「財報聽力訓練營｜第十二期」DAY 19-業務驅動因素教育頭條網

第十二期【星巴克】

DAY 19 原文

分析師Sara想了解星巴克在中國業務的驅動因素。

「聽力錄音」

「聽力原文」

Thank you, Sara. I'll take both questions and then pivot to John for additional color on China. First of all, with respect to margin performance in the quarter, we were really delighted with our overall margin outcome in Q1. And what was better than expected was, to your point, higher than expected comp growth, and with that strong sales leverage, contributing positively to margin. We also had stronger than expected benefits from our supply chain. Part of that was a function of the fact that in the US, we had such strong sell-through for our food, beverages, and merchandise in holiday that we did not incur the level of inventory reserves that we've seen in the past. So a number of initiatives came together to deliver really strong margin performance in Q1, and that was the overriding contributor to what we had planned by way of a margin guidance raise for the full year.

謝謝你，薩拉。我將回答這兩個問題，然後轉向約翰，補充中國的其他情況。首先，關於本季度的利潤表現，我們對第一季度的總體利潤結果感到非常高興。好於預期的是，在你看來，公司業績增長高於預期，而且有著強大的銷售槓桿，對利潤率有積極的貢獻。我們還從供應鏈中獲得了超出預期的收益。部分原因在於，在美國，假日期間我們的食品、飲料和商品的銷售非常強勁，因此我們沒有產生過去所見的庫存儲備水平。因此，許多舉措齊心協力，在第一季度實現了真正強勁的利潤率表現，這是我們計劃通過提高全年利潤率來實現的首要貢獻。

With respect to China and the drivers of the business impact, I highlighted that the number of stores and duration of closure are the two primary drivers of the business impact. That's not to say that there aren't other drivers or other considerations here. And certainly the reduced retail footfall that we're seeing across the country in the wake of the efforts taken to contain the virus and how customers generally are a bit reticent to perhaps visit commercial centers versus previously is another factor. So it is a contributing factor, but the big factor really is the duration of closure, and I'll really pivot to John for additional color on that.

關於中國和業務影響的驅動因素，我強調了門店數量和關閉期限是業務影響的兩個主要驅動因素。這並不是說這裡沒有其他驅動或考慮因素。當然，在控制病毒的努力之後，我們在全國各地看到的零售業的減少，以及與以前相比，客戶通常對訪問商業中心有點緘默，這是另一個因素。所以這是一個促成因素，但最大的因素實際上是結束的持續時間，我會把重點放在約翰身上。

「金融重點詞彙解析」

1. Sell-through銷售流通，是指渠道營銷中，產品從總代理銷售給下級代理直到終端零售商的過程。sell-in，指出貨，直譯為“賣進”，是指產品從廠家銷售到經銷商、代理商（渠道）的過程，sell out，直譯為“賣出”，是產品從終端零售商出售給最終用戶的過程。