Cracker Barrel Old Country Store Inc (CBRL) 2025 Q1 法說會逐字稿

Good morning, and welcome to Cracker Barrel's first quarter fiscal 2025 conference call.

早安，歡迎參加 Cracker Barrel 的 2025 財年第一季電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Adam Hanan, Director of Investor Relations.

我現在想將會議交給投資者關係總監 Adam Hanan。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning, and welcome to Cracker Barrel's frst quarter fscal 2025 conference call and webcast.

早安，歡迎來到 Cracker Barrel 的 2025 年財政年度第一季電話會議和網路廣播。

This morning, we issued a press release announcing our frst quarter results.

今天早上，我們發布了新聞稿，宣布了第一季的業績。

In this press release and on this call, we will refer to non-GAAP fnancial measures such as adjusted EBITDA for the frst quarter ended November 1, 2024.

在本新聞稿和本次電話會議中，我們將提及非公認會計準則財務指標，例如截至 2024 年 11 月 1 日的第一季調整後 EBITDA。

Please refer to the footnotes in our press release for further details about these metrics.

有關這些指標的更多詳細信息，請參閱我們新聞稿中的腳註。

The Company believes these measures provide investors with an enhanced understanding of the Company's fnancial performance.

公司相信這些措施可以讓投資人更了解公司的財務表現。

This information is not intended to be considered in isolation or as a substitute for net income or earnings per share information prepared in accordance with GAAP.

此資訊不應單獨考慮，也不能取代根據 GAAP 編制的淨收入或每股盈餘資訊。

The last page of the press release include reconciliations from the non-GAAP information to the GAAP fnancials.

新聞稿的最後一頁包括非 GAAP 資訊與 GAAP 財務數據的調整表。

On the call with me this morning are Cracker Barrel's President and CEO, Julie Masino; and Senior Vice President and CFO, Craig Pommells.

今天早上與我通話的是 Cracker Barrel 的總裁兼執行長 Julie Masino；資深副總裁兼財務長 Craig Pommells。

Julie and Craig will provide a review of the business, fnancials and outlook.

朱莉和克雷格將對業務、財務和前景進行審查。

We will then open up the call for questions.

然後我們將開放提問。

On this call, statements may be made by management of their beliefs and expectations regarding the Company's future operating results or expected future events.

在這次電話會議上，管理階層可能會就他們對公司未來營運表現或預期未來事件的信念和期望發表聲明。

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.

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有重大差異。

We caution our listeners and readers in considering forward-looking statements and information.

我們提醒聽眾和讀者考慮前瞻性陳述和資訊。

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, and the Company undertakes no obligation to update it, except as may be required under applicable law.

最後，本次電話會議中分享的資訊自今日起有效，本公司不承擔更新資訊的義務，除非適用法律可能要求。

I'll now turn the call over to Cracker Barrel's President and CEO, Julie Masino.

現在我將把電話轉給 Cracker Barrel 的總裁兼執行長 Julie Masino。

Julie?

朱莉？

Good morning, and thank you for joining us.

早安，感謝您加入我們。

We were very pleased with our Q1 results, which underscore the fact that our entire organization is aligned and executing against our three imperatives: driving market share, delivering food and experiences guests love, and growing profitability.

我們對第一季的業績感到非常滿意，這突顯了這樣一個事實：我們整個組織都在努力實現我們的三個當務之急：提高市場份額、提供賓客喜愛的美食和體驗以及不斷增長的盈利能力。

Let's review some highlights from the quarter.

讓我們回顧一下本季度的一些亮點。

We delivered positive comparable store sales for the second consecutive quarter, driven by improved traffic and strong average check growth.

在客流量增加和平均支票強勁成長的推動下，我們連續第二季實現了可比較商店銷售額的正成長。

And we're proud that comparable store sales performance also outperformed the Black Box Casual Dining Industry by 290 basis points.

我們感到自豪的是，同類商店的銷售業績也比 Black Box 休閒餐飲業高出 290 個基點。

Digging deeper, we continue to see improved traffic trends in the important dinner day part.

深入挖掘後，我們繼續看到重要的晚餐時段的流量趨勢有所改善。

In fact, we've delivered sequential improvements in dinner traffic over the past four quarters.

事實上，在過去的四個季度中，我們的晚餐客流量已經持續改善。

New menu items such as the Hashbrown Casserole Shepherd's Pie and Pot Roast are resonating with guests.

哈希布朗砂鍋牧羊人餡餅和鍋烤肉等新菜單項目引起了客人的共鳴。

Our optimized pricing initiative is delivering strong flow-through.

我們優化的定價措施正在帶來強勁的流通量。

We're driving improved value perception scores and improved key operational metrics.

我們正在推動提高價值感知分數並改善關鍵營運指標。

Notably, hourly turnover improved by 17 percentage points.

值得注意的是，每小時營業額提高了 17 個百分點。

Cracker Barrel Rewards is delivering incremental sales and traffic.

Cracker Barrel Rewards 正在帶來增量銷售和流量。

And finally, our four pilot remodel stores are collectively experiencing a sales and traffic lift, and we are encouraged by the early results in our first remodel market in Indianapolis.

最後，我們的四家試點改裝店的銷售和客流量都出現了成長，我們對印第安納波利斯第一個改裝市場的早期結果感到鼓舞。

This progress is evidence of strong operational execution by our team.

這項進展證明了我們團隊強大的營運執行力。

I want to remind you all that this is really the first quarter of executing the new plan after months of evaluation and planning.

我想提醒大家，這實際上是經過幾個月的評估和規劃後執行新計劃的第一季。

Given that fact, we are excited about the quarters and years ahead, and I want to assure you that we are intensely focused on profitable growth and long-term value creation.

鑑於這一事實，我們對未來幾季和幾年感到興奮，我想向您保證，我們將高度關注獲利成長和長期價值創造。

Our transformation plan consists of five pillars, as many of you know.

正如你們許多人所知，我們的轉型計劃由五個支柱組成。

One, refining the brand; two, enhancing the menu; three, evolving the store and guest experience; four, winning in digital and off-premise; and five, elevating the employee experience.

一、細化品牌；二、強化菜單；三、不斷發展商店和顧客體驗；四、在數位化和場外制勝；五是提升員工體驗。

We're making progress on all of them.

我們在所有這些方面都取得了進展。

But today my remarks will largely focus on pillar two, enhancing the menu; and pillar three, evolving the store and guest experience.

但今天我的發言將主要集中在第二支柱，即增強菜單；第三支柱，不斷發展商店和顧客體驗。

Pillar two is enhancing the menu, which is all about making it more craveable for guests and easier to execute for our team.

第二支柱是增強菜單，這一切都是為了讓客人更渴望菜單，並且讓我們的團隊更容易執行。

This pillar also includes optimizing our pricing while maintaining our strong value proposition.

該支柱還包括優化我們的定價，同時保持我們強大的價值主張。

Our Q1 menu promotion featured a new Hashbrown Casserole Shepherd's Pie, which was wildly popular, as well as our new Fried Apple French Toast Bake.

我們第一季的菜單促銷活動包括廣受歡迎的新薯餅砂鍋牧羊人派，以及新推出的炸蘋果法式烤麵包。

Our November menu promotion featured our seasonal guest favorite, Country Fried Turkey, and a new Cinnamon's Roll French Toast Breakfast.

我們 11 月的促銷菜單包括我們的季節性客人最愛的鄉村炸火雞和新的肉桂捲法式吐司早餐。

And we are excited about the additional innovation that's in our pipeline.

我們對我們正在開發的其​​他創新感到興奮。

We remain focused on strengthening our value proposition through our barbell pricing strategy and continue to highlight exceptional value offerings such as our Sunrise Pancake Special for $7.99 and our Early Dinner deals starting at $8.99.

我們仍然專注於透過槓鈴定價策略強化我們的價值主張，並繼續突出超值產品，例如 7.99 美元的日出煎餅特惠和 8.99 美元起的早晚餐優惠。

In Q1, we augmented our daily dish menu by adding several new daily specials, such as our sweet tangy Southern Barbecue Ribs; creamy and savory, Chicken and Rice; and our delicious Low Braised Pot Roast.

在第一季度，我們透過添加幾種新的每日特色菜來豐富我們的每日菜餚菜單，例如我們甜甜濃鬱的南方燒烤排骨；奶油味和鹹味，雞肉和米飯；還有我們美味的低燜鍋烤肉。

The Pot Roast has been particularly successful, and as a result, we listened to our guests and have now made it available every day.

鍋烤特別成功，因此，我們聽取了客人的意見，現在每天都提供。

And on the premium end of our barbell, our New York Strip offerings continue to resonate.

在我們的高端槓鈴上，我們的紐約大道產品繼續引起共鳴。

We've been pleased with the performance of our new menu items.

我們對新菜單項目的表現感到滿意。

In fact, in some cases, such as the Shepherd's Pie and Pot Roast, they've been so popular with guests we've had to source additional product to meet the high demand.

事實上，在某些情況下，例如牧羊人派和烤肉，它們非常受客人歡迎，我們不得不購買額外的產品來滿足高需求。

This menu innovation has contributed to the improvement in our traffic trends, particularly at the dinner day part.

這種菜單創新有助於改善我們的流量趨勢，特別是在晚餐時段。

In fact, our Q1 dinner traffic improved over 600 basis points compared to the prior year quarter and 200 basis points compared to Q4.

事實上，我們第一季的晚餐流量比去年同期提高了 600 個基點，比第四季提高了 200 個基點。

Dinner will be a key driver for our overall success and, although early, we're making progress.

晚餐將是我們整體成功的關鍵驅動力，儘管還早，但我們正在取得進展。

Another way we're enhancing our menu is through our back-of-house optimization initiative to drive efficiencies that improve profitability while making jobs easier and more enjoyable.

我們增強菜單的另一種方法是透過後台優化計劃來提高效率，提高獲利能力，同時讓工作變得更輕鬆、更愉快。

This is a multiyear initiative that will be completed in several phases.

這是一項多年計劃，將分幾個階段完成。

The first phase is focused on process improvement.

第一階段的重點是流程改善。

And one way we are doing this is through a just-in-time approach for certain items to more efficiently use labor, reduce waste and, importantly, improve product quality.

我們實現這一目標的方法之一是對某些產品採取準時生產的方法，以更有效地利用勞動力、減少浪費，更重要的是，提高產品品質。

We are encouraged by the results of the test in approximately 20 stores in Q1 and are expanding it to a full region in the coming weeks.

我們對第一季約 20 家商店的測試結果感到鼓舞，並將在未來幾週內將其擴展到整個地區。

In Q3, we plan to launch the first phase to the system.

在第三季度，我們計劃啟動該系統的第一階段。

We're also enhancing our menu through our price optimization initiative.

我們也透過價格優化措施來增強我們的菜單。

As we've discussed, our refined pricing methodology is based on criteria, including consumer willingness to pay, competitor pricing and store operating costs.

正如我們所討論的，我們的精細定價方法是基於標準，包括消費者的支付意願、競爭對手的定價和商店營運成本。

We've been pleased with the results as we continue to see strong flow-through while simultaneously driving improved value scores.

我們對結果感到滿意，因為我們繼續看到強勁的流量，同時推動價值分數的提高。

Turning to pillar three, evolving the guest experience, encompasses several things.

談到第三個支柱，即改善賓客體驗，包含幾件事。

First, operational execution; second, store design and atmosphere; and third, retail.

一、營運執行；第二，店面設計與氛圍；第三，零售。

With regard to operational execution, we continue to see progress across key operating metrics, such as guest satisfaction, hourly turnover, average server and grill cooks skill level, speed metrics and off-premise missing item rate.

在營運執行方面，我們繼續看到關鍵營運指標的進展，例如客人滿意度、每小時營業額、平均服務器和燒烤廚師技能水平、速度指標和場外缺失物品率。

I want to give a shout-out to our teams for their tireless work and strong execution during Thanksgiving week.

我想對我們的團隊在感恩節期間的不懈工作和強有力的執行力表示讚揚。

Your efforts created a great holiday experience for millions of guests and help deliver an important week for the business.

您的努力為數百萬客人創造了美好的假期體驗，並幫助公司度過了重要的一周。

Store design and atmosphere are critical to the guest experience and to position us to win in the near and long term.

商店設計和氛圍對於顧客體驗至關重要，也是我們在近期和長期獲勝的關鍵。

And our remodel program is an important way we are addressing these.

我們的改造計畫是我們解決這些問題的重要方式。

To reiterate an important point I've made previously, fiscal year '25 is a test-and-learn year for remodels.

重申我之前提出的一個重要觀點，25 財年是改造的測驗和學習年。

We are working to understand which remodel packages resonate the most with guests and drive the strongest returns.

我們正在努力了解哪些改造套餐最能引起客人的共鳴並帶來最強勁的回報。

These learnings will inform our plans and spend in the subsequent years.

這些經驗教訓將為我們未來幾年的計劃和支出提供資訊。

We continue to see a collective lift in sales and traffic in the four pilot stores that were updated in fiscal year '24.

我們繼續看到 24 財年更新的四家試點商店的銷售額和客流量集體提升。

So far in fiscal year '25, we've remodeled another 19 stores and completed 12 refreshes.

到目前為止，25 財年我們已經改造了另外 19 家商店並完成了 12 次更新。

This includes the 12 stores we updated as part of our first market test in Indianapolis, the majority of which are refreshes.

這包括我們在印第安納波利斯首次市場測試中更新的 12 家商店，其中大部分都是更新。

We're also incorporating other new elements, including new menu items and a new employee dress code.

我們還融入了其他新元素，包括新菜單項目和新員工服裝要求。

We're encouraged by the early results, and later this week, we will be turning on local marketing to further raise awareness.

我們對早期結果感到鼓舞，本週晚些時候，我們將啟動本地行銷以進一步提高知名度。

For the full year, we continue to expect 25 to 30 remodels with approximately half of these being the low version.

我們預計全年將有 25 至 30 次改裝，其中約一半是低配版本。

We also continue to expect 25 to 30 refreshes in '25.

我們也預計 25 年會有 25 到 30 次更新。

In retail, we're leaning into our seasonal themes.

在零售業，我們傾向於季節性主題。

Our Harvest collection performed well, and we're encouraged by the performance of our Christmas themes and are looking forward to perennial favorite collections that are about to hit the floor.

我們的收穫系列表現良好，我們對聖誕節主題的表現感到鼓舞，並期待即將上市的常年最受歡迎的系列。

As we've discussed, our retail business, as well as the broader retail industry, has faced headwinds.

正如我們所討論的，我們的零售業務以及更廣泛的零售業都面臨著阻力。

However, it remains a huge differentiator for our brand, and we believe there is meaningful opportunity to unlock profitable growth.

然而，它仍然是我們品牌的一個巨大差異化因素，我們相信存在著釋放獲利成長的有意義的機會。

To achieve this, we've been conducting extensive research and are in the process of revamping our retail strategy.

為了實現這一目標，我們一直在進行廣泛的研究，並正在修改我們的零售策略。

We're in the early stages and look forward to sharing more in the future.

我們正處於早期階段，期待將來分享更多。

In closing, our fiscal year is off to a very good start.

最後，我們的財政年度有了一個好的開始。

Our initiatives are gaining traction and we're focused on sustaining this momentum.

我們的舉措正在獲得關注，我們致力於維持這一勢頭。

Before turning it over to Craig, I want to thank our shareholders for their constructive engagement over the past few months and for their support for our strategic transformation plan.

在將其交給克雷格之前，我要感謝我們的股東在過去幾個月中的建設性參與以及對我們策略轉型計劃的支持。

We are grateful for the trust they have placed in our directors and management, and we remain accountable and are confident we are on the right path to return Cracker Barrel to growth and meaningful value creation for all shareholders.

我們感謝他們對我們董事和管理層的信任，我們仍然承擔責任，並相信我們正走在正確的道路上，讓 Cracker Barrel 回歸增長並為所有股東創造有意義的價值。

Thank you, Julie, and good morning, everyone.

謝謝朱莉，大家早安。

As Julie noted, we are gaining momentum, and while still early, are on track for delivering our three-year strategic transformation plan.

正如朱莉所指出的那樣，我們正在蓄勢待發，儘管還處於早期階段，但我們已經預計將實現我們的三年策略轉型計劃。

In Q1, there are a few moving pieces that I will touch on.

在第一季度，我將談到一些令人感動的事情。

But overall, we are pleased with our underlying operational performance, and results were in line with our expectations.

但總的來說，我們對我們的基本營運業績感到滿意，結果符合我們的預期。

We reported total revenue of $845.1 million, which was up 2.6% from the prior year quarter.

我們公佈的總營收為 8.451 億美元，比去年同期成長 2.6%。

Restaurant revenues increased 3.4% to $683.3 million, and retail revenues decreased 0.8% to $161.8 million.

餐廳營收成長 3.4% 至 6.833 億美元，零售收入下降 0.8% 至 1.618 億美元。

Comparable store restaurant sales increased 2.9% over the prior year.

可比商店餐廳銷售額比上年增長 2.9%。

Pricing was approximately 4.7%.

定價約4.7%。

Our quarterly pricing consisted of approximately 2.8% carry forward pricing from fiscal 2024 and 1.9% new pricing from fiscal 2025.

我們的季度定價包括 2024 財年約 2.8% 的結轉定價和 2025 財年 1.9% 的新定價。

Additionally, our Q1 sales results also benefited from a timing shift related to gift card breakage of approximately $6 million.

此外，我們第一季的銷售業績也受惠於與禮品卡破損相關的約 600 萬美元的時間變動。

This timing favorability, which also benefits EBITDA by the same amount, will mostly be offset in Q2.

這種時機優勢也使 EBITDA 受益，但大部分將在第二季被抵消。

Off-premise sales were approximately 18.4% of restaurant sales.

店外銷售額約佔餐廳銷售額的 18.4%。

Comparable store retail sales decreased 1.6% compared to the first quarter of the prior year.

與去年第一季相比，可比商店零售額下降了 1.6%。

Our decor and toys categories saw the largest declines, partially offset by increases in our kitchen food and bed and bath categories.

我們的裝飾和玩具類別跌幅最大，但部分被廚房食品和床和浴室類別的成長所抵消。

Although retail sales were soft, we were pleased with how the team effectively managed inventory levels, which were below prior year.

儘管零售銷售疲軟，但我們對團隊有效管理庫存水準的方式感到滿意，庫存水準低於去年。

Moving on to our first quarter expenses.

繼續我們第一季的支出。

Total cost of goods sold in the quarter was 30.6% of total revenue, versus 31% in the prior quarter.

本季銷售商品總成本佔總收入的 30.6%，而上一季為 31%。

Restaurant cost of goods sold in the first quarter was 26.1% of restaurant sales, versus 26.2% in the prior year quarter.

第一季餐廳銷售成本佔餐廳銷售額的 26.1%，去年同期為 26.2%。

This 10 basis point decrease was primarily driven by menu pricing.

下降 10 個基點主要是由菜單定價推動的。

Commodity inflation was approximately 1.9%, driven principally by higher dairy, beef and pork prices, partially offset by lower poultry, oil and produce prices.

商品通膨率約 1.9%，主要由乳製品、牛肉和豬肉價格上漲所推動，但部分被家禽、石油和農產品價格下跌所抵銷。

First quarter retail cost of goods sold was 49.7% of retail sales, versus 50.4% in the prior year quarter.

第一季商品零售成本佔零售額的 49.7%，去年同期為 50.4%。

This 70 basis points decrease was primarily driven by higher vendor allowances and higher initial margin.

70 個基點的下降主要是由於供應商津貼增加和初始利潤增加所致。

Our inventories at quarter-end were $201.9 million, compared to $207.3 million in the prior year.

季度末我們的庫存為 2.019 億美元，而去年同期為 2.073 億美元。

With regard to labor costs, our first quarter labor and related expenses were 36.4% of revenue.

就勞動成本而言，我們第一季的勞動力及相關費用佔收入的36.4%。

Compared to the prior quarter, labor and related expenses decreased 60 basis points, primarily driven by menu pricing and improved productivity, partially offset by wage inflation of approximately 3% and an approximately $2 million increase in our workers' compensation expense reserves following an update of the actuarial assumptions used to calculate these reserves.

與上一季相比，勞動力和相關費用下降了60 個基點，主要是由於菜單定價和生產率提高所推動，部分被約3% 的工資通膨以及更新後的工人賠償費用儲備增加約200 萬美元所抵銷。

Other operating expenses were 25% of revenue.

其他營運費用佔收入的25%。

Compared to the prior quarter, other operating expenses increased 30 basis points, primarily driven by higher depreciation and approximately $2 million increase in general liability expenses following an update of the actuarial assumptions used to calculate these reserves and approximately $1 million in expenses related to our District Manager Conference, which we held in person for the first time since the pandemic.

與上一季相比，其他營運費用增加了30 個基點，主要是由於折舊增加以及更新用於計算這些準備金的精算假設後一般責任費用增加了約200 萬美元，以及與我們區相關的約100 萬美元的費用經理會議，這是疫情發生以來我們首次親自召開。

Additionally, I want to note that total store operating expenses also include an approximately $1 million unfavorable impact related to the hurricanes.

此外，我想指出的是，商店總營運費用還包括與颶風相關的約 100 萬美元的不利影響。

Adjusted general and administrative expenses in the first quarter were 6.3% of revenue.

第一季調整後的一般及管理費用佔營收的 6.3%。

Compared to the prior quarter, adjusted G&A increased 90 basis points, primarily due to investments related to our strategic transformation, more normalized incentive compensation and approximately $3.3 million in legal settlement expenses.

與上一季相比，調整後的一般管理費用增加了 90 個基點，這主要是由於與我們的策略轉型相關的投資、更規範的激勵薪酬以及約 330 萬美元的法律和解費用。

As a reminder, our adjusted G&A expenses exclude professional fees related to our strategic transformation initiatives and expenses related to our proxy contest.

提醒一下，我們調整後的一般管理費用不包括與我們的策略轉型計劃相關的專業費用以及與我們的代理競賽相關的費用。

Before moving on and given the moving pieces, I want to provide a quick recap of the atypical items I called out, all of which are included in both our GAAP and adjusted results.

在繼續討論並給出移動部分之前，我想快速回顧一下我提到的非典型項目，所有這些都包含在我們的公認會計原則和調整後的結果中。

On the expense side, there were four of these items that I mentioned.

在費用方面，我提到了其中四項。

First, we increased our workers compensation and general liability reserves by approximately $2 million each, for a total of $4 million.

首先，我們將工人賠償金和一般責任準備金分別增加了約 200 萬美元，總計 400 萬美元。

These increases flowed from changes to actuarial calculations associated with these reserves.

這些成長源自於與這些準備金相關的精算計算的變化。

Second, we recognized a charge to G&A of $3.3 million in connection with an advantageous settlement of a series of wage and hour arbitrations that occurred in early November.

其次，我們確認了與 11 月初發生的一系列工資和工時仲裁的有利和解相關的 330 萬美元的 G&A 費用。

Third, we saw a $1 million expense impact from the hurricanes.

第三，我們看到颶風造成了 100 萬美元的費用影響。

And finally, we incurred approximately $1 million in expenses related to our District Managers Conference.

最後，我們產生了大約 100 萬美元的與區域經理會議相關的費用。

These negatives were partially offset by $6 million in favorability resulting from a timing shift of gift card breakage, although this breakage favorability will be largely offset in Q2.

這些負面影響被禮品卡破損時間轉移導致的 600 萬美元的好感度部分抵消，儘管這種破損好感度將在第二季度很大程度上被抵消。

I hope that provides some clarity around what we believe was a successful operational quarter.

我希望這能讓我們清楚地了解我們所認為的成功的營運季度。

Moving on to net interest expense for the quarter, which was $5.8 million, compared to net interest expense of $4.9 million in the prior quarter.

接下來是本季的淨利息支出，為 580 萬美元，而上一季的淨利息支出為 490 萬美元。

This increase was primarily the result of higher debt levels.

這一增長主要是債務水準上升的結果。

Our GAAP income taxes were a $3.6 million credit flowing from GAAP earnings before taxes.

我們的 GAAP 所得稅是 360 萬美元的抵免，來自 GAAP 稅前收益。

Adjusted taxes were a $2 million credit.

調整後的稅收抵免額為 200 萬美元。

First quarter GAAP earnings per diluted share were $0.22 and adjusted earnings per diluted share were $0.45. In the first quarter, adjusted EBITDA was $45.8 million or 5.4% of total revenue, compared to $43.9 million or 5.3% of total revenue in the prior year quarter.

第一季 GAAP 攤薄每股收益為 0.22 美元，調整後每股攤薄收益為 0.45 美元。第一季調整後 EBITDA 為 4,580 萬美元，佔總營收的 5.4%，而去年同期為 4,390 萬美元，佔總營收的 5.3%。

Now turning to our balance sheet.

現在轉向我們的資產負債表。

We continue to have a strong balance sheet that provides flexibility and allows us to invest in the business to drive profitable growth and long-term value creation.

我們繼續擁有強大的資產負債表，提供靈活性，並使我們能夠投資業務以推動獲利成長和長期價值創造。

In the first quarter, we invested $38.9 million in capital expenditures.

第一季度，我們投資了 3,890 萬美元的資本支出。

We ended the quarter with $527 million in total debt.

本季結束時，我們的總債務為 5.27 億美元。

Lastly, as announced in today's press release, the Board declared a quarterly dividend of $0.25 per share, payable on February 12, 2025, to shareholders of record on January 17, 2025.

最後，正如今天的新聞稿中所宣布的，董事會宣佈於 2025 年 2 月 12 日向 2025 年 1 月 17 日登記在冊的股東派發每股 0.25 美元的季度股息。

Before providing our outlook, I want to comment on Q2.

在提供我們的展望之前，我想對第二季度發表評論。

First, we were pleased with our Thanksgiving week results, which were in line with our expectations.

首先，我們對感恩節週的結果感到滿意，這符合我們的預期。

This is an important week given the high volume, and I am so proud of how our teams executed to deliver against our plans.

鑑於交易量很大，這是重要的一周，我對我們的團隊如何執行我們的計劃感到非常自豪。

Second, as noted earlier, we expect a headwind in Q2 related to the timing shift of gift card breakage, as the $6 million EBITDA favorability we experienced in Q1 will largely be offset by unfavourability in Q2.

其次，如前所述，我們預計第二季度將出現與禮品卡破損時間轉移相關的逆風，因為我們在第一季度經歷的600 萬美元EBITDA 優惠將在很大程度上被第二季度的不利情況所抵消。

Now turning to our fiscal 2025 outlook.

現在轉向我們的 2025 財年展望。

I want to remind everyone that we view fiscal '25 as an investment year as many of our initiatives are in the early stages.

我想提醒大家，我們將 25 財年視為投資年，因為我們的許多舉措還處於早期階段。

And we anticipate our financial results will significantly improve by the second half of FY26 and further accelerate into FY27.

我們預計我們的財務表現將在 2026 財年下半年顯著改善，並在 2027 財年進一步加速。

For FY25, we reaffirm our outlook and continue to expect the following.

對於 25 財年，我們重申我們的展望，並繼續期待以下結果。

Total revenue of $3.4 billion to $3.5 billion.

總收入為 34 億至 35 億美元。

Pricing of approximately 5%.

定價約5%。

The opening of two new Cracker Barrel stores and three to four new Maple Street units.

兩家新的 Cracker Barrel 店和三到四家新的楓樹街店開幕。

Commodity inflation of 2% to 3%.

商品通膨2%至3%。

And hourly restaurant wage inflation of 3% to 4%.

而餐廳的時薪漲幅為3%至4%。

As a reminder, we expect our adjusted G&A expenses will be elevated in fiscal '25, both in dollars and as a percent of sales, primarily due to investments related to our strategic transformation initiatives as well as a more normalized incentive compensation.

提醒一下，我們預計我們調整後的一般管理費用將在 25 財年提高，無論是美元還是佔銷售額的百分比，這主要是由於與我們的戰略轉型計劃相關的投資以及更加正常化的激勵薪酬。

However, we expect that G&A as a percent of sales will begin to normalize as our financial performance improves in the second half of FY26 and into FY27.

然而，我們預計，隨著我們的財務表現在 2026 財年下半年和 2027 財年有所改善，一般管理費用佔銷售額的百分比將開始正常化。

Taking all of the above into account, we continue to anticipate full year adjusted EBITDA of approximately $200 million to $250 million.

考慮到上述所有因素，我們繼續預期全年調整後 EBITDA 約為 2 億至 2.5 億美元。

I want to remind everyone that this excludes consulting fees related to our strategic transformation, which we expect will be approximately $5 million to $10 million, as well as approximately $8 million in expenses related to our proxy contest.

我想提醒大家的是，這不包括與我們策略轉型相關的諮詢費，我們預計該費用約為 500 萬至 1000 萬美元，以及與我們的代理權爭奪相關的約 800 萬美元費用。

Regarding interest expense, based on current market conditions, we expect that we will refinance our $300 million convertible debt later this fiscal year.

關於利息支出，根據當前的市場狀況，我們預計將在本財年稍後為 3 億美元的可轉換債務進行再融資。

Given the current rate environment, we expect that the coupon rates on our new debt instrument will be meaningfully higher than our existing coupon rates of 0.625%, and as a result, we expect our interest expense will increase following this transaction.

鑑於目前的利率環境，我們預期新債務工具的票面利率將顯著高於我們現有的0.625%的票面利率，因此，我們預計本次交易後我們的利息支出將會增加。

We expect a full year GAAP effective tax rate of negative 7% to negative 11% and an adjusted effective tax rate of zero percent to negative 4%.

我們預計全年 GAAP 有效稅率為負 7% 至負 11%，調整後有效稅率為 0% 至負 4%。

We anticipate capital expenditures of $160 million to $180 million.

我們預計資本支出為 1.6 億至 1.8 億美元。

In closing, our fiscal year is off to a good start, and our transformation plan remains on track.

最後，我們的財政年度有了一個良好的開端，我們的轉型計劃仍在按計劃進行。

Our teams are executing at a high level, and we are focused on sustaining this momentum to deliver on our commitments.

我們的團隊正在高水準執行，我們致力於維持這種勢頭以兌現我們的承諾。

With that, I'll now turn the call over to the operator for questions.

現在，我將把電話轉給接線員詢問問題。

(Operator Instructions) Dennis Geiger, UBS.

（操作員說明）Dennis Geiger，UBS。

Great.

偉大的。

I appreciate all the color as well as the detail or some of the color on Thanksgiving.

我欣賞感恩節的所有顏色以及細節或某些顏色。

Craig, wondering if you could talk a little bit more about that 2Q-to-date period maybe and kind of what you're seeing, if you're seeing overall kind of a continuation of that momentum.

克雷格，想知道您是否可以多談談第二季度至今的情況，以及您所看到的情況，如果您看到這種勢頭總體上會延續的話。

I know Thanksgiving is a big part of that.

我知道感恩節是其中重要的一環。

But just if any -- any additional color on the most recent quarter-to-date period?

但如果有的話——最近一個季度至今的時間段還有什麼額外的資訊嗎？

Dennis, thank you.

丹尼斯，謝謝你。

Yes, Thanksgiving, as you know, is a very important week for us.

是的，如您所知，感恩節對我們來說是非常重要的一週。

We have our big heat-and-serve business that we do during the Thanksgiving week.

我們在感恩節期間開展了大量的加熱即服務業務。

Overall, we are pleased with the way that Q2 has gone so far.

總的來說，我們對第二季迄今的進展感到滿意。

As a little bit of a reminder, if you think back to last year in our Q2 call then, we actually set a number of records for the Thanksgiving week last year.

提醒一下，如果您回想去年第二季的電話會議，我們實際上在去年的感恩節這一周創造了多項記錄。

But as we reflected in that and did the diagnostics, a couple of things came out of that.

但當我們反思並進行診斷時，得出了一些結論。

Number one, the guest experience wasn't exactly where we wanted it to be.

第一，賓客體驗並不完全是我們想要的。

Number two, the employee experience wasn't where we wanted it to be either.

第二，員工體驗也沒有達到我們想要的效果。

And the flow-through, the profitability of all of that wasn't where we wanted it to be.

所有這些的流通量和獲利能力都不是我們想要的。

So, on the one hand, we're doing a tremendous amount of work to drive the top line record, but we didn't think that was a sustainable approach for the business.

因此，一方面，我們正在做大量的工作來推動營收記錄，但我們認為這對業務來說不是一個可持續的方法。

So, the team did a lot of work there and made some significant changes that we have implemented this year.

因此，團隊在那裡做了很多工作，並做出了一些重大改變，我們今年已經實施了這些改變。

And we're really happy with how that's played out.

我們對結果非常滿意。

In fact, this year, we had a bit more of an emphasis on the dine-in occasion, and we're really happy with that.

事實上，今年我們更重視堂食活動，我們對此感到非常滿意。

So, all in all, a lot of moving pieces there, but we're happy with how it all came together.

所以，總而言之，有很多令人感動的部分，但我們對這一切如何組合在一起感到滿意。

That's great.

那太棒了。

One more, if I may.

如果可以的話，再來一張。

As it relates to the strength you saw in the first quarter, it sounds like progress against a bunch of the strategic plans, including dinner.

由於它與您在第一季看到的實力相關，這聽起來像是針對包括晚餐在內的一系列戰略計劃的進展。

I want to touch on the loyalty piece, and if there's just -- if there's anything more to share there.

我想談談忠誠度，以及是否還有什麼可以分享的。

It sounds like you like what you're seeing from an incremental sales and traffic perspective.

聽起來您喜歡從增量銷售和流量的角度看到的情況。

Any more breakdown as far as frequency or kind of other benefits that you're seeing thus far from the program?

到目前為止，您從該計劃中看到的頻率或其他好處還有更多詳細資訊嗎？

Dennis, thanks for the question.

丹尼斯，謝謝你的提問。

We shared a lot about the loyalty program on the last call.

我們在上次通話中分享了很多有關忠誠度計劃的資訊。

So, I'll just remind that we're at over 6 million members.

所以，我只想提醒一下，我們有超過 600 萬會員。

We are really pleased with the progress of the program.

我們對該計劃的進展感到非常滿意。

These guests are coming more often, they're spending more with us, and they have a higher check than non-members.

這些客人來得更頻繁，他們在我們這裡花費更多，而且他們的支票比非會員更高。

What I will say is we continue to test and learn with this group and really think about how we use them to power the business going forward.

我想說的是，我們將繼續與這個團隊一起進行測試和學習，並認真思考如何利用他們來推動業務的發展。

And that's really exciting for us, and for them, because they really love Cracker Barrel.

這對我們和他們來說真的很令人興奮，因為他們真的很喜歡 Cracker Barrel。

One of the big things that we learned in Q1 is their propensity to spend in retail, and we did some testing around that with some offers with salt and pepper shakers and discounts on retail and different things like that to really drive their occasion in their basket, all of which were incremental and exciting, and we were able to flow them all through.

我們在第一季度了解到的一件大事是他們在零售方面的消費傾向，我們圍繞這一點進行了一些測試，包括一些鹽瓶和胡椒瓶的優惠、零售折扣以及類似的其他東西，以真正推動他們在購物籃中的消費。

So more to come there, Dennis.

丹尼斯，還有更多的事情要做。

Continues to be a bright spot in our journey, that pillar four, about winning with digital and loyalty, and all of those experiences continues to be a focus for us.

第四支柱仍然是我們旅程中的一個亮點，即透過數位化和忠誠度取勝，所有這些體驗仍然是我們關注的焦點。

So, thanks for asking the question.

所以，感謝您提出這個問題。

Thank you, Julie.

謝謝你，朱莉。

Appreciate.

欣賞。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Just a question on your efficiency efforts and the back-of-the-house work.

只是關於您的效率工作和後台工作的問題。

As you continue with your test and then deploy some of the system-wide in Q3, can you give some examples or some specifics around what areas of the P&L do you think will start to see some benefits as we get this deployed?

當您繼續進行測試，然後在第三季度在系統範圍內部署一些系統時，您能否提供一些示例或一些具體信息，說明您認為在我們部署此功能後，損益表的哪些領域將開始看到一些好處？

Brian, it's Craig.

布萊恩，我是克雷格。

I'll start, then Julie can jump in.

我先開始，然後朱莉就可以插嘴了。

The initial stages are primarily going to be about our own labor.

最初階段主要是關於我們自己的勞動。

We expect that we will see improvements in labor productivity coming out of the kitchen.

我們預計，我們將看到廚房勞動生產力的提高。

But we also expect, from a job satisfaction perspective, we expect it to be a better experience for our employees because it will be easier.

但我們也期望，從工作滿意度的角度來看，我們希望這能為我們的員工帶來更好的體驗，因為它會更容易。

So primarily labor, maybe a little bit of waste and then an improved employee experience.

所以主要是勞動力，也許還有一點浪費，然後是改善的員工體驗。

It's a part of a multiyear journey.

這是多年旅程的一部分。

So, we laid out the three-year plan, $50 million to $60 million in kind of structural cost savings.

因此，我們制定了三年計劃，節省 5,000 萬至 6,000 萬美元的結構性成本。

And this is kind of the very, very early stages of that.

這還處於非常非常早期的階段。

So much more to come over the three years.

這三年還有很多事情要做。

Okay.

好的。

And then just a question on the retail business.

然後是關於零售業務的問題。

I guess one, just talk about your outlook for the upcoming holiday season.

我想，請談談您對即將到來的假期的展望。

Anything you could offer on the consumer in a realistic way to think about the top line there would be helpful just given how important the 2Q is from a seasonal perspective?

考慮到第二季從季節性角度來看有多重要，您可以以現實的方式向消費者提供任何考慮收入的東西都會有幫助嗎？

And separate from that, the gross margins looked really good in the first quarter.

除此之外，第一季的毛利率看起來非常好。

I'm just wondering how we should be thinking about retail gross margins from a full year perspective.

我只是想知道我們應該如何從全年的角度考慮零售毛利率。

Sure.

當然。

I'll start and then Craig can jump in.

我先開始，然後克雷格可以介入。

Look, we're really pleased with how the team is managing the retail business.

看，我們對團隊管理零售業務的方式非常滿意。

As you know, the industry is facing a lot of headwinds.

如您所知，該行業面臨著許多阻力。

It's a tough business out there.

那裡的生意很難做。

It's super discretionary, when people are feeling pinched in their wallet, this is really a place that they do cut back.

這是超級自由裁量權，當人們感到錢包拮据時，這確實是他們確實要削減的地方。

But for us at Cracker Barrel, it's such a key differentiator.

但對我們 Cracker Barrel 來說，這是一個關鍵的差異化因素。

It makes our experience so wonderful.

這讓我們的經歷如此美妙。

You could just start and finish your Cracker Barrel journey in the retail shop.

您可以在零售店開始和結束您的餅乾桶之旅。

So again, real pleased with how the team's managed inventory levels.

再次，我們對團隊管理庫存水準的方式感到非常滿意。

You probably heard from Craig's prepared remarks, inventory levels are down, margins are up.

您可能從克雷格準備好的演講中聽到，庫存水準下降，利潤率上升。

We feel good about where we are right now.

我們對現在的處境感覺良好。

We did a new promotion in storage.

我們在存儲方面做了新的促銷活動。

You may have seen it.

你可能已經看到了。

It kicked off on Black Friday.

事情從黑色星期五開始。

We're calling it Seasons of Savings.

我們稱之為「儲蓄季節」。

Runs for 10 days, so into next week, where we're highlighting great gifts at key price points.

活動為期 10 天，下週開始，我們將重點介紹關鍵價位的精美禮品。

Now we always have our great gift assortment this time of year, but this is even a plus up on that.

現在，每年的這個時候我們總是有各種各樣的精美禮物，但這甚至是一個加分項。

We're really getting behind it with some social marketing and things like that.

我們確實透過一些社交行銷和類似的事情來支持它。

So, you're probably seeing a little bit more of it.

所以，你可能會看到更多一些。

Early stats, it's resonating with guests.

早期的統計數據引起了客人的共鳴。

We're excited about it.

我們對此感到興奮。

It gives the associates something to talk about as well in store.

它也為店內的員工提供了一些可以談論的話題。

So, we're feeling good about the holidays.

所以，我們對假期感覺很好。

Now remember, there's fewer shopping days as a result of leap year and the late Thanksgiving.

請記住，由於閏年和感恩節臨近，購物日會減少。

But given our inventory position and margin position, we feel like we are poised to really take advantage of that.

但考慮到我們的庫存狀況和利潤狀況，我們覺得我們已經準備好真正利用這一點。

Plus, we get that extra weekend before Christmas.

另外，我們在聖誕節前還有一個額外的週末。

So, we're -- we think we are poised well to capture the last-minute shoppers.

所以，我們認為我們已經準備好吸引最後一刻的購物者。

We know all you men wait until the last minute.

我們知道你們所有人都等到最後一刻。

So, we're here for you at Cracker Barrel.

所以，我們在 Cracker Barrel 為您服務。

That's right, Julie.

沒錯，朱莉。

We do always for the last-minute shopping, yes.

是的，我們總是在最後一刻購物。

As it relates to retail margins, we were a bit ahead in Q1.

就零售利潤率而言，我們在第一季領先一些。

However, the environment from a brick-and-mortar retail perspective does remain challenged.

然而，從實體零售的角度來看，環境仍面臨挑戰。

So, we expect across the full year that retail margins will be a bit unfavorable.

因此，我們預計全年零售利潤率將有點不利。

It's a little bit unfavorable across the full year.

全年都有點不利。

Thank you both.

謝謝你們倆。

Jake Bartlett, Truist Securities.

傑克·巴特利特，Truist 證券公司。

Great.

偉大的。

My first is I wanted to dig into some of these more -- these atypical items and make sure I understand what's going on.

我的第一個想法是，我想深入研究其中一些非典型項目，並確保我了解正在發生的事情。

For the gift card breakage, I was just looking quickly last two first quarters, it was a positive.

對於禮品卡破損問題，我只是快速查看了前兩個季度的情況，這是一個積極的結果。

So, this seems to be something that is a positive in the first quarter in general.

因此，總的來說，這似乎是第一季的積極因素。

And maybe just kind of confirm that.

也許只是證實了這一點。

The $6 million, does that contribute -- I mean, my math would be that slightly less than 1% on same-store sales for the restaurant side.

600 萬美元是否有貢獻——我的意思是，我的計算結果是略低於餐廳同店銷售額的 1%。

I just want to make sure that gift card breakage gets reflected in same-store sales.

我只是想確保禮品卡破損情況能夠反映在同店銷售額中。

And then I had some follow-up questions on the other side.

然後我在另一邊提出了一些後續問題。

Well, let's start on the gift card.

好吧，讓我們從禮品卡開始。

The same-store sales as reported do not -- are not impacted by the $6 million.

據報道，同店銷售額並未受到 600 萬美元的影響。

So, the same-store sales, as reported, are really driven by kind of store level activity.

因此，據報道，同店銷售實際上是由商店級的活動所驅動的。

The $6 million gift card breakage benefit is something that we hold at the corporate level.

600 萬美元的禮品卡破損賠償是我們在公司層級提供的。

So, as you think about kind of what's really happening to the run rate for the stores, that's not a factor.

因此，當您考慮商店運行率的實際情況時，這不是一個因素。

It's certainly a factor in the overall total company sales and it's a factor in EBITDA for the quarter.

這無疑是公司總銷售額的一個因素，也是本季 EBITDA 的因素。

And as we noted, that is largely a timing impact as most of that is going to be offset in Q2.

正如我們所指出的，這很大程度上是時間影響，因為其中大部分將在第二季被抵消。

Got it.

知道了。

Okay.

好的。

That makes a lot of sense, and that's helpful.

這很有意義，而且很有幫助。

On the other side, I think there's about $9 million in atypical costs that you mentioned.

另一方面，我認為您提到的非典型成本約為 900 萬美元。

It doesn't look like any of those costs are kind of being added back to adjusted results.

看起來這些成本都沒有被加回調整後的結果。

So, those are flowing completely through to your adjusted results.

因此，這些完全會影響您調整後的結果。

So, I guess the net impact is a drag on EBITDA.

因此，我認為淨影響是對 EBITDA 的拖累。

While you have the $6 million benefit from the gift card breakage, there's $9 million of a headwind.

雖然您可以從禮品卡破損中獲得 600 萬美元的收益，但也存在 900 萬美元的不利因素。

Is that the right way to think about it?

這是正確的思考方式嗎？

Or am I getting that right that none of that $9 million was actually -- okay.

或者我沒說錯，那 900 萬美元其實都不是——好吧。

Those $9 million.

那900萬美元。

Headwind is about $9.3 million.

逆風約 930 萬美元。

And all of those are included as normal operating costs in our adjusted EBITDA, and as all the costs are included in GAAP numbers, so they are included in both.

所有這些都作為正常營運成本包含在我們調整後的 EBITDA 中，並且由於所有成本都包含在 GAAP 資料中，因此它們都包含在兩者中。

And there is a partial offset in the quarter of the $6 million.

600 萬美元的季度有部​​分抵消。

So, it's a net negative or net drag to EBITDA of about $3 million -- $3.3 million, and we factor in all of those.

因此，這對 EBITDA 造成約 300 萬至 330 萬美元的淨負或淨拖累，我們將所有這些因素都考慮在內。

Got it.

知道了。

And just to kind of close the loop on these typical items, in the second quarter, the $6 million should reverse from the benefit side.

為了使這些典型項目形成閉環，在第二季度，600 萬美元應該從效益方面逆轉。

But anything reversing out on the cost side?

但成本方面有逆轉嗎？

Are there any offsets to the what looks to be a $6 million drag in the second quarter for EBITDA?

是否有任何措施可以抵銷第二季 EBITDA 600 萬美元的拖累？

We are not aware of anything at this time, no.

目前我們什麼都不知道，不。

So, at this point, the $6 million will be a drag to Q2, and we don't expect any other partial offsets, certainly nothing from any of the items that we mentioned earlier.

因此，在這一點上，600 萬美元將拖累第二季度，我們預計不會有任何其他部分抵消，當然我們之前提到的任何項目都不會產生任何抵消。

Okay.

好的。

So, net-net, you kept your EBITDA guidance, but there's a $3 million headwind that you hadn't expected in the first quarter.

因此，淨淨，您保留了 EBITDA 指導，但第一季出現了您沒有預料到的 300 萬美元的逆風。

Exactly right.

完全正確。

I think that's the right takeaway from all of that.

我認為這是正確的結論。

Appreciate it.

欣賞它。

Great.

偉大的。

And then just one question on the operations and it's on your remodel program.

然後只有一個關於操作的問題，這是關於你的改造計劃的。

I guess I'm a little confused with some of the terminology.

我想我對一些術語有點困惑。

I just want to make sure I get it right.

我只是想確保我做對了。

I'm looking at the last quarter's earnings call, and you talked about the three kind of high, medium, low options, and then you've developed a fourth option, which you're calling a refresh.

我正在看上個季度的收益電話會議，您談到了高、中、低三種選擇，然後您開發了第四種選擇，您稱之為刷新。

Now it seems like you're referring to kind of refreshes separately from the four different tiers of remodel.

現在看來您指的是與四個不同等級的改造分開的刷新。

So, I just want to make sure I understand the difference between a refresh as you're calling it now and the four tiers of remodels that you're testing.

所以，我只是想確保我理解您現在所說的刷新與您正在測試的四層改造之間的區別。

And I'm also wondering if there's anything more you can share about the relative performance of each.

我還想知道您是否可以分享更多有關每種產品相對性能的內容。

It sounded like -- one of my takeaways from the last call is that the refresh or the less intense remodel was actually having a really good result, and that might end up driving maybe a lower cost of the program overall.

聽起來——我從上次通話中得到的一個結論是，更新或不太強烈的改造實際上取得了非常好的結果，這可能最終會降低整個專案的成本。

I guess my question is whether is that bearing out, that you're finding that maybe some of the lighter investments is actually driving the most attractive returns?

我想我的問題是，這是否證明您發現也許一些較輕的投資實際上帶來了最具吸引力的回報？

Well, let me talk about the number of stores, because I agree that it is -- it can get a little confusing.

好吧，讓我談談商店的數量，因為我同意它是 - 它可能會有點令人困惑。

The high, medium and low or the traditional kind of remodels, there are about 25 to 30 of those in the plan for this fiscal year.

高、中、低或傳統的改造，本財政年度的計畫中約有25至30個。

That's our current projection.

這是我們目前的預測。

The refresh are an incremental, over and above, 25 to 30.

刷新是增量式的，超過 25 到 30。

So, both the high, medium, low as a group are 25 to 30, and refresh are an incremental over and above 25 to 30.

因此，高、中、低作為一組都是 25 到 30，刷新是在 25 到 30 之上遞增。

And then in terms of performance, I think the key takeaway here is '25 for us really is a test-and-learn year.

然後就表現而言，我認為這裡的關鍵要點是 25 對我們來說確實是一個測試和學習的一年。

And we've structured a lot of this investment to really understand the economics and the highest level of efficacy of the spend around the program.

我們已經安排了大量投資，以真正了解圍繞該計劃的支出的經濟效益和最高水平的功效。

And we really are not biased to an answer one way or another.

我們確實不會偏向某種答案。

The facts are what's going to drive the decision now.

事實才是現在推動決策的因素。

No one wants to spend more, if you don't have to spend more and so on.

沒有人願意花更多的錢，如果你不必花更多的錢等等。

We're excited about the performance from the initial four, but that's only four.

我們對前四人的表現感到興奮，但這只是四人。

We have 25 to 30 of high, medium, low and incremental 25 to 30 for the infills.

我們有 25 至 30 個高、中、低和增量 25 至 30 個填充物。

When it's all said and done, it will likely be a combination of those, and we're working through understanding the math to determine what the right combination is.

當一切都說完了之後，它很可能是這些的組合，我們正在透過理解數學來確定正確的組合是什麼。

And if it ends up being lower, then we'll lean lower.

如果最終下降，那麼我們就會傾斜得更低。

But if it ends up being higher, we'll lean higher.

但如果最終會更高，我們就會傾向於更高。

Really the math is going to have to drive, the return on the investments, exceeding the appropriate hurdle rate set by the Board, is going to drive what the final answer is there.

實際上，數學必須驅動，投資報酬率超過董事會設定的適當門檻率，將驅動最終答案。

All right.

好的。

Thank you very much.

非常感謝。

Appreciate it.

欣賞它。

Andrew Wolf, CL King.

安德魯沃爾夫，CL金。

I actually have a follow-up on the $6 million as well in the breakage.

事實上，我對 ​​600 萬美元的破損情況也有後續行動。

If you take that out of sales and flow it through, you'd get to about a flat margin year-over-year on restaurant level?

如果你把它從銷售中扣除並流通，你在餐廳層級的利潤率會與去年同期持平嗎？

Or were any of the $9.3 million cost, Craig, that you called out, were any of those -- would any of those be in the restaurant-level expenses, or were they all in G&A?

或者，克雷格，您所說的 930 萬美元成本中的任何一個 - 這些成本中是否有任何一個 - 這些成本中是否有任何一個屬於餐廳級別的費用，或者它們都屬於一般管理費用？

I'm trying to.

我正在努力。

With the exception of $3.3 million, all of it was at the restaurant level.

除 330 萬美元外，所有費用均來自餐廳層級。

So effectively, $3.3 million was in G&A and $6 million was at restaurant level.

因此，實際上，330 萬美元用於一般管理費用，600 萬美元用於餐廳層面。

So, those two restaurant-level pieces simply offset each other.

因此，這兩個餐廳級別的作品只是相互抵消。

Okay.

好的。

That's what I was getting at.

這就是我的意思。

Great.

偉大的。

All right.

好的。

Juliw, I want to get to the restaurants.

Juliw，我想去餐廳。

On the menu, when you talking about menu items, you talked about some new items and some LTOs and an LTO that might become a new item.

在菜單上，當你談論菜單項目時，你談論了一些新項目和一些LTO以及可能成為新項目的LTO。

I just wanted to get a sense, it sounds like there's -- it's going quite well and there's good guest reception.

我只是想了解一下，聽起來好像進展得很順利，接待客人也很好。

Is that because the Company is taking kind of more shots on goal?

這是因為公司的射門次數增加了嗎？

Or is it there's something like improved in the innovation process so that you're putting better items on the menu that are resonating better?

或者是在創新過程中進行了一些改進，以便您在菜單上放置更好的項目，從而更好地引起共鳴？

That's a great question, Andrew.

這是一個很好的問題，安德魯。

I would say it's probably a little bit of both, in all honesty.

老實說，我想說這可能是兩者兼而有之。

So, in this last year, when we were building the plan, we spent a lot of time talking to our guests, talking to our team members and really digging into what will help Cracker Barrel regain its leadership position, and what do people love about Cracker Barrel, right?

所以，去年，當我們制定計劃時，我們花了很多時間與客人交談，與我們的團隊成員交談，並真正深入研究什麼將有助於 Cracker Barrel 重新獲得領導地位，以及人們喜歡什麼餅乾桶，對嗎？

People love our scratch-made, home-style booking.

人們喜歡我們自製的家庭式預訂。

And so, things like the Hashbrown Casserole Shepherd's Pie are so in our sweet spot.

因此，像哈希布朗砂鍋牧羊人餡餅這樣的東西非常適合我們。

It's something that only Cracker Barrel could make, right?

這是只有 Cracker Barrel 才能做出來的東西吧？

It builds on our signature Hashbrown Casserole, it introduces something that's comforting, that's really warming and lush as like the Shepherd's Pie and similarly with our Pot Roast as well -- I'm sorry, do you hear that feedback?

它以我們的招牌哈希布朗砂鍋菜為基礎，引入了一些令人安慰的東西，就像牧羊人派一樣溫暖而豐盛，也與我們的鍋烤肉類似 - 抱歉，您聽到反饋了嗎？

I want to make sure I'm clear.

我想確保我說清楚了。

Just for your last sentence.

就為了你的最後一句話。

Okay.

好的。

So, these items are uniquely Cracker Barrel, and they're -- and our guests are loving them, right?

所以，這些物品是獨一無二的餅乾桶，而且我們的客人很喜歡它們，對嗎？

So, like I said in my prepared remarks, we hadn't planned for Pot Roast to be an everyday item.

所以，就像我在準備好的演講中所說的那樣，我們並沒有計劃讓烤肉成為日常用品。

But people loved it so much, I mean we literally ran out of it.

但人們非常喜歡它，我的意思是我們真的用完了它。

And they said, our team members said, you really need to put this on the menu every day.

他們說，我們的團隊成員說，你真的需要每天把這個放在菜單上。

I could sell this every day if it were on the menu every day.

如果每天的菜單上都有的話，我每天都可以賣這個。

So, we really listen to our guests, listen to our team members move that item through.

因此，我們認真傾聽客人的意見，並傾聽我們的團隊成員推動專案的進展。

But I will tell you, the pipeline, to the second part of your question, is more full.

但我會告訴你，你問題的第二部分的管道更加完整。

The team, the culinary team, who's got a new leader over there, they are working really hard to find those items that are signature Cracker Barrel, things that only we can do that are really going to resonate with guests, as we invite more people into the brand, we're also opening that aperture, widening our appeal and making sure that the people who love us continue to love us, but that we're inviting more people in and letting them know that Cracker Barrel is here for them and a really great option for them for breakfast, lunch or dinner every day.

團隊，烹飪團隊，那裡有了新的領導者，他們正在努力尋找那些標誌性的餅乾桶，只有我們能做的事情才能真正引起客人的共鳴，因為我們邀請了更多的人進入這個品牌，我們也打開了這個縫隙，擴大了我們的吸引力，並確保愛我們的人繼續愛我們，但我們正在邀請更多的人加入，讓他們知道Cracker Barrel 在這裡為他們服務，對他們來說，這是每天早餐、午餐或晚餐的絕佳選擇。

Okay.

好的。

I was going to get to that second part, you kind of -- so some of the innovation is to drive trial and some of it is to maybe increased repeat business?

我正要談到第二部分，所以有些創新是為了推動試驗，有些創新可能是為了增加重複業務？

Yeah.

是的。

All of the above, right?

以上都是，對吧？

And we've got innovation across the day part.

我們全天都有創新。

As I mentioned on the prepared remarks, we brought back our Country Fried Turkey for Q2, and that's actually sold so well that we're out of that early again.

正如我在準備好的發言中提到的那樣，我們在第二季度帶回了鄉村炸火雞，實際上賣得很好，我們又提前了。

So, we're really driving some business in these LTOs.

因此，我們確實在這些 LTO 中推動了一些業務。

But then we introduced a new item, the Cinnamon Swirl French Toast, which has also been a great item.

但後來我們推出了新產品，肉桂漩渦法式吐司，這也是一個很棒的產品。

So, it's a little bit of both, Andrew, honestly, as we really try to drive the business with people who love us, invite new people in, and really just return Cracker Barrel to strength.

所以，安德魯，老實說，兩者兼而有之，因為我們真的很努力與愛我們的人一起推動業務，邀請新人加入，並真正讓 Cracker Barrel 恢復實力。

And just the last thing, I mean, on new items, driving new traffic, new customers and trial, probably not intentionally, but you didn't get too much in what's new with marketing in this period, although you did -- you were asked about the loyalty.

最後一件事，我的意思是，關於新產品、推動新流量、新客戶和試用，可能不是故意的，但你並沒有在這一時期的營銷新內容中獲得太多信息，儘管你做到了- 你是詢問忠誠度。

But I think you have a new agency and so on.

但我認為你們有一個新的機構等等。

Would it be fair to say you might want to skew more towards increased usage by existing customers until your marketing is more ramped up?

公平地說，在您的行銷力度進一步加大之前，您可能希望更多地致力於增加現有客戶的使用量嗎？

Or can you -- can the menu speak for itself and word of mouth and that kind of thing?

或者你可以——菜單可以說明一切並透過口碑傳播之類的事情嗎？

No.

不。

We continue to evaluate our marketing mix.

我們繼續評估我們的行銷組合。

We've got a brand new CMO who is about two quarters in at this point in time.

我們已經有了一位全新的首席行銷官，他已經上任兩個季度了。

She's off to a great start, and her team is rocking and rolling.

她有了一個良好的開端，她的團隊也進展順利。

They are continuing to look at ways to reach our guests.

他們正在繼續尋找聯繫我們的客人的方法。

Remember, the first pillar of our transformation is about the brand and refining that and how we show up for our guests, how we communicate with them.

請記住，我們轉型的第一個支柱是品牌和完善品牌，以及我們如何向客人展示以及如何與他們溝通。

If you follow us on social in some of those places, you'll see us starting to show up in some different ways.

如果您在其中一些地方的社交媒體上關注我們，您會看到我們開始以不同的方式出現。

So, they continue to refine the mix, the messaging, because it's not just where you're saying it, it's also what you're saying and who you're saying it to.

因此，他們繼續完善組合和訊息傳遞，因為這不僅僅是你在哪裡說的，還包括你在說什麼以及你在對誰說。

So, we can get even more targeted than we are today.

因此，我們可以比現在更有針對性。

Loyalty helps us do that as well.

忠誠度也可以幫助我們做到這一點。

So, it's bringing all of those things together, with the menu, with the experience, in ways that people want to experience the brand.

因此，它將所有這些東西結合在一起，包括菜單、體驗，以人們想要體驗品牌的方式。

Remember, that's really -- that second imperative when you step back and think about it, our imperatives are about driving relevancy, which is market share, driving that food and experience that guests love, and driving profitability.

請記住，這確實是第二個當務之急，當您退後一步思考時，我們的當務之急是提高相關性，即市場份額，推動客人喜愛的食物和體驗，並提高盈利能力。

And those first two really work together to say, how do we communicate with people the way they want to be communicated, give them the experience that they want?

前兩者真正共同提出的問題是，我們如何以人們想要的方式與他們溝通，為他們提供他們想要的體驗？

That's literally through the communication cycle as well as the in-store experience or the to-go experience or the catering experience, and really make sure that we're delivering on all pieces of that.

這實際上是透過溝通週期以及店內體驗、外送體驗或餐飲體驗來實現的，並真正確保我們能夠實現所有這些。

So, it's marketing.

所以，這就是行銷。

It's also the way that we show up in store and the way that we operate.

這也是我們在商店中的展示方式和運作方式。

They all have to come together to really drive that business.

他們必須齊心協力才能真正推動這項業務。

Got it, Thanks and congratulations on the progress so far.

明白了，感謝並祝賀迄今為止的進展。

Todd Brooks, The Benchmark Company.

托德·布魯克斯，基準公司。

Quick question, Julie.

快速提問，朱莉。

You mentioned in your comments that you saw a strong average check growth in the quarter.

您在評論中提到，您看到本季的平均支票增長強勁。

Can you share the magnitude of check growth with us?

您能否與我們分享支票成長的幅度？

Yes.

是的。

I actually am going to let Craig take that one because he loves talking about check, Todd.

事實上，我會​​讓克雷格接受那個，因為他喜歡談論支票，托德。

Yes, I'll start, Todd.

是的，我要開始了，托德。

Overall, check was up 5.8 for the quarter, so 4.7 of that was from price, and then we have favorable mix of 1.1. And let me kind of unpack that a little bit.

總體而言，本季支票上漲了 5.8，因此其中 4.7 來自價格，然後我們有 1.1 的有利組合。讓我稍微解釋一下。

Keep in mind, we've been taking the strategic pricing effort.

請記住，我們一直在採取策略性定價努力。

So, one concern there is, how does that flow through?

那麼，有一個問題是，它是如何流動的呢？

Well, the good news is the strategic pricing is flowing through really well.

好消息是策略定價的進展非常順利。

We're seeing that across a number of metrics, and we're getting this favorable mix.

我們在許多指標中都看到了這一點，我們正在獲得這種有利的組合。

The favorable mix in a lot of ways is coming from this effort around the dinner.

在很多方面，有利的組合都來自於晚餐周圍的努力。

It's one of the first things that Julie did when she started, if you kind of diagnose what's going on with the business, why is the traffic been down so much, and we actually performed relatively well, fairly well, at breakfast, but we had lost a lot of share at dinner.

這是朱莉開始做的第一件事之一，如果你能診斷一下業務發生了什麼，為什麼流量下降了這麼多，我們實際上在早餐時表現得相對很好，相當好，但我們有晚餐時損失了很多份額。

And so that was the first stream of work.

這就是第一個工作流程。

We kicked off this really big test.

我們開始了這個非常大的測試。

And then we have rolled out a number of those components.

然後我們推出了其中一些組件。

One of the benefits there is we're seeing favorable mix just as dinner as a whole improves because it's a higher check, higher margin occasion, and a number of the items that we've added have been on kind of the higher end of the barbell.

好處之一是，我們看到了有利的組合，就像晚餐整體有所改善一樣，因為這是一個更高的支票、更高的利潤場合，而且我們添加的許多項目都處於高端水平。

And so that's helped to drive some favorable check mix as well.

因此，這也有助於推動一些有利的支票組合。

That's great.

那太棒了。

That's really encouraging.

這確實令人鼓舞。

And then knowing that Sunrise is out there at $7.99 and Early Dine at $8.99, would you share with us what the value mix is?

然後知道 Sunrise 的價格為 7.99 美元，Early Dine 的價格為 8.99 美元，您能與我們分享價值組合嗎？

How many -- what percent of customers are accessing through those two platforms to drive their visit to Cracker Barrel?

有多少——百分之多少的客戶透過這兩個平台訪問來推動他們對 Cracker Barrel 的訪問？

It's interesting, we actually, we look at it, but we don't really look at it that way because so much of our menu is just a great value overall.

有趣的是，我們實際上會看它，但我們並沒有真正那樣看它，因為我們的菜單中的很多東西總體來說都是非常有價值的。

I mean keep in mind, the numbers have moved a little bit as the quarter has passed, but towards almost recent check average is about $15 at Cracker Barrel.

我的意思是請記住，隨著季度的過去，數字略有變化，但最近 Cracker Barrel 的支票平均價格約為 15 美元。

And casual dining, I believe, is somewhere in the $27 range.

我相信休閒餐飲的價格在 27 美元左右。

So, whereas a lot of folks have just really a much more dramatic barbell, so they talk about what their mix is on discounts, so much of our menu is a great price every day, it just wouldn't be -- it wouldn't be meaningful.

所以，雖然很多人都有一個更引人注目的槓鈴，所以他們談論他們的折扣組合，但我們的菜單上的很多東西每天都是一個很好的價格，但事實並非如此——它不會'沒有意義。

What I can tell you is the early line continues to grow.

我可以告訴你的是，早期的隊伍還在持續成長。

It stabilized a bit more recently, but it's grown a lot over the quarters.

最近它穩定了一些，但在幾個季度中增長了很多。

And the Sunrise is available -- it's not only -- it's a breakfast item, but it's available all day.

Sunrise 不僅是早餐，而且全天供應。

So, overall, we continue to be really happy.

所以，總的來說，我們仍然非常高興。

We are not getting any meaningful negatives from the work that we have done on the check.

我們沒有從我們所做的檢查工作中得到任何有意義的負面影響。

I would say, Todd, two things, that's really well said by Craig, but two other things to point out on value.

我想說，托德，有兩件事克雷格說得很好，但還有兩件事需要指出價值。

Remember, we've done a lot of work with our guests.

請記住，我們與客人一起做了很多工作。

And while price is important, right, anybody will tell you price is important, what they've actually said to us is that the absolute price is not the most important thing to them.

雖然價格很重要，對吧，任何人都會告訴你價格很重要，但他們實際上對我們說的是絕對價格對他們來說並不是最重要的。

They actually care about abundance of our home-cooked food, right?

他們實際上關心我們自製的食物是否充足，對吧？

So, we're making sure that in everything that we put forward, that that is a key component of what we do.

因此，我們確保在我們提出的所有內容中，這是我們所做工作的關鍵組成部分。

One reason why I believe the Pot Roast and the Hashbrown Casserole Shepherd's Pie are resonating so much, I challenge you, I challenge everybody in this call, go try to eat that whole Hashbrown Casserole Shepherd's Pie, it's ginormous.

我相信鍋烤肉和哈希布朗砂鍋牧羊人餡餅產生如此大共鳴的原因之一是，我向你挑戰，我向這次電話會議中的每個人發起挑戰，去嘗試吃掉整個哈希布朗砂鍋牧羊人餡餅，它非常大。

And so, people really see the value in that I see so many people, when I'm out in restaurant, leave with a go-box of food for the next day or the next meal or lunch or whatever.

因此，人們真正看到了其中的價值，因為我看到很多人，當我出去餐廳時，帶著一盒食物離開，以便第二天或下一餐或午餐或其他什麼。

So, value for us is about -- it is about the absolute price, but it's also about that abundance.

因此，對我們來說，價值在於——它是關於絕對價格，但也與豐富程度有關。

The second thing I'd point out is remember, we also deliver value through our loyalty program.

我要指出的第二件事是記住，我們也透過忠誠度計畫提供價值。

And as we continue to sign up new people and really drive traffic through that program, that's another way that we deliver value.

隨著我們繼續招募新人並透過該計劃真正增加流量，這是我們提供價值的另一種方式。

So, we deliver value in so many ways here at Cracker Barrel.

因此，我們在 Cracker Barrel 以多種方式提供價值。

Craig's point about our absolute check is a really important one to keep in mind.

克雷格關於我們絕對檢查的觀點是一個非常重要的觀點，需要牢記在心。

But then add in abundance, add in loyalty, and we really, I think, are there for our guests in a lot of really very real ways.

但是，如果再加上豐富的內容，再加上忠誠度，我認為我們真的會以許多非常非常真實的方式為我們的客人提供服務。

Those are all very germane points.

這些都是非常密切相關的要點。

And I probably should have asked the question this way, it might be the way that you guys really do look at this.

我可能應該這樣問這個問題，這可能是你們真正看待這個問題的方式。

You talked about value scores improving with your customers.

您談到了與客戶一起提高價值分數。

Would you share with us how much value scores have improved year-over-year?

您能否與我們分享價值分數年增了多少？

That might be the holistic way to look at all these efforts together.

這可能是綜合看待所有這些努力的整體方式。

Let us take that as a follow-up, Todd, because we've actually changed our -- we have a full year of our new value metric, but I don't know that we're fully prepared to share the exact amount externally as yet.

托德，讓我們將此作為後續行動，因為我們實際上已經改變了我們的新價值指標一整年，但我不知道我們是否已做好充分準備與外部分享確切的金額到目前為止。

We look at our Google Ratings as a way to evaluate the overall guest satisfaction inclusive of value.

我們將 Google 評級視為評估賓客整體滿意度（包括價值）的一種方式。

We also have a really great tool internally that we get a lot of participation, and then we've seen value scores improve as well.

我們內部還有一個非常出色的工具，我們得到了很多參與，然後我們也看到了價值分數的提升。

However, we have not shared that externally as yet.

然而，我們尚未對外分享這一點。

So, we want to make sure we do that in a more comprehensive way.

因此，我們希望確保以更全面的方式做到這一點。

Okay, great.

好的，太好了。

Thank you both.

謝謝你們倆。

Katherine Griffin, Bank of America.

凱瑟琳·格里芬，美國銀行。

First, I wanted to ask about the quarter trends, in the first quarter, the outperformance versus the casual dining industry.

首先，我想問季度趨勢，第一季度，休閒餐飲業的表現優於休閒餐飲業。

Did you see that cost in each month of the quarter?

您是否看到該季度每個月的成本？

And then were there any call outs as far as maybe where outperformance was strong by region?

那麼，是否有任何地區可能表現出色的地方？

Or was it also consistent?

或者說它也是一致的？

Katherine, I'll start.

凱瑟琳，我要開始了。

From a regional perspective, relatively steady.

從區域來看，相對穩定。

We were a bit stronger in kind of the Northeast, Midwest, and a bit softer in Texas.

我們在東北部、中西部地區的表現稍強一些，在德州的表現則稍弱一些。

But other than that, relatively steady.

但除此之外，相對穩定。

In terms of trends, you did see general improving trends in the industry over the past quarter or so.

就趨勢而言，您確實看到了過去一個季度左右該行業的整體改善趨勢。

Our performance got a little bit better from August, but September, October was relatively steady between the two.

我們的表現比八月好一點，但九月、十月兩者之間相對穩定。

So, nothing dramatic there.

所以，沒什麼戲劇性的。

What we are seeing is kind of a gradual, steady improving trend over time, particularly at dinner.

隨著時間的推移，我們看到的是一種逐漸、穩定的改善趨勢，尤其是在晚餐時。

And we're very pleased with that.

我們對此非常滿意。

Okay.

好的。

That's helpful.

這很有幫助。

And then I wanted to ask, I guess, a follow-up to an earlier question just about the different, I guess, tiers of remodel and then refreshes.

然後我想問，我想，是先前問題的後續問題，我想是關於不同的改造層，然後刷新。

As you're a few months into the strategic turnaround, I'm curious if there are initiatives that are resonating better than you had expected or maybe better than others.

由於您的策略轉變已經幾個月了，我很好奇是否有一些舉措比您預期的更能產生共鳴，或者可能比其他舉措更好。

And has that changed at all the way that you're thinking about the timing of or how you're allocating the investments into the turnaround?

您考慮轉型時機或如何分配投資的方式是否改變了？

Thanks, Katherine.

謝謝，凱瑟琳。

This is our first -- we shared this during some of the proxy meetings with our shareholders.

這是我們的第一次——我們在與股東的一些代理會議上分享了這一點。

This is really our first quarter reporting against the transformation plan.

這實際上是我們針對轉型計劃的第一季報告。

So, it's an exciting time.

所以，這是一個令人興奮的時刻。

It's also early.

時間也還早。

So, while we've progressed a lot of initiatives across the five pillars and even across the enablers at the bottom, I would say still really early days.

因此，雖然我們在五個支柱甚至底層推動因素方面取得了許多舉措，但我想說仍處於早期階段。

What we're really proud of is a couple of the initiatives have moved out of what we call sort of transform and into run.

我們真正感到自豪的是，有一些舉措已經從我們所謂的轉型轉變為運作。

When we think about the changes that we made to the Thanksgiving strategy that Craig talked about earlier in our overall catering business, those are now sort of run the business.

當我們想到我們對克雷格早些時候在我們的整體餐飲業務中談到的感恩節策略所做的改變時，這些改變現在已經在經營業務了。

When we think about pricing, that is now sort of run the business.

當我們考慮定價時，這就是現在的業務運作。

That's a way that we are actually just ongoing.

這是我們實際上正在進行的一種方式。

It's not this transformation initiative anymore.

這不再是這種轉型舉措了。

So that's what we're really proud of when we think about kind of where we are in these early stages, that some of these things are now just how we do business instead of these new transformation agendas.

因此，當我們想到我們處於早期階段的情況時，我們真正感到自豪的是，其中一些事情現在只是我們開展業務的方式，而不是這些新的轉型議程。

Loyalty is another one where we continue to just make that part of how we do business and how we're thinking about driving traffic and interacting with our guests and delivering value to them, as I mentioned earlier.

正如我之前提到的，忠誠度是我們開展業務的一部分，也是我們如何考慮增加流量、與客人互動以及為他們提供價值的一部分。

So, it's still really early days.

所以，現在還為時過早。

With your specific question about the remodels, we're excited about where we are there.

對於您關於改造的具體問題，我們對我們所處的位置感到興奮。

And I know everyone wants us to say, this is how many we're doing of the high, the medium and the low.

我知道每個人都希望我們說，這就是我們所做的高、中、低的數量。

We just want to be really good stewards of capital and make sure that we are getting the algorithm right and really understanding not only how guests are reacting to the remodels in terms of their traffic, but also how our team members are working in them and are there things that we can do to improve their experience.

我們只是想成為真正優秀的資本管理者，並確保我們使用正確的演算法，不僅真正了解客人對改造的交通反應，而且了解我們的團隊成員如何在其中工作和我們可以採取一些措施來改善他們的體驗。

So, it's really a year for us to continue to learn, and we're excited about that.

所以，這確實是我們繼續學習的一年，我們對此感到興奮。

So early days, Katherine, thanks for the question, but good early results.

凱瑟琳，謝謝你的提問，但早期結果還不錯。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I'd like to turn the conference back over to Julie Masino for any closing remarks.

我想將會議轉回朱莉·馬西諾（Julie Masino）發表閉幕詞。

Thank you all for joining us today.

感謝大家今天加入我們。

Before closing, I want to take this opportunity to wish everyone a happy holiday season and express my sincere appreciation to our 70,000-plus team members for their hard work and dedication day in and day out, particularly in these last few weeks over the Thanksgiving holiday.

在結束之前，我想藉此機會祝大家節日快樂，並對我們 70,000 多名團隊成員日復一日的辛勤工作和奉獻表示衷心感謝，特別是在感恩節假期的最後幾週。

Your efforts and hard work are paying off and have supported a good start to our fiscal year.

你們的努力和辛勤工作正在得到回報，並為我們財政年度的良好開端提供了支持。

We look forward to providing updates on our progress on our next call.

我們期待在下次電話會議上提供最新進展。

Thank you, and happy holidays.

謝謝你，節日快樂。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。