星巴克 (SBUX) 2016 Q1 法說會逐字稿

Good afternoon.

下午好。

My name is Mike and I will be your conference operator today.

我叫邁克，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to the Starbucks Coffee Company's first-quarter fiscal year 2016 earnings conference call.

此時，歡迎大家參加星巴克咖啡公司 2016 財年第一季度財報電話會議。

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. Doraisamy, you may begin your conference.

Doraisamy 女士，您可以開始您的會議了。

Thank you Mike.

謝謝邁克。

Good afternoon everyone.

大家下午好。

This is Durga Doraisamy, Director of Investor Relations for Starbucks Coffee Company.

我是星巴克咖啡公司投資者關係總監 Durga Doraisamy。

Thank you for joining us today to discuss our first-quarter 2016 results which will be led by Howard Schultz, Chairman and CEO, Kevin Johnson, President and COO, Michael Conway, President Global Channel Development, and Scott Maw, CFO.

感謝您今天加入我們討論我們 2016 年第一季度的業績，該業績將由董事長兼首席執行官 Howard Schultz、總裁兼首席運營官 Kevin Johnson、全球渠道開發總裁 Michael Conway 和首席財務官 Scott Maw 領導。

Joining us for Q&A are Cliff Burrows, Group President US Americas and Teavana, John Culver, Group President China, Asia-Pacific, Channel Development and Emerging Brands, Matt Ryan, Global Chief Strategy Officer, and Adam Brotman, Chief Digital Officer.

加入我們的問答環節的有美國美洲和 Teavana 集團總裁 Cliff Burrows、中國、亞太地區渠道發展和新興品牌集團總裁 John Culver、全球首席戰略官 Matt Ryan 和首席數字官 Adam Brotman。

This conference call will include forward-looking statements which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements.

本次電話會議將包括前瞻性陳述，這些陳述受各種風險和不確定性的影響，這些風險和不確定性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 our website at investor.Starbucks.com to find the reconciliation of non-GAAP financial measures referenced in today's call with the corresponding GAAP measures.

請訪問我們的網站 investor.Starbucks.com 以查找今天電話會議中引用的非 GAAP 財務指標與相應的 GAAP 指標的對賬。

This call is being webcast and an archive of the webcast will be available on our website at investor.Starbucks.com.

此電話會議正在進行網絡直播，網絡直播的存檔將在我們的網站 investor.Starbucks.com 上提供。

With that, I will turn the call over to Howard.

有了這個，我會把電話轉給霍華德。

Thank you Durga, and welcome to everyone on today's call.

謝謝杜爾加，歡迎大家參加今天的電話會議。

Starbucks' stellar Q1 2016 financial and operating performance highlighted by a 9% increase in comp store sales in the US, an 8% increase in comp store sales globally, our third sequential quarter of a 4% increase in global traffic, by far the strongest holiday in our history and record revenues and record operating income from our channel development segment underscores the increasing strength and relevancy of the Starbucks brand and its success of the accretive flywheel positive effect of retail, CPG, digital, mobile, loyalty, card, and investment strategies around the world that are coming together to accelerate our growth and drive significant margin expansion and EPS leverage across our business.

星巴克 2016 年第一季度出色的財務和運營業績突出體現在美國的小賣部銷售額增長 9%，全球小賣部銷售額增長 8%，我們連續第三個季度的全球客流量增長 4%，是迄今為止最強勁的我們歷史上的假期以及渠道開發部門創紀錄的收入和營業收入突顯了星巴克品牌的實力和相關性不斷增強，以及零售、CPG、數字、移動、忠誠度、卡和投資的飛輪增長積極效應的成功世界各地的戰略共同加速我們的增長並推動我們業務的顯著利潤擴張和 EPS 槓桿。

In Q1, Starbucks delivered a 12% increase in revenue to a record $5.4 billion, and a 15% increase in non-GAAP EPS to a record $0.46 per share despite the significant investments we continue to make in our partners and in our business.

在第一季度，星巴克的收入增長了 12%，達到創紀錄的 54 億美元，非 GAAP 每股收益增長了 15%，達到創紀錄的每股 0.46 美元，儘管我們繼續對我們的合作夥伴和我們的業務進行大量投資。

And we served over 23 million more customer occasions from our global comp store base in Q1 and roughly 18 million more customer occasions in the US alone than we did in our very strong Q1 last year.

我們在第一季度從我們的全球商店基地為超過 2300 萬個客戶場合提供服務，僅在美國就比去年第一季度我們非常強大的第一季度多提供了大約 1800 萬個客戶場合。

Starbucks Coffee Company is connecting more deeply with more customers across all dayparts and around the world than ever before.

Starbucks Coffee Company 在全天候和全球範圍內與更多客戶建立了比以往任何時候都更深入的聯繫。

And we are delivering quarter after quarter of record-breaking financial and operating results despite the accelerating shift in consumer behavior away from traditional bricks-and-mortar retailing and despite challenging macroeconomic, foreign exchange, geopolitical and retail and consumer headwinds that continue to negatively impact many other national and global retailers.

儘管消費者行為加速從傳統實體零售轉移，儘管宏觀經濟、外匯、地緣政治和零售以及消費者逆風繼續產生負面影響，但我們每個季度都實現了創紀錄的財務和運營業績許多其他國家和全球零售商。

Global leadership around all things coffee and tea and ongoing beverage and food innovation remain at Starbucks' core and are propelling our business forward.

圍繞咖啡和茶的全球領導地位以及持續的飲料和食品創新仍然是星巴克的核心，並正在推動我們的業務向前發展。

In Q1, we brought further premiumization to the coffee category, creating even greater separation from our competitors, and delivered an elevated highly differentiated locally relevant premium coffee and tea beverage, food, and in-store experience for our customers everywhere.

在第一季度，我們為咖啡品類帶來了進一步的高端化，與我們的競爭對手形成了更大的差異，並為我們各地的客戶提供了高度差異化的本地相關優質咖啡和茶飲料、食品和店內體驗。

Our Seattle grocery continues to delight both regular customers and visitors from around the world to Seattle at the same time as it performs well ahead of original expectations and serves as a launching pad for our ultra-premium Starbucks Reserve brand.

我們的西雅圖雜貨店繼續取悅常客和來自世界各地的西雅圖遊客，同時它的表現遠遠超出最初的預期，並成為我們超優質星巴克臻選品牌的跳板。

Our plans to build over 500 coffee forward Starbucks Reserve stores in key global markets are well underway.

我們計劃在全球主要市場建設超過 500 家星巴克精品咖啡店，這一計劃正在順利進行中。

Starbucks Reserve stores provide customers with a unique, highly premiumized in-store experience that showcases the finest assortment of exclusive Starbucks Reserve micro-lot single varietals and new specialized coffee brewing methods to an intimate one-on-one partner customer experience that takes place as it crafts and explains the custom beverage.

星巴克臻選門店為顧客提供獨特的、高度優質的店內體驗，展示最優質的獨家星巴克臻選微型批次單一品種和新的專業咖啡沖泡方法，以及親密的一對一合作夥伴客戶體驗。它製作並解釋了定制飲料。

Starbucks Reserve stores also offers a curated assortment of Teavana teas to increase consumer awareness of Teavana's superpremium looseleaf and packaged teas.

Starbucks Reserve 門店還提供精選的 Teavana 茶，以提高消費者對 Teavana 超優質散葉茶和包裝茶的認識。

Starbucks Reserve coffee varietals are now also available in several thousand high-profile Starbucks stores globally, further elevating both existing Starbucks stores and the Starbucks Reserve brand while demonstrating a global sourcing capability and diversity margin that only Starbucks can deliver.

Starbucks Reserve 咖啡品種現已在全球數千家知名星巴克門店銷售，進一步提升現有星巴克門店和 Starbucks Reserve 品牌，同時展示只有星巴克才能提供的全球採購能力和多樣性利潤。

Starbucks' channel development segment is literally firing on all cylinders delivering meaningful share gains and record sales and profitability in Q1.

星巴克的渠道開發部門確實在全速運轉，在第一季度實現了可觀的份額增長以及創紀錄的銷售額和盈利能力。

The Starbucks brand now has the lead position and leave market share in both premium Roast and Ground and premium single-serve on the K-Cup platform.

星巴克品牌現在在 K-Cup 平台上的高級 Roast and Ground 和高級單杯服務中佔據領先地位並佔據市場份額。

Michael Conway will take you through channel development's performance in Q1 shortly.

Michael Conway 很快將帶您了解第一季度渠道開發的表現。

But by creating more opportunities for more people to engage with us more often, both inside and outside of our stores, Starbucks' integrated highly coordinated retail and wholesale strategy is driving our business and our growth around the world.

但是，通過為更多人在店內和店外更頻繁地與我們互動創造更多機會，星巴克高度協調的綜合零售和批發戰略正在推動我們的業務和我們在全球的增長。

No national or global retailer has been able to leverage a retail store footprint into a CPG business remotely approaching the size, scale, and profitability of ours.

沒有一家國家或全球零售商能夠將零售店足跡融入 CPG 業務，遠遠接近我們的規模、規模和盈利能力。

Under Mike's leadership, Starbucks' CPG business has become a powerful, fast-growing and highly profitable business and complementary channel of distribution for us.

在 Mike 的領導下，星巴克的 CPG 業務已成為我們強大、快速增長和高利潤的業務和互補的分銷渠道。

By anticipating and investing years ahead of the mobile technology curve, Starbucks today is redefining the customer-facing and partner-facing mobile and retail experiences of the future.

通過提前數年預測和投資移動技術曲線，星巴克今天正在重新定義面向客戶和麵向合作夥伴的未來移動和零售體驗。

In a few minutes, Kevin will take you through how we are leveraging proprietary technology, digital engagement and customer loyalty to create a comprehensive integrated digital and mobile ecosystem that will continue to drive our business well into the future.

幾分鐘後，Kevin 將向您介紹我們如何利用專有技術、數字參與和客戶忠誠度來創建一個全面的集成數字和移動生態系統，該生態系統將繼續推動我們的業務走向未來。

Technology innovation is further strengthening our brand, improving our efficiency and in-store execution, increasing our profitability and, most importantly, enabling us to deliver an elevated Starbucks experience to our customers, particularly to Millennials.

技術創新進一步強化了我們的品牌，提高了我們的效率和店內執行力，增加了我們的盈利能力，最重要的是，使我們能夠為我們的客戶，特別是千禧一代提供更優質的星巴克體驗。

Starbucks' unique combination of assets includes a growing global physical footprint of now over 23,500 stores, over 300,000 passionate Starbucks partners who probably wear the green apron and who I wish to personally thank for the extraordinary results we reported today.

星巴克獨特的資產組合包括不斷增長的全球實體足跡，現已超過 23,500 家門店，超過 300,000 名熱情的星巴克合作夥伴，他們可能身穿綠色圍裙，我個人要感謝他們為我們今天報告的非凡業績。

Breakthrough mobile and digital technologies in over 190,000 points of CP distribution all over the world.

在全球超過 190,000 個 CP 分發點中採用突破性的移動和數字技術。

Together, these attributes are contributing to the strength we are seeing in our business and enabling us to serve over 85 million customer transactions around the world every week at the same time as we continue to extend our reach and deepen our emotional connection to customers everywhere.

這些屬性共同促成了我們在業務中看到的優勢，並使我們能夠每週為全球超過 8500 萬筆客戶交易提供服務，同時我們繼續擴大我們的影響力並加深我們與各地客戶的情感聯繫。

The key to our business and what no other consumer brand or retailer can even approach is the deep, authentic connection we have with our customers and that our customers have with our people in the Starbucks brand.

我們業務的關鍵，也是其他消費品牌或零售商無法企及的關鍵，是我們與客戶之間以及我們的客戶與星巴克品牌員工之間建立的深入、真實的聯繫。

I experienced this first hand, perhaps like never before, on a trip with John Culver to Asia just last week.

就在上週，我在與約翰·卡爾弗 (John Culver) 的亞洲之行中親身體驗了這一點，也許是前所未有的。

We began in Chengdu, China, where over 1,300 Starbucks partners and their families joined us at our Fourth Annual Partner China Family Forum.

我們從中國成都開始，超過 1,300 名星巴克合作夥伴及其家人參加了我們的第四屆年度合作夥伴中國家庭論壇。

It was an extraordinary emotional event that celebrated the pride and the respect that the parents of our partners have for their children and in their children's connection to Starbucks, the deep emotional connection that exists among our China partners themselves and the shared commitment that all our partners in China have to deliver an extraordinary Starbucks experience to their customers.

這是一次非凡的情感盛會，慶祝我們合作夥伴的父母對他們的孩子以及他們的孩子與星巴克的聯繫的自豪和尊重，我們中國合作夥伴之間存在的深厚情感聯繫以及我們所有合作夥伴的共同承諾中國的星巴克必須為顧客提供非凡的星巴克體驗。

Joining us to share his respect and admiration for Starbucks at the event and to all of Starbucks partners and their families was Jack Ma, founder of Alibaba.

阿里巴巴創始人馬雲與我們一起在活動中向所有星巴克合作夥伴及其家人分享了他對星巴克的尊重和欽佩。

In Q1, we introduced social gifting to China through Alibaba's T-Mobile site to a stunning customer response.

在第一季度，我們通過阿里巴巴的 T-Mobile 網站將社交禮品引入中國，獲得了驚人的客戶反響。

And now and for the very first time, through Tmall, our customers in China can give their friends and colleagues digital Starbucks gifts, including My Starbucks Rewards memberships, individual beverages, and preloaded Starbucks digital gift cards.

現在，我們在中國的顧客首次可以通過天貓向他們的朋友和同事贈送數字星巴克禮物，包括“我的星巴克會員”、個人飲品和預裝星巴克數字禮品卡。

We are honored that the Chinese government chose Starbucks to be the first company in China to be authorized to offer customers a stored value card.

我們很榮幸中國政府選擇星巴克作為中國第一家被授權為顧客提供儲值卡的公司。

As you know, China has been in the news a great deal lately.

如您所知，最近中國的新聞頻頻出現。

As a CEO that's travelled to China repeatedly over the last couple of years, perhaps more than any other American CEO, I have a unique perspective to share.

作為過去幾年多次前往中國的 CEO，也許比任何其他美國 CEO 都多，我有一個獨特的觀點可以分享。

First, let me say that China is here to stay.

首先，讓我說中國將繼續存在。

The buffeting that the Chinese economy is taking during today's period of transition is necessary for it to move on its next stage of development.

中國經濟在今天的轉型期所經歷的衝擊是其進入下一發展階段所必需的。

Short-term market gyrations, however, should not be confused with actions that will lead to long-term sustainable economic gain, especially as China moves to a consumer driven economy.

然而，短期市場波動不應與將帶來長期可持續經濟收益的行動相混淆，尤其是在中國轉向消費驅動型經濟的情況下。

I strongly believe that the Chinese government's commitment to true economic reform is genuine and that its goal of doubling 2010 per capita income by 2021 resulting in a middle-class in China approaching 600 million Chinese people, or almost twice the size of the entire current US population, is attainable.

我堅信中國政府對真正的經濟改革的承諾是真實的，其目標是到 2021 年人均收入比 2010 年翻一番，從而使中國的中產階級人數接近 6 億，幾乎是目前美國總人數的兩倍人口，是可以達到的。

We are taking a long-term view on how we will build our business in China because despite now having close to 2,000 stores in nearly 100 cities in China and being on track to have 3,400 stores on the mainland by 2019, I am convinced more than ever that Starbucks is just getting started in that important country.

我們從長遠角度考慮如何在中國開展業務，因為儘管目前在中國近 100 個城市擁有近 2,000 家門店，並有望在 2019 年之前在大陸擁有 3,400 家門店，但我堅信星巴克在那個重要的國家才剛剛起步。

And I am equally convinced that, when we fully roll out our digital, mobile, card gifting and loyalty programs across our business in China and CAP overall and expand distribution of our ready-to-drink products later this fiscal year, we will perform at even higher levels than we are today.

我同樣相信，當我們在中國和整個 CAP 的業務中全面推出我們的數字、移動、卡片禮品和忠誠度計劃，並在本財年晚些時候擴大我們的即飲產品的分銷時，我們將在甚至比我們今天更高的水平。

Following China, we went to India where our business with JV partner Tata, already 80 stores strong, is growing faster on a percentage basis than any other region in the world.

繼中國之後，我們去了印度，在那裡我們與合資夥伴塔塔的業務已經擁有 80 家強大的門店，其增長速度比世界上任何其他地區都要快。

And we saw firsthand the excitement consumers have for the Starbucks brand and the deep authentic connections our partners are creating with their customers.

我們親眼目睹了消費者對星巴克品牌的興奮，以及我們的合作夥伴與他們的客戶建立的深厚而真實的聯繫。

Starbucks Coffee Company has always and will continue to play the long game with strict adherence to our strategic plan for growing our business and continuing to deliver world-leading financial and operating performance and long-term sustainable, profitable growth into the future.

星巴克咖啡公司一直並將繼續嚴格遵守我們發展業務的戰略計劃，並繼續提供世界領先的財務和運營業績以及未來的長期可持續盈利增長。

And that growth will include continued growth of our K-Cup business.

這種增長將包括我們 K-Cup 業務的持續增長。

Over the last five years, we have invested and build a strong sustainable single-serve business operating on the current K-Cup platform, and today Starbucks is the leading brand with the leading share on that platform.

在過去的五年裡，我們投資並建立了一個強大的可持續單一服務業務，在當前的 K-Cup 平台上運營，如今星巴克是該平台上份額領先的領先品牌。

Since Keurig announced it was selling itself, we have fielded many questions about our intentions following the sale.

自從 Keurig 宣佈出售自己後，我們就出售後的意圖提出了許多疑問。

I want to assure retailers, the millions of consumers who demand Starbucks branded coffees to their Keurig brewers, many of whom have told us that they actually purchased a Keurig brewer only after Starbucks coffee became available in the platform and at the market, that we are in the K-Cup business to stay.

我想向零售商保證，向他們的 Keurig 咖啡機要求星巴克品牌咖啡的數百萬消費者，其中許多人告訴我們，他們實際上是在星巴克咖啡在平台和市場上銷售後才購買了 Keurig 咖啡機，我們是在K-Cup事業中留下來。

However, at this moment, the only matter that remains unresolved is whether we will be doing so in conjunction with Keurig or on our own.

然而，目前唯一未解決的問題是我們是與 Keurig 一起這樣做還是單獨這樣做。

Starbucks is combining unparalleled financial performance with unmatched groundbreaking innovation that is being embraced by customers and our people around the world.

星巴克將無與倫比的財務業績與無與倫比的突破性創新相結合，受到全球客戶和員工的歡迎。

And we now have so much on the horizon.

我們現在有很多事情要做。

Never in 24 years as a public company has the Starbucks brand or business been stronger or more universally relevant and accepted than it is today, and never before have the opportunities lie ahead or our aspirations ever been greater.

作為一家上市公司的 24 年來，星巴克的品牌或業務從未像今天這樣強大或更具有普遍相關性和接受度，而且以前從未有過機會擺在面前，也從未有過我們的抱負如此之大。

We remain humble and steadfast in our mission to exceed the expectations of our customers and our partners to share our success with our people and the communities we serve to create positive social impact and to continue along our path of building a great enduring company.

我們保持謙虛和堅定的使命，超越客戶和合作夥伴的期望，與我們的員工和我們服務的社區分享我們的成功，創造積極的社會影響，並繼續沿著建設一家偉大的持久公司的道路前進。

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

有了這個，我會把電話轉給凱文。

Kevin?

凱文？

Thanks Howard.

謝謝霍華德。

Good afternoon everyone.

大家下午好。

I'd like to build on Howard's comments and share a few observations on the quarter before asking Mike Conway to discuss the amazing performance channel development delivered in Q1.

在請 Mike Conway 討論第一季度交付的令人驚嘆的績效渠道開發之前，我想以霍華德的評論為基礎，分享一些關於本季度的觀察。

Scott Maw will then take us through the Q1 financials in detail.

然後 Scott Maw 將詳細介紹第一季度的財務狀況。

Starbucks' global comp store sales grew 8% in Q1 with 4% coming from increased traffic.

星巴克第一季度全球小賣部銷售額增長 8%，其中 4% 來自客流量增加。

This represented our 24th consecutive quarter of comp growth of 5% or greater.

這代表我們連續第 24 個季度實現 5% 或更高的收入增長。

As Howard mentioned, we are experiencing significant transaction growth in every geographic region and that contributed to our strong Q1 performance.

正如霍華德所提到的，我們在每個地理區域都經歷了顯著的交易增長，這為我們強勁的第一季度業績做出了貢獻。

On our last earnings call, I reinforced the clarity we have around our strategic priorities, investments we are making in the business, and the focus we have on operational execution.

在我們上次的財報電話會議上，我強調了我們對戰略重點、我們對業務的投資以及我們對運營執行的關注的清晰度。

This clarity and focus is enabling every segment of our business to deliver.

這種清晰和專注使我們業務的每個部分都能交付。

Retail, channel development and digital are driving the revenue and profit increases we are seeing and elevating the Starbucks brand in the mind of consumers the world over.

零售、渠道開發和數字化正在推動我們看到的收入和利潤增長，並提升星巴克品牌在全球消費者心目中的地位。

This holiday season, we delivered meaningful beverage and food innovation with Holiday Spice Flat White and an expanded holiday food platform to enhance the in-store holiday experience.

在這個節日季，我們通過 Holiday Spice Flat White 和擴展的節日食品平台提供有意義的飲料和食品創新，以提升店內節日體驗。

And we leveraged our digital assets to reward our most loyal customers with five specialized Very Monday offers throughout the holiday season.

我們利用我們的數字資產在整個假期期間通過五種專門的“非常星期一”優惠來獎勵我們最忠實的客戶。

Those offers, combined with the Starbucks for Life sweepstakes, this year open only to our MSR members, drove customer traffic and increased MSR loyalty membership.

這些優惠與今年僅對我們的 MSR 會員開放的 Starbucks for Life 抽獎活動相結合，推動了客戶流量並增加了 MSR 忠誠度會員。

Retail innovation and digital engagement were then complemented by great execution across all channels, where sales of our packaged Holiday Blend coffee was particularly strong, our new Christmas Blend Reserve coffee quickly sold out, and our K-Cup platforms delivered record dollar share for the quarter.

然後，零售創新和數字參與得到了所有渠道的出色執行的補充，其中我們包裝的假日混合咖啡的銷售特別強勁，我們的新聖誕混合儲備咖啡迅速售罄，我們的 K-Cup 平台在本季度實現了創紀錄的美元份額.

Starbucks gift cards once again enabled customers to give the gift of choice.

星巴克禮品卡再次讓顧客成為送禮首選。

And this year, one in six American adults received a Starbucks gift card, up from one in seven last year and one in eight the year before.

今年，六分之一的美國成年人收到星巴克禮品卡，高於去年的七分之一和前年的八分之一。

And this holiday, $1.9 billion was loaded on cards in the US and Canada in Q1 alone, up 19% over a year ago.

而在這個假期，僅在第一季度，美國和加拿大的銀行卡就充值了 19 億美元，比一年前增長了 19%。

Gift cards lead to increased MSR membership, and the digital flywheel spins faster and with increased strength and momentum.

禮品卡導致 MSR 會員數量增加，數字飛輪旋轉得更快，強度和動量也增加。

This dynamic was reflected in the performance in each of our segments.

這種動態反映在我們每個細分市場的表現中。

Our fast-growing Americas segment had another very strong quarter, posting 9% comp growth with 4% coming from an increase in traffic.

我們快速增長的美洲市場又迎來了一個非常強勁的季度，實現了 9% 的複合增長率，其中 4% 來自流量的增加。

The Americas added 171 net new stores in the quarter and 573 net new stores over the past 12 months.

美洲本季度淨增 171 家新店，過去 12 個月淨增 573 家。

Core offerings in our blended espresso and iced beverage platforms, including innovations such as Teavana Shaken iced teas and cold brewed coffee, delivered double-digit growth in the quarter and drove 4 points of comp in the US.

我們混合濃縮咖啡和冰鎮飲料平台的核心產品，包括 Teavana Shaken 冰茶和冷泡咖啡等創新產品，在本季度實現了兩位數的增長，並在美國推動了 4 個百分點的增長。

Beverage innovation and the sales of Teavana branded handcrafted tea beverages in Starbucks retail each submitted 1 point the US comp growth.

飲料創新和 Teavana 品牌手工製作茶飲料在星巴克零售店的銷售額分別為美國 comp 增長貢獻了 1 個百分點。

And our morning daypart saw its strongest growth in five years.

我們早上的時段出現了五年來最強勁的增長。

Food revenue was up nearly 20% over last year, contributing 3 points of US comp sales in the quarter.

食品收入比去年增長近 20%，佔本季度美國食品銷售額的 3 個百分點。

Our food business is growing across all dayparts with Bistro Boxes up 65% and breakfast sandwiches up more than 40% year-over-year.

我們的食品業務在所有時段都在增長，Bistro Boxes 同比增長 65%，早餐三明治同比增長 40% 以上。

Our newest class of stores continues to perform extremely well with first-year average volumes exceeding $1.4 million while delivering record profitability and return on investment.

我們最新的門店繼續表現出色，第一年的平均銷量超過 140 萬美元，同時實現創紀錄的盈利能力和投資回報率。

Moving onto CAP, the change in ownership of Starbucks Japan, the addition of 281 net new stores in CAP and comp growth of 5% from our existing store base drove CAP revenues up 32%.

在 CAP 方面，星巴克日本的所有權變更、CAP 淨增 281 家新店以及我們現有門店基礎增長 5% 使 CAP 收入增長了 32%。

We remain very bullish on our long-term growth potential in CAP where we now operate over 5,700 stores, and we remain on plan to double our CAP store count to roughly 10,000 locations by 2019.

我們仍然非常看好我們在 CAP 的長期增長潛力，我們現在經營超過 5,700 家門店，並且我們仍然計劃到 2019 年將我們的 CAP 門店數量翻一番，達到大約 10,000 家。

We opened the market in Cambodia, our 16th CAP market in Q1.

我們在柬埔寨開設了市場，這是我們在第一季度的第 16 個 CAP 市場。

One way we are continuing to extend our coffee leadership and authority around all things coffee in CAP is by expanding our successful Reserve platform where we now have over 200 stores selling Starbucks Reserve.

我們繼續擴大我們在 CAP 咖啡領域的領導地位和權威的一種方式是擴展我們成功的 Reserve 平台，我們現在有 200 多家商店銷售 Starbucks Reserve。

Operating and financial performance across our CAP Reserve stores is among the highest of any stores across the entire global portfolio.

我們的 CAP Reserve 門店的運營和財務業績在全球所有門店中名列前茅。

As Howard mentioned, China, Starbucks' largest market outside the US, remains a very big part of our CAP story.

正如霍華德所說，中國是星巴克在美國以外最大的市場，仍然是我們 CAP 故事的重要組成部分。

We now operate roughly 2,000 stores on mainland China with a presence in nearly 100 cities, and we are on plan to achieve our goal of having 3,400 stores by fiscal year 2019.

我們目前在中國大陸經營著約 2,000 家門店，業務遍及近 100 個城市，我們計劃在 2019 財年實現擁有 3,400 家門店的目標。

As we grow our store footprint, particularly in China, it is important to note that our new class of Company-operated stores in CAP is significantly outperforming even the most recent prior class, reflecting both the increasing strength of the Starbucks brand in the region and improved operating leverage, both of which contribute to the great confidence we have in the opportunity that lies ahead for us in the CAP region.

隨著我們門店足蹟的擴大，尤其是在中國，值得注意的是，我們在 CAP 的新類別公司經營門店的表現甚至明顯優於最近的前一類，這反映了星巴克品牌在該地區的實力不斷增強以及提高經營槓桿，這兩者都有助於我們對我們在 CAP 地區面臨的機會充滿信心。

Our business in Japan continues to be very strong.

我們在日本的業務繼續非常強勁。

We are benefiting from solid execution against our plans to leverage the brand and our connection to customers to drive growth across all dayparts in the key Japanese market.

我們正受益於我們利用品牌和我們與客戶的聯繫來推動主要日本市場所有時段增長的計劃的可靠執行。

Noteworthy is that Q1 was the first quarter in which our stores in Japan are included in our global comp base.

值得注意的是，第一季度是我們在日本的商店被納入全球競爭基礎的第一個季度。

The passion and commitment of our partners in CAP is enabling us to deliver a great customer experience that is strengthening our connection with customers and driving our business throughout the region.

我們在 CAP 的合作夥伴的熱情和承諾使我們能夠提供出色的客戶體驗，從而加強我們與客戶的聯繫並推動我們在整個地區的業務發展。

Let's move on to EMEA.

讓我們繼續歐洲、中東和非洲。

Our EMEA segment delivered 1% comp growth, representing its 11th consecutive quarter of positive comps.

我們的 EMEA 部門實現了 1% 的收入增長，這是其連續第 11 個季度實現積極收入。

Fairly strong performance, given the dramatic decline in consumer and tourist activity across many of Western Europe's largest cities following the horrific November 15 terrorist attacks in Paris.

鑑於 11 月 15 日可怕的巴黎恐怖襲擊事件後，西歐許多最大城市的消費者和旅遊活動急劇下降，因此表現相當強勁。

Business prior to those attacks was strong and EMEA was on track to have a solid quarter.

在這些攻擊發生之前，業務表現強勁，歐洲、中東和非洲地區有望迎來穩健的季度。

We have quite recently begun to see the effects of that region's resilience and a recovery.

我們最近開始看到該地區恢復力和復甦的影響。

We opened a flagship Starbucks reserve store in London, setting the stage for significant expansion of our Starbucks Reserve platform across the EMEA region in the months and quarters ahead.

我們在倫敦開設了一家星巴克精品店旗艦店，為未來幾個月和幾個季度在歐洲、中東和非洲地區顯著擴展我們的星巴克精品店平台奠定了基礎。

EMEA continued to rebalance its store portfolio, ending the quarter with 71% of all EMEA stores now being licensed, up from 63% at the end of Q1 last year.

EMEA 繼續重新平衡其商店組合，在本季度結束時，71% 的 EMEA 商店現在獲得許可，高於去年第一季度末的 63%。

The segment opened 79 net new stores in the quarter, all of which were licensed, including our first store in Kazakhstan, our 36th EMEA market, which opened to a tremendous customer and partner response.

該部門在本季度淨開設了 79 家新店，所有這些都獲得了許可，包括我們在哈薩克斯坦的第一家店，這是我們在 EMEA 市場的第 36 個店，開業後獲得了巨大的客戶和合作夥伴反響。

We look forward to opening new EMEA markets in South Africa and Luxembourg in 2016.

我們期待 2016 年在南非和盧森堡開闢新的 EMEA 市場。

In addition to strong retail performance, our channel development segment delivered record results in the quarter.

除了強勁的零售業績外，我們的渠道開發部門在本季度還取得了創紀錄的業績。

And we've asked Michael Conway, who leads channel development, to share some highlights.

我們請來了負責渠道開發的 Michael Conway 分享一些亮點。

Mike?

麥克風？

Thank you, Kevin, and good afternoon everyone.

謝謝你，凱文，大家下午好。

Channel development continued its strong momentum and delivered record financial and operating performance in Q1 while connecting more and more people to Starbucks Coffee around the world where they live, work and play.

渠道發展繼續保持強勁勢頭，並在第一季度創造了創紀錄的財務和運營業績，同時將越來越多的人連接到他們生活、工作和娛樂的世界各地的星巴克咖啡。

We experienced record revenues of $512 million, and we were up 16% over Q1 last year following a 14% increase in Q4 of fiscal 2015.

我們經歷了創紀錄的 5.12 億美元收入，繼 2015 財年第四季度增長 14% 之後，我們比去年第一季度增長了 16%。

This was driven by strength of our US CPG, ready-serve coffee and food service businesses.

這是由我們的美國 CPG、即食咖啡和食品服務業務的實力推動的。

Our operating income grew 23% in the quarter to $193 million.

本季度我們的營業收入增長了 23%，達到 1.93 億美元。

In Q1, each of our US at-home coffee segments significantly outpaced the overall category punctuated by strong in-store execution of our holiday program in the US.

在第一季度，我們在美國的每個家庭咖啡細分市場都大大超過了整體類別，這得益於我們在美國的假期計劃在店內的強勁執行。

Just as our Starbucks stores turned red to signal the holidays, Starbucks also turned the aisles red with nearly two out of three grocery stores on average having a holiday display in December.

就像我們的星巴克門店變紅以示假期一樣，星巴克也將過道變紅，平均有近三分之二的雜貨店在 12 月有節日展示。

In addition, our limited-time Holiday Blend coffee in both K-Cup and Roast and Grounds was the fastest selling coffee in the Starbucks portfolio in the first quarter.

此外，我們在 K-Cup 和 Roast and Grounds 中限時推出的 Holiday Blend 咖啡是第一季度星巴克產品組合中銷售最快的咖啡。

Both the Starbucks Roast and Ground and Starbucks K-Cup platforms delivered record dollar share for the quarter.

星巴克 Roast and Ground 和星巴克 K-Cup 平台在本季度都創造了創紀錄的美元份額。

Already the leader in premium coffee, total Starbucks grew 16%, more than five times total category growth, moving Starbucks ahead of Kraft to become the number two player in all of coffee.

星巴克已經成為優質咖啡的領導者，整體增長 16%，是整體品類增長的五倍多，星巴克超越卡夫成為所有咖啡領域的第二大玩家。

In addition, Starbucks was the fastest-growing coffee company and the largest contributor to category growth.

此外，星巴克是增長最快的咖啡公司，也是品類增長的最大貢獻者。

Starbucks K-Cups posted very strong dollar sales growth of 20% and gained 100 basis points of share to a record 17.2%, making Starbucks yet again the number one K-Cup brand for the quarter and now also the number one brand for the full calendar year while creating further share gap separation from our nearest competitor.

星巴克 K-Cups 的美元銷售額增長非常強勁，達到 20%，市場份額增長 100 個基點，達到創紀錄的 17.2%，使星巴克再次成為本季度排名第一的 K-Cup 品牌，現在也是全市場排名第一的品牌日曆年，同時與我們最接近的競爭對手形成進一步的份額差距。

Recently launched Starbucks hot cocoa K-Cups contributed to our share increase, quickly becoming the third fastest moving SKU within our K-Cup portfolio in December.

最近推出的星巴克熱可可 K-Cups 為我們的份額增長做出了貢獻，在 12 月迅速成為我們 K-Cup 產品組合中移動速度第三快的 SKU。

Starbucks Roast and Ground continues to be the number one premium packaged coffee brand with dollar sales growth of 10% and share growth of 160 basis points to a record 27.3% share for the quarter.

星巴克 Roast and Ground 繼續成為排名第一的優質包裝咖啡品牌，銷售額增長 10%，份額增長 160 個基點，本季度份額達到創紀錄的 27.3%。

Our food service business continued to lead the industry in Q1 with 14% net revenue growth compared to an average industry growth of 2% to 3%.

我們的餐飲服務業務在第一季度繼續引領行業，淨收入增長 14%，而行業平均增長率為 2% 至 3%。

We saw strength across several channels of business, including college and university, travel, and office coffee, as employers are increasingly offering Starbucks as the premium coffee of choice to their employees and their customers.

我們看到了多個業務渠道的優勢，包括學院和大學、旅遊和辦公室咖啡，因為雇主越來越多地將星巴克作為其員工和客戶的首選優質咖啡。

Our Q1 performance was also positively impacted by revenue growth from existing partner accounts such as Delta Airlines and The Compass Group.

我們第一季度的業績也受到現有合作夥伴客戶（如達美航空和 The Compass Group）收入增長的積極影響。

Turning to ready-to-drink coffee, our North American coffee partnership with PepsiCo posted excellent results during the quarter.

談到即飲咖啡，我們與百事可樂的北美咖啡合作夥伴關係在本季度取得了優異的成績。

System sales as measured by IRI grew 22%, resulting in a 110 basis point share gain in the total liquid coffee and energy segment to 13.4%, driven by new product innovation in our Frappuccino and Double Shot platforms and through expanded distribution.

由 IRI 衡量的系統銷售額增長了 22%，導致整個液態咖啡和能源部門的份額增長 110 個基點，達到 13.4%，這得益於我們的 Frappuccino 和 Double Shot 平台的新產品創新以及擴大分銷。

For the full calendar year, Starbucks is now the number eight brand in the liquid refreshment beverage category and ahead of established brands such as PowerAde and Sprite.

在整個日曆年中，星巴克現在是液體清涼飲料類別中的第八大品牌，領先於 PowerAde 和 Sprite 等知名品牌。

Beyond the US, we continue to successfully execute against plans to build our global ready-to-drink coffee business.

在美國以外，我們繼續成功執行建立全球即飲咖啡業務的計劃。

Our partnership in China with Tingyi is on track for a midyear 2016 product launch.

我們與康師傅在中國的合作有望在 2016 年年中推出產品。

And through our newer agreement with PepsiCo Latin America, we will be building distribution in the region during the second half of 2016.

通過我們與百事拉丁美洲的新協議，我們將在 2016 年下半年在該地區建立分銷渠道。

We are also increasing our ready-to-drink penetration in EMEA with momentum building from our most recent launches in six Middle East markets.

我們還通過最近在六個中東市場推出的勢頭增強了我們在 EMEA 的即飲飲料滲透率。

Our outlook for 2016 remains positive, supported by strong in-store programming and new product launches like Starbucks latte K-Cups for both coffee and tea.

我們對 2016 年的展望仍然樂觀，這得益於強大的店內計劃和新產品發布，例如星巴克咖啡和茶拿鐵 K-Cups。

Combined with the strength of the Starbucks brands and the quality of our coffee, we will continue to delight our customers, outpace the category and build upon our leadership position in the market.

結合星巴克品牌的實力和我們咖啡的品質，我們將繼續取悅我們的客戶，超越同類產品並鞏固我們在市場上的領導地位。

With that, I'll turn the call back over to Kevin.

有了這個，我會把電話轉回給凱文。

Kevin?

凱文？

Thanks Mike.

謝謝邁克。

A key element of our strategy is our Starbucks Rewards loyalty program combined with digital engagement.

我們戰略的一個關鍵要素是我們的星巴克獎勵忠誠度計劃與數字參與相結合。

This was another quarter of solid progress.

這是又一個四分之一的穩步進展。

We continued to see broad customer acceptance and adoption of our mobile platform and the Starbucks mobile app has emerged as an evolving platform and a profit driver of its own.

我們繼續看到客戶廣泛接受和採用我們的移動平台，而星巴克移動應用程序已成為一個不斷發展的平台和自身的利潤驅動力。

We increased the number of active MSR members in the US to 11.1 million, up 23% over Q1 last year.

我們將美國活躍的 MSR 成員數量增加到 1110 萬，比去年第一季度增長了 23%。

We are seeing growth of active MSR customers in markets around the world.

我們看到全球市場上活躍的 MSR 客戶在增長。

Customer engagement is also growing.

客戶參與度也在增長。

In the quarter, over 21% of total US transactions were paid using the mobile apps with December accelerating to 22%, and we are seeing further acceleration in the month of January.

在本季度，超過 21% 的美國交易是使用移動應用程序支付的，12 月份加速到 22%，我們看到 1 月份進一步加速。

Over 1 million customers in the US used our Mobile Order & Pay capability in the month of December, and those customers averaged approximately five mobile orders in the month, driving meaningful revenue growth and incrementality.

12 月份，美國有超過 100 萬客戶使用了我們的移動訂單和支付功能，這些客戶平均每個月約有 5 個移動訂單，推動了有意義的收入增長和增量。

Usage of Mobile Order & Pay is growing and we are now processing over 6 million Mobile Order & Pay transactions per month.

Mobile Order & Pay 的使用正在增長，我們現在每月處理超過 600 萬筆 Mobile Order & Pay 交易。

In many of our busiest stores where morning peak demand is high, Mobile Order & Pay exceeds 10% of total transactions.

在我們許多最繁忙的早高峰需求旺盛的商店中，移動訂單和支付超過總交易量的 10%。

And we have just scratched the surface.

我們只是觸及了表面。

We have bigger aspirations for our digital plan and we are expanding the digital agenda across four key pillars.

我們對數字計劃抱有更大的抱負，我們正在將數字議程擴展到四個關鍵支柱。

The first is delivery.

首先是交付。

We are extending Mobile Order & Pay to include a delivery option for customers.

我們正在擴展 Mobile Order & Pay，為客戶提供送貨選項。

Pilots are underway in Seattle and New York City, and we are learning many new things that will help us shape the future of delivery.

試點正在西雅圖和紐約市進行，我們正在學習許多有助於我們塑造交付未來的新事物。

Number two, personalized offerings.

第二，個性化產品。

We have invested in technology to help us better personalize the offers we make to our loyalty customers.

我們投資於技術，以幫助我們更好地個性化我們向忠誠客戶提供的優惠。

This will strengthen our customer connection and fuel growth.

這將加強我們的客戶聯繫並推動增長。

Number three, global deployment.

第三，全球部署。

We are committed to leveraging these digital experiences in our major Company-operated markets, and with our licensee partners.

我們致力於在公司運營的主要市場以及我們的被許可合作夥伴中利用這些數字體驗。

And number four, digital media.

第四，數字媒體。

The Spotify music capability we launched this week is one example of an integrated digital media experience.

我們本週推出的 Spotify 音樂功能就是集成數字媒體體驗的一個例子。

We plan to explore additional digital media scenarios that are entertaining and interesting to consumers, and that align with our brand.

我們計劃探索更多對消費者來說具有娛樂性和趣味性並與我們的品牌相符的數字媒體場景。

The Starbucks digital Flywheel is driven by our loyalty program and membership in My Starbucks Rewards has grown by over 50% in the last two years.

星巴克數字飛輪由我們的忠誠度計劃驅動，My Starbucks Rewards 的會員在過去兩年中增長了 50% 以上。

In 2016, we will be enhancing the Starbucks Rewards program and enable our loyalty customers to earn stars in many new and exciting ways.

2016 年，我們將加強星享俱樂部計劃，讓我們的忠誠顧客能夠以許多令人興奮的新方式贏得星辰。

Clarity of our strategic priorities and investments combined with a focus on excellence and execution is powering our results.

我們的戰略重點和投資的明確性與對卓越和執行的關注相結合，為我們的成果提供了動力。

I'll now hand the call over to Scott to take us through our Q1 financial results in detail.

我現在將電話轉給斯科特，讓我們詳細了解第一季度的財務業績。

Scott?

斯科特？

Thanks, Kevin, and good afternoon everyone.

謝謝，凱文，大家下午好。

We kicked off fiscal 2016 with another record-breaking quarter and a continuation of the accelerating momentum we saw in our business throughout 2015.

我們以又一個創紀錄的季度拉開了 2016 財年的序幕，並延續了我們在整個 2015 年業務中看到的加速勢頭。

As Howard shared, in Q1, Starbucks' operating income increased 16% year-over-year and exceeded $1 billion in a single quarter for the first time ever, and we delivered a strong operating margin of 19.7%, 60 basis points over last year.

正如霍華德分享的那樣，在第一季度，星巴克的營業收入同比增長 16%，單季度首次超過 10 億美元，我們實現了 19.7% 的強勁營業利潤率，比去年同期高出 60 個基點.

Q1 GAAP EPS of $0.46 compares to GAAP EPS of $0.65 in Q1 2015.

第一季度 GAAP 每股收益為 0.46 美元，而 2015 年第一季度的 GAAP 每股收益為 0.65 美元。

Noteworthy is that Q1 2015 included the gain of $0.26 on the acquisition of Starbucks Japan.

值得注意的是，2015 年第一季度包括收購星巴克日本的 0.26 美元收益。

Excluding certain Starbucks Japan related items, non-GAAP operating margin grew 40 basis points over Q1 of last year to a quarterly record 19.9% and non-GAAP EPS also increased 15% year-over-year and reached a quarterly record $0.46.

不包括某些星巴克日本相關項目，非美國通用會計準則營業利潤率比去年第一季度增長 40 個基點，達到創紀錄的季度 19.9%，非美國通用會計準則每股收益也同比增長 15%，達到創紀錄的季度 0.46 美元。

For Q1 operating margin, strong sales leverage and favorability in cost of goods sold was partially offset by the impact of our partner in digital investments.

對於第一季度的營業利潤率，強大的銷售槓桿和銷售成本的優勢被我們合作夥伴在數字投資方面的影響部分抵消了。

Also, Q1 revenue growth included 2 points of negative foreign exchange impact and non-GAAP EPS growth included 5 points of negative foreign exchange impact.

此外，第一季度收入增長包括 2 個百分點的負面外匯影響，非 GAAP 每股收益增長包括 5 個百分點的負面外匯影響。

I'll now take you through the individual segment performance in Q1.

我現在將帶您了解第一季度的各個細分市場表現。

Americas, our largest business segment, has never been stronger, driving 14% operating income growth over Q1 last year and contributing a record high $935 million.

美洲是我們最大的業務部門，從未如此強勁，推動營業收入比去年第一季度增長 14%，貢獻了 9.35 億美元的歷史新高。

Americas operating margin expanded by 80 basis points to 25.1%, also a Q1 record, driven primarily by sales leverage and excellent management around cost of goods sold.

美洲的營業利潤率增長了 80 個基點，達到 25.1%，也創下了第一季度的記錄，這主要是由於銷售槓桿和圍繞已售商品成本的出色管理。

The margin improvement we saw in Q1 in the Americas is even more significant when considering that the vast bulk of our partner in digital investments began in our Q2 last year.

考慮到我們的大部分數字投資合作夥伴是從去年第二季度開始的，我們在第一季度看到的美洲利潤率改善更為顯著。

So we will not begin lapping those investments until next quarter.

因此，我們要到下個季度才會開始進行這些投資。

The increase in partner and digital investments is reflected in the details of our margin change as store operating expenses increased 80 basis points as a percentage of retail revenue, a figure that includes 120 basis points of impact from these investments.

合作夥伴和數字投資的增加反映在我們利潤率變化的細節中，因為商店運營費用佔零售收入的百分比增加了 80 個基點，這個數字包括這些投資的 120 個基點的影響。

We see moderate margin expansion in the Americas business for the full year 2016 despite the significant investments we continue to make.

儘管我們繼續進行大量投資，但我們預計 2016 年全年美洲業務的利潤率將適度增長。

Moving on to our China Asia-Pacific segment, on a GAAP basis, CAP operating income grew 17% over Q1 last year to a new quarterly record of $127 million.

轉到我們的中國亞太區，根據 GAAP，CAP 營業收入比去年第一季度增長 17%，達到 1.27 億美元的季度新紀錄。

GAAP operating margin declined 240 basis points to 19.4%, due primarily to the impact of the ownership change for Starbucks Japan, offset by positive sales leverage.

GAAP 營業利潤率下降 240 個基點至 19.4%，這主要是由於星巴克日本所有權變動的影響，被積極的銷售槓桿所抵消。

On a non-GAAP basis, CAP operating income increased 20% over Q1 last year.

在非 GAAP 基礎上，CAP 營業收入比去年第一季度增長了 20%。

Operating margin, excluding the full 330 basis point impact of our ownership change in Starbucks Japan, increased 90 basis points, driven primarily by strong sales leverage and higher income from our joint venture operations, partially offset by higher store operating expenses.

營業利潤率（不包括我們在日本星巴克的所有權變更帶來的全部 330 個基點的影響）增加了 90 個基點，這主要是由於強大的銷售槓桿和我們合資企業的收入增加，部分被更高的門店運營費用所抵消。

By way of reminder, our Q1 2015 results in CAP reflect pre-acquisition joint venture accounting treatment for the first five weeks of the quarter, and our stores in Japan are included in our global comp store base in December, consistent with our established policy.

提醒一下，我們在 CAP 中的 2015 年第一季度業績反映了本季度前五週的收購前合資企業會計處理，我們在日本的商店在 12 月被納入我們的全球商店基地，這與我們既定的政策一致。

Given the complexity of modeling our CAP segment in the period immediately following the Japan ownership change, I thought it would be helpful to reiterate that factoring in the impact of adding over 1,000 stores in Japan into the fiscal 2016 calculation, we expect CAP comps to land in the mid-single digits.

鑑於在日本所有權變更後的這段時間內對我們的 CAP 細分市場進行建模的複雜性，我認為重申考慮到在 2016 財年計算中在日本增加 1,000 多家門店的影響，我們預計 CAP comps 會有所幫助在中間個位數。

Noteworthy is that our year one performance in Japan significantly exceeded the assumptions built into our acquisition model on each of comps, revenue, and operating income, supporting the tremendous optimism we have around our performance in Japan in the years ahead.

值得注意的是，我們在日本的第一年業績顯著超過了我們收購模型中對每項收入和營業收入的假設，這支持了我們對未來幾年在日本的業績的巨大樂觀。

Projected revenue growth in CAP will be in the midteens for the year, reflecting excellent growth in all of our major markets and a small benefit from the change in Japan ownership, partially offset by ongoing foreign-exchange headwinds.

CAP 的預計收入增長今年將達到 15%，反映出我們所有主要市場的出色增長以及日本所有權變化帶來的小幅收益，部分被持續的外匯逆風所抵消。

We still see CAP margins flat to down slightly compared to 2015 levels.

與 2015 年的水平相比，我們仍然看到 CAP 利潤率持平或略有下降。

Noteworthy is that we expect Q2 revenue growth and operating margin to be somewhat lower than the average for the year due to the impact of seasonality in our largest CAP markets.

值得注意的是，由於我們最大的 CAP 市場的季節性影響，我們預計第二季度的收入增長和營業利潤率將略低於全年平均水平。

EMEA's operating margin expanded 40 basis points to 15.4%, principally driven by gains on the sales of assets to our licensees, partially offset by somewhat lower margins in our license business resulting from higher cost of goods sold and the impact of lower sales in Company-owned stores, especially during holidays.

歐洲、中東和非洲地區的營業利潤率增長 40 個基點至 15.4%，這主要是由於向我們的被許可人出售資產的收益所推動，部分被我們的許可業務的利潤率有所降低所抵消，原因是銷售成本較高以及公司銷售額下降的影響-自有商店，尤其是在節假日期間。

EMEA's performance was particularly strong given the impact of foreign exchange and challenges to topline growth following the tragic terrorist attacks in Paris.

考慮到外彙的影響以及巴黎悲慘恐怖襲擊後收入增長面臨的挑戰，歐洲、中東和非洲地區的表現尤其強勁。

The strength and diversity of our EMEA portfolio were further punctuated in Q1 by strong comp performance from our license stores which delivered comp store sales growth in the high single digits.

我們的 EMEA 產品組合的實力和多樣性在第一季度因我們的授權商店的強勁表現而進一步突顯，這些表現使商店銷售額以高個位數增長。

While operating income in EMEA declined slightly from the prior year to $48 million, the strength of our underlying business and our expectation of a gradual return to normal operating conditions in the region gives us confidence that EMEA operating margins for the full fiscal year 2016 will still approach 15%, as we communicated to you last quarter.

雖然 EMEA 的營業收入比上一年略有下降至 4800 萬美元，但我們的基礎業務實力以及我們對該地區逐漸恢復正常經營狀況的預期讓我們相信 2016 年整個財政年度的 EMEA 營業利潤率仍將正如我們上個季度與您溝通的那樣，接近 15%。

Channel development's operating margin increased 210 basis points to 37.7% and segment operating income reached a quarterly record $193 million, 23% over Q1 last year.

Channel Development 的營業利潤率增長 210 個基點，達到 37.7%，分部營業收入達到創紀錄的季度 1.93 億美元，比去年第一季度增長 23%。

Another record quarter from our North American coffee partnership business with Pepsi and cost of goods sold favorability were the primary driver of channel development's margin improvement in Q1.

我們與百事可樂的北美咖啡合作業務的另一個創紀錄的季度和銷售商品成本的好感度是第一季度渠道開發利潤率提高的主要驅動力。

As Mike mentioned, profitability growth was ahead of expectation due to strong market share gains across all of our key business lines and excellent execution in operations.

正如 Mike 所提到的，由於我們所有主要業務線的強勁市場份額增長和出色的運營執行力，盈利增長超出了預期。

For the full year, we continue to expect moderate margin expansion in channel development over the prior year.

對於全年，我們繼續預計渠道開發的利潤率將比上一年適度增長。

As I stated at the outset, Starbucks had a very strong Q1 with solid revenue growth and impressive margin expansion.

正如我在一開始所說的那樣，星巴克第一季度的收入增長非常強勁，利潤率增長令人印象深刻。

For Q2, we are expecting GAAP EPS in the range of $0.37 to $0.38 and non-GAAP EPS in the range of $0.38 to $0.39, representing non-GAAP EPS growth of 15% to 18%.

對於第二季度，我們預計 GAAP 每股收益在 0.37 美元到 0.38 美元之間，非 GAAP 每股收益在 0.38 美元到 0.39 美元之間，代表非 GAAP 每股收益增長 15% 到 18%。

Let me take a moment to reiterate the EPS ranges for fiscal 2016 we provided to you last quarter.

讓我花點時間重申一下我們上個季度提供給您的 2016 財年每股收益範圍。

GAAP EPS in the range of $1.84 to $1.86, and non-GAAP EPS in the range of $1.87 to $1.89, including the 53rd week, which adds approximately $0.06 to Q4.

GAAP 每股收益在 1.84 美元至 1.86 美元之間，非 GAAP 每股收益在 1.87 美元至 1.89 美元之間，包括第 53 週，這使第四季度增加了約 0.06 美元。

This represents 18% to 20% EPS growth for the year.

這代表全年每股收益增長 18% 至 20%。

For the full year, foreign exchange is now expected to be a negative impact on revenue growth by 2 points and negatively impact non-GAAP EPS growth by 3 points, each up 1 full point from our previous guidance.

對於全年，外匯現在預計將對收入增長產生 2 個百分點的負面影響，並對非 GAAP 每股收益增長產生 3 個百分點的負面影響，每個都比我們之前的指導高出 1 個百分點。

Foreign exchange headwinds and our willingness to accelerate and add to our partner and digital investments as we see opportunity are driving our decision not to increase our full-year EPS guidance despite our performance in Q1.

外匯逆風以及我們在看到機會時加速和增加合作夥伴和數字投資的意願正在促使我們決定不增加全年 EPS 指導，儘管我們在第一季度表現出色。

There seems to be some question that we have lowered guidance for the year.

似乎有人質疑我們降低了今年的指導。

As you can see, our full-year EPS guidance is completely consistent with last quarter despite the headwinds I just mentioned.

如您所見，儘管我剛才提到了不利因素，但我們的全年每股收益指引與上一季度完全一致。

Revenue growth is also expected to remain within our previous target range of 10% or greater on a 52-week basis with the 53rd week adding approximately 2 points to this figure.

預計收入增長也將保持在我們之前的 52 週目標範圍內 10% 或更高，第 53 週使該數字增加約 2 個百分點。

Given the strong comp performance we experienced this quarter, we remain confident in our ability to again deliver global comp sales growth somewhat above the mid-single digits for the year.

鑑於我們在本季度經歷的強勁表現，我們仍然相信我們有能力再次實現今年略高於中個位數的全球銷售增長。

We now expect investments in our partners and digital initiatives to total between $275 million and $300 million globally in 2016 compared to approximately $145 million in fiscal 2015.

我們現在預計 2016 年全球對合作夥伴和數字計劃的投資總額將在 2.75 億美元至 3 億美元之間，而 2015 財年約為 1.45 億美元。

This slight increase from our previous guidance range is driven by digital projects and supported by the strong results we are seeing from our investments to date, and the significant opportunities that lie ahead for us.

與我們之前的指導範圍相比略有增加是由數字項目推動的，並得到我們迄今為止從投資中看到的強勁成果以及我們面前的重大機遇的支持。

And by driving industry-leading comp growth, record revenues, record profitability and a reduction in partner attrition compared to a 5 point increase in attrition in the industry at large, these investments are continuing to pay off in a very big and demonstrable way.

通過推動行業領先的 comp 增長、創紀錄的收入、創紀錄的盈利能力以及合作夥伴流失的減少（與整個行業的流失率增加 5 個百分點相比），這些投資將繼續以非常大且可證明的方式獲得回報。

Noteworthy is that while our comp growth overall remains very strong in today's challenging retail environment, comps are the strongest in stores where partner attrition is the lowest, a function of the deep connection our partners build over time with our customers.

值得注意的是，雖然在當今充滿挑戰的零售環境中，我們的整體收入增長仍然非常強勁，但在合作夥伴流失率最低的商店中，收入增長最為強勁，這是我們的合作夥伴隨著時間的推移與客戶建立的深度聯繫的結果。

And ROIC in Q1 increased by approximately 100 basis points, reflecting the fact that the vast majority of our investments are beating our targeted hurdle rates.

第一季度的 ROIC 增加了大約 100 個基點，反映出我們的絕大多數投資都超過了我們的目標最低迴報率。

This applies particularly to Mobile Order & Pay where our expected return continues to be several times our consolidated ROIC.

這尤其適用於移動訂單和支付，我們的預期回報仍然是我們綜合 ROIC 的幾倍。

We continue to expect consolidated operating margins for fiscal 2016 to increase slightly related to 2015 on both a GAAP and non-GAAP basis, reflecting strong revenue growth, sales leverage and increased operating efficiency and performance, partially offset by the impact of increased partner and digital investments.

我們繼續預計 2016 財年的綜合營業利潤率在 GAAP 和非 GAAP 基礎上與 2015 年相比略有增加，反映出強勁的收入增長、銷售槓桿以及運營效率和績效的提高，部分被合作夥伴和數字業務增加的影響所抵消投資。

Moving onto commodities, with 2016 coffee needs nearly fully priced, we continue to expect a slightly favorable impact for the year.

轉向大宗商品，隨著 2016 年咖啡需求幾乎完全定價，我們繼續預計今年會產生略微有利的影響。

We are now beginning to price our coffee needs for fiscal 2017 and we'll provide updates as we lock in meaningful volumes.

我們現在開始為 2017 財年的咖啡需求定價，我們將在鎖定有意義的數量時提供更新。

We continue to expect to add approximately 1,800 net new stores globally in fiscal 2016, 700 in the Americas, 900 in China Asia-Pacific and 200 in EMEA.

我們繼續預計 2016 財年全球淨增約 1,800 家新店，美洲 700 家，中國亞太地區 900 家，歐洲、中東和非洲 200 家。

The outlook for our effective tax rate continues to be between 34% and 35%, and we still expect capital expenditures of $1.4 billion for fiscal 2016.

我們的有效稅率前景繼續保持在 34% 和 35% 之間，我們仍然預計 2016 財年的資本支出為 14 億美元。

Finally, we increased total cash returned to shareholders by more than 20% to over $500 million in Q1 and we have significantly and opportunistically increased our buyback activity since quarter end, given strong cash flows during the holiday period and recent equity market dynamics.

最後，我們在第一季度將返還給股東的總現金增加了 20% 以上，達到 5 億美元以上，並且鑑於假期期間的強勁現金流和近期的股市動態，我們自季度末以來顯著和機會主義地增加了回購活動。

Q1 of fiscal 2016 marks our seventh consecutive quarter of consolidated revenue growth in excess of 10%, our ninth consecutive quarter of operating margin in excess of 15%, and our 12 consecutive quarter of non-GAAP EPS growth greater than 15%.

2016 財年第一季度是我們連續第七個季度綜合收入增長超過 10%、連續第九個季度營業利潤率超過 15% 以及連續第 12 個季度非 GAAP 每股收益增長超過 15%。

And we see significant opportunities to continue and, as appropriate, selectively increase or accelerate investments in order to support this historical level of performance as we drive annual revenues to the $21 billion mark.

我們看到了繼續並酌情有選擇地增加或加速投資的重要機會，以在我們將年收入推至 210 億美元大關時支持這一歷史水平的業績。

The key today, as always, is to identify and to balance the right combination of targeted disciplined growth across the business with the appropriate levels of investment necessary to drive and support such growth.

一如既往，今天的關鍵是確定並平衡整個企業有針對性的紀律增長與推動和支持這種增長所需的適當投資水平的正確組合。

Finally, what is particularly exciting is that, despite our recent record performance, we still have clear line of sight on multiple opportunities in each of our segments and around the world to further accelerate topline growth and deliver outsized profits in the future.

最後，特別令人興奮的是，儘管我們最近取得了創紀錄的業績，但我們仍然清楚地看到我們每個部門和世界各地的多個機會，以進一步加速收入增長並在未來實現超額利潤。

The team and the strategic framework we have in place together with our proven ability to execute gives us confidence that disciplined increases in the speed and size of our investments when the right opportunities present themselves is smart business and the right thing to do for our customers, partners, and shareholders over the long-term.

我們擁有的團隊和戰略框架以及我們經過驗證的執行能力使我們有信心，當合適的機會出現時，我們投資的速度和規模的有紀律的增長是明智的業務，也是為我們的客戶做的正確事情，長期合作夥伴和股東。

We look forward to updating you on our progress as we move throughout the year.

我們期待著向您介紹我們全年的進展情況。

With that, we will turn the call back to the operator for Q&A.

有了這個，我們將把電話轉回接線員進行問答。

Operator?

操作員？

(Operator Instructions).

（操作員說明）。

Keith Siegner, UBS.

基思·西格納，瑞銀。

Thank you very much.

非常感謝你。

Just a quick question for me in thinking about the food attach and direct sales growth rates because those are monstrous numbers.

在考慮食品附加費和直接銷售增長率時，對我來說只是一個快速的問題，因為這些數字是驚人的。

If we think about what's driving this, and maybe, Kevin, this is for you, how much is Mobile Order & Pay adding to the food sales?

如果我們考慮是什麼推動了這一點，也許，凱文，這是給你的，移動訂單和支付對食品銷售有多大貢獻？

Is this innovation on product?

這是產品上的創新嗎？

Is it recipes, promotions through the MSR network?

是通過 MSR 網絡進行的食譜、促銷活動嗎？

Is it the placement in-store with some of the remodel work you've done?

是您完成的一些改造工作在店內的展示位置嗎？

What do you think is really driving these big numbers?

你認為真正推動這些大數字的是什麼？

And is it continued tweaks or expansion of Mobile Order & Pay that really keeps this going?

移動訂單和支付的持續調整或擴展是否真正讓這種情況持續下去？

Thanks.

謝謝。

Thanks for the question Keith.

感謝基思的提問。

I'll come and then I'll hand over to Cliff to share some more color on it.

我會來，然後我會交給 Cliff 來分享更多顏色。

I think, number one, we've been on a strategy around new occasions that had us investing in food and beverage innovation.

我認為，第一，我們一直在圍繞讓我們投資於食品和飲料創新的新場合製定戰略。

And I think number one that's driving it is that as we've continued to tune the food portfolio, I think we certainly have dialed in in the morning daypart and what we've done to complement the food items with our breakfast sandwiches, I think for lunch and afternoon daypart the Bistro Boxes and how we are dialing in there, and then we are laying the foundation for evening.

我認為推動它的第一件事是，隨著我們繼續調整食品組合，我想我們肯定已經在早上的時段撥通了電話，以及我們為用早餐三明治補充食品所做的工作，我認為午餐和下午的白天部分是 Bistro Boxes 以及我們如何撥入那裡，然後我們為晚上打下基礎。

So I think it's, number one, it's the innovation redundant food and how that's been presented to the customer in the stores.

所以我認為，第一，這是創新的冗餘食品，以及如何在商店中將其呈現給顧客。

I think that's a big part of it.

我認為這是其中很大一部分。

Certainly, digital helps because we can target offerings to get customers to try new things.

當然，數字化會有所幫助，因為我們可以定位產品以吸引客戶嘗試新事物。

And so what we find is, once we encourage trial, that starts to lead to repeatability.

所以我們發現，一旦我們鼓勵嘗試，就會開始導致可重複性。

So let me hand over to Cliff to add a little bit more color behind what we're doing in the stores to help drive that.

因此，讓我交給 Cliff 來為我們在商店中所做的事情添加更多色彩，以幫助推動這一點。

Thanks Kevin.

謝謝凱文。

And Keith, it's really an ongoing program.

基思，這確實是一個持續的計劃。

We now have some authority in our breakfast sandwich range and we continue to refine both the product and our availability, and we enhance our skills at both offering the product to customers through displays and through partner confidence in sharing the product.

我們現在在我們的早餐三明治系列中擁有一定的權威，我們將繼續改進產品和我們的可用性，並且我們通過展示和合作夥伴分享產品的信心來提高我們向客戶提供產品的技能。

One of the changes we made in Q2 last year was we introduced a food benefit for partners in the US who were working on shift, they could have free food.

我們在去年第二季度做出的改變之一是，我們為美國輪班工作的合作夥伴推出了一項食品福利，他們可以免費獲得食品。

And that I think has really helped them build confidence, and it's probably the best practice we've had with beverage for many years, so they are very proud of the product.

我認為這確實幫助他們建立了信心，這可能是我們多年來在飲料方面的最佳實踐，因此他們為該產品感到非常自豪。

We are continuing to enhance that range basing it off breakfast, but now in lunch and Bistro Box, as Kevin mentioned, has grown 65% and we own that format and we consider that another way that we can grow our range.

我們將繼續以早餐為基礎擴大這一範圍，但現在在午餐和 Bistro Box 中，正如凱文提到的那樣，已經增長了 65%，我們擁有這種格式，我們認為這是我們擴大範圍的另一種方式。

So it's having a confidence around food, having an authority around food and working on quality, variety, availability, and our selling skills of our partners.

因此，它對食品有信心，對食品有權威，並致力於質量、品種、可用性和我們合作夥伴的銷售技巧。

So all in all, it's going well and we have a lot more runway to continue to build food.

所以總的來說，一切進展順利，我們有更多的跑道來繼續生產食物。

Yes, then the personalization in the digital platform is just allowing us the one-on-one marketing capability that's driving trial.

是的，那麼數字平台中的個性化只是讓我們擁有推動試用的一對一營銷能力。

And I think that's a key aspect.

我認為這是一個關鍵方面。

So thanks for the question.

所以謝謝你的問題。

John Ivankoe, JPMorgan.

摩根大通的約翰·伊万科。

Great.

偉大的。

Hi.

你好。

Thank you.

謝謝你。

The question is on the partner investments that you've been doing in the Americas.

問題在於您在美洲進行的合作夥伴投資。

And certainly, it was very evident in this quarter as store operating expense was up 80 basis points year-over-year despite the 9% comp.

當然，這一點在本季度非常明顯，儘管商店營業費用為 9%，但同比增長 80 個基點。

So my question is how much do you view that investment that you've been making in partners really as a specific driver of comps over the past four quarters?

所以我的問題是，您認為在過去四個季度中，您對合作夥伴所做的投資在多大程度上真正成為了補償的特定驅動因素？

And as we think about lapping some of the investments that were made in the second quarter of 2016, does Starbucks have an opportunity to continue to invest in their partners, to continue to invest in margin as a way to get outside sales, or can you achieve outside sales levels and actually begin to get leverage on that line?

當我們考慮對 2016 年第二季度進行的一些投資進行重疊時，星巴克是否有機會繼續投資於他們的合作夥伴，繼續投資利潤作為獲得外部銷售的一種方式，或者你可以達到外部銷售水平並真正開始在該生產線上發揮影響力？

John, it's Cliff.

約翰，是克利夫。

The investments we are making in our partners, both in the technology side to give them the tools to improve the way they do the work and also in them as partners and the salaries and benefits, we are certainly seeing strengthening engagements, reduction in turnover at partner level, and we are seeing the opportunity to invest also in hours to capture more of the opportunity that presents itself.

我們對我們的合作夥伴進行的投資，無論是在技術方面，為他們提供工具來改善他們的工作方式，還是在他們作為合作夥伴以及薪水和福利方面，我們肯定會看到加強參與，減少營業額合作夥伴級別，我們也看到了投資時間的機會，以抓住更多出現的機會。

Certainly, it has helped us cope with the benefits from Mobile Order & Pay, and we have seen growth at peak times across all of our markets, and we've seen a strengthening in our weekend business, and this is what we've been investing in hours, we are investing in the quality and retention of our partners.

當然，它幫助我們應對了移動訂單和支付帶來的好處，我們在所有市場的高峰時段都看到了增長，並且我們看到了周末業務的增強，這就是我們一直以來的表現投資時間，我們投資於我們合作夥伴的質量和保留。

I think I would add, and you may recall, if you go back to the second quarter of last year when we introduced these partner investments, we started to see an acceleration of the business in comps and profitability.

我想我會補充一點，你可能還記得，如果你回到去年第二季度我們引入這些合作夥伴投資時，我們開始看到業務在競爭和盈利方面的加速。

And that continues every quarter as we increase those investments, and I would argue this quarter is a further acceleration of that.

隨著我們增加這些投資，這種情況每個季度都會繼續，我認為本季度會進一步加速。

Also, in 2016, we are starting to make these partner and digital investments internationally, not a big number in Q1, but as we move throughout the year, we are so convinced by the results that we are seeing in the US, we are starting to do some things in China, in Canada, and in the UK.

此外，在 2016 年，我們開始在國際上進行這些合作夥伴和數字投資，第一季度的數字並不大，但隨著我們全年的行動，我們對在美國看到的結果深信不疑，我們開始在中國，在加拿大，在英國做一些事情。

So we are completely convinced it's all tied together.

所以我們完全相信這一切都是聯繫在一起的。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

Good afternoon.

下午好。

Howard, I think you alluded to potentially going a different route with the K-Cups in the future, and maybe not partnering with Keurig.

霍華德，我認為你提到了未來可能與 K-Cups 走不同的路線，並且可能不與 Keurig 合作。

Can you kind of give us some more detail on what that might look like as it relates to Starbucks either from an upfront cost perspective or an ongoing margin perspective?

您能否從前期成本的角度或持續的利潤角度向我們提供更多關於與星巴克相關的細節？

Let me say it this way.

讓我這樣說吧。

Regardless of what we decide to do, there would be no dilution whatsoever in our current ability to deliver to the market or retain the margin which has been so attractive since we started.

無論我們決定做什麼，我們目前向市場交付或保留自我們開始以來一直如此有吸引力的利潤的能力都不會被稀釋。

We are in a unique position.

我們處於一個獨特的位置。

We have the leading share.

我們擁有領先的份額。

We know customers buy the brewer because of Starbucks.

我們知道顧客是因為星巴克而購買啤酒機的。

And it's a wait-and-see situation.

這是一個觀望的局面。

But the most important thing is we are reaffirming to the market and our customers they will have an ongoing stream of K-Cups, and there will be no dilution whatsoever in terms of our ability to maintain supply regardless of who is making it.

但最重要的是，我們向市場和我們的客戶重申，他們將擁有源源不斷的 K-Cups，而且無論誰製造，我們維持供應的能力都不會受到任何稀釋。

David Palmer, RBC Capital.

RBC Capital 的大衛·帕爾默 (David Palmer)。

Thanks.

謝謝。

I'm wondering about the learnings from Mobile Order & Pay as you are now fully rolled out across the country, and that's been in some areas like the Pacific Northwest for many months.

我想知道從移動訂單和支付中學到的東西，因為你現在已經在全國范圍內全面推廣，而且在太平洋西北地區等一些地區已經有好幾個月了。

Specifically how incremental do you think it's been (technical difficulty) sales and in what way whether it be new users frequency or check?

具體來說，您認為它的（技術難度）銷售增量如何，新用戶頻率或檢查量如何？

And has it continued to build in the first markets like the Northwest?

它是否繼續在西北等第一市場建設？

Thanks.

謝謝。

This is Adam.

這是亞當。

So first of all, I'll take the second question, part of your question first regarding incrementality.

所以首先，我會回答第二個問題，你的問題的一部分首先是關於增量的。

We are not breaking that out.

我們沒有打破這一點。

Of course, Mobile Order & Pay orders are driving incrementality, particularly at our busiest stores at peak.

當然，移動訂單和支付訂單正在推動增量，特別是在我們高峰期最繁忙的商店。

We are seeing incremental occasions that come from the convenience itself, plus throughputs, efficiency, and line blocking benefits that we are seeing.

我們看到了來自便利性本身的增量事件，以及我們看到的吞吐量、效率和線路阻塞優勢。

So in our busiest stores in particular, we are seeing the incrementality we had hoped for.

因此，特別是在我們最繁忙的商店中，我們看到了我們所希望的增量。

In terms of the learnings, I can tell you that we have -- we have just scratched the surface in terms of our ability to both promote Mobile Order & Pay and provide trials to our customers because we are seeing great conversion upon trial.

就學習而言，我可以告訴你，我們在推廣移動訂單和支付以及為客戶提供試用方面的能力剛剛觸及表面，因為我們在試用中看到了巨大的轉化。

That's one of the learnings.

這是其中的一個教訓。

And we've got this robust roadmap for additional features over the course of the rest of this year, including the ability to earn -- to use your earned My Starbucks Rewards in the Mobile Order & Pay flow, the ability at favorite stores and favorite items, and of course suggested and recommended selling, which is going to be a great thing for improving attach.

在今年餘下的時間裡，我們已經為其他功能製定了強大的路線圖，包括賺取的能力——在移動訂單和支付流程中使用您賺取的我的星巴克獎勵，在最喜歡的商店和最喜歡的商店的能力項目，當然還有建議和推薦的銷售，這將是提高附加值的好事。

So all of those things are as a result of the learnings, and you'll see us roll those out over the course of this year.

所以所有這些都是學習的結果，你會看到我們在今年推出這些。

I just want to add one thing as it relates to China specifically.

我只想補充一件事，因為它特別與中國有關。

Having just been in China, for John and I over the last week or so, I think there is one significant difference between the young people in China and the evolution of mobile in the US.

在過去一周左右的時間裡，約翰和我剛到過中國，我認為中國的年輕人與美國的移動發展之間存在一個顯著差異。

And that is the Chinese consumer has leapfrogged from a rotary phone to a regular phone to a cell phone and a smartphone overnight.

那就是中國消費者一夜之間從旋轉電話到普通電話再到手機和智能手機。

And as a result of that, not if but when we roll out Mobile Order & Pay and mobile payment in China, the adoption that we believe we are going to have in China is going to be more significant and quicker than it has been in the US, which already has stunned us in terms of how quickly the US customer has embraced it.

因此，當我們在中國推出移動訂單和支付以及移動支付時，我們相信我們將在中國採用的應用將比在中國更重要、更快美國，就美國客戶接受它的速度而言，這已經讓我們感到震驚。

So our growth in China is not only in terms of the 500 stores per year that we're going to add over the next five years; it's overlaying that growth with technology that we strongly believe is going to be adopted at a quicker pace than the US consumer has because of how technology is embedded in the Chinese consumer's life.

因此，我們在中國的增長不僅在於我們將在未來五年內每年增加 500 家門店；它覆蓋了技術的增長，我們堅信技術將以比美國消費者更快的速度被採用，因為技術如何融入中國消費者的生活。

Jason West, Credit Suisse.

傑森韋斯特，瑞士信貸。

Thanks.

謝謝。

Just one quick clarification and then a bigger picture question.

只是一個快速的澄清，然後是一個更大的問題。

Could you guys give us a general breakdown of the partner investment or I guess the overall investment that occurred in the first quarter relative to the full-year guidance just to give us a sense of how that's pacing?

你們能不能給我們一個合作夥伴投資的一般細目，或者我猜第一季度發生的總投資相對於全年指導只是為了讓我們了解這是如何進行的？

And then just a bigger picture question around some of the Rewards partnerships that you guys have talked about in the past with things like Lyft?

然後是關於你們過去與 Lyft 等公司談論過的一些獎勵合作夥伴關係的更大問題？

Just wondering if there's any new deals that have been added to that portfolio and sort of the general thoughts on that.

只是想知道是否有任何新交易已添加到該投資組合中以及對此的一般想法。

Scott, do you want to take (multiple speakers)?

斯科特，你想參加（多位發言人）嗎？

It's Scott.

是斯科特。

So, in the first quarter, the vast majority of our partner and digital investments were in the US, as I stated.

因此，正如我所說，在第一季度，我們的絕大多數合作夥伴和數字投資都在美國。

And it was about 120 basis points.

大約是 120 個基點。

So you can do the math on revenue, but that's the number.

所以你可以計算收入，但這就是數字。

For the full year, the vast majority still is in the US although, as we get into the back part of the year, we will talk about the other segment, but it's $275 million to $300 million for the full year.

就全年而言，絕大多數仍然在美國，儘管隨著我們進入今年的後期，我們將談論其他部分，但全年為 2.75 億美元至 3 億美元。

Matt?

馬特？

We don't have a specific announcement to make today on a new partnership, but what I can tell you is we are confident on a pathway of significant new partnerships that we will be announcing in the coming quarters.

我們今天沒有關於新合作夥伴關係的具體公告，但我可以告訴你的是，我們對未來幾個季度將宣布的重要新合作夥伴關係的途徑充滿信心。

And it will fulfill our vision to make stars everywhere, the ability for customers to order stars -- to earn stars everywhere part of Starbucks experience.

它將實現我們讓星星無處不在的願景，讓顧客訂購星星的能力——在星巴克體驗中隨時隨地贏得星星。

John Glass, Morgan Stanley.

約翰·格拉斯，摩根士丹利。

Thanks very much.

非常感謝。

I have two questions just on mobile ordering and digital in general.

我有兩個關於移動訂購和數字訂購的問題。

First, I'm just following up on the comments about next-generation of the app.

首先，我只是跟進有關下一代應用程序的評論。

Are there certain milestones?

有特定的里程碑嗎？

Is there a next quarter for example generation 2 coming out that allows for example for that suggested upselling?

例如，下個季度是否會出現第 2 代，例如允許建議的追加銷售？

Or do you think you have to wait to amass several of them to kind of roll it out, just because consumers don't want keep updating their apps all the time, get the latest?

或者您是否認為您必須等待收集其中的幾個才能推出它，只是因為消費者不想一直更新他們的應用程序，獲取最新的？

And secondly, related to that, those who -- other have engaged in digital platforms have seen tipping points where adoption really accelerates significantly.

其次，與此相關的是，其他從事數字平台的人已經看到採用率真正顯著加速的轉折點。

And also you get an accelerated labor benefit.

而且您還可以獲得加速的勞動福利。

You've been able to suddenly remove a certain amount of labor from the store because it's coming in, you're getting digital orders or whatever.

你已經能夠突然從商店中移除一定數量的勞動力，因為它進來了，你得到了數字訂單或其他什麼。

Do you have a sense of were those tipping points of both revenue and for labor are for Starbucks, you've already reached them or when you might expect to reach them?

您是否知道星巴克在收入和勞動力方面的臨界點是否已經達到或預計何時達到？

This is Adam.

這是亞當。

First of all, in terms of waiting for features, we are not planning on doing that.

首先，就等待功能而言，我們不打算這樣做。

The way we approach it is we are constantly at work adding new features, both in the US and around the globe, on both our iOS an Android platform.

我們處理它的方式是我們不斷地在美國和全球範圍內在我們的 iOS 和 Android 平台上添加新功能。

So you saw that just in the last week as we not only launched the Spotify integration in the US but we also added Mobile Order & Pay to Android in the UK and Canada also just in the last week.

所以你在上週看到了這一點，因為我們不僅在美國推出了 Spotify 集成，而且就在上週，我們還在英國和加拿大向 Android 添加了移動訂單和支付。

So you can see how busy we are.

所以你可以看到我們有多忙。

The future enhancements to mobile ordering that I mentioned are going to happen when those features are ready, so they are going to happen over the course of the year.

我提到的移動訂購的未來增強將在這些功能準備就緒時發生，因此它們將在一年中發生。

We are not going to bunch them up, and so you will see those happen on a continual basis.

我們不會把它們聚在一起，所以你會看到它們不斷發生。

And in terms of the tipping point, I would say that we are just continuing to see acceleration of the adoption of Mobile Order & Pay.

就臨界點而言，我想說我們只是繼續看到移動訂單和支付的採用加速。

As Kevin mentioned in his remarks, this has been happening from the beginning, and we saw acceleration through the first quarter and even into January as now we're up to 6 million mobile orders per month run rate.

正如凱文在他的發言中提到的那樣，這種情況從一開始就發生了，我們在第一季度甚至到 1 月份都看到了加速，因為現在我們的每月運行率高達 600 萬個移動訂單。

And we anticipate that to continue.

我們預計這種情況會繼續下去。

And I also mentioned that we are just scratching the surface in terms of awareness and trial.

我還提到，我們只是在意識和試驗方面觸及表面。

So I think we are still approaching the tipping point, frankly.

所以坦率地說，我認為我們仍在接近臨界點。

I just want to add one thing to that, and it relates to the incrementality we are seeing on Mobile Order & Pay.

我只想補充一件事，它與我們在移動訂單和支付上看到的增量有關。

So Kevin talked about, in the US business, we saw the fastest morning daypart revenue growth that we've seen in over five years, so biggest morning daypart in over five years.

所以凱文談到，在美國業務中，我們看到了五年多來我們看到的最快的早晨時段收入增長，因此是五年多以來最大的早晨時段。

And we can trace back a good portion of that uptake in performance this quarter to our busiest stores, and in those busiest stores, we can trace that back to Mobile Order & Pay introduction.

我們可以將本季度性能提升的很大一部分追溯到我們最繁忙的商店，而在那些最繁忙的商店中，我們可以將其追溯到移動訂單和支付的引入。

And so it's aligned with what we are seeing in our results.

因此，它與我們在結果中看到的一致。

It's aligned with the daypart.

它與時段對齊。

I would argue it's aligned with food attach and capacity, and we're just getting started.

我認為它與食物附著力和容量一致，我們才剛剛開始。

Just to -- John, it's Cliff -- to follow up on your points about tipping point and labor, I would say that what is most exciting of all is these higher volume stores that are seeing the greatest adoption and usage of Mobile Order & Pay, which is growing capacity and it's allowing us to reach volumes in those stores that set new levels for us.

約翰，我是克利夫——跟進你關於臨界點和勞動力的觀點，我想說最令人興奮的是這些銷量較高的商店，它們看到了移動訂單和支付的最大採用和使用，這正在增加產能，它使我們能夠在那些為我們設定新水平的商店中達到銷量。

So, I think that tipping point is happening in some stores, and it's happening in a really meaningful way in the high volume stores, which is great.

所以，我認為一些商店正在發生轉折點，並且在大批量商店中以一種非常有意義的方式發生，這很棒。

And in terms of labor, we are not looking at it that way.

就勞動力而言，我們不是那樣看的。

We are looking at using the labor to continually serve the customers that are there, continue to build relationships with our customers, and enhance the experience.

我們正在考慮利用勞動力來持續為那裡的客戶提供服務，繼續與我們的客戶建立關係，並提升體驗。

So, I think it's a continuous process of check and adjust, increase capacity in the store, hopefully have more Mobile Order & Pay orders and then grow our labor accordingly.

所以，我認為這是一個不斷檢查和調整的過程，增加商店的容量，希望有更多的移動訂單和支付訂單，然後相應地增加我們的勞動力。

And that's the way we are looking at it.

這就是我們看待它的方式。

Andrew Charles, Cowen.

安德魯·查爾斯，考恩。

Thanks.

謝謝。

Howard or Adam, just to follow-up on an earlier point, as we look out over the last several years to the trajectory of mobile payment sales growth, do you believe, between the digital infrastructure you have in place as well as consumer awareness, your digital prowess should lead growth in the mobile ordering sales mix to directionally outpace the growth you experienced in your mobile payment sales?

霍華德或亞當，只是為了跟進之前的一點，因為我們在過去幾年中關注移動支付銷售增長的軌跡，你相信嗎，在你擁有的數字基礎設施和消費者意識之間，您的數字實力應該引領移動訂購銷售組合的增長，以定向超過您在移動支付銷售方面的增長？

Yes.

是的。

I can't give you the specifics of that, but clearly we are already demonstrating, if you look at the trajectory of these numbers, there's no question that this segment of the business and this foundation of the ecosystem we are building is going to grow the business.

我不能給你具體細節，但很明顯我們已經在展示，如果你看看這些數字的軌跡，毫無疑問，這部分業務和我們正在建立的生態系統的基礎將會增長這生意。

And that is going to have a significant effect on the overall growth of the business, both in the US and around the world.

這將對美國和全球業務的整體增長產生重大影響。

And going back to China, I think having just come back there, I think we just can't wait to introduce mobile payment, Mobile Order & Pay, in China because it's going to be a runaway success.

回到中國，我想剛回到那裡，我想我們迫不及待地想在中國推出移動支付、移動訂單和支付，因為這將取得巨大的成功。

This is John.

這是約翰。

Just let me add to what Howard just said on China and the Mobile Order & Payment there.

讓我補充一下霍華德剛才所說的關於中國和那裡的移動訂單和支付的內容。

We are seeing, just with the Starbucks card alone, that over 40% of our transactions are coming through China on the Starbucks card.

我們看到，僅憑星巴克卡，我們超過 40% 的交易都是通過星巴克卡在中國進行的。

And that gives us great optimism around what Mobile Order & Payment can be in China.

這讓我們對移動訂單和支付在中國的前景充滿信心。

So, we are very bullish on that.

因此，我們對此非常看好。

Matt?

馬特？

This is Matt Ryan here.

我是馬特瑞安。

Just in terms of the customer segments and the way we look at it, our core customer growth is strong.

就客戶群和我們看待它的方式而言，我們的核心客戶增長強勁。

The loyalty customers, we have people participating in MSRs, is growing significantly faster than our regular customer base.

我們有參與 MSR 的忠誠客戶，其增長速度明顯快於我們的普通客戶群。

People using the mobile (technical difficulty) is growing even faster than that.

使用移動設備（技術難度）的人的增長速度甚至比這還要快。

And people using Mobile Order & Pay is growing even faster than that.

使用 Mobile Order & Pay 的用戶增長速度甚至比這還要快。

So you actually see a cumulative benefit to the ecosystem at play.

所以你實際上看到了生態系統的累積效益。

Karen Short, Deutsche Bank.

凱倫肖特，德意志銀行。

Thanks for taking my question.

感謝您提出我的問題。

Just a couple of questions on China.

關於中國的幾個問題。

I guess the first question is can you give some color on what the impact of Japan would have been on the comps, or CAP comp?

我想第一個問題是你能給出一些關於日本對補償或 CAP 補償的影響的顏色嗎？

And I guess, within the China comp, I'm wondering at this stage if you would be willing to break out the comp by daypart, so morning, afternoon, evening, and any color on how that's evolved over the last several quarters?

而且我想，在中國 comp 中，我想知道在這個階段你是否願意按時段劃分 comp，所以早上、下午、晚上，以及關於過去幾個季度如何演變的任何顏色？

Thanks.

謝謝。

We don't break out comps by country within the segment, but let me say it this way.

我們不會在該細分市場中按國家/地區細分比較，但讓我這樣說。

We had over 10 consecutive years of positive comps and positive traffic in China.

我們在中國連續 10 年取得了積極的業績和積極的流量。

The success we are enjoying in China is really kind of highlighted by this past quarter.

上個季度確實突出了我們在中國取得的成功。

We opened over 150 stores in China this past quarter, the most we've ever opened in our history, and it was the strongest class of new stores we have ever opened.

上個季度我們在中國開設了 150 多家門店，是我們歷史上開設的最多的門店，也是我們開設過的最強大的新店類別。

In terms of daypart, I think, in addition to the technology we've talked about that we will be introducing in China, perhaps the most exciting aspect of the core China business looking to the future is that we are sitting with an incredibly strong level of unit economics in Tier 1, Tier 2, Tier 3, Tier 4 cities that now are almost 100 cities in China, and we are doing that for the most part without truly establishing a morning ritual.

就時段而言，我認為，除了我們已經討論過的我們將在中國推出的技術之外，也許展望未來的核心中國業務最令人興奮的方面是我們正處於一個令人難以置信的強大水平一線、二線、三線、四線城市的單位經濟學，現在中國幾乎有 100 個城市，我們大部分時間都在這樣做，但並沒有真正建立一個早上的儀式。

And there's no doubt in our minds if we look at every market we've opened around the world, including those markets in Asia, that a morning ritual starts, it evolves, and it occurs.

毫無疑問，如果我們看看我們在世界各地開設的每個市場，包括亞洲的那些市場，就會發現早上的儀式開始了，它演變了，它發生了。

And we are seeing it sporadically but enough to give us great not hope, but vindication in those stores that have been open the longest, in Beijing and Shanghai, how that is developing.

我們偶爾會看到它，但足以給我們很大的希望，但在北京和上海那些營業時間最長的商店中證明了這種情況的發展。

So, if you look at the unit economics in China today, which are incredibly attractive, and you lay on the technology we talked about, and then we know the morning ritual is going to come, we are sitting in a business today that, as I said publicly when I was in China last week, that we believe one day could very well be larger than the US business.

所以，如果你看看今天中國的單位經濟，它非常有吸引力，你依賴我們談到的技術，然後我們知道早晨的儀式即將到來，我們今天所處的行業，作為我上週在中國的時候公開說過，我們相信有一天可能會比美國的業務更大。

So, anyone on the call who is in any way dissuaded by our commitment or our success in China as a result of a 5% comp in the region is not only mistaken, but you are looking at the wrong metric.

因此，任何因該地區 5% 的補償而對我們的承諾或我們在中國的成功感到沮喪的人不僅是錯誤的，而且你正在看錯誤的指標。

David Tarantino, Robert W. Baird.

大衛·塔倫蒂諾，羅伯特·W·貝爾德。

Good afternoon.

下午好。

Howard, you've talked in the past about the shift from brick-and-mortar retail to online retail creating some headwinds in the holidays for all retailers and perhaps for Starbucks.

霍華德，你過去曾談到從實體零售到在線零售的轉變給所有零售商以及星巴克帶來了一些不利因素。

So, I was wondering if you could talk about how your business trended during the holidays specifically, and perhaps how you exited the quarter relative to some of those headwinds you've talked about in the past.

所以，我想知道您是否可以具體談談您的業務在假期期間的趨勢，以及相對於您過去談到的一些不利因素，您如何退出本季度。

That's a perfect question for me.

這對我來說是一個完美的問題。

So, I think we said three years ago publicly that we began to envision that there would be a seismic change in consumer behavior, and that seismic change was due in large part to eCommerce and smartphone shopping.

所以，我想我們三年前公開說過，我們開始設想消費者行為將會發生翻天覆地的變化，而這種翻天覆地的變化在很大程度上是由於電子商務和智能手機購物。

I think today in the headlines you've seen just in the last three weeks store closures of almost 50 Macy's stores, 150 Walmart stores.

我想今天在頭條新聞中，你在過去三週內看到了近 50 家梅西百貨商店和 150 家沃爾瑪商店的關閉。

You've got to ask yourself what's going to happen to the future of many of those malls that are anchored by those big-box retailers.

您必須問問自己，許多以大型零售商為中心的購物中心的未來會怎樣。

Having said that, the investments that we made in our partner investments, which is store execution and retention of our people and the intimate relationship we have with the customer, coupled with the technology investments which have been significant, to put up 4% traffic in this environment when there isn't a retailer in the country that is putting up anything close to 1% or 2%, let alone 9% comps in the quarter in the US business, and we finished very strong for the quarter.

話雖如此，我們對合作夥伴的投資，即門店執行和人員保留以及我們與客戶的親密關係，再加上重要的技術投資，使我們的流量增加了 4%在這種環境下，該國沒有一家零售商提供接近 1% 或 2% 的利潤，更不用說本季度美國業務的 9% 了，我們在本季度的表現非常強勁。

So we have insulated ourselves from the bricks-and-mortar problem that will face many retailers as a result of the experience that we've created, the innovation, both in product, partner investments and technology.

因此，由於我們在產品、合作夥伴投資和技術方面創造的經驗、創新，我們已經將自己與許多零售商將面臨的實體問題隔離開來。

And as people who have covered the Company know, we are still opening fantastic stores in the US on a base of almost 10,000.

正如了解該公司的人所知，我們仍在美國開設近 10,000 家很棒的商店。

And in addition to what I said about China and the 150 stores that we just opened best-of-class, the stores that we've opened in the US this year are also best-of-class in terms of revenue and return on investment.

除了我說的中國和我們剛剛開設的 150 家門店是同類最佳之外，我們今年在美國開設的門店在收入和投資回報方面也是同類最佳的.

So, we see no signs whatsoever that we are going to be hit in any way by this seismic change in consumer behavior because we invested ahead of the growth curve, and we continue to invest in those things that are customer-facing, partner-facing and technology.

因此，我們沒有看到任何跡象表明我們會受到消費者行為的這種巨大變化的任何影響，因為我們在增長曲線之前進行了投資，並且我們繼續投資於那些面向客戶、面向合作夥伴的事物和技術。

Nicole Miller, Piper Jaffray.

妮可米勒，派珀傑佛瑞。

Thanks.

謝謝。

Good afternoon.

下午好。

When we look at the channel development business, what's the long-term revenue and your margin opportunity?

當我們審視渠道開發業務時，長期收入和利潤機會是多少？

And do you imagine that it comes from or envision new and existing platforms?

你認為它來自或設想新的和現有的平台嗎？

And if new, how can we think about that?

如果是新的，我們該如何考慮？

I'll start it and I think Mike can jump into the second part of the question.

我會開始，我認為 Mike 可以跳到問題的第二部分。

What we see over the long-term is double-digit revenue growth in channels every year and moderate margin expansion driven by leveraging cost of goods sold and overall operating leverage.

從長遠來看，我們看到的是渠道收入每年以兩位數的速度增長，並且在利用銷售商品成本和整體運營槓桿的情況下適度擴大利潤率。

Mike, do you want to take --?

邁克，你想接受——？

Yes, let me take the rest.

是的，讓我休息一下。

So, our future performance is going to build on what you are seeing this quarter.

因此，我們未來的表現將建立在您本季度所看到的基礎之上。

So, in the US, you will continue to see strength of our existing coffee business just based on the level of innovation, the loyalty that we have, and the opportunity, quite honestly, for us to connect with our My Starbucks Reward down the aisle even more.

因此，在美國，您將繼續看到我們現有咖啡業務的實力，這僅基於創新水平、我們擁有的忠誠度，以及老實說，我們有機會與我們的 My Starbucks Reward 建立聯繫更。

What we haven't talked as much about yet but what is coming is the activity that we have on the international front.

我們還沒有談論太多，但即將到來的是我們在國際方面的活動。

So, you've heard me talk about many of the partnerships that we've just created in China and also in Latin America.

所以，你已經聽我談到了我們剛剛在中國和拉丁美洲建立的許多夥伴關係。

That is primarily a ready-to-drink business for us, so we're going to leverage the strength that we've seen in the US and insights we've gotten with our partnership with the North American coffee partnership, and translate that into a growing business from a ready-to-drink perspective internationally.

這對我們來說主要是即飲業務，因此我們將利用我們在美國看到的實力以及我們與北美咖啡合作夥伴關係獲得的見解，並將其轉化為從國際即飲的角度來看，這是一項不斷發展的業務。

Jeff Bernstein, Barclays.

傑夫伯恩斯坦，巴克萊銀行。

Great.

偉大的。

Thank you very much.

非常感謝你。

Just two questions.

只是兩個問題。

One, in the European business, or EMEA, I'm just wondering whether you can talk a little bit about the softening that you saw.

一，在歐洲業務，或 EMEA，我只是想知道你是否可以談談你所看到的軟化。

I didn't realize the magnitude or the impact it had on the broader European comp in terms of the obviously tragic Paris attacks.

就明顯悲慘的巴黎襲擊事件而言，我沒有意識到它對更廣泛的歐洲公司的影響程度或影響。

I'm wondering if you can maybe get some color, maybe what those trends were running pre- or post- or whether it impacted other markets?

我想知道你是否可以得到一些顏色，也許這些趨勢是在之前或之後運行的，或者它是否影響了其他市場？

I'm just trying to get a feel for whether it's just kind of a broader macro issue, or whether there's anything you think is going on just within the Starbucks numbers.

我只是想了解一下這是否只是一個更廣泛的宏觀問題，或者您認為星巴克的數字是否正在發生任何事情。

And then separately, Scott, I was wondering if you could give us an update on the balance of the dividend versus the share repo and kind of your thoughts on leverage.

然後分別，斯科特，我想知道你是否可以向我們提供有關股息與股票回購餘額的最新信息以及你對槓桿的看法。

I know you talked a lot about returning incremental cash with a share purchase and obviously dividends.

我知道你談了很多關於通過購買股票和明顯的股息來返還增量現金的問題。

Just any updated thoughts on that would be great.

任何更新的想法都會很棒。

This is Kevin.

這是凱文。

I'll take the first question and then I'll hand over to Scott for the second one.

我將回答第一個問題，然後將第二個問題交給 Scott。

Fundamentally, what we saw as we track our daily comps in France, Germany and UK, large cities in France, Germany, and the UK, I think there was just a shift in customer behavior that showed transaction comps flat or down slightly across large cities in France, Germany, and the UK.

從根本上說，我們在跟踪法國、德國和英國的日常收入，以及法國、德國和英國的大城市時所看到的情況，我認為客戶行為發生了變化，表明大城市的交易收入持平或略有下降在法國、德國和英國。

And in this last week or so, we've seen evidence that that consumer behavior is recovering.

在上週左右的時間裡，我們看到了消費者行為正在恢復的證據。

So, I wouldn't read anything more into it than that.

所以，我不會讀更多的東西。

Scott?

斯科特？

Yes, I would add two things.

是的，我要補充兩點。

One to what Kevin just said, just as we look at the international segments, EMEA and CAP, this year and over the long-term, we expect significant revenue and margin expansion to continue.

正如凱文剛才所說的那樣，正如我們在今年和長期來看國際市場、EMEA 和 CAP 一樣，我們預計收入和利潤率將繼續大幅增長。

So, if you look at EMEA for example, a few years ago, they were at breakeven.

因此，如果您以 EMEA 為例，幾年前，它們處於收支平衡狀態。

Margin was essentially zero.

保證金基本上為零。

And we are guiding to 15% this year, which is over a 100 basis point improvement over last year.

我們今年的目標是 15%，比去年提高了 100 個基點以上。

And as I said, we're going to get up towards 20% over the next handful of years in EMEA.

正如我所說，在接下來的幾年裡，我們將在歐洲、中東和非洲地區達到 20%。

So that is a market with significant profitability growth.

因此，這是一個盈利能力顯著增長的市場。

So, to your question, October looked like a really good month to us and it looked like we are right on track to what we expected for the year.

所以，對於你的問題，10 月對我們來說是一個非常好的月份，而且看起來我們正朝著今年的預期前進。

And then after what happened in Paris, we've seen some softening and now it's coming back.

然後在巴黎發生的事情之後，我們看到了一些軟化，現在又回來了。

And so full year, we haven't changed our guidance and we are not at all changing the long-term belief in what we can do and what we have been driving in EMEA.

整整一年，我們沒有改變我們的指導方針，我們根本沒有改變對我們能做什麼以及我們在 EMEA 一直在推動什麼的長期信念。

And in CAP, again, we've targeted around 20% this year on operating margin, which is up slightly despite the math that impacts us from the Japan acquisition.

在 CAP 中，我們今年的營業利潤率目標為 20% 左右，儘管日本收購對我們產生了影響，但這一數字略有上升。

I actually think in CAP, you'll see us move towards the low to mid 20s% over five years or so from an operating margin perspective, which gets CAP right up there with the Americas business.

實際上，我認為在 CAP 中，從營業利潤率的角度來看，你會看到我們在五年左右的時間裡朝著 20% 左右的低水平邁進，這讓 CAP 與美洲業務保持一致。

So again, strong revenue growth.

再次，強勁的收入增長。

We will have midteen revenue growth in CAP this year.

今年 CAP 的收入將實現中期增長。

The numbers are just phenomenal.

這些數字是驚人的。

Japan has outperformed the model in every single aspect that we can look at since acquisition, and we are just getting started in growing that business, working with the team over there.

自收購以來，日本在我們可以看到的每個方面都優於該模式，我們才剛剛開始發展該業務，與那裡的團隊合作。

And Howard talked about China.

霍華德談到了中國。

And again, we've never been more bullish on that.

再一次，我們對此從未如此樂觀。

So the international markets for the quarter had a good quarter and the outlook for the future is very strong.

因此，本季度的國際市場表現良好，未來前景非常樂觀。

As far as the balance sheet goes, we did a little bit more buyback than dividend in that split I gave you.

就資產負債表而言，在我給你的那次拆分中，我們進行的回購比股息多一點。

But I want to just remind you, Jeff, that given what we saw in the holiday and what we saw in the equity markets, we've significantly increased our buybacks to the tune of roughly double already this quarter what we did in the whole quarter last year.

但我只想提醒你，Jeff，鑑於我們在假期和股市中看到的情況，本季度我們已經大幅增加了回購，大約是整個季度的兩倍去年。

So, that will include some leverage on the balance sheet and we will continue to evaluate that as we go forward.

因此，這將包括資產負債表上的一些槓桿作用，我們將在前進的過程中繼續對其進行評估。

If you look back over the last 12 months, we've returned $2.5 billion of cash to shareholders.

如果回顧過去 12 個月，我們已經向股東返還了 25 億美元的現金。

The number is significant.

這個數字很重要。

And over the last few quarters, that number has increased as we put the balance sheet to work a little harder, as we've discussed.

在過去的幾個季度中，正如我們所討論的那樣，隨著我們讓資產負債表更加努力地工作，這個數字有所增加。

Karen Holthouse, Goldman Sachs.

凱倫霍爾特豪斯，高盛。

Thanks for taking my question.

感謝您提出我的問題。

One of the things, and not necessarily trying to get at the China comp number, but one of the things that was talked about last quarter was some seasonality to the fourth quarter comp.

其中一件事，不一定是試圖獲得中國的 comp 數字，但上個季度討論的其中一件事是第四季度 comp 的一些季節性。

And theoretically comps improving getting past the holiday and with cake gifting, that was down substantially more than the rest of the business.

從理論上講，通過假期和送蛋糕來改善收入，這比其他業務的下降幅度要大得多。

Did that in fact materialize as we moved through the quarter?

當我們走過這個季度時，這是否真的實現了？

This is John.

這是約翰。

We did not see any of the seasonality come into the business in the quarter.

我們沒有看到任何季節性因素進入本季度的業務。

Like Howard said, we continue to see very, very strong transaction growth.

正如霍華德所說，我們繼續看到非常非常強勁的交易增長。

We had a record number of store openings in China, and then also across the region.

我們在中國開設的門店數量創歷史新高，整個地區也是如此。

And we remain very bullish on the opportunity that we have going forward.

我們仍然非常看好我們前進的機會。

Right now, we are in the throes of the Chinese New Year, and we are very optimistic on what that is going to bring.

現在，我們正處於農曆新年的陣痛之中，我們對這將帶來的影響非常樂觀。

Karen Holthouse, your line is open.

Karen Holthouse，您的電話已開通。

Does your guidance include any change in the amount of stock that you intend on buying back over the course of the year, or is it exogenous from that?

你的指導是否包括你打算在一年中回購的股票數量的任何變化，或者它是外生的嗎？

(technical difficulty)

（技術難度）

We are currently experiencing technical difficulties.

我們目前遇到技術困難。

The conference will resume momentarily.

會議將暫時恢復。

Thank you.

謝謝你。

The speaker line is connected.

揚聲器線已連接。

Mike, are you there?

邁克，你在嗎？

(technical difficulty)

（技術難度）

This is the operator.

這是運營商。

The speaker line is connected.

揚聲器線已連接。

Thank you Mike.

謝謝邁克。

We are ready for our next question please.

我們準備好回答下一個問題了。

Matthew DiFrisco, Guggenheim.

馬修·迪弗里斯科，古根海姆。

Thank you guys.

感謝你們。

I appreciate you coming back on the line there.

感謝您回到那裡。

A balance sheet question following up there on the prior question.

緊接上一個問題的資產負債表問題。

Deferred revenues, I wonder if you can give us a little bit of a taste of what encompassing both the gift cards as well is in the years passed you have given us some reload numbers as far as what sits on cards, what sits on the digital mobile app.

遞延收入，我想知道你是否可以讓我們稍微了解一下禮品卡以及過去幾年的內容，你給了我們一些重新加載的數字，比如卡上的內容，數字上的內容移動應用。

I would assume, with the growth of the digital Mobile Order & Pay and the digital app and sales you said were -- give cards were 19% growth.

我假設，隨著數字移動訂單和支付以及數字應用程序和你所說的銷售的增長——禮品卡增長了 19%。

Can you sort of encompass that and tell us what you have entering 2Q as far as balances and how that might have grown year-over-year?

您能否概括一下，並告訴我們您進入第二季度的餘額以及同比增長情況如何？

Thank you.

謝謝你。

Yes, deferred revenue is up about -- just give me a second here.

是的，遞延收入增加了——請稍等一下。

I'm pulling it up.

我正在把它拉起來。

It's up about $500 million over year-end, which is about 50%.

它比年底增加了約 5 億美元，增幅約為 50%。

And as Adam said, we had total loads on the card of $1.9 billion.

正如亞當所說，我們卡上的總負荷為 19 億美元。

We haven't split that out recently, and I don't have at my fingertips the split between what goes on card and what goes on digital, but I think the relevant numbers are the significant growth we are seeing in total loads and, frankly, that's the way we look at it, and then the total increase in deferred revenue balances, which is about $0.5 billion.

我們最近沒有把它分開，我也不知道卡片上的東西和數字上的東西之間的區別，但我認為相關的數字是我們在總負載方面看到的顯著增長，坦率地說，這就是我們看待它的方式，然後是遞延收入餘額的總增長，大約是 5 億美元。

Excellent.

出色的。

Thank you.

謝謝你。

(Operator Instructions).

（操作員說明）。

Andy Barish, Jefferies.

安迪巴里什，傑富瑞。

Actually, just a boring G&A question.

實際上，只是一個無聊的 G&A 問題。

It looked like that number reported was a little bit lower than at least I was modeling.

看起來報告的數字比至少我建模時要低一點。

Do you have some, maybe some timing shifting with some of the technology investment or is there some FX benefit that's actually showing up in the G&A line?

您是否有一些，也許是一些技術投資的時間轉移，或者是否有一些外匯收益實際出現在 G&A 系列中？

One of the reasons that G&A as a percentage of revenue is a little lower than you may have modeled is last year we had a fair bit of expense in G&A related to the Japan acquisition.

G&A 佔收入的百分比略低於您可能建模的原因之一是去年我們在與日本收購相關的 G&A 方面有相當多的費用。

And that was deal related costs and just some of integration costs, and they were highest in the first quarter.

那是與交易相關的成本和一些整合成本，它們在第一季度最高。

So if you are modeling it as a percentage of revenues, that could explain the delta you are seeing.

因此，如果您將其建模為收入的百分比，這可以解釋您所看到的增量。

At this time, there are no further questions.

目前，沒有進一步的問題。

Ms. Doraisamy, are there any closing remarks?

Doraisamy 女士，有什麼結束語嗎？

No, that will be all.

不，僅此而已。

Thank you all very much for joining us this afternoon.

非常感謝大家今天下午加入我們。

This concludes Starbucks Coffee Company's first-quarter fiscal year 2016 earnings conference call.

星巴克咖啡公司 2016 財年第一季度財報電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。