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)

午安.我是Alex，今天將擔任本次電話會議的接線生。歡迎各位參加星巴克2022財年第二季業績電話會議。 （接線生操作說明）

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

現在我將把電話交給投資者關係副總裁蒂芬妮威利斯女士。威利斯女士，您可以開始您的會議了。

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.

各位下午好，感謝各位參加本次星巴克2022財年第二季業績討論會。本次討論將由以下嘉賓主持：臨時執行長霍華德·舒爾茨；星巴克中國區董事長黃心穎；執行副總裁兼首席營銷官布雷迪·布魯爾；以及執行副總裁兼首席財務官雷切爾·魯傑裡。在問答環節，我們將邀請到北美區總裁兼營運長約翰·卡爾弗；國際及通路發展區總裁邁克爾·康威；以及數位創新策略顧問亞當·布羅特曼。

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.

本次電話會議將包含前瞻性陳述，這些陳述受多種風險和不確定因素的影響，可能導致我們的實際業績與這些陳述有重大差異。任何此類陳述應結合我們在獲利報告中發布的警示性聲明以及我們在提交給美國證券交易委員會（SEC）的文件中討論的風險因素進行解讀，包括我們最新的10-K表年度報告和10-Q表季度報告。星巴克不承擔更新這些前瞻性聲明或資訊的義務。

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GAAP業績包含多項與策略措施相關的項目，包括重組和減損費用、交易和整合成本以及其他項目。這些項目已從非GAAP績效中剔除。除非另有說明，本次電話會議中提及的所有數據均為非GAAP數據。如欲了解本次電話會議中提及的非GAAP財務指標，請參閱獲利報告以及造訪investor.starbucks.com查看這些非GAAP指標與其對應GAAP指標的調節表。

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

本次電話會議將進行網路直播，直播錄影將於2022年6月3日（星期五）前在我們的網站上提供。為方便您安排時間，請注意，我們2022財年第三季財報電話會議暫定於2022年8月2日（星期二）舉行。

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

那麼，現在請允許我將電話交給霍華德。

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。愛與責任讓我重返星巴克。我對這家公司的熱愛，以及我對夥伴和股東的深切責任感。回歸星巴克的這一個月裡，我走遍了全國各地，與數千名星巴克零售店夥伴見面，參觀了我們全部五家烘焙工廠，並親身了解了公司如今面臨的獨特挑戰。

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.

我也親身感受到了我們的合作夥伴與公司之間深厚的情感紐帶，以及我們的顧客與星巴克品牌之間持久的情感連結。新冠疫情為消費品牌帶來了前所未有的營運挑戰。疫情也導致顧客行為發生巨大變化，而星巴克門市和系統的設計初衷並未考慮到這些變化。隨著美國疫情限制措施的解除，星巴克咖啡在美國門市的需求創下歷史新高，進一步加劇了這些挑戰。

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.

我們第二季的業績說明了一切。第二季度，我們在北美的同店銷售額年增12%，較2020年第二季成長23%。得來速和行動點餐支付業務均大幅成長，目前合計貢獻了我們美國門市總銷售額的70%以上。外送業務額接近5億美元，上半年成長了30%。此外，在我們的門市，顧客也越來越傾向對原本就已十分複雜的手工冷飲進行個人化。

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.

消費習慣的轉變、消費模式的改變、需求的加速成長以及針對不同消費行為所開發的演算法，都給我們的美國門市合作夥伴帶來了巨大的壓力。通常情況下，我們會預見這些變化並提前進行投資，但新冠疫情的干擾阻礙了我們對門市設計、營運、基礎設施和技術進行必要的投資。

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，我們無法像顧客和合作夥伴所期望和理應的那樣，順暢地滿足美國門市持續成長的需求。簡而言之，我們目前沒有足夠的產能來滿足日益增長的星巴克咖啡需求。

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，我們將增加對合作夥伴和業務的投資，彌補以往投資的不足，並進一步投資，使公司在未來的成長浪潮中佔據領先地位。我們也將加快新店擴張步伐，其中90%的新店將是高回報的得來速門市。我們最新一代的得來速門市將融合全新的門市設計和技術，包括更多手持設備和設備改進，從而提高效率、加快服務速度，我們相信，這將在未來帶來更高的獲利能力。之後，我們將把這些新技術和設備應用到現有門市中，並為員工提供所需的工具和資源，以提升我們為顧客提供的星巴克體驗，並在未來創造更大的需求。

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.

我們將進行大量投資，以拓展數位化能力，深化與顧客的數位化聯繫，並增強顧客對星巴克品牌的情感依戀。數位投資的回報始終是我們所有投資中最高的投資之一，這也促使我們在2023財年重新考慮暫停股票回購的決定。股票回購平均能帶來約10%的報酬。鑑於星巴克在全球擁有的雄厚資產，10%的報酬對我來說遠遠不夠。縱觀星巴克的發展歷程，我們對員工和業務的投資始終為股東帶來超額回報。

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.

我們迫不及待地想要展示我們一系列顛覆性創新，因此決定將投資者日從原定的12月在紐約提前至9月在西雅圖舉行。憑藉著在技術和個人化方面的重大創新，我們將推出顛覆產業的創新產品，進一步提升門市的生產力和效率。屆時，您將見證星巴克顧客與夥伴體驗的全新改變與重塑。

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.

此次轉型將加速我們門市本已創紀錄的需求，但這些投資將使我們能夠應對成長的需求，提高獲利能力，同時為顧客提供更優質的體驗，而最重要的是，減輕合作夥伴的壓力。我們必須重新喚起顧客的愉悅感，並在合作夥伴體驗中重建情感連結。

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.

我們已確定超過 2 億美元的額外投資，這些投資是在今年已承諾對美國公司自營門市進行的大量投資之外的。這些額外投資包括對培訓、工資和設備的進一步投入，以及對內部員工溝通的新投資，我們將推出一款新的合作夥伴應用程序，以便與所有門市合作夥伴直接溝通。

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.

我們將透過重新推出「黑色圍裙」、「咖啡大師」和「原產地之旅」項目，重申我們對卓越咖啡品質和合作夥伴培訓的承諾。此外，2023年，我們將為合作夥伴推出更完善的數位化小費系統。我們相信，這些投入將有助於提高合作夥伴的留存率和招募率，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.

過去一個月，我們調整了星巴克美國公司的組織架構，使其完全專注於轉型和重塑我們在美國的核心業務。一旦中國與新冠疫情相關的出行限制解除，Belinda Wong 將立即公佈加速中國市場成長的計畫。毋庸置疑，我們對中國市場的雄心壯志從未如此強烈，我堅信星巴克在中國的業務最終將超越我們在美國的業務規模。

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.

我們圍繞著星巴克Web 3.0的推出以及一個獨特的NFT平台，有一個重大的突破性構想。行動點餐支付和星巴克數位應用程式的架構師Adam Brotman（他目前擔任我們的特別顧問）和Brady Brewer很快就會向大家詳細介紹。我相信Web 3.0將創造一個真正的數位化「第三空間」體驗，為星巴克帶來可觀的新收入來源，並提升品牌價值。

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策略體現了公司未來發展的宏偉願景。儘管疫情後顧客的購物方式發生了變化，營運也面臨挑戰，但我們遍布全國的零售網路和一流的房地產資產組合依然能夠滿足顧客的各種需求。如今門市持續旺盛的客流量也印證了這一點。

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，試想一下，成千上萬家效率更高的星巴克門市經過重新佈局，以適應當今顧客的行為習慣，並圍繞能夠提升服務速度、優化勞動力管理、降低單位成本、並改善員工和顧客體驗的技術而打造。再想像一下，當我們重新設計門市，充分發揮自身能力，並為員工配備所需的工具和資源，讓他們再次超越顧客的期望時，我們的財務狀況將會發生怎樣的顯著提升。

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.

在我看來，我明白我們需要什麼，我回來是為了領導這場變革，並致力於將其貫徹到底。星巴克擁有其他同行幾乎無人能及的優勢——未被滿足的需求。其他公司花費數億美元用於行銷、促銷和社群媒體，試圖創造需求。儘管自疫情爆發以來，我們未能達到自身設定的目標，更遑論超越顧客和員工的期望，但我們處處都擁有需求。

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.

我們面臨的最大機會是更有效率、更有效地滿足門市強勁且不斷增長的需求，並利用科技提高生產力，減輕門市合作夥伴的負擔。

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.

讓我重點介紹一下我們在美國門市和業務中看到的加速成長的需求來源。行動點餐和支付業務規模超過40億美元，五年內成長了400%，比去年成長了20%。我們的外送業務規模達5億美元，比去年成長了30%。星巴克卡讓近1.2億人擁有了我們的品牌，規模甚至超過了整個禮品卡類別。星巴克顧客越來越多預付消費，去年預付金額約110億美元，我們預計今年將超過這個數字。

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，超過10億美元的星巴克卡已充值，等待在我們的門市消費。美國星巴克獎勵計畫的活躍會員數量較去年同期成長17%，截至第二季達到2,700萬。強勁的潛在需求意味著，我之前提到的提高生產力和效率的投資，對我們來說可謂唾手可得。

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.

從各方面來看，星巴克如今仍是一家成長型公司，未來也將持續維持成長動能。兩個相互關聯的因素凸顯了星巴克品牌資產的強大價值，並支撐著我們的成長目標：一是穩定的定價能力，二是消費品通路對星巴克產品的強勁需求。過去一年，我們多次漲價以應對不斷上漲的通膨壓力。然而，我們的客戶流失率卻微乎其微，這再次證明了星巴克咖啡需求的彈性。

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，通膨壓力仍超過了我們的物價上漲速度，導致短期內利潤率下降數個百分點，並在本財年上半年造成超過200個基點的損失。第二季度，我們成功消化了新增成本，同時仍實現了預期的每股盈餘。

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.

在我們的通路業務中，星巴克如今在美國咖啡市場和全球即飲咖啡市場均排名第一。顧客對星巴克的忠誠度，無論在門市內外，都達到了前所未有的高度。試想一下，有多少零售公司擁有像星巴克這樣一流的消費者品牌，並且在食品雜貨和多個分銷管道中都佔據絕對領先地位？恐怕很難找到。我對我們門市合作夥伴和顧客體驗的成功轉型和重塑充滿信心。

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.

讓我談談中國市場。過去20年裡，我想不出有哪個西方消費品牌，更不用說食品飲料零售商，在中國市場能像我們一樣取得如此佳績。我之所以如此自豪，是因為我曾多次到訪中國，與政府官員建立了信任和相互尊重的關係，並與我們的中國團隊緊密合作。

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，中國的情況前所未有。上海這座面積是紐約四倍的城市已經完全封鎖。包括北京在內的其他主要城市也出現了新的疫情爆發，並根據中國嚴格的「清零」政策實施了新的出行限制。

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.

鑑於中國目前的局勢，我們幾乎無法預測今年下半年在中國的業績。考慮到中國局勢的重大性和持續的高度不確定性、不斷加速的通膨以及我們計劃進行的大規模投資，我們唯一負責任的做法是暫停發布第三季和第四季的業績指引。

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.

隨著第三季的推進和九月份投資者日的臨近，我們將對第四季度、假期以及 2023 財年有更清晰的了解，並能夠與您分享我們全面的後新冠疫情時代中國計劃的細節。

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.

我對我們國際業務的成長非常滿意。剔除中國市場後，我們的國際業務部門本季實現了兩位數的同店銷售成長，超出預期，這充分展現了我們多元化業務組合的優勢以及未來的發展機會。即使計入中國市場的影響，我們的國際業務部門本季仍年增4%，創下17億美元的新紀錄。

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.

我們的國際門市數量較去年增加了9%，超過17,700家。其中15%的成長來自特許經營市場。我們預計2022財年新增門市中，75%將位於美國以外地區，這進一步凸顯了全球市場的巨大潛力和未來發展機會。

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.

現在我想談談新聞中的一個主題。在美國各地，包括服務業在內的多個行業和媒體都在興起一股潮流，越來越多的民眾開始加入工會，以此來爭取話語權、代表權和改善工作條件。這場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.

我們深切理解美國Z世代所面臨的沮喪和焦慮的根源，他們成長於美國歷史上動盪的時期：2008年全球金融危機、大衰退以及如今的全球新冠疫情。鑑於當今的不確定性和經濟不穩定，這些年輕人的擔憂完全合理。他們環顧四周，將蓬勃發展的勞工運動視為緩解他們焦慮情緒的良方。

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.

我了解目前的情勢，也深切體會到所有Green Apron合作夥伴的需求。然而，我們對公司的未來有著截然不同且更積極的願景，那就是傾聽員工的心聲，與他們建立聯繫，並與他們直接合作。

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.

在星巴克的發展歷程中，我們始終引領著產業乃至整個美國企業，為員工提供突破性的福利。作為福利領域的標竿企業，怡安翰威特(Aon Hewitt)將星巴克的福利評為零售業前100%，甚至包括那些希望獲得穩定性和靈活性以實現未來抱負的兼職員工。這意味著，在美國，沒有任何一家零售公司在員工福利方面超越星巴克。我們為自身在薪資福利方面的歷史和領先地位感到自豪，並致力於在未來為滿足星巴克夥伴不斷變化的需求而做出更多努力。

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.

與夥伴分享成功與利益是我們的核心價值之一，50年來一直如此。我們的價值觀並非也從未受到任何外部實體的要求或乾預。這就是我們，過去如此，將來亦然。試想一下，我們行業內的任何工會合約與我們幾十年來不斷擴大的工資和福利清單相比，都相形見絀。我們始終致力於為每位星巴克夥伴提供最佳服務，這包括尊重不同的意見、包容多元性以及擁抱個性。

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，我們進一步推動薪資福利現代化，為我們的伙伴們提供更完善的福利方案，包括加大對工資、咖啡師技能培訓、咖啡品質提升以及財務健康和理財知識的投入。 9月，我們將公佈更多針對星巴克夥伴的計劃，涵蓋學生貸款再融資援助、更多技能認可項目、更完善的應用程式內小費功能以及新的利潤分享計劃。

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.

在美國，星巴克公司自營門市的員工（我們有權利單方面做出這些調整）將獲得這些薪資和福利提升。此次調整涵蓋全美超過24萬名星巴克員工和約8,800家星巴克門市。

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.

在設有工會或正在進行工會組織的門市，我們沒有同樣的自由來做出這些改進。這些門市的夥伴將獲得10月21日宣布的加薪，但聯邦法律禁止我們承諾在正在進行工會組織的門市提供新的薪資和福利。而且，根據法律規定，我們不能在設有工會的門市單方面進行任何變更。如果星巴克必須進行集體談判，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夥伴。我們將尊重星巴克夥伴在行使這些權利時所做的自主決定。

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.

我常被問到的一個問題是：你會在這裡待多久？所以，我先在這裡回答一下這個問題。我剛剛表達的是我對我們未來轉型計畫的熱情和樂觀。我們已經清楚地看到了轉型的藍圖，以及我們的計劃將如何切實地惠及公司和員工，我們將共同創造並重塑星巴克輝煌歷史的未來篇章。我分享的這個計劃是經過深思熟慮和戰略規劃的，並且一定會成功執行。這一點我可以向你們保證。

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.

我和董事會已達成一致，我將留任協助下一任領導人的過渡工作。我們正努力爭取在秋季任命新領導人。新領導人加入公司後，將接受全面的培訓，並有機會在一段明確但並非無限期的時間內與我合作。計畫是我在2023年第一季正式卸任執行長一職，之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.

過去50年來，我們已將星巴克打造成為全球最知名、最受尊敬的品牌之一。自1992年上市以來，我們始終為股東創造業界領先的回報。今天我們討論的對員工和公司的投資，必將確保我們即便在過去取得了巨大成功，未來也必將更加輝煌。

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.

我們期待在九月的投資者日上向您展示未來的發展方向，並與您分享我們的熱情。

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

那麼，我就把電話轉給貝琳達了。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。雖然我們在中國應對新冠疫情已經進入第三年，但在第二季度，我們遭遇了迄今為止最嚴重的疫情反彈。在我們覆蓋的225個城市中，72%的城市都出現了奧密克戎株的爆發，包括上海和深圳。面對這種傳染性更強的病毒株，我們採取了更迅速的出行限制和封鎖措施，並在解除限制時更加謹慎。

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.

自疫情爆發以來，星巴克始終致力於保護夥伴和顧客的健康與福祉，提供支持，並積極回饋社區。我們的努力加深了與顧客的聯繫，也讓我們的夥伴感到自豪。

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.

過去兩年，我們不斷增強實力和靈活性，以應對新冠疫情帶來的挑戰。每一次疫情反彈，我們都會完善應對中國疫情的策略，不斷提升自身能力與韌性。進入第三季至今，我們約有三分之一的門市仍暫時關閉或僅提供外帶或貨到付款服務。其餘大部分門市也都在嚴格的防疫措施下運營，這在一定程度上影響了客流量和門市運營。

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，經增值稅補貼調整後，受客流量下降的影響，第二季中國市場淨收入較去年同期下降14%，同店銷售額較去年同期下降20%。由於上海封城以及包括北京在內的其他城市疫情進一步反彈，我們預期第三季業績將受到更大影響。我們預計，在可預見的未來，中國將繼續實施「清零」政策，限制人員流動的措施也將持續。

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.

第二季度，我們持續加大投入，加強與客戶的數位連結。因此，數位化銷售額佔比已達到創紀錄的43%。 1月在美團推出的「星巴克外送」服務大幅提升了銷售額，使星巴克成為第三方外送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.

我們始終專注於成長，並努力應對短期挑戰。在2018年的中國投資者日上，我們曾提出2022年在中國開設6,000家門市的目標。儘管多年來受到新冠疫情的影響，我們仍按計劃推進，第二季淨增97家門店，且新門市持續帶來一流的回報和獲利能力。

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.

我們持續投資智慧技術，以提高生產力和效率，充分發揮規模優勢，並為合作夥伴和客戶提供更優質的體驗。我們非常自豪地宣布，儘管面臨新冠疫情帶來的挑戰，我們在三月仍取得了有史以來最高的客戶聯繫度評分。

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.

顧客對星巴克品牌的持久忠誠和深厚情感，使我們從所有競爭對手中脫穎而出。如今，在中國，每兩名咖啡消費者中就有一人選擇星巴克而非其他任何咖啡零售品牌，我們多年來一直保持著這一巨大領先優勢，並且還在擴大這一優勢。

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願景從未如此遠大，我為我們在中國克服疫情挑戰所取得的成就感到無比自豪。這些成就歸功於我們7萬名夥伴的卓越奉獻和不懈努力。在中國，沒有任何一家咖啡零售商比星巴克更有優勢應對當前的挑戰，並在疫情出行限制解除後恢復加速成長。

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

那麼，我把電話交給布雷迪了。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。星巴克是全球最受歡迎的品牌之一。 50多年來，我們與顧客建立了深厚的聯繫，累積了豐富的實體和數位資產。例如，我們在美國就擁有近2700萬活躍的星巴克獎勵計畫會員。我們將活化這些獨特的品牌資產，以此為催化劑，加速星巴克作為全球品牌和企業的未來發展。

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.

從創立之初，我們就致力於促進人與人之間的聯結，並秉持著咖啡能拉近人與人之間距離的信念。我們將這種理念融入我們稱之為「第三空間」的場所——一個介於家和工作場所之間的空間，在這裡，您可以一邊品嚐咖啡，一邊與他人交流，感受歸屬感。

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，我們將星巴克的「第三空間」概念拓展到一種新型態社群。與Web 3相關的新興技術，特別是NFT，使這一願景成為可能，並使我們能夠拓展星巴克的核心價值。

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.

我們正在打造數位化的第三空間。為了實現這一目標，我們將拓展星巴克社群成員的定義框架，加入所有權和社群會員模式等在Web 3.0領域蓬勃發展的新概念。

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.

我們將引領潮流，使我們的各項舉措與永續發展承諾保持一致，並做出審慎的選擇，在環境可持續的Web 3平台上建立社群。試想一下，您從星巴克獲得了一款全新的數位收藏品，這款產品同時也是您進入全球星巴克社群的通行證，在這個社群中，您可以體驗到各種精彩紛呈的內容，並參與到圍繞咖啡展開的互動交流中。

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.

這個社群將進一步強化星巴克品牌，增強夥伴間的互動，我們預期它將為我們的業務帶來成長。星巴克一直以來都致力於將前沿科技和創新轉化為大眾易於接受的體驗。您在我們豐富的數位體驗中已經見識過這一點，無論是推出手機支付、行動點餐，還是很久以前就接入Wi-Fi。星巴克可以成為我們每週在全球近1億次顧客體驗中通往未來的橋樑。

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.

我們將邁出建立數位第三空間和實現我們宏偉的Web 3願景的第一步，預計今年將正式上線。這只是一個令人興奮未來的開端。

Now I'll turn it over to Rachel.

現在我把麥克風交給瑞秋。

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.

謝謝布雷迪，大家下午好。正如霍華德所說，儘管新冠疫情持續帶來不利影響，星巴克第二季的業績仍展現出強勁的客戶需求。我們第二季的全球營收達到76億美元，年增15%，創下第二季營收新高。

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市場18%的營收成長以及我們多元化全球業務組合的優異表現。鑑於當前瞬息萬變的市場環境，我們對取得如此強勁的業績尤為滿意。

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.

第二季綜合營業利潤率較上年同期下降300個基點至13%，主要原因是通貨膨脹（本季通膨率上升）、門市合作夥伴薪資福利方面的大量投資以及中國客流量下降。北美地區的定價策略部分抵銷了利潤率的下降。第二季每股收益為0.59美元，較上年同期下降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.

接下來我將介紹第二季各業務板塊的亮點。北美地區第二季營收達54億美元，年增17%，創下第二季新高，主要得益於同店銷售額成長12%，其中平均客單價成長7%，交易量成長5%。過去12個月新店的強勁表現以及特許經營店的加速復甦也為這一顯著的營收成長做出了貢獻。

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.

儘管本季初門市營業時間進行了大幅調整，美國同店銷售額仍成長了12%。冷食平台和食品類產品的持續成長勢頭，加上冬季熱門產品的回歸以及開心果拿鐵等新品的推出，共同促成了這一強勁的業績。

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.

我們的平均客單價持續成長，創歷史新高，這主要得益於我們採取的策略性飲料定價策略，以及食品銷售額再次突破紀錄（年增25%）。我們持續致力於滿足顧客的個人需求，透過得來速窗口、手機下單和外送管道，我們在第二季的美國公司自營銷售額中佔比高達75%。這些便利的下單通路和極具吸引力的產品選擇，是家庭消費難以複製的。

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.

我們的顧客持續將星巴克融入日常生活，推動了全天各時段、得來速和咖啡館的業績成長，尤其在郊區和鄉村地區表現強勁。這種持續的需求得益於我們不斷專注於提升數位化顧客互動，星巴克獎勵計畫會員貢獻了美國公司直營門市54%的收入，創歷史新高，比上年增長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.

北美地區第二季營業利潤率為17.2%，較上年同期下降260個基點，主要原因是通貨膨脹、勞動力投資（包括提高門市員工薪資和新員工培訓）以及去年政府補貼到期。這些利潤率下滑的不利因素部分被定價和銷售槓桿所抵銷。

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.

本季度，我們透過加快漲價、削減非必要成本支出以及在營運各環節啟動產能提升計劃，有效應對了短期利潤率壓力。儘管面臨高於預期的疫情隔離津貼和持續的通膨壓力（且通膨壓力在本季顯著加劇），這些措施仍幫助公司實現了第二季的獲利目標。

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.

接下來是國際業務。儘管受到中國新冠疫情封鎖措施的影響，該業務類第二季營收仍創歷史新高，達17億美元，年增4%。成長主要得益於過去12個月淨新增門市數量成長9%，以及國際授權商的強勁銷售成長，其中包括韓國市場轉型為完全授權經營模式。

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.

成長部分被同店銷售額下降8%所抵消，其中3%的下降是由於上年增值稅抵免政策到期所致，另外3%的下降則歸因於外幣折算的不利影響。剔除增值稅的影響，國際同店銷售額下降了5%。而剔除中國市場後，國際同店銷售額則顯著成長。

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.

接下來談談中國。如你所知，也正如貝琳達所討論的，中國仍在與新冠疫情的反覆作鬥爭，並應對長期的封鎖措施。儘管中國1月的同店銷售額較上季改善，但隨著奧密克戎病毒感染病例激增和封鎖措施的實施，2月和3月的客流量大幅下降，導致3月最後一週（即本季末）同店銷售額下降近50%。因此，第二季中國同店銷售額年減23%，若不計入上年度增值稅減免政策的影響，則較去年同期下降20%。

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.

第二季末，我們在中國約有三分之一的門市仍處於暫時關閉狀態或僅提供行動端點餐服務。這些門市中相當一部分是位於上海等一線城市的高客流量門店，其餘正常營業的門市則在加強了防疫措施後繼續運作。儘管短期內面臨許多不利因素，我們仍將專注於在中國推進成長策略。

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.

正如貝琳達所說，鑑於我們投資組合的良好基本面、不斷擴大的數位足跡和創紀錄的客戶聯繫，再加上未來巨大的機遇，我們對在中國的未來成長仍然非常樂觀。

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.

除中國以外，我們國際市場的復甦在第二季度在全球範圍內加速，我們許多獲得許可的市場在本季度實現了創紀錄的收入水平，中國以外地區的收入增長達到 23%，再次證明了隨著出行限制的消退，我們業務的基本面依然健康。

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.

國際業務部門第二季度的營業利潤率為 13.1%，比上年同期下降 600 個基點，主要原因是戰略和合作夥伴投資抵消了上年同期較高的 COVID 救濟措施（包括政府補貼）以及銷售組合變化導致的更高產品和分銷成本，部分被損益表中的銷售槓桿作用所抵消。

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.

中國以外國際市場的強勁表現，在一定程度上抵銷了中國市場銷售額大幅下滑的影響。然而，隨著中國封鎖措施帶來的不利影響在第二季最後幾週加劇，並在進入第三季後進一步擴大，我們預計中國市場的業績將在本季持續構成不利因素。

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.

接下來是通路拓展部分。該業務部門第二季營收成長25%至4.63億美元，主要得益於全球咖啡聯盟的成長以及國際即飲咖啡業務的強勁表現。該板塊持續提升星巴克品牌影響力，主要得益於全球咖啡聯盟旗下美國家庭咖啡業務的成長，該業務持續表現強勁，這主要得益於星巴克Nespresso平台，尤其是Vertuo系列產品的出色表現。

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.

我們在即飲業務領域推出了一系列令人振奮的創新產品，包括在美國推出的星巴克 BAYA Energy 能量飲料，以及在國際市場推出的全新冷藏杯系列產品。該業務部門第二季的營業利潤率為 42.7%，較上年同期下降 400 個基點，主要原因是受全球咖啡聯盟成長推動的業務組合調整。

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.

接下來談談我們對2022財年剩餘時間的業績展望。鑑於中國政府嚴格的「清零」防疫政策導致未來可能出現更多出行限制和封鎖措施，以及不斷加劇的通膨壓力，我們越來越難以準確預測下半年的業績。因此，正如霍華德所提到的，我們認為唯一負責任的做法是暫停發布本財年剩餘時間的業績指引。

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，為了提供更多見解，我們認為本年度剩餘時間的業績將面臨顯著壓力，第三季壓力尤其巨大。從資本配置的角度來看，儘管我們暫停了本財年剩餘時間的股票回購，但在本財年上半年，我們透過股票回購和季度分紅返還了超過50億美元。我們預計，年初進行的股票回購將至少為2022財年每股收益成長貢獻1%。我們將在9月的投資者日上全面更新2023財年及以後的業務展望和資本配置承諾。正如霍華德所提到的，我們相信，我們對合作夥伴、門市和品牌的投資將帶來遠超歷史水準的顯著回報，從而加速長期成長。

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.

綜上所述，我今天發言的要點有兩點。第二季業績凸顯了我們業務遍及全球的強勁客戶需求。我們將繼續致力於掌握所有通路和市場的成長機遇，為所有利害關係人、合作夥伴、客戶和股東創造並交付卓越價值，並持續為未來做出貢獻。

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.

再次重申，我們成功的真正功勞應歸於全球各地的綠色圍裙夥伴，他們始終竭盡全力，每天為顧客帶來卓越的星巴克體驗。正是這種體驗推動了我們的發展，並將繼續成為我們業務的核心，與我們攜手重塑星巴克的未來。

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

接下來，我和霍華德、貝琳達、布雷迪很高興回答大家的問題，約翰·庫爾弗、麥可·康威和亞當·布羅特曼也將加入我們的討論。謝謝。

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.

我希望您能更詳細地談談您正在進行的投資。我想，主要有兩方面，正如您所指出的，星巴克在薪資方面一直走在前面。那麼，這是否意味著增加員工工時呢？我知道您談到了培訓。我只是想更詳細地解釋一下這意味著什麼。

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?

尤其是我查看了你們在美國或北美地區的交易量，發現它們仍然低於疫情前的水平。所以我想了解一下，這是因為訂單更加複雜嗎？還是說，在你們9月詳細介紹之前，我們該如何看待這個問題？

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.

謝謝你，薩拉。正如我剛才所說，在過去的幾周里，我幾乎走遍了全國各地，與星巴克的合作夥伴們會面，認真傾聽他們的意見和建議，我們真正稱之為共同創造公司的未來。

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.

我認為重要的是要明白，正如我之前提到的，行動點餐和支付方式的普及帶來了巨大的變化，冷飲現在幾乎佔了我們業務的80%。然而，我們門市的設備和佈局並沒有根據顧客如今的購物方式進行設計。這給我們的員工帶來了巨大的壓力。

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.

因此，我們首先要做的是給他們新工具，我們將逐步把升級後的設備引入商店，以減輕他們的壓力；這是設備的投資。

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.

我們將投入大量資金用於技術，盡一切可能升級勞動力調度演算法，並對數位應用程式本身進行升級，以便能夠為客戶提供更準確的飲料製作完成時間資訊。

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.

然後是工資問題。正如我之前所說，我們一直走在行業前列，但我認為我們做得還不夠。我們必須意識到員工們面臨著很大的壓力。我們想盡一切努力，所以我們將再次提高工資。

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，星巴克在過去 20 到 30 年裡可能一直是體驗型品牌的典範，而這種體驗是透過我們員工與顧客之間的關係而實現的。

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.

如果我們想要超越顧客的期望，就必須超越員工的期望。因此，在新冠疫情期間及之後，和幾乎所有其他零售商一樣，我們的員工流動率顯著上升。如果我們仔細審視自身，就會發現，真正能夠大幅提升效率的途徑在於為員工提供更好的培訓、更高的薪酬、更完善的櫃檯設備，從而賦予他們所需的工具和資源，增強他們的自信心和自尊心，讓他們能夠勝任工作。這樣一來，我們就能降低員工流動率，提高員工留任率。僅此一項，就能大幅降低損益表和門市營運成本。

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，讓我用我自己的話來說吧。我的意思是，你得問問自己，星巴克是半空還是半滿？聽著，星巴克絕對是半滿的。看看我們擁有的資源。看看每天有多少顧客聯絡星巴克。需求正在加速成長，即便我們還沒做到最好。正如我剛才所說，等著瞧吧，等我們升級系統、提高員工薪資、賦予員工必要的工具和信心之後，你們將會看到我們再次創造過去那樣的門店盈利記錄。

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.

我想說的另一點是，通貨膨脹問題雖然嚴重且日益加劇，但這在美國卻是個異常現象。我們都知道通貨膨脹是個問題，但它終究會下降。另一個問題是中國。我們在中國市場擁有非常有利的未來發展前景，而且中國的貿易限制將會逐步解除，我認為沒有哪個消費品牌比我們更有優勢來掌握這項機會。正如我剛才所說，中國市場的業務規模將會超過美國市場。所以，前景是樂觀的嗎？當然是。

Your next question comes from Andy Barish with Jefferies.

下一個問題來自傑富瑞集團的安迪·巴里什。

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?

關於您目前觀察到的通膨領域，我有個問題想請教一下。我理解未來對設備、培訓和薪資的需求，但您能否具體指出，目前通膨在哪些方面加速？

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，謝謝你的提問，我是瑞秋。正如我們在第二季度討論的那樣，我們看到第二季度的通膨壓力較第一季有所上升。這與多種因素有關，其中一些與新冠疫情有關。但正如我們從第二季開始以及今年剩餘時間所看到的，我們的供應鏈（包括勞動力、貨運和商品）的通膨壓力都在增加。我認為兩者的影響大致相當，一半來自商品，一半來自整個供應鏈，其中貨運是供應鏈中影響最大的因素。因此，我們看到通膨壓力持續上升。

Your next question comes from Andrew Charles with Cowen.

下一個問題來自考恩公司的安德魯查爾斯。

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?

當然，我不想聽起來像尤吉貝拉（Yogi Berra，美國著名棒球運動員），但我相信肯定有很多候選人可以接替您的職位。您能否談談您和董事會希望繼任者俱備哪些資歷和特質？

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.

我想非常謹慎，因為我想體諒與我們交談的人，並尊重所有候選人。顯然，我們希望找到一位在星巴克咖啡公司的價值觀和文化方面具有相關領域經驗的人。這個人需要真正理解穿上綠色圍裙、在星巴克櫃檯後工作意味著什麼，並且能夠提升和傳承我們在星巴克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.

這個人需要具備全球視野。我們是一家全球性公司。顯然，我們正在尋找一位服務型領導者，一位能夠長期留任的人才。想申請這份工作的人很多，董事會和我自己都非常欣慰能夠接觸到許多優秀的候選人，他們都具備許多寶貴的才能。但我們會非常謹慎地進行篩選，最終找到最適合的人選。我已經向董事會承諾，我會盡我所能確保新任執行長順利過渡並融入公司。之後，我將繼續留在董事會，為公司和新任執行長提供支援。

Your next question comes from Jeffrey Bernstein with Barclays.

下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

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?

我先想澄清一點，然後再問一個問題。澄清一下，我知道您在電話會議上提到新增投資2億美元，但我看到新聞稿裡說本財年投資額將超過10億美元。所以我想確認一下，這10億美元是否包含了先前的投資以及新增的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，霍華德，我的問題是，展望2023財年，您似乎處境有些特殊，這與上一個問題有些類似，因為您將再次擔任執行長。但預計秋季會聘請一位新的首席執行官，我想知道您如何才能在穩定當前業務的同時，又能避免推出過多的新戰略或進行重大的結構性變革？我認為新任執行長會非常熱衷於進行這些變革。

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

好的，我先把投資方面的問題問瑞秋。

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。謝謝你，傑弗裡。從投資的角度來看，霍華德在事先準備好的演講稿中提到的200多美元，是與我們今年已經進行的投資相關的，而且是對我們今年已承諾投資的補充。如果你還記得的話，我們已經承諾在工資、培訓以及勞動力等方面進行投資。

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，我們還將進行新一輪投資，用於進一步提高員工薪資，同時還將用於培訓和協作的現代化改造，以及推廣咖啡和卓越咖啡品質，並引進一些設備和其他創新技術，以提高門市整體效率和營運水平。光是今年，這些投資總額就將達到約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，我認為我已經和董事會就此問題進行了相當多的討論，以確保我們現在所採取的策略和我們關注的投資是正確的，無論下一任執行長是誰。

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出發點，百分之百都是為了超越顧客和員工的期望。如果你看看星巴克的需求，你會發現我們的策略是，我們現在都專注於一件事，那就是重塑品牌形象，重建員工的信任，並竭盡全力在疫情後重建美國核心業務。

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.

所以我認為，任何即將上任的CEO都會明白，星巴克的核心業務正面臨巨大壓力，這主要是因為我們目前的需求量很大。除此之外，我認為下一任CEO會是一位富有創意的人，他會明白星巴克品牌的價值和影響力不僅體現在門市之外。

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.

如今，我們的客戶群越來越年輕，他們是數位原住民，他們希望星巴克在門市外也能像在店內一樣具有影響力。正如布雷迪和亞當談到的Web 3.0和NFT平台，新任CEO顯然需要理解、掌握並堅信，我們可以在多個領域發展，這些領域本身就能帶來收益，並且與我們的零售業務互補，而且已經取得了非常好的成績。我們相信，我們能夠重振旗鼓，不僅在核心零售業務方面創造更多流量和收入，還能開闢一個全新的業務領域，創造屬於自己的增量收入。

Your next question comes from John Ivankoe with JPMorgan.

下一個問題來自摩根大通的約翰·伊万科。

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，暫停股票回購具有很強的象徵意義，您今天也提到了這一點，而且在最初宣佈時也引起了廣泛關注。我很好奇之前預計的20億美元左右的資本支出，而您目前擁有40億美元的現金。我的意思是，您提到了一些增加投資的計劃，但即使在2023財年，這些投資也很難實質地消耗您的現金。所以我想更深入地了解一下，除了股東的投入之外，您在業務中可以投入的最高回報成本是什麼。您這樣做真的只是為了象徵性地安撫員工和股東嗎？還是您覺得這是出於財務上的考慮，因為公司未來的一些資本需求，或許還有營運支出，實際上會消耗掉您目前的部分現金？

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.

約翰，首先，你和我可能是這次電話會議裡年紀最大的人了。或許有些人不太了解約翰的職業生涯，他好像從1992年公司上市的時候就一直在我們公司。所以約翰，我想你以前肯定經歷過這種情況。

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，暫停股票回購的決定並非象徵性的。我們所做的決定並非象徵性的，而是我們認為最符合股東利益的策略決策。我們目前的投資將帶來比現有10%、11%的股票回購比例更高的報酬。例如，如果我們把股票留存率提高到10%、20%，那麼我們的投資規模就會遠遠超過這個數字。

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.

你說得對，資產負債表確實有問題，但我希望採取非常保守的做法，我當然也想向市場發出一個訊號：我們著眼於長遠發展。我們不追求短期利益。我們一直以來都致力於打造一家偉大的、能夠長久傳承的公司。而這正是我們今天所取得的成就。星巴克最輝煌的時期還在後頭。我們從未像現在這樣充滿熱情、無比自豪、充滿信心，而這無疑是一個正確的決定。

Rach, do you want to add some on it?

瑞秋，你想再加點什麼嗎？

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。我再補充一點，我們暫停股票回購的決定與2022財年有關。因此，我們將在9月份的投資者日上公佈更全面的2023年及以後的資本配置策略。所以我認為，在考慮我們所做的決定時，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.

我還要補充一點，以強調霍華德的觀點：回顧今年下半年，我們有這樣的機會。請記住，我們今年已經回購了價值40億美元的股票。因此，透過股票回購和分紅，我們已經向股東返還了約50億美元，我們利用這一優勢創造了價值。但是，當我們展望今年下半年，並審視我們的投資重​​點時，正如霍華德在事先準備好的發言稿中所提到的，對技術、數位化和門市的投資，這些投資的回報都遠超股票回購。您非常清楚，我們的新門市以及它們帶來的回報就是最好的例子。

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，我們在美國新開的門市投資報酬率約為55%。因此，我們面前蘊藏著巨大的機遇，我們不僅要考慮如何鞏固業務，還要著眼於創造長期價值。我相信在九月的投資者日上，大家會聽到更多相關資訊。

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.

瑞秋，在我們回答下一個問題之前，邁克爾，如果你不介意的話，能否花幾分鐘時間談談中國對國際的影響？因為最近有很多關於中國對國際影響的討論。我知道你剛從日本和韓國回來，就簡單談談你的行程以及國際事務吧。

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，隨著全球各地限制措施的逐步解除，我們在中國以外的許多國際市場都看到了強勁的復甦。我剛去過日本和韓國，它們分別是我們全球第三和第四大市場。我可以告訴你，顧客們已經恢復了正常的生活，他們開始回歸我們的門市。在許多主要市場，例如日本、韓國、英國和墨西哥，我們的平均門市銷售額實際上已經超過了疫情前的平均值。

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.

正如您所聽到的，若不計入中國市場，我們的國際市場成長率高達23%。我們在所有地區都表現出色。例如，在拉丁美洲，我們剛剛突破了1500家門市的里程碑，第二季系統同店銷售額成長超過40%，勢頭強勁。在歐洲、中東和非洲地區，英國的同店銷售額成長了67%，是第二季公司自營市場中成長最快的，這得益於客流量持續回升，倫敦市中心和周邊地區客流量不斷增加，而且我們在該市場的得來速門市數量也在顯著增長。

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，我們的營收年增超過50%，其中韓國市場表現最為突出。在日本——我們全球第三大市場——也實現了兩位數的同店銷售額成長，這得益於客戶參與度的提升。而這一切都是在1月初和2月初經歷了歐密克戎疫情和封鎖措施的情況下取得的。隨著這些市場開始逐步放寬限制，韓國就在周一取消了口罩強制令，顧客也開始重返我們的門市。因此，我對我們未來的成長潛力充滿信心，相信隨著經濟復甦的持續，我們能夠取得更大的發展。

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已經看到了我們品牌的實力。他們致力於投資我們的品牌，而門市的成長也印證了這一點。此外，考慮到數位化飛輪帶來的機遇，我們擁有龐大的成長空間。我們正努力拓展這項機遇，並致力於提升全球顧客的忠誠度和光顧頻率。因此，我們預計隨著越來越多的市場開始放寬限制，顧客重返星巴克，國際成長動能將持續下去。

Your next question comes from Jared Garber with Goldman Sachs.

下一個問題來自高盛的賈里德·加伯。

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，我可以問一個關於消費者現在與你們品牌互動的多通路方式的問題嗎？你在電話會議中強調，現在有很多不同的服務管道，例如消費者親自到店，還有滲透率很高的管道，你說大約80%的銷售額來自外帶、免下車取餐或手機下單支付。

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?

您能否幫我構思一下您對未來星巴克的設想？以及為了滿足多通路需求，門市的實際營運方式可能會發生哪些變化？

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

謝謝。我要把這個給布雷迪。布雷迪，請吧。

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.

賈里德，是的。我們正在認真研究這個問題，並問自己三個問題：首先是關於星巴克體驗的基礎，也就是我們能夠記住顧客的名字，知道他們最喜歡的飲料。我們正在思考，如何在數位化領域做到這一點？了解每一位顧客，提供個人化的體驗，並讓顧客的體驗變得輕鬆便捷。越來越多的顧客正在尋求的就是這種輕鬆、個人化的星巴克人性化服務。我們在得來速服務中看到了這一點。正如霍華德所提到的，我們的外送業務年增了30%。而且，外送業務現在占我們總業務的25%，顯然，我們也看到了這一點。

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.

所以關鍵在於星巴克如何打開只有星巴克才能打開的、連結與便利之間的神奇連結？正因為我們目前在這方面取得了成功，所以我們才看到顧客如此迅速且全面地接受這些管道，但我認為我們才剛起步。

Your next question comes from John Glass with Morgan Stanley.

下一個問題來自摩根士丹利的約翰‧格拉斯。

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?

我想再談談重塑星巴克體驗所需的投資問題。首先，瑞秋，我知道這2億美元的投資可能在2022年就能到位，你認為從整體來看，2023年仍然是星巴克業務再投資的一年嗎？

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?

您曾提到，隨著時間的推移，收益率可能會超過歷史水準。我不確定您這話是指您認為最終利潤率能夠達到或超過您之前設定的18%到19%的目標嗎？或者，您這話更廣泛地指的是超額收益相對於歷史水準的什麼意義？

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。關於霍華德在事先準備好的演講稿中提到的超過2億美元的數字，我可以說明一下，這指的是2022財年的情況。至於我們對2023財年和2024財年的預期，我們近期的業務面臨一些壓力，這不僅包括通貨膨脹帶來的壓力，也包括中國市場帶來的壓力，以及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.

儘管我們面臨短期壓力，但我們對未來加速成長的穩健路徑有著清晰的規劃。我很高興能在投資者日與大家分享這些資訊。屆時，我們將詳細介紹我們的業務，以及我們針對2023年及以後更廣泛、更全面的資本配置策略。

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.

我想補充一點，我們一直是一家成長型公司。我們相信星巴克將繼續保持成長型公司的地位。鑑於目前的市場需求和產能限制，我們確實應該開設更多門市。因此，我認為大家會在我們的投資者日上看到，我們非常高興地將投資者日從12月提前到9月，屆時我們將加速成長。

Your next question comes from Lauren Silberman with Crédit Suisse.

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?

星巴克被公認為薪資福利一流的公司之一，在投資方面也十分積極。霍華德，你和美國各地的夥伴們都交流過，他們對品牌的看法是否會因市場或員工工齡而異？能談談其中的不同因素嗎？還是說夥伴們對公司期望的待遇相對一致？

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.

因為我們現在所處的境地，我們所說或可能說的任何話都可能被外部律師曲解，他們會試圖找出星巴克的過錯，所以我必須非常謹慎。我準備好的發言稿必須涵蓋我們將要就工會問題發表的內容。

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.

在這些會議上，我與全國各地的夥伴們建立了深厚的情感聯繫，我的發言也讓我深受感動。大家對公司的熱愛，以及新冠疫情帶給他們的個人和職業挑戰，都讓我印象深刻。他們也深切感受到星巴克肩負的責任——我們對此深表贊同——那就是盡一切努力改善他們的生活。但我不想就此展開更多討論，因為我認為我們將對員工進行的投資，正是我們竭盡所能超越他們期望的一種方式，我們將在九月份詳細闡述這一點。

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.

我想說的是，我們將投資者日從12月提前到9月，因為我們非常興奮，迫不及待地想和大家分享我們未來的計劃，包括加速成長、新的門市理念、科技等等，以及我們與員工之間的關係。我個人覺得，我們應該邀請一些資深的星巴克經理和綠圍裙夥伴來分享他們在公司的經歷，相信大家會覺得很有意思。

Your next question comes from Peter Saleh with BTIG.

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，你提到了額外的薪資成長和投資。你也提到了一些即將推出的更完善的小費選項。能談談這項決定嗎？例如推出的時間？以及你預期消費者對此會有什麼反應？

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，幫我解釋一下。數位化小費功能或許是讓員工獲得更多現金的首要途徑。目前，員工只能透過星巴克卡收取小費。因此，他們錯失了相當可觀的收入，因為顧客想給小費卻無法做到，因為他們沒有用星巴克卡支付。在我與全國各地夥伴的會議上，這都是他們最迫切的需求之一，我們將盡最大努力加快這項工作。

Brady, you want to take the other piece?

布雷迪，你想拿另一塊嗎？

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。是的，我的意思是，關於小費功能，我們將在全年持續添加相關功能。我們有很多人在為此努力。正如霍華德所說，這是使用者最迫切的需求之一。目前，顧客可以透過 MLP 系統支付小費，但在我們門市體驗的其他許多環節，例如顧客使用信用卡、儲值卡或應用程式在咖啡廳和得來速窗口付款時，我們還沒有提供小費功能。因此，我們預計會盡快解決這個問題，為我們的合作夥伴帶來這項功能。

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.

如果我能補充一下工資方面的內容，霍華德提到的工資投入，就工資本身而言，大部分都已是我們今年早些時候承諾的。除此之外，我們已經提高了大部分小時工（包括咖啡師）的工資，並且在最近的舉措中也承諾解決員工任期壓縮的問題。這意味著我們所有的員工今年夏天都會加薪。

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

我再說一遍，星巴克所有非管理階層員工都將獲得加薪。

That's right.

這是正確的。

Your next question comes from David Tarantino with Baird.

下一個問題來自 Baird 公司的 David Tarantino。

Welcome back Howard.

歡迎回來，霍華德。

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，或者說問題的第一部分，是想澄清一下。你提到已經確定了1億到2億美元的投資，但相對於你雄心勃勃的公司轉型願景來說，這似乎有點少。所以，你能解釋一下，這只是一個起點，你還有更多計畫嗎？還是說這就是你全部的計畫？

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，我想問的是，您能否就長期利潤率前景提供一些方向性評論，包括這些投資相對於您回歸前公司設定的目標而言的情況。

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。關於投資問題，我覺得應該讓瑞秋回答；關於利潤率問題，我也讓瑞秋回答。但很顯然，目前相當高的通膨率將會下降。一旦通膨率下降，我們將處於非常有利的位置，因為我們將採取措施來應對目前難以解決的需求問題。瑞秋，你繼續吧。

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。關於霍華德在事先準備好的發言稿中提到的超過2億美元的資金，我想補充一點，這筆資金是在今年早些時候我們已做出的承諾之外的，主要與工資有關。因此，光是今年，這兩項加起來就達到了約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，我們還會進行更多投資，屆時我們會在投資者日上與大家分享。但我認為重要的是要記住，這筆投資是在我們已經做出的承諾基礎上追加的2億美元多一點，所以從這個角度來看，這是一筆規模相當大、覆蓋面很廣的投資。

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.

至於利潤率方面，我認為正如霍華德所說，我們預計部分通膨將會緩解。除此之外，我認為真正重要且我們在下半年面臨的壓力主要來自中國經濟狀況以及第三季的放大效應。

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.

為了讓您更清楚地了解情況，我們預計今年剩餘時間裡，中國市場對開放式投資 (OI) 的貢獻將只有我們通常預期的一半。隨著市場復甦和出行量的增加，我們知道中國市場的成長動能強勁。我們相信未來的機遇，而展望未來，這也將為我們帶來更多機會。

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，當你考慮到這兩個方面以及我們今天所做的投資時——這些投資將用於員工留存、招聘和提升門市營運能力——這將帶來更高的合作夥伴參與。而合作夥伴的參與度最終會帶來更好的客戶體驗。

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.

我們熟知這個公式。它已經為我們服務了50年。它將是我們未來50年業績的關鍵，也是我們發展的關鍵。因此，我認為所有這些因素結合起來，讓我們能夠清楚地看到，我們堅信未來能夠找到一條加速成長的道路，我們將在投資者日上與大家分享。

Your next question comes from Sharon Zackfia with William Blair.

下一個問題來自莎倫·扎克菲亞和威廉·布萊爾。

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?

我想問一個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疫情前的情況，特別是考慮到您所看到的咖啡師流動率？

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，我是約翰。我認為我們看到的情況是，隨著我們的門市恢復滿載運營，並且我們在本季度初就度過了新冠疫情的難關，我們現在延長了營業時間。同時，我們也恢復了門市的滿員狀態，所有通路都已開放。因此，我們能夠更準確地了解我們的生產力進展。顯然，我們會衡量免下車窗口的結帳時間。顯然，在門市，我們會衡量每工時售出的商品數量。此外，我們也會追蹤其他一些指標。我們密切關注著所有這些指標。

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，在今年剩餘時間裡，我們重點投資的一項內容是加強對合作夥伴的培訓。在先前的傾聽會和共創會議上，我們清楚地聽到他們希望獲得更多訓練。目前，我們為新進職的咖啡師提供約23小時的培訓，並將於6月底開始將培訓時長提升至40小時。這將顯著提升他們的技能，增強他們製作飲品的信心，最終讓他們在工作中感受到成就感，降低工作的複雜性。

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，我們認為這將有助於提高生產力。但關鍵在於提升合作夥伴體驗，為他們提供成功所需的工具，並確保我們對他們進行投資。此外，還有設備方面。我們正在對Mastrena機器、Merrychef烤箱、得來速手持點餐機以及冷飲站進行大量投資，以提高合作夥伴冷飲工作區的容量，這將有助於提高生產力。

Your next question comes from David Palmer with Evercore ISI.

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?

我覺得約翰其實已經觸及我要問的問題了，也就是關於產能限制的問題。我想請您談談您在服務時間方面觀察到的情況，或有哪些指標可以證明有改進的機會或空間。從您剛才和先前的回答來看，您似乎認為許多問題可以透過資本投資來解決，例如購買新機器，以及重新配置冷飲區的運作方式。但您認為是否也會有其他類型的投資，例如人力成本？您提到了手持終端操作人員和得來速服務人員，您能否詳細分析這些投資將如何發揮作用？

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，從支出角度來看，我們將在培訓方面進行投資，正如我之前強調的那樣，我們認為這將對我們的合作夥伴產生顯著的積極影響，使他們能夠更好地勝任工作。

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，設備投資雖然會資本化，但在安裝過程中也會產生一些費用。門店翻新工程的費用也會資本化，但同樣也會產生一些費用。

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.

霍華德和瑞秋隨後談到了我們希望在門市進行的一些數位投資，這些投資不僅是為了顧客，也是為了合作夥伴。從合作夥伴的角度來看，一切都圍繞著訂單系統的自動化。我們已經在美國全面推出了食品和商品的自動化訂購系統。目前，我們正在對剩餘的飲料商品進行概念驗證測試，我們預計這將有助於提升合作夥伴的體驗，降低流程的複雜性，使他們能夠專注於服務顧客。

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.

最後，我想就生產力指標談談我的看法。我們堅信，在應對新冠疫情的過程中，我們在門市人員配備方面面臨巨大的挑戰。隨著第二季的推進和疫情的緩解，人員配備水準逐漸恢復正常，營業時間也開始恢復正常，所有管道都已開放。門市的生產力也開始回升，這反映在我們本季強勁的同店銷售業績上－同店銷售成長了12%，食品銷售額也創下歷史新高。這顯示我們的合作夥伴正在盡力滿足顧客的需求，並努力提升門市的績效。我謹代表全美各地的合作夥伴，感謝他們為超越顧客的期望所做的卓越貢獻。

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

現在我將把電話交給霍華德‧舒爾茨，請他作總結發言。

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.

我想現在是時候結束這次電話會議了。我們今天的目的是全面概述過去五、六週的工作，同時也想讓大家感受到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，目前有些事情是我們無法控制的。中國的局勢和通貨膨脹水準都是我們始料未及的，我們正在努力應對。但如果排除通貨膨脹和中國的問題（我們相信這兩個問題都會緩解），我們將能夠更好地利用我們在全球市場中的地位。

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.

你們都聽麥可說過，我們在國際市場（不包括中國）的業務非常強勁。你們也聽我談到了我們消費品業務的實力，這體現了我們品牌在實體店之外的強大影響力。還有一點我沒提到，那就是我一直很關注的指標：我們的客戶群是否在年輕化，我們是否盡可能地與年輕人保持緊密聯繫。而現在，我們正朝著這個方向努力。我們的客戶群確實在年輕化。在我看來，這充分說明了我們品牌在50年發展歷程中的強大實力。

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，隨著夏季和假期季節的到來以及投資者大會的召開，我認為我們將能夠很好地與大家分享我們在 2023 財年及以後的假日計劃。

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.

對於那些認識我很久的朋友，以及許多多年來一直關注公司發展的朋友來說，你們都經歷過2008年。現在情況已經不同了。但2008年我們重返市場時，面臨的主要問題之一就是必須創造需求。當時我們根本沒有需求。所以，我們現在的需求量如此之大，簡直是天賜良機。因此，我們必須克服產能方面的問題，超越員工的期望。我在這裡工作的時間足夠長，足以了解我們面臨的挑戰，也足夠長，足以了解星巴克在國內和全球市場所擁有的巨大機會。

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，我們著眼長遠——我們著眼於長遠發展。我們正在進行前瞻性的投資，並將加速成長。對於那些在2008年信任我們的投資者，我希望你們能夠理解，我們前景光明，我們將重回正軌，繼續為大家帶來你們一直以來所期待的財務業績。非常感謝。

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

星巴克2022財年第二季電話會議到此結束。您可以斷開連線了。