星巴克 (SBUX) 2017 Q2 法說會逐字稿

(technical difficulty)

（技術難題）

At this time, I'd like to welcome everyone to the Starbucks Coffee Company's Second Quarter Fiscal Year 2017 Earnings Conference Call. (Operator Instructions)

此時此刻，我謹代表星巴克咖啡公司歡迎各位參加2017財年第二季財報電話會議。（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, Julie. Good afternoon, everyone. This is Tom Shaw, Vice President of Investor Relations at Starbucks Corporation. Thank you for joining us today to discuss our second quarter 2017 results, which will be led by Kevin Johnson, President, CEO; Belinda Wong, EVP and CEO, Starbucks China; Scott Maw, CFO; and Howard Schultz, Executive Chairman.

謝謝你，朱莉。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，與我們共同探討 2017 年第二季業績。本次會議將由總裁兼執行長 Kevin Johnson、執行副總裁兼星巴克中國執行長 Belinda Wong、財務長 Scott Maw 和執行董事長 Howard Schultz 主持。

Joining us for Q&A are John Culver, Group President, Global Retail; Matt Ryan, Global Chief Strategy Officer; Adam Brotman, EVP of Global Retail Ops; Kris Engskov, EVP, President of U.S. Retail; and Tony Matta, President, Channel Development.

參與問答環節的有：全球零售集團總裁 John Culver；全球首席策略長 Matt Ryan；全球零售營運執行副總裁 Adam Brotman；美國零售執行副總裁兼總裁 Kris Engskov；以及通路發展總裁 Tony Matta。

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 factors -- risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K. Starbucks assumes no obligation to update any of these forward-looking statements or information.

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

Please refer to 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 their corresponding GAAP measures.

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 財務指標與其對應的 GAAP 指標的調整表。

This conference call is being webcast, and an archive of the webcast will be available on our website.

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。

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

接下來，我將把電話交給凱文·約翰遜。凱文？

Thank you, Tom. Welcome, everyone.

謝謝你，湯姆。歡迎各位。

Before getting into the Starbucks Q2 results, I thought I'd comment on a recent Wall Street Journal article noting that more retail stores have closed in the first quarter of calendar year '17 than closed in all of 2016 and that more retail stores are expected to close in the U.S. this year than closed in any year during the Great Recession that began in 2008. The article illuminated, once again, the seismic shift in consumer behavior underway and the devastating impact that this sea change in behavior is having on many traditional brick-and-mortar retailers.

在深入探討星巴克第二季業績之前，我想先評論一下《華爾街日報》最近的一篇文章。該文章指出，2017 年第一季關閉的零售店數量超過了 2016 年全年關閉的零售店數量，而且預計今年美國關閉的零售店數量將超過 2008 年開始的大衰退期間任何一年關閉的零售店數量。這篇文章再次闡明了消費者行為正在發生的巨大轉變，以及這種行為巨變對許多傳統實體零售商造成的毀滅性影響。

Articles like this prompt 3 very important questions that I've repeatedly asked myself over the years, and that I suppose many of you on today's call have asked as well. What are the critical transformative components required to propel a brick-and-mortar retailer into the future? How did these transformative components relate to Starbucks? And what are the proof points? It is against this backdrop that I decided to open my first earnings call as Starbucks' CEO by sharing my perspective on what it's going to take for a brick-and-mortar retailer to survive in the future and to explain how, in the face of tremendous retail headwinds and crosscurrents underway, Starbucks continues to produce record financial and operating results quarter after quarter and open a new class of over 2,000 stores around the world every year that continue to outperform both the immediate prior class and the industry overall and deliver record AUVs and profit.

像這樣的文章引發了 3 個非常重要的問題，這些問題我多年來反覆問過自己，我想今天參加電話會議的你們中的許多人也問過這些問題。實體零售商要邁向未來，需要哪些關鍵的變革性要素？這些變革性因素與星巴克有何關聯？那證據是什麼？正是在這樣的背景下，我決定以星巴克執行長的身份召開我的首次財報電話會議，分享我對實體零售商未來生存所需條件的看法，並解釋在零售業面臨巨大逆風和挑戰的情況下，星巴克如何能夠持續創造季度財務和運營業績新紀錄，每年在全球開設超過 2000 家新店，這些新店的表現不僅超越新店和新業務。

Now Howard understands this intuitively. Our senior leadership team has been intimately engaged in the topic. As a company, we have a clear perspective on the answers. The critical transformative components required for any brick-and-mortar retailer to survive, let alone succeed, in the future are: An engaging, digital and mobile relationship with customers that is threaded into a branded, immersive, experiential retail destination. The attributes of the destination will vary. It may include theater, intrigue or romance, but the common denominator will be the creation of a consumer experience that evokes human emotion and connection. I firmly believe that these are the ingredients that will determine which brick-and-mortar retailers thrive in the future and which become victims of the current trend.

現在霍華德憑直覺就明白了這一點。我們的高階領導團隊一直密切關注著這個主題。作為一家公司，我們對這些問題的答案有著清晰的看法。任何實體零售商要想在未來生存下去，更不用說取得成功，所需的關鍵轉型要素是：與顧客建立引人入勝的數位化和行動化關係，並將這種關係​​融入到品牌化的、沉浸式的、體驗式的零售目的地中。目的地各方面特徵不盡相同。它可能包含戲劇、懸疑或浪漫元素，但共同點是創造一種能夠喚起人類情感和連結的消費體驗。我堅信，這些因素將決定哪些實體零售商未來能夠蓬勃發展，哪些會成為當前趨勢的受害者。

The analogy, from my years in the tech industry, is how companies respond when a new disruptive technology like cloud computing, for example, emerges. Those who recognize the disruption, think long term and innovate for the future are the big winners. Those who don't struggle. The retail industry is going through a period of similar profound disruption right before our eyes. These critical components are at the very core of Starbucks' business and investment strategies. To be sure, many of our investments will yield near-term returns; others, longer-term returns, but in all cases, they will further solidify Starbucks' foundation as we build for the future. Starbucks Coffee Company is playing the long game, and we are playing to win globally.

根據我多年在科技業的經驗，這可以類比於當雲端運算等顛覆性新技術出現時，公司會如何應對。那些體認到改變帶來的衝擊、著眼長遠並為未來進行創新的人，才是最終的贏家。那些不掙扎的人。零售業正經歷著類似的深刻變革，而我們正目睹這一切。這些關鍵要素是星巴克業務和投資策略的核心。可以肯定的是，我們的許多投資將在短期內帶來回報；另一些投資將在長期內帶來回報，但無論如何，它們都將進一步鞏固星巴克的基礎，為未來發展奠定基礎。星巴克咖啡公司著眼於長遠發展，我們的目標是在全球取得成功。

Let me now share with you the evidence of our success in Q2 and why we are so optimistic about the second half of fiscal '17. I'll start with 4 important and very encouraging headlines of today's call.

現在讓我與大家分享我們在第二季度取得成功的證據，以及我們為什麼對 2017 財年下半年如此樂觀。我先來談談今天電話會議的 4 個重要且非常令人鼓舞的新聞標題。

U.S. comp sales accelerated through the quarter, culminating with a 4% comp in March. U.S. comps are further accelerating into April. Our newest class of retail stores continue to perform at record levels; and our business in China posted accelerating 7% comp sales growth, including 6% transaction growth. Accelerating comps and strong positive trends in our 2 largest markets sets up the narrative for FY '17 as being the year of 2 halves. We're quite confident that we've turned the corner on U.S. comps, and that given the strength we are seeing in our U.S. business going into the second half and the beverage, food and digital innovation we will be rolling out over the next 2 quarters that we will deliver on our mid-single-digit comp target for the full year despite the soft start in the first half.

美國同店銷售額在本季加速成長，3 月達到 4% 的同店銷售額。美國同店銷售額在4月進一步加速成長。我們最新推出的零售門市持續保持創紀錄的業績；我們在中國的業務實現了加速成長，同店銷售額成長 7%，其中交易額成長 6%。兩大市場同店銷售加速成長和強勁的正面趨勢，為 2017 財年定下了「上下半年截然不同」的局面。我們非常有信心，美國同店銷售額已經扭轉頹勢。鑑於我們在美國業務進入下半年後的強勁勢頭，以及我們將在未來兩個季度推出的飲料、食品和數位創新，儘管上半年開局疲軟，但我們仍將實現全年同店銷售額中個位數增長的目標。

I want to be very transparent with you on our priorities and explain how they relate to the 2 most important things for the future: digital relationships with customers and branded experiential retail that are customer destinations.

我想非常坦誠地向你們說明我們的優先事項，並解釋它們與未來最重要的兩件事之間的關係：與客戶的數位化關係以及作為客戶目的地的品牌體驗式零售。

Our 5 priorities are focused on near-term as well as long-term growth. They include: One, continuing to accelerate comp sales and transaction growth in the U.S.; two, driving breakthroughs in food for the lunch daypart; three, enabling long-term growth in China; four, extending our Digital Flywheel assets; and five, elevating through the Starbucks Reserve brand.

我們的五大優先事項既關注近期成長，也關注長期成長。其中包括：一、持續加速美國同店銷售及交易成長；二、推動午餐時段食品的突破；三、實現中國市場的長期成長；四、擴展我們的數位飛輪資產；五、透過星巴克臻選品牌提升品牌形象。

Each of these are powerful drivers of value creation that will once again provide us with outsized current returns while strengthening our business and positioning us to deliver sustained profitable growth in the future.

這些都是創造價值的強大驅動力，它們將再次為我們帶來超額的當前回報，同時增強我們的業務，並使我們能夠在未來實現持續的獲利成長。

Let me start with an overview of our efforts to accelerate U.S. comp sales. We have several initiatives supporting this objective underway, including food and beverage innovation, strengthening and leveraging our digital and marketing capabilities, operational improvements and improved in-store execution. You will recall that in Q1, we highlighted that 1,200 of our busiest U.S. company-operated stores were experiencing 20% or more of their peak transactions coming from Mobile Order and Pay. The rapid adoption of Mobile Order and Pay and resulting demand increase was causing throughput challenges at peak in these stores. By the end of Q2, approximately 1,800 of our U.S. company-operated stores were experiencing 20% or more peak transactions from Mobile Order and Pay.

首先，讓我概述一下我們為加速美國同店銷售所做的努力。我們正在進行多項措施來支持這一目標，包括食品和飲料創新、加強和利用我們的數位化和行銷能力、營運改善以及改善店內執行。您可能還記得，在第一季度，我們重點提到，我們美國最繁忙的 1200 家公司自營門市中，有 20% 或更多的交易高峰來自行動訂購和支付。行動點餐和支付的快速普及以及由此帶來的需求成長，導致這些門市在高峰時段面臨吞吐量挑戰。到第二季末，我們美國公司自營門市中約有 1800 家門市的行動點餐和支付交易量高峰佔比達到 20% 或更高。

Steps we have taken since the beginning of the calendar year to increase throughput have enabled us to better and more efficiently handle increased demand from both Mobile Order and Pay and non-Mobile Order and Pay customers at peak, and we saw measurable progress in peak transaction throughput in Q2 as compared to Q1 in these busiest stores.

從年初開始，我們採取了一系列措施來提高吞吐量，這使我們能夠更好地、更有效率地處理高峰時段行動點餐和支付以及非行動點餐和支付客戶不斷增長的需求，並且與第一季度相比，我們在這些最繁忙的門市中看到了第二季度高峰交易吞吐量的顯著提高。

As we enter Q3, Mobile Order and Pay continues to be a powerful driver of comp, revenue and attach, and we are maintaining sharp focus on further increasing throughput. Our action plan includes 3 ways to unlock growth in all dayparts and particularly at peak. Wave 1 actions have largely been completed and included additional training and reallocation of partner roles to Mobile Order and Pay during peak; testing of additional labor at peak in select stores; implementation of new approaches to order consolidation at the hand-off plane; and new tools and processes to support beverage and food production. These actions alone enabled quantifiable increases in both March and April and improved the customer experience as evidenced by recent customer service scores.

進入第三季度，行動點餐和支付仍然是同店銷售額、收入和附加銷售額的強勁驅動力，我們將繼續專注於進一步提高吞吐量。我們的行動計劃包括 3 種方法來促進全天各個時段，特別是高峰時段的成長。第一階段行動已基本完成，包括在高峰期對合作夥伴進行額外培訓和重新分配行動訂購和支付角色；在部分門市測試高峰期增加勞動力；在交接環節實施新的訂單整合方法；以及支持飲料和食品生產的新工具和流程。光是這些措施就使得三月和四月的業績實現了可量化的成長，並且改善了客戶體驗，最近的客戶服務評分也證明了這一點。

Wave 2 actions are now underway and involve the introduction of a new digital order manager or DOM, and the selective addition of labor in our busiest stores at peak based on the results of the Wave 1 test. The DOM shows up as a tablet-based device that provides baristas with visibility on all incoming orders and enables better tracking and real-time order production management. It also enables the digital notification to a customer's mobile app when their order is ready, improving many dimensions of the customer experience, both in the app and in the store while reducing congestion at the hand-off plane. We will be deploying DOM technology to our highest-volume stores this quarter.

第二階段行動現已展開，包括引入新的數位訂單管理系統（DOM），並根據第一階段測試的結果，在高峰時段有選擇地在最繁忙的門市增加勞動力。DOM 表現為一款基於平板電腦的設備，它為咖啡師提供所有傳入訂單的信息，並實現更好的追蹤和即時訂單生產管理。它還可以在顧客的訂單準備好時，透過手機應用程式向顧客發送數位通知，從而改善顧客在應用程式和商店中的體驗，同時減少交接環節的擁塞。本季我們將把 DOM 技術部署到銷售量最高的門市。

But the DOM does more. As we deploy this high-value, low-cost technology across our store portfolio, we will create an extremely valuable source of new data insight around operations and customer experience, data that will enable us to further optimize store operations, increase throughput and elevate our customer experience.

但 DOM 的功能遠不止於此。隨著我們在門市組合中部署這項高價值、低成本的技術，我們將創建一個極其寶貴的新數據洞察來源，圍繞著營運和客戶體驗，這些數據將使我們能夠進一步優化門市運營，提高吞吐量並提升客戶體驗。

Wave 3 actions are being integrated into our existing store development and renovation approach. We are sharpening our focus on the selection and addition of in-store equipment and pursuing improvements in overall store layout and design, all with the goal of delivering a great customer experience and further increasing throughput. The actions we have taken to improve throughput are contributing to the acceleration we are seeing in sequential monthly U.S. comp sales, now squarely back in the mid-single-digit range.

第三階段的行動正在融入我們現有的門市開發和翻新方法中。我們更加重視店內設備的選購和添置，並致力於改善整體店鋪佈局和設計，所有這些都是為了提供良好的客戶體驗並進一步提高營業額。我們為提高生產效率所採取的措施，促成了美國同店銷售額環比成長的加速，目前已穩步回升至個位數中段水準。

Looking to the future, this is all about our digital relationships with customers intersect with experiential retail in our stores. We are confident that we're well on our way to further increasing overall store capacity while delivering an enhanced Starbucks Experience to our customers.

展望未來，這一切都關乎我們與客戶的數位化關係與我們門市中的體驗式零售的交會。我們有信心在進一步提高門市整體容量的同時，為顧客提供更優質的星巴克體驗。

Moving on to food. At our Investor Day in December, we highlighted the importance of food to our strategic growth agenda and are focused on driving breakthroughs in food for the lunch daypart. In many ways, this is about elevating experiential retail in Starbucks by providing a new customer offering in a relevant daypart and doing it well.

接下來聊聊食物。在 12 月的投資者日上，我們強調了食品對我們策略性成長議程的重要性，並致力於推動午餐食品領域的突破。從很多方面來看，這都是為了提升星巴克的體驗式零售，在合適的時段為顧客提供新的服務，並且把服務做好。

Let me put the size of the Starbucks lunch opportunity into perspective for you. You may recall that we first began delivering significant growth in our food program several years ago when we up-leveled the quality and appeal of our bakery case, with particular emphasis around breakfast sandwich innovation, following the acquisition of La Boulange. Our strategic focus on the bakery case and breakfast sandwiches has paid off and is contributing to sales. In fact, in Q2, food represented 21% of our U.S. revenue and contributed 2 points of comp. We have demonstrated that by focusing on a specific daypart, we can create new customer occasions that add to the branded experience and become long-term drivers of growth.

讓我來給你解釋一下星巴克午餐機會的重要性。您可能還記得，幾年前我們收購了 La Boulange 之後，我們提高了烘焙食品的品質和吸引力，尤其註重早餐三明治的創新，從而開始在食品項目上取得顯著增長。我們對烘焙食品櫃和早餐三明治的策略重點已經取得了成效，並促進了銷售。事實上，在第二季度，食品占我們美國營收的 21%，貢獻了 2 個百分點的同店銷售額。我們已經證明，透過專注於特定的時間段，我們可以創造新的客戶體驗，從而增強品牌體驗，並成為長期成長的驅動力。

That is precisely what we are doing by up-leveling our lunch offering with a new fresh food concept we call Mercato. We launched Mercato in over 100 Starbucks stores in Chicago earlier this month, and though still in the early days, we are extremely encouraged by the customer response to Mercato, so much so that we are accelerating plans to deploy Mercato to a second market over the next 2 quarters. We view Mercato as an opportunity to provide our customers with a fresh, healthy and delicious lunch menu that we believe has the potential to drive increased traffic and attach and ultimately help us achieve our long-term goal of 1 to 2 points of U.S. comp growth from food, once deployed across a significant portion of the Starbucks platform.

這正是我們正在做的，我們透過推出名為 Mercato 的全新新鮮食品概念來提升我們的午餐產品水平。本月初，我們在芝加哥的 100 多家星巴克門市推出了 Mercato，雖然仍處於早期階段，但顧客對 Mercato 的反應令我們倍受鼓舞，因此我們正在加快計劃，在未來兩個季度內將 Mercato 推廣到第二個市場。我們認為 Mercato 是一個為顧客提供新鮮、健康、美味的午餐菜單的機會，我們相信它有潛力增加客流量和顧客忠誠度，並最終幫助我們實現長期目標，即一旦在星巴克平台的很大一部分區域部署，美國食品銷售額的同店銷售額將增長 1 到 2 個百分點。

We are very excited about our strategy and the opportunity to enable long-term growth in China, a country we first entered 18 years ago. Our business in China has never been stronger nor have our aspirations ever been greater. We continue to open a new store in China roughly every 15 hours, a rate of new store growth that is likely to continue for decades to come, increasing customer engagement and accelerating strength in Starbucks' business in China, once again demonstrates the global power of the Starbucks brand.

我們對我們的策略以及在中國實現長期成長的機會感到非常興奮，我們18年前首次進入中國市場。我們在中國的業務從未如此強勁，我們的抱負也從未如此遠大。我們繼續保持著大約每 15 小時在中國開設一家新店的速度，這種新店增長速度可能會在未來幾十年內持續下去，這將提高顧客參與度，並加速星巴克在中國的業務發展，再次證明了星巴克品牌的全球影響力。

Given the strength of our China business and the size of the opportunity, I've invited Belinda Wong, CEO of Starbucks China, to join us on today's call from Shanghai to share insights into how we are continuing to drive our business in this very important growth market.

鑑於我們在中國的業務實力和巨大的市場機遇，我邀請了星巴克中國區執行長黃慧敏今天從上海與我們進行電話會議，分享我們如何繼續在這個非常重要的成長市場中推動業務發展的見解。

Belinda, thank you for getting up so early, and welcome.

貝琳達，謝謝你這麼早起床，歡迎你。

Thank you. Thank you, Kevin. Good afternoon, everyone. I'm very pleased to report that partner and customer enthusiasm for the Starbucks brand and the momentum in Starbucks China business have never been greater. Comps in Q2 accelerated to 7%, driven by a 6% increase in transactions. We saw growth in all categories and dayparts. Beverage, food and digital innovation are laser-focused on operational excellence, and targeted brand investments are attracting new customers into our stores and bringing existing customers in more often.

謝謝。謝謝你，凱文。大家下午好。我非常高興地報告，合作夥伴和顧客對星巴克品牌的熱情以及星巴克在中國的業務發展勢頭都達到了前所未有的高度。第二季同店銷售額成長加速至 7%，主要得益於交易量成長 6%。我們看到所有類別和時段的銷量均有所成長。飲料、食品和數位創新都以卓越營運為核心，有針對性的品牌投資正在吸引新顧客光顧我們的門市，並讓現有顧客更頻繁地光顧。

Last December, we launched a strategic partnership with Tencent, including offering Tencent's popular WeChat Pay as a digital payment option in all of our stores. In its first quarter, WeChat Pay has already reached a remarkable 29% of tender and has elevated the Starbucks Experience for both customers and partners through its convenience and fast transaction speed.

去年 12 月，我們與騰訊建立了策略合作夥伴關係，包括在我們所有門市提供騰訊廣受歡迎的微信支付作為數位支付選項。微信支付在第一季就已達到驚人的 29% 的交易比例，並透過其便利性和快速的交易速度提升了星巴克顧客和合作夥伴的體驗。

Following on that success, in February this year, we launched social gifting to unprecedented customer demand, partner excitement and social media interest. In only the first 7 weeks after launch, over 1.2 million gifts were sent and over half have been redeemed by recipients in our stores. Our innovative new social gifting platform, we call it Say it With Starbucks, is not only encouraging everyday simple acts of kindness and connection. It is also bringing new customers into our stores to trial and enjoy the Starbucks Experience. This is a great opportunity to further build new and authentic customer connections. We're only in the very early stages of social gifting in China and the growth opportunity ahead is enormous.

繼此成功之後，今年 2 月，我們推出了社交禮品服務，獲得了前所未有的客戶需求、合作夥伴的興奮和社交媒體的關注。活動推出後的短短 7 週內，就送出了超過 120 萬份禮物，其中超過一半已被收禮者在我們的門市兌換。我們創新的社交送禮平台，我們稱之為“用星巴克表達心意”，不僅鼓勵日常生活中簡單的善意和人際交往行為。它還能吸引新顧客到我們的門市體驗和享受星巴克體驗。這是進一步建立全新、真實客戶聯繫的絕佳機會。中國社交送禮尚處於起步階段，未來的成長機會巨大。

We opened 5 new cities in Q2 and entered Q3 with 2,628 stores across 127 cities. Once again, our newest class of stores are delivering record transactions, AUVs and profits.

我們在第二季開設了 5 個新城市，進入第三季時，我們在 127 個城市擁有 2,628 家門市。我們最新推出的門市再次創下了交易量、平均單店銷售額和利潤的新紀錄。

We're also creating new Starbucks occasions beyond our new -- our retail stores. In Q1, we launched bottled Frappuccino, a new ready-to-drink beverage, tailor-made to local customer taste preferences, and it is already available through more than 30,000 points of distribution. Since launch, we've tripled our RTD business and added 5 points of market share compared to Q2 last year. And we have many exciting new CPG products in the pipeline, including a delicious tea-based Frappuccino.

除了我們新的零售店之外，我們還在創造新的星巴克體驗場合。第一季度，我們推出了瓶裝星冰樂，這是一款全新的即飲飲料，專為本地顧客的口味偏好量身定制，目前已透過超過 30,000 個分銷點銷售。自推出以來，我們的即飲飲料業務成長了兩倍，市佔率比去年第二季增加了 5 個百分點。我們還有許多令人興奮的新消費品正在研發中，其中包括一款美味的茶基星冰樂。

Howard experienced Starbucks' accelerating momentum in China firsthand on a milestone trip he made to Beijing 2 weeks ago when we also held our fifth annual meeting of partners and families. At the meeting, we respectfully announced a new breakthrough partner

兩週前，霍華德前往北京進行了一次具有里程碑意義的訪問，親身感受到了星巴克在中國的快速發展勢頭。那次訪問期間，我們也舉行了第五屆年度合作夥伴及家屬大會。在會議上，我們恭敬地宣布了一項新的突破性合作關係。

(technical difficulty)

（技術難題）

that is giving great joy to our partners and over 10,000 of their parents. I am so proud that we're setting a new precedent in China by helping our partners better take care of their aging parents. Our partners are our family, and it is important for us to also take care of our extended family. This is deeply rooted in our Chinese culture and values.

這給我們的合作夥伴及其超過 10,000 名家長帶來了極大的喜悅。我非常自豪，我們正在中國開創一個新先例，幫助我們的合作夥伴更好地照顧他們年長的父母。我們的合作夥伴就是我們的家人，照顧好我們的大家庭對我們來說也很重要。這深植於我們的中國文化和價值觀之中。

We will continue to invest in our people and are committed to remaining one of the most admired brands and employer of choice in China. Starbucks is building a different kind of company in China, a truly one-of-a-kind company, and we're doing it one cup at a time. And with the opening of our Shanghai Roastery in December, we will further elevate the brand and introduce our Shanghai customers and visitors from all across China and Asia Pacific to an immersive, ultra-premium, coffee-forward experience currently available only one other place in the world, Seattle.

我們將繼續投資於員工，並致力於保持中國最受尊敬的品牌和首選雇主之一的地位。星巴克正在中國打造一家與眾不同的公司，一家真正獨一無二的公司，而我們正一步一腳印地朝著這個目標努力。隨著上海烘焙工坊於 12 月開業，我們將進一步提升品牌形象，並向上海的顧客以及來自中國和亞太地區的遊客介紹沉浸式、超高端、以咖啡為核心的體驗，這種體驗目前在世界上只有西雅圖一個地方可以體驗到。

We will continue to put our customers and partners at the heart of everything we do and to share our success. By doing so, we will continue to grow and to win, and to win with partners' pride in China now and in the future. Thank you.

我們將繼續把客戶和合作夥伴放在我們一切工作的核心位置，並與他們分享我們的成功。透過這樣做，我們將繼續發展壯大，贏得勝利，並贏得合作夥伴對中國的自豪感，無論現在還是將來。謝謝。

Now I'll pass the call back to Kevin. Kevin?

現在我把電話轉回給凱文。凱文？

Thank you, Belinda. As you can see, extending the Digital Flywheel is a powerful asset that is driving deep customer engagement and growth around the world, and we are very pleased with the results our Digital Flywheel made to our business in Q2. This is one of the 2 critical, transformative elements for brick-and-mortar retailers of the future.

謝謝你，貝琳達。正如您所看到的，擴展數位飛輪是一項強大的資產，它正在推動全球範圍內的深度客戶參與和成長，我們對數位飛輪在第二季度為我們的業務帶來的成果非常滿意。這是實體零售商未來發展的兩個關鍵變革要素之一。

A year ago, we made the strategic decision to transform our rewards program from a frequency-based to a spend-based program. Following this transition, we have seen solid growth in customer membership. We entered Q3 with 13.3 million active Starbucks reward members in the U.S., up 11% year-on-year. And with 36% of total tender coming from Starbucks Rewards members, including sales from unregistered gift cards, a meaningful 44% of all transactions in the quarter were prepaid on our proprietary Starbucks payment platform.

一年前，我們做出了策略決策，將獎勵計劃從基於消費頻率的計劃轉變為基於消費金額的計劃。轉型之後，我們的客戶會員數量實現了穩定成長。第三季開始，我們在美國擁有 1,330 萬活躍的星巴克獎勵會員，年增 11%。其中，36% 的總付款來自星巴克獎勵會員，包括未註冊禮品卡的銷售，而本季所有交易中有相當一部分（44%）是透過我們專有的星巴克支付平台預付的。

The program change positioned us well for the investments in the next wave of priorities: one-to-one personalization; the ability for customers to earn Stars outside of Starbucks stores; and additional social gifting partnerships around the world, modeled after our phenomenally successful partnership with Tencent.

該計劃的改變使我們能夠更好地投資下一階段的優先事項：一對一的個人化服務；讓顧客能夠在星巴克門市以外的地方賺取星星；以及在全球範圍內建立更多社交禮品合作夥伴關係，以我們與騰訊取得巨大成功的合作關係為藍本。

The personalized Star Dashes and suggested selling are examples of how we are using personalization to provide a relevant customer experience and to increase engagement.

個人化星級衝刺和推薦銷售是我們如何利用個人化來提供相關的客戶體驗並提高參與度的例子。

Starbucks Rewards spend per member accelerated through the quarter, as both average transaction frequency and average ticket size grew for active members. This past quarter, we saw 8% growth, the highest growth rate in average spend per active rewards member over a prior year ever, reflecting both increased ticket and transaction frequency. We have line of sight to additional digital features that will drive sales growth in the quarters and years ahead, and you will see us continue to invest to extend our digital reach to more customers in new ways that are accretive to the Starbucks brand experience and that leverage our over 26,000 stores around the world.

本季度，星巴克獎勵計畫的會員消費額加速成長，活躍會員的平均交易頻率和平均消費金額均增加。上個季度，我們實現了 8% 的成長，這是有史以​​來活躍獎勵會員平均消費額相對於上一年的最高成長率，反映出票數和交易頻率的增加。我們已預見更多數位化功能將在未來幾季和幾年內推動銷售成長，您將會看到我們繼續投資，以全新的方式將我們的數位化觸及更多客戶，從而提升星巴克品牌體驗，並充分利用我們在全球的 26,000 多家門市。

Finally, we are investing to elevate both our brand and our customer experience around coffee through our Roasteries and the Starbucks Reserve brand. Starbucks Reserve is at the center of our innovation strategy around branded, experiential retail customer destinations. Complementing our first Roastery in Seattle are additional Roasteries now under construction in Shanghai; New York; Milan and Tokyo; and a sixth in Chicago, announced only yesterday, will be underway soon. We continue to extend and solidify our global leadership around all things coffee. Our investment in Roasteries and Reserve stores not only enable a world-class, ultra-premium, coffee-forward experience in flagship locations around the globe, it also establishes a core innovation center, second to none, that will feed innovation throughout our global fleet of Starbucks stores.

最後，我們正在投資，透過我們的烘焙工坊和星巴克臻選品牌，提升我們的品牌形象和咖啡客戶體驗。星巴克臻選是我們圍繞品牌體驗式零售客戶目的地而製定的創新策略的核心。除了我們在西雅圖的第一家烘焙工坊之外，上海、紐約、米蘭和東京的烘焙工坊也正在建設中；而昨天剛宣布的芝加哥第六家烘焙工坊也將很快開工。我們將繼續擴大和鞏固我們在全球咖啡領域的領先地位。我們對烘焙工坊和臻選門市的投資，不僅在全球各地的旗艦店打造了世界一流、超高端、以咖啡為核心的體驗，而且還建立了一個首屈一指的核心創新中心，為我們全球的星巴克門市注入創新活力。

As I said earlier, the retail industry is going through a period of disruption right before our eyes. We believe in the 2 transformative elements that will continue to propel Starbucks into the future and we are allocating resources thoughtfully. As our second half U.S. comps and revenue growth accelerate, there are 2 priorities that will require a modest increase in investment.

正如我之前所說，零售業正在我們眼前經歷一場改變。我們相信，兩大變革性要素將繼續推動星巴克走向未來，我們正在謹慎地分配資源。隨著我們下半年美國同店銷售和收入成長加速，有兩個優先事項需要適度增加投資。

First, we continue to see a rapid and significant return on investment by accelerating features of our Digital Flywheel. We have a strong roadmap of features to drive top line growth, and accelerating those features will require incremental investment in the second half. These are the right investments for our business and they will provide outsized returns.

首先，透過加速數位飛輪的功能，我們持續看到快速且顯著的投資回報。我們制定了強而有力的功能路線圖來推動營收成長，而加速這些功能的開發需要在下半年逐步增加投資。這些投資對我們的企業來說是正確的，它們將帶來超額回報。

Second, we're investing against our long-term strategy to elevate the Starbucks brand through the design, construction and introduction of 5 additional iconic, ultra-premium Roasteries. As Belinda noted, our second Roastery in Shanghai will be opening later this year, complemented by Starbucks Reserve stores around the world; and the introduction of food inside Roasteries and Reserve stores through our partnership with Italian artisanal baker, Princi. Each of these is a smart, strategic investment that will pay dividends long into the future.

其次，我們正在投資，以實現我們的長期策略目標，透過設計、建造和推出 5 家額外的標誌性超高端烘焙工坊來提升星巴克品牌。正如貝琳達所指出的，我們位於上海的第二家烘焙工坊將於今年晚些時候開業，同時，星巴克臻選門店也將遍布世界各地；此外，我們還將通過與意大利手工麵包師 Princi 的合作，在烘焙工坊和臻選門店中引入食品。這些都是明智的策略投資，將在未來很長一段時間內帶來回報。

Finally, while the Teavana brand continues to be highly accretive to our tea business in Starbucks stores and is now being further leveraged with the introduction of Teavana-branded ready-to-drink teas sold into CPG channels, many of our mall-based Teavana stores are continuing to have a negative impact on our overall result. We have launched a review process and intend to take clear action to improve the performance of our Teavana mall store portfolio.

最後，雖然 Teavana 品牌繼續為明星商店的茶飲業務帶來巨大增長，並且隨著 Teavana 品牌即飲茶在消費品管道的推出，其優勢得到了進一步發揮，但我們許多位於購物中心的 Teavana 門市仍然對我們的整體業績產生負面影響。我們已啟動審查流程，並打算採取明確措施來改善 Teavana 購物中心門市組合的表現。

When you put all of this together, we remain focused on the critical transformative elements that will propel Starbucks into the future while maintaining a sharp focus on near-term value creation for our shareholders. These priorities are linked directly to the strategy we presented at the December Investor Day and I believe will prove to be drivers of meaningful increases in shareholder value, both near and long term.

綜上所述，我們將繼續專注於推動星巴克走向未來的關鍵變革要素，同時保持對近期股東價值創造的高度關注。這些優先事項與我們在 12 月投資者日上提出的策略直接相關，我相信它們將成為近期和長期股東價值顯著增長的驅動力。

Following Scott's comments on the financials, I've asked Howard to share a few thoughts before we transition to Q&A.

在 Scott 對財務狀況發表評論之後，我請 Howard 分享一些想法，然後再進入問答環節。

And with that, I'll turn the call over to Scott. Scott?

接下來，我將把電話交給史考特。史考特？

Thank you, Kevin, and good afternoon, everyone. As Kevin shared, Starbucks once again posted record quarterly revenues, operating income and EPS in Q2. Our business accelerated through the quarter, and with the momentum we are seeing in the beverage, food and digital innovation we will be introducing, we are confident in further acceleration through the second half of the year. Now at the midpoint of our fiscal year, we are better able to assess how our year-to-date performance, our investment plans and overall macro factors will impact our full year expectations.

謝謝你，凱文，大家下午好。正如凱文所說，星巴克在第二季再次創下了季度營收、營業收入和每股盈餘的紀錄。本季我們的業務加速成長，憑藉我們在飲料、食品和數位創新方面取得的良好勢頭，我們有信心在下半年進一步加速發展。現在正值本財年中期，我們能夠更好地評估年初至今的業績、投資計畫和整體宏觀因素將如何影響我們全年的預期。

Before getting into our fiscal 2017 outlook, I'd like to provide color on our second quarter performance. Consolidated revenues in the second quarter grew 6% to $5.3 billion. The largest contributor to revenue growth came from the 2,240 net new stores we opened over the past 12 months, followed by 3% global comp growth comprised of a 4% increase in average ticket and a 1% decline in traffic that after a 1% adjustment for transaction splitting nets to flat traffic. Consolidated operating income in Q2 increased 8% year-over-year to $935 million despite 2 points of impact resulting from recording certain prior period revenue adjustments in our Channel Development segment and 1 point of negative impact from foreign currency translation. Consolidated operating margin totaled 17.7% in Q2 on a GAAP basis and 17.9% on a non-GAAP basis, up 30 basis points year-over-year. Margin improvement in Q2 was driven primarily by sales leverage, partially offset by higher partner investments in the Americas. Both GAAP and non-GAAP EPS in Q2 grew 15% over prior year to $0.45 per share. Both measures are inclusive of a favorable $40 million impact in other income related to a gain on the sale of our investment in Square Inc., our previous payment processor. Noteworthy is that the below-the-line gain on Square was largely offset by the $21 million impact of certain out-of-period accounting adjustments in Channel Development as well as asset impairments related to our Teavana mall stores. I will discuss both of these items further in a few minutes.

在展望 2017 財年之前，我想先簡單介紹一下我們第二季的業績。第二季合併營收成長 6%，達到 53 億美元。過去 12 個月我們新增了 2,240 家門市，這是營收成長的最大貢獻者；其次是全球同店銷售額成長 3%，其中包括平均客單價成長 4% 和客流量下降 1%；經交易拆分調整後，客流量下降 1%，最終與平均水平持平。儘管通路發展部門確認了某些前期收入調整，導致第二季合併營業收入年增 8%，達到 9.35 億美元，但外幣折算也帶來了 2 個百分點的負面影響。第二季綜合營業利潤率以美國通用會計準則 (GAAP) 計算為 17.7%，以非美國通用會計準則 (non-GAAP) 計算為 17.9%，較去年同期成長 30 個基點。第二季利潤率的提高主要得益於銷售槓桿效應，但部分被美洲地區合作夥伴投資的增加所抵銷。第二季GAAP和非GAAP每股盈餘均較去年同期成長15%，達到每股0.45美元。這兩項措施均包含因出售我們在 Square Inc.（我們之前的支付處理商）的投資而獲得的 4000 萬美元其他收入的有利影響。值得注意的是，Square 的線下收益很大程度上被通路開發中某些期外會計調整的 2,100 萬美元影響以及與 Teavana 購物中心門市相關的資產減損所抵銷。我稍後會進一步討論這兩個問題。

I'll now take you through our Q2 operating performance by segment. Americas revenue in Q2 grew 8% year-over-year to $3.7 billion, driven primarily by 952 net new store openings over the past 12 months and 3% comp growth. Americas delivered strong operating income of $826 million in Q2. Operating margin declined 130 basis points in the quarter to 22.2%, primarily due to increased investments in our U.S. store partners and higher cost of goods sold resulting from very strong food sales, partially offset by sales leverage.

接下來，我將以業務部門向大家介紹我們第二季的營運表現。美洲地區第二季營收年增 8% 至 37 億美元，主要得益於過去 12 個月新增 952 家門市以及 3% 的同店銷售額成長。美洲地區第二季實現了強勁的營業收入，達到 8.26 億美元。本季營業利潤率下降 130 個基點至 22.2%，主要原因是加大了對美國門市合作夥伴的投資，以及由於食品銷售強勁而導致的銷售成本上升，但部分被銷售槓桿作用所抵消。

Expanding a bit on food, we saw 2 points of comp from food in Q2, the most in 4 quarters, driven entirely by attach. In fact, food attach in Q2 was the highest since we rolled out La Boulange 3 years ago. We saw continued momentum in our morning bakery and breakfast sandwich platforms and strong positive customer response to our recently introduced Sous Vide Egg Bites.

再詳細說說食品方面，第二季食品銷售額成長了 2 個百分點，是四個季度以來的最高值，這完全是由附加價值推動的。事實上，第二季的食品附加價值是自我們三年前推出 La Boulange 以來最高的。我們看到早晨烘焙食品和早餐三明治平台持續保持增長勢頭，並且顧客對我們最近推出的低溫慢煮雞蛋小吃給予了強烈的積極反饋。

There were several contributors to the additional 1 point of Americas comp in Q2, the largest being continued success of our iced beverage platform, with double-digit growth across each of our Espresso, coffee, Teavana tea and Starbucks refreshers. And we are launching Frappuccino Happy Hour next week with far more operational focus compared to last year, new beverage offerings, and the significant tailwind and customer excitement provided by the incredible Instagram-able success of last week's Unicorn Frappuccino. As we move into summer, we will be launching revamped Bistro Boxes with an increased focus on protein, and new Teavana Iced Teas.

第二季美洲同店銷售額額外成長 1 個百分點，主要歸功於以下幾個因素：其中最大的因素是我們冰飲平台的持續成功，我們的濃縮咖啡、咖啡、Teavana 茶飲和星巴克清爽飲品均實現了兩位數的成長。下週我們將推出星冰樂歡樂時光，與去年相比，我們將更加註重運營，推出新的飲品，並且上週獨角獸星冰樂在 Instagram 上獲得了令人難以置信的成功，這為我們帶來了巨大的推動力和顧客的興奮。隨著夏季的到來，我們將推出改良後的 Bistro Boxes，更加重視蛋白質的攝入，以及全新的 Teavana 冰茶。

Let's move on to China/Asia Pacific. Our CAP segment once again delivered a very strong quarter in Q2, with revenues up 13% over prior year to $769 million, driven by incremental revenues from over 1,000 net new store openings over the past 12 months and 3% comp sales growth.

接下來我們來看中國/亞太地區。我們的 CAP 業務部門在第二季度再次取得了非常強勁的業績，營收比上年同期增長 13% 至 7.69 億美元，這主要得益於過去 12 個月新增 1000 多家門市帶來的增量收入以及 3% 的同店銷售額增長。

In addition to the accelerating momentum and continued strong performance from China that Belinda highlighted, Japan also delivered a very solid quarter despite the adverse timing impact of a large annual New Year promotion that benefited Q1 rather than Q2 this year. Adjusted for this timing, CAP comps would have been a positive 4%.

除了貝琳達強調的中國市場加速成長的勢頭和持續強勁的表現之外，儘管今年的新年促銷活動對日本市場造成了不利的時間影響（今年的促銷活動主要惠及第一季度而不是第二季度），但日本市場也取得了非常穩健的季度業績。考慮到這一時間因素，CAP 的表現將為正 4%。

We're very pleased with our new store performance in CAP and are seeing accelerating sales of Teavana-branded teas in Starbucks stores across the region. Teavana is now available in all CAP markets, with both Japan and China reporting an over 40% increase in tea sales. Noteworthy is that we are creating momentum in our food program in Japan, aided by the success of recently launched pudding product and scones.

我們對新店在 CAP 的表現感到非常滿意，並且看到 Teavana 品牌茶飲在該地區星巴克門市的銷售量正在加速成長。Teavana 現已在所有 CAP 市場上市，日本和中國的茶葉銷售量均成長超過 40%。值得注意的是，我們在日本的食品項目正在取得進展，這要歸功於最近推出的布丁產品和司康餅的成功。

Elsewhere in CAP, our licensed joint venture markets, including East China and South Korea, continue to make meaningful contribution to CAP's strongest performance in Q2, as evidenced by a 35% increase in incomes from joint ventures.

在 CAP 的其他業務中，包括華東和韓國在內的授權合資市場繼續為 CAP 在第二季度取得最強勁的業績做出重要貢獻，合資企業的收入增長了 35%，就證明了這一點。

CAP's operating income on a GAAP basis grew a strong 36% over prior year to $176 million, with 380 basis points of margin expansion to 29 -- 22.9%, the segment's highest Q2 margin since we made the Japan acquisition 3 years ago.

CAP 的 GAAP 營業收入較上年同期強勁增長 36%，達到 1.76 億美元，利潤率增長 380 個基點，達到 29 - 22.9%，這是自 3 年前收購日本以來該業務部門第二季度最高的利潤率。

On a non-GAAP basis, CAP's operating income increased by 33% to $190 million, and operating margin expanded by 370 basis points to 24.7%. Contributing to CAP's margin expansion was the transition to a value-added tax structure in China and sales leverage.

以非GAAP準則計算，CAP的營業收入成長了33%，達到1.9億美元，營業利益率成長了370個基點，達到24.7%。促成 CAP 利潤率擴張的因素包括中國增值稅結構的轉型和銷售槓桿作用。

Let's turn to EMEA. Our strategy of repositioning our EMEA portfolio to a predominantly licensed model continues to drive margin expansion in the segment to a quarterly record of 12% in Q2, 170 basis point increase over prior year. Of EMEA's nearly 2,800 total store count at the end of Q2, 82% were licensed, up from 72% in the prior year.

讓我們來看看歐洲、中東和非洲地區。我們將 EMEA 產品組合重新定位為以授權模式為主的策略，繼續推動該領域的利潤率擴張，第二季度利潤率達到創紀錄的 12%，比上年同期增長 170 個基點。截至第二季末，EMEA 地區近 2,800 家門市中，82% 為授權門市，高於去年的 72%。

Total revenue in EMEA was $232 million in Q2, a 14% decline versus prior year. However, when normalized for the 20% impact of the transfer of our Germany business to a licensed partner, other portfolio shifts and foreign exchange, EMEA revenue grew 6%, driven by incremental revenues from over 300 net new stores added in the last 12 months.

第二季 EMEA 地區總營收為 2.32 億美元，較上年同期下降 14%。然而，考慮到將德國業務轉移給授權合作夥伴的 20% 的影響、其他投資組合調整和外匯波動，EMEA 的收入增長了 6%，這主要得益於過去 12 個月新增 300 多家淨門市帶來的增量收入。

While reporting comps in EMEA declined by 1% in Q2, overall system comps increased by 3%. Our system sales and adjusted revenue figures reflect the strength of the Starbucks brand in a region that continues to be significantly challenged and adversely impacted by economic and geopolitical uncertainty.

雖然 EMEA 地區的報告銷售額在第二季下降了 1%，但整體系統銷售額成長了 3%。我們的系統銷售額和調整後的收入數據反映了星巴克品牌在該地區的優勢，儘管該地區持續受到經濟和地緣政治不確定性的重大挑戰和不利影響。

Let's turn to Channel Development. As previously noted, we expected seasonality, particularly given the timing of the Easter holiday, to negatively impact Q2 revenue growth in our Channel Development segment. However, we also recorded an unfavorable revenue and operating income adjustment in Q2, primarily related to certain revenue deductions from prior quarters. This onetime adjustment impacted Q2 revenues by approximately $21 million and operating income by a similar amount and was the principal reason behind flat segment revenue growth for the period.

接下來我們來談談通路開發。如前所述，我們預期季節性因素，特別是考慮到復活節假期的時間，將對我們通路開發部門第二季的營收成長產生負面影響。然而，我們在第二季度也記錄了不利的收入和營業利潤調整，主要與前幾季的某些收入扣減有關。這項一次性調整對第二季營收和營業收入的影響約為 2,100 萬美元，也是該季度業務部門營收成長停滯的主要原因。

Excluding the adjustment, Channel Development revenue growth was approximately 5% and was in line with our expectations.

剔除調整因素後，通路開發收入成長約 5%，符合我們的預期。

Despite the adjustment, our domestic Channel Development business remains very strong, and we gained approximately 1 point of market share in each of the K-Cup and roasting ground categories for the seventh consecutive quarter. We grew our K-Cup business by 4% during Q2 compared to 0 growth for the K-Cup category overall, and now have an approximate 16% share of K-Cups.

儘管進行了調整，但我們的國內通路開發業務依然非常強勁，連續第七個季度在 K-Cup 和烘焙咖啡粉類別中均獲得了約 1 個百分點的市場份額。第二季度，我們的 K-Cup 業務成長了 4%，而 K-Cup 類別整體成長為 0，目前我們約佔 K-Cup 市佔率的 16%。

Within ready-to-drink, our NACP partnership also gained share, driven by our core Doubleshot and Frappuccino beverages. We began shipping Teavana ready-to-drink teas through our partnership with Anheuser-Busch InBev in February, with all 4 flavors already ranking in the top 10 in the premium single-serve, ready-to-drink tea category in our active markets.

在即飲飲料領域，我們與 NACP 的合作關係也獲得了市場份額，這主要得益於我們的核心產品 Doubleshot 和 Frappuccino 飲料。今年 2 月，我們透過與 Anheuser-Busch InBev 的合作開始銷售 Teavana 即飲茶，所有 4 種口味在我們活躍市場的優質單份即飲茶類別中均已躋身前 10 名。

On the international front, we continue to grow our distribution of Starbucks Nespresso-compatible capsules in the U.K. and France. Since launching the Nespresso-compatible program last September, we have already shipped over 20 million units. In the U.K., we have achieved 14% share and a #3 market position.

在國際方面，我們繼續擴大在英國和法國銷售的星巴克Nespresso相容膠囊咖啡。自去年九月推出 Nespresso 相容機型以來，我們已經售出了超過 2,000 萬台。在英國，我們已取得 14% 的市佔率和第三的市場地位。

Channel Development's operating income grew 6% in Q2 to $194 million, and the segment delivered a 250 basis point improvement in operating margin to 42%.

通路開發部門第二季營業收入成長 6% 至 1.94 億美元，該部門營業利潤率提高 250 個基點至 42%。

I'm going to spend a few minutes discussing our Teavana results and, in particular, the mall stores, which are a major component of our All Other segment. We currently operate approximately 350 Teavana mall stores, and as Kevin mentioned, over the last several years, many mall-based retailers have been adversely impacted by reduced foot traffic, resulting from the accelerating shift in consumer behavior away from brick-and-mortar retail and changes in consumer retail activity overall. Because Starbucks is a customer destination, profitability in our Starbucks mall stores has largely been unaffected, but our Teavana mall stores have not been immune, with many reporting negative comps and operating losses for some time. Since acquisition, we've invested in new store designs and improved merchandising, but the rate of the decline coming through last holiday and into Q2 is worse than we had forecast and we are expecting further declines at a number of at-risk Teavana mall stores.

我將花幾分鐘時間討論一下我們的 Teavana 業績，特別是購物中心門市的業績，這些門市是我們「其他所有」業務板塊的重要組成部分。我們目前經營著大約 350 家 Teavana 購物中心門市，正如 Kevin 所提到的，在過去的幾年裡，由於消費者行為加速從實體零售轉向其他通路以及消費者零售活動的整體變化，許多以購物中心為基礎的零售商都受到了客流量減少的不利影響。由於星巴克是顧客的目的地，因此星巴克購物中心門市的獲利能力基本上不受影響，但我們的 Teavana 購物中心門市也未能倖免，許多門市報告同店銷售額為負，且一段時間以來一直處於虧損狀態。自收購以來，我們投資了新的門市設計和改進商品陳列，但從上個假期到第二季度，業績下滑的速度比我們預期的還要糟糕，我們預計一些面臨風險的 Teavana 購物中心門市的業績還會進一步下滑。

Since the Teavana acquisition, we have recorded impairment charges and closed mall stores from time to time, but given these recent performance challenges, we recorded a larger impairment charge in Q2 related to certain of these assets. This impairment charge was the primary driver of the 12% increase in the All Other segment's store operating expenses.

自從收購 Teavana 以來，我們已提列減損費用並關閉了部分商場門市，但鑑於最近的業績挑戰，我們在第二季提列了與其中某些資產相關的更大額的減損費用。這項減損支出是「其他所有」業務部門門市營運費用成長 12% 的主要原因。

We are currently evaluating strategic options for the at-risk portion of the Teavana mall store portfolio, and we'll update you over the coming quarters as we set our course of action. It is important to note that we do have a meaningful subset of profitable Teavana mall stores.

我們目前正在評估 Teavana 購物中心門市組合中存在風險部分的策略選擇，我們將在接下來的幾季中隨著我們制定行動方案而向您報告最新情況。值得注意的是，我們確實有相當一部分獲利的 Teavana 商場門市。

As a reminder, strategic reviews are not a new practice for us and typically result in a stronger portfolio and increased profits in the long term, as most recently evidenced by significantly improved performance in our EMEA portfolio.

需要提醒的是，策略審查對我們來說並不是什麼新鮮事，而且通常能帶來更強大的投資組合和長期利潤的成長，最近我們在 EMEA 投資組合中取得的顯著業績提升就證明了這一點。

Our Teavana-branded teas and handcrafted beverages in core Starbucks stores continue to outperform, and we continue to expect the Teavana tea platform -- expand the Teavana tea platform through product innovation and new product offerings all around the world.

我們在星巴克核心門市銷售的 Teavana 品牌茶飲和手工飲品持續表現優異，我們將繼續期待 Teavana 茶飲平台的發展——透過產品創新和在全球推出新產品，拓展 Teavana 茶飲平台。

Globally, in Q2, Teavana sales in Starbucks stores grew by almost 10%, with even stronger performance in traditional tea-drinking markets like China and Japan. Also, tea has driven 1 point of comp in the U.S. in virtually every quarter since we launched the brand in our Starbucks stores about 3 years ago. That's the investment case for Teavana, and the Teavana business remains very much intact.

第二季度，Teavana 在星巴克門市的全球銷售額成長了近 10%，在中國和日本等傳統飲茶市場表現更為強勁。此外，自從大約 3 年前我們在星巴克門市推出品牌以來，茶飲幾乎每季都為美國同店銷售額帶來了 1 個百分點的成長。這就是 Teavana 的投資理由，而且 Teavana 的業務仍然完好無損。

Let's move on to our 2017 targets and how we expect to finish the year. First, I want to reiterate that we expect stronger revenue growth in the second half, driven by mid-single-digit comps, including accelerating comps in our U.S. business.

接下來，讓我們來看看2017年的目標以及我們預計如何結束這一年。首先，我想重申，我們預計下半年營收成長將更加強勁，這主要得益於中個位數的同店銷售額成長，包括美國業務同店銷售額的加速成長。

Revenue growth for the full year will be 8% to 10%, excluding approximately 2 points for the extra week in 2016 and 1 point for FX. But given performance in the first 2 quarters of the year, we are likely to be at the lower end of that range for the full year. We expect the back half of the year to be near the upper end of this range.

全年營收成長將達到 8% 至 10%，不包括 2016 年多出的一周帶來的約 2 個百分點和外匯帶來的 1 個百分點。但鑑於今年前兩季的業績表現，我們全年的業績可能處於該區間的下限。我們預計下半年將接近該區間的上限。

EPS guidance is revised as follows: Full year GAAP EPS in the range of $2.06 to $2.10 and non-GAAP EPS in the range of $2.08 to $2.12; Third quarter GAAP EPS will be in the range of $0.54 to $0.55 and non-GAAP EPS in the range of $0.55 to $0.56. This implies a broader range in the fourth quarter, with GAAP EPS of $0.56 to $0.59 and non-GAAP EPS of $0.57 to $0.60.

每股盈餘預期修訂如下：全年GAAP每股收益預計在2.06美元至2.10美元之間，非GAAP每股收益預計在2.08美元至2.12美元之間；第三季GAAP每股收益預計在0.54美元至0.55美元之間，非GAAP每股收益預計在0.55美元至0.56美元之間。這意味著第四季度的業績範圍將更廣，GAAP 每股收益為 0.56 美元至 0.59 美元，非 GAAP 每股收益為 0.57 美元至 0.60 美元。

I want to take a moment to explain both the change in total annual guidance and the wider Q4 range, and there are 2 main factors behind the changes. First, we see the opportunity to accelerate certain investments as we move through the balance of 2017. These investments are mainly in our Roastery Reserve and Princi businesses, including the ramping of our Roastery openings and increasing our spend related to digital opportunities, including in-store digital and investments related to personalization and Starbucks Rewards. Both of these areas are critical to sustaining growth over the long term. We now expect investments in 2017 for partner and digital to be over $250 million, accelerating as we enter the back half of the year and higher than our previous estimates.

我想花點時間解釋一下年度總業績預期和第四季業績預期範圍的變化，這些變化背後有兩個主要因素。首先，我們看到在 2017 年剩餘的時間裡，有機會加快某些投資。這些投資主要集中在我們的烘焙工坊臻選和Princi業務上，包括加快烘焙工坊的開業，增加與數位化機會相關的支出，包括店內數位化以及與個人化和星巴克獎勵相關的投資。這兩個領域對於維持長期成長都至關重要。我們現在預計 2017 年合作夥伴和數位領域的投資將超過 2.5 億美元，隨著下半年的到來，投資成長將加快，高於我們先前的估計。

Second, as I mentioned earlier, underperforming Teavana mall stores will have a larger impact on earnings growth than we had originally forecast.

其次，正如我之前提到的，Teavana 購物中心門市業績不佳對獲利成長的影響將比我們最初預測的更大。

I would further underscore that both ends of this EPS guidance range should be considered in your models. While we are confident regarding the second half top line momentum, we will continue considering investing in opportunities that we believe will better position us to fully optimize our business and drive long-term shareholder value.

我還要強調，在你們的模型中應該考慮EPS指導範圍的兩端。儘管我們對下半年的營收成長動能充滿信心，但我們將繼續考慮投資我們認為能夠更好地優化業務並推動股東長期價值的機會。

For consolidated operating margins, we still expect a slight improvement on a 52-week basis compared to fiscal 2016. As promised last quarter, we want to separately discuss our core and innovation G&A growth. As a reminder, we have set our long-term target to grow total G&A below the rate of revenue growth and core G&A at half the rate of revenue growth.

就合併後的營業利潤率而言，我們預計與 2016 財年相比，52 週的利潤率將略有改善。正如上個季度所承諾的那樣，我們希望單獨討論我們的核心業務和創新業務的一般及行政費用增長情況。再次提醒大家，我們的長期目標已設定為總一般管理費用成長率低於收入成長率，核心一般管理費用成長率為營收成長率的一半。

I'm pleased to announce that we achieved both objectives during Q2 and are on track to achieve this for the full year. Specifically, G&A as reported, declined by 1%, but after adjusting for certain current and prior-year anomalies of approximately 6%, total G&A grew by about 5%.

我很高興地宣布，我們在第二季度實現了這兩個目標，並且預計將在全年實現這些目標。具體而言，如報告所示，一般及行政費用下降了 1%，但在調整了約 6% 的當前和上一年的某些異常值後，一般及行政費用總額增長了約 5%。

Core G&A, which comprises over 80% of the total, was roughly flat, while innovation G&A increased significantly on an absolute percentage basis. Innovation G&A is comprised mainly of product R&D; digital innovation; and certain costs related to Reserve, Roastery and Princi. We remain committed to managing the core growth rate while investing for the near and long term.

核心一般及行政費用佔總額的 80% 以上，基本持平，而創新一般及行政費用以絕對百分比計算則大幅增長。創新 G&A 主要包括產品研發；數位創新；以及與 Reserve、Roastery 和 Princi 相關的某些成本。我們將繼續致力於控制核心成長率，同時進行短期和長期投資。

For segment operating margins in fiscal 2017, we now expect Americas' operating margin to be slightly lower year-over-year; CAP operating margins to show moderate expansion despite the negative impact of FX; EMEA operating margins to approach 15% for the full year; and Channel Development to post strong operating margin improvement, with second half gains moderating for the strong first half performance.

對於 2017 財年的各業務部門營業利潤率，我們現在預計美洲地區的營業利潤率將同比略有下降；儘管受到匯率的負面影響，CAP 地區的營業利潤率仍將溫和增長；EMEA 地區的全年營業利潤率將接近 15%；渠道發展業務的利潤率將大幅提高，但由於上半年業績將放緩增長。

Looking at commodities and FX. Our coffee needs for 2017 are almost fully price locked, and we expect commodities will be slightly unfavorable in the back half of the year. We also continue to expect an increased negative net impact from foreign exchange for the year, with revenue growth expected to be negatively impacted by about 1% 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.

關注大宗商品和外匯。我們 2017 年的咖啡需求價格幾乎完全鎖定，我們預計下半年大宗商品價格將略微不利。我們也繼續預期，今年外匯淨影響將進一步惡化，預計營收成長將受到約 1% 的負面影響，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。

All other targets for fiscal 2017 will remain the same.

2017財年的其他所有目標將保持不變。

We remain confident in our strategy in the areas of investments that will drive our future financial results in the second half of 2017 and beyond. Our store partners around the globe continue to go above and beyond to deliver the Starbucks Experience for our customers every day. And the performance from our 2 major markets, in particular, U.S. and China, each reflect and justify the increased investments we will make over the near term.

我們對投資領域的策略仍然充滿信心，這些投資將推動我們在 2017 年下半年及以後取得更好的財務表現。我們全球各地的門市夥伴每天都在盡力，為顧客提供星巴克體驗。特別是我們兩大主要市場（美國和中國）的業績，都反映並證明了我們在近期內增加投資的合理性。

With that, I'll turn the call over to Howard for closing remarks. Howard?

接下來，我會把電話交給霍華德，請他作總結發言。霍華德？

Scott, thank you. Kevin, congratulations on your first call. I think you did really well. And Belinda, coming from China in the middle of the night, I could not be more proud of you, and the story you told really came through in terms of the success and the bright future we have in China.

斯科特，謝謝你。凱文，恭喜你打出了第一通電話。我覺得你做得非常好。貝琳達，你半夜從中國趕來，我為你感到無比驕傲，你所講述的故事充分展現了我們在中國的成功和光明前景。

My role on today's call and on all calls going forward is obviously different than in years past, with Kevin and the team leading the call. So my role today is really to be the unscripted closer to summarize what's been said, and I thought I'd do that through the lens of trying to put myself in your shoes and that is the shoes of an investor. What did you hear today, what did I hear, and what's my conclusion?

我今天在電話會議以及今後所有電話會議中的角色顯然與往年不同，以往的電話會議由凱文和他的團隊主持。所以我今天的角色其實是做一個即興總結，概括大家所說的話。我想透過設身處地站在你們的角度，也就是站在投資者的角度來做到這一點。你今天聽到了什麼？我聽到了什麼？我的結論是什麼？

I think there's a short-term issue and a long-term story. The short-term issue is clearly, in the first half of the year, we had compression and headwinds on comps and revenue, and as Scott and Kevin have covered, we feel very confident that we're going to see a significant change in both comps in the mid-single digits and revenue returning to historic levels in the second half of the year.

我認為這裡有一個短期問題和一個長期問題。短期問題很明顯，今年上半年，我們的同店銷售額和收入都面臨壓縮和不利因素，正如 Scott 和 Kevin 所提到的，我們非常有信心，下半年同店銷售額將出現顯著變化，達到個位數中段的增長，收入也將恢復到歷史水平。

You also heard from Belinda the success that we're enjoying in China. And unless you've seen it firsthand, you can't imagine the footprint we have in China, the opportunity we have and the growth and development of that market. And as I've said in the past, and just having been there 2 weeks ago, there's no doubt in my mind that China's going to be bigger, stronger and more robust than any market in the world over time, including the U.S.

貝琳達也提到了我們在中國的成功。除非你親眼所見，否則你無法想像我們在中國的業務規模、我們所擁有的機會以及該市場的成長和發展。正如我過去所說，而且就在兩週前我剛去過那裡，我毫不懷疑，隨著時間的推移，中國將會比世界上任何市場都更大、更強大、更穩健，包括美國。

Over the long term, you have to ask yourself a bigger question and that is given the seismic change in consumer behavior and how disruptive online shopping and mobile shopping has been to traditional bricks-and-mortar businesses and companies, who's going to survive and who's going to win? So I think there's 2 bifurcating questions, one in the short term, one in the long.

從長遠來看，你必須問自己一個更大的問題，那就是考慮到消費者行為的巨大變化，以及線上購物和行動購物對傳統實體店企業和公司的顛覆性影響，誰會生存下來，誰會最終獲勝？所以我認為這裡有兩個可以區分的問題，一個是短期問題，一個是長期問題。

The short-term question is, in terms of Starbucks U.S. business and comp growth, is the bloom off the rose? Is our comp growth -- is the glass half empty or half full? Now I've been here almost 40 years. I've seen many cyclical changes in our core business, and I can tell you, sitting here today, I have never been more confident that the comp growth that we have seen in the first half of the year, over time, beginning in the second half of the year and beyond will be a distant memory. The pipeline for innovation, both in terms of product development, digital development, mobile development, and just -- if you just look at what happened in the last 2 weeks, was something that was really -- probably the most stunning example of our understanding of digital and social media and Instagram, what happened with Unicorn, drove significant traffic, incrementality, awareness, brand affinity, and just stay tuned because we have a lot more coming.

短期問題是，就星巴克美國業務和同店銷售成長而言，它的輝煌是否已經過去？我們的同業成長情況－是半杯空水還是半杯滿水？我在這裡已經快40年了。我見證了我們核心業務的許多周期性變化，我可以告訴你們，今天我坐在這裡，比以往任何時候都更有信心，我們在今年上半年看到的同店銷售增長，隨著時間的推移，從下半年開始及以後，將成為遙遠的記憶。創新管道，無論是產品開發、數位開發、行動開發，還是——如果你看看過去兩週發生的事情，那真是——可能是我們對數位和社交媒體以及 Instagram 理解的最驚人例子，Unicorn 的出現帶來了巨大的流量、增量、知名度、品牌親和力，敬請期待，因為我們還有更多精彩內容即將推出。

So in the short term, the bifurcating question for you is, do you believe that U.S. comps are going to return and Starbucks U.S. business is going to be as robust as it has been in the past? And I can tell you sitting here today, there's no doubt in my mind that the answer to that question is yes.

因此，短期內，對你而言，關鍵問題是：你是否認為美國同店銷售額會恢復，星巴克在美國的業務會像過去一樣強勁？今天坐在這裡，我可以毫不猶豫地告訴大家，這個問題的答案是肯定的。

Over the long term, I can tell you, as I've told you in the years past, that we anticipated and we saw very early on that there was going to be a very, very significant disruptive and almost cataclysmic change in the landscape of physical retailers. The number of store closures, consolidations, we're in the nascent stage of that, and there are going to be many, many losers. And the bifurcating question is, is Starbucks Coffee Company going to be one of the winners? What is it going to take to win? And Kevin, I think, articulated that very clearly. One, every retailer that is going to win in this new environment must become an experiential destination. Your product and services, for the most part, cannot be available online and cannot be available on Amazon. In addition to that, what evidence do we have? Well, we're opening 2,000 stores a year, and here is another year, at a time when there's so much pressure in the operating environment, and we have another year -- another consecutive year of demonstrating best-of-class new performance in our U.S. stores. To me, personally, that is better evidence of the health and strength of the brand, unit economics and the relevancy of Starbucks stores in our existing comp number.

從長遠來看，我可以告訴你，就像我過去幾年告訴你們的那樣，我們預料到並且很早就看到，實體零售業的格局將會發生非常、非常重大的顛覆性變革，幾乎是災難性的變化。門市關閉、合併的數量，我們目前還處於這個趨勢的初期階段，未來將會有很多很多輸家。而關鍵問題在於，星巴克咖啡公司會成為贏家之一嗎？要獲勝需要付出什麼代價？我認為凱文把這一點闡述得非常清楚。第一，想要在新環境下取得成功的零售商必須成為體驗式目的地。您的產品和服務大部分無法在線上銷售，也無法在亞馬遜上銷售。除此之外，我們還有什麼證據？我們每年開設 2000 家門市，今年又是新的一年，在經營環境壓力巨大的時期，我們又連續一年在美國門市取得了業內一流的新店業績。對我個人而言，這更能證明該品牌的健康狀況和實力、單位經濟效益以及星巴克門市在我們現有競爭對手數據中的相關性。

In addition to that, you have to believe that in order to win and win big, domestically and globally in this new environment, that a company's capability and competency as a 4-walled, bricks-and-mortar retailer must be as good digitally and on mobile in all things that make the brand as relevant outside of the store and on a mobile device as it is inside the 4 walls of the store. We've had a leadership position in our loyalty program in mobile payment -- in Mobile Order and Pay, and I can tell you, given what is in the pipeline in terms of the investments we're going to make over the long term and our ability to toggle back and forth between the physical and the digital world, it's only going to make our 4-wall retail business stronger in the future.

除此之外，你還必須相信，要想在這個新環境中贏得國內和國際市場，一家實體零售商的能力和競爭力必須在數位化和行動端同樣出色，才能使品牌在店外和行動裝置上與店內一樣具有相關性。我們在行動支付忠誠度計畫（行動訂購和支付）方面一直處於領先地位，我可以告訴你，鑑於我們未來將要進行的長期投資以及我們在實體世界和數位世界之間來回切換的能力，這只會使我們的實體零售業務在未來更加強大。

So the net result and the answer to these questions that I strongly believe, if I was an investor, if I was a shareholder, if I was analyzing Starbucks, is yes, we've had a tough first half of the year. We've got issues with Teavana, but that basically are de minimis when you look at the size and scale of Starbucks revenue and earnings power. We have the largest, most important market in the world, where we are already the leader, with 2,600 stores and 1 opening up every day, and a brand affinity second to none, and that's China. We have a national and global footprint now of over 26,000 stores, 90 million customers a week, and still recognized as one of the most respected and recognized brands in the world.

因此，最終結果以及這些問題的答案，我堅信，如果我是投資者，如果我是股東，如果我在分析星巴克，那就是：是的，我們今年上半年過得很艱難。我們和 Teavana 之間存在一些問題，但與星巴克的收入和盈利能力相比，這些問題基本上微不足道。我們擁有全球最大、最重要的市場，並且已經是該市場的領導者，擁有 2600 家門市，每天還有 1 家新店開業，品牌親和力無人能及，那就是中國。我們目前在全國乃至全球擁有超過 26,000 家門市，每週服務 9,000 萬顧客，並且仍然被公認為世界上最受尊敬和認可的品牌之一。

Starbucks Coffee Company is built to last. Starbucks Coffee Company is built to build a great and enduring company. And there's no question in our mind, as we sit as a management team and as we address you today on the heels of a tough first half, that our best days are in front of us. And for those of you who have covered the company many, many years who know me personally, I would not be here banging on the table and telling you how strongly I feel about the growth development and what we have in store in terms of the innovation of the company, both inside the 4 walls of our store, the building of the Reserve brand, the unbelievable experience at the Roasteries, what's going to happen in all the cities. And one thing about the Roastery that I should point out is that as strong as the Roastery has been in Seattle, 20% comps, being profitable, it's not a city in which we can have the global halo that New York, Shanghai, Tokyo, Milan and Chicago will have when those Roasteries open. It's a Roastery that basically is catering to mostly local Seattle people and West Coast tourists. Wait till these Roasteries open in these other markets. It's going to change the company.

星巴克咖啡公司是一家旨在長久發展的企業。星巴克咖啡公司的目標是打造一家偉大而長久的公司。毫無疑問，身為管理團隊，在我們經歷了艱難的上半年之後，今天我們向大家發表演說時，我們最好的日子還在後頭。對於多年來一直關注公司動態、並且認識我的人來說，我不會在這裡拍著桌子，向你們講述我對公司發展壯大以及我們在創新方面所做努力的強烈感受，無論是在我們門店的四面牆內，還是打造 Reserve 品牌，亦或是烘焙工坊帶來的難以置信的體驗，以及所有城市即將發生的一切。關於烘焙工坊，我應該指出一點，雖然西雅圖的烘焙工坊表現強勁，同店銷售額增長了 20%，並且盈利，但西雅圖並不是一個能夠像紐約、上海、東京、米蘭和芝加哥那樣，在烘焙工坊開業後擁有全球光環的城市。這是一家主要服務於西雅圖當地居民和西海岸遊客的烘焙坊。等這些烘焙工坊在其他市場開幕後再說。這將改變公司。

So net-net, those 2 bifurcating questions: Is Starbucks U.S. comps half empty or half full? Let me tell you, they're half full, not half empty. On the bifurcating question, is Starbucks going to be one of those companies that is going to navigate through the unbelievable challenges that the bricks-and-mortar of physical retailers are going to have, the question (sic) [answer] is undeniably, yes, we are going to be that company that's going to be the winner.

所以總而言之，這兩個截然不同的問題：星巴克在美國的表現是半空還是半滿？我告訴你，它們是半滿的，不是半空的。關於星巴克是否會成為那些能夠克服實體零售商將面臨的巨大挑戰的公司之一這一關鍵問題，答案無疑是肯定的，我們將成為最終的贏家。

So with that, that's my unscripted summary of how strongly I feel about the growth and development of the company, the leadership team, Kevin, as our new CEO, and I thought, again, we told a great story today, especially Belinda in the middle of the night from China.

所以，以上就是我對公司發展、領導團隊、新任執行長凱文的感受的即興總結。我想，我們今天又講了一個很棒的故事，特別是貝琳達在半夜從中國發來的報道。

So with that, I'll just turn it back to Kevin or the operator for Q&A.

那麼，接下來我就把問題交還給凱文或接線生，由他們來回答問題。

Yes, we'll go ahead and open it up for questions, operator.

好的，接線生，我們會開放提問環節。

(Operator Instructions) Your first question comes from the line of Sara Senatore from Bernstein.

（操作員說明）您的第一個問題來自伯恩斯坦的薩拉·塞納托雷的系列。

Scott, I would just like to ask about the earnings algorithm going forward. Just in the sense that the Analyst Investor Day 4, 5 months ago, there was a reiteration of that long-term growth. This year, obviously, now low -- expectation is lower because of investments. Does that mean that if we think about it longer term that we should sort of rethink that earnings algorithm in terms of I think the double-digit revenue growth, 15% to 20% EPS growth? And I guess, on a related question, we've seen other companies maybe use their balance sheet more aggressively. Again, is that something that you contemplate doing in terms of just, again, going forward, thinking about the puts and takes to top line, maybe a step-up in just the normalized rate of investments and then what margin for error your balance sheet offers?

Scott，我想問未來的收益演算法。從某種意義上說，在 4、5 個月前的分析師投資者日上，重申了長期成長的預期。今年顯然預期較低——由於投資減少，預期也隨之降低。這是否意味著，如果我們從長遠角度考慮，我們應該重新思考獲利演算法，例如實現兩位數的營收成長和 15% 到 20% 的每股盈餘成長？我想，關於一個相關的問題，我們看到其他公司可能更積極地利用了他們的資產負債表。那麼，您是否考慮過這樣做，例如展望未來，考慮對營收的影響，或許提高正常投資率，以及您的資產負債表能提供多大的容錯空間？

Thanks for the question, Sara. I think the first thing I'll say is we are still reiterating our long-term guidance of 10% on the top line and 15% to 20% on the bottom line. To your point, we understand why the question's being asked. It's being asked a lot more frequently by The Street, given what's happened in the last few quarters, where we haven't quite gotten to the low end of our revenue guidance. But I think as you look at the back half of the year and acceleration back up to 10% revenue growth, we remain confident in that being the fuel for 15% to 20% earnings guidance. And I think I'd also talk about every year, as we set our long-term guidance, we go through our strategic planning process in the spring and we look at all of the drivers on the top line, all the things around innovation for products and digital, all the things we can do in the middle of the P&L to drive sales leverage and cost of goods sold savings and G&A. We've been increasingly using the balance sheet, and I'll come back to the that, to help a bit with earnings growth as well. And we ask ourselves, "Can we reiterate those long-term targets?" And we're at the beginning of that process. Again, this spring, we'll go through it with our board over the next few weeks. And in that process, we decide if the long-term growth target has to be adjusted, and we'll come to you, we'll explain it to you, and we'll talk about why we're changing things. But as we sit today, we remain confident given that acceleration, that we'll see those long-term goals still come into line. As it relates to the balance sheet, we have, over the last 3 years, taken long-term debt up pretty significantly. I think we had $750 million a few years ago. We're up close to $4 billion now. And as you know, buybacks have increased pretty significantly over that time as well. And we'll continue to be opportunistic on the balance sheet. I think last second quarter, we bought back over $1 billion in stock. This second quarter, it was over $600 million. It's about $1 billion in total cash returned for the quarter, so we have been selectively adding leverage. We have been taking advantage of the opportunities to buy the stock back and that will continue as we move forward.

謝謝你的提問，薩拉。我想說的第一點是，我們仍然重申我們長期的業績指引，即營收成長10%，利潤成長15%至20%。你說得對，我們明白為什麼要問這個問題。鑑於過去幾季的情況，我們尚未達到營收預期的下限，華爾街對此的提問頻率也大大增加。但我認為，展望下半年，隨著營收成長率回升至 10%，我們仍有信心這將推動獲利成長達到 15% 至 20%。而且我認為我還要談談每年我們在製定長期指導方針時，我們會在春季進行策略規劃，我們會審視所有影響營收的因素，所有與產品和數位化創新相關的因素，以及我們可以在損益表中採取的所有措施，以推動銷售槓桿、降低銷售成本和一般及行政費用。我們越來越多地利用資產負債表（稍後我會再談到這一點），來幫助實現獲利成長。我們不禁自問：「我們能否重申這些長期目標？」而我們目前正處於這個過程的初期。今年春天，我們將在接下來的幾週內與董事會再次討論這個問題。在這個過程中，我們會決定是否需要調整長期成長目標，我們會來找您，向您解釋，並討論我們為什麼要做出改變。但就目前的情況來看，鑑於這種加速發展，我們仍然有信心，我們將看到這些長期目標最終得以實現。就資產負債表而言，在過去的三年裡，我們的長期債務大幅增加。我記得幾年前我們有7.5億美元。我們現在已經接近40億美元了。如你所知，在此期間，股票回購也大幅增加。我們將繼續在資產負債表上抓住機會。我認為上個季度我們回購了超過10億美元的股票。第二季度，這數字超過了6億美元。本季返還的現金總額約為 10 億美元，因此我們一直在選擇性地增加槓桿。我們一直在利用機會回購股票，未來也將繼續這樣做。

Your next question comes from the line of John Ivankoe with JPMorgan.

你的下一個問題來自摩根大通的約翰‧伊凡科。

I'd like to follow-up on the growth rate question, if I may, but digging a little bit deeper on the Americas. Obviously, the Americas is your biggest segment. At least the calculation that we did around the Analyst Day that looked like the Americans needed to grow something like low to mid-teens a year for the next 5 years to contribute to your overall earnings growth algorithm. And yet, in the first half of the year, operating income growth was around 2%, with pressure on both of the cost of good sold line and occupancy as well as operating expenses, in other words, labor. So does -- are comps enough, I guess, to change that? I mean, when we go from a 3% comp to a mid-single-digit comp, I mean, is that enough to begin to see leverage in that line? Or are there perhaps other things that can happen in your business, lapping partner investments, running a more efficient store, if that makes sense, maybe some benefit from lower commodities or lower rents, especially as other retailers vacate their properties, that can maybe give some more visibility of margin expansion in the Americas segment than what is currently apparent at this point?

如果可以的話，我想就成長率問題再深入探討一下美洲的情況。顯然，美洲是你們最大的市場。至少在我們分析師日期間進行的計算表明，美國人在未來 5 年內每年需要保持 10% 左右的成長，才能對你的整體獲利成長演算法做出貢獻。然而，今年上半年營業收入成長約為 2%，原因是優質產品銷售成本、入住率以及營運費用（即勞動成本）都面臨壓力。那麼——我想，比較結果足以改變這種情況嗎？我的意思是，當薪資漲幅從 3% 降到個位數中段時，這是否足以讓我們開始看到這條生產線的槓桿效應？或者，您的業務中是否還有其他可能發生的事情，例如利用合作夥伴的投資，提高門市營運效率（如果這說得通的話），或許可以從較低的商品價格或租金中受益，尤其是在其他零售商撤離其物業的情況下，這或許可以比目前所看到的更清晰地展現美洲地區的利潤擴張前景？

Yes. Thanks, John. I'll start, and then, I'll maybe have John add to my comments. There's a couple of big drivers that are not evident in the P&L today, and the first one is top line comp growth. So the last couple of quarters, we've been in that 3% comp growth rate and that is a big impact on our ability to drive overall margin. I don't want underestimate what a couple more points of comp would do for overall profit growth in the U.S. So being up into that high single-digit to 10% range in total revenue growth in the U.S., that is a major driver of additional profitability. So again, as we get into the back half of the year, that should start to rectify itself. The second thing is the partner in digital investments we're making in the U.S. as a percentage of revenue, over the next few years, that will start to decline. So we will continue to make investments, but the reality is, the rate of growth in those investments, the delta, if you will, that will start to come down, and we'll be able to lever it as revenue growth increases. So that's not saying that wage investments are going to go down, rather, they're going to go up. But if you look at this year, we went up $250 million for partner and digital investments, and the vast majority of that is in the U.S. That kind of impact on margin is not going to continue after we get out a couple more years. So both of those give us confidence in the growth algorithm. John, would you add anything?

是的。謝謝你，約翰。我先開始，然後也許約翰會補充我的觀點。有幾個重要的驅動因素在今天的損益表中並不明顯，第一個就是營收成長。因此，在過去的幾個季度裡，我們的同店銷售額成長率一直維持在 3% 左右，這對我們提高整體利潤率的能力產生了很大的影響。我不想低估同店銷售額再提高幾個百分點對美國整體獲利成長的影響。因此，如果美國總收入成長率能達到個位數高點到 10% 的水平，這將是進一步提高獲利能力的主要驅動力。所以，隨著下半年的到來，這種情況應該會開始好轉。第二點是，未來幾年，我們在美國進行的數位投資佔收入的百分比將會開始下降。因此我們將繼續進行投資，但現實情況是，這些投資的成長率（或增量）將會開始下降，隨著收入成長，我們將能夠利用這種成長來提高收益。所以這並不是說薪資投資會下降，而是說薪資投資會增加。但如果你看看今年，我們在合作夥伴和數位投資方面增加了 2.5 億美元，其中絕大部分都在美國。這種對利潤率的影響在我們退出市場幾年後就不會持續了。因此，這兩點都讓我們對成長演算法充滿信心。約翰，你還有什麼要補充的嗎？

No, I would just add, John, that also what gives us confidence is the new store performance. And you look at new stores, it contributes over 4% of our top line revenue growth in the Americas. We've consistently done that for 12 consecutive quarters, and we anticipate that, that's going to continue. So we're making these partner investments upfront. To Scott's point, we feel that those partner investments are the right thing to do. And also, at the same time, we're starting to see traction as it relates to, not only partner satisfaction, and we sequentially improved turnover by 2 points versus Q1. And also, at the same time, our customer service scores sequentially improved from Q1 to Q2 as well. So feel very good about the investments that we've made, and that, in fact, we're seeing payback from that.

不，約翰，我還要補充一點，新店的表現也讓我們充滿信心。而新店的開設，為我們在美洲地區的營收成長貢獻了超過 4% 的份額。我們已經連續 12 個季度做到這一點，我們預計這種情況還會繼續下去。所以我們提前進行這些合作夥伴投資。正如史考特所說，我們認為這些合作夥伴的投資是正確的做法。同時，我們也開始看到一些進展，不僅在合作夥伴滿意度方面，而且與第一季相比，我們的營業額也連續提高了 2 個百分點。同時，我們的客戶服務評分也從第一季到第二季逐季提高。所以，我對我們所做的投資感到非常滿意，事實上，我們正​​在看到投資的回報。

Your next question comes from the line of John Glass from Morgan Stanley.

你的下一個問題來自摩根士丹利的約翰‧格拉斯。

You talk a lot about retail environment, and that's presumably the implication of the headwind to your sales, but the competition doesn't come up much on Starbucks calls. There is more and better places to get coffee today than there ever has been. And I understand Roastery and Reserve are sort of a way of targeting that, but how do you think about the role competition is now playing in your sales trajectory today versus a year ago, let's say? Is that a contributing factor in your minds? And how would you quantify that?

你常談到零售環境，這大概就是你銷售面臨不利因素的原因，但在星巴克的電話會議上，競爭對手卻很少被提及。如今，喝咖啡的地方比以往任何時候都多，而且品質也更好。我知道烘焙工作坊和臻選系列是針對這一目標的一種方式，但是與一年前相比，您認為競爭在您的銷售軌跡中扮演著怎樣的角色？在你們看來，這是促成因素之一嗎？那你要如何量化這一點呢？

Yes, John. This is Kevin. I'll comment, and then I'll ask Howard to comment on the view on Roasteries and -- at the very high end. Look, we've always had competition. And typically, I look at -- in markets where we've had a first-mover advantage and we established a presence of a number of stores in the Starbucks brand in those markets, that is a very defensible position. And if I look at there where we're at in the United States and in China, in our major market, we are -- we not only have established a very defensible position, but we're expanding that with new store growth. In fact, let me have Matt comment a bit on thoughts on new stores that opened, how we're thinking about -- as we're building new Starbucks stores in our core brand, how that's helping us to further strengthen that proposition in an environment where there is competition -- there's always been competition. Matt, you want to comment on that?

是的，約翰。這是凱文。我會發表一些評論，然後我會請霍華德就烘焙工坊以及——高端咖啡——的觀點發表評論。你看，我們一直都有競爭。通常情況下，我會專注於那些我們擁有先發優勢，並且在這些市場中以星巴克品牌開設了多家門市的市場，這是一個非常穩固的地位。如果我看看我們在美國和中國，也就是我們的主要市場所處的位置，我們不僅已經建立了一個非常穩固的地位，而且還在透過新店的成長來擴大這個地位。事實上，我想請 Matt 談談他對新開門店的看法，以及我們在核心品牌下建立新的星巴克門市時，如何思考如何幫助我們在競爭激烈的環境中進一步加強這個品牌主張——競爭一直存在。馬特，你想對此發表什麼評論嗎？

Yes, domestically, the U.S., we have to look at -- this is not one market, but a collection of many markets. And as we look across geographies, we continue to see enormous headroom for store growth across the U.S. Just like we see differentials in store presence, international to U.S., we see the same thing within the U.S. That means that there is a lot of opportunity for us to continue to expand in places where our strength has not been as traditionally great as it has been in certain urban -- many Western markets. So you're going to see store grow. We are ramped for us to grow into the future. And Howard, do you want to comment on the Roastery?

是的，就美國國內而言，我們必須審視——這並非一個單一的市場，而是由許多市場組成的集合體。放眼全球，我們發現美國各地門市的成長空間依然龐大。正如我們在國際市場和美國市場之間看到門市數量存在差異一樣，美國國內市場也存在同樣的情況。這意味著，在一些我們傳統上實力不如某些城市（尤其是許多西方市場）強勁的地區，我們有很多機會繼續擴張。所以你會看到商店發展壯大。我們已做好充分準備，迎接未來的發展。霍華德，你想對烘焙坊發表一下看法嗎？

I'll say a few things. First of all, there's no evidence whatsoever that any national company, even those companies that are discounting coffee significantly, with McDonald's, nationally or Dunkin' Donuts in New England, what Panera is trying to do, there's no evidence whatsoever that we have that there is anything they are doing that is affecting us adversely. So I just want to get that off the table. The competitive issues question is just a non-event for us. I want to talk about the Roastery and Reserve brand, not through the lens of competition, but what you're going to have to do to win in the future. Every retailer's going to have to create an experiential moment. And if you're in the food and beverage business, you have to go to craft, you have to go to art. The interesting thing about the Roastery is the average ticket at the Roastery is $20. The average ticket in a Starbucks store is $5. People in the Roastery are spending significantly more time there than they do in a Starbucks store. That dayparts in the Roastery are afternoon and evening-driven, which, as you know, is not Starbucks' stores strong suit. The Reserve bars that we are -- that we have opened are demonstrating enough interest from the customer, and customers are trading up, which has given us even more understanding about the opportunity we have to elevate the Reserve brand in existing Starbucks stores. And when the first Reserve store opens in Chicago -- I'm not talking about the Roastery now, I'm talking about the Reserve store, with Princi's food, we'll have another -- we'll have more evidence about the opportunity we feel to grow those stores in ways that will be highly complementary and bring a halo to the brand. But the short answer is the competition across the street or the competition nationally and even those companies who significantly are discounting their coffee is not affecting Starbucks.

我來說幾句話。首先，沒有任何證據表明任何全國性公司，即使是那些大幅降低咖啡價格的公司，例如麥當勞在全國範圍內，或者新英格蘭地區的唐恩都樂，以及帕內拉正在嘗試做的事情，我們沒有任何證據表明他們的任何做法對我們產生了不利影響。所以我想先把這件事排除在外。競爭問題對我們來說根本不算什麼事。我想談談烘焙坊和珍藏咖啡品牌，不是從競爭的角度，而是從未來如何才能取得成功的角度。每個零售商都必須創造體驗式購物體驗。如果你從事食品飲料行業，你必須走向工藝，走向藝術。這家烘焙坊有趣的地方在於，平均票價為 20 美元。星巴克門市的平均客單價為 5 美元。在烘焙坊裡，人們停留的時間明顯比在星巴克店長很多。烘焙工坊的營業時間以下午和晚上為主，眾所周知，這並不是星巴克門市的強項。我們開設的臻選咖啡吧已經引起了顧客的足夠興趣，顧客也開始升級消費，這讓我們更加了解了我們在現有星巴克門市提升臻選品牌的機會。當第一家 Reserve 店在芝加哥開業時——我現在說的不是烘焙工坊，而是 Reserve 店，我們會有另一家提供 Princi's 食品的店——我們將有更多證據證明，我們認為有機會以高度互補的方式發展這些店，並為品牌帶來光環。但簡而言之，街對面的競爭對手、全國的競爭對手，甚至是那些大幅降價銷售咖啡的公司，都不會對星巴克造成影響。

Your next question comes from the line of David Palmer from RBC Capital Markets.

你的下一個問題來自加拿大皇家銀行資本市場的戴維‧帕爾默。

Your rewards and digital mix of sales is still growing nicely, 400, 500 basis points or so on a year-over-year basis. Looking at your active Rewards membership, it's growing 11%, and that's maybe half the growth it was a little -- over a year ago. So it looks like that growth -- or the deceleration in your Rewards member growth is correlating with your slowdown in sales. Do you think that, that's an important metric? Is Rewards member growth a key thing that you're looking at and targeting to reaccelerate in the future? And how are you going to do that?

您的獎勵和數位銷售組合仍然保持良好成長勢頭，年增約 400 至 500 個基點。查看您目前的會員獎勵計劃會員人數，成長了 11%，而這大約是一年多前成長率的一半。所以看起來，會員成長放緩（或獎勵計畫會員成長放緩）與銷售額下降有關。你認為這是一個重要的指標嗎？獎勵計畫會員成長是否是您關注的重點，也是您未來計畫重新加速發展的目標？那你打算怎麼做呢？

Thank you, David. Matt Ryan here. When we look at the Rewards program and the Digital Flywheel, we can't just focus on any one single metric. We have to look at the totality of its contribution to the business. And we're at a point right now where, in the U.S., the Digital Flywheel has been the largest single driver of comp growth. And we're very confident that's going to continue. And I think it's important to reiterate a couple of things that Kevin said. We have, in fact, seen 11% year-on-year growth in membership, but we have also seen record growth in spend per member. And when you take 13-point-some million members and you multiply it by an 8% increase year-on-year, that turns out to be one enormous number, and that's been a major contribution to our business.

謝謝你，大衛。我是馬特·瑞安。當我們審視獎勵計畫和數位飛輪時，我們不能只專注於任何單一指標。我們必須全面看待它對業務的貢獻。目前，在美國，數位飛輪已成為薪資成長的最大單一驅動因素。我們非常有信心這種情況會持續下去。我認為有必要重申凱文說過的一些話。事實上，我們的會員數量年增了 11%，但每位會員的消費額也創下了歷史新高。當你把 1300 多萬會員乘以每年 8% 的成長時，你會發現這是一個巨大的數字，這對我們的業務做出了重大貢獻。

And I would just add, that's the power of personalization that Matt and his team have been driving. So taking that big installed member base and driving additional transactions via personalization, that's what's driving that spend, remember. And David, if you go back a couple of years ago, when we were adding a lot of members, the incremental spend per member was flattish. It might be up a percent or 2, but this quarter, it was up 8%. And so we see an opportunity to accelerate that over time.

我還要補充一點，這就是 Matt 和他的團隊一直在推動的個人化的力量。因此，記住，正是龐大的用戶基數和透過個人化服務推動的額外交易，才是推動消費成長的根本原因。大衛，如果你回顧幾年前，當我們增加大量會員的時候，每個會員的增量支出基本上持平。雖然可能只上漲了一兩個百分點，但本季上漲了 8%。因此，我們看到了一個隨著時間的推移加速這一進程的機會。

Your next question comes from the line of Sharon Zackfia from William Blair.

你的下一個問題來自莎倫·扎克菲亞 (Sharon Zackfia) 的威廉·布萊爾 (William Blair) 的詩句。

I guess, another maybe strategy question. Given the phenomenal response of customers to Mobile Order and Pay, have you rethought kind of that hurdle of having people pre-load money in order to utilize it?

我想，這或許又是另一個策略問題。鑑於顧客對行動點餐和付款的巨大反響，您是否重新考慮過如何解決人們需要預先充值才能使用該服務的障礙？

Matt, you want to take that?

馬特，你想拿那個嗎？

Sure, and Matt Ryan here. It is one of the things we will be looking at as we look across the future. But I just want to remind a theme that we reiterated at the investor conference, which is, we continue to have a lot of people who join the program and -- as soon as they become familiar with it. And our biggest barrier is familiarity with the program. So continuing to let that word get out there and help people understand what the program is all about is critical. In addition, we have an easy, low-hanging fruit in front of us, which is to get people into the program once they begin the sign-up process. So you're going to see to continue a lot of improvement to the sign-on process and to the way in which we guide customers to go from where they are today, not being members, into being full members with a stored value card loaded. And we see a lot of opportunity there in the short term. And we'll, of course, be looking at other options like the one you suggested in the long term.

當然，還有馬特·瑞安。這是我們展望未來時需要關注的問題之一。但我只想提醒大家我們在投資者大會上重申的一個主題，那就是，我們不斷有很多人加入該計劃，並且——一旦他們熟悉了它。我們最大的障礙是對程序不夠熟悉。因此，繼續宣傳並幫助人們了解該計劃的全部內容至關重要。此外，我們面前還有一個唾手可得的目標，就是讓人們在開始註冊流程後就加入到該計劃中來。因此，您將會看到註冊流程以及我們引導客戶從目前的非會員狀態轉變為已充值儲值卡的正式會員的方式將繼續得到許多改進。我們看到短期內那裡有很多機會。當然，從長遠來看，我們也會考慮其他方案，例如您建議的那種方案。

Your next question comes from the line of Jeffrey Bernstein from Barclays.

你的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Just focusing in on the comp topics of the company and, I guess, specifically for the U.S. It seems like that's the side of things that you guys are extremely confident on, the mid-single-digit for the full year fiscal '17. If we focus just on the U.S. for a moment and the 3% comp in the fiscal second quarter, we know the compare these -- what looks like 300 basis points, starting in this April through June quarter. So I'm just wondering, your confidence, I mean, is it accelerating comps -- confidence beyond just the compares, because, again, you would think that you would see that uptick just to keep the line steady. I'm just wondering what you'd characterize as maybe the most impactful new product or platform that you think in the back half is going to lead to a reacceleration in that 2-year trend. And then, Scott, just to clarify, did you say for the fiscal '17 earnings that the range you gave was wider and that if you make incremental investments, you'll come in at the lower end of the range? Or were you implying that you can make investments that might lead you below the low end of that newly revised range?

我只關注公司的薪資話題，特別是美國市場。看來你們對這方面非常有信心，預計 2017 財年將全年達到個位數中段的成長率。如果我們暫時只關注美國，以及第二財季 3% 的年增幅，我們就知道這些對比——從今年 4 月到 6 月這一季度開始，看起來大約是 300 個基點。所以我想知道，你的信心，我的意思是，它是否推動了比較數據的上漲——信心不僅僅局限於比較數據，因為，你會認為你會看到這種上漲，以保持曲線穩定。我只是想知道，您認為在下半年最有影響力的新產品或平台是什麼，它們將如何重新加速這兩年來的趨勢。史考特，為了澄清一下，你之前是不是說過，對於 2017 財年的收益，你給出的範圍更廣，如果進行額外的投資，最終收益會達到範圍的下限？或者你的意思是，你可以進行一些投資，這些投資可能會使你的收益低於新修訂價格區間的下限？

So I think I'll have John and Kris start.

所以我想讓約翰和克里斯先開始。

Let me just frame it first, and then, I'll hand it to John and Kris on this. Jeffrey, let me give you 3 things that I think, in addition to -- well, number one is the sequential acceleration that we saw throughout Q2 that has continued into April. The second thing is, as we look at this quarter, the work the team has done around the Frappuccino launch that was kicked off by the Unicorn Frappuccino and what we've done to really make sure that we've got innovation and line of sight to how we're going to execute in the stores against that. And if you recall, a year ago, we had the launch of the -- the transition of the Rewards program at the same time. So we've been laser-focused on how we execute better in-store with that. And then, certainly, beyond that, there's been a great focus that Kris has placed on our partners in the stores, connecting with customers and ensuring that we're getting that uptick in customer sat and the work that Adam Brotman has been leading to increase the throughput at peak. So the increase of throughput at peak, the work that Kris has done in terms of customer connection, the innovation in the Frappuccino and the focus on in-store execution all contribute to the confidence, in addition to the sequential monthly acceleration we've seen in comps. And so maybe I'll have Kris touch upon a bit of what he's been driving in terms of store partner connection with customers, and Adam could touch a bit maybe on the Mobile Order and Pay. Kris?

我先把它裱框好，然後再交給約翰和克里斯處理。傑弗裡，除了…之外，我還想說三點——首先，我們在第二季度看到的持續加速成長的趨勢一直延續到了四月份。第二點是，當我們回顧本季時，團隊圍繞著星冰樂的推出所做的工作，從獨角獸星冰樂開始，我們努力確保創新，並清楚地了解如何在門市中執行。如果你還記得的話，一年前，我們同時推出了獎勵計畫的過渡方案。因此，我們一直專注於如何更好地在店內執行這些措施。此外，克里斯也非常重視我們門市的合作夥伴，與顧客建立聯繫，確保顧客滿意度提升，以及亞當·布羅特曼領導的提高高峰時段吞吐量的工作。因此，高峰時段吞吐量的增加、Kris 在客戶聯繫方面所做的工作、星冰樂的創新以及對店內執行的重視，都增強了我們的信心，此外，我們在同店銷售額中看到的連續月度加速增長也功不可沒。所以，也許我會讓 Kris 談談他在商店合作夥伴與顧客聯繫方面所做的努力，而 Adam 可以談談行動訂購和付款方面的事情。克里斯？

Well, Jeffrey, I think we've got a number of things that we kind of keyed up, especially coming into the next 2 quarters, around operations, particularly and obviously, customer connection is the most important thing we do via -- through MOP or café customer or whoever it was. But the reason I look to Q3 as a big opportunity is a number of things. First of all, I do think we've just gotten our -- started on MOP service improvements, and we talked about that a good deal last quarter, the things we put in place that Adam will share in detail in a minute, but very, very confident that we've got huge opportunity in front of us around improving that service and making sure we get more people through the stores. I think secondarily, strength in beverage and food innovation. As I look to Q3, Frappuccino Happy Hour is going to be a huge home run this year. As we've been -- Kevin mentioned, we acknowledge that we underestimated the interdependence of those 2 things, the Frappuccino Happy Hour and the launch of the MSR -- or the conversion of the MSR program last year. But we have got a singular focus on Happy Hour this year. We've got this early spark with Unicorn out there that has reignited, I think, interest in the product, in the platform. We're going to bring at least 1 new -- entirely new drink into Happy Hour this year that is going to be as good as Unicorn or better. And we've extended our hours this year on -- some other tactical things to really make sure that Happy Hour is set up for success. I look a little further out and I see some great products we're bringing in the back half of Q3 and into Q4. We've got an entirely new iced tea platform we're bringing into the stores that's going to be a winner. Cold coffee is on fire. Our core Espresso platforms around cold coffee are some of our strongest growth we've seen over the last few weeks. And food. We've talked a lot about food today, but I think the food performance in Q2 is indicative of what we're going to see in Q3 and Q4. Everything from Sous Vide Eggs to our core around breakfast sandwiches have been fantastic. We're going to bring a lot of innovation in core food over the next quarter, and I'm very confident that is going to help us lift comps significantly over the next few weeks. Adam, you want to talk about MOP?

傑弗裡，我認為我們已經著手處理一些事情，尤其是在接下來的兩個季度，圍繞著營運方面，特別是，顯然，與客戶建立聯繫是我們最重要的工作——透過 MOP、咖啡館客戶或其他任何方式。但我認為第三季是一個大機會的原因有很多。首先，我認為我們才剛開始改進 MOP 服務，上個季度我們對此進行了很多討論，我們採取了一些措施，Adam 稍後會詳細介紹，但我們非常有信心，我們在改進這項服務以及確保更多人光顧門店方面擁有巨大的機會。我認為其次是飲料和食品創新的優勢。展望第三季度，我認為星冰樂歡樂時光今年將會大獲成功。正如我們一直以來所承認的——凱文也提到過——我們低估了這兩件事之間的相互依存關係，即星冰樂歡樂時光和 MSR 的推出——或者說是去年 MSR 計劃的轉型。但今年我們將全部精力集中在歡樂時光活動上。Unicorn 的早期成功激發了人們對該產品和平台的興趣，我認為這已經重新點燃了人們的興趣。今年歡樂時光，我們將推出至少一款全新的飲品，其品質將與獨角獸雞尾酒不相上下，甚至更勝一籌。今年我們也延長了歡樂時光的營業時間，並採取了一些其他策略，確保歡樂時光能夠成功舉辦。我把目光放得更長遠一些，我看到我們在第三季下半年和第四季將推出一些很棒的產品。我們即將推出一個全新的冰茶平台，它一定會大獲成功。冰咖啡著火了。在過去幾周里，我們以冷萃咖啡為核心的濃縮咖啡平台實現了最強勁的成長。還有食物。今天我們談了很多關於食品的話題，但我認為第二季的食品表現預示著第三季和第四季的發展趨勢。從低溫慢煮蛋到我們以早餐三明治為核心的產品，一切都很棒。接下來一個季度，我們將在核心食品領域推出許多創新產品，我非常有信心，這將有助於我們在未來幾週內大幅提升同店銷售額。亞當，你想聊聊MOP嗎？

Yes. Jeffrey, this is Adam. First of all, in general, we're in the process right now of making real improvements in throughput and capacity, in general. So we've got good momentum there, specifically as it relates to Mobile Order and Pay. As Kevin mentioned in his remarks, the first wave of new operational actions we've already taken in this regard have landed well on the field. We're feeling really good about the results we've already seen, both in terms of improved throughput at peak, as we've mentioned, but as well as the customer experience in those stores around MOP, in general, for both Rewards customers and non-Rewards customers. We saw increased peak transactions in our busiest MOP stores. We saw the greatest improvement in customer experience scores for the quarter and -- latest quarter in those busiest MOP stores, and that continues into April. And we're also really pleased with how we've been able to deploy partner labor against these throughput improvements, particularly in these busiest Mobile Order and Pay stores. It's a really important part of how I think we're getting smarter terms of shifting or reallocating labor to the morning peak opportunities occasionally and selectively investing in labor where it makes sense to do so, and we feel good about that. So net-net, we're really happy with the early momentum we have in terms of operational improvement around getting better at MOP experiences, and just in general, driving our business in this area.

是的。傑弗裡，這位是亞當。首先，總的來說，我們目前正在努力提高吞吐量和產能。因此，我們在這方面取得了良好的發展勢頭，尤其是在行動點餐和支付方面。正如凱文在演講中提到的，我們在這方面已經採取的第一波新的作戰行動已經取得了良好的結果。我們對目前所取得的成果感到非常滿意，不僅高峰時段的吞吐量有所提高（正如我們之前提到的），而且MOP週邊門市的客戶體驗也得到了提升，無論是會員獎勵計劃的顧客還是非會員獎勵計劃的顧客都獲得了更好的體驗。我們發現，在客流量最大的幾家MOP門市，交易高峰期的交易量增加。我們看到，在最繁忙的 MOP 門市，本季和最近一個季度的客戶體驗評分都有了最大的提升，而且這種提升趨勢一直延續到四月份。我們也對如何利用合作夥伴的勞動力來提高吞吐量感到非常滿意，尤其是在這些最繁忙的行動點餐和支付門市。我認為，在將勞動力偶爾轉移到早高峰時段，以及有選擇地投資於勞動力方面，我們正在變得更加明智，而這正是我們努力的方向之一，我們對此感到滿意。總而言之，我們對目前在提升 MOP 體驗方面取得的早期進展感到非常滿意，也對推動我們在該領域的業務發展感到非常滿意。

And I'll wrap up on your question, Jeffrey. So no, we're not indicating risk below the low end of the range. But I do want to acknowledge that if we see opportunities for investment or if the Teavana mall stores perform a little worse than we have forecast, that lower end is entirely in place.

傑弗裡，你的問題我就回答到這裡。所以，不，我們並不是說風險低於該範圍的下限。但我確實想指出，如果我們發現投資機會，或者 Teavana 購物中心商店的表現比我們預測的略差，那麼低端業務也完全可以實現。

Your next question comes from the line of David Tarantino from Baird.

你的下一個問題來自 Baird 的 David Tarantino 的一句話。

Scott, just on the guidance for this year, could you give a little bit of perspective on how much of the change was related to Teavana and how much of it was related to the investments you're making? And then, I guess, the second question related to that, assuming that the investments is a big part of this is, why make that decision now? I mean, Starbucks has such a long history of delivering on their financial targets. I think the last time you lowered guidance was during the recession. So why now are you pulling forward investment and lowering the target?

Scott，關於今年的業績指引，你能否簡要說明一下，其中有多少變化與 Teavana 有關，又有多少變化與你們的投資有關？那麼，我想，與此相關的第二個問題是，假設投資是其中的重要部分，那麼為什麼現在要做這個決定呢？我的意思是，星巴克在實現財務目標方面有著非常悠久的歷史。我認為你上次下調業績預期是在經濟衰退期間。那麼，為什麼現在要提前撤回投資並降低目標呢？

On the first part of your question, the larger piece is the investments we're making although the Teavana mall store performance versus what we thought is meaningful. And to the second part of your question, David, I take the spirit of what -- how it's asked. We see a significant opportunity in areas like digital. And specifically, what we see with returns on investments that we make around personalization, around things around Starbucks Rewards, things that we do in the app to make things easier for our customers, those investments have the shortest payback and the highest returns of anything we do in Starbucks, including new stores. And so as we look at the back half of the year and we look at the fact that we're driving the majority of our comps from digital, I would argue, we must make those investments because those will pay off, both as we exit 2017 and as we head into 2018. And I think it would be not the right thing to do to skip those. So the second thing I would say is on Reserve and Roastery, those have longer-term implications for us, as Howard talked about. So making those investments now, as we build the Princi capabilities, a lot of these capabilities are in the early phases, building out -- the commissary capability for Princi kitchen is building out, the Roasteries that we have under construction across the globe and opening our first Reserve store soon, all of those things need the right level of design, the right level of merchandising, and it costs money to get those things set up right. The good news is, as we move into 2018 and beyond, we'll start to leverage those investments as we begin to open more and more Reserve stores, open the Roasteries, and that we think that's the right thing to do.

關於你問題的第一部分，更重要的部分是我們進行的投資，儘管 Teavana 購物中心門市的表現與我們預想的相比意義重大。至於你問題的第二部分，David，我理解你提問的方式和語氣。我們看到了數位領域的巨大機會。具體來說，我們看到，在個人化、星巴克獎勵計劃、以及我們在應用程式中為方便顧客所做的一切投資中，這些投資的回報最短，回報率最高，遠超我們在星巴克所做的任何投資，包括新店。因此，當我們展望下半年，並考慮到我們的大部分銷售額都來自數位管道時，我認為我們必須進行這些投資，因為這些投資將會獲得回報，無論是在 2017 年底還是 2018 年初。我認為跳過這些步驟是不合適的。所以我想說的第二點是關於臻選系列和烘焙系列，正如霍華德所說，這些對我們來說具有更長遠的意義。因此，現在進行這些投資，是為了建立 Princi 的能力，其中很多能力還處於早期階段，正在建設中——Princi 廚房的中央廚房能力正在建設中，我們在全球各地建設的烘焙工坊以及即將開設的第一家臻選店，所有這些都需要合適的設計水平、合適的商品陳列水平，而把這些事情做好需要花錢。好消息是，隨著我們進入 2018 年及以後，我們將開始利用這些投資，開設越來越多的臻選門店，開設烘焙工坊，我們認為這是正確的事情。

And I think this just reinforces the fact that we're playing the long game. And in this period where there's this dramatic disruption taking place in the retail industry, we are very clear that the transformative elements that we are focused on are digital mobile relationships with our customers and branded experiential retail, and investments we're putting in are in those areas. It's about elevating the Digital Flywheel and it's about elevating the brand with the investment we're making in Roasteries and Reserve stores at Princi. It's all about the future.

我認為這恰恰印證了我們正在進行一場長遠佈局的事實。在零售業發生巨大變革的這段時期，我們非常清楚，我們關注的變革要素是與客戶的數位行動關係和品牌體驗式零售，而我們的投資也集中在這些領域。這關乎提升數位飛輪，也關乎透過我們在 Princi 的烘焙工坊和臻選門市的投資來提升品牌。一切都與未來有關。

Your next question comes from the line of Jason West from Credit Suisse.

你的下一個問題來自瑞士信貸的傑森·韋斯特。

Just one quick one, and then, a bigger question. Just Scott, did you reiterate the mid-single-digit global comp guidance for the year? Just wasn't quite clear on that. And then in terms of personalization, I know you guys have been talking about that since kind of last fall. So maybe give us an update on how you think that's working and maybe what's left to do there.

先問一個簡短的問題，然後再問一個更大的問題。Scott，你重申了今年全球薪資成長預期為個位數中段嗎？這一點我不太清楚。至於個人化方面，我知道你們從去年秋天就開始討論這個問題了。所以，您能否為我們更新一下您認為這項工作進展如何，以及還有哪些工作需要完成？

So yes, mid-single-digit comps globally for the full year, and I'll turn it to Matt for the second part of the question.

所以，是的，全年全球範圍內的同店銷售額將達到個位數中段，接下來這個問題的第二部分，就交給 Matt 來回答吧。

Thank you for the question. We are very excited about personalization. And I would just reiterate what we've been saying and it remains absolutely true. We had only just begun. Right now, personalization, we did extend from e-mail to the app about 2 quarters ago. We are seeing terrific results. It is the single biggest driver that we're seeing of the improved spend per member, and we just told what that meant for us. So it's a big deal. We haven't done a lot of the things we dream about doing, and one of the reasons why we continue to invest in technology is to be able to do those things. Triggered responses to events, triggered responses to external data that we can use, continuing to put personalization elsewhere throughout the app, and then, eventually extending personalization to other screens beyond the app as well. These are all on the roadmap and will be coming and we believe they'll drive significant value for the company. So were very, very optimistic and bullish on it.

謝謝你的提問。我們對個人化感到非常興奮。我只想重申我們一直以來所說的，而且這仍然是絕對正確的。我們才剛開始。目前，個人化服務大約在兩個季度前從電子郵件擴展到了應用程式。我們取得了非常好的成果。這是我們看到的會員人均消費額提高的最大驅動因素，我們剛才也解釋了這對我們意味著什麼。所以這可是件大事。我們還有很多夢想中的事情沒有做成，而我們不斷投資科技的原因之一就是為了能夠實現這些夢想。對事件的觸發響應、對外部數據的觸發響應（我們可以利用這些數據），繼續在應用程式的其他位置進行個性化設置，最終將個性化設置擴展到應用程式之外的其他螢幕。這些都在發展規劃中，將會陸續推出，我們相信它們將為公司帶來巨大的價值。所以當時我們非常非常樂觀，非常看好它。

Maybe just one proof point to add to what Matt said. As you know, we launched this quarter suggested selling across the platform within the app. So as you're ordering your beverage, we're able to show pictures of food and other things you've either ordered in the past or would go well with the items in your basket. And we saw this quarter the ticket on Mobile Order and Pay actually go higher than the average ticket on Starbucks Rewards orders that weren't through Mobile Order and Pay. That wasn't the case over the last year. So for the first quarter, we've seen that tick above as we thought it would when we launched personalization, and that's a good sign.

或許可以補充一點馬特所說的內容。如您所知，我們本季推出了應用程式內跨平台推薦銷售功能。因此，當您訂購飲料時，我們可以向您展示您過去點過的食物和其他商品的圖片，或與您購物車中的商品搭配的商品圖片。本季度，我們看到透過手機下單和支付方式下單的訂單平均價格實際上高於透過星巴克獎勵計劃而非手機下單和支付方式下單的訂單平均價格。但過去一年並非如此。因此，在第一季度，我們看到這一數字超過了我們推出個人化服務時的預期，這是一個好兆頭。

And just to add, we have also seen acceleration through the quarter with regard to personalization. So as we entered the quarter and as we exited, we saw personalization as one of those things we think is going to continue to drive comps up in the second half of the year.

另外補充一點，本季我們在個人化方面也看到了加速發展。因此，在進入本季和結束本季時，我們認為個人化是下半年繼續推動同店銷售成長的因素之一。

And we saw higher attach on food, in particular, which is the highest since we've launched La Boulange 3 years ago. So clearly, personalization's playing a role in that success.

我們發現消費者對食品的依戀程度更高，這是自我們 3 年前推出 La Boulange 以來最高的。很顯然，個性化在這一成功中發揮了作用。

The last question comes from the line out of Karen Holthouse from Goldman Sachs.

最後一個問題來自高盛的凱倫·霍爾特豪斯。

Another question on the sort of comp -- U.S. comp commentary. So stores that had those peak Mobile Orders and Pays, stores worth more than 20% of transactions are -- you noted sequential improvement, but are we actually back to a point that those are positive year-over-year? And then -- in traffic? And then, when you're thinking about the improving into April, how much of that just relates to the disruption that we're lapping last year around Mobile Order and Pay? Or is that true on a 2-year basis as well?

關於比較類型的另一個問題——美國比較評論。所以，那些行動訂單和支付達到高峰的商店，交易額佔比超過 20% 的商店——您提到了環比改善，但我們真的回到了同比增長的水平嗎？然後——在交通堵塞中？那麼，當你考慮四月份的改善情況時，其中有多少只是與我們去年在行動點餐和付款方面遇到的混亂有關呢？或者說，兩年的時間跨度也是？

So Karen, those highest-volume stores were slightly negative last quarter, from a transaction standpoint, and they're still slightly negative, but that -- but it's improved significantly quarter-to-quarter.

所以凱倫，從交易量來看，那些銷量最高的門市上個季度略有虧損，現在仍然略有虧損，但是——但是，與上個季度相比，情況已經顯著改善。

It's increased, yes.

是的，數量增加了。

Yes. So we're seeing improvement, but still a little bit of negative transaction there.

是的。所以我們看到情況有所改善，但仍存在一些負面交易。

Can I just clarify, just for myself, looking at this?

我能否就我自己的狀況，確認一下？

Yes.

是的。

I want to make sure there's clarity and common language, but I think the question was also, is comp improvement based primarily on low comparisons? The answer is no.

我想確保表達清晰、語言通順，但我認為問題還在於，比較改進是否主要基於低程度的比較？答案是否定的。

Right. So in both March and April, we still had pretty big comparisons to lap over, so we're pretty happy with the overall comp growth, and particularly transaction growth in April.

正確的。因此，3 月和 4 月我們仍然有很多比較數據需要消化，所以我們對整體的同店銷售成長，特別是 4 月的交易成長，感到非常滿意。

Yes.

是的。

And I think our comp -- well, our comp performance for the back half is based on the level of innovation that we're bringing in from a product standpoint, performance at Happy Hour as well as continued expansion of the Digital Flywheel.

我認為我們下半年的業績表現，取決於我們從產品角度帶來的創新水平、歡樂時光的業績以及數位飛輪的持續擴張。

Great. Thank you, Karen.

偉大的。謝謝你，凱倫。

Thank you, everybody. Tom?

謝謝大家。湯姆？

Yes. Thanks again for joining us today, and we look forward to speaking with you again on our third quarter earnings call, which we have tentatively scheduled for Thursday, July 27. Thanks again.

是的。再次感謝您今天參加我們的電話會議，我們期待在第三季財報電話會議上再次與您交流，我們暫定於 7 月 27 日星期四舉行該會議。再次感謝。

This concludes Starbucks Coffee Company's Second Quarter Fiscal Year 2017 Earnings Conference Call. You may now disconnect.

星巴克咖啡公司2017財年第二季財報電話會議到此結束。您現在可以斷開連線了。