Bloomin' Brands Inc (BLMN) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Bloomin’ Brands fiscal first quarter 2026 earnings conference call. (Operator Instructions) It is now my pleasure to introduce your host, Ms. Tara Kurian, Senior Vice President, IR, FP&A, and International. Thank you, Ms. Kurian. You may begin.

各位好，歡迎參加 Bloomin’ Brands 2026 會計年度第一季財報電話會議。(接線員指示) 現在我很榮幸介紹本次會議主持人：投資人關係、FP&A 與國際業務資深副總裁 Tara Kurian 女士。謝謝您，Kurian 女士。您可以開始了。

Thank you. Good morning, everyone. With me on today’s call are Michael Spanos, our Chief Executive Officer, and Eric Christel, Executive Vice President and Chief Financial Officer. By now, you should have access to our fiscal first quarter 2026 earnings release and our investor presentation slides, both of which can be found on our website at www.bloominbrands.com in the Investors section. Throughout this conference call, we will be presenting results on an adjusted basis.

謝謝。各位早安。今天與我一同出席電話會議的有：我們的執行長 Michael Spanos，以及執行副總裁兼財務長 Eric Christel。目前各位應已可取得我們 2026 會計年度第一季財報新聞稿與投資人簡報投影片，兩者皆可於我們網站 www.bloominbrands.com 的 Investors（投資人）專區查閱。在本次電話會議中，我們將以調整後（adjusted）基礎呈報結果。

An explanation of our use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures appear in our earnings release and investor presentation on our website, as previously described.

關於我們使用非 GAAP 財務衡量指標的說明，以及與最直接可比較之 GAAP 指標的調節表，均如先前所述，載於我們網站上的財報新聞稿與投資人簡報中。

Before we begin formal remarks, I’d like to remind everyone that part of our discussion today will include forward-looking statements, including a discussion of recent trends. These statements are subject to numerous risks and uncertainties that could cause actual results to differ in a material way from our forward-looking statements. Some of these risks are mentioned in our earnings release. Others are discussed in our SEC filings, which are available at www.sec.gov.

在開始正式發言前，我想提醒各位，我們今天的部分討論將包含前瞻性陳述，包括對近期趨勢的討論。這些陳述受多項風險與不確定性影響，可能導致實際結果與前瞻性陳述出現重大差異。其中部分風險已在我們的財報新聞稿中提及。其他風險則載於我們的 SEC 申報文件，可於 www.sec.gov 查閱。

During today’s call, we’ll provide a brief recap of our financial performance for the fiscal first quarter 2026, current thoughts on fiscal 2026 guidance, and an update on our turnaround strategy. Once we’ve completed these remarks, we’ll open the call up for questions.

在今天的電話會議中，我們將簡要回顧 2026 會計年度第一季的財務表現、目前對 2026 會計年度財測指引的看法，以及我們轉型策略的最新進展。在完成上述說明後，我們將開放提問。

With that, I would now like to turn the call over to Michael Spanos.

接下來，我想把電話交給 Michael Spanos。

Thanks, Tara. Hey, good morning, everyone. On today’s call, I will discuss our first quarter results and provide an update on our turnaround strategy. Eric will then review the financials and our guidance. I want to start by thanking our teams in the restaurants and the restaurant support center for their hard work and dedication to our business and our guests. They supported their local communities by operating safely during some challenging weather conditions this quarter. The team focused on controlling what they could control, delivering a great experience to our guests while also driving productivity.

謝謝你，Tara。各位早安。在今天的電話會議上，我將討論第一季的業績並更新我們的轉型策略。接著 Eric 會回顧財務數字與我們的指引。我想先感謝餐廳第一線團隊以及餐廳支援中心同仁，為我們的業務與顧客所付出的努力與投入。本季在一些具挑戰性的天候狀況下，他們仍以安全方式營運並支持在地社區。團隊專注於可控事項，在提升生產力的同時，為顧客提供優質體驗。

Turning to our first quarter results. We launched our turnaround strategy in Q4 of last year with a focus on consistent execution across food, service, experience, and value to deliver a great guest experience at Outback Steakhouse.

接著談第一季的結果。我們在去年第四季啟動轉型策略，聚焦於在餐點、服務、體驗與價值上維持一致的執行力，以在 Outback Steakhouse 提供卓越的顧客體驗。

This focus is driving improvement in underlying guest metrics, reinforcing our belief that we are on the right track to deliver sustainable traffic and profit growth. Outback’s guest metric scores increased year-over-year for the third consecutive quarter. In Q1 of this year compared to Q1 of last year, Outback’s brand trust increased by 4 points.

這項聚焦正推動顧客核心指標改善，強化我們的信心：我們正走在正確道路上，可帶來可持續的來客數與獲利成長。Outback 的顧客指標分數已連續第三季年增。今年第一季相較去年第一季，Outback 的品牌信任度提升了 4 個點。

Guest scores increased across service by 6 points, value by 5 points, atmosphere by 5 points, food by 4 points, and intent to return by 4 points. Given that our average guest visits approximately twice per year, we expect the cumulative impact of these initiatives to become increasingly visible in traffic momentum as more guests experience the improvements we have made. I will share more detail of our progress shortly.

顧客評分在各面向皆提升：服務 +6 點、價值 +5 點、氛圍 +5 點、餐點 +4 點，以及再訪意願 +4 點。鑑於顧客平均每年約來店兩次，我們預期隨著更多顧客體驗到我們所做的改善，這些措施的累積效果將在來客動能上愈發明顯。稍後我會分享更多進展細節。

Our Q1 US comparable restaurant sales were positive 90 basis points with traffic down 180 basis points. We experienced approximately 240 basis points of weather impact this year, driven by the winter storms experienced in the earlier part of the quarter.

我們第一季美國同店銷售為正成長 90 個基點，但來客數下滑 180 個基點。今年我們約受到 240 個基點的天候影響，主要來自本季前段的冬季風暴。

This was lapping approximately 130 basis points of negative impact from Q1 last year. Although we trailed the industry as defined by Black Box by 30 basis points on comp sales and 70 basis points on traffic, we continue to narrow the gap versus the industry each quarter.

而去年第一季約有 130 個基點的負面影響作為比較基期。雖然以 Black Box 定義的產業口徑來看，我們同店銷售落後 30 個基點、來客數落後 70 個基點，但我們持續在每一季縮小與產業的差距。

We remain focused on improving the what you get for what you pay for value equation, which is driven by consistent execution in the restaurant, combined with offering affordable entry price points to meet the guests where they are economically across all of our casual dining brands. Outback’s Q1 comp sales were down 30 basis points, with traffic down 240 basis points.

我們仍專注於改善「付出多少、得到多少」的價值方程式；這來自餐廳端一致的執行力，並結合具可負擔性的入門價格帶，以在我們所有休閒餐飲品牌中，因應顧客當前的經濟狀況。Outback 第一季同店銷售下滑 30 個基點，來客數下滑 240 個基點。

As we mentioned in our previous earnings call, in comparison to Q4 2025, we adjusted our offers in 2026 to be more balanced across check average and traffic. Outback continues to drive traffic and loyalty from the Aussie 3-Course offering, with about 60% of our guests trading up from the entry price point of $14.99 and into the higher tiers of $17.99 and $20.99, and approximately 20% trading up on the dessert option.

如同我們在上一季財報電話會議提到的，相較於 2025 會計年度第四季，我們在 2026 年調整了促銷方案，使其在客單價與來客數之間更為平衡。Outback 持續透過 Aussie 3-Course（澳式三道式）方案帶動來客與忠誠度；約 60% 的顧客會從 14.99 美元的入門價位升級至 17.99 美元與 20.99 美元的更高級距，另約 20% 的顧客會在甜點選項上加價升級。

Carrabba’s comp sales were up 130 basis points, with traffic of negative 270 basis points. This is the fifth consecutive quarter that Carrabba’s drove positive same-store sales growth, driven by their continued focus on the in-restaurant experience. From experiential wine dinners to revamped happy hour and a recently launched day-of-week offers, we are seeing positive results and guest satisfaction.

Carrabba’s 同店銷售成長 130 個基點，來客數為負 270 個基點。這是 Carrabba’s 連續第五季達成正向同店銷售成長，主要受惠於其持續聚焦店內體驗。從體驗式葡萄酒晚宴、重新打造的歡樂時光（happy hour），到近期推出的「每週特定日」優惠，我們看到正向成果與顧客滿意度提升。

Bonefish’s comp sales were up 610 basis points, with traffic of positive 300 basis points. Bonefish has steadily improved traffic growth, driven by the team’s focus on compelling day-of-the-week offers like Martini Mondays and Bang Wednesdays and prix fixe lunch affordability offers.

Bonefish 同店銷售成長 610 個基點，來客數成長 300 個基點。Bonefish 的來客成長持續穩步改善，主要由團隊聚焦具吸引力的「每週特定日」優惠所帶動，例如 Martini Mondays 與 Bang Wednesdays，以及固定價格（prix fixe）的平價午餐方案。

Fleming’s comp sales were up 80 basis points, with traffic down 290 basis points, reflects the seventh consecutive quarter with positive comp sales growth. Team has capitalized on special occasions and created experiential events with approachability to drive demand while remaining focused on elevating service to create memorable experiences for our guests.

Fleming’s 同店銷售成長 80 個基點，來客數下滑 290 個基點，反映其已連續第七季同店銷售正成長。團隊掌握特殊慶祝場合，並打造更親民、具體驗感的活動以帶動需求，同時持續專注提升服務，為顧客創造難忘體驗。

I would now like to update you on our turnaround strategy focused on Outback Steakhouse. Our strategy is based on four strategic platforms, which are to, first, deliver a remarkable dine-in experience. Second, drive brand relevancy. Third, reignite a culture of ownership and fun. Fourth, invest in our restaurants.

接下來我想更新我們聚焦於 Outback Steakhouse 的轉型策略。我們的策略建立在四大策略平台之上：第一，提供卓越的內用體驗。第二，提升品牌相關性。第三，重新點燃主人翁精神與樂趣文化。第四，投資我們的餐廳。

These platforms will be supported by non-guest facing productivity savings, balanced capital allocation, and a strong management team. Starting with an update on the first platform to deliver a remarkable dine-in experience.

這些平台將由不直接面向顧客的生產力節省、均衡的資本配置，以及強而有力的管理團隊所支撐。先從第一個平台「提供卓越的內用體驗」的最新進展談起。

In November last year, we launched our new steak lineup as part of our commitment to steak excellence. This is a critical component to delivering a remarkable dine-in experience at Outback, and our Outbackers are proud to serve our best steak lineup.

去年 11 月，我們推出全新的牛排產品線，作為我們對「牛排卓越」承諾的一部分。這是 Outback 提供卓越內用體驗的關鍵組成，而我們的 Outback 團隊也以端出我們最佳的牛排產品線為榮。

We are excited that all of our craveable steak cuts and burgers are scoring high in the top box of menu satisfaction, and we continue to have strong and improving guest satisfaction and reorder intent scores driven by our tender sirloin, stand out barrel cut filet, our new signature Delmonico boneless rib eye, new 20-ounce bone-in rib eye, a new half-pound burger that you can also get with great tasting Bloom Petals.

我們很高興看到，我們所有令人垂涎的牛排部位與漢堡在菜單滿意度的「最高評等（top box）」中得分很高；同時，在我們嫩煎沙朗（tender sirloin）、表現突出的 barrel cut 菲力、全新招牌 Delmonico 無骨肋眼、全新 20 盎司帶骨肋眼，以及全新半磅漢堡（也可搭配風味絕佳的 Bloom Petals）等品項帶動下，顧客滿意度與再點購意願分數持續強勁並不斷改善。

We’re very pleased with what we are seeing from the new steak lineup. The commitment to steak quality is complemented by a relentless focus on consistency of execution. In the Outback principles and beliefs, we commit that close is never good enough for Outbackers. Our Outbackers are leveraging the tabletop Ziosk data, both from guest feedback as well as specific KPIs to drive accountability and close any gaps in performance across restaurants.

我們對全新牛排產品陣容所呈現的表現感到非常滿意。對牛排品質的承諾，並以對執行一致性的持續專注相輔相成。依據 Outback 的原則與信念，我們承諾：對 Outbackers 而言，「差不多就好」永遠不夠好。我們的 Outbackers 正在運用桌邊 Ziosk 數據，結合來賓回饋以及特定 KPI，以強化問責並彌補各餐廳在績效上的任何落差。

Specific to steak quality, the team is conducting monthly steak reviews and training to build consistency and accuracy by each multi-unit leader. We are recognizing our top performers and coaching the bottom performing restaurants to drive consistency of execution and bring them up to brand average. As we hone in on our consistency of execution on steak accuracy scores, we are measuring intent to return, food quality, and overall service scores.

就牛排品質而言，團隊每月進行牛排檢視與訓練，由各位多店主管建立一致性與準確度。我們表揚表現最佳者，並輔導表現落後的餐廳，以推動執行一致性並提升至品牌平均水準。在我們聚焦於牛排準確度分數的執行一致性之際，我們也衡量回訪意願、餐點品質與整體服務分數。

The Ziosk data, combined with guest feedback, enables our multi-unit leaders and managing partners to quickly coach and provide feedback by location and by shift. We believe our focus on consistency of execution has translated into improved brand scores. As I mentioned earlier, we had the third consecutive quarter of year-over-year improvements in Outback guest metric scores.

Ziosk 數據結合來賓回饋，使我們的多店主管與經營合夥人能依據地點與班別快速進行輔導並提供回饋。我們相信，對執行一致性的專注已轉化為品牌分數的提升。如我先前提到的，我們已連續第三個季度在 Outback 來賓指標分數上實現年對年改善。

Moving to the next element of a remarkable dining experience, craveable service. Last year, we identified that our one server to six table station ratio during peak hours didn’t provide the right level of guest interaction and Outbacker satisfaction.

接著談到卓越用餐體驗的下一個要素：令人渴望的服務。去年我們發現，在尖峰時段採用一位服務員對六桌的站位比例，無法提供足夠的來賓互動與 Outbacker 滿意度。

We tested and validated that a reduced ratio of four tables per server during peak times enables our Outbackers to provide a more consistent and enhanced experience for our guests. We are pleased to have kicked off this new service model in April.

我們測試並驗證，在尖峰時段將每位服務員負責桌數降至四桌，可讓 Outbackers 為來賓提供更一致且更升級的體驗。我們很高興已於四月啟動這個新的服務模式。

As part of the national rollout, we are gathering feedback from our guests and Outbackers, as well as using the Ziosk tabletop data to measure specific KPIs, including intent to return, server attentiveness, overall service scores, and labor scheduling. We will provide a more meaningful update on the progress of this turnaround initiative on our next earnings call.

作為全國推行的一部分，我們正在蒐集來賓與 Outbackers 的回饋，並運用 Ziosk 桌邊數據衡量特定 KPI，包括回訪意願、服務員關注度、整體服務分數與人力排班。我們將在下一次財報電話會議中，就這項扭轉計畫的進展提供更具實質意義的更新。

Our second strategic platform is to drive brand relevancy at Outback and differentiate the brand. The core of our Aussie brand roots is inviting customers to come as our guests, leave as our mate with a sharpened brand positioning centered on steak leadership, cravability, and a casual, fun environment. We continue to plan for an increase in marketing spend year-over-year, concentrated in the second half of this year, which comes after our investments in steak quality and the service model enhancements.

我們的第二個策略平台，是提升 Outback 的品牌相關性並使品牌差異化。我們澳洲品牌根源的核心，是邀請顧客「以賓客身分而來、以夥伴身分離開」，並以牛排領導地位、令人垂涎的吸引力，以及輕鬆有趣的環境為中心，強化品牌定位。我們仍規劃行銷支出年對年增加，並集中於今年下半年，這是在我們對牛排品質與服務模式強化投資之後的安排。

Marketing will bring them in, consistent execution brings a guest back. More to come on this platform later this year. Reignite a Culture of Ownership and Fun is our third strategic platform. Our people are the key to our turnaround, we remain focused on our Managing Partners. Their names as value leaders are above the door of each restaurant.

行銷能把人帶進來，而一致的執行能讓來賓再度回來。今年稍晚我們會就此平台提供更多資訊。「重燃主人翁文化與樂趣」是我們的第三個策略平台。我們的人才是扭轉局勢的關鍵，我們仍聚焦於經營合夥人（Managing Partners）。他們作為價值領導者的名字，標示在每家餐廳門口上方。

We know that to retain and recruit the best partners, they need to be compensated competitively and incentivized to drive operational performance. The goals of our updated MP compensation model are simple. First, ensure total compensation is competitive with the local market, and second, align total compensation to the growth of sales and profit of the restaurant.

我們知道，要留任並招募最優秀的夥伴，必須提供具競爭力的薪酬，並以激勵機制推動營運績效。我們更新後的 MP 薪酬模式目標很簡單。第一，確保總薪酬在當地市場具競爭力；第二，使總薪酬與餐廳銷售與獲利成長相一致。

Through these changes, we are able to create a competitive compensation program that continues to drive accountability and ownership. We began the rollout of changes across our Managing Partner group in April. We’ll continue the changes through the balance of this year. We know that when we take care of our Outbackers, they serve our guests with pride and ownership.

透過這些變更，我們得以建立具競爭力的薪酬方案，持續推動問責與主人翁精神。我們已於四月開始在經營合夥人群體中推行這些變更。我們將在今年剩餘期間持續推進相關調整。我們知道，當我們照顧好 Outbackers，他們就會以自豪與主人翁精神服務來賓。

Lastly, let me update you on our fourth strategic platform, invest in our restaurants. Our goal is to touch nearly all the Outback restaurants by the end of 2028 with targeted initiatives to refresh the interior and exterior, expecting to spend on average between $350,000 and $400,000 per location. With this asset refresh approach, we are focusing on guest-facing areas, the areas that make a positive impact on restaurant ambiance.

最後，讓我更新第四個策略平台：投資我們的餐廳。我們的目標是在 2028 年底前，透過具針對性的措施觸及幾乎所有 Outback 餐廳，更新室內與外觀，預期每個據點平均投入約 35 萬至 40 萬美元。在此資產翻新策略下，我們聚焦於來賓可見的區域，也就是能對餐廳氛圍帶來正面影響的區域。

Additionally, we have started to expand the char grill capacity in our Outback locations to support the steak lineup and expect to be done by the middle of this year. Let me now turn it over to Eric to review our financial performance for Q1 and guidance for Q2.

此外，我們已開始在 Outback 據點擴增炭烤爐（char grill）產能，以支援牛排產品陣容，並預期在今年年中完成。接下來我把時間交給 Eric，請他回顧我們第一季的財務表現以及第二季的指引。

Thank you, Mike, and good morning, everyone. I would like to start by providing a recap of our continuing operations financial performance for the fiscal first quarter of 2026. Q1 total revenues were $1.06 billion compared to $1.05 billion last year, reflecting a 1% increase. Restaurant sales were up, driven by positive comparable restaurant sales. This was partially offset by a decline in franchise revenue as Q1 last year included one additional month of intercompany Brazil royalties.

謝謝你，Mike，各位早安。我想先回顧我們 2026 會計年度第一季持續營運的財務表現。第一季總營收為 10.6 億美元，去年為 10.5 億美元，反映 1% 的成長。餐廳銷售上升，主要由同店銷售成長所帶動。但部分被加盟收入下滑所抵銷，因為去年第一季包含多一個月的公司間巴西權利金收入。

As Mike mentioned, US comparable restaurant sales were up 90 basis points and traffic was down 180 basis points. We remain very focused on narrowing the gap to the industry in the near term and positioning ourselves to lead the industry long term.

如 Mike 所提到，美國同店餐廳銷售成長 90 個基點，而來客數下滑 180 個基點。短期內我們仍非常專注於縮小與產業的差距，並在長期定位為引領產業。

Average check increased by 270 basis points compared to 2025, with pricing offset by negative mix as we continue to invest in affordable offers for our guests. Off-premises sales were 23% of total US sales in the quarter, consistent with Q1 last year. Outback’s off-premises mix were 25% in the quarter, and Carrabba’s were 33%.

相較 2025 年，平均客單價上升 270 個基點；在我們持續投資於更實惠的來賓優惠之際，定價效應被不利的產品組合所部分抵銷。本季外帶/外送等店外銷售占美國總銷售的 23%，與去年第一季一致。本季 Outback 的店外銷售占比為 25%，Carrabba’s 為 33%。

Our GAAP diluted earnings per share was $0.64 compared to earnings of $0.50 per share last year. Our Q1 adjusted diluted earnings was $0.67 per share versus earnings of $0.59 per share last year. The difference between GAAP and adjusted GAAP operating results is approximately $3 million of adjustments in Q1 2026, primarily as a result of transformational and restructuring activities. Q1 adjusted operating margins were 5.9% versus 6.1% last year.

依 GAAP 計算的稀釋每股盈餘為 0.64 美元，去年為每股 0.50 美元。第一季調整後稀釋每股盈餘為 0.67 美元，去年為每股 0.59 美元。GAAP 與調整後 GAAP 營運結果的差異，約為 2026 年第一季 300 萬美元的調整項目，主要源自轉型與重整活動。第一季調整後營業利益率為 5.9%，去年為 6.1%。

This is down 20 basis points despite an increase in restaurant margin and more favorable depreciation and G&A due to higher impairment and restaurant closure costs year-over-year. Within restaurant margin, COGS and labor were both slightly elevated compared to last year, driven by commodities inflation of 4.6%, labor inflation of 3.1%, and an increase in health insurance expense.

儘管餐廳毛利率提升，且折舊與一般及管理費用（G&A）更為有利，但由於年對年減損與餐廳關閉成本較高，整體仍下滑 20 個基點。在餐廳毛利率內，銷貨成本（COGS）與人力成本相較去年皆略為上升，主要受 4.6% 的原物料通膨、3.1% 的人力通膨，以及健康保險費用增加所驅動。

This was offset by lower other restaurant operating expenses driven by lower advertising spend and an improvement in productivity initiatives. As it relates to our 33% retained ownership in Brazil, which is classified as an Equity Method Investment, we recognize the loss of approximately $200,000 in Q1. We still expect the full year loss to be approximately $3 million to $4 million.

上述影響被其他餐廳營運費用下降所部分抵銷，該下降主要來自廣告支出較低以及生產力提升措施的改善。就我們在巴西保留的 33% 持股而言，其分類為權益法投資，我們在第一季認列約 20 萬美元的損失。我們仍預期全年損失約為 300 萬至 400 萬美元。

Turning to our capital structure in Q1, total debt net of cash is $681 million. As of the end of Q1 2026, our leverage metrics were 3.8 times on a lease adjusted net leverage basis and 2.2 times on a net debt to adjusted EBITDA basis.

談到第一季的資本結構，扣除現金後的總負債為 6.81 億美元。截至 2026 年第一季末，我們的槓桿指標為：以租賃調整後淨槓桿計算為 3.8 倍；以淨負債對調整後 EBITDA 計算為 2.2 倍。

Capital expenditures in the quarter was $25 million. We would expect expenditures to be higher in the remaining quarters of 2026 as the timing of refreshes and remodels ramps as we move through the year. We still expect the full year capital expenditures to be in the range of $185 million to $195 million. As we mentioned in the last call, our capital allocation priorities are to, one, invest in the base business and, two, pay down debt.

本季資本支出為 2,500 萬美元。隨著今年內翻新與改裝的時程逐步加速，我們預期 2026 年其餘季度的支出將更高。我們仍預期全年資本支出將落在 1.85 億至 1.95 億美元區間。如同我們在上次電話會議中提到的，我們的資本配置優先順序是：第一，投資核心業務；第二，償還債務。

Turning to our guidance this year. As it relates to the full year fiscal 2026, we reiterate the guidance for the full year communicated on our last earnings call in February. As it relates to the second quarter of 2026, we expect Q2 US comparable restaurant sales to be between 1% and 2%. We expect Q2 adjusted diluted earnings per share to be between $0.27 and $0.32. We expect the tax benefit to be between $4 million and $5 million in the quarter. We expect our 33% Brazil EMI to be between approximately negative $1.2 million and negative $1.7 million.

接下來談談我們今年的指引。就2026財政年度全年而言，我們重申在2月上次財報電話會議中所傳達的全年指引。就2026年第二季而言，我們預期第二季美國同店餐廳銷售額將介於1%至2%。我們預期第二季調整後稀釋每股盈餘將介於0.27美元至0.32美元。我們預期本季的稅務利益將介於400萬美元至500萬美元。我們預期我們持有33%之巴西EMI將介於約負120萬美元至負170萬美元之間。

Let me now turn it back over to Mike.

現在我把時間交還給Mike。

Thanks, Eric. While it’s still early innings in our turnaround, we are highly confident that our strategy will put Outback Steakhouse on the right course for sustainable, long-term, profitable growth. The brand is strong. Our confidence is based on the foundation of a strong management team with extensive years of restaurant operating experience.

謝謝，Eric。雖然我們的轉型仍在早期階段，但我們非常有信心，我們的策略將使Outback Steakhouse走上可持續、長期且具獲利性的成長正軌。這個品牌很強。我們的信心來自於一個強大的管理團隊基礎，團隊擁有多年豐富的餐廳營運經驗。

Positive guest feedback is demonstrated by our improvements in leading guest indicators over three quarters and the excitement and pride to serve our best steaks from our Outbackers. Overall, we have a clear strategy in place, which is to, one, deliver a remarkable dining experience, improve steak quality, enhance service, and consistency of execution.

正面的顧客回饋，體現在我們連續三個季度於關鍵顧客指標上的改善，以及Outbackers對於端出我們最棒牛排的興奮與自豪。整體而言，我們已制定清晰的策略：第一，提供卓越的用餐體驗，提升牛排品質、強化服務並確保執行一致性。

Two, drive brand relevancy to differentiate Outback. Three, reignite a culture of ownership and fun with a commitment to our people. Four, invest in our restaurants to refresh approximately 100% of Outbacks by 2028.

第二，提升品牌相關性，以凸顯Outback的差異化。第三，重新點燃主人翁與樂趣的文化，並承諾投入我們的員工。第四，投資我們的餐廳，目標在2028年前翻新約100%的Outback門店。

Strategy is supported by non-guest facing productivity savings with a balanced capital allocation. Our leadership team is aligned and committed to the turnaround. We will continue to be transparent in our progress and our actions.

該策略由不直接面向顧客的生產力節省所支持，並搭配均衡的資本配置。我們的領導團隊步調一致並致力於轉型。我們將持續就進展與行動保持透明。

Lastly, most importantly, I want to thank our people in the restaurants and restaurant support center for making this strategy a reality, both in terms of their exceptional input and hard work to make it happen at the moment of truth with our guests.

最後，也是最重要的，我要感謝我們餐廳與餐廳支援中心的同仁，讓這項策略得以落實；無論是他們卓越的意見回饋，或是在與顧客接觸的關鍵時刻付出的辛勤努力，都是促成這一切的原因。

With that, let me open up the call for questions.

接下來，我們開放提問。

Thank you. We will now begin the question and answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（接線員指示）

Alex Slagle, Jefferies.

Alex Slagle，Jefferies。

Thanks. Good morning, and congrats on the momentum here. I guess I wanted to start on Outback, I mean, it looked like the check growth was. Pretty solidly positive, I know there was some more pricing, but it seemed like the mix component of the check also seemed to stabilize after being more negative in recent quarters.

謝謝。早安，也恭喜你們目前的動能。我想先從Outback談起。看起來客單成長……相當穩健地為正。我知道有更多的提價因素，但客單中的組合（mix）成分似乎也在近期幾季較為負面之後趨於穩定。

Just wonder if you could break that down a bit and your outlook for 2Q and beyond, if that sort of check and that mix component can feel a little bit less negative than it’s been for a while. I know Carrabba’s also had pretty solid check growth, if you could touch on that.

想請問你們能否再拆解一下，並談談你們對第二季及之後的展望：這樣的客單表現，以及其中的組合成分，是否有機會比過去一段時間來得沒那麼負面。我知道Carrabba’s的客單成長也相當不錯，也請你們順帶談一下。

Hey, good morning, Alex. Yeah, I’m really pleased and excited about the progress we had at Outback. I think it’s great what we’ve said we would do and what we’ve accomplished executionally. On your point about pricing, the way I look at it is our check average at Outback is going to grow by about 2.5% to 3%. It’s very balanced. We talked about this in Q4. If you remember, as we were doing some tests and learn, the mix got a little heavier than we liked.

嗨，早安，Alex。是的，我對Outback的進展感到非常滿意也很振奮。我認為我們說到做到，而且在執行面確實達成了成果，這很棒。關於你提到的定價，我的看法是Outback的平均客單將成長約2.5%到3%。這是非常均衡的。我們在第四季談過這點。如果你還記得，當時我們在做一些測試與學習時，組合一度比我們希望的更偏重。

We got much more disciplined in terms of the mix, and we’ve been balanced and will continue to be balanced across the levers of traffic, how we think about inflationary pricing, how we think about mix, and reinvesting that pricing, a portion of it, back into affordable entry price points. And that’s why all of our casual dine brands have provided those affordability price points.

我們在組合管理上變得更有紀律；我們已經做到均衡，並且會持續在幾個槓桿之間保持平衡：來客數、我們如何看待因通膨而進行的定價、我們如何看待組合，以及把其中一部分定價回饋再投資到更可負擔的入門價位。這也是為什麼我們所有的休閒餐飲品牌都提供這些可負擔的價位選項。

The latter part of your question, if you look at the full year, the way we’re looking at the balance is you should assume -- we know we’re expecting about 4.5 points to 5.5 points of commodity inflation. We’re balancing that with that’s really predicated on we got high single-digit inflation on beef. That’s in our guidance, and we’re locked for the year on our beef.

至於你問題的後半段，如果看全年，我們對於平衡的看法是你應該假設——我們預期約4.5到5.5個百分點的食材（商品）通膨。我們以此來做平衡，而這主要是基於牛肉出現高個位數的通膨。這已納入我們的指引，而且我們今年的牛肉已鎖定價格。

We exited 2025 with about 3.5 points of pricing. Full year’s probably about 4 points to 5 points of pricing. Remember, 2 points of that is carryover from 2025, and the other half of that pricing is actions we’ve taken into 2026. So again, it gets back to what I said, the net on a per check average gets to that 2.5% to 3%, which we think is the right balance in terms of how we’re dealing with the guest and the commodity environment.

我們在2025年結束時，定價約有3.5個百分點。全年可能約為4到5個百分點的定價。請記得，其中2個百分點是從2025年延續過來的，另外一半的定價則是我們在2026年採取的行動。所以回到我剛才說的，換算到每筆平均客單的淨效果大約是2.5%到3%，我們認為這是在面對顧客與食材環境時的適當平衡。

Okay. Makes sense. A question on labor as a percent of sales seem to flatten out year-over-year for the first time in like 12 quarters or so. Maybe you could talk more about the drivers behind that and views on maybe the server ratio changes that start in April. Does that start to impact this a little bit? Maybe the underlying improvements are sustainable, but there’s a little impact from those server ratio changes.

好的。了解。關於人力成本占銷售額的比例，看起來首次在大約12個季度左右出現年對年持平。也許你們可以多談談背後的驅動因素，以及4月開始的服務員配置比例（server ratio）調整的看法。這是否會對此帶來一些影響？也許底層改善是可持續的，但服務員配置比例調整會帶來一些影響。

Sure. Thanks, Eric. Thanks, Alex. It’s Eric. On Q1, we were very pleased with our labor performance, especially given the weather. So we had really good middle of the P&L management across all cost levers, including labor. We have a huge focus on using HotSchedules, which is a bit of an AI tool to help us dynamically make sure that we have the right service for our guests at the peak times. The service model you mentioned actually just launched in April, so we’re very pleased about that and very bullish on that impact on the guest experience.

當然。謝謝，Eric。謝謝，Alex。我是Eric。就第一季而言，我們對人力表現非常滿意，尤其考量到天氣因素。因此我們在損益表中段的管理做得很好，涵蓋所有成本槓桿，包括人力。我們非常專注於使用HotSchedules，這有點像AI工具，幫助我們動態確保在尖峰時段為顧客提供適當的服務配置。你提到的服務模式其實是在4月才剛上線，所以我們對此非常滿意，並且非常看好它對顧客體驗的影響。

Thanks.

謝謝。

Jeffrey Bernstein, Barclays.

Jeffrey Bernstein，Barclays。

Great. Thank you very much. My first question is just on the core Outback comp trends. Encouraging to see the brand scores continue to improve. Just looking at the absolute comp for the first quarter, it looks like it fell short of the street.

很好。非常感謝。我的第一個問題是關於Outback核心同店趨勢。看到品牌評分持續改善令人鼓舞。但若看第一季的同店絕對值，似乎低於市場預期。

I’m wondering where that was maybe versus your internal expectation. And if you can share maybe some color on the sequential trends through the quarter and I guess for the month of April. I know you mentioned a 240 basis points headwind from weather in the first quarter. Wondering whether you saw any volatility increasing from guest price spikes. So any color you could provide on the trends to the first quarter and into April relative to expectation. I had one follow-up.

我想了解這相對於你們內部預期如何。以及你們是否能分享一些關於本季內逐月的趨勢，還有4月的情況。我知道你們提到第一季受到天氣影響有240個基點的逆風。想請問你們是否看到因顧客端價格跳升而使波動加大。因此，若能就第一季以及進入4月的趨勢、相對於預期的表現提供一些說明，將不勝感激。我還有一個追問。

Yeah. Good morning, Jeff. On Outback, I’m very pleased with where we’re at on Outback, and our results were very much within where we expect them to be within the guide. When you look at it, I feel really good because we know our success is not going to be linear. We’re totally focused on long-term profit, long-term sustainable traffic and comp sales growth.

是的。早安，Jeff。關於 Outback，我對我們目前在 Outback 的進展非常滿意，我們的結果也非常符合指引中我們預期的範圍。當你這樣看時，我感覺非常好，因為我們知道成功不會是線性的。我們完全聚焦於長期獲利、長期且可持續的來客數與同店銷售成長。

To me, you start with Q4. We launched the safe line on it, and the team’s doing a great job on that. You mentioned the Technomic scores. The guest is giving us credit, and especially when you look at brand trust, and especially when you look at intent to return, those are great leading indicators three quarters in a row.

對我來說，先從第四季開始。我們推出了安全相關的產品線，團隊在這方面做得很棒。你提到 Technomic 的分數。顧客給了我們肯定，尤其是在品牌信任，以及回訪意願方面，這些都是連續三個季度都很好的領先指標。

As Eric mentioned, April, we launched the service model. Great initial feedback on that we did through our tests. Later in the summer, we’ll launch a six-star hospitality piece. We’ve also launched and communicated our MP compensation update, and we’re executing our char-grill expansion, which we’ll have those done by the summer. I feel really, really good about that, and where they landed was consistent where I expect them to be.

如 Eric 所提到的，4 月我們推出了服務模式。我們在測試中得到非常好的初步回饋。今年夏季稍晚，我們會推出六星級待客體驗的部分。我們也已推出並對外溝通我們的 MP 薪酬更新，同時正在執行炭烤設備擴增計畫，預計在夏季前完成。我對此感覺非常、非常好，而目前的落點也與我預期一致。

Second part of your question around the results. We started off 2026 nicely, really strong, we saw that tough weather hit the end of January, early February. Our Valentine’s Day, I mentioned this in the last call. Our Valentine’s weekend and Valentine’s week was very strong. All four brands grew traffic. All four brands grew comp sales.

你問題的第二部分是關於業績表現。我們在 2026 年開局不錯、表現很強勁，但在 1 月底、2 月初遇到惡劣天氣的影響。情人節方面，我在上次電話會議提過。我們的情人節週末與情人節當週表現非常強。四個品牌的來客數都成長。四個品牌的同店銷售也都成長。

You look at Easter. We had a good Easter week, like week year-over-year, grown comp sales in all the brands. For the weekend and the day, all four brands grew traffic and comp sales. That tells me our guests like us from an occasion. Then if I go to what did March, April look like, which is your other part of your question. We saw sequential improvement in March versus January and February, and then we saw April step up as well from there.

再看復活節。我們復活節那一週表現不錯，與去年同期相比，各品牌同店銷售都有成長。就週末與當天而言，四個品牌的來客數與同店銷售都成長。這告訴我，從「用餐場合」的角度來看，顧客是喜歡我們的。接著回到你問題的另一部分：3 月、4 月表現如何。我們看到 3 月相較 1、2 月有逐月改善，然後 4 月又在此基礎上再往上提升。

Our early read on Mother’s Day, and it’s quite early, is also very positive. So all this is embedded in our guide, it’s how we’re thinking about the comp sales. So I actually like where the guests and the consumer is right now. They’re engaging our brands. They’re seeing casual dining and eating out as a very affordable luxury. And we’re going to keep dialing in on the what you get for what you pay for and keep the guests engaged.

我們對母親節的初步觀察——而且現在還很早——也非常正面。所以這些都已反映在我們的指引中，這就是我們看待同店銷售的方式。因此我其實很喜歡目前顧客與消費者的狀態。他們正在與我們的品牌互動。他們把休閒餐飲與外食視為一種非常負擔得起的奢侈享受。我們會持續把「你付出什麼就得到什麼」這件事調校到位，並讓顧客保持投入。

That’s very encouraging to hear that there was sequential improvement in March and then further in April. You actually got me a little nervous that I missed Mother’s Day, but it’s still coming up. You’re just talking about what you’re seeing ahead of time.

聽到 3 月有逐月改善、4 月又進一步提升，這非常令人鼓舞。你其實讓我有點緊張，以為我錯過母親節了，但它還沒到。你只是提前在談你們看到的趨勢。

Yeah. No, you’re good.

對。沒有，你沒問題。

Thank you.

謝謝。

Don’t go screw up on your mom. We’re just, you got till this Sunday, Jeff. We -- there’s a couple of the brands. We know ahead of time based on reservations and OpenTable, where they’re trending and where they’re pacing and, we like what we’re seeing.

別把你媽的事搞砸了。Jeff，你還有到這週日。我們——有幾個品牌——我們會根據訂位與 OpenTable 的數據提前知道趨勢與進度，我們很喜歡目前看到的狀況。

Got it. My follow-up is just on the restaurant margin. I don’t think it was mentioned in this call, but if you’re reiterating everything, I think last quarter you said you expected a mid-11% range for the full year with the first half higher than the second half. If that’s true, I’m just wondering, maybe if you look by quartile, like, as an indication, like where are the best units running?

了解。我的追問是關於餐廳利潤率。我不覺得這通電話有提到，但如果你們重申所有內容，我記得上季你們說全年預期在 11% 中段區間，上半年高於下半年。如果是這樣，我只是想知道，也許按季度來看，作為一個參考指標，表現最好的那一組門店大概跑在什麼水準？

Just wondering how that comes into your thought process as you think about where the margin should be longer term relative to, again, the 11% for the system or just maybe that top quartile is doing something much better. Just trying to get a sense for the long-term opportunity on restaurant margin.

我想了解這如何納入你們的思考：長期來看利潤率應該相對於全系統約 11% 的水準如何定位，或是也許表現最好的前四分位門店做得特別好。只是想掌握餐廳利潤率長期的提升空間。

Yeah, Jeff, we haven’t gotten into breaking down the margins across different quartiles, et cetera. What we’re focused on is controlling what we can control, being disciplined to the strategic plan. That’s going to bring sustainable traffic. That’s going to bring sustainable comp sales. That’s going to unlock good restaurant margin expansion with that sustainable growth in sales.

是的，Jeff，我們還沒有進一步把利潤率按不同四分位等做拆解。我們專注在把可控的事情控制好，並且嚴格遵循策略計畫。這會帶來可持續的來客數。這會帶來可持續的同店銷售。而在這種可持續的銷售成長下，就能帶動良好的餐廳利潤率擴張。

As Eric said, we’ve gotten real We got great operators here. We know how to manage the spine of the P&L and how to manage costs appropriately without taking it away from the guests or taking away from our people.

如 Eric 所說，我們這裡有非常優秀的營運團隊。我們知道如何管理損益表的核心結構，並在不影響顧客體驗、也不犧牲我們員工的前提下，適當地控管成本。

Got it. No published longer term restaurant margin guidance specifically.

了解。所以沒有特別公布更長期的餐廳利潤率指引。

No.

沒有。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Brian Harbour, Morgan Stanley.

Brian Harbour，摩根士丹利。

Yeah, thanks. Good morning. Could you guys remind us how you like, roughly the timing of marketing this year and how you plan to handle that and how we should sort of just kind of factor that into our margin expectations?

是的，謝謝。早安。你們能否提醒我們，今年行銷投放的大致時點安排，以及你們打算如何處理？我們在建立利潤率預期時，應該如何把這點納入考量？

Yeah. Hey, Brian, how you doing? In terms of marketing, I’ll start and Eric can add on. I’d start with the first thing is our marketing, we’ve gotten very disciplined in terms of connecting it to our strategic framework, which is all about driving brand relevancy.

好的。嗨，Brian，你好嗎？行銷方面我先說，Eric 也可以補充。我會先從第一點開始：我們的行銷在與策略框架連結上變得非常自律，而這個框架的核心就是推動品牌相關性。

And for us, that starts with Outback being true to the core of the brand, which is about that hospitality, that Australian irreverence, No Rules, Just Right. Our brand communications, as I’ve said before, is going to be very steak-centric. It’s going to be about casual, it’s going to be about fun. It’s going to bring together what we’re doing, which is the steak lineup, the service model, and that six-star hospitality model.

對我們而言，這從 Outback 忠於品牌核心開始，也就是待客之道、澳式的不羈風格，以及「No Rules, Just Right」的精神。如我之前所說，我們的品牌溝通會非常以牛排為核心。會強調休閒、會強調好玩。也會把我們正在做的事情整合起來：牛排產品線、服務模式，以及六星級待客體驗模式。

As far as how we plan the year, we said we’re going to go from a legacy of 70% linear TV, 30% digital. We’re flipping that. We’re now at a 60% digital, 40% linear TV, as we’re getting much more digitally focused, and we’ll continue to evaluate that. I really am excited about the marketing mix models.

至於我們如何規劃今年，我們說過要從過去 70% 傳統線性電視、30% 數位的配置，把它反過來。我們現在是 60% 數位、40% 傳統線性電視，因為我們更聚焦於數位，並會持續評估。我對行銷組合模型（marketing mix models）真的很期待。

Our marketing performance returns have increased significantly. We are just getting a better bang for the buck in terms of the right message and then which channels we’re putting it in and when we’re running our marketing. And then -- as we said broadly, we’re going to be in that kind of low 2s to mid 2s as a [percent] of revenue on marketing for the full year.

我們的行銷績效回報已顯著提升。就傳遞正確訊息、選擇投放的通路，以及行銷活動的執行時點而言，我們的每一分預算都花得更有效率。此外——如同我們先前廣泛提到的——全年行銷費用占營收的[百分比]，我們預期會落在2%出頭到2%中段的區間。

The increased investment which we talked about, approximately an extra $10 million in marketing, is in the back half of the year. But that will follow when we feel really good about our consistency of execution, that we’re running the elements of delivering a remarkable dine-in experience the right way, and we’ll step that up. We can measure the returns. If we like it, we’ll step it up more. If we don’t, we’ll dial it down.

我們談到的增加投資——約額外增加1,000萬美元的行銷支出——會落在下半年。但這會在我們對執行一致性非常有信心時跟進，也就是我們以正確方式運作各項要素、提供卓越的內用體驗時，我們就會加大力度。我們可以衡量回報。如果我們喜歡結果，我們會再加碼。如果不喜歡，我們就會下調。

Okay. Got it. Thank you. With the new service model in April, I mean, I would guess there’s some impact on sort of how servers are paid, right? If you’re changing their table count. I appreciate that it’s sort of the right thing for the customer, but how do you sort of like manage through that and make sure that it’s not kind of disruptive for the servers?

好的。了解。謝謝。關於4月的新服務模式，我想我猜這會對服務生的薪酬方式有些影響，對吧？如果你們改變了他們負責的桌數。我理解這對顧客來說是正確的做法，但你們要如何管理這個過程，並確保不會對服務生造成某種程度的干擾？

Yeah, I think it’s a really good question. I start with ownership and connecting it to our principles and beliefs. What I heard from our servers, and we know from the past, is our servers want to own the guest relationship, and that’s how the model was set up.

是的，我覺得這是個非常好的問題。我先從「主人翁精神」談起，並把它連結到我們的原則與信念。我從我們的服務生那裡聽到的，以及我們從過去所知道的是：服務生希望能主導與顧客的關係，而這也是這個模式的設計初衷。

Two, remember, we did test this, and when we tested it, we saw overall comp and tips were about the same. Tips were actually slightly up on a per check basis, because remember, the tip share changes in this model versus the previous server-server assistant model. So we see our servers making the same, especially on a shift basis, which is really important.

第二，請記得我們做過測試；在測試時，我們看到整體薪酬與小費大致相同。以每張帳單來看，小費其實略有上升，因為請記得，這個模式下的小費分配方式，與先前的「服務生—服務助理」模式不同。因此我們看到服務生的收入維持不變，尤其以每個班次來看更是如此，這點非常重要。

In part of that as well, we really like what we’re seeing in terms of intent to return, attentiveness of the server, likelihood to recommend the server. It’s less stress. If you’re a server and you used to have during peak six tables as a server during a peak dinner hour and somebody else calls out, that stress level is really high. And that’s not a good guest experience, it’s not a good team member experience. We like where we’ve landed, and the initial feedback is very good. We’ll have that fully rolled out by the end of Q2. We started in April.

此外，我們也非常喜歡目前在「回訪意願」、服務生的專注度，以及「推薦該服務生的可能性」等方面所看到的結果。壓力更小。如果你是一位服務生，在晚餐尖峰時段原本要負責六桌，而又有人臨時缺勤，那壓力會非常大。那對顧客體驗不好，對團隊成員的體驗也不好。我們對目前落地的結果很滿意，初步回饋非常正面。我們會在第二季末前全面推行完成。我們是從4月開始的。

Jeff Farmer, Gordon Haskett.

Jeff Farmer，Gordon Haskett。

Thanks, and good morning. As it relates to that, I think you said roughly 4.5% menu pricing for the year, what was the number in Q1, and how should we be thinking about the cadence of pricing across the balance of the year?

謝謝，早安。就此而言，我想你提到全年菜單定價大約上調4.5%，那第一季的數字是多少？以及我們應該如何看待今年剩餘期間各季的定價節奏？

Yeah. Pricing was about 5 in Q1. It’s going to be a little bit higher in Q2. That’s due primarily to the lap of off-premises promotions we did prior year. Full year, we’re still basically in the 4.5 to 5 range on pricing.

是的。第一季定價大約是5%。第二季會稍微更高一些。主要是因為去年我們做過外帶/外送（非內用）的促銷活動，今年第二季會面臨該基期效應。全年來看，我們的定價基本仍落在4.5%到5%的區間。

Okay. And then G&A, I think in the last call you mentioned $215 million in G&A.

好的。另外，關於G&A（一般及行政費用），我記得在上次電話會議你提到G&A是2.15億美元。

That’s right.

沒錯。

Is that number still in play? Then it sounds like it is, but, same question, how should we be thinking about the cadence across quarters?

這個數字仍然適用嗎？聽起來是的，但同樣的問題：我們應該如何看待各季之間的費用節奏？

Yeah. That’s still our number. We had a little bit of favorability in Q1, probably more timing than anything. We basically see, you know, mid-5s getting down to basically low 5s, 5.3% approximately for G&A full year as a [percentage] of sales.

是的。那仍是我們的數字。第一季我們有一點點有利因素，可能更多是時點因素所致。整體而言，我們預期G&A占銷售額的[百分比]，會從5%中段下降到5%出頭，全年約為5.3%。

Okay.

好的。

Right on that [215] number.

就是維持在那個[2.15億]的數字。

Alright. Thank you.

好。謝謝。

Yeah. Jeff, it’s Mike. I’ll just add 1 point Eric touched on, which I think is important. As we communicated in Q4 how we’re going to just be more balanced on mix and being disciplined. Eric hit on it. Part of that, especially this is important for Q2, we’re not going to chase dilutive traffic. We’re going to be really focused on what’s sustainable long term.

是的。Jeff，我是Mike。我再補充Eric提到的一點，我認為這很重要。如同我們在第四季所溝通的，我們會在產品組合上更均衡，並保持紀律。Eric也提到了。其中一部分——尤其對第二季很重要——我們不會去追逐會稀釋獲利的來客數。我們會非常專注在長期可持續的作法上。

And what that means is we decided not, as we go into Q2, we’re not going to lap what we thought was some dilutive type traffic in the third party channel. We’re just going to be very balanced. You’ll see that. Well, that moderates, by the way, as we finish up the first half of the year. I think it’s important that we’re focused primarily on delivering that remarkable dine-in experience.

這代表我們決定在進入第二季時，不會去承接（或對比）我們認為在第三方通路中某些會稀釋獲利的那類流量。我們會保持非常均衡。你們會看到這一點。順帶一提，當我們完成上半年時，這種影響會趨於緩和。我認為重要的是，我們主要聚焦在提供卓越的內用體驗。

Okay. Appreciate it. Thank you.

好的。感謝。謝謝。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

Thank you. I have -- I guess, quick questions about some of the capacity investments you’re making. But maybe first if you could talk about the steakhouse category. It’s been very strong for the last few quarters. I was just curious as, like, you look at Outback’s, improving momentum, is that kind of tracking with the steak category or, you know, are you sort of exceeding that? Just trying to understand kind of how much it might be category strength versus, clearly you have company initiatives that are working, but, you know, just disaggregating it.

謝謝。我有——我想——幾個關於你們正在進行的一些產能投資的快速問題。但也許先請你談談牛排館品類。過去幾季表現一直很強勁。我只是好奇，當你們看Outback動能改善時，這是否與牛排品類的走勢一致，或是你們其實是超越品類？我想了解其中有多少可能是品類景氣帶動，當然你們也有公司層面的措施正在奏效，但我想把這些因素拆解開來看。

Yeah, morning, Sara. I think it’s both. One, we’re getting momentum, I’m really pleased with the momentum we’re getting. I already covered it in the previous questions. What we’re seeing on the leading indicators, really impressive. We’re getting good momentum, a consistency of execution. That is us controlling what we can control. The category, I believe, is very resilient. We’ve talked about this. The category is resilient. The pure proteins. In our case, we have great steak proteins.

是的，早安，Sara。我認為兩者都有。第一，我們正在取得動能，我對我們取得的動能非常滿意。我在前面的提問中已經談過。我們在領先指標上看到的表現非常令人印象深刻。我們正在取得良好動能，且執行一致性提升。這是我們在掌控我們能掌控的事情。我相信這個品類非常具韌性。我們談過這點。這個品類具韌性。純蛋白品項。以我們而言，我們有很棒的牛排蛋白。

We have great non-steak proteins. The bottom line is where we’re seeing Americans continuing to engage in beef, we’re seeing that with our new steak lineup. They were thrilled with the cuts we offered. And I’ve said this before as well, we deliver a great relative value.

我們也有很棒的非牛排蛋白。總結來說，當我們看到美國消費者持續食用牛肉時，我們也在新的牛排產品陣容上看到這點。他們對我們提供的部位非常滿意。我之前也說過，我們提供了很好的相對價值。

You come in and you get a meal with us, that steak is going to be right. We’re going to make sure it’s right. And you’re going to get your sides, you’re going to get your Coke or your Bloomin’ Blanc, you’re going to get your dessert. If you buy that steak and you cook it at home and screw it up, it’s on the guest. We make it right, and we also give you a great experience. I think that’s why the category remains robust. I see it looking that way in the future as well based on everything we’re hearing and seeing from our guests.

你走進來跟我們一起用餐，那份牛排一定會做得恰到好處。我們會確保它是對的。而且你會拿到你的配菜、你的可樂或你的 Bloomin’ Blanc，還有你的甜點。如果你買了那份牛排回家自己煎，結果搞砸了，那就是客人的責任。我們把它做到位，同時也提供你很棒的用餐體驗。我想這就是為什麼這個品類依然很強韌。根據我們從客人那裡聽到與看到的一切，我也認為未來看起來仍會是這樣。

Okay. Right. Understood. I just wasn’t sure if sequentially there was any kind of change in category dynamics. It sounds like, 4Q to 1Q, no real change in the category. Obviously more Outback specific.

好的。對。了解。我只是想確認一下，按季度順序來看，品類動態是否有任何變化。聽起來從第4季到第1季，品類沒有真正的變化。顯然更多是 Outback 自身的因素。

Yeah. No.

是的。沒有。

Is that fair? Yeah.

這樣說公平嗎？是的。

As I said Sara, as I said, we saw a step up across all the brands, including Outback, March versus that Jan, Feb, and then again in April and our early read going into Mother’s Day. If you’re asking about it on a short term and over the long haul, we’re seeing a steady resilience in the category and strength in the category.

如我所說，Sara，如我所說，我們看到所有品牌（包括 Outback）在3月相較於1、2月都有所提升，然後在4月以及我們對母親節前的初步觀察也再次看到提升。如果你問的是短期以及長期的情況，我們看到這個品類持續展現穩定的韌性與強勁。

Perfect. And then just on the investments like the re-imagery model if you can just remind me. I mean, are you looking for a specific same-store sales lift or is this more, kind of table stakes? You need to have the assets look as good or, you know, comparable to the service model and the quality of the food. Trying to think through the kind of returns on the capital.

太好了。接著關於投資，例如 re-imagery（重新形象）模型，能否請你再提醒我一下。我的意思是，你們是在尋求特定的同店銷售提升，還是這比較像是基本門檻？你需要讓資產看起來同樣出色，或是說，與服務模式和餐點品質相匹配。我在思考資本回報大概會是怎樣。

Yeah. So one, as we said, you start with we’ve got about half of the Outbacks have already been touched in the last few years, whether they’re new or they were remodeled. So you’ve got about approximately 300 left that we’re going to execute this asset refresh, which is light touch hitting an average of about $350,000 to $400,000. We’ll get those done through 2028.

是的。第一，如我們所說，先從現況來看：Outback 大約有一半在過去幾年已經動過了，不論是新店或是已翻新。所以大約還剩下約300家，我們要執行這個資產更新（asset refresh），屬於輕量翻新，平均每家約35萬到40萬美元。我們會在2028年前完成。

And what we’re focused on is that which drives a good restaurant ambiance and adds the cumulative effect to the guest. Inside, that’s going to be tables, it’s chairs, it’s booths, some ceilings, maybe some light bar touches. On the outside, you’re hitting the landscaping, you got some paint and lighting.

我們聚焦的是能夠營造良好餐廳氛圍、並對顧客體驗產生累積效果的項目。室內會包含桌子、椅子、卡座（booths）、部分天花板，可能也會做一些吧台燈光的微調。室外則會處理景觀綠化、一些油漆與照明。

What we’ve seen in tests in other brands before is we typically see about 100 basis points to 200 basis points tailwind in traffic right after those refreshes as we do them. We’ll continue to bang them out the smart way. We want to do it when the restaurants aren’t jammed, you’ll see that more in Some of the lighter quarters. It’s table stakes in terms of how we think about capital.

我們在其他品牌過去的測試中看到，通常在完成這些更新後，客流量會立刻得到約100到200個基點的順風（提升）。我們會持續以聰明的方式把它們做完。我們希望在餐廳不那麼擁擠的時候施工，你會在一些相對淡季的季度看到更多。就我們對資本的思考而言，這屬於基本門檻（table stakes）。

Thank you very much.

非常感謝。

Christine Cho, Goldman Sachs.

Christine Cho，高盛。

Thank you so much, and congrats on the great momentum. Follow-up to Jeff’s question earlier. Could you please help further unpack the margin drivers for the quarter? So I think you noted the higher restaurant level margin driven by check and cost savings and lower ad costs as key factors. Could you quantify these impacts and discuss whether you expect these trends to persist through the second quarter and the remainder of the year? Thank you.

非常感謝，也恭喜你們動能很強。延續 Jeff 先前的問題。能否請你們進一步拆解本季的毛利率（margin）驅動因素？我想你們提到餐廳層級毛利率提升主要由客單（check）、成本節省以及較低的廣告費用所帶動。你們能否量化這些影響，並談談是否預期這些趨勢會延續到第二季以及今年剩餘時間？謝謝。

Yeah. Hey, Christine, it’s Eric. The main driver of our margins, and profit performance in Q1 really was, we delivered top line at the top of our range, so about 1%. We also had better mix. Those two, combined with sort of very good cost controls in the middle of the P&L, again, despite the weather, that all added up to essentially our ability to kind of hold, slightly expand, restaurant margins. So we see that everything that’s baked into our guidance is the flow-through resulting from the top-line guidance. We remain committed to, as we mentioned, labor management as well.

好的。嗨，Christine，我是 Eric。我們第1季毛利率與獲利表現的主要驅動因素其實是：我們的營收表現達到指引區間的上緣，大約1%。我們的組合（mix）也更好。這兩點再加上損益表中段非常好的成本控管——即使有天氣因素——綜合起來讓我們基本上能夠維持、並略微擴張餐廳毛利率。因此，我們看到指引中已反映的，都是由營收指引所帶來的流量轉換（flow-through）。我們也仍然致力於（如我們提到的）勞動力管理。

Great. Thank you. And then the last quarter, I think you mentioned there was some check management in some of the older consumer cohorts. Have you seen any changes there? Have you seen any shifts in trends in other demographics that you would call out? Thank you.

很好。謝謝。另外，上季我記得你們提到在一些年長的消費者族群中，有在做客單管理。你們有看到那邊有任何變化嗎？在其他人口族群方面，你們有看到任何趨勢轉變值得特別指出嗎？謝謝。

Yeah. Hey, Christine, it’s Mike Moran. That’s the right recall. We’re, as I’ve been saying, we’re cautiously optimistic on the consumer. There’s been some choppiness, but we see an engaged guest. We have, to your point, when we look at number of guests, the guests in Outback that tend to run above age 55, 60, with household incomes under that $75,000 range, they are managing their checks.

是的。嗨，Christine，我是 Mike Moran。你記得沒錯。如我一直在說的，我們對消費者保持審慎樂觀。確實有些波動，但我們看到顧客仍然很投入。就你提到的點，當我們看顧客人數時，Outback 裡那些通常年齡在55、60歲以上、且家庭收入低於7.5萬美元區間的顧客，他們正在管理自己的客單。

But what’s quite interesting, they’re adding frequency of visitation, they’re actually remaining very engaged. And this is why we’ve kept the affordability offers. That group especially has resonated within Aussie 3-Course with an Outback. When you look at a loyalty hook or an increase in frequency, Aussie 3-Course has played very well for that cohort that is balancing that.

但很有意思的是，他們增加了來店頻率，實際上仍然非常投入。這也是為什麼我們保留了平價（affordability）優惠。尤其是那個族群，對 Outback 的 Aussie 3-Course（三道式套餐）反應特別好。如果你看忠誠度的吸引點或來店頻率的提升，Aussie 3-Course 對於那個在做平衡取捨的族群表現非常好。

As I also said, what we see is the opposite too, Christine, which we like. If I stay on Aussie 3-Course, we see younger cohorts with bigger household incomes. They’re coming in and they’re, whether they’re new or frequent, they’re trading up into the higher tiers. They’re going into that $17.99. They’re going into the $20.99. They’re enjoying that experience and they’re moving up the incentive curve.

另外我也提過，Christine，我們也看到相反的一面，而這是我們喜歡的。如果我繼續以 Aussie 3-Course 為例，我們看到較年輕、家庭收入更高的族群。他們進店後，不論是新客或常客，都在往更高價位的層級升級（trade up）。他們選擇17.99美元的，也選擇20.99美元的；他們享受那個體驗，並沿著誘因曲線往上移動。

Very helpful. Thank you so much.

非常有幫助。非常感謝。

Christopher Rocha, JPMorgan.

Christopher Rocha，摩根大通。

Hey, good morning. This is Christopher Rocha on for John. The first question’s on expanding char grill capacity that you mentioned by the summer. Can you remind us, is this moving away from your clam shells?

嗨，早安。我是 Christopher Rocha，代替 John 提問。第一個問題是關於你們提到在夏天前擴增炭烤爐（char grill）產能。能否提醒我們，這是否代表要從你們的 clam shells（上蓋式烤爐）轉移？

No. No. Good morning. It’s about creating the optimal cooking platform. We know and we’ve tested what is the best cooking platform, whether it’s a steak or non-steak protein. The whole point of char grill and bringing back broilers as well, was we want to have enough capacity on the flame for our new steak lineup.

不是。不是。早安。這是為了打造最佳的烹調平台。我們知道、也測試過最好的烹調平台是什麼，不論是牛排或非牛排的蛋白質。炭烤爐的重點，以及把上火烤爐（broilers）也帶回來的原因，是我們希望火焰端有足夠的產能來支撐我們新的牛排產品線。

We also love our clam shells for a number of steak and non-steak proteins. And the other thing I pointed out on a previous earnings call, this was also feedback from our Outbackers, is as you look at what we’re doing with the char grill capacity, which again, we’ll have done by the end of the summer, it actually created better visibility on the line, the way it’s set up.

我們也很喜歡用我們的蛤蜊殼烤盤來料理多種牛排與非牛排的蛋白質。另外一點我在先前的財報電話會議也提過，這也是我們 Outback 夥伴的回饋：當你看我們在炭烤爐產能上的調整（同樣地，我們會在夏季結束前完成），它其實讓出餐線上的視野更好，因為它的配置方式如此。

The flow and the teamwork, it’s much easier to see on the peripheral vision. It gives us more refrigeration capacity storage space on the base of the line. This actually helps us from pace and an execution simplicity in the back of the house.

動線與團隊協作更順暢，用周邊視野更容易看得到。它也讓我們在出餐線底部有更多冷藏容量與儲存空間。這實際上有助於我們在後場的節奏掌控與執行簡化。

Okay, thank you. On the remodels, you mentioned an average spend of like $350 to $400. It kind of feels slow, especially if like unit might be overdue for a remodel. Is this just phase one of a multi-phase effort? Is there any like downtime that you’re seeing that you need? How are you communicating these changes, so to the customer without, you know, significant exterior work?

好的，謝謝。關於翻新，你提到平均投入大約是 35 萬到 40 萬美元。感覺有點慢，尤其如果某些店可能早就該翻新了。這只是多階段計畫的第一階段嗎？你們是否看到需要停業的時間？在不做重大外部工程的情況下，你們如何把這些改變傳達給顧客？

Hey, good morning. For -- I think your third question first. No downtime. We’re able to do these off hours. The, the scope of the, of the refreshes typically do not require permits, so it’s very, very easy for us to do. It’s sort of non-guest facing, non-guest impacting. Your first question was -- I think to answer it, we basically see this as getting caught up.

嗨，早安。先回答你第三個問題。不需要停業。我們可以在非營業時段進行。這些翻新通常不需要申請許可，所以對我們來說非常、非常容易執行。基本上不會面向顧客，也不會影響顧客體驗。你的第一個問題是——我想回答是：我們基本上把這視為把進度補上。

To where we will now have a normal refresh cycle for across all of our concepts, including Outback. By getting to what Mike mentioned, getting 100% of our Outbacks touched by 2028, that allows us to then, you know, continue to invest on a normal cycle past that.

讓我們在所有品牌（包括 Outback）都能回到正常的翻新週期。透過達成 Mike 提到的目標——在 2028 年前讓 100% 的 Outback 門店都完成一次更新——之後我們就能在那之後以正常週期持續投資。

Okay. Thank you.

好的。謝謝。

Yeah. Remember, first of all, one of the decisions, if you go back, as we’ve brought down the future capital on new restaurants, we’re reallocating to the refresh. Because before we were putting that same level or more level of capital into those new ones. Our point is we need to invest As Eric said, we want to invest in the base of the business first and then pay down debt in terms of capital allocation.

是的。先提醒一下，首先其中一個決策是：如果你回頭看，當我們降低未來新餐廳的資本支出時，我們把資本重新配置到翻新上。因為以前我們把同等甚至更多的資本投入到那些新店。我們的重點是需要先投資在事業的基本盤上；正如 Eric 所說，在資本配置上，我們希望先投資基本盤，然後再償還債務。

Thank you.

謝謝。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

Hi. Thanks and good morning. Just two quick clarifications for me. Just back to the Outback comps, obviously underperformed a little bit, as you noted, the Black Box casual dining category in Q1. You noted the improvement in March, April.

嗨。謝謝，早安。我有兩個快速釐清。回到 Outback 的同店表現，你也提到，第一季相較 Black Box 的休閒餐飲類別確實稍微落後一些。你提到 3 月、4 月有改善。

I was curious if Outback is outperforming segment trends in more recent months. And then second, on the commodity inflation, it sounds like that might have come down a little bit, maybe 50 bps on each range. Just curious what might be moving a little bit more favorable in the basket.

我想了解 Outback 在最近幾個月是否已經優於該分項的趨勢。第二，關於大宗商品通膨，聽起來可能各區間都下修了一點，大概各 50 個基點。想請教在食材籃子裡，哪些項目變得更有利一些？

Hey, Brian. Good morning. On Outback, when you look at the last year, Brian, I would -- we’ve improved our performance versus Black Box. So if you look at it, we’ve narrowed that gap, both in terms of comp sales and traffic and the same for total Bloomin’ Brands.

嗨，Brian。早安。關於 Outback，Brian，若看過去一年，我會說——我們相對於 Black Box 的表現有所改善。也就是說，我們縮小了差距，無論是同店銷售或來客數；整體 Bloomin’ Brands 也是如此。

We obviously want to be at a point where we’re leading Black Box, as I said in my prepared remarks, but we’ve made progress and momentum versus that standard or that comparison. And we also in the short term, like I said, Outback and total Bloomin,’ we saw an improvement in comp sales, when you look at March versus January, February and April versus March, and out of the gates here early as we go into Mother’s Day.

如我在事先準備的發言中所說，我們當然希望能達到領先 Black Box 的水準，但相對於那個標準或比較基準，我們已經取得進展並累積動能。而且短期來看，如我所說，Outback 與整體 Bloomin’ 在同店銷售上都有改善：3 月相較 1、2 月更好，4 月又比 3 月更好；而且在進入母親節前的這段時間，一開始的表現也不錯。

In terms of commodities, and Eric can add on, we were pretty clear with our commodities. We assumed them to be roughly 4.5% to 5.5% with that high single-digit inflation on beef. We’re about 85% locked in terms of, if you look at our commodity basket, we’re locked in on 85%. Our beef is locked in, and we’re Eric can give you more on the details of the pace and how that looks.

至於大宗商品，Eric 也可以補充，我們對大宗商品的假設講得很清楚。我們假設大約是 4.5% 到 5.5%，其中牛肉是高個位數通膨。若看我們的食材籃子，我們大約有 85% 已經鎖定。牛肉也已鎖定；Eric 可以提供更多關於節奏以及目前狀況的細節。

Yeah. Q1 came in a little bit favorable due to dairy and poultry primarily. We had also pretty good inventory management in terms of commodities. But for the full year, we’re still in the 4.5% to 5.5% range on total commodities inflation. So no change to the full year.

是的。第一季結果稍微有利，主要來自乳製品與家禽。我們在大宗商品的庫存管理方面也做得相當不錯。但就全年而言，我們對整體大宗商品通膨仍維持在 4.5% 到 5.5% 的區間。所以全年沒有變動。

Okay. I might have been mistaken. I thought it was [5 to 6] previously, but it’s a small change either way. I was just curious if something moved there, but that’s helpful. Okay. Perfect. Thank you. I guess the last one for me, as it relates to your 2Q EPS guidance, this is, we just ran some quick back of the envelope math, but it seems to embed maybe some year-on-year store margin contraction.

好的。可能是我記錯了。我以為之前是 [5 到 6]，但不管怎樣變動都不大。我只是想了解是否有什麼項目出現變化，但這樣很有幫助。好的。很好。謝謝。我最後一個問題是，關於你們第二季 EPS 指引，我們快速用粗略方式算了一下，感覺其中可能隱含門店利潤率年對年收縮。

I just wanted to ask if that’s right, and if it’s right, can you help square what might be driving a little bit of year-on-year contraction in the second quarter after Q1 was flat on a lower comp, assuming you hit the 1% to 2% for Q2? Just anything on the Q2 margin dynamics?

我想確認是否如此；如果是的話，能否協助說明：在第一季同店較低且門店利潤率持平之後，若第二季同店達到 1% 到 2%，為何第二季會出現一些年對年收縮？第二季利潤率的變化因素有哪些？

Yeah. No, I would assume more flat. Flat margins.

是的。不，我會假設比較偏向持平。利潤率持平。

Okay.

好的。

Flat at the midpoint. Flat at the midpoint of the guidance. It really just embeds some cautious optimism that we see with consumers and guests. Feel great about the momentum.

在指引中點是持平。在指引中點是持平。這主要只是反映我們對消費者與來賓所看到的情況抱持審慎的樂觀。我們對這股動能感到非常好。

Alright. I’ll pass it along. Thanks very much.

好。我就不再追問了。非常感謝。

And that will conclude our question and answer session. I would like to pass the call back over to Mr. Michael Spanos for any closing remarks.

問答環節到此結束。我想把電話交回給 Michael Spanos 先生，請他做結語。

Thank you once again for your investment and support of Bloomin’ Brands. I want to close by thanking our people for their hard work, their passion, and commitment to each other and our guests. Thank you.

再次感謝各位對 Bloomin’ Brands 的投資與支持。最後，我要感謝我們的同仁，他們的辛勤付出、熱情，以及對彼此與我們來賓的承諾。謝謝。

That will conclude our conference call for today. Thank you for attending today’s presentation. You may now disconnect.

今天的電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。