第十二期【星巴克】

DAY 7 原文

「聽力錄音」

「聽力原文」

Moving on to International, the segment delivered revenue growth of 10% in Q1, excluding a 6% unfavorable impact of Streamline-related activities. This was led by 11% net new store growth over the past 12 months. International's comp sales growth of 1% in Q1 was adversely impacted by 2 points due to a soft quarter in Japan, which was lapping 6% comp sales growth from last year. China, our lead international growth market, delivered solid comp sales growth of 3% in Q1 including 1% comp transaction growth. Continued expansion and strong performance of mobile ordering as well as the up-level Starbucks Rewards program were primary drivers of these results.

轉向國際市場，該部門在第一季度實現了10%的收入增長，排除了精簡相關活動所造成的6%的不利影響。在過去的12個月裡，新店淨增長率達到了11%。國際市場第一季度1%的同比銷售額增長受到2個點的不利影響，原因是日本的季度疲軟，同比銷售額比去年增長了6%。作為我們領先的國際增長市場，中國在第一季度實現了3%的強勁增長，其中包括1%的同比交易增長。移動訂單的持續擴張和強勁表現以及星巴克的高級獎勵計劃是這些結果的主要驅動力

At the end of the first quarter, mobile order and pickup had been rolled out to more than 100 cities, encompassing more than 90% of our store base, just seven months following the launch of the program, and we expanded delivery to 130 cities, covering more than 80% of our portfolio.

在第一季度末，移動訂單和到店取貨已經推廣到了100多個城市，覆蓋了我們90%以上的門店基礎，在項目啟動後的7個月內，我們將取貨範圍擴大到了130個城市，覆蓋了我們80%以上的產品組合。

International's non-GAAP operating margin increased by 170 basis points to 21.4%. When excluding the 70 basis point impact of Streamline-related activities, non-GAAP operating margin expanded by 100 basis points, driven by sales leverage and supply chain efficiencies, partially offset by unfavorability in product mix and strategic investments, notably in-store and digital initiatives.

國際非公認會計原則營業利潤率上升170個基點至21.4%。在剔除精簡相關活動的70個基點影響後，非公認會計原則營業利潤率在銷售槓桿和供應鏈效率的推動下擴大了100個基點，部分被產品組合和戰略投資（尤其是商店和數字計劃）的不利因素抵消。

注意：原文下劃線部分為答案出處

「金融重點詞彙解析」

1. Operating margin: 營業毛利率是營業毛利額與營業淨收入之間的比率，其計算公式為：營業毛利率=營業毛利額/主營業務收入 X100%。營業毛利率用於對企業獲利能力的分析。主營業務的毛利率越高，則扣除各項支出後的利潤也就更高，企業的獲利能力越強。

2. Non-GAAP: GAAP即美國公認會計准則，美股上市公司一般都需按照GAAP定期披露業績和財務狀況。Non-GAAP則是公司依據自身情況在GAAP的基礎上自行調整，目的是更好地展示公司的實際經營狀況。通常Non-GAAP的數據未經過審計的。

3. Basis point: 基點，債券和票據利率改變量的度量單位。一個基點等於0.01個百分點，即0.01%。

4. Supply chain: 供應鏈是指產品生產和流通過程中所涉及的原材料供應商、生產商、分銷商、零售商以及最終消費者等成員通過與上游、下游成員的連接組成的網絡結構。也即是由物料獲取、物料加工、並將成品送到用戶手中這一過程所涉及的企業和企業部門組成的一個網絡。