BJ's Restaurants Inc (BJRI) 2022 Q3 法說會逐字稿

Good day, and welcome to the BJ's Restaurants, Inc. Third Quarter 2022 Earnings Release and Conference Call. Today's conference call is being recorded. At this time, I would like to turn the conference over to Greg Levin, Chief Executive Officer and President. Please go ahead, sir.

美好的一天，歡迎來到 BJ's Restaurants, Inc. 2022 年第三季度收益發布和電話會議。今天的電話會議正在錄製中。此時，我想將會議轉交給首席執行官兼總裁 Greg Levin。請繼續，先生。

Thank you, operator. Good afternoon, everyone, and welcome to BJ's Restaurants Fiscal 2022 Third Quarter Investor Conference Call and Webcast. I am Greg Levin, BJ's Chief Executive Officer and President, and joining me on the call today is Tom Houdek, our Chief Financial Officer. We also have Greg Lynds, our Chief Development Officer on hand for Q&A afterwards.

謝謝你，運營商。大家下午好，歡迎來到 BJ's Restaurants 2022 財年第三季度投資者電話會議和網絡直播。我是 BJ 的首席執行官兼總裁 Greg Levin，今天和我一起參加電話會議的是我們的首席財務官 Tom Houdek。我們的首席開發官 Greg Lynds 也將在之後進行問答。

After the market closed today, we released our financial results for the fiscal 2022 third quarter. You can view the full text of our earnings release on our website at www.bjsrestaurants.com. Our agenda today will start with Rana Schirmer, our Director of SEC Reporting, providing our standard cautionary disclosure with respect to forward-looking statements. I will then provide an update on our business and current initiatives, and then Tom Houdek will provide some commentary on the quarter and the current environment. After that, we will open it up to questions. Rana, please go ahead.

今天收市後，我們發布了 2022 財年第三季度的財務業績。您可以在我們的網站 www.bjsrestaurants.com 上查看我們的收益發布全文。我們今天的議程將從我們的 SEC 報告總監 Rana Schirmer 開始，提供我們關於前瞻性陳述的標準警示性披露。然後我將介紹我們的業務和當前計劃的最新情況，然後 Tom Houdek 將對本季度和當前環境發表一些評論。之後，我們將公開提問。拉娜，請繼續。

Thanks, Greg. Our comments on the conference call today will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements.

謝謝，格雷格。我們對今天電話會議的評論將包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。前瞻性陳述涉及已知和未知的風險、不確定性和其他可能導致實際結果、業績或成就的因素公司與前瞻性陳述明示或暗示的任何未來結果、業績或成就存在重大差異。

Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. Our forward-looking statements speak only as of today's date, October 20, 2022. We undertake no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by the securities laws.

投資者應注意，前瞻性陳述並非對未來業績的保證，不應過分依賴此類陳述。我們的前瞻性陳述僅適用於今天，即 2022 年 10 月 20 日。我們沒有義務公開更新或修改任何前瞻性陳述或做出任何其他前瞻性陳述，無論是由於新信息、未來事件或其他情況，除非證券法要求這樣做。

Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements contained in the company's filings with the Securities and Exchange Commission. Greg?

投資者應參考公司提交給美國證券交易委員會的文件中包含的與前瞻性陳述相關的風險和不確定性的完整討論。格雷格？

Thanks, Rana. BJ's third quarter results beat our internal forecast, showing our ability to leverage extra sales growth and drive incremental profit despite the ongoing inflationary environment. While our sales have continued to recover nicely on a comparable restaurant basis, restaurant costs remain elevated, impacting restaurant-level margins compared to our historical levels.

謝謝，拉納。 BJ 第三季度的業績超出了我們的內部預測，表明我們有能力在持續的通貨膨脹環境下利用額外的銷售增長和推動增量利潤。雖然我們的銷售額在可比餐廳的基礎上繼續恢復良好，但餐廳成本仍然很高，與我們的歷史水平相比，影響了餐廳層面的利潤率。

However, we have seen a more recent moderation of inflation, and we are beginning to see the initial benefits of our margin improvement initiatives, which when combined with our sales driving initiatives, give us the opportunity to expand our margins back into the mid- to upper teens over time.

然而，我們最近看到通貨膨脹有所緩和，我們開始看到我們的利潤率改善計劃的初步好處，當與我們的銷售推動計劃相結合時，我們有機會將我們的利潤率擴大到中期到中期隨著時間的推移，十幾歲的上層。

From a top line sales perspective, our quarter 3 comparable restaurant sales increased 8.2% as compared to the same quarter in 2019, which accelerated from 4.8% in the second quarter on the same 3-year basis. Likewise, comparable restaurant sales increased 8.9% over the same quarter in 2021.

從頂線銷售額的角度來看，我們第三季度的可比餐廳銷售額與 2019 年同季度相比增長了 8.2%，較第二季度的 4.8% 在同 3 年的基礎上有所加快。同樣，可比餐廳銷售額比 2021 年同期增長 8.9%。

Looking at our different sales channels, dine-in comparable restaurant sales traffic trends improved in the quarter, reflecting our ability to staff at higher levels ensuring that guests know they will be taken care of with our gold standard level of service and gracious hospitality during every visit. Our dine-in comparable restaurant sales have now beat the casual dining industry as measured by Black Box on a 3-year basis every quarter in 2022.

從我們不同的銷售渠道來看，本季度堂食可比餐廳的銷售流量趨勢有所改善，反映出我們有能力配備更高級別的員工，確保客人知道他們將在每一天都享受到我們黃金標準的服務水平和熱情款待。訪問。根據 Black Box 在 2022 年每季度 3 年的基礎上衡量，我們的堂食可比餐廳銷售額現已超過休閒餐飲行業。

In fact, we increased our diamond sales lead over the industry in each quarter of 2022 and the third quarter represents our widest lead yet over the industry during the pandemic era. Off-premise sales also remained very strong and continue to pace at more than double pre-COVID levels. Even as dining room traffic recovers, we continue to see very healthy sales levels for both takeout and delivery. Our comprehensive strategy to grow sales, as I outlined in detail on our previous quarterly call, is working, even though we are only in the early innings.

事實上，我們在 2022 年的每個季度都擴大了對行業的鑽石銷售領先優勢，而第三季度代表了我們在大流行時代對行業的最大領先優勢。場外銷售也依然非常強勁，並繼續以 COVID 前水平的兩倍以上的速度增長。即使餐廳客流量恢復，我們仍然看到外賣和外賣的銷售水平非常健康。正如我在上一次季度電話會議上詳細概述的那樣，我們增加銷售額的綜合戰略正在發揮作用，儘管我們還處於早期階段。

These sales initiatives over the long run will allow us to leverage the fixed costs inherent in our business to drive margin expansion. Our sales building initiatives starts with great best-in-class restaurant leadership and staffing. Earlier this month, we held our Annual General Managers Conference in Denver. After spending time with our restaurant leaders from around the country, I am confident we have the right people with the right mindset to execute our culture around craft matters, gold standard level of operational excellence and gracious hospitality to drive BJ's forward on our road to $2 billion in sales and beyond.

從長遠來看，這些銷售舉措將使我們能夠利用業務固有的固定成本來推動利潤率增長。我們的銷售建設計劃始於一流的餐廳領導和人員配備。本月早些時候，我們在丹佛舉行了年度總經理會議。在與來自全國各地的餐廳領導共度時光後，我相信我們有合適的人和正確的心態來執行我們圍繞工藝問題的文化、卓越運營的黃金標準水平和熱情好客，以推動 BJ 在我們的道路上邁向 2 美元億銷售額及以上。

To that goal, BJ has added the first stand-alone Chief People Officer, Amy Krallman, to its leadership team in early Q4. We are thrilled to have Amy join the team and know she will help make BJ's even more competitive in the marketplace. In the third quarter, hourly retention rates continue to improve and were better than year ago levels, but still not back to pre-pandemic levels. Because there remains a strong correlation between restaurant staffing levels and comparable restaurant sales, we intend to continue adding team members as necessary in the coming weeks to capture more sales in the near term and to have the right teams in place as we head into the busy holidays, so we are able to maximize our fourth quarter sales potential.

為了實現這一目標，BJ 在第四季度初將第一位獨立的首席人力資源官 Amy Krallman 加入了其領導團隊。我們很高興 Amy 加入團隊，並且知道她將幫助 BJ's 在市場上更具競爭力。第三季度，每小時保留率繼續提高，好於去年同期水平，但仍未回到大流行前的水平。由於餐廳人員配備水平與可比餐廳銷售額之間仍然存在很強的相關性，我們打算在未來幾週內根據需要繼續增加團隊成員，以在短期內獲得更多銷售額，並在我們進入繁忙的市場時配備合適的團隊假期，因此我們能夠最大限度地發揮第四季度的銷售潛力。

Another area of growth within the 4 walls of our existing restaurants is our remodel initiative. We have now added seating capacity in 7 restaurants and have had similar sales success at each location, creating a very attractive return profile. We have also updated the bar statement in a high-volume legacy restaurant by modernizing the woodwork, streamlining the bar by moving the taps to the back wall and adding a new 130-inch TV as the centerpiece.

我們現有餐廳的 4 堵牆內的另一個增長領域是我們的改造計劃。我們現在增加了 7 家餐廳的座位容量，並且在每個地點都取得了類似的銷售成功，創造了非常有吸引力的回報率。我們還通過對木製品進行現代化改造，通過將水龍頭移至後牆並添加一台新的 130 英寸電視作為中心裝飾來簡化酒吧，從而更新了一家高客流量的傳統餐廳的酒吧聲明。

It looks absolutely great, and we have another bar remodel plan for later this month. We also plan to remodel 2 patios in the fourth quarter to increase the number of days we can offer patio seating, effectively increasing the capacity for these restaurants as well. With the restaurant return profile we have seen to date, remodels improved the economics of our existing restaurants and will be an important part of our capital allocation strategy going forward.

它看起來非常棒，本月晚些時候我們還有另一個酒吧改造計劃。我們還計劃在第四季度改造 2 個露台，以增加我們可以提供露台座位的天數，從而有效地增加這些餐廳的容量。根據我們迄今為止看到的餐廳回報情況，改造改善了我們現有餐廳的經濟效益，並將成為我們未來資本配置戰略的重要組成部分。

We will continue to analyze and refine this plan through the balance of this year, and we will incorporate a larger remodel initiative into our 2023 capital planning.

我們將在今年餘下時間繼續分析和完善該計劃，並將更大的改造計劃納入我們的 2023 年資本計劃。

We also made considerable progress in the quarter on initiatives that will drive future sales. For example, we continued our work on expanding our high-potential catering business. We are testing a more high-touch catering experience to help further expand the corporate channel, which tends to have more recurring orders with a higher average check.

本季度，我們在推動未來銷售的舉措方面也取得了相當大的進展。例如，我們繼續努力擴大我們的高潛力餐飲業務。我們正在測試一種更具觸感的餐飲體驗，以幫助進一步擴展企業渠道，該渠道往往有更多的重複訂單和更高的平均支票。

In the third quarter, our catering business was up approximately 75% over 2021 and more than double 2019 levels. We expect the trend of more workers returning to office and more in-person meetings to be a tailwind for catering in the near term. Next, we continue to progress with some great best-in-class guest and team member technology. We updated the software in our server handheld tablets used for order taking to improve functionality and reliability. Our team member feedback has been fantastic, and our servers are much more effective with the devices.

第三季度，我們的餐飲業務比 2021 年增長了約 75%，是 2019 年水平的兩倍多。我們預計更多員工重返辦公室和更多面對面會議的趨勢將在短期內成為餐飲業的順風。接下來，我們將繼續推進一些一流的來賓和團隊成員技術。我們更新了用於接受訂單的服務器手持平板電腦中的軟件，以改進功能和可靠性。我們的團隊成員反饋非常好，我們的服務器在使用這些設備時效率更高。

Additionally, our digital order tracker is now live, so guest ordering takeout, curbside and white label delivery can track their order status in real time. We are seeing approximately 75% usage for the relevant orders, which proves how useful this technology is to our guests.

此外，我們的數字訂單跟踪器現已上線，因此訂購外賣、路邊和白標送貨的客人可以實時跟踪他們的訂單狀態。我們看到相關訂單的使用率約為 75%，這證明了這項技術對我們的客人有多大用處。

As an added surprise and delight feature aligning with our Brewhouse concept, the tracker is a pint of beer that fills up as the order moves through to completion. We have also integrated the order tracker with our existing digital curbside check-in portal. Digital curbside check-in usage has quickly increased by 5% with the rollout of the digital order tracker, illustrating the benefit of providing our guests with a broader set of digital convenience tools.

作為與我們的 Brewhouse 概念相一致的額外驚喜和喜悅功能，跟踪器是一品脫啤酒，隨著訂單移動到完成而裝滿。我們還將訂單跟踪器與我們現有的數字路邊簽到門戶集成在一起。隨著數字訂單跟踪器的推出，數字路邊登記入住的使用率迅速增加了 5%，這說明了為我們的客人提供更廣泛的數字便利工具的好處。

Another key initiative is our digital call-ahead waitlist, which uses artificial intelligence to determine and communicate accurate table wait times to our guests through digital and automated voice channels. This is another example where our tech innovation and adoption helps both guests and team members since the legacy process is slower and more labor intensive. We have been testing digital call-ahead waitlist for a number of months and intend to roll it out across our system in the fourth quarter.

另一個關鍵舉措是我們的數字呼叫提前候補名單，它使用人工智能來確定準確的餐桌等待時間，並通過數字和自動語音渠道向我們的客人傳達信息。這是另一個例子，我們的技術創新和採用對客人和團隊成員都有幫助，因為傳統流程速度較慢且勞動強度更大。幾個月來，我們一直在測試數字呼叫提前候補名單，並打算在第四季度將其推廣到我們的整個系統。

Finally, we are far along the process of designing and building a new BJ's e-commerce platform. We intend to launch our next-generation web-based ordering platform by the end of this year. The team has been hard at work preparing the consumer interface and flow to make it easy and enjoyable for guests to order and reorder. We will then leverage the web design work to update our mobile app next year.

最後，我們正在設計和構建一個新的北京電子商務平台。我們打算在今年年底推出我們的下一代基於網絡的訂購平台。該團隊一直在努力準備消費者界面和流程，以使客人輕鬆愉快地訂購和重新訂購。明年我們將利用網頁設計工作來更新我們的移動應用程序。

We believe that modernizing digital ordering will deliver a strong payback in terms of increased digital orders. With regards to our new restaurant expansion strategy, last week, we opened a new restaurant in Las Vegas, Nevada, which is our fourth opening this year. We are very pleased with the strong sales performance of all of our new restaurant openings, which continue to demonstrate that guests love the BJ's concept in both new and existing markets.

我們相信，現代化的數字訂購將在增加數字訂單方面帶來強大的回報。關於我們新的餐廳擴張戰略，上週，我們在內華達州拉斯維加斯開設了一家新餐廳，這是我們今年的第四家餐廳。我們對所有新開業餐廳的強勁銷售業績感到非常滿意，這繼續表明客人喜歡 BJ 在新市場和現有市場的理念。

We also recently closed a legacy small-format restaurant that was no longer financially viable to operate, bringing our current footprint to 214 restaurants. We now expect to open 2 additional restaurants in the fourth quarter, which would bring our total openings this year to 6 restaurants. Due to supply chain and construction delays, we now expect these 2 restaurants that were initially slated to open this year to open in the first quarter of 2023.

我們最近還關閉了一家在財務上不再可行的傳統小型餐廳，使我們目前的足跡達到 214 家餐廳。我們現在預計在第四季度再開設 2 家餐廳，這將使我們今年的新餐廳總數達到 6 家。由於供應鍊和施工延誤，我們現在預計這兩家原定於今年開業的餐廳將於 2023 年第一季度開業。

Looking to next year, our new restaurant pipeline is in excellent shape. However, we are still finalizing our 2023 new restaurant openings, given the challenges from construction inflation, supplies of HVAC and kitchen equipment, construction labor shortages and delays in permitting from municipalities. Additionally, we plan to prudently balance new restaurant growth with high return remodels, which drives sales through, among other things, added seating capacity.

展望明年，我們的新餐廳管道狀況良好。然而，考慮到建築通貨膨脹、暖通空調和廚房設備供應、建築勞動力短缺以及市政當局延遲批准等挑戰，我們仍在敲定 2023 年新餐廳的開業事宜。此外，我們計劃謹慎地平衡新餐廳的增長與高回報改造，這通過增加座位容量等方式推動銷售。

Therefore, while we have not finalized our 2023 new restaurant opening plan, I would anticipate that we will open a similar number of new restaurants next year. We also resumed returning capital to shareholders this past quarter through share repurchases. Therefore, as we finalize our 2023 capital allocation strategy later this year, we plan on prudently investing in sales building initiatives, new restaurant growth, remodels and opportunistically returning capital to shareholders.

因此，雖然我們尚未最終確定 2023 年新餐廳開業計劃，但我預計明年我們將開設類似數量的新餐廳。上個季度，我們還通過股票回購恢復了向股東返還資本。因此，當我們在今年晚些時候完成 2023 年資本配置戰略時，我們計劃謹慎投資於銷售建設計劃、新餐廳增長、改造和機會主義向股東返還資本。

With respect to the broader macro environment and consumer demand, BJ's underlying guest measures have remained steady. Weekly sales have followed a pretty typical seasonal pattern and our 3-year comparable restaurant sales were in the middle to upper single-digit range throughout the third quarter and into the first 3 weeks of the fourth quarter when adjusting for promotions and Hurricane Ian.

從宏觀大環境和消費需求來看，北京的底層客源指標保持穩定。每週銷售額遵循非常典型的季節性模式，我們的 3 年可比餐廳銷售額在整個第三季度和第四季度的前 3 週都處於中上個位數範圍內，並針對促銷活動和颶風伊恩進行了調整。

Guest expectations rise with menu prices, which I believe benefits BJ's, giving our attention to providing exceptional service, hospitality and food quality. We are committed as ever to making sure our guests leave smiling and wanting to come back for more.

客人的期望隨著菜單價格的提高而提高，我相信這對 BJ's 有利，讓我們專注於提供卓越的服務、款待和食品質量。我們一如既往地致力於確保我們的客人微笑著離開並希望回來更多。

Shifting to costs, operating costs in our business remain high through the -- remain high, though the level of inflation has moderated recently, which Tom will cover in more detail. As I outlined on our last earnings call, we launched our cross-functional margin improvement initiative to identify a wide range of cost-saving opportunities to benefit our restaurant margins. We have made tangible progress over the past quarter of finding meaningful cost-saving opportunities. Our cross-functional team has been actively identifying, vetting and when appropriate, implementing identified cost savings.

轉向成本，我們業務的運營成本一直居高不下——儘管通貨膨脹水平最近有所緩和，但湯姆將對此進行更詳細的介紹。正如我在上次財報電話會議上概述的那樣，我們啟動了跨職能利潤率改善計劃，以確定各種節省成本的機會，以提高我們餐廳的利潤率。過去一個季度，我們在尋找有意義的成本節約機會方面取得了切實進展。我們的跨職能團隊一直在積極識別、審查並在適當的時候實施已確定的成本節約。

Our third quarter results reflect hourly labor savings as we rolled out more efficient labor scheduling early in the quarter. We also tested and approved a number of changes across our food inputs that save money while maintaining or even improving and enhancing food quality. These saving opportunities began rolling out in late Q3, so the benefit is largely not reflected in our third quarter results. We also have several other savings initiatives at different stages of testing and approval.

我們第三季度的業績反映了每小時勞動力的節省，因為我們在本季度初推出了更高效的勞動力調度。我們還測試並批准了食品投入方面的一些變化，這些變化在保持甚至改善和提高食品質量的同時節省了資金。這些儲蓄機會在第三季度末開始推出，因此收益基本上沒有反映在我們第三季度的業績中。在不同的測試和批准階段，我們還有其他幾項節省舉措。

So to offer more insight into our program and the effort and creativity of the team, let me quickly review recent changes we made to our chicken wings as an example. For years, we have served a large precooked bone and wing that we would fry when ordered. An idea from our margin improvement team was to test sourcing raw jumbo wings, cooking them in our slow-roast ovens that only we can do at BJ's because of our technology in the chain casual dining segment and then fry these slow-roasted wings when ordered. They say necessity is the mother of invention. These wings are delicious and the best wing BJ's has ever served.

因此，為了更深入地了解我們的計劃以及團隊的努力和創造力，讓我以我們最近對雞翅所做的更改為例快速回顧一下。多年來，我們一直供應大塊預煮骨頭和雞翅，我們會在點單時將其油炸。我們的利潤改善團隊的一個想法是測試採購原始的巨型翅膀，在我們的慢烤烤箱中烹飪它們，因為我們在連鎖休閒餐飲領域的技術，只有我們可以在 BJ's 做，然後在訂購時油炸這些慢烤的翅膀.他們說需要是發明之母。這些翅膀很美味，是 BJ 有史以來最好的翅膀。

These new wings are in all BJ's Restaurants as of earlier this month and we are now saving materially by sourcing a commodity raw jumbo wing as opposed to a precooked wing that was made specifically for BJ's. This change alone saves us more than $3 million annually based on current prices and benefits to restaurant level cash flow margins by approximately 20 basis points. We remain committed to identifying cost-saving opportunities that could enhance our restaurant margins by as much as 200 basis points. Given the progress to date and the number of opportunities still being explored, I am confident we will achieve this goal. Moreover, this is a powerful initiative since cost savings directly reduced the pricing required to offset inflationary pressures, which in turn, further strengthens our competitive value position.

截至本月早些時候，這些新雞翅在 BJ's 的所有餐廳均已上市，我們現在通過採購商品原始巨型雞翅而不是專門為 BJ's 製作的預煮雞翅來節省材料。根據當前價格，僅這一變化每年就為我們節省了超過 300 萬美元，並且餐廳層面的現金流利潤率提高了大約 20 個基點。我們仍然致力於尋找節省成本的機會，這些機會可以將我們的餐廳利潤率提高多達 200 個基點。鑑於迄今為止取得的進展和仍在探索的機會數量，我相信我們將實現這一目標。此外，這是一項強有力的舉措，因為成本節約直接降低了抵消通脹壓力所需的定價，這反過來又進一步加強了我們的競爭價值地位。

In summary, we are focused on a comprehensive set of initiatives aimed at significantly increasing our average weekly sales, growing our restaurant margins and continuing our national expansion with a controlled pace in top quality sites with a goal of growing BJ's sales to $2 billion and beyond and delivering meaningful earnings growth and shareholder returns over time.

總而言之，我們專注於一系列全面的舉措，旨在顯著提高我們的平均每週銷售額，提高我們的餐廳利潤率，並以可控的速度在頂級站點繼續我們的全國擴張，目標是將 BJ 的銷售額增長到 20 億美元甚至更多隨著時間的推移實現有意義的收益增長和股東回報。

In the meantime, we are incredibly optimistic that guest affinity for our brand and menu offerings, coupled with the trajectory of our business and our current growth and margin-enhancing initiatives will enable us to achieve attractive near and midterm growth and margin objectives. Now let me turn it over to Tom to provide a more detailed update from the quarter and current trends. Tom?

與此同時，我們非常樂觀地認為，客人對我們的品牌和菜單產品的親和力，再加上我們的業務軌跡以及我們當前的增長和提高利潤率的舉措，將使我們能夠實現有吸引力的近期和中期增長和利潤率目標。現在讓我將其轉交給湯姆，以提供本季度和當前趨勢的更詳細更新。湯姆？

Thanks, Greg, and good afternoon, everyone.

謝謝，格雷格，大家下午好。

I will provide details of the quarter and some forward-looking views. Please remember this commentary is subject to the risks and uncertainties associated with forward-looking statements as discussed in our filings with the SEC.

我將提供該季度的詳細信息和一些前瞻性觀點。請記住，本評論受與我們在提交給美國證券交易委員會的文件中討論的前瞻性陳述相關的風險和不確定性的影響。

For the third quarter, we reported total sales of $311.3 million. Our sales increased approximately 10% versus Q3 of 2021 and 12% versus Q3 of 2019. On a comparable restaurant basis, sales increased by 8.9% compared to Q3 of 2021 and by 8.2% compared to Q3 of 2019. Our 3-year comparable sales accelerated from negative 1.5% in Q1 to 4.8% in Q2 to 8.2% in Q3. The comparable sales improvement in conjunction with certain savings we started to realize from our margin improvement initiative and the benefit of our August pricing round helped partially mitigate the typical margin decline that accompanies our seasonally lowest sales quarter.

第三季度，我們報告的總銷售額為 3.113 億美元。我們的銷售額與 2021 年第三季度相比增長了約 10%，與 2019 年第三季度相比增長了約 12%。在可比餐廳的基礎上，銷售額與 2021 年第三季度相比增長了 8.9%，與 2019 年第三季度相比增長了 8.2%。我們的 3 年可比銷售額從第一季度的負 1.5% 加速到第二季度的 4.8% 再到第三季度的 8.2%。可比的銷售改善以及我們開始從我們的利潤率改善計劃中實現的某些節省以及我們 8 月定價回合的好處有助於部分緩解伴隨我們季節性最低銷售季度的典型利潤率下降。

Our restaurant-level cash flow margin was 10.3% in Q3 of 2022 or 160 basis points lower than Q2 of 2022, which tends to be our highest sales quarter seasonally. As a reference point, in 2019, our restaurant level margins declined 350 basis points from Q2 to Q3. So we are encouraged by the factors that helped offset a meaningful portion of the typical seasonal margin decline in Q3 this year.

我們在 2022 年第三季度的餐廳級現金流利潤率為 10.3%，比 2022 年第二季度低 160 個基點，這往往是我們季節性最高的銷售季度。作為參考點，在 2019 年，我們餐廳層面的利潤率從第二季度到第三季度下降了 350 個基點。因此，我們對有助於抵消今年第三季度典型季節性利潤率下降的重要部分的因素感到鼓舞。

Adjusted EBITDA was $15.2 million and 4.9% of sales in our third quarter behind Q3 2021 reported levels. As a reminder, we had a $3.1 million employee retention tax credit in conjunction with the CARES Act that benefited our labor and benefits line in Q3 of 2021. When removing this one-time benefit, our adjusted EBITDA and adjusted EBITDA margin both improved this quarter from a year ago. We reported a net loss of $1.6 million and a diluted net loss per share of $0.07 on a GAAP basis for the quarter, which was an improvement from a year ago.

調整後的 EBITDA 為 1520 萬美元，占我們第三季度銷售額的 4.9%，低於 2021 年第三季度報告的水平。提醒一下，我們有 310 萬美元的員工保留稅收抵免與 CARES 法案相結合，這使我們在 2021 年第三季度的勞動和福利線受益。在取消這一一次性福利時，我們調整後的 EBITDA 和調整後的 EBITDA 利潤率在本季度都有所改善從一年前。我們報告本季度淨虧損為 160 萬美元，每股攤薄淨虧損為 0.07 美元，與去年同期相比有所改善。

From a sales perspective, we averaged in the mid- to high single digit positive comparable restaurant sales range through the quarter compared to 2019. This equated to a weekly sales average of more than 111,000 per restaurant or approximately 8,000 higher than Q3 of 2019. We maintained our off-premise weekly sales average in the low $20,000s while generating dine-in sales of more than 91,000 in Q3.

從銷售的角度來看，與 2019 年相比，我們整個季度平均可比餐廳銷售額處於中高個位數正數範圍內。這相當於每家餐廳每周平均銷售額超過 111,000 人，比 2019 年第三季度高出約 8,000 人。我們將我們的店外每周平均銷售額保持在 20,000 美元的低水平，同時在第三季度產生了超過 91,000 的堂食銷售額。

Moving to expenses. Our cost of sales was 27.3% of sales in the quarter, which was 30 basis points favorable compared to last quarter, though 10 basis points unfavorable compared to the third quarter of 2021. Food costs remain high, but the increases to our food basket have moderated. Our food cost inflation was approximately 5% higher than the third quarter of 2021 and up modestly from the second quarter of this year.

轉向開支。我們的銷售成本佔本季度銷售額的 27.3%，與上一季度相比有利 30 個基點，但與 2021 年第三季度相比不利 10 個基點。食品成本仍然很高，但我們的食品籃子增加了主持。我們的食品成本通脹率比 2021 年第三季度高出約 5%，比今年第二季度略有上升。

As Greg highlighted, we are implementing margin improvement savings that will benefit food costs. We rolled out some minor changes during the third quarter and expect to realize more meaningful savings opportunities beginning this quarter. To help offset inflationary pressures, we increased our menu prices by an additional 2% in August. We have now increased our menu prices by approximately 12% since the beginning of 2020 as compared to food cost inflation of about 23% over the same period. We raised menu prices slower than the inflation impacting our business to gauge the sustaining cost increases while being careful to maintain strong competitiveness in known value items and offer our guests a range of options to enjoy regardless of their budgets.

正如 Greg 強調的那樣，我們正在實施提高利潤率的節省措施，這將有利於食品成本。我們在第三季度推出了一些小的變化，並期望從本季度開始實現更多有意義的節省機會。為了幫助抵消通脹壓力，我們在 8 月份將菜單價格又提高了 2%。自 2020 年初以來，我們現在將菜單價格提高了約 12%，而同期食品成本上漲了約 23%。我們提高菜單價格的速度低於影響我們業務的通貨膨脹，以衡量持續的成本增長，同時注意保持已知價值項目的強大競爭力，並為我們的客人提供一系列選擇，無論他們的預算如何。

Our next menu pricing ground is planned for January 2023, and we will price accordingly to further recapture restaurant margins and offset inflation that we are not able to mitigate through our margin improvement initiative. To date, we have seen no guest pushback to our menu pricing rounds.

我們的下一個菜單定價點計劃於 2023 年 1 月開始，我們將相應地定價，以進一步奪回餐廳利潤率並抵消我們無法通過提高利潤率計劃來緩解的通貨膨脹。迄今為止，我們還沒有看到客人對我們的菜單定價回合提出任何反對意見。

Labor and benefit expenses at 37.7% of sales in the quarter were 50 basis points unfavorable for the third quarter of the prior year as reported, but 60 basis points favorable when removing the one-time ERTC benefit from the prior year figure. Our hourly labor efficiency greatly improved in the quarter. We improved our hourly labor as a percentage of sales by 30 basis points from Q2 to Q3, even as our weekly sales declined seasonally by approximately $7,000. That's quite an accomplishment by our restaurant operators. Part of the improvement was driven by more efficient labor scheduling tools from our margin improvement initiative. We also lowered our overtime and training hours, which are now 20 basis points higher as a percentage of sales than Q3 of 2019, an improvement of 50 basis points from the pre-pandemic comparison last quarter. Occupancy and operating expenses at 24.7% of sales in the quarter were 30 basis points unfavorable to the third quarter of 2021.

據報導，該季度勞動力和福利支出佔銷售額的 37.7%，比去年第三季度低 50 個基點，但在從上年數字中去除一次性 ERTC 福利後，有利 60 個基點。本季度我們的小時工效率大大提高。從第二季度到第三季度，我們將小時工佔銷售額的百分比提高了 30 個基點，儘管我們的每週銷售額季節性下降了約 7,000 美元。這是我們餐廳經營者的一項相當大的成就。部分改進是由我們的利潤改進計劃中更高效的勞動力調度工具推動的。我們還減少了加班和培訓時間，現在佔銷售額的百分比比 2019 年第三季度高 20 個基點，比上個季度大流行前的比較提高了 50 個基點。入住率和運營費用佔本季度銷售額的 24.7%，比 2021 年第三季度低 30 個基點。

Included in our O&O expenses was marketing spend at 1.7% of sales, which was higher than the third quarter of 2021 by 40 basis points, driven by media investments, including connected television in certain markets to drive incremental sales.

我們的 O&O 費用中包括營銷支出，佔銷售額的 1.7%，比 2021 年第三季度高 40 個基點，這是受媒體投資的推動，包括某些市場的聯網電視，以推動銷售額增長。

Excluding the additional marketing investment, our O&O expenses would have been favorable by 10 basis points compared to Q3 of 2021. G&A for the third quarter was $18.9 million, in line with our expectations. We continue to forecast full year G&A in the $74 million to $75 million range, including the impact of our 53rd week in Q4.

不包括額外的營銷投資，與 2021 年第三季度相比，我們的 O&O 費用本應有利 10 個基點。第三季度的 G&A 為 1890 萬美元，符合我們的預期。我們繼續預測全年 G&A 在 7400 萬至 7500 萬美元之間，包括我們在第四季度第 53 週的影響。

Turning to the balance sheet. We maintained our debt balance at $50 million and ended the quarter with net debt of about $31 million. We are very pleased with the strength of our balance sheet and remain consistent in our approach of prioritizing growth driving investments by a return profile, including building new restaurants, improving our existing restaurants and funding sales-driving initiatives. We continue to expect CapEx spend in the $90 million to $95 million range this year, which includes 6 restaurants we intend to open in 2022 and 2 additional restaurants opening -- 2 additional restaurant openings now slated for 2023 -- early 2023.

轉向資產負債表。我們將債務餘額維持在 5000 萬美元，本季度末的淨債務約為 3100 萬美元。我們對資產負債表的實力感到非常滿意，並始終如一地按照回報率優先考慮增長驅動投資的方法，包括建設新餐廳、改善我們現有的餐廳和為銷售驅動計劃提供資金。我們繼續預計今年的資本支出將在 9000 萬至 9500 萬美元之間，其中包括我們打算在 2022 年開業的 6 家餐廳和另外 2 家開業的餐廳——另外 2 家餐廳開業時間現在定於 2023 年——2023 年初。

Even though we postponed 2 restaurant openings to the first quarter of 2023 due to supply chain and construction delays, most of the related CapEx spend will still occur in 2022. As Greg alluded to earlier, the strength of our balance sheet allows us to continue our growth investments while again, opportunistically repurchasing shares. Our operating stability, sales building and margin improvement success positions BJ's to opportunistically return capital to shareholders through share repurchases in the third quarter.

儘管由於供應鍊和施工延誤，我們將 2 家餐廳的開業時間推遲到 2023 年第一季度，但大部分相關資本支出仍將發生在 2022 年。正如 Greg 早些時候提到的那樣，我們資產負債表的實力使我們能夠繼續我們的增長投資，同時再次機會主義地回購股票。我們的經營穩定性、銷售增長和利潤率改善成功使 BJ's 能夠在第三季度通過股票回購機會主義地向股東返還資本。

During the quarter, we repurchased and retired approximately 91,000 shares at a cost of approximately $2.4 million, which leaves approximately $22.1 million remaining available under our currently authorized share repurchase program. Looking to the fourth quarter of 2022, we remain encouraged by our recent sales trends. Our comparable restaurant sales period to date in October increased approximately 8% and 6% compared to the same periods in 2021 and 2019, respectively, when adjusting for the impact of Hurricane Ian in 2022.

在本季度，我們以大約 240 萬美元的成本回購併註銷了大約 91,000 股股票，根據我們目前授權的股票回購計劃，還剩下大約 2210 萬美元可供使用。展望 2022 年第四季度，我們對近期的銷售趨勢仍然感到鼓舞。與 2021 年和 2019 年同期相比，我們 10 月份迄今為止的可比餐廳銷售額在針對 2022 年颶風伊恩的影響進行調整後分別增長了約 8% 和 6%。

As Greg said in his remarks, we have yet to see any meaningful shift in our guest trends, but we continue to monitor the situation and remain agile to appropriately manage to any environment. Historically, our sales build from the third quarter to the fourth quarter, driven by improving restaurant traffic leading up to the holidays. For example, in 2019, our average weekly restaurant sales increased from approximately $104,000 in Q3 to approximately $108,000 in Q4.

正如 Greg 在他的發言中所說，我們尚未看到客人趨勢發生任何有意義的變化，但我們將繼續監控情況並保持敏捷，以適當地管理任何環境。從歷史上看，我們的銷售額從第三季度增加到第四季度，這是由於假期前餐廳客流量的增加所推動的。例如，在 2019 年，我們平均每週的餐廳銷售額從第三季度的約 104,000 美元增加到第四季度的約 108,000 美元。

In Q4 of 2022, I anticipate that our sales will follow a similar seasonal trend, which will allow us to leverage the additional sales and improve margins. Given the higher expected sales, the 53rd week and early margin improvement opportunities we've realized and other opportunities in front of us, which will help mitigate inflationary pressures, we are targeting Q4 restaurant-level margins in the low to mid-12% area. In terms of taxes, I expect a modest tax expense in Q4.

在 2022 年第四季度，我預計我們的銷售額將遵循類似的季節性趨勢，這將使我們能夠利用額外的銷售額並提高利潤率。鑑於更高的預期銷售額、第 53 周和我們已經實現的早期利潤率改善機會以及我們面前的其他機會，這將有助於緩解通脹壓力，我們將第四季度的餐廳級利潤率目標定在 12% 的中低水平區域.在稅收方面，我預計第四季度會有適度的稅收支出。

In summary, we know the best way to grow margins and profit is to grow sales. Recent sales trends have been encouraging, and we remain committed to being sales drivers, first and foremost. We intend to continue to build sales and what we believe will be a busy holiday season with demand for experiential dining remaining strong. At the same time, we have elevated productivity and cost savings through our margin improvement initiative which -- with nice momentum built over the last quarter. We have a clear path to sales growth and margin recovery, and our long-term strategy remains intact. While new challenges emerge through the pandemic, we continue to meet these challenges head-on, manage our business for both near and long-term objectives and remain steadfast in our focus on providing our guests with the best experience, which will allow us to continue delivering outsized growth in the years to come. Thank you for your time today, and we'll now open the call to your questions. Operator?

總之，我們知道增加利潤率和利潤的最佳方式是增加銷售額。最近的銷售趨勢令人鼓舞，我們仍然致力於成為銷售推動者，這是首要任務。我們打算繼續增加銷售額，我們相信這將是一個繁忙的假期，對體驗式餐飲的需求依然強勁。與此同時，我們通過提高利潤率的舉措提高了生產力並節省了成本——在上個季度取得了良好的勢頭。我們有明確的銷售增長和利潤恢復途徑，我們的長期戰略保持不變。儘管大流行病帶來了新的挑戰，但我們將繼續直面這些挑戰，為近期和長期目標管理我們的業務，並堅定不移地專注於為客人提供最佳體驗，這將使我們能夠繼續在未來幾年實現超額增長。感謝您今天抽出寶貴時間，我們現在將開始回答您的問題。操作員？

(Operator Instructions)

（操作員說明）

And we will go to our first question from Alex Slagle with Jefferies.

我們將與 Jefferies 一起回答 Alex Slagle 的第一個問題。

I had a question on capital allocation. If you could kind of talk through a bit more how you're thinking shifted over the last few months with the restart of the buyback efforts and the plans to expand the remodel program in '23, maybe just what you are seeing in the business with and with the remodel tests and I guess, just how best in your views the broader development landscape has evolved at this point?

我有一個關於資本分配的問題。如果你能多談談過去幾個月你的想法是如何隨著回購工作的重啟和 23 年擴大改造計劃的計劃而轉變的，也許正是你在業務中看到的通過改造測試，我想，在您看來，更廣泛的發展格局在這一點上的演變情況如何？

Yes. I'll start off, Alex, and sure Tom or even Greg Lynds, our Chief Development Officer, might be able to add in here. So I think on a broad picture, getting restaurants built on time has probably been a big challenge for us in the industry. I think it used to take us somewhere near about 130 to 150 days to get a restaurant built if maybe even a little bit earlier than that or quicker than that. And it's basically doubled. It's somewhere is in the 260 range or so to get a restaurant built. And that's (inaudible).

是的。我會開始，Alex，確保 Tom 甚至 Greg Lynds，我們的首席開發官，可以在這裡補充。因此，我認為從廣義上講，按時建造餐廳對我們這個行業來說可能是一個巨大的挑戰。我認為我們過去大約需要 130 到 150 天才能建成一家餐廳，甚至可能比這早一點或更快。而且基本上翻倍了。它在 260 度左右的某個地方可以建造餐廳。那就是（聽不清）。

At the same time, we still like the sales levels and returns we're getting from new restaurants. But because of the challenges of getting restaurants done timely and just the supply and demand, we continue to see elevated construction cost there. And while our sales to investment ratio are still above 1 based on the solid sales of new restaurants, it just makes us, frankly, kind of take a look across the board as to how we want to allocate capital at the current time where we want to have that right balanced approach of investing in new restaurants, knowing then that we got these high-return remodels, especially when we can add capacity and keep our concepts in a like new first-class and contemporary manner.

與此同時，我們仍然喜歡新餐廳的銷售水平和回報。但由於及時完成餐廳建設以及供求關係的挑戰，我們繼續看到那裡的建築成本升高。雖然基於新餐廳的穩健銷售，我們的銷售額與投資比率仍高於 1，但坦率地說，這只是讓我們全面審視一下我們希望在當前時間如何分配資本擁有投資新餐廳的正確平衡方法，然後知道我們獲得了這些高回報的改造，特別是當我們可以增加容量並以新的一流和現代方式保持我們的概念時。

So I think as we go through this year knowing some of the challenges on the construction side, pivoting a little bit more towards remodels being able to drive that sales, that will help drive improved margins and economics in those restaurants, I would say that's as high a priority in our business as opening new restaurants as well as some other sales building initiatives. I think third on that 3-legged (inaudible) is the capital allocation program, and we'll continue to evaluate that in regards to share repurchase, but we don't want to do it at the expense of being able to invest back into remodels and their sales building initiatives and building new restaurants.

所以我認為，隨著今年我們了解建築方面的一些挑戰，更多地轉向能夠推動銷售的改造，這將有助於提高這些餐廳的利潤率和經濟效益，我想說的是開設新餐廳以及其他一些銷售建設計劃是我們業務的重中之重。我認為第三條腿（聽不清）是資本配置計劃，我們將繼續評估股票回購，但我們不想以犧牲能夠投資回購為代價改造和他們的銷售建設計劃和建設新餐廳。

Tom or Greg, is there anything to add to construction or anything you've seen?

Tom 或 Greg，有沒有什麼可以添加到構建中或您看到的任何內容？

This is Greg Lynds. I think from a construction standpoint, when you think about what's happening in the future here, if we're out to bid right now, we're going to feel all the pressures that the development cycle has right now. So you're seeing not only the construction costs that you're seeing, entitlement delays, permitting delays, inspection delays. And we do see that abating next year. So in terms of building our pipeline, we're really looking for mid- to late '23 and 2024 type projects when we see a lot of this abating.

這是格雷格·林茲。我認為，從建設的角度來看，當您考慮這裡未來發生的事情時，如果我們現在要出價，我們將感受到開發週期現在所面臨的所有壓力。所以你看到的不僅僅是你所看到的建設成本、權利延遲、許可延遲、檢查延遲。我們確實看到明年這種情況會減弱。因此，就建立我們的管道而言，當我們看到很多這種減弱時，我們真的在尋找 23 和 2024 年中後期的類型項目。

And we'll go next to Jon Tower with Citi.

我們將和 Citi 一起去 Jon Tower 旁邊。

Just a few, if I may. The quarter-to-date commentary is encouraging in terms of what you're seeing for same-store sales. I'm just curious if maybe you could give us any sort of color into perhaps if the California stimulus is helping that number at all? Or if you're seeing this more spread across the system?

如果可以的話，就幾個。就您所看到的同店銷售而言，本季度迄今的評論令人鼓舞。我只是很好奇，如果加州的刺激計劃對這個數字有幫助，你是否可以給我們任何顏色？或者，如果您看到這種情況在整個系統中傳播得更多？

Sure thing, Jon. We've looked at it when the stimulus has started earlier this month and I would say Southern California has been outperforming on average, and it continues to. So there might be a little bit there, but it really hasn't shown up in any big way in the numbers. So we're happy to have it. But it does look like the business itself was performing well before and is still where we like it.

當然可以，喬恩。我們在本月早些時候開始實施刺激措施時就已經研究過了，我想說南加州的平均表現一直優於大市，而且這種情況還在繼續。所以那裡可能有一點點，但它確實沒有在數字中以任何大的方式出現。所以我們很高興擁有它。但它確實看起來業務本身之前表現良好並且仍然是我們喜歡的地方。

That's great. And curious, maybe going back to the commentary regarding fourth quarter margins and specifically getting into the food cost inflation. I don't think -- I think you offered it as a said 5% or so for the third quarter. But I'm curious to see or hear what you're seeing for the fourth quarter and if you're starting to be able to lock into 2023, if you have any insight into how that's forming at least the start of the year?

那太棒了。好奇，也許回到關於第四季度利潤率的評論，特別是食品成本通脹。我不認為——我認為你在第三季度提供了 5% 左右的收益。但我很想知道或聽到你在第四季度看到的情況，如果你開始能夠鎖定 2023 年，你是否至少在今年年初了解它是如何形成的？

Yes. As we're going into the fourth quarter here, the 2 main factors is, one, just the overall commodity cost; and then two, the margin improvement initiatives and the benefits we'll see there. So we're still seeing -- even from Q2 into Q3, we still saw modest inflation. So there -- going into Q4, we're not modeling in any deflation. There could be some help from the margin improvement initiative. But going -- as we look into next year, we are expecting more inflation.

是的。當我們進入第四季度時，兩個主要因素是，第一，只是整體商品成本；然後是兩個，利潤率改善計劃和我們將在那裡看到的好處。所以我們仍然看到 - 即使從第二季度到第三季度，我們仍然看到適度的通貨膨脹。所以那裡 - 進入第四季度，我們沒有在任何通貨緊縮中建模。利潤率改善計劃可能會有所幫助。但是，當我們展望明年時，我們預計會有更多的通貨膨脹。

We're still early days with walking in our contracts that most are ones that we would set in January. So early to really determine what levels yet. But yes, as we're looking into next year, anything that's kind of processed and labor driven, it could be going up. So it's early to tell, but we are expecting some inflation going into next year on more of the contracts that have been locked for the year. But otherwise, we're seeing some inflation at those levels.

我們的合同還處於早期階段，大部分是我們將在 1 月份制定的合同。那麼早真正確定什麼級別呢。但是，是的，當我們展望明年時，任何經過加工和勞動力驅動的東西，它都可能會上升。所以現在下結論還為時過早，但我們預計明年鎖定的更多合約會出現一些通貨膨脹。但除此之外，我們在這些水平上看到了一些通貨膨脹。

We're also seeing some good movements in the fresh meats and the grocery, the produce that have been -- are ones that we pay market rates for.

我們還看到鮮肉和雜貨的一些良好走勢，這些產品是我們支付市場價格的產品。

Yes. I think Jon, and this is Greg, just kind of adding on there. I still think we're going to see another -- I wouldn't say inflation going up, but I don't think we're going to see it coming down right away. I think as a lot of contracts are on annual basis, as we go into next year, that labor number, which is an input into everything is still going to result in a level of negotiations with our vendors from a contract standpoint. I still think you'll see the same thing come in January as well, just with State adjusting minimum wages, thankfully being in California, the California dollar step-up is done even though it's not tied to CPI, so there will be an increase there. But as a result, I think we're going to see still a little bit more inflation going into Q1 of next year. And then I think it will start to abate after that time frame after contracts get locked in and companies move forward. It also gets to Tom's point earlier, that we have not yet assessed what our pricing is going to be in January because we're going through it here in this kind of fourth quarter to understand where we're going to be from an inflationary standpoint and make sure that we take reasonable pricing to offset that.

是的。我想 Jon，這是 Greg，只是補充一下。我仍然認為我們會看到另一個——我不會說通脹上升，但我不認為我們會看到它馬上下降。我認為，由於許多合同都是按年度簽訂的，隨著我們進入明年，從合同的角度來看，勞動力數量是一切的輸入，仍然會導致與我們的供應商進行一定程度的談判。我仍然認為你也會在 1 月份看到同樣的事情，只是州調整最低工資，幸運的是在加利福尼亞州，即使它與 CPI 無關，加州美元的升幅也已經完成，所以會有增加那裡。但結果是，我認為我們將在明年第一季度看到更多的通貨膨脹。然後我認為在合同被鎖定並且公司向前發展之後，它會在那個時間框架之後開始減弱。這也提到了湯姆之前的觀點，我們還沒有評估 1 月份的定價，因為我們將在第四季度通過它來了解我們將從通貨膨脹的角度來看的位置並確保我們採取合理的定價來抵消這一點。

Awesome. I appreciate all the color on that. Just going back to the 200 basis points of margin improvement at the store level over time based on the initiatives that you've kind of dug into during the call, including the chicken wings, et cetera. Is that incremental to just underlying improvement that you expect in the business, meaning hitting that mid-teen store margin target that you discussed, is that including that 200 basis points? Or would that 200 basis points be additive?

驚人的。我很欣賞上面的所有顏色。根據您在電話會議期間深入研究的舉措，包括雞翅等，隨著時間的推移，回到商店層面利潤率提高 200 個基點。這是否只是您期望的業務基礎改善的增量，這意味著達到您討論的 15 歲中期商店利潤率目標，是否包括 200 個基點？還是那 200 個基點可以疊加？

I think it's a combination of both. Ultimately, we'd like to be above that -- let's call it, mid-teens. We want to continue to drive that. Some of that comes with sales. So when you start to look at those numbers, it's always a function of the dependent variable of sales that play through to it. So it's additive in one sense, but at the same time, if sales don't continue to perform, it's going to be inclusive in it.

我認為這是兩者的結合。最終，我們希望超越那個——我們稱之為，十幾歲。我們希望繼續推動這一點。其中一些來自銷售。因此，當您開始查看這些數字時，它始終是影響它的銷售因變量的函數。所以它在某種意義上是累加的，但與此同時，如果銷售不繼續表現，它將包含在內。

And so we'll go to our next question from Nicole Miller with Piper Sandler.

因此，我們將與 Piper Sandler 一起討論 Nicole Miller 的下一個問題。

Can we just reconcile the price in 4Q? I had about 8% then and I wanted to see if that was right. And then if you don't, let's just say, you don't take price in January, knowing that it is under consideration. Does it (inaudible) down a couple of hundred basis points in February when you took price in this year?

我們可以在 4Q 調整價格嗎？當時我有大約 8%，我想看看這是否正確。然後，如果你不這樣做，我們就說，你不會在 1 月份定價，因為你知道它正在考慮中。今年 2 月份你計算價格時，它（聽不清）是否下降了幾百個基點？

Nicole, so in Q4, you're, I'm sure, asking for the year-over-year change in price. We'll be carrying a kind of 6% area into Q4.

妮可，所以在第四季度，我敢肯定，你要求價格同比變化。我們將把 6% 的區域帶入第四季度。

Okay. Okay. Yes, I said that wrong. I meant I was getting up to maybe almost 8% when we added the 200 basis points in August. That's exactly what I meant. So thanks for reading my mind. But -- so 8% is a little too high. It's like the 6% range in 4Q, so something must be coming off in the prior year.

好的。好的。是的，我說錯了。我的意思是，當我們在 8 月份加息 200 個基點時，我的漲幅可能接近 8%。這正是我的意思。所以謝謝你讀懂我的想法。但是——所以 8% 有點太高了。這就像第四季度的 6% 範圍，所以前一年肯定有所下降。

Correct. We took 1.4% in November of last year, which will roll off.

正確的。我們在去年 11 月取得了 1.4% 的利率，該利率將下降。

Okay. So 6% as you get into 4Q? And then if you don't take price for 1Q of next year, you get down -- you'd be around 4%, something like that in February?

好的。那麼進入第四季度時是 6% 嗎？然後，如果你不考慮明年第一季度的價格，你就會下降——你會在 4% 左右，就像 2 月份那樣？

This is about right. We're going to lose about 2%, 2.5% of pricing that would come off in kind of mid-January.

這是對的。我們將損失大約 2%，2.5% 的定價將在 1 月中旬出現。

Okay. Perfect. So I just wanted to level-set that so we can get the comp, right? And is there anything -- yes.

好的。完美的。所以我只是想對其進行水平設置，以便我們可以獲得補償，對嗎？還有什麼——是的。

And just to make sure I have the right Q4 number, it's 6.5%. So that's the full number.

為了確保我有正確的 Q4 數字，它是 6.5%。這就是完整的數字。

That's super helpful. And can you just talk a little bit about the contract then of mix and traffic in terms of the almost 9% comp in 3Q and traffic was quite a bit less than -- or excuse me, price was less than that. So how is mix and traffic playing out.

這非常有幫助。你能不能談談第三季度近 9% 的組合和流量的合同，流量比——或者對不起，價格比那個低很多。那麼混合和流量如何發揮作用。

We -- so it's a great question. We are still seeing more guests per check and more incidents, higher incidents in our checks. So people and guests are coming into our restaurants, they're spending more. So there's an element of better mix that we're seeing in our checks because our check is higher than just the pricing alone. So we're getting an additional benefit from the increased mix to go along with the pricing.

我們 - 所以這是一個很好的問題。我們仍然看到每張支票有更多的客人和更多的事件，我們的支票中的事件更多。所以人們和客人來到我們的餐廳，他們花費更多。因此，我們在支票中看到了更好的組合元素，因為我們的支票高於單獨的定價。因此，我們從增加的組合中獲得了額外的好處，以配合定價。

Okay. And then just a final one, Greg, I also found your supplier commentary pretty fascinating. So is there anything in the underlying health of that business getting more back on track in terms of like stuff getting to you on time and there were substitutes and out of stocks, which I guess, to your point, made you kind of reinvent certain things like around the chicken wings that's interesting. Can you just talk about the delivery times and the product they're bringing and how that's trending.

好的。然後是最後一個，格雷格，我還發現您的供應商評論非常有趣。那麼，在該業務的潛在健康狀況中，是否有任何東西可以在準時到達您手中並且有替代品和缺貨方面更多地回到正軌，我想，就您而言，這讓您重新發明了某些東西就像有趣的雞翅周圍一樣。你能談談交貨時間和他們帶來的產品以及它們的趨勢嗎？

And again, just cover that mid-teens margin otherwise and then another 200 basis points, I mean that's pretty outstanding but yet you maybe would invest against that. Is that the way to think about that? I just want to get that conclusion right.

再說一次，只需支付十幾歲左右的利潤率，然後再支付 200 個基點，我的意思是這非常出色，但你可能會對此進行投資。是這樣想的嗎？我只想得到正確的結論。

Yes. So let me handle a couple of those things. So on the distribution side, things are continually improving. They are not perfect by any means, but they are getting better. And the things that you hear about in the airline industry, to the hotel industry, to the restaurant industry, that being also seen in the distribution or trucking industry in regards to drivers or things coming out of processing plants and so forth. But it is getting better, and it's moving in the right direction for everybody. So I do think going into next year, we're going to see even more consistency there and not having to worry about substitutions and out-of-stock areas. So that's the first part.

是的。所以讓我來處理其中的一些事情。因此，在分銷方面，情況正在不斷改善。他們無論如何都不完美，但他們正在變得更好。你在航空業、酒店業、餐飲業中聽到的事情，在分銷或卡車運輸業中也可以看到關於司機或加工廠出來的東西等等。但它正在變得更好，並且它正朝著對每個人都正確的方向發展。所以我確實認為進入明年，我們將在那裡看到更多的一致性，而不必擔心替代品和缺貨區域。這是第一部分。

It's not back to where we want to be, but it's getting better every day just like our restaurant staffing levels continue to get better. And then in regards to margins, the hard thing with discussing margins at times is people want to talk about margins outside or absent of sales levels. And this business leverages or deleverages a lot based on sales levels. So when we talk about the 200 basis points that we're going after, a lot of that is based on where we are today. But I can tell you, if our sales stay exactly where they are today and don't grow next year, the 200 basis points won't necessarily show up in a positive way per se, on our P&L because we'll deleverage from other inflationary costs. So we need to grow top line sales. I think everybody in this industry sometimes just thinks about margins as such an independent variable versus being a dependent variable on sales.

它並沒有回到我們想要的狀態，但它每天都在變得更好，就像我們的餐廳員工水平不斷提高一樣。然後關於利潤率，有時討論利潤率的困難是人們想談論銷售水平之外或不存在的利潤率。而且這項業務根據銷售水平大量槓桿化或去槓桿化。因此，當我們談論我們追求的 200 個基點時，其中很多是基於我們今天所處的位置。但我可以告訴你，如果我們的銷售額保持在今天的水平並且明年不會增長，那麼 200 個基點本身不一定會以積極的方式出現在我們的損益表上，因為我們會從其他方面去槓桿化通貨膨脹成本。所以我們需要增加收入。我認為這個行業的每個人有時只是將利潤率視為獨立變量而不是銷售的因變量。

So when we talk about our capital allocation programs, we want to make sure we're investing in remodels because it drives top line sales. We want to be investing in our menu. We want to invest in marketing and so forth to drive all that top line sales that moved margins naturally up on the fixed cost and then, again, leverage some of these other initiatives on top so that we can be above mid-teens.

因此，當我們談論我們的資本分配計劃時，我們希望確保我們投資於改造，因為它可以推動頂線銷售。我們想投資於我們的菜單。我們希望投資於營銷等方面，以推動所有能夠自然提高固定成本利潤率的頂級銷售，然後再次利用其中一些其他舉措，以便我們能夠超過十幾歲。

We will always do -- I think you've set a really great point there. and that is we will always invest back into our restaurants or back into our guests for the long-term nature of our business or the long-term value that you get from the guests coming back. So as we look at certain things, I will tell you on the call if you're familiar with our company, we could go a frozen salmon, we taste the frozen salmon in our test kitchen downstairs, and we could save money on frozen salmon versus fresh salmon. Our fresh salmon is so good. I would ask everybody to go to BJ's restaurant and get our salmon. The way we cook it, it's unbelievable.

我們將永遠這樣做——我認為你在那裡提出了一個非常好的觀點。那就是為了我們業務的長期性質或您從回來的客人那裡獲得的長期價值，我們將始終投資於我們的餐廳或我們的客人。因此，當我們考慮某些事情時，如果你熟悉我們公司，我會在電話中告訴你，我們可以去冷凍三文魚，我們在樓下的測試廚房品嚐冷凍三文魚，我們可以在冷凍三文魚上省錢與新鮮鮭魚相比。我們的新鮮三文魚非常好吃。我會請大家去 BJ 的餐廳吃我們的鮭魚。我們烹飪的方式令人難以置信。

And you can tell the difference between frozen and fresh. We use fresh ground beef for our burgers. We can taste the difference between frozen and fresh. So we're always going to err on the side of quality to drive our business long term.

你可以分辨冷凍和新鮮的區別。我們的漢堡使用新鮮的碎牛肉。我們可以品嚐到冷凍和新鮮的區別。因此，我們總是會在質量方面犯錯，以長期推動我們的業務。

And Nicole, just to -- I want to make sure we get the pricing levels out there. So for the quarters this year, just so everybody has them, we were up about 5% year-over-year in Q1 and then about 6% for Q2, Q3 and Q4. So about 6% is the -- where we've been for Q2, Q3 and Q4 as we've taken price and lapped price.

妮可，只是為了 - 我想確保我們在那裡獲得定價水平。因此，對於今年的幾個季度，每個人都有，我們在第一季度同比增長約 5%，然後在第二季度、第三季度和第四季度增長約 6%。因此，大約 6% 是——我們在第二季度、第三季度和第四季度去過的地方，因為我們已經採用了價格和重疊價格。

And we'll move to our next question from (inaudible).

我們將從（聽不清）轉到下一個問題。

Great. I wanted to circle back to recent top line trends. Your results suggest some nice acceleration in comps exiting Q3. So wondering if you could share some perspective on what you think drove the strength in comps exiting the quarter? And then perhaps why you think the underlying growth versus pre-pandemic or 2019 settled a bit here in October when including the impacts of the hurricane? And then just are you willing to share what the quarter-to-date figure would be including the impact of the hurricane, just to level-set us there?

偉大的。我想回到最近的頂級趨勢。您的結果表明退出第三季度的補償有一些不錯的加速。所以想知道您是否可以就您認為推動退出本季度的 comp 實力的因素分享一些觀點？然後也許為什麼你認為潛在增長與大流行前或 2019 年相比在 10 月份有所穩定，包括颶風的影響？然後，您是否願意分享季度至今的數字，包括颶風的影響，只是為了讓我們在那裡保持水平？

Yes. I'll take the first part on this. We are looking at that as well, trying to look at the business and see the nice comp sales, and it's come down a little bit in Q3, so obviously very solid comp sales in the mid-single digits in the 6-plus percent range, as Tom talked about. And looking at the business and trying to understand the business a little bit, I think what we saw, and this is a little bit of the data and what we've seen in front of us is during the latter 2 months of the summer time frame, we started -- we saw larger parties.

是的。我將首先介紹這一點。我們也在關注這一點，試圖審視業務並看到不錯的 comp 銷售額，並且它在第三季度有所下降，所以顯然非常穩健的 comp 銷售額在 6% 以上的中個位數範圍內，正如湯姆所說。看看業務並嘗試稍微了解一下業務，我想我們所看到的，這是一些數據，我們看到的是夏季後兩個月的數據框架，我們開始了——我們看到了更大的聚會。

I think it's what you see in kind of the leisure and hospitality world where people wanted to take trips, they want to get on airplanes, they want to get to hotels and spend that kind of leisure and hospitality. And so our guests per check was higher in the summer months and -- versus where our guests per check is now. And it seems like that's probably a little bit of a difference in our business between where we ended Q3 and where we are today.

我想這就是你在休閒和款待世界中看到的，人們想去旅行，他們想坐飛機，他們想住酒店，享受那種休閒和款待。因此，我們的客人在夏季的每張支票更高，而且 - 與我們現在的客人每張支票相比。看起來這可能與我們在第三季度末的業務和今天的業務有所不同。

And what we're seeing when we look at that is we're really seeing a return to kind of pre-COVID trends. And that is, as we get back into the October time frame, sales bottom out a little bit and we start to grow a little bit in the holiday time frame. And that tends to be what we've seen in our business. Now as Tom mentioned, when we look at incidents per check or incidents per guest, those are still high. We're still selling a lot of appetizers, back above 2019 level. We're still selling more alcoholic beverages above 2019 levels. So that incident seems pretty much in line there. It's just the party size has actually gone down a little bit, going into kind of the end of Q3 and here into Q4. And then in regards to comps, I'll let Tom take it, but it's getting less and less every day. So I think what we're trying to talk about this is kind of where we see a run rate, but Tom, anything you want to add to that?

當我們看到這一點時，我們看到的是我們真的看到了一種 COVID 前趨勢的回歸。也就是說，當我們回到 10 月的時間框架時，銷售額略有觸底，我們在假期時間框架內開始略有增長。這往往是我們在我們的業務中看到的。正如 Tom 所提到的，當我們查看每張支票的事件或每位客人的事件時，這些仍然很高。我們仍在銷售大量開胃菜，回到 2019 年的水平之上。我們仍在銷售超過 2019 年水平的更多酒精飲料。所以那件事似乎很符合那裡。只是派對規模實際上有所下降，進入第三季度末和第四季度。然後關於補償，我會讓湯姆接受它，但它每天都在變得越來越少。所以我認為我們試圖談論的是我們看到運行率的地方，但是湯姆，你想補充什麼嗎？

Yes. The most impacted week was the first week. This is about the hurricane Ian question you had. Our first week of October was the most impacted, and it was about a 100 basis point impact to comp that week. So we're 3 weeks in, so it would have weighed about, call it, 30 bps or so on this 3-week window, rolling it out through the quarter, it won't be material, but I just wanted to kind of adjust for it for these early weeks as it's more material for just looking over 3 weeks.

是的。受影響最大的一周是第一周。這是關於颶風伊恩的問題。我們 10 月的第一周受到的影響最大，那一周的影響大約為 100 個基點。所以我們已經進行了 3 週，所以它會在這個 3 週的窗口中稱重約 30 個基點左右，在整個季度推出，這不會很重要，但我只是想有點在最初的幾週對其進行調整，因為它更適合僅查看 3 週以上的內容。

And we'll go to our next question from Joshua Long with Stephens Inc.

我們將轉到 Stephens Inc. 的 Joshua Long 的下一個問題。

Just wanted to circle back, you might have mentioned it, and if so, I missed it, but when you talked about trends through the quarter, from an average weekly sales basis, was that relatively steady? I think that's what we had talked about in 2Q, but just curious if there was any sort of upward/downward trajectory during the quarter from an average weekly sales basis?

只是想回過頭來，你可能已經提到了，如果是的話，我錯過了，但是當你談到整個季度的趨勢時，從平均每週銷售的角度來看，它是否相對穩定？我認為這就是我們在第二季度討論的內容，但只是好奇本季度平均每週銷售額是否有任何向上/向下的軌跡？

Josh, not really. I think it all really played out much more seasonally like we'd expect. So when you're talking about average weekly sales, it's going to be higher in July and August than it was in September after Labor Day. And so we saw that historical seasonal trends come back into our business. And I think that's the way we're tending to look at even here in Q4 is the business now reminds us a lot of how 2019 weekly sales average trends played out. Because the difference is, obviously, we got the inflation and supplier challenges, et cetera, that we didn't have in '18 or '19. But from a top line sales perspective, very consistent, and I would even say off-premise trends tend to work the same way as well, meaning after Labor Day, off-premise sales came down, same percentage of sales but came down to kind of match up a little bit with the weekly sales -- the seasonality of sales trends.

喬希，不是真的。我認為這一切真的像我們預期的那樣更具季節性。因此，當你談論平均每週銷售額時，7 月和 8 月的銷售額會高於勞動節後的 9 月。因此，我們看到歷史季節性趨勢重新回到我們的業務中。而且我認為即使在第四季度，我們也傾向於這樣看待現在的業務，這讓我們想起了很多 2019 年每週銷售平均趨勢是如何發揮作用的。因為很明顯，不同之處在於，我們遇到了 18 年或 19 年沒有的通貨膨脹和供應商挑戰等等。但從頂線銷售的角度來看，非常一致，我什至會說場外趨勢也傾向於以同樣的方式運作，這意味著在勞動節之後，場外銷售額下降了，銷售額的百分比相同，但下降到同類與每週銷售量有點匹配——銷售趨勢的季節性。

Got it. That's helpful. And then when thinking about some of the large investments you made in your human capital side earlier in the year with, I think, something around the nature of 6,000 hires. It sounds like that's progressing well from getting those team members ramped up and you're relatively pleased with efficiency. Any sort of additional comments you can provide there? And then when we think about the need to add on or supplement some of those efforts with ongoing hiring and efforts at the store level. Can you put that in perspective? Is it -- are we in kind of a more normalized range now where those additions would be balanced against some of the seasonal trends we're seeing and just kind of the normal backfilling of the pipeline as it were?

知道了。這很有幫助。然後，在考慮今年早些時候您在人力資本方面進行的一些大型投資時，我認為大約有 6,000 名員工的性質。這聽起來像是讓這些團隊成員成長起來的進展順利，而且你對效率也比較滿意。您可以在那裡提供任何其他評論嗎？然後，當我們考慮需要通過在商店級別持續招聘和努力來增加或補充其中一些努力時。你能正確看待這個問題嗎？是嗎 - 我們現在是否處於一個更加正常化的範圍內，這些增加將與我們看到的一些季節性趨勢以及管道的正常回填相平衡？

Yes, that's a good way to frame it up, Josh. The improvements we saw over the quarter, I mean, it certainly was great to see everything from training and overtime start to get back to normalized levels, still not exactly back to 2019 pre-COVID levels, but much closer to it. So as we think of the new team members that we hired in Q2 that we talked about, the big ramp-up in our staffing, we're really starting to see the efficiencies now in really the third quarter we saw in the numbers, but into the fourth quarter here. So -- and I would say it's much more back to regular seasonal times.

是的，這是構建它的好方法，Josh。我們在本季度看到的改進，我的意思是，很高興看到從培訓和加班開始恢復到正常水平的一切，雖然仍然不完全回到 2019 年 COVID 前的水平，但更接近它。因此，當我們想到我們談到的第二季度僱傭的新團隊成員時，我們的員工人數大幅增加，我們現在真的開始看到我們在第三季度的數字中看到的效率，但是在這裡進入第四季度。所以 - 我會說它更多地回到了正常的季節性時間。

We increased our sales going into Q4, and we typically staff up a bit more ahead of the holiday. So it's -- we definitely want to keep adding to our team member base so we can drive the most sales as possible in Q4, but it feels much more seasonal than anything (inaudible) pandemic related.

我們在第四季度增加了銷售額，而且我們通常會在假期前增加一些員工。所以它 - 我們肯定希望繼續增加我們的團隊成員基礎，以便我們可以在第四季度盡可能多地推動銷售，但它感覺比任何（聽不清）與大流行相關的東西都更具季節性。

Got it. That's helpful. And then last one for me. In terms of thinking about 4Q, am I correct in that there's going to be a 14 -- or an extra week to 14 weeks in the 4Q period? And if that is correct, anything you'd point to or talk about in terms of leveraging that extra week, especially as we lap over what might have been kind of a partially impacted 4Q from Omicron last year?

知道了。這很有幫助。然後最後一個給我。關於第 4 季度的思考，我是否正確，因為第 4 季度會有 14 週或額外的一周到 14 週？如果這是正確的，那麼在利用額外的一周方面，你會指出或談論任何事情，特別是當我們繞過去年 Omicron 可能受到部分影響的第四季度時？

Yes, you're correct. We do have a 53rd week here. And as we forecasted, it is looking back to last year, but also looking back to the trends of '19, which seasonally, we can see where we leverage the fixed cost. You get some leverage on the labor lines, you get some leverage on the -- more the fixed elements of the restaurant costs and corporate costs in that -- just from the seasonal benefit of sales, but then also some of those fixed costs as well into the 53rd peak. So as we guided on the restaurant level margins, that was inclusive of that benefit we'd expect.

是的，你是對的。我們在這裡度過了第 53 週。正如我們預測的那樣，它回顧了去年，同時也回顧了 19 年的趨勢，從季節性來看，我們可以看到我們在哪裡利用固定成本。你對勞動力線有一些影響力，你對——更多的餐廳成本和公司成本的固定因素——只是從銷售的季節性收益中獲得一些影響力，但也有一些固定成本進入第五十三峰。因此，當我們指導餐廳層面的利潤率時，這包括了我們預期的收益。

And now we'll go to a question from Todd Brooks with The Benchmark Company.

現在我們將回答 The Benchmark Company 的 Todd Brooks 提出的問題。

Just a couple of wrap-up questions here, if I could. On the 200 basis points of savings from your cost and efficiency work. If you -- if we look at a recovering sales environment, what's the window to harvest those savings? How long does it really take to extract those if the sales are improving?

如果可以的話，這裡只是幾個總結性問題。基於成本和效率工作節省的 200 個基點。如果你 - 如果我們看看正在復甦的銷售環境，收穫這些儲蓄的窗口是什麼？如果銷售有所改善，真正需要多長時間才能提取這些信息？

Yes. It's probably through the first half of next year or so. Some of the things will come in faster. Some will take time to roll out. And Todd, we've talked in the past even about the wings. And we've been talking about the wings probably about 90 days, and we were just able to get them through supply chain here in October. So as we go through and test some other items that we have out there and things that we're looking at to get those lined up and supply chain and rolled out, take longer, then wow, this is great, it can be implemented by Wednesday of next week, meaning we can get it done in 7 days. So I tend to look at that aspect of it.

是的。大概要到明年上半年左右。有些東西會來得更快。有些需要時間才能推出。托德，我們過去甚至談過翅膀。我們一直在談論機翼大約 90 天，我們才能夠在 10 月份通過這裡的供應鏈獲得它們。因此，當我們檢查並測試我們現有的其他一些項目以及我們正在尋找的東西以使這些項目排隊和供應鏈並推出時，需要更長的時間，然後哇，這太棒了，它可以通過以下方式實施下星期三，這意味著我們可以在 7 天內完成。所以我傾向於看它的那個方面。

At the same time, Tom has talked about the labor scheduling system and things that we put in place there, and we've seen some really nice improvement on labor. I think even to the other question that Josh asked the fact that we've gotten ourselves staff and team members have gotten their sea legs under them, that's improved our operational capability as well in the restaurants. But we still have some areas to go there as well that will continue to work through. So I think it's a gradual roll-in over the next 2 to 3 quarters, including Q4 here.

與此同時，Tom 談到了勞動力調度系統和我們在那裡實施的事情，我們看到了勞動力方面的一些非常好的改進。我認為即使是喬什問的另一個問題，我們已經讓自己的員工和團隊成員得到了他們的支持，這也提高了我們在餐廳的運營能力。但是我們還有一些領域需要去那裡，這些領域將繼續努力。所以我認為這是在接下來的 2 到 3 個季度內逐步推出的，包括這裡的第四季度。

Perfect. That's helpful. Another quick one. The 6 openings that are targeted for next year. Are there any, as of now anticipated closures against those? And do you have a kind of a quarterly opening cadence beyond the 2 that you're sliding into early Q1?

完美的。這很有幫助。另一個快速的。明年的 6 個空缺職位。截至目前，是否有任何預期的關閉措施？你是否有一種季度開放節奏超過你進入第一季度初的 2？

As far as the opening cadence, I think we're looking at 2 in the first quarter. I don't know, look towards Greg Lynds and Tom here. In regards to closures, we've got a couple of leases that we're continuing to take a look at and we'll make decisions on them. Most of them are leases coming up at the end of the year, and we're just trying to figure out, do we stick with that or do we relocate them in another area. As far as our legacy small footprint restaurants, I think there's a handful of those that as those come up, we will continue to evaluate those as well. But there is no initiative in place as of today that says, let's go and close 10 restaurants. It's mainly about the lease negotiations on a few restaurants here and there, but nothing too significant or too material.

至於開場節奏，我認為我們在第一季度看到了 2。我不知道，看這裡的 Greg Lynds 和 Tom。關於關閉，我們有幾個租約，我們將繼續研究這些租約，我們將對它們做出決定。他們中的大多數是年底即將到來的租約，我們只是想弄清楚，我們是堅持下去還是將它們搬遷到另一個地區。至於我們傳統的小型餐廳，我認為其中有一些會出現，我們也將繼續對其進行評估。但到目前為止，還沒有任何倡議說，讓我們去關閉 10 家餐廳。它主要是關於一些餐館的租賃談判，但沒有太重要或太重要。

Okay. Great. And then just a final one for me. Greg, on the last call, you hinted at continued work around menu rationalization and going through and testing some changes there. I guess where does that process stand? And if you are making any changes to shrink the menu, when should we expect to see that?

好的。偉大的。然後對我來說只是最後一個。 Greg，在上次通話中，您暗示要繼續圍繞菜單合理化開展工作，並在那裡進行一些更改並進行測試。我想這個過程在哪裡？如果您要進行任何更改以縮小菜單，我們應該在什麼時候看到？

Great question, Todd. We do have in restaurants right now a smaller menu. I think we reduced somewhere in the neighborhood of about 20-plus menu items, some single source items, some kind of SKU rationalizations and so forth. We will let that test for somewhere in the neighborhood of 3 to 6 months and taking a look at that. And based on that work there, we would see -- if it's fruitful and where we want to go with it. We'd end up seeing a smaller menu somewhere towards the middle of next year. We generally roll out new menus in the January time frame because that's our menu pricing. We do have pricing somewhere in the May, June time frame. And then as we just did it this year, we do a new menu in the kind of September, October time frame. So right now, a smaller menu is not scheduled for the January time frame. We'll let the test through the holiday time frame. So if we ended up with a smaller menu, that would come in the June time frame.

好問題，托德。我們現在在餐館裡確實有一個較小的菜單。我認為我們減少了大約 20 多個菜單項、一些單一來源項目、某種 SKU 合理化等等。我們將讓該測試在 3 到 6 個月左右的某個時間段內進行，然後進行查看。基於那裡的工作，我們將看到 - 它是否富有成果以及我們想要去哪裡。我們最終會在明年年中的某個地方看到一個較小的菜單。我們通常在一月份推出新菜單，因為這是我們的菜單定價。我們確實在 5 月、6 月的某個時間段內定價。然後就像我們今年所做的那樣，我們在 9 月、10 月的時間框架內製作了一個新菜單。所以現在，一月份的時間範圍內沒有安排一個較小的菜單。我們會讓測試通過假期時間框架。因此，如果我們最終得到一個較小的菜單，那將在 6 月的時間框架內出現。

I will say this though, just in general, we need to bring down that menu so we can introduce new menu items that our culinary team is building in the pipeline. So more likely than not, come June time frame, we will see a smaller menu. But at the same time, it might not be a -- it might not be 20, it might be a net 15 because we might end up introducing 5 new items at that time.

不過，我要說的是，總的來說，我們需要降低該菜單，以便我們可以引入我們的烹飪團隊正在構建的新菜單項。所以更有可能的是，在 6 月的時間框架內，我們會看到一個更小的菜單。但與此同時，它可能不是——可能不是 20 個，可能是淨 15 個，因為那時我們可能最終會引入 5 個新項目。

Our last question comes from Brian Mullan of Deutsche Bank.

我們的最後一個問題來自德意志銀行的 Brian Mullan。

Just a question on the late night business. Wondering what level of sales have you recaptured versus 2019 as of the third quarter? I'm just curious if you decided -- if all those operating hours are back? Or if maybe you made a decision that some of them might not come all the way back based on any analysis, I know in the past you were looking at.

只是一個關於深夜業務的問題。想知道截至第三季度，與 2019 年相比，您重新獲得了什麼水平的銷售額？我只是好奇你是否決定——如果所有的營業時間都回來了？或者，如果您根據任何分析做出決定，其中一些人可能不會一路回來，我知道您過去一直在看。

Sure. So the afternoon daypart has been the one that's outperformed all others throughout this pandemic time. And in Q3, late night was a very, very close second. And that's without increasing any hour. So we're still -- we're about a half an hour per restaurant on average less per day. So it is -- it is the late-night daypart that we just haven't increased hours in a lot of our restaurants. And some of that is making sure we're doing the right thing for our team members and our managers and balancing it from the sales we'd expect, but even without that extra, call it, half an hour, the positive comp sales on a 3-year basis -- in some weeks, it's higher than afternoon. Sometimes it's right below. But our late night daypart is very well performing.

當然。因此，在整個大流行期間，下午時段的表現優於所有其他時段。在第三季度，深夜緊隨其後。而且這還沒有增加任何時間。所以我們仍然 - 我們平均每天每家餐廳的時間減少了大約半小時。就是這樣——正是在深夜時段，我們很多餐廳都沒有增加營業時間。其中一些是確保我們為我們的團隊成員和我們的經理做正確的事情，並將其與我們預期的銷售額相平衡，但即使沒有額外的，稱之為半小時，積極的補償銷售以 3 年為基礎 - 在某些星期內，它高於下午。有時它就在下面。但是我們的深夜時段表現非常好。

Okay. So just to clarify, is the late night average weekly sales back to where they were in 2019 in some total? Or is there still ....

好的。那麼澄清一下，深夜平均每週銷售額是否總體上回到了 2019 年的水平？還是還有……

Yes. (inaudible). Go ahead.

是的。 （聽不清）。前進。

Go ahead.

前進。

I just wanted to make sure that was better clear that, yes, on a comp basis versus '19, yes, we're well above 2019 levels currently on a dollar basis.

我只是想確保更清楚一點，是的，與 19 年相比，是的，我們目前以美元為基礎遠高於 2019 年的水平。

Got it. And then just a follow-up, a similar question, but just the lunch business. I know you referred to the afternoon daypart, I don't know if that's separate, but could you just speak to the lunch business for 2019? Is that all the way back? And if not, are there some initiatives that you can proactively look at to drive that business specifically next year and beyond?

知道了。然後只是一個後續問題，一個類似的問題，但只是午餐業務。我知道你提到了下午的時段，我不知道那是否是分開的，但你能談談 2019 年的午餐業務嗎？是一路回來嗎？如果沒有，您是否可以主動考慮一些舉措來推動明年及以後的業務發展？

Yes. It's back to 2019 levels. We're happy about there. We did come out with a $10, $11 lunch menu. So we've got some great value in there. So we're getting the traffic back. But it's -- part of it is the -- as dayparts go in the middle of the week, if people aren't back in the offices, they're not fully using casual dining for this lunch business. So it is back to 2019 levels. But in terms of growth, I think as you see the -- more people come back to offices, that only gives more tailwind to that lunch business.

是的。它回到了 2019 年的水平。我們在那裡很開心。我們確實推出了 10 美元、11 美元的午餐菜單。所以我們在那裡有一些很大的價值。所以我們正在恢復流量。但它是 - 部分原因是 - 隨著一周中的休息時間，如果人們沒有回到辦公室，他們就不會在午餐業務中充分利用休閒餐飲。所以它回到了 2019 年的水平。但就增長而言，我認為正如你所看到的——更多的人回到辦公室，這只會給午餐業務帶來更多的順風。

And so that does conclude today's question-and-answer session and today's call. Thank you for your participation. You may now disconnect.

今天的問答環節和今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。

Thank you, everyone.

謝謝大家。

Thank you.

謝謝你。