星巴克 (SBUX) 2018 Q3 法說會逐字稿

Good afternoon.

下午好。

My name is Hector, and I will be your conference operator today.

我叫 Hector，今天我將擔任你們的會議接線員。

I would like to welcome everyone to Starbucks Coffee Company's Third Quarter Fiscal Year 2018 Conference Call.

歡迎大家參加星巴克咖啡公司 2018 財年第三季度電話會議。

(Operator Instructions)

（操作員說明）

I would like to turn the call over to Tom Shaw, Vice President, Investor Relations.

我想把電話轉給投資者關係副總裁 Tom Shaw。

Mr. Shaw, you may begin your conference.

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.

大家下午好，感謝今天加入我們討論我們 2018 財年第三季度的業績。

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.

今天的討論將由總裁兼首席執行官 Kevin Johnson 主持； Roz Brewer，美洲集團總裁兼首席運營官； Belinda Wong，星巴克中國首席執行官；和首席財務官 Scott Maw。

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.

對於問答環節，國際、渠道開發和全球咖啡和茶集團總裁 John Culver 將加入我們的行列；和首席營銷官 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.

本次電話會議將包括前瞻性陳述，這些陳述受各種風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果與這些陳述存在重大差異。

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.

任何此類聲明都應與我們的收益發布中的警示聲明和我們向美國證券交易委員會提交的文件中的風險因素討論一起考慮，包括我們上一份 10-K 表格年度報告。

Starbucks assumes no obligation to update any of these forward-looking statements or information.

星巴克不承擔更新任何這些前瞻性陳述或信息的義務。

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.

2018 財年的 GAAP 結果包括與戰略行動相關的幾個項目，包括重組和減值費用；交易和整合成本；與國際市場和其他項目的所有權變化有關的收益。

These items are excluded from our non-GAAP results.

這些項目被排除在我們的非 GAAP 結果之外。

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.

請訪問我們的網站 investor.starbucks.com 以查找今天電話會議中引用的非 GAAP 財務指標與其相應的 GAAP 指標的對賬。

This conference call is being webcast, and an archive of the webcast will be available on our website as well through August 25, 2018.

本次電話會議正在進行網絡直播，網絡直播的存檔將於 2018 年 8 月 25 日之前在我們的網站上提供。

I will now turn the call over to Kevin.

我現在將把電話轉給凱文。

Well, thank you, Tom, and good afternoon, and welcome, everyone.

嗯，謝謝你，湯姆，下午好，歡迎大家。

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.

在今天的電話會議上，我將概述我們第三季度的財務業績，擴展我們上個月提供的業務更新，並加強我們未來的戰略重點。

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.

然後，我會將電話轉給 Roz 和 Belinda，報告我們在美國和中國這兩個主要市場的第三季度運營業績，並向您介紹我們對每個市場的最新計劃。

Scott will then take you through the Q3 financials in detail, and we'll turn the call over to the operator for Q&A.

然後斯科特將詳細介紹第三季度的財務狀況，我們會將電話轉給接線員進行問答。

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%.

星巴克第三季度的收入總計達到創紀錄的 63 億美元，比去年增長 11%，這得益於華東業務的整合、新店的強勁表現、有利的外彙和 comp 銷售額增長 1%，全球和美國不包括外彙和精簡活動的淨影響，收入增長了 7%。

June comps in the U.S. and Americas landed as expected, representing an acceleration for May and April.

美國和美洲 6 月的業績如期落地，代表 5 月和 4 月有所加速。

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.

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 日反偏見培訓的 0.02 美元影響，比去年第三季度增長了 13%。

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.

雖然我們未能達到進入本季度的預期，但我們在兌現我們向股東做出的 2 項承諾方面取得了可衡量的進展：實現可預測的、可持續的大規模增長，並在未來很長一段時間內為股東價值創造有意義的增長.

To deliver on these commitments, we continue to focus our energy, capital and resources on executing against our 3 strategic priorities.

為了兌現這些承諾，我們繼續將我們的精力、資本和資源集中在執行我們的 3 個戰略重點上。

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.

我們的首要戰略重點是加速我們目標長期增長市場的增長：中國和美國。我們在每個市場的成功將受到我們為客戶提供的第三方體驗的進一步提升和現代化以及我們數字化業務的持續擴展的推動。優勢。

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.

Roz 將介紹我們在美國取得的進展以及基於對 4 種不斷變化的消費趨勢的清晰理解和關注的計劃：消費者擁有越來越無處不在的數字生活方式；消費者想要優質產品、優質體驗和價值便利；消費者喜歡選擇，包括更適合您的食品和飲料選擇。

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.

我們在每個食品和飲料、數字和商店設計方面的創新議程都受到這些趨勢的影響，我們致力於提高星巴克在每個領域的創新速度，因為它們都是顧客和商店的關鍵決定因素。今天的品牌相關性。

I remain extremely optimistic about the future of our U.S. business for several reasons.

出於幾個原因，我對我們美國業務的未來仍然非常樂觀。

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.

首先，我們的飲料創新平台正在運行，我們即將推出一整套新飲料，以在未來幾個季度取悅我們的客戶。

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.

飲料創新正在推動我們的咖啡、茶和提神劑核心平台的增長，並抵消了我們在混合飲料中看到的一些軟性。

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，我們的數字化影響力在各個方面都在擴大，包括活躍的獎勵會員同比增長兩位數，以及增加了 600 萬尚未成為獎勵會員但已與星巴克建立數字聯繫的數字註冊客戶.

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，我們加倍努力在我們的商店內推動紀律和卓越運營，並謹慎地分配資本，重點關注管理我們的公司開支。

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.

中國是我們戰略增長議程的重要組成部分，貝琳達將分享我們在中國策劃的極其強大的長期增長機會的具體細節。

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.

在承認第三季度令人失望的同時，我想明確表示，我們對我們的增長戰略和我們在市場上建立的領導地位的可持續性有 100% 的信心。

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.

自 1999 年進入中國以來，我們品牌的實力、我們與客戶和合作夥伴建立的信任以及我們對中國市場許多細微差別的工作知識，使我們能夠取得持續的長期成功。

Now keep in mind that this quarter alone, excluding the East China integration, we grew total transactions in China in the mid-teens.

現在請記住，僅本季度，不包括華東一體化，我們在中國的總交易量就增長了十幾歲。

We are, by design, in a phase of growth in China that is primarily driven by new-store expansion.

按照設計，我們在中國處於主要由新店擴張驅動的增長階段。

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.

我們還認識到需要加快步伐以實現在中國的交付，我們承諾今年秋天在北京和上海這兩個主要城市試點交付，並打算從那裡擴展。

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.

我們將以一種將世界上最好的咖啡和最具創新性的咖啡和茶飲料與中國快速發展的消費趨勢相結合的方式引入交付，以提供居家和工作的便利。

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.

請放心，隨著我們在中國的發展，我們不會背離打造星巴克品牌的文化和價值觀，並使星巴克今天被公認為最成功的全球品牌之一和在中國廣受歡迎的全球首選雇主。

I have complete confidence in Belinda and her team to navigate the next phase of our China growth strategy.

我完全相信 Belinda 和她的團隊能夠引領我們中國發展戰略的下一階段。

Now our second strategic priority is to expand and leverage the Starbucks brand through the Global Coffee Alliance with Nestlé.

現在我們的第二個戰略重點是通過與雀巢的全球咖啡聯盟來擴大和利用星巴克品牌。

We remain on track to close the Nestlé deal in our fiscal Q4.

我們仍有望在第四財季完成與雀巢的交易。

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.

雀巢是理想的全球合作夥伴，通過將我們的全球品牌和咖啡領導地位與覆蓋 189 個國家/地區的世界領先分銷網絡相結合，加速星巴克的增長。

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.

此外，該聯盟還將通過世界領先的單一服務平台：Nespresso 和 NESCAFÉ Dolce Gusto，將星巴克咖啡帶給全球客戶。

These single-serve platforms represent the largest install base of systems globally.

這些單一服務平台代表了全球最大的系統安裝基礎。

The Global Coffee Alliance represents an important and highly opportunistic pillar of our growth agenda.

全球咖啡聯盟代表了我們增長議程的重要且高度機會主義的支柱。

Our third strategic priority is to sharpen our focus on shareholder value return.

我們的第三個戰略重點是加強對股東價值回報的關注。

Step one was the development of a company-wide emphasis on streamlining our business and organization.

第一步是在全公司範圍內強調精簡我們的業務和組織。

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.

在過去的一年裡，這項工作使我們能夠確定我們需要採取的戰略步驟，以更好、更有利地釋放機會，擴大我們的核心價值驅動因素。

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.

這些步驟包括： 進一步簡化業務；我們收購華東地區並出售更適合本地所有權的較小市場證明了零售市場的一致性；最近，我們與雀巢建立了全球咖啡聯盟。

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.

Streamline 釋放了數十億美元的資金，使我們能夠將管理層的注意力和關鍵資源集中在星巴克、我們的合作夥伴和股東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.

去年 11 月，我們承諾到 2020 財年通過回購和派息向股東返還 150 億美元。

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.

隨著我們的精簡計劃釋放了更多的淨資本，並且我們調整了資產負債表，我們現在已將這一承諾擴大到 2020 財年的 250 億美元。

We have already returned over $5 billion to shareholders in the last 3 quarters alone.

僅在過去三個季度，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.

現在要兌現我們的承諾，我們知道我們必須通過推動卓越的執行和以客戶為中心的創新來推動持續的大規模增長。

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.

讓我向您保證，我們對我們所做的根本性改變以及它為我們的核心價值驅動因素提供的優先次序感到鼓舞。

Before handing the call over to Roz, I want to quickly touch on our recent announcement around sustainability.

在將電話轉給 Roz 之前，我想快速談談我們最近關於可持續發展的公告。

Sustainability is 1 of 3 of our social impact priorities.

可持續性是我們 3 個社會影響優先事項之一。

Our aspiration to make coffee the first sustainable agricultural product is in direct support of coffee farmers around the world.

我們讓咖啡成為第一種可持續農產品的願望是直接支持世界各地的咖啡種植者。

Our commitment to eliminate plastic straws in all of our stores globally by 2020 is in direct support of sustainability of the planet.

我們承諾到 2020 年在全球所有商店中消除塑料吸管，這直接支持地球的可持續發展。

In the same way, our agronomists innovate on behalf of coffee farmers.

同樣，我們的農學家代表咖啡農進行創新。

Our packaging teams, along with partners, have innovated to create strawless lids and alternative-material straw options.

我們的包裝團隊與合作夥伴一起創新創造了無吸管蓋子和替代材料吸管選項。

And we are also pursuing a broad approach to recyclable cups.

我們也在尋求廣泛的可回收杯子方法。

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.

我們長期以來一直支持公司通過做好事來做好事的重要性，我們不會動搖我們在可持續發展方面的重點和領導地位。

Finally, I'd like to take a moment to acknowledge Scott Maw for his partnership and tireless contributions to Starbucks.

最後，我想花點時間感謝 Scott Maw 的合作夥伴關係以及對星巴克的不懈貢獻。

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.

到 11 月，Scott 仍將是管理團隊不可或缺的一員，並擔任一段時間的顧問，以確保無縫、成功地過渡到新的 CFO。

Thank you, Scott.

謝謝你，斯科特。

All of us at Starbucks thank you for your contributions, and we wish you well.

星巴克全體員工感謝您的貢獻，祝您一切順利。

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

有了這個，我會把電話轉給羅茲。

Roz?

羅茲？

Thanks, Kevin.

謝謝，凱文。

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.

我將從美洲如何通過關注 3 個增長重點來加強其改善當前交易趨勢的承諾：改善客戶的店內體驗；提供飲料創新和推動數字關係。

I'll also provide some perspective on how we're driving enhanced profitability and increasing agility.

我還將提供一些關於我們如何推動提高盈利能力和提高敏捷性的觀點。

First, I'll address Q3 results.

首先，我將討論第三季度的結果。

We delivered another record performance of $4.2 billion in revenues, which represents a 6% increase over the prior year.

我們的收入再創新高，達到 42 億美元，比上一年增長 6%。

And our new stores contributed 4 points of growth for the 17th consecutive quarter.

我們的新店連續第 17 個季度貢獻了 4 個百分點的增長。

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.

星冰樂下降和商店關閉以支持反偏見培訓的影響估計在本季度為 3 個百分點。

These were the main factors that led to a 1% comp in the Americas for Q3.

這些是導緻美洲第三季度 1% 的主要因素。

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.

考慮到這一不足，我們繼續增加份額，這得益於：我們最忠實客戶的增長；除星冰樂外，所有品類均有增長，包括核心咖啡飲料和創新的新產品，如生鮮和提神；早上繼續強勁增長，這是我們最重要的一天；隨著我們在滲透率低的地區開設新店，新店的表現持續強勁。

With these indicators of brand strength, we continue to move with speed to reposition the business for growth.

憑藉這些品牌實力指標，我們繼續快速行動，重新定位業務以實現增長。

To modernize and elevate the third place, our first priority is improving customers' in-store experience.

為實現第三場所的現代化和提升，我們的首要任務是改善顧客的店內體驗。

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.

由經驗豐富的星巴克運營商 Rossann Williams 領導的美國運營團隊專注於提高效率，減少我們的合作夥伴花在管理任務上的時間，並將這些時間重新部署到面向客戶的任務上。

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.

我們設定了一個雄心勃勃的目標，即到 19 財年結束時削減多達 50% 的當前店內管理任務，我們預計今年秋天最初每天將騰出 2 到 3 個小時的時間來專注於客戶和合作夥伴的體驗。

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.

通過更高效的勞動力調度、自動訂購和提高商店標準，我們繼續利用我們早期圍繞 Deployment 2.0 所做的工作，從一種勞動力算法轉移到基於產品組合、流量模式和商店類型的商店細分。

Partners will also have mobile access to their schedules, reducing the time it takes to communicate and manage changes.

合作夥伴還可以通過移動方式訪問他們的日程安排，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.

使用 AI，我們將調整庫存水平，同時減少浪費、提高產品可用性並減少手動庫存任務。

And our clean face welcoming initiative will help to unlock the afternoon by moving disruptive tasks to after close.

我們的清潔面孔歡迎計劃將通過將破壞性任務轉移到結束後來幫助解鎖下午。

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.

我們的美國房地產戰略將通過在整個中美洲和南部放置我們的大部分新店來驅動，並仔細考慮格式類型。

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.

未來幾年，超過 80% 的門店將採用直通式門店，因為數據表明，在高增長、低成本的市場中，門店擴張存在重大機遇，尤其是考慮到不斷上漲的工資和入住成本。

At the same time, we'll continue balancing our portfolio of U.S. company-owned and licensed stores.

與此同時，我們將繼續平衡我們在美國公司擁有的商店和特許商店的組合。

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 19 財年第一季度開始，我們還將在奧斯汀測試一種新的商店組合管理方法，以及數字菜單板和飲料準備形式的新技術。

Next is beverage innovation.

接下來是飲料創新。

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.

隨著消費者趨勢和消費習慣的演變，我們專注於通過相關的新產品保持市場領先地位，從而增強品牌的聲譽。

While not yet enough to offset declines in Frappuccino sales, we see substantial accretive growth from draft, refreshers, tea and Cold Brew platforms.

雖然還不足以抵消星冰樂銷量的下滑，但我們看到生鮮、提神、茶和冷萃咖啡平台出現了大幅增長。

In general, consumer demand for cold beverages has grown from 37% of sales 5 years ago to more than 50% of sales today.

總體而言，消費者對冷飲的需求已從5年前佔銷售額的37%增長到如今的50%以上。

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.

對定制的需求也很強烈，包括 Blonde Espresso 作為我們更大膽的招牌烘焙和植物奶的替代品，以及用於冷咖啡和茶飲料的 Cold Foam。

I'll share a few examples.

我將分享幾個例子。

Cold Foam is a cold froth skim milk designed to be a perfect creamy finish to our cold beverages.

Cold Foam 是一種冷泡沫脫脂牛奶，旨在為我們的冷飲提供完美的奶油味。

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.

今年春天推出，我們剛剛開始探索這裡的一些機會，我們的最新產品 Salted Cream Cold Foam Cold Brew 就證明了這一點。

Draft allows us to extend beyond Cold Brew and has proven highly incremental, especially for occasional afternoon customers.

Draft 使我們能夠擴展到 Cold Brew 之外，並已證明具有很高的增量，特別是對於偶爾的下午顧客。

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.

到 18 財年結束時，我們正在將該平台加速到 2,800 多家商店，到 19 財年年底達到 6,000 多家商店。

We're also exploring multi-tap systems to add customization and innovation across tea and milk.

我們還在探索多水龍頭系統，以增加茶和牛奶的定制和創新。

We expanded our Refreshers line with the new mango dragon fruit, whose performance helped fuel strong double-digit growth in the overall Refreshers platform.

我們用新的芒果火龍果擴展了 Refreshers 產品線，其性能有助於推動整個 Refreshers 平台實現兩位數的強勁增長。

And we introduced several coconut and almond milk-based beverages, including our new Iced Vanilla Bean Coconut Milk Latte.

我們還推出了幾種以椰子和杏仁奶為基礎的飲料，包括我們新推出的冰鎮香草豆椰奶拿鐵。

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，將自己確立為專注於冷飲和平台的精品咖啡的主要零售商，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.

我們的第三個優先事項是數字化。

Our Digital Flywheel remains a compelling opportunity to connect with customers in a personalized way, driving convenience, product awareness, value and, ultimately, incrementality.

我們的數字飛輪仍然是一個令人信服的機會，可以以個性化的方式與客戶聯繫，提高便利性、產品知名度、價值，並最終實現增量。

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.

我們現在擁有 1510 萬活躍的星巴克獎勵會員，同比增長 14%，推動了美國招標的 40%。每位會員的支出增長了中等個位數，移動訂單和支付佔 13%交易。

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.

我們將在明年春天顯著增強獎勵計劃的吸引力，屆時客戶將首次能夠為不同的產品兌換不同數量的星星，讓他們可以選擇更快地使用星星購買低價商品或節省高價商品，如午餐、包裝咖啡和商品。

We're also quickly building a strong base of direct digital relationships with non-SR customers, registering 6 million since March.

我們還迅速與非 SR 客戶建立了強大的直接數字關係基礎，自 3 月以來註冊了 600 萬。

We're marketing to them with special offers, including invitation-only Happy Hour.

我們通過特別優惠向他們推銷，包括僅限邀請的歡樂時光。

And as we learn more about their transaction histories, we'll target increasingly relevant offers to drive more incrementality and engagement.

隨著我們更多地了解他們的交易歷史，我們將針對越來越相關的報價來推動更多的增量和參與。

This expanded focus on digital is expected to drive an incremental 1 to 2 points of comp by year-end fiscal year '19.

到 19 財年末，這種對數字化的更大關注預計將推動 1 到 2 個補償點的增加。

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做的工作來實現美國的交易增長，並製定了平衡的計劃和有才華的團隊，以在未來幾個季度實現這些預期。

I'll now turn the call over to Belinda.

我現在將電話轉給貝琳達。

Thank you, Roz.

謝謝你，羅茲。

Good afternoon, everyone.

大家下午好。

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.

我很高興有機會在上海與您交談，以擴展凱文對星巴克在中國堅實基礎的評論，將我們第三季度的業績放在背景中，並提供我們為實現與我們的目標一致的薪酬和利潤增長而採取的步驟的詳細信息歷史表現和未來預期。

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.

相對於我們歷史上的成功，我們認為我們在第三季度發布的負 2% 的業績並不能反映我們在中國的業務和品牌實力。

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.

相反，我向您保證，我們在中國投資者日與您分享的巨大機遇仍然完好無損。

Let me take you through the factors that combined in somewhat of a perfect storm to drive our Q3 underperformance.

讓我帶您了解一下導致我們第三季度表現不佳的因素，這些因素結合在一起形成了一場完美的風暴。

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.

當我解釋我們正在做的每件事時，我想您在今天的電話會議結束時會對我們對暫時情況的理解以及我們恢復您和我們期望的持續盈利增長水平的行動計劃充滿信心。

First, as Kevin mentioned, we're making progress on our plans for delivery across China.

首先，正如凱文提到的，我們在中國的交付計劃正在取得進展。

We start this fall in Beijing and Shanghai, with plans to expand across the country as we enter calendar 2019.

今年秋天，我們從北京和上海開始，計劃在進入 2019 年時擴展到全國。

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.

我們將在未來幾週對細節和方法進行微調，我們完全有信心交付將提升我們客戶期望的優質星巴克體驗，推動 19 財年及以後的收入增長和財務業績。

The delivery opportunity has enabled a different yet not unusual competitive retail environment in China.

交付機會在中國創造了一個不同但並不罕見的競爭零售環境。

Starbucks' success, growth and sustainable long-term business approach has incented upstarts and other players to enter the coffee business from time to time.

星巴克的成功、增長和可持續的長期經營方式激勵新貴和其他參與者不時進入咖啡行業。

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.

然而從長遠來看，我們對咖啡質量的關注、我們合作夥伴的熱情、美麗的第三方環境以及我們提供的優質星巴克體驗始終為業績和市場成功樹立了標杆。

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.

雖然最近的咖啡市場進入者選擇利用交付和大幅折扣優惠，但在質量、體驗和業務可持續性方面存在重大妥協。

These will prove to be short-lived.

這些將被證明是短暫的。

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.

我向您保證，我們的新送貨服務將堅持中國客戶對星巴克體驗的高標準期望。

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.

我們完全有信心，隨著我們在中國擴展業務，我們在店內或交付方面的整體和優質體驗以及我們產品的質量將使我們為客戶提供的服務與眾不同。

While we do expect to see some residual comp headwinds as competitive promotions unwind over time, we do have a strong plan going forward.

隨著競爭性促銷活動的逐漸結束，我們確實預計會看到一些殘留的競爭阻力，但我們確實有一個強有力的計劃。

Besides delivery, we have broad reach and depth in the digital space.

除了交付之外，我們在數字領域擁有廣泛的影響力和深度。

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.

從 6 月開始，我們現在已經在支付寶平台上擴展了我們的數字社交禮物，今天 [增加] 5.2 億月活躍用戶，提供了一個我們可以與客戶溝通和互動並推動商店交易的新渠道。

We also have a strong pipeline of innovation.

我們也有強大的創新渠道。

This includes doubling the availability of our coffee-meets-ice cream product line to 1,100 locations.

這包括將我們的咖啡冰淇淋產品線的可用性增加一倍，達到 1,100 個地點。

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.

擴展我們成功的 Cold Foam 創新，包括 3 種新產品：Cold Foam 焦糖瑪奇朵、綠茶拿鐵和 Cold Brew；升級我們的麵包店平台。

These have all been big hits in early testing, and we are excited to expand these offerings to more customers this quarter.

這些在早期測試中都大獲成功，我們很高興能在本季度將這些產品擴展到更多客戶。

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.

最後，在第三季度，我們確實經歷了高於預期的從現有門店到新門店的銷售轉移，這主要是由於上半年新店開張的加速。

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.

我們有意選擇在關鍵投資集群中加快步伐以抓住特定機會，導致 18 財年上半年的新店開張數比上年增加 60%，不包括華東地區。

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.

雖然這種加速暫時影響了 comp 增長，但我們在過去 12 個月開設的新店繼續實現一流的業績。

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.

我絕對相信，我們有意的和戰略性的投資行動是正確的舉措，可以讓我們在未來的市場份額和盈利能力方面實現強勁增長。

Looking ahead, the pace of new store openings should result in more typical levels of sales transfer.

展望未來，新店開張的步伐應該會導致更典型的銷售轉移水平。

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.

我們仍計劃每年淨增 600 家新店，並實現到 2022 財年底在中國大陸 230 個城市開設 6,000 家門店的目標。

Starbucks continues to invest in China for the long term.

星巴克繼續在中國進行長期投資。

In closing, I would like to share a few thoughts.

最後，我想分享一些想法。

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.

第一，我們在採購、烘焙和混合世界上最優質的阿拉比卡咖啡方面擁有 47 年的歷史，或者我們與世界各地（包括中國雲南）的咖啡種植社區的直接聯繫，這是無可替代的。

The proof and the quality are in the cup.

證明和質量都在杯子裡。

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.

第二，我們從 19 年的經驗中吸取教訓，在中國開發了一個非常強大的品牌和一個盈利且可持續的運營模式，這是競爭對手尚未弄清楚並且永遠無法複製的。

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.

第三，我們將通過在我們的合作夥伴、他們的家人、我們的客戶和我們所服務的社區之間建立深厚的聯繫，繼續發展我們在中國的業務。

Four, we're proud to deliver a third place experience that inspires and fosters human connection that is relevant to the Chinese consumer aspirations.

第四，我們很自豪能夠提供激發和培養與中國消費者願望相關的人際關係的第三方體驗。

This will continue to be a majority of the specialty coffee occasions in China and our business for the years to come.

在未來幾年，這將繼續成為中國和我們業務的主要特色咖啡場合。

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.

第五，我們世界一流的零售地點、商店足跡和設計、單位經濟、不斷增長的 CPG 存在和新的交付能力使我們能夠繼續在市場上處於領先地位並提供 Venti 規模的回報。

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.

我向你們保證，星巴克在中國的跑道又寬又長，我堅信中國將成為星巴克在全球最大、最具戰略意義的市場。

Thank you.

謝謝你。

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

我現在將電話轉給斯科特。

Scott?

斯科特？

Thank you, Belinda, and good afternoon, everyone.

謝謝貝琳達，大家下午好。

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.

在調整了第三季度精簡活動和外匯帶來的 4% 的有利影響後，星巴克的綜合收入增長超過 7%，儘管低於預期，但反映了星巴克在全球的業務和品牌的潛在實力。

Our Americas business reported 6% revenue growth despite challenging macro and Starbucks-specific operating environments.

儘管宏觀和星巴克特定的運營環境充滿挑戰，但我們的美洲業務報告收入增長了 6%。

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.

CAP 報告在調整 35 個精簡活動和外匯點後收入增長 11%，中國收入增長再次保持在同一基礎上的十幾歲高位。

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.

渠道開發在調整 4 個精簡活動點後實現了 10% 的收入增長；歐洲、中東和非洲實現了 6% 的收入增長，不包括 4% 的外匯優惠。

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.

最重要的是，隨著我們在實現大規模可持續增長的承諾方面取得有意義的進展，我們將繼續在幾乎所有我們在國內和全球開展業務的市場中獲得份額。

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.

非 GAAP 營業利潤率為 18.5%，同比下降 230 個基點，這主要是由於與美國稅法變化和估計的反偏見培訓影響相關的增量投資增加了 130 個基點。

Product mix shift, largely related to food as well as planned partner and digital investments, also contributed to the decline.

主要與食品以及計劃中的合作夥伴和數字投資相關的產品組合轉變也導致了下降。

I'll now take you through our Q3 operating performance by segment.

我現在將按部門向您介紹我們第三季度的經營業績。

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.

美國的銷售額增長了 1%，主要受核心飲料（包括濃咖啡、茶和提神飲料）增長 2 個百分點以及食品增長 1 個百分點的推動。

This was offset by over 2 negative points related to softer-than-expected blended sales, well below what we forecast for the quarter.

這被與低於預期的混合銷售額相關的超過 2 個負點所抵消，遠低於我們對本季度的預測。

Consistent with recent quarters, peak transaction volume was strong, with softness continuing in the afternoon, primarily in Frappuccino sales.

與最近幾個季度一致，高峰交易量強勁，下午繼續疲軟，主要是星冰樂銷售。

Separately, I want to highlight that the estimated impact of anti-bias training to comps was slightly less than 0.5 point.

另外，我想強調的是，反偏見訓練對 comps 的估計影響略低於 0.5 點。

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.

美洲非 GAAP 營業利潤率下降 250 個基點至 21.9%，這主要歸因於美國稅法相關投資的 150 個基點影響以及反偏見培訓的估計影響。

Net of these items, our Q3 margin landed roughly where we originally forecast and showed improvement from Q2 levels.

扣除這些項目後，我們第三季度的利潤率大致達到了我們最初預測的水平，並顯示出第二季度水平有所改善。

Moving on to China/Asia Pacific.

轉到中國/亞太地區。

CAP revenues exceeded $1 billion for the second straight quarter, reaching a record $1.2 billion in Q3.

CAP 收入連續第二個季度超過 10 億美元，第三季度達到創紀錄的 12 億美元。

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.

日本收入增長 6%，不包括 2 個百分點的外匯優惠；韓國是我們的第五大全球市場，在系統收入增長 6% 和淨新店貢獻的推動下，系統收入實現了 15% 左右的增長。

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%.

值得注意的是，儘管非 GAAP 營業利潤率下降 310 個基點至 25.2%，但 CAP 的非 GAAP 營業收入增長了 30%。

The decline in operating margin was primarily due to a 280 basis point impact from consolidation of the East China business.

營業利潤率的下降主要是由於華東業務整合帶來的 280 個基點的影響。

Excluding the consolidation, CAP margin was down slightly to prior year.

排除合併，CAP 利潤率比上一年略有下降。

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.

CAP 對星巴克在中國境內外仍然是一個巨大的增長機會，雀巢聯盟帶來的令人興奮的長期 CPG 和餐飲服務機會更是如此。

Let's turn to EMEA.

讓我們轉向歐洲、中東和非洲。

EMEA delivered roughly flat comp growth in Q3 in the face of continuing economic and competitive headwinds.

面對持續的經濟和競爭逆風，歐洲、中東和非洲地區在第三季度實現了大致持平的收入增長。

System-wide comps, however, came in at a solid plus 3% in the period.

然而，全系統的收入在此期間穩步增長 3%。

EMEA's non-GAAP operating margin expanded by 310 basis points in Q3, driven primarily by strong performance from licensed stores.

EMEA 的非 GAAP 營業利潤率在第三季度增長了 310 個基點，這主要是由於特許商店的強勁表現。

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.

我們仍然對 EMEA 的業績改善感到鼓舞，營業收入增長和利潤率顯著增長，並相信隨著我們進入 2019 年，產品組合轉向許可將進一步提高盈利能力。

Onto Channel Development.

進入渠道開發。

Channel Development had a very strong Q3.

渠道開發在第三季度表現非常強勁。

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.

星巴克繼續超越行業增長，在烘焙場又增加了一個份額，達到 13% 的美元份額，並繼續以 16% 的美元份額在 K-Cup 咖啡類別中領先高端品牌。

Channel Development's non-GAAP operating margin was 42.7%.

Channel Development 的非 GAAP 營業利潤率為 42.7%。

Solid performance given the maturity of the coffee category and increased competition down the aisle.

考慮到咖啡品類的成熟和過道競爭的加劇，業績穩健。

As we close out fiscal 2018, most of our targets remain consistent with previous guidance, but I'd like to highlight a few specifics.

在我們結束 2018 財年時，我們的大部分目標與之前的指導方針保持一致，但我想強調一些細節。

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.

我們繼續預計綜合收入將以高個位數增長，不包括華東收購和其他精簡驅動活動帶來的約 2 個百分點的青睞。

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.

全年業績可能會略低於我們的 3% 至 5% 範圍，我們預計第四季度將處於該範圍的低端。

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.

我們仍計劃在全球淨開設約 2,300 家星巴克新店，在公司自有市場和特許市場上實現一流的營業利潤率。

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.

與 2017 年相比，我們繼續預計整個公司和美洲的全年營業利潤率將適度下降，包括我們在美國稅法改革後對合作夥伴和數字計劃進行的增量投資以及反偏見的影響訓練。

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.

然而，我們現在預計第四季度美洲的營業利潤率將略有同比下降，反映出低於最初預期的收入增長。

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.

在 CAP 細分市場中，由於華東地區的整合，我們繼續預計 2018 財年的營業利潤率將比去年溫和下降。

Excluding this impact, we continue to expect CAP operating margin to be moderately higher year-over-year.

排除這一影響，我們繼續預計 CAP 營業利潤率將同比適度提高。

We still expect EMEA's operating margin to be flat, adjusted for FX, compared to 2017.

與 2017 年相比，我們仍然預計 EMEA 的營業利潤率（經匯率調整後）持平。

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.

我們仍然預測 2018 財年渠道開發的收入增長為中個位數，不包括 Tazo 的影響和 2017 年的收入扣除調整。

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.

我們繼續預計 18 財年的渠道開發營業利潤率將比上一年小幅下降，這是由於在之前的財報電話會議上討論的市場競爭日益激烈的結果。

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.

作為我們 6 月份每股收益指引的改進，我們預計 2018 財年 GAAP 每股收益在 3.26 美元至 3.28 美元之間，非 GAAP 每股收益將在 2.40 美元至 2.42 美元之間，比去年增長約 17%。

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.

重要的是，這一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，包括延續到第四季度的一部分。

These EPS estimates also assume that the pending Nestlé transaction closes on or after the final day of fiscal 2018.

這些 EPS 估計還假設待決的雀巢交易在 2018 財年的最後一天或之後完成。

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.

我們預計雀巢交易最早可能在 8 月底結束，這將導致 18 財年的每股收益攤薄影響為 0.02 美元至 0.03 美元。

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.

我想提醒您，我們預計 2019 年的收入和每股收益將因此次交易分別受到 2 到 3 個百分點的負面影響，最終數字的範圍主要由 72 億美元預付款的潛在會計處理驅動。

Finally, I want to talk a bit about G&A savings and the 1% of system sales reduction target we introduced last month.

最後，我想談談 G&A 節省以及我們上個月推出的 1% 的系統銷售額削減目標。

Roz will be leading this effort with my support, and this is a 3-year goal for us.

Roz 將在我的支持下領導這項工作，這是我們的 3 年目標。

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.

我們預計它會有些前端負載，下一個財政年度將節省 35% 到 45% 的費用。

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.

作為背景，我們仍然專注於提高我們的運營效率和我們的工作方式，併計劃使用由此產生的部分節餘來推動未來增長的投資。

These will be thoughtful, high-impact savings that speed up decision-making and enable us to focus our efforts on the largest growth opportunities.

這些將是深思熟慮、影響深遠的節省，可加快決策制定速度，並使我們能夠將精力集中在最大的增長機會上。

It is not just a cost-cutting exercise.

這不僅僅是一項削減成本的活動。

Working with our outside consultants, we have already identified significant savings opportunities in areas such as improving spans and layers within our organization.

通過與我們的外部顧問合作，我們已經在改進組織內部的跨度和層級等領域發現了顯著的節約機會。

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.

在我將電話轉回接線員進行問答之前，我要感謝大家對我最近退休決定的支持。

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.

我將永遠非常感謝凱文、霍華德和星巴克董事會以及領導團隊在我在星巴克任職 7 年期間的合作夥伴關係，以及他們對我決定的支持。

I'm also deeply appreciative to the over 330,000 Starbucks partners around the world who wear the green apron.

我也深深感謝全球33萬多名繫著綠圍裙的星巴克夥伴。

Over the past years, I've also come to know most of you on today's call.

在過去的幾年裡，我也是在今天的電話會議上認識了你們中的大多數人。

I thank you for your engagement and your support of Starbucks and of me.

我感謝您的參與以及您對星巴克和我的支持。

I can say without equivocation that the best days for Starbucks lie ahead.

我可以毫不含糊地說，星巴克最好的日子就在眼前。

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

有了這個，我會把電話轉回給接線員。

Operator?

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.

我猜是關於美洲發展前景的問題。

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?

當您專注於該國的中部和南部地區時，您能否給我們一些關於這些 AUV 與該國其他地區相比的看法？

And I know you mentioned they're lower cost, but I'm thinking maybe they're also lower revenues.

我知道你提到它們的成本較低，但我想也許它們的收入也較低。

Any perspective on what the new units might look like going forward versus maybe the class of '17 or class of '16?

關於新單位與 17 年級或 16 年級相比可能會是什麼樣子的任何觀點？

Sharon, this is Kevin.

莎倫，這是凱文。

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.

我想讓 Roz 談談我們在商店建設方面的重點，然後 Scott 將跟進您圍繞經濟學的問題。

So first of all, if we just look at our quarterly revenues, 4 points of our revenue growth came from new stores.

所以首先，如果我們只看我們的季度收入，我們收入增長的 4 個百分點來自新店。

And in that configuration is quite a bit of Mid-America and southern states who are already seeing that performance play through for us.

在這種配置中，相當多的中美洲和南部各州已經看到了這種表現對我們的影響。

So we're encouraged by what we're seeing with our current portfolio.

因此，我們對當前投資組合所看到的情況感到鼓舞。

Going forward, we are focusing in that area.

展望未來，我們將專注於該領域。

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.

我會告訴你，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投放的單位較少。

But at the same time, they're highly dense areas with increased occupancy cost and increased labor spend in those areas.

但與此同時，它們是高度密集的區域，佔用成本增加，勞動力支出增加。

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.

因此，我們已經看到了我們目前針對中美洲和該州南部地區的投資組合的表現。

So we're encouraged by what we're seeing, and so we're going to continue that process.

因此，我們對所看到的感到鼓舞，因此我們將繼續這一進程。

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.

我要補充一點，隨著我們轉向更多的直通車，Roz 提到了 80% 或更多的直通車，我們實際上已經看到 AUV 在過去 4 或 5 年中加速。

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.

因此，即使我們進入了其中一些郊區，駕車直通模式的收入也比我們典型的地鐵內非駕車直通模式高出約 25% 至 30%。

So the weighting out of those drive-throughs are actually both quite high AUVs and really good profitability.

因此，這些直通車的權重實際上是相當高的 AUV 和非常好的盈利能力。

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 John Ivankoe。

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.

我希望，就 G&A 中的投入和投入數量而言，如果我們可以談一談美元數額，也許在 19 財年和 20 財年，甚至可能超出你真正考慮的潛力從效率和效益的角度來看業務。

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.

因為很明顯，有很多不同的方式來看待這個，系統銷售額的百分比，收入的百分比，每家商店的基礎，你有什麼。

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.

我希望您能根據實際美元類型的數字來幫助指導我們，這可能是星巴克未來的正確支出水平。

Yes, thanks, John.

是的，謝謝，約翰。

It's Scott.

是斯科特。

Let me just try to narrow the range in a bit for you.

讓我試著為您稍微縮小範圍。

We're literally in the middle of our annual planning process, so we'll come back in the fall and give you more specifics.

我們實際上正處於年度計劃過程的中間，因此我們將在秋季回來並為您提供更多細節。

But let me try to tighten in the range because I know it's hard to model.

但是讓我嘗試收緊範圍，因為我知道很難建模。

First of all, what we've talked about is 1 point of system sales.

首先，我們談到的是1點系統銷售。

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.

只是為了推進系統銷售，我們最後一次談論它是在 2016 年 12 月的投資者日，我們說它大約是 300 億美元。

So if you grow that as the rate of revenue, we're somewhere in the mid-30s, call it the $35 billion range.

因此，如果你將其作為收入增長，我們將處於 30 年代中期的某個位置，稱之為 350 億美元的範圍。

We'll be at around 1 point of that building over 3 years.

我們將在 3 年內到達該建築物的大約 1 個點。

And what I said in my prepared remarks is we think 35% to 45% of that comes on a run-rate basis in 2019.

我在準備好的發言中所說的是，我們認為其中 35% 到 45% 是在 2019 年按運行率計算的。

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.

所以我們的方式 - 當我們進入秋季時，我們將看看第四季度 G&A 的退出率佔系統銷售額的百分比。

That will be our peg point.

那將是我們的掛鉤點。

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.

然後我們將向前滾動 3 年，從中提取 100 個基點或大約 100 個基點，其中 35% 至 45% 將在 2019 年出現。

So that should allow you to narrow it in a little bit.

這樣應該可以讓您稍微縮小範圍。

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.

顯然，當我們詳細了解我們能夠以多快的速度執行其中一些事情的具體細節時，這有一定的範圍，其中存在巨大的機會。

But that allows you to tighten up your modeling a bit, I think.

但我認為這可以讓你稍微加強你的建模。

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 Jeff Bernstein。

Great.

偉大的。

Just a question on China broadly.

只是一個關於中國的問題。

I mean, I know a few weeks back, when you guided for the quarter, you were talking about maybe flat to modest negative comps.

我的意思是，我知道幾週前，當您為本季度提供指導時，您正在談論可能持平或適度的負補償。

It seems like it came in down 2%.

它似乎下降了 2%。

So I'm wondering maybe if you could just talk about the trend through the quarter.

所以我想知道你是否可以談談整個季度的趨勢。

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.

更重要的是，我想，回顧過去幾個季度，似乎從高個位數到中個位數到我們今天的水平相當穩步下降。

So it would seem like there are some factors above and beyond maybe the -- just the perfect storm that is the fiscal third quarter.

因此，似乎有一些因素超出了可能 - 只是第三財季的完美風暴。

Just wondering if maybe you could talk a little bit about the broader macro headwinds that perhaps China is seeing there.

只是想知道您是否可以談談中國可能在那裡看到的更廣泛的宏觀逆風。

Or maybe just how you'd distinguish between what unit cannibalization might be versus maybe if there's some consumer pushback.

或者，也許只是您如何區分可能的單位蠶食與消費者的抵制。

Just wondering how you assess those 2 things to make sure the business is still as healthy as you think it is.

只是想知道您如何評估這兩件事以確保業務仍然像您認為的那樣健康。

Yes, Jeff.

是的，傑夫。

This is Kevin.

這是凱文。

I think we'll have Belinda talk a little bit about what she saw in the quarter.

我想我們會讓貝琳達談談她在本季度看到的情況。

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.

我認為我們 - 我們不認為在本季度內了解趨勢總是有幫助的，但我認為讓 Belinda 有機會與您分享她對品牌健康狀況，業務健康狀況的看法中國。

Belinda?

貝琳達？

Okay.

好的。

Thank you, Jeff, for your question.

傑夫，謝謝你的問題。

First of all, delivery, as a whole, is becoming a lifestyle ritual in China, and consumer behaviors are changing.

首先，外賣在中國整體上正在成為一種生活方式，消費者行為正在發生變化。

This is a trend we'll be addressing through Starbucks delivery to complement our third place in-store strategy.

這是我們通過星巴克送貨來解決的趨勢，以補充我們的第三位店內戰略。

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.

其次是中國的競爭格局，我們還將通過我們的送貨服務以及我們在投資者日分享的增長議程以及我們提升的星巴克體驗和我們所做的創新來解決這個問題。

Third will be the higher-than-expected level of sales transfer that I shared before from existing stores to new stores.

第三是我之前分享的從現有商店到新商店的銷售轉移水平高於預期。

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.

這可能會在短期內產生影響，但可以肯定的是，從現在和長期來看，擴大我們的市場份額是正確的做法。

Don't forget, operating in a developing coffee market, we need to continue to grow our presence through new stores.

不要忘記，在發展中的咖啡市場經營，我們需要通過新店繼續擴大我們的影響力。

This means more than 75% of our growth comes from new store.

這意味著我們超過 75% 的增長來自新店。

And we needed to do that because we're in a developing coffee market.

我們需要這樣做，因為我們處於發展中的咖啡市場。

We need to cultivate coffee culture.

我們需要培養咖啡文化。

We need to share coffee with people who have never tried coffee.

我們需要與從未嘗試過咖啡的人分享咖啡。

And our comp accounts for 25% of our growth.

我們的收入占我們增長的 25%。

And we will continue to innovate and deliver a meaningful and relevant experience to our customers to drive comp.

我們將繼續創新並為我們的客戶提供有意義且相關的體驗，以推動競爭。

But again, growing greater market share in this market.

但同樣，在這個市場上越來越大的市場份額。

So I have no doubt that China will be back on track very soon in terms of our comp.

所以我毫不懷疑，就我們的競爭而言，中國將很快回到正軌。

So thank you.

所以謝謝。

Yes, and Jeff, let me just reinforce a couple of key points that I think are important.

是的，傑夫，讓我強調幾個我認為重要的關鍵點。

This is Kevin.

這是凱文。

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.

首先，正如貝琳達所說，正如我在評論中所說，中國市場我們正處於市場增長階段，這完全是關於新店擴張的。

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.

事實上，我們在 100 個——大約 130 到 140 個城市中，並在未來 3 年內擴展到接下來的 100 個城市，這一點至關重要。

And the reason we grew transactions in the mid-teens in China is because of new-store growth.

我們在中國的十幾歲中期增加交易的原因是新店的增長。

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.

正是在這裡——正是通過這種擴張，我們使品牌不僅能夠加深與我們所在城市的客戶的互動，而且還能擴展到新的城市。

And so I think, as Belinda highlighted, those -- our stores are performing.

所以我認為，正如貝琳達強調的那樣，我們的商店正在表現。

They're some of the most profitable stores in the world.

它們是世界上最賺錢的商店之一。

The new ones we're building are the most -- some of the most profitable stores in the world, and it is about store expansion.

我們正在建設的新店是最多的——一些世界上最賺錢的商店，而且它是關於商店擴張的。

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.

所以我只想強調這一點，因為這是中國目前和未來幾年的核心戰略。

Your next question comes from John Glass with Morgan Stanley.

你的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?

如果我沒看錯的話，你對第四季度的薪酬指導是 3 左右，在 3 到 5 的低端，我想這讓我感到驚訝，因為你在本季度登陸的位置，特別是在美國那麼你能談談為什麼你認為這是一個保守或合理的數字嗎？

Can you also just talk, I know you mentioned June was where you thought it was.

你也能談談嗎，我知道你提到六月是你認為的地方。

Is July a similar number?

七月是相似的數字嗎？

And how much of that is a pricing overlap?

其中有多少是定價重疊？

In other words, is traffic improving in your business?

換句話說，您的業務流量是否有所改善？

Is that what's getting you more confident?

這是讓你更有信心的原因嗎？

Or is that still an area of tension and it's really just a price/mix that's maybe benefiting comps right now?

或者這仍然是一個緊張的領域，它真的只是一個價格/組合，現在可能有利於 comps？

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.

John，讓我先從這個問題開始，然後我將交給 Roz 來補充更多關於推動它的因素。

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.

但首先，我評論說，在 Oppenheimer 的評論之後，本季度如我們預期的那樣展開，只是再次確認了我們在 Oppenheimer 所做的聲明。

I don't think it's helpful to get into intra-quarter trends because that, I think, confuses the issue.

我認為了解季度內趨勢沒有幫助，因為我認為這會混淆問題。

So what gives us confidence?

那麼是什麼給了我們信心呢？

Well, you look back at this last quarter, Q3, I mean we had some very unusual things we had to navigate in the quarter.

好吧，你回顧一下上個季度，即第三季度，我的意思是我們在本季度遇到了一些非常不尋常的事情。

Certainly, the situation in Philadelphia, the fact that we've closed all our stores for an afternoon, that had an impact.

當然，費城的情況，我們關閉所有商店一個下午的事實，產生了影響。

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.

而且，我們在那個季度將春夏營銷活動的啟動推遲了 2 週左右，這一事實使我們失去了一些動力。

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.

自從我們部署它以來，我們清楚地看到我們正在獲得動力，因此這讓我們對我們正在做的事情感到樂觀。

Second, our digital customer base has grown dramatically.

其次，我們的數字客戶群急劇增長。

Look, we've grown our active rewards members by 14% to 15.1 million.

看，我們的活躍獎勵會員增加了 14%，達到 1510 萬。

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.

我們已經增加了 600 萬這些數字註冊客戶，我們現在正在學習如何與他們互動，並弄清楚如何推動與他們的更多互動。

That, combined with the pipeline of beverage innovation, gives us confidence as we look forward and -- into this quarter.

這與飲料創新的管道相結合，讓我們充滿信心地展望這個季度。

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.

讓我交給 Roz 來談談關於定價和附件的問題，以及推動一些問題的因素。

And Roz, I'll let you comment on that and maybe Matt on the pricing.

Roz，我會讓你對此發表評論，也許 Matt 會評論定價。

Roz?

羅茲？

Sure.

當然。

Let me give a little bit more flavor to our comp performance.

讓我給我們的比賽表現多一點風味。

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.

所以首先，我會開始，你打破我們的競爭，我們有 2 點來自飲料，另一點來自食物。

So we're encouraged in terms of what we're seeing.

因此，就我們所看到的而言，我們感到鼓舞。

All of our core categories, except for Frappuccino, grew in the quarter.

除了星冰樂之外，我們所有的核心類別都在本季度實現了增長。

Both our core coffee beverages, our innovative new products such as draft and refreshers.

無論是我們的核心咖啡飲料，還是我們創新的新產品，例如生啤和提神飲品。

So we're seeing growth in every category.

所以我們看到每個類別都有增長。

We're seeing food attachment from our breakfast sandwiches happening.

我們看到早餐三明治對食物的依戀正在發生。

We're up to about 22% of our portfolio is food, so we're seeing that have a nice impression on our ticket.

我們的投資組合中約有 22% 是食品，因此我們看到這對我們的票有很好的印象。

We're still growing in morning peak, and that's our most important daypart, and we're still seeing growth in the morning.

我們仍然在早高峰增長，那是我們最重要的一天，我們仍然在早上看到增長。

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.

最後，我會告訴你，我們看到我們剛剛談到的新店的強勁表現，我們將在中美洲和南部的這些市場投放。

So that gives us encouragement that we're on the right track.

所以這給了我們鼓勵，我們走在正確的軌道上。

Just the isolation of moving transactions is our focus, and we need to get those transactions to our beverage growth.

只是隔離移動交易是我們的重點，我們需要讓這些交易促進我們的飲料增長。

And when Kevin talked about the afternoon daypart, it is a soft part of our business.

當凱文談到下午的時段時，這是我們業務的軟性部分。

The marketing campaign that we ran through the beginning of the spring is still ongoing.

我們在春季開始時開展的營銷活動仍在進行中。

It's actually the largest in media spend we've done in a while.

這實際上是我們一段時間以來最大的媒體支出。

Consistent focus on afternoons and absolutely focused on a new occasion in the afternoon with teas and refreshers.

始終專注於下午，絕對專注於下午的新場合，喝茶和提神。

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.

因此，我們將維持我們的計劃，繼續我們正在做的這項工作，因為我們從現在所看到的情況中受到鼓舞。

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

你的下一個問題來自加拿大皇家銀行資本市場的大衛帕爾默。

(inaudible)

（聽不清）

David, you're breaking up.

大衛，你要分手了。

Can you start over?

你能重新開始嗎？

Yes.

是的。

I wanted to ask a question about the U.S. business.

我想問一個關於美國業務的問題。

It looks like the afternoon and beverage contribution to growth has been the particular problem.

看起來下午和飲料對增長的貢獻一直是特別的問題。

Could you talk about that?

你能談談嗎？

And given the fact that you're now seeing digital user growth resume, that takes off the table that as an issue.

鑑於您現在看到數字用戶恢復增長這一事實，這成為一個問題。

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?

所以我想，問題是，與其他沒有冷萃茶或 Teavana 奶昔茶的國家相比，您認為美國的競爭放緩在多大程度上是飲料創新問題？

And how do you feel about the beverage innovation pipeline at this point?

您對目前的飲料創新渠道有何看法？

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.

大衛，讓我先回答一下，然後我將交給羅茲談談飲料創新管道。

First of all, the most important daypart for Starbucks is the morning daypart, and we are growing comp in the morning daypart.

首先，星巴克最重要的時段是上午時段，我們在上午時段進行增長。

We're growing transactions in the morning daypart.

我們正在增加早上時段的交易。

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.

我們強調我們已經軟化的區域是那天下午從 2 點開始，然後是從下午 4 點開始的晚上。

on.

在。

So when we look at this, the fact that the morning daypart that's growing is a very, very, very positive metric.

因此，當我們看到這一點時，早上時段的增長是一個非常、非常、非常積極的指標。

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.

第二，當我審視飲料組合和核心平台時，咖啡、濃縮咖啡、茶和提神劑，所有這些都在增長。

And they're offsetting the softness we've had in blended.

它們抵消了我們混合的柔軟度。

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.

所以突然之間，你開始交叉，混合和下午的問題在本季度有所放大，因為這是星冰樂的季度。

And so you put that together, and I think much of that is sort of explained.

所以你把它們放在一起，我認為其中大部分都得到了解釋。

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.

正如 Roz 所提到的，我們在下午開展的活動以及我們在下午開車時提供的冷飲，我認為我們對此感覺良好。

And let me hand over to Roz to talk a little bit about the pipeline of innovation.

讓我交給 Roz 談談創新的管道。

Sure.

當然。

So we actually feel pretty good about the velocity of innovation at Starbucks in terms of the beverage business.

因此，我們實際上對星巴克在飲料業務方面的創新速度感到非常滿意。

First of all, we're seeing a strong shift to cold, and we're playing directly in that space.

首先，我們看到了向寒冷的強烈轉變，我們直接在那個空間裡玩。

Our mix is up to 50% with our cold mix of our beverages.

我們的冷飲混合比例高達 50%。

And if you look at everything we focused on in terms of our newness, it has been in cold beverage.

而且，如果您從我們的新穎性的角度來看我們關注的一切，那就是冷飲。

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.

除了年初推出的 Blonde Espresso 之外，我們還看到我們的客戶甚至使用 Blonde Espresso 定制他們的冷飲。

So focusing on innovation in core coffee and then innovation in blended with the premium Frappuccino.

因此，專注於核心咖啡的創新，然後創新與優質星冰樂的融合。

We introduced 3 of those this quarter, and we're pleased with how those 3 are moving for us.

我們在本季度推出了其中的 3 個，我們對這 3 個對我們的影響感到滿意。

But we've also customized with Cold Foam, and we're getting momentum on Refreshers and teas.

但我們還使用冷泡沫進行了定制，並且我們在提神劑和茶方面獲得了發展勢頭。

And then not only the innovation on beverages, but in food.

然後不僅是飲料方面的創新，還有食品方面的創新。

And so we introduced a new egg bite, Sous Vide Egg Bites, this quarter.

因此，我們在本季度推出了一種新的蛋咬，Sous Vide Egg Bites。

We're encouraged what we see there.

我們對在那裡所看到的感到鼓舞。

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.

然後，當您將食品和飲料方面的這種創新與我們正在做的數字化加速結合起來時，我們正在將我們收集的所有客戶信息與他們的需求相匹配。

One thing I will isolate is that our Cold Brew is really resonating with our male millennials.

我要隔離的一件事是，我們的 Cold Brew 確實引起了我們男性千禧一代的共鳴。

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.

因此，當我們緊緊圍繞消費者驅動的業務增長和創新需求時，它會直接將我們推向冷平台，並繼續在我們的核心咖啡業務中進行創新。

So we actually feel pretty good about our beverage lineup and the innovation pipeline.

所以我們實際上對我們的飲料陣容和創新管道感覺很好。

Your next question comes from Sara Senatore with Bernstein.

你的下一個問題來自 Bernstein 的 Sara Senatore。

A question about the U.S. unit growth, and then just a quick follow-up on China.

一個關於美國單位增長的問題，然後是關於中國的快速跟進。

In (inaudible), you said you're talking -- you're testing a new approach to portfolio management.

在（聽不清）中，你說你在說話——你正在測試一種新的投資組合管理方法。

Is that with reference to the mix of company-operated versus licensed?

這是指公司經營與許可的混合嗎？

Or is it about how you evaluate stores more -- perhaps more quickly and decide whether they're meeting their hurdle rates?

或者它是關於您如何更多地——或許更快地評估商店並決定他們是否達到最低要求？

Just trying to understand what that might -- what implication that might have for store growth going forward.

只是想了解這可能對未來的商店增長有什麼影響。

And then on the China piece, I know you're seeing some cannibalization.

然後在中國這塊，我知道你看到了一些蠶食。

But I'm also curious, I would assume there's a pretty steep maturity curve in China.

但我也很好奇，我認為中國的成熟度曲線非常陡峭。

So aren't you seeing any kind of offsetting comp lift from that?

那麼，您是否沒有看到任何一種補償提升？

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.

我們將 - Sara，讓 Roz 回答你關於美國單位增長和優化商店組合的第一個問題，然後 Belinda 將談談中國。

So Roz?

那麼羅茲？

Yes.

是的。

So let me just clarify the point on store growth.

因此，讓我澄清一下商店增長的要點。

So we're still adding a significant number of stores on both our company-owned and our licensed units.

因此，我們仍在公司擁有的和許可的單位上增加大量商店。

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.

我會告訴你我們正在做的是非常密切地關注根據我們放置商店的位置來管理貿易區域。

And then there's a second piece to that, Sara, that talks about the formats that we place.

然後是第二部分，Sara，它討論了我們放置的格式。

So I think you're aware that 80% of our portfolio going forward, actually approaching 90% now, is drive-through.

所以我想你知道我們未來 80% 的投資組合，實際上現在接近 90%，是直通車。

But we're also looking at exactly where those drive-throughs can complement an express unit or complement a café.

但我們也在研究這些免下車服務可以在哪些方面補充快遞單位或咖啡館。

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.

因此，我們正在非常外科地看待我們放置我們的單位的位置並且非常聰明，重點是中美洲和東南部的地理。

And so you'll see that play out in our stores coming forward, and we are not slowing our growth in those concentrated areas.

所以你會看到在我們的商店中發揮作用，我們並沒有放慢我們在這些集中地區的增長。

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

貝琳達，你想談談中國嗎？

Yes.

是的。

Sara, Belinda here.

薩拉，這裡是貝琳達。

I assume you mean the specialty coffee market in China being mature or maturing.

我假設你的意思是中國的精品咖啡市場正在成熟或成熟。

This is not the case at all.

根本不是這樣。

We're -- I think we shared stats before on 300 cups in U.S. and then 0.4 in China.

我們 - 我認為我們之前在美國分享了 300 杯的統計數據，然後在中國分享了 0.4 杯。

And we're working hard to cultivate a coffee culture here, even in Tier 1 cities like Beijing and Shanghai.

我們正在努力培養這裡的咖啡文化，即使是在北京和上海這樣的一線城市。

So there's plenty of room to grow.

所以還有很大的成長空間。

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.

隨著中產階級的興起，越來越多的人 - 我們的工作是確保越來越多的人能夠嘗試我們喜歡的東西，即咖啡和分享我們的熱情。

So there's plenty of room to grow.

所以還有很大的成長空間。

Sara, also, this is John.

莎拉，還有，這是約翰。

Just to add to the discussion around China on the maturity curve, if you're talking about the new store growth.

如果您談論的是新店增長，那麼只是為了增加關於成熟曲線的中國討論。

And when you look at our new stores, we track very closely how the new stores perform.

當您查看我們的新店時，我們會非常密切地跟踪新店的表現。

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.

一旦我們打開它們並通過第一年，然後當它們進入補償基礎時，我們就會採用一種非常有紀律的方法，我們每個月都會對其進行審查。

As we shared previously, the store payback of the new stores is within a year of the opening.

正如我們之前分享的那樣，新店的商店投資回收期是在開業後的一年內。

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.

當他們進入競爭基礎時，他們會以當前位於競爭基礎中的商店的非常一致的歷史水平進入競爭基礎。

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.

因此，我們對這條成熟度曲線感到非常滿意，而且從歷史的角度來看，它並沒有真正發生太大變化。

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.

基於我們的新店業績繼續超出所有預期這一事實，我們對繼續擴大門店足跡感到非常高興。

And the returns are very, very healthy, and overall store-level profitability of those stores as well as the whole portfolio is very healthy.

而且回報非常非常健康，這些商店以及整個投資組合的整體商店級盈利能力非常健康。

And that gives us optimism for the future.

這讓我們對未來充滿樂觀。

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.

我們談論 comp 的重要性，這顯然很重要，但歸根結底，正如 Kevin 分享的那樣，隨著我們播種市場和發展這種咖啡文化，現在的新店增長是關鍵。

Last quarter, we grew revenue 17%.

上個季度，我們的收入增長了 17%。

We grew transactions in the mid-teens.

我們在十幾歲的時候增加了交易。

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.

我們繼續增加市場的整體交易，吸引新客戶進入我們的商店，並繼續提高現有客戶的頻率。

And so we feel very good about that.

所以我們對此感覺很好。

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.

然後我要對中國提出的另一點是我們在數字方面所做的工作以及我們現在擁有 670 萬活躍的 MSR 成員這一事實。

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.

當你以每家商店為基礎進行分解時，這幾乎是我們在美國每家商店擁有的數量的兩倍。你將其與我們在支付寶、社交禮物、以及微信、社交禮物，我們正在構建一個非常強大的數字生態系統。

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.

然後再加上交付，我們看到未來很多年我們在中國的增長之路很長。

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.

這就是為什麼我們仍然非常樂觀並且非常相信我們為未來市場製定的增長計劃和戰略。

Your next question comes from Matthew DiFrisco with Guggenheim Securities.

你的下一個問題來自古根海姆證券公司的 Matthew DiFrisco。

My question is more with the U.S. I guess, just 2-pronged here.

我想我的問題更多是關於美國的，這裡只有兩個方面。

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.

看看中美洲的擴張和目標，我認為，對於我們這些在你們上次關閉大部分商店時已經覆蓋股票的人來說，其中一些是霍華德確定該國中部可能已經看到一些增長較快，但他們並不是真正的濃縮咖啡飲用者，當您試圖在這些區域開設更多門店時，該品牌並沒有引起共鳴。

How -- what's changed?

怎麼樣——有什麼變化？

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.

然後，我想，看看公司，我想，你是為數不多的完全沒有提到價值這個詞的餐飲公司之一。

And it does seem like value is what is driving the customer, whatever that means for each individual brand, respectively.

看起來價值確實是驅動客戶的因素，無論這對每個品牌分別意味著什麼。

How are you addressing the value equation to the customer who is not the My Starbucks Rewards customer?

您如何向不是“我的星巴克會員”客戶的客戶說明價值等式？

Yes.

是的。

Matthew, this is Kevin.

馬修，這是凱文。

I'll start and share perspective and will have some others to add.

我將開始並分享觀點，並將添加一些其他觀點。

But first of all, what's changed in terms of the store performance in Middle America?

但首先，中美洲的門店業績發生了什麼變化？

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.

好吧，顯然，中美洲的美國人喜歡濃咖啡飲料和我們的咖啡，因為這些商店的 AUV 和盈利能力高於該國任何其他地區。

And so I don't know what the experiment was back then, but it's working now.

所以我不知道當時的實驗是什麼，但它現在起作用了。

And this is not a new thing.

這不是什麼新鮮事。

This is -- we've been doing this for the last couple years, and we're seeing great performance from those stores.

這是——過去幾年我們一直在這樣做，我們看到這些商店的表現非常出色。

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.

我們正在使用——正如我在奧本海默 (Oppenheimer) 概述的那樣，我們正在使用分析來真正了解商店——我們在某個地區擁有的人均商店數量。

We look at the demographics in those areas, and we're using technology to help us inform us where to go build these stores.

我們查看這些地區的人口統計數據，我們正在使用技術來幫助我們告知我們去哪裡建立這些商店。

And in doing -- and since doing that, it's worked.

並且在這樣做 - 自從這樣做以來，它就奏效了。

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.

所以它是 - 我認為事實證明，我們在整個中美洲和南部建立的那些新店的商店表現證明，他們表現良好。

I think the other part then, in terms of value, the core beverage platforms of coffee, Espresso, tea, refreshers are all growing.

我認為另一方面，就價值而言，咖啡、濃縮咖啡、茶、提神劑等核心飲料平台都在增長。

The morning daypart is growing.

早上的時段正在增加。

When we think about the differentiators for Starbucks, we are -- we differentiate around a premium coffee, a premium experience.

當我們考慮星巴克的差異化因素時，我們是——我們圍繞優質咖啡和優質體驗進行差異化。

And we differentiate by doing custom, handcrafted beverages at scale.

我們通過大規模定製手工製作的飲料來脫穎而出。

And that is why our morning daypart just keeps growing.

這就是為什麼我們早上的時段不斷增加的原因。

That is the core value proposition for our customers.

這是我們客戶的核心價值主張。

And in that daypart, we are growing.

在那一天，我們正在成長。

We're growing strong, and we feel good about that.

我們正在變得強大，我們對此感覺良好。

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.

正如 Roz 所提到的，我們有 - 在下午的白天，我們在下午有一些軟性，我們已經看到我們一直在努力解決的混合平台的軟性。

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.

我認為，正如我強調的一些消費趨勢，這種需要便利的狀態，我認為我們確實已經解鎖了它，我認為，不僅通過移動訂單和支付，而且通過我們的免下車服務。

And that's balancing then the experience we create in our stores around the third place around community.

這就是我們在圍繞社區的第三個地方在我們的商店中創造的體驗的平衡。

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.

所以我認為，如果我們看看我們在過去十年中學到的東西，以及我們在這些商店形式、這些地區、我們的飲料平台、早上時段的投資表現，這些事情讓我們相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.

而馬特，我只想補充一點，當羅茲談到我們的商店增長時，她說中美洲和跨越 - 以及整個南部。

And the South is actually the bigger piece of that growth, when I look at the numbers.

當我看數字時，南方實際上是增長的更大部分。

So you're talking about Southern California, Texas, Arizona, the Southeast Florida, these are markets with a lot of growth.

所以你說的是南加州、得克薩斯州、亞利桑那州、佛羅里達州東南部，這些市場增長很快。

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.

除了該國的中部地區也表現出色之外，我們還看到那些帶直通車的市場表現非常強勁。

It's completely core to the move towards cold beverages and iced coffees.

它完全是轉向冷飲和冰咖啡的核心。

It's completely core to drive-through and the suburban strategy that we have.

它完全是駕車穿越和我們擁有的郊區戰略的核心。

And so I would just broaden the Middle America part to definitely talk about the broad swath of the Southern U.S.

因此，我只想擴大中美洲部分，明確談論美國南部的廣大地區。

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.

有一個關於澄清你所說內容的問題，然後我有一個關於中國的問題。

In the guidance commentary, you noted a slight decline in the margin in the fourth quarter year-over-year.

在指導評論中，您注意到第四季度的利潤率同比略有下降。

Was that driven by trends that you're experiencing already in July?

這是由您在 7 月已經經歷的趨勢驅動的嗎？

Or was that more of a general comment about fourth quarter relative to what you saw earlier in the year?

或者，相對於您今年早些時候看到的情況，這更像是對第四季度的一般性評論？

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.

然後在 - 關於中國，Belinda，今年早些時候，你注意到中國合資商店不是 - 不在 comp 基地中的商店略低於 comp 基地中的商店。

Did that gap narrow as the year went on?

隨著時間的推移，這種差距是否縮小了？

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?

或者，當你經歷了競爭基地商店的放緩時，如果你願意的話，他們是否都在同一個地方移動？

My comment on the margin wasn't indicating anything in July.

我對利潤率的評論在 7 月份沒有任何意義。

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.

我認為這與我們上個月給出的關於第三季度和第四季度總體盈利能力較低的指導意見一致。

And obviously, we had hoped when we started the year that the fourth quarter margin would be roughly flat year-over-year.

顯然，我們在年初時曾希望第四季度的利潤率與去年同期大致持平。

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.

如果你取消反偏見培訓和稅收投資，我們本季度取得了良好進展，我們將在下個季度取得良好進展。

But I'm just simply saying we're probably not going to quite get to flat, which was our initial guidance.

但我只是簡單地說，我們可能不會完全持平，這是我們最初的指導。

So I was just sort of chewing that up.

所以我只是在咀嚼它。

And Belinda, do you want to handle the second part?

貝琳達，你想處理第二部分嗎？

Sure.

當然。

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.

Matt，華東地區，在過去幾年中，正如您所說，由於該市場開店速度顯著以及我們正在執行的其他一些機會，在某種程度上低於中國大陸其他地區.

After East China, it's fully owned, company-operated.

華東之後是全資、公司經營。

That continues in FY 2018.

這種情況將在 2018 財年繼續。

And over time, we expect the comps in these 2 pieces of the business to converge.

隨著時間的推移，我們預計這兩項業務的競爭將趨於一致。

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.

但我很高興地報告，華東一體化正在按計劃推進，該地區的損益表現符合我們的預期。

That what was our last question today.

那是我們今天的最後一個問題。

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

我現在將把電話轉給肖先生作結束語。

Yes, thanks.

對了謝謝。

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.

為了重播，請注意我們的 2018 年第四季度電話會議暫定於 11 月 1 日星期四舉行。此外，我們期待在 12 月 12 日星期三在紐約舉行的 2018 年半年投資者日上見到你們中的許多人。

Thanks again, and have a great evening.

再次感謝，祝您度過一個愉快的夜晚。

This concludes Starbucks Coffee Company's Third Quarter Fiscal Year 2018 Conference Call.

星巴克咖啡公司 2018 財年第三季度電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。