星巴克 (SBUX) 2018 Q2 法說會逐字稿

Good afternoon. My name is Chris, and I'll be your conference operator today. At this time, I would like to welcome everyone to Starbucks Coffee Company's Second 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接線生。在此，我謹代表星巴克咖啡公司歡迎各位參加2018財年第二季財報電話會議。（操作說明）

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

現在我將把電話交給投資者關係副總裁湯姆·肖。肖先生，您現在可以開始會議了。

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

各位下午好，感謝各位今天蒞臨本次會議，與我們共同探討2018財年第二季業績。今天的討論將由總裁兼執行長凱文·約翰遜、美洲區集團總裁兼營運長羅茲·布魯爾以及財務長史考特·莫主持。在問答環節，我們將邀請 Siren Retail 集團總裁 Cliff Burrows、國際及通路集團總裁 John Culver 和全球首席策略長 Matt Ryan 出席。

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

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

GAAP results in fiscal 2018 include several items related to 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 a reconciliation of non-GAAP financial measures referenced in today's call with their corresponding GAAP measures. This conference call is being webcast, and an archive of the webcast will be available on our website as well.

2018 財年的 GAAP 結果包括與策略行動相關的幾個項目，包括重組和減損費用、交易和整合成本、與國際市場所有權變更相關的收益以及其他項目。這些項目不計入我們的非GAAP業績。請造訪我們的網站 investor.starbucks.com，查看今天電話會議中提到的非GAAP財務指標與其對應的GAAP指標的調節表。本次電話會議將進行網路直播，直播錄影也將存檔在我們的網站上。

I will now turn the call over to Kevin.

現在我將把通話轉給凱文。

Thanks, Tom. Good afternoon, and welcome, everyone. Before I share my thoughts on Q2, I want to provide an update on our efforts to address the incident that occurred in one of our Philadelphia-area stores 2 weeks ago today. Our leadership team has been on the ground in Philadelphia over the past week to understand all aspects of this incident. I am personally committed to act on several fronts to ensure it never happens again. The closing of our stores for racial bias education on May 29 is a small piece of a set of ongoing actions that will systematically be woven into our processes, training and culture moving forward.

謝謝你，湯姆。下午好，歡迎各位。在分享我對第二季的看法之前，我想先報告我們為解決兩週前在費城地區一家門市發生的事件所做的努力。過去一周，我們的領導團隊一直在費城實地考察，以了解這次事件的方方面面。我個人承諾將從多個方面採取行動，確保此類事件不再發生。5月29日，我們關閉門市進行種族偏見教育，這只是我們一系列持續行動的一小部分，這些行動將系統性地融入我們未來的流程、培訓和文化中。

The value Starbucks provides to our partners, customers and shareholders is not only through our coffee but also through our brand, culture and ethos. All companies make mistakes. Great companies learn from them and improve, and that is exactly what we intend to do.

星巴克為我們的合作夥伴、顧客和股東提供的價值不僅體現在我們的咖啡上，也體現在我們的品牌、文化和理念上。所有公司都會犯錯。優秀的公司會從它們身上學習並改進，而這正是我們打算做的。

Let's now shift the focus to Q2 of fiscal 2018, another quarter of record financial results for Starbucks. The quarter was highlighted by accelerating momentum across our Americas business, particularly in the U.S., with strong performance in China, including our first full quarter of consolidating results following the acquisition of East China and meaningful progress against the strategic initiatives that position Starbucks to continue delivering strong operating and financial performance in the quarters and years ahead.

現在讓我們把注意力轉移到 2018 財年第二季度，星巴克又迎來了一個創紀錄的財務業績季度。本季亮點在於美洲業務，特別是美國業務，發展勢頭加速；中國業務表現強勁，包括收購華東後首個完整的業績整合季度；以及在戰略舉措方面取得實質性進展，這些舉措將使星巴克在未來幾個季度和幾年內繼續保持強勁的運營和財務業績。

Revenues in Q2 totaled a record $6 billion, up 14% over last year, driven by comp increases of 2% globally and in the U.S. and 4% in China. Importantly, we saw comps accelerate in both the U.S. and China throughout the quarter, giving us confidence in both our full year and long-term guidance. At the same time, we opened nearly 500 new Starbucks stores globally in the quarter and now operate over 28,000 stores in 76 countries, with our newest class of stores continuing to deliver best-in-class operating and financial performance and returns. And our record Q2 non-GAAP earnings per share of $0.53 represents an increase of 18% over last year.

第二季營收總額創下 60 億美元的歷史新高，比去年同期成長 14%，主要得益於全球和美國同店銷售額成長 2%，以及中國同店銷售額成長 4%。重要的是，我們看到美國和中國的同店銷售額在本季均加速成長，這讓我們對全年和長期業績指引充滿信心。同時，本季度我們在全球開設了近 500 家新的星巴克門市，目前在 76 個國家/地區經營超過 28,000 家門市，我們最新開設的門市繼續提供一流的營運和財務業績及回報。我們第二季非GAAP每股盈餘創歷史新高，達到0.53美元，比去年同期成長18%。

On today's call, I will highlight progress we are making against 4 of our strategic priorities: accelerating the power and momentum of our Digital Flywheel; enabling long-term growth in China; elevating the Starbucks Experience through Roasteries, Reserve and Princi; and streamlining our operations and sharpening our focus on core value drivers.

在今天的電話會議上，我將重點介紹我們在以下四個戰略重點方面取得的進展：加速數位化飛輪的力量和勢頭；在中國實現長期增長；透過烘焙工坊、臻選系列和普林西系列提升星巴克體驗；以及精簡運營並更加專注於核心價值驅動因素。

Accelerating our comp growth globally remains a top operational priority for us, and leveraging the power and momentum of our Digital Flywheel continues to play a key driver of comp growth. Establishing digital relationships with many more customers represents a significant growth opportunity as we have proven that a direct communication channel, combined with personalization, enhances the customer experience and drives increased engagement.

加速全球同業成長仍然是我們的首要營運重點，而利用我們的數位化飛輪的力量和勢頭將繼續成為同業成長的關鍵驅動力。與更多客戶建立數位關係代表著巨大的成長機會，因為我們已經證明，直接溝通管道與個人化相結合，可以提升客戶體驗並提高客戶參與度。

In Q2, we grew the number of active Rewards members in the U.S. to nearly 15 million, and we implemented new ways to attract digitally registered customers beyond our Rewards program. We are widening the aperture of our Digital Flywheel through a range of customer interaction touch points, including: opening up Mobile Order and Pay to all customers; leveraging Wi-Fi sign-up in our stores; and reinventing Happy Hour through the use of single-use digital coupon, all of which are yielding results. Together, these initiatives and related efforts will generate a few million additional registered customers by year-end, and we are already running ahead of our expectations. We are now leveraging the Digital Flywheel to prove out that we can deepen engagement and incrementality with newly registered customers, the same way we have for active Rewards customers.

第二季度，我們在美國活躍的獎勵計劃會員人數增長到近 1500 萬，並且我們實施了新的方法來吸引獎勵計劃以外的數位註冊客戶。我們正在透過一系列客戶互動觸點來擴大數位飛輪的覆蓋範圍，包括：向所有客戶開放行動訂購和付款；在我們的商店中推廣 Wi-Fi 註冊；以及透過使用一次性數位優惠券來重新定義歡樂時光，所有這些都取得了成效。這些措施及相關努力加起來，到年底將新增數百萬註冊用戶，而我們目前的進展已經超過了預期。我們現在利用數位飛輪來證明，我們可以像對待活躍獎勵客戶一樣，加深與新註冊客戶的互動和增量。

In addition to significant progress in digital, we continue to strengthen the foundation supporting our long-term growth plans in China. The integration of East China is progressing as planned and positions us well for the future. We now have over 3,200 company-operated stores in 141 cities across Mainland China. The opportunities for Starbucks in China, which are significant, are growing along with the size and scale of our business and the deepening connection among our partners, our customers and the Starbucks brand.

除了在數位化領域取得顯著進展外，我們還將繼續加強對我們在中國長期成長計畫的支持基礎。華東地區的一體化進程正按計劃進行，這為我們未來的發展奠定了良好的基礎。目前，我們在中國大陸141個城市擁有超過3,200家公司自營門市。隨著星巴克在中國的業務規模不斷擴大，以及我們的合作夥伴、顧客和星巴克品牌之間聯繫的日益緊密，星巴克在中國的發展機會也日益增長。

Starbucks entered China nearly 20 years ago, intent on playing the long game by building and growing the business with deep, genuine respect for the Chinese culture, our partners and customers and with empathy for the human experience. No Western company or brand is better positioned to benefit from the rapidly expanding Chinese middle class expected to exceed 600 million or twice the size of the entire U.S. population by 2021.

星巴克進入中國市場已有近 20 年，目標是透過對中國文化、合作夥伴和顧客的深切尊重，以及對人類體驗的同理心，來建立和發展業務，從而進行長遠佈局。沒有哪家西方公司或品牌比中國更有優勢從迅速壯大的中國中產階級中獲益。預計到 2021 年，中國中產階級的人口將超過 6 億，是美國總人口的兩倍。

We continue to mindfully evolve a coffee culture in China, where the reward will be healthy, long-term profitable growth for decades to come. Supporting this view is the fact that per capita coffee consumption in China is only about 1/2 of 1 cup per person per year compared to roughly 300-or-so cups per person per year in the U.S. and even more than that in certain Western European markets. China is an important part of our strategy, and we look forward to demonstrating the enormity of the opportunity at our first China Investor Day in Shanghai beginning May 16.

我們將繼續用心在中國發展咖啡文化，這將為未來幾十年帶來健康、長期的獲利成長。支持這一觀點的事實是，中國人均咖啡消費量每年僅約 0.5 杯，而美國人均咖啡消費量每年約 300 杯，某些西歐市場的消費量甚至更高。中國是我們策略的重要部分，我們期待在5月16日於上海舉行的首屆中國投資者日上，向大家展示其中蘊藏的巨大機會。

China also highlights another core strategy: elevating the Starbucks Experience through Roasteries, Reserve and Princi. Our extraordinary Shanghai Roastery is building upon our long history in China and casting a bright halo over all Starbucks business in China and throughout Asia. Since opening in December, customer traffic in the Roastery continues to exceed all expectations with average ticket 3x that of a typical Starbucks China store. Customers continue to line up for hours to enter the Shanghai Roastery and will be taken on an immersive, multi-sensory coffee, food and tea journey.

中國也強調了另一個核心策略：透過烘焙工坊、臻選系列和Princi系列來提升星巴克體驗。我們非凡的上海烘焙工坊建立在我們在中國悠久的歷史之上，並為星巴克在中國和整個亞洲的業務帶來了光明的光環。自去年 12 月開業以來，這家烘焙工坊的客流量持續超出預期，平均客單價是星巴克中國普通門市的 3 倍。顧客們排隊，等待數小時才能進入上海烘焙工坊，體驗沉浸式、多感官的咖啡、美食和茶之旅。

And our Starbucks Roastery in Seattle, opened in 2014, continues to delight customers and drive double-digit comps. In November, we opened the Princi bakery and café in the Seattle Roastery and are seeing further lift in total food sales, followed by the first Starbucks Reserve store with the Princi bakery to an overwhelming customer response.

我們在西雅圖的星巴克烘焙工坊於 2014 年開業，持續為顧客帶來愉悅的購物體驗，並實現了兩位數的同店銷售成長。11 月，我們在西雅圖烘焙工坊開設了 Princi 麵包店和咖啡館，食品總銷售額進一步提升；隨後，第一家與 Princi 麵包店合作的星巴克臻選店也獲得了顧客的熱烈反響。

We are now venturing into building stand-alone Princi bakeries, complete with Starbucks Reserve coffees and coffee bars. These stores will feature Reserve coffees, Princi food and design elements from the Roastery in markets across the globe.

我們現在正著手建造獨立的 Princi 麵包店，店內配備星巴克臻選咖啡和咖啡吧。這些門市將主打 Reserve 咖啡、Princi 食品以及來自全球各地烘焙工坊的設計元素。

We will build on a solid foundation with the opening of our Milan Roastery in September and our New York Roastery in November. Tokyo and Chicago will follow in 2019. The potential opportunity for Siren Retail over the next decade is significant as it represents the finest of experiential retail around all things coffee. And we're off to a solid start.

我們將以堅實的基礎為基礎，於 9 月開設米蘭烘焙工坊，11 月開設紐約烘焙工坊。東京和芝加哥將於 2019 年相繼舉辦。未來十年，Siren Retail 的潛在機會非常巨大，因為它代表了咖啡領域最優質的體驗式零售。我們開局不錯。

In addition to our growth priorities, we continue to streamline our business and sharpen our focus on our highest-value target. Since assuming the responsibility of CEO of Starbucks 1 year ago, we have taken a number of value-creating actions, including: selling Tazo to focus on Teavana, closing our Teavana retail stores in the U.S. and Canada, transitioning our internal e-commerce site to a commercial site, rationalizing the merchandise offered for sale in our lobbies, maximizing value by transitioning certain geographic markets from company operated to licensed models and acquiring the East China joint venture to fully integrate company-operated model across Mainland China. These actions, while beginning to yield positive economics, will become increasingly accretive over time. We are evaluating more streamlined actions to come as we further position Starbucks for sustained long-term profitable growth.

除了成長重點之外，我們還將繼續精簡業務，並更加專注於我們最有價值的目標。自從一年前擔任星巴克執行長以來，我們採取了一系列創造價值的行動，包括：出售 Tazo 以專注於 Teavana，關閉我們在美國和加拿大的 Teavana 零售店，將我們的內部電子商務網站轉型為商業網站，精簡大堂內銷售的商品，透過將某些地理市場從公司自營模式來最大化這些措施雖然開始產生積極的經濟效益，但隨著時間的推移，其效益將越來越顯著。我們正在評估未來將採取的更精簡的措施，以進一步鞏固星巴克在長期持續獲利成長方面的地位。

It has been an active 1st year for me as CEO of Starbucks. I've been focused on building a world-class leadership team, streamlining our business to better focus on value creation and executing against a clear strategy to drive growth and long-term value creation for our shareholders.

擔任星巴克執行長的第一年對我來說非常忙碌。我一直致力於打造世界級的領導團隊，精簡業務，以便更好地專注於價值創造，並執行明確的策略，從而推動成長，為股東創造長期價值。

We have much work to do, but I'm pleased with our progress to date and so grateful for the support of the extraordinary leadership team joining me on this journey.

我們還有很多工作要做，但我對迄今為止的進展感到滿意，並非常感謝與我一起踏上這段旅程的傑出領導團隊的支持。

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

接下來，我將把電話交給羅茲。羅茲？

Great. Thank you, Kevin. I will start by reflecting on my first 6 months as Chief Operating Officer of Starbucks. I came to Starbucks to be part of a uniquely defined company, and I can tell you with great certainty that I found that here. Great companies are defined by how they respond during a period of adversity. As we chart our path forward in the aftermath of the Philadelphia incident, I am confident that our learnings and actions will result in a greater level of operational excellence, consistent with our mission and our values.

偉大的。謝謝你，凱文。首先，我想回顧一下我擔任星巴克營運長的頭六個月。我來到星巴克是為了成為一家獨具特色的公司的一員，我可以非常肯定地說，我在這裡找到了這一點。偉大的公司是由它們在逆境中的應對方式來定義的。在費城事件之後，當我們規劃未來的發展道路時，我相信，我們的經驗教訓和行動將帶來更高水準的卓越運營，這與我們的使命和價值觀相符。

Earlier this quarter, for the 16th year in a row, Starbucks was recognized by FORTUNE magazine as the fifth most admired company in the world. Following that accomplishment, we recently announced that after years of great diligence and commitment, Starbucks has achieved 100% pay equity for women and men and people of all races performing similar work in the United States. Staying true to our mission and values will always define Starbucks despite the financial tenor of the landscape in which we operate. And for that, I'm particularly proud to be on this journey leading the Americas.

本季早些時候，星巴克連續第16年被《財星》雜誌評為全球第五大最受尊敬的公司。繼此成就之後，我們最近宣布，經過多年的努力和投入，星巴克已在美國實現了男女同工同酬，所有種族從事類似工作的人員均享有同等薪酬。無論我們所處的經濟環境如何變化，始終堅守我們的使命和價值觀將永遠是星巴克的標誌。為此，我尤其感到自豪能夠帶領美洲地區踏上這段旅程。

I'm also very proud to report that in Q2, Americas and the U.S. business delivered results that were in line with our forecast, and more importantly, we drove momentum throughout the quarter.

我非常自豪地報告，第二季美洲地區和美國業務的業績符合我們的預期，更重要的是，我們在整個季度都保持了成長勢頭。

The Americas segment achieved record Q2 revenues of $4 billion, reflecting 8% year-over-year growth, mostly from new stores, which contributed 4 points for the 16th consecutive quarter. Comps accelerated from under 1% in January to 3% in both February and March, driven by a mix of beverage and food growth, leading to a strong 2% for the full quarter. This is the first quarter since quarter 3 fiscal year '17 that our comp growth had positive contribution from our non-Rewards customers, and this bodes well given the advances we are making in broadening our digital relationships.

美洲業務部門第二季營收創下 40 億美元的紀錄，年增 8%，主要得益於新店的加入，新店連續第 16 個季度貢獻了 4 個百分點的營收。受飲料和食品業務成長的推動，同店銷售額增速從 1 月份的不足 1% 加速至 2 月和 3 月的 3%，最終使整個季度實現了強勁的 2% 的增長。這是自 2017 財年第三季以來，我們的同業成長首次得到非獎勵客戶的積極貢獻，鑑於我們在拓展數位關係方面取得的進展，這是一個好兆頭。

Operating margin declined 220 basis points to 20%, which we expected this quarter given our strategic decision to invest in partners, higher product cost of goods sold as food growth continues and lower forecasted comp of 2%.

營業利潤率下降 220 個基點至 20%，這符合我們本季的預期，因為我們做出了投資合作夥伴的策略決策，食品業持續成長導致產品銷售成本上升，以及預計同店銷售額下降 2%。

Over the past 6 months, in addition to getting to know the many amazing partners that we have wearing the green apron, we have also deeply focused on understanding in more detail exactly who our customer is and what he or she wants from us.

在過去的 6 個月裡，除了結識了許多身穿綠色圍裙的優秀合作夥伴之外，我們還深入研究了我們的客戶究竟是誰，以及他們希望從我們這裡得到什麼。

We have over 75 million customers who come to Starbucks each month. This includes the nearly 15 million customers inside our Starbucks Rewards program, and these customers love our brand. But the majority of our customers visit Starbucks 1 to 5x a month, so let me tell you a little bit more about this occasional customer.

星巴克每月接待顧客超過7,500萬人次。這其中包括我們星巴克獎勵計劃中的近 1500 萬顧客，這些顧客都非常喜愛我們的品牌。但我們大多數的顧客每月都會光顧星巴克 1 到 5 次，所以讓我再詳細介紹一下這類偶爾光顧的顧客。

We know that many of these customers, largely those whom we don't have a digital relationship, do not visit as frequently and have a low awareness of either new product introductions or many of our great core offerings. In fact, over this past year, only 1 in 4 of these non-Starbucks Rewards occasional customers were aware of our new offerings and key promotions as compared to nearly double that of our frequent Starbucks Rewards customers. And these customers make up nearly 50% of the volume sold in the afternoon, which is greater than their share of other dayparts. Said more simply, these customers are a material part of our current afternoon challenges. These differences are driving a shift in our marketing initiatives, particularly in the afternoon to drive more relevant product promotions and focus on these customers.

我們知道，這些客戶中的許多人，尤其是那些與我們沒有建立數位連結的客戶，訪問頻率不高，對新產品的推出或我們許多優秀的核心產品都缺乏了解。事實上，在過去一年中，只有四分之一的非星巴克獎勵計劃的偶爾顧客了解我們的新產品和重要促銷活動，而星巴克獎勵計劃的常客顧客的這一比例幾乎是他們的兩倍。這些顧客佔下午銷售額的近 50%，高於他們在其他時段的份額。簡單來說，這些顧客是我們目前下午面臨的挑戰的重要組成部分。這些差異正在促使我們的行銷策略轉變，尤其是在下午，以便開展更相關的產品推廣活動，並專注於這些客戶。

As Kevin mentioned, we are also highly focused on driving more digital relationships outside of Starbucks Rewards to help develop relevant marketing and offers for more occasional customers. And while the specific focus is on serving customers through our amazing partners, we do so by leveraging the same key priorities that were outlined more than a year ago. These priorities include: digital relevance and the expansion of our digital relationship, which Kevin covered in detail; innovation in both our products and our marketing activities; and an unwavering focus on the customer experience in our stores.

正如凱文所提到的那樣，我們也非常注重在星巴克獎勵計劃之外建立更多數位化關係，以幫助開發與更多偶爾光顧的顧客相關的行銷和優惠活動。雖然我們特別專注於透過我們優秀的合作夥伴為客戶提供服務，但我們實現這一目標的方式是利用一年多前製定的相同關鍵優先事項。這些優先事項包括：數位化相關性和拓展我們的數位化關係（凱文詳細介紹了這一點）；產品和行銷活動的創新；以及始終如一地關注我們門市的客戶體驗。

So let's dig a little deeper into why I'm confident these 3 priorities with my focus on today's call specifically to innovation and the customer experience. Both will continue to drive momentum in the U.S. business.

那麼，讓我們更深入地探討一下，為什麼我對這三個優先事項充滿信心，而我今天的電話會議將重點放在創新和客戶體驗上。兩者都將繼續推動美國業務的發展勢頭。

Let me start with product innovation and marketing. In the past, we focused on a drum beat of promotional offerings, which have not led to sustained growth, leading us to decrease the number of time-limited offerings by nearly 30% versus a year ago. Our new approach to marketing will be centered on meaningfully strengthening customer relationships by increasingly targeting our offers to each customer. While we still have unique products such as Crystal Ball Frappuccino, our focus will shift to leveraging platforms with broader appeal.

讓我先從產品創新和行銷談起。過去，我們專注於推出大量的促銷活動，但這並沒有帶來持續的成長，因此我們不得不將限時優惠的數量比一年前減少了近 30%。我們將採取新的行銷方式，以實際加強與客戶的關係為中心，透過不斷提高對每位客戶的精準行銷力度。雖然我們仍然擁有像水晶球星冰樂這樣獨特的產品，但我們的重點將轉移到利用具有更廣泛吸引力的平台。

For example, for customers who prefer a lighter, sweeter Espresso experience, Blonde Espresso offers a second Espresso roast, which can be applied to an entire platform of existing beverages. Initially, Blonde was only slated to have approximately 6 weeks of marketing support. But given our new focus and the early success of the product, we now plan to continue to market the platform throughout the balance of this year.

例如，對於喜歡口感更清淡、更甜美的濃縮咖啡的顧客，Blonde Espresso 提供第二種濃縮咖啡烘焙，可應用於現有的所有飲品。最初，《金髮女郎》的行銷支援計畫只有大約 6 週。但鑑於我們新的發展重點和產品早期取得的成功，我們計劃在今年剩餘的時間裡繼續推廣該平台。

In addition to more platform marketing, we are also shifting our paradigm from singular offerings to more personalized offers by customers at the right time. Our revised Happy Hour is a testament to this shift. Previously, we offered a special only on Frappuccino over a short time period to anyone and everyone, even customers who might have come in any way. This worked for a few years as the lift we saw in the period following Happy Hour covered the cost of the discount. But the past 2 years has not worked from a profitability standpoint, so we reimagined Happy Hour. The new program will be used to sign customers up for direct digital relationships and to promote the great variety of beverages that we offer all year long. This one-to-one offer will leverage our personalization capabilities and drive significant incrementality.

除了加強平台行銷外，我們還在轉變模式，從單一產品轉向在適當的時間向客戶提供更個人化的產品。我們調整後的歡樂時光活動正是這種轉變的體現。之前，我們曾短暫地向所有人（包括以任何方式光顧的顧客）提供星冰樂特價優惠。這種方式在幾年內都行之有效，因為歡樂時光之後的一段時間內所看到的增長足以彌補折扣帶來的成本。但過去兩年從獲利角度來看，這種模式並不成功，所以我們重新構想了歡樂時光。新計劃將用於與客戶建立直接的數位關係，並推廣我們全年提供的各種飲料。這種一對一的服務將充分利用我們的個人化能力，並帶來顯著的成長。

Other benefits include more predictable and efficient scheduling of partners and an ongoing promotional opportunity to feature new beverages and drive afternoons. In Q2, we had our first Happy Hour using this new approach and saw strong incremental profit and appealed disproportionately to customers outside of the Starbucks Rewards program. And while we are innovating in the way in which we reach our customers, it is an extension of having the right offering for each daypart.

其他好處包括合作夥伴日程安排更加可預測和高效，以及持續的促銷機會，可以推廣新飲料並推動下午的活動。第二季度，我們首次採用這種新方法舉辦了歡樂時光活動，並獲得了強勁的利潤增長，而且對星巴克獎勵計劃以外的顧客產生了不成比例的吸引力。雖然我們不斷創新觸達客戶的方式，但這其實是為每個時段提供合適產品的延伸。

Our customers love cold beverages and not just in summertime. In fact, Q2 is traditionally one of the coldest quarters in our fiscal year, and even then, iced beverages contributed nearly 40% of our overall revenue growth. We will continue to drive innovation in our cold offerings in Q3, starting with the recent introduction of Cold Foam, a creamy frost layer typically associated with our hot handcrafted beverages that will now add more customization, more flavor and more theater across our cold platform.

我們的顧客喜歡冷飲，而且不只是在夏天。事實上，第二季歷來是我們財年中最冷的季度之一，即便如此，冰鎮飲料也貢獻了我們整體營收成長的近 40%。第三季度，我們將繼續推動冷飲產品的創新，首先推出的是冷泡，這是一種通常與我們熱飲相關的奶油霜層，現在將為我們的冷飲平台增添更多定制、更多風味和更多視覺效果。

Next week, we will introduce our newest Frappuccino, which will become a core offering within our blended platform for customers who want a special, up-level, delicious afternoon treat. Along with our ongoing Nitro Cold Brew expansion and core product extensions with plant-based milk, we will convey a balanced message on an array of offerings within our portfolio. Our goal is for our cold beverages to be a must-have by leveraging innovative ways of marketing to drive both morning and afternoon occasions.

下週，我們將推出最新的星冰樂，它將成為我們混合飲品平台的核心產品，為想要享受特別、高檔、美味下午茶的顧客提供服務。隨著我們不斷擴大氮氣冷萃咖啡業務，以及用植物奶拓展核心產品線，我們將透過一系列產品傳遞平衡的訊息。我們的目標是利用創新的行銷方式，使我們的冷飲成為人們早晨和下午的必備飲品。

Food also continues to be a critical opportunity for our future and has consistently contributed in the 1% to 2% comp range for many years now. This momentum continued in Q2 with food share of total U.S. sales at 22%, up 100 basis points versus prior year and over 1% contribution to comp, driven by strength in Sous Vide Egg Bites and breakfast sandwiches. Beyond the AM, the lunch occasion remains a critical focus, and our ability to drive growth depends on a balance of leveraging our core offering and relevant new innovations. As such, we plan to expand our Mercato platform starting with San Francisco this month to reach nearly 1,800 stores across 6 markets by fiscal year-end.

食品業仍然是我們未來發展的重要機遇，多年來一直穩定貢獻 1% 到 2% 的營收。這一勢頭在第二季度得以延續，食品在美國總銷售額中所佔份額為 22%，比上年同期增長 100 個基點，對同店銷售額的貢獻超過 1%，這主要得益於低溫慢煮雞蛋塊和早餐三明治的強勁表現。除了上午時段外，午餐時段仍然是一個重要的關注點，我們推動成長的能力取決於充分利用我們的核心產品和服務以及相關的創新成果之間的平衡。因此，我們計劃從本月開始從舊金山擴展我們的 Mercato 平台，到本財年結束前覆蓋 6 個市場的近 1800 家門市。

We know that our comp growth is directly linked to the engagement that our customers have with our partners. Knowing that, we launched the first change in our deployment routine in over 5 years this past quarter with what we call Deployment 2.0. What's unique about this new labor routine is that it moves us from a one-size-fits-all deployment plan to a dynamic store-specific deployment solution that will continue to evolve with the business. We believe this enhanced tool contributed to the comp improvement that we saw over the quarter. It considers an individual store's product and channel mix data by daypart, assigns responsibilities by role and deploys resets to production positions, thereby balancing work to optimize customer connection. It is that unlock, the time for our partners to connect directly with our customers, that will help us deliver a better experience in our stores overall.

我們知道，我們的同業成長與客戶和合作夥伴之間的互動直接相關。有鑑於此，我們在上個季度推出了五年多來部署流程的首次變革，我們稱之為部署 2.0。這種新的勞動力管理方式的獨特之處在於，它將我們從一刀切的部署計劃轉變為動態的、針對特定門市的部署解決方案，該方案將隨著業務的發展而不斷發展。我們認為，這款增強型工具促成了本季同業競爭的改善。它按時段考慮單一門市的產品和通路組合數據，按角色分配職責，並將重置部署到生產崗位，從而平衡工作以優化客戶聯繫。正是這段解鎖期，讓我們的合作夥伴能夠直接與我們的客戶聯繫，這將有助於我們在門市整體上提供更好的體驗。

While we are still in the early stages of this new deployment tool and the initial benefits are weighted to peak time, we are already seeing success led by improvement in our critical morning daypart, which also drove most of our overall comp performance in Q2. We know there is additional opportunity ahead to continue growth in the morning and in the afternoon where we have struggled in recent quarters. We must perform in both dayparts.

雖然我們仍處於這項新部署工具的早期階段，並且最初的收益主要集中在高峰時段，但我們已經看到成功，這主要得益於我們關鍵的上午時段的改善，這也推動了我們在第二季度整體業績的大部分增長。我們知道，在最近幾季表現不佳的上午和下午時段，我們還有更多機會繼續成長。我們必須保證一天兩個時段都有比賽。

Taking all the learnings gained in recent months, the consumer, marketing relevance and operational efficiency, we are launching a focused campaign around afternoon starting next month and extending through August. We will be driving a consistent and sustained message to the consumer that leverages the fantastic lineup of new beverages that I spoke about earlier: great food pairings, a more welcoming environment for our customers and reinforced engagement with our customers once they are in our doors. Much of this we already do well today, but the power will be in bringing it all together with a universal view on what we have learned and what we know about the 75 million customers that we have the privilege to serve.

結合近幾個月來在消費者、市場相關性和營運效率方面取得的所有經驗，我們將從下個月開始，圍繞下午時段推出一項重點行銷活動，一直持續到八月底。我們將向消費者傳遞一致且持續的訊息，充分利用我先前提到的全新飲品系列：絕佳的食物搭配、更溫馨的顧客環境，以及顧客進店後加強的互動。我們今天在很多方面都做得很好，但真正的力量在於將所有這些與我們對有幸服務的 7500 萬客戶的經驗和了解結合起來，形成一個普遍的觀點。

As we look to the back half of fiscal 2018 and heading into fiscal 2019, our commitment to grow and elevate the business, I will highlight that the focus remains on 2 critical areas: increasing transaction comp and cost efficiency. The specifics I discussed above are all aimed at driving increasing transaction comp, particularly for beverage. Scott will discuss cost efficiency in more detail, and I'm deeply engaged in driving the middle of the P&L savings in labor, waste and in our supply chain. While we have had some early success in these focus areas so far, we have so much opportunity ahead of us. I am confident of that. So as I sit here today, I have no doubt that our largest business has ample room for growth. I look forward to sharing more about our success next quarter.

展望 2018 財年下半年和 2019 財年，為了發展和提升業務，我將重點放在兩個關鍵領域：提高交易額和成本效益。我上面討論的具體措施都是為了提高交易同店銷售額，特別是飲料交易同店銷售額。Scott 將更詳細地討論成本效益，而我則致力於在勞動力、浪費和供應鏈方面實現損益表中間部分的節約。雖然我們目前在這些重點領域取得了一些初步成功，但我們面前還有很多機會。我對此很有信心。所以，今天我坐在這裡，毫不懷疑我們最大的事業還有很大的成長空間。我期待在下個季度與大家分享我們取得的更多成功。

I'll now turn the call over to Scott.

現在我將把電話交給史考特。

Thank you, Roz, and good afternoon, everyone. Starbucks delivered strong 14% year-over-year revenue growth in Q2 of 2018, including 3 points of net benefit resulting from consolidation of our recently acquired East China business and other streamline-related activities. These activities include Teavana mall store closures in the quarter, the Tazo divestiture in December and the conversion of certain international retail operations from company owned to licensed models. Also, FX benefited revenue growth by 2% in Q2. Non-GAAP operating margin of 16.2% represented the decline of 170 basis points year-over-year, primarily driven by food mix shift and incremental partner investments primarily in the U.S. It's important to note that the decline in operating margin in Q2 was in line with our forecast.

謝謝你，羅茲，大家下午好。星巴克在 2018 年第二季度實現了強勁的 14% 的同比增長，其中包括由於整合了我們最近收購的華東業務和其他精簡相關活動而帶來的 3 個百分點的淨收益。這些活動包括本季關閉 Teavana 購物中心門市、12 月剝離 Tazo 以及將某些國際零售業務從公司自營模式轉變為特許經營模式。此外，外匯交易也使第二季的營收成長了 2%。非GAAP營業利益率為16.2%，較去年同期下降170個基點，主要原因是食品結構變化和主要在美國的合作夥伴新增投資。值得注意的是，第二季營業利潤率的下降與我們的預測一致。

I'll now take you through our Q2 operating performance by segment. Roz covered many of the key operating metrics and actions in our Americas segment, so I'll focus on Americas operating margin decline of 220 basis points to 20%, largely attributable to an acceleration of our partner investments in the quarter and food-related mix shift. I will discuss specific improvements in our outlook for Americas operating margin shortly.

接下來，我將以業務部門向大家介紹我們第二季的營運表現。Roz 介紹了我們美洲業務部門的許多關鍵營運指標和行動，因此我將重點關注美洲業務部門的營業利潤率下降 220 個基點至 20%，這主要是由於本季度我們合作夥伴投資的加速以及食品相關產品組合的轉變。我稍後將討論美洲地區營業利潤率前景的具體改善措施。

New store profitability in the U.S. remains very strong with year 1 ROIs of approximately 60%, down somewhat from the expectation we shared at our most recent Investor Day, primarily due to rising labor costs in urban markets. Nonetheless, our store-level returns in the U.S. remain among the strongest in our industry.

美國新店獲利能力仍然非常強勁，第一年的投資回報率約為 60%，略低於我們在最近一次投資者日上分享的預期，主要原因是城市市場的勞動力成本上升。儘管如此，我們在美國的門市退貨率仍然是業內最強勁的之一。

Moving on to China/Asia Pacific. CAP revenues grew 54% over prior year in Q2 to $1.2 billion. Adjusting for the 41-point net impact attributable to the consolidation of East China, the licensing of Singapore and Taiwan as well as foreign currency translation, CAP revenues still grew a very solid 13% in Q2. Japan delivered our first quarter of positive comps since Q1 of fiscal 2017, driven by a strong beverage lineup. Our recently launched Japan Starbucks Rewards program continues to outpace expectations with membership reaching 2.4 million only 6 months after launch. CAP operating margin declined 570 basis points to 17.2%, primarily due to the 600 basis point impact resulting from the consolidation of the East China business. New store performance in both Japan and China remains very strong, with year 1 ROIs of approximately 80% in China and 45% in Japan, both representing best-in-class performance and both in line with store-level returns we discussed during our most recent Investor Day.

接下來是中國/亞太地區。CAP 第二季度營收年增 54%，達到 12 億美元。在扣除因合併華東地區、新加坡和台灣的許可以及外幣折算而導致的 41 個百分點的淨影響後，CAP 的收入在第二季度仍然實現了非常穩健的 13% 的增長。受強勁的飲料產品線推動，日本市場實現了自 2017 財年第一季以來的首次正成長。我們近期推出的日本星巴克獎勵計畫持續超出預期，推出僅 6 個月會員人數就達到了 240 萬人。CAP 營業利益率下降 570 個基點至 17.2%，主因是合併華東業務導致利潤率下降 600 個基點。日本和中國的新店業績依然非常強勁，第一年的投資回報率在中國約為 80%，在日本約為 45%，均代表了同類最佳業績，並且與我們在最近一次投資者日上討論的門店層面的回報一致。

Turning to EMEA. EMEA delivered revenue growth of 15% to $266 million or 4% after adjusting for 11 points of FX. Given that 84% of EMEA's nearly 3,200 stores are now licensed, system sales, which increased 24% year-over-year or 15% adjusted for FX, are a more accurate reflection of our brand and business strength in the region. Similarly, while EMEA's company-operated comp in Q2 was a negative 1%, driven largely by continued softness in the U.K., the system-wide comp was a much stronger positive 3%.

轉向歐洲、中東和非洲地區。歐洲、中東和非洲地區 (EMEA) 的營收成長了 15%，達到 2.66 億美元，經 11 個百分點的匯率調整後成長了 4%。鑑於 EMEA 近 3,200 家門市中 84% 目前已獲得授權，系統銷售額年增 24%（經匯率調整後成長 15%），更能準確反映我們在該地區的品牌和業務實力。同樣，儘管 EMEA 地區第二季度公司自營業務的同店銷售額下降了 1%，主要原因是英國市場持續疲軟，但係統整體同店銷售額卻強勁增長了 3%。

EMEA Q2 GAAP operating margin included $31 million of incremental costs, primarily related to the impairment of goodwill associated with our business in Switzerland, reflecting the difficult operating environment in that market.

EMEA 第二季 GAAP 營業利潤率包含 3,100 萬美元的增量成本，主要與我們在瑞士的業務相關的商譽減損有關，反映了該市場艱難的經營環境。

Excluding the nearly 12 points for these costs, non-GAAP operating margin of 10.1% declined 190 basis points year-over-year but was flat excluding FX. We remain encouraged by the stronger performance of our EMEA licensed business where we experienced strong operating income growth and meaningful margin expansion and remain convinced that our shift to licensing will drive improved profitability as we move towards and into 2019.

剔除這些成本帶來的近 12 個百分點的影響，非 GAAP 營業利潤率為 10.1%，年減 190 個基點，但剔除匯率因素後與上年持平。我們對 EMEA 授權業務的強勁表現感到鼓舞，該業務實現了強勁的營業收入增長和顯著的利潤率擴張，我們仍然相信，隨著我們邁向 2019 年並進入 2019 年，向授權業務的轉型將推動盈利能力的提高。

Onto Channel Development. Channel Development had a strong Q2, with revenues reaching $500 million, up 8% year-over-year. Our Channel Development team remains laser-focused on profitably gaining market share in both premium roast and ground and K-Cup categories and was successful on both counts in Q2 despite increased competition and increased promotional activity down the aisle. In the quarter, Starbucks outgrew the overall coffee industry by a 3-to-1 margin, resulting in another point of share gained in each of the roasting ground and K-Cup categories. Channel Development's operating margin expanded 100 basis points to 43%, benefiting from the lapping of last year's unfavorable 220 basis point impact from the revenue deduction adjustment. The adjusted margin decline was largely a result of less JV income from our North American Coffee Partnership. We are confident that our NACP business will stabilize as we execute against marketing and innovation plans for the back half of the year.

進入通路開發階段。通路發展部門第二季表現強勁，營收達 5 億美元，較去年同期成長 8%。我們的通路開發團隊仍專注於在高端烘焙咖啡、研磨咖啡和 K-Cup 咖啡類別中盈利性地獲取市場份額，儘管第二季度競爭加劇，促銷活動也日益增多，但我們在這兩方面都取得了成功。本季度，星巴克的成長速度是整個咖啡產業的 3 倍，在烘焙咖啡粉和 K-Cup 咖啡膠囊類別中，市佔率均增加了一個百分點。Channel Development 的營業利潤率成長了 100 個基點，達到 43%，這得益於去年因收入扣除調整而​​產生的 220 個基點的不利影響被抵消。調整後的利潤率下降主要是由於我們北美咖啡合夥企業的合資收入減少所致。我們相信，隨著我們執行下半年的行銷和創新計劃，我們的 NACP 業務將會趨於穩定。

Looking at our capital deployment efforts during the quarter. We continue to take action against our commitment to return $15 billion to shareholders over the next 3 years, repurchasing $1.6 billion in stock this quarter. In line with the strategy, we also issued $1.6 billion in long-term debt in February.

回顧本季我們的資本部署工作。我們將繼續履行未來 3 年向股東返還 150 億美元的承諾，本季將回購 16 億美元的股票。根據該策略，我們還在2月發行了16億美元的長期債務。

Let's move onto 2018 targets. We continue to expect consolidated revenue growth in the high single digits, excluding approximately 2 points of favorability from the East China acquisition and other streamline-related activities. We continue to expect full year comps to grow near the low end of our 3% to 5% long-term guidance, and we remain on plan to open approximately 2,300 net new Starbucks stores globally. We continue to anticipate a moderate decline in full year operating margin for both company and the Americas compared to 2017, inclusive of the incremental investment we are making in our partners and digital initiatives following U.S. tax law reform, most of which will begin impacting operating profit in the current quarter.

接下來我們來看看2018年的目標。我們繼續預期合併收入將實現高個位數成長，不包括東華收購和其他精簡相關活動帶來的約 2 個百分點的利多。我們仍然預計全年同店銷售額將成長至我們長期預期 3% 至 5% 的低端，並且我們仍按計劃在全球淨增開設約 2300 家星巴克門市。我們仍然預計，與 2017 年相比，公司和美洲地區的全年營業利潤率將出現溫和下降，這包括我們在美國稅法改革後對合作夥伴和數位化舉措進行的額外投資，其中大部分投資將在本季度開始影響營業利潤。

We still anticipate tax reform investments of $180 million to $220 million on a run-rate basis in 2018, with a little less than half of this amount impacting 2018 profits given the timing of investments during this fiscal year.

我們仍預期 2018 年稅制改革投資將達到 1.8 億至 2.2 億美元（以年率計算），考慮到本財年投資的時間安排，其中不到一半的金額將影響 2018 年的利潤。

The moderate full year decline in operating margin in the Americas assumes less margin contraction in Q3, with Q4 margin expected to approach the prior year level. Given the magnitude of these sequential improvements, I'd like to spend a few minutes walking you through how we build our Americas margin performance from the second quarter through the fourth quarter of 2018. We will deliver several improvements to make it happen.

美洲地區全年營業利潤率溫和下降的預期是，第三季利潤率收縮幅度較小，預計第四季利潤率將接近去年同期水準。鑑於這些連續改善的幅度之大，我想花幾分鐘時間向大家介紹一下我們是如何從 2018 年第二季到第四季提升美洲地區的利潤率表現的。我們將採取多項改進措施來實現這一目標。

First, comps improved to a strong 3% in the second half of the year. While we believe we will hit the 3% mark in the third quarter, we recognize year-over-year comparison requires progress across our initiatives to reach this level. These initiatives give us even greater optimism for the fourth quarter. Second, we expect beverage comps to improve, and we will deliver at least 1 point of traffic growth. And third, we will accelerate our savings across COGS, waste and labor from approximately $120 million in the first half of the year to over $160 million in the second half.

首先，下半年同店銷售成長強勁，達到 3%。雖然我們相信第三季能夠達到 3% 的目標，但我們也意​​識到，要實現同比目標，我們需要在各項舉措上取得進展才能達到這一水平。這些舉措讓我們對第四季更加樂觀。其次，我們預期飲料銷售額將有所改善，且客流量至少將成長 1 個百分點。第三，我們將加快在銷售成本、浪費和人工方面的節約，從上半年的約 1.2 億美元增加到下半年的超過 1.6 億美元。

Roz covered the first 2 components in detail. And as you saw over the last 2 quarters when we posted lower comps and higher food-weighted product mix, both have a meaningful impact on margin. On the third component, our COGS savings target is over $170 million for the full fiscal year, consistent with prior years. And we are executing well against this goal by more effectively leveraging sourcing, manufacturing and distribution opportunities, just as we have for the past several years. We have a well-established set of processes in place, and they continue to deliver.

Roz 詳細介紹了前兩個組成部分。正如您在過去兩個季度中看到的那樣，當我們公佈的同店銷售額下降、食品類產品佔比上升時，這兩點都對利潤率產生了重大影響。在第三部分，我們本財年的銷售成本節省目標是超過 1.7 億美元，與往年一致。我們正透過更有效地利用採購、製造和分銷機會，朝著這個目標穩步前進，就像過去幾年我們所做的那樣。我們已經建立了一套完善的流程，而這些流程一直行之有效。

During 2018, we have also significantly increased our focus on improving labor productivity and increasing labor leverage. And this focus is beginning to pay off at an accelerating rate. In Q2, labor run rate savings were driven by improvements in our store-specific coverage models, including the specifics Roz discussed with Deployment 2.0. Also, we have seen our major productivity metric, items per labor hour increase relative to the prior year, demonstrating that our focus on Deployment and Lean principles is also starting to pay dividends.

2018年，我們也大幅加大了對提高勞動生產力和增強勞動槓桿的關注。這種專注正以越來越快的速度開始取得成效。第二季度，勞動運作率的節省得益於我們門市特定覆蓋模式的改進，包括 Roz 與 Deployment 2.0 討論的具體細節。此外，我們看到主要生產力指標——每工時產量——相對於前一年有所增加，這表明我們對部署和精實原則的關注也開始獲得回報。

Regarding waste, the opportunity is significant, both in connection with waste itself and in connection with lost sales due to product availability. In our U.S. company-owned business alone, waste cost is about $500 million per year. That figure will always be significant because product availability, combined with our strict product quality requirements, inherently result in a certain amount of waste in our business model. But we believe we can cut this roughly $500 million by at least 15% over the next 18 months by leveraging Lean principles and better managing outlier stores in our portfolio that generate greater waste than expected.

關於廢棄物，無論是廢棄物本身，或是由於產品供應不足而導致的銷售損失，都蘊藏著巨大的機會。光是我們美國公司自營業務每年的浪費成本就高達約 5 億美元。這個數字始終意義重大，因為產品供應情況加上我們嚴格的產品品質要求，必然會導致我們的商業模式中出現一定程度的浪費。但我們相信，透過運用精實原則，並更好地管理我們投資組合中那些浪費超出預期的異常門市，我們可以在未來 18 個月內將這大約 5 億美元的支出減少至少 15%。

In Q2 alone, we realized savings by focusing on those stores that had very high waste as a percentage of sales and improving training around our bakery pull to thaw processes. This strong momentum in these 3 savings areas, plus planned reductions in G&A and other store-related costs, will contribute meaningfully to Americas margin over the next 2 quarters. And I would add that Roz is the perfect partner for finance to help capture these savings opportunities.

僅在第二季度，我們就透過專注於銷售額中損耗率非常高的門市，並改善麵包店解凍流程的培訓，實現了成本節約。這三個節省領域的強勁勢頭，加上計劃削減一般及行政費用和其他門市相關成本，將在未來兩個季度對美洲的利潤率做出重大貢獻。我還要補充一點，Roz 是財務方面的完美合作夥伴，可以幫助抓住這些節省開支的機會。

In the CAP segment, we continue to expect operating margin to be down moderately in fiscal 2018 relative to last year given the consolidation of East China. Excluding this impact, we continue to expect CAP operating margin to be moderately higher year-over-year.

在 CAP 業務板塊，鑑於華東地區的整合，我們仍然預計 2018 財年的營業利潤率將比上年略有下降。排除此影響，我們仍然預計 CAP 的營業利潤率將比上年略有提高。

The East China acquisition is now expected to add approximately 2 points of growth to total company EPS for 2018, the high end of our previously discussed range. We now expect EMEA's operating margin to be roughly flat adjusted for FX compared to 2017.

預計此次對華東地區的收購將使該公司 2018 年每股盈餘 (EPS) 增加約 2 個百分點，達到我們先前討論的範圍的上限。我們現在預計，經匯率調整後，歐洲、中東和非洲地區的營業利潤率將與 2017 年大致持平。

For 2018 Channel Development, we now see low single-digit revenue growth and a moderate decline in operating margin versus the prior year. However, when excluding the impact of Tazo and the 2017 revenue deduction adjustments, Channel Development revenue growth is forecast to be in the mid-single digits and operating margin will decline moderately. We consider this slight downward revision prudent given increasing competition and our results through the first 6 months of the year.

2018 年通路發展方面，我們預期營收將達到個位數低成長，營業利潤率較前一年略有下降。然而，如果排除 Tazo 的影響和 2017 年的收入扣除調整，通路開發收入成長預計將達到中等個位數，營業利潤率將略有下降。鑑於競爭日益激烈以及我們今年前六個月的業績，我們認為此次小幅下調預期是審慎之舉。

Finally, we still expect a GAAP tax rate of 23%, but our non-GAAP tax rate is now expected to be 25% versus 26% discussed last quarter. While the absolute difference appears to be a full point, the actual impact is less than 0.5 point, driven primarily by changes in several routine discrete tax items and not due to any changes in our estimates of tax reform.

最後，我們仍然預期 GAAP 稅率為 23%，但非 GAAP 稅率目前預期為 25%，而上季討論的稅率為 26%。雖然絕對差異似乎達到了一個百分點，但實際影響不到 0.5 個百分點，這主要是由於幾個常規的、獨立的稅收項目的變化，而不是由於我們對稅收改革的估計發生了任何變化。

Given all of these inputs, we expect 2018 GAAP EPS in the range of $3.32 to $3.36. Non-GAAP EPS will be in the range of $2.48 to $2.53, up 20% to 23% from last year. Importantly, all of this guidance excludes the impact of store closures and U.S. partner training that Kevin mentioned earlier. We are still quantifying these impacts, and we'll report back to you on the full impact on next quarter's call.

綜合以上所有因素，我們預期 2018 年 GAAP 每股盈餘介於 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，比去年增長20%至23%。重要的是，所有這些指導方針都不包括凱文之前提到的門市關閉和美國合作夥伴培訓的影響。我們仍在量化這些影響，並將在下個季度的電話會議上向您報告全部影響。

Before handing the call back to the operator for Q&A, I want to underscore that we have a clear set of actions underway to improve comp growth and profitability as we move through the year and that we will continue to invest in our business strategically and with a long-game mentality while at the same time, taking decisive action to maximize our brand portfolio and ensure that we will continue to drive shareholder value long into the future. Our performance in Q2, once again, demonstrates the correctness and success of the strategies that have guided the Starbucks business over the last 40-plus years.

在將電話交還給接線員進行問答之前，我想強調，我們正在採取一系列明確的措施來提高同店銷售增長和盈利能力，並將繼續以長遠的戰略眼光和戰略思維投資於我們的業務，同時採取果斷行動，最大限度地發揮我們的品牌組合優勢，並確保我們能夠在未來長期持續地為股東創造價值。第二季的業績再次證明了星巴克過去 40 多年來所採取的策略的正確性和成功性。

Once again, credit for our success goes to our 350,000 store partners around the world who continue to go above and beyond by delivering an elevated Starbucks Experience to their customers every day.

再次感謝我們遍布全球的 35 萬名門市夥伴，他們每天都竭盡全力為顧客提供卓越的星巴克體驗，這是我們成功的關鍵。

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

這樣，我就把電話轉回接線生了。操作員？

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

（操作員說明）您的第一個問題來自伯恩斯坦公司的薩拉·塞納托雷。

Two questions, if I may. They're related, and they're about the Americas and U.S. top line comp in particular. So the first is, can you just talk about the growth in the Rewards program? Because in the context of looking to expand your digital reach, I guess I've been surprised a little because you've seen some nice growth in that membership, but the comps have been softer. So does it -- is there just a lag? Is it -- take time to learn what your customers are doing? Or is there something to be said about maybe the incremental digital relationship isn't quite as impactful as it used to be? And then the second point is could you just talk a little bit about the ticket that you saw in the quarter mix and where it was coming from?

恕我冒昧，請容許我問兩個問題。它們之間存在關聯，而且都與美洲地區，特別是美國頂級競爭對手有關。首先，您能談談獎勵計劃的成長嗎？因為在尋求擴大數位影響力的背景下，我有點驚訝，因為會員數量確實有了不錯的成長，但同店銷售的成長卻比較疲軟。確實如此嗎？是不是只是存在延遲？是不是應該花時間了解你的客戶在做什麼？或者說，漸進式數位關係的影響力可能不如以前那麼大了？第二點是，您能否談談您在四分之一混合賽中看到的那張票，以及它的來源？

Sure. This is Matt Ryan on the first question. I'll hand it over to Roz for the second part of your question. With regard to the Rewards program, we've continued to see strong growth in the Rewards program, and that remains a driver of the positive momentum we saw across the quarter. Reminder, membership, up 12% year-on-year to almost 15 million, and the growth per member and spend was mid-single digits again, too. So both of those are very strong numbers and both reflect the contribution that the Rewards program is making to our business right now. With regards to the newer digital relationships, that's going to be something that happens over time to our business, the contribution from those efforts, which we really began at the very end of the quarter so that it was not a material impact yet to our business. We expect to see that really kick in sometime next year. Roz, I'll have you answer the ticket question.

當然。這裡是馬特·瑞安，回答第一個問題。我會把問題的第二部分交給羅茲來回答。關於獎勵計劃，我們繼續看到獎勵計劃的強勁增長，這仍然是我們本季取得積極勢頭的主要驅動力。提醒大家，會員人數年增 12%，達到近 1500 萬，每位會員的人數和消費額的增長也再次達到了個位數。所以這兩個數字都非常強勁，都反映了獎勵計劃目前對我們業務的貢獻。至於新的數位關係，這將隨著時間的推移對我們的業務產生影響，這些努力的貢獻，我們實際上是在本季末才開始的，所以它還沒有對我們的業務產生實質的影響。我們預計這種情況將在明年某個時候真正開始顯現。羅茲，關於票務的問題，請你回答。

We have the question between transactions and ticket. And so transactions were flat across the quarter, and we saw improvement in ticket across the quarter as we moved from the January time frame through March. Remember, coming into January, we were just slightly under 1% comp. And then February, March, full comp of 3% in February, and 3% in March and getting us to the 2% overall for the quarter.

我們這裡有一個關於交易和票據之間關係的問題。因此，整個季度的交易量保持平穩，但從 1 月份到 3 月份，我們看到客單價有所提高。請記住，在一月的時候，我們的同業拆借成長率還略低於 1%。然後是二月、三月，二月和三月分別有 3% 的薪資補償，這樣我們整個季度就達到了 2% 的薪資補償。

And I'd just add the ticket was split pretty evenly between pricing and attach. So we still see really strong attach, and food continues to do very well. Our opportunity, as Roz said, is really in driving beverage.

我還要補充一點，票價和附件費用基本上都平均分配。所以我們仍然看到人們對食品的需求非常旺盛，食品業也持續表現良好。正如羅茲所說，我們的機會真的在於推動飲料產業的發展。

Your next question comes from David Tarantino with Baird.

下一個問題來自 Baird 公司的 David Tarantino。

Just first, a clarification, Scott. I wanted to make sure I understood your commentary around the third quarter comps. I think you mentioned that you expected to be plus 3% despite the tougher comparison, but I wasn't sure how to interpret that in light of your comment about the initiatives needing to work. So if you could clarify that, that would be great. And then my real question is about the afternoon daypart, and what you're seeing in that daypart related to your operating metrics. And specifically, my question relates to sort of consumer feedback scores and how you're executing in the afternoon and whether you think this new labor tool will help you to improve those execution scores and generate better momentum that way.

史考特，首先，我需要澄清一下。我想確認一下我是否理解了你對第三季對比數據的評論。我認為你提到過，儘管比較基數更大，但你預計仍能增長 3%，但我不太確定如何結合你關於各項舉措需要奏效的評論來解讀這一點。如果你能解釋一下，那就太好了。那麼，我真正的問題是關於下午時段的，以及您在該時段的營運指標方面觀察到的情況。具體來說，我的問題與消費者回饋評分以及你們下午的執行情況有關，你們是否認為這個新的勞動力工具能夠幫助你們提高執行評分，從而產生更好的發展勢頭。

Thanks, David. I'll take the first part, and then I'll hand it to Roz. So we do see a 3% comp in the third quarter. I was trying to add a little color, recognizing that given the Happy Hour from last year and the Unicorn Frappuccino promotion from last year, we understand that, that comp momentum is likely to build over the quarter. But at the end of the day, the simple answer to your question is we expect to deliver 3% for the third quarter as well. Roz?

謝謝你，大衛。我先拿第一部分，然後交給羅茲。因此，我們看到第三季同店銷售額成長了3%。我試著增添一些色彩，考慮到去年的歡樂時光和獨角獸星冰樂促銷活動，我們明白，同店銷售的成長勢頭可能會在本季度持續增強。但歸根結底，對於你的問題，簡單的回答是，我們預計第三季也能達到 3% 的成長。羅茲？

Yes. So looking at the details around the afternoon, what we know about the occasional customer in the afternoon is that they don't shop with us as frequently, and they're not aware of our offerings as our Starbucks Rewards customers. What we also know about our business in the afternoons is that we have used our afternoons to train our new partners that were just joining as baristas. And we have heavy routines in the afternoon. And so what we learned from managing our peak in the morning and managing routines, we are applying that to the afternoon so that we apply the right kind of labor when the customers are in the store. We also are looking at our afternoons in a different way. We know that the afternoon customer is looking for refreshment, and they are really interested in Cold Brew. So the new offering that we'll have in the product line is around Cold Brew, refreshers and teas. We will also be reducing the number of limited time offer, LTOs, that we have by 30% year-over-year. That gives us a chance to simplify the work in the afternoon so that the partners can engage with the customers. So you'll get both the experience when you're in the Starbucks café. You also -- we'll also receive better efficiencies by use of labor at that time frame. And also, too, in the afternoons, we are introducing a new marketing platform around this new beverage lineup that we have in the afternoon. So we've learned a lot about that occasional customer. We've learned what happens in our stores with our partners, and we're adjusting that and getting their routines in line. And then we're investing in consistent marketing over a longer period of time for the afternoon growth.

是的。因此，從下午的細節來看，我們知道下午偶爾光顧的顧客不會像我們的星巴克獎勵顧客那樣頻繁地光顧我們，他們也不了解我們提供的商品和服務。我們也了解到，下午的時間我們主要用於培訓新加入的咖啡師合夥人。我們下午的日程安排很緊湊。因此，我們從管理早晨高峰期和管理日常事務中學到的經驗，正在應用到下午，以便在顧客光顧商店時投入合適的勞動力。我們也開始以不同的方式看待我們的下午時光。我們知道下午的顧客想要提神醒腦，他們對冷萃咖啡非常感興趣。因此，我們將在產品線中推出的新產品將圍繞著冷萃咖啡、提神飲品和茶飲。我們將把限時優惠 (LTO) 的數量年減 30%。這樣我們就有機會簡化下午的工作，讓合作夥伴能更好地與客戶互動。所以，當你身處星巴克咖啡館時，你就能同時體驗到這兩種感受。此外，我們屆時也將透過更有效地利用勞動力來獲得更高的效率。此外，下午我們也會圍繞下午推出的這款新飲料系列推出一個新的行銷平台。因此，我們對這種偶爾光顧的顧客有了很多了解。我們已經了解了門市合作夥伴的運作情況，我們正在調整並規範他們的工作流程。然後，我們將在較長一段時間內持續投入行銷，以促進下午時段的成長。

Yes, Dave. This is Kevin Johnson. Let me just build on Roz's comments. Clearly, the morning daypart is very important to us, and we've been increasing throughput at peak, recognizing that the dominant customer need state in the morning is the need state of convenience. And then what we figured out, too, is that as we transition into the afternoon daypart, the need state starts to balance between both convenience and community. And so the deployment program that Roz mentioned earlier has acknowledged that and has figured out how we transition the way that we even deploy our labor, but how we also transition the activities that they do to create the right experience. So number one is experience; number two is product, as Roz said, and a lot of this has to do with cold beverages; and number three is then the changes we've made in marketing to raise awareness. We think the combination of the 3, improving the experience, delivering products that our customers want in the afternoon and raising awareness of those will tap into that occasional customer in that particular daypart. And I think we've put all the right ingredients in place, and we're executing on those with intent.

是的，戴夫。這是凱文·約翰遜。我只想補充一下Roz的評論。顯然，上午時段對我們來說非常重要，我們一直在提高高峰時段的吞吐量，因為我們認識到，上午客戶的主要需求是便利性。然後我們也發現，隨著時間推移進入下午時段，人們的需求狀態開始在便利性和社區性之間取得平衡。因此，Roz 前面提到的部署計劃已經認識到這一點，並且已經弄清楚我們如何轉變勞動力部署方式，以及如何轉變他們所從事的活動，以創造正確的體驗。所以，第一點是體驗；第二點是產品，正如羅茲所說，這其中很多都與冷飲有關；第三點是我們為了提高知名度而在行銷方面做出的改變。我們認為，這三者的結合——改善體驗、在下午提供客戶想要的產品以及提高對這些產品的認知度——將吸引到該特定時段的偶爾光顧的客戶。我認為我們已經具備了所有正確的條件，並且正在有目的地執行這些條件。

Your next question comes from Sharon Zackfia with William Blair.

下一個問題來自莎倫·扎克菲亞和威廉·布萊爾。

I recognize it's tempting to spend all our time on the U.S., but I mean, China and Asia Pacific is growing so rapidly at this point. And I don't want to steal the thunder from your Chinese Analyst Day, but I guess, given the rapid growth there as a percent of the operating profit mix, I mean, how do you frame kind of the size of the prize in Asia Pacific? And what should we view as the main risk to you achieving your goals there?

我知道把所有時間都花在美國身上很誘人，但我的意思是，中國和亞太地區目前發展得如此迅速。我不想搶了你們中國分析師日的風頭，但是，考慮到中國業務在營業利潤構成中所佔比例的快速增長，我的意思是，你們如何看待亞太地區的巨大潛力？那麼，我們認為您在實現目標過程中面臨的主要風險是什麼？

Thanks for the question, Sharon. I'll intro this a little bit, but I want John to talk a little bit about what we're seeing in China, and then we'll get back to the question on guidance.

謝謝你的提問，莎倫。我先簡單介紹一下，但我想讓約翰談談我們在中國看到的情況，然後我們再回到指導方針的問題。

Yes, so Sharon. China, obviously, we're approaching 20 years in the market, and the business there continues to perform above expectations. And really, for us, it's about taking the long-term view on how we build the business there. If you look at overall growth around the entire CAP segment, revenue at 13% after all the noise around FX and equity changes, China far exceeded that growth rate. China drove 4% comp in the quarter. Transactions continue to grow, which signals we're bringing in more new customers as well as increasing frequency of our existing customers. New store growth continues to remain strong. We opened 112 stores in the quarter. We now operate over 3,200 stores in 140 cities. And more importantly, was the number as well that Scott, I think, highlighted on the new stores and the 80% ROI that we see. So the model within China is very strong and has a very strong foundation on which to grow. Equally important have been the investments that we've made over the last 20 years and particularly the investments we've made in our people, whether that has to do with the insurance benefits around critical care for parents that we announced last year, whether that has to do with initial paid benefits that we continue to add to. All those things elevate the partner experience for our partners in the market. The elevation of the brand is also important. In December, we opened the Shanghai Roastery. And in the quarter, this was the first full quarter of operations. And I know we highlighted on the last call that the Shanghai Roastery does twice the dollar volume in 1 day that an average Starbucks store does in a week. And we've seen that still maintain and grow. Now in Q2, we did see a shift in terms of the business. And the shift that we saw was due to the shift in the Chinese Lunar New Year. And basically, this year, the Chinese Lunar New Year was 3 weeks later than it was the year before. And what we saw was that January started out soft. February came back from a comp perspective. And then once we got through Chinese New Year, we actually normalized to a regular comp performance that we had traditionally seen. So all in all, the China business remains very strong. We remain very bullish, and we can't wait to have you in Shanghai in May. And then just around Asia Pacific, in total, we now operate 8,000 stores in the region. Japan also is a significant growth driver of our business. We saw for the first time in several quarters Japan return to positive comps. We also saw strong momentum with the recently introduced My Starbucks Rewards program in Japan. And then the other highlight I would just call out is Korea. Korea is also continuing to perform. We now operate nearly 1,200 stores in that market, and that business continues to do very well. So overall, Asia, China is a big part and the most growth -- the biggest growth driver for the company going forward.

是的，莎倫。很顯然，我們進入中國市場已經快20年了，而且那裡的業務表現持續超出預期。對我們來說，關鍵在於從長遠角度考慮如何在那裡發展業務。如果從整個 CAP 板塊的整體成長來看，在排除外匯和股票變動等因素的影響後，營收成長率為 13%，而中國則遠遠超過了這一成長率。中國市場貢獻了本季4%的同店銷售額成長。交易量持續成長，這表明我們正在吸引更多新客戶，同時也在提高現有客戶的交易頻率。新店開張成長動能依然強勁。本季我們新開了112家門市。我們目前在140個城市經營超過3200家門市。更重要的是，史考特也強調了新店的業績，以及我們看到的 80% 的投資報酬率。因此，中國國內的這種模式非常強大，並且擁有非常堅實的發展基礎。同樣重要的是我們在過去 20 年所做的投資，特別是我們對員工的投資，無論是去年宣布的針對父母的重症監護保險福利，還是我們不斷增加的初始帶薪福利。所有這些都提升了我們在市場上的合作夥伴體驗。提升品牌形像也很重要。12月，我們開設了上海烘焙工坊。而且，這是本季第一個完整的營運季度。我知道我們在上一次電話會議上強調過，上海烘焙工坊一天的美元銷售額是一般星巴克門市一週銷售額的兩倍。我們看到這種情況仍在持續改善和成長。到了第二季度，我們確實看到了業務方面的轉變。我們看到的這種變化是由於中國農曆新年日期的變化所造成的。基本上，今年的中國農曆新年比去年晚了3週。我們看到的是，1月的開局比較疲軟。二月從競爭角度來看有所回升。春節過後，我們的比賽就恢復了往常的正常水準。總而言之，中國市場依然非常強勁。我們依然非常看好市場，迫不及待在五月見到您來到上海。光是在亞太地區，我們目前在該地區就經營 8000 家門市。日本也是我們業務的重要成長動力。我們看到日本經濟幾季以來首次恢復正成長。我們也看到，最近在日本推出的「星巴克會員獎勵計畫」發展勢頭強勁。然後，我想特別提一下韓國。韓國隊也繼續進行表演。我們目前在該市場經營近 1200 家門市，業務持續發展良好。總的來說，亞洲，尤其是中國，佔據了很大一部分市場，也是成長最快的市場——是公司未來發展的最大成長動力。

Yes, Sharon. This is Kevin. I know Scott will weigh in with sort of the near-term view on what this means for guidance as we look near term, but let me just share a long-term view. Long term. We've been in China for 20 years, but you think long term, if China could achieve the same kind of results that we have in the U.S., you would say, the number of middle class in China is 600 million. That's double the size of the U.S. Then if you look at what, in my comments, the current coffee consumption in China is 1/2 cup per year per person versus 300 cups per year per person in the U.S. So you look at that math, that means it's over 1,200 times the opportunity size as the U.S. in terms of consumption. Now that's long term, and we have to do all the things that John mentioned. And we are taking a long-term view, but the opportunity is significant. Scott?

是的，莎倫。這是凱文。我知道斯科特會就此事對近期業績指引的影響發表一些看法，但我想先分享一下我的長期看法。長期。我們在中國已經20年了，但從長遠來看，如果中國能取得像美國一樣的成就，你會說，中國的中產階級人數是6億。這相當於美國的兩倍。再看看我剛才提到的，目前中國人均年咖啡消費量是 1/2 杯，而美國人均年咖啡消費量是 300 杯。所以你算一下，這意味著就消費而言，中國的潛在市場規模是美國的 1,200 倍以上。這是長遠目標，我們必須做約翰提到的所有事情。我們著眼於長遠，但機會確實很大。史考特？

The only thing I would add this in the last quarter's call, we said that China/Asia Pacific will be 40% of our business unit operating income growth. Obviously, given both the performance this quarter in China/Asia Pacific, the outlook that we have and a little bit lower performance in some of the other segments, that now is going to approach 60% of business unit operating income this year. So that is clearly a big growth driver for Starbucks.

我唯一要補充的是，在上個季度的電話會議上，我們說過中國/亞太地區將占我們業務部門營業收入成長的 40%。顯然，鑑於本季度中國/亞太地區的業績、我們的前景以及其他一些業務板塊略低的業績，今年該業務板塊的營業收入將接近業務部門營業收入的 60%。所以這顯然是星巴克的一大成長動力。

Your next question comes from John Ivankoe with JPMorgan.

下一個問題來自摩根大通的約翰·伊万科。

The question is on U.S., your COGS and occupancy hitting 38% this quarter is obviously really high. And I understand that food is a specific part of that, but it does seem we've been in this cycle now for a while. It's the more food that you put on, the more your gross margins contract. And we're just not seeing it on the bottom line of operating income for the entire division. So making the question, I guess, Roz, maybe it's for Kevin or all of you, I mean, how sure are we that we can add additional food, specifically from the fresh Mercato platform and have margins not be a problem from the incremental food? Obviously, understanding that Mercato is a more complicated platform than what you currently have as part of the legacy system today.

問題出在美國，你們本季的銷售成本和入住率達到了 38%，這顯然非常高。我知道食物是其中的一個特定部分，但我們似乎已經陷入這種循環一段時間了。食物投入越多，毛利率下降就越嚴重。但我們並沒有在整個部門的營業收入中看到這一點。所以我想問的是，Roz，也許是問Kevin或你們所有人，我的意思是，我們有多大把握能夠增加額外的食品，特別是來自新鮮Mercato平台的食品，並且不會因為增加的食品而導致利潤率下降？顯然，Mercato 是一個比您目前作為傳統系統一部分的平台更複雜的平台。

John, I'll start, and then I'll turn it over to Roz. I think it's important to understand within that pressure that we're seeing on cost of goods sold is not only mix within the different types of foods -- so a shift, as we said, a little bit away from bakery, which has slightly higher margin, towards prepared foods such as breakfast sandwiches, which has a slightly lower margin. One of the things that we're doing to try to manage that, and Roz will talk about this more, is just making sure as we bring new products in that we have the right COGS and the right pricing upfront. We're pretty good at that, but I think given the pressure from food in overall cost of goods sold, we're sharpening that capability a little bit. Back when we had 5% or 6% comp growth, we could have a broader array of margin within our food mix and still deliver operating income margin expansion and operating income. And now that comps have slowed a little bit, we're just sharpening that analytical capability even more. And then it's important to understand, there's still significant opportunities around savings and waste and beyond. And I'll let Roz talk about that a little bit.

約翰，我先開始，然後交給羅茲。我認為重要的是要理解，我們所看到的商品銷售成本壓力不僅體現在不同類型的食品之間的組合上——正如我們所說，這種轉變稍微減少了利潤率較高的烘焙食品，轉而增加了利潤率較低的預製食品，例如早餐三明治。為了解決這個問題，我們正在採取的措施之一（Roz 會更詳細地談到這一點）就是確保我們在推出新產品時，能夠預先設定正確的銷售成本和定價。我們在這方面做得相當不錯，但考慮到食品價格上漲對整體商品成本帶來的壓力，我認為我們正在進一步提升這方面的能力。以前我們的同店銷售額成長了 5% 或 6%，所以我們可以在食品產品組合中擁有更廣泛的利潤率，同時還能實現營業利潤率的擴張和營業收入的成長。現在同業競爭放緩，我們正進一步提升分析能力。此外，還需了解的是，在節約和減少浪費等方面仍然存在著巨大的機會。接下來就讓羅茲簡單談談這件事吧。

Yes. So couple of things here. First, just looking at food, we're building a food supply chain while we're evaluating the Mercato rollout. And we're learning a lot. And we're developing waste initiatives as we go and looking at ingredients very carefully to make sure we understand the cost as we design the product. And as we first entered the Mercato lineup, we were actually looking at this from a real broad scale. Now we're down to the bare tactics and really managing waste. And then waste outside of Mercato, we were even down to the point where we're looking at even our stores that are our lower-performing stores from a sales perspective, typically have higher waste. We have those on a list. We're going after each one of those stores to improve their waste performance by store, so very detailed work. And we're applying, for the first time, lean principles against that work. So we're down into the brass tactics of reducing our cost from a waste standpoint and leveraging the lean principle. I'll also tell you that food makes a lot of sense for us, but we are very keenly aware that we have to grow our beverage business. And we want beverage to lead, and that's the plan as we go forward. And you see that in the second half of the year, a lot of focus on our beverage business, adding the new cold items to complement the rest of the product lines. So it's beverages, new beverages, marketing against those new beverages and then applying a food attach plan with that. I'd also mention that there's also savings in other parts of the business having to do with what we're seeing with labor efficiencies. And we're seeing that come forward through the work that we're doing with Deployment 2.0. So it's really a comprehensive plan around, yes, we will continue to invest in our partners. We'll continue to invest in our digital platforms. Those are paying forward now and even more in the future, and then managing this higher food mix by looking at our costs and our waste initiatives. So we're down into the brass tactics on cost through waste and labor.

是的。這裡有兩點要說明。首先，就食品而言，我們正在建立食品供應鏈，同時評估 Mercato 的推廣情況。我們從中學到了很多。我們正在逐步製定廢棄物處理方案，並非常仔細地研究成分，以確保在設計產品時了解成本。當我們最初進入 Mercato 陣容時，我們實際上是從非常廣泛的層面來看待這個問題的。現在我們只剩下最基本的策略，真正做到有效管理浪費。然後，在 Mercato 以外的門市，我們甚至發現，即使是銷售業績較差的門市，其浪費情況通常也更高。我們已經把這些列入清單了。我們正在逐門商店進行整治，以提高其廢物處理效率，這是一項非常細緻的工作。我們正在首次將精益原則應用於這項工作。因此，我們現在要採取實際有效的策略，從減少浪費的角度降低成本，並運用精實原則。我還要告訴大家，食品對我們來說意義重大，但我們也非常清楚，我們必須發展飲料業務。我們希望飲料業引領發展，這也是我們未來的發展計畫。您可以看到，在下半年，我們將重點放在飲料業務上，增加新的冷飲產品，以完善其他產品線。所以，重點是飲料、新飲料、針對這些新飲料的行銷，然後制定一個與之配套的食品推廣計畫。我還想提一下，由於勞動效率的提高，公司其他方面也有節省成本的空間。我們正在透過部署 2.0 的工作看到這一點。所以這確實是一個全面的計劃，是的，我們將繼續投資我們的合作夥伴。我們將繼續投資於我們的數位平台。這些舉措現在就能帶來回報，將來還會帶來更多回報，然後透過審視我們的成本和廢棄物處理措施來管理這種更高的食品結構。所以我們現在要從根本解決浪費和勞動成本問題。

Your next question comes from Jeffrey Bernstein from Barclays.

下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Maybe just 2 related questions on your unit structure and ownership and growth. First one, just on the -- the [flux] of the license structure. I know this has come up in years past, but maybe you can just update us on the pros and cons of whether you'd consider increasing your U.S. license mix. You've clearly done it outside the U.S. and it does seem like over the past few years, you've actually seen that mix of licensed stores increase in the U.S. I'm just wondering whether there's discussion on moving that further, ease the cost volatility and reduce the capital requirements. And then the related question was just on the -- just broader unit growth, which I know comes up pretty regularly. But considering how difficult a period it is for all the brick-and-mortar retailers, and with comps not necessarily where you want them to be. I'm just wondering whether you have greater discussion around maybe taking a little bit of a pause, obviously, have the opportunity to reaccelerate the unit growth if the comps were to reaccelerate significantly, but the thoughts around maybe slowing down that growth in the short term as the U.S. business struggles to rejuvenate the comp.

或許可以問兩個與貴公司單位結構、所有權和發展相關的問題。首先，就許可證結構的[變更]而言。我知道這個問題過去幾年都出現過，但或許您可以更新是否會考慮增加美國駕照組合的優缺點。你們顯然已經在美國以外的地方做到了這一點，而且似乎在過去幾年裡，你們也確實看到美國授權商店的數量有所增加。我只是想知道是否有人在討論進一步推進這種模式，以降低成本波動並減少資本需求。然後，相關的問題變成了——更廣泛的單位成長，我知道這個問題經常被提及。但考慮到目前實體零售商的處境十分艱難，且同店銷售額未必達到預期水準。我只是想知道你們是否會就暫停一下進行更深入的討論，顯然，如果同店銷售額大幅回升，我們就有機會重新加速單位增長，但考慮到美國業務正努力重振同店銷售額，你們是否考慮過在短期內放緩增長速度。

Thanks, Jeffrey. I'll start, and Kevin can add in. What I would say is, as it relates to ownership structure, I think what we've done has been very analytical and open-minded about what we own and what we choose to license. And if you go back just over the last 2 years, we've moved to license Germany, Singapore, Taiwan and the most recent quarter, Brazil. And we continue to analyze those markets that we own and look for opportunities to license or make a conscious decision to continue to own. So we are looking at returns. We're looking at growth profile. We're looking at overall market size, and we're making those decisions. And we're actually pretty, I think, analytical and disciplined when we do that. In the U.S., we've always had, as you said, a really good mix of licensed stores and company-owned stores. And there's reasons to license, particularly when we can get access to real estate that we wouldn't otherwise. But only in the U.S. and China and some other markets really makes sense for us because of the returns that we get in those handful of markets on the stores that we own. And just to remind you, we see 3 to 4x the cash flow in overall profit in a company-owned store in the U.S. than we do the average licensed store. And that's just because of the royalty structure and what you have to share with the licensee. Those are wonderful stores, and we like those license relationships. But we also want to own where we can own 100% of the cash flows and drive financial returns that we want. In addition, in those larger markets, obviously, owning has qualitative benefits. We're faster to market. We're able to do product rollouts and training and responses and marketing that are more difficult to do when you have a licensed mix. And so it's really about understanding and driving those returns in those markets. I don't know, Kevin, if you would add anything to that or...

謝謝你，傑弗裡。我先開始，凱文可以補充。我想說的是，就所有權結構而言，我認為我們一直以來都對我們擁有什麼以及我們選擇授權什麼進行非常理性和開放的態度。如果回顧過去兩年，我們已經獲得了德國、新加坡、台灣以及最近一個季度巴西的授權。我們將繼續分析我們所擁有的市場，並尋找授權機會，或有意識地決定繼續擁有這些市場。所以我們現在關注的是回報。我們正在研究成長概況。我們正在考察整體市場規模，並據此做出決策。而且我認為，我們做這件事的時候其實相當有分析性和自律性。正如你所說，在美國，我們一直都有特許經營店和公司自營店的良好組合。而且，獲得許可也有其理由，尤其是當我們能夠獲得原本無法獲得的房地產時。但只有在美國、中國和其他一些市場，我們才能真正從中獲得收益，因為我們在這些少數市場擁有的門市能帶來可觀的回報。另外提醒一下，在美國，公司自營店的整體利潤現金流是普通特許經營店的 3 到 4 倍。那完全是因為版稅結構以及你必須與被授權人分成的部分。這些都是很棒的商店，我們很喜歡這種授權合作關係。但我們也希望擁有能夠100%掌控現金流並實現我們想要的財務回報的股權。此外，在那些較大的市場中，擁有所有權顯然具有品質上的好處。我們能更快地將產品推向市場。我們能夠進行產品推廣、培訓、回應和行銷等工作，而這些工作在擁有授權組合時則更難做到。所以關鍵在於理解並推動這些市場中的回報。凱文，我不知道你是否還有什麼要補充的…

No. I think we've been very consistent in our approach to transition company-operated markets to licensed markets where it's made sense and you should expect us to continue to do so.

不。我認為，在將公司經營的市場過渡到特許經營的市場方面，我們一直採取非常一致的做法，只要這樣做是合理的，你們應該期待我們繼續這樣做。

And then on opening stores, the trigger for us to slow down new store openings in any country is, if we start to see returns on those stores and revenue in those stores start to come in below our expectations. And as we -- we talked recently at a conference and walked through what happens when we open up a company-owned store in the U.S. is the net revenue and the net transactions that, that new store is able to get. And because of the analytics that we have when we open the store, the capabilities we have, particularly around drive-throughs, we give up a little bit of sales from stores around that store, but the vast majority of the revenue in year 1 in that new store is incremental. And then those new stores grow for 4 or 5 years much faster than the average for the rest of the market. And so when you add all that up, there's really no net comp impact. And you have all the profitability that you've gotten that first year growing over time. And so we look at those store by store, P&L by P&L, we watch what happens as sales transfer. And if we start to see decay there, we'll take action and we'll lower our openings.

至於開設新店，我們放緩在任何國家開設新店的觸發條件是，如果我們開始看到這些門市的回報，而這些門市的收入開始低於我們的預期。正如我們最近在一次會議上討論的那樣，我們分析了在美國開設公司自營店時，新店能夠獲得的淨收入和淨交易量。由於我們在新店開業時擁有分析能力，以及我們在得來速服務方面的能力，我們會損失一些週邊門市的銷售額，但新店第一年的大部分收入都是新增的。然後，這些新店在接下來的 4 到 5 年裡發展速度遠超市場其他店舖的平均水平。因此，綜合所有因素來看，實際上對薪資淨值沒有影響。而且，你第一年獲得的所有利潤都會隨著時間的推移而增長。因此，我們逐家店、逐份損益表地查看，觀察銷售轉移。如果我們發現那裡開始出現衰敗跡象，我們將採取行動，降低開放程度。

Your next question comes from John Glass with Morgan Stanley.

下一個問題來自摩根士丹利的約翰‧格拉斯。

I wonder if you could share any more plans on how you plan to lap the Frappuccino Happy Hour from last year. Understanding that you're doing a bespoke version of the app, and so I get the offers. But if it's an occasional user that you're getting in the afternoon, they may not get that. What do you have planned to defend against their coming in and being disappointed or not frequenting during that daypart? And then also, is there a margin benefit as you talk about margin improvement in the third quarter in particular? Is there a margin benefit to not repeating Frappuccino Happy Hour, as your comments suggested it was not as profitable as it has been in the past?

我想知道您是否還有什麼計劃，打算超越去年的星冰樂歡樂時光？我知道你們在開發定製版的應用程序，所以我才能收到這些優惠。但如果你遇到的是偶爾在下午訪問的用戶，他們可能就不會得到這一點。您打算如何防止顧客進店後感到失望，或導致他們不再光顧該時段的店鋪？另外，您提到的第三季利潤率提升是否會帶來利潤率方面的好處？鑑於您的評論表明，星冰樂歡樂時光的盈利能力不如以往，那麼不重複舉辦星冰樂歡樂時光活動是否會帶來利潤率上的好處呢？

Yes. So they're -- this is Roz. I'll take the first part of that question, and then I'm going to ask Matt to talk a little bit more about our digital relationships that happen to be growing. So first of all, when we think about the afternoon, we are actually going after a customer base that we really haven't touched. So it feels almost like a new customer that we're introducing to the brand. We have the opportunity to talk to them about the product offering, and then introduce them to the experience in the stores, which has improved if they were a lapsed customer. So there's things that are changing that we hope will attract them to the store and then get them to eventually engage as a Starbucks Rewards member and begin to react and respond to us like our Starbucks Rewards members. So we have opportunity there. I'll also mention that the marketing efforts that we're putting around this, they are not short-term focus as we have done in the past. And this gives us a chance to tell a fuller, longer story about the offerings and keep them engaged with us. And this is something, again, that we've not done in our business as far as many of us can remember. And we hope this is going to change how those -- how the customer enters the store. So Matt, share a little bit about the digital growth.

是的。所以他們是——這位是羅茲。我先回答這個問題的第一部分，然後我會請 Matt 再多談談我們正在不斷發展的數位關係。首先，當我們考慮下午的活動時，我們實際上是在爭取一個我們以前從未真正接觸過的客戶群。所以感覺就像我們正在向品牌介紹一位新客戶。我們有機會與他們談論產品，然後向他們介紹店內體驗，如果他們是流失客戶，那麼店內體驗已經有所改善。所以，我們正在做出一些改變，希望這些改變能吸引他們來到我們的門市，最終讓他們成為星巴克獎勵計畫的會員，並像我們的星巴克獎勵計畫會員一樣與我們互動和回應。所以我們在那裡有機會。我還要提一下，我們圍繞著這件事所進行的行銷活動，與過去不同，不再是著眼於短期利益的。這讓我們有機會講述更完整、更長的產品和服務故事，並讓他們持續關注我們。而且，就我們許多人的記憶所及，這是我們公司從未做過的事。我們希望這將改變顧客進入商店的方式。馬特，請你談談公司在數位化方面的成長。

Sure. I think Happy Hour is a great example of how we are bringing this new strategy alive. So last year, Happy Hour was a 10-day one-and-done stunt. And what ended up happening, is you gave the discount away to everybody, people came in and whether or not they intended to come in, they got the discount if they were ordering a Frappuccino, available on one product. What we are now doing is inviting people to sign up for Starbucks. And rather than it be a onetime a year promotion, this is an ongoing digital relationship that we will reprise over and over again, across the year and the years. What that means is that we won't just be doing Frappuccino for 10 days in May. We will be able to use this very well-known device we have, called Happy Hour, to promote a variety of afternoon products across the year, using it not just in May, but across the year to bring customers back into our stores on an ongoing basis. Over time, we get to know customers, what they respond to, repeats and we're able to personalize and do things that we could do with a Starbucks Rewards customer right now with a much broader segment of customers. The long-term strategy, it's something that is going to build over time, and it's part of an ongoing shift in our marketing from a short-term one-and-done focus to a sustained platform ongoing relationship focus with our customers.

當然。我認為「歡樂時光」很好地體現了我們如何將這項新策略付諸實踐。所以去年的歡樂時光活動是一場為期 10 天的一次性活動。結果，折扣給了所有人，人們進來後，無論他們是否打算進來，只要點一杯星冰樂，就能享受折扣，而折扣僅適用於一種產品。我們現在正在做的是邀請人們註冊星巴克。而且，這並非一年一次的促銷活動，而是一種持續的數位合作關係，我們將在一年中乃至未來幾年反覆開展這種合作。這意味著我們五月不會只做十天的星冰樂。我們將利用我們廣為人知的「歡樂時光」活動，全年推廣各種下午茶產品，不僅在五月份使用，而且全年都可以使用，以持續吸引顧客回到我們的商店。隨著時間的推移，我們會逐漸了解顧客，了解他們的喜好和重複購買行為，從而能夠為更廣泛的顧客群體提供個人化服務，就像我們現在為星巴克獎勵計劃顧客所做的那樣。長期策略是一個需要時間逐步建構的過程，也是我們行銷策略從短期的一次性行銷轉向與客戶建立持續平台關係的一部分。

And just one last thing on that note is that this does allow us to plan labor much more effectively because it's a planned Happy Hour extended over a longer period of time and more predictable. And so we're able to get labor efficiencies out of the programs that we're running now.

最後還有一點需要說明，這樣做可以讓我們更有效地安排勞動力，因為這是一個計劃好的歡樂時光，持續時間更長，也更可預測。因此，我們能夠從目前正在運作的專案中提高勞動效率。

Your next question comes from Andy Barish with Jefferies.

下一個問題來自傑富瑞集團的安迪·巴里什。

Yes. Can you give us a little bit more on Deployment 2.0 and just kind of the way it rolls out over the course of the next year or so? And do you actually expect to get labor leverage? And maybe you can reference some of the markets where you've already done 2.0, x-ing out some of the partner investment, obviously, that's been incremental.

是的。您能否詳細介紹 Deployment 2.0 以及它在未來一年左右的推廣方式？你真的期望能獲得勞動力方面的談判籌碼嗎？或許你可以參考一些你已經完成 2.0 版本的市場，扣除一些合作夥伴的投資，顯然，這是逐步推進的。

Yes. So a couple of things there. So first of all, we have fully rolled out Deployment 2.0. We did that in February, fully rolled out by the end of the month. And actually, what the program does is, first of all, it establishes the store-specific sales routines, and then we apply the labor against it. It looks at the actual product mix. It actually looks at the channel mix, and it does that by daypart. And this is a visibility that we had not had to data in our stores. And in the past, the deployment routine was actually a one-size-fits-all program. So if you are a store in Chicago and a store in Omaha, Nebraska, we apply the same deployment plan. Now we can look at this routine by store-specific data. They have a visual, digital data that shows them and displays within the store how to apply their labor. So it's not a cookie-cut or a spreadsheet approach like it was before. The work is much more balanced. We are getting engagement by the partners. They're enjoying knowing their schedules and knowing what to expect from their sales flow. So from that, we're getting 2 particular moves is the partner engagement piece and also the cost efficiency from it. We're also looking at ways that we look at the product plans too. So again, this -- our reducing the LTOs by 30% helps us also add predictability into the scheduling. So both of those are creating efficiencies that we need.

是的。所以，有兩件事需要說明。首先，我們已經全面推出了 Deployment 2.0。我們在二月就開始了這項工作，並在月底全面展開。實際上，該程序首先會建立特定門市的銷售流程，然後我們根據該流程分配勞動力。它著眼於實際的產品組合。它實際上會查看頻道混合情況，並且會按時段進行查看。這是我們之前在門市數據中從未有過的可見性。過去，部署程式實際上是一個一刀切的方案。因此，如果您在芝加哥有一家門市，在內布拉斯加州奧馬哈也有一家門市，我們將採用相同的部署方案。現在我們可以透過特定門市的數據來查看這個例程。他們擁有視覺化的數位數據，這些數據向他們展示並在店內顯示如何運用他們的勞動。所以，這不再是像以前那樣千篇一律或使用電子表格的方法了。這項工作更加平衡。我們正在獲得合作夥伴的積極參與。他們很享受了解自己的日程安排，以及對銷售流程的預期。因此，我們可以得出兩個具體的舉措，即合作夥伴參與度和成本效益。我們也在研究如何檢視產品計劃。所以，再次強調，我們將 LTO 減少 30%，這也有助於提高調度的可預測性。因此，這兩項措施都提高了我們所需的效率。

And Roz, that rolled out in the middle of Q2, and it's fully rolled out to all stores.

Roz 於第二季中期推出，目前已全面推廣至所有門市。

Fully rolled out, yes.

是的，已經全面鋪開。

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

下一個問題來自加拿大皇家銀行資本市場的戴維‧帕爾默。

A question on just the priorities of the initiatives you've been talking about. I can tell that after this call, there's going to be an argument about the momentum and that you laid out some sales targets over the next couple quarters that suggest and even mentioned in recent months that the momentum is building. And I know you feel like it is building, but which initiatives do you -- give you the confidence that, that is going to be the case heading into fiscal '19? You mentioned beverage innovation, digital user growth in drivers and that some of those more effective promotions. But if you had to prioritize the things that are really giving you confidence where you're getting traction, or you see in the pipeline, that would be helpful.

我想問一下您剛才提到的各項舉措的優先事項。我可以肯定，這次通話之後，將會有一場關於發展勢頭的爭論，而且你制定了未來幾個季度的銷售目標，這表明，甚至在最近幾個月也提到過，發展勢頭正在增強。我知道你感覺情況正在好轉，但是哪些措施讓你相信這種情況會持續到 2019 財年？您提到了飲料創新、駕駛員數位用戶成長以及其中一些更有效的促銷活動。但如果你必須優先考慮那些真正讓你有信心、正在取得進展或正在醞釀中的事情，那將會很有幫助。

Yes. David, this is Kevin. I'll start by answering I think, number one, the Deployment 2.0 that was rolled out really addressed areas related to the customer experience in our stores. And we're seeing the result of that in terms of not only our partner engagement, but in terms of our customer satisfaction by daypart. So I think, clearly, that is a very important attribute. Number two, digital. And as I've commented and Matt outlined, I think the fact that we're widening the aperture of our digital reach far beyond Rewards customers to include as many of non-Rewards customers as we can reach, giving us a direct channel to communicate with them. And frankly, what that does is it allows us to personalize the communications to improve their experience, but it also gives us that direct access to communicate with them, which raises awareness. So that combination of personalized awareness of those customers, I think, is a very important attribute. And then third, I think the product innovation that we've been driving. And so those 3 things have to come together: the experience, the product innovation, and then the digital connection so there's awareness and reach.

是的。大衛，這位是凱文。我認為，首先，推出的 Deployment 2.0 真正解決了與我們門市客戶體驗相關的問題。我們看到，這不僅體現在合作夥伴的參與度上，也體現在按時段劃分的客戶滿意度上。所以我認為，很明顯，這是一個非常重要的特質。第二，數位化。正如我之前評論過，Matt 也概述過，我認為我們正在擴大數位覆蓋範圍，遠遠超出獎勵客戶的範圍，盡可能多地覆蓋非獎勵客戶，這為我們提供了一個與他們直接溝通的管道。坦白說，這樣做不僅可以讓我們個人化溝通，改善他們的體驗，還可以讓我們直接與他們溝通，從而提高他們的意識。我認為，這種對客戶的個人化認知是一個非常重要的屬性。第三，我認為是我們一直在推動的產品創新。因此，這三件事必須結合起來：體驗、產品創新以及數位化連接，從而提高知名度和影響力。

Your next question comes from Matthew DiFrisco with Guggenheim Securities.

下一個問題來自古根漢證券的馬修·迪弗里斯科。

I just had 2 follow-up questions, specifically to the questions about the LTOs and the Happy Hour, can you just sort of quantify, you had a couple of these initiatives, the 2.0 begin in fiscal Q2. They're going to be drivers in 3Q, and you're going to pull back a little bit less LTOs and things like that. How much of that was already reflected in the numbers you just reported versus sort of now that we're in fiscal 3Q they're going to start? And then my second question or clarification is, with respect to the same-store sales commentary, it appears -- is this correct to walk away with thinking that the incident in Philadelphia and the subsequent protest and some of the negative headlines around that, that did not have a meaningful impact such as, I guess, in years past? Sometimes you've had political activism and things like that, that have disrupted -- not specific to your store, but have disrupted some of your urban stores and you saw a little bit of volume slow down. So I would guess we've weathered the storm?

我還有兩個後續問題，特別是關於限時特惠和歡樂時光的問題，您能否具體說明一下，您推出了一些這樣的舉措，2.0 版本從第二財季開始。他們會在第三季成為司機，你們會減少一些限行令之類的措施。剛才公佈的數據中已經反映了多少這種情況？而現在到了第三財季，他們又將開始採取哪些措施？我的第二個問題或澄清是，關於同店銷售的評論，似乎——這樣認為費城事件、隨後的抗議以及圍繞這些事件的一些負面新聞，並沒有像往年那樣產生實質性的影響，這種想法是否正確？有時候，政治活動之類的事情會造成乾擾——雖然不一定是你的店，但確實幹擾了一些城市門市，導致銷量略有下降。所以我想我們已經撐過這場風暴了吧？

This is Kevin. Let me take the question on Philadelphia first, and then we'll take your first question. But on Philadelphia, I spent several days on the ground in Philadelphia, along with a number of members of our leadership team to ensure that we were fully reviewing and understanding the situation and how that could have ever happened in a Starbucks, but also to begin to craft the appropriate actions to address it so that it doesn't happen again. And I believe we are focused on the long-term and doing the right things, and we will be a better company because of this. Now I acknowledge it's still early, but we are not seeing an impact on comp sales as a result of Philadelphia. We are still assessing the overall financial impact of the actions we are taking. And we've announced we're closing stores in the afternoon of May 29, and we're embarking on a not only a day of discovery, but work that we're going to do to ensure that all aspects of our review are captured in the actions that we're taking. And so one thing I do know for sure is that our approach to this will pay long-term dividends for Starbucks.

這是凱文。我先回答關於費城的問題，然後再回答你的第一個問題。但就費城事件而言，我和領導團隊的幾名成員在費城實地待了幾天，以確保我們全面審查和了解情況，以及這種事怎麼會在星巴克發生，同時也開始製定適當的應對措施，以防止此類事件再次發生。我相信，如果我們著眼於長遠發展，做正確的事情，我們就會成為一家更好的公司。我知道現在下結論還為時過早，但我們目前還沒有看到費城市場對同店銷售產生影響。我們仍在評估我們正在採取的行動所帶來的整體財務影響。我們已經宣布將於 5 月 29 日下午關閉門市，我們將開啟一天的探索之旅，同時也將開展各項工作，以確保我們審查的各個方面都能體現在我們正在採取的行動中。因此，我可以肯定的是，我們採取的這種做法將為星巴克帶來長期的回報。

And Matt, on the first part of your question, what I would say is most of the things that you listed really will kick in, in the back half of this year. We did see, we believe, some benefit from the Deployment 2.0 changes that Roz talked about, but the vast majority of what you talked about will build over the course of 2018.

馬特，關於你問題的第一部分，我想說的是，你列出的那些事情大部分都會在今年下半年真正開始發生。我們相信，Roz 所談到的 Deployment 2.0 的變化確實帶來了一些好處，但您談到的大部分內容將在 2018 年逐步實現。

Your next question comes from Andrew Charles with Cowen.

下一個問題來自考恩公司的安德魯查爾斯。

I know on the China call in January, you spoke about the lower comping nature of the East China stores just given the denser penetration of these markets. Since this the first time we've seen the consolidated results, can you help segment how the gap between legacy China and the new East China stores has historically trended, just to help us model this new structure going forward and what we can expect as a normalized growth rate there?

我知道在1月的中國電話會議上，您談到了華東地區門市的可比性較低，這是因為這些市場的滲透率更高。由於這是我們第一次看到合併後的業績，您能否幫忙分析一下傳統中國門市和華東新門市之間的差距在歷史上的發展趨勢，以便我們能夠模擬這種新的結構未來的發展趨勢，以及我們可以預期的正常增長率是多少？

I'll have John talk a little bit about the East China business and the opportunity. But what we said, I think, on the call is that they're a little bit lower -- on the last call. They've been a little bit lower over time, not dramatically lower, but a little bit lower. And it's really because of the significantly higher store opening rate in that market. John, you want to talk a little bit about...

我會請約翰談談華東地區的業務和機會。但我認為，我們在電話會議上說的是，他們的價格略低一些——在上一次電話會議上是如此。隨著時間的推移，它們略有下降，雖然沒有大幅下降，但確實略有下降。這實際上是因為該市場店舖開業速度明顯更快。約翰，你想稍微談談…

And just as a clarification, Andrew, it's not currently in the reported comp. So we won't be reporting that until next January. But overall, the integration gives us a -- I mean, it's on track, first off. It gives us a great opportunity to bring East China and company-owned China together and approach the market with a single voice to both our partners and to our customers and then leverage the back end across both businesses to drive more efficiencies and then also scale for growth going forward. So Belinda and her leadership team are focused entirely on the integration of East China and making sure it's a huge success for us. We've -- in the first full quarter of the integration, obviously, have welcomed all the partners from East China into the business. We're in the process of normalizing pay and benefits across both company-owned as well as East China and then also, looking at financial and accounting systems and making sure that those are synched as well. We also continue to work on supply chain and supply chain efficiencies. That work is ongoing as well as the back-office systems and other key areas. And that work will continue through FY '19. So we'll be able to provide a great update to you during the Investor Day and just -- this presents just one more opportunity for us to really take advantage of the opportunity for growth and accelerating growth in China across the mainland.

安德魯，我再澄清一下，它目前不在已公佈的比較名單中。因此，我們最快也要到明年一月才會發布相關報導。但總的來說，整合給我們帶來了——我的意思是，首先，它進展順利。這為我們提供了一個絕佳的機會，將華東地區和公司自有的中國業務整合起來，以統一的聲音面向我們的合作夥伴和客戶，然後利用兩個業務的後端資源來提高效率，並擴大規模以實現未來的成長。因此，貝琳達和她的領導團隊完全專注於華東地區的整合，並確保這對我們來說取得巨大成功。在整合的第一個完整季度，我們顯然已經歡迎所有來自華東地區的合作夥伴加入業務。我們正在對公司自有企業和華東地區的薪資福利進行標準化，同時也審查財務和會計系統，確保這些系統也同步運作。我們也會持續致力於供應鏈和供應鏈效率的提升。這項工作以及後台系統和其他關鍵領域的工作正在進行中。這項工作將持續到 2019 財年。因此，我們將在投資者日期間向您提供最新的進展情況，而且——這又為我們提供了一個機會，讓我們能夠真正利用中國大陸的成長機遇，並加速成長。

Your next question comes from Karen Holthouse with Goldman Sachs.

下一個問題來自高盛的凱倫·霍爾特豪斯。

One quick clarification and a question. The 80% cash return number that you gave, does that include or not include stores in East China? And then actually moving sort of away from the U.S. business and actually China, looking at the other operating segment, at this point, are we down to this really is just U.S. foodservice and then the Roastery business? And within that, when -- I know that there can be pretty substantial upfront preopening costs with the sort of leases you're signing, but when should we think about the Roastery business breaking even or sort of funding its own growth? Is that something that could happen in '19? Or do we need to look out farther than that?

一個簡短的澄清和一個問題。您提到的80%現金回饋率，是否包含華東地區的門市？然後，實際上，拋開美國業務和中國業務，看看其他營運部門，目前來看，是不是只剩下美國餐飲服務和烘焙業務了？而且，我知道你簽訂的這類租賃合約可能會產生相當大的開業前期成本，但是我們應該什麼時候考慮讓烘焙工坊業務實現收支平衡或者能夠自給自足地發展呢？2019年有可能發生這樣的事嗎？或者我們需要把目光放得更遠一點？

Yes. On the first question, Karen, it's just the company-owned stores in China as of the end of the year, last year. So it does not include East China. We'll get our arms around those stores at a detailed level, and we'll give you an update as we move through time. I will say that the profitability of those stores is also quite strong, but the 80% does not include those stores. On the other segment, substantially what's in there is definitely the, I would say, broadly Siren Retail, which includes the Roastery, but will also include, for example, the Reserve store that's downstairs in the building here in Seattle. It will include Princi stores as we open those. It includes, I believe, still some revenue related to SBC. And so there's a few things in there. And it'll be beyond 2019 before that segment breaks even.

是的。關於第一個問題，Karen，那隻是截至去年年底在中國的公司自營門市。所以它不包括華東地區。我們會對這些店鋪進行詳細調查，並隨著時間的推移向您報告最新進展。我要說的是，這些門市的獲利能力也相當強勁，但80%的比例並不包括這些門市。至於另一部分，其中主要包括 Siren Retail，我傾向於這麼說，它涵蓋了烘焙工坊，但也包括例如位於西雅圖這棟建築下的 Reserve 門市。隨著我們開設更多Princi門市，它也將包含在內。我相信，其中仍然包含一些與SBC相關的收入。所以裡麵包含了一些內容。2019 年以後，該細分市場才能達到收支平衡。

The last question comes from Dennis Geiger with UBS.

最後一個問題來自瑞銀集團的丹尼斯蓋格。

I wanted to come back to the non-MSR digital relationship platform. Is there anything else you can share on the learnings at this -- of the initiatives at this very early stage, perhaps how easy it's been to get sign-ups, how easy it's been to capture those e-mails. And then I think you mentioned that there'll be several million members on that platform by year-end, presumably that will build into 2019. So as we get into 2019, can that customer cohort actually grow spend similar to the MSR platform year-over-year?

我想回到非MSR數位關係平台。關於這些舉措在早期階段的經驗教訓，您還有什麼可以分享的嗎？例如，註冊有多容易，收集電子郵件地址有多容易？然後我想你提到過，到今年年底，該平台將擁有數百萬會員，想必這將延續到 2019 年。那麼，進入 2019 年，該客戶群能否像 MSR 平台一樣，實現逐年類似的消費成長呢？

Sure. Matt Ryan here. Thank you for the question. I think the exciting thing about this strategy is that it's a long-term strategy. It's not something that is one-and-done this year. It's done in immediate response to the challenging environment we've been in. We see a huge opportunity because there are 75 million customers in our store, 15 million rewards. And the several million we're talking about this year is just the beginning. There is a long, long road ahead of us, and we're encouraged by early signs. Now it's way -- it would be very easy to get over our skis and get excited by the results we've seen to date, but what I can tell you is that after just a couple of Happy Hours, we know we're on the right track here. We also know that it's very easy to sign customers up because people want to have a relationship with a brand that they're very involved with. So what we have going for us that most companies don't have going for us, is that people want a direct digital relationship. We're now giving them reasons outside of Starbucks Rewards to do that. So with the kind of frequency that we have, the kind of brand love we have, we see a lot of opportunity there. With regard to what we're going to see in terms of growth per customer and spend, too early to speculate on that. We're optimistic about what we saw in terms of the response to Happy Hours. I think Roz mentioned that we're seeing greater response to the Happy Hours from our non-SR versus our SR customer. So everything is very early, but everything is very promising. And the one thing I would stress is really it takes signing up customers, then getting to know them before we can really take advantage of the personalization and the benefits to come to the business. But we know we're on the right track.

當然。我是馬特·瑞安。謝謝你的提問。我認為這項策略最令人興奮之處在於，它是一項長期策略。這不是今年一次性的事。這是對我們所處嚴峻環境的直接因應措施。我們看到了巨大的機遇，因為我們的商店有 7500 萬顧客，1500 萬獎勵。我們今年所說的數百萬美元只是個開始。前方還有很長的路要走，但我們從目前的跡像中得到了鼓舞。現在情況就是這樣——我們很容易因為目前取得的成果而沾沾自喜，但我可以告訴你的是，僅僅幾個歡樂時光之後，我們就知道我們走在正確的道路上。我們也知道，吸引客戶非常容易，因為人們希望與自己非常關注的品牌建立聯繫。因此，我們擁有大多數公司所不具備的優勢，那就是人們想要建立直接的數位關係。我們現在給他們提供了除了星巴克獎勵計劃之外的理由去這樣做。鑑於我們目前的曝光頻率和品牌喜愛度，我們看到了許多機會。至於每位客戶的成長和消費額，現在進行推測還為時過早。我們對「歡樂時光」活動的反應感到樂觀。我認為 Roz 提到過，我們發現非 SR 客戶對歡樂時光的反應比 SR 客戶更大。現在一切都還處於早期階段，但前景非常光明。我想強調的一點是，我們確實需要先註冊客戶，然後了解他們，才能真正利用個人化服務及其為業務帶來的好處。但我們知道我們走在正確的道路上。

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

現在我將把電話交給肖先生，請他作總結發言。

Great. Thanks, Chris. As a quick reminder, we look forward to seeing many of you at our Starbucks 2018 China Investor Day starting on May 16 in Shanghai. In addition, our third quarter 2018 conference call has been tentatively scheduled for Thursday, July 26. Thanks again, and have a great evening.

偉大的。謝謝你，克里斯。再次提醒大家，我們期待在5月16日於上海舉行的星巴克2018中國投資者日上見到各位。此外，我們 2018 年第三季電話會議暫定於 7 月 26 日星期四舉行。再次感謝，祝您有個美好的夜晚。

This concludes Starbucks Coffee's -- Starbucks Coffee Company's Second Quarter Fiscal Year 2018 Earnings Conference Call. You may now disconnect.

星巴克咖啡公司 2018 財年第二季財報電話會議到此結束。您現在可以斷開連線了。