星巴克 (SBUX) 2018 Q4 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 Fourth Quarter and Fiscal Year-end 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財年第四季及全年業績電話會議。（操作說明）

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

現在我將把電話交給投資者關係副總裁湯姆·肖。肖先生，您可以開始您的會議了。

Good afternoon, everyone, and thanks for joining us today to discuss our fourth quarter and full year results for fiscal 2018.

各位下午好，感謝各位今天蒞臨本次會議，與我們共同探討2018財年第四季及全年業績。

Today's discussion will be led by Kevin Johnson, President and CEO; Roz Brewer, Group President, Americas and Chief Operating Officer; John Culver, Group President, International, Channel Development and Global Coffee and Tea; and Scott Maw, CFO. And for Q&A, we'll be joined by Matt Ryan, Chief Marketing Officer.

今天的討論將由總裁兼執行長 Kevin Johnson、美洲區總裁兼營運長 Roz Brewer、國際、通路開發和全球咖啡茶集團總裁 John Culver 以及財務長 Scott Maw 主持。在問答環節，我們將邀請首席行銷長 Matt Ryan 出席。

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

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

GAAP results in fiscal 2018 include several items related to strategic actions, including restructuring and impairment charges; transaction and integration cost; gains related to the 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.

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。

This conference call is being webcast, and an archive of the webcast will be available on our website as well through December 1, 2018.

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 12 月 1 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, everyone.

謝謝你，湯姆，大家午安。

On today's call, I'll provide an overview of a solid Q4 performance and summarize fiscal '18. More importantly, I want to use this opportunity to reinforce the long-term strategic priorities we discussed on our last earnings call and provide additional details on the initiatives that support our strategy. I do this with the intent of showing you how we are executing against our plan, which is, in turn, driving positive results.

在今天的電話會議上，我將概述第四季度穩健的業績，並總結 2018 財年的情況。更重要的是，我想藉此機會重申我們在上次財報電話會議上討論的長期戰略重點，並提供有關支持我們戰略的各項舉措的更多細節。我這樣做是為了向你們展示我們是如何執行計劃的，而這反過來又帶來了積極的結果。

Following my comments, I will turn the call over to Roz Brewer to cover details of our operating initiatives and performance in the U.S., followed by John Culver, to do the same for both China and our Global Coffee Alliance with Nestlé. This will reinforce that we, as a leadership team, are executing against a clear set of initiatives that are driving positive outcomes. Scott Maw will then cover FY '19 guidance.

在我演講之後，我將把電話交給 Roz Brewer，讓她詳細介紹我們在美國的營運舉措和業績；然後交給 John Culver，讓她介紹我們在中國以及與雀巢的全球咖啡聯盟的情況。這將進一步表明，作為領導團隊，我們正在執行一系列明確的舉措，這些舉措正在推動積極的成果。接下來，Scott Maw 將介紹 2019 財年的業績展望。

On the last earnings call, I shared that we were progressing well on our search for a world-class CFO to succeed Scott. Last month, I was very pleased to announce that Pat Grismer will join us on November 12 and assume the CFO responsibilities at the end of November when Scott officially retires. Pat brings a well-rounded set of experiences to Starbucks with a decade at Disney; more than 14 years at Yum! Brands, including 4 as CFO; and most recently, as CFO of Hyatt Hotels. He understands consumer brands, investing in relevant consumer experiences and capital allocation of food and beverage industry at scale.

在上次財報電話會議上，我分享了我們在尋找世界一流財務長接替 Scott 的工作方面進展順利。上個月，我非常高興地宣布，帕特·格里斯默將於 11 月 12 日加入我們，並在 11 月底斯科特正式退休時接任首席財務官一職。Pat 為星巴克帶來了豐富的經驗，他在迪士尼工作了十年，在百勝餐飲集團工作了超過 14 年。曾擔任 4 家品牌的財務長；最近擔任凱悅酒店的財務長。他了解消費品牌，懂得投資相關的消費者體驗，並能大規模地對食品飲料產業進行資本配置。

Now I'd be remiss if I did not personally thank Scott, who joins us for his last earnings call, not only for facilitating his transition, but also for all that he has none to support me and Starbucks over the past 5 years.

現在，如果我不親自感謝史考特，那就太失職了。史考特將參加他的最後一次財報電話會議，我不僅要感謝他為他的過渡所做的努力，還要感謝他在過去 5 年裡對我和星巴克的大力支持。

Now let's begin with the quarterly results. The fourth quarter showed significant improvement from the third quarter in nearly every critical metric and came in ahead of our expectations on comp store sales, revenue and EPS. While we still have work to do, these results provide encouraging evidence that our plan is working. Starbucks delivered Q4 net revenue of $6.3 billion, which represented 11% year-on-year growth. I'm pleased to highlight that we posted a 4% comp in our largest market, the U.S., which was our strongest comp in the past 5 quarters. China, our second-largest and fastest-growing market, drove double-digit growth in total transactions when combining new store growth and total comp sales, with the latter improving sequentially to a plus-1 year-on-year growth. We delivered non-GAAP EPS of $0.62 a share, inclusive of a $0.02 headwind from the earlier-than-planned closing of the Global Coffee Alliance with Nestlé.

現在讓我們從季度業績開始。第四季在幾乎所有關鍵指標上都比第三季有了顯著改善，並且在同店銷售額、收入和每股盈餘方面都超過了我們的預期。雖然我們還有很多工作要做，但這些結果令人鼓舞地證明我們的計劃是有效的。星巴克第四季淨收入為 63 億美元，較去年同期成長 11%。我很高興地宣布，我們在最大的市場——美國——​​實現了 4% 的同店銷售額增長，這是我們過去 5 個季度以來最高的同店銷售額增長。中國是我們第二大且成長最快的市場，新店成長和同店銷售總額均實現了兩位數的交易額成長，其中同店銷售總額較上季成長 1%，較去年同期成長 1%。我們實現了每股0.62美元的非GAAP每股收益，其中包括與雀巢的全球咖啡聯盟提前完成而導致的0.02美元的不利影響。

For the fiscal year, Starbucks reached a record $24.7 billion in net revenue, up 10% over last year or up 8% adjusted for FX and streamline activities. We delivered a 2% global comp while surpassing 29,000 stores. Full year non-GAAP EPS grew 17% to $2.42 per share.

本財年，星巴克淨收入達到創紀錄的 247 億美元，比上年增長 10%，若扣除匯率和精簡業務的影響，則增長 8%。我們實現了 2% 的全球同店銷售額成長，同時門市數量超過 29,000 家。全年非GAAP每股收益成長17%至每股2.42美元。

While we ended the year on an upswing, we acknowledge 2018 has been a year of change, along with some challenges, as we sharpened our focus to drive growth at scale. The Starbucks brand is incredibly powerful and beloved by customers. We are a brand that stays relevant by constantly challenging the status quo, elevating the customer experience, investing in and empowering our partners, operating with discipline and adapting with agility. This is increasingly important today as consumers are interacting with brands in completely different ways, and Starbucks is leading this transition, both in our stores and digitally.

雖然我們以上升勢頭結束了這一年，但我們也承認，2018 年是充滿變革和挑戰的一年，因為我們更加專注於推動規模化成長。星巴克品牌擁有強大的影響力，深受顧客喜愛。我們是一個不斷挑戰現狀、提升客戶體驗、投資並賦能合作夥伴、嚴謹營運、靈活適應的品牌，以此維持其影響力。如今，消費者與品牌互動的方式發生了翻天覆地的變化，這一點變得越來越重要，而星巴克正在引領這一變革，無論是在我們的門市還是數位領域。

With an amazing brand and a large and growing addressable market, we have a clear set of strategic priorities for the future. These priorities are the foundation for the initiatives and actions you'll hear about today. As a reminder, our 3 strategic priorities include: accelerate growth in our targeted long-term growth markets of the U.S. and China; expand the global reach of the Starbucks brand, leveraging the Global Coffee Alliance; and sharpen our focus on increasing shareholder returns. We are consistent in these priorities and have clear initiatives driving actions and results.

憑藉著卓越的品牌和龐大且不斷成長的潛在市場，我們對未來有著清晰的策略重點。這些優先事項是今天您將聽到的各項舉措和行動的基礎。再次提醒大家，我們的三大策略重點包括：加速在美國和中國這兩個目標長期成長市場實現成長；利用全球咖啡聯盟擴大星巴克品牌的全球影響力；以及更專注於提高股東回報。我們始終堅持這些優先事項，並制定了明確的行動計劃來推動行動和取得成果。

Before I hand the call over to John and Roz to highlight our Q4 progress against these initiatives, I want to add my perspective. Accelerating growth in our 2 targeted long-term growth markets of China and the U.S. acknowledges that these 2 markets are in very different stages of development. Our initiatives in the U.S. are focused on increasing customer visits by enhancing the in-store experience, delivering customer-relevant beverage innovation and driving digital relationships. We are making progress in each of these areas, and Roz will provide you examples of actions taken that led to the acceleration in comp.

在我將電話交給約翰和羅茲，讓他們重點介紹我們在第四季度在這些舉措方面取得的進展之前，我想補充一下我的看法。加速在中國和美國這兩個目標長期成長市場的成長，意味著承認這兩個市場處於截然不同的發展階段。我們在美國的舉措著重於透過提升店內體驗、提供與顧客相關的飲料創新以及推動數位化關係來增加顧客到店次數。我們在這些領域都取得了進展，Roz 將向您提供一些例子，說明我們採取了哪些行動來加速提高競爭力。

When we look at the strategic priority of accelerating growth in China, our second-largest and fastest-growing market, a key metric is total transaction growth, which includes new store expansion as well as same-store comp. We've now successfully unified Mainland China as a company-operated market, which has positioned us for long-term expansion. In addition, we executed against a clear set of operating initiatives in China that delivered 3 points of sequential improvement in comp, which came in at a plus 1 for the quarter. We also announced a comprehensive China digital partnership with Alibaba, China's leading tech company. We're working closely with Alibaba to elevate the end-to-end customer experience for delivery in partnership with Ele.me.

當我們審視加速在中國（我們第二大且成長最快的市場）成長的策略重點時，一個關鍵指標是總交易量成長，其中包括新店擴張以及同店銷售額成長。我們現已成功將中國大陸統一為一個公司營運的市場，這為我們長期擴張奠定了基礎。此外，我們在中國執行了一系列明確的營運舉措，實現了同店銷售額環比增長 3 個百分點，本季同店銷售額增長 1 個百分點。我們也宣布與中國領先的科技公司阿里巴巴建立全面的中國數位合作關係。我們正與阿里巴巴緊密合作，透過與餓了麼的合作，提升端到端的客戶配送體驗。

Our second strategic priority achieved a significant milestone at the end of August when we closed on the transformative deal with Nestlé ahead of schedule. And we now have successfully transitioned a healthy business in North America, retained great talent in key leadership roles and reinforced a global growth agenda, which is now being operationalized through the alliance. This sets the stage for us to expand our CPG and foodservice businesses globally. And John will share more details with you on these plans.

我們的第二個策略重點在 8 月底取得了重大里程碑式的進展，我們提前完成了與雀巢的變革性交易。現在，我們已經成功地將北美一家健康的企業過渡到新的市場，在關鍵領導崗位上留住了優秀人才，並加強了全球成長策略，目前正透過聯盟得以實施。這將為我們在全球拓展消費品和餐飲服務業務奠定基礎。約翰會和你分享更多關於這些計畫的細節。

Our third strategic priority is to sharpen our focus on increasing shareholder returns. Our work over the past year to streamline the company has been focused on 3 areas: retail market alignment, business simplification and establishing the Global Coffee Alliance with Nestlé.

我們的第三個策略重點是更重視提高股東回報。過去一年，我們為精簡公司所做的工作主要集中在三個方面：零售市場調整、業務簡化以及與雀巢建立全球咖啡聯盟。

Collectively, our streamline actions are enabling us to amplify our focus and resources on core value drivers for Starbucks, the retail market alignment actions to successfully transition markets in Germany, Brazil, Taiwan and Singapore. And most recently, we announced definitive plans to license France, Netherlands, Belgium and Luxembourg to a long-term Starbucks partner who understands how to protect and grow the Starbucks brand.

總而言之，我們的精簡措施使我們能夠集中精力，投入更多資源，關注星巴克的核心價值驅動因素，以及零售市場調整措施，從而成功實現德國、巴西、台灣和新加坡市場的轉型。最近，我們宣布了明確的計劃，將法國、荷蘭、比利時和盧森堡的業務授權給一位了解如何保護和發展星巴克品牌的長期合作夥伴。

Over the past year, our streamlined actions to simplify the business drove decisions to sell Tazo to Unilever, close the Teavana specialty retail stores, transition our e-commerce business to our channel partners and simplify our SKU structure. More recently, we've taken steps to simplify work in our stores by automating inventory tracking and replenishment, which is enabling us to redirect more store partner time towards serving our customers. Business simplification is creating value through a more focused and more efficient operation.

過去一年，我們採取精簡措施來簡化業務，並據此決定將 Tazo 出售給聯合利華、關閉 Teavana 專業零售店、將電子商務業務轉移給通路合作夥伴以及簡化 SKU 結構。最近，我們採取了一些措施來簡化門市的工作，例如實現庫存追蹤和補貨的自動化，這使我們能夠將更多的門市夥伴時間用於服務顧客。業務簡化是指透過更專注、更有效率的營運來創造價值。

Finally, as we enter the next phase of our agenda driving growth at scale, we are transforming how our functional support organizations increase the velocity of innovation for our store partners. Innovation is relevant to our customers, inspiring to our partners and meaningful to the business. We view this as a multiyear initiative, with our primary focus on increasing the velocity of innovation that results in a more efficient operation as measured by G&A as a percent of system sales.

最後，隨著我們進入推動規模化成長的下一階段，我們正在改變職能支援組織提高門市合作夥伴創新速度的方式。創新對我們的客戶至關重要，對我們的合作夥伴具有啟發意義，對業務發展也意義重大。我們認為這是一項多年計劃，我們的主要重點是提高創新速度，從而提高營運效率，以一般及行政費用佔系統銷售額的百分比來衡量。

All of these actions to streamline the company and change the way we work have freed up capital, which supports our commitment to return $25 billion to shareholders through fiscal 2020. In fiscal '18 alone, we returned nearly $9 billion to shareholders. And effective October 1, we executed an accelerated share repurchase plan utilizing the $5 billion of after-tax proceeds from the upfront Nestlé payment.

所有這些精簡公司架構和改變我們工作方式的舉措都釋放了資金，這支持了我們在 2020 財年向股東返還 250 億美元的承諾。光是 2018 財年，我們就向股東返還了近 90 億美元。從 10 月 1 日起，我們利用雀巢預付款的 50 億美元稅後收益，執行了一項加速股票回購計畫。

Now I hope you share my optimism for the future of Starbucks. A clear set of strategic priorities, supported by a solid operating plan and focused execution in the quarter contributed to our strong result. With Pat Grismer joining Starbucks in mid-November, the leadership team and I look forward to hosting you at our December investor conference, where we will share our assessment of the opportunity ahead and details of the initiatives that are driving business outcomes in support of our growth agenda. We look forward to seeing you in December.

現在，我希望你們也能和我一樣對星巴克的未來充滿樂觀。明確的策略重點，加上穩健的營運計劃和本季的重點執行，促成了我們取得的強勁業績。隨著 Pat Grismer 於 11 月中旬加入星巴克，領導團隊和我期待在 12 月的投資者大會上接待各位，屆時我們將分享我們對未來機會的評估，以及推動業務成果、支持我們增長計劃的各項舉措的詳情。我們期待在十二月見到您。

And 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？

Thank you, Kevin.

謝謝你，凱文。

Last quarter, I shared how the Americas is committed to improving transaction comps by focusing on 3 operating initiatives: enhancing the in-store experience, delivering beverage innovation and driving digital relationships. Today, I'll provide an update on the key initiatives we're driving in each of these areas as well as a glimpse of what's to come in fiscal year '19. I'll start first with a closer look at our Q4 results.

上個季度，我分享了美洲地區如何致力於透過專注於 3 項營運措施來改善交易金額：提升店內體驗、帶來飲料創新和推動數位化關係。今天，我將介紹我們在這些領域正在推進的關鍵舉措的最新進展，並展望 2019 財年的發展方向。我首先來仔細看看我們第四季的業績。

The Americas grew revenue 8% to $4.3 billion, generating $940 million in non-GAAP operating income and delivering a 4% comp growth. We also continued to see strong new store contribution, with new non-comp stores accounting for 4 points of revenue growth. Beverage contributed 3 of the 4 points of comp growth, the strongest performance of fiscal year '18. And given it's our highest-margin category, we're encouraged by this shift in comp growth. We continue to grow transactions at peak, and we showed modest improvement in the afternoon daypart. This resulted in improved 1-year and 2-year transaction comp in the quarter.

美洲地區營收成長 8% 至 43 億美元，非 GAAP 營業收入達 9.4 億美元，同店銷售額成長 4%。我們也持續看到新店貢獻強勁，新開的非同店門市貢獻了 4 個百分點的營收成長。飲料業務貢獻了 4 個百分點中的 3 個百分點，是 2018 財年表現最強勁的部門。鑑於這是我們利潤率最高的品類，我們對同店銷售成長的這種轉變感到鼓舞。我們在高峰時段持續維持交易量成長，下午時段的交易量也略有改善。這使得本季 1 年期和 2 年期交易比較數據有所改善。

At the same time, we continue to balance community and our commitment to the third place while serving the growing demand for convenience. Last quarter, our stores with drive-through well outperformed our cafe comp. And from a U.S. portfolio strategy, more than 80% of our new stores in FY '18 were drive-through. And this format will be a continued focus into FY '19. Additionally, drive-through, out-the-window and Mobile Order and Pay combined grew to more than 50% of the way customers are ordering, up more than 10 percentage points in just 2 years. And although we don't often report on our U.S.-licensed store performance, it's worth noting that revenue and operating income grew at double digits in the quarter, the strongest performance we've seen in nearly 3 years.

同時，我們繼續在社區和我們對「第三空間」的承諾之間取得平衡，同時滿足日益增長的便利需求。上個季度，我們設有得來速服務的門市業績遠超同業的咖啡館。從美國投資組合策略來看，2018 財年我們新開的門市中，超過 80% 都是得來速門市。這種模式將持續成為 2019 財年的重點。此外，免下車點餐、窗口點餐和手機點餐及支付加起來佔顧客點餐方式的 50% 以上，短短 2 年內增長了 10 個百分點以上。雖然我們很少報告美國授權門市的業績，但值得一提的是，本季營收和營業利潤都實現了兩位數成長，這是我們近 3 年來取得的最強勁的業績。

Finally, Americas non-GAAP operating margin of 22.1% was down 90 basis points from last year, primarily due to the continued impact of investments in our store partners in the U.S., including tax-related wage and benefit investments and food and beverage-related sales mix shifts. Stronger comp in the quarter drove improved sales leverage and bodes well for margin as we move into 2019.

最後，美洲非GAAP營業利潤率為22.1%，比去年下降了90個基點，這主要是由於我們對美國門市合作夥伴的投資持續產生影響，包括與稅收相關的工資和福利投資以及與食品和飲料相關的銷售組合變化。本季強勁的同店銷售額推動了銷售槓桿的提升，這預示著我們在進入 2019 年時利潤率將有所提高。

Taken as a whole, we made notable progress in Q4, yet we realize there's still much work ahead, particularly as it relates to reversing our negative transaction trend. As we move into fiscal '19, we are leveraging our positive momentum while staying focused on the same priorities and continuing to accelerate with excellence.

總體而言，我們在第四季度取得了顯著進展，但我們也意​​識到未來還有很多工作要做，尤其是在扭轉交易量下滑的趨勢方面。進入 2019 財年，我們將利用目前的良好勢頭，繼續專注於同樣的優先事項，並以卓越的速度不斷加速發展。

Now I'd like to talk a little bit about our progress that we're making around our #1 priority: enhancing the in-store experience. And this seems especially timely as we head into the holiday season. Last month marked my 1-year anniversary with Starbucks. I fell in love with Starbucks way before I ever joined the company, and I fell in love for the same reason millions of customers do again and again every day. And that's because we've always been about so much more than just great coffee. We build brand love and loyalty through the human connection between partners and customers. This makes us who we are, and this connection has always been at the heart of the Starbucks Experience. But we hadn't always made it easy for our partners to focus on their customers and truly lead in the moment. Complex tasks and unclear expectations often get in the way. This is the key reason we continue to focus on driving in-store improvements and tangible changes that put our customers first.

現在我想談談我們在提升店內體驗這項首要任務所取得的進展。眼下正值假期將至，似乎尤其應時。上個月是我加入星巴克一週年紀念日。在我加入星巴克之前，我已經愛上了它，而我愛上它的原因，也正是每天數百萬顧客一次又一次愛上它的原因。那是因為我們一直以來所追求的遠不止提供優質咖啡。我們透過合作夥伴和客戶之間的人際關係來建立品牌喜愛和忠誠度。這造就了我們，而這種連結一直是星巴克體驗的核心。但我們並沒有一直讓我們的合作夥伴能夠輕鬆地專注於他們的客戶，並在當下真正發揮領導作用。複雜的任務和不明確的預期常常會成為障礙。這就是我們持續致力於推動店內改善和實際變革，將顧客放在首位的關鍵原因。

In Q3, we announced an ambitious target to cut up to 50% of current in-store administrative tasks by the end of fiscal year 2019, with the expectation this could initially unlock up to 2 to 3 hours daily for partners to focus on customer connection. We made solid progress against this goal in Q4, redeploying up to 1.5 hours per day of noncustomer-facing tasks to customer-facing activity, depending on the store.

第三季度，我們宣布了一項雄心勃勃的目標，即到 2019 財年末將目前店內行政任務減少 50%，預計這最初每天可以為合作夥伴節省 2 到 3 個小時，讓他們專注於與客戶建立聯繫。我們在第四季度朝著這個目標取得了實質進展，根據門市情況，每天最多可將 1.5 小時的非客戶導向任務重新部署到客戶導向型活動中。

I'll give you a few examples. We initiated automated inventory in 32 stores for all food products. We assigned a team to address dense urban market performance. New York metro is the initial target. And lastly, we rolled out training to field leadership to facilitate creating best moments in our cafés. And we're starting to see this work pay off. Our customer connections course, which includes ratings on cleanliness and speed of service in Q4 showed improvement across all dayparts and regions, with September ending at an all-time high. Moreover, we're confident these activities will continue to pivot the momentum in the stores to grow transactions with all our customers, including the infrequent customer.

我舉幾個例子。我們在 32 家門市對所有食品實施了自動化庫存管理。我們指派了一個團隊來解決人口密集型城市市場表現問題。紐約都會區是首要目標。最後，我們對第一線管理人員進行了培訓，以幫助他們在我們的咖啡館創造最佳體驗。我們開始看到這項工作取得了成效。我們的客戶關係課程（包括第四季度對清潔度和服務速度的評分）顯示，所有時段和地區的評分均有所提高，9 月份的評分更是創歷史新高。此外，我們相信這些措施將繼續推動門市發展勢頭，增加與所有顧客（包括不常光顧的顧客）的交易量。

Next is our work in beverage innovation. This quarter, strong beverage performance was driven by innovation in key platforms, which includes Cold Brew and Refreshers. We also ramped installations of our successful Nitro offering, adding nearly 700 stores in fourth quarter alone to reach 2,800 stores at year-end. This is a bullish sign for the future growth as these beverages, combined with our core Espresso platform, represent our coffee-forward heritage more than other more indulgent categories. We are seeing customers adopt cold beverages across all dayparts and seasons, with sales growth after 2:00 p.m. improving for the quarter versus Q3.

接下來是我們在飲料創新方面的工作。本季度，飲料業務的強勁表現得益於關鍵平台的創新，其中包括冷萃咖啡和清爽飲品。我們也加大了對廣受歡迎的 Nitro 產品的安裝力度，光是在第四季就新增了近 700 家門市，到年底門市數量達到 2800 家。對於未來的成長而言，這是一個利好訊號，因為這些飲品與我們的核心濃縮咖啡平台結合，比其他更注重享受的品類更能代表我們以咖啡為主導的傳統。我們發現，顧客在一天中的所有時段和所有季節都開始飲用冷飲，下午 2 點以後的銷量成長尤為明顯。本季較第三季有所改善。

Our third priority is digital. And in Q4, we continued to advance our goal of acquiring digital relationships that will allow us to further build customer engagement in the future. For the quarter, active SR members grew to 15.3 million, up 15% versus last year and the strongest growth rate in 7 quarters. These customers continue to drive nearly 40% of tender in the U.S., with Mobile Order and Pay representing 14% of transactions. Additionally, we grew the number of digitally registered customers from 6 million at the end of Q3 to 10 million at the end of Q4. Currently, we're engaging with these customers directly via e-mail with offers like Happy Hour. But as we get to know who they are and what they want, we'll tailor specific offers with the goal of converting them to our SR program.

我們的第三大優先事項是數位化。第四季度，我們繼續推進獲取數位化關係的目標，這將使我們能夠在未來進一步增強客戶參與度。本季度，活躍的SR會員人數成長至1,530萬，比去年同期成長15%，是7季以來最強勁的成長速度。這些客戶繼續貢獻了美國近 40% 的支付額，其中行動點餐和支付佔交易額的 14%。此外，我們的數位註冊客戶數量從第三季末的 600 萬增加到第四季末的 1,000 萬。目前，我們正透過電子郵件直接與這些客戶互動，提供諸如歡樂時光之類的優惠。但隨著我們逐漸了解他們是誰以及他們想要什麼，我們將量身定制具體的優惠，目標是將他們轉化為我們的 SR 計劃成員。

We also continue to look for ways to extend the Starbucks digital experience outside our stores as well. We started testing delivery in Miami this summer, and the results are promising. It's a potentially exciting opportunity for us, and I look forward to sharing more about our efforts in this area at Investor Day.

我們也不斷尋找方法，將星巴克的數位體驗延伸到門市之外。今年夏天，我們開始在邁阿密測試配送服務，結果令人鼓舞。這對我們來說是一個潛在的令人興奮的機會，我期待在投資者日上與大家分享我們在這一領域的更多努力。

Kevin mentioned the work we're doing to reduce G&A as a percentage of system sales. We have taken this opportunity to increase our focus, which is enabling greater speed and agility by reframing our marketing and technology team. An initial outcome is a combination of our consumer insights, partner analytics and marketing analytics functions into a new Center of Excellence. As we elevate our ability to understand customers and drive that understanding through all of our customer-facing functions, we see significant benefit in combining these groups. The opportunity to unleash and democratize information across the entire enterprise to ensure our customer is at the center of our day-to-day decision-making is powerful. And by having a smaller team and an easily accessible single source of the truth, we're enabling faster decision-making and delivering more relevant products and improved experiences.

Kevin提到了我們正在進行的工作，即降低一般及行政費用佔系統銷售額的比例。我們藉此機會更加專注於行銷和技術團隊的重組，從而提高速度和靈活性。初步成果是將我們的消費者洞察、合作夥伴分析和行銷分析功能整合到一個新的卓越中心。隨著我們不斷提升對客戶的理解能力，並將這種理解貫穿我們所有面向​​客戶的職能部門，我們發現合併這些團隊具有顯著的優勢。釋放資訊並使其在整個企業範圍內民主化，從而確保我們的客戶始終處於我們日常決策的中心，這是一個強大的機會。透過精簡團隊和易於存取的單一資訊來源，我們能夠更快地做出決策，並提供更相關的產品和更好的體驗。

Lastly, I'll share an update on holiday. Our customers tell us they love the holidays, and Starbucks Holiday Cups are a cue that the season is upon us. Last year, our stores didn't sufficiently reflect the festive environment our customers know and love and have come to expect from us. We leaned into that feedback, and starting tomorrow, we'll unveil our full holiday assortment more than a week earlier than last year with the support of a more robust media plan. Our baristas will proudly wear their red apron, stores will be adorned with holiday decorations and bright pops of red and green trim. And customers can begin shopping our collection of curated giftable merchandise, our whole bean coffee and Starbucks Gift Cards.

最後，我來分享一下我的假期近況。我們的顧客告訴我們他們喜歡節日，而星巴克節日杯正是節日來臨的訊號。去年，我們的門市未能充分體現顧客所熟悉和喜愛的節慶氛圍，而這正是他們一直以來所期待的。我們採納了這些回饋意見，從明天開始，我們將比去年提前一周多推出完整的假日系列產品，並輔以更強大的媒體宣傳計劃。我們的咖啡師將自豪地穿上紅色圍裙，商店裡將裝飾著節日飾品，並點綴著鮮豔的紅色和綠色飾邊。顧客可以開始選購我們精心挑選的禮品系列、全豆咖啡和星巴克禮品卡。

As we head into FY '19, we're looking forward to sharing more on our work around innovation in beverages, convenience and store efficiency at Investor Day next month.

隨著我們進入 2019 財年，我們期待在下個月的投資者日上分享更多關於我們在飲料、便利性和門市效率方面的創新工作。

I'll now turn it over to John.

現在我把麥克風交給約翰。

Thanks, Roz.

謝謝你，羅茲。

Let me first start with some broader points on the China and Asia Pacific region. CAP revenues grew 41% during the fourth quarter and 38% for the fiscal year. Excluding streamline activities and foreign exchange, revenues grew 12% in the quarter and for the year. Comps for the region improved 1% for the quarter, led by a 3-point sequential improvement in China, which also delivered 1% for the quarter. Total transaction growth across China showed strong double-digit increases. Equally impressive was Japan, which generated a solid 3% comp, which represents the best performance for that market in the past 7 quarters. And Korea, our fifth largest global market, delivered a strong 10% system comp.

首先，我想就中國和亞太地區談一些比較宏觀的觀點。CAP 第四季營收成長 41%，本財年營收成長 38%。剔除精簡業務和外匯影響，本季和全年營收均成長了 12%。該地區同店銷售額本季成長 1%，其中中國市場較上季成長 3 個百分點，中國市場本季也實現了 1% 的成長。中國整體交易量成長呈現強勁的兩位數成長。日本市場的表現同樣令人印象深刻，實現了 3% 的穩健成長，這是該市場近 7 個季度以來的最佳表現。韓國作為我們全球第五大市場，實現了強勁的 10% 系統完成率。

CAP's non-GAAP operating margin in Q4 represented the highest margin across retail for the company at 24.3%. And when adjusting for ownership changes, it expanded 230 basis points over the prior year. Overall, for the year, CAP contributed an impressive 53% of our total revenue growth for the company.

CAP 第四季的非 GAAP 營業利潤率為 24.3%，是該公司零售業務中最高的利潤率。如果考慮到所有權變更，則比前一年增長了 230 個基點。總體而言，CAP 在本年度為公司貢獻了令人矚目的 53% 的總收入成長。

Now taking a deeper look at China. We're very pleased with our performance as we executed and delivered against the Q4 initiatives we outlined in July. At our China investor conference in May, we shared with you our purpose-driven growth agenda, which outlined our areas of focus and the key operating initiatives we are executing against. Let me comment on several of these initiatives as it relates to our performance and what we were able to deliver in the quarter, and let's begin with our stores.

現在讓我們更深入地了解中國。我們對自己在執行和完成7月份制定的第四季度計劃方面的表現非常滿意。在五月的中國投資者大會上，我們與大家分享了我們以目標為導向的成長計劃，其中概述了我們的重點領域和我們正在執行的關鍵營運舉措。讓我就其中幾項舉措及其與我們的業績和本季度所取得的成果之間的關係發表一些看法，首先從我們的門市說起。

In China, we exceeded our plan and opened 585 net new stores and entered 17 new cities during the fiscal year. For the quarter, we opened 139 stores and entered 5 new cities, expanding our presence to over 3,500 stores across 148 cities on the Mainland. More importantly is the fact that our new stores continue to achieve best-in-class profitability and returns, and our new designs continue to elevate our brand and further define our leadership position in the market.

在中國，我們超額完成了計劃，在本財年淨增開設了 585 家門市，並進入了 17 個新城市。本季度，我們開設了 139 家門市，進入了 5 個新城市，使我們在中國大陸的業務規模擴大到 148 個城市的 3500 多家門市。更重要的是，我們的新店持續取得一流的獲利能力和回報，而我們的新設計也持續提升我們的品牌形象，進一步鞏固我們在市場上的領導地位。

From a product innovation standpoint, the initiatives we introduced in the quarter were key contributors to regaining positive comp momentum. The actions were strategic, well planned out and aligned with the mindset we have of investing in innovation and playing the long game in China.

從產品創新角度來看，我們在本季推出的舉措是恢復同店銷售成長動能的關鍵因素。這些行動具有戰略意義，經過精心策劃，符合我們在中國投資創新、著眼長遠發展的理念。

A few of the highlights were: our innovative and unique coffee-meets-ice-cream platform, which has been scaled to over 1,000 stores, covering almost 1/3 of our store portfolio. This new category has proven to resonate with our customers, and the adoption and repeat rate remains high. We also continue to be encouraged by the opportunity we see for food. In the quarter, we had strong performance through our up-level bakery lineup and the investments we continue to make.

其中一些亮點包括：我們創新獨特的咖啡冰淇淋平台，該平台已擴展到 1000 多家門市，涵蓋了我們近三分之一的門市組合。事實證明，這個新類別引起了我們客戶的共鳴，其接受度和復購率仍然很高。我們也持續受到食品領域發展機會的鼓舞。本季度，我們憑藉高端烘焙產品線和持續的投資取得了強勁的業績。

And finally, the mid-Autumn Festival is an important holiday to our Chinese customers and their families. Our unique moon cake offering has become a tradition for many Starbucks customers. This year, we achieved high double-digit growth in both volume and in revenues.

最後，中秋節對我們的中國客戶及其家人來說是一個重要的節日。我們獨特的月餅已經成為許多星巴克顧客的傳統。今年，我們的銷量和收入均實現了兩位數的高速成長。

Turning to digital. In August, we announced our new strategic new retail partnership with Alibaba Group. This partnership is not just about delivery. In fact, this is a comprehensive partnership that spans across their entire ecosystem, including Ele.me, Hema, Tmall, Taobao and Alipay to co-create an entirely new digital experience for our customers. This partnership will be the rocket fuel for our holistic, Digital Flywheel strategy in China. Now we're nearly a month into the rollout of our delivery program with Alibaba through its Ele.me platform. Delivery has also been expanded to all our Starbucks stores in Beijing and Shanghai and 11 cities in China.

轉向數位化。8月份，我們宣布與阿里巴巴集團建立新的策略零售合作夥伴關係。這種合作關係不僅僅是關於配送。事實上，這是一項涵蓋其整個生態系統的全面合作，包括餓了麼、盒馬鮮生、天貓、淘寶和支付寶，旨在共同為我們的客戶創造全新的數位體驗。此次合作將成為我們在中國推行整體數位化飛輪策略的強大動力。現在，我們與阿里巴巴旗下餓了麼平台合作推出的配送計畫已經進行了近一個月。外送服務也擴展至北京、上海以及中國其他11個城市的全部星巴克門市。

We've also piloted 2 unique stores, our Star Kitchens, which are located within Hema supermarkets in Shanghai and Hangzhou. Initial indications are our personalized Starbucks Delivers program is being positively received by our customers. The team in China is working at an unprecedented pace to bring Starbucks Delivers to more than 2,000 stores across 30 cities by the end of this calendar year.

我們也試行了兩家特色門市—“星級廚房”，分別位於上海和杭州的盒馬鮮生超市內。初步跡象表明，我們的個人化星巴克外送服務受到了顧客的正面評價。中國團隊正以前所未有的速度努力，爭取在今年底前將星巴克外送服務推廣到 30 個城市的 2,000 多家門市。

And finally, as we look to optimize efficiencies to drive our business growth for the long term, I'm pleased to report that we have made tremendous progress on unifying Mainland China and integrating the East China business, all while continuing to deliver strong results for the year in the East China region. We have kept our new store opening momentum in the region, and similar to what we're seeing across the Mainland, these new stores continue to deliver best-in-class performance and returns. In addition, we've identified and set the foundation in place to capitalize on the great synergies we can achieve on labor, G&A and supply chain, most of which we will begin to realize in fiscal '19.

最後，為了優化效率以推動業務長期成長，我很高興地報告，我們在統一中國大陸和整合華東業務方面取得了巨大進展，同時在華東地區繼續取得了強勁的年度業績。我們在該地區保持了新店開業的勢頭，與我們在大陸各地看到的情況類似，這些新店繼續取得一流的業績和回報。此外，我們已經確定並奠定了基礎，以充分利用我們在勞動力、一般及行政費用和供應鏈方面可以實現的巨大協同效應，其中大部分將在 2019 財年開始實現。

Finally, let me cover Channel Development and our Global Coffee Alliance with Nestlé. Revenues grew 4% for the quarter and 7% for the year, excluding streamline initiatives, which is in line with our prior business trend and continues to outpace the category. This includes continued share gains within total coffee, with Starbucks up 60 basis points to 15.9% for the quarter. Non-GAAP operating margin was 42.7% in the quarter, a very solid result, even with the 150 basis point adverse impact of the Nestlé transition and other streamline initiatives.

最後，我想談談通路發展以及我們與雀巢的全球咖啡聯盟。本季營收成長 4%，全年營收成長 7%（不包括精簡計畫），這與我們先前的業務趨勢一致，並持續跑贏同類產品。這其中包括咖啡市場份額的持續成長，星巴克本季市佔率成長 60 個基點至 15.9%。本季非GAAP營業利潤率為42.7%，即使受到雀巢轉型和其他精簡措施帶來的150個基點的不利影響，仍然是一個非常穩健的結果。

Regarding the coffee -- the Global Coffee Alliance, we have now transitioned over 500 Starbucks partners to Nestlé in North America and Europe. This alliance leverages the unique capabilities of both companies, and we're focused on accelerating growth across 3 key areas: first, making Starbucks-branded capsules available on the leading single-serve platforms of both Nespresso and Dolce Gusto; second, expanding and growing our leadership position in North America; and lastly, rolling out and expanding in our international markets.

關於咖啡——全球咖啡聯盟目前已將北美和歐洲的 500 多家星巴克合作夥伴過渡到雀巢。此次聯盟充分利用了兩家公司的獨特能力，我們將專注於在三個關鍵領域加速成長：首先，在Nespresso和Dolce Gusto這兩大領先的單杯咖啡平台上推出星巴克品牌的膠囊咖啡；其次，擴大和鞏固我們在北美的領先地位；最後，拓展和擴大我們在國際市場的影響力。

Now given the final details of the closing, we now expect this deal will become accretive in fiscal 2020, which is ahead of our prior guidance of 3 years or sooner.

現在，鑑於交易的最終細節已經確定，我們預計這筆交易將在 2020 財年實現盈利，這比我們之前預期的 3 年或更短時間要快。

In closing, I look forward to sharing more on our plans and progress for both China and with the Global Coffee Alliance when we're together next month in New York.

最後，我期待下個月在紐約與大家見面時，與大家分享更多關於我們針對中國和全球咖啡聯盟的計劃和進展。

And thank you, and with that, I'll turn it over to Scott.

謝謝大家，接下來我將把麥克風交給史考特。

Thank you, John, and good afternoon, everyone.

謝謝你，約翰，大家下午好。

Kevin, Roz and John have discussed in detail Starbucks' strong performance across our business and around the world in Q4 and the meaningful improvement in virtually every critical operating metric we saw compared to Q3. On today's call, I will briefly cover Starbucks' consolidated Q4 and fiscal 2018 margin performance and then turn to fiscal 2019 targets.

Kevin、Roz 和 John 詳細討論了星巴克在第四季度在公司業務和全球範圍內的強勁表現，以及與第三季度相比，我們幾乎在所有關鍵營運指標上取得的顯著進步。在今天的電話會議上，我將簡要介紹星巴克 2018 財年第四季和全年的合併利潤率表現，然後展望 2019 財年的目標。

In fiscal year 2018, consolidated revenue growth came solidly within our long-term guidance after adjusting for FX and streamline-related activities, and consolidated comp growth of 2% was just a bit below our long-term range. Consolidated non-GAAP operating margin was 18.1% for the fourth quarter and 18% for the full year, declines 190 and 170 basis points, respectively, relative to the prior year. The primary drivers for these declines were partner and digital investments, including the incremental expense resulting from investments we made following the tax law change as well as products mix shift, largely in the Americas. Additionally, our Q4 performance also reflects an unfavorable impact of 40 basis points related to the Nestlé transaction.

2018 財年，經調整外匯和精簡相關活動後，合併營收成長穩定達到我們的長期預期，而合併同店銷售額成長 2% 略低於我們的長期預期。第四季綜合非GAAP營業利益率為18.1%，全年為18%，分別較上年下降190和170個基點。導致這些下降的主要原因是合作夥伴和數位投資，包括稅法變更後我們進行的投資所帶來的額外支出，以及產品組合的轉變，主要發生在美洲地區。此外，我們第四季的業績也受到雀巢交易帶來的 40 個基點的不利影響。

With the Global Coffee Alliance with Nestlé now in place, we have redefined and realigned the financial results of our reportable operating segments to better align with how we run the business. These changes only had a nominal impact on segment performance in Q4, with the exception of EMEA, where the shift in EMEA's foodservice business to Channel Development resulted in declines in operating income and operating margin.

隨著與雀巢的全球咖啡聯盟的建立，我們重新定義並調整了可報告經營部門的財務業績，以更好地與我們的經營方式保持一致。除了 EMEA 地區外，這些變化對第四季各業務部門的業績影響甚微。 EMEA 地區的餐飲服務業務轉向通路開發，導致營業收入和營業利潤率下降。

Our historical consolidated and segment-level financial statements have been recast to conform to the new alignment and can be accessed on our IR website.

我們已重述歷史合併財務報表和分部財務報表，以符合新的調整標準，可在我們的投資者關係網站上查閱。

Let's shift to 2019 guidance. In FY '19, you will begin to see some of the benefits from the significant actions taken in FY '18 to position Starbucks for the future. We're confident that the momentum we saw in Q4 and what we believe to be a very strong beverage, food and merchandise lineup for the upcoming holiday season will enable us to deliver a great start to the fiscal year.

讓我們切換到 2019 年的指導方針。在 2019 財年，您將開始看到 2018 財年為星巴克未來發展所採取的重大舉措所帶來的一些好處。我們相信，第四季度取得的良好勢頭，以及我們認為在即將到來的假期季節將推出的非常強大的飲料、食品和商品陣容，將使我們能夠為新財年取得良好的開端。

For fiscal year 2019, we expect global comp growth near the lower end of our current 3% to 5% guidance range. We expect to add approximately 2,100 net new Starbucks stores globally in fiscal 2019, down slightly from the nearly 2,300 net new stores added in 2018 and to end fiscal 2019 with over 31,000 stores.

對於 2019 財年，我們預計全球同業成長將接近我們目前 3% 至 5% 指導範圍的下限。我們預計在 2019 財年，星巴克在全球將新增約 2100 家門市，略低於 2018 年新增的近 2300 家門市，到 2019 財年結束時，門市總數將超過 31,000 家。

China/Asia Pacific will drive approximately half of our global new store growth in fiscal 2019, adding 1,100 net new stores, including nearly 600 in China. We expect to add over 600 net new stores in the Americas, a 4% increase, with the U.S. at plus 3% net of the accelerated U.S. stores closures we discussed last quarter. And EMEA is targeting approximately 400 net new stores, virtually all licensed.

2019 財年，中國/亞太地區將貢獻我們全球新店成長的約一半，淨增 1,100 家門市，其中近 600 家位於中國。我們預計美洲地區將新增 600 多家淨門市，增幅達 4%，其中美國地區淨增 3%，這已扣除我們上季度討論過的美國門市加速關閉的情況。歐洲、中東和非洲地區的目標是新增約 400 家門市，幾乎全部都是授權門市。

We are expecting another strong year of revenue growth in 2019, with consolidated revenue increasing 5% to 7% in fiscal 2019, including approximately 2 points of headwind from streamline-related activities.

我們預計 2019 年營收將再次強勁成長，2019 財年合併營收將成長 5% 至 7%，其中包括精簡相關活動帶來的約 2 個百分點的不利影響。

Let me take a moment to talk specifically about the financial impacts of the Global Coffee Alliance with Nestlé. As you may recall, we initially expected revenue and EPS growth to both be impacted in 2019 by 2 to 3 points. We now see the impact on revenue growth at the lower end of that range and EPS growth impacted by 1 to 2 percentage points. We also stated that the deal would be accretive by 2021 as the domestic and international businesses gain momentum starting in the latter part of 2019. But as John stated, we now see accretion in 2020. So 2019 will come in ahead of our original guidance on the Nestlé transaction on 3 key financial metrics: revenue; EPS; and speed to accretion, further highlighting the strategic rationale and growth prospects of the Global Coffee Alliance.

讓我花點時間具體談談雀巢全球咖啡聯盟的財務影響。您可能還記得，我們​​最初預計 2019 年的營收和每股盈餘成長將受到 2 到 3 個百分點的影響。我們現在看到，收入成長受到的影響處於該範圍的下限，每股收益成長受到的影響為 1 到 2 個百分點。我們也表示，隨著國內和國際業務從 2019 年下半年開始加速發展，該交易將在 2021 年實現盈利增長。但正如約翰所說，我們現在看到2020年出現了成長。因此，2019 年我們在 3 項關鍵財務指標（收入、每股盈餘和增值速度）方面將超過我們最初對雀巢交易的預期，進一步凸顯了全球咖啡聯盟的戰略合理性和成長前景。

I would also add that shifting our CPG and foodservice businesses to a royalty model will impact operating income and operating margin. Specifically, consolidated operating margin will be negatively impacted by about 100 basis points in 2019.

我還要補充一點，將我們的消費品和餐飲服務業務轉向特許權使用模式將會影響營業收入和營業利潤率。具體而言，2019 年合併營業利潤率將受到約 100 個基點的負面影響。

Finally, the buyback impact related to the Global Coffee Alliance is significant as I will describe in a moment.

最後，全球咖啡聯盟的回購影響非常顯著，我稍後會詳細介紹。

Fiscal 2019 consolidated non-GAAP operating margin is expected to be down moderately from 2018, with first half pressure expected from the tax reform investments that were made in the back half of 2018 and the impact of the Global Coffee Alliance before returning to more consistent year-over-year levels in the second half of the year. Of note, we expect slight consolidated non-GAAP operating margin growth, excluding the impact of the Nestlé transaction. The work we are doing to drive G&A savings will accelerate over the course of the year, helping margin over time.

預計 2019 財年合併非 GAAP 營業利潤率將比 2018 年略有下降，上半年將受到 2018 年下半年稅收改革投資和全球咖啡聯盟的影響，下半年將恢復到更穩定的同比水平。值得注意的是，我們預計合併後的非GAAP營業利潤率將略有成長，不包括雀巢交易的影響。我們正努力降低一般及行政費用，這項工作將在今年加速推進，長期提高利潤率。

Let me add 2 additional points to the operating margin equation for fiscal year 2019. First, commodities are expected to have minimal impact on year-over-year COGS as some favorability in coffee prices is offset by higher dairy and fuel. Our overall coffee needs are roughly 90% price locked at this point for fiscal 2019. More broadly, we expect continued progress on our cost of goods sold savings targets that we outlined at our last Investor Day.

讓我為 2019 財年的營業利益率公式再補充 2 點。首先，由於咖啡價格上漲帶來的一些利好被乳製品和燃料價格上漲所抵消，預計大宗商品價格對年比銷售成本的影響微乎其微。2019 財年，我們整體咖啡需求的價格目前已鎖定約 90%。更廣泛地說，我們預計在上次投資者日上提出的銷售成本節約目標方面將繼續取得進展。

Second, a few comments on G&A. Last quarter, we outlined the 3-year opportunity to remove around 100 basis points of G&A from our base of around $35 billion in system sales. We are on target to deliver what we said we would do.

其次，關於一般及行政費用，我想提幾點意見。上個季度，我們概述了在 3 年內從我們約 350 億美元的系統銷售額中削減約 100 個基點的 G&A 費用的機會。我們正按計劃推進，並有望實現我們承諾的目標。

Excluding our planned 2019 U.S. Leadership Conference, which will meaningfully impact Q4 2019 G&A, we expect to reach about 35 basis points of run-rate savings in G&A as a percentage of system sales through 2019. This puts us well on the path towards our 3-year target. Kevin and the team will provide you a more detailed update on that front at our upcoming Investor Day.

除計劃於 2019 年舉行的美國領導力會議（該會議將對 2019 年第四季的 G&A 產生重大影響）外，我們預計到 2019 年，G&A 的運作率將佔系統銷售額的 35 個基點左右。這使我們朝著三年目標穩步邁進。Kevin 和他的團隊將在即將舉行的投資者日上向您提供這方面的更詳細最新資訊。

From a segment standpoint for fiscal 2019, we expect Americas non-GAAP operating margin to be down slightly from the prior year due to the significant tax reform-related partner and digital investments we made starting in Q3 2018, which we will lap in the back half of fiscal year 2019. CAP non-GAAP operating margin should be roughly flat to 2018 levels as strong operating leverage in China and Japan is offset by the impact of the ownership change in East China. EMEA non-GAAP operating margin should improve over the course of 2019 as the benefits of the shift towards licensed stores and G&A savings ramps up over time. We expect Channel Development non-GAAP operating margin to be in the high-30% range, down from just over 42% in 2018, all driven by the impact of the Nestlé licensing transaction.

從 2019 財年的業務部門來看，由於我們從 2018 年第三季開始對合作夥伴和數位業務進行了大量與稅收改革相關的投資，我們預計美洲地區的非 GAAP 營業利潤率將比上一年略有下降，這些投資將在 2019 財年下半年逐步收回。由於中國和日本強勁的營運槓桿作用被華東地區所有權變更的影響所抵消，CAP 非 GAAP 營業利潤率應與 2018 年的水平大致持平。隨著特許經營店的轉型和一般管理費用的節省帶來的益處逐漸顯現，EMEA 非 GAAP 營業利潤率在 2019 年應該會有所改善。我們預期通路發展業務的非GAAP營業利潤率將在30%以上，低於2018年的42%以上，這完全是由於雀巢授權交易的影響。

Below the operating income line, we expect lower interest income in other, particularly in the first quarter, given the significant unredeemed gift card balance benefit in the prior year and due to new revenue recognition accounting for unredeemed gift cards. We will adopt this new accounting prospectively starting in the first quarter of fiscal 2019, which will move this benefit to the revenue line. Higher interest expense in fiscal 2019 will reflect the additional leverage on the balance sheet, including the most recent $3 billion debt offering in August.

在營業收入之外，我們預計其他方面的利息收入將會減少，尤其是在第一季度，因為上一年未兌換禮品卡餘額帶來了顯著的收益，而且由於未兌換禮品卡的新收入確認會計處理。我們將從 2019 財年第一季開始採用這種新的會計方法，這將使這項收益計入收入。2019 財年利息支出增加將反映資產負債表上的額外槓桿，包括最近 8 月發行的 30 億美元債務。

Regarding share count, Kevin highlighted that the proceeds of the Nestlé transaction have been used to execute accelerated share repurchases effective October 1, 2018. The initial delivery of shares represented approximately 80% of the total that will be repurchased under the ASR, with the balance of the ASR and other repurchases happening in the second half of the year.

關於股份數量，凱文強調，雀巢交易所得款項已用於執行加速股份回購，自 2018 年 10 月 1 日起生效。首次交付的股份約佔 ASR 計劃下將回購股份總數的 80%，剩餘的 ASR 股份和其他回購股份將在今年下半年進行。

We expect our non-GAAP effective tax rate for 2019 to be flat to down slightly compared to 2018.

我們預計 2019 年的非 GAAP 實際稅率將與 2018 年持平或略有下降。

Capital expenditures in fiscal 2019 are expected to total approximately $2 billion, roughly flat to 2018 levels. Nearly 80% of 2019 CapEx will be allocated to Starbucks retail portfolio, new stores, renovations for existing locations and strategic store-related initiatives. This compared to 70% in 2018. We expect non-GAAP EPS to grow 8% to 10% in fiscal 2019 to $2.61 to $2.66 per share. This includes our updated expectation that the Global Coffee Alliance transaction will lower 2019 non-GAAP EPS growth by 1 to 2 points. Non-GAAP EPS growth in the first half of the year is expected to be below the full fiscal 2019 average, due primarily to partner investments funded by tax reform savings and the additional benefits of share repurchases. Full year non-GAAP EPS growth is slightly below our long-term guidance due to the impact of the Nestlé transaction and tax-related investments. G&A savings will start to build and deliver sustainable benefits later in 2019 and beyond. Additionally, non-GAAP EPS for Q1 is expected to be flat to down slightly related to Q1 2018, primarily due to the impact of the true-up of our liability for unredeemed gift cards in the prior year as well as dilution from the Global Coffee Alliance.

預計 2019 財年的資本支出總額約為 20 億美元，與 2018 年的水準大致持平。2019 年近 80% 的資本支出將分配給星巴克零售組合、新店、現有門市的翻新以及與門市相關的策略性舉措。相較之下，2018 年這一比例為 70%。我們預計 2019 財年非 GAAP 每股盈餘將成長 8% 至 10%，達到每股 2.61 美元至 2.66 美元。這包括我們更新後的預期，即全球咖啡聯盟交易將使 2019 年非 GAAP 每股盈餘成長降低 1 至 2 個百分點。由於稅改節省的資金用於合作夥伴投資以及股票回購帶來的額外收益，預計今年上半年的非GAAP每股收益成長將低於2019財年的平均水準。受雀巢交易和稅務相關投資的影響，全年非GAAP每股盈餘成長略低於我們的長期預期。一般及行政費用的節省將在 2019 年下半年及以後開始累積並帶來可持續的效益。此外，由於上一年未兌換禮品卡負債的調整以及全球咖啡聯盟的稀釋，預計第一季的非GAAP每股收益將與2018年第一季持平或略有下降。

In closing, I would like to again thank all of you for your support over my past 5 years as CFO. And I would again like to thank Kevin and the many Starbucks partners with whom I've had the honor and privilege to collaborate during my 7 years at Starbucks.

最後，我要再次感謝大家在我擔任財務長的這五年給予我的支持。我再次感謝凱文以及在星巴克工作的7年間，有幸與許多星巴克夥伴們合作。

And finally, I would like to express my sincere gratitude to our store partners who proudly wear the green apron and deliver an elevated Starbucks Experience to our customers all around the world every day. I know that the best days for Starbucks are still ahead because of your unwavering commitment to serving our customers with passion and dedication one cup at a time.

最後，我要衷心感謝我們所有門市夥伴，他們每天都自豪地穿著綠色圍裙，為世界各地的顧客提供卓越的星巴克體驗。我知道，星巴克最棒的日子還在後頭，因為你們始終如一地用心服務顧客，一杯一杯地用心。

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

（操作員說明）我們的第一個問題來自摩根大通的約翰·伊万科。

First, a clarification and then a question. First, on the clarification, does the earnings guidance include the amortization from the Nestlé gain? The $7.15 billion is the first clarification. Then secondly, on the question, I do know that there's obviously a target to reduce G&A 100 basis points, the percentage of system sales. At this point, are you willing to commit to that being a net number? Or might there still be some investments that you decide to put against that number as we move throughout '20 and '21?

首先，澄清一下，然後提出一個問題。首先，關於澄清問題，獲利預期是否包含雀巢收益的攤銷？71.5億美元是第一個需要澄清的數字。其次，關於這個問題，我知道顯然有一個目標是將 G&A 降低 100 個基點，即係統銷售額的百分比。此時，您是否願意確定這是一個淨值？或者，隨著 2020 年和 2021 年的到來，您是否還會決定對這個數字進行一些投資？

Thanks for the question. On the first part, yes, it is inclusive of the amortization of the revenue. And as far as the 35 basis points this year and the 100 basis points over 3 years, that is a net number. So there will be investments that happen within that, but that's a net number you'll see come out of the P&L.

謝謝你的提問。第一部分，是的，包含了收入攤提。至於今年的 35 個基點和 3 年的 100 個基點，這是一個淨值。因此，其中會有一些投資，但你會在損益表中看到一個淨額。

Did you clarify the...

你解釋清楚了嗎？

Amortization? It's in there. Yes.

攤銷？就在裡面。是的。

Our next question comes from the line of Jeffrey Bernstein with Barclays.

我們的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Just 2-part question on the U.S. comp. I'm just wondering if you can provide any color in terms of the sequential trends you saw through the fourth quarter, maybe what you think was the biggest driver of the uptick. Made it sound as if you have -- leveraging a positive momentum into this year, so I wasn't sure if you'd provide any color in terms of that sequential trend and whether it's continued into October. And then Roz, if you could just provide any color in terms of the p.m. traffic trends. I think you said modest improvement versus 3Q. Wasn't sure if you would call that a noticeable change in trend that you expect to continue? Or is there any particular drivers that might have led the p.m. to get better sequentially.

關於美國計算機考試的兩部分問題。我只是想了解您能否就第四季度觀察到的連續趨勢提供一些細節，也許您認為推動成長的最大因素是什麼。聽起來好像你已經——利用了今年的積極勢頭，所以我不太確定你是否會詳細說明這一連續趨勢，以及這種趨勢是否延續到了十月份。然後，Roz，如果你能提供下午的任何顏色就好了。交通趨勢。我想你說過與第三季相比略有改善。我不確定這是否可以稱之為明顯的趨勢變化，並且你認為這種趨勢會持續下去？或者，是否有某些特定的司機可能導致下午的…逐步好轉。

Yes -- no, I'll have Roz answer the question on the U.S. comp thing. I'll just mention, though, too, you asked about October and I think Scott and I had said on the last call, we don't think it's helpful to be doing intra-quarter discussions, so we'll stay away from that question. But Roz can shed some light on the Q4 performance on comp.

好的——不，我會讓羅茲回答關於美國薪酬的問題。不過，我還要提一下，你問到了十月份的情況，我想我和斯科特在上次電話會議上說過，我們認為進行季度內討論沒有幫助，所以我們會避開這個問題。但 Roz 可以提供一些關於第四季度競爭表現的資訊。

Yes. So Jeff, let me see if I can break that down for you. So first of all, we did grow revenue 8% in the quarter. We continue to see strong growth in our new store contribution with new and non-comp stores accounting for about 4 points of revenue growth. Really highlighted in there from the beverage innovation that I alluded to, beverage contributed about 3 of the 4 points of the comp growth, with the strongest performance throughout the year hitting in the fourth quarter. A lot of that is based on the performance we're seeing in our cold platform, and that cold platform is our Nitro, our Refreshers, in addition to Cold Brew and then Cold Foam. And so we're seeing it come through in our cold beverages. And then the question that you had around the afternoons that we're seeing some improvement there, I will tell you that when we removed some of the tasks that are happening in the stores to get the stores more efficient, we freed up time for the partners to interact with customers throughout that afternoon daypart. Moving some of that -- the routine task to closing, freed up time for them to interact. And so we're seeing some nice movement between our customer connection stores that we know ultimately that relates to increased frequency and traffic. So we're encouraged by those things alone. You'll continue to hear us talk about beverage innovations because that's where we see our greatest push from transaction growth.

是的。傑夫，讓我來幫你解釋一下。首先，我們本季的營收成長了 8%。我們繼續看到新店貢獻強勁成長，新店和非同店銷售額約佔營收成長的 4 個百分點。正如我之前提到的，飲料創新在其中發揮了重要作用，飲料貢獻了同店銷售額增長的 4 個百分點中的 3 個百分點，其中全年表現最強勁的是在第四季度。這很大程度上取決於我們在冷飲平台上的表現，而這個冷飲平台包括我們的氮冷萃咖啡、清爽飲品，以及冷萃咖啡和冷萃泡沫咖啡。因此，我們在冷飲中也看到了這種變化。至於您提到的下午時段的情況有所改善的問題，我可以告訴您，當我們減少門店中的一些工作，提高門店效率時，我們就騰出了員工在下午時段與顧客互動的時間。將部分日常工作移至收尾階段，騰出時間讓他們互動了。因此，我們看到客戶連接商店之間出現了一些不錯的變化，我們知道這最終與訪問頻率和流量的增加有關。光憑這些就足以讓我們感到鼓舞。你會繼續聽到我們談論飲料創新，因為我們從中看到了交易成長的最大動力。

Our next question comes from the line of David Tarantino with Baird.

我們的下一個問題來自大衛·塔倫蒂諾和貝爾德的對話。

Similar question on the China trends. The China trends have been quite volatile the last couple of quarters. And I wonder if you could just elaborate on the factors you think drove the improvement this past quarter and how sustainable that trend might be. Because I know you mentioned some successful product introductions, and those might be temporary. But could you just talk about the sustainability of what you've done in China and how you'd like us to think about the year for fiscal '19?

關於中國的發展趨勢，也有類似的問題。過去幾個季度，中國經濟走勢波動較大。我想請您詳細說明您認為上個季度業績改善的推動因素，以及這種趨勢的可持續性。因為我知道你提到了一些成功的產品推出案例，但這些案例可能只是暫時的。但您能否談談您在中國所做工作的可持續性，以及您希望我們如何看待 2019 財年？

Yes, David. I think that overall, first off, we're very pleased with the growth we saw in China in the quarter and for the year. So when you look at it in total, revenue growth across China grew 19%, ex any of the equity or FX variables. And for the year, revenues grew 21%, so very strong growth across the market. The majority of the growth, as we shared previously, is being driven by the new stores and non-comp stores. So we continue to double down and accelerate growth on new stores. And we opened 585 stores last year, a total of 139 in the quarter, and we opened 5 new cities. We also, as part of that then, look at total transaction growth across the market. And as I shared, we saw total transactions grow in the double-digit range for the quarter, which indicates the fact that we continue to attract the existing customers' frequency into the stores as well as new customers into the stores as we open stores. Then you couple all that with the work that we did around product and around innovation. And I talked a little bit about coffee meets ice cream, the rollout that we've seen there. That had a -- contributed about 2 points of comp contribution to us. We also saw strong uptick on Cold Foam. And then also, food. Food, we saw a strong uptick as well, given the investments that we're making across bakery and some of the other holiday food items. Now all the performance that you saw in the quarter, put aside the delivery opportunity that we have with Alibaba, as we shared, we announced the deal in August. We were just getting it rolled out in the month of September, and so there was really no meaningful impact with delivery on the quarter. So we feel that the momentum that we have coming through the quarter and seeing the sequential improvement in comp, we will continue to see gains in comp as we work through the year. It'll moderate in the first half of the year, and it'll accelerate in the back half of the year as we get delivery fully rolled out and as we continue to build out the new stores as well as continue to drive digital engagements with our customers.

是的，大衛。我認為總體而言，首先，我們對本季和全年在中國市場取得的成長非常滿意。因此，從整體來看，剔除任何股票或外匯變數後，中國的收入成長率為 19%。全年營收成長21%，市場整體成長非常強勁。正如我們之前分享的那樣，大部分的成長是由新店和非同店銷售推動。因此，我們將繼續加倍投入，並加速新店擴張速度。去年我們開設了 585 家門市，其中第一季就開設了 139 家，我們在 5 個新城市開設了門市。因此，作為其中的一部分，我們也會關注整個市場的交易總量成長。正如我之前所說，本季總交易量實現了兩位數的成長，這表明我們不僅持續吸引現有客戶頻繁光顧門市，而且隨著新店的開設，也持續吸引新客戶光顧門市。然後，再結合我們在產品和創新方面所做的工作。我還簡單談了一下咖啡與冰淇淋的結合，以及我們看到的這種結合方式的推廣。那項貢獻為我們帶來了大約 2 點的薪酬貢獻。我們也看到冷泡劑的需求大幅增加。還有食物。食品方面，我們也看到了強勁的成長，這得益於我們在烘焙食品和其他一些節日食品方面的投資。現在，撇開你們在本季看到的所有業績不談，我們與阿里巴巴的合作機會（正如我們之前分享的，我們在 8 月宣布了這項交易），我們在九月才開始逐步推出這項服務，因此對本季的交付並沒有造成實質的影響。因此，我們認為，憑藉本季度以來的良好勢頭以及同業銷售額的持續增長，我們將在今年繼續看到同業銷售額的成長。今年上半年增速將放緩，下半年增速將加快，因為隨著我們全面推出送貨服務、繼續建設新店以及繼續推動與客戶的數位互動，增速將會加快。

Our next question comes from the line of Sara Senatore with Bernstein.

我們的下一個問題來自 Sara Senatore 與 Bernstein 的對話。

I have a question about margins, if I may. So the Americas margins are down. And I guess I was a little surprised because, while I know you had guided to that last quarter, it seems like the comp you had was very strong. Maybe as good or better as what you expected in the beginning of the year, and it was entirely ticket driven. So I'm just trying to understand, given that beverage mix was better, you added ticket-driven comp, why the margin? And I guess, related to that with China, should we expect you to be reinvesting some of the cost savings that you've talked about in like product and partners? Or would we expect to see some of that flow through?

請問我有一個關於邊距的問題嗎？所以美洲的利潤率下降了。我有點驚訝，因為雖然我知道你上個季度的業績預期很高，但看起來你的同期業績非常強勁。或許和年初的預期一樣好，甚至更好，而這完全取決於門票銷售情況。所以我想弄清楚，既然飲料組合更好，而且你還增加了以客單價驅動的同店銷售，為什麼利潤率會這麼低？我想，關於中國市場，我們是否可以期待您將您提到的節省下來的成本重新投資到產品和合作夥伴等方面？或者我們可以預期會看到部分資金流入？

Sara, thanks for the question. It's Scott. So margin came in about where we would expect it with the comp growth that we had. We did see -- if you take out the partner and digital investments that we did in the back half of the year from the tax savings, we did see the best margin performance that we'd had all year for any quarter. So if you back those out, margin was down just slightly. And as you know, we've seen -- and I'm talking about in Americas, we've seen the Americas margin down quite significantly, particularly in the first half of the year before those investments. But as we came to the fourth quarter and you remove those incremental tax-related partner and digital investments, margin performance was actually the strongest for the year. And maybe I'll have John handle the second part of the question.

薩拉，謝謝你的提問。是斯科特。因此，在同店銷售成長的情況下，利潤率基本上符合我們的預期。我們確實看到——如果從稅收節省中扣除我們在下半年進行的合作夥伴和數位投資，我們確實看到了全年任何一個季度以來最好的利潤率表現。所以如果剔除這些因素，利潤率只會稍微下降。如你所知，我們已經看到——我指的是美洲地區——美洲地區的利潤率大幅下降，尤其是在上半年，也就是在這些投資之前。但到了第四季度，剔除與稅收相關的合作夥伴和數位投資後，利潤率表現實際上是全年最強勁的。或許我會讓約翰來回答問題的第二部分。

Yes, Sara. On the margins, as it relates to China and the investments we're making, so we continue to make investments in our business in China as we build -- continue to build on the foundation for growth, whether that is in IT, whether that is in supply chain, and more importantly, around our partnership with Alibaba and the investments we need to make there. And then you couple that with the investments that we continue to make in our partner base and making sure that we continue to elevate Starbucks as an employer of choice in the market. All those puts and takes within China lead us to a CAP margin that Scott guided to, which would be roughly flat on a year-over-year basis. So we're able to absorb all those investments within the total CAP business and keep margin relatively stable on a year-over-year basis.

是的，薩拉。從與中國及我們正在進行的投資相關的邊緣來看，我們將繼續在中國投資我們的業務，以鞏固增長的基礎，無論是在資訊技術方面，還是在供應鏈方面，更重要的是，圍繞我們與阿里巴巴的合作以及我們需要在那裡進行的投資。再加上我們不斷增加對合作夥伴的投資，確保我們持續提升星巴克作為市場上首選雇主的地位。中國境內的所有買賣操作都導致 CAP 利潤率達到 Scott 預期的水平，與去年同期相比大致相當。因此，我們能夠將所有這些投資納入 CAP 業務的整體框架內，並保持利潤率逐年相對穩定。

Our next question comes from the line of John Glass with Morgan Stanley.

我們的下一個問題來自摩根士丹利的約翰·格拉斯。

I wanted to delve, Roz, maybe a little bit more into the check growth you saw this quarter. It sounds like it was beverage. So one, what was that? Was that trade-up to these cold platforms, for example, that you were experiencing? Two, I think in the past, you've talked a little about spend for My Starbucks Rewards members has driven check up. And so was that a phenomenon here as you sort of individualized offers, you're getting people to trade-up more often? And how do you think, I guess, maybe longer term about it, right, traffic was down, check was up a lot? You probably want it more balanced. Is your plan in '19 to drive traffic maybe with lower check? Or how do you think about how '19 plays out versus -- check versus traffic?

Roz，我想更深入地探討一下你本季看到的支票成長。聽起來像是飲料。所以，第一，那是什麼？例如，你所經歷的這種「升級」是指從舊平台過渡到這些冷冰冰的平台嗎？第二，我認為你過去曾談過，My Starbucks Rewards 會員的消費推動了消費額的成長。所以，隨著你們提供個人化服務，人們更頻繁地進行升級換代，這是否也是一種普遍現象？那麼，從長遠來看，您覺得情況如何呢？交通流量下降了，但支票金額卻大幅上升了。你可能想要更均衡一些。您在 2019 年的計畫是否是透過降低薪資來吸引客流？或者，您如何看待 2019 年的情況與以往相比——例如檢查交通狀況？

I'm actually going to start with your '19 question around do we plan to drive with price in '19. And actually, we have loaded in the plan, just like we did in fiscal year '18, about 1 to 2 points of price. So we're going to stay pretty stable. We addressed that throughout the year. No particular beverage or food item or geography. We just balanced it throughout the year. So no change there. When we think about what's happening in terms of what got our movement in fiscal year '18, it's a little bit of movement on what we're getting from our Starbucks Rewards members, and then it is the combination of looking at our blended business and just supplementing that with the new cold platform. So it's an and equation for our beverage business. We're seeing nice food attach on our ticket as well. And as you know, our breakfast business tends to do well for us, our hot sandwiches. Sous Vide Egg Bites are growing nicely for us. And then the premiumization of Frappuccino actually helped us as we transition to that in the second half of the year. So it's a combination of things that get back to our strategic points of focusing on beverage innovation, continuing to drive our digital relationship with our customers, our Starbucks Rewards customers, and then just running the business through maintaining price at the 1 to 2 points throughout the year.

我其實要先回答你關於 2019 年價格的問題。實際上，我們已經像 2018 財年一樣，在計劃中加入了大約 1 到 2 個價格點。所以我們會保持相當穩定。我們全年都在解決這個問題。並非特別指某種飲料、食物或地理位置。我們只是在全年都保持了收支平衡。所以這方面沒有變化。當我們思考 2018 財年推動我們發展的原因時，一方面是我們從星巴克獎勵計劃會員那裡獲得的收益有所增長，另一方面是我們對混合業務的審視，以及用新的冷飲平台對其進行補充。所以，這對我們的飲料業務來說是一個正負方程式。我們的票上也附贈了不錯的餐點。如您所知，我們的早餐生意一直很好，尤其是熱三明治。我們家的低溫慢煮蛋塊銷量很好。然後，星冰樂的高端化實際上幫助我們在下半年順利過渡到高端化產品。所以，這是多種因素共同作用的結果，最終都回到了我們的戰略重點：專注於飲料創新，繼續推動我們與顧客（包括星巴克獎勵計劃顧客）的數位化關係，然後通過全年將價格維持在 1 到 2 個點來維持業務運營。

Our next question comes from the line of 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。

This is a question for Matt Ryan. Could you just speak to, I guess, you've done in the past the My Starbucks Rewards membership, how those guys performed as far as a comp or their growth year-over-year, their spend. Can we get some color on that this quarter and also some of the -- maybe the some of the details on what you're seeing on the reloads and the potential for that to accelerate.

這個問題應該要問馬特·瑞安。您能否談談您過去參與過的「我的星巴克獎勵」會員計劃，例如這些會員的業績表現，包括他們的年增長率、消費額等等。我們能否了解本季的具體情況，以及──或許可以詳細說說你​​觀察到的重新裝填情況，以及這種裝填加速的可能性。

Sure. Thanks for the question. I think the big headline was that we saw tremendous growth in the membership this quarter. And it's typically a quarter of the year when we don't see that. We tend to see -- because of seasonality, see reductions. So up 15% year-on-year at the end of the year to 15.3 million members, we had a few things contribute to that. One is these digital relationships we've been talking about. We've begun to see conversion of those members into Starbucks Rewards members, which is tremendously helpful. We removed some of the frictions in the funnel as well to getting people into the program more easily and just focusing on membership. We have continued to see year-on-year growth in spend per member. That is in the single-digit range again, and we're very optimistic about that because that shows that our members are, in fact, engaging, even the ones we've had for a long time. So we're very, very pleased with growth there and are looking forward to expanding the program and leveraging more of those digital relationships we have during the course of the next year.

當然。謝謝你的提問。我認為最大的新聞是本季會員人數實現了巨大增長。一年中通常有四分之一的時間我們看不到這種情況。由於季節性因素，我們往往會看到減少。因此，到年底會員人數年增 15%，達到 1,530 萬，這其中有幾個因素促成了這一增長。其中之一就是我們一直在談論的這些數字關係。我們已經開始看到這些會員轉化為星巴克獎勵會員，這非常有幫助。我們也消除了流程中的一些摩擦，讓人們更容易加入該計劃，從而專注於會員發展。我們看到每位會員的消費額持續較去年同期成長。這個數字再次回到了個位數，我們對此非常樂觀，因為這表明我們的會員確實很積極參與，即使是那些我們擁有很長時間的會員也是如此。因此，我們對這方面的成長非常非常滿意，並期待在未來一年中擴大該計劃，並利用我們現有的更多數位關係。

Our next question comes from the line of Andrew Charles with Cowen and Company.

我們的下一個問題來自考恩公司 (Cowen and Company) 的安德魯查爾斯 (Andrew Charles) 一線。

Kevin, does 4Q's improved performance give you increased confidence in the long-term targets around 3% to 5% same-store sales and 12%-plus EPS growth? Or will one of Pat's early priorities be taking a deeper look at these targets, given initial 2019 guidance is at the low end or below these levels? And then Roz, if I could sneak one in there. Can you talk about the performance of PSL in the quarter? This has been one -- I remember historically, it's out-comped itself every year that you've been running it. And the contribution that had to the 3% beverage comp.

Kevin，第四季業績的改善是否讓你對長期目標更有信心，即同店銷售額成長 3% 至 5%，每股盈餘成長 12% 以上？或者，鑑於 2019 年的初步預期處於低端或低於這些水平，Pat 的首要任務之一是否會是深入研究這些目標？然後，如果我能偷偷加一個進去的話，還有羅茲。能談談PSL在本季的表現嗎？一直以來都是如此——我記得從歷史數據來看，自從你舉辦這項賽事以來，它每年都在超越自我。而這部分貢獻了飲料業 3% 的市佔率。

Yes. Thanks, Andrew. I'll take your first question, and then I'll hand up to Roz. Keep in mind that our FY '19 revenue guide, when adjusted for approximately 2 points of negative impact from the Global Coffee Alliance transition, puts us clearly in our 7% to 9% top line revenue long-term growth range. Same when you look at non-GAAP EPS. When you adjust it for year 1 of the Nestlé deal and the incremental investment from tax reform dollars we made in wage and digital that Scott mentioned before, puts our EPS at the lower end of that long-term guidance range. So I think clearly, FY '19 is a transitional year, primarily driven by the Global Coffee Alliance with Nestlé. But that Global Coffee Alliance with Nestlé is part of our long-term growth and value-creation agenda. And if I look at what we've done around the streamline activities over the last year plus the Global Coffee Alliance, this positions the company to really focus on growth, not just growth of top line, but growth of operating income. And FY '19 is that transitional year that positions us for that going into 2020 and beyond. Roz, you want to take the other question?

是的。謝謝你，安德魯。我先回答你的第一個問題，然後把問題交給羅茲。請記住，我們 2019 財年的收入預期，在扣除全球咖啡聯盟過渡帶來的約 2 個百分點的負面影響後，仍然處於 7% 至 9% 的長期收入增長範圍內。當你查看非GAAP每股收益時，情況也是如此。如果將雀巢交易第一年的影響以及斯科特之前提到的我們利用稅收改革資金在工資和數位化方面進行的額外投資進行調整，我們的每股收益將處於長期指導範圍的下限。所以我認為很明顯，2019 財年是一個過渡年，主要由雀巢全球咖啡聯盟推動。但與雀巢的全球咖啡聯盟是我們長期成長和價值創造計畫的一部分。如果我回顧過去一年我們在精簡業務方面所做的工作，再加上全球咖啡聯盟，這讓公司能夠真正專注於成長，不僅是營收成長，還有營業收入成長。2019 財年是一個過渡年，它為我們邁入 2020 年及以後奠定了基礎。羅茲，你想回答另一個問題嗎？

So the question on PSL. So we saw a nice sharp turn on PSL coming out of this season. We did something different with PSL this season. We really hit social media with it this time. As we've been talking about really getting behind the marketing of the brand and the marketing of the product and focusing on what our customers expect of us, PSL was one of those tried and true. So came out of the gate strong and fast, signaled the quarter -- the fall season. So we were pleased, and it did a nice job for us through the quarter.

所以，關於PSL的問題。所以我們看到，本賽季南非超級聯賽（PSL）出現了漂亮的轉折。本季我們對PSL聯賽做了一些改變。這次我們在社群媒體上真的掀起了一股熱潮。我們一直在討論如何真正支持品牌行銷和產品行銷，並專注於客戶對我們的期望，而 PSL 就是其中一項經過實踐檢驗的可靠舉措。於是，比賽一開始就勢頭強勁，比賽也隨之拉開了帷幕——秋季賽季開始了。所以我們很高興，它在本季為我們提供了很好的服務。

Our next question comes from the line of Karen Holthouse with Goldman Sachs.

我們的下一個問題來自高盛的 Karen Holthouse。

Another question on the digital side. So where you have established those kind of expanded digital relationships outside of the Rewards program, it's great to hear that you are seeing conversion into the Rewards program. But are you seeing incrementality in those relationships with the sort of more standardized, not-as-personalized offers? Or is that still an evolution to come?

關於數字方面還有另一個問題。因此，如果您已經在獎勵計劃之外建立了這種擴展的數位關係，那麼很高興聽到您看到了獎勵計劃的轉換率。但是，隨著服務越來越標準化、個人化程度越來越低，您是否看到這些關係有所改善？或者說，這仍然是一個尚未實現的演變過程？

Yes. Matt Ryan will take the question. Thanks, Karen.

是的。馬特·瑞安將回答這個問題。謝謝你，凱倫。

Thanks, Karen. I would just say that our journey with these customers has just begun. While we have brought in a tremendous number, millions and millions of new digital relationships, we've only now just begun to use those relationships. Some of it is in programs like Happy Hour, where we're using those relationships to bring people in across the year. And we're seeing that perform better year-on-year than the past way of treating Happy Hour, both in terms of revenue and profitability. But more important, we have to think of it as the top of the funnel, an enabler of the relationships that we can create that lead people eventually into the Starbucks Rewards program. So we expect to see that continue to contribute to incrementality, but over time. It's not something that we would hang our hat on just yet. We're moving in that direction.

謝謝你，凱倫。我只想說，我們與這些客戶的合作才剛開始。雖然我們已經建立了數量龐大、數以百萬計的新數字關係，但我們現在才剛開始利用這些關係。其中一些體現在像「歡樂時光」這樣的活動中，我們利用這些關係在一年中吸引人們參與。我們看到，無論從收入或獲利能力來看，這種新的「歡樂時光」模式都比以往的模式表現得更好。但更重要的是，我們必須把它看作是漏斗的頂端，是我們可以建立關係、最終引導人們加入星巴克獎勵計劃的推動因素。因此我們預計這將繼續促進增量成長，但需要時間。現在就對此下定論還為時過早。我們正朝著那個方向努力。

Our next question comes from the line of Dennis Geiger with UBS.

我們的下一個問題來自瑞銀集團的丹尼斯·蓋格。

Scott, thanks for all your help over the years, and then best of luck, of course. Matt, sorry, but just one more follow-up on the digital engagement side of things. I guess, just based on what you've seen thus far, 10 million members, a great number, does that give you -- what you've seen so far from those 10 million digital engagement members, does that give you any greater confidence in that 1% to 2% comp contribution for next year? Is that still the target? And again, do you feel any better about that given you're already at 10 million members?

斯科特，感謝你這些年來的幫助，當然，也祝你一切順利。馬特，不好意思，關於數位互動方面，我還有最後一個問題要問。我想，就目前來看，1000萬會員，一個非常大的數字，這是否讓你——從這1000萬數字互動會員身上看到的情況，是否讓你對明年1%到2%的薪酬貢獻更有信心？那還是目標嗎？再說一遍，考慮到你們已經擁有 1000 萬會員，你對此感覺好些了嗎？

Yes. Again, I think that we have begun to build an opportunity for us, and we have not yet gotten to where we want to go. So we're just beginning to send offers to this group of people. We have not yet begun to personalize, and that's something we expect to do later this year. It's going to take us time to feel confident attributing how much business comes from any particular segment of customers, but we are very, very encouraged by the responsiveness we see to people who commit to a digital relationship. Remember that we're not in a business of creating digital relationships for digital relationships' sake. They're an enabler for us to communicate and talk to our customers. It is a way that we go to market. And by building that capability, it allows us to be less reliant on media and to be more reliant on customers pulling information from us in the future. And we're going to use all the toolbox that we've built with our SR customers with those customers over time. But it's not something you turn on all at once. It's something that's a journey for us, and we're going to continue to go down that pathway.

是的。我認為我們已經開始為自己創造機會，但我們還沒有達到我們想要的目標。所以我們才剛開始向這群人發出聘用邀請。我們尚未開始個性化定制，預計今年晚些時候會開展這項工作。我們需要一些時間才能有信心確定有多少業務來自哪個特定的客戶群體，但我們對那些致力於建立數位化關係的人們的積極回應感到非常鼓舞。請記住，我們從事的業務不是為了建立數位關係而建立數位關係。它們使我們能夠與客戶溝通和交流。這是我們進入市場的一種方式。透過建構這種能力，我們可以減少對媒體的依賴，並更多地依靠客戶在未來從我們身上獲取資訊。我們將利用我們與高級客戶共同建立的所有工具，隨著時間的推移，為這些客戶提供服務。但這不是一蹴可幾的事。對我們來說，這是一段旅程，我們將繼續沿著這條路走下去。

Our next question comes from the line of Gregory Francfort with Bank of America.

我們的下一個問題來自美國銀行的 Gregory Francfort。

I just had one on China and the competitive environment there. I think that was part of the reason for the softer comps in the third quarter. Has that changed or materially changed in any way that you're seeing it let up? Or no change, and this is more of a sort of internally driven change that you guys have driven with the company?

我剛剛做了一個關於中國及其競爭環境的演講。我認為這是第三季同比數據偏低的部分原因。情況是否有所改變或發生實質改變，以至於你認為這種情況有所緩解？或者沒有任何改變，這更像是你們在公司內部推動的一種變革？

Yes, Gregory. First off, let me just comment on the competitive environment because I know there's a lot of press that's out there and a lot of questions. I think what we're seeing in China is that the competitive environment reflects the opportunity the market presents and the opportunity to continue to grow. And obviously, Starbucks has been at the forefront over the last 20 years of building out a very strong coffee culture based on the premium position that we've been able to achieve as well as the experience that we provide our customers. We welcome all competitors, and the market is going to continue to be competitive. At the same time, I would say that we are leading in many different ways given our brand and given the experience that we provide. We lead in the areas of product innovation. We lead in overall quality of the products that we serve. We obviously lead in terms of the service experience in that third place experience that our partners provide, and we lead in terms of the third place with the designs of our stores. All those things are not able to be replicated by the competition. You couple all that together with the elevation of our brand with the Roastery and the Reserve stores that we're opening, and we are definitely building a very premium position in the market. Now you add in the opportunity that we see with delivery and the opportunity that, that gives us to extend our brand outside of our stores to where our customers desire Starbucks the most based on the need state of convenience. Then you couple in the opportunity that we see with the Global Coffee Alliance with Nestlé in China with the Nespresso platform, with packaged coffee, with our RTD partnership with Tingyi. All these things add together to build a very holistic opportunity that is unique to Starbucks and that cannot be replicated in the market by the competitor. So we feel as though we're in a very strong position to take on the competition, but at the same time, we remain focused on the long term, and we remain focused on the strategy that we put into place.

是的，格雷戈里。首先，我想談談競爭環境，因為我知道外界有很多媒體報道，也有很多疑問。我認為我們在中國看到的是，競爭環境反映了市場所提供的機會和持續成長的機會。顯然，在過去的 20 年裡，星巴克一直走在行業前沿，憑藉我們所取得的高端地位以及我們為顧客提供的體驗，創造了非常強大的咖啡文化。我們歡迎所有競爭者，市場競爭將持續維持下去。同時，鑑於我們的品牌和我們提供的體驗，我認為我們在許多方面都處於領先地位。我們在產品創新領域處於領先地位。我們在所提供產品的整體品質方面處於領先地位。顯然，我們在合作夥伴提供的「第三空間」體驗的服務體驗方面處於領先地位，而且我們在門市設計方面也處於領先地位。所有這些都是競爭對手無法複製的。把所有這些因素，再加上我們透過開設烘焙工坊和臻選店來提升品牌形象，我們肯定正在市場上建立起非常高端的地位。現在，再加上我們看到的送貨上門服務帶來的機會，以及它讓我們能夠將品牌延伸到門市之外，滿足顧客對便利性的需求，從而在他們最需要星巴克的地方提供服務的機會。然後，我們再結合我們所看到的與雀巢在中國透過Nespresso平台建立的全球咖啡聯盟、包裝咖啡以及我們與頂益的即飲咖啡合作關係所帶來的機會。所有這些因素加在一起，為星巴克創造了一個非常全面的機會，這是星巴克獨有的，競爭對手無法在市場上複製的。因此，我們感覺自己處於非常有利的地位去應對競爭，但同時，我們仍然專注於長期發展，並繼續專注於我們所製定的策略。

Yes, I think -- this is Kevin. I would just want to add to John's comment as he commented on competition in China and things that I think apply globally. The fact is that there is a large and growing addressable market around all things coffee. And as a company, we've been in this business for 47-plus years and built one of the world's most admired and trusted brands. And we've built that by delivering premium products and a premium experience in our stores. And that remains true today, the third place experience. And even as we've extended that to meet the need state of convenience, we work to do that in a way that is accretive to the brand and accretive to the experience in our stores. So as John and Belinda and the team have been working on delivery with Ele.me, for example, we've integrated that fully into the operation of our stores so that we can create a great experience. But I think our ability to continue to differentiate as a brand that has a premium set of products, creates a premium experience in our stores and is able to deliver custom handcrafted beverages at scale, that is the formula that we're going to continue to stick to. And our investments in things like Starbucks Reserve Roasteries is a brand amplifier. The partnership with Nestlé is a growth agenda, but it, too, is a brand amplifier as Nestlé brings our coffee and tea products to CPG and foodservices. So we're going to stick to what got us to this point and the things that we think are defensible differentiators in the market and things that we do well. And that will serve us well for the long term in every market around the world.

是的，我想──這是凱文。我只想補充約翰的評論，他談到了中國的競爭以及我認為適用於全球的一些問題。事實上，圍繞著咖啡的一切事物都存在著一個龐大且不斷成長的潛在市場。作為一家公司，我們從事這項業務已有 47 年以上，並打造了世界上最受尊敬和信賴的品牌之一。我們透過在門市提供優質產品和優質體驗，實現了這一點。時至今日，第三名的體驗依然如此。即使我們擴大了服務範圍以滿足便利性的需求，我們也努力以一種能夠提升品牌形象和提升顧客在店內體驗的方式來做到這一點。例如，John、Belinda 和團隊一直在與餓了麼合作進行配送，我們已將其完全融入我們門市的營運中，以便創造良好的體驗。但我認為，我們能夠繼續保持品牌差異化，擁有一系列高端產品，在我們的門市創造高端體驗，並能夠大規模地提供客製化的手工飲品，這就是我們將繼續堅持的策略。我們對星巴克臻選烘焙工坊等項目的投資，能夠提升品牌影響力。與雀巢的合作是一項成長計劃，但同時也是一項品牌放大器，因為雀巢將我們的咖啡和茶產品引入了消費品和餐飲服務領域。所以，我們將繼續堅持讓我們走到今天這一步的策略，堅持我們認為在市場上具有競爭優勢的差異化優勢，以及我們擅長的領域。從長遠來看，這將對我們在全球各市場的發展大有裨益。

Our next question comes from the line of Matt McGinley with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Matt McGinley。

My question is on the Americas operating margin. Scott, you had mentioned that the margins would have been down a little, excluding the partner and digital investments. And I know that product mix will have an impact. But holding that aside, do you need a 4% comp to keep margins flat in that segment? Or with the labor planning tools and the cost management you have or you're putting in place, can you keep that margin flat on a comp under 4%?

我的問題是關於美洲地區的營業利益率。Scott，你曾提到，如果不計入合作夥伴和數位投資，利潤率會略有下降。我知道產品組合會產生影響。但撇開這一點不談，你需要 4% 的同店銷售成長才能在該細分市場中保持利潤率不變嗎？或者，利用您現有的或正在實施的勞動力規劃工具和成本管理措施，您能否在同業競爭低於 4% 的情況下保持利潤率不變？

Yes. What we said is if we can do a 3% comp with some transaction growth within that, we can drive margin expansion. And so the things that Roz is doing in the middle of the P&L, the things that she's doing from a store operations efficiency standpoint, things on waste, and even with that labor investment, if we can do a 3% comp with a little bit of transaction growth in there, then we can drive margin expansion in the Americas.

是的。我們當時的想法是，如果我們能達到 3% 的同店銷售額成長，並且在此基礎上實現一定的交易量成長，我們就能推動利潤率擴張。因此，Roz 在損益表中間所做的工作，她從門市營運效率的角度所做的工作，關於浪費的工作，即使投入了勞動力，如果我們能夠實現 3% 的同店銷售額增長，並且交易量也略有增長，那麼我們就可以推動美洲地區的利潤率擴張。

Our final question will be from Chris O'Cull with Stifel.

最後一個問題來自 Stifel 公司的 Chris O'Cull。

This is actually Mitch on for Chris. Just a follow-up to an earlier question on China. Could you give some color on what sales lift do you expect to see from the Alibaba delivery partnership? And then what marketing programs will be tied to the Singles' Day coming up?

實際上這是米奇代替克里斯發言。這是對先前關於中國問題的後續提問。您能否具體說明一下，您預期與阿里巴巴的物流合作會帶來什麼樣的銷售成長？那麼，接下來會有哪些行銷活動與即將到來的「雙十一」購物節相關呢？

Sorry, repeat the second question, Mitch?

抱歉，米奇，請重複第二個問題？

Singles' Day in China.

中國的雙十一購物節。

Singles' Day, okay. Okay. So for the delivery opportunity, first off, we're still quantifying exactly what that upside is going to be, but we do obviously expect incremental upside. Initial reaction that we're seeing from customers is very positive, so we are seeing some transaction lift, but it's still too early to call exactly what that looks like. And we'll have more details as we get into the Investor Day and sharing those details of what the rollout looks like. We've gone through and we've renovated and innovated around all the packaging that we have going out on delivery and really creating a unique Starbucks Delivers experience for customers in the marketplace. So we're very optimistic about the opportunity on delivery. And it will be delivery unlike any other competitor is doing in the market. So more details to follow on that as part of Investor Day. And then in terms of November 11, we always see a big day on November 11 as a company. We build that into our forecast, and that's built into the overall guidance that we put in place as we look through the year. But we expect it to be a big day.

雙十一，好的。好的。所以對於交付機會而言，首先，我們仍在量化其具體收益，但我們顯然預期會有逐步成長的收益。我們從客戶那裡得到的初步回饋非常積極，因此我們看到交易量有所增長，但現在判斷具體情況還為時過早。隨著投資者日的臨近，我們將公佈更多細節，並分享該計劃的具體實施方案。我們對所有外送包裝進行了改進和創新，真正為市場上的顧客創造了獨特的星巴克外送體驗。因此，我們對交付方面的機會非常樂觀。而且，它的配送方式將與市場上任何其他競爭對手都截然不同。更多詳情將在投資者日上公佈。至於 11 月 11 日，我們公司一直把這一天視為重要的日子。我們已將此因素納入預測，並且這已納入我們展望全年時制定的整體指導方針中。但我們預計這將是重要的一天。

At this time, I'd like to turn the call over to Kevin for closing remarks.

此時，我想把電話交給凱文，請他作總結發言。

Well, thank you all for joining us today.

謝謝各位今天蒞臨。

I did want to mention that we really look forward to seeing you at our December 13 investor conference in New York City. Today, we spoke a little bit about the Starbucks Reserve Roasteries, and we opened a beautiful Reserve Roastery in Milan, Italy last quarter. And so as part of the December 13 investor conference, for those of you who can attend, we'd like to invite you to an exclusive pre-opening tour of the next Starbucks Reserve Roastery that will open in New York City. And then we look forward to hosting you all that afternoon for the investor conference.

我想提一下，我們非常期待在12月13日於紐約市舉行的投資者大會上見到您。今天，我們簡單聊了聊星巴克臻選烘焙工坊，上個季度我們在義大利米蘭開設了一家漂亮的臻選烘焙工坊。因此，作為 12 月 13 日投資者大會的一部分，對於能夠出席的各位，我們想邀請您參加即將在紐約市開業的下一家星巴克臻選烘焙工坊的獨家開業前參觀活動。然後，我們期待當天下午接待各位參加投資者會議。

So thank you for joining us today, and we look forward to seeing you next month.

感謝您今天蒞臨，我們期待下個月與您再次相見。

This concludes Starbucks Coffee Company's Fourth Quarter and Fiscal Year-end 2018 Conference Call, you may now disconnect.

星巴克咖啡公司2018財年第四季及全年業績電話會議到此結束，您可以斷開連線了。