星巴克 (SBUX) 2017 Q1 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 Coffee Company's first-quarter fiscal year 2017 earnings conference call. (Operator Instructions). Mr. Shaw, you may begin your conference.

午安.我叫朱莉，今天將由我擔任你們的會議接線生。此時此刻，我謹代表星巴克咖啡公司歡迎各位參加2017財年第一季財報電話會議。（操作說明）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 Corporation. Thank you for joining us today to discuss our first-quarter 2017 results, which will be led by Howard Schultz, Chairman and CEO; Kevin Johnson, President and COO and Scott Maw, CFO. Joining us for Q&A are John Culver, Group President, Starbucks Global Retail; Cliff Burrows, Group President, Siren Retail; Matt Ryan, Global Chief Strategy Officer; Adam Brotman, EVP of Global Retail Ops; and Kris Engskov, who will discuss global channel development.

謝謝大家，下午好。這是星巴克公司投資者關係副總裁湯姆‧肖。感謝各位今天蒞臨我們公司，共同探討 2017 年第一季業績。本次會議將由董事長兼執行長 Howard Schultz、總裁兼營運長 Kevin Johnson 和財務長 Scott Maw 主持。參與問答環節的嘉賓有：星巴克全球零售集團總裁約翰·庫爾弗；Siren Retail集團總裁克利夫·伯羅斯；全球首席戰略官馬特·瑞安；全球零售運營執行副總裁亞當·布羅特曼；以及克里斯·恩格斯科夫，他將討論全球渠道發展。

This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last Annual Report and Form 10-K. Starbucks assumes no obligation to update any of these forward-looking statements or information. Please refer to the 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 in today's call with our corresponding GAAP measures. This conference call is being webcast and an archive of the webcast will be available on our website. With that, I will turn it over to Howard Schultz. Howard.

本次電話會議將包含前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。任何此類聲明都應與我們在盈利報告中的警示性聲明以及我們在提交給美國證券交易委員會的文件（包括我們最近的年度報告和 10-K 表格）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。請參考我們獲利報告末尾的表格以及我們網站 investor.starbucks.com 上的表格，以查找今天電話會議中提到的非 GAAP 財務指標與我們相應的 GAAP 指標的調整表。本次電話會議將進行網路直播，直播錄影將在我們的網站上提供。接下來，我將把麥克風交給霍華德‧舒爾茨。霍華德。

Thank you, Tom and welcome to everyone on today's call. Before I start the call, I want to acknowledge the recent passing of Joe Buckley. Joe had followed Starbucks from the start from our IPO days in 1992. Over the years, Joe has been on countless calls just like this one and for that reason, I felt it was the right forum to send my personal condolences to Joe's family and his colleagues. Joe was a really good man.

謝謝湯姆，也歡迎各位參加今天的電話會議。在開始通話之前，我想對喬·巴克利先生的去世表示哀悼。從1992年星巴克上市之初，喬就一直在關注這家公司。多年來，喬參加過無數次像這樣的電話會議，因此，我覺得這是向喬的家人和同事表達我個人慰問的合適場合。喬真是個好人。

I'm pleased to comment on the record financial and operating results Starbucks announced today. I will start with a few highlights. Record revenues; record operating income and record EPS; another quarter of strong comp growth in China; accelerating comps in Japan; record quarterly revenues, margins and operating income from channel development; record Starbucks Rewards membership growth and a record holiday, including record Starbucks new card activations and reloads.

我很高興對星巴克今天公佈的創紀錄的財務和營運業績發表評論。我先列舉幾個重點。創紀錄的收入；創紀錄的營業收入和創紀錄的每股收益；中國市場連續第二個季度實現強勁的同店銷售增長；日本市場同店銷售加速增長；渠道發展帶來的季度收入、利潤率和營業收入均創歷史新高；星巴克獎勵計劃會員增長創歷史新高，假日期間星巴克新卡激活和充值量也創歷史新高。

I am particularly pleased that we delivered these results despite a very challenging period for restaurant and retailers overall and despite the significant investments we continue to make in our people and in beverage, food and technology innovation. Today, Starbucks is serving more than 90 million customer occasions through over 25,000 stores in 75 countries each week. The trust and confidence our customers have in the Starbucks brand is driving our business and fueling our flywheel in markets and channels around the world as never before.

尤其令我感到高興的是，儘管餐飲和零售業整體上經歷了非常艱難的時期，儘管我們繼續在員工以及飲料、食品和技術創新方面進行了大量投資，我們仍然取得了這些成果。如今，星巴克每週透過遍佈 75 個國家的 25,000 多家門市，為超過 9,000 萬名顧客提供服務。顧客對星巴克品牌的信任和信心，以前所未有的方式推動我們的業務發展，並為我們在全球市場和通路的成長注入動力。

Three years ago, I brought to your attention what I anticipated would be a seismic evolving shift in consumer behavior resulting from the rapid acceleration of digital and online consumer retail purchase activity. Today, that shift is a foregone conclusion. Increasingly challenging brick-and-mortar retailers of all descriptions and being particularly hard on retailers that are not destinations, do not reward loyalty or offer relevant digital and online capabilities or have not built deep, authentic, experiential connections to their customers.

三年前，我曾向你們提出，隨著數位化和線上消費者零售購買活動的快速發展，消費者行為將發生巨大的轉變。如今，這種轉變已成定局。對各種類型的實體零售商提出了越來越大的挑戰，尤其對那些不是目的地、不獎勵忠誠度、不提供相關的數位和線上功能、或沒有與客戶建立深刻、真實、體驗式聯繫的零售商要求嚴格。

I think it's important to understand that the 3% comp figure we reported reflects the continued relevance and appeal of the Starbucks experience and how Starbucks continues to outperform by significant margins anyone else's scale in the retail and restaurant sectors. The fact is Starbucks is engaging more deeply and more frequently in expanding our base of loyal customers everywhere in the world more effectively and reliably than ever before.

我認為重要的是要理解，我們報告的 3% 同店銷售額成長數字反映了星巴克體驗的持續相關性和吸引力，以及星巴克在零售和餐飲業中繼續以顯著優勢超越其他任何同等規模的企業。事實上，星巴克正以前所未有的效率和可靠性，更深入、更頻繁地拓展其在全球各地的忠實客戶群。

We added a record 1.8 million Starbucks Rewards members in the US year-over-year and now have approximately 13 million active members on top of a growing 7.5 million active members in China and Asia-Pacific. We saw nothing short of a surge in new Starbucks card activations and reloads in Q1 to $2.1 billion, almost $300 million over last year, with over $80 million being incremental to even our most optimistic internal expectations for the quarter. And we ended the quarter with over $1.5 billion of customer-loaded funds on our balance sheet, roughly 10% above last year. This $1.5 billion represents future revenues in the bank for us that are not reflected in Q1 revenues or comps since, as you know, we do not recognize new card loads and reloads until the funds are redeemed.

我們在美國新增了創紀錄的 180 萬星巴克獎勵計畫會員，目前在美國擁有約 1,300 萬活躍會員，此外，在中國和亞太地區，我們的活躍會員數量也在不斷增長，達到 750 萬。第一季度，星巴克新卡活化和充值額激增至 21 億美元，比去年同期成長近 3 億美元，其中超過 8,000 萬美元的成長甚至超過了我們最樂觀的內部預期。本季末，我們的資產負債表上客戶投入的資金超過 15 億美元，比去年同期成長約 10%。這 15 億美元代表我們銀行帳戶中的未來收入，由於我們只有在資金被兌換後才會確認新的信用卡充值和續充，因此這筆收入並未反映在第一季的收入或同店銷售額中。

But unlike traditional retailers whose online and digital or omnichannel activity often times comes at a price discount or cannibalizes in store or both further pressuring business models, Starbucks do not bid. Digital or online Starbucks card loads are never cannibalistic and are very often incremental because the funds can only be redeemed at face value in a Starbucks store. We are already seeing Q1 loads being redeemed in our stores and we will continue to see further redemptions in the quarters ahead.

但與傳統零售商不同，他們的線上和數位或全通路活動通常會以價格折扣或蠶食實體店或兩者兼而有之，從而進一步擠壓商業模式，而星巴克並不參與競標。星巴克數位卡或線上卡儲值絕不會蠶食現有餘額，而且通常是逐步儲值，因為這些資金只能在星巴克門市以票面價值兌換。我們已經看到第一季充值金額在我們的門市被兌換，並且在接下來的幾個季度中，我們將繼續看到更多的兌換。

We delivered record-shattering mobile order and pay performance metrics in Q1, rapidly accelerating customer adoption of MOP, particularly over the last three months, contributed to a growing number of stores being challenged to keep up with the increased volume demands and introduced an operational challenge that Kevin will speak to in his remarks. We are now laser-focused on fixing this problem, but the nature of it, too much demand, is an operational challenge we have solved before and I can assure you we will solve again.

我們在第一季實現了破紀錄的行動訂單和支付績效指標，迅速加快了客戶對行動支付的接受度，尤其是在過去三個月裡，這導致越來越多的門市面臨跟上不斷增長的訂單量需求的挑戰，並帶來了營運方面的挑戰，凱文將在他的演講中談到這一點。我們現在正全力以赴解決這個問題，但問題的本質是需求過大，這是我們以前解決過的營運難題，我可以向你們保證，我們以後也一定能解決。

Beyond these factors, we have consistently said, in achieving mid-single digit comps for the full fiscal 2017, our target we repeat at our Investor Day last month, our expectation has been that comps in the back half of the year would reflect an acceleration from the front half. This remains our expectation as recently introduced new in-store business drivers, including true one-to-one personalization and real-time suggested selling, increasingly drive incrementality and revenues and position us to extend the trend of our newest class of new and remodeled stores defying current retail and consumer trends and delivering record-breaking revenues, profits and returns on investment both in the US and around the world.

除了這些因素之外，我們一直表示，為了實現 2017 財年全年中等個位數的同店銷售額增長（這是我們在上個月的投資者日上重申的目標），我們預計下半年的同店銷售額增長將比上半年有所加速。我們仍然抱持這樣的期望，因為最近推出的全新店內業務驅動因素，包括真正的一對一一個性化和實時推薦銷售，正日益推動增量和收入的增長，並使我們能夠延續最新一類新建和改造門店的趨勢，這些門店逆勢而行，打破了當前的零售和消費趨勢，並在美國和世界各地創造了破紀錄的收入、利潤和投資回報。

With the benefit of these insights, you can see that the momentum of our flywheel is enabling us to engage with our customers and drive our business holistically and more effectively and profitably than ever before. Going forward, Starbucks' values and guiding principles, the engaging third-place sense of community we create and the innovation and increasingly premiumized coffee experience we deliver will further deepen the connection among our partners, customers and the Starbucks brand and enable us to continue driving growth and increase profitability over both the short and long terms around the world.

借助這些洞察，我們可以看出，我們飛輪效應的動力使我們能夠比以往任何時候都更全面、更有效、更盈利地與客戶互動並推動業務發展。展望未來，星巴克的價值觀和指導原則、我們所創造的引人入勝的「第三空間」社群感，以及我們提供的創新和日益高端化的咖啡體驗，將進一步加深我們的伙伴、顧客和星巴克品牌之間的聯繫，並使我們能夠繼續在全球範圍內推動增長，並在短期和長期內提高盈利能力。

In our view, no brick-and-mortar retailer of any description is better positioned to navigate and profit from the ongoing consumer shifts underway at Starbucks. In a few minutes, Kevin will provide details around segment operating performance in Q1 and provide further detail around the new innovations and initiatives that will drive revenues, comps and EPS in the quarters ahead. And Scott will take you through our Q1 financial results, provide Q2 targets and our targets for the full fiscal year and we will move on to Q&A.

我們認為，沒有任何一家實體零售商比星巴克更有優勢來駕馭和利用正在發生的消費者轉變。幾分鐘後，凱文將詳細介紹第一季各部門的營運業績，並進一步詳細介紹將在未來幾季推動營收、同店銷售額和每股盈餘成長的新創新和舉措。史考特將帶您了解我們第一季的財務業績，提供第二季目標和整個財年的目標，然後我們將進入問答環節。

Global leadership around all things coffee and tea remains at Starbucks' core. Our Seattle Roastery continues to deliver Company-leading comp growth, including 18% in Q1 on top of 24% in Q4 of 2016 due in large part to a ticket that continues to be approximately 4 times the ticket of a traditional Starbucks store and serve as a learning lab for retail beverage and food innovation and the launch pad of our ultra-premium Starbucks Reserve brand. We are on plan to open our Shanghai Roastery later this year and our New York Roastery in 2018 and our Tokyo Roastery will be right behind.

星巴克在全球咖啡和茶領域保持領先地位，這依然是其核心競爭力。我們的西雅圖烘焙工坊繼續保持公司領先的同店銷售增長，2016 年第一季度增長 18%，而 2016 年第四季度增長 24%，這主要歸功於其客單價仍然是傳統星巴克門店的 4 倍左右，並且作為零售飲料和食品創新的學習實驗室以及我們超高端星巴克臻選品牌的啟動平台。我們計劃於今年稍後開設上海烘焙工坊，2018 年開設紐約烘焙工坊，東京烘焙工坊也將緊隨其後。

And in Q1, we made great strides against our plans to further premiumize the coffee industry through the addition of what will ultimately be 1000 or more coffee-forward ultra-premium Starbucks Reserve stores in key global markets with the first Reserve store opening in Chicago this summer. We are already leveraging elements of the Roastery and the new Reserve store format by integrating Reserve bars into existing Starbucks stores. The overwhelmingly positive customer response we are having to the Reserve bars already open and the incremental revenues and profits Reserve bars are driving is prompting us to accelerate plans to add Reserve bars into thousands of existing Starbucks stores as part of planned renovation cycles in the quarters and years ahead.

在第一季度，我們透過在全球主要市場增設 1000 家或更多以咖啡為主的超高端星巴克臻選門市，進一步推動咖啡產業的優質化，取得了巨大進展。第一家臻選門市將於今年夏天在芝加哥開幕。我們已經開始利用烘焙工坊和全新臻選門市模式的元素，將臻選吧台融入現有的星巴克門市。顧客對已開業的臻選咖啡吧的反應非常積極，臻選咖啡吧帶來的額外收入和利潤也促使我們加快計劃，在未來幾個季度和幾年內，將臻選咖啡吧納入數千家現有星巴克門店的翻新計劃中。

Reserve stores and Reserve bars in existing Starbucks stores will enable us to provide customers with the unique ultra-premium coffee experience and showcase the finest assortments of exclusive Starbucks Reserve micro-lot single varietal coffees and create new coffee-brewing methods through an intimate one-to-one partner customer experience that takes place as the barista crafts and explains the custom handcrafted beverage.

在現有星巴克門市中開設臻選門市和臻選吧，將使我們能夠為顧客提供獨特的超高端咖啡體驗，展示精選的星巴克臻選微批次單一品種咖啡，並透過與顧客一對一的親密互動，創造新的咖啡沖泡方法。在這種互動中，咖啡師將精心製作並講解客製化的手工飲品。

In addition, Reserve stores will offer customers artisanal foods specially created by our partners at Italian artisanal baker, Princi, as well as craft beer, wine and alcoholic beverages that will be incremental to our evening daypart informed by the learning from our evening's program tests. And both Reserve and traditional Starbucks stores will also offer handcrafted Teavana-branded beverages and an expanded assortment of Teavana teas in order to increase customer awareness of Teavana super-premium, loose leaf and packaged teas.

此外，Reserve 門市還將為顧客提供由我們的合作夥伴義大利手工麵包師 Princi 特別製作的手工食品，以及精釀啤酒、葡萄酒和酒精飲料，這些都將根據我們晚間節目測試的經驗，豐富我們的晚間產品。無論是臻選門市或傳統星巴克門市，都將提供手工製作的 Teavana 品牌飲品和種類更豐富的 Teavana 茶飲，以提高顧客對 Teavana 超高端散裝茶葉和包裝茶葉的認知度。

Perhaps nowhere in the world is the power of the Starbucks brand and the size of opportunity that lies ahead for us more evident than in China, a country we first entered 18 years ago and where our business has never been stronger or more robust. We now have over 2600 stores in 125 cities in China and continue to open a new store every 15 hours, a rate of new store growth that will continue for years to come. I am more convinced than ever that Starbucks is just getting started in China and that our Shanghai Roastery will drive both deeper and broader customer engagement and increase profitability across both our retail and CPG businesses. And it will advance Starbucks' reputation being among the most, if not the most successful and well-respected Western brands in the key China market.

或許世界上沒有哪個地方比中國更能體現星巴克品牌的強大實力和我們未來所面臨的巨大機會。 18 年前，我們首次進入中國市場，而如今，我們在中國的業務從未如此強勁或穩健。目前，我們在中國 125 個城市擁有超過 2600 家門市，每 15 小時就開設一家新店，這種新店成長速度將在未來幾年內持續下去。我比以往任何時候都更加確信，星巴克在中國才剛起步，我們的上海烘焙工坊將推動更深入、更廣泛的客戶互動，並提高我們零售和消費品業務的盈利能力。這將提升星巴克在中國這個關鍵市場的聲譽，使其成為最成功、最受尊敬的西方品牌之一，甚至可能是最成功的品牌。

The Starbucks brand and business have never been stronger or more universally relevant and accepted as both are today and our world-class senior leadership team with Kevin at the helm as CEO effective in April has never been stronger. We will continue playing the long game with strict adherence to the five-year strategic plan for growing our business we updated and outlined at our Investor Day in order to continue delivering the world-leading financial and operating performance, including mid-single digit global comps and long-term sustainable profitable growth and that unmatched groundbreaking innovation that our customers and our people expect from us. With that, I will turn the call over to Kevin. Kevin.

星巴克品牌和業務從未像今天這樣強大、如此具有普遍意義和被廣泛接受，而我們世界一流的高級領導團隊，在凱文於四月起擔任首席執行官的領導下，也從未如此強大。我們將繼續採取長遠策略，嚴格遵守我們在投資者日上更新和概述的五年業務增長戰略計劃，以繼續提供世界領先的財務和運營業績，包括中等個位數的全球同店銷售額增長和長期可持續的盈利增長，以及我們的客戶和員工期望我們提供的無與倫比的突破性創新。接下來，我會把電話交給凱文。凱文。

Thank you, Howard and good afternoon, everyone. I will provide an overview of business segment performance and highlight some of the key initiatives that are underway. I will then turn the call over to Scott to take us through the financials and our targets for Q2.

謝謝你，霍華德，大家下午好。我將概述各業務部門的業績，並重點介紹一些正在進行的關鍵舉措。接下來，我會把電話交給 Scott，讓他為我們介紹第二季的財務狀況和目標。

At our Investor Day in December, we outlined a multiyear plan to further elevate the Starbucks brand, elevate our customer experience and ultimately amplify Starbucks as a consumer destination around the world. We also reaffirmed our strategic priorities over the next five years and provided more clarity around our ongoing investments in retail, beverage and digital innovation, as well as in our partners.

在 12 月的投資者日上，我們概述了一項多年計劃，旨在進一步提升星巴克品牌，提升客戶體驗，並最終將星巴克打造成為全球消費者的目的地。我們也重申了未來五年的策略重點，並進一步明確了我們在零售、飲料和數位創新以及合作夥伴方面的持續投資。

Looking ahead, we believe that our clear, long-range planning, combined with ongoing innovation and a heightened commitment to excellence and execution will enable the creation of meaningful shareholder value. Despite the challenging macro retail environment, Starbucks delivered record revenues, operating margins and profits in Q1. Each of our business segments contributed to our overall global results and I'd like to take a few minutes to walk you through our performance by geography and segment.

展望未來，我們相信，清晰的長期規劃，加上持續的創新以及對卓越和執行力的更高承諾，將能夠創造有意義的股東價值。儘管宏觀零售環境充滿挑戰，星巴克第一季仍實現了創紀錄的收入、營業利潤率和利潤。我們各個業務部門都為我們的整體全球業績做出了貢獻，我想花幾分鐘時間按地域和部門向大家介紹一下我們的業績。

Let's begin with the Americas. Our Americas segment had a solid quarter, posting 3% comp growth with 3% comp in the US and 7% revenue growth. Americas added about 250 net new stores in the quarter and now operates almost 16,000 stores. When analyzing the 3% comp growth in the US, there are four major points to capture both the strength of the brand and the opportunities to further accelerate comp store growth.

讓我們先從美洲開始。我們的美洲業務部門本季表現穩健，同店銷售額成長 3%，其中美國同店銷售額成長 3%，營收成長 7%。美洲地區本季新增約 250 家淨門市，目前營運門市總數接近 16,000 家。在分析美國 3% 的同店銷售成長時，有四點主要反映了品牌實力和進一步加速同店銷售成長的機會。

First, our beverage category performance was strong. We delivered great hot and cold beverage innovation to our customers, contributing to a total beverage sales increase of 7%. Core beverage contributed 1 point of comp and tea grew by nearly 10% in the US and 15% globally. Iced espresso, iced coffee and handcrafted Teavana shaken iced teas each posted strong double-digit growth. We continue to introduce new cold brew varietals and expand our store deployment of Nitro cold brew.

首先，我們的飲料品類表現強勁。我們為客戶帶來了卓越的冷熱飲品創新，使飲品總銷售額成長了 7%。核心飲料貢獻了 1 個百分點的同店銷售額，而茶飲在美國增長了近 10%，在全球範圍內增長了 15%。冰鎮濃縮咖啡、冰咖啡和手工 Teavana 冰搖茶均實現了強勁的兩位數成長。我們將繼續推出新的冷萃咖啡品種，並擴大氮氣冷萃咖啡在門市的推出範圍。

Second, our food sales were also strong, growing 8% year-on-year, contributing 1 point of comp driven mainly by improved attach across all dayparts with continued strength in the morning. Food represents 20% of our total sales with breakfast sandwich revenues growing 16%, bringing the two-year growth rate to 69%. Sales of premium breakfast sandwiches increased 52%.

其次，我們的食品銷售也表現強勁，年增 8%，貢獻了 1 個百分點的同店銷售額，這主要得益於全天各時段的銷售額增長，其中上午時段的銷售額持續強勁。食品占我們總銷售額的 20%，其中早餐三明治收入成長了 16%，使兩年的成長率達到 69%。高級早餐三明治的銷量成長了52%。

A third point I would like to make is the surge in Starbucks gift cards and reloads, both digitally and online. The $2.1 billion of card sales and reloads is a reflection of the strength of our brand, as well as the power of our digital flywheel, which leads to the fourth point. Digital flywheel adoption continues to grow with almost 13 million active Starbucks Rewards members in the US, up 16% from the same period a year ago. Starbucks Rewards as a percentage of tender is up 4 points from a year ago to 34% and mobile payment increased to 20% of total transactions. This is up 2 points from last quarter and represents an accelerating trend driven by the success of mobile order and pay. Total member spend increased 21% year-on-year driven in part by the strong early success of our recently launched personalization capabilities.

我想提出的第三點是星巴克禮品卡和儲值卡的銷售量激增，無論是電子禮品卡還是線上儲值卡。21 億美元的信用卡銷售和儲值額反映了我們品牌的實力，以及我們數位飛輪的力量，這引出了第四點。數位飛輪的採用率持續成長，美國星巴克獎勵計畫的活躍會員人數已接近 1,300 萬，比去年同期成長了 16%。星巴克獎勵支付佔比較去年同期上升 4 個百分點至 34%，行動支付佔比也上升至總交易量的 20%。這比上一季上升了 2 個百分點，顯示行動訂購和支付的成功推動了這一趨勢的加速發展。會員總支出較去年同期成長 21%，部分原因是近期推出的個人化功能取得了強勁的早期成功。

Mobile order and pay had a banner quarter, representing more than 7% of total transactions, double the figure from Q1 last year. And we now have nearly 1200 stores with 20% or more mobile order and pay transactions at peak compared to only 13 stores one year ago. The overwhelming success of mobile order and pay has increased Rewards engagement and created efficiencies at point of sale. But, as Howard mentioned, the success of mobile order and pay has also created a new operational challenge that has been building in lockstep with volume growth and it is most pronounced in our highest volume stores at peak, significant congestion at the hand-off plane. This congestion resulted in some number of customers who either entered the store or considered visiting a Starbucks store and then did not complete a transaction. Adam Brotman is already driving action in our top 1000 highest volume mobile order and pay stores to address this issue, including introducing new in-store procedures and tools, adding new roles and resources to specifically support mobile order and pay and the testing of new digital enhancements, including text message notifications when a mobile order is ready for pickup.

行動點餐和支付在本季度表現出色，佔總交易量的 7% 以上，是去年第一季的兩倍。現在，我們有近 1200 家門市在高峰時段的行動訂購和支付交易量達到或超過 20%，而一年前只有 13 家門市達到這一比例。行動訂購和付款的巨大成功提高了獎勵計劃的參與度，並提高了銷售點的效率。但正如霍華德所提到的，行動訂購和支付的成功也帶來了一個新的營運挑戰，這個挑戰與銷量的成長同步成長，在高峰期，銷量最高的門市表現得最為明顯，交接環節出現了嚴重的擁塞。這種擁擠導致一些顧客進入商店或考慮光顧星巴克門市，但最終並未完成交易。Adam Brotman 已經在我們行動訂單和支付業務量最高的 1000 家門市推動採取行動來解決這個問題，包括引入新的店內流程和工具，增加新的崗位和資源來專門支持行動訂單和支付，以及測試新的數位增強功能，例如在行動訂單準備好取貨時發送簡訊通知。

Our in-store operational approach continues to evolve as we handle larger volumes of transactions. I will point out that we have been confronted with and solved complexities like this that have been introduced by rapid volume and traffic growth many times over the past several years and we will solve the challenges presented by mobile order and pay-driven traffic increases now.

隨著交易量的增加，我們的門市營運方式也在不斷發展。我想指出的是，在過去幾年中，我們已經多次面臨並解決了由業務量和流量快速增長帶來的類似複雜問題，現在我們將解決行動訂單和付費驅動的流量成長帶來的挑戰。

I want to highlight additional plans we have in place to drive comps to mid-single digits for the full year. These actions align with the five-year strategic plan and are focused on near-term comp growth. First, product innovation. In beverage, we are building a broader beverage platform around Nitro and other cold brew offerings complemented by innovation around frappuccino and Teavana iced teas.

我想重點介紹一下我們為推動全年同店銷售額實現個位數中段成長而製定的其他計劃。這些舉措與五年策略計劃一致，重點在於近期薪資成長。首先是產品創新。在飲料方面，我們正在圍繞 Nitro 和其他冷萃咖啡產品建立一個更廣泛的飲料平台，並輔以星冰樂和 Teavana 冰茶的創新。

Regarding food innovation, we introduced delicious, healthy, high-protein sous vide egg bites this month that had been extremely well-received and are driving both incremental revenue and increased attach. We are expanding production capacity to meet incremental demand for these egg bites. We are also launching the highly anticipated gluten-free breakfast sandwich soon.

在食品創新方面，我們本月推出了美味、健康、高蛋白的低溫慢煮雞蛋塊，這些產品受到了極大的歡迎，並正在推動收入成長和客戶忠誠度提高。我們正在擴大產能，以滿足市場對這些雞蛋小吃的日益增長的需求。我們即將推出備受期待的無麩質早餐三明治。

As we discussed at Investor Day, we have a growth opportunity in the lunch daypart with innovation around a fresh healthy lunch concept that will be tested in the Chicago market this summer in Starbucks stores. Digital flywheel innovation is a critical part of the plan. In addition to ongoing improvements in personalization, including increasing triggered offers based on customers' recent Rewards activity, we are also rolling out suggestive selling that will recommend items to a customer during the order process. The voice-enabled ordering capability we demonstrated at Investor Day will begin deployment in the coming months.

正如我們在投資者日上討論的那樣，我們在午餐時段擁有成長機會，我們將圍繞新鮮健康的午餐概念進行創新，並於今年夏天在芝加哥市場的星巴克門市進行測試。數位化飛輪創新是該計畫的關鍵組成部分。除了不斷改進個人化服務，包括根據客戶最近的獎勵活動增加觸發優惠外，我們還將推出推薦式銷售，在訂購過程中向客戶推薦商品。我們在投資者日上展示的語音訂購功能將在未來幾個月內開始部署。

To accelerate our progress implementing this plan, John Culver, who leads Starbucks Global Retail, made a leadership change in the US with Kris Engskov, a 14-year partner who most recently led EMEA, assuming leadership of our US Retail business reporting to John. Kris was an operator in the US retail business prior to his assignment leading EMEA and it is great to have him back in the US Retail.

為了加快我們實施該計劃的進程，星巴克全球零售負責人約翰·庫爾弗 (John Culver) 在美國進行了領導層調整，由克里斯·恩格斯科夫 (Kris Engskov) 接任美國零售業務負責人一職。克里斯·恩格斯科夫是一位擁有 14 年經驗的合夥人，此前曾領導歐洲、中東和非洲地區業務。他將向約翰匯報工作。Kris 在被任命領導 EMEA 之前曾在美國零售業擔任營運職務，很高興他能回到美國零售業。

In addition, I have asked Howard to act as a coach to Kris as we focus on energizing and galvanizing our store managers and field leadership around the many growth initiatives rolling out now and in the quarters ahead. Tony Matta, who currently leads our US CPG business, will succeed Kris leading global channel development. Tony brings 20 years of experience in the CPG industry and has done a fantastic job leading the Starbucks US CPG business.

此外，我已要求霍華德擔任克里斯的教練，因為我們將專注於激勵和鼓舞我們的門市經理和現場領導，讓他們積極參與到目前正在推出以及未來幾個季度即將推出的眾多增長計劃中。目前領導我們美國消費品業務的 Tony Matta 將接替 Kris 領導全球通路發展。Tony 在消費品產業擁有 20 年的經驗，並且在領導星巴克美國消費品業務方面做得非常出色。

Let's move on to China/Asia Pacific. In Q1, CAP once again Starbucks' fastest-growing segment with revenues up 18% and comp sales up 5%. We added approximately 300 net new stores in CAP in the quarter and now operate 6700 stores across 15 countries. Our newest class of Company-operated stores in China continues the trend of outperforming even the most recent prior class, reflecting both the increasing strength of the Starbucks brand in the region and improved operating leverage.

接下來我們來看中國/亞太地區。第一季度，CAP 再次成為星巴克成長最快的部門，營收成長 18%，同店銷售額成長 5%。本季我們在 CAP 地區新增約 300 家淨門市，目前在 15 個國家經營 6700 家門市。我們在中國最新一批公司自營門市的業績延續了以往的良好勢頭，甚至超過了最近一批門市的業績，這既反映了星巴克品牌在該地區日益增強的實力，也體現了營運槓桿的提高。

And we celebrated a milestone in Q1 by opening our 1000th store in Korea. Korea now joins China and Japan as countries in CAP with over 1000 Starbucks stores. We remain on plan to have roughly 11,000 locations in CAP by 2021. We opened over 160 new Starbucks stores in China in the quarter. We now operate over 2600 stores in China and remain on plan to have over 5000 stores by 2021. Comps in China grew 6% in the quarter with a 4% increase in traffic.

第一季度，我們在韓國開設了第 1000 家門市，慶祝了這一里程碑的時刻。韓國現在與中國和日本一起，成為擁有超過1000家星巴克門市的CAP國家之一。我們仍按計劃在 2021 年前在 CAP 擁有大約 11,000 個地點。本季我們在中國開設了超過160家新的星巴克門市。我們目前在中國擁有超過 2600 家門市，並將繼續按計劃在 2021 年之前擁有超過 5000 家門市。中國市場同店銷售額本季成長 6%，流量成長 4%。

We continue to build the China digital flywheel with active members growing over 25% year-on-year and the new partnership with Tencent showing phenomenal results. WeChat Pay already represents 20% of total transactions in China and the soft launch of WeChat Social Gifting to 4 million Starbucks customers in China has generated overwhelming attention. Social gifting is the next frontier of our digital flywheel.

我們持續打造中國數位飛輪，活躍會員數量年增超過 25%，與騰訊的新合作也取得了顯著成效。微信支付已佔中國交易總額的 20%，而微信社交禮品服務在中國面向 400 萬星巴克顧客的試營運也引起了廣泛關注。社交送禮是我們數位飛輪的下一個前沿領域。

In addition, Teavana continued to perform well throughout CAP with tea revenues growing over 40% in both Japan and China following the launch of custom handcrafted Teavana beverages sold at Starbucks. The passion and commitment of our partners in CAP is enabling a great Starbucks experience that is deepening our connection with customers and driving our business throughout the region.

此外，Teavana 在 CAP 期間繼續保持良好表現，在日本和中國，隨著在星巴克銷售定製手工 Teavana 飲料，茶飲收入均增長超過 40%。CAP 合作夥伴的熱情和奉獻精神，為顧客帶來了卓越的星巴克體驗，加深了我們與顧客的聯繫，並推動了我們在整個地區的業務發展。

Let's move on to EMEA. EMEA continues to see success from the repositioning of its store portfolio with system comps growing 3%. We opened approximately 100 net new stores in the quarter and now operate over 2700 EMEA stores, only 18% of which are Company-operated. Non-equity stores are driving our performance despite an increasingly challenging operating environment. Reported total revenues in Q1 decreased 16% year-on-year to $262 million in EMEA. However, when adjusted for the 21% impact of foreign exchange, the sale of 35 stores to franchisees and local licensees in the UK and the transfer of 144 stores in Germany to Amrest, an existing EMEA license partner, revenue growth was 5%. We remain confident in our strategy and long-term prospects for EMEA.

接下來我們來看看歐洲、中東和非洲地區。EMEA 繼續透過重新定位其門市組合取得成功，系統同店銷售額成長 3%。本季我們淨增約 100 家門市，目前在歐洲、中東和非洲地區經營 2,700 多家門市，其中只有 18% 為公司自營門市。儘管經營環境日益嚴峻，但非股權門市仍是我們業績成長的主要驅動力。報告顯示，第一季 EMEA 地區的總營收年減 16% 至 2.62 億美元。然而，考慮到外匯匯率的 21% 的影響，以及在英國向加盟商和當地被許可人出售 35 家門市，並將德國的 144 家門市轉讓給現有的 EMEA 許可合作夥伴 Amrest，收入增長了 5%。我們對我們的策略和歐洲、中東及非洲地區的長期前景仍然充滿信心。

Onto channel development. Channel development delivered a record revenue, up 8% year-on-year on top of a very strong 16% increase in Q1 a year ago. We continued our strong track record of growth as measured by total US coffee consumption in Q1. Starbucks K-cups posted sales growth of 10.3%, 6 times the total K-cup category growth of only 1.7%. We are the marketshare leader in this category at 17.7%.

接下來是通路開發。通路發展帶來了創紀錄的收入，年增 8%，而去年第一季則實現了 16% 的強勁成長。第一季度，我們持續保持強勁的成長勢頭，美國咖啡總消費量也實現了成長。星巴克 K-cup 咖啡膠囊的銷售額成長了 10.3%，是 K-cup 咖啡膠囊品類整體成長率（僅 1.7%）的 6 倍。我們在該類別中市佔率領先，達到 17.7%。

Starbucks is also the number one premium roast and ground package coffee brand. Our roast and ground sales grew 6% in the quarter compared to a total package coffee category decline of 1.6%. This contributed a point of share taking us to a 14% share position.

星巴克也是排名第一的高階烘焙研磨包裝咖啡品牌。本季度，我們的烘焙咖啡和研磨咖啡銷量成長了 6%，而包裝咖啡類別整體下降了 1.6%。這使我們的市佔率增加了一個百分點，達到 14%。

As we mentioned at Investor Day, while we expect to see continued deceleration in the category and increased competition for both roast and ground and K-cup, we will continue to innovate, gain share and drive growth.

正如我們在投資者日上提到的，雖然我們預計該品類的成長速度將持續放緩，烘焙咖啡、研磨咖啡和 K-cup 咖啡的競爭也將加劇，但我們將繼續創新，贏得市場份額，推動成長。

Turning to our ready-to-drink business, our NACP partnership delivered excellent results with system sales as measured by IRI, up 8%. Share of the total liquid coffee and energy segment grew to 14% fueled by strength in bottled frappuccino, Doubleshot energy drink and new chilled multi-serve products.

再來看我們的即飲業務，我們與 NACP 的合作取得了優異的成績，根據 IRI 的衡量，系統銷售額成長了 8%。受瓶裝星冰樂、雙倍濃縮能量飲料和新型冷藏多份裝產品的強勁表現推動，液態咖啡和能量飲料市場總份額增長至 14%。

We continue to expand our CPG footprint. In EMEA, Starbucks Nespresso-compatible capsules have already become the number three brand in the Nespresso-compatible capsule category in the UK. In China, Starbucks Frappuccino is now available for purchase at over 21,000 points of distribution enabled by our partner, Tingyi. And in the US, our partner, Anheuser-Busch InBev, begins the rollout of new Teavana ready-to-drink teas in February.

我們持續擴大在消費品產業的商業版圖。在歐洲、中東和非洲地區，星巴克Nespresso相容膠囊咖啡已成為英國Nespresso相容膠囊咖啡類別中的第三大品牌。在中國，星巴剋星冰樂現已透過我們的合作夥伴頂益提供的21,000多個經銷點進行銷售。在美國，我們的合作夥伴百威英博將於 2 月開始推出新的 Teavana 即飲茶。

In our 25 years as a public company, our aspirations have never been higher and our opportunities never greater. As we pursue our multi-year plan, we will remain true to our mission and core values and a commitment of serving others and sharing success.

作為一家上市公司，25年來，我們的抱負從未如此高遠，機會也從未如此之大。在推動多年計畫的過程中，我們將始終秉持我們的使命和核心價值觀，致力於服務他人和分享成功。

In closing, I want to personally thank the more than 300,000 partners around the world who proudly wear the green apron for the work they do every single day in our stores. Ultimately, it is our partners who deliver the record results we announce today. With that, I will hand over the call to Scott to take you through our Q1 financials in detail. Scott.

最後，我要親自感謝全球超過 30 萬名合作夥伴，他們每天都自豪地穿著綠色圍裙在我們的商店裡辛勤工作。最終，正是我們的合作夥伴實現了我們今天宣布的這些創紀錄的業績。接下來，我會把電話交給史考特，讓他詳細為大家介紹我們第一季的財務狀況。斯科特。

Thank you, Kevin and good afternoon, everyone. Starbucks' record first-quarter fiscal-2017 results once again demonstrate strong financial and operating performance in the face of a challenging environment. We delivered solid top-line and bottom-line growth in the quarter despite investing meaningfully in innovation and in our partners to support and strengthen our brand and business going forward.

謝謝你，凱文，大家下午好。星巴克2017財年第一季創紀錄的業績再次證明，即使面對充滿挑戰的環境，其財務和營運表現依然強勁。儘管我們對創新和合作夥伴進行了大量投資，以支持和加強我們的品牌和業務，但我們在本季度仍實現了穩健的營收和利潤成長。

Consolidated operating margin came in at 19.8% on a GAAP basis and 20% on a non-GAAP basis. The 10 basis point improvement in operating margin over Q1 last year was driven primarily by sales leverage and favorability in commodity costs, principally coffee, that more than offset increased partner investments largely in our Americas segment. We saw strong leverage on cost of goods sold once again in Q1 giving us great confidence that our long-term goal of $1.4 billion in COGS savings is achievable.

以美國通用會計準則 (GAAP) 計算，合併營業利潤率為 19.8%；以非美國通用會計準則 (non-GAAP) 計算，合併營業利潤率為 20%。營業利潤率較去年第一季提高了 10 個基點，主要得益於銷售槓桿作用和商品成本（主要是咖啡）的有利因素，足以抵消主要來自美洲地區的合作夥伴投資增加。第一季度，我們再次看到銷售成本大幅下降，這讓我們非常有信心實現長期目標，節省 14 億美元的銷售成本。

Q1 GAAP EPS grew 11% to $0.51, which is a record when the large one-time gain associated with the Starbucks Japan acquisition is excluded from our Q1 results two years ago. Q1 non-GAAP EPS grew 13% to $0.52, also a Q1 record.

第一季 GAAP 每股盈餘成長 11% 至 0.51 美元，如果將兩年前第一季業績中與收購星巴克日本相關的大額一次性收益排除在外，則創下歷史新高。第一季非GAAP每股收益成長13%至0.52美元，也創下第一季紀錄。

I will now take you through our Q1 operating performance by segment starting with the Americas. Our Americas segment delivered operating income of $959 million in Q1, a 3% increase over last year. Operating margin declined 110 basis points to 24%, largely due to increased store operating expenses attributable to increased US store partner investments. As mentioned last quarter, we are investing an incremental $250 million globally this year in overall partner and digital investments with the bulk occurring in partner wages and benefits in the US. The full impact of our partner investments in Q1 was partially offset by increased sales leverage.

接下來，我將按業務板塊，從美洲地區開始，逐一介紹我們第一季的營運表現。我們美洲業務部門第一季的營業收入為 9.59 億美元，比去年同期成長 3%。營業利益率下降 110 個基點至 24%，主要原因是由於美國門市合作夥伴投資增加，導致門市營運費用增加。正如上個季度所提到的，今年我們將在全球範圍內追加 2.5 億美元的投資，用於整體合作夥伴和數位化投資，其中大部分將用於美國合作夥伴的工資和福利。第一季合作夥伴投資的全部影響被銷售槓桿的提高部分抵消。

As Kevin mentioned, Starbucks' digital flywheel continues to gain momentum and drive our business. We are now approaching the spend and profitability for Starbucks Rewards member levels we had forecast when we switched from a frequency-based to a spend-based loyalty model last April. We expect further improvement in these critical metrics over the course of the year. We now expect Americas' operating margin to be roughly flat to 2016 levels for fiscal 2017.

正如凱文所提到的那樣，星巴克的數位化飛輪效應持續增強，並推動著我們的業務發展。我們現在正逐步接近星巴克獎勵計畫會員消費和獲利能力的預期目標，這是我們在去年四月從基於消費頻率的忠誠度模式轉向基於消費額的忠誠度模式時所預測的。我們預計這些關鍵指標在今年內將進一步改善。我們現在預計，2017 財年美洲地區的營業利潤率將與 2016 年的水準大致持平。

Let's move on to China/Asia-Pacific. CAP once again delivered the strongest top-line growth of any of our operating segments, 18% over last year, while delivering record quarterly GAAP operating income of $163 million, up 29% over Q1 of last year. CAP's operating margin expanded 180 basis points to 21.2%. On a non-GAAP basis, CAP's operating income increased by 27% to $177 million and its operating margin expanded 170 basis points to 23%.

接下來我們來看中國/亞太地區。CAP 再次實現了我們所有營運部門中最強勁的營收成長，比去年成長了 18%，同時實現了創紀錄的季度 GAAP 營業收入 1.63 億美元，比去年第一季成長了 29%。CAP 的營業利潤率成長了 180 個基點，達到 21.2%。以非GAAP準則計算，CAP的營業收入成長了27%，達到1.77億美元，營業利潤率成長了170個基點，達到23%。

Contributing to CAP's margin expansion was the transition to a value-added tax structure in China and outstanding performance from our joint venture operations in the region partially offset by 110 basis points of negative impact related to FX. For the full year, we continue to expect moderate operating margin expansion in CAP and are optimistic that we will exceed our initial operating margin plans despite the increasingly negative impact of foreign exchange. Also, CAP revenue growth adjusted for foreign exchange will remain in the mid-teens all year. Reported revenue growth in this segment will be meaningfully impacted by foreign exchange as we move through the year with an estimated 3 full points of negative impact on revenue growth for the year.

CAP利潤率擴張的因素包括中國增值稅結構的過渡以及我們在該地區合資企業的出色業績，但部分被與外匯相關的110個基點的負面影響所抵消。全年來看，我們仍然預計 CAP 的營業利潤率將溫和增長，並且儘管外匯匯率的負面影響日益加劇，但我們樂觀地認為我們將超過最初的營業利潤率計劃。此外，經匯率調整後，CAP 的營收成長將全年維持在 15% 左右。隨著時間的推移，外匯波動將對該業務部門的收入成長產生重大影響，預計全年收入成長將受到 3 個百分點的負面影響。

Let's move on to EMEA. Despite continuing economic, geopolitical, retail and FX headwinds, EMEA delivered among the strongest operating margins in its history in Q1, 16.8%, up 140 basis points over last year once again validating the correctness of our strategy to optimize our EMEA store profitability by shifting to a predominately licensed model. As Kevin mentioned, system sales, system revenue and overall profitability are running much higher in EMEA today under the largely licensed store portfolio approach when compared to the prior Company-owned market model.

接下來我們來看看歐洲、中東和非洲地區。儘管經濟、地緣政治、零售和外匯方面持續面臨不利因素，但 EMEA 在第一季度實現了歷史上最強勁的營業利潤率之一，達到 16.8%，比去年同期增長了 140 個基點，再次驗證了我們通過轉向以授權為主的模式來優化 EMEA 門店盈利能力的戰略是正確的。正如 Kevin 所提到的，與之前的公司自有市場模式相比，如今在 EMEA 地區，採用主要授權門市組合模式的系統銷售額、系統收入和整體盈利能力要高得多。

It is important to note that EMEA operating income grew by 6% after adjusting for the nearly $7 million impact of negative foreign exchange in the quarter. With such a strong start to the year, we continue to expect EMEA operating margins to reach nearly 15% for the full fiscal year. Starbucks' channel development segment continues to lead the premium coffee category in both roast and ground and on the K-cup platform gaining share in all key US categories in at-home and ready-to-drink while at the same time delivering record quarterly operating margin and profit and despite an increasingly competitive operating environment, channel development's operating income reached $243 million, up 26% year-over-year on a 620 basis point increase in operating margin to 43.9%.

值得注意的是，在調整了本季近 700 萬美元的負面外匯影響後，EMEA 的營業收入成長了 6%。今年開局強勁，我們繼續預計 EMEA 地區的營業利潤率將在整個財年達到近 15%。星巴克的通路發展部門繼續在烘焙咖啡、研磨咖啡和 K-cup 平台上引領高端咖啡類別，在美國所有主要類別（包括家庭裝和即飲咖啡）中均獲得市場份額，同時實現了創紀錄的季度營業利潤率和利潤。儘管經營環境競爭日益激烈，但通路發展部門的營業收入達到 2.43 億美元，年增 26%，營業利潤率成長 620 個基點至 43.9%。

Margin improvement was driven primarily by favorability in coffee costs, higher income for our North American coffee partnership with Pepsi and sales leverage on cost of goods sold and operating expenses. For the full fiscal year 2017, we continue to expect channel development to post full-year revenue growth in the high single digits though Q2 growth is likely to be at a slightly slower rate given the timing and impact of the Easter holiday, which occurred in Q2 last year, but falls in Q3 this year and we continue to expect channel development to drive strong operating margin improvement in fiscal 2017 over last year with expected very strong expansion in the first half of the year, but moderating a bit over the last two quarters.

利潤率的提高主要得益於咖啡成本的有利因素、與百事可樂在北美咖啡合作帶來的更高收入，以及銷售成本和營運費用的槓桿作用。2017 財年全年，我們仍預期通路發展將實現高個位數的全年營收成長，但考慮到復活節假期的時間和影響，第二季的成長速度可能會略有放緩。去年復活節假期在第二季度，而今年則在第三季度。我們仍預期通路發展將在 2017 財年推動營業利潤率較上年大幅提升，預計上半年將實現非常強勁的成長，但下兩個季度成長將放緩。

I want to make one last point on the quarter related to capital deployment. Cash returned to shareholders increased 42% from Q1 of last year to nearly $800 million, a Q1 record.

關於本季與資本部署相關的問題，我想最後補充一點。返還給股東的現金較去年第一季成長 42%，達到近 8 億美元，創下第一季紀錄。

Let's move to 2017 targets. We are reiterating the financial and operating targets we previously provided for fiscal 2017 with a slight modification to our total revenue growth goal. To achieve these targets, we are committed to remaining disciplined with our investments and laser-focused on delivering an elevated experience to our customers while at the same time meaningfully improving our comp, revenue and profit in the second half of 2017. This discipline will be key to delivering our top and bottom-line goals. Specifically, on a 52-week basis, we now expect foreign exchange-adjusted revenue to grow at 8% to 10% compared to fiscal 2016.

讓我們來看看2017年的目標。我們重申先前為 2017 財年制定的財務和營運目標，並對總收入成長目標稍作修改。為了實現這些目標，我們致力於在投資方面保持嚴謹，並專注於為客戶提供更優質的體驗，同時在 2017 年下半年顯著提高我們的同店銷售額、收入和利潤。這種自律精神對於實現我們的營收和利潤目標至關重要。具體而言，以 52 週計算，我們現在預計經外匯調整後的營收將比 2016 財年成長 8% 至 10%。

We believe broadening this range is prudent given the 7% revenue growth we posted this holiday quarter. This includes global comp growth in the mid-single digit range with the first half of the year lower and some improvement in the second half of the year. We plan to add 2100 net new stores globally, including approximately 1000 in China/Asia-Pacific, 800 in the Americas and 300 in EMEA. On a 52-week basis, we continue to expect slight improvement in consolidated operating margin compared to fiscal 2016. This margin expansion is a strong result given the twin pressures of foreign exchange and increased partner and digital investments.

鑑於我們本假日季度實現了 7% 的營收成長，我們認為擴大這一範圍是審慎之舉。這包括全球同業成長在個位數中段範圍內，上半年成長放緩，下半年有所改善。我們計劃在全球新增 2100 家門市，其中約 1,000 家位於中國/亞太地區，800 家位於美洲，300 家位於歐洲、中東和非洲地區。以 52 週計算，我們仍預期合併營業利潤率將比 2016 財年略有改善。考慮到外匯壓力以及合作夥伴和數位投資增加的雙重壓力，這項利潤率擴張是一個強勁的成果。

With our coffee needs for fiscal 2017 approximately 80% price-locked, we do not expect commodities to materially impact our year-over-year profit growth. Commodities in total will be slightly favorable in the first half of the year and slightly unfavorable in the back half. Also given recent movement in current exchange rates, we now expect an increased negative impact from foreign exchange for the year with revenue growth now impacted by roughly 1 point and earnings per share negatively impacted by 1 to 2 points. The impact of FX will accelerate as we move into the last half of 2017. You will note that this is a meaningful increase from our last guidance relative to the impact of FX.

由於我們 2017 財年的咖啡需求約 80% 已鎖定價格，我們預期大宗商品不會對我們年比利潤成長產生實質影響。今年上半年大宗商品整體走勢略為有利，下半年略為不利。鑑於近期匯率的波動，我們現在預計今年外匯匯率將產生更大的負面影響，營收成長將受到約 1 個百分點的影響，每股盈餘將受到 1 至 2 個百分點的負面影響。隨著我們進入2017年下半年，外匯波動的影響將會加速。您會注意到，與我們上次關於外匯影響的預測相比，這是一個顯著的提高。

Given all these points, we continue to expect fiscal 2017 GAAP EPS in the range $2.09 to $2.11 and non-GAAP EPS in the range of $2.12 to $2.14. Specifically looking at Q2 2017, we are targeting GAAP EPS in the range of $0.43 to $0.44 and non-GAAP EPS in the range of $0.44 to $0.45. All other guidance is unchanged from last quarter.

鑑於以上所有因素，我們繼續預計 2017 財年 GAAP 每股收益在 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。具體來看 2017 年第二季度，我們預期 GAAP 每股盈餘目標為 0.43 美元至 0.44 美元，非 GAAP 每股盈餘目標為 0.44 美元至 0.45 美元。其他所有預期均與上季相同。

We are pleased with the record operating and financial results we announce today, particularly given that the results were delivered in conjunction with the significant increase in investments in our people and innovation. More importantly, as you heard from Kevin, we have a clear set of actions that we believe will improve comp growth and profitability as we move through the year. As always, credit for our success in Q1 belongs to Starbucks' partners around the world who proudly wear the green apron and work to deliver an elevated Starbucks experience to our customers through 90 million individual occasions every week, but who do so with heart and passion one cup at a time.

我們對今天公佈的創紀錄的營運和財務表現感到滿意，尤其考慮到這些業績是在我們對員工和創新投入大幅增加的情況下取得的。更重要的是，正如你從凱文那裡聽到的，我們有一套明確的行動方案，我們相信這些方案將在今年內提高同業成長和獲利能力。一如既往，我們第一季的成功要歸功於世界各地的星巴克夥伴，他們自豪地穿著綠色圍裙，每週透過 9000 萬個不同的場合，努力為顧客提供卓越的星巴克體驗，並且他們始終用心、充滿熱情地製作每一杯咖啡。

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。操作員。

(Operator Instructions). John Glass, Morgan Stanley.

（操作說明）約翰‧格拉斯，摩根士丹利。

Thanks very much. I wonder if I could just maybe ask two guidance-related questions, Scott or Howard. The first is just with the context of the lower revenue growth, can you just break out between the foreign currency and what your expectations are comps the beginning of the year versus now? Is that evenly split or how do you break those down?

非常感謝。史考特或霍華德，我不知道我能不能問兩個與指導有關的問題。首先，考慮到營收成長放緩，您能否單獨分析外幣匯率的影響，以及您對年初至今的業績預期？是均分還是如何細分？

And then there was a discussion at the Analyst Day of growing G&A at half the rate of revenue. And I wonder if that's in play this year and how that plays out because G&A growth was substantially more than that in the first quarter and I know that's probably the investment timing, but just is the half of revenue rate still in play this year?

然後，在分析師日上，有人討論了一般及行政費用增長速度應為收入增長速度的一半。我想知道今年是否還會出現這種情況，以及結果會如何，因為第一季的一般及行政費用增長遠高於此，我知道這可能是投資時機，但今年收入增長一半的預期是否仍然適用？

Yes, I will take those in order, John. So as far as revenue growth goes, we are really still on that double-digit track that we talked about. It's just given the performance in the first quarter, which, as you know, was 7%, both adjusted for FX and as reported, we just see the math averaging out to perhaps a little bit below that rate depending on how we finish, but we still expect comps to accelerate in the back half of the year, which means revenue will accelerate in the back half of the year and the number I'm giving, that 8% to 10% growth rate, that excludes the impact of FX, which we think, based upon where rates are today, will be about 1 point negative. So hopefully that answers that modeling question.

是的，約翰，我會按順序接受這些。所以就營收成長而言，我們仍然保持著我們之前提到的兩位數成長動能。鑑於第一季的業績，如您所知，該季度增長率為7%，無論經匯率調整還是按報告數據計算，我們預計最終增長率可能會略低於這個數字，具體取決於我們最終的業績表現。但我們仍預期下半年同店銷售將加速成長，這意味著下半年營收也將加速成長。我給出的8%至10%的成長率預測不包括匯率的影響，我們認為，根據目前的匯率水平，匯率的影響約為負1個百分點。希望這能解答建模方面的問題。

On G&A growth, what we talked about was G&A growth, excluding the investments we had in innovation, which is primarily things around the digital flywheel and things we are doing with Siren Retail. That will grow at half the rate of G&A or half the rate of revenue. And when you strip out one-time items and some of those investments that we are talking about, we were really close to that this quarter. So we are still on track for core G&A growing at half the rate of revenue for the year.

關於 G&A 成長，我們討論的是 G&A 成長，不包括我們在創新方面的投資，這主要涉及數位飛輪以及我們與 Siren Retail 合作的專案。該支出將以一般及行政費用的一半速度增長，或以收入的一半速度增長。如果剔除一次性項目和我們正在討論的一些投資，我們本季實際上已經非常接近這個目標了。因此，我們仍有望實現核心一般及行政費用增速為全年營收增速的一半。

David Palmer, RBC Capital.

David Palmer，RBC Capital。

Good evening. You mentioned the issue with the congestion at the handoff for those mobile orders. How much of a drag do you think that represented during the quarter and any color about the nature of the friction, where was it greatest and how quickly could you solve the issue would be helpful? Thanks.

晚安.您提到了行動訂單交接環節的壅塞問題。您認為這在本季造成了多大的阻礙？能否詳細說明一下摩擦的性質、摩擦最大的地方以及您能多快解決這個問題？謝謝。

I will give you a little bit more perspective on that. If you look at stores that had more than 20% of their transaction volume coming from mobile order and pay at peak, this quarter, we had 1200 stores in the US that fit that profile. Last quarter, it was 600 stores. So it's doubled in this last quarter, so there's significant uptick in the usage of mobile order and pay and we're now to the point where we've doubled the number of stores that had more than 20% of their transaction volume coming in at peak.

我再給你補充一些看法。如果查看本季高峰期行動訂購和支付交易量佔比超過 20% 的商店，我們在美國有 1200 家商店符合此功能。上一季度，門市數量為 600 家。因此，上個季度翻了一番，行動訂購和支付的使用量顯著增加，現在我們已經達到這樣的程度：高峰期超過 20% 的交易量來自行動端的商店數量翻了一番。

What that creates is, when those orders come in at that volume, it's creating congestion at the handoff plane and so when a customer, a potential customer might walk in the store, it used to be they would look at the line at point-of-sale and if that line looked too long, they might decide not to do a transaction at that time and come back later. Now when customers walk into the store, we've alleviated the congestion at the point-of-sale line and now we have congestion at the handoff plane. So they might look at the number of customers around the handoff plane and the number of beverages on the handoff plane and that might create the signal to them that they are going to wait to do their transaction.

這樣一來，當訂單量如此之大時，就會造成交接環節的壅塞。因此，當顧客或潛在顧客走進商店時，他們會查看收銀台的隊伍，如果隊伍看起來太長，他們可能會決定暫時不進行交易，稍後再來。現在，當顧客走進商店時，我們緩解了收銀台的擁堵，但現在交接台卻出現了擁堵。因此，他們可能會觀察交接飛機周圍的顧客數量和交接飛機上的飲料數量，這可能會向他們發出信號，表明他們要等待一段時間才能完成交易。

We can't statistically quantify the number. We do think that was that most significant contributing factor to our 3% comp. So it is something that, over the last five or six years, we've had to continuously solve problems of the increased scaling of transactions at our store. This is no different and so we are focused on a set of solutions.

我們無法用統計方法量化這個數字。我們認為這是我們薪資成長3%最重要的因素。因此，在過去的五、六年裡，我們不得不不斷解決商店交易量不斷增長所帶來的問題。情況也一樣，所以我們專注於一系列解決方案。

Adam Brotman is on point for those solutions and maybe I will hand over to Adam to walk through the set of things that you have in motion now and where you are going with the action plan. Adam.

Adam Brotman 對這些解決方案很有見解，也許我會把麥克風交給 Adam，讓他來介紹一下你現在正在採取的措施以及你的行動計劃的方向。亞當。

Thanks, Kevin. David, to answer your second question, we are getting after this right now. So as this surge occurred in MOP, mobile order and pay adoption at those 1200 stores that Kevin just mentioned, we studied right away which of those stores developed practices and systems for alleviating that congestion and alleviating the [bulk] and improving the throughput and making a smoother customer experience.

謝謝你，凱文。大衛，關於你的第二個問題，我們正在著手解決這個問題。因此，隨著 Kevin 剛才提到的 1200 家門市行動點餐和支付方式的普及，我們立即研究了哪些門市製定了緩解擁堵、減少訂單量、提高吞吐量並提供更流暢的客戶體驗的措施和系統。

And so we took those practices right away, we rolled them together and we started rolling them out this week to those 1200 stores and they include everything from two new barista roles that help simplify and clarify exactly how to organize and connect with customers and smooth out the congestion at the handoff plane. We are redeploying and at times surgically adding labor into those stores to accommodate those roles, but really it's just about getting after a better deployment method for those barista roles in those stores and we've added new station -- ticket station layout guides and other tools that make the experience easier and better for our partners and we know these work in the stores that we've studied and we are putting them into action right now.

因此，我們立即採取了這些做法，並將它們整合起來，從本週開始向這 1200 家門市推廣，其中包括兩個新的咖啡師角色，這有助於簡化和明確如何組織和聯繫顧客，並緩解交接環節的擁堵。我們正在重新部署人員，有時會精準地增加門市的勞動力來填補這些崗位空缺，但實際上，我們只是想為這些門市的咖啡師崗位找到更好的部署方法。我們新增了工作站－取餐站佈置指南和其他工具，讓我們的合作夥伴擁有更輕鬆、更優質的體驗。我們知道這些方法在我們研究過的門市中行之有效，現在我們正在付諸實踐。

Sara Senatore, Bernstein.

薩拉·塞納托雷，伯恩斯坦。

Thank you very much. I wanted to ask about the record Starbucks card activations and reloads and just ask if you could talk about what you think that means in the context of slightly softer comps this quarter. So specifically, is this just a timing shift when you think about traffic, fewer people out doing holiday shopping maybe, but, in the end, the traffic patterns will come back in the March quarter, or is this something else that's going on?

非常感謝。我想問一下星巴克信用卡啟動和充值數量創紀錄的情況，以及您認為在本季同店銷售額略微疲軟的情況下，這意味著什麼。那麼具體來說，這只是交通時間上的改變嗎？例如，因為節日期間外出購物的人減少了，但最終交通模式會在三月恢復正常，還是有其他原因？

I guess on a related note, in light of the traffic shift, how are you thinking about delivery, which is an area that so many restaurants now are talking about focusing intently on as a way to maybe counteract what looks like just less foot fall out there?

我想順便提一下，考慮到交通流量的變化，您是如何看待外送的？現在很多餐廳都在談論要專注於發展外賣，以此來彌補客流量減少帶來的影響。

I will start and then I will ask Matt Ryan to help with that. Look, as far as the card loads, that record level of activity, that will come through -- what's sitting on the balance sheet will absolutely come through as we move into January and beyond this quarter. In fact, we are already seeing that happen. I think the important thing to understand is the challenges that Kevin talked about and the opportunity we have with throughput, Adam is working on that. That solve will take a little bit of time. We will get started on it this quarter, but my guess is turning that around takes a bit of time. So while all that card load activity is going to come through and that is going to be positive, we still have to address that throughput opportunity we have in our stores. Matt, do you want to add?

我先開始，然後我會請馬特·瑞安幫忙。你看，就信用卡儲值而言，這種創紀錄的活動水平將會實現——資產負債表上的餘額肯定會在我們進入一月份以及本季度之後實現。事實上，我們已經看到這種情況正在發生。我認為重要的是要理解凱文提到的挑戰以及我們在吞吐量方面所面臨的機遇，亞當正在努力解決這個問題。解決這個問題需要一些時間。我們將在本季開始著手這項工作，但我估計扭轉局面需要一些時間。因此，雖然所有這些充值活動都會發生，而且這將是積極的，但我們仍然需要解決我們門市的吞吐量問題。馬特，你想補充嗎？

Yes, I think the good news in all of that is the terrific results we are seeing related to reloads in particular. That's testament to the digital flywheel working on all fronts right now. As you heard from Howard and Kevin, there is record performance and it is coming from both the number of members we have and the acquisition activities that have taken place, as well as spend per member, which is a function of three basic things -- the transition that we successfully made to a spend-based model, which encourages higher spending; personalization part and parcel with that and our ability to incentivize purchases that may not have otherwise happened; as well as the impact of mobile order and pay. So we feel good about all of that.

是的，我認為所有這些中最令人欣慰的消息是我們尤其在彈藥裝填方面看到了非常好的結果。這證明了數位化飛輪效應目前在各方面都發揮作用。正如您從霍華德和凱文那裡聽到的，我們的業績創下了歷史新高，這得益於我們會員數量的增長、會員獲取活動的開展以及每位會員的消費額。而每位會員的消費額又取決於三個基本因素：我們成功轉型為基於消費的模式，這鼓勵了更高的消費額；個人化服務是其中不可或缺的一部分，我們有能力激勵那些原本可能不會發生的購買行為；以及行動訂購和支付的影響。所以我們對這一切都感到很滿意。

I just want to address the one last question about delivery that you also raised as well too. Where we see the greatest opportunity for delivery as we outlined at Investor Day is in China where the cost of delivery has come in at a price point that customers are willing to pay and we will be looking to engage and make that happen. So you'll see more of that in months to come as we get results from our pilots back. We are also exploring other opportunities in the US, but we don't have anything specific to announce at this time.

我只想回答您提出的最後一個關於配送的問題。正如我們在投資者日上所概述的那樣，我們認為最大的交付機會在中國，因為中國的交付成本已經降到了客戶願意支付的價格水平，我們將努力參與其中，使其成為現實。因此，在接下來的幾個月裡，隨著我們收到飛行員的回饋結果，你們將會看到更多這樣的情況。我們也在探索美國的其他機會，但目前還沒有任何具體消息可以公佈。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

Thank you. Two questions, if I may. Firstly, listening to some of the prepared remarks, there's obviously a lot of I think rightful optimism around the $2.1 billion loaded on the Starbucks card as a balance ending the quarter. Some of the food doing very well, specifically around the egg bites. But I guess the one piece that maybe hasn't been fully developed yet is 1-to-1 marketing and customized offers being made immediately to the customer.

謝謝。請問兩個問題。首先，聽了一些事先準備好的發言稿，很明顯，人們對星巴克卡上本季末的 21 億美元餘額抱有很大的樂觀態度，我認為這是理所當然的。有些食物賣得很好，特別是雞蛋小吃。但我認為，目前可能還沒有完全發展成熟的一個環節是：一對一行銷和即時向客戶提供客製化服務。

So I guess it's on that last point and, Matt, maybe the question is for you. When do you think that begins to have an impact, especially for the 80% of stores presumably that don't have the capacity constraint at the handoff; in other words driving additional spend at the stores that aren't constrained? Then I have a follow-up.

所以我想問題就出在最後一點上，馬特，也許這個問題應該要問你。您認為這種情況何時開始產生影響，特別是對於交接時沒有產能限制的 80% 的門市而言；換句話說，何時會推動那些不受產能限制的門市增加消費？然後我還有一個後續問題。

Sure. Thanks for the question. I think the result you saw in spend per member going up so dramatically in the past quarter and so on is a result of the first wave of personalization kicking in. Remember it was about at the beginning of last quarter that we started personalization, not just in email, but also in the app itself, so there were mobile offers being featured to the customer. We saw tremendous response rates there versus what we had done previously in email, which already had been higher than what we had done without 1 to 1, so that ramp was already taking place.

當然。謝謝你的提問。我認為，上個季度及以後每個會員的消費額大幅增長，是第一波個人化浪潮開始發揮作用的結果。記得大概在上個季度初，我們開始推行個性化，不僅在電子郵件中，也在應用程式本身中，因此我們向客戶推送了行動優惠訊息。我們發現，與我們之前透過電子郵件所做的相比，這種方式的回應率非常高，而電子郵件的回應率本身就已經高於我們沒有進行一對一溝通時的回應率，所以這種成長勢頭已經開始顯現。

We are optimistic that we are also layering what we call recommendations right now. That is rolling out this month and what that means is as customers are in the process of ordering, we will be doing suggestive selling. So that was not in past results, but should be in this quarter and future quarters to come. There's a long roadmap in front of us with personalization. We've only just begun that journey and we are very, very optimistic about the contribution it's already making to the spend per member that we are seeing.

我們樂觀地認為，我們目前也正在逐步建立我們所謂的推薦機制。這項功能將於本月推出，這意味著當顧客下單時，我們將進行推薦銷售。所以，這在之前的業績中沒有體現，但應該會在本季以及未來的幾季中體現出來。個人化方面，我們面前還有很長的路要走。我們才剛開始這段旅程，但我們對它目前對每位會員支出所做出的貢獻感到非常非常樂觀。

Sharon Zackfia, William Blair.

莎倫·扎克菲亞，威廉·布萊爾。

Good afternoon. I guess the question is, given the success of mobile order and pay, can you talk about how that's informing your new store design? And as you think about that structurally, is there anything that you would go back and want to retrofit throughout the system, particularly in the US?

午安.我想問的是，鑑於行動點餐和付款的成功，您能否談談這是如何影響您的新店設計的？從結構上考慮這個問題，你覺得整個系統，特別是美國的系統，有哪些地方需要改進和改造？

I will start with that. It's interesting you asked that question because we have many of our designers and architects in Seattle this week from the US and around the world speaking about Reserve stores, Reserve bars and the hot topic of the day, obviously, which is the unbelievable surprise success of mobile order and pay and the impact it has had on the morning ritual.

我就從這裡開始。你問這個問題很有意思，因為這週我們有很多來自美國和世界各地的設計師和建築師齊聚西雅圖，談論 Reserve 門市、Reserve 酒吧以及當天的熱門話題，顯然，那就是移動點餐和支付令人難以置信的意外成功及其對早晨習慣的影響。

So a few things. One, in existing stores, we, as Adam said, we have discovered that managers on their own have created best practices in order to solve the problem and are creating in a sense a mobile kiosk that they can move around to try and establish a handoff plane, but we are going to redesign new stores and existing remodels to reflect the fact that mobile order and pay, although it's in its nascent stage, is obviously going to be a significant part of the morning business.

有幾件事。第一，正如亞當所說，在現有門市中，我們發現經理們已經自行製定了最佳實踐來解決這個問題，並且在某種程度上創建了一個可以移動的自助服務終端，以嘗試建立一個交接平台。但是，我們將重新設計新店和現有門市的改造，以反映行動點餐和支付雖然還處於起步階段，但顯然將成為早間業務的重要組成部分。

So I want to bring some color to it also in my own way. When we introduced this, I don't think we had any idea that we would get the kind of response that we have gotten so fast. And as Kevin said, the rampup that we are now seeing has significantly affected the morning ritual and at times created anxiety among existing customers. But, at the same time, this is a great problem to have and a problem that we know how to solve. This is not rocket science. This is what we do every day as retailers, as merchants and we are in this thing right now deeply trying to understand specifically what we can do on an interim basis and what we can do over the long term. But the mobile order and pay activity and the nascent stage of personalization and 1-to-1 marketing bodes so well for the growth and development of the Company, especially in light of the macro issue of traffic.

所以我也想用自己的方式為它增添一些色彩。當初推出這項服務時，我們恐怕沒想到會這麼快就獲得如此熱烈的迴響。正如凱文所說，我們現在看到的這種成長勢頭已經嚴重影響了人們的早晨習慣，有時甚至給現有客戶帶來了焦慮。但同時，這又是一個值得慶幸的問題，而且我們也知道如何解決這個問題。這並非什麼高深莫測的學問。這就是我們作為零售商、商家每天都在做的事情，我們現在正深入研究這個問題，試圖具體了解我們可以在短期內做些什麼，以及我們可以在長期內做些什麼。但行動訂購和支付活動以及個人化和一對一行銷的萌芽階段，對於公司的成長和發展來說是一個非常好的兆頭，尤其是在交通流量這個宏觀問題上。

And I think as I said in my prepared remarks, there is such evidence for us that we are going to be one of the true winners regardless of what happens with those retailers and especially those retailers that are going to suffer significantly from the downturn in traffic as a result of e-commerce and mobile purchasing online. But I think we are in a unique position. Obviously, it affected comps this quarter, but it's a very good problem to solve.

正如我在準備好的演講稿中所說，我認為有充分的證據表明，無論那些零售商，特別是那些因電子商務和行動線上購物導致客流量下降而遭受重大損失的零售商，最終都將成為真正的贏家之一。但我認為我們處於一個獨特的地位。顯然，這影響了本季的同店銷售額，但這是一個非常值得解決的問題。

And then when you look at the $2 billion loaded on cards that are sitting on the balance sheet for Starbucks, is there a company -- is there a retail company, a retail brand that is in this kind of position, and I said in my remarks, if you just look at the fact that we could not book that revenue in terms of traffic and comps, it's a much different story for Q1 than what we reported.

然後，當你看到星巴克資產負債表上積壓了 20 億美元的信用卡餘額時，你會想到，有哪家公司——有哪家零售公司、哪個零售品牌處於這種境地？我在演講中也提到過，如果我們考慮到無法將這部分收入計入客流量和同店銷售額，那麼第一季的情況就與我們公佈的數據截然不同了。

Sharon, beyond the mobile order and pay and future design of the stores, we are looking at other areas as well for improvement such as the cold beverage station, as we add in more cold beverages, iced tea, Nitro improvements to include infusion. We are also looking at enhanced food offering and building out a more robust food capability within our stores and then we continually look at and we shared with you at the investor conference the beverage innovation and the equipment innovation that we have coming on beverage as well. So mobile order and pay is a piece of that and the deployment of that, clearly, but then also we have other things that we are working on in terms of future design of the stores. And all this is designed around the principle of creating a higher and better partner and customer connection and building that customer service aspect at a much higher level into our stores.

Sharon，除了移動點餐和支付以及商店的未來設計之外，我們還在考慮其他方面的改進，例如冷飲站，因為我們增加了更多的冷飲、冰茶、氮氣飲料的改進，包括注入式。我們也考慮如何提升食品供應，並在門市建立更強大的食品供應能力。此外，我們也在投資者大會上與大家分享了我們在飲料創新和飲料設備創新方面的進展。所以行動訂購和支付是其中的一部分，其部署顯然也是如此，但除此之外，我們還在努力實現商店的未來設計。這一切都是圍繞著一個原則而設計的：建立更高水準的合作夥伴與客戶關係，並將客戶服務提升到我們門市的更高水準。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

Thank you so much for the follow-up. I do appreciate it very much. So the question is for you, Scott. It's a little bit of a model question. Cost of goods sold leverage in the US has obviously been a pretty important piece of the model over the past couple of years, especially as labor costs have risen and this quarter, it looks like it was relatively flat in the Americas year-over-year. So I just wanted to get some color on that result and if you expect future leverage in that obviously very important line going forward even with commodities beginning to tick up?

非常感謝您的後續跟進。我非常感激。所以問題出在你身上，史考特。這有點像是範例題。過去幾年，美國的銷售成本槓桿顯然一直是這個模型中非常重要的一部分，尤其是在勞動成本上升的情況下。而本季度，美洲的銷售成本較去年同期似乎相對持平。所以我想了解這個結果的具體情況，以及您是否預期即使大宗商品價格開始小幅上漲，這條顯然非常重要的指標在未來仍會發揮槓桿作用？

We do expect future leverage. One thing to remember, John, and I know you know this, that includes COGS and occupancy, so there's a little bit of offsetting direction in those two line items within cost of goods sold and occupancy, but we had nice leverage really across the globe and in the US as well on cost of goods sold.

我們預計未來將利用槓桿效應。約翰，有一點你要記住，我知道你也知道，這包括銷售成本和占用成本，所以銷售成本和占用成本這兩個項目之間存在一些相互抵消的方向，但我們在全球範圍內，包括在美國，在銷售成本方面確實擁有很好的槓桿作用。

Andy Barish, Jefferies.

安迪·巴里什，傑富瑞集團。

A question for Howard, please, on Reserve. I guess I'm wondering if it works with the core brand given the menu pricing is going to be higher in Reserve stores. Do you think eventually that gives you some room to move the umbrella up on your core brand pricing?

請向霍華德提問，關於預備役。我想知道，考慮到臻選店的菜單價格會更高，這種做法是否符合核心品牌的概念。你認為這最終是否會給你一些空間，讓你在核心品牌定價上有所提升？

I don't think so. I think that our objective is to create an ultra-premium experience with Reserve in traditional Starbucks stores with Reserve bars, Reserve stores only and obviously the Roastery, but I don't think it's going to be an opportunity to raise prices in our core stores or core brand. But I think the differential between the ultra-premium experience and Reserve, we like the position that we are currently in and our customers are responding very positively as many people saw before the Investor Day at Brookfield Place.

我不這麼認為。我認為我們的目標是在傳統的星巴克門市（包括臻選吧、臻選門市以及烘焙工坊）打造臻選系列的超高端體驗，但我認為這不會成為我們提高核心門市或核心品牌價格的機會。但我認為超高端體驗與尊享體驗之間的區別在於，我們喜歡我們目前所處的位置，我們的客戶也給予了非常積極的反饋，正如許多人在布魯克菲爾德廣場投資者日之前所看到的那樣。

And I think -- I am very encouraged because, outside of New York City where we are opening stores, we are seeing a lot of traction with the number of Reserve beverages that are being sold and the frequency of visits of customers coming back for a handcrafted experience.

而且我認為——我感到非常鼓舞，因為在紐約市以外的地方，我們看到 Reserve 系列飲品的銷量和顧客光顧的頻率都很高，顧客們為了體驗手工製作的飲品而再次光顧，這讓我們感到非常欣慰。

Jason West, Credit Suisse.

瑞士信貸的傑森·韋斯特。

Thanks. Just wanted to circle back on your comment, Scott, about the guidance for the year. When you said still sticking with mid-single digits, you said below that or I guess somewhat softer in the first half. Are you saying that not mid-single digits in the first half and then recovering to that level in the second half or are you saying more -- something a little different? If you could explain. Thanks.

謝謝。Scott，我想就你之前關於今年指導方針的評論再補充一點。你說仍然堅持個位數中段的水平，你又說低於這個水平，或者我猜上半場會稍微柔和一些。你是說上半場得分不到個位數，下半場才回升到那個水平，還是說還有別的意思──有點不一樣？你能解釋一下嗎？謝謝。

I think something a little different. I think what we are sticking to is full-year guidance of mid-single digits and that the first half will be a bit lower than the second half. I want to try to stay away from giving comp guidance for each quarter, as you can imagine. Part of the first half is obviously impacted by the three that we just reported, but I think the thing to focus on is accelerating comps, revenue and profitability in the back half of the year. That's really important for our guidance.

我想的是略有不同的想法。我認為我們堅持的全年業績預期是實現個位數中段的成長，而且上半年的業績會略低於下半年。正如你所想，我盡量避免給出每季的業績預期。上半年部分業績顯然會受到我們剛才報道的三個因素的影響，但我認為應該關注的是下半年同店銷售額、收入和盈利能力的加速增長。這對我們的指導至關重要。

And I would just add all the things that Kevin talked about in his prepared remarks is what gives us line of sight to that, all the things around product innovation, many things that we are really just starting on the digital flywheel and then the operational improvements, which will pick up over time and over the course of the year and impact overall comps.

我還要補充一點，凱文在準備好的發言稿中提到的所有事情，都讓我們看到了希望，包括產品創新、我們在數位化飛輪上真正開始的許多事情，以及營運改進，這些都會隨著時間的推移和一年的推進而得到提升，並對整體業績產生影響。

David Tarantino, Robert W. Baird.

大衛·塔倫蒂諾，羅伯特·W·貝爾德。

Good afternoon. My question is coming back on the comps performance in the quarter and in the holiday season in particular. I appreciate the commentary around the bottlenecks on throughput being an issue, but, Howard, as you mentioned, the retail and restaurant environment looked very challenged in December perhaps for a number of reasons, including the seismic shift that you've called out repeatedly. So I was wondering if you thought that was also part of the issue or was it truly only related to the bottleneck. So I guess asked differently, was there an issue in December that was more macro that might not carry forward into the rest of the year?

午安.我的問題是關於本季以及特別是假日季的同店銷售表現。我理解您對吞吐量瓶頸問題的評論，但是，霍華德，正如您所提到的，零售和餐飲業在 12 月份面臨著非常大的挑戰，這可能是由於多種原因造成的，包括您反复提到的巨大變化。所以我想知道你是否認為這也是問題的一部分，還是真的只與瓶頸有關。換句話說，12 月是否存在某種宏觀層面的問題，而這種問題可能不會延續到今年的剩餘時間？

I want to be very thoughtful how I answer this. I think, clearly, if you look at the results post-Black Friday when there were headlines across the country that this was the first time I think in the history of US retail that we saw more money being spent online than in traditional bricks and mortar retail. So that unto itself was a signal that the holiday season for the first time was going to be bifurcated in a broader way.

我想認真思考後再回答這個問題。我認為，很明顯，如果你看看「黑色星期五」之後的結果，當時全國各地的頭條新聞都說，這在美國零售史上是第一次出現網上消費額超過傳統實體零售額的情況。因此，這本身就預示著假期季節將首次以更廣泛的方式分裂。

Having said that, we still believe that the holiday season for us was not significantly affected by the downturn in traffic. It was more the things that we've already discussed that are in our control and in a sense the self-induced issue of the success of mobile order and pay. If that did not exist, I think we'd have a different story here today.

儘管如此，我們仍然認為，交通流量的下降並沒有對我們的假期造成顯著影響。更多的是我們已經討論過的、在我們可控範圍內的事情，以及某種程度上行動訂購和支付的成功是我們自己造成的問題。如果沒有那件事，我想我們今天看到的就會是另一番景象了。

And for us, as retailers, we want to be in a position where we are in control of the things that we can control and we can't control weather; we can't control the downturn in traffic, but we can control the experience we create, the relationship we have with our customers and our partners. And if you look at -- the thing that I think I'm trying all the time to ask myself and that is the ongoing reservoir of trust and relevancy of the Starbucks brand and experience, I think the primary data point is look how many customers and how many dollars were bought with regard to the reloads on existing people's accounts on phones and in gift cards and it's a record number, especially when you look at the backdrop of the retail restaurant sector and the fact that most people had a very poor holiday. That to me is the primary indicator of the health of the brand, the health of the experience and the ongoing relevancy of the Company and the confidence we have in what we've stated to date.

而對於我們零售商來說，我們希望能夠掌控我們能夠掌控的事情，我們無法控制天氣，也無法控制交通流量的下降，但我們可以掌控我們創造的體驗，以及我們與客戶和合作夥伴之間的關係。如果你觀察——我一直在思考的問題是星巴克品牌和體驗的持續信任度和相關性——我認為最主要的數據點是，看看有多少顧客以及透過手機帳戶和禮品卡充值購買了多少金額，這是一個創紀錄的數字，尤其是在零售餐飲業的大背景下，以及大多數人假期過得非常糟糕的情況下。在我看來，這是衡量品牌健康狀況、使用者體驗健康狀況、公司持續競爭力以及我們對迄今為止所發表言論的信心的主要指標。

Karen Holthouse, Goldman Sachs.

Karen Holthouse，高盛集團。

Thanks for taking the question. So another one on G&A and maybe approaching it a little bit differently. If you look at the trailing 12 months of G&A, we've seen the year-over-year increase in that number ramp really significantly in the last really two or three quarters. Carrying any version of that run rate going forward, I don't know how you would get -- just the math doesn't work on your operating margin guidance versus your revenue guidance. So just trying to understand, I know there's some one-time stuff in there. Do absolute dollars of G&A come down from where we are right now, or when does that trajectory start to bend down a little bit?

感謝您回答這個問題。所以，關於管理費用和行政費用，我們再來談談，也許這次要採取一些不同的方法。如果看一下過去 12 個月的 G&A 費用，我們會發現，在過去兩三個季度裡，該數字的年增幅確實顯著上升。如果繼續沿用這種運行速度，我不知道該如何計算——你的營業利潤率預期與收入預期之間根本無法相符。我只是想弄清楚，我知道裡面有一些一次性的東西。一般及行政費用的絕對金額會從目前的水準下降嗎？或者說，這種下降趨勢何時才會開始略微放緩？

You will see the G&A growth rate come down in general as we move through the back half of the year, but I think the thing is it's really important that I reiterate how we have talked about G&A growth. Because of the fact that our digital investments go through G&A because we are a retailer, our digital investments, all the things around flywheel, all the things we are doing with Reserve and Roastery, a lot of that cost, particularly as we get it up and running under Cliff Burrows, those headcount costs all go through G&A. We are splitting our G&A into the core G&A that we all know in finance, in HR, in legal and all those costs and we are managing that bucket to half of revenue.

隨著下半年的到來，您會看到一般及行政費用增長率總體上會下降，但我認為真正重要的是，我要重申我們之前討論過的一般及行政費用增長情況。由於我們是零售商，我們的數位化投資都計入了 G&A 費用，因此，我們的數位化投資，圍繞飛輪的所有項目，以及我們與 Reserve 和 Roastery 合作開展的所有項目，其中很多成本，尤其是在 Cliff Burrows 的領導下啟動和運營的過程中，這些人力成本都計入了 G&A 費用。我們將一般及行政費用拆分為財務、人力資源、法律等核心一般及行政費用，並將這部分費用控制在收入的一半以內。

The other dollars, which, by the way, the total isn't that big of a piece of G&A, but it is growing much faster, well over double digit, that's the piece that we are looking at as an investment and so that's why I want to bifurcate that. And if you take out the one-timers and that significant investment that runs through G&A for us, we are below revenue growth rate in G&A and I think that number will get better as we get throughout the year.

順便說一句，其他的美元，雖然總額在一般及行政費用中所佔比例不大，但增長速度卻快得多，遠遠超過兩位數，這部分是我們正在考慮投資的，所以我才想把它拆分出來。如果剔除一次性支出和我們透過一般及行政費用進行的重大投資，我們的一般及行政費用增長率低於收入增長率，我認為隨著時間的推移，這個數字會好轉。

Jeff Bernstein, Barclays capital.

傑夫·伯恩斯坦，巴克萊資本。

Great, thank you very much. Two questions. One, I was just wondering if you could talk about the Americas, specifically around the US, in terms of dayparts. It seems like when you break down the components, you are pleased with the results and I am just wondering if you could break down maybe the strongest and the weakest, or maybe how you respond to the weakest. I thought I saw some article about -- I know you mentioned the evening daypart. Maybe that's on the softer side, perhaps? I know there was some reference to the alcohol testing pulled back, so maybe the evening is more the biggest opportunity.

太好了，非常感謝。兩個問題。第一，我只是想問您能否談談美洲，特別是美國，在時段劃分方面的情況。看起來當你把各個組成部分拆解開來之後，你對結果很滿意。我只是想知道你是否可以拆解一下其中最強和最弱的因素，或者你是如何應對最弱的因素的。我好像看過一篇關於——我知道你提到過晚間時段的文章。或許這算是比較溫和的吧？我知道之前有人提到取消酒精檢測，所以也許晚上才是最大的機會。

And my other question was just on the MSR. I think you now said you are up to 13 million members. I am just wondering -- I think at the Analyst Day you told us you had 75 million total customers. I'm just wondering how we get that 13 million, which I think you said already grew 16% this quarter. I'm wondering if that's where you expected it to be at this point or how we get that number to even ramp up more quickly from here.

我的另一個問題是關於MSR的。我想你剛才說過你們的會員人數已經達到1300萬了。我只是想問一下——我記得在分析師日上，您告訴我們您總共有 7500 萬客戶。我只是想知道我們如何才能達到那 1300 萬，我記得你說過這筆錢本季已經成長了 16%。我想知道這是否符合你目前的預期，或者我們如何讓這個數字從現在開始更快成長。

Just real quick, the growth on the dayparts was pretty evenly distributed across all dayparts and so we saw good growth in the morning, we saw good growth at lunch and then in the afternoon and into the early evening. And when I say good growth, each of those dayparts grew year-over-year over 5%, approximately.

簡單來說，各個時段的增長分佈相當均勻，因此我們看到早上增長良好，午餐時間增長良好，下午和傍晚也增長良好。我說的良好成長是指，這些時段的客流量較去年同期成長均超過 5%。

When you look at the individual categories within that, which Kevin highlighted in his comments, beverage was a 7% year-over-year increase, which contributed a full point to our comp performance. We saw tea grow over 10% across the Americas and we had huge success as it relates to iced beverages in general to include tea, as well as coffee, cold brew, Nitro, etc.

當你查看其中的各個類別時（正如凱文在他的評論中強調的那樣），飲料同比增長了 7%，這為我們的同店銷售業績貢獻了整整一個百分點。我們看到，茶在整個美洲的銷售量成長了 10% 以上，而且在冰飲領域，包括茶、咖啡、冷萃咖啡、氮氣飲料等，都取得了巨大的成功。

Food, on a year-over-year basis, grew 8% and that contributed a full point of comp as well and in particular from a food standpoint, we saw strong growth in the morning daypart, particularly up against beverage sandwiches and that grew about 16% and then the premium sandwiches that we offered as the LTOs during the holiday season grew over 52% on a year-over-year basis. So for us, when you look at the dayparts, the daypart growth was strong and was evenly distributed and contributed to the overall performance of the business. And, Matt, do you want to take the MSR question?

食品銷售額年增 8%，貢獻了整整一個百分點的同店銷售額。尤其從食品角度來看，我們在上午時段看到了強勁的增長，特別是與飲料三明治相比，其銷售額增長了約 16%。此外，我們在假期期間推出的限時特惠高級三明治的銷售額年增超過 52%。因此，對我們來說，從各個時段來看，各個時段的成長都很強勁，分佈均勻，並為公司的整體業績做出了貢獻。馬特，你想回答MSR的問題嗎？

Sure. Just a reminder of what we did in the quarter. We started the quarter with 12 million actives and we went to 12.9 million as we exited and as you can imagine, we are continuing to accelerate. I think it's important to talk about where we were and where we are now. When we started the quarter at 12 million, we were behind where we wanted to be and when we exited the quarter at 12.9 million, we were slightly ahead of where we wanted to be. So we made up the gap and then some as we went through the quarter.

當然。簡單回顧一下我們本季的工作內容。本季初我們的活躍用戶數為 1,200 萬，到季末達到 1,290 萬，正如你所想，我們仍在加速成長。我認為有必要談談我們過去在哪裡，以及我們現在在哪裡。本季初，我們的業績為 1,200 萬，落後於預期；本季末，我們的業績為 1,290 萬，略微超過了預期。因此，我們在本季不僅彌補了差距，而且還取得了一些進步。

This was the result of leaning in on two different fronts. To get to an active, you have to acquire and then you have to activate them and we have done both in the quarter. So we continue to lean in with acquisition largely through our stores and then importantly, because we know there are, as we said at Investor Day, millions of people who start the process, register, but don't get all the way through to becoming active, we focus very strongly on that through digital communication, in app and through other means with our customers. And because we are able to put those improvements to the digital flywheel in place, we will dramatically increase the number of actives as a result of activation.

這是在兩個不同方面同時推進的結果。要達到活躍狀態，你必須先取得資源，然後啟動資源，而我們在本季已經完成了這兩件事。因此，我們繼續大力拓展客戶群，主要透過我們的門市，更重要的是，正如我們在投資者日上所說，我們知道有數百萬人開始了註冊流程，但並沒有最終成為活躍用戶，因此我們非常重視透過數位溝通、應用程式和其他方式與客戶互動，來解決這個問題。因為我們能夠將這些改進應用到數位飛輪中，我們將大幅增加啟動後的用戶數量。

We continue to see promise in doing more. We have a lot of things in the pipeline to address that issue and you are going to continue to see us lean in to acquire more members. So we feel very good that there's a lot of them out there. As you mentioned, there are 75 million customers and we only have 13 million or so right now. So we see that as a great way of growing our business because we know that every single time we acquire a new member, we see a large amount of incrementality on a customer-by-customer basis and with the new spend Rewards program in place, it's looking better and better.

我們仍然看到進一步發展的潛力。我們正在籌備很多措施來解決這個問題，你們將會看到我們繼續努力爭取更多會員。所以我們很高興看到有很多這樣的產品存在。正如您所說，全球有7500萬客戶，而我們現在只有大約1300萬客戶。因此，我們認為這是發展業務的好方法，因為我們知道，每次獲得新會員，我們都能從每位客戶身上看到大量的增量，而且隨著新的消費獎勵計劃的實施，情況越來越好。

Matthew DiFrisco, Guggenheim.

馬修‧迪弗里斯科，古根漢美術館。

Thank you so much. I had a question, just a follow-up. So on the redeploying of labor, I think it was mentioned and adding some people also and adding some new stations as far as solving the bottleneck, I was curious is that going to be something that we should maybe be a little bit -- is that another level of investment maybe on the partnership line that is incremental to the margins in Americas in the coming quarters, or is this a benign effect on the margins and it is going to be shifting labor?

太感謝了。我有個問題，只是後續跟進一下。關於勞動力重新部署，我認為有人提到過，增加一些人手和一些新網站可以解決瓶頸問題。我很好奇，這是否意味著我們應該在未來幾季對美洲的利潤率進行更高層次的投資，或者這只是對利潤率的良性影響，而只是勞動力轉移？

And then just so I don't get cut off, my follow-up question was with respect to the guidance. The $0.44, $0.45, I guess just you are not giving quarterly comps, but you are saying mid-single digit and they will get better in the back half. Is that then devoid of needing to do a mid-single digit in the second quarter, i.e. if you did a 2%, you could still -- the EPS is separated from that and you could still do the $0.44 to $0.45?

為了不被打斷，我的後續問題是關於指導方針的。0.44美元、0.45美元，我猜你沒有給季度比較數據，但你說的是個位數中段的漲幅，而且下半年會好轉。那麼，是否就不需要在第二季度實現個位數的中段成長了，即即使收益率達到 2%，你仍然可以——每股收益與此分開計算，你仍然可以實現 0.44 美元到 0.45 美元的目標？

I think Adam will take the first part and I will take the second.

我認為亞當會負責第一部分，我會負責第二部分。

So with regard to your first question, it is not about adding labor per se; it is more about redeploying and aligning labor. So this is something our stores do every day. By having these new tools in place, they can better work through the bottleneck at the handoff plane in a way that we know works and at times, if it's necessary, to add labor in a store. We do that for a number of reasons; this would just be one of them and we always do that thoughtfully, surgically and on an accretive basis. So that's no different in this case, but now we have better tools and better processes to allow these, particularly these high-volume mobile order and pay stores to get after that quickly.

所以關於你的第一個問題，關鍵不在於增加勞動力本身，而在於重新部署和調整勞動力。所以這是我們門市每天都會做的事情。有了這些新工具，他們就能更好地解決交接環節的瓶頸問題，我們知道這種方法是有效的，而且在必要時，還可以增加門市的勞動力。我們這樣做有很多原因；這只是其中之一，而且我們總是經過深思熟慮，採取精準的策略，循序漸進地進行。所以這次的情況也是一樣，但現在我們有了更好的工具和更好的流程，可以讓這些，特別是這些高交易量的行動訂購和支付商店，快速地完成這項工作。

And Matt, what I would say on second quarter is I would look back at the first quarter. We delivered a 3% comp and we met our guidance and I would say, over a quarter or a short period, we can continue to do that. Over the longer term, which includes the long-term guidance for this year, we need to get back up into the mid-single digits.

至於馬特，我想說的是，關於第二季度，我會回顧第一季。我們實現了 3% 的同業成長，達到了預期目標，我認為，在一個季度或短期內，我們可以繼續做到這一點。從長遠來看，包括今年的長期預期，我們需要將成長率恢復到個位數中段。

Andrew Charles, Cowen.

安德魯查爾斯，考恩。

You talked at the Investor Day about 23% less attachment in mobile orders relative to traditional orders. So just wanted to talk about the check lifts you've seen so far as suggestive selling efforts have been implemented and if this is meeting or exceeding your expectations.

您在投資者日上談到，行動訂單的附加率比傳統訂單低 23%。所以我想談談您目前看到的銷售提升情況，以及在實施引導式銷售策略後，這些措施是否達到或超出了您的預期。

We are just at the beginning right now, so we don't have any numbers to report at this point in time, but we are highly encouraged by what we are seeing because, for the first time in the context of mobile order and pay, we have what our baristas normally do, which is to suggest something that's relevant to the customer at that point in time. Early indications are quite positive, but it literally is weeks old, so we don't have any numbers that we want to share at this point.

我們現在還處於起步階段，所以目前還沒有任何數據可以報告，但我們對目前的情況感到非常鼓舞，因為在行動點餐和支付方面，我們第一次實現了咖啡師通常會做的事情，那就是在那個時候向顧客推荐一些相關的產品。初步結果相當積極，但畢竟才過了幾週，所以我們目前還沒有任何具體數據可以分享。

There is definitely reason for optimism. We have talked about this before. The total check on mobile order and pay transactions is basically equal to other Starbucks Rewards transactions before suggestive selling and when Matt and I set the business case, we expected it to be significantly below because we thought attach would be soft until we could get into this capability. So I think it portends well for, as we get suggestive selling going, given the fact that the ticket is almost equal, we think there's some upside there.

確實有理由保持樂觀。我們之前討論過這個問題。行動訂單和支付交易的總檢查量基本上與其他星巴克獎勵交易在推薦銷售之前相同，而當我和 Matt 制定商業計劃時，我們預計它會低得多，因為我們認為在我們能夠實現這項功能之前，附加功能會比較弱。所以我認為這預示著好兆頭，隨著暗示性銷售的進行，考慮到票價幾乎相等，我們認為這其中存在一些上漲空間。

Greg Francfort, Bank of America.

格雷格·弗蘭福特，美國銀行。

Howard, I (inaudible) tremendous respect for you and [I know you appreciate] the comments. Just my question, on the food comments that you've done with the 1% component to comp, I think it's been that way for three quarters now and it had been running maybe a year ago closer to 2 to 3 points. Is there an opportunity to get back there and I guess does it have to come from gaining some traction at lunch, or can breakfast sales reaccelerate? I guess how do you get back to a larger component from the food comp?

霍華德，我（聽不清楚）非常尊敬你，而且我知道你會感謝這些評論。我有個問題，關於您提到的食品補貼佔總收入的 1%，我認為這種情況已經持續了三個季度，而大約一年前，補貼比例接近 2% 到 3%。是否還有機會重回巔峰？我想，這是否必須透過午餐時段的銷售成長來實現，或者早餐銷售能否重新加速成長？我想問的是，如何從食品成分中還原出更大的成分？

I think consistent with what we shared at Investor Day, the big opportunity for us to accelerate the contribution of food comp to their total comp is at lunch and we continue to perform very well in the breakfast and the morning daypart with breakfast sandwiches and our bakery case and the opportunity we see to reaccelerate comp contribution from food is at lunch. And I mentioned you will be seeing some new food items at lunch and a new concept around a fresh, healthy culinary experience that we are going to be able to implement in our Starbucks stores in Chicago by the summer. And that is where we see the opportunity.

我認為，正如我們在投資者日上分享的那樣，我們加快食品對整體銷售額貢獻的最大機會在於午餐時段。我們在早餐和上午時段的早餐三明治和烘焙食品方面繼續表現出色，而我們看到重新加快食品銷售貢獻的機會在於午餐時段。我之前提到過，午餐時段你們會看到一些新的食品，以及一種圍繞新鮮、健康的烹飪體驗的新理念，我們將在今年夏天之前在芝加哥的星巴克門市實施這一理念。而這正是我們看到的機會所在。

That was our last question at this time. I now turn the call back over to Mr. Shaw.

這是我們目前最後一個問題。現在我把電話轉回給肖先生。

All right. Thanks again, everyone, for joining us today and we look forward to speaking with you again on our second-quarter earnings call, which is tentatively scheduled for Thursday, April 27. Thanks.

好的。再次感謝各位今天參加我們的會議，我們期待在第二季財報電話會議上再次與大家交流，會議暫定於 4 月 27 日星期四舉行。謝謝。

This concludes Starbucks Coffee Company's first-quarter fiscal-year 2017 earnings conference call. You may now disconnect.

星巴克咖啡公司2017財年第一季財報電話會議到此結束。您現在可以斷開連線了。