(CBRL) 2023 Q4 法說會逐字稿

Good day, and welcome to the Cracker Barrel Fiscal 2023 Fourth Quarter Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Cracker Barrel 2023 財年第四季度電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Kaleb Johannes. Please go ahead.

我現在想將會議轉交給卡萊布·約翰內斯 (Kaleb Johannes)。請繼續。

Thank you. Good morning, and welcome to Cracker Barrel's Fourth Quarter Fiscal 2023 Conference Call and Webcast. This morning, we issued a press release announcing the fourth quarter results.

謝謝。早上好，歡迎參加 Cracker Barrel 的 2023 財年第四季度電話會議和網絡廣播。今天早上，我們發布了新聞稿，公佈了第四季度業績。

In the press release and on the call, we will refer to non-GAAP financial measures for the fourth quarter ended July 28, 2023, as well as our expectations for the first quarter. The non-GAAP financial measures are adjusted to exclude the expected noncash amortization of the assets recognized from the gains on the sale and leaseback transactions, certain expenses related to our CEO transition and a corporate restructuring charge.

在新聞稿和電話會議中，我們將參考截至 2023 年 7 月 28 日的第四季度的非 GAAP 財務指標，以及我們對第一季度的預期。非公認會計準則財務指標經過調整，排除了從售後回租交易收益中確認的資產的預期非現金攤銷、與首席執行官換屆相關的某些費用以及公司重組費用。

The company believes that excluding these items from its financial results provides investors with an enhanced understanding of the company's financial performance. This information is not intended to be considered in isolation or as a substitute for net income and earnings per share information prepared in accordance with GAAP. The last pages of the press release include reconciliations from the non-GAAP information to the GAAP financials.

該公司認為，將這些項目從其財務業績中排除可以使投資者更好地了解公司的財務業績。該信息不應單獨考慮，也不能替代根據 GAAP 編制的淨收入和每股收益信息。新聞稿的最後幾頁包括非公認會計原則信息與公認會計原則財務數據的調節。

On the call with me this morning are Cracker Barrel's President and CEO, Sandy Cochran; CEO-elect, Julie Felss Masino; and Senior Vice President and CFO, Craig Pommells. Sandy and Craig will provide a review of the business, financials and outlook. We will then open up the call for questions for Sandy, Craig and Julie.

今天早上與我通話的是 Cracker Barrel 的總裁兼首席執行官桑迪·科克倫 (Sandy Cochran)。當選首席執行官 Julie Felss Masino；高級副總裁兼首席財務官 Craig Pommells。桑迪和克雷格將對業務、財務和前景進行審查。然後我們將開始向桑迪、克雷格和朱莉提問。

On this call, statements may be made by management of their beliefs and expectations regarding the company's future operating results and expected future events. These are known as forward-looking statements, which involve risks and uncertainties that, in many cases, are beyond management's control and may cause actual results to differ materially from expectations. We caution our listeners and readers in considering forward-looking statements and information.

在這次電話會議上，管理層可能會發表關於他們對公司未來經營業績和預期未來事件的信念和期望的聲明。這些被稱為前瞻性陳述，其中涉及風險和不確定性，在許多情況下，這些風險和不確定性超出了管理層的控制範圍，並可能導致實際結果與預期存在重大差異。我們提醒聽眾和讀者考慮前瞻性陳述和信息。

Many of the factors that could affect results are summarized in the cautionary description of risks and uncertainties found at the end of the press release and are described in detail in our reports that we file with or furnish to the SEC.

新聞稿末尾對風險和不確定性的警告性描述中總結了許多可能影響結果的因素，並在我們向 SEC 提交或提供的報告中詳細描述了這些因素。

Finally, the information shared on this call is valid as of today's date, that the company undertakes no obligation to update it, except as may be required under applicable law.

最後，本次電話會議中共享的信息自今天起有效，公司不承擔更新信息的義務，除非適用法律可能要求。

I will now turn the call over to Cracker Barrel's President and CEO, Sandy Cochran. Sandy?

我現在將把電話轉給 Cracker Barrel 的總裁兼首席執行官桑迪·科克倫 (Sandy Cochran)。沙？

Thank you. Good morning, everyone. This morning, we reported total quarterly sales of $836.7 million and an adjusted operating income margin rate of 5.3%, which was approximately 1 percentage point higher than the prior year fourth quarter.

謝謝。大家，早安。今天上午，我們報告季度總銷售額為 8.367 億美元，調整後營業利潤率為 5.3%，比去年第四季度高出約 1 個百分點。

As we said on our last earnings call, our fourth quarter began slowly, while we had expected the traffic would improve in June and July with the onset of the summer travel season. Unfortunately, this didn't materialize, and our restaurants and retail sales performance came in below our expectations.

正如我們在上次財報電話會議上所說，我們的第四季度開始緩慢，而我們預計隨著夏季旅遊旺季的開始，六月和七月的交通量將會有所改善。不幸的是，這並沒有實現，我們的餐廳和零售銷售業績低於我們的預期。

Although they've stabilized, we believe these fourth quarter traffic trends will continue through most of the first quarter as well. We are, of course, taking actions to address them, as I'll get to later in the call.

儘管流量已經穩定下來，但我們相信第四季度的流量趨勢也將持續到第一季度的大部分時間。當然，我們正在採取行動來解決這些問題，我將在稍後的電話會議中談到。

In the face of the top line challenges that we experienced in the fourth quarter, our teams worked hard to control costs. Between their efforts, pricing and inflationary easing, we were able to deliver higher fourth quarter margins than in the prior year despite our lower traffic levels.

面對第四季度遇到的營收挑戰，我們的團隊努力控製成本。在他們的努力、定價和通脹寬鬆政策的幫助下，儘管客流量水平較低，我們第四季度的利潤率仍高於去年同期。

Of course, there were other bright spots in the quarter as well, particularly in certain areas likely to help us in the longer term. Our operations teams focused intently on the guest experience, operational excellence, staffing and retention, and we made and continue to make meaningful headway in these areas.

當然，本季度還存在其他亮點，特別是在某些可能對我們長期有所幫助的領域。我們的運營團隊專注於賓客體驗、卓越運營、人員配備和保留，我們在這些領域取得併將繼續取得有意義的進展。

We continued our successful deployment of back-of-the-house technology, which will be foundational for us going forward. And despite a very challenging environment, our retail product assortment resonated with our guests, and our teams managed inventories exceptionally well and delivered solid retail margins even in the face of lower traffic.

我們繼續成功部署後台技術，這將是我們前進的基礎。儘管環境非常具有挑戰性，我們的零售產品種類還​​是引起了客人的共鳴，我們的團隊非常出色地管理庫存，即使在客流量較低的情況下也能提供穩定的零售利潤。

We launched our loyalty program, Cracker Barrel Rewards, internally in late July, and I'm excited to announce that it will be available to guests across the country by the end of this month. We believe our loyalty program will be a key traffic driver for us over the long term, and I'll speak in more detail about the program later in the call.

我們於 7 月下旬在內部推出了忠誠度計劃 Cracker Barrel Rewards，我很高興地宣布，該計劃將於本月底向全國各地的客人推出。我們相信，從長遠來看，我們的忠誠度計劃將成為我們的關鍵流量驅動因素，我將在稍後的電話會議中更詳細地討論該計劃。

From a full year perspective, we achieved our ambitious goal of growing our catering business above $100 million, and we delivered $30 million in sustainable cost savings. We opened a total of 12 new Maple Street and 2 new Cracker Barrel locations and we returned more than $133 million to our shareholders in the form of dividends and share repurchases.

從全年的角度來看，我們實現了餐飲業務增長超過 1 億美元的宏偉目標，並實現了 3000 萬美元的可持續成本節約。我們總共開設了 12 家新的 Maple Street 店和 2 家新的 Cracker Barrel 店，並以股息和股票回購的形式向股東返還了超過 1.33 億美元。

Although we believe that the traffic pressures that we're experiencing reflect a challenged consumer environment, we also believe they were exacerbated by our marketing and media strategy. The volume and substance of our marketing messages in the fourth quarter were not as effective as we wanted, particularly against the backdrop of a highly competitive and promotional marketplace.

儘管我們認為我們所經歷的流量壓力反映了消費者環境的挑戰，但我們也認為我們的營銷和媒體策略加劇了這些壓力。第四季度我們的營銷信息的數量和內容沒有達到我們想要的效果，特別是在競爭激烈和促銷的市場背景下。

We lowered our advertising spend as we traditionally found advertising to be less impactful in the fourth quarter, and instead invested funds in store staffing and labor, which we think are longer-term imperatives. And although we focused our messaging on value, our message did not break through against the highly promotional advertising we saw from our competitors. Finally, we think we still have opportunities with regard to the guest experience.

我們降低了廣告支出，因為我們傳統上發現廣告在第四季度的影響力較小，而是將資金投資於商店人員配備和勞動力，我們認為這是長期需要。儘管我們將信息重點放在價值上，但我們的信息並沒有突破競爭對手的高度促銷廣告。最後，我們認為在賓客體驗方面我們仍然有機會。

I'd like to turn it over to Craig now for a more detailed look at the quarter from a financial perspective and to discuss our outlook. When Craig is done, I'll come back and comment on the actions we're taking to address our traffic situation and position us to change our trajectory in 2024. Craig?

我現在想將其轉交給克雷格，以便從財務角度更詳細地了解本季度並討論我們的前景。克雷格完成後，我會回來評論我們為解決交通狀況而採取的行動，並幫助我們在 2024 年改變我們的發展軌跡。克雷格？

Thank you, Sandy, and good morning, everyone.

謝謝你，桑迪，大家早上好。

As Sandy noted, for the fourth quarter, we reported total revenue of $836.7 million, an increase of 0.8% over the prior year quarter. Restaurant revenue increased 2.6% to $679.3 million and retail revenue decreased 6.6% to $157.4 million versus the prior quarter. Comparable store total sales, including both restaurant and retail, grew by 0.5%.

正如 Sandy 指出的，我們第四季度的總收入為 8.367 億美元，比去年同期增長 0.8%。與上一季度相比，餐廳收入增長 2.6% 至 6.793 億美元，零售收入下降 6.6% 至 1.574 億美元。包括餐廳和零售在內的可比商店總銷售額增長了 0.5%。

Comparable store sales grew by 2.4% over the prior year, driven primarily by approximately 8.7% pricing. Our average check results included a favorable menu mix of approximately 1%, which continues to be driven by our culinary strategy of providing guests with upgrade and add-on options, such as our shareable Barrel Bites, Premium Sides, beverage program and $5 Take Home offerings.

可比商店銷售額比上年增長 2.4%，主要受到約 8.7% 定價的推動。我們的平均檢查結果包括大約1% 的有利菜單組合，這繼續受到我們為客人提供升級和附加選項的烹飪策略的推動，例如我們的可共享桶裝小吃、高級配菜、飲料計劃和5 美元帶回家供品。

Anticipating a question you might have, we do not believe our pricing strategy negatively impacted our fourth quarter or our current traffic in any meaningful way. As we've commented before, we have consistently taken and continue to take a very thoughtful and deliberate approach to pricing. While our recent price [increases] have been higher than historical levels, we track guest value perceptions through a variety of means.

預計您可能會有一個問題，我們認為我們的定價策略不會對我們第四季度或當前的流量產生任何有意義的負面影響。正如我們之前評論的那樣，我們一貫採取並將繼續採取非常深思熟慮和深思熟慮的定價方法。雖然我們最近的價格[上漲]高於歷史水平，但我們通過各種方式跟踪客人的價值感知。

We closely monitor competitive price points and we measure the impact of our pricing actions against the control group to ensure we have not triggered adverse guest behaviors. We have not seen a negative impact to traffic from our pricing actions, even in the currently sensitive environment.

我們密切監控有競爭力的價格點，並衡量我們的定價行為對對照組的影響，以確保我們沒有引發不良的客人行為。即使在當前敏感的環境下，我們的定價行為也沒有看到對流量產生負面影響。

That said, we believe price increases taken by the entire restaurant industry maybe have a cumulative effect on dining behaviors, and we will continue to be mindful of the consumer and competitive environment in the markets we serve as we make pricing decisions going forward.

也就是說，我們認為整個餐飲業的價格上漲可能會對就餐行為產生累積影響，在我們做出未來的定價決策時，我們將繼續關注我們所服務的市場的消費者和競爭環境。

Off-premise sales were approximately 17.2% of restaurant sales. As Sandy noted, we were especially pleased with the performance of our catering business, which grew over 35% in the quarter and we achieved our goal of growing it to a $100 million channel this fiscal year.

店外銷售額約佔餐廳銷售額的 17.2%。正如 Sandy 指出的那樣，我們對餐飲業務的業績感到特別滿意，該業務在本季度增長了 35% 以上，並且我們實現了本財年將其增長至 1 億美元渠道的目標。

Comparable store retail sales decreased 6.8% compared to the fourth quarter of the prior year. Although retail sales remain soft, we have been pleased with how our team has effectively managed our markdowns and inventory levels.

與去年第四季度相比，可比商店零售額下降了 6.8%。儘管零售銷售仍然疲軟，但我們對我們的團隊有效管理降價和庫存水平的方式感到滿意。

Moving on to our fourth quarter expenses. Total cost of goods sold in the quarter was 30.8% of total revenue versus 32.9% in the prior year quarter. Restaurant cost of goods sold in the fourth quarter was 26.6% of restaurant sales versus 28.7% in the prior year quarter. This 210-basis-point decrease was primarily driven by total menu pricing of 8.7%, which is inclusive of carryforward pricing from fiscal 2022 and new pricing from fiscal 2023.

繼續我們第四季度的支出。本季度銷售商品總成本佔總收入的 30.8%，而去年同期為 32.9%。第四季度餐廳銷售成本佔餐廳銷售額的 26.6%，而去年同期為 28.7%。下降 210 個基點的主要原因是菜單總定價 8.7%，其中包括 2022 財年的結轉定價和 2023 財年的新定價。

Commodity deflation was approximately 0.8%, driven principally by lower pork and poultry prices. Fourth quarter retail cost of goods sold was 48.8% of retail sales versus 49.4% in the prior year quarter. This 60-basis-point decrease was primarily driven by lower freight and lower markdowns.

商品通貨緊縮約為 0.8%，主要是由於豬肉和家禽價格下跌所致。第四季度零售商品銷售成本佔零售額的 48.8%，而去年同期為 49.4%。下降 60 個基點的主要原因是運費下降和降價幅度降低。

Our inventories at quarter end were $189 million compared to $213 million in the prior year. With regard to labor cost, our fourth quarter labor and related expenses were 36.5% of revenue versus 35.5% in the prior year quarter. This 100-basis-point increase was primarily driven by our investments in additional labor hours to support the guest experience. Hourly restaurant wage inflation on a constant mix basis was 4.5%.

季度末我們的庫存為 1.89 億美元，而上年同期為 2.13 億美元。就勞動力成本而言，我們第四季度的勞動力及相關費用佔收入的 36.5%，而去年同期為 35.5%。這一 100 個基點的增長主要是由於我們為支持賓客體驗而對額外工時進行的投資所致。按固定組合計算，餐館每小時工資通脹率為 4.5%。

Adjusted other operating expenses were 23.0% of revenue versus 23.3% in the prior year quarter. This 30-basis-point decrease was primarily driven by lower utilities and maintenance expenses.

調整後的其他運營費用佔收入的 23.0%，而去年同期為 23.3%。下降 30 個基點的主要原因是公用事業和維護費用減少。

Our general and administrative expenses in the fourth quarter were 4.5% of revenue versus 3.9% in the prior year quarter. This 60-basis-point increase primarily resulted from more normalized incentive compensation. All of this culminated in GAAP operating income of $41.2 million. Adjusted for the noncash amortization of the asset recognized on the gains on the sale and leaseback transactions, operating income for the quarter was $44.4 million or 5.3% of revenue.

我們第四季度的一般和管理費用佔收入的 4.5%，而去年同期為 3.9%。 60 個基點的增長主要是由於激勵薪酬更加規範化。所有這一切最終導致 GAAP 營業收入達到 4120 萬美元。根據售後回租交易收益確認的資產非現金攤銷進行調整後，本季度營業收入為 4440 萬美元，佔收入的 5.3%。

Net interest expense for the quarter was $4.5 million compared to net interest expense of $2.6 million in the prior year quarter. This increase was a result of higher interest rates. Our GAAP effective tax rate for the fourth quarter was negative 2.1%. The negative tax rate was driven by increased credits on lower-than-expected earnings. On an adjusted basis, our effective tax rate for the quarter was 0%.

本季度的淨利息支出為 450 萬美元，而去年同期的淨利息支出為 260 萬美元。這一增長是利率上升的結果。我們第四季度的 GAAP 有效稅率為負 2.1%。負稅率是由於收入低於預期而增加的抵免額所致。經調整後，我們本季度的有效稅率為 0%。

Fourth quarter GAAP earnings per diluted share were $1.68 and adjusted earnings per diluted share were $1.79. In the fourth quarter, EBITDA was $72.1 million or 8.6% of total revenue.

第四季度 GAAP 每股攤薄收益為 1.68 美元，調整後每股攤薄收益為 1.79 美元。第四季度 EBITDA 為 7210 萬美元，佔總收入的 8.6%。

Now turning to capital allocation and our balance sheet. We remain committed to a balanced approach to capital allocation. Our first priority remains investing in the growth of Cracker Barrel and Maple Street. Beyond that, we plan to return capital to our shareholders, while maintaining appropriate flexibility and a conservative balance sheet.

現在轉向資本配置和我們的資產負債表。我們仍然致力於採取平衡的資本配置方法。我們的首要任務仍然是投資 Cracker Barrel 和 Maple Street 的發展。除此之外，我們計劃向股東返還資本，同時保持適當的靈活性和保守的資產負債表。

In the fourth quarter, we invested $36.9 million in capital expenditures. We ended the quarter with $415 million in total debt. Our leverage ratio was 1.5x, which is within our target range of 1.3x to 1.7x.

第四季度，我們投資了 3690 萬美元的資本支出。本季度結束時，我們的總債務為 4.15 億美元。我們的槓桿率為 1.5 倍，在我們 1.3 倍至 1.7 倍的目標範圍內。

Lastly, as we announced in our press release, the Board declared a quarterly dividend of $1.30.

最後，正如我們在新聞稿中宣布的那樣，董事會宣布季度股息為 1.30 美元。

I would now like to speak to our outlook and provide some additional color on the guidance in this morning's release.

現在，我想談談我們的前景，並為今天早上發布的指南提供一些額外的信息。

Historically, we have typically provided full year guidance. However, we have decided to only provide Q1 guidance at this time given the uncertainty in the environment and our CEO transition.

從歷史上看，我們通常提供全年指導。然而，考慮到環境的不確定性和我們首席執行官的過渡，我們決定目前僅提供第一季度的指導。

Turning to our guidance. As we've mentioned, traffic has remained pressured during Q1. And for Q1, we currently anticipate total revenue of $800 million to $850 million. We anticipate opening 1 to 2 new Cracker Barrel stores and 4 to 5 new Maple Streets during the quarter. We expect Q1 commodity deflation of approximately 1% to 2% and wage inflation on a constant mix basis of 4% to 5%. We anticipate a Q1 adjusted operating income margin of between 2.25% and 3.25% and capital expenditures of $27 million to $32 million.

轉向我們的指導。正如我們所提到的，第一季度的流量仍然面臨壓力。對於第一季度，我們目前預計總收入為 8 億至 8.5 億美元。我們預計本季度將開設 1 至 2 家新的 Cracker Barrel 商店和 4 至 5 家新的 Maple Streets 商店。我們預計第一季度大宗商品通貨緊縮約為 1% 至 2%，工資通脹（按固定組合計算）為 4% 至 5%。我們預計第一季度調整後營業利潤率為 2.25% 至 3.25%，資本支出為 2700 萬美元至 3200 萬美元。

Our adjustments to operating income include expenses related to our sale-leaseback transaction, a corporate restructuring charge and certain expenses related to our CEO transition, all of which are detailed in the footnotes to our reconciliation table at the end of our earnings release.

我們對營業收入的調整包括與售後租回交易相關的費用、公司重組費用以及與首席執行官換屆相關的某些費用，所有這些都在我們的收益發布末尾的調節表的腳註中詳細說明。

Sandy will describe our plans to improve our traffic performance momentarily. While delivering improved top line performance is our top priority, it is also imperative that we continue to shore up our business model and improve profitability. We were pleased that we delivered $30 million of sustainable cost savings in fiscal '23, and we anticipate we will deliver approximately $30 million in additional savings again in fiscal '24. Although I do want to note that we expect these savings to be partially offset by investments in labor and loyalty.

桑迪將描述我們暫時改善交通性能的計劃。雖然提高營收績效是我們的首要任務，但我們也必須繼續支持我們的業務模式並提高盈利能力。我們很高興在 23 財年實現了 3000 萬美元的可持續成本節約，並且預計我們將在 24 財年再次實現約 3000 萬美元的額外節約。儘管我確實想指出，我們預計這些節省將被勞動力和忠誠度投資部分抵消。

I'll now turn the call back over to Sandy so she may share additional details around our business plans.

我現在將把電話轉回給桑迪，以便她可以分享有關我們業務計劃的更多詳細信息。

Thank you, Craig. We are aggressively taking steps to recover traffic above industry level and to adjust our business model to ensure our financial strength while doing so. We are and will be doing this on a number of fronts, both shorter and longer term.

謝謝你，克雷格。我們正在積極採取措施將流量恢復到行業水平以上，並調整我們的業務模式，以確保我們的財務實力。我們正在並將在短期和長期的多個方面這樣做。

In the shorter term, we are focused on marketing the guest experience, retail sales, preparing for the important holiday season, which occurs during our second quarter and the launch of our loyalty program. So I'm going to go through each of these with you.

從短期來看，我們的重點是營銷客戶體驗、零售銷售，為第二季度發生的重要假期做好準備，並推出忠誠度計劃。所以我將和你們一起逐一討論。

With regard to marketing, we've increased our media spend and are focusing our marketing on our core guests of all ages and more pointed value messaging, particularly around lunch and dinner.

在營銷方面，我們增加了媒體支出，並將營銷重點放在各個年齡段的核心客人和更具針對性的價值信息上，特別是在午餐和晚餐期間。

For example, we've added media presence in avenues, like College Football and NASCAR, to drive top-of-mind awareness. Our advertising around the breakfast day part has been effective with improving traffic, and we'll now increase our emphasis on lunch and dinner, where we've underperformed, by focusing on craveable favorites that appeal to all our guest segments, like Southern Fried Chicken. We'll also be advertising sharper price points, such as brunch all-day, starting at $8.99, and continuing to showcase our variety with our over 20 under 12 campaign.

例如，我們在大學橄欖球和 NASCAR 等渠道增加了媒體報導，以提高人們的首要意識。我們圍繞早餐時段的廣告有效地改善了客流量，現在我們將加大對午餐和晚餐的重視，這方面我們表現不佳，重點關注吸引所有客人群體的令人垂涎的美食，例如南方炸雞。我們還將宣傳更優惠的價格點，例如全天早午餐，起價 8.99 美元，並繼續通過我們的 20 歲以下 12 歲以下活動展示我們的品種。

Finally, we're introducing a new physical menu format that tested well and includes imagery that we believe will appeal to our guests and drive check. With regard to the guest experience, we will continue to focus on staffing, retention and hospitality, all of which are linchpins for sustainable traffic.

最後，我們推出了一種新的物理菜單格式，該格式經過了良好的測試，並且包含我們相信會吸引客人並進行檢查的圖像。在賓客體驗方面，我們將繼續關注人員配置、保留率和接待，所有這些都是可持續流量的關鍵。

We're encouraged by the improvements that we've seen in these areas and in our guest experience metrics, which fell below our historically strong levels as we restaffed and retrained coming out of the pandemic. And we will continue to invest in more front-of-the-house hours to deliver the hospitality for which we're known.

我們對這些領域和客戶體驗指標的改善感到鼓舞，隨著我們從疫情中恢復人員和重新培訓，這些指標已低於我們歷史上的強勁水平。我們將繼續投入更多的前台工作時間，以提供我們聞名的熱情好客服務。

We will also continue our investments in training and development, simplifying operations and improving our manager experience, while streamlining or eliminating work that drives them away from the dining rooms, their employees and their guests.

我們還將繼續在培訓和發展、簡化運營和改善經理體驗方面進行投資，同時簡化或消除使他們遠離餐廳、員工和客人的工作。

As for retail, our retail teams will continue to manage inventories and emphasize sales behaviors that drive conversion. We're also reworking some of our merchandising displays to be even more effective and impactful than they already are.

至於零售，我們的零售團隊將繼續管理庫存並強調推動轉化的銷售行為。我們還重新設計了一些商品展示，使其比現有的更加有效和有影響力。

With respect to our important second quarter, we believe we are well positioned to have a strong holiday season and deliver continued growth in our already robust catering and occasion channels. From a culinary perspective, we will lean into our core holiday offerings, such as Country Fried Turkey and Cinnamon Roll Pie that we know are strong traffic drivers and that, along with our retail offerings, underpin our holiday season.

對於重要的第二季度，我們相信我們已做好充分準備，可以度過一個強勁的假期季節，並在我們本已強勁的餐飲和場合渠道中實現持續增長。從烹飪的角度來看，我們將重點發展我們的核心假日產品，例如鄉村炸火雞和肉桂卷派，我們知道它們是強大的客流量驅動因素，並且與我們的零售產品一起支撐著我們的假日季節。

Finally, we're launching our Cracker Barrel Rewards loyalty program that we believe will be a meaningful traffic driver as well as a key source of guest insight and data, although it will take time to build awareness and participation.

最後，我們將推出 Cracker Barrel Rewards 忠誠度計劃，我們相信該計劃將成為有意義的流量驅動因素，也是賓客洞察和數據的關鍵來源，儘管建立意識和參與度需要時間。

As I said earlier, the program will be going live by the end of the month, and we believe it has potential to be the best, most engaging loyalty program in the full-service dining industry and will help us further extend our hospitality into the digital realm.

正如我之前所說，該計劃將於本月底上線，我們相信它有潛力成為全方位服務餐飲行業中最好、最具吸引力的忠誠度計劃，並將幫助我們進一步將熱情好客擴展到全球數字領域。

Based off our iconic peg game, participants will earn pegs for each dollar they spend with us, both restaurant and retail. And we'll be able to use those pegs for rewards at various levels. The program is gamified, allowing guest to earn additional pegs through fun challenges as well as surprise and delight events. We've been testing it with positive results among our own employees who we know will be the best ambassadors for the program and key to its rollout.

基於我們標誌性的掛鉤遊戲，參與者在我們的餐廳和零售店消費的每一美元都將獲得掛鉤。我們將能夠使用這些掛鉤來獲得不同級別的獎勵。該計劃是遊戲化的，允許客人通過有趣的挑戰以及驚喜和歡樂的活動來賺取額外的獎勵。我們一直在我們自己的員工中進行測試，並取得了積極的結果，我們知道他們將成為該計劃的最佳大使，也是該計劃推出的關鍵。

To further drive awareness and enrollment, we'll be launching a multichannel media campaign. And I'm delighted to announce that we'll be partnering with Dolly Parton in late October to highlight the program, and to promote Dolly's highly anticipated collaborative album, Rockstar, which will be available in our stores.

為了進一步提高認知度和入學率，我們將發起多渠道媒體活動。我很高興地宣布，我們將在 10 月下旬與 Dolly Parton 合作，重點宣傳該計劃，並宣傳 Dolly 備受期待的合作專輯《Rockstar》，該專輯將在我們的商店出售。

Regarding longer-term initiatives, we are undertaking extensive research with both current and lapsed guests in partnership with outside firms to further understand the current competitive environment and our place in it, including our strengths, opportunities, brand positioning and to identify actionable strategies to capitalize on our learnings.

關於長期計劃，我們正在與外部公司合作，對現有和已故的客人進行廣泛的研究，以進一步了解當前的競爭環境和我們在其中的地位，包括我們的優勢、機會、品牌定位，並確定可行的策略來利用關於我們的學習。

We're also conducting a deeper dive review of our store base to better leverage our presence in certain trade areas, and we'll be considering physical design and refreshment opportunities, which will be informed by the research we're undertaking.

我們還在對我們的商店基地進行更深入的審查，以更好地利用我們在某些貿易領域的存在，我們將考慮物理設計和更新機會，這將根據我們正在進行的研究提供信息。

From a culinary perspective, we'll remain focused on menu innovation, driven by the needs of our most loyal guests and our desired affinity groups, while at the same time pursuing menu simplification to help our operators and improve efficiency.

從烹飪的角度來看，我們將繼續專注於菜單創新，由我們最忠實的客人和我們想要的親和團體的需求驅動，同時追求菜單簡化以幫助我們的經營者並提高效率。

Finally, as Craig noted, we'll continue to identify sustainable cost savings and expect an additional $30 million in FY '24, effectively matching the savings that we delivered in FY '23.

最後，正如克雷格指出的那樣，我們將繼續尋找可持續的成本節約，並預計在 24 財年額外節省 3000 萬美元，有效地匹配我們在 23 財年實現的節約。

All of the initiatives I just reviewed will be led by my successor, Julie Felss Masino, who our Board appointed after a multiyear succession planning process.

我剛剛審查的所有舉措都將由我的繼任者朱莉·費爾斯·馬西諾 (Julie Felss Masino) 領導，她是我們的董事會經過多年的繼任規劃過程後任命的。

Julie had the chance to spend several days with our entire field leadership at our biannual managers conference in Orlando a month ago, and she has been warmly embraced by the entire Cracker Barrel family. We look forward to Julie's leadership as we tackle the challenges before us.

一個月前，朱莉有機會在奧蘭多舉行的一年兩次的經理會議上與我們整個現場領導一起度過了幾天，她受到了整個 Cracker Barrel 家族的熱烈歡迎。我們期待朱莉領導我們應對面前的挑戰。

Before we open things up for your questions, I want to offer Julie a chance to say a few words. Julie?

在我們開始回答你們的問題之前，我想給朱莉一個機會說幾句話。朱麗葉？

Hello, everyone. It's a pleasure to be with you all. As you would expect, over the last few weeks, I've been busy onboarding, visiting stores and getting to know the brand and our team. Even after this short time, it's clear to me that the things that drew me to this opportunity, an iconic brand with passionate and loyal guests who love us, great scratch-made food and retail products, a profound mission of pleasing people and talented and passionate people who are deeply committed to delivering on this mission are all right there.

大家好。很高興和大家在一起。正如您所料，在過去的幾周里，我一直忙於入職、參觀商店並了解該品牌和我們的團隊。即使在這麼短的時間之後，我仍然清楚吸引我獲得這個機會的因素是：一個標誌性的品牌，擁有熱愛我們的熱情和忠誠的客人，美味的自製食品和零售產品，取悅人們的深刻使命，以及才華橫溢和才華橫溢的人。那些熱心致力於實現這一使命的人們就在那裡。

Although traffic is challenged, the fact is our absolute traffic numbers would be the envy of many brands. All that to say, I'm confident that we have the core elements to address our current challenges and regain lost ground.

雖然流量受到挑戰，但事實是我們的絕對流量數字會讓很多品牌羨慕不已。綜上所述，我相信我們擁有應對當前挑戰並收復失地的核心要素。

I'll be digging in with Sandy and our teams on both the shorter and longer-term initiatives that she mentioned, and will be solidifying my own views after doing some more listening and observing. I look forward to speaking with you further in November and of course, in subsequent calls when I'll have more to share with you.

我將與桑迪和我們的團隊一起深入研究她提到的短期和長期舉措，並在進行更多傾聽和觀察後鞏固我自己的觀點。我期待在 11 月份與您進一步交談，當然，在隨後的電話中我將有更多信息與您分享。

On a personal note, I am grateful not only for the opportunity to lead this great brand, but for both Sandy's leadership over the last 12 years and our ongoing partnership as I settle into the role. I've been around restaurant and retail my whole life, and the chance to be able to leverage my experience for a company with as rich of a history and bright of a future as Cracker Barrel is truly exciting.

就我個人而言，我不僅感謝有機會領導這個偉大的品牌，而且感謝 Sandy 在過去 12 年中的領導以及在我適應這個角色時我們持續的合作夥伴關係。我一生都在餐廳和零售業工作，能夠在像 Cracker Barrel 這樣擁有豐富歷史和光明未來的公司中利用我的經驗，真是令人興奮。

I'm looking forward to getting to work and interacting with you more over the coming months, and I appreciate the chance to say hello. Sandy?

我期待著在接下來的幾個月裡開始工作並與您進行更多互動，我很高興有機會向您問好。沙？

Thanks, Julie. As you all know, Julie has a long track record of driving growth and innovation, and I have no doubt that she will bring that experience to bear as we tackle our challenges and position the brand for the future.

謝謝，朱莉。眾所周知，朱莉在推動增長和創新方面有著悠久的記錄，我毫不懷疑她將利用這些經驗來應對我們的挑戰並為品牌的未來定位。

Now let's take your questions.

現在我們來回答大家的問題。

(Operator Instructions) Our first question comes from Jeff Farmer with Gordon Haskett.

（操作員說明）我們的第一個問題來自 Jeff Farmer 和 Gordon Haskett。

Great. Best of luck, Sandy, and welcome to Julie. With that, a few questions. So can you help me understand the same-store sales expectations that are captured in that Q1 revenue guidance of, I believe, it was $800 million to $850 million?

偉大的。祝你好運，桑迪，歡迎來到朱莉。那麼，有幾個問題。那麼，您能否幫助我了解第一季度收入指導中所體現的同店銷售預期（我認為是 8 億至 8.5 億美元）？

You said a few questions, but only had one. Of course.

你說了幾個問題，但只有一個。當然。

Well -- so Jeff, what I would say there is it's a fairly wide range and we don't really have a lot of new units in the plan. So the way we're thinking about -- this is Craig, by the way.

嗯，傑夫，我想說的是，範圍相當廣泛，而且我們的計劃中並沒有很多新單位。所以我們正在考慮的方式 - 順便說一句，這是克雷格。

The way we're thinking about the first quarter is -- our best thinking is in approximately in the middle of the range. But if the environment were to get tougher, we would probably be at the lower end of the range. At the same time, we've taken a number of actions to sort of traffic, in particular, updates to our advertising and messaging and so on. To the degree that those things are highly effective, that would move us to the high end of the range.

我們對第一季度的看法是——我們最好的想法大約在範圍的中間。但如果環境變得更加嚴峻，我們可能會處於該範圍的下限。與此同時，我們採取了一些措施來整理流量，特別是更新我們的廣告和消息傳遞等。如果這些東西非常有效，那將使我們達到該範圍的高端。

Okay. Just following up on that, so second question. So expected menu pricing in Q1 and Q2 for you guys?

好的。只是跟進，所以第二個問題。那麼你們預計第一季度和第二季度的菜單定價是多少？

So for -- overall, for Q1, the way that we think about pricing, there are a couple of elements. One is the price that we're wrapping on, and then we also have the new price. So for -- our actual net new price that we're adding for Q1 is relatively low, but the price cumulatively over year-over-year would be somewhere in the 6% to 7% range for Q1 total pricing, in diluting the additional prices from Q1 and the prior year around.

因此，總的來說，對於第一季度，我們考慮定價的方式有幾個要素。一是我們正在包裝的價格，然後我們還有新的價格。因此，我們為第一季度添加的實際淨新價格相對較低，但在稀釋額外價格後，同比累計價格將在第一季度總定價的 6% 至 7% 範圍內第一季度和去年同期的價格。

So 6% to 7% Q1 cumulative, I got that. And then do you have a cumulative number for Q2 as well? Can we expect that 6% to 7% to sort of hold into Q2?

第一季度累計增長 6% 到 7%，我明白了。那麼你還有第二季度的累計數字嗎？我們能否期望第二季度能保持 6% 到 7% 的增長？

Well, we're not sharing much beyond Q1 at this time. I'll build a little bit more just to help with that question. Because we are moderating our pricing, our incremental pricing as we go through the fiscal year, and we're comping on higher price. The natural expectation there would be our combined year-over-year price, would come down meaningfully over the course of the year, and you would expect it to be at its peak at approximately -- in approximately Q1.

嗯，目前我們不會分享第一季度之後的太多內容。我將構建更多內容來幫助解決這個問題。因為我們正在調整我們的定價，我們在整個財年中的增量定價，並且我們正在競爭更高的價格。我們的自然預期是，我們的綜合同比價格將在一年中大幅下降，您預計它會在大約第一季度達到峰值。

Okay. That's helpful. And then final question for me. It looks like the adjusted operating income margin guidance for the Q1 is in that 2.25% to 3.25% range. That's quite a bit below where you were. A year ago, I believe at 3.6%.

好的。這很有幫助。然後是我的最後一個問題。第一季度調整後的營業利潤率指引似乎在 2.25% 至 3.25% 的範圍內。這比你原來的位置低了很多。一年前，我認為是 3.6%。

So I'm just trying to understand there, in terms of thinking about the restaurant level margin versus G&A, what is basically representing that 100-plus basis point margin headwind for the F 1Q operating margin relative to a year ago? So just key drivers there in front across the restaurant level margin is that much lower, G&A higher? How should we be thinking about your bits and pieces or the moving pieces to get into that lower operating income margin guidance?

因此，我只是想了解，就餐廳水平利潤率與 G&A 而言，什麼基本上代表了 F 1Q 營業利潤率相對於一年前 100 多個基點的逆風？那麼，餐廳水平利潤率前面的關鍵驅動因素就低得多，一般行政費用則更高嗎？我們應該如何考慮您的零碎或變化的部分以進入較低的營業利潤率指導？

I think the big levers are going to be, we see improvements in cost of goods sold. So that will be favorable. But that's being offset by, to some degree, deleverage to some effect, but also the investments that we're making in labor.

我認為最大的槓桿將是，我們看到銷售商品成本的改善。所以這將是有利的。但這在某種程度上被去槓桿化以及我們對勞動力的投資所抵消。

Cracker Barrel, our business model is high traffic, a really good value, great hospitality. And we have -- while we've made a lot of progress on kind of regaining our historical leadership role in hospitality, we're not back to peak levels. So we're investing in labor in order to deliver that. And we think over time, that will be a big tailwind for us.

Cracker Barrel，我們的商業模式是高流量、物超所值、熱情好客。儘管我們在恢復酒店業歷史領導地位方面取得了很大進展，但我們還沒有回到巔峰水平。因此，我們正在投資勞動力以實現這一目標。我們認為，隨著時間的推移，這將成為我們的一大推動力。

So we have higher labor, lower COGS. We have a bit higher advertising as well because with traffic being softer, we have deployed more advertising on a national basis, but we're also doing test and learn in different parts of the country.

因此，我們的勞動力更高，銷售成本更低。我們的廣告也有所增加，因為隨著流量的減少，我們在全國范圍內部署了更多的廣告，但我們也在全國不同地區進行測試和學習。

And lastly, as a subcomponent of G&A in Q1, we have higher M&T expense, manager and training expense. And that is in preparation for our quarter 2. As Sandy shared, we're really proud of the work that we've done and the team have delivered with the catering business. That catering opportunity is greater even more so in Q2, and we want to ensure we're fully prepared for that. So we have invested in additional managers to ensure that we are delivering that at 100%.

最後，作為第一季度 G&A 的子組成部分，我們的 M&T 費用、經理和培訓費用較高。這是為我們的第二季度做準備。正如桑迪所說，我們對我們所做的工作和團隊在餐飲業務方面所做的工作感到非常自豪。第二季度的餐飲機會更大，我們希望確保為此做好充分準備。因此，我們投資了更多的管理人員，以確保我們 100% 實現這一目標。

Our next question comes from Todd Brooks with The Benchmark Company.

我們的下一個問題來自 The Benchmark Company 的托德·布魯克斯 (Todd Brooks)。

Congrats, Sandy, and welcome, Julie as well. A couple of questions for you.

恭喜桑迪，也歡迎朱莉。有幾個問題要問你。

One, following on kind of Jeff's pricing question, but from a more theoretical standpoint. Craig, I know you talked about that the guest value perceptions have been unchanged, even though I think since 2021, menu pricing is up probably between 15% and 17%.

第一，遵循傑夫的定價問題，但從更理論的角度來看。克雷格，我知道您說過，顧客的價值觀念一直沒有改變，儘管我認為自 2021 年以來，菜單價格可能上漲了 15% 到 17%。

How do you measure that their value perceptions aren't changing as their situation changes? So as things are getting tougher, savings rates are down, energy costs are up, student loan payments restarting again, are there value perception static? Or how are you monitoring those perceptions as you continue to take incremental price with, it seems like each menu opportunity.

您如何衡量他們的價值觀念不會隨著情況的變化而改變？因此，隨著事情變得越來越困難，儲蓄率下降，能源成本上升，學生貸款支付再次重新啟動，價值觀念是否是靜態的？或者當你繼續採取增量價格時，你如何監控這些看法，這似乎是每個菜單機會。

Todd, it's a good question. The way that we evaluate that is, one, is the absolute value that we're delivering measured against ourselves. But we also measure our value scores, primarily against the marketplace.

托德，這是個好問題。我們評估的方式是，第一，我們所提供的絕對價值是根據我們自己來衡量的。但我們也主要根據市場來衡量我們的價值得分。

Because the market has been very dynamic. It has been a very high inflation period over a number of years. So in terms of value, we measure ourself against ourself, measure ourself against our competition. We did also note in the prepared remarks that we do believe there is a reaction from consumers to just generally higher prices in casual dining and full-service dining more broadly. We think we're well positioned within that. So we think our pricing is good.

因為市場一直非常活躍。多年來，這是一個非常高的通貨膨脹時期。因此，就價值而言，我們會根據自己來衡量自己，根據競爭對手來衡量自己。我們在準備好的評論中還指出，我們確實相信消費者對休閒餐飲和更廣泛的全方位服務餐飲普遍較高的價格有所反應。我們認為我們在這方面處於有利位置。所以我們認為我們的定價很好。

We think we're very competitive. We think we are a great value, but I do think there is a factor to prices as a whole in the macroeconomic environment and the amount of full service visits that are available as a result of that.

我們認為我們非常有競爭力。我們認為我們很有價值，但我確實認為宏觀經濟環境中的整體價格以及因此而提供的全方位服務訪問量是一個因素。

I'll add a little bit to that, too, Todd. I think as Craig pointed to, we use the quantitative control group to see what kind of impact our pricing decisions were made. We continue to look at ourselves versus competitors.

托德，我也會補充一點。我認為正如克雷格指出的那樣，我們使用定量控制組來了解我們的定價決策產生了什麼樣的影響。我們繼續審視自己與競爭對手。

So we also are spending a lot of time listening to guest reactions, either through conversations with our operators or just the feedback that we get and we manage over monitoring check management tactics. So we are looking very closely at things like beverage attachment, shareable sides, premium sides and all of the things that would indicate to us that the consumer situation has changed meaningfully and most importantly, that we need to change our strategy to address it.

因此，我們也花了很多時間傾聽客人的反應，無論是通過與我們的操作員對話，還是只是我們得到的反饋，我們通過監控檢查管理策略進行管理。因此，我們正在非常仔細地研究諸如飲料附件、可共享的一面、優質的一面以及所有向我們表明消費者情況已經發生有意義的變化的事情，最重要的是，我們需要改變我們的策略來解決這個問題。

Okay. Very helpful. Just a follow-up on that. You talked about your value relative to competitors and in the current environment, we're seeing more kind of price promotion activity from some of the full-service operator universe out there.

好的。很有幫助。只是對此的後續行動。您談到了您相對於競爭對手的價值，在當前環境下，我們看到一些全方位服務運營商開展了更多類型的價格促銷活動。

Cracker Barrel has obviously been a brand where value is inherent and it's lent itself to kind of an everyday value approach to the brand and how you communicate that. If competitors are getting more overly competitive with price points and special offers, what arrows are kind of in Cracker Barrel's quiver to pull if you do feel like you need to compete a little bit more around the value of the experience?

Cracker Barrel 顯然是一個固有價值的品牌，它為品牌提供了一種日常價值方法以及如何傳達這一價值。如果競爭對手在價格點和特別優惠方面變得更加過度競爭，那麼如果您確實覺得自己需要圍繞體驗價值進行更多競爭，那麼 Cracker Barrel 的箭袋中應該拉出什麼箭頭呢？

Well, we did see the competitors doing just that. We think the quarter got significantly more promotional than we were anticipating. And many of the competitors are not only getting sharp in the price point, but they also increased their level of advertising sort of with that news.

嗯，我們確實看到競爭對手這樣做了。我們認為本季度的促銷活動比我們預期的要多得多。許多競爭對手不僅在價格上變得更加敏銳，而且還通過這一消息提高了廣告水平。

I think what we're doing now, to your point, everyday value has always been a hallmark of the brand, and we have worked hard to invest in value despite the price increases that we've been taking over the last few years, we still think we have ensured that there's everyday value at every day part on the menu so that a guest can come in.

我認為我們現在所做的，就你的觀點而言，日常價值一直是該品牌的標誌，儘管過去幾年我們的價格一直在上漲，但我們一直在努力投資價值，我們仍然認為我們已經確保菜單上的每一天部分都有日常價值，以便客人可以進來。

And whether they're looking for a low price point or it's more of a celebratory indulge indication, so they can find that on the menu. So we're continuing to ensure we have that optionality on the menu. We're not taking -- we're protecting, for example, Momma's Pancake Breakfast, which is a phenomenal value at $8.99, pancakes, meat, eggs and all that.

無論他們是尋找低價位還是更多地慶祝慶祝，他們都可以在菜單上找到它。因此，我們將繼續確保菜單上有這種選擇。我們不是拿走——我們是在保護，例如，媽媽的煎餅早餐，它的價格驚人，售價 8.99 美元，還有煎餅、肉、雞蛋等等。

We didn't raise the price to ensure that we were able to deliver high value, both at the breakfast table. And of course, breakfast is available all day. But also we're trying to do a better job of telling that story in our own media and marketing messaging.

我們沒有提高價格來確保我們能夠在早餐桌上提供高價值。當然，全天供應早餐。但我們也在努力在我們自己的媒體和營銷信息中更好地講述這個故事。

So what you'll see as we went through the quarter and now is more of our TV advertising, for example, highlighting both a strong price point like $8.99 breakfast all day as well as great price points and variety at lunch and dinner. So whether it's chicken and dumplings or Country Fried Steak or some of these other really great items.

因此，當我們經歷這個季度時，您會看到更多的電視廣告，例如，強調全天早餐 8.99 美元等強勢價格點，以及午餐和晚餐的優惠價格點和品種。所以無論是雞肉和餃子還是鄉村炸牛排或其他一些非常棒的食物。

But it's a backdrop as competitors have gotten more promotional and more aggressive in their advertising. We are working hard to do an even better job of ensuring that we remind our guests of the value that we have every day, and sure they don't forget about that.

但這是一個背景，因為競爭對手的促銷力度越來越大，廣告也更加激進。我們正在努力做得更好，確保我們提醒客人我們每天所擁有的價值，並確保他們不會忘記這一點。

Great. And one more follow-up, and then I'll jump back in queue. So just when you talk about the elements on the menu that you look at is everyday value elements. If you look at this quarter versus the prior quarter, how was the sales mix of everyday value type of items changed quarter-over-quarter as the consumer has gotten a little bit more challenged?

偉大的。還有一個後續行動，然後我會跳回隊列。因此，當您談論菜單上的元素時，您看到的都是日常價值元素。如果您比較一下本季度與上一季度的情況，隨著消費者面臨更多的挑戰，日常價值類型商品的銷售組合環比有何變化？

This is Craig. What we -- what we've seen over the quarter is our breakfast business has done better than our lunch and dinner business. So overall, we're seeing a higher mix of our breakfast items, the items that Sandy mentioned in particular. So that's primarily where we're seeing the shift.

這是克雷格。我們在本季度看到的是，我們的早餐業務比午餐和晚餐業務做得更好。總體而言，我們看到早餐食品的組合更加豐富，桑迪特別提到的食品。這就是我們看到的主要轉變的地方。

Our next question comes from Katherine Griffin with Bank of America.

我們的下一個問題來自美國銀行的凱瑟琳·格里芬。

I wanted to ask sort of a follow-up to an earlier question, just on decomposing the traffic trends. I'm curious, how much of the traffic in 4Q, you think was lost to promotional intensity by competitors? And then how much of it do you think could have been recaptured by taking a different marketing tactic? And then sort of how should we think about that in a context of your 1Q expectations?

我想問一個先前問題的後續問題，只是關於分解流量趨勢。我很好奇，您認為第四季度的流量有多少是因為競爭對手的促銷力度而流失的？那麼您認為通過採取不同的營銷策略可以重新獲得多少收益？那麼，在您對第一季度的預期的背景下，我們應該如何考慮這一點？

Katherine, it's Craig. So we think a meaningful part of our traffic performance in the fourth quarter was -- is really comprised of two things. One is we were really ramping down our messaging, our paid messaging in Q4, while competitors were ramping up. And as we noted, the environment was a bit more promotional.

凱瑟琳，我是克雷格。因此，我們認為第四季度流量表現的一個有意義的部分實際上由兩件事組成。一是我們在第四季度確實減少了我們的消息傳遞，我們的付費消息傳遞，而競爭對手卻在增加。正如我們所指出的，環境更具促銷性。

So relative to our total traffic, we think it's a significant part of that. I don't know that we're prepared to call out a specific number, but that is a shift that we saw in the environment that coincided with our shift in performance. So we think there is a bit of a macro component.

因此，相對於我們的總流量，我們認為這是其中的重要組成部分。我不知道我們是否準備好給出一個具體數字，但這是我們在環境中看到的轉變，與我們績效的轉變同時發生。所以我們認為有一些宏觀因素。

We think there is a competitive intensity component. We think we also were spending less at a time others were spending more.

我們認為存在競爭強度成分。我們認為，當其他人花更多錢的時候，我們卻花更少的錢。

But we also believe we've got some ground to recover with our historical leadership role in hospitality. So we think those are some of the biggest drivers that impacted our Q4. Some of that's pretty -- some of that's short term and some of that's longer term.

但我們也相信，憑藉我們在酒店業的歷史領導作用，我們已經取得了一些恢復的基礎。因此，我們認為這些是影響我們第四季度的最大驅動因素。其中一些是很好的——一些是短期的，一些是長期的。

Okay. And then maybe actually just following up on that. In terms of where you're seeing promotional intensity, sort of where is that? Is it mostly in maybe your breakfast competitors or in varied menu? I guess I'm trying to understand where the promotional intensity is just because there have been other casual dining concepts that have taken actually a different tact where they're not discounting as much. So I'm curious kind of what you're seeing specifically in terms of which of your peers, maybe which day parts you're seeing more pressure on promotions?

好的。然後也許實際上只是跟進這一點。就您在哪裡看到的促銷強度而言，那是在哪裡？它主要是在您的早餐競爭對手中還是在各種菜單中？我想我試圖了解促銷力度在哪裡，只是因為還有其他休閒餐飲概念實際上採取了不同的策略，他們沒有打那麼多折扣。所以我很好奇你在哪些同事身上看到了什麼，也許哪一天你看到了更大的晉升壓力？

We've seen -- Kat, it's Craig, again. We've seen that intensity across the -- really across a number of different segments. We've seen it in family at breakfast, in particular. We've also seen it, especially in the bar and grill segment also.

我們已經看到——凱特，又是克雷格。我們已經在許多不同的領域看到了這種強度。我們在家庭早餐時尤其看到過這種情況。我們也看到了這一點，尤其是在酒吧和燒烤領域。

So it's relatively broad-based, certainly not with every competitor. But if you just look back at the last few months on advertised price points, there have been a lot of advertised price points. There have also been a lot of all-you-can-eat type of offers in the marketplace. And not only in family or in one particular segment, we've seen it really across the board. Family for breakfast, we've seen at the bar and grill. We've seen it in other areas also.

所以它的基礎相對廣泛，當然不是每個競爭對手都如此。但如果你回顧一下過去幾個月的廣告價格點，就會發現有很多廣告價格點。市場上也有很多自助餐類型的優惠。不僅在家庭或某一特定群體中，我們在各個方面都看到了這一點。家人一起吃早餐，我們在酒吧和燒烤店見過。我們在其他領域也看到了這種情況。

Our next question comes from Jake Bartlett with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Jake Bartlett。

My first is on the margin guidance in the first quarter. And I just want to make sure I understood what might be kind of more of a temporary headwind versus ongoing? Maybe if you can kind of quantify how much higher marketing costs in the quarter will be pressuring margins. And a little more detail about how G&A is going to play in.

我的第一個是第一季度的利潤指導。我只是想確保我明白什麼可能是暫時的逆風，而不是持續的逆風？也許如果你能量化本季度營銷成本的上升會給利潤帶來多少壓力。還有更多關於 G&A 將如何發揮作用的細節。

I look at G&A, on an absolute basis, it's down about 15% versus the third quarter. So if you could help us understand what the right run rate on a quarterly basis just in the first quarter is, just those moving pieces in the first quarter margin guidance.

我看一下 G&A，從絕對值來看，與第三季度相比下降了約 15%。因此，如果您能幫助我們了解第一季度按季度計算的正確運行率是多少，即第一季度利潤指導中的那些變化部分。

Jake, it's Craig again. Yes. As it relates to the first quarter, there are, I guess, a couple of data points to think about there. If you kind of go back and look at our OI performance in the prior year, we had a loss OI in Q1 and then it moved around a bit from there, improved significantly in Q2 and so on.

傑克，又是克雷格。是的。由於它與第一季度有關，我想有幾個數據點需要考慮。如果你回顧一下我們去年的 OI 表現，我們在第一季度出現了 OI 虧損，然後略有移動，在第二季度顯著改善，依此類推。

I don't anticipate that will have a significantly different pattern of OI in fiscal '24. So that's one data point. The other data point is in Q1, in G&A, in particular, we will have a higher level -- a meaningfully higher level of spending for managers and training than we did in Q4. And we also have additional investments in other areas to support loyalty and so on.

我預計 24 財年的 OI 模式不會有顯著不同。這就是一個數據點。另一個數據點是在第一季度，特別是在一般管理費用方面，我們將有一個更高的水平——與第四季度相比，管理人員和培訓的支出水平明顯更高。我們還在其他領域進行了額外投資以支持忠誠度等。

So quite a few moving pieces there, but we are investing more in Q1. In the prior year, our OI was the lowest it had been for the year, in Q1 as well. So as we look back to Q4 and why it was so low, a part of that incentive comp, and that's effectively one time. But a part of that was also we were managing the spending.

因此，有相當多的變動，但我們在第一季度投資更多。去年，我們的 OI 是全年最低的，第一季度也是如此。因此，當我們回顧第四季度以及為什麼它如此低時，這是激勵補償的一部分，這實際上是一次。但其中一部分也是我們在管理支出。

So to some degree, we're managing the spending based on how the company is performing. But we do expect a higher level of G&A in Q1, especially as we ramp up for Q2 and get the loyalty program rolled out.

因此，在某種程度上，我們根據公司的表現來管理支出。但我們確實預計第一季度的一般管理費用會更高，特別是當我們在第二季度加大力度並推出忠誠度計劃時。

Great. And then my next question is about the balance sheet, about the dividend. Given the margin guidance in the first quarter, it's very clear that EPS is going to be much less than the $1.30 that you just declared for the dividend.

偉大的。然後我的下一個問題是關於資產負債表和股息。考慮到第一季度的利潤指引，很明顯 EPS 將遠低於您剛剛宣布的 1.30 美元股息。

So how should investors be thinking about that dividend as your payout kind of lose at least early year to over 100%? Are you comfortable increasing the leverage? I know you've talked about the target of 1.3 to 1.7. Are you comfortable having that go above that range to sustain the dividend?

那麼，當您的派息至少​​在年初損失超過 100% 時，投資者應該如何看待股息呢？您願意增加槓桿嗎？我知道你談到了1.3到1.7的目標。您是否願意讓股價高於該範圍以維持股息？

Other questions I'm getting is about your -- the balance sheet and kind of your ability to do more sale leasebacks, if that is appropriate. What -- how many stores are unencumbered, for instance, just what's -- as you look at the balance sheet, how comfortable are you focusing on that, maintaining that dividend even as EPS is somewhat challenged near term?

我收到的其他問題是關於您的資產負債表以及您進行更多售後回租的能力（如果合適的話）。例如，有多少家商店沒有受到阻礙，當您查看資產負債表時，您是否願意關注這一點，即使每股收益近期受到一定挑戰，仍能維持股息？

The capital allocation topic, which I think is broadly, the -- your question is a very big one for the Board, and they've continued to take a consistent approach there, which is the primary purpose -- primary objective is to grow Cracker Barrel and Maple Street.

我認為資本分配主題很廣泛，您的問題對董事會來說是一個非常大的問題，他們繼續採取一致的方法，這是主要目的，主要目標是發展 Cracker桶街和楓樹街。

And then beyond that, will return capital to shareholders in the form of a dividend or share repurchase. For the last year or so, the dividend has been really compelling. And you combine that with our kind of stated desire to maintain some flexibility in the balance sheet, maintain a reasonable leverage ratio and so on.

除此之外，將以股息或股票回購的形式將資本返還給股東。在過去一年左右的時間裡，股息確實非常引人注目。您將其與我們所表達的保持資產負債表靈活性、保持合理槓桿率等的願望結合起來。

So I think it's a part of a broader -- the dividend is a part of a broader capital allocation decision. It's a very big topic. It's one that's at the top of the list for the Board, and they will continue to be incredibly thoughtful about it. But I think the takeaway there is there has not been a shift. That's probably the most important thing. There has not been a shift in our capital allocation framework.

所以我認為這是更廣泛的股息是更廣泛的資本配置決策的一部分。這是一個很大的話題。這是董事會的首要任務，他們將繼續對此進行深思熟慮。但我認為要點並沒有發生轉變。這可能是最重要的事情。我們的資本配置框架沒有發生變化。

Okay. Okay. And I know you're not giving annual guidance here. But hopefully, I mean I'm wondering if there are some pieces that you can, that you might have some visibility and even before, surely kicks the reins, things like CapEx, a rough idea of what we should expect for CapEx or new units at Maple Street and Cracker Barrel. Maybe some of the kind of the bigger picture items in '24 guidance that hopefully you can provide, even if it's not specifically on margins and such.

好的。好的。我知道你不會在這裡提供年度指導。但希望，我的意思是我想知道是否有一些你可以，你可能有一些可見性，甚至在之前，肯定會踢韁繩，比如資本支出，我們應該對資本支出或新單位期望的粗略想法在楓樹街和餅乾桶。也許您可以在'24指南中提供一些更大的圖景項目，即使它不是專門針對利潤率等。

We can talk directionally about a couple of the big levers without getting too specific. So for example, I would say, commodity inflation, we expect commodity inflation to be much more modest than it's been historically.

我們可以直接討論幾個重要的槓桿，而不必太具體。例如，我想說的是，商品通脹，我們預計商品通脹將比歷史上溫和得多。

Wage inflation, we expect to moderate a bit from fiscal '23 levels, but we do think wages will likely remain higher than the long-term run rate, but more moderate than what we saw pre-COVID, for example.

工資通脹，我們預計將比 23 財年的水平略有放緩，但我們確實認為工資可能仍高於長期運行率，但比我們在新冠疫情之前看到的情況更為溫和。

In terms of new units, given the environment, we are moderating new unit growth to some degree. Q1, we still have a little bit more in there, but we are moderating that. We're still growing new units, but we're moderating the level and the amount of spend that we're putting against that for the time being.

在新單位方面，考慮到環境，我們正在一定程度地放緩新單位的增長。 Q1，我們還有更多內容，但我們正在對其進行調整。我們仍在增加新的單位，但我們暫時正在調整支出水平和金額。

In terms of CapEx, there are other areas that we are constantly evaluating, but we're thinking about all of that as a part of the broader capital allocation conversation.

就資本支出而言，我們正在不斷評估其他領域，但我們正在將所有這些視為更廣泛的資本配置對話的一部分。

Our next question comes from Dennis Geiger with UBS.

我們的下一個問題來自瑞銀集團的丹尼斯·蓋革。

Congratulations to Sandy and Julie. I have another one, as it relates to '24, at a high level. I think you gave, Craig, which is really helpful, some kind of key points to be thinking about in '24, which is helpful. How about on the CEO transition side of things?

祝賀桑迪和朱莉。我還有另一篇文章，它與 24 年有關，是高水平的。克雷格，我認為你給出了 24 年需要思考的一些關鍵點，這非常有幫助，這很有幫助。 CEO 過渡方面又如何呢？

And maybe keeping some of that flexibility in guidance, depending on what plans look like for the year, is there anything at a very high level to share on sort of what could move the outlook or numbers for '24? What might it be maybe remodels that you referenced? Other areas of reinvestment, whether it's technology or otherwise?

也許在指導中保持一定的靈活性，具體取決於今年的計劃，是否有任何高層人士可以分享什麼可以改變 24 世紀的前景或數字？您提到的改造可能是什麼？其他再投資領域，無論是技術領域還是其他領域？

Recognizing there's a reason you're not speaking to it today, but anything high level to share on some things, at least, buckets, et cetera, that might move the needle as we think about some strategic opportunities this year to help us think through '24?

認識到你今天不談論它是有原因的，但任何高層分享一些事情，至少是水桶等，可能會在我們思考今年的一些戰略機會時起到推動作用，幫助我們思考'24？

Dennis, this is Craig again. I think for now, we would say it's still early days in that regard. The macro environment is particularly challenging a bit more uncertain. And Julie is off to an outstanding start, but she's really only been here for a month. So I think it's still early days and really too early for us to make any comments about that.

丹尼斯，這又是克雷格。我認為就目前而言，我們會說這方面還處於早期階段。宏觀環境尤其具有挑戰性且更加不確定。朱莉有一個出色的開始，但她實際上只在這里呆了一個月。所以我認為現在還為時過早，我們對此發表任何評論還為時過早。

Makes sense. One more sort of related to some of that, Craig and team, if I could. Sandy, as you and the Board did the search and saw the opportunity with Julie, based on some of her strengths, thinking about store development, innovation across technology menu, et cetera, in her prior opportunity.

說得通。如果可以的話，還有一種與其中一些相關的內容，克雷格和團隊。桑迪，當您和董事會進行搜索並看到朱莉的機會時，基於她的一些優勢，在她之前的機會中考慮了商店開發、跨技術菜單的創新等等。

Anything you can speak to? And I know you're doing some work with some consultants, it sounds like. But kind of on the -- on what you think some of the longer-term opportunities that you've been working on and maybe remain longer-term opportunities for the brand, again, whether it's on the tech side, innovation, growth, which encompasses a lot of things? Any very high-level comments to speak to as we kind of look out longer term?

有什麼可以聊的嗎？我知道你正在和一些顧問一起做一些工作，聽起來像是這樣。但你認為你一直在努力的一些長期機會，也許仍然是品牌的長期機會，無論是在技術方面、創新、增長還是在技術方面，包含很多東西？當我們放眼長遠時，有什麼高層意見可以討論嗎？

Well, I think you kind of summarized a lot of the reasons why we thought Julie or the Board thought Julie would be a great leader for this sort of next -- the next 50 years here at Cracker Barrel.

嗯，我想你總結了很多我們認為朱莉或董事會認為朱莉會成為未來 50 年 Cracker Barrel 的偉大領導者的原因。

Her experience with brands who have very successfully both evolved -- I mean look at Taco Bell, and the kind of thing they've done and how successful they've been, I think, in remaining relevant despite being around a long time. And then the technology, I think Starbucks has been an amazing example of a brand that has sort of, in my opinion, has got amazing guest-facing technology to make the experience just so simple.

她對發展非常成功的品牌的經驗——我的意思是看看塔可鐘，以及他們所做的事情以及他們在保持相關性方面取得的成功，我認為，儘管已經存在很長時間了。然後是技術，我認為星巴克是一個令人驚嘆的品牌例子，在我看來，它擁有令人驚嘆的面向客人的技術，使體驗變得如此簡單。

You kind of can't help yourself but go more frequently. She's also got retail experience, which is, for our brand, really important. Our retail segment is strong, it's profitable, and it is a very key component of the Cracker Barrel experience. It's also surprisingly for a lot of people complex.

你有點情不自禁，只能更頻繁地去。她還擁有零售經驗，這對於我們的品牌來說非常重要。我們的零售業務很強大，盈利能力強，而且是 Cracker Barrel 體驗的一個非常關鍵的組成部分。這對於很多人來說也是令人驚訝的複雜。

And I think Julie's background on both sides of this really position her to be able to think about how to bring in technology to a brand that's 54 years old, to evolve the brand in a way that will both be familiar and comfortable to our loyal long-term guests, but make it interesting and relevant to our newer guests and maybe people who don't know us at all and to introduce things like technology, things like our loyalty program, in a really brand-appropriate way, which is not easy to do.

我認為朱莉在這兩個方面的背景確實使她能夠思考如何將技術引入一個擁有 54 年曆史的品牌，以一種讓我們忠實的長期客戶既熟悉又舒適的方式發展該品牌。 -術語客人，但要使其有趣並與我們的新客人甚至根本不了解我們的人相關，並以真正適合品牌的方式介紹技術、我們的忠誠度計劃之類的東西，這並不容易去做。

Lastly, one of the questions sort of spoke to the idea that you might need to do a refresh. I think that's been certainly on our list, the thought about how do you -- whether you and how do you think about the interiors of our stores and ensuring that those interiors sort of reflect the same level of freshness and modernization to be both appealing but comforting if you've been coming for years.

最後，其中一個問題涉及到您可能需要進行刷新的想法。我認為這肯定在我們的清單上，關於您如何看待我們商店的內部裝飾，並確保這些內部裝飾反映相同水平的新鮮感和現代化，既有吸引力，又如何？如果你已經來了很多年了，這會讓你感到安慰。

So I think Julie is an innovative, flexible leader. She loves the brand, jumped in with both feet, that's the metaphor, both legs all in, deep. And I think we're just really excited to have her here.

所以我認為朱莉是一位創新、靈活的領導者。她喜歡這個品牌，雙腳跳進去，這就是比喻，雙腿都投入了，深深的。我想我們真的很高興她能來到這裡。

That's helpful, Sandy. One more quick one, and apologies if I missed. Just by cohort, some of the traffic is, can you speak at all to whether it's age, demographic income, et cetera? Just what you saw in the quarter from that perspective if you're providing that?

這很有幫助，桑迪。再快一點，如果我錯過了，抱歉。就隊列而言，一些流量是，你能談談年齡、人口收入等嗎？如果您提供的話，您從這個角度看到了本季度的情況嗎？

Yes. We -- I'll kind of tell you broadly what we saw, our traffic declines were broad-based. They were against all of the age cohorts, which was a bit of a shift. The younger cohort held up better than the over 65, but it had been doing even better in the quarters prior.

是的。我們——我會大致告訴你我們所看到的情況，我們的流量下降是廣泛的。他們反對所有年齡段的人，這有點轉變。較年輕的群體比 65 歲以上的群體表現得更好，但在之前幾個季度的表現甚至更好。

On the over 65, we just have not yet recovered the visits with that group to the extent we thought we would really since the pandemic, whether it was in the beginning, health concerns and then the pivot from health to value concerns as -- we've kind of talked about here, we've got consumers. It's a mixed picture, right?

對於 65 歲以上的人，我們只是尚未將對該群體的訪問量恢復到自大流行以來我們所認為的程度，無論是在一開始，健康問題，然後從健康問題轉向價值問題，因為——我們我們在這裡談到過，我們有消費者。這是一幅混合的圖畫，對吧？

We've got consumers that we think are very value conscious, and we think that group is -- the over 65 group is particularly value conscious. And so we just haven't seen the recovery of that group in the way we would. The income level -- our traffic declines were actually larger in the 60,000 to 80,000 and plus cohorts.

我們認為，我們的消費者非常注重價值，而且我們認為這個群體——65 歲以上的群體尤其註重價值。所以我們只是沒有看到該群體以我們希望的方式複蘇。收入水平——我們的流量下降實際上在 60,000 至 80,000 及以上群體中更大。

The lower income cohorts held up better. Maybe that's not surprising due to the strong value proposition that we have and the -- when you are managing your visits, I believe you'll go to brands you trust where you know you're going to get value, and you're going to get an experience that kind of makes it worth you going out.

收入較低的群體表現得更好。也許這並不奇怪，因為我們擁有強大的價值主張，而且當您管理訪問時，我相信您會選擇您信任的品牌，您知道在那裡您會獲得價值，並且您會去獲得一種讓你值得外出的體驗。

That's why our -- the brand positioning, warm hospitality, plentiful portions, fair price of just good food, I think, will work even if what we're moving into is a more competitive, value-conscious consumer.

這就是為什麼我們的——品牌定位、熱情好客、充足的份量、公平的價格，我認為，即使我們面對的是更具競爭力、更注重價值的消費者，它們也會發揮作用。

Next question comes from Alton Stump with Loop Capital.

下一個問題來自 Loop Capital 的 Alton Stump。

Congrats, Sandy, on your 12 years. We will certainly miss you, but look forward, obviously, to working with the new team soon. I just want to ask quickly -- I know that -- close to the top of the hour here.

恭喜桑迪，你已經 12 歲了。我們當然會想念你，但顯然期待很快與新團隊合作。我只是想快點問——我知道——現在已經快到了。

But just I want to ask about your loyalty rollout. How much an opportunity that is, kind of going back to your comments about with younger consumers, that's always been a group that you guys have tried to expand with, maybe a little older set on average versus some of your peers.

但我只是想問一下你們的忠誠度計劃。這是一個多大的機會，回到你對年輕消費者的評論，這一直是你們一直試圖擴大的一個群體，與你的一些同行相比，這個群體平均年齡可能要大一些。

And so how much of an opportunity do you think loyalty could be to capture even more of those younger consumers to come to your brand?

那麼，您認為忠誠度有多大機會吸引更多年輕消費者來購買您的品牌呢？

I don't think we're ready to quantify. I'm looking at Craig. I doubt he's going to give you any numbers. We've certainly done a lot of modeling about it. It takes time. So we got to get everybody signed up. They have to visit frequently enough to earn.

我認為我們還沒有準備好量化。我在看著克雷格。我懷疑他會給你任何數字。我們當然已經為此做了很多建模。這需要時間。所以我們必須讓每個人都註冊。他們必須經常訪問才能賺錢。

But what I will say is that a year at least ago, so after we did a recent segmentation study, we looked at the segments. And one of the interesting findings was really across age cohorts, more than I was expecting to see the existence of a loyalty program was important, both to our loyal guests, older, and our younger.

但我要說的是，至少一年前，所以在我們做了最近的細分研究之後，我們研究了這些細分市場。其中一個有趣的發現確實是跨年齡段的，比我預期的更重要的是，忠誠度計劃的存在對於我們的忠實客人（無論是年長的還是年輕的）來說都很重要。

Technology in general is more important to a younger guest, but the loyalty program came up surprisingly high on the list. So we are optimistic that this will be something that they've hopefully would do and will -- we will get great sign-ups, a lot of learnings and so on.

一般來說，技術對於年輕的客人來說更為重要，但忠誠度計劃在名單上的排名卻出人意料地高。因此，我們樂觀地認為，這將是他們希望做的事情，並且將會做的事情——我們將得到很好的註冊，學到很多東西等等。

This is actually an area that Julie has quite a bit of experience, and she spent quite a bit of time since she's been here just in understanding what the program is and our rollout plan.

這實際上是朱莉擁有豐富經驗的領域，自從來到這里以來，她花了相當多的時間來了解該計劃是什麼以及我們的推出計劃。

Julie, do you have anything you'd like to maybe add to it?

朱莉，你有什麼想要補充的嗎？

Sure. Thanks, Sandy. Alton, yes, what I'm excited about with the loyalty program and I think what our guests will enjoy most is that, one, they can earn across restaurant and retail, which, if you think about it, that's pretty distinctive and a key differentiator for us as a brand because we have both of those experiences available to our guests for allowing them to earn across both. That's number one.

當然。謝謝，桑迪。奧爾頓，是的，我對忠誠度計劃感到興奮，我認為我們的客人最喜歡的是，第一，他們可以通過餐廳和零售賺取收入，如果你仔細想想，這是非常獨特的關鍵作為一個品牌，我們的差異化優勢在於我們為客人提供這兩種體驗，讓他們能夠在這兩種體驗中獲利。這是第一。

Secondly, every item, whether it's restaurant or retail, our menu is eligible to earn points in our -- or pegs in our highly differentiated scheme here. And you can actually redeem across everything, except for alcohol. So that is really another key point.

其次，每一個項目，無論是餐廳還是零售，我們的菜單都有資格在我們的高度差異化計劃中賺取積分。事實上，除了酒精之外，你可以兌換所有東西。這確實是另一個關鍵點。

And then finally, to Sandy's point, we know technology is important to a lot of our consumers. But even if like you're not super into technology, we're allowing you to earn points outside of the app, which is really distinctive in the industry and will allow everybody to participate and let everybody know that we value them and that we value their visits with us and that they can participate in what we believe will be a really exciting program.

最後，就桑迪的觀點而言，我們知道技術對我們的許多消費者來說很重要。但即使您不太熱衷於技術，我們也允許您在應用程序之外賺取積分，這在行業中確實是獨一無二的，並且將允許每個人參與並讓每個人知道我們重視他們並且我們重視他們來訪我們，他們可以參加我們相信將是一個非常令人興奮的項目。

So the team is excited. It's rolling out in the next couple of weeks, and we're optimistic about what it will do for the brand.

所以團隊很興奮。它將於未來幾週內推出，我們對它將為該品牌帶來的影響持樂觀態度。

Our next question comes from Andrew Wolf with CL King.

我們的下一個問題來自 Andrew Wolf 和 CL King。

I wanted to follow up on the loyalty program question. You asserted that it's the best-in-class. Is that something you work with consultants and got a third party? Or is that just your sense of doing your own benchmarking and looking at your competitors?

我想跟進忠誠度計劃問題。您斷言它是同類中最好的。這是你與顧問合作並聘請第三方的事情嗎？或者這只是您自己進行基準測試並觀察競爭對手的感覺？

And beyond that, could you kind of give us kind of give us a sense of, especially if it's a benchmark number or a third party, what you're hearing a best-in-class loyalty program? Or what you believe kind of means for the business in terms of eventually boosting the traffic?

除此之外，您能否讓我們了解您所聽到的一流忠誠度計劃，特別是如果它是基準數字或第三方？或者您認為最終增加流量對企業來說意味著什麼？

Andrew, it's Craig. I think potentially best-in-class, I think as Julie talked about, we believe the loyalty program is -- it has more options. It's really well branded. You can earn -- we earn pegs or what we call points, both for dine -- both for in-restaurant as well as retail.

安德魯，我是克雷格。我認為，正如朱莉所說，我們相信忠誠度計劃可能是同類最佳，它有更多的選擇。它的品牌確實很好。您可以賺取——我們賺取掛鉤或我們所說的積分，無論是在餐廳還是零售中用餐。

You can accrue the points through an app. You can accrue them at the register as well. You earn meals at different levels. So we have different status levels. So as we went through and we did a lot of this internally, but we also have a loyalty expert with a lot of experience who has done this in retail.

您可以通過應用程序累積積分。您也可以在收銀台累積它們。您可以賺取不同級別的餐食。所以我們有不同的地位級別。因此，當我們經歷過並在內部做了很多這樣的事情時，我們也有一位在零售領域擁有豐富經驗的忠誠度專家。

And we compared elements of different loyalty programs, certainly across the restaurant industry. We really check in all of the boxes, I believe, in the restaurant industry and many of the boxes in broader retail. What we believe is best in class is what we're seeing when we compare to family dining and casual dining.

我們還比較了不同忠誠度計劃的要素，當然是整個餐飲業。我相信，我們確實檢查了餐飲業的所有方框以及更廣泛的零售業的許多方框。我們認為同類中最好的就是我們與家庭用餐和休閒餐飲進行比較時所看到的。

But would you be willing to give us maybe a range of what expectation for what it should do for the business ultimately?

但您是否願意向我們提供一系列關於它最終應該為業務帶來什麼的期望？

We're still in early days on that one. I think it's going to be a big driver for us, not only in terms of the appeal and it's kind of short-term ability to drive repeat visits. But in our ability to market the company, more broadly using the data that we'll get from that program, we think that will have a longer-term benefit in better equipping us with our broader marketing communication to make that more targeted and more active and more efficient.

我們仍處於早期階段。我認為這將成為我們的一大推動力，不僅是在吸引力方面，也是在短期內推動重複訪問的能力方面。但就我們營銷公司的能力而言，更廣泛地使用我們從該計劃中獲得的數據，我們認為這將帶來更長期的好處，更好地為我們提供更廣泛的營銷傳播，使營銷更有針對性、更積極並且更加高效。

Got it. Appreciate that. And just -- I wanted to ask about the traffic. It was helpful to hear about the different segments and so on in cohorts. But can you give us a sense of how it -- the cadence by months? And specifically, did it slow down, get worse? Or did you just not improve as expected throughout the quarter and obviously, into the current quarter?

知道了。感謝。只是——我想問一下交通情況。聽到隊列中的不同部分等是有幫助的。但你能否讓我們了解一下它是如何——以月為單位的節奏？具體來說，它是否減慢了速度，變得更糟了？或者你只是沒有在整個季度（尤其是本季度）取得預期的進步？

Broadly speaking on that one, on our prior earnings call, we shared that while we had did relatively well in Q3, we were ahead of the industry. We shared that we saw a deceleration in traffic as we moved into the fourth quarter.

從廣義上講，在我們之前的財報電話會議上，我們表示，雖然我們在第三季度的表現相對較好，但我們領先於行業。我們分享說，進入第四季度後，我們看到流量減速。

And so far, we've said that our first quarter remains pressured. So without getting too prescriptive around it, we would say both at the beginning and where we are today, remains fairly soft without a big trend change, one way or another.

到目前為止，我們已經說過我們的第一季度仍然面臨壓力。因此，在沒有對其進行過多規定的情況下，我們可以說，無論是在一開始還是今天，我們都保持相當疲軟，沒有出現大的趨勢變化，無論怎樣。

We are pleased with some of the progress that we've made at breakfast, with the advertising that we've put forward. We're continuing to be pleased with our catering business. which is growing even in spite of a challenging environment.

我們對早餐時取得的一些進展以及我們提出的廣告感到滿意。我們對我們的餐飲業務繼續感到滿意。儘管環境充滿挑戰，但這種增長仍在增長。

And I think in addition to being pleased with breakfast, as opposed to the dinner day part, weekends have been strong, which have been -- it's important for this brand. And so that's been a trend that we've been encouraged by.

我認為除了對早餐感到滿意之外，與晚餐時段相比，週末的表現也很強勁，這對這個品牌來說很重要。因此，這是我們所鼓勵的趨勢。

This concludes our question-and-answer session. I would like to turn the conference back over to Sandy Cochran for any closing remarks.

我們的問答環節到此結束。我想將會議轉回桑迪·科克倫（Sandy Cochran）發表閉幕詞。

Okay. Well, before we sign off, first, I want to thank everyone on this call and for all of your well wishes. And I want to say thank you to our employees and to our shareholders. It's been a privilege to lead this brand for 12 years.

好的。好吧，在我們結束之前，首先，我要感謝這次電話會議的所有人以及你們的良好祝愿。我想對我們的員工和股東表示感謝。領導這個品牌 12 年是我的榮幸。

We've navigated some challenges, especially in the recent years, and we're clearly facing some challenges today. But Cracker Barrel is one of the most differentiated brands in the industry. And I have complete confidence that under Julie's leadership, our teams and our company will continue to thrive. Thank you.

我們已經克服了一些挑戰，特別是在最近幾年，而且我們今天顯然還面臨著一些挑戰。但 Cracker Barrel 是業內最具差異化的品牌之一。我完全相信，在朱莉的領導下，我們的團隊和公司將繼續蓬勃發展。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。