Love the long term chart here.

我喜歡這裡的長期圖表。

We think they have more control over their own destiny right now than a lot of other consumer names.

我們認為，與許多其他消費者品牌相比，他們現在更能掌握自己的命運。

It's Willy Wonka in a cold brew factory.

這是威利-旺卡的冷釀酒廠。

But in recent months, Starbucks isn't looking like the company that many Americans once fell in love with.

但近幾個月來，星巴克看起來並不像許多美國人曾經愛上的那家公司。

Jim, when we look at the biggest loser today, it's going to be Starbucks.

吉姆，今天最大的輸家是星巴克。

It's among the worst performers in the S&P 500.

它是標準普爾 500 指數中表現最差的股票之一。

It's down double digits.

下降了兩位數。

There's no question that the occasional customer is cutting back on visits to us.

毫無疑問，偶爾光顧我們的客戶正在減少。

We have not been able to communicate to them the value that we provide.

我們未能向他們傳達我們所提供的價值。

They were banking on a consumer that looked a lot like the 2022 aspirational consumer, not a value seeking consumer.

他們所寄希望於的消費者很像 2022 年的理想消費者，而不是追求價值的消費者。

But Starbucks is trying to turn things around.

但星巴克正在努力扭轉局面。

The company is focusing on making that experience better for you, making the wait time shorter, ensuring that you get your beverage in a timely fashion and that you have a good experience and a good connection with the baristas.

公司正致力於為您提供更好的體驗，縮短等待時間，確保您及時獲得飲料，並獲得良好的體驗，與咖啡師建立良好的聯繫。

With consumers spending their dollars more carefully than ever before, will improved workflows and a push towards value be enough for Starbucks to get back on track?

隨著消費者比以往任何時候都更加謹慎地消費，改進工作流程和提升價值是否足以讓星巴克重回正軌？

I'm walking into the CNBC offices in Midtown Manhattan, which is one of the busiest parts of New York City.

我正走進 CNBC 位於曼哈頓中城的辦公室，這裡是紐約市最繁華的地段之一。

I'm about to place an order in the Starbucks app and we're going to see how long it takes to prep a drink.

我正要用星巴克應用程序下單，看看準備一杯飲料需要多長時間。

Starbucks stock price peaked in July of 2021 at over $125 per share after having tanked with the rest of the market during the pandemic.

星巴克的股價在 2021 年 7 月達到頂峰，每股超過 125 美元，而在大流行病期間，星巴克的股價與市場上的其他公司一起下跌。

The start of 2022 led to a sharp decline in its share price as the company battled tension with its union, faced ongoing COVID lockdowns in China and overall just weaker margins.

2022 年伊始，由於該公司與工會關係緊張、在中國面臨 COVID 的持續封鎖以及整體利潤率下降，導致其股價大幅下跌。

But the stock rallied as the company revealed plans to reinvent its store operations and promised investors ambitious growth.

但隨著該公司披露了重塑商店營運的計劃，並向投資者承諾將實現雄心勃勃的增長，該公司股價出現反彈。

This chart looks at the company's quarterly earnings over the past few years.

該圖表顯示了公司過去幾年的季度收益。

Between 2021 and 2023, the company only missed Wall Street expectations twice. 2024, however, has broken that streak as the company reported two quarters of consecutive earnings misses.

2021 年至 2023 年期間，該公司僅有兩次未達華爾街預期。然而，2024 年，該公司連續兩個季度盈利未達預期，打破了這一記錄。

Quarter three earnings per share did meet Wall Street expectations, but missed revenue expectations by $130 million.

第三季度的每股收益達到了華爾街的預期，但收入卻比預期少了 1.3 億美元。

At the end of July, the share price was still down more than 15 percent since the start of the year.

截至 7 月底，該公司股價自年初以來仍下跌了 15%以上。

I think what we are seeing is pressures in the wallet for some of our most occasional customers.

我認為，我們看到的是一些偶爾光顧的客戶的錢包壓力。

It had another issue, though, that was interesting.

不過，它還有一個有趣的問題。

High rates of incomplete orders in the mid-teens on its mobile app and mobile order and pay has become increasingly important for Starbucks.

星巴克移動應用程序的未完成訂單率高達 10%，移動訂餐和支付對星巴克來說越來越重要。

So people would hypothetically kind of put in an order, see the wait time or perhaps see the price and then not complete the order.

是以，假設人們下了訂單，看到等待時間，或者看到價格，就不會完成訂單。

It was ready in just three minutes.

只用了三分鐘就準備好了。

I've been at this exact same location before around the same time, and it has taken upwards of 15 to 20 minutes.

我以前也曾在同樣的時間到過同樣的地點，花了 15 到 20 分鐘。

So there's clearly a focus on lowering wait times and increasing efficiency.

是以，降低等待時間和提高效率顯然是重點。

That's because longer wait times have been a problem.

這是因為等待時間較長一直是個問題。

Survey data shows that about 25 percent of Starbucks visitors say their wait time has gotten longer, up from about 16 percent just two years ago.

調查數據顯示，約 25% 的星巴克顧客表示他們的等待時間變長了，而兩年前這一比例僅為 16%。

In May, former Starbucks CEO Howard Schultz took to LinkedIn to express his feelings about the company's second quarter earnings miss.

今年 5 月，星巴克前首席執行官霍華德-舒爾茨（Howard Schultz）在 LinkedIn 上表達了他對公司第二季度收益不佳的看法。

He stressed the importance of coffee forward innovation, as well as a reinforcement of being experiential, not transactional.

他強調了咖啡向前創新的重要性，以及強化體驗而非交易的重要性。

Coffee in cold brew is definitely growing.

冷泡咖啡無疑在不斷增長。

Hot drip is not.

熱滴漏不是。

The energy drinks are also very competitive, so I think they need to be in that game.

能量飲料的競爭也非常激烈，所以我認為他們需要參與這場遊戲。

But it's tough because then to some extent, Starbucks loses a little bit of its cachet as being this coffee first kind of place.

但這很難，因為在某種程度上，星巴克就失去了 "咖啡第一 "的美譽。

There has been a drifting away of people from Starbucks to other cafes, to independent coffee shops.

人們逐漸從星巴克轉向其他咖啡館和獨立咖啡店。

And that's a problem because those people aren't necessarily spending less on coffee or beverages.

這是一個問題，因為這些人在咖啡或飲料上的花費並不一定會減少。

They're just spending less at Starbucks.

他們只是減少了在星巴克的消費。

Competition in the coffee industry is intense.

咖啡行業競爭激烈。

More than half of the market is composed of small business shops, and it's only set to get worse in the coming year.

一半以上的市場是由小型企業商店組成的，而且這種情況在未來一年只會變得更糟。

On top of it, Starbucks is contending with a new set of competitors as consumers are increasingly price conscious.

除此之外，由於消費者越來越注重價格，星巴克還面臨著一系列新的競爭對手。

When you're trying to go from being a third place where people wanted to kind of hang out to being a convenience place.

當你想從一個人們想逛逛的第三場所變成一個方便的地方時。

Well, then suddenly you're you're competing with McDonald's and convenience stores.

那麼，突然之間，你就要與麥當勞和便利店競爭了。

And the uniqueness of your proposition is watered down.

你的主張的獨特性也就被淡化了。

Starbucks is considered a quick service restaurant.

星巴克被視為快餐店。

Research firm Technomic pulled pricing data from a U.S.

研究公司 Technomic 從一家美國公司調取了定價數據。

Starbucks location over the past few years to track the increases it has seen.

在過去幾年中，星巴克的位置跟蹤了它所看到的增長。

Take a look at the cost of a latte at Starbucks in 2020 versus 2024.

看看 2020 年與 2024 年星巴克拿鐵咖啡的成本對比。

It's up about 25 percent.

增長了約 25%。

Now take a look at the cost of a latte from McDonald's.

現在來看看麥當勞一杯拿鐵咖啡的成本。

It's up over 40 percent during the same time period.

同期增長超過 40%。

While that increase is a lot higher, it's still cheaper than Starbucks, so more attractive to a price conscious consumer.

雖然漲幅高出很多，但仍比星巴克便宜，是以對注重價格的消費者更具吸引力。

That matters because Starbucks now has to increasingly compete as a value player.

這很重要，因為星巴克現在必須越來越多地參與價值競爭。

Summer 2024 saw the start of the fast food value wars with players like McDonald's, Burger King, Wendy's and Taco Bell bundling food and drink deals to incentivize customers.

2024 年夏季，麥當勞、漢堡王、溫迪和塔可鍾等快餐業巨頭紛紛推出食品和飲料捆綁優惠活動，以刺激顧客。

Starbucks got in on the game, too, with the introduction of a discounted pairings menu.

星巴克也加入了這一行列，推出了折扣配餐菜單。

That's breakthrough for Starbucks because Starbucks has been such a premier pricer in the the different kinds of promotion.

這對星巴克來說是個突破，因為星巴克在各種促銷活動中一直是首屈一指的定價者。

Innovation is something which is very new to Starbucks.

創新對星巴克來說是一件非常新鮮的事情。

They never had to innovate on that level.

他們從未在這個層面上進行過創新。

But some analysts warn that it may not address the company's underlying problem head on, citing that when people are concerned about price, they're typically talking about wanting a cheaper base price, not necessarily additional free items.

但一些分析師警告說，這可能無法從根本上解決該公司的問題，因為當人們關注價格時，他們通常是在談論希望獲得更便宜的基本價格，而不一定是額外的免費項目。

I think it's a very tangled solution to what actually is a much simpler problem.

我認為這是一個非常糾結的解決方案，而實際上這個問題要簡單得多。

They've sort of really gone round the houses with it.

他們用它在房子裡轉了一圈。

And I think it suggests that management is not really focused and doesn't really understand the core of the issues, which is why it's sort of addressing them in a very oblique way.

我認為，這表明管理層並沒有真正集中精力，也沒有真正理解問題的核心，所以才會以一種非常含蓄的方式來解決這些問題。

But the coffee giant is not just hurting in the U.S.

但這家咖啡巨頭受到傷害的不僅僅是美國。

Competition overseas has also taken a toll on sales.

海外競爭也對銷售造成了影響。

Starbucks saw its same store sales decline at an even stronger rate in China than North America.

星巴克在中國的同店銷售額降幅比北美更大。

It was previously the largest coffee house chain in China, but that changed in 2023 when another coffee chain called Luckett took the country's top spot.

它曾是中國最大的咖啡連鎖店，但 2023 年，另一家名為樂客的咖啡連鎖店取代了它的位置。

It nearly doubled its store count in just a year, leaving the total number of Starbucks company operated locations trailing by nearly 3,700 stores.

在短短一年時間裡，星巴克的門店數量幾乎翻了一番，使星巴克公司經營的門店總數落後了近 3 700 家。

Starbucks is still focusing on opening stores around the globe in markets, including India, which is a newer expansion plan for them, and China, which is their second home market and has long been a key market for the company.

星巴克仍致力於在全球各地開設門店，其中包括印度和中國，前者是星巴克較新的擴張計劃，後者是星巴克的第二大本土市場，長期以來一直是星巴克的重要市場。

There's been some criticism of that approach, given the challenges that Starbucks is seeing in the U.S., which is its home market, of if it should continue to expand while business is struggling.

鑑於星巴克在其本土市場美國所面臨的挑戰，有人對這種做法提出了責備，認為星巴克是否應該在業務陷入困境時繼續擴張。

But it is pushing ahead with those plans because it's seeing demand in those areas.

但它正在推進這些計劃，因為它看到了這些地區的需求。

It wants to continue to grow and also improve its business in the U.S. at the same time.

它希望繼續發展，同時改善在美國的業務。

Look at the fundamentals of the U.S. business.

看看美國企業的基本面。

We are holding share in the U.S.

我們在美國持有股份。

We are still the largest player in out of home coffee.

我們仍然是家庭外咖啡的最大參與者。

If you look at some of the metrics that we have in Tim Horton said you are not holding share, sir.

如果你看一下 Tim Horton 的一些指標，就會發現你並沒有持有股份，先生。

I regard them as being seminal companies that are just as good when it comes to what McDonald's says you are losing share.

我認為它們是開創性的公司，在麥當勞說你正在失去份額的時候，它們也一樣出色。

They need to get that U.S. business back on a steady footing.

他們需要讓美國業務重新站穩腳跟。

They need to get it back into growth.

他們需要讓它恢復增長。

And that really will push the business back into positive territory in the minds of investors.

這將真正推動企業在投資者心目中重回正軌。

Starbucks and Workers United, a union that represents some of its workers, have longstanding tension, especially under Howard Schultz, who ended his third stint as CEO in March of 2023.

星巴克與代表部分員工的工會 "工人聯合"（Workers United）之間的關係長期緊張，尤其是在霍華德-舒爾茨（Howard Schultz）的上司下，他在 2023 年 3 月結束了自己的第三任首席執行官任期。

It has long been known as a company that offers some of the most progressive benefits, particularly in the restaurant space.

長期以來，該公司一直以提供最先進的福利而聞名，尤其是在餐飲領域。

And when Howard Schultz came back, they did revamp some of the things that are offered to partners.

霍華德-舒爾茨（Howard Schultz）回來後，他們確實對提供給合作伙伴的一些東西進行了改革。

But the catch there is that they were not necessarily automatically extended to stores that had opted to unionize because Starbucks would say it can't unilaterally offer new benefits to unionized stores without sitting down and bargaining face to face because that's how labor law works.

但問題是，這些福利不一定會自動擴展到選擇加入工會的門店，因為星巴克會說，如果不坐下來面對面地談判，就不能單方面向加入工會的門店提供新的福利，因為勞動法就是這樣規定的。

Starbucks doesn't really like unions.

星巴克並不喜歡工會。

A lot of coffee shops have wanted to unionize.

很多咖啡店都想成立工會。

It's led to great friction between management and those workers.

這導致了管理層和這些工人之間的巨大摩擦。

There have been some firings and obviously the unions are very much against that.

有一些解僱，顯然工會非常反對。

And it alienates other workers, even those who are not looking to unionize.

這也疏遠了其他工人，甚至是那些不希望加入工會的工人。

Former PepsiCo executive Laxman Narasimhan took the helm as Schultz's successor in 2023.

百事公司前高管拉克斯曼-納拉西漢（Laxman Narasimhan）於 2023 年接替舒爾茨。

He has worked to help remedy the strained relationship.

他一直在努力幫助補救緊張的關係。

The Israel-Hamas war is another issue Starbucks has been dealing with.

以色列-哈馬斯戰爭是星巴克一直在處理的另一個問題。

The company has not taken any official stance, but a narrative took off on social media that led to widespread boycotts that hurt sales in the region and beyond.

該公司沒有采取任何官方立場，但社交媒體上出現了一種說法，導致了廣泛的抵制活動，損害了該地區和其他地區的銷售。

I think that the current social issue that is plaguing Starbucks right now in the Middle East, from a perception standpoint, will dissipate.

我認為，目前困擾星巴克在中東地區的社會問題，從觀念的角度來看，將會煙消雲散。

I think, you know, as we look into 25, it'll be less of Edwin.

我想，你知道，當我們看到25歲的時候，埃德溫就不那麼重要了。

I think these kind of boycotts, they tend to be from a small but pretty vocal minority.

我認為，這種抵制行動往往是少數人的行為，但他們的呼聲很高。

It's a shame that Starbucks loses that custom, sure, but it doesn't make an enormous dent in the revenue for Starbucks.

星巴克失去這些顧客固然可惜，但這並不會給星巴克帶來巨大的收入損失。

When analyzing the problems that Starbucks is facing, the size and scope of the business must be put into context.

在分析星巴克面臨的問題時，必須結合企業的規模和業務範圍。

The company generated about $36 billion of net revenue last year and controls 26.5 percent of the U.S. coffee and snack shop market.

該公司去年的淨收入約為 360 億美元，控制著美國咖啡和小吃店市場 26.5% 的份額。

For reference, the second largest player was Krispy Kreme, with less than a 3 percent share.

作為參考，排名第二的是 Krispy Kreme，份額不到 3%。

It's not a business that's in dire straits.

這不是一家陷入困境的企業。

It's not a business that suddenly is irrelevant to consumers.

這不是一家突然與消費者無關的企業。

It's just finding growth a lot more difficult to come by.

只是要找到增長點要困難得多。

So they just need to re-engineer, tweak the proposition, really get back on the front foot.

是以，他們需要重新設計，調整主張，真正重新站在前臺。

And they should be able to punch out some better numbers.

他們應該能取得更好的成績。

Starbucks quarter three earnings were better than some investors expected, but sales from existing stores still declined 3 percent globally.

星巴克第三季度的收益好於一些投資者的預期，但全球現有門店的銷售額仍下降了 3%。

With all of the initiatives that the company put out during this quarter, particularly in the U.S. when it comes to energy drinks, boba, all the deals that were coming through the app, it's disheartening to not see traffic improve that much.

由於公司在本季度推出了很多新舉措，尤其是在美國推出了能量飲料、波霸，以及所有通過應用程序進行的交易，是以流量沒有大幅提升令人沮喪。

The company is streamlining its in-store operations with the introduction of the SirenCraft system.

該公司正在通過引進 SirenCraft 系統來簡化店內營運。

They're doing a few different things.

他們在做一些不同的事情。

One of them is adding a play caller role to the production line.

其中之一就是在生產線上增加了一個戰術指揮的角色。

So that's someone who can kind of jump out and help in certain areas when the store gets busy unexpectedly.

是以，當店裡出現意外繁忙情況時，這些人就能跳出來，在某些方面提供幫助。

The baristas also have access to the digital production manager, and that's essentially an iPad system.

咖啡師還可以訪問數字生產管理器，這基本上是一個 iPad 系統。

But they're able to better control orders as they come in and perhaps reorder them if necessary.

但是，他們能夠更好地控制訂單，並在必要時重新訂購。

And then one more thing that they're doing is re-sequencing how beverages are made.

他們正在做的另一件事是重新安排飲料的生產過程。

Seeing the new Siren system that they're in the process of implementing, it makes total sense.

看到他們正在實施的新 Siren 系統，這就完全說得通了。

It's not rocket science.

這不是火箭科學。

It's linear batch flow.

這是線性批處理流程。

The digital apps aren't cutting it.

數字應用程序無法滿足需求。

You need more obvious value across the system.

整個系統需要更明顯的價值。

It was also reported that activist firm Elliott Investment Management has been working with the company in recent weeks to help boost its stock price.

另據報道，激進主義公司 Elliott Investment Management 最近幾週一直在與該公司合作，幫助其提振股價。

Thank you.

謝謝。

With the company's acknowledgment of an increasingly choosy customer, the implementation of systems being put in place to reduce wait times and improve the customer experience, along with easing tensions with the Workers' United Union, only time will tell if the company can regain its footing after the rocky first half of 2024.

隨著公司認識到客戶越來越挑剔，公司正在實施各種系統以減少等待時間並改善客戶體驗，同時與工人聯合工會的緊張關係也有所緩和，公司能否在 2024 年上半年的坎坷經歷後重新站穩腳跟，只有時間才能證明。

It all adds up to a picture of a company that has lost its way.

這一切讓人看到了一個迷失方向的公司。

The thing is, of course, you can lose your way fairly easily, but you can't get back on track again.

當然，問題是，你可以很容易地迷失方向，但卻無法再次回到正軌。

It's very rare people remain lost forever.

很少有人會永遠迷失方向。