星巴克 (SBUX) 2016 Q2 法說會逐字稿

Good afternoon. My name is Connor and I will be your conference operator today. At this time, I would like to welcome everyone to Starbucks Coffee Company's second-quarter fiscal-year 2016 earnings conference call. (Operator Instructions).

午安.我叫康納，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財年第二季財報電話會議。（操作說明）

Thank you. Ms. Doraisamy, you may begin your conference.

謝謝。多萊薩米女士，您可以開始您的會議了。

Good afternoon, everyone. This is Durga Doraisamy, Director of Investor Relations for Starbucks Coffee Company. Thank you for joining us today to discuss our second-quarter 2016 results, which will be led by Howard Schultz, Chairman and CEO; Kevin Johnson, President and COO; and Scott Maw, CFO. Joining us for Q&A are Cliff Burrows, Group President, US and Americas; John Culver, Group President, China/Asia-Pacific, Channel Development, and Emerging Brands; Matt Ryan, Global Chief Strategy Officer; and Adam Brotman, Global Chief Digital Officer.

大家下午好。這位是星巴克咖啡公司投資者關係總監杜爾加·多萊薩米。感謝各位今天蒞臨我們公司，共同探討 2016 年第二季業績。本次會議將由董事長兼執行長 Howard Schultz、總裁兼營運長 Kevin Johnson 和財務長 Scott Maw 主持。參與問答環節的有：集團總裁（美國和美洲）Cliff Burrows；集團總裁（中國/亞太地區、通路開發和新興品牌）John Culver；全球首席策略長Matt Ryan；以及全球首席數位長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 a reconciliation of non-GAAP financial measures referenced in today's call with their 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財務指標與其對應的GAAP指標的調節表。

This conference 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。

I will now turn the call over to Howard. Howard?

現在我將把通話轉給霍華德。霍華德？

Thank you, Durga, and welcome, everyone. I taped my conversation today before heading to Johannesburg where earlier today we opened the first of approximately 150 stores in South Africa, Starbucks' 71st international market.

謝謝你，杜爾迦，也歡迎各位。今天，在前往約翰尼斯堡之前，我錄下了我的談話。今天早些時候，我們在南非開設了第一家門市，這是星巴克在南非的第 71 個國際市場，也是星巴克在南非開設的約 150 家門市中的第一家。

In Q2, Starbucks' powerful 24,000-store global retail operation again drove record financial and operating performance, including record revenues, record profits, a 7% increase in comp-store sales in the US, a 6% increase in comp-store sales globally, our 25th consecutive quarter of comp-store growth at or above 5%, and a stunning increase of 5% in transaction growth and 18% in revenue growth in China.

第二季度，星巴克強大的全球零售業務（擁有 24,000 家門市）再次取得了創紀錄的財務和營運業績，包括創紀錄的收入、創紀錄的利潤、美國同店銷售額增長 7%、全球同店銷售額增長 6%、連續第 25 個季度同店銷售額增長達到驚人或超過 5%，以及中國市場收入增長 5% 和中國市場交易收入增長 5% 和中國市場的收入增長 5%。

And we remain on plan to end fiscal 2016 with approximately 25,000 stores globally. Our recent classes of new and remodeled retail stores continue to defy established consumer trends away from traditional bricks-and-mortar retailing and deliver record-breaking unit sales, unit economics, and return on investment, very strong performance metrics that underscore the increasing power and relevance of the Starbucks brand around the world.

我們仍按計劃在 2016 財年結束時在全球擁有約 25,000 家門市。我們最近新建和改建的零售店繼續打破消費者遠離傳統實體零售的既定趨勢，並取得了破紀錄的銷售、單位經濟效益和投資回報率，這些非常強勁的業績指標凸顯了星巴克品牌在全球範圍內日益增長的影響力和相關性。

In light of two very favorable recent developments, I would like to take a few moments to frame for you the enormity of the near- and long-term global single-serve opportunity that lies ahead for Starbucks. As many of you know, over the last five years Starbucks has built a powerful, sustainable premium single-serve business operating on the Keurig K-Cup and today Starbucks has the leading US market share of both premium single serve and premium roast and ground and is the leading brand on the K-Cup platform.

鑑於最近兩項非常有利的發展，我想花幾分鐘時間向大家闡述星巴克在近期和長期內全球單杯咖啡市場所面臨的巨大機會。正如你們許多人所知，在過去的五年裡，星巴克建立了一個強大、可持續的高端單杯咖啡業務，該業務採用 Keurig K-Cup 膠囊咖啡機運營。如今，星巴克在美國高端單杯咖啡和高端烘焙研磨咖啡的市佔率均處於領先地位，並且是 K-Cup 平台上的領先品牌。

For 2016, we will sell approximately 1.5 billion Starbucks K-Cups, up almost 20% over last year and representing multiples of K-Cup category growth overall. Last month, we extended our relationship with Keurig on highly favorable terms that provide us with improved economics and increased operating flexibility, including the ability to sell directly into office and other complementary, highly profitable channels of distribution.

2016 年，我們將售出約 15 億顆星巴克 K-Cup 咖啡膠囊，比去年成長近 20%，是 K-Cup 咖啡膠囊類別整體成長的數倍。上個月，我們與 Keurig 續簽了合作關係，並獲得了非常優惠的條款，這為我們帶來了更好的經濟效益和更大的營運靈活性，包括能夠直接向辦公室和其他互補的、利潤豐厚的銷售管道銷售產品。

But Starbucks single-serve aspirations do not end with North America, nor do they end with K-Cup. And now we have capability in a clear line of sight on a second equally attractive single-serve opportunity, because while Keurig has the dominant share of single-serve brewers in North America, it has virtually no share or relevant brewer product anywhere beyond North America.

但星巴克的單杯咖啡雄心壯志不止於北美，也不止於 K-Cup 膠囊咖啡。現在，我們已經清楚地看到了第二個同樣有吸引力的單杯咖啡機市場機會，因為雖然 Keurig 在北美單杯咖啡機市場佔據主導地位，但在北美以外的任何地方，它幾乎沒有任何市場份額或相關的咖啡機產品。

Outside of North America is Nestle's Nespresso unit that has the leading share of premium single serve with a rapidly growing installed base of what we estimate to be over 25 million largely espresso-based brewers in homes around the world. Nespresso also has a strong presence in global, away from home, and hospitality channels, utilizing the same capsule design it uses for at home.

在北美以外，雀巢旗下的Nespresso咖啡機佔據了高端單杯咖啡市場的領先份額，其裝機量正在迅速增長，據我們估計，全球家庭中已擁有超過2500萬台主要用於製作意式濃縮咖啡的咖啡機。Nespresso 在全球餐飲和酒店通路也擁有強大的影響力，並採用了與家用咖啡相同的膠囊設計。

So here is the opportunity and it is big. For years, customers have been asking us to produce Starbucks-branded Nespresso-compatible capsules so they could enjoy Starbucks quality and espresso varietals through their Nespresso machines, just as they do through their K-Cup brewers in North America.

所以機會來了，而且機會很大。多年來，顧客一直要求我們生產星巴克品牌的 Nespresso 相容膠囊，以便他們能夠透過 Nespresso 咖啡機享用星巴克品質和各種濃縮咖啡，就像他們在北美透過 K-Cup 咖啡機一樣。

We could not satisfy that demand because we had not yet cracked the code on roasting, grinding, and packing Starbucks coffee in order to deliver Starbucks quality in a cup through a Starbucks-designed Nespresso-compatible capsule, but now we have. And as we announced at our annual shareholders' meeting last month, starting this fall we will begin leveraging our retail, CPG, e-commerce, digital, and loyalty assets in order to market Starbucks espresso varietals directly to Nespresso's installed customer base.

我們之前無法滿足這一需求，因為我們還沒有破解烘焙、研磨和包裝星巴克咖啡的秘訣，從而無法通過星巴克設計的與 Nespresso 兼容的膠囊，將星巴克品質的咖啡送到顧客手中，但現在我們做到了。正如我們在上個月的年度股東大會上宣布的那樣，從今年秋季開始，我們將開始利用我們的零售、消費品、電子商務、數位和忠誠度資產，直接向Nespresso的現有客戶群推銷星巴克濃縮咖啡品種。

We are starting with Europe, Nespresso's largest market and where, in some countries, single serve represents over 40% of all coffee consumed and 50% of our best Starbucks customers own a Nespresso machine at home. And in the future, we will begin selling Starbucks branded Nespresso-compatible pods in additional Starbucks retail markets around the world.

我們先從歐洲入手，這是Nespresso最大的市場，在某些國家，單杯咖啡佔所有咖啡消費量的40%以上，而我們星巴克最好的顧客中有50%在家中擁有Nespresso咖啡機。未來，我們將在全球更多星巴克零售市場開始銷售星巴克品牌的Nespresso相容咖啡膠囊。

Improved economics and increased flexibility with Keurig in North America will combine with the new global opportunity presented by Starbucks Nespresso compatibles to enable us to substantially increase the size and profitability of our single-serve business overall and to add significant shareholder value in the quarters and years ahead.

Keurig 在北美的經濟效益和靈活性提升，加上星巴克 Nespresso 相容咖啡機帶來的全新全球機遇，將使我們能夠大幅提升單杯咖啡業務的規模和盈利能力，並在未來幾季和幾年內為股東創造顯著價值。

We also have big long-term plans for single serve across CAP and in China. As the only truly global premium coffee brand, particularly in China, we are ideally positioned to leverage our deep connection to our customers and our unique retail store footprint to be in the forefront of single serve in all CAP markets as the morning and at-home coffee ritual evolves.

我們在亞太地區和中國市場也有大規模的單一服務長期發展計畫。作為唯一真正意義上的全球高端咖啡品牌，尤其是在中國，我們擁有得天獨厚的優勢，可以利用我們與客戶的深厚聯繫和獨特的零售店佈局，在所有 CAP 市場中引領單杯咖啡潮流，因為早晨和居家咖啡儀式正在不斷演變。

Let me turn to China. Starbucks is committed to China, and we now have over 2,000 stores in 100 cities in China and are adding over 10 new stores every week. Our business in China remains very strong and I personally have no doubt that the Chinese government's commitment to true economic reform is genuine and that its plan to double 2010 per-capita income by 2021, resulting in a middle class in China approaching 600 million people, almost twice the size of the entire current US population, is achievable.

讓我們把目光轉向中國。星巴克致力於中國市場，目前已在中國100個城市擁有2,000多家門市，每週新增10多家門市。我們在中國的生意依然非常強勁，我個人毫不懷疑中國政府致力於真正的經濟改革，並且其到 2021 年將人均收入在 2010 年的基礎上翻一番的計劃是可以實現的，這將使中國的中產階級人口接近 6 億，幾乎是美國當前總人口的兩倍。

We're building our business in China through the lens and with the learnings of the success of our business in the US. We're building trust in the Starbucks brand and deep authentic connections between our customers and our partners. We are continuing to deliver an elevated in-store experience for our customers, we're increasingly established Starbucks as a third place between home and work, and we're giving back to the communities we serve, all of which are enabling us to strengthen the equity of the Starbucks brand and develop and expand our retail, licensed, and CPG businesses and partnerships.

我們正在藉鏡和學習我們在美國取得成功的業務經驗，在中國發展我們的業務。我們正在建立對星巴克品牌的信任，並在顧客和夥伴之間建立深厚而真誠的聯繫。我們不斷為顧客提供更優質的店內體驗，我們日益將星巴克打造成為家庭和工作場所之間的“第三空間”，我們也在回饋我們服務的社區，所有這些都使我們能夠增強星巴克品牌的價值，並發展和擴大我們的零售、授權和消費品業務及合作夥伴關係。

Our partnership with Tingyi that will provide us with over 1 million points of ready-to-drink Frappuccino distribution in China beginning later this quarter is just one notable example, and there will be many that will follow. Today, not only are we building our brand and a great retail store business in China, but we are building a unique retailing capability that separates us from all other retailers and consumer brands and that we will leverage to continue growing our China business long into the future.

我們與頂益的合作將使我們從本季晚些時候開始在中國獲得超過 100 萬個即飲星冰樂分銷點，這只是一個值得注意的例子，未來還會有許多類似的合作。今天，我們不僅在打造我們的品牌和在中國建立強大的零售門市業務，而且還在建立一種獨特的零售能力，這使我們與其他所有零售商和消費品牌區分開來，我們將利用這種能力在未來繼續發展我們在中國的業務。

And on June 16, we will open in China what will in all probability become the Starbucks highest grossing retail store in the world virtually overnight. It is a stunning new Starbucks store at the main entrance of the new Shanghai Disneyland, a destination that may well become the number one tourist attraction in Asia. Our new Shanghai Disneyland store will showcase the Starbucks experience in all its glory and our premium coffee position and once again underscore the power and the relevance of the Starbucks brand in China and in CAP overall.

6月16日，我們將在中國開設一家星巴克門市，這家店很可能一夕之間成為全球星巴克收入最高的零售店。這是位於上海迪士尼樂園正門的令人驚豔的全新星巴克門市，上海迪士尼樂園很有可能成為亞洲第一大旅遊景點。我們在上海迪士尼樂園的新店將充分展現星巴克的體驗和我們優質的咖啡定位，並再次強調星巴克品牌在中國和整個亞太地區的實力和影響力。

We're honored that The Disney Company chose Starbucks to so prominently greet its guests at the entrance of the new park. I am more convinced than ever that Starbucks is just getting started in China and I am equally convinced that as we fully roll out our new partnerships with the leading digital companies and brands in China and leverage our unique digital, mobile, card, gifting, and loyalty programs across our business in China later this year and ultimately across CAP overall, we will perform at even higher levels of success and profitability in the future than we do today.

我們很榮幸迪士尼公司選擇星巴克在新樂園入口處如此醒目地迎接遊客。我比以往任何時候都更確信，星巴克在中國才剛起步。我也同樣確信，隨著我們今年稍後在中國全面推出與中國領先的數位公司和品牌的全新合作關係，並充分利用我們獨特的數位、行動、卡片、禮品和忠誠度計劃，最終在整個CAP集團範圍內，我們未來的成功和盈利能力將比現在更高。

Starbucks continues to redefine the customer-facing mobile and retail experience of the future. Kevin will be taking you through how we are combining proprietary technologies, digital engagement, and customer loyalty to create and leverage a dynamic integrated digital and mobile ecosystem that will continue to strengthen our business and propel it forward, including providing additional details around our Stars Everywhere initiative, the unique and highly opportunistic partnership we recently announced with JPMorgan Chase and Visa, and our breakthrough initiatives around personalization that are enabling us to deliver highly targeted and highly profitable one-to-one marketing programs for our customers, wherever they may be.

星巴克持續重新定義未來面向顧客的行動和零售體驗。Kevin 將帶您了解我們如何將專有技術、數位互動和客戶忠誠度相結合，以創建和利用動態的整合數位和行動生態系統，從而繼續加強我們的業務並推動其向前發展。他還將詳細介紹我們的「星光無處不在」計劃、我們最近宣布與摩根大通和 Visa 建立的獨特且極具機遇的合作夥伴關係，以及我們在個性化方面的突破性舉措，這些舉措使我們能夠為我們的客戶提供高度精準且高利潤的一對一營銷計劃，無論他們身在何處。

I am particularly proud to report that we grew our MSR loyalty program 8% by adding approximately 1 million new members in Q2 alone and that we now have over 12 million active My Starbucks Rewards members in the US. And the MSR program changes that took effect on April 12 will, for the first time, reward both customer frequency and overall spend, resulting in increased Rewards for our best customers at the same time as it enhances in-store efficiency, speed of service, and our customer experience overall.

我特別自豪地宣布，光是第二季度，我們的 MSR 會員忠誠計畫就成長了 8%，新增會員約 100 萬，目前我們在美國擁有超過 1,200 萬活躍的 My Starbucks Rewards 會員。4 月 12 日生效的 MSR 計畫變更將首次同時獎勵顧客的消費頻率和總消費額，從而在提高店內效率、服務速度和整體顧客體驗的同時，為我們最好的顧客帶來更多獎勵。

I would like to speak for a moment about the excitement we have about the Roastery in the context of Starbucks' overall brand architecture. Our Seattle Roastery continues to delight our customers and perform well ahead of original expectations. Based on experience to date, our current view is that we will ultimately open between seven and 10 full-scale roasteries around the world in key global cities.

我想就星巴克整體品牌架構中我們對烘焙工坊的興奮之情談談一點。我們的西雅圖烘焙坊持續為顧客帶來驚喜，業績遠超預期。根據目前的經驗，我們目前的看法是，最終我們將在全球主要城市開設 7 到 10 家全規模烘焙廠。

Our second Roastery will be opening in New York's Meatpacking District on the corner of Ninth Avenue and 15th Street, next to the heavily trafficked Chelsea Market, directly across the street from Google's headquarters and adjacent to Apple's downtown store in 2018. And soon, we will be announcing details of our third Roastery, which will be in CAP.

我們的第二家烘焙工坊將於 2018 年在紐約肉類加工區開業，位於第九大道和第 15 街的拐角處，毗鄰人流密集的切爾西市場，正對面是谷歌總部，緊鄰蘋果市中心商店。不久之後，我們將公佈第三家烘焙工坊的詳情，該工作坊將位於 CAP。

In addition to providing an immersive customer experience with the Roastery and through the discipline and the opportunity of segmentation, we have been building a new premium brand, Starbucks Reserve. Starbucks Reserve are ultra-premium, microlot, single-varietal coffees that are being sold at premium prices through select Starbucks stores around the world, creating both increased profitability and further separation from our competitors.

除了透過烘焙工坊提供沉浸式客戶體驗，並透過細分市場的紀律和機遇，我們一直在打造一個新的高端品牌—星巴克臻選。星巴克臻選系列是超高端、微批次、單一品種咖啡，透過全球精選星巴克門市以高價出售，從而提高了盈利能力，並進一步拉開了與競爭對手的差距。

And we will continue to open coffee forward Starbucks stores with elevated reserve beverage and whole bean products, like those in Williamsburg, Brooklyn, Chelsea, London, and across Asia.

我們將繼續開設以咖啡為主導的星巴克門市，提供高級臻選飲品和咖啡豆產品，例如威廉斯堡、布魯克林、切爾西、倫敦以及亞洲各地的門市。

Now following the success and the learnings from these stores, we will be opening a new class of Reserve stores beginning in fiscal 2017. We believe we have significant runway to grow and develop our Starbucks Reserve brand on a global basis.

現在，憑藉這些門市的成功經驗和教訓，我們將從 2017 財年開始開設新一類 Reserve 門市。我們相信，我們擁有巨大的發展空間，可以在全球壯大並發展我們的星巴克臻選品牌。

Starbucks' performance in Q2 demonstrates the continued success of our commitments to delivering an elevated Starbucks experience to our customers and world-leading financial and operating performance and long-term, sustainable, profitable growth to our shareholders. With humility, our performance in Q2 is particularly gratifying in that it was achieved in the face of very challenging consumer, geopolitical, and economic environments.

星巴克第二季的業績表明，我們持續致力於為顧客提供卓越的星巴克體驗，並為股東帶來世界領先的財務和營運業績以及長期、可持續的獲利成長。謙虛地說，我們第二季的業績尤其令人滿意，因為這是在我們面臨極具挑戰性的消費者、地緣政治和經濟環境的情況下取得的。

And with that, from South Africa, I turn the call over to Kevin. Kevin?

就這樣，我從南非把電話轉給了凱文。凱文？

Thank you, Howard, and good afternoon, everyone. Howard touched upon several highlights from the quarter. I will add additional color on our performance and provide further evidence that our strategies for growth are working. And I will again demonstrate how we are being deliberate and focused in connection with the investments we are making for our future.

謝謝你，霍華德，大家下午好。霍華德談到了本季的一些亮點。我將進一步闡述我們的業績，並提供更多證據證明我們的成長策略是有效的。我將再次證明，我們在為未來進行投資時，是如何深思熟慮、目標明確的。

Let's start with the Americas segment. We now have over 15,000 stores throughout the Americas business, comprised of nearly 9,000 Company-operated and over 6,000 licensed stores. Our Americas business continued its track record of delivering consistent, profitable growth, with revenue up 10% over last year and record operating margins. Americas comp sales included a 3% increase in transactions and a 5% increase in ticket, rounding to a 7% increase in comp sales.

我們先從美洲地區開始。目前，我們在美洲擁有超過 15,000 家門市，其中包括近 9,000 家公司自營門市和超過 6,000 家特許經營門市。我們的美洲業務繼續保持著持續獲利成長的良好記錄，營收比去年成長了 10%，營業利潤率也創下歷史新高。美洲地區的同店銷售額成長了 3%，客單價成長了 5%，四捨五入後，同店銷售額成長了 7%。

Our store portfolio strategy is enabling the introduction of new store formats and faster and more efficient drive-thrus, express stores, and beautiful renovations that provide our customers not only with increased convenience, but a more inviting and comfortable third-place environment. This approach is enabling record-setting unit volume in our new stores.

我們的門市組合策略正在推動新門市形式的引入，以及更快更有效率的得來速門市、快捷門市和精美的翻新，這不僅為我們的顧客提供了更大的便利，也提供了一個更溫馨舒適的「第三空間」環境。這種方法使我們的新店實現了創紀錄的銷售量。

The morning daypart, once again our fastest-growing daypart, grew 13% year on year, driven by Mobile Order & Pay, strong performance from our core brewed and espresso product lineup, and breakfast sandwiches. Flat White and Cold Brew both continue to gain traction and customer acceptance and drive food attach.

上午時段再次成為我們成長最快的時段，年成長 13%，這主要得益於行動點餐和支付、我們核心的現煮咖啡和濃縮咖啡產品系列的強勁表現以及早餐三明治。馥芮白和冷萃咖啡都持續獲得消費者的青睞和認可，並推動了食品附加消費。

In addition to our hot beverage lineup, our expanded iced beverage business is resonating with customers. Our tea business in particular had its strongest quarter in over a year, up 17% year on year and contributing 1 point of comp, fueled by an accelerating sales of Teavana handcrafted tea beverages in Starbucks retail stores.

除了熱飲系列外，我們擴大的冰飲業務也受到了顧客的歡迎。我們的茶飲業務尤其迎來了一年多以來最強勁的一個季度，年增 17%，貢獻了 1 個百分點的同店銷售額，這主要得益於 Teavana 手工茶飲在星巴克零售店的銷售加速增長。

Creating new customer occasions and driving increased attach are key priorities for our food programs, and we made great progress with our food business this quarter, growing revenues 16% year on year and contributing over 2 points to our comp, with every daypart contributing to this increase.

創造新的客戶機會並提高客戶忠誠度是我們食品計劃的關鍵優先事項，本季度我們的食品業務取得了巨大進展，收入同比增長 16%，並為我們的同店銷售額貢獻了 2 個百分點以上，每天的每個時段都為這一增長做出了貢獻。

Breakfast sandwiches continue to be a strong driver of the business, delivering nearly 30% revenue growth and driving both traffic and increased attach in the morning daypart. Our innovative new lineup of lunch offerings delivered an 18% year-on-year increase in food revenue during the lunch daypart, and we continue to test and learn as we shape our evenings program.

早餐三明治仍然是業務的強勁驅動力，帶來了近 30% 的收入成長，並在早晨時段帶動了客流量和提高了銷售額。我們創新推出的午餐產品系列使午餐時段的食品收入同比增長了 18%，我們將繼續測試和學習，以完善我們的晚間計劃。

For the first time ever, food represented more than 20% of revenue in the US. Our Americas segment had an outstanding Q2.

食品支出首次占美國經濟收入的20%以上。我們的美洲業務部門第二季表現出色。

Let's now move on to the CAP segment. The China/Asia-Pacific business delivered another solid quarter, with revenues increasing 14% and operating income up 15% over Q2 a year ago. Noteworthy is that this is the first full quarter in which our 1,100-store Japan retail business was fully included in both our CAP comp and revenue base, resulting in CAP comp growth of 2% in traffic and 2% in ticket, rounding to 3% overall.

現在我們進入 CAP 部分。中國/亞太業務又迎來了一個穩健的季度，營收年增 14%，營業收入年增 15%。值得注意的是，這是我們擁有 1100 家門市的日本零售業務首次完整納入 CAP 同店銷售額和收入基數，導致 CAP 同店銷售額在客流量和客單價方面增長了 2%，總體增長了 3%。

We now operate over 5,900 stores in CAP, including over 2,000 in mainland China in more than 100 cities. Despite moderating GDP growth in China, Starbucks China grew revenues 18% and transactions 5% in the quarter. We saw particularly strong transaction growth in the largest cities and our newest China stores continue to deliver record-breaking volume and profit, once again demonstrating the increasing strength and relevance of the Starbucks brand in the China market.

目前我們在亞太地區擁有超過 5900 家門市，其中在中國大陸 100 多個城市擁有超過 2000 家門市。儘管中國GDP成長放緩，但星巴克中國本季營收成長18%，交易量成長5%。我們在最大的幾個城市看到了特別強勁的交易成長，我們最新的中國門市繼續創造破紀錄的銷售和利潤，再次證明了星巴克品牌在中國市場的實力和影響力日益增強。

As Howard mentioned, we will leverage our loyalty and digital flywheel in China with the rollout of certain features this year and full digital capabilities over time. Our China/Asia-Pacific business continues to perform extremely well, reinforcing our confidence in the long-term growth potential of this market. While Starbucks is not immune to cyclical changes in the Chinese economy, our long-term outlook remains strong. And we are committed to increasing our store count to over 3,400 in China and to over 10,000 in CAP overall by the end of 2019 -- fiscal 2019.

正如霍華德所提到的那樣，我們將利用我們在中國的客戶忠誠度和數位化飛輪效應，今年推出某些功能，並隨著時間的推移實現全面的數位化能力。我們在中國/亞太地區的業務持續表現優異，增強了我們對該市場長期成長潛力的信心。雖然星巴克也無法免受中國經濟週期性變化的影響，但我們的長期前景仍然強勁。我們致力於在 2019 財年結束前，將我們在中國開設的門市數量增加到 3400 家以上，並將亞太地區的門市總數增加到 10,000 家以上。

Let's move on to EMEA. We continue to build our 2,500-store EMEA business by increasing our store count; entering new countries, including Luxembourg in Q2, with South Africa, Slovakia, and Andorra opening this quarter; and introducing new food and beverage offerings. Overall, we added 47 net new stores in EMEA, all in conjunction with licensee partners at high-traffic venues, such as train stations, airports, supermarkets, and through geographic licensees, such as Alshaya in the Middle East.

接下來我們來看看歐洲、中東和非洲地區。我們透過增加門市數量、進入包括第二季度進入盧森堡在內的新國家、以及在本季度開設南非、斯洛伐克和安道爾門市，並推出新的食品和飲料產品，不斷壯大我們在 EMEA 的 2500 家門市業務。總體而言，我們在歐洲、中東和非洲地區新增了 47 家淨門市，全部都是與授權合作夥伴在高人流量場所（如火車站、機場、超市）以及透過地理位置授權商（如中東的 Alshaya）合作開設的。

We continue to see strong affinity with the brand, as evidenced by the opening of our first Starbucks store in Strasbourg, France, where hundreds of energized customers lined up to be among the first in the market to enjoy the Starbucks experience.

我們持續看到消費者對該品牌的強烈喜愛，這一點從我們在法國斯特拉斯堡開設的第一家星巴克門市就可見一斑。當時，數百名充滿活力的顧客排隊等候，成為市場上首批享受星巴克體驗的顧客。

Company-operated EMEA stores delivered a 1% comp sales increase in the quarter, the 12th consecutive quarter of positive comp growth. With 72% of EMEA stores now licensed or franchised, total system comps are becoming increasingly relevant. Adjusting for continued mix shift from Company-owned to licensed and foreign-exchange headwinds, which together impacted revenue growth by 11 points, EMEA on an adjusted revenue basis would deliver growth of 7% and system comp growth of 4%, as well as increasing operating income in the quarter. This was in an extremely challenging consumer, economic, geopolitical environment across the region and reinforces the strength and resilience of the Starbucks brand in EMEA.

該公司自營的 EMEA 門市本季同店銷售額成長 1%，這是連續第 12 季實現同店銷售額正成長。EMEA 地區 72% 的門市已獲得授權或加盟，因此系統整體比較變得越來越重要。考慮到公司自有業務向特許經營業務持續轉變以及外匯匯率不利因素，這些因素共同導致收入增長下降了 11 個百分點，經調整後，歐洲、中東和非洲地區的收入將增長 7%，系統可比收入將增長 4%，同時本季度營業收入也將增加。當時整個地區的消費者、經濟和地緣政治環境都極具挑戰性，這進一步鞏固了星巴克品牌在歐洲、中東和非洲地區的實力和韌性。

Looking ahead, we expect to see a continued mix shift to licensed stores in EMEA, where yesterday we announced entering into an agreement to license all 144 of our stores in Germany to an existing licensee partner, AmRest Holdings. This strategy supports our focus on store growth and expanded operating income.

展望未來，我們預計 EMEA 地區的門市組合將繼續轉向特許經營店。昨天，我們宣布與德國現有特許經營合作夥伴 AmRest Holdings 達成協議，將我們在德國的全部 144 家門市特許經營權授予後者。這項策略有助於我們專注於門市成長和擴大營業收入。

Let's move on to channel development. Our channel development segment plays a key role in elevating the Starbucks brand outside of our retail stores. Channel development has become our second most profitable business segment and once again delivered record revenue and record operating income, growing 8% and 17%, respectively. Starbucks has the leading US market share of premium single serve on the K-Cup platform and premium roast and ground, and this quarter we expanded our market-share position in both of those categories.

接下來我們來談談通路開發。我們的通路開發部門在提升星巴克品牌在零售店以外的影響力方面發揮關鍵作用。通路開發已成為我們第二大獲利業務板塊，並再次創下營收和營業收入的新紀錄，分別成長了 8% 和 17%。星巴克在美國高端單杯咖啡（K-Cup平台）和高端烘焙咖啡粉市場佔有領先份額，本季度我們在這兩個類別中都擴大了市場份額。

Our new partnership agreement with Keurig provides us with both improved economics and increased operating flexibility, including the ability to sell directly into complementary, profitable channels of distribution, such as hospitality, college/university, and office, where we consistently grow our business at 2 to 3 times the industry rate.

我們與 Keurig 達成的新合作協議為我們帶來了更好的經濟效益和更大的營運靈活性，包括能夠直接向互補且盈利的分銷渠道（如酒店、學院/大學和辦公室）銷售產品，我們在這些渠道的業務增長速度始終是行業平均水平的 2 到 3 倍。

Our success in single serve in the US provides the foundation for a larger aspiration around the single-serve opportunity globally. Later this year, we will introduce the Nespresso-compatible Starbucks capsules in Europe as one step toward building a business that one day may rival the size and profitability of our single-serve business in North America.

我們在美國單份餐點業務的成功，為全球實現單份餐點業務的更大目標奠定了基礎。今年晚些時候，我們將在歐洲推出與 Nespresso 相容的星巴克膠囊咖啡，這是我們朝著建立一個有朝一日能與我們在北美的單杯咖啡業務的規模和盈利能力相媲美的業務邁出的一步。

Our ready-to-drink business in North America continued to see very strong performance in the quarter, driven by new beverage innovation, including iced black coffee, Refreshers with coconut water, and product line extensions for Frappuccino and double shot energy drinks. Outside of North America, we continue to make meaningful progress building our global CPG footprint. Our partnership with Tingyi is on track to launch this summer, where we will move to a national presence with distribution in nearly every major city in China.

本季度，我們在北美的即飲飲料業務繼續保持強勁的成長勢頭，這得益於新的飲料創新，包括冰黑咖啡、椰子水清爽飲品以及星冰樂和雙倍濃縮能量飲料的產品線擴展。在北美以外地區，我們持續在拓展全球消費品業務方面取得顯著進展。我們與頂益集團的合作計畫將於今年夏天啟動，屆時我們將實現全國性佈局，在中國幾乎所有主要城市開展分銷業務。

Through our new agreement with PepsiCo Latin America, we are enabling distribution in the Latin American market in the second half of this year. Starbucks' channel development segment continues to perform extremely well and plays a key role in elevating our brand globally.

透過與百事可樂拉丁美洲公司達成的新協議，我們將在今年下半年進入拉丁美洲市場進行分銷。星巴克的通路發展部門持續表現出色，在全球品牌提升方面發揮關鍵作用。

Let's now move on to the progress we are making on our loyalty and digital initiatives. Loyalty remains the cornerstone of our digital flywheel, and in late February, we announced changes to our Starbucks Rewards program that benefit our most loyal customers, by leveling the playing field and rewarding both transaction frequency and total spend. With these changes, we also laid the foundation for customers to Earn Stars Everywhere, which accelerates the pace at which customers earn Rewards redeemable only at Starbucks.

接下來，讓我們來看看我們在客戶忠誠度和數位化措施方面的進展。忠誠度仍然是我們數位化飛輪的基石，2 月下旬，我們宣布對星巴克獎勵計劃進行調整，透過創造公平的競爭環境，獎勵交易頻率和總消費額，使我們最忠實的顧客受益。透過這些改變，我們也為顧客「隨時隨地賺取星星」奠定了基礎，加快了顧客賺取只能在星巴克兌換的獎勵的速度。

Rewards membership has accelerated. Just last week alone, we added more than 280,000 new Rewards members. Engaging with these new Rewards members will enable us to accelerate growth of our active Starbucks Rewards customer base. Besides bringing us new customers, the program also addresses an operational challenge where, under the old program, customers would ask baristas to ring up each item individually in order to get multiple stars, a time-consuming process that created additional work for our baristas, slowed service, and lengthened lines.

獎勵會員發展速度加快。光是上週，我們就新增了超過 28 萬名獎勵計畫會員。與這些新會員互動將有助於我們加速星巴克獎勵計畫活躍客戶群的成長。除了為我們帶來新客戶外，該計劃還解決了營運上的一個難題：在舊計劃下，顧客會要求咖啡師逐個掃描每件商品以獲得多顆星，這是一個耗時的過程，增加了咖啡師的工作量，減慢了服務速度，延長了排隊時間。

By completely eliminating any incentive to order split, we will improve in-store operations and efficiency and increase line speed.

透過徹底消除拆分訂單的任何動機，我們將改善店內營運和效率，並提高排隊速度。

I want to take a moment to underscore that the changes in our Rewards program will be accretive to comps over time. As we mentioned during our February Starbucks Rewards conference call, as a result of the changes to the program we anticipate a shift of about 1 point of comp between transaction and ticket. Also, we may see some noise in Q3 comps as customers react to the new changes of the program. Scott will speak to this further in a moment.

我想藉此機會強調一下，我們獎勵計劃的這些變化從長遠來看將會增加積分獎勵。正如我們在 2 月的星巴克獎勵計劃電話會議上提到的那樣，由於該計劃的變更，我們預計交易和帳單之間的積分獎勵將有大約 1 個點的變動。此外，由於客戶對該計劃的新變化做出反應，我們可能會在第三季的同店銷售數據中看到一些波動。斯科特稍後會就此作進一步說明。

At the end of the quarter, we had 12 million active Starbucks Rewards customers in the US, with total program spend growth of 22% year on year. We have seen additional growth in active Rewards customers since the launch of the new program last week. Our new mobile app continues to be very well received, where today over 86% of our iPhone customers and 79% of our Android customers have already upgraded to the new version of the Starbucks mobile app that released just last week, and we now have almost 19 million users of our mobile app in the US alone.

截至本季末，我們在美國擁有 1,200 萬活躍的星巴克獎勵計畫客戶，該計畫的總消費額年增 22%。自從上週推出新計畫以來，我們的活躍獎勵客戶數量進一步成長。我們的新行動應用程式持續受到熱烈歡迎，目前已有超過 86% 的 iPhone 用戶和 79% 的 Android 用戶升級到上週剛發布的星巴克行動應用程式新版本，僅在美國，我們的行動應用程式用戶就已接近 1900 萬。

Mobile payment represented 24% of total US tender in Q2 and Mobile Order & Pay continues to be increasingly embraced by our customers. It adds incrementality, especially at peak. Mobile Order & Pay transactions represented approximately 4% of total transactions in the quarter, which was a 40% increase sequentially. We are just beginning to see the full benefit of Mobile Order & Pay beyond the speed and convenience it affords to both our customers and partners.

第二季度，行動支付占美國總支付額的 24%，行動訂購和支付方式正日益受到我們客戶的歡迎。它能增加增量，尤其是在高峰期。本季行動點餐和支付交易量約佔總交易量的 4%，較上季成長 40%。我們才剛開始看到行動訂購和支付的全部好處，它不僅為我們的客戶和合作夥伴帶來了速度和便利。

Consider this. Though still in its infancy, in 300 of our busiest urban stores Mobile Order & Pay represents over 10% of transactions, and in those same stores at peak, Mobile Order & Pay represents nearly 20% of transactions. In Portland, where we first introduced Mobile Order & Pay in December 2014, Mobile Order & Pay transaction volume in March was up approximately 150% from March of last year.

請考慮一下。儘管行動點餐和支付仍處於起步階段，但在我們最繁忙的 300 家城市門市中，行動點餐和支付的交易量佔比超過 10%，而在高峰時段，這些門市的行動點餐和支付的交易量佔比接近 20%。在波特蘭，我們於 2014 年 12 月首次推出行動點餐和支付服務，3 月行動點餐和支付的交易量比去年 3 月增加了約 150%。

The new Starbucks Rewards program and Starbucks mobile app have positioned us for two very exciting initiatives that you will see unfold later this year. The first initiative, through a partnership with JPMorgan Chase and Visa, is truly a first-of-its-kind, a Starbucks general-purpose prepaid Visa card that will enable Starbucks Rewards customers to earn stars everywhere Visa is accepted. That's 40 million merchants worldwide and where all stars earned can only be redeemed at Starbucks. We think this is a big win for our customers.

全新的星巴克獎勵計劃和星巴克行動應用程式為我們帶來了兩項非常令人興奮的舉措，您將在今年稍後看到它們的推出。第一項舉措是透過與摩根大通和 Visa 合作推出的，這可謂是史無前例的，它是一款通用預付 Visa 卡，可以讓星巴克獎勵計劃的顧客在任何接受 Visa 的地方賺取星星。這意味著全球有 4,000 萬家商家參與合作，所有獲得的星星只能在星巴克兌換。我們認為這對我們的客戶來說是一項重大勝利。

In the US, total annual spending on credit and debit cards totals around $9 trillion annually, roughly half on credit and half on debit cards. While the majority of credit cards in use today offer Rewards or points, typically with an annual fee, there is no meaningful debit-based rewards card program out there. That means that on more than $4 trillion of annual consumer spending, virtually no one using a debit card is getting rewards.

在美國，每年信用卡和金融卡的總支出約為 9 兆美元，其中大約一半是信用卡支出，一半是藉記卡支出。雖然目前大多數信用卡都提供獎勵或積分，但通常會收取年費，然而目前還沒有真正意義上的借記卡獎勵計劃。這意味著，在每年超過 4 兆美元的消費者支出中，幾乎沒有人使用金融卡獲得獎勵。

Not anymore. This new Starbucks general-purpose, prepaid, reloadable debit card is unique, and not only is it a win for customers, it is also a win for Starbucks by strengthening our customer engagement and providing us with a direct financial reward for every customer we sign up and leading to attractive interchange rates. Stay tuned for more details about the card and sign-up information later this year.

不再。這款全新的星巴克通用預付充值金融卡獨一無二，不僅對顧客有利，對星巴克也有利，因為它能加強顧客互動，讓我們從每位新註冊的顧客中獲得直接的經濟回報，並帶來有吸引力的交易費率。請關註今年稍後發布的有關該卡的更多詳情和註冊資訊。

The second exciting initiative evolves around the work we are doing to enable real-time personalization. Let me frame this for you. A major contributor to the success of our Rewards program has been the targeted offers that we have made to customers via email. Since launching our targeted offer program in 2013, we have been providing ways for customers to earn extra stars for purchasing certain items or making additional visits to our stores.

第二個令人興奮的舉措是圍繞著我們正在進行的實現即時個人化的工作展開的。讓我來幫你裱框一下。我們獎勵計劃成功的一個主要因素是我們透過電子郵件向客戶提供的定向優惠。自 2013 年推出定向優惠計畫以來，我們一直致力於為顧客提供透過購買特定商品或多次光顧門市來賺取額外積分的機會。

However, existing technology had constrained our ability to laser target, respond in the moment, and vary our digital content based on what we know to be an individual customer's preferences and behaviors. All that is changing as we begin to introduce true, real-time personalization across our entire digital ecosystem.

然而，現有技術限制了我們精準定位目標客戶、即時回應客戶需求以及根據我們所知的單一客戶的偏好和行為來調整數位內容的能力。隨著我們開始在整個數位生態系統中引入真正的即時個人化，這一切都在改變。

Following the successful implementation of the first wave of this new technology, we can now send significantly improved targeted communications to individual customers based on what we know about their specific tastes and interests, enabling us to become even more relevant to them. Over time, we will expand this capability to a more robust mobile app-centric model that enables us at the very moment a customer orders to provide relevant suggestions and recommendations and, when appropriate, incentivize offers to delight our customers.

在第一波新技術成功實施之後，我們現在可以根據我們對客戶具體喜好和興趣的了解，向單一客戶發送顯著改進的定向訊息，從而使我們能夠與他們更加相關。隨著時間的推移，我們將把這項能力擴展到更強大的以行動應用程式為中心的模式，使我們能夠在客戶下訂單的那一刻提供相關的建議和推薦，並在適當的時候提供激勵優惠，讓我們的客戶感到滿意。

As you can see, we are managing a significant number of accretive changes related to loyalty, digital, and Stars Everywhere.

如您所見，我們正在管理與忠誠度、數位化和 Stars Everywhere 相關的諸多增值變化。

A few words on the success of the investments we continue to make in our partners and the work we are doing to improve the partner experience overall. Creating an enhanced Starbucks experience for our customers and an authentic and personal connection between our customers and our partners is core to the Starbucks experience. Last year, we began rolling out a number of significant investments in support of our in-store partners that included increased barista and shift supervisor pay rates, additional performance-based recognition, updates to our dress code, a new food benefit, as well as enhancements to our college achievement program.

簡單談談我們對合作夥伴持續投資所取得的成功，以及我們為改善合作夥伴整體體驗所做的工作。為顧客創造更優質的星巴克體驗，並在顧客和夥伴之間建立真實、個人化的聯繫，是星巴克體驗的核心。去年，我們開始推出一系列重大投資，以支持我們的店內合作夥伴，其中包括提高咖啡師和值班主管的工資水平、增加基於績效的獎勵、更新著裝規範、新的食品福利以及改進我們的大學成就計劃。

These investments are paying off. We continue to see increases in partner retention, which is enabling better customer connections, and customer connection is a key driver of our record Q2 performance. As you can see, our results provide powerful evidence that our strategies and focused investments are paying off today and setting us up for continued growth in the future.

這些投資正在獲得回報。我們持續看到合作夥伴留存率的提高，這有助於我們更好地與客戶建立聯繫，而客戶聯繫是我們第二季業績創紀錄的關鍵驅動因素。正如您所看到的，我們的成果有力地證明了我們的策略和重點投資在今天取得了成效，並為我們未來的持續成長奠定了基礎。

With that, I will turn the call over to our CFO, Scott Maw. Scott?

接下來，我將把電話轉交給我們的財務長史考特·莫。史考特？

Thanks, Kevin, and good afternoon, everyone.

謝謝你，凱文，大家下午好。

Starbucks once again delivered very strong operating and financial performance in Q2, with record Q2 performance across virtually all of our operating and profitability measures, including revenue, operating income, operating margin, and EPS. Noteworthy is that our revenues in Q2 were the highest of any nonholiday quarter in our history.

星巴克在第二季再次取得了非常強勁的營運和財務業績，幾乎所有營運和獲利能力指標都創下了第二季業績新高，包括營收、營業收入、營業利潤率和每股盈餘。值得注意的是，我們第二季的營收是我們史上非假日季度中最高的。

EPS, both GAAP and non-GAAP, increased 18% to $0.39 in Q2, the top end of our guidance range. Non-GAAP operating income increased 11% over Q2 last year to $878 million (corrected by company after the call), while non-GAAP operating margin expanded 30 basis points to 17.6%.

第二季每股收益（包括 GAAP 和非 GAAP 計算）成長 18% 至 0.39 美元，達到我們預期範圍的上限。非GAAP營業收入較去年同期成長11%至8.78億美元（公司在電話會議後進行了更正），而非GAAP營業利潤率成長30個基點至17.6%。

Margin improvement in Q2 was driven by sales leverage that more than offset the impact of ongoing investments, particularly in our partners and our digital platforms. It is important to note this quarter that our consolidated operating margin also reflects dilution from a multi-year employment tax audit accrual. More specifically, our 30 basis-point increase in operating margin would have been 40 basis points higher, or 70 basis points in total, and our operating income growth would have been 240 basis points higher than the reported 11%, or 14% with rounding.

第二季利潤率的提高主要得益於銷售槓桿效應，這足以抵消持續投資的影響，尤其是在我們的合作夥伴和數位平台方面。值得注意的是，本季我們的合併營業利潤率也反映了多年就業稅審計提列造成的稀釋。更具體地說，我們的營業利潤率成長 30 個基點，實際成長將比報告的 11% 高出 40 個基點，即總共高出 70 個基點；我們的營業收入成長將比報告的 11% 高出 240 個基點，四捨五入後為 14%。

The impact of this G&A-related accrual was largely offset below the operating income line in Q2 income taxes and is expected to be entirely offset in federal income tax expense by fiscal year-end, resulting in no impact to earnings for full-year 2016.

這項與一般及行政費用相關的應計項目的影響在第二季度所得稅中基本被營業收入項下抵消，預計到財年末將在聯邦所得稅費用中完全抵消，因此不會對 2016 年全年收益產生影響。

You may recall that our investor day in December 2014, we discussed the importance of reversing the negative leverage we were seeing on cost of goods sold and G&A. I am pleased to report that the plans we put in place to do so are working, and that on top of the significant progress we made on that front last year, so far this year we are seeing an additional 60 basis points of COGS and occupancy leverage, driven mostly by COGS, and 40 basis points of G&A leverage.

您可能還記得，在 2014 年 12 月的投資者日上，我們討論了扭轉銷售成本和一般及行政費用中出現的負面槓桿現象的重要性。我很高興地報告，我們為此制定的計劃正在奏效，而且，除了去年我們在這一方面取得的重大進展之外，今年到目前為止，我們看到銷售成本和占用率槓桿率增加了 60 個基點，這主要由銷售成本驅動，一般及行政費用槓桿率增加了 40 個基點。

Return on invested capital expanded by over 100 basis points in the first half of 2016, compared to the prior year, once again reflecting excellent returns on our core businesses and demonstrating the outsized return we are generating on many of our significant newer investments.

2016 年上半年投資資本回報率較上年同期增長超過 100 個基點，再次反映出我們核心業務的優異回報，並表明我們在許多重要的新投資中獲得了超額回報。

And our reported record Q2 results became even more noteworthy in light of the fact that foreign-currency translation shaved a full 1 point off revenue and 2 points off operating income growth in the quarter.

考慮到外幣折算導致第二季營收成長下降 1 個百分點，營業收入成長下降 2 個百分點，我們公佈的第二季創紀錄業績就更加引人注目了。

I will now take you through how each of our major operating segments performed in Q2. In Q2, our Americas segment operating margin expanded 80 basis points over Q2 last year to 23.5%, primarily driven by sales leverage and favorable commodity costs, partially offset by ongoing store partner and digital platform investments that together adversely impacted operating margin by 100 basis points in the quarter.

接下來，我將帶大家了解我們各個主要營運部門在第二季的表現。第二季度，美洲業務部門的營業利潤率較去年同期增長 80 個基點至 23.5%，主要得益於銷售槓桿和有利的大宗商品成本，但部分被持續的門店合作夥伴和數位平台投資所抵消，這兩項投資在本季度合計對營業利潤率產生了 100 個基點的不利影響。

Noteworthy again, as we mentioned last quarter, is that we continue to see essentially no net cannibalization of existing stores as we expand our store footprint in the Americas and leverage our full portfolio of new and existing store formats. For the full fiscal year, we continue to expect the Americas segment to deliver moderate margin expansion over prior year.

值得注意的是，正如我們上個季度提到的，隨著我們在美洲擴大門市規模並充分利用我們所有的新舊門市形式，我們基本上沒有看到現有門市出現淨蠶食現象。我們對整個財年的預期依然是美洲業務板塊的利潤率將比上年溫和成長。

Let's move on to our China/Asia-Pacific segment. In Q2 on a GAAP basis, CAP operating income grew 15% over last year to a Q2 record $129 million and operating margin expanded 20 basis points to 19.1%, driven primarily by strong sales leverage and higher income from our joint venture operations, partially offset by the impact of foreign-currency translation and the impact of increased compensation and benefit costs in store operating expenses.

接下來我們來看中國/亞太地區部分。以美國通用會計準則計算，第二季度 CAP 的營業收入比去年同期增長 15%，達到創紀錄的 1.29 億美元，營業利潤率增長 20 個基點至 19.1%，主要得益於強勁的銷售槓桿和合資企業運營收入的增加，但部分被外幣運營費用的薪酬影響以及門幣運營費用中所抵消。

Excluding the 90 basis-point impact of foreign exchange, CAP margins expanded by 110 basis points in the quarter. Profitability of our Japan and China store portfolio continues to increase, with our profitability in our newest store class up nicely from the previous age class, and as Kevin mentioned, returns on our new stores in these two important markets are among the highest Starbucks is generating anywhere in the world.

剔除匯率90個基點的影響，本季CAP利潤率成長了110個基點。我們在日本和中國的門市組合的盈利能力持續增長，最新門市類別的盈利能力比上一類別有了顯著提高，正如凱文所提到的，我們在這兩個重要市場的新店回報率是星巴克在全球所有門市中獲得的最高回報率之一。

For the full fiscal-year 2016, we expect CAP revenue growth to be within our previously stated mid-teens target range and CAP margins are now expected to be roughly flat compared to 2015 levels.

對於整個 2016 財年，我們預計 CAP 收入成長將達到我們先前宣布的 15% 左右的目標範圍，並且 CAP 利潤率預計與 2015 年的水平大致持平。

We also still expect CAP comps for the year to be in the mid-single digits, despite falling just below that threshold for the current quarter, somewhat impacted by the addition of our Japan business into the CAP comp calculation. Japan is the largest component of the CAP comp base with a weighting of just over 50% of the total.

儘管本季 CAP 同店銷售額略低於該門檻（部分原因是由於將日本業務納入 CAP 同店銷售額計算），但我們仍預計全年 CAP 同店銷售額將達到個位數中段。日本是 CAP 成分股中佔比最大的國家，佔總資產的 50% 以上。

Turning to EMEA, EMEA's operating margin declined 10 basis points in Q2 relative to last year to 10.3%, largely due to certain gains in the prior year related to the sale of assets as we shifted more stores from Company operated to our licensed model. Excluding these gains and the impact of FX headwinds, EMEA's operating margin expanded slightly in Q2.

再來看 EMEA 地區，第二季 EMEA 的營業利潤率較去年同期下降了 10 個基點，至 10.3%，這主要是由於去年出售資產所得的某些收益，因為我們將更多門市從公司自營模式轉移到了特許經營模式。剔除這些收益和匯率不利因素的影響，EMEA 的營業利潤率在第二季略有成長。

As Kevin mentioned, our licensed stores in EMEA showed strong comp and profitability growth in Q2, and income from licensees now represents roughly 60% of the total operating income we generate from EMEA. Despite challenging macroeconomic, geopolitical, and consumer environments that persist across the EMEA region, we remain confident that EMEA's operating margins will approach 15% in fiscal 2016, once again up nicely over the prior year.

正如凱文所提到的，我們在歐洲、中東和非洲地區的授權門市在第二季度實現了強勁的同店銷售額和盈利能力增長，目前來自授權商的收入約占我們在歐洲、中東和非洲地區總營業收入的 60%。儘管歐洲、中東和非洲地區持續面臨充滿挑戰的宏觀經濟、地緣政治和消費環境，但我們仍然相信，歐洲、中東和非洲地區的營業利潤率在 2016 財年將接近 15%，再次比前一年大幅成長。

Our channel development segment had another very strong quarter in Q2. Operating margin increased 300 basis points in the quarter to 39.5% and operating income reached a new quarterly record of $182 million, up 17% over last year, driven primarily by cost of sales leverage, favorable coffee costs, and higher income from our North American coffee partnership with Pepsi.

第二季度，我們的通路拓展部門又取得了非常強勁的業績。本季營業利潤率成長 300 個基點至 39.5%，營業收入達到 1.82 億美元的新季度紀錄，比去年增長 17%，主要得益於銷售成本槓桿、有利的咖啡成本以及我們與百事可樂在北美咖啡合作帶來的更高收入。

For the full fiscal year, we expect channel development to increase revenues by approximately 10% year over year, with the back half of the year growing in the high single digits, following the 12% growth rate we saw in the first six months. Channel development's record-breaking Q1 performance, very strong Q2 results, and positive outlook for the balance of the year has us confident that the segment will post moderate margin expansion in fiscal 2016 over last year.

本財年通路發展預計將使營收年增約 10%，下半年將達到接近兩位數的成長，而上半年的成長率為 12%。通路發展部門第一季業績創歷史新高，第二季業績非常強勁，且對今年剩餘時間的前景持樂觀態度，因此我們有信心，該部門在 2016 財年的利潤率將比上一年實現適度增長。

Given the momentum we are seeing in the business, we are also expecting strong operating leverage over the next two quarters.

鑑於公司目前的業務發展勢頭，我們預計未來兩個季度將實現強勁的營運槓桿效應。

Given the excellent performance across the Company year to date, we are moving the bottom end of our fiscal-year 2016 EPS range up slightly from our previous guidance, while retaining the top end. GAAP EPS is expected to be in the range of $1.85 to $1.86 and non-GAAP EPS in the range of $1.88 to $1.89, including the 53rd week, which by our rough estimate adds approximately $0.06 to Q4.

鑑於公司今年迄今的出色表現，我們將 2016 財年每股收益預期範圍的下限略微上調，而上限保持不變。GAAP 每股盈餘預計在 1.85 美元至 1.86 美元之間，非 GAAP 每股盈餘預計在 1.88 美元至 1.89 美元之間，其中包括第 53 週，據我們粗略估計，這將使第四季度增加約 0.06 美元。

For Q3, we are expecting GAAP EPS in the range of $0.47 to $0.48 and non-GAAP EPS in the range of $0.48 to $0.49. For the full year, foreign exchange is now expected to negatively impact revenue growth by 1 to 2 points and operating income growth by 2 to 3 points. We continue to expect to grow revenues by 10% or greater on a 52-week basis, with the 53rd week adding approximately 2 points to the full fiscal-year figure.

對於第三季度，我們預計 GAAP 每股收益在 0.47 美元至 0.48 美元之間，非 GAAP 每股收益在 0.48 美元至 0.49 美元之間。預計全年外匯波動將對營收成長產生1至2個百分點的負面影響，對營業收入成長產生2至3個百分點的負面影響。我們繼續預計，在 52 週內，營收將成長 10% 或更多，第 53 週將使整個財年的營收成長約 2 個百分點。

And we remain confident in our ability to deliver comp sales growth somewhat above mid-single digits for the full fiscal-year 2016. But as Kevin indicated, there exists the potential for some bumpiness in Q3 as a result of the Starbucks Rewards program changes that took effect earlier this month. And as we mentioned on our February Starbucks Rewards conference call, going forward we expect to see 1 point or so of movement between traffic and ticket within comp in each of the next four quarters as our customers adapt to the changes.

我們仍有信心在 2016 財年實現略高於中等個位數的同店銷售成長。但正如凱文所指出的，由於星巴克獎勵計劃在本月初生效的變更，第三季可能會出現一些波動。正如我們在 2 月的星巴克獎勵電話會議上提到的那樣，隨著顧客逐漸適應這些變化，我們預計在接下來的四個季度中，客流量和客單價之間的波動幅度將達到 1 個百分點左右。

Noteworthy is that given the significant value and benefits conferred on our customers in the new program, we fully expect the changes to be accretive to each of comps, revenue, and profitability over time.

值得注意的是，鑑於新計劃為我們的客戶帶來了巨大的價值和好處，我們完全預期這些變化將隨著時間的推移，對同店銷售額、收入和盈利能力都有所提升。

Investment in our partner and digital initiatives globally will total between $275 million and $300 million in fiscal 2016, compared to approximately $145 million in fiscal 2015, and the benefits and the returns we are realizing from these investments are becoming increasingly apparent.

2016 財年，我們在全球合作夥伴和數位化專案上的投資總額將達到 2.75 億美元至 3 億美元，而 2015 財年約為 1.45 億美元，我們從這些投資中獲得的收益和回報正變得越來越明顯。

We continue to expect consolidated operating margin for fiscal 2016 to increase slightly relative to 2015 on both GAAP and non-GAAP bases, 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 on to commodities, with 2016 coffee needs fully priced, we expect a slightly favorable impact for the year. We will continue to take careful advantage of lower coffee prices, while ensuring that we source only the highest quality coffee and provide fair economics to coffee growers around the globe.

接下來談談大宗商品，由於 2016 年的咖啡需求已完全定價，我們預計今年將受到略微有利的影響。我們將繼續謹慎利用咖啡價格走低的有利時機，同時確保只採購最優質的咖啡，並為全球咖啡種植者提供公平的財務回報。

We expect to add approximately 1,800 net new stores globally in fiscal 2016, 700 in 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 is now expected to be approximately 34%. And we still expect capital expenditures of $1.4 billion for fiscal 2016.

目前預計我們的實際稅率約為 34%。我們仍預期 2016 財年的資本支出為 14 億美元。

Finally, with the strong cash flows driven by our record-breaking holiday period, we took advantage of recent equity market volatility and significantly increased our share buyback activity since the end of Q1. We returned $1.6 billion to shareholders in Q2 alone, the highest amount in any single quarter in our 24-year history as a publicly traded company, with share repurchases in the quarter nearly equal to buyback activity in all of 2015. And as we announced today, our Board of Directors recently increased our share buyback authority by an additional 100 million shares.

最後，憑藉著破紀錄的假期帶來的強勁現金流，我們利用近期股市波動，自第一季末以來大幅增加了股票回購活動。僅在第二季度，我們就向股東返還了 16 億美元，這是我們作為一家上市公司 24 年曆史上任何一個季度返還金額最高的一次，該季度的股票回購額幾乎與 2015 年全年的回購活動額相當。正如我們今天宣布的那樣，我們的董事會最近將股票回購授權增加了 1 億股。

As I mentioned at the outset, Q2 was another quarter of strong growth and excellent financial, operating, and profit performance for Starbucks, and once again, the credit goes to our partners around the world who continue to deliver an elevated Starbucks experience to our customers every day.

正如我一開始提到的，第二季星巴克又實現了強勁成長，財務、營運和利潤表現都非常出色，這再次要歸功於我們世界各地的合作夥伴，他們每天都在繼續為我們的顧客提供卓越的星巴克體驗。

The tremendous momentum we have created over the first half of fiscal 2016 ideally positions us to benefit from the investments we are making in our partners, in our stores, and in groundbreaking innovation and to continue delivering world-class returns to our shareholders, and we will do so despite today's challenging global economic and geopolitical landscape.

我們在 2016 財年上半年取得的巨大發展勢頭，使我們能夠從對合作夥伴、門市和突破性創新方面的投資中獲益，並繼續為股東帶來世界一流的回報。儘管當今全球經濟和地緣政治情勢充滿挑戰，但我們仍將做到這一點。

Now I will turn the call back to the operator for Q&A. Operator?

現在我將把電話轉回給接線生進行問答環節。操作員？

(Operator Instructions). David Palmer, RBC Capital Markets.

（操作說明）David Palmer，加拿大皇家銀行資本市場。

With regard to the Rewards switch that you just mentioned and that noise that you mentioned, that trade-off of 1 to 2 points, is there a net drag to overall same-store sales that you are seeing so far or is this simply just an exaggerated version of the traffic versus check trade-off you expected earlier?

關於您剛才提到的獎勵機制調整以及您提到的1到2分的權衡，您目前是否觀察到對同店整體銷售額的淨拖累，或者這只是您之前預期的客流量與客單價權衡的誇大版本？

Yes, thanks, David. We're not trying to signal any trends that we are seeing early in the quarter or post-launch, and in fact, as Kevin referenced, we have seen an increase in account activity and customer acceptance post-launch.

是的，謝謝你，大衛。我們並非試圖暗示本季初或產品發布後出現的任何趨勢，事實上，正如 Kevin 所提到的，我們已經看到產品發布後帳戶活動和客戶接受度有所提高。

All we are trying to say is this is a big change. It is a very positive change. We're bullish on it in the long term, but it's a big change in customers. We have got a number of plans in place to leverage the new program and we will keep an eye on things as the quarter moves on, but you notice we haven't changed our guidance for the year and we're not trying to signal anything about intra-quarter trends.

我們只是想說，這是一個巨大的改變。這是一個非常積極的改變。我們長期看好它，但這對客戶來說是一個很大的改變。我們已經制定了一系列計劃來利用這項新計劃，並且我們將在本季度繼續關注事態發展，但你會注意到我們沒有改變今年的業績預期，我們也沒有試圖暗示任何季度內的趨勢。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

There has been a lot of focus on getting COGS leverage and G&A leverage over the past couple of years. So the question is really on the labor expense at the store, where you have been making significant investments over the last four quarters or so. So as we think about over the next year, do those increases in labor costs begin to slow and is there anything that Starbucks can do to begin to get more efficiency out of that line, which has been deleveraging?

過去幾年，人們一直非常關注如何降低銷售成本和一般及行政費用。所以問題其實在於門市的勞動成本，而你們在過去四個季度左右的時間裡已經在這方面進行了大量投資。那麼，展望未來一年，勞動成本的成長是否會開始放緩？星巴克能否採取一些措施來提高這條已經去槓桿化的生產線的效率？

Right. What I would say, John, is we expect to continue to make those partner and digital investments as we move through time.

正確的。約翰，我想說的是，隨著時間的推移，我們預計會繼續進行這些合作夥伴和數位化的投資。

We know that they are driving comps. We have talked before about the tie between the changes we made about a year ago in pay for our US store partners and the increase in comps that started at the same time, and in fact, what we see is at the stores that have the lowest turnover, they have the highest comp, and we have seen turnover tick down since we have made those changes, so it is all tied together. It is highly accretive and highly profitable.

我們知道他們在推動同店銷售。我們之前討論過，大約一年前我們對美國門市合作夥伴的薪酬所做的調整與同店銷售成長之間的關聯。事實上，我們看到，員工流動率最低的門市，其同店銷售成長最高。而且，自從我們做出這些調整以來，員工流動率一直在下降，所以這一切都是相互關聯的。它具有極高的增值潛力和極高的獲利能力。

So we will continue to make those investments, and as we go into each year, we will talk a little bit about the size of those investments, the impact on leverage, but there are other places in the P&L that we can go to continue to grow EPS at 15% to 20%, which is our long-term range, G&A and COGS just being two of them. And then (technical difficulty) and the team have done a nice job driving productivity in the stores.

因此，我們將繼續進行這些投資，並且每年我們都會稍微談談這些投資的規模、對槓桿的影響，但損益表中還有其他方面可以讓我們繼續實現每股收益 15% 至 20% 的增長，這是我們的長期目標，一般及行政費用和銷售成本只是其中的兩個方面。然後（技術難題），團隊在提高門市生產力方面做得很好。

And Mobile Order & Pay has been a key aspect of that to help us with throughput at peak, and as Kevin said, peak was once again our fastest-growing daypart in this quarter. Last quarter, it was our fastest-growing daypart in over five years. And as you know, last quarter is the first quarter we had Mobile Order & Pay fully rolled out, and what we are seeing, based upon the numbers that Kevin showed, is in those busiest stores at peak Mobile Order & Pay is driving significant productivity and throughput.

行動點餐和支付是幫助我們在高峰時段提高吞吐量的關鍵因素，正如凱文所說，高峰時段再次成為本季我們成長最快的時段。上個季度，這是我們五年多來成長最快的時段。如您所知，上個季度是我們全面推出行動點餐和支付功能的第一個季度，根據凱文展示的數據，我們看到，在最繁忙的門市高峰期，行動點餐和支付功能顯著提高了生產效率和吞吐量。

So those are all places elsewhere in the P&L we can go to fund the investments we need to drive growth.

所以這些都是我們可以從損益表中尋找的其他資金來源，用來推動成長所需的投資。

Joe Buckley, Bank of America Merrill Lynch.

喬·巴克利，美國銀行美林證券。

I was wondering in the CAP segment if you could be a little bit more specific on the same-store performance in both Japan and China.

我想請教 CAP 部分，能否更具體地介紹一下日本和中國的同店業績？

Yes, Joe, this is John. First off, obviously from a CAP perspective, the composition of comp has changed dramatically over the past year with the weighting of Japan coming in. If you go back a year ago sequentially, Japan was not included in the comp base at all in 2015 and it was only partially included in Q1, and now we have it fully included in Q2.

是的，喬，這是約翰。首先，從 CAP 的角度來看，過去一年來，隨著日本權重的增加，比較組成發生了巨大變化。如果以時間順序回溯一年前，2015 年日本完全沒有被納入比較基數，第一季也只是部分納入，而現在第二季已經完全納入了。

When you look at the total comp growth for the region, we came in at a rounding basis of 3%. 2% of that was transactions and 2% was ticket. More importantly, when you go into China and you dig underneath China, we delivered a 5% transaction growth rate across the country. And when you dig even deeper into that, in our tier 1 and tier 2 cities, where we have over 65% of our stores, we outpaced that 5% transaction growth rate significantly.

從該地區的整體薪資成長來看，我們以四捨五入的方式計算得出為 3%。其中 2% 為交易額，2% 為票務額。更重要的是，當你進入中國市場，深入了解中國市場後，你會發現我們在全國範圍內實現了 5% 的交易成長率。而當你更深入地探究這一點時，你會發現，在我們擁有超過 65% 門市的一線和二線城市，我們的交易成長率遠遠超過了 5%。

So for us, we have great optimism around the opportunity that exists for us in China, as well as in Japan. We continue to see very strong new-store performance, as Scott highlighted, in both China and Japan with record revenues and record sales results and significant return on investment. So for us, we remain very bullish on the opportunity that exists not only in China, but then also across the entire segment.

因此，我們對在中國和日本的發展機會都抱持著極大的樂觀態度。正如 Scott 所強調的那樣，我們繼續看到中國和日本的新店業績非常強勁，收入和銷售業績均創歷史新高，投資回報率也相當可觀。因此，我們仍然非常看好不僅在中國，而且在整個產業領域存在的機會。

And I would add in those larger cities, that's where we have most of our new-store growth targeted, and so that's why you see revenue growth at 18% in the overall CAP segment continuing to drive the profitability and revenue growth that we expect.

我還要補充一點，在這些大城市，我們大部分的新店成長都瞄準了這些地方，所以你會看到整個 CAP 部門的營收成長達到 18%，繼續推動我們預期的獲利能力和收入成長。

Keith Siegner, UBS.

Keith Siegner，瑞銀集團。

Just two quick questions on channel development. The first one, it sounds like there is so much good stuff coming later this year, new economics with K-Cups. We have got Nespresso-compatible pods. We have got ready-to-drink options expanding. There is a lot of moving pieces that sound very beneficial, but yet you mentioned lower revenue growth in the second half. Maybe you could talk through why.

關於通路拓展，我有兩個問題想快速問一下。第一個消息聽起來今年稍後會有很多好消息，例如 K-Cup 咖啡膠囊帶來的新經濟效益。我們有Nespresso相容的咖啡膠囊。我們提供更多即飲選擇。有很多因素聽起來都很有利，但您也提到下半年的收入成長會放緩。或許你可以解釋一下原因。

And then, the second part of it would be against the five-year operating profit targets that you laid out in December 2014, one of them was doubling channel development. With all of these new announcements that you made, are we still within that target? Could this actually outpace that target? Where are we against that five-year plan? Thanks.

其次，第二部分將與你在 2014 年 12 月制定的五年營業利潤目標進行比較，其中一個目標是將通路發展規模擴大一倍。您發布了這麼多新公告，我們還能達成目標嗎？這真的有可能超過預期目標嗎？我們反對這項五年計畫的立場是什麼？謝謝。

Yes, Keith, this is John. Let me take the first part of the question, then I will turn the second piece over to Scott.

是的，基思，這是約翰。讓我先回答問題的第一部分，然後把第二部分交給史考特。

Clearly, channel development continues to perform very, very strong for us as a company with the 8% revenue and 17% income growth in the quarter. We are gaining share across all categories that we operate in, whether it's the roast and ground category, premium coffee, or K-Cups.

顯然，通路發展對我們公司而言依然表現非常強勁，本季營收成長 8%，利潤成長 17%。我們在所有經營的類別中都在不斷擴大市場份額，無論是烘焙研磨咖啡、優質咖啡還是 K-Cup 咖啡膠囊。

This was our 17th consecutive quarter of share growth in the channel development business across all categories. And in the quarter, we grew 5 times the category average and our shares increased over 100 basis points. Roast and ground, we now have a 25.3% share growth, and K-Cups share now, as it sits, at 16.3%.

這是我們在通路開發業務所有類別中連續第 17 個季度實現市場份額成長。本季度，我們的成長速度是同類產品平均的 5 倍，市佔率成長超過 100 個基點。烘焙和研磨咖啡的市佔率目前成長了 25.3%，而 K-Cup 咖啡的市佔率目前為 16.3%。

And when you look at the success that we are having in channels, a couple of things are driving it. First, it is the execution that we are seeing in the stores and the merchandising that we're doing and the fact that we are winning down the aisle. It is the fact that we are increasing our points of distribution. We have seen significant success with the larger pack size that we've introduced, and clearly that has been driving our share gains across all our major categories.

當我們審視我們在各個管道取得的成功時，會發現有兩個因素在推動它的發展。首先，我們看到了門市的執行情況、我們所做的商品陳列，以及我們在銷售通道上的成功。事實是我們正在增加分銷點。我們推出的大包裝尺寸取得了顯著成功，顯然，這推動了我們在所有主要類別中的市場份額成長。

In addition, we have taken the My Starbucks Rewards program and introduced that down the aisle as well, where in the quarter we saw an 18% increase in the number of codes that were redeemed, and today we have over 20 million codes entered by over 2 million MSR customers in the CPG segment.

此外，我們還將「我的星巴克獎勵計畫」推廣到了零售通路，本季兌換碼數量增加了 18%，目前，在消費品產業，已有超過 200 萬 MSR 顧客輸入了超過 2,000 萬個兌換碼。

So for us, we are very encouraged by the results that we are seeing in the category and in the segment and we are very bullish on continuing to deliver that double-digit growth for the entire year as we look to finish out the year strong.

因此，我們對該品類和細分市場的業績感到非常鼓舞，並且非常有信心在全年繼續實現兩位數的增長，力爭以強勁的勢頭結束這一年。

Yes, and Keith, on your second question, what I would say is in the near term the new Green Mountain agreement doesn't go into place until later this quarter, so not -- a little bit more than a quarter impact in this year's earnings.

是的，基思，關於你的第二個問題，我想說的是，就短期而言，新的綠山協議要到本季度晚些時候才會生效，所以對今年的收益不會有太大影響，最多也就一個季度。

Over the long term, there could be upside to the range that we gave back at investor day, and I think one of the key pieces to that is all of the international opportunities that Kevin and John laid out. And so, I think as you look at international CPG growth, particularly over the medium term, out a couple, three years once the partnerships get up and running and we get product rolling off the lines, if those things go as well as we expect it, there could be some upside there.

從長遠來看，我們在投資者日給出的價格區間可能會有上漲空間，我認為關鍵因素之一是凱文和約翰提出的所有國際機會。因此，我認為，當你展望國際消費品產業成長時，尤其是在中期，也就是未來兩三年內，一旦合作關係建立並運行，產品開始下線，如果這些事情進展順利，那麼可能會有一些成長空間。

Yes, Keith, and just one other thing I would just add on the K-Cup opportunity. When you look at K-Cups, we grew more than 3 times the rate of the category this past quarter, and the new Keurig agreement gives us an opportunity to extend the agreement, number one, on very favorable terms. We have improved economics coming in, as Scott highlighted, but more importantly we have greater operating flexibility in terms of being able to drive more innovation into the K-Cup category, additional SKUs and new packaging.

是的，基思，關於 K-Cup 的機會，我還有一點要補充。從 K-Cup 咖啡膠囊來看，我們上個季度的成長速度是同類產品的 3 倍多，而且新的 Keurig 協議讓我們有機會以非常優惠的條件延長協議期限。正如 Scott 所強調的那樣，我們的經濟狀況有所改善，但更重要的是，我們在營運方面擁有更大的靈活性，能夠推動 K-Cup 品類的更多創新，推出更多 SKU 和新包裝。

And we also have the opportunity to now sell the K-Cups directly into office, into food service, college and universities, hotels, and c-stores. So, we are on track this year to do about 1.5 billion K-Cups and we expect this category to push near the 20% growth rate for the entire year for us, so very optimistic on the opportunity that K-Cups has.

我們現在還有機會將 K-Cup 直接銷售給辦公室、餐飲服務機構、學院和大學、飯店和便利商店。因此，我們今年預計將生產約 15 億個 K-Cup 咖啡膠囊，我們預計該品類全年的成長率將接近 20%，所以我們對 K-Cup 咖啡膠囊的市場前景非常樂觀。

John Glass, Morgan Stanley.

約翰‧格拉斯，摩根士丹利。

Thanks very much. I just want to go back to the Americas traffic of 3%. You seem very pleased with the throughput, given mobile ordering. Is there other constraints in other parts of the business? The 5% and the 3% don't add up -- they add up to 8% to 7%, so one of those or both of those are probably a little less than the whole number.

非常感謝。我只想回到美洲3%的交通流量水準。考慮到行動端訂餐模式，您似乎對目前的吞吐量非常滿意。公司其他部門是否有其他限制？5% 和 3% 加起來不對——它們加起來是 8% 到 7%，所以其中一個或兩個可能都比整數略小。

And just as a related question, in my observation, does the new chip credit cards, has that slowed transactions down, for example? Are there obvious bottlenecks, or maybe just a little color around that in general, please?

還有一個相關的問題，據我觀察，新的晶片信用卡是否減慢了交易速度？是否有明顯的瓶頸？或是能否就此做一些概括性的說明？

Thanks, John. I have to say I am really pleased with the traffic we are seeing. The 3% on traffic and the 5% on ticket, as you say, rounding to a 7%. It is our 25th consecutive quarter of 5% or better comp growth in the Americas.

謝謝你，約翰。我必須說，我對目前的交通狀況非常滿意。正如你所說，交通違規罰款佔 3%，罰單罰款佔 5%，四捨五入後為 7%。這是我們在美洲地區連續第25季實現5%或更高的同店銷售額成長。

At the same time, we are seeing very, very strong growth in our new stores and they are adding in total 4% to our revenue growth. So, things are very, very healthy and we are seeing great progress there. Mobile Order & Pay just gets better and better as it becomes a normal part of doing our business, and as you heard earlier, the strength in the higher volume stores at peak gives us confidence we can keep growing our capacity and our comp through the stores.

同時，我們的新店也實現了非常強勁的成長，為我們的營收成長貢獻了 4%。所以，目前情況非常良好，我們看到了巨大的進步。隨著行動點餐和支付逐漸成為我們業務的常規組成部分，它變得越來越好。正如您之前聽到的，高峰期高銷量門市的強勁表現讓我們有信心繼續提高門市的產能和競爭力。

I think the other thing just to add is daypart. We are seeing growth across all dayparts being led by the morning, so we are very, very pleased with it.

我認為還需要補充一點，那就是時段。我們看到全天各個時段的銷售額都在增長，其中上午時段的增長最為顯著，因此我們對此非常非常滿意。

And the EMV or the Chip and PIN is negligible at the moment. We are in the early phases of rolling it out and we're just working through the ways that that will be implemented across the system, and we are planning for it not to have any impact on transaction speed overall.

目前EMV晶片卡或晶片密碼卡的使用率可以忽略不計。我們目前正處於推廣的早期階段，正在研究如何在整個系統中實施，並且我們計劃確保它不會對整體交易速度產生任何影響。

And Adam, what don't you talk a little bit more about Mobile Order & Pay and what we are seeing?

亞當，你能不能再多談談行動點餐和支付以及我們目前看到的情況？

Yes, thanks, this is Adam. So, first of all, as we mentioned in the remarks earlier, overall average number of [trinitive] transactions for Mobile Order & Pay is 4% across all stores, all dayparts, all store types in the US.

是的，謝謝，我是亞當。首先，正如我們之前提到的，在美國所有商店、所有時段、所有商店類型中，行動訂購和支付的總體平均交易量為 4%。

But that's just the beginning of the story with Mobile Order & Pay. First of all, as Kevin mentioned in his remarks, over 10% of all orders at our busiest 300 stores are mobile orders, and if you noted, we are seeing mobile orders comprise 7% of all orders at our busiest 1,200 stores.

但這只是行動點餐和支付故事的開始。首先，正如凱文在他的演講中提到的，在我們最繁忙的 300 家門市中，超過 10% 的訂單是行動訂單；如果你注意到了，在我們最繁忙的 1200 家門市中，行動訂單佔所有訂單的 7%。

So when you really look at our busiest stores, Mobile Order & Pay is very important. And drilling into that further, when you look at the busiest (technical difficulty) peak for those 300 busiest stores, for example, mobile orders are already approaching 20% of transactions at those peak hours.

所以，當你真正觀察我們最繁忙的門市時，你會發現行動點餐和付款非常重要。進一步深入分析，例如，當你查看這 300 家最繁忙的門市在最繁忙（技術難度最高）的高峰時段時，你會發現移動訂單在高峰時段的交易量已經接近 20%。

So, you are really seeing our Mobile Order & Pay benefiting all customers. It is benefiting the overall store performance in all these stores because of the incrementality of throughput unlock. Of course, Mobile Order & Pay is allowing customers convenience so they can have that incremental visit, an incremental occasion they wouldn't normally have time for, but it is also driving huge capacity unlock because of the program.

所以，您確實可以看到我們的行動點餐和支付功能讓所有客戶受益。由於吞吐量的逐步提升，所有這些門市的整體業績都得到了改善。當然，行動點餐和支付為顧客提供了便利，讓他們可以增加光顧的次數，這是他們通常沒有時間進行的額外消費，但該計劃也極大地釋放了產能。

You take 20% of transactions at peak out of the line, out of POS, and you see it benefit all stores and allow customers to benefit from less people in line. It'll allow partners and customers to benefit from the fact that now our partners can concentrate more of their energy on making food and beverage, on connecting with customers, and that's a big capacity and throughput unlock. And as a result, we are seeing Mobile Order & Pay meet or beat all of our expectations and grow, as we mentioned, in a way that is very pleasing to us.

在尖峰時段，將 20% 的交易從排隊和收銀台轉移出去，你會發現所有商店都從中受益，顧客也能從排隊人數減少中受益。這將使合作夥伴和客戶受益，因為我們的合作夥伴現在可以將更多精力集中在製作食品和飲料、與客戶建立聯繫上，這將大大提高產能和吞吐量。因此，我們看到行動點餐和支付業務達到了甚至超過了我們的所有預期，並且如我們所說，其發展方式令我們非常滿意。

And John, I would just also remind you that Cliff's business has nearly 9,000 stores. It is going to approach $15 billion in revenue this year and it is rounding down this quarter to 7% comps with 3% transactions. Those are really significant numbers and I'd just remind everyone of that.

還有，約翰，我還要提醒你，克里夫的公司擁有近 9000 家門市。今年該公司營收將接近 150 億美元，本季同店銷售額成長 7%，交易金額成長 3%。這些都是非常重要的數字，我只是想提醒大家這一點。

Andrew Charles, Cowen and Company.

安德魯查爾斯，考恩公司。

One thing we didn't touch on is with the full quarter of delivery now underway, just was curious about your early learnings from that. Your customers using it primarily in the mornings or is it more balanced over the course of the day relative to in-store transactions? And also, what would lead you to expand the green apron delivery to more stores? What do you need to see before you do that? Thanks.

我們沒有談到的一點是，隨著整個季度的交付工作已經開始，我很好奇你從中獲得了哪些初步經驗。您的客戶主要在早上使用該服務，還是相對於店內交易而言，全天使用情況更為均衡？另外，是什麼原因促使您將綠色圍裙配送服務擴展到更多門市？在那之前你需要看到什麼？謝謝。

Thank you, Andrew. This is Adam. It is still very early on delivery, so the headline is that we are continuing to learn. Yes, the orders are in the morning, like we are seeing in other examples, but, frankly, we are continuing to learn how does this integrate with our technology? What is the customer behavior? What is working well?

謝謝你，安德魯。這是亞當。目前交付仍處於非常早期的階段，所以重點是我們仍在不斷學習。是的，訂單是在早上下的，就像我們在其他例子中看到的那樣，但坦白說，我們仍在學習如何將此與我們的技術整合起來？顧客行為如何？哪些方面做得好？

And so, we are not prepared to talk too much about delivery yet while we are still in the learning phase, but stay tuned for more in the future.

因此，在我們仍處於學習階段之際，我們還不便過多談論交付方面的問題，但敬請期待未來更多消息。

Nicole Miller, Piper Jaffray.

妮可·米勒，派珀·賈弗雷。

Just one question, two quick clarifications, if I may. Back on the channel development question earlier, because I think it's an important one, if I recall right, lower coffee prices would be shared with the consumer in channel development, more so than a retail store, and maybe that's what's driving high single-digit growth because there is discounting. You give back when coffee prices go down, whereas underlying business is still -- when you normalize that growing double digit. I just wanted to see if gut check is right.

如果可以的話，我只想問一個問題，並請您快速澄清兩點。回到先前提到的通路開發問題，因為我認為這很重要，如果我沒記錯的話，通路開發中咖啡價格的降低會更惠及消費者，而不是零售店，也許這就是推動個位數高成長的原因，因為有折扣。當咖啡價格下跌時，你會得到回報，而基本面依然不變——只有當兩位數的成長正常化時，你才能真正獲利。我只是想驗證一下直覺是否正確。

And then, did Easter have any shift -- any impact, the early Easter, that you would call out? Thanks and congrats on another great quarter.

那麼，復活節的到來，特別是提前舉行的復活節，是否帶來了任何變化或影響，您認為有什麼值得一提的？謝謝，也恭喜你們又一個季度取得了巨大成功。

Nicole, I think what I would say is we continued to grow volume significantly independent of price.

妮可，我想說的是，我們的銷售量持續大幅成長，而與價格無關。

I will say that both in K-Cups and roast and ground, it is competitive. We continue to gain share in that competitive environment. We continue to outgrow in food service by many times the industry, so we are able to work through that pricing, but we are seeing volume growth somewhat above revenue growth. So I think that lines up with your overall pricing comment.

無論是K-Cup咖啡膠囊還是烘焙研磨咖啡，我都認為它很有競爭力。我們在競爭激烈的環境中不斷擴大市場佔有率。我們在餐飲服務領域的成長速度持續遠超行業平均水平，因此我們能夠應對價格方面的挑戰，但我們發現銷售成長略高於收入成長。所以我認為這與你對整體定價的看法是一致的。

Yes, Nicole, this is John. I would agree with what Scott said. The volumes -- when you take pricing out and you just look at total pounds sold, our pounds are outpacing as well. So, we feel very confident that the business again is very healthy down the aisle, that we continue to take share, and that we are priced appropriately for the consumer. And we're not only taking it from other premium retailers, but you are seeing the mainstream customers also trading up into the premium segment and trading into Starbucks, frankly.

是的，妮可，這是約翰。我同意斯科特的說法。如果拋開價格因素，只看總銷量（磅），我們的銷量也超過了市場平均。因此，我們非常有信心，公司業務再次呈現健康發展態勢，我們將繼續擴大市場份額，並且我們的產品定價對消費者來說是合適的。我們不僅從其他高端零售商汲取靈感，坦白說，你也會看到主流顧客也開始轉向高端市場，轉向星巴克。

Any impact from Easter, John?

約翰，復活節有什麼影響嗎？

No sequential impact to Easter. We did have a very good Easter holiday, as we did last year.

對復活節沒有直接影響。我們度過了一個非常愉快的復活節假期，和去年一樣。

I'm not sure, Nicole, whether you were commenting on Easter as it refers to the retail business, but here in the US, early Easter did not have a material impact. It obviously does change spring breaks, but all in all, it is not significant to the quarter.

妮可，我不確定你評論復活節是否與零售業有關，但在美國，提前過復活節並沒有產生實質影響。這顯然會改變春假的安排，但總的來說，對學期影響不大。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Maybe just two related questions on the US comps. Just, first, it would seem like the compares now -- well, they have been growing increasingly difficult as we move through this whole year, so I am just wondering whether it would be fair to expect the comp deceleration at least on a one-year basis from the current 7%, just based purely on a comparison.

或許只有兩個關於美國競爭性考試的相關問題。首先，現在的比較似乎越來越困難——嗯，隨著今年的推進，比較變得越來越困難，所以我只是想知道，僅基於比較，是否可以合理地預期比較增速至少在一年內從目前的 7% 放緩。

And as a follow-up, I am just wondering whether the offset on that -- or what the offset on that could be? And it would seem like Mobile Order & Pay would be the biggest near-term opportunity to buck that trend. It seems like you're talking quite favorably about the order and pay sign up and whatnot. Just wondering whether you can perhaps frame for us where it could go, and I think you said it is now 8 million transactions a month. I think the number was 6 million just last quarter and I know we're in very early ramp-up mode, so I'm just wondering if you had any insight into where that number could go over the next 12 months. Thanks.

作為後續問題，我只是想知道那個偏移量——或者說那個偏移量可能是多少？而行動點餐和付款似乎是近期扭轉這一趨勢的最大機會。看來你對訂購和付款註冊之類的流程評價相當高。我只是想知道您是否可以為我們介紹它的發展方向，我記得您說過它現在是每月 800 萬筆交易。我認為上個季度的數字是 600 萬，而且我知道我們目前還處於非常早期的擴張階段，所以我只是想知道您是否對未來 12 個月這個數字可能會達到什麼水平有任何見解。謝謝。

I think I'm going to have Adam start with the Mobile Order question, I will talk about US comp guidance, and Cliff can jump in on the operational things we have going.

我想讓 Adam 先回答行動訂單方面的問題，我來談談美國同業比較的業績預期，Cliff 可以補充一下我們正在進行的營運方面的事情。

Yes, Jeffrey, this is Adam. So just in terms of the growth in Mobile Order & Pay, let me touch on a couple of things. One is that you are right, so we had 8 million Mobile Order & Pay transactions per month run rate on this quarter, up from the 6 million the previous quarter. And so, you get the 40% sequential growth that Kevin mentioned.

是的，傑弗裡，這是亞當。那麼，就行動點餐和支付的成長而言，我想談談幾個方面。一是你的說法是對的，所以本季我們的行動點餐和支付交易月運行率為 800 萬筆，高於上一季的 600 萬筆。因此，就實現了凱文提到的 40% 的連續成長。

You also have the fact that we are seeing a huge number of new capabilities that we're going to be adding to this, which will continue to grow that momentum and accelerate it. So one of them is that we added the ability for customers to redeem their Rewards in the Mobile Order & Pay flow just 10 days ago. We're seeing a great customer excitement about that.

此外，我們還將添加大量新功能，這將繼續增強並加速這一勢頭。其中一項改進是，就在 10 天前，我們增加了客戶在行動點餐和支付流程中兌換獎勵的功能。我們看到顧客對此感到非常興奮。

And as I said before, we're going to continue to add a large number of new features for Mobile Order & Pay, including favorite stores, favorite orders, and recommendations in the flow, all of which will contribute to the growing acceleration of Mobile Order & Pay as we move over time.

正如我之前所說，我們將繼續為行動訂購和支付添加大量新功能，包括收藏商店、收藏訂單和流程中的推薦，所有這些都將有助於行動訂購和支付隨著時間的推移而不斷加速發展。

And then on guidance, what (technical difficulty), Jeffrey, is we're still saying somewhat about mid-single digits for the year. That obviously relies on good performance in the US business and I will let Cliff talk to some of the things we have lined up for the back half of the year. It expects good performance in CAP as we look at the back six months and some recovery in EMEA.

至於業績指引，傑弗裡，（技術上來說比較困難）我們仍然預期今年的業績將達到個位數中段。這顯然取決於美國業務的良好表現，我會讓克里夫來談談我們為下半年安排的一些事情。預計過去六個月，CAP市場將有良好表現，EMEA市場也將復甦。

But as we look forward, we have a number of things in each of those geographies as the summer comes up to drive additional transaction, additional comps, and additional profitability, and I will let Cliff speak to the (multiple speakers)

但展望未來，隨著夏季的到來，我們在這些地區都有許多舉措來推動更多的交易、更多的可比交易和更多的盈利，我將讓克里夫向（多位發言人）發言。

Yes, thanks, Scott. It really does [start] Mobile Order & Pay. We have got our new Starbucks Rewards, and we're really excited by the early sign-up and contribution that is going to come from that. We have a fantastic season ahead of us, building on the strength of last year, whether it is Frappuccino or later on in the summer with our cold brewed coffees, our iced coffees, and our recent introduction of Nitro into select stores, and we are in the early phase of that.

是的，謝謝你，斯科特。它確實實現了行動點餐和支付。我們已經推出了新的星巴克獎勵計劃，我們非常期待早期註冊用戶以及由此帶來的貢獻。我們即將迎來一個精彩的季度，我們將在去年的基礎上更進一步，無論是星冰樂，還是夏季晚些時候推出的冷萃咖啡、冰咖啡，以及最近在部分門店推出的氮氣咖啡，我們都將全力以赴，而我們目前還處於這個階段的初期。

And I think our Teavana iced teas are set for a fantastic season. And all of that is going to be complemented by the continued growth we are seeing in our food in the US now, where we're up to 20% contribution coming from food and that's the first time we have seen it there, and we continue to see growth in our cold beverages, so we have got a great season ahead.

我認為我們的 Teavana 冰茶將迎來一個非常棒的銷售季節。所有這些都將與我們目前在美國食品業務的持續增長相輔相成，食品業務在美國的貢獻率已達到 20%，這是我們第一次在美國看到這種情況，而且我們的冷飲業務也在持續增長，所以我們即將迎來一個好年景。

Matt, maybe talk a little bit about the new Rewards program.

馬特，或許你可以稍微談談新的獎勵計畫。

Sure, and let me comment, first of all, that we're a little over a week out from launch here, so these are very early days, but they are very encouraging nonetheless.

當然，首先我想說的是，距離發布還有一周多一點的時間，所以現在還處於非常早期的階段，但即便如此，這些結果也令人非常鼓舞。

In addition to the sign-ups we are seeing, the new people raising their hands to join, we are seeing a couple other very encouraging things. Spend per member is up across the board, and I know somebody is going to ask this question, so let me try to get ahead of it here. We do obviously track all cohorts of people in our Rewards program and they are the people who are going to be better off by the new rules. They are going to be the majority of people who are more or less the same and a small minority of people who will earn Rewards a little bit slower.

除了我們看到的報名人數，以及不斷有新人舉手加入之外，我們還看到了其他一些非常令人鼓舞的事情。每位會員的消費額都全面上升，我知道一定會有人問這個問題，所以我想在這裡提前解答一下。我們當然會追蹤獎勵計劃中的所有用戶群體，而新規則將使他們受益。大多數人的情況大致相同，只有少數人獲得獎勵的速度會稍微慢一點。

All three of those cohorts are up in terms of spend so far, and we see absolutely no difference in the percentage among those three cohorts. So we are not seeing any of the noise that has been speculated on coming to bear. So very encouraging news there, and we will be keeping a very close eye on it and obviously there's a lot of unlocked that comes with the new Rewards program as well, too. It is enabling the stars as currency initiatives because of the lowering of the denomination of the star. We have a lot of runway ahead with this and we are very excited about what it will do in the long term.

到目前為止，這三個群體的支出都有所增加，而且這三個群體之間的百分比完全沒有差異。因此，我們並沒有看到任何先前猜測會出現的干擾因素。這是非常令人鼓舞的消息，我們會密切關注，顯然，新的獎勵計劃也解鎖了很多東西。由於星星的面額降低，這使得星星作為貨幣的發行成為可能。我們在這方面還有很長的路要走，我們對它的長期發展前景感到非常興奮。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

My question actually you just answered on the loyalty program, but I guess as a follow-up to that, the new partnership that you have with the prepaid debit card, I am curious to know how you are planning to support that and how that will work in terms of stars being earned and just what the pace of that rollout and development of that strategy might be?

其實我的問題您剛才已經回答了關於會員忠誠度計劃的問題，但我想作為後續，關於您與預付借記卡的新合作關係，我很好奇您計劃如何支持這項合作，以及在賺取積分方面將如何運作，還有這項策略的推出和發展速度如何？

And then, is that -- was that the primary motivation for reducing the value of the stars or are there other initiatives that have yet to be announced that are on the way?

那麼，降低恆星價值的主要動機是這個嗎？還是還有其他尚未公佈的措施正在籌備中？

Sure, it is a multiple part question. Let me see if I can remember all of them and get through it. With the program, the timetable for the actual product facing forward to customers will be late this year. The product, obviously, will work just like the current product works, except it will bear the Visa mark on it and it will be a general-purpose stored-value card that works everywhere.

當然，這是一個多部分的問題。讓我看看我能不能全部記住並完成它們。由於該計畫的實施，今年面向客戶的實際產品上市時間將會延後。顯然，該產品的功能與現有產品完全相同，只是它會帶有 Visa 的標誌，並且是一張可以在任何地方使用的通用儲值卡。

We will be announcing all the details about how to sign up and the exact value proposition as we get closer and have a way for customers to sign up, but we are on track to do it this year.

隨著時間推移，我們將公佈註冊方式和具體價值主張的所有細節，並確定客戶註冊途徑，但我們預計在今年內完成。

With regard to whether or not that was the primary motivation, the answer is no. There are a number of different things we're going to be -- able to do as a result of lowering the denomination of a star. So you can expect this to be the first of a number of partnerships that you will see down the road in the future.

至於這是否是主要動機，答案是否定的。降低星級標準後，我們將能夠做很多不同的事情。因此，您可以預期這將是未來一系列合作關係中的第一個。

Jason West, Credit Suisse.

瑞士信貸的傑森·韋斯特。

Sorry to circle back on this again, but, Scott, I am just still confused about the message you guys are sending around the Rewards change. It sounds like sign-ups are up, you are very happy with the overall program, but you're using the word noise and bumpiness. So I am just trying to understand. Are you saying that there has been some customer pushback on the changes and it is going to take time for people to get used to the new system? Or are you saying there has actually been a strengthening in the program? That would be helpful, thanks.

很抱歉再次提起這件事，但是，斯科特，我仍然對你們發布的關於獎勵機制變更的信息感到困惑。聽起來報名人數增加，你對整個專案非常滿意，但你使用了「噪音」和「波動」這樣的字眼。我只是想弄清楚。你是說客戶對這些變化有些抵觸情緒，需要一段時間適應新系統嗎？還是你是說這個項目其實已經加強了？那很有幫助，謝謝。

Yes, I just want to remind. We launched it a week ago, and so the first-week metrics that Matt talked about are encouraging. But there is obviously a lot of customer spending and behavior that will happen over the coming weeks, and given the importance of the MSR program and the significance of the changes, we think broadly beneficial, but to some customers, they may not feel so benefited, we want to just make sure we communicate to you guys that there could be some noise.

是的，我只是想提醒一下。我們一週前推出了這項服務，因此馬特提到的第一週指標令人鼓舞。但顯然，在接下來的幾周里，顧客的消費和行為將會發生許多變化。考慮到 MSR 計劃的重要性以及這些變化的意義，我們認為總體上是有益的，但對某些顧客來說，他們可能不會覺得受益，我們只是想確保向大家傳達，可能會有一些波動。

We are not seeing it yet. We will see how the quarter plays out. So, nothing in the early results, but this is a big deal for us and we want to make sure we get it right.

我們目前還沒有看到。我們拭目以待本季的走勢。所以，目前還沒有什麼初步結果，但這對我們來說意義重大，我們希望確保一切順利進行。

Scott, can I add something from South Africa about that?

史考特，我能補充一些來自南非的資訊嗎？

Yes.

是的。

First of all, I have been very quiet on the phone because you guys are doing such a great job, but it is very odd sitting here in South Africa listening to this.

首先，我一直沒怎麼打電話，因為你們做得太棒了，但是坐在南非聽著這些話感覺很奇怪。

But I think the answer to the question is with great transparency we just want to make sure that everyone understands this is a complicated change for our customers, lots of training for our people, and I think the better part of valor is just to say to you up front that there could be some noise in the quarter.

但我認為這個問題的答案是，我們想以高度透明的方式確保每個人都明白，這對我們的客戶來說是一個複雜的變化，對我們的員工來說需要大量的培訓，我認為Valor最好的做法就是提前告訴大家，這個季度可能會有一些波動。

We're not signaling anything, but as Matt said, we're building something so significant over the long term that I wouldn't be so concerned about noise in the quarter, if there is some, because what is happening here is we're building something so enduring and so unique that I think it is going to be one of the most significant changes to the equity of the brand, customer experience. And as Kevin said earlier, the opportunity for Stars Everywhere in terms of the ubiquity of people using that debit card and the only way they can bring back stars and get Rewards to Starbucks is going to be a significant flywheel effect on our overall business.

我們沒有發出任何信號，但正如 Matt 所說，我們正在打造一個意義深遠的長期項目，所以即使本季度出現一些波動，我也不會太在意，因為我們正在打造一個持久且獨特的項目，我認為這將對品牌價值和客戶體驗產生最重大的影響。正如凱文之前所說，Stars Everywhere 的機會在於，人們普遍使用借記卡，而這是他們重新獲得星星獎勵和星巴克積分的唯一途徑，這將對我們的整體業務產生巨大的飛輪效應。

So, I think we just wanted to be open with you about the complication and the degree of this significant change, but the long-term is so beneficial to our customers and obviously to our shareholders.

所以，我想我們只是想坦誠地告訴大家這次重大變革的複雜性和程度，但從長遠來看，這對我們的客戶和股東來說都非常有利。

Thanks, Howard.

謝謝你，霍華德。

Andy Barish, Jefferies.

安迪·巴里什，傑富瑞集團。

I want to circle back on channel development, more on the profitability side. Margin-wise, you're up 250 basis points in the first half, yet just guiding to moderate improvement for the year. So what are the cost implications or are there things going on with the new Nespresso rollout in the back half of the year with whomever you are using? And actually, who are you using to manufacture those, if you care to share?

我想再談談通路開發，更專注於獲利能力方面。從利潤率來看，上半年成長了 250 個基點，但全年僅預期會有溫和成長。那麼，成本方面會有什麼影響？或者說，你所使用的供應商在今年下半年推出的新 Nespresso 產品會有什麼變化嗎？如果你願意透露的話，請問你們是委託哪家公司生產這些產品的？

I will take the first part of the question. I think you can expect to see margin expansion in that same range that you saw in the first half, which is obviously very strong at 250 basis points. I guess it's just the definition of moderate.

我來回答問題的第一部分。我認為您可以預期利潤率擴張幅度將與上半年相同，顯然，250 個基點的利潤率非常強勁。我想這就是「適度」的定義吧。

We continue to see revenue growth opportunities, we continue to take share, and we continue to do that at highly profitable overall margins. And so, we see that continuing throughout the rest of this year. And although the Green Mountain change doesn't impact us too much this year, just because of the timing of it, that has a chance to help us as we look forward into next year. And I will let John answer the manufacturing question, correct?

我們持續看到營收成長機會，持續擴大市場份額，並且持續以高利潤率實現這些目標。因此，我們預計這種情況將在今年剩餘的時間內持續下去。雖然格林山的變化今年對我們影響不大，但這只是因為時間上的原因，它有可能幫助我們展望明年。那我就讓約翰來回答有關生產製造方面的問題吧？

Andy, I am not going to disclose who we are working with from a manufacturing standpoint, only to say that we are in a position now to launch the Nespresso-compatible pods in both our retail stores, as well as through the CPG channels across the UK and France later this year.

安迪，我不會透露我們在生產方面與誰合作，我只能說，我們現在有能力在今年晚些時候通過英國和法國的零售店以及消費品渠道推出與 Nespresso 兼容的咖啡膠囊。

We are focusing first and foremost on Europe because there is 25 million machines of Nespresso machines that are installed there. It is a very similar size right now in comparison to the number of installed base on Keurig here in the US, and we feel there is a significant opportunity to build this capsule business similar to the way we've built the K-Cup business here in the US.

我們首先將重點放在歐洲，因為那裡安裝了 2500 萬台 Nespresso 咖啡機。目前它的規模與 Keurig 在美國的裝機量非常相似，我們認為，發展膠囊咖啡業務有很大的機會，就像我們在美國發展 K-Cup 業務一樣。

And as Howard highlighted on his comments, single serve represents 40% of the coffee consumed in home in Europe and nearly 50% of our Starbucks customers have Nespresso machines in their homes. And so, we see this as being a big opportunity.

正如霍華德在他的評論中所強調的那樣，單杯咖啡佔歐洲家庭咖啡消費量的 40%，而我們星巴克近 50% 的顧客在家中擁有 Nespresso 咖啡機。因此，我們認為這是一個絕佳的機會。

Beyond Europe, the big size of the prize is going to be in CAP and more importantly in China. And we are going to continue to look at how we expand the single-serve opportunity as the only truly leading global premium coffee brand in Asia across our store footprint and really go after this opportunity as well.

除了歐洲以外，最大的獎金將花在 CAP，更重要的是在中國。我們將繼續研究如何擴大單杯咖啡的銷售機會，作為亞洲唯一真正領先的全球優質咖啡品牌，我們將在我們的門市網路中全力以赴，抓住這一機會。

So, looking forward to the growth opportunities that exist both in Europe, as well as in Asia, around the single-serve opportunity.

因此，我期待歐洲和亞洲單一餐食市場所蘊含的成長機會。

Karen Holthouse, Goldman Sachs.

Karen Holthouse，高盛集團。

Thanks for taking the question. So I have a question a bit more on the rolling out of a better targeting solution. I'm curious what the end game of this is. Is it something that you think you will be able to better control exactly what percentage of Rewards are redeemed? Does it ultimately lead to more redemptions per person or more traffic per person on the back end of it?

感謝您回答這個問題。所以，關於推出更好的目標定位解決方案，我還有一些問題。我很好奇這件事的最終目的是什麼。您認為您能夠更好地控制獎勵兌換的具體比例嗎？最終，這是否會帶來更高的人均兌換率或更多的後端流量？

And I might've missed it in the prepared remarks, but was there -- is it something that is rolling out now or something that is coming later this year? Thanks.

我可能在準備好的發言稿中錯過了，但是——這是現在正在推出的項目，還是今年稍後推出的項目？謝謝。

Sure, Matt Ryan here. We're in the process of rolling that out and you will see that across the remainder of this year.

當然，我是馬特·瑞安。我們正在逐步推出這項服務，您將在今年餘下的時間裡看到它的推出。

What we are talking about doing is basically stepping up our game with regard to how we communicate with customers and there are a couple of key components to it right now. To date, we have really communicated in a targeted way via email, and as we progress through the year, you're going to begin to see the targeted communication emerge within our digital platforms, specifically our app, with recommendations.

我們現在要做的事情，基本上就是提升我們與客戶溝通的方式，而目前這包含幾個關鍵要素。到目前為止，我們一直透過電子郵件進行有針對性的溝通。隨著時間的推移，您將開始在我們的數位平台，特別是我們的應用程式上看到有針對性的溝通，以及相關的推薦資訊。

So, we don't catch people in the moment right now. We will be catching people in the moment as time goes on, so that's a very important piece.

所以，我們現在無法捕捉到人們當下的瞬間。隨著時間的推移，我們會捕捉到人們當下的感受，所以這是非常重要的一環。

We also are going to be able to use triggers and to target much more individually than we currently do. We have limitations because of the technology right now in how many different messages we can put out. Those limitations go away with the investments in technology that we have already made. So you will see from a customer perspective more relevance, more targeted messages, some of which will be offers, and that will allow us to basically manage those more economically in the future.

我們還可以使用觸發器，並比現在進行更個人化的定位。由於目前的技術限制，我們能夠發布的資訊種類有限。隨著我們對科技的持續投資，這些限制都將不復存在。因此，從客戶的角度來看，你會看到更具相關性、更有針對性的信息，其中一些會是優惠信息，這將使我們能夠在未來以更經濟的方式管理這些信息。

Matthew DiFrisco, Guggenheim Securities.

古根漢證券的馬修‧迪弗里斯科。

I think you may have answered this question in a different way, but I just wanted to make sure. There was specific mention of how you're going to -- you looked at the Mobile Order & Pay transition and also the combination of switching over to the new loyalty program as being accretive to both margins and to the topline over time. I wonder, was that purposely said to say over time?

我想你可能用另一種方​​式回答了這個問題，但我只是想確認一下。文中特別提到了您將如何——您考慮了行動點餐和支付的過渡，以及切換到新的會員忠誠度計劃，認為這隨著時間的推移將增加利潤率和收入。我想知道，這是不是故意這麼說的，意思是隨著時間的推移而逐漸顯現？

Is there any investment when you switch over in the loyalty program that you might do that might be upfront loaded to hold onto that lower ticket customer that might look at this as his reward program is being devalued a little bit, the guy who spends less than $5 per transaction? I was just curious if that was purposely said over time, meaning there might be some upfront investment to discount that guy or give him extra Rewards and target him so you don't -- so you keep him thinking he is getting big Rewards.

當您切換到新的會員方案時，是否有任何前期投入可以留住低消費客戶（例如每次交易消費不到 5 美元的客戶）的投資？因為這些客戶可能會覺得他們的獎勵計畫價值降低。我只是好奇這是否是故意慢慢說出來的，意思是說可能有一些前期投入來給這個人打折或者給他額外的獎勵，以此來針對他，這樣你就不會——這樣你就會讓他一直以為自己會得到豐厚的獎勵。

Thanks, Matt. No, there is no big upfront investment from a technology standpoint or from any customer standpoint.

謝謝你，馬特。不，從技術角度或客戶角度來看，都不需要任何前期大筆投資。

What I will say is we are obviously investing in marketing and in-store training for partners and messaging for customers, just to make sure everyone is crystal clear on the program. And then as we talked about in our February call, we have a number of contingency plans and things that we can do with some of the personalization capabilities that Matt just talked about to target any cohorts of customers that may be displaying lower frequency or different types of behavior.

我想說的是，我們顯然在行銷、店內合作夥伴培訓以及面向客戶的宣傳方面投入了資金，以確保每個人都對該計劃有非常清晰的了解。正如我們在二月的電話會議上所討論的那樣，我們制定了一些應急計劃，並且可以利用 Matt 剛才提到的一些個人化功能，來針對那些可能表現出較低頻率或不同類型行為的客戶群體。

But those won't be expensive. They won't be a big impact in the quarter. I think the only reason we said over time is obviously we expect the momentum to build with this program. Customers will become familiar with it. They will get used earning more stars. We'll layer in the Chase opportunity and some of the other Stars Everywhere opportunities and those will really build. But it will be profitable immediately and build over time.

但這些東西不會很貴。它們不會對本季產生太大影響。我認為我們之所以說“隨著時間的推移”，顯然是因為我們期望這個項目能夠逐漸發展壯大。顧客會逐漸熟悉它。他們會逐漸習慣獲得更多星星。我們會把 Chase 的投資機會和其他一些 Stars Everywhere 的投資機會也考慮進去，這些機會真的會不斷累積。但它會立即產生利潤，並且隨著時間的推移而不斷增值。

If I could add to that. One of the things when you sign up new members, you don't necessarily see all the value in the first few weeks or even first few months of somebody signing up. It is something that lasts over time. So as you build the membership of Starbucks Rewards, that is a benefit that keeps on showing up in the results for not just months, but years, to come.

如果我能補充一點就好了。當你招募新會員時，你不一定能在他們註冊後的最初幾週甚至幾個月內看到所有價值。它是能夠持續存在的。因此，隨著您不斷累積星巴克獎勵會員資格，這項福利不僅會在未來幾個月，而且在未來幾年內持續體現在您的業績中。

David Palmer, RBC Capital Markets.

David Palmer，加拿大皇家銀行資本市場。

Thanks for the follow-up. Just a quick one on breakfast sandwiches. Your check growth has been up 5% and I think you said breakfast sandwiches are up 30%. That might be the majority of the check growth, if I'm doing the right math. I guess the question is, how are you doing it? Do you think you can keep it going with regard to that sales layer? Thanks.

謝謝你的後續跟進。簡單說說早餐三明治。您的帳單增加了 5%，我記得您說過早餐三明治的銷售額成長了 30%。如果我沒算錯的話，這可能是支票成長的大部分。我想問的是，你是怎麼做到的？你認為你能在銷售層面保持這種勢頭嗎？謝謝。

We said that breakfast sandwiches were up nearly 30% in the quarter year on year. Food overall was up 16%. Lunch contributed an 18% growth, so you are absolutely right we're getting some uplift on ticket, plus better attach from food, but by no means is that accounting for all of our growth.

我們曾表示，早餐三明治的銷量在本季年增了近 30%。食品價格整體上漲了16%。午餐銷售額成長了 18%，所以你說的完全正確，我們的客單價有所提升，食品銷售額也有所提高，但這絕不是我們全部成長的原因。

We continue to focus on price giving us between 1% and 2%, and the rest is from either the swift movement to a higher ticket product or increased attach, and we are seeing a mix of all three of those.

我們繼續專注於價格，這為我們帶來了 1% 到 2% 的增長，其餘的增長則來自迅速轉向更高價位的產品或增加附加價值，我們看到這三者兼而有之。

And David, I would just add in the morning daypart, the breakfast sandwich is a meaningful contributor, but really it is all three of those items that Cliff outlined, a bit of price, premiumization or upleveling, and attach at morning and at lunch both very strong.

大衛，我還要補充一點，在上午時段，早餐三明治是一個重要的貢獻者，但實際上，克里夫概述的那三點——價格、高端化或升級——以及在上午和午餐時段的強勁表現——都發揮了重要作用。

R.J. Hottovy, Morningstar.

R.J. Hottovy，晨星公司。

I had a quick follow-up question on the single-serve business and I was particularly struck by Howard's comments about the future opportunity in CAP with the single-serve product. I was just hoping you could give us a preliminary roadmap as to how you see this business evolving over the next couple years, and in particular if there is any particular hurdles that you have to overcome to really accelerate that business. Thanks.

我還有一個關於單份包裝業務的後續問題，霍華德關於單份包裝產品在 CAP 未來發展機會的評論尤其讓我印象深刻。我只是希望您能為我們提供一個初步的路線圖，說明您如何看待這項業務在未來幾年的發展，特別是您在真正加速這項業務發展方面是否需要克服任何特定的障礙。謝謝。

Yes, thanks, R.J. This is John.

是的，謝謝你，R.J.。我是約翰。

John, can I just --

約翰，我能——

Sure, go ahead, Howard.

當然可以，霍華德。

John, can I lead with that and just give it right back to you?

約翰，我可以先這麼說，然後直接把問題回答你嗎？

Sure.

當然。

I think John should answer the question specifically, but the thing that I would mention is throughout Asia and specifically Japan and China we have a very, very large strategic advantage in that distribution in terms of educating the consumer, demonstrating the product, and really, I think, leveraging our ability to educate the customer the way we have just with regard to our basic coffee business.

我認為約翰應該具體回答這個問題，但我需要指出的是，在整個亞洲，特別是日本和中國，我們在分銷方面擁有非常非常大的戰略優勢，這體現在教育消費者、展示產品等方面，而且我認為，我們能夠像在基礎咖啡業務中那樣，充分發揮我們教育客戶的能力。

We're in a unique position to leverage the national footprint we have in Japan, in Korea, and obviously in China. And it will be very difficult for the single-serve companies who are in the machine business to really create national distribution.

我們擁有獨特的優勢，可以利用我們在日本、韓國以及中國（當然還有中國）的全國性影響力。對於從事機器業務的單次服務公司來說，真正建立全國分銷網絡將非常困難。

So, our ability to leverage the equity of the brand, the in-store experience, puts us in a lead position, and I think that, as John said in his comments, there is no global superpremium brand of coffee specifically that doesn't exist at all in Asia, other than Starbucks. So we're in a very unique position as we have to train the customer, educate them on all things coffee, and as the category evolves, and it certainly will, the biggest prize for single serve ultimately is going to be China. And our store base is going to give us a tremendous advantage, not if, but when that market emerges.

因此，我們利用品牌資產和店內體驗的能力使我們處於領先地位，而且我認為，正如約翰在他的評論中所說，除了星巴克之外，沒有任何其他全球超高端咖啡品牌在亞洲完全不存在。因此，我們處於一個非常獨特的地位，因為我們必須培訓顧客，讓他們了解咖啡的一切，而且隨著咖啡類別的發展（它肯定會發展），單杯咖啡最大的市場最終將在中國。我們的門市網路將為我們帶來巨大的優勢，不是“如果”，而是“當”這個市場出現時。

John, go ahead.

約翰，請講。

Yes, and the only thing I would add, Howard, to that is the fact that the single-serve business is really -- does not exist in China, nor in Asia, to any significant degree. So this is all white space.

是的，霍華德，我唯一要補充的是，單份包裝業務在中國乃至整個亞洲都不存在，而且規模很小。所以這裡全是空白。

And as Howard said, we are truly the only global premium coffee brand both in Japan, Korea, China, or the rest of Asia that is going to be able to leverage a retail footprint and an awareness and a trust level with our consumers on educating them about in-home consumption of single-serve coffee.

正如霍華德所說，我們是真正唯一一家能夠利用零售網絡、消費者認知度和信任度，在日本、韓國、中國甚至亞洲其他地區，向消費者普及單杯咖啡在家飲用知識的全球高端咖啡品牌。

So, we are building plans as it relates to going after this opportunity and we will follow up with you on what those plans are going to look like in future calls.

所以，我們正在製定計劃來抓住這個機會，我們將在以後的電話會議中向您說明這些計劃的具體內容。

Before we end the call (multiple speakers)

在我們結束通話之前（多位發言者）

It wasn't too long ago that the -- go ahead. I am sorry. I'm sorry. I was just going to say it wasn't that many years ago where people would not walk in the street holding a Starbucks cup, because they might lose face in Asia. Now, obviously, throughout Asia, specifically Japan and China, that is exactly what is going on.

不久前——繼續。對不起。對不起。我本來想說，就在幾年前，人們還不敢拿著星巴克咖啡杯走在街上，因為在亞洲他們可能會丟臉。很顯然，在整個亞洲，特別是日本和中國，這種情況正在發生。

It wasn't that many years ago where their morning ritual did not exist in many of those countries, and other than China, that now exists and we're beginning to see it in China. So single serve is going to be a major business throughout the region and we're going to be in the winning position to take advantage of it.

就在幾年前，許多國家還沒有晨間儀式，而現在除了中國以外，其他國家都有了晨間儀式，我們也開始在中國看到這種儀式了。因此，單份包裝食品將成為該地區的重要業務，我們將處於有利地位，從中獲益。

Howard, I thought before we ended the call we'd just turn it back to you to see if you had any final comments.

霍華德，我想在結束通話之前，我們還是把麥克風交還給你，看看你還有什麼最後要說的。

I would just say now that we have opened here in South Africa, this is our 71st country and market, I just wish that the people listening to the call could witness firsthand what we have seen now throughout the world. And that is the universal acceptance of Starbucks Coffee Company and what we are doing in store, the relationship we have with our partners, the relationship we have with our customers, and I have said for many, many years these are still the early days of the growth and development of the Company, and despite with 24,000 stores globally, I have never been more enthused, especially sitting here so far away from our home in Seattle and seeing exactly what we started in the early years, and that is Starbucks being the third place between home and work and delivering an extraordinary cup of coffee.

我想說的是，既然我們已經在南非開設了分部，這是我們的第71個國家和市場，我真希望收聽電話會議的人們能夠親眼見證我們現在在世界各地所取得的成就。這就是星巴克咖啡公司及其門市營運模式、我們與合作夥伴的關係、我們與顧客的關係所獲得的普遍認可。多年來我一直強調，公司仍處於發展初期。儘管目前在全球擁有 24,000 家門市，但我從未像現在這樣充滿熱情，尤其是在遠離西雅圖家鄉的地方，親眼見證我們早年創立的品牌——星巴克成為家庭和工作場所之間的“第三空間”，並提供一杯非凡的咖啡。

And it is just a wonderful opportunity for us once again to open up a new market, especially here in South Africa.

這對我們來說又是一個開拓新市場的絕佳機會，尤其是在南非。

Thank you.

謝謝。

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

星巴克咖啡公司2016財年第二季財報電話會議到此結束。您現在可以斷開連線了。