<p>這是我們對 <strong>星巴克</strong>（SBUX -0.76%）2024 財年第三季度財務報告的初步看法。</p>
<h2>關鍵指標</h2>
<table>
<thead>
<tr>
<th>指標</th>
<th>2024 財年第三季度</th>
<th>2025 財年第三季度</th>
<th>變化</th>
<th>與預期對比</th>
</tr>
</thead>
<tbody>
<tr>
<td>總收入</td>
<td>91.1 億美元</td>
<td>94.6 億美元</td>
<td>+4%</td>
<td>超出</td>
</tr>
<tr>
<td>調整後每股收益</td>
<td>0.93 美元</td>
<td>0.50 美元</td>
<td>-46%</td>
<td>未達標</td>
</tr>
<tr>
<td>北美可比銷售</td>
<td>-2%</td>
<td>-2%</td>
<td>無變化</td>
<td>不適用</td>
</tr>
<tr>
<td>國際可比銷售</td>
<td>-7%</td>
<td>0%</td>
<td>+7 個百分點</td>
<td>不適用</td>
</tr>
</tbody>
</table>
<h2>星巴克的復甦開始顯現</h2>
<p>市場對星巴克最終能夠從長期的疲軟中恢復並重返輝煌的期望一直很高。儘管這些希望依然存在，但股東們必須保持耐心，以看到關鍵業務指標的真正復甦。</p>
<p>星巴克的 2024 財年第三季度財務報告顯示出混合的結果。全球收入增長了 4%，其中北美增長了 2%，而咖啡公司的國際業務增長了 9%。然而，全球可比銷售下降了 2%，北美的 2% 下降抵消了國際業務的持平。由於公司提到通貨膨脹、勞動力成本以及與 “迴歸星巴克” 計劃相關的費用，收益幾乎下降了一半。</p>
<p>首席執行官布萊恩·尼科爾（Brian Niccol）敦促投資者保持信心。根據他在處理正在轉型的公司方面的經驗，尼科爾相信星巴克在 “修復了很多並在艱難的事情上做了艱苦的工作” 後，已經 “提前達成了進度”。尼科爾告訴股東們，明年將會有一波 “創新浪潮”，這將加速增長，恢復頂級客户服務，並使星巴克的體驗再次值得慶祝。</p>
<h2>市場即時反應</h2>
<p>就他們而言，星巴克的投資者似乎願意相信尼科爾的話。在咖啡公司發佈季度報告後，週二晚間股價在盤後交易中上漲了 5%。儘管星巴克的收益未達標可能會對投資者情緒造成影響，但看起來公司的首席執行官成功為星巴克爭取了一些額外的時間，以便在轉型努力中取得進一步進展。</p>
<h2>關注事項</h2>
<p>中國再次成為星巴克的一個亮點，可比銷售同比增長了 2%。這扭轉了去年同期星巴克在這個東亞國家的嚴重下滑，過去 12 個月中，星巴克在中國開設了超過 500 個新門店。</p>
<p>由於尼科爾基本上要求在明年之前給予寬限期，才對其轉型努力的成功承擔完全責任，星巴克的股東可能不會盡快得到他們想要的答案。就目前而言，投資者似乎願意保持耐心。然而，這種耐心能持續多久，誰也無法預測。</p>
<h2>有用資源</h2>
<ul>
<li>完整的財報</li>
<li>投資者關係頁面</li>
</ul>

星巴克

<p>星巴克的 2023 財年第三季度報告顯示出混合的結果：總收入增長 4%，達到 91.1 億美元，但調整後的每股收益下降 46%，至 0.93 美元，未達到預期。全球可比銷售額下降 2%，北美持平，國際銷售有所改善。首席執行官布萊恩·尼科爾呼籲耐心，指出正在進行的轉變，並承諾明年將推出創新。儘管收益未達預期，星巴克的股票在盤後交易中上漲 5%，反映出投資者對公司復甦努力的信心，特別是在中國，可比銷售增長了 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>這是我們對 <strong>星巴克</strong>（SBUX -0.76%）2024 財年第三季度財務報告的初步看法。</p>
</div><h2>Key Metrics</h2>
<div class="lb-trans"><h2>關鍵指標</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>指標</th>
<th>2024 財年第三季度</th>
<th>2025 財年第三季度</th>
<th>變化</th>
<th>與預期對比</th>
</tr>
</thead>
<tbody>
<tr>
<td>總收入</td>
<td>91.1 億美元</td>
<td>94.6 億美元</td>
<td>+4%</td>
<td>超出</td>
</tr>
<tr>
<td>調整後每股收益</td>
<td>0.93 美元</td>
<td>0.50 美元</td>
<td>-46%</td>
<td>未達標</td>
</tr>
<tr>
<td>北美可比銷售</td>
<td>-2%</td>
<td>-2%</td>
<td>無變化</td>
<td>不適用</td>
</tr>
<tr>
<td>國際可比銷售</td>
<td>-7%</td>
<td>0%</td>
<td>+7 個百分點</td>
<td>不適用</td>
</tr>
</tbody>
</table>
</div><h2>Starbucks Sees Its Turnaround Start to Take Shape</h2>
<div class="lb-trans"><h2>星巴克的復甦開始顯現</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>市場對星巴克最終能夠從長期的疲軟中恢復並重返輝煌的期望一直很高。儘管這些希望依然存在，但股東們必須保持耐心，以看到關鍵業務指標的真正復甦。</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 財年第三季度財務報告顯示出混合的結果。全球收入增長了 4%，其中北美增長了 2%，而咖啡公司的國際業務增長了 9%。然而，全球可比銷售下降了 2%，北美的 2% 下降抵消了國際業務的持平。由於公司提到通貨膨脹、勞動力成本以及與 “迴歸星巴克” 計劃相關的費用，收益幾乎下降了一半。</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>首席執行官布萊恩·尼科爾（Brian Niccol）敦促投資者保持信心。根據他在處理正在轉型的公司方面的經驗，尼科爾相信星巴克在 “修復了很多並在艱難的事情上做了艱苦的工作” 後，已經 “提前達成了進度”。尼科爾告訴股東們，明年將會有一波 “創新浪潮”，這將加速增長，恢復頂級客户服務，並使星巴克的體驗再次值得慶祝。</p>
</div><h2>Immediate Market Reaction</h2>
<div class="lb-trans"><h2>市場即時反應</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>就他們而言，星巴克的投資者似乎願意相信尼科爾的話。在咖啡公司發佈季度報告後，週二晚間股價在盤後交易中上漲了 5%。儘管星巴克的收益未達標可能會對投資者情緒造成影響，但看起來公司的首席執行官成功為星巴克爭取了一些額外的時間，以便在轉型努力中取得進一步進展。</p>
</div><h2>What to Watch</h2>
<div class="lb-trans"><h2>關注事項</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>中國再次成為星巴克的一個亮點，可比銷售同比增長了 2%。這扭轉了去年同期星巴克在這個東亞國家的嚴重下滑，過去 12 個月中，星巴克在中國開設了超過 500 個新門店。</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>由於尼科爾基本上要求在明年之前給予寬限期，才對其轉型努力的成功承擔完全責任，星巴克的股東可能不會盡快得到他們想要的答案。就目前而言，投資者似乎願意保持耐心。然而，這種耐心能持續多久，誰也無法預測。</p>
</div><h2>Helpful Resources</h2>
<div class="lb-trans"><h2>有用資源</h2>
</div><ul>
<li>Full earnings report</li>
<li>Investor relations page</li>
</ul>
<div class="lb-trans"><ul>
<li>完整的財報</li>
<li>投資者關係頁面</li>
</ul>
</div>

星巴克仍需更多時間