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<p>人们知道星巴克是卖咖啡的地方。但许多人惊讶地发现，这家公司也是一个小型银行。星巴克礼品卡使其在零售商中拥有独特的地位。</p>
<p>这些礼品卡因受欢迎且常被赠送给亲人，使星巴克成为一个意想不到的金融强者。</p>
<p>根据公司第三季度的财报，它现在持有价值 17.7 亿美元的未兑现礼品卡。这一数字比去年同期增长了 9%。</p>
<h2>不仅仅是一种更便宜的借贷方式</h2>
<p>星巴克并不是第一家利用顾客作为债权人的公司。以下是其运作方式。公司为顾客提供手机应用程序或礼品卡，顾客可以在以后使用这些资金。</p>
<p>这样做的整个目的是为了让用户轻松支付咖啡。而且这确实有效。这就是为什么人们会在卡上存入余额，明知他们不会立即花费这些余额。</p>
<p>但这种便利为公司带来了更多的无息资金。一些公司像 PayPal 可以保留大量顾客的资金而无需支付任何利息。但他们不能随意支配这笔资金，因为需要将其作为准备金。</p>
<p>其他公司像沃尔玛拥有与星巴克相似数量的未兑现礼品卡。</p>
<p>但事实上，星巴克的销售额是沃尔玛的 20 倍多，这意味着这种无息资金的影响是微乎其微的。</p>
<p>然而，对于星巴克来说，情况有所不同。我们可以将其视为一种无息贷款。但有趣的是，公司必须以咖啡的形式偿还，而不是现金。</p>
<p>此外，其未兑现余额每年都在增加。去年，星巴克从未兑现礼品卡中获得 1.961 亿美元的收入。</p>
<p>随着这个价值的增加，星巴克意识到这些余额可能永远不会被兑现。因此，这不再是一个商业秘密。公司公开宣布，但余额仍在增加。</p>
<p>星巴克在带来未兑现礼品卡收入方面做得非常出色。但其主营业务，销售咖啡，并不那么顺利。</p>
<h2>令人失望的第三季度财报</h2>
<p>公司昨晚公布了其第三季度财报，销售咖啡的表现不佳。北美收入减少了 2%，全球收入减少了 3%。</p>
<p>这是公司连续第二个季度销售下降。随着消费者努力应对通货膨胀，他们似乎在削减咖啡消费。</p>
<p>可以这样理解。麦当劳推出 5 美元套餐后，销售额下降。那么星巴克如何指望顾客前来店内购买一杯 6 美元的冰咖啡呢？</p>
<p>这是管理层正在努力回答的问题，尤其是在竞争对手夺走市场份额的情况下。分析师 RJ Hottovy 表示：</p>
<p>更注重成本的消费者，他们正在寻找其他地方或者在家里解决。同时，像 Dutch Bros 这样的驶入式咖啡连锁店也带来了更多竞争。</p>
<p>该股票今年迄今为止表现不佳，下跌了 17%。无论有多少人忘记兑现他们的礼品卡余额，星巴克的困境都不会很快消失。</p>
<p>这篇文章最初发表在 Invezz 上，标题为 “星巴克欠顾客 17.7 亿美元的咖啡：酝酿中的事情”。</p>

星巴克

<p>星巴克持有价值 17.7 亿美元的未兑现礼品卡，充当了一个小型银行的功能。公司从这些余额中获得收入，但其主要业务销售咖啡正在下降，北美收入减少了 2％，全球收入减少了 3％。这是星巴克连续第二个季度销售下降，来自其他咖啡连锁店的竞争也在加剧。股价今年以来也下跌了 17%</p>

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<p>People know Starbucks as the place that sells coffee. Bit it comes as a surprise to many when they find out that the company is also a mini bank. Starbucks gift cards have given it a unique position among retailers.</p>
<div class="lb-trans"><p>人们知道星巴克是卖咖啡的地方。但许多人惊讶地发现，这家公司也是一个小型银行。星巴克礼品卡使其在零售商中拥有独特的地位。</p>
</div><p>Being in demand and happily given as gifts to loved ones, these gift cards turned Starbucks into an unexpected financial powerhouse.</p>
<div class="lb-trans"><p>这些礼品卡因受欢迎且常被赠送给亲人，使星巴克成为一个意想不到的金融强者。</p>
</div><p>According to the Q3 earnings of the company, it is now sitting on $1.77 billion worth of unredeemed gift cards. This figure is up 9% from the same period last year.</p>
<div class="lb-trans"><p>根据公司第三季度的财报，它现在持有价值 17.7 亿美元的未兑现礼品卡。这一数字比去年同期增长了 9%。</p>
</div><h2>More than just a cheaper way to borrow</h2>
<div class="lb-trans"><h2>不仅仅是一种更便宜的借贷方式</h2>
</div><p>Starbucks isn’t the first company that uses is customers as creditors. Here’s how it works. Companies offer their customers mobile apps or gift cards where they can load money to use at a later point.</p>
<div class="lb-trans"><p>星巴克并不是第一家利用顾客作为债权人的公司。以下是其运作方式。公司为顾客提供手机应用程序或礼品卡，顾客可以在以后使用这些资金。</p>
</div><p>The whole point of this is to give users the convenience to pay for their coffee with ease. And it works. This is why people load balances onto their cards knowing fully well they won’t be spending them immediately.</p>
<div class="lb-trans"><p>这样做的整个目的是为了让用户轻松支付咖啡。而且这确实有效。这就是为什么人们会在卡上存入余额，明知他们不会立即花费这些余额。</p>
</div><p>But this convenience brings much more to the company in the form of interest-free money. Some companies like PayPal can keep a lot of customers money without having to pay them any interest. But they can’t spend it as they need to keep it as reserve.</p>
<div class="lb-trans"><p>但这种便利为公司带来了更多的无息资金。一些公司像 PayPal 可以保留大量顾客的资金而无需支付任何利息。但他们不能随意支配这笔资金，因为需要将其作为准备金。</p>
</div><p>Other companies like Walmart have a similar amount of unredeemed gift cards as Starbucks.</p>
<div class="lb-trans"><p>其他公司像沃尔玛拥有与星巴克相似数量的未兑现礼品卡。</p>
</div><p>But the fact that it does over 20 times as much sales as Walmart means the effect of this interest-free money is minimal.</p>
<div class="lb-trans"><p>但事实上，星巴克的销售额是沃尔玛的 20 倍多，这意味着这种无息资金的影响是微乎其微的。</p>
</div><p>For Starbucks though, things are different. We can consider it an interest-free loan. But things get interesting because the company has to pay it back in the form of Coffee, not money.</p>
<div class="lb-trans"><p>然而，对于星巴克来说，情况有所不同。我们可以将其视为一种无息贷款。但有趣的是，公司必须以咖啡的形式偿还，而不是现金。</p>
</div><p>On top of that, its unredeemed balance increases every year. Last year, it brought in $196.1 million in revenue from unredeemed gift cards.</p>
<div class="lb-trans"><p>此外，其未兑现余额每年都在增加。去年，星巴克从未兑现礼品卡中获得 1.961 亿美元的收入。</p>
</div><p>As this value increases, Starbucks has realized these balances may never be redeemed. Hence, it is not a business secret anymore. The company declares it openly, but the balance keeps increasing.</p>
<div class="lb-trans"><p>随着这个价值的增加，星巴克意识到这些余额可能永远不会被兑现。因此，这不再是一个商业秘密。公司公开宣布，但余额仍在增加。</p>
</div><p>Starbucks does an exceptional job of bringing in unredeemed gift card revenue. But the main line of its business, selling coffee, isn’t going that well.</p>
<div class="lb-trans"><p>星巴克在带来未兑现礼品卡收入方面做得非常出色。但其主营业务，销售咖啡，并不那么顺利。</p>
</div><h2>Disappointing Q3 earnings</h2>
<div class="lb-trans"><h2>令人失望的第三季度财报</h2>
</div><p>The company reported its Q3 earnings last evening and it’s doing a poor job of selling coffee. It reported a 2% reduction in North America revenue and a 3% reduction in global revenues.</p>
<div class="lb-trans"><p>公司昨晚公布了其第三季度财报，销售咖啡的表现不佳。北美收入减少了 2%，全球收入减少了 3%。</p>
</div><p>This is the company’s second consecutive quarter of declining sales. As consumers struggle to deal with inflation, it seems they’re cutting down on Coffee.</p>
<div class="lb-trans"><p>这是公司连续第二个季度销售下降。随着消费者努力应对通货膨胀，他们似乎在削减咖啡消费。</p>
</div><p>Think of it this way. McDonald’s reported declining sales after offering a $5 meal deal to its customers. How then can Starbucks expect people to come to its stores and pay $6 for an ice coffee?</p>
<div class="lb-trans"><p>可以这样理解。麦当劳推出 5 美元套餐后，销售额下降。那么星巴克如何指望顾客前来店内购买一杯 6 美元的冰咖啡呢？</p>
</div><p>It is a question that the management is struggling to answer, especially in the presence of rivals who are taking away market share. Analyst RJ Hottovy says:</p>
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<div class="lb-trans"><p>这是管理层正在努力回答的问题，尤其是在竞争对手夺走市场份额的情况下。分析师 RJ Hottovy 表示：</p>
</div><p>Your more cost-conscious consumer, they’re finding other places or just doing things at home. There’s also more competition from some of the drive-thru coffee chains, like a Dutch Bros</p>
<div class="lb-trans"><p>更注重成本的消费者，他们正在寻找其他地方或者在家里解决。同时，像 Dutch Bros 这样的驶入式咖啡连锁店也带来了更多竞争。</p>
</div><p>The stock has had a tough year so far down 17% YTD. Its troubles aren’t going away anytime soon, irrespective of how many people forget to redeem their gift card balances.</p>
<div class="lb-trans"><p>该股票今年迄今为止表现不佳，下跌了 17%。无论有多少人忘记兑现他们的礼品卡余额，星巴克的困境都不会很快消失。</p>
</div><p>The post Starbucks owes customers $1.77 billion in coffee: What's brewing? appeared first on Invezz</p>
<div class="lb-trans"><p>这篇文章最初发表在 Invezz 上，标题为 “星巴克欠顾客 17.7 亿美元的咖啡：酝酿中的事情”。</p>
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星巴克欠顾客 17.7 亿美元的咖啡：究竟发生了什么？