星巴克 (SBUX) 2016 Q3 法說會逐字稿

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

午安.我是史蒂芬妮，今天將擔任本次電話會議的接線生。現在，我謹代表星巴克咖啡公司歡迎各位參加2016財年第三季財報電話會議。 （接線生操作說明）

Thank you. Ms. Doraisamy, you may begin.

謝謝。多萊薩米女士，您可以開始了。

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

謝謝。大家下午好。我是星巴克咖啡公司投資者關係總監杜爾加·多萊薩米。

Thank you for joining us today to discuss our third-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; Adam Brotman, Global Chief Digital Officer; and Michael Conway, President of Global Channel Development.

感謝各位今天蒞臨本次會議，共同探討我們2016年第三季的業績。本次會議將由董事長兼執行長霍華德·舒爾茨、總裁兼營運長凱文·約翰遜以及財務長史考特·莫主持。參與問答環節的還有：美國及美洲區集團總裁克利夫·伯羅斯、中國/亞太區、通路拓展及新興品牌集團總裁約翰·卡爾弗、全球首席戰略官馬特·瑞安、全球首席數字官亞當·布羅特曼以及全球渠道拓展總裁邁克爾·康威。

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，這些陳述受多種風險和不確定因素的影響，可能導致我們的實際業績與這些陳述有重大差異。任何此類陳述應結合我們在盈利報告中發布的警示性聲明以及我們向美國證券交易委員會提交的文件（包括我們最新的10-K表格年度報告）中的風險因素討論進行考慮。星巴克不承擔更新任何此類前瞻性聲明或資訊的義務。

Please refer to our website at investor.Starbucks.com to find the reconciliation of non-GAAP financial measures referenced in today's call with their corresponding GAAP measures. This conference call is being webcast and an archive of the webcast will be available on our website at investor.Starbucks.com.

請造訪 investor.Starbucks.com 查看今天電話會議中提及的非公認會計準則財務指標與其對應的公認會計準則指標的調節表。本次電話會議將進行網路直播，直播錄影將在 investor.Starbucks.com 上提供。

Before I turn the call over to Howard, I would like to take this opportunity to make you aware of our biannual investor day, which will be held on December 7 in New York City. More details will be coming soon. We hope to see you there, so please reserve December 7 on your schedule.

在將電話轉給霍華德之前，我想藉此機會通知各位，我們一年兩次的投資者日活動將於12月7日在紐約市舉行。更多詳情稍後公佈。我們期待您的光臨，請您在行程表中預留12月7日這一天。

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

接下來，我將把電話交給霍華德·舒爾茨。

Thank you, Durga. Good afternoon and welcome, everyone.

謝謝你，杜爾迦。下午好，歡迎各位。

In Starbucks' 24 years of public life I can't recall a quarter quite like Q3 of 2016, when a confluence of social and political turmoil at home, weakening consumer confidence, increasing global uncertainty, and the launch of one of our most significant long-term initiatives of all time all occurred within a single earnings period. In light of these circumstances, it would not be unreasonable to simply celebrate another quarter of record revenues and record EPS, our first non-holiday quarter with $1 billion of operating income, and operating performance well above our competitive set and at the very top of our sector.

在星巴克24年的公眾視野中，我印像中沒有哪個季度像2016年第三季那麼特殊。當時，國內社會和政治動盪、消費者信心減弱、全球不確定性加劇，以及我們啟動了有史以來最重要的長期計劃之一，所有這些因素都集中在一個財報週期內交織在一起。有鑑於這些情況，我們完全有理由慶祝又一個季度創下營收和每股收益的新紀錄，這是我們首個非假日季度營業收入突破10億美元的季度，而且我們的營運業績遠超競爭對手，位居行業領先地位。

But I want to address right out of the gate the two questions you are likely asking yourselves: does a 4% positive same-store sales comp from our US business in Q3 signify or even suggest a turning point in Starbucks' long-term growth trajectory and does this comp figure in any way relate to the success and value of our Starbucks Rewards loyalty program?

但我想開門見山地回答你們可能正在問自己的兩個問題：第三季度美國業務同店銷售額增長 4% 是否標誌著星巴克長期增長軌蹟的轉折點，以及這一增長數字是否與我們的星巴克獎勵忠誠度計劃的成功和價值有任何關係？

On today's call we will demonstrate with clarity and specificity why our US comps in Q3 were an anomaly and that we have clear line of sight to returning our business to historic levels of comp growth, which has been at or above 5% for the past 25 consecutive quarters. We will demonstrate how the Starbucks Rewards program has been strengthened in Q3 and how the improvements will fuel an even more powerful digital flywheel that will propel our business forward for years to come. And we will share details around a number of exciting new developments as we head into Q4 and prepare for fall and holiday that demonstrate why we are so confident going into FY17 and why we remain optimistic about the long-term growth prospects for each of our businesses around the world.

在今天的電話會議上，我們將清晰具體地闡述第三季度美國同店銷售額為何屬於異常情況，並說明我們已明確目標，即如何使業務恢復到歷史水平的同店增長——過去25個季度，我們的同店增長率一直保持在5%或以上。我們將展示星巴克獎勵計畫在第三季如何加強，以及這些改進將如何推動更強大的數位化飛輪，從而在未來幾年持續推動業務發展。此外，我們還將分享一系列令人振奮的新進展，這些進展將幫助我們更好地迎接第四季度，並為秋季和假期季節做好準備。這些進展將充分展現我們對2017財年的信心，以及我們對全球各項業務長期成長前景的樂觀態度。

That said, with candor and humility, we acknowledge that in certain areas we did not execute as well as we could have in the US in Q3. Had we done so, we certainly would've reported stronger US comps. So let me try and put you in our shoes and take you through what actually occurred.

儘管如此，我們坦誠謙遜地承認，第三季我們在美國某些領域的執行力確實有所欠缺。如果我們做得更好，我們肯定會公佈更強勁的美國同店銷售。所以，請容許我試著站在您的角度，向您解釋實際情況。

Very early in the quarter and after months of planning, we began executing against what I am convinced will prove to be among our boldest and most strategic moves ever: the strategic shift of our tremendously successful loyalty program from a frequency-based to a spend-based model. The shift was a one-time event, a once-in-a-decade change built on carefully vetted analysis that showed that a spend-based program would best reward our most loyal customers and encourage all of our customers to visit us more often and spend more on each visit. And it would be more fair for all of our customers as well.

本季開始，經過數月的籌劃，我們便開始執行一項我堅信將是我們迄今為止最大膽、最具戰略意義的舉措之一：將我們極為成功的會員忠誠度計劃從基於消費次數的模式戰略性地轉變為基於消費額的模式。這項轉變是一次性的，十年一遇的變革，基於經過仔細分析的結論：基於消費額的模式能夠更好地回饋我們最忠實的顧客，並鼓勵所有顧客更頻繁地光顧，每次消費更多。而且，這對所有顧客來說也更加公平。

In addition, the shift would instantly eliminate a vexing in-store operating issue, order splitting, that was and has resulted in shorter lines, increase speed of service, and reduced line attrition.

此外，這項轉變將立即消除一個令人頭痛的店內營運問題——訂單拆分，從而縮短排隊時間，提高服務速度，並減少排隊人數。

Now given the sheer size, scale, and complexity of our Starbucks Rewards program and the mobile and digital technologies that support it, we knew there could be some hurdles to navigate at launch. Particularly since the launch would coincide with the kickoff of our annual Frappuccino Happy Hour promotion, a nationwide event that typically ushers in the busiest time of year in our stores and consistently drives significant traffic and incremental revenue.

鑑於星巴克獎勵計劃及其所依賴的行動和數位技術的龐大規模、複雜程度和複雜性，我們預料到該計劃在上線初期可能會遇到一些挑戰。尤其值得一提的是，這次上線恰逢我們一年一度的星冰樂歡樂時光促銷活動啟動，這項全國性活動通常會引領門市進入一年中最繁忙的時期，並持續帶來可觀的客流量和額外收入。

By way of example, 2015's Frappuccino promotion drove a 30% increase in revenue over the prior year. You may recall that on last quarter's call we cautioned that the launch of the new rewards program could result in some noise in our comp figures as customers and partners adapted to the program changes. What we underestimated was the interdependence of Starbucks Rewards and Happy Hour and that two powerful initiatives competing for partner and customer mind share during a discrete period of time would disrupt what should have been strong, positive interdependence and leverage.

舉例來說，2015 年的星冰樂促銷活動使收入比前一年增長了 30%。您可能還記得，在上個季度的電話會議上，我們曾提醒過，新獎勵計劃的推出可能會導致同店銷售額出現一些波動，因為顧客和合作夥伴需要時間來適應計劃的變化。我們低估了星巴克獎勵計畫和歡樂時光之間的相互依存關係，也低估了兩項強有力的舉措在特定時期內爭奪合作夥伴和顧客的注意力，從而破壞了原本應該存在的強大而積極的相互依存和協同效應。

In hindsight, what we should have done was build customer awareness and anticipation for the Frappuccino Happy Hour promotion, as we have done so successfully in the past, and given the promotion the breathing room it needed. At the same time, the Happy Hour promotion interfered with the results we are expecting from the Starbucks Rewards program launch.

事後看來，我們應該像過去那樣，先提升顧客對星冰樂歡樂時光促銷活動的認知度和期待值，並給促銷活動足夠的緩衝時間。同時，歡樂時光促銷活動也幹擾了我們對星巴克獎勵計畫上線預期效果的表現。

By anyone else's standards, our Rewards results have been outstanding. We entered nearly 2 million new members year over year, representing 18% growth, and 300,000 net new members in Q3 alone, a time of year when we often see flat to negative membership growth. We now have 12.3 million active reward members in the US and millions more worldwide.

無論從哪個角度來看，我們的獎勵計畫績效都堪稱卓越。我們新增會員近200萬，年增18%，光第三季就新增30萬淨會員，往年同期會員成長通常持平甚至為負數。目前，我們在美國擁有1230萬活躍獎勵會員，全球還有數百萬會員。

We are already seeing the percentage of tender from Starbucks Rewards US customers rise to 33% in Q3, up 3 full points from last year, continuing an established pattern in which revenue growth from Rewards customers typically outpaces revenue growth from non-Rewards customers. And we are seeing both incrementality of spend and increase in total profit per customer, both directly attributable to a customer's having joined the Rewards program. These powerful metrics bode extremely well for our business going forward and having us continue to lean in and convert even more customers into the Rewards program.

我們已經看到，第三季美國星巴克獎勵計畫會員的支付比例上升至33%，比去年同期成長了3個百分點，延續了獎勵計畫會員的營收成長通常超過非獎勵計畫會員的既定趨勢。我們也看到，每位顧客的消費額和總利潤均有所成長，這兩項成長都直接歸功於顧客加入了獎勵計畫。這些強勁的指標預示著我們業務未來的良好發展前景，我們將繼續努力，並爭取更多顧客加入獎勵計畫。

In the months ahead, we will be launching even more initiatives to fully leverage rewards as incentives for customer behavior and to encourage greater ticket and attach. What we did not and could not have fully anticipated was the profound weakening in consumer confidence in Q3 that has caused sharp declines in QSR and restaurant traffic overall and has many of our competitors struggling with negative transaction comps.

未來幾個月，我們將推出更多舉措，充分利用獎勵機制激勵顧客行為，並鼓勵提高客單價和附加消費額。然而，我們未能預料到，也無法完全預料到的是，第三季消費者信心的急劇下降導致快餐店和餐廳客流量整體大幅下滑，許多競爭對手也因此面臨交易額下降的困境。

As I have mentioned in the past, Starbucks is not immune to macro challenges that impact our competitors and retail overall. But as with weather, we will not hold these challenges out as excuses. Instead, we will successfully manage and navigate through them as we always have.

正如我之前提到的，星巴克也無法免受影響競爭對手和整個零售業的宏觀挑戰的影響。但就像天氣一樣，我們不會把這些挑戰當成藉口。相反，我們將像以往一樣，成功地應對和克服它們。

So while we may have significantly outperformed the industry and our competitors in Q3, we did not fully overcome all of the headwinds to the extent that we and you are accustomed. In this regard, we and I are Starbucks' harshest critics.

因此，儘管我們在第三季業績顯著優於行業和競爭對手，但我們並未像您我所習慣的那樣完全克服所有不利因素。在這方面，我和我都是星巴克最嚴厲的批評者。

But before rushing to judgment on what one quarter's US comp means, let's think back just 90 days to our Q2 call. Then, and following some slowing in Starbucks' China business and specifically in comps and traffic, some were proclaiming the demise of our China strategy and perhaps our China business overall. Yet here we are just 90 days later, approaching 2,300 stores in over 100 cities in China, opening more than one store a day, and posting stunning Q3 results, including 7% comps; almost all of that growth coming from increased traffic. Again demonstrated the strength, relevancy, and resiliency of the Starbucks business and brand in China.

但在急於對一個季度的美國同店銷售額做出判斷之前，讓我們先回顧一下90天前的第二季財報電話會議。當時，由於星巴克在中國的業務，特別是同店銷售額和客流量有所放緩，有些人甚至斷言我們的中國策略乃至整個中國業務都將走向終結。然而僅僅90天后，我們在中國100多個城市擁有近2300家門市，每天新增門市不止一家，並公佈了令人矚目的第三季業績，其中包括7%的同店銷售額增長；幾乎所有增長都來自客流量的提升。這再次證明了星巴克在中國的業務和品牌實力、市場地位和韌性。

As many of you have covered Starbucks for some time, you have seen us occasionally experience periods of slower growth in our US business only to see the business rebound with greater strength and vigor in the quarters that followed. This is precisely the pattern I personally believe you are going to see as we head into FY17 and beyond.

我相信許多關注星巴克的朋友都注意到，我們美國業務偶爾會經歷成長放緩期，但隨後幾季又會強勢反彈。我個人認為，2017財年及以後，我們仍將延續這種成長模式。

Perhaps the best evidence of the strength and resilience of Starbucks' business and brand is the robust performance of our newest class of retail stores, both in the US and around the world: record AUVs and record profits with both growing and causing no net cannibalization of existing stores in the same trading area. This consistently strong performance drove our decision to open 1,900 net new stores around the world and over 600 alone in the US in FY16, a pace of new store openings that we will be increasing, both in the US and around the world, in 2017 and beyond.

星巴克業務與品牌實力與韌性的最佳證明或許就是我們最新型零售門市在美國及全球的強勁表現：單店平均銷售額和利潤均創歷史新高，且在增長的同時並未對同一商圈內的現有門市造成任何蠶食。正是這種持續強勁的業績促使我們決定在2016財年於全球淨增1,900家門市，光在美國就新增600多家。 2017年及以後，我們將繼續加快新店開業速度，無論是在美國還是在全球範圍內。

A few words on the great strides we made in Q3 against plans to expand our cold proprietary beverage platform and to elevate and further create premiumization at the very highest end of the coffee industry and create further separation from competitors. Our proprietary cold brew platform was nothing short of a runaway success in Q3, adding incrementality and driving attach, particularly in the afternoon daypart. And nitro has been so well received in the stores it is in today that we are now accelerating the national rollout.

關於第三季我們在拓展冷萃咖啡自有品牌飲品平台、提升咖啡產業高端定位、進一步拉開與競爭對手差距等方面取得的巨大進展，我想簡單談談。我們的冷萃咖啡平台在第三季取得了巨大的成功，顯著提升了銷量，尤其是在下午時段，銷量成長顯著。此外，氮氣冷萃咖啡在已推出的門市也廣受好評，因此我們正在加快全國推廣步伐。

And we are delighted to announce the opening of two new Starbucks roasteries: one in Shanghai opening in 2017 and one in New York opening in 2018. Both are now under construction. Just as with our Seattle roastery, each of the Shanghai and New York roasteries will showcase the newest coffee brewing methods and offer consumers the finest assortment of exclusive micro-lot coffees from around the world in a complete, immersive coffee experience like none in the world. And advance our plans to build 500-plus new format, coffee-forward Starbucks Reserve stores in key markets around the world. And the new roasteries will be offering an elevated artisanal food experience through our new exclusive relationship with the renowned Italian bakery and cafe operator Princi.

我們很高興地宣布兩家全新的星巴克烘焙工坊即將開幕：一家位於上海，將於2017年開幕；另一家位於紐約，將於2018年開幕。兩家工坊目前均在興建中。與西雅圖工坊一樣，上海和紐約工坊都將展示最新的咖啡沖泡方法，並為消費者提供來自世界各地精選的頂級微批次咖啡，打造獨一無二的沉浸式咖啡體驗。同時，這也將推動我們在全球主要市場開設500多家全新模式、以咖啡為核心的星巴克臻選門市的計畫。此外，透過與義大利知名烘焙坊及咖啡館營運商Princi的全新獨家合作，這兩家新工坊也將為顧客帶來更精緻的手工美食體驗。

In a few moments, Kevin will take you through individual segment operating performance in Q3 and provide some color around the positive momentum we are seeing as we enter Q4 and prepare for holiday. And I will introduce you to personalization, our new one-to-one personalized marketing capability that I strongly believe will prove to be a retail industry game-changer, unlocking even more digital flywheel potential and driving even more growth in our business in the quarters and years ahead. Then Scott will take you through the financials in detail and provide Q4 guidance, and then we will turn the call over to the operator for Q&A.

稍後，凱文將帶您了解第三季度各業務板塊的營運業績，並重點介紹我們在進入第四季度、備戰假日季之際所看到的積極發展勢頭。我將向您介紹個人化服務，這是我們全新的一對一個性化行銷功能，我堅信它將徹底改變零售業格局，釋放更大的數位飛輪潛力，並在未來幾個季度和幾年內推動業務的進一步成長。之後，斯科特將詳細解讀財務數據並提供第四季度業績展望，最後我們將把電話轉交給接線員進行問答環節。

As we continue to work to achieve our aspirational goal of becoming a great, enduring company, we are reminded that Starbucks' greatest strength and its greatest asset remains its people. This has always been and always will be the case. Credit for our ability to post record revenues, margins, and profits in Q3 over a very strong Q3 last year and still achieve the upper end of our Q3 EPS target range, despite less-than-expected sales lift from our US retail business, goes to our dedicated in-store partners, who continue to serve our customers with the warmth and welcome that are the unique hallmarks of the Starbucks brand and the experience. Our Starbucks partners have my respect and my appreciation for all they do each and every day.

在我們繼續努力實現成為一家偉大而長久的公司這一宏偉目標的過程中，我們始終銘記，星巴克最大的優勢和最寶貴的資產始終是我們的員工。這一點過去如此，將來亦然。儘管美國零售業務的銷售成長低於預期，但我們仍能在第三季創下營收、利潤率和利潤的新紀錄，超越去年同期強勁的業績，並最終達到第三季每股收益目標區間的上限。這要歸功於我們敬業的門市夥伴，他們始終以熱情周到的服務款待顧客，這正是星巴克品牌和體驗的獨特標誌。我對所有星巴克夥伴的日常付出致以崇高的敬意和由衷的感謝。

And with that, I will turn the call over to Kevin.

接下來，我會把電話交給凱文。

Thank you, Howard, and good afternoon, everyone. These record financial and operating results demonstrate the strength and relevance of the Starbucks brand around the world.

謝謝霍華德，大家下午好。這些創紀錄的財務和營運表現充分展現了星巴克品牌在全球的強大實力和重要地位。

This quarter was an anomaly, and while we are not pleased with the US comp result, we understand the drivers and have a clear action plan already in motion. Our summer two marketing campaign launched earlier this month and we are seeing positive customer reception. We are experiencing good early results from our personalized digital marketing, with more customer-focused enhancements to our mobile app in the pipeline, and execution across our seven core strategies for growth continues with progress in each initiative linked to growth.

本季情況特殊，雖然我們對美國同店銷售業績並不滿意，但我們了解背後的原因，並已製定明確的應對方案。我們在本月初啟動了第二輪夏季行銷活動，並獲得了積極的客戶回饋。個人化數位行銷也取得了良好的初步成效，我們正在籌備更多以客戶為中心的行動應用功能改進。此外，我們七項核心成長策略的執行也持續推進，各項與成長相關的措施均取得了進展。

On today's call I will provide an overview of segment performance, update you on the summer two campaign, and highlight some key digital flywheel initiatives. Let's start with the Americas segment.

在今天的電話會議上，我將概述各細分市場的表現，向大家報告夏季第二階段行銷活動的最新進展，並重點介紹一些關鍵的數位飛輪舉措。我們先從美洲細分市場開始。

Our Americas business, with over 8,800 company-operated and 6,400 licensed stores operating in 16 countries, delivered 4% comp growth on top of 8% comp growth in Q3 of last year. This resulted in record Q3 revenues, up 7% over prior year. We are on track to open 750 net new stores in the Americas in FY16 and our new classes of stores continue to outperform and deliver record-setting profitability in AUV sales.

我們在美洲的業務擁有超過8,800家公司自營門市和6,400家特許經營門市，遍布16個國家，在去年第三季度實現8%同店增長的基礎上，今年第三季度又實現了4%的同店增長。這使得第三季營收創下歷史新高，年增7%。我們預計在2016財年在美洲淨增750家門市，而我們新開設的各類門市持續表現優異，並在平均單店銷售額方面創下歷史新高。

Our US business delivered 4% comp growth and 8% revenue growth in the quarter. Howard highlighted the fact that the one-time transition to the new Rewards program in Q3 required marketing and field resources, which disrupted the normal cadence of our summer one campaign and impacted Frappuccino momentum in the quarter. This was reflected in our same-store comparable with core beverages, excluding blended, contributing 2 points of comp, food contributing 1 point of comp, and our Teavana and refreshment platforms contributing 1 point of comp each.

本季，我們美國業務的同店銷售額成長了4%，營收成長了8%。霍華德強調，第三季一次性過渡到新的獎勵計畫需要投入行銷和現場資源，這打亂了我們夏季促銷活動的正常節奏，並影響了本季星冰樂的銷售動能。這反映在我們同店銷售額：核心飲品（不包括混合飲品）貢獻了2個百分點，食品貢獻了1個百分點，Teavana茶飲平台和清涼飲品平台各貢獻了1個百分點。

Overall, our US business grew in every daypart, with the morning being our fastest-growing daypart. Morning was driven by the combination of increased mobile order and pay transactions, strong performance from our core brewed and espresso product lineups, and breakfast sandwiches, which grew 20% year on year.

整體而言，我們在美國的業務在各個時段均實現成長，其中上午時段成長最快。上午時段的成長得益於行動端點餐和支付交易量的增加、核心現煮咖啡和濃縮咖啡產品線的強勁表現，以及早餐三明治同比增長20%等因素的共同推動。

We continue to successfully execute our strategy of elevating and growing our cold beverage platform. Iced beverage revenues, excluding blended, grew 25% year on year. We expanded our cold brew coffee platform through the successful launch of Vanilla Sweet Cream Cold Brew and we're excited by the prospects for our cold coffee beverage lineup, including Iced Mocha Coconut Milk Macchiato and Starbucks Nitro Cold Brew.

我們持續成功執行提升和發展冷飲平台的策略。冰飲收入（不含混合飲品）較去年同期成長25%。我們透過成功推出香草甜奶油冷萃咖啡，拓展了冷萃咖啡產品線。我們對包括冰摩卡椰奶瑪奇朵和星巴克氮冷萃咖啡在內的冷萃咖啡飲品系列的前景充滿信心。

Teavana handcrafted beverages continue to resonate with customers as iced tea sales increased 30% in the quarter, led by Mango Black, Peach Green, and Passion Tango herbal iced teas. Our refreshment platform has also shown strong growth, up 50% over prior year, driven by the rainbow drinks phenomenon. The Pink Drink generated significant social media buzz and demonstrates the power of customer-driven innovation. Our summer two campaign is now focused on the broader cold coffee and tea beverages and we're off to a good start.

Teavana 手工飲品持續受到顧客喜愛，本季冰茶銷量成長 30%，其中芒果黑茶、蜜桃綠茶和百香果探戈草本冰茶表現尤為突出。我們的飲品平台也呈現強勁成長，較上年同期成長 50%，主要得益於彩虹飲品的熱潮。粉紅色飲品在社群媒體上引發了廣泛關注，充分展現了以顧客需求為導向的創新概念。我們夏季第二階段的推廣活動將重點放在更廣泛的冷飲咖啡和茶飲上，目前已取得良好開端。

Our food platform continues to build and drive attach. In Q3, food grew 10% and contributed 1 point of comp. While the comp growth has slowed, food is at a record 20% of total sales and we actually saw an increase in attach. Our new power lunch has been well received as a convenient, personalized lunch offering, which is increasing customer awareness of our lunch and snack options.

我們的食品平台持續發展壯大，並持續提升顧客忠誠度。第三季度，食品銷售額成長了10%，貢獻了1個百分點的同店銷售額。雖然同店銷售額成長放緩，但食品銷售額佔總銷售額的比例已達到創紀錄的20%，而且顧客忠誠度實際上也有所提升。我們新推出的便利個人化午餐套餐廣受好評，提高了顧客對我們午餐和零食選擇的認知。

Let's now move on to China/Asia Pacific. Starbucks China/Asia Pacific region delivered another quarter of strong performance with year-on-year revenue and operating income growth 18% and 22%, respectively. Comp sales in CAP increased 3% in the quarter, with China comp accelerating to 7%.

接下來我們來看中國/亞太地區。星巴克中國/亞太地區業績再創新高，營收和營業利潤較去年同期成長分別達18%和22%。本季亞太地區同店銷售額成長3%，其中中國同店銷售額增速加快至7%。

Japan comps were positive, but impacted by the recent earthquakes and the ongoing economic challenges in the country. Profitability in Japan remains strong. We're optimistic about the long-term potential in the country.

日本同店銷售額表現良好，但受到近期地震和持續經濟挑戰的影響。日本市場的獲利能力依然強勁。我們對日本市場的長期潛力持樂觀態度。

We now operate over 6,100 stores in 15 markets across CAP, including more than 2,200 stores in over 100 cities throughout mainland China. Noteworthy is that despite moderating GDP growth in China, Starbucks China business was very strong, particularly in our largest cities. The acceleration of comp sales to 7% in the quarter was driven by a 6% transaction growth, reinforcing that we are reaching new customers as well as increasing the frequency of existing customer visits.

目前，我們在亞太地區的15個市場經營超過6,100家門市，其中包括中國大陸100多個城市的2,200多家門市。值得注意的是，儘管中國GDP成長放緩，星巴克在中國的業務依然強勁，尤其是在我們最大的幾個城市。本季同店銷售額成長7%，主要得益於交易量成長6%，顯示我們不僅成功拓展了新客戶，也提高了現有客戶的到店頻率。

Our newest China stores continue to deliver record-breaking volume and profit. We remain committed and we're on plan to increase our store count to over 3,400 in China and to over 10,000 in CAP overall by the end of FY19.

我們在中國新開的門市持續創造銷售和利潤新紀錄。我們將繼續致力於在中國開設更多門市，並按計畫推進，力爭在2019財年末將門市數量增至3,400家以上，全球門市總數超過1萬家。

Our loyalty program is the cornerstone of our digital flywheel and CAP now has over 19 million Starbucks Reward members, with over 10 million in China alone. We have recently launched mobile payment in China, leveraging the Starbucks mobile app with Starbucks stored value cards linked to Rewards. In Japan, we've launched our first-ever Starbucks mobile app, giving customers the ability to pay for their purchases and send egifts. We are extremely pleased by the rapid adoption of the mobile app in Japan.

我們的會員忠誠計畫是我們數位飛輪的基石，目前星巴克會員計畫 (CAP) 已擁有超過 1,900 萬星巴克獎勵計畫會員，光是中國就超過 1,000 萬。我們近期在中國推出了行動支付服務，利用星巴克手機應用程式和與獎勵計畫關聯的星巴克儲值卡進行支付。在日本，我們推出了首款星巴克手機應用程序，讓顧客能夠使用應用程式支付消費和贈送電子禮品。我們對該手機應用程式在日本的快速普及感到非常欣喜。

Our China/Asia Pacific business continues to perform well, reinforcing our confidence in the long-term growth potential of this market.

我們在中國/亞太地區的業務持續表現良好，增強了我們對該市場長期成長潛力的信心。

Let's now move on to EMEA. EMEA continues to execute against a strategy to achieve an appropriate balance between company-operated and licensed stores. This is enabling us to grow our store footprint more rapidly, while expanding underlying operating margin over time. While the reported revenue decline in EMEA was 7%, when you adjust for the transfer of company-owned stores to licensed stores and for FX, which together impacted revenue by 12 points, revenue growth was 5%.

接下來我們來看歐洲、中東和非洲地區（EMEA）。 EMEA 繼續執行既定策略，力求在公司自營店和特許經營店之間取得適當的平衡。這使我們能夠更快地擴大門市規模，並隨著時間的推移提升基礎營業利潤率。儘管 EMEA 的報告收入下降了 7%，但考慮到公司自營店向特許經營店的轉移以及匯率波動（這兩項因素合計對收入產生了 12 個百分點的影響），實際收入增長了 5%。

We opened 92 new stores in the quarter and we successfully transitioned our company-operated stores in Germany to our license partner, AmRest. Following this transition, 79% of the 2,565 stores throughout EMEA are now licensed. System comps across our EMEA business grew 2% in the quarter.

本季我們新開了92家門市，並成功將我們在德國的自營門市過渡到我們的授權合作夥伴AmRest。過渡完成後，我們在歐洲、中東和非洲地區的2565家門市中，已有79%實現了授權經營。本季度，我們歐洲、中東和非洲地區業務的系統同店銷售額成長了2%。

A slow growth European economy, Brexit, a weakened British pound, and ongoing security concerns throughout the region have contributed to consumer uncertainty throughout Europe. Our brand continues to hold up well in this challenging environment. We continue to see strength in the morning daypart from espresso growth and breakfast sandwich attach.

歐洲經濟成長放緩、英國脫歐、英鎊貶值以及整個地區持續存在的安全問題，都加劇了歐洲消費者的不確定性。儘管面臨如此嚴峻的挑戰，我們的品牌依然表現良好。濃縮咖啡的成長和早餐三明治的銷售成長，持續推動著早晨時段的銷售成長。

In addition, the recent launch of the Teavana Shaken Iced Tea platform in Starbucks stores across 32 EMEA countries has exceeded our most optimistic projections. Featuring core beverages including Peach Green Tea Lemonade, classic iced tea, and Iced Tea Lemonade available in black, green, or hibiscus, the initial reaction from customers has been fantastic. We continue the global rollout of Teavana at Starbucks in most CAP markets later this quarter.

此外，Teavana搖搖冰茶平台近期在歐洲、中東和非洲地區32個國家的星巴克門市成功推出，其表現遠超我們最樂觀的預期。平台的核心飲品包括桃子綠茶檸檬水、經典冰茶以及黑茶、綠茶和芙蓉花口味的冰茶檸檬水，顧客的初步反應非常熱烈。本季晚些時候，我們將繼續在全球大部分亞太地區市場推廣Teavana星巴克門市飲品。

Let's move on to channel development. Channel development had a very strong Q3 with sequential acceleration of revenue growth to 9%. Operating income grew by 31% year on year with each of the US CPG, international CPG, and foodservice channels contributing to these outstanding results.

接下來我們來看通路拓展。通路拓展在第三季表現非常強勁，營收季成長加速至9%。營業收入年增31%，美國消費品通路、國際消費品通路和餐飲服務通路均對此優異業績做出了貢獻。

Both the Starbucks roast and ground and the Starbucks K-Cup platforms grew dollar share and maintained share leadership in the quarter. Our K-Cups business posted a strong dollar share growth of 13.3%, which was almost twice the category growth overall, and gained just under a full point of share. With a 15.8% share, Starbucks is number one brand on the K-Cup platform for the fourth consecutive quarter.

本季度，星巴克烘焙咖啡粉和星巴克K-Cup咖啡平台的銷售額均有所增長，並保持了市場份額領先地位。我們的K-Cup咖啡業務實現了強勁的銷售額成長，達到13.3%，幾乎是該品類整體成長的兩倍，市佔率也提升了近一個百分點。星巴克以15.8%的市場份額，連續第四季度蟬聯K-Cup平台市佔率第一。

Starbucks roast and ground continues to be the number one premium packaged coffee brand with dollar sales growth of 8%. Also, roughly twice the category growth in the quarter overall and gained just under 1 full point of share. Once again, our foodservice business led the industry, posting 6% growth, driven by strength in sales from national customers and the office coffee channel.

星巴克烘焙研磨咖啡持續穩居高級包裝咖啡品牌榜首，銷售成長8%。此外，其銷售額成長幅度約為本季整體品類成長幅度的兩倍，市佔率也提升了近1個百分點。我們的餐飲服務業務再次引領業界，並實現了6%的成長，這主要得益於全國性客戶和辦公咖啡通路的強勁銷售。

Turning to ready-to-drink, our North American coffee partnership with PepsiCo posted excellent results in the quarter. System sales, as measured by IRI, grew 11%, translating into a 1% share gain, bringing Starbucks to 13.3 of the total liquid coffee plus energy segment. We are very excited about the prospects for our new cold brew ready-to-drink coffee launched just this month.

就即飲咖啡業務而言，我們與百事可樂在北美的咖啡合作項目在本季度取得了優異的成績。根據IRI的數據，系統銷售額成長了11%，市佔率提升了1%，使星巴克在液態咖啡加能量飲料市場佔了13.3%的份額。我們對本月剛推出的全新冷萃即飲咖啡的前景感到非常興奮。

Premium ready-to-drink tea is the fastest-growing segment in the tea category, growing 16% CAGR over the past five years and now generating an addressable market of $1.1 billion in sales. In Q3, we announced our entry into this new category through a new partnership with Anheuser-Busch. The Teavana ready-to-drink product line will offer consumers premium flavor options currently available to consumers only at Starbucks and Teavana retail stores. Teavana ready-to-drink teas will launch regionally in the first half of calendar year 2017 and expand across the US over time.

高階即飲茶是茶飲品類中成長最快的細分市場，過去五年複合年增長率高達16%，目前市場規模已達11億美元。第三季度，我們宣布與安海斯-布希公司建立新的合作關係，正式進軍這個全新領域。 Teavana即飲茶產品線將為消費者提供目前僅在星巴克和Teavana零售店銷售的高級口味選擇。 Teavana即飲茶將於2017年上半年於部分地區上市，並逐步擴展至全美市場。

We continue to build our global CPG footprint. In the quarter we began shipping ready-to-drink products within Latin America in partnership with PepsiCo. In Europe, we are on track for a fall launch of Starbucks Nespresso-compatible capsules in the UK and France. In partnership with Tingyi, we are tracking to launch ready-to-drink products in China by the end of calendar year 2016.

我們持續拓展全球消費品業務版圖。本季度，我們與百事公司合作，開始在拉丁美洲地區銷售即飲咖啡產品。在歐洲，我們正按計畫推進，預計今年秋季在英國和法國推出星巴克Nespresso相容膠囊咖啡。此外，我們正與頂益集團合作，計劃於2016年底前在中國推出即飲咖啡產品。

The channel development segment continues to perform extremely well. Before handing over to Scott, I want to close with just a brief update on our digital flywheel.

通路拓展板塊持續表現優異。在將發言權交給斯科特之前，我想簡單地報告我們的數位飛輪策略的最新進展。

Having successfully navigated transitioning customers to the new program, we are now positioned to further accelerate program growth with a structure conducive to greater innovation and expansion. During a time of year when we typically see little, if any, program growth, we grew active membership to 12.3 million members with strong attention across all customer segments.

在成功完成客戶向新專案的過渡後，我們現在已做好準備，透過更有利於創新和擴張的架構，進一步加速專案成長。在通常專案成長緩慢甚至停滯的時期，我們的活躍會員人數成長至 1,230 萬，這得益於我們對所有客戶群體的高度關注。

The vast majority of these customers now use our mobile app as the payment vehicle, accounting for approximately 25% of all transactions. Mobile Order & Pay was deployed less than one year ago and now represents nearly 5% of total US transactions, close to 20% of all mobile payment at Starbucks. But that doesn't tell the entire story.

絕大多數顧客現在都使用我們的行動應用程式進行支付，約佔所有交易額的25%。行動點餐和支付功能推出不到一年，目前已占美國總交易額的近5%，在星巴克所有行動支付交易中接近20%。但這並非全部情況。

When you look at our busiest stores at peak, when Mobile Order & Pay is most valuable to our customers and most effective at unlocking capacity in our stores, we see an even more impressive trend. In more than 2,700 stores across the US, Mobile Order & Pay represents more than 10% of total transactions at peak. In several hundred of those US stores, Mobile Order & Pay represents more than 20% of transactions at peak.

當我們觀察客流量最大的門市在尖峰時段的情況時，行動點餐和支付功能對顧客的價值最大，也能最有效地提升門市的營運效率，我們發現了一個更令人矚目的趨勢。在美國超過2700家門市中，行動點餐和支付在尖峰時段的交易量佔比超過10%。在其中數百家門市，行動點餐和支付在尖峰時段的交易量佔比甚至超過了20%。

Adoption and usage continue to grow and the upside is significant, as it is helping our customers and partners in our busiest stores at peak. We continue to make progress on app improvements that include menu functionality and response time, while enabling new features including favorite stores, favorite items, favorite orders, and personalized recommendations, most of which will be released over the next three months.

應用的普及和使用持續成長，前景廣闊，尤其是在高峰時段，它能幫助我們在最繁忙的門市中更好地服務顧客和合作夥伴。我們不斷改進應用，包括菜單功能和響應速度，同時也推出新功能，例如收藏門市、收藏商品、收藏訂單和個人化推薦，其中大部分功能將在未來三個月內陸續發布。

Over the next several years we will continue to enhance and expand personalization, both in our app and in other digital channels. We are now driving personalized offers through email, which are yielding extremely encouraging results. We are building a true real-time personalization capability, which will begin to power personalized experiences and communications within our app. The digital flywheel is a powerful asset with a clear innovation roadmap.

未來幾年，我們將繼續加強和擴展個人化功能，無論是在我們的應用程式還是其他數位管道。目前，我們正在透過電子郵件推送個人化優惠，並取得了令人鼓舞的成果。我們正在建立真正的即時個人化功能，這將為我們的應用程式提供個人化的體驗和溝通。數位飛輪是一項強大的資產，我們擁有清晰的創新路線圖。

In closing, we have navigated the one-time event transitioning to the new Starbucks Rewards program, and our actions going forward are clear: drive the summer two marketing campaign around cold, enable the next wave of digital innovation and personalization, and continue to execute against our seven core strategies for growth.

最後，我們已經順利完成了向新的星巴克獎勵計劃過渡的一次性事件，我們未來的行動也很明確：圍繞冷飲開展夏季二期營銷活動，推動下一波數字化創新和個性化浪潮，並繼續執行我們的七項核心增長戰略。

I will now hand over to Scott Maw to take you through the financials.

現在我將把發言權交給史考特·莫，讓他為大家講解財務狀況。

Thanks, Kevin, and good afternoon, everyone. Starbucks third-quarter results once again reflect strong revenue and profit growth, although below recent trends. For the first time in our history, consolidated operating income exceeded $1 billion in a non-holiday quarter, increasing 9% over last year despite a full point of negative impact from foreign exchange.

謝謝凱文，大家下午好。星巴克第三季業績再次反映出強勁的營收和利潤成長，儘管低於近期趨勢。公司歷史上首次在非假日季度實現超過10億美元的合併營業收入，年增9%，儘管受到匯率波動的負面影響。

Operating margin expanded 30 basis points to 19.5% on a GAAP basis and 19.8% on a non-GAAP basis, both new Q3 records. Margin improvement was driven by sales leverage in favorability and cost of sales that more than offset the impact of ongoing partner and digital investments, primarily related to our Americas segment.

營業利潤率以美國通用會計準則 (GAAP) 計算成長 30 個基點至 19.5%，以非美國通用會計準則 (non-GAAP) 計算成長 19.8%，皆創下第三季新紀錄。利潤率的提升主要得益於銷售槓桿效應，銷售成本和利潤率的降低抵消了持續的合作夥伴和數位投資（主要與美洲業務板塊相關）的影響。

On a GAAP basis, EPS increased 24% to $0.51 in Q3, and on a non-GAAP basis, EPS increased 17% to $0.49. Noteworthy is that non-GAAP EPS in Q3 excluded the impact from the net gain resulting from the sale of our business in Germany to an existing licensed partner and an incremental tax benefit related to certain additional domestic manufacturing deductions for periods prior to FY16. Additionally, non-GAAP EPS continues to exclude certain costs related to our purchase of Starbucks Japan discussed on prior earnings calls.

以美國通用會計準則（GAAP）計算，第三季每股盈餘（EPS）成長24%至0.51美元；以非美國通用會計準則（Non-GAAP）計算，每股盈餘成長17%至0.49美元。值得注意的是，第三季非美國通用會計準則下的每股收益剔除了將我們在德國的業務出售給現有授權合作夥伴所產生的淨收益，以及與2016財年之前期間某些額外的國內製造成本扣除相關的增量稅收優惠。此外，非美國通用會計準則下的每股盈餘繼續剔除了先前財報電話會議上討論過的與收購日本星巴克相關的某些成本。

You can see the amount, timing, and description of each of these non-GAAP items in the detailed reconciliation table provided at the end of the earnings release. Please review that table in conjunction with our results.

您可以在獲利報告末尾提供的詳細調整表中查看每個非GAAP項目的金額、時間和說明。請結合我們的業績報告審閱該表。

I will now take you through the operating performance of each of our major segments in Q3.

接下來，我將帶大家了解我們各主要業務部門在第三季的營運表現。

Americas' Q3 operating income grew to a new third-quarter record of $899 million, a 5% increase over the prior-year quarter. Operating margin, while declining 40 basis points year over year, remained strong at 24.6%. In addition to the details Kevin provided on US comps, we did see nearly 1 point of transaction splitting impact during the quarter following the Starbucks Rewards launch. This is consistent with our previous estimate we provided and impacts both ticket and transaction by about 1 point.

美洲地區第三季營業收入成長至創紀錄的8.99億美元，較上年同期成長5%。營業利潤率較去年同期下降40個基點，但仍維持在24.6%的強勁水準。除了凱文提供的美國同店銷售額數據外，我們還觀察到，星巴克獎勵計畫推出後，交易分割對本季業績產生了近1個百分點的影響。這與我們先前的預測一致，對客單價和交易額均產生了約1個百分點的影響。

Store partner and digital investments increased in Q3, impacting operating margin by 140 basis points. Included in that figure is 90 basis points of impact related to a $30 million one-time cash award for tenured US retail hourly store partners. The impact of these investments was partially offset by sales leverage and savings in cost of sales.

第三季度，門市合作夥伴和數位投資增加，導致營業利潤率下降140個基點。其中，90個基點的影響與向美國資深零售門市小時工夥伴一次發放的3,000萬美元現金獎勵有關。這些投資的影響部分被銷售槓桿和銷售成本節約所抵銷。

Given our Q3 results and outlook for Q4, we expect operating margin in fiscal 2016 for the Americas to increase slightly over fiscal 2015.

根據我們第三季的業績和對第四季的展望，我們預計 2016 財年美洲地區的營業利潤率將比 2015 財年略有成長。

Let's move on to our China/Asia Pacific segment. Our China/Asia Pacific segment delivered its highest-ever quarterly operating income in Q3, $183 million on a GAAP basis, representing a 22% increase year over year and an 80 basis point increase in operating margin to 23.8% as the segment benefited from higher income from our joint venture operations and increased sales leverage, partially offset by a negative 130 basis point impact of foreign currency translation.

接下來我們來看看中國/亞太業務板塊。第三季度，中國/亞太業務部門實現了有史以來最高的季度營業收入，以美國通用會計準則（GAAP）計算為1.83億美元，年增22%，營業利潤率也提升了80個基點，達到23.8%。該板塊受益於合資企業收入的成長和銷售槓桿的提升，但部分被外幣折算帶來的130個基點的負面影響所抵消。

Excluding the impact of foreign exchange, CAP margins expanded by 210 basis points in Q3. For the year we now see CAP operating margins expanding slightly over last year, an increase from our most recent guidance given our strong operating performance in the region.

剔除匯率影響，CAP第三季利潤率成長了210個基點。鑑於我們在該地區的強勁營運業績，我們預計全年CAP營業利潤率將較去年略有成長，高於我們先前的預期。

Let's move on to EMEA. EMEA's operating margin declined 130 basis points in Q3 compared to last year to 10.9%, largely due to the sale of our Germany retail operations, driven by costs related to the sale of 110 basis points. While licensed store profitability continues to improve, EMEA is facing significant ongoing economic and geopolitical headwinds. As a result, we now see FY16 operating margin roughly equal to last year.

接下來我們來看歐洲、中東和非洲地區（EMEA）。 EMEA地區第三季營業利潤率年減130個基點至10.9%，主要原因是出售了德國零售業務，而出售相關成本又導致了110個基點的利潤率下降。儘管特許經營店的獲利能力持續改善，但EMEA地區仍面臨持續的重大經濟和地緣政治逆風。因此，我們預計2016財年的營業利潤率將與去年大致持平。

Our channel development segment once again delivered very strong performance and results in Q3. Channel development operating income reached a new quarterly record of $188 million, up 31% over last year, as operating margin increased 710 basis points in the quarter to 42.6%, driven primarily by favorability in coffee costs, lower marketing spend, higher income from our North American coffee partnership with Pepsi, and leverage on cost of sales.

第三季度，我們的通路發展部門再次取得了非常強勁的業績。通路發展部門的營業收入創下季度新紀錄，達到 1.88 億美元，比去年同期增長 31%；營業利潤率在本季度增長 710 個基點，達到 42.6%，這主要得益於咖啡成本的有利因素、營銷支出的減少、與百事可樂在北美咖啡合作帶來的收入增加以及銷售成本的槓桿作用。

Year-to-date our North American coffee partnership has grown its operating income contribution by a remarkable 33%, reflecting strong demand for core bottled beverages, such as Frappuccino, and the success of innovative new products. Given the performance to date, we now expect strong operating margin expansion for channel development, with the full-year 2016 in line with the segment's Q3 year-to-date margin.

今年迄今，我們在北美的咖啡合作關係已實現營業收入貢獻的顯著增長，增幅高達33%，這反映出市場對核心瓶裝飲料（例如星冰樂）的強勁需求，以及創新產品的成功。鑑於目前的業績表現，我們預期通路拓展業務的營業利潤率將大幅提升，2016年全年利潤率將與該業務板塊第三季至今的利潤率持平。

I want to take a moment to comment specifically on our Q3 tax rate, because it came in lower than our expectation and yours. Our reported Q3 effective tax rate of 29.7% included several items worth mentioning.

我想花點時間專門談談我們第三季的稅率，因為它低於我們和您的預期。我們公佈的第三季實際稅率為29.7%，其中包含幾個值得一提的項目。

As noted in the non-GAAP reconciliation at the end of our earnings release, we recorded a true-up related to a specific domestic manufacturing tax benefit in the quarter and also the net gain from the Germany sale, the majority of which was nontaxable. These items had a favorable 260 basis point impact on the tax rate.

正如我們在盈餘報告末尾的非GAAP財務報表調整表中所述，本季度我們計入了一項與特定國內製造業稅收優惠相關的調整，以及來自德國銷售的淨收益（其中大部分為免稅收益）。這些項目對稅率產生了260個基點的有利影響。

The remaining net favorability, which was not included as a non-GAAP adjustment, related to various other items that we recorded during the quarter. We do not anticipate that the benefit from most of these items will recur in Q4.

剩餘的淨收益（未計入非GAAP調整項）與我們在本季度記錄的其他各項項目有關。我們預計其中大部分項目帶來的收益不會在第四季重現。

I would like to cover in some detail our expected performance for Q4 given our Q3 results, particularly in connection with our US retail business and the impact of the 53rd week.

我想詳細談談鑑於我們第三季的業績，我們對第四季的預期表現，特別是與我們美國零售業務以及第 53 週的影響有關的情況。

For Q4, we are expecting GAAP EPS in the range of $0.53 to $0.54 and non-GAAP EPS in the range of $0.54 to $0.55, including the impact of the 53rd week that will add roughly $0.06 to the quarter. I want to underscore that the $0.06 is our best estimate of the 53-week contribution. Forecasting the impact of a single week out of a year with complete precision, given the size and scale of our global business, is challenging at best.

我們預計第四季度GAAP每股收益在0.53美元至0.54美元之間，非GAAP每股收益在0.54美元至0.55美元之間，其中包括第53週的影響，該週將為本季貢獻約0.06美元。我想強調的是，0.06美元是我們對第53週貢獻的最佳估計。鑑於我們全球業務的規模，要完全精確地預測一年中某一週的影響，充其量只能說是極具挑戰性。

For our fiscal 2016, our GAAP EPS is expected to be in the range of $1.88 to $1.89, including the $0.06 for the 53rd week, and we are reiterating our non-GAAP EPS in the range of $1.88 to $1.89, including the $0.06 for the 53rd week, consistent with prior guidance. On a 52-week basis, non-GAAP EPS growth represents 15% to 16% over the prior year, our seventh-straight year of at least 15% non-GAAP EPS growth. We now expect global comp growth of 5% for Q4 and mid-single-digit comp growth globally for FY16. This includes some anticipated improvement in Q4 US comps from Q3 levels.

對於2016財年，我們預計GAAP每股盈餘（EPS）將在1.88美元至1.89美元之間，其中包括第53週的0.06美元。我們重申先前對非GAAP每股收益的預期，即1.88美元至1.89美元之間，其中包括第53週的0.06美元，與先前的預期一致。以52週計算，非GAAP每股盈餘較前一年成長15%至16%，這是我們連續第七年實現至少15%的非GAAP每股盈餘成長。我們現在預計第四季全球同店銷售額將成長5%，2016財年全球同店銷售額將實現中等個位數成長。這其中包括預計第四季美國同店銷售額將較第三季有所改善。

On a 52-week basis we now expect consolidated revenue growth of approximately 10%, with the 53rd week adding approximately 2 points and 1 point of negative impact from FX. For the full year, foreign exchange is expected to negatively impact consolidated operating income growth by approximately 2 points.

以52週計算，我們目前預期合併收入成長約為10%，其中第53週將增加約2個百分點，匯率波動將產生1個百分點的負面影響。全年來看，預計匯率波動將對合併營業收入成長產生約2個百分點的負面影響。

For FY16 we continue to expect investments in our partners and digital initiatives globally to be between $275 million and $300 million, compared to approximately $145 million in fiscal 2015. We continue to expect consolidated operating margin for FY16 to increase slightly relative to 2015 on both GAAP and non-GAAP bases, reflecting sales leverage and increased operating efficiency and performance, partially offset by the impact of the increased partner and digital investments.

我們預計2016財年對全球合作夥伴和數位化專案的投資額仍將在2.75億美元至3億美元之間，而2015財年約為1.45億美元。我們預計2016財年合併營業利潤率將較2015年略有成長，無論以GAAP或非GAAP準則計算，這主要得益於銷售槓桿效應以及營運效率和績效的提升，但部分成長將被合作夥伴和數位化投資增加的影響所抵銷。

Moving on to commodities, with 2016 coffee needs fully priced, we still expect to see a slightly favorable impact for the year and we are now over 50% price locked for FY17. We will update you on the projected 2017 impact of coffee costs in conjunction with our overall initial 2017 guidance next quarter.

接下來談談大宗商品。由於2016年的咖啡需求價格已全部確定，我們預計今年咖啡價格將略有上漲，並且我們已鎖定2017財年超過50%的價格。我們將於下個季度發布2017年整體業績指引，屆時將更新咖啡成本對2017年的預期影響。

Given the strong operating results we are generating from our new stores, particularly in our largest markets such as the US and China, we now expect to add approximately 1,900 net new stores globally in FY16, up from our previous guidance, including 750 in Americas, 900 in China/Asia Pacific, and 250 in EMEA. I want to emphasize that we are seeing no change in the strong profitability or growth trajectory of our new stores. We now expect our effective tax rate for the year to be approximately 33% and we still expect capital expenditures of $1.4 billion for FY16.

鑑於我們新門市，尤其是在美國和中國等最大市場取得的強勁營運業績，我們預計2016財年將在全球新增約1,900家淨門市，高於先前預期，其中美洲地區750家，中國/亞太地區900家，歐洲、中東和非洲地區250家。我想強調的是，我們新門市的強勁獲利能力和成長動能並未改變。我們預計本年度實際稅率約為33%，並維持2016財年14億美元的資本支出預期。

Consistent with the timing of targets for the current fiscal year, we will be providing our initial growth targets for FY17 during our fourth-quarter earnings call. You will recall that a year ago we made the decision to shift providing guidance to Q4 in order to have the time necessary to fully vet and finalize our annual operating plan for the subsequent year.

與本財年目標的發佈時間一致，我們將在第四季財報電話會議上公佈2017財年的初步成長目標。您可能還記得，一年前我們決定將業績指引的發佈時間推遲到第四季度，以便有足夠的時間對下一年度的年度營運計劃進行全面審查和最終定稿。

As Howard mentioned, Q3 was an unusual quarter, characterized by very strong results for both China/Asia Pacific and channel development that challenged top-line results in the US due to less-than-expected sales lift from the launch of the new Starbucks Rewards program and Frappuccino Happy Hour and the high bar to clear from Q3 of last year. Yet despite this challenge and because of the dedication and commitment of our store partners around the world, we delivered another solid quarter and record revenues and profit.

正如霍華德所說，第三季度是一個不同尋常的季度，中國/亞太地區和通路拓展業務均表現強勁，但由於新推出的星巴克獎勵計劃和星冰樂歡樂時光帶來的銷售增長低於預期，以及去年第三季度的高增長勢頭，美國市場的營收增長受到一定影響。然而，儘管面臨這些挑戰，但憑藉全球門市夥伴的奉獻和努力，我們依然取得了又一個穩健的季度業績，並創下了營收和利潤的新紀錄。

Our path forward is clear. We are confident in the correctness of the strategic operational and digital moves we outlined today and remain steadfast in our commitment to deliver the long-term profitable growth that you have rightfully come to expect. We are looking forward to sharing more of our plans around reimagined store designs and new store formats; coming mobile, digital, and loyalty innovations; new food and beverage offerings; and the many other initiatives underway at our biannual investor day on December 7.

我們前進的方向清晰明確。我們對今天概述的策略營運和數位化舉措充滿信心，並將繼續堅定不移地致力於實現您所期望的長期獲利成長。我們期待在12月7日舉行的半年一次的投資者日上，與您分享更多關於門市重新設計和新門市模式、即將推出的行動端、數位化和會員忠誠度創新、全新餐飲產品以及其他眾多正在推進的舉措等方面的計劃。

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。接線生？

(Operator Instructions) Sara Senatore, Bernstein.

（操作說明）Sara Senatore，Bernstein。

Thank you very much. Howard, I was wondering if maybe you could give some historical context. You've seen periods of weaker consumer confidence before; for me, the second quarter of 2012 comes to mind and maybe late in 2014. And Starbucks has always been able to address it and re-accelerate comp.

非常感謝。霍華德，我想請您提供一些歷史背景。您之前也曾經歷過消費者信心疲軟的時期；就我而言，我想到的是2012年第二季度，或許還有2014年末。而星巴克總是能夠應付這種情況，並重新加速同店銷售成長。

So could you maybe just talk about it in the context what you are seeing now and your confidence in your ability to do that again, similar to as you've done in prior years?

那麼，您能否結合您目前所看到的情況，談談您對自己再次做到這一點的信心，就像您前幾年所做的那樣？

Thank you for the question. Let me say that I think we have been very fortunate over the years to be able to create the kind of product and experience that provides our customers with a sense of community and an emotional attachment that I think over time, despite the conditions in the marketplace and the economic pressures, have been very inviting for our customers.

感謝您的提問。我想說，我認為多年來我們非常幸運，能夠創造出這樣的產品和體驗，讓我們的客戶感受到社群歸屬感和情感紐帶。我認為，儘管市場環境和經濟壓力不斷變化，但隨著時間的推移，這種產品和體驗對我們的客戶仍然非常有吸引力。

I say that because I think what we are experiencing to date is something different. And before anyone rushes to judgment, what I mean by that -- let me explain it.

我這麼說是因為我認為我們迄今為止所經歷的情況有所不同。在任何人妄下結論之前，讓我先解釋一下我的意思。

I think we have a situation where you have a very uncertain election, you have domestic civil unrest with regard to race, and I think the issues around terror have created a level of anxiety. So we are no longer looking at just an economic downturn. There are a number of things that we are facing as citizens and I think the direction of the country. And so I think this is a multi-prong issue that almost every company and every consumer brand is facing as a result of what I've just described.

我認為我們目前面臨的局面是：選舉結果極不穩定，國內因種族問題引發的社會動盪，以及恐怖主義問題造成的焦慮。因此，我們不再只面臨經濟衰退。身為公民，我們面臨諸多挑戰，國家的未來走向也牽涉其中。我認為這是一個多方面的問題，幾乎所有公司和消費品牌都因我剛才所描述的這些因素而受到影響。

As I said in my prepared remarks, though, we, at Starbucks, look at this not as an excuse, but feel very strongly that what we offer our customers -- the sense of community, the longing for human connection, a safe place, an affordable luxury -- and obviously the innovation that we have brought forth gives us the confidence that we will be the kind of company and the kind of brand that will demonstrate to our customers the aspirational connection.

正如我在準備好的發言稿中所說，我們星巴克並不把這看作藉口，而是堅信我們為顧客提供的——社區感、對人際交往的渴望、安全場所、價格適中的奢華——以及我們所取得的創新，都讓我們有信心成為能夠向顧客展現這種令人嚮往的聯繫的公司和品牌。

And I think also -- I know this is a long-winded answer, but it's important. So much of what we have able to do over the years is linked to the equity of the brand, which is linked to the experience. That experience comes to life with our people. The investments we continue to make with our people are as important as anything we are doing to overcome the challenge and the headwinds that I have just described.

而且我認為——我知道我的回答有點長，但這很重要。多年來我們所取得的許多成就都與品牌價值息息相關，而品牌價值又與體驗息息相關。這種體驗是透過我們的員工實現的。我們對員工的持續投入，與我們為克服我剛才提到的挑戰和逆境所做的一切努力同樣重要。

In addition to that I think the social impact initiatives that we have brought forth over the last couple of years has created a level of trust and confidence in the brand, in the experience I think that demonstrates that our ability to navigate through this time and time again will give us the ability this time as well to put up the kind of numbers that Scott just described. And we will do everything we can to not only meet the guidance, but as we've done in the past, try and overachieve it.

除此之外，我認為過去幾年我們推出的社會影響力措施已經提升了品牌的信任度和信心。我認為，這些經驗表明，我們有能力一次又一次地應對挑戰，這次也一定能夠取得斯科特剛才所描述的那種成績。我們將竭盡全力，不僅要達到預期目標，還要像以往一樣，力爭超越目標。

But no one should misinterpret or in any way look at the challenges that we and many, many other companies are facing as something that has been done before. This is quite unusual. It's unsettling; it's unnerving, and as a result of that, it requires an approach that is quite different than anything we've done before.

但任何人都不應誤解或以任何方式將我們和許多其他公司面臨的挑戰視為前所未有之事。這非常不尋常，令人不安，也令人焦慮，因此，我們需要一種與以往截然不同的方法。

But I must say that I am confident that the team, the leadership, the feel, the equity of the brand, the innovation, what Kevin has described in digital, all these things coupled with the offset of being able to create the kind of business in Asia, and specifically China, which gives us the ability to offset some of the concerns that are going on in the US and create the kind of business in China that one day -- and I've said this in the past -- will be as large or larger than the US. And as a result of that we won't be as dependent on the domestic relationship we currently have.

但我必須說，我對團隊、領導力、品牌氛圍、品牌價值、創新能力，以及凱文所描述的數位化能力充滿信心。所有這些因素，再加上我們在亞洲，特別是中國市場打造業務的能力，使我們能夠抵消美國市場的一些擔憂，並在中國建立起未來有一天——我之前也說過——規模將與美國市場持平甚至更大的業務。因此，我們將不再像現在這樣依賴國內市場。

You look at that China business today, the growth, the revenue, the equity of the brand, the experience; for those people who haven't seen it, it's quite something to see, after 17 years, what we've been able to do there. And we are just getting started. When that Shanghai roastery opens, it is going to be something that is going to probably be as strong an experience as what Disney has done recently in Shanghai.

看看我們如今在中國的業務，成長、營收、品牌價值、體驗；對於那些不了解的人來說，17年來我們在中國所取得的成就確實令人矚目。而這只是個開始。上海烘焙工坊開業後，它帶來的體驗很可能堪比迪士尼最近在上海的成就。

That's a very long-winded answer and the short response is I am confident, with cautious optimism, that we will continue to be able to deliver, despite the challenges I have just described.

這個問題回答太長了，簡單來說，儘管面臨我剛才描述的挑戰，但我懷著謹慎樂觀的態度相信，我們將繼續能夠交付成果。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

Thank you so much; and I do apologize if I missed this. But, Howard, it has been my impression with all the exceptional things that you do at the store level, that not everyone is aware of things like the benefits of My Starbucks Rewards. And even some of your core customers don't necessarily realize the benefits that they get from mobile ordering, given that 5% of transactions are currently mobile ordering.

非常感謝；如果我錯過了什麼，請您見諒。霍華德，儘管您在門市層級做了很多出色的工作，但我的印像是，並非所有人都了解「星巴克會員獎勵計畫」的種種好處。甚至一些核心顧客也未必意識到手機下單的益處，畢竟目前只有 5% 的交易是透過手機下單完成的。

So we -- everyone knows what Starbucks is in the United States, but is there an awareness opportunity for you to communicate directly, indirectly in the Starbucks way some of the key attributes that does make it different that perhaps gives us an opportunity as we think about 2017?

所以，在美國，每個人都知道星巴克是什麼，但是，在展望 2017 年之際，您是否有機會以星巴克特有的方式，直接或間接地宣傳一些使其與眾不同的關鍵屬性，從而提高公眾意識？

Sure. One second, here's Matt Ryan, who's going to take that.

當然。等一下，馬特·瑞安來了，他要接球。

Thank you, John, for the question. You are absolutely right; we do have an opportunity there. When we look over time there are a lot of customers who are not aware of the benefits of the Rewards program. There are a lot of customers who have not joined it yet. There are a lot of customers who don't know about Mobile Order & Pay and the tremendous benefits.

約翰，謝謝你的提問。你說得完全正確，我們確實有機會。回顧以往，我們發現許多顧客並不了解獎勵計畫的好處，還有很多顧客尚未加入。此外，還有很多顧客不知道手機點餐支付及其帶來的巨大優勢。

We are very fortunate that we have that in front of us, so we are leaning in constantly. We've seen a lot more recruitment of members in our stores this year; you are going to continue to see that. And you are going to continue to see us lean in hard on Mobile Order & Pay, continuing to improve the experience and showing people just how good it can be.

我們非常幸運能擁有這樣的機會，所以我們一直全力以赴。今年，我們門市的會員招募數量大幅成長，而且這種趨勢還會持續下去。同時，我們也將持續大力發展行動點餐和支付服務，不斷提升使用者體驗，讓大家親身感受它的便利之處。

David Palmer, RBC.

David Palmer，RBC。

Thanks. With regard to food growth, you mentioned that it was perhaps not quite as strong as it was in previous quarters. Do you think you are reaching near-peak levels of food attachment, or is this just quarterly noise?

謝謝。關於食品成長，您提到它可能不如前幾季那麼強勁。您認為食品依賴程度是否已接近峰值，還是這只是季度波動？

Relatedly, from a menu composition standpoint, what do you think is perhaps the more exciting sales layers that you are pursuing currently? Thanks.

另外，從菜單設計的角度來看，您認為目前您正在努力實現的、最有吸引力、最能促進銷售的層面是什麼？謝謝。

This is Kevin, David; and then I will hand over to Cliff to give you some more background. I think we have not reached some level of saturation on how much we can grow food. I think we've seen very good growth of our breakfast sandwich lineup. We are seeing increased attach of food.

這是凱文，我是大衛；接下來我會把麥克風交給克里夫，請他再介紹一下背景。我認為我們的糧食產量還沒有達到飽和。我們的早餐三明治系列產品成長非常顯著。我們看到人們對食物的需求也在不斷增長。

I think if you look at each daypart, there are opportunities in every day part for us to do more around food and I think we recognize that is one of our seven core strategies for growth. And the work that we are doing both in R&D and innovation and testing things in stores and markets I think continues to present an opportunity.

我認為，如果我們仔細分析一天中的每個時段，就會發現每個時段都存在著我們在食品方面可以做得更多的機會，而我們也意識到這是我們七大核心成長策略之一。我們在研發、創新以及門市和市場測試方面所做的工作，我認為都持續為我們提供了新的機會。

We did see food contribute 1 point of comp growth this quarter. I think in prior quarter I think it was at 2 points of comp growth. So we're still seeing good comp growth coming from food and there's more we can do there.

本季食品業務貢獻了1個百分點的同店銷售額成長。我記得上個季度是2個百分點。所以食品業務仍然帶來了良好的同店銷售額成長，而且我們在這方面還有提升空間。

Cliff, I will let you add some more to that.

克里夫，我請你再補充一些內容。

Thanks, Kevin. David, it's great to see the strength and the continued growth on breakfast sandwiches and that morning daypart just continues to get stronger and stronger. The opportunity is to provide choice, variety, and a competitive approach around lunch and later dayparts.

謝謝凱文。大衛，很高興看到早餐三明治市場持續強勁成長，上午時段的銷售量還在不斷攀升。我們的機會在於，如何在午餐和下午時段提供更多選擇、更多元的產品，並採取更具競爭力的策略。

We have started our journey -- if I remember back, rolling out breakfast sandwiches I think took us several years. The growth we have seen since we brought in the baked goods at La Boulange and the enhancements to the quality and the choice of breakfast sandwiches gives me every confidence that we will continue on this journey. 20% of our sales now coming from food; it's a great opportunity for the future and we are working hard on it.

我們已開啟這段旅程——如果我沒記錯的話，推出早餐三明治花了我們好幾年。自從我們在La Boulange引入烘焙食品以來，我們取得了顯著的增長，早餐三明治的品質和種類也得到了提升，這讓我對我們繼續前行充滿信心。目前，食品銷售額占我們總銷售額的20%；這對未來來說是一個絕佳的機會，我們正在為此努力奮鬥。

John Glass, Morgan Stanley.

約翰‧格拉斯，摩根士丹利。

Thanks very much. You recently announced that you were going to raise wages in the US by between 5% and 15%. So I'm just wondering -- I know you don't talk about 2017 yet, but it begs the question, since you brought it up at least in discussing that, what is the cost of that in dollars?

非常感謝。您最近宣布將在美國提高工資5%到15%。所以我想問一下——我知道您還沒有談到2017年，但既然您在討論2017年時提到了這一點，那麼這筆費用是多少美元呢？

What are the expenses that roll off this year that might help offset that? And can you fund that kind of investment in the context of 15% to 20% earnings growth? Any help there would be greatly appreciated.

今年有哪些支出可以取消，有助於抵銷這部分支出？在15%到20%的獲利成長背景下，您能否為這類投資提供資金？非常感謝您的幫忙。

Thanks, John; it's Scott. I think the first thing I would say is the vast majority of that investment that we announced recently was already in our initial plans for 2017. And both those investments and any other investments that we choose to do as we move into next year, we will talk about during the next earnings call.

謝謝約翰，我是史考特。我想首先說明的是，我們最近宣布的大部分投資項目原本就在我們的2017年計畫中。這些投資以及我們明年計劃進行的任何其他投資，我們都會在下次財報電話會議上討論。

But I want to make sure both the performance this quarter, the guidance next quarter, the investments we are making, there is no wavering in our commitment to deliver at least 15% EPS growth every year. And that is true for 2017. So we will get into more specifics, but as comp growth re-accelerates, as we take a look at additional investments, as we lap over investments that we make this year, the sum of all that will be at least 15% earnings growth.

但我希望確保，無論是本季的業績、下季的業績指引，還是我們正在進行的投資，我們都堅定不移地致力於每年至少實現15%的每股盈餘成長。 2017年也不例外。我們將進一步闡述細節，但隨著同業成長的重新加速，隨著我們審視新增投資，以及對今年已進行的投資進行調整，所有這些加起來將至少帶來15%的獲利成長。

Let me add something qualitatively to that. Because of the degree of frequency that the average customer has to their core store, their home store, whether it's at work or at home, there is a relationship that is built between the barista, the manager, and the customer. We know from our own research that anything that we can do that lowers attrition, that creates a relationship with our customers and the people who are proudly wearing the green apron, that performance that you've seen year in, year out is directly related.

讓我從定性的角度補充一點。由於普通顧客光顧他們常去的門市（無論是在工作場所或在家）的頻率很高，咖啡師、經理和顧客之間會建立起一種聯繫。我們自己的研究表明，任何能夠降低員工流失率、與顧客以及那些自豪地穿著綠色圍裙的員工建立聯繫的措施，都與你們年復一年看到的業績表現直接相關。

So what we want to try and do is really get ahead of any federal or state mandate to be the employer of choice, whether we go back to the late 1980s with Bean Stock and healthcare, what we've done the last couple of years with college achievement, and now what we're doing now on wages. We want to try and do everything we can to share success because we know that the brand of Starbucks is directly related to the experience in our stores. And our brand, unlike almost any consumer brand or retail store, is directly linked to the pride and the trust that our people have in the Company.

所以，我們希望努力做到領先於任何聯邦或州政府的強制性規定，成為首選雇主。無論是回顧上世紀80年代末的「豆類股票計畫」（Bean Stock）和醫療保健，或是過去幾年在大學升學率提升方面所做的努力，亦或是現在在薪資待遇方面所做的努力，我們都希望盡一切可能與員工分享成功，因為我們深知星巴克品牌與顧客在門店的體驗息息相關。而且，與幾乎所有其他消費品牌或零售店不同，我們的品牌與員工對公司的自豪感和信任感緊密相連。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Good afternoon. I have a clarification question; then another question.

午安.我有一個需要澄清的問題；然後還有一個問題。

First, on the clarification side, when you say, Howard, that you have line of sight into comps improving, is that meant to be a signal that you are already seeing that in July or you are expecting that to happen in the balance of the quarter? So if you could help to clarify that, that would be great.

首先，關於澄清方面，霍華德，你說你預見到同店銷售額會改善，這是指你已經在7月份看到了這種改善，還是你預計這種情況會在本季度剩餘時間內發生？如果你能幫忙澄清一下，那就太好了。

Then I think there was a reference to better leveraging the new Rewards program as you move forward. If you could just elaborate on what you're planning there and if that's something we should expect to see in the current quarter or as we move into next year.

然後，我想您提到了要更好地利用新的獎勵計劃。您能否詳細說明您的計劃，以及我們能否在本季或明年看到相關內容？

I think it would not be responsible to comment on the first 21 days of the quarter with regard to where comps are, but I think those of you who have been covering the Company all these years in our public life of 24 years, we do not have a habit of giving guidance that we don't believe we can achieve. So take it on face value that Scott said that comps are going to improve in the quarter and we believe that's going to be true.

我認為，就本季前21天的業績評論同店銷售額並不負責任，但我相信，在我們公司成立24年來一直關注我們的各位讀者都知道，我們從未做出過自己認為無法實現的業績指引。因此，請相信斯科特所說的同店銷售額將在本季度有所改善，我們也相信這一點。

Then, David, in terms of your question on better leverage of the Rewards program and the digital flywheel, I'll give you three dimensions in which I think we have an opportunity to better leverage that asset.

那麼，David，關於你提出的如何更好地利用獎勵計劃和數位飛輪的問題，我將從三個方面來闡述我認為我們有機會更好地利用這一資產。

Number one is continued geographic deployment. We talked about what we did last quarter in Japan and China as examples. The more we take the Rewards program and the mobile app on our digital flywheel to other geographies, that's one way to leverage.

第一點是持續的地理擴張。我們以上季度在日本和中國開展的工作為例進行了說明。我們將獎勵計劃和行動應用程式等數位化工具推廣到更多地區，這是充分利用其優勢的一種方式。

The second is growing the number of customers that we have in the Rewards program and Matt Ryan highlighted that as a big opportunity. That's one piece of it.

第二點是增加我們獎勵計畫的客戶數量，馬特瑞安強調這是一個巨大的機會。這是其中的一部分。

Then the third is the way that we deepen the engagement with the existing customers in the Rewards program. And that is done through a combination of the work we're doing around personalization and it's also done through the work we are doing to incent things like trial of Mobile Order & Pay.

第三點是我們如何加深與現有客戶在獎勵計畫中的互動。這可以透過我們圍繞個人化所做的工作，以及我們為激勵客戶試用行動點餐和支付等功能所做的工作來實現。

I think we've got some number of customers that have tried Mobile Order & Pay. Statistically, when we look at -- once a customer tries Mobile Order & Pay once, it's a very sticky feature. Once they try it once, they start using it regularly; the vast majority of them do.

我認為我們已經有不少客戶嘗試過手機點餐和支付功能。從統計數據來看，一旦客戶嘗試過一次手機點餐和支付，這項功能就非常容易被他們接受。他們一旦嘗試過，就會開始經常使用；絕大多數客戶都是如此。

So those are three dimensions. I'm going to hand over to Matt Ryan to talk a little bit more about the personalization work we are doing, but those are three dimensions that we are going to use to leverage that asset. And, Matt, to you on personalization.

所以以上就是三個維度。接下來我將把麥克風交給馬特·瑞安，讓他更詳細地談談我們正在進行的個人化工作。我們將利用這三個維度來充分發揮這項優勢。馬特，接下來請你談談個人化方面的問題。

Thanks, Kevin. I think the one thing I would at here is there's a direct linkage between the changes we made in our Rewards program and our ability to launch personalization moving forward.

謝謝凱文。我想強調的是，我們對獎勵計劃所做的更改與我們未來推出個人化服務的能力之間存在直接聯繫。

As you know, the past program only rewarded frequency. We couldn't reward any other behavior but that. We now have the opportunity, both in email, which we've just begun, and this quarter in our app to do suggested selling. So we will be suggesting and making personalized offers within the context of our app that will allow people to see things that are right for them.

如您所知，先前的方案只獎勵購買頻率，我們無法獎勵其他任何行為。現在，我們有機會透過電子郵件（我們剛開始實施）以及本季在我們的應用程式中進行推薦銷售。因此，我們將在應用程式內提供個人化推薦和優惠，讓用戶看到適合他們的產品。

In the year to come, you will see more of this in the context of ordering. So at the moment when somebody as there, we will be able to suggest items that are additional purchases and reward that with a currency that now rewards not only frequency but also spend. So connecting the dots there you can see how this will build on itself and give us leverage to drive the total customer sales.

在未來一年，您將在訂購環節中看到更多類似的功能。例如，當用戶瀏覽網站時，我們會推薦一些值得追加購買的商品，並以一種新的獎勵機制來激勵他們，這種機制不僅獎勵購買頻率，也獎勵消費金額。由此可見，此機制將如何層層遞進，最終幫助我們提升客戶的整體銷售。

Andrew Charles, Cowan and Co.

安德魯查爾斯，考恩公司

Great, thank you. I have noticed a heightened level of Star Dash emails since the MSR transition, and this obviously is not Starbucks-specific as the whole industries promotional intensity has increased. But I'm curious, as you think about improved trends in 4Q, is taking into consideration weaning off these promotions? Or given the fragile consumer environment Howard noted earlier, if a heightened level of promotions remains necessary in the near-term? Thanks.

太好了，謝謝。我注意到自從MSR系統升級後，星巴克收到的Star Dash郵件數量明顯增多，這顯然並非星巴克獨有的現象，因為整個產業的促銷力度都在增加。但我很好奇，您在考慮第四季業績改善趨勢時，是否考慮逐步減少這些促銷活動？或者考慮到霍華德之前提到的脆弱的消費環境，短期內是否仍有必要維持較高的促銷能力？謝謝。

Matt Ryan here again. I think what I would like to call attention to -- what you are actually seeing are more personalized and relevant communications. Very late in the quarter we turned on what we call one-to-one marketing. It's actually close to one-to-30. But we are getting down to the level of personalized rewards based upon what people actually will do and knowledge we have of that individual customer's behavior.

我是Matt Ryan。我想強調的是──你們現在看到的是更個人化和相關的溝通。本季末，我們啟動了所謂的「一對一行銷」。實際上，我們接近的是1對30的比例。但我們正在逐步實現基於用戶實際行為以及我們對每位用戶行為的了解，提供個人化獎勵。

Previously, we sent email to very large segments of customers. Now we are able to do it on a very targeted basis. What that allows us to do is to be more efficient and more effective with our communications so that we don't have to peanut butter a broad discount. We can go in more selectively and offer just what's right to get the next incremental level of engagement with us.

以前，我們會向大量客戶發送郵件。現在，我們可以進行精準行銷。這讓我們能夠更有效率、更有效地進行溝通，無需再像以前那樣大肆宣傳折扣。我們可以更有針對性地提供適當的優惠，從而提升客戶與我們之間的互動。

Let me add one other thing that I think is very important. If you think what the size and scale of the national footprint of Starbucks and the amount of stores we have, we've achieved something that is quite rare and unique. And that is we've achieved a level of ubiquity in terms of our scale and national footprint, and at the same time, without question, a premium position in the marketplace.

我還想補充一點，我認為這非常重要。想想星巴克在全國的規模和門市數量，我們取得了非常罕見且獨特的成就。那就是，我們在規模和全國覆蓋範圍方面達到了極高的普及度，同時毫無疑問地在市場上佔據了高端地位。

That is as a result of a very disciplined and thoughtful view of how to build and maintain a premium brand. What we saw this past quarter, and for that matter even beyond that, was, given the challenges that exist in the marketplace that we have all seen and discussed, there is a tremendous amount of discounting and promotion going on in the market where people are buying business. We do not want to be in the business of buying business.

這是源自於我們對如何打造和維護高端品牌有著非常嚴謹和深思熟慮的思考。上個季度，甚至更長時間以來，我們都看到，鑑於市場中存在的種種挑戰（這些挑戰我們都已看到並討論過），市場上充斥著大量的折扣和促銷活動，而這些活動的目的都是為了獲取客戶。我們不想參與這種「獲取客戶」的競爭。

We do not want to discount or dilute the integrity of the brand. We know who we are; we know what our core purpose is. And we have got to play the long game and have faith and confidence in what we stand for in terms of the experience and the quality of the coffee.

我們不想貶低或削弱品牌的完整性。我們清楚自己的定位，也明白自己的核心宗旨。我們必須著眼長遠，對我們所代表的咖啡體驗和品質充滿信心。

What we keep talking about really internally is we want to take the equity of the brand and the position of Starbucks up. The premiumization of Starbucks is linked to the roasteries and linked to this new format of stores that we are working on that you will begin to see in calendar 2017, which is Starbucks Reserve, which in a way is like a cousin in a smaller format of the roastery.

我們內部一直在討論的重點是提升星巴克的品牌價值和市場地位。星巴克的品牌高端化與烘焙工坊以及我們正在研發的新型門市模式—星巴克臻選（Starbucks Reserve）—息息相關。星巴克臻選門市將於2017年陸續推出，某種程度上來說，它就像是規模較小的烘焙工坊的姊妹店。

All of that will shine a halo on the brand, shine a halo on the experience and we don't want to do anything that would dilute that halo by buying business or discounting. We're not going to get in that game, despite the fact that so many other people are throwing that at us.

所有這些都會提升品牌形象，提升客戶體驗，我們不想透過收購或折扣等方式削弱這種光環。儘管很多人都在用這種方式攻擊我們，但我們不會參與其中。

Jason West, Credit Suisse.

瑞士信貸的傑森·韋斯特。

Thanks. Just going back to the broader margin outlook here; you guys have made some significant investments in the partners and technology over the last two years. I think there's a perception out there that as you roll into next year, you will be able to lap some of those investments and perhaps will give you some room to let a little more margin flow to the bottom line.

謝謝。再說回利潤率方面的整體展望；過去兩年，你們在合作夥伴和技術方面投入了大量資金。我認為，市場普遍認為，隨著明年的到來，你們將能夠收回部分投資，或許也能為你們帶來更多利潤空間，進而提升最終收益。

Can you address your thoughts on that perception that's out there? Is that the right way to think about it? Or are we just in the earlier stages of these types of investments and you expect them to continue into next year, particularly given the labor environment that we have today?

您能否談談您對目前這種看法的看法？這種想法是否正確？或者我們只是處於這類投資的早期階段，而您預期這類投資會持續到明年，尤其是在當前的勞動市場環境下？

Thanks, Jason; it's Scott. What we've said in the past is the significant investments started in 2014. They ramped in 2015 and we increase them again in 2016. And I think that as we look ahead to 2017 and we start to put together our plan, I think there will be another significant level of investment in our partners in particular.

謝謝傑森，我是史考特。我們之前說過，重大投資始於2014年，2015年加速成長，2016年再次增加。展望2017年，當我們開始製定計劃時，我認為我們將再次加強對合作夥伴的投資。

We announced some of those recently. They are vital to driving the right level of retention, the right level of customer execution, as Howard talked about. So I think looking forward to 2017 you can see -- I can see another significant amount of investments and also on the digital front. So as you look at the things that Matt talked about and the ability to drive personalization, we see an additional opportunity there.

我們最近公佈了一些舉措。正如霍華德所說，這些措施對於實現理想的客戶留存率和客戶執行力至關重要。因此，展望2017年，我認為我們會看到——我可以看到——我們將在數位化領域投入更多資金。正如馬特所提到的，個人化能力的提升為我們帶來了新的機會。

I don't think we're in the early innings, but it will probably continue for a number of years as we continue to drive digital innovation. We continue to drive the right level of investments in stores and partners.

我認為我們並非處於起步階段，但隨著我們不斷推動數位化創新，這一趨勢可能會持續數年。我們將繼續對門市和合作夥伴進行適度的投資。

But what I think is important is that doesn't have any impact on our long-term guidance of at least 15% earnings growth, 10% profit growth, and as a result, margin expansion. I just think we're investing more of that margin into our core partner and digital investments.

但我認為重要的是，這不會影響我們至少實現15%獲利成長、10%利潤成長以及利潤率擴張的長期業績指引。我們只是將更多利潤投入核心合作夥伴和數位化投資。

Nicole Miller, Piper Jaffray.

妮可·米勒，派珀·賈弗雷。

Thank you. My question is just tell us more about channel development. But what I was hoping you would comment on is I know dollar growth was at 9%, but how does volume growth compare?

謝謝。我的問題想請您詳細介紹一下通路拓展方面的狀況。不過，我更想了解的是，我知道美元成長率為9%，但銷售成長率如何呢？

And then I was looking back in my model and historically the fourth quarter for the past few years is the highest operating margin quarter. So is there any reason that wouldn't hold true for this year?

然後我回顧了我的模型，發現過去幾年的第四季通常是營業利潤率最高的季度。那麼，今年有什麼理由不適用這個規律嗎？

And the final part of that is is everything in that has been renegotiated or added in this quarter, such that it's a sustainable peak? Or do you think just in any timeframe in the future it could be even higher? Thank you so much.

最後一點是，本季所有新增或調整的內容是否都足以支撐目前的高峰？或者您認為未來任何時間段內，高峰都有可能更高？非常感謝。

Thank you, Nicole. This is Mike Conway. So you're right; the 9% growth actually is quite strong. We are pleased with that. And I would say that the combination of our strong in-store execution, the strong distribution that we've been able to have, the strength in general that we are seeing in foodservices all contributing to that.

謝謝你，妮可。我是麥克·康威。你說得對，9%的成長率確實相當強勁，我們對此很滿意。我認為這得益於我們強大的門市執行力、完善的分銷管道以及餐飲服務業的整體強勁成長。

As I look at volume, I'd say our volume growth was a little bit higher than that, but not much. And I think the combination o0f our base and promoted pricing has been able to deliver both the kind of margin expansion we want to see, as well as the share improvements that we would see.

從銷售來看，我認為我們的銷售成長略高於預期，但增幅不大。我認為，我們基礎定價和促銷定價相結合的方式，既實現了我們期望的利潤率提升，也提高了市場份額。

As we look forward to the fourth quarter, we feel very good about the innovation that we have coming. We've got our cold brew that is coming in our ready-to-serve segment. We also have our new cafe latte launch that is in our K-Cup format. That is going to be launched in the fourth quarter. Then on a global basis we have a lot of new initiatives that are coming, particularly in the ready-to-drink and single-serve segments with our Nespresso launching in May.

展望第四季度，我們對即將推出的創新產品充滿信心。我們的即飲冷萃咖啡即將上市。此外，我們還將推出採用K-Cup膠囊包裝的新款拿鐵咖啡，同樣將於第四季上市。在全球範圍內，我們還有許多其他新措施即將推出，尤其是在即飲和單杯咖啡領域，例如我們的Nespresso系列將於5月上市。

So we feel good about the quality of our growth in the third quarter and our outlook for the fourth quarter we also feel good about as well. And I'll let Scott take the margin expansion question.

因此，我們對第三季的成長品質感到滿意，對第四季的前景也同樣充滿信心。至於利潤率擴張的問題，就讓史考特來回答。

On the fourth-quarter channel development margin, it will be the highest quarter again for us this year and it will expand over last year's channel development margin and expand over this quarter's margin. There's a lot of good things, as Mike talked about, that will impact that quarter.

第四季通路拓展利潤率將再次創下今年新高，不僅高於去年同期，也高於本季。正如麥克所說，有很多利好因素將對該季度業績產生影響。

And what I would say to the second part of your question, Nicole, is we continue to forecast as we move through time, margin expansion in channel development. It won't be 710 basis points very many quarters; this was unusual and excellent. But we do expect channel operating income to grow faster than revenue growth and that will drive margin expansion as we move into 2017.

關於你問題的第二部分，妮可，我想說的是，隨著時間的推移，我們持續預測通路拓展的利潤率將會提升。雖然710個基點的增幅不會持續很多個季度，但這確實是一個異常且非常出色的數字。但我們預期通路營業收入的成長速度將超過營收成長速度，這將推動利潤率在2017年持續提升。

Joe Buckley, Bank of America Merrill Lynch.

喬·巴克利，美國銀行美林證券。

Thank you. Can I take you back to the effects of the Rewards program on the quarter? If you could just walk through in a little more detail how you think it disrupts and some of the other things that you may have typically done?

謝謝。我可以帶您回​​顧一下獎勵計劃對本季的影響嗎？您能否更詳細地說明一下，您認為它對哪些方面造成了乾擾，以及您通常會採取哪些其他措施？

And maybe tie into that just customer acceptance. I know that membership is up quite big, but just sort of customer acceptance of the new program.

或許這與顧客接受度有關。我知道會員數量大幅成長，但關鍵在於顧客對新項目的接受程度。

Joe, this is Howard. I think Kevin is going to take the bulk of the question, but I think ask yourself rhetorically, with 25 consecutive quarters of 5% or greater, if we did not have the confluence of the Rewards program and the Frappuccino launch at the same time, what would comps have been for this quarter? I can tell you unequivocally that we know internally that this was an anomaly as a result of what I described in my prepared remarks.

喬，我是霍華德。我想凱文會回答大部分問題，但我想請你反問自己：連續25個季度業績增長達到5%或以上，如果沒有同時推出獎勵計劃和星冰樂，本季度的同店銷售額會是多少？我可以明確地告訴你，我們內部知道，這完全是由於我剛才準備好的發言稿中所描述的情況所造成的異常現象。

Now we own that from an execution standpoint because we underestimated what would take place, but if any of that did not exist the comps in the quarter would not have been the four that we have outlined in the release. And I think, as a result of that, we feel very comfortable that things are going to improve. Kevin?

現在，從執行層面來說，我們承認這一點，因為我們低估了可能發生的情況。但如果這些情況沒有發生，本季的同店銷售額就不會是我們在新聞稿中提到的四個數字。我認為，正因如此，我們非常有信心情況會好轉。凱文？

Let me build on that, Joe. I think there's three primary drivers behind our Q3 results in the US business.

喬，讓我補充一下。我認為我們美國業務第三季業績背後的主要驅動因素有三。

First, we launched Starbucks Rewards in mid April, which impacted the timing of our annual summer one campaign. And that summer one campaign is what kicks off and launches our Frappuccino Happy Hour season.

首先，我們在四月中旬推出了星巴克獎勵計劃，這影響了我們一年一度的夏季促銷活動的時間表。而這個夏季促銷活動正是我們星冰樂歡樂時光的開端。

Now, in many ways, the Rewards launch went exactly as planned with the vast majority of our customers excited about their ability to earn more rewards and with nearly 20% year-on-year growth in membership. Customers that could potentially be disadvantaged have not materially changed their behavior and we are seeing increased lift in activity and early signs of success from the personalization efforts Matt described.

現在看來，獎勵計畫的推出在許多方面都完全按照計畫進行，絕大多數客戶都對能夠獲得更多獎勵感到興奮，會員數量也比去年增加了近20%。那些可能受到不利影響的客戶並沒有發生實質的行為改變，而且我們看到了活躍度的提升，以及Matt所描述的個人化舉措初見成效的跡象。

So the launch of Rewards required a significant amount of cross-company focus from our marketing teams, store execution, our digital teams, and this included specific training in marketing in our stores. We trained our store partners on Rewards program so they could explain it and educate customers and help them through that transition. We used our stores to market and launch the Rewards program.

因此，獎勵計畫的推出需要公司各部門的密切配合，包括行銷團隊、門市營運團隊和數位團隊，其中還包括對門市行銷人員的專項培訓。我們對門市合作夥伴進行了獎勵計劃的培訓，以便他們能夠向顧客解釋該計劃，以幫助他們順利過渡。我們利用門市進行獎勵計劃的推廣和上線。

And in order to make room in the marketing calendar to do this training and launch it in our stores and communicate it to customers, we delayed our normal summer one campaign launch by one week. So we launched it one week later than we did last year. And so this resulted in a slower launch or start to the Frappuccino Happy Hour. So that's number one.

為了在行銷日程中騰出時間進行這項培訓，並在門市推出活動並向顧客傳達訊息，我們將往年夏季第一階段的推廣活動推遲了一周。也就是說，我們比去年晚了一周推出。因此，星冰樂歡樂時光的啟動速度也相應放緩。這是第一點。

Second, and related, was the implication of having two major marketing campaigns, Rewards and our Frappuccino Happy Hour, running simultaneously. Let me give you some more context.

其次，與此相關的是，我們同時進行兩項大型行銷活動——獎勵計畫和星冰樂歡樂時光——所帶來的影響。讓我再詳細解釋一下。

Over time we've seen a little bit of slowing in the afternoon in some of the blended products, such as Frappuccino, but this quarter stands out with the negative 1 comp in blended. As you know, Happy Hour is a significant event each May and makes that month the biggest month of the year for us in terms of total US transactions.

隨著時間的推移，我們發現一些混合飲品（例如星冰樂）的下午銷量略有放緩，但本季混合飲品銷量同比下降1個百分點的情況尤為突出。眾所周知，歡樂時光是每年五月的一項重要活動，也使得五月成為我們全年美國交易總額最高的月份。

And because of the foundational importance of the new Rewards program and the need to connect with customers, we had to have the marketing message around Rewards communicated. Unfortunately, having two major marketing messages running simultaneously, we didn't get as much traction behind Frappuccino Happy Hour. We didn't get as much social media buzz and that translated into not as many transactions.

由於新獎勵計劃的重要性以及與客戶建立聯繫的必要性，我們必須有效地傳達有關獎勵計劃的營銷訊息。然而，由於兩個主要的行銷訊息同時發布，導致星冰樂歡樂時光活動未能獲得應有的關注度。我們在社群媒體上沒有獲得足夠的宣傳，最終也未能轉化為實際的交易量。

So launching it a week later and then having two marketing messages simultaneously were the contributors. Then I think the potential third aspect that we acknowledge, but can't quantify, is the overall impact of customer sentiment.

因此，推遲一周推出產品，並同時發布兩個行銷訊息，是造成這一結果的原因。我認為，我們意識到但無法量化的第三個潛在因素是客戶情緒的整體影響。

Given the significant economic and geopolitical uncertainty in many parts of the world, we believe consumer confidence has weakened. Now industry-specific spending data for retail broadly, and for restaurants specifically, would support that that's the case.

鑑於世界許多地區存在嚴重的經濟和地緣政治不確定性，我們認為消費者信心已經減弱。目前，零售業整體以及餐飲業的具體支出數據也印證了這一點。

We've navigated these situations in the past, and I think, as Howard articulated, this one may be a bit different, but we think that we put these three factors together this quarter was an anomaly. I think that gives you a little bit of perspective and a little bit of color around the drivers.

我們過去也遇到過類似的情況，正如霍華德所說，這次的情況可能略有不同，但我們認為本季這三個因素的綜合影響屬於異常情況。我認為這能讓大家對驅動因素有更全面的了解。

Cliff, you want to add to that?

克里夫，你想補充什麼嗎？

Yes; Joe, it's Cliff. I think one of the things just to share; change is always difficult for both partners and customers. The frequency we have people coming into our stores and the relationship between the barista and the customer is absolutely key to our business, so we invested a lot of front in making our partners ready for the change.

是的，喬，我是克里夫。我想分享一點：改變對合作夥伴和顧客來說總是很困難的。顧客光顧我們門市的頻率以及咖啡師和顧客之間的關係對我們的業務至關重要，因此我們前期投入了大量精力，幫助我們的合作夥伴做好迎接改變的準備。

Good news is we transferred and changed over the program virtually overnight. It was a very, very seamless transition. Functionality is great and growing and the personalization just gives me so much confidence for the future.

好消息是，我們幾乎在一夜之間就完成了程式的遷移和切換。整個過渡過程非常非常順利。程式的功能很棒，而且還在不斷完善，個人化設定更是讓我對未來充滿信心。

The opportunity now for us is to grow the awareness of the program with existing customers about the benefits and personalization will really help with that. And then continue to grow the number of members in the program. I think Mobile Order & Pay ties nicely into that.

現在對我們來說，機會在於提高現有客戶對該專案及其優勢的認知度，而個人化服務將對此大有裨益。之後，我們將繼續擴大項目會員數。我認為行動點餐和支付功能與此完美契合。

And as Howard outlined earlier, the year-over-year growth on active members are 18%, taking us to 12.3 million. Just gives us great confidence for the future.

正如霍華德之前提到的，活躍會員數量年增18%，達到1230萬。這讓我們對未來充滿信心。

Matthew DiFrisco, Guggenheim Securities.

古根漢證券的馬修‧迪弗里斯科。

Thank you. Just a little bit of a follow-up on that also with respect to sort of looking back on the comp and just trying to understand the going-forward trends.

謝謝。關於回顧之前的比賽以及試圖了解未來的發展趨勢，我還想補充一點。

I know there's been some publicity about the 1% price increase, or about $0.05 per beverage, to come and being taken. I'm just curious as far as -- the way I understand it 2 points for the core beverages in this quarter, 1 point for food, 1 point for Teavana, so we are assuming then no price in 2Q -- in fiscal 3Q? And all of the reported then 1% price increase would be incremental going forward?

我知道之前有媒體報導過飲料價格將上漲1%，也就是每杯飲料大約上漲0.05美元。我比較好奇的是－據我了解，本季核心飲料價格上漲2個百分點，食品價格上漲1個百分點，Teavana價格上漲1個百分點，那麼我們是否可以假設第二季（也就是第三財季）價格不變？而且之前報道的1%漲價幅度，以後都是逐步增加的嗎？

Yes, Matthew, one correction I want to add to your comp bridge that you just went through. There was also 1 point from the refreshment platform. There's 1 point from Teavana and 1 point from the refreshment platform. So if you add that up, then you look and say there was also then the negative point for blended. And that's how you get the bridge.

是的，馬修，關於你剛才的積分橋，我想補充一點。除了茶點平台之外，還有1分。 Teavana 和茶點平台各得1分。所以，如果你把這些加起來，你會發現混合飲料也扣了1分。這就是積分橋的計算方法。

What I would add to that, Matt, is Kevin's comp numbers include pricing for those categories. So on your broader pricing question, the first thing I want to make sure you realize is: as we take price we look at it very carefully using our elasticity models. As you know we look at it by product, we look at it by geography, and we are very careful to be sensitive to significant changes to customer impact. We are really cognizant of that.

馬特，我想補充一點，凱文的同類產品數據包含了這些類別的價格。所以，關於你提出的更廣泛的定價問題，首先我想讓你明白的是：我們在製定價格時，會非常仔細地運用彈性模型來分析。如你所知，我們會按產品和地理進行分析，並且非常謹慎地關注可能對客戶產生重大影響的重大變化。我們對此非常重視。

And as we've done that over the years, including this year and the most recent pricing changes that we just made, we are not seeing any change in customer attrition, so that's not happening.

多年來，我們一直這樣做，包括今年以及我們最近進行的定價調整，但我們並沒有看到客戶流失率有任何變化，所以這種情況並沒有發生。

Then to your core question, as you know, over the last few years we've had 1 to 2 points of price in our comps every quarter. This quarter, the third quarter, will fall into that 1 to 2 point price range and the fourth quarter will fall into that 1 to 2 point price range, so there's no acceleration of comp pricing in the guidance that I gave.

那麼回到你的核心問題，如你所知，過去幾年，我們每季同店的銷售價格波動都在1到2個百分點之間。本季（第三季）和第四季的價格波動幅度也將在這個1到2個百分點的範圍內，因此我給出的業績指引中並沒有提到同店銷售額加速上漲的情況。

Karen Holthouse, Goldman Sachs.

Karen Holthouse，高盛集團。

Thanks for taking the question. So asking a little bit of the same question; as you are looking from this quarter into sort of next quarter and then FY17, where are the puts and the takes on the comp algorithm? Is it that food can re-accelerate or particular categories? Or does a lot of it come down to this one-to-one marketing and more of a traffic or frequency-driven acceleration? Thanks.

感謝您回答這個問題。我也想問一個類似的問題：從本季到下個季度，再到2017財年，您對同店銷售演算法的看法是什麼？是食品業或特定品類能夠重新加速成長？還是說，關鍵在於一對一行銷，以及流量或頻次驅動的成長？謝謝。

I will start and then if Matt wants to add. From a product standpoint, the first thing that's going to happen is blended sales will rebound. We obviously don't anticipate another negative 1% comp from blended.

我先開始，如果Matt想補充的話，他可以接著說。從產品角度來看，首先會發生的是綜合銷售反彈。我們顯然不預期綜合銷售額會再次出現1%的負成長。

In addition, as we look at the summer two platform that Kevin talked about with things like iced coconut milk macchiato -- mocha macchiato and the early results from that are quite encouraging. We've got a number of things on the product lineup card, Nitro Cold Brew, as well as acceleration of some of the features within Mobile Order & Pay.

此外，正如凱文所提到的，我們來看看夏季二號平台推出的冰椰奶瑪奇朵、摩卡瑪奇朵等新品，目前的初步結果令人鼓舞。我們的產品線還有不少新品，例如氮氣冷萃咖啡，同時我們也在加速推進行動點餐和支付功能。

So later this quarter we will get favorites of stores, which will make it easier for people in New York and other dense areas to select and save favorite stores. Favorite orders make it easier to save favorite orders. And when we look at broadly our innovation pipeline, Digital Products, things that we are doing in the stores with things like Nitro marketing, there's just a significant amount of momentum already that we have planned as we look forward.

因此，本季晚些時候，我們將推出「收藏店鋪」功能，這將使紐約和其他人口密集地區的顧客更容易選擇和保存自己喜歡的店鋪。 「收藏訂單」功能也讓保存心儀訂單變得更方便。縱觀我們的創新產品線，包括數位產品、以及我們在實體店中開展的諸如Nitro行銷等活動，我們已經積累了相當可觀的勢頭，並製定了面向未來的計劃。

As we get into 2017, the second part of your question and Matt touched on this, we will further refine our personalization capability to have suggested selling one-to-one as you are building your order with relevant products based upon what you have ordered in the past, daypart, your preferences. So all of that is stacked up and that's what makes us think we can get to 5 at least as we get into Q4 and try to accelerate it as we go into 2017.

進入2017年，正如您問題的第二部分以及Matt所提到的，我們將進一步完善個性化功能，在您下單時，根據您過去的購買記錄、時間段和個人偏好，為您提供一對一的個性化產品推薦。所有這些努力都讓我們相信，至少在第四季就能達到5個目標，並在2017年加速推進。

There's one more, I think, significant opportunity. Cliff, do you want to talk about that?

我認為還有一個非常重要的機會。克里夫，你想談談這個嗎？

Yes. Let me just talk, Karen, about a real opportunity that exists, playing off or drafting off the work we've done at the roastery here in Seattle, and that is an opportunity to elevate coffee to a new level within our stores. And that is showing up as a Reserve bar. We've started to deploy Reserve bars and we will continue to grow that. It will be a significant opportunity for us to elevate the handcrafted, the artisanal nature of the barista.

是的。凱倫，讓我談談一個實際的機遇，這個機會建立在我們西雅圖烘焙廠的工作基礎上，那就是將我們門市的咖啡體驗提升到一個新的高度。而這個提升體現在我們推出的臻選咖啡吧台上。我們已經開始部署臻選咖啡吧台，並且會繼續擴大規模。這將是一個絕佳的機會，讓我們能夠更好地展現咖啡師的匠心獨運和精湛技藝。

You will start to see that showing up across the country. It will introduce new beverages which are a premium and it will give customers an opportunity to try some of the incredible coffees that are roasted in our roasteries -- in our roastery here in Seattle.

你很快就會在全國各地看到這種趨勢。它將推出一些高端新品，並讓顧客有機會品嚐我們烘焙廠——就在我們位於西雅圖的烘焙廠——烘焙的優質咖啡。

R.J. Hottovy, Morningstar.

R.J. Hottovy，晨星公司。

Thanks. I had a follow-up question on the earlier question about better leveraging the Rewards program. Appreciate the geographic enrollment and personalization goals that you outlined as goals of better leveraging the program, but in the last quarter you talked about opportunities such as the debit card, potentially the grocery store linkage, and other partnerships like Lyft and New York Times as potentially a way to leverage the loyalty program. Was curious if we could get an update on that. What's the outlook for that rest of this year and into 2017? Thanks.

謝謝。我還有一個關於如何更好地利用獎勵計劃的問題，這是您之前提出的。我很欣賞您提出的地域性註冊和個人化目標，這些目標旨在更好地利用該計劃。但在上個季度，您提到了一些機會，例如金融卡、潛在的超市連動，以及與 Lyft 和《紐約時報》等其他機構的合作，這些都可能有助於提升會員忠誠度計畫的效用。我想了解這方面的最新進展。您對今年剩餘時間和 2017 年的計劃有何展望？謝謝。

Sure, Matt Ryan again here. We are actively at work on that. As you know, we've announced a significant partnership with Chase and there is a core product that we were just trying to figure out when to place on the calendar right now. We're not going to exactly commit to a day because we want to give it the right opportunity to launch across the next year.

沒錯，我是馬特瑞安。我們正在積極推進此事。如您所知，我們已經宣布與摩根大通達成一項重要的合作關係，目前正在開發核心產品，我們正在考慮何時發布。我們暫時不會確定具體日期，因為我們希望在未來一年內給它足夠的時間來順利推出。

We are very excited about that, because when Kevin talked about the leveragability of a spend-based program as opposed to a frequency-based program, it allows us to do these kinds of things like award people for everyday spend. Right now, it's simply a matter of execution and when we can get it on the calendar and give it the justice that it deserves from a timing perspective.

我們對此感到非常興奮，因為凱文曾提到，與基於消費次數的促銷活動相比，基於消費額的促銷活動更具優勢，它使我們能夠開展諸如獎勵日常消費等活動。目前，關鍵在於執行，我們需要盡快將其納入日程安排，並在時間節點上確保其有效性。

Mark Astrachan, Stifel.

馬克·阿斯特拉坎，斯蒂費爾。

Thanks and good afternoon, everybody. Wanted to ask about the global opportunity for expansion of packaged and single-serve coffee and sort of the puts and takes of building it alone versus partnering with other folks. Then sort of related on the channel development business; how should we think about the ramp of the RTD coffee partnerships outside of the US contributing to equity income going forward?

謝謝大家，下午好。我想請教一下關於包裝咖啡和單杯咖啡在全球範圍內的擴張機會，以及獨立發展和與他人合作的利弊。另外，關於通路拓展業務，我們該如何看待美國以外地區即飲咖啡合作關係的快速發展，以及這些合作如何為公司未來的股權收益做出貢獻？

Thank you; this is Mike. As we look at our global opportunity for channel development, we have really focused on ready-to-drink as being the key driver versus packaged coffee. And a lot of that I think has to do with the strength that we have been able to create in our US business with PepsiCo and the North American coffee partnership. We think that is a more immediate opportunity.

謝謝，我是麥克。在展望全球通路發展機會時，我們專注於即飲咖啡，認為它比包裝咖啡更具優勢。我認為這很大程度上得益於我們與百事可樂在美國業務以及北美咖啡合作夥伴關係所取得的成就。我們認為這是一個更直接的機會。

And you're right; the success for us is finding the right partners across the globe and we have essentially done as we look across our major markets. So within EMEA we have a partnership with Arla that is quite strong and we are building our business there in key markets. In Latin America, we just signed a deal with PepsiCo last year to strengthen our business within that region. And we're just starting to ship into new markets and to new channels within the region this quarter.

您說得對；對我們來說，成功的關鍵在於找到全球範圍內的合適合作夥伴，而我們在主要市場也基本上做到了這一點。在歐洲、中東和非洲地區，我們與Arla建立了非常穩固的合作關係，並在關鍵市場拓展業務。在拉丁美洲，我們去年剛與百事可樂公司簽署了一項協議，旨在加強我們在該地區的業務。本季度，我們將開始向該地區的新市場和新管道供貨。

And then within China/Asia Pacific, Japan and China being our key markets. We have key partnerships in Japan, which is our biggest market with Suntory; in Korea with Dong Suh Foods; and then, as we have talked, we have a partnership with Tingyi in China, where we are in the final phases of scaling up both the distribution and manufacturing so that we will be in the market by the end of this year.

然後，在中國/亞太地區，日本和中國是我們的主要市場。我們在日本（我們最大的市場）與三得利建立了重要的合作夥伴關係；在韓國與東瑞食品建立了合作夥伴關係；正如我們之前提到的，我們在中國與頂益集團建立了合作夥伴關係，我們正在進行分銷和生產規模擴大的最後階段，以便在今年年底前進入中國市場。

So we feel good about the prospects for our ready-to-drink business across the globe and we think that will be the real driver for channel development, at least in the near term.

因此，我們對全球即飲業務的前景感到樂觀，我們認為這將是通路發展的真正驅動力，至少在短期內是如此。

That was our last question.

這是我們最後一個問題。

Thank you all very much for joining us today. We look forward to seeing you on December 7 in New York City. Have a good afternoon, everyone.

非常感謝各位今天蒞臨。我們期待12月7日在紐約市與您相見。祝大家下午愉快。

Thank you, goodbye.

謝謝，再見。

This concludes Starbucks Coffee Company's third-quarter FY16 earnings conference call. You may now disconnect.

星巴克咖啡公司2016財年第三季財報電話會議到此結束。您可以斷開連線了。