星巴克 (SBUX) 2018 Q1 法說會逐字稿

Good afternoon. My name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to Starbucks Coffees Company's First Quarter Fiscal Year 2018 Earnings Conference Call. (Operator Instructions)

午安.我叫克里斯，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加星巴克咖啡公司 2018 財年第一季財報電話會議。 （操作員說明）

I will now turn the call over to Tom Shaw, Vice President, Investor Relations. Mr. Shaw, you may begin your conference.

我現在將把電話轉給投資者關係副總裁 Tom Shaw。肖先生，您可以開始會議了。

Good afternoon, everyone. Thanks for joining us today to discuss our first quarter results for fiscal 2018. Today's discussion will be led by Kevin Johnson, President and CEO; and Scott Maw, CFO. For Q&A, we'll be joined by Roz Brewer, Group President, Americas, and Chief Operating Officer; Cliff Burrows, Group President, Siren Retail; John Culver, Group President, International and Channels; Matt Ryan, Global Chief Strategy Officer; and dialing in from Milan, Howard Schultz, Executive Chairman.

大家下午好。感謝您今天加入我們討論 2018 財年第一季的業績。今天的討論將由總裁兼執行長 Kevin Johnson 主持；和財務長 Scott Maw。美洲區集團總裁兼營運長 Roz Brewer 將參加問答環節； Cliff Burrows，Siren Retail 集團總裁； John Culver，國際與通路集團總裁； Matt Ryan，全球首席策略長；執行主席霍華德舒茲 (Howard Schultz) 從米蘭撥通電話。

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 statement should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K. Starbucks assumes no obligation to update any of these forward-looking statements or information.

本次電話會議將包括前瞻性陳述，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。任何此類聲明應與我們的收益發布中的警告聲明以及我們向 SEC 提交的文件中的風險因素討論（包括我們上一份 10-K 表格的年度報告）一起考慮。星巴克不承擔更新任何這些前瞻性聲明或資訊的義務。

GAAP results in fiscal 2018 includes several items related to our strategic actions, including 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. Please refer to our website at investor.starbucks.com to find the reconciliation of non-GAAP financial measures referenced on 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.

2018 財年的 GAAP 業績包括與我們的策略行動相關的多項項目，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化相關的收益以及其他項目。這些項目不包括在我們的非 GAAP 業績中。請造訪我們的網站investor.starbucks.com，以了解今天電話會議中引用的非公認會計準則財務指標與其相應的公認會計準則財務指標的對帳。本次電話會議正在進行網路直播，網路直播的存檔也將在我們的網站上提供。

I'll now turn the call over to Kevin.

我現在將電話轉給凱文。

Well, thank you, Tom, and welcome, everyone. Starbucks reported another quarter of record financial results in Q1 of fiscal 2018, highlighted by continued acceleration in our China/Asia Pacific segment. On today's call, I will provide an overview of company-wide performance in Q1 with a particular emphasis on our 2 unique and powerful global growth engines: our retail businesses in the U.S. and China. I'll then turn the call over to Scott, who will provide further detail on segment performance and an update on the impact of the new tax law.

好吧，謝謝你，湯姆，歡迎大家。星巴克公佈的 2018 財年第一季財務業績再創歷史新高，其中中國/亞太地區業務持續加速發展尤為突出。在今天的電話會議上，我將概述第一季全公司的業績，特別強調我們兩個獨特且強大的全球成長引擎：我們在美國和中國的零售業務。然後我會將電話轉給斯科特，他將提供有關部門績效的更多詳細資訊以及新稅法影響的最新資訊。

For the quarter, Starbucks delivered record revenues of $6.1 billion, a non-GAAP operating income margin of 19.2% and a non-GAAP EPS of $0.65 per share. And we opened 700 net new stores globally, with our newest class of stores continuing to deliver industry-leading returns and higher AUVs than the immediate prior class. China, once again, our fastest-growing market in Q1 with 6% comp growth, driven entirely by increased transactions and 30% revenue growth. Customers' response to our Shanghai Roastery has been extraordinary, and the Roastery is already performing well above expectation. I'll share more details around Starbucks' plans to maximize our opportunity in China in a moment, but let me start the call with an update on our U.S. business in Q1.

本季度，星巴克實現了創紀錄的 61 億美元收入，非 GAAP 營業利潤率為 19.2%，非 GAAP 每股收益為 0.65 美元。我們在全球淨開設了 700 家新店，我們最新類別的商店繼續提供業界領先的回報，並且比前一類別更高的 AUV。中國再次成為我們第一季成長最快的市場，年增 6%，這完全是由交易量增加和 30% 收入成長所推動的。客戶對我們上海烘焙工坊的反應非常好，烘焙坊的表現遠超預期。稍後我將分享有關星巴克最大化在中國機會的計劃的更多細節，但首先讓我介紹一下我們第一季美國業務的最新情況。

We ended Q1 with 6% revenue growth and 2% comp growth in the U.S. Continued strength in throughput at peak and strong digital performance were noteworthy highlights in the quarter. But we recognized that overall, our U.S. operating performance fell short of expectation. We have isolated the drivers of our Q1 underperformance, and I want to take you through both the details and the corresponding actions we are taking.

第一季結束時，我們在美國的營收成長了 6%，淨利潤成長了 2%。峰值吞吐量的持續成長和強勁的數位表現是本季值得注意的亮點。但我們認識到，整體而言，我們在美國的經營業績未達到預期。我們已經找出了第一季表現不佳的驅動因素，我想向您介紹詳細資訊以及我們正在採取的相應行動。

Through the first half of the quarter, our U.S. comps were 3%, with strong performance at peak more than offsetting some softness in the afternoon. But as we launched our holiday program in mid-November, we saw a slowdown in transaction comps, bringing total comps for the back half of the quarter to roughly 1%, with transaction comps slightly negative. Even though we grew operating income, these developments contributed to margin compression we experienced in the U.S. compared to Q1 a year ago.

在整個季度的前半段，我們的美國公司股價上漲了 3%，高峰時的強勁表現足以抵消下午的一些疲軟表現。但當我們在 11 月中旬推出假期計劃時，我們看到交易比較放緩，使本季度後半段的總比較下降至約 1%，其中交易比較略有負值。儘管我們的營業收入有所增長，但與一年前第一季相比，這些發展導致我們在美國經歷的利潤率壓縮。

The decline in transaction comp was primarily driven by 2 factors. First, while traditionally contributing to Q1 comp growth, our limited-time holiday beverages, holiday gift cards and holiday merchandise available for purchase in our stores' lobby underperformed in Q1. Holiday LTOs and merchandise did not resonate with our customers as planned.

交易額下降主要由兩個因素驅動。首先，雖然傳統上有助於第一季的業績成長，但我們在商店大廳可購買的限時節日飲料、節日禮品卡和節日商品在第一季表現不佳。假日 LTO 和商品沒有按計劃引起客戶的共鳴。

Let me be more specific. In Q1, our food comp was 2%. Our core beverage comp, excluding holiday limited-time offerings, was 1%. And together, our holiday LTO and lobby items had a negative impact of over 1 point of comp. We are aggressively rationalizing our merchandise approach in conjunction with the transformation of our lobby strategy going forward.

讓我說得更具體一點。第一季度，我們的食品佔比為 2%。我們的核心飲料價格（不含假日限時供應）為 1%。我們的假日 LTO 和大廳項目合計產生了超過 1 個百分點的負面影響。我們正在積極合理化我們的商品策略，同時改變我們未來的遊說策略。

Second, the challenge we have discussed with you over the past several quarters involving softness in visits by occasional non-Starbucks Rewards customers, a challenge likely exacerbated by the traditional changes in customer routines and traffic patterns during holiday, continued with our afternoon and evening dayparts, typically catering to less-frequent customers and second visits from more frequent customers coming under increased pressure as the quarter progressed.

其次，我們在過去幾季與您討論的挑戰涉及偶爾非星巴克獎勵客戶的訪問量疲軟，這項挑戰可能因假期期間客戶習慣和流量模式的傳統變化而加劇，在我們的下午和晚上時段繼續存在，通常迎合不太頻繁的客戶和頻繁客戶的第二次訪問，隨著季度的進展，壓力越來越大。

Another proof point of changes in holiday routines was negative mall store comp performance, several points below non-mall locations as we moved through the quarter. As a reminder, mall stores comprise only 6% of our U.S. company-operated locations.

假日慣例改變的另一個證據是購物中心商店的業績表現不佳，在本季中比非購物中心商店的業績低幾個百分點。請注意，商場商店僅占我們美國公司經營門市的 6%。

We have a clear understanding of the issue and are accountable to fix it, just as we did with throughput at peak. The strength of our core customers, the performance of our business through the morning and lunch daypart and upcoming food, beverage and digital innovation gives us confidence that we will be successful in doing so.

我們對這個問題有清晰的了解，並有責任解決它，就像我們在峰值吞吐量時所做的那樣。我們核心客戶的實力、我們整個上午和午餐時段的業務表現以及即將到來的食品、飲料和數位創新讓我們有信心成功實現這一目標。

Let me now share our plans for bringing the business to targeted levels of revenue growth, operating performance and profitability through the lens of the 6 operational priorities we set out for you last year. These priorities remain the drivers of our growth, and they will enable a turning of our U.S. business. Our commitment to these priorities is unwavering.

現在讓我透過去年為您制定的 6 項營運優先事項來分享我們的計劃，旨在使業務達到收入成長、營運績效和獲利能力的目標水準。這些優先事項仍然是我們成長的驅動力，它們將使我們的美國業務發生轉變。我們對這些優先事項的承諾堅定不移。

Let me start with our efforts to accelerate U.S. comps across all dayparts. We continue to reap the benefits of the success of our efforts to increase throughput at peak. Specifically, our highest peak volume stores continued to out-comp the average for our U.S. portfolio overall, with efforts around staffing, technology and lean principles all yielding measurable results. We've now seen 3 successive quarters of sustained positive comp growth at peak and believe that planned enhancements will continue this trend and are encouraged by our ability to have so quickly rallied our store partners, equipped them with the tools, technology and resources to successfully improve operations. We will apply the same disciplined approach to improve performance in the afternoon daypart and have identified a number of key operational actions that are underway. We are focused on elevating the Starbucks Experience in the afternoon daypart as store partners sharpen operational focus and tune staffing and scheduling, simplification processes and leverage improved routines and lean techniques.

讓我先談談我們為加速美國所有時段的比賽所做的努力。我們繼續從提高峰值吞吐量的努力中獲得成功。具體來說，我們的最高峰值銷售商店繼續超過我們美國整體投資組合的平均水平，圍繞人員配置、技術和精益原則的努力都產生了可衡量的成果。我們現在已經看到連續三個季度的持續正複合增長達到頂峰，並相信計劃中的增強將繼續這一趨勢，並且我們對我們能夠如此迅速地團結我們的商店合作夥伴，為他們配備成功的工具、技術和資源的能力感到鼓舞。改善營運。我們將採用同樣的嚴格方法來提高下午時段的績效，並確定了一些正在進行的關鍵營運行動。我們致力於提升下午時段的星巴克體驗，商店合作夥伴將提高營運重點、調整人員配備和日程安排、簡化流程並利用改進的例行公事和精益技術。

We are also driving continued innovation in food and beverage. Our Mercato fresh food menu is continuing to perform well in Seattle and Chicago, the 2 markets we launched last year, and we are planning to deploy Mercato in at least 6 new markets in fiscal '18.

我們也推動食品和飲料領域的持續創新。我們的 Mercato 新鮮食品菜單在我們去年推出的兩個市場西雅圖和芝加哥繼續表現良好，我們計劃在 18 財年在至少 6 個新市場部署 Mercato。

We recently launched Blonde Espresso Roast. This is the first time we've offered a second Espresso roast in our stores. We believe this roast is appealing to a broad audience seeking a lighter, sweeter Espresso experience. We have a big opportunity to leverage our core beverage platforms, particularly in iced coffee, tea, Cold Brew and draft beverages, all of which skew toward the afternoon. In response to strong customer demand, we are accelerating the rollout of Nitro Cold Brew from 1,300 stores currently to 2,300 stores in the U.S. by the end of the year. We have seen approximately 1 point of additional comp growth in stores offering Nitro Cold Brew during 2017. Nitro also provides the foundation for a broader platform of draft beverages that expand beyond coffee to include alternative milks and tea-based Nitro-infused beverages.

我們最近推出了 Blonde Espresso Roast。這是我們第一次在我們的商店提供第二次濃縮咖啡烘焙。我們相信這種烘焙咖啡能夠吸引廣大尋求更清淡、更甜的濃縮咖啡體驗的受眾。我們有很大的機會利用我們的核心飲料平台，特別是冰咖啡、茶、冷萃咖啡和生飲，所有這些都偏向下午。為了滿足強勁的客戶需求，我們正在加快 Nitro Cold Brew 的推出速度，到今年年底，將在美國的門市數量從目前的 1,300 家增加到 2,300 家。 2017 年，我們發現提供Nitro Cold Brew 的商店的銷售額額外增長了約1 個百分點。Nitro 還為更廣泛的生飲平台奠定了基礎，該平台不僅限於咖啡，還包括替代牛奶和茶基Nitro 飲料。

Our plant-based beverage platform continues to expand, leveraging almond, coconut and soymilk alternatives. Our refreshment platform, including tea and Starbucks Refreshers, contributed comp growth again this quarter. These beverage platforms also align with our focus on the afternoon occasion.

我們的植物性飲料平台不斷擴大，利用杏仁、椰子和豆奶替代品。我們的茶點平台，包括茶和星巴克茶點，在本季再次貢獻了公司成長。這些飲料平台也符合我們對下午場合的關注。

In addition to food and beverage innovation, we continue to accelerate the power and momentum of our Digital Flywheel, an initiative that has taken on added significance as we look to materially expand our universe of digitally connected Starbucks customers beyond only Rewards members.

除了食品和飲料創新之外，我們還繼續加速數位飛輪的力量和勢頭，這項舉措變得更加重要，因為我們希望實質地擴大我們的數位連接星巴克客戶範圍，而不僅僅是獎勵會員。

Let me touch on 5 developments that underscore the progress we made against this priority in Q1. We added over 1.4 million active Starbucks Rewards members in the U.S., up 11% year-over-year and now have 14.2 million active members. Mobile payment in the U.S. has grown to over 30% of total tender. The ubiquity of mobile and credit card payment is enabling us to begin an exploration of cashless stores in the U.S. We expect payment methods will continue to evolve with acceptance increasingly becoming the global currency of the future. Building on partnerships with companies like Chase, Tencent, Alibaba and others enables us to explore new ideas that leverage our digital assets, global retail footprint and global customer base with the digital payment platforms of today while also monitoring the landscape of potential payment platforms of the future.

讓我談談 5 項進展，這些進展強調了我們在第一季針對這項優先事項所取得的進展。我們在美國新增了超過 140 萬活躍星巴克獎勵會員，年增 11%，目前活躍會員數已達 1,420 萬。美國的行動支付已成長至投標總額的 30% 以上。行動和信用卡支付的普及使我們能夠開始探索美國的無現金商店。我們預計支付方式將繼續發展，接受度越來越成為未來的全球貨幣。與大通、騰訊、阿里巴巴等公司建立合作夥伴關係，使我們能夠探索新的想法，利用我們的數位資產、全球零售足跡和全球客戶群與當今的數位支付平台，同時監控潛在支付平台的格局。未來。

Through our Rewards program, we continue to drive increases in per-member spend by leveraging personalized offerings and suggested selling to our customers. By expanding capacity at peak, we have now the ability to offer Mobile Order & Pay to our non-Rewards customers and will begin accelerating the ramp-up of Mobile Order & Pay to all customers beginning in March. We are accelerating our marketing engagement to expand digital customer relationships this quarter.

透過我們的獎勵計劃，我們利用個人化產品和向客戶提供的建議銷售，繼續推動每位會員的支出增加。透過擴大高峰期的容量，我們現在能夠向非獎勵客戶提供行動訂購和支付服務，並將於 3 月開始加速向所有客戶提供行動訂購和支付服務。本季我們將加快行銷活動，以擴大數位客戶關係。

Here are some examples of actions underway. In partnership with Chase and Visa, we are launching a co-branded credit card in February. These customers will earn Stars at an accelerated rate at Starbucks as well as earn Stars everywhere else they shop. In April, also with Chase and Visa, we are launching a co-branded store value card targeted to customers who don't want or can't qualify for credit cards. This card will also let customers earn Stars wherever Visa is accepted.

以下是一些正在進行的行動的範例。我們將與 Chase 和 Visa 合作，於二月推出聯名信用卡。這些顧客將在星巴克以更快的速度獲得星星，並在他們購物的其他地方獲得星星。 4 月份，我們還與 Chase 和 Visa 合作推出了一款聯合品牌儲值卡，針對那些不想或沒有資格獲得信用卡的客戶。這張卡還可以讓客戶在任何接受 Visa 的地方賺取星星。

In March, we are launching a significant marketing initiative to sign up customers for special offers outside of Starbucks Rewards. With only 14 million of the 75 million-or-so unique customers who visit us each month signed up for Rewards, we have a tremendous opportunity to leverage our new digital technologies to initiate and advance additional direct digital relationships. By the end of the fiscal year, we expect to establish millions of incremental digital customer relationships outside of Starbucks Rewards, giving us an entirely new direct marketing capability to a vast customer audience. We will update you on progress of our digital expansion initiatives as we move through the year.

三月份，我們將啟動一項重要的行銷計劃，為客戶註冊星巴克獎勵計劃以外的特別優惠。每月訪問我們的大約 7500 萬唯一客戶中只有 1400 萬註冊了獎勵，因此我們有巨大的機會利用我們的新數位技術來啟動和推進額外的直接數位關係。在本財年結束時，我們預計將在星巴克獎勵計劃之外建立數百萬個增量數位客戶關係，從而為我們提供針對廣大客戶群的全新直接行銷能力。我們將在這一年向您通報我們數位化擴張計畫的最新進展。

Today, our U.S. business is a key driver of Starbucks' overall financial performance. And while we faced challenges in Q1 with holiday merchandise and LTOs, we are making progress against clear and consistent priorities, with total customer transactions across new and existing stores up 5% year-on-year.

如今，我們的美國業務是星巴克整體財務表現的關鍵驅動力。儘管我們在第一季面臨假日商品和 LTO 方面的挑戰，但我們正在按照明確且一致的優先事項取得進展，新店和現有商店的客戶交易總額同比增長 5%。

Last year, we successfully dealt with our morning daypart and peak throughput issues, and we are applying the same rigor to addressing the occasional customer and the afternoon daypart issues. We look forward to updating you on our progress as we tune our U.S. retail growth engine to continue delivering industry-leading growth, profitability and return on investment long into the future.

去年，我們成功地解決了上午時段和高峰吞吐量問題，我們正在以相同的嚴格性來解決偶爾出現的客戶和下午時段的問題。我們期待向您通報我們的最新進展，我們正在調整我們的美國零售成長引擎，以便在未來很長一段時間內繼續提供業界領先的成長、獲利能力和投資回報。

Enabling long-term growth in China is a key priority as it now represents our second largest and consistently our fastest-growing market. Starbucks has been operating outside of North America since the opening of our first store in Japan in 1996. Today, we operate half of our stores, nearly 14,000, in 75 markets outside the U.S. The growing relevance and success of our international business, and specifically our business in China, has emerged as a growth driver that is rapidly moving us beyond our long-standing dependence on our U.S. business for needle-moving growth. Today, we have 2 powerful, independent but complementary engines driving Starbucks' global growth with a long-term opportunity clearly visible in China.

實現中國的長期成長是我們的首要任務，因為它現在代表我們的第二大市場，並且一直是我們成長最快的市場。自1996 年在日本開設第一家門市以來，星巴克一直在北美以外的地區開展業務。如今，我們一半的門市（近14,000 家）分佈在美國以外的75 個市場。我們的國際業務的相關性和成功不斷增強，特別是我們在中國的業務已成為成長動力，正在迅速推動我們擺脫長期依賴美國業務快速成長的局面。如今，我們擁有兩個強大、獨立但互補的引擎，推動星巴克的全球成長，而在中國的長期機會顯而易見。

Starbucks has cracked the code on China, and no Western consumer brand is better positioned than Starbucks in China. You have to experience our business in China for yourself to fully appreciate it, but we are much more than simply a coffee retailer as our world-leading financial and operating performance attest.

星巴克已經破解了中國市場的密碼，沒有一個西方消費品牌比星巴克在中國有更好的定位。您必須親自體驗我們在中國的業務才能充分理解它，但我們不僅僅是一家咖啡零售商，我們世界領先的財務和營運業績證明了這一點。

Let me share a few metrics that underscore the size of Starbucks China opportunity. In 2014, China's GDP totaled $11 trillion, and many economists expect it to exceed $15 trillion by 2021. Rapid GDP growth is fueling a massive increase in China's middle class, expected to reach 600 million consumers by 2021, up 100% from 3 years ago and almost twice the size of the total U.S. population.

讓我分享一些強調星巴克中國機會規模的指標。 2014年，中國的GDP總額為11兆美元，許多經濟學家預計到2021年將超過15兆美元。GDP的快速成長正在推動中國中產階級的大規模成長，預計到2021年消費者將達到6億，比3年前增加100%幾乎是美國總人口的兩倍。

From an investment thesis, we have best-in-class unit economics, decades of whitespace to grow in both physical and digital retail, the most trusted brick-and-mortar brand in the market and a world-class management team. And we are in the nascent stages of building a business that will continue to deliver an increased portion of our revenue and operating income growth. The deep respect we have for our customers and partners in China and that our customers and partners in China have for the Starbucks brand and each other have resulted in rapid sustained customer and market growth. And the strong underlying revenue and profit trends of the past will drive the many decades of growth on the horizon.

從投資理論來看，我們擁有一流的單位經濟效益、數十年的實體和數位零售成長空間、市場上最值得信賴的實體品牌以及世界一流的管理團隊。我們正處於建立業務的初期階段，該業務將繼續為我們的收入和營業收入成長帶來更大的份額。我們對中國的客戶和合作夥伴以及我們在中國的客戶和合作夥伴對星巴克品牌和彼此的深深尊重導致了客戶和市場的快速持續成長。過去強勁的潛在收入和利潤趨勢將推動未來數十年的成長。

Leveraging our Digital Flywheel continues to represent a huge opportunity and unlock for us in China. Since launching WeChat Pay 1 year ago and adding Alipay in September, digital payments have increased to over 60% of total tender. 90-day active Starbucks Rewards members now total over 6 million, and our e-commerce and social gifting in China represented nearly 20 million in Q1, up threefold from a year ago. These are the reasons we felt comfortable doubling down on China through the East China acquisition, a transaction we closed in December. East China is now being integrated into our company-operated business, enabling us to benefit and to further leverage Belinda Wong's world-class China management team as well as the scale economics that come with it. As we complete the integration of East China, we will look to further accelerate our new store growth in China. I have no doubt that one day, Starbucks will have more stores in China than we have in the U.S., and it's the reason we selected Shanghai for Starbucks' first international Roastery, highlighting our fifth operating priority: elevating the Starbucks Experience through Roasteries and Reserve.

利用我們的數位飛輪繼續為我們在中國帶來巨大的機會和釋放。自一年前推出微信支付並於9月加入支付寶以來，數位支付已增加至總招標額的60%以上。目前，星享俱樂部 90 天活躍會員總數已超過 600 萬，第一季我們在中國的電子商務和社交禮品會員數量接近 2000 萬，比去年同期增長了三倍。這些就是我們願意透過華東收購（我們於 12 月完成的交易）在中國加倍投資的原因。華東地區目前正在整合到我們公司營運的業務中，使我們能夠受益並進一步利用 Belinda Wong 世界一流的中國管理團隊以及隨之而來的規模經濟。隨著我們完成華東地區的整合，我們將進一步加快在中國的新店成長。我毫不懷疑，有一天，星巴克在中國的門市數量將超過美國，這也是我們選擇上海開設星巴克第一家國際烘焙工坊的原因，這凸顯了我們的第五個營運重點：透過烘焙工坊和珍藏提升星巴克體驗。

Starbucks Shanghai Roastery opened only last month, providing further evidence of our future opportunity in China and is among the crowning achievements in the company's history. Customers, in some cases, are lined up for hours to enter the Roastery and be taken on an immersive, multisensory coffee, food and tea journey. On its very first day of operation, the Shanghai Roastery became the highest-grossing Starbucks store in the world, averaging more than double the number of transactions of our highly successful Seattle Roastery and with an average ticket of $29. The unparalleled retail experience delivered by the Shanghai Roastery will enable us to serve well over 1 million customers every year, at the same time, amplifies and elevates the Starbucks brand across China and CAP overall.

星巴克上海烘焙工坊剛於上個月開業，進一步證明了我們在中國未來的機遇，也是公司歷史上的最高成就之一。在某些情況下，顧客需要排幾個小時的隊伍才能進入烘焙工坊，享受身臨其境的多感官咖啡、美食和茶之旅。開業第一天，上海烘焙工坊就成為全球營業額最高的星巴克門市，平均交易量是我們非常成功的西雅圖烘焙工坊的兩倍多，平均票價為 29 美元。上海烘焙工坊提供的無與倫比的零售體驗將使我們每年能夠為超過 100 萬顧客提供服務，同時擴大和提升星巴克在中國和整個 CAP 的品牌。

Noteworthy is that our Starbucks Roastery in Seattle continues to delight customers and drive double-digit comps. In November, we opened the Princi bakery and café in the Seattle Roastery and are already seeing significant lift to total food sales. The Princi bakery and café in the Shanghai Roastery is also driving significant customer engagement and revenue. The artisan nature and high quality of Princi baked goods are resonating loudly with our customers, and we see a major opportunity to increase sales of Princi food beyond Roasteries. We are now venturing into building stand-alone Princi bakeries, complete with Starbucks Reserve coffee and coffee bars. These stores will feature Reserve coffees, Princi food and designed with the elements of the Roastery design and product experience for customers and markets across the globe. Starbucks Roasteries, Starbucks Reserve brand and Princi, operations that we refer to collectively as Siren Retail, remain central to our innovation capabilities and our strategy of maintaining our leadership position as the leading premium coffee retailer.

值得注意的是，我們位於西雅圖的星巴克烘焙工坊繼續為顧客帶來愉悅，並推動銷售額達到兩位數。 11 月，我們在西雅圖烘焙工坊 (Seattle Roastery) 開設了 Princi 麵包店和咖啡館，食品總銷售額已顯著提升。上海烘焙工坊的 Princi 麵包店和咖啡館也顯著提高了客戶參與度和收入。 Princi 烘焙食品的工匠精神和高品質引起了客戶的強烈共鳴，我們看到了在烘焙工坊之外增加 Princi 食品銷量的重大機會。我們現在正在冒險建造獨立的 Princi 麵包店，並配有星巴克珍藏咖啡和咖啡吧。這些商店將以珍藏咖啡、Princi 食品為特色，並採用 Roastery 設計元素和為全球客戶和市場提供產品體驗的設計。星巴克烘焙工坊、星巴克臻選品牌和 Princi（我們統稱為 Siren Retail 的業務）仍然是我們創新能力和維持領先優質咖啡零售商領導地位的策略的核心。

We currently have 4 Roasteries under construction and the potential opportunity for Princi bakeries with Reserve coffee over the next decade. The opportunity is significant as we are off to an excellent beginning to what we believe is an emerging food revenue and profit stream over time.

我們目前有 4 家烘焙工坊正在建設中，未來十年有機會為 Princi 麵包店提供儲備咖啡。這個機會意義重大，因為我們相信隨著時間的推移，食品收入和利潤流將迎來一個好的開始。

As we pursue our Starbucks Reserve strategy, we benefit from the decades of experience that Howard brings to this business. As Tom mentioned, Howard is joining the call today from Milan, where he's working on our next international Roastery, and he's available to share his thoughts during Q&A.

當我們推行星巴克臻選策略時，我們受益於霍華德為這項業務帶來的數十年經驗。正如湯姆所提到的，霍華德今天從米蘭參加電話會議，他在那裡為我們的下一個國際烘焙工坊工作，他可以​​在問答中分享他的想法。

Our channels business is focused on our sixth operational priority of gaining share of at-home coffee. Scott will cover this in more detail. But in Q1, we grew share in the premium single-serve and packaged coffee categories to a record level despite an increasingly competitive environment. We have built a powerful CPG business in the U.S. and are committed to leveraging that business to create additional shareholder value going forward.

我們的通路業務專注於我們的第六個營運重點，即獲得家庭咖啡的份額。斯科特將更詳細地介紹這一點。但在第一季度，儘管競爭日益激烈，我們在優質單份咖啡和包裝咖啡類別中的份額仍增長至創紀錄的水平。我們在美國建立了強大的快速消費品業務，並致力於利用該業務為未來創造額外的股東價值。

While we invest in the priorities I've outlined, we also continue to make progress against our efforts to streamline the company. Besides completing the East China acquisition, in Q1, we also closed on the sale of Tazo to Unilever, transitioned Taiwan to a licensed market and continued to close Teavana retail stores in Canada and the U.S. We plan to have all U.S. and Canada Teavana stores closed by the end of this month.

在我們對我概述的優先事項進行投資的同時，我們也在精簡公司的努力方面繼續取得進展。除了完成華東收購外，第一季我們還完成了向聯合利華出售 Tazo 的交易，將台灣轉為授權市場，並繼續關閉加拿大和美國的 Teavana 零售店。我們計劃關閉所有美國和加拿大的 Teavana 商店到本月底。

Going forward, you may expect us to take additional actions to further streamline the company and unlock value.

展望未來，您可能會期望我們採取更多行動來進一步精簡公司並釋放價值。

A few final points. While we recognize that our revenue comp and EPS performance in Q1 fell short of both our current quarter and long-term guidance, I want to make clear that our commitment to our long-term growth targets and strategy, including our commitment to returning $15 billion to shareholders over the next 3 years in the form of dividends and buybacks, is unwavering. We have sight line on the areas that need to be addressed in our U.S. business, and Roz Brewer and her team are aggressively pursuing the improvement plans I shared with you today. And I assure you that we are just embarking on what will ultimately prove to be the most powerful and compelling growth opportunity in Starbucks history, China.

最後幾點。雖然我們認識到第一季的營收和每股盈餘表現均未達到當前季度和長期指引，但我想明確表示，我們對長期成長目標和策略的承諾，包括我們承諾返還 150 億美元未來3年以股利和回購的形式向股東提供的回報是堅定不移的。我們已經看到了美國業務中需要解決的領域，而 Roz Brewer 和她的團隊正在積極推行我今天與您分享的改進計劃。我向你們保證，我們剛開始在中國開啟星巴克史上最強大、最引人注目的成長機會。

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

這樣，我會將電話轉給史考特。史考特？

Thank you, Kevin, and good afternoon, everyone. Starbucks Q1 of fiscal 2018 reflected solid revenue growth of 6% or 7% after adjusting for 1 point of impact for the licensing of our business in Singapore, the sale of our Tazo tea business, the exit of our e-commerce business and the continued wind-down of our Teavana stores, all streamline-driven activities. I will talk more about the makeup of these activities later.

謝謝你，凱文，大家下午好。星巴克 2018 財年第一季反映，在調整新加坡業務許可、出售 Tazo 茶業務、退出電子商務業務以及持續增長 1 個百分點的影響後，收入穩健增長 6% 或 7%。Teavana 商店的逐步關閉，所有活動均以精簡為導向。稍後我會詳細討論這些活動的組成。

Q1 2018 represented the first $6 billion revenue quarter in our history. We earned $0.65 of non-GAAP EPS in Q1, including $0.07 of benefit from the U.S. tax law change and $0.02 of favorability below the operating income line from a true-up of our liability for unredeemed gift cards, principally from first-time breakage recognition for markets outside the U.S. and Canada. Non-GAAP operating margin of 19.2% represented a decline of 80 basis points year-over-year, primarily driven by sales deleverage and food mix shift in the Americas.

2018 年第一季是我們史上第一個營收達到 60 億美元的季度。第一季度，我們獲得了0.65 美元的非GAAP 每股收益，其中包括美國稅法變更帶來的0.07 美元收益，以及由於未兌現禮品卡責任的調整（主要來自首次破損確認）而在營業收入線以下帶來0.02 美元的優惠適用於美國和加拿大以外的市場。非 GAAP 營業利潤率為 19.2%，年減 80 個基點，主要是由於美洲的銷售去槓桿化和食品結構轉變所致。

Despite delivering record results in Q1, we recognize that we did not meet all of our expectations for the quarter. But as Kevin shared, we are laser-focused on executing against plans to drive improvement across the U.S. business as we move into Q2 and through the back half of the year.

儘管第一季取得了創紀錄的業績，但我們認識到我們並未達到本季的所有預期。但正如凱文分享的那樣，隨著進入第二季和今年下半年，我們將專注於執行推動整個美國業務改善的計劃。

I'll now take you through our Q1 operating performance by segment. Our Americas segment grew revenues 7% in Q1, primarily driven by 979 net new store openings over the past 12 months and a 2% comp growth, principally ticket. Americas operating margin declined 100 basis points to 23% in the quarter, primarily due to lower-than-expected revenues and food-related mix shift resulting from increased customer adoption and the increasing success of our food program. Kevin covered the key operating metrics and actions for the Americas segment, so let's move on to China/Asia Pacific.

現在我將帶您按部門了解我們第一季的經營業績。我們的美洲部門第一季營收成長了 7%，這主要是由於過去 12 個月淨新開店 979 家以及 2% 的複合成長率（主要是門票）推動的。本季美洲地區的營業利潤率下降 100 個基點至 23%，這主要是由於收入低於預期以及客戶採用率增加和我們的食品計劃日益成功導致食品相關的組合轉變。 Kevin 介紹了美洲市場的關鍵營運指標和行動，所以讓我們繼續討論中國/亞太地區。

CAP segment revenues grew 9% in Q1 to a new quarterly record $844 million, once again delivering company-leading top line growth. Comp growth of 6% in China was driven by strong performance of core food and beverage categories, including improved breakfast and bakery offerings and growth in Espresso. We entered 7 new cities and opened a Q1 record 188 stores in China and now own and operate over 3,100 stores in 138 cities. Our newest class of stores in China continues to outperform even the immediately prior class and deliver record revenues and profits and our best returns anywhere in the world. CAP's non-GAAP operating margin increased by 210 basis points, driven primarily by strong performance in China and South Korea. CAP's non-GAAP operating income increased nearly 20% to $212 million, once again representing the majority of Starbucks operating income growth in the quarter.

第一季 CAP 部門營收成長 9%，達到新的季度記錄 8.44 億美元，再次實現公司領先的營收成長。中國 6% 的年成長得益於核心食品和飲料類別的強勁表現，包括早餐和烘焙產品的改進以及濃縮咖啡的成長。我們進入了 7 個新城市，第一季在中國開設了創紀錄的 188 家門市，目前在 138 個城市擁有並經營超過 3,100 家門市。我們在中國最新級別的商店繼續表現優於前一級別，並創造了創紀錄的收入和利潤，以及我們在世界各地最好的回報。 CAP 的非 GAAP 營業利潤率成長了 210 個基點，這主要得益於中國和韓國的強勁業績。 CAP 的非 GAAP 營業收入成長近 20%，達到 2.12 億美元，再次佔星巴克本季營業收入成長的大部分。

Regarding Japan, while overall profitability, new store performance and total revenue remained in line with our expectations upon acquiring 100% of the market, our comp store performance continues to be impacted by softness in limited-time offerings, Frappuccino LTOs, in particular. We remain committed to turning Japan back to positive comp growth as we work through the mix shift issues.

至於日本，雖然整體獲利能力、新店業績和總收入仍符合我們收購 100% 市場後的預期，但我們的比較店業績繼續受到限時產品（尤其是星冰樂 LTO）疲軟的影響。在解決混合轉型問題時，我們仍然致力於使日本恢復正複合成長。

The new Japan Starbucks Rewards program launched only last quarter continues to resonate with our customers. We've already added over 600,000 new Rewards members, up 45% in a few short months.

上個季度推出的新日本星巴克獎勵計劃繼續引起我們客戶的共鳴。我們已經增加了超過 60 萬名新獎勵會員，在短短幾個月內增加了 45%。

Turning to EMEA. EMEA delivered revenue growth of 8% to $284 million or up 3% after adjusting for 5 points of foreign exchange. Company-operated store comp declined 1%, driven by soft comps in the U.K. Noteworthy is that today, less than 20% of our EMEA total store portfolio is company-owned. Thus, a better measure of the performance of the EMEA segment is system-wide comps, which grew 3% in Q1 despite the difficult consumer, economic and geopolitical backdrop. Operating margin of 13.8% declined 300 basis points over last year. Margin expansion in our licensed business was strong and in line with expectations, driven by successful new store openings and strong system comps, but this was more than offset by underperformance in our company-owned markets. We remain committed to both growing Starbucks' profitable and successful licensed business and lowering our EMEA overhead structure.

轉向歐洲、中東和非洲地區。歐洲、中東和非洲地區的營收成長 8%，達到 2.84 億美元，匯率調整 5 個百分點後成長 3%。受到英國疲軟業績的推動，公司自營商店的銷售額下降了 1%。值得注意的是，目前，我們 EMEA 總商店組合中公司擁有的比例還不到 20%。因此，衡量歐洲、中東和非洲地區績效的較好指標是全系統的比較，儘管消費者、經濟和地緣政治背景困難，但第一季的比較仍成長了 3%。營業利益率為 13.8%，比去年下降 300 個基點。在成功的新店開業和強大的系統比較的推動下，我們的授權業務的利潤率擴張強勁，符合預期，但這被我們公司擁有的市場表現不佳所抵消。我們仍然致力於發展星巴克的盈利和成功的特許業務，並降低我們的 EMEA 管理費用結構。

On to Channel Development. Channel Development revenues reached $560 million in Q1, up 1% year-over-year but up 4% after adjusting for 3 points of impact from the Tazo sale this quarter and a change in accounting treatment for certain receivables compared to 2017 on top of 8% growth and 16% growth in the first quarters of fiscal 2017 and 2016, respectively. While we achieved record market share in both premium roast and ground and K-Cups in our core U.S. CPG business in Q1, revenues has been impacted by increased competition down the aisle.

進入通路開發。第一季通路開發收入達5.6 億美元，年增1%，但在調整本季Tazo 出售帶來的3 個影響點以及與2017 年相比某些應收帳款會計處理的變化（除8 個點外）後成長4% 2017 財年及 2016 財年第一季分別成長 % 及 16%。雖然我們第一季在美國核心 CPG 業務中的優質烘焙和研磨產品以及 K-Cups 市場份額都取得了創紀錄的市場份額，但收入受到了通路競爭加劇的影響。

Our bottled coffee business with Pepsi delivered strong overall results again in Q1. Also, we now have sold over 1.9 million bottles of Teavana-bottled tea through the partnership we have with Anheuser-Busch launched last year, and we still expect to launch Teavana-packaged tea down the aisle before the end of 2018.

我們與百事可樂的瓶裝咖啡業務在第一季再次取得了強勁的整體業績。此外，透過去年與 Anheuser-Busch 的合作，我們目前已售出超過 190 萬瓶 Teavana 瓶裝茶，我們仍預計在 2018 年底前推出 Teavana 包裝茶。

And in China, we have sold 30 million bottles of Frappuccino beverages since launching our relationship with Tingyi 5 quarters ago. We now offer an expanding lineup of bottled coffee beverages for Chinese consumers to enjoy at home, at work or on the go. Each of these partnerships is a successful example of the power of combining the Starbucks brand with the product, marketing and distribution capabilities of leading food and beverage companies.

在中國，自從五個季度前與康師傅建立合作關係以來，我們已售出 3,000 萬瓶星冰樂飲料。我們現在提供種類不斷豐富的瓶裝咖啡飲料，供中國消費者在家中、工作或旅途中享用。這些合作關係中的每一個都是星巴克品牌與領先食品和飲料公司的產品、行銷和分銷能力相結合的力量的成功範例。

Channel Development's operating margin remained strong at 43.4%, down slightly from last year given lower sales flow-through.

由於銷售流量下降，通路開發部的營業利潤率依然強勁，達到 43.4%，較去年略有下降。

Before moving on to full year fiscal '18 targets, I'd like to identify 3 events that will have a significant positive impact on our financial returns moving forward: our ongoing efforts to streamline our operations; the projected impact of our recently completed East China acquisition; and the impact of the new U.S. tax law. You can see specific financial impacts for each of these items in the schedules we have provided on our website, but I acknowledge the size and absolute number of these adjustments adds complexity to your analysis and modeling of our performance. Recognizing this, our goal is to provide you with the insight and transparency you need to fully appreciate the meaningful lift in profitability we expect to see from each of these 3 areas over time.

在實現 18 財年全年目標之前，我想確定 3 件將對我們未來的財務回報產生重大正面影響的事件：我們不斷努力簡化營運；我們最近完成的華東收購的預期影響；以及美國新稅法的影響。您可以在我們網站上提供的時間表中看到每個項目的具體財務影響，但我承認這些調整的規模和絕對數量增加了您對我們績效的分析和建模的複雜性。認識到這一點，我們的目標是為您提供所需的洞察力和透明度，以充分理解我們期望隨著時間的推移從這三個領域中的每一個領域看到的盈利能力的有意義的提升。

During the quarter, we accelerated and advanced our efforts to streamline our business that we began discussing with you last year. As a reminder, streamline is a company-wide lens through which we are examining each of our businesses in order to focus our investments on those businesses that will meaningfully contribute to revenue and profit growth while licensing or exiting those that won't.

在本季度，我們加快並推進了去年開始與您討論的業務精簡工作。提醒一下，精簡是一個全公司範圍的鏡頭，我們透過它來檢查我們的每項業務，以便將我們的投資集中在那些能夠對收入和利潤成長做出有意義貢獻的業務上，同時授權或退出那些不會做出貢獻的業務。

During Q1, we recognized large gains on the sale of Tazo, the acquisition of East China and the sale of Taiwan while recording certain charges for exiting all Teavana stores among other actions. One specific example relates to product simplification. We are removing over 200 SKUs from our U.S. retail stores, primarily merchandising the front lobbies of our stores, representing over 30% of total lobbied items. This simplification effort increases our focus and reduces operational complexity in our stores, and we anticipate eliminating these SKUs will lower comps by 0.5 point over the course of 2018 but have a nominal impact on profit given the lower margin and higher write-offs associated with these products. Obviously, merchandise performance this holiday underscores the importance of this effort, but it is important to note that comps in our lobbies have been flat to slightly negative for several years. Also, our full year guidance set out for 2018 included the estimated impact of these streamlining activities, including the U.S. comp impact of SKU rationalization.

在第一季度，我們確認了出售 Tazo、收購華東地區和出售台灣地區的巨大收益，同時記錄了退出所有 Teavana 商店等行動的某些費用。一個具體例子涉及產品簡化。我們將從我們的美國零售店中移除 200 多個 SKU，主要用於商店前廳的商品，佔大廳商品總數的 30% 以上。這種簡化工作提高了我們的關注度並降低了我們商店的營運複雜性，我們預計消除這些SKU 將使2018 年的競爭降低0.5 個百分點，但考慮到與這些產品相關的較低利潤和較高沖銷，對利潤的影響不大。產品。顯然，這個假期的商品表現強調了這項努力的重要性，但值得注意的是，我們大廳的比較多年來一直持平甚至略有下降。此外，我們為 2018 年制定的全年指引包括這些精簡活動的估計影響，包括 SKU 合理化對美國公司的影響。

Finally, we are well on our way to returning the $15 billion of capital to shareholders Kevin referenced earlier, with $2 billion returned via dividends and share repurchases this quarter, a new record for Starbucks. On December 31, 2017, Starbucks paid $1.4 billion and assumed full ownership of over 1,400 stores previously operated by our formerly 50%-owned East China JV, doubling down on China, our highest-returning and fastest-growing market. The East China business will fully be consolidated and reflected in our financial statements beginning with Q2. We expect the transaction to be neutral to slightly accretive to earnings in 2018 with a more positive impact in 2019, excluding the following estimated items: the gain on acquisition; amortization expense of acquired intangible assets; and transaction and integration expenses. These items will be removed for non-GAAP reporting and adjusted as we move through 2018.

最後，我們正在向凱文之前提到的股東返還 150 億美元資本，本季透過股息和股票回購返還 20 億美元，這是星巴克的新紀錄。 2017年12月31日，星巴克斥資14億美元，全面收購了此前由我們持股50%的華東合資企業運營的1,400多家門店，加大了對中國這個回報最高、增長最快的市場的投入。華東業務將從第二季開始全面合併並反映在我們的財務報表中。我們預計該交易將對 2018 年獲利產生中性至小幅成長，並在 2019 年產生更積極的影響，不包括以下估計項目：收購收益；所購買無形資產的攤銷費用；以及交易和整合費用。這些項目將在非 GAAP 報告中刪除，並在 2018 年進行調整。

The financial impact of consolidating East China includes a 4 percentage point lift to consolidated revenue and a slightly negative impact to consolidated operating margin. As you may recall from the acquisition of our business in Japan, the margin change is driven solely by the change in ownership, whereby we now have 100% of the revenue, expense and profit as opposed to a small portion of the revenue and roughly half the profit under the former ownership model. The change is expected to drive CAP segment margin moderately lower in 2018, with strong growth returning once we fully lap the acquisition in 2019. We plan to discuss these impacts in greater detail during our China modeling call on January 31. Again, the impact of East China was included when we introduced our fiscal year 2018 guidance last quarter.

合併華東地區的財務影響包括合併收入提高 4 個百分點，以及對合併營業利潤率產生輕微負面影響。您可能還記得收購我們在日本的業務時，利潤率變化完全是由所有權變化驅動的，因此我們現在擁有 100% 的收入、費用和利潤，而不是一小部分收入和大約一半。原所有權模式下的利潤。這項變更預計將導致2018 年CAP 細分市場利潤率小幅下降，一旦我們在2019 年完全完成收購，就會恢復強勁成長。我們計劃在1 月31 日的中國建模電話會議上更詳細地討論這些影響。當我們在上季度推出 2018 財年指引時，華東地區也被納入。

Let's move on to the change in U.S. tax law. Like most U.S. companies with international operations, we are still evaluating the impact of the U.S. tax law change on our income statement, balance sheet and capital distributions to shareholders. Future interpretation of significant aspects of the law by constituencies in Washington, D.C. and related accounting guidance could have some impact on our ultimate effective tax rate for 2018, 2019 and beyond.

讓我們繼續討論美國稅法的變化。與大多數開展國際業務的美國公司一樣，我們仍在評估美國稅法變更對我們的損益表、資產負債表和股東資本分配的影響。華盛頓特區選區未來對法律重要方面的解釋以及相關會計指南可能會對我們 2018 年、2019 年及以後的最終有效稅率產生一些影響。

With that said, let me share with you our current estimates. We expect our 2018 GAAP tax rate will be 23%, with significant impacts from the gain on East China acquisition and transition-related items from the U.S. tax law change. The East China gain will impact our 2018 effective rate by 5 points. Partially offsetting this is approximately 2 points for an estimated tax charge related to deemed repatriation of international earnings, partially offset by an estimated tax benefit from revaluing our net deferred tax liability position at lower statutory rates. Excluding the net 3 points of favorability from these drivers, our non-GAAP effective tax rate is estimated to be 26% for 2018 and beyond or roughly 7 points below previous guidance. This delta provides roughly $350 million of additional net earnings before reinvestment for 2018. The majority of the savings will go to the bottom line, with more than 50% but less than 60% accruing to earnings. The vast majority of the 40%-plus remaining will be invested in our U.S. partners via wages and benefits above our plans with the balance funding accelerated digital investment. Specifically, we anticipate increasing partner and digital investments by $180 million to $220 million on a run-rate basis in 2018 with a little less than half of this impacting 2018 profits given the timing of investments during this fiscal year.

話雖如此，讓我與您分享我們目前的估價。我們預計 2018 年 GAAP 稅率將為 23%，美國稅法變更對華東收購和轉型相關項目的收益影響重大。華東地區的收益將影響我們2018年的有效利率5個百分點。與視為匯回國際收入相關的估計稅費部分抵消了大約 2 個百分點，部分抵消了以較低法定稅率重新評估我們的淨遞延稅負債頭寸的估計稅收優惠。排除這些驅動因素帶來的 3 個淨優惠點，我們 2018 年及以後的非 GAAP 有效稅率預計為 26%，比之前的指導低約 7 個點。這一增量在 2018 年再投資之前提供了約 3.5 億美元的額外淨利潤。大部分節省將用於盈利，其中超過 50% 但不到 60% 計入收益。剩餘的 40% 以上的絕大多數將透過高於我們計劃的工資和福利投資於我們的美國合作夥伴，其餘資金將用於加速數位投資。具體而言，我們預計 2018 年合作夥伴和數位化投資將按運行率計算將增加 1.8 億至 2.2 億美元，考慮到本財年的投資時機，其中不到一半會影響 2018 年利潤。

Also, we announced this week a onetime stock grant to our U.S. partners that we estimate will total $120 million and will impact 2018 and 2019 ratably. The vast majority of this grant will go to our U.S. field partners, and we will exclude the stock grant-related charge from our non-GAAP results. We expect a modest amount of incremental cash flows from the tax law change net of reinvestment.

此外，我們本週也宣布向我們的美國合作夥伴提供一次性股票贈款，我們估計總額將達到 1.2 億美元，並將對 2018 年和 2019 年產生相當大的影響。這筆贈款的絕大多數將捐給我們的美國現場合作夥伴，我們將從我們的非公認會計準則績效中排除與股票贈款相關的費用。我們預計稅法變動扣除再投資後將產生少量增量現金流。

I want to reiterate that these allocations and estimates will likely change over the course of 2018, but they are reasonable approximations for now.

我想重申，這些分配和估計可能會在 2018 年發生變化，但目前它們是合理的近似值。

Let's move on to 2018 targets. We are updating the financial and operating targets we have previously provided for fiscal 2018 for the expected impacts of the U.S. tax law change and business performance in Q1. We still expect consolidated revenue growth in the high single digits, excluding approximately 4 points of favorability from the East China acquisition and a roughly 2-point reduction from other streamline activities. We also still expect comps to grow 3% to 5% for the year, consistent with our long-term guidance. Given the challenges in Q1 and expectations for a somewhat softer Q2, we expect to be near the low end of comp guidance range for the year. Given the margin contraction in the first quarter and likely pressure on Q2, we now anticipate a slight operating margin decrease for both total company and the Americas for the full year before the additional partner and digital investments.

讓我們繼續邁向 2018 年的目標。我們正在更新先前為 2018 財年制定的財務和營運目標，以了解美國稅法變更和第一季業務績效的預期影響。我們仍預期綜合收入將實現高個位數成長，排除華東收購帶來的約 4 個百分點的好感度以及其他精簡活動帶來的約 2 個百分點的下降。我們也預計今年的複合成長率將達到 3% 至 5%，這與我們的長期指導一致。考慮到第一季的挑戰和對第二季有所疲軟的預期，我們預計該公司將接近今年業績指引範圍的下限。考慮到第一季的利潤率收縮以及第二季可能面臨的壓力，我們現在預計在增加合作夥伴和數位投資之前，整個公司和美洲地區的全年營業利潤率都會略有下降。

Including these investments, we expect total company and Americas operating margins to decline moderately versus 2017. The operational priorities focused on the U.S. business that Kevin discussed and the middle of the P&L savings targeted for the balance of the year are expected to contribute to improvement in the second half of the year. Roz and the team are laser-focused on ensuring we can deliver targeted savings for the year in cost of goods sold, waste, labor and beyond. These savings started in Q1 but ramped as we moved through the year, and we have specific action plans to ensure we obtain the savings we need by area.

包括這些投資在內，我們預計公司和美洲的總營業利潤率將較 2017 年略有下降。凱文討論的營運重點集中在美國業務，而今年剩餘時間的損益節省目標預計將有助於改善下半年。 Roz 和團隊專注於確保我們能夠在全年實現銷售成本、浪費、勞動力等方面的目標節約。這些節省從第一季開始，但隨著全年的推移而增加，我們有具體的行動計劃來確保我們獲得按地區所需的節省。

Excluding the ownership change impact from our purchase of East China, we still expect CAP operating margin to be moderately higher in fiscal 2018 relative to the prior year. Given first quarter performance, we now expect moderate expansion of EMEA operating margin in 2018, and Channel Development is still expected to deliver slightly improved operating margin for 2018.

排除我們收購華東地區所有權變更的影響，我們仍預計 2018 財年 CAP 營業利潤率將略高於上一年。鑑於第一季的業績，我們現在預計 2018 年 EMEA 營業利潤率將適度擴張，通路開發仍預計 2018 年營業利潤率將略有改善。

Given all these inputs, we expect fiscal 2018 GAAP EPS in the range of $3.32 to $3.36 and non-GAAP EPS in the range of $2.48 to $2.53. This is consistent with non-GAAP EPS of $2.30 to $2.33 provided on last quarter's earnings call with the impact of a lower federal statutory rate from the U.S. tax law change net of reinvestment as the only difference. All other guidance is unchanged from last quarter.

考慮到所有這些因素，我們預計 2018 財年 GAAP 每股收益將在 3.32 美元至 3.36 美元之間，非 GAAP 每股收益將在 2.48 美元至 2.53 美元之間。這與上季財報電話會議上提供的非 GAAP 每股盈餘 2.30 美元至 2.33 美元一致，唯一的區別是美國稅法變更帶來的聯邦法定稅率降低（扣除再投資）。所有其他指引與上季相比沒有變化。

To summarize and be clear, adjusted for the impact of tax law changes, we remain within our full year 2018 guidance range given last quarter related to the key items of EPS, comps and revenue growth but below that guidance on global margin.

總結並明確的是，根據稅法變化的影響進行調整後，我們仍處於上季度給出的與每股收益、比較和收入增長等關鍵項目相關的2018 年全年指導範圍內，但低於全球利潤率的指導範圍。

To achieve these targets, we will remain disciplined with our investments and laser-focused on delivering an elevated experience to our customers while at the same time improving our comp, revenue and profit in the back half of 2018. This discipline will be key to delivering our top and bottom line goals. As Kevin stated, we have a clear set of actions underway to improve comp growth and profitability as we move through the year. As always, credit for our success in Q1 belongs to Starbucks partners around the world who proudly wear the green apron and work to deliver an elevated Starbucks Experience to our customers through nearly 100 million individual occasions every week but who do so with heart and passion one cup at a time.

為了實現這些目標，我們將繼續嚴格投資，專注於為客戶提供更高的體驗，同時在 2018 年下半年改善我們的競爭、收入和利潤。這項紀律將是實現目標的關鍵我們的最高和最低目標。正如凱文所說，我們正在採取一系列明確的行動，以提高全年的業績成長和獲利能力。像往常一樣，我們第一季的成功歸功於世界各地的星巴克合作夥伴，他們自豪地穿著綠色圍裙，並致力於透過每週近1 億個單獨的場合為我們的客戶提供提升的星巴克體驗，但他們是用心和熱情這樣做的一次喝一杯。

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

這樣，我會將電話轉回接線生進行問答。操作員？

(Operator Instructions) Your first question comes from Sara Senatore with Bernstein.

（操作員說明）您的第一個問題來自 Sara Senatore 和 Bernstein。

I was hoping to sort of just talk a little bit about the first quarter and the implied rest of the year, which is to say you suggested that holiday and merchandising was an issue but then also noted that 2Q will be softer, which means that maybe it wasn't just holiday if January was also off to a soft start. So I guess, first, are you confident that you have the right diagnosis? Is there any chance that you are either losing share or cannibalizing yourself? And then second, to what extent can you preserve some of the earnings or the margin if in fact the low end of your guidance doesn't materialize through better expectations in the back half, which is sort of what happened in 2017?

我希望能稍微談談第一季和今年剩餘的時間，也就是說，您建議假期和商品銷售是一個問題，但隨後也指出第二季度會更加疲軟，這意味著也許如果一月份的開局也比較平淡，那麼這不只是假期。所以我想，首先，您是否有信心做出正確的診斷？您是否有可能失去市場份額或蠶食自己？其次，如果事實上你的指引的低端沒有透過下半年更好的預期實現（就像 2017 年發生的那樣），你能在多大程度上保留部分收益或利潤？

Thanks, Sara. It's Scott. I'll start. I think what's important to understand in what we're saying about Q2 is given some of the things that happened specifically during holiday, we're seeing some impacts of that early in the second quarter. And specifically, what we're seeing is we sell a lot of gift cards in the lobbies of our stores and through third parties. And those gift cards, once again this year, went to about 1 in 6 Americans, and the gift card loads were about flat year-over-year. But as you know, over the last many years, those gift cards have actually contributed meaningfully to comps, both as we closed out the first quarter and then importantly in January and February and a little bit beyond as we went through the second quarter. And because those gift cards are roughly flat, still sold a lot of them, we're just a little bit cautious on how the quarter is starting. So that's the first thing. The second thing is in the lobby category, what we see coming through into January is a little bit additional softness above what we'd expected. So Kevin talked about holiday LTOs and lobby down over 1 point. Lobby remained soft in January, so those 2 things are just a little bit of headwind. And so like I think what we signaled for the year is we still have a high level of confidence in being within our 3% to 5% range. We're just a little bit cautious for Q2. And really, EPS and revenue growth and comp growth still holds with what we guided last quarter.

謝謝，薩拉。這是斯科特。我開始吧。我認為在我們所說的第二季度中，重要的是要理解假期期間發生的一些事情，我們在第二季初看到了一些影響。具體來說，我們看到的是我們在商店大廳和透過第三方出售大量禮品卡。今年，大約六分之一的美國人再次收到了這些禮品卡，而且禮品卡的數量與去年同期基本持平。但如您所知，在過去的許多年裡，這些禮品卡實際上對我們的業績做出了有意義的貢獻，無論是在我們結束第一季的時候，還是重要的是在一月和二月，以及在我們經歷第二季的時候。由於這些禮品卡銷售量基本上持平，而且仍然大量出售，因此我們對本季的開始方式持謹慎態度。這是第一件事。第二件事是在大廳類別中，我們看到一月份的情況比我們預期的更加疲軟。因此，Kevin 談到了假日 LTO，並遊說降低了 1 個百分點。一月份大廳仍然疲軟，所以這兩件事只是一點阻力。因此，我認為我們今年所發出的信號是，我們仍然對保持在 3% 至 5% 的範圍內充滿信心。我們對第二季度有點謹慎。事實上，每股收益、收入成長和比較成長仍然符合我們上季度的指導。

And Sara, this is Kevin. Let me take your second question about share or cannibalization. I mean, the short answer is no, and let me share the data with you that leads us to that conclusion. Certainly, we look at many external data sources to inform us of macro trends in away-from-home coffee and certainly away-from-home food and beverage. Those trends would suggest that overall daily customer occasions in food and beverage are relatively flat. Now when we triangulate those data points with the fact that we grew total customer occasions across existing stores and new stores by 5% this quarter, that would imply that we are growing transactions faster than the market and taking some share. Now the better view that we have is when we look at the micro trading areas. Now this is where we have our own analytics, where we look at a micro trading area that provides us data on traffic patterns. And whenever we build a new store in that trading area, we have predictive analytics to tell us what we think will happen, and then we have post analytics to tell us what actually happened. The data suggests that when we build a new store in a trading area, we see increased customer occasions per Starbucks. When a competitor builds a new store at a micro trading area, our data shows little to no impact on Starbucks traffic in that micro trading area. Now certainly, a similar dynamic exists when a competitor runs a product or pricing promotion or schedule at a trading area. And we look at these micro trading areas very carefully, and so that's a data-driven analysis. So when you triangulate these 2 data points, it's evidence that we're not losing share to competition, and it's evidence that we're not cannibalizing as we build new stores. And so that's how we think about it.

薩拉，這是凱文。讓我回答你關於共享或蠶食的第二個問題。我的意思是，簡短的答案是否定的，讓我與您分享導致我們得出這一結論的數據。當然，我們會查看許多外部資料來源，以了解外出咖啡以及外出食品和飲料的宏觀趨勢。這些趨勢表明，食品和飲料領域的整體日常客戶活動相對穩定。現在，當我們對這些數據點進行三角測量時，我們現有商店和新商店的總客戶數量本季增長了 5%，這意味著我們的交易增長速度快於市場並佔據了一些份額。現在，我們看到的更好的觀點是當我們觀察微觀交易領域時。現在，這是我們擁有自己的分析的地方，我們查看一個微型交易區域，為我們提供有關流量模式的數據。每當我們在該貿易區域建立新商店時，我們都會透過預測分析來告訴我們我們認為會發生什麼，然後我們透過後期分析來告訴我們實際發生了什麼。數據表明，當我們在交易區開設新店時，我們發現每家星巴克的顧客數量增加。當競爭對手在微型交易區開設新店時，我們的數據顯示對該微型交易區的星巴克流量幾乎沒有影響。當然，當競爭對手在交易區進行產品或定價促銷或安排時，也會有類似的動態。我們非常仔細地研究這些微觀交易領域，因此這是數據驅動的分析。因此，當你對這兩個數據點進行三角測量時，這證明我們沒有因競爭而失去份額，也證明我們在建立新商店時沒有蠶食市場。這就是我們的想法。

Okay. And then just a question on can you preserve the P&L if the comp comes in, stays at 2?

好的。接下來的問題是，如果比較進來，保持在 2，你能保留損益嗎？

Yes. I think what we said, and we talked a little bit about this last quarter, Sara, is in order to hit the comp guidance and the revenue guidance and the profit guidance of 3% to 5% high single digits and 12%-plus, we need that 3% in order to get to 12%-plus. With that said, given just a little bit of softness in the first half of the year, we still think we're going to deliver a 3% per year and, therefore, deliver the full EPS and margin guidance. I think the thing I was trying to say in my prepared comments is the first half of the year is probably going to be a little bit softer, but the second half of the year accelerating given the things we're doing on streamline, the things we're doing in the middle of the P&L and a little bit of benefit from buybacks. So I think we'll get back to 3% and preserve the margin.

是的。我認為我們所說的，以及我們在上個季度談到的一點，薩拉，是為了達到 3% 至 5% 高個位數和 12% 以上的公司指導、收入指導和利潤指導，我們需要3 % 才能達到12% 以上。話雖如此，鑑於今年上半年略有疲軟，我們仍然認為我們將實現每年 3% 的成長，因此將實現完整的每股盈餘和利潤率指引。我認為我在準備好的評論中想說的是，今年上半年可能會稍微溫和一些，但考慮到我們正在簡化的工作，下半年會加速。我們正在做損益表的中間部分，並從回購中獲得一點好處。所以我認為我們會回到 3% 並保留利潤。

Yes, I agree with that. The only thing I would add is just be careful not to over-rotate just looking at the U.S. China is becoming a bigger and bigger part of the growth agenda and contributing a larger and larger percentage of our operating income growth. The 30% growth that we saw in China this last quarter, we just closed on East China, the Shanghai Roastery. And so I think you need to look at both these growth engines when you consider the overall enterprise P&L.

是的，我同意這一點。我唯一要補充的是，要小心不要過度輪換，只看美國。中國正在成為成長議程中越來越大的一部分，並為我們的營業收入成長做出越來越大的貢獻。上個季度我們在中國看到了 30% 的成長，我們剛剛關閉了華東地區的上海烘焙工坊。因此，我認為在考慮整體企業損益時，您需要同時考慮這兩個成長引擎。

Your next question comes from David Tarantino with Baird.

你的下一個問題來自大衛·塔倫蒂諾和貝爾德。

Just one clarification on the commentary on fiscal second quarter. Are you signaling you expect it to be weaker than what you just reported for Q1 or more of the same? And then I guess my real question is about -- as you diagnose the U.S. business and look at the consumer feedback metrics that you get, are you seeing anything in the consumer feedback that would suggest any issues related to brand or operational performance or anything of that nature?

只是對第二財季評論的一個澄清。您是否表示預計它會比您剛剛報告的第一季或更多？然後我想我真正的問題是——當你診斷美國企業並查看你得到的消費者回饋指標時，你是否在消費者回饋中看到任何表明與品牌或營運績效或任何相關問題相關的問題。那種性質？

Yes. I'll start, David, and then maybe I'll have Roz take the second half. So if you do the math on at least a 3% for the full year, and we just did a 2%, I think it'd give you a pretty good idea of what we think by somewhat softer. We're not signaling that January has been off to a big negative breadth. That is not what we're signaling. All we're signaling is a little bit softer estimate for Q2. So you can kind of do the math and figure out, we didn't put a number on it, but I think it's pretty clear about where we think we'll land. Roz, do you want to cover the customer piece?

是的。大衛，我先開始，然後也許我會讓羅茲上半場。因此，如果你算一下全年至少 3%，而我們只做了 2%，我認為這會讓你很好地了解我們對稍微溫和一點的看法。我們並不是暗示一月已經出現大幅負幅。這不是我們發出的訊號。我們所發出的訊號只是對第二季的估計稍微軟一些。所以你可以做數學計算並找出答案，我們沒有給出數字，但我認為我們的目標已經很清楚了。羅茲，你想涵蓋客戶部分嗎？

Yes. So concerning the customer piece, I will say that we've been really looking carefully at this afternoon daypart and the customer that visits our stores during that time frame. And we're learning a lot about them, but I can tell you that they're confident about our brand. They still are committed to Starbucks. We are making sure that we are ready for the customer in those afternoon dayparts by looking at our routine efforts in the store and to make sure that we've got the right partners in front of them. So we feel good about the customer and their connection to us, and we'll continue to make sure that they stay in line with who we are as a company.

是的。因此，關於客戶部分，我想說，我們一直在仔細研究今天下午的時段以及在該時間段內訪問我們商店的客戶。我們對他們了解了很多，但我可以告訴你，他們對我們的品牌充滿信心。他們仍然熱衷於星巴克。我們透過檢查店內的日常工作來確保在下午的時段為客戶做好準備，並確保我們在客戶面前擁有合適的合作夥伴。因此，我們對客戶以及他們與我們的聯繫感到滿意，我們將繼續確保他們與我們公司的形象保持一致。

And Kevin, can I just add one thing about the equity of the brand? Can you hear me? This is Howard.

凱文，我可以補充一件關於品牌資產的事嗎？你聽得到我嗎？這是霍華德。

Yes please, Howard. Yes, go ahead.

是的，請霍華德。好，去吧。

Just in terms of the equity of the brand, just in recent weeks, 2 things came out that I think demonstrate and reaffirm the strength, the trust and the confidence in terms of Starbucks as a brand and a trusted company. A Fortune survey came out, and Starbucks was the fifth -- fourth, I'm sorry, fourth most admired company in the world. And then we have a constant effort year in and year out to make sure that we're as relevant as possible with young people. And what came out is that Starbucks relevancy among teens is #1 in any food and beverage retail brand in America. So I think in terms of the equity of the brand, there is no issue whatsoever. This is a daypart challenge in the afternoon. And just like we figured out and cracked the code in the morning daypart, we will do the same thing in the afternoon.

就品牌資產而言，就在最近幾週，出現了兩件事，我認為這證明並重申了星巴克作為一個品牌和一家值得信賴的公司的實力、信任和信心。 《財星》雜誌的一項調查結果顯示，星巴克在世界上最受尊敬的公司中排名第五——第四，對不起，第四。然後我們年復一年地不斷努力，以確保我們盡可能與年輕人相關。結果表明，星巴克在青少年中的相關性在美國所有食品和飲料零售品牌中名列第一。所以我覺得從品牌的資產來說，是沒有任何問題的。這是下午的一天挑戰。就像我們在早上弄清楚並破解了代碼一樣，我們將在下午做同樣的事情。

Your next question comes from Sharon Zackfia from William Blair.

您的下一個問題來自威廉布萊爾的莎朗扎克菲亞。

I guess a question on the digital side. I think last quarter, you provided us with what the comps were for the Starbucks Rewards spend versus the more occasional customers. I was wondering if you might provide that again. And as it relates to kind of broadening the digital ecosystem, I mean, when can we kind of expect more information from you? And are there thoughts about enabling some sort of Starbucks Rewards program where you don't have to have a preloaded card?

我想是數字方面的問題。我想上個季度，您向我們提供了星巴克獎勵消費與偶爾顧客的比較。我想知道你是否可以再次提供。由於它涉及擴大數位生態系統，我的意思是，我們什麼時候可以期待您提供更多資訊？是否有考慮啟用某種無需預裝卡的星巴克獎勵計劃？

Thank you for the question. Matt Ryan here, Sharon. First of all, as is obvious in the numbers, virtually all of our comp this past quarter came from our digital customers. And we saw significant growth in the number of members, up 11% or so year-on-year as well as healthy growth in member spend. So we're very, very pleased with what we saw. We leaned into customer acquisition in our results. During this coming quarter, you're going to see some significant new initiatives added on, which have both short-term and long-term potential benefits. We are going to be targeting not just the Starbucks Reward customers but all customers with ways for them to sign up and engage with us directly. That will create a new pool of customers that we can use our marketing capabilities to reach and talk to and build business from. You'll see that emerge across the course of the quarter, especially in March. And you'll see us begin to then have a greater pool of people with whom -- from whom we can recruit future Starbucks Reward members as well too. There are a number of different things teed up not just for this quarter but across the next year that includes some of what you've been alluding to, and you can expect us to continue to make digital the focus of all of our marketing efforts moving forward.

感謝你的提問。馬特瑞安在這裡，莎倫。首先，從數字中可以明顯看出，上個季度我們幾乎所有的收入都來自我們的數位客戶。我們看到會員數量顯著成長，年增 11% 左右，會員支出也健康成長。所以我們對所看到的非常非常滿意。我們在業績中註重客戶獲取。在下一個季度，您將看到一些重要的新舉措的增加，這些舉措具有短期和長期的潛在好處。我們的目標不僅是星巴克獎勵客戶，而是所有客戶，為他們提供註冊並直接與我們互動的方式。這將創建一個新的客戶群，我們可以利用我們的行銷能力來接觸、交談並從中建立業務。您將在整個季度中看到這種情況的出現，尤其是在三月。您會看到我們開始擁有更多的人才庫，我們也可以從他們那裡招募未來的星巴克獎勵會員。不僅在本季度，而且在明年，我們都在準備許多不同的事情，其中​​包括您剛才提到的一些事情，您可以期望我們繼續將數位化作為我們所有行銷工作的重點向前。

Your next question comes from John Glass with Morgan Stanley.

您的下一個問題來自摩根士丹利的約翰·格拉斯。

Two, if I could. First, just I'm still struggling with why the non-Rewards customer, the occasional customer, is not coming as often, if you say the brand is still strong and relevant, particularly young people, but they're not coming back. Is it as simple as the Frappuccino platform, for example, is getting tired? And if it is, what -- how soon can you substitute products that really drive that afternoon business? Can you talk a little bit more about specific customer insights? I didn't think I heard that from the answer to a prior question. And on the guidance, I just want to make sure I understand, you've kept your guidance the same, but I think you said margins are going to be below and comps are going to be at the lower end. So in this excluding taxes, what's the plug that still gets you there, if comps are at the low end and margins are below?

兩個，如果可以的話。首先，我仍然在努力解決為什麼非獎勵客戶、偶爾的客戶不會經常來，如果你說這個品牌仍然強大且相關，特別是年輕人，但他們不會回來。是否像星冰樂平台一樣簡單，例如，厭倦了？如果是的話，你多久才能取代真正推動下午業務的產品？能多談談具體的客戶洞察嗎？我認為我沒有從之前問題的答案中聽到這一點。關於指導，我只是想確保我理解，你的指導保持不變，但我認為你說利潤率將低於，比較將處於較低水平。那麼，在不計稅項的情況下，如果比較處於低端且利潤率較低，那麼還有什麼辦法能讓你達到這個目標呢？

Yes, John. This is Kevin. I'll take your first question, and I'll let Scott take the second one. When you think about our customer patterns, it's first important to note that our core customer, and especially in that morning daypart, is very strong. And that's just reflective of the increased throughput at peak that we've driven and I would say the digital growth that we've seen. So core customers, morning daypart, daily ritual, throughput at peak, strong, and that's beverage, food attach strong. Number two, what we're calling the occasional customer, in some ways you could say are those non-Rewards customers or noncore. Now the fact that we've grown active Rewards by 11% means we're attracting more and more of the occasional customer into Rewards. So part of the reason you see that comp you say, "Oh, well, our occasional customers aren't growing." That's because a lot of them are joining Rewards. And the more we get them in that digital ecosystem, the better. Because now we can communicate directly with them. We can personalize offers that are contextually relevant to them. We can do so much more to create a great experience for those customers when we have digital combined with our brick-and-mortar experience. So then number three, you say, "Okay, but those customers who haven't joined Rewards, what's happening with occasional customers?" Now a lot -- we have a higher volume of occasional customers in the afternoon. And in many ways, you think about the morning daypart, and a lot of that is really driving the need state of convenience as customers are getting their beverages and food on their way to work or school or some activity. What we find in the afternoon is a customer occasion that's more about the third place. And so in many ways, the opportunities we have to continue to enhance the experience in the third place, drive innovation around food and beverage that resonates in the afternoon. And as Matt said, the #1 thing we could do is now connect with those occasional customers in a digital way. And so that's what we see happening, and that's why the plans that we have are geared exactly to that. Roz, do you want to touch upon sort of the plans that we have driving those 3 pillars?

是的，約翰。這是凱文.我回答你的第一個問題，然後請史考特回答第二個問題。當您考慮我們的客戶模式時，首先要注意的是，我們的核心客戶非常強大，尤其是在早上的時段。這只是反映了我們推動的峰值吞吐量的增加，我想說的是我們所看到的數位成長。因此，核心客戶、早上時段、日常儀式、尖峰時段的吞吐量很強，這就是飲料、食物的附著力很強。第二，我們所說的偶爾客戶，在某些方面你可以說是那些非獎勵客戶或非核心客戶。現在，我們的活躍獎勵增加了 11%，這意味著我們正在吸引越來越多的臨時客戶加入獎勵。因此，您看到該公司的部分原因是您會說：“哦，好吧，我們的偶爾客戶沒有成長。”這是因為他們中的許多人都加入了獎勵計劃。我們讓他們越多進入數位生態系統就越好。因為現在我們可以直接與他們溝通。我們可以個性化與他們相關的優惠。當我們將數位化與實體體驗結合時，我們可以做更多的事情來為這些客戶創造良好的體驗。那麼第三點，你說，“好吧，但是那些還沒有加入獎勵計劃的客戶，偶爾的客戶會發生什麼情況呢？”現在很多——我們下午的臨時顧客數量較多。從很多方面來說，你會想到早上的時段，其中許多確實推動了便利性的需求狀態，因為顧客在上班、上學或參加某些活動的路上獲取飲料和食物。下午我們發現的是一個更多關於第三名的客戶場合。因此，在許多方面，我們都有機會繼續增強第三位的體驗，推動圍繞下午引起共鳴的食品和飲料的創新。正如馬特所說，我們現在能做的第一件事就是以數位方式與那些偶爾的客戶建立聯繫。這就是我們所看到的情況，這就是為什麼我們的計劃正是針對這種情況而製定的。 Roz，您想談談我們推動這三大支柱的計劃嗎？

Sure. So first of all, let me talk about, in the first quarter, we added 1.4 million new active members, and that really gives us an opportunity to do just what Matt mentioned is to bring them to the same level of our Starbucks Rewards customers that have been enjoying our business in the morning daypart. But second, we have very strong beverage innovation plans for the remaining part of the year. And I know we've been talking to you about our beverage innovation for some time now, but we've been able to, for the first time in a long time, introduce a second Espresso roast for the first time, our Blonde introduction, that just started in the month of January. We're excited about that. But second, we have a number of cold offerings that we're introducing, and some of them are accelerating into the second half of the year. And I'll just remind you, cold beverages are nearly 40% of total beverage sales, and 50% of the overall growth that we're seeing right now is from our cold lineup. And that's up 230 basis points for our company. So the acceleration of things like our Nitro rollout, our Teavana teas and our premiumized beverages, this is going to help us in the second half of the year, and these are items that have not existed in our product lineup. And when you align that with our food success, it really creates a package for us. And remember, our food represents right now 21% of our total revenues. So we've got great moves in our beverage lineup, and the food attach that we've been seeing quarter-over-quarter will continue in the second half of the year.

當然。首先，讓我談談，在第一季度，我們增加了140 萬新的活躍會員，這確實給了我們一個機會，就像馬特提到的那樣，讓他們達到與我們的星巴克獎勵客戶相同的水平。早上我們很享受我們的工作。但其次，我們在今年剩餘時間內制定了非常強大的飲料創新計畫。我知道我們已經和你們談論我們的飲料創新有一段時間了，但我們很長一段時間以來第一次能夠首次推出第二次濃縮咖啡烘焙，我們的金發女郎介紹，一月份才剛剛開始。我們對此感到興奮。但其次，我們正在推出一些冷產品，其中一些產品正在加速進入今年下半年。我只想提醒您，冷飲佔飲料總銷售額的近 40%，我們目前看到的整體成長的 50% 來自我們的冷飲系列。我們公司的股價上漲了 230 個基點。因此，我們的 Nitro 推出、Teavana 茶和優質飲料等產品的加速，這將在今年下半年對我們有所幫助，而這些是我們產品陣容中不存在的產品。當你將其與我們在食品方面的成功結合起來時，它確實為我們創造了一個包裝。請記住，我們的食品目前占我們總收入的 21%。因此，我們的飲料陣容有了很大的變化，而我們所看到的季度環比的食品附加價格將在今年下半年繼續下去。

And then John, your question on margin, I'd just quantify it a little bit for you. We had slight margin expansion in our last guidance, and now we're seeing a little bit of margin contraction. We're not talking about big dollars, but you're asking a fair question. There's 2 things. First of all, we did get a little bit more favorability than we had forecast below the line this quarter for some of the gift card, unredeemed gift card true-ups that I talked about. And then all of the net of the streamline activities are coming in a little bit more favorable than we'd originally thought. Again, both of those are relatively small amounts but don't have a big impact obviously on operating margin but allow us to hold our EPS guidance.

然後約翰，你關於保證金的問題，我只是為你量化。我們在上次指導中利潤率略有擴張，現在我們看到利潤率略有收縮。我們不是在談論大筆資金，但你問的是一個公平的問題。有兩件事。首先，對於我談到的一些禮品卡、未兌換的禮品卡真實情況，我們確實比本季預測的線下獲得了更多的好感度。然後，所有精簡活動的網絡都比我們原想的要有利一些。同樣，這兩個金額相對較小，但對營業利潤率沒有明顯影響，但允許我們維持每股盈餘指引。

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

您的下一個問題來自加拿大皇家銀行資本市場部的 David Palmer。

I heard in some previous answers you highlighted the digital initiatives, and you mentioned cold beverage innovation just then. Are those the major factors that give you confidence in a back half acceleration? It sounds like it could be significant in your thinking or at least you're banking on that. Perhaps you can give some sort of a ranking of what is giving you confidence in the back half acceleration.

我在之前的一些回答中聽說您強調了數位化舉措，並且您剛才提到了冷飲創新。這些是讓您對後半加速充滿信心的主要因素嗎？聽起來這對你的思考可能很重要，或者至少你對此有信心。也許你可以給出某種排名，說明什麼讓你對後半加速充滿信心。

Yes. And maybe -- David, maybe I'll start financially, and I'll ask Matt and Roz to weigh in operationally. Because obviously, what we're mainly focused on talking about is the U.S. business. But if you talk about the global business back half acceleration from a margin standpoint, it's the things that we're doing in the middle of the P&L around cost of goods sold, around waste and around labor. We talked about those. That's the first thing. The second thing is acceleration of profitability as we bring East China into the fold, fully wind down Teavana. We're a little bit more optimistic on how that's going to add to overall profitability. And then just to be specific, we expect the first half of the year in Americas comps to be a little bit below the average for the year and the second half to be a little bit above. So I'm not signaling a big acceleration in U.S. comps in our forecasting. We see that as potential opportunity depending on how things land, but that's not what we're saying in that comp guidance we're giving. Just to be clear. But maybe I'll turn it over to Matt to talk a little bit about the digital opportunities first, and then Roz can cover beyond that.

是的。也許——大衛，也許我會從財務上開始，然後我會請馬特和羅茲在營運上權衡。因為顯然，我們主要關注的是美國業務。但如果你從利潤率的角度談論全球業務的後半段加速，那就是我們在損益表中圍繞銷售成本、浪費和勞動力所做的事情。我們討論了這些。這是第一件事。第二件事是獲利能力的加速，因為我們將華東地區納入其中，全面關閉 Teavana。我們對這將如何增加整體獲利能力持更樂觀的態度。具體來說，我們預計美洲地區上半年的業績將略低於全年平均水平，下半年將略高於全年平均水平。因此，在我們的預測中，我並不是暗示美國股市將大幅加速。我們認為這是潛在的機會，取決於事情的進展情況，但這並不是我們在給出的公司指南中所說的內容。只是要明確一點。但也許我會先讓 Matt 談談數位機會，然後 Roz 可以討論更多內容。

Absolutely. So one of the things we see is we see continued growth in the core Starbucks Rewards program. We've seen healthy growth in recent quarters, and we have every indication that the investments we're making in technology that are sort of behind the scenes and less visible to you will continue to drive both acquisition as well as per-member spend, so we're very confident in that. I think the more important news is we're adding on a couple of more major initiatives. So this quarter, we will be launching with Chase and Visa our first-ever co-branded credit card, and that will enhance the value of the program to many of our customers. The thing that I would like to highlight as well is that we're also doing more to reach our non-Starbucks Rewards customer digitally and establish digital relationships. This includes making Mobile Order & Pay available at scale to all customers starting in March as well as deliver initiatives, which you will see as the quarter unfolds, in which we actively sign up new customers with special benefits and offers that will be meaningful and make a difference in our ability to market and personalize beyond just the core Starbucks Rewards members.

絕對地。因此，我們看到的一件事是我們看到核心星巴克獎勵計劃的持續成長。最近幾季我們看到了健康的成長，我們有充分的跡象表明，我們在幕後技術上進行的投資將繼續推動收購和每位會員的支出，所以我們對此非常有信心。我認為更重要的消息是我們正在增加幾項重大措施。因此，本季度，我們將與 Chase 和 Visa 一起推出我們的第一張聯名信用卡，這將提高該計劃對我們許多客戶的價值。我還想強調的是，我們還在採取更多措施以數位方式接觸非星巴克獎勵客戶並建立數位關係。這包括從3 月開始向所有客戶大規模提供行動訂單和支付服務，並提供一些舉措，隨著本季度的展開，您將看到這些舉措，其中我們積極為新客戶簽約，提供有意義的特殊優惠和優惠，並讓他們受益匪淺。我們的行銷和個人化能力的差異不僅限於核心星巴克會員。

This is Roz. Let me just mention some of the things that we're doing from an operational improvement standpoint in the afternoon daypart. As you will recall, about a year ago, we introduced some labor deployment improvement at peak, and it's been successful for us. And for the first time, we're going to expand those through the full daypart, and this includes some of the lessons that we've learned at peak from the routines and the labor deployment improvements, but it really goes a little bit further than that. We're specifically looking at tasks that are performed in the afternoon, and we're looking at the experience level of our partners in the afternoon. Typically, we've used our afternoons to train our new partners and to do routine task. And we also have a lot of our newer partners on staff doing their training. So over the coming weeks, we'll reevaluate how our staff will use these hours and use the stores and the partners against more customer-facing initiatives. This will allow us to do really effective product introduction and then connect with the customer effectively. So we've learned a lot in that morning daypart, and we're going to take it throughout the full day.

這是羅茲。讓我從下午時段的營運改善角度提一下我們正在做的一些事情。您可能還記得，大約一年前，我們在高峰期引入了一些勞動力部署改善措施，這對我們來說是成功的。這是我們第一次將這些內容擴展到整個白天，這包括我們在高峰期從日常工作和勞動力部署改進中學到的一些教訓，但它確實比那。我們特別關注下午執行的任務，並且關注合作夥伴下午的經驗程度。通常，我們會利用下午的時間來培訓新合作夥伴並完成日常任務。我們還有很多新合作夥伴在進行培訓。因此，在接下來的幾週內，我們將重新評估我們的員工將如何利用這些時間，並利用商店和合作夥伴來實施更多面向客戶的措施。這將使我們能夠進行真正有效的產品介紹，然後有效地與客戶聯繫。所以我們在早上學到了很多東西，我們將在一整天中學習這些知識。

Your next question comes from John Ivankoe with JPMorgan.

您的下一個問題來自摩根大通的約翰·伊万科。

Two questions, if I may. First for Roz and the second for John, if I may. Roz, as you bring a broad perspective and focus now on the Americas business, do you think you have some sort of a value strategy that fits within the overall lens as Starbucks becomes more important as we think about '18 and '19 and maybe bring back some of that noncore customer? And how may you be thinking about communicating price to the consumer? And a follow-up after this, if I may as well.

如果可以的話，有兩個問題。如果可以的話，第一個是羅茲，第二個是約翰。 Roz，當你帶來廣闊的視角並專注於美洲業務時，你認為你是否有某種適合整體鏡頭的價值策略，因為星巴克在我們考慮“18”和“19”時變得更加重要，也許會帶來支持一些非核心客戶？您可能會如何考慮向消費者傳達價格？如果可以的話，在此之後還有後續行動。

Actually, I don't see a value position here. I actually think that our brand has the ability to speak even more at an up leveling. When we talk about product innovation, we talk about making our core coffee even better. When we talk about our Frappuccino business, it's about making the very best Frappuccino. So a value position is not the direction we're looking at. We feel like our brand can go to the next level.

事實上，我在這裡看不到任何價值定位。我實際上認為我們的品牌有能力在更高層次上表達更多。當我們談論產品創新時，我們談論的是讓我們的核心咖啡變得更好。當我們談論星冰樂業務時，我們指的是製作最好的星冰樂。所以價值定位不是我們關注的方向。我們覺得我們的品牌可以更上一層樓。

Okay. John, I think if you're on the phone, as we look at China, and you're obviously doubling down with the consolidation of East China, presumably, your margins of CAP become higher than that of the Americas. I mean, you have a lot of G&A and growth cost, unit inefficiencies, preopening, what have you in those numbers. But as you look out the next number of years, when might -- firstly, will that happen? And when might that happen as we think about really the contribution from that division over the next couple of years?

好的。約翰，我想如果你在打電話，當我們看中國時，你顯然正在加倍努力整合華東地區，想必你的 CAP 利潤率會高於美洲。我的意思是，你有很多一般管理費用和成長成本、單位效率低、預開業等這些數字。但當你展望未來幾年時，什麼時候會——首先，這種情況會發生嗎？當我們考慮該部門在未來幾年的真正貢獻時，什麼時候會發生這種情況？

Maybe -- John, this is Scott. I'll start, and then I'll turn it over to John to talk about why we think we can drive outsized profit growth in CAP broadly, and China specifically. So remember that our margin on that East China business today is probably in the triple digits somewhere because we have half of the profitability but just a fraction of the revenue. So when you take that highly profitable business and you do the new math with 100% ownership and that revenue denominator getting so much bigger, we'll see a little bit of impact at the CAP level on margins negatively while we go through the first year. And again, that's not because profitability goes down. You know this, John. But that's because of just the straight math of owning 100%. Then I think you're going to see CAP once again grow margins faster than any of the other businesses. And I do think over a number of years, we should see CAP catch the Americas and perhaps overtake. And the reason -- the big reason that is, and I'll turn it over to John is because of the inherent profitability of CAP broadly. So markets like Korea, Japan doing well from a profitability standpoint, and of course, first and foremost, the profitability within China. John, do you want to build on that?

也許——約翰，這是史考特。我先開始，然後我會把它交給 John，讓他談談為什麼我們認為我們可以推動 CAP 的利潤大幅成長，特別是中國。因此，請記住，我們今天華東業務的利潤率可能達到三位數，因為我們擁有一半的獲利能力，但只佔收入的一小部分。因此，當你採用這項高利潤業務並以 100% 所有權進行新的數學計算時，收入分母變得越來越大，我們會在第一年看到 CAP 水平對利潤率產生一些負面影響。再說一次，這並不是因為獲利能力下降。你知道這一點，約翰。但這只是因為擁有 100% 股權的直接數學計算。然後我認為您將看到 CAP 的利潤成長速度再次快於任何其他企業。我確實認為，幾年後，我們應該會看到 CAP 趕上美洲，甚至可能超越。原因是 CAP 固有的獲利能力，我將把它交給約翰。因此，從獲利能力的角度來看，韓國、日本等市場表現良好，當然，首先也是最重要的是中國境內的獲利能力。約翰，你想以此為基礎嗎？

Yes. Just to build on that, as we integrate East China into the operations, we really are focused in 3 critical areas to, number one, get the business integrated, but more importantly, make sure that we're in a position to accelerate growth, and at the same time, expand the margin. So really looking at the operational efficiencies that we can gain with the acquisition and with the integration, particularly around supply chain development and design, R&D, IT and a lot of the back-end infrastructure that currently exists in 2 different places as we operated a joint venture and then we operated a company-owned business. And then the last piece is around gaining synergy and leverage around scale. And in particular, these areas are driving growth. Digital is a big opportunity. And if you look at digital and one voice of the customer across these markets, we see tremendous opportunity and runway for growth. Just to put it into perspective, we now have 6 million active MSR members across China. We've introduced WeChat and Alibaba pay in our stores, and that is accounting to over 60% of the tender that's coming through the stores. Beyond digital, we've got beverage innovation and continued focus on accelerating the growth of beverage innovation through R&D that we've got on the ground, food and then clearly, a big synergy around operations and creating great customer experience across the entire portfolio. So to Scott's point, there'll be a period during the integration where you'll see a moderate decline on margin, but we will gain that back and very confident of that.

是的。在此基礎上，當我們將華東地區整合到營運中時，我們確實專注於三個關鍵領域，第一，實現業務整合，但更重要的是，確保我們能夠加速成長，同時，擴大利潤。因此，真正著眼於我們透過收購和整合可以獲得的營運效率，特別是圍繞供應鏈開發和設計、研發、IT 以及目前存在於兩個不同地方的許多後端基礎設施，因為我們經營一家合資企業，然後我們經營公司擁有的業務。最後一部分是圍繞規模獲得協同效應和影響力。特別是，這些領域正在推動成長。數位化是一個巨大的機會。如果你關注這些市場中的數位化和客戶的單一聲音，我們會看到巨大的成長機會和跑道。客觀地說，我們現在在中國擁有 600 萬活躍的 MSR 會員。我們在門市引進了微信和阿里巴巴支付，這佔門市招標的60%以上。除了數位化之外，我們還進行了飲料創新，並繼續專注於透過我們在實地、食品方面的研發加速飲料創新的成長，顯然，我們還圍繞著營運建立了巨大的協同效應，並在整個產品組合中創造了出色的客戶體驗。因此，按照斯科特的觀點，在整合過程中會有一段時期，你會看到利潤率適度下降，但我們將重新獲得這一點，並且對此非常有信心。

I just want to add, I'm sorry, this is Howard. Can I just add a little bit of context to China and some of the things you said? As Kevin said, I'm in Milan, and I'm working on the Milan Roastery with our design team. But on the heels of the record-setting opening of our Shanghai Roastery, I'd just like to put it into context for you. I don't know how many store openings I've been to and how many countries we've opened, but in my long, long history at Starbucks, I have never ever seen anything remotely like what happened when we opened the Shanghai Roastery. I mean, we shattered every sales record in the history of the company. And I'm going to give you some numbers that we have not yet released because I think it's very important. As we look at the difference between 3% and 2% comps for the quarter, I think, again, here's a number that I think you'll be very interested in. Our U.S. Starbucks stores, on average, do about $32,000 a week. The Roastery in Shanghai after 8 weeks of operations is doing, on average, twice that, not each week but each day. So the volumes that we are now posting at the Shanghai Roastery is a number that we have never quite seen before, reaffirming the equity of the brand, reaffirming the interest our customers have in Princi, an opportunity that we feel is not only a domestic opportunity from stand-alone stores but also an opportunity to leverage infrastructure and build Princi stores in China as well. But we just opened a store that is doing twice the amount per day that an average Starbucks is doing each week. That's the growth opportunity, and that's the strength of the company in China. I think we are at a disadvantage because most of you have not seen our operations in China. I hope you'll come to the event in May, and you'll see something that there's no other Western brand, consumer brand that's accomplished with 3,100-plus stores, a store opening every day and numbers the likes of which we have never seen in our history. The Roastery in Milan will open in the fall. The Roastery in New York will follow, and then Tokyo and Chicago, and all of this being integrated into the Princi stores that we feel so positive about. So I just feel like it's really important to once again just put into context that we are a global enterprise. Of course, the U.S. currently dwarfs the other aspects of our business. But what Kevin said is not a myth. It is true. China is going to be larger than Starbucks in the U.S. China is going to have more impact and grow faster than anything we've done in our history. And what we have seen in Shanghai with the Roastery not only gives us confidence but demonstrates the opportunity to be even larger than we once realized just a year ago.

我只想補充一點，對不起，這是霍華德。我可以補充一點中國的背景以及你所說的一些事情嗎？正如凱文所說，我在米蘭，正在與我們的設計團隊一起設計米蘭烘焙工坊。但在我們的上海烘焙工坊破紀錄開業之後，我想為您介紹它的背景。我不知道我去過多少家新店，開過多少個國家的店，但在我漫長的星巴克歷史中，我從未見過像上海烘焙工坊開張時那樣的情況。我的意思是，我們打破了公司歷史上的每項銷售記錄。我將向您提供一些我們尚未發布的數字，因為我認為這非常重要。當我們查看本季 3% 和 2% 的比較差異時，我想，這裡有一個我認為您會非常感興趣的數字。我們的美國星巴克門市平均每週營業額約為 32,000 美元。上海烘焙工坊在營運 8 週後，平均產量是這個數字的兩倍，不是每週，而是每天。因此，我們現在在上海烘焙工坊發布的銷量是一個我們以前從未見過的數字，重申了品牌的價值，重申了我們的客戶對 Princi 的興趣，我們認為這不僅僅是一個國內機會除了獨立商店之外，這也是利用基礎設施並在中國建立Princi 商店的機會。但我們剛開了一家商店，每天的營業額是星巴克平均每週營業額的兩倍。這就是成長機會，這就是該公司在中國的優勢。我認為我們處於劣勢，因為你們大多數人都沒有看到我們在中國的業務。我希望你五月來參加這個活動，你會看到沒有其他西方品牌、消費品牌能做到擁有 3,100 多家商店，每天都有一家商店開業，而且數量是我們從未見過的。在我們的歷史上。米蘭的烘焙工坊將於秋季開幕。紐約的 Roastery 烘焙工坊將緊隨其後，然後是東京和芝加哥，所有這些都將被整合到我們感到非常積極的 Princi 商店中。所以我覺得再次考慮我們是全球性企業是非常重要的。當然，美國目前使我們業務的其他方面相形見絀。但凱文所說的並不是神話。是真的。中國的規模將超過美國的星巴克，中國的影響力將比我們歷史上所做的任何事情都更大，成長速度也將更快。我們在上海看到的烘焙工坊不僅給了我們信心，而且展示了我們有機會比我們一年前意識到的更大。

Your next question comes from Jeffrey Bernstein with Barclays.

你的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Maybe just shifting gears for a second in terms of potential positives for the U.S. business or the Americas business. Just curious to get your kind of theoretical thoughts on tax reform. And I know you guys and others have talked a lot about the corporate tax benefit, which seems significant. But in terms of the consumer benefit from tax reform, I was just hoping you maybe can give some insights in terms of historical or any kind of expectations you have, one, because the tailwind of a lower payroll tax, which is going to drive higher paychecks for the consumer, and we're also seeing lots of corporates returning tax savings to employees by pay raises or the onetime stipends. I'm just wondering what would you even compare that to historically. And maybe people talk about the gas price savings and how that was kind of a onetime benefit. But how do you think about what could be a benefit for Starbucks or for restaurants maybe relative to broader retail in terms of the prioritization of that consumer spending?

偉大的。也許只是暫時改變美國業務或美洲業務的潛在積極因素。只是想知道您對稅改的理論想法。我知道你們和其他人已經談論了很多關於公司稅收優惠的問題，這似乎很重要。但就稅收改革給消費者帶來的好處而言，我只是希望您能就歷史或您的任何預期提供一些見解，一是因為工資稅降低的順風，這將推動更高的工資稅我們還看到許多企業透過加薪或一次性津貼將節稅返還給員工。我只是想知道您會將其與歷史進行比較。也許人們會談論汽油價格的節省以及這是一種一次性的好處。但是，就消費者支出的優先順序而言，您如何看待星巴克或餐廳相對於更廣泛的零售業可能獲得的好處？

Yes, Jeffrey. This is Kevin. Look, we haven't gone into some deep study of how much did this increase consumer discretionary spend, and we haven't factored any of that into the future view. I mean, logically, you could draw a conclusion that increased discretionary income would increase spending on consumer items, including food and beverage, and that could be good for us. But being candid, we haven't studied that, and I don't have any models or insights to share with you other than just general intuition, if consumers have more money, then that must be good for consumer spending.

是的，傑弗裡。這是凱文.聽著，我們還沒有深入研究這會增加多少消費者可自由支配支出，而且我們也沒有將這些因素納入未來的展望中。我的意思是，從邏輯上講，您可以得出這樣的結論：可自由支配收入的增加將增加消費品（包括食品和飲料）的支出，這可能對我們有利。但坦白說，我們還沒有研究過這一點，除了一般直覺之外，我沒有任何模型或見解可以與大家分享，如果消費者有更多的錢，那麼這一定有利於消費者的支出。

Your next question comes from Matthew DiFrisco with the Guggenheim Securities.

您的下一個問題來自古根漢證券公司的馬修‧迪弗里斯科。

I just had one point of clarity I just want to see and then also just a question. Specifically to the $180 million to $220 million, Scott, I think you said that, that was -- about half of that is going to come into 2018? So is that a -- that's a run rate number, so there'll be a bigger weight on 2019. And then also the 2019 tax rate, I think you said -- was it going to be 300 basis points higher? Or at least beyond '18, the tax rate is going to be 300 basis points higher, is that correct?

我只是想弄清楚一點，然後也只是提出一個問題。具體到 1.8 億到 2.2 億美元，斯科特，我想你說過，其中大約一半將進入 2018 年？這是一個運行率數字，所以 2019 年的權重會更大。我想你說過 2019 年的稅率會高出 300 個基點嗎？或至少在 18 年之後，稅率將提高 300 個基點，對嗎？

The first part is correct, Matthew. So 2018 will see a little less than half of that $180 million to $220 million run rate, and 2019 will see a little bit more. And part of that is just because of the timing of some of the investments we'll make over the remaining course of the year. On the tax rate, the numbers I was quoting was trying to reconcile you from our GAAP tax rate to our non-GAAP tax rate. The thing to think about is our non-GAAP tax rate will be about 26% in both years. So about 7 points lower than what we had guided at 33% before the change in the tax law. So that's a pretty consistent number as we look into the future.

第一部分是對的，馬修。因此，2018 年的營運費用將略低於 1.8 億至 2.2 億美元運行費用的一半，而 2019 年將會多一點。部分原因是我們將在今年剩餘時間內進行一些投資的時機。關於稅率，我引用的數字是試圖將我們的 GAAP 稅率與我們的非 GAAP 稅率進行協調。需要考慮的是，我們的非 GAAP 稅率在這兩年都約為 26%。因此，比稅法變更前我們指導的 33% 低約 7 個百分點。因此，當我們展望未來時，這是一個相當一致的數字。

Your next question comes from Karen Holthouse with Goldman Sachs.

您的下一個問題來自高盛的凱倫霍爾特豪斯。

Another question on the tax reinvestments. The language in the press release indicated that these were accelerating investments. Part of the conversation for some time now has been built -- talking about a multiyear cycle of investments that you're in. When we're trying to bridge 2018 to 2019, should we sort of be layering in on top of this incremental spend another $150 million or $200 million of partner investments? Or how do these just fit into sort of the original plan?

另一個關於稅收再投資的問題。新聞稿中的語言表明這些正在加速投資。一段時間以來的部分對話已經建立——談論您所處的多年投資週期。當我們試圖將 2018 年過渡到 2019 年時，我們是否應該在增量支出的基礎上進行分層另外1.5 億美元或2億美元的合作夥伴投資？或者說這些如何符合最初的計畫？

Yes, Karen. This is Kevin, let me start, and then I'll hand off to Scott to add to this. But clearly, when we looked at the tax reform and thought about the principles around this, the first principle we had is this doesn't change our strategy. Our strategy's our strategy. We're clear on what we're doing. We're clear on the priorities we have. And so just because the tax law changed, that doesn't alter our strategy. That was principle #1. Principle #2 though was looking at the implications to Starbucks of that tax change and making a thoughtful decision around allocation of resource. Is the resource we could allocate to our existing strategy that we thought would help us accelerate progress against it? And then how do we make sure -- and so -- and that principle was the second principle. The third was how do we make sure we do this in a balanced way. Are we investing in the things that are creating shareholder value? And for the majority of this, it's going to drop to the bottom line and go straight to EPS. So when we put that together, the #1 area that you look at over the last several years that's been an ongoing multiyear strategy is our investment in partners and digital. And the bulk of that investment has gone into partners around things like wage and benefits, just knowing that, certainly, as -- with unemployment low and with competing for the right kinds of talent, there's going to continue to be the need for us to invest in our partners. And we know, in investing in our partners, that we're able to attract the right people and we're able to have a lower attrition and longer tenure than others in the industry, which helps us better connect with customers and helps us drive sales. So we know that's a good investment to make. In addition, we know and have line of sight to the return on investment on certain digital projects. And so that is the work we went through to determine what -- in the opportunity to make some additional investments in our partners, from some of the benefits in wage and to accelerate the progress on some of these digital projects that lead directly to the way that we know we can connect with customers and drive comp and drive revenue profit. And so that's kind of the principles and the construct that we came up with. And I'll let Scott then take it from there in terms of the implications financially.

是的，凱倫。我是凱文，讓我開始，然後我將交給史考特補充這一點。但顯然，當我們審視稅務改革並思考相關原則時，我們的首要原則是這不會改變我們的策略。我們的戰略就是我們的戰略。我們很清楚我們在做什麼。我們清楚我們的優先事項。因此，稅法的改變並不會改變我們的策略。這是原則#1。不過，第二項原則正在研究稅收變化對星巴克的影響，並圍繞資源分配做出深思熟慮的決定。我們可以分配給現有策略的資源是否可以幫助我們加速進展？然後我們如何確保——等等——這個原則是第二個原則。第三個問題是我們如何確保以平衡的方式做到這一點。我們是否投資於能夠創造股東價值的事物？對於其中的大部分，它會下降到底線並直接進入每股收益。因此，當我們把這些放在一起時，您在過去幾年中關注的第一大領域是我們對合作夥伴和數位化的投資，這是一項持續的多年策略。大部分投資已經投入到薪資和福利等方面的合作夥伴中，因為我們知道，當然，隨著失業率較低和對合適人才的競爭，我們將繼續需要投資於我們的合作夥伴。我們知道，透過投資我們的合作夥伴，我們能夠吸引合適的人才，並且比業內其他公司擁有更低的人員流失率和更長的任期，這有助於我們更好地與客戶建立聯繫並幫助我們推動銷售量。所以我們知道這是一項很好的投資。此外，我們了解並了解某些數位項目的投資回報。因此，這就是我們所做的工作，以確定有機會從工資方面的一些好處中向我們的合作夥伴進行一些額外的投資，並加快其中一些直接通向道路的數字項目的進展我們知道我們可以與客戶建立聯繫並推動競爭並提高收入利潤。這就是我們提出的原則和結構。然後我將讓斯科特從財務上的影響力來理解這一點。

I think -- Karen, I think this is definitely...

我想──凱倫，我想這絕對是…

Howard, go ahead.

霍華德，繼續吧。

Sorry, I know it's difficult because I'm on a remote phone, but I'd like to just add something that I think is a strategic importance to the company long term, if you don't mind. I think if you look at the history of our public lives, one of the, I think, real benefits of what we've been able to accomplish as a company has been the entrepreneurial DNA of Starbucks and constantly having the curiosity to see around corners and make big bets. And I think there's probably no better example of that than over the last 5, 6 years, what we've been able to do and what Matt and his team has been able to do around digital mobile payment and our leadership position in what we've been able to accomplish as a brick-and-mortar digital mobile payment business. I'd like to dispose a question to all of you. And the question is, we all can probably remember 20 years ago or so when someone tapped us on the shoulder and asked us, "Do you know anything about this thing called the Internet?" And we probably all can remember that moment. Well, 20 years later or so, the world has been completely transformed, and we're all connected in ways that no one could possibly ever imagine. And in terms of business and value creation, there have been some huge winners. We all know that from Facebook, to Google, to Amazon and many others, and there's been some companies that have not done as well. The MySpace of the world, Yahoo! and others. I think I have another question for you 20-or-so years later, and the question is the issue of do you understand and are you anticipating what could happen with cryptocurrencies? And the reason I mentioned this is not because I'm talking about bitcoin because I don't believe that bitcoin is going to be a currency today or in the future. I'm talking about the new technology of blockchain and the possibility of what could happen not in the near term, but in a few years from now, with a consumer application in which there's trust and legitimacy with regard to a digital currency. Now I'm not bringing this up because Starbucks is announcing that we are forming a digital currency or we're investing in this. I'm bringing this up because as we think about the future of our company and the future of consumer behavior, I personally believe that there is going to be one or a few legitimate, trusted digital currencies off of the blockchain technology, and that legitimacy and trust in terms of its consumer application will have to be legitimatized by a brand and a brick-and-mortar environment where the consumer has trust and confidence in the company that is providing the transaction. And then you have to ask yourself, well, if that's the case, if you believe that, that proposition is possible, how many companies or what company has the national or global footprint as well as the digital mobile payment trust and confidence integrated into its existing business? And if you take it a step further and you believe this is coming, given the fact that there are hundreds of millions of dollars domestically and globally being invested in this technology, in which there is an arms race as to who is going to win, there's going to be a lot of winners, a lot of losers. But we are in a very unique position to take advantage of what other tech companies and the blockchain technology will provide in terms of the rails to potentially be in the mix of this and benefit financially, benefit in terms of consumer behavior and incrementality and significantly create long-term shareholder value. And I'm bringing this up because 3 or 4 years ago, I shared with you that I thought that we were heading into a seismic change of consumer behavior as a result of the Internet and e-commerce and the Amazon effect of things. And not that I was clairvoyant, and I wish I wasn't, but clearly, that has happened. I believe that we are heading into a new age in which blockchain technology is going to provide a significant level of a digital currency that is going to have a consumer application. And I believe that Starbucks is in a unique position to take advantage of that. Now I don't want anyone to hang up on this call and assume that we have this well figured out because we don't, or that we're making a significant investment in this because we're not, but we are actively demonstrating the level of entrepreneurial curiosity and DNA of our company to do the things that we've done in the past to ensure the fact that we are at the cutting edge of this technology, of this consumer application. And we think we have something to offer the companies that are chasing this because we are in a position to create a trusted legitimate place in which this could be accepted and possibly take advantage of the mobile payment digital platform that we have created. The one thing I would ask you not to do is ask Scott lots of questions about this because this is not something that's in our model. But I think it's important as we -- as you think about Starbucks and you focus on our company, you understand that the growth of our company and everything we've been able to do for almost 50 years is not based on monthly comps or quarterly comps. It's about the long view about the entrepreneurial DNA of the company and constantly, constantly rejecting the status quo and doing everything we can to push self-renewal, reinvention and really do everything we can to create the kind of relevancy with our customers not only on what we sell and the experience we provide, but ensuring the fact that we are the cutting edge of technology as we were in the last 5 years with the digital payment platform and the Rewards program. I'll leave it there.

抱歉，我知道這很困難，因為我使用的是遠端電話，但如果您不介意的話，我想添加一些我認為對公司長期具有戰略重要性的內容。我認為，如果你看看我們公共生活的歷史，我認為，我們作為一家公司能夠實現的真正好處之一就是星巴克的創業 DNA，以及不斷觀察角落的好奇心。並下大賭注。我認為可能沒有比過去 5、6 年更好的例子了，我們以及馬特和他的團隊在數位行動支付方面所做的事情以及我們在這方面的領導地位。已經能夠實現實體數位行動支付業務。我想向大家提出一個問題。問題是，我們都可能記得大約 20 年前，有人拍著我們的肩膀問我們：“你們對互聯網這個東西了解嗎？”我們可能都記得那一刻。好吧，大約 20 年後，世界已經徹底改變，我們都以一種任何人都無法想像的方式聯繫在一起。在業務和價值創造方面，出現了一些巨大的贏家。我們都知道，從 Facebook、Google、亞馬遜和許多其他公司，還有一些公司做得併不好。世界上的 MySpace，雅虎！和別的。我想大約 20 年後我還有一個問題要問你，問題是你是否理解並預測加密貨幣會發生什麼？我之所以提到這一點並不是因為我在談論比特幣，因為我不相信比特幣今天或將來會成為一種貨幣。我談論的是區塊鏈新技術，以及在未來幾年內而不是在短期內發生的可能性，在消費者應用程式中，數位貨幣具有信任和合法性。現在我不會提出這個問題，因為星巴克宣布我們正在形成一種數位貨幣或我們正在投資。我之所以提出這個問題，是因為當我們思考我們公司的未來和消費者行為的未來時，我個人認為，基於區塊鏈技術，將會出現一種或幾種合法的、值得信賴的數位貨幣，而這種合法性消費者應用程式的信任必須透過品牌和實體環境來合法化，消費者對提供交易的公司有信任和信心。然後你必須問自己，如果是這樣的話，如果你相信這個提議是可能的，有多少家公司或哪家公司擁有全國或全球足跡，以及將數位行動支付信任和信心融入其業務中？現有業務？如果你更進一步，你相信這即將到來，考慮到國內和全球有數億美元投資於這項技術，其中存在一場誰將獲勝的軍備競賽，將會有很多贏家，也會有很多輸家。但我們處於一個非常獨特的位置，可以利用其他科技公司和區塊鏈技術在軌道方面提供的優勢，有可能融入其中，並在經濟上受益，在消費者行為和增量方面受益，並顯著創造長期股東價值。我之所以提出這個問題，是因為三、四年前，我曾與大家分享過，我認為由於網路、電子商務以及亞馬遜效應，我們正在經歷消費者行為的巨大變化。並不是說我有千里眼，我希望我沒有，但顯然，這已經發生了。我相信我們正在進入一個新時代，區塊鏈技術將提供高水準的數位貨幣，並將有消費者應用程式。我相信星巴克處於獨特的地位可以利用這一點。現在我不希望任何人掛斷電話並假設我們已經解決了這個問題，因為我們沒有，或者我們正在對此進行重大投資，因為我們沒有，但我們正在積極展示我們公司的創業好奇心水平和DNA 去做我們過去所做的事情，以確保我們處於這項技術、這項消費者應用的前沿。我們認為我們可以為那些追求這一目標的公司提供一些東西，因為我們能夠創建一個值得信賴的合法場所，在這個地方可以接受這一點，並可能利用我們創建的行動支付數位平台。我要求你不要做的一件事是向斯科特詢問很多有關此問題的問題，因為這不是我們模型中的內容。但我認為這很重要，因為我們——當你想到星巴克並關注我們公司時，你就會明白我們公司的成長以及我們近 50 年來所做的一切並不是基於月度或季度的業績。比較。這是關於公司創業 DNA 的長遠眼光，不斷地、不斷地拒絕現狀，盡我們所能推動自我更新、重塑，並真正盡一切努力與我們的客戶建立聯繫，而不僅僅是在我們銷售的產品和我們提供的體驗，但確保我們像過去5 年的數位支付平台和獎勵計劃一樣處於技術前沿。我會把它留在那裡。

Thanks, Howard. Scott, do you want to -- the second part of Karen's question was on the investments that we're already making.

謝謝，霍華德。史考特，你想嗎？凱倫問題的第二部分是關於我們已經進行的投資。

Yes. I think, Karen, the way to think about that is, Kevin said these were all on our road map, but I wouldn't think that this displaces a partner investment in 2019. Or said more clearly, we're doubling down a little bit this year with partner investment because it's the right thing to do. As we get into 2019, I assume we'll make additional partner investments, and we'll come back to you on the size and scale of that. But this wouldn't be in replacement of that. But I think it's the nature of your question.

是的。我認為，凱倫，思考這個問題的方法是，凱文說這些都在我們的路線圖上，但我不認為這會取代 2019 年合作夥伴的投資。或者更清楚地說，我們正在加倍努力今年我們開始進行合作夥伴投資，因為這是正確的做法。進入 2019 年，我認為我們將進行額外的合作夥伴投資，我們將向您通報投資的規模和規模。但這並不能取代那個。但我認為這是你問題的本質。

Your next question comes from Jason West with Credit Suisse.

您的下一個問題來自瑞士信貸的傑森·韋斯特。

Just two quick ones. I guess, one, in the past, you guys have talked about how much of the spend or what the spend growth was for your MSR members and if you could provide that for the quarter. And then just to clarify the timing of the rollout of offering mobile ordering to the non-MSR, is that something that is going to be nationwide coming up here in the spring? Or is it going to year rolled out gradually starting at that point?

就兩個快的。我想，一，過去，你們已經討論過你們的 MSR 會員的支出有多少或支出增長是多少，以及你們是否可以在本季度提供這些費用。然後澄清一下向非 MSR 提供​​行動訂購服務的推出時間，這是否會在春季在全國範圍內推出？或從那時開始逐步推出？

I'll cover the first part, Jason, then I'll turn it over to Matt. So we saw mid-single-digit kind of growth in our spend per member, so another really good quarter off the back of 2 big quarters. So we're pretty happy with what we've seen, particularly given the members -- member growth we had in absolute numbers. Matt, you want to cover the second part?

我將介紹第一部分，傑森，然後將其交給馬特。因此，我們看到每位會員的支出出現了中個位數的成長，因此在兩個大季度之後又是一個非常好的季度。因此，我們對所看到的情況非常滿意，特別是考慮到我們的會員絕對數量的增長。馬特，你想報道第二部嗎？

Sure. And we're actually in pilot right now in the marketplace. So we are offering Mobile Order & Pay to many customers, you can call it a guest checkout, if you will, to many people who do not have a stored value card. What will happen by the time we reach the end of March is we'll be able to scale that nationwide and make that available to all customers who are using our app.

當然。我們現在實際上正在市場上進行試點。因此，我們為許多客戶提供行動訂單和支付服務，如果您願意的話，對於許多沒有儲值卡的人來說，您可以將其稱為訪客結帳。到三月底時，我們將能夠在全國範圍內擴展該應用程序，並將其提供給所有使用我們應用程式的客戶。

The last question comes from Nicole Miller with Piper Jaffray.

最後一個問題來自 Nicole Miller 和 Piper Jaffray。

Just two quick ones, both on China. As you look at the brand identity there and the unit growth, are you seeing good treatments from landlords and stable rents in that regard? And then the second part is around the CPG business. So when you look at, I guess, China, also look at Japan and places that I think you're growing the international CPG product rollout, is there a U.S. model, where you have the stores first, or now there's a model switch, where you have enough stores and you have the Shanghai Roastery that you can go full-fledged forward with that, and that's something that also aids in brand awareness?

就兩篇簡短的文章，都是關於中國的。當您觀察那裡的品牌形象和單位成長時，您是否看到房東在這方面的良好待遇和穩定的租金？第二部分是圍繞消費品業務。所以，當你看看中國，也看看日本和我認為你正在擴大國際消費品產品推廣的地方時，是否有美國模式，首先有商店，或者現在有一個模式轉換，在那裡你有足夠的商店，並且有上海烘焙工坊，你可以全面推進這一點，這也有助於提高品牌知名度？

Yes. Nicole, this is John. Real quick on the China piece. We are seeing continued very strong growth as it relates to our stores. And really, the elevation of the Roastery and the opening of the Roastery, we have landlords coming from all over China to see that, and they are reaching out to us, asking us to bring our beautifully designed stores into their development. So we see tremendous opportunity to continue to accelerate the growth of new stores. Our new store performance is the strongest that it's ever been. We opened 188 new stores in the quarter. We now operate 3,100 -- over 3,100 stores across the Mainland, and we're going to continue to accelerate the growth. And we'll share more about that on our call next week with you. And then in terms of the Channel Development business and how we're thinking about growing Channel Development in these developing markets, and in particular, in China, as Scott shared, we sold 30 million bottles of Frappuccino since we introduced our partnership with Tingyi. Clearly, we have a strong retail brand footprint, but that retail brand is now extending out into the channel business and then to retailers as well as into the digital space as well. And we're seeing that play out not only in China, we're seeing that in Japan and then, obviously, strong growth coming out of our Channel Development business in EMEA. So we're excited to grow that business in parallel with our retail footprint.

是的。妮可，這是約翰。關於中國的部分真的很快。我們看到與我們的商店相關的持續非常強勁的成長。事實上，烘焙工坊的提升和開業，我們有來自中國各地的房東看到了這一點，他們正在向我們伸出援手，要求我們將我們設計精美的商店納入他們的開發中。因此，我們看到了繼續加速新店成長的巨大機會。我們的新店表現是有史以來最強勁的。本季我們開設了 188 家新店。我們現在在內地經營3,100家店——超過3,100家，而且我們將繼續加速成長。我們將在下週的電話會議上與您分享更多相關資訊。然後就通路開發業務而言，以及我們如何考慮在這些發展中市場（特別是在中國）發展通路開發，正如斯科特分享的那樣，自從我們與康師傅建立合作夥伴關係以來，我們售出了3000萬瓶星冰樂。顯然，我們擁有強大的零售品牌足跡，但該零售品牌現在正在擴展到通路業務，然後擴展到零售商以及數位領域。我們不僅在中國看到這種情況，在日本也看到這種情況，顯然，我們在歐洲、中東和非洲地區的通路開發業務也出現了強勁成長。因此，我們很高興能夠與我們的零售業務同時發展該業務。

So I'd just -- I'd add to John's point and maybe reflect back to a question that John Ivankoe asked about the growth of CAP, and just remember, in 2017, we saw China/Asia Pacific add nearly 50% of our overall operating income growth. As we think about this year, we'll probably in that same range, maybe not quite as much because the Americas business is going to contribute a little bit more, but this is the twin engines of growth that Kevin talked about so specifically in his comments. And as we look forward to 2019 and we get into the full ownership of East China, I think you're going to see that same kind of mix to the overall operating income growth, that's obviously driven by China, but within China/Asia Pacific, the other pieces of Japan and Korea as well. So just make sure you remember that we're seeing a strong blend of profitability across those 2 businesses.

所以我想補充 John 的觀點，或許可以回想一下 John Ivankoe 提出的關於 CAP 成長的問題，請記住，2017 年，我們看到中國/亞太地區增加了近 50%整體營業收入成長。正如我們今年所考慮的那樣，我們可能會處於相同的範圍內，也許不會那麼多，因為美洲業務將貢獻更多一點，但這是凱文在他的演講中特別談到的增長的雙引擎。評論。當我們展望 2019 年並完全擁有華東地區時，我認為您將看到整體營業收入成長的同樣組合，這顯然是由中國推動的，但在中國/亞太地區，其他日本和韓國的作品也是如此。因此，請確保您記住，我們看到這兩項業務的盈利能力很強。

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

我現在將電話轉交給肖先生作總結發言。

Great. Thanks. Before closing the call, we want to provide an update on the timing of several upcoming events. As mentioned in our earnings release today, we will host a supplemental call to discuss our business in China as well as implications from a modeling standpoint next Wednesday, January 31 at 2:00 p.m. Pacific. In addition, we want to provide the specific date of our China investor tour that Howard mentioned. We plan to host management meetings, local store tours and a visit to the Roastery in Shanghai on May 16. We plan to visit a second market the following day on May 17. And finally, we are tentatively planning our 2018 Investor Day in New York on Wednesday, December 12. Thanks again, and have a great evening.

偉大的。謝謝。在結束通話之前，我們希望提供有關即將舉行的幾項活動的時間表的最新資訊。正如我們今天的財報中所提到的，我們將在下週三（1 月 31 日）下午 2:00 召開補充電話會議，討論我們在中國的業務以及建模角度的影響。太平洋。此外，我們想提供霍華德提到的中國投資者之旅的具體日期。我們計劃於5 月16 日在上海舉辦管理層會議、參觀當地商店並參觀烘焙工坊。我們計劃於第二天（即5 月17 日）參觀第二個市場。最後，我們暫定計劃在紐約舉行2018 年投資者日12 月 12 日星期三。再次感謝，祝您有個愉快的夜晚。

This concludes Starbucks Coffee Company's first quarter fiscal year 2018 earnings conference call. You may now disconnect.

星巴克咖啡公司 2018 財年第一季財報電話會議至此結束。您現在可以斷開連線。