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.

下午好。我的名字是 Diego，今天我將成為您的會議接線員。我想歡迎大家參加星巴克 2022 年第四季度和財年末電話會議。 （操作員說明）我現在將電話轉給投資者關係副總裁 Tiffany Willis。威利斯女士，你現在可以開始你的會議了。

Thank you, 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.

謝謝你，迭戈，大家下午好。感謝您今天加入我們討論星巴克第四季度和 2022 財年的業績。今天的討論將由臨時首席執行官霍華德舒爾茨主持； Frank Britt，執行副總裁、首席戰略與轉型官； Sara Trilling，星巴克北美執行副總裁兼總裁；和執行副總裁兼首席財務官 Rachel Ruggeri。

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，新任首席執行官 Laxman Narasimhan 將加入我們的行列； Michael Conway，國際和渠道發展集團總裁；以及星巴克中國區主席 Belinda Wong。

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.

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

GAAP results in 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 財年第四季度的公認會計原則結果包括與戰略行動相關的幾個項目，包括重組和減值費用、交易和整合成本以及其他項目。這些項目不包括在我們的非公認會計原則結果中。除非另有說明，否則今天電話會議中引用的所有數字均基於非公認會計原則，或者沒有與指標相關的非公認會計原則調整。此外，今天電話會議的同比比較指標基於 13 週或 52 週，以排除 2021 財年額外財政週的影響。

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，請參閱收益發布和我們的網站investor.starbucks.com，以查找這些非 GAAP 指標與其相應 GAAP 指標和 53-周和 52 週指標。

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.

本次電話會議正在進行網絡直播，網絡直播的存檔將在 2022 年 12 月 2 日星期五之前在我們的網站上提供。為了您的日曆規劃目的，請注意我們的 2023 財年第一季度收益電話會議已暫定2023 年 2 月 2 日星期四。

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

有了這個，請允許我把電話轉給霍華德。

Thank you, Tiffany. 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。好吧，來自米蘭的你好。今天對我來說是一個非常特別的日子，強烈的情感提醒我與星巴克的生活和歲月的交集。 40 年前，當我走在米蘭美麗的街道上時，我第一次感受到了星巴克未來在世界各地的可能性和意義的靈感。

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.

現在，我回到米蘭，慶祝我們在意大利的美好、蓬勃發展的業務的早期歲月，在這個沒有人期望星巴克會成功的國家，就在我們全球推出假期的那天，這一活動已成為世界各地的現象。

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.

星巴克的很多靈感都來自意大利。在意大利，我們的合作夥伴致力於咖啡藝術、咖啡工藝的優雅和熱情，以及為我們的客戶提供優質咖啡體驗，正在以最高水平執行。意大利人已經接受了星巴克。我們最暢銷的飲料實際上是一種單獨的濃縮咖啡，它驗證了我們咖啡的質量以及自 1971 年星巴克成立以來定義我們的星巴克客戶體驗的相關性。

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 家門店，客流量創歷史新高，2023 年羅馬和那不勒斯緊隨其後。米蘭和意大利反映了星巴克為世界各地城市和國家的客戶提供的優質咖啡體驗，強勁的第四季度和財報顯示了這一點星巴克今天下午報告了 2022 年的財務和經營業績。

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.

在第四季度，星巴克全球收入同比增長 11%，達到創紀錄的 84 億美元，這主要得益於全球 7% 的收入增長和北美 11% 的收入增長。在本財年，我們的全球收入比上年增長 13%，達到創紀錄的 323 億美元，這得益於全球 8% 的收入增長和北美 12% 的收入增長。在 22 財年，我們的全球門店數量也增長了 6%，到年底在 83 個國家擁有約 36,000 家門店。

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，星巴克通過我們在世界各地的零售店和所有渠道為超過 1 億次客戶提供服務，每週在全球範圍內為超過 4 億次客戶提供咖啡服務。

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.

我們繼續在當今充滿挑戰的運營環境中管理業務，比以往任何時候都更加註意我們的客戶面臨的前所未有的全球經濟不確定性和挑戰。我們在本季度和年度的強勁表現尤其令人欣慰，因為它強調了星巴克品牌的相關性以及我們在面對這些前所未有的挑戰時與全球客戶的關係的實力。

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在我們經營的每個市場和渠道中都看到了對星巴克咖啡的強勁需求。我們對第四季度在中國看到的複甦的早期跡象感到鼓舞，創新、增加客戶與星巴克品牌的實體和數字互動以及放寬 COVID 限制，推動了穩健的積極銷售勢頭和季度環比改善。

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.

第四季度我們在中國的業務加速增長，以及星巴克收入增長與新冠疫情流動限制放鬆之間的強正相關關係，增強了我們對星巴克在中國長期增長機會的信心。

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.

但是，如您所知，在過去的幾周中，COVID 在中國出現了明顯的複蘇。隨著疫情的複蘇，根據中國嚴格的零新冠疫情政策，包括在我們經營所在的許多城市，重新實施了封鎖和行動限制，這大大減少了我們商店的客流量。我們預計當前與新冠病毒相關的不確定性將繼續存在，並重申我們在第三季度電話會議和投資者日中分享的觀點，即儘管我們對中國的長期願望仍未減弱，但我們預計我們在中國的業務復甦將是非線性的.幾分鐘後我會花更多時間在中國。

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，我們推動了全球客戶群的顯著增長。僅在美國，我們的獨特客戶同比增長 9%，我們的美國客戶與星巴克品牌的互動更加深入，美國 Starbucks Rewards 會員人數同比增長 16% 至近 29 人就證明了這一點百萬會員，比第三季度增長 5%。如今，星巴克在美國和世界各地與更多客戶的聯繫比以往任何時候都更深入，這使我們能夠在未來幾個季度和幾年內推動收入和業績進一步加速增長。

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.

我們的業績支持了我們對 9 月宣布的雄心勃勃的增長議程的信心，其中我們將每天增加大約 8 家新店，在未來 3 年每天在全球範圍內提供一流的回報，使我們接近到 2025 財年末，全球門店將達到 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.

我們的第四季度業績也證明了我們在 9 月投資者日詳細介紹的重塑計劃投資帶來的早期但非常令人鼓舞的收益。正如您將聽到我們的首席戰略和轉型官弗蘭克·布里特 (Frank Britt) 所說，我們清楚地看到了重塑將在未來幾個季度和幾年內帶來的一系列好處。

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.

繼在過去 4 年成功領導亞太地區後，在星巴克工作了 20 年的合夥人 Frank、Sara Trilling 最近接管了我們北美業務的領導，她將就我們今天在北美的業務以及未來發展提供見解在前面的幾個季度。然後，Rachel 將重點介紹我們在第四季度和全年的財務和運營業績，並為來年提供指導。最後，我們將以問答結束通話。

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.

全面推出後，星巴克與全國各地的合作夥伴共同創造的重塑，將觸及和提升我們星巴克合作夥伴、客戶和商店體驗的方方面面。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，圍繞重塑聯合起來，並將其帶回當地市場。在過去的 40 多年裡，我認為我從未見過對我們歷史上的任何星巴克聚會做出如此積極的回應。

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.

重塑投資將使我們的合作夥伴更輕鬆地完成工作，更好地讓合作夥伴滿足我們商店不斷增長的需求，並為我們的合作夥伴提供更多與客戶互動的機會。重塑投資已經對我們的業務和運營產生了可衡量的積極影響，尤其是在提高合作夥伴保留率、提高服務速度和提升客戶體驗方面。我特別高興的是，重塑投資正在將卓越的咖啡、咖啡工藝和快樂以及一點點愛帶回成為星巴克咖啡師。

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.

星巴克成功的關鍵和我們長期增長戰略的基礎是星巴克在咖啡和濃縮咖啡、冷熱咖啡等所有領域的持續全球領導地位，這是星巴克的核心。在第四季度，我們繼續從核心發展、創新、引入新水平的定制和高端化，並擴大我們在熱飲和冷飲類別的全球咖啡領導地位，重點是冷咖啡，這是我們一手創造和正在世界各地增長。

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.

客戶對定制化、手工製作的星巴克冷飲的需求如此強勁，以至於如今，冷咖啡飲料占我們美國公司經營的商店總飲料銷售額的 76%。客戶越來越多地通過添加高利潤飲料風味調節劑來進一步定制他們的冷咖啡飲料，以根據他們自己的特定口味偏好定制獨特的飲料。

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.

我們還繼續推出創新的核心熱咖啡和濃縮咖啡飲料，並圍繞南瓜香料等標誌性平台進行創新，在包括冷泡沫在內的定制增加的推動下，該平台比去年增長了 17%。作為重塑的一部分，我們正在推出一種全新的、完全專有的手持式冷泡機，它可以提高飲料質量並提高服務速度，同時為我們的合作夥伴降低複雜性。我們的合作夥伴的反應是壓倒性的。

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.

我們不斷增長的美國新客戶和星巴克獎勵會員基礎，加上客戶對我們創新的冷熱飲料系列的強烈反應，在 9 月份實現了我們歷史上最高的淨銷售額週。讓我重複一遍。在我們的歷史上，我們在 9 月迎來了最大的銷售週。我們在 9 月結束時的業務實力，加上今天開始的精彩假期陣容，我們的商店變成紅色，菜單上的節日最愛以及我們標誌性的紅色杯子的回歸，讓我們對 2023 年的假期充滿信心。

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，在北美，客戶轉向優質冷熱飲料、增加定制、圍繞飲料、食品和改良劑定價的戰略決策以及食品銷售額增長 18% 推動淨收入同比增長 15% 至創紀錄的 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.

再一次，我們的便利渠道、免下車、移動訂單和支付以及交付推動了我們總銷售額的 72%。第四季度，星巴克獎勵會員在我們美國公司經營的門店中推動了創紀錄的 55% 的投標。 Starbucks Rewards 繼續為我們的客戶創造價值，建立客戶聯繫並推動我們的業務。儘管其全球規模和增長，我們仍有大量未開發的機會以非常獨特的方式發展我們的獎勵計劃。

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.

我們最近推出了 Reward Together 計劃，通過將他們的忠誠度計劃與 Starbucks Rewards 聯繫起來，使一些精選的領先品牌能夠與我們合作。通過 Reward Together，我們將為兩個品牌的會員提供新的福利和體驗，這將使我們的獎勵計劃更加有價值，推動會員發展並增加客戶的終身價值。

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.

上個月，我們與達美航空在美國建立了第一個合作夥伴關係，得到了非凡的客戶響應。達美航空和星巴克都對所發生的事情感到不知所措。 9 月，我們發布了 Starbucks Odyssey，這是我們將 NFT 與獎勵相結合的下一代忠誠度模型。 Starbucks Odyssey 將使我們能夠更深入地與客戶建立聯繫，並讓我們的客戶有機會獲得和購買數字收藏資產，這些資產將解鎖他們在任何其他地方都無法獲得的新福利、數字社區和身臨其境的咖啡體驗。

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是壓倒性的。幾週後，您將聽到更多關於星巴克奧德賽的信息，屆時我們的第一批客戶將有機會探索這種令人興奮的新方式來體驗和與星巴克建立聯繫。我們將在響應方面發布的數字會讓你們中的許多人感到驚訝。

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.

我們快速增長的 6,600 家北美特許商店業務在第四季度取得了非常強勁的業績，第四季度的收入增長了 25%，全年增長了 29%。我們正在美國特許商店組合中推出 [Starbucks Connect]。 Starbucks Connect 首次使特許商店能夠提供星巴克的全套移動訂單和支付以及獎勵福利。正如 Sara 所說，採用 Starbucks Connect 的 1,600 家特許店自採用以來業務大幅增長。 Starbucks Connect 使我們能夠在我們更廣泛的產品組合中捕捉需求，並將極大地增加我們的業務。

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.

我們在第三季度的國際業務中看到的勢頭在第四季度繼續保持，該季度的收入增長 12% 至 18 億美元（按固定匯率計算）。全年收入同比增長 9% 至 69 億美元，同樣按固定匯率計算。我們在這一年增加了 518 家門店，現在在全球經營著近 18,500 家門店。我們對美元價值的快速增長給我們的國際被許可人帶來的挑戰很敏感，並在我們共同努力應對我們所處的動態環境時保持密切聯繫。

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.

轉向我們的渠道業務。星巴克是美國家庭咖啡的第一大份額。星巴克是全球即飲咖啡的第一大份額，我們與雀巢的全球咖啡聯盟的持續增長相結合，在第四季度取得了強勁的業績，按固定匯率計算，收入增長了 18%，達到 4.84 億美元。全年，按固定匯率計算，收入也增長了 18% 至 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.

現在讓我開始圍繞中國展開討論，星巴克進入中國已有 20 年，我們對中國業務的抱負從未如此強烈。今天，我們在中國擁有超過 6,000 家門店。正如貝琳達在投資者日分享的那樣，我們擁有近 9,000 家門店——到 2025 年，我們將擁有近 9,000 家門店。我們將在夏季開設星巴克中國咖啡創新園，包括我們在美國以外最大的咖啡烘焙和包裝工廠2023 年。

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 60,000 名熱情、敬業的合作夥伴。我們的合作夥伴與他們的客戶深入互動，並以今天創紀錄的客戶聯繫分數為證明。我們繼續成為首選雇主並在合作夥伴投資方面處於領先地位，最近為所有全職合作夥伴推出了第 14 個月的獎金。我們繼續在中國投資，為我們的合作夥伴創造職業和機會之路，並支持我們所服務的社區。

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.

我們還將繼續擴大我們在中國的客戶群，並加深我們與客戶的數字聯繫。活躍的星巴克獎勵會員在第 4 季度比第 3 季度增長 29% 至超過 1700 萬會員，略低於歷史水平，這與限制的解除相吻合，反映了星巴克品牌在中國的相關性和潛在實力。

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.

2019 年之前不存在的移動訂購銷售組合在第四季度推動了 44% 的組合。交付量同比增長 35%，現在佔銷售額的 24% 以上。我們預計移動、數字、忠誠度和交付將繼續增長並推動我們的業務。

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，我們對中國出現的不斷變化的宏觀挑戰非常敏感，特別是與零新冠病毒政策的影響有關的挑戰。但我們對中國的堅定信念是基於我們在中國取得的成功以及我們對長期比賽的承諾。我們有信心，當影響該國的新冠疫情影響減弱時，星巴克不僅將成為我們類別中無可爭議的領導者，而且很可能成為該國排名第一的西方消費品牌，因為它在整個過程中繼續對我們的合作夥伴和我們的業務進行有意義的投資大流行，儘管中斷。

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.

Laxman 的沉浸感非常好。他曾在美國和英國的商店訪問和工作，無論走到哪裡，都能迅速聯繫並贏得星巴克合作夥伴的心，就在本週，他以創紀錄的時間和商店 Green Apron 獲得了咖啡師認證。 Laxman 致力於與商店運營以及我們的合作夥伴和客戶體驗保持密切聯繫，這反映了我們對他加入星巴克初期最重要的事情的相互理解。隨著他對公司和我們業務的了解越來越多，他和我每天都參與其中。董事會、領導團隊和我都對他的成功投入了大量資金。我非常確信拉克斯曼是星巴克在合適時間的合適首席執行官。

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，在我們啟動我們最重要的假期時，拉克斯曼坐在前排。很快，他將與我們的領導團隊一起領導公司，將重塑變為現實，並帶領星巴克進入我們傳奇歷史的新篇章。

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，隨著我們進入第一季度和假期，開啟令人興奮的新增長時代，星巴克的財務狀況從未像現在這樣強大、處於更好的位置或對我們的未來更有信心。有了這個，我會把電話轉給弗蘭克。坦率？

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，我們制定了涉及 5 項重大戰略轉變的重塑議程。第一，創建一個真正統一的全球公司；其次，從根本上改善我們的店內合作夥伴體驗；第三，重新構想我們的門店運營模式；第四，圍繞客戶連接的意義進行重塑；也許，最重要的是，重新設計成為星巴克合作夥伴的意義。

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.

雖然仍處於初期階段，但我們正在看到一些關鍵代理措施取得了進展。例如，保留率隨著每小時咖啡師級別的營業額得分而增加，與上一年相比下降 1 分，與上一季度相比下降 4 分。此外，客戶聯繫分數比大流行前水平提高了 5 分。所有這些都是早期但令人鼓舞的跡象。

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.

我們完全相信我們的合作夥伴是我們長期業績的最關鍵組成部分，我們需要更好地滿足他們的需求。自豪地穿上綠色圍裙的合作夥伴在我們的共創會上勇敢地分享了他們的故事和想法，我們集中精力與合作夥伴共同創造解決方案，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.

在第四季度，我們繼續通過為合作夥伴提供的幾個新計劃，將我們已經行業領先的優勢提升到更深層次的實力地位。具有代表性的改進示例包括：與 Fidelity 合作的一項新的激勵性儲蓄計劃，旨在幫助合作夥伴應對計劃外的財務挑戰；一項新的學生貸款債務計劃，使合作夥伴能夠找到解決大學債務管理義務的最佳方法；增加我們合作夥伴的病假累積比率；更新的家庭擴展報銷計劃，旨在幫助合作夥伴支付通過收養等方式擴大家庭的費用。

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.

我們一直致力於抓住我們人民的關鍵發展機會。正如霍華德所說，作為將我們的合作夥伴培訓時間翻倍的補充，我們重新推出了我們標誌性的 Black Apron 認證計劃，近 5,000 名合作夥伴已經獲得了他們的圍裙並繼續參與該計劃。

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.

我們還推出了一款新的合作夥伴應用程序試點，旨在為我們在美國和加拿大的 270,000 家公司擁有的自營商店合作夥伴創建 1 個數字社區。隨著時間的推移，這個新的數字平台將使合作夥伴能夠在對他們最重要的事情上保持聯繫，包括他們的日程安排、他們的福利以及繼續用他們的聲音來推動星巴克的共同創造。超過 1,000 名合作夥伴參與了我們的測試，並為我們計劃在第二季度推出的產品提供反饋。

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.

獲得正確的組合和小時數對於在星巴克蓬勃發展的合作夥伴體驗至關重要，我們的目標是提供具有靈活性和可預測性的所需時間。我們高度專注於完善我們的人員配備模型和運營流程，以確保我們可以在每一天為每家商店分配適量的人才，並提高我們按商店微調我們的營業時間以反映獨特需求模式的能力。

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.

作為重塑議程的一部分，所有這些努力的共同重點是提高每個合作夥伴的終生價值，並與正在進行的重塑計劃相關聯，包括減少店內浪費和進一步加速設備推出，以改善合作夥伴經驗和更高的生產力。我們還將繼續專注於加速我們的貿易區轉型，使技術提升商店體驗的方式現代化，並持續進行供應鏈創新。

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，在我們合作夥伴的洞察力的支持下，我們有一個非常強大的議程和改進計劃，由一個新的架構和合作夥伴體驗的願景提供支持。隨著時間的推移，這將轉化為商店中更加以合作夥伴為中心的系統，鞏固我們作為一線人才職業發展平台的聲譽並提高保留率。

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，作為這一新階段重塑的一部分，我們將繼續向我們的集中項目管理辦公室傾斜，以推動我們的計劃之間更好的整合，並更充分地利用我們商店和客戶創新的協同效應。這些舉措共同旨在通過收入增長和利潤率擴張來加強我們的業務，並改善合作夥伴體驗。我期待在未來幾個季度分享更多進展。

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

現在讓我把它交給我的搭檔薩拉。

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.

謝謝你，弗蘭克，大家下午好。我是薩拉特里林。我很高興今天與你們一起參加我擔任新職務的第一次財報電話會議，負責領導北美業務。

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.

雖然我對這個特殊角色比較陌生，但我是一名 20 年的合夥人，最近擔任亞太地區高級副總裁。在我的星巴克職業生涯中，我幾乎觸及了業務的方方面面，並在多個職能部門擔任過許多領導職務，包括商店開發、零售運營、產品和營銷。我期待著將我的相關經驗的廣度和深度應用到北美下一階段的增長中。

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.

以弗蘭克和霍華德的一些評論為基礎，我們繼續看到我們北美業務的非常健康的增長。正如我們在投資者日強調的那樣，隨著秋季促銷活動的推出，我們看到了有史以來最高的淨銷售額週。我很高興地與大家分享這隨後導致了令人難以置信的強勁 9 月，我們歷史上的 3 個高銷售週。

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.

我們強勁的季度，11% 的可比銷售額和 15% 的收入增長主要是由於創紀錄的秋季發布，加上持續的戰略定價行動和增加的食品附加，以及轉向更優質的飲料和不斷增長的需求公司經營和許可業務的個性化。

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.

與大流行前的水平相比，我們將美國公司運營業務的票務收入保持在 10%，這是我們連續第五個季度增加票務收入。這些結果反映了隨著我們的客戶進入新的常態和行為，對星巴克的需求持續強勁。我們完全期待我們創紀錄的秋季推出的勢頭將繼續，因為我們備受期待的星巴克假期剛剛在今天推出，其中包括一些很棒的季節性產品。

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.

讓我們對假期更有信心的是星巴克品牌的實力，它擁有更年輕、更多樣化的客戶群體。我們一半以上的美國客戶群是 Z 世代和千禧一代，這反映了跨世代群體的相關性和品牌喜愛度，我們也看到了不同客戶群體的趨勢。

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.

我們對我們的業務發展勢頭以及我們在以下關鍵領域的戰略強化感到非常滿意。首先，我們建立了星巴克品牌在客戶忠誠度方面的持續相關性。事實上，根據我們的品牌資產追踪器衡量，就非家庭咖啡場合而言，星巴克在市場份額、首选和過去 30 天訪問量方面始終處於領先地位。

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.

我們也很高興地分享，與大流行前的水平相比，客戶連接分數增加了 5 分。我們標誌性的南瓜香料平台的成功進一步證明了該品牌的實力，該平台同比增長 17%，並繼續與喜愛經典南瓜香料拿鐵以及更新的產品（如南瓜）的客戶產生共鳴奶油冷泡改性劑。

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，我們的冷飲定制策略正在奏效。我們看到熱和冷的增長以及定制的增加。第四季度，在美國公司經營的業務中銷售的飲料單位中，超過 60% 是定制的，為 10 億美元和年淨銷售額增長做出了貢獻，自 2019 年第一財年以來增長了 2 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，我們鞏固了我們在提供體驗便利方面的獨特地位，移動訂單和支付訂單中的星巴克獎勵參與度創下歷史新高就證明了這一點。美國的星巴克獎勵計劃增加了 90 天的活躍會員，到 22 財年結束時擁有近 2900 萬會員。這意味著本季度同比增長 16%，占我們美國公司運營收入的 55%，比去年同期增長近 4%，是有史以來最高的投標百分比。移動訂單和支付在第四季度首次超過 26%，在 22 財年結束時佔總交易量的 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.

在對星巴克奧德賽空前的興趣之後，我們對我們在數字領域的持續發展勢頭感到非常樂觀，將 NFT 與我們行業領先的忠誠度計劃相結合，以創建一個可訪問的 Web3 社區，以一種新的方式將我們品牌的獨特方面帶入生活.

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.

我們還與達美一起體驗了 Reward Together 的成功推出。通過這種合作夥伴關係，我們的獎勵會員能夠通過在星巴克的日常消費更快地贏取里程，並在搭乘達美航空旅行的日子裡贏取更多的星星。客戶的初步反應非常出色，超出了我們的預期，而這僅僅是開始。

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，我們在今年結束時有近 25% 的美國許可組合使用 [Starbucks Connect]，這使我們能夠在我們的商店中創造無縫的數字體驗，為客戶提供更多與我們品牌聯繫的方式，進一步提升獎勵的價值經驗。

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.

作為我們重塑的一部分，正如我們在 9 月的投資者日上分享的那樣，我們正在投資設備以進行創新，以改善合作夥伴和客戶體驗。我們已經完成了 Starbucks Cold Brewer 的部署，並在美國近 95% 和 72% 的門店中分別推出了 Mastrena 2 濃縮咖啡機和新的暖爐。

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.

該設備共同支持提高我們在高峰和全天的吞吐量，同時為支持提升合作夥伴和客戶體驗提供基礎，因為我們進一步重塑計劃投資和生產力。這 3 個項目的推出將在 23 財年完成，用於我們公司自營的商店。

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，我們將近 60% 的手持式銷售點投資推廣到近 75% 的冷飲貼標機。手持式 POS 已經在幫助我們捕捉新的潛在需求，以支持我們雄心勃勃的收入預期。隨著我們將手持 POS 的推出延長到 24 財年，我們希望看到進一步的好處。

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.

雖然仍處於開發初期，但合作夥伴和客戶對我們在投資者日分享的新 Siren System 創新的接受度非常積極，包括 Clover Vertica 啤酒機和新的專有按需冷壓冷釀技術。我們預計將在本財年晚些時候開始推出 Clover Vertica brewer，我們更廣泛的 Siren System 創新將在 2024 財年快速跟進。

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.

通過我們的投資，我們讓我們的合作夥伴有更多時間專注於咖啡工藝並與客戶建立聯繫，使他們能夠繼續以只有星巴克才能提供的體驗便利。強大的解鎖是我們的重塑使我們能夠長期實現可持續的盈利增長。

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，我們迎來了來自美國和加拿大的近 2,000 名零售業領袖來到西雅圖參加我們的區域經理領導力體驗。這個為期 3 天的強大活動旨在讓人們重新了解每位領導者在我們的業務和我們的員工中所扮演的關鍵角色，並讓他們充分裝備他們，通過我們的重塑和我們的未來來領導他們的商店和商店合作夥伴所有人都為這個重塑計劃注入了活力。

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，我要留給你的就是這個。這是領導我們北美業務的激動人心的時刻。雖然宏觀環境可能存在不確定性，但我們的表現再次展示了我們品牌和業務的實力和韌性。我們在這種環境中處於有利地位，隨著我們的重新發明實現，這種環境只會進一步加強。我現在把它交給雷切爾。

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.

謝謝你，莎拉，歡迎參加你的第一次星巴克財報電話會議。大家下午好。正如您在整個電話會議中聽到的那樣，從霍華德開始，我們本季度的表現打破了紀錄，我為我們共同取得的成就感到無比自豪。我們在 2022 財年結束時，美國和全球幾乎所有主要市場的需求一直保持強勁，隨著我們結束這一年，這種需求仍在持續。

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.

我們第四季度的綜合收入再創歷史新高，達到 84 億美元，比去年同期增長 11%，如果不包括 3% 的外幣折算影響，則增長 14%。收入增長主要受過去 12 個月可比門店銷售額增長 7% 和新店淨增長 6% 的推動，而我們的全球特許門店業務的強勁勢頭進一步加強了收入增長。此外，這一出色表現反映了我們所有三個報告部門的兩位數收入增長（以固定匯率計算），展示了我們品牌的彈性、客戶忠誠度的力量以及我們多元化投資組合的深度。

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.

第四季度綜合營業利潤率較上年收縮 380 個基點至 15.1%，主要受勞動力增長投資的推動，包括提高商店合作夥伴工資和新合作夥伴培訓，其中一部分是我們重塑計劃下的投資。此外，營業利潤率受到通脹逆風和與中國新冠疫情限制相關的去槓桿的影響。北美的定價和中國以外市場的銷售槓桿部分抵消了整體收縮。

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.

第四季度每股收益為 0.81 美元，比上年下降 9%，但好於預期，包括主要與離散稅收優惠相關的 0.05 美元的非經常性福利。在 2022 財年全年，我們的綜合收入達到創紀錄的 323 億美元，比上年增長 13%，如果不計可比門店增長 8% 和新門店淨增長 6% 帶來的 2% 的外幣折算影響，則增長 15%和我們在全球特許商店業務中的實力。全年綜合營業利潤率和每股收益分別為 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.

我現在將提供第四季度的細分亮點。北美第四季度實現收入 61 億美元，比去年同期增長 15%，創下歷史新高，主要受可比商店銷售額增長 11% 的推動，其中包括平均票價增長 10% 以及淨收入增長 10%。過去 12 個月新店增長 3%。我們美國特許商店業務的強勁勢頭也促成了該部門創紀錄的收入表現。

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.

我的同事詳細談到了我們在第四季度令人難以置信的美國業績，可比商店銷售額增長了 11%。平均票價再次打破紀錄，主要受定價和食品附加的推動。儘管全年採取了更高的定價行動，但在大獲成功的秋季促銷活動的推動下，9 月份美國的每日商店客流量達到了大流行前的大約 95%。

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.

重要的是，每家商店銷售的飲料和食品數量遠遠超過了大流行前的水平，獨立顧客數量在第四季度再次達到歷史最高水平，比去年同期增長 9%，超過與上一季度相比增長 1%，突顯了我們品牌不斷擴大的影響力和相關性以及客戶忠誠度。北美第四季度的營業利潤率為 19%，比上年減少 270 個基點，主要是由於對勞動力增長的投資，包括提高商店合作夥伴工資和新合作夥伴培訓以及通脹逆風，部分被定價和銷售槓桿所抵消.

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.

我們嚴格管理工時、減少浪費和優先考慮可自由支配支出的紀律性行動也為該部門的利潤率表現做出了貢獻，因為我們為未來幾年逐步擴大利潤率奠定了堅實的基礎。

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.

繼續國際。該部門第三季度的收入為 18 億美元，較上年下降 1%，如果不包括外幣換算帶來的 12% 的不利影響，則增長近 12%。這種以固定匯率計算的兩位數收入增長是由中國以外所有主要市場的持續強勁以及過去 12 個月總門店數量增長 8% 推動的。由於 COVID 的影響在中國持續，這一增長被可比商店銷售額下降 5% 部分抵消。

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.

正如霍華德所討論的，我們的中國市場在第四季度繼續復甦，經歷了反復發生的 COVID 爆發和動蕩的消費者流動性。市場在第四季度下降了 16%，與第三季度 44% 的下降相比有了有意義的連續改善。儘管客流量低迷，但中國團隊的傑出領導力和我們品牌的實力在本季度表現得非常明顯，這反映在創紀錄的門店發展水平、交付增長和有史以來最高的客戶聯繫分數上。

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.

在中國以外，不包括外幣換算的影響，我們在全球的多元化國際市場在第四季度保持了令人難以置信的勢頭。排除外幣折算帶來的 19% 的不利影響後，本季度市場的總收入增長超過 30%。國際板塊的淨新店達到季度創紀錄的518家，總數攀升至18,000多家，為新的增長時代奠定了基礎，並在全球範圍內迅速擴大了足跡。

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.

第四季度國際業務的營業利潤率為 14.5%，比上年下降 750 個基點，主要受中國 COVID 限制相關的去槓桿、政府補貼降低以及合作夥伴投資的推動。收縮部分被中國以外市場的定價和強大的銷售槓桿所抵消。

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.

轉向渠道開發。該部門的收入在第四季度增長了 16% 至 4.84 億美元，如果不包括全球咖啡聯盟和我們的全球即飲業務增長推動的外幣換算 2% 的影響，則增長 18%。通過在店外創造客戶場合，渠道開發繼續在差異化、多樣化和擴大我們的品牌方面發揮重要作用。因此，星巴克仍然是美國家庭咖啡和即飲類別的市場領導者。

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.

在我們新平台取得成功的基礎上，該細分市場的強勁創新在本季度繼續進行，包括在美國推出即飲型星巴克南瓜奶油 Nitro Cold Brew 和在中國推出瓶裝星冰樂冰沙等等。該部門第四季度的營業利潤率為 50.6%，比上年下降 170 個基點，主要受業務組合轉變的推動。

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.

現在讓我們繼續我們的 2023 財年展望，它反映了新的增長時代的開始。我們的指導與我們在 9 月投資者日分享的內容保持一致。因此，今天，我將重申並完善針對 2023 財年的指導。我們還將介紹一些不屬於我們投資者日指導的線下指標的展望。

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.

從我們增長的第一個基石開始，可比商店銷售額增長。我們預計 2023 財年美國可比銷售額將增長 7% 至 9%。對於中國，我們預計 2023 財年將出現超額補償，因為我們已經了解了市場封鎖的嚴重程度。鑑於 2022 財年基線的季度形態，我們預計中國第一季度的業績為負數，隨後是今年餘下時間的超額業績。

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 2023 財年的全球薪酬增長預計將接近我們 7% 至 9% 的長期目標範圍的高端，這與我在投資者日分享的一致。第一季度的全球薪酬反映了中國的負面薪酬，預計將處於年度指導範圍的低端，然後在隨後的幾個季度擴大。

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.

進入第二個基石，新店增長。我們預計我們的美國門店數量將在 2023 財年增長約 3%。在中國，我們將繼續快速擴大門店足跡，預計 2023 財年增長約 13%。我們預計我們的全球門店增長將達到約7%，其中超過 75% 的增長來自美國以外的地區，因為我們繼續在全球範圍內多元化我們的投資組合。

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.

憑藉全球組合和商店增長的強大組合，再加上我們的渠道開發業績，我們預計我們的綜合收入增長將在 2023 財年達到 10% 至 12% 的範圍，儘管預計外匯將產生約 3 個百分點的不利影響翻譯。

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4個百分點左右，下半年回落至1-2個百分點左右。儘管我們現在預計外幣換算帶來的壓力可能會減輕，但我們對全年的收入指導範圍仍然充滿信心。我們有一條堅實的道路來捕捉強勁的需求，最大限度地利用我們的重塑計劃釋放的機會，並提供有吸引力的收入結果。

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.

我們的第三個基石是營業利潤率。在全球範圍內，我們預計 2023 財年的利潤率將穩健增長。就季度形態而言，我們預計第一季度和第二季度的營業利潤率將有所緩和，第三季度和第四季度的利潤率將顯著提高，因為持續釋放重塑帶來的利潤率收益積累計劃，再加上中國的預期復蘇。

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.

除了營業利潤率的季度形態外，還有幾點需要考慮。我們預計 2023 財年的增量投資將超過 10 億美元，其中一半將反映 2022 財年投資的年度化。我們預計與供應鍊和大宗商品通脹壓力相關的逆風將在 2023 財年繼續存在，儘管相對於 2022 財年而言程度較小。逆風將通過重塑的銷售槓桿、定價和生產力來管理，從而導致利潤率隨著年度的正增長進展，正如我之前提到的。

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.

第四個基石是資本配置。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期間分享的那樣，我們還預計在未來 3 年內通過股息和股票回購向股東返還約 200 億美元。正如最近宣布的股息增加所反映的那樣，我們仍然致力於將股息支付率設定為大約 50%，我們還將在 2023 財年恢復我們的回購計劃。我們預計每股收益的回購收益最初將受到限制，直到 2024 財年，屆時扣除利息費用後，預計收益將達到約 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.

在利息支出方面，我們預計 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。這一增長是由我們的資本分配戰略中概述的 2022 財年和 2023 財年的增量債務發行推動的.重要的是，我們仍然致力於我們的 BBB+ 信用評級和 3 倍租金調整後 EBITDA 的槓桿上限。

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，我們預計我們的有效 GAAP 和非 GAAP 稅率將在 20% 的中間範圍內。這高於我們分別為 22.4% 和 23.1% 的 2022 財年 GAAP 和非 GAAP 稅率，這得益於某些離散的稅收項目，這些項目預計不會在 2023 財年以相同程度重複。

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，我們預計外幣折算將對 2023 財年的盈利增長產生約 4 個百分點的不利影響。儘管如此，我們仍然預計 2023 財年 GAAP 每股收益增長將處於 15% 至 20% 範圍的高端。預計 2023 財年非公認會計準則每股收益增長將處於 15% 至 20% 的長期範圍的低端，因為重塑投資的收益需要時間才能放大。

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 財年第四季度包括大約 0.05 美元的非經常性項目，主要來自離散的稅收優惠。考慮到季度每股收益的形狀，我們預計它將反映營業利潤率的季度形狀，這也將在本財年的下半年有一個有意義的提升。

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，以下是我今天討論的主要內容。我們為我們的第四季度業績感到無比自豪，這得益於我們的合作夥伴每天為我們的客戶創造的經驗。我們的 2023 年指導方針為另一年的創紀錄業績奠定了基礎。重要的是，我們認識到我們未來的增長取決於我們對合作夥伴、商店和客戶的投資。隨著我們與合作夥伴一起努力解決業務挑戰，我們對開啟新增長時代的道路充滿信心，為所有利益相關者、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.

再一次，我們的成功是通過我們在全球範圍內工作的 450,000 多名 Green Apron 合作夥伴每天都在提升星巴克體驗而獲得的。他們的承諾和堅定不移的專注將繼續成為我們新增長時代的基石。

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

有了這個，我們將打開問答電話。操作員？

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

（操作員說明）您的第一個問題來自 Andrew Charles 和 Cowen。

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?

我對 Rewards Together 計劃有 2 個問題。首先，您能否談談該計劃與星巴克在 6 或 7 年前與紐約時報、Lyft 和 Spotify 合作時開展的 [Stars Everywhere] 計劃有什麼不同，該計劃最終停止了？

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?

然後我的另一個問題只是關於數據共享。您能否談談該計劃將為您提供的新功能以及您、達美航空和你們帶來的任何其他新合作夥伴之間的數據共享將如何運作？

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?

感謝你的提問。這是霍華德。我和星巴克首席營銷官布雷迪·布魯爾（Brady Brewer）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。謝謝你的問題。確實，Reward Together 計劃是關於採用志同道合的領先忠誠度計劃並將它們直接鏈接到 Starbucks Rewards。其目的是，無論您是否與達美這樣的航空公司合作，您都可以在星巴克更快地賺取里程，並且當您乘坐達美航空時，您可以獲得額外的星巴克福利。我們正在尋找一些領先品牌。因此，這正在創建直接的技術對技術連接，以將我們的忠誠度計劃聯繫起來，並為兩個品牌和兩組客戶提供更好的體驗。

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，我們確實堅持繼續專注於使用數據來改善體驗，但對我們捕獲的數據非常周到和自律，但使用它來改善體驗並為我們的業務提供信息。因此，我們對 Reward Together 的早期階段感到興奮。正如您在電話會議上所聽到的，我們所看到的是以一種超出我們預期的方式關聯賬戶的非凡需求。所以我們很高興在未來看到這個版本。

Your next question comes from Jeffrey Bernstein with Barclays.

您的下一個問題來自巴克萊銀行的 Jeffrey Bernstein。

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，自分析師日以來，我們在星巴克聽到的首要問題與 7% 至 9% 的新長期薪酬指引有關。在 23 財年，您似乎對此非常有信心。看起來你的視野很好，這些季度業績支持了這一點。我覺得 23 財年是由菜單定價和中國市場反彈推動的。

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，我想，我們聽到的焦點更多是在 6 到 12 個月後，系統會更大。面對宏觀經濟放緩和潛在的衰退，您的產品似乎將更加自由裁量。所以只是想知道你的信心，或者你是否可以優先考慮讓車手支持 7% 到 9% 的比例，只是因為你自己甚至你的同行，在沒有價格驅動的情況下很難維持這個水平。

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.

因此，尤其是在潛在的衰退中，你有信心在 6 到 12 個月後我們仍然可以談論未來幾年的 7% 到 9%。任何顏色或優先級都會很棒。

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。好吧，讓我們嘗試根據我們的歷史、我們在短期內看到的情況以及為什麼我們如此自信來解決這個問題。如果你回顧多年，雖然這是一個前所未有的時代，但我們一次又一次地證明，星巴克有一種負擔得起的奢侈品，我們的客戶群一直願意支持，而且對星巴克的忠誠度仍在繼續。

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.

現在，在過去，我們沒有獎勵計劃的固有優勢，正如您在我們準備好的評論中所聽到的那樣，它正在為星巴克創造可觀的收入，這是高度可預測的，並且與該客戶群的關係非常忠誠。

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.

與過去幾年不同的另一件事是讓我們充滿信心的是，我們一直在監控我們的客戶群是否每年都在變年輕。我們從未希望看到我們的客戶群變老。我們希望看到它變得更年輕。

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.

它不僅變得更年輕，而且那個年輕的客戶，那個 Z 世代的客戶，往往有更多的可支配資金供他們支配。他們對星巴克的忠誠度是相當可觀和可預測的。然後你就有了星巴克的定價權，我們當然不會在這段時間內嘗試提高價格。但可以肯定的是，在過去 12 個月左右的時間裡，我們已經證明我們的價格上漲了近 6%，而且我們還沒有看到忠誠度和交易量減少。

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.

我認為定制，我們在準備好的評論中談到了很多，顯然給了我們 - 由於修飾符的結果，門票變得更加增值，並且這些修飾符似乎與冷飲更加一致和更大，這現在占美國業務的 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.

然後我想我們看看我們今年剩餘的促銷計劃，我們回顧我們成功的飲料的歷史，我們回顧短期歷史的飲料有什麼真的是本壘打，老實說，幾週前我們經歷了一系列創新的飲料，我們真的不得不減少飲料的數量，因為我們知道我們無法處理它，因為我們覺得太多了太好了。

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.

我要說的最後一件事是，這並不像我想的那樣量化，但它是真實的，那就是在大流行期間，當然在去年，星巴克一直在回升——在我們的類別和由於我們的房地產多種格式的戰略性質，我們攔截流量的能力，我們當然不能避免這種對話，也不能不談論收入方面的壓倒性成功以及駕車通過的方式。

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.

所以net-net，我們對環境高度關注和謙卑。沒有一天，我們所做的每一個決定都是通過對美國和世界各地正在發生的事情的關注而做出的。但我們覺得我們擁有資源和專業知識、歷史和創新來產生我們非常有信心的那種數字。謝謝你。

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

您的下一個問題來自美國銀行的 Sara Senatore。

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，然後請跟進。所以問題實際上是關於，你剛剛提到了高端化和定制化，以及這似乎在冷飲中更常見。我想這感覺就像現在已經有一段時間了。

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.

如果你願意的話，你能把這個推得更遠嗎？所以感冒一共佔了76%。還能高多少？當您考慮定制時，您可以分享定制訂單的百分比，或者可以讓我們了解您在整個滲透過程中可能走多遠的信息。

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

當然。是的。我會開始——當然，繼續……

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.

對不起。還有一個關於中國的問題。我只是想澄清一下，當你談到限制時，這實際上是關於流動性，而不是關於開設新店的挑戰。

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。就中國而言，這是100％正確的。開店沒有問題。事實上，我們正在以創紀錄的數量開設商店。而貝琳達正在電話中，如果你有關於中國的後續問題，她當然可以回答。

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.

關於你關於我們擴展寒冷和修飾的能力的問題，一些事情。一，冷肯定讓我們在星巴克感到驚訝。但我們定制飲料的能力是一項重要的競爭優勢。世界上沒有其他咖啡公司有能力立即響應客戶關於定制的要求，也沒有一家咖啡公司有我們在風味、糖漿、改性劑、泡沫等方面的能力。等等，為客戶提供他們想要的東西。

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.

我認為就即將發生的事情而言，寒冷還處於早期階段。而我們全年圍繞寒冷的創新將繼續推動意識，我認為，依戀。

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，沒有人應該走開，想想我們的咖啡——我們的熱咖啡業務沒有增長的事實。事實上，它長得很好，但有點感冒了。但我們對熱點有重大的創新計劃。因此，我認為冷收入與熱收入的百分比，我認為由於我們圍繞熱門平台的創新，你會看到熱度上升。我會把它交給布雷迪，只是為了跟進你的問題。

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。我認為 - 正如霍華德所說，熱咖啡正在增長，但冷飲在過去幾年中剛剛加速，這為商店增加了一整套銷量。 Sara 提到，我們看到的是冷定制植物飲料平台特別有吸引力。你越年輕，飲料越冷。

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.

我們看到 Iced Espresso 的同比顯著增長，這是我們最大的產品類別。我們現在繼續看到熱咖啡的增長。 Refreshers、Nitro、Cold Brew 都在顯著增長。但正如霍華德所說，修飾符同比增長兩位數。

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 60% 以上的飲料都是定制的。為什麼這很重要？這很重要，因為我們的客戶發現他們最喜歡的飲料無法在其他任何地方買到。我認為這也與之前關於度過艱難時期的問題有關，這是一種只能在星巴克買到而不能回家的飲料。越來越多的定制在我們的商店中實現了這一點。所以我們才剛剛開始。未來有很多增長機會。

Your next question comes from Lauren Silberman with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Lauren Silberman。

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.

我想問一下中國。您能否談談您在中國一線、二線和低線城市的地點構成，以及單位增長方面，您在這些層級的增長點是什麼？然後，您可以提供關於您在 1 線與其他城市中看到的趨勢的任何顏色都會有所幫助。

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。經營星巴克中國的 Belinda Wong 正在中國打來電話，我認為顯然是回答這個問題的最佳人選。那麼，貝琳達，好嗎？

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.

謝謝你，霍華德。感謝你的提問。星巴克在品牌份額和偏好方面繼續領先市場，這得益於我們的高端定位、基於合作夥伴提供的卓越咖啡體驗以及與客戶建立的深厚聯繫所建立的競爭優勢。我們很高興看到近年來中國咖啡市場的強勁增長，伴隨著新品牌和參與者的進入。

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

不同的品牌針對不同的細分市場和地點提供不同的價值主張，但我們將共同加速咖啡文化和整體品類的採用。

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.

就我們的新店發展戰略而言，正如我在投資者日期間所分享的那樣，我們將建立——我們將遵循我們專門建立的商店戰略。我們將更深入地優化我們的商店組合，增加我們前 20 個城市的主要貿易區域的密度，以及我們所在的現有城市。我們還將更廣泛地進入——繼續進入新城市我們還沒有。這兩個領域有很多發展機會。

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，我們將變得更聰明。我們有一個非常強大的商店開發系統，它是由我們在當地市場上令人難以置信的團隊建立的。在數據的支持下，我們有更準確的數據來了解我們應該在哪裡打開格式和大小，而不僅僅是第三位體驗，但我們能夠準確地預測我們的新商店在哪裡最適合履行所有城市的全渠道客戶需求，無論是我們運營的新城市還是現有城市。

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，我們將變得更加環保。正如我之前在投資者日期間分享的那樣，到 2025 年，我們將開設 2,500 家更環保的商店，作為投資組合的一部分。因此，我們對發展新店的方式以及（理解）中國市場的增長非常有信心。

Your next question comes from John Ivankoe with JPMorgan.

您的下一個問題來自摩根大通的 John Ivankoe。

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.

對於現在的幾個電話，我們一直在談論星巴克擁有的離散客戶的創紀錄數量。顯然，能夠談論這個非常令人欽佩，只是擁有廣泛的客戶群。

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?

我想把它放在上下文中，55% 的 MSR。據推測，這是一個你可以經常光顧你的品牌的客戶，換句話說，相對於過去的品牌，他們的頻率實際上有所增加。所以你能談談你擁有的頻率機會嗎，我的意思是，我猜，分為兩部分？

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，一個，你讓 2019 年的客戶今天像 3 年前一樣經常回來，這是問題的第一部分。其次，您對一些新客戶有哪些頻率驅動機會？我的意思是把它作為 MSR 計劃的一部分以及你可能擁有的其他舉措來討論。

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 19 財年或 COVID 之前的水平，但我們看到的是交易量繼續增長。什麼是 - 其中一部分是銷售的產品，以每家商店每天的單位衡量，一直高於 19 財年。所以我們看到的是更多的團體訂單。

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.

Starbucks Rewards 頻率是我們的 SR 會員經常光顧的一項功能，但我們也在添加這麼多新會員。我們正在做的是獲取頻率較低的客戶並將他們帶入計劃，這有助於提高他們的頻率。 SR 計劃往往會在會員資格的第一年出現非常顯著的頻率增加。因此，SR 對我們來說是一個強大的驅動力。

Your next question comes from Jon Tower with Citi.

您的下一個問題來自 Jon Tower 和 Citi。

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?

我只是想跟進中國的複蘇。並且很想了解您對今年中國前景的期望中包含的內容。具體來說，聽起來，很明顯，你在你的指導下押註今年下半年會重新開放的想法。那麼，如果 COVID - 零 COVID 政策繼續實施，這些數字，特別是今年下半年的薪酬和盈利復甦會有什麼風險？

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

瑞秋，你想開始嗎？如果貝琳達想添加任何東西。雷切爾？

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。是的。感謝你的提問。正如我們一開始所說，我們考慮中國經濟復甦的方式實際上是基於流動性。因此，當我們談論今年下半年的出色表現時，就是在談論封鎖的嚴重性時。因此，儘管可能仍然存在挑戰，但如果您還記得的話，我們已經在第二季度末開始看到鎖定的嚴重性，該季度為負 23%，接下來是負 44%。四分之一。因此，我們的恢復預期基於圈數和增加的機動性。

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，但這就是我們對恢復的實際假設的基礎，這是我們指導的一部分。

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

貝琳達，你有沒有——對不起。去吧，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。讓我補充一點，我們很高興看到第四季度在收入和復合銷售增長方面取得了穩固的連續改善。看到放寬限制與我們的業務復甦之間存在如此強烈的正相關關係，我們感到很慚愧。我的意思是，一旦行動限制放鬆，我們 90 天的活躍會員就會熱情地回到我們的商店，這令人難以置信的連續改善，這確實讓我們對一旦行動限制解除後能夠反彈的能力充滿信心。所以我只是想補充一點。謝謝你。

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，你能再補充一件事嗎？鑑於數字和交付的限制，你和你的團隊能夠做到什麼？

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分享的那樣，儘管 COVID 造成了短期中斷，但我們仍然專注於以極大的紀律和信心執行我們的中國增長議程，對嗎？正如您所聽到的，我們實現了創紀錄的高質量新店增長。現在，我們在 230 個城市擁有 6,021 家新店，這些新店繼續實現一流的回報和盈利能力。

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.

我們還專注於快速增長的全渠道業務，並且繼續保持強勁勢頭。正如霍華德所說，星巴克外賣業務的銷售額同比增長 35%，達到創紀錄的 24%。這太不可思議了。移動訂購總銷售額現在達到 44%。這是我們很高興看到的，隨著我們向客戶展示更多場合，它將會繼續存在。

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，客戶的參與，獎勵活躍的會員回來，我們很高興看到這一點。這也非常接近我們的歷史高點。我們正在實現最高的客戶連接分數。我們的合作夥伴真的在實地為我們的客戶服務。我們每天都在學習如何更好地經營我們的商店。我們正在增加我們的肌肉和我們的運營能力。我們在供應鍊和商店開發方面變得越來越聰明。所以我很高興看到。

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.

而且，還有一件事。在我們的合作夥伴參與方面，我們在 22 財年實現了創紀錄的全職零售合作夥伴營業額。這確實表明我們在過去幾年中所做的合作夥伴投資確實得到了回報。因此，我們非常謙虛並且 - 但處於有利位置並為抓住未來的增長機會而感到興奮。謝謝你。

Your next question comes from John Glass with Morgan Stanley.

您的下一個問題來自摩根士丹利的 John Glass。

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?

在 23 年的重塑計劃中，您能幫助我們優先考慮您認為最能推動銷售的因素嗎？您談到了提高留存率。你談到了一些設備升級。如果有一種方法可以對您認為對業務有利的排序方式進行排序，或者如果有節奏，我們是否應該考慮這些舉措中的某些有利於一年中的某個時間段而不是其他時間段？

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.

在這裡面，你能談談服務的速度，你在哪裡，你想去哪裡？在我看來，僅根據個人經驗，這仍然是一個問題，並且可能是未來幾個季度實現更大流量增長的一個關鍵因素。

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

弗蘭克，請你回答再發明的問題，然後薩拉可以談談服務速度嗎？

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。合作夥伴體驗是星巴克運營模式的核心，旨在提高合作夥伴和客戶的留存率、提高聯繫分數。第二個影響，回答你關於收入增長的問題，它創造了更多的容量，使我們能夠捕捉在當前運營環境中有時會受到挑戰的增量需求。

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，重塑議程的核心當然是圍繞商店、客戶和合作夥伴進行創新的結合。但歸根結底，它旨在使我們能夠以客戶希望的方式參與其中，以支持他們的需求並最終提高績效。

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.

謝謝你。謝謝你，弗蘭克。謝謝你，約翰。我只想從一個確認開始。我們的商店當然沒有需求問題。正如我們所討論的，我們的每週活躍客戶總數持續增長。我們受益於令人難以置信的高平均每週銷售額。因此，您對機會的呼籲、速度和服務是我們所有人的首要任務。

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.

我的意思是，在上個季度，我們確實在那些窗口時間看到我們的得來速業務高峰期間有所改善，這是我們不斷關注的指標，並真正將我們的注意力集中在我們的零售店，與領導者特別是在那一天的觀察和指導。

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.

我只能說我承認前面的機會。我們希望隨著營業額的減少，更多終身合作夥伴的增加以及我們商店的整體穩定性看到，無論是在咖啡館和開車的高峰時段，您都將繼續看到速度和服務的改善-通過或超過整個時段。

Your next question comes from David Tarantino with Baird.

您的下一個問題來自貝爾德的大衛塔倫蒂諾。

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，我想你提到你願意支持美國以外的一些許可合作夥伴，如果我沒聽錯的話。我只是想看看你能否詳細說明你所說的那句話的意思，以及你是否看到美國以外的一些問題，以及宏觀環境中的所有壓力。對此的任何詳細說明都會有所幫助。

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。我會開始回答，然後我會把它交給國際組織的負責人邁克爾康威。我認為星巴克有一些非常獨特的長期合作關係，在某些情況下，就中東、墨西哥和拉丁美洲、韓國而言，其中一些關係可以追溯到 25、30 年。還有其他人。因此，我們擁有的忠誠度和友誼遠遠超出了業務關係。因此，我們一直與我們的合作夥伴保持聯繫，以確保他們知道如果確實出現了問題，我們將成為他們的後盾並為他們提供支持。

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.

無論如何，情況並非如此，他們也沒有表明任何事情。但我們當然希望成為那種我們可以回顧過去並為我們為他們效力而感到自豪的合作夥伴。我會把它交給每天與他們並肩工作的邁克爾·康威。

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。這是正確的。我們正在密切關注我們所知道的逆風，無論是從外匯角度還是通脹角度。但我能說的是，到目前為止，我們沒有看到任何負面影響。我們在中國以外的國際業務增長了 30% 以上。我們在所有公司運營的市場和所有地區都有兩位數的業績。

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，我們與他們保持非常密切的聯繫。但與此同時，我們相信，在我們品牌的實力、我們帶來的便利以及事實上，在最後一個季度，我們看到旅行開始回暖，這是一個強勁的夏季和流動性正在繼續開放，我們看到我們的業務有很多順風。如果他們看到挑戰，我們將與我們的業務合作夥伴保持密切聯繫。

Your next question comes from Nicole Miller with Piper Sandler.

您的下一個問題來自 Nicole Miller 和 Piper Sandler。

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.

我想問一下——你之前對員工發表了一些評論。聽起來他們會在工作條件和福利方面接受調查。很明顯，你為消費者做了同樣的事情。

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?

因此，第一個由兩部分組成的問題，考慮您如何交談來調查員工和客戶，這兩個部分的流程是否發生了變化？然後是第二部分，B 部分，它們在哪裡重疊？員工和客戶關係之間共享想法的真正交集在哪裡？

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

弗蘭克和莎拉為什麼不試一試呢？謝謝你的問題，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。所以謝謝。所以我們有一個非常先進的，我們稱之為傾聽的能力，我們不斷地感知我們的合作夥伴的表現，那些自豪地在商店裡穿著綠色圍裙的人。有一個過程發生在某種短期的基礎上，只是為了某種監控。然後我們有一個更全面的流程，我們每季度進行一次。

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.

然後我們解構它。我們使用在分析和數據科學領域擁有的一些非常先進的功能進行了大量的相關性分析。我們試圖根據我們現在已經擁護了很長一段時間的第一個原則來非常精確地回應我們正在回應的事情，這就是我們應該與合作夥伴並為合作夥伴創建新星巴克的想法。所以我認為我們在這個領域已經走了很長一段路。然而，正如我們常說的，我們很高興，但並不滿意。

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.

因為它涉及到與客戶方面的聯繫，我會讓 Sara 進一步詳細說明，我們知道，正如我們之前談到的，合作夥伴參與度之間存在直接相關性，這是對您進行的調查的總和'已經提到，和客戶參與。而且我們知道相關性是真實存在的，而且它被放大了，你每天都可以看到它的作用。所以我們嘗試花很多時間來理解兩者之間的聯繫。

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.

在布雷迪經常談到的品牌背景下，我們知道關懷是星巴克品牌資產等式中的第一大因素。我們知道合作夥伴是這種關懷的中心。這就是將顧客衡量的品牌體驗與店內合作夥伴衡量的實際體驗結合在一起的結構。

Thanks, Frank. And Sara?

謝謝，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。我只是想提出一種廣泛的觀點，回到整體的重塑。也就是說，我們所做的投資直接旨在讓我們的合作夥伴更輕鬆地完成他們的工作，使他們能夠滿足我們商店不斷增長的需求，並利用這種額外的能力創造新的方式來與我們的客戶互動.

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.

我們會定期跟踪合作夥伴的參與度。我們還將這種參與映射到我們在商店中推出的活動，以便我們能夠了解聯繫、是否存在痛點或是否有機會，並繼續檢查和調整，並圍繞這些學習進行設計向前。

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.

我認為我們非常興奮的另一件事是推出一些與合作夥伴參與相關的新傾聽機制。我們的合作夥伴應用程序就是一個例子，我們目前正在試點和測試。當我們展望未來時，我們承認這是一個共同創造的時代。而那些最接近前線，為我們的客戶服務的人，對需求有深刻而豐富的理解，我們需要讓他們能夠服務。

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，非常感謝你對意大利及其咖啡文化的客氣話。我想問一個問題，關於您在客戶行為或人口統計方面看到的關於您在商店中看到的增量獨特客戶的差異。特別是，與您現有的基礎相比，是什麼吸引他們加入該品牌？

Brady?

布雷迪？

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

是的，我可以問一個澄清的問題嗎？是專門針對意大利的嗎？

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。那是關於整個星巴克系統的，所以你在本季度看到的 9% - 7% 到 9% 的獨立客戶。

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，我認為品牌的相關性，真的，正如 Sara 所概述的那樣，我們不僅在美國看到了比以往任何時候都多的 7 天活躍客戶群。當我們更深入地了解這一點時，我們看到的是我們的客戶群變得越來越年輕。

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% 的客戶群現在是 Z 世代和千禧一代。事實上，現在我們的客戶群非常多樣化。我認為在世界範圍內，我們繼續吸引年輕客戶和多元化客戶。當您走進我們的門店時，您會發現星巴克的相關性不是您父母喝的咖啡，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.

我們現在的品牌定位是，在全球所有的離家咖啡品牌中，我們擁有最強的品牌親和力，它被視為離家咖啡的首選。所以越年輕，品牌親和力就越強。你走得越多樣化，品牌親和力就越強。因此，出於所有這些原因，我們繼續通過這些冷定制植物飲料來迎合非常多樣化且日益年輕的客戶群，並且該策略正在奏效，我們將繼續這樣做。謝謝你。

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.

我代表星巴克的所有人，祝您和您的家人度過一個愉快的感恩節假期，我們期待在第一季度末與您交談。度過一個愉快的假期。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.

謝謝你。至此，我們結束了星巴克第四季度和 2022 財年年底的電話會議。您現在可以斷開連接。