星巴克 (SBUX) 2019 Q3 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 Third 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財年第三季電話會議。（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 third 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 & Tea.

各位下午好，感謝各位今天蒞臨本次會議，共同探討我們2019財年第三季的業績。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與茶集團總裁 John Culver。

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

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

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

2019 財年的 GAAP 結果包括與策略行動相關的幾個項目，包括重組和減損費用、交易和整合成本以及其他項目。這些項目不計入我們的非GAAP業績。請造訪我們的網站 investor.starbucks.com，查看今天電話會議中提到的某些非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 August 23, 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 8 月 23 日。

I will now turn the call over to Kevin.

現在我將把通話轉給凱文。

Well, good afternoon, and welcome, everyone. Starbucks delivered very strong operating results in Q3, and I'm pleased with the progress we're making with our Growth at Scale agenda. Pat will review our performance in more detail in a moment. But first, I want to touch on a few key highlights from the quarter and then describe the actions we're taking to further differentiate and strengthen our brand with an increased focus on the customer experience and a more agile approach to innovation.

下午好，歡迎各位。星巴克第三季的經營業績非常強勁，我對我們在規模成長方面的進展感到滿意。Pat稍後會更詳細地評論我們的表現。但首先，我想談談本季的一些關鍵亮點，然後介紹我們正在採取的行動，透過更注重客戶體驗和更敏捷的創新方法，進一步實現品牌差異化和強化。

By any measure, Q3 was a very strong quarter for Starbucks. Excluding the impact of streamline activities and foreign exchange, total revenues grew by 11%, underpinned by a 7% expansion of our global store base and global retail comp sales growth of 6%, including comp traffic growth of 3%. Notably, our 2 key long-term growth targets, the U.S. and China, both performed extremely well.

無論從哪個角度來看，星巴克第三季都是非常強勁的季度。剔除精簡活動和外匯的影響，總收入增長了 11%，這得益於我們全球門市數量增長了 7%，以及全球零售同店銷售額增長了 6%，其中包括客流量增長了 3%。值得注意的是，我們的兩個關鍵長期成長目標——美國和中國——都表現得非常好。

In the U.S., comp sales were up 7%, including comp transaction growth of 3%. Importantly, we saw comp growth across all dayparts, including the afternoon for the first time in 3 years. This strong performance was driven by 3 key factors: an enhanced customer experience, relevant new beverage innovation and accelerated expansion of digital customer relationships. The initiatives we are driving in the U.S. to simplify work, allocate labor to better meet customer demand and improve our customer connections all contributed to the strong performance in comp transaction growth.

在美國，同店銷售額成長了 7%，其中同店交易量成長了 3%。重要的是，我們看到所有時段的同店銷售額均有所增長，包括下午時段，這是 3 年來首次實現增長。這一強勁的業績得益於三個關鍵因素：提升客戶體驗、推出相關的新飲料創新產品以及加速拓展數位化客戶關係。我們在美國推行的各項舉措，包括簡化工作流程、合理分配勞動力以更好地滿足客戶需求以及改善客戶關係，都對同店交易成長的強勁表現做出了貢獻。

In addition to the improved customer experience, we are delivering exciting new beverages that are resonating with customers, particularly our cold beverage platform, which was the catalyst for growth in the afternoon. A customer favorite, Nitro Cold Brew, remains on track to be deployed across all U.S. company-operated stores and be supported by advertising by the end of the fiscal year.

除了提升顧客體驗外，我們還推出了令人興奮的新飲品，這些飲品引起了顧客的共鳴，尤其是我們的冷飲平台，它是下午時段增長的催化劑。深受顧客喜愛的氮氣冷萃咖啡仍按計畫在全美所有公司自營門市推廣，並將在本財政年度結束前獲得廣告支援。

Iced Espresso beverages, including Cloud Macchiato and Starbucks Refreshers, performed well. Continued focus on the customer experience and beverage innovation is paying off. And we are very encouraged by the fact that our customer connection scores reached another all-time high in Q3. Later in the call, I'll talk more about the important role digital is playing to strengthen and amplify customer connections and how this has also contributed to our results.

冰鎮濃縮咖啡飲品，包括雲朵瑪奇朵和星巴剋星冰樂，表現良好。持續關注客戶體驗和飲料創新正在取得成效。令我們倍感鼓舞的是，我們的客戶聯繫評分在第三季再次創下歷史新高。在稍後的通話中，我將更多地談到數位化在加強和擴大客戶聯繫方面發揮的重要作用，以及這如何也對我們的業績做出了貢獻。

China also delivered a very strong quarter, and we remain bullish on the long-term market opportunity as we deploy capital to build new stores and expand our presence. Our total store count in China grew by 16% versus prior year to more than 3,900 stores at the end of Q3. Additionally, comp sales were up 6%, including 2% growth in comp transactions. Much like the U.S., China's comp performance was driven by an enhanced customer experience and beverage innovation.

中國市場本季表現也非常強勁，我們依然看好長期市場機遇，將持續投入資金興建新店，擴大市佔率。截至第三季末，我們在中國的總門市數量較上年同期成長 16%，達到 3,900 多家。此外，同店銷售額成長了 6%，其中同店交易量成長了 2%。與美國的情況類似，中國同店銷售額的成長也得益於顧客體驗的提升與飲料創新。

Digital programs, including loyalty and delivery, contributed meaningfully to the quarter's performance as well. We introduced exciting new beverages, including the launch of Modern Mixology, a unique range of cold beverages that originated in our Shanghai Roastery with local taste preferences in mind. Our China digital partnership with Alibaba was also an important driver, which I will highlight when reviewing China's digital progress in a moment.

包括會員忠誠度計畫和配送服務在內的數位化項目也對本季的業績做出了重要貢獻。我們推出了令人興奮的新飲品，包括推出 Modern Mixology 系列，這是一個獨特的冷飲系列，源自於我們的上海烘焙工坊，並充分考慮了當地人的口味偏好。我們與阿里巴巴在中國的數位化合作也是一個重要的推動因素，稍後在回顧中國數位化發展歷程時，我將重點放在這一點上。

In our channels business, the Global Coffee Alliance with Nestlé continued to extend the global reach of the Starbucks brand. In the third quarter, we expanded Starbucks at-home coffee presence into 6 new markets with the launch of roasting ground, whole bean and the Starbucks Coffee by Nespresso and Dolce Gusto single-serve platforms. Starbucks at-home coffee remains on track to be in 16 markets, including the U.S. and Canada, by this September. Overall, we are pleased with the performance of the Global Coffee Alliance.

在我們的通路業務中，與雀巢的全球咖啡聯盟持續擴大星巴克品牌的全球影響力。第三季度，我們透過推出烘焙研磨咖啡、整豆咖啡以及星巴克咖啡Nespresso和Dolce Gusto單杯咖啡平台，將星巴克家庭咖啡業務拓展到6個新市場。星巴克家庭咖啡服務仍按計劃於今年 9 月進入包括美國和加拿大在內的 16 個市場。整體而言，我們對全球咖啡聯盟的表現感到滿意。

The strategic priorities we outlined a year ago are unchanged. And collectively, our Q3 results demonstrate that our Growth at Scale agenda is not only working, but through focus and discipline, it is firing on all cylinders.

我們一年前製定的戰略重點沒有改變。總的來說，我們第三季的業績表明，我們的規模成長計畫不僅行之有效，而且透過專注和自律，正在全力以赴地推進。

The focused initiatives we are driving to enhance the customer experience and deliver beverage innovation are both complemented and amplified by our digital initiatives. Because of the long-term strategic importance of digital, I want to provide some perspective on our strategy in this area and the underlying initiatives that are fueling our progress and supporting our Growth at Scale agenda.

我們正在大力推動旨在提升客戶體驗和實現飲料創新的各項舉措，而我們的數位化舉措則對這些舉措起到了補充和強化作用。鑑於數位化具有長期的策略重要性，我想就我們在這一領域的策略以及推動我們取得進展並支持我們規模化成長議程的根本舉措提供一些見解。

2 years ago, I shared my view that the 2 transformative elements of modern-day retail are experiential retail and its extension to digital customer relationships. Modern-day retailers must create a unique and meaningful customer experience that ultimately becomes a destination that customers seek out. In addition, extending that in-store customer experience to a digital mobile customer relationship is critical. Ideally, that relationship is personalized and enhances the customer experience.

兩年前，我曾分享我的觀點，即現代零售業的兩個變革性要素是體驗式零售及其向數位化客戶關係的延伸。現代零售商必須創造獨特而有意義的顧客體驗，最終使其成為顧客主動尋求的目的地。此外，將店內客戶體驗延伸到數位行動客戶關係至關重要。理想情況下，這種關係是個人化的，能夠提升客戶體驗。

With over 30,000 stores globally, Starbucks has created experiential retail around coffee, craft, comfort and care. Our 400,000 Starbucks partners bring an uplifting and elevated experience to life each and every day as they handcraft beverages personalized for each customer and create a warm and welcoming environment for communities to gather and connect. Without a doubt, Starbucks is a preferred destination for hundreds of millions of customers around the world.

星巴克在全球擁有超過 30,000 家門市，以咖啡、工藝、舒適和關懷為核心，打造體驗式零售。我們 40 萬星巴克夥伴每天都為顧客精心製作個人化飲品，營造溫馨舒適的環境，讓社區成員聚集交流，從而帶來令人振奮的優質體驗。毫無疑問，星巴克是全球數億顧客的首選目的地。

At the same time, our research has validated the importance of digital relationships as customers are digitally savvy and expect higher levels of convenience and a more personalized experience. And we know digital relationships drive significant long-term value to Starbucks through more frequent occasions, increased spend, improved customer retention and marketing efficiency.

同時，我們的研究也證實了數位關係的重要性，因為客戶精通數位技術，並期望獲得更高的便利性和更個人化的體驗。我們知道，數位化關係透過更頻繁的消費、更高的客戶留存率和更高的行銷效率，為星巴克帶來巨大的長期價值。

So over the past 5 years, we've invested significantly and systematically to build a powerful digital flywheel that today enables over 1 billion digital customer occasions a year. This digital customer engagement is anchored by the Starbucks Rewards program, which enhances the customer experience through some very relevant features that provide our customers with a convenient way to place orders and receive highly personalized offers. With that as background, in Q3, we enhanced the Starbucks Rewards program in the U.S., significantly increasing the flexibility with which customers can redeem Stars or loyalty rewards. These changes have been very well received by customers as growth of our 90-day active Rewards members accelerated to 14% year-over-year, reaching 17.2 million active members. Loyalty members accounted for 42% of U.S. tender, and we are seeing evidence of improved engagement across our Starbucks Rewards member base. More specifically, the growth of active Rewards members, the enhancements to the Starbucks Rewards program, adoption of Mobile Order and Pay and the personalized marketing efforts contributed nearly 2% of comp sales growth in the U.S. for the quarter, an improvement from recent quarters.

因此，在過去的 5 年裡，我們投入了大量資金，系統地建造了一個強大的數位飛輪，如今每年可實現超過 10 億次數位客戶互動。星巴克獎勵計畫是實現數位化客戶互動的核心，它透過一些非常相關的功能來提升客戶體驗，為我們的客戶提供便利的下單方式和高度個人化的優惠。在此背景下，我們在第三季加強了美國星巴克獎勵計劃，顯著提高了顧客兌換星星或忠誠度獎勵的靈活性。這些變化受到了顧客的熱烈歡迎，90 天活躍獎勵會員數量年增 14%，達到 1,720 萬活躍會員。忠誠會員占美國支付總額的 42%，我們看到星巴克獎勵計畫會員群體的參與度有所提高。更具體地說，活躍獎勵會員的成長、星巴克獎勵計劃的改進、行動點餐和支付的普及以及個性化行銷工作，為本季度美國同店銷售額增長貢獻了近 2%，較最近幾個季度有所改善。

In the U.S., we also expanded Starbucks Delivers in partnership with Uber Eats, which today is now in over 2,700 stores across 11 markets. We continue to learn as we expand and drive customer awareness of this new channel and are seeing higher ticket compared to in-store transactions as well as sales incrementality. We're pleased to see that Starbucks partners are effectively enabling delivery in our stores alongside retail operations, improving the customer experience.

在美國，我們也與 Uber Eats 合作擴大了 Starbucks Delivers 的服務範圍，目前該服務已覆蓋 11 個市場的 2700 多家門市。我們不斷學習，同時也在拓展和提高客戶對此新通路的認知度，與店內交易相比，我們發現客單價更高，銷售額也更高。我們很高興看到星巴克合作夥伴正在有效地在我們的門市開展外帶業務，與零售業務並行，從而改善顧客體驗。

It is still early days for food and beverage delivery in the U.S., and while we are not yet seeing Starbucks Delivers meaningfully contribute to our U.S. business results, we believe that delivery is an important long-term growth opportunity given customers' increasing demand for convenience. To that end, earlier this week, we announced plans to expand the availability of Starbucks Delivers in partnership with Uber Eats across the U.S. in early 2020. As we expand, we will continue to refine the program and ensure a quality customer experience as demand for delivery builds.

在美國，食品和飲料配送仍處於起步階段，雖然我們尚未看到星巴克外送服務對我們在美國的業務業績做出實質貢獻，但鑑於顧客對便利性的需求不斷增長，我們相信外送服務是一個重要的長期成長機會。為此，本週早些時候，我們宣布計劃在 2020 年初與 Uber Eats 合作，將星巴克外帶服務擴展到美國各地。隨著業務拓展，我們將持續改善項目，確保在配送需求成長的情況下，為客戶提供優質的體驗。

Now onto our progress in China, where our digital ecosystem remains a core pillar in driving long-term growth. In December of 2018, we enhanced the Starbucks Rewards program in China to include the ability to earn rewards based on spend and then redeem those rewards in our stores. We now have 9.1 million active Rewards members in China, an increase of 10% from last quarter and 36% from a year ago, which is double the pace of growth compared to prelaunch levels.

現在來說說我們在中國取得的進展，我們的數位生態系統仍然是推動長期成長的核心支柱。2018 年 12 月，我們對中國的星巴克獎勵計劃進行了升級，增加了根據消費金額賺取獎勵並在門市兌換獎勵的功能。目前我們在中國擁有 910 萬活躍獎勵會員，比上一季成長 10%，比去年同期成長 36%，是上線前成長速度的兩倍。

The China digital partnership with Alibaba has enabled us to expand Starbucks Delivers to approximately 2,900 stores across nearly 80 cities by the end of Q3. This puts us on track to exceed 3,000 stores or roughly 75% of our total store base by the end of this fiscal year. We continue to see strong performance in key cities, including a meaningful incremental transaction lift, increased ticket and strong operational performance.

透過與阿里巴巴在中國進行數位化合作，到第三季末，星巴克外送服務已擴展至近 80 個城市的約 2900 家門市。這將使我們預計在本財年結束時門市數量超過 3000 家，約占我們門市總數的 75%。我們在重點城市持續看到強勁的業績表現，包括交易量顯著成長、票房增加和營運業績強勁。

In Q3, delivery sales represented approximately 6% of total sales volume, and as I mentioned earlier, contributed to China's comp growth in Q3. Given these strong early results, we are confident that Starbucks Delivers will be an important growth vehicle for our business in China, so we are integrating our delivery expansion strategy with our store development strategy to inform the location of new stores.

第三季度，送貨銷售額約佔總銷售額的 6%，正如我之前提到的，它為中國第三季的同店銷售成長做出了貢獻。鑑於這些強勁的早期成果，我們相信星巴克外送將成為我們在中國業務的重要成長引擎，因此我們將外送擴張策略與門市發展策略相結合，為新店選址提供依據。

In addition to our China expansion of Starbucks Delivers, we also launched Mobile Order and Pay in Q3 and are seeing strong early results. Following the May launch in Beijing and Shanghai, we've expanded Mobile Order and Pay to approximately 1,300 stores across 4 major cities in China with further expansion underway.

除了在中國拓展星巴克外送服務外，我們還在第三季推出了手機點餐和支付服務，並看到了強勁的早期成效。繼 5 月在北京和上海推出後，我們已將行動點餐和支付服務擴展到中國 4 個主要城市的約 1300 家門市，並且正在進一步擴展。

Our team in China is also making progress on a new store format to better serve customers on the go. Last week, I visited the first Starbucks Now store in Beijing and experienced firsthand this innovative new store design focused on the express customer experience, mobile order for pickup or delivery. I'm pleased with how quickly our China team was able to light up mobile ordering for pickup or delivery and create this entirely new retail format. This is a testament to Starbucks' commitment to leverage digital technology to rapidly address customer trends in the world's fastest-growing major economy.

我們在中國的團隊也努力研發新的門市模式，以便更好地服務忙碌的顧客。上週，我參觀了北京第一家星巴克Now門市，親身體驗了這種以快捷顧客體驗、手機下單自取或外送為核心的創新門市設計。我對我們的中國團隊能夠如此迅速地推出行動訂購自提或送貨服務並創建這種全新的零售模式感到非常滿意。這證明了星巴克致力於利用數位技術快速應對全球成長最快的主要經濟體中的客戶趨勢。

Importantly, the digital strategy we are executing against ensures that we maintain a direct relationship with our customers and avoid getting disintermediated by third-party ordering apps. It also enables us to deliver personalized marketing directly to our most loyal customers in a very efficient manner.

重要的是，我們正在執行的數位化策略確保我們與客戶保持直接聯繫，避免被第三方訂購應用程式取代。它還使我們能夠以非常高效的方式直接向我們最忠實的客戶提供個人化行銷。

Earlier this week, we announced a strategic partnership with Brightloom, a Seattle and Bay Area-based retail tech company focused on the restaurant industry. Starbucks has granted Brightloom a software license for elements of the Starbucks digital flywheel in return for an equity stake in the company. Brightloom will focus on software solutions that meet the needs of Starbucks license partners outside of the U.S. as well as other restaurant merchants that are looking for a commercially available cloud-based solution. This allows us to continue to focus our internal resources on proprietary software development for our company-operated markets.

本週早些時候，我們宣布與 Brightloom 建立策略合作夥伴關係，Brightloom 是一家總部位於西雅圖和舊金山灣區的零售科技公司，專注於餐飲業。星巴克授予 Brightloom 星巴克數位飛輪系統部分組件的軟體許可，以換取該公司的部分股權。Brightloom 將專注於滿足美國以外星巴克特許經營合作夥伴以及其他正在尋找商用雲端解決方案的餐飲商家的軟體解決方案。這使我們能夠繼續將內部資源集中用於公司自營市場的專有軟體開發。

Now before I turn the call over to Pat, I want to highlight that it was just over a year ago that we first outlined our Growth at Scale agenda. This quarter's performance further demonstrates that our strategy is enabling more consistent, predictable results through focused and disciplined execution. We've made meaningful progress against the 3 key strategic priorities of that agenda by 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 returns to our stakeholders. We're doing all of this while staying true to our mission and values. The foundation of Starbucks is our brand rooted in a unique elevated Starbucks Experience, the finest quality coffee and our long-standing commitment to leveraging our scale for good.

在將電話交給 Pat 之前，我想強調一下，就在一年多前，我們首次製定了規模化成長計畫。本季的業績進一步證明，我們的策略透過專注和嚴謹的執行，能夠帶來更穩定、更可預測的結果。我們在實現該議程的 3 項關鍵策略重點方面取得了實質進展：加快了我們 2 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了我們品牌的全球影響力；並提高了我們利害關係人的回報。我們在做這一切的同時，始終堅守我們的使命和價值。星巴克的基石在於我們獨特的品牌體驗，我們致力於提供高品質的星巴克咖啡，並長期堅持利用我們的規模來造福社會。

I am particularly grateful to our Starbucks partners who proudly wear the green apron and deliver an elevated Starbucks Experience every day to millions of customers in our stores. As I have shared with many store partners on recent visits to Europe, Latin America, Canada and Asia as well as here in the U.S., our success is a credit to them.

我特別感謝我們的星巴克夥伴們，他們自豪地穿著綠色圍裙，每天在我們的門市為數百萬顧客提供卓越的星巴克體驗。正如我最近在歐洲、拉丁美洲、加拿大和亞洲以及美國與許多門市合作夥伴交流時所說，我們的成功歸功於他們。

I look forward to joining over 12,000 store managers and field leaders from the U.S. and Canada in Chicago for an important leadership conference this September. Together with the executive team, we will focus on inspiring and empowering our store managers for this next chapter of our journey as we build an enduring company for generations to come.

我期待今年九月與來自美國和加拿大的 12,000 多名門市經理和區域領導者齊聚芝加哥，參加一場重要的領導力會議。我們將與管理團隊一起，致力於激勵和賦能我們的門市經理，開啟我們旅程的下一個篇章，打造一家能夠世代傳承的基業長青的公司。

With that, I'll now turn the call over to Pat to walk you through consolidated and segment results for Q3 and to provide an update to our fiscal '19 outlook. Thank you.

接下來，我將把電話交給 Pat，由他為大家介紹第三季的合併業績和分部業績，並更新我們 2019 財年的展望。謝謝。

Thank you, Kevin, and good afternoon, everyone. I, too, am very pleased with the sustained positive business momentum that we delivered for a fourth consecutive quarter. On a reported basis, total revenue grew 8%. Excluding the 2% impact of streamline-related activities, notably the Global Coffee Alliance and the sale of our ownership interest in Thailand as well as the 1% impact of foreign currency translation, total revenue grew 11%. This increase in revenue was led 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 6%. Non-GAAP EPS of $0.78, which included a favorable impact of $0.03 related to discrete income tax items, was up 26% versus prior year.

謝謝你，凱文，大家下午好。我也對我們連續第四個季度保持積極的業務發展勢頭感到非常滿意。據報告顯示，總收入增加了 8%。除精簡相關活動（特別是全球咖啡聯盟和出售我們在泰國的股權）帶來的 2% 的影響以及外幣折算帶來的 1% 的影響外，總收入增長了 11%。營收成長主要得益於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 6%。非GAAP每股收益為0.78美元，其中包括與一次性所得稅項目相關的0.03美元的有利影響，比上年增長26%。

I will now take you through our Q3 operating performance by segment, followed by an analysis of our consolidated margin performance.

接下來，我將按業務部門介紹我們第三季的經營業績，然後分析我們的綜合利潤率表現。

Our Americas segment delivered 11% revenue growth in Q3 driven by 7% comp sales growth, including 3% comp transaction growth, and net new store growth of 4% over the past 12 months. U.S. comp sales growth in the quarter was once again driven by improvements to our in-store experience, beverage innovation and digital initiatives and also benefited from the lap of weaker performance in Q3 last year. The enhanced in-store experience as measured by customer partner connection scores, which Kevin mentioned, was driven by location-specific operational changes that improved throughput as well as the continued rollout of new store-level processes and systems to facilitate higher levels of customer engagement. This drove stronger sales overall with beverage and food contributing 6 points and 1 point of comp sales growth in Q3, respectively.

在美洲地區，我們的第三季營收成長了 11%，這主要得益於同店銷售額成長 7%（包括同店交易量成長 3%）以及過去 12 個月淨新增門市數量成長 4%。本季美國同店銷售成長再次得益於店內體驗的改善、飲料創新和數位化舉措，同時也受惠於去年第三季業績疲軟的影響。凱文提到的店內體驗提升（以客戶合作夥伴聯繫評分衡量）得益於針對特定地點的營運變革，這些變革提高了吞吐量，同時也不斷推出新的門市流程和系統，以促進更高水準的客戶參與。這推動了整體銷售的強勁成長，其中飲料和食品分別奉獻了第三季同店銷售成長的 6 個百分點和 1 個百分點。

Most of the beverage growth for the quarter was driven by our cold platform led by refreshment, iced coffee and iced espresso. Additionally, the Nitro Cold Brew platform, which reached approximately 5,800 stores by the end of Q3, continued to perform well. Of the 3% growth in average ticket in the quarter, 2% was driven by beverage attach and beverage mix, while pricing drove the remaining 1%.

本季飲料成長主要由我們的冷飲平台推動，其中以清爽飲品、冰咖啡和冰濃縮咖啡為主導。此外，截至第三季末已覆蓋約 5800 家門市的 Nitro Cold Brew 平台持續表現良好。本季平均客單價成長了 3%，其中 2% 是由飲料附加費和飲料組合推動的，而價格因素則推動了剩餘的 1%。

As Kevin mentioned, we saw transaction growth across all dayparts, including the afternoon daypart, which benefited from the strength of our cold beverage platform as well as the improved in-store experience that I mentioned earlier. This strong revenue performance contributed to Americas non-GAAP operating margin expansion of 130 basis points to 23.2% in Q3 driven primarily by sales leverage and cost savings initiatives, notably supply chain efficiencies, partially offset by wage growth and inventory reserves. Americas operating margin in Q3 also benefited from lapping last year's antibias training and this year's change in breakage revenue recognition, driving 60 and 40 basis points of margin improvement, respectively.

正如凱文所提到的那樣，我們看到所有時段的交易量都有所增長，包括下午時段，這得益於我們強大的冷飲平台以及我之前提到的店內體驗的改善。強勁的營收表現推動美洲地區第三季非GAAP營業利潤率成長130個基點至23.2%，主要得益於銷售槓桿和成本節約措施，特別是供應鏈效率的提高，但部分被薪資成長和庫存準備金所抵銷。第三季美洲地區的營業利潤率也受益於去年反歧視培訓的結餘和今年破損收入確認方式的改變，分別推動了利潤率提高 60 和 40 個基點。

Moving on to China/Asia Pacific or CAP, our fastest-growing business segment. CAP segment revenues grew 9% on a reported basis in Q3. Excluding the 5% impact of foreign currency translation and 1% impact from the sale of our Thailand business, revenue grew 15% in the quarter. This was driven by 12% net new store growth over the past 12 months and 5% 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。第三季度，CAP業務部門的營收按報告數據成長了9%。剔除外幣折算的 5% 影響和出售泰國業務的 1% 影響，本季營收成長了 15%。這主要得益於過去 12 個月淨新增門市數量成長 12% 和同店銷售額成長 5%。

I would now like to highlight third 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 16% versus the prior year. Importantly, our new stores continued to deliver exceptionally high returns even as our market penetration increased.

現在我想重點介紹一下我們 CAP 板塊中兩個主要市場——中國和日本——第三季的表現。我們繼續在中國快速開設新店，門市數量比前一年增加了 16%。重要的是，即使我們的市場滲透率不斷提高，我們的新店仍然持續帶來非常高的回報。

China also delivered comp sales growth of 6% in Q3 with a 2% increase in comp transactions, helped by Modern Mixology, a new beverage platform that was launched in April, as well as our Starbucks Rewards loyalty program and delivery. China also benefited from lapping relatively weak results in Q3 last year. 4% comp ticket growth was driven by pricing as well as food attach and beverage innovation.

中國市場第三季同店銷售額成長 6%，同店交易量成長 2%，這得益於 4 月推出的全新飲品平台 Modern Mixology，以及我們的星巴克獎勵忠誠度計畫和外送服務。中國也受惠於去年第三季相對較弱的業績。同店客單價成長 4% 是由價格因素以及食品附加費和飲料創新所推動的。

As noted in our earnings release, we made some minor adjustments to China's comp ticket growth reported in 4 previous quarters, in each case amounting to no more than 1 percentage point, to harmonize our comp calculations across our business units. These adjustments had no effect on our reported financial statements or China's comp transaction growth.

正如我們在獲利報告中所述，我們對前 4 個季度報告的中國同店客單價增長進行了一些微調，每次調整幅度不超過 1 個百分點，以協調我們各個業務部門的同店客單價計算。這些調整對我們公佈的財務報表或中國同店交易成長沒有影響。

For Japan, the momentum we saw in our business at the start of the fiscal year continued into Q3 with comp sales growth of 5% and comp transaction growth of 1%. These strong results were driven by LTO performance in blended, Core Espresso beverages and the growth of our Starbucks Rewards program. CAP's non-GAAP operating margin increased by 10 basis points to 25.3% in Q3. This included 30 basis points of favorability from the change in breakage revenue recognition. Excluding this benefit, CAP's non-GAAP operating margin decreased by 20 basis points as sales leverage and cost savings initiatives were more than offset by product mix and technology investments.

在日本，我們在本財年初的業務成長動能延續到了第三季度，同店銷售額成長了 5%，同店交易量成長了 1%。這些強勁的業績得益於混合型核心濃縮咖啡飲品的限時特惠活動表現以及星巴克獎勵計劃的成長。CAP 第三季的非GAAP營業利潤率成長了10個基點，達到25.3%。這其中包括因破損收入確認方式改變而帶來的 30 個基點的有利影響。在剔除這項收益後，CAP 的非 GAAP 營業利潤率下降了 20 個基點，因為銷售槓桿和成本節約措施被產品組合和技術投資所抵消。

On to our Channel Development segment, which reported a revenue decline of 6% in Q3 to $533 million, including the impact of the Global Coffee Alliance, which reduced segment revenues by approximately $30 million in the quarter. While the decline was expected, it was partially mitigated by higher-than-expected sales of inventory to Nestlé as they prepared to directly fulfill customer orders under the Global Coffee Alliance.

接下來是我們的通路發展部門，該部門第三季收入下降了 6%，至 5.33 億美元，其中包括全球咖啡聯盟的影響，該聯盟導致該部門本季收入減少了約 3,000 萬美元。雖然下滑在意料之中，但由於雀巢準備根據全球咖啡聯盟直接履行客戶訂單，其庫存銷售額高於預期，因此下滑在一定程度上得到了緩解。

Non-GAAP operating margin declined by 740 basis points to 34.4% in Q3, including an 850 basis point decline as a result of the Global Coffee Alliance. Excluding this, the segment's non-GAAP operating margin expanded 110 basis points driven by the strength in our North American ready-to-drink business.

第三季非GAAP營業利潤率下降740個基點至34.4%，其中包括因全球咖啡聯盟而下降850個基點。排除此因素，該部門的非GAAP營業利潤率成長了110個基點，這主要得益於我們在北美即飲飲料業務的強勁表現。

Consolidated operating margin totaled 18.3% on a non-GAAP basis, down 20 basis points year-over-year, largely due to the impact of licensing our Channel Development business. Excluding the 70 basis point unfavorable impact of streamline activities, non-GAAP operating margin expanded by approximately 50 basis points, reflecting strong sales leverage and cost savings initiatives throughout our supply chain. The favorability from these items was partially offset by investments in the business, including our partners, technology and Siren Retail, along with an increase in cost of goods sold attributable to product mix and inventory reserves.

以非GAAP準則計算，綜合營業利益率為18.3%，較去年同期下降20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 70 個基點的不利影響，非 GAAP 營業利潤率成長了約 50 個基點，反映了我們整個供應鏈中強勁的銷售槓桿和成本節約舉措。這些項目帶來的利多被對業務的投資（包括我們的合作夥伴、技術和 Siren Retail）以及由於產品組合和庫存儲備而導致的銷售成本增加部分抵消。

Moving on to our guidance for fiscal '19. Now in the final quarter of our fiscal year, we have much better visibility to full year results. We now expect fiscal 2019 GAAP EPS in the range of $2.86 to $2.88, up from our prior range of $2.40 to $2.44, largely due to the gain on the licensing of our Thailand market. Our fiscal 2019 non-GAAP EPS is now expected to be in the range of $2.80 to $2.82, including the onetime cost of our leadership conference this coming September, which is a headwind of about $0.03 of EPS and approximately 20 basis points of full year operating margin. The midpoint of this non-GAAP EPS guidance range implies approximately 16% year-over-year growth. Relative to our previous non-GAAP EPS range of $2.75 to $2.79 for fiscal 2019, the increase is predominantly driven by better-than-expected operating results in the third quarter.

接下來是我們對 2019 財年的展望。現在已進入本財年的最後一個季度，我們對全年業績有了更清晰的了解。我們現在預計 2019 財年 GAAP 每股收益將在 2.86 美元至 2.88 美元之間，高於我們先前預測的 2.40 美元至 2.44 美元，這主要是由於我們在泰國市場的授權收入所致。我們預計 2019 財年非 GAAP 每股盈餘將在 2.80 美元至 2.82 美元之間，其中包括今年 9 月領導力會議的一次性成本，這將使每股收益減少約 0.03 美元，全年營業利潤率減少約 20 個基點。此非GAAP每股盈餘預期範圍的中點意味著年增約16%。相對於我們先前對 2019 財年非 GAAP 每股收益 2.75 美元至 2.79 美元的預期，此次成長主要得益於第三季度好於預期的經營業績。

Globally, we are now expecting comp sales growth of approximately 4% in fiscal '19, at the high end of our original guidance range of 3% to 4%. Similarly, we are now expecting revenue growth of approximately 7% this fiscal year, at the top end of our 5% to 7% guidance range for fiscal '19, even with 1% of foreign exchange headwinds. This includes a slight downward revision to our net new store guidance, moving from 2,100 stores to 2,000 stores due to a slower pace of unit development in the EMEA region. At the consolidated level, we still expect operating margin for fiscal '19 to be down moderately relative to fiscal '18. Segment-level margins are also unchanged from what was previously communicated and reaffirmed on our second quarter fiscal '19 earnings call.

目前，我們預計 2019 財年全球同店銷售額將成長約為 4%，處於我們最初 3% 至 4% 指引範圍的高端。同樣，即使受到 1% 的外匯不利因素影響，我們現在預計本財年的收入增長約為 7%，處於我們對 2019 財年 5% 至 7% 指導範圍的上限。由於 EMEA 地區的門市開發速度放緩，我們略微下調了新店淨數量預期，從 2100 家門市下調至 2000 家門市。從合併層面來看，我們仍預期 2019 財年的營業利潤率將比 2018 財年略有下降。各業務部門的利潤率也與先前在 2019 財年第二季財報電話會議上公佈和確認的利潤率相同。

Please note that our fourth quarter will still bear the year-over-year revenue headwind from the Global Coffee Alliance for most of the quarter as well as the impact of licensing our Thailand business. We expect these factors, combined with a tougher comp sales growth lap, to yield lower revenue growth in Q4 compared to Q3. And we also expect our non-GAAP operating margin percentage to be lower in Q4 compared to Q3 due in part to the onetime cost of our leadership conference as discussed on prior calls.

請注意，在第四季度的大部分時間裡，我們的收入仍將受到全球咖啡聯盟帶來的年減影響，同時也受到泰國業務許可的影響。我們預期這些因素，再加上同店銷售成長面臨更大挑戰，將導致第四季營收成長低於第三季。此外，由於先前電話會議中討論過的領導層會議的一次性成本，我們預計第四季度的非GAAP營業利潤率將低於第三季。

Moving on to items below the operating income line, starting with interest expense. As a reminder, with the increased leverage policy that we adopted last year, including the most recent debt offerings, $2 billion in May and $3 billion last August, interest expense in fiscal '19 is expected to be considerably higher versus fiscal '18 at approximately $330 million. Also the discrete tax items, which have benefited EPS to date in fiscal '19 amounting to approximately $0.11 of non-GAAP EPS, have significantly reduced our effective tax rate this year. As a result, we now expect both our GAAP and non-GAAP effective tax rates in fiscal '19 to be in the range of 19% to 20%. Given the nonrecurring nature of discrete tax items generally, we expect that our non-GAAP effective tax rate for fiscal '20 will likely be much closer to our ongoing effective tax rate of approximately 25%. Said differently, the discrete tax items, which have benefited fiscal '19, meaningfully contributing to our outperformance relative to our original EPS growth guidance of 8% to 10%, will in effect be nonoperating headwinds to our fiscal '20 EPS growth rate.

接下來來看營業收入以下的項目，首先是利息支出。提醒大家，由於我們去年採取了增加槓桿的政策，包括最近在 5 月發行的 20 億美元債券和去年 8 月發行的 30 億美元債券，預計 2019 財年的利息支出將比 2018 財年高出約 3.3 億美元。此外，截至 2019 財年，個別稅收項目已使每股收益受益，非 GAAP 每股收益約為 0.11 美元，並大幅降低了我們今年的實際稅率。因此，我們現在預計 2019 財年的 GAAP 和非 GAAP 實際稅率都將在 19% 到 20% 的範圍內。鑑於離散稅項通常具有非經常性，我們預計 2020 財年的非 GAAP 實際稅率可能會與我們持續的實際稅率（約 25%）非常接近。換句話說，那些在 2019 財年受益的個別稅收項目，對我們相對於最初 8% 至 10% 的每股收益增長預期做出重大貢獻，實際上將成為 2020 財年每股收益增長率的非經營性不利因素。

Moving on to shareholder capital returns. From the beginning of fiscal '18 through Q3 of fiscal '19, we have returned over $18 billion to shareholders through a combination of dividends and share repurchases. We remain committed to returning $25 billion of shareholder capital by the end of fiscal '20 and expect to reach nearly $21 billion by the end of fiscal '19. This includes pulling forward $2 billion of share repurchase activity into fiscal '19 that we had originally planned for fiscal '20. As a result, we now expect a more normalized volume of share repurchases in fiscal '20 than previously anticipated.

接下來討論股東資本回報。從 2018 財年年初到 2019 財年第三季度，我們透過股利和股票回購的方式向股東返還了超過 180 億美元。我們仍致力於在 2020 財年末向股東返還 250 億美元資本，並預計在 2019 財年末達到近 210 億美元。這包括將原計劃在 2020 財年進行的 20 億美元股票回購活動提前到 2019 財年進行。因此，我們現在預計 2020 財年的股票回購量將比先前預期的更正常化。

Of note, our share repurchases this year were completed at a weighted average price of approximately $68 per share through the third quarter.

值得注意的是，截至第三季末，我們今年的股票回購計畫的加權平均價格約為每股 68 美元。

All other full year 2019 guidance metrics, including capital expenditures, are unchanged from what was previously communicated and reaffirmed on our second quarter fiscal '19 earnings call. Consistent with past practice, we will provide guidance for fiscal 2020 on our Q4 call in October.

2019 年全年其他所有指導指標，包括資本支出，均與先前公佈的指標相同，並在 2019 財年第二季財報電話會議上再次確認。與以往做法一致，我們將在 10 月的第四季電話會議上提供 2020 財年的業績指引。

To summarize, Q3 was a very strong quarter for Starbucks by any measure, as Kevin said. Even at our global scale, Starbucks' long-term growth potential remains compelling, underpinned by the strength of one of the world's most beloved consumer brands, our focus on innovation and our disciplined execution. As always, the ultimate credit for our success belongs to our passionate Starbucks partners in every corner of our business. They have our greatest respect and appreciation.

總而言之，正如凱文所說，無論從哪個角度來看，星巴克第三季都是一個表現非常強勁的季度。即使在全球範圍內，星巴克的長期成長潛力依然十分可觀，這得益於我們作為全球最受歡迎的消費品牌之一的強大實力、我們對創新的專注以及我們嚴謹的執行力。一如既往，我們成功的最終功勞要歸功於我們業務各個環節中充滿熱情的星巴克夥伴們。我們向他們致以最崇高的敬意和感激之情。

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) Your first question comes from Matt DiFrisco with Guggenheim Partners.

（操作員說明）您的第一個問題來自 Guggenheim Partners 的 Matt DiFrisco。

Kevin, I might have missed it in your prepared remarks, but did you say how much in the U.S. digital made up of your overall sales in the quarter? I know you had a nice jump there and an acceleration in the My Starbucks Rewards membership. I was wondering if that also was a contributor to comps. Did you see a better comp growth number among the My Starbucks Rewards members than the overall comp?

凱文，我可能在你的發言稿中漏掉了，但你有沒有提到，本季美國數位銷售額佔你總銷售額的多少？我知道你在那次跳躍中取得了不錯的成績，並且在「我的星巴克獎勵」會員資格方面也取得了快速增長。我想知道這是否也是影響比賽結果的因素之一。您是否發現「我的星巴克獎勵計畫」會員的同店銷售額成長率高於整體同店銷售成長率？

Yes. Thanks, Matt. Yes, I did comment that our digital efforts contributed about 2 points of comp in the quarter, and our loyalty program represented about 42% of tender. So the acceleration we saw in active Rewards members is paying off for us.

是的。謝謝你，馬特。是的，我確實提到過，我們的數位化措施在本季貢獻了約 2 個百分點的同店銷售額，而我們的會員忠誠度計畫佔支付總額的約 42%。因此，我們看到的活躍獎勵會員數量的加速成長正在為我們帶來回報。

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。

Just wanted to focus on that strong traffic number and if there's any additional color you could add on kind of where that's coming from and even in the step-up in the 2 year as well. Is it other certain initiatives that are driving that traffic number more than others? And anything on the customer. Is it you're getting heavier customers coming more, lighter customers coming more? Are you actually attracting newer customers as you're converting them into that loyalty network? Just any incremental detail on the traffic number.

我只是想專注於這個強勁的流量數字，如果您能補充一些關於流量來源以及第二年增長情況的信息，那就太好了。是否是其他某些措施比其他措施更能推動流量成長？以及任何與客戶有關的事情。是體重較重的顧客來得更多，還是體重較輕的顧客來得更多？在將現有客戶轉化為忠誠會員的過程中，你是否真的吸引了更多新客戶？交通流量的任何增量細節。

Yes. Dennis, I'll have Roz kind of share the specific details, but this was a very strong quarter where we saw transaction growth in all dayparts. So Roz, you want to take Dennis through what you saw in the U.S.?

是的。丹尼斯，我會讓羅茲分享具體細節，但這是一個非常強勁的季度，我們看到所有時段的交易量都實現了成長。羅茲，你想帶丹尼斯看看你在美國都看到了什麼嗎？

Sure. Thanks, Dennis, for the question. Just a few things. The results that we're seeing in the U.S. business is really part of a long-term program that we started about 12 months ago. And the biggest piece of the work is around the in-store efficiencies that we've done; and secondly, the work around the digital relationships. Those 2 things, in addition to beverage innovation, have really driven the transaction improvement in the stores. Specifically on the in-store execution piece, we have looked very carefully at the task that the partners were contributing to in their work inside the stores. We've reduced the number of tasks in the stores, roughly taking out about 12 hours of work in terms of task at the store level. In addition to that, we have also really been benefiting from afternoon traffic. Our drive-through percentage of stores is roughly 50% of our stores in the U.S. We have seen that the occasional customer tends to shop with us in the afternoon, and they enjoy the cold beverages. So the combination of the cold beverage improvements that we've seen, the work that we've done with reducing task in the afternoon/after-morning peak and then the work that we're doing to monetize the digital relationships and grow those relationships. We know a lot more about our customers now and it's really fueling what we have in the pipeline for beverage innovation as well as when we need to be ready for those customers at store level.

當然。謝謝你的提問，丹尼斯。就幾件事。我們在美國業務中取得的成果，實際上是我們大約 12 個月前啟動的長期計劃的一部分。這項工作最重要的部分是提高店內效率；其次是加強數位化關係。除了飲料創新之外，這兩件事也真正推動了門市交易量的提升。具體來說，在店內執行環節，我們仔細研究了合作夥伴在店內工作中所做的貢獻。我們減少了門市中的任務數量，大致減少了門市層面約 12 小時的工作量。除此之外，我們也確實受益於下午的交通流量。在美國，我們門市的免下車服務比例約為 50%。我們發現，偶爾光顧的顧客傾向於在下午來我們店購物，他們很喜歡冷飲。因此，我們看到冷飲業務的改進，我們在減少下午/上午高峰時段的任務方面所做的工作，以及我們正在進行的將數位關係貨幣化和發展這些關係的工作，這些因素結合起來，就取得了成功。我們現在對客戶有了更多的了解，這確實推動了我們正在研發的飲料創新產品，也讓我們能夠在門市層級為這些客戶做好準備。

I'd just add that the 12 hours of time that we freed up in the stores that Roz mentioned, we've redeployed to customer-facing activity. So that's partly what's driven the customer connection scores as well.

我還要補充一點，Roz提到的我們在門市節省下來的12個小時，我們已經重新投入在面對客戶的活動中。所以，這也一定程度影響了客戶聯繫評分。

Your next question comes from Sara Senatore with Bernstein.

下一個問題來自伯恩斯坦公司的薩拉·塞納托雷。

A question on margins on both -- in the U.S. and China. Obviously, very strong comps in those markets. But if I strip out the breakage and then the lapping of the training, I guess the margins were -- didn't expand quite as much as I would have expected on such robust top line. So you're talking about redeploying labor. Is there [indiscernible 0:42:08.7] [a couple of headwinds] that is adding to labor? Is there -- is it the delivery impact and the labor cost associated with that? Is any of that about mix in terms of either lower margin within that or any kind of sort of promotional activity? I'm just trying to get a sense because I think there was a view that when you guided at the Investor Day to sort of flattish EBITDA margins seemed quite conservative, but maybe that's not the case.

關於美國和中國利潤率的問題。顯然，這些市場的同業比較數據非常強勁。但如果我剔除損失和訓練中的反复，我想利潤率並沒有像我預期的那樣大幅增長，畢竟總利潤率非常強勁。所以你是在討論重新部署勞動力。是否有些[聽不清楚 0:42:08.7] [幾股逆風]增加了勞動強度？是否存在－是否與配送影響和相關的勞動成本有關？這其中是否包含任何關於降低利潤率或進行某種促銷活動的組合方面的資訊？我只是想了解一下情況，因為我認為之前有人認為，您在投資者日上給出的 EBITDA 利潤率預期較為保守，但也許事實並非如此。

Thanks. I'll let Pat walk you through the discussion on the margins in the U.S. and China.

謝謝。我將讓帕特帶你了解美國和中國的邊緣地帶問題。

Thank you, Kevin, and thanks, Sara, for the question. First, what I want to do is just reinforce how very pleased we are with our overall margin performance for the quarter, led by very meaningful improvements in our retail business. When you exclude the impact of streamline-related activities, our consolidated non-GAAP operating margin expanded by about 50 basis points in Q3. We did realize significant sales leverage and cost savings, notably in our supply chain, but that was partially offset by investments that we continue to make across our business, investments in our partners, in technology, in product innovation and in our stores in the interest of strengthening our competitive position to sustain long-term growth.

謝謝凱文，也謝謝薩拉提出的問題。首先，我想強調的是，我們對本季的整體利潤率表現非常滿意，這主要得益於零售業務的顯著改善。如果排除精簡相關活動的影響，我們第三季的綜合非GAAP營業利潤率成長了約50個基點。我們確實實現了顯著的銷售槓桿效應和成本節約，尤其是在供應鏈方面，但這部分被我們持續在業務各個方面進行的投資所抵消，包括對合作夥伴、技術、產品創新和門店的投資，目的是為了加強我們的競爭地位，以維持長期增長。

Now admittedly, as you say, a 50 basis point ex streamline margin improvement seems modest in the context of a 6% global sales comp for the quarter, particularly in relation to other quarters. So what I would really like to do is to highlight what was unique to Q3 as well as some segment-specific margin drivers for the quarter.

誠然，正如你所說，在季度全球銷售額同比增長 6% 的情況下，剔除精簡因素後的利潤率提高 50 個基點似乎並不算高，尤其是與其他季度相比。因此，我真正想做的是重點介紹第三季的獨特之處，以及該季度一些特定細分市場的利潤驅動因素。

On a consolidated basis, our stronger sales leverage and weaker headwind from tax reform-funded investments in Q3 were partially offset by higher inventory reserves and less favorability from breakage compared to previous quarters. In the Americas, and specifically our U.S. business, margin expansion was tempered due to higher inventory reserves and less leverage from occupancy and depreciation expense in the quarter. As a general matter, inventory reserves stem from our ongoing efforts to drive product innovation in both beverages and food and include inventory write-offs associated with both developing new offerings and transitioning out of existing offerings.

從綜合角度來看，第三季我們更強勁的銷售槓桿和稅收改革資金投資帶來的不利影響有所減弱，但與前幾季相比，更高的庫存準備金和更少的破損帶來的不利影響部分抵消了這些影響。在美洲，特別是我們的美國業務，由於本季庫存儲備增加以及租金和折舊費用帶來的槓桿作用減弱，利潤率擴張受到抑制。總的來說，庫存儲備源自於我們不斷努力推動飲料和食品產品創新，其中包括與開發新產品和淘汰現有產品相關的庫存減損。

In Q3 specifically, the reserves related primarily to our Mercato food platform. With respect to occupancy and depreciation expense, we're seeing some near-term margin pressure from 3 things: number one, renewing leases on high-volume profitable stores; number two, renovating more stores; and number three, deploying new store-level equipment to support new product platforms like Nitro Cold Brew and improve operating efficiency in the long term. Although these investments do limit the near-term flow-through that we would otherwise expect on occupancy and depreciation expense in our P&L, these investments are essential to maintaining our strong competitive position, improving profitability and driving future growth.

具體來說，第三季的儲備金主要與我們的 Mercato 食品平台有關。就佔用和折舊費用而言，我們看到近期利潤率面臨來自以下三方面的壓力：第一，續租高銷量盈利門店；第二，翻新更多門店；第三，部署新的門店級設備以支持氮氣冷萃咖啡等新產品平台，並從長遠角度提高運營效率。儘管這些投資確實限制了我們損益表中預期的短期租金和折舊費用的直接影響，但這些投資對於維持我們強大的競爭地位、提高獲利能力和推動未來成長至關重要。

So moving to CAP, the dynamics there were slightly different. And I'm going to focus specifically on our China business within the CAP segment. Margin expansion was tempered by product mix, technology investments and foreign exchange headwinds in the quarter. Modern Mixology drove incremental business, particularly in the evening daypart and with less frequent customers, but at a slightly lower margin due to increased packaging costs and higher levels of product waste. The technology investments in China relate to a number of key initiatives, including delivery, MOP and Starbucks Rewards. And as highlighted by Kevin, these investments have contributed strongly to our top line results and are instrumental to the strength of our competitive position in China.

因此，轉到 CAP 後，那裡的情況略有不同。我將重點介紹我們在 CAP 業務板塊中的中國業務。本季利潤率擴張受到產品組合、技術投資和外匯逆風的影響而受到抑制。現代調酒工藝推動了業務成長，尤其是在晚上和顧客光顧頻率較低的時段，但由於包裝成本增加和產品浪費程度較高，利潤率略低。在中國的科技投資涉及多項關鍵舉措，包括外送、MOP 和星巴克獎勵計畫。正如凱文所強調的，這些投資對我們的營收成長做出了巨大貢獻，並且對我們在中國市場的競爭地位至關重要。

So as you can see, there were some things that were unique to Q3 compared to other quarters that limited the flow-through you would expect on such a powerful comp that we experienced across our business, and there were some differences in terms of the margin dynamics comparing the U.S. to China.

因此，正如你所看到的，與其它季度相比，第三季度有一些獨特的因素限制了我們業務中經歷的如此強勁的同店銷售額增長所帶來的預期收益，而且美國和中國的利潤率動態也存在一些差異。

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。

Roz, I was wondering if you could offer a little bit more insight into delivery. Clearly, I think investors are excited to see the national rollout coming in fiscal '20. I'm wondering if maybe you can provide some color in terms of what led to the push.

Roz，我想請教一下您能否就配送方面提供一些更深入的見解。顯然，我認為投資者們對 2020 財年全國範圍內的推廣感到興奮。我想知道您能否詳細介紹一下導致這一行動的原因。

I know it was in, I guess, 11 markets led by Miami. I'm wondering if you can give any specifics in terms of what it ultimately culminated in, in terms of -- I know you highlighted mix of sales, average check, maybe the incrementality, kind of specifics around what that led to. I was assuming it's quite wide range of variability by market. And if you compare that to China, which would seem like that's much further along. I know you gave a couple of metric specifics to China, but if you can compare and contrast the U.S. versus China in terms of the delivery opportunity, that would be great.

我知道它覆蓋了大約 11 個市場，其中邁阿密位居榜首。我想知道您能否具體說明一下最終的結果，例如——我知道您重點提到了銷售組合、平均客單價、增量，以及由此產生的具體結果。我原以為不同市場的差異範圍會相當大。如果與中國相比，中國似乎已經走得更遠了。我知道您已經給出了一些關於中國的具體指標，但如果您能從交付機會的角度對美國和中國進行比較和對比，那就太好了。

Sure. Thank you, Jeffrey. First of all, let me start off by saying that the comps of the beverage delivery is developing just slowly overall in the U.S. versus China. China is sort of a native delivery market versus the U.S. However, we have seen enough encouragement for us to go through a national launch and actually, as you read earlier this week, bring our relationship with Uber Eats to bear.

當然。謝謝你，傑弗裡。首先，我想說的是，與中國相比，美國飲料配送產業的競爭格局整體發展緩慢。與美國相比，中國更像是本土化的外送市場。然而，我們已經看到了足夠的動力，可以進行全國性的推廣，正如你在本週早些時候讀到的那樣，我們將與 Uber Eats 建立合作關係。

So first of all, you're right. Our markets included Seattle, San Francisco, and then we expanded across the greater Bay Area, Boston, L.A., Chicago, New York, D.C. and Miami. We launched 3 more markets in July: Dallas, Houston and Orange County. In this expansion, we're pleased with what we're seeing in ticket.

首先，你說得對。我們的市場最初包括西雅圖、舊金山，然後我們擴展到大灣區、波士頓、洛杉磯、芝加哥、紐約、華盛頓特區和邁阿密。7 月我們又開拓了 3 個市場：達拉斯、休士頓和橙縣。在這次擴張中，我們對票務方面的情況感到滿意。

Our most important work that we could do during this time frame was to make sure that we had very good software integration, first and foremost; and second, that we could execute at store level. And those 2 areas have given us encouragement to go national with the program. What you'll see coming forward is not only the relationship coming together between Uber and Starbucks but also to the additional marketing that we're adding towards the efforts. We had minimal marketing through the pilot period of this work. So in terms of ticket and expediting at store level, we're pleased, and we're moving forward.

在此期間，我們最重要的工作是確保軟體整合非常完善，這是首要任務；其次，確保我們能夠在門市層級有效執行。這兩個領域的發展給了我們信心，讓我們有動力將這個計畫推廣到全國。接下來您將看到的不僅是 Uber 和星巴克之間的合作關係，還有我們為此工作增加的額外行銷活動。在試點階段，我們幾乎沒有進行任何市場推廣。因此，就門市層面的票務和加急處理而言，我們感到滿意，並且正在向前推進。

John, do you want to add sort of your perspective on what you're seeing in delivery in China?

約翰，你能否就你目前在中國的物流配送情況談談你的看法？

Sure. Yes, Jeffrey, in China, we've rolled out to now 2,900 stores across 80 cities. And that was since we began the implementation last September. And what we're seeing is that -- first and foremost, is that the digitally connected consumer in China is very much -- very much understands delivery and using it to address their need state of convenience.

當然。是的，傑弗裡，在中國，我們已經在 80 個城市的 2900 家門市開展業務。而這已經是自去年九月我們開始實施以來的情況了。我們看到的是──首先，中國數位化消費者非常了解配送服務，並利用配送服務來滿足他們對便利性的需求。

When you look at what delivery has done for us, it has driven meaningful incremental transaction lift. It represents now 6% of sales, which Kevin talked about. And what we're seeing underneath that is it's a slightly higher ticket than what we're seeing through our stores. There's a higher food attach. It's stronger in the morning and lunch daypart. And really, the team in China has really focused on how do we continue to manage this each and every day in adjusting the store base, in adjusting the delivery [rates] and making sure that we're meeting the customer needs and fulfilling the orders within the 18-minute delivery time that we're targeting.

從配送服務帶給我們的影響來看，它顯著提升了交易量。目前，這部分銷售額佔總銷售額的 6%，凱文也談到了這一點。而我們發現，背後的實際價格比我們在實體店看到的價格略高。食品價格上漲了。早上和午餐時間藥效更強。事實上，中國團隊一直專注於如何繼續每天管理好這一點，包括調整門市數量、調整配送費率，確保滿足客戶需求，並在我們設定的 18 分鐘配送時間內完成訂單。

We've gone through and really set up our store operations to better effect delivery. We obviously have a very strong partnership with Alibaba and have dedicated drivers that are delivering Starbucks products. We've gone through and rationalized the menu. And we've also obviously introduced premium packaging as part of the delivery experience. And then obviously, delivery is not only available through the Starbucks app, but it's available through all the Alibaba platforms as well, which has enabled customers to engage much more frequently with it.

我們已經仔細研究並完善了門市營運流程，以更好地實現配送目標。我們與阿里巴巴建立了非常牢固的合作關係，並有專門的司機負責配送星巴克產品。我們已經對菜單進行了梳理和優化。當然，我們也引進了優質包裝，作為配送體驗的一部分。顯然，外送服務不僅可以透過星巴克應用程式提供，還可以透過阿里巴巴的所有平台提供，這使得顧客能夠更頻繁地與星巴克互動。

So we're very pleased overall with what we're doing in delivery. We're on track to get to 3,000 stores by the end of fiscal '19, and we're continuing to see this as a strategic channel that we're going to continue to invest in and grow.

所以總的來說，我們對目前的交付工作非常滿意。我們預計在 2019 財年末達到 3000 家門市的目標，並且我們將繼續把這視為一個策略管道，並繼續投資和發展。

Your next question comes from John Glass with Morgan Stanley.

下一個問題來自摩根士丹利的約翰‧格拉斯。

First, if you could just clarify in the U.S. what you think lapping the issues last year helped comps this year. In other words, what the benefit was just so we can maybe more -- get a better baseline of where the U.S. business is running ex those items. And my real question is on China Mobile Order and Pay, I imagine that could be a significant driver just based on the consumer's willingness to use digital there. How has the early reception been? How do you make sure you don't run into some of the throughput issues maybe you had in the U.S. there and mitigate some of those potential slowdown or bottleneck?

首先，請您在美國澄清一下，您認為去年解決這些問題對今年的比賽有什麼幫助。換句話說，這樣做的好處在於，我們或許可以更了解美國企業在這些專案上的運作情況。我真正的問題是關於中國行動點餐和支付，我認為僅憑消費者在中國使用數位支付的意願，它就可能成為一個重要的驅動因素。目前的市場反應如何？如何確保不會遇到像在美國那樣的吞吐量問題，並減輕一些潛在的速度減慢或瓶頸？

Thanks, John. I'll have Pat take the first question on U.S. comps relative to last year, and then John Culver will take you through the Mobile Order and Pay in China. Pat?

謝謝你，約翰。我將請 Pat 回答第一個關於美國市場與去年相比情況的問題，然後 John Culver 將帶您了解中國的行動點餐和支付情況。拍？

So John, I think the best way to understand the impact of lapping last year's weaker performance is to really look at the 2-year comp. And when you consider that last year's sales comp was 1% in Q3, this year then with the 7% in the U.S., we achieved a 2-year sales comp of 8%. This was the highest 2-year sales comp in 8 quarters, and it was a sequential improvement over the 6% 2-year sales comp in Q2. So I think when you look at that step-up sequentially, that demonstrates that Q3 comp performance didn't nearly result from an admittedly easy lap, but it provided clear evidence that the actions we're taking to improve the business are delivering results. So I would just encourage you to look at the trend of 2-year comps, and I think that will highlight what we believe is a step change in our business that happened in this most recent quarter.

所以約翰，我認為要了解去年表現較差所帶來的影響，最好的方法是真正研究這兩年的比賽情況。考慮到去年第三季的銷售額年增率為 1%，而今年美國市場的銷售額年增率為 7%，我們實現了兩年銷售額年增 8%。這是 8 個季度以來最高的兩年銷售額同比增幅，並且比第二季度 6% 的兩年銷售額同比增幅有所提高。所以我認為，從這個連續成長來看，這表明第三季的業績成長並非輕而易舉，而是清楚地證明了我們為改善業務而採取的行動正在取得成效。因此，我建議大家關註一下兩年前的業績趨勢，我認為這將凸顯出我們認為在最近一個季度公司業務發生的重大變化。

Yes, John. And picking up on your question on Mobile Order and Pay, we're very optimistic and bullish on the opportunity that this presents in China, particularly given the digitally savvy Chinese customers. For us, we announced and rolled it out in late May in 300 stores. We quickly expanded to 1,800 stores and now sit across 8 cities in the market. And basically, what we see in our stores is that we've learned from the U.S. on how we operationalize it to make sure that we're mitigating any of the challenges that we had here in the U.S. last year when we first introduced it.

是的，約翰。關於您提出的行動點餐和支付問題，我們對此在中國的發展前景非常樂觀，尤其考慮到中國消費者對數位科技的精通程度。我們於 5 月下旬在 300 家門市宣布並推出了這項服務。我們迅速擴張到1800家門市，目前業務遍及市場上的8個城市。基本上，我們在門市中看到的是，我們已經從美國吸取了經驗，學習如何經營這項業務，以確保我們能夠減輕去年在美國首次推出這項業務時遇到的任何挑戰。

And for us, we see tremendous opportunity to continue to use this to enhance the customer experience. Kevin and I were just there, as he shared, and we saw the new Starbucks Now store, which is dedicated to Mobile Order and Pay and fulfilling delivery orders. That is one unique concept that we're going to further expand. And then in our core stores, we have dedicated space where customers can come in and pick up their mobile order. And so thus far, we're very pleased with how things are going. We're continuing to monitor it very closely, and we see it being a big opportunity for us going forward.

對我們來說，我們看到了巨大的機會，可以繼續利用這一點來提升客戶體驗。正如凱文所說，我和他剛才就在那裡，我們看到了新的 Starbucks Now 門市，專門提供手機下單和支付服務，並可完成外帶訂單。這是一個獨特的概念，我們將進一步拓展。然後，在我們的核心門市，我們設有專門的區域，顧客可以到店領取他們的手機訂單。所以到目前為止，我們對事情的進展非常滿意。我們正在密切關注事態發展，並認為這對我們未來的發展是一個重要機會。

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

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

Digital relations are a key source you identified to grow domestic same-store sales, and it looks like the active MSR members inflected in 3Q where the [(inaudible) 400,000 0:43:40.4] adds that was seasonally the highest on record. And after 1Q and 2Q additions, they were largely in line with seasonally historic additions. Was the inflection in 3Q largely a function of the changes in the MSR program's rewards structure in April? Or are there changes in the tactics convert non-MSR members over to MSR members that were different this quarter than in quarters past?

數位關係是您確定的促進國內同店銷售成長的關鍵來源，而且活躍的 MSR 會員數量在第三季度似乎有所增長，新增會員數量為 40 萬，創下季節性歷史新高。第一季和第二季新增的新增數量，與往年同期新增數量基本持平。第三季的拐點是否主要是由於4月MSR計畫獎勵結構的變化造成的？或者說，本季將非 MSR 會員轉化為 MSR 會員的策略是否與以往季度有所不同？

Yes, it's a little of both. Roz, I'll let you take Andrew through the dynamics there.

是的，兩者兼具。羅茲，我讓你帶安德魯了解那裡的情況。

Yes. So Andrew, a couple of things. Just to go into the details of the changes that we did make back in April. There's 3 components to understand about that program. First of all, the first part of it is around redemption for all, and this allows our reward members -- our new reward members to actually achieve Stars within 2 to 3 visits. In the past, that number had been 30 to 40 visits, and then you would achieve Stars. The second piece of this is around the multi-tier redemption. And when you think about the multi-tier aspect of the program, previously, members could only redeem once they reached 125 Stars. Now the members are able to redeem their Stars at 5 tiers, ranging from 25 to 400 Stars. And we've added new items such as merchandise and at-home coffee that you can also redeem. And then the last part of it is no expiration for Starbucks Rewards for credit cardholders, and so Stars do not expire for cardholders. So the program change has -- it's early success for us. There's been minimal disruption to the business and positive sentiment overall from the customer base.

是的。安德魯，有幾件事。接下來我將詳細介紹我們在四月所做的更改。要了解程序，需要理解以下三個面向。首先，第一部分是關於所有人的兌換，這使得我們的獎勵會員——我們的新獎勵會員——能夠在 2 到 3 次訪問內真正獲得星星。過去，造訪次數達到 30 到 40 次即可獲得星級評價。第二部分是關於多級兌換的。考慮到該計劃的多級特性，以前會員只有達到 125 顆星才能兌換獎勵。現在會員可以分 5 個等級兌換星星，等級從 25 星星到 400 星星不等。我們也新增了一些商品，例如周邊產品和家用咖啡，您也可以使用這些商品進行兌換。最後一點是，星巴克信用卡持卡人的獎勵積分沒有有效期，也就是說，星巴剋星星對持卡人來說不會過期。所以，這項計劃的改變對我們來說已經取得了初步成功。業務受到的影響微乎其微，客戶整體情緒也較為正面。

I'll also mention that compared to changes in the past, our partners will tell you that on day 1, they felt 100% ready to open the stores with the new program, and we had 0 interruption. So the program is a success. We're seeing conversions from our non-SR. In addition, I'll add to that, we're able to speak to our non-SR members. And that's our occasional member that I talked about earlier, joining us in the afternoon likely through drive-through, enjoying refreshment and cold beverages. And so it's growing our category where we needed it the most and improving our afternoon daypart as well. So we are encouraged by the early signs of the program.

我還要提到，與以往的變化相比，我們的合作夥伴會告訴你，在第一天，他們就感覺已經做好了 100% 的準備，可以按照新程序開設門店，而且我們沒有受到任何干擾。所以這個專案取得了成功。我們看到非SR客戶的轉換率有所提高。此外，我還要補充一點，我們也可以與非SR成員交流。這是我之前提到的那位偶爾光臨的會員，他很可能是在下午透過免下車通道加入我們，享用茶點和冷飲。因此，它不僅在我們最需要的領域實現了成長，也改善了我們下午時段的業務。因此，我們對該計劃的早期跡象感到鼓舞。

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

你的下一個問題來自摩根大通的約翰‧伊凡科。

A previous question or I guess theme. The 2-year traffic in the United States, same-store traffic has been around 0 the past couple of quarters. Do you think that's the right level as we kind of think about fiscal '20, I guess, as the time frame that we should expect given the change of the comparisons based on what you think about the economic cycle, competition and your own store growth? That's the first question.

之前的問題，或者說主題。過去兩個季度，美國同店客流量（兩年平均）一直接近 0。您認為考慮到經濟週期、競爭以及您自身門市的成長情況，以及比較基準的變化，我們預期 2020 財年（也就是我們應該預期的時間範圍）的水平是否合適？這是第一個問題。

And then secondly, the question is for Roz. I know you mentioned labor deployment, but could you kind of tell us where we are in terms of lean principles at the store level? I mean at what inning are we? How much more is there to go? And obviously, as we look at attracting and retaining labor, which is so essential for brands like your own, should we expect labor dollars per operating week to more or less be in line with total inflation? Or is there anything that you can do from the productivity side there?

其次，這個問題是問羅茲的。我知道您提到了勞動力部署，但您能否告訴我們，就門市層面的精實原則而言，我們目前的情況如何？我的意思是，我們現在打到第幾局了？還有多遠的路要走？顯然，在考慮如何吸引和留住員工時（這對像貴公司這樣的品牌至關重要），我們是否應該預期每週的勞動成本與整體通貨膨脹率大致持平？或者，從提高生產力的角度來看，您能做些什麼？

John, let's have Pat take your first question. Then Roz can comment on lean principles and the labor dynamics in stores. So Pat?

約翰，我們先請帕特回答你的第一個問題。然後 Roz 可以就精實原則和門市的勞動力動態發表評論。所以，帕特？

John, you're absolutely right. Our 2-year transaction comp in the U.S. for the third quarter was flat, where it has been for the last couple of quarters. However, that is an improvement over the 2-year transaction comp that was negative across really all of fiscal '18. So we do believe that we're making good progress. I would say that we remain confident in our ability to deliver positive traffic comp on a 1- and 2-year basis going forward in the context of our long-term growth model that calls for U.S. comp growth -- sales comp growth of 3% to 4% with at least 1% coming from traffic growth.

約翰，你說得完全正確。第三季度，我們在美國兩年來的交易額與去年同期持平，與過去幾季的情況相同。然而，這比過去兩年的交易比較有所改善，而 2018 財年實際上整個財年的交易比較結果均為負值。所以我們相信我們正在取得良好進展。我認為，我們仍有信心在未來 1 年和 2 年內實現正向的客流量成長，這符合我們長期成長模式的要求，即美國同店銷售額成長 3% 至 4%，其中至少 1% 來自客流量成長。

What gives us confidence in our ability to deliver that consistently is the playbook that Roz and her team have developed that is demonstrating results here in the U.S. with 3 key elements: the improved in-store experience, breakthrough beverage innovation and digital. And I think what you've seen over the last 4 quarters here is steady improvement with, in this most recent quarter, an inflection point that gives us even more confidence that we're on the right track, and that playbook will yield results consistent with our long-term growth model.

讓我們有信心持續實現這一目標的，是 Roz 和她的團隊制定的策略，該策略在美國取得了成效，它包含 3 個關鍵要素：改善店內體驗、突破性飲料創新和數位化。我認為，過去四個季度以來，我們一直穩步改善，而最近一個季度更是出現了轉折點，這讓我們更加確信我們走在正確的道路上，並且這一策略將產生與我們的長期增長模式相一致的結果。

John, to your question about lean principles and what's left sort of in the pipeline in terms of what we're seeing for labor deployment, so first of all, let me start off by saying that there is a longer-term plan, and there is still work yet to be done at our stores. But I'm encouraged by what we're seeing right now.

約翰，關於你提出的精實原則以及我們在勞動力部署方面還有哪些工作要做的問題，首先，我想說的是，我們有一個長期計劃，而且我們的門市還有一些工作要做。但我對我們目前看到的情況感到鼓舞。

First of all, we are constantly looking at how do we free up task in the stores. We talked about the 12 hours per week that we've accomplished so far, but we've done several things in addition to that. First of all, we've gone into some of our major markets that are high MOP areas, and we have expanded the handoff plane. So when we have customers that are crowding in the handoff area right where MOP is exchanged and the drinks are exchanged, we have extended that physical space. We've added labor hours as the stores have earned the labor hours and so -- and reallocated from the work that they were doing, turn those hours back into hours that they can spend customer-facing. And then the other part of the work that we've done is around training. And so we have freed up time through the labor scheduling tool that we put in place in Q2, and now we're able to train more in the stores.

首先，我們一直在思考如何減輕門市的工作負擔。我們談到了目前為止每週完成的 12 小時，但除此之外，我們還做了幾件事。首先，我們已經進入了一些利潤率較高的主要市場，並且擴大了交接範圍。因此，當顧客擠在交接區（也就是交換商家券和飲料的地方）時，我們擴大了實體空間。我們已經增加了門市的工時，因為門市已經獲得了這些工時，所以我們重新分配了這些工時，讓他們可以把這些工時用於面向顧客的服務。我們所做的另一部分工作是關於培訓的。因此，透過我們在第二季度實施的勞動力排班工具，我們騰出了時間，現在我們能夠在門市進行更多培訓。

What's left in the pipeline for us, we have significant work in progress that will hit in fiscal year '20. First and foremost, we will be introducing the inventory excellence and routines, which is going to help us actually with further store execution. The second piece is what we do with our food. We have a process in our stores where we have to pull the food first, allow it to thaw over a period of time and then -- and there are some improvements in that process, significant improvements. And then lastly, our automated centralized planning and replenishment, we'll hit next year as well, in second quarter of next year. So we have significant work in the pipeline that gives us encouragement that we're managing labor at store, and we are reducing the work in the store and reallocating those hours back into what matters most.

我們還有許多正在進行中的重大項目，這些項目將在 2020 財年完成。首先，我們將介紹庫存管理的卓越性和流程，這將有助於我們進一步提升門市營運效率。第二點是我們如何利用食物。我們的門市有一套流程，必須先將食品取出，讓它在一段時間內解凍，然後——而且這個流程還有一些改進，顯著的改進。最後，我們的自動化集中計畫和補貨系統也將在明年第二季實現。因此，我們有很多工作正在進行中，這讓我們感到鼓舞，因為我們正在管理門市的勞動力，減少門市的工作量，並將這些時間重新分配到最重要的事情上。

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

你的下一個問題來自莎朗·扎克菲亞和威廉·布萊爾的對話。

I had a question on China. So when you think about all of the efforts over the past year, whether it's delivery or Mobile Order and Pay most recently or the change to Starbucks Rewards in that market, when you look at the comp stores, how is that driving comps between new customer acquisition versus increasing frequency?

我有一個關於中國的問題。所以，回顧過去一年來的所有努力，無論是最近的送貨上門、手機下單和支付，還是該市場星巴克獎勵計劃的改變，當你查看同店數據時，這些舉措是如何推動新客戶獲取和提高客戶頻率之間的業績增長的呢？

Yes. Sharon, this is John. What I would say is that given the growth that we're seeing in the market, and I'll go back to the 2 key metrics that we gave at Investor Day around total revenue growth for the market, we delivered an 18% year-over-year growth in the total market and then transactions across the entire market to include new stores and non-comp store -- or comp stores with strong double-digit growth. And so as we dig into that, we look at it and we say we continue to not only attract new customers into the Starbucks brand and into the Starbucks Experience, but then also existing customers continue to increase frequency. And the way in which we see this frequency happening now on the existing customers is through the Starbucks Rewards program.

是的。莎倫，這是約翰。我想說的是，鑑於我們目前在市場上看到的增長，我將回顧我們在投資者日上提出的關於市場總收入增長的兩個關鍵指標，我們實現了整個市場18%的同比增長，以及包括新店和非同店交易在內的整個市場的交易量——或者說是實現了兩位數增長的同店交易量。因此，當我們深入研究這個問題時，我們發現，我們不僅持續吸引新顧客加入星巴克品牌和體驗星巴克，現有顧客也持續增加光顧頻率。而我們現在在現有客戶中看到這種頻率出現的方式是透過星巴克獎勵計畫。

And when you look at the Starbucks Rewards program, in December, we moved from spend-based program -- I'm sorry, we've moved to a spend-based program, and we enabled our customers to have an easier access into the program and enrolling into it. We now have 9.1 million active Starbucks Rewards members, which further accelerated over Q2 by 10%. And year-over-year, membership has grown 36%. And so more and more of our existing customers want to be a part of the rewards program. So we're driving meaningful repeat into our existing stores with existing customers but then also attracting new customers in as we opened stores in the areas where they work and where they live. So we feel very good about the strategy that we have around this and the acquisition that we're seeing on both new and existing customers and frequency.

再看看星巴克獎勵計劃，我們在 12 月從基於消費的計劃——抱歉，我們已經轉向基於消費的計劃，並且我們讓顧客更容易訪問和註冊該計劃。目前，星巴克獎勵計劃的活躍會員人數為 910 萬，比第二季度增加了 10%。與前一年相比，會員人數增加了 36%。因此，越來越多的現有客戶希望加入獎勵計劃。因此，我們透過現有客戶在現有門市實現有意義的重複消費，同時透過在他們工作和居住的地區開設門市來吸引新客戶。因此，我們對我們圍繞這一目標制定的策略以及我們在新舊客戶獲取和購買頻率方面所看到的成果感到非常滿意。

Yes. And Sharon, I just add to John's comments that -- just remind you that China is predominantly a tea-drinking culture, and we are introducing the Chinese consumer to premium arabica coffee. We sell teas in our store as well. And you think about the new store growth that we're investing in, in China, many of these new stores were expanding into new cities, whereas the first time we've had Starbucks presence. So we are dramatically increasing the number of new Chinese consumers that are introduced to Starbucks. And as we do that, we work to help establish that relationship and ultimately a digital relationship and keep them coming. But there is a significant long runway of opportunity for us to continue to attract new customers to Starbucks in China, and then we create a great customer experience for them and a relationship with them. And from there, we'll create customers for life.

是的。莎倫，我只想補充約翰的評論——提醒你一下，中國主要是一個飲茶文化盛行的國家，而我們正在向中國消費者介紹優質阿拉比卡咖啡。我們店裡也賣茶。想想我們在中國投資的新店擴張，很多新店都開到了新的城市，而這還是星巴克第一次進駐中國。因此，我們正在大幅增加星巴克吸引的中國新消費者數量。我們這樣做是為了幫助建立這種關係，最終建立數位化關係，並讓他們持續參與。但是，我們在中國還有很長的路要走，可以繼續吸引新顧客到星巴克，然後為他們創造良好的顧客體驗，並與他們建立關係。由此，我們將打造終身客戶。

Your next question comes from David Tarantino with Baird.

你的下一個問題來自 Baird 公司的 David Tarantino。

Just one clarification and then my question. The clarification, Pat, could you tell us what the inventory reserve impact was for the quarter and whether that was a onetime issue or something you expect to continue?

先澄清一點，然後再問問題。Pat，請問能否澄清一下，本季的庫存準備金受到了怎樣的影響？這是一次性問題還是預計會持續存在的問題？

And then I guess my other question is for Kevin. Kevin, how should we think about the strategic implications of this deal that you did with Brightloom? And should we start thinking about Starbucks wanting to monetize some of the engine behind what's maybe successful on the digital side more widely? And if so, how do you protect some of the proprietary nature of that as you extend it to other brands?

那麼，我的另一個問題是問凱文的。Kevin，我們該如何看待你與 Brightloom 達成的這筆交易的戰略意義？我們是否應該開始考慮星巴克是否想要將一些在數位領域可能取得成功的引擎商業化，以實現更廣泛的獲利？如果是這樣，當你將某些專有技術擴展到其他品牌時，如何保護其某些專有性質？

David, with respect to the inventory reserves, the issue was primarily in the U.S. business, and as I mentioned earlier, primarily driven by our Mercato food platform where we're in the process of transitioning to a new fresh food platform over the next year or so. So there were some supplier obligations and other commitments that resulted in our taking some reserves in the third quarter. We do take inventory reserves on an ongoing basis as part of our business, but those reserves were more elevated in the third quarter. We're not anticipating reserves on that level in our fourth quarter.

David，關於庫存儲備，這個問題主要出現在美國業務中，正如我之前提到的，主要是由於我們的 Mercato 食品平台，我們正在未來一年左右的時間裡將其過渡到一個新的新鮮食品平台。因此，由於一些供應商義務和其他承諾，我們在第三季提了一些準備金。作為業務的一部分，我們一直在提列庫存準備金，但第三季的準備金水準更高。我們預計第四季的儲備金不會達到那個水準。

And David, on your question about Brightloom, let me give you a little context and sort of answer your question for you. We recognize certainly the important role that digital plays in our business, and we're always looking for new ways to accelerate growth and drive innovation on digital. For example, it was a little less than a year ago that we entered into the China digital partnership with Alibaba that has enabled us to increase the reach of the Starbucks mobile app experience, launch Starbucks Delivers and build Star Kitchens embedded in Hema stores. That relationship has accelerated our digital flywheel progress in China.

David，關於你提出的 Brightloom 的問題，讓我先給你一些背景信息，然後回答你的問題。我們當然認識到數位化在我們業務中扮演的重要角色，我們也一直在尋找新的方法來加速成長並推動數位化創新。例如，大約一年前，我們與阿里巴巴建立了中國數位合作夥伴關係，這使我們能夠擴大星巴克行動應用程式體驗的覆蓋範圍，推出星巴克外送服務，並在盒馬鮮生門店中打造星巴克廚房。這種關係加速了我們在中國數位化飛輪式發展進程。

I'd say for the last year or so, we've been working to find a way to provide digital flywheel services to our global license partners. Now keep in mind that there are approximately 10 large companies that license and operate most of the Starbucks stores throughout EMEA, Latin America and Southeast Asia. Because each of those partners run different technology stacks and they also manage multiple restaurant brands, we had to find a creative way to deliver the consistent Starbucks digital experience to those different partners who run multiple brands and have diverse tech stacks. That's why we partnered to create a new tech company called Brightloom.

我想說，在過去一年左右的時間裡，我們一直在努力尋找一種方法，為我們的全球授權合作夥伴提供數位飛輪服務。請記住，大約有 10 家大型公司獲得了星巴克在歐洲、中東、非洲、拉丁美洲和東南亞的大部分門市的授權並進行營運。由於每個合作夥伴都運行著不同的技術棧，並且他們還管理多個餐飲品牌，因此我們必須找到一種創造性的方法，為這些運營多個品牌且擁有不同技術棧的合作夥伴提供一致的星巴克數位體驗。這就是我們合作創建一家名為 Brightloom 的新科技公司的原因。

Brightloom is the merger of the restaurant tech company formerly called eatsa and a software license of specific elements of the Starbucks digital flywheel. Now certainly, those specific elements are the elements that are generally available for ordering and managing loyalty, things like our personalization engine, and other things are still proprietary to Starbucks.

Brightloom 是由前身為 eatsa 的餐飲科技公司與星巴克數位飛輪特定元素的軟體授權合併而成。當然，這些具體要素通常是用於訂購和管理會員忠誠度的要素，而我們的個人化引擎等其他功能仍然是星巴克的專有技術。

So with the license to those specific elements of the Starbucks digital flywheel, we didn't invest cash in this new venture, but rather, we received an equity stake in return for that software license, a board seat and a commitment from Brightloom that they're going to focus on our global license partners and as sort of the early-stage customers that Brightloom serves. So Brightloom is going to be in a position to service those Starbucks license partners as well as the broader industry restaurant merchants who need the same cloud-based software platform.

因此，憑藉星巴克數位飛輪特定元素的許可，我們並沒有向這項新業務投入現金，而是獲得了股權作為軟體許可的回報，以及一個董事會席位，並且Brightloom承諾將專注於我們的全球許可合作夥伴以及Brightloom服務的早期客戶。因此，Brightloom 將能夠為星巴克特許經營合作夥伴以及需要相同雲端軟體平台的更廣泛的餐飲業商家提供服務。

So I think this now gives us a solid strategy to bring the digital flywheel to our licensed partners globally. It enables our Starbucks technology team in-house to continue to focus on the R&D capabilities for our company-operated markets outside of China and the proprietary aspects of our digital flywheel and allows us to continue in China to leverage the partnership that we established with Alibaba to supplement our China digital team. So we think of this as really a strategic move to get a front row seat on next-generation innovation around digital flywheel from Brightloom and to have a solution that services our international license partners.

所以我認為這為我們提供了一個可靠的策略，可以將數位飛輪帶給我們在全球的授權合作夥伴。這使得星巴克內部技術團隊能夠繼續專注於中國以外公司自營市場的研發能力以及我們數位飛輪的專有方面，並使我們能夠繼續在中國利用我們與阿里巴巴建立的合作夥伴關係來補充我們的中國數位團隊。因此，我們認為這確實是一項策略性舉措，可以讓我們搶佔先機，了解 Brightloom 的下一代數位飛輪創新，並為我們的國際授權合作夥伴提供服務解決方案。

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。

Wondering on the delivery expansion in the U.S. If you haven't yet seen a meaningful impact in some of the large urban areas you started out in, are you willing to share whether or not you expect it to be a comp contributor in 2020 and what kind of levels of incrementality maybe you're seeing early on in some of the markets you've been in with Uber Eats?

想了解美國外送業務的擴張情況。如果您在一些最初開展業務的大城市地區還沒有看到顯著的影響，您是否願意分享一下您是否預計外賣業務在 2020 年會成為收入增長的貢獻因素，以及您在 Uber Eats 的一些早期市場中看到了怎樣的增長幅度？

Roz, you want to take that?

羅茲，你想拿那個嗎？

Sure. So Andy, a couple of things. One, we're encouraged by the incrementality that we're seeing. We are seeing expanded ticket. We're seeing food attach at a significant level for ticket. We're seeing quality of the beverage upon delivery. We've made some advancements in our packaging, which has helped us tremendously. So we're encouraged that what we've seen so far as we expand and get marketing dollars behind it, we're encouraged by what we think this could do for us in the long run.

當然。安迪，有幾件事。第一，我們對目前看到的漸進式進展感到鼓舞。我們看到票務範圍擴大了。我們發現，食品在門票價格中佔有相當大的比重。我們在收到飲料時就檢查了其品質。我們在包裝方面取得了一些進步，這對我們幫助很大。因此，我們感到鼓舞的是，隨著我們不斷擴張並獲得行銷資金的支持，我們目前所看到的成果，以及我們認為這在長期內可能為我們帶來的益處，都讓我們倍感鼓舞。

Your next question comes from Brian Bittner with Oppenheimer & Co.

下一個問題來自奧本海默公司的布萊恩·比特納。

A question about U.S. sales and a question about China sales. On the U.S., can you just talk a little bit more about the Nitro rollout and what it's really doing to accelerate the beverage comp that's leading the comp for the U.S.? We're just finding a lot of stores that are selling out of this product. So really interested in any quantifiable comments you have related to Nitro.

一個關於美國銷售的問題和一個關於中國銷售的問題。關於美國市場，您能否再詳細談談Nitro的推出情況，以及它究竟如何加速了目前在美國飲料市場領先的飲料品牌的發展？我們發現很多商店的這款產品都賣斷貨了。所以，我非常想聽聽您對Nitro的任何量化評價。

And on China, last year was really -- you really talked up the competitive headwinds that you're seeing there. And from the outside looking in, the competitive headwinds arguably have only accelerated, yet your trends have done much better. And the question is if it was really idiosyncratic to what you've been doing. Or are we seeing a nice big acceleration in the overall coffee market for China?

至於中國市場，去年你確實著重強調了你在那裡看到的競爭逆風。從外部來看，競爭逆風或許只會加劇，但你們的發展趨勢卻好得多。問題是，這是否真的是你一直以來所做的事情的獨特之處。或者我們看到中國整體咖啡市場出現了顯著的成長？

Thanks, Brian. Let's -- Roz, I'll have you take the first one, and then let me comment on the second one. I'll hand over to John as well.

謝謝你，布萊恩。好——羅茲，你先看第一個，然後我再點評第二個。我也會把麥克風交給約翰。

Sure. Brian, it's unfortunate that you've been experiencing any outages on Nitro. But beverage growth did contribute to about 80% of our total sales growth for the quarter. So we've got good news here in terms of the receptivity and demand for Nitro. We are making advancements in our back rooms and behind the bar to accommodate what we need to have happened with Nitro. In most cases, it requires us to install new equipment. And so we're making space for the traction and growth that we've seen in Nitro. And as we get more and more of this rolled out right now, by early August, we should be probably in 80% of our stores and then by the end of the year, 100% of our stores. And we're learning as we go. And execution is happening at stores, and we're getting better and better every day and learning as we go full bore on this.

當然。Brian，很遺憾你的 Nitro 服務出現了中斷。但飲料業務的成長確實貢獻了本季總銷售額成長的約 80%。所以，就市場對Nitro的接受度和需求而言，我們有好消息。為了滿足 Nitro 的需求，我們正在後廚和吧台進行改進。大多數情況下，這需要我們安裝新設備。因此，我們正在為Nitro所取得的成長和發展騰出空間。隨著這項服務不斷推廣，到 8 月初，我們應該能在 80% 的門市推廣，到年底，應該能涵蓋 100% 的門市。我們邊做邊學。門市正在執行相關措施，我們每天都在進步，並在全力以赴的過程中不斷學習。

And Brian, when I think about the opportunity in China, certainly, China represents a large and growing addressable market for coffee. And it's no surprise that, that large and growing addressable market is going to attract more competitors. And because China is primarily a tea-drinking culture, more competitors focused on the addressable market of coffee actually accelerates the adoption of coffee by the Chinese consumer. That's certainly good for the industry, but I would also argue what's good for the industry is also very good for Starbucks. As the market evolves, it's important for us to stay focused on the key elements that differentiate Starbucks from all others: coffee, the premium arabica coffee we serve; our craft, the fact that we handcraft beverages personalized for each customer; comfort, the third place experience where we create that warm welcoming environment; and connection, the place where people connect over coffee and tea.

布萊恩，當我想到中國的機會時，我當然認為中國是一個龐大且不斷成長的咖啡潛在市場。毫不奇怪，如此龐大且不斷成長的潛在市場將會吸引更多競爭者。由於中國主要是飲茶文化，更多專注於咖啡這一潛在市場的競爭者實際上加速了中國消費者對咖啡的接受度。這當然對整個產業有好處，但我認為對整個產業有利的，對星巴克也同樣有利。隨著市場的發展，對我們來說，重要的是要專注於使星巴克與其他所有咖啡店區分開來的關鍵要素：咖啡，我們提供的優質阿拉比卡咖啡；我們的匠心，我們為每位顧客手工製作個性化飲品；舒適，我們營造的溫馨宜人的“第三空間”體驗；以及聯結，人們在這裡通過咖啡和茶進行交流。

It's also important -- and what you've seen over this last year, we've extended that third place customer experience, really amplifying the digital customer relationship and enabling new capabilities around the need state of convenience. And it is that differentiation of Starbucks in the third place and craft and coffee and extending it to the need state of convenience. We feel like the steps we've taken have further differentiated our position in a large and growing market of China. And I think that's exactly the direct contributor to China's great performance results that we've seen. The strategy is working, and we're going to continue to stay focused on that model.

這一點也很重要——而且在過去一年裡，你們也看到了，我們擴展了第三空間客戶體驗，真正加強了數位客戶關係，並圍繞便利性需求狀態實現了新的功能。而這正是星巴克將第三空間、精品咖啡和咖啡區分開來，並將其擴展到便利需求狀態的原因。我們認為，我們採取的措施進一步鞏固了我們在中國這個龐大且不斷成長的市場中的差異化地位。我認為這正是中國取得我們所看到的優異成績的直接原因。這個策略行之有效，我們將繼續專注於這種模式。

John, anything else you want to add to that?

約翰，你還有什麼要補充的嗎？

Yes. I would just -- I think Kevin hit at all. But for us and the China team, it's really focused on their purpose-driven growth agenda and building out, for the long term, a very successful and enduring company in China for China.

是的。我只是──我覺得凱文根本沒打中。但對我們和中國團隊來說，真正關注的是他們以目標為導向的成長計劃，以及從長遠來看，在中國為中國打造一家非常成功且持久的公司。

And the only point I would just add to what Kevin made is it centers around our people and our partners. And for those of us that have the opportunity to travel there and to see the pride with which they interact with our customers and build that customer connection, that is a true differentiator versus our competition, whether that's in China or whether that's in the other 79 markets we operate in around the world. So for us, if we can continue to elevate our partners who can continue to elevate the coffee and the experience for our customers, we feel that, that is a significant point of differentiation for us versus any competitor in any market that we operate in.

我唯一想補充的是，凱文所說的一切都以我們的員工和合作夥伴為中心。對於我們這些有機會去那裡旅行，親眼目睹他們與客戶互動並建立客戶聯繫時所展現出的自豪感的人來說，這才是我們與競爭對手真正的區別所在，無論是在中國，還是在我們在全球運營的其他 79 個市場。因此，對我們來說，如果我們能夠不斷提升合作夥伴的水平，從而不斷提升咖啡品質和顧客體驗，我們認為，這將是我們與任何市場中的競爭對手之間重要的差異化優勢。

Well said, John.

說得好，約翰。

Your next question comes from 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。

I'm looking at coffee prices, and it's at the lowest point in 5 years. And I know you guys can hedge that out pretty far. Can you maybe help frame up when that rolls through your P&L? And I guess the way I'm framing it is, is it going to be a headwind or a tailwind from here as it rolls through margins?

我正在查看咖啡價格，目前處於 5 年來的最低點。我知道你們可以對此進行很大程度的對沖。您能否幫忙估算一下這筆款項何時會計入您的損益表？我想，我這樣表達的問題是，從現在開始，它穿過邊緣地帶時，會逆風還是順風？

Thank you, Gregory. This is Pat. First of all, to put coffee prices in perspective, our green coffee purchases are expected to account for about 10% of our global cost of goods sold. So it's not a meaningful move -- or a mover for us. We are price-locked fully on coffee for fiscal '19, and we have the majority of our needs locked for fiscal '20 as well. It is something that we pay close attention to, but we're not anticipating that what you've seen by way of volatility is going to have a big impact this year or next based on the positions we've taken.

謝謝你，格雷戈里。這是帕特。首先，為了更能理解咖啡價格，我們預期生咖啡採購額將占我們全球銷售商品成本的 10% 左右。所以這並不是一個有意義的舉動——或者說，對我們來說不是一個推動事情發生的舉動。2019 財年，我們的咖啡價格已完全鎖定；2020 財年，我們的大部分咖啡需求也已鎖定。我們會密切關注這一點，但根據我們採取的立場，我們預計您看到的這種波動性不會在今年或明年產生重大影響。

Your next question comes from RJ Hottovy with Morningstar.

下一個問題來自晨星公司的RJ Hottovy。

I had a follow-up question about the improved customer experience. And you discussed a lot of the qualitative factors that went into that, whether it be reallocating labor, other things. But I wonder if you had any specific way to quantify that, whether it be measuring peak hour throughput or satisfaction scores. Just anything to help us put some context around how you're seeing that improvement in the stores and just any financials you might have around that.

我還有一個關於提升客戶體驗的後續問題。你討論了很多影響結果的定性因素，例如勞動力重新分配等等。但我很好奇你們是否有具體的量化方法，例如測量尖峰時段的吞吐量或滿意度分數。任何能幫助我們了解您在門市中觀察到的改善情況的背景信息，以及您可能掌握的任何相關財務數據，都歡迎提供。

Yes. There's a set of things we look at: partner engagement scores, which is sort of an indicator of how engaged our partners and do they feel inspired, motivated in what they're doing; and customer connection scores. And Roz, I'll let you comment on sort of the way that you think about those metrics and what you're driving.

是的。我們會關注以下幾個面向：合作夥伴參與度評分，這可以作為衡量合作夥伴參與度以及他們是否對自己的工作感到鼓舞和積極性的指標；以及客戶聯繫度評分。羅茲，我還是請你談談你對這些指標的看法以及你正在推動的事情。

Yes. We look directly at customer connection scores because we know when those are increasing, we know that we will see repeat visits from higher customer connection scores. So this quarter, we did see record customer connection scores.

是的。我們直接關注客戶聯繫評分，因為我們知道，當客戶聯繫評分提高時，就會帶來更多的回頭客。所以本季度，我們確實看到了客戶連線評分創下新高。

The other thing to watch, while it's not a metric, but when you see us growing our repeat customers around our SR members and bringing on our non-SR members, that really grows customer connection for us and the work that we're doing to speak to them on a 1-to-1 basis. So we've moved from one to many, speaking to large groups, to now personalizing how we talk, advertise, promote, understand and know what they drink, what time they will be in our stores. And so we're much more personal with our customer base not only from a digital perspective. But by freeing up these hours, we are having much better eye contact, handoff, just the whole relationship building between the partner and the customer.

另一件值得關注的事情，雖然這不是一個衡量標準，但當你看到我們圍繞 SR 會員發展回頭客，並吸引非 SR 會員時，這確實增強了我們與客戶的聯繫，也體現了我們與客戶進行一對一溝通的工作成效。因此，我們已經從一對一轉向多對一，從與大群體對話轉向個人化我們的溝通、廣告、推廣方式，了解並知道他們喝什麼，他們會在什麼時間光臨我們的商店。因此，我們不僅在數位化層面上，而且在與客戶群的互動方面，都更加重視個人化服務。但透過騰出這些時間，我們能夠更好地進行眼神交流、交接，以及合作夥伴和客戶之間建立更緊密的關係。

And I'll tell you, our partners are much more excited about being a Starbucks partner right now. They are loving the work that they get to do in the stores. They love that we don't have limited time offer beverages that we're on a beverage innovation plan that they're brought into. They're able to do customization right at the point of purchase. So it's an exciting time to be in our stores, and you'll see that when you walk in the stores and understand what it takes for our partners to do the best work that they can. And we're working with them to alleviate the task and make sure that they're engaged every day with the customer.

而且我可以告訴你，現在我們的合作夥伴對成為星巴克夥伴感到更加興奮了。他們很喜歡在店裡做這份工作。他們很喜歡我們沒有限時供應的飲料，我們正在推行一項飲料創新計劃，他們也參與其中。他們能夠在購買時直接進行客製化。所以現在正是光顧我們門市的好時機，當你走進門市，了解我們的合作夥伴為了做到最好需要付出怎樣的努力時，你就會明白這一點。我們正在與他們合作，減輕他們的工作負擔，並確保他們每天都能與客戶互動。

Yes. I want to give Roz and her team a lot of credit for what they've done to really step back and be thoughtful about how we could simplify things in our stores for our partners, how we could automate some of those administrative tasks. And through that, our partners in the stores feel more supported. That comes through in the partner engagement scores. And that gives them more time to connect with customers. That lifts the customer connection scores. And so we can look at metrics and then actions that can move those metrics, but at the end of the day, it goes back to we take care of our partners who proudly wear the green apron. They create that special Starbucks Experience for the customers that come in our stores.

是的。我非常感謝 Roz 和她的團隊，他們認真思考如何簡化門市合作夥伴的工作，如何實現部分行政任務的自動化。透過這種方式，我們在門市的合作夥伴會感到更有支持。這一點在合作夥伴參與度評分中有所體現。這樣一來，他們就有了更多的時間與客戶互動。這有助於提升客戶聯繫度評分。因此，我們可以查看指標，然後採取行動來推動這些指標的發展，但歸根結底，我們還是要照顧好那些自豪地穿著綠色圍裙的伴侶。他們為光臨我們門市的顧客創造了獨特的星巴克體驗。

Your last question comes from Lauren Silberman with Crédit Suisse.

最後一個問題來自瑞士信貸的 Lauren Silberman。

Just going back to the U.S. loyalty program change, it seems like it went successfully, by and large. Did you see any pushback from the change among the longer-term, higher-frequency Rewards members? And then are you seeing any change in behavior among the newer cohorts enrolling in the Rewards program in terms of increased spend and frequency relative to what we've -- you've talked about historically?

回到美國會員忠誠度計畫的改革，總的來說，似乎進行得很成功。您是否看到長期、高頻次獎勵計劃會員對這項變更有任何抵觸情緒？那麼，與我們過去討論的情況相比，新加入獎勵計劃的用戶群在消費金額和消費頻率方面是否有任何行為上的變化呢？

Sure. Thanks for the question, Lauren. So first of all, our long-term customers, what we've seen in this last quarter, they're shopping more with us. I will tell you that has to do a lot with the beverage innovation that we've brought forward in the stores. So we're seeing growth with our long-term SR members, dedicated members.

當然。謝謝你的提問，勞倫。首先，從我們上個季度的情況來看，我們的長期客戶在我們這裡購物的次數更多了。我可以告訴你，這與我們門市推出的飲料創新有很大關係。所以我們看到，我們的長期SR會員和忠實會員的數量正在增加。

And then with our new non-SR customers, we're still learning about them. But we are doing some work on customer segmentation, and that's allowing us to look at time of visit. And it is adjusting our scheduled labor hours in the stores. So we're really grateful to have already installed the labor scheduling tool because as we get these new customers, we're learning more about them. And it is moving our business in the afternoon daypart. And actually, we're learning their preference for cold beverage and the Refreshers business, iced teas that we've just recently introduced in the past 60 days. So we're still learning, and we'll continue to bring back those learnings to this group as we learn more as the program is fully in place.

對於我們新的非SR客戶，我們仍在了解他們。但我們正在進行客戶細分方面的工作，這使我們能夠查看訪問時間。公司正在調整門市的排班工時。因此，我們非常慶幸已經安裝了勞動力調度工具，因為隨著我們獲得這些新客戶，我們對他們有了更多的了解。它正在推動我們下午時段的業務發展。事實上，我們了解到他們更喜歡冷飲和清爽飲品，也就是我們最近 60 天推出的冰茶。所以我們仍在學習，隨著專案的全面實施，我們會不斷學習，並將這些經驗帶回這個團隊。

Thanks, Roz. Thanks for the question. I want to take this opportunity to thank you all for joining us today. And reflecting on this past year at Starbucks, our Growth at Scale agenda is really about sharpening our focus and then executing with discipline. This is really enabling us to deliver consistent, predictable long-term growth in alignment with the growth algorithm we outlined at our investor conference in December.

謝謝你，羅茲。謝謝你的提問。我想藉此機會感謝各位今天蒞臨現場。回顧過去一年在星巴克的發展，我們的規模成長策略其實是聚焦重點，然後嚴格執行。這確實使我們能夠實現持續、可預測的長期成長，這與我們去年 12 月在投資者大會上概述的成長演算法一致。

As a leadership team, we do not take victory laps after a great quarter like Q3. But rather, we focus on staying true to our mission and values, taking care of our partners, serving our customers and delivering results. This is what it takes to build an enduring company, and this is what you can expect from Starbucks.

作為領導團隊，我們不會因為像第三季那樣出色的業績而慶祝勝利。但相反，我們專注於堅守我們的使命和價值觀，關懷我們的合作夥伴，服務我們的客戶，並取得成果。這就是打造一家長盛不衰的公司所需要的，也是你對星巴克的期待。

And with that, I'll turn the call over to Durga for a brief announcement. Durga?

接下來，我將把電話交給杜爾迦，請她做一個簡短的宣布。杜爾迦？

Thank you, Kevin. Everyone, for your planning purposes, please note our fourth quarter and fiscal year 2019 conference call has been tentatively scheduled for Wednesday, October 30. Again, that would be Wednesday, October 30. Thank you and have a great evening.

謝謝你，凱文。各位，為了方便你們進行計劃安排，請注意，我們 2019 年第四季和財年電話會議暫定於 10 月 30 日星期三舉行。再次強調，那將是10月30日星期三。謝謝，祝您晚安。

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

星巴克咖啡公司2019財年第三季電話會議到此結束。您現在可以斷開連線了。