星巴克 (SBUX) 2022 Q3 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 Third 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 財年第三季度電話會議。 （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。

Thank you, Alex, and good afternoon, everyone, and thank you for joining us today to discuss Starbucks' third quarter fiscal year 2022 results. Today's discussion will be led by Howard Schultz, Interim Chief Executive Officer; Frank Britt, Chief Strategy Officer; Belinda Wong, Chairwoman of Starbucks China; and Rachel Ruggeri, Executive Vice President and CFO. 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; Deb Hall Lefevre, Executive Vice President and Chief Technology Officer.

謝謝你，亞歷克斯，大家下午好，感謝你今天加入我們討論星巴克 2022 財年第三季度的業績。今天的討論將由臨時首席執行官霍華德舒爾茨主持；首席戰略官弗蘭克·布里特；星巴克中國區主席 Belinda Wong；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； Deb Hall Lefevre，執行副總裁兼首席技術官。

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 any of these forward-looking statements or information.

本次電話會議將包括前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述存在重大差異。任何此類聲明都應與我們在提交給美國證券交易委員會的文件中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。星巴克不承擔更新任何這些前瞻性陳述或信息的義務。

GAAP results in third 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 or if there's a non-GAAP adjustment related to the metric. For non-GAAP financial measures mentioned in today's call, please refer to our earnings release on our website at investor.com -- investor.starbucks.com to find a reconciliation of those non-GAAP measures to their corresponding GAAP measures.

2022財年第三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。今天電話會議中引用的所有數字均基於非公認會計原則，除非另有說明或存在與該指標相關的非公認會計原則調整。對於今天電話會議中提到的非 GAAP 財務指標，請參閱我們在我們網站上的收益發布：investor.com -investor.starbucks.com，以找到這些非 GAAP 指標與其相應 GAAP 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, September 2, 2022. As a reminder, Starbucks 2022 Investor Day will be held on Tuesday, September 13, 2022. The event will be available to view from our website beginning at 7:30 Pacific Time. Also for your calendar planning purposes, please note that our fourth quarter and fiscal year 2022 earnings conference call has been tentatively scheduled for Thursday, November 3, 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 9 月 2 日星期五之前在我們的網站上提供。提醒一下，星巴克 2022 年投資者日將於 2022 年 9 月 13 日星期二舉行。該活動將於從太平洋時間 7:30 開始可從我們的網站查看。同樣出於您日曆計劃的目的，請注意，我們的第四季度和 2022 財年收益電話會議暫定於 2022 年 11 月 3 日星期四舉行。

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. Good afternoon, and welcome to everyone on today's call. Starbucks' strong Q3 results highlighted by 9% global revenue growth to a record $8.2 billion, 3% global comp growth and 9% comp growth in North America once again demonstrates the power and resilience of the Starbucks business and brand all over the world.

謝謝你，蒂芙尼。下午好，歡迎大家參加今天的電話會議。星巴克強勁的第三季度業績突出顯示，全球收入增長 9%，達到創紀錄的 82 億美元，全球收入增長 3%，北美收入增長 9%，再次證明了星巴克在全球的業務和品牌的力量和韌性。

I've now been back as CEO for 4 months. During that time, I've immersed myself in every segment, region, operation and aspect of our business. And given my long history with the company and our culture and my unique understanding and appreciation of the Starbucks brand, the drivers of our global business and the special relationship that exists among our people, our brand and our customers, we've been able to pinpoint the source of each of the issues and challenges confronting the company upon my return. Some are definitely COVID related. Some were a function of not focusing on the long term. And unfortunately, many were self-induced. More important, we now have clear line of sight on what we need to do to totally reinvent the company and drive accelerated profitable growth around the world.

我現在已經擔任 CEO 4 個月了。在那段時間裡，我沉浸在我們業務的各個領域、地區、運營和方面。鑑於我在公司和我們的文化中的悠久歷史，以及我對星巴克品牌、我們全球業務的驅動力以及我們的員工、我們的品牌和我們的客戶之間存在的特殊關係的獨特理解和欣賞，我們能夠查明我回來後公司面臨的每個問題和挑戰的根源。有些肯定與COVID有關。有些是不關注長期的功能。不幸的是，許多人是自我誘導的。更重要的是，我們現在清楚地知道我們需要做什麼才能徹底改造公司並推動全球加速盈利增長。

The Q3 results we announced today demonstrate the early progress we have made in just 4 short months and serve as a proof point of the significant long-term global growth opportunity ahead for Starbucks. Each business segment contributed to our Q3 performance. I'm particularly pleased that we delivered our results in the face of stiff ongoing consumer economic and inflationary headwinds; COVID lockdowns across China that kept Shanghai, our largest China market, largely closed for 2 months, and that continues episodically today; and continuing shifts in customer traffic and behaviors, including materially reduced office occupancy in our largest urban markets.

我們今天公佈的第三季度業績證明了我們在短短 4 個月內取得的初步進展，並證明了星巴克未來的重大長期全球增長機會。每個業務部門都為我們的第三季度業績做出了貢獻。面對持續的消費經濟和通脹逆風，我們取得了成果，我感到特別高興；中國各地的 COVID 封鎖使我們最大的中國市場上海基本上關閉了 2 個月，並且這種情況一直持續到今天；以及客戶流量和行為的持續變化，包括在我們最大的城市市場中大幅減少辦公室入住率。

Our Q3 performance underscores the success of the investments we are making in our people, extending our global leadership around everything coffee and in groundbreaking beverage, food, digital and technology innovation that is deepening our connection to customers in every market and every channel. And our performance demonstrates that the Starbucks Experience is more relevant and important than ever in today's unsettled world.

我們第三季度的業績突顯了我們對員工進行的投資取得了成功，擴大了我們在咖啡和開創性飲料、食品、數字和技術創新方面的全球領導地位，這些創新正在加深我們與每個市場和每個渠道的客戶的聯繫。我們的表現表明，在當今動盪不安的世界中，星巴克體驗比以往任何時候都更具相關性和重要性。

On today's call, I will highlight the drivers of our Q3 revenue, comp and EPS performance. I will then turn the call over to Frank Britt, our Chief Strategy Officer, to provide an overview of our reinvention plan, the strategy underpinning the investments we are making to materially elevate our partner, customer and store experiences.

在今天的電話會議上，我將重點介紹我們第三季度收入、薪酬和每股收益表現的驅動因素。然後，我將把電話轉給我們的首席戰略官弗蘭克·布里特（Frank Britt），概述我們的重塑計劃，該戰略是我們為顯著提升合作夥伴、客戶和商店體驗而進行的投資的基礎。

Next month, at Investor Day in Seattle, you will see for yourselves how accretive to our business our reinvention plan will be, increasing efficiency, enabling us to seamlessly handle the increasing demand in our U.S. stores and, most of all, elevating our partner, customer and in-store experiences. Our reinvention plan touches every aspect of the Starbucks Experience and sets us up for accelerated long-term profitable growth and value creation benefiting all stakeholders beginning in 2023. We are executing against the reinvention plan with focus, with discipline and a deep sense of urgency.

下個月，在西雅圖的投資者日，您將親眼看到我們的重塑計劃對我們的業務有多大的貢獻，提高效率，使我們能夠無縫處理美國商店不斷增長的需求，最重要的是，提升我們的合作夥伴，客戶和店內體驗。我們的重塑計劃涉及星巴克體驗的方方面面，並為我們從 2023 年開始加速長期盈利增長和價值創造做好準備，使所有利益相關者受益。我們正在以專注、紀律和強烈的緊迫感來執行重塑計劃。

Next, Belinda will update you on China, where our position in the market and our aspirations for the future have never been greater. Rachel will provide a deep dive into our Q3 financial and operating results. And then we'll move on to Q&A.

接下來，Belinda 將向您介紹中國的最新情況，我們在中國的市場地位和對未來的抱負從未如此強烈。 Rachel 將深入探討我們的第三季度財務和經營業績。然後我們將繼續進行問答。

Core to Starbucks' success and long-term growth strategy is our global leadership around everything coffee. No company in the world even remotely approaches Starbucks' ability to source, blend, roast and craft the world's best coffees. And in Q3, we continued to extend our coffee leadership, innovate and bring further elements of customization and premiumization to the entire coffee category, including around cold, handcrafted and plant-based coffee beverages.

星巴克成功和長期增長戰略的核心是我們在所有咖啡領域的全球領導地位。世界上沒有任何一家公司能比星巴克採購、混合、烘焙和製作世界上最好的咖啡的能力遙不可及。在第三季度，我們繼續擴大我們的咖啡領先地位，進行創新，並為整個咖啡品類帶來更多定制和優質化元素，包括冷飲、手工製作和植物性咖啡飲料。

Customer demand for specifically customized cold coffee beverages, a category Starbucks single-handedly created and is now expanding around the world, is so strong that cold beverages now account for roughly 75% of our total beverage sales in U.S. company-operated stores. Customers are increasingly customizing their cold beverages by adding modifiers that enable the creation of a virtually unlimited range of taste, flavor and color profiles and then sharing their unique cold beverage creations with the world through social media.

客戶對專門定制的冷咖啡飲料的需求如此強勁，這是星巴克單槍匹馬創造並正在全球擴張的類別，冷飲現在約占我們在美國公司經營的商店總飲料銷售額的 75%。客戶越來越多地通過添加修飾劑來定制他們的冷飲，這些修飾劑能夠創造幾乎無限範圍的口味、風味和顏色配置文件，然後通過社交媒體與全世界分享他們獨特的冷飲創作。

Starbucks' unique ability to deliver handcrafted, customized cold beverages that satisfy customer desires and different need states while creating opportunities for customers' self-expression deepens our connection to customers, sets us apart from any other industry participant and provides us with a significant ongoing competitive advantage in the marketplace. Iced Shaken Espresso, introduced onto our Iced Espresso platform only last year, is resonating so wildly with our Gen Z customers that it has already become the fastest-growing product category in our U.S. company-operated stores, growing 50% year-over-year, more than doubling year-to-date and importantly creating new customer occasions in the midday and afternoon dayparts. Iced Shaken Espresso was also resonating around the world. In China, for example, where Iced Shaken Espresso was only introduced in June of this year, it is already among our best-selling iced coffee beverages despite mobility restrictions in China.

星巴克提供滿足客戶需求和不同需求狀態的手工定製冷飲的獨特能力，同時為客戶的自我表達創造機會，加深了我們與客戶的聯繫，使我們有別於任何其他行業參與者，並為我們提供了顯著的持續競爭力市場上的優勢。去年才在我們的 Iced Espresso 平台上推出的 Iced Shaken Espresso 與我們的 Z 世代客戶產生瞭如此強烈的共鳴，以至於它已經成為我們美國公司經營的商店中增長最快的產品類別，同比增長 50% ，比年初至今翻了一倍多，重要的是在中午和下午的時段創造了新的客戶場合。 Iced Shaken Espresso 也引起了全世界的共鳴。例如，在中國，Iced Shaken Espresso 是在今年 6 月才推出的，儘管在中國有出行限制，但它已經是我們最暢銷的冰咖啡飲料之一。

Just to summarize what's going on with cold and specifically customized beverages. The premium customized cold coffee opportunity ahead for Starbucks all around the world is simply enormous.

只是總結一下冷飲和專門定制的飲料的情況。全球星巴克面臨的優質定製冷咖啡機會簡直是巨大的。

Let me turn to North America. The very strong demand for Starbucks coffee in the U.S. that we reported on our Q2 call has accelerated in Q3. U.S. company-operated stores delivered record average weekly sales, 5 of the top 10 grossing sales day in our history and a $410 million sales week. In North America, overall, the combination of customer shift towards premium cold beverages, increased customization, strategic decisions on our part with regard to beverage and food and modifier pricing and a 19% increase in food sales, driving net revenues up 13%.

讓我談談北美。我們在第二季度電話會議上報告的美國對星巴克咖啡的強勁需求在第三季度有所加速。美國公司經營的商店實現了創紀錄的平均每週銷售額，我們歷史上前 10 大銷售日中的 5 天，以及 4.1 億美元的周銷售額。在北美，總體而言，客戶轉向優質冷飲、增加定制化、我們在飲料和食品方面的戰略決策以及調節劑定價以及食品銷售額增長 19%，推動淨收入增長 13%。

In addition, our North American licensed stores business, now 7,000 stores strong and growing, also posted strong results with 24% revenue growth in the quarter. While we are sensitive to the impact inflation and economic uncertainty are having on consumers, it's critically important that you all understand we are not currently seeing any measurable reduction in customer spending or any evidence of customers trading down, reflecting the strength of the Starbucks brand, deep customer engagement and loyalty, pricing power and the premium nature of our beverage and food offerings.

此外，我們的北美特許店業務（目前擁有 7,000 家店鋪並不斷增長）也公佈了強勁的業績，本季度收入增長 24%。雖然我們對通貨膨脹和經濟不確定性對消費者的影響很敏感，但至關重要的是，你們都明白，我們目前沒有看到客戶支出有任何可衡量的減少或客戶交易量下降的任何證據，這反映了星巴克品牌的實力，深度的客戶參與度和忠誠度、定價能力以及我們飲料和食品產品的優質性。

What's driving some of the increase in traffic and the strength in our business is our Rewards program. Active Starbucks Rewards membership in Q3 totaled 27.4 million members, up 3.2 million or 13% year-over-year and 3% sequentially. Our loyal Starbucks Rewards members drove a record 53% of U.S. company-operated revenue. Mobile Order & Pay, drive-through and delivery also remained quite strong, driving 72% of our U.S. revenue. Increased Starbucks Rewards membership, customer excitement over our beverage and food offerings plus a fantastic holiday lineup that I'm certain will delight our customers gives us tremendous confidence heading into holiday and 2023.

是什麼推動了流量的增加和我們業務的實力，是我們的獎勵計劃。第三季度活躍的星巴克獎勵會員總數為 2740 萬，同比增長 320 萬或 13%，環比增長 3%。我們忠誠的 Starbucks Rewards 會員為美國公司帶來了創紀錄的 53% 的營業收入。移動訂單和支付、免下車和送貨也保持強勁勢頭，占我們美國收入的 72%。 Starbucks Rewards 會員人數的增加、客戶對我們的飲料和食品產品的興奮以及我確信會讓我們的客戶感到高興的精彩假期陣容，讓我們對假期和 2023 年充滿信心。

My first order of business upon returning to Starbucks in April was to meet with Starbucks retail store and roasting plant partners across the United States in order to better understand the state of our business and the challenges confronting our partners and the company. It soon became clear that record demand in our stores was masking significant underlying issues, including, as we shared in our last call, store designs that were ill-suited to the evolving customer behavior and traffic patterns we are seeing post COVID.

4 月回到星巴克後，我的第一個任務是與美國各地的星巴克零售店和烘焙工廠合作夥伴會面，以更好地了解我們的業務狀況以及我們的合作夥伴和公司面臨的挑戰。很快就很明顯，我們商店的創紀錄需求掩蓋了重要的潛在問題，包括，正如我們在上次電話會議中分享的那樣，商店設計不適合我們在 COVID 後看到的不斷變化的客戶行為和交通模式。

Our stores, in many ways, are windows on America. And our partners everywhere shared similar anxieties over a wide range of issues affecting their families and their lives around safety, around mental, physical and financial health issues over the widening cultural and racial divide in the state of our country and the world. Many question whether the American Dream and economic mobility was still realistic aspirations. Our partners also shared how hard it had become to keep up with customer demand and how insufficient training had left new partners unprepared for their roles, challenging partner and customer experiences alike.

我們的商店在很多方面都是美國的窗口。我們世界各地的合作夥伴都對影響他們家庭和生活的一系列問題有著類似的焦慮，這些問題圍繞著安全，圍繞著我們國家和世界不斷擴大的文化和種族鴻溝造成的心理、身體和財務健康問題。許多人質疑美國夢和經濟流動性是否仍然是現實的願望。我們的合作夥伴還分享了跟上客戶需求變得多麼困難，以及培訓不足使新合作夥伴無法為他們的角色做好準備，挑戰合作夥伴和客戶體驗。

The conversations were raw and, in many ways, painful for our leaders to hear. But core to Starbucks culture is the requirement that we always speak with each other with honesty, transparency and without judgment or fear of appraisal. The truth is, at times, I was overwhelmed by what I heard. The challenges, the fears, the desire for emotional and financial security and the sense of belonging in our partners' lives amid an all uncertainty world.

這些談話很生硬，而且在很多方面，讓我們的領導人聽了很痛苦。但星巴克文化的核心是要求我們始終以誠實、透明的方式與彼此交談，不要評判或害怕評估。事實是，有時，我被我所聽到的內容所震撼。在充滿不確定性的世界中，挑戰、恐懼、對情感和財務安全的渴望以及合作夥伴生活中的歸屬感。

At the same time, I found myself feeling so proud, so appreciative and oftentimes in awe of our partners across the country who showed up every day committed to delivering an elevated Starbucks Experience to our customers and communities despite the personal challenges and obstacles they were experiencing.

同時，我發現自己感到非常自豪，非常感激，並且經常敬畏我們全國各地的合作夥伴，他們每天都致力於為我們的客戶和社區提供提升的星巴克體驗，儘管他們遇到了個人挑戰和障礙.

We were in a moment where Starbucks leaders needed to put themselves in the shoes of our partners and demonstrate great empathy and compassion towards them, and we needed to address our partners' concerns with urgency. What began as informal partner meeting soon evolved into focused co-creation sessions where Starbucks partners and leaders collaborated on how best to reimagine the next Starbucks. We've since held over 100 co-creation sessions. And from these sessions, our reinvention plan has taken shape.

我們正處於一個星巴克領導者需要設身處地為我們的合作夥伴著想，對他們表現出極大的同理心和同情心的時刻，我們需要緊急解決合作夥伴的擔憂。最初是非正式的合作夥伴會議，很快演變為集中的共同創造會議，星巴克合作夥伴和領導者就如何最好地重新構想下一個星巴克展開合作。從那以後，我們已經舉辦了 100 多場共創會議。通過這些會議，我們的重塑計劃已經形成。

Today, over 30 cross-functional teams are focused exclusively on executing the U.S. reinvention plan you will see take shape over the quarters ahead. And in time, you will see best practices shared around the world. We assembled our 200 top U.S. executives in Seattle last month to kick off Starbucks reinvention and change agenda. In a few minutes, Frank Britt, a key architect of the plan, will provide you with an overview so you can begin to understand how accretive each pillar of the plan will be to our business and brand long into the future.

今天，超過 30 個跨職能團隊專注於執行美國再造計劃，您將在接下來的幾個季度看到這一計劃的形成。隨著時間的推移，您將看到世界各地共享的最佳實踐。上個月，我們在西雅圖召集了 200 名美國高管，啟動了星巴克的重塑和變革議程。幾分鐘後，該計劃的主要架構師弗蘭克布里特將為您提供概述，以便您開始了解該計劃的每個支柱在未來很長一段時間內對我們的業務和品牌的增值程度。

The strong revenue growth we delivered in North America in Q3 is being replicated globally. With the exception of China where the zero COVID policy continues to result in mobility restrictions and limited store operations, each one of our international regions grew revenues by double digits in Q3. It's an extraordinary accomplishment, reflecting both the strength of the Starbucks brand and strong and accelerating demand for Starbucks coffee all over the world.

我們在第三季度在北美實現的強勁收入增長正在全球複製。除中國外，零 COVID 政策繼續導致流動性限制和商店運營受限，我們每個國際區域在第三季度的收入均增長了兩位數。這是一項非凡的成就，既反映了星巴克品牌的實力，也反映了全球對星巴克咖啡的強勁且不斷增長的需求。

Our International performance also underscores the correctness of our strategies of investing ahead of the curve in beverage, digital and technology innovation that is relevant to our customers in driving new store growth in every market in which we operate. Overall, our International segment, excluding China, grew revenue 33% year-over-year or 50% excluding FX while meaningfully expanding operating margin, reflecting the strong operating leverage inherent in our complementary portfolio of company-operated and licensed stores.

我們的國際業績也凸顯了我們在飲料、數字和技術創新方面的領先投資戰略的正確性，這些創新與我們的客戶相關，以推動我們經營的每個市場的新店增長。總體而言，我們的國際業務（不包括中國）收入同比增長 33% 或不包括外匯收入增長 50%，同時顯著擴大營業利潤率，反映了我們互補的公司經營和特許經營店組合固有的強大經營槓桿。

Last month, several Starbucks leaders joined me on a multi-country tour across several strategic theaters of our EMEA business. In every country we visited, we were inspired by what we heard, felt and observed. Product quality, service execution and knowledge of coffee across EMEA are all delivered at the highest levels. Our EMEA teams are executing while weaving together a powerful emotional connection and sense of belonging among our partners and customers with the Starbucks Experience being the shared medium of exchange. And our EMEA partners are literally thriving, inspired and earnestly engaged in bringing our unique culture of respect, purpose, service and an authentic and aspirational love of coffee to life.

上個月，星巴克的幾位領導人和我一起在我們 EMEA 業務的幾個戰略區域進行了多國巡迴演出。在我們訪問的每個國家，我們都受到所聽到、感受到和觀察到的啟發。歐洲、中東和非洲地區的產品質量、服務執行和咖啡知識都以最高水平提供。我們的 EMEA 團隊正在執行，同時將我們的合作夥伴和客戶之間的強大情感聯繫和歸屬感編織在一起，而星巴克體驗是共享的交流媒介。我們的 EMEA 合作夥伴正在蓬勃發展、受到鼓舞並認真致力於將我們獨特的尊重、目標、服務文化以及對咖啡的真實和渴望的熱愛帶入生活。

Interestingly, while thousands of stores in many countries drove strong financial performance during the quarter, I want to showcase one market in particular that serves as a proxy for the strength of the Starbucks brand and demonstrates the enormity of the international opportunity ahead, Italy. Italy, a market we only recently entered and a market that is close to my heart and that no one ever expected us to succeed in. Starbucks is flourishing in Italy. The quality of the coffee, the food and the partner and customer experiences are second to none. Traffic in our Milano Roastery, Starbucks' shrine to coffee, is strong throughout the day, driven largely by tourist activity. But most importantly, traffic in our Italy retail stores is largely local customer driven. And when I was there, what I observed is Italians drinking straight espresso at Starbucks. We are being warmly welcomed in Italy, the country in which our Starbucks journey literally began. Given the success we are enjoying in Milan, we are now planning to open in Rome and in Florence.

有趣的是，雖然許多國家的數千家門店在本季度推動了強勁的財務業績，但我想特別展示一個市場，它可以代表星巴克品牌的實力，並展示未來國際機遇的巨大潛力，意大利。意大利，一個我們最近才進入的市場，一個我心心念念的市場，沒有人期望我們能在這個市場上取得成功。星巴克在意大利蓬勃發展。咖啡、食物以及合作夥伴和客戶體驗的質量是首屈一指的。我們的米蘭烘焙工坊是星巴克的咖啡聖地，全天人流量很大，這主要是由旅遊活動推動的。但最重要的是，我們意大利零售店的客流量很大程度上是由當地客戶驅動的。當我在那裡時，我觀察到意大利人在星巴克喝純濃縮咖啡。我們在意大利受到熱烈歡迎，我們的星巴克之旅正是從這個國家開始的。鑑於我們在米蘭取得的成功，我們現在計劃在羅馬和佛羅倫薩開業。

As home to our EMEA roasting operations, Amsterdam is a strategic foothold for our international efforts. In July, we committed to a planned expansion that will materially increase our roasting capacity in order to meet the rapidly growing demand for Starbucks coffee across the region. Similar efforts are underway to support a supply chain team that currently handles logistics to over 4,000 stores across 42 countries in EMEA.

作為我們歐洲、中東和非洲地區烘焙業務的所在地，阿姆斯特丹是我們國際業務的戰略據點。 7 月，我們承諾進行計劃中的擴張，這將大大提高我們的烘焙能力，以滿足該地區對星巴克咖啡快速增長的需求。類似的努力正在支持一個供應鏈團隊，該團隊目前為歐洲、中東和非洲 42 個國家的 4,000 多家商店處理物流。

In Switzerland, we held highly productive sessions with our partners at Nestle. Global Coffee is among Nestle's largest strategic growth categories, and our partnership with Nestle now extends across 81 markets, focusing on at-home coffee and food service channels.

在瑞士，我們與雀巢的合作夥伴舉行了富有成效的會議。全球咖啡是雀巢最大的戰略增長類別之一，我們與雀巢的合作夥伴關係現已擴展到 81 個市場，專注於家庭咖啡和食品服務渠道。

Building on our #1 share position in the United States at home, retail and CPG coffee channels, we are in the very early stages of leveraging the Starbucks brand and Nestle's Global Coffee platforms and significant distribution capabilities to create new super premium coffee occasions on Nespresso platform all around the world. Our partnership with Nestle is driving meaningful competitive advantages for both companies in the marketplace and is highly accretive to our business.

基於我們在美國家庭、零售和 CPG 咖啡渠道的第一份額地位，我們正處於利用星巴克品牌和雀巢的全球咖啡平台以及重要的分銷能力在 Nespresso 上創造新的超優質咖啡場合的早期階段平台遍布全球。我們與雀巢的合作夥伴關係正在為兩家公司在市場上帶來有意義的競爭優勢，並且極大地促進了我們的業務增長。

Looking ahead, we expect to see a closer Starbucks-Nestle partnership. This includes introduction of Starbucks varietals onto Nespresso's digital sales platform, a channel that does not presently exist for us and represents a massive global opportunity. Expansion of Starbucks-Nestle partnership to include inclusion of many traditional Starbucks varietals on the Nespresso digital platform, co-creation of Starbucks Reserve varietals for the virtual platform and the development of a Nespresso experience in our U.S. Roasteries. We're also looking forward to the launch of our ready-to-drink Starbucks coffees in Southeast Asia, Oceania and Latin America, which will begin rolling out in next quarter.

展望未來，我們期待看到更緊密的星巴克和雀巢合作夥伴關係。這包括將星巴克品種引入 Nespresso 的數字銷售平台，這個渠道目前對我們來說並不存在，但代表著巨大的全球機遇。擴大星巴克與雀巢的合作夥伴關係，包括在 Nespresso 數字平台上包含許多傳統的星巴克品種，為虛擬平台共同創造星巴克儲備品種，以及在我們的美國烘焙店開發 Nespresso 體驗。我們也期待在東南亞、大洋洲和拉丁美洲推出我們的即飲星巴克咖啡，該咖啡將於下個季度開始推出。

In China, mobility restrictions and limits on in-store dining continue to significantly impact the business. However, as Belinda will soon share, we are beginning to see green shoots of recovery with sales and comps coming out of the quarter, reflecting sequential improvement.

在中國，流動限制和店內用餐限制繼續對業務產生重大影響。然而，正如貝琳達將很快分享的那樣，我們開始看到復甦的萌芽，本季度的銷售額和組合出現，反映了連續改善。

Lastly, we have been working on a very exciting new digital initiative that builds on our existing industry-leading digital platform and innovative new ways, all centered around coffee and, most importantly, loyalty that we will reveal at Investor Day. We believe this new digital Web 3-enabled initiative will allow us to build on the current Starbucks Rewards engagement model with its powerful spend-to-earn Stars approach while also introducing new methods of emotionally engaging customers, expanding our digital third place community and offering a broader set of rewards, including one-of-a-kind experiences that you can't get anywhere else, integrating our digital Starbucks Rewards ecosystem with Starbucks-branded digital collectibles as both a reward and a community building element.

最後，我們一直在致力於一項非常令人興奮的新數字計劃，該計劃建立在我們現有的行業領先數字平台和創新新方式的基礎上，所有這些都以咖啡為中心，最重要的是，我們將在投資者日展示的忠誠度。我們相信，這項支持數字 Web 3 的新計劃將使我們能夠在當前的星巴克獎勵參與模式的基礎上，利用其強大的“花錢賺星”方法，同時引入情感吸引客戶的新方法，擴展我們的數字第三場所社區並提供更廣泛的獎勵，包括您無法在其他任何地方獲得的獨一無二的體驗，將我們的數字星巴克獎勵生態系統與星巴克品牌的數字收藏品相結合，作為獎勵和社區建設元素。

This will create an entirely new set of digital network effects that will attract new customers and be accretive to existing customers in our core retail stores. As I mentioned at the outset, we are looking forward to fully showcasing the power and the opportunity of our reinvention plan that we will unleash at next month's Investor Day.

這將創造一套全新的數字網絡效應，吸引新客戶並增加我們核心零售店的現有客戶。正如我一開始提到的，我們期待著在下個月的投資者日充分展示我們重塑計劃的力量和機遇。

With that, I'll turn the call over to Frank Britt.

有了這個，我會把電話轉給弗蘭克布里特。

Thank you, Howard, and good afternoon, everyone. I've had the good fortune of joining our company during one of its most exciting times, a time of reinvention. We have come together as a Starbucks community and architected a comprehensive plan to future-proof and profitably grow the company. Our path forward is being informed by tens of thousands of daily customer experiences and our partner stories, ideas and dreams that have all helped shape over the past several months through on-hand collaboration sessions, digital surveys, live open forums and in direct dialogue with our key leaders. This process is indicative of a new and wide-ranging approach to democratizing innovation at Starbucks.

謝謝霍華德，大家下午好。我有幸在公司最激動人心的時期之一，即重塑時期加入我們公司。我們作為一個星巴克社區走到了一起，並製定了一項全面的計劃，以使公司面向未來並實現盈利增長。數以萬計的日常客戶體驗以及我們的合作夥伴故事、想法和夢想為我們前進的道路提供了信息，這些都在過去幾個月中通過現場協作會議、數字調查、實時開放論壇以及與我們的主要領導人。這一過程表明星巴克採用了一種新的、範圍廣泛的創新民主化方法。

Our reinvention efforts will begin with our core U.S. company-owned retail business, and over time, we'll expand across our global footprint. Specifically, we have prioritized 5 major strategic shifts to pivot the U.S. business in a new direction. Today, we will provide the guideposts and address the what of the overall program, while the how of this agenda will be reviewed on Investor Day in September.

我們的重塑工作將從我們的核心美國公司擁有的零售業務開始，隨著時間的推移，我們將擴大我們的全球足跡。具體來說，我們優先考慮了 5 項重大戰略轉變，以將美國業務轉向新的方向。今天，我們將提供指南並討論整體計劃的內容，而該議程的方式將在 9 月的投資者日進行審查。

To that end, first, powered by ongoing partner co-creation, we work to further connect the company to truly operate as one global enterprise enabled by new ways of working and a range of contemporary practices and tools. To start, for the U.S. company-owned retail business, we will focus on better integrating our culture and values across the 3 cohorts of our retail partners, operations partners and support center partners. Our end game is a greater focus as a single company with agility and empowered organization. And we see this work as the fabric that will help bind our change management agenda and will be meaningfully catalytic to our long-term operating and financial performance.

為此，首先，在持續的合作夥伴共同創造的支持下，我們努力進一步將公司聯繫起來，使其真正成為一個由新的工作方式和一系列現代實踐和工具支持的全球企業。首先，對於美國公司擁有的零售業務，我們將專注於更好地將我們的文化和價值觀整合到我們的零售合作夥伴、運營合作夥伴和支持中心合作夥伴這三個群體中。作為一家具有敏捷性和授權組織的單一公司，我們的最終目標是更加關注。我們認為這項工作將有助於約束我們的變革管理議程，並將對我們的長期運營和財務業績產生有意義的催化作用。

Secondly, we are fully embracing the need to radically improve our in-store partner experience. We know that our partners are vital to bringing an elevated Starbucks brand to our customers every day, and we seek to honor, empower and affirm their strategic importance. The first principles of our new partner engagement approach include both greater safety and kindness in our stores, personalized career pathway that drives advancement and opportunity and an explicit and personal emphasis on improving overall partner well-being.

其次，我們完全接受從根本上改善店內合作夥伴體驗的需求。我們知道，我們的合作夥伴對於每天為我們的客戶帶來提升的星巴克品牌至關重要，我們力求尊重、授權和肯定他們的戰略重要性。我們新的合作夥伴參與方法的首要原則包括在我們的商店中提高安全性和友善度，推動進步和機會的個性化職業道路，以及明確和個人強調改善整體合作夥伴福祉。

To that end, as we shared in our last earnings call, we have several high-impact improvement efforts in flight, including this week's wage acceleration for all U.S. in-store partners, doubling in-store partner training investments, reintroduction of our iconic Black Apron and Coffee Masters credential and the implementation of a new digital partner engagement platform. We also expect to roll out both the universal tipping and a new recognition and badging platform by calendar year-end 2022. Each of these substantial actions are part of a multiphase path to reinventing the retail partner experience that we expect will have a direct positive effect on partner retention, customer connection and essential brand affinity metrics.

為此，正如我們在上次財報電話會議中分享的那樣，我們在飛行中進行了幾項具有重大影響的改進工作，包括本週所有美國店內合作夥伴的工資加速，店內合作夥伴培訓投資翻倍，重新引入我們標誌性的 Black圍裙和咖啡大師證書以及新的數字合作夥伴參與平台的實施。我們還預計到 2022 年年底推出通用小費和新的認可和徽章平台。這些重大行動中的每一項都是重塑零售合作夥伴體驗的多階段路徑的一部分，我們預計這將產生直接的積極影響關於合作夥伴保留、客戶聯繫和基本品牌親和力指標。

Third, we must reimagine our stores. This starts with the core engine of production that must be better calibrated for the customer habits of today and deliver superior experiences through personalization across every format and in every channel. Innovations such as new bar configurations, patented coffee technology, novel store prototypes are high priorities in the plan designed to improve throughput and heavily customized beverages, along with both customer and partner experience. Our high-priority improvement efforts include key equipment acceleration to drive more efficient and effective operations such as Clover Vertica and expansive renovation and new store agenda.

第三，我們必須重新構想我們的商店。首先是生產的核心引擎，必須針對當今的客戶習慣進行更好的校準，並通過各種格式和每個渠道的個性化提供卓越的體驗。新酒吧配置、專利咖啡技術、新穎的商店原型等創新是該計劃的重中之重，旨在提高吞吐量和高度定制的飲料，以及客戶和合作夥伴的體驗。我們的高優先級改進工作包括加速關鍵設備以推動更高效和有效的運營，例如 Clover Vertica 以及大規模翻新和新店議程。

Fourth, we will further evolve how we reconnect with customers, mindful that each individual consumer must be provided a uniquely personal experience that is unified across channels. Building on our strong track record of superior customer engagement, representative initiatives in this sphere included a reimagined approach for customer-facing products and platforms, new models of effortless digital ordering and further growing the value proposition of our loyalty programs through novel and new strategic partnerships.

第四，我們將進一步改進與客戶重新建立聯繫的方式，注意必須為每個消費者提供跨渠道統一的獨特個人體驗。基於我們在卓越客戶參與方面的良好記錄，該領域的代表性舉措包括重新構想面向客戶的產品和平台的方法、輕鬆數字訂購的新模式以及通過新穎和新的戰略合作夥伴關係進一步提升我們忠誠度計劃的價值主張.

Fifth, we will redesign what partnership means at Starbucks, creating new ways to continue to evolve us from a listening company to a co-creation company. This translates into new approaches to shared innovation, shared accountability and shared success. This is both a competitive and a generational necessity. And for us, it's actually quite natural. Starbucks is built through the power of our partners' ideas and voices, and we know that reinvention must first unleash and then harness the power within every one of our partners.

第五，我們將重新設計夥伴關係在星巴克的意義，創造新的方式來繼續將我們從一家傾聽公司發展為一家共同創造公司。這轉化為共享創新、共享責任和共享成功的新方法。這既是競爭的需要，也是世代的需要。對我們來說，這實際上是很自然的。星巴克是通過我們合作夥伴的想法和聲音的力量建立起來的，我們知道，重塑必須首先釋放並利用我們每個合作夥伴的力量。

Finally, it's important to be declarative that within our highly integrative change agenda, coffee innovation is far more than an initiative or a project. Instead, the role of coffee will be threaded throughout each of our priorities and serve as our inspiration, foundation and fiercest differentiator in defining the future of Starbucks.

最後，重要的是要聲明，在我們高度整合的變革議程中，咖啡創新不僅僅是一項倡議或項目。相反，咖啡的作用將貫穿於我們的每一個優先事項，並成為我們定義星巴克未來的靈感、基礎和最激烈的差異化因素。

In summary, we firmly believe that when you combine the 5 strategic reinvention areas, bolstered by a rich tapestry of aligned initiatives and the reaffirmation of the importance of coffee, you will begin to see the emergence of a Starbucks that once again drives outsized performance financially, outsized impact socially and creates a work environment where all of our partners feel greater personal agency and are providing a personalized career path that matches their unique needs and aspirations. In the end, our goal is to become a wholly new kind of company that again sets a new higher standard for our industry and our business overall. We look forward to sharing more details on our Investor Day in September.

總而言之，我們堅信，當您將 5 個戰略再造領域結合起來，再加上一系列協調一致的舉措和對咖啡重要性的重申，您將開始看到星巴克的出現，再次推動財務業績的超常表現，對社會產生巨大影響，並創造一個工作環境，讓我們所有的合作夥伴都感受到更大的個人代理權，並提供符合他們獨特需求和願望的個性化職業道路。最終，我們的目標是成為一家全新的公司，再次為我們的行業和整體業務樹立新的更高標準。我們期待在 9 月的投資者日分享更多細節。

And now I'll turn the call over to Belinda.

現在我將把電話轉給貝琳達。

Thank you, Frank. In Q3, China faced its most severe COVID disruption since the onset of the pandemic. Mobility restrictions and lockdowns were implemented faster and eased more slowly under China's zero COVID policy. Shanghai, our largest market with more than 940 stores, was completely locked down for approximately 2/3 of the quarter. In Beijing, 150 stores or roughly 1/3 of our stores in the market were closed for almost 6 weeks with the balance of our Beijing stores operating without indoor dining.

謝謝你，弗蘭克。在第三季度，中國面臨著自大流行開始以來最嚴重的 COVID 中斷。在中國的零疫情政策下，行動限制和封鎖的實施速度更快，放鬆速度更慢。上海是我們最大的市場，擁有 940 多家門店，在本季度約 2/3 的時間裡完全關閉。在北京，150 家門店或我們在市場上大約 1/3 的門店關閉了近 6 週，而我們在北京的其餘門店則在沒有室內用餐的情況下營業。

We entered Q3 with over 1,300 stores, close to 1/4 of our total portfolio, temporarily closed. We exited the quarter with roughly 2,000 stores across nearly 50 cities operating with mandated reductions in seating capacity or other COVID restrictions. Similar patterns remain today with COVID restrictions being eased in some cities and new restrictions imposed in others. We continue to expect our recovery in China to be nonlinear.

我們進入第三季度時有超過 1,300 家門店，接近我們總投資組合的 1/4，暫時關閉。本季度結束時，我們在近 50 個城市的大約 2,000 家商店在強制減少座位容量或其他 COVID 限制的情況下運營。類似的模式今天仍然存在，一些城市放寬了對 COVID 的限制，而另一些城市則實施了新的限制。我們繼續預計我們在中國的複蘇將是非線性的。

In Q3, we continued to deepen our partnerships with suppliers, landlords and local authorities, streamline and adapt our supply chain, add new chapters to our COVID playbook and position the business for accelerated profitable growth as soon as COVID restrictions are fully lifted. Together, these efforts have provided us the flexibility and muscle we need to continue to operate as efficiently as possible given current market challenges. As a result, we were able to move quickly to reopen 90% of our Shanghai stores just within a few days of the city reopening.

在第三季度，我們繼續深化與供應商、房東和地方當局的合作夥伴關係，精簡和調整我們的供應鏈，為我們的 COVID 手冊添加新的章節，並在 COVID 限製完全解除後立即為加速盈利增長做好準備。總之，這些努力為我們提供了在當前市場挑戰下繼續盡可能高效運營所需的靈活性和力量。因此，我們能夠在上海重新開放後的幾天內迅速採取行動，重新開放了 90% 的上海門店。

We continue to put our partners first, ensuring their safety and well-being and compensating them fully even when our stores were closed. In turn, our partners continue to deliver exceptional experiences for our customers, as reflected in the record high customer connection scores we achieved in Q3.

我們繼續把我們的合作夥伴放在首位，確保他們的安全和福祉，即使我們的商店關門，也會給予他們充分的補償。反過來，我們的合作夥伴繼續為我們的客戶提供卓越的體驗，這反映在我們在第三季度取得的創紀錄的客戶連接分數上。

COVID is forcing Starbucks to become more flexible, resilient and agile in China and get even better at operating and executing at scale. The benefit of our investments in our people and our operations will become increasingly evident in post-COVID quarters and years ahead.

COVID 迫使星巴克在中國變得更加靈活、有彈性和敏捷，並在大規模運營和執行方面做得更好。我們對員工和運營進行投資的好處將在 COVID 後的幾個季度和未來幾年變得越來越明顯。

COVID-related headwinds in Q3 resulted in Starbucks net revenue in China declining 40% and sales comp declining 44% versus last year. But I'm pleased to report that we saw immediate improvement in traffic and sales following Shanghai's reopening in early June, saw steady sequential improvement in both metrics through the month and exited the quarter with a negative comp of 24% after indoor dining restrictions in Shanghai were partially lifted at the end of June. The improvement was fueled by customers returning to our stores and celebrating the reconnection and familiarity with the Starbucks brand. We're seeing a strong positive correlation between comp improvement and the easing of COVID restrictions, giving us confidence that we'll see both a strong rebound in sales and improved flow-through once mobility restrictions in China are fully lifted.

第三季度與 COVID 相關的不利因素導致星巴克在中國的淨收入下降 40%，銷售額同比下降 44%。但我很高興地報告，在上海於 6 月初重新開放後，我們看到客流量和銷售額立即有所改善，整個月這兩個指標都在穩步改善，並在上海限制室內用餐後以 24% 的負數退出本季度6月底部分解除。顧客回到我們的商店並慶祝與星巴克品牌的重新聯繫和熟悉，推動了這一改進。我們看到薪酬改善與 COVID 限制放鬆之間存在很強的正相關關係，這讓我們相信，一旦中國的出行限製完全解除，我們將看到銷售的強勁反彈和流動性的改善。

We continued our store expansion in Q3, opening 107 net new stores and entering 3 new cities despite the headwinds and now operate 5,761 stores across 228 cities. And we remain on track to have 6,000 stores in China by the end of this year. Our new stores continue to achieve best-in-class returns and profitability.

我們在第三季度繼續擴張門店，淨開設 107 家新店並進入 3 個新城市，儘管逆風而行，目前在 228 個城市經營 5,761 家門店。到今年年底，我們仍有望在中國擁有 6,000 家門店。我們的新店繼續實現一流的回報和盈利能力。

The investments we're making to elevate our customers' digital experience and strengthen their digital connection to Starbucks are paying off. Mobile ordering sales mix increased to a record high 47% in Q3, up 13% over prior year and up 4% over Q2 as we adapted to COVID-driven changes in customer behavior. We also continue to invest in product innovation and extending Starbucks coffee leadership and authority in China. As Howard mentioned, Iced Shaken Espresso introduced only in June has already become one of our best-selling iced coffee beverages among our Gen Z customers, driving both sales and incremental traffic.

我們為提升客戶的數字體驗和加強他們與星巴克的數字聯繫所做的投資正在取得回報。由於我們適應了 COVID 驅動的客戶行為變化，移動訂購銷售組合在第三季度增長至創紀錄的 47%，比去年同期增長 13%，比第二季度增長 4%。我們還繼續投資於產品創新，擴大星巴克咖啡在中國的領導地位和權威。正如霍華德所說，僅在 6 月推出的 Iced Shaken Espresso 已經成為我們 Z 世代客戶中最暢銷的冰咖啡飲料之一，推動了銷售和流量的增長。

Our Q3 performance demonstrates the resilience of the Starbucks brand and business in China and that we're continuing our relentless focus on the long term even as we navigate short-term disruptions, positioning us to resume accelerated and long-term sustainable growth in China as soon as COVID restrictions are fully lifted. I want to sincerely thank all of our partners in China for their dedication, commitment and deep loyalty and for taking care of our communities, our customers and each other during this unprecedented time.

我們第三季度的表現表明了星巴克品牌和中國業務的韌性，即使我們在應對短期中斷時，我們仍將繼續不懈地關注長期，使我們能夠在中國恢復加速和長期可持續增長，因為一旦 COVID 限製完全解除。我要衷心感謝我們在中國的所有合作夥伴的奉獻、承諾和忠誠，感謝他們在這個前所未有的時期照顧我們的社區、我們的客戶和彼此。

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

有了這個，我會把電話轉給瑞秋。雷切爾？

Thank you, Belinda, and good afternoon, everyone. As Howard mentioned at the top of the call, we delivered record-breaking revenue performance during the quarter, driven by continued strong customer demand globally despite a greater-than-expected impact from mobility restrictions in China. We also exceeded our earnings expectations, demonstrating our ability to effectively deliver results while executing on planned investments and navigating a dynamic environment.

謝謝你，貝琳達，大家下午好。正如霍華德在電話會議開頭提到的那樣，儘管中國出行限制的影響超出預期，但在全球客戶需求持續強勁的推動下，我們在本季度實現了創紀錄的收入表現。我們還超出了盈利預期，展示了我們在執行計劃投資和駕馭動態環境的同時有效交付成果的能力。

In Q3, we delivered record quarterly global revenue of $8.2 billion, up 9% from the prior year or 11% when excluding the 2% impact of foreign currency translation. Our strong growth was driven by double-digit revenue growth in the U.S. as well as nearly all major markets and channels across our global portfolio, partially offset by a 40% decline in China revenue.

在第三季度，我們實現了創紀錄的季度全球收入 82 億美元，比去年同期增長 9%，如果不包括 2% 的外幣折算影響，則增長 11%。我們的強勁增長得益於美國以及我們全球投資組合中幾乎所有主要市場和渠道的兩位數收入增長，部分被中國收入下降 40% 所抵消。

Q3 consolidated operating margin contracted 350 basis points from the prior year to 16.9%, primarily driven by ongoing inflationary headwinds, significant investments in labor, including enhanced store partner wages and deleverage related to COVID lockdowns in China. These were partially offset by pricing in North America and leverage outside of China. Q3 EPS was $0.84, declining 15% from the prior year but ahead of expectations.

第三季度綜合營業利潤率較上年下降 350 個基點至 16.9%，這主要是由於持續的通脹逆風、對勞動力的大量投資，包括提高商店合作夥伴的工資以及與中國 COVID 封鎖相關的去槓桿化。這些被北美的定價和中國以外的槓桿部分抵消。第三季度每股收益為 0.84 美元，比上年下降 15%，但超出預期。

I will now provide segment highlights for Q3. North America delivered revenue of $6.1 billion in Q3, up 13% from the prior year and also an all-time record, primarily driven by a 9% increase in comparable store sales, including an 8% increase in average ticket as well as net new store growth over the past 12 months. Compelling growth in our U.S. licensed store business also contributed to the segment's strong revenue performance.

我現在將提供第三季度的細分亮點。北美第三季度實現收入 61 億美元，比去年同期增長 13%，也創下歷史新高，主要受可比商店銷售額增長 9% 的推動，其中包括平均票價增長 8% 以及淨新過去 12 個月的商店增長。我們美國特許商店業務的強勁增長也促成了該部門強勁的收入表現。

Our U.S. business posted 9% comparable store sales growth, driven by ticket, a remarkable feat considering we were lapping a record-breaking quarter from last year. Our average ticket reached an all-time high yet again with the year-over-year increase driven by strategic pricing actions and food attach.

在門票的推動下，我們的美國業務實現了 9% 的可比門店銷售額增長，考慮到我們與去年相比創下了創紀錄的季度業績，這是一項了不起的成就。在戰略定價行動和食品附加的推動下，我們的平均票價再次創下歷史新高。

Strong food attach is a direct result of continued innovation, which resonates with our customers. New items, including our Lime-Frosted Coconut Bar and staples such as the Grilled Cheese Sandwich, both performed well. Our creative innovation approach has led to successful beverage and food pairings, fueling food attach and driving daypart growth. While transactions remained below pre-pandemic levels, average weekly sales and unique customer counts reached record levels in the quarter, demonstrating that the Starbucks brand is reaching more customers than ever, and customers are highly engaged when they frequent our stores.

強烈的食物依戀是持續創新的直接結果，這與我們的客戶產生了共鳴。新產品，包括我們的石灰磨砂椰子棒和烤奶酪三明治等主食，都表現良好。我們的創造性創新方法成功地實現了飲料和食物搭配，促進了食物的附著並推動了白天的增長。儘管交易量仍低於大流行前水平，但本季度的平均每週銷售額和獨立客戶數量達到了創紀錄水平，這表明星巴克品牌接觸到的客戶比以往任何時候都多，而且客戶在光顧我們的商店時參與度很高。

As both Howard and Frank discussed, we are singularly focused on executing the reinvention plan. Although measurable benefits of the reinvention plan investments will begin to manifest in FY '23, we are encouraged by the investments made so far this year, as we've already experienced increased labor availability and stability, more predictable operating hours as well as higher partner engagement scores in the U.S.

正如霍華德和弗蘭克所討論的，我們非常專注於執行重塑計劃。儘管重塑計劃投資的可衡量收益將在 23 財年開始顯現，但我們對今年迄今為止的投資感到鼓舞，因為我們已經經歷了勞動力可用性和穩定性的增加、更可預測的工作時間以及更高的合作夥伴美國的參與度分數

Our tenured partner turnover, those with 1 to 2 years of tenure, has also improved, evidence that our targeted investments to address wage compression are making a difference. We know based on data across our more than 9,000 U.S. company-operated stores that stores with lower turnover and higher partner engagement tend to have better operational and financial metrics relative to their peer set, often leading to better overall customer connection stores. We believe our intentional and targeted investments, which are part of the reinvention plan, will meaningfully elevate the Starbucks Experience for partners, stores and customers.

我們的終身合夥人離職率（那些任期為 1 至 2 年的合夥人）也有所改善，這表明我們為解決工資壓縮問題而進行的針對性投資正在發揮作用。根據我們 9,000 多家美國公司自營商店的數據，我們知道，營業額較低且合作夥伴參與度較高的商店相對於同行而言往往具有更好的運營和財務指標，通常會帶來更好的整體客戶聯繫商店。我們相信，作為重塑計劃的一部分，我們的有意和有針對性的投資將有意義地提升合作夥伴、商店和客戶的星巴克體驗。

North America's operating margin was 22.2% in Q3, contracting 250 basis points from the prior year, primarily due to ongoing inflationary headwinds, labor investments, including enhanced store partner wages and new partner training support costs, partially offset by pricing. While we begin executing investments under the reinvention plan, we were also focused on taking disciplined actions to offset margin pressures. Such measures include targeted pricing actions, store throughput initiatives and prioritization of discretionary spend, enabling the segment to fund critical investments while delivering Q3 performance as planned.

北美第三季度的營業利潤率為 22.2%，比上年減少 250 個基點，主要是由於持續的通脹逆風、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支持成本，部分被定價抵消。在我們開始根據重塑計劃執行投資的同時，我們還專注於採取有紀律的行動來抵消利潤壓力。這些措施包括有針對性的定價行動、商店吞吐量計劃和可自由支配支出的優先級，使該部門能夠為關鍵投資提供資金，同時按計劃交付第三季度業績。

Moving on to International. The segment delivered third quarter revenue of $1.6 billion, down 6% from the prior year or up 3% when excluding a 9% unfavorable impact from foreign currency translation. We saw strong sales growth across every major market in the segment outside of China and increased our net new store count by 8% over the last 12 months. The growth was partially offset by an 18% decline in comparable store sales, reflecting the severe impacts of COVID lockdowns across China, as Belinda noted.

繼續國際。該部門第三季度的收入為 16 億美元，比去年同期下降 6%，如果不包括外幣換算帶來的 9% 的不利影響，則增長 3%。在過去 12 個月中，我們在中國以外的細分市場的每個主要市場都看到了強勁的銷售增長，並且我們的淨新店數量增加了 8%。正如貝琳達所指出的，這一增長被可比商店銷售額下降 18% 部分抵消，這反映了中國各地 COVID 封鎖的嚴重影響。

Outside of China, the tremendous growth of our international markets across our global portfolio continued into Q3, growing at 50% and more than offsetting the revenue challenges we experienced in China when excluding the impact of foreign currency translation. Virtually all of our key markets and regions posted double-digit revenue growth, including our licensed markets. Most of these markets' revenues have reached or exceeded pre-COVID levels and have set new record highs in recent quarters, driven by strong innovation and expanded digital capabilities. Strong momentum, combined with the sizable opportunity afforded by new store formats, gives us great confidence in the long runway of growth ahead for our international markets.

在中國以外，我們在全球投資組合中國際市場的巨大增長持續到第三季度，增長了 50%，超過了我們在排除外幣折算影響時在中國遇到的收入挑戰。幾乎我們所有的主要市場和地區都實現了兩位數的收入增長，包括我們的許可市場。在強大的創新和擴展的數字能力的推動下，這些市場的大部分收入已達到或超過 COVID 之前的水平，並在最近幾個季度創下新高。強勁的勢頭，加上新店形式提供的大量機會，使我們對國際市場未來的長期增長充滿信心。

Operating margin for the International segment was 12.4% in Q3, down 950 basis points from the prior year, mainly driven by the leverage related to COVID impacts in China, sustained inflationary headwinds, lapping higher prior year government subsidies as well as partner investments, partially offset by strong sales leverage across markets outside of China.

國際業務第三季度的營業利潤率為 12.4%，比上年下降 950 個基點，主要受與中國 COVID 影響相關的槓桿、持續的通脹逆風、上一年政府補貼以及合作夥伴投資的增加，部分原因是被中國以外市場強大的銷售槓桿所抵消。

Looking ahead, however, the International segment may face near-term challenges. Given the prolonged lockdowns in China with limited mobility recovery in Q3, the headwinds now extend into Q4 as the market continues to recover. The current pace of recovery implies that China's operating income contribution as a percent of global operating income may be reduced further than what we had previously anticipated to roughly 1/4 of the contribution realized in a typical fiscal year. Outside of China, the increase in COVID cases around the world may temper the rapid growth we are currently seeing in many markets.

然而，展望未來，國際業務可能面臨近期挑戰。鑑於中國在第三季度的長期封鎖和有限的流動性複蘇，隨著市場繼續復甦，不利因素現在延伸到第四季度。目前的複蘇速度意味著中國的營業收入佔全球營業收入的百分比可能會比我們之前預期的進一步降低，約為典型財年實現的貢獻的 1/4。在中國以外，全球 COVID 病例的增加可能會緩和我們目前在許多市場看到的快速增長。

Moving on to channel development. The segment's revenue grew 16% to $480 million in Q3, driven by growth in both the Global Coffee Alliance and our ready-to-drink businesses. Channel development continues to play an essential role in amplifying and diversifying the Starbucks presence around the world and creating new occasions. Starbucks remains the market leader in both the total U.S. at-home coffee and ready-to-drink categories. As Howard mentioned, our partnership with Nestle continues to strengthen, and we're pleased with the competitive advantage it has created and excited about the heightened performance the strategic partnership will unleash.

繼續進行渠道開發。在全球咖啡聯盟和我們的即飲業務增長的推動下，該部門的收入在第三季度增長了 16% 至 4.8 億美元。渠道開發在擴大和多元化星巴克在全球的影響力和創造新場合方面繼續發揮重要作用。星巴克仍然是美國家庭咖啡和即飲類別的市場領導者。正如霍華德所說，我們與雀巢的合作夥伴關係不斷加強，我們對它創造的競爭優勢感到滿意，並對戰略合作夥伴關係將釋放的更高績效感到興奮。

Newer platforms continue to be significant drivers of growth for the Global Coffee Alliance, including Starbucks by Nespresso and Starbucks Creamers. Within our ready-to-drink lineups, we continue to be pleased with our recent product innovations like our new chilled cup offerings in our international markets with robust innovations in the pipeline fueling continued long-term growth. The segment's operating margin was 40% in Q3, down 670 basis points from the prior year, mainly driven by a decline in joint venture income related to our U.S. ready-to-drink business, primarily due to inflation as well as business mix shift.

更新的平台繼續成為全球咖啡聯盟增長的重要推動力，包括 Nespresso 旗下的星巴克和星巴克奶精。在我們的即飲產品系列中，我們繼續對我們最近的產品創新感到滿意，例如我們在國際市場上的新冷藏杯產品，以及在管道中的強大創新推動了持續的長期增長。該部門第三季度的營業利潤率為 40%，比上年下降 670 個基點，主要是由於與我們的美國即飲業務相關的合資企業收入下降，主要是由於通貨膨脹和業務組合的轉變。

Now moving on to the balance of fiscal year '22. While our guidance remains suspended for the balance of this fiscal year, we wanted to provide some insights regarding Q4. We now expect our Q4 margin and EPS to be lower than Q3 with greater year-over-year pressures primarily due to 3 reasons. First, the start of mobility recovery in China was later than expected, impacting the pace of recovery previously assumed in Q4. Second, our Q3 performance benefited from approximately $0.05 of nonrecurring benefits, including release of a custom duties accrual, tax credits, government subsidies and other items which we do not expect to continue in Q4. And third, as previously announced, Q4 will be impacted by a sequential step-up in our investments as well as our typical seasonality.

現在轉到 22 財年的餘額。雖然我們的指導在本財年的剩餘時間內仍然暫停，但我們想提供一些關於第四季度的見解。我們現在預計我們的第四季度利潤率和每股收益將低於第三季度，同比壓力更大，主要是由於三個原因。首先，中國出行複甦的開始時間晚於預期，影響了之前在第四季度假設的複蘇步伐。其次，我們第三季度的業績受益於大約 0.05 美元的非經常性福利，包括釋放應計關稅、稅收抵免、政府補貼和其他我們預計不會在第四季度繼續的項目。第三，正如之前宣布的那樣，第四季度將受到我們投資的連續增加以及我們典型的季節性的影響。

Between executing on the reinvention plan and other investments such as increases in wage benefits announced earlier this year, we expect our U.S. investments to more than double from Q3 to Q4. Although these factors will impact our Q4 results, they're expected to be transitory in nature, and our commitment to accelerating long-term growth remains intact.

在執行重塑計劃和今年早些時候宣布的增加工資福利等其他投資之間，我們預計我們的美國投資將從第三季度到第四季度增加一倍以上。儘管這些因素將影響我們的第四季度業績，但預計它們在本質上是暫時的，我們對加速長期增長的承諾保持不變。

From a shareholder return perspective, although we announced the suspension of share repurchases for the balance of fiscal year '22, we have nearly returned $6 billion between share repurchases and dividends during the first 3 quarters of fiscal '22. Additionally, we remain committed to sustaining an attractive dividend and continue to target an earnings payout ratio of approximately 50%, which is near the top end of growth companies of our size and scale. Our commitment reflects our confidence in the strength of the business and to returning compelling cash distributions to shareholders while retaining balance sheet flexibility and funding our investments.

從股東回報的角度來看，儘管我們宣佈在 22 財年的餘額中暫停股票回購，但在 22 財年的前三個季度，我們在股票回購和股息之間已經返還了近 60 億美元。此外，我們仍致力於維持具有吸引力的股息，並繼續將收益派息率設定為約 50%，這接近於我們規模和規模的成長型公司的高端。我們的承諾反映了我們對業務實力以及向股東返還具有吸引力的現金分配的信心，同時保持資產負債表的靈活性並為我們的投資提供資金。

In closing, here are key takeaways for my discussion today. Our Q3 performance underscored continued strength in customer demand for Starbucks coffee across the globe balanced with our ability to execute investments despite macroeconomic and operational headwinds. Our commitment to deliver shareholder value has not wavered, and we are making the right decisions and investments today for the future of Starbucks, balancing the value we create for all stakeholders. Our acceleration of long-term growth is rooted in our ability to execute against our reinvention plan, and we're looking forward to sharing details and providing a comprehensive update on our business outlook for FY '23 and beyond at our Investor Day in September.

最後，以下是我今天討論的主要內容。我們第三季度的業績突顯了全球客戶對星巴克咖啡的需求持續強勁，與我們在宏觀經濟和運營逆風的情況下執行投資的能力相平衡。我們為股東創造價值的承諾沒有動搖，我們今天正在為星巴克的未來做出正確的決策和投資，平衡我們為所有利益相關者創造的價值。我們加速長期增長的根源在於我們執行重塑計劃的能力，我們期待在 9 月的投資者日分享詳細信息並提供關於 23 財年及以後業務前景的全面更新。

As always, the real credit for our success belongs to all of our Green Apron partners around the world who strive to deliver the best Starbucks Experience possible each and every day. They have our greatest respect and appreciation as we reinvent the next phase of Starbucks together.

與往常一樣，我們成功的真正功勞屬於我們在世界各地的所有 Green Apron 合作夥伴，他們每天都在努力提供最好的星巴克體驗。在我們共同重塑星巴克下一階段的過程中，他們得到了我們最大的尊重和讚賞。

With that, we will open the call to Q&A. Operator?

有了這個，我們將打開問答電話。操作員？

(Operator Instructions) Your first question comes from Jeffrey Bernstein with Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的 Jeffrey Bernstein。

Great. Appreciate all the color and the update. Just one question, 2 parts. The first just relates to the new CEO. Just wondering your thoughts in terms of whether that leader will have the ability to perhaps blaze a different path than that laid out at the Investor Day. It would just seem like there's some risk in terms of that hiring with the perhaps reinvention plan already laid out. So any color you could provide on the CEO search would be great.

偉大的。欣賞所有顏色和更新。一個問題，2個部分。第一個只是與新任首席執行官有關。只是想知道您對這位領導者是否有能力開闢與投資者日所規定的道路不同的道路的想法。就已經制定的重塑計劃而言，招聘方面似乎存在一些風險。因此，您可以在 CEO 搜索中提供的任何顏色都會很棒。

And then just as a follow-up, is there any color you can share in terms of the tweaks you're thinking about to the long-term top or bottom line algorithm? I know you previously alluded to some maybe acceleration of unit growth, but anything you can share in terms of early insights into the long-term algorithm changes would be great.

然後作為後續行動，您是否可以分享您正在考慮對長期頂線或底線算法進行的調整？我知道您之前提到過可能會加速單位增長，但是您可以分享的任何關於長期算法變化的早期見解的內容都會很棒。

I'll take the first question, which I think is an easier one. There is absolutely no risk whatsoever to the reinvention, modernization plan that we've outlined in terms of CEO succession. And let me try and explain what I mean by that.

我會回答第一個問題，我認為這是一個更容易的問題。我們在 CEO 繼任方面概述的重塑和現代化計劃絕對沒有任何風險。讓我試著解釋一下我的意思。

We've got, in my view, an extraordinary slate of candidates who are very interested in the job. We've narrowed it down to a select few. The biggest piece of this puzzle, in addition to experience, domain understanding of the market and a global person, is an understanding of the culture, values and guiding principles of the company, someone who really has a conscience in terms of the humanity of Starbucks.

在我看來，我們有很多對這份工作非常感興趣的候選人。我們已將其範圍縮小到少數幾個。這個難題最大的一塊，除了經驗、對市場的領域理解和一個全球化的人，是對公司文化、價值觀和指導原則的理解，一個真正有良心的星巴克人性.

And all the candidates that we are talking to, we are paralleling the reinvention and modernization plan, so there's no misunderstanding. And I can tell you that the candidates are extremely excited and positive and in agreement with what we're doing in terms of investing ahead of the growth curve, reinventing the partner customer and store experience, and the equity and power of the brand is apparent. No one on this call should think whatsoever that there's any risk in terms of this plan not being executed.

我們正在與之交談的所有候選人，我們都在並行改造和現代化計劃，所以沒有誤解。我可以告訴你，候選人非常興奮和積極，並且同意我們在增長曲線之前進行投資、重塑合作夥伴客戶和商店體驗方面所做的事情，並且品牌的資產和力量是顯而易見的.本次電話會議上的任何人都不應認為該計劃不執行存在任何風險。

And lastly, I've committed myself to stay as long as necessary to ensure the fact that the new CEO has a soft landing in the company, that we have a long immersion process, and then I transition on the Board so I can mentor and help the next CEO. I'm encouraged by the quality of the candidates. And certainly the candidates who we are looking have a world view of the economy, geopolitical issues and understanding the power of the Starbucks brand and, most importantly, the humanity of the company.

最後，我承諾在必要時留任，以確保新 CEO 在公司軟著陸，我們有一個長期的沉浸式過程，然後我在董事會過渡，這樣我就可以指導和幫助下一任CEO。我對候選人的素質感到鼓舞。當然，我們正在尋找的候選人對經濟、地緣政治問題和星巴克品牌的力量以及最重要的是公司的人性有世界觀。

And Jeffrey, I'll take the second part of your question. As it relates to FY '23, as you know, we've suspended guidance for the remainder of this fiscal year, and we look forward to sharing more about our long-term growth algorithm with you at Investor Day. That will share perspective on FY '23 as well as a longer-term time period. So we'll be looking forward to updating you then regarding what we're expecting for FY '23 and beyond.

杰弗裡，我會回答你問題的第二部分。如您所知，由於它與 23 財年有關，我們已暫停本財年剩餘時間的指導，我們期待在投資者日與您分享更多關於我們的長期增長算法的信息。這將分享對 23 財年以及長期時間段的看法。因此，我們期待著向您更新我們對 23 財年及以後的預期。

Your next question comes from John Ivankoe with JPMorgan.

您的下一個問題來自摩根大通的 John Ivankoe。

I know there's a lot of conversation about the U.S. business that's seeing record customer demand, but the overall number still suggests that same-store traffic is still down somewhere in the double digits, excuse me, versus 2019. So I just wanted to kind of drill down a little bit in terms of what some capacity or efficiency enhancements at the store level might mean. So firstly, is there a plan? Or do you have a thought of kind of returning that core morning daypart business, the ritual business, kind of the real habit-driven business that was long such an important part of everyone's life in the U.S.? Is it just a return to normal from a customer side? Or do you have some specific initiatives to maybe bring that customer back is kind of the first part of the question.

我知道有很多關於美國業務的討論看到了創紀錄的客戶需求，但總體數字仍然表明，同店客流量仍以兩位數下降，對不起，與 2019 年相比。所以我只是想有點深入了解商店級別的某些容量或效率增強可能意味著什麼。那麼首先，有沒有計劃？或者你有沒有想過讓早上的核心業務，儀式業務，那種真正的習慣驅動的業務回歸，這種業務長期以來一直是美國每個人生活中如此重要的一部分？只是從客戶方面恢復正常嗎？或者您是否有一些具體的舉措來吸引客戶回來是問題的第一部分。

And the second part of the question, as it relates to adding capacity in the afternoon, which I think is where your growth has been the best. We've seen a shift to food. We've seen a shift to cold. How much capacity can be added to that afternoon business through things like better training hours, procedural changes versus what might be more complicated and time-consuming around equipment and actual physical store design that, in this current environment, whether equipment or permitting, what have you, just might take more time?

問題的第二部分，因為它與下午增加容量有關，我認為這是你的增長最好的地方。我們已經看到了向食物的轉變。我們已經看到了向寒冷的轉變。通過更好的培訓時間、程序更改與可能更複雜和耗時的設備和實際實體店設計相比，可以為下午的業務增加多少容量，在當前環境下，無論是設備還是允許，有什麼你，可能需要更多的時間？

John, this is John Culver. Just real quick. We're very bullish on our business right now just in terms of the overall growth prospects and the number of customers that are walking in our doors each and every day. Now clearly, the composition of customer visits have shifted versus what we saw in pre-pandemic. And so new routines are being established. And we're seeing that particularly in the suburban areas as well as the convenience channels of drive-through, MOP and delivery. Those channels accounted for 72% of our revenues. Generally speaking, we see single transactions in those channels with a much higher ticket, which has translated into higher ticket for the quarter. So that's one big piece of it.

約翰，這是約翰卡爾弗。真的很快。就整體增長前景和每天走進我們家門的客戶數量而言，我們現在非常看好我們的業務。現在很明顯，與我們在大流行前看到的情況相比，客戶訪問的構成已經發生了變化。因此，正在建立新的例程。我們在郊區以及得來速、MOP 和送貨等便利渠道中看到了這一點。這些渠道占我們收入的 72%。一般來說，我們看到這些渠道中的單筆交易具有更高的票數，這已轉化為本季度更高的票數。所以這是其中的一大塊。

The second piece as related to day parts, we are seeing morning continuing to grow in the quarter, represented 51% of our sales, which is beginning to return to normal. That will be driven by the urban core opening up -- back up. We did see for the fifth consecutive quarter positive comp growth in the urban core and on the edges of that. And we're optimistic that those morning routines are going to start coming back, which will drive higher transactions and probably a little bit lower ticket at that time because those are single transactions at that point in time.

第二部分與日用部分有關，我們看到該季度上午繼續增長，占我們銷售額的 51%，開始恢復正常。這將由城市核心開放——備份驅動。我們確實看到城市核心和邊緣地區連續第五個季度實現正向增長。而且我們樂觀地認為，那些早上的例行公事將開始恢復，這將推動更高的交易量，並且當時可能會降低票價，因為這些都是當時的單筆交易。

We continue to see strong beverage growth overall, 9% in the quarter. Cold, obviously, was the biggest contributor. 74% of our beverage sales was cold. But when you look at it across all categories, espresso, brewed coffee, refreshers, all those were strong double digit in the quarter. And then equally is the optimism that we have with the ability to customize and modify beverages. If you look at modifiers that are contributing to the growth of the business, those grew over $60 million in the quarter and contributed significantly to the attach rate.

我們繼續看到整體飲料增長強勁，本季度增長 9%。冷，顯然，是最大的貢獻者。我們 74% 的飲料銷售是冷飲。但是，當您查看所有類別的濃縮咖啡、現煮咖啡、提神飲料時，所有這些在本季度都是強勁的兩位數。然後同樣是我們對定制和修改飲料能力的樂觀態度。如果您查看有助於業務增長的修飾符，這些修飾符在本季度增長了超過 6000 萬美元，並對附加率做出了重大貢獻。

In addition, we're seeing a higher attach on food. Food drove 19% growth in the quarter. And clearly, across all day parts of food, whether that be morning, afternoon or early evening, we saw strong growth, double-digit growth across all those food categories. So we feel good about the numbers of customers coming in.

此外，我們看到對食物的重視程度更高。食品在本季度推動了 19% 的增長。很明顯，在食物的全天部分，無論是早上、下午還是傍晚，我們都看到了所有這些食品類別的強勁增長，兩位數的增長。因此，我們對進來的客戶數量感到滿意。

And then just a couple more data points I would add to this is, first off, our average weekly sales are at an all-time high. And when you look at our average weekly sales, we were 30% up versus pre-pandemic levels, okay? So that's one data point. The second data point as it relates to unique customer visits, and this gets to more customers coming in our stores, our unique customer visits were up 6% versus last year and up 9% versus last quarter. And clearly, the Mobile Order & Pay digital footprint continues to grow, again, 27 million members, up 19%.

然後我要添加的更多數據點是，首先，我們的平均每週銷售額處於歷史最高水平。當您查看我們的平均每週銷售額時，與大流行前的水平相比，我們增長了 30%，好嗎？這是一個數據點。第二個數據點與獨特的客戶訪問量有關，這讓更多的客戶光臨我們的商店，我們的獨特客戶訪問量與去年相比增長了 6%，與上一季度相比增長了 9%。很明顯，Mobile Order & Pay 數字足跡繼續增長，再次達到 2700 萬會員，增長 19%。

So we feel good about the path that we're on. As customers begin to normalize routines, we feel transactions will come up. We'll continue to invest in the areas of engaging our customers and meeting them where they're at. So we feel good about the traction that we have thus far.

因此，我們對自己所走的道路感覺良好。隨著客戶開始使日常生活正常化，我們認為交易將會出現。我們將繼續投資於吸引客戶並在他們所在的地方與他們會面的領域。因此，我們對迄今為止的牽引力感覺良好。

Your next question comes from Andy Barish with Jefferies.

您的下一個問題來自 Jefferies 的 Andy Barish。

Just wondering if there's any way to kind of quantify what this current wage increase -- the wage inflation that you have managed and put in place in response to some of the partner issue, but also more so kind of where does this go next? Is it really more of a benefits issue? And do you think this kind of -- this latest increase sort of gets you [well placed from all fronts]?

只是想知道是否有任何方法可以量化當前的工資增長——你為應對某些合作夥伴問題而管理和實施的工資通脹，但更重要的是接下來會去哪裡？真的更多的是福利問題嗎？你認為這種 - 這種最新的增長讓你[從各個方面都處於有利地位]？

Andy, I can start with part of that question, and I'll probably turn it over to Frank to give a little bit more color. But what I can say is of the wage investments that we've taken in of our broader investments overall, as you know, it's an incremental $1 billion this year, largely related to wage but in addition to that, more training hours, more labor hours to be able to support some of our production. What that does when you think about it is from a revenue standpoint on a consolidated basis, in Q3, that was about 2% of our overall consolidated revenue. It will be about 4% next quarter. So that gives you a perspective.

安迪，我可以從這個問題的一部分開始，我可能會把它交給弗蘭克，給它更多的色彩。但我能說的是，我們在整體投資中所投入的工資投資，如你所知，今年增加了 10 億美元，主要與工資有關，但除此之外，更多的培訓時間，更多的勞動力小時能夠支持我們的一些生產。從第三季度綜合收入的角度考慮，這大約占我們整體綜合收入的 2%。下個季度約為 4%。所以這給了你一個視角。

I think when we think about what's coming to FY '23, certainly, we'll share more about that at Investor Day. But I think this really sets the stage for us to be able to do exactly the foundational parts of our reinvention plan, which are really trying to address the better experience for our partners through increasing the experience of our stores, providing better training, overall benefits, leading to an overall engagement increase for our partners. In addition to that, we're also spending to be able to ensure that we're elevating the experience for our customers, the combination of that we see as a great foundation to where we head in the future. But I'll turn it over to Frank for a little bit more color.

我認為，當我們考慮到 23 財年會發生什麼時，我們當然會在投資者日分享更多相關信息。但我認為這確實為我們能夠準確地完成我們重塑計劃的基礎部分奠定了基礎，這實際上是試圖通過增加我們商店的經驗、提供更好的培訓、整體收益來為我們的合作夥伴提供更好的體驗，從而提高我們合作夥伴的整體參與度。除此之外，我們還花費了能夠確保我們提升客戶體驗的能力，我們認為這是我們未來發展方向的良好基礎。但我會把它交給弗蘭克以獲得更多顏色。

Yes. I think that one of the thesis we have is -- for reinvention is that in the same way that we distinguish ourselves over the years to personalize the experience for the customer, we feel like the same principles can be applied to our Green Aprons. And so the work that we're doing is to lay the foundation to complement wage increases -- to complement wage increases to meet a variety of other needs that folks have based on either where they are in their lives and/or where they are in their careers.

是的。我認為我們的論點之一是——對於重塑來說，就像我們多年來為客戶提供個性化體驗而與眾不同一樣，我們覺得同樣的原則可以應用於我們的綠色圍裙。因此，我們正在做的工作是為補充工資增長奠定基礎——補充工資增長以滿足人們基於他們在生活中和/或在哪裡的各種其他需求他們的事業。

And so what you should expect from us in the months and quarters ahead is a greater opportunity to personalize the experience for Green Aprons to meet them where they are. And that could include a whole variety of things from new services, new types of flexibility, new types of credentialing models, new types of training notions and just moving us away from a one-size-fits-all approach to meet people where they are in their lives, the same way we've done it so well with our customers.

因此，在接下來的幾個月和幾個季度，您應該對我們期望的是一個更大的機會，讓 Green Aprons 能夠在他們所在的地方與他們會面。這可能包括各種各樣的東西，包括新服務、新型靈活性、新型認證模型、新型培訓理念，以及只是讓我們遠離一種千篇一律的方法來滿足人們所在的地方在他們的生活中，就像我們對客戶做得很好一樣。

Your next question comes from Lauren Silberman with Credit Suisse.

您的下一個問題來自瑞士信貸的 Lauren Silberman。

Howard, you mentioned no measurable reduction in customer spending or trade down. Can you help with the performance of Rewards customers versus non-Rewards customers? And any differences in behavior between the cohorts? And then related, I believe Starbucks Rewards was launched back in 2008. Can you remind us of the reasons you launched the program at that time? And as it evolved over the last 15 years, how do you think it will play a role should we see a more challenging consumer environment?

霍華德，你提到沒有明顯減少客戶支出或折價。您可以幫助提高獎勵客戶與非獎勵客戶的表現嗎？群體之間的行為有什麼不同嗎？然後相關，我相信星巴克獎勵計劃是在 2008 年推出的。你能提醒我們當時推出該計劃的原因嗎？隨著過去 15 年的發展，如果我們看到更具挑戰性的消費環境，您認為它將如何發揮作用？

Sure. I think Rachel will begin the answer.

當然。我想雷切爾會開始回答。

I can start with in terms of the difference between our Rewards customers and our non-Rewards customers is what we saw is, as John spoke about, our customer counts reached an all-time high this quarter, and that was both in SR and non-SR. Our SR rewards customers increased greater relative to our non-Rewards, but both groups increased. And what we saw is our SR members had a higher member spend, all-time high. So we saw an all-time high in terms of member spend for our Rewards customers. And that's driven by a combination of things: more strategic pricing, more premium beverages, more personalization as well as greater attach. So that's really what drove that.

我可以從我們的獎勵客戶和非獎勵客戶之間的差異開始，正如約翰所說，我們的客戶數量在本季度達到了歷史最高水平，這在 SR 和非-SR。相對於我們的非獎勵，我們的 SR 獎勵客戶增加得更多，但兩組都增加了。我們看到的是，我們的 SR 成員的會員花費更高，創歷史新高。因此，我們看到獎勵客戶的會員支出創下歷史新高。這是由多種因素共同推動的：更具戰略性的定價、更優質的飲料、更多的個性化以及更高的附加值。所以這才是真正的驅動力。

So we're seeing an increasing engagement from our Rewards customers. And we think that has a benefit for us over the longer term, particularly as we continue to personalize the experience more uniquely so that we can have a deeper relationship and engagement with the customer, which will allow us to have the ability to continue to provide value in ways that are more personalized to them individually as a customer.

因此，我們看到獎勵客戶的參與度越來越高。我們認為，從長遠來看，這對我們有好處，特別是當我們繼續更獨特地個性化體驗時，我們可以與客戶建立更深層次的關係和互動，這將使我們有能力繼續提供以更個性化的方式為他們作為客戶提供價值。

Your next question comes from David Palmer with Evercore ISI.

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

Great. And thanks for the comments so far, including on the customer response to pricing. I wanted to ask about transactions. I could have imagined a few quarters ago that transactions would be recovering on a 3-year basis versus pre-COVID levels, but transactions seem to have stalled out in the last few quarters and actually decelerated a bit versus 2019. I'm wondering, why do you think that is? And what factors do you think are driving a somewhat more stubborn recovery when it comes to transactions?

偉大的。感謝迄今為止的評論，包括客戶對定價的反應。我想問一下交易。幾個季度前，我可以想像交易將在 3 年的基礎上與 COVID 之前的水平相比恢復，但交易似乎在過去幾個季度停滯不前，實際上與 2019 年相比有所放緩。我想知道，你為什麼這麼認為？在交易方面，您認為哪些因素推動了更加頑固的複蘇？

David, this is Rachel. I can take that question. What we'd say is absolutely, we see lower transactions relative to pre-pandemic levels, so FY '19. But we're actually seeing our transactions improve versus prior year. So we are ahead versus prior year while still below from an FY '19 level.

大衛，這是瑞秋。我可以接受這個問題。我們要說的是，相對於大流行前的水平，我們看到交易量減少，所以 19 財年。但我們實際上看到我們的交易與去年相比有所改善。因此，我們比上一年領先，但仍低於 19 財年的水平。

And what we're seeing is really a change. We believe it's a change in consumer behavior where we're seeing a higher ticket in a more moderate transaction. And I think what plays into that is some of the dynamics of where people work today versus going into the office each and every day. There's a shift in consumer behaviors. We've also created newer formats and more points of stores so that customers can meet us where they need us to be. And we think that's also helped with the dynamic, shaping a different dynamic in terms of a revenue perspective.

我們看到的是真正的變化。我們認為這是消費者行為的改變，我們在更溫和的交易中看到了更高的票價。而且我認為影響這一點的是人們今天工作的地方與每天進入辦公室的一些動態。消費者行為發生了轉變。我們還創建了更新的格式和更多的商店點，以便客戶可以在他們需要我們的地方與我們會面。我們認為這也有助於動態，從收入角度塑造不同的動態。

Transactions are always an opportunity. But the way we look at it is having more customers and seeing that those more -- that more and more customers are engaging with our brand and they're spending more with each visit, turns out to be a different formula for us but an equally important formula, so we're just seeing growth in a different way.

交易總是一個機會。但是我們看待它的方式是擁有更多的客戶，並且看到更多的客戶——越來越多的客戶與我們的品牌互動，他們每次訪問花費更多，結果對我們來說是一個不同的公式，但同樣重要的公式，所以我們只是以不同的方式看到了增長。

I would add one other thing that hasn't come up yet, and that is the relevancy that Starbucks has with young people. And I think I mentioned this in the last call, that one of the metrics for me personally has always been trying to understand on an annual basis, is our customer getting older or younger. And we don't want to be in a business where our customer base is aging and we have a less relevant situation with younger people. We have never been, in our history, more relevant than we are today to Gen Z. And to me, that cohort is so powerful, and the attachment rate that we have with them and the loyalty is just building.

我要補充一件尚未出現的事情，那就是星巴克與年輕人的相關性。我想我在上次電話會議中提到了這一點，對我個人而言，每年一直試圖了解的指標之一是我們的客戶變老或變年輕。而且我們不希望在我們的客戶群老化並且我們與年輕人的相關情況不太相關的業務中。在我們的歷史上，我們從來沒有像今天這樣與 Z 世代更相關。對我來說，這個群體是如此強大，我們與他們的依戀率和忠誠度正在建立。

And so the other thing I'd say is that, of course, you're going to look back to 2019, I understand that, but the world has changed so dramatically. Pattern recognition among customers is so different. And if you didn't have the historical perspective that I understand that you do and you just isolated Starbucks business today without historical numbers, you have to say, wow, what an extraordinary franchise. Look at the equity of the brand on a global basis. Look at what we're able to do in multiple formats, multiple countries, multiple channels of distribution.

所以我要說的另一件事是，當然，你將回顧 2019 年，我理解這一點，但世界已經發生瞭如此巨大的變化。客戶之間的模式識別是如此不同。如果你沒有我理解的歷史觀點，而且你今天只是在沒有歷史數據的情況下孤立了星巴克的業務，你不得不說，哇，多麼非凡的特許經營權。在全球範圍內查看品牌資產。看看我們能夠以多種格式、多個國家、多種分銷渠道做些什麼。

And I think for me, there's no doubt that the morning daypart is going to come roaring back. And it's not a question of if. It's just a question of when. And you couple our afternoon business now on cold with a morning business in terms of people coming back to work, the acceleration of the business and the operating leverage that we always have had is just going to be that apparent.

而且我認為對我來說，毫無疑問，早晨的白天會咆哮回來。這不是是否的問題。這只是什麼時候的問題。就人們重返工作崗位而言，您現在將我們的下午業務與上午業務結合起來，業務的加速和我們一直擁有的運營槓桿將變得如此明顯。

And I think the work that we're doing on the partner side -- what we haven't said is there is a direct correlation with the investments we're making with our people and retention. And the greatest return that we can have on our investments is lowering attrition and retaining our people. And that is what you'll see in the quarters ahead.

我認為我們在合作夥伴方面所做的工作——我們沒有說的是與我們對員工和保留的投資有直接的關係。我們可以從投資中獲得的最大回報是減少人員流失並留住我們的員工。這就是你將在未來幾個季度看到的。

Your next question comes from Peter Saleh with BTIG.

您的下一個問題來自 BTIG 的 Peter Saleh。

I want to come back to the reinvention plan. I think the third pillar was reimagining the stores. I was hoping, Howard, you could provide a little bit more context or color on this. Are we talking about more store closures? Is this remodels? What exactly do you feel is the issue? Is it throughput? I'm just trying to understand the level of investment you might need in 2023.

我想回到重塑計劃。我認為第三個支柱是重新構想商店。我希望，霍華德，你可以提供更多的背景或顏色。我們是在談論更多的商店關閉嗎？這是改造嗎？你到底覺得是什麼問題？是吞吐量嗎？我只是想了解您在 2023 年可能需要的投資水平。

We don't anticipate store closures will be material in any way. We're going to share with you with great specificity what we're going to -- how we're going to reinvent the store model, both in terms of the customer journey and the equipment that is going to significantly give us capacity that we don't have and make our people's -- make our partners' job much easier. You will see all that and more September 13.

我們預計商店關閉不會以任何方式產生重大影響。我們將非常具體地與您分享我們將要做什麼——我們將如何重塑商店模式，無論是在客戶旅程方面，還是在設備方面，這將極大地賦予我們我們的能力沒有並讓我們的員工——讓我們的合作夥伴的工作更輕鬆。您將在 9 月 13 日看到所有這些以及更多內容。

And if I could just add, we've already been spending, Peter. Some of the investment we're doing this year of the $1 billion, some of it's pointed at some of the reimagining of the stores. Specifically, it's pointed at ensuring that we have better uptime in our stores so that the equipment is working and the partners are able to serve the customers and the demand. In addition to that, we've rolled out new and more innovative equipment to help with overall efficiency and the complexity in our stores.

如果我可以補充一下，我們已經在花錢了，彼得。我們今年進行的 10 億美元投資中的一部分是針對商店的重新構想。具體來說，它旨在確保我們的商店有更好的正常運行時間，以便設備正常工作，合作夥伴能夠為客戶和需求提供服務。除此之外，我們還推出了新的和更具創新性的設備，以幫助提高我們商店的整體效率和復雜性。

So we've started that journey, and we'll continue that. But I think that's an important aspect of it's not always just about a new store. It's actually about helping to also improve the efficiency of the engine today, and we can do some of that with operational standards as well as equipment and innovation, and we've started that process.

所以我們已經開始了這段旅程，我們將繼續這樣做。但我認為這是它的一個重要方面，它並不總是與新店有關。這實際上是為了幫助提高當今發動機的效率，我們可以通過操作標準以及設備和創新來做到這一點，我們已經開始了這個過程。

Let me introduce you to Deb Hall Lefevre, who runs technology at Starbucks, and I think just to give her an opportunity to share with you what her and team are working on with regard to reinvention.

讓我向您介紹在星巴克負責技術的 Deb Hall Lefevre，我想只是為了讓她有機會與您分享她和團隊在重塑方面的工作。

Yes. Thanks, Howard, and it's a pleasure to be here and joining Starbucks. So as we think about the reinvention plan, looking forward to sharing more on September 13, but to add on to what Rachel was just saying, there is a real opportunity to continue to invest today and tomorrow in modernizing our stores. Job #1 is making sure our partners have smooth operating stores, and we know technology is at the core of that.

是的。謝謝，霍華德，很高興來到這裡並加入星巴克。因此，當我們考慮重塑計劃時，期待在 9 月 13 日分享更多信息，但補充一下 Rachel 剛才所說的話，現在和明天有一個真正的機會繼續投資於我們的商店現代化。工作 #1 是確保我們的合作夥伴擁有順暢的運營商店，我們知道技術是其中的核心。

And then as we move forward and what we'll be sharing more on the 13th is as we look to modernize technology and really be the engine behind the reinvention plan here, we believe that the critical competitive advantage that we're going to be bringing is speed at scale through really repositioning our core technology foundations to be even more agile and more cost efficient. And I look forward to sharing more of that.

然後，隨著我們向前邁進，我們將在 13 日分享更多內容，因為我們希望實現技術現代化，並真正成為這裡重塑計劃背後的引擎，我們相信我們將帶來的關鍵競爭優勢通過真正重新定位我們的核心技術基礎，使其更加敏捷和更具成本效益，實現規模化速度。我期待著分享更多。

Thank you. John, go ahead.

謝謝你。約翰，繼續。

Yes. Just going to the investments that we're making in the immediate term, particularly on equipment to drive throughput and productivity -- and John, this goes back to your second part of your question. I apologize for not addressing it then. But first and foremost, it's about the Mastrena 2s and getting the Mastrena machines out. Currently, we're in 86% of our stores, and we'll complete the rollout by the end of this fiscal year. We have warming oven upgrades going on to our current ovens. We have 60% of those deployed, and we'll have 75% deployed by the end of the fiscal year.

是的。只談我們在短期內進行的投資，特別是在提高產量和生產力的設備上——約翰，這又回到了你問題的第二部分。我很抱歉當時沒有解決它。但首先也是最重要的，它是關於 Mastrena 2s 和 Mastrena 機器的推出。目前，我們 86% 的門店都在使用，我們將在本財年末完成部署。我們正在對當前的烤箱進行加熱烤箱升級。我們已經部署了其中的 60%，到本財年末我們將部署 75%。

We've developed an in-house proprietary cold brew system, and that's currently been deployed to all stores across the U.S. And also, we continue to see the growth of cold beverage. So improvements in the cold beverage station and, in particular, cold beverage labelers, which are dedicated to that station. We currently have those in 38% of our stores. That will go to 80% by the end of the fiscal year.

我們開發了一種內部專有的冷釀系統，目前已部署到美國的所有商店。此外，我們繼續看到冷飲的增長。因此，對冷飲站進行了改進，特別是專用於該站的冷飲貼標機。目前，我們 38% 的商店都有這些。到本財年末，這一比例將達到 80%。

We also see opportunity with handheld order points. So if you think about it, handheld tablets. Currently, that's in 50% of our stores. We'll continue to deploy that and anticipate it in 65% by the end of the year. That will drive speed of service and, in particular, higher throughput and drive-through.

我們還看到了手持訂單點的機會。因此，如果您考慮一下，手持平板電腦。目前，這在我們 50% 的商店中。我們將繼續部署它，並預計到今年年底達到 65%。這將推動服務速度，尤其是更高的吞吐量和免下車服務。

And then equally on the back of the house is the automated ordering. And we are seeing huge opportunity for automated ordering as we are fully deployed across all food and merchandise, across all stores in the U.S. And we are quickly moving towards getting that up and running as it relates to the beverage and the remaining products in our stores. So we've got a lot of work that's happening around that, and it will make our business operate a lot more efficiently.

然後同樣在房子的後面是自動訂購。我們看到了自動訂購的巨大機會，因為我們已在美國所有商店的所有食品和商品中全面部署。我們正在迅速啟動並運行它，因為它與我們商店中的飲料和剩餘產品有關.因此，我們圍繞這一點開展了大量工作，這將使我們的業務運營更加高效。

Before the other question, I just feel bad. International is not to cover off the ball, and no one's asked Michael Conway a question. So Mike, I got to give you some air time.

在另一個問題之前，我只是覺得很糟糕。國際隊不能掩護球，沒有人問邁克爾康威問題。所以邁克，我得給你一些播出時間。

Thanks, Howard. Appreciate it. So I am excited about the results we had. As you shared, we were up 50% ex China and international. Just to give a little more texture because the strength was across all the regions. So Latin America, again, strong comp growth, well over 50%. EMEA, driven by the U.K., comps grew well into the double digits again. Asia Pacific, also very strong strength, double-digit revenue growth.

謝謝，霍華德。欣賞它。所以我對我們取得的成果感到興奮。正如您所分享的，我們在中國和國際市場上漲了 50%。只是為了增加一點質感，因為強度遍及所有區域。因此，拉丁美洲再次強勁增長，超過 50%。在英國的推動下，歐洲、中東和非洲地區的銷售額再次增長到兩位數。亞太地區，實力也很強勁，收入增長兩位數。

And within Asia, we had Korea that hit 1,700 stores this quarter. We had Indonesia which reached 500 stores, and that's actually the 10th market globally to do so. So a lot of growth and a lot of investments still going on. And in Japan, our third largest market globally, the comps accelerated to their strongest point this year.

在亞洲，本季度我們在韓國開設了 1,700 家門店。我們在印度尼西亞擁有 500 家門店，這實際上是全球第 10 個這樣做的市場。因此，大量增長和大量投資仍在繼續。而在我們全球第三大市場日本，今年的業績加速達到最高點。

And what's behind it? I would say 3 things. First, we partner very closely with our business partners to invest in those key growth levers like expanding the digital capabilities, so Starbucks Rewards and Mobile Order & Pay. We've also enabled new channels like delivery, which is proven to be like in the U.S. quite incremental for transactions. Secondly, our licensed partners are investing in stores. So they are seeing the resilience of the brand, and they're investing in stores, particularly stores like drive-through where we're seeing outsized growth. And then finally, travel is slowly starting to return, specifically within the regions, but also we're starting to see across regions. And that gives us a real outlook that as travel continues, there's more growth ahead in these regions. So we're excited about the growth we're seeing in International, for sure.

它的背後是什麼？我會說3件事。首先，我們與我們的業務合作夥伴密切合作，投資於那些關鍵的增長槓桿，比如擴展數字能力，比如星巴克獎勵和移動訂單和支付。我們還啟用了諸如交付之類的新渠道，這在美國被證明對交易來說是相當增量的。其次，我們的授權合作夥伴正在投資商店。因此，他們看到了品牌的彈性，他們正在投資商店，特別是我們看到大幅增長的免下車之類的商店。最後，旅行開始慢慢回歸，特別是在區域內，但我們也開始看到跨區域。這為我們提供了一個真實的前景，即隨著旅行的繼續，這些地區未來會有更多的增長。因此，我們肯定對我們在國際上看到的增長感到興奮。

Thank you, Michael.

謝謝你，邁克爾。

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 wanted to follow up on a comment you made earlier about retention and the unlock you can get there as tenure increases for the baristas in the U.S. Can you talk about what average tenure is now versus maybe where it was in 2019? And maybe similarly, I know you mentioned in China, I think, customer connectivity scores are at an all-time high. Where is that now in the U.S.? And how are you measuring throughput in the U.S. versus kind of more normalized pre-pandemic?

我想跟進你之前發表的關於留存和解鎖的評論，因為美國咖啡師的任期增加了。你能談談現在的平均任期與 2019 年的水平嗎？也許同樣，我知道你在中國提到過，我認為客戶連接分數處於歷史最高水平。現在在美國哪裡？您如何衡量美國的吞吐量與更正常化的大流行前的吞吐量？

Yes, Sharon, this is John. I'll take that on retention. Obviously, we continue to make investments in our people, both from a wage as well as from a training standpoint. We are seeing some green shoots in improving retention overall, and we're optimistic that, that will carry into the coming quarter as well as we go into FY '23.

是的，莎倫，這是約翰。我會保留它。顯然，我們繼續從工資和培訓的角度對我們的員工進行投資。我們在整體保留率方面看到了一些新芽，我們樂觀地認為，這將持續到下一季度以及我們進入 23 財年。

Just to give you a few data points, we hired a record number of partners this fiscal year thus far. And what we've been able to do as we've hired partners is we've been able to reduce the number of open positions and thus, in turn, increase the number of operating hours that our stores are open. This has been enabled. We streamlined the hiring process and put this in place in record time for our individual markets.

只是為了給你一些數據點，到目前為止，我們在本財年聘請了創紀錄的合作夥伴。我們在聘請合作夥伴時能夠做到的是，我們能夠減少空缺職位的數量，從而增加我們商店的營業時間。這已啟用。我們簡化了招聘流程，並在創紀錄的時間內為我們的各個市場實施了這一流程。

And what we've seen is that after turnover peaked in Q2 of this year, we are seeing the early signs of these investments paying off. Our average pay right now stands at roughly $17 an hour. That's inclusive of our floor being at $15 an hour, which goes into effect broadly across the country, effective August 1. That significantly demonstrates this $1 billion wage investment that we are making this fiscal year in our people.

我們看到的是，在今年第二季度營業額達到頂峰之後，我們看到了這些投資獲得回報的早期跡象。我們現在的平均工資約為每小時 17 美元。這包括我們每小時 15 美元的最低標準，該標準從 8 月 1 日起在全國范圍內廣泛生效。這顯著表明了我們在本財年對員工進行的 10 億美元工資投資。

And then we also increased barista training, basically doubling the hours for new hire baristas to 40 hours as well as our new supervisors. And as we look at this area of the business, labor, staffing, retention, all those things, the metrics we're tracking is turnover, hours of operation, fully staffed stores and obviously, operating with Mobile Order & Pay open full time.

然後我們還增加了咖啡師培訓，基本上將新聘咖啡師和我們的新主管的時間增加了一倍至 40 小時。當我們審視這個業務領域時，勞動力、人員配備、保留，所有這些，我們跟踪的指標是營業額、營業時間、人員配備齊全的商店，顯然，移動訂單和支付全時開放。

Rachel alluded to the fact that stores with lower turnover drive higher partner engagement and deliver better operating and financial metrics, which thus leads to higher customer experience stores. And we are seeing a trend uptick in customer experience scores. So we feel we're on the right path. We have more work to do, but we are making progress.

Rachel 提到，營業額較低的商店可以提高合作夥伴的參與度，並提供更好的運營和財務指標，從而帶來更高的客戶體驗商店。我們看到客戶體驗得分呈上升趨勢。所以我們覺得我們走在正確的道路上。我們還有更多工作要做，但我們正在取得進展。

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

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

Howard, notwithstanding the strong U.S. same-store sales you posted this quarter and your comments about not seeing any trade down or reduced customer spend, but with investor concern around a macro slowdown, can you talk about if Starbucks were to see deterioration in U.S. traffic over the next 12 months or so, what efforts to your disposal would you lean into to remind customers that Starbucks is an affordable luxury?

霍華德，儘管您在本季度發布了強勁的美國同店銷售以及您關於沒有看到任何貿易下降或客戶支出減少的評論，但投資者對宏觀經濟放緩感到擔憂，您能否談談星巴克是否會看到美國的客流量惡化在接下來的 12 個月左右，您會採取哪些措施來提醒顧客星巴克是一種負擔得起的奢侈品？

And if I can sneak one more in for Belinda. Looking beyond the 6,000-store target for China at 2022 end, is the prolonged state of China mobility restrictions giving you any pause on medium-term development plans? I know you guys talked about peak ROIC prior to the restrictions, but just curious for your updated thoughts.

如果我能再為貝琳達偷偷摸摸一個。展望 2022 年底中國 6,000 家門店的目標，中國長期的出行限制是否讓您暫停中期發展計劃？我知道你們在限制之前談到了峰值投資回報率，但只是對你們的最新想法感到好奇。

Well, let's try to unpack the question about Starbucks as an affordable luxury and possibility of a significant slowdown economically in the country. Historically, 51 years in business, we have been able to navigate and manage through very difficult economic headwinds. And although we've raised prices roughly about 5% or so over the last 12 months, the fact that our customers continue to see Starbucks not only as a great product and a great experience but all the things that ladder up to the equity of the brand and the quality of the coffee.

好吧，讓我們嘗試解開有關星巴克作為一種負擔得起的奢侈品以及該國經濟顯著放緩的可能性的問題。從歷史上看，經過 51 年的經營，我們能夠駕馭和管理非常困難的經濟逆風。儘管我們在過去 12 個月中將價格提高了大約 5% 左右，但事實上，我們的客戶繼續認為星巴克不僅是一種很棒的產品和一種很棒的體驗，而且所有的東西都可以提升到品牌和咖啡的質量。

So listen, I think every day that goes by, what's on my mind is the significant challenge economically that people are going through, and we're not taking our success and current engagement with our customers in any way as an entitlement. We have to earn it every day. And I think when we had our 200 top people here from the field just 1.5 weeks ago, we all talked about the need every single day to exceed the expectations of every single customer, to understand what it means to take it personal as we did in 2008 during the cataclysmic financial crisis, and we managed through that one.

所以聽著，我認為每一天過去，我都在想的是人們正在經歷的經濟上的重大挑戰，我們不會以任何方式將我們的成功和當前與客戶的互動視為一種權利。我們必須每天賺取它。我認為，就在 1.5 週前，當我們有 200 名來自該領域的頂尖人才來到這裡時，我們每天都在談論需要超越每一位客戶的期望，了解像我們在2008 年災難性的金融危機期間，我們度過了那一次。

And I think the other thing is we've never had as many -- if you look at the national footprint of Starbucks, the multiple footprints in terms of the different types of formats that Starbucks has provides us with an ability to create convenience that we've never had before, specifically in the drive-through. And so if you take that and then you ladder up the Starbucks Rewards program, and that probably is where we would go to, to provide discounts and value and a value proposition on an ongoing basis with our existing Rewards customers if, in fact, there was a significant downturn in the economy. But I think when we talk to our peer group as we have about what they're experiencing, I think they're shocked, stunned that Starbucks continues to create the kind of velocity without any indication whatsoever of customers turning away from Starbucks or most specifically trading down.

而且我認為另一件事是我們從未有過這麼多——如果你看看星巴克在全國的足跡，星巴克擁有的不同類型格式的多個足跡為我們提供了創造便利的能力，我們'以前從未有過，特別是在得來速中。因此，如果您採取這一措施，然後逐步提升星巴克獎勵計劃，這可能就是我們要去的地方，為我們現有的獎勵客戶提供持續的折扣和價值以及價值主張，如果事實上，那裡是經濟嚴重下滑。但我認為，當我們像我們一樣與同行討論他們正在經歷的事情時，我認為他們對星巴克繼續創造這種速度而感到震驚和震驚，而沒有任何跡象表明客戶會遠離星巴克，或者更具體地說向下交易。

And why we highlighted cold beverages so much was 2 reasons. One is that, that is a Gen Z product. And as I said earlier, that is a key customer cohort for Starbucks. Secondarily, we have a significant competitive advantage in our ability to customize almost any beverage that our customers want with speed. And then the last piece of that is the competitive advantage that we have is that the modifiers that our customers are adding to cold is a greater number than they add to hot. The modifiers are raising the ticket, and the modifiers produce color and excitement to the Gen Z audience, and they immediately put it on social media.

為什麼我們如此強調冷飲有兩個原因。一個是，那是 Z 世代的產品。正如我之前所說，這是星巴克的關鍵客戶群。其次，我們在能夠快速定制客戶想要的幾乎任何飲料方面具有顯著的競爭優勢。最後一點是我們擁有的競爭優勢是我們的客戶添加到冷的改性劑的數量比他們添加到熱的要多。修飾符正在提高票，修飾符為Z世代觀眾帶來色彩和興奮，他們立即將其放在社交媒體上。

But we're in the early stages of the cold beverage platform in terms of what we're going to bring in terms of innovation, and the modifiers and the customization gives us a significant competitive advantage. You layer all of that on what I said earlier, and that is the morning daypart coming back with velocity, and I think all bets are off in terms of the operating leverage that we're going to get again.

但就我們將在創新方面帶來的東西而言，我們正處於冷飲平台的早期階段，而修改器和定制為我們提供了顯著的競爭優勢。您將所有這些都放在我之前所說的之上，那就是早上的時段以速度回歸，我認為就我們將再次獲得的運營槓桿而言，所有賭注都已落空。

I'll answer the second part of the question. Thank you. Despite the COVID headwinds, we remain on track to operate 6,000 stores by the end of this year. We added 107 net new stores in Q3 with our new stores continuing to deliver great returns and profitability. The fact that we could still open more than one store per day in Q3 speak volume to our team's capabilities, our resilience and a strong operating muscle we have built. We remain highly confident in the resilience and dynamism of the Chinese consumer economy. China's coffee market is still in its very early stages, and we have a long runway for growth ahead.

我將回答問題的第二部分。謝謝你。儘管面臨新冠疫情的不利影響，我們仍有望在今年年底前運營 6,000 家門店。我們在第三季度新增了 107 家淨新店，我們的新店繼續帶來豐厚的回報和盈利能力。我們在第三季度仍然可以每天開設一家以上的商店，這一事實充分說明了我們團隊的能力、我們的韌性和我們建立的強大運營實力。我們對中國消費經濟的韌性和活力充滿信心。中國的咖啡市場仍處於起步階段，未來的增長之路還很長。

Store development will continue to fuel the growth for Starbucks China, and we'll continue to expand our retail footprint in a strategic and disciplined way. We're going to continue to go wide, enter into more new cities. We're going to continue to go deep and filling with more innovative formats to deliver the perfect and most relevant Starbucks Experience for our customers. And we're going to continue to go smart by data-powered decisions, optimizing size, formats, locations, investment, et cetera. So thank you.

門店發展將繼續推動星巴克中國的增長，我們將繼續以戰略性和紀律性的方式擴大我們的零售業務。我們將繼續走得更遠，進入更多的新城市。我們將繼續深入並填充更多創新格式，為我們的客戶提供完美和最相關的星巴克體驗。我們將繼續通過數據驅動的決策、優化規模、格式、位置、投資等來實現智能。所以謝謝。

Our last question comes from Sara Senatore with Bank of America.

我們的最後一個問題來自美國銀行的 Sara Senatore。

Just a quick clarification and then a question. The clarification is just on the comment about accelerating growth. I think it was interpreted as meaning faster unit growth versus perhaps productivity gains or volume in the stores. And I just wanted to clarify if that was the right interpretation.

只是一個快速的澄清，然後是一個問題。澄清只是關於加速增長的評論。我認為這被解釋為意味著更快的單位增長，而不是生產力的提高或商店的銷量。我只是想澄清這是否是正確的解釋。

But the core question is actually on China. I know clearly, the lion's share of what's happening is driven by the restrictions. But Belinda, could you maybe just talk about anything you can say about market share gains? I know you mentioned connection scores have never been higher. Is that typically correlated with comps or share gains? Just something to help us contextualize Starbucks positioning ex all these exogenous factors.

但核心問題實際上是關於中國的。我清楚地知道，正在發生的事情的很大一部分是由限制驅動的。但是貝琳達，你能談談你能說的關於市場份額增長的任何事情嗎？我知道你提到連接分數從未如此高。這通常與補償或股票收益相關嗎？只是幫助我們將星巴克的定位排除在所有這些外生因素的背景下。

Rachel will take the first question on our enthusiasm for growth, and then Belinda will end it.

Rachel 將回答第一個關於我們對增長的熱情的問題，然後 Belinda 將結束它。

Yes. Sara, when we talk about accelerated growth, we're specifically talking about our metrics related to revenue, margin and earnings. And that's really going to be fueled, as it has in the past, by growth in unit growth, so our new stores, growth in innovation as well as growth in our digital customer relationships. So that's how I think about what we're talking about accelerated growth. Unit growth is a part of it. It's one of the catalysts, but there are many other factors as we talk about accelerating our growth.

是的。 Sara，當我們談論加速增長時，我們特別談論的是與收入、利潤率和收益相關的指標。和過去一樣，這真的會受到單位增長、新店增長、創新增長以及數字客戶關係增長的推動。這就是我對我們所說的加速增長的看法。單位增長是其中的一部分。這是催化劑之一，但在我們談論加速增長時還有許多其他因素。

Belinda?

貝琳達？

In China, I mean, in Q3, we had a pretty difficult quarter because of COVID. But as I've shared before, we still achieved record-high connection scores. And all the investments that we have put in into our partners and our operations will become increasingly evident and will benefit us in the future. I am super confident of our potential in China. And once all the COVID restrictions are lifted, we're going to accelerate our growth once again. Thank you.

在中國，我的意思是，在第三季度，由於 COVID，我們度過了一個相當艱難的季度。但正如我之前分享的，我們仍然取得了創紀錄的連接分數。我們對合作夥伴和運營的所有投資將變得越來越明顯，並將在未來使我們受益。我對我們在中國的潛力充滿信心。一旦解除所有 COVID 限制，我們將再次加速增長。謝謝你。

So I think in terms of our Investor Day, I really hope that the majority of you will make the trip to Seattle. There's still good weather at that point. It shouldn't rain. But I think those of you who do not come will miss out on really seeing and understanding the breadth of the level of innovation and modernization that we're going to bring to the company and how quickly it's going to come. So I hope that you all come. It will be a good time. A lot of interest that we've had already, but please try and make it to Seattle. Thank you so much, and we'll see you September 13. Thank you.

因此，我認為就我們的投資者日而言，我真的希望你們中的大多數人能夠前往西雅圖。那個時候天氣還是不錯的。不應該下雨。但我認為你們這些不來的人會錯過真正看到和理解我們將為公司帶來的創新和現代化水平的廣度以及它將以多快的速度到來。所以希望大家都來。這將是一個好時機。我們已經引起了很多興趣，但請嘗試前往西雅圖。非常感謝，我們 9 月 13 日見。謝謝。

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

星巴克 2022 財年第三季度電話會議到此結束。您現在可以斷開連接。