$SBUX · Schwab Network · 2026-10-29
Starbucks这份财报喜忧参半：每股收益80美分，超过71美分的预测，同店销售增长7.2%，但营收下降4%至91亿美元，不及预期，主要因将中国零售业务转为授权合资企业，国际门店表现也未达部分预期。说话者称这是好消息，因为美国“回归基本”的转型开始见效并超出部分预期，他将这份财报解读为预期交易量增长将持续，至少目前如此。
逐段跳播
好，分析这些数字时，我们看到 Coinbase 现在下跌了1.75%，但让我们看看 Starbucks，这是今天的最后一份报告。它现在下跌了约半个百分点。让我们看看原因。这是一份喜忧参半的报告。
Okay, when analyzing these numbers we see that Coinbase is now down 1.75% , but let's take a look at Starbucks, which is the last report of the day. It is now down about half a percent. And let's see why. This is a mixed report.
但让我们看看 Starbucks，这是今天的最后一份报告。它现在下跌了约半个百分点。让我们看看原因。这是一份喜忧参半的报告。每股收益超出了预期。我们看到它达到80美分，超过了71美分的预期，同比增长54%。
营业利润（营业利润率）为14%。这也好于预期，但我们看到收入下降了4%至91亿美元，低于92.3亿美元的预期。他们说下降的主要原因是将中国的零售业务转换为授权合资模式。
but let's take a look at Starbucks, which is the last report of the day. It is now down about half a percent. And let's see why. This is a mixed report. EPS exceeded expectations.
We saw it stand at 80 cents, beating the forecast of 71 cents and up 54% from last year. Operating profit (operating margin) stood at 14 percent. This is also better than expected, but we saw revenue decline 4% to $9.1 billion, missing expectations of $9.23 billion.
And they say the main reason for this decline is the conversion of China's retail operations to a licensed joint venture model.
然而，这里还有一些其他潜在问题。他们的同店销售额增长了7.2%，超过了6.23%的预期。美国同店销售额也很强劲，
However, there are some other potential problems here as well. Their comp sales grew 7.2%, beating the forecast of 6.23%. And US comp sales were also strong,
但如果我们看2027财年，Starbucks 预测每股收益为3.15至3.25美元。市场共识是3.13美元，所以这好于预期。营业利润13.5%至14%也好于预期。这一指引包括北美同店销售额增长约4%，新增约1200家新店，以及第53周合并净收入7亿美元，同比下降1%。
Starbucks 还表示，他们已提前实现2028年财务框架目标。
But if we look at fiscal year 2027, Starbucks is forecasting EPS of $3.15 to $3.25. The consensus was $3.13, so this is better than expected. Operating profit of 13.5 to 14 percent is also better than expected here.
And this guidance includes North American comp sales growth of approximately 4%, the addition of approximately 1,200 new stores, and consolidated net revenue of $700 million in the 53rd week, down 1% year-over-year.
Starbucks also says they are ahead of their 2028 financial framework targets.
Sam，我仔细看了这份报告，寻找与 Chipotle 的潜在交易或牛油果拿铁公告，但这里什么都没有。那么什么引起了你的注意？
Sam, I took a good look at this report, looking for a potential deal with Chipotle or a guacamole latte announcement, but there's nothing here. So what caught your eye?
该死，我得等我的牛油果星冰乐了，但没错，你看，他们在本季度否认了那些报道。那几天非常有趣，但是的，这份喜忧参半的报告中有一些好的方面，也有一些不好的方面。正如你所说，有趣的是国际门店没有达到一些预期，但美国的扭亏为盈计划开始见效。所以国内市场实际上超过了一些预期。
Damn, I have to wait for my avocado frappuccino, but yeah, look, they denied those reports during the quarter. Those were a very interesting few days, but yes, there are some good points in this mixed report, and there are some bad points as well.
As you said, it's interesting that international stores haven't met some expectations, but the US turnaround plan is starting to take effect here. So the domestic market has actually exceeded some expectations.
我认为这是好消息，因为他们希望看到这种扭亏为盈的连续性和可持续性，尤其是在 Nicole 的“回归基本”活动下，该活动正在发挥作用。但我认为这是假期季前特别重要的一课。但从这里所说的来看，他们似乎预计交易增长将继续，至少目前如此。
I think this is good news, because they wanted to see the continuity and sustainability of that turnaround, especially under Nicole's "Back to Basics" campaign, which was working.
But I think this is an especially important lesson ahead of the holiday season. But from what is being said here, it seems like they expect transaction growth to continue, at least for now.
是的，当然。没有大幅下跌，也许电话会议上会有一些问题。Starbucks 股价下跌约半个百分点
Yes, of course. There's no big fall, maybe there are some questions on the call. Starbucks shares fell about half a percent