所。為實現這一目標，我們將拓寬我們對人們成為星巴克社區成員的意義的框架，添加新概念，例如所有權和基於社區的會員模型，我們看到這些概念在 Web 3 領域正在發展。

We will lead by aligning our initiatives with our sustainability commitments, making deliberate choices to build the community on environmentally sustainable Web 3 platforms. Imagine acquiring a new digital collectible from Starbucks, where that product also serves as your access pass to a global Starbucks community, one with engaging content experiences and collaboration all centered around coffee.

我們將通過使我們的倡議與我們的可持續發展承諾保持一致來領導，做出深思熟慮的選擇，在環境可持續的 Web 3 平台上建立社區。想像一下，從星巴克購買一款新的數字收藏品，該產品還可以作為您進入全球星巴克社區的通行證，該社區提供以咖啡為中心的引人入勝的內容體驗和協作。

This community will further strengthen the Starbucks brand, engage our partners and we expect it to be accretive to our business. Starbucks has the history of taking leading-edge technology and innovation and making it accessible and approachable to the mainstream. You've seen it with our digital experiences, whether it was introducing ability to pay with your phone, mobile order or even access WiFi long ago. Starbucks can serve as a bridge to the future for our nearly 100 million customer occasions per week around the world.

這個社區將進一步加強星巴克品牌，吸引我們的合作夥伴，我們希望它能夠增加我們的業務。星巴克擁有採用領先技術和創新並使其成為主流的歷史。您已經在我們的數字體驗中看到了這一點，無論是引入使用手機支付、移動訂單還是很久以前接入 WiFi 的能力。星巴克可以為我們每週在全球近 1 億次的顧客活動架起一座通往未來的橋樑。

We'll take our first step toward a digital third place and our broad vision for Web 3 with an anticipated launch in this year. This is just the beginning of an exciting future.

我們將邁出邁向數字第三名的第一步，以及我們對 Web 3 的廣闊願景，預計將於今年推出。這只是一個激動人心的未來的開始。

Now I'll turn it over to Rachel.

現在我會把它交給雷切爾。

Thank you, Brady, and good afternoon, everyone. As Howard mentioned, Starbucks' performance in Q2 demonstrated strong customer demand across our portfolio despite continuing COVID headwinds. We delivered global revenue of $7.6 billion in Q2, up 15% from the prior year, a second quarter record.

謝謝你，布雷迪，大家下午好。正如霍華德所說，儘管新冠疫情持續存在逆風，但星巴克在第二季度的表現證明了我們產品組合中的強勁客戶需求。我們在第二季度實現了 76 億美元的全球收入，比去年同期增長 15%，創下第二季度的紀錄。

Our results were primarily driven by 18% revenue growth in the U.S. and stellar performance across our diverse global portfolio. We are particularly pleased with the strong results in light of the dynamic environment.

我們的業績主要得益於美國 18% 的收入增長以及我們多元化的全球投資組合的出色表現。我們對動態環境下的強勁結果感到特別高興。

Q2 consolidated operating margin contracted 300 basis points from the prior year to 13%, primarily due to inflation, which increased over the course of the quarter, significant investments in store partner wages and benefits and reduced traffic in China. The margin contraction was partially offset by pricing in North America. Q2 EPS was $0.59, declining 3% from the prior year, consistent with our expectations.

第二季度綜合營業利潤率較上年同期下降 300 個基點至 13%，主要是由於通脹在本季度有所上升、對門店合作夥伴工資和福利的重大投資以及中國客流量減少。北美的定價部分抵消了利潤率收縮。第二季度每股收益為 0.59 美元，同比下降 3%，符合我們的預期。

I will now provide some segment highlights for Q2. North America delivered revenue of $5.4 billion in Q2, up 17% from the prior year and also a Q2 record, primarily driven by a 12% increase in comparable store sales comprised of a 7% increase in average ticket and a 5% increase in transactions. Strong performance of new stores over the past 12 months and the accelerated recovery of our licensed stores also contributed to this compelling level of revenue growth.

我現在將提供第二季度的一些細分亮點。北美第二季度實現收入 54 億美元，比去年同期增長 17%，也是第二季度的創紀錄水平，主要受可比商店銷售額增長 12% 的推動，其中平均門票增長 7% 和交易量增長 5% .過去 12 個月新店的強勁表現以及我們特許店的加速復蘇也促成了這一令人矚目的收入增長水平。

U.S. comparable store sales were 12% despite significant store hour modifications in the early part of the quarter. The sustained momentum across our cold platform and food attached, coupled with the return of winter favorites and newer offerings such as the Pistachio Latte all contributed to these strong results.

儘管本季度初的商店營業時間發生了重大變化，但美國可比商店銷售額為 12%。我們冷平台和附加食品的持續勢頭，加上冬季最受歡迎的產品和開心果拿鐵等新產品的回歸，都促成了這些強勁的結果。

Our average ticket continued to grow, reaching an all-time high, driven by strategic beverage pricing and another record-breaking quarter of food attach with food sales increasing 25% from the prior year. We continue to engage with customers where and how they prefer, as our drive-through windows, mobile order and delivery channels collectively accounted for 75% of U.S. company-operated sales in Q2. These convenient order channels and compelling product offerings cannot be easily replicated at home.

我們的平均票價繼續增長，達到歷史新高，這得益於戰略性飲料定價和另一個創紀錄的食品附加季度，食品銷售額比上年增長 25%。我們將繼續與客戶在他們喜歡的地點和方式進行互動，因為我們的免下車窗口、移動訂單和交付渠道在第二季度共占美國公司運營銷售額的 75%。這些便捷的訂購渠道和引人注目的產品供應在國內無法輕易複製。

Our customers continue to make Starbucks a part of their daily routine, fueling growth across all dayparts and drive-throughs and cafes with specific strength in suburban and rural areas. Underpinning the enduring demand is our continued focus on digital customer engagement with Starbucks Rewards members delivering 54% of the revenue in our U.S. company-operated stores, the highest level of engagement on record, up 2 percentage points from the prior year.

我們的客戶繼續讓星巴克成為他們日常生活的一部分，推動了郊區和農村地區所有時段、免下車和咖啡館的增長。支撐持久需求的是我們繼續關注數字客戶與星巴克獎勵會員的互動，為我們的美國公司經營的門店帶來了 54% 的收入，這是有記錄以來的最高參與度，比上一年增加了 2 個百分點。

North America's operating margin was 17.2% in Q2, contracting 260 basis points from the prior year due to inflation, investments in labor, including enhanced store partner wages and new partner training as well as the lapping of prior year government subsidies. These margin headwinds were partially offset by pricing and sales leverage.

北美第二季度的營業利潤率為 17.2%，由於通貨膨脹、勞動力投資（包括提高商店合作夥伴工資和新合作夥伴培訓以及上一年政府補貼的減少），比上年收縮 260 個基點。這些利潤逆風被定價和銷售槓桿部分抵消。

Throughout the quarter, we executed our plan to offset near-term margin pressures by accelerating price increases, reducing spend in discretionary cost areas and activating throughput initiatives across our operations. These actions helped the company deliver Q2 profitability as planned despite higher-than-expected COVID isolation pay and ongoing inflationary headwinds, which increased considerably over the course of the quarter.

在整個季度，我們執行了我們的計劃，通過加速價格上漲、減少可自由支配成本領域的支出以及在我們的運營中激活吞吐量計劃來抵消近期的利潤壓力。這些行動幫助公司按計劃實現了第二季度的盈利能力，儘管 COVID 隔離工資高於預期，且通脹逆風持續，在本季度期間大幅增加。

Moving on to International. The segment delivered its highest second quarter revenue ever, reaching $1.7 billion, up 4% over the prior year despite the impacts of COVID-19 lockdowns in China. The growth was primarily driven by a 9% increase in net new stores over the past 12 months and strong sales growth from our international licensees, including the conversion of our Korean market to a fully licensed business.

繼續國際。儘管受到中國 COVID-19 封鎖的影響，該部門在第二季度實現了有史以來最高的收入，達到 17 億美元，比上年增長 4%。增長的主要原因是過去 12 個月淨新店增加了 9%，以及我們的國際授權商的強勁銷售增長，包括我們將韓國市場轉變為完全授權的業務。

Growth was partially offset by an 8% decline in comparable store sales, including a 3% decline attributable to the lapping prior year VAT benefit as well as a 3% unfavorable impact from foreign currency translation. Excluding the VAT impact, international comparable store sales declined 5%. And excluding China, international comparable store sales increased meaningfully.

增長被可比商店銷售額下降 8% 部分抵消，其中包括由於上一年增值稅優惠導致的 3% 下降以及外幣換算產生的 3% 的不利影響。排除增值稅影響，國際可比商店銷售額下降了 5%。不包括中國，國際可比店面銷售額顯著增長。

Shifting to China. As you're aware, and as Belinda discussed, China continues to battle COVID resurgences and navigate through prolonged lockdowns. Although China's comparable store sales improved sequentially in January, traffic lessened considerably in February and March as Omicron cases surged and lockdowns were implemented, leading to a comparable store sales decline of nearly 50% in the last week of March as we exited the quarter. As a result, second quarter comparable store sales declined 23% in the market or 20% excluding an impact of lapping the prior year VAT relief.

轉移到中國。如您所知，正如貝琳達所討論的那樣，中國繼續與新冠病毒的死灰復燃作鬥爭，並度過長期的封鎖。儘管中國 1 月份可比店面銷售額環比增長，但隨著 Omicron 病例激增和實施封鎖措施，2 月和 3 月客流量大幅減少，導致 3 月最後一周的可比店面銷售額在我們退出本季度時下降了近 50%。結果，第二季度可比商店銷售額在市場上下降了 23% 或 20%，不包括上一年增值稅減免的影響。

At the end of Q2, roughly 1/3 of our stores in China remains temporarily closed or offered mobile ordering channels only. A sizable number of these stores were high-volume stores located in Tier 1 cities, including Shanghai, with the balance of active stores operating under elevated COVID safety protocols. Despite the considerable near-term headwinds, we remain focused on executing against our growth strategy in China.

在第二季度末，我們在中國大約 1/3 的門店仍然暫時關閉或僅提供移動訂購渠道。這些商店中有相當一部分是位於包括上海在內的一級城市的大批量商店，其餘的活躍商店在更高的 COVID 安全協議下運營。儘管近期面臨相當大的不利因素，我們仍然專注於執行我們在中國的增長戰略。

As Belinda shared, given our portfolio's healthy fundamentals, expanding digital footprint and record customer connection, coupled with vast opportunity ahead, we remain very optimistic for our future growth in China.

正如貝琳達所分享的，鑑於我們投資組合的健康基本面、不斷擴大的數字足跡和創紀錄的客戶聯繫，再加上未來的巨大機遇，我們對未來在中國的增長仍然非常樂觀。

Outside of China, the recovery of our international markets gained momentum across our global portfolio in Q2, with many of our licensed markets achieving record revenue levels in the quarter with revenue growth for the segment outside of China reaching 23%, once again demonstrating the underlying health of our business as mobility restrictions subside.

在中國以外，我們國際市場的複蘇在第二季度的全球投資組合中獲得了動力，我們的許多許可市場在本季度實現了創紀錄的收入水平，中國以外的收入增長達到 23%，再次證明了潛在的隨著流動限制的消退，我們的業務健康。

Operating margins for the International segment was 13.1% in Q2, down 600 basis points from the prior year, mainly driven by strategic and partner investments lapping higher prior year COVID relief, including government subsidies as well as higher product and distribution costs from sales mix shift, partially offset by sales leverage across the P&L.

國際業務第二季度的營業利潤率為 13.1%，比上年下降 600 個基點，主要是由於戰略和合作夥伴投資與上一年的 COVID 救濟相比有所增加，包括政府補貼以及銷售組合轉變帶來的更高的產品和分銷成本，部分被損益表的銷售槓桿抵消。

Strong performance of our international markets outside of China helped offset the significant sales deleverage in China. As the adverse impact from China lockdowns intensified in the last few weeks of Q2 and amplified further as we entered Q3, we expect China's results to continue to be a headwind throughout the current quarter.

我們在中國以外的國際市場的強勁表現幫助抵消了中國顯著的銷售去槓桿化。由於中國封鎖的不利影響在第二季度的最後幾週加劇，並在我們進入第三季度時進一步放大，我們預計中國的業績將在本季度繼續成為逆風。

Moving on to Channel Development. The segment's revenue grew 25% to $463 million in Q2, primarily driven by growth in the Global Coffee Alliance as well as the strength in our international ready-to-drink business. The segment continued to amplify the Starbucks brand, led by the growth of our U.S. at-home coffee under the Global Coffee Alliance, which continued to see strong performance driven by Starbucks by Nespresso platform, fueled by the Vertuo line.

繼續進行渠道開發。該部門的收入在第二季度增長了 25% 至 4.63 億美元，主要得益於全球咖啡聯盟的增長以及我們國際即飲業務的實力。在全球咖啡聯盟旗下美國家庭咖啡的增長帶動下，該細分市場繼續擴大星巴克品牌的影響力，在 Vertuo 產品線的推動下，Nespresso 平台繼續推動星巴克的強勁表現。

We had exciting innovation launches in our ready-to-drink business, including Starbucks BAYA Energy in the U.S. and new Chilled Cup offerings in our international markets. The segment's operating margin was 42.7% in Q2, down 400 basis points from the prior year, primarily due to business mix shift driven by growth in the Global Coffee Alliance.

我們在即飲業務中推出了激動人心的創新產品，包括美國的星巴克 BAYA Energy 和國際市場的新冷藏杯產品。第二季度該部門的營業利潤率為 42.7%，比去年下降 400 個基點，主要是由於全球咖啡聯盟增長推動的業務組合轉變。

Moving on to our guidance for the balance of our fiscal '22 year. Given the uncertainty around further mobility restrictions and lockdowns in China resulting from the government's strict zero-COVID policies as well as increasing inflationary headwinds, it's become increasingly difficult for us to predict the back half of the year with reasonable accuracy. Thus, as Howard mentioned, we believe the only responsible thing to do is suspend guidance for balance of this fiscal year.

繼續我們對 22 財年餘額的指導。鑑於政府嚴格的零新冠病毒政策以及日益加劇的通脹逆風導致中國進一步限制流動性和封鎖的不確定性，我們越來越難以以合理的準確度預測下半年。因此，正如霍華德所說，我們認為唯一負責任的做法是暫停本財年餘額的指導。

However, to provide additional insights, we believe our results for the balance of the year will be significantly pressured with heavier pressure in Q3. From a capital allocation perspective, although we suspended share repurchases for the balance of the fiscal year, we've returned more than $5 billion between share repurchases and our quarterly dividend during the first half of our fiscal year. We expect share repurchases made earlier in the year to contribute at least 1% to our FY '22 EPS growth. We will provide a comprehensive update on our business outlook and our capital allocation commitments for FY '23 and beyond at our Investor Day in September. However, as Howard mentioned, we are confident the investments we are making in our partners, our stores and our brand will deliver significant returns in excess of historical levels, resulting in accelerated long-term growth.

然而，為了提供更多的見解，我們認為我們今年餘下的業績將受到巨大壓力，第三季度壓力更大。從資本配置的角度來看，雖然我們在本財年的剩餘時間內暫停了股票回購，但我們在本財年上半年的股票回購和季度股息之間已經返還了超過 50 億美元。我們預計今年早些時候進行的股票回購將為我們 22 財年的每股收益增長貢獻至少 1%。我們將在 9 月的投資者日提供有關我們的業務前景和 23 財年及以後的資本分配承諾的全面更新。然而，正如霍華德所說，我們相信我們對合作夥伴、商店和品牌的投資將帶來超過歷史水平的顯著回報，從而加速長期增長。

To summarize, the 2 key takeaways from my prepared remarks today. Our Q2 performance underscored the strong customer demand across our business and around the world. We remain committed to the growth opportunity ahead in all channels and markets, creating and delivering exceptional value to all our stakeholders, our partners, our customers and our shareholders long into the future.

總而言之，我今天準備的評論中有兩個關鍵要點。我們第二季度的表現突顯了我們業務和全球客戶的強勁需求。我們將繼續致力於在所有渠道和市場中把握未來的增長機會，為我們的所有利益相關者、我們的合作夥伴、我們的客戶和我們的股東在很長一段時間內創造和提供卓越的價值。

Once again, the real credit for our success belongs to our Green Apron partners around the world who continue to go above and beyond to deliver an elevated Starbucks Experience every day. That experience drove our growth and will continue to be the heart of our business as we reimagine the future of Starbucks together.

再一次，我們成功的真正功勞屬於我們在世界各地的 Green Apron 合作夥伴，他們每天都在不斷超越和超越，提供提升的星巴克體驗。這段經歷推動了我們的成長，並將繼續成為我們業務的核心，因為我們將共同重新構想星巴克的未來。

With that, Howard, Belinda, Brady and I are happy to take your questions, joined by John Culver, Michael Conway and Adam Brotman. Thank you.

有了這個，霍華德、貝琳達、布雷迪和我很高興回答你的問題，約翰卡爾弗、邁克爾康威和亞當布羅特曼也加入了進來。謝謝你。

Operator?

操作員？

(Operator Instructions) Your first question comes from Sara Senatore with Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Sara Senatore。

Welcome back, Howard.

歡迎回來，霍華德。

I was hoping you could talk a little bit more about the investments you're making. And I guess, twofold, one is, as you point out, Starbucks has been ahead of the curve on -- certainly, on wages. So is this about putting more hours in? I know you talked about training. I'm just trying to give a little bit more color on what that means.

我希望你能多談談你正在進行的投資。我想，在雙重方面，正如你所指出的，星巴克在工資方面一直處於領先地位——當然，在工資方面。那麼這是要投入更多時間嗎？我知道你談到了訓練。我只是想為這意味著什麼提供更多的色彩。

And in particular, if I look at your transactions in the U.S. or North America, they're still down versus what we saw in prior to the pandemic. So just trying to get a sense of is it -- that these are more complex orders? Or how should we think about any color ahead of what you'll talk to us more about on September?

特別是，如果我查看您在美國或北美的交易，與我們在大流行之前看到的相比，它們仍然下降。所以只是想了解一下 - 這些是更複雜的訂單嗎？或者，在您將在 9 月與我們討論更多內容之前，我們應該如何考慮任何顏色？

Well, thank you, Sara. As I mentioned in my remarks, over the last few weeks, I pretty much have crisscrossed the country in meeting with Starbucks partners and really listening very carefully to their concerns, their suggestions in what we really are calling a co-creation to the future of the company.

好吧，謝謝你，薩拉。正如我在講話中提到的，在過去的幾周里，我幾乎在全國各地與星巴克合作夥伴會面，並非常認真地傾聽他們的擔憂，他們對我們真正稱之為共同創造未來的建議公司。

I think it's important to understand that the business, as I mentioned, has changed dramatically in terms of Mobile Order & Pay, cold beverages is now almost 80% of the business. And the equipment in our stores and the layout of the stores have not been designed for the way customers are using our stores today. And that has put enormous pressure on our people.

我認為重要的是要了解，正如我所提到的，業務在移動訂單和支付方面發生了巨大變化，冷飲現在幾乎佔業務的 80%。而且我們店裡的設備和店面的佈局都不是按照顧客今天使用我們店面的方式設計的。這給我們的人民帶來了巨大的壓力。

So the first thing we must do is give them new tools, and there will be upgrades in equipment that will be sequentially brought into the stores to try and relieve them on the pressure; that's one investment on the equipment side.

所以我們首先要做的就是給他們新的工具，並且會有設備的升級，這些設備會依次帶入商店，試圖減輕他們的壓力；這是設備方面的一項投資。

There'll be a fair amount of investment in technology to do everything we can to upgrade the algorithms of labor scheduling and there will be upgrades in the digital app itself to be able to provide customers with a more accurate method of when their beverage is going to be ready.

將在技術上進行大量投資，以盡我們所能升級勞動力調度算法，並且數字應用程序本身將進行升級，以便能夠為客戶提供更準確的飲料何時送達的方法做好準備。

And then there's the wage piece. And I think as I said, we've always been ahead of the curve, but I think we haven't done enough. And I think it's -- we have to recognize that there is a lot of pressure on our people. We want to do everything we can, and so we're going to raise wages again.

然後是工資單。而且我認為正如我所說，我們一直處於領先地位，但我認為我們做得還不夠。我認為是——我們必須認識到我們的員工承受著很大的壓力。我們想盡我們所能，所以我們要再次提高工資。

And I think if you think about Starbucks, Starbucks has been probably quite essentially the most experiential brand over the last 20, 30 years, and that experience comes to life as a relation -- because of the relationship that our people have with our customers.

我認為，如果你想想星巴克，在過去的 20 到 30 年裡，星巴克可能基本上是最具體驗感的品牌，這種體驗作為一種關係而變得栩栩如生——因為我們的員工與我們的客戶之間的關係。

If we want to exceed the expectations of our customers, we have to exceed the expectations of our people. And so during COVID and post COVID, our attrition rate, like almost every other retailer, has gone up significantly. If you look at where we can really be much more efficient is that we can provide our people with better training, better wages, better equipment behind the counters to give them the tools and resources, the self-confidence and self-esteem to do their job, we will lower attrition and our retention rate will be much greater. That alone is a significant level of ways in which we can take money out of the P&L and money out of the store economics.

如果我們想超越客戶的期望，就必須超越員工的期望。因此，在 COVID 和 COVID 之後，我們的流失率與幾乎所有其他零售商一樣，顯著上升。如果你看看我們真正可以提高效率的地方是，我們可以為我們的員工提供更好的培訓、更好的工資、更好的櫃檯後設備，為他們提供工具和資源、自信和自尊去做他們的工作工作，我們會降低流失率，我們的保留率會更高。僅此一項就是我們可以從損益表中取錢並從商店經濟中取錢的一種重要方式。

So I think, let me put it in my own language. I mean, you have to ask yourself, is Starbucks half empty or half full? Listen, Starbucks is completely half full. Look at the assets we have. Look at how many customers are reaching out to Starbucks every day. The demand is accelerating, and that's despite the fact that we're not doing our best. As I said in my remarks, just wait until we upgrade the system, upgrade wages, give our people the tools and confidence. And once again, you're going to see us recording the kind of store-level economics we have in the past.

所以我想，讓我用我自己的語言來表達吧。我的意思是，你要問自己，星巴克是半空的還是半滿的？聽著，星巴克已經半滿了。看看我們擁有的資產。看看每天有多少顧客聯繫星巴克。需求正在加速增長，儘管我們沒有盡力而為。正如我在講話中所說，等到我們升級系統，提高工資，給我們的員工工具和信心。再一次，您將看到我們記錄我們過去擁有的那種商店級經濟。

The other thing I'd say is that the inflationary issues, which are significant and growing, that's an anomaly in America. We all know the inflation is a problem, but it's going to come down. And the other issue is China. We are so well positioned in China for the future, and the China restrictions are going to abate, and there's no consumer brand that I can identify that is better positioned than we are to take advantage. And as I said in my remarks, the China business is going to be bigger than the U.S. So is it glass half full? You bet it is.

我要說的另一件事是，通貨膨脹問題很嚴重，而且還在不斷增加，這在美國是一個反常現象。我們都知道通貨膨脹是一個問題，但它會下降。另一個問題是中國。我們在中國的未來定位非常好，中國的限制將會減少，沒有哪個消費品牌可以比我們更好地利用。正如我在講話中所說，中國業務將比美國更大。那麼它是半滿的嗎？你打賭它是。

Your next question comes from Andy Barish with Jefferies.

您的下一個問題來自 Jefferies 的 Andy Barish。

Just a quick question on the areas of inflation that you're seeing now. I understand the future needs for equipment and training and wages, but where specifically are you seeing the inflation accelerating at this point, if you could?

只是一個關於你現在看到的通貨膨脹領域的快速問題。我了解未來對設備、培訓和工資的需求，但如果可以的話，你具體在哪裡看到通貨膨脹正在加速？

Sure. Andy, thanks for the question, it's Rachel. Our answer to that is, as we talked about in Q2, we saw inflationary pressures elevate in Q2 versus Q1. And that was related to a number of factors, some of them COVID-related. But as we've, seen going from Q2 and for the balance of the year, we're seeing increasing inflationary pressures across our supply chain, both in labor as well as freight and then across our commodities. And I would say it's pretty equal, half between commodities, half between our supply chain with freight being the bigger factor of the issues in the supply chain. So that's what we're seeing continue to elevate.

當然。安迪，謝謝你的問題，我是瑞秋。我們對此的回答是，正如我們在第二季度所談到的，我們看到第二季度通脹壓力高於第一季度。這與許多因素有關，其中一些與 COVID 相關。但正如我們所看到的，從第二季度和今年餘下的時間來看，我們看到整個供應鏈的通脹壓力越來越大，無論是勞動力還是貨運，然後是我們的大宗商品。我想說這是相當平等的，一半在商品之間，一半在我們的供應鏈之間，貨運是供應鏈中問題的更大因素。所以這就是我們看到的繼續提升。

Your next question comes from Andrew Charles with Cowen.

您的下一個問題來自 Andrew Charles 和 Cowen。

Obviously, not to sound like Yogi Berra but I'm sure there's a lengthy short list of candidates to be a successor for you. Can you talk a little about the pedigree and characteristics that you and the Board are looking for in your successor?

顯然，聽起來不像 Yogi Berra，但我敢肯定，有很長的候選人名單可以成為你的繼任者。你能談談你和董事會在你的繼任者身上尋找的血統和特徵嗎？

I want to be very careful because I want to be sensitive to the people we're talking to and be respectful of all the candidates. Obviously, we want someone who has domain -- cultural experience in terms of the sensitivity of the values and culture of Starbucks Coffee Company. The person really needs to understand what it means to put on a Green Apron and work behind the Starbucks counter and be able to enhance and preserve the culture and values that we hold so dear at Starbucks.

我想非常小心，因為我想對我們正在交談的人保持敏感，並尊重所有候選人。顯然，我們希望有人在星巴克咖啡公司的價值觀和文化的敏感性方面具有領域 - 文化經驗。這個人真的需要了解穿上綠色圍裙並在星巴克櫃檯後面工作意味著什麼，並且能夠增強和維護我們在星巴克所珍視的文化和價值觀。

That person needs to have global experience. We're a global company. And obviously, we're looking for a servant leader and someone who's going to be here for the long term. There's no shortage of people who would like this job, and I think the Board and I have been very encouraged by the fact that we've been able to talk to wonderful candidates who really bring a lot to the table, but we're being very judicious and very careful, but we are going to find the right person. And I've committed to the Board that I will do everything I can to ensure a soft landing and good immersion. And then I'll stay on the Board to help the company and help the new CEO.

這個人需要有全球經驗。我們是一家全球性公司。顯然，我們正在尋找一位僕人式領導者和一位將長期留在這裡的人。不乏喜歡這份工作的人，我認為董事會和我對我們能夠與真正帶來很多東西的優秀候選人交談這一事實感到非常鼓舞，但我們正在非常明智和非常小心，但我們會找到合適的人。我已向董事會承諾，我將盡我所能確保軟著陸和良好的沉浸感。然後我將留在董事會，幫助公司並幫助新任 CEO。

Your next question comes from Jeffrey Bernstein with Barclays.

您的下一個問題來自巴克萊銀行的 Jeffrey Bernstein。

Just one clarification and then a question. The clarification, I know you mentioned $200 million of incremental investment on the conference call, yet I see the press release is talking about upwards of $1 billion for the fiscal year. So I just wanted to reconcile whether the $1 billion is all inclusive of prior investments as well as the $200 million?

只是一個澄清，然後是一個問題。澄清一下，我知道你在電話會議上提到了 2 億美元的增量投資，但我看到新聞稿說本財年超過 10 億美元。所以我只是想調和一下這10億美元是否包括先前的投資以及2億美元？

But otherwise, my question, Howard, is just as we look to fiscal '23, it does seem like you're in somewhat of an unusual position kind of echoing the last question, returning as CEO. But expecting to hire a new CEO on the Fall, I'm just wondering how do you walk that fine line stabilizing the business today but being sensitive to not offering too much of a new strategy or making major structural changes, which I would think would be something the new CEO would be keen to establish?

但除此之外，我的問題，霍華德，就像我們展望 23 財年一樣，看起來你確實處於一個不尋常的位置，有點呼應最後一個問題，重新擔任首席執行官。但期待在秋季聘請一位新 CEO，我只是想知道你如何走這條細線以穩定今天的業務，但又對不提供太多新戰略或進行重大結構性改變很敏感，我認為這會是新任首席執行官熱衷於建立的東西嗎？

Yes. I'll give Rachel the question on the investment first.

是的。我先給瑞秋關於投資的問題。

Sure. Thanks, Jeffrey. So from an investment perspective, the more than 200 that Howard shared in his prepared remarks, that's in relation to -- we've already made investments this year, and that's incremental to the investments we've already committed to this year. So if you'll recall, we've already committed to investments on wage, some aspects of training as well as labor.

當然。謝謝，杰弗裡。因此，從投資的角度來看，霍華德在他準備好的講話中分享的 200 多項與我們今年已經進行了投資有關，這是我們今年已經承諾的投資的增量。因此，如果您還記得，我們已經承諾在工資、培訓的某些方面以及勞動力方面進行投資。

In addition to that, we're having another round of investments on top of that, that will be related to further wage investments, but also modernizing our training and our collaboration as well as celebrating coffee and coffee excellence as well as some equipment and other innovation in our stores to help with overall store productivity and improving our store operations. So the collective nature of that gets to about $1 billion in this year alone.

除此之外，我們還將進行另一輪投資，這將與進一步的工資投資有關，但也會使我們的培訓和合作現代化，以及慶祝咖啡和咖啡的卓越品質以及一些設備和其他在我們的商店中進行創新，以幫助提高整體商店的生產力並改善我們的商店運營。因此，僅在今年，其集體性質就達到約 10 億美元。

In terms of your question, I think it's a question that I've spoken to the Board about a fair amount to ensure the fact that the strategy that we are now engaged in and the investments that we are focused on are the right ones regardless of who the next CEO is going to be.

關於您的問題，我認為這是我與董事會討論過的一個問題，以確保我們現在從事的戰略和我們關注的投資是正確的，無論誰將成為下一任 CEO。

And I think the lens in which we're making all these investments is 100% through the lens of what can we do to exceed the expectations of both our customers and our people. And if you look at the demand of Starbucks, the strategy is we are all focused on 1 thing right now and that is to reimagine and rebuild and restore belief and trust with our people and do everything we can to rebuild the core U.S. business post COVID.

我認為我們進行所有這些投資的鏡頭是 100% 通過我們可以做些什麼來超越客戶和員工的期望的鏡頭。如果你看看星巴克的需求，我們的戰略是我們現在都專注於一件事，那就是重新構想、重建和恢復對我們員工的信念和信任，並儘我們所能重建美國在 COVID 後的核心業務.

So I think any CEO that's going to come in is going to understand that the core business of Starbucks is under significant pressure, primarily because of the demand we have. In addition to that, I think the next CEO is going to be a creative person who's going to understand that the equity of the Starbucks brand has real legitimacy and relevance outside of our stores.

因此，我認為任何即將上任的 CEO 都會明白，星巴克的核心業務面臨著巨大的壓力，主要是因為我們的需求。除此之外，我認為下一任 CEO 將是一個富有創造力的人，他會明白星巴克品牌的股權在我們的門店之外具有真正的合法性和相關性。

And the world we're living in today, our customer base is getting younger, they're digital natives, and they expect Starbucks to be as relevant outside of our stores as we are inside. And what you heard Brady talked about and Adam's arrival here in terms of Web 3.0 and the NFT platform, the new CEO, obviously, needs to have an understanding and a grasp and a conviction on the fact that we can play in multiple theaters that could be accretive on their own merit and complementary to our retail business and have done really, really well, and we think we can, can be a bounce-back to creating incremental traffic and revenue not only in its core business in terms of retail, but a new business that's going to create incremental revenue unto itself.

而我們今天生活的世界，我們的客戶群越來越年輕，他們是數字原住民，他們希望星巴克在我們店外與我們在店內一樣重要。你所聽到的 Brady 談到的以及 Adam 在 Web 3.0 和 NFT 平台方面的到來，顯然，新任 CEO 需要對我們可以在多個影院播放這一事實有一個理解、把握和信念憑藉自身的優勢和對我們的零售業務的補充，並且做得非常非常好，我們認為我們可以，可以反彈，不僅在零售方面的核心業務中創造增量流量和收入，而且一項將為自己創造增量收入的新業務。

Your next question comes from John Ivankoe with JPMorgan.

您的下一個問題來自摩根大通的 John Ivankoe。

Obviously, the suspension of the share buyback is very symbolic, and it's something that you mentioned today and obviously got a lot of attention when it was announced initially. And I am curious on CapEx that was previously guided at around $2 billion, you have $4 billion of cash. I mean you have talked about some increased stepped-up investments, but it's hard to see those investments even in fiscal '23 materially drawing down your cash. So I just wanted to get a little bit more sense in terms of your highest returning cost that you can spend in your business as opposed to being given by shareholders. But was that really something that you wanted to do symbolically in terms of not just to the employees, to the shareholders? Or did you feel like that was something that you had to do financially because some of the capital needs and perhaps OpEx needs of the business going forward actually will draw into some of that cash that you have currently?

顯然，股票回購的暫停是非常具有像徵意義的，也是你今天提到的事情，在最初宣佈時顯然受到了很多關注。我對以前指導的大約 20 億美元的資本支出感到好奇，你有 40 億美元的現金。我的意思是你已經談到了一些增加的投資，但即使在 23 財年，也很難看到這些投資實質性地減少了你的現金。因此，我只是想更清楚地了解您可以在業務中花費的最高回報成本，而不是股東給予的回報。但這真的是你想要像徵性地做的事情，不僅僅是對員工，對股東嗎？或者您是否覺得這是您必須在財務上做的事情，因為未來業務的一些資本需求和運營支出需求實際上會吸引您目前擁有的一些現金？

Well, John, first off, you and I are probably the oldest people on this call. For those of you who are not familiar with John's career, he's been with us, I think, since the IPO in '92. So John, I think you've seen this movie before.

好吧，約翰，首先，你和我可能是這次電話會議中最年長的人。對於那些不熟悉約翰職業生涯的人來說，我認為，自從 92 年首次公開募股以來，他就一直在我們身邊。所以約翰，我想你以前看過這部電影。

Listen, the decision to suspend the buyback was not symbolic. We're not making symbolic decisions. We're making strategic decisions that we think are the best interest of our shareholders. And the investments that we're currently making are going to drive a better return than the current way in which we look at buybacks, which is 10%, 11%. And for example, if we increase retention at 10%, 20%, the investments we're making are going to be significantly greater than that.

聽著，暫停回購的決定並不是像徵性的。我們不會做出象徵性的決定。我們正在做出我們認為最符合股東利益的戰略決策。我們目前正在進行的投資將帶來比我們目前看待回購的方式更好的回報，即 10%、11%。例如，如果我們將留存率提高 10% 或 20%，那麼我們所做的投資將會大大超過這個數字。

You're right about the balance sheet, but I wanted to be very conservative, and I certainly wanted to send a signal to the market that we're playing the long game. We're not in it for the short run. We've always been -- always embraced building a great enduring company. That's where we are today. Starbucks' best days are ahead of us. We've never been more enthused, more proud, more optimistic, and this is the right decision to make.

你對資產負債表的看法是對的，但我想非常保守，我當然想向市場發出信號，表明我們正在做長期的遊戲。我們不會在短期內參與其中。我們一直——總是擁抱建立一家偉大的經久不衰的公司。這就是我們今天所處的位置。星巴克最好的日子就在我們前面。我們從未像現在這樣熱情、自豪、樂觀，這是正確的決定。

Rach, do you want to add some on it?

瑞秋，你想補充一些嗎？

Yes. And if I could just add to that, the decision we made around suspending our buybacks was related to FY '22. So we'll come back at Investor Day in September and provide a more comprehensive capital allocation strategy for '23 and beyond. So I think it's important to consider that when you think about the decision we made.

是的。如果我可以補充一點，我們關於暫停回購的決定與 22 財年有關。因此，我們將在 9 月的投資者日回來，為 23 年及以後提供更全面的資本配置策略。所以我認為在考慮我們做出的決定時考慮這一點很重要。

I also would say just to punctuate Howard's point is that we have the opportunity as we've looked at the back half of this year. Remember that we've already repurchased $4 billion this year. And so we've been able -- between buybacks and dividends, returned about $5 billion to shareholders, so we've leveraged that as a way to create value. But as we look at the back half of this year and we look at the priority of our investments, what Howard talked about in his prepared remarks, investments in technology, investments in digital, investments in our stores, they all have an outsized return relative to what we could do with buybacks. Perfect example of that is you know very well our new stores and the return we see on our new stores.

我還要強調霍華德的觀點是，我們有機會，因為我們已經看到了今年下半年。請記住，我們今年已經回購了 40 億美元。所以我們已經能夠——在回購和分紅之間，向股東返還了大約 50 億美元，所以我們利用它來創造價值。但是當我們回顧今年下半年，我們看看我們投資的優先事項，霍華德在他準備好的講話中談到的，技術投資，數字投資，我們商店的投資，它們都有相對巨大的回報我們可以用回購做些什麼。完美的例子就是您非常了解我們的新店以及我們在新店中看到的回報。

More recently, we've seen our new stores in U.S. have an ROI of about 55%. So we have a significant opportunity ahead of us as we think about really not only strengthening the business, but creating more value over the long term. And I think you'll see a lot more about that at Investor Day in September.

最近，我們看到我們在美國的新店的投資回報率約為 55%。因此，我們面臨著巨大的機遇，因為我們不僅要考慮加強業務，而且要在長期內創造更多價值。我認為你會在 9 月的投資者日看到更多關於這方面的信息。

Rachel, before we get another question, if you don't mind, Michael, would you just take a few minutes because there's been a lot of chatter about China's impact on international? And just give a -- I know you just got back from Japan and Korea, just talk a little bit about your trip in International in general.

雷切爾，在我們問另一個問題之前，如果你不介意，邁克爾，你能不能只花幾分鐘時間，因為有很多關於中國對國際影響的討論？只是給一個- 我知道你剛從日本和韓國回來，簡單談談你的國際旅行。

Yes. Thanks, Howard. Yes, we're seeing very strong recovery across many of our international markets outside of China as restriction are starting to lift around the world. I was just in Japan and, Korea, which is our #3 and #4 markets globally. And I can tell you, customers are back out. They're starting to return to their routines and they're starting to return to our stores. In many of our key markets, Japan, Korea, the U.K., Mexico, our average store sales are actually higher than our pre-COVID averages.

是的。謝謝，霍華德。是的，隨著世界各地的限制措施開始解除，我們在中國以外的許多國際市場都看到了非常強勁的複蘇。我只是在日本和韓國，這是我們在全球排名第三和第四的市場。我可以告訴你，客戶已經退出了。他們開始恢復他們的日常生活，他們開始回到我們的商店。在我們的許多主要市場，日本、韓國、英國、墨西哥，我們的平均商店銷售額實際上高於我們在 COVID 之前的平均水平。

As you heard, our international markets had a strong rate of 23% when you exclude China. And we have strength across all the regions. So for example, in Latin America, where we just now -- we just achieved 1,500 stores, we had strong momentum at a system comp of more than 40% in Q2. In EMEA, our U.K. comps grew at 67%, representing the highest comping company-operated market in Q2 as traffic continues to come into Central London, metro areas, and we are increasing drive-throughs in that market at a significant rate.

正如你所聽到的，如果不包括中國，我們的國際市場的增長率高達 23%。我們在所有地區都有實力。例如，在拉丁美洲，我們剛剛建立了 1,500 家門店，我們在第二季度的系統組合中擁有超過 40% 的強勁勢頭。在歐洲、中東和非洲地區，我們的英國comps 增長了 67%，代表了第二季度公司運營的最高compcomp 市場，因為流量繼續進入倫敦市中心和都會區，並且我們正在以顯著的速度增加該市場的得來速。

In Asia Pacific, year-over-year, our revenue grew more than 50% with Korea leading the way. And then in Japan, our third largest market globally, we had double-digit comps as customer engagement is increasing. And this is despite the fact that there was Omicron and lockdowns early in January and into February. And these markets are starting to ease restrictions, Korea just on Monday removed mask mandate, and so customers are coming back to our stores. So I'm excited about the growth potential in front of us as the recovery continues.

在亞太地區，我們的收入同比增長超過 50%，其中韓國遙遙領先。然後在我們全球第三大市場日本，隨著客戶參與度的提高，我們的銷售額達到了兩位數。儘管在 1 月初和 2 月期間存在 Omicron 和封鎖。這些市場開始放寬限制，韓國剛剛在周一取消了戴口罩的規定，因此顧客又回到了我們的商店。因此，隨著復甦的繼續，我對擺在我們面前的增長潛力感到興奮。

Our licensed partners are seeing the strength of our brand. They're committed to investing in our brands and as evidenced by the store growth that we're seeing. And then we have tremendous runway for growth when you think about the opportunity with the digital flywheel, and we're working hard to expand that and to build loyalty and frequency with our global customers. So we expect the international momentum to continue as more and more markets start to relax restrictions and customers will come back to Starbucks.

我們的授權合作夥伴看到了我們品牌的實力。他們致力於投資我們的品牌，正如我們所看到的商店增長所證明的那樣。然後，當您考慮數字飛輪的機會時，我們擁有巨大的增長空間，我們正在努力擴大這一點，並與我們的全球客戶建立忠誠度和頻率。因此，我們預計隨著越來越多的市場開始放寬限制，客戶將回到星巴克，國際勢頭將繼續下去。

Your next question comes from Jared Garber with Goldman Sachs.

您的下一個問題來自高盛的 Jared Garber。

Howard, if I could ask a question just on sort of the multichannel means in which consumers sort of interact with your brand now. You highlighted it in the call that there's several different sort of service channels now that we think about as it comes consumer coming into the store themselves and then you've got the high penetration, you said about 80% of sale, which is delivery, drive-through or Mobile Order & Pay.

霍華德，如果我能問一個關於消費者現在與你的品牌互動的多渠道方式的問題。您在電話會議中強調說，現在我們認為有幾種不同類型的服務渠道，因為消費者自己進入商店，然後您就獲得了很高的滲透率，您說大約 80% 的銷售，即交付，得來速或移動訂單和支付。

Can you help frame maybe how you're thinking about the Starbucks of the future? And how maybe the actual in-store operations will shift from how they are today to serve that multichannel need?

你能幫助描述一下你對未來星巴克的看法嗎？實際的店內運營將如何從現在的方式轉變為滿足多渠道需求？

Thank you. I'm going to give that to Brady. Go ahead, Brady.

謝謝你。我要把它交給布雷迪。來吧，布雷迪。

Jared, yes. We're really looking at this and asking ourselves 3 questions: one is on the foundation of the Starbucks Experience, which is us knowing our customers by name, knowing their favorite drink, we're asking ourselves, how can we do that in the digital space? Knowing every single customer, personalizing the experience and then making that experience absolutely effortless for the customer. Increasingly, that's what customers are seeking: an effortless, personalized human connection at Starbucks. And so we're seeing that play out in the drive-through. We're seeing that in our delivery growth, as Howard mentioned, growing 30% year-over-year. And with MOP now 25% of our business, obviously, we're seeing that there.

傑瑞德，是的。我們真的在審視這個問題並問自己 3 個問題：一個是在星巴克體驗的基礎上，即我們知道我們的顧客的名字，知道他們最喜歡的飲料，我們在問自己，我們如何才能做到這一點？數字空間？了解每一位客戶，個性化體驗，然後讓這種體驗對客戶來說絕對輕鬆。越來越多的客戶正在尋求：在星巴克輕鬆、個性化的人際關係。因此，我們在得來速中看到了這種情況。正如霍華德所說，我們在交付增長中看到了這一點，同比增長 30%。現在，MOP 占我們業務的 25%，顯然，我們看到了這一點。

So it's about how does Starbucks unlock that magic connection which only Starbucks can between connection and convenience? And because we've been successful with that so far, that's why we're seeing customers adopt those channels so quickly and so holistically, but I'd say we're just getting started.

那麼星巴克如何解開只有星巴克才能在連接和便利之間建立的神奇聯繫呢？因為到目前為止我們在這方面取得了成功，這就是為什麼我們看到客戶如此迅速、如此全面地採用這些渠道，但我想說我們才剛剛開始。

Your next question comes from John Glass with Morgan Stanley.

您的下一個問題來自摩根士丹利的 John Glass。

I wanted to come back to the idea of the investment needed to reimagine the Starbucks Experience. First, Rachel, I understand the $200 million is probably within 2022, do you think 2023, at a high level, is still a reinvestment year in the business?

我想回到重新構想星巴克體驗所需的投資的想法。首先，Rachel，我知道 2 億美元可能在 2022 年之內，你認為 2023 年在高水平上仍然是業務的再投資年嗎？

And you made a comment about seeing returns in excess of historical levels over time. I wasn't sure if that was a comment that you believed that ultimately margins could achieve or exceed your historical goals of 18% to 19%? Or what does that comment broadly mean about excess returns versus historical levels?

你發表評論說隨著時間的推移看到回報超過歷史水平。我不確定這是否是您認為最終利潤率可以達到或超過您 18% 至 19% 的歷史目標的評論？或者，對於超額回報與歷史水平相比，該評論大體上意味著什麼？

Sure. I can speak to the more than $200 million that Howard shared in his prepared remarks is relative to FY '22. In terms of what we're expecting for FY '23 and FY '24, we have near-term pressure in our business, and that's between the pressure we're seeing in, with inflation as well as what we're seeing in China and then the investments we're choosing to make.

當然。我可以說霍華德在他準備好的講話中分享的超過 2 億美元是相對於 22 財年而言的。就我們對 23 財年和 24 財年的預期而言，我們的業務面臨近期壓力，這介於我們所看到的壓力、通貨膨脹以及我們在中國所看到的壓力之間然後是我們選擇進行的投資。

But while we're seeing near-term pressure, we have line of sight to a very solid path of accelerated growth in the future. I'm excited to share that with you at Investor Day. So at Investor Day, we'll provide more about our business as well as our broader, more comprehensive capital allocation strategy for '23 and beyond.

但是，儘管我們看到了近期的壓力，但我們已經看到了未來加速增長的非常穩固的道路。我很高興在投資者日與您分享這一點。因此，在投資者日，我們將提供更多關於我們的業務以及更廣泛、更全面的 23 年及以後的資本配置戰略。

I think just to pick up on that, we have been a growth company. We believe that Starbucks will maintain our position as a growth company. And given the demand we have and the capacity restraints, it really says we should be opening more stores. So I think you're going to see at our Investor Day, which we're very enthused to move up from December to September, we want to accelerate growth.

我認為只是為了了解這一點，我們一直是一家成長型公司。我們相信星巴克將保持我們作為成長型公司的地位。鑑於我們的需求和容量限制，它確實表明我們應該開設更多商店。所以我想你會在我們的投資者日看到，我們非常熱衷於從 12 月到 9 月，我們希望加速增長。

Your next question comes from Lauren Silberman with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Lauren Silberman。

So Starbucks is well regarded as one of the best companies with leading comp and benefits, very front-footed in terms of investment. Howard, as you've spoken to partners across the U.S., does sentiment towards the brand differ across markets or based on the tenure of the employees? Can you just talk about the different factors there? Or a partner is relatively consistent in what they're looking for?

因此，星巴克被公認為是薪酬和福利領先的最佳公司之一，在投資方面非常領先。霍華德，正如您與美國各地的合作夥伴所交談的那樣，對品牌的看法是否因市場或員工的任期而異？你能談談那裡的不同因素嗎？或者合作夥伴在他們正在尋找的東西上相對一致？

Because we are in a situation where anything we say or might say could be misinterpreted by outside attorneys that are trying to find ways in which Starbucks at fault, I want to be very careful here. My prepared remarks needs to be what we're going to say regarding the union issues.

因為我們處於這樣一種情況，我們所說或可能說的任何話都可能被試圖找出星巴克有過錯的外部律師誤解，所以我在這裡要非常小心。我準備好的評論需要成為我們要就工會問題說的話。

My comments and the emotional relationship that I had in these meetings, partners across the country were really quite extraordinary. The love that people have for the company. The challenges that they've had personally and professionally as a result of COVID. The responsibility that they feel Starbucks has, which we agree with, to do everything we can to make their life better. But I don't want to go any further than that because I think the investments we're going to make for our people is a method to do everything we can to exceed their expectations, and we'll speak more about that in September.

我的評論和我在這些會議中的情感關係，全國各地的合作夥伴真的非常不同尋常。人們對公司的熱愛。由於 COVID，他們在個人和專業方面面臨的挑戰。他們認為星巴克有責任，我們同意，盡我們所能讓他們的生活更美好。但我不想更進一步，因為我認為我們將為我們的員工進行的投資是一種盡我們所能超越他們期望的方法，我們將在 9 月份對此進行更多討論。

And I just want to say, we're moving up the Investor Day from December to September because we are quite enthused and excited to kind of move it up and share with you our plans for the future, accelerated growth, new store ideas, the technology, all the things we're going to share with you, including the relationship that we'll have with our people. And I think, just thinking out loud, I think we should have some of our people who are tenured managers of Starbucks and tenured Green Apron partners, they would talk to you about their experience with the company, which I think you'll find quite interesting.

我只想說，我們將投資者日從 12 月提前到 9 月，因為我們非常熱情和興奮地提前與您分享我們對未來的計劃、加速增長、新店理念、技術，我們將與您分享的所有內容，包括我們將與我們的員工建立的關係。而且我認為，只要大聲思考，我認為我們應該有一些人是星巴克的終身經理和終身綠色圍裙合作夥伴，他們會和你談談他們在公司的經歷，我想你會發現有趣的。

Your next question comes from Peter Saleh with BTIG.

您的下一個問題來自 BTIG 的 Peter Saleh。

Howard, you mentioned additional wage increases and investments. You also mentioned some enhanced tipping options that are coming. Can you talk about that decision? And maybe the timing? And what you expect the consumer response to that to be?

霍華德，你提到了額外的工資增長和投資。您還提到了一些即將推出的增強小費選項。你能談談那個決定嗎？也許時機？你期望消費者對此的反應是什麼？

Sure. Brady, help me out. The digital tipping opportunity is perhaps the #1 single issue to provide more cash in the hands of our people. Right now, the only way our people can get a tip is on the Starbucks Card. And so they're missing out on a significant amount of money because customers want to give them a cashless tip, don't have the ability to do it because they're not paying on the Starbucks Card. That has been one of the most requested opportunities from our partners in the meetings I've had around the country, and this is something we're going to accelerate as much as we can.

當然。布雷迪，幫幫我。數字小費機會可能是為我們的員工提供更多現金的第一大問題。目前，我們的員工獲得小費的唯一方法是使用星巴克卡。因此，他們錯失了一大筆錢，因為顧客想給他們無現金小費，但他們沒有能力這樣做，因為他們沒有用星巴克卡付款。這是我們的合作夥伴在我在全國各地舉行的會議中最需要的機會之一，我們將盡可能加快這一進程。

Brady, you want to take the other piece?

布雷迪，你想拿下另一塊嗎？

Sure. So yes, I mean, I think on the tipping side of things, we're adding functionality throughout the year. We've got a lot of people working on this. As Howard said, it's one of the top requests. Currently, a customer can tip using the MLP experience, but we don't have the ability in many other parts of our store experience when a person is paying with a credit card, a stored value card or the app in our cafe and in the drive-through. So that's what we anticipate working very quickly against to bring that functionality to our partners.

當然。所以是的，我的意思是，我認為在事情的小費方面，我們全年都在增加功能。我們有很多人在做這件事。正如霍華德所說，這是最重要的要求之一。目前，客戶可以使用 MLP 體驗給小費，但是當人們使用信用卡、儲值卡或我們咖啡館和咖啡館中的應用程序付款時，我們在商店體驗的許多其他部分都沒有能力。得來速。因此，這就是我們預計會迅速開展工作以將該功能帶給我們的合作夥伴的原因。

And if I could just add on the wage, the majority of the wage investments that Howard talked about, just specific to wage, were part of what we already committed to earlier this year. But in addition to that, as we've made the move on wage for the majority of our hourly partners, our baristas and we've also committed to addressing compression in tenure in its most recent move as well. So that will mean that every one of our partners will also have an increase this summer.

如果我可以加上工資，霍華德談到的大部分工資投資，只是針對工資，是我們今年早些時候已經承諾的一部分。但除此之外，由於我們已經為我們的大多數小時工合作夥伴、我們的咖啡師和我們也致力於在最近的舉措中解決任期壓縮問題。所以這意味著我們的每一位合作夥伴今年夏天也會有增長。

Can I just repeat that every Starbucks person who's a nonmanager at Starbucks will be getting an increase in pay.

我可以重複一遍，每個在星巴克擔任非經理的星巴克員工都會獲得加薪。

That's right.

這是正確的。

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。

Welcome back Howard.

歡迎霍華德回來。

Howard, I guess, my first question or first part of the question is a clarification. You mentioned over 100 -- $200 million of investments have been identified and that seems a little small in relation to kind of your ambitious vision about transforming the company. So can you clarify whether that's just a starting point when you have more in mind? Or whether that's the total of what you're thinking?

霍華德，我想，我的第一個問題或問題的第一部分是澄清。您提到已經確定了 100 多 - 2 億美元的投資，這與您關於改造公司的雄心勃勃的願景相比似乎有點小。那麼，當您有更多想法時，您能否澄清這是否只是一個起點？或者這是否就是你所想的全部？

And then secondly, I guess, if there's any directional commentary you can offer about what the longer-term margin outlook might look like, including these investments relative to the prior targets the company had before you returned.

其次，我想，如果您可以就長期利潤率前景的情況提供任何方向性的評論，包括這些投資相對於您返回之前公司先前的目標。

Sure. I think, given the investment question, I'll give it to Rachel, turn to the margin question, I'll give that to Rachel as well. But clearly, the inflationary number, which is quite stiff, is going to abate. And when it does, we'll be in a great position because we will do -- we will have done things to handle the demand which we're having trouble doing now. But Rachel, go ahead.

當然。我想，考慮到投資問題，我會把它交給 Rachel，轉向保證金問題，我也會把它交給 Rachel。但顯然，相當僵硬的通脹數字將會減弱。當它發生時，我們將處於有利位置，因為我們會做 - 我們會做一些事情來處理我們現在遇到困難的需求。但是雷切爾，繼續。

Yes. Let me just speak to the more than $200 million that Howard addressed in his prepared remarks, is on top of the commitments we'd already made earlier this year are largely related to wage. So the combination of that is about $1 billion in this year alone.

是的。讓我談談霍華德在他準備好的講話中提到的超過 2 億美元，這是我們今年早些時候已經做出的主要與工資相關的承諾之上的。因此，僅在今年，這兩者的總和就約為 10 億美元。

And so certainly, we'll have further investments that we'll make over time that we'll share with you at Investor Day. But I think it's important to remember that a little more than $200 million on top of the commitments we've already made, so it's a pretty big, broad investment when you look at it from that perspective.

當然，隨著時間的推移，我們將進行進一步的投資，我們將在投資者日與您分享。但我認為重要的是要記住，在我們已經做出的承諾之上還有 2 億多美元，所以從這個角度來看，這是一項相當大、廣泛的投資。

And relative to margins, I think as Howard spoke about, we expect that some portion of inflation will essentially abate. In addition to that, I think what's really important and the pressure we're seeing in the back half of the year is that's largely pressure from what we're seeing in China and the amplification in Q3.

相對於利潤率，我認為正如霍華德所說，我們預計通脹的一部分將基本減弱。除此之外，我認為真正重要的和我們在下半年看到的壓力主要來自我們在中國看到的情況和第三季度的增長。

And just to give you a perspective, what we're projecting for the balance of the year is that typically, what we typically see from China in terms of market contribution on OI will be half of what we typically expect. As the market returns and mobility increases, we know that the growth rhythm there is strong. We believe in the opportunity ahead, and that will also give us further opportunity as we think about that into the future.

只是為了給你一個觀點，我們對今年剩餘時間的預測通常是，我們通常從中國看到的 OI 市場貢獻將是我們通常預期的一半。隨著市場回報和流動性的增加，我們知道那裡的增長節奏很強勁。我們相信未來的機會，這也將給我們更多的機會，因為我們考慮到未來。

But I think when you think about those 2 aspects and the investments we're making today, that will return investments in retention, investments in recruiting, investments in our ability to make our store operations improve, that's going to lead to greater partner engagement. And partner engagement leads to better customer experience overall.

但我認為，當您考慮這兩個方面以及我們今天所做的投資時，這將回報對保留的投資、對招聘的投資、對我們改善商店運營能力的投資，這將導致更大的合作夥伴參與度。合作夥伴的參與可以帶來更好的整體客戶體驗。

We know that equation. It's worked for us for 50 years. It's going to be the key to what we deliver over the next 50 years, and it's critical to our growth. So I think the combination of all of that gives us line of sight to the fact that we firmly believe we'll be able to have a path to accelerated growth in the future, which we'll share with you at Investor Day.

我們知道這個等式。它為我們工作了 50 年。這將是我們未來 50 年交付成果的關鍵，對我們的成長至關重要。因此，我認為所有這一切的結合讓我們看到了這樣一個事實，即我們堅信我們將能夠在未來有一條加速增長的道路，我們將在投資者日與您分享。

Your next question comes from Sharon Zackfia with William Blair.

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

I guess a question on the unmet demand that you're seeing in North America or specifically the U.S., can you talk about kind of where your measures of productivity or throughput are relative to pre-pandemic particularly given the Barista turnover that you've seen?

我想關於您在北美或特別是美國看到的未滿足需求的問題，您能否談談您的生產力或吞吐量指標相對於大流行前的情況，特別是考慮到您所看到的咖啡師營業額?

Yes. Sharon, this is John. I think what we're seeing is that as we get our stores operating at full capacity and as we come through COVID early in the quarter, we have now increased hours of operation. And at the same time, also increase to full staffing levels in our stores and having all channels open. So we're getting a much better read on how our productivity is progressing. Clearly, we measure on drive-through out the window time. Clearly, in the stores, we measure items sold per labor hour. And there are other measurements that, that we track as well. We watched all those things very closely.

是的。莎倫，這是約翰。我認為我們看到的是，隨著我們的商店滿負荷運轉，並且在本季度初通過 COVID，我們現在增加了營業時間。同時，我們的門店也增加了滿員，並開放了所有渠道。因此，我們正在更好地了解我們的生產力是如何進步的。顯然，我們衡量的是開窗時間。顯然，在商店中，我們衡量的是每工時銷售的商品。還有其他測量，我們也跟踪。我們非常仔細地觀察了所有這些事情。

I think one of the things I would just also highlight on the investments we're making for the remainder of this year is a big investment on training for our partners. And one of the things that we heard loud and clear in these listening session and co-creation sessions was they wanted more training. And today, we offer about 23 hours of training to a new barista entering our stores, and we're going to push that 40 hours beginning the end of June, and that will significantly enhance their skill sets, make them more confident in preparing the beverages and ultimately, make them feel successful reducing overall complexity of doing the job and ultimately feeling successful.

我認為我還要強調我們在今年剩餘時間進行的投資的一件事是對我們合作夥伴的培訓進行大量投資。在這些聆聽會議和共同創作會議中，我們清楚地聽到了其中一件事，那就是他們需要更多的培訓。今天，我們為進入我們商店的新咖啡師提供大約 23 小時的培訓，我們將從 6 月底開始將這 40 小時的培訓時間延長，這將顯著提高他們的技能，讓他們更有信心準備飲料，並最終讓他們感到成功，降低工作的整體複雜性並最終感到成功。

So ultimately, we do feel that will help increase productivity. But it's all about enhancing that partner experience giving them the tools that they need to be successful and making sure that we're investing in them. And then you've got the equipment aspect as well. We've got significant investments that we're making around the Mastrena machines, around the Merrychef ovens, around handheld order points for drive-through and also the investments we're going to make on the cold beverage station to increase the capacity of the cold beverage work area for our partners going forward, which will help improve productivity as well.

所以最終，我們確實認為這將有助於提高生產力。但這一切都是為了增強合作夥伴的體驗，為他們提供成功所需的工具，並確保我們對他們進行投資。然後你也得到了設備方面。我們在 Mastrena 機器、Merrychef 烤箱、用於免下車的手持訂單點以及我們將在冷飲站上進行的投資以增加容量為我們的合作夥伴提供冷飲工作區，這也將有助於提高生產力。

Your next question comes from David Palmer with Evercore ISI.

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

I think John was actually touching on the question I was going to ask about, which is around capacity constraints. I'm wondering if you could maybe touch on what you're seeing in terms of service times or any metrics that would sort of prove to you that there's an opportunity or room for improvement. And I got a sense from your answer just then and before that you think a lot of this is going to be solved more on the capital investment side with new machines, for example, and sort of reconfiguring how the cold beverage area works. But do you think there's also going to be more expensed type investment, labor, you mentioned the people with the handhelds and the drive-through, any sort of breakdown of how you see this investment playing out?

我認為約翰實際上是在談到我要問的問題，即關於容量限制的問題。我想知道您是否可以談談您所看到的服務時間或任何可以向您證明存在改進機會或空間的指標。我從您當時和之前的回答中了解到，您認為很多問題將通過新機器在資本投資方面得到更多解決，例如，重新配置冷飲區的工作方式。但是你認為還會有更多費用類型的投資，勞動力，你提到手持設備和免下車的人，你如何看待這項投資的任何分類？

Yes. What we'll see is we'll see an investment from an expense standpoint on obviously, training, which I highlighted earlier, which we think will have significant positive impact for our partners and making them better prepared to do their jobs.

是的。我們將看到的是，從費用的角度來看，我們將看到一項投資，顯然是我之前強調的培訓，我們認為這將對我們的合作夥伴產生重大的積極影響，並使他們更好地做好工作準備。

Number two, the equipment investments, although those will be capitalized, they will also have some expense as we go through and do installations. When we do the renovations in the stores, that portion would be capitalized, although there will be some expectation to that as well.

第二，設備投資，雖然這些會被資本化，但在我們進行安裝時，它們也會產生一些費用。當我們在商店進行裝修時，這部分將被資本化，儘管也會有一些期望。

And then Howard and Rachel have touched on some of the digital investments we want to make in the stores not only for customers but for partners. And from a partner standpoint, it's all around automating the ordering system. We have automated ordering rolled out completely across the U.S. for our food and merchandise. We're in proof-of-concept testing right now for beverage items that are the remainder of the items, and we anticipate that, that will also be an unlock to help improve the partner experience to reduce complexity and to allow our partners to focus on our customers.

然後霍華德和雷切爾談到了我們希望在商店中進行的一些數字投資，不僅是為了客戶，也是為了合作夥伴。從合作夥伴的角度來看，這一切都圍繞著自動化訂購系統。我們已經在美國全面推出了食品和商品的自動訂購服務。我們目前正在對其餘商品的飲料商品進行概念驗證測試，我們預計，這也將有助於改善合作夥伴體驗，降低複雜性並讓我們的合作夥伴專注於在我們的客戶身上。

And then the last thing I would just say as it relates to the productivity measures. We believe very strongly that as we've come through COVID, we experienced significant challenges on staffing stores. And as we progress through the quarter in Q2 and as COVID eased, staffing levels normalized, hours of operation began normalizing as well and all channels were open. Productivity became coming back into the stores, and that was signified by the strong performance from a comp perspective that we saw in the quarter to deliver a 12% comp as well as see the increase of attach of food at record levels, signifies that our partners are doing heroic work to meet the demand of the customers and what they're seeing in their stores. And I just want to acknowledge all our partners across the U.S. for the tremendous job they're doing to exceed those expectations of our customers.

然後我要說的最後一件事與生產力措施有關。我們非常堅信，當我們經歷 COVID 時，我們在人員配備方面遇到了重大挑戰。隨著我們在第二季度的季度取得進展，隨著 COVID 的緩解，人員配備水平正常化，營業時間也開始正常化，所有渠道都開放。生產力重新回到了商店，這從我們在本季度看到的 12% 的競爭以及食品附加值的增長達到創紀錄水平的競爭角度來看表現強勁，這表明我們的合作夥伴正在做英勇的工作以滿足客戶的需求以及他們在商店中看到的東西。我只想感謝我們在美國的所有合作夥伴，他們為超越客戶的期望所做的巨大工作。

I will now turn the call over to Howard Schultz for closing remarks.

我現在將把電話轉給霍華德·舒爾茨（Howard Schultz）做閉幕詞。

I guess this is my opportunity to close the call. Our intent today was to provide a comprehensive overview of what we've done in the last 5, 6 weeks. And also to give you a sense of the passion and enthusiasm and optimism we have about the future of the company.

我想這是我結束通話的機會。我們今天的目的是全面概述我們在過去 5、6 週內所做的工作。同時也讓您了解我們對公司未來的熱情、熱情和樂觀。

Clearly, there are things that are not in our control right now. The situation in China, the level of inflation are things that we didn't plan on that we're managing through. But when you take inflation out and you take the problems in China out, both of which we believe are going to abate, we're going to be really well positioned to take advantage of the position we occupy in the marketplace, and that is from a global perspective.

顯然，現在有些事情不在我們的控制範圍內。中國的情況，通貨膨脹水平是我們沒有計劃的事情，我們正在管理。但是，當您消除通貨膨脹並消除中國的問題時，我們認為這兩者都會減輕，我們將非常有能力利用我們在市場上的地位，那就是從全球視野。

You heard Michael tell you how strong our business is in international, excluding China. You heard me talk about the strength of our CPG business, which demonstrates the strength of our brand outside of our stores. The other thing which I did not mention is one of the metrics that I've always been concerned about was whether or not our customer base was getting younger, that we were staying as relevant as possible with young people. That's exactly where we are. Our customer base is getting younger. And that, to me, says so much about the strength of the brand in terms of our 50-year history.

你聽邁克爾告訴你我們的業務在國際上有多強大，不包括中國。您聽到我談論我們 CPG 業務的實力，這表明了我們品牌在門店之外的實力。我沒有提到的另一件事是我一直關心的指標之一是我們的客戶群是否越來越年輕，我們是否盡可能與年輕人保持相關性。這正是我們所在的地方。我們的客戶群越來越年輕。對我來說，就我們 50 年的歷史而言，這充分說明了該品牌的實力。

And so as we head into the summer and holiday season and the investor conference, I think we're going to be well positioned to really share with you the plans we have for holiday in fiscal '23 and beyond.

因此，當我們進入夏季和假日季節以及投資者會議時，我認為我們將做好準備與您真正分享我們在 23 財年及以後的假期計劃。

For those of you who have known me a long time and many of you have followed the company for many years, you were around in 2008. Now this is not 2008. But when we came back in 2008, one of the main issues was we had to create demand. We didn't have demand. And so the demand that we have right now is such a blessing, such a gift. And so what we have to do is harness the issues that we have to deal with in terms of capacity, exceeding the expectations of our people. I've been here long enough to understand what the challenges are and long enough to understand the extraordinary opportunity Starbucks has in the marketplace domestically and around the world.

對於那些認識我很長時間並且很多人已經跟隨公司多年的人來說，你在 2008 年左右。現在這不是 2008 年。但是當我們在 2008 年回來時，主要問題之一是我們必須創造需求。我們沒有需求。所以我們現在的需求是這樣的祝福，這樣的禮物。因此，我們要做的就是利用我們必須在能力方面處理的問題，超出我們人民的期望。我在這裡待的時間足夠長，足以了解挑戰是什麼，也足夠了解星巴克在國內和世界市場上擁有的非凡機會。

We have challenges, but we have the experience and the know-how to address them. And most importantly, we're taking the long -- we're playing the long game. We're making the investments ahead of the curve, and we are going to accelerate growth. And for those investors who had faith in us in 2008, I hope that you'll understand that the glass is clearly half full, and we are going to be back to where we always have been and that is delivering the kind of financial results that you've come to expect us from. Thank you very much.

我們面臨挑戰，但我們擁有應對挑戰的經驗和專業知識。最重要的是，我們正在採取長期行動——我們正在打長期比賽。我們正在提前進行投資，我們將加速增長。對於那些在 2008 年對我們充滿信心的投資者，我希望你能明白，杯子顯然是半滿的，我們將回到我們一直以來的狀態，那就是提供那種財務業績你已經開始期待我們了。非常感謝你。

This concludes Starbucks' Second Quarter Fiscal Year 2022 Conference Call. You may now disconnect.

星巴克 2022 財年第二季度電話會議到此結束。您現在可以斷開連接。