<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/09/nadine-shaabana-azvg8wlyiu8-unsplash-min-scaled.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2560" height="1707" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/09/nadine-shaabana-azvg8wlyiu8-unsplash-min-scaled.jpg"/></p>
<p>人們知道星巴克是賣咖啡的地方。但許多人驚訝地發現，這家公司也是一個小型銀行。星巴克禮品卡使其在零售商中擁有獨特的地位。</p>
<p>這些禮品卡因受歡迎且常被贈送給親人，使星巴克成為一個意想不到的金融強者。</p>
<p>根據公司第三季度的財報，它現在持有價值 17.7 億美元的未兑現禮品卡。這一數字比去年同期增長了 9%。</p>
<h2>不僅僅是一種更便宜的借貸方式</h2>
<p>星巴克並不是第一家利用顧客作為債權人的公司。以下是其運作方式。公司為顧客提供手機應用程序或禮品卡，顧客可以在以後使用這些資金。</p>
<p>這樣做的整個目的是為了讓用户輕鬆支付咖啡。而且這確實有效。這就是為什麼人們會在卡上存入餘額，明知他們不會立即花費這些餘額。</p>
<p>但這種便利為公司帶來了更多的無息資金。一些公司像 PayPal 可以保留大量顧客的資金而無需支付任何利息。但他們不能隨意支配這筆資金，因為需要將其作為準備金。</p>
<p>其他公司像沃爾瑪擁有與星巴克相似數量的未兑現禮品卡。</p>
<p>但事實上，星巴克的銷售額是沃爾瑪的 20 倍多，這意味着這種無息資金的影響是微乎其微的。</p>
<p>然而，對於星巴克來説，情況有所不同。我們可以將其視為一種無息貸款。但有趣的是，公司必須以咖啡的形式償還，而不是現金。</p>
<p>此外，其未兑現餘額每年都在增加。去年，星巴克從未兑現禮品卡中獲得 1.961 億美元的收入。</p>
<p>隨着這個價值的增加，星巴克意識到這些餘額可能永遠不會被兑現。因此，這不再是一個商業秘密。公司公開宣佈，但餘額仍在增加。</p>
<p>星巴克在帶來未兑現禮品卡收入方面做得非常出色。但其主營業務，銷售咖啡，並不那麼順利。</p>
<h2>令人失望的第三季度財報</h2>
<p>公司昨晚公佈了其第三季度財報，銷售咖啡的表現不佳。北美收入減少了 2%，全球收入減少了 3%。</p>
<p>這是公司連續第二個季度銷售下降。隨着消費者努力應對通貨膨脹，他們似乎在削減咖啡消費。</p>
<p>可以這樣理解。麥當勞推出 5 美元套餐後，銷售額下降。那麼星巴克如何指望顧客前來店內購買一杯 6 美元的冰咖啡呢？</p>
<p>這是管理層正在努力回答的問題，尤其是在競爭對手奪走市場份額的情況下。分析師 RJ Hottovy 表示：</p>
<p>更注重成本的消費者，他們正在尋找其他地方或者在家裏解決。同時，像 Dutch Bros 這樣的駛入式咖啡連鎖店也帶來了更多競爭。</p>
<p>該股票今年迄今為止表現不佳，下跌了 17%。無論有多少人忘記兑現他們的禮品卡餘額，星巴克的困境都不會很快消失。</p>
<p>這篇文章最初發表在 Invezz 上，標題為 “星巴克欠顧客 17.7 億美元的咖啡：醖釀中的事情”。</p>

星巴克

<p>星巴克持有價值 17.7 億美元的未兑現禮品卡，充當了一個小型銀行的功能。公司從這些餘額中獲得收入，但其主要業務銷售咖啡正在下降，北美收入減少了 2％，全球收入減少了 3％。這是星巴克連續第二個季度銷售下降，來自其他咖啡連鎖店的競爭也在加劇。股價今年以來也下跌了 17%</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/09/nadine-shaabana-azvg8wlyiu8-unsplash-min-scaled.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2023/09/nadine-shaabana-azvg8wlyiu8-unsplash-min-scaled.jpg"/></p>
<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>人們知道星巴克是賣咖啡的地方。但許多人驚訝地發現，這家公司也是一個小型銀行。星巴克禮品卡使其在零售商中擁有獨特的地位。</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>這些禮品卡因受歡迎且常被贈送給親人，使星巴克成為一個意想不到的金融強者。</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>根據公司第三季度的財報，它現在持有價值 17.7 億美元的未兑現禮品卡。這一數字比去年同期增長了 9%。</p>
</div><h2>More than just a cheaper way to borrow</h2>
<div class="lb-trans"><h2>不僅僅是一種更便宜的借貸方式</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>星巴克並不是第一家利用顧客作為債權人的公司。以下是其運作方式。公司為顧客提供手機應用程序或禮品卡，顧客可以在以後使用這些資金。</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>這樣做的整個目的是為了讓用户輕鬆支付咖啡。而且這確實有效。這就是為什麼人們會在卡上存入餘額，明知他們不會立即花費這些餘額。</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>但這種便利為公司帶來了更多的無息資金。一些公司像 PayPal 可以保留大量顧客的資金而無需支付任何利息。但他們不能隨意支配這筆資金，因為需要將其作為準備金。</p>
</div><p>Other companies like Walmart have a similar amount of unredeemed gift cards as Starbucks.</p>
<div class="lb-trans"><p>其他公司像沃爾瑪擁有與星巴克相似數量的未兑現禮品卡。</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>但事實上，星巴克的銷售額是沃爾瑪的 20 倍多，這意味着這種無息資金的影響是微乎其微的。</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，對於星巴克來説，情況有所不同。我們可以將其視為一種無息貸款。但有趣的是，公司必須以咖啡的形式償還，而不是現金。</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，其未兑現餘額每年都在增加。去年，星巴克從未兑現禮品卡中獲得 1.961 億美元的收入。</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>隨着這個價值的增加，星巴克意識到這些餘額可能永遠不會被兑現。因此，這不再是一個商業秘密。公司公開宣佈，但餘額仍在增加。</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>星巴克在帶來未兑現禮品卡收入方面做得非常出色。但其主營業務，銷售咖啡，並不那麼順利。</p>
</div><h2>Disappointing Q3 earnings</h2>
<div class="lb-trans"><h2>令人失望的第三季度財報</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>公司昨晚公佈了其第三季度財報，銷售咖啡的表現不佳。北美收入減少了 2%，全球收入減少了 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>這是公司連續第二個季度銷售下降。隨着消費者努力應對通貨膨脹，他們似乎在削減咖啡消費。</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>可以這樣理解。麥當勞推出 5 美元套餐後，銷售額下降。那麼星巴克如何指望顧客前來店內購買一杯 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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</blockquote>
<div class="lb-trans"><p>這是管理層正在努力回答的問題，尤其是在競爭對手奪走市場份額的情況下。分析師 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>更注重成本的消費者，他們正在尋找其他地方或者在家裏解決。同時，像 Dutch Bros 這樣的駛入式咖啡連鎖店也帶來了更多競爭。</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>該股票今年迄今為止表現不佳，下跌了 17%。無論有多少人忘記兑現他們的禮品卡餘額，星巴克的困境都不會很快消失。</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>這篇文章最初發表在 Invezz 上，標題為 “星巴克欠顧客 17.7 億美元的咖啡：醖釀中的事情”。</p>
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星巴克欠顧客 17.7 億美元的咖啡：究竟發生了什麼？