第十二期【星巴克】
DAY 19 原文
分析师Sara想了解星巴克在中国业务的驱动因素。
「听力录音」
「听力原文」
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.
谢谢你，萨拉。我将回答这两个问题，然后转向约翰，补充中国的其他情况。首先，关于本季度的利润表现，我们对第一季度的总体利润结果感到非常高兴。好于预期的是，在你看来，公司业绩增长高于预期，而且有着强大的销售杠杆，对利润率有积极的贡献。我们还从供应链中获得了超出预期的收益。部分原因在于，在美国，假日期间我们的食品、饮料和商品的销售非常强劲，因此我们没有产生过去所见的库存储备水平。因此，许多举措齐心协力，在第一季度实现了真正强劲的利润率表现，这是我们计划通过提高全年利润率来实现的首要贡献。
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.
关于中国和业务影响的驱动因素，我强调了门店数量和关闭期限是业务影响的两个主要驱动因素。这并不是说这里没有其他驱动或考虑因素。当然，在控制病毒的努力之后，我们在全国各地看到的零售业的减少，以及与以前相比，客户通常对访问商业中心有点缄默，这是另一个因素。所以这是一个促成因素，但最大的因素实际上是结束的持续时间，我会把重点放在约翰身上。
「金融重点词汇解析」
1. Sell-through销售流通，是指渠道营销中，产品从总代理销售给下级代理直到终端零售商的过程。sell-in，指出货，直译为“卖进”，是指产品从厂家销售到经销商、代理商（渠道）的过程，sell out，直译为“卖出”，是产品从终端零售商出售给最终用户的过程。
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