星巴克 (SBUX) 2012 Q4 法說會逐字稿

Good afternoon.

下午好。

My name is Rachel, and I will be your operator.

我的名字是雷切爾，我將是你的接線員。

At this time I would like to welcome everyone to Starbucks Coffee Company's fourth-quarter and fiscal year-end 2012 earnings conference call.

此時此刻，我想歡迎大家參加星巴克咖啡公司 2012 年第四季度和財年末的收益電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路都已設為靜音以防止任何背景噪音。

After the speakers' remarks there will be a question-and-answer session.

發言者發言後將進行問答環節。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝你。

Ms. DeGrande, you may begin your conference.

DeGrande 女士，您可以開始您的會議了。

Thank you, Rachel.

謝謝你，雷切爾。

Good afternoon.

下午好。

This is Joanne DeGrande, Director of Investor Relations for Starbucks Coffee Company.

我是星巴克咖啡公司投資者關係總監 Joanne DeGrande。

Thank you for joining us today for our fourth-quarter and fiscal year-end 2012 earnings call.

感謝您今天參加我們的 2012 財年第四季度和財年末財報電話會議。

Opening the call today will be Howard Schultz, Chairman, President, and CEO; and he will be joined by Michelle Gass, President of our Europe, Middle East and Africa business; and Troy Alstead, Starbucks' Chief Financial Officer.

主席、總裁兼首席執行官 Howard Schultz 將主持今天的電話會議；我們的歐洲、中東和非洲業務總裁 Michelle Gass 將加入他的行列；以及星巴克首席財務官 Troy Alstead。

The three presidents of our other segments, Cliff, John, and Jeff, are also on hand for Q&A.

我們其他部門的三位總裁 Cliff、John 和 Jeff 也出席了問答環節。

This conference 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.

本次會議將包括前瞻性陳述，這些陳述受各種風險和不確定因素的影響，可能導致我們的實際結果與這些陳述存在重大差異。

Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K.

任何此類聲明都應與我們的收益發布中的警示聲明和我們向美國證券交易委員會提交的文件中的風險因素討論一起考慮，包括我們上一份 10-K 表格年度報告。

Starbucks assumes no obligation to update any of these forward-looking statements or information.

星巴克不承擔更新任何這些前瞻性陳述或信息的義務。

Please refer to the financial statements accompanying the earnings release to find disclosures and reconciliations of non-GAAP financial measures mentioned on today's call with their corresponding GAAP measures.

請參閱收益發布隨附的財務報表，以查找今天電話會議中提到的非 GAAP 財務指標與其相應的 GAAP 指標的披露和對賬。

The earnings release can be found on our website at Starbucks.com under Investor Relations.

收益發布可在我們網站 Starbucks.com 的投資者關係下找到。

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

本次電話會議正在進行網絡直播，網絡直播的存檔也將在我們的網站上提供。

Before I turn the call over to Howard, let me cover a couple of additional items.

在我把電話轉給霍華德之前，讓我再談談幾個額外的項目。

First, given that this is our year-end call, we will extend it beyond 60 minutes as needed.

首先，鑑於這是我們的年終電話會議，我們將根據需要將其延長至 60 分鐘以上。

And second, I would like to remind you that our biannual investor conference will be held on December 5 in New York.

其次，我想提醒大家，我們每兩年一次的投資者會議將於 12 月 5 日在紐約舉行。

We hope you will join us in person or participate via the webcast.

我們希望您能親自加入我們或通過網絡廣播參與。

With that let me turn the call over to you, Howard.

有了這個，讓我把電話轉給你，霍華德。

Thank you, Joann, and good afternoon to everyone on today's call.

謝謝你，Joann，今天的電話會議大家下午好。

Before we begin, as a lifelong New Yorker, I would like to express my heartfelt concern for the many millions of people impacted by this week's devastating hurricane.

在我們開始之前，作為一個終身紐約人，我想對受本週毀滅性颶風影響的數百萬人表示衷心的關注。

The images we have seen and stories we have heard are beyond heartbreaking.

我們看到的畫面和聽到的故事令人心碎。

All of us at Starbucks are grateful to the thousands of first responders who are courageously and selflessly responding to this disaster, and our thoughts go out to those directly affected.

星巴克的所有人都感謝成千上萬勇敢無私地應對這場災難的急救人員，我們向那些直接受影響的人表示慰問。

I will now turn to the record fourth-quarter and fiscal 2012 financial results Starbucks reported today.

我現在要談談星巴克今天公佈的創紀錄的第四季度和 2012 財年財務業績。

Q4 was an extraordinary quarter for Starbucks on almost level.

對於星巴克而言，第四季度幾乎是一個非凡的季度。

Record fourth-quarter revenue of $3.4 billion, strong fourth-quarter EPS of $0.46, which includes charges of $0.02 per share related to our store portfolio optimization initiatives in Europe.

創紀錄的第四季度收入達到 34 億美元，強勁的第四季度每股收益為 0.46 美元，其中包括與我們在歐洲的門店組合優化計劃相關的每股 0.02 美元費用。

An increase in our total Company operating margin to 15.4%, and significant relevant innovation across our business segments and around the world.

我們的公司總營業利潤率增加到 15.4%，並且我們的業務部門和全球範圍內都有重大的相關創新。

Starbucks' solid Q4 performance has ideally positioned us to go into the holiday with strong momentum supporting a powerful lineup of holiday beverages and [progress conference] and to further our commitment to continue growing sales and delivering increased profits to our shareholders in 2013 and the future.

星巴克第四季度穩健的業績理想地使我們能夠以強勁的勢頭進入假期，支持強大的假日飲料陣容和[進度會議]，並進一步承諾在 2013 年和未來繼續增加銷售額並為我們的股東帶來更多利潤.

Q4 also caps off a record full-year in which our sales rose 14% to a record $13.3 billion, and our earnings rose 18% to a record $1.79 per share.

第 4 季度也結束了創紀錄的全年，我們的銷售額增長了 14%，達到創紀錄的 133 億美元，我們的收益增長了 18%，達到創紀錄的每股 1.79 美元。

What makes our performance during the quarter and the year even more remarkable is that both were achieved in the face of profound, continued economic uncertainty, and challenged consumer environments in markets all around the world in which we operate and compete.

使我們在本季度和本年度的業績更加出色的是，這兩項業績都是在我們經營和競爭所在的全球市場面臨深刻、持續的經濟不確定性和充滿挑戰的消費者環境的情況下取得的。

Starbucks' ability to deliver the results we did in Q4 and 2012 is a reflection of the strength of our business and brand, our deep connection to our growing universe of global customers, and the correctness of our go-to-market strategies.

星巴克能夠實現我們在 2012 年第四季度取得的成績，反映了我們業務和品牌的實力、我們與不斷增長的全球客戶群的緊密聯繫，以及我們進入市場戰略的正確性。

As we were all reminded at our leadership conference last month in Houston, the key to our success are the 200,000 Starbucks partners around the world who proudly wear the green apron and deliver the Starbucks experience to our customers every day.

正如上個月在休斯敦舉行的領導層會議上提醒我們的那樣，我們成功的關鍵在於全球 200,000 名星巴克合作夥伴，他們自豪地穿著綠色圍裙，每天為我們的客戶提供星巴克體驗。

To each of my partners I want to say that I am humbled by your dedication and commitment, and that you have my deep personal gratitude and appreciation for all that you do.

我想對我的每一位合作夥伴說，我為你們的奉獻和承諾感到謙卑，我對你們所做的一切深表感謝和讚賞。

In fiscal 2012 Starbucks served nearly 3 billion customers who visited our stores, a statistic that testifies to the reach and breadth of our increasingly global brand and local relevance.

在 2012 財年，星巴克為近 30 億光顧我們門店的顧客提供服務，這一統計數據證明了我們日益全球化的品牌和當地相關性的影響力和廣度。

And while the 18,000 stores in 61 countries we have today may sound like a large number, the fact is that the opportunity for Starbucks to grow our business around the world in a profitable, disciplined, and deliberate fashion has never been greater or more exciting.

雖然我們今天在 61 個國家/地區擁有 18,000 家門店，這聽起來可能是一個龐大的數字，但事實是，星巴克在全球範圍內以有利可圖、有紀律和深思熟慮的方式發展我們的業務的機會從未如此巨大或令人興奮。

Over the past 12 months we added over 1,000 net new stores, with two-thirds of those being outside the US, and we remodeled more than 2,000 stores globally.

在過去的 12 個月裡，我們淨增了 1,000 多家新店，其中三分之二在美國以外，我們在全球改造了 2,000 多家店面。

Our plans call for us to open an additional 1,300 net new stores and to remodel roughly 2,000 more in fiscal 2013.

我們的計劃要求我們在 2013 財年再開設 1,300 家淨新店並改造約 2,000 家。

We are well on our way to having more than 20,000 Starbucks stores on six continents by 2014.

到 2014 年，我們正在朝著在六大洲擁有超過 20,000 家星巴克門店的目標邁進。

After more than 40 years, Starbucks' world-wide appeal remains undeniable.

40 多年後，星巴克在世界範圍內的吸引力仍然無可否認。

Starbucks is seeing strong and sustained growth in our core retail business across both the Americas, and China and Asia Pacific regions, where our comp store sales growth reached 7% and 10%, respectively.

星巴克在美洲、中國和亞太地區的核心零售業務實現了強勁和持續的增長，我們在這些地區的門店銷售額分別增長了 7% 和 10%。

I would like to personally recognize Cliff Burrows, President of our Americas segment, and John Culver, President of China/Asia Pacific, for their leadership in delivering the tremendous results they did in Q4.

我想親自感謝美洲區總裁 Cliff Burrows 和中國/亞太區總裁 John Culver，感謝他們在第四季度取得的巨大成果方面發揮的領導作用。

Particularly noteworthy is that Starbucks' US business revenue grew 9%, and US comps grew 7% in Q4, reflecting the level of execution and intensity that is nothing short of fantastic, given the softer-than-expected performance we saw in Q3.

特別值得注意的是，星巴克在美國的業務收入在第四季度增長了 9%，而美國的收入在第四季度增長了 7%，這反映出執行水平和強度簡直太棒了，因為我們在第三季度看到的業績低於預期。

We accomplished our US results by taking swift and decisive action to drive increased store traffic and improve operating efficiency at the very first sign of the early summer-slowing in traffic that we and many other retailers began to experience.

在我們和許多其他零售商開始經歷的初夏客流量放緩的第一個跡像出現時，我們採取迅速果斷的行動來增加商店客流量並提高運營效率，從而在美國取得了業績。

And we continued to drive traffic in August by re-launching our popular and successful [trecrecy] campaign, and participating in a record-breaking, Living Social offer that was taken up by 1.5 million Starbucks customers in, believe it or not, in less than 24 hours.

我們在 8 月繼續推動客流量，重新啟動我們廣受歡迎且成功的 [trecy] 活動，並參與破紀錄的 Living Social 優惠，信不信由你，不到 150 萬星巴克顧客就參與了這項活動超過 24 小時。

These initiatives also enabled us to generate incremental profitable sales, further communicate Starbucks' powerful value proposition, and attract more customers to our US stores for the September rollout of our full beverage lineup than ever before.

這些舉措還使我們能夠產生增量的盈利銷售，進一步傳達星巴克強大的價值主張，並在 9 月份推出我們完整的飲料系列時吸引更多的顧客到我們的美國商店。

As I mentioned earlier, the strong momentum we saw in Q4 has ideally positioned us as we head into Q1 of 2013 and the holiday season.

正如我之前提到的，我們在第 4 季度看到的強勁勢頭為我們進入 2013 年第 1 季度和假期旺季提供了理想的定位。

Our traditional red cups and holiday beverages are beginning to appear in stores as a prelude to the official kickoff of holiday of our US stores on November 13.

作為11月13日我們美國門店假期正式拉開帷幕的序幕，我們傳統的紅杯和節日飲品開始出現在門店中。

And I can tell you that we have the strongest and most exciting lineup of hand-crafted holiday beverages and limited-edition products in-store for our customers than ever before.

我可以告訴你，我們店內為顧客準備的手工製作的節日飲料和限量版產品比以往任何時候都更強大、最令人興奮。

Also new this year is Starbucks' Christmas Blend Blonde Roast, a specially selected blend of Latin-American and aged Sumatra beans that delivers a noticeably light and cheerful note.

今年還新推出了星巴克的聖誕混合金色烤肉，這是一種特別挑選的拉丁美洲和陳年蘇門答臘豆的混合物，具有明顯的清淡和歡快的味道。

Christmas Blend Blonde Roast is a perfect compliment to our full lineup of holiday season offerings that extends both our blonde roast offerings and our best-selling Christmas blend portfolio.

Christmas Blend Blonde Roast 是對我們全系列假日季節產品的完美補充，擴展了我們的金色烤肉產品和我們最暢銷的聖誕混合產品組合。

But the big news for Starbucks this holiday season is the innovation and opportunity we have unleashed with Verismo, the only single-serve beverage system that delivers perfectly crafted Starbucks Cafe Lattes and Espresso beverages, as well as brewed coffee from a single machine.

但對於星巴克來說，這個假日季的重大新聞是我們通過 Verismo 釋放的創新和機遇，這是唯一一種單一服務飲料系統，可以提供完美製作的星巴克咖啡拿鐵和濃縮咖啡飲料，以及用一台機器沖泡的咖啡。

If you haven't tried Verismo yet, I urge you to.

如果您還沒有嘗試過 Verismo，我強烈建議您嘗試一下。

The Verismo System produces the highest-quality, best-tasting, in-home single-serve expresso and coffee beverages anywhere, bar none.

Verismo System 可在任何地方生產質量最高、味道最好的家用單份濃縮咖啡和咖啡飲料，無一例外。

And it's the first and only single-serve machine that uses parts made from real milk to deliver beverage quality and versatility, meeting Starbucks' exacting standards.

它是第一台也是唯一一台使用真正牛奶製成的部件來提供飲料質量和多功能性的單份服務機器，符合星巴克的嚴格標準。

In the eight months since we announced the Verismo System, we have successfully planned and executed the launch of Verismo in 6,400 retail locations, including premier specialty retailers like Williams-Sonoma in the US, where Verismo was chosen to be showcased on the cover of its holiday catalog.

自從我們宣布推出 Verismo 系統以來的八個月裡，我們已經成功地計劃並在 6,400 個零售點推出了 Verismo，其中包括美國 Williams-Sonoma 等頂級專業零售商，Verismo 被選在其封面上展示假期目錄。

Herods in the UK, and Starbucks stores across the US and Canada, and through online e-commerce channels in three other countries.

英國的 Herods，美國和加拿大的星巴克門店，以及其他三個國家的在線電子商務渠道。

We are supporting Verismo with only the third national TV campaign in our 41-year history, elegantly, through the unique Starbucks lens, and in a way that introduces and celebrates Verismo System and elevates the Starbucks brand.

我們僅通過我們 41 年曆史中的第三次全國電視宣傳活動來支持 Verismo，通過獨特的星巴克鏡頭優雅地介紹和慶祝 Verismo 系統並提升星巴克品牌。

With more than 10,000 Verismo demonstrations and sampling events taking place over the next several weeks, we expect Verismo's momentum to accelerate through the holiday season and continue into the future.

在接下來的幾週內將舉行 10,000 多次 Verismo 演示和抽樣活動，我們預計 Verismo 的發展勢頭將在整個假期期間加速發展並持續到未來。

In addition to launching Verismo, our Channel Development team has continued to innovate in the premium single-serve category with other new product introductions across the portfolio, including blonde roast and our new successful refreshers platform.

除了推出 Verismo 之外，我們的渠道開發團隊還繼續在優質單份服務類別中進行創新，並在整個產品組合中推出其他新產品，包括金發烤肉和我們新的成功提神平台。

As a result of these and other initiatives, our Channel Development business increased revenues by 50% in fiscal 2012 to $1.3 billion.

由於這些舉措和其他舉措，我們的渠道開發業務在 2012 財年的收入增加了 50%，達到 13 億美元。

We have expanded our global Channel Development presence now to 20 countries and we are targeting tens of thousands of new points of distribution.

現在，我們已將全球渠道開發業務擴展到 20 個國家，我們的目標是數以萬計的新分銷點。

But I can assure you, Jeff Hansberry and his team are just getting started.

但我可以向你保證，Jeff Hansberry 和他的團隊才剛剛開始。

This month marks the first anniversary of the Starbucks K-Cup launch, and I'm very pleased to report that in fiscal 2012, less than a full year of operation, we shipped nearly 500 million Starbucks K-Cups, and have garnered a full 15.6% share of the premium single-cup market, well above what people expected.

本月是星巴克 K-Cup 推出一周年，我很高興地向大家報告，在 2012 財年，也就是不到一整年的運營時間，我們運送了近 5 億個星巴克 K-Cup，並獲得了整整高端單杯市場佔有率15.6%，遠超人們預期。

VIA also continued to grow sales in fiscal 2012.

威盛在 2012 財年的銷售額也繼續增長。

VIA is now available in 14 countries and 80,000 points of global distribution.

威盛現已在 14 個國家和 80,000 個全球分銷點發售。

It grew nearly 50% in FY '12, and garnered a 7% share of the premium single-cup category in US growth through channels in Q4.

它在 2012 財年增長了近 50%，並在第四季度通過渠道獲得了美國高端單杯類別增長中 7% 的份額。

Together, our complimentary and carefully planned and executed K-Cup, VIA and Verismo go-to-market strategies provide Starbucks with the strongest and most complete, comprehensive lineup of products, and the definitive winning hand in the premium single-cup category.

我們精心策劃和執行的免費 K-Cup、VIA 和 Verismo 上市戰略共同為星巴克提供了最強大、最完整、最全面的產品系列，以及高端單杯品類中的決定性勝利。

And there will be more innovations to come.

而且還會有更多的創新。

In 2012 we made significant headway against our ongoing plans to elevate and transfer our food platform, and bring authentic and delicious food to customers through the acquisition of La Boulange Bakery.

2012 年，我們通過收購 La Boulange Bakery，在提升和轉移我們的食品平台並為客戶帶來正宗美味食品的持續計劃方面取得了重大進展。

The fresh bakery products we are developing with the artists and bakers at La Boulange will rank among the very best bakery products you have ever tasted.

我們與 La Boulange 的藝術家和麵包師一起開發的新鮮烘焙產品將躋身於您品嚐過的最佳烘焙產品之列。

We've been testing new La Boulange offerings to a fantastic customer response and significant sales lift, and now plan to roll out La Boulange products in 2,500 company-operated Starbucks stores across the US beginning in the spring of 2013.

我們一直在測試新的 La Boulange 產品，以獲得出色的客戶響應和顯著的銷售提升，現在計劃從 2013 年春季開始在全美 2,500 家公司經營的星巴克門店推出 La Boulange 產品。

Evolution Fresh, another of our emerging brands, is also helping to expand and enhance our retail store and channel development operations and presence.

我們的另一個新興品牌 Evolution Fresh 也在幫助擴大和加強我們的零售店和渠道開發運營和影響力。

Last month we opened an Evolution Fresh store in San Francisco's Fillmore district, our third Evolution Fresh location and the first one outside of greater Seattle.

上個月，我們在舊金山的菲爾莫爾區開設了一家 Evolution Fresh 商店，這是我們的第三家 Evolution Fresh 門店，也是大西雅圖地區以外的第一家。

Our fourth location will be opening in Seattle's University Village Shopping Center later this month.

我們的第四家門店將於本月晚些時候在西雅圖大學村購物中心開業。

At the same time, our Channel Development segment is continuing to significantly expand the availability of bottled Evolution Fresh juices through premium grocery channels and Starbucks stores.

與此同時，我們的渠道開發部門正在繼續通過優質雜貨渠道和星巴克商店顯著擴大瓶裝 Evolution Fresh 果汁的供應。

Evolution Fresh bottled juices are now available at over 1,500 grocery locations, including Whole Foods and Safeway, and approximately 2,200 West Coast Starbucks stores, where we have seen a 100% lift over the juice product it replaced in our stores.

Evolution Fresh 瓶裝果汁現已在包括 Whole Foods 和 Safeway 在內的 1,500 多家雜貨店和大約 2,200 家西海岸星巴克門店有售，我們已經看到它在我們門店中取代的果汁產品的銷量提高了 100%。

And we are on track to continue extending distribution of Evolution Fresh into more of our made-to-US company-operated markets throughout fiscal 2013.

在整個 2013 財年，我們有望繼續將 Evolution Fresh 的分銷擴展到更多由美國製造的公司運營的市場。

And Starbucks is making a big difference in the business in just the short time we have owned the company.

星巴克在我們擁有這家公司的短短時間內就對業務產生了重大影響。

Sales of Evolution Fresh bottled juice through all channels in the latest quarter were up 50% over sales in the same period in 2011, prior to our acquisition of the company.

Evolution Fresh 瓶裝果汁最近一個季度通過所有渠道的銷售額比我們收購該公司之前的 2011 年同期銷售額增長了 50%。

Our intention is to create another dynamic national brand with Evolution Fresh.

我們的意圖是通過 Evolution Fresh 打造另一個充滿活力的民族品牌。

And to meet the anticipated demand for Evolution Fresh products, we are adding a state-of-the-art juicery in southern California in late 2013 that will have four to five times the production and packaging capability of the current Evolution Fresh facility.

為了滿足對 Evolution Fresh 產品的預期需求，我們將於 2013 年底在加利福尼亞州南部增建一家最先進的榨汁廠，其生產和包裝能力將是當前 Evolution Fresh 工廠的四到五倍。

As I have noted in the past, Starbucks is embracing the seismic shifts in consumer behavior that are well underway.

正如我過去指出的那樣，星巴克正在接受正在發生的消費者行為的巨大變化。

Let me now take a moment to share our progress and the investments we are making to continue our leadership in card, loyalty, social, digital and now mobile commerce.

現在讓我花點時間分享我們的進展和我們正在進行的投資，以繼續我們在卡片、忠誠度、社交、數字和現在的移動商務方面的領導地位。

All of which will significantly enhance our customers' experience with Starbucks.

所有這些都將顯著提升客戶在星巴克的體驗。

Our card and loyalty initiatives are continuing to drive great convenience and value for many customers.

我們的信用卡和忠誠度計劃繼續為許多客戶帶來極大的便利和價值。

This has been a record year, with nearly $3 billion loaded onto Starbucks cards, with Starbucks cards transactions accounting for over 25% of US store tender.

這是創紀錄的一年，星巴克卡上充值了近 30 億美元，星巴克卡交易占美國商店招標的 25% 以上。

The My Starbucks Rewards loyalty program has already amassed more than 10 million members, half of whom are active participants and have opted in through a sea of communications fronts.

My Starbucks Rewards 忠誠度計劃已經積累了超過 1000 萬會員，其中一半是積極參與者，並通過大量的溝通渠道選擇加入。

And as many of you know, we recently unveiled a number of enhancements to our loyalty program in the US and Canada, including making rewards fully digital, making it easier for customers to earn free rewards, and including free food as part of the rewards option.

正如你們許多人所知，我們最近公佈了我們在美國和加拿大的忠誠度計劃的多項改進，包括使獎勵完全數字化，使客戶更容易獲得免費獎勵，並將免費食品作為獎勵選項的一部分.

As a result, we are already seeing record numbers of membership sign-ups in the first few weeks of our new fiscal year, which really will bode well for fiscal and calendar '13.

因此，我們已經在新財政年度的前幾週看到創紀錄的會員註冊數量，這對於 13 財年和日曆來說確實是個好兆頭。

The depth and breadth of our digital assets continues to grow, with leadership positions and engagement across Twitter, Facebook, Instagram, Pinterest, and many other relevant mediums.

我們數字資產的深度和廣度不斷增長，在 Twitter、Facebook、Instagram、Pinterest 和許多其他相關媒體中佔據領導地位和參與度。

All this progress will now become even more relevant, given the sea change behavior and experience enabled by the ubiquity and personalization of mobile technologies.

鑑於移動技術的普及和個性化使行為和體驗發生了翻天覆地的變化，所有這些進步現在將變得更加重要。

Our mobile payment platform has become the leading number one program for any consumer brand or retailer in North America, with now more than 2 million mobile payment transactions occurring every week.

我們的移動支付平台已成為北美任何消費品牌或零售商的頭號計劃，現在每週發生超過 200 萬筆移動支付交易。

And more than 100 million mobile payment transactions logged since the launch of Starbucks mobile payment app in January of last year.

自星巴克移動支付應用程序於去年 1 月推出以來，記錄的移動支付交易量已超過 1 億筆。

We believe the rapid adoption of mobile gives us an opportunity to create a unique and much deeper relationship with our customers directly and in-the-moment like no other consumer brand or retailer.

我們相信，移動設備的快速普及為我們提供了一個機會，可以像其他消費品牌或零售商一樣，直接和即時地與我們的客戶建立獨特且更深入的關係。

We have the unprecedented ability to reach new customers, create awareness to new products, drive incremental transactions and explore new revenue streams in digital publishing.

我們擁有前所未有的能力來接觸新客戶、提高新產品知名度、推動增量交易並探索數字出版領域的新收入來源。

Recently we have evaluated dozens of mobile payment solutions and companies with an eye toward trying to find a company with a similar vision and approach to creating a mobile payment platform, where the customer experience is paramount.

最近，我們評估了數十家移動支付解決方案和公司，希望找到一家具有類似願景和方法的公司來創建移動支付平台，其中客戶體驗至關重要。

And that led to us to Jack Dorsey and his team at Square.

這讓我們找到了 Jack Dorsey 和他在 Square 的團隊。

By partnering with Square and accepting their innovative Square Wallet mobile payment app in our stores, we are able to not only offer a complimentary mobile payment solution to our own apps, but we are also able to reduce our interchange fees for US debit and credit card processing.

通過與 Square 合作並在我們的商店接受他們創新的 Square Wallet 移動支付應用程序，我們不僅能夠為我們自己的應用程序提供免費的移動支付解決方案，而且我們還能夠降低美國借記卡和信用卡的交換費加工。

We are looking forward to Starbucks customers being able to use the Square Wallet app to pay for purchases with their mobile phones in US stores later this month.

我們期待星巴克客戶能夠在本月晚些時候在美國商店使用 Square Wallet 應用程序通過手機支付購買費用。

While we are proud of what we have accomplished thus far in mobile, we plan to continue to push the envelope in the future by adding features and interactivity in such areas as tipping, mobile ordering, and personalization.

雖然我們為迄今為止在移動設備方面取得的成就感到自豪，但我們計劃在未來通過在小費、移動訂購和個性化等領域添加功能和交互性來繼續挑戰極限。

And I can assure you, the best is yet to come in terms of the innovation that we're going to bring to marketplace that creates separation not only between us and other people in our space, but us and every other consumer and retail business.

我可以向你保證，就我們將帶給市場的創新而言，最好的還在後頭，這些創新不僅在我們和我們這個領域的其他人之間，而且在我們和所有其他消費者和零售企業之間造成分離。

While I've touched on the enormity of the global expansion opportunity for Starbucks that lies ahead, I'd like to take a few moments to update you on a few of our recent global initiatives.

雖然我已經談到了星巴克未來全球擴張機會的巨大機遇，但我想花點時間向您介紹我們最近的一些全球舉措。

Two weeks ago I was in India to participate in the extraordinary opening of our flagship store in the bustling Horniman Circle area of Mumbai.

兩週前，我在印度參加了我們在孟買繁華的 Horniman Circle 地區的旗艦店的特別開業典禮。

Our Horniman Circle store, without question the most elegant Starbucks store we have created anywhere in the world, is a stunning two-level experience that celebrates sensitivity and respect for the beautiful tapestry of India's culture.

我們的 Horniman Circle 店，毫無疑問是我們在世界任何地方創建的最優雅的星巴克店，是一種令人驚嘆的兩層體驗，慶祝敏感和尊重印度文化的美麗掛毯。

While at the same time embracing Starbucks' unique coffee heritage.

同時擁抱星巴克獨特的咖啡傳統。

In the days following the opening of the Horniman Circle store, we opened our second and third store in Mumbai.

在 Horniman Circle 店開業後的幾天裡，我們在孟買開設了第二家和第三家店。

All three stores are exceeding our loftiest expectations.

這三家商店都超出了我們最崇高的期望。

I could not be more proud to enter the India market with the Tata Group, a global organization that shares many of the same values that Starbucks was founded on over 40 years ago.

能夠與塔塔集團一起進入印度市場，我感到無比自豪，塔塔集團是一家全球性組織，與 40 多年前星巴克的成立具有許多相同的價值觀。

Starbucks' opportunity in India is tremendous.

星巴克在印度的機會是巨大的。

And I am confident that India will evolve into one of Starbucks' five largest markets over time.

而且我相信隨著時間的推移，印度將發展成為星巴克的五個最大市場之一。

We also continue to deepen our connection to consumers in China, where recently alongside Apple and Nike, Starbucks was named one of China's top ten foreign brands.

我們還繼續加深與中國消費者的聯繫，最近星巴克與蘋果和耐克一起被評為中國十大外國品牌之一。

And just last week, Starbucks received Best Employer in China recognition.

就在上週，星巴克獲得了中國最佳雇主的認可。

These acknowledgements are testament to the dedication of our 15,000 Starbucks partners in China, who deliver the Starbucks experience to the millions of customers visiting our 700 stores in mainland China each week.

這些認可證明了我們在中國的 15,000 名星巴克合作夥伴的奉獻精神，他們為每週造訪我們中國大陸 700 家門店的數百萬顧客提供星巴克體驗。

Now, despite recent economic reports pointing to a slowdown in China, it remains for us one of the largest and fastest-growing economies in the world, with the rapidly increasing spending power of a fast-growing middle class.

現在，儘管最近的經濟報告表明中國經濟放緩，但對我們來說它仍然是世界上最大和增長最快的經濟體之一，擁有快速增長的中產階級的快速增長的消費能力。

And a market that continues to represent a major, significant future retail growth opportunity for us.

一個繼續代表我們未來重要零售增長機會的市場。

And Starbucks' business remains extremely strong in China, as evidenced by a 52% year-over-year increase in sales and double-digit comps in China.

星巴克在中國的業務仍然非常強勁，中國的銷售額同比增長 52%，收入達到兩位數。

We're building the China market deliberately and in a brand-accretive way by making significant investments in our people, our systems, and our operations.

我們通過對我們的人員、我們的系統和我們的運營進行大量投資，以品牌增值的方式有意識地建立中國市場。

And the connection our partners are building with our customers in China gives me great confidence that we can ultimately bring the Starbucks experience to tens of millions of consumers through thousands of stores across the mainland.

我們的合作夥伴與中國客戶建立的聯繫讓我充滿信心，我們最終可以通過遍布大陸的數千家門店將星巴克體驗帶給數千萬消費者。

In that regard, I am pleased to report that we are on track to reach our near-term goal of having 1,500 stores in China by 2015, and that China will soon be our largest market outside of the US.

在這方面，我很高興地向大家報告，我們有望實現到 2015 年在中國擁有 1,500 家門店的近期目標，而且中國將很快成為我們在美國以外最大的市場。

Our journey across the China and Asia Pacific regions continues as we look forward to opening our first store in Vietnam in early 2013.

隨著我們期待在 2013 年初在越南開設第一家門店，我們在中國和亞太地區的旅程仍在繼續。

Finally, I recently attended the 10th anniversary celebration of Starbucks' entry into Mexico, meeting with inspiring partners and taking part of the opening of the market's first lead store.

最後，我最近參加了星巴克進入墨西哥十週年慶典，與鼓舞人心的合作夥伴會面，並參與了該市場第一家旗艦店的開業。

With 350 stores in Mexico, it is Starbucks' third largest market within the Americas region.

墨西哥擁有 350 家門店，是星巴克在美洲地區的第三大市場。

Mexico is also our fastest-growing market in Latin America.

墨西哥也是我們在拉丁美洲增長最快的市場。

Together with our JV partner Alsea, we plan to open 150 net new stores in Mexico over the next three years.

與我們的合資夥伴 Alsea 一起，我們計劃在未來三年內在墨西哥開設 150 家淨新店。

Before I introduce Michelle Gass, President of Starbucks EMEA to share some of the developments -- and I'm happy to say progress -- we are making in Europe and in the UK, I want to tell you about the most important investment we will make all year.

在我介紹星巴克 EMEA 總裁 Michelle Gass 分享一些發展之前——我很高興地說我們在歐洲和英國取得的進展，我想告訴你我們將進行的最重要的投資整年。

An investment in our people.

對我們員工的投資。

Last month, 10,000 Starbucks partners gathered in Houston, Texas, for our leadership conference.

上個月，10,000 名星巴克合作夥伴齊聚德克薩斯州休斯頓，參加我們的領導力會議。

Just as with our transformational conference we held in New Orleans in 2008, Houston provided an extraordinary and inspiring three-day opportunity for us to connect our leaders to the heart of our Company, enhance and refine their coffee expertise, inspire leadership skills, and perfect the art of exceeding customer expectations.

正如我們 2008 年在新奧爾良舉行的轉型會議一樣，休斯頓為我們提供了一個非凡而鼓舞人心的三天機會，讓我們的領導與公司的核心聯繫起來，增強和完善他們的咖啡專業知識，激發領導技能，並完善超越客戶期望的藝術。

The power and impact of the three days we spent together in Houston will reverberate throughout Starbucks this year and beyond.

我們在休斯敦一起度過的三天的力量和影響將在今年及以後在整個星巴克產生反響。

And enable us to take our record-breaking fourth quarter and 2012 performance to a completely new level in the future.

並使我們能夠在未來將我們破紀錄的第四季度和 2012 年業績提升到一個全新的水平。

It is now my pleasure to turn the call over to Michelle Gass.

現在我很高興將電話轉給 Michelle Gass。

Thank you, Howard, and good afternoon, everyone.

謝謝你，霍華德，大家下午好。

I'm delighted to be with you on the call today to update you on our EMEA business and the progress over the last year as our three-region operating model has taken hold.

我很高興今天能與您一起參加電話會議，向您介紹我們的 EMEA 業務以及過去一年我們的三區域運營模式取得的進展。

And as the EMEA leadership team and I have embarked on our transformation strategy, or as we call it, our renaissance plan.

作為 EMEA 領導團隊，我和我已經著手實施我們的轉型戰略，或者我們稱之為複興計劃。

The region today operates across 36 countries in nearly 1,900 stores.

如今，該地區在 36 個國家/地區擁有近 1,900 家商店。

Over the last year, we've opened 111 net new stores, including 10 Company-owned and 101 licensed.

去年，我們淨開了 111 家新店，其中包括 10 家公司自有店和 101 家特許店。

We've grown our geographic reach, most notably with our recently announced partnership in Scandinavia with Umoe Group.

我們擴大了地理範圍，最顯著的是我們最近宣布與 Umoe Group 在斯堪的納維亞半島建立合作夥伴關係。

We will open our first stores in the early part of 2013 in both Oslo and Stockholm with this terrific new partner.

我們將於 2013 年初與這個了不起的新合作夥伴一起在奧斯陸和斯德哥爾摩開設我們的第一家商店。

As you know, the EMEA region historically operates at significant lower margins than the Americas and China/Asia Pacific regions.

如您所知，歐洲、中東和非洲地區的運營利潤率歷來明顯低於美洲和中國/亞太地區。

There are several reasons for this.

有幾個原因。

In our Company-owned markets of UK, Germany, France, Switzerland and Austria, our portfolio is dominated by high-street shopping areas with occupancy costs 2 to 2.5 times that of the average occupancy cost in the US as a percent of sales.

在我們公司擁有的英國、德國、法國、瑞士和奧地利市場，我們的投資組合以商業街購物區為主，其占用成本佔銷售額的百分比是美國平均佔用成本的 2 到 2.5 倍。

This portfolio is also not as broad as in other Starbucks regions, where highly productive drive-throughs, small footprint stores, and a strong presence of captive audience-licensed stores also diversify the retail footprint.

該組合也不像其他星巴克地區那樣廣泛，在其他地區，高效的免下車服務、佔地面積小的商店以及大量的專屬觀眾許可商店也使零售足跡多樣化。

All of these factors, coupled with the fragile state of the European economy and one of the fiercest competitive environments in the world, make for a robust, exciting challenge.

所有這些因素，再加上歐洲經濟的脆弱狀態和世界上最激烈的競爭環境之一，構成了一個強大而令人興奮的挑戰。

But on a positive note, the issues are largely within our control.

但從積極的方面來看，這些問題在很大程度上在我們的控制範圍內。

And we are taking action.

我們正在採取行動。

In the last year, we have focused on driving results against three key strategies, which are laying the foundation for a long-term profitable growth.

去年，我們專注於根據三項關鍵戰略推動業績，這些戰略為長期盈利增長奠定了基礎。

First, increasing the Starbucks brand presence, health, and relevancy across the region.

首先，提高星巴克品牌在該地區的影響力、健康度和相關性。

Second, unlocking the profitability of the existing base through focusing on top-line growth and on operating costs.

其次，通過關注收入增長和運營成本來釋放現有基地的盈利能力。

And third, positioning the region for growth primarily through licensing opportunities.

第三，主要通過許可機會為該地區的增長定位。

I have great confidence that the region will achieve meaningful revenue and profit-growth over the next five years and will deliver against our goal of mid-teens margin over time.

我非常有信心，該地區將在未來五年內實現可觀的收入和利潤增長，並隨著時間的推移實現我們的 15% 利潤率目標。

Let me recap how we performed in the fourth quarter and later I will add some color to the actions we are taking and the progress we are seeing.

讓我回顧一下我們在第四季度的表現，稍後我會為我們正在採取的行動和我們看到的進展添加一些色彩。

In Q4 revenues declined 2% versus the prior year, driven by unfavorable currency exchange, but partially offset by 29% growth in revenue from licensed stores.

受不利匯率影響，第四季度收入較上年同期下降 2%，但部分被特許商店收入增長 29% 所抵消。

Same-store sales were down 1% for the quarter, driven largely by continued softness in Germany.

本季度同店銷售額下降 1%，主要受德國持續疲軟的推動。

And even though the UK market delivered a slightly positive same-store increase for both the quarter and the year, this was damped by continued weakness in consumer confidence and disappointing traffic levels experienced by most high-street retailers throughout the London Olympics.

儘管英國市場在本季度和本年度均實現了略微積極的同店增長，但由於消費者信心持續疲軟以及倫敦奧運會期間大多數商業街零售商所經歷的令人失望的客流量水平，這一增長受到了抑制。

Beyond our Company-owned operations, our JV-licensed business has shown continued strength, with the Middle East, Turkey and Russia driving strong comp growth during the quarter and throughout the balance of FY '12.

除了我們公司擁有的業務之外，我們的合資許可業務也顯示出持續的實力，中東、土耳其和俄羅斯在本季度和整個 12 財年的剩餘時間內推動了強勁的業務增長。

The more encouraging news for the quarter and for the year is the progress on operating income.

本季度和全年更令人鼓舞的消息是營業收入的進展。

While EMEA has had an operating loss of $6.5 million and negative operating margin of 2.3% for the quarter, it included $11.5 million of charges related to the optimization of our store portfolio and $9.2 million of asset impairments for underperforming stores in the UK, Germany and France.

雖然歐洲、中東和非洲地區本季度的營業虧損為 650 萬美元，營業利潤率為 2.3%，但其中包括 1150 萬美元與優化門店組合相關的費用，以及 920 萬美元的英國、德國和英國表現不佳門店的資產減值。法國。

Excluding these charges, operating margin improved over the same period last year, as well as the second and third quarters of this year.

排除這些費用，營業利潤率比去年同期以及今年第二和第三季度有所提高。

We achieved this improvement through the efforts we have made on labor management, G&A, weight, and a broad emphasis on cost-control across all aspects of the business.

我們通過在勞動力管理、G&A、重量以及對業務各個方面的成本控制的廣泛強調方面所做的努力實現了這一改進。

The European portfolio optimization work involves a number of actions, each focused on improving profitability and strengthening our P&L.

歐洲投資組合優化工作涉及多項行動，每項行動都側重於提高盈利能力和加強我們的損益。

The adaption included a thorough review of the UK store portfolio, which resulted in negotiated lease termination charges, as well as the transfer of airport stores in the UK to one of our existing channel licensing partners as a fee.

調整包括對英國商店組合的徹底審查，這導致協商終止租賃費用，以及將英國機場商店作為費用轉讓給我們現有的渠道許可合作夥伴之一。

As a result, operating margin contracted by 410 basis points.

結果，營業利潤率下降了 410 個基點。

As I mentioned, we realized $9.2 million of asset impairment for underperforming stores in the UK, Germany and France.

正如我所提到的，我們為英國、德國和法國表現不佳的商店實現了 920 萬美元的資產減值。

These expenses are a part of our normal quarterly review of underperforming stores, and are not included in the portfolio optimization charges.

這些費用是我們對錶現不佳的商店進行正常季度審查的一部分，不包括在投資組合優化費用中。

They reported in-store operating expenses in our EMEA P&L and equate to a negative 320 basis points of margin impact in Q4.

他們在我們的 EMEA 損益表中報告了店內運營費用，相當於第四季度利潤率下降 320 個基點。

In the fourth quarter we also transferred ownership of 17 stores in Ireland to an existing licensed partner, Entertainment Enterprises.

在第四季度，我們還將愛爾蘭 17 家商店的所有權轉讓給了現有的授權合作夥伴 Entertainment Enterprises。

Ireland has always been a small market for us, and it made more sense to leverage a partner with the local knowledge and capability in that country to drive profitability and growth.

愛爾蘭對我們來說一直是一個小市場，利用具有該國當地知識和能力的合作夥伴來推動盈利和增長更有意義。

This results in a $4.9 million charge, which shows up in the Other Income line of the consolidated P&L outside of EMEA results.

這導致了 490 萬美元的費用，該費用顯示在 EMEA 結果之外的合併損益表的其他收入行中。

Looking forward, there may be additional charges in the coming quarters, that would likely to be much lesser expense into Q4, as we have a handful of leases in which we are in the process of negotiating lease terminations.

展望未來，未來幾個季度可能會有額外費用，這可能會比第四季度的費用少得多，因為我們有少數租約正在談判終止租約。

We know this is the right course of action to take and will leave us with a healthier, stronger portfolio upon which to build.

我們知道這是正確的行動方針，將使我們擁有更健康、更強大的投資組合，以此為基礎。

As I mentioned earlier, our blueprint for change, the EMEA Renaissance Plan, has incorporated many lessons from the successful US transformation of 2008 and 2009 that I had the privilege to be part of, while applying the lens of unique business and consumer challenges of Europe.

正如我之前提到的，我們的變革藍圖，即 EMEA 復興計劃，吸取了 2008 年和 2009 年美國成功轉型的許多經驗教訓，我有幸參與其中，同時運用歐洲獨特的商業和消費者挑戰的視角.

We are leading the organization to deliver our goals -- foreign relevancy, margin expansion, and unlocking the region's growth potential through a disciplined set of actions addressing coffee expertise, our people, driving frequency and loyalty, and boldly telling our story.

我們正在帶領組織實現我們的目標——通過一系列有紀律的行動解決咖啡專業知識、我們的員工、推動頻率和忠誠度，並大膽地講述我們的故事，從而實現我們的目標——海外相關性、利潤擴張和釋放該地區的增長潛力。

I will share briefly with you some of the actions of the past 12 months, my first year leading the regional team.

我將與大家簡要分享過去 12 個月的一些行動，這是我領導區域團隊的第一年。

Coffee and people is at the core of our business, and our brand has made central long-term focus of this plan.

咖啡和人是我們業務的核心，我們的品牌已成為該計劃的長期重點。

Given how critical the role espresso plays in the lives of European consumers, we must deliver the best latte on the high-street.

鑑於意式濃縮咖啡在歐洲消費者的生活中扮演著多麼重要的角色，我們必須在大街上提供最好的拿鐵咖啡。

In the last year, we retrained all of our baristas, we introduced [full mart], and made changes locally to respond to the needs of our customers.

去年，我們對所有咖啡師進行了再培訓，引入了[full mart]，並在當地做出改變以響應客戶的需求。

Including changing the standard of our most popular drink in the UK, the tall latte to double the espresso.

包括改變我們在英國最受歡迎的飲料的標準，將中盃拿鐵咖啡加倍濃縮咖啡。

Response has been positive, and we view this as a long-term investment to winning in the UK markets.

反應是積極的，我們將此視為贏得英國市場的長期投資。

Equally, we have placed a significant focus on inspiring our people across the region, and on shoring up the strength of the Starbucks mission and culture.

同樣，我們非常重視激勵整個地區的員工，並加強星巴克使命和文化的力量。

I have personally traveled now to more than two-thirds of the countries we operate in, conducting round-tables and open forums with our customers and our people, helping to shape our plans ahead.

我現在已經親自前往超過三分之二的國家開展業務，與我們的客戶和員工舉行圓桌會議和公開論壇，幫助制定我們未來的計劃。

Driving our espresso focus through innovation, local relevancy and marketing will be the primary emphasis of the year ahead.

通過創新、當地相關性和營銷來推動我們對濃縮咖啡的關注將是未來一年的主要重點。

We have also applied great focus to enhancing the customer relationship and building loyalty and frequency.

我們還非常注重加強客戶關係以及建立忠誠度和頻率。

The biggest move we made this year was introducing customers' names on cups, and putting Starbucks-style chalk name badges on our partners, enabling greater customer connection.

我們今年最大的舉措是在杯子上印上顧客的名字，並在我們的合作夥伴身上貼上星巴克風格的粉筆姓名徽章，從而加強與顧客的聯繫。

We are also placing a great deal of emphasis on the customer environment, marrying the latest designs [equal to] Starbucks with a local edge.

我們還非常重視客戶環境，將最新設計 [等同於] 星巴克與本地優勢相結合。

We renovated nearly 100 stores across the UK in time for the Olympics.

為了迎接奧運會，我們在英國翻新了近 100 家商店。

We opened a now globally acclaimed store in Amsterdam, two beautiful new stores in Madrid and Barcelona, and are preparing an unbelievable flagship store in Kuwait, with many more on the way.

我們在阿姆斯特丹開設了一家享譽全球的商店，在馬德里和巴塞羅那開設了兩家漂亮的新店，並正在準備在科威特開設一家令人難以置信的旗艦店，還有更多的旗艦店正在籌備中。

We are also addressing value in relevant ways.

我們也在以相關方式解決價值問題。

We launched Starbucks Card and My Starbucks Rewards across most of our Company-owned markets and some of our JV and licensed operations.

我們在公司擁有的大部分市場以及我們的一些合資和許可業務中推出了星巴克卡和我的星巴克獎勵。

We are implementing value offers in markets across the region.

我們正在該地區的市場上實施超值優惠。

And we are dramatically increasing our presence in social media and connect with our customers through these important channels.

我們正在大幅增加我們在社交媒體上的影響力，並通過這些重要渠道與我們的客戶建立聯繫。

As I close out, I would be remiss not to acknowledge the recent media coverage surrounding our tax practices in the UK and across EMEA.

在我結束時，如果不承認最近媒體對我們在英國和歐洲、中東和非洲地區的稅收做法的報導，我會失職。

For 14 years Starbucks has been honored to serve our millions of customers across the region.

14 年來，星巴克一直很榮幸為我們在該地區的數百萬客戶提供服務。

We have never avoided paying taxes and in fact, adhere rigorously to the local and county rules and tax laws everywhere we do business.

我們從不逃避納稅，事實上，我們在開展業務的任何地方都嚴格遵守當地和縣的法規和稅法。

And we have demonstrated our continued willingness to be open and transparent about our operations and their impact on taxable income.

我們已經表明，我們繼續願意對我們的運營及其對應稅收入的影響保持公開和透明。

We look forward to continuing to clarify our position about our European tax position in the days and weeks to come.

我們期待在未來幾天和幾週內繼續澄清我們對歐洲稅收狀況的立場。

And I'm so proud of our partners and how they have responded to customers and worked with one another throughout this period.

我為我們的合作夥伴感到驕傲，以及他們在這段時間裡如何回應客戶並相互合作。

They allowed us to get close to the needs and the voice of our customers, and helped to ensure that this is simply a point in time along the way that won't affect our momentum nor our progress towards the objectives within the Renaissance Plan.

他們讓我們能夠接近客戶的需求和聲音，並幫助確保這只是一個時間點，不會影響我們的勢頭，也不會影響我們實現復興計劃目標的進展。

The work our partners are doing throughout the region, the passion they are bringing, the love they have for their customers and Starbucks brand, is at the core of the progress we are making.

我們的合作夥伴在整個地區所做的工作、他們帶來的熱情、他們對顧客和星巴克品牌的熱愛，是我們取得進步的核心。

I have great confidence that, like the US transformation, we are positioning this region for profitable long-term growth.

我非常有信心，就像美國的轉型一樣，我們正在為這個地區定位，以實現有利可圖的長期增長。

Thank you.

謝謝你。

Now let me turn the call over to Troy.

現在讓我把電話轉給特洛伊。

Thanks, Michelle, and good afternoon, everyone.

謝謝，米歇爾，大家下午好。

As you heard from Howard and Michelle, we could not be more pleased with the trajectory of our business and the strong results we continue to deliver.

正如您從霍華德和米歇爾那裡聽到的那樣，我們對我們的業務軌跡和我們繼續取得的強勁成果感到非常滿意。

2012 was a record year for Starbucks, producing new highs in revenues, earnings, operating margin and return on capital.

2012 年是星巴克創紀錄的一年，在收入、收益、營業利潤率和資本回報率方面創下新高。

The Company is stronger financially today than at any time in our history.

公司今天的財務狀況比我們歷史上的任何時候都要好。

We have a healthier pipeline of profitable growth opportunities in front of us now than ever before.

現在，我們面前的盈利增長機會比以往任何時候都更加健康。

And we're deeper in terms of talent and capability to pursue those opportunities than we've ever been.

我們在追求這些機會方面的才能和能力比以往任何時候都更深。

I will review the fourth quarter performance of our three other segments, and the consolidated results for the quarter and the year.

我將回顧我們其他三個部門的第四季度業績，以及本季度和本年度的綜合業績。

Then I will update you on guidance for what we anticipate will be another strong year in fiscal 2013.

然後，我將向您介紹我們預計 2013 財年又一個強勁表現的指引。

In the Americas, the fourth quarter was an impressive demonstration of the capability of that team and of their focus and adaptability.

在美洲，第四季度令人印象深刻地展示了該團隊的能力以及他們的專注力和適應性。

Revenues grew 9% through the quarter, to $2.5 billion, with 7% comparable store sales growth.

本季度收入增長 9%，達到 25 億美元，可比店面銷售額增長 7%。

Especially noteworthy about this result is that it came on top of 10% comp growth last Q4, which was the best quarter we've had in more than five years.

這一結果尤其值得注意的是，它是在去年第四季度 10% 的收入增長之上取得的，這是我們五年多來最好的一個季度。

As we discussed on our last call, June and July were soft months in the US.

正如我們在上次電話會議上討論的那樣，6 月和 7 月是美國的疲軟月份。

Cliff Burrows and his team took action throughout the US stores to turn the direction of our transaction growth.

Cliff Burrows 和他的團隊在整個美國商店採取行動，以扭轉我們的交易增長方向。

Our store partners continued to provide outstanding experiences to our customers every day, we reintroduced [tree-reseed] in August and the annual fall favorite, Pumpkin Spice, in September.

我們的商店合作夥伴每天繼續為我們的客戶提供出色的體驗，我們在 8 月重新推出了 [tree-reseed]，並在 9 月重新推出了年度秋季最受歡迎的 Pumpkin Spice。

We provided customers value through the Living Social offer.

我們通過 Living Social 產品為客戶提供價值。

And we provided customers another reason to visit their Starbucks store with the launch of Refreshers.

通過推出 Refreshers，我們為顧客提供了另一個光顧星巴克門店的理由。

The result of this strong recovery of US comp growth in the quarter was 7%, with five percentage points of transaction growth.

本季度美國 comp 增長強勁復甦的結果是 7%，交易增長了 5 個百分點。

America's operating income for the fourth quarter grew to $536 million, nearly 21% above last Q4.

美國第四季度的營業收入增長至 5.36 億美元，比上一季度增長近 21%。

Strong sales and a high level of operating efficiency again provided increased leverage, as we expanded operating margin by an outstanding 210 basis points to 21.4%.

強勁的銷售和高水平的運營效率再次提供了更高的槓桿作用，因為我們將營業利潤率顯著提高了 210 個基點，達到 21.4%。

Store operating expenses as a percentage of related revenues dropped 70 basis points to 37.4%.

商店運營費用佔相關收入的百分比下降 70 個基點至 37.4%。

Our experienced team of store managers adjusted labor schedules for the volatility we saw in the early summer periods, which led to the right levels of store partners at the right time to deliver an outstanding Starbucks experience.

我們經驗豐富的門店經理團隊針對我們在初夏期間看到的波動調整了勞動力安排，從而在正確的時間安排了合適級別的門店合作夥伴，以提供出色的星巴克體驗。

Cost of sales and occupancy as a percent of revenues dropped 90 basis points over last Q4, due in part to increased sales leverage on our large-expense occupancy costs.

銷售成本和入住成本佔收入的百分比比去年第四季度下降了 90 個基點，部分原因是我們的大筆費用入住成本的銷售槓桿增加。

Now, looking in the China and Asia/Pacific region.

現在，看看中國和亞太地區。

Significant revenue growth continues to drive tight margin returns.

顯著的收入增長繼續推動微薄的利潤率回報。

Revenues of $198 million were 23% higher than last Q4, boosted by incremental revenues from the new stores that opened in fiscal 2012, along with comparable store sales growth of 10%.

收入為 1.98 億美元，比上一季度增長 23%，這得益於 2012 財年新開門店的增量收入以及 10% 的可比門店銷售額增長。

The 10% comp growth was broad-based, as our forward Company-operated markets, China, Thailand, Singapore and Australia, all posted healthy increases.

10% 的收入增長基礎廣泛，因為我們的遠期公司運營市場中國、泰國、新加坡和澳大利亞都實現了健康增長。

This marked the 11th consecutive quarter of double-digit comp growth in CAP.

這標誌著 CAP 連續第 11 個季度實現兩位數的收入增長。

And while some [unlower] in the growth rate to the past several quarters, we've been expecting that the extremely high comp growth rate of recent quarters would moderate over time.

雖然過去幾個季度的增長率有所下降，但我們一直預計最近幾個季度極高的複合增長率會隨著時間的推移而放緩。

However, even with this expected slight moderation in comp growth, our business model in China remains outstanding, and our growth acceleration plans are on track.

然而，即使預計收入增長略有放緩，我們在中國的商業模式依然出色，我們的增長加速計劃正在按計劃進行。

In addition to the strength of comp growth in the region, new store performance remains strong.

除了該地區的強勁增長外，新店業績依然強勁。

The CAP team opened 132 net new stores in Q4, the most ever in a single quarter for this region.

CAP 團隊在第四季度淨開設了 132 家新店，這是該地區有史以來單季度最多的。

Many of these were in China, where we ended the year at 700 total stores.

其中很多都在中國，我們在中國的門店總數達到了 700 家。

But the absolute number of new stores is not our primary focus in CAP.

但新店的絕對數量並不是我們在 CAP 中的主要關注點。

We remain acutely focused on and encouraged by the performance of those new stores.

我們仍然非常關注這些新店的表現並受到鼓舞。

Stores opened in both fiscal '11 and fiscal '12 are delivering first-year sales of approximately three times their investment.

11 財年和 12 財年開設的商店第一年的銷售額約為其投資的三倍。

That is significantly above our targeted sales-to-investment ratio, and speaks both to the high quality of real estate our teams are securing, as well as the premium store experience we are designing and building.

這大大高於我們的目標銷售與投資比率，這既說明了我們團隊正在確保的高質量房地產，也說明了我們正在設計和建造的優質商店體驗。

A higher pace of growth means up-front investments to support it.

更快的增長速度意味著需要前期投資來支持它。

This includes initial rent as we prepare the stores for business, hire labor for the stores' first 8 to 10 weeks to set operational standards and understand the cadence of transactions, and other growth-related expenses.

這包括我們為商店營業做準備時的初始租金，在商店的前 8 到 10 週內僱用勞動力以設定運營標準和了解交易節奏，以及其他與增長相關的費用。

These expenses were the largest contributor to the 340 basis-point reduction in CAP operating margin in Q4, to 32.9%.

這些費用是導致第 4 季度 CAP 營業利潤率下降 340 個基點至 32.9% 的最大因素。

A shift on our store portfolio composition was another contributor to the margin decline.

我們商店組合構成的轉變是利潤率下降的另一個原因。

As we have discussed in the past, we expect that as we continue our very profitable and rapid growth in China, we will shift the mix of stores in the region from predominantly licensed today to somewhat less licensed in the future.

正如我們過去所討論的那樣，我們預計，隨著我們繼續在中國實現高利潤和快速增長，我們將把該地區的商店組合從今天以特許經營為主轉變為未來在一定程度上減少特許經營。

That business may shift will have the impact of moderately reducing CAP segment margins over time.

隨著時間的推移，該業務可能會發生轉變，從而適度降低 CAP 部門的利潤率。

And the shift did impact margins in the fourth quarter.

這一轉變確實影響了第四季度的利潤率。

In Channel Development, we completed a very active year and a strong fourth quarter.

在渠道開發方面，我們完成了非常活躍的一年和強勁的第四季度。

Revenues of $319 million grew by $76 million over last Q4.

收入為 3.19 億美元，比上一季度增長了 7600 萬美元。

This increase of 32% was driven largely by sales of Starbucks and Tazo K-Cups, which have gained nearly a full point of market share in food, drug and mass channeling since June.

這一 32% 的增長主要是由星巴克和 Tazo K-Cups 的銷售推動的，自 6 月以來，它們在食品、藥品和大眾渠道方面幾乎佔據了全部市場份額。

Channel Development achieved a significant milestone in Q4, as quarterly operating income exceeded $100 million for the first time ever.

Channel Development 在第四季度實現了一個重要的里程碑，季度營業收入有史以來首次超過 1 億美元。

This represents an increase of 26% over last year's fourth quarter.

這比去年第四季度增長了 26%。

Operating margin of 31.6% declined 160 basis points from last Q4.

營業利潤率為 31.6%，較上一季度下降 160 個基點。

A shift in product mix, as K-Cups grew their share of Channel Development revenue in the quarter, combined with higher commodity costs, totaled nearly 500 basis points of margin contractions.

隨著 K-Cups 在本季度渠道開發收入中所佔份額的增加以及商品成本的上升，產品組合發生了變化，導致利潤率收縮近 500 個基點。

Partially offsetting that margin pressure was a shift in timing of marketing expense and increased sales leverage.

營銷費用時間的轉變和銷售槓桿的增加部分抵消了利潤壓力。

Now I will review our consolidated results for the quarter.

現在我將回顧我們本季度的綜合業績。

It was clearly the best fourth quarter Starbucks has ever delivered, especially given the persistent macroeconomic uncertainty and the softness in June and July.

這顯然是星巴克有史以來表現最好的第四季度，尤其是考慮到持續的宏觀經濟不確定性以及 6 月和 7 月的疲軟。

Consolidated fourth quarter revenues grew 11% to a record $3.4 billion.

第四季度合併收入增長 11%，達到創紀錄的 34 億美元。

That increase was driven by a 6% global comparable store sales growth, the 32% Channel Development growth I just discussed, contributions from stores opened over the past 12 months, and continued strong performance from our global licensed operations.

這一增長是由 6% 的全球可比商店銷售額增長、我剛才討論的 32% 的渠道開發增長、過去 12 個月開設的商店的貢獻以及我們全球特許經營業務的持續強勁表現推動的。

Our 6% global comp growth was driven by the strong results in the Americas, and China Asia/Pacific regions.

我們 6% 的全球收入增長是由美洲和中國亞太地區的強勁業績推動的。

Five percentage points of the growth came from transactions, with one percentage point from average ticket.

5 個百分點的增長來自交易，1 個百分點來自平均票價。

Two-year comp growth of 15% in the quarter represents acceleration from both the second and third quarters.

本季度 15% 的兩年期薪酬增長率代表了第二季度和第三季度的加速增長。

Consolidated operating income grew 16% to $520 million in the fourth quarter.

第四季度綜合營業收入增長 16% 至 5.2 億美元。

Operating margin grew 60 basis points to 15.4%, driven primarily by increased sales leverage.

營業利潤率增長 60 個基點至 15.4%，這主要是受銷售槓桿增加的推動。

Commodity costs did not have a material impact on consolidated operating margin in the fourth quarter.

商品成本對第四季度的綜合營業利潤率沒有產生重大影響。

Earnings per share of $0.46 grew 24% when excluding the non routine gains in last Q4.

剔除上一季度的非常規收益後，每股收益為 0.46 美元，增長 24%。

As a reminder, those non routine gains resulted from the acquisition of the remaining equity in our Switzerland and Austria markets, and the sale of corporate real estate here in Seattle.

提醒一下，這些非常規收益來自收購我們在瑞士和奧地利市場的剩餘股權，以及出售西雅圖的公司房地產。

The $0.46 EPS of this Q4 includes the two [cennial packs] of two items, the $11.5 million store portfolio optimization in the EMEA P&L, and the $4.9 million related to the licensing of Ireland that hit our consolidated P&L's.

本季度 0.46 美元的每股收益包括兩個 [百年包] 的兩個項目，EMEA P&L 中 1150 萬美元的商店組合優化，以及與愛爾蘭許可相關的 490 萬美元，這影響了我們的合併 P&L。

The store closures and ownership changes are a key element towards strengthening the EMEA business and represent an important step in achieving our longer-term goals in that region.

門店關閉和所有權變更是加強 EMEA 業務的關鍵因素，代表著我們在該地區實現長期目標的重要一步。

For the full fiscal year of 2012, the results were equally strong.

對於整個 2012 財年，結果同樣強勁。

Total net revenues grew 14% to a record $13.3 billion, with 7% global comp growth and 50% growth in Channel Development.

總淨收入增長 14%，達到創紀錄的 133 億美元，全球收入增長 7%，渠道開發增長 50%。

The 7% comps were driven by a 6% increase in transactions.

7% 的補償是由交易量增加 6% 推動的。

As we continue to seek new customers in our stores, we're also serving the same customers more frequently.

隨著我們繼續在我們的商店中尋找新客戶，我們也更頻繁地為相同的客戶提供服務。

In fact, we are proud to deliver such meaningful growth without relying on significant price increases, as by and large we absorb the spike in coffee costs this year through disciplined cost management and a relentless focus on providing experiences in our stores that encourage frequent customers visits.

事實上，我們很自豪能夠在不依賴大幅提價的情況下實現如此有意義的增長，因為總的來說，我們通過嚴格的成本管理和不懈地專注於在我們的商店提供鼓勵顧客頻繁光顧的體驗來吸收今年咖啡成本的飆升.

We also set records for both operating income and operating margin at $2 billion and 15.0%, respectively.

我們還分別創下了 20 億美元和 15.0% 的營業收入和營業利潤率記錄。

The operating margin expansion of 50 basis points over 2011 non-GAAP results was accomplished despite a negative 160 basis-point impact, or $214 million, due to higher commodity costs in fiscal '12.

營業利潤率比 2011 年非 GAAP 業績增長了 50 個基點，儘管由於 12 財年的商品成本增加而產生了 160 個基點或 2.14 億美元的負面影響。

Throughout the year, our operating teams did an extraordinary job of improving efficiencies and tightly managing costs.

全年，我們的運營團隊在提高效率和嚴格管理成本方面做得非常出色。

Which drove leverage on our strong sales and offset the impact of historically high coffee costs.

這推動了我們強勁銷售的槓桿作用，並抵消了咖啡成本處於歷史高位的影響。

The result of the revenue growth and margin expansion was record earnings per share, which for the full year reached $1.79.

收入增長和利潤率擴張的結果是創紀錄的每股收益，全年達到 1.79 美元。

That equates to 18% growth over last year's non-GAAP EPS of $1.52 per share, falling squarely within our stated long-term guidance of 15% to 20% annual EPS growth.

這相當於比去年每股收益 1.52 美元的非美國通用會計準則每股收益增長 18%，完全符合我們規定的年度每股收益增長 15% 至 20% 的長期指導。

We opened 1,063 net new stores across the globe in fiscal 2012.

2012 財年，我們在全球淨開了 1,063 家新店。

665 of those were licensed stores, which demonstrate the continued strength of the many valuable licensed partnerships we have around the world.

其中 665 家是特許商店，這表明我們在世界各地擁有的許多有價值的特許合作夥伴關係的持續實力。

And the nearly 400 Company-operated stores we opened in 2012 are exceeding our first-year sales projections, indicating another class of stores that will contribute to long-term, sustainable growth.

我們在 2012 年開設的近 400 家公司經營的商店超過了我們第一年的銷售預測，表明另一類商店將有助於長期、可持續的增長。

The strength of our business results in significant cash generation, allowing us to invest in our existing portfolio stores and in future multi-channel growth opportunities, while also increasing the cash return to shareholders.

我們的業務實力產生了大量現金，使我們能夠投資於現有的投資組合商店和未來的多渠道增長機會，同時也增加了股東的現金回報。

In the fourth quarter, we repurchased approximately 12 million shares of stock.

第四季度，我們回購了大約 1200 萬股股票。

Additionally, today we announced that our Board has approved a 24% increase to our quarterly dividend, from $0.17 per share to $0.21 per share.

此外，今天我們宣布董事會已批准將季度股息提高 24%，從每股 0.17 美元增至每股 0.21 美元。

I will now give you an update to the initial fiscal 2013 outlook that I provided on last quarter's call.

我現在將向您更新我在上一季度的電話會議上提供的 2013 財年初步展望。

We continue to target revenue growth in the range of 10% to 13%, driven by mid single-digit comp growth, approximately 1,300 net new stores, and continued strength in Channel Development.

我們繼續將收入增長目標定在 10% 到 13% 之間，這得益於中等個位數的收入增長、約 1,300 家淨新店以及渠道發展的持續強勁。

The 1,300 net new stores represent an increase over what I provided last quarter, driven by further acceleration in China and Asia/Pacific.

1,300 家淨新店比我上個季度提供的數量有所增加，這是受中國和亞太地區進一步加速發展的推動。

We now expect CAP to open 600 net new stores in fiscal 2013, with roughly 50% of those being licensed.

我們現在預計 CAP 將在 2013 財年淨開設 600 家新店，其中大約 50% 獲得許可。

China will account for slightly more than one-half of the CAP new stores.

中國將佔 CAP 新店的二分之一多一點。

Our Americas estimate of 600 net new stores and our EMEA estimate of 100 net new stores are unchanged.

我們對美洲 600 家淨新店的估計和我們對 EMEA 100 家淨新店的估計保持不變。

Capital expenditures are now expected to be near $1.2 billion in fiscal 2013.

現在預計 2013 財年的資本支出將接近 12 億美元。

This increase reflects the growth in new stores, continued focus on renovations, as well as investment in additional manufacturing capacity.

這一增長反映了新店的增長、對裝修的持續關注以及對額外製造能力的投資。

Full-year consolidated operating margin is now expected to grow by approximately 100 basis points over fiscal 2012 as we continue to drive leverage.

隨著我們繼續提高槓桿率，預計 2012 財年全年綜合營業利潤率將增長約 100 個基點。

I will provide operating segment margin targets at our investor conference in early December.

我將在 12 月初的投資者會議上提供運營部門的利潤率目標。

Given the strength of our global business, the momentum we carry into 2013, and the deep pipeline of profitable growth initiatives, we are raising our fiscal '13 earnings per share target to a range of $2.06 to $2.15.

鑑於我們全球業務的實力、我們進入 2013 年的勢頭以及盈利增長計劃的深入渠道，我們將 13 財年的每股收益目標上調至 2.06 美元至 2.15 美元。

This represents 15% to 20% growth over fiscal 2012.

這比 2012 財年增長了 15% 到 20%。

While we expect each quarter to fall within that 15% to 20% growth range, our first-quarter EPS is expected to come in at the low end of that range.

雖然我們預計每個季度的增長率都在 15% 至 20% 的範圍內，但我們預計第一季度每股收益將處於該範圍的低端。

This is due to investments unique to the first quarter, including our leadership conference, which was held in early October and cost approximately $30 million, and the launch of Verismo.

這是由於第一季度的獨特投資，包括我們於 10 月初舉行的耗資約 3000 萬美元的領導層會議，以及 Verismo 的推出。

We are positioning Verismo for significant impact in the years ahead and are approaching this as a major platform launch, with significant spend in marketing, sampling and store labor.

我們將 Verismo 定位為在未來幾年產生重大影響，並將其作為一個主要平台發布，在營銷、抽樣和商店勞動力方面投入大量資金。

As a result, we expect that Verismo will produce a net loss of approximately $30 million in the first quarter, and a total net loss of $30 million for the full year.

因此，我們預計 Verismo 第一季度淨虧損約 3000 萬美元，全年淨虧損總額為 3000 萬美元。

The launch of Verismo this quarter is just the beginning.

本季度 Verismo 的推出僅僅是個開始。

We will build and expand the Verismo platform in order to pursue the multi-billion dollar global opportunity.

我們將建立和擴展 Verismo 平台，以尋求價值數十億美元的全球機遇。

And finally, we continue to expect a net benefit of approximately $100 million or $0.09 per share in fiscal '13 due to favorable commodity costs, which is included in our targets.

最後，由於有利的商品成本，我們繼續預計 13 財年的淨收益約為 1 億美元或每股 0.09 美元，這已包含在我們的目標中。

We believe that impact will be spread evenly throughout the year at approximately $0.02 to $0.03 per quarter.

我們認為，影響將平均分佈在全年，每季度約為 0.02 至 0.03 美元。

2012 was a phenomenal year for Starbucks by every measure.

從各方面來看，2012 年對星巴克來說都是非凡的一年。

We strengthened our operational muscle with record productivity in the US, and enhanced capabilities around the world.

我們通過在美國創紀錄的生產力增強了我們的運營實力，並增強了全球的能力。

We strengthened our ties to our loyal customers with enhancements that provide significant rewards through our loyalty program.

我們加強了與忠誠客戶的聯繫，通過我們的忠誠度計劃提供顯著獎勵。

We strengthened our global portfolio by opening profitable new stores, by closing unprofitable stores, and by selling smaller markets to local licensees.

我們通過開設有利可圖的新店、關閉無利可圖的商店以及將較小的市場銷售給當地被許可人來加強我們的全球產品組合。

We strengthened our product lineup with significant innovation around refreshment, health and wellness, at-home coffee, and a huge opportunity in food.

我們通過圍繞茶點、健康和保健、家庭咖啡以及食品領域的巨大機會進行重大創新，加強了我們的產品陣容。

We drove strong financial results, reaching records for revenue, earnings, operating margin and return on capital.

我們取得了強勁的財務業績，收入、收益、營業利潤率和資本回報率均創下歷史新高。

And we increased cash returned to shareholders with prudent share repurchases and a growing dividend.

我們通過審慎的股票回購和不斷增長的股息增加了返還給股東的現金。

We are excited to leverage these strengths and momentum in 2013 in ways that greatly reward our customers, our partners and our shareholders.

我們很高興能夠在 2013 年以極大地回報我們的客戶、合作夥伴和股東的方式利用這些優勢和勢頭。

And we are confident in our outlook of continued strong, profitable global growth in the year ahead.

我們對未來一年持續強勁、有利可圖的全球增長前景充滿信心。

With that I would like to turn the call back over to the operator for Q&A.

有了這個，我想把電話轉回給接線員進行問答。

Rachel?

雷切爾？

(Operator Instructions)

（操作員說明）

We'll pause for just a moment to compile the Q&A roster.

我們將暫停片刻來整理問答名單。

John Glass from Morgan Stanley.

摩根士丹利的約翰·格拉斯。

Thanks very much.

非常感謝。

I wanted to just go back to the US and the same-store sales that you reported, what the turning point was.

我只想回到美國和你報告的同店銷售額，轉折點是什麼。

We all assumed you entered the quarter in July maybe comping 5%-ish but you ended at 7%, so it implies there was a fairly dramatic acceleration.

我們都假設您在 7 月進入本季度時可能達到 5% 左右，但您以 7% 結束，因此這意味著出現了相當顯著的加速。

So was that a consistent acceleration to the quarter?

那麼這個季度是否持續加速？

Was there a bigger response say to the Treat Receipt?

對 Treat Receipt 是否有更大的回應？

And just in general, what other elements do you think drove it?

總的來說，您認為還有哪些其他因素推動了它？

Because what you did during the quarter was impressive from a promotional standpoint or from an execution standpoint, but I didn't think any of those stood out in my mind as being events that would drive comp acceleration to this magnitude.

因為從促銷的角度或執行的角度來看，你在本季度所做的事情令人印象深刻，但我認為在我的腦海中，沒有任何一個是將 comp 加速到這種程度的事件。

So maybe any other color around that would be helpful.

所以也許周圍的任何其他顏色都會有所幫助。

Thanks.

謝謝。

Sure, John.

當然，約翰。

Thanks for your question.

謝謝你的問題。

Let me start just briefly and then I will ask Cliff Burrows, the President of our Americas business, to speak more specifically about the actions in the quarter and what the impact of some of those things were.

讓我簡單地開始，然後我將請我們美洲業務總裁克里夫伯羅斯更具體地談談本季度的行動以及其中一些事情的影響。

Yes, you're right.

你是對的。

July, similar to June, and as we discussed at our last earnings call in late July, was a soft month for us.

7 月與 6 月類似，正如我們在 7 月底的上一次財報電話會議上所討論的那樣，對我們來說是一個疲軟的月份。

Soft, still growing in traffic, still total comp growth growing, but softer than we had been trending earlier in the spring.

軟，流量仍在增長，總收入增長仍在增長，但比我們在春季早些時候的趨勢要疲軟。

As we progressed through August and September, we saw very, very significant recovery in our same-store sales and absolutely exited the quarter in a much healthier place than where we entered the quarter.

隨著 8 月和 9 月的進展，我們看到同店銷售額出現非常、非常顯著的複蘇，並且絕對以比進入本季度時更健康的方式退出本季度。

With that I will ask Cliff to speak a little bit more specifically to some of the actions we took.

我將請克里夫更具體地談談我們採取的一些行動。

Thanks, Troy.

謝謝，特洛伊。

Thanks, John.

謝謝，約翰。

It really was an intense focus on the operations of our stores, and our partners did an amazing job just getting about our daily work.

這真的是對我們商店運營的高度關注，我們的合作夥伴在處理我們的日常工作方面做得非常出色。

And that was focusing on the customers we had in front of us.

那就是專注於我們面前的客戶。

Our Treat Receipt was well-received by both our partners, because they're familiar with it, and our customers because it was an old favorite coming back.

我們的 Treat Receipt 受到了我們合作夥伴的歡迎，因為他們對此很熟悉，而我們的客戶也因為它是過去的最愛而受到歡迎。

Between Treat Receipts and Living Social, I would say that accounted about 1% comp growth in the periods where we run it.

在 Treat Receipts 和 Living Social 之間，我想說在我們運行它的期間，它佔了大約 1% 的收入增長。

And we also in this period launched our Refreshers platform, which was in beer, in hand-craft beer and in cans in our stores.

在此期間，我們還推出了我們的 Refreshers 平台，該平台涉及啤酒、手工精釀啤酒和我們商店的罐裝啤酒。

And all of that [gathered emense] and gave us good pace for the future.

所有這些 [聚集了 emense] 並為我們的未來提供了良好的步伐。

So it really was a great focus on the business, and really pleased with the way everybody responded.

所以這真的是對業務的高度關注，並且對每個人的回應方式感到非常滿意。

John, I just had one thing that the public didn't see directly.

約翰，我只有一件事公眾沒有直接看到。

And that is the use of all of the social media channels that we were able to leverage.

這就是我們能夠利用的所有社交媒體渠道的使用。

Starbucks is at any given month the leading brand on Facebook and Twitter.

星巴克在任何給定月份都是 Facebook 和 Twitter 上的領先品牌。

As a result of that, we were able to leverage the level of engagement with a large number of customers, millions of Starbucks fans and customers, and direct them to the store in ways that really reduced traditional marketing spend.

因此，我們能夠利用與大量顧客、數百萬星巴克粉絲和顧客的互動水平，並以真正減少傳統營銷支出的方式將他們引導到商店。

And I think between that and the operations that Cliff talked about, the effectiveness of Treat Receipt and Living Social, we were in a position -- And then towards the end of the quarter, we began to have a great result with Pumpkin Spice Latte, which got off to a fantastic start despite the fact that it's been year-over-year.

我認為，在 Cliff 談到的運營以及 Treat Receipt 和 Living Social 的有效性之間，我們處於一個位置——然後在本季度末，我們開始在 Pumpkin Spice Latte 上取得了不錯的成績，儘管它已經年復一年了，但它還是有了一個美妙的開端。

All those things bode very well for the quarter, and as we said, a stunning turnaround from Q3.

所有這些都預示著本季度的好兆頭，正如我們所說，第三季度出現了驚人的轉變。

Thank you.

謝謝你。

Matthew DiFrisco from Lazard.

來自 Lazard 的 Matthew DiFrisco。

Thank you.

謝謝你。

I just wondered if you can give us a little color on sort of those remodels.

我只是想知道你是否可以給我們一些關於這些改造的顏色。

I think you touched on a little over 2,000.

我想你提到了 2,000 多一點。

What you are seeing as far as volumes afterwards and the key initiatives to those remodels.

就之後的數量以及這些改造的關鍵舉措而言，您所看到的是什麼。

I guess, is it longer-term for setting up for better products and more products to sell?

我想，為更好的產品和更多的產品銷售做準備是長期的嗎？

Or is there also sort of a near-term added benefit with any sort of improvement on throughput during those high-peak times?

或者在那些高峰時段，吞吐量的任何形式的改進是否也有某種近期的額外好處？

Because your traffic number looks extremely strong.

因為你的流量號看起來非常強大。

And I'm curious if that's a reflection in part due to some throughput initiatives.

我很好奇這是否部分反映了一些吞吐量計劃。

Matt, let me start to start to address it, but I'm also going ask Cliff to get into a few more specifics.

馬特，讓我開始著手解決這個問題，但我也會讓克利夫談談更多細節。

We have, as you said, a long list it of major and minor and everything in between remodels over the past year.

正如您所說，我們有一長串主要和次要的清單，以及過去一年改造之間的所有內容。

And as Howard mentioned, I think 2,000 remodels planned and that we expect to be on a pace of a level like that for some time.

正如霍華德所提到的，我認為計劃進行 2,000 次改造，並且我們希望在一段時間內保持這樣的水平。

Now I would point out that of somewhere in the neighborhood of 2,000 remodels, a smaller number, somewhere in the mid-hundreds, are more major, significant kinds of things that might involve a very substantial change or expansion of the store.

現在我要指出的是，在大約 2,000 次改造中的某個地方，較小的數量，大約在數百次左右，是更重要、更重要的事情，可能涉及商店的重大變化或擴張。

Balances that may involve more minor changes that aren't as significant to remodel the stores.

可能涉及更多小變化的平衡，這些變化對於改造商店而言並不重要。

So it's a varying degree of impact both on the store itself and on the results that come out of it.

因此，這對商店本身和由此產生的結果都有不同程度的影響。

Needless to say, and Cliff will go into more specifics, but as we do, particularly those major remodels, on that individual store we see a very, very significant increase in comp growth in that store when we open.

不用說，Cliff 會詳細說明，但正如我們所做的那樣，尤其是那些重大的改造，在我們開張時，我們看到那家商店的 comp 增長非常非常顯著。

The store on Spring Street in Soho is a prime example of that, of the significant remodel and as a result of that, significant return on investment, and an enhanced customer experience.

位於 Soho Spring Street 的商店就是一個很好的例子，它進行了重大改造，並因此獲得了顯著的投資回報和增強的客戶體驗。

I just mention that because it's in New York.

我只是提到那是因為它在紐約。

Matt, hi, it's Cliff.

馬特，嗨，我是克利夫。

The 2,000 you mentioned is obviously a global number, approaching 1,700 in the US last year, and a few fit into that category that Troy said.

你提到的 2,000 顯然是一個全球數字，去年在美國接近 1,700，其中一些屬於 Troy 所說的類別。

And we are focusing on each refurbishment to make sure we treat it like a new store, and equip it to deal with the changing customer base and the changing demand around peak and at different times of the day.

我們專注於每次翻新，以確保我們像對待新店一樣對待它，並使其能夠應對不斷變化的客戶群以及高峰前後和一天中不同時間不斷變化的需求。

We're looking at it to enhance not only the experience, the seating, the flow, and introducing innovation like clover.

我們正在考慮它不僅要增強體驗、座位、流程，還要引入像三葉草這樣的創新。

And each time we innovate, we bring in clover.

每次我們創新時，我們都會引入三葉草。

And that really helps us in many ways.

這確實在很多方面幫助了我們。

Helps to us build the relevance with our customers, build our coffee authority and that intimacy, and just keep raising the conversation around coffee and the level of our execution.

幫助我們建立與客戶的相關性，建立我們的咖啡權威和親密感，並不斷提高圍繞咖啡的對話和我們的執行水平。

And so there isn't a sort of a general number I would give you as the benefit.

因此，我不會給你一個通用的數字作為好處。

Because each one of them is unique and each one of them we try and do the best thing for our partners in terms of the work environment, and our customers in terms of the experience.

因為他們中的每一個都是獨一無二的，我們嘗試為我們的合作夥伴在工作環境方面和我們的客戶在體驗方面做最好的事情。

And we'll do a similar number in the coming year in the US.

明年我們將在美國做類似的事情。

Thank you.

謝謝你。

I just had one follow-up, also.

我也剛剛進行了一次跟進。

I guess you mentioned a little bit about the Evolution Fresh, the 2,200 West Coast stores, a 100% lift in that.

我想你提到了一些關於 Evolution Fresh 的事情，西海岸的 2,200 家商店，100% 的增長。

Was that also -- I'm not familiar, I haven't gone to one of those stores.

那也是——我不熟悉，我沒去過其中一家商店。

Is that similar to how you did the Refreshers as far as -- have you combined that with putting the ready-to-drink product out with also any sort of assortment of hand-crafted drinks with Evolution Fresh yet?

這是否與您製作 Refreshers 的方式相似 - 您是否將其與將即飲產品與任何種類的 Evolution Fresh 手工製作飲料結合起來？

If I talk about Evolution Fresh in US Starbucks stores, it is bottle beverages only.

如果我在美國星巴克商店談論 Evolution Fresh，它只是瓶裝飲料。

We have a range of six, of cold-press beverages.

我們有六種冷壓飲料。

And it ranges from orange juice, which is the most familiar and the best seller, and goes through to whether it's sweet greens or essential vegetables.

它的範圍從最熟悉和最暢銷的橙汁，到甜蔬菜或必需蔬菜。

It's a wide range which supports our health and wellness platform.

它的範圍很廣，支持我們的健康和保健平台。

And the increase that Howard refers to is a mixture of both ticket and volume.

霍華德提到的增長是門票和數量的混合。

But it has been well-received in every single market.

但它在每個市場都廣受歡迎。

Future innovation will come from our learnings from our Evolution Fresh stores.

未來的創新將來自我們對 Evolution Fresh 商店的學習。

Of which we opened the latest one in Fillmore Street last weekend in San Francisco, and it has had a fantastic reception locally.

其中我們上週末在舊金山菲爾莫爾街開設了最新一家，在當地反響熱烈。

Excellent, thanks very much.

太好了，非常感謝。

Jeffrey Bernstein from Barclays.

巴克萊銀行的杰弗裡·伯恩斯坦。

Thank you very much.

非常感謝你。

Just a, I guess a two-part question as we look to CAP, and I guess specifically, China.

只是一個，我想這是一個由兩部分組成的問題，因為我們關注的是 CAP，我想具體來說是中國。

One, just from a unit perspective, seems like there's obviously an acceleration of openings.

第一，從單位的角度來看，似乎明顯加速了空缺。

I know it's 300-plus in fiscal '13.

我知道在 13 財年有 300 多個。

Considering you only have 700 in total, obviously that's a pretty sizable uptick.

考慮到您總共只有 700 個，顯然這是一個相當大的增長。

I'm just wondering if you can give some color around real estate availability, whether you're seeing increased competition.

我只是想知道您是否可以在房地產可用性方面給出一些顏色，您是否看到競爭加劇。

We've heard from others that's perhaps the competitive environment to get these sites going, mixed with the cost of going up with it.

我們從其他人那裡聽說，這可能是讓這些網站運行的競爭環境，加上隨之而來的成本。

I'm just wondering if you could talk from a real estate perspective.

我只是想知道你是否可以從房地產的角度談談。

And then, the other piece relates to the other driver of top-line, which would be comp.

然後，另一部分與頂線的另一個驅動因素有關，即 comp。

And you mentioned, I guess, the 10%-plus comp, which I guess is an impressive string of 11 straight quarters of that double-digit.

我猜你提到了 10% 以上的補償，我想這是一個令人印象深刻的連續 11 個四分之一的兩位數。

I'm just wondering whether you view, like you said, deceleration -- like, how do you decipher between the deceleration due to the compares versus due to what you kind of acknowledge was a macro slowdown in China?

我只是想知道你是否像你所說的那樣看待減速——比如，你如何解讀比較導致的減速與你承認的中國宏觀經濟放緩導致的減速？

Thanks.

謝謝。

John?

約翰？

Yes.

是的。

Hi, Jeffrey, this is John Culver.

嗨，杰弗裡，我是約翰卡爾弗。

You know, first off, the opportunity that we have in China is enormous.

你知道，首先，我們在中國擁有的機會是巨大的。

And we continue to see very strong acceptance of the Starbucks brand and when we're opening our new stores.

我們繼續看到人們對星巴克品牌以及我們開設新店的接受度非常高。

We're opening both in our existing cities as well as new cities.

我們在現有城市和新城市都開設了門店。

We now are in 52 cities across the country.

我們現在遍布全國52個城市。

We opened 12 new cities this past year.

去年我們開設了 12 個新城市。

And as Troy touched on, we're seeing a three-times sales-to-investment ratio over the last two years.

正如特洛伊所說，我們看到過去兩年的銷售與投資比率是原來的三倍。

So all indications for us is that China represents right now the most immediate and fastest retail growth opportunity that the Company has in front of us.

因此，對我們而言，所有跡象表明，中國目前是公司擺在我們面前的最直接、最快的零售增長機會。

And with that, what we're doing are making significant investments around our people in terms of ramping up the investment, and the hiring and training of people to staff the new stores.

為此，我們正在做的是在增加投資、招聘和培訓人員為新店配備人員方面對我們的員工進行重大投資。

As well as investment in infrastructure from a supply chain and IT perspective.

以及從供應鍊和 IT 角度對基礎設施的投資。

We've also localized our design resource to help enable speed into the market of opening our new stores.

我們還本地化了我們的設計資源，以幫助加快開設新店的市場速度。

And then also invested heavily in research and development so that we can have locally relevant products that match the flavor profiles that our Chinese consumers want.

然後在研發上投入巨資，這樣我們就可以擁有符合中國消費者所需口味的本地相關產品。

In terms of the real estate that we're seeing, we are seeing an abundance of available real estate.

就我們所看到的房地產而言，我們看到了大量可用的房地產。

And you know, we've invested in local teams in the major provinces and the major cities to go out and to capture that real estate opportunity.

你知道，我們已經在主要省份和主要城市投資了當地團隊，以走出去並抓住房地產機會。

And what we're seeing is that we've been very well received in the new cities that we're in, or we're going into.

我們所看到的是，我們在我們所在的或即將進入的新城市中受到了很好的歡迎。

Consumer response, we're seeing lines out the door.

消費者反應，我們看到門外排起了長隊。

And the new stores in the these new cities are exceeding our expectations.

而這些新城市中的新店，也超出了我們的預期。

So we're very optimistic and very bullish on the opportunity.

所以我們非常樂觀，非常看好這個機會。

We're going stay very focused and very disciplined in the investments and monitoring the performance of our new stores and existing stores.

我們將在投資和監控我們的新店和現有店的表現方面保持非常專注和非常有紀律。

And we're going continue to drive relevant innovation into the stores so that we can continue to sustain the growth.

我們將繼續推動相關創新進入商店，以便我們能夠繼續維持增長。

And as Troy pointed out in his comments also, there's a rebalancing that's taking place, that as we continue to accelerate the new store growth, more of our sales growth is going to come from new stores versus comparable sales growth.

正如特洛伊在他的評論中指出的那樣，正在發生重新平衡，隨著我們繼續加速新店的增長，我們更多的銷售增長將來自新店而不是可比銷售增長。

So you're going to see a rebalancing of the portfolio.

所以你會看到投資組合的重新平衡。

And as part of that, more Company-owned stores versus licensed stores, which is going to have a slight impact on margin over time.

作為其中的一部分，更多的公司擁有的商店與特許商店相比，這將隨著時間的推移對利潤率產生輕微影響。

But is it just the follow-up?

但這只是後續行動嗎？

Are you seeing any sign just from the macro perspective, you know, versus the compares, whether or not you think consumer shifting to lower-priced items, or anything concerning just compare-driven slowdown in comp?

您是否僅從宏觀角度看到任何跡象，您知道，與比較相比，您是否認為消費者轉向低價商品，或者任何與比較驅動的競爭放緩有關的跡象？

I haven't seen anything that's concerning to me at this point in time.

目前我還沒有看到任何與我有關的事情。

I mean, we monitor this very closely, obviously are aware of other people's challenges in China.

我的意思是，我們非常密切地關注這一點，顯然意識到其他人在中國面臨的挑戰。

But for us, we're continuing to make the investments, we're taking a long-term view, and we're pushing forward.

但對我們來說，我們會繼續進行投資，我們會著眼長遠，並且會向前推進。

And Jeff, I would also just add to that, that we are continuing to grow traffic in China.

傑夫，我還要補充一點，我們正在繼續增加中國的流量。

We're continuing to grow ticket in China.

我們將繼續增加在中國的門票。

We're growing healthily across all day parts.

我們全天都在健康成長。

And the two-year comp growth is remaining very, very strong if you compare that over the last several quarters.

如果你比較過去幾個季度的情況，兩年的收入增長仍然非常非常強勁。

I think that speaks to the fact that, yes, we're up against tougher compares.

我認為這說明了一個事實，是的，我們面臨著更艱難的比較。

It wasn't all that long ago, just a couple years ago where averaging of volumes in our business in China were roughly a third of US levels.

這並不是很久以前，就在幾年前，我們在中國的業務平均交易量大約是美國水平的三分之一。

They are now well greater than half US levels and catching up.

他們現在遠遠超過美國水平的一半，並且正在迎頭趕上。

And by the way, that comes at a point in time when average unit volumes in the US have been growing and are at all-time record levels here in the US.

順便說一句，這是在美國的平均單位銷量一直在增長並處於美國歷史最高水平的時間點出現的。

And yet China has been growing quickly.

然而，中國一直在快速增長。

So we don't see any concerns about growing volumes whatsoever.

因此，我們看不到任何關於增長量的擔憂。

Hey Jeff, just one other thing I would like to also comment on, you know, in terms of real estate.

嘿，傑夫，我還想就房地產方面的另一件事發表評論。

One of the things that we did earlier this year is host the first-ever landlord real estate conference and summit, where we brought in all the major owners of key developments across China.

我們今年早些時候所做的其中一件事是舉辦了有史以來第一次房東房地產會議和峰會，我們邀請了中國主要開發項目的所有主要業主。

And Howard and I and Arthur Rubinfeld had the opportunity to sit and address them and talk about the investments we were going to make in China from a growth perspective, talk to them and share new designs.

Howard、我和 Arthur Rubinfeld 有機會坐下來向他們發表講話，從增長的角度討論我們將在中國進行的投資，與他們交談並分享新設計。

And really start to build the unique partnerships that we wanted to go after with these key landlords.

並真正開始與這些主要房東建立我們想要追求的獨特合作夥伴關係。

And that is paying huge dividends for us.

這為我們帶來了巨大的回報。

Very helpful, thank you.

非常有幫助，謝謝。

Sara Senatore from Sanford Bernstein.

來自 Sanford Bernstein 的 Sara Senatore。

Thank you.

謝謝你。

I wanted to follow up on the top-line in the US.

我想跟進美國的頂線。

Obviously, again, very impressive.

顯然，再次令人印象深刻。

I'm wondering, you know, as you look forward -- and it's also equally encouraging that you're sticking to the sort of mid single-digit comp guidance overall.

我想知道，你知道，當你期待的時候——同樣令人鼓舞的是，你堅持總體上的中個位數 comp 指導。

If you could talk a little bit about, you know, A, what your expectations are for the demand environment, given that I don't think the overall environment got better, it's just you seem to reaccelerate.

如果你能談談，你知道，A，你對需求環境的期望是什麼，鑑於我認為整體環境沒有好轉，只是你似乎重新加速。

And B, if you can talk a little bit about in terms of the contributions.

B，如果你能談談貢獻的話。

Is it more from new products?

是否更多來自新產品？

Is it from Verismo, is it from things like, more like the Treat Receipt, being a little more aggressive on social media, that kind of thing?

是來自 Verismo，還是來自諸如 Treat Receipt 之類的東西，在社交媒體上更具侵略性，諸如此類？

Just so we have some comfort in the bottoms-up driver of the comps.

只是為了讓我們對 comps 的自下而上的驅動程序有一些安慰。

This is Howard.

這是霍華德。

I will start.

我會開始。

I think it's a very interesting and multi-dimensional question.

我認為這是一個非常有趣且多維的問題。

If you look at the last few years, there's no question that the economic environment in the US has been very challenging, fragile, and depending on the region, very difficult at times.

如果你回顧過去幾年，毫無疑問，美國的經濟環境一直非常具有挑戰性、脆弱，而且視地區而定，有時非常困難。

I'm not an economist but I would say that the consumer environment is somewhat bifurcated and has been for a couple of years.

我不是經濟學家，但我會說消費者環境有些分化，而且已經存在了幾年。

And I wouldn't describe Starbucks literally as a luxury brand.

而且我不會將星巴克字面上描述為奢侈品牌。

But I think we occupy a very unique space that is the premium brand and luxury brand within our space.

但我認為我們佔據了一個非常獨特的空間，即我們空間內的高端品牌和奢侈品牌。

At the same time, we are still very much an affordable luxury by not only people who are at the high-end of luxury consumers, but people who can afford Starbucks in all walks of life.

與此同時，我們仍然是非常實惠的奢侈品，不僅是奢侈品消費的高端人群，各行各業都買得起星巴克的人。

In addition to that, I think we have been able, as evidenced by Q4 -- and I think this is really important and highly relevant.

除此之外，我認為我們已經做到了，正如第四季度所證明的那樣——我認為這非常重要且高度相關。

We've been able to thread the needle, to maintain and preserve and enhance our premium position as a premium brand.

我們已經能夠穿針引線，維持、維護和提升我們作為優質品牌的優質地位。

While at the same time developing, offering, and creating value propositions for our customers that in no way dilute the equity of the brand but reward our customers by, in a sense, putting our feet in their shoes and developing value for them.

同時為我們的客戶開發、提供和創造價值主張，這些主張絕不會稀釋品牌資產，而是通過在某種意義上站在他們的立場上為他們開發價值來回報我們的客戶。

Having said all that, I think we are highly confident that, despite any turn in the current economy that we can anticipate, that we have the tools to resources.

話雖如此，我認為我們非常有信心，儘管我們可以預期當前經濟會出現任何轉折，但我們擁有獲取資源的工具。

And most importantly, the power in the marketplace to navigate through this by what we've been able to learn and the muscle memory that is inside the DNA of the Company since transforming the Company in 2008.

最重要的是，自 2008 年對公司進行轉型以來，我們所學到的知識以及公司 DNA 中的肌肉記憶在市場中導航的力量。

I do think the burden of proof is on companies and consumer brands to recognize there is a seismic change in consumer behavior, as I alluded to in my remarks, as a result of social and digital media and the emergence of mobile commerce and mobile payments.

我確實認為，舉證責任在於公司和消費品牌，他們要認識到，正如我在發言中提到的那樣，由於社交和數字媒體以及移動商務和移動支付的出現，消費者行為發生了翻天覆地的變化。

But we are in the most desirable position because of the investments we've made over the last few years to not only be the leader in the space, but now have the tools, the resources and the capability to leverage those channels and means in a way that is almost unparalleled in the marketplace.

但我們處於最理想的位置，因為我們在過去幾年中所做的投資不僅是該領域的領導者，而且現在擁有工具、資源和能力來利用這些渠道和手段這在市場上幾乎是無與倫比的。

So that the short answer is, we are optimistic that we -- we're confident that we can continue to navigate through changes in the economy.

所以簡短的回答是，我們樂觀地認為我們 - 我們有信心我們能夠繼續應對經濟變化。

And we've done it now year-over-year.

而且我們現在年復一年地做到了。

And I think the turn in Q4 is not only stunning, but gives us great confidence as we head into fall holiday and 2013.

我認為第四季度的轉變不僅令人驚嘆，而且在我們進入秋季假期和 2013 年時給了我們很大的信心。

Cliff?

懸崖？

Yes, if I could answer, sorry.

是的，如果我能回答，抱歉。

The other piece I think is about our people.

我認為另一部分是關於我們的員工。

We have invested greatly in our managers, in our leadership, and giving tools to our partners to do their work.

我們在我們的經理和領導力方面投入了大量資金，並為我們的合作夥伴提供了開展工作的工具。

And I think that has really helped those in terms of the amount of time we have to connect with customers to improve the quality of the customer experience and the relationships we form.

我認為這確實幫助了我們與客戶聯繫的時間，以提高客戶體驗的質量和我們形成的關係。

I think there's nothing better to support that than the fact we have 3 million gold card members as part of our My Starbucks Rewards.

我認為沒有什麼比我們擁有 300 萬金卡會員作為“我的星巴克獎勵”計劃的一部分更能支持這一點了。

And that just gives this dialogue an immediate feedback.

這只是給這個對話一個即時反饋。

And such a richness.

如此豐富。

I think just to give a little bit of additional [clavatis], we've seen strong growth across the whole of the US in August and September.

我認為只是給一點額外的 [clavatis]，我們在 8 月和 9 月看到整個美國的強勁增長。

And if I look back on the year as a whole, I would also say that the work we've been doing around day parts, whether that is building capacity at peak or enhancing the food offer around other day parts, we have seen growth on all day parts.

如果我回顧整個一年，我還要說的是，我們一直在圍繞白天進行的工作，無論是在高峰期建設容量還是在其他白天增加食物供應，我們都看到了增長全天部分。

So we continue to grow at peak in the morning, at lunch, afternoon, and now into the evenings.

因此，我們在早上、午餐、下午和現在的晚上繼續增長。

I think that is what gives us the confidence about both the opportunity to grow more stores in the US, and to continue to grow average unit volumes by expanding our day parts and our ability to deal with peak capacity.

我認為這讓我們有信心有機會在美國發展更多門店，並通過擴大我們的日間部分和我們處理高峰容量的能力來繼續增加平均單位數量。

Thank you.

謝謝你。

Diane Geissler from CLSA.

來自里昂證券的黛安·蓋斯勒。

Hello.

你好。

Can you hear me okay?

你能聽到我說話嗎？

Yes.

是的。

I wanted to ask if you have seen any changes in the competitive dynamics within the CPG channel, given the expiration of the patents on the K-Cups.

我想問一下，鑑於 K-Cups 的專利到期，您是否看到 CPG 渠道內的競爭動態發生任何變化。

Have you seen any movements there from additional SKUs?

您是否看到其他 SKU 的任何變動？

Diane, we'll have to introduce Jeff Hansberry, who's on the call and is, you know, President of our Channel Development business, and he will take that question.

黛安，我們必須介紹傑夫漢斯伯里，他正在接聽電話，你知道，他是我們渠道開發業務的總裁，他會回答這個問題。

Hi, Diane, thanks for your question.

嗨，黛安，謝謝你的問題。

Yes, we have.

是的我們有。

We have seen the introduction of some private label offerings in the K-Cup space that have been previously announced that I think we're all aware of.

我們已經看到在 K-Cup 領域引入了一些自有品牌產品，這些產品之前已經宣布，我想我們都知道。

And we're starting to see some of those begin to show up on retail shelves.

我們開始看到其中一些開始出現在零售貨架上。

We have not seen a significant impact, though, to retail pricing or the competitive space.

不過，我們還沒有看到對零售定價或競爭空間的重大影響。

And in fact, we continue to see strong demand for Starbucks K-Cups from our customers.

事實上，我們繼續看到客戶對星巴克 K-Cups 的強勁需求。

Next question.

下一個問題。

Keith Siegner from Credit Suisse.

瑞士信貸的 Keith Siegner。

Thank you.

謝謝你。

I just wanted to ask a question, thinking about, you know, all the various initiatives that launched this quarter, from Treat Receipt, Living Social, a number of different loyalty programs.

我只是想問一個問題，想一想本季度推出的所有各種舉措，包括 Treat Receipt、Living Social 和許多不同的忠誠度計劃。

There was a lot of product news, marketing news and other promotion news in general, some of which was really unique and you kind of differentiated it.

總的來說，有很多產品新聞、營銷新聞和其他促銷新聞，其中一些真的很獨特，你有點與眾不同。

As you enter a period of deflation in 2013 and maybe beyond, does this free you up to, say, do a little bit more of this activity than maybe you used to?

當您在 2013 年甚至以後進入通貨緊縮時期時，這是否讓您有更多時間，比方說，比以前多做一些這項活動？

Is Q4 somewhat the new base level?

Q4有點新的基礎水平嗎？

I mean, we've seen product and other news working very nicely across the sector.

我的意思是，我們已經看到整個行業的產品和其他新聞運作得非常好。

Again, does this deflation give you an opportunity to, say, ramp that effort from maybe what we've seen historically?

再一次，這種通貨緊縮是否給你一個機會，比如說，從我們歷史上看到的情況中加大努力？

Thanks.

謝謝。

Thank you for the question.

感謝你的提問。

This is Howard.

這是霍華德。

I'd respectfully say no.

我會恭敬地說不。

I think all of us at Starbucks are deeply committed to preserving and enhancing the equity of the Starbucks brand.

我認為我們星巴克的所有人都堅定地致力於維護和提升星巴克品牌的價值。

And as a result of that, we want to be extremely disciplined and thoughtful about how, when and with who we might do things that create an offer, whether it's Treat Receipt that we did on our own, or the relationship we developed with Living Social.

因此，我們希望在如何、何時以及與誰一起做能創造出報價的事情上，無論是我們自己做的 Treat Receipt，還是我們與 Living Social 建立的關係，都非常自律和深思熟慮.

I don't think that you are going see Starbucks go on sale or anything like that.

我不認為你會看到星巴克打折或類似的事情。

I do think that we have to be ultra sensitive to the economic issues and the pressure on the consumer.

我確實認為我們必須對經濟問題和消費者的壓力非常敏感。

But I think we've demonstrated over 41 years that the best anecdote for us is the experience we create in our stores, it's the quality of the coffee and the level of innovation.

但我認為 41 年來我們已經證明，對我們來說最好的軼事是我們在商店中創造的體驗，即咖啡的質量和創新水平。

I think what we haven't talked about today because it isn't appropriate, is the pipeline of products, categories, and innovation that we have in the near- and long-term future.

我認為我們今天沒有談論的是因為它不合適，是我們在近期和長期的未來擁有的產品、類別和創新的管道。

Which I think is the strongest pipeline in the history of the Company.

我認為這是公司歷史上最強大的管道。

We've taken great steps to recognize that the status quo in our business or in any business isn't going to be good enough.

我們已經採取了很大的步驟來認識到我們業務或任何業務的現狀都不夠好。

But I don't think we are going to go down the road of discounting Starbucks or doing things on an ongoing basis.

但我不認為我們會走上打折星巴克或持續做事的道路。

That was highly selective at the time.

這在當時是非常有選擇性的。

And we're not going to do that on a consistent basis.

我們不會始終如一地這樣做。

Jason West from Deutsche Bank.

德意志銀行的傑森韋斯特。

You guys touched a little bit on the food program that you are working to roll out with the upgrades there with the La Boulange product line.

你們稍微談到了你們正在努力推出的食品計劃，其中包括 La Boulange 產品線的升級。

If you could talk a little bit about what you have seen in the West Coast markets where you've tested that.

如果你能談談你在測試過的西海岸市場上看到的情況。

If you have any details or anecdotes or figures you could share on that.

如果你有任何細節或軼事或數據，你可以分享。

And sort of what it looks like from a customer perspective when you make those changes.

當你做出這些改變時，從客戶的角度來看它是什麼樣子的。

Thank you, Jason.

謝謝你，傑森。

It's Cliff.

是懸崖。

It is very early days, and we have had 10 stores open in San Francisco where we've been developing and testing a specific line of pastries and muffins and the like, for the morning business.

現在還很早，我們已經在舊金山開設了 10 家商店，我們一直在開發和測試特定係列的糕點和鬆餅等，以供早上營業。

Really encouraged by that.

真的很受鼓舞。

That's really been the very early steps.

這真的是非常早期的步驟。

This week and next week, we launch in San Jose.

本周和下週，我們將在聖何塞推出。

And that will be our first time outside of the San Francisco market.

這將是我們第一次走出舊金山市場。

That will give us new learnings.

這會給我們新的知識。

The reaction from our partners and our stores about the quality of the food and the enhanced pride they've got to share those products with the customers, the taste is absolutely fantastic and the reaction from customers in stores we've served it so far has been fantastic.

我們的合作夥伴和我們的商店對食品質量的反應以及他們必須與顧客分享這些產品的自豪感，味道絕對棒極了，到目前為止我們提供的商店顧客的反應是太棒了。

I think we'll be in a much better position after the San Jose launch to give a bit of color, a bit of flavor, and more detail of our rollout plans at the analyst conference in early December in New York.

我認為在 San Jose 發布後我們將處於更好的位置，以便在 12 月初於紐約舉行的分析師會議上提供一些顏色、一些風味和更多關於我們推出計劃的細節。

So nothing specific just yet, but we've seen a great reaction so far.

所以目前還沒有具體的內容，但到目前為止我們已經看到了很好的反應。

Michael Kelter from Goldman Sachs.

高盛的邁克爾·凱爾特。

Yes, I had a few margin questions, I guess, for Troy.

是的，我想我有一些關於特洛伊的保證金問題。

The first is, you know, you raised your operating margin guidance for 2013 from 50 to 100 basis points initially, to 100 now.

首先，你知道，你將 2013 年的營業利潤率指導從最初的 50 個基點提高到 100 個基點，現在提高到 100 個基點。

And I wanted to understand the puts and takes there, and why you felt comfortable taking the guidance up before the year even started.

我想了解那裡的 puts 和 takes，以及為什麼你在今年開始之前就很樂意接受指導。

And secondly, maybe talk about your visibility into 2014, given coffee costs remain in the 160 range, which as I understand it, is well below your lock cost for 2013.

其次，也許可以談談您對 2014 年的可見性，因為咖啡成本保持在 160 美元的範圍內，據我所知，這遠低於您 2013 年的鎖定成本。

Thanks.

謝謝。

Thanks, Michael.

謝謝，邁克爾。

Yes.

是的。

Let me speak to the last part first.

我先說最後一部分。

We have been doing some buying, early buying into fiscal '14 on our coffee needs.

我們一直在進行一些購買，根據我們的咖啡需求提前購買 14 財年。

And we're not very far into 2014 yet, but we're going down that path a little bit, and we'll talk about that in a bit more detail at the conference in December.

我們離 2014 年還不算太遠，但我們正在沿著這條路走下去，我們將在 12 月的會議上更詳細地討論這個問題。

Suffice it to say, though, as we've talked about before, the early read and what we can see is that 2014 is likely to benefit from reduced coffee costs once again.

不過可以這麼說，正如我們之前所討論的那樣，早期閱讀和我們可以看到的是，2014 年可能會再次受益於咖啡成本的降低。

The order of magnitude is too early to tell.

現在判斷數量級還為時過早。

But what I would point out is that we will exit the year of 2013 with coffee costs significantly lower through our P&L than we entered the year 2013 coming to our P&L.

但我要指出的是，我們將在 2013 年結束時通過我們的損益表獲得的咖啡成本比進入 2013 年時的損益表要低得多。

But again, that's a comment given what we see today, with not very much of 2014 locked at this point in time.

但同樣，這是我們今天所看到的評論，此時 2014 年的大部分時間都沒有鎖定。

Now, in terms of margins, we raised it today it to the 100 basis points of improvement, given a number of things that we've seen as we've come through the fourth quarter.

現在，就利潤率而言，考慮到我們在第四季度看到的一些事情，我們今天將其提高到 100 個基點。

The momentum we have both on the top-line, as well as the completion of the operating plans that we put together annually in the summer, prior to the start of the new fiscal year.

我們在收入方面的勢頭，以及我們在新財政年度開始之前每年夏季制定的運營計劃的完成情況。

And that's given us confidence given, again, both the growth we see around the world, the investments that we know we need to make, and new initiatives and growth opportunities we have in the future.

鑑於我們在世界各地看到的增長、我們知道我們需要進行的投資以及我們未來擁有的新舉措和增長機會，這再次給了我們信心。

And the margin improvement opportunities we have all throughout the P&L in supply chain, in operations, management, leverage of G&A, in improvement in Europe, which we're expecting based on, as you heard from Michelle, some of the many changes that her and her team have been tackling over there.

我們在供應鏈、運營、管理、G&A 的槓桿作用以及歐洲的改善方面的整個損益中都有提高利潤率的機會，正如你從米歇爾那裡聽到的那樣，我們期待的是她的許多變化中的一些她的團隊一直在那邊解決問題。

So I would expect margin improvement really in a number of places in our business.

因此，我希望我們業務的許多地方都能真正提高利潤率。

And it's all of that type of visibility that's given me the confidence in the improvement I've talked about both in terms of operating margin, as well as earnings growth in the year ahead.

正是這種可見性讓我對我在未來一年的營業利潤率和盈利增長方面所談到的改善充滿信心。

David Palmer from UBS.

來自瑞銀的大衛·帕爾默。

Hi, congrats on the quarter and the year.

嗨，祝賀季度和年度。

I know it's early days on the Verismo, but what is some of the feedback you're getting from retailers and your own store managers on the machine, the strengths and weaknesses, versus other products that are out there in the single-serve market?

我知道 Verismo 還處於早期階段，但是你從零售商和你自己的商店經理那裡得到的一些反饋是什麼，與單一服務市場上的其他產品相比，優勢和劣勢是什麼？

Jeff, you want to start?

傑夫，你想開始嗎？

Sure.

當然。

Hi, David, Jeff Hansberry.

嗨，大衛，傑夫漢斯伯里。

You know, we are very encouraged on the Verismo system.

你知道，我們對 Verismo 系統感到非常鼓舞。

For us, it's a first in a number of ways.

對我們來說，這在很多方面都是第一次。

It's the first system that makes Starbucks-quality lattes, expressos and brewed coffee, all from one machine.

這是第一個可以在一台機器上製作星巴克品質的拿鐵、濃縮咖啡和現煮咖啡的系統。

We've got natural milk pods that are made from real milk that deliver a great latte.

我們有天然牛奶豆莢，由真正的牛奶製成，可提供美味的拿鐵咖啡。

And for the first time ever, we're able to have Starbucks partners, our baristas, actually go out and meet with customers in specialty retail stores, and tell the story of Verismo and tell the story of Starbucks.

有史以來第一次，我們能夠讓星巴克的合作夥伴，我們的咖啡師，真正走出去，在專賣店與顧客見面，講述 Verismo 的故事，講述星巴克的故事。

So we're off to a very good start.

所以我們有了一個很好的開始。

Our shipments are in line with our expectations.

我們的出貨量符合我們的預期。

But importantly, with a new system like this, we are listening very closely to our customer feedback.

但重要的是，有了這樣一個新系統，我們正在非常仔細地傾聽客戶的反饋。

And the majority of feedback is very positive.

大多數反饋都是非常積極的。

We are listening for customer opportunities for improvement, and we'll continue to do so.

我們正在傾聽客戶的改進機會，並將繼續這樣做。

Jeff, you want to just address the attachment on pods that we're seeing?

Jeff，你只想解決我們看到的 pod 上的附件嗎？

Well, it's still very early.

嗯，現在還很早。

We've only got a month's worth of data.

我們只有一個月的數據。

But at purchase we're seeing significant multiples of purchases of pods.

但在購買時，我們看到豆莢的購買量顯著增加。

Actually well ahead of our expectations.

實際上遠遠超出了我們的預期。

The other thing I would add, and I think this is important, and Troy alluded to this in his remarks.

我要補充的另一件事，我認為這很重要，特洛伊在他的發言中提到了這一點。

The launch of Verismo is the launch of a product, but behind the scenes, it is the launch of a platform and a deep strategic commitment that we have to the single-serve category, domestically and globally.

Verismo 的推出是一款產品的推出，但在幕後，它是一個平台的推出，也是我們對國內和全球單一服務類別的深刻戰略承諾。

If you look around the world at what an espresso has done building a multi-billion-dollar business, what a Keurig and Green Mountain have done.

如果您環顧世界，看看濃縮咖啡為建立數十億美元的業務所做的貢獻，以及 Keurig 和 Green Mountain 所做的貢獻。

And then the nascent space that we believe exists in Asia and our brand position, this is a global long-term, multi-billion-dollar business.

然後是我們認為亞洲存在的新生空間和我們的品牌定位，這是一項全球長期、價值數十億美元的業務。

And we are just getting started.

我們才剛剛開始。

Verismo is just the beginning.

Verismo 只是一個開始。

John Ivankoe from JP Morgan.

摩根大通的約翰·伊万科。

Thank you very much.

非常感謝你。

A question on Europe specifically, if I may.

一個關於歐洲的問題，如果可以的話。

You know, I mean there was a little bit of defranchising activity, I guess.

你知道，我的意思是我猜有一些剝奪特許權的活動。

And Ireland, specifically, you pointed out.

尤其是愛爾蘭，你指出了。

And I just wanted to get a sense of how much of an opportunity that may exist for your existing Company-store base.

我只是想了解您現有的公司商店基礎可能存在多少機會。

I mean, whether it is in Switzerland or France or the UK or Germany.

我的意思是，無論是在瑞士、法國、英國還是德國。

But how do you pursue more of an asset-light model in those markets, and whether there would be any constraints to owning fewer Company stores while still maintaining your footprint in any of the major markets where you currently are.

但是，您如何在這些市場中追求更多的輕資產模式，以及在您目前所在的任何主要市場中保持您的足蹟的同時擁有更少的公司商店是否會有任何限制。

Hi, John, it's Michelle.

嗨，約翰，我是米歇爾。

Thanks for the question.

謝謝你的問題。

You have hit the central part of our strategy going forward, which is a -- really a sea change in our operating plan.

你已經觸及了我們未來戰略的核心部分，這對我們的運營計劃來說確實是一個巨大的變化。

We see the licensing and franchising opportunity as tremendous.

我們認為許可和特許經營機會是巨大的。

And it does a couple things.

它做了幾件事。

First of all, it gives us access to places far beyond the high-street which, as I mentioned in the call earlier, is largely where we are penetrated.

首先，它使我們能夠進入商業街以外的地方，正如我在之前的電話會議中提到的那樣，這些地方主要是我們被滲透的地方。

And we have not only agreed with our existing great partners like SSP, Tostada Grill, to have a more-accelerated plan, but also bringing in new partners.

我們不僅與 SSP、Tostada Grill 等現有的優秀合作夥伴達成一致，制定更加速的計劃，還引入了新的合作夥伴。

Like for example in the UK, Euro Garage, which is going to help us and compliment with us our plans to expand into hundreds of drive-throughs across the region over the next few years.

例如在英國，Euro Garage 將幫助我們並稱讚我們計劃在未來幾年內在該地區擴展數百個免下車服務。

It's an absolutely tremendous opportunity that's largely about the new growth, and our new growth will be dominated by licensing.

這絕對是一個巨大的機會，主要是關於新的增長，我們的新增長將由許可主導。

We also are actively looking at the franchising opportunity, and we have put that strategy in place in the UK.

我們也在積極尋找特許經營機會，我們已經在英國實施了該戰略。

And we're looking to expand that strategy across Continental Europe.

我們希望將該戰略擴展到整個歐洲大陸。

And then as it relates to our existing base, we will look at smart opportunities that make sense for the business and for our customers.

然後，由於它與我們現有的基礎相關，我們將尋找對業務和客戶有意義的明智機會。

Greg Badishkanian from Citi.

花旗集團的格雷格·巴迪什卡尼安 (Greg Badishkanian)。

Great, thanks.

太謝謝了。

Maybe if you could give us a little bit more color in terms of the coffee consumer, as well as the competitive landscape in Europe.

也許如果你能在咖啡消費者以及歐洲的競爭格局方面給我們更多的顏色。

And maybe any changes that you've seen over the last quarter or two.

也許你在過去一兩個季度看到的任何變化。

Yes, thank you for the question.

是的，謝謝你的提問。

As I said earlier, we face tremendous competition not only with, I will call them bigger chains, but also with many small operators across the region.

正如我之前所說，我們不僅面臨巨大的競爭，我將稱之為更大的連鎖店，而且還面臨該地區許多小型運營商的競爭。

As I said, I've visited now many, many markets throughout my first year.

正如我所說，在我的第一年裡，我已經訪問了很多很多市場。

And what I will tell you, consistently across both our customer and our partner feedback is, what the customer is looking for is the Starbucks experience.

我要告訴你的是，在我們的客戶和合作夥伴的反饋中，客戶一直在尋找的是星巴克體驗。

And that what we bring is unique product, whether it's our expresso, our Frappuccino, importantly the environment, free Wi-Fi, all of which are assets.

我們帶來的是獨特的產品，無論是我們的濃縮咖啡、我們的星冰樂，重要的是環境、免費 Wi-Fi，所有這些都是資產。

And we're also very focused on building like we've seen in the US, our digital platform, our Starbucks rewards platform, et cetera.

我們也非常專注於構建我們在美國看到的那樣，我們的數字平台，我們的星巴克獎勵平台等等。

So, you know, I would say that there hasn't been tremendous change per se over the year, but we are getting a lot closer to the customer and navigating in ways to bring local relevancy.

所以，你知道，我會說這一年本身並沒有發生巨大的變化，但我們越來越接近客戶，並以帶來當地相關性的方式進行導航。

And that relates to, as I mentioned, focusing on expresso, bringing in a new level of innovation in that category.

正如我提到的，這與專注於濃縮咖啡有關，在該類別中帶來了新的創新水平。

And I'll be speaking to that when we're together in December.

當我們 12 月在一起時，我會談到這一點。

That's not only with product but in delivery systems.

這不僅適用於產品，還適用於交付系統。

It's also around our food and, importantly, our environment.

它也與我們的食物有關，更重要的是，與我們的環境有關。

And we have now built a local design team in Europe, Amsterdam and some in the UK, to really bring that local design edge to the customer experience.

我們現在已經在歐洲、阿姆斯特丹和英國建立了一個本地設計團隊，真正將本地設計優勢帶入客戶體驗。

Bonnie Herzog from Wells Fargo.

富國銀行的邦妮赫爾佐格。

Hello.

你好。

Hi.

你好。

Just sticking on, you know, Europe, I just have a few questions.

只是堅持，你知道，歐洲，我有幾個問題。

Could you provide more color on how you expect to improve your food offering in Germany?

您能否提供更多關於您希望如何改善德國食品供應的顏色？

And then in general, what are some of the steps you are taking to develop a deeper consumer connection throughout Europe?

然後總的來說，您正在採取哪些步驟來在整個歐洲建立更深層次的消費者聯繫？

And then how long do you anticipate this will take?

然後你預計這需要多長時間？

And finally, could you talk a little bit more about your action plan to fix some of your supply chain issues in the region?

最後，你能多談談你解決該地區一些供應鏈問題的行動計劃嗎？

Sure.

當然。

Thank you, Bonnie, for the question.

邦妮，謝謝你提出這個問題。

I think there's a few layers to that.

我認為這有幾個層次。

First, let me address the customer experience.

首先，讓我談談客戶體驗。

To build on what I said, really emphasizing what Starbucks has done so brilliantly over the last four years is the first task at hand.

在我所說的基礎上，真正強調星巴克在過去四年中所做的出色工作是手頭的首要任務。

And we have done some things new in the region that we haven't done anywhere else in the world at this scale.

我們在該地區做了一些我們在世界其他任何地方都沒有以這種規模做過的新事情。

Which is things like deepening the personal connection, names on cups, names on partners.

比如加深人際關係，杯子上的名字，合作夥伴的名字。

And I can tell you as I've done roundtables since we've put that in place, the customers are really seeing this now as a unique thing that Starbucks does.

我可以告訴你，自從我們實施圓桌會議以來，客戶現在真的將其視為星巴克所做的一件獨特的事情。

And they're getting to know their customers in much deeper ways.

他們正在以更深入的方式了解他們的客戶。

We're taking advantage of our social media channel.

我們正在利用我們的社交媒體渠道。

We're outpacing many of our competitors in the region.

我們正在超越該地區的許多競爭對手。

We have more than doubled our presence on Facebook and Twitter.

我們在 Facebook 和 Twitter 上的影響力增加了一倍以上。

We have done new websites across the region both in Company-owned and in licensed stores, all of which are surrounding and enhancing the customer experience.

我們在該地區的公司自有商店和特許商店中建立了新網站，所有這些都圍繞並增強了客戶體驗。

As it relates to food, we've made nice progress.

在食品方面，我們取得了不錯的進展。

I will tell you we are just getting started.

我會告訴你我們才剛剛開始。

In the UK, we relaunched our muffin platform, dramatic improvement in quality.

在英國，我們重新推出了我們的鬆餅平台，質量有了顯著提高。

We're seeing that show up in customer response and in our sales.

我們在客戶反應和我們的銷售中看到了這一點。

We're also doing some testing on new distribution models for food.

我們還在對新的食品分銷模式進行一些測試。

We're working through -- and we've stated this throughout the year -- we had a major change in our logistics, and we're working through that.

我們正在努力——我們在這一年裡一直在說明這一點——我們的物流發生了重大變化，我們正在努力解決這個問題。

We're very confident that as we look to the year ahead, we've worked out some of the start-up challenges that any retailer would have with that scale of a change.

我們非常有信心，展望未來一年，我們已經解決了任何零售商在這種規模的變化中都會遇到的一些初創挑戰。

And then to your specific question around Germany, as we studied the food opportunity there, there's lots of regional opportunities that we can take advantage of.

然後關於您在德國的具體問題，當我們研究那裡的食品機會時，我們可以利用很多區域機會。

At the core of Starbucks and the customer of Germany, they want the core offerings.

作為星巴克和德國客戶的核心，他們想要核心產品。

They want the muffins and the cakes, and we have an opportunity to do a better job there.

他們想要鬆餅和蛋糕，而我們有機會在這方面做得更好。

Thank you, Michelle.

謝謝你，米歇爾。

That concludes Starbucks' fourth-quarter and fiscal year-end 2012 conference call.

星巴克 2012 年第四季度和財年末的電話會議到此結束。

We thank you all for joining us.

感謝大家加入我們。

We'll talk to you again in early December at our biannual analyst conference.

我們將在 12 月初的一年兩次的分析師會議上再次與您交談。

Thank you, and good day.

謝謝你，美好的一天。