星巴克 (SBUX) 2016 Q1 法說會逐字稿

Good afternoon. My name is Mike and I will be your conference operator today. At this time, I would like to welcome everyone to the Starbucks Coffee Company's first-quarter fiscal year 2016 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions). Thank you.

午安.我叫麥克，今天將由我擔任你們的會議接線生。此時此刻，我謹代表星巴克咖啡公司歡迎各位參加2016財年第一季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講結束後，將進行問答環節。（操作說明）謝謝。

Ms. Doraisamy, you may begin your conference.

多萊薩米女士，您可以開始您的會議了。

Thank you Mike. Good afternoon everyone. This is Durga Doraisamy, Director of Investor Relations for Starbucks Coffee Company. 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. 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.

謝謝你，麥克。各位下午好。這位是星巴克咖啡公司投資者關係總監杜爾加·多萊薩米。感謝各位今天蒞臨，與我們共同探討 2016 年第一季業績。本次會議將由董事長兼執行長 Howard Schultz、總裁兼營運長 Kevin Johnson、全球通路發展總裁 Michael Conway 和財務長 Scott Maw 主持。參與問答環節的有：美國美洲及 Teavana 集團總裁 Cliff Burrows、中國、亞太、通路開發及新興品牌集團總裁 John Culver、全球首席策略長 Matt Ryan 與首席數位長 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. 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. Starbucks assumes no obligation to update any of these forward-looking statements or information.

本次電話會議將包含前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。任何此類聲明都應與我們在盈利報告中的警示性聲明以及我們在提交給美國證券交易委員會的文件（包括我們最新的 10-K 表格年度報告）中的風險因素討論一並考慮。星巴克不承擔更新任何此類前瞻性聲明或資訊的義務。

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.

請造訪我們的網站 investor.Starbucks.com，查看今天電話會議中提到的非GAAP財務指標與相應的GAAP指標的調節表。

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

本次電話會議將進行網路直播，直播錄影將在我們的網站 investor.Starbucks.com 上提供。

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

接下來，我將把電話交給霍華德。

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

謝謝杜爾迦，歡迎各位參加今天的電話會議。星巴克2016年第一季財務及營運績效表現出色，美國同店銷售額成長9%，全球同店銷售額成長8%，全球客流量連續第三季成長4%，假日季業績創歷史新高，通路發展部門的營收及營業利潤均創歷史新高。這些業績凸顯了星巴克品牌日益增強的實力和影響力，以及零售、消費品、數位、行動、忠誠度、會員卡和投資策略在全球範圍內產生的良性循環效應，這些策略共同加速了我們的成長，並推動了整個業務的利潤率顯著提高和每股收益槓桿效應。

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. 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.

第一季度，儘管我們繼續對合作夥伴和業務進行大量投資，星巴克的收入仍增長了 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。今年第一季度，我們全球同店客戶數量增加了 2,300 多萬，光在美國就比去年同期強勁的業績增加了約 1,800 萬。

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

星巴克咖啡公司比以往任何時候都更深入地與世界各地、各個時段的顧客建立了聯繫。儘管消費者行為正加速從傳統實體零售轉向線上，儘管宏觀經濟、外匯、地緣政治以及零售和消費方面的不利因素持續對許多其他國內和國際零售商產生負面影響，但我們仍然每個季度都取得了破紀錄的財務和運營業績。

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

星巴克在全球咖啡和茶飲領域保持領先地位，並持續進行飲料和食品創新，這些仍然是星巴克的核心，也是推動我們業務向前發展的關鍵因素。

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.

第一季度，我們進一步提升了咖啡品類的品質，與競爭對手拉開了更大的差距，為各地的顧客提供了高品質、差異化、本地化的優質咖啡和茶飲料、食品以及店內體驗。

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深受老顧客和來自世界各地的遊客的喜愛，同時其業績也遠遠超出了最初的預期，並成為我們超高端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. 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.

我們計劃在全球主要市場開設 500 多家以咖啡為特色的星巴克臻選門市，目前該計畫正在順利進行中。星巴克臻選門市為顧客提供獨特、高度高端的店內體驗，展示精選的星巴克臻選獨家微批次單一品種咖啡豆和全新特色咖啡沖泡方法，並提供親密的一對一顧客服務，在製作和講解定制飲品的過程中，與顧客互動交流。

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 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.

星巴克臻選門市也提供精選的 Teavana 茶飲，以提高消費者對 Teavana 超高階散裝茶葉和包裝茶葉的認知度。星巴克臻選咖啡系列現已在全球數千家知名星巴克門市有售，進一步提升了現有星巴克門市和星巴克臻選品牌的形象，同時展現了只有星巴克才能提供的全球採購能力和多樣性優勢。

Starbucks' channel development segment is literally firing on all cylinders delivering meaningful share gains and record sales and profitability in Q1. 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. Michael Conway will take you through channel development's performance in Q1 shortly. 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. 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. Under Mike's leadership, Starbucks' CPG business has become a powerful, fast-growing and highly profitable business and complementary channel of distribution for us.

星巴克的通路發展部門可謂火力全開，在第一季實現了顯著的市佔率成長以及創紀錄的銷售額和獲利能力。星巴克品牌目前在高端烘焙咖啡和研磨咖啡以及 K-Cup 平台上的高端單杯咖啡領域均佔據領先地位和市場份額。Michael Conway 稍後將帶您了解通路開發在第一季的表現。但透過創造更多機會，讓更多人更頻繁地與我們互動，無論是在我們的門市內外，星巴克高度協調的零售和批發整合策略正在推動我們在全球範圍內的業務和成長。沒有任何一家國內或全球零售商能夠利用零售門市網絡，將消費品業務的規模、體積和獲利能力遠遠提升到我們這樣的水平。在麥克的領導下，星巴克的消費品業務已成為一個強大、快速成長且利潤豐厚的業務，也是我們重要的通路。

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. 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. 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.

透過提前數年預測和投資行動技術發展趨勢，星巴克如今正在重新定義未來面向顧客和合作夥伴的行動及零售體驗。幾分鐘後，凱文將帶您了解我們如何利用專有技術、數位互動和客戶忠誠度來創建一個全面的整合數位和行動生態系統，這將繼續推動我們的業務在未來蓬勃發展。技術創新進一步加強了我們的品牌，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，使我們能夠為顧客，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. Breakthrough mobile and digital technologies in over 190,000 points of CP distribution all over the world. 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.

星巴克獨特的資產組合包括不斷成長的全球實體店規模（目前已超過 23,500 家門市）、超過 30 萬名充滿熱情的星巴克夥伴（他們可能都穿著綠色圍裙），我謹代表星巴克向他們致以衷心的感謝，感謝他們為我們今天公佈的非凡成果所做出的貢獻。突破性的行動和數位技術已應用於全球超過 190,000 個 CP 分銷點。這些特質共同造就了我們業務的強勁勢頭，使我們能夠每週為全球超過 8500 萬筆客戶交易提供服務，同時不斷擴大我們的業務範圍，加深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. I experienced this first hand, perhaps like never before, on a trip with John Culver to Asia just last week. We began in Chengdu, China, where over 1,300 Starbucks partners and their families joined us at our Fourth Annual Partner China Family Forum. 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. 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.

我們業務成功的關鍵，也是其他任何消費品牌或零售商都無法企及的，是我們與顧客之間以及顧客與星巴克品牌員工之間建立的深刻、真誠的聯繫。就在上週，我和約翰·庫爾弗一起去亞洲旅行，親身經歷了這一點，或許是前所未有的。我們從中國成都開始，超過 1300 名星巴克夥伴及其家人參加了我們的第四屆中國夥伴家庭論壇。這是一場非凡的感人盛會，它頌揚了我們合作夥伴的父母們對子女的自豪和尊重，以及子女與星巴克之間的聯繫；頌揚了我們中國合作夥伴之間深厚的情感紐帶；也頌揚了我們中國所有合作夥伴共同致力於為顧客提供非凡星巴克體驗的承諾。阿里巴巴創辦人馬雲也出席了本次活動，並向星巴克全體員工及其家人表達了他對星巴克的敬意和讚賞。

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

第一季度，我們透過阿里巴巴旗下的 T-Mobile 網站將社群送禮功能引入中國市場，獲得了令人驚豔的客戶反應。現在，透過天貓，我們中國的顧客首次可以向他們的朋友和同事贈送星巴克數位禮品，包括星巴克會員卡、單杯飲品和預先充值的星巴克數位禮品卡。我們很榮幸中國政府選擇星巴克成為中國第一家獲準向顧客提供儲值卡的公司。

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

如你所知，中國最近頻頻登上新聞頭條。作為一位在過去幾年裡多次前往中國的執行長（或許比其他美國執行長都多），我有一些獨特的見解可以分享。

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

首先，我想說的是，中國將長期存在下去。中國經濟在當前轉型期所經歷的衝擊，是其邁向下一發展階段的必要條件。然而，短期市場波動不應與帶來長期可持續經濟利益的行動混淆，尤其是在中國轉型為消費驅動型經濟之際。我堅信中國政府致力於真正的經濟改革是真誠的，其目標是到2021年使人均收入比2010年翻一番，使中國的中產階級人數接近6億，幾乎是美國當前總人口的兩倍，這一目標是可以實現的。

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. 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.

我們以長遠的眼光看待在中國的發展，因為儘管目前我們在中國近 100 個城市擁有近 2000 家門店，並且有望在 2019 年在中國大陸擁有 3400 家門店，但我比以往任何時候都更加確信，星巴克在這個重要的國家才剛剛起步。我同樣確信，當我們在本財年晚些時候在中國和整個 CAP 業務中全面推出數位化、行動化、禮品卡和會員忠誠度計劃，並擴大即飲產品的分銷時，我們的業績將比現在更高。

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

繼中國之後，我們前往印度，在那裡我們與合資夥伴塔塔集團的業務已經發展到 80 家門店，其增長速度（按百分比計算）比世界上任何其他地區都快。我們親眼目睹了消費者對星巴克品牌的熱情，以及我們的合作夥伴與顧客之間建立的深刻而真誠的聯繫。

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

星巴克咖啡公司過去一直並將繼續採取長遠策略，嚴格遵守我們的業務成長策略計劃，以持續提供世界領先的財務和營運業績，並在未來實現長期可持續的獲利成長。而這一成長也將包括我們 K-Cup 業務的持續成長。

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.

過去五年，我們投資並建立了一個強大的、可持續的單杯咖啡業務，該業務基於目前的 K-Cup 平台運營，如今星巴克已成為該平台上的領先品牌，擁有領先的市場份額。

Since Keurig announced it was selling itself, we have fielded many questions about our intentions following the sale. 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. 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. Starbucks is combining unparalleled financial performance with unmatched groundbreaking innovation that is being embraced by customers and our people around the world. And we now have so much on the horizon. 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. 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.

自從 Keurig 宣佈出售以來，我們收到了許多關於我們出售後意圖的問題。我想向零售商、數百萬要求在他們的 Keurig 咖啡機中使用星巴克品牌咖啡的消費者保證，其中許多人告訴我們，他們實際上是在星巴克咖啡在該平台和市場上出現後才購買了 Keurig 咖啡機，我們將繼續從事 K-Cup 業務。然而，目前唯一尚未解決的問題是，我們將與 Keurig 合作還是獨立完成這項工作。星巴克將無與倫比的財務表現與無與倫比的突破性創新相結合，這種創新正受到世界各地顧客和員工的歡迎。現在，我們還有很多事情正在發生。星巴克作為一家上市公司已有 24 年歷史，其品牌和業務從未像今天這樣強大、如此具有普遍意義和被廣泛接受，也從未像今天這樣充滿機會、目標如此遠大。我們始終保持謙遜和堅定，致力於超越客戶和合作夥伴的期望，與員工和我們服務的社區分享成功，創造積極的社會影響，並繼續走上打造一家偉大而持久的公司的道路。

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

接下來，我會把電話交給凱文。凱文？

Thanks Howard. Good afternoon everyone. 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. Scott Maw will then take us through the Q1 financials in detail.

謝謝你，霍華德。各位下午好。我想在霍華德的評論基礎上，分享一些關於本季的觀察，然後再請麥克康威討論第一季度取得的驚人業績管道發展。接下來，Scott Maw 將詳細解讀第一季的財務數據。

Starbucks' global comp store sales grew 8% in Q1 with 4% coming from increased traffic. This represented our 24th consecutive quarter of comp growth of 5% or greater. As Howard mentioned, we are experiencing significant transaction growth in every geographic region and that contributed to our strong Q1 performance.

星巴克第一季全球同店銷售額成長 8%，其中 4% 來自客流量增加。這標誌著我們連續第 24 季實現 5% 或以上的同店銷售成長。正如霍華德所說，我們在每個地區都經歷了顯著的交易成長，這促成了我們第一季的強勁業績。

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

在上次財報電話會議上，我重申了我們對策略重點、業務投資以及營運執行的重視程度的清晰認識。這種清晰的思路和專注力使我們業務的每個環節都能取得成功。零售、通路開發和數位化正在推動我們所看到的收入和利潤成長，並提升星巴克品牌在全球消費者心中的地位。

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

今年假期季，我們推出了假日香料馥芮白，並擴大了假日食品平台，為顧客帶來有意義的飲品和食品創新，以提升店內假日體驗。我們利用數位資產，在整個假期期間為最忠實的客戶提供五項「每週一特惠」活動，以此回饋他們。這些優惠活動，再加上今年僅對 MSR 會員開放的“星巴克終身會員抽獎活動”，吸引了顧客，並增加了 MSR 會員忠誠度。

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.

零售創新和數位化互動隨後在所有管道都得到了很好的執行，其中包裝好的假日混合咖啡的銷量尤其強勁，我們新推出的聖誕節混合珍藏咖啡很快就售罄，而我們的 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. 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. And this holiday, $1.9 billion was loaded on cards in the US and Canada in Q1 alone, up 19% over a year ago. Gift cards lead to increased MSR membership, and the digital flywheel spins faster and with increased strength and momentum. This dynamic was reflected in the performance in each of our segments.

星巴克禮品卡再次讓顧客送出自己選擇的禮物。今年，六分之一的美國成年人收到了星巴克禮品卡，高於去年的七分之一和前年的八分之一。今年假期季，光是第一季度，美國和加拿大的信用卡儲值就達到了 19 億美元，比去年同期成長了 19%。禮品卡能促進 MSR 會員成長，數位飛輪運轉得更快、更有力、更有動能。這種動態反映在我們各個業務板塊的表現中。

Our fast-growing Americas segment had another very strong quarter, posting 9% comp growth with 4% coming from an increase in traffic. The Americas added 171 net new stores in the quarter and 573 net new stores over the past 12 months.

我們快速成長的美洲業務部門又迎來了一個非常強勁的季度，實現了 9% 的同店銷售額成長，其中 4% 來自客流量的成長。美洲地區本季新增淨門市 171 家，過去 12 個月新增淨門市 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. Beverage innovation and the sales of Teavana branded handcrafted tea beverages in Starbucks retail each submitted 1 point the US comp growth.

我們在混合濃縮咖啡和冰飲平台的核心產品，包括 Teavana Shaken 冰茶和冷萃咖啡等創新產品，在本季度實現了兩位數的成長，並推動美國同店銷售額成長了 4 個百分點。飲料創新和星巴克零售店中 Teavana 品牌手工茶飲料的銷售各自為美國同店銷售額貢獻了 1 個百分點的成長。

And our morning daypart saw its strongest growth in five years. Food revenue was up nearly 20% over last year, contributing 3 points of US comp sales in the quarter. Our food business is growing across all dayparts with Bistro Boxes up 65% and breakfast sandwiches up more than 40% year-over-year.

我們的早晨時段實現了五年來最強勁的成長。食品收入比去年同期成長近 20%，為本季美國同店銷售額貢獻了 3 個百分點。我們的食品業務在全天各個時段都在成長，其中餐盒銷量較去年同期成長 65%，早餐三明治銷量較去年同期成長超過 40%。

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.

我們最新推出的門市表現持續優異，第一年平均銷售額超過 140 萬美元，同時實現了創紀錄的獲利能力和投資報酬率。

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

接下來是 CAP 業務，由於星巴克日本的所有權變更，CAP 業務新增 281 家淨門市，以及現有門市 5% 的同店銷售額成長，推動 CAP 業務營收成長 32%。我們對 CAP 的長期成長潛力仍然非常樂觀，目前我們在 CAP 經營著 5700 多家門市，我們仍然按計劃在 2019 年將 CAP 門市數量翻一番，達到約 10,000 家。我們在第一季在柬埔寨開設了市場，這是我們的第 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. Operating and financial performance across our CAP Reserve stores is among the highest of any stores across the entire global portfolio.

我們繼續擴大我們在 CAP 地區咖啡領域的領導地位和權威的方式之一是擴展我們成功的 Reserve 平台，目前已有 200 多家門市銷售星巴克 Reserve。我們 CAP Reserve 門市的營運和財務表現在整個全球門市組合中名列前茅。

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

正如霍華德所提到的，中國是星巴克在美國以外最大的市場，仍然是我們 CAP 故事中非常重要的一部分。目前，我們在中國大陸擁有約 2,000 家門市，業務遍及近 100 個城市，我們正按計畫推進，力爭在 2019 財年實現擁有 3,400 家門市的目標。

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.

隨著我們門市數量的成長，尤其是在中國，值得注意的是，我們在亞太地區新開設的自營門市的業績顯著優於最近開設的同類門市，這既反映了星巴克品牌在該地區日益增強的實力，也體現了營運槓桿的提高，這兩方面都增強了我們對亞太地區未來發展機會的信心。

Our business in Japan continues to be very strong. 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. Noteworthy is that Q1 was the first quarter in which our stores in Japan are included in our global comp base. 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.

我們在日本的業務依然非常強勁。我們正受益於計劃的有效執行，該計劃旨在利用品牌和與客戶的聯繫，推動日本這一關鍵市場所有時段的成長。值得注意的是，第一季是我們首次將日本門市納入全球同店銷售基數。CAP 合作夥伴的熱情和投入使我們能夠提供卓越的客戶體驗，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. Our EMEA segment delivered 1% comp growth, representing its 11th consecutive quarter of positive comps. 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. Business prior to those attacks was strong and EMEA was on track to have a solid quarter.

接下來我們來看看歐洲、中東和非洲地區。我們的 EMEA 業務部門實現了 1% 的同店銷售成長，這是該業務板塊連續第 11 個季度實現正成長。考慮到巴黎發生駭人聽聞的 11 月 15 日恐怖攻擊事件後，西歐許多大城市的消費和旅遊活動急劇下降，這樣的表現還算強勁。在這些攻擊事件發生之前，公司業務發展強勁，歐洲、中東和非洲地區預計將迎來一個穩健的季度。

We have quite recently begun to see the effects of that region's resilience and a recovery. 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. 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. 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. We look forward to opening new EMEA markets in South Africa and Luxembourg in 2016.

我們最近才開始看到該地區展現出的韌性和復甦成效。我們在倫敦開設了一家旗艦星巴克臻選店，為未來幾個月和幾季星巴克臻選平台在歐洲、中東和非洲地區的重大擴張奠定了基礎。EMEA 繼續調整其門市組合，本季末，EMEA 所有門市中有 71% 已獲得授權，高於去年第一季末的 63%。該業務板塊在本季度淨增 79 家門市，全部採用特許經營模式，其中包括我們在哈薩克斯坦的第一家門市，這是我們在歐洲、中東和非洲地區的第 36 個市場，該門市開業後獲得了顧客和合作夥伴的熱烈反響。我們期待在 2016 年開拓南非和盧森堡這兩個新的 EMEA 市場。

In addition to strong retail performance, our channel development segment delivered record results in the quarter. And we've asked Michael Conway, who leads channel development, to share some highlights. Mike?

除了強勁的零售業績外，我們的通路發展部門在本季也取得了創紀錄的業績。我們也請負責渠道開發的邁克爾康威分享一些亮點。麥克風？

Thank you, Kevin, and good afternoon everyone. 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. 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. This was driven by strength of our US CPG, ready-serve coffee and food service businesses. Our operating income grew 23% in the quarter to $193 million.

謝謝你，凱文，大家下午好。通路發展繼續保持強勁勢頭，並在第一季實現了創紀錄的財務和營運業績，同時將越來越多的人與世界各地生活、工作和娛樂的星巴克咖啡聯繫起來。我們實現了創紀錄的 5.12 億美元收入，比去年第一季成長了 16%，而 2015 財年第四季成長了 14%。這主要得益於我們在美國消費品、即飲咖啡和餐飲服務業務的強勁表現。本季我們的營業收入成長了 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. 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. 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.

第一季度，我們在美國的各個家庭咖啡細分市場都顯著超過了整個品類，這主要得益於我們在美國假日促銷活動的強勁店內執行。就像我們的星巴克門市會變成紅色來迎接節日一樣，星巴克也會把過道變成紅色，平均有近三分之二的雜貨店在 12 月都會佈置節日裝飾。此外，我們限時推出的假日特調咖啡（K-Cup 和烘焙咖啡粉）在第一季成為星巴克產品組合中銷售速度最快的咖啡。

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

星巴克烘焙咖啡和星巴克K-Cup咖啡平台在本季均創下了市場份額新高。身為高端咖啡領域的領導者，星巴克的總銷售額成長了 16%，是整個咖啡類別成長率的五倍多，使星巴克超越卡夫，成為咖啡產業的第二大品牌。

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

此外，星巴克是成長速度最快的咖啡公司，也是該品類成長的最大貢獻者。

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-Cup 咖啡的美元銷售額增長了 20%，市場份額增長了 100 個基點，達到創紀錄的 17.2%，使星巴克再次成為該季度排名第一的 K-Cup 品牌，並且現在也是全年排名第一的品牌，同時進一步拉開了與最接近的競爭對手的市場份額差距。

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. 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.

最近推出的星巴克熱可可 K-Cup 膠囊咖啡促進了我們市場份額的成長，在 12 月迅速成為我們 K-Cup 產品組合中銷售第三快的 SKU。星巴克烘焙研磨咖啡持續保持高端包裝咖啡品牌第一的地位，本季銷售額成長 10%，市佔率成長 160 個基點，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%. 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. Our Q1 performance was also positively impacted by revenue growth from existing partner accounts such as Delta Airlines and The Compass Group.

第一季度，我們的餐飲服務業務持續引領產業，淨收入成長 14%，而產業平均成長率為 2% 至 3%。我們看到多個業務管道表現強勁，包括大學、旅遊和辦公室咖啡，因為越來越多的雇主將星巴克視為員工和客戶的首選優質咖啡。我們第一季的業績也得益於現有合作夥伴（如達美航空和康帕斯集團）的營收成長。

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

就即飲咖啡而言，我們與百事可樂在北美的咖啡合作在本季度取得了優異的成績。根據 IRI 的衡量，系統銷售額增長了 22%，在液體咖啡和能量飲料總市場份額方面增長了 110 個基點，達到 13.4%，這主要得益於我們在星冰樂和雙份濃縮咖啡平台上的新產品創新以及分銷渠道的擴大。從全年來看，星巴克目前是液體清涼飲料類別中的第八大品牌，領先 PowerAde 和雪碧等老牌品牌。

Beyond the US, we continue to successfully execute against plans to build our global ready-to-drink coffee business. Our partnership in China with Tingyi is on track for a midyear 2016 product launch. And through our newer agreement with PepsiCo Latin America, we will be building distribution in the region during the second half of 2016.

除了美國以外，我們繼續成功執行建立全球即飲咖啡業務的計劃。我們與中國頂益集團的合作進展順利，預計 2016 年中推出產品。透過我們與百事可樂拉丁美洲公司達成的新協議，我們將在 2016 年下半年在該地區建立分銷網絡。

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

隨著我們在中東六個市場的最新產品上市，我們的即飲產品在歐洲、中東和非洲地區的滲透率也不斷提高。

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. 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.

我們對 2016 年的展望依然樂觀，這要歸功於強而有力的店內推廣活動和新產品的推出，例如星巴克咖啡和茶的拿鐵 K-Cup 膠囊咖啡。憑藉星巴克品牌的強大實力和我們咖啡的卓越品質，我們將繼續為顧客帶來愉悅的體驗，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. Kevin?

這樣，我就把電話轉回給凱文了。凱文？

Thanks Mike. A key element of our strategy is our Starbucks Rewards loyalty program combined with digital engagement. This was another quarter of solid progress. 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.

謝謝你，麥克。我們策略的關鍵要素是將星巴克獎勵計劃與數位互動相結合。這是又一個穩定發展的季度。我們持續看到顧客廣泛接受和採用我們的行動平台，星巴克行動應用程式已發展成為一個不斷發展的平台，並成為其自身的獲利驅動力。

We increased the number of active MSR members in the US to 11.1 million, up 23% over Q1 last year. We are seeing growth of active MSR customers in markets around the world.

我們在美國擁有的活躍 MSR 會員數量增加到 1,110 萬，比去年第一季成長了 23%。我們看到全球各地的活躍MSR客戶數量都在增加。

Customer engagement is also growing. 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. 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. Usage of Mobile Order & Pay is growing and we are now processing over 6 million Mobile Order & Pay transactions per month. In many of our busiest stores where morning peak demand is high, Mobile Order & Pay exceeds 10% of total transactions. And we have just scratched the surface.

客戶參與度也在不斷提高。本季度，超過 21% 的美國交易總額是透過行動應用程式支付的，12 月加速成長至 22%，我們看到 1 月這一比例進一步加快。12 月份，美國有超過 100 萬客戶使用了我們的行動訂購和支付功能，這些客戶平均每月下了約 5 個行動訂單，從而推動了可觀的收入成長和增量。行動點餐和支付的使用量正在增長，我們現在每月處理超過 600 萬筆行動點餐和支付交易。在我們許多最繁忙的門市，早高峰需求量很高，行動點餐和支付的交易量佔總交易量的 10% 以上。而我們僅僅觸及了冰山一角。

We have bigger aspirations for our digital plan and we are expanding the digital agenda across four key pillars. The first is delivery. We are extending Mobile Order & Pay to include a delivery option for customers. 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.

我們對數位化計畫有更大的期望，我們正在圍繞四大支柱擴展數位化議程。首先是配送。我們正在擴展行動訂購和付款功能，為顧客提供送貨上門服務。目前西雅圖和紐約市正在進行試點項目，我們正在學習許多新知識，這將有助於我們塑造配送的未來。

Number two, personalized offerings. We have invested in technology to help us better personalize the offers we make to our loyalty customers. This will strengthen our customer connection and fuel growth.

第二，個人化服務。我們已投資於技術，以幫助我們更好地為忠實客戶提供個人化優惠。這將加強我們與客戶的聯繫，並促進業務成長。

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

第三，全球部署。我們致力於在公司主要營運市場以及與授權合作夥伴一起充分利用這些數位化體驗。

And number four, digital media. The Spotify music capability we launched this week is one example of an integrated digital media experience. We plan to explore additional digital media scenarios that are entertaining and interesting to consumers, and that align with our brand. 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.

第四點，數位媒體。我們本週推出的 Spotify 音樂功能就是一個整合數位媒體體驗的範例。我們計劃探索更多對消費者來說有趣且吸引人的數位媒體場景，這些場景要與我們的品牌相符。星巴克的數位化飛輪效應是由我們的會員忠誠度計畫所驅動的，在過去兩年裡，「我的星巴克獎勵計畫」的會員人數增加了 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. Clarity of our strategic priorities and investments combined with a focus on excellence and execution is powering our results.

2016年，我們將改進星巴克獎勵計劃，讓我們的忠實顧客能夠以許多全新且令人興奮的方式賺取星星。清晰的策略重點和投資方向，加上對卓越和執行力的重視，正在推動我們取得優異的成績。

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

現在我將把電話交給史考特，讓他詳細為我們介紹我們第一季的財務表現。史考特？

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

謝謝你，凱文，大家下午好。2016 財年伊始，我們迎來了一個破紀錄的季度，並延續了我們在 2015 年全年業務加速成長的勢頭。

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.

正如霍華德所說，第一季度，星巴克的營業收入年增 16%，首次在一個季度內突破 10 億美元大關，並且實現了 19.7% 的強勁營業利潤率，比去年同期提高了 60 個基點。

Q1 GAAP EPS of $0.46 compares to GAAP EPS of $0.65 in Q1 2015. Noteworthy is that Q1 2015 included the gain of $0.26 on the acquisition of Starbucks Japan. 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.

第一季 GAAP 每股收益為 0.46 美元，而 2015 年第一季 GAAP 每股收益為 0.65 美元。值得注意的是，2015 年第一季包含了收購日本星巴克的 0.26 美元收益。剔除與星巴克日本相關的某些項目後，非GAAP營業利潤率較去年第一季成長40個基點，達到創季紀錄的19.9%；非GAAP每股盈餘也較去年同期成長15%，達到創季紀錄的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. 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.

在第一季營業利潤率方面，強勁的銷售槓桿和有利的銷售成本被我們在數位投資方面的合作夥伴的影響部分抵消。此外，第一季營收成長包含了 2 個百分點的負面外匯影響，非 GAAP 每股盈餘成長包含了 5 個百分點的負面外匯影響。

I'll now take you through the individual segment performance in Q1. 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. 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. 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. So we will not begin lapping those investments until next quarter.

接下來我將帶您了解第一季各個細分市場的表現。美洲是我們最大的業務部門，其發展勢頭從未如此強勁，與去年第一季相比，營業收入成長了 14%，並貢獻了創紀錄的 9.35 億美元。美洲地區的營業利潤率成長了 80 個基點，達到 25.1%，同樣創下第一季紀錄，這主要得益於銷售槓桿效應和對銷售成本的出色管理。考慮到我們在數位領域的合作夥伴投資絕大部分是從去年第二季開始的，我們在美洲地區第一季看到的利潤率提升就顯得更加顯著了。因此，我們最早也要到下個季度才會開始收回這些投資。

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

合作夥伴和數位投資的增加反映在我們的利潤率變化細節中，因為門市營運費用佔零售收入的百分比增加了 80 個基點，該數字包含了這些投資帶來的 120 個基點的影響。儘管我們持續進行大量投資，但我們預計 2016 年全年美洲業務的利潤率將溫和成長。

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. 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.

接下來來看我們的中國亞太地區業務板塊，以美國通用會計準則計算，CAP 的營業收入比去年第一季成長了 17%，創下 1.27 億美元的新季度紀錄。GAAP 營業利潤率下降 240 個基點至 19.4%，主要原因是星巴克日本所有權變更的影響，但被積極的銷售槓桿作用所抵消。

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

以非GAAP準則計算，CAP的營業收入比去年第一季成長了20%。不計入我們對日本星巴克所有權變更的全部 330 個基點的影響，營業利潤率增長了 90 個基點，主要得益於強勁的銷售槓桿和合資企業運營收入的增加，但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 2015 年第一季的 CAP 業績反映了該季度前五週的收購前合資企業會計處理，並且根據我們既定的政策，我們在日本的門市在 12 月計入了我們的全球同店銷售額基數。

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. 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.

鑑於在日本所有權變更後的這段時間內，對我們的 CAP 業務板塊進行建模的複雜性，我認為有必要重申，考慮到在 2016 財年計算中將日本 1000 多家門市的影響，我們預計 CAP 同店銷售額將達到個位數中段。值得注意的是，我們在日本的第一年業績在可比公司規模、收入和營業利潤方面都顯著超過了我們收購模型中設定的假設，這讓我們對未來幾年在日本的業績充滿信心。

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

預計 CAP 今年的營收成長將達到 15% 左右，這反映了我們所有主要市場的出色成長，以及日本所有權變更帶來的小幅收益，但部分被持續的外匯不利因素所抵消。我們仍然認為 CAP 利潤率與 2015 年的水準相比持平或略有下降。值得注意的是，由於我們最大的 CAP 市場受到季節性因素的影響，我們預計第二季營收成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. EMEA's performance was particularly strong given the impact of foreign exchange and challenges to topline growth following the tragic terrorist attacks in Paris. 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. 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.

EMEA 的營業利潤率成長了 40 個基點，達到 15.4%，主要得益於向被授權人出售資產的收益，但部分被授權業務利潤率略有下降所抵消，這是由於銷售成本較高以及公司自有門市銷售額下降（尤其是在假日期間）所致。考慮到外匯波動的影響以及巴黎恐怖攻擊事件後營收成長面臨的挑戰，歐洲、中東和非洲地區的業績表現尤為強勁。第一季度，我們 EMEA 業務組合的實力和多樣性得到了進一步的體現，授權門市的同店銷售業績強勁，實現了接近兩位數的同店銷售成長。儘管 EMEA 地區的營業收入較上年略有下降至 4800 萬美元，但我們穩健的業務基礎以及我們對該地區逐步恢復正常經營狀況的預期，使我們有信心 2016 財年 EMEA 地區的營業利潤率仍將接近 15%，正如我們上個季度向您傳達的那樣。

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. 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.

通路開發業務的營業利潤率成長了 210 個基點，達到 37.7%，業務部門營業收入達到季度創紀錄的 1.93 億美元，比去年第一季成長了 23%。第一季度，我們與百事可樂的北美咖啡合作業務再次創下歷史新高，加上銷售成本有利，是通路發展利潤率提高的主要驅動因素。

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

正如麥克所提到的，由於我們所有主要業務線的市場份額大幅增長以及運營方面的出色執行，盈利增長超出了預期。全年來看，我們仍然預期通路開發利潤率將比上年溫和成長。

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

正如我一開始所說，星巴克第一季表現非常強勁，營收穩定成長，利潤率也大幅提升。對於第二季度，我們預計 GAAP 每股收益在 0.37 美元至 0.38 美元之間，非 GAAP 每股收益在 0.38 美元至 0.39 美元之間，非 GAAP 每股收益將成長 15% 至 18%。

Let me take a moment to reiterate the EPS ranges for fiscal 2016 we provided to you last quarter. 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. This represents 18% to 20% EPS growth for the year.

讓我花點時間重申我們上個季度提供給你們的 2016 財年每股盈餘預期範圍。GAAP 每股盈餘預計在 1.84 美元至 1.86 美元之間，非 GAAP 每股盈餘預計在 1.87 美元至 1.89 美元之間，其中包括第 53 週，這將使第四季度增加約 0.06 美元。這意味著全年每股收益成長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. 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.

預計全年外匯波動將對營收成長產生 2 個百分點的負面影響，對非 GAAP 每股盈餘成長產生 3 個百分點的負面影響，均比我們先前的預期高出 1 個百分點。儘管我們在第一季取得了不錯的業績，但由於外匯逆風以及我們願意抓住機會加快和增加與合作夥伴及數位領域的投資，我們決定不提高全年每股收益預期。

There seems to be some question that we have lowered guidance for the year. As you can see, our full-year EPS guidance is completely consistent with last quarter despite the headwinds I just mentioned.

似乎有人質疑我們是否下調了今年的業績預期。如您所見，儘管存在我剛才提到的不利因素，但我們全年每股收益預期與上季度完全一致。

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. 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.

預計收入成長也將保持在我們先前設定的 10% 或更高的目標範圍內（以 52 週為週期），第 53 週將使這一數字增加約 2 個百分點。鑑於本季強勁的同店銷售業績，我們仍有信心在今年再次實現全球同店銷售成長略高於個位數中段水準。

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. 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. 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.

我們現在預計，2016 年全球對合作夥伴和數位化專案的投資總額將在 2.75 億美元至 3 億美元之間，而 2015 財年約為 1.45 億美元。此次業績預期較先前的預期略有上調，主要得益於數位化項目，並得益於我們迄今為止的投資所取得的強勁成果，以及我們未來將面臨的巨大機遇。透過推動行業領先的薪酬增長、創紀錄的收入、創紀錄的盈利能力以及降低合夥人流失率（相比之下，整個行業的流失率增加了 5 個百分點），這些投資正在以非常巨大和顯而易見的方式繼續獲得回報。

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，儘管在當今充滿挑戰的零售環境中，我們的整體同店銷售成長依然非常強勁，但同店銷售成長最強勁的門市是員工流失率最低的門市，這得益於我們的員工隨著時間的推移與顧客建立的深厚聯繫。

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

第一季 ROIC 成長了約 100 個基點，這反映出我們絕大多數投資都超過了我們設定的目標收益率。這一點尤其適用於行動訂購和支付業務，我們預期的回報仍然是我們綜合投資回報率的數倍。

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 財年的合併營業利潤率將比 2015 年略有增長，無論按 GAAP 還是非 GAAP 計算，這反映了強勁的收入增長、銷售槓桿作用以及營運效率和業績的提高，但部分被合作夥伴和數位投資增加的影響所抵消。

Moving onto commodities, with 2016 coffee needs nearly fully priced, we continue to expect a slightly favorable impact for the year. We are now beginning to price our coffee needs for fiscal 2017 and we'll provide updates as we lock in meaningful volumes.

再來看大宗商品，由於 2016 年的咖啡需求幾乎已完全定價，我們繼續預計今年將受到略微有利的影響。我們現在開始對 2017 財年的咖啡需求進行定價，一旦確定了有意義的採購量，我們將提供最新消息。

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.

我們預計在 2016 財年全球將新增約 1800 家淨門市，其中美洲 700 家，中國亞太地區 900 家，歐洲、中東和非洲地區 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.

我們預計實際稅率仍將在 34% 至 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，我們在第一季將返還給股東的現金總額增加了 20% 以上，達到 5 億美元以上。鑑於假期期間強勁的現金流和近期股票市場的動態，自季度末以來，我們已大幅且有把握地增加了股票回購活動。

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%. 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.

2016 財年第一季標誌著我們連續第七個季度合併收入增長超過 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%。我們看到了大量機會，可以繼續並酌情有選擇地增加或加快投資，以支持這一歷史性的業績水平，同時推動年收入達到 210 億美元。

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.

如今的關鍵與以往一樣，在於找到並平衡業務中目標明確、紀律嚴明的成長與推動和支持這種成長所需的適當投資水準之間的正確組合。

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. 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.

最後，尤其令人興奮的是，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，在我們各個業務板塊和世界各地，有很多機會可以進一步加速營收成長，並在未來實現超額利潤。我們擁有的團隊和策略框架，以及我們久經考驗的執行能力，使我們有信心，當合適的機會出現時，有條不紊地加快投資速度和擴大投資規模，是明智的商業行為，也是從長遠來看對我們的客戶、合作夥伴和股東有利的正確做法。

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

我們期待在今年的工作中隨時向您報告我們的進展。

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

接下來，我們將把電話轉回給接線生進行問答環節。操作員？

(Operator Instructions). Keith Siegner, UBS.

（操作說明）Keith Siegner，瑞銀集團。

Thank you very much. Just a quick question for me in thinking about the food attach and direct sales growth rates because those are monstrous numbers. 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? Is this innovation on product? Is it recipes, promotions through the MSR network? Is it the placement in-store with some of the remodel work you've done? What do you think is really driving these big numbers? And is it continued tweaks or expansion of Mobile Order & Pay that really keeps this going? Thanks.

非常感謝。我有個關於食品附加價值和直接銷售成長率的問題想請教一下，因為這些數字太驚人了。如果我們思考一下是什麼因素在推動這一趨勢，也許，凱文，這個問題是問你的，行動點餐和支付為食品銷售額增加了多少？這項創新體現在產品上了？是食譜，還是透過 MSR 網路進行的促銷活動？是因為店內陳列位置和你們之前做的一些裝修工作有關嗎？你認為真正推動這些龐大數位成長的因素是什麼？究竟是行動點餐和支付功能的不斷調整還是擴展，才是真正讓這項服務持續發展下去的動力？謝謝。

Thanks for the question Keith. I'll come and then I'll hand over to Cliff to share some more color on it. I think, number one, we've been on a strategy around new occasions that had us investing in food and beverage innovation. 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. 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. I think that's a big part of it. Certainly, digital helps because we can target offerings to get customers to try new things. And so what we find is, once we encourage trial, that starts to lead to repeatability.

謝謝你的提問，基斯。我一會兒就過來，然後把麥克風交給克里夫，讓他再補充一些細節。我認為，首先，我們一直致力於圍繞新的場合製定策略，投資於食品和飲料創新。我認為推動這一趨勢的首要因素是，隨著我們不斷調整食品組合，我們確實已經找到了適合早晨時段的食品搭配方法，例如用早餐三明治來補充食品；午餐和下午時段，我們推出了 Bistro Boxes 餐盒，並正在不斷調整；然後，我們正在為晚間時段打下基礎。所以我認為，第一點是創新，即重複利用的食物以及如何在商店裡向顧客展示這些食品。我認為這佔了很大一部分原因。當然，數位化很有幫助，因為我們可以有針對性地提供產品和服務，讓顧客嘗試新事物。因此我們發現，一旦我們鼓勵試驗，就會開始出現可重複性。

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.

那麼，就讓克里夫來為我們門市正在進行的工作再添一些細節，以推動這些工作。

Thanks Kevin. And Keith, it's really an ongoing program. 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.

謝謝你，凱文。基思，這確實是一個持續進行的計畫。我們現在在早餐三明治系列產品方面擁有一定的權威性，我們將繼續改進產品和供應情況，並透過展示和合作夥伴對產品的信任來提高我們向顧客提供產品的能力。

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

去年第二季我們做出的改變之一是，我們為在美國輪班工作的合作夥伴推出了食品福利，他們可以免費獲得食物。我認為這確實幫助他們建立了信心，而這可能是我們多年來在飲料領域取得的最佳成果，所以他們對自己的產品感到非常自豪。我們正在不斷豐富產品系列，以早餐為基礎，但現在午餐和 Bistro Box 也像 Kevin 提到的那樣增長了 65%，我們擁有這種形式，我們認為這是我們擴展產品系列的另一種方式。所以，關鍵在於對食品有信心，對食品有權威，並致力於提升食品的品質、種類、供應量，以及提升我們合作夥伴的銷售技巧。總而言之，一切進展順利，我們還有很大的發展空間持續發展糧食生產。

Yes, then the personalization in the digital platform is just allowing us the one-on-one marketing capability that's driving trial. And I think that's a key aspect. So thanks for the question.

是的，那麼數位平台中的個人化功能正是讓我們能夠進行一對一行銷，從而推動試用。我認為這是一個關鍵方面。謝謝你的提問。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

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

偉大的。你好。謝謝。這個問題是關於您在美洲進行的合作夥伴投資。當然，這一點在本季度表現得非常明顯，儘管同店銷售額增長了 9%，但門市營運費用同比仍增長了 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? 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?

所以我的問題是，您認為過去四個季度以來，您在合作夥伴方面的投資在多大程度上真正推動了同店銷售額的成長？當我們考慮收​​回 2016 年第二季度的一些投資時，星巴克是否有機會繼續投資於其合作夥伴，繼續投資於利潤率，以此來獲得外部銷售，或者能否達到外部銷售水平，並真正開始利用這條銷售線獲得槓桿效應？

John, it's Cliff. 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. 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.

約翰，我是克里夫。我們對合作夥伴的投資，包括技術方面的投入（為他們提供工具以改進工作方式）以及對合作夥伴本身的投入（包括薪酬和福利），確實加強了合作關係，降低了合作夥伴的流動率，並且我們看到了投資於工時的機會，從而抓住更多機遇。當然，它幫助我們更好地利用了行動訂購和支付的好處，我們在所有市場的高峰時段都看到了成長，週末業務也得到了加強，而這正是我們投入時間精力的地方，我們正在投資於合作夥伴的品質和留存率。

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

我想補充一點，您可能還記得，如果您回顧去年第二季度我們推出這些合作夥伴投資時的情況，我們開始看到業務在同店銷售額和盈利能力方面加速增長。每季我們都會增加這些投資，我認為本季這股趨勢還會進一步加速。

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

此外，2016 年，我們開始在國際上進行這些合作夥伴和數位投資，第一季的投資額不大，但隨著全年的推進，我們對在美國看到的成果深信不疑，因此我們開始在中國、加拿大和英國開展一些業務。所以我們完全相信這一切都是相互關聯的。

Sharon Zackfia, William Blair.

莎倫·扎克菲亞，威廉·布萊爾。

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

午安.霍華德，我想你暗示過未來可能會在 K-Cup 咖啡膠囊方面採取不同的策略，也許不會再與 Keurig 合作。您能否從前期成本或持續利潤的角度，更詳細說明一下這對星巴克來說意味著什麼？

Let me say it this way. 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.

我換個說法吧。無論我們決定怎麼做，都不會削弱我們目前向市場供貨的能力，也不會影響我們自公司成立以來一直保持的極具吸引力的利潤率。

We are in a unique position. We have the leading share. We know customers buy the brewer because of Starbucks. And it's a wait-and-see situation. 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.

我們處於一個獨特的地位。我們擁有領先的市場佔有率。我們知道顧客購買這台咖啡機是因為星巴克。現在的情況只能靜觀其變。但最重要的是，我們要向市場和我們的客戶重申，他們將持續獲得 K-Cup 咖啡膠囊，無論誰生產，我們的供應能力都不會受到任何影響。

David Palmer, RBC Capital.

David Palmer，RBC Capital。

Thanks. 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. Specifically how incremental do you think it's been (technical difficulty) sales and in what way whether it be new users frequency or check? And has it continued to build in the first markets like the Northwest? Thanks.

謝謝。我想知道你們的行動點餐和支付服務在全國範圍內全面推廣後，有哪些經驗教訓，尤其是在太平洋西北地區等一些地區，這項服務已經推行了好幾個月。具體來說，您認為（技術難度）銷售額的增量有多大？增量體現在哪些方面，例如新用戶數量、訪問頻率或審核次數？它在西北等首批市場是否繼續發展壯大？謝謝。

This is Adam. So first of all, I'll take the second question, part of your question first regarding incrementality. We are not breaking that out. Of course, Mobile Order & Pay orders are driving incrementality, particularly at our busiest stores at peak. We are seeing incremental occasions that come from the convenience itself, plus throughputs, efficiency, and line blocking benefits that we are seeing. So in our busiest stores in particular, we are seeing the incrementality we had hoped for.

這是亞當。首先，我先回答你的第二個問題，也就是關於增量性的問題的一部分。我們不會單獨公佈這件事。當然，行動點餐和支付訂單正在推動成長，尤其是在我們最繁忙的門市的高峰期。我們看到，便利性帶來的增量機會，以及吞吐量、效率和線路阻塞的優勢，都讓我們看到了成長。因此，尤其是在我們最繁忙的商店，我們看到了我們所希望的成長。

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. That's one of the learnings. 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. 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.

就經驗而言，我可以告訴你，我們在推廣行動訂購和支付以及為客戶提供試用方面，才剛開始有所突破，因為我們在試用後看到了很高的轉換率。這是我學到的其中一點。我們還制定了一個強大的路線圖，將在今年剩餘的時間裡推出更多功能，包括賺取獎勵的功能——在手機點餐和支付流程中使用您賺取的「我的星巴克獎勵」、在喜愛的門店和喜愛的商品上使用獎勵的功能，當然還有推薦銷售功能，這將對提高顧客滿意度大有裨益。所以所有這些都是學習的結果，你們將在今年看到我們逐步推出這些成果。

I just want to add one thing as it relates to China specifically. 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. And that is the Chinese consumer has leapfrogged from a rotary phone to a regular phone to a cell phone and a smartphone overnight. 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. 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.

我只想補充一點，特別是關於中國方面的內容。我和約翰最近一周左右都在中國，我認為中國年輕人與美國行動通訊的發展之間存在著一個顯著差異。也就是說，中國消費者一夕之間從撥號電話躍升至一般電話，再到手機和智慧型手機。因此，我們確信，當我們在中國推出行動點餐和支付以及行動支付時，其在中國的普及程度和速度將比在美國更加顯著和迅速，而美國消費者接受行動支付的速度已經讓我們感到震驚。因此，我們在中國的成長不僅體現在未來五年內每年新增 500 家門市，更體現在我們將這種成長與科技結合，我們堅信，由於科技已經融入中國消費者的生活中，中國消費者接受科技的速度將比美國消費者更快。

Jason West, Credit Suisse.

瑞士信貸的傑森·韋斯特。

Thanks. Just one quick clarification and then a bigger picture question. 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?

謝謝。先簡單澄清一下，然後再問一個比較宏觀的問題。能否請各位大致介紹一下合作夥伴投資情況，或者說第一季整體投資額與全年預期相比的對比情況，以便我們了解目前的進展情況？

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

那麼，關於你們過去曾談到的與 Lyft 等公司的獎勵計畫合作關係，還有一個更宏觀的問題想請教一下？想了解該投資組合中是否有新增交易，以及大家對此的整體看法。

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

Scott，你想帶（多位講者）嗎？

It's Scott. So, in the first quarter, the vast majority of our partner and digital investments were in the US, as I stated. And it was about 120 basis points. So you can do the math on revenue, but that's the number. 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.

是斯科特。正如我之前所說，第一季我們絕大多數的合作夥伴和數位投資都在美國。大約是120個基點。所以你可以計算收入，但這就是最終的數字。全年來看，絕大部分仍然在美國，雖然到了下半年我們會談到其他部分，但全年來看，絕大部分還是在美國，但全年來看，總額在 2.75 億美元到 3 億美元之間。

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. 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.

今天我們沒有關於新合作關係的具體公告，但我可以告訴大家的是，我們對未來幾季將要宣布的一系列重要的新合作關係充滿信心。這將實現我們的願景，讓星星無所不在，讓顧客隨時隨地都能訂購星星，讓顧客隨時隨地賺取星星成為星巴克體驗的一部分。

John Glass, Morgan Stanley.

約翰‧格拉斯，摩根士丹利。

Thanks very much. I have two questions just on mobile ordering and digital in general. First, I'm just following up on the comments about next-generation of the app. Are there certain milestones? Is there a next quarter for example generation 2 coming out that allows for example for that suggested upselling? 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?

非常感謝。關於手機訂餐和數位化方面，我有兩個問題。首先，我只是想就下一代應用程式的評論做一些後續說明。是否存在某些里程碑？例如，下一季是否會推出第二代產品，從而實現建議的追加銷售？或者你認為必須等到積累了足夠多的用戶後才能逐步推廣，僅僅因為消費者不想總是更新他們的應用程序，獲取最新版本？

And secondly, related to that, those who -- other have engaged in digital platforms have seen tipping points where adoption really accelerates significantly. And also you get an accelerated labor benefit. 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. 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?

其次，與此相關的是，參與數位平台的人已經看到了採用率真正顯著加速成長的轉折點。此外，你還能提前獲得勞動福利。由於訂單越來越多，例如線上訂單等等，你突然就能從商店裡減少一部分勞動力。您是否了解星巴克在收入和勞動力方面的臨界點在哪裡？您是否已經達到這些臨界點，或預計何時會達到這些臨界點？

This is Adam. First of all, in terms of waiting for features, we are not planning on doing that. 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. 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. So you can see how busy we are.

這是亞當。首先，就等待功能上線而言，我們目前沒有這樣的計畫。我們的做法是，我們不斷努力，無論是在美國還是在全球範圍內，都在我們的 iOS 和 Android 平台上添加新功能。所以你們也看到了，就在上週，我們不僅在美推出了 Spotify 集成，而且就在上週，我們還在英國和加拿大的 Android 設備上添加了移動點餐和支付功能。所以你可以看出我們有多忙。

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

我提到的行動訂餐功能的未來改進將在相關功能準備就緒後進行，因此將在今年內逐步完成。我們不會將它們集中起來，所以你會看到這些事情不斷發生。

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. 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. And we anticipate that to continue. And I also mentioned that we are just scratching the surface in terms of awareness and trial. So I think we are still approaching the tipping point, frankly.

至於臨界點，我認為我們正在持續看到行動點餐和付款的普及加速。正如凱文在演講中提到的那樣，這種情況從一開始就發生了，而且我們在第一季甚至1月份都看到了加速成長，現在我們的行動訂單月運行率已經達到了600萬。我們預計這種情況還會持續。我還提到，就意識和試驗而言，我們才剛起步。坦白說，我認為我們仍然處於臨界點附近。

I just want to add one thing to that, and it relates to the incrementality we are seeing on Mobile Order & Pay. 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. 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. And so it's aligned with what we are seeing in our results. It's aligned with the daypart. I would argue it's aligned with food attach and capacity, and we're just getting started.

我只想補充一點，這與我們目前在行動點餐和支付方面看到的成長有關。凱文談到，在美國業務方面，我們看到了五年多來最快的上午時段收入成長，也是五年多來最大的上午時段收入成長。本季業績的顯著提升很大程度上要歸功於我們最繁忙的門市，而這些最繁忙的門市的業績提升，又要歸功於行動點餐和支付功能的引入。因此，這與我們從結果中看到的情況相符。它與時段相符。我認為這與糧食需求和產能相符，而我們才剛起步。

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. 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.

約翰，我是克里夫，我想就你提到的臨界點和勞動力問題做個補充說明。我想說，最令人興奮的是，這些銷量較高的門市正在大力推廣和使用行動點餐和支付，這提高了門市的產能，使我們能夠在這些門市達到新的銷量水平。所以，我認為一些商店正在經歷轉折點，而且在高銷售商店中，這種轉折點正在以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. 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. 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. And that's the way we are looking at it.

就勞動力而言，我們並不這樣看待這個問題。我們希望利用這些勞動力持續服務現有客戶，繼續與客戶建立關係，並提升客戶體驗。所以，我認為這將是一個不斷檢查和調整的過程，增加門市的容量，希望能夠獲得更多的手機下單和支付訂單，然後相應地增加我們的員工人數。我們就是這樣看待這個問題的。

Andrew Charles, Cowen.

安德魯查爾斯，考恩。

Thanks. 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?

謝謝。Howard 或 Adam，為了跟進先前提到的一點，回顧過去幾年行動支付銷售成長的軌跡，你們認為憑藉你們現有的數位基礎設施和消費者意識，你們的數位實力是否應該引領行動訂購銷售組合的成長，並在方向上超過你們行動支付銷售的成長？

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

是的。我無法透露具體細節，但很明顯，從這些數字的發展軌跡來看，我們已經證明，毫無疑問，我們正在建立的這項業務板塊和生態系統基礎將會促進業務成長。這將對公司在美國乃至全球的整體成長產生重大影響。回到中國，我剛回到那裡，我覺得我們迫不及待地想在中國推出行動支付、行動點餐和支付，因為它一定會取得巨大的成功。

This is John. Just let me add to what Howard just said on China and the Mobile Order & Payment there. We are seeing, just with the Starbucks card alone, that over 40% of our transactions are coming through China on the Starbucks card. And that gives us great optimism around what Mobile Order & Payment can be in China. So, we are very bullish on that.

這是約翰。我只想補充霍華德剛才關於中國移動點餐和支付的發言。僅就星巴克卡而言，我們發現超過 40% 的交易都是透過星巴克卡在中國進行的。這讓我們對行動點餐和支付在中國的發展前景充滿樂觀。所以，我們對此非常看好。

Matt?

馬特？

This is Matt Ryan here. Just in terms of the customer segments and the way we look at it, our core customer growth is strong. The loyalty customers, we have people participating in MSRs, is growing significantly faster than our regular customer base. People using the mobile (technical difficulty) is growing even faster than that. And people using Mobile Order & Pay is growing even faster than that. So you actually see a cumulative benefit to the ecosystem at play.

我是馬特·瑞安。僅就客戶群和我們的視角而言，我們的核心客戶成長強勁。忠誠客戶（即參與會員服務獎勵計畫的客戶）的成長速度明顯快於我們的一般客戶群。使用行動裝置的人數（技術難度）成長速度甚至更快。使用手機點餐和支付的用戶成長速度甚至更快。所以實際上可以看到生態系從中獲得累積效益。

Karen Short, Deutsche Bank.

Karen Short，德意志銀行。

Thanks for taking my question. Just a couple of questions on China. 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? 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? Thanks.

謝謝您回答我的問題。關於中國，我還有幾個問題。我想問的第一個問題是，您能否詳細說明日本的加入會對比賽或CAP比賽產生什麼影響？我想，就中國市場而言，目前我想知道您是否願意按時段（上午、下午、晚上）細分市場數據，並說明過去幾季市場變化？謝謝。

We don't break out comps by country within the segment, but let me say it this way. We had over 10 consecutive years of positive comps and positive traffic in China. The success we are enjoying in China is really kind of highlighted by this past quarter. 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.

我們不按國家/地區細分市場，但讓我這樣說吧。我們在中國市場連續10多年實現了同店銷售額和流量的正成長。過去一個季度的數據充分凸顯了我們在中國的成功。上個季度，我們在中國開設了超過 150 家門市，這是我們歷史上開設門市數量最多的一次，也是我們開設過的最強勁的新店。

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. 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. 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.

就時段而言，我認為，除了我們之前討論過的將在中國推出的技術之外，展望未來，中國核心業務最令人興奮的方面或許在於，我們在中國近 100 個一線、二線、三線、四線城市都擁有非常強勁的單位經濟效益，而且我們基本上是在沒有真正建立起晨間習慣的情況下做到這一點的。我們毫不懷疑，如果我們審視我們在世界各地開設的每一個市場，包括亞洲市場，都會發現晨間儀式的開始、發展和發生。我們已經零星地看到了這種情況，但足以讓我們感到極大的不是希望，而是在北京和上海那些營業時間最長的商店裡得到了印證，看看這種情況是如何發展的。

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. 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.

所以，如果你看看如今中國極具吸引力的單位經濟效益，再加上我們討論過的技術，以及我們知道即將到來的晨間習慣，我們今天所處的行業，正如我上週在中國公開表示的那樣，我們相信有一天很可能會比美國市場規模更大。因此，任何在電話會議上，因該地區 5% 的業績增長而對我們在中國的承諾或成功產生任何懷疑的人，不僅是錯誤的，而且是看錯了指標。

David Tarantino, Robert W. Baird.

大衛·塔倫蒂諾，羅伯特·W·貝爾德。

Good afternoon. 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. 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.

午安.霍華德，你之前談過，實體零售向線上零售的轉變，給所有零售商，或許也包括星巴克，在假期期間帶來了一些不利影響。所以，我想請您談談貴公司在假期期間的業務發展趨勢，以及您是如何應對過去曾提到的一些不利因素，順利結束本季的。

That's a perfect question for me. 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. 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. 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.

這對我來說真是個好問題。所以，我想我們三年前就公開表示，我們開始預見消費者行為將會發生巨大變化，而這種巨大變化很大程度上是由於電子商務和智慧型手機購物。我認為，從今天的新聞頭條來看，在過去三週內，梅西百貨關閉了近 50 家門店，沃爾瑪關閉了 150 家門市。你必須捫心自問，那些以大型零售商為核心的購物中心，未來將會如何發展。

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. 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. 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. 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.

儘管如此，我們在合作夥伴投資方面所做的投入，包括門市營運和員工留任，以及我們與客戶建立的密切關係，再加上大量的技術投資，使得我們在當前環境下實現了 4% 的客流量增長，而全國沒有一家零售商的客流量增長接近 1% 或 2%，更不用說美國業務本季度 9% 的同期銷售額增長了，而且我們本季的表現非常強勁。因此，憑藉我們創造的體驗、產品創新、合作夥伴投資和技術創新，我們已經避免了許多零售商將面臨的實體店問題。正如關注過這家公司的人所知，我們仍在美國開設非常棒的門市，目前我們在美國擁有近 10,000 名門市。除了我剛才提到的中國市場以及我們剛開設的 150 家一流門市之外，我們今年在美國開設的門市在收入和投資報酬率方面也都是一流水準。

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，我們完全沒有看到任何跡象表明我們會受到消費者行為這種巨大變化的任何影響，因為我們在成長曲線之前就進行了投資，並且我們將繼續投資於面向客戶、面向合作夥伴和技術的事物。

Nicole Miller, Piper Jaffray.

妮可·米勒，派珀·賈弗雷。

Thanks. Good afternoon. When we look at the channel development business, what's the long-term revenue and your margin opportunity? And do you imagine that it comes from or envision new and existing platforms? And if new, how can we think about that?

謝謝。午安.當我們審視通路開發業務時，長期收入和利潤空間在哪裡？你認為它是來自還是設想來自新的或現有的平台？如果是新的，我們該如何看待它？

I'll start it and I think Mike can jump into the second part of the question. 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. Mike, do you want to take --?

我先開始，我覺得麥克可以接著回答問題的第二部分。從長遠來看，我們看到的是各通路每年兩位數的收入成長，以及透過降低銷售成本和整體營運槓桿作用所實現的適度利潤擴張。麥克，你想帶──嗎？

Yes, let me take the rest. So, our future performance is going to build on what you are seeing this quarter. 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.

好的，剩下的交給我吧。因此，我們未來的業績將建立在本季業績的基礎上。因此，在美國，您將繼續看到我們現有咖啡業務的強勁勢頭，這得益於我們的創新水平、我們擁有的忠誠度，以及坦率地說，我們有機會與「我的星巴克獎勵計劃」進一步建立聯繫。

What we haven't talked as much about yet but what is coming is the activity that we have on the international front. So, you've heard me talk about many of the partnerships that we've just created in China and also in Latin America. 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.

我們還沒有過多談及但即將開展的是我們在國際領域的活動。所以，你們都聽我談過我們在中國和拉丁美洲剛剛建立的許多合作關係。對我們來說，這主要是一項即飲業務，因此我們將利用我們在美國看到的優勢以及我們與北美咖啡合作組織合作所獲得的洞察力，並將其轉化為國際上即飲業務的成長。

Jeff Bernstein, Barclays.

傑夫·伯恩斯坦，巴克萊銀行。

Great. Thank you very much. Just two questions. One, in the European business, or EMEA, I'm just wondering whether you can talk a little bit about the softening that you saw. I didn't realize the magnitude or the impact it had on the broader European comp in terms of the obviously tragic Paris attacks. 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? 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.

偉大的。非常感謝。就兩個問題。第一，關於歐洲業務，或者說 EMEA 地區，我想知道您是否可以談談您所看到的市場疲軟現象。我當時並沒有意識到巴黎恐怖攻擊事件的規模和影響，以及它對整個歐洲經濟的影響，這顯然是一場悲劇。我想知道您能否提供一些細節訊息，例如這些趨勢在事件發生前後的發展情況，或者是否對其他市場產生了影響？我只是想了解一下，這究竟是一個更廣泛的宏觀問題，還是你認為僅僅是星巴克的數據本身有什麼問題。

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. I know you talked a lot about returning incremental cash with a share purchase and obviously dividends. Just any updated thoughts on that would be great.

另外，Scott，我想請你更新一下股利與股票回購之間的平衡情況，以及你對槓桿的看法。我知道你多次談到透過股票購買和分紅來增加現金回報。任何關於這方面的最新想法都非常感謝。

This is Kevin. I'll take the first question and then I'll hand over to Scott for the second one. 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. And in this last week or so, we've seen evidence that that consumer behavior is recovering. So, I wouldn't read anything more into it than that.

這是凱文。我先回答第一個問題，然後把第二個問題交給史考特。從根本上說，當我們追蹤法國、德國和英國，特別是法國、德國和英國大城市的每日同店銷售額時，我認為客戶行為發生了轉變，導致法國、德國和英國大城市的同店銷售額持平或略有下降。在過去一周左右的時間裡，我們已經看到有證據表明這種消費行為正在復甦。所以，我不會對此做任何過度解讀。

Scott?

史考特？

Yes, I would add two things. 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. So, if you look at EMEA for example, a few years ago, they were at breakeven. Margin was essentially zero. And we are guiding to 15% this year, which is over a 100 basis point improvement over last year. And as I said, we're going to get up towards 20% over the next handful of years in EMEA. So that is a market with significant profitability growth.

是的，我還要補充兩點。正如凱文剛才所說，就我們今年和長期的國際業務部門（歐洲、中東和非洲以及亞太地區）而言，我們預計收入和利潤率將繼續大幅增長。例如，以歐洲、中東和非洲地區為例，幾年前，他們的業績仍處於損益平衡狀態。利潤率幾乎為零。我們預計今年的成長率為 15%，比去年提高了 100 多個基點。正如我所說，未來幾年內，我們在歐洲、中東和非洲地區的市佔率將接近 20%。所以這是一個獲利成長顯著的市場。

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

所以，回答你的問題，對我們來說，10 月看起來是個非常好的月份，而且我們似乎正朝著今年的預期目標穩步前進。巴黎事件之後，我們看到局勢有所緩和，但現在局勢又開始回升了。因此，我們的業績指引全年並沒有改變，我們對自身能力以及在歐洲、中東和非洲地區所取得的成就的長期信念也絲毫沒有改變。

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. 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. So again, strong revenue growth. We will have midteen revenue growth in CAP this year. The numbers are just phenomenal. 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.

CAP方面，我們今年的營業利潤率目標約為20%，儘管日本收購對我們造成了一定的財務影響，但這一目標仍略有上升。實際上，我認為在 CAP，從營業利潤率的角度來看，我們將在五年左右的時間內達到 20% 左右的水平，這將使 CAP 與美洲業務的水平持平。所以，營收再次強勁成長。今年CAP的營收將實現15%左右的成長。這些數字簡直太驚人了。自收購以來，日本市場在各方面都超越了我們預期的模式，而我們才剛開始與當地團隊合作，發展這項業務。

And Howard talked about China. And again, we've never been more bullish on that. So the international markets for the quarter had a good quarter and the outlook for the future is very strong.

霍華德談到了中國。我們再次強調，我們從未像現在這樣看好這一點。因此，本季國際市場表現良好，未來前景非常強勁。

As far as the balance sheet goes, we did a little bit more buyback than dividend in that split I gave you. 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. So, that will include some leverage on the balance sheet and we will continue to evaluate that as we go forward.

就資產負債表而言，在我之前提到的那次拆分中，我們的股票回購額略高於分紅額。但我想提醒你，傑夫，鑑於我們在假期和股市中看到的情況，我們已經大幅增加了股票回購規模，本季回購規模已經是去年整個季度的兩倍左右。因此，這將包括對資產負債表進行一些槓桿操作，我們將隨著事態發展繼續對此進行評估。

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

回顧過去 12 個月，我們向股東返還了 25 億美元的現金。這個數字意義重大。正如我們之前討論過的，在過去的幾個季度裡，隨著我們更加努力地利用資產負債表，這個數字有所增加。

Karen Holthouse, Goldman Sachs.

Karen Holthouse，高盛集團。

Thanks for taking my question. 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. And theoretically comps improving getting past the holiday and with cake gifting, that was down substantially more than the rest of the business. Did that in fact materialize as we moved through the quarter?

謝謝您回答我的問題。其中一件事（不一定是為了獲取中國同店銷售數據，而是上個季度討論的一件事）是第四季度同店銷售數據存在一些季節性因素。理論上，假日過後同店銷售額會有所改善，但送蛋糕的銷售額下降幅度遠大於其他業務。隨著季度推進，這種情況是否真的發生了？

This is John. We did not see any of the seasonality come into the business in the quarter. Like Howard said, we continue to see very, very strong transaction growth. We had a record number of store openings in China, and then also across the region. And we remain very bullish on the opportunity that we have going forward. Right now, we are in the throes of the Chinese New Year, and we are very optimistic on what that is going to bring.

這是約翰。本季我們沒有看到任何季節性因素對業務造成影響。正如霍華德所說，我們繼續看到非常非常強勁的交易成長。我們在中國開設的門市數量創下了紀錄，隨後在整個地區也創下了紀錄。我們對未來的發展機會依然非常樂觀。現在正值中國新年之際，我們對它將帶來的結果非常樂觀。

Karen Holthouse, your line is open.

Karen Holthouse，您的路線已接通。

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?

您的績效指引是否包含您計劃在一年內回購的股票數量的任何變化，還是與此無關？

(technical difficulty)

（技術難題）

We are currently experiencing technical difficulties. The conference will resume momentarily. Thank you.

我們目前遇到技術故障。會議即將繼續進行。謝謝。

The speaker line is connected.

揚聲器線路已連接。

Mike, are you there? (technical difficulty)

麥克，你在嗎？（技術難題）

This is the operator. The speaker line is connected.

這是操作員。揚聲器線路已連接。

Thank you Mike. We are ready for our next question please.

謝謝你，麥克。我們準備好回答下一個問題了。

Matthew DiFrisco, Guggenheim.

馬修‧迪弗里斯科，古根漢美術館。

Thank you guys. I appreciate you coming back on the line there. A balance sheet question following up there on the prior question. 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. 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. 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? Thank you.

謝謝大家。感謝你及時接通電話。接下來是關於資產負債表的問題，這是對前一個問題的補充。關於遞延收入，我想知道您能否簡要介紹一下，過去幾年您提供的關於禮品卡和充值數據，包括卡片上的餘額和行動應用程式上的餘額，這其中都包含了遞延收入。我推測，隨著數位行動點餐和支付以及數位應用程式的成長，正如你所說，禮品卡的銷售額增長了 19%。您能否概括一下，告訴我們您在第二季開始時的餘額情況，以及與去年同期相比的成長情況？謝謝。

Yes, deferred revenue is up about -- just give me a second here. I'm pulling it up. It's up about $500 million over year-end, which is about 50%. And as Adam said, we had total loads on the card of $1.9 billion. 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.

是的，遞延收入增加了大約——請稍等片刻。我正在調出來。與年底相比，成長了約 5 億美元，增幅約為 50%。正如亞當所說，我們這張卡的總餘額為 19 億美元。我們最近沒有對此進行細分，我手頭上也沒有刷卡消費和數位消費之間的具體細分數據，但我認為相關的數字是我們看到的總消費額的顯著增長，坦白說，我們就是這麼看待這個問題的，還有遞延收入餘額的總增長，約為 5 億美元。

Excellent. Thank you.

出色的。謝謝。

(Operator Instructions). Andy Barish, Jefferies.

（操作說明）安迪·巴里什，傑富瑞集團。

Actually, just a boring G&A question. It looked like that number reported was a little bit lower than at least I was modeling. 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?

其實，這只是一個很無聊的行政管理問題。看起來公佈的數字比我模擬的數字低一些。你們的技術投資是否有一些時間調整，或者外匯收益實際上反映在一般及行政費用上？

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. And that was deal related costs and just some of integration costs, and they were highest in the first quarter. So if you are modeling it as a percentage of revenues, that could explain the delta you are seeing.

管理費用佔收入的百分比略低於您預期的一個原因是，去年我們因收購日本而產生了相當多的管理費用。這些費用包括交易相關成本和部分整合成本，其中第一季最高。因此，如果您將其建模為收入的百分比，這可以解釋您看到的差異。

At this time, there are no further questions. Ms. Doraisamy, are there any closing remarks?

目前沒有其他問題了。多萊薩米女士，您還有什麼要補充說明嗎？

No, that will be all. Thank you all very much for joining us this afternoon.

不，就這些了。非常感謝各位今天下午蒞臨。

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

星巴克咖啡公司2016財年第一季財報電話會議到此結束。您現在可以斷開連線了。