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Starbucks 2023 Q1 (Calendar Year) Earnings Call

发布时间 2023-05-03 12:30:14    来源
Good afternoon. My name is Diego and I will be your conference operator today. I would like to welcome everyone to StarBooks 2nd quarter fiscal year 2020 and 23 conference call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question and answer session. If you would like to ask a question, simply press star, then the number one on your telephone keypad.
下午好,大家好。我叫迭戈,今天我将是您的电话会议操作员。我想欢迎大家参加StarBooks 2020年第二季度财年和第23次电话会议。为防止任何背景噪音,所有线路都已静音。演讲者发言后,将有问答环节。如果您想提问,请只需按下您电话键盘上的星号,然后是数字1。

I will now turn the call over to Tiffany Willis, vice president of investor relations. Ms. Willis, you may now begin your conference. Good afternoon, everyone. And thank you for joining us today to discuss StarBooks 2nd quarter fiscal year 2023 results.
现在,我将会把电话转给投资者关系副总裁蒂芙尼·威利斯女士。威利斯女士,现在你可以开始你的会议了。下午好,大家。非常感谢你们今天加入我们讨论《星书》2023财年第二季度财报的会议。

Today's discussion will be led by Luxemann Narasimann, Chief Executive Officer Rachel Wajary, Executive Vice President and Chief Financial Officer. And for Q&A, we will be joined by Brady Brewer, Executive Vice President, Chief Marketing Officer, Frank Britt, Executive Vice President, Chief Reinvention Officer, Michael Conway, Group President of International and Channel Development, AJ Jones, the Second, Executive Vice President and Chief Communications Officer of Public Affairs, Sarah Trilling, Executive Vice President and President of Starbucks, North America, and Belinda Wong, Chairwoman and Chief Executive Officer of Starbucks, China.
今天的讨论将由Luxemann Narasimann担任主持,他是首席执行官,Rachel Wajary将担任执行副总裁兼首席财务官。而在问答环节中,我们将邀请Brady Brewer担任执行副总裁兼首席营销官、Frank Britt担任执行副总裁兼首席重组官、Michael Conway担任国际与渠道拓展集团总裁、AJ Jones II担任执行副总裁兼公共事务首席沟通官、Sarah Trilling担任执行副总裁兼北美星巴克总裁、以及Belinda Wong担任董事长兼首席执行官兼星巴克中国负责人。

This conference call will include four looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statement should be considered in conjunction with cautionary statements and our earnings release and risk factors discussed in our fallings with the SEC, including our latest annual report on Form 10K and Quarterly Report on Form 10Q. Starbucks assumes no obligation to update any of these four looking statements or information.
这次电话会议将包含四个前瞻性声明,这些声明可能受到各种风险和不确定性的影响,可能导致我们的实际结果与这些声明有所不同。任何此类声明都应与我们的谨慎声明、收益公告以及我们向美国证券交易委员会提交的风险因素一起考虑,包括我们最新的10K表格和10Q季报。星巴克不承担更新这些前瞻性声明或信息的责任。

Got results in second quarter fiscal year 2023 and the comparative period includes several items related to strategic action, including restructuring and impairment charges, transaction and integration costs, and other items. These items are excluded from our non-gap results. All numbers referenced on today's call are on a non-gap basis, unless otherwise noted or there is no non-gap adjustment related to the metrics.
在 2023 财年第二季度中,我们取得了一定的成果。比较期间包括了与战略行动相关的几项事项,包括重组和减值费用、交易和整合成本以及其他项目。这些项目已被排除在我们的非公认会计准则结果之外。除非另有注明或指标没有与非公认调整相关,否则今天电话会议中提到的所有数字都是非公认基础的。

For non-gap financial measures mentioned in today's call, please refer to the earnings release and our website at investor.starbucks.com to find reconciliation of those non-gap measures to their corresponding gap measures. This conference call is being webcast and an archive of the webcast will be available on our website through Friday, June 2, 2023. Also for your calendar planning purposes, please note that our third quarter fiscal year 2023 earnings conference call has been tentatively scheduled for Tuesday, August 1, 2023.
今天的电话会议中提到的财务非缺口措施,请参阅收益发布和我们的网站investor.starbucks.com,以找到这些非缺口措施与相应缺口措施的对应调和。该电话会议正在进行网络直播,网络直播的存档将通过我们的网站提供,直到2023年6月2日星期五。另外,为了您的日历规划目的,请注意我们的第三季度2023财年收益电话会议已初步安排在2023年8月1日星期二。

Now before I turn the call over to Luxemann, I want to mention that our prepared remarks for today's call will run approximately 40 minutes, which is longer than what we plan for future calls. But we thought it would be beneficial to give Luxemann ample time to provide his observations as our new CEO.
在我将通话转给Luxemann之前,我想提醒大家,今天我们准备好的讲话将运行大约40分钟,比我们计划未来的通话更长。但我们认为给我们的新CEO Luxemann充足的时间提供他的观察意见会很有益。

And now with that, I'll turn the call over to Luxemann. Thank you, Tiffany, and good afternoon, everyone. It's both a great privilege and responsibility to serve as Starbucks CEO. On behalf of the board of directors and our Starbucks partners, I'd like to thank Howard Schultz for his leadership of the company over the last year. Howard's return in April of 2022 came at a pivotal moment for the company and with great personal and family sacrifice. And I want to personally thank Howard for his over 40 years of ingenuity, creativity, service, and enduring love for a company and the iconic Starbucks brand. And for his willingness to always lean in in service of our partners and customers.
现在我会把话说给Luxemann接手。谢谢你,Tiffany,下午好,大家。作为星巴克的CEO,这是一份既荣幸又有责任的工作。代表董事会和星巴克的合作伙伴,我想感谢霍华德·舒尔茨在过去一年里领导公司的功绩。霍华德在2022年4月的回归,恰逢公司关键时刻,需要他付出巨大的个人和家庭牺牲。我要亲自感谢霍华德超过40年的创新、创意、服务和对公司和标志性星巴克品牌持久的热爱,以及他始终愿意为我们的合作伙伴和顾客服务的精神。

With joining in September, the company has given me a uniquely designed program to fully immerse myself in all aspects of our business. The program involved spending time in our stores, distribution centers, roasting plants, support centers, and on our own coffee farm in Costa Rica. And I have traveled to meet our partners and business leaders in several international markets across Asia, Latin America, and Europe. While Howard formerly ran the company through the second quarter, my immersion exposed me to all aspects of day-to-day leadership responsibilities and well-prepared-made transition into the CEO role in March 20th, a few days ahead of our annual meeting of shareholders.
公司在九月加入时,为我提供了一个独特设计的计划,让我充分沉浸在我们业务的各个方面中。这个计划包括在我们的商店、配送中心、烘焙工厂、支持中心和我们在哥斯达黎加自有的咖啡农场中花时间。我还前往亚洲、拉美和欧洲几个国际市场会见我们的合作伙伴和业务领袖。虽然霍华德曾负责公司直到第二季度结束,但我的沉浸式学习让我接触到日常领导工作的所有方面,并很好地准备了我于3月20日接任CEO角色,比我们的股东年度会议提前几天。

I have learned about the company through the eyes of our founder, customers, farmers, partners, and the community, and through listing meetings with our shareholders. That's most importantly, I've been actively listening and learning from our partners, working side by side to earn my barista certification, and developing the deepest level of respect for coffee and barista craft. In my time with the company, I have also been working closely with the executive leadership team. I have been impressed with the great progress and forward momentum of the company. And I am optimistic about our long-term growth headroom and the margin improvement potential. We also see great opportunity to further strengthen the business, elevate the brand, and do everything we can do to make this a great place for partners to work. We will continue to build our reinvention plan with additional opportunities, and we will update you with these additional plans into your course.
我通过创始人、客户、农民、合作伙伴和社区的眼睛,以及与股东的上市会议,了解了公司的情况。更重要的是,我一直在积极聆听和向我们的合作伙伴学习,与他们并肩工作,获得了咖啡师认证,并对咖啡和咖啡师工艺产生了最深层次的尊重。在公司工作期间,我还与执行领导团队密切合作。我对公司取得的巨大进步和前进动力印象深刻。我对我们的长期增长空间和利润改善潜力感到乐观。我们也看到了进一步加强业务、提升品牌,并尽我们所能让这里成为合作伙伴们工作的好地方的巨大机会。我们将继续通过其他机会构建我们的重构计划,并将向您及时更新这些额外计划。

Let me start today's call by sharing my overarching observations. The progress and momentum from our reinvention and the opportunities ahead for Starbucks. The ratio will then walk you through the details of our second quarter fiscal year 2023 performance. We will then open the call for Q&A. What you can take away today is confirmation that we are well positioned to continue to unlock value for all our stakeholders.
让我开始今天的通话,分享我的总体观察。我们的改革进展和势头以及星巴克未来的机遇。接着,我们会介绍第二季度2023财年细节比例。然后我们将开放提问环节。今天你可以获得的确认是,我们已经处于良好的位置,继续为所有利益相关者创造价值。

My first observation is that Starbucks is uniquely in the business of human connection. Since our earliest days, we have been a brand that brings people together. From the vantage points of serving customers in stores and in drive-through windows, many are coming to us for connection with others. There is no doubt Starbucks has conventionally been the main state meet-up spot. At the same time, nearly two-thirds of US consumers are by themselves when seeking a beverage or food occasion.
我的第一观察是星巴克独特地从事人际连接业务。自我们早期开始,我们就是一个将人们聚集在一起的品牌。从为顾客在店内或车窗服务的视角来看,许多人都来找我们寻求与他人的联系。毫无疑问,星巴克一直是主要的集会场所。与此同时,近三分之二的美国消费者在寻求饮料或食品时都是独自一人。

As a world in a crisis of disconnection, where loneliness, division, and polarization have become far to common, the everyday ritual of coffee is a powerful way to make connection happen with others and with yourself. Starbucks delivers connection no matter how you visit us, in stores, drive-throughs or digitally, we are there to provide this connection, any place, any time. That brings me to my second observation. Our performance is strong, but our health could be stronger.
作为一个处于断裂危机中的世界,孤独、分裂和极化已经变得太过普遍,咖啡这一日常仪式是与他人和自己建立联系的强有力方式。星巴克无论您如何光顾,无论在门店、直通车还是数字化世界,我们都会提供这种联系,无论何时何地。这带我想到我的第二个观察。我们的业绩很好,但我们的健康可以更强壮。

I have worked side by side with our partners in our stores and have experienced first-hand how our stores and operations are still evolving to meet the demands of our customers. There is more work to do to tailor our stores to the demand that we see, advance our technology, enhance how we innovate our equipment, and also more fundamentally, how we get back to focusing on fundamental operations and executing better. The priority that is evident with my deep engagement over the last several months across supply chain technology, reinvention, store development, store operations, marketing, and product.
我一直与我们商店的合作伙伴并肩工作,第一时间体验到我们的商店和运营如何不断发展以满足客户的需求。我们还需要更多的工作来根据我们看到的需求定制我们的商店,推进我们的技术,提高我们创新设备的能力,以及更根本地回归到关注基本运营并执行得更好。我在过去几个月的深度参与中看到了优先事项,涵盖供应链技术、重塑、商店发展、商店运营、市场营销和产品。

Take for example the siren system that we showcase that invest today. This is one example of how we can continue to do more to better support our stores and to our partners. It is also about the operating processes that we have in our stores and how we make them even more robust. To strengthen our health, we need to think of our businesses having theatres in the front with a factory in the back. Our theatres are where our store partners are focusing on their craft and delivering an elevated experience to our customers. To simplify the store partner experience and drive greater productivity within and beyond the store level, we see significant efficiencies in our supply chain, support systems, and processes.
举例来说,我们展示了现在投资的警报系统。这是我们如何继续做更多来更好地支持我们的门店和合作伙伴的一个例子。这也与我们门店中的运营流程有关,以及我们如何使它们更加强大。为了加强我们的健康状况,我们需要考虑我们的企业在前端拥有剧院,在后端拥有工厂。我们的剧院就是我们的门店合作伙伴专注于他们的技艺并向我们的客户提供提升体验的地方。为了简化门店合作伙伴的体验并在门店内外推动更大的生产力,我们在供应链、支持系统和流程上看到了显著的效益。

This is what I mean by our opportunity to strengthen our factory in the back. Let me give you a few examples. Today our store deliveries involve a high touch, one size fits all model. We are out of stock and more items than we would like. Through segmentation and a format specific approach, we will be able to lower costs while creating a better experience for our partners and ultimately for our customers. We also have abundant opportunities to optimize what we buy across several areas, as well as opportunities in how we buy it.
这就是我所指的加强我们工厂后方的机会。让我举几个例子。今天我们的店铺配送采用的是高接触、一刀切的模式。我们缺货并且商品种数也不如我们所愿。通过细分市场和按照特定格式的方法,我们将能够降低成本,同时为我们的合作伙伴和最终客户创造更好的体验。此外,我们还有大量机会优化我们在多个领域的采购,以及在采购方式方面的机会。

Currently we have over 1,500 cup and lid combinations across our network. As we streamline, we will create a portfolio of fewer, most sustainable and less costly cups while further simplifying operations in our stores. All of these opportunities deliver top line growth and margin expansion and create long-term value. My third observation is that we are a company that strives to be different and we are now operating in a different kind of world.
目前我们在我们的网络中有超过1,500种杯子和盖子的结合。随着我们的精简化,我们将创造一个更小、更可持续且成本更低的杯子组合,同时还将进一步简化我们店内的操作。所有这些机会都能带来收入增长和利润扩张,并创造长期价值。我的第三个观察是,我们是一家力求不同的公司,我们现在在一个不同的世界中运作。

One thing that stood out to me here at Starboxes.Culture. Since my first aid has been clear that Starboxes culture is like that of no other company. There is a strong partner first mentality that is both top down and bottom up. At the same time, the world in which we operate is evolving. There is clear opportunity to build stronger capabilities, drive even deeper engagement and adapt a global mindset. With that in mind as a leadership team, we fully acknowledge a need to evolve and modernize our brand, our business, our capabilities and our culture to meet the needs of an ever-changing world.
在Starboxes这里,有一件事情让我印象深刻,那就是企业文化。自从我加入以来,就很清楚Starboxes的文化与众不同。这里有一种强烈的伙伴优先的态度,从高层到基层都是如此。与此同时,我们所处的世界正在不断演变,有明显机会来建立更强的能力、更深入的参与度和全球化的思维。因此,作为领导团队,我们完全认识到需要发展和现代化我们的品牌、业务、能力和文化,以适应不断变化的世界的需要。

We are therefore refounding the company and as part of that, we are getting back to its basics. You already know about our reinvention. We have also just recently introduced a new mission in Setup Promises as a contemporary expression of our mutual success. Our mission is this. With every cup, with every conversation, with every community, we nurture the limitless possibilities of human connection. The rollout of this work across the globe is well underway. It is driving conversations at all levels within the company and is being met with overwhelmingly positive reception.
因此,我们正在重新创立公司,并在此过程中回到其基本原则。您已经知道我们的重塑计划。最近,我们还引入了新的任务——以“创造承诺”作为我们共同成功的当代表达。我们的任务是这样的:每一杯,每一次谈话,每一次社群互动,我们都滋养人类联系的无限可能性。这项工作在全球范围内已经开始推广。它正在公司内各个层面推动着对话,并得到了极其积极的响应。

As we evolve, what differentiates us will remain. We will modernize, yes, and we will stray true to who we are at our core, much like our promises say. We are a company that at its best works to build bridges to a better future for our partners. At our best, we uplift the everyday for our customers. At our best, we ensure the future of coffee for all. At our best, we make positive contributions to our communities. And at our best, with the environment, we give back more than we take. And as a result, we generate enduring long-term returns for our shareholders.
随着我们的发展,我们的独特之处将保持不变。我们会现代化,确保我们的承诺,同时也会坚守我们的核心价值观。我们是一家致力于与合作伙伴共同构建更美好未来的公司。在最好的时刻,我们提高了客户的生活品质,确保了咖啡产业的未来。在最好的时刻,我们为社区做出了积极贡献。在最好的时刻,我们保护环境,回馈社会,同时为股东带来长期回报。

These have been my three overarching observations. We are in the business of human connection. Our performance is strong, but our health can be stronger, enable the fear of us in the front by strengthening the factories in the back. And we continue to strive to be a different kind of company that is now operating in a different kind of world. Through this lens, we will be disciplined and delivering against what has been limiting us in our journey toward the limitless future. We are seeing great progress in the work underway with our reinvention plan and the capacity for much more.
这是我的三个总体观察。我们的业务是人类关系的建立。我们的表现很强,但我们的健康可以更强,通过加强后端工厂增强我们面对前方的恐惧。我们继续努力成为一家不同的公司,现在在一种不同的世界中经营。透过这种视角,我们将有纪律和执行力,在我们追求无限未来的旅程中克服限制。我们正在看到我们的改革计划取得巨大的进展,并且拥有更大的能力。

We've only just scratched the surface of what we can accomplish with this iconic brand and company. We see significant growth headroom and the opportunity further separate Starbucks from others. We also see opportunities to expand margins while continuing to invest in the business for the long term. With that, let me turn to our second quarter performance. The company exceeded expectations in Q2 fiscal year 2023 by nearly all measures, delivering strong results across the broader Starbucks portfolio. Our performance, including continued success in the U.S. and international markets, as well as the recovery we've been seeing in China can be attributed to the strength of the global brand, relevant innovation in our product and stores and powerful execution by our partners.
我们仅仅是刚刚开始挖掘这个标志性品牌和公司所能取得的成就。我们看到了巨大的增长潜力,有机会进一步将星巴克与其他公司区别开来。我们还看到了在长期投资业务的同时扩大利润的机会。接下来,让我转向我们2023财年第二季度的表现。几乎所有指标都超过了预期,为整个星巴克投资组合带来了强劲的业绩。我们的表现,包括在美国和国际市场的持续成功以及中国市场的复苏,都要归功于全球品牌的实力,在产品和门店方面的相关创新以及我们合作伙伴的出色执行能力。

Let me first start globally and then with North America and the U.S. Our Q2 revenue was $8.7 billion, of 14% for the prior year, and up 17%, excluding more than 2% impact on foreign currency translation. North America delivered revenue growth of 17% in Q2, growing to 6.4 billion. We captured a remarkably 11% Comb Growth globally, with 12% Comb Growth in both North America and the U.S. for the second quarter, driven by mid-single-digit growth balanced between transactions and ticket. On North America growth comes on top of 12% Comb Growth in the prior year. We expect this demand to continue as we push the envelope with innovation.
首先,让我从全球和北美开始说起,再谈到美国。我们的第二季度收入为87亿美元,比去年增长了14%,除去外币汇率影响超过2%后,实际增长了17%。北美第二季度的收入增长了17%,达到了64亿美元。我们在全球范围内实现了11%的组合增长,在第二季度的北美和美国都实现了12%的组合增长,增长的原动力来自交易和订票单一位数增长。在北美市场,增长额又在去年的12%组合增长之上。我们预计创新将继续推动需求增长。

A recent example is the highly successful launch of Oliato, an innovation how it identified and this personally led for us. In fact, we've already reached an audience of 5 billion people since our announcement of the February Global Launch, Starbucks, Oliato beverages, making this one of the top five product launches in the last five years, in terms of brand awareness and excitement. The new innovative beverage platform is currently available in 650 stores across three markets, Italy, Japan and the U.S. Given the success we are seeing, we look forward to bringing this exciting new offering to more stores and more markets around the world this year.
最近的一个例子是Oliato的成功推出,这是一项我们亲自领导并发现的创新。事实上,自我们在2月份全球发布了星巴克Oliato饮料以来,已经吸引了50亿人的观众,使其成为过去五年中品牌知名度和兴奋度排名前五的产品推出之一。这种新颖的饮料平台目前在意大利、日本和美国的650家店铺中可用。鉴于我们取得的成功,我们期待今年将这种令人兴奋的新产品推向更多的店铺和更多的市场。

Scaled profitable innovation is one of the things that fuels our performance and is it continued area of focus. Our performance is a result of the near-perfect intersection of three things. One, our successful innovative beverages, such as our pistachio cream-cold brew, that inspires the expanded user modifiers. Two, our Indemand food portfolio was resulted in wrecked sales of our sous-veed egg bites and breakfast sandwiches. And three, our attractive convenience capabilities of mobile order and pay drive through and delivery with our sequential improvement and now comes for 74% of Q2 U.S. company-owned revenue. You can expect us to lean strongly on purposeful innovation to further capture the tremendous opportunity, both in what we do and in how we do it.
扩大盈利创新是推动我们业绩的因素之一,也是我们持续关注的领域。我们的业绩是由三个几乎完美交汇的因素构成的。第一,我们成功的创新饮料,例如开拓了更广泛用户的开心果奶油冷萃咖啡。第二,我们备受欢迎的食品系列,得益于我们烹饪的 sous-veed 蛋饼和早餐三明治,销售量出色。第三,我们具有吸引力的便利功能,如移动订购支付,车道服务和送货配送,其连续改善现已占到 Q2 美国公司所有营收的 74%。我们会在目的性创新上加强倾斜,进一步抓住巨大的机遇,不仅在我们的业务内容,而且在我们的方式上也会如此。

Speaking of convenience channels, our 90-day active Starbucks Awards membership added more than 400,000 members in the quarter in the U.S. Bringing our total membership to 30.8 million members. In addition, we've increased membership by 4 million euro a year in the U.S. representing 15% growth. Rewards members account for 57% of U.S. company-operator revenue in Q2, which marks the highest contribution on record and represents a growth of 3% in a year-over-year basis. We are excited about a growth in active rewards members as it's a contributing factor in consistent demand. We have been in Vanguard in this area and you can expect us to further invest and lead. An example of that investment is Starbucks Connect, which is now in over one-third of our U.S. license stores giving our customers even more opportunities to engage with our brand.
谈到便利渠道,我们90天活跃星巴克奖励会员数量在本季度内增加了400,000人,使我们的总会员数达到了30.8百万人。此外,我们每年在美国增加了400万欧元的会员,增长率达到了15%。在第二季度,奖励会员带来了美国本公司运营收入的57%,这是历史上最高的贡献,并在同比增长3%。我们对活跃奖励会员的增长感到兴奋,因为这是稳定需求的一大因素。我们一直是这个领域的先锋,您可以期待我们进一步投资和领导。其中一个投资的例子是星巴克联络(Starbucks Connect),现在在我们超过三分之一的美国特许店中使用,为我们的客户提供了更多与品牌进行互动的机会。

With such a diverse portfolio across our U.S. license locations such as hotels, airports and other retailers coupled with increasing offerings of convenience, we are able to capture further demand evidenced by revenue in the quarter up 25% year-over-year, supporting our strategy to meet and sell our customers wherever they are. Moving on to reinvention, we are making great progress. The investments we've made in our partners, stores and technology are already producing a return, whether through productivity gains or path to satisfaction. We are pleased with a multifaceted progress to date. For example, Burris DeTerno were reduced by over 9% from a high in March Q2 fiscal year in 2022, leading to fewer near-highs per store. We've been able to increase the average hours per barista per week by 4% year-over-year.
在美国的许可地点,例如酒店、机场和其他零售商,我们拥有如此多样化的投资组合,再加上不断增加的便利服务,我们能够捕捉到进一步的需求,本季度收入同比增长25%,支持我们的策略,迎合并销售我们的客户所在的地方。接下来是转型。我们正在取得巨大的进展。我们对于多方面的进展感到满意。例如,在2022财年的三月Q2季度,Burris DeTerno从峰值下降了9%以上,导致每个店铺的高峰数量减少。我们能够将每个咖啡师每周的平均工时同比增加4%。我们在合作伙伴、商店和技术方面所投资的正在产生回报,无论是通过生产率的提高还是对满意度的贡献。

A metric we know is one of the many meaningful inputs in achieving the desired compensation of our partners. Clearly, partners scheduling is a real opportunity for us and we are laser focused on it. Additionally, items per labor hour, a metric which reached a record high in December 2022, continue a strong pace into and throughout Q2 despite seasonal trends. This demonstrates increased productivity in the midst of strong volumes, or by partner engagement and customer connection scores stabilized. The rollout of handheld coal-foam blenders, supporting customization demand, commenced in the quarter, with completion targeted for third quarter. Just in time to support our summer demand as the desire for coal-foam customization continues to grow.
我们知道,度量标准是实现伙伴期望报酬的多项重要输入之一。显然,伙伴调度对我们来说是一个真正的机会,我们正在专注于它。此外,在2022年12月创下历史新高的"每小时劳动产出物",尽管季节性趋势,仍然保持着强劲的增长势头,这表明在强劲的业务量中,合作伙伴的参与和客户联系的得分稳定,生产效率有所提高。支持定制需求的手持煤泡沫混合器的推出在这个季度开始,目标是在第三季度完成。正好可以支持我们夏季的需求,因为对煤泡沫定制的需求继续增长。

The clover vertical brewers also began to roll out in this quarter and will be nearly 40% of our company operating stores across the US by the end of this fiscal year. The vertical offers our customers a freshest cup of brewed coffee while driving efficiencies in time and waste across our network. This is yet another example of how innovation amplifies what we do best, in this case, coffee served even better. The ultimate proof point of innovation and progress against our reinvention is our Q2 margin in North America of 19.2%, a 200-basis point expansion year over year. We have more to do to reinvent our business. Though we have further opportunity ahead, we are proud to see that our strategies are working and momentum is building.
在本季度,小红草竖向酿造设备 首次推出,在本财年结束时,将占据我公司营运店铺几乎40%的份额。这种设备可以为顾客提供最新鲜的热咖啡,并在我们的网络中提高了时间和资源的利用效率。这是我们如何借助创新使自己更加优秀,尤其是提供更好的咖啡。我们在北美Q2的19.2%盈利率是创新和进步最终的证明,与去年相比增加了200个基点。虽然我们有更多的事情要做来改变我们的业务,但我们很自豪地看到我们的策略正在发挥作用,势头正在上升。

Moving on to international, we are pleased with the strength and growth across our broader portfolio. Q2 revenue is $1.9 billion, up 9% for the prior year, and up 19%, excluding 10% impact of foreign currency translation, representing our third highest quarterly revenue due largely to China's faster than expected recovery. We also achieved the highest ever quarterly system sales internationally, and we delivered the company-operated 7% comp driven by transaction growth, spotlighting demand. Strong comps were also captured across the regions outside of China, with markets like Japan and the UK, both posting double-digit comps for the eighth consecutive quarter. We are very pleased to see our international store strategies working.
转向国际市场,我们对我们广泛投资组合的实力和增长感到满意。第二季度收入为19亿美元,比去年同期增长9%,除去10%的外汇翻译影响,增长19%,这是我们第三高的季度收入,主要是由于中国比预期更快的复苏。我们还在国际市场实现了有史以来最高的季度销售额,并且我们交易量增长驱动的公司运营的同店销售额增长了7%,凸显了需求。在中国以外的地区,像日本和英国等市场也实现了强劲的同店销售额增长,连续第八个季度实现两位数的同店销售额增长率,我们非常高兴看到我们的国际门店战略正在发挥作用。

In the quarter, our net-view stores grew by 363, representing 8% growth year over year. As we look ahead to the end of the fiscal year, we will reach 20,000 stores across the international segment on pace with the growth strategy we outlined at Investor Day. We expect China to remain on track to achieve a 13% net-new store growth target for this year. Additionally, Asia-Pacific, EMEA and Latin American markets are also expected to contribute meaningfully, becoming an area further rampages and a more significant contributor to our overall global growth.
本季度,我们的净增门店数量为363家,同比增长8%。展望本财年的末尾,我们将按照投资者日明确的增长战略达成国际业务的2万家门店目标。我们预计中国今年的净增门店数量将达到13%的目标,同时亚太、欧中非和拉美市场也有望作出继续贡献,成为我们整体全球增长的更重要的驱动力和贡献者。

We are going to China, Q2 market, a significant turning point when we finally began to emerge on three years of unprecedented COVID disruptions embarking on the recovery journey that we have envisioned. We saw robust recovery in Q2, reinforcing the resilience of our partners, the strength of our brand and the close relationships that we have built with our customers. We experienced faster than expected recovery, closing the quarter with nearly $800 million in revenue, up 3% for the prior year and up 11%, excluding the 8% impact of foreign currency translation. Comp-crow the 3% mark the first positive calm since the third quarter of fiscal year 2021.
我们即将展开在中国Q2市场的旅程,这是一个重要的转折点,我们终于走出了三年来史无前例的COVID干扰,开始了我们所设想的恢复之旅。我们看到了Q2市场的强劲复苏,巩固了我们合作伙伴的韧性、品牌的实力以及与客户建立的紧密关系。我们经历了超出预期的复苏,季度收入接近8亿美元,同比增长3%,不计外汇汇率影响的11%。与去年同期相比,我们的比较基础线已经超过3%,这是2021财年第三季度以来的首次正面增长。

Importantly, we accelerated our store development in the quarter, opening 153 net-new stores, more than doubling the net-new stores in the previous quarter. We now operate over 6,200 stores across 244 cities, giving us some track to meet our goal of 9,000 stores by 2025. Our bold decision to continue opening new stores of the past three years, despite COVID disruptions and mobility restrictions, is paying off as they continue to deliver returns and profitability.
本季度,重要的是我们加速了店铺的开发,开设了153个新店铺,超过了上一季度的两倍。目前,我们在244个城市经营着超过6200家店铺,为我们实现到2025年拥有9000家店铺的目标奠定了基础。尽管受到COVID影响和出行限制的影响,我们在过去三年中继续开设新店的大胆决策正在得到回报,因为它们持续地带来回报和盈利。

Further accelerating recovery is a rapidly expanding army channel business. Starbucks delivers achieved 21% year-on-year growth to make up 23% salesmex, while overall mobile ordering reached 47% of sales, 4% of the prior. Delivery demand remained robust even after consumer mobility has recovered, demonstrating that it is highly incremental and interwoven into our customers' lifestyles. Our attractive portfolio supports the increasing demand, but it goes in a position of strength to capture opportunity as China transitions to the next phase of recovery.
进一步加速复苏的方式之一是快速拓展送货渠道的业务。星巴克的送货业务实现了21%的同比增长,占销售总额的23%,而整体移动点餐增长到了销售总额的47%,比之前增长了4%。即使消费者的活动能力已经恢复,送货需求仍然强劲,因此我们认为它对我们的顾客生活方式有很大增量和紧密联系。我们有一个有吸引力的产品组合,支撑着不断增长的需求,并在中国转入下一个复苏阶段的时候,以强大的姿态抓住机遇。

What we don't expect is straight line recovery, we are confident in our long-term opportunity. We look forward to serving our customers with the elevated experience only Starbucks can deliver. Now, let me wrap up the segment of the Forensic channel development. Our Starbucks brand and successful partnerships continue to fuel the success of our channel development business, with revenues of over $480 million in the quarter, up 4% year-of-year. Our US at-home coffee continues to resonate with customers, as are winning the seasons with our well-received promotions and product launches. It tells the ready-to-drink, Starbucks has outgrown the category sales growth for two consecutive quarters and remain the number one brand in the US. To continue the trend, we launched a much anticipated pink drink and paradise drink, which have already been met with overwhelming excitement.
我们并不希望看到直线回升,我们对长期机遇充满信心。我们期待着用星巴克独特的升华体验为顾客服务。现在,让我总结一下司法渠道开发的部分。我们的星巴克品牌和成功合作继续推动我们的渠道发展业务成功,本季度收入超过4.8亿美元,同比增长4%。我们的美国家庭咖啡继续受到客户的推崇,季节促销和产品推出也赢得了市场。就拿星巴克的罐装饮料来说,已经连续两个季度超过了同类产品的销售增长,成为美国市场的领先品牌。为了继续这种趋势,我们推出了备受期待的粉红色饮料和天堂饮料,已经受到了压倒性的欢迎。

Before I pass the call over to Rachel, I want to again extend my gratitude to our partners, our leadership team and to Howard for the significant progress we have made as a company has passed here. I also want to reinforce my confidence in our reinvention, the work underway to re-found our business, brand and culture, and our position to fully realize the limitless potential of Starbucks. For our long-term sustainable growth, we will look to discover ways to first further elevate the brand by getting the basics right, operating our stores well, and with a beverage forward, food-attached focus for renovation. Second, build on our leadership position and digital by scaling and introducing new and relevant customer experiences. Third, evolve to a more global presence for our business and for our brand. Fourth, work to become less wasteful and move with greater speed. And fifth, and critically, reinvigorate our culture, or on what it means to be a partner at Starbucks.
在我将电话转接给Rachel之前,我再次要向我们的合作伙伴、领导团队和Howard表示感谢,感谢我们公司所取得的重大进步。我也想强调我对我们的改造、重新创建业务、品牌和文化以及我们完全实现星巴克无限潜力的信心。为了实现我们长期的可持续增长,我们将探索方法首先通过做好基本工作、管理我们的店铺,并以饮料为中心、以食品为附件的重点进行革新来提升品牌。第二,通过扩大规模和引入新的、相关的客户体验来建立我们的领导地位和数字化。第三,进一步拓展我们的业务和品牌全球存在。第四,致力于减少浪费并更加迅速地行动。第五,至关重要的是,重新振兴我们的文化,让所有伙伴重新认识什么是在星巴克担任伙伴的意义。

With a reinvention plan driving progress against our business goals, a contemporized mission and a brand differentiated the human connection are a moment of strengthening the business overall. As I look to close my remarks for the call, I want to reaffirm our guidance for the year, reflecting my optimism for our future, even while recognizing we are operating in a challenging environment. I have great confidence in our leadership team and our partners as we carry on this journey together. We continue to build our plans for the meetings long term to recognize our limitless long-term growth potential. I could not be more excited, no more grateful for the opportunity to build upon Starbucks' iconic legacy and shepherd in a new era for the company.
通过重新制定计划来推动业务目标的实现,以及重新定义使人类联结特别的使命和品牌,都是加强整体业务的时刻。在结束本次通话时,我想再次确认我们对本年度的指导意见,展示我对我们未来的乐观态度,即使我们意识到我们正在一个充满挑战的环境中运营。我对我们的领导团队和合作伙伴充满信心,我们将继续共同前行。我们持续制定长期会议计划,以体现我们无限长期的增长潜力。我非常兴奋,感激有机会拓展星巴克标志性的传统,并引领公司迎来新时代。

With that, I will now turn it over to Rachel to discuss our Q2 fiscal year 2023 results in greater detail. Rachel?
现在,我将把话题转给Rachel详细讨论我们2023财年第二季度的结果。Rachel? 意思是现在让Rachel继续讨论更详细的内容,是一个礼貌的转交话题的表达。

Thank you, Luxemann, and welcome to your first Starbucks earnings call. Good afternoon, everyone. I am so proud to discuss our outstanding Q2 performance, underscoring strengths in both pop line and margin globally. We delivered double-digit comp in all company-operated markets, excluding China, as well as positive comp in China driven by better than expected recovery and saw continued strengths in our licensed markets. This momentum was made possible by the investments we are making in our stores and partners and allowed us to continue unlocking capital to reinvest in our business.
感谢您,Luxemann,欢迎参加您的第一次星巴克盈利会议。大家下午好。我非常自豪地讨论我们在第二季度的出色表现,突出了全球利润线和利润率的实力。我们在除中国以外的所有公司经营市场实现了两位数的同店销售增长,同时中国市场的同店销售也因恢复情况超出预期而实现了正增长,并且在我们特许经营市场继续保持实力。这个势头得益于我们在店铺和合作伙伴上进行的投资,使我们能够继续解锁资本以便再投资我们的业务。

As a result, our business and brand remain strong. As we begin on this next step in our journey, I am confident that our execution against our reinvention plan and broader strategies will progress us into our new era.
因此,我们的企业和品牌仍然强大。在我们开始这项旅程的下一步时,我相信我们将执行我们的重塑计划和更广泛的战略,推进我们进入新时代。

Our Q2 consolidated revenues reached $8.7 billion, slightly above our Q1 level and up 14% from the prior year, and up 17% excluding more than 2% impact of foreign currency translation. Revenue growth was primarily driven by 11% comparable sales growth, 6% net new company operated store growth year-over-year, as well as continued momentum in our global licensed markets. This is remarkable performance on every level, but specifically given the seasonality pressures we typically experience in Q2.
我们的Q2综合收入达到了87亿美元,略高于我们的Q1水平,比去年同期增长了14%,排除外汇汇率变动超过2%的影响后增长了17%。收入增长主要受到11%的可比销售增长,年同比6%的净新增公司运营店铺增长以及全球特许经营市场的持续动力的推动。这是在各个层面上的卓越表现,尤其是考虑到我们通常在Q2经历季节性压力的情况。

Q2 consolidated operating margin expanded 130 basis points from the prior year to 14.3%. Like feeding our expectations, primarily driven by sales leverage, including better than expected recovery in China, pricing, productivity improvement, and lapping prior year COVID-related pay. The margin expansion was partially offset by investments in store partners, higher GNA cost and supportive reinvention and inflation. Q2 EPS was 74% up 25% from the prior year. In addition to our strong global performance and better than expected recovery in China, this also includes an approximately three cents of one time benefit from Starbucks rewards redemption to your changes in North America, which reduced the related liabilities.
Q2营业利润率从去年增长了130个基点,达到14.3%。这主要由于销售影响,包括中国市场的超预期复苏、定价、生产力改进以及摆脱去年与COVID相关的薪酬等。利润率的扩张部分被投资于店铺合作伙伴、较高的一般管理和行政费用以及支持再造和通货膨胀所抵消。Q2每股收益比去年增长了25%,达到74%。除了我们强劲的全球表现和超预期的中国复苏之外,这还包括一个关于星巴克奖励兑换的一次性效益,该效益由于北美地区的相关负债而减少了约三分之一的支出。

I will now provide segment highlights for Q2. North America delivered revenue of 6.4 billion in Q2, another quarterly record and up 17% from the prior year. The growth was primarily driven by a 12% increase in comparable store sales, consisting of 6% and 5% growth in transactions and average ticket respectively, as well as net new company operated store growth of 4% year over year, further strengthened by the continued momentum of our licensed store business.
我现在将提供关于第二季度的一些亮点。北美在第二季度实现了64亿美元的收入,再次创下季度纪录并较去年同期增长了17%。这一增长主要是由可比店面销售增长了12%所驱动的,其中包括交易增长了6%和平均票价增长了5%,以及公司运营店面净新增长同比增长了4%,这进一步加强了我们特许经营门店业务的持续势头。

The segment's outstanding performance was led by the US, posting 12% comp in Q2 with transaction and ticket equally contributing to the growth also bolstered by lapping the Omicron variant of COVID in the prior year. Remarkably, store traffic has surpassed pre-pandemic levels in our busiest day parts, and even with higher levels of beverage customization and complexity, we were able to serve the surge in traffic as we unlocked incremental store capacity through reinvention. Starbucks rewards tender reached a record 57% of US company operated sales in the quarter, showcasing customer loyalty and connection and indicating a successful launch of the changes to our star redemption tiers.
该板块的出色表现主要由美国带领,在Q2实现了12%的同店销售增长,交易和票务对增长做出了同等贡献,此外,去年同期的奥密克戎变异株的影响也促进了增长。值得注意的是,我们最繁忙的营业时间段的店铺流量已经超过了疫情前的水平。即使在更高的饮品定制和复杂度水平下,我们通过重塑解锁了额外的店铺能力,以满足流量的增长。星巴克奖励金达到了该季度美国公司营运销售的创纪录的57%,展示了客户的忠诚和连接,并表明我们的星级兑换层次变更推出成功。

We also continue to expand our store footprint across the US, reaching over 9,300 stores, where stores opened in the last few years, driving nearly 50% cash on cash returns despite the inflationary environment. As part of our development strategy, we are committed to enhancing sustainability through greener stores, with the program saving almost 60 million in annual operating costs in the US alone through water savings and energy reduction when compared to historic store practices. Our runway of growth, coupled with store-level cash returns and commitment to say sustainability, is exceptional for our company of our scale, contributing meaningfully to our robust capital position and ability to continue reinvesting in our business. US license store revenue sustained its momentum this quarter of 25% from the prior year, with strengths across the portfolio and further supported by the rollout of Starbucks Connect as Luxembourg spoke about earlier, broadening our opportunity to reach our customers through our expanding network of stores.
我们继续扩张在美国的门店,目前已达到超过9300家,近几年新开业的门店在通货膨胀环境下仍实现近50%的现金回报率。作为我们发展战略的一部分,我们致力于通过更多绿色的商铺来提高可持续性。这一计划仅在美国就通过水源和能源的节约实现了每年6千万美元的运营成本的节约。我们的增长潜力,店铺现金回报率以及我们对可持续性的承诺,在我们这个规模的公司中尤为出色,对公司强大的资本状况和继续在业务上进行再投资的能力产生了积极影响。我们在美国的特许经营门店收入保持了25%的同比增长,涵盖了整个门店组合,并得到了Luxembourg的支持。此外,还有星巴克Connect的推出,进一步扩大了我们通过不断扩大的门店网络接触客户的机会。

North America's operating margin was 19.2% in Q2, expanding 200 basis points from the prior year, primarily driven by pricing, sales leverage, productivity improvement, and lapping prior year COVID-related pay, partially offset by store partner investments and inflation.
北美的运营利润在第二季度是19.2%,比去年同期扩大了200个基点,主要是由于定价、销售杠杆、生产力提高以及超越去年与COVID相关的支付所驱动,部分抵消了店铺合作伙伴的投资和通货膨胀的影响。

As you heard at the top of the call, we are already seeing our reinvention plan come to life, whether it's through improved partner turnover and engagement, a better customer experience or productivity, or amplifying efforts, field margin growth in the quarter.
正如您在通话开头所听到的,我们已经看到了我们的重塑计划开始落实,不管是通过改进合作伙伴的营业额和参与度,提高客户体验和生产力,或者是在本季度增加努力,提升销售利润率。

A margin benefit of approximately 60 basis points was also captured in the quarter due to the re-evaluation of our Starbucks Rewards liability, which will not occur in the balance of the year.
在本季度中,由于我们重新评估了星巴克会员奖励的负债,我们还获得了大约60个基点的利润边际收益,但在今年的其他时间内将不会再出现。

Moving on to international. The segment delivered revenue of 1.9 billion in the quarter also a Q2 record and up 9% from the prior year. When excluding a 10% impact from foreign currency translation, the segment's revenue grew 19%, reflecting double-digit growth in all major markets, including China.
转向国际市场。该业段本季度创下1.9亿美元的收入记录,同比增长9%。如果不考虑外汇汇率影响达10%,该业段的营收增长了19%,反映出包括中国在内的所有主要市场都取得了两位数的增长。

The growth was driven by strength across our license businesses, a 10% net new company operated store growth year and a 7% increase in comparable store sales from transactions. Our international markets across the globe continue to demonstrate strong momentum.
我们许可经营的业务全面增长,公司自营店铺增长10%,交易中可比店铺销售额增长7%,这促使业务蓬勃发展。我们全球各个市场的国际业务持续呈现强劲势头。

Excluding China, the segment's Q2 revenue grew 14% from the prior year, or up 25% when excluding an 11% impact of foreign currency translation. Once again, our international markets excluding China collectively achieved double-digit comp growth, driven largely by transactions. Let me highlight the incredible performance of Japan this quarter, our third largest market globally, which surpassed 1,800 stores and delivered their 8th consecutive quarter of double-digit comp in Q2, as Luchman mentioned earlier.
除中国外,该部门的第二季度收入同比增长了14%,或在排除外汇翻译影响(11%)后增长了25%。再次强调,我们的国际市场(不包括中国)共同实现了两位数的销售增长,这主要得益于交易。让我强调一下这个季度日本的非凡表现,这是我们全球第三大市场,超过了1,800家门店,在第二季度实现了第8个连续两位数销售增长季,正如Luchman之前提到的那样。

The market also upleveled its Star Rewards program through introduction of a multi-tier redemption system designed to offer more customer choices and elevate the program economics. Subsequently, to the quarter in April, Japan also became the third global market to introduce Oliato beverages, offering the innovative lineup at more than 60 of their select stores included the Starbucks Reserve Roastry Tokyo. While stirr early, our performance in this market, a market that embraces innovation, appears promising.
市场通过引入多级兑换系统,升级了Star Rewards计划,旨在提供更多的客户选择并提高计划的经济效益。随后,在4月份的季度,日本成为第三个全球市场引入Oliato饮料的市场,在他们选择的60多家商店提供创新的产品线,包括星巴克Reserve Roastry东京店。虽然市场的开端不太理想,但在这个拥抱创新的市场上,我们的表现似乎很有前途。

Rifting to China, China posted comp growth of 3% in Q2, meaningfully exceeding our expectations, including 30% comp growth in March, as we began lapping heightened mobility restrictions in the prior year.
在中国市场,第二季度公司增长率达到了3%,远超出我们的预期,其中包括3月份30%的增长率,因为我们开始与去年相比越过了加强的限制措施期。

From the early weeks of January, when China emerged from peak affections and mobility restrictions were lifted in different cities, we saw broad-race recovery across all trade zones, day parts, and city tiers. This was fueled by a strong rebound in traffic, as customers returned physically to our stores to enjoy moments of reconnection.
自1月初开始,中国逐渐从疫情高峰期走过来,不同城市的限制措施陆续解除,我们看到了所有贸易区域、不同时间段和不同城市等级的广泛恢复。这是由于客流量的强劲反弹,顾客们重新回到我们的店铺,一起享受重逢时刻所带来的动力。

Starbucks Rewards active members rebounded 17.8 million by the end of Q2 and hit a new record high by the first week of Q3. The sharp, immediate rebound in traffic demonstrated the strength of our brand and the relationships we have built with customers, as well as our strong operating muscle to capture the pent-up demand, all of which drove rapid improvement in average weekly sales in Q2.
星巴克奖励计划的活跃会员在Q2末反弹了1780万,并在Q3的第一周达到了新的历史最高值。交易量的急剧和立即反弹表明了我们品牌和与客户建立的关系的力量,以及抓住压抑的需求的强大运营能力,这些驱动着Q2的平均每周销售额的快速提高。

Looking ahead to the balance of the year, the speed of recovery in terms of average weekly sales will moderate after the faster than expected rebound achieved in Q2. For the remainder of the fiscal year, we will continue to face uncertainties such as changes in customer behaviors and the pace of international travel recovery as COVID in China enters a new endemic phase. Nevertheless, we feel confident Starbucks is well positioned for this next phase of recovery.
展望今年剩余时间,平均每周销售额的恢复速度将在Q2超出预期的反弹后逐渐减缓。在财年剩余时间内,我们将继续面临不确定性,例如客户行为的变化以及随着中国的COVID进入新的流行阶段,国际旅行恢复的速度。尽管如此,我们相信星巴克已经为这个恢复的下一阶段做好了准备。

Operating margins for the international segment was 17% in Q2, expanding 390 basis points from the prior year, mainly driven by sales leveraged cross-markets, but specifically driven by the better than expected recovery in China, partially offset by higher store partner wages and benefits.
国际业务的营运利润率在第二季度达到了17%,比前一年增长了390个基点,主要是由于跨市场推广带动了销售,尤其是由于中国经济复苏表现出乎意料。但是店铺合作伙伴的工资和福利成本增加部分抵消了这些好的表现。

Moving to channel development. The segments revenue grew 4% from the prior year to 481 million in Q2 in line with our expectations, driven primarily by growth in the global coffee alliance. Global channel development extends customer occasions beyond our stores to amplify and diversify the Starbucks presence around the world.
转入渠道发展。在第二季度,分部收入与我们的预期相符,从去年同期增长了4%,达到了4.81亿美元,主要是由于全球咖啡联盟的增长所推动。全球渠道发展将客户的用餐场合扩展到我们的门店之外,从而在全球范围内扩大并多元化星巴克的存在。

Our newer at-home platforms, including Starbucks by Nespresso and Starbucks Creamers, continue to drive growth for the global coffee alliance. We remain the market leader in global ready-to-drink categories with North America Coffee Partnership outgrowing the category and continuing to gain share for the past two quarters in a row. The North America Coffee Partnership shall share gains across platforms and work cited about our robust pipeline of innovations.
我们最新的在家咖啡品牌,包括星巴克咖啡胶囊和星巴克咖啡奶油,为全球咖啡联盟持续带来增长。我们在全球即饮咖啡类别中仍然是市场领导者,北美咖啡伙伴关系连续两个季度超越同类产品并继续获得市场份额。北美咖啡伙伴关系将分享跨平台增长,并引用我们强大的创新产品线。

To name a few, we launched Frappuccino mini cans in late March to bring a perfect size treat to our consumers, we're also elevating our portfolio with bottled Starbucks Pink Drink and Starbucks Paraside drink, which were inspired by popular handcrafted beverages in our stores and just hit store shelves in April.
我们推出了 Frappuccino 迷你罐装产品,以满足顾客对完美尺寸零食的需求。我们还推出了瓶装 Starbucks 粉色饮料(Pink Drink)和星巴克天堂饮料(Paradise Drink),这些饮品的灵感来自于我们店内受欢迎的手工制作饮品,它们于四月份刚刚上市,希望会受到广大消费者的喜爱。

The segments operating margin was 35.6% in Q2, down 710 basis points from the prior year, primarily due to impairment charges against certain manufacturing aspects and mixed shift. During the impairment, the segments margin was nearly 40% for the quarter and we continue to expect channel development's margin to normalize in the mid-40s range towards the end of the year.
第二季度,这个业务板块的运营利润率为35.6%,比去年同期下降了710个基点,主要是因为对某些制造方面的减值损失和制造混合转移导致的。在减值期间,该板块的利润率在本季度接近40%,我们继续预计渠道开发业务的利润率会在年底前恢复到中四十的范围。

Now moving on to our guidance for fiscal 2023. As Lecchemen discussed, we are reaffirming our guidance for the fiscal year, balancing our incredible momentum and optimism with the economic uncertainties we continue to face around the world. Let me provide some additional insights on our outlook.
现在,我们来看一下2023财年的指导方针。正如Lecchemen所讨论的,我们重申了本财年的指导方针,平衡了我们令人难以置信的势头和乐观情绪与我们继续面临的全球经济不确定性。让我额外提供一些关于我们展望的见解。

First, in the U.S., a meaningful part of the 12% comp in the quarter reflected a lap of Omicron in the earlier part of the quarter, which was incorporated into our original guidance for Q2. U.S. comp has normalized as anticipated in March and into Q3 with expected annual comp continuing to be in the guidance range of 7% to 9%.
首先,在美国,本季度12%的增长在很大程度上反映了本季度早期Omicron的影响,该影响已被纳入我们对第二季度的原始预测中。美国市场增长已按预期在三月份和第三季度中得到正常化,预期全年增长将继续保持在7%至9%的预测范围内。

Second, similar to comp, our Q2 North America margin also benefited from lapping a sizable amount of COVID pay in relation to Omicron, accounting for 120 basis points of your year expansion, as well as Starbucks rewards tear change impact of 60 basis points, which are not expected to recur in the balance of the year.
第二,与comp相似,我们第二季度北美利润率也受益于与Omicron有关的大量COVID津贴的逐年重叠,占您年度扩张的120个基点,以及星巴克奖励等级变化影响60个基点,这些都不会在今年的余额中再次出现。

Third, as I discussed earlier, we expect China's average weekly sales to sequentially grow in Q3 and Q4, but at a more moderate pace. Acknowledging the uncertain environment, we expect China comp to improve in the back half of the year, driven in large part by the lap of mobility restrictions in Q3 of the prior year coupled with the continued recovery leading to low to mid-single digit comp on a full-year basis.
第三个,就像我之前讨论过的,我们预计中国的平均每周销售额在第三季度和第四季度将会出现逐渐增长,但增长速度会更加适度。鉴于环境不稳定,我们预计今年后半年中国市场的同店销售增长率将有所提高,主要是受到去年第三季度移动限制取消和持续复苏的影响,在全年基础上实现低到中个位数的同店销售增长。

Lastly, although China's Q2 margin was also stronger than expected, it benefited from the timing of certain investments. As we continue to ramp our operations in the balance of the year, we plan to resume investments required to drive sustainable growth over the long term.
最后,尽管中国第二季度的利润也比预期强劲,但这得益于某些投资的时机。随着我们在今年余下的时间加速业务,我们计划恢复投资以推动长期可持续增长。

Further, here are some points of clarification on guidance. Regarding the shape of margin, we continue to expect sequential margin improvement in both Q3 and Q4. Note the quarterly margin shape in Q3 and Q4 is not expected to mirror the prior year. We also expect EPS to step up in the second half of the fiscal year, improving sequentially in Q3 and Q4.
此外,以下是一些指导方针的澄清要点。关于利润率的形状,我们仍然预计Q3和Q4的利润率将呈现连续改善。请注意,Q3和Q4的季度利润率形状不预计与去年同期相同。我们同时期望,在本财政年度的下半年,每股收益将有所提高,在Q3和Q4中将呈现连续改善。

We expect your over-year EPS growth in Q3 to be meaningfully lower than our fiscal year guidance range of 15 to 20 percent, with Q4 year over-year EPS growth slightly above the high end of our guidance range. Our guidance continues to include the impacts of significant investments related to our reinvention plan, as well as inflationary pressures which are moderating.
我们预计你们Q3的年度EPS增长率将显著低于我们财年指导范围的15%至20%,而Q4的年度EPS增长率则略高于我们指导范围的高端。我们的指导仍包括与我们的重塑计划相关的重大投资影响,以及通货膨胀压力正在趋缓。

We continue to expect our GNA growth to be outsized in fiscal year 2023. A large portion of the GNA growth will reflect critical technology investments, which we believe will fuel our reinvention and business growth.
我们继续预计我们的总行政费用(GNA)在2023财年将保持强劲增长。其中很大一部分是关键技术投资带来的增长。我们相信这将推动我们的变革和业务增长。

Importantly, as we conclude the first half of the fiscal year, our global performance is closely tracking to our original expectations as the significant, unexpected headwinds in China were offset by strong performance in the U.S. and the rest of the world.
重要的是,我们结束了财政年度的上半年,我们的全球业绩紧密跟随我们最初的预期,中国遇到的意外困难被美国和世界其他地区的强劲表现所抵消。

While we continue to navigate our past recovery in China, coupled with the heightened level of macro uncertainty around the world, we are confident that the reinvention investments we are making in our partners, stores, and customers will continue to guide our growth, delivering on our original fiscal 2023 outlook.
在我们继续应对中国经济复苏与全球宏观不确定性的同时,我们相信我们在合作伙伴、门店和客户方面所进行的再造性投资将继续引领我们的增长,实现原有的2023财年目标。

Lastly, despite the current interest rate environment, our balance sheet remains very healthy, supported by our strong cash flows, and a measured financial policy targeting leverage below three times least-adjusted debt to EBITDA. We are in an enviable position to continue to invest in our business, deliver on our shareholder, return commitments, and retain financial flexibility in the face of current economic uncertainty.
最后,尽管当前的利率环境,我们的资产负债表仍非常健康,得到了我们强大的现金流的支持,并且通过有节制的财务政策,致力于将负债与经调整的EBITDA之比控制在三倍以下。我们处于一个令人羡慕的位置,可以继续投资于我们的业务,实现我们的股东回报承诺,并在当前经济不确定情况下保持财务灵活性。

In summary, here are key takeaways from my discussion today. One, our global business and brand remains strong, demonstrated by both top line and margin performance in Q2. We are brewing on all cylinders across our building blocks of growth, namely, strong comp propelled by digital engagement, unrivaled innovation, and engaged partners, store growth anchored by best-in-class cash returns, and margin uplisted by reinvention as it continues to gain traction.
总之,以下是我今天讨论的要点。一,我们的全球业务和品牌仍然强劲,Q2的销售额和利润表现得到证明。我们在增长的基石上都有所表现,包括数字参与推动的强大业绩,无与伦比的创新和合作伙伴,以最佳现金回报为锚的店铺增长,以及通过不断发展而获得进展的重塑提升的利润。

Two, our fiscal year guidance remains unchanged, balancing our optimism with the economic uncertainties around the world. And finally, our new era is coming to life as we continue unlocking capacity and driving capital returns to reinvention. The investments being infused into our business is centering us on our core, while increasing differentiation and building resiliency to help us realize our limitless future.
第二,我们的财年指导仍保持不变,平衡了我们的乐观与全球经济不确定性。最后,随着我们持续释放容量和推动资本回报以实现重塑,我们的新时代开始呈现活力。注入到我们业务中的投资让我们更加专注于核心业务,增加差异化,并构建弹性,帮助我们实现无限未来。

Before I close, I want to express my deep appreciation for our partners around the world, especially our green apron partners for the critical role they played in achieving our success this quarter. Our future rests on the shoulders of many, and it's our collective unwavering commitment to serve our partners, customers, and all of those from farm to cup in the best way possible to allow Starbucks to deliver on our limitless possibilities. With that, we will open the call to Q&A.
在我结束之前,我想表达对全球合作伙伴的深切感激,尤其是我们的绿色围裙伙伴,在本季度取得成功中发挥的关键作用。我们的未来取决于许多人的肩负责任,我们集体的坚定承诺是为了以最好的方式服务我们的合作伙伴、客户以及从农场到杯子的所有人,让星巴克实现无限的可能性。因此,我们将开始提问和回答环节。

Operator? As a reminder, if you would like to ask a question, press star, then the number one on your telephone keypad. In order to allow as many questions as possible, we ask you to please limit yourself to one question at a time. We will come back for follow-up questions as time allows. We'll pause for a moment to compile the Q&A roster.
操作员?作为提醒,如果您想提出问题,请按下电话键盘上的星号,然后按数字键一。为了允许尽可能多的问题,请您一次只会提出一个问题。我们会在时间允许的情况下进行后续问题的回答。我们会暂停一会儿来编制问答名单。

Your first question comes from John Ivanko, JP Morgan.
第一个问题来自摩根大通的约翰·伊万科。他的问题是什么?

Hi, thank you very much. The question is on the US staffing environment, specifically the store level partners. It seems like that's where some of the biggest opportunities might really remain. For this company going forward, I don't think I need to review second half of 21, great resignation, your own specific challenges with labor. Obviously, a lot of news that was probably bigger than some of the labor issues even at the stores themselves. I was really wondering where that left us in terms of staffing levels, hiring practices, planning and retention, how you view the overall quality of the labor force. I guess really importantly, the current staffing and partner environment is being reflected in terms of overall customer service, in terms of the customer satisfaction and speed. If we can just spend a couple of minutes as you see the current staffing environment and the opportunity may be over the next year. Thank you.
你好,非常感谢。问题是关于美国的员工组成环境,特别是在店铺层面的合作伙伴。似乎那是一些最大的机遇可能仍然存在的地方。对于这家公司未来的发展,我不认为我需要再回顾2021年下半年、大规模辞职、你们自己特定的劳工挑战。显然,许多新闻可能比店铺本身的劳动问题还要大。我真的很想知道这对我们在招聘、计划和保留员工方面的人员配备水平、雇佣实践、以及整个劳动力的总体质量是何影响。我认为非常重要的一点是,目前的人员配备和合作伙伴环境与整体客户服务、客户满意度和速度有关。如果我们可以花几分钟时间来了解您在目前的人员配备环境中看到的机会,并展望未来一年可能发生的情况,那就太好了。谢谢。

Hey, John, thank you for your question. Firstly, I will give a bit of an overview and then I'll call on Frank and Sarah to provide their perspectives. Firstly, Starbucks continues to be a brand with a very strong employee value proposition and we are able to attract a lot of applicants for the jobs that we have open. As I mentioned in my prepared remarks, we're seeing growing stabilization in what we see in our front line. As I mentioned, we are seeing lower levels of attrition and greater stabilization in our retail talent. Additionally, as you look at the improvements that we are making in our scheduling processes, we're able to deliver an average hours per week to our partners 4% higher at this point in time. That of course does matter because it does have an implication on the compensation that they have.
嗨,约翰,感谢你的问题。首先,我会给出一个简要的概述,然后我会请弗兰克和萨拉提供他们的观点。首先,星巴克仍然是一个具有非常强有力的员工价值主张的品牌,我们能够吸引很多应聘者来填补我们开放的职位。正如我在我的准备好的发言中提到的,我们正在看到我们前方线的增长趋于稳定。正如我所提到的,我们正在看到更低的离职率和零售人才的更大稳定性。此外,当您看到我们在排班流程中所做的改进时,我们能够在这个时候将平均每周小时数交付给我们的合作伙伴高出4%。当然,这很重要,因为它确实对他们的报酬产生影响。

The clearly more things in the pipeline as well. Frank, I'd love for you to give your comments on how you see the environment there.
还有更多的事情在计划中。弗兰克,我希望你能评论一下你对环境的看法。

Yeah, it has clearly been a cute labor market environment and we are mindful of that. We have continued however to build on LACS' points to, the singular herself is a preferred employer choice for frontline workforces and we view that through the lens of how do we create value for the partner as we continue to partner and building the company together. We see scheduling as a significant opportunity as we continue to contour hours by store and by day part and ultimately in service with getting our partners what their needs are relative to the shifts they would like to see week to week as well as the hours they need week to week in service of their goals professionally and otherwise. Then finally, I would say that we have a very robust agenda to continue programmatically improving the partner experience. We can unpack some of the specifics on that but this is part of the ongoing agenda for reinvention. We feel pleased with our progress but we feel like there is significant opportunity to continue to create even more opportunities for them and their careers.
是的,显然目前是一个温和的劳动力市场环境,我们对此非常注意。虽然如此,我们仍在继续发展LACS的观点,她本身是前线员工的首选雇主选择,我们通过如何为合作伙伴创造价值的视角来看待它,以便继续与合作伙伴携手建立公司。我们认为,调度是一个重要的机会,因为我们可以通过按照商店和日部分轮廓小时来继续匹配伙伴们每周想要看到的班次和每周需要的小时数,以满足他们在职业和其他方面的目标。最后,我想说,我们有一个非常强大的议程,旨在继续以编程方式改善合作伙伴体验。我们可以讲解其中一些具体内容,但这是重塑日程的一部分。我们对我们的进展感到满意,但我们认为还有巨大的机会,可以为他们和他们的职业生涯创造更多机会。

Sarah, any comments from your time and souls?
莎拉,你从时间和灵魂的角度有什么评论吗?请尽量用易懂的方式表达你的意思。

I would just give one overlay in addition to what's already been discussed. We put a tremendous amount of effort over the last quarter in bringing our teams together in formats that allow them to celebrate our mission, to build capability and it's paying off in terms of their engagement with the company. That's one.
除了已经讨论的内容外,我只想再提出一个观点。在过去的季度中,我们付出了巨大的努力,使我们的团队能够以能够庆祝我们的使命、建立能力的形式团结在一起,并且这种努力已经开始为他们与公司的参与度带来回报。这就是我的观点。

In fact, just last week and this week we've got partners gathering to focus at the store level all around connection and driving a different level of customer connection and customer service. I would also say that the investments that we've made in really the core of our business, notably coffee and the way that we're celebrating our Black apron partners are investing in partners going to origin and just more training to build competency around craft is also another area that's driving engagement with our partners at the store level and lastly community which is something that our partners care deeply about.
事实上,就在上周和这周,我们的合作伙伴已经聚集在店铺层面上,专注于建立更高端的顾客联系和顾客服务。我想说,我们所进行的投资主要集中在我们的核心业务--特别是咖啡和我们对黑围裙合作伙伴的赞扬方面,投资于合作伙伴前往产地并进行更多的培训以提高工艺的能力,这也是推动我们店铺层面合作伙伴参与度的另一个领域。最后一点是社区,这是我们的伙伴非常关心的事情。

We wrapped up our apron on the service and again that was a great way to help our partners feel connected to something bigger and with mission and values at the heart of it. If I can add one more thing, I think we're seeing strong pickup in the program of tipping that we have scaled across our store network.
我们在服务过程中穿上围裙,这是一个帮助我们的合作伙伴感到与更大使命和价值相关的好方式。另外,我想再补充一件事,我们在我们的店铺网络中扩展了小费计划,目前看来受到了很强的支持。

Thank you. Your next question comes from Sarah Senator with Bank of America. Great. Thank you very much. I just wanted to ask about the strength of the quarter, maybe in the context of other comments about both the near term and long term outlook.
谢谢你。下一个问题来自银行美洲的Sarah Senator。好的,非常感谢。我只是想问一下本季度的强势表现,也许是在其他关于短期和长期前景的评论背景下。

It sounds like there was significant upside to your own expectations for the quarter and objectively very strong but you're not raising full your guidance which makes me wonder if maybe your reinvestment path is going to be higher than you had previously anticipated just because some of the things Rachel mentioned, the COVID lapse, I think would have been embedded in the outlook initially and maybe in that same vein, Luxembourg's view that you're reinventing or refounding the brand, not something I would typically associate with a brand that's putting up the kind of performance that we saw in the second quarter.
听起来你对本季度的表现有了很高的期望,而实际表现非常强劲,但你没有提高整个指引,这让我想知道,也许你的再投资路径将会比之前预期的更高,正如Rachel提到的一些事情,COVID暂停,我认为一开始就已经融入了前景,并且也许在同样的精神上,卢森堡认为你正在重铸或重新创建品牌,这不是我通常会把表现如我们在第二季度看到的品牌与之联系起来的。

So if you just contextualize the strength of the quarter in your full year outlook and also the view about the sort of the brand going forward.
因此,如果您在全年展望中将本季度的实力放入背景中,并且考虑品牌前进的观点,那么就能更好地表达意思。

Thanks. Rachel? Sure. Thanks Sarah. The way I look at it is we were incredibly pleased with the performance in Q2 but when you think about as I shared in my prepared remarks, we benefited from the lap of Omicron as well as the one time adjustment from the star liability. That was expected so we expected that and that was driven in the comp that we saw in the quarter in North America as well as broadly.
翻译:感谢你,蕾切尔。没问题,莎拉。我认为我们对第二季度的表现非常满意,但是正如我在我的准备讲话中分享的那样,我们受益于Omicron的基数效应以及星级负债的一次性调整。这是预期的,并且驱动了我们在北美以及全球范围内看到的同店销售额增长。

But in addition to that, while we recovered better than what we expected in China, when we look out towards the balance of the year, we expect our average weekly sales in China to continue an increase to improve sequentially quarter over quarter but it had a more moderate pace than what we saw in Q2.
除此之外,在中国,我们的恢复情况比预期好,但是展望余下的一年,我们预计中国的平均每周销售额将继续逐季度有所提高,但增长速度比Q2时期更加温和。

We've already seen it start to moderate and that's really driven by the fact that there's still some uncertainty in the overall environment from a recovery standpoint when you look at things like consumer behavior as well as recovery and key segments like our international travel. So when we take all of that into account, when we look at our guidance for the full year, we believe reaffirming our guidance allows us to continue to convey the momentum but also the confidence we have while still navigating a rather uncertain environment globally.
我们已经看到市场开始缓和,这主要是由于整体经济复苏中仍存在不确定因素,如消费者行为以及我们重要部门的恢复和国际旅游等方面。因此,当我们考虑所有这些问题时,在制定全年指引时,我们相信重申我们的指引可以继续传达我们的势头和信心,同时在全球环境仍然不确定的情况下继续导航。

Thank you. Your next question comes from Jeffrey Bernstein with Barclays. Great. Thank you very much.
感谢您。下一个问题来自巴克莱银行的杰弗里·伯恩斯坦。非常好,非常感谢。

Just looking out beyond this year, Rachel or Laxman, I'm just wondering how you think about the operating margins in the coming years, maybe framing it relative to pre-COVID levels. Back in the day, high teens were the norm.
我只是想向未来展望,Rachel或Laxman,你们如何看待未来几年的运营利润率,或许可以相对于疫情前的水平来界定。早些时候,高十几个百分点是正常的。

I was wondering whether that's still a realistic target and if so, maybe by when or perhaps Laxman that's just no longer the focus or it's not necessarily attainable based on the outside inflation and ongoing investments you're making in the business.
我在想这是否仍然是一个现实的目标,如果是的话,可能到什么时候能够实现,或者Laxman或许这已经不再是重点,或者基于你在业务上持续进行的投资,它不一定可达。

I was wondering how you think about the top versus the bottom line balance there. Thanks very much. I think in terms of guidance on this call, our focus is entirely on this year. Right, so we are confirming our guidance for this year.
我在想你对于顶部和底部线平衡的看法。非常感谢。在这次通话中,我们的关注点完全集中于今年。是的,因此我们确认了今年的预测。

I think as I mentioned earlier, as I've gone through the immersion and I've worked in various parts of the company, there's no question what we see is we see headroom in terms of our top line.
我认为,正如我之前提到的,随着我的沉浸和在公司不同部门的工作经验,我们可以毫不怀疑地看到我们的总收入还有很大的提升空间。

We also see opportunities for us to improve margins over time. I gave a couple of examples in the prepared remarks about things that were apparent. We can buy different and we can buy better. Our end-to-end supply chain is significant opportunities to reduce costs and improve availability.
我们也看到了随着时间推移我们提高利润的机会。我在准备好的讲话中举了一些明显的例子,我们可以购买不同的物品并且能购买更好的物品。我们的端到端供应链存在许多机会来降低成本和提高可用性。

We can enhance our tech stack, both to lower costs and then actually reinvest back in the tech stack to support the large digital push that we are making. Our stores need to better reflect what is needed to meet the evolved demand from where they were initially designed. A beverage innovation is strong, food could use more work and our innovation could be more purposeful and targeted. And these are the kinds of opportunities that I mentioned are the opportunities in the factory, in the back. We also have opportunities in the theatre in the front. So I think as you look at it, clearly there's top line headroom and there's opportunities to sequentially improve margins. But in this call, we are focused entirely on confirming our guidance for this year. Thank you.
我们可以增强我们的技术栈,既为了降低成本,又为了实际将资金重新投入到技术栈中,以支持我们正在进行的大型数字推动。我们的商店需要更好地反映最初设计时的需求演变。饮料创新非常强大,食品可能需要更多工作,而我们的创新也可以更具目的性和针对性。而这些正是我所提到的工厂后方的机会。我们在剧院前方也有机会。所以我认为,当你看待它时,明显有上线的潜力和逐步提高利润的机会。但在这次电话中,我们完全关注于确认今年的指导方针。谢谢。

Your next question comes from David Palmer, Evercore ISI. Thanks. I wanted to get your texture on the China market and your message there. Your four-year trend versus pre-COVID levels, your 24th percent below where China's same-store sales would have been in this last quarter. And just doing the math on your commentary for the year would appear that your same-store sales would still be roughly that amount below pre-COVID levels. So the recovery would be kind of stalling out if we just assumed that low to mid-single digit comp for the year. So I know you said a lot about China, but I'm wondering, what is the thought process behind that sort of sales and what color can you give behind it? Thanks. Rachel and then we'll call on Bill and Dev for some commentary.
你的下一个问题来自Evercore ISI的David Palmer,谢谢。我想了解一下你们对中国市场的情况和想传达的信息。你们在过去四年中与 COVID 前的表现对比,你们的同店销售额在上一季度比同期中国市场同店销售额低24%。根据你们对今年的评论进行计算,在 COVID 前,你们的同店销售额仍然会比现在低那么多。如果我们仅假设今年的同店销售额将低于单数位数,恢复过程可能会停滞不前。我知道你已经说了很多关于中国市场的事情,但我想知道这种销售额背后的思考过程是什么,你们有哪些解释?谢谢。接下来我们会听取Rachel、Bill和Dev的意见。

Thanks David. Thanks David. I think as we look at the remainder of the year for China as I had shared previously, we expect that our average weekly sales will continue to improve sequentially quarter over quarter. We also expect that our comp will improve, especially as we lap the mobility restrictions from prior year. But when you think about the overall environment, you know, while we're encouraged by the fact that we're seeing strong traffic in afternoon-day parts as well as on our weekends, which just speaks to a customer need to connect, there's still a lot happening in terms of the overall environment as it relates to recovery. And so when we put all of that together and we think about that, when we look to the balance of the year, we expect it to continue to improve, but at a more moderate pace relative to what we saw in Q2.
谢谢David。我认为,就如我之前所分享的,随着中国今年余下的时间,我们预计我们的平均每周销售额将在季度间逐步提高。我们也预计,我们的同店比较销售额将提高,尤其是在超越去年的出行限制之后。但是,当我们考虑整体环境时,虽然我们欣慰于我们在下午和周末看到的强劲交通流量,这只是客户连接需求的体现,但在复苏方面仍然发生了很多事情。所以,当我们将所有这些因素综合考虑并思考看待今年的余下时间时,我们预计会继续改善,但相对于Q2,进展的速度会更加缓慢。

And that's what brings us to the full year guidance range of a low to mid-single digit comp, which I think when you look at that does reflect momentum, but it also reflects confidence, especially when you look at last year, we ended the year with a negative 24% comp on a full year basis and a negative 25, a 9% even more recently in our last quarter. So that's how we're thinking about the recovery. We're very encouraged by many of the signs that we see, but there's a lot that we're navigating. And so we feel very good about the guidance we've given as we think about the back half of the year. And that will turn it over to Belinda.
这就是我们提供低至中单数增长的全年指导范围的原因。我认为,当你看到这个范围时,它反映出我们的动力,但也反映出我们的信心,特别是当你看到去年的情况时,我们以全年负24%的同店销售额结束了一年,最近一个季度的同店销售额甚至下降了25.9%。所以这就是我们如何思考复苏的问题。我们对许多迹象非常鼓舞,但我们还有很多需要导航的问题。所以我们对我们提供的指导感到非常满意,因为我们考虑到了后半年的情况。现在我将它交给贝琳达。

Thank you. I'll just provide some colors on our recovery. Belinda has finally turned a new chapter from pandemic to endemic. And Q2 marks the start of our solid and broad recovery and it's only the beginning. We see strongly bounding traffic and spray tourist theft, back to all stores for reconnection and the third-place experience our customers have long craved. And we're at that position for this moment because we're in a human connection business.
谢谢。我将在我们的复苏进程中提供一些色彩。Belinda终于从疫情转向了流行病。第二季度标志着我们稳健且广泛的复苏开始,而这只是个开始。我们看到了强劲的客流和旅游热潮,所有的店铺都回来重新连接,让顾客长期渴望的第三方体验得以实现。我们现在处于这个位置,因为我们是一家人与人之间相互联系的企业。

And our unique third-place in the stomach experience cannot be replicated anywhere else. And we achieved 30% in March and the strong momentum continues in Q3, we're firing on all cylinders to accelerate our top-line and bottom-line growth for balance of the year and beyond. And we will leverage our market-leading short portfolio to capture the pen-up demand for reconnection and we're ready to accelerate even faster our new store growth in the second half of the year. Our evolving up-the-channel capability, the strength of our delivery business, our mobile order and pay and e-commerce all built in the past few years and ready to serve our customers for any occasion, anywhere and anytime.
我们独特的第三种胃口体验无法在其他任何地方复制。 而我们在三月份实现了30%的业绩增长,强劲的势头在第三季度继续,我们全力以赴加速实现全年及未来的收入和利润增长。我们将利用我们市场领先的短期产品组合来满足因重新联系而积压的需求,并准备在下半年加速我们的新店增长。我们一直积极开发上下游市场的能力,我们强劲的外送业务、移动订购支付和电子商务等方面,这些都是我们在过去几年中建立起来的,随时准备服务于任何场合、任何地方的顾客。

Highly incremental and in fact, our mobile order and pay business achieved the highest record sales and mix of 24% in Q2. We built strong operating muscle and agility to innovate and execute. We have the ability at that further with speed to meet new customers' needs with disciplined execution and source, the enduring power and strength of the Starbucks brand and the deep connection we have with our customers and partners all second to none. With that, our 60,000 partners in China are ready to capture the exciting growth ahead.
非常增量化的是,实际上,我们的移动订单和支付业务在第二季度的营收和销售额占比达到了最高记录的24%。我们建立了强健的运营能力和敏捷性来创新和执行。我们有能力以更快的速度进一步满足新客户的需求,并通过有纪律的执行和Starbucks品牌的经久不衰的力量和实力以及我们与客户和合作伙伴之间的深厚联系,为他们提供服务。因此,我们在中国拥有60,000名合作伙伴已经准备好抓住未来的令人兴奋的增长机遇。

Thank you. Your next question comes from Peter Salah with BTIG.
谢谢您。下一个问题来自彼得·萨拉(Peter Salah),他来自BTIG。 意思:感谢您。下一个问题来自BTIG的彼得·萨拉。

Great. Thanks. I wanted to ask about the siren system. You mentioned it briefly but didn't provide a lot more color on it. I know this is something you guys talked about in great detail at the investor day in the fall. Just curious if you give us an update on the testing and rollout of this system and the impact you're expecting going forward.
太好了,谢谢。我想问一下关于警报系统的事情。你稍微提过一下,但没有提供更多的细节。我知道这是你们在投资者日详细讨论的内容。只是好奇是否可以向我们更新一下该系统的测试和推广情况以及预期的影响。

Thank you for your question. I feel very good about the progress that we're making on the equipment rollout as well as the testing that is underway on the siren system. As you see, some of the near term equipment launches have happened and have landed on time. We have a very systematic approach to how we think about our equipment and the testing that we're doing. I feel very good about the progress we are making on that system. All systems go as far as we're concerned.
感谢您的提问。关于设备推出以及警报系统测试方面,我对我们所取得的进展感到非常好。您可以看到,一些近期的设备推出已经如期完成。我们采用非常系统化的方法来思考我们的设备和测试工作,我们所取得的进展也让我非常满意。就我们所关注的方面来说,所有系统都已准备就绪。

Sarah, I wonder whether you want to touch a little bit on some of the equipment launches that we've had so far?
萨拉,我想知道你是否想谈一下我们迄今为止推出的一些设备的情况?意思是询问萨拉是否愿意谈论一下公司早期推出的一些设备。

Yes, thank you. I mean, specific to siren system, like you said, cold beverage as well as the food station, incubation tests are complete and feasibility begins in Q3 for the rollout. And I think both of which these stations have already shown measurable impact on both productivity as well as throughput and testing. We're quite bullish on them. And then overall, absolutely, we're already seeing the benefits of the investments that we've made in equipment. We're serving more customers during our busiest day parts than we did pre-pandemic. And when I'm out in stores, I certainly hear firsthand from our partners how the equipment is making the work easier. And it's evident in speed with service. You can see it in our drive-through times. And you can also see it importantly in our productivity numbers.
是的,谢谢。我是指警报系统,就像你说的,冷饮和食物站,孵化测试已经完成,可行性研究将在第三季度展开以进行推广。我认为这两个站已经显现出了对生产力和通行量的可衡量影响。我们对此非常看好。总体而言,我们已经看到了我们在设备方面所做的投资带来的好处。在我们最繁忙的时间段,我们比疫情前为更多的顾客提供服务。当我在店里时,我肯定会从我们的员工那里第一手听到设备是如何使工作变得更轻松。这表现在服务速度上,在我们的“驱车通道时间”中也可以看到,并且同样反映在我们的生产率数字中。

You know, as we're thinking about summer and the weather is warming up around the country, some of the things that we've launched more recently called bold blenders as well as labors at that station specifically make it easier to serve customers and enable the innovation that's going to be coming. The last piece I'd call out that we're really excited about as it relates to our core, again, coffee is clover vertical. We all know waste and throughput are going to be – they're going to benefit favorably. But I think more important, we're putting coffee at the center. And our partners are incredibly enthusiastic about the offering that we'll give to our customers and the pride that they'll feel in terms of the quality that's in the cup. So very, very excited about that one as well.
你知道,随着夏天的到来以及全国天气的变暖,我们最近推出的“大胆果汁混合器”和特别的工作站可以更轻松地为客户提供服务,并促进即将到来的创新。最后一个方面,我们非常兴奋,那就是与我们的核心业务咖啡有关的“克洛弗垂直式咖啡机”。我们都知道,废物和吞吐量将受益。但是,我认为更重要的是我们把咖啡放在中心位置。我们的合作伙伴非常热情地参与其中,他们会为我们的客户提供高质量的咖啡,并因此感到自豪。所以我们非常激动人心。

Great, Sarah. Frank, you've mentioned productivity. I think it's probably worth highlighting that while we typically see a decline in productivity during winter months due to seasonality and falling within our stores, compared to last year, we've seen a sustainment of strong IPLH, our proxy for productivity. And I think this affirms to your points, Sarah, the Alchemy of Partner Changes in Store Workflow and Equipment, all yielding tangible value and enduring value for our partners and for our customers.
太好了,Sarah。Frank,你提到了生产力。我认为值得强调的是,尽管由于季节性和营业额下降,我们通常会在冬季看到生产力下降,但与去年相比,我们看到强大的IPLH持续存在,这是我们生产力的代理。我认为这证实了你的观点,Sarah,即改善店内工作流程和设备的化学反应,为我们的伙伴和顾客带来了实际和持久的价值。

Thank you. The last question comes from Lauren Silverman, Credit Suisse.
谢谢。最后一个问题来自于Lauren Silverman,瑞士信贷公司。

Thank you for the question and congrats. Really strong US Compton traffic. Can you have unpack where the growth is coming from? So it's traffic primarily coming from new customers or existing customers, rewards members or more occasional customers? Then can you just give us an update on where you're running with transactions for store per day? Thank you very much.
谢谢您的提问,祝贺您。康普顿的美国市场非常强劲。你能详细说明增长来自哪里吗?是新客户还是老客户,是会员还是偶然客户带来的流量增长?然后,您能否就每天门店交易情况向我们提供最新进展?非常感谢。

Great. Let me start with Brady. I think I'd love for you to give your perspectives on the questions.
太好了,让我从Brady开始。我认为我很想听听你对这些问题的看法。

Sure. What you saw in the US business, an equal part in the comp between transaction comp and ticket comp? Of course, we were overlapping some bad weather last year, some Almacron surge. But really, when we look under the surface of that too, as Rachel shared in her opening remarks, record customer accounts for the quarter. When we look year over year, we saw growth there, transaction comps growing in our busiest day parts. And when we get underneath the hood of that, it's really brand strength. We have growing affinity for the Starbucks brand. We saw some very good highs within the quarter for brand affinity. We look at the relevance of the innovations. Our ice-shaking espresso platform continuing to grow. Our refresher's platform continuing to grow, which just reinforces our cold customized plant-based beverage strategy as just yielding continued growth.
当然。在美国的业务中,交易总额和单价总额是竞争的等重要部分吗?当然,去年我们遇到了一些恶劣的天气和Almacron疫情的影响。但实际上,当我们深入探究时,正如Rachel在开场致辞中分享的那样,该季度的客户账户数量创下了记录。从年度角度来看,我们看到了增长,其中繁忙的日间交易总额增长。当我们深入研究时,我们真正看到的是品牌实力。我们的星巴克品牌受到越来越多的喜爱。我们在该季度看到了品牌亲和力方面的很好的成绩。我们关注创新的相关性。我们的冰摇浓缩咖啡平台不断发展。我们的鲜汁平台也在不断发展,这进一步证实了我们的冷饮定制植物饮料战略正在持续增长。

You heard Lakshman talk about pistachio cream cold brew. We launched Oliato in the quarter. So there's so much for customers to be excited about and giving them a reason to come to Starbucks.
你听过Lakshman谈论过开心果奶油冷萃咖啡吗?我们在这个季度推出了Oliato。所以对于顾客来说有很多令人兴奋的选择,也给他们来星巴克消费的理由。

And then lastly, I would just say the execution. You see our Starbucks reward membership, rewarding Starbucks for that with more of their visits. Now 57% of US transactions are from our rewards members. And what they're telling us is, as you heard me say before, they are finding a beverage they can't get anywhere else.
最后,我只想说一下实施。我们的星巴克奖励会员计划鼓励顾客更加频繁地光顾星巴克。现在,我们57%的美国交易来自我们的奖励会员。他们告诉我们的是,正如你之前听我说的,他们找到了一种在其他地方找不到的饮品。

And so all of those things compile into a great force and momentum for Starbucks. And we continue to be a strong brand, this poise for growth in the future.
因此,所有这些事情都积聚成为星巴克的强大力量和动力。我们将继续成为一个强劲的品牌,为未来的增长做好准备。

And I would just add Lauren to that that you had asked about TSDs. And we have seen our TSDs grow relative to pre-COVID levels. In fact, in our busiest day part or morning day part, we have surpassed our pre-COVID levels. And that's in large part due to the momentum we're seeing in our reinvention.
我想补充一下Lauren,你之前问过关于TSDs的问题。我们发现我们的TSDs相对于疫情前有所增长。实际上,在我们最繁忙的时间段或早上时间段,我们已经超过了疫情前的水平。这在很大程度上归功于我们正在看到的重新发明的势头。

We're able to unlock capacity and better serve our customers. And we're seeing that come to fruition in terms of our overall strengths in TSDs, which is also increasing in the early part of our afternoon. So we're encouraged by that.
我们能够释放出公司的潜力并更好地服务顾客。我们也看到了这一点正在实现,尤其是我们在TSD(指工作量指标)方面的总体实力正在增加,尤其是在下午早期。所以我们感到鼓舞。

And that's leading to when Brady talks about the customer count, the growth we had in customer count, that's really across both our SR members as well as our non SR members. So our overall customer count is increasing. Those customers are more engaged with our brand.
这导致了布雷迪谈论顾客数量和增长时,涵盖了我们的SR会员和非SR会员。因此,我们总的顾客数量正在增加。这些顾客对我们的品牌更加投入。

And we see that in terms of unit growth, as well as increasing transactions. And then overall, take it leading to the highest, is second highest average weekly sales that we've seen second only to last quarter, which was an all time high. So we're incredibly encouraged by what we're seeing from an overall volume standpoint.
我们可以看到,从单位增长和交易量逐渐增长的角度来看,我们的业务表现非常出色。总体来看,我们取得了历史第二高的平均每周销售额,仅次于上一季度的创纪录高点。因此,从整体销量的角度来看,我们非常受鼓舞。

Thank you, Rachel. I'm very pleased with the results of this quarter. And we're clearly moving with momentum as a business. There's clearly further opportunities for us and for this wonderful brand. It's a privilege to lead it.
谢谢你,瑞秋。我对本季度的结果非常满意。我们显然正在以一种蓬勃发展的势头成为一家企业。对我们和这个美好品牌来说,显然还有更多的机会。领导它是一种特权。

I want to thank you all for joining us today for our second quarter fiscal year 2023 year early learning school. We appreciate your investment and your time. Thank you.
我想感谢大家今天参加我们二零二三财年第二季度早期学习学校的活动。我们非常感谢您的投资和时间。谢谢。

And with that, we conclude today's conference call. Our parties may now disconnect. A great evening.
随着此次电话会议的结束,我们要结束今天的会议了。各方现在可以结束通话了。祝大家愉快的晚上。



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