星巴克 (SBUX) 2017 Q3 法說會逐字稿

Good afternoon. My name is Julie, and I will be your conference operator today. At this time, I'd like to welcome everyone to Starbucks Coffee Company's Third Quarter Fiscal Year 2017 Earnings Conference Call. (Operator Instructions) Thank you. Mr. Shaw, you may begin your conference.

午安.我叫朱莉，今天我將擔任你們的會議接線生。現在，我謹代表星巴克咖啡公司歡迎各位參加2017財年第三季財報電話會議。（操作說明）謝謝。肖先生，您可以開始您的會議了。

Thanks. Good afternoon, everyone. This is Tom Shaw, Vice President, Investor Relations at Starbucks Corporation. Thank you for joining us today to discuss our third quarter 2017 results, which will be led by Kevin Johnson, President, CEO; Matt Ryan, Global Chief Strategy Officer; and Scott Maw, CFO.

謝謝。大家下午好。這是星巴克公司投資者關係副總裁湯姆‧肖。感謝各位今天蒞臨，與我們共同探討 2017 年第三季業績。本次會議將由總裁兼執行長 Kevin Johnson、全球首席策略長 Matt Ryan 和財務長 Scott Maw 主持。

Joining us for Q&A are Howard Schultz, Executive Chairman; John Culver, Group President, Global Retail; Adam Brotman, EVP of Global Retail Ops; Kris Engskov, EVP, U.S. Operations; Belinda Wong, EVP and CEO, Starbucks China; and Tony Matta, President, Channel Development.

出席問答環節的有：執行主席 Howard Schultz；全球零售集團總裁 John Culver；全球零售營運執行副總裁 Adam Brotman；美國營運執行副總裁 Kris Engskov；星巴克中國執行副總裁兼執行長 Belinda Wong；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 factor section -- 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. 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.

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報告和風險因素部分中的警示性聲明一並考慮——這些聲明已在提交給美國證券交易委員會的文件（包括我們最新的 10-K 表格年度報告）中進行了討論。星巴克不承擔更新任何此類前瞻性聲明或資訊的義務。請參考我們獲利報告末尾的表格以及我們網站 investor.starbucks.com 上的表格，以查找今天電話會議中提到的非 GAAP 財務指標與其對應的 GAAP 指標的調整表。

Also on our website, please note that we will be posting our updated financial targets following the conclusion of our prepared remarks on the call. This conference call is being webcast, and an archive of the webcast will be available on our website.

另外，請注意，我們將在電話會議結束後，在網站上發布我們更新的財務目標。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, and welcome to everyone on today's call. I'm pleased to comment on the record financial and operating results that Starbucks reported today. In Q3, Starbucks grew revenues by 9%, excluding 1 point of foreign exchange; expanded non-GAAP operating margin by 100 basis points; and grew non-GAAP earnings per share by 14% over Q3 last year, excluding 2 points of FX.

謝謝湯姆，也歡迎各位參加今天的電話會議。我很高興對星巴克今天公佈的創紀錄的財務和營運業績發表評論。第三季度，星巴克營收成長9%（不計1個百分點的匯率影響）；非GAAP營業利潤率成長100個基點；非GAAP每股盈餘較去年同期成長14%（不計2個百分點的匯率影響）。

We also delivered 5% comp growth in the U.S., including a transaction splitting adjusted 1% increase in traffic, our strongest comp growth in the U.S. in 5 quarters; another quarter of 7% comp growth in China, largely attributed to increased traffic; and 4% comp growth globally. Noteworthy is that in addition to delivering record financial and operating performance in Q3, both our retail and CPG segments also gained meaningful increases in U.S. market share despite the softness in both sectors.

我們在美國實現了 5% 的同店銷售成長，其中包括經交易拆分調整後的 1% 的流量增長，這是我們在美國 5 個季度以來最強勁的同店銷售增長；在中國，又一個季度實現了 7% 的同店銷售增長，這主要歸功於流量的增長；全球同店銷售增長了 4%。值得注意的是，儘管零售和消費品行業整體疲軟，但我們在第三季度不僅實現了創紀錄的財務和營運業績，而且這兩個行業的美國市場份額也均實現了顯著增長。

You will recall that our revenue growth in the first half of fiscal '17 was roughly 6.5% and our U.S. comp growth was about 3%, so our Q3 performance reflects the back half acceleration we've anticipated. I'm particularly pleased that our Q3 results were delivered in the face of today's rapidly unfolding retail industry disruption. Yet despite record industry-leading performance through 3 quarters of fiscal '17 and a robust pipeline of food and beverage and digital innovation coming in Q4 and the quarters ahead, today's challenging retail and consumer environments, compounded by headwinds related to the retail disruption underway, has us taking a slightly more cautious view as we enter Q4.

您應該還記得，我們​​在 2017 財年上半年的營收成長約為 6.5%，美國同店銷售額成長約為 3%，因此我們第三季的業績反映了我們預期的下半年加速成長。尤其令我感到欣慰的是，在當前零售業瞬息萬變的局面下，我們依然取得了第三季的業績。儘管在 2017 財年的前三個季度取得了創紀錄的行業領先業績，並且在第四季度及未來幾個季度將推出一系列強勁的食品飲料和數位創新產品，但如今充滿挑戰的零售和消費環境，加上正在進行的零售業變革帶來的不利因素，使我們在進入第四季度時採取了更為謹慎的態度。

On today's call, we will discuss the drivers of our Q3 performance and update you on the progress we've made against our operational priorities, including an update from Matt Ryan, our Chief Strategy Officer, on the groundbreaking new digital capabilities that we've contributed to our comp, revenue and profit acceleration. We will explain how each of the strategic actions we announced today will further align Starbucks company-operated and licensed markets for maximum growth and shareholder value creation and result in the exiting of certain noncore or slow-growth operations and assets. And we will demonstrate how, together, these actions will support our growth strategy by strengthening our core, sharpening our focus and increasing our efficiency. Then Scott will speak to the financial implications of these actions. He'll take you through our Q3 financial and operating results in detail and provide an update on Q4 guidance. And we'll turn the call over to the operator for Q&A.

在今天的電話會議上，我們將討論第三季業績的驅動因素，並向您匯報我們在營運重點方面取得的進展，包括首席策略長 Matt Ryan 將介紹我們為加速實現同業薪酬、收入和利潤增長而做出的突破性新數字能力。我們將解釋今天宣布的每項策略舉措將如何進一步協調星巴克公司自營市場和特許經營市場，以實現最大程度的成長和股東價值創造，並最終退出某些非核心或成長緩慢的業務和資產。我們將展示這些措施如何共同支持我們的成長策略，具體做法包括加強我們的核心業務、明確我們的重點以及提高我們的效率。然後斯科特將談到這些舉措的財務影響。他將詳細介紹我們第三季的財務和營運業績，並提供第四季度業績指引的最新資訊。然後我們會將電話轉交給接線生進行問答環節。

Now to set the backdrop for today's call, I'll refer to the comments I made last quarter regarding the 2 critical, transformative elements required for any brick-and-mortar retailer to survive, let alone succeed, in the future: an emerging digital and mobile relationship with customers that is threaded into a branded and immersive experiential retail destination. Retailers who are agile and reimagine the art of the possible will be big industry winners. Those who do not will struggle mightily. The evidence is clear that the pace of retail transformation is accelerating with a common theme: extending in-store experiences to include relevant digital scenarios. It is the driving force behind combinations, including Walmart's acquisition of Jet.com, the combination of PetSmart and Chewy.com and last month's announcement of Amazon's intent to acquire Whole Foods. Each of these combinations demonstrate the pursuit of enhancing the physical retail experience with a relevant and complementary digital experience.

為了讓今天的電話會議定下基調，我想回顧一下我上個季度發表的評論，即任何實體零售商要想在未來生存下去，更不用說取得成功，都需要兩個關鍵的、變革性的要素：與客戶建立新興的數位化和行動關係，並將這種關係​​融入到品牌化的、沉浸式的體驗式零售目的地中。那些思維敏捷、勇於突破常規的零售商將成為業界大贏家。那些不這樣做的人將會面臨巨大的困難。有證據表明，零售業轉型的步伐正在加快，其共同主題是：將店內體驗擴展到相關的數位場景。它是推動併購的動力，包括沃爾瑪收購 Jet.com、PetSmart 和 Chewy.com 的合併，以及上個月亞馬遜宣布有意收購 Whole Foods。這些組合都體現了透過相關的、互補的數位體驗來提升實體零售體驗的追求。

Starbucks identified the coming seismic shift in retail years before it consumed the industry, and we are well positioned because we invested ahead of the curve to extend our global leadership around all things premium coffee and tea; develop world leading digital and mobile capabilities linked to loyalty; create experiential third place environments; and deep authentic connections among our customers, our partners and the communities we serve, providing an increasingly elevated and engaging Starbucks Experience.

星巴克早在零售業即將發生巨大變革之前就預見了這一變革，並且我們憑藉提前投資鞏固了在全球優質咖啡和茶飲領域的領先地位，從而佔據了有利地位。我們開發了與客戶忠誠度相關的世界領先的數位化和行動功能，創造了體驗式的「第三空間」環境，並在我們的顧客、夥伴和我們服務的社區之間建立了深厚的、真誠的聯繫，從而提供了日益提升和引人入勝的星巴克體驗。

Successful execution around each of these initiatives is why, despite the powerful retail headwinds and crosscurrents under way, 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 competitors and deliver industry-leading AUVs and profit, starting virtually from the day they opened their doors.

正是由於這些舉措的成功執行，儘管零售業面臨強大的逆風和挑戰，星巴克仍然能夠每個季度都取得創紀錄的財務和運營業績，並且每年在全球開設 2000 多家新店，這些新店從開業之日起就持續超越競爭對手，實現行業領先的平均單店銷售額和利潤。

Now let me just pause here a moment and interject a thought. At the same time, as we continue to internally extend and expand our own digital capabilities, we will also continue to explore commercial partnerships with third-party digital companies. Now these partnerships, we believe, will enable us to leverage our brand, our global retail footprint and the customer base in order to extend our reach, including into payments, loyalty and social gifting, among others, just as we are doing with great success in China with Tencent.

現在請允許我稍作停頓，插入一點想法。同時，在我們不斷拓展和增強自身數位化能力的同時，我們也將繼續探索與第三方數位公司建立商業合作關係。我們相信，這些合作關係將使我們能夠利用我們的品牌、全球零售佈局和客戶群來擴大我們的業務範圍，包括支付、會員忠誠度和社交禮品等領域，就像我們在中國與騰訊合作取得巨大成功一樣。

Now with almost 27,000 stores in 75 countries serving roughly 90 million customer visits each week, no traditional brick-and-mortar retailer is better positioned to navigate and flourish in the global retail industry of today or better positioned to lead in the digital retail world of tomorrow. And we will do so with speed, agility and a focus on creating long-term shareholder value. The strategic actions we announced today are fully aligned with the long-term strategy we communicated at Investor Day last December. And they will enable us to focus on the fastest-growing, highest-return aspects of our growth agenda.

如今，該公司在 75 個國家擁有近 27,000 家門市，每週接待約 9,000 萬名顧客，沒有哪家傳統實體零售商比它更有能力在當今全球零售業中蓬勃發展，也沒有哪家零售商比它更有能力在未來的數位零售世界中引領潮流。我們將以速度、靈活性和創造長期股東價值為重點來實現這一目標。我們今天宣布的策略舉措與我們去年 12 月在投資者日上公佈的長期策略完全一致。這將使我們能夠專注於成長計劃中成長最快、回報最高的方面。

We have clear principles that guide us in determining which markets are best served as company-operated versus licensed markets. Adherence to these principles prompted us to transition the German market to long-time licensed partner, AmRest, in 2016 and to sell our 50% interest in our Taiwan JV to long-term partner, Uni-President Group, in a transition -- transaction we announced today. At the same time, we will not shy away from expanding our presence in markets that evidence strong growth opportunities at scale.

我們有明確的原則來指導我們決定哪些市場最適合公司運營，哪些市場最適合特許經營。秉持這些原則，我們在 2016 年將德國市場過渡到長期授權合作夥伴 AmRest，並將我們在台灣合資企業中 50% 的股份出售給長期合作夥伴統一集團，這是一項過渡性交易，我們今天宣布了這項交易。同時，我們也不會迴避在那些展現強勁規模成長機會的市場擴大我們的業務。

We entered China almost 18 years ago and today recognized as among the most respected brands in that country, along the way establishing relationships, relationships with millions of customers, tens of thousands of partners and a meaningful presence in 130 communities. Starbucks' opportunity for growth in China is unparalleled, and our purchase of the remaining 50% of our East China JV is a significant milestone, reflecting our long-term commitment to China and our unwavering optimism about our future in that key long-term growth market. And we are just getting started.

我們進入中國市場已有近 18 年，如今已成為中國最受尊敬的品牌之一。在此過程中，我們與數百萬客戶、數萬名合作夥伴建立了聯繫，並在 130 個社群中建立了重要的影響力。星巴克在中國的發展機會是無與倫比的，我們收購了華東合資公司剩餘的 50% 股份，這是一個重要的里程碑，體現了我們對中國的長期承諾以及我們對這個關鍵長期增長市場未來堅定不移的樂觀態度。我們才剛起步。

We also made a significant announcement related to our growing tea business. Tea is a large, fast-growing category and a key addressable market and core focus for us. Since acquiring Teavana, we have built the business into a well-recognized, superpremium global brand. We expect to sell over $1.6 billion of Teavana-branded handcrafted beverages through Starbucks stores around the world this year. Overall, our tea business has grown 40% since we launched Teavana in the U.S. 5 years ago, and it is up over 60% since launching in China and Japan roughly 1 year ago.

我們還發布了一項與我們不斷發展的茶葉業務相關的重大公告。茶葉是一個規模龐大、成長迅速的品類，也是我們重點關注的關鍵目標市場和核心業務。自從收購 Teavana 以來，我們已將其打造成為一個廣為人知的超高端全球品牌。我們預計今年將透過星巴克在全球各地的門市銷售超過 16 億美元的 Teavana 品牌手工飲品。總體而言，自 5 年前我們在美國推出 Teavana 以來，我們的茶飲業務成長了 40%，自大約 1 年前在中國和日本推出以來，成長了 60% 以上。

Innovation is key, and we continue to innovate around tea, just this month introducing Teavana Infusions, a flavor platform made from real fruits and botanicals that strengthens our lineup of healthy, less indulgent premium cold beverages. Through our partnership with Anheuser-Busch, we have extended the Teavana brand into a ready-to-drink platform that will create even greater brand awareness and fuel further growth.

創新是關鍵，我們不斷在茶飲領域進行創新，就在本月推出了 Teavana Infusions，這是一個由真正的水果和植物製成的風味平台，它增強了我們健康、低糖的優質冷飲產品線。透過與安海斯-布希公司的合作，我們將 Teavana 品牌擴展到即飲平台，這將創造更大的品牌知名度並推動進一步成長。

We have big plans for tea in Starbucks retail and CPG globally, but as we shared with you on our last call, many of our Teavana mall-based stores have been persistently underperforming. We conducted a strategic review of the Teavana mall-based store business and concluded that despite our efforts to reverse the trend through creative merchandising and new store designs, the underperformance was likely to continue. As a result, we will be closing all 379 of our Teavana mall stores over the coming year. Scott will speak to the financial implications of this decision shortly.

我們對星巴克零售和全球消費品行業的茶飲業務有著宏大的計劃，但正如我們在上次電話會議上與您分享的那樣，我們許多位於購物中心的 Teavana 門店的業績一直不盡如人意。我們對 Teavana 的購物中心門市業務進行了策略評估，並得出結論：儘管我們努力透過創意商品陳列和新店面設計來扭轉頹勢，但業績不佳的情況可能會持續下去。因此，我們將在未來一年內關閉所有 379 家 Teavana 購物中心門市。斯科特稍後將就此決定的財務影響發表講話。

Each of the actions I just described is a powerful driver of value creation that will strengthen our business and enable us to focus our resources on priorities that drive outsized current returns and long-term shareholder value, supporting our strategy and sustain profitable growth into the future.

我剛才描述的每一項行動都是創造價值的強大驅動力，這將增強我們的業務，使我們能夠將資源集中於能夠帶來超額當前回報和長期股東價值的優先事項，從而支持我們的策略並在未來保持盈利增長。

On our last call, I outlined 5 operational priorities: continuing to accelerate comp sales and transaction growth in the U.S.; driving breakthroughs in food for the lunch daypart; enable long-term growth in China; extending our Digital Flywheel assets; elevating through our Roasteries and the Starbucks Reserve brand. Today, I'm adding a sixth: gaining share of at-home coffee down the aisle, a subject Scott will address shortly.

在上次電話會議上，我概述了 5 項營運重點：繼續加速美國同店銷售和交易成長；推動午餐時段食品的突破；實現中國市場的長期增長；擴展我們的數位飛輪資產；透過我們的烘焙工坊和星巴克臻選品牌提升品牌形象。今天，我還要補充第六點：如何贏得夫妻在家喝咖啡的市場份額，史考特很快就會談到這個話題。

Now let me comment briefly on a few of these priorities. On our last call, I outlined a broad set of initiatives focused on accelerating U.S. comp sales. We are very pleased with the progress we've made to increase throughput in our stores in the face of rapidly increasing customer usage of Mobile Order and Pay. We are unlocking incremental growth potential across all dayparts, particularly at peak, while at the same time improving the Starbucks Experience for all customers.

現在讓我簡要談談其中幾個優先事項。在上次通話中，我概述了一系列旨在加速美國同店銷售的舉措。面對顧客對行動點餐和支付方式的快速成長，我們非常高興地看到我們在提高門市吞吐量方面取得了進展。我們正在釋放全天各個時段（尤其是高峰時段）的成長潛力，同時改善所有顧客的星巴克體驗。

Food plays an important role in our growth agenda, contributing 21% of our U.S. revenue in Q3. We remain focused on driving breakthroughs in food for lunch as we create new offerings in a relevant daypart and greater choice for our customers. These objectives were behind our decision to up-level our lunch menu lineup with Mercato, our fresh food concept. Mercato is exceeding expectations in its Chicago lunch market, and we're moving up the launch of Mercato in the Seattle market to August.

食品在我們成長計畫中扮演著重要角色，第三季貢獻了我們美國收入的 21%。我們將繼續專注於午餐食品的突破，在合適的時段推出新產品，為顧客提供更多選擇。正是基於這些目標，我們決定推出新鮮食品概念 Mercato，以提升我們的午餐菜單水平。Mercato 在芝加哥午餐市場的表現超出預期，因此我們將 Mercato 在西雅圖市場的推出時間提前至 8 月。

We are extremely excited about our strategy and the opportunity to further enable long-term growth in China. Our business has never been stronger or more robust, with revenues that consistently increase over 20% annually, driving significant margin and profit growth. We continue to open roughly 500 new stores in China every year at a rate of new store growth that will accelerate over time. Our newest class of stores continue to outperform and deliver record AUVs, now nearly 700,000 per unit, and world-leading returns. In fact, given our performance and success in China and the momentum we are seeing across the country in both retail and CPG channels, we now see the opportunity for Starbucks in China being even greater than we originally thought. We are committed to a long-term growth agenda in China, executed in a respectful fashion that instills pride in our Starbucks partners and deepens our connection to our customers and the communities we serve.

我們對我們的策略以及在中國進一步實現長期成長的機會感到無比興奮。我們的業務從未如此強勁穩健，營收每年持續成長超過 20%，推動了利潤率和利潤的顯著成長。我們每年在中國開設約 500 家新店，新店成長速度也會隨著時間的推移而加快。我們最新推出的門市持續表現優異，平均單店銷售額 (AUV) 屢創新高，目前已接近每家店 70 萬，並實現了世界領先的回報。事實上，鑑於我們在中國的表現和成功，以及我們在全國零售和消費品管道所看到的良好勢頭，我們現在認為星巴克在中國的機會比我們最初想像的還要大。我們致力於在中國推行長期成長策略，並以尊重的方式執行，這不僅能增強星巴克夥伴的自豪感，還能加深我們與顧客以及我們所服務社區的聯繫。

The data are clear that our beautiful stores, engaging store partners, new beverage, food and digital innovations and our focus on operational excellence are attracting new customers into our stores in China and bringing existing customers in more often. And with the transition of East China to a company-operated model, we will meaningfully advance our China's agenda by enabling our strong local leadership team to fully leverage our infrastructure and scale economics in order to maximize the growth opportunities ahead.

數據清楚地表明，我們美麗的門市、積極的門市夥伴、新的飲料、食品和數位創新以及我們對卓越營運的關注，正在吸引新顧客光臨我們在中國的門市，並讓現有顧客更頻繁地光顧。隨著華東地區向公司營運模式的轉變，我們將透過賦予我們強大的本地領導團隊充分發揮基礎設施和規模經濟優勢，最大限度地把握未來的成長機遇，從而切實推進我們在中國的戰略目標。

And I'm pleased to report that already, 90% of our eligible China partners are taking advantage of the fully sponsored critical illness insurance for their parents, a breakthrough partner benefit we introduced in Q3. We will continue to invest in our people and are committed to remaining one of the most admired brands and an employer of choice in China. And with the opening of our Shanghai Roastery in December, we will further elevate the Starbucks brand and introduce our customers in China as well as visitors from all across Asia to the immersive, ultra-premium coffee-forward Starbucks Roastery experience.

我很高興地報告，目前已有 90% 的符合條件的中國合作夥伴正在享受公司為其父母提供的全額資助的重大疾病保險，這是我們在第三季度推出的一項突破性合作夥伴福利。我們將繼續投資於員工，並致力於維持中國最受尊敬的品牌之一和首選雇主的地位。隨著上海烘焙工坊於 12 月開業，我們將進一步提升星巴克品牌，並將中國顧客以及來自亞洲各地的遊客帶入沉浸式、超高端的星巴克烘焙工坊咖啡體驗。

Now our Digital Flywheel is a powerful proprietary asset that is driving deep customer engagement, revenue and profit growth around the world, and we're pleased with the contributions that our Digital Flywheel made to our business in Q3. Given the significance of the digital initiatives underway, I've asked Matt Ryan to provide you with an overview of the Q3 contribution and share some thoughts with you on the future of digital. Matt?

現在，我們的數位飛輪是一項強大的專有資產，正在推動全球範圍內的深度客戶互動、收入和利潤成長，我們對數位飛輪在第三季度為我們的業務所做的貢獻感到滿意。鑑於正在進行的數位化舉措的重要性，我已請 Matt Ryan 為大家概述第三季度的貢獻，並與大家分享一些關於數位化未來的想法。馬特？

Thank you, Kevin. Digital relationships are becoming increasingly important to Starbucks growth, contributing both the majority of U.S. comp growth in Q3 and to our continued outperformance compared to our sector. U.S. Starbucks Rewards membership rose to 13.3 million active customers in Q3, up over 8% from last year and up 28% from 2 years ago. We have seen spend per member rise to record levels, up 8% over Q3 of last year. Between new member acquisition and increases in spend per member, 36% of our U.S. revenues came from Starbucks Reward members in Q3, driving 41% of our revenues that are prepaid on our own proprietary payment platform, reflecting rapidly increasing customer adoption of our digital platforms.

謝謝你，凱文。數位關係對星巴克的成長越來越重要，不僅貢獻了第三季美國同店銷售額的大部分成長，也使我們持續跑贏同業。美國星巴克獎勵計畫會員第三季活躍用戶增至 1,330 萬，比去年同期成長超過 8%，比兩年前成長 28%。我們看到每位會員的消費額已升至歷史新高，比去年第三季成長了 8%。第三季度，由於新會員的加入和每位會員消費額的增加，我們美國收入的 36% 來自星巴克獎勵計劃會員，這推動了我們 41% 的收入透過我們自己的專有支付平台預付，反映出客戶對我們數位平台的接受度正在迅速提高。

At Investor Day in December, we identified our Digital Flywheel's 4 key drivers of incrementality: customer acquisition, spend-based rewards, personalized offers and convenient ordering. The data are clear that when we acquire a new customer, the act of signing up for a digital relationship results in a sudden and sustained lift in spend, as measured by careful pre-post tracking. That's how we're able to drive so much value from a relatively small portion of customers, 13.3 million active reward customers compared to a total of approximately 75 unique customer visits to our stores each month. We know that even modest increases in the total universe of active customers drive tremendous long-term value, and we have detailed plans in place to significantly expand our universe of digitally engaged customers and drive strong, sustainable, profitable growth into the future.

在 12 月的投資者日上，我們確定了數位飛輪的 4 個關鍵增量驅動因素：客戶獲取、基於消費的獎勵、個人化優惠和便利的訂購。數據清楚地表明，當我們獲得一位新客戶時，透過註冊建立數位關係這一行為會導致消費額的突然且持續增長，這是透過仔細的前後追蹤來衡量的。正因如此，我們才能從相對較少一部分客戶（1330 萬活躍獎勵客戶）身上創造如此大的價值，而我們每月到店的獨立客戶總數卻只有大約 75 人次。我們知道，即使活躍客戶總數略有增加，也能帶來巨大的長期價值，我們已經制定了詳細的計劃，以大幅擴大我們的數位化客戶群體，並在未來推動強勁、可持續、盈利的增長。

Second, Starbucks Rewards are highly motivating, and the conversion to a spend-based program has resulted in a clear lift in member spend.

其次，星巴克獎勵計劃具有很強的激勵作用，而轉變為基於消費的計劃後，會員的消費額明顯提高了。

Third, personalization in which we target specific messages and offers to individual customers based upon their history with us that has proven highly effective, as evidenced by test and control measurements in spend per member.

第三，個人化，即根據客戶的歷史記錄，向單一客戶發送特定的資訊和優惠，這已被證明非常有效，測試和對照測量結果（以每位會員的支出為衡量標準）證明了這一點。

Fourth, mobile ordering remains highly incremental, resulting in many more occasions per customer than would be the case otherwise because the convenience encourages more on-the-go visits.

第四，行動訂餐仍然具有很高的增量作用，因此每位顧客的訂餐次數比其他方式要多得多，因為這種便利性鼓勵了更多隨時隨地的訪問。

Last year, we deployed new personalization technology and a new front-end experience in our app, investments that have contributed to the measurable success in digital we are experiencing. Today, we are enabling a new generation of digital innovation that we'll begin rolling out in waves starting this fall. This fundamental modernization of our technology stack will replace legacy rewards and ordering functionality with a new, scalable, cloud-based platform for rewards and ordering, improve customer data organization and tighter integration with store-based operating systems, including inventory and production management.

去年，我們在應用程式中部署了新的個人化技術和新的前端體驗，這些投資促成了我們在數位化領域的顯著成功。今天，我們將開啟新一代數位創新，並將從今年秋季開始分批推出。此次技術堆疊的根本性現代化將用新的、可擴展的基於雲端的獎勵和訂購平台取代傳統的獎勵和訂購功能，改進客戶資料組織，並與基於商店的操作系統（包括庫存和生產管理）更緊密地整合。

The first phase of the platform rollout will enable us to flexibly change and configure rewards programs and become more nimble in creating new benefits for customers. It will enable new features and extend and expand the program by creating the ability to award exclusive benefits to subsets of our customers. For example, to customers who sign up for the new co-branded payment products we will be launching in the U.S. with Chase. The first application of the new technology will support the rollout of Starbucks Rewards in Japan this fall, with other markets following thereafter.

平台推廣的第一階段將使我們能夠靈活地改變和配置獎勵計劃，並在為客戶創造新福利方面更加靈活。它將啟用新功能，並透過向部分客戶授予專屬福利來擴展和擴大該計劃。例如，對於註冊使用我們將在美國與 Chase 銀行聯合推出的全新聯名支付產品的客戶。這項新技術將率先應用於今年秋天星巴克獎勵計畫在日本的推廣，隨後將推廣至其他市場。

The second phase of the platform rollout will include new ordering functionality. We will still require stored value accounts for customers to receive stars with every purchase, but we'll no longer require customers to use a stored value account to place an order, removing a barrier to expanding usage of Mobile Order and Pay, a service that is highly incremental to our business. This will result in digital relationships with a new pool of customers who have Starbucks accounts and payment credentials on file, expanding the universe of customers we can target with offers and communications driven by our personalization engine. As a first step, we'll be testing a guest checkout feature for first-time users of the app early in 2018.

平台推廣的第二階段將包括新的訂購功能。我們仍然需要客戶擁有儲值帳戶才能在每次購買時獲得星星，但我們不再要求客戶使用儲值帳戶下單，從而消除了擴大行動訂購和支付使用範圍的障礙，這項服務對我們的業務具有很高的增量作用。這將使我們與一批擁有星巴克帳戶和已存檔支付憑證的新客戶建立數位關係，從而擴大我們能夠透過個人化引擎驅動的優惠和溝通來定位的客戶群。作為第一步，我們將在 2018 年初對該應用程式的首次用戶測試訪客結帳功能。

Over time, our new technology platform will also flexibly interface with inventory and point-of-sale systems in our company-owned stores and inventory and point-of-sale systems owned by our licensed partners. This new foundational technology will also enable even more convenient ways for customers to order their beverages and food, providing even more reasons for customers to set up digital relationships with us.

隨著時間的推移，我們的新技術平台也將靈活地與我們公司自有商店的庫存和銷售點系統以及我們授權合作夥伴的庫存和銷售點系統對接。這項新的基礎技術也將為顧客提供更便利的訂購飲料和食物的方式，從而為顧客與我們建立數位關係提供更多理由。

In addition to our long-term digital technology road map, we continue to innovate in the short-term around our newer technology platforms. We are expanding personalization by offering new offer constructs, real-time triggers and push notifications to engage customers more deeply, building on the momentum that is generating the higher spend per member. We have also committed to increase registration into the program, taking advantage of the seasonal momentum that begins after the summer season. We are removing friction in the sign-up process, improving the digital interface and registration flow and are in the early days of testing solutions that greatly streamline sign-up.

除了我們的長期數位技術路線圖之外，我們還將繼續圍繞我們的新技術平台進行短期創新。我們正在透過提供新的​​優惠結構、即時觸發和推播通知來擴大個人化服務，從而更深入地與客戶互動，並在此基礎上繼續提升每位會員的消費額。我們也承諾增加該計畫的註冊人數，利用夏季結束後開始的季節性動能。我們正在消除註冊過程中的摩擦，改善數位介面和註冊流程，目前正處於測試能夠極大簡化註冊流程的解決方案的早期階段。

We're also seeing results from our efforts at personalization that far exceed our own high expectations and recognize the value of extending personalization to non-rewards customers. Our marketing teams are now building the universe of customers that opt in to direct communications from us. In the future, you'll hear more about our efforts to grow not just Starbucks Rewards but the total number of people who engage with us digitally in any fashion as our personalization engine will help us deepen engagement with customers beyond our core loyalty customers.

我們也看到，我們在個人化方面的努力取得了遠超過我們自身預期的成果，並認識到將個人化擴展到非獎勵客戶的價值。我們的行銷團隊正在建立一個客戶群，這些客戶選擇接收我們發送的直接訊息。未來，您將聽到更多關於我們努力發展星巴克獎勵計劃以及以任何方式與我們進行數位化互動的人數的消息，因為我們的個人化引擎將幫助我們加深與核心忠誠客戶以外的客戶的互動。

New ordering capabilities also means transforming our store operations. And as part of the next generation of technology in our stores, we're adding the Digital Order Manager, or DOM, D-O-M, now present in roughly 1,000 of our busiest Mobile Order and Pay stores. We are also making improvements to our inventory management technology. And in the future, we'll be adding capabilities to enhance customer service, including introducing tools that enable baristas to recognize customers that deserve differentiated treatment, perhaps customers celebrating birthdays or regular customers from one store who show up at a different store.

新的訂購功能也意味著我們需要改變門市營運模式。作為我們門市下一代技術的一部分，我們正在添加數位訂單管理器（DOM），目前已在我們大約 1000 家最繁忙的行動點餐和支付門市投入使用。我們也在改進庫存管理技術。未來，我們將增加提升客戶服務的功能，包括引入一些工具，使咖啡師能夠識別值得區別對待的顧客，例如慶祝生日的顧客，或從一家門市光顧另一家門市的常客。

Building digital relationships takes time and focus. We see ourselves as pioneers and leaders in building digital relationships with customers and have a proven track record of success that is unrivaled in retail. At the same time, we recognize that digital companies are trying to get into traditional retail businesses like grocery. In our business, with the scale of our physical footprint, our customers' relationships with our partners and the third place experience we deliver are so critical, we have an inherent advantage that digital companies will struggle to replicate.

建立數位關係需要時間和專注。我們視自己為建立與客戶數位關係的先驅和領導者，並擁有零售業無與倫比的成功記錄。同時，我們也意識到，數位公司正試圖進入雜貨店等傳統零售業務領域。在我們的業務中，由於我們實體業務規模龐大，客戶與合作夥伴的關係以及我們提供的第三空間體驗至關重要，我們擁有數位公司難以複製的固有優勢。

We are not complacent and recognize the digital relationships will increasingly be the key drivers of demand generation, even in physical stores. By leading in a combination of physical and digital, we not only drive superior business results in the short term based on rewards, ordering and personalization, but we also make it very challenging for digital companies to outmaneuver us in the physical world. While digital companies may win in other sectors, we will be the digital company that wins in ours. The current digital trajectory we have demonstrated is proof that we are winning today and will continue to extend our lead into the future. Kevin?

我們並非自滿，也意識到，即使在實體店中，數位化關係也將日益成為需求產生的關鍵驅動力。透過在實體和數位領域結合的領先地位，我們不僅能夠透過獎勵、訂購和個人化在短期內取得卓越的業務成果，而且還能讓數位公司在實體世界中很難超越我們。雖然數位公司可能會在其他領域取得成功，但我們將成為我們所在領域取得成功的數位公司。我們目前所展現的數位化發展軌跡證明，我們今天取得了勝利，並且未來也將繼續擴大我們的領先優勢。凱文？

Thank you, Matt. In addition to our digital agenda, we're also investing to elevate both our brand and our customer experience around coffee through our Roasteries and the Starbucks Reserve brand. Starbucks Roasteries are 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 under development in Chicago. Our Roasteries will ultimately be complemented by Reserve bars in thousands of Starbucks locations and several hundred new Starbucks Reserve stores around the world. Roasteries and Reserve stores will delight our customers with delicious food offerings through our partnership with Italian artisanal baker, Princi.

謝謝你，馬特。除了數位化策略之外，我們還在投資，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。星巴克烘焙工坊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。繼西雅圖首家烘焙工坊之後，上海、紐約、米蘭和東京的烘焙工坊正在興建中，芝加哥的烘焙工坊也在開發中。我們的烘焙工坊最終將與遍布全球數千家星巴克門市的臻選吧以及數百家新的星巴克臻選門店相輔相成。透過與義大利手工麵包師 Princi 的合作，烘焙工坊和臻選店將為顧客提供美味的食品，讓顧客滿意。

In Q3, we continued to solidify and extend our brand and market positions and our global leadership around all things coffee and tea. While our investment in Roasteries and Reserve stores enables 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 continue to fuel innovation across the Starbucks platform.

第三季度，我們繼續鞏固和擴大我們的品牌和市場地位，以及我們在咖啡和茶領域的全球領導地位。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，還建立了一個首屈一指的核心創新中心，該中心將繼續推動星巴克平台的創新。

The ongoing disruption and transformation of the retail industry is accelerating with very few winners. With another quarter of solid global growth and record financial performance, Starbucks is a clear winner, and we will continue to win by playing the long game all around the world. The strategic actions we announced today were developed and pressure tested against the requirements that they strengthen our core, enable profitable growth, reduce cost and complexity and facilitate a more tactical deployment of our capital and resources to areas where they will generate the highest returns. Each will achieve those objectives, and by doing so, contribute to our ability to continue delivering industry-leading increases in revenue and profits and outsized returns to our shareholders.

零售業正經歷持續的變革和轉型，最終的贏家卻寥寥無幾。憑藉著另一個季度穩健的全球成長和創紀錄的財務業績，星巴克無疑是贏家，我們將繼續在全球範圍內採取長遠策略，贏得勝利。我們今天宣布的策略行動，是根據以下要求制定和壓力測試的：加強我們的核心業務，實現盈利增長，降低成本和複雜性，並促進將我們的資本和資源更有針對性地部署到能夠產生最高回報的領域。每項舉措都將實現這些目標，有助於我們繼續實現業界領先的收入和利潤成長，並為股東帶來超額回報。

I'll now turn the call over to Scott for a deep dive into our operating performance and financial results in Q3. Scott?

現在我將把電話交給 Scott，讓他深入分析我們第三季的營運表現和財務結果。史考特？

Thank you, Kevin, and good afternoon, everyone. Starbucks once again reported record operating and financial performance in Q3, reflecting the back half acceleration we've been anticipating. Nonetheless, as Kevin shared, despite posting record performance in Q3 and further extending our lead compared to the industry overall, the combination of trends in the quarter and ongoing macro pressures impacting the retail and restaurant sectors overall has us a bit more cautious going into Q4.

謝謝你，凱文，大家下午好。星巴克第三季再次公佈了創紀錄的營運和財務業績，反映了我們一直預期的下半年加速成長。不過，正如凱文所說，儘管我們在第三季度取得了創紀錄的業績，並進一步擴大了我們相對於整個行業的領先優勢，但本季度的趨勢以及持續影響零售和餐飲行業的宏觀壓力，讓我們在進入第四季度時更加謹慎。

On today's call, I'll cover 3 topics. First, I will provide an overview of our Q3 operating and financial performance. Next, I'll provide additional context around the strategies underway to sharpen our focus and enable accelerated growth and further increases in return on capital. And finally, I will provide guidance for Q4. We will be providing our initial growth targets for fiscal 2018 on next quarter's earnings call, just as we did coming into this year.

今天的電話會議，我將討論三個主題。首先，我將概述我們第三季的營運和財務表現。接下來，我將提供更多關於我們正在實施的策略的背景信息，這些策略旨在加強我們的關注點，實現加速成長並進一步提高資本回報率。最後，我將提供第四季的指導意見。我們將在下個季度的財報電話會議上公佈 2018 財年的初步成長目標，就像我們今年年初所做的那樣。

GAAP operating income was $1 billion and non-GAAP operating income was $1.2 billion, up 15%, including 1 point of negative FX. Operating margin totaled 18.4% on a GAAP basis and 20.8% on a non-GAAP basis, up 100 basis points year-over-year, primarily driven by sales leverage, partially offset by increased partner investments in the Americas. GAAP EPS was $0.47, inclusive of impairment charges, primarily related to the closure of our principally mall-based Teavana stores, a development I will discuss shortly. Excluding these and other charges, non-GAAP EPS grew 12% to $0.55 in Q3, including 2 points of negative impact from FX.

GAAP 營業收入為 10 億美元，非 GAAP 營業收入為 12 億美元，成長 15%，其中包括 1 個百分點的負面匯率影響。以美國通用會計準則 (GAAP) 計算，營業利潤率為 18.4%；以非美國通用會計準則 (non-GAAP) 計算，營業利潤率為 20.8%，年比成長 100 個基點，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。GAAP 每股收益為 0.47 美元，其中包括減損費用，主要與我們主要位於購物中心的 Teavana 門市的關閉有關，我稍後會討論這一情況。剔除這些及其他費用後，第三季非GAAP每股盈餘成長12%至0.55美元，其中包括匯率帶來的2個百分點的負面影響。

I'll now take you through our Q3 operating performance by segment. Americas revenue grew 10% year-over-year to $4 billion in Q3, primarily driven by 1,002 net new store openings over the past 12 months and 5% comp growth, the segment's strongest comp performance in 5 quarters. Excluding the impact of order consolidation following last year's transition to the new rewards program, Americas segment transaction comp was a positive 1% in Q3. We expect Q3 of fiscal 2017 to be the last quarter reflecting any meaningful impact from order consolidation.

接下來，我將以業務部門向大家介紹我們第三季的營運表現。美洲地區第三季營收年增 10% 至 40 億美元，主要得益於過去 12 個月淨新增 1002 家門市以及 5% 的同店銷售額增長，這是該部門 5 個季度以來最強勁的同店銷售額增長。排除去年過渡到新獎勵計劃後訂單整合的影響，美洲業務板塊第三季交易額年增 1%。我們預計 2017 財年第三季將是訂單整合產生任何實質影響的最後一季。

While we are pleased that our Americas segment delivered top line improvement in a difficult retail and consumer environment, we did experience a softening in transaction comps as we moved through the quarter. Momentum entering the quarter, beginning with April's wildly successful introduction of Unicorn Frappuccino, was strong. But comp trends softened in the back half of the quarter, and this softness has continued into July. The slowdown included a lower-than-expected lift in nondiscounted Frappuccino beverages following Happy Hour as well as somewhat lower-than-expected sales of other core beverages during the period.

儘管我們很高興美洲業務在艱難的零售和消費環境下實現了營收成長，但隨著季度推進，我們的交易額同店銷售額確實出現了下滑。進入本季以來，勢頭強勁，這要歸功於 4 月份獨角獸星冰樂的巨大成功推出。但本季後半段同店銷售趨勢放緩，這種疲軟態勢一直延續到7月。此次銷售放緩包括歡樂時光後非折扣星冰樂飲料銷售成長低於預期，以及同期其他核心飲料銷售量略低於預期。

Lunch was our fastest-growing daypart, driven by increased customer adoption of our food lineup and better-for-you beverage options. Peak showed sequential quarter improvement, albeit somewhat less than we had forecast. And the afternoon was pressured across several core beverage categories.

午餐時段是我們成長最快的時段，這得益於顧客對我們食品系列和更健康飲料選擇的接受度不斷提高。Peak 業績環比有所改善，但略低於我們的預期。下午，幾個核心飲料類別都面臨壓力。

Reversing this trend and increasing transactions in the U.S. remains a key priority for us, and we have several initiatives supporting this priority underway, including strengthening and leveraging our digital and marketing capabilities, driving food and beverage innovation and further improving our operation and in-store execution. Matt covered digital innovation, so I'll take food and beverage innovation and our progress on improving throughput.

扭轉這一趨勢，增加在美國的交易量仍然是我們的首要任務，我們正在進行多項舉措來支持這一優先事項，包括加強和利用我們的數位化和行銷能力，推動食品和飲料創新，以及進一步改進我們的營運和店內執行。Matt 介紹了數位創新，所以我將談論食品飲料創新以及我們在提高產量方面取得的進展。

As we move through summer, we have a full pipeline of food and beverage innovation, including hot and cold better-for-you and indulgent offerings for all dayparts. On the beverage side, our recently introduced Teavana Shaken Iced Tea Infusions, an innovative approach to delivering robust flavor in a healthy way by combining our core iced teas with unique, freshly steeped blends of fruits and botanicals, is performing very well. So too are our new Iced Cascara Coconut Milk Latte and returning favorite, Iced Coconut Milk Mocha Macchiato. And within food, we have expanded our lineup of protein-forward offerings with improved Bistro Boxes and the introduction of a Seared Steak and Egg Wrap and 2 new varieties of lunchables.

隨著夏季的到來，我們推出了一系列食品和飲料創新產品，包括適合全天各個時段的冷熱健康食品和美味佳餚。在飲料方面，我們最近推出的 Teavana 搖晃冰茶飲品，採用創新方法，將我們的核心冰茶與獨特的、新鮮浸泡的水果和植物混合物相結合，以健康的方式提供濃鬱的口味，目前表現非常出色。我們新推出的冰椰奶卡斯卡拉拿鐵和回歸的經典飲品冰椰奶摩卡瑪奇朵也是如此。在食物方面，我們擴大了以蛋白質為主的產品系列，推出了改良的 Bistro Boxes 餐盒、煎牛排蛋捲以及 2 種新的午餐盒。

Clearly, our commitment to food innovation is delivering, as evidenced by the 2 points of comp growth from food we reported again this quarter.

顯然，我們對食品創新的投入正在取得成效，本季食品業務的同店銷售額再次成長了 2 個百分點，就證明了這一點。

Let's now turn to our throughput initiatives. You will recall that our throughput improvement is slated to come in 3 waves. The first, targeted improvements in labor, resulted in our introducing dedicated Mobile Order and Pay rolls during certain hours in our busiest stores and has already contributed to both improved throughput at peak and improved customer service scores. Noteworthy is that our highest-volume MOP stores experienced the greatest increases in customer experience score this quarter.

現在讓我們來看看我們的吞吐量提升計劃。您應該還記得，我們​​的吞吐量提升計畫分 3 個階段進行。首先，我們在勞動力方面進行了有針對性的改進，在最繁忙的門市的特定時段引入了專門的行動點餐和支付服務，這已經提高了高峰時段的吞吐量和客戶服務評分。值得注意的是，本季我們銷售量最高的 MOP 門市的顧客體驗評分增幅最大。

Second wave initiatives include deployment of the Digital Order Manager, a high-value, low-cost technology that is both further increasing throughput and providing us with an extremely valuable source of new data to further optimize store operations and further elevate our customer experience. The DOM contributes to an improved MOP customer experience by providing mobile notifications to customers when their order is ready and facilitating a smoother experience at the hand-off plane. And it improves the MOP partner experience by replacing the paper-based ticket consolidation process with a modern, touchscreen order consolidation tool.

第二波舉措包括部署數位訂單管理系統，這是一項高價值、低成本的技術，它不僅進一步提高了吞吐量，還為我們提供了極其寶貴的新數據來源，以進一步優化門市營運並進一步提升客戶體驗。DOM 透過在訂單準備好時向客戶提供行動通知，並促進交接飛機上的更順暢體驗，從而為改善 MOP 客戶體驗做出貢獻。它透過以現代化的觸控螢幕訂單合併工具取代紙本票據合併流程，改善了 MOP 合作夥伴的體驗。

Additional wave 2 actions include further carefully targeted investments in labor and the introduction of a new approach to beverage production and deployment that we call channel production. By creating distinct production channels, utilizing current equipment and labor allocations, this new order production and deployment capability is enabling a throughput unlock in the stores where we are testing the approach.

第二波行動還包括對勞動力進行更有針對性的進一步投資，以及引入一種我們稱為通路生產的新飲料生產和銷售方法。透過創建獨立的生產管道，利用現有的設備和勞動力配置，這種新的訂單生產和部署能力正在我們正在測試該方法的門市中實現吞吐量的釋放。

Our third wave enhancements began rolling in October 2017 and include improved spacing and production capacity in all new and remodeled stores, new production sequencing software and an enhanced labor scheduling platform.

我們的第三波改善措施於 2017 年 10 月開始實施，包括改善所有新建和改建門市的空間和生產能力、新的生產排序軟體以及增強的勞動力調度平台。

In Q3, Americas operating income grew 8%, and operating margin was roughly flat compared to last year. Increased investments in our U.S. store partners remain a headwind, though the Q3 impact was more muted than in prior quarters as the business lapped a significant onetime bonus paid to partners last year. In addition, the mix shift resulting from lower beverage comps, combined with strong food sales, put some additional pressure on gross margins again this quarter. Of our 5% U.S. comp growth in Q3, 3 points were driven by beverage with continued strong sales of iced beverages, including iced coffee growing 33% a year -- year-over-year; and refreshers, including the highly successful Pink Drink, growing 57%. And for the second consecutive quarter, food delivered 2 points of comp, driven entirely by attach.

第三季度，美洲地區的營業收入成長了 8%，營業利潤率與去年同期基本持平。儘管對美國門市合作夥伴的投資增加仍然是一個不利因素，但由於該公司去年向合作夥伴支付了一筆數額巨大的一次性獎金，因此第三季度的影響比前幾季度要小。此外，由於飲料銷售額較去年同期下降導致的產品組合發生變化，加上食品銷售強勁，本季毛利率再次面臨一些額外的壓力。第三季度，我們在美國同店銷售額成長了 5%，其中 3 個百分點是由飲料業務推動的，冰飲銷量持續強勁增長，包括冰咖啡同比增長 33%；以及清爽飲品，包括非常成功的粉紅飲料，同比增長 57%。連續第二個季度，食品銷售額成長了 2 個百分點，這完全得益於附加價值。

Let's move on to China/Asia Pacific. Starbucks China/Asia Pacific region delivered another quarter of strong performance, with year-over-year revenue and operating income growth of 9% and 22%, respectively. CAP revenue of $841 million was driven largely by net new stores and comp growth of 1%, driven by an acceleration in China comps to 7%, offset by softness in Japan. As we have previously noted, CAP comps are currently more heavily weighted towards Japan where revenue, profitability and new store performance remain very strong. Noteworthy is that over the nearly 3 years since we acquired the market in Japan, it's been delivering an average of 3% quarterly comp growth, profitable new store growth and -- that has accelerated, and total revenue and profit growth in Japan are running in line with our initial deal assumptions. CAP has now reported 5 consecutive years of double-digit revenue and operating income growth through Q3. CAP's operating margin expanded 280 basis points to 26.6 on a GAAP basis and 270 basis points to 28.3% on a non-GAAP basis. Contributing to CAP's Q3 margin expansion was the final impact from a now fully lapped transition to a value-added tax structure in China and a nearly 30% increase in income from our joint venture operations, including South Korea and East China.

接下來我們來看中國/亞太地區。星巴克中國/亞太地區再次取得強勁業績，營收和營業利潤年增分別為 9% 和 22%。CAP 營收達 8.41 億美元，主要得益於淨新增門市和 1% 的同店銷售額成長，其中中國同店銷售額成長加速至 7%，但被日本市場的疲軟所抵銷。正如我們之前指出的，CAP 的同店銷售目前更側重於日本市場，因為日本的收入、獲利能力和新店業績仍然非常強勁。值得注意的是，自我們收購日本市場以來的近 3 年裡，該市場平均每季實現 3% 的同店銷售成長，新店獲利成長，而且這一成長速度還在加快，日本的總收入和利潤成長與我們最初的交易假設相符。截至第三季度，CAP 已連續 5 年實現兩位數的營收和營業利潤成長。CAP 的營業利潤率按 GAAP 準則擴大了 280 個基點，達到 26.6%；按非 GAAP 準則擴大了 270 個基點，達到 28.3%。促成 CAP 第三季利潤率擴張的因素包括：中國增值稅結構全面過渡的最終影響，以及我們在韓國和華東地區等合資企業的收入成長近 30%。

Turning to EMEA. Our EMEA segment delivered solid results and at 2%, its strongest comp growth in 7 quarters. In Q3, led by strong performance in the U.K., system comps in the region were even higher, increasing 5% and once again validating our decision to move certain EMEA markets to a licensed model. Revenues in EMEA totaled $250 million in Q3, a 9% decline versus prior year. However, when normalized for a 16% impact of portfolio shifts and FX, EMEA revenue actually grew 7%, driven by incremental revenues from over 311 net new stores added in the last 12 months. EMEA's GAAP operating margin totaled 4%, with non-GAAP operating margin at 11% after adjusting for the impact of goodwill impairment in Switzerland, roughly flat to Q3 last year despite 130 basis points impact from FX. We will continue to focus on improving operations and shifting the mix towards licensed stores in EMEA, efforts that have contributed to EMEA delivering solid mid-single-digit system sales growth and double-digit non-GAAP operating margins for 12 consecutive quarters.

轉向歐洲、中東和非洲地區。我們的 EMEA 業務部門業績穩健，實現了 2% 的同店銷售額增長，這是 7 個季度以來最強勁的增長。第三季度，在英國強勁表現的帶動下，該地區的系統比較率更高，增長了 5%，再次驗證了我們將某些 EMEA 市場轉移到許可模式的決定是正確的。第三季 EMEA 地區的營收總計 2.5 億美元，較上年同期下降 9%。然而，考慮到投資組合調整和匯率變動帶來的 16% 的影響，EMEA 地區的收入實際上增長了 7%，這主要得益於過去 12 個月新增的 311 多家淨門市帶來的增量收入。EMEA 的 GAAP 營業利潤率為 4%，調整瑞士商譽減損的影響後，非 GAAP 營業利潤率為 11%，儘管受到匯率 130 個基點的影響，但與去年第三季基本持平。我們將繼續專注於改善運營，並將 EMEA 地區的業務組合轉向特許經營店，這些努力已使 EMEA 地區連續 12 個季度實現了穩健的中個位數系統銷售增長和兩位數的非 GAAP 營業利潤率。

Turning to Channel Development. Channel Development had a very solid Q3, delivering strong revenue growth of 9%. Starbucks K-Cup sales increased 10% in the quarter compared to 0.5% growth for the K-Cup category overall, driving our share of the K-Cup category up 1.4% to 16.6% overall. And our roasting ground sales grew 8% in the quarter compared to 0.4% growth in roasting ground overall, resulting in a 1% category share gain to 13%. We will continue to focus on profitably growing share of both K-Cup and roasting ground but expect somewhat lower top and bottom line growth in Q4 as deceleration in the categories overall has invited increased competition and discounting.

轉向通路開發。通路發展業務第三季表現非常穩健，實現了 9% 的強勁營收成長。本季星巴克 K-Cup 咖啡膠囊的銷量成長了 10%，而 K-Cup 咖啡膠囊整體銷量僅成長了 0.5%，這使得我們在 K-Cup 咖啡膠囊類別中的份額增加了 1.4%，達到 16.6%。本季度，我們的烘焙粉銷量成長了 8%，而烘焙粉整體銷量僅成長了 0.4%，從而使我們的品類份額增長了 1%，達到 13%。我們將繼續專注於提高 K-Cup 和烘焙咖啡粉的市場份額，但預計第四季度營收和利潤增長將略有下降，因為整體品類增速放緩導致競爭加劇和折扣力度加大。

Tea is a full -- core focus of ours. And as Kevin mentioned, we're having great success with Teavana in both Starbucks retail stores and grocery. We have already shipped over 2.5 million bottles of Teavana ready-to-drink teas in just 5 months, with all 4 flavors already ranking in the top 10 in the premium single-serve RTD category in our active markets. And we plan to launch Teavana-branded packaged tea in grocery channels by the end of the fiscal 2018.

茶是我們的核心業務之一。正如凱文所提到的那樣，我們在星巴克零售店和雜貨店推廣 Teavana 產品都取得了巨大的成功。短短 5 個月內，我們已經售出了超過 250 萬瓶 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位列前 10 名。我們計劃在 2018 財年末之前在食品雜貨通路推出 Teavana 品牌的包裝茶。

Channel Development's operating income grew 12% in Q3, and the segment delivered 130 basis point improvement in operating margin to 43.9%, driven principally by lower coffee cost and higher income from our North American coffee partnership with Pepsi.

通路開發業務第三季營業收入成長 12%，營業利潤率提高 130 個基點至 43.9%，主要得益於咖啡成本降低以及與百事可樂在北美咖啡合作帶來的收入增加。

Let's now shift to the strategic actions we announced today. Despite our size and scale, Starbucks remains very much a growth company. The opportunities that exist for us globally are significant, and we are doubling down on our investments in key profitable growth areas, including Mainland China and digital, to further accelerate growth in the years ahead. This shift in capital deployment towards more profitable, higher-returning assets will result in increased focus and be accretive to returns going forward. You could hear of additional actions as we move towards and into fiscal 2018, but let's start with details around the actions we announced today, beginning with tea.

現在讓我們來看看今天宣布的策略行動。儘管星巴克規模龐大，但它仍然是一家快速發展的公司。我們在全球擁有龐大的發展機遇，我們將加倍投資於關鍵的獲利成長領域，包括中國大陸和數位領域，以進一步加速未來幾年的成長。資本配置向盈利能力更強、回報更高的資產轉移，將導致更專注，並有助於提高未來的回報。隨著我們邁向 2018 財年並進入該財年，您可能會聽到更多相關舉措，但讓我們先從今天宣布的舉措的細節開始，首先是茶。

As Kevin mentioned, today we announced a decision to close all of our Teavana stores. As a result of this decision, we took an asset impairment and goodwill charges of approximately $100 million in Q3. The charges are specifically called out in a separate line item on our income statement, where we will also include various charges related to streamlining our operations over the coming quarters. Closure of the Teavana stores will occur over the next several quarters, and additional related charges are likely to be incurred over the same periods. While resulting in near-term cost, removing the ongoing operating loss and associated overhead will result in a fairly rapid payback of our exit costs.

正如凱文所提到的，我們今天宣布了關閉所有 Teavana 門市的決定。由於這項決定，我們在第三季提列了約 1 億美元的資產減損和商譽費用。這些費用已在我們的損益表中單獨列出，我們也將在未來幾季中列入與精簡營運相關的各種費用。Teavana 門市將在未來幾季內陸續關閉，在此期間可能會產生額外的相關費用。雖然短期內會產生一些成本，但消除持續的營運虧損和相關的管理費用將使我們的退出成本得到相當迅速的回報。

We're also extremely excited about expanding our ownership of the Mainland China market. Funding for the estimated $1.3 billion purchase of our JV partners' remaining stake in Mainland China will come from existing offshore cash and result in no additional debt. Excluding the substantial gain we will recognize on the acquisition, amortization of acquired intangible assets and other acquisition-related expenses, we expect the transaction to be breakeven to slightly accretive in the first year. We expect accretion to build over time as we integrate the acquired operations into our existing Mainland China business. The acquisition will add approximately $1 billion in revenue in the first year following closing. The final sales price will not be determined until our fiscal Q2 of 2018. We will provide further detail around the financial impact of this transaction when we report our Q1 FY '18 results in January, and we'll likely schedule a separate modeling call related to the acquisition as we did in connection with the Japan transaction in 2014.

我們也對擴大在中國大陸市場的份額感到無比興奮。收購合資夥伴在中國大陸剩餘股份的預計資金為 13 億美元，資金將來自現有的海外現金，不會產生額外的債務。除收購所得的巨額收益、收購的無形資產攤銷及其他與收購相關的費用外，我們預計該交易將在第一年實現盈虧平衡或略有盈利。我們預計隨著收購的業務整合到我們現有的中國大陸業務中，收益將隨著時間的推移而不斷增長。此次收購預計將在交易完成後的第一年增加約10億美元的收入。最終售價要到 2018 財年第二季才能確定。我們將在 1 月份公佈 2018 財年第一季度業績時，提供有關此次交易財務影響的更多詳細信息，並且我們可能會安排一次單獨的建模電話會議，討論此次收購，就像我們在 2014 年討論日本交易時所做的那樣。

Clearly, with this acquisition, we are entering a new phase of our growth strategy in CAP, and we look forward to sharing additional details about the opportunity and our progress in CAP in the quarters ahead.

顯然，透過此次收購，我們進入了 CAP 成長策略的新階段，我們期待在接下來的幾個季度中分享有關此機會以及我們在 CAP 取得的進展的更多細節。

At the same time as we are consolidating our position in Mainland China, we are shifting our 50% JV ownership in Taiwan to a fully licensed structure in exchange for approximately $175 million. This represents the largest licensing transaction in our history and is in complete alignment with our strategy to license in markets that we have growth potential but where returns are better served by a partner with deep local expertise.

在我們鞏固在中國大陸的地位的同時，我們將我們在台灣的 50% 合資企業所有權轉移到完全獲得許可的結構，換取約 1.75 億美元。這代表了我們歷史上最大的許可交易，完全符合我們的策略，即在具有成長潛力的市場進行許可，但與擁有深厚本地專業知識的合作夥伴合作能更好地獲得回報。

So let's move on to 2017 targets. We said consistently that the back half of the year would show improvement compared to the front half. That continues to be our expectation, but we now expect results a bit lower than our previous guidance given the choppiness we saw in Q3 and are seeing in early Q4. Specifically, we now expect revenue growth to come in at the low end of our previous guidance range of 8% to 10%, excluding 1 point of FX and 2 points of impact from the 53rd week in fiscal 2016. We are also projecting global comp growth for Q4 at 3% to 4%.

那麼，讓我們來看看2017年的目標。我們一直強調，下半年的情況會比上半年有所改善。我們仍然抱持著同樣的預期，但鑑於第三季和第四季初的市場波動，我們現在預計業績將略低於先前的預期。具體而言，我們現在預計營收成長將處於我們先前 8% 至 10% 指導範圍的低端，不包括 1 個百分點的匯率影響和 2016 財年第 53 週的 2 個百分點的影響。我們也預期第四季全球同業成長率為 3% 至 4%。

As a result, our EPS guidance is revised as follows: full year GAAP EPS in the range of $1.96 to $1.97 and full year non-GAAP EPS in the range of $2.05 to $2.06, representing an EPS growth range of 12% to 13%, excluding 1 to 2 points of FX. Fourth quarter GAAP EPS will be in the range of $0.53 to $0.54, and non-GAAP EPS will be in the range of $0.54 to $0.55.

因此，我們的每股盈餘預期修訂如下：全年 GAAP 每股盈餘在 1.96 美元至 1.97 美元之間，全年非 GAAP 每股盈餘在 2.05 美元至 2.06 美元之間，每股盈餘成長範圍為 12% 至 13%，不包括 1% 至 2% 的匯率影響。第四季GAAP每股盈餘將在0.53美元至0.54美元之間，非GAAP每股盈餘將在0.54美元至0.55美元之間。

We continue to expect non-GAAP consolidating operating margin to slow -- to show slight improvement compared to FY '16 on a 52-week basis. For segment operating margins in FY '17, we expect Americas operating margin to be moderately lower than last year; CAP operating margins to show strong expansion; EMEA operating margins to be roughly flat to 2016, excluding FX; and Channel Development to post strong operating margin improvement for the year, with Q4 margins roughly flat year-over-year.

我們繼續預期非GAAP合併營業利潤率成長將放緩－與2016財年相比，以52週計算將略有改善。對於 2017 財年的各業務部門營業利潤率，我們預計美洲業務的營業利潤率將略低於去年；亞太地區的營業利潤率將強勁增長；歐洲、中東和非洲地區的營業利潤率（不計匯率影響）將與 2016 年基本持平；渠道發展業務的營業利潤率將實現強勁增長，第四季度利潤率與去年基本增長，第四季度利潤率持平。

Looking at commodities and FX. Our coffee needs are locked for fiscal 2017, and we expect commodities to be slightly favorable for the year. We are also 70% price locked for fiscal 2018 at coffee prices roughly comparable to 2017.

關注大宗商品和外匯。2017財年我們的咖啡需求已經確定，我們預計今年大宗商品價格將略微有利。2018 財年，我們的咖啡價格已鎖定 70%，與 2017 年的價格大致相當。

As we've discussed, our goal is to grow G&A at the core at half the rate of revenue growth, and we are on track to achieve this goal for the year. Specifically, G&A as reported year-to-date fiscal 2017 was up 5%, up 10% from last year after adjusting for current and prior year anomalies of approximately 5 points. Core G&A, which comprises over 80% of the total, was roughly half of the 10% increase, with innovation G&A comprising the other half. We remain committed to managing our core G&A growth rate while investing for the near and long term. And as Kevin mentioned, renewed focus on our core business will positively impact our ability to keep G&A at or below the current target.

正如我們之前討論過的，我們的目標是使核心 G&A 的成長速度達到收入成長速度的一半，我們預計今年將實現這一目標。具體而言，截至 2017 財年年初，一般及行政費用報告增長了 5%，比上年增長了 10%（已根據當年和上年約 5 個百分點的異常值進行了調整）。核心一般及行政費用佔總額的 80% 以上，約佔 10% 增長額的一半，創新一般及行政費用佔另一半。我們將持續致力於控制核心一般及行政費用成長率，同時進行近期及長期投資。正如凱文所提到的，重新專注於我們的核心業務將對我們把一般及行政費用控制在當前目標或以下的能力產生積極影響。

We have significantly increased our capital returns to shareholders over the past 5 years with buybacks up from roughly 0 in 2009 to $1.2 billion this year-to-date in 2017. Going forward, we will continue to accelerate cash returned to shareholders and as we announced at Investor Day, to increase our dividend payout range to 40% to 50%.

過去 5 年，我們大幅提高了股東的資本回報，股票回購額從 2009 年的幾乎為 0 億美元增加到 2017 年迄今的 12 億美元。展望未來，我們將繼續加快向股東返還現金，正如我們在投資者日宣布的那樣，我們將把股息支付率提高到 40% 至 50%。

We now expect to open 2,200 net new stores globally in 2017. This reflects an increase of 100 net new stores for the Americas to 900 net new stores for the year. All other targets for FY '17 remain the same.

我們現在預計 2017 年將在全球淨增 2,200 家門市。這反映出美洲地區全年淨新增門市數量從 100 家增加到 900 家。2017財年的其他所有目標保持不變。

At the time of our last earnings call, we were seeing significant positive momentum in our principal global retail markets, particularly in the U.S. However, that momentum ebbed and flowed over the quarter. The actions we have put in place are beginning to gain traction, but stiff consumer and industry headwinds remain. So while lowering current year guidance as we enter Q4 is difficult, given the uncertainty we are seeing in the marketplace, we feel that doing so is the better part of valor and the appropriate actions to take. At the same time, we know that each of the strategic actions we announced today will strengthen our core and be accretive to future returns. Consistent with past practice, we will provide 2018 targets on our Q4 call. This allows us to complete our annual planning process and have further clarity around critical investments in 2018 and more granularity around the timing and impacts of the strategic actions we announced today.

在上次財報電話會議上，我們看到主要全球零售市場，特別是美國市場，呈現出顯著的正面動能。然而，這種勢頭在本季度經歷了起伏。我們採取的措施開始取得成效，但消費者和產業方面仍面臨巨大的阻力。因此，儘管在進入第四季度之際下調本年度業績預期很困難，但考慮到目前市場的不確定性，我們認為這樣做才是明智之舉，也是應該採取的適當行動。同時，我們知道，今天宣布的每項策略舉措都將加強我們的核心競爭力，並有助於未來的收益成長。與以往做法一致，我們將在第四季財報電話會議上公佈 2018 年目標。這將使我們能夠完成年度規劃流程，並進一步明確 2018 年的關鍵投資，以及更細緻地了解我們今天宣布的策略行動的時間和影響。

Given all of this, we will also discuss any revisions to our long-range targets on the Q4 call. Despite our size and scale, Starbucks' financial aspirations remain unchanged: to be a best-in-class growth retailer at scale. As always, credit for our success today and tomorrow belongs to our 330,000 passionate Starbucks partners around the world who deliver an authentic Starbucks Experience roughly 90 million times around the world each week. Our partners have our great respect and appreciation.

鑑於以上所有因素，我們還將在第四季度電話會議上討論長期目標的任何修改。儘管星巴克的規模和體積不斷擴大，但我們的財務目標依然不變：成為規模化成長的一流零售商。一如既往，我們今天和明天的成功都歸功於我們遍布全球的 33 萬名充滿熱情的星巴克夥伴，他們每週在全球範圍內提供約 9000 萬次正宗的星巴克體驗。我們非常尊重和感謝我們的合作夥伴。

With that, I'd like to turn the call over to the operator for Q&A. Operator?

接下來，我將把電話交給接線生進行問答環節。操作員？

(Operator Instructions) Your first question comes from John Ivankoe from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的約翰·伊万科。

The question is just broadly on the Americas business. Your comps aren't quite what you hoped they were going to be, very well-documented consumer and industry issues, yet 900 net new stores in the Americas, which is a big addition. You could potentially put pressure on comps, which is what I'd like you to talk about, and also difficulty in attracting or retaining labor thus far into an economic cycle. So the question is really 2 different things. It -- does it make sense to begin to think about whether that 900 net new stores in the Americas should hit a plateau or even come down over time given challenges that may even worsen in the out-years? And then secondly, if you can update us in terms of your practices of attracting or retaining partners at this point, both for existing and new stores.

這個問題主要涉及美洲地區的業務。您的同店銷售額並沒有達到您的預期，消費者和行業方面存在許多有據可查的問題，但美洲地區新增了 900 家門市，這是一個很大的成長。這可能會對同業競爭帶來壓力，這也是我想讓你談談的，同時，在當前經濟週期中，吸引或留住勞動力也有困難。所以這個問題其實是兩個不同的問題。鑑於未來幾年挑戰可能會加劇，我們是否應該開始考慮美洲新增 900 家門市的淨成長是否應該達到瓶頸，甚至隨著時間的推移而下降？其次，能否請您介紹目前在吸引或留住合作夥伴方面，包括現有門市和新門市的做法？

It's Scott. I'll take the first part, and then I might have John Culver help me a bit with the second. The first thing I would say is our portfolio growth rate in the U.S. has stayed pretty constant over the last few years. So while the number of stores have come up, the percentage of portfolio growth has stayed pretty stable. And we're able to track quite accurately the cannibalization results that happen from those new stores. And what we've seen over many years is very, very little impact of net new cannibalization of those new stores. And I attribute that to a significant improvement in the analytics under Matt Ryan's team of where we place stores, the trade areas where we place stores and the types of stores that we're putting in those trade areas. And so we continue to see that kind of very, very small cannibalization and extensive store growth opportunities. And the only other thing I'll say before I hand it to John is remember that, that 900 is split roughly evenly between company-owned stores and licensed stores. And those licensed stores are unique opportunities for us to get access to real estate. John, you want to talk about labor?

是斯科特。第一部分我來做，第二部分我可能會請約翰·庫爾弗幫我做一點。首先我想說的是，在過去幾年裡，我們在美國的投資組合成長率一直保持相當穩定。因此，儘管門市數量增加，但投資組合的成長百分比卻保持了相當穩定。而且我們能夠相當準確地追蹤這些新店帶來的蠶食效應。多年來我們看到的情況是，這些新店對現有門市的淨蠶食影響非常非常小。我認為這要歸功於 Matt Ryan 的團隊在分析方面取得了顯著進步，包括我們選址、選址商圈以及在這些商圈中開設的門市類型。因此，我們繼續看到這種非常非常小的蠶食效應和廣泛的門市成長機會。在把東西交給約翰之前，我唯一要補充的是，記住，這 900 家店大致平均分配給了公司自營店和特許經營店。這些特許經營店為我們提供了獲得房地產的獨特機會。約翰，你想談談勞工問題嗎？

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Yes. Just real quick, one thing I would just add on the new stores and the performance. Clearly, we believe that there's still a long runway for growth for new stores in the U.S. And there's a lot of opportunity to continue to infill. We are seeing strong performance not only in our core stores and the new stores but then also through drive-through. And we're going to continue to focus in this area. We have not seen cannibalization, as Scott highlighted, and we believe in the growth strategy we have in place. It's been 13 consecutive quarters that our new and noncomp stores have contributed at least 4% to our growth on a quarter-to-quarter basis, so feel good about the trajectory that we're on. In terms of partner retention, obviously, we continue to make investments in our people, both in terms of wage and in terms of benefits. We continue to see retention increase in the recent -- most recent quarter. Our retention sequentially increased versus the previous quarter as well as versus last year same quarter. We feel good about the partner engagement that we have in our stores. When you look at how we measure partner engagement, those scores, on a year-over-year basis, exceeded last year. So we feel good about the engagement that we're having from our partners and then more importantly, how that translates into the customer experience. And we all know that our partners bring the experience to life for our customers. And as part of that high level of engagement that they have, our customer experience scores are sitting at record highs right now. So we feel good about what we're seeing there.

是的。我只想簡單補充一點新店和業績的內容。顯然，我們認為美國新店的成長空間仍然很大，而且還有很多機會繼續進行補貨。我們不僅在核心門市和新店取得了強勁的業績，得來速門市的業績也十分出色。我們將繼續重點關注這一領域。正如史考特所強調的那樣，我們沒有看到業務蠶食現象，我們對我們現有的成長策略充滿信心。連續 13 個季度，我們的新店和非同店銷售額都至少成長了 4%，因此我們對目前的成長動能感到滿意。就員工留任而言，顯然，我們會繼續對員工進行投資，包括薪資和福利兩方面。在最近一個季度，我們看到用戶留存率持續上升。我們的客戶留存率較上季成長，與上一季相比有所提高，也與去年同期相比有所提高。我們對門市的合作夥伴互動感到滿意。從我們衡量合作夥伴參與的方式來看，這些分數與去年相比都超過了去年。因此，我們對與合作夥伴的互動感到滿意，更重要的是，這種互動如何轉化為客戶體驗，也讓我們感到滿意。我們都知道，合作夥伴為我們的客戶帶來了真實的體驗。正因為客戶的高度參與，我們的客戶體驗評分目前處於歷史最高水準。所以我們對在那裡看到的情況感到滿意。

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。

I have another question on the Americas business. I guess as you think about the trends you saw through the quarter softening after April, there's been a lot of talk on the call about sort of macro issues. I was just wondering how you determine that this is more of a macro issue and not a company-specific issue. And perhaps could you comment on whether you think April was just inflated by the Frappuccino launch, and maybe when you take that out, maybe the trend has been a little bit more stable? Or do you actually see a deceleration in the overall business?

我還有一個關於美洲業務的問題。我想，當你回顧本季4月之後出現的疲軟趨勢時，你會發現電話會議上有很多關於宏觀問題的討論。我只是想知道你是如何判斷這是一個宏觀問題而不是公司特有的問題的。您能否評論一下，您認為四月份的銷售是否只是因為星冰樂的上市而有所增長？如果排除星冰樂的因素，銷售趨勢是否會更穩定一些？或者，您確實看到整體業務成長放緩？

Thanks, David. Matt Ryan here. And I want to get to the short-term question. Now let me frame first a little bit of a long-term view here, which is that in the U.S. and just any other market we studied, there's been a decades-long trend for growth in away-from-home food and beverage consumption driven by demographics and people just want more convenience. And we're strongly bullish on the long-term continuation of that trend. However, in the past year, we've seen some pullback from that trend line, as we have from time to time, with consumers in the U.S. shifting some discretionary spend to other categories. We look at all sources of data here, including corroborating credit and debit card spend data. But we think the best source of industry comp intelligence comes from the APT Index, which is a metric developed by Applied Predictive Technologies, that's the name of the company, that aggregates and tracks actual comp data from a broad set of more than 100,000 retail restaurant and QSR competitor locations on a weekly basis along that -- to understand just how well we're doing versus important benchmarks. And for Q3 overall, the APT Index showed decelerating and negative comp from QSR and restaurant industries, while Starbucks' own metrics accelerated comp to 5%. In fact, the differential between Starbucks and the industry increased significantly in Q3 compared to the past several quarters, and that's just on the comp stores. It excludes the effect of any further market share gains we have as a result of our strong pace of new store openings. Within the quarter, we did see some deceleration in month-to-month comp performance for both industry benchmarks and Starbucks, but Starbucks steadily outpaced the competition. And I'll let someone to comment on that as well. What we really think this is about is the strong performance and share capture having to do with the pipeline of product innovation, the continued improvements to store operations that you heard about and growth in the digital engagement. And it's a trifecta of these 3 things, product innovations, ops excellence and digital, will continue to support market share capture in the short term. And should the current pullback in industry performance go back to the long-term trend, as we think it will, it'll help align and set us up for success there.

謝謝你，大衛。我是馬特·瑞安。我想談短期問題。首先，讓我從長遠角度來看這個問題。在美國以及我們研究過的任何其他市場，受人口結構變化和人們追求便利的驅動，外出用餐和飲料消費已經呈現成長趨勢，這種情況已經持續了幾十年。我們非常看好這股趨勢的長期延續。然而，在過去一年裡，我們看到這條趨勢線出現了一些回落，這種情況時有發生，美國消費者將一些可自由支配的支出轉移到了其他類別。我們會查看所有資料來源，包括核實信用卡和金融卡消費資料。但我們認為，行業競爭情報的最佳來源是 APT 指數，這是應用預測技術公司（Applied Predictive Technologies）開發的一種指標，它每週匯總和追蹤來自超過 10 萬家零售餐廳和快餐店競爭對手的實際競爭數據，以了解我們與重要基準相比做得如何。第三季整體而言，APT 指數顯示速食和餐飲業的同店銷售成長放緩且負成長，而星巴克本身的指標則顯示同店銷售成長加快至 5%。事實上，與過去幾季相比，星巴克與產業平均值之間的差距在第三季顯著擴大，而這僅僅是同店銷售額的情況。它不包括由於我們快速開設新店而帶來的任何進一步市場份額增長的影響。本季內，我們看到業界基準和星巴克的月度業績均有所放緩，但星巴克仍穩步超越競爭對手。我也會讓其他人對此發表評論。我們認為這真正與強勁的業績和市場份額獲取有關，這得益於產品創新管道的拓展、您已聽到的門店運營的持續改進以及數位互動方面的增長。產品創新、卓越營運和數位化這三者的結合，將在短期內繼續支持市場份額的獲取。如果目前產業業績的下滑趨勢能夠像我們認為的那樣回歸長期趨勢，這將有助於我們調整方向，並為未來的成功奠定基礎。

Your next question comes from the line of Sara Senatore from Bernstein.

你的下一個問題來自伯恩斯坦的薩拉·塞納托雷的詩句。

I'd like to also just ask a few questions about the comp drivers going forward. On the core coffee, it sounds like it's been a bit softer for the last couple quarters. So I'm just trying to understand what might be driving that. We know some of the QSRs have gone aggressively against coffee beverages, and I was wondering if it might be competitive in nature. And then food, by contrast, is doing quite well. So as we think about that going forward, is this largely going to be a kind of a ticket-driven comp with attach driving that food? And how do we think about food offsetting the core coffee?

我還想問幾個關於未來參賽者的問題。核心咖啡的品質似乎在過去幾季有所下降。所以我只是想弄清楚背後的原因可能是什麼。我們知道一些快餐店已經開始大力抵制咖啡飲料，我想知道這是否出於競爭目的。相比之下，食品業發展得相當不錯。所以，展望未來，這是否會主要是一種以門票為驅動力，而附加服務驅動食品銷售的競爭方式？那麼，我們該如何看待食物對咖啡這道核心飲品的影響呢？

Yes. Sara, this is Kevin. I'll comment and then hand to John Culver. In our U.S. business, 2 points of our comps came from our core beverages, and that's across all dayparts. So certainly, our core coffee, Nespresso and core beverages contributed 2 points of comp. Food contributed 2 points of comp, and then innovation beverages contributed the other point. So there's 3 points of comp from beverage, 2 points from food. And that just highlights why it's important for us to continue to drive innovation, both in food and in beverage. So when you think about the innovation on beverage side, we've got a number of new things we've been doing around both hot and cold. You take some of the iced Espresso beverages that we've been launching and bringing to market, Iced Macchiato is an example, continued innovation and deployment of nitro into more stores for Nitro Cold Brew, very popular. Certainly, this quarter, the Teavana Infusions is an example of that. And then last quarter, the Refreshers kind of evolved around the Pink Drink as an example, but the Refreshers also helped. So we seen good comp growth from not only our core beverages but also the innovation that we've been doing around other beverages as well as food. John, I'll let you add other comments, if you want.

是的。薩拉，這位是凱文。我先發表意見，然後把麥克風交給約翰‧庫爾弗。在美國的業務中，我們核心飲料的銷售額佔同店銷售額的 2 個百分點，並涵蓋所有時段。因此，我們的核心咖啡、Nespresso 和核心飲料確實貢獻了 2 分的競爭力。食品貢獻了 2 分，創新飲料貢獻了 1 分。所以飲料可以獲得 3 分的積分，食物可以得到 2 分的積分。這也凸顯了為什麼我們必須繼續推動食品和飲料領域的創新。所以，當我們思考飲料的創新時，我們在冷熱飲品方面都做了很多新嘗試。以我們推出並推向市場的冰濃縮咖啡飲料為例，冰瑪奇朵就是一個例子，我們不斷創新，並將氮氣技術推廣到更多門市，推出氮氣冷萃咖啡，非常受歡迎。當然，本季 Teavana 茶飲系列就是個很好的例子。然後上個季度，清爽飲品系列以粉紅飲品為例進行了發展，但清爽飲品系列也起到了一定的推動作用。因此，我們不僅從核心飲料業務中看到了良好的同店銷售成長，而且從我們在其他飲料和食品領域所做的創新中也看到了成長。約翰，如果你願意，可以補充其他意見。

Yes. Just add a few things to what Kevin expressed. First off, we're very pleased with the success food is having in our stores and the continued attach rate. And we talked about the success across all dayparts and the growth that we saw in the quarter across all dayparts. Lunch was the fastest-growing daypart, and it was driven by food attach as well as our refreshment and iced beverages. And when you break down that beverage growth for the total quarter, we saw good growth in Espresso, core Espresso. We saw growth in brewed, and we did see growth in blended as well as refreshment, all right. And to put a finer point on that, a couple of highlights there. First was iced coffee and cold brew. We actually grew iced coffee and cold brew 33% in the quarter. In addition, we also grew Iced Espresso, a core beverage, plus 27% in the quarter. And then refreshment, driven by Pink Drink, grew 57% in the quarter. So we're seeing strong growth as it relates to core as well as refreshment and iced drinks. From a food standpoint, we saw innovation come into the quarter with the new protein boxes and the enhancements that they brought and the additional attach that they drove at lunch. We also saw growth in our core bakery and breakfast egg sandwiches in the morning daypart, which was great. And then we continue to see great success with the Sous Vide Egg Bites, and we have plans to have that available nationally in the early part of August, which we're excited about. So we feel good about the mix. Clearly, we want continue to focus on transactions. And transactions is all about making sure that we're building those customer connections and that we are operating our stores at the level we expect and that our customers have come to expect.

是的。在凱文表達的內容基礎上補充幾點。首先，我們對食品在我們商店取得的成功以及持續的額外銷售率感到非常滿意。我們討論了各個時段的成功情況，以及本季各個時段的成長情況。午餐是成長最快的時段，這主要得益於食品銷售以及我們的茶點和冰鎮飲料。如果按整個季度細分飲料成長情況，我們看到濃縮咖啡和核心濃縮咖啡都實現了良好的成長。我們看到了沖泡飲料的成長，混合飲料和清爽飲料也都實現了成長。更詳細地說，這裡有幾個亮點。首先是冰咖啡和冷萃咖啡。本季我們的冰咖啡和冷萃咖啡銷量成長了 33%。此外，我們的核心飲品冰濃縮咖啡的銷量在本季也成長了 27%。然後，在 Pink Drink 的帶動下，清涼飲品在本季增加了 57%。因此，我們看到核心產品、清涼飲品和冰飲都實現了強勁成長。從食物的角度來看，本季出現了創新，推出了新的蛋白質盒，並對其進行了改進，同時也帶動了午餐的額外消費。我們也看到，在上午時段，我們的核心烘焙食品和早餐雞蛋三明治的銷量有所增長，這非常棒。然後，我們的低溫慢煮蛋塊也取得了巨大的成功，我們計劃在 8 月初將其推廣到全國，我們對此感到非常興奮。所以我們對這個組合感到滿意。顯然，我們希望繼續專注於交易。交易的本質在於確保我們建立起與客戶的聯繫，並確保我們的門市營運達到我們預期的水平，以及客戶所期望的水平。

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 following up on the U.S. trends that you talked about kind of post April. I'm just wondering whether you'd -- when you guys read the data, whether you see a noticeable change in the actual consumer behavior or perhaps the way they're using Starbucks products. Just wondering kind of as you tie that in with maybe promotional activity. It seems like the industry's aggressive. I was just wondering whether you'd characterize Starbucks as being aggressive. Or what type of offers are most successful? Fearful that maybe people are getting too aggressive with the promotions where you can actually turn off customers, especially with the one-on-one offers. So anything related to change in usage patterns and the aggressive nature in terms of your promotional activity.

我只是想跟進一下你四月之後提到的美國趨勢。我只是想知道，當你們閱讀數據時，是否看到消費者的實際行為或他們使用星巴克產品的方式發生了明顯的變化。我只是好奇，你是不是把這和促銷活動連結起來了。這個行業似乎很有進取心。我只是想知道你是否會用“咄咄逼人”來形容星巴克。或者說，哪些類型的優惠活動最成功？擔心人們在促銷方面可能過於激進，反而會疏遠顧客，尤其是一對一的推銷方式。因此，任何與使用模式變化以及促銷活動激進程度相關的因素。

Yes. Thanks, Jeffrey. It's Scott. What I would say is there was no real impact other than the normal positive lift we saw all quarter around Starbucks Rewards. So we're not seeing any fatigue at all in offers or in personalization. If anything, as Matt discussed, that's accelerating. What I would say, and I think this was what John was talking about, we did see some softness in the afternoon. It grew. It just grew a little bit less than we had expected, and that was partly Frappuccino but not only Frappuccino. We saw some softness in some of our iced products as well, again, versus what we expected. They still grew but just a bit lower as we moved through the quarter. And then morning peak, as I said in my prepared remarks, that accelerated late quarter, which was great because we're starting to see real traction around some of the throughput, things we're working on. But again, the acceleration we saw as we moved through the quarter wasn't quite as much as we'd hoped, and so that's how I would describe the slowdown. It wasn't really in that promotional afternoon period, and we didn't see any impact from what we do with Starbucks Rewards other than continued lift and acceleration.

是的。謝謝你，傑弗裡。是斯科特。我想說的是，除了本季星巴克獎勵計畫帶來的正常正面成長之外，並沒有其他真正的影響。因此，我們完全沒有看到用戶在優惠或個人化方面出現任何疲態。正如馬特所說，這種情況正在加速發展。我想說的是，而且我認為這就是約翰所說的，我們在下午確實看到了一些柔和的天氣。它長大了。它的成長速度比我們預期的要慢一些，這部分是因為星冰樂，但不全是因為星冰樂。與我們的預期相比，我們的一些冰鎮產品也出現了軟化現象。隨著季度推進，它們的增速略有放緩，但仍然有所增長。正如我在準備好的發言稿中所說，早高峰在季度末加速成長，這很好，因為我們開始看到一些吞吐量方面取得了真正的進展，這是我們正在努力的方向。但是，我們在本季看到的加速並沒有我們預期的那麼大，所以我會用「減速」來形容這種趨勢。其實並沒有在下午的促銷活動期間，除了持續成長和加速成長之外，我們沒有看到星巴克獎勵計畫的任何影響。

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。

When you look at the last 4-or-so quarters in the U.S., transactions have been roughly flat. So it seems like you're not attracting new customers. You're getting a lot out of your existing customers, and that's been one of the benefits of My Starbucks Rewards. So when you talk to the customers that are either aren't going or are lapsed, what do they want to see from Starbucks to get them to come? In other words, is it a value issue that keeps them away? I mean, retail may be tough, but many QSRs are thriving in this environment. Maybe it's because you're emphasizing value, and that's not the game that they play. But what is it that people who don't go to Starbucks want that you can try to provide them that would get them to come? It seems like the brand is well known, but it's narrowly used.

從美國近四個季度的數據來看，交易量大致保持穩定。看來你並沒有吸引到新客戶。您從現有客戶身上獲得了許多好處，這也是「我的星巴克獎勵」計畫帶來的好處之一。所以，當你和那些不再光顧或已經不再是顧客的顧客交談時，他們希望星巴克做出哪些改變才能讓他們再次光顧？換句話說，是價值觀問題讓他們望而卻步嗎？我的意思是，零售業可能很艱難，但許多快餐店在這種環境下蓬勃發展。或許是因為你強調的是價值，而這不是他們玩的遊戲規則。但是，那些不去星巴克的人想要什麼，你能為他們提供什麼才能吸引他們來呢？這個品牌似乎很有名，但使用範圍卻很窄。

Yes. John, this is Kevin. I'll comment and then hand over to Matt to add to this. I think as Scott said, there's no evidence that the discounting that's going on amongst the value players is affecting us. I think they serve a different market, and we're very focused on the product innovation and the more premium experience that we think attracts a different customer type. And so the things that we've got to continue to do are: number one, we've got ensure that operational excellence in our stores is maintained and constantly enhanced. Now we saw growth in every daypart. A lot of the operational enhancements in our stores has been focused on peak to make sure that we're creating a great, improved experience in those stores with high volumes of Mobile Order and Pay. Great progress there. And then it's also product innovation. I think as John mentioned, the product innovation we've had, both around food and beverage, has helped us in the lunch daypart, in the afternoon daypart. And then the third aspect, in addition to a great in-store experience and food and beverage innovation, is as we bring new customers into Starbucks, one of the most important things we want to do is find ways to establish a digital mobile relationship with those customers even if they are not at the point of joining the rewards program. And so that's a lot of what Matt talked about in his section on the digital agenda. We're going to now start opening the aperture of the reach that we can get with the digital mobile relationship. And we're going to start by experimenting with things on this guest checkout and some other initiatives that we have on the digital side. But I think the key has got to be a great in-store experience and innovative new food and beverage offers that bring those customers in or perhaps who are less frequent into the stores and then figure out how to translate that into a longer relationship. And I'll let Matt extend some thoughts.

是的。約翰，這是凱文。我先發表一下看法，然後把麥克風交給 Matt 來補充。我認為正如斯科特所說，沒有證據表明目前低價球員的降價促銷活動對我們產生了影響。我認為他們服務的是不同的市場，而我們非常注重產品創新和更優質的體驗，我們認為這能吸引不同類型的客戶。因此，我們必須繼續做的事情是：第一，我們必須確保門市的卓越營運得以維持並持續提升。現在我們看到一天中各個時段的銷量都有成長。我們門市的許多營運改善都集中在高峰時段，以確保在行動訂購和支付量高的門市創造更好的體驗。進展很順利。此外，還有產品創新。我認為正如約翰所提到的那樣，我們在食品和飲料方面的產品創新，對我們在午餐時段和下午時段的銷售都起到了幫助作用。第三方面，除了提供優質的店內體驗和食品飲料創新之外，當我們吸引新顧客進入星巴克時，我們最想做的一件事就是找到方法與這些顧客建立數位行動關係，即使他們還沒有加入獎勵計劃。所以，這就是馬特在關於數位議程的章節中談到的大部分內容。現在，我們將開始擴大透過數位移動關係所能達到的覆蓋範圍。我們將首先在訪客結帳流程以及我們在數位化方面的一些其他措施上進行試驗。但我認為關鍵在於提供良好的店內體驗和創新的食品飲料產品，吸引那些不常光顧的顧客進店，然後想辦法將這種體驗轉化為更長久的客戶關係。接下來，我將讓馬特補充一些想法。

Yes. Not a lot more to add to that, except for that when you're in a difficult periodic from time to time operating environment, what becomes very critical is your ability to talk to customers. And we saw that very clearly in the results. It wasn't anything more than our ability to communicate that helps bring in our Starbucks Rewards customers at the level they were doing. So for us, it's important to extend a number of relationships we had so that we can continue to bring people into the franchise. And we have plans to do that.

是的。除此之外，沒有什麼要補充的了，只是當你在不時遇到困難的經營環境中時，與客戶溝通的能力就變得至關重要。而我們從結果中也清楚地看到了這一點。正是我們出色的溝通能力，才幫助我們吸引瞭如此多的星巴克獎勵計劃會員。因此，對我們來說，拓展我們已有的合作關係非常重要，這樣我們才能繼續吸引人們加入我們的加盟體系。我們計劃這樣做。

I was just going to -- this is Howard. I was just going to remind people who seem to be focusing a great deal on the slowdown in the second half of the quarter and potentially the early part of April. But let's reestablish the fact that we had a 5% comp in the quarter and a 1% increase in traffic. I don't -- we have not seen any other retailer or QSR company this quarter report a 5% comp. So while you are beating us up a bit for lowering comps from Q4, which is the better part of valor because we have only 3 weeks into July, which is linked to the last quarter, let's reestablish common language. We had a 5% comp, 1% increase in traffic and a 7% -- a 6% increase in China, mostly on traffic while we're doubling down on the growth and development in China, which we have said publicly will be as large or bigger than our U.S. business. But once again, 5% comp, your number in the quarter.

我正要──這是霍華德。我只是想提醒一下那些似乎非常關注本季下半段以及可能在四月初出現經濟放緩的人們。但讓我們重申一下，本季同店銷售額成長了 5%，客流量成長了 1%。我沒有——我們還沒有看到本季有任何其他零售商或快餐店報告 5% 的同店銷售額成長。所以，雖然你們因為我們下調了第四季度的比較數據而對我們有所批評（這其實是 Valor 的精華所在，因為七月份才過了三週，而七月份又與最後一個季度相關），但讓我們重新建立共同的語言吧。我們實現了 5% 的同店銷售額成長，1% 的流量成長，以及 7% 的成長——在中國，流量成長了 6%，這主要是由於我們正在加倍投入中國市場的成長和發展，我們曾公開表示，中國市場的規模將與我們在美國的業務規模相當甚至更大。但再說一遍，5%的佣金，這是你本季的目標。

Your next question comes from the line of Matt DiFrisco from Guggenheim Securities.

你的下一個問題來自古根漢證券的馬特·迪弗里斯科。

My question is with respect to sort of looking at the earnings side related in the fourth quarter to that 2 to -- 3 to 4 comp, that 12% to 13% growth. How much of that earnings growth is reflective of that 3 to 4 environment versus some new investments that you started to begin to talk about that are going to take effect and yield in '18? I wonder, is the model supportive in a 3 to 4 comp environment, 12% to 13% EPS? Or is that diluted also from some ramped up investment to return to mid-single-digit comps for '18?

我的問題是關於第四季度盈利方面的情況，即與 2 到 3 到 4 的比較，以及 12% 到 13% 的增長。其中有多少獲利成長反映了 3 到 4 年的經濟環境，又有多少反映了您開始談論的、將在 2018 年生效並產生收益的一些新投資？我想知道，在3到4家競爭對手、每股收益12%到13%的環境下，這種模式是否具有支撐性？或者，這是否也因為加大投資力度以期在 2018 年恢復到個位數中段的同比增速而被稀釋了？

Great. Thanks for the question, Matt. Just to remind you, what we guided last quarter for the fourth quarter, I think it's important for the question. So last quarter, we adjusted our rest-of-year earnings guidance because of an impact we saw from the Teavana mall store performance. That will continue as we get ready to close those stores. We also significantly increased our investment, primarily in the fourth quarter, around what we call Siren Retail. So Reserve, Roastery and Princi as well as digital. So -- but the short answer is indeed, the fourth quarter reflects an acceleration in those investments. So that's important. And then the second thing is there is a little bit of slowdown in the earnings growth in the fourth quarter compared to what we guided last time from the lower comps, both in the U.S. and in Japan. But the last quarter, you'll remember, we adjusted fourth quarter because of those investments. So that is an increase as we move through the year.

偉大的。謝謝你的提問，馬特。提醒一下，我們上季對第四季的預測，我認為這對這個問題很重要。因此，上個季度我們調整了今年剩餘時間的獲利預期，因為我們看到了 Teavana 購物中心門市業績的影響。在我們準備關閉這些門市的過程中，這種情況還會持續下去。我們也大幅增加了投資，主要是在第四季度，主要集中在我們稱為 Siren Retail 的業務。所以包括 Reserve、Roastery 和 Princi，以及數位版。所以——簡而言之，第四季確實反映了這些投資的加速成長。所以這一點很重要。其次，由於美國和日本的年比數據較低，第四季獲利成長速度較我們上次的預期略有放緩。但您應該記得，由於這些投資，我們對第四季度進行了調整。所以隨著時間的推移，這個數字會上升。

Your next question comes from the line of Karen Holthouse from Goldman Sachs.

你的下一個問題來自高盛的凱倫·霍爾特豪斯。

So hypothetically speaking, if some of these headwinds, whether it's retail traffic or food away from home, don't go away, are there particular things that we should be looking at or initiatives we're layering in on the horizon that you think would be able to be proactive changes in account trajectory, specifically the digital management tool? Is that so that you can go back to driving growth at peak in those stores? Maybe the Mercato lineup? Are there just anything we can kind of think of layering in going out through fiscal '18?

假設一下，如果零售客流量或外食等這些不利因素持續存在，那麼我們應該關注哪些具體事項，或者正在考慮哪些舉措，您認為這些舉措能夠積極改變客戶的發展軌跡，特別是數位化管理工具？這樣做的目的是為了讓你們能夠重新推動這些門市的成長達到頂峰嗎？或許是Mercato的陣容？有沒有什麼我們可以考慮 2018 財年逐步增加的措施？

Yes. Karen, this is Kevin. I'll comment and then hand it over to Matt. Clearly, the initiatives that we're driving around food and innovation around food and beverage is driving lift today. And that's going to continue to help us in comp going forward, independent of what's happening in the industry and the initiatives that we have in digital and sort of the outline that Matt took you through. I think the fundamental improvements we're making in throughput and the customer experience, especially at peak, those are 3 things that are giving us good results today, and those results will continue. So Matt, maybe I'll let you comment a bit more on the digital.

是的。凱倫，這是凱文。我先發表一下意見，然後交給馬特。顯然，我們圍繞著食品和食品飲料創新所推行的各項舉措，正在推動當今產業的成長。而且，無論行業內發生什麼，無論我們在數位化方面採取什麼舉措，也無論 Matt 向你概述的內容如何，這都將繼續幫助我們進行未來的競爭。我認為我們在吞吐量和客戶體驗方面所做的根本性改進，尤其是在高峰時段，這三件事目前為我們帶來了良好的結果，而且這些結果還將繼續。所以馬特，或許我可以讓你再多談談數位科技的問題。

Yes. Just to resummarize digital, you have to think about it as short-term and long-term things we can do to unlock value in digital. In the short term, we're going to continue to lean in hard to personalization and that spend per member amount. We see that coming. But we also have a major opportunity to lean in hard on customer acquisition as well, too, and we have strong plans throughout the remainder of this quarter and into next to do exactly that. In addition to that, moving forward, we laid out some broad ideas for where the Digital Flywheel goes down the road. And by broadening the Digital Flywheel beyond the narrow aperture of people with stored value cards and rewards right now, we see large long-term opportunities for growth by creating more digital relationships. And we see, even in a tough environment like today, digital relationships enable us to communicate with customers and bring them into our stores with frequency.

是的。簡單來說，要理解數位化，就要從短期和長期兩個面向來考慮，以釋放數位化的價值。短期內，我們將繼續大力推動個人化服務，並提高每位會員的消費金額。我們預料到了。但我們也迎來了一個重要的機會，可以大力拓展客戶，並且我們在本季度剩餘時間和下個季度都制定了強有力的計劃來做到這一點。除此之外，展望未來，我們也提出了數位飛輪未來發展的一些整體想法。透過將數位飛輪擴展到目前僅限於擁有儲值卡和獎勵的人群之外，我們看到了透過建立更多數位關係而獲得的巨大長期成長機會。我們看到，即使在像今天這樣艱難的環境下，數位化關係也能讓我們與顧客溝通，並讓他們經常光顧我們的門市。

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。

Matt, Kevin, you both mentioned detailed plans to get after the digital customer and acquiring those customers has a powerful impact. That growth in that customer has slowed over the last few quarters, and you're talking about the Chase collaboration. Is that the major way that you're going to get after getting new customers? And if so, do you have any sense of how meaningful that can be and what the runway would be?

Matt、Kevin，你們都提到了爭取數位客戶的詳細計劃，而獲得這些客戶會產生強大的影響力。過去幾個季度，該客戶的成長速度有所放緩，而你提到的正是與 Chase 的合作。這就是你獲得新客戶後的主要途徑嗎？如果是這樣，你是否意識到這有多重要，以及跑道會是什麼樣子？

Chase. All right. There are a few things here. First of all, just as a reminder that the lower 8% number that we reported in membership growth for Starbucks Rewards this quarter was a result of having had last year an unusual growth in Q3. So if you look at our 2-year growth, it's still at 26% year-on-year and it's fairly consistent. That said, we know that there's more for us to do, and we're going to continue to lean in. Chase will become a reason why we will engage more people down the road. But in the short term, we see some significant promotional and just old-fashioned block-and-tackle customer acquisition opportunities in the quarter ahead as well as continued improvements to the user experience and the sign-up experience to reduce frictions that cause people to drop off in the activation funnel. So we're leaning in hard on that in the short term, and then we have a lot more planned in the longer term, including Chase.

追趕。好的。這裡有幾件事。首先需要提醒的是，我們本季報告的星巴克獎勵計畫會員成長率為 8%，這是因為去年第三季出現了異常成長。所以，如果你看一下我們這兩年的成長情況，它仍然保持著每年 26% 的成長，而且相當穩定。儘管如此，我們知道還有更多的事情要做，我們將繼續努力。未來，Chase 將成為我們吸引更多人參與的原因之一。但就短期而言，我們看到在接下來的一個季度裡，有一些重要的促銷和傳統的實實在在的客戶獲取機會，同時用戶體驗和註冊體驗也將不斷改進，以減少導致人們在激活流程中流失的摩擦。所以短期內我們會大力推進這方面的工作，而長期來看，我們還有更多計劃，包括與 Chase 的合作。

David, I'd just remind you that the increase from last year that was higher than normal was when we launched the new program. We had a lot of marketing and promotion against that.

大衛，我只想提醒你，去年高於正常水平的成長是在我們推出新項目的時候。我們針對這個問題進行了大量的行銷和推廣活動。

And David, one of the things I would just add -- this is John. We are also looking at ways that we can activate our customers in the stores, right, how can our stores become much more active to activate and bring the rewards members into the program. And that's something else we're looking at as well.

大衛，我還要補充一點──這是約翰。我們也在研究如何才能更好地啟動店內顧客，如何讓我們的門市更加活躍，從而啟動並吸引獎勵會員加入該計劃。這也是我們正在研究的另一個面向。

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

你的下一個問題來自瑞士信貸的傑森·韋斯特。

I guess just along the lines of these investments, and you guys talked about some investments last quarter as well, were these contemplated in the longer-term guidance that you'd provided? Or are you sort of stepping up the level of investment here in the near term and we should expect that to put a bit more pressure on margins than usual, I guess, particularly in the Americas segment?

我想就這些投資而言，你們上個季度也談到了一些投資，這些投資是否包含在你們提供的長期指導中？或者說，你們近期會加大投資力度，而這勢必會給利潤率帶來比平常更大的壓力，尤其是在美洲地區？

Let's talk about this year and then the longer term, Jason. What I would say is last quarter, we definitely stepped up the level of investments this year, and it's part of the reason we adjusted guidance last quarter. And as I responded to Matt, that was a piece of the reason the fourth quarter earnings growth decelerates a little bit. Broadly, what I said about the 3 different investments in the profile is for Siren Retail investments, so Reserve, Roastery and Princi. Those -- as far as their impact on margin this year, I think it's at its peak this year. We will continue to grow those investments from a dollar basis, but because we have a significant number of Roasteries that are in preopening right now, the impact on margin is pretty high. As we get into next year, it will be lower. It will still increase in investment. When I look at partner investments, I think we're in the middle of that cycle. So we'll continue to lean in on partner investments as we get into next year, although again, we'll talk to you a little bit on what happens from a margin standpoint as it relates to those. And on digital investments, we continue to grow that, and it will continue to grow from a dollar spend year-on-year. Some of that is capitalized, so the impact on margin and P&L is a little bit less. But the reality is all of those investments, particularly around digital and around partner investments, we need to continue to make those because they're driving the kind of returns that allowed us to do a 5% comp this year and take additional share.

傑森，我們先來談談今年的情況，然後再談談長遠規劃。我想說的是，上個季度我們確實加大了今年的投資力度，這也是我們在上個季度調整業績指引的部分原因。正如我回覆馬特的那樣，這也是第四季度獲利成長略有放緩的部分原因。總的來說，我在簡介中提到的 3 項不同投資指的是 Siren Retail 的投資，即 Reserve、Roastery 和 Princi。就這些因素對今年利潤率的影響而言，我認為今年已經達到頂峰。我們將繼續增加這些投資，但因為我們目前有大量烘焙工坊處於開業前的準備階段，所以對利潤率的影響相當大。進入明年，這個數字還會下降。投資金額仍將持續成長。當我審視合作夥伴的投資時，我認為我們正處於這個週期的中間階段。因此，我們將繼續在明年加大對合作夥伴的投資力度，不過，我們也會和大家談談從利潤率的角度來看，這些投資會帶來哪些影響。在數位投資方面，我們將持續加大投入，每年的支出金額也將持續成長。其中一部分已資本化，因此對利潤率和損益表的影響較小。但現實是，所有這些投資，特別是圍繞數位化和合作夥伴的投資，我們都需要繼續進行，因為它們帶來了回報，使我們能夠在今年實現 5% 的同業增長並獲得更多市場份額。

Your next question comes from the line of Andrew Charles from Cowen and Company.

你的下一個問題來自考恩公司的安德魯查爾斯。

Kevin, switching gears a little bit, your discussion about the opportunity to partner with third-party digital firms reminds me around 5 years ago when Starbucks discussed opportunities to partner with third-party technology or financial services companies and monetize the My Starbucks Rewards loyalty to add up. Just give me your background and connections in the tech space. Are these partnerships you're looking to enter involve revisiting these conversations?

凱文，稍微換個話題，你談到與第三方數位公司合作的機會，讓我想起了大約 5 年前星巴克討論與第三方技術或金融服務公司合作，並將「我的星巴克獎勵」忠誠度貨幣化以增加收益的機會。請告訴我你的背景以及科技領域的人脈關係。你們希望建立的這些合作關係是否需要重新進行這些對話？

Well, I think, Andrew, clearly, the entire retail sector is going through this massive disruption. And it's clear that the winners coming out of this are going to be those companies who find elegant ways to bring an in-store experience together with the digital experience. I highlighted a number of examples of companies and the work they're doing, including the most recent discussion around Amazon's announcement to combine with Whole Foods. And so we certainly have a lot of experience in different partnerships with digital tech companies that we've engaged in over the years, and I think we're continuing to have dialogue with a number of pure-play tech companies around are there things that we could do that creates significant breakthroughs. And we're going to continue those discussions and see where it leads us. But it is about accelerating the pace of transformation that we're going through. Howard, do you want to add to that, please?

嗯，我認為，安德魯，很明顯，整個零售業正在經歷這場巨大的變化。很顯然，最終的贏家將是那些能夠巧妙地將店內體驗與數位體驗結合的公司。我重點介紹了一些公司及其正在進行的工作的例子，包括最近圍繞亞馬遜宣布與全食超市合併的討論。因此，多年來我們與許多數位科技公司建立了合作關係，並累積了豐富的經驗。我認為，我們正在繼續與許多純粹的科技公司進行對話，探討我們可以做些什麼來取得重大突破。我們將繼續進行這些討論，看看會得到什麼結果。但關鍵在於加快我們正在經歷的變革步伐。霍華德，你還有什麼要補充的嗎？

I would just add, as Kevin had in his prepared remarks, what we've seen over the last few months with Walmart and Jet.com and PetSmart and Chewy and most recently Amazon and Whole Foods, I think this is just we are in the nascent stage of these kinds of commercial relationships that are going to elevate the experience of a brick-and-mortar retail company. And having said that, Starbucks is probably best positioned given our national footprint, the demography of our customers and where we're located to have those kinds of conversations. I think it would be premature to kind of get into who they are, but clearly, we are a very viable partner given the change in the industry.

我只想補充一點，就像凱文在他準備好的演講稿中提到的那樣，過去幾個月我們看到的沃爾瑪和Jet.com、PetSmart和Chewy，以及最近的亞馬遜和Whole Foods，我認為這只是我們正處於這類商業關係的萌芽階段，這些關係將提升實體零售公司的體驗。話雖如此，鑑於星巴克在全國的門市佈局、顧客群體組成以及我們的地理位置，星巴克或許是最有能力進行這類對話的。我認為現在就去了解他們是誰還為時過早，但很顯然，鑑於行業的變化，我們是一個非常可行的合作夥伴。

Your next question comes from the line of Andy Barish from Jefferies.

你的下一個問題來自傑富瑞集團的安迪·巴里什。

One more, I guess, on the margin side of things. I mean, it seems like the focus on the mix in the Americas -- U.S. stores is shifting more to food and kind of handcrafted beverages, which I think have lower gross margins, as you pointed out, more labor complexity to them. What is the offset to that over time if, in fact, that's going to continue to be the sort of main products that help drive comp right now?

我想，這算是邊緣性問題吧。我的意思是，美洲地區的商品組合似乎正在向食品和手工飲料轉變，正如你所指出的，我認為這些商品的毛利率較低，而且勞動生產也更複雜。如果這類產品確實將繼續成為目前推動薪資成長的主要產品類型，那麼隨著時間的推移，這種影響又會如何抵銷呢？

Yes, Andy. What I would say is handcrafted beverages actually have some of the higher margins on a gross margin basis that we have in our stores. So that includes iced teas and Espresso beverages, very high gross margins and actually quite high operating margins as well even with the labor. But I think the spirit of your question -- the way I would describe it is the challenge we have a bit with our mix is mostly versus what we had forecast in the quarter where food is actually coming in a little bit stronger, which is a good thing because it's accretive to operating margin after leveraging all of the fixed costs and labor and rent. So that's the first thing. Where we come up a bit short and is pressuring gross margins is we just don't have quite as much beverage comp as we would like to see. So adding more handcrafted beverages, more iced teas, more core beverages, that will help with the mix challenge that we have. And I think as you see, comps hopefully accelerate as we move through and into next year, that will help with the gross margin. So it's really strong food growth and a little bit underweighted mix from beverage.

是的，安迪。我想說的是，手工飲品其實在我們店裡毛利率最高的商品中佔有較高的利潤率。這其中包括冰茶和濃縮咖啡飲料，它們的毛利率非常高，即使算上人工成本，營業利潤率也相當高。但我認為你問題的重點——我是這樣描述的——是我們目前在產品組合方面面臨的一些挑戰，主要是與我們本季度的預測相比，食品的實際表現略好一些，這是一件好事，因為在扣除所有固定成本、勞動力和租金後，它能提高營業利潤率。這是第一點。我們目前做得不夠好，並且對毛利率造成壓力的地方在於，我們的飲料類產品同店銷售沒有我們希望的那麼好。因此，增加更多手工飲品、更多冰茶、更多核心飲品，將有助於解決我們面臨的飲品種類搭配難題。而且我認為，正如你所看到的，隨著時間的推移，同店銷售額有望加速成長，並進入明年，這將有助於提高毛利率。所以食品業成長非常強勁，而飲料業的佔比略低。

Your next question comes from the line of Gregory Francfort from Bank of America.

你的下一個問題來自美國銀行的格雷戈里·弗蘭克福特。

Just one quick one. Can you just help us on the China business, provide any insight into just the recent margin profile and sort of rough margin breakdown? And then as we think about sort of over the longer-term China's contribution to the growth algorithm, is this something that's going to be additive to the longer-term algorithm? Or do you view it as replacing some of the U.S. contributions given the size and scale of that business? I guess is it an additive piece or maybe more of replacing in terms of the longer-term thinking?

就一個問題。您能否幫我們分析一下中國業務，提供一下近期利潤率狀況以及大致的利潤率組成？那麼，當我們從長遠角度思考中國對成長演算法的貢獻時，這是否會對長期演算法產生正面影響？或者，鑑於該企業的規模和體積，您是否認為它會取代美國的部分貢獻？我想，從長遠來看，它是錦上添花還是取而代之？

Yes, Greg. Let me start. This is Kevin. And then I'll hand it over to Scott for some specifics. First of all, we have been in China now for 18 years. And as a company, we have worked very diligently to build our brand, build relationships with our partners, create beautiful stores, a connection to customers. And when you think about the consumer brand that has more reach and relevance across China, it's hard to think of anyone that is better positioned. Number two, the unification of Mainland China as a company-operated model will enable us to accelerate the pace of growth and do it in a way consistent with the values and the culture that we've created in China. We have a world-class leadership team with Belinda right here on the phone with us today. And so if you think about the next 2 decades, I think the growth opportunities before us are unparalleled by anyone. So I think of this as we have 2 major growth engines for Starbucks: the U.S. that's operating at scale and China that has this huge runway of growth in the form of new stores and reaching millions -- tens of millions of more customers. And so both of them are core to what we are doing and they're core to our strategy, which is why the strategic actions we announced today, we believe, are the right things to do because it allows us to put more energy and more focus behind the things that matter the most. Scott, do you want to...

是的，格雷格。我先開始。這是凱文。然後我會把這件事交給史考特，讓他談談具體細節。首先，我們在中國已經18年了。作為一家公司，我們一直努力打造品牌，與合作夥伴建立關係，打造漂亮的門市，與顧客建立聯繫。當你想到在中國擁有更廣泛影響力和相關性的消費品牌時，很難想到還有哪個品牌比它更有優勢。第二，將中國大陸統一為公司營運模式，將使我們能夠加快成長速度，並以與我們在中國創造的價值觀和文化相一致的方式實現成長。我們擁有一支世界一流的領導團隊，貝琳達今天就和我們通電話。因此，展望未來二十年，我認為我們面臨的成長機會是任何人都無法比擬的。所以我認為星巴克有兩個主要的成長引擎：美國已經實現了規模化運營，而中國則擁有巨大的成長潛力，可以透過開設新店和接觸數百萬——甚至數千萬的新客戶來實現成長。因此，這兩者都是我們正在做的事情的核心，也是我們策略的核心，這就是為什麼我們認為今天宣布的策略行動是正確的，因為它使我們能夠將更多的精力和注意力投入到最重要的事情上。史考特，你想…

Yes, I think the only thing I would add to that is when you look at the performance of China, we've got 20% revenue growth, and operating income is growing quite a bit faster than that. So operating margins in China have been expanding at a pretty rapid rate over the last handful of years. So as we look at this acquisition, we see significant opportunity once we get through probably the first year or so where we get a little investment done, some integration done to significantly accelerate the East China market and broaden the types of returns we've seen across the rest of Mainland China.

是的，我唯一要補充的是，看看中國市場的表現，我們的營收成長了 20%，而營業收入的成長速度要快得多。因此，在過去幾年裡，中國的營業利潤率一直以相當快的速度成長。因此，當我們審視此次收購時，我們看到了巨大的機會。一旦我們度過最初的一年左右的時間，完成一些投資和整合，就能顯著加速華東市場的發展，並擴大我們在中國大陸其他地區所看到的收益類型。

Belinda, do you want to add anything before we close the conversation on China?

貝琳達，在我們結束關於中國的討論之前，你還有什麼要補充的嗎？

Sure. Thank you. What I would add is that the momentum for our business here has never been stronger. And it's really the early days of China. Yes, we have been investing heavily ahead of the curve, but we have -- the journey is really just in chapter 1. And I think this acquisition will really well position us to leverage our scale and the infrastructure we already built. But again, this is only at its very early stage, and we have to continue to invest in our infrastructure, our system and especially our people. And with the middle class rising, the coffee consumption rising, people picking up more and more, drinking coffee, I see enormous opportunities ahead, and we're really just getting started. And one last thing I would add is that our job every day here is to make new friends and get new connections going and really being very good at getting new customers to understand Starbucks and to go through the Starbucks journey. That has what we have been doing the last 18 years, basically. And I see that as our focus, and we'll stay laser-focused on bringing new customers into our business and continue on with our new growth -- store growth in China.

當然。謝謝。我想補充的是，我們在這裡的業務發展勢頭從未如此強勁。而且，這真的是中國發展的早期階段。是的，我們一直在超前進行大量投資，但實際上，這只是旅程的第一章。我認為這次收購將使我們能夠更好地利用我們的規模和我們已經建立的基礎設施。但話說回來，這只是還處於非常早期的階段，我們必須繼續投資我們的基礎設施、我們的系統，尤其是我們的人才。隨著中產階級的崛起，咖啡消費量的成長，越來越多的人開始喝咖啡，我看到了巨大的機遇，而我們才剛起步。最後我想補充一點，我們每天在這裡的工作就是結交新朋友，建立新的聯繫，並且非常擅長讓新顧客了解星巴克，並體驗星巴克之旅。基本上，這就是我們過去18年來一直在做的事情。我認為這是我們的重點，我們將繼續專注於為我們的業務吸引新客戶，並繼續實現新的成長—在中國拓展門市。

The question I was asked earlier -- of Kevin regarding a potential commercial partnerships with tech companies or pure-play digital companies, we have learned a great deal from the relationship we have with Tencent in China. In only 6 months, we've had over 2 million social gift transactions, which is just an unbelievable level of acceleration of velocity in a very short period of time. We do not have social gifting at that level here in the U.S., but clearly, we've got sight line on what that could be in the U.S. and the relationship that we have built with Tencent. So the other thing I'd say is when you asked a question, a lot of the answer is based on the fact that bricks-and-mortar retailers are in need of a pure-play digital partner. But what we're also seeing in these discussions is that the digital companies and tech companies realize more than ever that there's going to be one customer interface, and that interface is as important to a tech company to have a brick-and-mortar relationship as it is for brick-and-mortar relationship companies to have a digital relationship. And so once again, you think you're going to see lots of these kinds of things take place as well as what I've been saying for the last few years, and that is a level of consolidation and store closures, which we've all seen. But Starbucks, despite the cyclical issue of the macro environment, we are in the mix and not only in these conversations, but clearly, the level of store growth, the level of customer profile and the continuation of the velocity of building the equity of the brand domestically and around the world, and as Kevin said, the power we have to grow 2 businesses at once, a more mature business that clearly is not saturated here in the U.S. with the number of stores we continue to open with great success. And as Belinda said, we're at the very early, nascent stages of what we're going to have, which is thousands of retail stores in China, multiple points of distribution in terms of product and a digital relationship with multiple companies based on the fact that consumer in China is well more advanced than the U.S. consumer in terms of being a digital native. And we are at the intersection of that in ways that no other brick-and-mortar company is in China based on the fact that we are in 130 cities with 2,800 stores, but it's also the profile of the consumer in China. And with almost $1 million AUV in the morning ritual starting in China, building almost every day, this business in China, I think, is significantly underestimated, both by the people who analyze our business and I think candidly, in the market value of Starbucks.

之前有人問凱文，關於與科技公司或純粹的數位公司建立潛在的商業夥伴關係，我們從與中國騰訊的關係中學到了很多。短短 6 個月內，我們的社交禮品交易量就超過了 200 萬筆，這在很短的時間內實現了令人難以置信的增長速度。在美國，我們還沒有達到那種程度的社交送禮，但很明顯，我們已經看到了它在美國的發展前景，以及我們與騰訊建立的關係。所以我想說的另一點是，當你提出問題時，很多答案都基於這樣一個事實：實體零售商需要一個純粹的數位合作夥伴。但我們從這些討論中也看到，數位公司和科技公司比以往任何時候都更加意識到，將會只有一個客戶介面，而且對於科技公司來說，這個介面對於建立實體關係的重要性，與實體關係公司建立數位關係的重要性一樣重要。所以，你可能會再次看到很多這類事情發生，就像我過去幾年一直在說的那樣，那就是一定程度的整合和門市關閉，而我們也都看到了這一點。但星巴克，儘管宏觀環境存在周期性問題，我們仍然參與其中，不僅參與這些對話，而且顯然，門店增長水平、客戶畫像水平以及在國內和全球範圍內持續快速建立品牌資產，正如凱文所說，我們有能力同時發展兩項業務，一項是更成熟的業務，這項業務在美國顯然尚未飽和，因為我們仍在成功地開設大量新店。正如貝琳達所說，我們目前還處於非常早期、萌芽的階段，我們未來的願景是在中國擁有數千家零售店，多個產品分銷點，並與多家公司建立數位化關係，因為中國消費者比美國消費者更早地接觸數位技術，他們是數位原住民。我們正處於這兩者交匯點，這是其他任何一家實體零售公司在中國都無法比擬的，因為我們在 130 個城市擁有 2800 家門市，但這也與中國消費者的特徵有關。而隨著中國早晨咖啡服務的年均營業額接近 100 萬美元，並且幾乎每天都在增長，我認為，無論是分析我們業務的人，還是坦率地說，星巴克的市場價值，都嚴重低估了這項在中國的業務。

Your next question comes from the line of Nicole Miller from Piper Jaffray.

你的下一個問題來自 Piper Jaffray 的 Nicole Miller 的台詞。

I very much respect and understand the prudent nature of revising your guidance as you exit the year. The #1 question I get asked from investors, so I'm hoping you'd be willing to address it, is why not just do so for the long-term guided range? I think the algorithm currently states 10% to 15%. And again, it's the #1 question I get asked. So do you want us to think about that differently going forward either to the lower end or an actual restatement or removal of that as you go forward? Again, just to the nature of being as transparent and prudent as you can be.

我非常尊重並理解您在年末之際修訂指導方針的審慎做法。投資人問我最多的問題是，為什麼不直接對長期指導區間進行操作？我希望您能回答這個問題。我認為演算法目前給出的結果應該是 10% 到 15%。這也是我被問到最多的問題。那麼，您希望我們今後以不同的方式考慮這個問題，是降低標準，還是重新表達或取消該項內容？再次強調，這只是為了盡可能透明和謹慎。

Nicole, this is Kevin. Thank you for the question. As we think about long-range guidance going forward, we certainly understand and acknowledge the question. People look and say FY '17 year-to-date performance has been slightly below that long-range guidance, and so it's a valid question. First of all, I think it's important to know that when we guide for fiscal year '18 next quarter, we will also, in that guide, provide you with any updates to our long-range guidance. Now you might say, well, why do you wait until that? Well, look, we've got line of sight to what these strategic announcements we made today. Scott commented on the fact that the East China acquisition is neutral to accretive in year 1. We've got some variability in the Teavana mall store in terms of the pace of closures that we've got to work through over this next quarter. And so I think it's important for us to take the time to ensure that if there any other strategic actions we take between now and Q4 that we factor those into long-range guidance, that we have the final results for FY '17 as the basis for long-range guidance. And then frankly, we're right in the middle of creating our annual operating plan for fiscal year '18. And we think it's important that, that annual operating plan is completed as part of any update we give in long-range guidance and that you should expect that in -- on our October call. And I appreciate that's a question, and I know it's an important one. And I just ask for your patience, but we are completing the process and the things to do it thoughtfully and responsibly and be transparent with you and our investors.

妮可，這是凱文。謝謝你的提問。當我們思考未來的長期指導方針時，我們當然理解並承認這個問題。人們看到 2017 財年至今的業績略低於長期預期，因此這是一個合理的問題。首先，我認為重要的是要知道，當我們在下個季度發布 2018 財年業績指引時，我們也會在指引中提供我們長期業績指引的任何更新。你可能會問，那你為什麼要等到那時？你看，我們已經清楚地看到了我們今天發布的這些策略公告的內容。Scott評論說，收購東華公司在第一年對該公司業績的影響是中性或略有成長。 Teavana購物中心門市的關閉速度存在一些不確定性，我們需要在接下來的一個季度解決這個問題。因此，我認為我們應該花時間確保，如果我們從現在到第四季度採取任何其他策略行動，我們將把這些行動納入長期指導，並將 2017 財年的最終結果作為長期指導的基礎。坦白說，我們現在正處於製定 2018 財政年度年度營運計畫的關鍵階段。我們認為，年度營運計畫的完成是我們在長期指導意見更新中應包含的內容，您應該會在10月份的電話會議上看到相關內容。我知道這是一個問題，而且我知道這是一個重要的問題。我懇請各位耐心等待，我們正在認真負責地完成各項流程和事項，並且會對您和我們的投資者保持透明。

Your next question comes from the line of Will Slabaugh from Stephens.

你的下一個問題來自史蒂芬斯大學的威爾‧斯萊博格。

I wanted to shift back to China for a minute, if we could. If we're able to look out 1, 2, 3 years down the road, will we be talking more about tea, coffee or food growth in China? And how do you think that might change of versus what you're seeing today?

如果可以的話，我想暫時回到中國待一會兒。如果我們能夠展望未來 1 年、2 年、3 年，我們會多談中國的茶葉、咖啡還是食品成長？你認為這種情況與你今天看到的情況相比，未來會有什麼改變？

Well, I think -- this is John. I know that you'll be talking about growth across all those categories. Clearly, the growth of Espresso-based beverages and the way in which our customers in China have embraced that, we see a long runway for growth, and we have a strong innovation pipeline around that. In the comments, we talked about tea and the growth of tea we've seen since we've introduced Teavana being at nearly 60% in China and Japan. And so tea will continue to be a focus area as well. In food, we've just done a lot of work around transforming our food program in China and rolling that out to our stores, and we're seeing traction. So we're going to continue to grow across all categories. And when we open up the Shanghai Roastery, that will give us a whole another level of innovation that we are going to be able to bring into our stores, whether it's coffee-based beverages or tea-based beverages or food items. So Belinda, I don't know if you want to make any...

我想，這位是約翰。我知道你們會談到所有這些領域的成長。顯然，濃縮咖啡飲料的成長以及我們在中國的客戶對這種飲料的接受程度，都表明了我們未來很長的成長空間，並且我們圍繞著這一領域擁有強大的創新產品線。在評論中，我們討論了茶以及自 Teavana 推出以來我們看到的茶市場增長情況，在中國和日本，茶的市場份額已接近 60%。因此，茶飲仍將是重點領域之一。在食品方面，我們剛剛做了大量工作，改造了我們在中國的食品項目，並將其推廣到我們的門市，我們已經看到了成效。因此，我們將繼續在所有類別中實現成長。當我們開設上海烘焙工坊時，這將為我們帶來更高層次的創新，我們可以將這些創新帶入我們的商店，無論是咖啡飲料、茶飲料還是食物。所以貝琳達，我不知道你是否想做任何…

Yes, Belinda, maybe can give us some more color and share a little bit more of how you're driving both food and beverage innovation and what you see unfolding here over the next few years in China.

是的，貝琳達，或許您可以為我們詳細介紹一下，分享一下您是如何推動食品和飲料創新，以及您認為未來幾年中國食品和飲料行業將會發生哪些變化。

Yes, yes. Will, thank you. When you look at our 7% comp, what's nice about it is it's mostly from transactions. So we're getting new customers to come in and trial the experience. And also, what's nice about that is we see growth in all dayparts. That means we're serving different segments of customers. Some come in for our breakfast, and we're seeing morning daypart increase as well, as well as the afternoon and evening. So we continue to open stores to serve different customers and their needs. Like what John said, we're heavy up on our investment on food. We're also seeing great results from the launch of Teavana from last year, especially summertime right now, and our iced tea is doing very well. And we're going to -- and this is only the beginning, and we're going to double down again on our investment for afternoon refreshment in the tea category, especially in the afternoon segment. So I guess what I'll summarize it to be is that we are -- we're going to laser-focus on making sure all dayparts will be relevant for different customers, depending on the location or cities that we're in. We're also doing -- we're also opening a lot of new store and entering new cities as we meet our customer for the first time. So we're doing all that at the same time, and I think you'll see -- I'm very certain that we'll see growth in all dayparts coming in the next few years.

是的，是的。威爾，謝謝你。我們7%的佣金率，好處是它主要來自交易。所以我們正在吸引新客戶來體驗我們的服務。而且，令人欣喜的是，我們看到全天各個時段的客流量都在增加。這意味著我們服務於不同的客戶群。有些人會來我們這裡吃早餐，我們發現早上、下午和晚上的客流量都在增加。因此，我們不斷開設新店，以滿足不同顧客及其需求。正如約翰所說，我們在食品方面的投資很大一部分。我們也看到了去年推出的 Teavana 的巨大成效，尤其是在現在這個夏季，我們的冰茶銷量非常好。而且我們將會——這只是個開始，我們將再次加倍投資於下午茶飲市場，尤其是在下午茶領域。所以，我總結一下就是，我們將——我們將全力確保所有時段都與不同的客戶相關，這取決於我們所在的地點或城市。我們也在做——我們也在開設許多新店，進入新的城市，以便第一次與我們的客戶見面。所以我們正在同時做所有這些事情，我認為你會看到——我非常肯定，在未來幾年裡，所有時段的收視率都會成長。

And our last question comes from the line of RJ Hottovy from Morningstar Research.

最後一個問題來自晨星研究公司的 RJ Hottovy。

Just one last question on U.S. and really around product innovation here. One of the things we're hearing from a lot of the QSR and other restaurant firms is more on the menu simplification part of the equation. And obviously, it seems like you're going against the grain on that with more products and more innovation. What's the right balance? What does your analysis show in terms of the right balance with the right amount of products on the menus? It's something that could streamline and speed up the throughput process. Just kind of curious to get your thoughts on that as you look at a lot of -- a number of other things within the restaurants.

關於美國，特別是關於產品創新，我還有一個問題。我們從許多快餐店和其他餐飲公司聽到的一個回饋是，他們更關注菜單簡化方面。顯然，你似乎在逆潮流而行，推出了更多產品，進行了更多創新。如何才能達到適當的平衡？您的分析表明，菜單上產品的數量和比例是否適當？這可以簡化和加快生產流程。我只是有點好奇，想聽聽你對餐廳裡其他很多事情的看法。

Yes. RJ, this is Kevin. I'll start and then hand over to Scott to add to it. First of all, one of the things that we're always very thoughtful about as we're doing innovation around food and beverage is to be thoughtful about how that lands in the store and the experience it creates for our partners who prepare the food and beverage for customers and for customers. And so if you think about it, much of the work we do is innovation around what we think of as platforms. And we are -- in many ways, in beverage, we are -- have the capability to customize beverages for our individual customers at scale. And the way we've been able to do that is be very thoughtful about the platforms that we launch and then the things that differentiate or allow a customer to differentiate and customize that platform. Example would be when you think about our Espresso platform. Certainly, customers can substitute different types of milk, whether it's coconut milk or almond milk and the set of things we've done there. Flavor profiles. So by being thoughtful about how we do that innovation, we actually do it in a way that simplifies that customization in our stores for our partners. That said, we always have to be cautious that we're not expanding the platforms or the complexity or the SKU counts too much. The final comment I'll make, and I'll hand over to Scott, is that I also think we're going to go -- we're going through an exercise right now, really looking at the SKUs and doing some SKU rationalization. We're not at the end of job on that, but I think that's one that we're constantly looking at the -- at the long tail of SKUs that are low volume in stores and figuring out how to constantly prune those and put more energy then in keeping things fresh and vibrant for customers. Scott?

是的。RJ，我是凱文。我先開始，然後交給史考特補充。首先，我們在進行食品和飲料創新時，我們始終非常重視的一點是，要考慮這些創新在商店中的實際效果，以及它為準備食品和飲料的合作夥伴和顧客創造的體驗。所以仔細想想，我們所做的工作很多都是圍繞著我們所認為的平台進行創新。在飲料業，我們有很多方面都具備為每位客戶大規模客製化飲料的能力。我們之所以能夠做到這一點，是因為我們非常認真地考慮我們推出的平台，以及那些能夠讓客戶區分和客製化該平台的功能。例如，想想我們的 Espresso 平台。當然，顧客可以替換成不同類型的牛奶，無論是椰奶還是杏仁奶，以及我們所做的其他事情。風味特徵。因此，透過認真思考我們如何進行創新，我們實際上以一種簡化合作夥伴在我們門市進行客製化的方式來實現創新。也就是說，我們必須始終謹慎，不要過度擴展平台、增加複雜性或增加 SKU 數量。最後，我要把發言權交給 Scott，那就是我也認為我們將要——我們現在正在進行一項練習，認真審視 SKU 並進行一些 SKU 合理化。我們還沒有完成這項工作，但我認為這是我們一直在關注的問題——商店裡銷量低的長尾 SKU，並思考如何不斷精簡這些 SKU，從而將更多精力投入到保持產品新鮮活力上，以滿足顧客的需求。史考特？

I would only add -- I think Kevin nailed it on the beverage customization side. There is opportunity around food and around packaged coffee in our stores, and we're in the processes looking at that. So we'll come back to you in future quarters as we work our way through that. Yes, Howard?

我只想補充一點——我認為凱文在飲料定制方面做得非常出色。我們的商店在食品和包裝咖啡方面存在機會，我們正在研究這方面的機會。所以，我們會在未來的幾個季度裡，隨著工作的推進，再與您聯繫。是的，霍華德？

This is the last thing. I think one of the hallmarks of Starbucks, which continues to be highly relevant, is customization. And our ability to customize beverages is not about the number of SKUs we have. It's about the customers' demand and preference to customize their own beverage. And so when it goes back to the question about our people and retention and the training, this is where we are at our best, and this is where we do not have any other company in our space that is even second to us. So I think you're going to see us play up customization at a higher level as we enter fiscal '18 because we've always known how important that is, but it's becoming more and more important with this millennial consumer. So I think in closing, what I would say is we remain as optimistic as ever about the future of our company. We thought it was very prudent to really share with you what we experienced at the tail end of the quarter and what we're experiencing in the first few weeks, only 3 weeks in of the 13-week quarter in Q4, but enough information to just be sensitive and be straight with you. We understand the question about long-term guidance. But as Kevin said, we have a lot to absorb and digest while we are in the AOP period. And like always, we'll be straight up and be very, very honest with you about where we stand. But our optimism for what we're doing inside the U.S. and what we announced today in China has never been stronger. So you should hang up this call, I hope, with realizing how bullish we are and how strong we feel about the future of our company. Thank you very much.

這是最後一件事。我認為星巴克的一大特色（而且至今仍然非常重要）就是個人化。我們客製化飲料的能力與我們擁有的 SKU 數量無關。這是關於顧客對客製化自己飲品的需求和偏好。所以，當回到關於我們的人員、留任和培訓的問題時，這正是我們做得最好的地方，也是我們這個領域沒有其他公司能比得上我們的地方。所以我認為，隨著我們進入 2018 財年，你會看到我們更加重視個性化定制，因為我們一直都知道個性化定制的重要性，但對於千禧一代消費者來說，個性化定制變得越來越重要。最後我想說的是，我們對公司的未來依然保持著一如既往的樂觀態度。我們認為，在第四季度末和第四季度開始的頭幾週（雖然只有 3 週，而第四季度共有 13 週）裡，有必要與您分享我們在本季度末的經歷和經歷，但這些信息足以讓我們保持謹慎，並坦誠地與您溝通。我們理解關於長期指導的問題。但正如凱文所說，在 AOP 期間，我們有很多東西需要吸收和消化。和以往一樣，我們會坦誠相待，非常非常誠實地告訴你們我們的立場。但是，我們對我們在美國境內所做的事情以及今天在中國宣布的事情的樂觀情緒從未如此強烈。所以，我希望你掛斷電話時，能夠意識到我們對公司的未來有多樂觀，有多麼充滿信心。非常感謝。

And at this time, I'd like to turn it over to Tom for any closing remarks.

現在，我想把發言權交給湯姆，請他做最後的總結發言。

Yes. Thanks again, everybody, for joining us. And we look forward to speaking with you again on our fourth quarter earnings call, which we have tentatively scheduled for Thursday, November 2. Thanks.

是的。再次感謝大家的參與。我們期待在第四季財報電話會議上再次與您交流，暫定於11月2日星期四舉行。謝謝。

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

星巴克咖啡公司2017財年第三季財報電話會議到此結束。您現在可以斷開連線了。