星巴克 (SBUX) 2016 Q4 法說會逐字稿

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

午安.我是Julie，今天將擔任本次會議的接線生。現在，我謹代表星巴克公司歡迎各位參加2016財年第四季及全年財報電話會議。所有線路均已靜音，以避免背景噪音幹擾。發言結束後，將進行問答環節。 （接線生操作說明）

Mr. Shaw you may begin your conference.

肖先生，您可以開始您的會議了。

Thanks and good afternoon, everyone. This is Tom Shaw, Vice President of Investor Relations at Starbucks Coffee Company. Thanks for joining us today to discuss our fourth-quarter and fiscal 2016 results which will be led by Howard Schultz, Chairman and CEO; Kevin Johnson, President and COO; and Scott Maw, our CFO. Joining us for Q&A are John Culver, Group President Starbucks Global Retail; Cliff Burrows, Group President, Siren Retail; Matt Ryan, Global Chief Strategy Officer; and Michael Conway, President of Global Channel Development.

謝謝大家，下午好。我是星巴克咖啡公司投資者關係副總裁湯姆‧肖。感謝各位今天蒞臨，與我們共同探討星巴克第四季及2016財年的業績。本次討論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星巴克全球零售集團總裁約翰·卡爾弗、Siren Retail集團總裁克利夫·伯羅斯、全球首席策略官馬特·瑞安以及全球通路發展總裁邁克爾·康威。

I would like to remind everyone that our fiscal 2016 year had 53 weeks as opposed to the usual 52 weeks. This happens every six years as our fiscal year ends on the closest Sunday to September 30, and the extra week is reflected in our results for the fourth quarter. We will be presenting our GAAP results for the 14-week quarter and 53-week full-year but some of our discussion will be on a non-GAAP basis excluding the extra week.

我想提醒大家，我們2016財年共有53週，而非通常的52週。這種情況每六年發生一次，因為我們的財政年度結束於最接近9月30日的星期日，多出的一周反映在第四季度的業績中。我們將公佈14週季及53週全年的GAAP業績，但部分討論將基於非GAAP準則，不計入多出的一週。

As a further reminder, non-GAAP earnings also continues to exclude certain costs related to our purchase of Starbucks Japan discussed on prior earnings calls. Please refer to the reconciliation tables at the end of our earnings release and on our website at investor.Starbucks.com to find a reconciliation of non-GAAP financial measures referenced on today's call with the corresponding GAAP measures.

再次提醒，非GAAP收益仍然不包括我們在先前的財報電話會議上討論過的與收購星巴克日本相關的某些成本。請參閱財報末尾的調節表以及訪問我們網站 investor.Starbucks.com，以查看今天電話會議上提及的非GAAP財務指標與相應的GAAP指標的調節表。

This conference call will also include forward-looking statements which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. These such statements should be considered in conjunction with cautionary statements in our earnings release and our 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.

本次電話會議還將包含前瞻性陳述，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表現與這些陳述有重大差異。這些陳述應與我們獲利報告中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）中的風險因素討論一併考慮。星巴克不承擔更新任何此類前瞻性聲明或資訊的義務。

This conference call is being webcast and an archive of the webcast will be available on our website. And with that, I will turn it over to Howard Schultz. Howard?

本次電話會議正在進行網路直播，直播錄影將存檔於我們的網站。接下來，我將把發言權交給霍華德舒茲。霍華德？

Thank you, Tom, and Tom, welcome to Starbucks. This is your first conference call, wonderful to have you. And welcome to everyone on today's call.

謝謝湯姆，也歡迎湯姆加入星巴克。這是你第一次參加電話會議，很高興你能來。也歡迎今天參加會議的各位。

Starbucks record fiscal 2016 financial and operating results highlighted by an 11% increase in global revenues, a 17% increase in non-GAAP EPS and record operating margins despite persistent economic consumer and geopolitical headwinds and the significant investments we continue to make in our people and our business and once again demonstrating the power, relevance and resilience of the Starbucks business and brand.

星巴克 2016 財年財務與營運績效創歷史新高，全球營收成長 11%，非 GAAP 每股盈餘成長 17%，營業利潤率創歷史新高。儘管面臨持續的經濟、消費和地緣政治逆風，以及我們對員工和業務的持續重大投資，星巴克依然取得了這些成就，再次證明了星巴克業務和品牌的實力、相關性和韌性。

Today Starbucks is delivering an increasingly elevated Starbucks experience to over 85 million customers through our 25,000 stores in 75 countries every week. The trust and confidence our customers have in the Starbucks brand is propelling our business in markets and channels around the world as never before. But our record performance does not yet reflect what may be the most important strategic developments since Starbucks first changed how the world consumes coffee. The initiatives we have underway that are elevating the Starbucks brand, transforming the customer experience and setting the foundation for the next wave of growth in our business starting right now with holiday with premiumization as the core defining theme.

如今，星巴克每週透過遍佈75個國家的25,000家門市，為超過8,500萬名顧客提供日益卓越的星巴克體驗。顧客對星巴克品牌的信任和信心，正以前所未有的速度推動我們在全球市場和通路的業務成長。然而，我們創紀錄的業績尚未完全展現自星巴克改變世界咖啡消費方式以來，或許是最重要的策略發展。我們正在推行一系列舉措，旨在提升星巴克品牌，革新顧客體驗，並為下一波業務成長奠定基礎。而這股成長浪潮將從假日季節開始，以高端化為核心主題。

On today's call I will provide context around several of these initiatives and open a window on exciting new innovations that are coming to life and will begin contributing to our sales and profits this year and increasingly more so in the quarters and years ahead. And Kevin will provide highlights of our Q4 and fiscal 2016 operating performance and Scott will take you through the details of our Q4 and fiscal 2016 financial performance and share our 2017 performance targets.

在今天的電話會議上，我將介紹其中幾項措施的背景，並重點介紹一些令人振奮的創新成果。這些創新成果正在逐步落地，並將於今年開始為我們貢獻銷售和利潤，並在未來幾季和幾年內持續發揮更大的作用。 Kevin 將重點介紹我們 2016 年第四季和整個財年的營運業績，Scott 將詳細介紹我們 2016 年第四季和整個財年的財務業績，並分享我們 2017 年的業績目標。

Perhaps nowhere in the world has the Starbucks experience come to life more powerfully and been embraced more enthusiastically than in China, a country we first entered 17 years ago. I personally observed this again firsthand on my visit to the market just two weeks ago. Starbucks Stores in China are among our most elegant, efficient and profitable of any stores in the world and China once again produced record revenues and profits and strong comp store sales growth in both Q4 and fiscal 2016.

或許世界上沒有哪個地方比中國更能將星巴克體驗生動呈現，並贏得如此熱烈的擁護。我們17年前首次進入中國市場。就在兩週前，我親身造訪中國市場時，再次感受到了這一點。中國的星巴克門市是我們全球所有門市中最優雅、最有效率、獲利能力最強的門市之一。 2016年第四季和整個財年，中國市場再次創下營收和利潤新高，同店銷售額也實現了強勁成長。

There are countless examples over the last decade of Western companies and consumer brands that have tried but failed to achieve relevance in China. Not only has Starbucks cracked the code in China consistently delivering record operating and financial performance but our newest class of Starbucks Stores in China is delivering the highest AUVs, ROI and profitability of any store class in our history in the market.

過去十年間，無數西方公司和消費品牌嘗試在中國市場取得成功卻以失敗告終。而星巴克不僅在中國市場持續取得成功，創下營運和財務業績新高，而且我們最新推出的星巴克門市在中國市場的平均單店銷售額、投資回報率和盈利能力也均創下歷史新高。

We have created partner pride and a deep emotional connection among our customers and our partners in the Starbucks brand in China that rivals any market in the world. By building the foundation of our business in China carefully, methodically and respectfully, we are creating a growth and profit engine that will continue to accelerate for decades to come.

我們在中國打造了星巴克品牌，在顧客和夥伴之間建立了深厚的情感紐帶，並贏得了夥伴們的自豪感，其影響力足以媲美世界任何其他市場。透過謹慎、有條不紊且尊重地在中國建立業務基礎，我們正在打造一個持續加速成長和獲利的引擎，這將在未來幾十年中持續發揮作用。

Now as I have said before, we are doubling down on China. We currently operate roughly 2400 Starbucks stores in 114 cities in China and employ over 30,000 passionate partners and because we have consistently invested ahead of the growth curve, we can continue to open over a store a day our rate of growth that will continue or accelerate into the foreseeable future.

正如我之前所說，我們正在加倍投資中國市場。目前，我們在中國114個城市經營約2,400家星巴克門市，擁有超過3萬名充滿熱情的夥伴。由於我們始終走在成長曲線的前沿進行投資，我們可以繼續保持每天開設一家以上門市的成長速度，而這種成長速度在可預見的未來將會持續甚至加速。

We now have over 500 stores in Shanghai alone, a city of over 24 million people making Shanghai the city in the world with more Starbucks Stores than any other and we continue to add stores. We remain on plan to have over 5000 stores in China by 2021 and I am convinced that given the trust our customers in China have in the Starbucks brand and experience and the loyalty they show us every day in time we will have more stores in China than we do in the US.

目前，光是在上海，我們就擁有超過500家門市。上海這個擁有超過2,400萬人口的城市，使其成為全球星巴克門市數量最多的城市，而且我們仍在不斷擴張。我們仍按計畫推進，力爭2021年前在中國開設超過5,000家門市。我相信，憑藉中國顧客對星巴克品牌和體驗的信任，以及他們每天展現的忠誠，我們終有一天會在中國的門市數量超過美國。

These are the reasons we have chosen Shanghai as the city for our first international Starbucks reserve roastery. Roasteries define coffee premiumization and are the epitome of the Starbucks coffee authority and retail experience and the portfolio of roasteries we plan to open around the world will enable us to extend and elevate the Starbucks experience and the Starbucks brand overall for decades to come.

這就是我們選擇上海作為首個國際星巴克臻選烘焙工坊城市的原因。烘焙工坊定義了咖啡的高端化，是星巴克咖啡權威性和零售體驗的縮影。我們計劃在全球開設多家烘焙工坊，這將使我們能夠在未來幾十年內持續拓展和提升星巴克體驗以及星巴克品牌的整體形象。

Opening in late 2017 on Nanjing Road among the busiest shopping destinations in the world, the Starbucks Shanghai roastery will be a stunning two-level, 30,000 square foot experiential destination showcasing the newest coffee brewing methods and offering customers the finest assortment of exclusive micro-lot coffees from around the world in an immersive all-sensory experience emblematic of our Seattle roastery, respectfully curated through a unique lens that will make it highly impactful and relevant to our Chinese customers.

上海星巴克烘焙工坊將於 2017 年底在南京路開業，南京路是世界上最繁忙的購物目的地之一。這家令人驚豔的兩層樓、30,000 平方英尺的體驗式場所將展示最新的咖啡沖泡方法，並為顧客提供來自世界各地的精選微批次咖啡，打造沉浸式的全感官體驗，延續西雅圖烘焙工坊的風格，並以獨特的視角精心策劃，使其對中國顧客產生深遠的影響和意義。

Starbucks business in China is only in its very early stages of development but we are already ideally and uniquely positioned to grow and profit in this key long-term growth market as economic reforms take hold and the Chinese middle-class grows ultimately to encompass over 600 million people.

星巴克在中國的業務尚處於發展初期，但隨著經濟改革的推進和中國中產階級最終發展到超過6億人，我們已經擁有了在這個關鍵的長期增長市場中發展和盈利的理想和獨特優勢。

Following on the heels of the Starbucks Shanghai roastery, we will be opening Starbucks Roasteries in New York City and in Tokyo in 2018 and our first roastery in Europe in 2019 in a city to be announced early in 2017.

繼上海星巴克烘焙工坊之後，我們將於 2018 年在紐約市和東京開設星巴克烘焙工坊，並於 2019 年在歐洲開設第一家烘焙工坊，具體城市將於 2017 年初公佈。

Our decision to aggressively but thoughtfully and strategically expand our portfolio of roasteries is supported by the one of a kind ultra-premium reserve experience our roasteries deliver to our customers and the accelerating outperformance against plan we are experiencing in our Seattle roastery where full-year comp sales increased a full 24% over the prior year thanks in large part to a ticket that has grown to be four times the ticket of a typical Starbucks store.

我們決定積極、深思熟慮且有策略地擴展我們的烘焙廠組合，這得益於我們的烘焙廠為顧客提供的獨一無二的超高端臻選體驗，以及我們在西雅圖烘焙廠取得的遠超預期的業績。西雅圖烘焙廠全年同店銷售額比前一年增長了 24%，這在很大程度上要歸功於其客單價已增長至普通星巴克門市的四倍。

But in addition to elevating the Starbucks brand and customer experience, our Seattle roastery has also become a working laboratory for breakthrough innovation that is driving new product introductions and contributing to results across the entire Starbucks ecosystem.

除了提升星巴克品牌和顧客體驗之外，我們的西雅圖烘焙廠也成為了突破性創新的實驗室，推動了新產品的推出，並為整個星巴克生態系統帶來了成果。

Nitro, for example, an innovative new cold coffee beverage infused with nitrogen to create an ultra-creamy texture that has been enthusiastically embraced by our customers and is now being rolled out in coffee forward markets across the country was developed and tested in the Seattle roastery. So too was Starbucks Affogato, our expression of a classic artisanal ice cream dessert infused with espresso as well as handcrafted proprietary Teavana ice teas and several other innovative new coffee infused mixology beverages that are already showing great promise in test stores. Stay tuned.

例如，我們創新推出的氮氣冷萃咖啡飲品Nitro，注入氮氣打造極致順滑的口感，深受顧客喜愛，目前正在全國各地的咖啡市場推廣。這款飲品由西雅圖烘焙工坊研發測試。星巴克阿芙佳朵（Affogato）也是如此，它是我們經典手工冰淇淋甜點的升級版，融入了濃縮咖啡。此外，我們也推出了手工調製的Teavana獨家冰茶，以及其他幾款創新咖啡飲品，這些飲品在試銷門市已展現出良好的市場前景。敬請期待。

As with Starbucks Seattle roastery, our Shanghai, New York and Tokyo roasteries will serve as the foundation for the exciting new format coffee forward Starbucks Reserve Stores. Also offering customers a range of artisanal food items we plan to open around the world in the years ahead. The first of these new format stores will open in the US in the second half of our current fiscal year.

就像星巴克西雅圖烘焙工坊一樣，我們在上海、紐約和東京的烘焙工坊也將成為全新星巴克臻選咖啡店的基石。此外，我們還計劃在未來幾年內，在全球各地推出一系列精選手工食品。首家星巴克臻選咖啡店將於本財年下半年在美國開幕。

We are extending elements of the high-end roastery experience to include Reserve Espresso Bars in existing and new Starbucks Stores as part of our plan to further elevate the overall Starbucks experience. Customer response to this initiative has been both very positive and very encouraging as customers are trading up to premium espresso beverages.

我們正在將高端烘焙體驗的元素延伸至現有和新建的星巴克門市，增設臻選濃縮咖啡吧，以此進一步提升星巴克整體體驗。顧客對這項措施的反應非常積極，令人鼓舞，越來越多的顧客開始選擇更高品質的濃縮咖啡飲品。

Still at the heart of all we do is our store partners, the best people in the industry. The investments we make in our people and in our business over the long-term is what drives the results we deliver quarter to quarter, the culture, the values and guiding principles of our Company have always to find the brand.

我們一切工作的核心始終是我們的門市合作夥伴，他們是業界最優秀的人才。我們對員工和業務的長期投入，正是我們每季業績成長的驅動力。我們公司的文化、價值和指導原則，始終是品牌發展的基石。

Consider our Starbucks College Achievement plan now in its third year. The Starbucks College Achievement Plan, a program that offers all Starbucks partners working 20 hours or more per week are given a company paid four-year online college education through our association with Arizona State University. The program now has over 6200 partners enrolled and we will celebrate 1000 college graduates by the end of 2017.

歡迎了解我們已進入第三年的星巴克大學成就計劃。該計劃旨在透過我們與亞利桑那州立大學的合作，為所有每週工作20小時及以上的星巴克夥伴提供公司資助的四年制線上大學教育。目前已有超過6,200名夥伴參與此計劃，我們預計到2017年底將有1,000名夥伴順利畢業。

Partners participating in the College Achievement Plan have twice the retention rate and four times the promotion rate of our core US barista population. The incremental investment in both wages and benefits for our store level partners that we began making two years ago have been right not only from the perspective of sharing success but also from the perspective of enabling us to support and elevate our partners, attract and retain the best people, provide measured improvement in service to our customers and deliver outsized returns to our shareholders due in part to an employee turnover rate that is the envy of our industry.

參與「大學成就計畫」的合作夥伴的留任率是我們美國核心咖啡師群的兩倍，晉升率更是高達四倍。兩年前，我們開始增加對門市合作夥伴的薪資和福利投入，事實證明，這項舉措不僅有助於分享成功，更重要的是，它使我們能夠更好地支持和提升合作夥伴，吸引並留住最優秀的人才，顯著提升顧客服務質量，並為股東帶來豐厚回報。這部分得益於我們業界領先的低員工流動率。

We demonstrated this again in Q4 and in fiscal 2016, difficult environments for retailers by any measure yet here we are once again posting record performance, 11% topline and 17% bottom line for the year. Scott will update you on the size of the timing of our partner and other investments shortly.

我們在第四季和2016財年再次證明了這一點。無論從哪個角度來看，零售業都面臨著艱難的經營環境，但我們依然取得了創紀錄的業績，全年營收成長11%，淨利潤成長17%。斯科特稍後會向您通報我們合作夥伴及其他投資的規模和時間安排。

A few final thoughts before handing the call over to Kevin.

在把電話交給凱文之前，我還有幾點要補充。

Since its opening two years ago, our Seattle roastery has become recognized as the most immersive coffee forward retail experience in the world today and it has cast a bright halo across the entire Starbucks brand and ecosystem. We knew from the start that the roastery would introduce a previously unattained level of premiumization to the coffee category curated through the unique Starbucks lens We also knew that the roastery would support the development and rollout of Starbucks Reserve Stores, a new retail format that we believe will deliver 2X the financial performance of a traditional Starbucks Store and represent a new significant growth opportunity for the Company domestically and around the world.

自兩年前開業以來，我們位於西雅圖的烘焙工坊已成為當今世界最具沉浸感的咖啡零售體驗中心，並為整個星巴克品牌和生態系統帶來了耀眼的光環。我們從一開始就知道，這家烘焙工坊將透過星巴克獨特的視角，為咖啡類別帶來前所未有的高端體驗。我們也知道，這家烘焙工坊將協助星巴克臻選門市的開發與推廣。我們相信，這種全新的零售模式將帶來傳統星巴克門市兩倍的財務業績，並為公司在國內和全球帶來全新的、意義重大的成長機會。

But what we are achieving is much more than that. It is innovation and aspiration for the entire Company and the beacon for the next wave of transformation that will elevate the entire Starbucks experience.

但我們所取得的成就遠不止於此。它代表著整個公司的創新和抱負，也是下一波變革浪潮的燈塔，它將提升整個星巴克體驗。

The Seattle roastery is at once a laboratory for invention and handcrafted beverages, theater for coffee and the design cornerstone for new experience like reserve bars that over the next few years will incorporate into thousands of new and renovated stores.

西雅圖烘焙廠既是發明創作和手工飲品的實驗室，也是咖啡的展示舞台，更是未來幾年內將融入數千家新建和翻新門市（如精品咖啡吧）等全新體驗的設計基石。

Given both the success of the roastery itself and its impact on the entire Starbucks Company, we see the opportunity over time for 20 to 30 roasteries in influential cities around the world, defining the way for 1000 or more Starbucks Reserve Stores carrying through to reserve bars in 20% or more of existing and new Starbucks Stores. Together these innovations will further deepen connection to our customers, increase AUVs, ROI and profitability and drive incrementality through new premium occasions we currently do not capture.

鑑於烘焙工坊本身的成功及其對整個星巴克公司的影響，我們認為未來有機會在全球具有影響力的城市開設20至30家烘焙工坊，為開設1000家或更多星巴克臻選門店奠定基礎，並在現有和新建的星巴克門店中至少20%的門店配備臻選門店。這些創新舉措將進一步加深我們與顧客的聯繫，提昇平均單店銷售額、投資回報率和獲利能力，並透過我們目前尚未觸及的全新高端消費場景推動成長。

I am reminded of early days at Starbucks when we could foresee the transformation of coffee consumption that started in Seattle and spread all over the world. The scale of the opportunity, the confidence in our capability and the early validation we have all points to the next wave of growth for our Company. In my years at Starbucks, I have never been more energized about the opportunity that lies ahead and it is why roasteries, reserve stores and the premiumization of the Starbucks experience will be my personal focus as we set up Starbucks for long-term growth and success.

這讓我想起了星巴克的早期歲月，那時我們預見了咖啡消費模式的變革，這場變革始於西雅圖，並席捲全球。機會的規模、我們對自身能力的信心以及早期所取得的成果，都預示著公司即將迎來下一波成長浪潮。在星巴克的這些年裡，我從未像現在這樣對未來的機會充滿熱情。正因如此，烘焙工坊、臻選門店以及星巴克體驗的高端化將成為我個人工作的重點，我們將攜手為星巴克的長期發展和成功奠定基礎。

The Shanghai roastery is just the next tangible proof of the innovation and the entrepreneurial DNA of the Company as we take our customers in China on a magical carpet ride starting just a year from now.

上海烘焙廠的落成，正是公司創新精神與創業基因的又一切實體現。從一年後開始，我們將帶領中國客戶開啟一段奇妙的旅程。

But you don't need to wait to see what is happening if you can't get to China or for that matter Seattle where we have our first roastery. Please visit our new stores with Reserve Bars at 10 Waverly Place; Ninth and Broadway: Brookville Place and 85th and Madison in New York City or in Lake Forest, Illinois. You will see for yourself how the experience is defining the transformation of these stores and the experience for our customers and how accretive this will be for our brand and our business.

如果您無法親臨中國，或無法前往我們第一家烘焙工坊所在的西雅圖，也無需等待即可了解最新動態。歡迎蒞臨我們在紐約市韋弗利廣場10號、第九大道和百老匯大道、布魯克維爾廣場以及麥迪遜大道85街的全新門市，或伊利諾伊州森林湖的門市。您將親身感受這些門市的全新體驗，以及它如何為顧客帶來煥然一新的感受，並見證這將如何提升我們的品牌和業務價值。

Better yet, come to our investor conference in December where we will be showcasing the roastery, the evolution of the Starbucks Reserve brand and demonstrating the impact that each of these stores will have on the Starbucks experience and the future transformation of the Company.

更好的是，歡迎您參加我們 12 月的投資者大會，屆時我們將展示烘焙廠、星巴克臻選品牌的演變，並展示每家門市將對星巴克體驗和公司未來轉型產生的影響。

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

現在我把電話轉給凱文。凱文？

Thank you, Howard. Good afternoon, everyone. Starbucks strong performance in Q4 capped off another record year for the Company. In fiscal year 2016, we opened over 2000 net new stores which are outperforming the prior classes of new stores. We grew global same-store sales by 5% and we gained share of at-home coffee and ready-to-drink down the aisle. We also advanced several long-term growth priorities that include new roasteries, a new reserve store concept, enhanced CPG growth platforms and we continue to execute against our long-term commitment in China.

謝謝霍華德。大家下午好。星巴克第四季的強勁業績為公司又一個創紀錄的年份畫上了圓滿的句號。在2016財年，我們淨增了2,000多家門市，這些新店的業績都優於以往任何一類新店。我們的全球同店銷售額成長了5%，在家庭咖啡和即飲咖啡的市佔率上也取得了進展。此外，我們也推動了多項長期成長策略，包括新建烘焙工坊、推出新的臻選門市概念、強化消費品成長平台，並持續履行在中國市場的長期承諾。

I believe these results demonstrate the value we are realizing from the investments we are making in our partners, innovation and the digital flywheel. Our approach of investing for long-term value creation while driving excellence in execution today is enabling us to deliver results in a challenging operating environment while positioning our business for long-term growth.

我相信這些成果證明了我們從對合作夥伴、創新和數位化飛輪的投資中獲得的價值。我們致力於創造長期價值，同時力求在當下實現卓越執行，這種策略使我們能夠在充滿挑戰的經營環境中取得佳績，並為業務的長期成長奠定基礎。

Serving as a member of this leadership team is a privilege and I want to take this opportunity to thank each of my partners for their passion, teamwork and focus. On today's call, I will share an overview of our Q4 segment performance, provide insight into the work we are doing to expand our customer reach and frequency and update you on our upcoming holiday campaign.

能夠成為這個領導團隊的一員是我的榮幸，我謹藉此機會感謝每位合作夥伴的熱情、團隊合作和專注。在今天的電話會議上，我將概述我們第四季度各業務板塊的業績，深入探討我們為擴大客戶覆蓋面和提升客戶購買頻率所做的工作，並向大家介紹我們即將推出的假日營銷活動。

Let's start with our America segment. Our Americas business with more than 9000 Company operated and 6500 license stores in 17 countries delivered 5% comp growth in the quarter driving record Q4 revenues up 17% year on year. Please note that all references I make to revenue on this call will be on the 53-week basis.

我們先來看美洲業務板塊。我們在美洲擁有超過9,000家公司直營店和6,500家授權加盟店，遍佈17個國家，本季同店銷售額成長5%，推動第四季營收創歷史新高，較去年同期成長17%。請注意，本次電話會議中所有提及的營收數據均以53週為週期。

AUVs for both our existing and newest class of US stores reached record levels giving us confidence in our decision to open approximately 800 net new stores throughout the Americas in fiscal 2017. This is where our focus on innovative new store designs from express stores to roasteries, elevating the customer experience and innovative premium offerings are paying off.

我們現有和最新型美國門市的平均單店銷售額均創歷史新高，這讓我們對在 2017 財年在美洲開設約 800 家淨新店的決定充滿信心。我們專注於創新新門市設計（從快捷店到烘焙坊）、提升客戶體驗和創新高端產品，這些措施正在取得成效。

Drilling down, our US business delivered record Q4 revenues up 18% over last year. US comps accelerated from Q3 and posted a 4% increase. Our US comps included a 6% increase in ticket and a 1% decline in transactions resulting from a shift in customer behavior away from order splitting and towards order consolidation. This follows a foundational change we made to our rewards program, taking it from a frequency base to a spend-based model.

深入分析，我們的美國業務第四季營收創歷史新高，較去年同期成長18%。美國同店銷售額較第三季加速成長，增幅達4%。美國同店銷售額的成長包括客單價成長6%，以及交易量下降1%，這主要是由於客戶行為從分割訂單轉向合併訂單。這得益於我們對獎勵計劃的根本性調整，即從基於消費頻率的模式轉變為基於消費金額的模式。

While neutral to revenue, we estimate the impact of order consolidation drove transactions down by approximately 2 points and ticket up by approximately 2 points. It is important to note that this conversion from transaction to ticket reflects customers choosing to put multiple items on one ticket rather than an actual decline in traffic in our stores. This will persist in our comp results until we lap the transition to the new rewards program.

雖然對營收影響不大，但我們估計訂單合併導致交易量下降約 2 個百分點，客單價上升約 2 個百分點。需要注意的是，這種交易量到客單價的轉變反映的是顧客選擇將多個商品合併到一張訂單中，而非門市客流量的實際下降。在新的獎勵計劃過渡完成之前，這種趨勢將持續影響我們的同店銷售。

Overall our US business grew in every daypart with particularly strong growth in our morning daypart. Our core beverage platforms contributed approximately 2 points of comp in Q4, beverage innovation drove another point of comp with Coconut Milk Macchiato, Latte Macchiato, Vanilla Sweet Cream Cold Brew and Teavana Iced Berry Sangria. These are great examples of customers trading up to premium beverage offerings that differentiate the Starbucks experience and create further separation from competitors.

整體而言，我們在美國的業務在各個時段均實現成長，其中早晨時段成長尤為強勁。第四季度，我們的核心飲品平台貢獻了約2個百分點的同店銷售額，而飲品創新產品，如椰奶瑪奇朵、拿鐵瑪奇朵、香草甜奶油冷萃咖啡和Teavana冰莓桑格利亞，又帶來了1個百分點的同店銷售額增長。這些都是顧客升級至高端飲品的絕佳例證，這些飲品不僅提升了星巴克的體驗，也進一步拉開了與競爭對手的差距。

Food contributed 1 point of comp in the quarter led by continued strength of our breakfast sandwich lineup, up 17% over last year and 60% over the last two years. Lunch remains a significant opportunity as we amplify the strength of our Bistro Box platform through the Power Lunch offering. While we have made great progress around food in the lunch daypart, we believe there is a significant opportunity ahead.

本季度，食品業務貢獻了1個百分點的同店銷售額成長，這主要得益於早餐三明治系列的持續強勁表現，較去年同期增長17%，較過去兩年增長60%。午餐業務依然蘊藏著巨大的發展潛力，我們將透過「能量午餐」產品進一步提升「餐盒」平台的優勢。儘管我們在午餐時段的食品業務方面取得了顯著進展，但我們相信未來仍有巨大的發展空間。

Our digital flywheel momentum accelerated through Q4 and we have now enabled this digital flywheel to spin even faster with the launch of true 1 to 1 personalization. While still in the early days, personalized reward offerings have more than doubled customer response rates over previous segmented email campaigns. This translates to increased customer engagement and spend.

我們的數位化飛輪效應在第四季加速發展，如今，隨著真正一對一個性化服務的推出，這飛輪效應的運轉速度更是突飛猛進。雖然目前仍處於早期階段，但個人化獎勵方案已使客戶回應率比以往的細分郵件行銷活動提高了一倍以上。這轉化為更高的客戶參與度和消費額。

A few relevant metrics on Starbucks Rewards. Membership is up 18% year on year, mobile payment now represents 25% of all transactions, up from 20% a year ago. Customers continue to embrace mobile order and pay which now represent 6% of transactions reaching 7% in the month of September. To put this into perspective, approximately 3300 of our stores are handling 10% of their orders at peak through mobile order and pay. In 600 stores, mobile order and pay represents over 20% of orders at peak, triple the number from last year.

以下是一些關於星巴克獎勵計劃的相關數據。會員數年增18%，行動支付交易量佔比已達25%，高於去年同期的20%。顧客持續接受行動點餐和支付，目前行動點餐和支付的交易量佔比已達6%，9月更是達到了7%。具體來說，約有3300家門市在高峰時段透過行動點餐和支付處理了10%的訂單。另有600家店，尖峰時段行動點餐和支付的交易量佔比超過20%，是去年同期的三倍。

The data shows that mobile order and pay is making a difference for both our partners and our customers. For customers mobile order and pay provides a simple, elegant ordering experience enabling convenience when they want it and rewards them with stars along the way. For partners, mobile order and pay reduces line congestion, enables a more efficient in-store operation. We are continuously improving the mobile order and pay experience with newly released functionality that presents our personalized offer directly on the front screen of the mobile app and allows the customer to save favorite stores, favorite customers beverages. And we have new features in the pipeline to be released shortly including real-time personalized product suggestions and the ability to save favorite orders and there is more coming.

數據顯示，行動點餐和支付正在為我們的合作夥伴和顧客帶來顯著的改變。對於顧客而言，行動點餐和支付提供了一種簡潔流暢的點餐體驗，讓他們隨時隨地都能享受便捷服務，並有機會獲得積分獎勵。對於合作夥伴而言，行動點餐和支付可以減少排隊擁堵，提高店內營運效率。我們不斷改進行動點餐和支付體驗，新推出的功能可以直接在行動應用程式首頁展示個人化優惠，並允許顧客保存喜愛的店鋪和飲品。此外，我們也正在開發更多新功能，例如即時個人化產品推薦和保存喜愛訂單等，敬請期待。

We are enabling these digital experiences to bring joy to our customers while driving business outcomes. These digital flywheel investments are core to elevating our brand experience and building for our future.

我們正在打造這些數位化體驗，旨在為客戶帶來愉悅感受，同時推動業務成長。這些數位化飛輪投資是提升品牌體驗和建構未來發展策略的核心。

Let's move on to China Asia-Pacific. Starbucks China Asia-Pacific delivered another record performance this quarter with year-on-year revenue growth of 29%. Starbucks China remains strong despite moderating GDP growth in China and we remain committed to build at least 500 net new stores each year over the next five years.

接下來我們來看看中國亞太地區。星巴克中國亞太地區本季再次創下業績新高，較去年同期成長29%。儘管中國GDP成長放緩，星巴克中國市場仍保持強勁勢頭，我們將繼續致力於在未來五年內每年淨增至少500家門市。

Comp sales in CAP increased 1% in the quarter with China's 6% comp almost evenly split between increases in traffic and ticket demonstrating that we are both reaching new customers and increasing frequency in China.

本季度，CAP 地區的同店銷售額增長了 1%，其中中國地區的同店銷售額增長了 6%，這幾乎是客流量和客單價增長的兩大組成部分，表明我們在中國既獲得了新客戶，又提高了客流量和客單價的增幅。

As we have previously indicated, CAP comps are more heavily weighted towards Japan where comps were slightly negative but profitability remains strong. Japan comps in the quarter were impacted by ongoing consumer and economic challenges as well as a tough compare over last year. As we navigate the near-term challenges in Japan, we remain very optimistic about the long-term potential in the country.

正如我們先前所述，CAP 的同店銷售額主要集中於日本市場，儘管日本市場的同店銷售額略有下降，但獲利能力依然強勁。本季日本市場的同店銷售額受到持續的消費和經濟挑戰以及去年同期基數較高的影響。儘管我們正努力應對日本市場的短期挑戰，但我們對該國的長期發展潛力仍然保持著非常樂觀的態度。

We opened 316 net new stores in CAP in Q4 and now operate over 6400 stores in 15 markets across the region including over 2400 stores in 114 cities in China. As Howard mentioned, Starbucks Stores in China are among the most elegant, efficient, coffee forward and profitable stores in our global store portfolio.

我們在第四季於亞太地區淨增316家門市，目前在亞太地區15個市場經營超過6,400家門市，其中包括中國114個城市的2,400多家門市。正如霍華德所說，星巴克在中國的門市是我們全球門市組合中最優雅、高效、以咖啡為核心且獲利能力最強的門市之一。

With loyalty as a cornerstone, we are extremely pleased with the growth and evolution of our digital ecosystem in CAP. Currently 13 of our 15 CAP markets offer a loyalty program and stored value card. 11 of those markets accept digital payments. We now have 20 million Starbucks rewards members in the CAP region with over $1 billion loaded on the stored value cards in FY16. The momentum of our digital platform in the region is particularly evident in China where we now have 12 million members, just under half of whom are active rewards members. Our China Asia-Pacific business continues to perform well further reinforcing our confidence in the long-term growth potential of this market.

以忠誠為基石，我們對亞太地區數位生態系統的發展和演進感到非常滿意。目前，我們在亞太地區的15個市場中，有13個市場提供會員計畫和儲值卡，其中11個市場支援數位支付。 2016財年，我們在亞太地區擁有2,000萬星巴克獎勵會員，儲值卡儲值金額超過10億美元。我們在亞太地區的數位平台發展勢頭尤為強勁，尤其是在中國，我們目前擁有1200萬會員，其中近一半是活躍的獎勵會員。我們在亞太地區的業務持續表現良好，進一步增強了我們對該市場長期成長潛力的信心。

Let's move on to EMEA. The Starbucks brand remains strong in EMEA. Although reported comps declined by 1%, overall system comp grew at 4% for the quarter. EMEA's Q4 reported revenues declined year-on-year by 12%. However, after adjusting for the approximately 26% impact of the transfer of Company-owned to licensed stores and for foreign exchange, EMEA adjusted revenues increased 13% year-on-year. This despite continuing economic, geopolitical and consumer headwinds throughout the region.

接下來我們來看看歐洲、中東和非洲地區（EMEA）。星巴克品牌在EMEA地區仍保持強勁動能。儘管報告的同店銷售額下降了1%，但整個系統同店銷售額在本季仍成長了4%。 EMEA地區第四季報告的營收年減了12%。然而，在調整了公司自營門市轉為加盟店約26%的影響以及匯率因素後，EMEA地區的調整後營收年增了13%。儘管該地區持續面臨經濟、地緣政治和消費方面的不利因素，但星巴克依然取得了這樣的成績。

We now operate in 43 markets throughout EMEA and in FY16, we added 280 net new stores. In Q4, we opened 77 net new stores, all of which were licensed. The mix shift toward a licensed model is enabling us to grow our store footprint more rapidly while expanding underlying operating margin over time.

我們目前在歐洲、中東和非洲地區的43個市場開展業務，2016財年新增淨門市280家。第四季度，我們新增淨門市77家，全部為特許經營門市。這種向特許經營模式的轉變，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。

We introduced Teavana handcrafted beverages in Starbucks Stores across 29 EMEA markets. Teavana has been very well received by customers exceeding our most optimistic expectations. We are off to a good start in EMEA.

我們在29個歐洲、中東和非洲地區的星巴克門市推出了Teavana手工飲品。 Teavana受到了顧客的熱烈歡迎，其表現遠遠超出我們最樂觀的預期。我們在歐洲、中東和非洲地區的開局非常順利。

Let's move on to channel development. Channel development had a very strong Q4 with revenue growing 14% year-on-year driven by share gains in at-home coffee. The strength of the Starbucks brand and great execution by our channels team drove this result. Our K-cup business posted strong sales growth and gained over 0.5 point of share. Starbucks continues to be the number one K-cup brand for the fifth consecutive quarter.

接下來我們來看看通路拓展。第四季通路拓展表現強勁，營收年增14%，主要得益於家庭咖啡市場佔有率的成長。星巴克品牌的強大實力以及通路團隊的出色執行力是取得這項成就的關鍵。我們的K杯咖啡業務也實現了強勁的銷售成長，市佔率提升超過0.5個百分點。星巴克連續第五個季度蟬聯K杯咖啡銷售冠軍。

Fall Blend, a seasonal favorite and the launch of Cafe Latte K-cups including pumpkin spice, contributed to the strong results. Starbucks roast and ground coffee continues to be the number one premium packaged coffee brand growing faster than the entire category and gaining over 1 full point of market share in the quarter. In addition to being the number one premium coffee brand, Starbucks solidified its position as the number two brand in the total coffee category with share increasing to 15.8%.

秋季特調咖啡（一款季節性限定的熱門產品）以及南瓜香料口味的拿鐵咖啡膠囊的上市，都為強勁的業績做出了貢獻。星巴克烘焙研磨咖啡持續維持高階包裝咖啡品牌第一的地位，其成長速度超過整個品類，並在本季市佔率成長超過1個百分點。除了維持高端咖啡品牌第一的地位外，星巴克在整個咖啡類別中也鞏固了第二大品牌的地位，市佔率成長至15.8%。

Through our North American coffee partnership with PepsiCo, our ready-to-drink business performed well with Double Shot, Frappaccino and Chilled Multi-Serve which enabled another point of share gain in the liquid coffee and energy segment. We have added additional CPG growth engines to the pipeline. The first is our plan to bring premium Teavana ready-to-drink teas to the US through our partnership with Anheuser-Busch. We will begin to launch regionally during the first half of calendar 2017.

透過與百事公司在北美的咖啡合作，我們的即飲業務憑藉雙份濃縮咖啡、星冰樂和冷藏多杯裝咖啡表現出色，進一步提升了我們在液態咖啡和能量飲料市場的份額。我們已為快速消費品產業新增了多個成長引擎。首先，我們計劃透過與安海斯-布希公司的合作，將高端Teavana即飲茶引入美國市場。我們將於2017年上半年開始在部分地區陸續推出。

In addition, we are expanding internationally with the recent launch of locally manufactured ready-to-drink frappaccino through a partnership in China. Tingyi has rapidly achieved distribution in over 35 major Chinese cities and although it is still early days, we are experiencing strong consumer demand.

此外，我們正透過與中國合作夥伴的合作，拓展國際市場，近期推出了本地生產的即飲星冰樂。頂益已迅速在中國35個主要城市實現了分銷，雖然目前仍處於起步階段，但我們已經感受到強勁的市場需求。

In Europe, we recently launched Starbucks Nespresso compatible capsules in the UK and France and the early results are encouraging. Channel development continues to perform extremely well with additional growth opportunities just getting started.

在歐洲，我們近期在英國和法國推出了星巴克Nespresso相容膠囊咖啡，初步結果令人鼓舞。通路拓展持續保持強勁勢頭，更多成長機會也才剛開始。

Onto holiday. We are very excited about our holiday plans. We have a solid marketing plan in place where our stores transform to holiday red and the holiday cups return. We will introduce wonderful food and beverage offerings, an amplified Starbucks for Life campaign, and a platform of beautiful Starbucks gift cards and merchandise. We will also introduce our first specialty cold brew coffee for the holidays, Spiced Sweet Cream Narino 70 Cold Brew. Our Starbucks Rewards members can get a first taste of this new handcrafted beverage starting today.

假期將至！我們對即將到來的假期計劃感到非常興奮。我們制定了完善的行銷方案，屆時所有門市都將換上節慶紅裝，節慶限定杯也將回歸。我們將推出豐富的食品和飲品，加大力度推廣「星巴克終身會員」活動，並提供精美的星巴克禮品卡和周邊商品。此外，我們還將推出首款節慶特調冷萃咖啡－納裡諾70香料甜奶油冷萃咖啡。星巴克會員從今天起即可搶先品嚐這款全新手工飲品。

A few final words before turning the call over to Scott. As a leadership team navigating the current environment, we are mindful of our responsibilities to deliver near-term results, build a foundation for our future growth and stay true to the mission and values that brought us to this point in our journey. I believe our fiscal year 2016 results reflect this mindset.

在把電話交給史考特之前，我還有幾句話要說。作為一支在當前環境下努力前行的領導團隊，我們深知自身肩負的責任：既要取得近期業績，又要為未來的發展奠定基礎，還要始終堅守帶領我們走到今天的使命和價值觀。我相信，我們2016財年的業績正是這種理念的展現。

I want to thank the more than 300,000 Starbucks Partners around the world who proudly wear the green apron. No other company has the opportunity to touch so many lives and each day our store partners show up committed to our mission and deliver a customer experience like no other. Each and every Starbucks Partner helps bring our brand to life. For their commitment and hard work, they have my utmost respect and gratitude.

我要感謝全球超過30萬名身穿綠色圍裙的星巴克夥伴。沒有其他公司有機會影響如此眾多人的生活，而我們的門市夥伴每天都秉持著對使命的執著，為顧客帶來獨一無二的體驗。每位星巴克夥伴都為我們的品牌注入了活力。對於他們的付出和辛勤工作，我致以最崇高的敬意和由衷的感謝。

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

那麼，我就把電話轉給史考特了。史考特？

Thank you, Kevin, and good afternoon, everyone. Starbucks Q4 of fiscal 2016 was the most profitable quarter capping off the most profitable year in the Company's history. Q4 EPS was $0.54 and on a 14-week non-GAAP basis, it was $0.56 with the extra week contributing approximately $0.06. Excluding the extra week, our non-GAAP EPS in Q4 grew by 16% over last year representing our 15th straight quarter of non-GAAP EPS growth of 15% or greater.

謝謝凱文，大家下午好。星巴克2016財年第四季是公司史上獲利最高的季度，也為公司史上獲利最高的一年畫上了圓滿的句號。第四季每股收益為0.54美元，以14週非GAAP準則計算，每股收益為0.56美元，多出的一周貢獻了約0.06美元。剔除多出的一周，第四季非GAAP每股盈餘較去年同期成長16%，這也是我們連續第15季非GAAP每股盈餘成長達到或超過15%。

Please note that for comparability purposes all remaining non-GAAP references on today's call will exclude the extra week.

請注意，為了便於比較，今天電話會議中所有剩餘的非GAAP參考資料將不包括額外的一周。

Our consolidated operating margin in Q4 came in at 21.5% on a GAAP basis and 20.9% on a non-GAAP basis improving 90 basis points over last year's fourth quarter non-GAAP operating margin. Operating margin improvement was driven primarily by sales leverage and favorability in commodity costs that more than offset the impact of increased partner investments and certain additional G&A costs.

我們第四季的綜合營業利潤率以美國通用會計準則（GAAP）計算為21.5%，以非美國通用會計準則（Non-GAAP）計算為20.9%，較去年同期非美國通用會計準則營業利潤率提高了90個基點。營業利益率的提升主要得益於銷售槓桿效應和商品成本的有利變化，這足以抵銷合作夥伴投資增加和部分額外管理費用的影響。

For the quarter, consolidated operating income increased 27% on a GAAP basis and 13% on a non-GAAP basis.

本季度，以美國通用會計準則計算的合併營業收入成長了 27%，以非美國通用會計準則計算的成長了 13%。

I will now take you through our Q4 operating performance by segment. Let's start with the Americas. The Americas segment delivered both record operating income of $1.1 billion and operating margin of 27.6% driven by strong performance in our businesses across the region. Non-GAAP operating income increased 18% over last year to $988 million while operating margin expanded 210 basis points to 26.9%. This improvement was primarily driven by sales leverage that was partially offset by Partner investments. I would like to call out two specific additional items in the Americas results this quarter.

接下來，我將按業務板塊介紹我們第四季的營運表現。首先來看美洲地區。美洲地區業務表現強勁，營業收入創下11億美元的新高，營業利益率也達27.6%。非GAAP營業收入年增18%至9.88億美元，營業利益率提升210個基點至26.9%。這一成長主要得益於銷售槓桿效應，但部分被合作夥伴的投資所抵消。我還想特別指出本季美洲地區業績中的兩個亮點。

First, you will note that we saw leverage on store operating expenses during the quarter compared to deleverage for the full-year. This result was driven by several factors including a somewhat lower run rate of partner investments in Q4, a comparison to higher relative partner investments last Q4, some salary and benefit true ups during Q4 this year and improved productivity in the stores. This productivity improvement includes the impact of removing nearly 10% of transactions from the POS over the past year or so, 6% coming from mobile order and pay and 2 points coming from order consolidation.

首先，您會注意到，與全年相比，本季門市營運費用出現了槓桿效應。這項結果受多種因素影響，包括第四季合作夥伴投資成長略有下降（與去年同期相比，合作夥伴投資成長率相對較高）、今年第四季部分薪資福利調整以及門市生產力提升。生產力提升主要得益於過去一年左右的時間裡，POS機交易量減少了近10%，行動端下單和支付減少了6%，訂單整合減少了2%。

Going forward, we anticipate that store operating expenses will again show deleverage given the level of Partner investments we have planned for 2017.

展望未來，鑑於我們為 2017 年制定的合作夥伴投資計劃，我們預計門市營運費用將再次出現去槓桿化。

Second, Americas operating margin in Q4 was favorably impacted by 60 basis points as the result of a favorable legal settlement recorded in the other operating expenses.

其次，由於在其他營運費用中記錄了一筆有利的法律​​和解款項，美洲第四季的營業利潤率受到了 60 個基點的有利影響。

Let's move on to China Asia-Pacific. Starbucks China Asia-Pacific segment also delivered record quarterly GAAP and non-GAAP operating income in Q4. Operating income increased 48% to $192 million and operating margin expanded by 300 basis points. On a non-GAAP basis, operating income increased by 34% to $189 million and operating margin expanded 250 basis points. This performance made CAP once again the segment with the strongest quarterly top- and bottom-line growth.

接下來我們來看看中國亞太區。星巴克中國亞太區第四季也創下了GAAP和非GAAP準則下的季度營業收入新高。營業收入成長48%至1.92億美元，營業利益率提升300個基點。以非GAAP準則計算，營業收入成長34%至1.89億美元，營業利益率提升250個基點。這一業績使中國亞太區再次成為季度營收和利潤成長最強勁的業務板塊。

Margin expansion in CAP was primarily driven by the transition to a value-added tax structure in China, increased sales leverage and higher income from our joint venture operations. This favorability was partially offset by a negative 150 basis point impact of foreign currency translation. Stiff currency headwinds made CAP's margin expansion in Q4 even that much more noteworthy.

CAP利潤率的提升主要得益於中國增值稅制度的改革、銷售槓桿的增強以及合資企業收入的成長。然而，外幣折算帶來的150個基點的負面影響部分抵銷了這些利多因素。匯率波動帶來的不利影響使得CAP第四季的利潤率提升更加引人注目。

Let's turn to EMEA. Despite a very difficult business environment, EMEA delivered the second most profitable quarter in its history. Operating income decreased slightly in Q4 driven by lower revenues from Company-owned stores. GAAP operating margin in Q4 came in at 17% while non-GAAP operating margin came in at 16.2%, down 100 basis points from the prior year's record quarter. Foreign exchange impacted EMEA margin significantly in Q4 with margin actually expanding after adjusting for FX. This expansion resulted from the ongoing shift in our store ownership model to an increasingly licensed store portfolio once again reinforcing the correctness of our EMEA store strategy.

讓我們來看看歐洲、中東和非洲地區（EMEA）。儘管商業環境十分艱難，EMEA 仍實現了其歷史上第二高的季度利潤。第四季營業收入略有下降，主要原因是公司自營門市的收入減少。第四季 GAAP 營業利潤率為 17%，非 GAAP 營業利潤率為 16.2%，較去年同期創紀錄的季度下降了 100 個基點。匯率波動對 EMEA 第四季的利潤率產生了顯著影響，經匯率調整後，利潤率實際上有所增長。這一成長源自於我們門市所有權模式的持續轉型，即更多地採用授權經營模式，這再次印證了我們 EMEA 門市策略的正確性。

As Kevin mentioned, Starbucks channel development segment continued to take category share in Q4 while also delivering record quarterly operating income and strong operating margin expansion. Operating income for the segment was $244 million and operating margin was 47.1%. On a non-GAAP basis, operating income reached $230 million, up 16% year-over-year as operating margin increased 480 basis points over the prior year quarter to 48%. This improvement was driven primarily by favorability in COGS primarily coffee costs and higher income from our North American coffee partnership with Pepsi.

正如凱文所提到的，星巴克通路拓展部門在第四季度繼續擴大市場份額，同時實現了創紀錄的季度營業收入和強勁的營業利潤率成長。該部門的營業收入為2.44億美元，營業利益率為47.1%。以非GAAP準則計算，營業收入達2.3億美元，年增16%，營業利益率較上年同期成長480個基點，達48%。這一成長主要得益於銷售成本（尤其是咖啡成本）的有利變化以及與百事可樂在北美咖啡合作帶來的更高收入。

Noteworthy is the channel development Q4 revenue growth excluding the extra week was 5%, somewhat lower than recent quarters driven by a very strong comparison in Q4 of last year. We are off to a strong start in Q1 of 2017 and anticipate revenue growth for channel development in the high single digits for the current quarter.

值得注意的是，剔除額外一週的影響，通路拓展業務第四季營收成長5%，略低於近幾個季度，這主要是由於去年同期基數較高所致。 2017年第一季開局強勁，預計本季通路拓展業務營收將實現接近兩位數的成長。

Our consolidated and segment performance for the full fiscal year 2016 were equally as strong. For the year, Starbucks posted record consolidated operating income of just over $4 billion with an 80 basis point expansion in operating margin to 19.6%. On a non-GAAP basis excluding the $0.06 for the 53rd week, EPS grew by 17% or nearly 19% after adjusting for approximately 2 points of impact from foreign exchange.

2016財年全年，我們的合併業績和分部業績同樣強勁。星巴克全年合併營業收入創歷史新高，略高於40億美元，營業利益率提升80個基點至19.6%。若不計入第53週的0.06美元，以非GAAP準則計算，每股收益成長17%；若剔除約2個百分點的匯率影響，則成長近19%。

Non-GAAP operating margin of 19.6% reflected a 50 basis point improvement over last year's non-GAAP operating margin. The increase was primarily driven by sales leverage that more than offset approximately 70 basis points of increased costs related to Partner and digital investments.

非GAAP營業利益率為19.6%，較去年同期提高了50個基點。這一成長主要得益於銷售槓桿效應，足以抵銷與合作夥伴和數位化投資相關的約70個基點的成本增加。

Consolidated revenue growth on a 52-week basis was 9% but reached 10% after adjusting for 1 point of negative FX impact.

以 52 週計算，綜合收入成長 9%，但在調整 1 個百分點的負面匯率影響後達到 10%。

Drilling down to the segment performance for the year, our Americas segment delivered 110 basis points of GAAP operating margin expansion and 80 basis points of non-GAAP margin expansion driven primarily by strong sales leverage partially offset by increased Partner investments. For the full year, our CAP segment delivered 60 basis points of margin expansion to 21.5%. On a non-GAAP basis, operating margin expanded by 50 basis points to 23.1%. Noteworthy is the CAP margin expanded despite approximately 200 basis points of negative impact from the combination of foreign exchange headwinds and the last bit of impact from the Japan ownership change.

深入分析全年各業務板塊的業績，美洲業務板塊的GAAP營業利潤率增長了110個基點，非GAAP利潤率增長了80個基點，主要得益於強勁的銷售槓桿作用，但部分被合作夥伴投資的增加所抵消。全年來看，CAP業務部門的利潤率成長了60個基點，達到21.5%。以非GAAP準則計算，營業利益率成長了50個基點，達到23.1%。值得注意的是，儘管受到外匯不利因素和日本所有權變更的最後影響，CAP業務板塊的利潤率仍實現了成長，但其利潤率仍下降了約200個基點。

Excluding these two items, segment margin expansion was significantly ahead of expectation for the year driven by strong store level profitability in both China and Japan.

剔除這兩項因素後，由於中國和日本門市層面獲利能力強勁，該業務板塊的利潤率擴張遠超預期。

For the year, EMEA margin was 13.5% on a GAAP and non-GAAP basis and a decrease of 30 basis points from fiscal 2015 due primarily to the impact of foreign exchange. Excluding the impact of FX, EMEA margin expanded slightly as the continued shift to a licensed model drove margin expansion despite very challenging macroeconomic and geopolitical environments in the region.

本年度，歐洲、中東和非洲地區的利潤率以美國通用會計準則（GAAP）和非美國通用會計準則（non-GAAP）計算均為13.5%，較2015財年下降30個基點，主要原因是匯率波動的影響。剔除匯率影響後，儘管該地區宏觀經濟和地緣政治環境充滿挑戰，但由於持續向特許經營模式轉型，利潤率仍略有增長。

Finally, for the full-year channel development operating margin reached 41.8%, non-GAAP operating income grew 21% and margin expanded by 410 basis points representing channel development's fourth straight year of margin expansion in excess of 100 basis points.

最後，全年通路發展營業利潤率達到 41.8%，非 GAAP 營業收入成長 21%，利潤率成長 410 個基點，這是通路發展連續第四年利潤率成長超過 100 個基點。

We started the year planning to open 1800 net new stores globally and ended the year with over 2000 net new stores showing the confidence we have both in our store development teams and in the profitability our new stores generate. In a time where most other retailers are cutting openings and increasing closures, we are prudently but confidently increasing our openings somewhat for next year.

年初我們計劃在全球淨增1800家門市，而年底實際淨增門店數量超過2000家，這充分體現了我們對門市開發團隊以及新店獲利能力的信心。在大多數零售商都在削減新店開業數量、增加門市關閉之際，我們謹慎而自信地計劃明年略微增加新店開業數量。

Finally, our effective tax rate for 2016 was 32.9% compared to 29.3% in fiscal 2015 reflecting the impact of almost an entirely nontaxable gain in fiscal 2015 related to the Starbucks Japan acquisition.

最後，2016 年我們的實際稅率為 32.9%，而 2015 財年為 29.3%，這反映了 2015 財年與收購日本星巴克相關的幾乎完全免稅收益的影響。

The strength and health of our business enables us to continue generating significant operating cash flow to both fund profitable growth opportunities and return significant amounts of cash back to shareholders. We returned a record of approximately $3.2 billion to shareholders in fiscal 2016 through dividends and share repurchases, a 33% year-over-year increase and today we announced that our Board has approved the 25% increase in our quarterly dividend to $0.25 per share.

我們業務的穩健發展使我們能夠持續產生可觀的經營現金流，從而為獲利成長機會提供資金，並向股東返還大量現金。 2016財年，我們透過股利和股票回購向股東返還了約32億美元，創歷史新高，年增33%。今天，我們宣布董事會已批准將季度股息提高25%，至每股0.25美元。

Looking ahead, we remain confident in our ability to deliver strong performance and profitability. Here are the relevant targets for fiscal 2017.

展望未來，我們依然對實現強勁的業績和獲利能力充滿信心。以下是2017財年的相關目標。

Consistent with our long-term guidance range, we expect global comp growth in FY17 to be in the mid-single digits range with the first half of the year towards the lower end of that range and some improvement during the second half of the year within that range. Complementing our expected comp growth will be the addition of approximately 2100 net new stores globally, up slightly from 2016 with 60% of planned openings outside the US.

與我們的長期業績指引範圍一致，我們預計2017財年全球同店銷售額成長將處於中等個位數區間，上半年接近該區間下限，下半年將有所回升，但仍在該區間內。為配合我們預期的同店銷售額成長，全球將新增約2,100家淨門市，略高於2016年，其中60%的計畫新店位於美國以外地區。

The Americas segment is expected to add 800 net new stores split roughly evenly between Company-owned and licensed. Our China Asia-Pacific segment will drive almost half of our global new store growth at approximately 1000 net new stores, two-thirds of which will be licensed. Our EMEA segment is targeting approximately 300 net new stores in fiscal 2017, virtually all of which will be licensed.

美洲地區預計新增800家淨門市，其中自營門市和特許經營門市大致各佔一半。中國亞太地區將貢獻全球近一半的新店成長，預計新增約1,000家淨門市，其中三分之二為特許經營門市。歐洲、中東和非洲地區（EMEA）的目標是在2017財年新增約300家淨門市，幾乎全部為特許經營門市。

These factors contribute to expected revenue growth of approximately 10% compared to fiscal 2016 on a 52-week basis.

這些因素使得預期營收成長將比 2016 財年（以 52 週計算）成長約 10%。

Consolidated GAAP and non-GAAP operating margin is expected to improve slightly from 2016 on a 52-week basis reflecting strong revenue growth and leverage on cost of goods sold and G&A partially offset by the impact of increased investments for retail store partners and digital investments. We expect partner and digital investments to increase by approximately $250 million versus an increase of approximately $160 million in 2016. The bulk of these investments will be in the US and driven by increased partner wages and benefits. We also expect to make investments in our major markets around the world including paving the way for global expansion of our digital flywheel and increases in certain partner benefits such as housing allowance in key markets.

預計合併後的GAAP和非GAAP營業利潤率（以52週計算）將較2016年略有改善，這主要得益於強勁的收入增長以及對銷售成本和一般及行政費用的有效控制，但部分增長將被零售門店合作夥伴投資增加和數字化投資的影響所抵消。我們預期合作夥伴和數位投資將增加約2.5億美元，而2016年同期增幅約1.6億美元。這些投資主要集中在美國，主要由合作夥伴薪資和福利的提高所驅動。我們還計劃在全球主要市場進行投資，包括為數位化飛輪的全球擴張鋪平道路，以及提高部分合作夥伴福利，例如在關鍵市場提供住房補貼。

Let me pause to put our increased partner investments in relation to our earnings growth in 2017 into proper perspective. Last year we increased investments by about $160 million and delivered non-GAAP EPS growth of 19% when adjusting for 2 points of negative FX impact. This year we are targeting about $250 million of incremental investments and we are still planning to deliver non-GAAP EPS growth of 15% to 16%. Given the strength in our businesses across the globe and ongoing efficiency opportunities in our supply chain and G&A cost structure, we are confident that we can deliver on our targets while appropriately funding our investments.

請容許我稍作停頓，以便更能理解我們2017年增加的合作夥伴投資與獲利成長之間的關係。去年，我們增加了約1.6億美元的投資，並在扣除2個百分點的負面匯率影響後，實現了19%的非GAAP每股收益成長。今年，我們的目標是新增約2.5億美元的投資，並仍計劃實現15%至16%的非GAAP每股盈餘成長。鑑於我們在全球業務的強勁表現，以及供應鏈和一般及行政成本結構中持續存在的效率提升空間，我們有信心在確保投資資金充足的情況下，實現既定目標。

Looking at our segments, we expect our operating margin in the Americas to be flat to up slightly relative to 2016 reflecting sales leverage and increased operational efficiencies but offset by the impact of increased investments. We expect moderate operating margin expansion in CAP with FX negatively impacting this segment a bit again in 2017.

從各業務部門來看，我們預期美洲地區的營業利潤率將與2016年持平或略有成長，這主要得益於銷售槓桿效應和營運效率的提升，但部分成長將被投資增加的影響所抵銷。我們預期亞太地區的營業利潤率將溫和成長，但匯率波動將在2017年再次對該板塊造成一定程度的負面影響。

Operating margin in EMEA will approach 15% for the year as we continue to optimize the portfolio and realize the benefits of the ongoing business model shift from Company-owned to licensed stores and our channel development segment will again drive moderate margin expansion versus prior year, though less than the very strong 410 basis point expansion we saw in 2016.

隨著我們不斷優化產品組合，並實現從公司自營店轉變為特許經營店的業務模式所帶來的益處，EMEA 地區的營業利潤率今年將接近 15%。我們的通路發展部門將再次推動利潤率較上年溫和成長，儘管低於 2016 年強勁的 410 個基點的成長。

All of this segment margin guidance I just shared is on a 52-week non-GAAP basis. Given all of these inputs we expect fiscal 2017 GAAP EPS in the range of $2.09 to $2.11 and non-GAAP EPS in the range of $2.12 to $2.14.

我剛才分享的所有分部利潤率指引均基於52週非GAAP準則。綜合以上所有因素，我們預期2017財年GAAP每股收益介於2.09美元至2.11美元之間，非GAAP每股收益在2.12美元至2.14美元之間。

Specifically looking at Q1 2017, we are targeting GAAP EPS in the range of $0.50 to $0.51 and non-GAAP EPS of $0.51 to $0.52 representing a somewhat lower year-over-year growth rate than the full year. This dynamic is driven by the significant Q1 ramping of the partner investments we announced this summer.

具體來看2017年第一季，我們預期GAAP每股盈餘為0.50美元至0.51美元，非GAAP每股盈餘為0.51美元至0.52美元，年成長率略低於全年成長速度。這項變更主要受我們今年夏季宣布的合作夥伴投資在第一季大幅成長的影響。

Neither FX or commodities are expected to have a major impact on year-over-year profit growth with FX slightly unfavorable and commodities slightly favorable. We have our coffee needs about two-thirds price locked for 2017. We expect our effective tax rate for 2017 will be about 34% and capital expenditures will be about $1.6 billion.

預計外匯和商品價格均不會對年度利潤成長產生重大影響，其中外匯價格略微不利，商品價格略微有利。我們已鎖定2017年約三分之二的咖啡需求價格。我們預計2017年的實際稅率約為34%，資本支出約為16億美元。

As I said at the outset, Starbucks fiscal Q4 capped off a record year for the Company, a performance that was particularly noteworthy as it was delivered in the face of strong FX headwinds and challenging economic consumer and geopolitical environments in many markets around the world in which we compete. And as you can see, each of our segments contributed to our performance in the quarter and year in a meaningful way. We are producing industry-leading returns on our capital and investments while increasing our cash return to shareholders.

正如我一開始所說，星巴克第四財季為公司創紀錄的一年畫上了圓滿的句點。尤其值得一提的是，這項業績是在面臨強勁的匯率逆風以及我們在全球眾多市場所處的充滿挑戰的經濟、消費和地緣政治環境的情況下取得的。如您所見，我們每個業務部門都對本季和全年的業績做出了重要貢獻。我們在提高股東現金回報的同時，也實現了業界領先的資本和投資報酬率。

Once again, credit for our success goes to our store partners around the world whose dedication and commitment to delivering an elevated Starbucks experience to our customers enables us to consistently deliver the results we do.

再次感謝我們世界各地的門市夥伴，正是他們的奉獻和對為顧客提供卓越星巴克體驗的承諾，才使我們能夠持續取得這樣的成績。

We are looking forward to sharing more of our future plans with you at our upcoming investor day.

我們期待在即將舉行的投資者日上與您分享更多未來的計劃。

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

這樣，我就把電話轉回接線生進行問答環節。接線生？

(Operator Instructions). Andy Barish, Jefferies.

（操作說明）。安迪·巴里什，傑富瑞集團。

Just wondering on the US comp and the round down, did you see sort of some of the afternoon pressures in frappaccino declines as the summer went on with your summer beverage program or did things get a little bit better there and you kind of have some products that can maybe pick up the slack for frappaccino?

我只是想了解美國市場的情況，以及向下取整的情況。隨著夏季飲品計劃​​的推進，您是否注意到下午時段星冰樂的銷量有所下降？或者情況有所好轉，您是否有一些產品可以彌補星冰樂的銷售缺口？

Yes, Andy, this is Kevin. First of all, we saw growth in every daypart in the US this last quarter and frappaccino contributed a bit of comp so we saw from the weakness we had in frappaccino in Q3, we saw positive contribution towards comp from frappaccino in Q4.

是的，安迪，我是凱文。首先，上個季度我們在美國各個時段的銷售額都有所增長，星冰樂也貢獻了一些銷售額，所以我們看到，儘管星冰樂在第三季度表現疲軟，但在第四季度它對銷售額的貢獻是積極的。

David Palmer, RBC.

David Palmer，RBC。

Good evening. This is Eric Gonzalez in for David Palmer. I think you said your mobile payment mix is about 25% during the quarter. I think this implies that similar to last quarter I think have flattened out on a sequential basis. Have you analyzed why this might be and do you think that there are steps that you could take to jumpstart the growth in that mix?

晚安.我是埃里克·岡薩雷斯，代替大衛·帕爾默發言。我記得您說過，本季行動支付佔比約為25%。我認為這意味著，與上個季度類似，行動支付的成長已經趨於平緩。您是否分析過造成這種情況的原因？您認為可以採取哪些措施來促進行動支付佔比的成長？

Yes, this is Kevin. First of all, the order consolidation impact has an impact on this as well. Keep in mind this is 25% of transaction paid for with the mobile app and so with the order consolidation you have customers actually doing more spend on the mobile app but the number stays the same. And then I think late in the quarter we have seen that tick up to 26%. You have -- the big contributor though was the order consolidation that impacted that.

是的，我是凱文。首先，訂單整合也對此產生了影響。請記住，這部分交易額佔行動應用支付總額的25%，因此，訂單整合後，雖然客戶在行動應用上的消費額有所增加，但整體比例保持不變。然後，我認為在本季末，我們看到這一比例上升到了26%。不過，造成這項變化的主要因素是訂單整合。

Sara Senatore, Bernstein.

薩拉·塞納托雷，伯恩斯坦。

Thank you. I wanted to ask about the roastery and the reserve stores and I guess the halo you mentioned. Can you talk perhaps about anything you are seeing in terms of consumer perception that you might track? And I guess for those of us in New York, we see a lot of these so-called third wave coffee shops opening up. So is this sort of a beachhead for Starbucks against that? Are you not seeing an impact from that? Just wanted to get a sense of what the roasteries and the reserve bar stores are doing for you? Thank you.

謝謝。我想問關於烘焙工坊、臻選咖啡店以及您提到的光環效應。您能否談談您在消費者認知方面觀察到的哪些變化？我想，對於我們這些身處紐約的人來說，我們看到很多所謂的「第三波」咖啡館如雨後春筍般湧現。星巴克開設這些門市是否算是對它們的一種反擊？您是否感受到了這種影響？我只是想了解烘焙工作坊和臻選咖啡店對您來說意味著什麼。謝謝。

Thank you. Sara, can I just ask you have you seen the roastery in Seattle, have you been there?

謝謝。薩拉，請問你有沒有去過西雅圖的烘焙坊，看過嗎？

I have.

我有。

Okay. Would you agree with me that you have never seen anything quite like that?

好的。您是否同意我的看法，您從未見過如此奇特的景象？

It is magical, that is an accurate assessment.

它簡直太神奇了，這個評價非常準確。

Okay, all right. I guess if you are a lawyer, you were never supposed to ask a question you don't know the answer to so I took a little risk there.

好吧，好吧。我想，如果你是律師，你就不應該問自己不知道答案的問題，所以我當時冒了點險。

But I think anyone who has seen the roastery understands that in addition to it being the kind of coffee experience it has really no peer in terms of the retail experience but all along we set out to build a new brand and that was Starbucks Reserve with the understanding that we had an opportunity to elevate the core business and really take the brand and the coffee up to a new level.

但我認為，任何參觀過烘焙廠的人都會明白，除了它提供的咖啡體驗之外，它在零售體驗方面也確實無與倫比。但我們一直以來的目標都是打造一個新品牌，那就是星巴克臻選，因為我們意識到我們有機會提升核心業務，真正將品牌和咖啡提升到一個新的水平。

Now many of us have seen this take place in other industries, the fashion industry, the automobile industry, I think a good analog is what Nike has been able to do with Air Jordan and that is build a profit center and a sub brand that unto itself is a growth engine and as a result of that, shines a halo on the entire company.

現在我們很多人都看到這種情況發生在其他產業，像是時尚產業、汽車產業。我認為Nike憑藉 Air Jordan 的成功就是一個很好的例子，它創造了一個利潤中心和一個子品牌，這個子品牌本身就是一個成長引擎，並因此為整個公司帶來了光環。

Now the roastery itself has created the kind of retail experience that we are learning a great deal from and the primary thing we are learning is that the Reserve Bar which in our parlance that is the espresso bar and where all the coffee is made in multiple brewing methods. That has created excitement, interest, education, romance, theater but it also has created the opportunity for us to provide our customers with a different coffee experience and candidly at a higher ticket.

如今，這家烘焙廠本身就創造了一種零售體驗，我們從中獲益匪淺。其中最重要的一點是，我們的「臻選吧」（Reserve Bar）——也就是我們常說的濃縮咖啡吧——採用多種不同的沖泡方式來製作咖啡。這不僅激發了顧客的興奮感、興趣，也帶來了知識性、浪漫情懷和戲劇性，更重要的是，它為我們提供了為顧客提供更多元咖啡體驗的機會，坦白說，價格也更高。

So we are taking a learning from that and we are integrating that into existing and new Starbucks Stores; those are the four stores that opened in Manhattan, they have opened in Lake Forest, Illinois, they have opened in Japan, in China. And what we are seeing is the core Starbucks customer is coming into the store and as a result of seeing Reserve and getting educated, they are taking their cue from the Reserve Bar and the presentation and they are moving over to the Reserve Bar and now purchasing espresso-based beverages that are more exotic, a different taste profile, higher ticket and obviously that shines a halo on the Starbucks experience.

因此，我們從中汲取經驗，並將其融入現有和新建的星巴克門市中；這些門市包括曼哈頓新開的四家，以及伊利諾州萊克福里斯特、日本和中國的門市。我們發現，星巴克的核心顧客走進門市後，在了解了臻選咖啡（Reserve）並接受了相關教育後，開始從臻選吧台和展示方式中汲取靈感，並轉向臻選吧台，購買更具異國風情、口味更獨特、價格更高的意式濃縮咖啡飲品。顯然，這提升了星巴克的整體體驗。

Now the big opportunity in addition to that is we believe that given the fact that the roastery is only going to be in 10, 20, 30 markets over the next number of years, the question is how do we scale the Reserve brand and how do we make it more accessible to our customers? So we have been diligently working on a new store format and that new store format is Starbucks Reserve Stores and basically if you can think about it this way, it is a 3500, 3000 square foot store that has the design, the elegance, the materiality and all of the romance without roasting in the store with artisanal food that we are bringing from Italy that we talked about in the last call that is Princi. And will those stores will begin opening in the second half of the year.

除此之外，我們認為，鑑於未來幾年烘焙工坊只會涵蓋10到30個市場，我們面臨的巨大機會是如何擴大臻選咖啡品牌的規模，以及如何讓顧客更容易享用到它？因此，我們一直在努力研發全新的門市模式，那就是星巴克臻選門市。簡單來說，您可以這樣理解：這是一家面積在3000到3500平方英尺的門店，擁有精緻的設計、優雅的格調、考究的材質以及浪漫的氛圍，但店內並不進行咖啡豆烘焙，而是提供我們從意大利引進的、我們在上次電話會議中提到的Princi品牌的特色美食。這些門市將於今年下半年開始陸續開幕。

So the Reserve brand, the pyramid starts with the roastery, it goes to the Reserve Store and then goes to the Reserve Bar.

所以 Reserve 品牌的金字塔結構從烘焙廠開始，然後是 Reserve 專賣店，最後是 Reserve 酒吧。

As I said in my prepared remarks, we think that we are sitting on an opportunity to not only elevate the equity of the brand but drive incrementality in existing Starbucks Stores and create a new growth platform for the Company domestically and internationally and most importantly, take the Company up. But the short answer to your first question this is not in response to any so-called third wave coffee. This is in response to the fact that we have a customer base of almost 90 million strong and we know that our customers have given us license and have the trust in us to elevate the experience and the roastery is a proof source that we are onto something that we can scale and create a national and a global footprint as a result of it.

正如我在事先準備好的發言稿中所說，我們認為我們正坐擁一個絕佳的機會，不僅可以提升品牌價值，還能推動現有星巴克門市的業績增長，為公司在國內和國際市場打造全新的增長平台，而最重要的是，能夠帶領公司走向新的高度。但對於你的第一個問題，簡而言之，這並非是對所謂「第三波咖啡浪潮」的回應。這是因為我們擁有近9000萬的龐大客戶群，我們深知客戶賦予了我們權力，並信任我們能夠提升他們的體驗。而我們的烘焙工坊正是我們成功的關鍵所在，它證明了我們能夠將這一理念規模化，並最終在全國乃至全球範圍內建立起穩固的地位。

The last piece of this is we are now selling Starbucks Reserve whole bean and ground coffee in existing Starbucks Stores and this is just the beginning of leveraging multiple channels of distribution under that brand.

最後一點是，我們現在在現有的星巴克門市銷售星巴克臻選咖啡豆和研磨咖啡，而這只是利用該品牌下多個分銷管道的開始。

John Glass, Morgan Stanley.

約翰‧格拉斯，摩根士丹利。

It seems that membership in my Starbucks Reward is the beginning of a funnel, you get consumers in at these mobile payment, mobile ordering and yet I'm always surprised at how few people are actually members when I talk to friends, families, whatever they are members of the program. So how do you accelerate that? I thought one of the reasons that you were changing the point system was enable to use the points or the stars outside of the Starbucks Stores. We haven't heard much in terms of new alliances for example to broaden that. So people who may not have been Starbucks customers become member through other organizations or affiliations they may have. Where do you stand on the process?

我覺得加入星巴克獎勵計畫只是個開始，你們透過行動支付和行動下單吸引顧客，但每次和朋友、家人聊天，發現他們當中真正成為會員的人卻寥寥無幾，這讓我很驚訝。那麼，你們是如何加速會員成長的呢？我記得你們改革積分系統的原因之一是為了讓顧客可以在星巴克門市以外的地方使用積分或星級。但我們很少聽到你們為了拓展會員範圍而推出新的合作項目。這樣一來，那些原本不是星巴克顧客的人，就可以透過他們所屬的其他組織或機構成為會員了。你們對這個流程有什麼看法？

Thank you, John. Matt Ryan here. First of all, we see this as an enormous opportunity moving forward. We know that very few of our customers relatively speaking have become members and that to us represents an enormous opportunity moving forward.

謝謝你，約翰。我是馬特·瑞安。首先，我們認為這是一個巨大的發展機會。我們知道，相對而言，我們的客戶中只有極少數成為了會員，而這對我們來說意味著未來巨大的發展機會。

What we do know is that when we are able to convert somebody into being a member of the program, we see tremendous incrementality as they join the program and we continue to see that accelerate. Over the past few months, we have worked on successfully transitioning our program to a spend-based program and we are now seeing the uptick in spend per member and engagement that we anticipated from the launch of the program. So we are completely on track and accelerating in that regard.

我們確信，一旦有人加入我們的項目，我們就能看到顯著的成長，而且這種成長還在持續加速。過去幾個月，我們成功地將專案模式轉型為基於消費的模式，現在我們看到了預期中會員消費和參與的提升。因此，我們在這方面進展順利，並且正在加速。

Our next big opportunity moving forward especially in the natural window that we have ahead of us in the next few quarters is to take advantage of the traffic we see, the card volume we do to convert even more people to Starbucks Rewards.

接下來，尤其是在未來幾季我們所擁有的自然窗口期內，我們下一個重大機會是利用我們看到的客流量和刷卡量，將更多的人轉化為星巴克獎勵計劃的會員。

And just on the topic of extending outside of Starbucks, it has never been our intention to have Starbucks stars be used at other venues. But we are going to be giving customers the opportunity to earn stars at other venues starting with a partnership with Chase which we previously announced.

至於將積分使用範圍擴展到星巴克以外的話題，我們從未打算讓星巴克積分在其他地方使用。但我們將為顧客提供在其他場所賺取積分的機會，首先是與摩根大通銀行的​​合作，我們之前已經宣布過這項合作。

David Tarantino, Robert W. Baird.

大衛·塔倫蒂諾，羅伯特·W·貝爾德。

Good afternoon. Scott, I just wanted to ask about the guidance. I know you mentioned that you expect mid single-digit comps for the year and perhaps in the lower part of that in the first half of the year and an upper part of that in the second half of the year if I heard you correctly. So could you just talk about sort of what you might be trying to signal there about the first half of the year, whether it is more of the same versus what we have been seeing in the recent quarters?

下午好，史考特，我想問一下關於業績指引的問題。我知道您提到預計全年同店銷售額將達到個位數中段，如果我理解沒錯的話，上半年可能會略低於這個數字，下半年則會高於這個數字。所以，您能否談談您對上半年業績的預期，是與最近幾季相比，情況會有什麼變化？

And then maybe talk about why that would be the case. Is it just the comparisons or are you thinking there are certain initiatives that start to kick in in the second half of the year that will help the comps?

然後或許可以談談為什麼會這樣。只是因為比較本身，還是你認為下半年會有一些措施開始生效，有助於改善比較結果？

Thanks, David. I think I would start with the fact that Howard covered around the environment that we are facing right now in many of our major markets around the globe. So the consumer remains under pressure in many places in Europe and Asia as well as here in the US, economic uncertainty around the overall consumer environment, around the election, that continues to weigh on our customers around the globe. And I think we can see that continuing as we get into 2017.

謝謝，大衛。我想先說說霍華德剛才提到的，我們目前在全球許多主要市場都面臨類似的環境問題。在歐洲、亞洲以及美國，消費者仍承受著巨大的壓力。整體消費環境的不確定性，以及選舉帶來的種種影響，持續困擾全球各地的消費者。我認為這種情況在2017年還會持續下去。

Then I would point to the fact that the comparisons that we have had over the last couple of quarters have been particularly difficult and impacted our comps that we have reported in 3Q in 4Q and those comparisons if anything they get a little bit tougher as you get into Q1 and certainly stay as tough in Q2 so that weighs into the guidance.

然後我想指出，過去幾季的比較情況尤其艱難，影響了我們在第三季和第四季公佈的業績，而且隨著第一季的到來，比較情況會變得更加嚴峻，第二季也依然如此，因此這對業績指引產生了影響。

And then the third thing and perhaps the most important thing is we do have a number of initiatives that we will be rolling out and accelerating over the course of the year. We are going to spend a lot of time talking about this during investor day but they include innovation around store development and store design, even beyond what Howard is talking about in Reserve focused stores. But as we go through a pretty significant cycle of remodels, we see ways to do those remodels to both improve the customer experience as well as our partner experience and productivity.

第三點，或許也是最重要的一點，是我們今年將推出並加速一系列舉措。我們將在投資者日花大量時間討論這些舉措，其中包括門市開發和設計方面的創新，甚至超越了霍華德在Reserve專營店中提到的內容。隨著我們進行相當大規模的門市改造，我們正在尋找能夠同時提升顧客體驗、員工體驗和工作效率的改造方案。

When you get on the digital front, Kevin talked about some of this but we just launched favorites from an item standpoint and from a store standpoint and I am sure John, you have used the favorite stores. It is so much easier if you are in a dense urban area to pick among your stores and save them and quickly get what you want. The same thing with favorite items for highly customized beverages. So that is just rolling out and over the next couple of quarters, we will get to suggested selling where as the customer is building their order in the app we will be able to make relevant product suggestions to them.

在數位化方面，凱文之前也提到過一些，但我們最近推出了商品和店舖的收藏功能。約翰，我相信你肯定用過收藏店。如果你身處人口密集的城市地區，收藏店真的方便多了，你可以快速找到想要的商品並保存下來。對於高度客製化的飲品，收藏功能也同樣適用。這項功能目前也正在逐步推出，未來幾個季度，我們將推出推薦銷售功能，屆時顧客在App下訂單時，我們會根據他們的喜好推薦相關的商品。

So that is all coming. Then product and food or food and beverage innovation is coming. Kevin talked about holiday. As we get into the new calendar year, there is a number of things that we will talk about on the food side that we will sample at investor day.

所以這些都即將到來。接下來是產品和食品，或者說食品飲料創新。凱文談到了假日季。隨著新年的到來，我們將在投資者日上展示一些食品方面的產品。

So I think as we look into calendar year 2017, there is a number of things that make us a bit more optimistic that we might be able to get in the middle of that mid single-digit range versus I think the first six months or so it will be toward the lower end of that range.

所以，展望 2017 年，有很多因素讓我們更加樂觀地認為，我們或許能夠達到個位數中段的水平，而我認為前六個月左右的水平會接近該範圍的下限。

Andrew Charles, Cowen & Company.

安德魯查爾斯，考恩公司。

Thank you. Can you walk us through how that 1% headwind from transaction splitting in 3Q widened to the 2% in 4Q? It is basically implying that there is going to be one person used to do three transactions or two people use to do three transactions consolidating that into one? I understand the benefits obviously of a program and why that would normally happen but I am guess I'm curious hunters about why that widened?

謝謝。您能否解釋一下，為什麼第三季因交易分割而導致的1%的負面影響，在第四季擴大到了2%？這是否意味著原本由一個人處理三筆交易，或由兩個人處理三筆交易，現在合併成了一筆？我當然理解這項計劃的好處以及通常這樣做的原因，但我很好奇為什麼影響會擴大？

Sure. It is Matt Ryan here. Let me take a stab at trying to answer that, it is a little bit complex so bear with me here. What we are seeing is basically how we record the transactions of customers in our stores and what we had in the past that we didn't necessarily have visibility to are people or parties of people coming in and buying multiple items. We could predict and forecast based upon what we saw on a singular account, somebody coming in and buying something and then right away using the same account again to buy something else. That accounted for about 1 point of what we call transaction splitting going away.

當然。我是馬特·瑞安。讓我試著回答這個問題，它有點複雜，請耐心聽我說。我們現在看到的，基本上是我們如何記錄顧客在門市的交易，以及過去我們無法直接觀察到的情況，例如顧客或團體進店購買多件商品。我們可以根據單一帳戶的記錄來預測，例如有人進店購買一件商品後，立即使用同一個帳戶再次購買其他商品。這大約解釋了我們所說的「交易拆分」現象消失的1個百分點。

But what we were able to see through the end of the second quarter especially as people adjusted their habits was that there was actually consolidation taking place between multiple accounts and of course there would have been no way for us to see that before. But what we saw were multiple beverages being put on Starbucks reward accounts where they hadn't been put on there before.

但到了第二季末，尤其是在人們調整消費習慣之後，我們發現多個帳戶之間實際上出現了整合，這在之前我們當然無法察覺。我們看到，一些以前從未出現在星巴克獎勵帳戶中的飲料被添加到了這些帳戶中。

When you roll that all up together what that means is we had two total points of what had been recorded on separate accounts before now being consolidated onto a single account. So while the actual traffic wasn't any different, we are seeing consolidation of 2 points when you take both of those things into consideration.

把所有這些因素加在一起，意味著之前分別記錄在兩個不同帳戶中的數據點，現在合併到了一個帳戶中。因此，雖然實際流量並沒有變化，但考慮到這兩點，我們看到的是兩個數據點的合併。

I would just add one thing to what Matt said, we started to see that in beverage attach. So as we got into the summer, we had the point that we expected but when we looked at beverage attach, that really started to increase significantly and that is when we knew that multiple accounts were putting beverages on a single transaction where they were splitting it before.

我只想補充一點，就像Matt剛才說的，我們開始在飲料附加費方面發現這個問題。到了夏天，我們達到了預期的目標，但當我們查看飲料附加費時，發現它開始顯著增長，這時我們才意識到，以前多個帳戶會分開購買飲料，而現在他們會把飲料合併到一筆交易中。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

Thank you. Howard, I was going to ask you to maybe apply the current environment in terms of what we are seeing both in the US and around the world in the consumer environment to what you have seen elsewhere in your decades of experience at Starbucks. I guess a lot of us are on the call are wondering if the environment can actually get better from where we are today and as you kind of think about the election and getting that behind us, whether there is kind of an opportunity for the overall consumer sentiment and spending and the external environment perhaps being more of a tailwind than the headwind it has been in the last couple of years?

謝謝。霍華德，我本來想請你結合你過去幾十年來在星巴克的經驗，談談我們目前在美國乃至全球的消費環境。我想我們很多人都在思考，目前的消費環境是否有可能好轉。隨著大選的臨近，以及疫情逐漸平息，消費者的整體情緒和支出是否會迎來轉機，外部環境是否會從過去幾年的逆風轉變為順風？

John, I wish I was as smart as you might expect me to be. We are asking ourselves the same questions that you have just posed. And I think also I think as we get around our table and we talk about the business if you were in the room, you would hear us talking about the fact that we don't want to use weather and we don't want to use the uncertainty in the election as an excuse. But nevertheless, we are all trying to navigate through a difficult time. I would label this time as just a high degree of uncertainty that obviously is domestically driven but has affected the rest of the world.

約翰，我真希望自己能像你所期望的那樣聰明。我們自己也在問自己同樣的問題，就像你剛才提出的。而且，我想，如果我們圍坐在桌旁討論業務，如果你當時在場，你會聽到我們說，我們不想拿天氣和選舉的不確定性當藉口。但無論如何，我們都在努力度過這段艱難時期。我會把這段時期描述為高度不確定，雖然顯然是由國內因素造成的，但也影響了世界其他地區。

John and I and Cliff just last week were in China and Japan and Cliff and I will be in Europe next week and I think it is safe to say that wherever we have been, I don't think we have ever witnessed such concern about what could happen in the US as a result of the election. And I think there is no question as I speak to other retailers and other merchants both in and out of our sector, there isn't one exception where everyone is experiencing I think a very unpredictable and erratic chain of events where it is very, very hard.

就在上週，我和約翰還有克里夫去了中國和日本，下週我和克里夫還要去歐洲。我想可以肯定地說，無論我們去過哪裡，都沒有感受到像現在這樣對美國大選可能帶來的後果如此擔憂。而且，當我與其他零售商和商家交流時，無論他們是否身處我們這個行業，我都一致認為，每個人都面臨著一系列難以預測且變幻莫測的事件，日子非常非常難熬。

I think what is equally hard, it is very hard to cut through all of the noise and try and get access to the customer and try and get your message out. So I think we have tried to be very disciplined and very thoughtful about how we spend our money both in traditional advertising and social media so that we are not in any way kind of getting caught into all of this.

我認為同樣困難的是，要突破重重噪音，觸達客戶，並將訊息有效傳達出去。因此，我們一直努力精打細算，謹慎地分配資金，無論是在傳統廣告還是社群媒體方面，以免被各種資訊淹沒。

I think everyone is helping that post the election, there will be a return to a natural state of affairs in terms of consumer behavior but I think there is another issue on the table that we have not yet discussed that I talked about three years ago and that is the seismic shift in consumer traffic.

我認為大家都在努力促成大選後消費者行為回歸正常狀態，但我認為還有一個問題擺在我們面前，我們還沒有討論過，那就是消費者流量的巨大變化，我三年前就談到過這個問題。

I was talking to Fred Smith just a couple of weeks ago about his situation at FedEx and he shared with me a piece of research which showed a significant drop in foot traffic on Main Street and in malls not only domestically and around the world as a result of e-commerce, the web and what I will loosely describe as the Amazon effect. As a result of that, you are certainly seeing large companies and small companies not only not open new stores but announce closures.

就在幾週前，我和佛瑞德‧史密斯聊起他在聯邦快遞的處境。他給我看了一項研究，研究顯示，由於電子商務、互聯網以及我姑且稱之為「亞馬遜效應」的現象，不僅在國內，而且在全球範圍內，商業街和購物中心的客流量都大幅下降。因此，我們看到大大小小的公司不僅不再開設新店，反而宣布關閉部分門市。

And let me just speak to that. I know this is a little long-winded but I think it is important. There is no doubt that over the next five years or so we are going to see a dramatic level of retailers not be able to sustain their level of core business as a traditional bricks and mortar retailer and their omnichannel approach is not going to be sustainable to maintain their cost of their infrastructure. And as a result of that, there is going to be a tremendous amount of changes with regard to the retail landscape.

讓我談談這一點。我知道這有點囉嗦，但我認為這很重要。毫無疑問，在未來五年左右的時間裡，我們將看到大量零售商無法維持其作為傳統實體零售商的核心業務水平，而他們的全通路模式也無法維持其基礎設施成本。因此，零售業格局將會發生翻天覆地的變化。

We believe as we look down that pipe and look at the future that our ability to maintain our growth in terms of new stores domestically and internationally coupled with the fact that Starbucks still maintains a very special place in terms of a sense of community, the third-place environment and people looking for and seeking out human contact and a place to go that as these store closures occur and they will, that we are going to be in a very unique position five, 10 years down the road because there is going to be a lot less people competing for those customers.

我們相信，展望未來，我們有能力在國內和國際市場保持新店增長，再加上星巴克在社區感、第三空間環境以及人們尋求人際交往和休閒場所方面仍然保持著非常特殊的地位，隨著這些門店的關閉（而這種情況終將發生），未來五到十年，我們將處於非常獨特的地位，因為屆時爭奪這些顧客的競爭對手會少得多。

I'm not talking about the coffee category, I am talking overall. But we are in the very, very early stages of a tremendous change in the bricks and mortar footprint of retailers domestically and internationally as a result of the sea-change in how people are buying things and that is going to have I think a negative effect on all of retail. But we believe that it is going to have ultimately a positive effect on the position that we occupy and the environment that we create in our stores.

我說的不是咖啡類別，而是整個零售業。由於人們購物方式的徹底改變，我們正處於零售業實體店佈局在國內外發生巨大變革的初期階段，我認為這將對整個零售業產生負面影響。但我們相信，最終這將對我們自身的市場地位以及我們在門市營造的購物環境產生正面影響。

So short answer, I think we've got to get through this uncertainty. We are playing the long came in everything we do and we are going to continue to do everything we can to win the hearts and minds of our customers and invest in our people and really create breakthrough innovation as a result of what we are doing with the roastery and other things.

簡而言之，我認為我們必須渡過這段不確定時期。我們做任何事都著眼長遠，我們將繼續竭盡所能贏得客戶的信任和支持，投資於我們的員工，並透過我們在烘焙廠和其他方面的工作，真正創造突破性創新。

Just one thing about the roastery as New York and Shanghai open, for those of you who have seen Seattle, I will tell you that Shanghai and New York will be 2.0 as good as Seattle is. Wait until you see what we are going to do in New York and Shanghai. I mean we are just going to -- it is going to change the Company, the brand and everything we do.

關於紐約和上海的烘焙工坊開業，有一點需要說明。去過西雅圖的朋友可以放心，上海和紐約的烘焙工坊將會比西雅圖的更好，而且是西雅圖的2.0版本。等著瞧我們在紐約和上海會做出什麼吧。我的意思是，我們將徹底改變公司、品牌以及我們所做的一切。

Jason West, Credit Suisse.

瑞士信貸的傑森·韋斯特。

Just two quick clarifications and then a question. Just one, Scott, on the guidance on the investment just to be clear, that 250 is incremental to the 160, it is not 90 over the 160?

先澄清兩點，然後再問一個問題。史考特，關於投資指引，我確認一下，250是在160的基礎上增加的，而不是在160的基礎上增加90，對嗎？

And then on the coffee outlook, can you just say if that is kind of looking flat or up or down for next year on what you have locked?

那麼，關於咖啡產業的前景，您能否根據您目前掌握的信息，預測一下明年咖啡產業的發展趨勢是持平、上漲還是下跌？

And then the bigger picture question just on the disruption I guess you saw last quarter when you switched the loyalty program and people getting used to that new structure, do you think there is still some disruption there that needs to get worked through or has that been sort of fully understood and people moving forward now with that?

那麼，從更宏觀的角度來看，關於上個季度你們更換會員計劃時造成的混亂，以及人們適應新結構的情況，您認為目前是否仍然存在一些需要解決的混亂，還是說人們已經完全理解並正在適應新的結構？

Thanks, Jason. I will take the first couple and then I will pass it over to Matt. The 250 is incremental so it would be on top of the 160 and then we see coffee a little bit favorable year-over-year but as I mentioned in my prepared remarks, it is pretty much offset by slightly negative foreign exchange impact.

謝謝，傑森。我先處理前幾個問題，然後交給馬特。 250是新增的，所以是在160的基礎上加上去的。我們看到咖啡價格比去年同期略有上漲，但正如我在準備好的演講稿中提到的，這幾乎被略微不利的匯率影響所抵消了。

As for the disruption, a couple of key things. I think we are through with anything you might characterize as disruption but I want to be careful with what I mean there. Number one is that we saw no attrition from the so-called disadvantaged people. We studied this issue very carefully and tracked it all through the summer and we did not see those people who are not earning rewards as quickly diminish in any way within the program.

至於所謂的“中斷”，有幾點需要特別說明。我認為我們已經克服了所有可能被稱作「中斷」的問題，但我需要謹慎定義。首先，我們沒有看到所謂的弱勢族群有任何流失。我們非常仔細地研究了這個問題，並在整個夏季持續追踪，結果發現那些未能快速獲得獎勵的人員並沒有在專案中以任何方式減少。

The thing that we did want to see last quarter but which we saw this quarter was an acceleration in spend per member. So keep in mind that the reason why we did this was to be able to have the lever not just of transaction but also of ticket. That didn't materialize in Q3 but did materialize in Q4 and we are seeing acceleration in the spending per member. So we are feeling very, very good about having come out of the program transition with very minimal collateral damage in any way and a good trajectory in front of us especially as we lean into acquiring new members.

上個季度我們一直希望看到，而本季也確實看到了，那就是會員人均消費額的加速成長。請記住，我們這樣做的目的是為了能夠同時掌控交易量和客單價。雖然第三季未能實現，但第四季已經實現，我們看到了會員人均消費額的加速成長。因此，我們對專案轉型非常滿意，幾乎沒有任何負面影響，而且前景良好，尤其是在我們致力於獲取新會員方面。

Joe Buckley, Bank of America.

喬·巴克利，美國銀行。

One follow-up as well and then one additional question. Could you share with us -- this is the follow-up -- could you share with us the My Starbucks Rewards, what percent of either sales or transactions the total program represents whether people are doing it on their phone or are doing it kind of the old-fashioned way or however they are doing it what that total is?

還有一個後續問題。能否請您分享一下—這是後續問題—「我的星巴克獎勵計畫」在總銷售額或總交易額中所佔的百分比？無論顧客是透過手機還是傳統方式參與，或採用其他任何方式參與，該計劃的總額是多少？

And then secondly, wanted to ask about the espresso bars and where you stand in that rollout and if you could talk a bit about the type of sales impact you see when you install that in an existing Starbucks?

其次，我想問一下關於濃縮咖啡吧的問題，以及你們在推廣這項業務方面所處的階段，還有，在現有的星巴克門店安裝濃縮咖啡吧後，你們看到了什麼樣的銷售影響？

Matt Ryan here. Very quickly on the percent of tender. So we see 33% of tender coming in from Starbucks Rewards across mobile and registered cards. We see an additional 5% coming in from non-registered cards so between card and the Starbucks Rewards Program it is at 38 and mobile of course is at 25% right now.

我是Matt Ryan。簡單來說說支付方式的佔比。我們看到，透過手機和註冊卡支付的星巴克獎勵計畫支付佔總支付額的33%。另外5%的支付來自非註冊卡，所以星巴克獎勵計劃和註冊卡支付的總佔比為38%，手機支付佔比為25%。

With regard to the espresso bars, what is very interesting about the evolution of the espresso bars is that we actually started this believe it or not in China. The China experience and the design of the stores gave rise to the understanding that we had an opportunity in existing Starbucks Stores and some new stores to offer the customer an alternative based on what was going on and what we were initially learning in the roastery.

關於義式咖啡吧，其發展歷程中最有趣的一點是，說來你可能不信，我們實際上是在中國開始推出這項服務的。中國市場的經驗和門市設計讓我們意識到，在現有的星巴克門市以及一些新門市中，我們有機會根據當時的市場情況以及我們在烘焙工坊的初步經驗，為顧客提供一種新的選擇。

So it is very early on domestically. We have been doing this in Asia for a while. But if we look at what has happened in the roastery and we say to ourselves could we transfer the opportunity of premiumization in the existing or new Starbucks Store, what we are learning is in the stores that have opened in New York and I will mention them again 85th and Madison; 10 Waverly, Brookfield Place and 9th and Broadway, a new store Lake Forest, Illinois, what we are seeing and it is early days is that customers are moving their core beverages to the espresso bar, they are enjoying the opportunity to sit at the bar because of the theater and the romance of watching their beverage be made and the ticket is going up but it is early.

所以，在國內市場，這還處於非常早期的階段。我們在亞洲已經這樣做了有一段時間了。但如果我們審視一下烘焙廠的情況，並思考能否將高端化的機會轉移到現有或新建的星巴克門店，我們從紐約新開的門店（我再提一下，分別是85街和麥迪遜大道交匯處、韋弗利街10號、布魯克菲爾德廣場和百老匯大街9號，以及伊利諾伊州萊克福里斯特的新店中了解，雖然現在最處於早期飲料吧，但客戶端他們喜歡坐在吧台，因為觀看咖啡師製作飲品的過程充滿樂趣和浪漫。客單價也在上漲，但這仍然只是初步階段。

So this is an opportunity that we have to integrate those Reserve Bars in many of the stores that are going to be naturally on a remodel cycle as well as open new stores from scratch. And then as I said earlier, the Reserve Stores coupled with their roastery is going to create an opportunity for the brand to be elevated with a lot of awareness and a lot of trial.

所以，我們有機會將這些臻選咖啡吧融入許多即將進行翻新改造的門市，以及從零開始開設的新店。正如我之前所說，臻選咖啡吧及其烘焙工坊將為品牌帶來提升，提高品牌知名度，並吸引更多消費者嘗試。

So this is part of a comprehensive, all-in strategy that we believe will create an incremental opportunity for profit and revenue as a result of this new brand and as a result of that shine a halo on the core brand of Starbucks. John, do you want to add something?

所以，這是我們全面策略的一部分，我們相信這個新品牌將帶來額外的利潤和收入機會，並最終提升星巴克核心品牌的形象。約翰，你還有什麼要補充的嗎？

Yes, I just want to add one thing. Joe, this is John Culver. What we saw in China and what we are seeing in the US is really enablement of the partner and customer connection really come to life in a very special and unique way. And it really played out for us very clearly in China by the fact that a lot of the Chinese consumers didn't have a lot of education around coffee and didn't have a lot of education around a brewing methods, espresso-based beverages. And it is interesting to see in China how the customers gather around the bar, basically pull out their cell phones, take pictures, take videos and really we are educating customers one at a time in China around great tasting coffee and a great experience that Starbucks is able to provide.

是的，我只想補充一點。喬，我是約翰‧庫爾弗。我們在中國和美國都看到了，合作夥伴與顧客之間的聯繫以一種非常特別且獨特的方式真正實現。這點在中國體現得尤為明顯，因為許多中國消費者對咖啡了解不多，對沖泡方法和濃縮咖啡飲品也知之甚少。有趣的是，在中國，顧客們聚集在吧台周圍，拿出手機拍照、錄影，我們其實是在中國一對一地向顧客普及星巴克提供的美味咖啡和優質體驗。

You walk into New York City, we were there a couple of weeks ago with Howard and we saw firsthand a similar type of experience from the standpoint of the number of people sitting at the bar wanting to interact with the baristas and really wanting to understand the various brewing methods. And it is really something that really elevates the experience and the customer response has been incredible, number one. Even the partner engagement around this has been remarkable as well. So we are very positive and optimistic about what the future has for this for us.

你走進紐約市，就像幾週前我們和霍華德一起去的那樣，我們親眼目睹了類似的景象：許多人坐在吧台前，渴望與咖啡師互動，真正了解各種沖泡方法。這確實提升了整體體驗，顧客的迴響也令人難以置信，這是最重要的一點。合作夥伴的參與度也同樣出色。因此，我們對這項業務的未來充滿信心和樂觀。

Karen Holthouse, Goldman Sachs.

Karen Holthouse，高盛集團。

Thanks for taking the question. China Asia-Pacific comps came in a little bit lighter than I think what most folks were modeling and in the past there has been I think a degree of seasonality to the China business related to changes in sort of gifting practices. So just curious if you could help us understand sequentially how much of that trend was driven by China and within that maybe some seasonality to the comp and what sort of gives you confidence that can re-accelerate? Thanks.

感謝您回答這個問題。我認為中國亞太地區的同店銷售額比大多數人預期的要低一些，而且過去中國市場的業務發展似乎存在一定的季節性波動，這與送禮習慣的變化有關。因此，我想請您幫忙分析一下，這一趨勢中有多少是由中國市場推動的，其中是否存在季節性因素，以及您認為哪些因素能夠讓成長勢頭再次加速？謝謝。

Karen, this is John. Just real quick on China again, very optimistic about where we sit in the marketplace. We delivered a 6% comp in the market far above any of our peer set in that environment over there. What we are seeing across China is just very strong acceptance for the Starbucks brand.

凱倫，我是約翰。再簡單說說中國市場，我對我們在中國的地位非常樂觀。我們在中國市場實現了6%的同店銷售成長，遠超其他競爭對手。我們看到，星巴克品牌在中國市場獲得了極高的認可。

You look at the number of customers that we are attracting into our stores, our brand has never been stronger and the customer engagement has never been stronger as well. So we are increasing frequency of existing customers and we continue to attract new customers.

看看我們吸引到店的顧客數量，我們的品牌從未如此強大，顧客參與度也達到了前所未有的高度。因此，我們提高了現有顧客的回頭率，同時也不斷吸引新顧客。

What you saw in Q4 was very similar to what we saw last Q4. Last Q4 last year we delivered a 6, this quarter we delivered a 6 as well. There is some seasonality going from Q3 to Q4. We have seen that historically play out in China. I don't think you need to read anything into it other than the fact that our business there remains strong. We had record openings in terms of stores in the quarter in China opening over 200 stores in the market. Our new store performance is as strong as it has ever been. Our average unit volumes, our return on investment and our overall store level profitability remained best in class within the Company.

第四季的情況與去年第四季非常相似。去年第四季我們取得了6分，本季也取得了6分。第三季到第四季之間存在一定的季節性因素。我們在中國市場也觀察到了這種現象。我認為您無需對此過度解讀，只需記住我們在中國的業務仍然強勁即可。本季我們在中國新店開幕數量創下歷史新高，在市場上開設了超過200家門市。新店業績一如既往地強勁。我們的平均單店銷售額、投資報酬率和整體門市獲利能力在公司內部均保持領先地位。

So very optimistic again about China and the opportunity that we have there to continue to grow and the investments we are making on our people and the infrastructure are critical to the success going forward.

因此，我對中國市場再次充滿信心，相信我們有機會繼續發展壯大。我們對人才和基礎設施的投資對於未來的成功至關重要。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Thank you very much. I just had a question broadly on the US comps. I know last quarter there was talk about the re-acceleration in trend to a 5% plus. I am wondering if you were to look about it qualitatively, how much do you think was the macro elevated macro headwinds versus maybe any kind of internal headwinds that made it more challenging to hit that? And with that as a backdrop and we've talked a lot about the broader macro challenges we are facing and starting the year kind of at the lower end of that range, so just wondering whether mid single-digit or better is still the best assumption to make once you get to a system your size? Or whether or not maybe we should just be tempering the expectation a little bit so it becomes less about the quarter to quarter of achieving a certain 5 or whatnot? I'm just wondering how you think about that [holistically] there or maybe just define what mid single-digit range actually means in terms of numbers?

太好了，非常感謝。我有個關於美國同業比較的問題。我知道上個季度有討論說成長趨勢將再次加速至5%以上。我想問的是，從定性角度來看，您認為宏觀經濟上升帶來的不利因素，以及內部因素，究竟有多少導致了成長目標的難以實現？考慮到我們之前討論過很多關於宏觀挑戰的話題，以及年初時成長預期處於較低水平，我想知道，對於像您這樣規模的系統來說，5%或更高的成長預期是否仍然是最佳假設？或者我們應該稍微降低預期，不再只關注每季能否達到5%左右的成長率？我想了解您對此的整體看法，或能否具體解釋一下，5%或更高的成長預期在數字上意味著什麼？

That is the easiest part. Mid single digits is 4% to 6%. I think what I would say, Jeffrey, is we started the quarter, we guided really on Americas to get to a 5% comp and we got there. Obviously as you know and it's the nature of your question, the US business is the biggest piece of that. What I would say is with the Americas at 5%, and the US at 6% and minus 1%, it gives you an indication of exactly how close we were to 5% in the US. I don't want to split hairs. I would much rather have a 5 but clearly comps accelerated both in the US and Americas from the third quarter. And I think we feel pretty good about that given the environment.

這部分最容易理解。個位數中段的成長指的是4%到6%。傑弗裡，我想說的是，本季初，我們對美洲地區的業績預期是實現5%的同店銷售額成長，而我們也確實做到了。顯然，正如你所知，而且從你的問題來看，美國業務是其中最重要的部分。我想說的是，美洲地區成長了5%，而美國地區成長了6%，加上先前的1%，足以顯示我們距離美國地區5%的目標有多近。我不想吹毛求疵。我當然更希望達到5%，但顯然，從第三季開始，美國和美洲地區的同店銷售額都出現了加速成長。考慮到目前的市場環境，我認為我們對這個結果相當滿意。

Kevin talked a little bit about what drove some of that acceleration, we had a really good summer around innovation including limited time offers, Teavana iced tea, we had a pretty good quarter in food and frappaccino recovered a bit and helped us as well. So while we didn't quite get to 5 in the US it was pretty close.

凱文簡單談到了推動成長的一些因素，我們夏季在創新方面做得非常出色，包括限時優惠活動和Teavana冰茶；食品業務也表現不錯，星冰樂銷量有所回升，也對我們有所幫助。所以，雖然我們在美國沒能達到500萬的目標，但也非常接近了。

And as I think as we look forward, I think mid single-digit comps if you look at the US comp in the first quarter, it is 9% and the global comp is 8% and so I think it is just prudent for us to say there is a range in mid single-digit comps for a reason and I think in the first half of those types of compares and the backdrop we have, I think we are just thinking we are going to be at the lower end of that range. And of course as always if we can beat it, we will.

展望未來，我認為如果看看第一季美國市場的同店銷售額成長9%，全球市場成長8%，那麼我們預期今年的同店銷售額成長幅度將處於個位數中段。因此，我認為謹慎起見，我們應該說明，同店銷售額成長幅度存在一個個位數中段的區間。考慮到目前的情況和相關背景，我認為上半年的業績成長將處於該區間的下限。當然，如果能夠超越預期，我們一定會全力以赴。

Without putting anyone on the defensive recognizing this is like the third rail, I would just ask you to consider that for a Company our size and the track record that we have had domestically and now internationally and as Kevin said in his remarks, the fact that our business went up on our scale during this quarter in every daypart. And if you look at our history of trying to do everything we can to really add shareholder value in everything we do to just try and just take a step back every now and then and recognize that comp store sales although we all recognize its importance, is not the driving force of a company that did $20 billion in revenue and $4 billion in operating profit and is adding a store a day in China and is on its way to building one of the most recognized and admired brands in the world. And yet we are so focused on something that yes, it is important and it is strategic but it is not everything.

我並非有意冒犯任何人（我知道這就像觸及底線一樣），但我只想請各位考慮一下，對於我們這樣規模的公司，以及我們在國內和國際市場取得的輝煌業績，正如凱文在講話中提到的，本季度我們各個時段的業務規模都實現了增長。回顧我們以往的業績，我們始終竭盡所能為股東創造價值，因此，我們不妨時不時地退後一步，反思一下：雖然我們都明白同店銷售額的重要性，但它並非我們這家年收入200億美元、營業利潤40億美元、在中國每天新增一家門市、並正朝著打造全球最知名、最受尊敬的營業利潤40億美元、在中國每天新增一家門市、並正朝著打造全球最知名、最受尊敬的全部品牌之一邁進的公司的全部驅動力。然而，我們卻如此專注於同店銷售額，誠然，它很重要，也很有戰略意義，但它並非一切。

So just maybe every now and then recognize that we will have comps that will over achieve and we will have some comps that probably will disappoint but we are here for the long game. This is the 24th year of our public life. The Company had a market cap of $250 million at that point. It is at almost $80 billion today and it is just the beginning. So maybe every now and then just recognize we are all in this together and comps is not the end all of everything.

所以，或許我們應該時不時意識到，有些競爭對手的表現會超出預期，有些競爭對手的表現可能會令人失望，但我們著眼的是長遠發展。今年是我們上市的第24年。當時公司的市值是2.5億美元。如今，市值已接近800億美元，而這只是個開始。所以，或許我們應該時不時意識到，我們都在同一條船上，而競爭對手的表現並非衡量一切的標準。

Matthew DiFrisco, Guggenheim.

馬修‧迪弗里斯科，古根漢美術館。

Thank you. I appreciate that commentary you gave on the comps. Actually my question is with respect to that a little bit and the 2100 stores, I would think a couple of years ago you did point out that you mentioned three years ago about the changing dynamic and you spoke also about the change in traffic for the consumer out there. I guess the 2100 stores does sound like a very good number, a very strong number on a global basis. I wonder can you talk about that as far as what are the different type of -- you talked about highest volumes in some of these markets as well -- what is the biggest driver behind that? Is it the new products you are doing now? Is it the mobile app? Can you give us some color on what do you think is behind? Is it better real estate? So have you changed the way you select these sites on a global basis?

謝謝。我很欣賞您對同店銷售情況的評論。實際上，我的問題與此以及您提到的2100家門市有關。我記得幾年前您曾提到市場動態的變化，也談到消費者流量的變化。 2100家門市聽起來確實是一個非常可觀的數字，在全球範圍內來說是一個非常強勁的數字。我想請您談談其中的一些因素——您也提到過某些市場銷量最高——背後的主要驅動因素是什麼？是你們正在推出的新產品嗎？是行動應用程式嗎？您能否詳細解釋一下您認為背後的原因？是更好的店面位置嗎？那麼，你們在全球範圍內選擇這些門市的方式是否有所改變？

Thanks for the question, Matt. I will give it a shot. I think if you go back five years ago or so to the mid-2000s when we were opening our highest number of stores, most of those stores were Company-owned stores in the US, I want to say it was something like 80%. And now you look at where we are opening our stores today with 60% of those stores coming in markets outside of the US, two thirds of the stores are licensed stores and even in markets like China and the US where we are opening significant numbers of Company-owned stores, we are using different formats as we go into markets.

謝謝你的提問，馬特。我來試著回答一下。我想，如果你回顧一下五年前，也就是2000年代中期，那時我們開設的門市數量最多，其中大部分是美國公司的直營店，我記得大概佔80%。而現在，我們開設的門市中，60%位於美國以外的市場，三分之二是特許經營店。即使在中國和美國這樣我們開設了大量直營店的市場，我們也根據不同市場的特徵採用不同的門市模式。

So drive-throughs remain well over 50% of our stores so we are going into different real estate than we were back then. We have smaller footprint stores, we have the larger footprint stores including Reserve Bars that Howard talked about. So the toolset that we are using as we build stores out, both from a product offering standpoint with reserve and flexibility for our customers with drive-throughs and international markets really helps us gain confidence with our store growth.

因此，得來速門市仍然占我們門市總數的50%以上，所以我們現在選擇的店面類型與以往有所不同。我們有面積較小的門市，也有面積較大的門市，包括霍華德提到的Reserve Bars。我們在門市建置過程中所使用的工具，無論是從產品供應的角度（例如預留門市）還是從得來速門市和國際市場等為顧客提供的彈性，都大大增強了我們對門市成長的信心。

I would add one other thing. As Kevin said in his remarks, the fact that on our base for the new store performance this year both in the US and China, the best-performing class of new stores in our history. And then the other thing I would say is we are opening stores now in places that 10 years ago, even five years ago I don't think we would have considered. And we were in Inglewood, outside of Chicago last week. We have opened Jamaica Queens and of course we are so proud of the fact that we have opened in Ferguson, Missouri. In all of these cases the stores are performing at or above plan as we recognize more than ever that there is a lot of white space and opportunities to extend the reach of Starbucks.

我還要補充一點。正如凱文在演講中提到的，今年我們在美國和中國的新店業績都創下了歷史新高。此外，我們現在在一些十年前，甚至五年前我們都不會考慮的地方開設新店。上週我們在芝加哥郊外的英格伍德開了新店。我們在皇后區的牙買加也開了新店，當然，我們非常自豪地宣布，我們在密蘇裡州弗格森也開設了新店。所有這些新店的業績都達到了或超過了預期，因為我們比以往任何時候都更加意識到，市場還有很大的發展空間，星巴克還有很多機會可以拓展業務。

So I don't know, Kevin, if you want to add anything?

所以，凱文，我不知道你還有什麼要補充的嗎？

Yes, I think the strength of the brand and the fact there is latent demand in these markets for Starbucks and so we are very thoughtful about where we locate these stores and the teams have put together a number of tools and things to ensure we are being thoughtful about where we locate stores. But when we locate them, there is demand for those stores that shows up very quickly and it is not cannibalizing existing stores and that just shows that there is more customers we can reach and if we are thoughtful about how we do it, it strengthens the brand and strengthens the connection with the customer.

是的，我認為星巴克品牌的強大實力以及這些市場對星巴克的潛在需求，促使我們非常謹慎地選擇門市選址。我們的團隊也開發了一系列工具和資源，以確保我們能夠做出明智的選址決策。一旦新店落成，很快就能感受到市場需求，新店的開設並不會蠶食現有門市的市佔率。這顯示我們能夠觸達更多潛在客戶。如果我們能夠以周全的方式進行選址，就能增強品牌影響力，並加強與客戶的聯繫。

I would just add that going back to what we learned during the transformation in 2007 and 2008, we put an all-new processes and new ways in which we are evaluating real estate, evaluating new stores, monitoring the progress and making sure that they are in fact meeting the customer demand that is out there, the latent demand that Kevin spoke about.

我還要補充一點，回顧我們在 2007 年和 2008 年轉型期間學到的經驗，我們制定了全新的流程和新方法來評估房地產、評估新店、監控進展，並確保它們確實滿足了現有的客戶需求，也就是凱文所說的潛在需求。

In addition, I would also say that the level of innovation from a product standpoint that we are bringing into our stores has never been stronger. And so you look at cold brew, you look at Nitro, you look at Teavana, you look at some of the food gains that we have had, we continue to innovate. And then add in the digital footprint and being relevant to our customers from a digital standpoint, we are engaging our customers more now than we ever have. And the stores are that place where they come for their favorite Starbucks beverage each and every day.

此外，我還想說，從產品角度來看，我們為門市帶來的創新力道前所未有。無論是冷萃咖啡、氮氣咖啡、Teavana茶飲，或是我們在食物方面取得的進展，我們都在不斷創新。再加上我們在數位領域的佈局，以及從數位化角度與顧客保持密切聯繫，我們現在比以往任何時候都更能吸引顧客。而門市，正是他們每天享用自己最愛的星巴克飲品的地方。

Nicole Miller, Piper Jaffray.

妮可·米勒，派珀·賈弗雷。

Thank you, good afternoon. I wanted to understand a little bit more about the CPG trends with -- and again an amazing operating margin there. Can you talk about the organic topline growth from existing and new relationships and what kind of leverage that provides to operating margin?

謝謝，下午好。我想更深入了解消費品產業的趨勢——尤其是他們令人矚目的營業利潤率。您能否談談現有客戶和新客戶關係帶來的有機營收成長，以及這種成長對營業利潤率的提升作用？

Then when you think about the grocery store price inflation or deflation, how does that impact operating margin and is the volume growth still outpacing revenue growth? Thank you.

那麼，當您考慮超市物價上漲或下跌時，這會對營業利潤率產生什麼影響？銷售成長是否仍超過營收成長？謝謝。

This is Mike Conway, I will take that question. So from a topline perspective, we are feeling good about the topline performance that we've had, certainly this quarter. If you look at our growth as measured by IRI both for our key businesses, roast, ground and K-cup, we are up 8%. We are actually growing at a pace double that of the category and that is really behind number one our strong brand. Number two, the great execution that we have behind our holiday programs, our LTL like Fall Blend and our innovation and innovation that we have to come.

我是麥克·康威，我來回答這個問題。從營收角度來看，我們對目前的營收表現非常滿意，尤其是本季。根據IRI的衡量，我們核心業務——烘焙咖啡、咖啡粉和K杯咖啡——的成長都達到了8%。我們的成長速度實際上是同類產品的兩倍，這主要歸功於兩點：第一，我們強大的品牌；第二，我們出色的節日促銷活動執行，例如我們的秋季混合咖啡，以及我們不斷創新的產品和服務。未來，我們將繼續進行創新。

So we feel very good about the kind of growth and share that we have been able to drive. And what I would say is that volume versus the price, our volume and price growth are fairly close which means we have been able to really get the right balance of promotional pricing, base pricing in the marketplace and we feel good about that. And if you look at that and the margin expansion that we have been able to realize in the quarter, I think that is kind of the right balance for us to continue to grow both the category, grow our brand and also drive share.

因此，我們對目前所取得的成長和市場份額感到非常滿意。我想說的是，銷售量與價格的成長相當接近，這意味著我們已經在促銷價格和市場基礎價格之間找到了合適的平衡點，對此我們感到欣慰。考慮到這一點以及我們本季實現的利潤率提升，我認為這為我們持續發展品類、提升品牌知名度和擴大市場份額提供了理想的平衡點。

Let me just add to Mike's comments, Nicole, this is Kevin. The CPG business in many ways is about scale economics. And so certainly the more we are gaining share in the grocery mass merchants that we sell to the more efficient we are at delivering that product. So that is helping.

妮可，我補充一下麥克的話，我是凱文。消費品產業在許多方面都與規模經濟有關。所以，我們銷售產品的大型超市市佔率越大，我們的產品交付效率就越高。這確實有所幫助。

Number two, I will remind you that we renegotiated our agreement with Keurig and so we got favorable K-cup tolling fees which are also helping. So there is a variety of things that are contributing to that but I think the strength of the brand and the share gains that we continue to get for at home coffee roast and ground as well as K-cup and establishing Starbucks as the number one share player in premium roast and ground and K-cups is a big part of it.

第二，我要提醒各位，我們與Keurig重新談判了協議，獲得了更優惠的K-cup加工費，這也起到了積極作用。當然，有很多因素促成了這一結果，但我認為強大的品牌實力，以及我們在家用烘焙咖啡粉和K-cup咖啡方面持續提升的市場份額，還有星巴克在高端烘焙咖啡粉和K-cup咖啡領域的市場份額領先地位，都是其中的關鍵因素。

Matt McGinley, Evercore ISI.

Matt McGinley，Evercore ISI。

Thank you. My question is on the free cash generation over 2016 and the cash balance you had at year end. You had a very good step up in the ability to generate cash in 2016. It was about $1 billion higher versus last year. So my question is how much of that step up in the cash generation was driven by durable increases in cash conversion relative to more one-time things like the 53rd week or favorable year-end in timing in working capital or things like that?

謝謝。我的問題是關於2016年的自由現金流產生狀況以及年末現金餘額。貴公司2016年的現金產生能力有了顯著提升，比前一年增加了約10億美元。所以我的問題是，現金生成能力的提升有多少是由於現金轉換率的持續提高所致，又有多少是由於諸如第53週的因素或營運資本年末結算時間等一次性因素所致？

I'd think the margin commentary that you gave for 2017 made it seem like that is probably durable but I am curious if those balances are as good as they look?

我認為您在 2017 年給出的邊際效益評論表明，這些措施可能具有持久性，但我很好奇這些平衡是否真的像看起來那麼好？

Yes, the vast majority of the increase in cash is due to the core operating cash flow of the business so that is a good thing.

是的，現金增加的大部分是由於企業的核心經營現金流，這是一件好事。

Thanks again everyone for joining us today and we look forward to seeing many of you at our December 7 Investor Day in New York. Have a good night.

再次感謝各位今天的參與，我們期待在12月7日於紐約舉行的投資者日上見到你們中的許多人。祝大家晚安。

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

星巴克咖啡公司2016財年第四季及全年財報電話會議到此結束。您可以斷開連線了。