星巴克 (SBUX) 2017 Q4 法說會逐字稿

Good afternoon. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to Starbucks Coffee Company's Fourth Quarter and Fiscal Year 2017 Earnings Conference Call. (Operator Instructions) I will now turn the call over to Tom Shaw, Vice President, Investor Relations. Mr. Shaw, you may now begin your conference.

午安.我叫羅伯，今天我將擔任你們的會議接線生。在此，我謹代表星巴克咖啡公司歡迎各位參加2017財年第四季及全年業績電話會議。（操作員指示）我現在將電話轉交給投資者關係副總裁湯姆·肖。肖先生，您現在可以開始會議了。

Good afternoon, everyone, and thanks for joining us today to discuss our fourth quarter and full year results for fiscal 2017. Today's discussion will be led by Kevin Johnson, President and CEO; and Scott Maw, CFO. For Q&A, we'll be joined by Ross Brewer, Group President Americas, and Chief Operating Officer; John Culver, Group President, International and Channels; Matt Ryan, Global Chief Strategy Officer; and dialing in from New York, Howard Schultz, Executive Chairman.

各位下午好，感謝各位今天蒞臨本次會議，與我們共同探討2017財年第四季及全年業績。今天的討論將由總裁兼首席執行官凱文·約翰遜和首席財務官斯科特·莫主持。在問答環節，我們將邀請美洲區總裁兼營運長羅斯·布魯爾、國際及通路區總裁約翰·卡爾弗、全球首席策略長馬特·瑞安，以及從紐約連線的執行董事長霍華德·舒爾茨。

This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factors discussions in our filings with the SEC, including our last annual report on Form 10-K. Starbucks assumes no obligation to update any of these forward-looking statements or information.

本次電話會議將包含前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。任何此類聲明都應與我們在盈利報告中的警示性聲明以及我們在提交給美國證券交易委員會的文件（包括我們最新的 10-K 表格年度報告）中的風險因素討論一並考慮。星巴克不承擔更新任何此類前瞻性聲明或資訊的義務。

Before handing the call over to Kevin, I'll take a moment to clarify that all references on today's call will be on a non-GAAP basis. GAAP results in fiscal 2017 includes several items related to strategic actions the company is taking as it focuses on accelerating growth in high-returning businesses and streamlining its operations. These items include restructuring and impairment charges, transaction and integration costs, gains related to changes in ownership of international markets and other items. These items are excluded from our non-GAAP results.

在將電話交給凱文之前，我想花一點時間澄清一下，今天電話會議中的所有參考資料都將以非GAAP為基礎。2017 財年的 GAAP 業績包括與公司為加快高回報業務成長和精簡營運而採取的策略行動相關的幾個項目。這些項目包括重組和減損費用、交易和整合成本、與國際市場所有權變更相關的收益以及其他項目。這些項目不計入我們的非GAAP業績。

Additionally, please note that fiscal 2016 contained an extra week in the fourth quarter, which resulted in incremental revenue and income for both Q4 of fiscal 2016 and full year fiscal 2016. Our comparisons to fiscal 2016 results exclude the effect of this extra week. Please refer to 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. This conference call is being webcast, and an archive of the webcast will be available on our website as well.

另外，請注意，2016 財年第四季度多出了一周，因此 2016 財年第四季度和 2016 財年全年都出現了收入和利潤的增加。與 2016 財年業績的比較不包括這額外一週的影響。請造訪我們的網站 investor.starbucks.com，查看今天電話會議中提到的非GAAP財務指標與其對應的GAAP指標的調節表。本次電話會議將進行網路直播，直播錄影也將存檔在我們的網站上。

I will now turn the call over to Kevin.

現在我將把通話轉給凱文。

Well, thank you, Tom, and welcome, everyone. Today, Starbucks Coffee Company reported another quarter and year of strong performance, with each of our business segments around the world contributing to record results. On today's call, I will provide highlights of Q4 and fiscal '17 and share our view of Starbucks' longer-term growth opportunity. Scott will then take you through details of our operating and financial performance and updated guidance.

謝謝你，湯姆，也歡迎各位。今天，星巴克咖啡公司公佈了另一個季度和全年的強勁業績，我們在全球的各個業務部門都為創紀錄的業績做出了貢獻。在今天的電話會議上，我將重點介紹 2017 年第四季和財年的業績，並分享我們對星巴克長期成長機會的看法。接下來，Scott 將詳細介紹我們的營運和財務業績以及最新的業績指引。

In fiscal '17, Starbucks delivered record revenues of $22.4 billion, a record 19.7% non-GAAP operating income margin and non-GAAP earnings per share growth of 11% over prior year. At the same time, we made significant investments to support the growth of our business and added over 2,200 net new stores to a total of now over 27,000 stores globally.

2017 財年，星巴克實現了創紀錄的 224 億美元收入，非 GAAP 營業利潤率創下 19.7% 的紀錄，非 GAAP 每股收益比上年增長了 11%。同時，我們進行了大量投資以支持業務成長，淨增門市超過 2,200 家，目前全球門市總數超過 27,000 家。

China was a standout in fiscal '17, posting 7% comp growth, strong revenue growth and another year of record AUVs and strong profitability. We added over 550 net new stores in China in fiscal '17 and now have nearly 3,000 stores in 135 cities.

中國在 2017 財年表現突出，實現了 7% 的同店銷售成長、強勁的收入成長，並再次創下平均單車銷量和獲利能力的紀錄。2017 財年，我們在中國新增淨門市 550 多家，目前在 135 個城市擁有近 3,000 家門市。

We capped fiscal '17 with a solid Q4, delivering 3% comp growth in the Americas and 3% globally and in the U.S. after adjusting for nearly 1 point of impact from Hurricanes Harvey and Irma. Millions of people, hundreds of communities and thousands of our Starbucks partners were impacted or displaced by devastating storms in Q4. Over 1,100 Starbucks stores were closed for extended periods. But the hurricane story is a human story, and I'm proud and appreciative of how our Starbucks partners responded to our customers and communities in distress.

2017 財年第四季表現穩健，美洲地區實現了 3% 的同業成長，全球和美國地區在調整了颶風哈維和艾爾瑪近 1 個百分點的影響後，也實現了 3% 的同業增長。第四季度，毀滅性風暴影響或導致數百萬人、數百個社區和數千名星巴克夥伴流離失所。超過1100家星巴克門市長時間關閉。但颶風的故事是一個關於人性的故事，我為星巴克的伙伴們在顧客和社區遭受苦難時所作出的回應感到自豪和感激。

Starbucks posted record, in many cases, industry-leading financial and operating results in both fiscal '16 and '17. But balanced conversation of our performance over the past 2 years acknowledges that we have not consistently delivered against our long-term financial targets, prompting a review to ensure that our targets are aligned with our strategic plan and the current operating environment.

星巴克在 2016 財年和 2017 財年均取得了創紀錄的財務和營運業績，在許多方面都處於行業領先地位。但對我們過去兩年業績的客觀評價表明，我們未能持續實現長期財務目標，因此需要進行審查，以確保我們的目標與戰略計劃和當前的經營環境保持一致。

By way of background, we last revised our long-term targets in 2010, and we are very proud of our performance since then, more than doubling revenues, tripling earnings, quadrupling market cap and increasing store count by over 10,000 locations globally. Our strategic planning process serves as the basis of our long-term financial outlook and is informed by 3 guiding principles. First, Starbucks is committed to remaining a growth company and delivering well above industry average comp, revenue and profit growth. Second, Starbucks is committed to streamlining our business, sharpening our focus and making thoughtful investments that position us to play the long game. And third, Starbucks is committed to a value-creation strategy that includes both consistent long-term profitable growth and rewards shareholders by returning cash in the form of dividend increases and share buybacks.

作為背景，我們上一次修訂長期目標是在 2010 年，我們為自那以來取得的成績感到非常自豪，收入翻了一番多，盈利翻了兩番，市值翻了兩番，全球門店數量增加了 10,000 多家。我們的策略規劃流程是我們長期財務展望的基礎，並以 3 項指導原則為指導。首先，星巴克致力於維持成長型公司的地位，並實現遠高於行業平均的同店銷售額、收入和利潤成長。其次，星巴克致力於精簡業務、明確重點並進行深思熟慮的投資，以便我們能夠進行長遠發展。第三，星巴克致力於價值創造策略，既包括持續的長期獲利成長，也包括透過增加股利和股票回購等方式向股東返還現金以回報股東。

With those principles in sharp focus, we challenged ourselves to balance the growth opportunity ahead with the headwinds confronting all retailers, particularly brick-and-mortar and restaurant retailers, our results over the past 2 years and the need to continue investing for growth. Taking each of these factors into consideration, today, we introduced new long-term financial targets, comp growth of 3% to 5%; revenue growth in the high single digits, and EPS growth of 12% or better. Now Scott will provide additional details, but we believe that these new targets represent performance that we can meet or beat in the years ahead, while continuing to deliver best-in-class growth for a global business of our scope and scale.

秉持這些原則，我們努力平衡未來的成長機會與所有零售商（尤其是實體店和餐飲零售商）面臨的逆風、過去兩年的業績以及繼續投資成長的必要性。考慮到所有這些因素，今天，我們推出了新的長期財務目標：同店銷售額增長 3% 至 5%；收入增長達到高個位數；每股收益增長達到 12% 或更高。現在史考特將提供更多細節，但我們相信，這些新目標代表著我們在未來幾年可以達到或超越的業績，同時我們將繼續為像我們這樣規模和範圍的全球企業帶來一流的成長。

We are driving 3 important actions in support of our long-term guidance. First, we are committed to investing in our future, specifically as it relates to partners, food and beverage innovation, digital innovation and Starbucks Reserve. Second, we are adapting our cost structure to align with this new long-term guidance with focus on G&A and the middle of the P&L. Third, we are streamlining our business and directing our investments toward businesses and operations where our growth prospects and returns are the greatest. While transitioning, whether by licensing, divestiture or otherwise, businesses and operations where returns and long-term growth prospects are less attractive. Examples of recent streamlining activity include almost doubling our company-owned operations in Mainland China through the pending purchase of the remaining 50% of our East China operations, moving our businesses in Singapore, Germany and Taiwan, approximately 700 stores in aggregate, to a 100% licensed market model; initiating the closure of all Teavana retail stores; selling TAZO in order to focus on Teavana as our premium tea brand; and eliminating our Starbucks e-commerce operation in order to better leverage our channel partners. Starbucks' future returns will increasingly benefit from our ongoing initiatives to further streamline our business.

為了支持我們的長期發展方向，我們正在推動 3 項重要措施。首先，我們致力於投資未來，尤其是在合作夥伴、食品和飲料創新、數位創新和星巴克臻選方面。其次，我們正在調整成本結構，以符合這項新的長期指導方針，重點放在一般及行政費用和損益表的中部。第三，我們正在精簡業務，並將投資方向轉向成長前景和回報最大的業務和營運。在轉型過程中，無論是透過授權、剝離或其他方式，都將那些回報和長期成長前景不太有吸引力的業務和營運進行轉型。近期精簡業務的例子包括：透過即將收購我們在華東地區剩餘 50% 的業務，使我們在中國大陸的自有業務規模幾乎翻了一番；將我們在新加坡、德國和台灣的業務（總計約 700 家門店）全部轉為 100% 授權市場模式；啟動所有電子商務品牌以及我們啟動的公司更好地出售？星巴克未來的收益將越來越受益於我們不斷推進的業務精簡計劃。

In addition to our streamlining activities, we remain focused on executing against our 6 operational priorities. Progress against our priorities form the foundation and will be the proof points of our new guidance. And in Q4, we made significant progress against each priority.

除了精簡流程外，我們將繼續專注於執行我們的 6 項營運重點。在實現我們的優先事項方面取得的進展構成了我們新指導方針的基礎，並將成為其檢驗標準。第四季度，我們在各項優先事項上都取得了顯著進展。

Scott will walk you through the details, but here are a few highlights. Let me start with our efforts to accelerate U.S. comp. Increased customer adoption of Mobile Order and Pay has resulted in a sustained increase in demand, particularly in our highest-volume stores at peak. We continue to leverage lean principles to further improve our in-store production engine, further increase throughput and deliver an improved customer experience. This work, combined with labor deployment, digital order management and channel-focused production have enabled us to unlock capacity, particularly in our busiest mobile order stores at peak. In fact, transaction cost in the U.S., net of hurricane-related impact, was the strongest performance in 6 quarters. At the same time, customer experience scores for both Mobile Order and Pay and non-Mobile Order and Pay customers reached record levels in Q4.

Scott會為你詳細介紹，但這裡先簡單介紹重點。首先，我想談談我們為加速美國競爭所做的努力。顧客對行動點餐和支付方式的接受度提高，導致需求持續成長，尤其是在高峰期客流量最大的門市。我們將繼續運用精實原則，進一步改善我們的店內生產引擎，進一步提高產量，並提供更好的客戶體驗。這項工作，結合勞動力部署、數位化訂單管理和以通路為中心的生產，使我們能夠釋放產能，尤其是在高峰期我們最繁忙的行動訂單商店。事實上，美國的交易成本（扣除颶風相關影響後）是六個季度以來表現最好的。同時，第四季行動點餐和支付客戶以及非行動點餐和支付客戶的客戶體驗評分均達到創紀錄水準。

Our next operational priority is driving innovation in food and beverage and naturally links to our efforts to accelerate U.S. comp. Innovation across our coffee and tea beverage platforms with emphasis on cold, including our Cold Brew platform, Iced Espresso beverages and Teavana infusion Shaken Iced Teas all contributed to our growth in Q4. In addition, we are leaning into our fast-growing categories around Cold Brew, draft Nitro beverages and plant-based modifiers, including almond, coconut and soymilk alternatives. Not only are these fast-growing platforms highly relevant to our customers, our research demonstrates that they also provide a significant opportunity to drive food attach outside of our core morning daypart.

我們下一個營運重點是推動食品和飲料領域的創新，這自然與我們加速美國競爭的努力息息相關。我們在咖啡和茶飲料平台上的創新，尤其註重冷飲，包括我們的冷萃咖啡平台、冰濃縮咖啡飲料和 Teavana 冰搖茶，都為我們第四季的成長做出了貢獻。此外，我們正在大力發展冷萃咖啡、氮氣飲料和植物性調味料（包括杏仁奶、椰奶和豆奶替代品）等快速成長的品類。這些快速成長的平台不僅與我們的客戶高度相關，我們的研究還表明，它們也為我們提供了一個重要的機會，可以在我們核心的上午時段之外推動食品銷售。

Our food program continues to grow and expand, with food mix now over 21% for the first time ever in Q4, giving us confidence that we will reach our target of 25% food mix by 2021. Our priority to accelerate the power and momentum of our Digital Flywheel reflects the fact that digital relationships are among our most powerful demand-generation levers. In fiscal '17, Starbucks Rewards membership in the U.S. rose 11% year-over-year. Per member spend increased 8% in Q4 alone. The cumulative effect is that, today, 36% of tender comes from Starbucks Rewards. The vast majority via our mobile app.

我們的食品計劃持續成長和擴大，第四季度食品組合佔比首次超過 21%，這讓我們有信心在 2021 年實現食品組合佔 25% 的目標。我們優先加快數位飛輪的動力和勢頭，這反映出數位關係是我們最強大的需求創造槓桿之一。2017 財年，星巴克獎勵計畫在美國的會員人數較去年同期成長 11%。光是第四季度，每位會員的消費就成長了 8%。累積起來，如今 36% 的交易金額來自星巴克獎勵計畫。絕大多數的用戶都是透過我們的行動應用程式購買。

Having made measurable progress increasing throughput and customer experience at peak, we can soon begin offering Mobile Order and Pay capabilities and features to all customers, Starbucks Rewards member or not. In quarters ahead, all customers will be able to download our app, set up a digital relationship with Starbucks, select a payment vehicle of their choice and use Mobile Order and Pay. This is the first of many initiatives that will combine direct digital relationships with new value propositions in order to expand the total universe of customers with whom we engage and communicate.

我們在提高吞吐量和提升高峰時段的客戶體驗方面取得了顯著進展，很快就可以開始向所有顧客（無論是否是星巴克獎勵會員）提供行動訂購和支付功能。在接下來的幾個季度裡，所有顧客都將能夠下載我們的應用程序，與星巴克建立數位關係，選擇他們喜歡的付款方式，並使用手機點餐和支付功能。這是眾多舉措中的第一個，這些舉措將把直接的數位關係與新的價值主張相結合，以擴大我們互動和溝通的客戶群。

The Digital Flywheel platform continues to evolve with new features and support new geographies. We recently launched Starbucks Rewards in Japan on the Digital Flywheel platform and already have nearly 2 million members, well ahead of our most optimistic projections, with store value as a percent of tender doubling in just a few store weeks.

數位飛輪平台不斷發展，推出新功能並支援新的地區。我們最近在日本透過 Digital Flywheel 平台推出了 Starbucks Rewards，目前已有近 200 萬會員，遠遠超出我們最樂觀的預期，門市價值佔交易額的百分比在短短幾週內就翻了一番。

Japan also represents the first instance of our new global, cloud-based customer digital technology platform that will enable new capabilities and features in markets around the world, including North America. The platform launched with near-perfect performance. The next major application of this new technology platform will enable the launch of financial services products in the U.S. in conjunction with Chase. We are pleased to announce that our first product with Chase to be launched this winter will be a co-branded Visa credit card, enabling customers to receive Starbucks Rewards with their purchases, both in and out of Starbucks stores.

日本也是我們全新的全球雲端客戶數位技術平台的首個試點地區，該平台將為包括北美在內的世界各地市場帶來新的功能和功能。該平台上線後表現近乎完美。這個新科技平台的下一個主要應用將是與摩根大通銀行合作，在美國推出金融服務產品。我們很高興地宣布，今年冬天我們將與 Chase 合作推出的第一款產品將是一款聯名 Visa 信用卡，讓顧客無論是在星巴克門市內外購物，都能獲得星巴克獎勵。

The second product, the prepaid Visa card we have discussed on prior earnings calls, will be introduced shortly thereafter. Both products will have forward options, a very rich rewards proposition for people who spend on credit and a unique store value product offering rewards for customers who prefer debit.

第二款產品，也就是我們在先前的財報電話會議上討論過的預付Visa卡，將在此之後不久推出。這兩款產品都將提供預付款選項，為使用信用卡消費的顧客提供非常豐厚的獎勵，並為喜歡使用金融卡的顧客提供獨特的儲值獎勵。

Our fourth operational priority is enabling long-term growth in China. Our China growth strategy will be amplified as we transition our East China JV to a company-operated market and begin leveraging our local leadership teams and economies of scale to maximize the growth and profit opportunity ahead. The opening of the Shanghai Roastery next month will further elevate the Starbucks brand in China while, at the same time, adding to our momentum across the business and market, underscoring, once again, the significant growth opportunity that China represents for Starbucks.

我們的第四項營運重點是促進在中國的長期成長。隨著我們將華東合資企業轉型為公司自營市場，並開始利用我們的本地領導團隊和規模經濟，最大限度地把握未來的成長和獲利機會，我們將加強我們的中國成長策略。下個月上海烘焙工坊的開幕將進一步提升星巴克在中國的品牌形象，同時也將增強我們在整個業務和市場的發展勢頭，再次凸顯中國市場對星巴克而言蘊藏的巨大增長機會。

Our fifth operational initiative is elevating the Starbucks experience through Roasteries and Reserve. Since 1971, the Starbucks brand has been built through leadership around all things coffee and tea and through the consistent delivery of a premium retail customer experience, the Starbucks Experience. Our Starbucks Roasteries and our Starbucks Reserve brand built on that long heritage and are central to our innovation strategy around branded, experiential retail customer destinations. Our Starbucks Roastery continues to attract and delight local customers and visitors from around the world while delivering double-digit comp growth and an average ticket approaching 4x that of a typical Starbucks store. And our Seattle Roastery will further benefit when our first Princi store opens inside it next week.

我們的第五項營運措施是透過烘焙工作坊和臻選系列來提升星巴克體驗。自 1971 年以來，星巴克品牌一直致力於在咖啡和茶領域保持領先地位，並始終如一地提供優質的零售客戶體驗——星巴克體驗。我們的星巴克烘焙工作坊和星巴克臻選品牌建立在這一悠久傳統之上，是我們圍繞品牌化、體驗式零售客戶目的地進行創新策略的核心。我們的星巴克烘焙工坊持續吸引並取悅本地顧客和來自世界各地的遊客，同時實現了兩位數的同店銷售成長，平均客單價接近普通星巴克門市的 4 倍。下週，我們的第一家 Princeci 門市將在西雅圖烘焙工坊內開業，屆時我們的西雅圖烘焙工坊也將從中受益。

We have great plans for the high-end, artisanal Italian bakery, Princi. Princi will be embedded in every Starbucks Reserve Roastery, including our extraordinary 30,000 square-foot Shanghai Roastery opening next month, further elevating the culinary experience we offer customers.

我們對高端手工義大利麵包店 Princi 有著宏偉的計劃。Princi 將入駐每一家星巴克臻選烘焙工坊，包括我們下個月即將開業的佔地 30,000 平方英尺的非凡的上海烘焙工坊，進一步提升我們為顧客提供的美食體驗。

We also plan to add a number of stand-alone Princi stores featuring Starbucks Reserve coffees in the years ahead. Our Roasteries and Reserve brand continues Starbucks' tradition of delivering premium quality and groundbreaking innovation and both reaffirm our coffee and tea leadership and create further separation from the industry. With Roasteries in New York, Tokyo, Milan and Chicago under construction or development, fiscal '18 will be a year of significant investment. I invite you to join us on December 6 for opening day of our Shanghai Roastery.

未來幾年，我們也計劃增設多家獨立的 Princi 門市，主營星巴克臻選咖啡。我們的烘焙工坊和臻選品牌延續了星巴克提供優質產品和突破性創新的傳統，既鞏固了我們在咖啡和茶領域的領先地位，又進一步拉開了與行業的差距。2018 財年，紐約、東京、米蘭和芝加哥的烘焙工坊正在建造或開發中，這將是重大投資的一年。我誠摯邀請您於12月6日蒞臨我們上海烘焙工坊的開幕日。

Our sixth operational priority is gaining share of at-home coffee. Scott will take you through the details in a moment, but let me just say that we continue to innovate and win channel share in premium coffee, recording a very strong quarter of 8% revenue growth. As you can see, we remain laser-focused on successful execution against our 6 operational priorities.

我們的第六項營運重點是贏得家庭咖啡市場份額。Scott 稍後會詳細介紹，但我想說的是，我們不斷創新，在高檔咖啡領域贏得通路份額，本季營收成長強勁，達到 8%。如您所見，我們始終專注於成功執行我們的 6 項營運重點。

Now Starbucks has always sought to be a different kind of company, a company that consistently delivers industry-leading financial performance, while, at the same time, using our scale for good. In addition to delivering record results in fiscal '17 against a difficult industry backdrop, we're proud of the many important social impact initiatives we advanced, all of which support our brand. We have created opportunities for many. In the past year alone, we hired more than 40,000 opportunity youth and aspire to hire 100,000 by 2020. Earlier this year, we surpassed our goal of hiring 10,000 veterans and military spouses and have now increased our goal to hiring 25,000 by 2025.

星巴克一直致力於成為一家與眾不同的公司，一家持續取得業界領先的財務業績，同時利用自身規模造福社會的公司。除了在 2017 財年艱難的行業環境下取得創紀錄的業績外，我們還為推進的許多重要的社會影響舉措感到自豪，所有這些舉措都支持了我們的品牌。我們為許多人創造了機會。光是去年，我們就僱用了超過 4 萬名青年求職者，並力爭 2020 年僱用 10 萬名青年求職者。今年早些時候，我們超額完成了僱用 10,000 名退伍軍人和軍屬的目標，現在我們將目標提高到 2025 年僱用 25,000 名。

In addition, we now have over 8,000 Starbucks partners enrolled in the Starbucks College Achievement Plan in partnership with ASU. I'm particularly proud of how our partners responded to the powerful hurricanes that devastated South Texas, Florida and Puerto Rico. They responded with resilience, compassion, strength and unity, supporting their partners, customers and communities.

此外，目前已有超過 8,000 名星巴克夥伴參加了與亞利桑那州立大學合作的星巴克大學成就計畫。我特別為我們的合作夥伴應對襲擊德克薩斯州南部、佛羅裡達州和波多黎各的強颶風的方式感到自豪。他們展現出韌性、同情心、力量和團結，支持他們的合作夥伴、客戶和社區。

Before handing the call over to Scott, I'd like to take a moment to acknowledge our Starbucks leadership team, a talented, experienced, committed and diverse group of servant leaders. We are a team committed to Starbucks' future, and I'm honored to officially introduce Ross Brewer, our newly appointed Group President Americas and Chief Operating Officer. With John Culver as Group President International and Channels, Cliff Burrows as Group President of Siren Retail. And Ross, in her new role, we have 3 very strong and seasoned operators leading these businesses. Our entire leadership team is aligned around the strategies I've outlined for you today, and I have the utmost confidence in our future.

在將電話交給 Scott 之前，我想花一點時間感謝我們的星巴克領導團隊，他們是一群才華橫溢、經驗豐富、盡職盡責、多元化的服務型領導者。我們是一個致力於星巴克未來的團隊，我很榮幸正式向大家介紹羅斯·布魯爾，我們新任命的美洲區集團總裁兼營運長。John Culver 擔任國際及通路集團總裁，Cliff Burrows 擔任 Siren Retail 集團總裁。羅斯擔任新職務後，我們有 3 位實力雄厚、經驗豐富的業者來領導這些業務。我們整個領導團隊都認同我今天向你們概述的策略，我對我們的未來充滿信心。

With that, I'd like to hand the call over to Scott. Scott?

接下來，我想把電話交給史考特。史考特？

Thank you, Kevin, and good afternoon, everyone. As Kevin shared, fiscal 2017 was another year of strong performance for Starbucks. We reported solid top and bottom line growth, and in Q4, our best increase in U.S. traffic since early calendar 2016, despite a challenging retail operating environment overall.

謝謝你，凱文，大家下午好。正如凱文所說，2017財年對星巴克來說又是業績強勁的一年。儘管整體零售經營環境充滿挑戰，但我們實現了穩健的營收和利潤成長，並且在第四季度，美國客流量實現了自 2016 年初以來的最大增幅。

On today's call, I will provide an overview of our Q4 and 2017 results, expand on Kevin's comments regarding our long-term financial targets and introduce guidance for fiscal 2018. Q4 non-GAAP EPS of $0.55 was up 10% over last year and includes a $0.01 benefit from higher income on unredeemed Starbucks cards, offset by an estimated $0.01 of negative impact resulting from the hurricanes, primarily from lost sales. Our Q4 non-GAAP operating margin came in at 20%, down 90 basis points from last year, the result of 130 basis point increase in partner and digital investments; 70 basis points for mix shift; principally increased food sales in the U.S.; and an estimated 40 basis points of hurricane-related impact, partially offset by strong sales leverage, particularly in CAP.

在今天的電話會議上，我將概述我們第四季和 2017 年的業績，進一步闡述凱文關於我們長期財務目標的評論，並介紹 2018 財年的業績指引。第四季非GAAP每股收益為0.55美元，比去年同期成長10%，其中包括未兌換星巴克卡收入增加帶來的0.01美元收益，但被颶風造成的約0.01美元負面影響所抵消，主要原因是銷售損失。我們第四季的非GAAP營業利潤率為20%，比去年下降了90個基點，這是由於合作夥伴和數位投資增加了130個基點；產品組合變化增加了70個基點；主要是美國食品銷售額增加；以及颶風相關影響估計增加了40個基點，部分被強勁的銷售作用所抵消，尤其是在槓桿方面。

I'll now take you through our Q4 operating performance by segments. Americas revenues grew 7% in Q4 to nearly $4 billion, primarily driven by 952 net new store openings over the past 12 months and 3% comp growth. Americas' 23% Q4 non-GAAP operating margin was down 390 basis points from last year, the result of 180 basis points of incremental U.S. store partner investment, 90 basis point from food sale-driven mix shift and 40 basis points attributable to the hurricanes. For the year, Americas grew revenues by 8% and delivered an operating margin of 23.4% compared to 25% in 2016, primarily due to increased partner investments.

接下來，我將帶您了解我們第四季各業務部門的營運表現。美洲地區第四季營收成長 7%，達到近 40 億美元，主要得益於過去 12 個月淨新增 952 家門市以及 3% 的同店銷售額成長。美洲地區第四季非GAAP營業利潤率為23%，比去年同期下降了390個基點，其中180個基點是由於美國門市合作夥伴新增投資，90個基點是由於食品銷售驅動的產品組合變化，40個基點是由於颶風的影響。美洲地區本年度營收成長 8%，營業利潤率為 23.4%，而 2016 年為 25%，主要歸功於合作夥伴投資的增加。

In Q4, our core espresso, tea and refreshment beverage platforms delivered a combined 2 points of U.S. comp growth, partially offset by blended Frappuccino beverages, primarily in the afternoon daypart. Food also contributed 2 points of comp now for the third consecutive quarter, driven principally by increased attach. Ricotta continues to perform very well in both Seattle and Chicago with a fresh food focus that is driving customer delight and incrementality. Also, disciplined price adjustments continue to help us offset rising labor and other input costs.

第四季度，我們的核心濃縮咖啡、茶和清爽飲料平台在美國實現了 2 個百分點的同店銷售增長，但部分被混合星冰樂飲料所抵消，主要發生在下午時段。食品也連續第三個季度貢獻了 2 個同店銷售額，這主要是由於外帶增加所致。Ricotta 在西雅圖和芝加哥都持續表現出色，其新鮮食材的概念正在提升顧客滿意度和銷售。此外，有紀律的價格調整也繼續幫助我們抵消不斷上漲的勞動成本和其他投入成本。

As holiday approaches, we have a full pipeline of innovative food and beverage offerings and returning seasonal favorites to surprise and delight our customers, and we're fully prepared for increased holiday traffic in our stores with the throughput initiatives Kevin discussed, positioning us to continue delivering improved transaction comps at peak.

隨著假期臨近，我們準備了一系列創新食品和飲料產品以及回歸的季節性熱門產品，以給我們的顧客帶來驚喜和愉悅。我們已做好充分準備，迎接假期期間門店客流量的增加，這得益於凱文所討論的吞吐量提升計劃，使我們能夠在高峰期繼續實現更高的交易額。

Moving on to China/Asia Pacific. CAP once again delivered company-leading growth in Q4, with revenues increasing to $860 million, up 14% after adjusting for 4 points of FX. CAP's growth was largely driven by the over 1,000 net new stores opened during the past 12 months and 2% comp growth. China continued its outperformance with 8% comp growth, its strongest in 9 quarters, driven by food and core beverage performance, momentum in Starbucks Rewards and increasing sales of Teavana-branded handcrafted tea beverages. Teavana has now contributed 2 points or more to China comp every quarter since we introduced the brand into the China market last year. Comp growth in Japan improved sequentially from Q3. Overall store and market profitability in Japan remain very strong with comp growth in core food, tea and espresso categories offset by negative comp in blended. For perspective, sale for blended beverages in Japan represented over 40% of sales mix in the spring and summer months compared to less than 15% in the U.S. Thus shifts in blended sales in Japan have a disproportionate impact on both Japan and CAP comps overall. For that reason, it is important not to over index on Japan comps as we shift away from blended towards a broader mix of core products.

接下來是中國/亞太地區。CAP 在第四季度再次實現了公司領先的成長，營收增至 8.6 億美元，經 4 個百分點的匯率調整後成長了 14%。CAP 的成長主要得益於過去 12 個月內新增的 1000 多家門市以及 2% 的同店銷售額成長。中國市場繼續保持優異表現，同店銷售額增長 8%，創 9 個季度以來新高，這主要得益於食品和核心飲料業務的強勁增長、星巴克獎勵計劃的良好勢頭以及 Teavana 品牌手工茶飲銷量的增長。自去年將 Teavana 品牌引入中國市場以來，每季品牌都為中國同店銷售額貢獻了 2 個百分點或更多。日本同業成長較第三季有所改善。日本整體門市和市場獲利能力依然非常強勁，核心食品、茶和濃縮咖啡品類的同店銷售成長被混合品類的負成長所抵銷。從這個角度來看，在日本，混合飲料的銷售額在春夏季節佔銷售組合的 40% 以上，而美國則不到 15%。因此，日本混合飲料銷售的變化對日本和 CAP 整體的同店銷售額都有著不成比例的影響。因此，當我們從混合型產品轉向更廣泛的核心產品組合時，重要的是不要過度依賴日本同類產品。

CAP operating income increased 16% to $219 million in Q4, while operating margin expanded 140 basis points, driven by strong performance from both our company-owned stores in China and our JV partnerships in East China and South Korea. South Korea, now our fifth largest global market with system sales exceeding $1 billion, deserves special mention, posting double-digit comp growth in fiscal 2017 and further underscoring the broad success we're having across CAP.

第四季度，CAP 的營業收入成長 16% 至 2.19 億美元，營業利潤率成長 140 個基點，這主要得益於我們在中國的公司自營門市以及我們在華東和韓國的合資夥伴的強勁表現。韓國目前是我們全球第五大市場，系統銷售額超過 10 億美元，值得特別一提。韓國在 2017 財年實現了兩位數的同店銷售成長，進一步凸顯了我們在 CAP 領域取得的廣泛成功。

For the year, CAP revenues grew 14%, excluding 2 points of negative FX, and operating income, a stunning 24%, driven by strong operating performance across the segment and the benefit of value-added tax changes in China.

本年度，CAP 收入成長 14%（不計 2 個百分點的匯率負面影響），營業收入成長 24%，這主要得益於該業務部門強勁的經營業績以及中國增值稅改革帶來的好處。

I'd like to take a moment to highlight the significant profit growth engine we have built in CAP where, together, our CAP markets delivered nearly 50% of Starbucks total non-GAAP operating income growth in 2017. We see another year of strong operating income growth in 2018, with CAP once again contributing a material portion of our absolute growth. And the acquisition of our East China business will be further accretive to our CAP growth rate, particularly as we move through this year and into 2019.

我想藉此機會重點介紹我們在 CAP 領域建立的顯著利潤成長引擎。 2017 年，我們的 CAP 市場共同貢獻了星巴克非 GAAP 營業收入成長的近 50%。2018 年，我們再次迎來強勁的營業收入成長，其中 CAP 再次為我們的絕對成長貢獻了相當一部分。收購我們在華東地區的業務將進一步提高我們的本益比，尤其是在我們度過今年並進入 2019 年。

Starbucks now has 2 significant profit engines driving our global returns, our North America business and the broader CAP market. Going forward, we will be allocating more time to CAP in our prepared remarks, given the increasing importance of the segment.

星巴克目前擁有兩大重要的利潤引擎來推動我們的全球回報：北美業務和更廣泛的 CAP 市場。鑑於CAP部分的重要性日益增加，今後我們將在準備好的發言稿中為CAP分配更多時間。

Turning to EMEA. In Q4, EMEA delivered revenue growth of 7% to $270 million, the segment's strongest quarterly revenue growth in 3 years. Company-operated store comp was 1% in the quarter, while system-wide comps increased a strong 5%. EMEA margin in Q4 was 12.9% compared to 16.2% last year, reflecting softer performance in our company-owned markets and a 210 basis point impact from a tax settlement in Q4 2017, offset by the benefit of store mix shift towards the license model. For the year, EMEA revenue declined 8% relative to 2016. However, adjusting for FX and the impact of mix shift to licensed stores, EMEA revenue grew 7%, a strong result given the challenging economic and geopolitical backdrop.

轉向歐洲、中東和非洲地區。第四季度，EMEA 地區的營收成長 7% 至 2.7 億美元，這是該業務部門 3 年來最強勁的季度營收成長。本季公司自營門市同店銷售額成長 1%，而係統整體同店銷售額則強勁成長 5%。EMEA 第四季利潤率為 12.9%，而去年同期為 16.2%，這反映出我們公司自有市場的表現疲軟，以及 2017 年第四季度稅收結算帶來的 210 個基點的影響，但被門市組合向特許經營模式轉變帶來的好處所抵消。與 2016 年相比，EMEA 地區的年收入下降了 8%。然而，考慮到匯率波動和特許經營店組合變化的影響，歐洲、中東和非洲地區的收入增長了 7%，考慮到充滿挑戰的經濟和地緣政治背景，這是一個強勁的成績。

Non-GAAP operating margin of 13.2% was roughly flat to 2016 that included 140 basis points of negative FX impact. Today, of EMEA's nearly 3,000 stores, 83% are licensed. Our continued focus on improving operations and shifting the mix to more licensed stores has resulted in consistent, mid-single-digit system-wide comp growth in EMEA and 13 consecutive quarters of double-digit operating margin.

非GAAP營業利益率為13.2%，與2016年基本持平，其中包括140個基點的負面匯率影響。如今，EMEA 的近 3000 家門市中，83% 為授權經營門市。我們持續專注於改善運營，並將業務組合轉向更多授權門市，這使得 EMEA 地區的系統整體同店銷售額持續保持中等個位數增長，並連續 13 個季度實現兩位數的營業利潤率。

In Q4, our Channel Development segment grew revenues by 8% to $515 million and operating income by 7% to $247 million. We gained share in both K-Cup and roasting ground categories and increased our share of total coffee by twice the category growth overall, performance that is particularly noteworthy given increased competition and discounting in the face of slowing category growth.

第四季度，我們的通路開發部門營收成長 8% 至 5.15 億美元，營業收入成長 7% 至 2.47 億美元。我們在 K-Cup 和烘焙研磨咖啡類別中都獲得了市場份額，並且在整個咖啡品類中的份額增長了兩倍，考慮到品類增長放緩、競爭加劇以及折扣力度加大，這一業績尤其值得關注。

Growing Teavana in CPG channels is a major opportunity for us. In our pilot markets, Teavana ready-to-drink tea captured the leading position in the super premium tea category during the quarter. And given the enthusiastic response to date, we have accelerated our national rollout to this coming January. We also remain on track to launch Teavana-based packaged teas in grocery channels by the end of fiscal 2018.

在消費品通路發展 Teavana 對我們來說是一個重要機會。在我們的試點市場中，Teavana 即飲茶在本季度佔據了超高端茶類的領先地位。鑑於目前為止的熱烈反響，我們已將全國推廣計畫提前至明年一月啟動。我們也將繼續按計劃在 2018 財年末之前在食品雜貨通路推出 Teavana 品牌的包裝茶。

Channel Development operating margin was roughly flat at 47.9%, the net of improved sales leverage offset by promotional activities. For the year, Channel's revenues exceeded $2 billion for the first time ever, up 6% year-over-year, increasing to 8% year-over-year, after adjusting for the 2-point impact of revenue adjustments in Q2. Starbucks total coffee share grew by 1 point compared to an essentially flat market, and our dollar share expanded by over 5%. Operating income grew 13% and margin expanded by 260 basis points, driven by COGS, including coffee favorability, strong performance from our North American coffee partnership and sales leverage.

通路開發業務的營業利潤率基本上持平於 47.9%，銷售槓桿的提高被促銷活動所抵銷。今年，Channel 的營收首次超過 20 億美元，年增 6%，在扣除第二季營收調整的 2 個百分點的影響後，年增 8%。與基本持平的市場相比，星巴克咖啡的總市場份額增長了 1 個百分點，美元份額增長了 5% 以上。營業收入成長 13%，利潤率成長 260 個基點，主要得益於銷售成本（包括咖啡價格上漲）、北美咖啡夥伴關係的強勁表現以及銷售槓桿效應。

Let's now shift to our consolidated full fiscal year 2017 results. For the full fiscal year 2017, Starbucks posted consolidated revenue of $22.4 billion, representing 7% growth year-over-year, driven by new stores and 3% comp growth. Non-GAAP operating income increased by 8% to $4.4 billion, and operating margin increased by 10 basis points to 19.7% as strong sales leverage was offset by 110 basis points of increased partner investments. Growth rates in both operating income and non-GAAP EPS were impacted by 1 point of negative FX.

現在讓我們來看看我們2017財年的合併業績。2017 財年全年，星巴克合併營收為 224 億美元，年增 7%，主要得益於新店開幕和同店銷售額成長 3%。非GAAP營業收入成長8%至44億美元，營業利潤率成長10個基點至19.7%，強勁的銷售槓桿作用被合作夥伴投資增加110個基點所抵銷。營業收入和非GAAP每股盈餘的成長率均受到1個百分點的負面匯率影響。

In addition, investments in Reserve, Roastery and Princi brands, operations that we collectively refer to as Siren Retail, were up significantly from 2016, and higher than we expected at the outset of 2017, as we shared during our Q3 call. We expect the impact of these investments to increase at a similar rate in fiscal 2018, and at a reduced rate as we move into fiscal 2019.

此外，我們對 Reserve、Roastery 和 Princi 品牌的投資（我們統稱為 Siren Retail）較 2016 年大幅增長，並且高於我們在 2017 年初的預期，正如我們在第三季度電話會議上分享的那樣。我們預計這些投資的影響在 2018 財年將以類似的速度成長，而隨著進入 2019 財年，成長速度將放緩。

Finally, we returned a record $3.5 billion to shareholders in fiscal 2017 through dividends and share repurchases.

最後，我們在 2017 財年透過股利和股票回購向股東返還了創紀錄的 35 億美元。

Let's now spend a few minutes on our revised long-term guidance. Going forward, we see revenue growth in the high single digits and comp growth in the 3% to 5% range. Performance that should enable us to deliver non-GAAP EPS growth of 12% or greater and ROIC of 25% or greater. As discussed at Investor Day, we see ongoing opportunities in COGS savings and core G&A growing at half the rate of revenue growth. This change in our growth targets requires us to look at all financial aspects of our business, including capital returned to shareholders. For perspective, in the 3 years ending in 2014, we returned $3.8 billion in capital to shareholders, a figure that more than doubled to $9.1 billion in the 3 fiscal years ending in 2017, as prudent leveraging of our balance sheet, combined with strong operating performance, enabled us to significantly increase dividends and share repurchases. Dividends over the 6-year period increased in average of 24% annually, and our earnings payout ratio is now nearly 50%.

現在讓我們花幾分鐘時間討論一下我們修訂後的長期指引。展望未來，我們預計營收將實現高個位數成長，同店銷售額成長將在 3% 至 5% 之間。績效表現應能使我們實現非GAAP每股收益成長12%或更高，以及投資報酬率25%或更高。正如投資者日上所討論的那樣，我們看到在降低銷售成本和核心一般管理費用方面存在持續的機會，而這些增長速度僅為收入增長速度的一半。成長目標的這項變更要求我們審視業務的所有財務方面，包括返還給股東的資本。從這個角度來看，在截至 2014 年的三年裡，我們向股東返還了 38 億美元的資本，截至 2017 年的三個財政年度，這一數字翻了一番多，達到 91 億美元。這得益於我們審慎地利用資產負債表，加上強勁的經營業績，使我們能夠大幅提高股利和股票回購。過去 6 年，股息平均每年增長 24%，目前我們的收益支付率接近 50%。

Today, we announced another 20% increase in our quarterly cash dividend to $0.30 per share, and we also announced a new commitment to returning $15 billion to shareholders through dividends and share repurchases over the next 3 years. As part of this action, we will increase our leverage to support debt ratings that are 1 notch lower than our current rating agency results. This reflects our confidence in the strength of the business and our commitment to increasing cash returned to shareholders.

今天，我們宣布將季度現金股利再提高 20%，至每股 0.30 美元，同時宣布將在未來 3 年內透過股利和股票回購向股東返還 150 億美元。作為這項行動的一部分，我們將提高槓桿率，以支持比我們目前評級機構評級結果低 1 級的債務評級。這反映了我們對公司實力的信心，以及我們致力於增加股東回報現金的承諾。

Let's now turn our attention to our financial targets for fiscal 2018. We expect global comp growth in fiscal 2018 to be in the 3% to 5% range. Complementing this comp growth will be the addition of approximately 2,300 net new stores globally. Our China/Asia Pacific segment will drive roughly half of our global store growth in fiscal 2018 with 1,100 net new stores, nearly 600 in China. Our Americas segment plans to add 900 net new stores, split roughly evenly between company-owned and licensed, and EMEA is targeting approximately 300 net new stores, virtually all licensed.

現在讓我們把注意力轉向2018財年的財務目標。我們預計 2018 財年全球同業成長率將在 3% 至 5% 之間。為配合這一同店銷售成長，全球還將新增約 2,300 家淨門市。2018 財年，我們的中國/亞太地區業務將帶動全球門市成長約一半，淨新增門市 1,100 家，其中近 600 家位於中國。我們的美洲業務部門計劃新增 900 家淨門市，其中公司自營門市和特許經營門市大致各佔一半；而歐洲、中東和非洲地區的目標是新增約 300 家淨門市，幾乎全部為特許經營門市。

While on the topic of store growth, I'd like to take a moment to specifically address questions concerning whether our U.S. sales are simply being transferred from existing stores to new stores as we grow our U.S. store portfolio, and let me be clear, the effects of sales transfer on our U.S. store comp is small and stable, and the overall effect of new stores on comp and profit growth remains very positive. Net new store portfolio growth rates in the U.S. have been roughly 5% for the past few years, and company-owned portfolio growth rates have been even lower at 4%. Our new store formats, including a strong mix of drive-through locations, improved real estate analytics and the ability to use new stores to drive improved throughput in existing stores are all important factors in keeping the net impact on our financial returns from new stores in the U.S. a strong positive. The topic of new store sales transfer remains a nonissue for Starbucks.

談到門市成長，我想花點時間專門回答關於我們美國門市數量增加時，銷售額是否只是從現有門市轉移到新門市的問題。我要明確指出，銷售轉移對我們美國門市同店銷售額的影響很小且穩定，新門市對同店銷售額和利潤成長的整體影響仍然非常正面。過去幾年，美國新店淨成長率約 5%，而公司自有門市的成長率甚至更低，僅 4%。我們全新的門市模式，包括大量採用得來速服務的門市、改進的房地產分析以及利用新門市提高現有門市的吞吐量，這些都是確保美國新門市對我們財務回報的淨影響保持強勁積極的重要因素。對星巴克來說，新店銷售轉移的問題仍然不是問題。

It is important to note that our effects to streamline our business will have an impact on reported 2018 revenue growth. Specifically, revenue will be impacted by the recent shifts in our retail store portfolio, including the pending acquisition of East China and licensing of Taiwan and Singapore; and the strategic actions we are taking to exit our non-core activities, including closing Teavana stores and the Starbucks e-commerce platform; selling TAZO and aggressively rationalizing merchandise available for sale in our U.S. retail stores. We estimate these changes will add 2 to 3 points to targeted revenue growth in the high single digits.

值得注意的是，我們精簡業務的舉措將對 2018 年公佈的營收成長產生影響。具體而言，營收將受到近期零售店組合變化的影響，包括即將收購東華以及獲得台灣和新加坡的特許經營權；以及我們正在採取的退出非核心業務的戰略行動，包括關閉 Teavana 門市和星巴克電子商務平台；出售 TAZO 並積極精簡美國零售店可銷售的商品。我們預計這些變化將使目標收入成長達到高個位數，增加 2 到 3 個百分點。

As it relates to GAAP EPS, the impact of these actions will be very positive given the large expected gains on East China and on TAZO. For non-GAAP EPS, the net impact will be relatively modest in 2018, flat to slightly accretive as the benefit from closing the Teavana mall stores and adding the East China business are offset by the Taiwan, TAZO and Singapore transactions. Again, the cumulative impact of these moves will begin to become more meaningfully accretive to earnings growth as we move into the back half of fiscal 2018 and into 2019.

就 GAAP EPS 而言，鑑於東華和 TAZO 預計將獲得大幅收益，這些措施的影響將非常積極。對於非GAAP每股盈餘而言，2018年的淨影響將相對溫和，持平或略有成長，因為關閉Teavana購物中心門市和新增華東業務帶來的收益將被台灣、TAZO和新加坡的交易所抵銷。再次強調，隨著我們進入 2018 財年下半年和 2019 年，這些措施的累積影響將開始對獲利成長產生更顯著的促進作用。

As a reminder, we will hold a detailed modeling call in January to take you through the specific impacts of the East China acquisition on CAP and total company results. Also, we recognize that the cumulative effect of these strategic transaction and activities will have a meaningful impact on reported results, and we'll be sure you have a full reconciliation and a clearer view on core revenue and earnings growth rates as we move through 2018.

再次提醒大家，我們將在 1 月舉行一次詳細的建模電話會議，向大家詳細介紹華東收購對 CAP 和公司整體業績的具體影響。此外，我們也認識到，這些策略交易和活動的累積效應將對報告結果產生重大影響，我們將確保您在 2018 年期間獲得完整的核對結果，並更清楚地了解核心收入和盈利增長率。

Finally, it's important to note that both the East China and the TAZO transactions require regulatory approval prior to closing. Fiscal 2018 consolidated operating margin is expected to be up slightly relative to fiscal 2017, excluding the impact that the change in ownership structure in East China has on operating margin. We expect leverage on cost of goods sold as we continue to make progress against our savings target through 2021. We will grow core G&A at half the rate of revenue growth, a goal we met in 2017 after adjusting both 2016 and 2017 for items affecting comparability. Notably, the incremental dollar impact from partner and digital investments is expected to be lower in 2018.

最後要指出的是，華東地區交易和TAZO交易都需要在完成前獲得監管部門的批准。2018 財年綜合營業利潤率預計將比 2017 財年略有上升，不包括華東地區所有權結構變動對營業利潤率的影響。我們預計，隨著我們在 2021 年繼續朝著節約成本的目標邁進，銷售成本將得到有效控制。我們將以收入成長率的一半來成長核心一般及行政費用，這一目標我們在 2017 年就實現了，此前我們對 2016 年和 2017 年的數據進行了調整，以消除影響可比性的因素。值得注意的是，2018 年合作夥伴和數位投資帶來的增量美元影響預計將會降低。

Looking at our segments. We expect our operating margin in the Americas to be up slightly relative to 2017, reflecting sales leverage, optimized labor deployment and COGS and waste efficiencies. We expect moderate margin expansion from our CAP segment in 2018, excluding the impact from the change in the ownership structure for East China, driven by strong operating results throughout the region. We expect solid margin expansion from our EMEA segment in fiscal 2018. Channel Development will continue to grow share and deliver best-in-class performance in fiscal 2018, with slight margin expansion over the prior year. As mentioned earlier, a significant portion of the 2017 favorability in channels was driven by commodities and COGS favorability that we don't see continuing at the same levels in 2018. Also, we expect to see margin improvement from our NACP partnership, but again, at lower levels than 2017.

看看我們的細分市場。我們預計，與 2017 年相比，我們在美洲的營業利潤率將略有上升，這反映了銷售槓桿效應、優化的勞動力部署以及銷售成本和廢棄物效率的提高。我們預計，在華東地區強勁的經營業績推動下，2018 年 CAP 業務的利潤率將溫和成長，這不包括華東地區所有權結構變化的影響。我們預計 2018 財年 EMEA 業務的利潤率將穩健成長。通路發展部門將在 2018 財年繼續擴大市場份額並取得一流業績，利潤率較上年略有增長。如前所述，2017 年通路的良好勢頭很大程度上是由大宗商品和銷售成本的良好勢頭推動的，我們認為 2018 年這種勢頭不會繼續保持同樣的水平。此外，我們預計與 NACP 的合作關係將帶來利潤率的提高，但同樣，利潤率將低於 2017 年的水平。

With competitive pressures on the rise, we remain laser-focused on driving profitable share growth as we head into calendar 2018. Neither FX nor commodities are expected to have a major impact on year-over-year profit growth, and our coffee needs are roughly 75% price locked for fiscal 2018.

隨著競爭壓力的增加，我們將繼續全力以赴，在 2018 年實現盈利性的市佔率成長。預計外匯和商品價格都不會對年比利潤成長產生重大影響，而且我們2018財年的咖啡需求約有75%的價格已經鎖定。

We expect our effective tax rate for 2018 to be approximately 27%, including approximately 6 points of favorable impact from the planned acquisition of East China. Capital expenditures in fiscal 2018 are expected to total roughly $2 billion, up from $1.5 billion in 2017. The increase is split evenly among investments in Siren Retail, store-related capital and our supply chain and corporate facilities. This last category includes the addition of roasting capacity to handle increased demand globally for Starbucks coffee.

我們預計 2018 年的實際稅率約為 27%，其中包括計劃收購華東公司帶來的約 6 個百分點的有利影響。預計 2018 財年的資本支出總額約為 20 億美元，高於 2017 年的 15 億美元。新增資金將平均分配給 Siren Retail 的投資、門市相關資本以及我們的供應鏈和公司設施。最後一類包括增加烘焙產能，以因應全球對星巴克咖啡日益增長的需求。

Our GAAP EPS growth rate in fiscal 2018 is likely to be above 40% given the large gains likely contributing over $0.50 of incremental EPS we expect from the East China and TAZO transaction. Given these inputs, we expect non-GAAP EPS growth of 12% to 13%, or $2.30 to $2.33 per share in fiscal 2018, with growth in the front half of the year likely a bit below the full year average and growth in the back half somewhat above it. Three factors will drive this improved profitability over the course of 2018: The timing impact of the strategic actions we discussed earlier, with the impact increasing as we move into the back half of the year; operational savings in the U.S. business will ramp up over the course of the year; and buybacks will be more accretive to EPS each quarter in 2018.

鑑於東華和TAZO交易預計將帶來超過0.50美元的額外每股收益，我們2018財年的GAAP每股收益成長率可能超過40%。根據這些投入，我們預計 2018 財年非 GAAP 每股收益將增長 12% 至 13%，即每股 2.30 美元至 2.33 美元，其中上半年的增長可能略低於全年平均水平，而下半年的增長可能略高於全年平均水平。2018 年獲利能力的提高將受到三個因素的推動：我們之前討論過的戰略行動的時機影響，隨著下半年的到來，這種影響將會增加；美國業務的營運節約將在年內逐步增加；以及股票回購將在 2018 年每個季度對每股收益的增值作用更大。

As we entered fiscal 2017, the company was shaped to support a 5% or greater comp profile. Our investments, G&A expense and overall shape in the middle of the P&L required that level of growth to deliver on our 2017 commitments.

進入 2017 財年時，公司已調整策略以支持 5% 或更高的薪酬成長。我們的投資、一般及行政費用以及損益表中的整體狀況需要達到這樣的成長水準才能實現我們 2017 年的承諾。

Going forward, we will complement our laser focus on delivering profitable growth with a renewed focus on driving operational efficiency and to streamlining and reshaping the company in order to deliver or exceed the new financial targets we introduced today, while funding our investments, increasing our operating margins, driving further returns on invested capital and providing outsized returns to our shareholders.

展望未來，我們將繼續專注於實現獲利成長，同時更加重視提高營運效率，精簡和重組公司，以實現或超越我們今天提出的新財務目標，同時為我們的投資提供資金，提高營業利潤率，進一步提高投資資本回報率，並為股東帶來超額回報。

As always, credit for our ability to deliver another year and quarter of record performance belongs to our store partners who proudly wear the green apron and deliver an elevated Starbucks Experience to our customers all around the world every day.

一如既往，我們能夠再次取得創紀錄的年度和季度業績，要歸功於我們自豪地穿著綠色圍裙的門店夥伴們，他們每天都為世界各地的顧客提供卓越的星巴克體驗。

With that, I'll turn the call back to the operator. Operator?

這樣，我就把電話轉回接線生了。操作員？

(Operator Instructions) And your first question comes from the line of John Ivankoe, 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。

Obviously, a lot to get through on this call, but I'll limit my question to the cost side of the equation. Kevin, in your prepared remarks, it seems like you're opening the door to what may actually be a significant kind of rethink or redo from the cost structure of the business. I think you mentioned both G&A and the middle of the P&L, but in Scott's remarks, we're still talking about G&A growing at half the amount of revenue. And at least I didn't pick up anything discrete that was happening at the store level from a cost perspective. So I just wanted to kind of juxtapose those 2 different themes of conversation because I heard different things. And to the extent that revenue isn't quite what we want, how much of an opportunity is there at the store level P&L and the G&A relative to the initial guidance that you've given for fiscal '18?

顯然，這次通話有很多內容需要討論，但我將只詢問成本方面的問題。凱文，從你事先準備好的發言來看，你似乎正在為公司成本結構的重大反思或調整敞開大門。我認為你提到了 G&A 和損益表的中間部分，但 Scott 的發言中，我們仍然在討論 G&A 的成長速度是收入的一半。至少我沒有從成本角度發現任何門市層面的具體情況。所以我想把這兩個不同的談話主題並列起來，因為我聽到了不同的說法。如果收入沒有達到我們的預期，那麼相對於您為 2018 財年給予的初步指導，門市層級的損益表和一般及行政費用還有多少提升空間？

Thanks, John. I'll start and then I'll turn it over to John Culver. The first thing I would say is, in the core G&A of the business, there's still significant opportunity to drive leverage. We have a target of growing core G&A at half the rate of leverage, but that's -- or half the rate of revenue, but that's just the target. We will try to beat that. And what's important, as we move through these streamlining opportunities, selling TAZO, licensing more markets, we'll be able to lean in on corporate and business unit G&A further because the simplified operations give us that opportunity. And then, what is a little bit new this time and where we're really digging in is really around labor and waste, in particular, in the U.S. business. And there's significant opportunity there. And I think, we should give you some specific's on that, and I'll have John do that.

謝謝你，約翰。我先開始，然後交給約翰·庫爾弗。首先我想說的是，在公司的核心一般及行政費用方面，仍然存在著很大的槓桿效應提升空間。我們的目標是核心一般及行政費用以槓桿率的一半速度成長，或以收入的一半速度成長，但這只是目標。我們會努力超越這個結果。重要的是，隨著我們推進這些精簡流程、出售 TAZO、授權更多市場，我們將能夠進一步加強公司和業務部門的 G&A 管理，因為簡化的營運為我們提供了這樣的機會。然後，這次有點新意，也是我們真正深入研究的地方，是勞動力和浪費問題，尤其是在美國企業中。那裡蘊藏著巨大的機會。我認為我們應該就此給出一些具體細節，我會讓約翰去做這件事。

Yes, John. Just real quick, clearly, the biggest driver of the growth is going to be transaction growth and how do we continue to accelerate transactions, both in terms of driving more product innovation in the stores, driving more throughput through our existing stores and then continuing to enhance in these digital relationships. That will allow us to drive leverage into the P&L. Last quarter was our best growth quarter in terms of transactions in 6 quarters, so we're starting to get traction there. Secondly, this work around labor and deployment is critical. And we're doing a lot of work around how we are deploying labor in our stores, looking at both ends in terms of where we want to invest to drive more throughput and productivity as well as where we need to pull back if we need to. We are looking at this through the lens of what labor investments are going to be revenue and margin accretive. And really, given the work that Matt and his team have done with the analytics they now provide us on a per-store basis, we're able to go in and look at it on a per-store basis in a much more detailed view in terms of sales mix, in terms of the channels that are operating in those stores, and then also, just the overall format of the store. And then, the other piece that we're looking at and doing a lot of work on beyond the labor and deployment is around COGS and the COGS savings. And last, at the analyst conference, we made a big commitment in terms of COGS savings over the course of now between '20 and '21. And we're committed to delivering those savings, and we're on track to do so. That will continue to drive more leverage in the P&L. And then, the last piece is around waste in the stores and how do we manage more effectively waste and then while at the same time, increasing overall availability of our products in our stores so that we can sell more products. So that's another big piece. And then, this last area, I would just say, is around how do we continue to rationalize SKUs and look at the number of SKUs that we have in our stores. We feel that this is an area of a big opportunity for us. It creates a big unlock for our stores and our partners, and this falls into the work that we're doing around the streamlined activity in the stores.

是的，約翰。簡單來說，很明顯，成長的最大驅動力將是交易成長，以及我們如何繼續加速交易，包括推動門市產品創新、提高現有門市的吞吐量，以及繼續加強這些數位化關係。這將使我們能夠提高損益表中的槓桿率。上個季度是我們六個季度以來交易量成長最好的一個季度，所以我們開始取得進展了。其次，圍繞勞動力和部署的這項工作至關重要。我們正在圍繞如何在門市部署勞動力做很多工作，從兩個方面考慮我們想要投資哪些方面以提高吞吐量和生產力，以及如果需要的話，我們需要在哪些方面減少投入。我們正在從勞動力投資能夠增加收入和利潤的角度來看待這個問題。事實上，鑑於 Matt 和他的團隊在分析方面所做的工作，他們現在按門市向我們提供了分析數據，我們能夠以更詳細的視角逐店查看銷售組合、門市營運管道以及門市的整體形式。此外，除了勞動力和部署之外，我們還在研究和努力解決銷售成本和銷售成本節約問題。最後，在分析師會議上，我們做出了 2020 年至 2021 年期間大幅降低銷售成本的承諾。我們致力於實現這些節省，而且我們正按計劃推進。這將繼續推動損益表中的槓桿率上升。最後一部分是關於商店中的浪費問題，以及我們如何更有效地管理浪費，同時提高我們商店中產品的整體供應量，以便我們能夠銷售更多產品。所以，這又是另一塊重要的拼圖。最後，我想說的是，最後一個方面是我們如何繼續合理化 SKU，以及我們商店中 SKU 的數量。我們認為這是一個對我們來說充滿機會的領域。這為我們的門市和合作夥伴帶來了巨大的發展機遇，這也符合我們正在進行的門市精簡營運工作。

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

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

I guess, a question on the kind of the algorithm going forward. Scott, I appreciate the guidance, specifically for 2018. I guess, longer term with that comp range being 3% to 5%, could you give us an idea of what that 5% what it equates to for earnings growth? And I'm assuming all of these investments or things that are going on in 2018 make that relationship not hold? And if I'm wrong, if you could correct me.

我想問的是，未來的演算法該如何發展？斯科特，我非常感謝你的指導，特別是針對 2018 年的指導。我想，從長遠來看，如果薪酬成長率在 3% 到 5% 之間，您能否告訴我們這 5% 的成長相當於多少收益成長？我猜想，2018 年發生的所有這些投資或事件都會導致這種關係破裂？如果我錯了，請您指正。

Yes. Thanks, Sharon. What I would say is as we exit 2018, we'll be growing earnings per share higher than the range that we gave for 2018. So we gave 12% to 13%. We'll have accelerating profitability as we move throughout the year, and there's 2 big drivers of that. The first is the things that John talks about around store operation. That will layer in over time. And the second big driver is all the things that we're doing around Project Streamline -- what we call Project Streamline, the streamlining and focus of the operations. The big increment in those activities is around East China and the exit of our Teavana stores, which, as you know, are a drag on earnings. And so all of that will help shape our profile. To get to your specific question and the way I think about the upper end of the EPS algorithm, if you want to call it that, is if you look at what we did with revenue guidance and comp guidance, is we brought it down a bit and we brought the lower end of our EPS guidance down to 12%. Our old guidance was 15% to 20%. I would say a similar move down at the high end is probably the way to think about the upper end of that guidance. So as we accelerate all the savings we'll get through streamlining our operations. We bring in East China. And if we get additional comp growth, then that would be upside even for the guidance we gave this year.

是的。謝謝你，莎倫。我想說的是，到 2018 年底，我們的每股盈餘成長速度將高於我們先前對 2018 年的預期範圍。所以我們給了12%到13%。隨著年內推進，我們的獲利能力將加速成長，這主要有兩個驅動因素。首先是約翰談到的關於商店營運的事情。隨著時間的推移，這些痕跡會逐漸顯現出來。第二個主要驅動因素是我們圍繞“精簡專案”所做的一切——我們稱之為“精簡專案”，即營運的精簡和聚焦。這些業務成長主要集中在華東地區以及我們關閉 Teavana 門市，如您所知，這些門市拖累了盈利。因此，所有這些都將有助於塑造我們的形象。要回答你的具體問題，以及我對 EPS 演算法上限（如果你願意這麼稱呼它的話）的看法，如果你看看我們對收入預期和同店銷售預期所做的工作，我們稍微下調了預期，並將 EPS 預期下限下調至 12%。我們之前的指導意見是 15% 到 20%。我認為，對於該指引的上限，或許應該採取類似的下調策略。因此，我們將加快所有透過簡化營運流程而節省的成本。我們引進中國東部地區。如果同業薪酬能夠進一步成長，那麼即使按照我們今年給出的預期，也將是超乎預期的。

Your next question comes from David Tarantino, Robert W. Baird.

你的下一個問題來自大衛·塔倫蒂諾，羅伯特·W·貝爾德。

My question is on the comp trends. And first, just a clarification. As the check trends or the ticket contribution this quarter was less than what it has been in the past, so could you talk about the factors that drove that, I guess, smaller benefit from the ticket? And then secondly, as you think about the outlook for this year and the 3% to 5% range you provided, I guess, what are the factors that are giving you the most confidence in being able to guide that way, given the most recent quarter was at the low end of that?

我的問題是關於競爭趨勢的。首先，需要澄清一點。由於本季的支票趨勢或票據貢獻低於以往，您能否談談導致票據收益減少的因素？其次，考慮到您對今年的展望以及您給出的 3% 到 5% 的增長區間，我想，鑑於最近一個季度的增長處於該區間的下限，是什麼因素讓您最有信心做出這樣的預測呢？

Okay. David, I'll start and then I'll hand it over to Kevin for the second part. So some of the mechanics on ticket, it's important to remember that the order consolidation impact of the change that we had in the Starbucks Rewards program had 2 equal and offsetting impacts you'll recall. It brought transactions down, but it also brought tickets up as the sort of incentive to split orders went away. And so transactions, as you know, have been depressed over the last 5 quarters because of that and ticket has been higher over the last 5 quarters because of that. And this is the first quarter that we fully lapped that impact. So that's the first thing. The second thing is we've had, for the last few years, 1 to 2 points of pricing that we've taken pretty much every quarter. We were on the lower end of that range this quarter. That's pretty much related to timing. There's nothing that we're signaling there. Pricing moves are still taking hold the way that we expect, and we'll continue to lean in where we see opportunities there. And then the third thing that we talked about a little bit in prepared remarks is the afternoon daypart. And what's important to understand about the afternoon daypart is it does have a higher ticket. You get more attach, more multiple beverage ticket. And obviously, Frappuccino has a little bit higher ticket. So those are the 3 big pieces.

好的。大衛，我先開始，然後把第二部分交給凱文。因此，關於票務機制的一些細節，需要記住的是，我們對星巴克獎勵計劃所做的更改所帶來的訂單合併影響，會產生兩個相等且相互抵消的影響，您可能還記得。雖然這導致交易量下降，但由於拆分訂單的激勵機制消失了，訂單量也隨之上升。因此，如您所知，由於上述原因，過去 5 個季度的交易量一直處於低迷狀態，而由於上述原因，過去 5 個季度的客單價則一直居高不下。這是我們首次完全抵消這種影響。這是第一點。第二點是，在過去的幾年裡，我們幾乎每季都會進行 1 到 2 個點的價格調整。本季我們的業績處於該區間的下限。這主要與時機有關。我們並沒有在那裡發出任何訊號。價格走勢仍如預期發展，我們將繼續在發現機會的地方加大投入。第三點，我們在事先準備好的演講稿中稍微談到了下午時段。要了解的是，下午時段的票價確實更高。你會獲得更多附加服務，更多多杯飲料券。顯然，星冰樂的價格要高一些。以上就是三大要素。

Yes, David. This is Kevin. I would just add confidence in terms of that guide for the 3% to 5% comp in FY '18. I think, first of all, as we look at data and have analyzed the overall U.S. retail restaurant industry, certainly, that has shown very flat comparables, even a little bit negative traffic. And we've consistently outperformed that. Over the last 2 years, we've consistently sort of been in that range of 3% to 5%. But then I would just comment, as we go into Q1, we have a very solid holiday plan in place. And the start to this quarter gives me added confidence that the guidance we've given you for FY '18 is not only achievable, but we feel like we've got line of sight to what we've got to execute against, and we're executing against the right priorities and see evidence in every one of those areas that our work is paying off.

是的，大衛。這是凱文。我只想補充一點，我對2018財年3%至5%的薪資成長預期充滿信心。我認為，首先，當我們查看數據並分析整個美國零售餐飲業時，可以肯定的是，該行業的業績非常平穩，甚至客流量略有下降。我們一直以來都做得比這個更好。過去兩年，我們的成長率一直穩定在 3% 到 5% 之間。但我想補充一點，進入第一季後，我們已經制定了非常完善的假期計劃。本季的開局讓我更加確信，我們為 2018 財年給出的指導不僅是可以實現的，而且我們感覺我們已經清楚地看到了我們需要執行的目標，我們正在按照正確的優先事項執行，並且在每個領域都看到了我們工作取得成效的證據。

Your next question comes from John Glass, Morgan Stanley.

下一個問題來自摩根士丹利的約翰‧格拉斯。

Regarding the investments you're making, you have made over time, we've talked about investment, but it's never been clear. Are these just required increases in compensation, for example, at the partner level? How much of this is sort of related to growth? So Scott, can you just talk about what that investment however you want to break it down was in 2017 and maybe how you can relate that to what the incremental is it going to be in '18 just so we can sort of frame that. And I think you talked about your cost structure was built historically on a 5% comp. And obviously, that made this year more challenging. What comp did you build your cost structure off of in 2018?

關於你一直以來的投資，我們討論過投資問題，但一直沒有明確的說法。這些僅僅是合夥人級別薪酬的必要增長嗎？其中有多少與成長有關？所以史考特，你能談談2017年的投資情況嗎？無論你怎麼細分，你都能說說這筆投資的具體數額，以及它與2018年新增投資額之間的聯繫，這樣我們才能更好地理解這個問題。我認為你之前提到過，你們的成本結構歷來都是基於 5% 的比較成長率建立的。顯然，這使得今年更具挑戰性。2018年，你們的成本結構是參考哪家公司製定的？

Good question. Thanks, John. In the first part of your question, what I would say is you'll recall that we had $250 million of partner and digital investments in 2017. That's right where we landed. The biggest portion of that was related to partner investments, and the biggest portion of that is wage. But the vast majority of that wage investment we're making is not mandated. It's not minimum wage driven or mandated by cities or states. It's really what we're trying to do to make sure we're investing in our partners in the right way. And as you know, we have turnover rates that are significantly below everyone else in the industry. We've seen turnover in the last year come down across every category within our stores, so we know when we get that part right. We've seen customer service scores at the highest they've ever been. Partner experience scores at the highest that they've ever been. So we know when we get that right, it pays off for us. So the biggest piece is voluntary wage investments, and that will continue. As we roll into '18, what I will tell you is there'll be a little bit lower dollar amount investment in wage. It's still significant, but it's a little bit lower. So there's a bit more flow through in the U.S. P&L as a result of a little bit lower wage investment. And then to your specific question, we built that 12% to 13% EPS growth assuming the lower end of the range. And so we should be able to deliver that at a 3%-plus comp, and that's the way we want it to be shaped. And the goal is obviously, with all the things that Kevin talked about on the top line, is to try to beat that.

問得好。謝謝你，約翰。關於您問題的第一部分，我想說的是，您應該記得我們在 2017 年獲得了 2.5 億美元的合作夥伴和數位投資。我們正好降落在那裡。其中最大一部分與合夥人投資有關，而合夥人投資的最大部分是薪資。但我們所做的絕大部分薪資投資並非強制性的。這並非由城市或州政府驅動或強制規定的最低工資標準。這正是我們努力的方向，確保我們以正確的方式投資於我們的合作夥伴。如您所知，我們的員工流動率遠低於業內其他公司。過去一年，我們門市所有類別的營業額都有所下降，所以我們知道什麼時候我們做對了這部分工作。我們看到客戶服務評分達到了歷史最高水準。合作夥伴體驗評分達到歷史最高水準。所以我們知道，如果我們做對了，就會有回報。因此，最大的組成部分是自願性薪資投資，而且這種情況還會持續下去。進入 2018 年，我可以告訴大家的是，薪資方面的投資金額會略有下降。雖然仍然很重要，但數值略低一些。因此，由於薪資投資略有下降，美國損益表中的支出也略有增加。至於你提出的具體問題，我們假設每股盈餘成長率處於區間下限，從而得出 12% 至 13% 的成長率。因此，我們應該能夠以 3% 以上的同業價格實現這一目標，而這正是我們希望達到的效果。很顯然，根據凱文在榜首提到的所有因素，我們的目標就是努力超越這個目標。

Your next question comes from Jeffrey Bernstein from Barclays.

下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Just following up on that kind of comp and earnings-type question. As I look at the fiscal '18 and the long-term global comp guidance, you're talking about 3% to 5%, and you're talking about EPS long term of 12% plus. I just wanted to kind of get the full process around how you arrived at those specifically, especially from a comp perspective, you just did a 3% in fiscal '17. It seems like it was a 3% in the fiscal fourth quarter, and it's down from kind of mid- to high single digits over the past 5-plus years. So just wondering what gives you the confidence to do that as a conservative bar rather than having to deal with kind of questioning at every quarter because you're running on the lower end of that. And I guess, it'd be the same thing for earnings because what you got into 12-plus, but the year just ended, you did 11%. So it just doesn't seem as if those are necessarily conservative targets. So I'm just kind of wondering kind of bigger-picture thought process how you arrived at that versus perhaps setting the bar lower and therefore, making it easier to exceed.

我只是想就薪資和收入這類問題做個後續跟進。當我查看 2018 財年和長期全球薪酬指引時，你們說的是 3% 到 5%，而你們說的是長期每股收益成長 12% 以上。我只是想了解你們是如何得出這些具體結果的，特別是從薪酬角度來看，你們在 2017 財年只進行了 3% 的增長。第四財季的成長率似乎為 3%，而過去 5 年多來，這一數字一直維持在個位數中高點。所以我想知道是什麼讓你有信心以保守酒吧的姿態這樣做，而不是因為酒吧的運營規模較小而每季度都要面對質疑。我想，收入方面也會有同樣的情況，因為你年初的殖利率是 12% 以上，但剛結束的一年裡，你的殖利率只有 11%。所以這些目標似乎不一定是保守的目標。所以，我只是想了解你從更宏觀的角度思考這個問題時是如何得出這個結論的，而不是降低標準，從而更容易超越它。

Well, let me start, Jeffrey, the question. First of all, thanks for that. I think we go through an entire process. We build a 5-year strategic plan, and we build a bottoms-up 5-year financial plan from that strategic plan, looking at every geography and understanding the dynamics in each of those markets. And it's that financial plan that informs us on the growth in terms of new stores. It informs us on the same-store comparable growth that we expect in these markets. And I think that's, coming out of that strap plan is what drove many of the streamlining activities that you're seeing, where certainly where we look at markets that are slower growth or don't have the opportunity for as much new store growth, clearly, those are markets that are better transitioned to licensed markets, and that's why we've been executing down that path. The contrast to that then is China, where we see a growth opportunity that we have ahead in China. And we've been in China now 17 or 18 years. And I think if you look at sort of what we've been posting on same-store comparables there, I think China is the second-largest and fastest-growing market for Starbucks. It is the second-largest economy in the world. It is an economy that will have a growing middle class, doubling from roughly 300 million people to 600 million people. And so when we look at the global comp numbers, we look at the balance of the opportunities we have and certainly, 2 powerful growth engines, being the U.S. and China. And so I'll start there. And so if you look then at the U.S., I think if we look at our U.S. data, it shows us that there is overall retail industry disruption that is changing consumer behavior and traffic. Data would show that it has had some impact on the overall U.S. retail restaurant sector, which has shown negative traffic here over the last year where we have been showing positive comps, and the traffic that we posted has been above that. Now at some point, that turns. So you'd say, okay, in addition to looking for that number to turn, the initiatives that we've been driving, specifically throughput at peak. Now the morning peak is the most important daypart at Starbucks, certainly in the U.S. If you look at the volume that we do. All the actions that John took you through and the team has been driving have generated demonstrable, measurable progress at peak in this every quarter since we started those initiatives, and it just keeps getting stronger. We've got a continuous improvement plan there that shows us we are growing throughput at peak and at the same time, we're improving the customer experience. So I think that gives us evidence that certainly, we have line of sight to what we need to deliver to be in that comp range in the U.S., and we doubled down in China. And I think the combination of those 2 things give us the confidence that a 3% to 5% comp growth for the next -- for the long -- those long-term guidance is the appropriate number to set it out. And from there, I think then the rest of the numbers fall into place.

傑弗裡，那麼讓我先來提問吧。首先，謝謝你。我認為我們要經歷一個完整的過程。我們制定了五年戰略計劃，並在此戰略計劃的基礎上，自下而上地制定了五年財務計劃，考察了每個地區，了解了每個市場的動態。正是這份財務計畫讓我們了解新店數量的成長情況。它向我們展示了我們預期這些市場同店銷售額的成長情況。我認為，正是從這項計劃中得出的結論，推動了你現在看到的許多精簡措施。當然，當我們審視那些成長較慢或沒有太多新店成長機會的市場時，很明顯，這些市場更適合過渡到特許經營市場，這就是為什麼我們一直沿著這條道路執行。與此形成鮮明對比的是中國，我們看到了中國未來的成長機會。我們在中國已經待了17、18年了。我認為，如果你看看我們發布的同店銷售比較數據，你會發現中國是星巴克第二大市場，也是成長最快的市場。它是世界第二大經濟體。這是一個中產階級不斷壯大的經濟體，中產階級人口將從約 3 億人翻一番，達到 6 億人。因此，當我們審視全球薪酬數據時，我們會關注我們所擁有的機會的平衡，當然，還有兩個強大的成長引擎，即美國和中國。那就從這裡開始吧。因此，如果我們看看美國，我認為如果我們看一下美國的數據，就會發現零售業整體上正經歷著顛覆性的變化，這正在改變消費者的行為和客流量。數據顯示，這給美國整體零售餐飲業帶來了一定的影響，過去一年來，該行業的客流量出現負增長，而我們則實現了正增長，而且我們公佈的客流量也高於這一水平。但到了某個時候，情況就發生了轉變。所以你會說，好的，除了尋找這個數字來扭轉局面之外，我們一直在推動的舉措，特別是高峰時段的吞吐量。現在，早晨的銷售高峰時段是星巴克一天中最重要的時段，尤其是在美國。看看我們的銷量就知道了。自從我們啟動這些舉措以來，約翰帶領你們採取的所有行動以及團隊一直在推動的各項舉措，每個季度都取得了顯著、可衡量的進展，而且這種進展還在不斷增強。我們制定了一項持續改進計劃，該計劃表明，我們在高峰期提高了吞吐量，同時，我們也改善了客戶體驗。所以我認為這證明了我們確實已經清楚知道我們需要做什麼才能在美國達到那個競爭水平，而且我們在中國也加倍投入。我認為，這兩件事結合起來，讓我們有信心，未來長期（即未來）3%至5%的同業成長率是合適的。我認為，從那之後，其他數字也就迎刃而解了。

Your next question comes from Sara Senatore from Bernstein.

下一個問題來自伯恩斯坦公司的薩拉·塞納托雷。

Having some technical difficulties. I'm going to let my associate ask the question and Steph, can you ask?

遇到一些技術問題。我會讓我的同事問這個問題，Steph，你可以問一下嗎？

Okay. So you seemed very positive on the rollout in -- or actually in Mobile Order and Pay in Japan. And yet based off the CAP comp it remains kind of a drag on CAP comps. now that you've taken the business and turnaround, does it make sense to think about licensing it again?

好的。所以你似乎對在日本推出行動點餐和支付服務持非常正面的態度。然而，根據 CAP 比較來看，它仍然對 CAP 比較構成某種拖累。既然你已經接手並扭轉了局面，現在考慮再次授權經營是否有意義？

This is John. We have no intention of licensing the Japan business. We made a significant investment to buy that business back because we believe in the long-term growth opportunity in that market. We now operate 1,300 stores there across all prefectures. We opened a record number of 90 stores this year, and the new store performance continues to be very strong. And when you dig up underneath Japan and really the numbers around Japan, Scott talked about the afternoon softness that we saw. That was particularly related to our blended beverage LTOs that account for about -- over 40% of sales during the summer period. But when you go beyond that and look at our core business of Espresso, very strong performance. Tea, very strong performance. Food, strong growth there. And we saw momentum in the quarter, particularly in September, build. We launched MSR in Japan in the middle of September. We now have nearly 2 million members on the rewards program, and we're excited with the opportunity that the Digital Flywheel presents for us there. And then when you look at in terms of are we growing our share in Japan given our store growth, given our overall organic growth, we are outpacing the competition and actually taking share in that market. So we are bullish on Japan, and we have a long-term commitment to that market.

這是約翰。我們無意將日本業務授權給第三方機構。我們投入巨資回購了這家企業，因為我們相信該市場具有長期成長潛力。目前，我們在當地所有縣都經營 1300 家門市。今年我們新開了創紀錄的 90 家門市，新店業績持續強勁。當你深入了解日本的情況，以及日本週邊地區的數據時，斯科特談到了我們看到的下午的柔軟天氣。這尤其與我們夏季期間的混合飲料限時特惠活動有關，這些活動約佔銷售額的 40% 以上。但如果你深入了解我們的核心業務——濃縮咖啡業務，你會發現它的表現非常強勁。茶，表現非常出色。食品業發展強勁。我們看到本季度，特別是9月份，發展勢頭強勁。我們在九月中旬在日本推出了MSR。我們現在擁有近 200 萬獎勵計劃會員，我們對數位飛輪為我們帶來的機會感到興奮。然後，從我們在日本的市場份額成長情況來看，考慮到我們的門市成長和整體有機成長，我們確實超越了競爭對手，並正在該市場中佔據份額。因此，我們看好日本市場，並對該市場有長期的承諾。

And I would just add a couple of financial points to that. If you go back to the deal model that we put together for Japan a few years ago, we're actually ahead of that deal model on every measure, except for comps. So revenue is ahead. Profitability is ahead. Profit margin is ahead, and that's because of the performance of new stores and the overall performance and strength of the market since we purchased. So we're trying to make sure we don't overfocus on comps. We understand it's a challenge in Japan. But once we work our way through this blended mix issue, then you're going to see that profitability come through much more clearly.

我還要補充幾點財務方面的內容。如果回顧我們幾年前為日本製定的交易模式，除了可比較交易外，我們在所有指標上實際上都領先於該交易模式。所以營收領先。盈利前景光明。利潤率領先，這是因為新店的業績以及我們收購以來市場的整體表現和強勁勢頭。所以我們盡量避免過度關注同業競爭。我們明白這在日本是個挑戰。但是一旦我們解決了混合組合問題，你就會更清楚地看到獲利能力的提升。

Your next question comes from David Palmer from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的戴維‧帕爾默。

And just a quick clarification. I think there's some confusion in this, but could you just touch on, Scott, the profit growth and tax assumptions embedded in your fiscal '18 guidance? And then just separately, a follow-up on initiatives that give you the most confidence that 3% would be the low point for comps. You talked about throughput and then you touched on a variety of other things, including things that were touched on, the big 3 digital, food and beverage. If you had a sort of rank order of the things that give you the most confidence or you think will be the most meaningful beyond the throughput initiatives, what do you think those would be?

還有一點需要澄清。我認為這方面存在一些誤解，斯科特，你能否簡要談談你在 2018 財年業績指引中體現的利潤增長和稅收假設？然後，單獨跟進那些讓你最有信心認為 3% 將是同業競爭最低點的舉措。你談到了吞吐量，然後又談到了其他各種事情，包括之前提到的三大數位產業、食品和飲料產業。如果讓你對那些讓你最有信心或除了提高吞吐量之外最有意義的事情進行排序，你認為這些事情會是什麼？

Sure, David. So the overall profit growth, EPS growth on a non-GAAP basis will be 12% to 13%. I did say the tax rate will be 27%, but that's really impacted by the transaction in East China, assuming it closes. So we don't have any assumption of any change in the actual tax regulation in any of our major economies, particularly in the U.S. It pretty much assumes a status quo, but it's lower next year, specifically because of that transaction in East China, assuming it closes. And I think on the strength in COGS, I'll hand it over to Kevin.

當然可以，大衛。因此，整體利潤成長，以非GAAP準則計算的每股盈餘成長率將達到12%至13%。我的確說過稅率將是 27%，但這很大程度上取決於華東地區的交易能否完成。因此，我們並未假設任何主要經濟體（尤其是美國）的實際稅收法規會有任何變化。它基本上假設維持現狀，但明年稅率會降低，這主要是因為中國東部的那筆交易（假設它完成）。我認為憑藉 COGS 的實力，我會把公司交給 Kevin。

Yes, David. In terms of the things that I would stack rank around the initiatives that have, I think, the most impact on comp to those comps, number one would be throughput at peak. That is the most important daypart. And with the work that's been done and the road map continues to improvement ahead, we have never been stronger. And so we grow at peak, we grow comps. Number two, digital. It's predictable. It's powerful, and we are widening the aperture of it by opening up Mobile Order and Pay to more customers. That will be another powerful driver confidence. And the third is food. And with food, we continue to make very good progress. It contributes to that. We're now over 21% of the mix and good reception on what we're getting with the lunch daypart, good performance in the morning. And on the continued innovation around beverage. So I think food and beverage innovation pipeline we have is just going to continue to crank. But I think added to that, the throughput at peak and the digital are going to be key drivers. And all those give us confidence.

是的，大衛。就我認為對競爭對手影響最大的舉措而言，我會對各項因素進行排序，其中排名第一的是高峰期的吞吐量。這是一天中最重要的時段。憑藉已完成的工作和不斷改進的未來路線圖，我們從未如此強大。因此，我們在高峰期成長，我們的競爭對手也成長。第二，數位化。這在意料之中。它功能強大，我們正在透過向更多客戶開放行動點餐和付款來擴大其應用範圍。那將大大增強駕駛員的信心。第三點是食物。在糧食方面，我們持續取得非常好的進展。這會造成這種情況。我們現在佔比超過 21%，午餐時段反應良好，上午時段表現也不錯。以及飲料領域的持續創新。所以我認為我們現有的食品飲料創新管道將會繼續高速運轉。但我認為，除此之外，峰值吞吐量和數位化將是關鍵驅動因素。所有這些都給了我們信心。

Your next question comes from Matthew DiFrisco, Guggenheim Securities.

下一個問題來自古根漢證券的馬修·迪弗里斯科。

One clarification and then a question. The GAAP tax rate is 27%, and you're not implying that 27% is part of the 12% to 13% algorithm for operating income or EPS growth?

先提出一個澄清問題，然後再提一個問題。GAAP稅率為27%，你不會是暗示27%是營業收入或每股盈餘成長12%至13%演算法的一部分吧？

That is correct.

沒錯。

Okay. So it's more comparable, the tax rate. Understood. And then was share repurchases included in that?

好的。這樣一來，稅率就更具可比性了。明白了。那麼，股票回購也包含在內嗎？

Share repurchases is included in that. And in fact, one of the reasons we have accelerating profitability as we move through the year is share repurchases will help earnings per share a little bit more each quarter.

股票回購也包含在內。事實上，隨著年內業績的不斷提升，我們獲利能力加速成長的原因之一是股票回購將有助於每股收益在每季略微提高。

Your next question comes from Karen Holthouse from Goldman Sachs.

下一個問題來自高盛的凱倫·霍爾特豪斯。

Quick housekeeping and then an actual question. Looking at the unit growth guidance in CAP, can you give a sense of how we should think about the breakdown between company and licensed maybe this year and then longer term, when you're thinking about the post acquiring or your post the business mix changes there? And then thinking about the time line of some of the things you mentioned as a driver of excitement, my understanding was that a broader expansion of the accessibility to Mobile Order and Pay or this digital relationship was going to be more of a 2019 initiative. Is that something that could actually start to benefit in fiscal '18? And are you seeing any earlier benefits from just the more streamlined sign-up process within the existing stored value platform?

簡單交代一下基本情況，然後再問一個實際問題。鑑於 CAP 的單位成長預期，您能否就今年公司和授權業務之間的組成給出一些看法，並展望一下長期發展，尤其是在收購之後或業務組合發生變化時？然後，考慮到您提到的一些令人興奮的事情的時間線，我的理解是，更廣泛地擴大行動訂購和支付或這種數位關係的可及性將更像是 2019 年的一項舉措。這是否真的有可能在 2018 財年開始帶來好處？您是否已經從現有儲值平台更簡化的註冊流程中看到了任何早期收益？

Yes. Thanks, Karen. We didn't give the ownership split in CAP on purpose because of the pending acquisition. It was really hard to memo we [don't have regulatory approval] exactly how the stores are going to open in 100% when we were going to close. But I'll answer the second part of your question because I think it was really around what's it going to be going forward. So I think we said 100 stores in CAP, 600 stores in China. If the deal closes, those 600 stores would obviously be all company-owned. So you're looking at about 50-50 company-owned and licensed as we move through time. And I think I'll kick the second question over to Matt.

是的。謝謝你，凱倫。由於收購正在進行中，我們故意沒有公佈 CAP 的股權分配情況。在我們準備關門的時候，要準確地說明商店將如何100%重新開業（因為我們沒有獲得監管部門的批准）真的很難。但我會回答你問題的第二部分，因為我認為它實際上是關於未來發展方向的。所以我想我們當時說的是亞太地區100家門市，中國有600家門市。如果交易完成，這 600 家門市顯然將全部由公司擁有。隨著時間的推移，公司自營和授權經營的比例約為 50/50。第二個問題我想交給馬特回答。

Sure. Thanks for the question there. With regard to Mobile Order and Pay, we have found a way to accelerate versus our original intentions. Now I want to point out that it's not a [goal to] immediately. We'll be ramping into it across the year, so it's one of the reasons why we have additional confidence that our business will be gaining momentum throughout the year, number one. And with regard to the sign-up, we have, in fact, started to see ourselves beat the typical seasonality with regard to customer acquisition. We've been talking about the fact that we'll be leaning in there, and that is precisely what we are doing. So if you've signed up for Mobile Order and Pay recently, you've noticed that the process has gotten better. And we are, in recent weeks and months, starting to see that in our business. You are going to continue to see us lean in across this year on acquiring digital relationships, first of all, within Starbucks Rewards, but then via other means, including Mobile Order and Pay that doesn't require a store value card.

當然。謝謝你的提問。在行動點餐和支付方面，我們已經找到了一種方法，可以加快我們最初的計劃。現在我想指出，這並不是一個迫在眉睫的目標。我們將在一年內逐步推進，這也是我們有信心公司業務將在一年內持續成長的原因之一，這也是第一點。至於註冊方面，我們實際上已經開始打破客戶獲取方面的典型季節性規律。我們一直在討論我們要全力以赴，而這正是我們正在做的。如果您最近註冊了手機點餐和支付服務，您會發現流程已經有所改善。最近幾週和幾個月，我們開始在我們的業務中看到這種情況。今年，我們將繼續致力於建立數位化關係，首先是透過星巴克獎勵計劃，然後是透過其他方式，包括無需商店充值卡的手機點餐和支付。

Your next question comes from Brett Levy, Deutsche Bank.

下一個問題來自德意志銀行的布雷特‧利維。

I was just curious, you were -- with respect to the Mobile Order and Pay, you had mentioned...

我只是好奇，您之前提到過手機點餐和支付功能…

I think we lost Brett.

我覺得我們失去了布雷特。

Yes, your next question comes from Gregory Badishkanian Citigroup.

是的，你的下一個問題來自花旗集團的 Gregory Badishkanian。

So it sounds like the U.S. same-store sales should be around 3% to 5% from your comments. So I just want to make sure that, that I kind of read into that correctly. And then what are you assuming the competitive environment as well as the macro environment and the headwinds mentioned in your prepared remarks, do you assume that some of those (inaudible) over the coming year or even for your longer term to achieve that long-term target?

根據您的評論，美國同店銷售額似乎應該在 3% 到 5% 左右。所以我想確認一下，我是否正確理解了這一點。那麼，您如何看待競爭環境、宏觀環境以及您在準備的發言稿中提到的不利因素？您是否認為其中一些因素（聽不清楚）會在未來一年甚至更長時間內影響您實現長期目標？

I would say if you do the math on our total company comps, they tend to follow very, very closely with the U.S. business just given the size. And on the second part, maybe I'll turn it over to Kevin.

我認為，如果你計算一下我們公司整體的同業比較數據，你會發現，考慮到公司規模，它們往往與美國業務的業績非常非常接近。至於第二部分，也許我會交給凱文來做。

Yes. I think on the second part, when we look at the data that we study, we look at a lot of different sources of data, and I'm sure many of them are sources that you use as well. A variety of industry studies, credit card data and other research to track comps and the away-from-home restaurant industry. I think what is shown is over the last year, it's been relatively flat with slightly negative transactions. And we know that over time, that number continues to grow. And so at some point, that turns. But I think we see some evidence near term that that's beginning to happen, but it's premature to call that. I don't know, Matt, if you want to add anywhere in terms of the analysis on this. But I think the long-term prospect of -- or assumption we made when we looked at the 3% to 5% comps that we set in the U.S. was that, that number was going to stay at that point. And that gave us the confidence that this guide gave us upside in the U.S. performance.

是的。我認為關於第二部分，當我們查看我們研究的數據時，我們會查看很多不同的資料來源，我相信其中許多也是你們使用的來源。各種行業研究、信用卡數據和其他研究，用於追蹤同店銷售情況和外出用餐行業。我認為數據顯示，過去一年來，市場相對平穩，交易量略有下降。我們知道，隨著時間的推移，這個數字還會繼續成長。所以，在某個時刻，情況發生了轉變。但我認為我們近期已經看到一些跡象表明這種情況正在發生，但現在下結論還為時過早。馬特，我不知道你是否想就此分析補充什麼。但我認為，我們在美國設定的 3% 到 5% 的比較目標時所做出的長期展望或假設是，這個數字將保持在那個水平。這使我們有信心，這份指南預示著我們在美國市場的表現將會提升。

Your next question comes from Dennis Geiger, UBS.

下一個問題來自瑞銀集團的丹尼斯蓋格。

I just wanted to circle back on that loyalty program. Just any thoughts how relevant that still will be to grow that program, particularly if Mobile Order and Pay doesn't require it? I guess, just building on that, do you have good data or a sense for how big the pool of potential customers can be for that program, given we've kind of been in this range for a few quarters now? And just anything you could add on this leaning in, certainly linking the card directly, your expectations for that. Just any more detail on growing that base given how strong the performance of that member program is.

我只是想再跟你談談那個會員積分計畫。大家覺得這對於發展這個計畫還有多大意義？特別是如果手機點餐和付款不再需要這項功能的話？我想，就此而言，鑑於我們已經連續幾個季度處於這個範圍內，您是否有可靠的數據或感覺來判斷該計劃的潛在客戶群體有多大？還有什麼可以補充的，例如將這張卡片直接與你對它的期望聯繫起來。鑑於該會員計劃表現如此出色，能否提供更多擴大會員基礎的細節？

Matt Ryan here again on that one. We are extremely optimistic about the program as well as growing digital relationships outside of the program. And we have opened up the aperture, if you will, to explore additional ways of acquiring digital relationships. I think a couple things that are really important to look at. We have seen 11% year on growth in our membership. And recently, we started to see an uptick because of the improvements to sign on that we put into place. But the even more impressive metric is we have seen from members 8% year-on-year growth. That is a function of a couple of things. It is a function of Mobile Order and Pay. But even more important has been the use of personalization, the customized offers and communications we put in people's hands. We know that when we can talk to our customers through our own channels like our app, like e-mail, we can get a terrific response out of our customers. That's -- if you want to think about it, 8% comp from our members this year. And as we expand the number of people we bring into our digital fold, both inside the program and outside of the program, we see a great deal of upside. Just as a reminder, we have 75 million unique customers coming through our store. And right now, we're counting 13.3 million of them signed up for Starbucks Rewards. There is a lot of upside there. And even when you sign up people who are further down the food chain who are not as engaged with Starbucks, we see tremendous incrementality when they do become directly engaged with us.

馬特·瑞安又來談這個了。我們對該專案以及在專案之外不斷發展的數位關係都抱持著極大的樂觀態度。我們已經打開了探索更多獲取數位關係方式的大門。我認為有幾件事非常重要，需要仔細考慮。我們的會員數量年增了11%。最近，由於我們改善了註冊流程，註冊量開始上升。但更令人印象深刻的是，我們看到會員數量實現了 8% 的年增長率。這取決於幾個因素。這是手機點餐和付款的功能。但更重要的是個人化的運用，我們將客製化的產品和服務送到人們手中。我們知道，當我們能夠透過我們自己的管道（例如我們的應用程式、電子郵件等）與客戶溝通時，我們可以從客戶那裡獲得非常好的回饋。如果你仔細想想，那就是──今年我們會員的佣金佔比高達 8%。隨著我們數位化覆蓋範圍的擴大，無論是專案內部還是專案外部的人員數量都在增加，我們看到了巨大的發展潛力。再次提醒大家，我們每天有 7500 萬獨立顧客光顧我們的商店。目前，我們統計到已有 1,330 萬人註冊了星巴克獎勵計畫。那裡有很多潛在收益。即使你招募的是那些在食品鏈中處於較低層級、對星巴克參與度不高的人，當他們直接與我們互動時，我們也能看到巨大的增量。

And I would just add, Dennis, to Matt's comments on in the U.S, specifically around Mobile Order and Pay the impact that's having, we ended the quarter at 10% of transactions were Mobile Order and Pay. And actually accelerated through the quarter where we exited the quarter at 11%. So these digital relationships and the ability to continue to bring customers into the fold is critical.

丹尼斯，我還要補充一點，關於馬特在美國的評論，特別是關於行動訂購和支付的影響，我們本季末的交易量中，行動訂購和支付佔了 10%。實際上，本季增速加快，季末增速達 11%。因此，這些數位化關係以及持續吸引客戶的能力至關重要。

And just to pile on there, please bear with me, I think it's important to recognize that we had turned off marketing for Mobile Order and Pay for a good while because we were focused on getting the operations right. It was just toward the end of the quarter that we were able to turn it back on, hence the acceleration up to 11% that John just mentioned. So we're very optimistic about Mobile Order and Pay.

另外，請容許我再補充一點，我認為有必要說明，我們已經停止了行動訂購和支付的行銷活動很長一段時間，因為我們專注於把營運做好。直到季度末我們才得以重新啟動，因此才出現了約翰剛才提到的 11% 的增長。因此，我們對行動點餐和付款非常樂觀。

Your next question comes from the line of Brett Levy from Deutsche Bank.

你的下一個問題來自德意志銀行的布雷特‧利維。

At least we'll try this time. I'm not quite as good as you guys are. If you could share a little bit more color on what you're looking at in terms of the capital plans and leverage, how you're thinking about the buybacks, should we assume that this will just be open market opportunistic? Will you consider things like ASRs out there? And should we think about this as a constant steady-state, pretty seasonal on a quarterly basis?

至少這次我們會嘗試看看。我不如你們厲害。如果您能更詳細地介紹一下您在資本計劃和槓桿方面的考量，以及您對股票回購的看法，我們是否可以假設這只是在公開市場上進行機會主義操作？你會考慮像ASR這樣的技術嗎？我們是否應該將其視為一種持續穩定的狀態，並且按季度來看具有相當強的季節性？

Thanks for the question. It will be front-end loaded a bit in 2018 and within 2018 in the first quarter. So if you look at that $15 billion, it's definitely ratably over the 3 years, but a little bit more in 2018 and a little bit more early in the quarter. We don't plan to use an ASR right now, but that's a tool that we will use if we want to access the market and take the shares out in a large chunk. But right now, it'll be opportunistic open market. And we've done some back testing, and we actually performed a better than ASR using that. The other thing I would just make sure you understand is the vast majority of that $15 billion will actually come from cash flow in the business. So we will increase that. We will increase leverage, but the biggest source of that over 3 years is just the strong operating cash flow within the business.

謝謝你的提問。2018 年初期的業績會比較突出，而且主要集中在 2018 年第一季。所以，如果你看一下這 150 億美元，它肯定是在過去 3 年內平均分配的，但 2018 年略多一些，而且本季度初也略多一些。我們目前不打算使用 ASR，但如果我們想進入市場並一次性買入大量股票，我們會使用 ASR 這個工具。但就目前而言，這將是一個充滿機會主義的開放市場。我們已經進行了一些回測，結果顯示，我們使用該技術實際上比 ASR 表現得更好。還有一點我想確保你們明白，這 150 億美元中的絕大部分實際上將來自企業的現金流。所以我們會增加這個數字。我們將提高槓桿率，但未來三年最大的槓桿來源是公司強勁的營運現金流。

Your next question comes from Nicole Miller, Piper Jaffray.

下一個問題來自妮可·米勒（Piper Jaffray）。

I want to ask about Channel Development. And I was wondering if I was calculating this correctly, I think the operating margin is a significant CAP region. So do you see that as a powerful growth engine as well? And related to that, could COGS inflation positively impact the top line next year? And then just a very loose follow-on, if I may. You give some modeling suggestions around removing TAZO and what's the plan for those proceeds?

我想諮詢一下通路開發方面的問題。我想知道我的計算是否正確，我認為營業利潤率是重要的資本化區域。所以你也認為這是一個強大的成長引擎嗎？與此相關的是，銷售成本通膨是否會對明年的營收產生正面影響？如果可以的話，我再補充一點。您提出了一些關於移除 TAZO 的建模建議，那麼這些收益將用於什麼用途？

I'll take the first part, and I'll turn the second piece over to Scott to answer it. We remain very bullish on the opportunity that Channel Development presents for us and see it as a continued growth engine. It is a $2 billion business this past year and the margins up near 48% overall. In the quarter, we grew top line 8%, which is great, but more importantly is the share gains that we're seeing, both across K-Cup as well as packaged coffee. And when you look at our share growth, it's 2x as fast as the overall category growth. So if you remember back to Investor Day, we shared that we felt that the overall grocery category for coffee would decelerate. We've seen that, but we continue to capture more than our fair share of the share growth in premium coffee and packaged coffee overall. K-Cups, we're the #1 brand with a 16 -- over 16 share. Our brand, Starbucks, grew 16x the rate of the category and 2x our nearest competitor in the quarter. In total, Starbucks, including SPC, grew 50% faster than any branded coffee company. So clearly, Channel Development is a growth engine. We are very optimistic about the future not only in the U.S., but then also when you look at international. We've got the Anheuser-Busch relationship with Teavana. We're going to double down on Teavana now in channels and launch RTD nationally. And then also, we'll be launching Teavana sachets down the aisle later this year, and so we're excited about that. So feel very good about the business.

第一部分我來回答，第二部分交給史考特來解答。我們仍然非常看好頻道開發為我們帶來的機遇，並將其視為持續成長的引擎。去年，該業務的營業額達到 20 億美元，整體利潤率接近 48%。本季我們的營收成長了 8%，這很棒，但更重要的是我們看到了市場份額的成長，無論是 K-Cup 咖啡還是包裝咖啡。從我們的市佔率成長速度來看，它是整個品類成長速度的兩倍。所以，如果你還記得投資人日的話，我們當時表示，我們認為咖啡的整體雜貨品類成長率將會放緩。我們已經看到了這一點，但我們仍然在高檔咖啡和包裝咖啡的整體市場份額增長中佔據了超過我們應得的份額。K-Cups，我們是排名第一的品牌，市佔率超過 16%。本季度，我們的品牌星巴克的成長速度是同類產品的 16 倍，是排名最接近的競爭對手的 2 倍。整體而言，包括SPC在內，星巴克的成長速度比其他品牌咖啡公司都快50%。顯然，通路開發是成長的引擎。我們對未來非常樂觀，不僅在美國，而且在國際上也是如此。我們有安海斯-布希與Teavana的合作關係。現在我們將加大對 Teavana 的管道投入，並在全國推出即飲茶。此外，我們將在今年稍後推出 Teavana 茶包，對此我們感到非常興奮。所以，我對自己的生意非常滿意。

And on the question on proceeds, Nicole, I think what I would say is if you look at the broad set of activities that Kevin talked about around streamlining our operations, it includes selling our Taiwan market, licensing our Singapore market, licensing our Germany market a little over a year ago, selling TAZO and exiting a couple other pieces of our business. All of those businesses had lower levels of returns and lower profit and revenue growth rates than the businesses we're investing in, and the biggest one talk about is obviously East China. So if you add up the proceeds in all 4 of those transactions, it paid for a material portion of East China. And the returns and growth rate, obviously, for us in China, if you look at the numbers, we just posted this quarter, are significantly higher. So that's how we're thinking about it. We'll continue to evaluate that as we move forward.

至於收益問題，妮可，我想說的是，如果你看看凱文談到的圍繞精簡我們運營的一系列活動，其中包括出售我們的台灣市場、授權我們的新加坡市場、一年多前授權我們的德國市場、出售 TAZO 以及退出我們業務的其他一些部分。所有這些企業的回報率、利潤和收入成長率都低於我們正在投資的企業，其中最受關注的顯然是華東地區。因此，如果將這 4 筆交易的收益加起來，就足以支付華東地區相當一部分的土地費用。顯然，對於我們在中國的業務而言，回報率和成長率要高得多，看看我們本季剛剛公佈的數據就知道了。這就是我們的想法。我們將繼續對此進行評估。

Your next question comes from Andrew Charles, Cowen and Company.

您的下一個問題來自考恩公司的安德魯查爾斯。

Just to play devil's advocate, why not accelerate the U.S. store model, since this is the biggest piece to improving throughput, accelerating the role of Nitro Cold Brew. I realize this is going to be capital-intensive, but provided you expect the ROIC was greater than the 25%-plus target and give greater visibility on U.S. comps, why not? And also just one clarification, were beverage comps in the quarter, were they 1% or flat in 4Q when you include the drag from Frappuccino and hurricanes?

我只是提出一個反方觀點，既然這是提高吞吐量、加速氮冷萃咖啡發揮作用的最重要因素，為什麼不加快美國門市模式的推廣呢？我知道這將需要大量資金投入，但如果您預期 ROIC 會超過 25% 的目標，並且能夠更清晰地了解美國同類公司的情況，為什麼不呢？另外，還有一個問題需要澄清，本季飲料同店銷售額是成長了 1% 還是與第四季持平（考慮到星冰樂和颶風雞尾酒的拖累）？

John, you want to start with the renovation?

約翰，你想開始翻修嗎？

Yes, I think for us, we continue to focus on our new stores and obviously, existing stores in terms of the renovations. And as we have innovation to bring into those stores, we are planning the capital in order to go in and renovate stores. So Nitro Cold Brew is a great example. We have it right now in approximately 500 stores across the U.S., and we're seeing good growth from that. We have plans to continue to monitor that and continue to grow it. In addition, we are also looking at other innovation that we're going to be bringing into the stores to drive the same-store sales. Kevin talked about plant-based beverages and alternatives. That is a big area of opportunity for us, and our customers are asking for it. We're also seeing very strong growth as it relates to iced and refreshments. Iced and refreshments in the quarter, Iced Espresso grew 15% and refreshment grew 24%. So iced in that area of the business presents a big opportunity. And then the last area is how do we continue to capture this opportunity that we're seeing on food and the attach rate that we're seeing. In the quarter, we grew food 15% year-over-year, and food now is 21% of the overall mix of what we're selling through our U.S. stores. We're seeing good strong growth on breakfast sandwiches. We're seeing good strong growth on Sous Vide Egg Bites. We now have that available in all our stores across the U.S. And then the last areas in the protein bistro boxes and the impact that those are having. So we remain bullish on the existing stores and continue to drive more innovation into it, whether that is related to coffee, whether that's related to food or whether that's related to the digital experience.

是的，我認為對我們來說，我們將繼續專注於新店的建設，當然，現有門市的翻新改造也是我們關注的重點。由於我們有創新產品要引進這些門市，我們正在計劃投入資金進行門市翻新。所以氮冷萃咖啡就是一個很好的例子。目前，我們的產品已在美國約 500 家門市銷售，且銷售成長動能良好。我們計劃繼續關注並繼續發展這項技術。此外，我們也正在研究其他創新舉措，並將這些舉措引入門市，以推動同店銷售成長。凱文談到了植物性飲料及其替代品。這對我們來說是一個巨大的機會領域，我們的客戶也提出了這樣的需求。我們也看到冰飲和飲料業務呈現非常強勁的成長動能。本季冰飲和飲料銷售額中，冰濃縮咖啡成長了 15%，飲料成長了 24%。因此，該業務領域的冰雪覆蓋帶來了巨大的機會。最後一個方面是，我們如何繼續抓住我們在食品領域看到的機會以及我們看到的附加率。本季度，我們的食品銷售額年增 15%，目前食品占我們在美國門市銷售商品總量的 21%。早餐三明治的銷售成長強勁。我們看到低溫慢煮蛋塊的銷售成長強勁。現在，我們在美國各地的所有門市都有販售。接下來，我們將探討蛋白質餐盒中的最後幾個面向及其影響。因此，我們依然看好現有門市，並將繼續推動更多創新，無論是與咖啡相關的創新，或是與食品相關的創新，亦或是與數位體驗相關的創新。

And just to get to the last part of your question, yes, we had a point of beverage comp, 2 points of food comp. And I talked a little bit about the mix challenge. It's really an opportunity for us on beverage. John talked a lot about the things of that we see to drive additional beverage at comps, but the mix impact on COGS was really not food cost issue but really an opportunity around additional beverage comps. And as we move into the new year, we've got lots of plans to try to accelerate that.

最後回答你問題的最後一部分，是的，我們有 1 點飲料抵用券，2 點食物抵用券。我還簡單談了一下混音挑戰賽。這對我們來說確實是一個飲料產業的機會。John 談了很多關於我們如何推動同店飲料銷售成長的事情，但對銷售成本的影響實際上並不是食品成本問題，而是圍繞額外飲料銷售的機會。進入新的一年，我們有很多計劃來加快這一進程。

The last question comes from the line of Jason West from Credit Suisse.

最後一個問題來自瑞士信貸的傑森·韋斯特。

Just a couple clarifications and a question. First, where was the $50 million donation in the P&L? And then Scott, I think you said you expect high single-digit revenue growth this year including the China deal. I just want to confirm that. And then the bigger question was the margins in the Americas segment were down several hundred basis points in the quarter. Just the guidance of up margins in that segment this coming year, can you talk about what's going to change there versus what we just saw in the last few quarters really?

幾個問題和一些需要澄清的地方。首先，損益表中哪裡顯示了5000萬美元的捐款？史考特，我想你說過你預計今年營收將實現高個位數成長，其中包括來自中國的交易。我只是想確認一下。而更大的問題是，美洲地區的利潤率在本季下降了幾百個基點。僅就明年該業務板塊利潤率的預期而言，您能否談談與過去幾季相比，該板塊將會發生哪些變化？

Yes. So the foundation donation was in G&A expense. The impact of East China is not in that high single-digit number. It's really in that 2 to 3 additional points that I talked about, which is the net of selling TAZO, licensing Taiwan and buying East China, all of those puts and takes we think add 2 to 3 points on top of that. And then the acceleration in the U.S. business. John really talked about it, but it's important. So in this quarter, we had -- it was among the highest quarters we've had since we started the significant U.S. partner investments, the impact on margin this quarter. I think we called it out as 130 basis points. There was also about 40 basis points of impact from the storm and then 90 basis points of mix. And again, I talked about the opportunity we have in beverage. As we look forward and we look at a slight margin expansion, frankly, as early as Q1, it's really those things that John talked about that will drive that. Yes, some opportunity on the top line, but really going after waste in the middle of the P&L, going after optimized labor. When we say optimized labor, those stores that need more labor to drive additional revenue and those stores that might have a little bit too much labor, there might be an opportunity to redeploy. So all of those things are focused at driving additional margin. A little bit lower partner investments help year-over-year, but it's really about getting after the middle of the P&L.

是的。所以基金會的捐款計入了一般及行政費用。華東地區的影響力並沒有達到個位數那麼高。實際上，關鍵在於我之前提到的 2 到 3 個額外點，也就是出售 TAZO、獲得台灣許可和收購東華業務的淨收益，我們認為所有這些買賣操作都會在此基礎上增加 2 到 3 個點。然後是美國商業的加速發展。約翰確實談到了這件事，但這很重要。因此，本季度，我們的利潤率達到了自我們開始對美國合作夥伴進行重大投資以來最高的季度之一。我想我們當時給的數值是 130 個基點。風暴的影響約為 40 個基點，混合影響約為 90 個基點。我再次談到了我們在飲料行業所擁有的機會。展望未來，我們預期利潤率將略有擴張，坦白說，最早在第一季就會出現這種情況，而約翰談到的那些因素將真正推動這一目標的實現。是的，營收方面有一些提升空間，但真正應該著手解決損益表中的浪費問題，優化勞動投入。我們所說的優化勞動力配置，是指那些需要更多勞動力來增加收入的門市，以及那些勞動力可能有點過剩的門市，或許有機會重新部署勞動力。所以所有這些措施都是為了提高利潤率。合作夥伴投資略有下降對年比有助益，但關鍵在於如何改善損益表的中段。

I will now turn the call over to Mr. Shaw for his closing remarks.

現在我將把電話交給肖先生，請他作總結發言。

Yes. Thank you. Before closing today's call, we want to give you visibility our investor outreach calendar for 2018, specifically related to 2 events that we have tentatively planned. During the week of May 14, we will be in Shanghai for our China investor tour, which will include an experience at our Shanghai Roastery, presentations from our local leadership team and tours of several of our stores in the city. We'll provide more details as dates are finalized over the next couple of months. Then concluding the year, we'll once again have our biannual Investor Day in December to provide a deeper understanding of our global strategy and financials. In the meantime, we look forward to speaking with you again on our first quarter 2018 results conference call, which has been tentatively scheduled for Thursday, January 25. Thanks again, and have a great evening.

是的。謝謝。在今天的電話會議結束之前，我們想向大家介紹我們 2018 年的投資者拓展日程，特別是我們暫定規劃的 2 項活動。5月14日當週，我們將前往上海進行中國投資者之旅，行程包括參觀我們的上海烘焙工坊、聆聽當地領導團隊的演講以及參觀我們在上海的幾家門市。我們將在未來幾個月內確定具體日期後提供更多細節。最後，我們將在 12 月再次舉辦一年兩次的投資者日活動，以加深投資者對我們全球策略和財務狀況的了解。同時，我們期待在 2018 年第一季業績電話會議上再次與您交談，該會議暫定於 1 月 25 日星期四舉行。再次感謝，祝您晚安。

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

星巴克咖啡公司2017財年第四季及全年財報電話會議到此結束。您現在可以斷開連線了。