<p>这是我们对 <strong>星巴克</strong>（SBUX -0.76%）2024 财年第三季度财务报告的初步看法。</p>
<h2>关键指标</h2>
<table>
<thead>
<tr>
<th>指标</th>
<th>2024 财年第三季度</th>
<th>2025 财年第三季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>总收入</td>
<td>91.1 亿美元</td>
<td>94.6 亿美元</td>
<td>+4%</td>
<td>超出</td>
</tr>
<tr>
<td>调整后每股收益</td>
<td>0.93 美元</td>
<td>0.50 美元</td>
<td>-46%</td>
<td>未达标</td>
</tr>
<tr>
<td>北美可比销售</td>
<td>-2%</td>
<td>-2%</td>
<td>无变化</td>
<td>不适用</td>
</tr>
<tr>
<td>国际可比销售</td>
<td>-7%</td>
<td>0%</td>
<td>+7 个百分点</td>
<td>不适用</td>
</tr>
</tbody>
</table>
<h2>星巴克的复苏开始显现</h2>
<p>市场对星巴克最终能够从长期的疲软中恢复并重返辉煌的期望一直很高。尽管这些希望依然存在，但股东们必须保持耐心，以看到关键业务指标的真正复苏。</p>
<p>星巴克的 2024 财年第三季度财务报告显示出混合的结果。全球收入增长了 4%，其中北美增长了 2%，而咖啡公司的国际业务增长了 9%。然而，全球可比销售下降了 2%，北美的 2% 下降抵消了国际业务的持平。由于公司提到通货膨胀、劳动力成本以及与 “回归星巴克” 计划相关的费用，收益几乎下降了一半。</p>
<p>首席执行官布莱恩·尼科尔（Brian Niccol）敦促投资者保持信心。根据他在处理正在转型的公司方面的经验，尼科尔相信星巴克在 “修复了很多并在艰难的事情上做了艰苦的工作” 后，已经 “提前达成了进度”。尼科尔告诉股东们，明年将会有一波 “创新浪潮”，这将加速增长，恢复顶级客户服务，并使星巴克的体验再次值得庆祝。</p>
<h2>市场即时反应</h2>
<p>就他们而言，星巴克的投资者似乎愿意相信尼科尔的话。在咖啡公司发布季度报告后，周二晚间股价在盘后交易中上涨了 5%。尽管星巴克的收益未达标可能会对投资者情绪造成影响，但看起来公司的首席执行官成功为星巴克争取了一些额外的时间，以便在转型努力中取得进一步进展。</p>
<h2>关注事项</h2>
<p>中国再次成为星巴克的一个亮点，可比销售同比增长了 2%。这扭转了去年同期星巴克在这个东亚国家的严重下滑，过去 12 个月中，星巴克在中国开设了超过 500 个新门店。</p>
<p>由于尼科尔基本上要求在明年之前给予宽限期，才对其转型努力的成功承担完全责任，星巴克的股东可能不会尽快得到他们想要的答案。就目前而言，投资者似乎愿意保持耐心。然而，这种耐心能持续多久，谁也无法预测。</p>
<h2>有用资源</h2>
<ul>
<li>完整的财报</li>
<li>投资者关系页面</li>
</ul>

星巴克

<p>星巴克的 2023 财年第三季度报告显示出混合的结果：总收入增长 4%，达到 91.1 亿美元，但调整后的每股收益下降 46%，至 0.93 美元，未达到预期。全球可比销售额下降 2%，北美持平，国际销售有所改善。首席执行官布莱恩·尼科尔呼吁耐心，指出正在进行的转变，并承诺明年将推出创新。尽管收益未达预期，星巴克的股票在盘后交易中上涨 5%，反映出投资者对公司复苏努力的信心，特别是在中国，可比销售增长了 2%</p>

<p>Here's our initial take on <strong>Starbucks</strong>' (SBUX -0.76%) fiscal third-quarter financial report.</p>
<div class="lb-trans"><p>这是我们对 <strong>星巴克</strong>（SBUX -0.76%）2024 财年第三季度财务报告的初步看法。</p>
</div><h2>Key Metrics</h2>
<div class="lb-trans"><h2>关键指标</h2>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q3 FY 2024</th>
<th>Q3 FY 2025</th>
<th>Change</th>
<th>vs. Expectations</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total revenue</td>
<td>$9.11 billion</td>
<td>$9.46 billion</td>
<td>+4%</td>
<td>Beat</td>
</tr>
<tr>
<td>Adjusted earnings per share</td>
<td>$0.93</td>
<td>$0.50</td>
<td>-46%</td>
<td>Missed</td>
</tr>
<tr>
<td>North America comparable sales</td>
<td>-2%</td>
<td>-2%</td>
<td>unchanged</td>
<td>n/a</td>
</tr>
<tr>
<td>International comparable sales</td>
<td>-7%</td>
<td>0%</td>
<td>+7 pp</td>
<td>n/a</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2024 财年第三季度</th>
<th>2025 财年第三季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>总收入</td>
<td>91.1 亿美元</td>
<td>94.6 亿美元</td>
<td>+4%</td>
<td>超出</td>
</tr>
<tr>
<td>调整后每股收益</td>
<td>0.93 美元</td>
<td>0.50 美元</td>
<td>-46%</td>
<td>未达标</td>
</tr>
<tr>
<td>北美可比销售</td>
<td>-2%</td>
<td>-2%</td>
<td>无变化</td>
<td>不适用</td>
</tr>
<tr>
<td>国际可比销售</td>
<td>-7%</td>
<td>0%</td>
<td>+7 个百分点</td>
<td>不适用</td>
</tr>
</tbody>
</table>
</div><h2>Starbucks Sees Its Turnaround Start to Take Shape</h2>
<div class="lb-trans"><h2>星巴克的复苏开始显现</h2>
</div><p>Expectations have been high that Starbucks will eventually be able to recover from an extended period of weakness and return to its former glory. Yet although those hopes are still there, shareholders will have to stay patient in order to see a true recovery in key business metrics.</p>
<div class="lb-trans"><p>市场对星巴克最终能够从长期的疲软中恢复并重返辉煌的期望一直很高。尽管这些希望依然存在，但股东们必须保持耐心，以看到关键业务指标的真正复苏。</p>
</div><p>Starbucks' fiscal third-quarter financial report showed mixed results. Revenue climbed 4% globally, including a 2% rise in North America and a 9% boost in the coffee company's international segment. However, comparable sales were down 2% globally, with a 2% drop in North America offsetting flat comps internationally. Earnings were down by nearly half, as the company cited inflation, labor costs, and the expenses associated with the Back to Starbucks initiative.</p>
<div class="lb-trans"><p>星巴克的 2024 财年第三季度财务报告显示出混合的结果。全球收入增长了 4%，其中北美增长了 2%，而咖啡公司的国际业务增长了 9%。然而，全球可比销售下降了 2%，北美的 2% 下降抵消了国际业务的持平。由于公司提到通货膨胀、劳动力成本以及与 “回归星巴克” 计划相关的费用，收益几乎下降了一半。</p>
</div><p>CEO Brian Niccol urged investors to remain confident. Based on his prior experience in dealing with companies that are turning themselves around, Niccol believes that Starbucks is &#34;ahead of schedule&#34; after having &#34;fixed a lot and done the hard work on the hard things&#34; to get started. Niccol told shareholders to expect a &#34;wave of innovation&#34; next year that should accelerate growth, bring back top customer service, and make the Starbucks experience something to celebrate again.</p>
<div class="lb-trans"><p>首席执行官布莱恩·尼科尔（Brian Niccol）敦促投资者保持信心。根据他在处理正在转型的公司方面的经验，尼科尔相信星巴克在 “修复了很多并在艰难的事情上做了艰苦的工作” 后，已经 “提前达成了进度”。尼科尔告诉股东们，明年将会有一波 “创新浪潮”，这将加速增长，恢复顶级客户服务，并使星巴克的体验再次值得庆祝。</p>
</div><h2>Immediate Market Reaction</h2>
<div class="lb-trans"><h2>市场即时反应</h2>
</div><p>For their part, Starbucks investors seemed willing to accept Niccol at his word. The stock was up 5% in after-hours trading late Tuesday following the coffee company's quarterly release. Even though Starbucks' earnings miss could potentially have caused problems in investor sentiment, it appears that the company's CEO was successful in buying some extra time for Starbucks to make further progress in its turnaround efforts.</p>
<div class="lb-trans"><p>就他们而言，星巴克的投资者似乎愿意相信尼科尔的话。在咖啡公司发布季度报告后，周二晚间股价在盘后交易中上涨了 5%。尽管星巴克的收益未达标可能会对投资者情绪造成影响，但看起来公司的首席执行官成功为星巴克争取了一些额外的时间，以便在转型努力中取得进一步进展。</p>
</div><h2>What to Watch</h2>
<div class="lb-trans"><h2>关注事项</h2>
</div><p>China was a bit of a bright spot again for Starbucks, with comps climbing 2% year over year. That reversed a serious tailspin for the coffee giant in the East Asian nation in last year's period, and over the past 12 months, Starbucks has opened more than 500 new locations in China.</p>
<div class="lb-trans"><p>中国再次成为星巴克的一个亮点，可比销售同比增长了 2%。这扭转了去年同期星巴克在这个东亚国家的严重下滑，过去 12 个月中，星巴克在中国开设了超过 500 个新门店。</p>
</div><p>With Niccol essentially asking for leeway until next year before being fully accountable for the success of his turnaround efforts, Starbucks shareholders might not get the answers they want as soon as they want them. For now, investors seem willing to be patient. How long that will last, though, is anyone's guess.</p>
<div class="lb-trans"><p>由于尼科尔基本上要求在明年之前给予宽限期，才对其转型努力的成功承担完全责任，星巴克的股东可能不会尽快得到他们想要的答案。就目前而言，投资者似乎愿意保持耐心。然而，这种耐心能持续多久，谁也无法预测。</p>
</div><h2>Helpful Resources</h2>
<div class="lb-trans"><h2>有用资源</h2>
</div><ul>
<li>Full earnings report</li>
<li>Investor relations page</li>
</ul>
<div class="lb-trans"><ul>
<li>完整的财报</li>
<li>投资者关系页面</li>
</ul>
</div>

星巴克仍需更多时间