星巴克 (SBUX) 2019 Q2 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 Second 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財年第二季電話會議。（操作說明）

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

現在我將把電話交給投資者關係副總裁杜爾加·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 second 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會議室，共同探討2019財年第二季業績。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. 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 certain non-GAAP financial measures referenced in today's call with their corresponding GAAP measures.

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。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某些非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 May 24, 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 5 月 24 日。

I will now turn the call over to Kevin.

現在我將把通話轉給凱文。

Well, thank you, Durga, and good afternoon, everyone. I'm very pleased to share with you today another quarter of solid operating results at Starbucks, demonstrating that our growth at scale agenda is working. This agenda is enabling more consistent predictable results through focus and disciplined execution. Q2 was another solid quarter where we executed well against our long-term strategic priorities.

謝謝你，杜爾迦，大家下午好。今天我非常高興地與大家分享星巴克又一個季度穩健的經營業績，這顯示我們規模化成長的策略正在奏效。這項議程透過專注和嚴謹的執行，能夠帶來更穩定、可預測的結果。第二季表現依然穩健，我們在長期策略重點方面執行得非常出色。

We sustained positive sales momentum in the U.S., delivering a 4% sales comp and a second consecutive quarter of slightly positive transaction growth. We drove sequential improvement in China sales comp at 3%, with a meaningful increase in transaction comp as well while continuing the rapid expansion of our store base. We opened our 30,000th store globally and maintained a pace of 7% worldwide net store growth over the past 12 months, which is industry leading for a company of our scale.

我們在美國保持了良好的銷售勢頭，實現了 4% 的同店銷售額增長，並且連續第二個季度實現了略微正增長的交易量。我們實現了中國市場銷售額環比增長 3%，交易額也實現了顯著增長，同時我們的門市數量也繼續快速擴張。我們在全球開設了第 30,000 家門市，並在過去 12 個月中保持了全球淨門市成長 7% 的速度，這對於我們這樣規模的公司來說是行業領先的。

Through the Global Coffee Alliance with Nestlé, we expanded our CPG presence into 6 new markets and launched Starbucks Coffee on the Nespresso and Dolce Gusto single-serve platforms. And we realized meaningful results from our continued focus on disciplined cost reduction, which help to mitigate the margin-dilutive impact of significant investments made over the past year. Now these results are a testament to the strength of the Starbucks brand and the power of our customer partner connections, which are important sources of competitive advantage throughout the 78 markets where we collectively serve more than 100 million customer occasions each week.

透過與雀巢的全球咖啡聯盟，我們將消費品業務拓展到 6 個新市場，並在 Nespresso 和 Dolce Gusto 單杯咖啡平台上推出了星巴克咖啡。我們持續專注於嚴格降低成本，並取得了顯著成效，這有助於減輕過去一年重大投資對利潤率的稀釋影響。這些結果證明了星巴克品牌的實力和我們與客戶夥伴之間緊密聯繫的力量，這是我們在78個市場中競爭優勢的重要來源，我們每週在這些市場共服務超過1億名顧客。

We are managing the business for long-term growth and value creation by staying true to the mission and values that built this great company, while at the same time, embracing new ideas and innovating in ways that are relevant to our customers, inspiring to our partners and meaningful to our business. We believe this is what builds an enduring company.

我們秉持著締造這家偉大公司的使命和價值觀，致力於實現公司的長期成長和價值創造，同時積極擁抱新理念，以符合客戶需求、激勵合作夥伴、促進業務發展的方式進行創新。我們相信，這才是打造一家長盛不衰的公司的關鍵。

Our streamlined efforts over the past 2 years have enabled us to focus more of our resources and management attention on the core drivers of our business and then execute with discipline. We are making meaningful progress against our 3 key strategic priorities: accelerating growth in our 2 target long-term growth markets, the U.S. and China; expanding the global reach of our brand through the Global Coffee Alliance with Nestlé; and increasing shareholder returns.

過去兩年，我們精簡了各項工作，使我們能夠將更多的資源和管理精力集中在業務的核心驅動因素上，並以嚴謹的態度執行。我們在三大策略重點方面取得了實質進展：加速我們兩個長期目標成長市場（美國和中國）的成長；透過與雀巢的全球咖啡聯盟擴大我們品牌的全球影響力；以及提高股東回報。

Streamlined is all about simplifying our business while adopting new ways of working so that we can respond to customers' evolving needs with greater speed and agility and deliver more sustainable and predictable financial outcomes. As evidenced by the past 3 quarters' results, our streamlined strategy is working.

精簡流程意味著簡化我們的業務，同時採用新的工作方式，以便我們能夠以更快的速度和更靈活的方式回應客戶不斷變化的需求，並提供更永續和可預測的財務成果。從過去三個季度的業績來看，我們精簡後的策略是行之有效的。

One way that we are streamlining our business is by consolidating our company ownership positions, most recently focusing on Europe. In fact, I was in Europe last week meeting with our license partners, including Alsea to whom we successfully transitioned our company-operated stores in France and the Netherlands in Q2. Following this transaction, our EMEA segment is now almost 90% licensed. We will continue to evaluate our global store ownership footprint for opportunities to further optimize our portfolio, improve profitability and unlock shareholder value without sacrificing growth.

我們精簡業務的一種方法是整合公司所有權，最近將重點放在歐洲市場。事實上，我上週在歐洲與我們的授權合作夥伴會面，其中包括 Alsea，我們已在第二季度成功地將我們在法國和荷蘭的公司自營門市過渡給了他們。完成此交易後，我們在 EMEA 地區的執照發放率已接近 90%。我們將繼續評估我們在全球的門市佈局，尋找進一步優化我們的門市組合、提高獲利能力和釋放股東價值的機會，同時不犧牲成長。

Over the past 9 months, our streamline activities have also fundamentally transformed the way we work to drive a more rapid pace of innovation throughout the company. We started our journey in September, restructuring leadership to better support our retail stores and align with our long-term priorities. We also started to change the way we work to accelerate innovation by embracing modern-day methodologies, including human-centered design that amplifies focus on a customer, smaller cross-functional teams that go from idea to action in 100 days and then learn and adapt and new applications of machine learning that support various aspects of our business.

在過去的9個月裡，我們的精簡活動也從根本上改變了我們的工作方式，推動了公司內部更快的創新步伐。我們從九月開始重組領導層，以更好地支持我們的零售門市，並與我們的長期優先事項保持一致。我們也開始改變工作方式，透過採用現代方法加速創新，包括以人為本的設計，更加關注客戶；組建規模較小的跨職能團隊，在 100 天內將想法轉化為行動，然後學習和適應；以及應用機器學習的新方法來支持我們業務的各個方面。

We also consolidated and centralized our customer and partner research capabilities to provide a single source of quantitative and qualitative insights to informed decisions across the company. With clearly defined priorities informed by customer research, our teams are working on a number of innovation projects in our trial lab in Seattle. The trial lab is a new space that we created complete with all of the assets needed to ideate, prototype and benchmark new store design concepts, in-store equipment, store operations and many other projects. This new lab enables cross-functional teams to develop a wide range of innovation that is enabling us to constantly improve the customer partner experience in our stores.

我們也整合並集中了客戶和合作夥伴研究能力，為公司各部門提供單一的定量和定性見解，以便做出明智的決策。在客戶研究的基礎上，我們明確了優先事項，我們的團隊正在西雅圖的試驗實驗室進行多個創新專案。實驗實驗室是我們創建的一個全新空間，配備了構思、製作原型和評估新商店設計概念、店內設備、商店營運以及許多其他項目所需的所有資源。這個新實驗室使跨職能團隊能夠開發各種創新技術，從而不斷改善我們門市的客戶合作夥伴體驗。

Collectively, these actions are accelerating the pace of innovation and driving the improving business results that we've reported in recent quarters while also building a pipeline of future ideas in the areas of store design, beverage platforms and customer experience.

總而言之，這些措施正在加快創新步伐，推動我們近幾季所報告的業務成果不斷改善，同時也在門市設計、飲料平台和客戶體驗等領域建立未來創意的管道。

I will now highlight the progress we're making against each of our strategic priorities, starting in the U.S., where we focused on 3 key drivers of growth: enhancing the in-store experience, delivering beverage innovation and driving digital relationships. Enhancing the in-store experience encompasses building customer connections and creating those best moments that keep customers coming back time and time again. We saw continued improvement in our customer connection scores this quarter, driven by the actions we are taking to enable our store partners to better connect with customers. This reinforces our actions are working.

接下來，我將重點介紹我們在各項策略重點方面的進展，首先從美國開始，我們將重點放在了三個關鍵的成長驅動因素：提升店內體驗、推動飲料創新和發展數位化關係。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。本季度，我們的客戶聯繫評分持續提高，這得益於我們採取的措施，使我們的門市合作夥伴能夠更好地與客戶建立聯繫。這進一步證明我們的行動是有效的。

Our efforts in the area of beverage innovation also paid off in Q2, with continued momentum in cold beverage platforms across multiple dayparts supported only with a social media strategy that was the second most viral Starbucks campaign ever. Cloud macchiato launched in March to great success, exceeding our expectations and driving incremental customer occasions. We also received a very strong customer response to our matcha beverage platform. And finally, during the second quarter, we crossed the 50% mark for the deployment of Nitro Cold Brew in the U.S. company-operated stores, and we remain on track to reach our goal of 100% deployment by the end of fiscal 2019. We are building on this momentum of a strong beverage innovation plan for the summer with product offerings that we believe will address customers' seasonal taste preferences and need states.

第二季度，我們在飲料創新領域的努力也取得了成效，冷飲平台在多個時段持續保持增長勢頭，而這僅得益於社交媒體策略的支持，該策略是星巴克有史以來病毒式傳播第二成功的營銷活動。雲端瑪奇朵於三月推出，取得了巨大成功，超出了我們的預期，並帶動了客戶數量的成長。我們的抹茶飲品平台也獲得了非常正面的客戶回饋。最後，在第二季度，我們在美國公司自營門市的氮氣冷萃咖啡部署率達到了 50%，我們仍有望在 2019 財年末實現 100% 的部署目標。我們正在乘勢而上，制定強有力的夏季飲料創新計劃，推出我們認為能夠滿足顧客季節性口味偏好和需求的產品。

With respect to driving digital relationships, we are pleased with the continued momentum of our Starbucks Rewards program. In the second quarter, we expanded our active member base by 0.5 million customers, a 13% increase that takes active Rewards membership to 16.8 million. This momentum has a positive impact on our results, with Starbucks Rewards member's accounting for 41% of sales in U.S. stores in Q2. We are also very pleased with the smooth rollout of our enhanced Starbucks Rewards loyalty program that provides customers greater choice and flexibility in redeeming rewards. In addition, we expanded the Starbucks Delivers program in the second quarter to almost 1,600 stores across 7 major markets in the U.S. It is still early days, and our primary focus is to drive customer awareness that leads to trial and adoption of this new channel. This approach is enabling us to refine the program as it grows and ensure a quality customer experience. We remain excited about the potential of delivery, and we'll continue to update you on our progress in coming quarters.

在推動數位化關係方面，我們對星巴克獎勵計畫的持續發展勢頭感到滿意。第二季度，我們的活躍會員人數增加了 50 萬，增加了 13%，使活躍獎勵會員人數達到 1,680 萬。這一勢頭對我們的業績產生了積極影響，星巴克獎勵計劃會員在第二季度占美國門市銷售額的 41%。我們也對升級後的星巴克獎勵忠誠度計畫的順利推出感到非常滿意，該計畫為顧客提供了更多兌換獎勵的選擇和靈活性。此外，我們在第二季將星巴克外送服務擴展到了美國7個主要市場的近1,600家門市。目前還處於起步階段，我們的主要重點是提高顧客的認知度，促使他們嘗試並採用這項新管道。這種方法使我們能夠隨著專案的進展不斷完善項目，並確保高品質的客戶體驗。我們對交付的潛力仍然感到興奮，我們將在接下來的幾個季度繼續向您報告我們的進展。

Finally, we announced a $100 million investment in Valor Siren Ventures to continue to accelerate the pace of innovation by providing Starbucks with early visibility and access to the most relevant technologies, products and solutions for the retail industry. The combination of measurable improvements and customer connection, market response to new beverage platforms and continued growth in active Rewards members provide evidence this strategy is working.

最後，我們宣布向 Valor Siren Ventures 投資 1 億美元，以繼續加快創新步伐，讓星巴克儘早了解並接觸到零售業最相關的技術、產品和解決方案。可衡量的改進和客戶聯繫、市場對新飲料平台的反應以及活躍獎勵會員的持續成長，都證明了這項策略是有效的。

I'll now move on to our second key growth market, China, where a year ago, we were integrating our East China acquisition as we unified China mainland into a company-operated market. With that integration largely complete, all stores opened for 13 months or longer in China mainland are now included in our comp base starting in Q2. China delivered 3% comp sales growth for the quarter, up from 1% in Q1 with meaningful improvement in traffic comp relative to the prior 3 quarters. This performance is especially noteworthy when you consider the intensity of competition from discounting in China as well as our aggressive pace of new store development.

接下來，我將談談我們的第二個關鍵成長市場——中國。一年前，我們正在整合對華東地區的收購，將中國大陸統一到一個公司營運的市場中。隨著整合工作基本完成，從第二季開始，中國大陸所有開業 13 個月或更長時間的門市均已納入我們的比較基數。中國市場本季同店銷售額成長3%，高於第一季的1%，客流量較前三季有顯著改善。考慮到中國折扣銷售的激烈競爭以及我們積極拓展新店的步伐，這一業績尤其值得關注。

On the development front, we opened 553 net new stores over the last 12 months, representing a 17% annual growth rate. Importantly, we continue to achieve best-in-class profitability and returns on these investments, which reinforces our conviction to sustain a pace of 600 net new stores annually with a goal of reaching 6,000 stores in fiscal '22. This development program is fundamental to our strategy of building the category-leading concept in the world's fastest-growing major economy.

在發展方面，過去 12 個月我們淨增 553 家門市，年增率達 17%。重要的是，我們繼續實現一流的獲利能力和投資回報，這增強了我們每年淨增 600 家門市的信心，目標是在 2022 財年達到 6,000 家門市。這項發展計畫是我們打造全球成長最快的主要經濟體中產業領先概念策略的基礎。

While the growth in long-term opportunity of China specialty coffee category will continue to attract many competitors, our leadership position is underpinned by our brand strength and operating results, which are the key points of competitive advantage in China. We win because of the premium quality of our coffee and handcrafted beverages, the exceptional third place experience we create in each store and the emotional connection that our partners have built with our customers. Each of these points of differentiation is reflected in customer feedback from a recent brand equity survey that we perform annually, which reaffirmed that Starbucks continues to lead across key consumer metrics in the specialty coffee category and is the customer's first choice for away-from-home coffee.

儘管中國精品咖啡市場長期成長的機會將繼續吸引眾多競爭者，但我們的領先地位得益於我們的品牌實力和經營業績，而這正是我們在中國市場競爭優勢的關鍵所在。我們之所以能夠成功，是因為我們擁有優質的咖啡和手工飲品，在每家門市營造出非凡的「第三空間」體驗，以及我們的合作夥伴與顧客之間建立的情感連結。這些差異化優勢在最近我們每年進行的品牌資產調查的客戶反饋中均有所體現，該調查再次證實，星巴克在精品咖啡類別的關鍵消費者指標方面繼續保持領先地位，並且是顧客外出喝咖啡的首選。

We are building on that brand strength and have successfully rolled out Starbucks Delivers in partnership with Alibaba to more than 2,100 stores across 35 cities throughout China. Our team in China accomplished this in only 4 months, again, demonstrating our operational agility. While still in the launch phase, performance to date is meeting our expectations with average delivery time under 20 minutes, higher average ticket and strong trial from existing Starbucks Rewards members. This gives us confidence that we're building a meaningful and sustainable delivery channel to complement our existing in-store experience as we plan to expand Starbucks Delivers to 3,000 stores across 50 cities in China by the end of fiscal 2019.

我們正在鞏固這項品牌優勢，並與阿里巴巴合作，成功將星巴克外送服務推廣到中國35個城市的2,100多家門市。我們在中國的團隊僅用了 4 個月就完成了這項工作，再次證明了我們的營運彈性。雖然仍處於啟動階段，但迄今為止的表現符合我們的預期，平均配送時間不到 20 分鐘，平均客單價更高，並且現有星巴克獎勵會員的試用情況良好。這讓我們有信心，我們正在建立一個有意義且可持續的配送管道，以補充我們現有的店內體驗。我們計劃在 2019 財年末之前將星巴克外送服務擴展到中國 50 個城市的 3000 家門市。

We are very pleased with the performance of the new Starbucks Rewards program in China. Since the launch a mere 4 months ago, member acquisition has accelerated. And 90-day active Rewards members increased by 1 million during Q2 to total of 8.3 million. The phenomenal growth of the Starbucks Rewards program in China is a testament to the power of the brand. We're now building on this momentum with plans to bring Mobile Order and Pay to China by the end of fiscal '19. We're making this new feature available by leveraging our current digital infrastructure and the Starbucks app to enhance our ability to serve customers, both on our app and in our stores.

我們對星巴克新推出的獎勵計畫在中國的表現非常滿意。自從短短 4 個月前上線以來，會員成長速度已經加快。第二季度，90 天活躍獎勵會員人數增加了 100 萬，總數達到 830 萬。星巴克獎勵計畫在中國的驚人成長，充分證明了該品牌的強大影響力。我們現在正乘勢而上，計劃在 2019 財年末之前將行動點餐和支付服務引入中國。我們正在利用現有的數位基礎設施和星巴克應用程式推出這項新功能，以增強我們為顧客提供服務的能力，無論是在我們的應用程式上還是在我們的門市中。

We are very pleased with our continued success in China. The strength and relevance of the brand, expansion and performance of our new stores, accelerating comp growth in existing stores, positive progress of Starbucks Delivers and the phenomenal customer reception to the Starbucks Rewards program are all signs that we are well positioned for long-term growth in China.

我們對我們在中國市場持續取得成功感到非常滿意。品牌實力和相關性、新店的擴張和業績、現有門店同店銷售的加速增長、星巴克外送服務的積極進展以及顧客對星巴克獎勵計劃的巨大反響，所有這些都表明我們已為在中國的長期增長做好了充分準備。

And moving on to our second strategic priority, expanding our global reach through the Global Coffee Alliance with Nestlé. The Global Coffee Alliance exceeded our expectations during the second quarter from a top line perspective and continues to expand the reach of the Starbucks brand. Late in fiscal Q2, Nestlé launched the first 24 Starbucks SKUs across 3 platforms: Starbucks Coffee by Nespresso, Starbucks Coffee by Dolce Gusto and Starbucks roasting ground and whole bean coffees through CPG channels. These products, cocreated by Starbucks and Nestlé, are now being deployed to 16 global markets as part of our Wave 1 rollout through September.

接下來，我們將推進我們的第二個戰略重點，即透過與雀巢的全球咖啡聯盟擴大我們的全球影響力。從營收角度來看，全球咖啡聯盟在第二季超出了我們的預期，並繼續擴大星巴克品牌的覆蓋範圍。在第二財季末期，雀巢在三個平台上推出了首批 24 款星巴克 SKU：Nespresso 星巴克咖啡、Dolce Gusto 星巴克咖啡以及透過消費品通路銷售的星巴克烘焙研磨咖啡和整豆咖啡。這些由星巴克和雀巢共同研發的產品，作為我們9月第一階段推廣計畫的一部分，目前正在全球16個市場進行部署。

The first 6 of these markets launched in March, extending our reach to major retailers. Retailers are supported by a full suite of marketing resources that are adaptable for each market across digital, social and in-store channels to drive greater awareness of the Starbucks brand globally. The inaugural launch marks just the beginning for the Global Coffee Alliance, with a robust pipeline of new products and markets for Starbucks at home and in foodservices lined up to support future growth, driving financial returns as well as the worldwide expansion of the brand.

首批 6 個市場於 3 月啟動，將我們的業務範圍擴展到了主要零售商。零售商可獲得全套行銷資源的支持，這些資源可根據不同市場進行調整，涵蓋數位、社交和店內管道，以提高星巴克品牌在全球的知名度。此次首次發布標誌著全球咖啡聯盟的開始，一系列強大的新產品和市場計劃已為星巴克在國內和餐飲服務領域的未來成長奠定了基礎，推動了財務回報以及該品牌的全球擴張。

And finally, I'll share the progress we're making on our third strategic priority, increasing our focus on shareholder returns. In March, we initiated a new $2 billion accelerated share repurchase plan, which we expect to complete by the end of June. This puts us on a path to deliver over 80% of our $25 billion shareholder capital return commitment by the end of this fiscal year. With the significant operating cash that our business continues to generate and a watchful eye on investment returns, we are well on our way to delivering against our shareholder capital return commitment.

最後，我將分享我們在第三項策略重點上所取得的進展，也就是更重視股東回報。今年 3 月，我們啟動了一項新的 20 億美元加速股票回購計劃，預計將於 6 月底完成。這將使我們預計在本財年結束前實現 250 億美元股東資本回報承諾的 80% 以上。憑藉公司持續產生的可觀經營現金流以及對投資回報的密切關注，我們正朝著實現股東資本回報承諾穩步邁進。

In summary, the strength of our performance in Q2 has further validated our growth at scale agenda and the strategies we are pursuing to create long-term shareholder value with more sustainable, predictable business results driven by focused and disciplined execution. We are making solid progress on each of our key strategies. But strategy is ultimately about execution. So the credit for our success goes to the Starbucks partners around the world who proudly wear the green apron. Each of them relentlessly delivers an elevated Starbucks Experience. And for that, I am both proud and grateful. With greater focus and discipline, we have positioned our company for the next chapter of growth, growth that is anchored in our mission, our values and in our brand promise. We are playing the long game as we continue to look to the future and build an enduring company.

總而言之，我們第二季的強勁業績進一步驗證了我們規模化成長的策略，以及我們正在推行的透過專注和嚴謹的執行，創造更永續、可預測的業務成果，從而為股東創造長期價值的策略。我們在各項關鍵戰略上都取得了實際進展。但策略歸根究底在於執行。因此，我們成功的功勞要歸功於世界各地自豪地穿著綠色圍裙的星巴克夥伴們。它們各自都竭盡全力提供卓越的星巴克體驗。為此，我既感到自豪又心存感激。我們更加專注、更加自律，為公司下一個發展階段做好了準備，這項發展以我們的使命、價值觀和品牌承諾為基礎。我們著眼長遠，繼續展望未來，致力於打造一家基業長青的公司。

With that, I'd like to now turn the discussion over to Pat to walk through consolidated and segment results for Q2 and provide an update on our full year outlook. Pat?

接下來，我想把討論交給 Pat，讓他詳細介紹第二季的綜合業績和分部業績，並介紹我們全年的展望。拍？

Thank you, Kevin, and good afternoon, everyone. I, too, am pleased with the sustained positive business momentum that we demonstrated in the second quarter. On a reported basis, total revenue grew 5%. Excluding the impact of streamline-related activities, notably the Global Coffee Alliance as well as the impact of foreign currency translation, total revenue grew 9%. This increase in revenue was underpinned by the growth of our global retail business, including net new store growth of 7% over the past 12 months and global comp sales growth of 3%. Non-GAAP EPS of $0.60 was up 13% versus prior year and included a favorable impact of $0.01 related to discrete income tax items.

謝謝你，凱文，大家下午好。我同樣對我們在第二季度展現出的持續積極的業務發展勢頭感到滿意。據報告顯示，總收入增加了 5%。剔除精簡相關活動（特別是全球咖啡聯盟）的影響以及外幣折算的影響，總收入成長了 9%。收入的成長得益於我們全球零售業務的成長，包括過去 12 個月淨新增門市成長 7% 和全球同店銷售額成長 3%。非GAAP每股收益為0.60美元，比上年增長13%，其中包括與一次性所得稅項目相關的0.01美元的有利影響。

I will now take you through our Q2 operating performance by segment. Our Americas segment delivered 8% revenue growth in Q2 driven by net new store growth of 4% over the past 12 months and 4% comp sales growth, with slightly positive comp transaction growth in the U.S. for a second consecutive quarter as Kevin highlighted earlier. Key drivers of Americas comp sales growth in the quarter were an improved in-store experience and a stronger beverage platform. Beverage, our highest-margin category, contributed 3 points of comp sales growth in Q2, while food drove 1 point of comp sales growth. Within beverage, our cold platform continue to perform well, led by refreshment, Iced Espresso and Iced Coffee.

接下來，我將依照業務部門向大家介紹我們第二季的營運表現。我們的美洲業務部門在第二季度實現了 8% 的收入成長，這主要得益於過去 12 個月淨新增門市數量成長 4% 以及同店銷售額成長 4%。正如 Kevin 之前所強調的那樣，美國同店交易量連續第二季略有成長。本季美洲同店銷售成長的關鍵驅動因素是店內體驗的改善和飲料平台的增強。飲料是我們利潤率最高的品類，在第二季度貢獻了 3 個百分點的同店銷售額增長，而食品貢獻了 1 個百分點的同店銷售額增長。在飲料方面，我們的冷飲平台繼續表現良好，其中以清爽飲品、冰濃縮咖啡和冰咖啡為主導。

Beverage innovation also contributed to comp sales growth in the quarter with the successful launch of cloud macchiato and the ongoing strength of our Cold Foam platform. And while much of the beverage comp sales growth was driven by ticket, close to half of the ticket growth was from beverage mix and attach, demonstrating that our higher-margin premium offerings resonated with customers and customers bought more beverages per transaction.

飲料創新也促進了本季同店銷售額的成長，其中雲朵瑪奇朵的成功推出以及冷泡咖啡平台的持續強勁表現功不可沒。雖然飲料同店銷售成長的大部分是由客單價推動的，但客單價增長近一半來自飲料組合和附加服務，這表明我們利潤率更高的優質產品引起了顧客的共鳴，顧客每次交易購買的飲料數量也更多。

From a daypart perspective, we saw a continued strong transaction growth at peak. Additionally, afternoon performance improved for a third consecutive quarter, with the best performance in the past 3 years as our improved in-store experience is driving improvement across all dayparts.

從時段來看，我們看到高峰時段的交易量持續強勁成長。此外，下午時段的業績連續第三個季度有所改善，並取得了近 3 年來的最佳業績，這得益於我們店內體驗的改善，從而推動了全天各個時段的業績提升。

In addition to strong revenue performance, Americas non-GAAP operating margin expanded 120 basis points to 21.3% in Q2 primarily due to sales leverage, cost-savings initiatives and new revenue recognition accounting on stored value card breakage partially offset by partner and technology investments, which were largely funded by upside from U.S. tax reform.

除了強勁的收入表現外，美洲非GAAP營業利潤率在第二季度增長了120個基點，達到21.3%，這主要得益於銷售槓桿、成本節約措施以及儲值卡破損的新收入確認會計處理，但部分被合作夥伴和技術投資所抵消，而這些投資主要由美國稅收改革帶來的收益提供資金。

Moving on to China/Asia Pacific or CAP, our fastest-growing business segment. CAP segment revenues grew 9% in Q2. Excluding the 4% impact of foreign currency translation, revenue grew 13% in the quarter. This was driven by 12% net new store growth over the past 12 months and 2% comp sales growth.

接下來是中國/亞太地區（簡稱 CAP），這是我們成長最快的業務部門。CAP業務部門第二季營收成長9%。剔除外幣折算的 4% 影響，本季營收成長了 13%。這主要得益於過去 12 個月內新增門市淨成長 12% 和同店銷售額成長 2%。

I would now like to highlight the second quarter performance of 2 key markets in our CAP segment, China and Japan. We continued to open new stores at a rapid pace in China, growing store count by 17% versus the prior year. Importantly, our new stores continued to deliver exceptionally high returns even with higher market penetration. China also delivered comp sales growth of 3% in Q2 with just a 1% decline in comp transactions, a meaningful improvement relative to the prior 3 quarters helped by delivery and other digital initiatives. 4% comp ticket growth was driven by pricing, merchandise and food.

現在我想重點介紹我們 CAP 板塊中兩個主要市場——中國和日本——第二季的表現。我們繼續在中國快速開設新店，門市數量比前一年增加了 17%。重要的是，即使市場滲透率更高，我們的新店仍持續帶來極高的回報。中國市場第二季同店銷售額成長3%，同店交易量僅下降1%，與前三個季度相比有顯著改善，這得益於配送和其他數位化措施。4%的同店銷售額成長是由價格、商品和食品推動的。

The momentum we saw in our Japan business at the start of the fiscal year continued into Q2, driving 3% comp sales growth as well as comp transaction growth for the third consecutive quarter. These results were driven by successful LTO performance in blended and Espresso beverages as well as the continued growth of our Starbucks Rewards program in Japan.

本財年伊始，我們在日本業務的發展勢頭延續到了第二季度，推動了同店銷售額增長 3%，並且同店交易量也連續第三個季度增長。這些成果得益於調酒和濃縮咖啡飲料的限時特惠活動的成功表現，以及星巴克獎勵計畫在日本的持續成長。

CAP's non-GAAP operating margin increased by 60 basis points to 23.2% primarily due to sales leverage and cost-savings initiatives.

CAP 的非 GAAP 營業利潤率成長了 60 個基點，達到 23.2%，這主要歸功於銷售槓桿和成本節約措施。

On to our Channel Development segment, which reported a revenue decline of 21% in Q2, including the impact of the Global Coffee Alliance, which reduced segment revenues by approximately $120 million in the quarter as expected. Excluding the impact of the Global Coffee Alliance, segment revenues were flat. Non-GAAP operating margin declined by 730 basis points to 34.3% in Q2, largely due to the impact of streamline. Absent the 640 basis points streamline impact, the segment's non-GAAP operating margin declined 90 basis points. While the profitability of the segment will continue to evolve, we are pleased with the growth in overall performance that the Global Coffee Alliance is driving, which is slightly ahead of our expectations to date in fiscal '19 and is supporting the continued expansion of the Starbucks brand worldwide.

接下來是我們的通路發展部門，該部門第二季收入下降了 21%，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收入減少了約 1.2 億美元。剔除全球咖啡聯盟的影響，該業務部門收入持平。第二季非GAAP營業利益率下降730個基點至34.3%，主要原因是精簡流程的影響。如果不計入 640 個基點的精簡影響，該部門的非 GAAP 營業利潤率下降了 90 個基點。儘管該業務部門的獲利能力還會繼續變化，但我們對全球咖啡聯盟推動的整體業績成長感到滿意，這略高於我們 2019 財年的預期，並支持星巴克品牌在全球範圍內的持續擴張。

Consolidated operating margin totaled 15.8% on a non-GAAP basis, down 40 basis points year-over-year, largely due to the impact of licensing our Channel Development business. Excluding the 80 basis point unfavorable impact of streamline activities, non-GAAP operating margin expanded by approximately 40 basis points, reflecting the impact of cost-savings initiatives, sales leverage and new revenue recognition accounting for card breakage partially offset by investments in our partners, technology and Siren Retail.

以非GAAP準則計算，綜合營業利益率為15.8%，較去年同期下降40個基點，主要原因是通路開發業務的授權影響。剔除精簡活動帶來的 80 個基點的不利影響，非 GAAP 營業利潤率增長了約 40 個基點，反映了成本節約計劃、銷售槓桿和新的收入確認（包括卡片破損）的影響，但部分被對合作夥伴、技術和 Siren Retail 的投資所抵消。

Moving on to our guidance for fiscal '19. Now at the midpoint of our fiscal year, we have better visibility to anticipated full year results. We now expect fiscal 2019 GAAP EPS in the range of $2.40 to $2.44, up from a range of $2.32 to $2.37. Our fiscal 2019 non-GAAP EPS is now expected to be in the range of $2.75 to $2.79. The midpoint of which implies approximately 14% year-over-year growth. Relative to our previous non-GAAP EPS range of $2.68 to $2.73 for fiscal 2019, 2/3 of the increase is attributable to tax benefits, and 1/3 is driven by better-than-expected operating results to date in fiscal '19.

接下來是我們對 2019 財年的展望。現在正值財年中期，我們對全年業績的預期有了更清晰的了解。我們現在預計 2019 財年 GAAP 每股收益將介於 2.40 美元至 2.44 美元之間，高於先前預測的 2.32 美元至 2.37 美元。我們預計 2019 財年非 GAAP 每股盈餘將介於 2.75 美元至 2.79 美元之間。其中值意味著同比增長約 14%。相對於我們先前對 2019 財年非 GAAP 每股收益 2.68 美元至 2.73 美元的預期，增長的 2/3 歸因於稅收優惠，1/3 則是由 2019 財年迄今為止好於預期的經營業績所推動的。

At a consolidated level, we still expect operating margin for fiscal '19 to be down moderately relative to fiscal '18. Compared to previous expectations, this reflects an improvement in America's operating margin, offset by a reduction in Channel Development operating margin and continued investments in Siren Retail. Driven by better-than-expected sales, we now expect America's operating margin for fiscal '19 to improve slightly versus prior year. Conversely, Channel Development operating margin for fiscal '19 is now expected to land in the mid-30% range due to shifts in sales mix. That said, we continue to be pleased with the overall performance of the Global Coffee Alliance.

從整體來看，我們仍預期 2019 財年的營業利潤率將比 2018 財年略有下降。與先前的預期相比，這反映出美國業務的營業利潤率有所提高，但通路開發業務的營業利潤率有所下降，並且對 Siren Retail 進行了持續投資。受銷售額優於預期的推動，我們現在預計美國 2019 財年的營業利潤率將比上年略有提高。相反，由於銷售組合的變化，預計 2019 財年通路開發業務的營業利潤率將達到 30% 左右。儘管如此，我們仍然對全球咖啡聯盟的整體表現感到滿意。

Additionally, for fiscal '19, we now expect our GAAP effective tax rate to be in the range of 20% to 22% and non-GAAP effective tax rate to be in the range of 19% to 21% with improvements attributable to discrete tax benefits. All other full year 2019 guidance metrics, including global comp growth and net new stores, are unchanged from what was previously communicated and reaffirmed on our first quarter fiscal 2019 earnings call.

此外，對於 2019 財年，我們現在預計 GAAP 實際稅率將在 20% 至 22% 之間，非 GAAP 實際稅率將在 19% 至 21% 之間，這主要得益於一些特殊的稅收優惠。2019 年全年其他所有預期指標，包括全球同店成長和淨新增門市數，均與先前公佈的指標相同，並在 2019 財年第一季財報電話會議上再次確認。

Although we don't provide annual G&A guidance, we would like to reaffirm and clarify our previous commitment to reduce G&A by 100 basis points as a percentage of system sales over a 3-year period ending in fiscal '21, net of investments. We are absolutely committed to delivering on this commitment and will do so by limiting non-GAAP G&A to approximately $1.7 billion for fiscal '21. This will equate to a 3-year CAGR of approximately 1% in non-GAAP G&A with fiscal '18 as our base. Given our commitment to sustain high single-digit revenue growth, this disciplined management of G&A will help to unlock operating leverage in our overall economic model. We will accomplish this through a combination of cost reductions and sales leverage even as we continue to invest in areas that are essential to the growth and vibrancy of our business.

雖然我們不提供年度一般及行政費用指引，但我們想重申並澄清我們先前的承諾，即在截至 2021 財年的 3 年期間內，將一般及行政費用佔系統銷售額的百分比降低 100 個基點（扣除投資）。我們絕對致力於履行這項承諾，並將透過將 2021 財年的非 GAAP 一般及行政費用限制在約 17 億美元來實現這一目標。這將相當於以 2018 財年為基準，非 GAAP 一般及行政費用 3 年複合年增長率約為 1%。鑑於我們致力於維持高個位數的收入成長，這種對一般及行政費用的嚴格管理將有助於釋放我們整體經濟模式中的營運槓桿作用。我們將透過降低成本和提升銷售業績來實現這一目標，同時我們將繼續投資於對公司業務成長和活力至關重要的領域。

A large portion of these investments will be made this year primarily a carryover of investments initiated in fiscal '18 and largely funded by upside from U.S. tax reform. These investments also include the impact of our Siren Retail business, which is expected to dilute our overall operating margin by approximately 70 basis points this fiscal year. These investments are a key reason for our margin performance to date in fiscal '19 despite the meaningful comp sales growth we've delivered. Please note that all of this is consistent with our full year guidance for 2019 as well as our ongoing growth algorithm.

今年這些投資中的大部分將主要來自 2018 財年啟動的投資的延續，並且主要由美國稅收改革帶來的收益提供資金。這些投資還包括我們 Siren Retail 業務的影響，預計該業務將在本財年使我們的整體營業利潤率下降約 70 個基點。儘管我們在 2019 財年實現了顯著的同店銷售成長，但這些投資是我們迄今為止利潤率表現的關鍵原因。請注意，以上所有內容均與我們對 2019 年全年業績的預期以及我們持續成長的演算法一致。

To summarize, we are very pleased with our performance in the second quarter and fiscal '19 year-to-date. We are confident in our ability to deliver our fiscal '19 guidance while investing for the long term to build an enduring brand. Of course, none of this will be possible without the significant efforts of all our partners in our 78 markets across the globe. It is their unwavering commitment to serving our customers that drives the financial results and the outlook that I've shared today.

總而言之，我們對第二季和 2019 財年迄今的業績感到非常滿意。我們有信心實現 2019 財年的業績目標，同時進行長期投資，打造一個歷久不衰的品牌。當然，如果沒有我們在全球 78 個市場的所有合作夥伴的巨大努力，這一切都不可能實現。正是他們對服務客戶的堅定承諾，推動了今天我所分享的財務表現與前景。

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 John Glass with Morgan Stanley.

（操作說明）我們的第一個問題來自摩根士丹利的約翰‧格拉斯。

I wonder if you could just talk a little bit about what unlocked the U.S. margin improvement this quarter. If you exclude the impairments of the restructuring charge, it was a meaningful improvement versus the prior quarter, and comps really didn't change. And so maybe talk about what the components are that you got this quarter, you didn't see last quarter. And when you talk about modest or slight improvement a year, it seems like with the back half being easier, you're lapping some of the investments you made a year ago post-tax reform. It may actually be -- it would seem that, that's a modest assumption, just a modest improvement in U.S. margins.

我想請您談談本季美國利潤率提升的驅動因素是什麼。如果排除重組費用的減值，與上一季相比，這是一個顯著的改善，而且同業比較數據實際上並沒有變化。所以，或許可以談談你本季獲得了哪些上季沒有獲得的組成部分。當你談到一年內只有適度或輕微的改善時，似乎由於下半年更容易，你一年前在稅制改革後所做的一些投資正在逐漸被抵消。實際上可能確實如此——這似乎是一個保守的假設，僅僅是美國利潤率的小幅改善而已。

John, this is Pat. Thank you for the question. We are very pleased with America's overall margin performance. And just to highlight, non-GAAP operating margin was up 120 basis points versus prior year, which was a meaningful sequential improvement from the 60 basis point contraction in Americas non-GAAP operating margin in Q1. And there were really 3 key drivers of the improvement. First, sales leverage, which included the impact of pricing as well as cost-savings initiatives primarily in supply chain. I would also highlight, however, a contribution from an accounting change related to breakage, which benefited our non-GAAP operating margin. These were offset, as you mentioned, to some extent, by the investments that we made in our partners and in technology. Those investments were largely initiated, starting in Q3 of last year and were predominantly funded by upside from U.S. tax reform.

約翰，這是帕特。謝謝你的提問。我們對美國整體利潤率表現非常滿意。另外值得一提的是，非GAAP營業利潤率較上年同期成長了120個基點，較第一季美洲非GAAP營業利潤率下降60個基點實現了顯著的環比改善。而這項改進其實有三個關鍵驅動因素。首先是銷售槓桿，其中包括定價的影響以及主要在供應鏈中實施的成本節約措施。不過，我還想強調一下與破損相關的會計變更所帶來的貢獻，這有利於我們的非GAAP營業利益率。正如您所提到的，這些損失在一定程度上被我們對合作夥伴和技術的投資所抵消。這些投資大多始於去年第三季度，主要資金來自美國稅改帶來的收益。

So you're absolutely right. As we make our way into the back half of fiscal '19, we will face less pressure from those investments. However, I would highlight, we are making a meaningful investment in the fourth quarter in the Americas division behind a leadership conference. And that is factored into our overall guidance for the year. But it's on that basis that we have taken up our full year guidance for America's non-GAAP operating margin to a slight improvement versus prior year versus last quarter when we had outlooked a slight degradation in margin year-over-year for the full year.

所以你的說法完全正確。隨著我們進入 2019 財年下半年，這些投資帶來的壓力將會減輕。不過，我想強調的是，我們在第四季對美洲部門進行了一項意義重大的投資，其中包括召開領導力會議。這一點已納入我們全年的整體業績預期。但正是在此基礎上，我們將美國全年非GAAP營業利潤率的預期上調至較上年同期略有改善，而上一季我們曾預期全年利潤率將同比略有下降。

Our next question comes from the line of Sharon Zackfia with William Blair.

我們的下一個問題來自莎朗·扎克菲亞和威廉·布萊爾的對話。

I guess I'd be curious to hear how the digital relationships are going that are not Starbucks Rewards. And if you could kind of quantify where that is now. I think last quarter, it was 13 million. And how much that's contributing to the acceleration you're seeing in the Starbucks Rewards memberships itself kind of in the conversion there?

我很想知道除了星巴克獎勵計劃之外，其他數位關係的發展如何。如果你能量化一下它現在處於什麼位置就好了。我認為上個季度是1300萬。那麼，這在多大程度上促成了星巴克獎勵計畫會員數量的加速成長，或者說，在轉換率方面？

Thanks, Sharon. Just a few numbers for you. We are seeing about 16.8 million active SR members. That's up 13%. We are still seeing our MOP continuing to grow just over 15%, and that's up 3% from prior year, flat quarter-to-quarter. Our registered non-SR digital relationships grew to 15.3 million. And so that's up just over 2%. This is the quarter that we did introduce the new multi-tier redemption plan, which includes also the redemption for all for our new members. And so we are just in the beginning of that program, and this is part of the growth that we're expecting in the future.

謝謝你，莎倫。給你幾個數字。我們看到大約有 1680 萬活躍的 SR 會員。上漲了13%。我們仍然看到我們的 MOP 繼續成長略高於 15%，比上年成長 3%，與上一季持平。我們註冊的非SR數位關係成長至1530萬。所以上漲了略高於 2%。本季我們推出了新的多層兌換計劃，其中也包括所有新會員的兌換計劃。所以，我們才剛開始這個項目，而這只是我們未來預期發展的一部分。

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

下一個問題來自古根漢證券的馬修·迪弗里斯科。

This is Matthew Kirschner on for Matt. Just one question on the China traffic. I know it's roughly 4 quarters of negative traffic at this point. I was just wondering why you're not seeing better support from the Rewards program. And if you think the Mobile Order and Pay is the key to unlock -- to transition growth in China.

這裡是馬修·基爾什納，為您報道馬特。關於中國交通問題，我只有一個問題。我知道目前大約有四個季度的流量為負值。我只是想知道為什麼您沒有從獎勵計劃中獲得更好的支持。如果你認為行動點餐和支付是開啟中國轉型成長的關鍵。

Matt, this is John. I would say that, first off, as I shared at the investor conference in December, the key metric that we track as it relates to transactions is total transaction growth in the market. And we saw strong double-digit transaction growth across the entire store portfolio. As a reminder, over 80% of our total revenue growth is driven by our new stores and the rest is driven by same-store sales. We did see sequential improvement in transactions in our comp stores in the quarter, and I think that's important to note. And obviously, Rewards continue to play a key role. From a Rewards standpoint, our Rewards membership, we've basically up-leveled our current program from a frequency-based program to a spend-based program in December. Our 90-day active membership in the quarter since that change, has increased over 25% on a year-over-year basis.

馬特，這是約翰。首先，正如我在 12 月的投資者大會上分享的那樣，我們追蹤的與交易相關的關鍵指標是市場交易總量的成長。我們看到所有門市的交易量都實現了強勁的兩位數成長。需要提醒的是，我們總收入成長的 80% 以上是由新店帶來的，其餘部分則是由同店銷售帶來的。本季度，我們的同店交易量確實出現了環比改善，我認為這一點值得注意。顯然，獎勵機制持續發揮關鍵作用。從獎勵的角度來看，我們的獎勵會員制度，我們基本上在 12 月將目前的計劃從基於頻率的計劃升級為基於消費的計劃。自從該政策調整以來，本季我們的 90 天活躍會員人數年增超過 25%。

We now have 8.3 million active 90-day members, and that is a significant step-change in terms of the growth rate from what we had seen previously in the program. And today, when you look at Rewards in our stores in China, they represent -- our Rewards members represent over 50% of the transactions in our Starbucks stores. Now clearly, as we continue to lay the rails for digital footprint in China, MOP is going to play an important piece of that. And we're excited about the opportunity to launch MOP in the stores in China by the end of this fiscal year.

我們現在擁有 830 萬 90 天活躍會員，與先前該計劃的成長率相比，這是一個顯著的飛躍。如今，當你查看我們在中國門市的獎勵計劃時，你會發現——我們的獎勵計劃會員佔星巴克門市交易額的 50% 以上。現在很明顯，隨著我們繼續在中國鋪設數位化足跡的軌道，MOP 將在其中發揮重要作用。我們很高興有機會在本財年結束前在中國門市推出 MOP。

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

我們的下一個問題來自摩根大通的約翰·伊万科。

I was hoping to get some insight on the labor market in the United States and not just cost and availability. And I do want to address that for you all as well. But the turnover of labor that you're seeing at the store level, the quality that you're seeing at the store level, especially as it relates to processing peak-hour transactions. And obviously, we can see your results broadly, which do, I think, include a slightly positive -- very slightly positive same-store traffic. But are there any issues that you're seeing even on a local-market basis across the U.S.? And what are you doing to be proactive to assume that the labor market is going to continue to tighten from here?

我希望能夠深入了解美國的勞動市場，而不僅僅是成本和供應情況。我也想就這一點向大家說明。但是，您在門市層級看到的人員流動率，您在門市層級看到的服務質量，尤其是在處理高峰時段交易方面。顯然，我們可以大致了解你們的業績，我認為其中確實包括略微積極的——非常輕微的同店客流量增長。但是，即使在美國各地的本地市場，您是否也發現了一些問題？為了因應勞動市場未來持續收緊的趨勢，您採取了哪些積極主動的措施？

So we've not seen really a change in our attrition rate or turnover rate in our labor in our stores. One of the things that I can tell you is that we are increasing our engagement with our partners in our stores. Right now, our customer connection scores are some of the highest in the history. We just experienced just this quarter alone a 0.3% improvement over last year. So we're moving in the right direction there. And then a lot of that work is coming from what we're doing in terms of making better jobs, easier work in stores for our partners and actually adding training to the stores. I'll also mention too that we implemented Teamworks this quarter, and Teamworks is our labor scheduling initiative. And it allows our schedule accuracy to improve. And our partners really respond to that because they know their hours. And actually, it makes the planning process much easier for the store manager and reduces the amount of work. So we've got great engagement right now, and we're not seeing a shift in our attrition right now.

因此，我們並沒有看到門市員工流動率或流動率有真正的變化。我可以告訴大家的一點是，我們正在加強與門市合作夥伴的互動。目前，我們的客戶聯繫得分處於歷史最高水準之列。光是本季度，我們就比去年同期成長了0.3%。所以，我們正朝著正確的方向前進。而我們所做的許多工作，都體現在為我們的合作夥伴創造更好的工作環境，讓他們在門市工作更輕鬆，以及為門市增加培訓等面向。我還要提一下，我們本季實施了 Teamworks 系統，Teamworks 是我們的勞動力調度方案。這有助於提高我們日程安排的準確性。我們的伴侶對此反應非常積極，因為他們知道自己的工作時間。實際上，這大大簡化了門市經理的規劃流程，減少了工作量。所以，我們目前的用戶參與度很高，而且我們目前還沒有看到用戶流失率改變。

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

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

Pat, just 2 separate model questions for you. Just first on CAP. Can you like quantify the impact to CAP margins from the Ele.me delivery commissions? And is there an elevated headwind to margins in the quarter that we should be thinking about as perhaps you subsidize consumer-facing fees to build awareness? And then I know this could be in the Q, but can you also disclose how much of America's 2Q gross margins improvement was attributable to the accounting change in gift card breakage given 2Q is the seasonally heaviest time frame for redemptions? And just on that, is there any net benefit that you're seeing from the gift card breakage change in accounting structure versus what was an interest income before? Is there any net benefit, if you will, to EPS? Or is that net neutral?

Pat，這裡有兩道不同的樣題供你參考。CAP 上的第一名。你能量化一下餓了麼送費對 CAP 利潤率的影響嗎？本季利潤率是否會面臨較大的不利因素，例如，你們可能會補貼面向消費者的費用以提高品牌知名度？我知道這可能在季度報告中有所提及，但您能否也披露一下，美國第二季度毛利率的改善有多少是由於禮品卡損壞的會計處理變化所致，因為第二季度是禮品卡兌換量最高的季節？關於這一點，您認為禮品卡違約的會計結構變化與先前的利息收入相比，是否帶來了任何淨收益？EPS（每股盈餘）是否有任何淨收益？或者說，這是網路中立的？

So Andrew, I'll take the gift card breakage part of your question first, then we'll come back to the question on China. First, I want to clarify how the new accounting standard is impacting our P&L generally and then share some perspective on how this has impacted our operating margins specifically. We adopted the new revenue recognition accounting standard this fiscal year. And for the most part, the standard reclassifies stored value card breakage from the interest and other line below operating income and outside of segment results to the revenue line at the segment level. The new standard also introduces some timing changes, but those are relatively minor. So on an annual basis, it's mostly a matter of P&L geography that doesn't have a significant impact on EPS. I also want to clarify that breakage is not accounted for in comp sales. It's simply another revenue driver after new stores and comp sales.

安德魯，我先回答你關於禮品卡損壞的問題，然後再回到關於中國的問題。首先，我想闡明新的會計準則對我們的損益表總體上有何影響，然後分享一些關於它如何具體影響我們營業利潤率的觀點。本財政年度我們採用了新的收入確認會計準則。而且，該標準在很大程度上將儲值卡的損壞從營業收入下的利息和其他項目以及分部績效之外的項目重新歸類到分部層面的收入項目。新標準也引入了一些時間上的變化，但這些變化相對較小。因此，從年度來看，這主要是損益表地域性問題，對每股盈餘沒有重大影響。我還要澄清一下，同店銷售不包括破損率。這只是繼新店開張和同店銷售之後的另一個收入驅動因素。

On a full year basis, this change in accounting does have a beneficial impact to non-GAAP operating margin of about 40 basis points, with the greatest impact in Q2 due to seasonality. All of this is reflected in our full year operating margin guidance for fiscal '19 at both the consolidated and segment levels. With respect to the impact to the Americas and how prominent this was, I do want to highlight that the individual, beneficial margin impacts of sales leverage and cost savings primarily from supply chain were greater than the positive impact that we realized from the accounting change. So my view is the fundamental business performance was far and away the driver of our improved operating performance in the Americas. It was not driven by an accounting change. The other thing I would say about the performance in the Americas is that we've seen much higher levels of customer partner engagement, and we believe that this is contributing strongly to our performance across all dayparts in the Americas. So that's some perspective on the accounting change and where that sits relative to other drivers of margin performance in the quarter.

從全年來看，這種會計準則的變化確實對非GAAP營業利潤率產生了約40個基點的有利影響，其中第二季受季節性因素影響最大。所有這些都體現在我們對 2019 財年全年合併及分部營運利潤率的預期中。關於對美洲的影響以及這種影響的顯著程度，我想強調的是，銷售槓桿和主要來自供應鏈的成本節約帶來的個人利潤率提升，大於我們從會計變更中獲得的積極影響。因此，我認為，基本業務表現才是我們美洲地區營運績效改善的最大驅動力。這並非由會計準則的改變所致。關於美洲地區的業績，我還想說的是，我們看到客戶合作夥伴的參與度大大提高，我們相信這極大地促進了我們在美洲地區所有時段的業績。以上是對會計變更的一些看法，以及它與本季利潤率表現的其他驅動因素之間的關係。

With respect to the question you raised around the impact of Ele.me and whether there's a significant impact to our overall margin equation because of commissions and so forth, that is not the case. Really, what's driving the performance in China is fundamental business performance where we're seeing sales leverage, which includes some measure of pricing but also very strong improvement in the average spend, along with continued discipline and cost management. And that's what's driving the margin performance, and we expect that, that will sustain. We do not anticipate that because of Ele.me or other digital initiatives that's going to have a meaningful impact to our margin equation in that market.

關於您提出的關於餓了麼的影響以及佣金等因素是否會對我們的整體利潤率產生重大影響的問題，答案是否定的。實際上，推動中國市場業績成長的根本原因是基本的業務表現，我們看到了銷售槓桿效應，這其中既包括一定程度的定價策略，也包括平均消費額的大幅提升，以及持續的紀律性和成本控制。這就是推動利潤率成長的因素，我們預計這種情況將持續下去。我們預計餓了麼或其他數位化措施不會對我們在該市場的利潤率產生實質影響。

And Andrew, this is John. I would just add on the margin question on CAP overall. In the quarter, we did see an 80 basis points improvement in margin, and that was driven by the sales leverage and cost-savings initiatives that the teams have put in place over there, which we've guided toward.

安德魯，這位是約翰。我只想補充一點關於CAP整體利潤率的問題。本季度，我們的利潤率確實提高了 80 個基點，這主要得益於我們指導團隊實施的銷售槓桿和成本節約措施。

Your next question comes from the line of David Tarantino with Robert W. Baird.

你的下一個問題來自大衛·塔倫蒂諾和羅伯特·W·貝爾德的對話。

My question is on the U.S. business and specifically on the recent changes you made to the Rewards program. Wondering if you could comment on how those changes have been received initially by consumers. I think Kevin mentioned that the rollout was smooth, but maybe there's some media reports that suggest otherwise. So if you could just comment on that. And then secondly, if you could talk about your vision for how that will help to drive the business moving forward.

我的問題是關於美國業務的，特別是關於你們最近對獎勵計劃所做的更改。想請您談談消費者對這些變化的初步反應。我認為凱文說過推廣過程很順利，但也許有些媒體報告表明情況並非如此。所以，如果您能就此發表一下看法就太好了。其次，能否請您談談您對這將如何幫助推動業務發展的願景？

Thank you, David. So a couple of data points that I will share with you. So the program is newly launched just in the last couple of weeks. And so far, we continue to closely monitor the member calls and the commentary versus our call centers. And to date, the volume has been well below our forecast. And we've also been monitoring social media as well. And if you are comparing this to times in the past when we've made these transitions, this has significantly lower our response from our customers and any transition they're experiencing. The program -- the vision for the program is to really provide more access to potential members. So if you think about it, the first part of it is allowing our new members to have rewards earlier. So to give you an example, they earn rewards right away. The first reward comes at 25 Stars after 2 to 3 visits. In the past, your first free reward would have come after 30 to 40 free visits -- first visits. And so this is an opportunity for us to start our customers at earning and redeeming Stars right away.

謝謝你，大衛。所以，我想跟大家分享幾個數據點。所以這個項目是最近幾週才新推出的。目前，我們仍在密切關注會員來電和評論，並與我們的呼叫中心進行比較。到目前為止，成交量遠低於我們的預期。我們一直在關注社群媒體。如果將這次與我們過去進行此類轉型時的情況進行比較，就會發現這次我們客戶的回饋以及他們正在經歷的任何轉型都顯著降低了。該計劃的願景是真正為潛在成員提供更多機會。所以仔細想想，第一步是讓我們的新會員更早獲得獎勵。舉個例子來說，他們可以立即獲得獎勵。首次獎勵會在訪問 2 到 3 次後獲得 25 顆星。過去，你的第一份免費獎勵會在 30 到 40 次免費訪問（首次訪問）之後發放。因此，這是一個讓我們的客戶立即開始賺取和兌換星星的機會。

The second part of it along the lines of the multi-tier redemption for our current members is an option for them to really redeem their Stars when they reached 125 Stars. Now members are able to redeem their Stars at 5-tier levels, ranging from 25 to 400 Stars and also to expand the number of items that they can redeem like merchandise or at-home coffee. So it's a much broader expanded program for us. There's no Star expiration for Starbucks Rewards credit cardholders. So we think that this program is more accessible for us. We've also launched behind this a new Starbucks Rewards app so that you can have the interface for the partner. So when the partner sees your name come up, they're able to know how many Stars you have available. And again, to explain the program to you when you initially come to the store. So that's different than what we've had before. We think that, that is keeping any of the dissension down just because our partners are now able to explain the program right from the POS system and tell them what's available to them.

第二部分是關於我們現有會員的多層兌換選項，當他們達到 125 顆星星時，就可以真正兌換他們的星星。現在會員可以以 5 個等級兌換星星，從 25 到 400 星星不等，還可以增加可兌換的商品數量，例如商品或家用咖啡。所以對我們來說，這是一個範圍更廣、規模更大的擴展計畫。星巴克獎勵信用卡持卡人的星級積分沒有有效期限。所以我們認為這個計畫對我們來說更容易參與。我們也同時推出了一款新的星巴克獎勵應用程序，以便您能與合作夥伴互動。所以當伴侶看到你的名字出現時，他們就能知道你還有多少顆星星可用。再次提醒，當您第一次光臨本店時，我們會向您解釋該計劃。這和我們以前遇到的情況不一樣。我們認為，這可以有效減少任何分歧，因為我們的合作夥伴現在可以直接透過 POS 系統向他們解釋該計劃，並告訴他們有哪些可用資源。

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

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

I have a question about the MSR spend per member. I'm just trying to sort of back of the envelope, it looks like you might have seen a bit of improvement in either the non-MSR spend per member or the MSR spend, we can't tell which it might be. So I just wanted to know, first of all, if that's the case and what you might attribute it to in terms of is it this new loyalty program getting MSR members in? Is it more of the Happy Hours that are getting the nonmembers in? So just wanted to confirm calculations and also the drivers. And I do have a point of clarification on the margins in the Channel Development. You said the issue was mix and is it geographic mix or product mix? Just trying to understand that.

我有一個關於每位會員MSR支出的問題。我只是粗略估計一下，看起來你們可能在非會員服務費支出或會員服務費支出方面都看到了一些改善，但我們無法確定具體是哪一個。所以，首先我想知道，如果情況真是如此，您認為是什麼原因導致了這種情況，例如是不是這個新的會員忠誠度計劃吸引了MSR會員？是不是歡樂時光活動吸引了更多非會員？所以，我只是想確認一下計算結果和驅動因素。關於渠道開發中的一些細節，我還有一點需要澄清。你說問題出在產品組合上，那是指地理組合還是產品組合？我只是想弄清楚。

Yes, this is Roz. I'll start with what we're seeing in terms of spend per member and any other changes that could be happening. First of all, the new program is much too new to equate any dollars to it and understand the performance yet. I will tell you that we are seeing an improvement in our afternoon business. We have seen when we introduced more of our cold beverage innovation, it's improving afternoons, and our non-SR members tend to shop with us in the afternoons. We're also seeing our drive-through performance increase, and we've added labor hours to our drive-through to accommodate that. So we do think that we are getting -- this is the first -- or actually, the second quarter we've seen a slight uptick in our afternoon performance. We believe we'll continue to see that based on the kind of beverage innovation that we are seeing. But our current spend per member has stayed in line with what we've seen in the past.

是的，這是羅茲。我先從我們目前看到的每位會員的消費額以及可能發生的其他變化說起。首先，這個新計畫還太新，現在還無法用金錢來衡量它的效果，也無法了解它的表現。我可以告訴大家，我們下午的生意有所改善。我們發現，當我們推出更多冷飲創新產品後，下午的購物體驗有所改善，非SR會員也傾向於在下午來我們這裡購物。我們也發現，我們的免下車服務業績有所提升，因此我們增加了免下車服務的工時以滿足此需求。所以我們認為，這是第一個——或者更確切地說，是第二個季度，我們看到下午的業績略有上升。我們相信，根據我們目前看到的飲料創新趨勢，這種情況還會持續下去。但我們目前的每位會員支出與過去的情況基本上保持一致。

And then Sara, this is Pat responding to your question regarding Channel Development margin. We did experience a higher mix of lower-margin sales in our Channel Development segment primarily Tazo sales to Unilever and overall volume subject to our Global Coffee Alliance with Nestlé. Also contributing to the lower segment margin for the quarter was a nonrecurring adjustment for intangible asset amortization, which is not material to our full year segment or consolidated outlook. And I do want to reinforce that although the full year segment margin for Channel Development will be lower than we had previously guided, we remain very pleased with the progress we're making with the Global Coffee Alliance with Nestlé and how that's expanding the presence of our brand globally.

薩拉，我是帕特，來回答你關於通路開發利潤率的問題。我們在通路開發部門確實經歷了低利潤率銷售佔比較高的情況，主要是向聯合利華銷售的 Tazo 產品，以及受我們與雀巢的全球咖啡聯盟影響的整體銷售。本季分部利潤率下降的另一個原因是無形資產攤銷的非經常性調整，但這對我們的全年分部或合併展望並不重要。我還要強調，儘管通路發展部門全年的利潤率將低於我們先前的預期，但我們對與雀巢全球咖啡聯盟取得的進展以及該聯盟如何擴大我們品牌在全球的影響力感到非常滿意。

Your next question comes from Dennis Geiger with UBS.

下一個問題來自瑞銀集團的丹尼斯蓋格。

Roz, wondering if you could talk some more about the throughput and the operations opportunity in the U.S. Where are you now with that effort? What kind of benefits maybe have you seen in recent quarters? And I guess how significant can that be? And I guess just a last piece to that is there any chance that the increased customer engagement is any kind of drag on that or no?

Roz，我想請你再詳細談談美國的產能和營運機會。目前在這方面的工作進度如何？最近幾季您看到了哪些方面的收益？我想，這又能有多重要呢？最後我想問的是，客戶參與度的提升是否有可能對這方面造成某種阻礙？

So actually, the work that we're seeing on in-store execution is going well for us. A lot of the work that we're doing is automating some of the processes in the stores, Teamworks being the first part of that in terms of labor scheduling and taking the hours away from our store managers. We are -- actually removed about 12 hours of work in the stores at this point, so we'll continue to do that level of work...

所以實際上，我們在店內執行所做的工作進展順利。我們正在做的許多工作都是實現門市部分流程的自動化，Teamworks 是其中的第一步，它可以實現勞動力排班，從而減輕門市經理的工作負擔。實際上，目前我們已經減少了門市大約 12 小時的工作時間，所以我們將繼續保持這樣的工作量…

Administrative work. Yes...

行政工作。是的...

Administrative work. That's exactly right. Administrative work, things like scheduling and work that needs to be done in-store. It's actually creating more time for customer-facing opportunities. And so that's where we are seeing customer connection scores increase and actually a chance for our baristas to do the best job that they can in terms of things like informing our customers of the new [MTR] program. So we are really, actually, still moving in that direction. I will also mention too in terms of do we see anything impacting that in the future, we've got plans through the rest of the year to continue to improve the work in the stores -- the administrative work in the stores. And you'll continue to see that work grow. And the way we're monitoring it is to really look at customer connection scores and also partner engagement.

行政工作。完全正確。行政工作，例如日程安排和店內需要完成的工作。實際上，這為面向客戶的機會創造了更多時間。因此，我們看到客戶聯繫評分有所提高，這實際上也給了我們的咖啡師一個機會，讓他們能夠盡最大努力，例如向客戶介紹新的[MTR]計劃。所以實際上，我們仍然在朝著那個方向前進。關於未來是否會有任何事情對此產生影響，我還要提一下，我們計劃在今年餘下的時間裡繼續改進門市的工作——門市的行政工作。你會看到這項工作不斷發展壯大。我們監測的方式是真正關注客戶聯繫評分以及合作夥伴參與。

Your next question comes from Jeffrey Bernstein with Barclays.

下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

I had a question on the store ownership structure. Kevin, I know you mentioned it in your prepared remarks. And Pat, I figured you have a fresh set of eyes and have some franchising experience in your past. So just looking at the U.S. business specifically, more than 50% of the stores are still company-operated. And I know you talked about how you made a big push recently around more the European region and pushed that pretty significantly licensed. So I'm just wondering how you think about the right balance of ownership. You would think investors seem to believe that increase in the licensing mix would obviously ease the operating volatility but also allow maybe for increase in leverage, greater return of cash, perhaps better valuation. Just wondering how each of you think about the appropriate mix and maybe what factors might impact that decision, both positively and negatively.

我有一個關於店鋪所有權結構的問題。凱文，我知道你在準備好的演講稿裡提到了這件事。派特，我想你眼光比較獨特，而且你以前也有一些特許經營的經驗。所以，僅就美國業務而言，超過 50% 的門市仍然是公司自營的。我知道你最近談到了你如何大力拓展歐洲市場，並且取得了相當大的許可成功。所以我想知道您如何看待所有權的合理平衡。你可能會認為，投資人似乎相信，增加授權組合顯然會緩解營運波動，但也可能提高槓桿率，獲得更高的現金回報，或許還能獲得更好的估值。想知道你們每個人對合適的配比有什麼看法，以及哪些因素可能會對這個決定產生影響，包括正面和負面的影響。

Jeffrey, this is Kevin. Let me begin and kind of share a strategic perspective, and I'll let Pat jump in and add to this. But over the last 2 years, as part of our streamline efforts, we've been focused -- one element of streamline is retail market alignment. And much of that has been looking at our international markets and making the determination. Are those markets best operated in a licensed structure or a company-operated structure? So we've transitioned a number of markets to licensed partners, while at the same time, acquiring 100% of the joint venture in East China and unifying China mainland as company operated. And so we're going to continue to do that.

傑弗裡，這位是凱文。讓我先從策略角度談談我的看法，然後讓 Pat 補充完整。但在過去兩年裡，作為我們精簡工作的一部分，我們一直專注於——精簡工作的一個要素是零售市場調整。其中很大一部分工作是考察我們的國際市場並做出決定。這些市場更適合採用許可經營模式還是公司經營模式？因此，我們已將多個市場過渡到授權合作夥伴，同時收購了華東合資企業的 100% 股份，並將中國大陸統一為該公司營運。所以我們會繼續這樣做。

In the markets that we have transitioned to licensed partners, we've transitioned these markets to long-term licensed partners that oftentimes operate in other markets. Example, most recently in Europe, we transitioned France and the Netherlands to Alsea, who's a longtime partner who is managed and grown the Starbucks brand in many other markets around the world. And so by doing that, that is not only a better financial outcome, but it's also -- they will grow that market faster than we would have. And so we support the licensed partners in doing that, and we got great respect for the value that they can bring and the way they can bring the brand to life in those markets. Now your question sort of touched upon the U.S. In the U.S., if you look at the returns that we get from operating the U.S. as a company-operated market, our ability to bring the brand to life and operate generates not only maximum financial outcomes for our shareholders, but it also allows us to ensure that we are establishing and setting the brand in the right way that we are able to then leverage with other markets around the world. Pat, I'll let you add to that.

在我們已過渡到授權合作夥伴的市場中，我們已將這些市場過渡到長期授權合作夥伴，這些合作夥伴通常也在其他市場開展業務。例如，最近在歐洲，我們將法國和荷蘭的業務交接給了 Alsea，Alsea 是我們的長期合作夥伴，負責管理和發展星巴克品牌在世界許多其他市場的業務。因此，這樣做不僅可以帶來更好的財務結果，而且──他們還能比我們更快地發展這個市場。因此，我們支持授權合作夥伴這樣做，我們非常尊重他們能夠帶來的價值以及他們能夠在這些市場中將品牌帶入生活的方式。你的問題似乎牽涉到了美國。在美國，如果你看看我們透過公司自營市場運營美國所獲得的收益，我們不僅能夠將品牌活力展現出來並有效運營，從而為股東創造最大的財務回報，而且還能確保我們以正確的方式建立和塑造品牌，以便我們能夠將其優勢運用到世界各地的其他市場。帕特，我讓你來補充。

Thank you, Kevin. And Jeff, the way we typically think about ownership with respect to any market is really guided by 3 dimensions: unit-level profitability, investment returns and long-term growth. And when you look at the shape of our U.S. business, what you see is a very high level of profitability, led by the fact that we are a beverage-first concept, which has very high gross margin. We have very strong investment returns in our new units, again, led by the fact that we're a beverage-first concept that doesn't have a kitchen that can tend to weigh on total investment. And so our sales-to-investment ratio is very strong in the U.S. And then growth. Even for a concept with our level of penetration, we have significant runway remaining. And that's why as part of our total growth algorithm, we indicated that we saw the U.S. business continue growing net units at a rate of 3% to 4% per year, which I think is industry leading for a concept of our scale and a market like the U.S. And the reality is with our level of company ownership and our continued commitment to investing behind that growth, we are creating significant shareholder value for the long term by maintaining that ownership position, which is balanced very nicely with a very large and growing licensed business. So the mix feels very good, and there's no doubt that we're creating significant shareholder value by maintaining and growing our ownership position in the U.S.

謝謝你，凱文。傑夫，我們通常對任何市場的所有權的思考方式實際上是由三個維度指導的：單位層面的盈利能力、投資回報和長期增長。當你觀察我們美國業務的格局時，你會發現其獲利能力非常高，這主要得益於我們以飲料為主導的經營理念，而飲料的毛利率非常高。我們新店的投資報酬率非常高，這主要得益於我們以飲品為主的經營理念，沒有廚房，從而避免了廚房對總投資的負擔。因此，我們在美國的銷售額與投資比率非常強勁，而且成長迅速。即使對於我們目前這種市場滲透程度的概念而言，我們仍然有很大的發展空間。因此，作為我們整體成長演算法的一部分，我們指出，美國業務的淨銷售將繼續以每年 3% 至 4% 的速度成長，我認為對於我們這種規模的產品和美國這樣的市場而言，這是行業領先的。事實上，憑藉我們目前的公司持股比例以及我們對成長的持續投資承諾，我們透過維持這一持股比例，為股東創造了長期的顯著價值，這與規模龐大且不斷增長的授權業務形成了很好的平衡。因此，這種組合感覺非常好，毫無疑問，透過維持和擴大我們在美國的持股比例，我們正在創造巨大的股東價值。

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

下一個問題來自美國銀行的格雷戈里·弗蘭克福特。

Just a quick one on the accounting change. Can you quantify if there was an EBITDA dollar impact and what that was during the quarter? And then my strategic question is just on -- store growth, I think, in the U.S. is now 2 points lower than it was maybe a year or 2 ago. Have you seen changes in cannibalization as you slowed store growth? And how do you quantify that? And kind of what are you seeing in the numbers that suggest that, that strategy has played out and maybe is supporting your per-store business?

關於會計準則的變更，簡單提一下。你能能量化一下本季 EBITDA 的美元影響，以及具體影響金額嗎？然後，我的策略問題就在於——我認為，目前美國的門市成長率比一兩年前低了 2 個百分點。隨著門市擴張速度放緩，您是否觀察到內部蠶食現象的變化？那如何量化這一點呢？那麼，從數據上看，有哪些跡象表明該策略已經奏效，並且可能正在支持你們的單店業務？

Gregory, this is Pat. I'll address the first part of your question in relation to the accounting, and then Roz will take the question on U.S. store growth. The accounting change, I'm not going to put a dollar amount on it, but as I indicated earlier, the favorable impact to our consolidated operating margin -- non-GAAP operating margin in the quarter was about 60 basis points. And we do expect that, that impact is going to be the highest in Q2 for reasons of seasonality. And then over to Roz.

格雷戈里，我是派特。我將回答您問題的第一部分，即與會計相關的問題，然後 Roz 將回答有關美國門市成長的問題。會計準則的改變，我不會給出具體的金額，但正如我之前指出的，它對我們合併後的營業利潤率（本季度非GAAP營業利潤率）產生了約60個基點的有利影響。我們預計，由於季節性因素，第二季受到的影響將最大。然後鏡頭轉向羅茲。

Yes. So Greg, if we're seeing any cannibalization and what are we doing around store growth in the Americas, we continue to add new stores. As you're probably aware, we're still in the period of store closures, which is going to be always a chance for us to really prune our business and look at what units are performing and not performing. Just in this quarter alone, if you look at the company-operated stores plus the licensed stores, this quarter, we're up 20 units. And we continue to have a fairly aggressive new store plan. So what that would look like is that we actually opened 84 stores in this quarter. We closed 97. So we are in a good position to continue to look at our portfolio, and we're adding strategically. One of the things, if you were engaged with us during our investors call, we talked about looking at new formats. And so we're actually adding new formats in addition to that, understanding that the need state of convenience continues to grow. So things like smaller units more drive-through stores and also advancing our cafés to make sure that they are up-to-date with new technology and new equipment. So we remain pretty smart about what we're doing with our store development portfolio.

是的。所以格雷格，如果我們看到任何蠶食現象，以及我們在美洲地區門市成長方面所採取的措施，我們會繼續增加新店。您可能已經知道，我們目前仍處於門市關閉期，這始終是我們精簡業務、審視哪些門市業績良好、哪些門市業績不佳的機會。光是本季度，如果算上公司自營店和特許經營店，本季我們就增加了 20 家門市。我們將繼續推進相當積極的新店擴張計劃。所以，實際情況是，我們本季實際上開設了 84 家門市。我們關閉了97家。因此，我們現在處於有利地位，可以繼續審視我們的投資組合，並進行策略性增持。如果你參加了我們的投資者電話會議，你就會知道我們當時討論過探索新的投資形式。因此，我們實際上在此基礎上增加了新的格式，因為我們意識到人們對便利性的需求不斷增長。因此，我們會採取一些措施，例如縮小門市規模，增加得來速門市，並改善我們的咖啡館，確保它們採用新技術和新設備。所以，我們在門市開發組合方面仍然保持著相當明智的做法。

Your next question comes from the line of Will Slabaugh with Stephens.

你的下一個問題來自威爾·斯萊博和史蒂芬斯的對話。

I had a question on updated thoughts on competition in China. Just given new entrants and general coffee store growth in the region and along those same lines, maybe your competitors in that region offer a different experience, often a less inviting physical space there, could be much smaller. So I'm curious how you're thinking about the consumer behavior in your stores versus how they're behaving in better stores and if that makes you want to evolve anything that you're currently doing in the market.

我有一個關於中國競爭格局最新觀點的問題。考慮到該地區新進業者和咖啡店的整體成長，以及類似的情況，也許該地區的競爭對手會提供不同的體驗，通常實體空間不太吸引人，規模也可能小得多。所以我很好奇，您如何看待您門市的消費者行為與更優秀門市的消費者行為之間的差異，以及這是否會讓您想要改進目前在市場上所做的任何事情。

Yes, well, this is John. I would say that from a China perspective, we continue to stay focused on the third-place experience in elevating the coffee experience and the customer connection that our partners have with our customers who come in the door. In addition, we continue to expand our business into other channels, whether that be through delivery, through new concepts that we're creating as well as through eventually the Global Coffee Alliance later this year. Now as Kevin talked about, we are seeing accelerated competitive environment in China, and discounting is part of that. And I would just say that we continue to take the long-term view and believe in our strategy and executing in a way that continues to elevate the experience for our customers. As a company in China, we're not looking to buy short-term revenue. Rather, we're looking at continuing to build on the 20-year history and the success that we've had in the market.

是的，這位是約翰。從中國的角度來看，我認為我們將繼續專注於提升「第三空間」體驗，提高咖啡體驗，並加強合作夥伴與進店顧客之間的聯繫。此外，我們將繼續拓展業務到其他管道，無論是透過配送，還是透過我們正在創造的新概念，以及最終在今年稍後加入全球咖啡聯盟。正如凱文所說，我們看到中國競爭環境正在加速發展，而折扣是其中的一部分。我只想說，我們將繼續著眼長遠，相信我們的策略，並以不斷提升客戶體驗的方式執行該策略。作為一家中國公司，我們不追求短期收益。相反，我們希望在過去 20 年的發展歷程和我們在市場上取得的成功基礎上繼續前進。

Kevin talked in his comments about our brand strength. It's never been stronger and more relevant, and that's indicative through the brand survey that we just recently completed. Our total transactions continue to grow double digits. Our new stores continue to perform best in class. This year, we'll open 600 stores and continue to gain share in the marketplace. And the financial foundation that we've been able to build in China, regardless of the competitive environment or the changing consumer environment, allows us to continue to make meaningful investments and adapt our model to this changing consumer environment. So for us, these are the very early days for our business in China. We're very optimistic about the future growth opportunity that exists there, and we're going to stay focused on the strategy that we put in place on continuing to expand the reach and the availability of Starbucks Coffee in the marketplace.

凱文在評論中談到了我們的品牌實力。它從未像現在這樣強大和重要，這一點在我們最近完成的品牌調查中也得到了體現。我們的總交易量持續維持兩位數成長。我們的新店業績持續保持業界領先水準。今年，我們將開設 600 家門市，並繼續擴大市場份額。無論競爭環境如何，也無論消費環境如何變化，我們在中國建立的財務基礎使我們能夠繼續進行有意義的投資，並調整我們的模式以適應這種不斷變化的消費環境。所以對我們來說，我們在中國的業務還處於非常早期的階段。我們對該地區未來的成長機會非常樂觀，並將繼續專注於我們制定的策略，繼續擴大星巴克咖啡在市場上的覆蓋範圍和供應量。

Yes. I would just add to John's comments, Will. Starbucks has been in China for 20 years now. And throughout that 20-year period, we understand what differentiates Starbucks, both globally as well as in China. And we're going to stay true to those principles. We're playing the long game, and we're very confident in the strategy.

是的。威爾，我只想補充約翰的一些評論。星巴克進入中國市場已有20年了。在這 20 年裡，我們了解了星巴克在全球以及中國市場的獨特之處。我們將繼續堅守這些原則。我們著眼於長遠，對這項策略非常有信心。

Your next question comes from Andy Barish with Jefferies.

下一個問題來自傑富瑞集團的安迪·巴里什。

Just dovetailing on China and digging in a little bit more. With East China now in the comp base, can you give us some color on that contribution to the overall comp? And I think there was more impact in the business historically as there were a lot of openings in that business. Is that impact starting to lessen as you move out to some of the lower tiers and spread out the unit growth a little bit?

只是順便提一下中國的情況，再深入挖掘一下。既然華東地區現在也納入了比賽範疇，您能否介紹一下它對整體比賽的貢獻？而我認為，從歷史上看，這種商業模式的影響更大，因為當時這個行業有很多就業機會。隨著遊戲等級下降，單位成長速度放緩，這種影響是否開始減弱？

Andy, this is John. Obviously, this is the first quarter with which we have East China in the comp base. And when we look at it versus the rest of the old company-owned businesses, the comp performance in both markets was relatively equal. And more importantly is when you look at the way in which we have the operations set up across the country in the regions, our regions in China throughout China performed very strong. We obviously delivered comp growth at 3%, which was sequential improvement quarter-to-quarter. Top line revenue grew 16%; total transactions, low double digits. New store performance continue to be best in class. We grew store count 17%, and we now operate nearly 3,800 stores across 161 cities. So we feel that we are in a very good position to continue to win in the marketplace and to continue to lead the growth of the coffee market and capture more than our fair share.

安迪，這位是約翰。顯然，這是我們首次將華東地區納入比較基數。當我們將其與公司其他老牌企業進行比較時，會發現這兩個市場的同業表現都相對均衡。更重要的是，當你檢視我們在全國各地設立的業務運作體系時，你會發現我們在中國的各個區域都表現得非常出色。我們顯然實現了 3% 的同店銷售成長，季比有所改善。營收成長 16%；交易總量成長兩位數。新店業績持續維持業界領先水準。我們的門市數量增加了 17%，目前在 161 個城市擁有近 3800 家門市。因此，我們認為我們處於非常有利的地位，能夠繼續在市場上取得成功，繼續引領咖啡市場的成長，並獲得超過我們應得的份額。

Ladies and gentlemen, that was our last question today. This concludes Starbucks Coffee Company's Second Quarter Fiscal Year 2019 Conference Call. You may now disconnect.

女士們、先生們，這是我們今天最後一個問題。星巴克咖啡公司2019財年第二季電話會議到此結束。您現在可以斷開連線了。