星巴克 (SBUX) 2019 Q1 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 First Quarter Fiscal Year 2019 Conference Call.

我想歡迎大家參加星巴克咖啡公司 2019 財年第一季度電話會議。

(Operator Instructions)

（操作員說明）

I will now turn the call over to Durga Doraisamy, Investor Relations.

我現在將把電話轉給投資者關係部的 Durga Doraisamy。

Ms. Doraisamy, you may now begin your conference.

Doraisamy 女士，您現在可以開始您的會議了。

Good afternoon, everyone, and thank you for joining us today to discuss our first quarter results for fiscal year 2019.

大家下午好，感謝您今天加入我們討論我們 2019 財年第一季度的業績。

Today's discussion will be led by Kevin Johnson, President and CEO; and Pat Grismer, CFO.

今天的討論將由總裁兼首席執行官 Kevin Johnson 主持；和首席財務官 Pat Grismer。

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.

在問答環節，美洲首席運營官兼集團總裁 Roz Brewer 將加入我們的行列； John Culver，國際、渠道開發和全球咖啡和茶集團總裁。

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 2019 include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items.

2019 財年的 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、交易和整合成本以及其他項目。

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 the 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，了解今天電話會議中引用的非公認會計原則財務指標與相應的公認會計原則指標的對賬情況。

This conference call is being webcast, and an archive of the webcast will be available on our website through February 22, 2019.

本次電話會議正在進行網絡直播，網絡直播的存檔將於 2019 年 2 月 22 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, thanks, Durga, and good afternoon, everyone.

好吧，謝謝，Durga，大家下午好。

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.

首先，我想藉此機會感謝即將離任的投資者關係副總裁 Tom Shaw 在過去幾年的領導，並祝愿他在我們行業之外尋求新機會時一切順利。

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.

Durga 是星巴克 5 年的合夥人，也是投資者關係領域 20 年的資深人士，我很高興她能與 Pat 密切合作領導我們的 IR 職能部門。

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.

上個月，我們很高興在紐約與你們中的許多人會面，不僅是為了展示我們最新的星巴克珍藏烘焙工坊，而且還討論了星巴克增長議程的下一章，我們稱之為規模增長。

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.

我們與您分享了我們的戰略，即精簡業務、推動美國和中國主要市場的增長、通過全球咖啡聯盟擴大我們的全球影響力，同時向我們的股東返還大量資本。

This strategy is working, as evidenced by our Q1 results, and we remain confident in the longer-term outlook for the business.

正如我們的第一季度業績所證明的那樣，這一戰略正在奏效，我們對業務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.

我們的大規模增長戰略不可或缺的是更高水平的關注和紀律，以推動可預測的、可持續的、長期的增長和股東回報。

The positive business momentum that we experienced in the fourth quarter of fiscal '18 clearly sustained throughout Q1.

我們在 18 財年第四季度經歷的積極業務勢頭在整個第一季度明顯持續。

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.

我們在第一季度的強勁業績進一步增強了我們對戰略的近期和長期信心和信念。

Let me give you a few of the key financial headlines for the quarter.

讓我給你一些本季度的主要財務頭條新聞。

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.

創紀錄的收入為 66 億美元，同比增長 9%； comp 銷售增長 4%，其中包括交通量的另一個季度的連續改善；與去年相比，全球門店淨增長 7%，超過 2/3 的新店開張在美國以外；持續的數字勢頭，美國活躍的獎勵會員增長 14% 至 1630 萬；並通過股息和回購相結合的方式向股東返還 55 億美元。

These results were enabled in part by solid execution during our holiday season.

這些結果的部分原因是我們在假期期間的紮實執行。

Our holiday plan was informed by insights we gathered from customers who highlighted what they appreciate from Starbucks during the holidays.

我們從客戶那裡收集到的見解為我們制定了假期計劃，這些客戶強調了他們在假期期間對星巴克的欣賞。

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.

我們利用這些洞察力以多種方式重新點燃客戶聯繫，提高品牌和產品知名度；更清晰、更清晰的假日商品銷售；相關的新產品，例如我們的限量版紅杯促銷；以及增強的店內體驗。

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.

這種以洞察力為導向的綜合方法取得了成果，重要的是，創造了為未來幾個季度奠定堅實基礎的動力，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.

從本季度的穩健業績後退一步，我想強調我們為在未來保持增長而採取的更廣泛的方法，並向您介紹我們為推進這一戰略所取得的進展。

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.

提醒一下，我們的規模增長議程由 3 個關鍵組成部分組成：精簡我們的業務、專注於 3 個戰略重點和擴大星巴克品牌。

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.

我們在過去 6 個季度的精簡努力正在獲得回報，讓我們能夠將更多的注意力和紀律集中在我們的 3 個戰略優先事項上：加速美國和中國目標市場的增長；利用與雀巢的全球咖啡聯盟，擴大星巴克品牌的全球影響力；並增加股東回報。

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.

重要的是，我們在做這一切的同時恪守我們的品牌承諾，因為我們明白，隨著我們繼續通過星巴克體驗、咖啡質量和良好的企業聲譽來建立我們的品牌，基本要素仍將是至關重要的。

And as with any strong foundation, there are opportunities to amplify these cornerstones of the brand that we continue to demonstrate.

與任何堅實的基礎一樣，有機會擴大我們繼續展示的品牌的這些基石。

Most recently, with the opening of our New York Roastery and soon in February, with the opening of the Tokyo Roastery.

最近，隨著我們紐約烘焙工坊的開業，以及即將在二月，隨著東京烘焙工坊的開業。

Now we will consistently use this growth at scale framework to guide our communications with investors going forward.

現在，我們將始終如一地使用這種規模增長的框架來指導我們與投資者的溝通。

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.

因此，讓我分享一些關於我們在 3 個戰略重點方面取得的進展以及今年餘下時間的預期的更多細節。

Starting with accelerating growth in our 2 long-term growth markets: the U.S. and China.

從加速我們的兩個長期增長市場的增長開始：美國和中國。

In the U.S., we're focused on 3 operating initiatives: enhancing the in-store experience, delivering beverage innovation and driving digital relationships.

在美國，我們專注於 3 項運營計劃：增強店內體驗、提供飲料創新和推動數字關係。

Enhancing in-store experience encompasses building customer connections and creating those best moments that keep customers coming back time and time again.

增強店內體驗包括建立客戶聯繫並創造最佳時刻，讓客戶一次又一次地光顧。

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.

我們自豪地穿著綠色圍裙的星巴克門店合作夥伴是與客戶聯繫的中心，我們的使命是通過簡化工作和減少一些歷史上佔用高達 40% 的非面向客戶的任務來支持他們他們的時間。

This is freeing up more time for our partners to connect with customers.

這為我們的合作夥伴騰出更多時間與客戶建立聯繫。

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.

例如，我們已將某些清潔任務轉移到下班後，並且我們正在自動化產品規劃和補貨，這減少了商店的混亂和遠離顧客的時間。

This work will span multiple quarters.

這項工作將跨越多個季度。

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.

迄今為止採取的行動已經取得了成效，因為我們的客戶連接分數在第一季度繼續提高，無論是連續還是同比，重要的是，在上午和下午的時段。

We're also creating a new channel for customers to engage through Starbucks Delivers.

我們還為客戶創建了一個新渠道，讓他們通過 Starbucks Delivers 進行互動。

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.

我們與 Uber Eats 的合作勢頭正在增強，我們預計到 4 月將交付到我們近 1/4 的美國公司經營的商店，包括我們在舊金山的第二個市場，該市場於本週早些時候推出。

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.

我們的早期經驗令人鼓舞，並為我們提供瞭如何操作這個新渠道的藍圖，這是為我們的合作夥伴創建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.

從客戶的角度來看，Starbucks Delivers 正在無縫集成到 Uber Eats 移動應用程序中，實現全面的飲料定制並完全集成到我們的商店運營中，以確保優質的星巴克體驗。

Moving on to our second U.S. priority: beverage innovation.

繼續我們在美國的第二個優先事項：飲料創新。

Our focus here is ongoing, led by the momentum we are seeing with cold beverages across multiple dayparts.

我們在這裡的重點是持續的，由我們在多個時段看到冷飲的勢頭引領。

The focus of our latest beverage innovation evolves around iced espresso, draft Nitro beverages and Refreshers.

我們最新的飲料創新重點圍繞冰鎮濃縮咖啡、生硝基飲料和提神飲料展開。

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.

我們已將 Nitro 產品的部署從上一季度約 1/3 的美國公司自營商店擴大到僅在 1 個季度內的 40%，我們仍有望在 19 財年末實現 100% 滲透率的目標.

Draft Nitro beverages represent a significant opportunity for the brand.

Draft Nitro 飲料代表了該品牌的重要機遇。

This platform is differentiated, provides theater and drives incrementality.

這個平台是差異化的，提供劇院並推動增量。

We also made great progress on our third U.S. priority: driving digital relationships, our enabler of convenience, awareness and value.

我們在美國的第三個優先事項也取得了很大進展：推動數字關係，我們的便利、意識和價值的推動者。

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.

為了建立我們的數字生態系統，我們擴大了數字範圍，並創建了一個激活渠道，從而增加了我們星巴克獎勵計劃的活躍會員。

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.

自從我們去年春天開始這些努力以來，我們已經獲得了 1300 萬數字客戶註冊，我們對這推動我們的星巴克獎勵計劃的潛力感到興奮。

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.

我很高興與大家分享，在第一季度，我們的活躍會員群增加了 100 萬客戶，增長了 14%，使活躍的獎勵會員達到 1630 萬。

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.

這一結果是通過利用我們增加的數字影響力以及更無縫的客戶入職體驗、更大的移動訂單和支付採用率以及增強的個性化功能來推動的。

Between digitally registered and active Reward customers, we are now approaching 30 million digital connections in the U.S.

在數字註冊和活躍的獎勵客戶之間，我們現在在美國接近 3000 萬個數字連接。

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.

Starbucks Rewards 繼續成為忠誠度的強大推動者，我們正在精心改進該計劃，以便為 Rewards 會員提供更多的選擇和靈活性。

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.

我們將在今年春天加強該計劃，以使忠誠度客戶能夠更快地賺取和兌換，並在我們商店的更廣泛的商品中兌換這些獎勵。

We have leveraged learnings and customer insight from prior changes to the Rewards program to inform our work ahead of this launch.

我們利用從獎勵計劃之前的更改中獲得的經驗和客戶洞察力，在此次發布之前為我們的工作提供信息。

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.

這包括一個強大的營銷激活計劃，不僅可以提高對變化的認識，還可以提高對計劃和關鍵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那樣，缺乏意識一直是客戶採用的限制因素之一，我們有一個重要的機會來放大關於忠誠度的強大信息。

Having covered the U.S., let's talk a bit about our second-largest and fastest-growing major market: China.

介紹完美國之後，讓我們談談我們的第二大和增長最快的主要市場：中國。

This month marks the 20th anniversary of Starbucks in China, and we continue to play the long game with our purpose-driven growth agenda.

本月是星巴克在中國成立 20 週年，我們將繼續以目標驅動的增長議程進行長期遊戲。

We recognize the tremendous opportunity ahead requires navigating a rapidly evolving competitive landscape, changing consumer behaviors and a dynamic economy.

我們認識到未來的巨大機遇需要駕馭快速發展的競爭格局、不斷變化的消費者行為和充滿活力的經濟。

With a large and growing addressable market around coffee, we expect competition to remain highly promotional and disruptive.

隨著圍繞咖啡的龐大且不斷增長的潛在市場，我們預計競爭將保持高度促銷和破壞性。

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.

正如我們在中國過去 20 年所做的那樣，我們將繼續學習和適應，創造更廣泛的咖啡文化，擴大我們在新城市和現有城市的影響力，並在中國各地提供差異化的星巴克體驗，無論是為中國顧客提供服務。我們設計精美的商店或啟用星巴克外賣等新渠道。

China represents a large opportunity in a dynamic market, which informs the low single-digit comp guidance that we outlined last month.

在充滿活力的市場中，中國代表著巨大的機遇，這為我們上個月概述的低個位數薪酬指導提供了依據。

The bigger story in China is total transactions driven by our store growth, which underpinned approximately 80% of our growth algorithm in China.

在中國更大的故事是由我們的商店增長推動的總交易量，這支撐了我們在中國約 80% 的增長算法。

This quarter, our store base in China grew by 18%.

本季度，我們在中國的門店數量增長了 18%。

Comp stabilized at 1%, and we remain confident in the future opportunity.

Comp 穩定在 1%，我們對未來的機會充滿信心。

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.

我們與阿里巴巴的中國數字合作夥伴關係的啟動，星巴克外賣計劃的快速擴展，現已在 2,000 多家門店中推廣，而星廚在盒馬超市的覆蓋範圍也僅僅是開始。

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.

Starbucks Delivers 已經在我們北京和上海的主要市場貢獻了中個位數的交易組合，這驗證了客戶需求並鞏固了未來的重要機會。

The benefit from our unique Starbucks virtual store integrated throughout the Alibaba ecosystem is largely still ahead of us as awareness and adoption build.

我們在整個阿里巴巴生態系統中集成的獨特的星巴克虛擬商店所帶來的好處在很大程度上仍然領先於我們，因為意識和採用率的建立。

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.

隨著我們最近升級的星巴克獎勵計劃、新的食品和飲料產品以及強大的新店經濟，我們仍然看好我們在中國的道路和未來的增長。

We are playing the long game in China.

我們正在中國打一場持久戰。

Moving on to our second strategic priority: expanding our global reach through the Global Coffee Alliance.

繼續我們的第二個戰略重點：通過全球咖啡聯盟擴大我們的全球影響力。

This is the story of 2 leading global companies with unique capabilities coming together to accelerate growth of coffee around the world.

這是兩家具有獨特能力的全球領先公司攜手加速全球咖啡增長的故事。

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.

北美業務向雀巢的過渡非常順利，我們正在迅速將注意力轉移到增加星巴克膠囊在雀巢平台上的份額，鞏固我們在北美的領導地位，並將星巴克咖啡的影響力擴大到國際市場。

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.

從今年春天開始，我們將繼續推進我們的上市戰略，以在 Nespresso 和 Dolce Gusto 平台上將星巴克產品帶入生活，並在今年剩餘時間內取得進展。

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.

當然，我們最初將專注於跨傳統 CPG 和餐飲服務渠道的戰略市場，我們期待在未來幾個月和幾個季度與您分享我們的進展。

We are very pleased with the initial success of this strategic partnership and very optimistic about its potential.

我們對這一戰略夥伴關係的初步成功感到非常高興，並對其潛力非常樂觀。

And finally, let me comment on our third strategic priority of increasing shareholder returns.

最後，讓我評論一下我們增加股東回報的第三個戰略重點。

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.

正如我們在去年 6 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，我們正朝著這一目標邁進。

In fiscal '18, we returned approximately $9 billion of cash through buybacks and dividends.

在 18 財年，我們通過回購和分紅返還了大約 90 億美元的現金。

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.

隨著 10 月 1 日啟動的額外 50 億美元的加速股票回購計劃，我們現在已經返還了 250 億美元總承諾中的 140 億美元。

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.

總而言之，我們的規模增長戰略正在奏效，我們的領導團隊完全致力於星巴克的未來增長和活力。

To the more than 350,000 Starbucks partners who proudly wear the green apron, I thank you.

感謝 350,000 多名自豪地穿著綠色圍裙的星巴克合作夥伴，我感謝你們。

You have always been at the center of everything we do to create that warm and welcoming Starbucks Experience in our stores.

您一直處於我們所做的一切工作的中心，以在我們的商店中創造溫暖和熱情的星巴克體驗。

Because of you, we were able to distribute Bean Stock to nearly 200,000 partners in 21 markets around the world this past year.

在過去的一年裡，因為有你們，我們能夠向全球 21 個市場的近 200,000 名合作夥伴分發 Bean Stock。

We hired over 21,000 veterans and military spouses and nearly 65,000 opportunity youth over the past 3 years.

在過去 3 年中，我們僱傭了 21,000 多名退伍軍人和軍人配偶以及近 65,000 名機會青年。

And we welcomed more than 12,000 Starbucks partners into a pathway to a college degree through the Starbucks College Achievement program.

我們歡迎超過 12,000 名星巴克合作夥伴通過星巴克大學成就計劃進入大學學位的途徑。

I am proud to be your partner.

我很自豪能成為您的合作夥伴。

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

有了這個，我想正式歡迎帕特參加他的第一次星巴克財報電話會議。

Pat?

拍？

Thank you, Kevin, and good afternoon, everyone.

謝謝你，凱文，大家下午好。

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%.

我也對我們在第一季度展示的整體業務勢頭感到滿意，在過去 12 個月淨新店增長 7% 和全球複合增長率 4% 的推動下，收入增長了 9%。

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.

本季度 9% 的收入增長包括約 1% 的外幣折算不利影響和約 1% 的精簡相關活動的淨收益，主要是收購華東、全球咖啡聯盟和出售 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.

非公認會計原則每股收益為 0.75 美元，比上年增長 15%，其中包括與離散所得稅項目相關的 0.07 美元的淨有利影響，主要是某些稅收儲備的釋放。

I'll now take you through our Q1 operating performance by segment.

我現在將按細分市場向您介紹我們的第一季度運營業績。

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.

正如凱文強調的那樣，我們的美洲部門在第一季度實現了 8% 的收入增長，主要是由於過去 12 個月新店淨增長 5% 和 4% 的銷售增長，美國的銷售增長持平，環比增長早些時候。

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.

連續第二個季度，我們利潤率最高的類別飲料是美國公司增長的主要驅動力，在第一季度貢獻了 4 個點中的 3 個，其次是食品 2 個點和大廳下降 1 個點。

Beverage growth was led by our espresso and brewed platforms, which delivered the highest contribution to comp growth in 9 quarters.

飲料增長由我們的濃縮咖啡和釀造平台引領，在 9 個季度中對飲料增長的貢獻最大。

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.

值得注意的是，冰飲料在所有時段繼續引領這一增長，星巴克提神飲料、冰濃縮咖啡和冰咖啡表現強勁，尤其是冷萃咖啡和硝基咖啡。

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.

儘管由於我們的 SKU 合理化努力提高了商店水平的盈利能力並簡化了店內體驗，大廳繼續對薪酬構成壓力，但我們的整體假日產品表現良好。

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.

從時段的角度來看，我們看到了全面的改善，上午和下午的表現持續強勁增長，這是過去 5 個季度中最好的。

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.

第一季度美洲非公認會計準則營業利潤率下降 60 個基點至 22.4%，主要是由於合作夥伴投資，包括稅改資助的投資，部分被銷售槓桿抵消。

Moving onto China/Asia Pacific, our fastest-growing business segment.

進入中國/亞太地區，這是我們增長最快的業務部門。

CAP segment revenues grew 45% in Q1.

CAP 部門的收入在第一季度增長了 45%。

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.

剔除精簡活動帶來的 32% 的淨綜合影響，尤其是收購華東地區和外幣換算，本季度收入增長 13%。

This was driven by 13% net new store growth over the past 12 months and 3% comp sales growth, including 1% comp transaction growth.

這是由過去 12 個月新店淨增長 13% 和 3% 的銷售額增長（包括 1% 的交易額增長）推動的。

I'll now highlight the first quarter performance of 2 key markets in our CAP segment, China and Japan.

我現在將重點介紹我們 CAP 領域的兩個主要市場中國和日本的第一季度表現。

China delivered comp sales growth of 1% in Q1, including a 2% decline in comp transactions, consistent with the fourth quarter of fiscal 2018.

中國在第一季度實現了 1% 的補償銷售增長，其中補償交易下降了 2%，與 2018 財年第四季度一致。

3% comp ticket growth was driven by our Starbucks Rewards loyalty program, food and merchandise.

我們的 Starbucks Rewards 忠誠度計劃、食品和商品推動了 3% 的票務增長。

Importantly, we sustained our high rate of store growth in China, entering 10 new cities in the quarter.

重要的是，我們保持了在中國的高門店增長率，在本季度進入了 10 個新城市。

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.

在過去 12 個月中，淨新店增長 18%，我們在本季度結束時在 158 個城市擁有近 3,700 家門店。

We are also pleased that our newest class of stores in China continued to deliver strong profits and returns on investment.

我們也很高興我們在中國的最新類別門店繼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.

我們的日本業務實現了出色的季度業績，推動了中個位數的銷售和交易增長，從而提升了整個 CAP 部門的業績。

These results were driven by holiday marketing efforts, which led to successful LTO performance in both blended and brewed beverages.

這些結果是由假日營銷努力推動的，這導致混合飲料和釀造飲料的 LTO 成功。

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.

我們也對日本星巴克獎勵計劃的持續增長感到高興，佔第一季度銷售額的 22%，活躍會員達到 160 萬，比去年增長 33%。

CAP's non-GAAP operating margin declined by 210 basis points to 23%, primarily due to the ownership change in East China.

CAP 的非美國通用會計準則營業利潤率下降 210 個基點至 23%，主要是由於華東地區的所有權變動。

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.

排除華東收購和不利外匯帶來的 220 個基點的綜合影響，該部門的非公認會計原則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.

我們的渠道開發部門報告第一季度收入下降了 20%，其中包括全球咖啡聯盟的影響，該部門在本季度減少了約 1.3 億美元的收入，正如預期的那樣。

Excluding the impact of the Global Coffee Alliance, segment revenues increased 1%.

排除全球咖啡聯盟的影響，部門收入增長了 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.

第一季度非美國通用會計準則營業利潤率下降 700 個基點至 35.9%，其中包括全球咖啡聯盟 770 個基點的利潤率稀釋影響。

Absent that impact, the segment's non-GAAP operating margin improved 70 basis points.

如果沒有這種影響，該部門的非公認會計原則營業利潤率提高了 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.

最後，在綜合水平上，第一季度非 GAAP 營業利潤率為 17.4%，同比下降 180 個基點，這主要是由於與精簡相關的活動。

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.

排除這些活動的 110 個基點影響，非公認會計原則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的警笛零售業務的戰略投資，該業務仍在概念開發階段。

These investments were partially offset by the benefit of sales leverage.

這些投資被銷售槓桿的好處部分抵消。

Now moving on to our guidance for fiscal year '19.

現在繼續我們對 19 財年的指導。

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.

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度離散所得稅項目帶來的 0.07 美元收益在很大程度上被與 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.

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.

然而，相對於我們之前的指導，我們確實預計 19 財年的非 GAAP 每股收益將增加 0.07 美元，範圍為 2.68 美元至 2.73 美元，主要是因為非 GAAP 報告排除了與稅制改革相關的調整。

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%.

此外，對於 2019 財年，我們現在預計我們的 GAAP 有效稅率將在 21% 至 23% 的範圍內，我們的非 GAAP 有效稅率將在 20% 至 22% 的範圍內。

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%.

最後，鑑於我們在 12 月的 2018 年投資者日分享的持續盈利增長模型，我們確認我們的 2019 財年全球薪酬增長指引在 3% 至 4% 之間。

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.

所有其他 2019 年全年指導指標，包括淨新店和營業利潤率，與我們在第四財年 '18 季度財報電話會議上傳達的並在 2018 年投資者日重申的內容保持不變。

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.

儘管提供季度指導不是我們的慣例，但我想就今年餘額的損益形狀提供一些定性評論。

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.

提醒一下，我們將在第二季度初完成對華東地區的收購，屆時我們將不再看到總收入增長的同比收益。

At the same time, we will still bear the year-over-year revenue headwind from the Global Coffee Alliance.

與此同時，我們仍將承受來自全球咖啡聯盟的同比收入逆風。

We expect these factors to yield significantly lower revenue growth in Q2 compared to Q1.

我們預計，與第一季度相比，這些因素將導致第二季度的收入增長顯著降低。

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.

鑑於第二季度對我們來說是季節性低迷時期，並且隨著去年美國稅改相關投資的持續大量結轉，我們還預計第二季度我們的非公認會計原則營業利潤率百分比將低於第一季度。

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.

我們正處於 G&A 削減計劃的早期階段，剛從第一季度開始，損益表的好處要到本財年的後半段才會開始有意義地實現。

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.

這是我們持續關注的一個領域，我們將繼續致力於在未來 3 年內降低 G&A 支出佔系統銷售額的百分比，以推動規模化盈利增長，同時對我們的業務進行必要的投資。

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.

隨著我們在第三季度開始進行與稅改相關的投資，並受益於我們繼續專注於提高 G&A 效率，我們預計下半年我們的非公認會計準則營業利潤率百分比將高於上半年，即使我們的全球領導力會議的一次性成本將影響第四季度。

Please note that all of this is consistent with our full year guidance for 2019.

請注意，所有這些都與我們對 2019 年的全年指導一致。

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.

總而言之，我們對第一季度的業績感到滿意，並將這些結果視為對我們以更大的重點和紀律大規模發展星巴克的戰略的驗證。

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.

我們感謝世界各地的星巴克合作夥伴在我們的門店、烘焙工廠和支持中心所做的辛勤工作，他們以忠於我們公司使命和價值觀的方式交付這些成果，這是我們業務的核心。

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.

有了這個，凱文和我很高興回答你的問題，羅茲布魯爾和約翰卡爾弗也加入了，正如杜爾加在我們電話的開頭所概述的那樣。

Thank you.

謝謝你。

Operator?

操作員？

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

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

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.

幾年來美洲的毛利率首次上升，你可能沒有像我預期的那樣大做文章。

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.

我不知道您是否可以為此提供更多色彩，是否僅僅是因為飲料組合領先於比賽，以及您是否認為這在今年餘下時間是可持續的。

Thank you, Sharon.

謝謝你，莎倫。

This is Pat.

這是帕特。

Happy to take your question.

很高興回答你的問題。

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.

我們通常不會強調毛利率，但我會談談美洲 OI 利潤率的表現，只是為了讓您了解我們在本季度看到的情況。

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.

在本季度，我們實現了有意義的運營效率和積極的銷售槓桿，其中包括一些禮品卡會計收益，但這些都被異常高水平的投資所抵消，包括支持假期、產品組合和通貨膨脹的季節性營銷費用，主要是更高的工資。

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.

然後，為了讓您了解我們如何看待這種情況，今年的平衡，我們確實預計與第一季度相比，利潤率順風更強，利潤率逆風更輕，因此隨著今年的展開，商店級利潤率收縮會減少。

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.

具體來看產品組合以及第一季度發生的情況，我們經歷了不利的利潤率影響，因為飲料組合從混合飲料轉向清涼飲料以及更高的食品銷售，但這部分被商品銷售下降的積極影響所抵消。

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

我們的下一個問題來自 David Tarantino 和 Robert W. Baird。

My question's on China, and I just -- maybe it's a 2-part question.

我的問題是關於中國的，我只是——也許這是一個兩部分的問題。

First is holding the line on comps sequentially despite, I guess, some signs of a slower macro economy over there.

首先，儘管我猜有一些宏觀經濟放緩的跡象，但仍按順序保持在comps上。

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.

所以我只是想知道，如果您將那裡的銷售額與其他人進行比較，您是否可以評論一下您認為自己在相對基礎上的表現。

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.

其次，我認為您提到前幾個大市場的交付推出已導致產品組合的中個位數百分比。

Is that all incremental?

這都是增量的嗎？

Are you seeing a mid-single-digit lift in the sales?

您是否看到銷售額出現了中個位數的增長？

Or is that cannibalizing some of the in-store sales?

還是這會蠶食一些店內銷售？

And how does that compare to what you expected as you started the rollout?

這與您開始推出時的預期相比如何？

Thanks, David.

謝謝，大衛。

I'll just comment briefly, and I'll hand over to John Culver to go into some more detail.

我將簡要評論一下，然後我將交給 John Culver 進行更詳細的介紹。

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.

關於你的第一個問題，我認為我們在新店中實現了 18% 的業績增長，加上將我們的業績穩定在 1% 的業績增長，這就是實現了兩位數的交易增長，我們認為這是最重要的衡量標準。我們要專注於中國。

Our new stores are highly profitable, and they're working well.

我們的新店利潤很高，而且運作良好。

So we're going to continue to play the long game.

所以我們將繼續進行長期的比賽。

And I think we'll let you benchmark us versus others as they -- as their data comes out.

而且我認為，當他們的數據出來時，我們會讓您將我們與其他人進行基準測試。

But I think we're very comfortable and very confident in the strategy that we have in China.

但我認為我們對我們在中國的戰略感到非常自在和非常有信心。

I'll let John comment further on that and take your question on delivery.

我會讓約翰對此發表進一步評論，並在交付時回答您的問題。

Yes, David.

是的，大衛。

I think that, overall, from a China perspective, we saw strong Q1 performance and continued momentum in the business.

我認為，總體而言，從中國的角度來看，我們看到了強勁的第一季度業績和業務的持續發展勢頭。

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.

正如我在紐約投資者日分享的那樣，真的，只看市場的總交易增長，新店的擴建，約占我們總收入增長的 80%，以及我們繼續增長的事實隨著我們擴大商店足跡，我們在市場上的整體份額。

Clearly, the environment in China right now, we've demonstrated our ability to navigate what is a changing consumer, economic and competitive environment.

顯然，就目前中國的環境而言，我們已經展示了我們駕馭不斷變化的消費、經濟和競爭環境的能力。

But as Kevin said in his comments, we are playing the long game, and we believe in the strategy that we have in place.

但正如凱文在評論中所說，我們正在打一場持久戰，我們相信我們現有的戰略。

And the strategy is focused in a couple different areas.

該戰略側重於幾個不同的領域。

First, it's continuing to expand our store footprint.

首先，它繼續擴大我們的商店足跡。

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.

我們這樣做的原因是因為我們繼續在我們正在建設的新店中看到非常強勁的回報和一流的表現。

The second thing that we're focused on, again, is continuing to grow the total revenues in the market.

我們再次關注的第二件事是繼續增加市場的總收入。

In the quarter, we grew 19%, when you normalize for FX as well as the East China integration.

在本季度，當您將外彙和華東整合正常化時，我們增長了 19%。

And our store count overall grew 18% as we opened up 10 new cities.

隨著我們開設了 10 個新城市，我們的門店數量總體增長了 18%。

So we now operate 3,700 stores across 158 cities.

因此，我們現在在 158 個城市經營著 3,700 家門店。

The other area that we're focused on is continuing to expand our digital partnership with Alibaba.

我們關注的另一個領域是繼續擴大與阿里巴巴的數字合作夥伴關係。

And you mentioned Starbucks Delivers.

你提到了星巴克外賣。

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.

我們在不到 90 天的時間內迅速在 30 個城市的 2,000 家門店推出，我們看到正在建立強大的知名度。

We're seeing strong trial, and we're seeing a growing adoption level from customers.

我們看到了強大的試驗，我們看到客戶的採用水平不斷提高。

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.

我想說，從一些指標來看，從客戶下單到收到貨的平均交貨時間約為 19 分鐘。

We're seeing strong performance in both Beijing as well as Shanghai.

我們在北京和上海都看到了強勁的表現。

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.

我們通過送貨單看到的平均票比我們在普通核心商店看到的要高一點。

And the mix tends to be more beverage-led and in particular, espresso-led.

而且這種混合更傾向於以飲料為主導，尤其是以濃縮咖啡為主導。

So we feel good about the progress that we're making.

所以我們對我們正在取得的進展感覺良好。

In terms of incrementality, to your question, we are seeing some positive impact.

在增量方面，對於您的問題，我們看到了一些積極的影響。

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.

但我只想說，現在說確切的影響還為時過早，但我們對所看到的初步結果感到鼓舞。

And we feel as though we've got a competitive edge in the market.

而且我們覺得我們在市場上擁有競爭優勢。

We've set new standards for delivery of coffee to our customers and to customers throughout China.

我們為向我們的客戶和中國各地的客戶提供咖啡制定了新的標準。

We've obviously introduced innovation with splashproof lids for hot and cold beverages, tamper-proof packaging seals and individual hot and cold delivery containers.

我們顯然已經引入了用於冷熱飲料的防濺蓋、防篡改包裝密封和單獨的冷熱交付容器的創新。

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.

因此，我們對通過 Starbucks Delivers 以及我們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.

您的下一個問題來自摩根士丹利的 John Glass。

On the U.S. business, 2 questions.

關於美國業務，2 個問題。

One is I know you gave some detail around daypart and product mix.

一是我知道您提供了有關時段和產品組合的一些細節。

How did the progression of comps work from My Starbucks Rewards member versus non-Starbucks Rewards member?

My Starbucks Rewards 會員與非 Starbucks Rewards 會員的補償進展如何？

Are you sort of seeing just more visits from your loyal members?

您是否看到忠誠會員的訪問量增加了？

Are you getting some of those less frequent users to come back?

您是否讓一些不太頻繁的用戶回來？

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?

也許這就是其中的一部分——你是否看到了實現，或者你能量化其中一些帶來的好處——你擁有的那些新的數字關係？

Can you also discuss just if delivery will ultimately be available in the U.S. through the Starbucks app?

您能否討論一下最終是否可以通過星巴克應用在美國提供送貨服務？

Or is it only the Uber Eats app?

還是只有 Uber Eats 優食應用？

And why is that?

為什麼是這樣？

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.

我認為您希望吸引已經訪問您的應用程序以獲取交付的客戶，而不是將他們定向到第三方應用程序。

Thank you.

謝謝你。

This is Roz.

這是羅茲。

I'll answer that question for you.

我會為你回答這個問題。

So first of all, let me start with the breakdown between SR and non-SR.

所以首先，讓我從 SR 和非 SR 之間的細分開始。

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.

我們通常不會詳細說明 SR 和非 SR 之間的那個區域，但我會告訴你，我們會在早上的高峰期繼續發展我們的業務，那是我們在商店中看到我們最強大的 Starbucks Rewards 客戶的時候.

So we continue to grow very well there.

所以我們在那裡繼續發展得很好。

I'll also mention that within the quarter, we saw a very nice improvement in the number of Starbucks Rewards customers.

我還要提到，在本季度，我們看到星巴克獎勵客戶數量有了非常好的增長。

We added 1 million new Starbucks Rewards members to the business.

我們為該業務增加了 100 萬新的 Starbucks Rewards 會員。

When we look at those numbers, that is a number that -- we've not achieved that number since 2015.

當我們查看這些數字時，這是一個自 2015 年以來我們還沒有達到這個數字的數字。

So we're pleased with where we're growing the Starbucks Rewards customer.

因此，我們對星巴克獎勵客戶的增長情況感到滿意。

I'll also tell you that we continue to see spend per member lift on Starbucks Rewards customer, that we are pleased with.

我還要告訴你，我們對星巴克獎勵客戶的每位會員消費繼續增加，我們很高興。

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.

我們還將繼續努力從非 SR 的角度轉換那些加入我們的客戶，並讓他們以 SR 成員的身份加入我們。

So our work continues there.

所以我們的工作繼續在那裡。

Your second question was around how are we thinking about -- I think your question...

你的第二個問題是關於我們如何考慮的——我認為你的問題......

Starbucks Delivers in the Starbucks app.

星巴克在星巴克應用程序中提供。

Yes, Starbucks Delivers, right, in the app.

是的，星巴克在應用程序中提供。

So that work is ongoing.

所以這項工作正在進行中。

So we just migrated from Miami to San Francisco this week.

所以我們這周剛從邁阿密遷移到舊金山。

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.

在我們正在做的工作中，軟件集成是我們現在可以做的工作中最重要的部分。

We are pleased with what we've seen just in the short week with the integration of the software.

我們對我們在短短一周內看到的軟件集成感到滿意。

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.

目前，我們只能通過 Uber 應用程序訪問，但我們正在開展工作，以便他們可以通過 Starbucks Rewards 應用程序訪問 Starbucks Delivers。

So that is coming.

所以這就來了。

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

您的下一個問題來自 RBC Capital Markets 的 David Palmer。

Just follow-ups on China.

只是對中國的跟進。

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?

在交付方面，根據您在最初幾個月的採用率方面所看到的情況，交付對增長的貢獻如何？

And could you also give a sense about how many -- what's the pace of that rollout after these first 2,000?

您能否也了解一下有多少——在前 2,000 個之後推出的速度是多少？

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.

此外，您之前還談到了與阿里巴巴的聯合營銷機會，您可以向數百個 - 幾億客戶進行營銷。

How is that going to ramp as well?

這也將如何上升？

Right.

正確的。

David, just real quick on the delivery side.

大衛，在交付方面真的很快。

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.

正如我們在評論中所分享的，正如 Kevin 所分享的，現在，我們所看到的是交付對我們在北京和上海主要市場的交易組合的貢獻在中個位數範圍內。

So we are seeing nice solid growth in terms of transactions that are coming through delivery.

因此，我們看到通過交付的交易實現了良好的穩健增長。

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.

我們將再次繼續關注我們如何圍繞交付、星巴克通過阿里巴巴和阿里巴巴應用程序以及星巴克應用程序交付的意識。

We're going to focus on gaining trial, and then obviously, getting repeat and growing adoption.

我們將專注於獲得試驗，然後顯然，獲得重複和越來越多的採用。

So those are the 3 big areas that we're focused on.

所以這些是我們關注的三大領域。

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.

當您看到我們與阿里巴巴作為合作夥伴關係的一部分所看到的整體機會時，對，我認為有幾件事需要注意。

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.

首先，我們通過餓了麼的 Starbucks Delivers 計劃以及通過盒馬的 Star Kitchens 計劃，這是我們繼續共同投資並繼續發展和推廣的領域。

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.

我要說的第二個領域與天貓有關，以及我們看到的通過天貓網站訪問星巴克產品的機會。

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.

而今天，通過此次合作，我們現在在中國食品和飲料卡類別的銷售額中排名第一，特別是在天貓網站上。

The virtual store that I talked about at the Investor Day is something that we have kicked off with Alibaba.

我在投資者日談到的虛擬商店是我們與阿里巴巴一起啟動的。

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.

這讓我們能夠接觸到他們的 6 億用戶，讓他們有機會以更輕鬆的速度成為星巴克獎勵計劃的會員，而且沒有——也很少有摩擦。

So what have we seen from a Starbucks Rewards program?

那麼我們從星巴克獎勵計劃中看到了什麼？

From a Starbucks Rewards program, our 90-day active membership grew over 14% in the quarter.

從星巴克獎勵計劃來看，我們的 90 天活躍會員在本季度增長了 14% 以上。

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.

我們現在有 730 萬活躍會員，星巴克獎勵計劃的總會員人數為 2200 萬，會員人數總體增長了 8%。

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.

因此，我們對合作夥伴關係和我們看到的機會以及繼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.

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

I have 2 follow-ups, if I may.

如果可以的話，我有 2 次跟進。

One on delivery.

一個到貨。

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.

我只是想知道你是否可以在中國或美國談論經濟學。我知道你說你還不知道。

You don't have confirmed numbers on incrementality.

你沒有關於增量的確認數字。

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?

但是，為了實現盈利或增值，您是否需要在百分比增量方面清除任何障礙？

Just trying to understand what it might look like and whether the bar is lower in China because it's lower labor cost.

只是想了解它可能是什麼樣子，以及中國的門檻是否更低，因為它的勞動力成本更低。

And then my second follow-up is on just the MSR customers, and to Roz's point, it's the greatest growth since 2015.

然後我的第二次跟進只針對 MSR 客戶，在 Roz 看來，這是自 2015 年以來最大的增長。

But obviously, the comps are a bit slower now.

但顯然，現在的比賽有點慢。

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?

那麼，對於您獲得的那些新客戶的性質，有什麼要說的嗎？可能只是總體上降低了支出，或者當他們加入時沒有提升？

Sara, this is John.

薩拉，這是約翰。

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.

因此，對於您關於交付和利潤率影響的第一個問題，作為我們提供的指導的一部分，我們模擬了我們在中國業務的利潤率略有稀釋。

But that is offset broadly across the CAP segment and roughly in line with us delivering a roughly flat margin across the entire segment.

但這在 CAP 細分市場中被廣泛抵消，並且與我們在整個細分市場提供大致持平的利潤率大致一致。

We're going to continue to look at ways to optimize the margin.

我們將繼續尋找優化利潤的方法。

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.

但更重要的是，我們如何快速擴展該計劃並以將更多客戶帶入星巴克品牌並擴大我們的影響力的方式發展它。

Because ultimately, what we want to do is grow our overall share of consumption and our overall total revenues.

因為最終，我們想要做的是增加我們的整體消費份額和我們的整體總收入。

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.

我們對我們所處的位置以及我們在 19 財年將其建模到損益表中的方式感覺非常好。

So Sara, just a few tidbits on the U.S. delivery progress.

所以 Sara，只是關於美國交付進度的一些花絮。

So we were encouraged exiting the work that we were doing in Miami.

所以我們被鼓勵退出我們在邁阿密所做的工作。

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.

它讓我們了解到軟件集成成功對我們來說有多重要，這樣流程才能真正發揮作用，合作夥伴可以在商店中非常乾淨地執行。

So that's going well.

所以進展順利。

But in Miami, we did learn that we have a little bit larger ticket in -- with the delivery order.

但是在邁阿密，我們確實了解到我們有一張大一點的票——還有送貨單。

Secondly, we also learned that we are able to deliver certain beverages very well and others not.

其次，我們還了解到我們能夠很好地提供某些飲料，而另一些則不能。

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.

因此，我們正在改進菜單，以便我們可以確保我們理解，當這個程序完全推出時，我們理解菜單需要是什麼。

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.

最後，我要告訴你我們在邁阿密學到的一件事是圍繞需要發生的事情的操作部分，以便我們能夠有效地交付。

So that's what we know at this point, but it was encouraging enough for us to advance.

所以這就是我們目前所知道的，但這對我們前進來說是足夠的鼓舞人心的。

You'll see us go into 6 more areas, 6 additional areas over the next 4 to 6 weeks.

在接下來的 4 到 6 週內，您會看到我們進入另外 6 個領域，另外 6 個領域。

And hopefully, we'll be able to share more in second quarter -- at the end of second quarter with you.

希望我們能夠在第二季度 - 在第二季度末與您分享更多信息。

You asked a question about SR members versus non-SR and what are we learning about the new non-SR members.

您問了一個關於 SR 成員與非 SR 的問題，以及我們對新的非 SR 成員有何了解。

One of the things that we have been learning with the non-SR members, we're watching their spend levels.

我們一直在與非 SR 成員一起學習的一件事是，我們正在觀察他們的支出水平。

We're noticing that some of our non-SR members shop more with us in the afternoon.

我們注意到我們的一些非 SR 成員在下午與我們一起購物更多。

They're more of an occasional customer for us.

對我們來說，他們更像是偶爾的客戶。

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.

最後，我想提醒您，我們將推出從今年第二季度開始的多層兌換計劃。

That will allow us to provide access to our customers.

這將使我們能夠為客戶提供訪問權限。

And when you think about that program, we're excited about it because it continues to allow us to provide access to our brand.

當您考慮該計劃時，我們對此感到興奮，因為它繼續使我們能夠提供對我們品牌的訪問。

But in addition to it, it gives you access to benefits broadly to this non-SR group.

但除此之外，它還使您可以廣泛地獲得這個非 SR 組的好處。

So we are adjusting the program.

所以我們正在調整程序。

That'll happen in second quarter, and we look forward to sharing more information with you as we get through the introduction of it.

這將在第二季度發生，我們期待在推出它時與您分享更多信息。

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

您的下一個問題來自摩根大通的 John Ivankoe。

I wanted to revisit China, if I may.

如果可以的話，我想重訪中國。

And then I have 3 separate questions, and hopefully, I didn't miss any thank you on asking these.

然後我有 3 個單獨的問題，希望我在提出這些問題時沒有錯過任何感謝。

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.

首先，華東對比賽的影響，這顯然是一個非常大的市場，我認為它將在 19 年第二季度首次進入比賽基地。

Do you expect that to be a positive or negative as that slug of stores comes in?

隨著大量商店的湧入，您認為這是積極的還是消極的？

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.

其次，我認為已經提到過幾次，在中國大約有 3,700 家商店中的 2,000 家或 158 個城市中的 30 家送貨。

So obviously, I can understand the major market concentration there.

很明顯，我可以理解那裡的主要市場集中度。

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?

但是，根據您今天所看到的情況，考慮到商店的百分比或市場的百分比，我們是否應該期望中國在 19 或 20 年底實現 100% 的送貨覆蓋率？

Or does it make sense for you just to have a bigger delivery business in fewer stores?

還是在更少的商店中擁有更大的送貨業務對您來說有意義嗎？

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.

然後是關於中國的第三個問題，凱文，這是指你在準備好的發言中發表的一些評論，即中國具有高度的宣傳性和破壞性。

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.

如果我沒有看到結果，我可能會認為它們會比實際情況更糟，因為這些評論可能與您的競爭有關。

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.

因此，多談一些高度促銷和破壞性的話題，以及是否有什麼你會考慮在戰術上或短期內做的事情，以保持你在同店流量中的應得份額，如果你確實這麼認為，那可能會變得更像一個比以前的問題。

Thanks, John.

謝謝，約翰。

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

我們可能會讓 Pat 回答第一個關於華東地區對比賽的影響的問題。

John, just to provide a little bit more perspective on how we see that working into our results.

約翰，只是為了提供更多關於我們如何看待這對我們的結果產生影響的觀點。

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.

華東地區在第二季度首次進入補償基數，這意味著中國在補償基數中的權重將佔 CAP 補償結果的約 55%。

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.

正如去年在華東建模電話會議上所討論的那樣，由於新店開張速度加快，銷售轉移水平較高，因此從比較的角度來看，這些商店的表現略遜於公司自營商店。

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%.

但由於我們已經有一年的時間將這些商店與我們現有的公司擁有的業務保持一致，華東地區的結果完全包含在我們之前提供的 1% 至 3% 的指導中。

So we do not now expect that they will have a materially dilutive impact to our reported comps for China or for CAP.

因此，我們現在預計它們不會對我們報告的中國或 CAP 產生重大稀釋影響。

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，即商店的交付增長百分比嗎？

Yes, sure.

是的，當然。

John, I think you bring up a good question.

約翰，我認為你提出了一個很好的問題。

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.

顯然，我們將繼續評估我們希望如何繼續覆蓋我們的市場，我們希望如何繼續接觸客戶並擴大送貨服務的足跡。

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.

關於您的問題，您能否期望我們 100% 的商店有送貨，我最初會說，從您進入其中一些貿易領域的角度來看，我們不會走這條路，我們在這些貿易領域有一個濃縮的足跡.

So we will leverage certain stores in those trade areas.

因此，我們將利用這些貿易區的某些商店。

We're going through that evaluation right now.

我們現在正在進行評估。

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.

看著它，我們感覺很好——我們擁有的前 2,000 家和 80 家商店、我們所在的 30 個城市以及我們提供的覆蓋範圍都非常好。

And we'll continue to roll out new stores as we continue through the year.

隨著我們全年的繼續，我們將繼續推出新店。

And then, John, I'll comment on your third question.

然後，約翰，我將評論你的第三個問題。

I'll let John Culver add to that.

我會讓 John Culver 補充一下。

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.

但我關於競爭高度促銷的評論只是反映了這樣一個事實，即在許多情況下，競爭對手會使用價格、免費咖啡、買 1 送 4、許多促銷手段來獲得顧客。

And for us, clearly, the top line metric for competitiveness is total transaction growth in China.

對我們來說，很明顯，衡量競爭力的首要指標是中國的總交易增長。

And the fact that we grew new stores by 18%, those new stores are performing very well.

事實上，我們的新店增長了 18%，這些新店的表現非常好。

They're delivering a significant portion of new transaction growth, plus our same-store comp growth.

他們提供了很大一部分新交易增長，以及我們的同店收入增長。

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.

我們通過繼續做我們擅長的事情來實現這一點，這就是我們商店的體驗質量，我們的星巴克合作夥伴為每一位顧客定制的手工飲料的質量。

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.

我們現在正在通過與阿里巴巴的中國數字合作夥伴關係來補充這一點，這使我們現在可以接觸到阿里巴巴應用程序的 6 億普通用戶。

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.

我們正在通過微軟或我們推出的星巴克獎勵計劃來補充這一點，約翰指出，我們在這方面獲得的牽引力。

So all those things together, I think we're performing very well.

所以所有這些東西加在一起，我認為我們的表現非常好。

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.

我們認識到星巴克的價值主張和我們做得好的事情，我們會繼續這樣做，我們將繼續增加總交易量。

And that will serve us well.

這對我們很有幫助。

John, do you want to add to that?

約翰，你想補充一下嗎？

I would just add that, clearly, as I've shared, John, we remain focused on the long-term opportunity that we see in China.

我只想補充一點，很明顯，正如我所分享的，約翰，我們仍然專注於我們在中國看到的長期機會。

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.

當我們在這個市場上進行投資時，我們認為長期——短期、中期和長期的前景對我們公司來說意義重大。

So we're committed to continuing to grow in this competitive environment.

因此，我們致力於在這種競爭激烈的環境中繼續發展。

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.

我想說的是，您看到了我們通過新店在市場上產生的回報，以及我們在總交易增長方面能夠實現的收入增長率。

We have a very healthy economic model.

我們有一個非常健康的經濟模式。

But more importantly, we have a premium brand that is positioned very strongly in the market.

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。

And as competitors come in, they will help build awareness.

隨著競爭對手的加入，他們將幫助建立意識。

They will help build consumption, but we feel we're positioned to win over the long term in the market.

它們將有助於建立消費，但我們認為我們有能力在市場上長期贏得勝利。

And economically, clearly, we've got a healthy economic model.

在經濟上，很明顯，我們有一個健康的經濟模式。

And others are out raising cash on a consistent basis, trying to fund their model.

其他人則在持續籌集現金，試圖為他們的模式提供資金。

Your next question comes from Matthew DiFrisco with Guggenheim Securities.

您的下一個問題來自古根海姆證券公司的 Matthew DiFrisco。

My question is with respect to the My Starbucks Rewards within the Americas.

我的問題是關於美洲的 My Starbucks Rewards。

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.

我想，凱文，你在準備好的講話中提到春天，我不知道具體會落在哪個季度，如果那將是第二財季或第三財季，就一些新計劃背後的一些營銷而言繼續強烈激活您建立的那些數字連接，將它們帶入 My Starbucks Rewards 生態系統。

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?

所以我很好奇，你能否給我們一些更多的顏色或細節，說明我們如何預期獎勵計劃會發生變化，以及如何防止任何打嗝免受過去有時發生的改變？

Yes.

是的。

Matt, let me just clarify, and I'll hand over to Roz.

馬特，讓我澄清一下，然後我會交給羅茲。

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.

我們已經建立了 1300 萬數字註冊客戶這一事實是饋線池的一部分，我們現在可以將這些客戶以更深層次的關係帶入星巴克，最終，我們希望將他們帶入我們的 Starbucks Rewards 計劃。

And that's part of -- that's going to be an ongoing effort.

這是 - 這將是一項持續努力的一部分。

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.

我們已經實施了許多工具和東西來幫助簡化入職流程，並幫助向他們傳達和擴大獎勵計劃的價值主張。

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.

還有我們正在對計劃進行的更改，我將移交給 Roz，討論我們如何通過 Roz 將帶您完成的更改來增強星巴克獎勵的價值主張。

So Matthew, just a few things.

所以馬修，只是一些事情。

First of all, it is second quarter where we will begin marketing to the non-SR 13 million digitally registered consumers.

首先，我們將在第二季度開始向非 SR 的 1300 萬數字註冊消費者進行營銷。

I wanted to remind that this is still a transaction to spend based program.

我想提醒一下，這仍然是一個基於交易的支出計劃。

So this is a spend based program, and we're just opening the range of opportunity.

所以這是一個基於支出的計劃，我們只是打開了機會的範圍。

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.

新計劃的一些客戶利益是所有會員現在都可以從一開始就兌換，不再像即時目標那樣設置障礙。

There's options to redeem faster.

有更快兌換的選項。

So the earlier program engagement by offering lower thresholds for items and add-ons.

因此，通過為項目和附加組件提供較低的門檻來實現更早的計劃參與。

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.

所以選擇和靈活性確實是這個計劃的核心，我們真的相信它會真正增加計劃對這些我們無法吸引到的人的整體吸引力——直接進入星巴克獎勵計劃程序。

So we're going to continue to learn about these individuals and access and market to them.

因此，我們將繼續了解這些人，並為他們提供准入和營銷。

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.

他們是我們向其推銷新歡樂時光計劃的小組的一員，我們能夠通過他們的電子郵件可訪問性來監控他們對新歡樂時光計劃的反應。

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.

所以我們將 - 該計劃將在第二季度推出，因此我們期待屆時看到其他回應。

But we're encouraged at this point.

但我們在這一點上受到鼓勵。

Your next question comes from Jeff Bernstein with Barclays.

您的下一個問題來自巴克萊銀行的 Jeff Bernstein。

Two related questions on China.

關於中國的兩個相關問題。

The first one, Kevin or John, I mean, you mentioned playing the long game.

第一個，凱文或約翰，我的意思是，你提到了打長線。

And clearly, the competition is not offering the quality of product or the type of in-store experience that you are.

很明顯，競爭並沒有提供您所擁有的產品質量或店內體驗類型。

But they are offering, I guess, the much desired delivery at seemingly a much lower price.

但我猜他們正在以看似低得多的價格提供非常理想的交付。

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?

我只是想知道，有沒有什麼辦法可以攻擊它，特別是對於那些只想要交付而不一定想要完整體驗的客戶，在價格上更具競爭力？

Because it does seem like, at least the largest competitor, they're growing units north of 100% in '19.

因為看起來，至少是最大的競爭對手，他們在 19 年的銷量增長了 100% 以上。

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.

我知道你是青少年，這對於整個行業來說通常是相當高的，但看起來其他人可能會出現猖獗的增長。

And my other question was just quickly for Pat.

我的另一個問題對帕特來說很快。

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.

我的意思是，在您以前的餐廳生活中，您確實花了很多時間專注於中國，並最終決定在這種情況下，特許經營是最好的選擇。

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?

我只是想知道，當您查看星巴克在中國的業務時，有什麼不同讓您相信正確的方法是完全專注於公司所有權，尤其是那些促銷和顛覆活動？

Thanks, Jeff.

謝謝，傑夫。

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

約翰，你想在中國拿第一個嗎？

Yes.

是的。

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.

傑夫，對我們來說，在中國，特別是在交付方面，我們認為從價格/價值的角度來看，我們與客戶處於有利地位。

And we always assess this.

我們總是對此進行評估。

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.

但是，當您查看我們提供的體驗、我們對交付體驗所做的投資以確保產品的質量以及客戶對星巴克的期望的真正差異化因素時，我們覺得我們有能力在中國的交付領域取勝。

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.

我們將繼續監控，但我只想說，我們在短期和長期都處於有利地位，可以抓住交付機會。

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.

讓我補充一下約翰的評論，傑夫，很多促銷活動都集中在飲料上，而不是送貨費。

So I think the fact that we've launched delivery gives that channel, customers that want that channel.

所以我認為我們已經啟動交付的事實提供了這個渠道，需要那個渠道的客戶。

And so it's less about promotional delivery fees.

所以它與促銷送貨費無關。

It's more about promotional activity on the beverages themselves.

它更多的是關於飲料本身的促銷活動。

Pat, you want to take the second question?

帕特，你想回答第二個問題嗎？

Yes.

是的。

And thank you, Jeff, for the question.

傑夫，謝謝你的問題。

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.

我必須告訴你，星巴克在中國的經濟狀況比我合作過的另一家公司的餐飲業務的經濟狀況要好得多。

And their returns were very good.

他們的回報非常好。

But when you consider the fact that Starbucks is a beverage-forward concept, Starbucks has dramatically higher cash margins.

但是當你考慮到星巴克是一個飲料前瞻概念的事實時，星巴克的現金利潤率要高得多。

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.

當您考慮到我們的商店投資不包括傳統廚房這一事實時，銷售與投資比率再次顯著提高。

You combine those 2 things and what you have is an extraordinary return on investment.

你把這兩件事結合起來，你所擁有的是非凡的投資回報。

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.

這意味著我們繼續將資金投入到中國的發展機遇中，符合星巴克股東的最大利益。

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.

我認為您還必須考慮到，鑑於我們在中國業務的生命週期中所處的位置，我們處於早期階段。

In many respects, we're just getting started because of the vast potential we see for the Starbucks concept in China.

在許多方面，我們才剛剛起步，因為我們看到了星巴克概念在中國的巨大潛力。

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.

因此，絕對地，星巴克繼續針對新店發展機會部署資金並在可預見的未來保持公司所有權和運營在世界上都是有意義的。

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.

我想在這裡對中國發表評論的另一件事是，我們通過全球咖啡聯盟在中國的家庭咖啡領域看到的機會也是一個巨大的機會。

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.

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國內的擴張，這對我們來說是該市場的空白。

And that will further extend our reach and grow the Starbucks brand in the country.

這將進一步擴大我們的影響力並在該國發展星巴克品牌。

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

您的下一個問題來自高盛的 Karen Holthouse。

Pivoting a little bit to the CPG business.

稍微轉向 CPG 業務。

The organic growth rate of 1% is certainly lower than what we've [had until] -- would you attribute that to macro or competitive factors?

1% 的有機增長率肯定低於我們[之前的]——你會將其歸因於宏觀因素還是競爭因素？

Or should we think of sort of disruption in distribution and whatnot around the transition to Nestlé?

或者我們是否應該考慮在向雀巢過渡的過程中出現分銷中斷之類的問題？

And if it's the latter, how long would you expect that to last for?

如果是後者，你預計這種情況會持續多久？

Karen, this is Pat.

凱倫，這是帕特。

Thank you for the question.

感謝你的提問。

I'll start and then turn it over to John.

我會開始，然後把它交給約翰。

First of all, what I'd like to do is to clarify the mechanics of that adjusted 1% growth.

首先，我想做的是澄清調整後的 1% 增長的機制。

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.

出於我們 x 簡化增長計算的目的，我們基本上排除了現在已授權給雀巢的業務的所有方面，只留下星巴克保留的較小部分。

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.

儘管這是消除此類重大交易影響的最乾淨、最簡單的方法，但計算本身掩蓋了我們全球咖啡許可業務的潛在增長。

And we think that a more appropriate gauge of the health and growth of our channel business is market share.

我們認為，衡量我們渠道業務的健康和增長的更合適的衡量標準是市場份額。

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.

因此，John 將與您分享我們的渠道業務如何繼續增長並保持非常活躍的觀點，即使在這種新模式下，實際上是通過這種新模式增強的。

Yes, yes.

是的是的。

And I would just say, Karen, we saw continued share growth momentum in Q1, which was very much in line with our expectations.

我只想說，凱倫，我們在第一季度看到了持續的份額增長勢頭，這非常符合我們的預期。

For the Starbucks brand in total, we grew share 60 basis points.

對於星巴克品牌，我們的份額增長了 60 個基點。

The roasting ground category grew share 90 basis points.

焙燒場類別增長了 90 個基點。

And K-Cups grew share 30 basis points.

K-Cups 的份額增長了 30 個基點。

So we continue to capture share from the competition.

因此，我們繼續從競爭中獲取份額。

We're very pleased with the transition that's taken place with Nestlé.

我們對雀巢的轉變感到非常高興。

We've transitioned over 500 partners to the Global Coffee Alliance.

我們已將 500 多個合作夥伴轉變為全球咖啡聯盟。

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.

合作夥伴關係本身利用了兩家公司的獨特能力，我們作為領先的全球優質咖啡品牌，它們在全球影響力和專業知識方面在 190 多個市場進行營銷、銷售和分銷。

We feel that we are well positioned with this partnership to continue to drive strong value for the company and for our shareholders.

我們認為，通過這種夥伴關係，我們處於有利地位，可以繼續為公司和股東創造強大的價值。

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.

你在美國宣布了一個強勁的假期季節，這絕對是去年的一個不錯的反彈。

And during the holidays, you had a TV advertising campaign, which is something you guys have done in the past.

在假期裡，你們有一個電視廣告活動，這是你們過去做過的事情。

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.

但是很好奇您是否對結果感到滿意，可以利用品牌規模並在 2019 年更傾向於電視廣告以利用這種規模。

And then separately, I remember you once previously called out Nitro contributes about 1% to a store's comps once it's introduced.

然後另外，我記得你曾經說過 Nitro 一旦推出，就會為商店的業績貢獻大約 1%。

Is that still the case?

還是這樣嗎？

Andrew, thanks for the question.

安德魯，謝謝你的問題。

First of all, concerning the media that we ran during the holiday season, it was a benefit for us.

首先，關於我們在假期期間運行的媒體，這對我們來說是一個好處。

We had typically been deeply engaged in a lot of our digital, media and our one-to-one relationships through our digital relationships.

我們通常通過我們的數字關係深入參與我們的許多數字、媒體和一對一關係。

And the out-of-store media that we ran was effective for us.

我們運行的店外媒體對我們很有效。

We do see every time the Starbucks brand is wildly advertised as it was, we get -- we enjoy the performance that we see.

我們確實看到每次星巴克品牌被瘋狂宣傳時，我們都會得到 - 我們享受我們所看到的表現。

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.

我也會告訴你，那些廣告，它們非常好——我們在這些廣告中使用了我們自己的一些合作夥伴，所以它們很受歡迎。

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.

您將在未來看到我們更好地平衡店外媒體與數字媒體，我們將共同努力，與您過去看到的不同。

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.

然後你——你問的第二個問題是關於 Nitro 的，如果我們的複合性能有所改善，我們是否看到 1 分。

I will tell you that our cold beverage platform overall actually does very well for us.

我會告訴你，我們的冷飲平台總體上對我們來說確實做得很好。

When I look at our beverage performance in the holiday, Cold Espresso did extremely well for us.

當我查看我們在假期中的飲料表現時，Cold Espresso 為我們做得非常好。

And we are encouraged by Nitro, which is why we're expanding it.

Nitro 鼓勵我們，這就是我們擴展它的原因。

But the 1% comp, I'm not quite sure that I correlate with that number.

但是 1% 的補償，我不太確定我是否與這個數字相關。

But I will tell you that the cold platform does extremely well for us.

但我會告訴你，冷平台對我們來說非常好。

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

在這個時候，我想把電話轉給凱文約翰遜做結束語。

Well, I want to thank all of you for joining us today.

好吧，我要感謝大家今天加入我們。

We continue to execute against our growth at scale strategy that we outlined at last month's investor conference.

我們繼續執行我們在上個月的投資者會議上概述的大規模增長戰略。

And I think the results that we just posted demonstrate that, that strategy is working.

我認為我們剛剛發布的結果表明，該策略正在奏效。

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.

現在我也知道你們中的許多人能夠在 12 月在紐約參加星巴克儲備烘焙工坊的開幕式，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。

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.

因此，我們誠邀您在下次東京之行中前來參觀這個美麗的烘焙工坊，我們很樂意接待您。

Thanks for joining us, and we look forward to talking to you again, and we'll see you soon.

感謝您加入我們，我們期待再次與您交談，我們很快再見。

Thanks.

謝謝。

This concludes Starbucks Coffee Company's First Quarter Fiscal Year 2019 Conference Call.

星巴克咖啡公司 2019 財年第一季度電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。