Good afternoon. My name is Diego, and I will be your conference operator today. I would like to welcome everyone to Starbucks' Fourth Quarter and Fiscal Year-End 2022 Conference Call. (Operator Instructions) I would now turn the call over to Tiffany Willis, Vice President of Investor Relations. Ms. Willis, you may now begin your conference.

午安.我是迭戈，今天將擔任本次電話會議的接線生。歡迎各位參加星巴克2022財年第四季及全年業績電話會議。 （接線生提示）現在我將把電話轉交給投資者關係副總裁蒂芬妮威利斯女士。威利斯女士，您可以開始您的會議了。

Thank you, Diego, and good afternoon, everyone. And thank you for joining us today to discuss Starbucks' Fourth Quarter and Fiscal Year 2022 Results. Today's discussion will be led by Howard Schultz, Interim Chief Executive Officer; Frank Britt, Executive Vice President, Chief Strategy and Transformation Officer; Sara Trilling, Executive Vice President and President of Starbucks North America; and Rachel Ruggeri, Executive Vice President and CFO.

謝謝迭戈，大家下午好。感謝各位今天蒞臨，與我們共同探討星巴克2022財年第四季及全年業績。今天的討論將由以下幾位嘉賓主持：臨時首席執行官霍華德·舒爾茨；執行副總裁兼首席戰略與轉型官弗蘭克·布里特；執行副總裁兼星巴克北美區總裁薩拉·特里林；以及執行副總裁兼首席財務官雷切爾·魯傑裡。

And for Q&A, we will be joined by Laxman Narasimhan, Incoming Chief Executive Officer; Michael Conway, Group President of International and Channel Development; and Belinda Wong, Chairwoman of Starbucks China.

在問答環節，我們將邀請到即將上任的執行長拉克什曼·納拉辛漢；國際及通路發展集團總裁邁克爾·康威；以及星巴克中國區董事長黃柏琳。

This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk 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.

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

GAAP results in fourth 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 there is no non-GAAP adjustment related to the metrics. Further, year-on-year comparative metrics on today's call are based on a 13-week or 52-week basis, to exclude the impact of an extra fiscal week in fiscal 2021.

2022財年第四季GAAP業績包含多項與策略行動相關的項目，包括重組和減損費用、交易和整合成本以及其他項目。這些項目已從非GAAP績效中剔除。除非另有說明，或相關指標未進行非GAAP調整，否則本次電話會議中提及的所有數據均為非GAAP數據。此外，本次電話會議中提及的年比指標均基於13週或52週週期，以排除2021財年額外一週的影響。

For non-GAAP financial measures and year-on-year metrics mentioned in today's call, please refer to the earnings release and our website at investor.starbucks.com to find reconciliations of those non-GAAP measures to their corresponding GAAP measures and 53-week and 52-week metrics.

對於今天電話會議中提到的非GAAP財務指標和同比指標，請參閱收益報告和我們的網站 investor.starbucks.com，以查找這些非GAAP指標與其相應的GAAP指標以及53週和52週指標的調節表。

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, December 2, 2022. And for your calendar planning purposes, please note that our first quarter fiscal year 2023 earnings conference call has been tentatively scheduled for Thursday, February 2, 2023.

本次電話會議將進行網路直播，直播錄影將於2022年12月2日（星期五）前在我們的網站上提供。另外，為了方便您安排時間，請注意，我們2023財年第一季財報電話會議暫定於2023年2月2日（星期四）舉行。

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

那麼，現在請允許我將電話交給霍華德。

Thank you, Tiffany. Well, hello from Milan. Today has been a very special day for me and a powerful emotional reminder of the intersection of my life and years with Starbucks. It was 40 years ago, walking the beautiful streets of Milan, that the inspiration for the possibilities of what Starbucks could one day be and mean around the world first struck me.

謝謝你，蒂芙尼。米蘭的朋友們，大家好。今天對我來說意義非凡，它讓我強烈感受到我與星巴克的人生交會點。四十年前，漫步在米蘭美麗的街頭，我突然萌生了星巴克未來可能發展成為全球性企業的想法。

And here I am, back in Milan, celebrating the early days of our beautiful, thriving business in Italy, a country in which no one expected Starbucks to succeed, on the very day of our global launch of holiday, an event that has become a phenomenon all over the world.

而現在，我又回到了米蘭，慶祝我們在義大利蓬勃發展的美好事業的早期階段。在這個國家，沒有人預料到星巴克會成功。而就在今天，我們在全球推出了假日活動，這項活動已經成為世界性的現象。

So much of Starbucks' inspiration has come from Italy. And in Italy, our partner's dedication to the art of coffee, to the elegance and passion of coffee craft and to the delivery of a premium coffee experience to our customers, is being executed at the highest level. Italians have embraced Starbucks. Our top-selling beverage is actually a solo espresso, validating the quality of our coffee and the relevance of Starbucks customer experience that has defined us since Starbucks' founding in 1971.

星巴克的許多靈感都源自於義大利。在義大利，我們的夥伴們對咖啡藝術的執著，對咖啡製作工藝的優雅與熱情，以及為顧客提供優質咖啡體驗的執著，都得到了最高水準的展現。義大利人欣然接受了星巴克。我們最暢銷的飲品其實是單份濃縮咖啡，這充分證明了我們咖啡的品質，以及自1971年星巴克創立以來始終秉持的顧客體驗理念的重要性。

We recently opened our 20th store in Verona to record crowds, with Rome and Naples fast following in 2023. Milan and Italy are reflections of the premium coffee experience Starbucks is delivering to customers in cities and countries everywhere as demonstrated by the very strong Q4 and fiscal 2022 financial and operating performance Starbucks reported this afternoon.

我們最近在維羅納開設了第 20 家門市，吸引了創紀錄的客流量，羅馬和那不勒斯門市也將在 2023 年緊隨其後開業。米蘭和義大利的成功體現了星巴克致力於為世界各地城市和國家的顧客提供優質咖啡體驗，正如星巴克今天下午公佈的非常強勁的 2022 財年第四季度和財務及營運業績所證明的那樣。

In Q4, Starbucks grew global revenues 11% over prior year to a quarterly record of $8.4 billion driven by 7% comp growth globally and 11% comp growth in North America. For the fiscal year, we grew global revenues 13% over prior year to a record $32.3 billion driven by 8% comp growth globally and 12% comp growth in North America. We also grew our global store base 6% in fiscal '22 and ended the year with roughly 36,000 stores in 83 countries.

第四季，星巴克全球營收年增11%，達到創紀錄的84億美元，主要得益於全球同店銷售額成長7%及北美地區同店銷售額成長11%。本財年，星巴克全球營收年增13%，達到創紀錄的323億美元，主要得益於全球同店銷售額成長8%及北美地區同店銷售額成長12%。此外，星巴克2022財年全球門市數量成長6%，年底在全球83個國家擁有約36,000家門市。

Today, Starbucks serves over 100 million customer occasions from our retail stores around the world and across all channels, delivers over 400 million customer coffee occasions globally every week.

如今，星巴克透過遍佈全球的零售門市和所有管道，為超過 1 億名顧客提供服務，每週在全球為超過 4 億名顧客提供咖啡。

We continue to manage the business through today's challenging operating environment, more mindful than ever of the unprecedented global economic uncertainties and challenges confronting our customers. Our strong performance in the quarter and year is particularly gratifying, in that it underscores the relevance of the Starbucks brand and the strength of our relationships with our customers around the world in the face of these unprecedented challenges.

在當前充滿挑戰的經營環境下，我們始終保持穩健的業務運營，比以往任何時候都更加關注前所未有的全球經濟不確定性以及客戶面臨的挑戰。本季和全年的強勁業績尤其令人欣慰，因為它凸顯了星巴克品牌的價值，以及我們與全球客戶在這些前所未有的挑戰面前所建立的牢固關係。

We saw strong demand for Starbucks coffee in Q4 and throughout the year in every market and channel in which we operate. We are encouraged by the early signs of recovery we saw in China in Q4, where innovation, increased customer physical and digital engagement with the Starbucks brand and the relaxing of COVID restrictions, drove solid positive sales momentum and sequential quarterly improvement.

我們在第四季度以及全年所有營運市場和通路都看到了對星巴克咖啡的強勁需求。我們尤其欣喜地看到，第四季中國市場出現了復甦的早期跡象。創新、顧客與星巴克品牌線上線下互動的增加以及新冠疫情限制措施的逐步放寬，共同推動了強勁的銷售勢頭，並實現了季度環比增長。

The speed with which our business in China accelerated in Q4 and the strong positive correlation between Starbucks revenue growth and the relaxing of COVID mobility restriction reinforces our confidence in Starbucks' long-term growth opportunity in China.

第四季我們在中國的業務加速成長，以及星巴克營收成長與新冠疫情出行限制放鬆之間的強正相關性，增強了我們對星巴克在中國長期成長機會的信心。

However, as you know, over the past few weeks, there has been a significant resurgence of COVID in China. With the resurgence has come renewed lockdowns and mobility restrictions pursuant to China's strict zero-COVID policy, including in many cities in which we operate, meaningfully reducing traffic in our stores. We anticipate the current COVID-related uncertainty to continue and repeat the view we shared on our Q3 call and our Investor Day, that while our long-term aspirations for China remain undiminished, we expect the recovery of our business in the country to be nonlinear. I'll spend more time on China in a few minutes.

然而，如您所知，過去幾週，中國新冠疫情出現顯著反彈。隨著疫情反彈，中國為貫徹嚴格的「清零」政策，再次實施了封鎖和出行限制措施，包括我們營運的許多城市，這導致我們門市的客流量大幅下降。我們預計目前與新冠疫情相關的不確定性將持續存在，並重申我們在第三季財報電話會議和投資者日上表達的觀點：儘管我們對中國市場的長期願景依然不變，但我們預計在中國的業務復甦將是一個非線性過程。稍後我將詳細討論中國市場的情況。

In fiscal 2022, we drove meaningful growth in our global customer base. In the U.S. alone, we grew our unique customers 9% year-over-year, and our U.S. customers are engaging more deeply with the Starbucks brand as evidenced by a 16% increase in U.S. Starbucks Rewards membership year-over-year to nearly 29 million members, up 5% over Q3. Today, Starbucks is connecting to more customers more deeply, both in the U.S. and around the world, than ever before, ideally positioning us to drive further acceleration in revenues and comps in the quarters and years ahead.

在2022財年，我們的全球客戶群實現了顯著成長。光是在美國，我們的獨立客戶數量就年增了9%，美國客戶與星巴克品牌的互動也更加深入，這體現在美國星巴克獎勵計畫會員數量年增16%，達到近2900萬，較第三季成長5%。如今，星巴克與美國乃至全球更多客戶的聯繫比以往任何時候都更加緊密，這為我們在未來幾季和幾年內進一步加速營收和同店銷售額的成長奠定了理想的基礎。

Our performance supports our confidence in the ambitious growth agenda we announced in September, in which we will be adding roughly 8 new stores per day, delivering best-in-class returns around the world every day for the next 3 years, bringing us to nearly 45,000 stores globally by the end of fiscal 2025.

我們的業績鞏固了我們對9月份宣布的雄心勃勃的成長計畫的信心，該計畫將在未來3年內每天新增約8家門市，每天在全球範圍內實現一流的回報，到2025財年末，我們的全球門市數量將達到近45,000家。

Our Q4 results also demonstrate evidence of early but highly encouraging benefits from reinvention plan investments we detailed at Investor Day in September. And as you will hear from Frank Britt, our Chief Strategy and Transformation Officer, we have clear line of sight to a full array of benefits reinvention will deliver in the quarters and years ahead.

我們的第四季業績也顯示，我們在9月份投資人日上詳細介紹的重組計畫投資已初見成效，令人鼓舞。正如您將從我們的首席策略與轉型官弗蘭克·布里特（Frank Britt）那裡了解到的，我們清晰地看到，重組計劃將在未來幾個季度和幾年內帶來一系列益處。

Following Frank, Sara Trilling, a 20-year Starbucks partner, who recently took over leadership of our North American business after having successfully led Asia Pacific for the last 4 years, she will provide insights into our business in North America today and what to expect in the quarters ahead. Then Rachel will highlight our financial and operating performance in Q4 and for the year and provide guidance for the year ahead. And finally, we will end the call with Q&A.

在弗蘭克之後，擁有20年星巴克工作經驗的薩拉·特里林（Sara Trilling）將發言。她先前成功領導亞太區業務四年，近期接手了北美業務。她將分享我們目前在北美的業務狀況以及未來幾季的預期。隨後，瑞秋將重點介紹我們第四季和全年的財務及營運業績，並對未來一年的發展趨勢進行展望。最後，我們將進行問答環節，結束本次電話會議。

When fully rolled out, Starbucks' reinvention, co-created in partnership with our partners across the country, will touch and elevate every aspect of our Starbucks partner, customer and store experiences. Last week, 2,000 Starbucks leaders from across U.S. and Canada converged in Seattle to coalesce around reinvention and take it back to their local markets. I don't think I've ever seen greater engagement in over 40 years of a more positive response to any Starbucks gathering in our history.

星巴克與全國各地的合作夥伴攜手打造的全新品牌重塑計畫全面實施後，將全面提升星巴克合作夥伴、顧客和門市體驗的各個層面。上週，來自美國和加拿大的2,000名星巴克領導者齊聚西雅圖，共同探討品牌重塑計劃，並將其帶回各自的市場。在星巴克40多年的發展歷程中，我從未見過如此高參與度的盛會，也從未見過如此積極的迴響。

Reinvention investments will make it easier for our partners to do their jobs, better enable partners to satisfy growing demand in our stores and provide greater opportunity for our partners to engage with our customers. Reinvention investments are already having a measurable positive impact on our business and operations, most notably in terms of improved partner retention, increased speed of service and an elevated customer experience. And I'm particularly pleased that reinvention investments are bringing coffee excellence, coffee craft and joy and a little bit of love back into being a Starbucks Barista.

革新投資將使我們的夥伴們的工作更加輕鬆，更好地滿足門市日益增長的需求，並為他們提供更多與顧客互動的機會。革新投資已經對我們的業務和營運產生了顯著的正面影響，尤其體現在夥伴留存率的提高、服務速度的提升以及顧客體驗的改善。我尤其欣慰的是，革新投資正在將咖啡的卓越品質、精湛的咖啡技藝、快樂以及對咖啡師的熱愛重新帶回星巴克咖啡師的崗位。

Key to Starbucks' success and the foundation of our long-term growth strategy is Starbucks' continued global leadership around all things coffee and espresso, hot and cold, Starbucks' core. In Q4, we continued to grow from our core, innovate, introduce new levels of customization and premiumization and extend our global coffee leadership in both the hot and cold beverage categories, with an emphasis on cold coffee, a category we single-handedly created and are growing around the world.

星巴克成功的關鍵以及我們長期成長策略的基石在於，星巴克始終保持其在全球咖啡和濃縮咖啡（包括冷熱飲品）領域的領先地位，這正是星巴克的核心業務。第四季度，我們繼續鞏固核心業務，不斷創新，推出更高水準的客製化和高端化產品，並進一步鞏固了我們在冷熱飲品領域的全球領先地位，尤其著重發展冷咖啡這一品類。冷咖啡是我們一手開創並正在全球蓬勃發展的類別。

Customer demand for customized, handcrafted Starbucks cold beverages is so strong that, today, cold coffee beverages account for 76% of total beverage sales in our U.S. company-operated stores. And customers are increasingly further customizing their cold coffee beverages by adding high-margin beverage flavor modifiers to create unique beverages tailored to their own particular taste preferences.

顧客對星巴克訂製手工冷飲的需求十分強勁，如今，冷咖啡飲品已占美國公司直營門市飲品總銷量的76%。而且，顧客越來越傾向於透過添加高利潤的飲品風味添加劑來進一步客製化他們的冷咖啡飲品，從而打造出符合自身獨特口味的專屬飲品。

We also continue to introduce innovative new core hot coffee and espresso beverages and innovate around iconic platforms, like pumpkin spice, up 17% over last year driven by increased customization, including cold foams. As part of reinvention, we are rolling out a new, completely proprietary, handheld cold foamer that enhances beverage quality and increases speed of service while reducing complexity for our partners. The response from our partners has been overwhelming.

我們持續推出創新核心熱咖啡和濃縮咖啡飲品，並圍繞著標誌性產品進行創新，例如南瓜香料口味，其銷量較去年增長17%，這主要得益於定製程度的提高，包括冷萃奶泡的加入。作為革新的一部分，我們正在推出一款全新的、完全自主研發的手持式冷萃奶泡機，它能夠提升飲品品質，加快服務速度，同時降低合作夥伴的操作難度。合作夥伴的反應非常熱烈。

Our growing base of new U.S. customers and Starbucks Rewards members, combined with very strong customer response to our innovative hot and cold beverage lineup to deliver the highest net sales week in our history in September. Let me just repeat that. In our history, we had the biggest sales week in September. The strength of our business as we exited September, coupled with a fantastic holiday lineup kicking off today, with our stores turning red, holiday favorites on the menu and the return of our iconic red cups, gives us tremendous confidence heading into holiday in 2023.

我們不斷成長的美國新顧客和星巴克獎勵會員群體，加上顧客對我們創新冷熱飲品系列的熱烈反響，共同促成了我們九月份有史以來最高的單週淨銷售額。讓我再說一次：九月是我們史上銷售額最高的一週。九月底強勁的業務表現，加上今天正式啟動的精彩假日系列活動——門市裝飾一新，節日特飲重磅回歸，標誌性的紅色咖啡杯也再次亮相——讓我們對2023年的假期季節充滿信心。

In North America overall, the combination of customer shifts towards premium hot and cold beverages, increased customization, strategic decisions around beverage, food and modifier pricing and an 18% increase in food sales drove net revenues up 15% year-over-year to a record $6.1 billion.

總體而言，北美地區消費者轉向高端冷熱飲品、個性化定制增多、圍繞飲料、食品和配料定價的戰略決策以及食品銷售額增長 18%，共同推動淨收入同比增長 15%，達到創紀錄的 61 億美元。

Once again, our convenience channels, drive-through, Mobile Order & Pay and delivery drove 72% of our total sales volume. Starbucks Rewards members drove a record 55% of tender in our U.S. company-operated stores in Q4. Starbucks Rewards continues to deliver value to our customers, enable customer connection and drive our business. And despite its global scale and growth, we have significant untapped opportunities to grow our Rewards program in a very unique way.

我們的便利管道，包括得來速、手機點餐及支付和外送服務，再次貢獻了72%的總銷售額。星巴克獎勵計畫會員在第四季美國公司直營門市的消費額佔比高達55%，創歷史新高。星巴克獎勵計畫持續為顧客創造價值，加強顧客聯繫，並推動業務發展。儘管該計劃已在全球範圍內發展壯大，但我們仍擁有巨大的發展潛力，可以以獨特的方式進一步拓展獎勵計劃。

We recently launched our Reward Together program, enabling a select group of leading brands to partner with us by linking their loyalty program to Starbucks Rewards. Through Reward Together, we will engage and reward members of both brands with new benefits and experiences that will make our Rewards program even more valuable, drive membership and increase customer lifetime value.

我們近期推出了「攜手共贏」計劃，邀請部分知名品牌與我們合作，將他們的會員計劃與星巴克獎勵計劃對接。透過「攜手共贏」計劃，我們將為兩個品牌的會員提供全新的福利和體驗，從而提升獎勵計劃的價值，促進會員成長，並提高顧客的終身價值。

Our first U.S. partnership with Delta Airlines launched last month to an extraordinary customer response. Both Delta and Starbucks were overwhelmed with what took place. And in September, we announced Starbucks Odyssey, our next-generation loyalty model that integrates NFTs with Rewards. Starbucks Odyssey will enable us to connect even more deeply with customers and give our customers the opportunity to earn and purchase digital collectible assets that will unlock access to new benefits, a digital community and immersive coffee experiences that they cannot get in any other place.

我們與達美航空的首個美國合作計畫已於上月啟動，並獲得了顧客的熱烈反響。達美航空和星巴克都對這項合作的成功感到驚訝。 9月，我們發布了星巴克奧德賽（Starbucks Odyssey），這是我們新一代的會員忠誠度計劃，將NFT與獎勵機制相結合。星巴克奧德賽將幫助我們與顧客建立更深的聯繫，並讓顧客有機會賺取和購買數位收藏品，從而解鎖全新的會員權益、加入數位社區，以及體驗其他任何地方都無法提供的沉浸式咖啡之旅。

Customer response to Starbucks Odyssey has been overwhelming. You will hear more about the Starbucks Odyssey in a few weeks when our first wave of customers have an opportunity to explore this new exciting way to experience and connect with Starbucks. The numbers that we will release in terms of the response will surprise many of you.

顧客對星巴克奧德賽的反應非常熱烈。幾週後，首批顧客將有機會體驗這種令人興奮的全新方式，與星巴克建立更緊密的聯繫，屆時您將聽到更多關於星巴克奧德賽的資訊。我們即將公佈的顧客回饋數據一定會讓許多人感到驚訝。

Our fast-growing 6,600 North American-licensed store business posted very strong results in Q4, with revenues up 25% in Q4 and 29% for the year. We are proceeding with the rollout of [Starbucks Connect] across the U.S. licensed store portfolio. Starbucks Connect enables licensed stores for the first time to offer the full array of Starbucks' Mobile Order & Pay and Rewards benefits. And as you will hear from Sara, the 1,600 licensed stores that have adopted Starbucks Connect are seeing a significant lift in business since adoption. Starbucks Connect enables us to capture demand across our broader portfolio and will be highly accretive to our business.

我們快速成長的北美6,600家授權門市業務在第四季度取得了非常強勁的業績，第四季營收成長25%，全年成長29%。我們正在美國所有授權門市推廣[Starbucks Connect]。 Starbucks Connect首次讓授權門市能夠提供星巴克全套行動點餐支付和獎勵計畫。正如您將從Sara那裡聽到的，自採用Starbucks Connect以來，已有1600家授權門市的業務顯著成長。 Starbucks Connect使我們能夠更好地滿足更廣泛門市組合的需求，並將極大地提升我們的業務。

The momentum we saw in our International segment coming out of Q3 continued in Q4, with revenues for the quarter up 12% to $1.8 billion on a constant currency basis. For the year, revenues grew 9% year-over-year to $6.9 billion, also on a constant currency basis. We added 518 stores during the year and now operate nearly 18,500 stores around the world. We are sensitive to the challenges that the rapid increase in the value of our dollar is posing to our International licensees and remain in close contact as we work together to navigate the dynamic environment that we are all operating in.

國際業務在第三季度取得的良好成長動能延續至第四季度，以固定匯率計算，第四季營收成長12%至18億美元。全年營收年增9%至69億美元（同樣以固定匯率計算）。年內新增門市518家，目前全球門市總數近18,500家。我們深知美元快速升值給國際加盟商帶來的挑戰，並將與他們保持密切聯繫，共同應對當前瞬息萬變的商業環境。

Turning to our Channels business. Starbucks is the #1 share in U.S. at-home coffee. Starbucks is the #1 share in global ready-to-drink coffee, and continued growth in our Global Coffee Alliance with Nestle combined to deliver strong performance in Q4, with revenues increasing 18% on a constant currency basis to $484 million. For the year, revenues also increased 18% to $1.8 billion on a constant currency basis.

接下來談談我們的通路業務。星巴克在美國家庭咖啡市場佔有率排名第一。星巴克在全球即飲咖啡市場也佔據第一名的位置。此外，我們與雀巢全球咖啡聯盟的持續成長，共同推動了第四季度的強勁業績，以固定匯率計算，營收成長18%至4.84億美元。全年營收以固定匯率計算也成長了18%，達到18億美元。

Now let me begin the discussion around China by saying that Starbucks has been in China for 20 years and that our aspirations for our business in China has never been greater. We have over 6,000 stores in China today. And as Belinda shared at Investor Day, we have close to 9,000 stores -- we will have close to 9,000 stores by 2025. We will be opening our Starbucks China Coffee Innovation Park, including our largest coffee roasting and packaging plant outside the U.S. in summer 2023.

現在，我想先談談星巴克在中國的發展。星巴克進入中國市場已有20年，我們對在華業務的願景從未如此遠大。目前，我們在中國擁有超過6000家門市。正如貝琳達在投資者日上分享的那樣，到2025年，我們的門市數量將接近9,000家。此外，星巴克中國咖啡創新園將於2023年夏季正式啟用，屆時我們將擁有除美國以外最大的咖啡烘焙和包裝工廠。

Starbucks employs over 60,000 passionate, dedicated partners in China. Our partners are deeply engaged with their customers and demonstrated by today's record high customer connection scores. We continue to be an employer of choice and lead the way in partner investments, recently introducing a 14th month bonus for all full-time partners. And we continue to invest in China to create career and opportunity paths for our partners and to support the communities we serve.

星巴克在中國擁有超過6萬名充滿熱情、盡責的夥伴。我們的夥伴與顧客建立了深厚的聯繫，如今顧客滿意度評分屢創新高，便是最好的證明。我們始終是員工的首選雇主，並在夥伴投資方面引領業界，近期也為所有全職夥伴推出了第14個月獎金。我們將繼續增加對中國市場的投入，為夥伴創造職業發展和機遇，並支持我們服務的社區。

We also continue to expand our customer base in China and deepen our digital connection to customers. Active Starbucks Rewards membership grew 29% sequentially in Q4 over Q3 to over 17 million members, just below historic levels, coinciding with the lifting of restrictions and reflecting the relevance and underlying strength of the Starbucks brand in China.

我們持續拓展在中國的客戶群，並深化與客戶的數位化連結。第四季星巴克獎勵計畫活躍會員數量季增29%，超過1700萬，略低於歷史最高水平，這與疫情限制措施的解除相吻合，也反映了星巴克品牌在中國市場的影響力和潛在實力。

Mobile ordering sales mix, nonexistent prior to 2019, drove 44% of mix in Q4. Delivery, up 35% year-over-year, now representing over 24% of sales. We expect mobile, digital, loyalty and delivery to continue to grow and drive our business.

行動端訂餐銷售額在2019年之前幾乎為零，但在第四季卻佔了總銷售額的44%。外送配送年增35%，目前佔銷售額的24%以上。我們預期行動端、數位化、會員忠誠度計畫和外送配送將持續成長，並推動我們的業務發展。

However, we are ultrasensitive to the evolving macro challenges that have surfaced regarding China, particularly in connection with the impact of the zero-COVID policy. But our strong belief in China is based on our success in the country and our commitment to playing the long game. We are confident that when COVID disruptions affecting the country abate, Starbucks will emerge not only as the undisputed leader in our category, but likely the #1 Western consumer brand in the country for having continued to meaningfully invest in our partners and in our business throughout the pandemic and despite the disruptions.

然而，我們高度關注中國市場不斷湧現的宏觀挑戰，尤其是與「零新冠」政策相關的挑戰。但我們對中國市場的堅定信心源自於我們在中國的成功以及我們著眼於長遠的策略。我們相信，當新冠疫情對中國的影響逐漸消退後，星巴克不僅將成為我們所在領域的絕對領導者，而且很可能成為中國排名第一的西方消費品牌，因為我們在整個疫情期間以及面臨諸多挑戰時，始終堅持對合作夥伴和業務進行持續的投入。

Laxman's immersion is going spectacularly well. He's visited and worked in stores in the U.S. and U.K., quickly connecting and winning the hearts of Starbucks partners wherever he goes, just this week earning his Barista certification in record time and store Green Apron. Laxman's commitment to becoming intimate with store operations and our partner and customer experiences reflects our mutual understanding of what is most important in these early days of his joining Starbucks. He and I engage daily as he absorbs more and more about the company and our business. And the Board, leadership team and I are all deeply invested in his success. I cannot be more confident that Laxman is the right CEO at the right time for Starbucks.

拉克什曼的融入過程進展得非常順利。他已訪問並參與了美國和英國多家門市的工作，無論走到哪裡，都能迅速與星巴克夥伴建立聯繫並贏得他們的愛。就在本週，他以創紀錄的速度獲得了咖啡師認證和門市綠色圍裙。拉克什曼致力於深入了解門市營運以及夥伴和顧客體驗，這體現了我們對他加入星巴克初期最重要事項的共同理解。隨著他對公司和業務的了解不斷加深，我們每天都會進行交流。董事會、領導團隊和我自己都對他的成功充滿信心。我堅信，拉克什曼是星巴克在此時此刻最合適的執行長人選。

Today, Laxman has a front-row seat as we launch our all-important holiday season. Soon, along with our leadership team, he will be leading the company, bringing reinvention to life and guiding Starbucks to the next chapters of our storied history.

今天，拉克什曼先生親臨現場，見證我們至關重要的假期季節的開啟。不久之後，他將與我們的領導團隊一起，引領公司走向新的篇章，帶領星巴克開啟輝煌歷史的新篇章。

In closing, Starbucks has never been financially stronger, better positioned or more confident in our future as we enter Q1 and holiday and embark on the exciting new era of growth ahead. With that, I'll turn the call over to Frank. Frank?

最後，星巴克的財務狀況從未如此強勁，市場地位也從未如此穩固，我們對未來也從未如此充滿信心，即將進入第一季和假日季，並開啟令人興奮的新增長時代。接下來，我將把電話交給弗蘭克。弗蘭克？

Thank you, Howard, and good afternoon, everyone. It was just 50 days ago that we laid out our reinvention agenda that involve 5 major strategic shifts. First, creating a truly unified global company; second, radically improving our in-store partner experience; thirdly, reimagining our store operating model; fourth, reinvention around what customer connection means; and perhaps, most importantly, redesign the construct of what it means to be a partner at Starbucks.

謝謝霍華德，大家下午好。就在50天前，我們宣布了重塑計劃，其中包括五項重大戰略轉型。第一，打造真正統一的全球公司；第二，從根本上改善門市夥伴體驗；第三，重新構想門市營運模式；第四，重新定義顧客關係；或許，也是最重要的一點，重新定義星巴克夥伴的意義。

While still early days, we are seeing progress with several key proxy measures. For example, retention has increased with turnover scores at the hourly Barista level, lower by 1 point versus prior year and 4 points versus prior quarter. Additionally, customer connection scores show a 5-points improvement to pre-pandemic levels. All of these are early but encouraging signs.

雖然目前仍處於早期階段，但我們已在幾項關鍵指標上看到了進展。例如，員工留存率提高，小時工咖啡師的離職率較去年同期下降1個百分點，較上一季下降4個百分點。此外，客戶聯繫度評分也比疫情前水準提高了5個百分點。所有這些都是初步但令人鼓舞的跡象。

We fully embrace that our partners are the most critical component to our longer-term performance, and we need to be even better at addressing their needs. Partners who proudly wear the Green Apron have bravely shared their stories and their ideas in our co-creation sessions, and we have concentrated our efforts to jointly create solutions with our partners and for our partners.

我們深知合作夥伴是我們長期業績的關鍵所在，因此我們需要更努力地滿足他們的需求。那些自豪地佩戴綠色圍裙的合作夥伴，在我們的共創研討會上勇敢地分享了他們的故事和想法，我們也一直致力於與合作夥伴攜手，共同為合作夥伴創造解決方案。

In the fourth quarter, we continue to improve our already industry-leading benefits to a deeper position of strength with several new programs for partners. Representative examples of improvements include: a new incentivized savings program in partnership with Fidelity, designed to help partners in case of unplanned financial challenges; a new student loan debt program to empower partners looking to find the best ways to address their college debt management obligations; an increase in sick time accrual ratios for our partners; an updated family expansion reimbursement program, aimed to assist partners with the cost of growing their families through adoption and the like.

第四季度，我們持續提升本已在業界領先的福利待遇，並透過多項新計畫進一步增強合作夥伴的競爭力。具體改進包括：與富達投資合作推出的全新激勵儲蓄計劃，旨在幫助合作夥伴應對突發的財務挑戰；全新的學生貸款債務計劃，旨在幫助合作夥伴找到最佳途徑來管理其大學債務；提高合作夥伴的病假累積比例；以及更新後的家庭擴張報銷計劃，旨在幫助合作夥伴承擔通過收養等方式擴大家庭規模的費用。

We have remained committed to the critical development opportunities of our people. And as a complement to doubling our partner training hours, as Howard noted, we've reintroduced our iconic Black Apron credentialing program, and nearly 5,000 partners have already earned their apron and continue in the program.

我們始終致力於為員工提供關鍵的發展機會。正如霍華德所指出的，除了將合作夥伴的培訓時間增加一倍之外，我們還重新推出了標誌性的「黑圍裙」認證項目，目前已有近5000名合作夥伴獲得了圍裙，並繼續參與該項目。

We've also launched the pilot of a new partner app designed to create 1 digital community for our 270,000 U.S. and Canada company-owned operated store partners. And over time, this new digital platform will allow partners to stay connected on what matters to them most, including their schedules, their benefits and continuing to use their voice to drive the co-creation of Starbucks. More than 1,000 partners have participated in our testing and are providing feedback for our launch planned for Q2.

我們還推出了一款全新的合作夥伴應用程式的試點項目，旨在為我們在美國和加拿大的27萬家公司直營門市合作夥伴創建一個統一的數位化社區。隨著時間的推移，這個全新的數位化平台將使合作夥伴隨時了解他們最關心的事情，包括他們的工作安排、福利待遇，並繼續透過他們的意見來共同推動星巴克的發展。已有超過1000名合作夥伴參與了我們的測試，並為我們計劃於第二季正式推出的版本提供了回饋。

Obtaining the right mix and number of hours is essential to a thriving partner experience at Starbucks, and we aim to provide desired hours with flexibility and predictability. We are highly focused on honing our staffing models and operating processes to ensure we can allocate the right amount of talent to each store in every daypart and advancing our capabilities to fine-tune our hours of operations by store to reflect unique demand patterns.

在星巴克，合理的員工配置和工時對於打造卓越的夥伴體驗至關重要。我們致力於提供靈活且可預測的工時，以滿足員工的需求。我們高度重視優化人員配置模式和營運流程，確保在每個時段都能為每家店配備適量的人才，並不斷提升自身能力，以便根據各門市獨特的需求模式，精準調整營業時間。

As part of the reinvention agenda, all of these efforts share in common a primary focus to grow the lifetime value per partner and are connected to the ongoing reinvention initiatives, including in-store waste reduction and further acceleration of equipment rollout to enable an improved partner experience and higher productivity. We will also continue to focus on accelerating our trade area transformation, modernizing the way technology elevates the store experience and continuing supply chain innovation.

作為重塑計畫的一部分，所有這些努力都共同聚焦於提升每位合作夥伴的終身價值，並與正在進行的重塑舉措緊密相連，包括減少店內浪費、進一步加快設備推廣，從而改善合作夥伴體驗並提高生產力。我們也將持續致力於加速商圈轉型，革新技術提升門市體驗的方式，並持續推動供應鏈創新。

Longer-term, powered by our partners' insights, we have a very robust agenda and improvement plan powered by a new architecture and vision of the partner experience. And over time, this will translate into an even more partner-centric system in the stores, affirm our reputation as a frontline talent career launchpad and improve retention rates.

從長遠來看，在合作夥伴的洞察支持下，我們制定了一項非常完善的議程和改進計劃，該計劃以全新的架構和願景為基礎，旨在提升合作夥伴體驗。隨著時間的推移，這將轉化為門市中更以合作夥伴為中心的系統，鞏固我們作為第一線人才職涯發展平台的聲譽，並提高員工留存率。

Finally, as part of this new phase of reinvention, we continue to lean into our centralized project management office to drive better integration among our initiatives and more fully capture the synergies across our store and customer innovations. Together, these initiatives are designed to strengthen our business through top line growth and margin expansion and improve the partner experience. I look forward to sharing more of the progress in the quarters ahead.

最後，作為此次重塑新階段的一部分，我們將繼續倚重集中式專案管理辦公室，以推動各項措施更好地整合，並更充分地發揮門市和客戶創新方面的協同效應。這些措施旨在透過提升營收和利潤率來增強業務實力，並改善合作夥伴體驗。我期待在接下來的幾季與大家分享更多進展。

Let me now turn it over to my partner, Sara.

現在讓我把麥克風交給我的伴侶薩拉。

Thank you, Frank, and good afternoon, everyone. I'm Sara Trilling. I'm pleased to join you today for my first earnings call in my new role, leading the North America business.

謝謝弗蘭克，大家下午好。我是薩拉·特里林。很高興今天能以北美業務負責人的身分參加我的首次財報電話會議。

While I'm relatively new to this particular role, I'm a 20-year partner and most recently served as Senior Vice President of Asia Pacific. Over my Starbucks career, I've touched nearly every aspect of the business and have served many leadership positions across a variety of functions, including store development, retail operations, product and marketing. And I'm looking forward to applying the relevant breadth and depth of my experiences to this next phase of growth in North America.

雖然我擔任這個職位的時間不長，但我已在星巴克工作了20年，最近擔任亞太區高級副總裁。在星巴克的職業生涯中，我幾乎涉獵了業務的各個方面，並在門市開發、零售營運、產品和行銷等多個職能部門擔任領導職務。我期待將我豐富的經驗運用到北美地區的下一個發展階段。

To build on some of the comments from Frank and Howard, we continue to see very healthy growth in our North America business. As we highlighted at Investor Day, we saw the highest net sales week of all time with the launch of our fall promo. And I'm pleased to share this subsequently led to an incredibly strong September, with the 3 high sales weeks in our history.

承接弗蘭克和霍華德的發言，我們北美業務持續保持強勁成長動能。正如我們在投資者日上所強調的，隨著秋季促銷活動的推出，我們迎來了有史以來最高的單週淨銷售額。我很高興地告訴大家，這隨後帶動了九月份的強勁成長，九月連續三週創下公司歷史最高銷售紀錄。

Our strong quarter, comparable sales of 11% and revenue growth of 15% were largely driven by a record-breaking fall launch, coupled with continued strategic pricing actions and increased food attach as well as the shift to more premium beverages and a growing demand for personalization in both company-operated as well as licensed businesses.

本季業績強勁，同店銷售額成長 11%，營收成長 15%，這主要得益於秋季產品上市打破紀錄，以及持續的戰略定價措施、食品附加價值的增加、向更高端飲料的轉變，以及公司自營和特許經營業務中對個性化需求的不斷增長。

Elevated from pre-pandemic levels, we maintained ticket comp strength in our U.S. company-operated business at 10%, representing our fifth consecutive quarter of increased ticket comp. These results reflect the continued strength in demand for Starbucks as our customers fell into their new normal routine and behaviors. We fully expect the momentum from our record fall launch to continue as our highly anticipated holiday at Starbucks launched just today and include some great seasonal offerings.

在美國，我們公司自營業務的同店銷售額較疫情前水準有所提升，維持在10%的同店銷售額成長，這也是我們連續第五個季度實現同店銷售額成長。這項業績反映了顧客對星巴克的持續強勁需求，他們逐漸適應了新的生活常態。我們完全有理由相信，秋季創紀錄的銷售動能將持續，備受期待的星巴克假期活動也於今日正式啟動，並推出一系列精彩的季節性限定產品。

What gives us further confidence in the holiday season is the strength of the Starbucks brand with younger, more diverse customer groups. More than half our U.S. customer base is Gen Z and Millennials, reflecting relevancy and brand love across generational cohorts, trends we see with diverse customer cohorts as well.

令我們對假期季節充滿信心的，是星巴克品牌在更年輕、更多元化的客戶群中的強大影響力。我們美國超過一半的客戶是Z世代和千禧世代，這反映了星巴克品牌在不同世代群體中的影響力和喜愛度，而這種趨勢也體現在我們與其他多元化客戶群的互動中。

We are incredibly pleased with our momentum in the business and the reinforcement of our strategy in the following key areas. First, we've established sustained relevancy of the Starbucks brand in customer loyalty. In fact, Starbucks is consistently, quarter-over-quarter, the leader in market share, first choice and past 30-day visitation when it comes to an away-from-home coffee occasion as measured by our brand equity tracker.

我們對業務發展動能以及在以下關鍵領域策略的鞏固感到非常滿意。首先，我們已確立星巴克品牌在顧客忠誠度上的持續影響力。事實上，根據我們的品牌資產追蹤指標，在顧客外出喝咖啡的場合，星巴克在市場份額、首選品牌以及過去30天內的到訪次數方面，均持續保持領先地位，且每季都位居榜首。

We're also pleased to share that customer connection scores have increased 5 points versus pre-pandemic levels. The strength of the brand is further illustrated by the success of our iconic pumpkin spice platform, which grew 17% year-over-year and continues to resonate with customers who love the classic Pumpkin Spice Latte as well as newer additions, such as the Pumpkin Cream Cold Foam modifier.

我們很高興地宣布，客戶滿意度評分較疫情前水準提升了5分。品牌實力也體現在我們標誌性的南瓜香料系列產品的成功上，該系列產品同比增長17%，持續受到喜愛經典南瓜香料拿鐵以及南瓜奶油冷萃等新品的顧客的青睞。

Second, our cold customized beverage strategy is working. We're seeing growth in both hot and cold and increasing customization. In Q4, more than 60% of beverage units sold in the U.S. company-operated business were customized, contributing to the $1 billion and growing annual net sales for modifiers, representing growth of 2x since the first fiscal 2019.

其次，我們的冷飲客製化策略正在發揮作用。冷熱飲品銷量均實現成長，客製化需求也不斷提高。第四季度，美國公司自營業務售出的飲品中，超過60%為客製化飲品，為調味品年度淨銷售額貢獻了10億美元，且這一數字還在持續增長，較2019財年第一季增長了一倍。

Finally, we reinforced our unique position in providing experiential convenience as evidenced by all-time highs in Starbucks Rewards engagement amid Mobile Order & Pay orders. The Starbucks Rewards program in the U.S. grew 90-day active members, ending FY '22 with nearly 29 million members. This represents growth of 16% year-over-year and 55% of our U.S. company-operated revenue in the quarter, up nearly 4% from prior year, representing the highest-ever percent of tender. Mobile Order & Pay surpassed 26% in Q4 for the first time in a quarter, finishing fiscal year '22 at 25% of total transactions.

最後，我們透過行動點餐及支付訂單量創歷史新高，進一步鞏固了我們在提供便利體驗方面的獨特優勢。星巴克獎勵計畫在美國90天活躍的會員數量持續成長，2022財年末會員總數接近2,900萬人。這相當於年增16%，占我們當季美國公司營運收入的55%，較上年同期成長近4%，創歷史新高。行動點餐及支付訂單量在第四季首度突破26%，2022財年末佔總交易量的25%。

We're incredibly optimistic about our continued momentum in digital, following the unprecedented interest in Starbucks Odyssey, the integration of NFTs with our industry-leading loyalty program to create an accessible Web3 community that brings unique aspects of our brand to life in a new way.

繼 Starbucks Odyssey 獲得空前關注後，我們對在數位領域的持續發展勢頭感到無比樂觀。我們將 NFT 與我們行業領先的忠誠度計劃相結合，創建了一個易於訪問的 Web3 社區，以一種全新的方式展現了我們品牌的獨特之處。

We also experienced a wildly successful launch of Reward Together with Delta. With this partnership, our Rewards members are able to earn miles faster through their everyday purchase at Starbucks and earn even more Stars on days when they travel with Delta. The initial response from customers has been extraordinary and beyond our expectation, and this is just the start.

我們與達美航空合作推出的「攜手獎勵計畫」（Reward Together）也取得了巨大成功。透過這項合作，我們的獎勵計畫會員可以透過在星巴克的日常消費更快地累積里程，並在搭乘達美航空航班時獲得更多星星獎勵。顧客的初步反應非常熱烈，遠超過我們的預期，而這只是個開始。

Importantly, we finished the year with nearly 25% of our U.S. license portfolio live with [Starbucks Connect], allowing us to create a seamless digital experience across our stores, giving customers more ways to connect with our brands, furthering the value of the rewards experience.

重要的是，到年底，我們在美國近 25% 的特許經營門市已上線 [Starbucks Connect]，這使我們能夠在門市中打造無縫的數位化體驗，讓顧客有更多方式與我們的品牌建立聯繫，從而提升獎勵體驗的價值。

As part of our reinvention and as we shared at our September Investor Day, we're investing in equipment to innovate for an improved partner and customer experience. We have completed the deployment of Starbucks Cold Brewer and have rolled out the Mastrena 2 espresso machine and new warming ovens to nearly 95% and 72%, respectively, of our stores across the U.S.

作為我們重塑計畫的一部分，正如我們在9月份的投資者日所分享的，我們正在投資設備創新，以提升合作夥伴和顧客的體驗。我們已完成星巴克冷萃咖啡機的部署，並在美國近95%和72%的門市分別推出了Mastrena 2義式咖啡機和新型保溫烤箱。

This equipment collectively supports improvement in our throughput during both peak and full day, while providing the foundation to support elevated partner and customer experiences as we further reinvention plan investments and productivity. The rollouts for these 3 items will be completed by fiscal year '23 for our company-operated stores.

這些設備將共同提升我們在高峰時段和全天的吞吐量，同時為我們進一步推動重塑計畫的投資和生產力提升奠定基礎，從而改善合作夥伴和客戶體驗。這三項設備將在2023財年之前完成在本公司自營門市的部署。

Additionally, we rolled out nearly 60% of our handheld point-of-sale investments to nearly 75% of our cold beverage labelers. Handheld POS is already helping us capture new and latent demand in support of our ambitious revenue expectations. And we expect to see further benefit as we extend the rollout for handheld POS into fiscal year '24.

此外，我們已將近60%的手持式銷售點投資推廣至近75%的冷飲貼標廠。手持式POS系統已幫助我們挖掘新的潛在需求，從而支持我們實現雄心勃勃的營收目標。隨著手持式POS系統推廣至2024財年，我們預計還會獲得更多收益。

While still in the early days of development, partner and customer reception of the new Siren System innovation we shared at Investor Day is overwhelmingly positive, including the Clover Vertica brewer and the new proprietary on-demand cold-pressed Cold Brew technology. We expect to begin rolling out Clover Vertica brewer later in this fiscal year, with our broader Siren System innovations fast following in fiscal year 2024.

雖然仍處於早期研發階段，但我們在投資者日上展示的全新 Siren 系統創新成果，包括 Clover Vertica 咖啡機和我們獨有的全新按需冷壓冷萃咖啡技術，都獲得了合作夥伴和客戶的一致好評。我們預計將在本財年稍後開始推廣 Clover Vertica 咖啡機，而更廣泛的 Siren 系統創新成果將於 2024 財年緊接著推出。

Through our investments, we're giving our partners more time to focus on coffee craft and connect with customers, enabling them to continue delivering experiential convenience in a way that only Starbucks can. The powerful unlock is our reinvention positions us for sustainable, profitable growth over the long term.

透過我們的投資，我們讓合作夥伴有更多時間專注於咖啡製作和與顧客建立聯繫，從而能夠以星巴克獨有的方式，繼續提供便捷的體驗式服務。此次變革的強大動力在於，它使我們能夠實現長期可持續的獲利成長。

In fact, just this last week, we welcomed nearly 2,000 retail leaders from U.S. and Canada to Seattle for our District Manager Leadership Experience. This powerful 3-day event is designed with great intention to provide a renewed understanding of the critical role each leader plays in our business and with our people and equip them fully to lead their stores and store partners through our reinvention and into our future as we all breathe life into this reinvention plan.

事實上，就在上週，我們迎來了近2,000位來自美國和加拿大的零售業領袖齊聚西雅圖，參加我們的區域經理領導體驗活動。這場為期三天的精彩活動旨在幫助每位領導者重新認識他們在我們業務和員工關係中扮演的關鍵角色，並為他們提供全面的支持，帶領他們的門市和門市夥伴順利完成我們的轉型，邁向未來。我們共同努力，將這項轉型計劃付諸實行。

To close, what I would leave you with -- is with this. This is an incredibly exciting time to lead our North America business. While the macro environment may have uncertainty, our performance is once again demonstrating the strength and resilience of our brand and our business. We are well positioned in this environment, which will only further strengthen as our reinvention comes to life. I'll now turn it over to Rachel.

最後，我想和大家分享一點。現在是領導我們北美業務的絕佳時機。儘管宏觀環境存在不確定性，但我們的業績再次展現了我們品牌和業務的實力與韌性。我們已在當前環境下佔據有利地位，隨著我們重塑計劃的逐步實施，這一優勢只會進一步增強。現在，我將把發言權交給瑞秋。

Thank you, Sara, and welcome to your first Starbucks earnings call. And good afternoon, everyone. As you heard throughout this call, starting with Howard, we had record-breaking performance this quarter, and I'm incredibly proud of what we achieved together. We finished fiscal year 2022 with consistently strong demand in the U.S. and in nearly all major markets across the globe, with that demand sustaining as we exited the year.

謝謝Sara，歡迎參加你的第一次星巴克財報電話會議。大家下午好。正如大家在本次電話會議中聽到的，從Howard開始，我們本季取得了破紀錄的業績，我為我們共同取得的成就感到無比自豪。在2022財年結束時，我們在美國以及全球幾乎所有主要市場都保持了強勁的需求，而這種需求在年底依然持續。

Our Q4 consolidated revenue reached another historical high, $8.4 billion, up 11% from the prior year or 14% when excluding a 3% impact of foreign currency translation. The revenue growth was primarily driven by 7% comparable store sales growth and 6% net-new store growth over the past 12 months, further strengthened by the remarkable momentum in our global licensed store businesses. In addition, this outstanding performance reflects double-digit revenue growth in all 3 of our reporting segments in constant currencies, showcasing the resiliency of our brand, power of customer loyalty and depth of our diverse portfolio.

我們第四季合併營收再創新高，達到84億美元，較上年同期成長11%，若剔除3%的匯率折算影響，則成長14%。營收成長主要得益於過去12個月同店銷售額成長7%和淨新增門市數量成長6%，全球特許經營店業務的強勁成長動能也進一步推動了這一成長。此外，這項卓越業績反映出我們所有三個報告分部（以固定匯率計算）的營收均實現了兩位數成長，充分展現了我們品牌的韌性、強大的客戶忠誠度和多元化產品組合的深度。

Q4 consolidated operating margin contracted 380 basis points from the prior year to 15.1%, primarily driven by investments in growth in labor, including enhanced store partner wages and new partner training, part of which were investments under our reinvention plan. In addition, operating margin was impacted by inflationary headwinds and deleverage related to COVID restrictions in China. The overall contraction was partially offset by pricing in North America and sales leverage across markets outside of China.

第四季綜合營業利潤率較上年同期下降380個基點至15.1%，主要原因是加大了對勞動力成長的投資，包括提高門市合作夥伴的薪資和開展新的合作夥伴培訓，其中部分投資是我們重組計畫的一部分。此外，營業利益率也受到通膨不利因素和中國新冠疫情限制措施導致的去槓桿化的影響。北美地區的定價策略和中國以外市場的銷售槓桿部分抵消了整體利潤率的下降。

Q4 EPS was $0.81, declining 9% from the prior year, but better than expectations, including $0.05 of nonrecurring benefits primarily related to discrete tax benefits. For full year fiscal 2022, our consolidated revenue reached a record $32.3 billion, up 13% from the prior year or 15% when excluding a 2% impact of foreign currency translation driven by 8% comparable store growth, 6% net-new store growth and strength in our global licensed store businesses. Full year consolidated operating margin and EPS were 15.1% and $2.96, respectively.

第四季每股收益為0.81美元，年減9%，但優於預期，其中包括0.05美元的非經常性收益，主要與一次性稅收優惠相關。 2022財年全年，公司合併收入達到創紀錄的323億美元，年增13%；若剔除2%的匯率折算影響，則同比增長15%，這主要得益於同店銷售額增長8%、淨新增門市數量增長6%以及全球特許經營店業務的強勁表現。全年合併營業利益率和每股盈餘分別為15.1%和2.96美元。

I will now provide segment highlights for Q4. North America delivered revenue of $6.1 billion in Q4, up 15% from the prior year and another all-time record, primarily driven by an 11% increase in comparable store sales, inclusive of a 10% increase in average ticket as well as net-new store growth of 3% over the past 12 months. Impressive momentum in our U.S. licensed store business also contributed to the segment's record revenue performance.

接下來我將介紹第四季各業務板塊的亮點。北美地區第四季營收達61億美元，年增15%，再創歷史新高，主要得益於同店銷售額成長11%，其中包括平均客單價成長10%，以及過去12個月淨新增門市數量成長3%。美國特許經營店業務的強勁成長勢頭也為該板塊創紀錄的營收表現做出了貢獻。

My colleagues spoke in detail about our incredible U.S. performance in Q4, posting 11% comparable store sales growth. Average ticket once again broke a record, primarily driven by pricing and food attach. Despite elevated pricing actions taken throughout the year, daily store traffic in the U.S. reached approximately 95% pre-pandemic levels in September, fueled by the wildly successful fall promotion.

我的同事們詳細討論了我們第四季在美國取得的令人矚目的業績，同店銷售額成長了11%。平均客單價再次創下紀錄，主要得益於價格和食品附加價值的提升。儘管全年都採取了提價措施，但9月份美國門市的日均客流量仍恢復到疫情前水準的約95%，這主要得益於秋季促銷活動的巨大成功。

Importantly, the volume of beverage and food items sold per store has well-exceeded pre-pandemic levels, and the number of unique customers, again, reached an all-time high in Q4, up 9% over the prior year and up more than 1% versus prior quarter, underscoring our brand's expanding reach and relevance and customer loyalty. North America's operating margin was 19% in Q4, contracting 270 basis points from the prior year, primarily due to investments in growth in labor, including enhanced store partner wages and new partner training as well as inflationary headwinds, partially offset by pricing and sales leverage.

值得注意的是，每家店的飲料和食品銷量已遠超疫情前水平，獨立顧客數量在第四季度再次創下歷史新高，同比增長9%，環比增長超過1%，凸顯了我們品牌的影響力和相關性不斷擴大，以及顧客忠誠度的提升。北美地區第四季的營業利潤率為19%，較上年同期下降270個基點，主要原因是勞動力成長的投資，包括提高門市員工薪資和開展新的員工培訓，以及通膨帶來的不利影響，部分被價格和銷售槓桿作用所抵銷。

Our disciplined actions to closely manage labor hours, reduce waste and prioritize discretionary spend also contributed to the segment's margin performance as we build a strong foundation for progressive margin expansion in years to come.

我們採取了嚴格的措施，嚴格管理工時，減少浪費，優先考慮可自由支配的支出，這也有助於提高該業務板塊的利潤率，為未來幾年利潤率的逐步提高奠定了堅實的基礎。

Moving on to International. The segment delivered third quarter revenue of $1.8 billion, down 1% from the prior year or up nearly 12% when excluding a 12% unfavorable impact from foreign currency translation. This double-digit revenue growth in constant currencies was driven by sustained strength in all major markets outside of China as well as an 8% increase in total store count over the past 12 months. The growth was partially offset by a 5% decline in comparable store sales as the impacts of COVID continued in China.

接下來是國際業務。該業務板塊第三季營收為18億美元，年減1%，若剔除12%的匯率折算不利影響，則較去年同期成長近12%。以固定匯率計算，這兩位數的營收成長主要得益於中國以外所有主要市場的持續強勁表現，以及過去12個月門市總數成長8%。但由於新冠疫情在中國持續蔓延，同店銷售額下降5%，部分抵銷了上述成長。

As Howard discussed, our China market continued its recovery in Q4, navigating through reoccurring COVID outbreaks and turbulent consumer mobility. The market posted a comp decline of 16% in Q4, a meaningful sequential improvement from a 44% decline in Q3. Despite this depressed traffic, the China team's outstanding leadership and strength of our brand were markedly evident in the quarter as reflected in record levels of store development, growth in delivery and the highest-ever customer connection scores.

正如霍華德所言，我們的中國市場在第四季度繼續復甦，克服了反覆爆發的新冠疫情和消費者出行波動帶來的挑戰。第四季同店銷售額下降16%，較第三季44%的降幅實現了顯著改善。儘管客流量低迷，但中國團隊卓越的領導力和強大的品牌影響力在本季度得到了充分體現，門市開發量創歷史新高，配送業務增長迅猛，客戶滿意度也達到了歷史最高水平。

Outside of China and excluding the impact of foreign currency translation, our diverse international markets across the globe sustained incredible momentum in Q4. Collectively, the market's revenue growth exceeded 30% in the quarter when excluding a 19% unfavorable impact of foreign currency translation. International segment's net-new stores reached a quarterly record at 518, climbing to more than 18,000 stores in total, setting the stage for a new era of growth, with a rapidly expanding footprint around the world.

除中國以外，剔除匯率折算的影響，我們在全球各地的多元化國際市場在第四季度保持了強勁的成長勢頭。剔除19%的匯率折算不利影響後，該市場整體營收成長超過30%。國際業務新增門市數量達到季度新高，為518家，門市總數超過18,000家，為開啟新的成長時代奠定了基礎，並在全球迅速擴張。

Operating margin for the International segment was 14.5% in Q4, down 750 basis points from the prior year, mainly driven by deleverage related to COVID restrictions in China, lower government subsidies as well as partner investments. The contraction was partially offset by pricing and strong sales leverage across markets outside of China.

國際業務第四季營業利潤率為14.5%，較上年同期下降750個基點，主要原因是受中國新冠疫情限制措施、政府補貼減少以及合作夥伴投資的影響，導致槓桿率下降。中國以外市場的定價策略和強勁的銷售槓桿作用部分抵消了利潤率的下滑。

Shifting to channel development. The segment's revenue grew 16% to $484 million in Q4 or up 18% when excluding a 2% impact from foreign currency translation driven by growth in both the Global Coffee Alliance and our global ready-to-drink businesses. Channel Development continued to play a vital role in differentiating, diversifying and amplifying our brand by creating customer occasions outside our stores. As a result, Starbucks remains the market leader in both the total U.S. at-home coffee and ready-to-drink categories.

轉向通路拓展。該業務部門第四季營收成長16%至4.84億美元，若剔除受2%外幣折算影響（主要得益於全球咖啡聯盟及全球即飲業務的成長），則增幅達18%。通路拓展透過創造門市以外的消費場景，持續在品牌差異化、多元化和強化方面發揮至關重要的作用。因此，星巴克在美國家庭咖啡和即飲咖啡市場中均保持領先地位。

Building on the success of our newer platforms, the segment's robust innovations continued in the quarter, including the introductions of ready-to-drink Starbucks Pumpkin Cream Nitro Cold Brew in the U.S. and bottled Frappuccino Smoothie in China, to name a few. The segment's operating margin was 50.6% in Q4, down 170 basis points from the prior year, mainly driven by business mix shift.

憑藉新平台的成功，該業務板塊在本季度繼續保持強勁的創新勢頭，例如在美國推出即飲型星巴克南瓜奶油氮氣冷萃咖啡，以及在中國推出瓶裝星冰樂冰沙等等。該業務部門第四季的營業利益率為50.6%，較上年同期下降170個基點，主要受業務組合變化的影響。

Let's now move on to our fiscal 2023 outlook, which reflects the beginning of a new era of growth. Our guidance remains consistent with what we shared at our Investor Day in September. So today, I will reaffirm and refine the guidance specific to fiscal year 2023. And we'll also introduce an outlook on a few below-the-line metrics that were not part of our Investor Day guidance.

接下來，我們來談談2023財年的展望，這標誌著公司開啟了新的成長時代。我們的業績指引與9月份投資者日上公佈的內容一致。因此，今天我將重申並完善2023財年的業績指引。此外，我們也將介紹一些先前未在投資者日上提及的線下指標的展望。

Starting with the first building block of our growth, comparable store sales growth. We expect fiscal 2023 U.S. comparable sales growth to grow in the range of 7% to 9%. For China, we're expecting outsized comp in fiscal year 2023 as we lap the severity of the lockdowns in the market. Given the quarterly shape of the fiscal 2022 baseline, we expect China comp to be negative in the first quarter, followed by outsized comp in the balance of the year.

首先，我們來看看成長的首要基石—同店銷售成長。我們預計2023財年美國同店銷售成長率將介於7%至9%之間。對於中國市場，隨著疫情封鎖措施的逐步解除，我們預計2023財年中國同店銷售將顯著成長。鑑於2022財年季度業績的基線，我們預計中國市場第一季同店銷售將出現負增長，但隨後將在今年剩餘時間內實現顯著增長。

Our fiscal 2023 global comp growth is expected to be near the high end of our long-term target range of 7% to 9%, consistent with what I shared at Investor Day. And global comp in Q1, reflecting negative comp in China, is expected to be at the low end of the annual guidance range, then expanding in subsequent quarters.

我們預計2023財年全球同業成長將接近7%至9%的長期目標區間的高端，這與我在投資者日上所分享的內容一致。受中國市場同業成長為負的影響，預計第一季全球同業成長將處於年度指引區間的低端，隨後幾季將逐步成長。

Moving on to the second building block, new store growth. We expect our U.S. store count to grow by approximately 3% in fiscal year 2023. In China, we will continue to rapidly expand our store footprint, with approximately 13% growth expected in fiscal year 2023. We expect our global store growth to reach approximately 7%, with over 75% of the growth coming from outside of the U.S. as we continue to diversify our portfolio globally.

接下來是第二個關鍵要素：新店成長。我們預計2023財年美國門市數量將成長約3%。在中國，我們將持續快速擴張門市規模，預計2023財年將成長約13%。我們預計全球門市成長率將達到約7%，其中超過75%的成長將來自美國以外的地區，因為我們將繼續在全球實現業務多元化。

With this powerful combination of global comp and store growth, coupled with our Channel Development performance, we expect our consolidated revenue growth to reach the range of 10% to 12% in fiscal year 2023 despite an approximately 3 percentage point unfavorable impact expected from foreign currency translation.

憑藉全球同店銷售和門市銷售的強勁成長，以及通路發展的優異表現，我們預期 2023 財年綜合營收成長將達到 10% 至 12%，儘管預計外匯折算會產生約 3 個百分點的不利影響。

Within fiscal 2023, the unfavorable impact of foreign currency translation is expected to reach approximately 4 percentage points in the first half of the fiscal year, tempering to approximately 1 to 2 percentage points in the back half of the year. Despite the considerable pressure we now expect from foreign currency translation, which could abate, we remain confident in our revenue guidance range for the full year. We have a solid path to capture strong demand, maximize opportunities unlocked from our reinvention plan and deliver attractive revenue results.

預計2023財年上半年，外幣折算的不利影響將達到約4個百分點，下半年將回落至約1至2個百分點。儘管我們目前預計外幣折算將帶來相當大的壓力（儘管這種壓力可能會有所緩解），但我們對全年營收預期仍然充滿信心。我們有穩健的路徑來掌握強勁的市場需求，最大限度地利用轉型計畫帶來的機遇，並實現可觀的營收業績。

Our third building block is operating margin. Globally, we expect solid margin expansion in fiscal year 2023. In terms of a quarterly shape, we expect operating margin to be tempered in Q1 and Q2, with meaningfully higher margins in Q3 and Q4 as margin benefits accumulate from the continued unlocking of the reinvention plan, coupled with the expected recovery in China.

我們的第三個關鍵要素是營業利益率。在全球範圍內，我們預計2023財年利潤率將穩健成長。就季度走勢而言，我們預計第一季和第二季的營業利潤率將較為溫和，而隨著重塑計畫的持續推​​進以及中國經濟的預期復甦，第三季和第四季的利潤率將顯著提高。

In addition to the quarterly shape of operating margin, here are a few points to consider. We expect over $1 billion incremental investments in fiscal year 2023, half of which will reflect the annualization of the fiscal 2022 investments. We expect headwinds related to supply chain and commodity inflationary pressures to continue in fiscal 2023, albeit to a lesser extent relative to fiscal 2022. Headwinds will be managed through sales leverage, pricing and productivity from the reinvention, resulting in positive margin expansion as the year progresses, as I previously mentioned.

除了季度營業利潤率走勢之外，還有以下幾點需要考慮。我們預計2023財年將新增超過10億美元的投資，其中一半將是2022財年投資的年度化結果。我們預期與供應鏈和商品通膨壓力相關的不利因素將在2023財年持續存在，但程度將較2022財年減輕。正如我之前提到的，我們將透過銷售槓桿、定價策略以及業務轉型帶來的生產力提升來應對這些不利因素，從而隨著時間的推移實現利潤率的正增長。

The fourth building block is capital allocation. We expect our CapEx in fiscal 2023 to be approximately $2.5 billion. As we shared during our Investor Day, we also expect to return approximately $20 billion to shareholders in the next 3 years between dividends and share buybacks. We remain committed to targeting an approximately 50% dividend payout ratio as reflected in the recently announced dividend increase, and we'll also resume our buyback program in fiscal 2023. We expect the buyback benefit on EPS to be initially limited until fiscal 2024, when the benefit is expected to reach approximately 1%, calculated net of interest expense.

第四個組成部分是資本配置。我們預計2023財年的資本支出約為25億美元。正如我們在投資者日上所分享的，我們預計未來三年將透過股利和股票回購向股東返還約200億美元。我們仍致力於實現約50%的分紅率目標，這已體現在我們近期宣布的分紅成長中。此外，我們將在2023財年恢復股票回購計畫。我們預期股票回購對每股盈餘的貢獻在2024財年之前將較為有限，屆時扣除利息支出後，預計貢獻將達到約1%。

In regards to interest expense, we expect between $540 million and $560 million of interest expense in fiscal 2023, up from $483 million in fiscal 2022. This increase, driven by incremental debt issuances in fiscal 2022 and fiscal 2023 as outlined in our capital allocation strategy. Importantly, we remain committed to our BBB+ credit rating and leverage cap of 3x rent-adjusted EBITDA.

關於利息支出，我們預期2023財年的利息支出將在5.4億美元至5.6億美元之間，高於2022財年的4.83億美元。此成長主要源自於2022財年和2023財年新增債務發行，如我們在資本配置策略中所述。重要的是，我們仍致力於維持BBB+的信用評級，並將槓桿率上限設定為租金調整後EBITDA的3倍。

As for tax rates in fiscal 2023, we expect our effective GAAP and non-GAAP tax rates to be in the mid-20% range. This is up from our fiscal 2022 GAAP and non-GAAP tax rates of 22.4% and 23.1%, respectively, which benefited from certain discrete tax items that are not expected to repeat to the same degree in fiscal 2023.

至於2023財年的稅率，我們預期實際GAAP和非GAAP稅率將在20%左右。這高於2022財年的GAAP和非GAAP稅率，分別為22.4%和23.1%。 2022財年的稅率受益於某些特定的稅務項目，而這些項目預計在2023財年不會以同樣的方式重複出現。

Finally, based on the current environment, we expect foreign currency translation to have approximate 4 percentage point unfavorable impact on fiscal 2023 earnings growth. Despite that, we continue to expect fiscal 2023 GAAP EPS growth to be at the high end of the 15% to 20% range. Fiscal 2023 non-GAAP EPS growth is expected to be at the low end of the long-term range of 15% to 20% as the benefits of the reinvention investments will take time to amplify.

最後，基於當前環境，我們預期外幣折算將對2023財年獲利成長產生約4個百分點的不利影響。儘管如此，我們仍預期2023財年GAAP每股收益成長率將處於15%至20%區間的高端。由於重組投資的效益需要時間才能顯現，我們預計2023財年非GAAP每股盈餘成長率將處於15%至20%長期區間的低端。

It's important to note that Q4 fiscal 2022 included approximately $0.05 of nonrecurring items, largely from discrete tax benefits. And considering the quarterly EPS shape, we expect it to mirror the quarterly shape of operating margin, which will also have a meaningful step-up in the second half of the fiscal year.

值得注意的是，2022財年第四季包含約0.05美元的非經常性項目，主要來自一次性稅收優惠。考慮到季度每股收益的走勢，我們預計其走勢將與季度營業利潤率的走勢一致，後者也將在下半年顯著增長。

In closing, here are key takeaways from my discussion today. We are incredibly proud of our Q4 performance, underpinned by the experience our partners create for our customers each and every day. Our 2023 guidance sets the stage for another year of record performance. Importantly, we recognize that our future growth is dependent on our investments in our partners, stores and customers. As we lean in and solve the challenges of our business, together with our partners, we are confident of our path to unlock a new era of growth, creating value for all stakeholders, partners, customers and shareholders.

最後，我想分享一下今天要討論的要點。我們對第四季度的業績感到無比自豪，這得益於我們的合作夥伴每天為客戶創造的卓越體驗。我們對2023年的業績展望為另一個創紀錄的年份奠定了基礎。重要的是，我們認識到，未來的成長取決於我們對合作夥伴、門市和客戶的投入。我們將與合作夥伴攜手，積極應對業務挑戰，並有信​​心開啟新的成長時代，為所有利害關係人——合作夥伴、客戶和股東——創造價值。

Once again, our success is earned through our more than 450,000 Green Apron partners working across the globe to elevate the Starbucks experience each and every day. Their commitment and their unwavering focus will continue to be the cornerstone of our new era of growth.

我們再次將成功歸功於遍佈全球的超過45萬名綠圍裙夥伴，他們每天都在努力提升星巴克體驗。他們的奉獻精神和堅定不移的專注將繼續成為我們新時代發展的基石。

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

接下來，我們將進入問答環節。接線生？

(Operator Instructions) Your first question comes from Andrew Charles with Cowen.

（操作說明）您的第一個問題來自 Cowen 公司的 Andrew Charles。

I had 2 questions on the Rewards Together program. First, can you talk about what differs about this program versus the [Stars Everywhere] program that Starbucks ran about 6 or 7 years ago, when you partnered with New York Times, Lyft and Spotify, that was ultimately discontinued?

關於「Rewards Together」計劃，我有兩個問題。首先，您能否談談這個計畫與星巴克大約六、七年前推出的「Stars Everywhere」計畫有何不同？當時星巴克與《紐約時報》、Lyft 和 Spotify 合作，但最終該計畫已終止。

And then my other question is just on the data sharing. Can you talk about the new capabilities this program is going to afford you and how the data sharing will work between you, Delta and any other new partners that you guys bring on?

我的另一個問題是關於資料共享的。您能否談談這個項目將為您帶來的新功能，以及您、達美航空和您未來引入的任何其他新合作夥伴之間將如何進行數據共享？

Thank you for the question. This is Howard. I'm sitting with Brady Brewer, Chief Marketing Officer of Starbucks, and he'll take your question. Brady?

謝謝你的提問。我是霍華德。我現在和星巴克首席行銷長布雷迪·布魯爾坐在一起，他會回答你的問題。布雷迪？

Yes. Thanks for the question. Really, the Reward Together program is about taking like-minded leading loyalty programs and linking them directly to Starbucks Rewards. And the intent is that whether or not you are with an airline like Delta, you can earn miles faster at Starbucks, and you can get additional Starbucks benefits when you fly with Delta. And we're looking at a number of leading brands. And so this is creating direct tech-to-tech connection to link our loyalty programs and make the experiences better for both brands and both sets of customers.

是的，謝謝你的提問。實際上，「Reward Together」計畫旨在將理念相近的領先會員計畫與星巴克獎勵計畫直接連接起來。其目的是，無論你是否搭乘達美航空等航空公司的航班，都可以在星巴克更快地累積里程，並且在搭乘達美航空航班時還能享受額外的星巴克福利。我們正在與多家領先品牌洽談合作。因此，這項計劃旨在建立直接的技術連接，將我們的會員計劃整合起來，從而提升兩個品牌和雙方顧客的體驗。

In terms of the data, we're really sticking with our continued focus on using data to make the experience better but being very thoughtful and disciplined about the data that we capture, but using it to make the experience better and inform our business. So we're excited about the early stages of Reward Together. What we've seen, as you heard on the call, is extraordinary demand to link accounts in a way that was overwhelming relative to our expectations. So we're excited to see this build in the future.

在數據方面，我們始終堅持利用數據改善用戶體驗，同時對收集的數據進行深思熟慮和嚴格把控，確保數據能夠真正用於提升用戶體驗並指導業務發展。因此，我們對「Reward Together」的早期階段感到非常興奮。正如您在電話會議中聽到的，我們看到用戶對帳戶關聯的需求異常旺盛，遠遠超出了我們的預期。我們期待這項功能在未來能夠持續發展壯大。

Your next question comes from Jeffrey Bernstein with Barclays.

下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Howard, since the Analyst Day, the top question we've heard on Starbucks is related to the new long-term comp guidance of 7% to 9%. And it does seem like you're quite confident on that in fiscal '23. It seems like you have a pretty good line of sight, and these quarterly results support that. And I get the feeling fiscal '23 is driven by menu pricing and the China bounce-back.

霍華德，自從分析師日以來，我們聽到的關於星巴克最熱門的問題就是關於新的長期同店銷售額成長預期，即7%到9%。看來你對2023財年的目標相當有信心。你似乎對前景有著相當清晰的判斷，而這些季度業績也印證了這一點。我感覺2023財年的業績成長主要受菜單定價和中國市場復甦的推動。

But with that said, the focus, I guess, we're hearing is more looking 6 to 12 months out, with an even larger system. And in the face of a slowing macro and potential recession, it seems like your product will be more discretionary. So just wondering your confidence or maybe if you could prioritize the drivers to support that 7% to 9% comp, just because yourselves and even your peers, it's just been very difficult to be able to sustain that level without it being driven by price.

但話雖如此，我感覺我們聽到的重點更多在於著眼於未來6到12個月，並建立一個更大的系統。面對宏觀經濟放緩和潛在的經濟衰退，你們的產品似乎會更偏向非必需品。所以我想了解一下你們是否有信心，或者能否優先考慮哪些因素能夠支撐7%到9%的同業回收率增長，因為你們自己以及你們的同行都發現，如果不以價格驅動，就很難維持這個水平。

So especially going into a potential recession, you're confident 6 to 12 months out that we could still be talking about 7% to 9% for the next couple of years. Any color or prioritization would be great.

尤其是在可能出現經濟衰退的情況下，您有信心在未來6到12個月內，我們仍然可以討論未來幾年7%到9%的成長率。任何顏色或優先順序的說明都將不勝感激。

Thanks, Jeff. Well, let's try and kind of go through the question based on our history, what we've seen in the near term and why we're so confident. If you go back many years, although this is an unprecedented time, we have demonstrated, time and time again, that there is an affordable luxury to Starbucks that our customer base has been willing to support and the loyalty to Starbucks continues.

謝謝，傑夫。好的，我們不妨根據我們的歷史、近期的觀察以及我們如此自信的原因來探討一下這個問題。回顧過去多年，儘管現在是前所未有的時期，但我們已經一次又一次地證明，星巴克是一種價格適中的奢華享受，我們的顧客群體一直願意支持它，他們對星巴克的忠誠度也一直延續至今。

Now in the past, we did not have the inherent benefit of the Rewards program, which as you heard in our prepared remarks, is generating significant revenue for Starbucks, which is highly predictable, and a relationship with that customer base is extremely loyal.

過去，我們沒有獎勵計劃帶來的固有優勢，正如您在我們事先準備好的發言稿中所聽到的，該計劃為星巴克創造了可觀的收入，而且收入非常可預測，並且與該客戶群的關係極其忠誠。

The other thing that's different from the years past and which gives us so much confidence is that we've always monitored whether or not our customer base was getting younger every year. We've never wanted to see our customer base get generationally older. We wanted to see it get younger.

與往年不同的是，也正是這一點讓我們信心倍增，那就是我們始終關注客戶群是否逐年年輕化。我們從未希望看到客戶群老化，而是希望它更加年輕化。

Not only has it gotten younger, but that young customer, that Gen Z customer, tends to have significantly more discretionary money at their disposal. And their loyalty to Starbucks has been quite significant and predictable. Then you have the pricing power of Starbucks, which we're certainly not going to try and raise prices during this time. But certainly, we've demonstrated, over the last 12 months or so, that we've got almost 6% price increases and we haven't seen the loyalty and the transactions abate.

不僅顧客群更加年輕化，這些年輕的Z世代顧客往往擁有更多的可支配收入。他們對星巴克的忠誠度一直很高，而且也符合預期。此外，星巴克擁有強大的定價權，我們當然不會在這個時期嘗試漲價。但在過去12個月左右的時間裡，我們已經證明，即使價格上漲了近6%，顧客的忠誠度和交易量也沒有下降。

I think customization, which we spoke a lot about in our prepared remarks, is obviously giving us -- and the ticket is becoming more accretive as a result of the modifiers, and those modifiers seem to be more consistent and greater with cold beverages, which is now over 75% of the U.S. business.

我認為，正如我們在準備好的發言稿中多次提到的，客製化顯然為我們帶來了——而且由於各種附加條件，票價也變得更加可觀，這些附加條件似乎對冷飲更加一致和顯著，而冷飲目前占美國業務的 75% 以上。

And then I think we look at the promotional plan that we have for the balance of the year and we look back on our history in terms of the beverages that have succeeded, we look back on the short-term history in terms of what beverages have really been home runs, and I can honestly say we sat through a beverage lineup of innovation a few weeks back and we really had to cull the amount of beverages because we knew we couldn't handle it because there were just too many that we felt so good about.

然後，我認為我們會審視今年剩餘時間的促銷計劃，回顧過去哪些飲料取得了成功，並回顧短期內哪些飲料真正大獲成功。我可以坦誠地說，幾週前我們仔細研究了一系列創新飲料，我們不得不精簡飲料的數量，因為我們知道我們無法處理這麼多，因為我們覺得非常好的飲料實在太多了。

The last thing I'd say, and this is not as quantitative as I would like but it's real, is that during the pandemic and certainly in the last year, Starbucks has picked up consistently -- consistent market share, both in our category and our ability to intercept traffic as a result of the strategic nature of our real estate multiple formats, and we certainly can't avoid this conversation and not talk about the overwhelming success in revenue and how accretive drive-throughs have been.

最後我想說的是，雖然這不像我希望的那樣量化，但卻是事實，那就是在疫情期間，尤其是在過去一年裡，星巴克的市場份額持續增長——無論是在我們這個品類中，還是由於我們房地產多元化經營模式的戰略性而能夠吸引客流，市場份額都持續增長。我們當然不能迴避這個話題，而不能談論收入的巨大成功以及得來速帶來的增值。

And so net-net, we're highly concerned and humbled by the environment. There isn't a day that goes by in which the lens of every decision we're making is not made -- is made through the concern of what's happening in America and around the world. But we feel that we've got the resources and the know-how, the history and the innovation to produce the kind of numbers that we feel very confident about. Thank you.

總而言之，我們對環境議題高度關注，並深感責任重大。我們每天做出的每一個決定，都會考慮到美國乃至全世界正在發生的事。但我們相信，我們擁有足夠的資源、專業知識、歷史經驗和創新能力，能夠取得我們非常有信心的表現。謝謝。

Your next question comes from Sara Senatore with Bank of America.

下一個問題來自美國銀行的薩拉·塞納托雷。

I have a question and then a follow-up, please. So the question is really about, you just mentioned the premiumization and customization and how that seems to be more common with cold beverages. I guess that feels like it's been a tailwind for a little while now.

我有一個問題，還有一個後續問題。我的問題其實是關於您剛才提到的高端化和客製化，以及這種趨勢在冷飲領域似乎更為普遍。我感覺這股風潮已經持續了一段時間。

How much further can you push this, if you will? So cold accounts for 76% in total. How much higher can that be? And as you think about customization, you could share sort of what percentage of orders are customized or something that could give us a sense of how far along you might be in that penetration throughout.

請問您還能把這個比例提升到什麼程度？目前冷鏈訂單佔總訂單量的76%，這個比例還能提高多少？另外，在考慮客製化方面，您能否分享一下客製化訂單的比例，或是其他一些能讓我們了解您在客製化滲透方面進展到什麼程度的數據？

Sure. Yes. I'll start -- sure, go ahead...

當然。好的。我先來——好的，請便…

I'm sorry. And just a question about China. I just wanted to clarify, as you talk about the restrictions, it's really about mobility, not about challenges in opening new stores.

抱歉。我還有一個關於中國的問題。我想確認一下，您提到的限制措施，是指人員流動的限制，而不是開設新店的挑戰。

Yes. In terms of China, that's 100% correct. There's no issue with regard to opening stores. In fact, we're opening stores at record numbers. And Belinda is on the phone, and if you have a follow-up question about China, she certainly can answer it.

是的。就中國市場而言，情況完全正確。開店沒有任何問題。事實上，我們的門市數量正在創下歷史新高。貝琳達現在就在電話那頭，如果您還有其他關於中國的問題，她絕對可以解答。

In terms of your question about the -- our ability to extend cold and modifiers, a few things. One, cold has certainly surprised us all at Starbucks. But our ability to customize beverages is a significant competitive advantage. There is no other coffee company anywhere in the world that has our ability to respond instantaneously to a customer's request about customization, nor there isn't a coffee company that has our ability behind the counter in terms of flavors, syrups, modifiers, foam, et cetera, to provide the customer what they want.

關於您提到的我們拓展冷飲和添加配料的能力，有幾點需要說明。首先，冷飲的普及化確實讓星巴克所有人都感到驚喜。但我們客製化飲品的能力是一項重要的競爭優勢。世界上沒有其他咖啡公司能夠像我們一樣，即時回應顧客的客製化需求；也沒有其他咖啡公司能夠在櫃檯後提供我們所需的各種口味、糖漿、配料、奶泡等等，從而滿足顧客的各種需求。

I think cold is in its early stages in terms of what's coming. And the innovation we have around cold through the year will continue to drive awareness and I think, attachment.

我認為，就未來發展趨勢而言，寒冷仍處於早期階段。我們全年圍繞著寒冷議題推出的創新措施將持續提升人們的認知，我認為也會增強人們對寒冷的喜愛。

However, no one should kind of walk away and think about the fact that our coffee -- our hot coffee business is not growing. In fact, it's growing nicely, but cold has kind of taken over. But we have significant innovation plans for hot. So I think the percentage of revenue cold versus hot, I think you'll see hot go up as a result of the innovation we have around the hot platform. And I'll give it to Brady, just to follow up on your question as well.

然而，大家不應該就此打住，認為我們的熱咖啡業務沒有成長。事實上，熱咖啡業務成長良好，只是冷咖啡業務佔據了主導地位。但我們針對熱咖啡制定了重要的創新計畫。所以我認為，隨著我們在熱咖啡平台上的創新，冷咖啡和熱咖啡的收入比例將會上升。最後，我想請布雷迪也來回答你的問題。

Yes. I think the -- as Howard said, hot coffee is growing, but cold beverage, over the last few years, has just accelerated, and that added an entire stack of sales volume into the stores. What we're seeing, and Sara mentioned, is that the cold-customized plant-based beverage platform is particularly appealing. The younger you go, the colder the beverage.

是的。正如霍華德所說，熱咖啡的銷量正在成長，但冷飲在過去幾年成長迅猛，為門市帶來了可觀的銷售額。我們看到，正如薩拉所提到的，客製化冷飲植物性飲品尤其受歡迎。年齡越小，飲品越冰爽。

We've seen significant year-over-year growth in Iced Espresso, which is our biggest product category. We're continuing to now see growth in hot espresso. Refreshers, Nitro, Cold Brew are all growing significantly. But as Howard said, modifiers have grown in double digits year-over-year.

冰濃縮咖啡是我們最大的產品類別，我們看到其同比增長顯著。現在，熱濃縮咖啡也持續成長。冰爽咖啡、氮氣咖啡和冷萃咖啡的銷售也都大幅成長。但正如霍華德所說，各種配料的銷量比去年同期增長了兩位數。

Now over 60% of our beverages are customized. And why is that important? It's important because what our customers have discovered is that their favorite beverage is not possible to buy anywhere else. I think that links to the earlier question about navigating rough times too, is this is a beverage you can only get at Starbucks and you can't make it home. And increasingly, customization has enabled that in our stores. So we're just getting started. Lots of growth opportunity ahead.

現在，我們超過 60% 的飲品都是客製化的。這為什麼重要呢？因為我們的顧客發現，他們最喜歡的飲品在其他地方都買不到。我認為這與之前關於如何應對困境的問題也有關聯，那就是，這種飲品只能在星巴克買到，而你在家是做不出來的。而客製化服務正日益幫助我們實現這一點。所以，我們才剛起步，未來還有巨大的成長潛力。

Your next question comes from Lauren Silberman with Crédit Suisse.

下一個問題來自瑞士信貸的 Lauren Silberman。

I wanted to ask about China. Can you talk about your composition of locations in China across Tier 1, Tier 2 and lower-tier cities and just in terms of unit growth, where you're growing across those tiers? And then any color you can provide on trends you're seeing in Tier 1 versus other cities would be helpful.

我想問一下關於中國市場的問題。您能否談談貴公司在中國的業務佈局，包括一線、二線及以下城市？就業務成長而言，貴公司在各個層級的成長情況如何？此外，如果您能提供一些關於一線城市與其他城市發展趨勢的比較分析，那就更好了。

Sure. Belinda Wong, who runs Starbucks China, is on the phone from China, and I think obviously the best person to answer the question. So Belinda, please?

當然。星巴克中國區負責人黃慧玲（Belinda Wong）正在中國接電話，我想她顯然是回答這個問題的最佳人選。那麼，請黃慧玲回答吧？

Thank you, Howard. Thank you for the question. Starbucks continues to lead the market in brand share and preference, fueled by our premium positioning, a competitive advantage founded on the exceptional coffee experience delivered by our partners and the deep connections cultivated with our customers. We're very delighted to see the robust growth of the -- of China's coffee market in recent years with the entry of new brands and players.

謝謝霍華德。感謝您的提問。星巴克憑藉其高端定位、卓越的咖啡體驗以及與顧客建立的深厚聯繫，持續在品牌份額和偏好度方面保持市場領先地位。近年來，隨著新品牌和新參與者的湧入，中國咖啡市場蓬勃發展，我們對此感到非常欣喜。

Different brands offer different value propositions, targeting different segments and locations, but together, we'll accelerate coffee culture and overall category adoption.

不同的品牌提供不同的價值主張，針對不同的細分市場和地區，但我們攜手合作，將加速咖啡文化的發展和整個品類的普及。

In terms of our new store development strategy, as I have shared during Investor Day, we will build -- we will follow our purpose-built store strategy. And we will go deeper into optimizing our store portfolio, increasing the density in key trade areas in our top 20 cities, in the existing cities that we're in. And we'll also go wider into entering -- continue entering into new cities that we're not in yet. There are plenty of opportunities to grow in those 2 areas.

關於我們的新店發展策略，正如我在投資者日上分享的，我們將繼續秉持「目標導向門店」策略。同時，我們將進一步優化現有門市組合，提高我們前20大城市以及現有城市關鍵商圈的門市密度。此外，我們也將持續拓展業務，進軍尚未涉足的新城市。這兩個領域都蘊藏著巨大的成長潛力。

And thirdly, we will go smarter. We have a very strong store development system that's built by our incredible team in the local market. Powered by data, we have more accurate data to understand where we should be opening the format and the size, and not just the third place experience, but we're able to accurately project where is best placed in terms of our new stores to fulfill omnichannel customer needs in all the cities, be it new or existing cities that we operate in.

第三，我們將採取更聰明的方式。我們擁有由本地市場優秀團隊打造的強大門市開發系統。借助數據，我們能夠更精準地了解在哪些地區應該開設何種業態和規模的門市，不僅關注「第三空間」體驗，還能準確預測新店的最佳選址，從而滿足我們所有城市（包括新舊城市）的全通路客戶需求。

And lastly, we're going to go greener. As I've shared before during Investor Day, we're going to open 2,500 greener stores by 2025 as part of the portfolio. So we're very confident in the way we're going to grow our new stores and [in comprehending the increase in] the China market.

最後，我們將更加重視環保。正如我之前在投資者日上提到的，到2025年，我們將開設2500家更環保的門市。因此，我們對新店的擴張方式以及對中國市場成長的理解都非常有信心。

Your next question comes from John Ivankoe with JPMorgan.

下一個問題來自摩根大通的約翰·伊万科。

For several calls now, we've been talking about the record number of discrete customers that Starbucks has. And obviously, that's very admirable to be able to talk about that, just having the breadth of the customer base.

在過去的幾次電話會議中，我們一直在討論星巴克創紀錄的獨立顧客數量。顯然，能夠談論這一點非常令人欽佩，這反映了他們擁有如此廣泛的顧客群體。

And I would like to put that in context, 55% on MSR. Presumably, that's a customer that you could get to come to your brand a lot, in other words, to actually have increased frequency relative to the brand of the past. So can you talk about the frequency opportunity that you have, I mean, I guess, in 2 parts?

我想把這個數據放在具體的語境中來理解，55% 的 MSR（最低消費額）意味著您可以讓這部分客戶更頻繁地光顧您的品牌，換句話說，他們的購買頻率會比以往更高。那麼，您能否談談您在這方面的購買頻率提升機會？我想，可以從兩個方面來談。

I mean, one, you're kind of bringing back that 2019 customer to come back as often today as they used to 3 years ago, kind of the first part of the question. And then, secondly, what are the frequency-driving opportunities that you have for some of the new customers? I mean talk about that as both part of the MSR program as well as other initiatives that you may have.

我的意思是，首先，你們正在努力讓2019年的老客戶像三年前那樣頻繁地光顧，這算是問題的第一部分。其次，你們為新客戶提供了哪些提高消費頻率的機會？請談談MSR計畫以及你們可能採取的其他措施。

Brady?

布雷迪？

Sure. Thank you, John. While transactions are still lower than FY '19 or pre-COVID levels, what we are seeing is transactions continue to grow. And what is -- a part of this is that products sold, as measured by units per store per day, have been consistently higher than FY '19. So what we're seeing is more group orders.

當然。謝謝你，約翰。雖然交易量仍低於 2019 財年或新冠疫情前的水平，但我們看到交易量仍在持續成長。部分原因是，以每家店每日銷售量衡量的產品銷售量一直高於 2019 財年。因此，我們看到的是團購訂單的增加。

Starbucks Rewards frequency is a function both of our SR members visiting frequently, but we're also adding so many new members. And what we're doing is acquiring customers who are lower frequency and bringing them into the program, which helps increase their frequency. The SR program tends to see a very significant increase in frequency in the first year of membership. And so SR is a strong driver of that for us.

星巴克獎勵計畫的會員光顧頻率取決於我們現有會員的頻繁造訪，同時也取決於我們新增會員的數量。我們正在做的是吸引那些光顧頻率較低的顧客加入獎勵計劃，這有助於提高他們的光顧頻率。星巴克獎勵計畫通常在會員加入的第一年就能顯著提升光顧頻率。因此，星巴克獎勵計劃是我們提升光顧頻率的重要驅動力。

Your next question comes from Jon Tower with Citi.

下一個問題來自花旗銀行的 Jon Tower。

I just want to follow up on the China recovery. And curious to understand what's embedded in your expectations for the year for the China outlook. Specifically, it sounds like, obviously, you're betting in your guidance the idea that there's a reopening in the back half of the year. So what's the risk to the numbers, particularly the comp and the earnings recovery in the back half of this year should COVID -- zero-COVID policy stay in place?

我想就中國經濟復甦情況做進一步探討。我很想了解您對中國經濟前景的年度預期中蘊含了哪些因素。具體來說，聽起來您顯然是在押注下半年經濟將逐步重啟。那麼，如果疫情控制政策持續下去，尤其是下半年的同業拆借和獲利復甦，會面臨哪些風險？

Rachel, do you want to start that? And if Belinda wants to add anything. Rachel?

瑞秋，你想先開始嗎？貝琳達有什麼要補充的嗎？瑞秋？

Yes. Yes. Thank you for the question. The way we've considered the recovery in China is really, as we said in the beginning, based on mobility. And so when we talk about an outsized performance in the back half of the year, it's as we lap the severity of the lockdowns. So even though there may still be challenges, if you recall, we have, towards the end of Q2, started to see the severity of the lockdowns with a negative 23% comp in that quarter, followed by a negative 44% comp in the following quarter. So we're basing our expectations of recovery based on the laps and the increased mobility.

是的，謝謝你的提問。正如我們一開始所說，我們對中國經濟復甦的評估主要基於人員流動。因此，當我們談到下半年業績的顯著成長時，指的是隨著封鎖措施的逐步解除。儘管挑戰依然存在，但如果你還記得，我們​​在第二季末開始感受到封鎖措施的嚴重影響，當季年減23%，隨後一個季度年減44%。所以，我們對復甦的預期是基於封鎖措施的逐步解除和人員流動的增加。

Certainly, there's -- as we've indicated today, it's nonlinear, but that's how our actual assumptions for recovery are based, which is part of our guidance.

當然，正如我們今天所指出的，它是非線性的，但這正是我們對復甦的實際假設所依據的，也是我們指導方針的一部分。

Belinda, do you have any -- sorry. Go ahead, Belinda.

貝琳達，你還有嗎──不好意思。請說吧，貝琳達。

Yes, yes. Let me just add to the fact that how pleased we are to see a solid sequential improvement in Q4 in terms of our revenue and comp sales growth. It's humbling to see what a strong positive correlation we're seeing between easing restrictions and our business recovery. I mean the incredible sequential improvement on our 90-day active members enthusiastically coming back to our stores as soon as the mobility restrictions eases, it really gives us a lot of confidence on our ability to rebound as soon as the mobility restrictions are lifted. So I just wanted to add that. Thank you.

是的，是的。我還要補充一點，我們非常高興地看到第四季度營收和同店銷售成長均實現了穩健的環比提升。令人欣慰的是，我們看到放寬限制措施與業務復甦之間存在著如此強烈的正相關性。我的意思是，隨著出行限制的放寬，我們90天活躍會員數量出現了令人難以置信的環比增長，他們熱情地回到我們的門店，這讓我們對一旦出行限制解除後能夠迅速反彈的能力充滿信心。所以我想補充一點。謝謝。

Belinda, can you just add one more thing, if you don't mind, the -- what you've been -- what you and the team have been able to do given the restrictions on digital and delivery, please?

貝琳達，如果你不介意的話，能不能再補充一點——你和你的團隊在數字和交付方面的限制下都做了些什麼？

Yes. Despite the short-term COVID disruptions, as we shared at Investor Day, we remain laser-focused on executing our China growth agenda with great discipline and confidence, right? As you heard, we achieved record high-quality new store growth. And now, we have 6,021 new stores across 230 cities, and those new stores continue to achieve best-in-class returns and profitability.

是的。正如我們在投資者日上所說，儘管受到新冠疫情的短期影響，我們依然會以高度的自律和信心，全力推進在中國的增長計劃，對嗎？正如您所聽到的，我們實現了創紀錄的高品質新店成長。目前，我們在230個城市擁有6021家新店，這些新店持續保持著一流的回報率和獲利能力。

We also focused on our fast-growing omnichannel business, and that continued to gain great momentum. As Howard shared, Starbucks Delivers, sales grew 35% year-on-year to a record 24% of our sales mix. That's pretty incredible. And total mobile ordering sales mix now reached 44%. That's something we're very pleased to see, and it's going to be here to stay as we unfold more occasions from our customers.

我們也專注於發展了快速成長的全通路業務，並且該業務持續保持強勁成長動能。正如霍華德所說，星巴克外送服務的銷售額年增35%，佔總銷售額的24%，創歷史新高。這非常了不起。行動端訂單的銷售額佔比也達到了44%。我們對此感到非常欣喜，並且隨著我們不斷拓展顧客的消費場景，這一增長勢頭將會持續下去。

Customers' engagement, as I said before, Rewards active members coming back, we're very pleased to see that. And that's really close to our historic high as well. And we are achieving the highest customer connection score. Our partners are really on the ground, serving our customers. We're learning every day as to how to operate our stores better. We're increasing our muscle and our operational capability. We're getting smarter in our supply chain and our store development. So I'm very pleased to see.

正如我之前所說，顧客參與度很高，獎勵計畫的活躍會員也回歸了，我們對此感到非常高興。而且，這已經非常接近歷史最高水準了。我們的顧客聯繫度也達到了最高水準。我們的合作夥伴真正深入一線，服務顧客。我們每天都在學習如何更好地經營門市。我們不斷增強實力和營運能力。我們在供應鏈和門市開發方面也做得越來越好。所以我對此感到非常欣慰。

And also, one more thing. In terms of our partner engagement, we have achieved record-low full-time retail partner turnover in FY '22. That really demonstrates the partner investments that we have made over the past years are really paying off. So we're very humbled and -- but well positioned and excited to capture the future growth opportunities. Thank you.

還有一點。就我們的合作關係而言，2022財年我們的全職零售合作夥伴離職率創歷史新低。這充分證明，我們過去幾年對合作夥伴的投入確實取得了成效。我們深感榮幸，同時也做好了充分準備，並對未來的成長機會充滿期待。謝謝。

Your next question comes from John Glass with Morgan Stanley.

下一個問題來自摩根士丹利的約翰‧格拉斯。

On the reinvention plan, inside of '23, can you help us prioritize what you think drive sales the most? You talked about retention improving. You've talked about some equipment upgrades. If there's a way to sort of rank order what you think sort of benefits the business, or if there's a cadence, should we think about certain of these initiatives benefiting one part of the year versus the other?

關於2023年的重塑計劃，您能否幫我們確定哪些方面最能促進銷售？您提到了提高客戶留存率，也提到了一些設備升級。如果可以的話，能否對哪些方面對業務最有益進行排序？或者，如果存在某種節奏，我們是否應該考慮某些舉措在一年中的某個時間段比其他時間段更有效？

And inside of that, can you just talk about speed of service and where you are, where you want to be? It would seem to me, just based on personal experience, that that's still an issue and maybe a gating factor to unlocking greater traffic growth over the next couple of quarters.

而且，您能否談談服務速度以及您目前的狀況和您希望達到的目標？就我個人經驗而言，這似乎仍然是一個問題，而且可能是未來幾季流量成長的瓶頸。

Frank, can you take the reinvention question, please, and then Sara could talk about speed of service?

法蘭克，請你回答關於重塑的問題，然後薩拉可以談談服務速度的問題。

Sure. The partner experience as the core of the operating model of Starbucks is designed to drive retention, improve connection scores, both to the partner and customer. And the secondary effect, to answer your question about top line growth, is it creates more capacity that allows us to capture that incremental demand that sometimes is challenged in the current operating environment.

當然。星巴克營運模式的核心在於提升員工體驗，旨在提高員工留存率，並增強員工與顧客之間的連結。至於您提到的營收成長問題，其次，它能創造更多產能，讓我們能夠滿足在當前營運環境下有時難以滿足的新增需求。

And so the core of the reinvention agenda, of course, is the combining of innovation around store, customer and partner. But at the end of the day, it's designed to give us the capacity to engage the customers how they want to be engaged, in service of supporting their needs and ultimately, the performance.

因此，重塑計畫的核心當然是圍繞著門市、顧客和合作夥伴進行創新。但歸根結底，其目的是讓我們能夠以顧客希望的方式與他們互動，從而更好地滿足他們的需求，並最終提升業績。

Thank you. Thank you, Frank. Thank you, John. I just want to start out with just an acknowledgment. We certainly don't have a demand issue in our stores. As we've talked about, we've got total weekly active customers that continue to grow. We're benefiting from incredibly high average weekly sales. And so your call-out about the opportunities, with speed, with service, is top of mind with all of us.

謝謝。謝謝弗蘭克。謝謝約翰。首先我想表達我的感謝。我們門市的需求絕對沒有問題。正如我們之前討論過的，我們每週的活躍客戶總數持續成長。我們也受惠於極高的平均週銷售額。因此，您提到的關於速度和服務方面的機會，我們所有人都非常重視。

I mean notably, over the last quarter, we did see some improvement during peak in our drive-through business in those window times, which is a metric that we continually keep an eye on and really orient our focus in our retail stores, with leaders observing and coaching during that daypart specifically.

值得注意的是，在過去一個季度裡，我們在得來速業務的高峰時段確實看到了一些改善，這是一個我們持續關注並真正將重點放在零售店的指標，我們的領導會專門在這個時段進行觀察和指導。

All I can say is that I acknowledge the opportunity ahead. And what we hope to see with the reduction in turnover, the increase with more tenured partners and overall stability in our stores, that you'll continue to see improvement with speed, with service, whether that's in those peak hours in cafe and drive-through or over the full dayparts.

我只能說，我意識到了未來的機會。我們希望隨著員工流動率的降低、更多資深員工的加入以及門店整體運營的穩定，您會看到我們在速度和服務方面持續提升，無論是在咖啡廳和得來速的高峰時段，還是在全天其他時段。

Your next question comes from David Tarantino with Baird.

你的下一個問題來自 Baird 公司的 David Tarantino。

Howard, I think you mentioned that you're willing to support some of the license partners outside the U.S., if I heard that correctly. And I just wanted to see if you could elaborate on what you meant by that statement and whether you're seeing pockets of issues outside the U.S. with all the pressures in the macro environment. Any elaboration on that would be helpful.

霍華德，我記得你說過你願意支持一些美國以外的授權合作夥伴。我想請你詳細解釋一下這句話的意思，以及在當前宏觀環境壓力下，你是否注意到美國以外地區存在一些問題。任何解釋都將不勝感激。

Sure. I'll start and respond, and then I'll give it to Michael Conway, who runs International. I think Starbucks has some very unique long-term relationships that go back, in some cases, in terms of the Middle East, Mexico and Latin South America, Korea, some of these relationships go back 25, 30 years. And there's others. And so there is a tremendous level of loyalty, friendship that we have well beyond the business relationship. So we're in constant contact side-by-side with our partners to ensure the fact that they know that if something did come up, we would be a backstop and be there for them.

當然。我先回答一下，然後把麥克風交給負責國際業務的麥可康威。我認為星巴克擁有一些非常獨特的長期合作關係，有些合作關係可以追溯到25到30年前，例如在中東、墨西哥、拉丁美洲、韓國等地。當然還有其他一些合作關係。因此，我們與合作夥伴之間建立了超越商業關係的深厚友誼。我們與合作夥伴保持密切聯繫，確保他們知道，如果遇到任何問題，我們都會全力支持他們。

That has not, in any way, been the case, and they have not indicated anything. But we certainly want to be the kind of partner that we can look back on with great pride that we were there for them. I'll give it to Michael Conway, who is working side-by-side with them every day.

事實並非如此，他們也未曾表示任何類似的意思。但我們當然希望成為那種讓我們日後能夠引以為傲的合作夥伴，因為我們曾經給予他們支持。這一點要歸功於麥可康威，他每天都與他們並肩工作。

Thank you, Howard. That's right. We're keeping a close eye on the headwinds that we know are here, both from foreign exchange perspective and inflation perspective. But what I can say is that, so far, we're not seeing any negative impacts. Our business outside of China internationally grew over 30%. We're having double-digit comps in all of our company-operated markets and across all the regions.

謝謝你，霍華德。沒錯。我們正密切注意已知的不利因素，包括匯率和通膨方面的因素。但我可以肯定的是，到目前為止，我們還沒有看到任何負面影響。我們在中國以外的國際業務成長超過30%。在我們所有公司自營市場和所有地區，同店銷售額都實現了兩位數的成長。

And so we're staying very close to them. But at the same time, we feel confident that between the strength of our brand, the convenience that we're bringing, the fact that, certainly over this last quarter, we saw travel start to pick up, it was a strong summer and mobility is continuing to open up, we see a lot of tailwind in our business. And we'll stay close to our business partners should they see challenges.

因此，我們將與他們保持密切聯繫。但同時，我們相信，憑藉我們強大的品牌實力、我們提供的便利性，以及上個季度旅行開始回暖、夏季強勁增長和出行持續開放的趨勢，我們的業務將迎來強勁的上升勢頭。如果我們的業務夥伴遇到挑戰，我們將與他們保持密切聯繫。

Your next question comes from Nicole Miller with Piper Sandler.

下一個問題來自妮可·米勒和派珀·桑德勒。

I wanted to ask about the -- you gave some commentary earlier about the employees. And it sounds like they would have been surveyed in terms of working conditions and benefits. And clearly, you've done the same for consumers.

我想問您之前提到的關於員工的問題。聽起來您似乎已經就工作條件和福利方面對員工進行了調查。顯然，您也對消費者做了同樣的調查。

So the 2-part question, number one, thinking about how you talk to survey the employees and customers, has the process changed for either? And then the second part, part B, where do they overlap? Where is the intersection really of shared ideas between the employees and the customer relationship?

所以這個問題分成兩個部分。第一部分，思考你如何與員工和客戶溝通並進行調查，這兩種方式的流程是否有所改變？第二部分，也就是B部分，它們之間有哪些重疊之處？員工和顧客之間真正共享的想法的交集在哪裡？

Why don't Frank and Sara take a shot at that? Thank you for the question, Nicole.

為什麼弗蘭克和薩拉不嘗試呢？謝謝你的提問，妮可。

Yes. So thank you. So we have a very advanced, what we call, listening capability, where we are constantly sensing how our partners are doing, those who proudly wear the Green Aprons in the store. There is a process that happens on a sort of short-term basis, just to sort of monitor. And then we have a more comprehensive process which we do quarterly.

是的，謝謝。我們擁有非常先進的「聆聽」能力，可以持續感知合作夥伴的工作狀況，也就是那些在店內自豪地穿著綠色圍裙的員工。我們會定期進行短期監測，此外，我們還有更全面的季度監測流程。

We then deconstruct that. We do a tremendous amount of correlation analysis using some very advanced capabilities we have in the analytics and data science arena. And we try to be very precise about the things we're responding to based on the first principle that we've espoused now for quite a while, which is this idea that we should be creating the new Starbucks with partners and for partners. And so I think we have come a long way in that arena. And yet, as we often say, we're pleased but not satisfied.

然後我們會對這些資訊進行解構。我們會利用我們在分析和資料科學領域擁有的先進技術，進行大量的關聯性分析。我們會根據我們長期以來一直秉持的第一原則——與夥伴們共同打造全新的星巴克，並為夥伴們服務——來精準地做出回應。我認為我們在這一領域已經取得了長足的進步。然而，正如我們常說的，我們感到欣慰，但並不滿足。

As it relates to the connection to the customer side, which I'll let Sara further elaborate on, we know, as we've talked about before, there is a direct correlation between partner engagement, which is the sum total of the surveying you've mentioned, and customer engagement. And we know that correlation is real, and it's amplified and you can see it every day in action. And so we try to spend a lot of time understanding that connection between the 2.

至於與客戶方面的聯繫，我會讓薩拉進一步闡述。正如我們之前討論過的，合作夥伴參與度（也就是您提到的調查結果的總和）與客戶參與度之間存在直接關聯。我們知道這種關聯是真實存在的，而且這種關聯會被放大，您每天都能看到它的實際作用。因此，我們努力投入大量時間來理解這兩者之間的關聯。

In the context of the brand, which Brady speaks to quite a bit, we know that care is the #1 factor in the brand equity equation of Starbucks. And we know the partner is the epicenter of that care. And so that is the fabric that binds the lens of brand experience as measured by the customer and realized experience as measured by the partner in the store.

在布雷迪多次提及的品牌脈絡下，我們知道，關懷是星巴克品牌資產等式中的首要因素。我們也知道，夥伴是這種關懷的核心。因此，正是這種關懷將顧客衡量的品牌體驗與夥伴在門市衡量的實際體驗緊密聯繫在一起。

Thanks, Frank. And Sara?

謝謝你，弗蘭克。薩拉呢？

Thank you, Howard. I would just kind of pull up and offer kind of a broad range perspective, going back to the reinvention overall. And that is that the investments that we're making are directly designed to make it easier for our partners to do their job and to enable them to meet the growing demand in our stores and create new ways with that additional capacity to engage with our customers.

謝謝你，霍華德。我想簡單談談我的看法，從整體的重塑角度來談談我的看法。我們所做的投資旨在幫助我們的合作夥伴更輕鬆地完成工作，使他們能夠滿足門市日益增長的需求，並利用新增的產能創造與顧客互動的新方式。

We do track partner engagement on a regular basis. And we also mapped that engagement to the activity that we're launching in our stores, so that we can understand the connections, if there are pain points or if there are opportunities, and continue to check and adjust and to design around those learnings looking forward.

我們會定期追蹤合作夥伴的參與情況。我們也會將這些參與情況與我們在門市推出的活動進行比對，以便了解其中的聯繫，發現痛點或機遇，並持續進行檢查和調整，根據這些經驗教訓進行未來的設計。

The other thing I think we're quite excited about is launching some new listening mechanisms related to partner engagement. Our partner app is an example of that, which we're currently piloting and testing. And as we look to the future, we acknowledge that it is an era of co-creation. And those who are closest to the frontline, serving our customers, have a deep and rich understanding of what's needed, and we need to enable them to be able to serve.

另一個讓我們非常興奮的事情是推出一些與伴侶互動相關的新聆聽機制。我們的合作夥伴應用程式就是一個例子，我們目前正在進行試點和測試。展望未來，我們意識到這是一個共同創造的時代。那些最接近第一線、服務客戶的員工，對客戶的需求有著深刻而豐富的理解，我們需要賦能於他們，讓他們能夠更好地服務客戶。

The last question comes from Danilo Gargiulo with Bernstein.

最後一個問題來自 Danilo Gargiulo 和 Bernstein。

And first of all, Howard, thank you very much for the kind words on Italy and its coffee culture. I wanted to ask a question on the differences that you're seeing in terms of customer behavior or demographic about incremental unique customers that you're seeing across your stores. And in particular, what is attracting them to the brand compared to your existing base?

首先，霍華德，非常感謝您對義大利及其咖啡文化的讚賞。我想問一個關於您在各門市觀察到的新增獨立顧客在顧客行為或人口統計方面是否有差異的問題。特別是，與您現有的顧客群相比，是什麼吸引他們選擇您的品牌？

Brady?

布雷迪？

Yes, can I ask a clarifying question? Was that about Italy specifically?

是的，我可以問個更清楚的問題嗎？那是指義大利嗎？

No. That was about the Starbucks system as a whole, so the 9% -- 7% to 9% unique customers that you've seen this quarter.

不，那是指整個星巴克系統，也就是本季你看到的 9% 到 7% 到 9% 的獨立顧客。

Oh, great. Yes, I think the relevance of the brand, really, I think as Sara outlined a bit, is not only are we seeing in the U.S., for example, a larger population of 7-day active customers than we've seen ever before. When we get deeper into that, what we see is that our customer base is becoming younger.

哦，太好了。是的，我認為這個品牌的真正意義，正如薩拉剛才提到的，不僅在於我們看到，例如在美國，7 天活躍用戶數量比以往任何時候都多。當我們深入分析時，我們發現我們的客戶群正在變得越來越年輕。

In the U.S., 51% of our customer base is now Gen Z and Millennial. And in fact now, our customer base is quite diverse. And I think around the world, we continue to attract both young customers and diverse customers. And when you go into our stores, you see that the relevance of Starbucks is not the coffee your parents drink, but the coffee that young people are choosing every single day.

在美國，我們51%的顧客是Z世代和千禧世代。事實上，我們現在的顧客群非常多元化。我認為在全球範圍內，我們也持續吸引年輕顧客和多元化的顧客群。當你走進我們的店，你會發現星巴克的魅力不在於你父母喝的那種咖啡，而是年輕人每天都在選擇的咖啡。

Our brand position right now, we have the strongest brand affinity of any away-from-home coffee brand around the world, and it's seen as the first choice for coffee away from home. So the younger you go, the stronger the brand affinity gets. And the more diverse you go, the stronger the brand affinity gets. And so for all of those reasons, we continue to cater to a very diverse and increasingly young customer base with those cold-customized plant-based beverages and the strategy is working, and we'll continue to do so. Thank you.

目前，我們的品牌定位是全球所有外出咖啡品牌中品牌親和力最強的，被視為外出喝咖啡的首選。因此，消費者越年輕，品牌親和力越強；消費者群越多元化，品牌親和力越強。基於以上種種原因，我們持續為日益年輕化的多元化客戶群提供冷萃客製化植物性飲品，這項策略行之有效，我們將繼續堅持下去。謝謝。

On behalf of all of us at Starbucks, I wish you and your families a wonderful Thanksgiving vacation, and we look forward to speaking with you at the end of Q1. Have a great holiday season. Thank you very much.

我謹代表星巴克全體員工，祝您和您的家人感恩節假期愉快，我們期待在第一季末與您再次溝通。祝您節日快樂！非常感謝。

Thank you. And with that, we conclude Starbucks' Fourth Quarter and Fiscal Year-End 2022 Conference Call. You may now disconnect.

謝謝。至此，星巴克2022財年第四季及全年業績電話會議結束。您可以斷開連線了。