星巴克 (SBUX) 2019 Q1 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 First Quarter Fiscal Year 2019 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2019財年第一季電話會議。（操作說明）

I will now turn the call over to Durga Doraisamy, Investor Relations. Ms. Doraisamy, you may now begin your conference.

現在我將把電話轉交給投資者關係部的杜爾加·多萊薩米。多萊薩米女士，您現在可以開始會議了。

Good afternoon, everyone, and thank you for joining us today to discuss our first quarter results for fiscal year 2019. Today's discussion will be led by Kevin Johnson, President and CEO; and Pat Grismer, CFO. And for Q&A, we will be joined by Roz Brewer, Chief Operating Officer and Group President, Americas; John Culver, Group President, International, Channel Development and Global Coffee and Tea.

各位下午好，感謝各位今天蒞臨我們公司，共同探討2019財年第一季業績。今天的討論將由總裁兼首席執行官凱文·約翰遜和首席財務官帕特·格里斯默主持。在問答環節，我們將邀請美洲區營運長兼集團總裁 Roz Brewer，以及國際、通路開發和全球咖啡茶集團總裁 John Culver。

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 2019 include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items. These items are excluded from our non-GAAP results. Please refer to our website at investor.starbucks.com to find the reconciliation of non-GAAP financial measures referenced in today's call with their corresponding GAAP measures.

2019 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 through February 22, 2019.

本次電話會議將進行網路直播，網路直播的存檔將在我們的網站上保留至 2019 年 2 月 22 日。

I will now turn the call over to Kevin.

現在我將把通話轉給凱文。

Well, thanks, Durga, and good afternoon, everyone. I'd like to start by taking this opportunity to thank our outgoing VP of Investor Relations, Tom Shaw, for his leadership over the past couple of years and to wish him well as he pursues a new opportunity outside our industry. Durga is a 5-year Starbucks partner and a 20-year veteran of Investor Relations, and I'm thrilled that she's stepping up to lead our IR function in close partnership with Pat.

謝謝你，杜爾迦，大家下午好。首先，我想藉此機會感謝即將離任的投資者關係副總裁湯姆·肖在過去幾年中的領導，並祝他在離開我們行業後，在新的領域裡一切順利。Durga 是星巴克的 5 年合作夥伴，也是擁有 20 年投資者關係經驗的資深人士，我很高興她能夠挺身而出，與 Pat 緊密合作，領導我們的投資者關係部門。

Now last month, we were pleased to meet with many of you in New York, not only to showcase our latest Starbucks Reserve Roastery, but to also discuss the next chapter in Starbucks' growth agenda, which we call growth at scale. We shared with you our strategy to streamline the business, drive growth in the key markets of U.S. and China, expand our global reach through the Global Coffee Alliance while simultaneously returning significant capital to our shareholders. This strategy is working, as evidenced by our Q1 results, and we remain confident in the longer-term outlook for the business.

上個月，我們很高興在紐約與大家見面，不僅是為了展示我們最新的星巴克臻選烘焙工坊，也是為了探討星巴克增長計劃的下一個篇章，我們稱之為規模化增長。我們與您分享了我們的策略，即精簡業務，推動美國和中國等主要市場的成長，透過全球咖啡聯盟擴大我們的全球影響力，同時為我們的股東返還大量資金。從我們第一季的業績可以看出，這項策略是有效的，我們對公司的長期前景仍然充滿信心。

Integral to our growth at scale strategy is a higher level of focus and discipline to drive predictable, sustainable, long-term growth and shareholder returns. The positive business momentum that we experienced in the fourth quarter of fiscal '18 clearly sustained throughout Q1. The strength of our results in Q1 has further reinforced the confidence and conviction we have, both near term and long term, in our strategy.

我們規模化成長策略的關鍵在於更高水準的專注和自律，以推動可預測的、可持續的長期成長和股東回報。我們在 2018 財年第四季取得的積極業務發展勢頭，在第一季得到了充分延續。第一季強勁的業績進一步增強了我們對公司策略的信心和信念，無論從短期或長期來看都是如此。

Let me give you a few of the key financial headlines for the quarter. Record revenue was $6.6 billion, representing 9% growth versus prior year; comp sales growth of 4%, including another quarter of sequential improvement in traffic comp; net store growth of 7% on a global basis versus prior year, with over 2/3 of our new store openings outside the U.S.; continued digital momentum with U.S. active Rewards members growing 14% to 16.3 million; and return of $5.5 billion to shareholders through a combination of dividends and buybacks.

讓我來介紹一下本季的一些主要財務數據。創紀錄的收入為 66 億美元，比上年增長 9%；同店銷售額增長 4%，其中客流量環比連續第二個季度增長；全球淨門店數量比上年增長 7%，其中超過三分之二的新店開在美國以外；數位化發展勢頭持續強勁，美國會員活躍人數增長 14%，達到 1630 億美元；分紅

These results were enabled in part by solid execution during our holiday season. Our holiday plan was informed by insights we gathered from customers who highlighted what they appreciate from Starbucks during the holidays. We leverage those insights to reignite the customer connection in many ways with improved brand and product awareness; sharper and cleaner holiday merchandising; relevant new offerings, such as our limited-edition red cup promotion; and an enhanced in-store experience. This comprehensive insight-driven approach delivered results and importantly, created momentum that provides a solid foundation for future quarters, helped in part by strong performance in our gift card business.

這些成果的取得，部分歸功於我們在假期期間的出色執行。我們的假日計劃是根據我們從顧客那裡收集到的信息制定的，他們重點介紹了他們在假期期間喜歡星巴克的哪些方面。我們利用這些洞察，透過多種方式重新點燃與顧客的聯繫，包括提高品牌和產品知名度；更清晰、更簡潔的節日商品陳列；相關的新產品，例如我們的限量版紅杯促銷活動；以及增強店內體驗。這種以洞察為導向的全面方法取得了成果，更重要的是，它創造了勢頭，為未來的幾個季度奠定了堅實的基礎，這在一定程度上得益於我們禮品卡業務的強勁表現。

Taking a step back from the solid results in the quarter, I'd like to highlight the broader approach we're taking to sustain growth well into the future and update you on the progress we're making to advance this strategy. As a reminder, our growth at scale agenda is composed of 3 key building blocks: streamlining our business, focusing on 3 strategic priorities and amplifying the Starbucks brand.

回顧本季取得的穩健業績，我想重點介紹我們為維持未來持續成長而採取的更廣泛的方法，並向大家匯報我們在推進這項策略方面所取得的進展。再次提醒大家，我們的規模成長計畫由 3 個關鍵組成部分組成：精簡業務、專注於 3 個策略重點以及提升星巴克品牌影響力。

Our streamlined efforts over the past 6 quarters are paying off by allowing us to bring more focus and discipline to our 3 strategic priorities of: accelerated growth in our targeted markets of U.S. and China; expanding global reach of the Starbucks brand, leveraging the Global Coffee Alliance with Nestlé; and increasing shareholder returns. Importantly, we are doing all of this while staying true to our brand promise with the understanding that the foundational elements will remain pivotal as we continue to build our brand through the Starbucks Experience, the quality of our coffee and our corporate reputation for doing good.

過去 6 個季度以來，我們精簡流程的努力正在取得成效，使我們能夠更加專注於我們的 3 個戰略重點：加速在美國和中國等目標市場的成長；擴大星巴克品牌的全球影響力，利用與雀巢的全球咖啡聯盟；以及提高股東回報。重要的是，我們在做這一切的同時，始終堅守我們的品牌承諾，因為我們深知，隨著我們繼續透過星巴克體驗、咖啡品質和我們行善的企業聲譽來打造品牌，這些基礎要素將始終至關重要。

And as with any strong foundation, there are opportunities to amplify these cornerstones of the brand that we continue to demonstrate. Most recently, with the opening of our New York Roastery and soon in February, with the opening of the Tokyo Roastery. Now we will consistently use this growth at scale framework to guide our communications with investors going forward. So let me share a few more details about the progress we've made against our 3 strategic priorities and what to expect for the balance of the year.

任何堅實的基礎都蘊藏著巨大的潛力，我們有機會進一步強化這些品牌基石，而我們也一直在努力證明這一點。最近，我們在紐約開設了烘焙工坊，而東京烘焙工坊也將在二月開幕。接下來，我們將持續運用這種規模成長框架來引導我們與投資人的溝通。那麼，讓我再分享一下我們在實現三大策略重點方面所取得的進展，以及今年剩餘時間的預期目標。

Starting with accelerating growth in our 2 long-term growth markets: the U.S. and China. In the U.S., we're focused on 3 operating initiatives: enhancing the in-store experience, delivering beverage innovation and driving digital relationships. Enhancing in-store experience encompasses building customer connections and creating those best moments that keep customers coming back time and time again. Our Starbucks store partners who proudly wear the green apron are at the center of connecting with customers, and we are on a mission to support them by simplifying work and reducing some of the non-customer-facing tasks that historically have taken up to 40% of their time. This is freeing up more time for our partners to connect with customers. For example, we've shifted certain cleaning tasks to after-hours, and we're automating product planning and replenishment, which reduces store clutter and time away from customers. This work will span multiple quarters. The actions taken thus far are already paying off as our customer connection scores continue to improve in Q1 on both a sequential and year-over-year basis and importantly, across both the morning and afternoon dayparts.

首先，我們要加速發展我們兩大長期成長市場：美國和中國。在美國，我們專注於 3 項營運措施：提升店內體驗、帶來飲料創新和推動數位化關係。提升店內體驗包括建立與顧客的聯繫，創造讓顧客一次又一次光顧的最佳時刻。我們星巴克門市的夥伴們穿著綠色圍裙，自豪地與顧客互動，他們是與顧客建立聯繫的核心力量。我們的使命是簡化他們的工作，減少一些非顧客接觸的任務，這些任務歷來佔用他們 40% 的時間，從而為他們提供支援。這樣一來，我們的合作夥伴就有了更多的時間與客戶互動。例如，我們將某些清潔任務轉移到下班後進行，我們正在實現產品規劃和補貨的自動化，這減少了商店的雜物和離開顧客的時間。這項工作將持續多個季度。迄今為止採取的行動已經初見成效，我們的客戶連接評分在第一季持續提高，無論是環比還是同比，更重要的是，上午和下午時段的評分均有所提高。

We're also creating a new channel for customers to engage through Starbucks Delivers. Our partnership with Uber Eats is gaining momentum, and we expect to bring delivery to nearly 1/4 of our U.S. company-operated stores by April, including our second market in San Francisco, which launched earlier this week. Our early experience is encouraging and has provided us a blueprint for how to operationalize this new channel, an important step to create a seamless workflow for our partners.

我們也透過星巴克外送服務為顧客創造了一個新的互動管道。我們與 Uber Eats 的合作正在加速推進，我們預計到 4 月份，我們將在美國近 1/4 的自營門市提供外帶服務，包括本週稍早在舊金山推出的第二個市場。我們早期的經驗令人鼓舞，並為我們提供瞭如何運作這項新管道的藍圖，這是為我們的合作夥伴創造無縫工作流程的重要一步。

From a customer perspective, Starbucks Delivers is being seamlessly integrated into the Uber Eats mobile app, enabling full beverage customization and fully integrating into our store operations to ensure a premium Starbucks Experience.

從顧客的角度來看，星巴克外送服務已無縫整合到 Uber Eats 行動應用程式中，實現了完整的飲品定制，並完全融入我們的門市營運中，以確保優質的星巴克體驗。

Moving on to our second U.S. priority: beverage innovation. Our focus here is ongoing, led by the momentum we are seeing with cold beverages across multiple dayparts. The focus of our latest beverage innovation evolves around iced espresso, draft Nitro beverages and Refreshers. We have expanded the deployment of our Nitro offering from about 1/3 of U.S. company-operated stores last quarter to 40% in just 1 quarter, and we remain on track to reach our goal of 100% penetration by the end of fiscal '19. Draft Nitro beverages represent a significant opportunity for the brand. This platform is differentiated, provides theater and drives incrementality.

接下來是我們的第二個美國優先事項：飲料創新。我們目前的重點在於持續的冷飲銷售成長勢頭，這主要得益於我們在一天中多個時段看到的冷飲銷售成長勢頭。我們最新的飲料創新重點圍繞著冰濃縮咖啡、氮氣冷萃飲料和清爽飲品。我們已將 Nitro 產品的部署範圍從上季度美國公司自營門市的約 1/3 擴大到僅一個季度的 40%，並且我們仍有望在 2019 財年末實現 100% 的滲透率目標。氮氣冷飲為該品牌帶來了巨大的發展機會。該平台具有差異化優勢，提供戲劇表演，並推動漸進式發展。

We also made great progress on our third U.S. priority: driving digital relationships, our enabler of convenience, awareness and value. To build our digital ecosystem, we widened the aperture of digital reach and created a funnel of activation that is leading to increases in active membership in our Starbucks Rewards program. Since we started these efforts last spring, we have acquired 13 million digital customer registrations, and we're excited about the potential this has to drive our Starbucks Rewards program. I'm pleased to share that in Q1, we expanded our active member base by an impressive 1 million customers, a 14% increase that takes active Reward membership to 16.3 million. This result was driven by leveraging our increased digital reach as well as a more seamless customer onboarding experience, greater mobile order and pay adoption and enhanced personalization features. Between digitally registered and active Reward customers, we are now approaching 30 million digital connections in the U.S.

我們在第三個美國優先事項上也取得了巨大進展：推動數位化關係，這是我們實現便利、提高意識和創造價值的途徑。為了建立我們的數位生態系統，我們擴大了數位覆蓋範圍，並創建了一個激活管道，從而提高了星巴克獎勵計劃的活躍會員數量。自去年春天我們開始這些努力以來，我們已經獲得了 1300 萬個數位客戶註冊，我們對這在推動我們的星巴克獎勵計劃方面所蘊含的潛力感到興奮。我很高興地宣布，在第一季度，我們的活躍會員數量增加了令人矚目的 100 萬，增幅達 14%，使活躍獎勵會員總數達到 1,630 萬。這項成果得益於我們不斷擴大的數位化覆蓋範圍、更流暢的客戶註冊體驗、更高的行動訂購和支付普及率以及增強的個人化功能。目前，在美國，透過數位化註冊且活躍的獎勵計畫客戶數量已接近 3,000 萬人。

Starbucks Rewards continues to be a powerful enabler of loyalty, and we are thoughtfully evolving the program to provide greater choice and flexibility for Rewards members. We will enhance the program this spring to enable loyalty customers to earn and redeem more quickly and redeem those rewards across a broader range of items in our stores. We have leveraged learnings and customer insight from prior changes to the Rewards program to inform our work ahead of this launch. This includes a robust marketing activation plan to drive not only awareness of the changes but overall awareness of the program and key customer benefits.

星巴克獎勵計劃一直是提升顧客忠誠度的有力工具，我們正在認真改進該計劃，為獎勵計劃會員提供更多選擇和靈活性。今年春天，我們將對該計劃進行改進，使忠誠客戶能夠更快地賺取和兌換獎勵，並在我們的商店中用這些獎勵兌換更多種類的商品。我們利用先前對獎勵計劃進行調整所獲得的經驗和客戶洞察，為本次發布前的工作提供了指導。這包括制定強有力的市場推廣計劃，不僅要提高人們對這些變化的認識，還要提高人們對該計劃和主要客戶利益的整體認識。

As we have shared in the past, lack of awareness has historically been one of the limiting factors to customer adoption, and we have a significant opportunity to amplify a powerful message around loyalty.

正如我們過去所分享的，缺乏意識一直是限制客戶接受新理念的因素之一，我們有很大的機會來強化關於忠誠度的強大訊息。

Having covered the U.S., let's talk a bit about our second-largest and fastest-growing major market: China. This month marks the 20th anniversary of Starbucks in China, and we continue to play the long game with our purpose-driven growth agenda. We recognize the tremendous opportunity ahead requires navigating a rapidly evolving competitive landscape, changing consumer behaviors and a dynamic economy. With a large and growing addressable market around coffee, we expect competition to remain highly promotional and disruptive. As we have done over the past 20 years in China, we will continue to learn and adapt as we create a broader coffee culture, expand our presence in both new and existing cities and deliver a differentiated Starbucks Experience throughout China, whether it's serving customers in our beautifully designed stores or enabling new channels like Starbucks Delivers.

既然我們已經了解了美國的情況，那麼讓我們來談談我們第二大、成長最快的主要市場：中國。本月是星巴克進入中國市場 20 週年，我們將持續秉持目標驅動的成長策略，著眼長遠發展。我們意識到，未來巨大的機會需要我們應對快速變化的競爭格局、不斷變化的消費者行為和充滿活力的經濟環境。咖啡市場規模龐大且不斷成長，我們預期競爭將持續以促銷和顛覆性創新為主。正如我們過去 20 年在中國所做的那樣，我們將繼續學習和適應，以創造更廣泛的咖啡文化，擴大我們在新舊城市的業務，並在中國各地提供差異化的星巴克體驗，無論是在我們設計精美的門店為顧客服務，還是開通星巴克外送等新管道。

China represents a large opportunity in a dynamic market, which informs the low single-digit comp guidance that we outlined last month. The bigger story in China is total transactions driven by our store growth, which underpinned approximately 80% of our growth algorithm in China. This quarter, our store base in China grew by 18%. Comp stabilized at 1%, and we remain confident in the future opportunity.

中國市場充滿活力，蘊藏著巨大的機遇，這也解釋了我們上個月提出的個位數低成長預期。在中國，更重要的故事是門市成長帶來的總交易量成長，這支撐了我們在中國成長演算法的約 80%。本季度，我們在中國的門市數量增加了 18%。同業拆股穩定在1%，我們對未來的發展機會仍充滿信心。

The launch of our China digital partnership with Alibaba, the rapid expansion of our Starbucks Delivers program, now in more than 2,000 stores, and the added coverage of Star Kitchens in Hema supermarkets are just the beginning. Starbucks Delivers is already contributing mid-single-digit transaction mix in our key markets of Beijing and Shanghai, which validates customer demand and reinforces the significant runway of opportunity ahead.

我們與阿里巴巴在中國啟動了數位合作夥伴關係，星巴克外送服務迅速擴張，目前已覆蓋 2000 多家門市，星巴克廚房在盒馬鮮生超市的覆蓋範圍也進一步擴大，這僅僅是個開始。星巴克外送服務在北京和上海等主要市場已貢獻了中等個位數的交易額，這驗證了顧客的需求，並鞏固了未來巨大的發展機會。

The benefit from our unique Starbucks virtual store integrated throughout the Alibaba ecosystem is largely still ahead of us as awareness and adoption build. Along with the recent upgrade of our Starbucks Rewards program, new food and beverage offerings and powerful new store economics, we remain bullish on our path in China and the growth that lies ahead. We are playing the long game in China.

我們獨特的星巴克虛擬商店已整合到阿里巴巴生態系統中，其帶來的好處仍有待提高，因為人們的認知度和採用率還在不斷增強。隨著星巴克獎勵計劃的近期升級、新的食品和飲料產品以及強勁的新店經濟效益，我們仍然對我們在中國的發展道路和未來的成長充滿信心。我們在中國採取的是長遠戰略。

Moving on to our second strategic priority: expanding our global reach through the Global Coffee Alliance. This is the story of 2 leading global companies with unique capabilities coming together to accelerate growth of coffee around the world. The transition of the North America business to Nestlé has gone extremely well, and we are rapidly shifting our attention to growing the share of Starbucks capsules on Nestlé platforms, accelerating our leadership position in North America and expanding the presence of Starbucks Coffee into international markets. We remain on track with our go-to-market strategies to bring Starbucks products to life across the Nespresso and Dolce Gusto platforms beginning this spring and progressing throughout the remainder of the year. Naturally, we will focus initially on strategic markets across traditional CPG and foodservices channels, and we look forward to sharing our progress with you in the months and quarters ahead. We are very pleased with the initial success of this strategic partnership and very optimistic about its potential.

接下來是我們的第二個策略重點：透過全球咖啡聯盟擴大我們的全球影響力。這是兩家擁有獨特能力的全球領導公司攜手合作，加速全球咖啡產業發展的故事。北美業務向雀巢的過渡進展非常順利，我們正迅速將注意力轉移到提高星巴克膠囊在雀巢平台上的份額，加速鞏固我們在北美的領先地位，並將星巴克咖啡的影響力擴展到國際市場。我們將繼續按計劃推進市場推廣策略，從今年春季開始，在 Nespresso 和 Dolce Gusto 平台上推出星巴克產品，並在今年餘下的時間裡逐步推進。當然，我們最初會專注於傳統消費品和餐飲服務通路的策略市場，我們期待在未來的幾個月和幾個季度與您分享我們的進展。我們對此次策略合作的初步成功感到非常滿意，並對其發展潛力充滿信心。

And finally, let me comment on our third strategic priority of increasing shareholder returns. As we first outlined last June, we are committed to return $25 billion of cash to shareholders through fiscal 2020, and we are on track to do just that. In fiscal '18, we returned approximately $9 billion of cash through buybacks and dividends. And with the additional $5 billion accelerated share repurchase plan initiated on October 1, we have now returned over $14 billion of our total commitment of $25 billion.

最後，我想談談我們提高股東回報的第三個策略重點。正如我們去年六月首次概述的那樣，我們承諾在 2020 財年之前向股東返還 250 億美元的現金，而且我們正按計劃實現這一目標。在 2018 財年，我們透過股票回購和分紅返還了約 90 億美元的現金。隨著 10 月 1 日啟動的額外 50 億美元加速股票回購計劃，我們目前已返還超過 140 億美元，遠超我們 250 億美元的總承諾額。

So in summary, our growth at scale strategy is working, and our leadership team is fully committed to the future growth and vibrancy of Starbucks. To the more than 350,000 Starbucks partners who proudly wear the green apron, I thank you. You have always been at the center of everything we do to create that warm and welcoming Starbucks Experience in our stores. Because of you, we were able to distribute Bean Stock to nearly 200,000 partners in 21 markets around the world this past year. We hired over 21,000 veterans and military spouses and nearly 65,000 opportunity youth over the past 3 years. And we welcomed more than 12,000 Starbucks partners into a pathway to a college degree through the Starbucks College Achievement program. I am proud to be your partner.

總而言之，我們的規模成長策略正在奏效，我們的領導團隊也完全致力於星巴克的未來成長和活力。感謝超過 35 萬名自豪地穿著綠色圍裙的星巴克夥伴們。您始終是我們營造溫馨宜人的星巴克門市體驗的核心力量。正因為有了你們的支持，我們才能在過去一年將 Bean Stock 分發給全球 21 個市場的近 20 萬名合作夥伴。過去 3 年，我們僱用了超過 21,000 名退伍軍人和軍屬，以及近 65,000 名青年就業機會。我們透過星巴克大學成就計劃，為超過 12,000 名星巴克夥伴提供了通往大學學位的途徑。我很榮幸能成為你的合作夥伴。

And with that, I'd like to officially welcome Pat to his first Starbucks earnings call. Pat?

接下來，我謹正式歡迎 Pat 參加他的第一次星巴克財報電話會議。拍？

Thank you, Kevin, and good afternoon, everyone. I, too, am pleased with the overall business momentum that we demonstrated in the first quarter with solid revenue growth of 9%, driven by net new store growth of 7% over the past 12 months and global comp growth of 4%. 9% revenue growth for the quarter included an approximate 1% unfavorable impact of foreign currency translation and an approximate 1% net benefit from streamline-related activities, primarily the acquisition of East China, the Global Coffee Alliance and the sale of Tazo. Non-GAAP EPS of $0.75 was up 15% versus prior year and included a net favorable impact of $0.07 related to discrete income tax items, primarily the release of certain tax reserves.

謝謝你，凱文，大家下午好。我也對我們在第一季展現的整體業務勢頭感到滿意，收入實現了 9% 的穩健增長，這主要得益於過去 12 個月淨新增門市增長 7% 和全球同店銷售額增長 4%。本季營收成長 9%，其中包括約 1% 的外匯折算不利影響，以及約 1% 的精簡相關活動帶來的淨收益，主要包括收購東華集團、全球咖啡聯盟以及出售 Tazo。非GAAP每股收益為0.75美元，比上年增長15%，其中包括與特定所得稅項目相關的0.07美元淨有利影響，主要是釋放某些稅收準備金。

I'll now take you through our Q1 operating performance by segment. Our Americas segment delivered 8% revenue growth in Q1, primarily driven by net new store growth of 5% over the past 12 months and 4% comp sales growth, with flat comp transaction growth in the U.S., a sequential quarterly improvement, as Kevin highlighted earlier. For the second consecutive quarter, beverage, our highest-margin category, was the primary driver of U.S. comp growth, contributing 3 of the 4 points in Q1, followed by 2 points from food and a 1-point decline in lobby. Beverage growth was led by our espresso and brewed platforms, which delivered the highest contribution to comp growth in 9 quarters. Of note, iced beverages continued to lead this growth across all dayparts, with strong performance from Starbucks Refreshers, iced espresso and iced coffee, in particular, Cold Brew and Nitro. And although lobby continued to weigh on comp due to our SKU rationalization efforts that are improving store level profitability and streamlining the in-store experience, our overall holiday offerings performed well.

接下來，我將以業務部門向大家介紹我們第一季的營運表現。我們的美洲業務部門在第一季實現了 8% 的收入成長，主要得益於過去 12 個月淨新增門市數量增長 5% 和同店銷售額增長 4%，而美國同店交易量增長持平，環比有所改善，正如 Kevin 之前強調的那樣。連續第二個季度，飲料（我們利潤率最高的類別）成為美國同店銷售成長的主要驅動力，在第一季度貢獻了 4 個百分點中的 3 個百分點，其次是食品（貢獻 2 個百分點）和大廳（下降 1 個百分點）。飲料業務的成長主要得益於我們的濃縮咖啡和沖泡飲品平台，這兩個平台在 9 個季度中對同店銷售成長做出了最大貢獻。值得注意的是，冰飲在全天各個時段持續引領成長，其中星巴剋星冰樂、冰濃縮咖啡和冰咖啡表現特別強勁，特別是冷萃咖啡和氮氣咖啡。儘管由於我們為提高門市盈利能力和簡化店內體驗而進行的 SKU 合理化努力，遊說活動繼續對同店銷售造成壓力，但我們整體的假日產品銷售表現良好。

From a daypart perspective, we saw improvement across the board, with continued strong growth in the morning and afternoon performance that was the best in the last 5 quarters. Americas non-GAAP operating margin declined 60 basis points to 22.4% in Q1, primarily due to partner investments, including tax reform-funded investments, partially offset by sales leverage.

從時段來看，我們看到各個時段都有所改善，其中上午和下午的業績持續強勁增長，是過去 5 個季度以來最好的。第一季美洲非GAAP營業利潤率下降60個基點至22.4%，主要原因是合作夥伴投資（包括稅改資助的投資），部分則被銷售槓桿所抵銷。

Moving onto China/Asia Pacific, our fastest-growing business segment. CAP segment revenues grew 45% in Q1. Excluding the net 32% combined impact of streamline activities, notably the acquisition of East China and foreign currency translation, revenue grew 13% in the quarter. This was driven by 13% net new store growth over the past 12 months and 3% comp sales growth, including 1% comp transaction growth.

接下來談談中國/亞太地區，這是我們成長最快的業務板塊。CAP業務部門第一季營收成長45%。剔除精簡活動（特別是收購華東和外幣折算）帶來的 32% 的淨綜合影響，該季度營收成長了 13%。這主要得益於過去 12 個月淨新增門市數量成長 13% 和同店銷售額成長 3%，其中包括同店交易量成長 1%。

I'll now highlight the first quarter performance of 2 key markets in our CAP segment, China and Japan. China delivered comp sales growth of 1% in Q1, including a 2% decline in comp transactions, consistent with the fourth quarter of fiscal 2018. 3% comp ticket growth was driven by our Starbucks Rewards loyalty program, food and merchandise. Importantly, we sustained our high rate of store growth in China, entering 10 new cities in the quarter. And with 18% growth in net new stores over the past 12 months, we ended the quarter with nearly 3,700 stores in 158 cities. We are also pleased that our newest class of stores in China continued to deliver strong profits and returns on investment.

接下來，我將重點介紹我們 CAP 板塊中兩個關鍵市場——中國和日本——的第一季業績。中國市場第一季同店銷售額成長1%，但同店交易量下降2%，與2018財年第四季的情況一致。3%的客單價成長主要得益於星巴克獎勵計畫、食品和商品。重要的是，我們在中國保持了較高的門市成長速度，本季進入了 10 個新城市。過去 12 個月，淨新增門市數量增加了 18%，本季末，我們在 158 個城市擁有近 3700 家門市。我們也很欣喜地看到，我們在中國最新推出的門市持續帶來強勁的利潤和投資回報。

Our Japan business delivered an outstanding quarter, driving mid-single-digit comp sales and transaction growth that lifted comp for the overall CAP segment. These results were driven by holiday marketing efforts, which led to successful LTO performance in both blended and brewed beverages. We're also pleased with the continued growth in Starbucks Rewards program in Japan, representing 22% of sales in Q1 and reaching 1.6 million active members, a 33% increase over the prior year.

我們的日本業務在本季度表現出色，實現了中等個位數的同店銷售額和交易量增長，從而提振了整個 CAP 業務板塊的同店銷售額。這些成果得益於假日行銷活動，這些活動使得混合飲料和釀造飲料的限時特惠活動都取得了成功。我們也對星巴克獎勵計劃在日本的持續成長感到高興，該計劃在第一季佔銷售額的 22%，活躍會員人數達到 160 萬，比上年增長了 33%。

CAP's non-GAAP operating margin declined by 210 basis points to 23%, primarily due to the ownership change in East China. Excluding the combined 220 basis point impact of the East China acquisition and unfavorable foreign exchange, the segment's non-GAAP operating margin was essentially flat.

CAP 的非 GAAP 營業利潤率下降了 210 個基點至 23%，主要原因是華東地區的股權變更。剔除華東收購和不利匯率帶來的 220 個基點綜合影響，該業務部門的非 GAAP 營業利潤率基本持平。

On to our Channel Development segment, which reported a revenue decline of 20% in Q1, including the impact of the Global Coffee Alliance, which reduced segment revenues by approximately $130 million in the quarter, as expected. Excluding the impact of the Global Coffee Alliance, segment revenues increased 1%. Non-GAAP operating margin declined by 700 basis points to 35.9% in Q1, including a 770 basis point margin-dilutive impact of the Global Coffee Alliance. Absent that impact, the segment's non-GAAP operating margin improved 70 basis points.

接下來是我們的通路發展部門，該部門第一季的收入下降了 20%，其中包括全球咖啡聯盟的影響，正如預期的那樣，該聯盟導致該部門本季的收入減少了約 1.3 億美元。剔除全球咖啡聯盟的影響，該業務部門收入成長了 1%。第一季非GAAP營業利潤率下降700個基點至35.9%，其中包括全球咖啡聯盟帶來的770個基點的利潤率稀釋影響。排除此因素的影響，該業務部門的非GAAP營業利潤率提高了70個基點。

Finally, at a consolidated level, non-GAAP operating margin of 17.4% in Q1 represented a decline of 180 basis points year-over-year, largely due to streamline-related activities. Excluding the 110 basis point impact of these activities, non-GAAP operating margin declined by approximately 70 basis points, reflecting the impact of partner investments, including tax reform-funded items as well as strategic investments in our Siren Retail business, which remains in the concept development phase. These investments were partially offset by the benefit of sales leverage.

最後，從合併層面來看，第一季非GAAP營業利潤率為17.4%，年減180個基點，主要是由於精簡相關活動所致。剔除這些活動帶來的 110 個基點的影響，非 GAAP 營業利潤率下降了約 70 個基點，反映了合作夥伴投資的影響，包括稅收改革資助的項目以及對我們 Siren Retail 業務的戰略投資，該業務仍處於概念開發階段。這些投資的部分收益被銷售槓桿效應所抵銷。

Now moving on to our guidance for fiscal year '19. We still expect fiscal 2019 GAAP EPS in the range of $2.32 to $2.37 because the $0.07 benefit from discrete income tax items in Q1, which I mentioned earlier, is largely offset by a net increase in cumulative unfavorable tax items related to the 2018 Tax Reform Act. However, relative to our previous guidance, we do expect non-GAAP EPS in fiscal '19 to increase by $0.07, resulting in a range of $2.68 to $2.73, mostly because the tax reform-related adjustment is excluded for non-GAAP reporting.

接下來，我們來看看2019財年的業績指引。我們仍然預計 2019 財年 GAAP 每股收益在 2.32 美元至 2.37 美元之間，因為我之前提到的第一季來自一次性所得稅項目的 0.07 美元收益，很大程度上被與 2018 年稅收改革法案相關的累計不利稅收項目的淨增加所抵消。然而，相對於我們先前的預期，我們預計 2019 財年非 GAAP 每股收益將增加 0.07 美元，達到 2.68 美元至 2.73 美元，這主要是因為與稅收改革相關的調整在非 GAAP 報告中被排除在外。

Additionally, for fiscal 2019, we now expect our GAAP effective tax rate to be in the range of 21% to 23% and our non-GAAP effective tax rate to be in the range of 20% to 22%. Finally, in light of the ongoing earnings growth model that we shared at our 2018 Investor Day in December, we are confirming our fiscal year 2019 global comp growth guidance to be between 3% and 4%. All other full year 2019 guidance metrics, including net new stores and operating margin, are unchanged from what was communicated on our Q4 fiscal year '18 quarterly earnings call and reaffirmed at our 2018 Investor Day. Although it's not our practice to give quarterly guidance, I'd like to provide some qualitative commentary on the shape of our P&L for the balance of the year. As a reminder, we will lap the East China acquisition at the beginning of Q2, at which point we will no longer see the year-over-year benefit to our total revenue growth. At the same time, we will still bear the year-over-year revenue headwind from the Global Coffee Alliance. We expect these factors to yield significantly lower revenue growth in Q2 compared to Q1. And given the fact that Q2 is a seasonally low period for us and with the continued substantial carryover of last year's U.S. tax reform-related investments, we also expect our non-GAAP operating margin percentage to be lower in Q2 compared to Q1.

此外，對於 2019 財年，我們現在預計我們的 GAAP 實際稅率將在 21% 至 23% 之間，非 GAAP 實際稅率將在 20% 至 22% 之間。最後，鑑於我們在 2018 年 12 月的投資者日上分享的持續獲利成長模式，我們確認 2019 財年全球薪資成長預期為 3% 至 4%。2019 年全年其他所有預期指標，包括淨新增門市和營業利潤率，均與我們在 2018 財年第四季財報電話會議上公佈的指標以及在 2018 年投資者日上重申的指標保持一致。雖然我們沒有季度業績指引的慣例，但我還是想就今年剩餘時間的損益情況做一些定性評論。提醒一下，我們將在第二季初完成對華東地區的收購，屆時我們將不再看到該收購對我們總收入成長帶來的同比利好。同時，我們仍將面臨全球咖啡聯盟帶來的年比收入下滑壓力。我們預計這些因素將導致第二季營收成長較第一季大幅下降。鑑於第二季是我們的季節性淡季，且去年與美國稅改相關的投資仍有大量結轉，我們也預期第二季的非GAAP營業利潤率將低於第一季。

We are in the early phases of our G&A reduction program, having just started in Q1, and the benefits to the P&L will not begin to meaningfully materialize until the back half of the fiscal year. This is an area of continued focus for us, and we remain committed to reducing G&A spending as a percentage of system sales over the next 3 years to drive profitable growth at scale while making the necessary investments in our business. As we start to lap the tax reform-related investments in Q3 and with the benefit of our continued focus on improving G&A efficiency, we expect our non-GAAP operating margin percentage to be higher in the second half of the year compared to the first half, even with the onetime cost of our global leadership conference that will impact Q4. Please note that all of this is consistent with our full year guidance for 2019.

我們的 G&A 削減計劃尚處於初期階段，該計劃於第一季剛啟動，對損益表的益處要到本財年下半年才會開始顯現。這將繼續是我們關注的領域，我們將繼續致力於在未來 3 年內降低一般及行政費用佔系統銷售額的比例，以推動規模化的盈利增長，同時對我們的業務進行必要的投資。隨著我們在第三季開始逐步收回與稅改相關的投資，並且得益於我們持續專注於提高一般及行政管理效率，我們預計下半年的非GAAP營業利潤率將高於上半年，即使全球領導力會議的一次性成本將影響第四季度。請注意，以上所有內容均與我們 2019 年全年業績指引一致。

To summarize, we are pleased with our first quarter performance and view these results as a validation of our strategies to grow Starbucks at scale with greater focus and discipline. We appreciate the hard work of Starbucks partners around the world in our stores, at our roasting plants and in our support centers, who deliver these results in a manner that remains true to our company's mission and values, which is the core of our business.

總而言之，我們對第一季的業績感到滿意，並將這些結果視為對我們以更專注和更嚴謹的方式大規模發展星巴克策略的驗證。我們感謝世界各地星巴克夥伴在門市、烘焙廠和支援中心的辛勤工作，他們以符合公司使命和價值觀的方式取得了這些成果，而這正是我們業務的核心。

And with that, Kevin and I are happy to take your questions, joined by Roz Brewer and John Culver, as Durga outlined at the top of our call. Thank you. Operator?

接下來，我和凱文很高興回答大家的問題，羅茲·布魯爾和約翰·庫爾弗也將加入我們，正如杜爾加在電話會議開始時所概述的那樣。謝謝。操作員？

(Operator Instructions) Our first question comes from the line of Sharon Zackfia with William Blair.

（操作說明）我們的第一個問題來自 Sharon Zackfia 與 William Blair 的對話。

You probably didn't make as big of a deal as I would have expected about gross margin going up in the Americas for the first time in a couple of years. I don't know if you can give any more color around that, if it's just because of the beverage mix leading the comp and whether or not you believe that's sustainable for the rest of the year.

你大概沒有像我預期的那樣，對美洲地區毛利率近幾年來首次上升這件事大驚小怪。我不知道您能否就此提供更多細節，這是否僅僅是因為飲料組合在競爭中領先，以及您是否認為這種情況能在今年餘下的時間裡持續下去。

Thank you, Sharon. This is Pat. Happy to take your question. We typically don't highlight gross margin, but what I will do is speak to the performance of the Americas OI margin just to give you some flavor for how we saw that play out in the quarter. In the quarter, we realized meaningful operating efficiencies and positive sales leverage, which includes some gift card accounting benefits, but those were more than offset by an unusually high level of investments, including seasonal marketing expense to support holiday, product mix and inflation, primarily higher wages. And then to give you a flavor for how we see this playing out, balance of the year, we do expect stronger margin tailwinds and lighter margin headwinds compared to the first quarter and thus, less store-level margin contraction as the year unfolds. Specifically looking at product mix and what happened there in the first quarter, we experienced an adverse margin impact as beverage mix shifted from blended to Refreshers and also from higher food sales, but that was partially offset by the positive impact of lower merchandise sales.

謝謝你，莎倫。這是帕特。樂意回答您的問題。我們通常不會特別強調毛利率，但我會談談美洲地區的營業利潤率表現，以便讓大家了解一下我們在本季看到的情況。本季度，我們實現了顯著的營運效率提升和積極的銷售槓桿效應，其中包括一些禮品卡會計方面的好處，但這些都被異常高的投資水平所抵消，包括支持節假日、產品組合和通貨膨脹（主要是更高的工資）的季節性營銷費用。為了讓您了解我們對這一趨勢的預期，我們預計今年剩餘時間裡，利潤率的順風將比第一季更強勁，逆風將更弱，因此，隨著時間的推移，門市層面的利潤率收縮幅度將較小。具體來看產品組合以及第一季的情況，由於飲料組合從混合飲料轉向清爽飲料，以及食品銷售額增加，我們經歷了利潤率的不利影響，但商品銷售額下降帶來的積極影響部分抵消了這一影響。

Our next question comes from David Tarantino with Robert W. Baird.

下一個問題來自大衛·塔倫蒂諾和羅伯特·W·貝爾德。

My question's on China, and I just -- maybe it's a 2-part question. First is holding the line on comps sequentially despite, I guess, some signs of a slower macro economy over there. So I was just wondering if you could comment on how you think you did on a relative basis if you benchmark your sales over there versus others. And then secondly, I think you mentioned that the delivery rollout in the first couple of big markets has led to mid-single-digit percentage of product mix. Is that all incremental? Are you seeing a mid-single-digit lift in the sales? Or is that cannibalizing some of the in-store sales? And how does that compare to what you expected as you started the rollout?

我的問題是關於中國的，而且──也許這個問題可以分成兩個部分。首先，儘管有跡象表明那邊的宏觀經濟成長放緩，但我們仍然堅持按順序進行比較。所以我想問的是，如果您將您在那邊的銷售額與其他人相比進行基準比較，您認為您的表現相對如何？其次，我想您提到過，在前幾個大市場推出送貨服務後，產品組合佔比已達到個位數百分比。這些都是漸進式的嗎？銷售額是否出現了中等個位數的成長？或者說，這會蠶食部分店內銷售？這與你開始推廣時的預期相比如何？

Thanks, David. I'll just comment briefly, and I'll hand over to John Culver to go into some more detail. On your first question, I think the fact that the performance we delivered of 18% increase in new stores, plus stabilizing our comp at a 1% comp growth, that's delivering double-digit transaction growth, which we think is the most important metric for us to focus on in China. Our new stores are highly profitable, and they're working well. So we're going to continue to play the long game. And I think we'll let you benchmark us versus others as they -- as their data comes out. But I think we're very comfortable and very confident in the strategy that we have in China. I'll let John comment further on that and take your question on delivery.

謝謝你，大衛。我只簡單說幾句，然後把麥克風交給約翰‧庫爾弗，讓他詳細說說。關於你的第一個問題，我認為我們新店數量成長了 18%，加上同店銷售額穩定在 1%，實現了兩位數的交易成長，我們認為這是我們在中國市場最應該關注的指標。我們的新店獲利能力很強，而且運作良好。所以我們會繼續採取長遠策略。我認為，等其他公司的數據公佈後，我們會讓你們來拿我們和其他公司做基準比較。但我認為我們對在中國的戰略非常滿意，也很有信心。我會讓約翰就此作進一步評論，你的問題將在送貨時回答。

Yes, David. I think that, overall, from a China perspective, we saw strong Q1 performance and continued momentum in the business. And as I shared in New York at Investor Day, really, just looking at the total transaction growth in the market, the new store build-out, which represents about 80% of our total revenue growth, and the fact that we continue to increase our overall share in the market as we build out our store footprint. Clearly, the environment in China right now, we've demonstrated our ability to navigate what is a changing consumer, economic and competitive environment. But as Kevin said in his comments, we are playing the long game, and we believe in the strategy that we have in place. And the strategy is focused in a couple different areas. First, it's continuing to expand our store footprint. And the reason we're doing that is because we continue to see very strong returns and best-in-class performance in the new stores that we're building. The second thing that we're focused on, again, is continuing to grow the total revenues in the market. In the quarter, we grew 19%, when you normalize for FX as well as the East China integration. And our store count overall grew 18% as we opened up 10 new cities. So we now operate 3,700 stores across 158 cities. The other area that we're focused on is continuing to expand our digital partnership with Alibaba. And you mentioned Starbucks Delivers. We have rapidly rolled out in less than 90 days to 2,000 stores across 30 cities, and we're seeing strong awareness being built. We're seeing strong trial, and we're seeing a growing adoption level from customers. I would say that from some of the metrics, the average delivery time is approximately 19 minutes when a customer orders to the time they receive it. We're seeing strong performance in both Beijing as well as Shanghai. And the average ticket that we're seeing through the delivery orders is a bit higher than what we see in our average core stores. And the mix tends to be more beverage-led and in particular, espresso-led. So we feel good about the progress that we're making. In terms of incrementality, to your question, we are seeing some positive impact. But I would just say that it's too early to call exactly what that impact is, but we're encouraged by the initial results that we're seeing. And we feel as though we've got a competitive edge in the market. We've set new standards for delivery of coffee to our customers and to customers throughout China. We've obviously introduced innovation with splashproof lids for hot and cold beverages, tamper-proof packaging seals and individual hot and cold delivery containers. And so we're very encouraged by what we're seeing on the delivery platform through Starbucks Delivers as well as through our partnership with Alibaba.

是的，大衛。我認為，總體而言，從中國市場的角度來看，我們看到了強勁的第一季業績和業務持續成長勢頭。正如我在紐約投資者日上分享的那樣，實際上，只要看看市場的總交易量增長、新店建設（約占我們總收入增長的 80%），以及隨著我們擴大門市規模，我們在市場中的總體份額不斷增加這一事實。顯然，就目前中國的環境而言，我們已經證明了我們有能力應對不斷變化的消費者、經濟和競爭環境。但正如凱文在評論中所說，我們著眼於長遠，我們相信我們所製定的策略。該戰略主要集中在幾個不同的領域。首先，我們將繼續擴大門市規模。我們這樣做的原因是，我們不斷看到我們正在建造的新店取得了非常強勁的回報和一流的業績。我們關注的第二件事，仍然是繼續提高市場總收入。本季度，我們實現了 19% 的成長，這其中已剔除了外匯波動和華東地區的業務整合因素。隨著我們在 10 個新城市開設分店，我們的門市總數增加了 18%。目前，我們在 158 個城市經營 3700 家門市。我們關注的另一個領域是繼續擴大與阿里巴巴的數位化合作關係。你也提到了星巴克外送服務。我們在不到 90 天的時間內迅速將產品推廣到 30 個城市的 2000 家門市，我們看到品牌知名度正在迅速提升。我們看到試用效果顯著，客戶的採用率也不斷提高。根據一些指標來看，從顧客下單到收到商品，平均配送時間約 19 分鐘。北京和上海的業績都十分強勁。我們發現，外送訂單的平均客單價略高於我們核心門市的平均客單價。而且，飲品種類往往以飲料為主，尤其是濃縮咖啡。所以我們對目前的進展感到滿意。就增量而言，對於您的問題，我們已經看到了一些正面的影響。但我想說，現在斷言這種影響究竟有多大還為時過早，但我們對目前看到的初步結果感到鼓舞。我們感覺我們在市場上有競爭優勢。我們為向我們的客戶以及中國各地的客戶配送咖啡樹立了新的標準。我們顯然引入了創新技術，例如用於冷熱飲料的防濺蓋、防篡改包裝密封件以及獨立的冷熱配送容器。因此，我們對透過星巴克外送平台以及與阿里巴巴的合作在配送平台上看到的情況感到非常鼓舞。

Your next question comes from John Glass with Morgan Stanley.

下一個問題來自摩根士丹利的約翰‧格拉斯。

On the U.S. business, 2 questions. One is I know you gave some detail around daypart and product mix. How did the progression of comps work from My Starbucks Rewards member versus non-Starbucks Rewards member? Are you sort of seeing just more visits from your loyal members? Are you getting some of those less frequent users to come back? And maybe is that part of this -- are you seeing the actualization or can you quantify the benefit from some of those more -- those new digital relationships that you have? Can you also discuss just if delivery will ultimately be available in the U.S. through the Starbucks app? Or is it only the Uber Eats app? And why is that? I would think you want to capture your customers who are already visiting your app to get delivery and not direct them to the third-party app.

關於美國業務，有兩個問題。第一，我知道您詳細介紹了時段和產品組合。My Starbucks Rewards 會員和非 Starbucks Rewards 會員的贈品發放流程有何不同？您是否發現忠實會員的訪問量增加？你們有沒有成功吸引一些不常造訪的用戶重新回來？也許這就是其中的一部分——你是否看到了這些新的數位關係帶來的實際效果，或者你能量化這些關係帶來的好處嗎？您能否也談談星巴克應用程式最終是否會在美國提供外送服務？還是只有 Uber Eats 應用才有？這是為什麼呢？我認為你應該希望留住那些已經訪問你的應用程式以獲取外帶服務的客戶，而不是將他們引導到第三方應用程式。

Thank you. This is Roz. I'll answer that question for you. So first of all, let me start with the breakdown between SR and non-SR. We typically don't give a great detail in that area between SR and non-SR, but I will tell you that we continue to grow our business at peak in the morning, and that's when we see our strongest Starbucks Rewards customer in our stores. So we continue to grow very well there. I'll also mention that within the quarter, we saw a very nice improvement in the number of Starbucks Rewards customers. We added 1 million new Starbucks Rewards members to the business. When we look at those numbers, that is a number that -- we've not achieved that number since 2015. So we're pleased with where we're growing the Starbucks Rewards customer. I'll also tell you that we continue to see spend per member lift on Starbucks Rewards customer, that we are pleased with. And we're also continuing to do work to convert those customers that have joined us from a non-SR perspective and to get them to join us as an SR member. So our work continues there. Your second question was around how are we thinking about -- I think your question...

謝謝。這是羅茲。我會回答你的問題。首先，讓我從 SR 和非 SR 的差異開始分析。我們通常不會詳細說明 SR 和非 SR 之間的區別，但我可以告訴大家，我們的業務在早上高峰期持續增長，而那時我們店裡最主要的星巴克獎勵客戶也會出現。因此，我們在那裡的業務持續成長良好。我還要提一下，本季星巴克獎勵計畫的會員數量有了非常可觀的提升。我們為公司新增了100萬星巴克獎勵計畫會員。當我們查看這些數字時，會發現這是我們自 2015 年以來從未達到的數字。所以我們對星巴克獎勵計畫客戶的成長感到滿意。我還要告訴大家，我們看到星巴克獎勵計畫會員的單次消費持續成長，對此我們感到非常滿意。我們也持續努力，將那些以非SR身分加入我們的客戶轉化為SR會員。所以，我們的工作將繼續在那裡進行。你的第二個問題是關於我們如何思考——我認為你的問題…

Starbucks Delivers in the Starbucks app.

星巴克App提供外送服務。

Yes, Starbucks Delivers, right, in the app. So that work is ongoing. So we just migrated from Miami to San Francisco this week. And in the work that we're doing, the software integration is the most important part of the work that we can do right now. We are pleased with what we've seen just in the short week with the integration of the software. We are, right now, currently only able to access through the Uber app, but there is work coming to bring us forward with the -- so that they can access Starbucks Delivers through the Starbucks Rewards app. So that is coming.

是的，星巴克提供外送服務，對吧，在應用程式裡就能找到。所以這項工作仍在進行中。我們這週剛從邁阿密搬到舊金山。在我們目前的工作中，軟體整合是我們能夠完成的最重要的工作部分。短短一週內，軟體整合的成果令我們非常滿意。目前，我們只能透過 Uber 應用程式訪問，但我們正在努力推進，以便他們可以透過星巴克獎勵應用程式存取星巴克外送服務。所以，這件事即將發生。

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

下一個問題來自加拿大皇家銀行資本市場的戴維‧帕爾默。

Just follow-ups on China. On delivery, how could that delivery contribution to growth progress based on what you're seeing in terms of the ramp of adoption just in this first few months? And could you also give a sense about how many -- what's the pace of that rollout after these first 2,000? And then also, you had previously talked about co-marketing opportunities with Alibaba, something a hundred -- a few hundred million of customers that you can market to. How is that going to ramp as well?

只是對中國的一些後續報導。就交付而言，根據您在最初幾個月內看到的採用率成長情況，交付對成長的貢獻會如何發展？您能否也大致說明一下，在最初的 2000 台之後，後續的推廣速度會是怎麼樣的呢？此外，您之前也談到與阿里巴巴的聯合行銷機會，您可以向數億客戶行銷。這方面的成長又將如何呢？

Right. David, just real quick on the delivery side. As we shared in the comments, as Kevin shared, right now, what we're seeing is delivery's contributing in the mid-single-digit range to our transaction mix in the key markets of Beijing and Shanghai. So we are seeing nice solid growth in terms of transactions that are coming through delivery. And we're going to continue, again, to focus on how do we build awareness around the delivery, Starbucks Delivers through Alibaba and the Alibaba apps as well as the Starbucks apps. We're going to focus on gaining trial, and then obviously, getting repeat and growing adoption. So those are the 3 big areas that we're focused on. When you look at the overall opportunity that we've seen with Alibaba as part of the partnership, right, I think that there's a couple things to note. First off, we have the Starbucks Delivers program through Ele.me as well as through the Star Kitchens program with Hema, and that is an area that we continue to invest in jointly together and continue to grow and roll out. The second area I would say is as it relates to Tmall and the opportunity that we see to make Starbucks products accessible through the Tmall site. And today, through this partnership, we now have the #1 position in terms of sales in the food and beverage card category across China and in particular, on the Tmall site. The virtual store that I talked about at the Investor Day is something that we have kicked off with Alibaba. That gives us access to their 600 million users and gives them the opportunity to become Starbucks Rewards members at a much easier pace and with no -- and very little friction. So what have we seen from a Starbucks Rewards program? From a Starbucks Rewards program, our 90-day active membership grew over 14% in the quarter. We now have 7.3 million active members, and the total membership across Starbucks Rewards stands at 22 million, which showed an overall 8% increase in membership. So we're very, very pleased with the partnership and the opportunity that we're seeing with it and the opportunity to continue to innovate.

正確的。大衛，送貨方面很快就到。正如我們在評論中分享的，也正如 Kevin 分享的，目前我們看到的是，在北京和上海這兩個主要市場，外帶配送在我們交易組合中的佔比僅為個位數中段。因此，我們看到透過配送方式達成的交易量出現了穩健成長。我們將繼續關注如何提高人們對星巴克透過阿里巴巴和阿里巴巴應用程式以及星巴克應用程式進行配送的認知度。我們將專注於獲得試用機會，然後很顯然地，獲得重複購買機會並提高用戶採納率。所以，以上就是我們重點關注的三個主要領域。當你審視我們與阿里巴巴合作所帶來的整體機會時，我認為有幾點需要注意。首先，我們透過餓了麼推出了星巴克外送服務，並透過盒馬鮮生推出了星巴克廚房服務，這是我們持續共同投資、不斷發展和推廣的領域。第二個面向我想談談天貓，以及我們看到的透過天貓網站讓星巴克產品更容易被消費者取得的機會。今天，透過此次合作，我們在中國，尤其是在天貓網站上，食品飲料卡類別的銷售額已位居第一。我在投資者日上提到的虛擬商店是我們與阿里巴巴合作推出的項目。這讓我們能夠接觸到他們的 6 億用戶，並讓他們有機會以更輕鬆的速度成為星巴克獎勵會員，而且幾乎沒有任何阻力。那麼，我們從星巴克獎勵計畫中看到了什麼？透過星巴克獎勵計劃，我們本季 90 天的活躍會員人數成長超過 14%。我們現在擁有 730 萬活躍會員，星巴克獎勵計畫的總會員人數達到 2,200 萬，會員總數增加了 8%。因此，我們對此次合作以及由此帶來的機會和持續創新的機會感到非常非常滿意。

Your next question comes from the line of Sara Senatore with AllianceBernstein.

你的下一個問題來自 AllianceBernstein 的 Sara Senatore。

I have 2 follow-ups, if I may. One on delivery. I was just wondering if you could talk about the economics at all either in China or the U.S. I know you said you don't know yet. You don't have confirmed numbers on incrementality. But are there any sort of hurdles that you would need to clear in terms of percentage incrementality for this to be profitable or accretive? Just trying to understand what it might look like and whether the bar is lower in China because it's lower labor cost. And then my second follow-up is on just the MSR customers, and to Roz's point, it's the greatest growth since 2015. But obviously, the comps are a bit slower now. So is there anything to say about the nature of those new customers that you're acquiring, just perhaps lower spending in general or less of a lift when they join?

如果可以的話，我還有兩個後續問題。送貨上門。我只是想問您是否可以談談中國或美國的經濟狀況。我知道您說過您還不了解。您沒有關於增量的確切數據。但是，要實現獲利或增值，在百分比增量方面是否有任何障礙？我只是想了解它可能會是什麼樣子，以及中國的門檻是否因為勞動成本較低而降低。然後我的第二個後續調查只針對 MSR 客戶，正如 Roz 所說，這是自 2015 年以來最大的成長。但很顯然，現在的比賽速度慢了一些。那麼，對於您所獲得的新客戶的性質，有什麼需要說明的嗎？例如，他們的整體消費水準可能較低，或是加入後帶來的提升幅度較小？

Sara, this is John. So to your first question on delivery and margin impact, as part of the guidance that we've provided, we've modeled in a slight dilution of margin for our business in China. But that is offset broadly across the CAP segment and roughly in line with us delivering a roughly flat margin across the entire segment. We're going to continue to look at ways to optimize the margin. But more importantly, how do we rapidly expand this program and grow it in a way that brings more customers into the Starbucks brand and extends our reach. Because ultimately, what we want to do is grow our overall share of consumption and our overall total revenues. And we feel very good about the position that we're in and the way we have this modeled into our P&L in FY '19.

薩拉，這是約翰。對於您提出的第一個關於交付和利潤率影響的問題，作為我們提供的指導的一部分，我們已經將中國業務的利潤率略微稀釋納入了模型。但 CAP 業務板塊的整體情況大致抵消了這一影響，並且與我們在整個業務板塊實現大致持平的利潤率大致相符。我們將繼續尋找優化利潤率的方法。但更重要的是，我們如何快速擴展這個項目，並以一種能夠吸引更多顧客加入星巴克品牌並擴大我們影響力的方式來發展它。因為歸根結底，我們想要做的就是提高我們的整體消費份額和整體總收入。我們對目前的狀況以及我們在 2019 財年損益表中所體現的這種模式感到非常滿意。

So Sara, just a few tidbits on the U.S. delivery progress. So we were encouraged exiting the work that we were doing in Miami. And it's given us some insight in terms of how important it is for us to have the software integration to be successful so that the process actually works and the partners can execute very cleanly in the stores. So that's going well. But in Miami, we did learn that we have a little bit larger ticket in -- with the delivery order. Secondly, we also learned that we are able to deliver certain beverages very well and others not. And so we are refining the menu so that we can make sure we understand, when this program is fully rolled out, that we understand what the menu needs to be. And then lastly, I would tell you one of the things that we learned in Miami is the operational pieces around what needs to happen so that we have effective delivery. So that's what we know at this point, but it was encouraging enough for us to advance. You'll see us go into 6 more areas, 6 additional areas over the next 4 to 6 weeks. And hopefully, we'll be able to share more in second quarter -- at the end of second quarter with you. You asked a question about SR members versus non-SR and what are we learning about the new non-SR members. One of the things that we have been learning with the non-SR members, we're watching their spend levels. We're noticing that some of our non-SR members shop more with us in the afternoon. They're more of an occasional customer for us. And then lastly, I wanted to remind you that we are introducing our multi-tier redemption program that starts in second quarter of this year. That will allow us to provide access to our customers. And when you think about that program, we're excited about it because it continues to allow us to provide access to our brand. But in addition to it, it gives you access to benefits broadly to this non-SR group. So we are adjusting the program. That'll happen in second quarter, and we look forward to sharing more information with you as we get through the introduction of it.

薩拉，這裡簡單介紹一下美國地區的交付進度。因此，我們受到鼓舞，決定結束在邁阿密的工作。這讓我們更深刻地認識到，軟體整合對我們來說是多麼重要，只有這樣流程才能真正有效運作，合作夥伴才能在門市中順利執行。一切進展順利。但在邁阿密，我們確實了解到，我們的訂單金額更大——這是因為送貨訂單。其次，我們也了解到，我們能夠很好地配送某些飲料，而對另一些飲料則不行。因此，我們正在完善菜單，以便確保當該計劃全面推出時，我們能夠理解菜單需要包含哪些內容。最後，我想告訴大家，我們在邁阿密學到的一件事是，為了有效交付，我們需要了解哪些營運環節需要落實到位。這就是我們目前所了解的情況，但這足以讓我們繼續前進。接下來的 4 到 6 週內，我們將進入另外 6 個地區。希望我們能在第二季末與大家分享更多。你問了一個關於 SR 成員與非 SR 成員的問題，以及我們從新的非 SR 成員身上學到了什麼。我們從非SR會員身上學到的一件事是，我們正在觀察他們的消費水準。我們注意到，一些非SR會員在下午的購物頻率較高。他們對我們來說更像是偶爾光顧的客戶。最後，我想提醒大家，我們將在今年第二季推出多級兌換計畫。這將使我們能夠為客戶提供存取權限。想到這個項目，我們就感到非常興奮，因為它讓我們能夠繼續提供接觸我們品牌的機會。但除此之外，它還能讓您獲得非SR群體普遍享有的福利。所以我們正在調整方案。這將在第二季度發生，我們期待在推出過程中與您分享更多資訊。

Your next question comes from the line of John Ivankoe with JP Morgan.

你的下一個問題來自約翰·伊凡科與摩根大通的合作。

I wanted to revisit China, if I may. And then I have 3 separate questions, and hopefully, I didn't miss any thank you on asking these. Firstly, the East China impact on comps, it's obviously a very big market that I think will enter the comp base for the first time in the second quarter of '19. Do you expect that to be a positive or negative as that slug of stores comes in? Secondly, it's been mentioned I think a couple times, delivery in China is in 2,000 of 3,700 stores approximately or 30 out of 158 cities. So obviously, I can understand the major market concentration there. But in terms of thinking about percentage of the stores or percentage of the markets to where delivery could make sense based on what you're seeing today, should we expect China to have 100% delivery coverage at the end of '19 or '20? Or does it make sense for you just to have a bigger delivery business in fewer stores? And then the third question on China, and Kevin, this is in reference to some comments that you made in your prepared remarks, that China was highly promotional and disruptive. If I didn't see the results, I probably would have thought they would have been worse than they actually were based on what those comments were related presumably to your competition. So talk a little bit more of highly promotional and disruptive and whether there is anything that you would consider doing tactically or near term in order to hold onto your rightful share of same-store traffic if you do think that, that could become more of an issue than it's previously been.

如果可以的話，我想重訪中國。然後我還有 3 個問題，希望我問這些問題時沒有錯過任何感謝。首先，華東地區對同店銷售額的影響，顯然這是一個非常大的市場，我認為它將在 2019 年第二季首次進入同店銷售額計算基數。你認為隨著大量商店的湧入，這會帶來正面影響還是負面影響？其次，我想之前已經提到過幾次了，在中國，大約有 3700 家門市中的 2000 家或 158 個城市中的 30 個提供送貨服務。所以，很顯然，我可以理解那裡的市場高度集中。但就目前的情況來看，如果考慮到門市或市場的百分比，以及配送服務在多大程度上能夠發揮作用，我們是否應該預期中國在 2019 年底或 2020 年底能夠實現 100% 的配送覆蓋率？或者，對你來說，在較少的門市中擴大配送業務規模是否更合理？接下來是關於中國的第三個問題，凱文，這是針對你在準備好的演講稿中提到的一些評論，即中國具有很強的宣傳性和破壞性。如果我沒有看到結果，根據那些評論的內容（大概是針對你的競爭對手），我可能會認為結果比實際情況更糟。所以，請再多談談高促銷性和乾擾性，以及如果您認為這可能會比以前更成問題，您是否會考慮採取任何策略或短期措施來保住您應得的同店客流量份額。

Thanks, John. We'll have maybe Pat take the first question on East China impact on comps.

謝謝你，約翰。我們或許會讓帕特來回答第一個關於中國東部對比賽影響的問題。

John, just to provide a little bit more perspective on how we see that working into our results. East China moves into the comp base for the first time in Q2, which means that the weighting of China in the comp base will comprise approximately 55% of CAP's comp results. As was discussed on the East China modeling call last year, these stores modestly underperformed company-operated stores from a comp perspective given a higher level of sales transfer due to an accelerated pace of new store openings. But as we've had a year now to align these stores with our preexisting company-owned business, the results of East China are fully embedded in the guidance that we provided previously for 1% to 3%. So we do not now expect that they will have a materially dilutive impact to our reported comps for China or for CAP.

約翰，我只是想從另一個角度來解釋我們是如何看待它如何影響我們的結果的。華東地區在第二季首次納入比較基數，這意味著中國在比較基數中的權重將佔 CAP 比較表現的約 55%。正如去年在華東地區建模電話會議上討論的那樣，由於新店開業速度加快導致銷售轉移水平較高，這些門市從同店銷售的角度來看略遜於公司自營門市。但由於我們已經有一年的時間來將這些門市與我們原有的公司自營業務進行整合，因此華東地區的業績已完全納入我們先前給出的 1% 至 3% 的業績預期。因此，我們目前預計它們不會對我們報告的中國或 CAP 的可比業績產生實質的稀釋影響。

And John, do you want to take the second question on the percent of stores growth for delivery?

約翰，你想回答第二個問題嗎？關於外帶門市成長百分比的問題？

Yes, sure. John, I think you bring up a good question. And obviously, we continue to assess how do we want to continue to cover our markets, how do we want to continue to reach customers and build out the footprint of the delivery service. Your question around could you expect 100% of our stores having delivery, I would say initially, we're not going down that path from the standpoint of when you get into some of these trade areas, we have a condensed footprint in those trade areas. So we will leverage certain stores in those trade areas. We're going through that evaluation right now. And looking at it, we feel good -- very good about the first 2,000 and 80 stores that we have, the 30 cities that we're in and the coverage that we're providing. And we'll continue to roll out new stores as we continue through the year.

當然可以。約翰，我覺得你提出了一個很好的問題。顯然，我們會繼續評估我們希望如何繼續覆蓋我們的市場，如何繼續接觸客戶並擴大配送服務的覆蓋範圍。關於您提到的是否可以期待我們所有門市都提供送貨服務的問題，我想說，就目前而言，我們不會走這條路，因為在某些貿易區域，我們的門市覆蓋範圍比較集中。因此，我們將利用這些商圈內的某些門市。我們正在進行評估。從目前的情況來看，我們感覺很好——對我們擁有的前 2000 家門市和 80 家門市、我們所在的 30 個城市以及我們提供的服務覆蓋範圍都非常滿意。我們將繼續在今年內陸續開設新店。

And then, John, I'll comment on your third question. I'll let John Culver add to that. But my comments about competition being highly promotional is just a reflection of the fact that there are a number of instances where competitors will use price, free coffee, buy 1, get 4 free, a lot of promotional kinds of techniques for them to get a customer. And for us, clearly, the top line metric for competitiveness is total transaction growth in China. And the fact that we grew new stores by 18%, those new stores are performing very well. They're delivering a significant portion of new transaction growth, plus our same-store comp growth. And we're getting that by continuing to do what we do well, which is differentiate on the quality of the experience in our stores, the quality of our handcrafted beverages that our Starbucks partners customize for each and every customer. And we're now complementing that with the China digital partnership with Alibaba, which is giving us reach now to 600 million people who are regular users of the Alibaba apps. And we're complementing that with the Microsoft -- or the Starbucks Rewards program that we launched and that John pointed out, the traction that we're getting behind that. So all those things together, I think we're performing very well. And we recognize that the Starbucks value proposition and the things that we do well, we keep doing those, and we're going to keep growing that total transaction number. And that will serve us well. John, do you want to add to that?

然後，約翰，我將回答你的第三個問題。我讓約翰·庫爾弗來補充。但我關於競爭高度依賴促銷手段的評論，只是反映了這樣一個事實：在很多情況下，競爭對手會使用價格、免費咖啡、買一送四等各種促銷手段來吸引顧客。對我們來說，衡量競爭力的最重要指標顯然是中國市場的總交易量成長。而且，我們的新店數量成長了 18%，這些新店的業績也非常好。它們帶來了相當大一部分新交易成長，以及我們的同店銷售成長。我們之所以能做到這一點，是因為我們繼續做好我們擅長的事情，那就是在我們的門市中提供差異化的體驗，以及我們的星巴克夥伴為每一位顧客量身定制的手工飲品的品質。現在，我們透過與阿里巴巴的中國數位合作夥伴關係來補充這一點，這使我們能夠觸及 6 億阿里巴巴應用程式的常用用戶。我們正在用微軟或星巴克獎勵計劃來補充這一點，約翰也指出了這一點，我們在這方面取得了進展。綜合以上所有因素，我認為我們表現得非常好。我們認識到星巴克的價值主張和我們擅長的方面，我們會繼續做好這些，並且我們將繼續提高總交易量。這將對我們大有裨益。約翰，你想補充什麼嗎？

I would just add that, clearly, as I've shared, John, we remain focused on the long-term opportunity that we see in China. And as we make our investment in this market, we feel that the long -- that the short-term, the midterm and the long-term prospects are significant for our company. So we're committed to continuing to grow in this competitive environment. I would say that you see the returns that we've been able to generate in the market through our new stores and the growth rates that we've been able to deliver in terms of the top line, in terms of total transaction growth. We have a very healthy economic model. But more importantly, we have a premium brand that is positioned very strongly in the market. And as competitors come in, they will help build awareness. They will help build consumption, but we feel we're positioned to win over the long term in the market. And economically, clearly, we've got a healthy economic model. And others are out raising cash on a consistent basis, trying to fund their model.

我只想補充一點，正如我之前所說，約翰，我們仍然專注於我們在中國看到的長期機會。當我們對這個市場進行投資時，我們認為長期——短期、中期和長期前景對我們公司來說都非常重要。因此，我們致力於在這種競爭激烈的環境中繼續發展壯大。我想說，你可以看到我們透過新店在市場上獲得的收益，以及我們在營收和交易總額成長方面所取得的成長率。我們擁有非常健康的經濟模式。但更重要的是，我們擁有一個在市場上定位非常強大的高端品牌。隨著競爭對手的加入，他們將有助於提高品牌知名度。它們將有助於促進消費，但我們認為我們已經佔據了市場長期發展的有利位置。從經濟角度來看，顯然我們擁有一個健康的經濟模式。還有一些人則持續不斷地籌集資金，試圖為他們的模式提供資金。

Your next question comes from Matthew DiFrisco with Guggenheim Securities.

下一個問題來自古根漢證券的馬修·迪弗里斯科。

My question is with respect to the My Starbucks Rewards within the Americas. I think, Kevin, you mentioned in your prepared remarks that springtime, I didn't know exactly which quarter that was going to fall into, if that's going to be fiscal 2Q or 3Q with regards to some marketing behind some of the new plans to continue this strong activation of those digital connections you made onto bringing them into the My Starbucks Rewards ecosystem. So I was curious, could you give us some more color or details on how we could expect the Rewards program to change and how maybe to just protect against any hiccups from that being altered as it has in the past sometimes occurred?

我的問題是關於美洲地區的“我的星巴克獎勵計劃”的。凱文，我想，你在事先準備好的發言稿中提到了春季，我不太清楚具體會是哪個季度，是第二財季還是第三財季，因為一些新計劃背後的營銷活動旨在繼續大力激活你建立的那些數字聯繫，並將他們引入“我的星巴克獎勵”生態系統。所以我很好奇，您能否詳細介紹一下獎勵計劃可能會有哪些變化，以及如何避免因計劃變更而出現任何意外情況（這種情況過去有時會發生）？

Yes. Matt, let me just clarify, and I'll hand over to Roz. The fact that we've established 13 million digitally registered customers is part of the feeder pool in the way that we can now bring those customers into Starbucks in a deeper relationship and ultimately, we'd like to bring them into our Starbucks Rewards program. And that's part of -- that's going to be an ongoing effort. And there's a lot of the tools and things that we've implemented to help simplify the onboarding and help communicate and amplify the value proposition of the Rewards program to them. There's also the changes we're making to the program that I'm going to hand over to Roz to talk about how we're enhancing the value proposition of Starbucks Rewards through the changes that Roz will take you through.

是的。馬特，我先解釋一下，然後把麥克風交給羅茲。我們已經擁有 1300 萬數位註冊客戶，這為我們提供了一個潛在客戶群，使我們能夠與這些客戶建立更深的關係，最終，我們希望將他們納入我們的星巴克獎勵計劃。而這部分工作──這將是一項持續進行的工作。我們也實施了許多工具和措施，以簡化新用戶註冊流程，並幫助他們了解和增強獎勵計畫的價值主張。此外，我們還將對該計劃進行一些更改，接下來我會把這部分交給 Roz，讓她來談談我們如何透過這些更改來提升星巴克獎勵計劃的價值主張。 Roz 將為大家詳細介紹這些變更。

So Matthew, just a few things. First of all, it is second quarter where we will begin marketing to the non-SR 13 million digitally registered consumers. I wanted to remind that this is still a transaction to spend based program. So this is a spend based program, and we're just opening the range of opportunity. Some of the customer benefits of the new program is all members will now be able to redeem from the start, no more levels to hurdle like instant goals. There's options to redeem faster. So the earlier program engagement by offering lower thresholds for items and add-ons. And so choice and flexibility are really at the heart of this program, and we really believe that it'll really increase the overall appeal of the program to these individuals that we've not been able to attract to -- straight into the Starbucks Rewards program. So we're going to continue to learn about these individuals and access and market to them. They were part of the group that we marketed the new Happy Hour program to, and we were able to monitor their response against the new Happy Hour program just by their e-mail accessibility. So we'll -- this program rolls out in the second quarter, so we're looking forward to see other response to it at that time. But we're encouraged at this point.

馬修，還有幾件事要說。首先，我們將在第二季開始向1,300萬非沙特里亞爾的數位化註冊消費者進行行銷。我想提醒大家，這仍然是一個基於交易和消費的程式。所以這是一個以消費為基礎的計劃，我們只是在擴大機會範圍。新計劃為顧客帶來的部分好處是，所有會員現在都可以從一開始就兌換獎勵，無需再像即時目標那樣跨越等級限制。還有其他更快的兌換方式。因此，透過降低商品和附加產品的門檻，可以更早參與專案。因此，選擇和靈活性是該計劃的核心，我們真心相信這將真正提高該計劃對我們一直未能吸引到的那些人的整體吸引力——讓他們直接加入星巴克獎勵計劃。所以我們會繼續了解這些人群，並接觸他們，向他們進行市場推廣。他們是我們向其推廣新歡樂時光計畫的目標群體之一，我們只需透過電子郵件就能監測他們對新歡樂時光計畫的反應。所以，這個專案將在第二季推出，我們期待屆時看到其他方面的回饋。但目前我們感到鼓舞。

Your next question comes from Jeff Bernstein with Barclays.

下一個問題來自巴克萊銀行的傑夫·伯恩斯坦。

Two related questions on China. The first one, Kevin or John, I mean, you mentioned playing the long game. And clearly, the competition is not offering the quality of product or the type of in-store experience that you are. But they are offering, I guess, the much desired delivery at seemingly a much lower price. I'm just wondering, is there any way to maybe attack that, specifically for those customers that just want delivery and don't necessarily want the full experience, to be more competitive on price? Because it does seem like, at least the largest competitor, they're growing units north of 100% in '19. I know yours is high teens, which is normally quite high for the overall industry, but it does seem like there's rampant growth coming from potentially those others. And my other question was just quickly for Pat. I mean, in your former restaurant life, you really spent a lot of time focused on China and ultimately decided that in that case, franchising was the best option. I'm just wondering, as you look at the Starbucks business in China, what's different that gives you confidence that the right approach is to focus entirely on company ownership, especially with those promotional and disruption activities?

關於中國的兩個相關問題。第一個人，凱文或約翰，我的意思是，你提到要著眼長遠。顯然，競爭對手無法提供像您一樣的產品品質或店內體驗。但我想，他們提供的正是大家夢寐以求的送貨服務，而且價格似乎低得多。我只是想知道，有沒有辦法針對那些只想享受送貨服務而不一定想要完整體驗的顧客，在價格上更具競爭力？因為看起來，至少最大的競爭對手在 2019 年的銷售量成長超過了 100%。我知道你們的成長率是十幾，這在整個行業中通常算是相當高的，但看起來其他一些公司可能正在經歷快速成長。我還有一個問題想快速問帕特。我的意思是，在你之前的餐飲生涯中，你確實花了很多時間專注於中國市場，並最終決定在這種情況下，特許經營是最好的選擇。我只是想知道，當你審視星巴克在中國的業務時，是什麼不同之處讓你確信，完全專注於公司所有權是正確的方法，尤其是在促銷和顛覆性活動方面？

Thanks, Jeff. John, do you want to take the first one on China?

謝謝你，傑夫。約翰，你想去中國領航嗎？

Yes. Jeff, for us, on China, and in particular, on delivery, we feel that we are well positioned from a price/value perspective with our customers. And we always assess this. But when you look at the experience that we provide, the investments that we've made into the delivery experience to make sure that the quality of the product is there and the true differentiators that customers have come to expect around Starbucks, we feel that we are well positioned to win in the delivery space in China. We'll continue to monitor, but I would just say that we are positioned well in the short term as well as the long term to capture the delivery opportunity.

是的。Jeff，就我們而言，在中國市場，尤其是在交貨方面，我們認為從價格/價值的角度來看，我們為客戶創造了良好的市場地位。我們始終會對此進行評估。但是，當我們審視我們提供的體驗，以及我們為確保產品品質而對配送體驗所做的投資，還有顧客一直以來對星巴克所期待的真正差異化優勢時，我們覺得我們已經做好了在中國外賣領域取得成功的準備。我們會繼續關注，但我想說的是，無論從短期或長期來看，我們都已做好充分準備，抓住交付機會。

Let me just add to John's comments, Jeff, that a lot of the promotional activity is focused on the beverage, not the delivery fee. So I think the fact that we've launched delivery gives that channel, customers that want that channel. And so it's less about promotional delivery fees. It's more about promotional activity on the beverages themselves. Pat, you want to take the second question?

傑夫，我只想補充約翰的觀點，很多促銷活動都集中在飲料本身，而不是配送費。所以我認為，我們推出外送服務這項舉措，為那些想要使用外送管道的顧客提供了這樣的管道。所以，這跟促銷運費關係不大。較著重於飲料本身的促銷活動。派特，你想回答第二個問題嗎？

Yes. And thank you, Jeff, for the question. I have to tell you, the economics of the Starbucks business in China are dramatically better than the economics of the restaurant business at another company I worked with. And their returns were very good. But when you consider the fact that Starbucks is a beverage-forward concept, Starbucks has dramatically higher cash margins. And when you consider the fact that our store investment does not include a traditional kitchen, the sales-to-investment ratio, again, is dramatically superior. You combine those 2 things and what you have is an extraordinary return on investment. That means that it's in the best interest of Starbucks shareholders for us to continue to deploy capital to the development opportunity in China. I think you also have to take into account that given where we're at in the life cycle of our business in China, we're in the early innings. In many respects, we're just getting started because of the vast potential we see for the Starbucks concept in China. So absolutely, it makes all the sense in the world for Starbucks to continue to deploy capital against the new store development opportunity and to maintain company ownership and operations for the foreseeable future.

是的。謝謝傑夫的提問。我必須告訴你，星巴克在中國的經濟效益遠勝於我之前工作過的另一家公司的餐飲業務。他們的收益非常可觀。但考慮到星巴克是以飲品為主的經營理念，星巴克的現金利潤率要高得多。而且考慮到我們的店鋪投資不包括傳統廚房，銷售額與投資比率再次顯著優於其他投資項目。將這兩件事結合起來，就能獲得非凡的投資報酬率。這意味著，為了星巴克股東的利益，我們應該繼續將資金投入中國的發展機會。我認為你還必須考慮到，鑑於我們在中國的業務目前所處的生命週期階段，我們還處於起步階段。在很多方面，我們才剛起步，因為我們看到了星巴克理念在中國的巨大潛力。因此，星巴克繼續投資新店開發，並在可預見的未來保持公司所有權和運營，這完全合理。

And just one other thing I would just add to the comments here on China is the opportunity that we see in the at-home coffee segment in China through the Global Coffee Alliance also is a big opportunity. As we expand Starbucks brand on the Nespresso and Dolce Gusto platforms and continue to accelerate the expansion of Starbucks-packaged coffee in home, this is whitespace for us in that market. And that will further extend our reach and grow the Starbucks brand in the country.

關於中國，我還要補充一點，我們透過全球咖啡聯盟在中國家庭咖啡市場看到了巨大的機會。隨著我們在 Nespresso 和 Dolce Gusto 平台上擴展星巴克品牌，並繼續加速星巴克包裝咖啡在家庭中的擴張，這對我們來說是該市場的空白領域。這將進一步擴大我們的業務範圍，並提升星巴克品牌在該國的影響力。

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

你的下一個問題來自高盛的 Karen Holthouse。

Pivoting a little bit to the CPG business. The organic growth rate of 1% is certainly lower than what we've [had until] -- would you attribute that to macro or competitive factors? Or should we think of sort of disruption in distribution and whatnot around the transition to Nestlé? And if it's the latter, how long would you expect that to last for?

稍微轉型一下，進軍消費品產業。1% 的有機成長率肯定低於我們先前的水平——您認為這是宏觀因素還是競爭因素造成的？或者我們應該考慮一下向雀巢過渡期間分銷等方面可能出現的某種混亂嗎？如果是後者，你預期這種情況會持續多久？

Karen, this is Pat. Thank you for the question. I'll start and then turn it over to John. First of all, what I'd like to do is to clarify the mechanics of that adjusted 1% growth. For purposes of our x streamline growth calculations, we essentially exclude all aspects of the business that is now licensed to Nestlé, leaving only the smaller portions that remain with Starbucks. And although that's the cleanest and the simplest way to remove the impact of a major transaction like this, the calculation itself belies the underlying growth in our global coffee licensing business. And we think that a more appropriate gauge of the health and growth of our channel business is market share. And so John will share with you a perspective on how our channel business has continued to grow and remained very vibrant, even under this new model, in fact, enhanced by this new model.

凱倫，這是帕特。謝謝你的提問。我先開始，然後交給約翰。首先，我想澄清一下調整後的 1% 成長率的具體機制。為了進行 x 簡化成長計算，我們基本上排除了目前授權給雀巢的所有業務方面，只留下星巴克剩餘的較小部分。雖然這是消除此類重大交易影響的最簡單直接的方法，但計算本身卻掩蓋了我們全球咖啡授權業務的潛在成長。我們認為，衡量通路業務健康狀況和成長的更合適指標是市場佔有率。因此，John 將與大家分享他對我們通路業務如何持續成長並保持活力的看法，即使在這種新模式下，實際上，這種新模式也增強了我們的通路業務。

Yes, yes. And I would just say, Karen, we saw continued share growth momentum in Q1, which was very much in line with our expectations. For the Starbucks brand in total, we grew share 60 basis points. The roasting ground category grew share 90 basis points. And K-Cups grew share 30 basis points. So we continue to capture share from the competition. We're very pleased with the transition that's taken place with Nestlé. We've transitioned over 500 partners to the Global Coffee Alliance. The partnership itself leverages both unique capabilities from both companies, us as the leading premium global coffee brand, them in terms of their global reach and expertise to market, sell and distribute across over 190 markets. We feel that we are well positioned with this partnership to continue to drive strong value for the company and for our shareholders.

是的，是的。我只想說，凱倫，我們在第一季看到了持續的市場份額成長勢頭，這與我們的預期非常吻合。星巴克品牌整體市佔率成長了 60 個基點。烘焙粉品類市佔率成長了90個基點。K-Cup咖啡膠囊的市佔率成長了30個基點。因此，我們不斷從競爭對手手中奪取市場份額。我們對與雀巢的過渡進展非常滿意。我們已將 500 多家合作夥伴過渡到全球咖啡聯盟。此次合作充分利用了兩家公司各自的獨特優勢：我們作為全球領先的高端咖啡品牌，他們則擁有全球影響力和專業知識，能夠在超過 190 個市場中進行行銷、銷售和分銷。我們相信，透過此次合作，我們能夠持續為公司和股東創造巨大價值。

Your last question comes from Andrew Charles with Cowen and Company.

您的最後一個問題來自 Cowen and Company 的 Andrew Charles。

You called out a strong holiday season in the U.S., definitely a nice rebound from last year. And during the holidays, you had a TV advertising campaign, which is something you guys have done in the past. But was curious if you're pleased enough with the results to take advantage of the brand scale and lean more into TV advertising in calendar 2019 to take advantage of that scale. And then separately, I remember you once previously called out Nitro contributes about 1% to a store's comps once it's introduced. Is that still the case?

你提到美國假期季節表現強勁，這無疑是對去年的一次良好反彈。假期期間，你們還投放了電視廣告，這在以前你們也做過。但我很好奇，您是否對結果足夠滿意，從而利用品牌規模優勢，在 2019 年加大電視廣告投入，以充分利用這一規模優勢。另外，我記得你之前曾指出，Nitro 產品推出後，對商店同店銷售額的貢獻約為 1%。現在情況仍然如此嗎？

Andrew, thanks for the question. First of all, concerning the media that we ran during the holiday season, it was a benefit for us. We had typically been deeply engaged in a lot of our digital, media and our one-to-one relationships through our digital relationships. And the out-of-store media that we ran was effective for us. We do see every time the Starbucks brand is wildly advertised as it was, we get -- we enjoy the performance that we see. I will tell you, too, that those commercials, they're very well -- we used some of our own partners in those commercials, so they were well received. You will see us in the future do a better balance out-of-store media with digital media, and we'll do a combined effort, unlike what you've seen in the past. And then your -- the second question that you asked is around Nitro and if we see a 1 point if improvement in our comp performance. I will tell you that our cold beverage platform overall actually does very well for us. When I look at our beverage performance in the holiday, Cold Espresso did extremely well for us. And we are encouraged by Nitro, which is why we're expanding it. But the 1% comp, I'm not quite sure that I correlate with that number. But I will tell you that the cold platform does extremely well for us.

安德魯，謝謝你的提問。首先，就我們在假期期間進行的媒體宣傳而言，這對我們來說是有利的。我們通常透過數位關係，深入參與我們的許多數位、媒體和一對一關係。我們投放的店外媒體廣告對我們來說非常有效。每次星巴克品牌像以前一樣進行大規模廣告宣傳時，我們都會——我們很享受我們看到的表演。我還要告訴你們，那些廣告效果非常好——我們在那些廣告中使用了我們自己的一些合作夥伴，所以反應很好。未來您將會看到我們更好地平衡店外媒體和數位媒體，我們將共同努力，這與您過去看到的有所不同。然後，你問的第二個問題是關於 Nitro 的，如果我們的競技表現提高 1 分，我們該怎麼辦？我可以告訴你，我們的冷飲平台整體表現非常出色。從假日期間的飲料銷售情況來看，冰鎮濃縮咖啡的表現非常出色。Nitro 的發展讓我們倍受鼓舞，所以我們正在擴大其規模。但是，1%的薪資差距，我不太確定我是否與這個數字相符。但我可以告訴你，冷​​平台對我們來說表現非常出色。

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

此時，我想把電話交給凱文·約翰遜，請他作總結發言。

Well, I want to thank all of you for joining us today. We continue to execute against our growth at scale strategy that we outlined at last month's investor conference. And I think the results that we just posted demonstrate that, that strategy is working. Now I also know many of you were able to join us in New York at the opening of the Starbucks Reserve Roastery in December, and we're excited to announce that the Tokyo Roastery will open to the public on February 28. So we'd invite all of you on your next trip to Tokyo to please stop by and visit this beautiful Roastery, and we'd love to host you. Thanks for joining us, and we look forward to talking to you again, and we'll see you soon. Thanks.

好的，我要感謝各位今天蒞臨現場。我們將繼續執行上個月投資者大會上提出的規模成長策略。我認為我們剛剛公佈的結果證明，這種策略是有效的。我知道你們中的許多人去年 12 月都參加了在紐約舉行的星巴克臻選烘焙工坊的開幕式，我們很高興地宣布，東京烘焙工坊將於 2 月 28 日向公眾開放。所以，我們誠摯地邀請各位下次來東京旅遊時，務必光臨我們美麗的烘焙工坊，我們非常期待您的光臨。感謝您的參與，我們期待再次與您交流，很快再見。謝謝。

This concludes Starbucks Coffee Company's First Quarter Fiscal Year 2019 Conference Call. You may now disconnect.

星巴克咖啡公司2019財年第一季電話會議到此結束。您現在可以斷開連線了。