星巴克 (SBUX) 2018 Q4 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是赫克托，今天我將成為您的會議接線員。

I would like to welcome everyone to Starbucks Coffee Company's Fourth Quarter and Fiscal Year-end 2018 Conference Call.

我想歡迎大家參加星巴克咖啡公司 2018 年第四季度和財年末電話會議。

(Operator Instructions)

（操作員說明）

I will now turn the call over to Tom Shaw, Vice President of Investor Relations.

我現在將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，你可以開始你的會議了。

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

大家下午好，感謝您今天加入我們討論我們 2018 財年第四季度和全年的業績。

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.

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； John Culver，國際、渠道開發和全球咖啡和茶集團總裁；和首席財務官 Scott Maw。

And for Q&A, we'll be joined by Matt Ryan, Chief Marketing Officer.

對於問答環節，首席營銷官 Matt Ryan 將加入我們的行列。

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在提交給美國證券交易委員會的文件中的收益發布和風險因素討論中的警示聲明一起考慮，包括我們上一份關於表格 10-K 的年度報告。

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 cost; gains related to the changes in ownership of international markets and other items.

2018 財年 GAAP 業績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所有權變化有關的收益。

These items are excluded from our non-GAAP results.

這些項目不包括在我們的非公認會計原則結果中。

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，查找今天電話會議中引用的非公認會計原則財務指標與其相應的公認會計原則指標的對賬。

This conference call is being webcast, and an archive of the webcast will be available on our website as well through December 1, 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 12 月 1 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, everyone.

好吧，謝謝你，湯姆，大家下午好。

On today's call, I'll provide an overview of a solid Q4 performance and summarize fiscal '18.

在今天的電話會議上，我將概述第四季度的穩健表現並總結 18 財年。

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.

更重要的是，我想藉此機會加強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舉措的更多細節。

I do this with the intent of showing you how we are executing against our plan, which is, in turn, driving positive results.

我這樣做的目的是向您展示我們是如何按照我們的計劃執行的，這反過來又會帶來積極的結果。

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.

在我發表評論之後，我將把電話轉給 Roz Brewer，詳細介紹我們在美國的運營計劃和業績，然後是 John Culver，為中國以及我們與雀巢的全球咖啡聯盟做同樣的事情。

This will reinforce that we, as a leadership team, are executing against a clear set of initiatives that are driving positive outcomes.

這將強化我們，作為一個領導團隊，正在執行一系列能夠帶來積極成果的明確舉措。

Scott Maw will then cover FY '19 guidance.

然後 Scott Maw 將介紹 FY '19 指導。

On the last earnings call, I shared that we were progressing well on our search for a world-class CFO to succeed Scott.

在上一次財報電話會議上，我分享說我們在尋找世界級首席財務官接替斯科特方面進展順利。

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.

上個月，我很高興地宣布，Pat Grismer 將於 11 月 12 日加入我們，並在 11 月底 Scott 正式退休時承擔 CFO 的職責。

Pat brings a well-rounded set of experiences to Starbucks with a decade at Disney; more than 14 years at Yum!

Pat 在迪士尼工作了十年，為星巴克帶來了豐富的經驗；在百勝工作超過 14 年！

Brands, including 4 as CFO; and most recently, as CFO of Hyatt Hotels.

品牌，包括4個擔任CFO；最近，擔任凱悅酒店的首席財務官。

He understands consumer brands, investing in relevant consumer experiences and capital allocation of food and beverage industry at scale.

他了解消費品牌，大規模投資於相關的消費者體驗和餐飲行業的資本配置。

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，如果我不親自感謝斯科特，我將失職，他加入我們的最後一次財報電話會議，不僅是為了促進他的過渡，也是因為他在過去 5 年裡沒有任何人支持我和星巴克。

Now let's begin with the quarterly results.

現在讓我們從季度業績開始。

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.

第四季度在幾乎所有關鍵指標上都比第三季度有了顯著改善，並且超出了我們對商店銷售額、收入和每股收益的預期。

While we still have work to do, these results provide encouraging evidence that our plan is working.

雖然我們仍有工作要做，但這些結果提供了令人鼓舞的證據，表明我們的計劃正在奏效。

Starbucks delivered Q4 net revenue of $6.3 billion, which represented 11% year-on-year growth.

星巴克第四季度淨收入為 63 億美元，同比增長 11%。

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.

我很高興地強調，我們在我們最大的市場美國公佈了 4% 的業績，這是我們過去 5 個季度以來最強勁的業績。

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.

中國是我們的第二大和增長最快的市場，在將新店增長和總銷售額相結合時，總交易量實現了兩位數的增長，而後者則連續增長至同比增長 1 倍。

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.

我們實現了每股 0.62 美元的非公認會計原則每股收益，其中包括早於計劃關閉與雀巢的全球咖啡聯盟帶來的 0.02 美元逆風。

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.

在本財年，星巴克的淨收入達到創紀錄的 247 億美元，比去年增長 10%，或根據外彙和精簡活動調整後增長 8%。

We delivered a 2% global comp while surpassing 29,000 stores.

我們在超過 29,000 家門店的同時實現了 2% 的全球業績。

Full year non-GAAP EPS grew 17% to $2.42 per share.

全年非公認會計原則每股收益增長 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.

雖然我們在今年結束時取得了好轉，但我們承認 2018 年是變化的一年，伴隨著一些挑戰，我們更加專注於推動大規模增長。

The Starbucks brand is incredibly powerful and beloved by customers.

星巴克品牌非常強大，深受顧客喜愛。

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.

我們是一個通過不斷挑戰現狀、提升客戶體驗、投資並授權我們的合作夥伴、紀律運營和敏捷適應來保持相關性的品牌。

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.

如今，隨著消費者以完全不同的方式與品牌互動，這一點變得越來越重要，而星巴克正在引領這一轉變，無論是在我們的門店還是在數字平台上。

With an amazing brand and a large and growing addressable market, we have a clear set of strategic priorities for the future.

憑藉令人驚嘆的品牌和龐大且不斷增長的潛在市場，我們為未來製定了明確的戰略重點。

These priorities are the foundation for the initiatives and actions you'll hear about today.

這些優先事項是您今天將聽到的倡議和行動的基礎。

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.

提醒一下，我們的 3 個戰略重點包括：加速我們的目標長期增長市場的增長，即美國和中國；利用全球咖啡聯盟擴大星巴克品牌的全球影響力；並加強我們對增加股東回報的關注。

We are consistent in these priorities and have clear initiatives driving actions and results.

我們在這些優先事項上保持一致，並有明確的舉措推動行動和結果。

Before I hand the call over to John and Roz to highlight our Q4 progress against these initiatives, I want to add my perspective.

在我將電話轉給 John 和 Roz 以強調我們在第四季度針對這些舉措取得的進展之前，我想補充一下我的觀點。

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.

加速我們的兩個目標長期增長市場的增長中國和美國承認這兩個市場處於非常不同的發展階段。

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.

我們在美國的舉措側重於通過增強店內體驗、提供與客戶相關的飲料創新和推動數字關係來增加客戶訪問量。

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.

我們在這些領域中的每一個都取得了進展，Roz 將為您提供導致競爭加速所採取的行動的示例。

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.

當我們著眼於在中國這個我們的第二大和增長最快的市場加速增長的戰略重點時，一個關鍵指標是總交易增長，其中包括新店擴張以及同店競爭。

We've now successfully unified Mainland China as a company-operated market, which has positioned us for long-term expansion.

我們現在已經成功地將中國大陸統一為公司經營的市場，這為我們的長期擴張奠定了基礎。

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.

此外，我們在中國執行了一系列明確的運營計劃，這些舉措在薪酬方面實現了 3 個點的連續改進，該季度的得分為 1 分。

We also announced a comprehensive China digital partnership with Alibaba, China's leading tech company.

我們還宣布與中國領先的科技公司阿里巴巴建立全面的中國數字合作夥伴關係。

We're working closely with Alibaba to elevate the end-to-end customer experience for delivery in partnership with Ele.me.

我們正與阿里巴巴密切合作，與餓了麼合作，提升端到端的客戶交付體驗。

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.

我們的第二個戰略重點在 8 月底實現了一個重要的里程碑，當時我們提前完成了與雀巢的變革性交易。

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.

現在，我們已經成功地在北美實現了健康的業務轉型，在關鍵領導崗位上留住了優秀人才，並加強了全球增長議程，該議程目前正在通過聯盟實施。

This sets the stage for us to expand our CPG and foodservice businesses globally.

這為我們在全球擴展 CPG 和餐飲服務業務奠定了基礎。

And John will share more details with you on these plans.

約翰將與您分享有關這些計劃的更多細節。

Our third strategic priority is to sharpen our focus on increasing shareholder returns.

我們的第三個戰略重點是加強我們對增加股東回報的關注。

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.

過去一年，我們精簡公司的工作主要集中在三個領域：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.

總的來說，我們的精簡行動使我們能夠擴大我們對星巴克核心價值驅動因素的關注和資源，零售市場協調行動以成功過渡德國、巴西、台灣和新加坡的市場。

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.

最近，我們宣布了最終計劃，將法國、荷蘭、比利時和盧森堡授權給一個了解如何保護和發展星巴克品牌的長期星巴克合作夥伴。

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.

在過去的一年裡，我們為簡化業務而採取的精簡行動推動了將 Tazo 出售給聯合利華、關閉 Teavana 專賣店、將我們的電子商務業務轉移給我們的渠道合作夥伴以及簡化我們的 SKU 結構的決定。

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.

最近，我們已採取措施通過自動化庫存跟踪和補貨來簡化商店的工作，這使我們能夠將更多的商店合作夥伴時間用於為我們的客戶提供服務。

Business simplification is creating value through a more focused and more efficient operation.

業務簡化是通過更專注、更高效的運營來創造價值。

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.

最後，隨著我們進入推動大規模增長的議程的下一階段，我們正在改變我們的職能支持組織如何提高我們商店合作夥伴的創新速度。

Innovation is relevant to our customers, inspiring to our partners and meaningful to the business.

創新與我們的客戶息息相關，對我們的合作夥伴具有啟發意義，對業務意義重大。

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.

我們將此視為一項多年計劃，我們的主要重點是提高創新速度，從而提高運營效率，以 G&A 佔系統銷售額的百分比衡量。

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.

所有這些精簡公司和改變我們工作方式的行動都釋放了資本，這支持了我們在 2020 財年之前向股東返還 250 億美元的承諾。

In fiscal '18 alone, we returned nearly $9 billion to shareholders.

僅在 18 財年，我們就向股東返還了近 90 億美元。

And effective October 1, we executed an accelerated share repurchase plan utilizing the $5 billion of after-tax proceeds from the upfront Nestlé payment.

自 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劃。

Now I hope you share my optimism for the future of Starbucks.

現在我希望你能分享我對星巴克未來的樂觀態度。

A clear set of strategic priorities, supported by a solid operating plan and focused execution in the quarter contributed to our strong result.

一套明確的戰略重點，加上堅實的運營計劃和本季度重點執行，促成了我們的強勁業績。

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.

隨著 Pat Grismer 於 11 月中旬加入星巴克，我和領導團隊期待在 12 月的投資者會議上接待您，我們將在會上分享我們對未來機會的評估以及推動業務成果的舉措的細節，以支持我們增長議程。

We look forward to seeing you in December.

我們期待在 12 月見到您。

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

有了這個，我會把電話轉給 Roz。

Roz?

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.

上個季度，我分享了美洲如何通過專注於 3 項運營計劃來致力於改善交易組合：增強店內體驗、提供飲料創新和推動數字關係。

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.

今天，我將提供有關我們在每個領域推動的關鍵舉措的最新信息，以及對 19 財年即將發生的事情的一瞥。

I'll start first with a closer look at our Q4 results.

我將首先仔細看看我們的第四季度業績。

The Americas grew revenue 8% to $4.3 billion, generating $940 million in non-GAAP operating income and delivering a 4% comp growth.

美洲地區收入增長 8% 至 43 億美元，非 GAAP 營業收入為 9.4 億美元，複合增長率為 4%。

We also continued to see strong new store contribution, with new non-comp stores accounting for 4 points of revenue growth.

我們還繼續看到強勁的新店貢獻，新的非競爭店佔收入增長的 4 個百分點。

Beverage contributed 3 of the 4 points of comp growth, the strongest performance of fiscal year '18.

飲料貢獻了 4 個補償增長點中的 3 個，這是 18 財年最強勁的表現。

And given it's our highest-margin category, we're encouraged by this shift in comp growth.

鑑於這是我們利潤率最高的類別，我們對薪酬增長的這種轉變感到鼓舞。

We continue to grow transactions at peak, and we showed modest improvement in the afternoon daypart.

我們在高峰期繼續增加交易量，並且我們在下午的時段表現出適度的改善。

This resulted in improved 1-year and 2-year transaction comp in the quarter.

這導致本季度的 1 年和 2 年交易補償有所改善。

At the same time, we continue to balance community and our commitment to the third place while serving the growing demand for convenience.

與此同時，我們繼續平衡社區和我們對第三位的承諾，同時滿足日益增長的便利性需求。

Last quarter, our stores with drive-through well outperformed our cafe comp.

上個季度，我們的免下車商店的表現好於我們的咖啡館組合。

And from a U.S. portfolio strategy, more than 80% of our new stores in FY '18 were drive-through.

從美國的投資組合戰略來看，我們 18 財年超過 80% 的新店都是免下車。

And this format will be a continued focus into FY '19.

這種格式將成為 19 財年的持續關注點。

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.

此外，得來速、窗外和移動訂單和支付加起來佔客戶訂購方式的 50% 以上，在短短 2 年內增長了 10 個百分點以上。

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.

儘管我們不經常報告我們在美國授權的商店的業績，但值得注意的是，本季度收入和營業收入以兩位數增長，這是我們近 3 年來看到的最強勁的業績。

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.

最後，美洲非 GAAP 營業利潤率為 22.1%，比去年下降 90 個基點，這主要是由於對我們在美國的商店合作夥伴的投資的持續影響，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投資銷售組合轉變。

Stronger comp in the quarter drove improved sales leverage and bodes well for margin as we move into 2019.

當我們進入 2019 年時，本季度更強的競爭推動了銷售槓桿的提高，並預示著利潤率的好兆頭。

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.

總體而言，我們在第四季度取得了顯著進展，但我們意識到還有很多工作要做，特別是在扭轉我們的負面交易趨勢方面。

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.

隨著我們進入 '19 財年，我們正在利用我們的積極勢頭，同時保持專注於相同的優先事項並繼續以卓越的速度加速發展。

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.

現在我想談談我們圍繞我們的第一個優先事項所取得的進展：增強店內體驗。

And this seems especially timely as we head into the holiday season.

當我們進入假期時，這似乎特別及時。

Last month marked my 1-year anniversary with Starbucks.

上個月是我加入星巴克一周年的日子。

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.

在我加入公司之前，我就愛上了星巴克，我愛上星巴克的原因與每天都有數百萬顧客一次又一次地愛上它的原因相同。

And that's because we've always been about so much more than just great coffee.

那是因為我們一直不僅僅關注優質咖啡。

We build brand love and loyalty through the human connection between partners and customers.

我們通過合作夥伴和客戶之間的人際關係來建立品牌愛和忠誠度。

This makes us who we are, and this connection has always been at the heart of the Starbucks Experience.

這使我們成為我們自己，這種聯繫一直是星巴克體驗的核心。

But we hadn't always made it easy for our partners to focus on their customers and truly lead in the moment.

但我們並不總是讓我們的合作夥伴輕鬆地專注於他們的客戶並真正引領當下。

Complex tasks and unclear expectations often get in the way.

複雜的任務和不明確的期望經常成為阻礙。

This is the key reason we continue to focus on driving in-store improvements and tangible changes that put our customers first.

這是我們繼續專注於推動店內改進和切實改變以客戶為先的關鍵原因。

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.

在第三季度，我們宣布了一個雄心勃勃的目標，即到 2019 財年末將當前店內管理任務削減 50%，預計這最初可以讓合作夥伴每天有 2 到 3 小時的時間專注於客戶聯繫.

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.

在第四季度，我們在實現這一目標方面取得了堅實的進展，每天將多達 1.5 小時的非面向客戶的任務重新部署到面向客戶的活動中，具體取決於商店。

I'll give you a few examples.

我給你舉幾個例子。

We initiated automated inventory in 32 stores for all food products.

我們在 32 家商店啟動了所有食品的自動盤點。

We assigned a team to address dense urban market performance.

我們分配了一個團隊來解決密集的城市市場表現。

New York metro is the initial target.

紐約地鐵是最初的目標。

And lastly, we rolled out training to field leadership to facilitate creating best moments in our cafés.

最後，我們對現場領導進行了培訓，以促進在我們的咖啡館創造最佳時刻。

And we're starting to see this work pay off.

我們開始看到這項工作得到了回報。

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.

我們的客戶聯繫課程，其中包括第四季度的清潔度和服務速度評級，顯示所有時段和地區的改善，9 月結束時創下歷史新高。

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.

此外，我們相信這些活動將繼續推動商店的發展勢頭，以增加與我們所有客戶的交易，包括不常來的客戶。

Next is our work in beverage innovation.

接下來是我們在飲料創新方面的工作。

This quarter, strong beverage performance was driven by innovation in key platforms, which includes Cold Brew and Refreshers.

本季度，強勁的飲料表現受到關鍵平台創新的推動，其中包括冷釀和提神飲料。

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.

我們還增加了我們成功的 Nitro 產品的安裝，僅在第四季度就增加了近 700 家商店，到年底達到 2,800 家商店。

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.

這是未來增長的一個看漲信號，因為這些飲料與我們的核心 Espresso 平台相結合，比其他更放縱的類別更能代表我們的咖啡前瞻傳統。

We are seeing customers adopt cold beverages across all dayparts and seasons, with sales growth after 2:00 p.m.

我們看到客戶在所有時段和季節都採用冷飲，下午 2:00 後銷售額出現增長。

improving for the quarter versus Q3.

與第三季度相比，本季度有所改善。

Our third priority is digital.

我們的第三個優先事項是數字化。

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.

在第四季度，我們繼續推進獲得數字關係的目標，這將使我們能夠在未來進一步建立客戶參與度。

For the quarter, active SR members grew to 15.3 million, up 15% versus last year and the strongest growth rate in 7 quarters.

本季度，活躍的 SR 會員增長至 1530 萬，比去年增長 15%，是 7 個季度以來最強勁的增長率。

These customers continue to drive nearly 40% of tender in the U.S., with Mobile Order and Pay representing 14% of transactions.

這些客戶繼續推動美國近 40% 的投標，其中移動訂單和支付佔交易的 14%。

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.

此外，我們的數字註冊客戶數量從第三季度末的 600 萬增加到第四季度末的 1000 萬。

Currently, we're engaging with these customers directly via e-mail with offers like Happy Hour.

目前，我們正通過電子郵件直接與這些客戶互動，提供歡樂時光等優惠。

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.

但隨著我們了解他們是誰以及他們想要什麼，我們將量身定制特定的優惠，目標是將它們轉化為我們的 SR 計劃。

We also continue to look for ways to extend the Starbucks digital experience outside our stores as well.

我們還將繼續尋找將星巴克數字體驗擴展到我們商店之外的方法。

We started testing delivery in Miami this summer, and the results are promising.

我們今年夏天開始在邁阿密測試交付，結果很有希望。

It's a potentially exciting opportunity for us, and I look forward to sharing more about our efforts in this area at Investor Day.

這對我們來說是一個潛在的令人興奮的機會，我期待在投資者日分享更多關於我們在這一領域的努力。

Kevin mentioned the work we're doing to reduce G&A as a percentage of system sales.

Kevin 提到了我們正在做的工作，以減少 G&A 佔系統銷售額的百分比。

We have taken this opportunity to increase our focus, which is enabling greater speed and agility by reframing our marketing and technology team.

我們藉此機會增加了我們的關注點，通過重組我們的營銷和技術團隊來提高速度和敏捷性。

An initial outcome is a combination of our consumer insights, partner analytics and marketing analytics functions into a new Center of Excellence.

初步成果是將我們的消費者洞察、合作夥伴分析和營銷分析功能整合到一個新的卓越中心。

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.

隨著我們提高了解客戶的能力，並通過我們所有面向客戶的職能推動這種理解，我們看到了合併這些群體的巨大好處。

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.

在整個企業中釋放信息並使信息民主化以確保我們的客戶處於我們日常決策的中心的機會是強大的。

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.

通過擁有更小的團隊和易於訪問的單一事實來源，我們能夠更快地做出決策並提供更多相關的產品和改進的體驗。

Lastly, I'll share an update on holiday.

最後，我會分享一個假期的更新。

Our customers tell us they love the holidays, and Starbucks Holiday Cups are a cue that the season is upon us.

我們的顧客告訴我們他們喜歡假期，而星巴克假日杯是我們的季節來臨的暗示。

Last year, our stores didn't sufficiently reflect the festive environment our customers know and love and have come to expect from us.

去年，我們的門店未能充分反映客戶熟悉、喜愛以及對我們的期望的節日環境。

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.

我們聽取了這些反饋，從明天開始，在更強大的媒體計劃的支持下，我們將比去年提前一周多推出完整的假期分類。

Our baristas will proudly wear their red apron, stores will be adorned with holiday decorations and bright pops of red and green trim.

我們的咖啡師將自豪地穿著他們的紅色圍裙，商店將裝飾著節日裝飾品和鮮豔的紅色和綠色飾邊。

And customers can begin shopping our collection of curated giftable merchandise, our whole bean coffee and Starbucks Gift Cards.

客戶可以開始購買我們精選的禮品商品系列、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 19 財年，我們期待在下個月的投資者日分享更多關於飲料創新、便利和商店效率方面的工作。

I'll now turn it over to John.

我現在把它交給約翰。

Thanks, Roz.

謝謝，羅茲。

Let me first start with some broader points on the China and Asia Pacific region.

讓我首先從中國和亞太地區的一些更廣泛的觀點開始。

CAP revenues grew 41% during the fourth quarter and 38% for the fiscal year.

CAP 第四季度的收入增長了 41%，本財年增長了 38%。

Excluding streamline activities and foreign exchange, revenues grew 12% in the quarter and for the year.

剔除精簡活動和外匯，本季度和全年收入增長了 12%。

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.

本季度該地區的薪酬增長了 1%，其中中國環比增長了 3 個百分點，該季度也實現了 1%。

Total transaction growth across China showed strong double-digit increases.

中國的總交易量增長呈現兩位數的強勁增長。

Equally impressive was Japan, which generated a solid 3% comp, which represents the best performance for that market in the past 7 quarters.

同樣令人印象深刻的是日本，它產生了 3% 的穩定增長，代表了該市場在過去 7 個季度中的最佳表現。

And Korea, our fifth largest global market, delivered a strong 10% system comp.

我們的全球第五大市場韓國提供了強勁的 10% 系統補償。

CAP's non-GAAP operating margin in Q4 represented the highest margin across retail for the company at 24.3%.

CAP 在第四季度的非公認會計原則營業利潤率是該公司零售業最高的利潤率，為 24.3%。

And when adjusting for ownership changes, it expanded 230 basis points over the prior year.

在調整所有權變化時，它比上一年擴大了 230 個基點。

Overall, for the year, CAP contributed an impressive 53% of our total revenue growth for the company.

總體而言，今年，CAP 為公司貢獻了令人印象深刻的 53% 的總收入增長。

Now taking a deeper look at China.

現在更深入地了解中國。

We're very pleased with our performance as we executed and delivered against the Q4 initiatives we outlined in July.

我們對我們在 7 月概述的第四季度計劃執行和交付時的表現感到非常滿意。

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.

在 5 月的中國投資者大會上，我們與您分享了我們以目標為導向的增長議程，其中概述了我們的重點領域和我們正在執行的關鍵運營計劃。

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.

讓我評論其中一些舉措，因為它與我們的業績以及我們在本季度能夠交付的內容有關，讓我們從我們的商店開始。

In China, we exceeded our plan and opened 585 net new stores and entered 17 new cities during the fiscal year.

在中國，我們超出了我們的計劃，在本財年淨開設了 585 家新店，並進入了 17 個新城市。

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.

本季度，我們開設了 139 家門店，並進駐 5 個新城市，在內地 148 個城市開設了超過 3,500 家門店。

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.

更重要的是，我們的新店繼續實現一流的盈利能力和回報，我們的新設計繼續提升我們的品牌並進一步確立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.

從產品創新的角度來看，我們在本季度推出的舉措是重新獲得積極競爭勢頭的關鍵因素。

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.

這些行動是戰略性的、精心策劃的，並且與我們投資創新和在中國打持久戰的心態保持一致。

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.

其中一些亮點包括：我們創新且獨特的咖啡與冰淇淋平台，該平台已擴展到 1,000 多家門店，覆蓋了我們門店組合的近 1/3。

This new category has proven to resonate with our customers, and the adoption and repeat rate remains high.

事實證明，這一新類別引起了我們客戶的共鳴，並且採用率和重複率仍然很高。

We also continue to be encouraged by the opportunity we see for food.

我們也繼續對我們看到的食物機會感到鼓舞。

In the quarter, we had strong performance through our up-level bakery lineup and the investments we continue to make.

在本季度，我們通過我們的高級麵包店陣容和我們繼續進行的投資取得了強勁的表現。

And finally, the mid-Autumn Festival is an important holiday to our Chinese customers and their families.

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。

Our unique moon cake offering has become a tradition for many Starbucks customers.

我們獨特的月餅產品已成為許多星巴克顧客的傳統。

This year, we achieved high double-digit growth in both volume and in revenues.

今年，我們在銷量和收入上都實現了兩位數的高速增長。

Turning to digital.

轉向數字。

In August, we announced our new strategic new retail partnership with Alibaba Group.

8 月，我們宣布與阿里巴巴集團建立新的戰略新零售合作夥伴關係。

This partnership is not just about delivery.

這種夥伴關係不僅僅是交付。

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.

事實上，這是一個全面的合作夥伴關係，涵蓋整個生態系統，包括餓了麼、盒馬、天貓、淘寶和支付寶，共同為我們的客戶創造全新的數字體驗。

This partnership will be the rocket fuel for our holistic, Digital Flywheel strategy in China.

這種夥伴關係將成為我們在中國的整體數字飛輪戰略的火箭燃料。

Now we're nearly a month into the rollout of our delivery program with Alibaba through its Ele.me platform.

現在，我們與阿里巴巴通過其餓了麼平台推出了我們的送貨計劃已經將近一個月了。

Delivery has also been expanded to all our Starbucks stores in Beijing and Shanghai and 11 cities in China.

送貨也已擴展到我們在北京和上海以及中國 11 個城市的所有星巴克門店。

We've also piloted 2 unique stores, our Star Kitchens, which are located within Hema supermarkets in Shanghai and Hangzhou.

我們還在上海和杭州的盒馬超市內試行了 2 家獨特的商店，即我們的 Star Kitchens。

Initial indications are our personalized Starbucks Delivers program is being positively received by our customers.

初步跡象表明，我們的個性化 Starbucks Delivers 計劃正受到客戶的積極歡迎。

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.

中國團隊正以前所未有的速度努力在今年年底前將 Starbucks Delivers 帶到 30 個城市的 2000 多家門店。

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.

最後，在我們尋求優化效率以推動業務長期增長之際，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，同時繼續為華東地區的一年。

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.

我們在該地區保持了新店開張勢頭，與我們在內地看到的情況類似，這些新店繼續提供一流的業績和回報。

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.

此外，我們已經確定並奠定了基礎，以利用我們可以在勞動力、G&A 和供應鏈方面實現的巨大協同效應，其中大部分我們將在 19 財年開始實現。

Finally, let me cover Channel Development and our Global Coffee Alliance with Nestlé.

最後，讓我談談渠道發展和我們與雀巢的全球咖啡聯盟。

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.

本季度收入增長 4%，全年收入增長 7%，不包括精簡計劃，這符合我們之前的業務趨勢，並繼續超過該類別。

This includes continued share gains within total coffee, with Starbucks up 60 basis points to 15.9% for the quarter.

這包括咖啡總量中的持續份額增長，星巴克本季度上漲 60 個基點至 15.9%。

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.

本季度非 GAAP 營業利潤率為 42.7%，這是一個非常穩健的結果，即使雀巢轉型和其他精簡舉措帶來了 150 個基點的不利影響。

Regarding the coffee -- the Global Coffee Alliance, we have now transitioned over 500 Starbucks partners to Nestlé in North America and Europe.

關於咖啡——全球咖啡聯盟，我們現在已經將 500 多個星巴克合作夥伴轉移到北美和歐洲的雀巢。

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.

該聯盟利用了兩家公司的獨特能力，我們專注於加速三個關鍵領域的增長：首先，在 Nespresso 和 Dolce Gusto 領先的單份服務平台上提供星巴克品牌的膠囊；第二，擴大和提升我們在北美的領導地位；最後，在我們的國際市場推出和擴展。

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.

現在考慮到交易的最終細節，我們現在預計這筆交易將在 2020 財年實現增值，這超出了我們之前 3 年或更早的指導。

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，我期待下個月我們在紐約相聚時，更多地分享我們在中國以及與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.

謝謝你，有了這個，我會把它交給斯科特。

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.

凱文、羅茲和約翰詳細討論了星巴克在第四季度在我們的業務和全球範圍內的強勁表現，以及與第三季度相比，我們看到的幾乎所有關鍵運營指標的顯著改善。

On today's call, I will briefly cover Starbucks' consolidated Q4 and fiscal 2018 margin performance and then turn to fiscal 2019 targets.

在今天的電話會議上，我將簡要介紹星巴克第四季度和 2018 財年的綜合利潤率表現，然後轉向 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.

在 2018 財年，在調整了外彙和精簡相關活動後，綜合收入增長穩定在我們的長期指導範圍內，2% 的綜合收入增長略低於我們的長期範圍。

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.

第四季度合併非公認會計準則營業利潤率為 18.1%，全年為 18%，與去年相比分別下降 190 和 170 個基點。

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.

這些下降的主要驅動因素是合作夥伴和數字投資，包括我們在稅法變化以及產品組合轉變（主要是在美洲）後進行的投資所產生的增量費用。

Additionally, our Q4 performance also reflects an unfavorable impact of 40 basis points related to the Nestlé transaction.

此外，我們第四季度的業績也反映了與雀巢交易相關的 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.

隨著與雀巢的全球咖啡聯盟現已到位，我們重新定義並調整了我們可報告的運營部門的財務業績，以更好地與我們的業務運營方式保持一致。

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.

這些變化僅對第四季度的分部業績產生了名義上的影響，但歐洲、中東和非洲除外，歐洲、中東和非洲的餐飲服務業務向渠道開發的轉變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.

我們的歷史合併和分部財務報表已經過重新調整，以符合新的一致性，可以在我們的 IR 網站上訪問。

Let's shift to 2019 guidance.

讓我們轉向 2019 年的指導。

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.

在 19 財年，您將開始看到 18 財年採取的重大行動為星巴克的未來定位所帶來的一些好處。

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.

我們相信，我們在第四季度看到的勢頭以及我們認為即將到來的假日季節非常強大的飲料、食品和商品陣容將使我們能夠在本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.

對於 2019 財年，我們預計全球薪酬增長將接近我們當前 3% 至 5% 指導範圍的下限。

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.

我們預計 2019 財年全球淨新增約 2,100 家星巴克門店，略低於 2018 年淨新增門店近 2,300 家，到 2019 財年末新增門店超過 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.

中國/亞太地區將推動我們 2019 財年約一半的全球新店增長，新增 1,100 家淨新店，其中近 600 家在中國。

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.

我們預計將在美洲增加 600 多家淨新店，增長 4%，其中美國將增加 3%，我們在上個季度討論了加速關閉的美國門店。

And EMEA is targeting approximately 400 net new stores, virtually all licensed.

EMEA 的目標是大約 400 家淨新店，幾乎全部獲得許可。

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 年收入將再次強勁增長，2019 財年的綜合收入將增長 5% 至 7%，其中包括來自精簡相關活動的約 2 個逆風點。

Let me take a moment to talk specifically about the financial impacts of the Global Coffee Alliance with Nestlé.

讓我花點時間專門談談與雀巢的全球咖啡聯盟的財務影響。

As you may recall, we initially expected revenue and EPS growth to both be impacted in 2019 by 2 to 3 points.

您可能還記得，我們最初預計 2019 年的收入和每股收益增長都將受到 2 到 3 個百分點的影響。

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.

我們現在看到該範圍下限對收入增長的影響，每股收益增長受到 1 到 2 個百分點的影響。

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.

我們還表示，隨著國內和國際業務從 2019 年下半年開始，該交易將在 2021 年實現增值。

But as John stated, we now see accretion in 2020.

但正如約翰所說，我們現在看到了 2020 年的增長。

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.

因此，2019 年將領先於我們對雀巢交易的 3 個關鍵財務指標的原始指導：收入；每股收益；和增長速度，進一步突出了全球咖啡聯盟的戰略理念和增長前景。

I would also add that shifting our CPG and foodservice businesses to a royalty model will impact operating income and operating margin.

我還要補充一點，將我們的 CPG 和餐飲服務業務轉變為特許權使用費模式將影響營業收入和營業利潤率。

Specifically, consolidated operating margin will be negatively impacted by about 100 basis points in 2019.

具體而言，2019 年綜合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，與全球咖啡聯盟相關的回購影響意義重大，我稍後會描述。

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.

預計 2019 財年綜合非公認會計準則營業利潤率將較 2018 年略有下降，預計上半年壓力將來自 2018 年下半年進行的稅制改革投資以及全球咖啡聯盟的影響，然後才能恢復到更穩定的年份- 下半年的同比水平。

Of note, we expect slight consolidated non-GAAP operating margin growth, excluding the impact of the Nestlé transaction.

值得注意的是，不包括雀巢交易的影響，我們預計非公認會計準則綜合營業利潤率將略有增長。

The work we are doing to drive G&A savings will accelerate over the course of the year, helping margin over time.

我們為節省 G&A 所做的工作將在一年中加速，隨著時間的推移幫助提高利潤。

Let me add 2 additional points to the operating margin equation for fiscal year 2019.

讓我在 2019 財年的營業利潤率方程中再增加 2 點。

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.

首先，預計大宗商品對同比銷貨成本的影響微乎其微，因為咖啡價格的一些利好被更高的乳製品和燃料所抵消。

Our overall coffee needs are roughly 90% price locked at this point for fiscal 2019.

我們的整體咖啡需求在 2019 財年此時鎖定了大約 90% 的價格。

More broadly, we expect continued progress on our cost of goods sold savings targets that we outlined at our last Investor Day.

更廣泛地說，我們預計我們在上一個投資者日概述的銷售成本節約目標將繼續取得進展。

Second, a few comments on G&A.

其次，關於 G&A 的一些評論。

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.

上個季度，我們概述了從我們約 350 億美元的系統銷售額基礎中刪除約 100 個基點的 G&A 的 3 年機會。

We are on target to deliver what we said we would do.

我們的目標是實現我們所說的我們會做的。

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.

不包括我們計劃的 2019 年美國領導力會議，這將對 2019 年第四季度的 G&A 產生有意義的影響，我們預計到 2019 年，G&A 的運行率節省佔系統銷售額的百分比約為 35 個基點。

This puts us well on the path towards our 3-year target.

這使我們朝著我們的 3 年目標邁進了一大步。

Kevin and the team will provide you a more detailed update on that front at our upcoming Investor Day.

凱文和團隊將在我們即將到來的投資者日為您提供有關這方面的更詳細更新。

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.

從 2019 財年的細分市場角度來看，由於我們從 2018 年第三季度開始進行的與稅收改革相關的重大合作夥伴和數字投資，我們預計美洲非公認會計準則營業利潤率將比上年略有下降，我們將在後面進行2019財年的一半。

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.

CAP 非公認會計準則營業利潤率應與 2018 年水平大致持平，因為中國和日本的強勁經營槓桿被華東地區所有權變更的影響所抵消。

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.

2019 年歐洲、中東和非洲非 GAAP 營業利潤率應該會有所提高，因為轉向特許商店和 G&A 儲蓄的好處會隨著時間的推移而增加。

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.

我們預計渠道開發非 GAAP 營業利潤率將在 30% 左右，低於 2018 年略高於 42% 的水平，這一切都受到雀巢許可交易的影響。

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.

在營業收入線以下，我們預計其他方面的利息收入將下降，特別是在第一季度，因為上一年未兌現禮品卡餘額收益顯著，並且由於未兌現禮品卡的新收入確認。

We will adopt this new accounting prospectively starting in the first quarter of fiscal 2019, which will move this benefit to the revenue line.

我們將從 2019 財年第一季度開始採用這種新的會計方法，這將把這種好處轉移到收入線。

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.

2019 財年更高的利息支出將反映資產負債表上的額外槓桿，包括最近在 8 月份發行的 30 億美元債券。

Regarding share count, Kevin highlighted that the proceeds of the Nestlé transaction have been used to execute accelerated share repurchases effective October 1, 2018.

關於股票數量，Kevin 強調，雀巢交易的收益已用於執行自 2018 年 10 月 1 日起生效的加速股票回購。

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.

首次交割的股份約佔根據 ASR 回購總額的 80%，其餘的 ASR 和其他回購發生在下半年。

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

我們預計 2019 年的非公認會計原則有效稅率將與 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.

預計 2019 財年的資本支出總額約為 20 億美元，與 2018 年的水平大致持平。

Nearly 80% of 2019 CapEx will be allocated to Starbucks retail portfolio, new stores, renovations for existing locations and strategic store-related initiatives.

2019 年資本支出的近 80% 將分配給星巴克零售組合、新店、現有地點的翻新和與戰略商店相關的計劃。

This compared to 70% in 2018.

相比之下，2018 年這一比例為 70%。

We expect non-GAAP EPS to grow 8% to 10% in fiscal 2019 to $2.61 to $2.66 per share.

我們預計非 GAAP 每股收益將在 2019 財年增長 8% 至 10% 至每股 2.61 美元至 2.66 美元。

This includes our updated expectation that the Global Coffee Alliance transaction will lower 2019 non-GAAP EPS growth by 1 to 2 points.

這包括我們更新的預期，即全球咖啡聯盟交易將使 2019 年非公認會計原則每股收益增長降低 1 至 2 個百分點。

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.

預計上半年非公認會計原則每股收益增長將低於 2019 財年的全部平均水平，這主要是由於稅收改革節省資金和股票回購的額外收益資助的合作夥伴投資。

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.

由於雀巢交易和稅收相關投資的影響，全年非公認會計原則每股收益增長略低於我們的長期指導。

G&A savings will start to build and deliver sustainable benefits later in 2019 and beyond.

G&A 節省將在 2019 年晚些時候及以後開始建立並提供可持續的收益。

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.

此外，預計第一季度的非公認會計原則每股收益將與 2018 年第一季度持平或略有下降，這主要是由於我們對上一年未兌換禮品卡的責任的校正以及全球咖啡稀釋的影響聯盟。

In closing, I would like to again thank all of you for your support over my past 5 years as CFO.

最後，我想再次感謝大家在我擔任首席財務官的 5 年中對我的支持。

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.

我要再次感謝凱文和許多星巴克合作夥伴，在我在星巴克工作的 7 年裡，我有幸與他們合作。

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.

最後，我要衷心感謝我們的商店合作夥伴，他們自豪地穿著綠色圍裙，每天為世界各地的顧客提供提升的星巴克體驗。

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.

我知道星巴克最好的日子還在後面，因為您堅定不移地承諾一次一杯地以熱情和奉獻精神服務我們的客戶。

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) 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 John Ivankoe。

First, a clarification and then a question.

首先是一個澄清，然後是一個問題。

First, on the clarification, does the earnings guidance include the amortization from the Nestlé gain?

首先，澄清一下，收益指引是否包括雀巢收益的攤銷？

The $7.15 billion is the first clarification.

71.5億美元是第一個澄清。

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.

其次，關於這個問題，我確實知道顯然有一個目標是將 G&A 降低 100 個基點，即係統銷售的百分比。

At this point, are you willing to commit to that being a net number?

在這一點上，你願意承諾這是一個淨數字嗎？

Or might there still be some investments that you decide to put against that number as we move throughout '20 and '21?

或者，隨著我們在 20 年和 21 年的推進，您是否仍會決定針對該數字進行一些投資？

Thanks for the question.

謝謝你的問題。

On the first part, yes, it is inclusive of the amortization of the revenue.

在第一部分，是的，它包括收入的攤銷。

And as far as the 35 basis points this year and the 100 basis points over 3 years, that is a net number.

至於今年的 35 個基點和 3 年的 100 個基點，這是一個淨數字。

So there will be investments that happen within that, but that's a net number you'll see come out of the P&L.

因此，其中會發生投資，但這是您會從損益表中看到的淨數字。

Did you clarify the...

有沒有說清楚...

Amortization?

攤銷？

It's in there.

它在裡面。

Yes.

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杰弗裡伯恩斯坦。

Just 2-part question on the U.S. comp.

關於美國比賽的兩部分問題。

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.

我只是想知道您是否可以根據您在第四季度看到的連續趨勢提供任何顏色，也許您認為是上漲的最大驅動力。

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.

聽起來好像你有 - 利用今年的積極勢頭，所以我不確定你是否會就這種連續趨勢提供任何顏色，以及它是否會持續到 10 月。

And then Roz, if you could just provide any color in terms of the p.m.

然後是羅茲，如果你能根據下午提供任何顏色的話。

traffic trends.

流量趨勢。

I think you said modest improvement versus 3Q.

我認為你說與第三季度相比有適度的改善。

Wasn't sure if you would call that a noticeable change in trend that you expect to continue?

不確定您是否會稱這是您期望繼續的明顯趨勢變化？

Or is there any particular drivers that might have led the p.m.

或者是否有任何特定的驅動程序可能導致下午。

to get better sequentially.

依次變得更好。

Yes -- no, I'll have Roz answer the question on the U.S. comp thing.

是的——不，我會讓 Roz 回答關於美國比賽的問題。

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.

不過，我只想提一下，你問到 10 月份的事，我想斯科特和我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，所以我們會遠離那個問題。

But Roz can shed some light on the Q4 performance on comp.

但羅茲可以對第四季度的比賽表現有所了解。

Yes.

是的。

So Jeff, let me see if I can break that down for you.

所以傑夫，讓我看看我是否可以為你分解。

So first of all, we did grow revenue 8% in the quarter.

因此，首先，我們在本季度的收入確實增長了 8%。

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.

我們繼續看到我們的新店貢獻強勁增長，新店和非競爭店佔收入增長約 4 個百分點。

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.

從我提到的飲料創新中真正突出顯示，飲料貢獻了 4 個可比增長點中的 3 個，全年最強勁的表現出現在第四季度。

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.

其中很多是基於我們在冷平台上看到的性能，冷平台是我們的 Nitro、我們的 Refreshers，除了 Cold Brew 和 Cold Foam。

And so we're seeing it come through in our cold beverages.

所以我們在冷飲中看到了它。

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.

然後你在下午提出的問題是我們在那裡看到了一些改進，我會告訴你，當我們刪除了商店中正在發生的一些任務以提高商店效率時，我們為合作夥伴在整個下午的時段與客戶互動。

Moving some of that -- the routine task to closing, freed up time for them to interact.

將其中的一些——例行任務轉移到結束，為他們騰出時間進行互動。

And so we're seeing some nice movement between our customer connection stores that we know ultimately that relates to increased frequency and traffic.

因此，我們看到我們的客戶聯繫商店之間出現了一些不錯的變動，我們最終知道這與頻率和流量的增加有關。

So we're encouraged by those things alone.

因此，僅這些事情就鼓舞了我們。

You'll continue to hear us talk about beverage innovations because that's where we see our greatest push from transaction growth.

您將繼續聽到我們談論飲料創新，因為這是我們看到交易增長最大推動力的地方。

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

我們的下一個問題來自貝爾德的大衛塔倫蒂諾。

Similar question on the China trends.

關於中國趨勢的類似問題。

The China trends have been quite volatile the last couple of quarters.

過去幾個季度，中國的趨勢非常不穩定。

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.

我想知道您是否可以詳細說明您認為推動上個季度改善的因素以及這種趨勢的可持續性。

Because I know you mentioned some successful product introductions, and those might be temporary.

因為我知道你提到了一些成功的產品介紹，而這些可能是暫時的。

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?

但是，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 19 財年？

Yes, David.

是的，大衛。

I think that overall, first off, we're very pleased with the growth we saw in China in the quarter and for the year.

我認為總體而言，首先，我們對本季度和本年度在中國看到的增長感到非常滿意。

So when you look at it in total, revenue growth across China grew 19%, ex any of the equity or FX variables.

因此，從總體上看，中國的收入增長了 19%，不包括任何股票或外匯變量。

And for the year, revenues grew 21%, so very strong growth across the market.

這一年，收入增長了 21%，整個市場的增長非常強勁。

The majority of the growth, as we shared previously, is being driven by the new stores and non-comp stores.

正如我們之前分享的，大部分增長是由新店和非競爭店推動的。

So we continue to double down and accelerate growth on new stores.

因此，我們繼續加倍努力並加快新店的增長。

And we opened 585 stores last year, a total of 139 in the quarter, and we opened 5 new cities.

而我們去年開店585家，本季度共開店139家，新開5個城市。

We also, as part of that then, look at total transaction growth across the market.

作為其中的一部分，我們還將研究整個市場的總交易增長。

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.

正如我所分享的，我們看到本季度的總交易量增長了兩位數，這表明我們在開店時繼續吸引現有客戶進入商店的頻率以及新客戶進入商店。

Then you couple all that with the work that we did around product and around innovation.

然後將所有這些與我們圍繞產品和創新所做的工作結合起來。

And I talked a little bit about coffee meets ice cream, the rollout that we've seen there.

我談到了咖啡遇上冰淇淋，我們在那裡看到的推廣。

That had a -- contributed about 2 points of comp contribution to us.

這為我們貢獻了大約 2 點的補償貢獻。

We also saw strong uptick on Cold Foam.

我們還看到冷泡沫的強勁增長。

And then also, food.

還有，食物。

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.

食品方面，我們也看到了強勁的增長，因為我們在麵包店和其他一些節日食品方面進行了投資。

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.

現在你在本季度看到的所有表現，拋開我們與阿里巴巴的交付機會，正如我們分享的那樣，我們在 8 月份宣布了這筆交易。

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.

我們剛剛在 9 月份推出它，因此對本季度的交付確實沒有任何有意義的影響。

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.

因此，我們認為，我們在本季度取得的勢頭並看到薪酬的連續改善，我們將在全年工作中繼續看到薪酬的增長。

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.

它會在今年上半年放緩，隨著我們全面推出交付，隨著我們繼續建立新店以及繼續推動數字化互動，它會在下半年加速我們的顧客。

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

我們的下一個問題來自 Sara Senatore 和 Bernstein 的觀點。

I have a question about margins, if I may.

如果可以的話，我有一個關於利潤的問題。

So the Americas margins are down.

所以美洲的利潤率下降了。

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.

我想我有點驚訝，因為雖然我知道你已經指導了上個季度，但看起來你的陣容非常強大。

Maybe as good or better as what you expected in the beginning of the year, and it was entirely ticket driven.

可能與您在年初的預期一樣好或更好，而且完全是票務驅動的。

So I'm just trying to understand, given that beverage mix was better, you added ticket-driven comp, why the margin?

所以我只是想了解，考慮到飲料組合更好，你添加了票務驅動的補償，為什麼會有利潤？

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?

而且我想，與中國有關，我們是否應該期望您將您談到的一些成本節約再投資於類似產品和合作夥伴？

Or would we expect to see some of that flow through?

或者我們會期望看到其中的一些流動嗎？

Sara, thanks for the question.

薩拉，謝謝你的問題。

It's Scott.

是斯科特。

So margin came in about where we would expect it with the comp growth that we had.

因此，隨著我們的薪酬增長，利潤率達到了我們預期的水平。

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.

我們確實看到了——如果你從減稅中剔除我們在下半年所做的合作夥伴和數字投資，我們確實看到了全年任何季度的最佳利潤率表現。

So if you back those out, margin was down just slightly.

因此，如果您將其排除在外，則利潤率會略有下降。

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.

正如你所知，我們已經看到 - 我說的是在美洲，我們看到美洲的利潤率大幅下降，特別是在這些投資之前的上半年。

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.

但當我們來到第四季度，你移除了那些增加的與稅收相關的合作夥伴和數字投資，利潤率表現實際上是今年最強勁的。

And maybe I'll have John handle the second part of the question.

也許我會讓約翰處理問題的第二部分。

Yes, Sara.

是的，薩拉。

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.

在利潤方面，因為它與中國和我們正在進行的投資有關，所以我們繼續在中國的業務上進行投資，因為我們正在建設 - 繼續在增長的基礎上建立，無論是在 IT 方面，還是在在供應鏈方面，更重要的是，圍繞我們與阿里巴巴的合作夥伴關係以及我們需要在那裡進行的投資。

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.

然後您將其與我們繼續在合作夥伴基礎上進行的投資相結合，並確保我們繼續將星巴克提升為市場上的首選雇主。

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.

中國境內的所有這些看跌期權都使我們達到了斯科特指導的 CAP 利潤率，與去年同期相比，這將大致持平。

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.

因此，我們能夠在整個 CAP 業務中吸收所有這些投資，並在同比基礎上保持相對穩定的利潤率。

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.

Roz，我想深入研究一下你本季度看到的支票增長情況。

It sounds like it was beverage.

聽起來像是飲料。

So one, what was that?

那麼一個，那是什麼？

Was that trade-up to these cold platforms, for example, that you were experiencing?

例如，您正在經歷對這些冷平台的交易嗎？

Two, I think in the past, you've talked a little about spend for My Starbucks Rewards members has driven check up.

第二，我認為在過去，您曾談及“我的星巴克獎勵計劃”會員的消費推動了檢查。

And so was that a phenomenon here as you sort of individualized offers, you're getting people to trade-up more often?

當你提供個性化的報價時，這種現像是否會導致人們更頻繁地進行換購？

And how do you think, I guess, maybe longer term about it, right, traffic was down, check was up a lot?

你怎麼看，我猜，也許是長期的，對，流量下降了，支票上升了很多？

You probably want it more balanced.

您可能希望它更平衡。

Is your plan in '19 to drive traffic maybe with lower check?

您是否計劃在 19 年以較低的支票來增加流量？

Or how do you think about how '19 plays out versus -- check versus traffic?

或者你如何看待 19 年的表現與 - 檢查與流量？

I'm actually going to start with your '19 question around do we plan to drive with price in '19.

我實際上要從你 19 年的問題開始，我們是否計劃在 19 年以價格開車。

And actually, we have loaded in the plan, just like we did in fiscal year '18, about 1 to 2 points of price.

實際上，我們已經加載了計劃，就像我們在 18 財年所做的那樣，大約 1 到 2 個點的價格。

So we're going to stay pretty stable.

所以我們會保持相當穩定。

We addressed that throughout the year.

我們全年都在解決這個問題。

No particular beverage or food item or geography.

沒有特定的飲料或食品或地理。

We just balanced it throughout the year.

我們只是全年平衡它。

So no change there.

所以那裡沒有變化。

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.

當我們考慮到 18 財年我們的運動發生了什麼時，我們從星巴克獎勵會員那裡得到的結果有點變化，然後是考慮我們的混合業務和只是用新的冷平台補充了這一點。

So it's an and equation for our beverage business.

所以這對我們的飲料業務來說是一個和等式。

We're seeing nice food attach on our ticket as well.

我們的票上也附有美味的食物。

And as you know, our breakfast business tends to do well for us, our hot sandwiches.

如您所知，我們的早餐業務往往對我們來說做得很好，我們的熱三明治。

Sous Vide Egg Bites are growing nicely for us.

Sous Vide Egg Bites 對我們來說發展得很好。

And then the premiumization of Frappuccino actually helped us as we transition to that in the second half of the year.

然後，星冰樂的高端化實際上幫助了我們，因為我們在下半年過渡到了這種模式。

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.

因此，它結合了我們的戰略點，即專注於飲料創新，繼續推動我們與客戶、星巴克獎勵客戶的數字關係，然後通過將價格始終保持在 1 到 2 點來運營業務那一年。

Our next question comes from the line of Matthew DiFrisco with Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 Matthew DiFrisco。

This is a question for Matt Ryan.

這是馬特·瑞恩的問題。

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.

你能不能談談，我猜，你過去做過我的星巴克獎勵會員，這些人的表現如何，或者他們的同比增長，他們的消費。

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.

我們能否在本季度獲得一些顏色以及一些 - 也許是關於您在重新加載時看到的一些細節以及加速的可能性。

Sure.

當然。

Thanks for the question.

謝謝你的問題。

I think the big headline was that we saw tremendous growth in the membership this quarter.

我認為大標題是我們看到本季度會員人數的巨大增長。

And it's typically a quarter of the year when we don't see that.

我們通常在一年的四分之一時間裡看不到這一點。

We tend to see -- because of seasonality, see reductions.

我們傾向於看到 - 由於季節性，看到減少。

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.

因此，到年底，會員人數同比增長 15%，達到 1530 萬，我們為此做出了一些貢獻。

One is these digital relationships we've been talking about.

一個是我們一直在談論的這些數字關係。

We've begun to see conversion of those members into Starbucks Rewards members, which is tremendously helpful.

我們已經開始看到這些會員轉變為 Starbucks Rewards 會員，這非常有幫助。

We removed some of the frictions in the funnel as well to getting people into the program more easily and just focusing on membership.

我們還消除了漏斗中的一些摩擦，讓人們更容易地加入該計劃並只關注會員資格。

We have continued to see year-on-year growth in spend per member.

我們繼續看到每位會員的支出同比增長。

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.

這再次處於個位數範圍內，我們對此非常樂觀，因為這表明我們的成員實際上很有吸引力，甚至是我們已經擁有很長時間的成員。

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.

因此，我們對那裡的增長非常非常滿意，並期待在明年擴大該計劃並利用我們擁有的更多數字關係。

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

我們的下一個問題來自 Cowen and Company 的 Andrew Charles。

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?

凱文，第四季度業績的改善是否讓您對 3% 至 5% 的同店銷售額和 12% 以上的每股收益增長的長期目標更有信心？

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?

或者，鑑於 2019 年的初始指導處於低端或低於這些水平，Pat 的早期優先事項之一是否會更深入地研究這些目標？

And then Roz, if I could sneak one in there.

然後是羅茲，如果我能偷偷溜進去的話。

Can you talk about the performance of PSL in the quarter?

你能談談PSL在本季度的表現嗎？

This has been one -- I remember historically, it's out-comped itself every year that you've been running it.

這是一個——我記得從歷史上看，它每年都會超過你運行它的速度。

And the contribution that had to the 3% beverage comp.

以及對 3% 飲料補償的貢獻。

Yes.

是的。

Thanks, Andrew.

謝謝，安德魯。

I'll take your first question, and then I'll hand up to Roz.

我會回答你的第一個問題，然後交給 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.

請記住，我們的 19 財年收入指南在針對全球咖啡聯盟過渡帶來的大約 2 個負面影響進行調整後，顯然使我們處於 7% 至 9% 的收入長期增長范圍內。

Same when you look at non-GAAP EPS.

當您查看非公認會計準則每股收益時也是如此。

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.

當您針對雀巢交易的第一年以及斯科特之前提到的我們在工資和數字方面所做的稅收改革美元的增量投資進行調整時，我們的每股收益處於長期指導範圍的下限。

So I think clearly, FY '19 is a transitional year, primarily driven by the Global Coffee Alliance with Nestlé.

所以我清楚地認為，19 財年是一個過渡年，主要由與雀巢的全球咖啡聯盟推動。

But that Global Coffee Alliance with Nestlé is part of our long-term growth and value-creation agenda.

但與雀巢的全球咖啡聯盟是我們長期增長和價值創造議程的一部分。

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.

如果我看看我們在過去一年中圍繞精簡活動以及全球咖啡聯盟所做的工作，這使公司真正專注於增長，不僅僅是收入的增長，還有營業收入的增長。

And FY '19 is that transitional year that positions us for that going into 2020 and beyond.

19 財年是過渡年，我們為 2020 年及以後做好準備。

Roz, you want to take the other question?

羅茲，你想回答另一個問題嗎？

So the question on PSL.

所以關於 PSL 的問題。

So we saw a nice sharp turn on PSL coming out of this season.

因此，我們看到本賽季 PSL 出現了一個很好的急劇轉變。

We did something different with PSL this season.

本賽季我們對 PSL 做了一些不同的事情。

We really hit social media with it this time.

這次我們真的用它來衝擊社交媒體。

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.

當我們一直在談論真正支持品牌營銷和產品營銷並專注於客戶對我們的期望時，PSL 就是其中之一。

So came out of the gate strong and fast, signaled the quarter -- the fall season.

就這樣強勢而快速地走出大門，標誌著這個季度——秋天的季節。

So we were pleased, and it did a nice job for us through the quarter.

所以我們很高興，它在整個季度對我們來說做得很好。

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.

數字方面的另一個問題。

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.

因此，當您在獎勵計劃之外建立了這種擴展的數字關係時，很高興聽到您看到轉換為獎勵計劃。

But are you seeing incrementality in those relationships with the sort of more standardized, not-as-personalized offers?

但是，您是否看到這些關係隨著更標準化、非個性化的優惠而增加？

Or is that still an evolution to come?

或者這仍然是一種進化？

Yes.

是的。

Matt Ryan will take the question.

Matt Ryan 將回答這個問題。

Thanks, Karen.

謝謝，凱倫。

Thanks, Karen.

謝謝，凱倫。

I would just say that our journey with these customers has just begun.

我只想說，我們與這些客戶的旅程才剛剛開始。

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.

雖然我們已經引入了大量、數以百萬計的新數字關係，但我們現在才剛剛開始使用這些關係。

Some of it is in programs like Happy Hour, where we're using those relationships to bring people in across the year.

其中一些是在像歡樂時光這樣的節目中，我們正在利用這些關係來吸引人們全年參與。

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.

而且我們看到，在收入和盈利能力方面，它的表現都比過去的歡樂時光方式要好。

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.

但更重要的是，我們必須將其視為漏斗的頂部，是我們可以建立的關係的推動者，最終引導人們進入星巴克獎勵計劃。

So we expect to see that continue to contribute to incrementality, but over time.

因此，我們希望看到這繼續有助於增量，但隨著時間的推移。

It's not something that we would hang our hat on just yet.

這還不是我們要掛上帽子的東西。

We're moving in that direction.

我們正朝著那個方向前進。

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

我們的下一個問題來自瑞銀的丹尼斯蓋格。

Scott, thanks for all your help over the years, and then best of luck, of course.

斯科特，感謝您多年來的所有幫助，當然，祝您好運。

Matt, sorry, but just one more follow-up on the digital engagement side of things.

馬特，對不起，但只是關於數字參與方面的另一項後續行動。

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?

我想，僅根據您迄今為止所看到的，1000 萬會員，一個很大的數字，這是否給了您 - 您到目前為止從這 1000 萬數字參與會員中看到的，是否會給您更大的信心在明年的 1% 到 2% 的補償中？

Is that still the target?

還是那個目標嗎？

And again, do you feel any better about that given you're already at 10 million members?

再說一次，鑑於您已經有 1000 萬會員，您對此感覺好些了嗎？

Yes.

是的。

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.

再一次，我認為我們已經開始為我們創造機會，但我們還沒有到達我們想去的地方。

So we're just beginning to send offers to this group of people.

所以我們才剛剛開始向這群人發送報價。

We have not yet begun to personalize, and that's something we expect to do later this year.

我們還沒有開始個性化，這是我們希望在今年晚些時候做的事情。

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.

我們需要時間來確定有多少業務來自任何特定的客戶群，但我們對致力於建立數字關係的人們的響應能力感到非常非常鼓舞。

Remember that we're not in a business of creating digital relationships for digital relationships' sake.

請記住，我們不是為了數字關係而創建數字關係的業務。

They're an enabler for us to communicate and talk to our customers.

他們是我們與客戶交流和交談的推動者。

It is a way that we go to market.

這是我們進入市場的一種方式。

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.

通過建立這種能力，它可以讓我們減少對媒體的依賴，並在未來更加依賴客戶從我們那裡獲取信息。

And we're going to use all the toolbox that we've built with our SR customers with those customers over time.

隨著時間的推移，我們將使用我們與 SR 客戶一起構建的所有工具箱。

But it's not something you turn on all at once.

但這不是你一次打開的東西。

It's something that's a journey for us, and we're going to continue to go down that pathway.

這對我們來說是一段旅程，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.

我剛看了一篇關於中國和那裡競爭環境的文章。

I think that was part of the reason for the softer comps in the third quarter.

我認為這是第三季度比較疲軟的部分原因。

Has that changed or materially changed in any way that you're seeing it let up?

有沒有以任何方式改變或實質性改變，你看到它放鬆了？

Or no change, and this is more of a sort of internally driven change that you guys have driven with the company?

或者沒有變化，這更像是你們與公司一起推動的一種內部驅動的變化？

Yes, Gregory.

是的，格雷戈里。

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.

首先，讓我評論一下競爭環境，因為我知道那裡有很多媒體和很多問題。

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.

我認為我們在中國看到的是，競爭環境反映了市場提供的機會和繼續增長的機會。

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.

很明顯，在過去 20 年裡，星巴克一直處於領先地位，基於我們已經能夠實現的優質地位以及我們為客戶提供的體驗，建立了一種非常強大的咖啡文化。

We welcome all competitors, and the market is going to continue to be competitive.

我們歡迎所有競爭對手，市場將繼續競爭。

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.

同時，我想說，鑑於我們的品牌和我們提供的經驗，我們以許多不同的方式處於領先地位。

We lead in the areas of product innovation.

我們在產品創新領域處於領先地位。

We lead in overall quality of the products that we serve.

我們在所服務產品的整體質量方面處於領先地位。

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.

我們顯然在合作夥伴提供的第三方體驗中的服務體驗方面處於領先地位，而我們在店鋪設計方面在第三方方面處於領先地位。

All those things are not able to be replicated by the competition.

所有這些東西都無法被競爭對手複製。

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.

您將所有這些與我們品牌的提升與我們正在開設的 Roastery 和 Reserve 商店結合在一起，我們肯定會在市場上建立一個非常優質的地位。

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.

現在，您添加了我們在交付方面看到的機會，以及使我們能夠根據便利的需求狀態將我們的品牌擴展到我們的商店之外的客戶最需要星巴克的地方。

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.

然後，您將與我們看到的與雀巢在中國的全球咖啡聯盟、Nespresso 平台、包裝咖啡以及我們與康師傅的 RTD 合作夥伴關係相結合。

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.

所有這些東西加在一起，形成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。

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.

所以我們覺得我們在競爭中處於非常有利的位置，但與此同時，我們仍然專注於長期，我們仍然專注於我們實施的戰略。

Yes, I think -- this is Kevin.

是的，我想——這是凱文。

I would just want to add to John's comment as he commented on competition in China and things that I think apply globally.

我只想補充約翰的評論，因為他評論了中國的競爭以及我認為適用於全球的事情。

The fact is that there is a large and growing addressable market around all things coffee.

事實是，所有咖啡產品都有一個龐大且不斷增長的潛在市場。

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.

作為一家公司，我們從事這項業務已有 47 多年的歷史，並打造了世界上最受尊敬和最值得信賴的品牌之一。

And we've built that by delivering premium products and a premium experience in our stores.

我們通過在我們的商店提供優質產品和優質體驗來實現這一目標。

And that remains true today, the third place experience.

今天仍然如此，第三名的經驗。

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.

即使我們已經擴展了它以滿足便利狀態的需求，我們也在努力以一種增加品牌和增加我們商店體驗的方式來做到這一點。

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.

例如，正如 John 和 Belinda 和團隊一直在與餓了麼一起工作，我們已經將其完全整合到我們商店的運營中，這樣我們就可以創造出色的體驗。

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.

但我認為，作為一個擁有優質產品、在我們的商店創造優質體驗並能夠大規模提供定製手工飲料的品牌，我們有能力繼續差異化，這就是我們將繼續遵循的公式依照。

And our investments in things like Starbucks Reserve Roasteries is a brand amplifier.

我們對星巴克珍藏烘焙工坊等的投資是一個品牌放大器。

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.

與雀巢的合作夥伴關係是一個增長議程，但它也是一個品牌放大器，因為雀巢將我們的咖啡和茶產品帶入 CPG 和餐飲服務。

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.

因此，我們將堅持讓我們走到這一步的原因，以及我們認為是市場上可辯護的差異化因素以及我們做得好的事情。

And that will serve us well for the long term in every market around the world.

從長遠來看，這將為我們在全球每個市場提供良好的服務。

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

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

My question is on the Americas operating margin.

我的問題是關於美洲的營業利潤率。

Scott, you had mentioned that the margins would have been down a little, excluding the partner and digital investments.

斯科特，你曾提到利潤率會有所下降，不包括合作夥伴和數字投資。

And I know that product mix will have an impact.

我知道產品組合會產生影響。

But holding that aside, do you need a 4% comp to keep margins flat in that segment?

但拋開這一點不談，您是否需要 4% 的補償來保持該細分市場的利潤率持平？

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%?

或者通過您擁有或正在實施的勞動力計劃工具和成本管理，您能否將利潤率保持在 4% 以下？

Yes.

是的。

What we said is if we can do a 3% comp with some transaction growth within that, we can drive margin expansion.

我們所說的是，如果我們可以在其中實現 3% 的交易增長，我們就可以推動利潤率的增長。

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.

所以 Roz 在損益表中所做的事情，從商店運營效率的角度來看，她在做的事情，浪費的事情，甚至還有勞動力投資，如果我們能用一點點做 3% 的補償的話那裡的交易增長，然後我們可以推動美洲的利潤率擴張。

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

我們的最後一個問題將來自 Chris O'Cull 和 Stifel。

This is actually Mitch on for Chris.

這實際上是克里斯的米奇。

Just a follow-up to an earlier question on China.

只是對先前關於中國的問題的後續行動。

Could you give some color on what sales lift do you expect to see from the Alibaba delivery partnership?

您能否談談您期望從阿里巴巴交付合作夥伴中看到的銷售提升？

And then what marketing programs will be tied to the Singles' Day coming up?

那麼，即將到來的光棍節將與哪些營銷計劃相關聯？

Sorry, repeat the second question, Mitch?

抱歉，重複第二個問題，米奇？

Singles' Day in China.

中國光棍節。

Singles' Day, okay.

光棍節，好吧。

Okay.

好的。

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.

因此，對於交付機會，首先，我們仍在準確量化這種上行空間，但我們顯然預計會有增量上行空間。

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.

我們從客戶那裡看到的初步反應是非常積極的，所以我們看到了一些交易量的提升，但現在說到底是什麼樣子還為時過早。

And we'll have more details as we get into the Investor Day and sharing those details of what the rollout looks like.

當我們進入投資者日並分享有關推出的詳細信息時，我們將獲得更多詳細信息。

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.

我們已經經歷了並且我們已經圍繞我們交付的所有包裝進行了翻新和創新，並真正為市場上的客戶創造了獨特的星巴克交付體驗。

So we're very optimistic about the opportunity on delivery.

因此，我們對交付機會非常樂觀。

And it will be delivery unlike any other competitor is doing in the market.

這將是與市場上任何其他競爭對手不同的交付方式。

So more details to follow on that as part of Investor Day.

因此，作為投資者日的一部分，有更多的細節要跟進。

And then in terms of November 11, we always see a big day on November 11 as a company.

然後就 11 月 11 日而言，作為一家公司，我們總是在 11 月 11 日看到一個重要的日子。

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.

我們將其納入我們的預測，並納入我們全年制定的總體指導中。

But we expect it to be a big day.

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.

在這個時候，我想把電話轉給凱文做結束語。

Well, thank you all for joining us today.

嗯，謝謝大家今天加入我們。

I did want to mention that we really look forward to seeing you at our December 13 investor conference in New York City.

我確實想提一下，我們非常期待在 12 月 13 日在紐約市舉行的投資者會議上見到您。

Today, we spoke a little bit about the Starbucks Reserve Roasteries, and we opened a beautiful Reserve Roastery in Milan, Italy last quarter.

今天，我們聊了聊星巴克的 Reserve Roasteries，上個季度我們在意大利米蘭開設了一家漂亮的 Reserve Roastery。

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.

因此，作為 12 月 13 日投資者會議的一部分，對於那些可以參加的人，我們想邀請您參加將在紐約市開業的下一家星巴克儲備烘焙工坊的獨家開業前參觀。

And then we look forward to hosting you all that afternoon for the investor conference.

然後，我們期待在整個下午為您舉辦投資者會議。

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

因此，感謝您今天加入我們，我們期待下個月見到您。

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 年第四季度和財年末電話會議到此結束，您現在可以斷開連接。