星巴克 (SBUX) 2018 Q3 法說會逐字稿

Good afternoon. My name is Hector, and I will be your conference operator today. I would like to welcome everyone to Starbucks Coffee Company's Third Quarter Fiscal Year 2018 Conference Call. (Operator Instructions)

午安.我叫赫克托，今天我將擔任你們的會議接線生。歡迎各位參加星巴克咖啡公司2018財年第三季電話會議。（操作說明）

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

我謹將電話轉交給投資人關係副總裁湯姆‧肖。肖先生，您可以開始您的會議了。

Good afternoon, everyone, and thanks for joining us today to discuss our third 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; Belinda Wong, CEO, Starbucks China; and Scott Maw, CFO. For Q&A, we'll be joined by John Culver, Group President, International, Channel Development and Global Coffee and Tea; and Matt Ryan, Chief Marketing Officer.

各位下午好，感謝各位今天蒞臨現場，與我們共同探討2018財年第三季業績。今天的討論將由以下人士主持：總裁兼執行長 Kevin Johnson；美洲區集團總裁兼營運長 Roz Brewer；星巴克中國區執行長 Belinda Wong；以及財務長 Scott Maw。在問答環節，我們將邀請國際、通路開發及全球咖啡和茶集團總裁約翰·庫爾弗 (John Culver) 和首席行銷長馬特·瑞安 (Matt Ryan)。

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 through August 25, 2018.

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，網路直播的存檔影片也將在我們的網站上保留至 2018 年 8 月 25 日。

I will now turn the call over to Kevin.

現在我將把通話轉給凱文。

Well, thank you, Tom, and good afternoon, and welcome, everyone. On today's call, I will provide an overview of our financial performance in Q3, expand on the business update we provided last month and reinforce our strategic priorities going forward. Then I'll turn the call over to Roz and Belinda to report on our Q3 operating performance in each of our 2 key markets, the U.S. and China, and update you on our plans for each market going forward. Scott will then take you through the Q3 financials in detail, and we'll turn the call over to the operator for Q&A.

謝謝你，湯姆，下午好，歡迎各位。在今天的電話會議上，我將概述我們第三季的財務業績，詳細介紹我們上個月提供的業務更新，並重申我們未來的策略重點。然後我將把電話交給 Roz 和 Belinda，由她們報告我們在美國和中國這兩個主要市場第三季度的營運業績，並向大家介紹我們未來在每個市場的計劃。接下來，Scott 將詳細講解第三季的財務數據，然後我們將把電話轉交給接線員進行問答環節。

Starbucks revenues in Q3 totaled a record $6.3 billion, up 11% over last year, driven by its consolidation of our East China business, strong performance from new stores, favorable FX and comp sales increases of 1%, both globally and in the U.S. Excluding FX and the net impact of streamlining activities, revenues were up 7%. June comps in the U.S. and Americas landed as expected, representing an acceleration for May and April.

星巴克第三季營收達到創紀錄的 63 億美元，比去年同期成長 11%，這主要得益於其對華東業務的整合、新店的強勁表現、有利的匯率以及全球和美國同店銷售額均增長 1%。若不計匯率和精簡活動的淨影響，營收成長 7%。美國和美洲地區 6 月的比較數據符合預期，預示著 5 月和 4 月的成長速度加快。

For the quarter, our non-GAAP EPS totaled $0.62, inclusive of a $0.02 impact from the anti-bias training on May 29, representing a solid 13% increase over Q3 last year. While we fell short of the expectations we had entering the quarter, we've made measurable progress against 2 commitments we've made to our shareholders: to deliver predictable, sustainable growth at scale and to create meaningful increases in shareholder value long into the future. To deliver on these commitments, we continue to focus our energy, capital and resources on executing against our 3 strategic priorities.

本季度，我們的非GAAP每股收益總計為0.62美元，其中包括5月29日反偏見培訓帶來的0.02美元的影響，比去年第三季度增長了13%。雖然我們未能達到本季度初的預期，但我們在履行對股東的兩項承諾方面取得了可衡量的進展：實現可預測、可持續的規模增長，並在未來長期創造股東價值的實質增長。為了履行這些承諾，我們將繼續集中精力、資金和資源，執行我們的三大策略重點。

Our first strategic priority is to accelerate growth in our targeted long-term growth markets: China and the U.S. Our success in each market will be driven by further elevation and modernization of the third place experience we deliver to our customers and continued expansion of our digital advantage. Roz will provide context around the progress we are making in the U.S. and a plan that is built with a clear understanding and focus on 4 evolving consumer trends: consumers have increasingly ubiquitous digital lifestyles; consumers want premium products, premium experiences and value convenience; consumers appreciate choice, including better-for-you food and beverage selections. Our innovation agenda in each of food and beverage, digital and store design is being informed by each of these trends, and we are committed to increasing the velocity of innovation at Starbucks in each of these areas, as they are all key determinants of customer and brand relevance today.

我們的首要策略重點是加速在目標長期成長市場——中國和美國——的成長。我們在每個市場的成功都將得益於我們為客戶提供的「第三空間」體驗的進一步提升和現代化，以及我們數位化優勢的持續擴大。Roz 將介紹我們在美國取得的進展情況，以及一項基於對 4 個不斷變化的消費趨勢的清晰理解和重點而製定的計劃：消費者的數位化生活方式日益普及；消費者想要優質產品、優質體驗和便利；消費者欣賞選擇，包括更健康的食品和飲料選擇。我們在食品飲料、數位科技和門市設計方面的創新議程都受到這些趨勢的影響，我們致力於加快星巴克在這些領域的創新速度，因為它們都是當今顧客和品牌相關性的關鍵決定因素。

I remain extremely optimistic about the future of our U.S. business for several reasons. First, our beverage innovation platform is working, and we have a full pipeline of new beverages on the horizon to delight our customers in the quarters ahead. Beverage innovation is fueling growth in our core platforms of coffee, tea and refreshers and offsetting some of the softness we've seen in blended.

基於以下幾個原因，我對我們美國業務的未來仍然非常樂觀。首先，我們的飲料創新平台運作良好，我們還有一系列新飲料即將推出，將在未來幾季為我們的客戶帶來驚喜。飲料創新正在推動我們核心平台（咖啡、茶和清爽飲品）的成長，並抵消了我們在混合飲料領域看到的一些疲軟跡象。

Second, our digital reach is expanding by every measure, including a double-digit increase in active rewards membership year-over-year and the addition of 6 million digitally registered customers who are not yet rewards members but who have established a digital connection with Starbucks.

其次，我們的數位化覆蓋範圍正在各個方面擴大，包括活躍會員數量同比增長兩位數，以及新增 600 萬已註冊但尚未成為會員的顧客，這些顧客已與星巴克建立了數位化聯繫。

And third, we have redoubled our efforts to drive discipline, operational excellence within our stores and to mindfully allocate capital with a sharp focus on managing our corporate expenses.

第三，我們加倍努力，在門市內部推行紀律和卓越運營，並謹慎分配資金，專注於控制公司支出。

China represents an important part of our strategic growth agenda, and Belinda will share specific detail around the incredibly powerful, long-term growth opportunity we are curating in China. While acknowledging a disappointing Q3, I want to be clear that we have 100% confidence in our growth strategy and the sustainability of the leadership position we have built in the market. Having been in China since 1999, the strength of our brand, the trust we have built with our customers and partners and our working knowledge of the many nuances of the China market uniquely positions us for continued long-term success.

中國是我們策略成長議程的重要組成部分，貝琳達將分享我們在中國精心策劃的、極具潛力的長期成長機會的具體細節。儘管第三季業績令人失望，但我還是要明確表示，我們對我們的成長策略以及我們在市場中建立的領導地位的可持續性有百分之百的信心。自 1999 年進入中國市場以來，我們憑藉強大的品牌實力、與客戶和合作夥伴建立的信任以及對中國市場諸多細微差別的深入了解，在持續長期成功方面佔據了獨特的優勢。

Now keep in mind that this quarter alone, excluding the East China integration, we grew total transactions in China in the mid-teens. We are, by design, in a phase of growth in China that is primarily driven by new-store expansion. We also acknowledge the need to move faster to enable delivery in China, and we are committed to piloting delivery this fall in 2 key cities, Beijing and Shanghai, with the intent to expand from there. We will introduce delivery in a way that combines the best coffees and the most innovative coffee and tea beverages in the world with the rapidly evolving consumer trend in China for at-home and at-work convenience.

請記住，僅本季度，不包括華東地區的整合，我們在中國的總交易量就成長了兩位數以上。我們目前在中國的成長階段，是按計畫進行的，主要驅動力是新店擴張。我們也意識到需要加快在中國開展配送業務的步伐，我們承諾今年秋季在北京和上海這兩個重點城市試點配送業務，併計劃從那裡開始推廣。我們將推出外送服務，將世界上最好的咖啡和最具創新性的咖啡和茶飲與中國消費者在家和工作場所享受便利的快速發展趨勢相結合。

Be assured that as we grow in China, we will not deviate from the culture and values that have built the Starbucks brand and resulted in Starbucks today being recognized as one of the most successful global brands and sought-after global employer of choice in China. I have complete confidence in Belinda and her team to navigate the next phase of our China growth strategy.

請放心，隨著我們在中國的發展，我們不會偏離打造星巴克品牌並使其今天成為全球最成功的品牌之一和中國最受歡迎的全球雇主之一的文化和價值觀。我對貝琳達和她的團隊充滿信心，相信他們能夠帶領我們順利完成中國成長策略的下一階段。

Now our second strategic priority is to expand and leverage the Starbucks brand through the Global Coffee Alliance with Nestlé. We remain on track to close the Nestlé deal in our fiscal Q4. Nestlé is the ideal global partner to accelerate Starbucks' growth profile by combining our global brand and coffee leadership with the world's leading distribution network, covering 189 countries. In addition, this alliance will bring Starbucks Coffee to customers around the world through the world-leading single-serve platforms: Nespresso and NESCAFÉ Dolce Gusto. These single-serve platforms represent the largest install base of systems globally. The Global Coffee Alliance represents an important and highly opportunistic pillar of our growth agenda.

現在，我們的第二個策略重點是透過與雀巢的全球咖啡聯盟來拓展和利用星巴克品牌。我們仍有望在第四財季完成雀巢收購案。雀巢是加速星巴克成長的理想全球合作夥伴，它將我們的全球品牌和咖啡領導地位與覆蓋 189 個國家的全球領先分銷網絡相結合。此外，此次合作將透過全球領先的單杯咖啡平台 Nespresso 和 NESCAFÉ Dolce Gusto，為世界各地的顧客帶來星巴克咖啡。這些單機平台擁有全球最大的系統安裝基數。全球咖啡聯盟是我們成長計畫中重要且極具機會的支柱。

Our third strategic priority is to sharpen our focus on shareholder value return. Step one was the development of a company-wide emphasis on streamlining our business and organization. Over the past year, this work has enabled us to identify the strategic steps we needed to take to better and more profitably unlock opportunities that amplify our core value drivers. Those steps include: further business simplification; retail market alignment as evidenced by our purchase of East China and the sale of smaller markets better suited for local ownership; and most recently, the Global Coffee Alliance we entered into with Nestlé. Streamline has freed up billions of dollars of capital and has enabled us to focus our management attention and critical resources on the most important priorities for Starbucks, our partners and our shareholders.

我們的第三個策略重點是更重視股東價值回報。第一步是製定全公司範圍內的重點措施，以精簡我們的業務和組織。過去一年，這項工作使我們能夠確定需要採取的策略步驟，以便更好地、更有效地釋放機會，從而增強我們的核心價值驅動因素。這些措施包括：進一步簡化業務；零售市場調整，例如我們收購了華東地區，並出售了更適合本地所有權的較小市場；以及最近與雀巢公司達成的全球咖啡聯盟。精簡流程釋放了數十億美元的資金，使我們能夠將管理精力和關鍵資源集中在對星巴克、我們的合作夥伴和股東而言最重要的優先事項上。

Last November, we committed to return $15 billion to shareholders through buybacks and dividends through fiscal 2020. As our streamline initiatives have unlocked more net capital and as we have flexed our balance sheet, we've now expanded that commitment to $25 billion through fiscal 2020. We have already returned over $5 billion to shareholders in the last 3 quarters alone.

去年 11 月，我們承諾在 2020 財年之前透過股票回購和分紅向股東返還 150 億美元。隨著我們精簡計劃釋放了更多淨資本，並且我們靈活調整了資產負債表，我們已將這項承諾擴大到 2020 財年的 250 億美元。光是過去三個季度，我們就已經向股東返還了超過50億美元。

Now to deliver on our commitments, we know we must drive consistent growth at scale by driving excellence in execution and customer-focused innovation. Let me assure you that we are energized by the foundational changes we have made and the prioritization that it provides toward our core value drivers.

為了履行我們的承諾，我們知道必須透過卓越的執行力和以客戶為中心的創新，推動持續的規模成長。我可以向你們保證，我們所做的根本性變革以及這些變革為我們的核心價值驅動因素帶來的優先性，都讓我們倍感振奮。

Before handing the call over to Roz, I want to quickly touch on our recent announcement around sustainability. Sustainability is 1 of 3 of our social impact priorities. Our aspiration to make coffee the first sustainable agricultural product is in direct support of coffee farmers around the world. Our commitment to eliminate plastic straws in all of our stores globally by 2020 is in direct support of sustainability of the planet.

在將電話交給 Roz 之前，我想快速談談我們最近發布的有關永續發展的公告。永續發展是我們三大社會影響力優先事項之一。我們致力於將咖啡打造為首個永續農產品，以直接支持世界各地的咖啡種植者。我們承諾在 2020 年在全球所有門市停止使用塑膠吸管，這直接支持了地球的永續發展。

In the same way, our agronomists innovate on behalf of coffee farmers. Our packaging teams, along with partners, have innovated to create strawless lids and alternative-material straw options. And we are also pursuing a broad approach to recyclable cups. We have long espoused the importance of companies doing well by doing good, and we will not waver from our focus and leadership position in sustainability.

同樣，我們的農藝師也在為咖啡種植者進行創新。我們的包裝團隊與合作夥伴一起進行了創新，創造了無吸管蓋和替代材料吸管選項。我們也積極推行可回收杯的推廣策略。我們一直倡導企業在做好事的同時也能取得好成績，我們不會動搖在永續發展領域的專注和領導地位。

Finally, I'd like to take a moment to acknowledge Scott Maw for his partnership and tireless contributions to Starbucks. Scott will remain an integral part of the management team through November and serve for a period as a consultant to ensure a seamless and successful transition to a new CFO. Thank you, Scott. All of us at Starbucks thank you for your contributions, and we wish you well.

最後，我想藉此機會感謝 Scott Maw 對星巴克的合作和不懈貢獻。Scott 將繼續擔任管理團隊的重要成員直至 11 月，並擔任一段時間的顧問，以確保順利成功地過渡到新的財務長。謝謝你，斯科特。星巴克全體員工感謝您的貢獻，並祝您一切順利。

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？

Thanks, Kevin. I'll start out with how the Americas is reinforcing its commitment to improving current transaction trends by focusing on 3 priorities for growth: improving customers in-store experience; delivering beverage innovation and driving digital relationship. I'll also provide some perspective on how we're driving enhanced profitability and increasing agility.

謝謝你，凱文。首先，我將介紹美洲地區如何透過專注於三個成長優先事項來加強其改善當前交易趨勢的承諾：改善顧客的店內體驗；提供飲料創新；以及推動數位化關係。我也會從一些角度談談我們如何提高獲利能力和增強靈活性。

First, I'll address Q3 results. We delivered another record performance of $4.2 billion in revenues, which represents a 6% increase over the prior year. And our new stores contributed 4 points of growth for the 17th consecutive quarter. The impact of Frappuccino decline and the store closures to support the anti-bias training is estimated to be 3 points of comp in the quarter. These were the main factors that led to a 1% comp in the Americas for Q3. Factoring into this shortfall, we continue to grow share as supported by: growth in our most loyal customers; growth in all categories, except Frappuccino, including both core coffee beverages and innovative new products such as draft and refreshers; continued strong growth in the morning, our most important daypart; and continued strong performance of new stores as we opened in underpenetrated geographies. With these indicators of brand strength, we continue to move with speed to reposition the business for growth.

首先，我將談談第三季業績。我們再次創下營收紀錄，達到 42 億美元，比上年成長 6%。我們的新店連續第 17 個季度貢獻了 4 個百分點的成長。預計星冰樂銷量下滑以及為支持反歧視培訓而關閉門市將導致本季同店銷售額下降 3 個百分點。這些是導緻美洲地區第三季業績年減 1% 的主要因素。儘管存在這一缺口，但我們仍繼續擴大市場份額，這得益於：最忠實客戶的增長；除星冰樂外，所有品類均實現增長，包括核心咖啡飲料和創新產品，如生啤和清爽飲品；上午時段（我們最重要的時段）持續強勁增長；以及我們在滲透率較低的地區開設的新店持續取得強勁業績。基於這些品牌實力指標，我們將持續快速推進業務轉型，以實現成長。

To modernize and elevate the third place, our first priority is improving customers' in-store experience. The U.S. operations team, led by veteran Starbucks operator, Rossann Williams, is keenly focused on driving efficiency, reducing the time our partners spend on administrative tasks and redeploying that time to customer-facing tasks. We have set an ambitious target to cut up to 50% of current in-store administrative tasks by the end of fiscal year '19 that we expect will initially unlock up to 2 to 3 hours daily to focus on customer and partner experience this fall. Through more efficient labor scheduling, automated ordering and raising store standards, we continue to leverage our earlier work around Deployment 2.0 by moving from one labor algorithm to store segmentation based on product mix, traffic patterns and store type. Partners will also have mobile access to their schedules, reducing the time it takes to communicate and manage changes.

為了實現第三空間的現代化和提升，我們的首要任務是改善顧客的店內體驗。由資深星巴克營運人員羅珊威廉斯領導的美國營運團隊，致力於提高效率，減少員工在行政任務上花費的時間，並將這些時間重新投入到面向客戶的任務中。我們設定了一個雄心勃勃的目標，到 2019 財年末將目前店內行政任務減少 50%，我們預計這將使每天節省 2 到 3 個小時，以便在今年秋季專注於提升客戶和合作夥伴的體驗。透過更有效率的勞動力調度、自動化訂購和提高門市標準，我們繼續利用先前在部署 2.0 方面的工作成果，從單一的勞動力演算法轉向基於產品組合、客流量模式和門市類型的門市細分。合作夥伴還可以透過行動裝置存取他們的日程安排，從而減少溝通和管理變更所需的時間。

Using AI, we'll rightsize inventory levels while reducing waste, improving product availability and reducing manual inventory tasks. And our clean face welcoming initiative will help to unlock the afternoon by moving disruptive tasks to after close.

利用人工智慧，我們將合理調整庫存水平，同時減少浪費，提高產品可用性，並減少人工庫存工作。我們乾淨整潔的迎賓流程將把一些幹擾性工作安排在關門後進行，從而釋放下午的活力。

Our U.S. real estate strategy will be driven by placing the majority of our new stores throughout Middle America and the South, with careful consideration of the format type. More than 80% of stores built in the next few years will be drive-through, as data indicates significant opportunities for store expansion in higher-growth, lower-cost markets, especially when considering rising wages and occupancy costs. At the same time, we'll continue balancing our portfolio of U.S. company-owned and licensed stores.

我們的美國房地產策略將以在中美洲和南部地區開設大部分新店為驅動，並會仔細考慮店鋪類型。未來幾年新建的商店中，超過 80% 將是得來速商店，因為數據顯示，在高成長、低成本的市場中，商店擴張的機會很大，尤其是在考慮到不斷上漲的工資和租金成本的情況下。同時，我們將繼續平衡我們在美國公司自營店和授權店的組合。

Starting in Q1 fiscal year '19, we'll also test a new approach to store portfolio management in Austin, along with new technology in the form of digital menu boards and drink preparation.

從 2019 財年第一季開始，我們還將在奧斯汀測試新的門市組合管理方法，以及數位菜單板和飲料製作等新技術。

Next is beverage innovation. As consumer trends and consumption habits evolve, we're focused on staying ahead of the market with relevant new products that reinforce the reputation of the brand. While not yet enough to offset declines in Frappuccino sales, we see substantial accretive growth from draft, refreshers, tea and Cold Brew platforms. In general, consumer demand for cold beverages has grown from 37% of sales 5 years ago to more than 50% of sales today. There is also strong demand for customization, including Blonde Espresso as an alternative to our bolder signature roast and plant-based milk and Cold Foam for our cold coffee and tea beverages.

接下來是飲料創新。隨著消費者趨勢和消費習慣的不斷變化，我們致力於透過推出相關的新產品來維持市場領先地位，從而鞏固品牌聲譽。雖然還不足以抵消星冰樂銷量的下滑，但我們看到生啤酒、清爽飲品、茶飲和冷萃咖啡平台實現了顯著的增值增長。整體而言，消費者對冷飲的需求已從 5 年前的銷售額佔 37% 成長到如今的銷售額佔比超過 50%。顧客對客製化的需求也很旺盛，例如用金髮濃縮咖啡代替我們口味更濃鬱的招牌烘焙咖啡，以及用植物奶和冷泡來製作我們的冷咖啡和冷茶飲料。

I'll share a few examples. Cold Foam is a cold froth skim milk designed to be a perfect creamy finish to our cold beverages. Launched this spring, we are just beginning to explore some of the opportunities here as evidenced by our latest offering, the Salted Cream Cold Foam Cold Brew. Draft allows us to extend beyond Cold Brew and has proven highly incremental, especially for occasional afternoon customers. We're accelerating this platform to more than 2,800 stores by the close of fiscal year '18 up to more than 6,000 stores by year-end fiscal year '19. We're also exploring multi-tap systems to add customization and innovation across tea and milk.

我舉幾個例子。冷泡奶是一種冷泡脫脂牛奶，旨在為我們的冷飲帶來完美的奶油口感。今年春天，我們推出了這款產品，目前才剛開始探索其中的一些機會，我們最新推出的鹹奶油冷泡冷萃咖啡就證明了這一點。Draft 使我們的產品線不再局限於冷萃咖啡，並且已被證明具有很高的成長潛力，尤其適合偶爾在下午光顧的顧客。我們正在加速推進該平台的發展，目標是在 2018 財年結束時覆蓋超過 2800 家門市，並在 2019 財年結束時覆蓋超過 6000 家門市。我們也正在探索多點式系統，以增加茶和牛奶的客製化和創新。

We expanded our Refreshers line with the new mango dragon fruit, whose performance helped fuel strong double-digit growth in the overall Refreshers platform. And we introduced several coconut and almond milk-based beverages, including our new Iced Vanilla Bean Coconut Milk Latte.

我們推出了芒果火龍水果口味的清涼飲品，其優異的表現推動了整個清涼飲品平台的強勁兩位數增長。我們也推出了幾款以椰子奶和杏仁奶為基底的飲料，包括我們的新冰香草豆椰奶拿鐵。

In sum, having established ourselves as a premier retailer of specialty coffee leaning into cold-focused beverages and platforms is where we can further differentiate, premiumize and continue to lead the market.

總而言之，我們已經確立了自己作為一家專注於冷飲和冷飲平台的頂級精品咖啡零售商的地位，而這正是我們可以進一步差異化、高端化並繼續引領市場的地方。

Our third priority is digital. Our Digital Flywheel remains a compelling opportunity to connect with customers in a personalized way, driving convenience, product awareness, value and, ultimately, incrementality. We now have 15.1 million active Starbucks Rewards members, up 14% year-over-year, driving 40% of tender in the U.S. Spend per member has grown in the mid-single-digits range, with Mobile Order and Pay representing 13% of transactions. We'll significantly enhance the appeal of the rewards program next spring when, for the first time, customers will be able to redeem different amounts of Stars for different products, giving them a choice to use Stars sooner for lower-ticket items or save for higher-ticket items, like lunch, packaged coffee and merchandise.

我們的第三個優先事項是數位化。我們的數位飛輪仍然是一個極具吸引力的機會，可以以個人化的方式與客戶建立聯繫，從而提高便利性、產品知名度、價值，並最終實現增量成長。目前，星巴克獎勵計畫的活躍會員人數為 1,510 萬，年增 14%，占美國交易額的 40%。每位會員的消費額成長了中等個位數，其中行動點餐和支付佔交易額的 13%。明年春天，我們將大幅提升獎勵計畫的吸引力。屆時，顧客將首次能夠以不同數量的星星兌換不同的商品，從而可以選擇盡快用星星兌換價格較低的商品，或者攢起來兌換價格較高的商品，例如午餐、包裝咖啡和周邊產品。

We're also quickly building a strong base of direct digital relationships with non-SR customers, registering 6 million since March. We're marketing to them with special offers, including invitation-only Happy Hour. And as we learn more about their transaction histories, we'll target increasingly relevant offers to drive more incrementality and engagement. This expanded focus on digital is expected to drive an incremental 1 to 2 points of comp by year-end fiscal year '19.

我們也快速建立與非SR客戶的強大直接數位關係基礎，自3月以來已註冊600萬客戶。我們透過特別優惠活動向他們行銷，包括僅限受邀者參加的歡樂時光活動。隨著我們對他們的交易歷史了解得越多，我們將更有針對性地提供更具針對性的優惠，以推動更多的成長和參與。預計到 2019 財年末，對數位化的進一步重視將推動同業成長 1 至 2 個百分點。

In closing, we recognize the work we need to do to deliver transaction growth in the U.S. and have balanced plans and talented teams in place to deliver against those expectations in the coming quarters.

最後，我們認識到我們需要在美國開展更多工作以實現交易成長，並且我們已經制定了平衡的計劃，並組建了優秀的團隊，以在未來幾個季度實現這些預期目標。

I'll now turn the call over to Belinda.

現在我將把電話轉給貝琳達。

Thank you, Roz. Good afternoon, everyone. I appreciate the opportunity to speak to you from Shanghai in order to expand on Kevin's comments around Starbucks' solid foundation in China, put our Q3 performance in context and provide details on the steps we're taking to deliver comp and profit growth consistent with our historical performance and future expectations.

謝謝你，羅茲。大家下午好。我很榮幸有機會在上海與大家交流，進一步闡述凱文關於星巴克在中國穩固基礎的評論，將我們第三季度的業績置於更廣闊的背景下，並詳細介紹我們正在採取的措施，以實現與我們歷史業績和未來預期相符的同店銷售和利潤增長。

Relative to our historical success, we believe the minus 2% comp we posted in Q3 is not a reflection of the strength of our business and brand in China. On the contrary, I assure you that the enormity of the opportunity that we shared with you at our China Investor Day remains fully intact.

相對於我們以往的成功，我們認為第三季年減 2% 並不能反映我們在中國的業務和品牌實力。相反，我可以向你們保證，我們在中國投資者日上與你們分享的巨大機會依然完好無損。

Let me take you through the factors that combined in somewhat of a perfect storm to drive our Q3 underperformance. And when I explain what we're doing about each, I suspect you'll leave today's call confident in our understanding of the transitory situation and in our action plans to resume the level of consistent profitable growth that both you and we expect.

讓我帶您了解導致我們第三季業績不佳的各種因素，這些因素就像一場完美風暴一樣相互疊加。當我解釋我們針對每個問題所採取的措施時，我相信您今天結束通話後，會對我們理解當前的過渡情況以及我們為恢復您和我們都期望的持續盈利增長水平而製定的行動計劃充滿信心。

First, as Kevin mentioned, we're making progress on our plans for delivery across China. We start this fall in Beijing and Shanghai, with plans to expand across the country as we enter calendar 2019. We're fine-tuning details and approach over the coming weeks, fully confident that delivery will enhance the premium Starbucks Experience our customers expect, fueling comp growth and financial performance in FY '19 and beyond.

首先，正如凱文所提到的，我們在全國範圍內的交付計劃方面正在取得進展。今年秋季，我們將在北京和上海啟動項目，並計劃在 2019 年將項目擴展到全國各地。我們將在接下來的幾週內對細節和方法進行微調，我們完全有信心，此次配送將提升顧客所期望的優質星巴克體驗，從而推動 2019 財年及以後的同店銷售增長和財務業績。

The delivery opportunity has enabled a different yet not unusual competitive retail environment in China. Starbucks' success, growth and sustainable long-term business approach has incented upstarts and other players to enter the coffee business from time to time. Yet over the long term, the focus we put on the quality of our coffee, the passion of our partners, beautiful third place environments and the premium Starbucks Experience we deliver has always set the bar for performance and market success. While recent coffee market entrants have chosen to capitalize on delivery combined with heavily discounted offers, there are significant compromises at play in terms of quality, experience and business sustainability. These will prove to be short-lived. Let me assure you that our new delivery service will adhere to the high standards our customers in China have come to expect with regard to the Starbucks Experience. And we're fully confident that the holistic and premium nature of our experience, in-store or delivery, and the quality of our products will differentiate our offer to customers as we expand our business in China.

配送服務的出現，使得中國零售業的競爭環境呈現出一種不尋常但並非罕見的局面。星巴克的成功、發展和永續的長期商業模式，不時激勵新興企業和其他參與者進入咖啡產業。但從長遠來看，我們對咖啡品質的重視、對合作夥伴熱情的追求、對美好第三空間環境的關注以及我們提供的優質星巴克體驗，始終是業績和市場成功的標竿。雖然最近進入咖啡市場的企業選擇利用送貨上門和大幅折扣優惠來吸引顧客，但在品質、體驗和業務可持續性方面卻做出了重大妥協。事實證明，這些都將是短暫的。我可以向您保證，我們的新配送服務將秉承中國顧客對星巴克體驗的高標準。我們完全有信心，無論是在店內還是送貨上門，我們全面優質的體驗以及我們產品的質量，都將使我們在中國的業務拓展過程中為客戶提供差異化的服務。

While we do expect to see some residual comp headwinds as competitive promotions unwind over time, we do have a strong plan going forward. Besides delivery, we have broad reach and depth in the digital space. Starting in June, we have now extended our digital social gifting on the Alipay platform, which today [boosts] 520 million monthly active users, providing a new channel which we can communicate and engage with our customers and drive transactions to our stores.

雖然我們預計隨著競爭性促銷活動的逐步結束，薪酬方面可能會出現一些不利因素，但我們已經制定了強有力的未來計劃。除了物流配送，我們在數位領域也擁有廣泛的覆蓋率和深厚的實力。從 6 月開始，我們已將數位社交禮品業務擴展到支付寶平台，該平台目前擁有 5.2 億月活躍用戶，為我們提供了一個與客戶溝通和互動的新管道，並推動了我們門市的交易。

We also have a strong pipeline of innovation. This includes doubling the availability of our coffee-meets-ice cream product line to 1,100 locations. Extending our successful Cold Foam innovation to include 3 new offerings: Cold Foam caramel macchiato, green tea latte and Cold Brew; and up-leveling our bakery platform. These have all been big hits in early testing, and we are excited to expand these offerings to more customers this quarter.

我們也擁有強大的創新儲備。這包括將我們的咖啡冰淇淋產品系列的供應範圍擴大一倍，達到 1100 個地點。我們將成功的冷泡咖啡創新擴展到包括 3 款新產品：冷泡焦糖瑪奇朵、抹茶拿鐵和冷萃咖啡；並提升我們的烘焙平台。這些產品在早期測試中都取得了巨大成功，我們很高興能在本季將這些產品和服務推廣給更多客戶。

Finally, in Q3, we did experience higher-than-expected levels of sales transfer from existing stores to new stores due primarily to the acceleration of new store openings in the first half of the year. We intentionally choose to move faster in key investment clusters to seize specific opportunities, resulting in 60% more store openings in the first half of FY '18 versus the prior year, excluding East China. While this acceleration has temporarily impacted comp growth, we continue to achieve best-in-class performance from new stores opened in the last 12 months. I am absolutely sure that our intentional and strategic investment actions were the right moves to set us up for strong future growth in both market share and profitability.

最後，在第三季度，由於上半年新店開幕速度加快，我們確實經歷了從現有門市到新店的銷售轉移水準高於預期的情況。我們有意選擇在重點投資集群加快步伐，以抓住具體機遇，結果在 2018 財年上半年，除華東地區外，門市開業數量比上年同期增加了 60%。雖然這種加速成長暫時影響了同店銷售成長，但我們在過去 12 個月中開設的新店繼續取得了業內最佳業績。我完全確信，我們有意採取的策略性投資行動是正確的舉措，這將為我們未來在市場佔有率和獲利能力方面的強勁成長奠定基礎。

Looking ahead, the pace of new store openings should result in more typical levels of sales transfer. We remain on plan to add 600 net new stores per year and to achieve our goal of 6,000 stores in 230 cities across Mainland China by the end of fiscal 2022. Starbucks continues to invest in China for the long term.

展望未來，新店開業的速度應該會帶來更正常的銷售轉移水準。我們仍按計畫每年新增 600 家門市，並力爭在 2022 財年末在中國大陸 230 個城市開設 6,000 家門市。星巴克將繼續在中國進行長期投資。

In closing, I would like to share a few thoughts. Number one, there's no substitute for our 47-year history of sourcing, roasting and blending the world's highest-quality arabica coffees or our direct connections with coffee farming communities around the world, including Yunnan in China. The proof and the quality are in the cup. Two, we have learned from our 19-year experience and developed a very strong brand and a profitable and sustainable operating model in China that competitors have yet to figure out and will never be able to replicate. Three, we will continue to build our business in China by fostering deep connections among our partners, their families, our customers and the communities we serve. Four, we're proud to deliver a third place experience that inspires and fosters human connection that is relevant to the Chinese consumer aspirations. This will continue to be a majority of the specialty coffee occasions in China and our business for the years to come. Five, our world-class retail locations, store footprint and design, unit economics, growing CPG presence and new delivery capability ideally position us to continue to lead in the marketplace and deliver Venti-sized returns.

最後，我想分享幾點想法。首先，我們擁有 47 年的悠久歷史，致力於採購、烘焙和混合世界上品質最高的阿拉比卡咖啡，並與世界各地的咖啡種植社區（包括中國雲南）建立了直接聯繫，這些都是無可替代的。品質和味道都體現在杯子裡。第二，我們從19年的經驗中吸取教訓，在中國建立了一個非常強大的品牌和盈利且可持續的營運模式，這是競爭對手尚未弄清，也永遠無法複製的。第三，我們將繼續在中國發展業務，加強與合作夥伴、合作夥伴的家人、我們的客戶以及我們所服務的社區之間的聯繫。第四，我們很自豪能夠提供一種「第三空間」體驗，激發和促進人與人之間的聯繫，這與中國消費者的願望息息相關。未來幾年，這仍將是中國精品咖啡消費場景和我們業務的主體。第五，我們世界一流的零售地點、門市佈局和設計、單位經濟效益、不斷增長的消費品業務以及新的配送能力，使我們處於理想的位置，能夠繼續引領市場並帶來超大杯的回報。

I assure you that Starbucks' runway in China is wide and long, and I remain absolutely convinced that China will become Starbucks' largest and most strategic market in the world. Thank you.

我向你保證，星巴克在中國的發展空間廣闊而長遠，我仍然堅信中國將成為星巴克在全球最大、最具戰略意義的市場。謝謝。

And I'll now turn the call over to Scott. Scott?

現在我將把電話交給史考特。史考特？

Thank you, Belinda, and good afternoon, everyone. Starbucks' consolidated revenue growth was in excess of 7% after adjusting for 4% of favorable impact from streamline activities and FX in Q3 and, despite falling short of forecast, reflects the underlying strength of the Starbucks business and brand around the world. Our Americas business reported 6% revenue growth despite challenging macro and Starbucks-specific operating environments. CAP reported 11% revenue growth after adjusting for 35 points of streamline activities and FX, with China revenue growth once again in the high teens on the same basis.

謝謝你，貝琳達，大家下午好。星巴克第三季綜合營收成長超過 7%，扣除精簡業務活動和匯率帶來的 4% 的有利影響後，儘管低於預期，但仍反映了星巴克業務和品牌在全球範圍內的強勁實力。儘管宏觀經濟環境和星巴克特有的經營環境充滿挑戰，但我們的美洲業務仍實現了 6% 的營收成長。CAP 報告稱，經調整精簡業務活動和匯率因素後，營收成長 11%，其中中國營收按相同基準再次實現 10% 以上的成長。

Channel Development delivered 10% revenue growth after adjusting for 4 points of streamline activities; and EMEA delivered 6% revenue growth, excluding 4% of FX favorability.

通路發展在扣除 4 個百分點的精簡活動後實現了 10% 的收入增長；歐洲、中東和非洲地區實現了 6% 的收入增長，不包括 4% 的匯率利好。

The bottom line is that we continue to gain share in virtually every market where we do business domestically and around the world at the same time as we make meaningful progress against our commitments to deliver sustainable growth at scale.

歸根結底，我們在國內外幾乎所有開展業務的市場都持續擴大市場份額，同時，我們在實現可持續規模增長的承諾方面也取得了實質性進展。

Non-GAAP operating margin of 18.5% represented a decline of 230 basis points year-over-year, primarily driven by 130 basis points from incremental investments related to the U.S. tax law change and estimated anti-bias training impacts. Product mix shift, largely related to food as well as planned partner and digital investments, also contributed to the decline.

非GAAP營業利潤率為18.5%，年減230個基點，主要原因是與美國稅法變更相關的新增投資以及預期的反歧視培訓影響導致利潤率下降130個基點。產品組合的變化，主要與食品以及計劃中的合作夥伴和數位化投資有關，也導致了下滑。

I'll now take you through our Q3 operating performance by segment. The U.S. reported a 1% increase in comp growth, driven by 2 points of growth in core beverages, including Espresso, tea and refreshers and 1 point from food. This was offset by over 2 negative points related to softer-than-expected blended sales, well below what we forecast for the quarter. Consistent with recent quarters, peak transaction volume was strong, with softness continuing in the afternoon, primarily in Frappuccino sales.

接下來，我將以業務部門向大家介紹我們第三季的營運表現。美國報告稱，同店銷售額增長了 1%，這主要得益於核心飲料（包括濃縮咖啡、茶和清爽飲品）增長了 2 個百分點，以及食品增長了 1 個百分點。但這被低於預期的混合銷售額帶來的 2 個多點負面影響所抵消，該銷售額遠低於我們對該季度的預測。與最近幾季的情況一致，交易高峰期的交易量強勁，但下午的交易量持續疲軟，主要體現在星冰樂的銷售上。

Separately, I want to highlight that the estimated impact of anti-bias training to comps was slightly less than 0.5 point. Americas non-GAAP operating margin declined 250 basis points to 21.9%, largely attributable to 150 basis point impact from U.S. tax law-related investments and the estimated impact of the anti-bias training. Net of these items, our Q3 margin landed roughly where we originally forecast and showed improvement from Q2 levels.

另外，我想強調的是，反偏見訓練對比賽成績的估計影響略低於 0.5 分。美洲非GAAP營業利潤率下降250個基點至21.9%，主要歸因於美國稅法相關投資帶來的150個基點的影響以及反歧視培訓的估計影響。扣除這些項目後，我們第三季的利潤率基本上符合我們最初的預測，並且比第二季度有所提高。

Moving on to China/Asia Pacific. CAP revenues exceeded $1 billion for the second straight quarter, reaching a record $1.2 billion in Q3. Japan revenues grew by 6%, excluding 2 points of FX favorability; and Korea, our fifth largest global market, delivered system revenue growth in the mid-teens, driven by a 6% increase in system comps and contribution from net new stores.

接下來是中國/亞太地區。CAP 營收連續第二季超過 10 億美元，第三季達到創紀錄的 12 億美元。不計匯率利好因素，日本市場收入成長了 6%；韓國作為我們全球第五大市場，系統收入增長了 15% 左右，這主要得益於同店銷售額增長 6% 以及新開門店的貢獻。

Noteworthy is that CAP grew non-GAAP operating income by 30% despite a 310 basis point decline in non-GAAP operating margin to 25.2%. The decline in operating margin was primarily due to a 280 basis point impact from consolidation of the East China business. Excluding the consolidation, CAP margin was down slightly to prior year. CAP remains a huge growth opportunity for Starbucks, both inside and outside of China, made even more so by the exciting longer-term CPG and foodservice opportunities presented by the Nestlé alliance.

值得注意的是，儘管非GAAP營業利潤率下降了310個基點至25.2%，但CAP的非GAAP營業收入仍增加了30%。營業利益率下降主要是因為合併華東業務導致利潤率下降了 280 個基點。剔除合併因素後，CAP利潤率較前一年略有下降。CAP 仍然是星巴克在中國國內外的巨大成長機會，而雀巢聯盟帶來的令人興奮的長期消費品和餐飲服務機會更使其成長機會更加巨大。

Let's turn to EMEA. EMEA delivered roughly flat comp growth in Q3 in the face of continuing economic and competitive headwinds. System-wide comps, however, came in at a solid plus 3% in the period. EMEA's non-GAAP operating margin expanded by 310 basis points in Q3, driven primarily by strong performance from licensed stores. We remain encouraged by the improved performance in EMEA, with both operating income growth and meaningful margin expansion and convinced that the portfolio shift to licensing will result in further increases in profitability as we move into 2019.

讓我們來看看歐洲、中東和非洲地區。面對持續的經濟和競爭逆風，歐洲、中東和非洲地區第三季同業成長基本持平。然而，同期系統整體的同店銷售額卻實現了穩健的 3% 的成長。EMEA地區第三季非GAAP營業利潤率成長了310個基點，主要得益於特許經營店的強勁表現。我們對 EMEA 地區的業績改善感到鼓舞，營業收入增長，利潤率也顯著提高，並且相信隨著我們進入 2019 年，產品組合向許可的轉變將帶來盈利能力的進一步提高。

Onto Channel Development. Channel Development had a very strong Q3. Starbucks continued to outpace industry growth, adding another point of share in roasting ground to reach 13% dollar share and continuing to lead premium brands in the K-Cup coffee category with a 16% dollar share. Channel Development's non-GAAP operating margin was 42.7%. Solid performance given the maturity of the coffee category and increased competition down the aisle.

進入通路開發階段。通路拓展業務第三季表現非常強勁。星巴克繼續超越行業增長速度，在烘焙咖啡市場份額上又增加了一個百分點，達到 13% 的美元市場份額，並在 K-Cup 咖啡品類中繼續保持領先地位，市場份額達到 16% 的美元市場份額。Channel Development 的非 GAAP 營業利潤率為 42.7%。考慮到咖啡類別的成熟度和日益激烈的競爭，這樣的表現相當穩健。

As we close out fiscal 2018, most of our targets remain consistent with previous guidance, but I'd like to highlight a few specifics. 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-driven activities. Full year comps will likely come in just below our 3% to 5% range, and we expect Q4 to be at the lower end of this range. We remain on plan to open approximately 2,300 net new Starbucks stores globally, with best-in-class operating margin in both company-owned and licensed markets. We continue to anticipate a moderate decline in full year operating margin for both total company and the Americas compared to 2017, inclusive of the incremental investments we are making in our partners and digital initiatives following U.S. tax law reform and the impact of the anti-bias training. However, we now expect a slight year-over-year decline in operating margin in the Americas for Q4, reflecting somewhat lower-than-initially expected comp growth.

2018 財年即將結束，我們的大部分目標與先前的指導方針保持一致，但我想重點強調一些具體事項。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活動帶來的約 2 個百分點的利多。全年同比增速可能略低於我們預期的 3% 至 5% 的範圍，我們預計第四季度增速將處於該範圍的下限。我們仍按計劃在全球淨增約 2300 家星巴克門市，在公司自營市場和特許經營市場均保持一流的營業利潤率。我們仍然預計，與 2017 年相比，公司整體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以及反偏見培訓的影響。然而，我們現在預計美洲地區第四季的營業利潤率將同比略有下降，反映出同店銷售額成長略低於最初預期。

Within the CAP segment, we continue to expect operating margin to be down moderately in fiscal 2018 relative to last year due to the consolidation of East China. Excluding this impact, we continue to expect CAP operating margin to be moderately higher year-over-year. We still expect EMEA's operating margin to be flat, adjusted for FX, compared to 2017. We still forecast revenue growth in the mid-single digits for Channel Development in fiscal 2018, excluding the impact of Tazo and the 2017 revenue deduction adjustments. And we continue to expect Channel Development operating margin to decline moderately in FY '18 relative to the prior year, a result of increasingly competitive market conditions discussed on prior earnings call.

在 CAP 業務板塊，由於華東地區的整合，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。我們仍然預計，經匯率調整後，歐洲、中東和非洲地區的營業利潤率將與 2017 年持平。我們仍預測，2018 財年通路開發收入將實現中等個位數成長，不包括 Tazo 的影響和 2017 年收入扣除調整。我們仍然預計，由於先前財報電話會議上討論過的市場競爭日益激烈，2018 財年通路開發業務的營業利潤率將比上一年略有下降。

As a refinement to our EPS guidance in June, we expect fiscal 2018 GAAP EPS in the range of $3.26 to $3.28, and non-GAAP EPS will be in the range of $2.40 to $2.42, up approximately 17% from last year. Importantly, this guidance factors in the full $0.03 impact of anti-bias training for U.S. partners, including a portion that carried over into Q4. These EPS estimates also assume that the pending Nestlé transaction closes on or after the final day of fiscal 2018. We anticipate that the Nestlé transaction could close as early as the end of August, which would result in a dilutive EPS impact of $0.02 to $0.03 in FY '18. I would remind you that we expect revenue and EPS to be negatively impacted in 2019 by 2 to 3 points each as a result of this transaction, with the range around the final number driven primarily by the potential accounting treatment for the $7.2 billion upfront payment.

作為我們 6 月發布的 EPS 指引的改進，我們預計 2018 財年 GAAP EPS 將在 3.26 美元至 3.28 美元之間，非 GAAP EPS 將在 2.40 美元至 2.42 美元之間，比去年增長約 17%。重要的是，該指導考慮了美國合作夥伴反偏見培訓的全部 0.03 美元影響，其中包括延續到第四季度的部分影響。這些每股收益預測也假設待決的雀巢交易將在 2018 財年的最後一天或之後完成。我們預計雀巢交易最快可能在 8 月底完成，這將導致 2018 財年每股收益稀釋 0.02 至 0.03 美元。我想提醒各位，由於這項交易，我們預計 2019 年的收入和每股收益將分別受到 2 到 3 個百分點的負面影響，最終數字的範圍主要取決於 72 億美元預付款的潛在會計處理方式。

Finally, I want to talk a bit about G&A savings and the 1% of system sales reduction target we introduced last month. Roz will be leading this effort with my support, and this is a 3-year goal for us. And we anticipate it to be somewhat front-end loaded, with 35% to 45% of the savings occurring next fiscal year on a run-rate basis. By way of background, we remain focused on improving both our operating efficiency and how we work and plan to use a portion of the resulting savings to fuel investments for future growth. These will be thoughtful, high-impact savings that speed up decision-making and enable us to focus our efforts on the largest growth opportunities. It is not just a cost-cutting exercise. Working with our outside consultants, we have already identified significant savings opportunities in areas such as improving spans and layers within our organization.

最後，我想談談一般及行政費用的節省，以及我們上個月提出的系統銷售額減少 1% 的目標。羅茲將在我的支持下領導這項工作，這是我們三年內的目標。我們預計節省的金額將前期佔比較高，按運行率計算，下一財年將節省 35% 至 45% 的金額。作為背景，我們將繼續專注於提高營運效率和工作方式，並計劃將由此節省的部分資金用於未來成長的投資。這些經過深思熟慮、影響深遠的節約措施，將加快決策速度，使我們能夠專注於抓住最大的成長機會。這不僅僅是一項削減成本的措施。透過與外部顧問的合作，我們已經在組織內部的跨度和層級等方面發現了顯著的節省成本的機會。

Before I hand the call back to the operator for Q&A, I want to thank everyone for their support of my recent decision to retire. I will always be deeply appreciative to Kevin, Howard and the Starbucks board and the leadership team for their partnership during my 7-year tenure at Starbucks and for their support with my decision. I'm also deeply appreciative to the over 330,000 Starbucks partners around the world who wear the green apron. Over the past years, I've also come to know most of you on today's call. I thank you for your engagement and your support of Starbucks and of me. I can say without equivocation that the best days for Starbucks lie ahead.

在將電話轉回接線生進行問答環節之前，我想感謝大家對我最近退休決定的支持。我將永遠深深感謝凱文、霍華德、星巴克董事會和領導團隊在我任職星巴克的7年間給予我的合作，以及他們對我決定的支持。我還要深深感謝全世界超過 33 萬名身穿綠色圍裙的星巴克夥伴。過去幾年裡，我也認識了今天在座的大多數人。感謝您對星巴克和我本人的關注和支持。我可以毫不含糊地說，星巴克最好的日子還在後頭。

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 Sharon Zackfia with William Blair.

（操作員說明）您的第一個問題來自 Sharon Zackfia 和 William Blair。

I guess, a question on the development outlook for the Americas. As you focus on the center and southern portions of the country, can you give us kind of some perspective on how those AUVs look versus the rest of the country? And I know you mentioned they're lower cost, but I'm thinking maybe they're also lower revenues. Any perspective on what the new units might look like going forward versus maybe the class of '17 or class of '16?

我想問的是關於美洲發展前景的問題。鑑於你們主要關注該國中部和南部地區，能否讓我們了解一下這些地區的自主水下航行器（AUV）與該國其他地區的AUV有何不同？我知道你提到它們的成本較低，但我認為它們的收入可能也較低。對於未來的新單元，您有什麼看法？它們與 2017 屆或 2016 屆的單元相比會有什麼不同？

Sharon, this is Kevin. I want to have Roz talk a little bit about where we're focused on store builds, and then Scott will follow up on the part of your question around the economics.

莎倫，這是凱文。我想請 Roz 談談我們目前在門市建設方面的重點，然後 Scott 將就您提出的有關經濟效益的問題進行解答。

So first of all, if we just look at our quarterly revenues, 4 points of our revenue growth came from new stores. And in that configuration is quite a bit of Mid-America and southern states who are already seeing that performance play through for us. So we're encouraged by what we're seeing with our current portfolio. Going forward, we are focusing in that area. I will tell you that in areas like Seattle and Manhattan, while we're encouraged by the business that we have in those areas, we are putting less units in those 2 geographies. But at the same time, they're highly dense areas with increased occupancy cost and increased labor spend in those areas. So we're already seeing the performance from our current portfolio that is already targeted towards Middle America and the southern parts of the state. So we're encouraged by what we're seeing, and so we're going to continue that process.

首先，如果我們只看季度收入，就會發現我們營收成長的 4 個百分點來自新店。在這種格局下，美國中部和南部各州已經看到了這種表現為我們帶來的益處。因此，我們對目前的投資組合表現感到鼓舞。接下來，我們將重點放在該領域。我可以告訴大家，在西雅圖和曼哈頓等地區，雖然我們對這些地區的業務感到鼓舞，但我們在這兩個地區的單位數量有所減少。但同時，這些地區人口密度很高，居住成本和勞動支出也較高。所以我們已經看到了目前針對美國中部和該州南部地區的投資組合的表現。我們對目前的情況感到鼓舞，因此我們將繼續推進這一進程。

And I would add, as we move towards more drive-through, Roz referenced 80% or more drive-throughs, we've actually seen the AUVs accelerate over the past 4 or 5 years. So even as we've gone into some of those suburban areas, the drive-through format has about 25% to 30% more revenue than our typical in-metro nondrive-through format. So the weighting out of those drive-throughs are actually both quite high AUVs and really good profitability.

我還要補充一點，隨著我們越來越多地採用免下車服務（Roz 提到 80% 或更多是免下車服務），我們實際上已經看到 AUV 在過去 4 到 5 年裡加速發展。因此，即使我們已經進入了一些郊區地區，免下車服務模式的收入也比我們典型的市區非免下車服務模式高出約 25% 到 30%。因此，這些得來速餐廳的重量實際上都相當高，平均單次乘車價值 (AUV) 和獲利能力都非常出色。

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

我們的下一個問題來自摩根大通的約翰·伊万科。

I was hoping, just with the amount of kind of puts and takes in G&A, if there's a dollar amount that we could talk to, maybe in fiscal '19 and fiscal '20, maybe even beyond as you think about really the potential of the business from an efficiency and effectiveness point of view. Because obviously, there's a lot of different ways to the look at this, percentage of system sales, percentage of revenue, per-store basis, what have you. I was hoping that you could help steer us just in terms of the actual dollar type of number that might be the right level of spend for Starbucks going forward.

我希望，考慮到一般及行政費用中的各種支出和支出，如果可以討論一個具體的金額，也許在 2019 財年和 2020 財年，甚至更遠，因為從效率和效益的角度來看，這確實能提升企業的潛力。顯然，看待這個問題有很多不同的方法，例如係統銷售百分比、收入百分比、按門市計算等等。希望您能幫我們估算一下，未來星巴克合適的消費金額應該會控制在多少美元左右。

Yes, thanks, John. It's Scott. Let me just try to narrow the range in a bit for you. We're literally in the middle of our annual planning process, so we'll come back in the fall and give you more specifics. But let me try to tighten in the range because I know it's hard to model. First of all, what we've talked about is 1 point of system sales. And just to roll forward system sales, the last time we talked about it was in our December 2016 Investor Day, and we said it's about $30 billion. So if you grow that as the rate of revenue, we're somewhere in the mid-30s, call it the $35 billion range. We'll be at around 1 point of that building over 3 years. And what I said in my prepared remarks is we think 35% to 45% of that comes on a run-rate basis in 2019. So the way that we'll -- when we get into the fall, we'll take a look at fourth quarter exit rate of G&A as a percent of system sales. That will be our peg point. And then we'll roll forward 3 years to take 100 basis points or approximately 100 basis points out of that, with 35% to 45% of that coming in 2019. So that should allow you to narrow it in a little bit. Obviously, there is some range around that as we get into the specifics of exactly how quickly we can execute on some of these things, where the big opportunities lie. But that allows you to tighten up your modeling a bit, I think.

是的，謝謝你，約翰。是斯科特。我來幫你縮小一下範圍。我們目前正處於年度計劃制定過程中，所以我們將在秋季回來，並向您提供更多細節。但我會盡量縮小範圍，因為我知道這很難建模。首先，我們討論的是系統銷售的一個面向。至於系統銷售額，我們上次談到它是在 2016 年 12 月的投資者日上，當時我們說它大約是 300 億美元。所以如果以這個速度成長，營收成長率大概在 30% 左右，也就是 350 億美元左右。三年內，我們將完成這棟建築約 1 個階段。我在事先準備好的演講稿中提到，我們認為其中 35% 到 45% 將在 2019 年按運行率計算。所以，到了秋季，我們將檢視第四季一般及行政費用佔系統銷售額的百分比。那將是我們的關鍵點。然後我們將向前推算 3 年，從中減去 100 個基點，或大約 100 個基點，其中 35% 到 45% 將在 2019 年實現。這樣應該可以幫你縮小範圍。顯然，當我們深入探討我們究竟能以多快的速度執行這些事情，以及真正的機會在哪裡時，就會發現其中存在一些差異。但我覺得這樣可以讓你稍微改進一下建模。

Your next question comes from the line of Jeff Bernstein with Barclays.

你的下一個問題來自巴克萊銀行的傑夫伯恩斯坦。

Great. Just a question on China broadly. I mean, I know a few weeks back, when you guided for the quarter, you were talking about maybe flat to modest negative comps. It seems like it came in down 2%. So I'm wondering maybe if you could just talk about the trend through the quarter. And more importantly, I guess, just looking back over the past few quarters, it seems like it's been a fairly steady decline from the high single digit to the mid-single digit to where we are today. So it would seem like there are some factors above and beyond maybe the -- just the perfect storm that is the fiscal third quarter. Just wondering if maybe you could talk a little bit about the broader macro headwinds that perhaps China is seeing there. Or maybe just how you'd distinguish between what unit cannibalization might be versus maybe if there's some consumer pushback. Just wondering how you assess those 2 things to make sure the business is still as healthy as you think it is.

偉大的。我有一個關於中國的問題。我的意思是，我知道幾週前，你在發布季度業績指引時，曾提到業績可能持平或略有下滑。似乎下降了2%。所以我想問您能否談談本季的發展趨勢。更重要的是，回顧過去幾個季度，似乎這是一個相當穩定的下降過程，從接近兩位數的下降到個位數的下降，再到我們今天所處的水平。所以，除了第三財季這種完美風暴之外，似乎還有一些其他因素。我想問您是否可以談談中國目前可能面臨的更廣泛的宏觀不利因素。或者，你如何區分產品線蠶食和消費者抵制這兩種情況？我想知道您如何評估這兩件事，以確保企業仍然像您想像的那樣健康。

Yes, Jeff. This is Kevin. I think we'll have Belinda talk a little bit about what she saw in the quarter. I think we're -- we don't think it's always helpful to go into trends within the quarter, but I think let's get Belinda an opportunity to share with you her perspective of the health of the brand, the health of the business in China. Belinda?

是的，傑夫。這是凱文。我想我們會請貝琳達談談她在這一季度看到的景象。我認為我們——我們認為深入分析季度內的趨勢並不總是有幫助的，但我認為我們應該給貝琳達一個機會，讓她與大家分享她對品牌健康狀況以及中國業務健康狀況的看法。貝琳達？

Okay. Thank you, Jeff, for your question. First of all, delivery, as a whole, is becoming a lifestyle ritual in China, and consumer behaviors are changing. This is a trend we'll be addressing through Starbucks delivery to complement our third place in-store strategy. Second is competitive landscape in China, which we'll also address through our delivery services as well as our growth agenda we shared during our Investor Day with our elevated Starbucks Experience and the innovations that we do. Third will be the higher-than-expected level of sales transfer that I shared before from existing stores to new stores. That may have an impact in the short term but, for sure, the right thing to do to expand our market share now and in the long run. Don't forget, operating in a developing coffee market, we need to continue to grow our presence through new stores. This means more than 75% of our growth comes from new store. And we needed to do that because we're in a developing coffee market. We need to cultivate coffee culture. We need to share coffee with people who have never tried coffee. And our comp accounts for 25% of our growth. And we will continue to innovate and deliver a meaningful and relevant experience to our customers to drive comp. But again, growing greater market share in this market. So I have no doubt that China will be back on track very soon in terms of our comp. So thank you.

好的。傑夫，謝謝你的提問。首先，外送在中國逐漸成為一種生活方式，消費者的行為也正在改變。我們將透過星巴克外送服務來因應這一趨勢，以此補充我們的店內「第三空間」策略。其次是中國的競爭格局，我們也將透過我們的配送服務以及我們在投資者日上分享的成長計畫來應對這項挑戰，該計畫包括提升星巴克體驗和我們所做的創新。第三點是先前我提到的，現有門市向新門市的銷售轉移量將高於預期。短期內可能會產生影響，但從長遠來看，這無疑是擴大我們市場份額的正確做法。別忘了，在不斷發展的咖啡市場中，我們需要透過開設新店來不斷擴大我們的市場份額。這意味著我們超過 75% 的成長來自新店。我們需要這樣做，因為我們身處在一個新興的咖啡市場。我們需要培育咖啡文化。我們需要與從未嘗試過咖啡的人分享咖啡。我們的競爭對手貢獻了我們 25% 的成長。我們將繼續創新，為客戶提供有意義且相關的體驗，以推動競爭。但再次強調，要在這個市場中獲得更大的市佔率。所以我毫不懷疑，就我們的競爭而言，中國很快就會重回正軌。所以，謝謝你。

Yes, and Jeff, let me just reinforce a couple of key points that I think are important. This is Kevin. First of all, as Belinda said, and as I said in my comments, the market in China that we are in a market growth phase that is all about new store expansion. The fact that we're in 100 -- roughly 130 to 140 cities and expanding into the next 100 cities over the next 3 years is critical. And the reason we grew transactions in the mid-teens in China is because of new-store growth. And it is where -- it is through that expansion that we're enabling the brand to not only deepen its engagement with customers in the cities that we're in but also to expand into new cities. And so I think, as Belinda highlighted, those -- our stores are performing. They're some of the most profitable stores in the world. The new ones we're building are the most -- some of the most profitable stores in the world, and it is about store expansion. And so I just want to reinforce that point because that is the core strategy for China right now and it will be for the next several years.

是的，傑夫，我只想強調幾個我認為很重要的關鍵點。這是凱文。首先，正如貝琳達所說，也正如我在評論中所說，中國市場正處於市場成長階段，而這一階段的核心就是新店擴張。我們目前已進入大約 100 到 130 到 140 個城市，並且計劃在未來 3 年內擴展到另外 100 個城市，這一事實至關重要。我們在中國的交易量增加了十幾倍的原因是新店的成長。正是透過這種擴張，我們不僅能夠讓品牌加深與我們所在城市客戶的聯繫，也能讓品牌擴展到新的城市。所以我覺得，正如貝琳達所強調的那樣，我們的門市表現得很好。它們是世界上盈利能力最強的商店之一。我們正在建造的新店是世界上最賺錢的門市之一，這關乎門市擴張。因此，我只想強調這一點，因為這是中國目前的核心戰略，而且在未來幾年內也將如此。

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。

Your comp guidance, if I'm reading this correctly, for the fourth quarter is 3 or so, at the low end of 3 to 5, which, I guess, surprises me in the context of where you landed this quarter, in particular in the U.S. So can you just talk about why you think that's a conservative or reasonable number? Can you also just talk, I know you mentioned June was where you thought it was. Is July a similar number? And how much of that is a pricing overlap? In other words, is traffic improving in your business? Is that what's getting you more confident? Or is that still an area of tension and it's really just a price/mix that's maybe benefiting comps right now?

如果我理解正確的話，你們對第四季的業績預期是3%左右，處於3%到5%的區間下限。考慮到你們本季的業績，尤其是在美國市場的業績，這個預期讓我感到有些意外。所以，你們能否解釋為什麼你們認為這是一個保守或合理的數字？你能不能也說幾句？我知道你之前說過你覺得六月會是那個時候。七月的數字也差不多嗎？其中有多少是價格重疊？換句話說，貴公司的客流量是否有改善？這就是讓你更有自信的原因嗎？或者這仍然是一個有爭議的領域，而目前可能只是價格/組合因素對同類產品有利？

Let me just -- I'll start, John, on the question, then I'll hand over to Roz to add a bit more on the mix of things that are driving it. But first of all, I commented that, following the Oppenheimer comments, the quarter unfolded as we anticipated, just reconfirming sort of the statements we made at Oppenheimer. I don't think it's helpful to get into intra-quarter trends because that, I think, confuses the issue. So what gives us confidence? Well, you look back at this last quarter, Q3, I mean we had some very unusual things we had to navigate in the quarter. Certainly, the situation in Philadelphia, the fact that we've closed all our stores for an afternoon, that had an impact. But also, the fact that we delayed the launch of the spring/summer marketing campaign by 2 weeks or so in that quarter, we lost some momentum. And since we then deployed that, we clearly saw we were gaining momentum, and so that gives us some optimism in terms of what we're doing. Second, our digital customer base has grown dramatically. Look, we've grown our active rewards members by 14% to 15.1 million. We've added 6 million of these digitally registered customers that we are now learning how to engage with and figuring out how to drive some more engagement with them. That, combined with the pipeline of beverage innovation, gives us confidence as we look forward and -- into this quarter. Let me hand over to Roz to talk a little bit about those questions on pricing and attach and things that are driving some of the ticket there. And Roz, I'll let you comment on that and maybe Matt on the pricing. Roz?

讓我先來－約翰，我先回答這個問題，然後我再把麥克風交給羅茲，讓她補充一些關於推動這個問題的各種因素。但首先，我評論說，在奧本海默發表評論之後，本季的發展正如我們預期的那樣，這正好再次證實了我們在奧本海默發表的聲明。我認為深入分析季度內趨勢並無幫助，因為那樣反而會讓問題更加複雜。那麼，是什麼讓我們充滿信心呢？回顧上個季度，也就是第三季度，我們遇到了一些非常不尋常的事情需要處理。當然，費城的情況，以及我們關閉所有門市一下午的事實，都產生了影響。但同時，由於我們在該季度將春夏行銷活動的啟動時間推遲了大約 2 週，我們也失去了一些勢頭。自從我們部署了該方案以來，我們清楚地看到我們正在獲得發展勢頭，因此這讓我們對我們正在做的事情感到樂觀。其次，我們的數位客戶群實現了顯著成長。你看，我們的活躍獎勵會員人數增加了 14%，達到 1,510 萬人。我們已經新增了 600 萬名透過數位管道註冊的客戶，現在我們正在學習如何與他們互動，並思考如何進一步提高他們的參與度。這一點，再加上飲料創新產品線的不斷湧現，讓我們對未來以及本季充滿信心。讓我把麥克風交給 Roz，讓她談談定價、附加費用以及影響票價的因素。至於價格方面，Roz，就讓你來評論一下吧，Matt 也可以發表一下看法。羅茲？

Sure. Let me give a little bit more flavor to our comp performance. So first of all, I'll start off with, you break down our comp, we've got 2 points of that coming from beverage and another point coming from food. So we're encouraged in terms of what we're seeing. All of our core categories, except for Frappuccino, grew in the quarter. Both our core coffee beverages, our innovative new products such as draft and refreshers. So we're seeing growth in every category. We're seeing food attachment from our breakfast sandwiches happening. We're up to about 22% of our portfolio is food, so we're seeing that have a nice impression on our ticket. We're still growing in morning peak, and that's our most important daypart, and we're still seeing growth in the morning. And then lastly, I will tell you, we're seeing strong performance of our new stores that we just talked about that we're placing in these markets of Middle America and in the south. So that gives us encouragement that we're on the right track. Just the isolation of moving transactions is our focus, and we need to get those transactions to our beverage growth. And when Kevin talked about the afternoon daypart, it is a soft part of our business. The marketing campaign that we ran through the beginning of the spring is still ongoing. It's actually the largest in media spend we've done in a while. Consistent focus on afternoons and absolutely focused on a new occasion in the afternoon with teas and refreshers. So we're going to maintain our plans to continue this work that we're doing because we're encouraged from what we're seeing right now.

當然。讓我再給我們的比賽表現增添一些趣味性。首先，我先來分析我們的比賽，其中 2 分來自飲料，1 分來自食物。所以，就我們目前所看到的情況而言，我們感到鼓舞。除了星冰樂之外，我們所有核心品類在本季都實現了成長。我們的核心咖啡飲品，以及我們創新的新產品，如生啤酒和清爽飲品。因此，我們看到各個類別都在成長。我們發現，人們對早餐三明治產生了食物依賴。食品在我們投資組合中的佔比已達到約 22%，因此我們看到食品對我們的銷售額產生了良好的影響。我們在早高峰時段仍然保持成長，而早高峰是我們一天中最重要的時段，我們仍然看到早高峰時段的增長。最後，我要告訴大家，我們剛才提到的那些在美國中部和南部市場開設的新店，目前業績表現強勁。這讓我們感到鼓舞，表明我們走在正確的道路上。我們關注的重點是交易的分離，我們需要將這些交易轉化為飲料業務的成長。凱文談到下午時段時說，這是我們業務中比較疲軟的部分。我們在春季初期所進行的行銷活動仍在進行中。實際上，這是我們一段時間以來規模最大的一次媒體投放。下午始終專注於提供茶點和提神飲品，並全力以赴地迎接下午的新活動。因此，我們將繼續推進這項工作，因為我們目前所看到的進展令人鼓舞。

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。

(inaudible)

（聽不清楚）

David, you're breaking up. Can you start over?

大衛，你們要分手了。你可以重新開始嗎？

Yes. I wanted to ask a question about the U.S. business. It looks like the afternoon and beverage contribution to growth has been the particular problem. Could you talk about that? And given the fact that you're now seeing digital user growth resume, that takes off the table that as an issue. So I guess, the question is, how much do you think the U.S. comp slowdown has been a beverage innovation problem versus other not having a Cold Brew or a Teavana Shaken tea? And how do you feel about the beverage innovation pipeline at this point?

是的。我想問一個關於美國商業的問題。看來下午時段和飲料消費對成長的貢獻一直是個問題。您能談談這個嗎？鑑於目前數位用戶成長正在恢復，這就排除了這個問題的可能性。所以我想問的是，你認為美國同業競賽放緩究竟是飲料創新問題造成的，還是因為其他方面沒有冷萃咖啡或 Teavana 搖搖茶造成的？您如何看待目前飲料產業的創新發展前景？

Let me take sort of the first response to that, David, and then I'll hand over to Roz to talk a little bit about the beverage innovation pipeline. First of all, the most important daypart for Starbucks is the morning daypart, and we are growing comp in the morning daypart. We're growing transactions in the morning daypart. The area that we've highlighted that we've had softness has been that afternoon from 2 on, and then evenings from 4 p.m. on. So when we look at this, the fact that the morning daypart that's growing is a very, very, very positive metric. Number two, when I look at the beverage portfolio and I look at the core platforms, coffee, Espresso, tea and refreshers, all of those are growing. And they're offsetting the softness we've had in blended. So all of a sudden, you start to intersect, the issue around blended and afternoons has sort of been amplified in this quarter because this is the quarter of Frappuccinos. And so you put that together, and I think much of that is sort of explained. Now as Roz mentioned, the campaign that we have for the afternoon and the cold beverages that we're driving around afternoon made, I think we're feeling good about that. And let me hand over to Roz to talk a little bit about the pipeline of innovation.

大衛，讓我先回答這個問題，然後我再把麥克風交給羅茲，讓她談談飲料創新管道。首先，對星巴克來說，最重要的時段是上午時段，而我們在上午時段的銷售額正在成長。我們正在提升上午時段的交易量。我們重點指出，下午 2 點以後以及晚上 4 點以後，地面變得鬆軟的區域。在。因此，從這個角度來看，上午時段的成長是一個非常、非常、非常正面的指標。第二，當我審視飲料產品組合，以及核心平台，如咖啡、濃縮咖啡、茶和清爽飲品時，我發現所有這些產品都在成長。它們抵消了混合奶粉的柔和口感。所以突然之間，你開始發現，混合飲料和下午茶的問題在本季被放大了，因為本季是星冰樂的季度。所以，把這些放在一起比較，我認為很多問題都可以解釋。正如 Roz 所提到的，我們下午的活動以及我們下午四處出售的冷飲，我認為我們對此感覺不錯。接下來，我將把麥克風交給羅茲，讓她來談談創新流程。

Sure. So we actually feel pretty good about the velocity of innovation at Starbucks in terms of the beverage business. First of all, we're seeing a strong shift to cold, and we're playing directly in that space. Our mix is up to 50% with our cold mix of our beverages. And if you look at everything we focused on in terms of our newness, it has been in cold beverage. In addition to the addition of our Blonde Espresso at the beginning of the year, we're seeing our customers customize even their cold beverages with Blonde Espresso. So focusing on innovation in core coffee and then innovation in blended with the premium Frappuccino. We introduced 3 of those this quarter, and we're pleased with how those 3 are moving for us. But we've also customized with Cold Foam, and we're getting momentum on Refreshers and teas. And then not only the innovation on beverages, but in food. And so we introduced a new egg bite, Sous Vide Egg Bites, this quarter. We're encouraged what we see there. And then when you combine that kind of innovation in food and beverage with what we're doing with the acceleration in digital, we're matching all the customer information that we're gathering with what their needs are. One thing I will isolate is that our Cold Brew is really resonating with our male millennials. So when we wrap our arms around our consumer-driven needs for the growth in our business and innovation, it sends us directly towards the cold platform and continuing to innovate in our core coffee business. So we actually feel pretty good about our beverage lineup and the innovation pipeline.

當然。所以，就飲料業務而言，我們對星巴克的創新速度感到非常滿意。首先，我們看到市場正朝著冷門方向強烈轉變，而我們正直接投身於這個領域。在我們的混合飲料中，冷飲的比例最高可達 50%。如果你看看我們所有創新之處，你會發現我們一直專注於冷飲領域。除了年初推出的金髮濃縮咖啡外，我們還發現顧客們甚至用金髮濃縮咖啡來客製化他們的冷飲。因此，我們將專注於核心咖啡的創新，然後再專注於與優質星冰樂混合的創新。本季我們推出了其中 3 款產品，我們對這 3 款產品的銷售感到滿意。但我們也推出了冷泡茶，而且清爽飲品和茶飲也越來越受歡迎。而且不僅是飲料領域的創新，還有食品領域的創新。因此，本季我們推出了新的雞蛋小吃——低溫慢煮雞蛋小吃。我們看到的情況令人鼓舞。然後，當你把食品飲料行業的這種創新與我們在數位化加速發展方面所做的工作結合起來時，我們就可以將我們收集到的所有客戶資訊與他們的需求相匹配。我想特別指出的是，我們的冷萃咖啡真的受到了千禧世代男性的歡迎。因此，當我們專注於消費者對業務成長和創新的需求時，它直接引導我們走向冷平台，並繼續在我們核心咖啡業務中進行創新。所以，我們對我們的飲料產品線和創新方向都感到非常滿意。

Your next question comes from Sara Senatore with Bernstein.

下一個問題來自伯恩斯坦公司的薩拉·塞納托雷。

A question about the U.S. unit growth, and then just a quick follow-up on China. In (inaudible), you said you're talking -- you're testing a new approach to portfolio management. Is that with reference to the mix of company-operated versus licensed? Or is it about how you evaluate stores more -- perhaps more quickly and decide whether they're meeting their hurdle rates? Just trying to understand what that might -- what implication that might have for store growth going forward. And then on the China piece, I know you're seeing some cannibalization. But I'm also curious, I would assume there's a pretty steep maturity curve in China. So aren't you seeing any kind of offsetting comp lift from that?

一個關於美國單位成長的問題，然後簡單地追問一下關於中國的問題。在（聽不清楚）中，你說你在談論－你在測試一種新的投資組合管理方法。這是指公司自營和特許經營的比例嗎？或者，重點在於如何更快速地評估門市，並判斷它們是否達到了預期的業績目標？我只是想了解這可能意味著什麼——這可能對門市未來的發展產生什麼影響。至於中國市場，我知道你們看到了一些內部競爭。但我也很好奇，我猜中國的成熟度曲線應該會相當陡峭。所以你沒看到由此產生的任何抵銷性補償提升嗎？

We'll have -- Sara, let's have Roz take your first question on U.S. unit growth and optimizing the store portfolio, then Belinda will talk a little bit about China. So Roz?

接下來——莎拉，首先請羅茲回答你關於美國門市成長和優化門市組合的第一個問題，然後貝琳達會談談中國的情況。所以，羅茲？

Yes. So let me just clarify the point on store growth. So we're still adding a significant number of stores on both our company-owned and our licensed units. And I will tell you what we're doing is looking very closely at managing the trade areas in terms of where we place stores. And then there's a second piece to that, Sara, that talks about the formats that we place. So I think you're aware that 80% of our portfolio going forward, actually approaching 90% now, is drive-through. But we're also looking at exactly where those drive-throughs can complement an express unit or complement a café. So we're looking very surgically at where we place our units and being really smart about that, with the focus of the geography in Middle America and the Southeast. And so you'll see that play out in our stores coming forward, and we are not slowing our growth in those concentrated areas.

是的。那麼，讓我來澄清一下關於門市成長這一點。因此，我們仍在公司自營店和特許經營店中增加大量門市。我會告訴你們，我們正在密切關注門市選址方面的商圈管理。薩拉，還有第二部分，是關於我們放置的格式。所以我想您應該知道，我們未來投資組合的 80%（現在實際上已經接近 90%）都是得來速餐廳。但我們也在研究這些免下車通道究竟能在哪些方面與速食店或咖啡館形成互補。因此，我們正在非常謹慎地選擇部署地點，並在這方面非常明智，重點關注美國中部和東南部地區。因此，您將在我們未來的門市中看到這種情況，而且我們不會放慢在這些集中區域的成長速度。

Belinda, you want to talk a little bit about China?

貝琳達，你想稍微聊聊中國嗎？

Yes. Sara, Belinda here. I assume you mean the specialty coffee market in China being mature or maturing. This is not the case at all. We're -- I think we shared stats before on 300 cups in U.S. and then 0.4 in China. And we're working hard to cultivate a coffee culture here, even in Tier 1 cities like Beijing and Shanghai. So there's plenty of room to grow. And with the middle class up and coming, more and more people -- our job is to make sure more and more people get to try what we love, which is coffee and sharing our passion. So there's plenty of room to grow.

是的。薩拉，我是貝琳達。我猜你的意思是說中國精品咖啡市場已經成熟或正在成熟。事實並非如此。我想我們之前分享過美國的銷售量是 300 杯，中國的銷售量是 0.4 杯。我們正在努力在這裡培育咖啡文化，即使是在北京和上海這樣的一線城市。所以還有很大的發展空間。隨著中產階級的崛起，越來越多的人——我們的工作就是確保越來越多的人能夠嘗試我們所熱愛的事物，那就是咖啡，並分享我們的熱情。所以還有很大的發展空間。

Sara, also, this is John. Just to add to the discussion around China on the maturity curve, if you're talking about the new store growth. And when you look at our new stores, we track very closely how the new stores perform. Once we open them and through that first year and then as they enter the comp base, we've got a very disciplined approach where we review that every single month. As we shared previously, the store payback of the new stores is within a year of the opening. And as they enter the comp base, they enter the comp base at a very consistent historical level of the stores that are currently sitting in the comp base. So we feel very good about this maturity curve and the fact that it hasn't really shifted that much at all from a historical standpoint. And we feel very good about continuing to build out the store footprint based on the fact that our new store performance continues to exceed all the expectations. And the returns are very, very healthy, and overall store-level profitability of those stores as well as the whole portfolio is very healthy. And that gives us optimism for the future. We talk about the importance of comp, that's clearly important, but at the end of the day, as Kevin shared, it is about new-store growth right now as we seed the market and develop this coffee culture. Last quarter, we grew revenue 17%. We grew transactions in the mid-teens. We continue to grow overall transactions in the marketplace, attracting new customers into our stores as well as continuing to elevate the frequency of our existing customers. And so we feel very good about that. And then just one other point I would put on China is the work that we're doing on digital and the fact that we now have 6.7 million active MSR members. And when you break that down on a per-store basis, that's nearly double what we have on a per-store basis to what we have in the U.S. And you couple that with the work we've done with Alipay, social gifting, with WeChat, social gifting, we are building a very robust digital ecosystem. And then you add delivery on top of that, we see a very long runway for growth for us in China for many years to come. And that's why we're still very optimistic and very strong belief in the growth plans and the strategy that we've built for the market going forward.

薩拉，還有，這位是約翰。關於中國市場成熟度曲線的討論，我補充一點，如果你指的是新店成長的話。而且，在考察我們的新店時，我們會密切關注新店的業績表現。一旦我們開設這些門市，在第一年以及它們進入佣金基數階段後，我們會採取非常嚴謹的方法，每個月都進行審查。正如我們之前分享的那樣，新店的投資回報期在開業後一年內即可實現。而且，當它們進入同店基準時，它們進入同店基準時，其水準與目前同店基準中的門市的歷史水準非常一致。因此，我們對這條成熟度曲線感到非常滿意，而且從歷史角度來看，它實際上並沒有太大的變化。我們非常有信心繼續擴大門市規模，因為我們新店的業績持續超出預期。而且收益非常非常可觀，這些門市以及整個投資組合的整體獲利能力都非常健康。這讓我們對未來充滿樂觀。我們談到了同店銷售的重要性，這顯然很重要，但歸根結底，正如凱文所說，現在最重要的是新店成長，因為我們正在播種市場，發展這種咖啡文化。上個季度，我們的營收成長了17%。我們的交易量增加了十幾個百分點。我們在市場上的整體交易量持續成長，吸引新客戶光顧我們的門市，同時不斷提高現有客戶的光顧頻率。因此，我們對此感到非常滿意。關於中國，我還要補充一點，那就是我們在數位化方面所做的工作，以及我們現在擁有 670 萬活躍的 MSR 會員。如果按門市逐一分析，這個數字幾乎是我們在美國門市單店消費的兩倍。再加上我們在支付寶、微信等社交禮品平台上所做的工作，我們正在建立一個非常強大的數位生態系統。再加上配送業務，我們看到未來很多年在中國市場還有非常大的成長空間。正因為如此，我們仍然對我們為未來市場制定的成長計劃和策略充滿信心和樂觀態度。

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。

My question is more with the U.S. I guess, just 2-pronged here. Looking at the expansion and targeting sort of Middle America, I think, for those of us who have covered the stock when you guys last closed down a large portion of stores, some of that was Howard identifying that the middle of the country might have seen some of the faster growth and that they weren't really Espresso-drinking, and the brand didn't resonate as well when you tried to more densely populate those areas with your stores. How -- what's changed? And then, I guess also, looking at the comp, I guess, you're one of the few restaurant companies that hasn't mentioned the word at all about value. And it does seem like value is what is driving the customer, whatever that means for each individual brand, respectively. How are you addressing the value equation to the customer who is not the My Starbucks Rewards customer?

我的問題比較是關於美國的，我想，這裡只有兩個面向。考慮到你們的擴張策略以及瞄準美國中部地區，我認為，對於我們這些關注過你們股票的人來說，上次你們關閉大量門市時，部分原因是霍華德意識到美國中部地區的增長速度可能更快，但他們並不真正喜歡喝濃縮咖啡，所以當你們試圖在這些地區更密集地開設門市時，該品牌並沒有引起同樣的共鳴。發生了什麼變化？而且，從競爭對手來看，你們可能是少數幾家完全沒有提到「價值」這個詞的餐飲公司之一。而且，似乎價值才是真正驅動顧客的因素，至於價值對每個品牌的具體意義是什麼，則視情況而定。您如何向非星巴克會員的顧客傳達價值理念？

Yes. Matthew, this is Kevin. I'll start and share perspective and will have some others to add. But first of all, what's changed in terms of the store performance in Middle America? Well, apparently, Americans in Middle America like Espresso beverages and our coffee because those stores are performing at higher AUVs and higher profitability than any other part of the country. And so I don't know what the experiment was back then, but it's working now. And this is not a new thing. This is -- we've been doing this for the last couple years, and we're seeing great performance from those stores. We're using -- as I outlined at Oppenheimer, we're using analytics to really look at the store -- the number of stores per capita that we have in areas. We look at the demographics in those areas, and we're using technology to help us inform us where to go build these stores. And in doing -- and since doing that, it's worked. So it's -- I think the fact that just proven by the store performance we're getting on those new stores that we've been building throughout Middle America and the south, they're performing well. I think the other part then, in terms of value, the core beverage platforms of coffee, Espresso, tea, refreshers are all growing. The morning daypart is growing. When we think about the differentiators for Starbucks, we are -- we differentiate around a premium coffee, a premium experience. And we differentiate by doing custom, handcrafted beverages at scale. And that is why our morning daypart just keeps growing. That is the core value proposition for our customers. And in that daypart, we are growing. We're growing strong, and we feel good about that. As Roz mentioned, we have -- in the afternoon daypart, we've had some softness in afternoon, and we've seen softness in the blended platform that we've been working to address. I think, as I highlighted some of the consumer trends, this need state of convenience, we really have unlocked that, I think, in a way not only with Mobile Order and Pay, but with our drive-throughs. And that's balancing then the experience we create in our stores around the third place around community. And so I think, if we just look at both what we've learned over the last decade and the performance of the investments that we've made in those store formats, in those geographies, in our beverage platform, in the morning daypart, those things give us confidence that we're absolutely on the right path.

是的。馬修，這位是凱文。我先拋磚引玉，分享一下我的觀點，之後還會補充其他人的看法。但首先，美國中部地區的門市業績有了哪些變化？顯然，美國中部地區的美國人喜歡濃縮咖啡飲料和我們的咖啡，因為這些地區的門市的平均單次銷售額和盈利能力都高於美國其他任何地區。所以我不知道當時的實驗是什麼，但現在看來效果不錯。這並非什麼新鮮事。過去幾年我們一直這樣做，而且這些門市的業績非常出色。正如我在奧本海默公司概述的那樣，我們正在使用分析方法來真正了解商店的情況——例如，我們在每個地區的人均商店數量。我們會研究這些地區的人口統計數據，並利用科技來幫助我們確定在哪裡開設這些門市。這樣做之後——而且自從這樣做之後——就奏效了。所以——我認為，從我們在美國中部和南部地區新建的那些門市的業績來看，它們的表現已經證明了這一點，它們表現良好。我認為，從價值角度來看，咖啡、濃縮咖啡、茶、提神飲品等核心飲料平台都在成長。上午時段的客流量正在成長。當我們思考星巴克的差異化優勢時，我們會想到—我們以優質咖啡和優質體驗為核心進行差異化。我們透過大規模生產客製化的手工飲品來脫穎而出。這就是為什麼我們上午時段的業務持續成長的原因。這就是我們為客戶提供的核心價值主張。在這一時段，我們的業務正在成長。我們發展勢頭強勁，對此我們感到很滿意。正如 Roz 所提到的，我們在下午時段出現了一些疲軟的情況，而且我們在混合平台上也看到了疲軟的情況，我們一直在努力解決這個問題。我認為，正如我之前強調的一些消費趨勢，這種對便利性的需求，我們已經真正滿足了，我認為，這不僅體現在行動訂購和支付方面，也體現在我們的免下車服務上。這樣就能平衡我們在門市中圍繞社區打造的「第三空間」體驗。所以我認為，如果我們回顧過去十年我們所學到的經驗，以及我們在這些門市形式、這些地區、我們的飲料平台、早晨時段等方面的投資表現，這些都讓我們確信，我們絕對走在正確的道路上。

And Matt, I would just add, when Roz talked about our store growth, she said Middle America and cross -- and across the South. And the South is actually the bigger piece of that growth, when I look at the numbers. So you're talking about Southern California, Texas, Arizona, the Southeast Florida, these are markets with a lot of growth. And in addition to the middle part of the country, which is doing great as well, we're just seeing really strong performance in those markets with drive-through. It's completely core to the move towards cold beverages and iced coffees. It's completely core to drive-through and the suburban strategy that we have. And so I would just broaden the Middle America part to definitely talk about the broad swath of the Southern U.S.

馬特，我還要補充一點，當羅茲談到我們門市的成長時，她說的是美國中部地區以及南部地區。從數據上看，南方實際上是這部分成長中佔比最大的部分。所以你指的是南加州、德州、亞利桑那州、佛羅裡達州東南部，這些都是成長潛力巨大的市場。除了中部地區（那裡的業績也非常好）之外，我們還看到那些提供免下車服務的市場表現非常強勁。這就是冷飲和冰咖啡興起的核心。它完全符合我們汽車餐廳和郊區戰略的核心理念。因此，我只想擴大「美國中部」的範圍，使其涵蓋美國南部的大片地區。

The last question comes from Matt McGinley with Evercore ISI.

最後一個問題來自 Evercore ISI 的 Matt McGinley。

Got a quick point of -- question about clarification on what you said, and then I have a question about China. In the guidance commentary, you noted a slight decline in the margin in the fourth quarter year-over-year. Was that driven by trends that you're experiencing already in July? Or was that more of a general comment about fourth quarter relative to what you saw earlier in the year? And then on the -- on China, Belinda, earlier in the year, you'd noted that the China JV stores were not -- that were not in the comp base were slightly below the stores that are in the comp base. Did that gap narrow as the year went on? Or when you experienced a slowdown in the stores in the comp base, did that -- did they all kind of move in the same -- in tandem, if you will?

我有一個關於您剛才所說內容的簡短問題需要澄清，然後我還有一個關於中國的問題。在業績指引評論中，您提到第四季利潤率較去年同期略有下降。這是由您在七月已經觀察到的趨勢所驅動的嗎？或者，你這番話更多的是針對第四季與年初情況的整體評價？然後，關於中國市場，貝琳達，你在今年早些時候注意到，中國合資企業的門市（不在同店銷售基數範圍內的門市）的業績略低於同店銷售基數範圍內的門市。隨著時間推移，這個差距是否縮小了？或者，當同業店業績下滑時，它們的業績是否都同步下滑？

My comment on the margin wasn't indicating anything in July. I think it's really just consistent with the guidance we gave last month around lower overall profitability, both in the third and fourth quarter. And obviously, we had hoped when we started the year that the fourth quarter margin would be roughly flat year-over-year. And we made good progress this quarter if you take out the anti-bias training and the tax investments, and we'll make good progress next quarter. But I'm just simply saying we're probably not going to quite get to flat, which was our initial guidance. So I was just sort of chewing that up. And Belinda, do you want to handle the second part?

我七月對邊際的評論並沒有暗示任何內容。我認為這與我們上個月給出的關於第三季度和第四季度整體盈利能力下降的預期是一致的。顯然，年初時我們希望第四季利潤率能與去年同期基本持平。如果扣除反偏見培訓和稅收投資，我們本季取得了良好的進展，下個季度我們也會取得良好的進展。但我只是想說，我們可能無法完全達到平坦狀態，而這正是我們最初的預期。我當時就在琢磨這件事。貝琳達，你想負責第二部嗎？

Sure. Matt, East China comp, over the past few years, have -- has been somewhat below the rest of Mainland China, just as you said, due to the significant pace of store openings in that market and some other opportunities we're executing on. After East China, it's fully owned, company-operated. That continues in FY 2018. And over time, we expect the comps in these 2 pieces of the business to converge. But I'm happy to report that East China integration's progressing on track, and the region is posting P&L performances in line with our expectations.

當然。馬特，正如你所說，過去幾年，華東地區的業績一直略低於中國大陸其他地區，這是因為該地區門市開業速度很快，而且我們正在抓住其他一些機會。東華以外地區均為公司全資擁有並營運。這種情況在2018財年仍在持續。隨著時間的推移，我們預期這兩部分業務的比較數據將會趨於一致。但我很高興地報告，華東地區的一體化進程正在按計劃進行，該地區的損益表現符合我們的預期。

That what was our last question today. I will now turn the call over to Mr. Shaw for closing remarks.

這就是我們今天最後一個問題。現在我將把電話交給肖先生，請他作總結發言。

Yes, thanks. And for replay purposes, please note our fourth quarter 2018 conference call has been tentatively scheduled for Thursday, November 1. In addition, we look forward to seeing many of you at our 2018 Biannual Investor Day on Wednesday, December 12, in New York. Thanks again, and have a great evening.

好的，謝謝。為了方便您收聽重播，請注意，我們2018年第四季電話會議暫定於11月1日（星期四）舉行。此外，我們期待在12月12日（星期三）於紐約舉行的2018年半年投資者日上見到各位。再次感謝，祝您有個美好的夜晚。

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

星巴克咖啡公司2018財年第三季電話會議到此結束。您現在可以斷開連線了。