星巴克 (SBUX) 2019 Q4 法說會逐字稿

Good afternoon.

下午好。

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

我叫赫克托，今天我將擔任您的會議接線員。

I would like to welcome everyone to Starbucks Coffee Company's Fourth Quarter and Fiscal Year 2019 Conference Call.

我想歡迎大家參加星巴克咖啡公司 2019 年第四季度和財年電話會議。

(Operator Instructions)

（操作員說明）

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

我現在將把電話轉給投資者關係副總裁 Durga Doraisamy。

Ms. Doraisamy, you may now begin your conference.

Doraisamy 女士，您現在可以開始您的會議了。

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

大家下午好，感謝您今天加入我們討論我們的第四季度和 2019 財年業績。

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

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

And for Q&A, we will be joined by Roz Brewer, Chief Operating Officer and Group President, Americas; John Culver, Group President, International, Channel Development and Global Coffee and Tea.

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

This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements.

本次電話會議將包括前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述存在重大差異。

Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K.

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

Starbucks assumes no obligation to update any of these forward-looking statements or information.

星巴克不承擔更新任何這些前瞻性陳述或信息的義務。

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

2019 財年的 GAAP 業績包括與戰略行動相關的幾個項目，包括重組和減值費用、交易和整合成本以及其他項目。

These items are excluded from our non-GAAP results.

這些項目不包括在我們的非公認會計原則結果中。

Please refer to our website at investor.starbucks.com to find the reconciliation of certain non-GAAP financial measures referenced in today's call with their corresponding GAAP measures.

請訪問我們的網站investor.starbucks.com，了解今天電話會議中提到的某些非公認會計原則財務指標與其相應的公認會計原則指標的對賬情況。

Additionally, as previously announced, restated GAAP and non-GAAP quarterly financial information for fiscal 2018 and through Q3 fiscal 2019 reflecting our realigned operating segment reporting structure and reclassification of certain costs can also be accessed on our Investor Relations website.

此外，如先前宣布的，重述的 2018 財年和 2019 財年第三季度的 GAAP 和非 GAAP 季度財務信息反映了我們重新調整的運營部門報告結構和某些成本的重新分類，也可以在我們的投資者關係網站上訪問。

I would like to note that during today's call, we will be providing select presentation materials, which can be accessed via the webcast of this call and on our IR website at the conclusion of the call.

我想指出，在今天的電話會議中，我們將提供精選的演示材料，這些材料可以通過本次電話會議的網絡廣播和電話會議結束時在我們的 IR 網站上訪問。

An archive of the webcast will be available on our website through Thursday, November 28, 2019.

網絡廣播的存檔將在 2019 年 11 月 28 日星期四之前在我們的網站上提供。

Finally, for your calendar planning purposes, please note that our first quarter fiscal year 2020 earnings conference call has been tentatively scheduled for Tuesday, January 28, 2020.

最後，出於您日曆計劃的目的，請注意，我們的 2020 財年第一季度財報電話會議暫定於 2020 年 1 月 28 日星期二舉行。

I will now turn the call over to Kevin.

我現在將把電話轉給凱文。

Well, good afternoon, and welcome.

嗯，下午好，歡迎光臨。

As part of my ongoing visits to Starbucks stores around the world, I'm joining today's call from Tokyo.

作為我對世界各地星巴克門店的持續訪問的一部分，我加入了今天來自東京的電話會議。

On this particular trip, John Culver and I are joined by Nestlé senior executives to discuss our collective strategies for growth and review the great progress our teams have made implementing Global Coffee Alliance.

在這次特別的旅行中，我和約翰·卡爾弗與雀巢的高級管理人員一起討論了我們的集體增長戰略，並回顧了我們的團隊在實施全球咖啡聯盟方面取得的巨大進展。

Today, I'm pleased to share that Starbucks delivered strong operating results again in Q4, capping off a transformative year for the company as we continue to execute our Growth at Scale agenda with focus and discipline.

今天，我很高興地與大家分享，星巴克在第四季度再次取得了強勁的經營業績，為公司迎來了變革性的一年，因為我們將繼續以專注和紀律執行我們的規模增長議程。

Pat will review our financial results in more detail later in the call, but I'll start by sharing performance highlights for the quarter and the year as well as some key actions we've taken and important investments we've made to enable predictable, sustainable growth while delivering value for all our stakeholders as we build an enduring company at Starbucks.

Pat 將在稍後的電話會議中更詳細地審查我們的財務業績，但我將首先分享本季度和本年度的業績亮點，以及我們為實現可預測而採取的一些關鍵行動和重要投資，可持續增長，同時為我們所有的利益相關者創造價值，因為我們在星巴克建立了一家經久不衰的公司。

In the fourth quarter, Starbucks delivered revenue growth of 10%, excluding the 3% impact of streamline activities and foreign exchange, led by global comp sales growth of 5% and net-store growth of 7% year-over-year.

第四季度，星巴克的收入增長 10%，不包括精簡活動和外匯帶來的 3% 的影響，這主要得益於全球銷售增長 5% 和淨店面同比增長 7%。

These strong operating results yielded non-GAAP EPS of $0.70 for the quarter, up 13% from last year.

這些強勁的經營業績在本季度產生了 0.70 美元的非公認會計原則每股收益，比去年增長了 13%。

In the U.S., we posted comp sales growth of 6% in Q4, including comp transaction growth of 3%.

在美國，我們公佈第四季度補償銷售額增長 6%，其中補償交易增長 3%。

That's a 2-year sales comp of 10% for Q4, a sequential improvement over our very strong results in Q3 and our best performance in the U.S. in over 2 years.

這是第 4 季度 10% 的 2 年銷售額，比我們在第 3 季度非常強勁的業績和我們在 2 年多來在美國的最佳表現的連續改善。

In China, we posted 5% comp sales growth in Q4, including comp transaction growth of 2%.

在中國，我們在第四季度公佈了 5% 的複合銷售額增長，其中包括 2% 的複合交易增長。

That's a 2-year sales comp of 6% for Q4, demonstrating continued positive momentum in our fastest-growing business where we increased our store base by 17% over the prior year.

這是第四季度 6% 的 2 年銷售額，顯示了我們增長最快的業務的持續積極勢頭，我們的商店基礎比上一年增加了 17%。

For the fiscal year, Starbucks delivered record results in both total net revenues and non-GAAP EPS.

在本財年，星巴克的總淨收入和非公認會計準則每股收益均創下歷史新高。

Total net revenues were $26.5 billion, up 10% over the prior year when adjusted for streamline activities and foreign exchange.

經精簡活動和外匯調整後，總淨收入為 265 億美元，比上年增長 10%。

This included 5% global comp sales growth for the year in over 1,900 net new stores globally, yielding a record non-GAAP EPS of $2.83 for fiscal year 2019, up 17% versus prior year.

其中包括全球 1,900 多家淨新店的全年銷售額增長 5%，2019 財年非公認會計準則每股收益達到創紀錄的 2.83 美元，比上年增長 17%。

With more than 31,000 stores in 82 markets welcoming over 100 million customer occasions each week and enabling over 1 billion digital customer occasions per year, Starbucks is a part of our customers' everyday routines around the world, and I applaud the 400,000 green apron partners who deliver a premium Starbucks Experience to every customer they serve.

星巴克在 82 個市場擁有超過 31,000 家門店，每週接待超過 1 億次顧客活動，每年支持超過 10 億次數字顧客活動，星巴克是我們全球顧客日常生活的一部分，我為 400,000 名綠色圍裙合作夥伴鼓掌為他們服務的每一位顧客提供優質的星巴克體驗。

Because of our partners, we are achieving even higher levels of customer loyalty and brand preference.

由於我們的合作夥伴，我們正在實現更高水平的客戶忠誠度和品牌偏好。

Now let me highlight some of the key initiatives and investments that drove our strong growth in fiscal '19 and have laid the groundwork for what we expect will be another year of strong operating performance in fiscal '20.

現在讓我重點介紹一些推動我們在 19 財年強勁增長的關鍵舉措和投資，並為我們預期的 20 財年又一個強勁的運營業績奠定了基礎。

In keeping with our Growth at Scale agenda, I will talk about how we're accelerating growth in the U.S. and China, how we are extending the reach of our brand through the Global Coffee Alliance with Nestlé and how we've increased stakeholder returns.

為了與我們的規模增長議程保持一致，我將討論我們如何加速在美國和中國的增長，我們如何通過與雀巢的全球咖啡聯盟擴大我們的品牌影響力，以及我們如何增加利益相關者的回報。

Now I'm very proud of the progress the team has made against our 3 focused initiatives to accelerate growth in our U.S. business: enhancing the in-store experience, delivering relevant beverage innovation and driving digital relationships.

現在，我為團隊在加速美國業務增長的 3 項重點舉措方面所取得的進展感到非常自豪：提升店內體驗、提供相關飲料創新和推動數字關係。

We have strong evidence that our approach is working as demonstrated by the fact that we are seeing traffic growth across all dayparts, and we intend to build on this momentum in the year ahead.

我們有強有力的證據表明，我們的方法正在發揮作用，我們看到所有時段的流量都在增長，我們打算在未來一年繼續保持這一勢頭。

We continue to see a strong correlation between Starbucks partner engagement and customer connection, which leads to increased customer frequency.

我們繼續看到星巴克合作夥伴參與度和客戶聯繫之間存在很強的相關性，這導致客戶頻率增加。

This reinforces our belief that the Starbucks Experience delivered by our partners is a key competitive advantage.

這強化了我們的信念，即我們的合作夥伴提供的星巴克體驗是一項關鍵的競爭優勢。

And therefore, we are making targeted investments to elevate the partner experience with clear evidence that this in turn elevates the customer experience and drives growth.

因此，我們正在進行有針對性的投資，以提升合作夥伴的體驗，並有明確的證據表明這反過來會提升客戶體驗並推動增長。

Throughout fiscal '19 in the U.S., we invested in our partners by allocating additional store labor, increasing store-level training and simplifying in-store tasks, often with new technology.

在美國的整個 19 財年，我們通過分配額外的商店勞動力、增加商店級別的培訓和簡化店內任務（通常使用新技術）來投資於我們的合作夥伴。

For example, we introduced a new staffing and scheduling system to optimize labor allocations based on partner preferences and predictive analytics.

例如，我們引入了新的人員配備和調度系統，以根據合作夥伴偏好和預測分析優化勞動力分配。

These investments in our partners collectively elevated customer connections as evidenced by an all-time high in customer connection scores in Q4.

這些對我們合作夥伴的投資共同提升了客戶聯繫，第四季度客戶聯繫得分創歷史新高就證明了這一點。

And we will build on this momentum with incremental partner investments in fiscal year '20.

我們將在 20 財年通過增加合作夥伴投資來鞏固這一勢頭。

We also continue to invest in beverage innovation.

我們還繼續投資於飲料創新。

And I'm pleased to say that beverages contributed 5 points of our U.S. comp sales growth in the fourth quarter, led by the strength of our cold beverage platform.

我很高興地說，由於我們冷飲平台的實力，飲料在第四季度為我們在美國的銷售額增長貢獻了 5 個百分點。

We completed our rollout of Nitro Cold Brew across company-operated stores in the U.S. this summer and introduced new cold pumpkin beverage offering, the Pumpkin Cream Cold Brew, and we're very encouraged by its reception.

今年夏天，我們在美國公司經營的商店中完成了 Nitro Cold Brew 的推廣，並推出了新的冷南瓜飲料產品 Pumpkin Cream Cold Brew，我們對它的接待感到非常鼓舞。

We expect this momentum to continue as we move into the favorable holiday season, and we look forward to sharing more details with you in the weeks ahead.

隨著我們進入有利的假日季節，我們預計這種勢頭將繼續下去，我們期待在未來幾週與您分享更多細節。

And finally, we have continued to pursue new opportunities to expand digital customer relationships, investing to meet customers' increasing desire for convenience and personalized offers.

最後，我們繼續尋求新的機會來擴大數字客戶關係，投資以滿足客戶對便利和個性化服務日益增長的需求。

Supported by the successful launch of multitier redemption in early Q3, we saw U.S. Starbucks Rewards grow to 17.6 million active members at the end of Q4, a year-over-year increase of 15%.

在第三季度初成功推出多層次兌換的支持下，我們看到美國星巴克獎勵在第四季度末增長到 1760 萬活躍會員，同比增長 15%。

This is an important growth driver because we know from experience that when customers join Starbucks Rewards, their spend level with Starbucks increases meaningfully.

這是一個重要的增長動力，因為我們從經驗中知道，當客戶加入 Starbucks Rewards 時，他們在 Starbucks 的消費水平會顯著增加。

On our last earnings call, I outlined the important strategic role that our digital flywheel plays in growing digital customer relationships.

在我們上次的財報電話會議上，我概述了我們的數字飛輪在發展數字客戶關係中發揮的重要戰略作用。

Clearly, that strategy is working.

顯然，這種策略正在奏效。

I want to highlight another very important element of our digital strategy, artificial intelligence.

我想強調我們數字戰略的另一個非常重要的元素，人工智能。

Over this past year, we have been dialing up our in-house capabilities and investments in AI with an initiative we call Deep Brew.

在過去的一年裡，我們一直在通過一項我們稱之為 Deep Brew 的計劃來提升我們在 AI 方面的內部能力和投資。

Deep Brew will increasingly power our personalization engine, optimize store labor allocations and drive inventory management in our stores.

Deep Brew 將越來越多地為我們的個性化引擎提供動力，優化商店勞動力分配並推動我們商店的庫存管理。

We plan to leverage Deep Brew in ways that free up our partners so that they can spend more time connecting with customers.

我們計劃以釋放合作夥伴的方式利用 Deep Brew，以便他們可以花更多時間與客戶建立聯繫。

Deep Brew is a key differentiator for the future and as we continue our quest to build world-class AI capabilities to better support partners.

Deep Brew 是未來的關鍵差異化因素，我們將繼續尋求建立世界一流的 AI 功能以更好地支持合作夥伴。

Moving on to how we've accelerated growth in China.

繼續我們如何加速在中國的增長。

Looking back over this past year, I'm very pleased with the progress we've made to capitalize on one of the world's most compelling growth opportunities led by strong store development, expanded digital customer engagement and category-leading innovation.

回顧過去的一年，我對我們在利用強大的商店發展、擴大的數字客戶參與度和領先的創新引領的世界上最引人注目的增長機會之一方面取得的進展感到非常高興。

Store development continues to be our #1 driver of growth in China.

門店發展仍然是我們在中國的第一大增長動力。

We opened over 600 net new stores in fiscal '19 and crossed the 4,000 store mark while maintaining best-in-class new store returns.

我們在 19 財年淨開設了 600 多家新店，突破了 4,000 家門店大關，同時保持了一流的新店回報。

As we expand our store footprint, we have also been investing in innovative retail formats, including our Starbucks Now store in Beijing that opened in July, a unique, express retail experience that seamlessly integrates physical and digital touch points to enhance the Mobile Order & Pay and the Starbucks Delivers customer experience.

隨著我們擴大門店足跡，我們也一直在投資創新零售業態，包括於 7 月開業的北京 Starbucks Now 門店，這是一種獨特的快遞零售體驗，將實體和數字接觸點無縫集成，以增強移動訂單和支付和星巴克提供客戶體驗。

We are seeing encouraging early results from this new format.

我們看到這種新格式的早期結果令人鼓舞。

And in China, we plan to open new Starbucks Now stores in top tier cities in fiscal '20, leveraging this new store format to complement the third-place store formats and increase market penetration.

在中國，我們計劃在 20 財年在一線城市開設新的 Starbucks Now 門店，利用這種新的門店形式來補充第三方門店的形式並提高市場滲透率。

As we've expanded our physical presence in China, we've also made significant strides expanding our digital presence in this fast-growing market.

隨著我們擴大在中國的實體業務，我們也在這個快速增長的市場中擴大我們的數字業務取得了重大進展。

The Starbucks Rewards program in China, which we upgraded in December 2018, continues to rapidly drive new membership.

我們於 2018 年 12 月升級的中國星巴克獎勵計劃繼續快速推動新會員的增長。

At the end of Q4, active members reached 10 million, up 45% over the prior year.

第四季度末，活躍會員達到 1000 萬，比上年增長 45%。

To support this growth, we up-leveled our Tmall flagship store in September to offer our Starbucks Rewards members exclusive products and a tailor-made gift experience.

為了支持這一增長，我們在 9 月升級了天貓旗艦店，為我們的星享會會員提供獨家產品和量身定制的禮品體驗。

And we enabled members to earn Stars from online shopping.

我們使會員能夠通過在線購物賺取星星。

We recently celebrated the 1-year anniversary of our China digital partnership with Alibaba, and I'm pleased to share that we surpassed our goal of expanding Starbucks Delivers to 3,000 stores in 100 cities by the end of the fiscal year.

我們最近慶祝了與阿里巴巴在中國建立數字合作夥伴關係一周年，我很高興地與大家分享，我們已經超越了我們的目標，即在本財年末將星巴克外賣服務擴展到 100 個城市的 3,000 家門店。

This propelled mobile order sales mix in China to 10% in the fourth quarter, with 7 points coming from Starbucks Delivers and 3 points from our recently launched mobile order for pickup.

這將中國的移動訂單銷售組合推高至第四季度的 10%，其中 7 分來自星巴克外賣，3 分來自我們最近推出的提貨移動訂單。

In the fourth quarter, we also ushered in a new era of digital customer engagement in China with the launch of voice ordering and delivery via Tmall Genie as we continue to enhance the customer experience around mobile ordering.

第四季度，我們還通過天貓精靈推出語音下單和配送，開啟了中國數字化客戶互動的新時代，我們將繼續提升移動下單的客戶體驗。

These elevated digital experience is our key drivers of accelerated growth in Starbucks Rewards membership in China and provides significant momentum for us to introduce further innovations in fiscal year '20 as we work to constantly elevate the customer experience and reward loyalty.

這些提升的數字體驗是我們在中國加速增長星巴克獎勵會員的關鍵驅動力，並為我們在 20 財年引入進一步創新提供了重要動力，因為我們致力於不斷提升客戶體驗和獎勵忠誠度。

Moving on to the Global Coffee Alliance.

繼續加入全球咖啡聯盟。

Just 1 year after announcing this alliance with Nestlé, we have launched 3 new coffee platforms in over 30 new markets: Starbucks by Nespresso, Starbucks by Dolce Gusto and Starbucks roast and ground coffees.

宣布與雀巢結盟僅一年後，我們就在 30 多個新市場推出了 3 個新的咖啡平台：Nespresso 的星巴克、Dolce Gusto 的星巴克和星巴克的烘焙和研磨咖啡。

We did this in record time and ahead of schedule.

我們在創紀錄的時間內提前完成了這項工作。

In addition to the coffee platforms, we also launched a new product category, Starbucks Creamers, in North America in Q4.

除了咖啡平台，我們還在第四季度在北美推出了新的產品類別星巴克奶精。

We entered China's at-home and foodservice segments through the alliance, allowing Chinese consumers to enjoy some of their favorite Starbucks coffees in the comfort of their home.

我們通過聯盟進入了中國的家庭和餐飲服務領域，讓中國消費者能夠在家中舒適地享用他們最喜歡的星巴克咖啡。

This partnership has enabled us to accelerate the global reach of the Starbucks brand in key markets.

這種夥伴關係使我們能夠加速星巴克品牌在關鍵市場的全球影響力。

And looking ahead, we plan to be in 50 global markets in the first half of 2020.

展望未來，我們計劃在 2020 年上半年進入 50 個全球市場。

Moving on to returns to one of our key stakeholder groups, our shareholders.

繼續返回我們的主要利益相關者群體之一，我們的股東。

In the fourth quarter, we returned nearly $3 billion to shareholders through a combination of share repurchases and dividends, bringing our full year shareholder capital returns to $12 billion.

在第四季度，我們通過股票回購和分紅相結合的方式向股東返還了近 30 億美元，使我們的全年股東資本回報達到 120 億美元。

Including what we returned in fiscal year '18, we've now returned approximately $21 billion to shareholders, well on our way to meeting our 3-year commitment of $25 billion by the end of fiscal year '20.

包括我們在 18 財年返還的資金，我們現在已經向股東返還了大約 210 億美元，我們正在努力實現到 20 財年末的 3 年承諾 250 億美元。

And I'm pleased to share that our board has approved a 14% dividend increase this quarter, making the 10th consecutive year that we've increased our dividend by a double-digit percentage.

我很高興地與大家分享，我們的董事會已批准本季度股息增加 14%，這是我們連續第 10 年以兩位數的百分比增加股息。

Our Growth at Scale model, combined with our strong balance sheet, position Starbucks to have the financial flexibility to both invest in our growth and reward our shareholders.

我們的規模增長模式，加上我們強大的資產負債表，使星巴克擁有財務靈活性，既可以投資於我們的增長，也可以回報我們的股東。

In closing, our fiscal year '19 performance gives us confidence that our Growth at Scale agenda is helping unlock the full potential of the Starbucks brand.

最後，我們 19 財年的業績讓我們相信，我們的規模增長議程正在幫助釋放星巴克品牌的全部潛力。

With great intentionality, we've invested in our partners, in technology and in our stores to drive long-term growth.

我們懷著極大的意圖，投資於我們的合作夥伴、技術和我們的商店，以推動長期增長。

And we have made significant progress to streamline our company through organizational restructuring and through the licensing of some international markets, enabling us to bring even more focus and discipline to the core of our business.

我們通過組織重組和一些國際市場的許可在精簡公司方面取得了重大進展，使我們能夠將更多的注意力和紀律帶到我們的業務核心。

This has helped us to accelerate the pace of innovation at Starbucks, both at the support center and in the field, to deliver relevant, meaningful and inspiring experiences for our partners and our customers.

這幫助我們加快了星巴克在支持中心和現場的創新步伐，為我們的合作夥伴和客戶提供相關、有意義和鼓舞人心的體驗。

And with the plans that we've developed for fiscal year '20, including continued investment, we are excited about our ability to sustain this growth in the years ahead.

通過我們為 20 財年制定的計劃，包括持續投資，我們對我們在未來幾年保持這種增長的能力感到興奮。

Reflecting back on the historic Starbucks Leadership Experience we hosted in Chicago last month, it is my strong belief that the store manager plays a pivotal role in the growth and success of our company.

回顧我們上個月在芝加哥舉辦的具有歷史意義的星巴克領導力體驗，我堅信店長在我們公司的成長和成功中扮演著舉足輕重的角色。

That is why we convened 12,000 store managers and field leaders from the U.S. and Canada to reflect on and celebrate our mission and values while recommitting to the shared belief that by better serving our partners, we enable them to stand shoulder to shoulder and create best moments for our customers.

這就是為什麼我們召集了來自美國和加拿大的 12,000 名商店經理和現場負責人來反思和慶祝我們的使命和價值觀，同時重申我們的共同信念，即通過更好地服務我們的合作夥伴，我們使他們能夠並肩站在一起，創造最佳時刻為我們的客戶。

This is at the center of who we are as a company and will remain a guiding light as we go forward.

這是我們作為一家公司的核心，並將繼續作為我們前進的指路明燈。

The Chicago leadership experience was an important milestone in our journey, and we will be back in Chicago again next month for another key milestone, the opening of our sixth Starbucks Reserve Roastery.

芝加哥的領導經歷是我們旅程中的一個重要里程碑，我們將在下個月再次回到芝加哥，迎接另一個重要的里程碑，即我們的第六家星巴克儲備烘焙工坊的開業。

This will be the largest Starbucks store in the world, a beautifully designed iconic store on Michigan Avenue.

這將是世界上最大的星巴克門店，位於密歇根大道上設計精美的標誌性門店。

And I can't wait to celebrate this opening with our partners and customers, and we hope to see many of you there soon.

我迫不及待地想與我們的合作夥伴和客戶一起慶祝這次開業，我們希望很快能見到你們中的許多人。

With that, I'll turn over the call to Pat and look forward to taking your questions later in the call.

有了這個，我將把電話轉給帕特，並期待稍後在電話中回答你的問題。

Pat?

拍？

Thank you, Kevin, and good afternoon, everyone.

謝謝你，凱文，大家下午好。

There are 3 key points that I want to emphasize today.

我今天要強調三個關鍵點。

First, fiscal 2019 was a very good year for Starbucks financially, reflecting sustained upward momentum in our business.

首先，2019 財年對星巴克的財務來說是非常好的一年，反映了我們業務的持續上升勢頭。

Second, we are confident in our ability to deliver non-GAAP operating income growth of 8% to 10% in fiscal 2020, underpinned by revenue growth of 6% to 8%, demonstrating modest margin expansion even as we continue to invest for the long term.

其次，我們有信心在 2020 財年實現 8% 至 10% 的非美國通用會計準則營業收入增長，這得益於 6% 至 8% 的收入增長，即使我們繼續長期投資，也顯示出適度的利潤率擴張學期。

And third, we remain fully committed to our long-term model of double-digit non-GAAP EPS growth.

第三，我們仍然完全致力於我們的兩位數非公認會計原則每股收益增長的長期模型。

I will begin by sharing segment highlights for our fourth quarter and an overview of key trends across fiscal 2019 followed by our guidance for fiscal 2020.

我將首先分享我們第四季度的細分市場亮點以及對 2019 財年主要趨勢的概述，然後是我們對 2020 財年的指導。

Our Americas segment delivered 9% revenue growth in Q4 driven by comp sales growth of 6% and net new store growth of 3% over the past 12 months.

在過去 12 個月中，我們的美洲部門在 6% 的複合銷售額增長和 3% 的淨新店增長的推動下，第四季度實現了 9% 的收入增長。

Lapping 4% comp sales growth in Q4 of last year, our U.S. business delivered an impressive 6% comp sales growth in Q4 of this year, driven equally by transactions and average ticket.

去年第四季度，我們的美國業務實現了 4% 的對比銷售增長，今年第四季度實現了令人印象深刻的 6% 的對比銷售增長，這同樣受到交易量和平均機票的推動。

These results were led by an improved in-store experience, a strong beverage lineup and increased digital engagement, as Kevin mentioned.

正如凱文所說，這些結果是由改進的店內體驗、強大的飲料陣容和增加的數字參與度所引領的。

Transactions grew across all dayparts for the second consecutive quarter, and beverage led our comp growth for a fifth consecutive quarter, driving 5 points of comp sales growth, with food contributing the remaining point.

交易量連續第二個季度全天增長，飲料連續第五個季度引領我們的銷售額增長，推動了 5 個點的銷售額增長，食品貢獻了剩餘的點。

The majority of the beverage growth was driven by our cold platform, which grew across all dayparts, led by cold coffee, refreshment and tea.

大部分飲料增長是由我們的冷飲平台推動的，該平台在所有時段都在增長，以冷咖啡、茶點和茶為主導。

The Nitro Cold Brew platform, which reached full penetration of our company-operated stores by the end of Q4 and was supported by national advertising for the first time in August, continued to be well received, drawing more occasional customers and slightly favoring the afternoon daypart.

Nitro Cold Brew 平台於第四季度末全面滲透自營門店，並於 8 月首次獲得全國廣告支持，繼續受到好評，吸引了更多的臨時客戶，並略微青睞下午時段.

Our fall beverage lineup also performed extremely well, driven by the success of our pumpkin platform along with cold coffee and Nitro.

我們的秋季飲料系列也表現出色，這得益於我們的南瓜平台以及冷咖啡和 Nitro 的成功。

Beverage attach, beverage mix and pricing contributed evenly to the 3% growth in the average ticket for the quarter.

飲料附加、飲料組合和定價對本季度平均票價增長 3% 的貢獻均勻。

Americas' non-GAAP operating margin contracted by 100 basis points to 20.2% in Q4, primarily due to the onetime investment in our leadership conference as we've discussed on previous calls, growth in wages and benefits and increased investments in labor hours to elevate the in-store experience while accommodating higher volumes.

美洲的非公認會計原則營業利潤率在第四季度收縮 100 個基點至 20.2%，這主要是由於我們在之前的電話會議中討論過的對我們的領導會議的一次性投資、工資和福利的增長以及對勞動時間的增加投資以提高在容納更大容量的同時提供店內體驗。

These increases in expense more than offset meaningful contributions from sales leverage and cost savings initiatives, notably, supply chain efficiencies.

這些費用的增加抵消了銷售槓桿和成本節約計劃帶來的有意義的貢獻，尤其是供應鏈效率。

Moving on to our International segment, which delivered revenue growth of 6% on a reported basis in Q4.

繼續我們的國際部門，該部門在第四季度的報告基礎上實現了 6% 的收入增長。

Excluding the unfavorable impact of streamline-related activities and foreign exchange at 5% and 1%, respectively, revenue grew 12% in the quarter.

排除精簡相關活動和外匯分別為 5% 和 1% 的不利影響，本季度收入增長 12%。

This was driven by 11% net new store growth over the past 12 months and 3% comp sales growth.

這是由過去 12 個月新店淨增長 11% 和復合銷售額增長 3% 推動的。

I would now like to highlight the fourth quarter performance of our lead international growth market: China.

我現在想強調一下我們領先的國際增長市場中國第四季度的表現。

New store development continues to be our #1 driver of growth in China, and I'm pleased to say that our pace of development in Q4 set a new record as we opened 201 net new stores, growing store count by 17% versus the prior year.

新店開發繼續是我們在中國的第一大增長動力，我很高興地說，我們在第四季度的發展速度創下了新紀錄，我們淨開設了 201 家新店，門店數量比上一季度增長了 17%年。

Importantly, our new stores continued to deliver exceptionally high returns even as we extended our presence to new cities while infilling established cities.

重要的是，我們的新店繼續提供異常高的回報，即使我們將業務擴展到新城市，同時填充已建立的城市。

China delivered comp sales growth of 5% in Q4, including 2% comp transaction growth, led by the strength in digital customer engagement, primarily the growth of delivery, Starbucks Rewards loyalty program and MOP.

中國在第四季度實現了 5% 的複合銷售額增長，其中包括 2% 的複合交易增長，這主要得益於數字客戶參與度的增長，主要是交付、星巴克獎勵忠誠度計劃和澳門幣的增長。

Our International segment's non-GAAP operating margin increased by 70 basis points to 21.7% in Q4.

我們國際部門的非公認會計原則營業利潤率在第四季度增長了 70 個基點至 21.7%。

When excluding the 60 basis point favorable impact from streamline-related activities, the segment's non-GAAP operating margin increased by 10 basis points as the benefits of sales leverage, cost savings initiatives and labor productivity were largely offset by growth in wages and benefits, an unfavorable shift in product mix and strategic investments.

當排除精簡相關活動帶來的 60 個基點的有利影響時，該部門的非公認會計原則營業利潤率增加了 10 個基點，因為銷售槓桿、成本節約計劃和勞動生產率的好處在很大程度上被工資和福利的增長所抵消，產品組合和戰略投資的不利轉變。

On to Channel Development.

進入渠道開發。

Revenue declined 6% in Q4.

第四季度收入下降了 6%。

Excluding the impact of streamline-related activities, primarily the Global Coffee Alliance, segment revenues increased approximately 5%.

排除與精簡相關的活動（主要是全球咖啡聯盟）的影響，部門收入增長了約 5%。

Non-GAAP operating margin declined by 510 basis points to 37.6% in Q4.

第四季度非美國通用會計準則營業利潤率下降 510 個基點至 37.6%。

When excluding the 310 basis point impact related to streamline, Channel Development's operating margin declined 200 basis points in Q4 fiscal 2019 primarily due to an and unfavorable shift in revenue mix.

排除與精簡相關的 310 個基點影響後，Channel Development 的營業利潤率在 2019 財年第四季度下降了 200 個基點，主要是由於收入組合的不利變化。

I'd now like to take a step back and share some key insights from our full year performance, underscoring our upward momentum across the year.

我現在想退後一步，分享我們全年業績的一些關鍵見解，強調我們全年的上升勢頭。

Let's start with revenue.

讓我們從收入開始。

For the year, we reported top line growth of 7%.

今年，我們報告了 7% 的收入增長。

Excluding the 3% unfavorable impact of streamline and foreign exchange combined, our revenues grew 10% above our long-term growth algorithm of 7% to 9%.

排除精簡和外匯合併帶來的 3% 的不利影響，我們的收入增長了 10%，高於我們 7% 至 9% 的長期增長算法。

These results demonstrate our potential to outperform our long-term model.

這些結果表明我們有潛力超越我們的長期模型。

In the first 6 months of fiscal 2019, be reversed the negative trend in U.S. comp transaction growth that had persisted for several quarters and sustained it at 3% in the second half of the year.

2019財年前6個月，美國comp交易增長的負增長趨勢已持續數個季度，下半年將維持在3%。

The turnaround in China's comp transaction growth moving from declines in the low to mid-single digits last year to an increase of 2% this year was equally impressive, especially considering our accelerated pace of store development in that market.

中國的複合交易增長從去年的中低個位數下降到今年增長 2% 同樣令人印象深刻，特別是考慮到我們在該市場加快門店發展步伐。

And speaking of China development, it's worth noting that our store openings in lower-tier cities in China accounted for a meaningfully higher percentage of total store growth in that market versus the prior year.

談到中國的發展，值得注意的是，與去年相比，我們在中國低線城市開設的門店佔該市場總門店增長的比例顯著提高。

Yet portfolio investment returns remained very robust, demonstrating Starbucks' resonance with China's growing middle class.

然而，組合投資回報仍然非常強勁，這表明星巴克與中國不斷壯大的中產階級產生了共鳴。

Our store development in the U.S. was also quite healthy as we grew net new stores by 3% in fiscal '19, even with the higher level of closures relative to the prior year as we repositioned our store portfolio for future growth.

我們在美國的門店發展也相當健康，因為我們在 19 財年的淨新門店增長了 3%，即使由於我們重新定位門店組合以應對未來增長，與上一年相比關閉的水平更高。

This is industry-leading domestic growth for a retail business of Starbucks' scale, and coupled with relatively low penetration in certain geographies, gives us confidence that we'll continue to achieve our 3% to 4% ongoing net new store growth target in the U.S.

對於星巴克規模的零售業務而言，這是行業領先的國內增長，加上在某些地區的滲透率相對較低，讓我們相信我們將繼續實現 3% 至 4% 的持續淨新店增長目標我們。

Moving to margin.

移動到邊緣。

We reported consolidated operating margin of 17.2% for fiscal 2019 on a non-GAAP basis, down 80 basis points year-over-year and in line with our ongoing model of 17% to 18%.

根據非公認會計原則，我們報告了 2019 財年的綜合營業利潤率為 17.2%，同比下降 80 個基點，與我們持續的 17% 至 18% 的模型一致。

That said, I would like to highlight some anomalous items that impacted our year-over-year margin performance: 4 headwinds and 1 tailwind.

也就是說，我想強調一些影響我們同比利潤率表現的異常項目：4 個逆風和 1 個順風。

The 4 headwinds were: 70 basis points from streamline-driven activities; 50 basis points from U.S. tax reform-funded investments; 20 basis points from Siren Retail; and another 20 basis points from our onetime investment in the Chicago leadership conference.

4 個不利因素是： 70 個基點來自精簡驅動的活動；來自美國稅改資助投資的 50 個基點； Siren Retail 20 個基點；以及我們對芝加哥領導力會議的一次性投資的另外 20 個基點。

The 1 tailwind was 40 basis points from stored value card breakage due to a change in accounting treatment.

由於會計處理的變化，儲值卡破損的 1 個順風是 40 個基點。

Adjusting for all these items, consolidated non-GAAP operating margin was up 40 basis points, reflecting the benefits of sales leverage and productivity improvements, partially offset by nontax reform-funded investments in our partners, technology, product innovation and stores.

對所有這些項目進行調整後，綜合非公認會計原則營業利潤率上升了 40 個基點，反映了銷售槓桿和生產力提高的好處，部分被我們的合作夥伴、技術、產品創新和商店的非稅改革資助投資所抵消。

As Kevin mentioned earlier, we believe these investments are critical to strengthening our competitive position in order to sustain long-term growth consistent with our ongoing growth algorithm.

正如凱文之前提到的，我們認為這些投資對於加強我們的競爭地位至關重要，以維持與我們持續增長算法相一致的長期增長。

And finally, EPS.

最後，EPS。

We reported full year non-GAAP EPS of $2.83, above the high end of our previous guidance.

我們報告的全年非公認會計原則每股收益為 2.83 美元，高於我們之前指導的高端。

Excluding a 7% benefit from unplanned tax favorability and a 1% benefit from streamline-related activities, partially offset by a 1% headwind from foreign exchange, non-GAAP EPS growth was 10%, consistent with our long-term EPS growth model of at least 10%.

剔除計劃外稅收優惠帶來的 7% 收益和精簡相關活動帶來的 1% 收益，部分被外匯帶來的 1% 逆風抵消，非公認會計準則每股收益增長 10%，與我們的長期每股收益增長模型一致至少 10%。

So in summary, our fiscal '19 results not only reinforce our confidence in the strategies we're implementing to grow the business but also demonstrate the robustness of our long-term double-digit EPS growth algorithm.

因此，總而言之，我們 19 財年的業績不僅增強了我們對我們為發展業務而實施的戰略的信心，而且還展示了我們長期兩位數每股收益增長算法的穩健性。

Moving on to our guidance for fiscal 2020 starting with the key driver of our growth, company-operated comp sales growth.

繼續我們對 2020 財年的指導，從我們增長的關鍵驅動力開始，即公司經營的複合銷售增長。

Globally, we are expecting comp sales growth of 3% to 4% in fiscal 2020, fueled by our 2 lead growth markets: the U.S. at 3% to 4%, and China at 1% to 3%.

在全球範圍內，我們預計 2020 財年復合銷售額增長 3% 至 4%，這得益於我們的兩個主要增長市場：美國為 3% 至 4%，中國為 1% 至 3%。

All of this is consistent with our ongoing growth model.

所有這些都與我們持續的增長模式一致。

Moving on to the next key growth driver, retail store development.

轉向下一個關鍵增長動力，零售店發展。

We expect to add approximately 2,000 net new Starbucks stores globally in fiscal 2020, a sequential improvement over fiscal '19.

我們預計 2020 財年全球將新增約 2,000 家星巴克淨門店，較 19 財年有所改善。

Over half will be located in the U.S. and China combined, with China delivering approximately 600 net new stores, representing mid-teens growth versus the prior year.

超過一半將位於美國和中國，中國將新增約 600 家新店，與去年相比增長了十幾倍。

As with comp growth, this is consistent with our ongoing growth model.

與薪酬增長一樣，這與我們持續的增長模式一致。

With his combination of comp growth and unit growth, we are expecting enterprise-level top line growth of 6% to 8% in fiscal 2020.

憑藉他的複合增長和單位增長的結合，我們預計 2020 財年企業級收入增長 6% 至 8%。

The 1 percentage point difference between next year's expected revenue growth and our ongoing growth model of 7% to 9% revenue growth is attributable to 2 things: number one, the sale of our ownership interest in Thailand in mid-fiscal 2019; and number two, an expected 7% to 8% decline in Channel Development's revenue as we lap certain items related to the Global Coffee Alliance that benefited the segment's top line growth in fiscal 2019.

明年的預期收入增長與我們目前 7% 至 9% 的收入增長模式之間 1 個百分點的差異歸因於兩件事：第一，在 2019 財年中期出售我們在泰國的所有權；第二，渠道開發的收入預計將下降 7% 至 8%，因為我們涉及與全球咖啡聯盟相關的某些項目，這些項目有利於該部門在 2019 財年的收入增長。

Adjusting for these items, Channel Development's revenue growth in fiscal 2020 is expected to be at the lower end of our ongoing range of 4% to 6%.

對這些項目進行調整後，渠道開發在 2020 財年的收入增長預計將處於我們當前 4% 至 6% 範圍的下限。

The Global Coffee Alliance became EPS accretive in fiscal 2019, outperforming our original expectations.

全球咖啡聯盟在 2019 財年實現每股收益增長，超出了我們最初的預期。

And we expect it to continue to be EPS accretive on a cumulative basis, including the associated share repurchase benefit funded in Q1 of fiscal '19 by $5 billion of after-tax proceeds from Nestlé.

我們預計它將繼續在累積的基礎上增加每股收益，包括在 19 財年第一季度由雀巢的 50 億美元稅後收益資助的相關股票回購收益。

Let's move on to fiscal 2020 operating margin.

讓我們繼續討論 2020 財年的營業利潤率。

Globally and across each of our operating segments, non-GAAP operating margin is expected to improve modestly over fiscal 2019 primarily due to sales leverage, cost savings initiatives across our supply chain and overhead efficiencies.

在全球範圍內以及在我們的每個運營部門中，非公認會計原則的營業利潤率預計將在 2019 財年略有改善，這主要是由於銷售槓桿、我們供應鏈中的成本節約舉措和管理費用效率。

The favorability from these items is expected to be partially offset by continued investments in our company-operated retail business primarily related to our partners and technology.

這些項目的青睞預計將被我們公司經營的零售業務的持續投資部分抵消，主要與我們的合作夥伴和技術相關。

Let me add 2 additional points to the operating margin equation for fiscal 2020.

讓我在 2020 財年的營業利潤率方程中再增加 2 點。

First, commodities are expected to have minimal year-over-year impact on cost of goods sold as we expect favorability in green coffee prices net of farmer support payments to be more than offset by higher dairy costs.

首先，預計大宗商品對銷售商品成本的同比影響最小，因為我們預計生咖啡價格的有利因素（扣除農民支持付款）將被較高的乳製品成本所抵消。

At this point, our overall coffee needs are over 80% price-locked for fiscal 2020.

目前，我們對 2020 財年的整體咖啡需求超過 80% 已鎖定價格。

Second, a few comments on G&A.

其次，關於 G&A 的一些評論。

Net of investments, we expect meaningful G&A leverage in fiscal 2020 due to organizational efficiencies, the completion of Roastery development and the lap of our leadership conference.

扣除投資後，由於組織效率的提高、Roastery 開發的完成以及我們的領導會議的召開，我們預計 2020 財年的 G&A 槓桿將有意義。

The recent reclassification of certain line items in the middle of our P&L also meaningfully benefits G&A while adversely impacting store operating expenses.

最近在我們的損益表中對某些項目進行重新分類也對 G&A 產生了有意義的好處，同時對商店運營費用產生了不利影響。

As a result, while our long-term operating income margin target of 17% to 18% still includes a 100 basis point overhead efficiency improvement through fiscal '21, it is now spread across G&A and store operating expenses.

因此，雖然我們 17% 至 18% 的長期營業收入利潤率目標仍包括到 21 財年的 100 個基點的間接費用效率提高，但它現在分散在 G&A 和商店運營費用中。

Below the operating income line, we expect considerably higher interest expense, ranging between $415 million and $425 million in fiscal 2020 versus approximately $330 million in fiscal 2019.

在營業收入線以下，我們預計利息支出會大幅增加，2020 財年在 4.15 億美元至 4.25 億美元之間，而 2019 財年約為 3.3 億美元。

This is driven by debt issuances totaling $5 billion in the past 14 months, combined with what we expect to issue this fiscal year.

這是由過去 14 個月總計 50 億美元的債務發行以及我們預計本財年發行的債務推動的。

Importantly, we remain committed to maintaining our leverage ratio below 3x adjusted debt to EBITDAR.

重要的是，我們仍然致力於將我們的槓桿率維持在調整後債務與 EBITDAR 之比的 3 倍以下。

As to the tax rate in fiscal 2020, we expect our effective GAAP and non-GAAP tax rates to be between 22% and 24%.

至於 2020 財年的稅率，我們預計我們的有效 GAAP 和非 GAAP 稅率將在 22% 至 24% 之間。

This compares with a non-GAAP rate of 19.4% in fiscal 2019, which benefited from certain unplanned tax items that are not expected to repeat to the same degree in fiscal 2020.

相比之下，2019 財年的非 GAAP 稅率為 19.4%，這得益於某些預計在 2020 財年不會以相同程度重複的計劃外稅收項目。

Capital expenditures in fiscal 2020 are expected to total approximately $1.8 billion, roughly flat to fiscal 2019, reflecting the opening of our final Roastery next month and the licensing of several company-operated markets.

預計 2020 財年的資本支出總額約為 18 億美元，與 2019 財年大致持平，這反映了我們下個月開設的最後一家 Roastery 以及幾個公司運營市場的許可。

Over 80% of our capital spending in fiscal 2020 will be allocated to where we see significant return opportunities within our Starbucks retail portfolio, new stores and strategic store-related initiatives, including renovations of existing locations.

我們在 2020 財年將超過 80% 的資本支出分配給我們在星巴克零售組合、新店和戰略性商店相關計劃中看到重大回報機會的地方，包括現有地點的翻新。

Finally, at this juncture, we foresee minimal impact from foreign currency movements in fiscal 2020.

最後，在這個關頭，我們預計 2020 財年外匯變動的影響微乎其微。

So when you add it all up, our total revenue growth of 6% to 8% for fiscal 2020 is expected to translate into non-GAAP operating income growth of 8% to 10%, consistent with our ongoing growth model.

因此，當您將其全部加起來時，我們 2020 財年 6% 至 8% 的總收入增長預計將轉化為 8% 至 10% 的非公認會計原則營業收入增長，這與我們持續的增長模式一致。

We expect GAAP EPS in the range of $2.84 to $2.89, down slightly from fiscal 2019 due largely to the lap of the onetime gain attributable to the licensing of our Thailand operations.

我們預計 GAAP 每股收益在 2.84 美元至 2.89 美元之間，較 2019 財年略有下降，這主要是由於我們的泰國業務許可導致的一次性收益。

We expect non-GAAP EPS in the range of $3 to $3.05, representing growth of 6% to 8%.

我們預計非公認會計原則每股收益在 3 美元至 3.05 美元之間，增長 6% 至 8%。

Excluding the increase in our effective tax rate as we lap certain items that benefited fiscal 2019, this equates to expected non-GAAP EPS growth of 11% to 13% in fiscal '20, consistent with our ongoing model of at least 10% EPS growth.

不包括我們在 2019 財年受益的某些項目時有效稅率的增加，這相當於在 20 財年預期的非公認會計原則每股收益增長 11% 至 13%，這與我們正在進行的每股收益增長至少 10% 的模型一致.

As a reminder, we expect the lap of income tax rate favorability for fiscal 2019 will impact our quarter-to-quarter non-GAAP EPS growth in fiscal 2020 with Q1 being the lowest at flat to down slightly given a 9 percentage point EPS growth headwind tied to last year's tax rate.

提醒一下，我們預計 2019 財年的所得稅稅率優惠將影響我們在 2020 財年的季度非公認會計原則每股收益增長，鑑於每股收益增長 9 個百分點的逆風，第一季度最低，持平至略有下降與去年的稅率掛鉤。

Additionally, with the lap of the leadership conference in fiscal 2019, we expect year-over-year non-GAAP EPS growth to be at its highest in Q4 for fiscal 2020.

此外，隨著 2019 財年領導層會議的召開，我們預計 2020 財年第四季度的非公認會計原則每股收益同比增長將達到最高水平。

And with respect to quarterly cash flows, we expect to make a tax payment of approximately $1 billion related to the Nestlé transaction in early Q2.

關於季度現金流，我們預計在第二季度初與雀巢交易相關的稅款約為 10 億美元。

So let me wrap things up.

所以讓我總結一下。

First, we are very pleased with our in fiscal '19 results.

首先，我們對 19 財年的業績感到非常滿意。

Second, we expect that fiscal '20 will be another good year for Starbucks, delivering 8% to 10% operating profit growth.

其次，我們預計 20 財年將是星巴克的又一個好年頭，營業利潤增長 8% 至 10%。

This demonstrates that we are executing very well from an operational perspective, underpinned by continued focus in discipline.

這表明，從運營角度來看，我們執行得非常好，這得益於對紀律的持續關注。

And third, we are fully committed to our long-term model of double-digit non-GAAP EPS growth and will continue to make the investments necessary to sustain this growth over the long term.

第三，我們完全致力於實現兩位數的非公認會計原則每股收益增長的長期模型，並將繼續進行必要的投資以長期維持這種增長。

With that, Kevin and I are happy to take your questions, joined by Roz Brewer and John Culver as Durga outlined at the top of our call.

有了這個，Kevin 和我很高興回答您的問題，Roz Brewer 和 John Culver 也加入了 Durga 在我們的電話會議頂部概述的行列。

Thank you.

謝謝你。

Operator?

操作員？

(Operator Instructions) Your first question comes from the line of David Tarantino with Baird.

（操作員說明）您的第一個問題來自 David Tarantino 與 Baird 的對話。

Congratulations on great results here.

恭喜這裡取得了不錯的成績。

My questions on the Americas traffic strength you've seen, it seems like you've picked up some momentum here even as you look at relative to the last quarter, you're cycling a tougher comparison.

我對你所看到的美洲交通強度的問題，似乎你已經在這裡獲得了一些動力，即使你相對於上個季度來看，你騎自行車是一個更艱難的比較。

So I was wondering if you could just talk about the elements that drove that?

所以我想知道你是否可以談談驅動它的元素？

And whether operations -- I know you said you saw traffic positive throughout all the dayparts.

以及是否運營——我知道你說過你在所有時段都看到了積極的流量。

I'm wondering how big of an impact you think operations have versus some of the product news you had during the quarter?

我想知道您認為運營對本季度的一些產品新聞的影響有多大？

David, thanks for the question.

大衛，謝謝你的問題。

Roz, do you want to take that one for us?

羅茲，你想拿那個給我們嗎？

Sure, I'll take that one.

當然，我會拿那個。

David, thank you for the congratulations.

大衛，謝謝你的祝賀。

And it was a combination of both.

這是兩者的結合。

So within the quarter, 2 things happened.

所以在這個季度內，發生了兩件事。

We -- beverage innovation continued, but we also promoted beverages pretty heavily in the quarter.

我們——飲料創新仍在繼續，但我們在本季度也大力推廣飲料。

And so we promoted -- the plans were for early July, beginning with our flavored iced teas and then the fall beverage lineup, highlighted by the pumpkin platform.

所以我們進行了宣傳——計劃是在 7 月初，從我們的風味冰茶開始，然後是秋季飲料系列，以南瓜平台為重點。

And that helped immensely, in addition to the work that we've done to free up the work and the administrative work of our partners in the stores so that they can engage with the customers allowed them to have great interactions.

除了我們為釋放商店合作夥伴的工作和行政工作所做的工作之外，這也有很大幫助，以便他們可以與客戶互動，從而使他們能夠進行良好的互動。

And we were able to see that in all dayparts.

我們能夠在所有白天看到這一點。

Additionally, our drive-through business continues to grow well, and you'll see that continue through fiscal year '20.

此外，我們的得來速業務繼續保持良好增長，您會看到這種情況一直持續到 20 財年。

I will also mention that the work that we continue to do to engage our customers from a digital perspective has also been helpful, particularly when we introduced multitier redemption.

我還要提到，我們繼續從數字角度吸引客戶的工作也很有幫助，特別是當我們引入多層兌換時。

And that's allowing us to speak with our occasional customer, and they're engaged in both the afternoon as well as our Happy Hour business.

這使我們能夠與偶爾的客戶交談，他們既參與下午業務，也參與我們的歡樂時光業務。

And David, I'll just punctuate.

和大衛，我會標點。

The Growth at Scale agenda really is about delivering predictable, sustainable growth.

規模增長議程實際上是關於提供可預測的、可持續的增長。

And to do that, we've really sharpened the focus on the elements that Roz mentioned and are executing with discipline.

為了做到這一點，我們確實將重點放在了 Roz 提到的元素上，並且正在嚴格執行。

So if you look at the 3 initiatives that we prioritize for this, elevate the experience in our stores, drive relevant beverage innovation for our customers and grow digital customer relationships, those 3 things are what's driving an all-time high in customer connection scores.

因此，如果您查看我們為此優先考慮的 3 項舉措，提升我們商店的體驗，為我們的客戶推動相關的飲料創新並發展數字客戶關係，這 3 件事是推動客戶聯繫得分創歷史新高的原因。

That is, in turn, driving traffic growth.

也就是說，反過來又會推動流量增長。

And those same 3 priorities that we've focused on throughout fiscal year '19 will be the same ones we continue to drive in fiscal year '20.

我們在 19 財年一直關注的 3 個優先事項將與我們在 20 財年繼續推動的相同。

And that's part of what gives us confidence that we are pushing on the right elements that we think differentiates the Starbucks brand versus alternatives in the market, strengthens the connection between our partners and the customers, driving customer connection scores to an all-time high, and in turn, driving traffic and growth.

這就是讓我們相信我們正在推動正確的元素的一部分，我們認為這些元素將星巴克品牌與市場上的替代品區分開來，加強我們的合作夥伴和客戶之間的聯繫，將客戶聯繫得分推向歷史新高，反過來，推動流量和增長。

Your next question comes from the line of Katherine Fogertey with Goldman Sachs.

您的下一個問題來自高盛的 Katherine Fogertey。

My question actually is about the new espresso machines that you guys were trialing and testing but it looks like you're rolling them out a little bit more broadly here.

我的問題實際上是關於你們正在試用和測試的新濃縮咖啡機，但看起來你們在這裡更廣泛地推廣它們。

Curious what kind of benefits you're seeing from the new machines, both in customer satisfaction, quality and throughput.

好奇您從新機器中看到了什麼樣的好處，包括客戶滿意度、質量和產量。

How many stores have them?

他們有多少家商店？

And how long will it take for the whole base to, at least in the company-owned side, to get an upgrade to these new machines?

整個基地，至少在公司擁有的方面，需要多長時間才能升級到這些新機器？

Yes.

是的。

So...

所以...

Go ahead, Roz.

來吧，羅茲。

Katherine, so concerning the Mastrena machines that you're referring to for espresso engagement in our stores, yes, we are improving the number of Mastrena machines we have across the fleet.

凱瑟琳，所以關於您提到的用於我們商店的意式濃縮咖啡的 Mastrena 機器，是的，我們正在增加我們在整個車隊中擁有的 Mastrena 機器的數量。

In addition to that, I think you're aware that we also placed Nitro machines in all of our U.S. company-operated stores as well.

除此之外，我想你知道我們還在我們所有的美國公司經營的商店中放置了 Nitro 機器。

This is representing the work that we're doing with beverage innovation.

這代表了我們在飲料創新方面所做的工作。

We're continuing that expansion with Mastrena and should finish that work in the next 12 months or so.

我們正在繼續與 Masrena 一起進行擴展，並且應該在接下來的 12 個月左右完成這項工作。

Katherine, there's 3 key benefits of this new Mastrena machine that I want to really punctuate.

凱瑟琳，這台新的 Mastrena 機器有 3 個主要優點，我真的想強調一下。

Number one is it can pull a triple shot espresso with 1 pull.

第一是它可以用 1 次拉出三杯意式濃縮咖啡。

Today, in our older machines, you have to pull a Doubleshot and then another single shot for any beverage that has 3 shots of espresso.

今天，在我們的舊機器中，對於任何含有 3 杯意式濃縮咖啡的飲料，您必須先拉雙杯，然後再拉一次單杯。

So just that alone reduces the amount of time that a partner at the bar would need to take if they're preparing a beverage that has 3 shots of espresso in it.

因此，僅此一項就減少了酒吧合作夥伴在準備一種含有 3 杯意式濃縮咖啡的飲料時需要花費的時間。

So that's number one, big efficiency unlock.

所以這是第一，大效率解鎖。

Number two, those machines have Internet of Things sensors built into them.

第二，這些機器內置了物聯網傳感器。

And so we get telemetry data that comes into our support center.

因此，我們獲得了進入我們支持中心的遙測數據。

We can see every shot of espresso that's being pulled, and we can see centrally if there is a machine that's out that needs tuning or maintenance.

我們可以看到每杯濃縮咖啡被拉出，我們可以集中看到是否有一台機器需要調整或維護。

And that allows us to improve the quality of the shots that we're pulling.

這使我們能夠提高我們正在拉動的鏡頭的質量。

And third, with the Deep Brew and our predictive analytics, we're going to be able to determine if a machine needs preventative maintenance on it before it breaks.

第三，借助 Deep Brew 和我們的預測分析，我們將能夠確定機器是否需要在損壞之前對其進行預防性維護。

And so that simplifies things for our partners.

這為我們的合作夥伴簡化了事情。

John, you want to comment on the...

約翰，你想評論...

I would just say, Katherine, on the international side, we're also rolling the machines out internationally as well.

我只想說，凱瑟琳，在國際方面，我們也在國際範圍內推出這些機器。

And I think the benefits that both Roz and Kevin hit on are important benefits that we're seeing translate into the international markets as well.

而且我認為 Roz 和 Kevin 所帶來的好處是我們看到的重要好處，我們也看到這些好處轉化為國際市場。

I would also just add that our partners absolutely love these machines, and it gives them much more visibility to the customer due to the lower profile of the machine itself, being able to interact with customers and engage with them.

我還要補充一點，我們的合作夥伴絕對喜歡這些機器，由於機器本身的低調，能夠與客戶互動並與他們互動，這讓他們對客戶有更多的了解。

And the benefits thus far are very meaningful for the business across all markets.

到目前為止，這些好處對所有市場的企業都非常有意義。

Your next question comes from the line of Jeffrey Bernstein with Barclays.

你的下一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

Question relates to China.

問題與中國有關。

Clearly, it seems like you're back to solid mid-single-digit growth the past couple of quarters.

顯然，在過去的幾個季度中，您似乎回到了穩定的中個位數增長。

I'm wondering, using 20/20 hindsight here, maybe what you think were the greatest challenges over the 4 quarter period or so where it seems like the comp trends were really challenged, whether you thought it was internal or macro or competition?

我想知道，在這裡使用 20/20 的後見之明，也許您認為在 4 個季度左右期間最大的挑戰是競爭趨勢似乎真的受到挑戰，無論您認為這是內部的、宏觀的還是競爭的？

What do you think kind of resurrected that business?

你認為什麼樣的業務復活了？

And with that as a backdrop, again, having done mid-single digits the past 2 quarters, just wondering why you think the fiscal '20 guidance for 1% to 3% is appropriate when it seems like you're on track and running ahead of that level?

在此背景下，再次，在過去兩個季度中取得了中個位數，只是想知道為什麼你認為 20 財年 1% 到 3% 的指導是合適的，而你似乎正在走上正軌並繼續前進那個級別的？

Thanks, Jeffrey.

謝謝，杰弗裡。

John, why don't you...

約翰，你為什麼不...

Yes.

是的。

I think, Jeffrey, this -- what we're seeing in China is a direct result of the digital footprint that we've been able to build there as well as the meaningful innovation that we're bringing products in Modern Mixology and then the innovation that we're doing around our store footprint.

我認為，杰弗裡，我們在中國看到的是我們能夠在那裡建立的數字足跡以及我們在現代調酒中帶來有意義的創新的直接結果，然後是我們正在圍繞我們的商店足跡進行的創新。

And digital, obviously is moving very fast.

而數字化，顯然發展得非常快。

And for us, as Kevin highlighted in his comments, digital orders represent 10% of the business that we saw in the quarter, 7% of that coming through delivery, which is an entirely new channel for us, and then 3% coming through Mobile Order & Pay.

對我們來說，正如 Kevin 在評論中強調的那樣，數字訂單占我們在本季度看到的業務的 10%，其中 7% 來自交付，這對我們來說是一個全新的渠道，然後 3% 來自移動訂購和付款。

So digital has had a meaningful impact, a positive impact on the business.

因此，數字化產生了有意義的影響，對業務產生了積極影響。

And just beyond the comp performance, we talk a lot about the acceleration of the store footprint.

除了競爭表現之外，我們還談論了很多關於商店足蹟的加速。

And we had record new stores opened in the quarter.

我們在本季度開設了創紀錄的新店。

We continue to see very strong economic returns.

我們繼續看到非常強勁的經濟回報。

We continue to see very strong revenue growth of 18% in the quarter.

我們繼續看到本季度非常強勁的收入增長 18%。

Majority of that is driven by new stores.

其中大部分是由新店推動的。

And then new customers and existing customers frequently entering our stores, total transactions in the market grew at solid double digit for another quarter, which is great results by the team.

然後新客戶和老客戶頻繁進入我們的門店，市場總交易量連續一個季度以兩位數的穩定增長，這對團隊來說是一個很好的成績。

So feel very confident about our position in China and the work that the team is doing there.

所以對我們在中國的地位以及團隊在那裡所做的工作感到非常有信心。

Pat, why don't you take the second question around that, the Growth at Scale, long-term Growth at Scale growth model, and specifically, the way we think about our comp guidance in China.

Pat，你為什麼不圍繞第二個問題，規模增長，長期規模增長模式，特別是我們對中國薪酬指導的看法。

Absolutely.

絕對地。

Jeff, we are very pleased with our overall momentum that we're seeing in our business.

傑夫，我們對我們在業務中看到的整體勢頭感到非常滿意。

But it's premature to revise the ongoing long-term guidance that we provided at our 2018 Investor Day.

但現在修改我們在 2018 年投資者日提供的長期指導還為時過早。

Our policy is to guide conservatively, communicating expected outcomes that we have a high degree of confidence we can deliver.

我們的政策是保守地指導，傳達我們高度自信可以交付的預期結果。

It's the predictable sustainable growth that Kevin referenced earlier.

這是凱文之前提到的可預測的可持續增長。

Specifically in relation to China, the market dynamics there that are impacting our comp are unchanged from where they were a year ago.

特別是在中國，影響我們競爭的市場動態與一年前相比沒有變化。

We are continuing to open new units at an accelerated pace.

我們將繼續以更快的速度開設新單位。

And of course, that puts pressure on existing units through sales transfer.

當然，這會通過銷售轉移對現有單位施加壓力。

We're also continuing to see a slower overall growth rate in the economy.

我們還繼續看到經濟的整體增長率放緩。

And we're seeing a more intense level of competition, I would say in part because of the success of that we've enjoyed and the opportunity we've highlighted in the specialty retail coffee category.

而且我們看到了更加激烈的競爭，我想說的部分原因是我們所享受的成功以及我們在特色零售咖啡類別中強調的機會。

So when you take all of those together, we believe that it is prudent to guide to comp growth in China in the range of 1% to 3%, again, consistent with our ongoing model.

因此，當您綜合考慮所有這些因素時，我們認為將中國的複合增長率引導在 1% 至 3% 的範圍內是謹慎的做法，這與我們目前的模型保持一致。

We're delighted with the performance of the business this past year, but it's -- and we certainly are optimistic about our ability to sustain strong performance into fiscal 2020.

我們對過去一年的業務表現感到高興，但我們當然對我們在 2020 財年保持強勁表現的能力感到樂觀。

But we believe it's prudent to reaffirm our guidance of 1% to 3%.

但我們認為，重申我們 1% 至 3% 的指導是謹慎的做法。

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

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

I wanted to ask a bit about some of the investments you've talked about making, whether it's in the Americas or in China perhaps.

我想問一下你談到的一些投資，無論是在美洲還是在中國。

Because with such good comps, you talked about a little bit of the offset and the headwinds from some of these investments.

因為有了這麼好的組合，你談到了一些抵消和這些投資的逆風。

So in the Americas, when I look at the operating -- store operating expenses, it looks like it's grown a bit faster than top line.

因此，在美洲，當我查看運營——商店運營費用時，它的增長速度似乎比頂線快一點。

Should we expect that to be the case going forward, which is to say this year was more like a step up in some of the investments you are making in your partners?

我們是否應該期望未來會出現這種情況，也就是說今年更像是您對合作夥伴進行的一些投資的一步？

Or should we just expect that going forward in order to sustain the kind of service levels and customer and partner engagement you have, you're going to probably need to continue to invest at this pace?

或者我們是否應該期望未來為了維持您所擁有的服務水平以及客戶和合作夥伴參與度，您可能需要繼續以這種速度進行投資？

And then with respect to China, if you could just talk about investments there and maybe even the product mix you talked about as being unfavorable.

然後關於中國，如果你能談談那裡的投資，甚至你所說的產品組合是不利的。

Is it value?

是價值嗎？

Or is it just food or other things that are going on?

還是只是食物或其他正在發生的事情？

Just some of the margin headwinds specifically, please?

只是一些特別的利潤逆風，好嗎？

Pat, why don't I let you take that with Sara, and then we'll see if Roz and John need to add to it.

Pat，我為什麼不讓你和 Sara 一起做，然後我們看看 Roz 和 John 是否需要添加它。

But why don't you go ahead and lead?

但是你為什麼不繼續領導呢？

Okay.

好的。

Thank you, Kevin.

謝謝你，凱文。

Sara, what I'd like to do first is maybe just step -- take a step back and talk about Q4 in total.

薩拉，我首先想做的可能只是一步——退後一步，全面談談第四季度。

In my prepared or marks, I talked about consolidated margin across all of fiscal 19.

在我準備好的或標記中，我談到了整個 19 財年的綜合利潤率。

I'd like to focus more specifically on Q4 here because the dynamics were a bit different.

我想在這裡更具體地關注第四季度，因為動態有點不同。

So on a reported basis, our non-GAAP operating margin of 17.2% represented a 90 basis point decline compared to Q4 of last year.

因此，根據報告，我們的非公認會計原則營業利潤率為 17.2%，與去年第四季度相比下降了 90 個基點。

But what I would highlight is that embedded in that is a 70 basis point impact from our leadership conference as well as a 30 basis point impact from streamline-driven activities.

但我要強調的是，我們的領導會議產生了 70 個基點的影響，以及精簡驅動的活動產生了 30 個基點的影響。

So when you exclude those, our non-GAAP operating margin actually improved 20 basis points.

因此，當您排除這些因素時，我們的非公認會計原則營業利潤率實際上提高了 20 個基點。

Now I think your point, admittedly, a 20 basis point margin improvement seems very modest in the context of a 5% global sales comp for the quarter, particularly in relation to other quarters.

現在我認為你的觀點，誠然，在本季度全球銷售額增長 5% 的背景下，尤其是與其他季度相比，利潤率提高 20 個基點似乎非常溫和。

So what I'd like to do is highlight what was unique to Q4, including recent trends impacting our flow-through, which primarily relates to 2 margin drivers within our Americas segment.

因此，我想做的是強調第四季度的獨特之處，包括影響我們流通量的近期趨勢，這主要與我們美洲部分的兩個利潤驅動因素有關。

The first driver relates to the investments we're making to sustain long-term growth, exactly to your point.

第一個驅動因素與我們為維持長期增長而進行的投資有關，這正是您的觀點。

Along with the tax reform-funded investments in partner wages and benefits that we initiated in fiscal '18, we invested in additional labor hours in Q4 to build on our positive sales momentum, drive higher levels of customer connection and explore opportunities to unlock capacity in stores that we believe are best positioned to capture incremental sales at peak.

除了我們在 18 財年啟動的由稅制改革資助的合作夥伴工資和福利投資外，我們還在第四季度投資了額外的工時，以鞏固我們積極的銷售勢頭，推動更高水平的客戶聯繫，並探索釋放能力的機會我們認為最有能力在高峰期獲得增量銷售的商店。

This effort tested the upper limits of investment potential to determine where the future payback could be greatest in terms of incremental sales.

這項工作測試了投資潛力的上限，以確定在增量銷售方面未來回報最大的地方。

This investment was not intended to completely payback during the quarter.

這項投資並不打算在本季度完全收回。

However, it provided us, and this was our goal, with a substantial amount of data.

但是，它為我們提供了大量數據，這也是我們的目標。

And we're leveraging these insights to optimize our labor deployment going forward.

我們正在利用這些見解來優化我們未來的勞動力部署。

This is the artificial intelligence and machine learning that Kevin referred to earlier.

這就是凱文之前提到的人工智能和機器學習。

So in addition to those labor hours, we also invested in store-level equipment, as Roz mentioned, to support new product platforms like Nitro Cold Brew and to improve our operating efficiency.

因此，除了這些工時，我們還投資了商店級設備，正如 Roz 所說，以支持 Nitro Cold Brew 等新產品平台並提高我們的運營效率。

So that's the first driver is really in the area of investment.

所以這是第一個真正的驅動力是在投資領域。

The second driver relates to inflationary pressures in wages and benefits as well as occupancy expense.

第二個驅動因素與工資和福利以及入住費用的通脹壓力有關。

Now consistent with our discussion in Q3, we are seeing margin pressure from continued increases in statutory minimum wages coupled with inflationary increases in rent; culinary, maintenance and real estate taxes.

現在與我們在第三季度的討論一致，我們看到法定最低工資持續上漲以及租金通脹上漲帶來的利潤率壓力；烹飪、維護和房地產稅。

All that said, we do expect modest margin expansion in fiscal '20, as we've guided, as we continue to balance our investments with expected benefits from sales leverage and ongoing cost savings initiatives, notably in our supply chain.

綜上所述，我們確實預計 20 財年的利潤率將適度增長，正如我們所指導的那樣，因為我們將繼續平衡我們的投資與銷售槓桿和持續成本節約計劃的預期收益，特別是在我們的供應鏈中。

Now I'd also like to take a minute or 2 to talk about China because of the dynamics there are slightly different.

現在我還想花一兩分鐘來談談中國，因為那裡的動態略有不同。

We do expect to continue to make investments there in order to sustain strong comp growth even as we have accelerated our pace of development.

儘管我們加快了發展步伐，但我們確實希望繼續在那裡進行投資，以保持強勁的複合增長。

But one thing that is slightly different is product mix.

但稍有不同的一件事是產品組合。

Product mix in the last year -- and we foresee this continuing into fiscal '20, is a bit of a headwind in China.

去年的產品組合——我們預計這種情況會持續到 20 財年，這在中國有點逆風。

And one of the drivers of that is the growth in our delivery sales mix.

其中一個驅動因素是我們交付銷售組合的增長。

As we've discussed before, delivery transactions are, on the margin, dilutive to our total margin.

正如我們之前所討論的，交付交易在保證金上會稀釋我們的總保證金。

However, they are highly incremental.

但是，它們是高度增量的。

So even while diluting our margin percentage, they grow total profit dollars.

因此，即使在稀釋我們的利潤率百分比的同時，它們也會增加總利潤。

And that is different from what we are seeing in our U.S. where delivery is in the very early stages and growing more immodesty.

這與我們在美國看到的情況不同，在美國，交付處於早期階段並且越來越不謙虛。

So that is probably the key difference between China and the U.S. But what is consistent across both and is an important part of our strategy going forward, is continuing to make those strategic investments in our business that strengthen key points of competitive difference and help us to sustain top line growth for the long term.

因此，這可能是中國和美國之間的主要區別。但兩者的一致之處以及我們未來戰略的重要組成部分，是繼續對我們的業務進行戰略投資，以加強競爭差異的關鍵點並幫助我們長期保持收入增長。

But it does come at the expense of what would otherwise be much stronger margin expansion on the back of the consistent comp growth that we're expecting going forward.

但這確實是以我們預期的持續增長為代價的，否則會以更強勁的利潤率擴張為代價。

Your next question comes from the line of David Palmer with Evercore ISI.

您的下一個問題來自與 Evercore ISI 的 David Palmer。

Question on the key drivers between the U.S. and China.

關於中美之間關鍵驅動因素的問題。

Even as I listened to this call, it sounds like there is an interesting contrast where China's more of a digital flywheel story with that 45% growth in rewards, and you had that big jump up in digital order partly fueled by delivery.

就在我聽到這個電話的時候，聽起來有一個有趣的對比，中國更多的是一個數字飛輪故事，獎勵增長了 45%，而數字訂單的大幅增長部分是由交付推動的。

In the U.S., you've had that mid-teens growth in rewards users.

在美國，您的獎勵用戶已經達到了十幾歲的增長。

But all the while, this year, you've been ramping up as your cold beverage growth seems to be ramping.

但一直以來，今年，隨著冷飲的增長似乎在加速，你一直在加速。

So I wanted to ask you, do you agree with that characterization in terms of the top drivers in each market?

所以我想問你，你是否同意每個市場的頂級驅動因素的描述？

And how do you think those will play out in fiscal '20?

您認為這些將如何在 20 財年發揮作用？

Yes.

是的。

Let me just frame kind of my thinking at a high level, David, and then I'll hand over to Roz and John to comment specifically on U.S. and China.

讓我在高層次上闡述我的想法，大衛，然後我將交給羅茲和約翰來具體評論美國和中國。

I do think that while we're focused on the same key things, to create a great experience in our stores, to drive beverage innovation that's relevant to our customers and to grow digital customer relationships, the 2 markets are very different.

我確實認為，雖然我們專注於相同的關鍵事情，在我們的商店中創造出色的體驗，推動與我們的客戶相關的飲料創新並發展數字客戶關係，但這兩個市場是非常不同的。

Clearly, in China, this past year, we've seen a significant step forward in our digital customer relationships.

顯然，在過去的一年裡，我們在中國的數字客戶關係方面取得了重大進展。

A lot of that driven with our China digital partnership with Alibaba, we introduced a spend-based rewards program in December.

在很大程度上得益於我們與阿里巴巴的中國數字合作夥伴關係，我們在 12 月推出了一項基於支出的獎勵計劃。

We launched the ability for mobile order for pickup.

我們推出了手機取貨功能。

We launched Starbucks Delivers.

我們推出了 Starbucks Delivers。

And in China, what you see is the consumer base in China is much more digitally savvy than any other market in the world.

在中國，您所看到的是，中國的消費者群比世界上任何其他市場都更精通數字技術。

You just look at the percent of tender that's paid on the mobile app with Alipay or WeChat Pay.

您只需查看使用支付寶或微信支付在移動應用程序上支付的投標百分比。

You look at the numbers scenarios in China that are digital mobile scenarios.

你看看中國的數字場景是數字移動場景。

And so the work that Belinda and Leo and our great China leadership team did this year in many ways was anchored around taking a big step forward in the digital flywheel.

因此，今年 Belinda 和 Leo 以及我們偉大的中國領導團隊在許多方面所做的工作都是圍繞在數字飛輪上邁出一大步而開展的。

And that's where -- a year ago we didn't have mobile ordering for pickup or delivery.

這就是 - 一年前，我們還沒有手機訂購取貨或送貨服務。

Now 10% of our sales mix is coming from that, with 7 points from Starbucks Delivers and 3 for mobile order for pickup.

現在，我們 10% 的銷售組合來自此，其中 7 分來自 Starbucks Delivers，3 分來自移動訂單取貨。

In the U.S., I think in that particular market, we've had digital flywheel and the active rewards member growth for several years now.

在美國，我認為在那個特定的市場上，我們已經擁有數字飛輪和積極的獎勵會員增長幾年了。

And I think in the U.S., a lot of this was continuing to extend and accelerate that.

而且我認為在美國，其中很多都在繼續擴展和加速。

But I think more importantly, the work that's gone into creating -- elevating the customer experience in our stores and really sharpening our focus on the beverage innovation, while at the same time, expanding digital customer relationships has helped.

但我認為更重要的是，在創造方面所做的工作——提升我們商店的客戶體驗，真正加強我們對飲料創新的關注，同時，擴大數字客戶關係也有所幫助。

I don't -- delivery, Starbucks Delivers in the U.S. still is very small.

我不——送貨，星巴克在美國的送貨服務仍然很小。

It's less than 1% of our sales mix.

這不到我們銷售組合的 1%。

And I think part of that is because the cost dynamics are different in China versus the U.S. And I think the Chinese consumer is much more advanced in these digital scenarios than in the U.S. But I think we're going to continue to watch and see how that evolves in the U.S.

我認為部分原因是中國和美國的成本動態不同。而且我認為中國消費者在這些數字場景中比美國先進得多。但我認為我們將繼續觀察，看看如何在美國發展

Let me hand over to -- so I guess the net is, David, I think we do have 2 very different markets with the consumer behavior and the state of evolution of Starbucks.

讓我交給 - 所以我猜網絡是，大衛，我認為我們確實有兩個非常不同的市場，消費者行為和星巴克的發展狀態。

And our capabilities in those markets continues to evolve in a way that's relevant to the customer mix in each of those 2 markets.

我們在這些市場中的能力繼續以與這兩個市場中每個市場的客戶組合相關的方式發展。

Roz, why don't you add the things you think are important on the U.S. side?

羅茲，你為什麼不把你認為對美國很重要的東西加進去？

And then John, why don't you do the same on China?

然後約翰，你為什麼不在中國做同樣的事情？

Sure.

當然。

I'll just add a few things here just to highlight that we're still seeing growth in our digital flywheel.

我將在這裡添加一些內容，以強調我們仍在看到數字飛輪的增長。

Just in this quarter alone, our loyalty programs contributed nearly 2 points of comp, and that's making up about 42% of our tender right now.

僅在本季度，我們的忠誠度計劃就貢獻了近 2 個積分，目前約占我們投標的 42%。

And typically, in the fourth quarter where we usually see retraction, we actually saw active member growth of about 15% year-over-year, approaching almost 18 million members.

通常，在我們通常看到撤回的第四季度，我們實際上看到活躍會員同比增長約 15%，接近 1800 萬會員。

And then the new Starbucks Rewards, which we're calling Starbucks Rewards 4.0, we're seeing good performance in our 90-day active consumers.

然後是新的 Starbucks Rewards，我們稱之為 Starbucks Rewards 4.0，我們在 90 天的活躍消費者中看到了良好的表現。

And it's in line with our expectation.

並且符合我們的預期。

So we're still seeing improvement in growth in our relationships and our digital platforms.

因此，我們仍然看到我們的關係和數字平台的增長有所改善。

And we'll continue to see that as we get into fiscal year '20.

隨著我們進入 20 財年，我們將繼續看到這一點。

Yes.

是的。

And David, from a China standpoint, I agree with what Kevin's comments were around the Chinese consumer and their digital capability and the savvy that they have.

大衛，從中國的角度來看，我同意凱文關於中國消費者及其數字能力和他們所擁有的悟性的評論。

Just to put that into context, you've seen in our report our reported earnings the growth of the Starbucks Rewards program.

只是為了說明這一點，您已經在我們的報告中看到了我們報告的收益，即星巴克獎勵計劃的增長。

So we up-leveled that December.

所以我們在那個 12 月升級了。

We now have crossed the 10 million Starbucks Rewards members in China.

現在，我們在中國的星享俱樂部會員已經突破了 1000 萬。

We grew that 45% year-over-year.

我們同比增長了 45%。

And our total member base is now in China sitting at 32.5 million, which is up 66% over a year ago.

現在，我們在中國的會員總數達到 3250 萬，比一年前增長了 66%。

So really, just strong digital engagement from the customers.

真的，只是來自客戶的強大數字參與。

When you drill down a little bit deeper into MOP, we've expanded MOP at China speed.

當您深入了解 MOP 時，我們以中國速度擴展了 MOP。

We're now at more than 2,600 stores across 15 cities, and we're continuing to expand that program.

我們現在在 15 個城市擁有 2,600 多家門店，並且我們正在繼續擴大該計劃。

So we've got about 65% of our store base covered.

所以我們已經覆蓋了大約 65% 的商店基礎。

We're seeing a very strong healthy repeat on purchases, where -- which is enabling us to bring new users into the Starbucks Rewards program and penetrate that more deeply.

我們看到了非常強烈的健康重複購買，這使我們能夠將新用戶帶入星巴克獎勵計劃並更深入地滲透。

And then you translate that into the new channel of delivery.

然後您將其轉化為新的交付渠道。

We're seeing good success in delivery.

我們在交付方面看到了良好的成功。

We stand out over 3,000 stores in 100 cities.

我們在 100 個城市的 3,000 多家商店中脫穎而出。

We now cover 80% of our store base.

我們現在覆蓋了我們 80% 的商店基礎。

As we said, 7% of the sales mix, we're seeing a higher ticket through delivery and stronger food attach.

正如我們所說，在 7% 的銷售組合中，我們看到通過交付獲得更高的票價和更強的食品附加值。

And we're seeing morning and lunch daypart increasing.

而且我們看到早上和午餐時段在增加。

So very optimistic about that.

所以對此非常樂觀。

And then just don't lose sight of the need for us to continue to gain first-mover advantage on store growth, and we're going to continue to focus on accelerating our store growth.

然後不要忽視我們需要繼續在商店增長方面獲得先發優勢，我們將繼續專注於加速我們的商店增長。

Clearly, the returns that we see in terms of new stores indicate that there is a lot of opportunity in that area.

顯然，我們在新店方面看到的回報表明該領域有很多機會。

And as we continue to cultivate the coffee consumption in China, which now sits at less than 4 cups per year per person compared to 300 in the U.S., this is a huge opportunity.

隨著我們繼續培養中國的咖啡消費量，現在人均每年不到 4 杯，而美國為 300 杯，這是一個巨大的機會。

And then just one other thing, and then I'll stop, is the Global Coffee Alliance.

然後還有一件事，然後我會停下來，是全球咖啡聯盟。

And as Kevin shared, we spent the last few days in China.

正如凱文所說，我們在中國度過了最後幾天。

We're here in Japan today talking about the opportunity that the Global Coffee Alliance has for us in China.

我們今天在日本談論全球咖啡聯盟在中國為我們提供的機會。

And we've announced that in August.

我們已經在八月宣布了這一點。

We're rolling out across for platforms.

我們正在跨平台推出。

We have over 20 products that we've launched.

我們推出了 20 多種產品。

We walked the aisle in Shanghai.

我們走在上海的過道上。

The Starbucks presence is absolutely stunning.

星巴克的存在絕對令人驚嘆。

And then foodservice is going to be a big opportunity as we focus in on office, as we focus in on universities and as we focus in on the 5-star hotels.

隨著我們專注於辦公室、大學和五星級酒店，餐飲服務將成為一個巨大的機會。

So we're very optimistic about China.

所以我們非常看好中國。

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

您的下一個問題來自摩根大通的 John Ivankoe。

First, I'm actually just going to stay on the Global Coffee Alliance.

首先，我實際上只是留在全球咖啡聯盟。

I think what you said, there's a 7% to 8% reduction in revenue relative to some things that happened in '19.

我認為你所說的，與 19 年發生的一些事情相比，收入減少了 7% 到 8%。

I was just hoping you could talk about that.

我只是希望你能談談這個。

And just the comments that we're being made on accretion after buyback just seem to be interesting that they were made at all.

只是我們對回購後的增值發表的評論似乎很有趣，因為它們是完全發表的。

Just overall from a profitability perspective as we think about that segment, was fiscal '20 in line with relative to what you originally thought?

總體而言，從我們考慮該細分市場的盈利能力的角度來看，20 財年是否與您最初的想法一致？

And if not, why?

如果不是，為什麼？

And then I'll have a couple follow-ups.

然後我會有幾個跟進。

Pat, why don't you take that if you could?

帕特，如果可以的話，你為什麼不接受呢？

Certainly.

當然。

So John, what I'd like to highlight is what is driving the difference between our total revenue growth guidance for fiscal '20 and our long-term growth model.

所以約翰，我想強調的是，是什麼推動了我們對 20 財年的總收入增長指導與我們的長期增長模式之間的差異。

So we've guided to a range of 6% to 8%.

因此，我們將其引導至 6% 至 8% 的範圍。

Our long-term growth model is 7% to 9%.

我們的長期增長模式是 7% 到 9%。

That 1 percentage point difference is attributable to 2 things: one is the sale of our ownership interest in Thailand in fiscal '19 and how that extends then with its impact into fiscal '20.

這 1 個百分點的差異可歸因於兩件事：一是在 19 財年出售我們在泰國的所有權權益，以及這將如何延伸到 20 財年。

But then the second is, and I think this is more directly to your question, what we're expecting by way of a revenue decline in Channel Development from fiscal '19 into fiscal '20 even though we had lapped the onset of the Global Coffee Alliance.

但是第二個是，我認為這更直接地解決了你的問題，即使我們已經超過了全球咖啡的開始，我們對渠道開發的收入從 19 財年到 20 財年的下降的預期是什麼聯盟。

There were some temporary business transition activities in fiscal '19 that are nonrecurring, and they tend to mask the growth profile of our Channel Development business for fiscal '20.

'19 財年有一些臨時的業務過渡活動是非經常性的，它們往往掩蓋了我們在 '20 財年的渠道開發業務的增長概況。

And they relate primarily to lapping some elevated inventory sales to Nestlé in preparation for their direct fulfillment of customer orders in addition to what were some final sales of Tazo-branded products that fell into fiscal '19.

它們主要涉及向雀巢提供一些增加的庫存銷售，以準備直接履行客戶訂單，此外還有一些屬於 19 財年的 Tazo 品牌產品的最終銷售。

So when you normalize for these temporary transition items in Channel Development as well as for the ownership change in Thailand, we get back to a normalized total revenue growth rate of 7% to 9%.

因此，當您對渠道開發中的這些臨時過渡項目以及泰國的所有權變更進行正常化時，我們會恢復到 7% 到 9% 的正常化總收入增長率。

What I would like to highlight specifically in relation to Channel Development, given that we are guiding to an adjusted revenue growth rate of 4%, which is at the bottom end of our ongoing range of 4% to 6%, is that we would expect it to be 4% to 5% in the near term and then 5% to 6% longer term with what we expect by way of an accelerated pace of international market expansion.

鑑於我們正在指導調整後的收入增長率為 4%，這是我們目前 4% 至 6% 範圍的底端，我想特別強調一下與渠道開發相關的內容是我們預期的短期內為 4% 至 5%，然後長期為 5% 至 6%，這與我們預期的國際市場擴張步伐加快。

So really, what you see happening is a combination of things: number one, it's overlapping some unusual benefits that we realized in fiscal '19.

所以真的，你看到的事情是多種事情的結合：第一，它與我們在 19 財年實現的一些不尋常的好處重疊。

But it's also the fact that the international market acceleration and how that impacts the shape of our revenue growth for the Channel Development segment particularly, we see happening further out into the future.

但事實上，國際市場加速以及這如何影響我們特別是渠道開發部門的收入增長形式，我們看到未來會發生更遠的事情。

John, you want to just comment on the international market expansion on Global Coffee Alliance, kind of what we achieved in fiscal '19 and the outlook for fiscal '20?

約翰，您只想評論全球咖啡聯盟的國際市場擴張，我們在 19 財年取得的成就以及 20 財年的前景？

Yes.

是的。

So we've had some great work that's happened between us and Nestlé as we rolled out this -- the Global Coffee Alliance.

因此，當我們推出這個全球咖啡聯盟時，我們和雀巢之間開展了一些出色的工作。

Clearly, the U.S. market is the most established business.

顯然，美國市場是最成熟的業務。

We had a smaller business in Europe, but then the rest of the world was greenfield as it relates to CPG and foodservice channels.

我們在歐洲的業務規模較小，但後來世界其他地區還處於未開發狀態，因為它與 CPG 和餐飲服務渠道有關。

We now have products available in over 30 markets around the world.

我們現在在全球 30 多個市場提供產品。

And as Kevin highlighted, we're on our way to having 50 markets up and running by the spring of 2020.

正如 Kevin 所強調的那樣，到 2020 年春天，我們正在努力建立並運行 50 個市場。

We've got 28 SKUs that we've launched across 4 different platforms.

我們在 4 個不同的平台上推出了 28 個 SKU。

Particularly the work that we've done with Nespresso is paying dividends.

尤其是我們在 Nespresso 上所做的工作正在帶來回報。

We're seeing very good strong growth and uptick for the Nespresso Starbucks-branded capsules.

我們看到 Nespresso 星巴克品牌膠囊的強勁增長和上升勢頭非常好。

We're also seeing very good strong uptick with Dolce Gusto in the Dolce Gusto platform.

我們還看到 Dolce Gusto 在 Dolce Gusto 平台上的強勁增長。

So we're very optimistic about the single-serve opportunity that exists around the world, not just in the U.S.

因此，我們對世界各地存在的單一服務機會非常樂觀，而不僅僅是在美國。

We did have a meaningful launch of creamers in the U.S., and we anticipate that -- taking that to other markets.

我們確實在美國推出了有意義的奶精，我們預計會將其帶到其他市場。

We launched 4 flavors in August, and we earned about 10.4 billion impressions as we made that announcement.

我們在 8 月推出了 4 種口味，並在我們宣布這一消息時獲得了約 104 億次展示。

So there is a lot of consumer excitement about this and a lot of market excitement.

因此，有很多消費者對此感到興奮，也有很多市場興奮。

And then we're going to continue to drive meaningful innovation within the Global Coffee Alliance.

然後我們將繼續在全球咖啡聯盟內推動有意義的創新。

I think at the speed at which we've been able to create the product platforms, the speed at which we've been able to bring those into the markets, that is going to continue.

我認為，以我們能夠創建產品平台的速度，我們能夠將這些平台帶入市場的速度，這種情況將繼續下去。

And that's been a big piece of the discussions that we've been having here over the last 2.5 days with the Nestlé team, and we're both very optimistic about the opportunity going forward.

這是我們在過去 2.5 天裡與雀巢團隊在這裡討論的重要內容，我們都對未來的機會非常樂觀。

And John, there was a second part to your question in relation, I believe, to the EPS accretion from the Global Coffee Alliance.

約翰，我相信你的問題的第二部分與全球咖啡聯盟的 EPS 增長有關。

So just to reaffirm that Global Coffee Alliance became EPS accretive in fiscal '19, which is faster than we had originally expected when we completed the transaction.

因此，只是為了重申全球咖啡聯盟在 19 財年實現每股收益增長，這比我們完成交易時最初預期的要快。

And we continue to expect -- even with that revenue decline that I mentioned, we continue to expect that it will remain EPS accretive on a cumulative basis.

我們繼續期待——即使我提到的收入下降，我們仍然預計它將在累積的基礎上保持每股收益增長。

And that includes the beneficial impact of the share repurchases that were funded with the after-tax upfront cash payment from Nestlé.

這包括由雀巢的稅後預付現金資助的股票回購的有益影響。

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

您的下一個問題來自莎朗·扎克菲亞（Sharon Zackfia）和威廉·布萊爾（William Blair）的台詞。

I actually had 2 questions, but one's pretty quick.

我實際上有 2 個問題，但一個很快。

I know in the past you've talked about the digital information you have now on people who are not yet rewards members, and I think you've given that number in the past.

我知道你過去曾談論過你現在擁有的關於尚未成為獎勵會員的人的數字信息，我認為你過去已經給出了這個數字。

I'm just curious if that continues to grow in the U.S. And then secondarily, on the margin outlook, I guess I'm a little confused on the Americas particularly.

我只是好奇這是否會在美國繼續增長。其次，在利潤率前景方面，我想我對美洲尤其感到有些困惑。

I know the margin there has stabilized.

我知道那裡的利潤已經穩定下來。

So you had some benefit from the change in the gift card breakage.

所以你從禮品卡破損的變化中得到了一些好處。

So I'm just wondering whether or not we should expect Americas margins to stabilize or not in 2020, as well?

所以我只是想知道我們是否應該期望美洲的利潤率在 2020 年也能穩定下來？

Thanks, Sharon.

謝謝，莎倫。

Roz, why don't you take the first question on the digitally registered customers that Sharon asked.

Roz，你為什麼不回答 Sharon 提出的關於數字註冊客戶的第一個問題。

And then Pat, why don't you take the margin question, if you could?

然後帕特，如果可以的話，你為什麼不回答邊際問題？

So Roz?

所以羅茲？

Thank you.

謝謝你。

Just on those digitally registered customers that we've seen in this recent quarters, first of all, we've seen the redemption shifted to new tiers, and that's not impacting our overall Starbucks Rewards growth.

就我們在最近幾個季度看到的那些數字註冊客戶而言，首先，我們已經看到兌換轉移到了新的級別，這並沒有影響我們的整體星巴克獎勵增長。

The customers we've seen, they've embraced the choices provided by these multiple redemption tiers.

我們見過的客戶，他們已經接受了這些多重兌換層提供的選擇。

The 150-Star tier continues to see the majority of the redemption volume.

150 星等級繼續佔據大部分贖回量。

And we've also seen that our low-frequency members that you've heard us referred to as our occasional customers, they're driving a more significant portion of the active members.

而且我們還看到，您聽說過的我們的低頻成員被稱為我們的臨時客戶，他們正在推動更重要的活躍成員。

So right now, we're seeing good movement in that space.

所以現在，我們在這個領域看到了良好的發展。

And again, our Starbucks Rewards customers, we've seen acceleration there in that member growth of about 15% to roughly 18 million members.

再說一次，我們的 Starbucks Rewards 客戶，我們已經看到那裡的會員增長了約 15%，達到約 1800 萬會員。

Actually, that number is 17.6 million.

實際上，這個數字是 1760 萬。

The other thing I'll mention is that we continue to grow at peak, in our morning peak time frame, and we're seeing actually growth across all dayparts.

我要提到的另一件事是，我們在高峰時段繼續增長，在我們早上的高峰時段，我們看到所有時段的實際增長。

That occasional customer that we're introducing to Starbucks Rewards is coming in, in the afternoons.

我們介紹給 Starbucks Rewards 的那個偶爾的顧客會在下午來。

And so we probably are seeing a lift through all the dayparts.

因此，我們可能在所有時段都看到了提升。

And so that is the work that's happening by adding the new multitiers to the program.

這就是通過將新的多層添加到程序中而正在發生的工作。

And then Sharon, with respect to your question on margin, what I first want to clarify is that we are expecting modest margin improvement across each one of our segments in fiscal '20.

然後沙龍，關於你關於利潤率的問題，我首先要澄清的是，我們預計在 20 財年我們每個部門的利潤率都會有適度的提高。

Specifically on the Americas, you asked about breakage and then just Americas margin generally.

特別是在美洲，您詢問了破損情況，然後一般只詢問了美洲保證金。

So I first want to clarify what's happening with breakage.

所以我首先想澄清一下破損是怎麼回事。

As a reminder, we adopted this new revenue recognition accounting standard starting in first quarter fiscal 2019.

提醒一下，我們從 2019 財年第一季度開始採用了這一新的收入確認會計準則。

And one that impact of that was to reclassify stored value card breakage from the interest in other line below operating income and outside of segment results to the revenue line at the segment level.

其影響之一是將儲值卡破損從營業收入以下和細分結果之外的其他行中的利息重新分類為細分級別的收入行。

It's mostly a matter of P&L geography that does not have an impact on EPS.

這主要是損益地理問題，對每股收益沒有影響。

On a full year basis, the change in accounting did have a beneficial impact to non-GAAP operating margin of about 40 basis points in fiscal '19, and the greatest impact was in Q2 due to seasonality.

在全年的基礎上，會計變更確實對 19 財年的非 GAAP 營業利潤率產生了約 40 個基點的有利影響，而由於季節性因素，影響最大的是第二季度。

But I also want to clarify that breakage is not accounted for in comp sales.

但我也想澄清一下，破損不計入補償銷售。

It's just another revenue driver after new stores and comp sales.

這只是新店和comp銷售之後的另一個收入驅動因素。

We will lap this impact in the first quarter of fiscal 2020, at which point the benefit to our revenue and operating margin will already be embedded in our base.

我們將在 2020 財年第一季度實現這一影響，屆時我們的收入和營業利潤率將受益於我們的基礎。

So breakage will not be a driver of margin performance in fiscal 2020.

因此，破損不會成為 2020 財年利潤率表現的驅動力。

We do expect in the Americas, like the other segments, that there will be a modest margin expansion in fiscal '20.

我們確實預計，在美洲，與其他細分市場一樣，在 20 財年將有適度的利潤率擴張。

And that's a function of the sales leverage that we expect from the comp growth that we're guiding in the range of 3% to 4% as well as the significant cost savings that we're expecting, particularly in our supply chain.

這是我們預期的銷售槓桿的函數，我們在 3% 到 4% 的範圍內指導我們的複合增長，以及我們預期的顯著成本節約，特別是在我們的供應鏈中。

And that, that will be sufficient to offset the investments that we're looking to make in fiscal '20 to continue to drive the top line.

而且，這將足以抵消我們希望在 20 財年進行的投資，以繼續推動收入增長。

I will also say that the Americas margin will benefit in '20 -- fiscal '20 from the lap of the leadership conference in the fourth quarter.

我還要說，美洲的利潤率將在 20 財年——20 財年第四季度的領導會議結束後受益。

So as you think about the shape of our margin performance across the year, what that means is it will probably be flattish in Q1.

因此，當您考慮我們全年的利潤率表現時，這意味著它在第一季度可能會持平。

We'll see that modest improvement in Q2 and Q3, and then we will see a very robust margin improvement in the fourth quarter.

我們將在第二季度和第三季度看到適度的改善，然後我們將在第四季度看到非常強勁的利潤率改善。

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

您的下一個問題來自古根海姆證券公司的 Matthew DiFrisco。

I just have a follow-up a little bit there on Sharon's also.

我也只是對 Sharon's 進行了一些跟進。

With respect to the incremental of that 17.6 million and the 15% growth, can you dig into that and see sort of, are you seeing a little bit of a broader demographic may be coming on board than you had in the past?

關於 1760 萬的增量和 15% 的增長，您能否深入研究並看到，您是否看到比過去更廣泛的人口可能會出現？

I know there were some theories out there in the last couple of years when it did decelerate that perhaps the brand was hitting its max as a premium position brand.

我知道在過去的幾年裡有一些理論確實減速了，也許該品牌正在達到其作為高端品牌的最大值。

I'm curious as far as just your overall value perception.

我很好奇你的整體價值觀念。

I know you may be seeing also the tier -- the change to a tiered rewards program, has it opened you up maybe to a broader demographic that maybe you're resonating better as a value and you're expanding the tent to include more people above maybe lower incomes than you had in the past?

我知道你可能也看到了層級——分層獎勵計劃的變化，它是否讓你接觸到更廣泛的人群上面的收入可能比你過去低？

Roz, why don't you go ahead and take that for us?

羅茲，你為什麼不繼續為我們拿走那個？

Okay.

好的。

Great.

偉大的。

Thanks, Kevin.

謝謝，凱文。

So what we are seeing is that we are seeing a broader array of customers that are attracted to Starbucks at the moment.

因此，我們看到的是，目前我們正在看到更廣泛的客戶群被星巴克所吸引。

In terms of qualifying their demographic to understand if they're value or non-value, we don't have the kind of data at this point.

在確定他們的人口統計以了解他們是有價值的還是非價值的方面，我們目前沒有那種數據。

But I will tell you that we know that they are attracted in the -- to the beverage program, less attracted to the food program.

但我會告訴你，我們知道他們被飲料項目所吸引，而不是食品項目。

At this time, we are encouraged by the ticket that we're seeing with this customer and their attraction to things like Happy Hour and also to the time of day.

在這個時候，我們看到這個客戶的票以及他們對歡樂時光和一天中的時間等事物的吸引力，這讓我們感到鼓舞。

And so as we learn more, we'll share that with you.

因此，當我們了解更多信息時，我們將與您分享。

But right now, we're encouraged that we are moving these customers to the Starbucks Rewards level.

但現在，我們正在將這些客戶提升到 Starbucks Rewards 級別，這讓我們感到鼓舞。

And we're pleased that we did add the other layers of redemption just so that we can expand the excitement of the Starbucks brand to a broader customer.

我們很高興我們確實添加了其他層級的兌換，以便我們可以將星巴克品牌的興奮擴大到更廣泛的客戶。

So we'll come back to you with more information on that, but right now, we don't have the demographics on those customers.

因此，我們會向您提供更多相關信息，但目前，我們沒有這些客戶的人口統計數據。

Let me just add a comment on the strength of the Starbucks brand.

讓我來評論一下星巴克品牌的實力。

Growth at Scale has really enabled us to really sharpen our focus on those things that we believe differentiate Starbucks from all other opportunities and all other experiences.

規模增長確實使我們能夠真正更加專注於那些我們認為將星巴克與所有其他機會和所有其他體驗區分開來的事情。

So the focus that we've put on the customer experience in our stores, the focus we've put on beverage innovation, the focus we've put on digital customer relationships and the fact that we have executed against this with discipline has driven our customer connection scores to an all-time high.

因此，我們對商店客戶體驗的關注、對飲料創新的關注、對數字客戶關係的關注以及我們以紀律執行的事實推動了我們客戶聯繫得分創歷史新高。

The brand is healthy and strong and growing.

該品牌健康、強大並不斷發展壯大。

And so in many ways, our Growth at Scale agenda has really enabled us to put our energy behind the things that matter most and the things candidly that differentiate us from all others in the marketplace.

因此，在許多方面，我們的規模增長議程確實使我們能夠將精力投入到最重要的事情以及坦率地將我們與市場上所有其他人區分開來的事情上。

And I think that is the significant reason why we're seeing transaction traffic growth, we're seeing comp growth and we're seeing momentum across all aspects of Starbucks.

我認為這是我們看到交易流量增長的重要原因，我們看到了公司的增長，我們看到了星巴克各個方面的發展勢頭。

And that is helping us in many ways, both digitally.

這在很多方面都在幫助我們，包括數字化。

But it's also, more importantly, really amplified by the experience that our Starbucks partners who proudly wear the green apron create for our customers each and every day.

但更重要的是，我們自豪地穿著綠色圍裙的星巴克合作夥伴每天為我們的顧客創造的體驗也真正放大了它。

The last question today comes from Dennis Geiger with UBS.

今天的最後一個問題來自瑞銀的丹尼斯蓋格。

Just wanted to quickly touch a bit more on some of those key drivers that you talked about in the U.S. And I guess specifically, as you kind of think about beverage, the in-store experience as well as digital looking ahead, just anything incremental you could say about that leverage pipeline.

只是想快速談談你在美國談到的一些關鍵驅動因素可以說一下槓桿管道。

Obviously, Nitro is relatively new across the system, but about how you feel about that beverage pipeline looking ahead?

顯然，Nitro 在整個系統中相對較新，但您對未來的飲料管道有何看法？

How much incremental opportunity there is on the in-store experience?

店內體驗有多少增量機會？

And I guess similarly with digital, a lot of commentary there.

我猜想與數字類似，那裡有很多評論。

But just where you go from here, if you'd characterize winning and just the opportunity, that'd be great.

但就你從這裡開始的地方，如果你能描述勝利和機會，那就太好了。

That's great.

那太棒了。

Roz, why don't you take that for us?

羅茲，你為什麼不把那個給我們？

Sure.

當然。

There's a couple reasons why we feel confident about our future in what we've been doing with the beverage innovation, the work we've been doing with in-store experience and our digital engagement.

有幾個原因讓我們對我們在飲料創新方面所做的工作、我們在店內體驗和我們的數字參與方面所做的工作充滿信心。

First of all, behind these things, a lot of the work that we've done in-store is around the work that we did with the team works rollout in third quarter fiscal year '19.

首先，在這些事情的背後，我們在店內所做的很多工作都是圍繞我們在 19 財年第三季度推出團隊工作所做的工作。

And so we'll benefit a lot from that in fiscal year '20.

因此，我們將在 20 財年從中受益匪淺。

Then there is a significant work in progress around inventory routines and automation, the food prep test that we do, backroom optimization.

然後，圍繞庫存程序和自動化、我們所做的食品準備測試、後台優化等方面正在進行一項重大工作。

And all of those items are fueling the work, as Kevin mentioned, around machine learning and our applications to fuel Deep Brew.

正如 Kevin 所提到的，所有這些項目都在推動圍繞機器學習和我們為 Deep Brew 加油的應用程序的工作。

So we feel confident about that work that's ongoing and that is already in process.

因此，我們對正在進行且已經在進行中的工作充滿信心。

In terms of beverage innovation, because we have been looking at not only beverage innovation but equipment, having Mastrena there is an opportunity, having Nitro there.

在飲料創新方面，因為我們不僅關注飲料創新，還關注設備創新，擁有 Mastrena 就有機會，擁有 Nitro。

We introduced Cold Foam last year.

我們去年推出了冷泡沫。

It's allowing us to create new beverage combinations that our customers are really responding to in addition to the growth in cold.

它使我們能夠創造出新的飲料組合，除了冷飲的增長之外，我們的客戶確實對此做出了反應。

So if you look at our sales in detail, cold, which is our Refreshers, our iced teas, our cold coffee and our Nitro Cold Brew, are all doing extremely well for us.

因此，如果您詳細了解我們的銷售情況，冷飲，即我們的Refreshers、我們的冰茶、我們的冷咖啡和我們的Nitro Cold Brew，對我們來說都做得非常好。

And so that innovation will be ongoing.

因此，創新將持續進行。

And then from the point of the digital relationships, the more we learn about our customer base, the better we had been marketing to them.

然後從數字關係的角度來看，我們對客戶群了解得越多，我們對他們的營銷效果就越好。

And so you will see our marketing become more personalized, and that will help with retention and driving frequency in our stores.

因此，您會看到我們的營銷變得更加個性化，這將有助於提高我們商店的留存率和提高頻率。

So we feel like there is more to come in those 3 areas, so we'll continue on the pathway we those 3 important initiatives for us because there's still more to be done in those areas.

所以我們覺得這三個領域還有更多工作要做，所以我們將繼續沿著這三個重要舉措的道路前進，因為在這些領域還有更多工作要做。

That was our last question today.

這是我們今天的最後一個問題。

I will now turn the call over to Kevin Johnson for closing remarks.

我現在將把電話轉給凱文·約翰遜（Kevin Johnson）做結束語。

Thanks, Hector.

謝謝，赫克托。

As we close today's call, I want you all to know how much we appreciate the support and the encouragement we've received from the investment community over this past year as we've undertaken significant efforts to streamline the company, sharpen our focus and drive improvements in operating performance.

在我們結束今天的電話會議之際，我想讓大家知道，在過去一年中，我們非常感謝投資界給予我們的支持和鼓勵，因為我們為精簡公司、加強關注和推動做出了重大努力經營業績的改善。

This would not be possible without the 400,000 talented Starbucks partners that I have the privilege to serve each and every day.

如果沒有我有幸每天為之服務的 400,000 名才華橫溢的星巴克合作夥伴，這將是不可能的。

Together, we look forward to a great year ahead and to sharing our results and our progress in future quarters.

我們共同期待新的一年，並在未來幾個季度分享我們的成果和進展。

Thank you.

謝謝你。

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

星巴克咖啡公司 2019 年第四季度和財年電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。