Cracker Barrel Old Country Store Inc (CBRL) 2025 Q3 法說會逐字稿

Good morning, everyone, and welcome to the Cracker Barrel fiscal 2025 third-quarter conference call. (Operator Instructions) Please also note today's event is being recorded.

大家早安，歡迎參加 Cracker Barrel 2025 財年第三季電話會議。（操作員指示）另請注意，今天的活動正在被記錄。

At this time, I'd like to turn the floor over to Adam Hanan, Director of Investor Relations. Sir, please go ahead.

現在，我想把發言權交給投資人關係總監亞當‧哈南 (Adam Hanan)。先生，請繼續。

Thank you. Good morning, and welcome to Cracker Barrel's third-quarter fiscal 2025 conference call and Webcast. This morning, we issued a press release announcing our third-quarter results. In this press release and on this call, we will refer to non-GAAP financial measures such as adjusted EBITDA for the third quarter ended May 2, 2025. Please refer to the footnotes in our press release for further details about these metrics.

謝謝。早安，歡迎參加 Cracker Barrel 2025 財年第三季電話會議和網路廣播。今天早上，我們發布了一份新聞稿，宣布了我們的第三季業績。在本新聞稿和電話會議中，我們將參考非 GAAP 財務指標，例如截至 2025 年 5 月 2 日第三季的調整後 EBITDA。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 financial performance. 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. The last page of the press release include reconciliations from the non-GAAP information to the GAAP financials.

該公司相信這些措施可以讓投資者更了解公司的財務表現。此資訊不應被單獨考慮或取代根據 GAAP 編制的淨收入或每股收益資訊。新聞稿的最後一頁包括非 GAAP 資訊與 GAAP 財務資訊的對帳。

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

今天早上與我一起通話的有 Cracker Barrel 總裁兼執行長 Julie Masino 和資深副總裁兼財務長 Craig Pommells。朱莉和克雷格將對業務、財務和前景進行回顧。然後我們將開始提問。在此次電話會議上，管理層可能會表達對公司未來營運表現或預期未來事件的信念和期望。

These are known as forward-looking statements, which involve risks and uncertainties and 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.

這些被稱為前瞻性陳述，涉及風險和不確定性，在許多情況下，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。我們提醒聽眾和讀者考慮前瞻性的陳述和資訊。

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 furnished to the SEC. 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.

許多可能影響結果的因素都總結在新聞稿末尾的風險和不確定性警示性描述中，並在我們向美國證券交易委員會提交或提供的報告中進行了詳細描述。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，除非適用法律另有要求。

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

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

Good morning, and thank you for joining us. We were pleased with our third quarter performance, which included positive comparable store restaurant sales for the fourth consecutive quarter and adjusted EBITDA that exceeded our expectations. These results further underscore that our transformation plan is working. I'll do a quick recap of some Q3 highlights and then speak to the exciting ways our plan is coming together in Q4.

早安，感謝您加入我們。我們對第三季的業績感到滿意，其中包括連續第四季度同店餐廳銷售額呈正增長，調整後的 EBITDA 也超出了我們的預期。這些結果進一步證明我們的轉型計劃正在發揮作用。我將簡要回顧第三季度的一些亮點，然後談談我們的計劃在第四季度取得的令人興奮的進展。

As these initiatives exemplify how we're evolving the brand by leaning into what makes Cracker Barrel great and doing so in a refined way that appeals to both existing and new guests alike. We're excited about our progress and our teams are energized.

這些舉措體現了我們如何透過借鑒 Cracker Barrel 的優點來發展品牌，並以一種精緻的方式吸引現有客人和新客人。我們對我們的進步感到興奮，我們的團隊充滿活力。

Looking back at Q3, the quarter started soft. So we took actions to support the top line and tightly manage our expenses without limiting our ability to deliver our important fourth quarter initiative. I'm proud of how the team responded to these challenges. Their agility, discipline, and strong ability to manage the business helped deliver a solid quarter.

回顧第三季度，本季開局疲軟。因此，我們採取行動支持營收並嚴格管理我們的開支，同時不限制我們實現重要第四季計畫的能力。我為團隊應對這些挑戰的方式感到自豪。他們的敏捷性、紀律性和強大的業務管理能力幫助他們實現了穩健的季度業績。

From a culinary perspective, our spring promotion featured two shrimp dishes, a bold Louisiana-style shrimp skillet and a comforting shrimp and Grits Skillet. We also expanded our pancake platform by introducing innovative new flavors and options across various price points as part of our broader barbell strategy.

從烹飪角度來看，我們的春季促銷活動推出了兩道蝦菜，一道是濃鬱的路易斯安那風味的蝦鍋，另一道是令人舒適的蝦子和粗玉米粉鍋。作為我們更廣泛的槓鈴策略的一部分，我們也透過推出不同價位的創新口味和選擇，擴大了我們的煎餅平台。

From an operational perspective, we remain focused on strong execution and the metrics that matter. For example, compared to the prior year quarter, hourly turnover improved by approximately 14 percentage points, and our internal net sentiment scores increased 2.3%. During the quarter, we implemented Phase 1 of our back of house optimization initiative to the full system.

從營運角度來看，我們仍然專注於強而有力的執行和重要的指標。例如，與去年同期相比，每小時營業額提高了約 14 個百分點，我們的內部淨情緒得分提高了 2.3%。在本季度，我們在整個系統中實施了後台優化計劃的第一階段。

As a reminder, this phase is focused on process simplification to improve quality and profitability while also making jobs easier and more enjoyable. We've been pleased with the results and employee feedback has also been very positive as team members find the new processes easier to execute.

提醒一下，此階段的重點是簡化流程，以提高品質和獲利能力，同時使工作變得更輕鬆、更愉快。我們對結果非常滿意，員工的回饋也非常積極，因為團隊成員發現新流程更容易執行。

Let's talk about Q4. There's a lot going on that we are excited about. Our Q4 work demonstrates the complementary nature of our strategic pillars and provides compelling examples of how we're bringing our strategy to life. A big focus in recent months for brand refinement work which will continue to gather steam in Q4 before officially launching in August. Brand refinement means evolving our brand across all touch points and creating deeper, more meaningful engagement with our guests.

讓我們來談談第四季。有很多事情發生讓我們感到興奮。我們的第四季工作展示了我們戰略支柱的互補性，並提供了我們如何將戰略付諸實踐的令人信服的例子。近幾個月來，品牌改進工作一直是我們的重點，該工作將在第四季度繼續推進，並於 8 月正式啟動。品牌精進意味著在所有接觸點上發展我們的品牌，並與我們的客人建立更深入、更有意義的互動。

In addition to the updated look and feel that we've been incorporating in our advertising, we are showing up authentically in places where our existing and new guests are. An example of this is our partnership with Speedway Motorsports and the success of the Cracker Barrel 400. The NASCAR race we sponsored this past Sunday, just down the road from our home office.

除了我們在廣告中融入的更新的外觀和感覺之外，我們還在現有和新客人所在的地方真實地出現。我們與 Speedway Motorsports 的合作以及 Cracker Barrel 400 的成功就是一個例子。我們於上週日贊助了 NASCAR 比賽，比賽就在我們總部附近舉行。

There's strong overlap with Cracker Barrel guests and NASCAR bands, and our brands have much in common. Both are highly experiential and put country hospitality and people at the heart of everything we do. The Cracker Barrel 400 is more than a race. It marks the launch of a key partnership and throughout the summer, NASCAR fans can expect activations at Speedway Motorsports destinations across the country.

Cracker Barrel 的嘉賓和 NASCAR 樂隊有很大的重疊性，而且我們的品牌有很多共同點。兩者都注重體驗，並將鄉村熱情好客和人民置於我們所做的一切的核心。Cracker Barrel 400 不僅僅是一場比賽。這標誌著一項重要合作關係的啟動，整個夏天，NASCAR 車迷可以期待在全國各地的 Speedway Motorsports 目的地舉行活動。

The Cracker Barrel 400 was a big moment in and of itself, but it is also a piece of our overall strategy and integrated marketing campaign to promote the much anticipated return of Campfire meals. We are loud and clear for both guests and employees that they deeply missed these unique and delicious foil-wrapped meals that are packed with hearty proteins, seasoned vegetables, and a rich broth. We brought them back for the first time since 2018 and made them even better.

Cracker Barrel 400 本身就是一個重要時刻，但它也是我們整體策略和綜合行銷活動的一部分，旨在推廣備受期待的篝火晚會的回歸。我們向客人和員工明確表示，他們非常懷念這些獨特而美味的鋁箔包裹的飯菜，這些飯菜富含豐富的蛋白質、調味的蔬菜和濃鬱的肉湯。自 2018 年以來，我們首次將它們帶回來，並使它們變得更好。

We've elevated the flavors, improved the quality and made them easier for the kitchen to execute. In addition to the returning favorites of beef and chicken, we've added a new shrimp and anchovy sausage offering starting at the great value price point of $10.99. To support Campfire, we've invested in advertising and our integrated marketing campaign also reflects our ongoing brand refinements, including a refreshed look and feel that showcases the quality and appeal of our delicious food.

我們提升了口味，提高了品質，並使廚房更容易操作。除了回歸的熱門牛肉和雞肉之外，我們還新增了蝦仁鳳尾魚香腸，價格實惠，僅售 10.99 美元起。為了支持 Campfire，我們投入了大量廣告宣傳，整合行銷活動也體現了我們持續的品牌改進，包括煥然一新的外觀和氛圍，彰顯了我們美味佳餚的品質和魅力。

We're also evolving how we show up in social media and are working with creators to tap into conversations as part of our efforts to connect authentically with our guests.

我們也不斷改進我們在社群媒體上的呈現方式，並與創作者合作，利用對話來與我們的客人建立真實的聯繫。

Cracker Barrel Rewards is another way we're deepening our engagement with guests and driving frequency. To jump start the Campfire menu promotion and reward our loyalty members, we gave them early access to our new decadent smores brownie skillet, and we'll continue to give early access to provide value to our members.

Cracker Barrel Rewards 是我們加深與客人互動並提高頻率的另一種方式。為了啟動篝火菜單促銷活動並獎勵我們的忠誠會員，我們讓他們提前享用我們新的頹廢 smores 布朗尼煎鍋，並且我們將繼續提供提前享用的權利，為我們的會員提供價值。

We recently achieved our fiscal '25 year target of acquiring 8 million members and over one third of track sales are now associated with loyalty members. Cracker Barrel Rewards continues to deliver incremental sales and traffic and looking ahead, we're focused on enhancing our personalization capabilities to further drive incrementality. As part of this, we've been testing advanced personalization for Cracker Barrel Rewards using an AI-driven learning model.

我們最近實現了 25 財年的目標，即獲得 800 萬會員，目前超過三分之一的曲目銷售與忠誠會員有關。Cracker Barrel Rewards 繼續提供增量銷售和流量，展望未來，我們專注於增強我們的個人化能力以進一步推動增量。作為其中的一部分，我們一直在使用人工智慧驅動的學習模型來測試 Cracker Barrel Rewards 的高級個人化功能。

We are encouraged by the results as it's driven a mid-single-digit lift in average revenue per member compared to control. We're also using AI in other ways as part of our broader efforts to improve efficiency and effectiveness by leveraging technology. Our traffic forecasting utilizes machine learning, which has improved accuracy at the store level and enhanced our ability to manage labor.

我們對這一結果感到鼓舞，因為與控制相比，它推動了每位會員的平均收入實現了中等個位數的成長。我們也以其他方式使用人工智慧，這是我們利用科技提高效率和效力的更廣泛努力的一部分。我們的客流量預測利用機器學習，這提高了商店層面的準確性並增強了我們的勞動力管理能力。

Our entry filter for guest relations or kind of how triage inbound is powered by AI, which speeds up time to resolution and more quickly puts guests in touch with a live representative. And finally, we're using machine learning to bolster our cybersecurity.

我們用於客戶關係的入口過濾器或入站分類由人工智慧提供支持，這可以加快解決問題的時間並更快地讓客人與現場代表聯繫。最後，我們正在使用機器學習來加強我們的網路安全。

These are just a few examples, and we continue to evaluate opportunities to incorporate AI-based technology into our toolkit to positively impact the business. Before turning it over to Craig, I'd like to comment on the tariff situation.

這些只是幾個例子，我們將繼續評估將基於人工智慧的技術融入我們的工具包的機會，以對業務產生積極影響。在交給克雷格之前，我想對關稅情況發表評論。

For context, approximately one-third of our retail products are sourced directly from tiers in China. In addition to this direct exposure, we also have indirect exposure related to product that we purchased through domestic vendors that is also sourced from China. Our approach to mitigate the tariff impacts include: first, aggressively negotiating with vendors; second, alternate sourcing; and third, pricing.

具體來說，我們約有三分之一的零售產品直接來自中國的各大零售通路。除了這種直接接觸之外，我們還透過國內供應商購買來自中國的產品，間接接觸這些產品。我們減輕關稅影響的方法包括：第一，積極與供應商談判；第二，替代採購；第三，定價。

As we have mentioned, we have been in the process of updating our retail strategy and we are also accelerating initiatives from this such as rationalizing SKUs, reducing the number of seasonal themes, adjusting our seasonal promotional strategy. All of these will also help mitigate the impact of tariffs.

正如我們所提到的，我們一直在更新我們的零售策略，我們也在加速採取相關舉措，例如合理化SKU、減少季節性主題的數量、調整我們的季節性促銷策略。所有這些也有助於減輕關稅的影響。

The situation remains dynamic, and we intend to provide more specifics in September when we report Q4 earnings and share our fiscal-year '26 guidance, at which time we expect to have a higher degree of certainty on the net impacts related to tariffs and the timing of our mitigation efforts.

情況仍在不斷變化，我們打算在 9 月報告第四季度收益並分享 26 財年指引時提供更多細節，屆時我們預計對與關稅相關的淨影響和緩解措施的時間安排有更高的確定性。

I want to wrap up my prepared remarks with a few key points. First, we acknowledge that there's a lot going on in the macroeconomic environment, but our teams are keenly focused on executing the business today while transforming for the future. Second, we're leaning into what guests love about Cracker Barrel, and we're evolving to drive our business forward. Our Q4 initiatives are a great example of this, and there's much more to come.

我想用幾個要點來總結我準備好的發言。首先，我們承認宏觀經濟環境中發生了很多事情，但我們的團隊非常專注於執行當前的業務，同時為未來轉型。其次，我們傾向於專注於客人對 Cracker Barrel 的熱愛，我們正在不斷發展以推動我們的業務向前發展。我們的第四季計畫就是一個很好的例子，未來還會有更多計畫。

Third, guests are choosing us. and we've delivered four consecutive quarters of positive comparable store restaurant sales growth. Because of this momentum, we were able again to raise our guidance, and Q4 is off to a strong start.

第三，客人選擇我們。我們已經連續四個季度實現了同店餐廳銷售額的正成長。由於這種勢頭，我們能夠再次提高我們的指導，並且在第四季度開局強勁。

Finally, as a reminder, all of this work is anchored on our three business imperatives of driving relevancy, which is market share, delivering food and experiences guests love, and growing profitability. We remain confident in our plan and our ability to execute and achieving these imperatives will drive significant long-term value creation.

最後，提醒一下，所有這些工作都圍繞著我們推動相關性的三大業務要務，即市場份額、提供客人喜愛的食物和體驗以及提高盈利能力。我們對我們的計劃充滿信心，我們執行和實現這些要求的能力將推動重大的長期價值創造。

I'll now turn it over to Craig to review our financials and provide our outlook.

現在我將把任務交給 Craig 來審查我們的財務狀況並提供我們的展望。

Thank you, Julie, and good morning, everyone. We're now three quarters into our fiscal year, and we continue to make progress against our transformation plan. Although traffic started soft in February, we saw improving trends in March and into April, which also benefited from a strong Easter. Overall, our third-quarter performance exceeded our expectations and allowed us to raise our annual guidance.

謝謝你，朱莉，大家早安。我們的財政年度已進入第四季度，我們的轉型計劃繼續取得進展。儘管 2 月客流量開始疲軟，但 3 月和 4 月出現了好轉趨勢，這也得益於復活節的強勁表現。總體而言，我們第三季的業績超出了我們的預期，並使我們能夠提高年度業績指引。

For Q3, we reported total revenue of $821.1 million, which was up 0.5% from the prior year quarter. Restaurant revenue increased 1.2% to $679.3 million, and retail revenue decreased 2.7% to $141.8 million. Comparable store restaurant sales grew by 1%, while comparable store retail sales decreased by 3.8%.

我們報告第三季總營收為 8.211 億美元，比去年同期成長 0.5%。餐廳營收成長 1.2% 至 6.793 億美元，零售收入下降 2.7% 至 1.418 億美元。同店餐廳銷售額成長1%，同店零售額下降3.8%。

The pricing for the quarter was approximately 4.9%. Our quarterly pricing consisted of 1.5% carryforward pricing from fiscal 2024, and 3.4% new pricing from fiscal 2025. Off-premise sales were 19.1% of restaurant sales compared to 18.9% in the prior year.

本季的定價約為 4.9%。我們的季度定價包括從 2024 財年起的 1.5% 結轉定價和從 2025 財年起的 3.4% 的新定價。場外銷售額佔餐廳銷售額的 19.1%，而上年度為 18.9%。

Moving on to our third-quarter expenses. Total cost of goods sold in the quarter was 30.1% of total revenue versus 30% in the prior year. restaurant cost of goods sold was 26.2% of restaurant sales versus 25.9% in the prior year. This 30 basis point increase was primarily driven by menu mix and commodity inflation, partially offset by menu pricing. Commodity inflation was approximately 2.9% driven principally by higher beef, ag and food prices, partially offset by lower produce and poultry prices.

繼續討論我們第三季的支出。本季總銷售成本佔總營收的 30.1%，而去年同期為 30%。餐廳總銷售成本佔餐廳銷售額的 26.2%，去年同期為 25.9%。這 30 個基點的成長主要是由於菜單組合和商品通膨所致，但被菜單定價部分抵銷。商品通膨率約為 2.9%，主要原因是牛肉、農產品和食品價格上漲，但農產品和家禽價格下跌部分抵消了這一上漲。

As we discussed on the last earnings call, although we are fully contracted on egg prices, one of our vendors lost capacity due to an avian influenza outbreak. And as a result, we have to purchase some eggs on the spot market during the quarter. However, egg prices moderate data, which reduced the overall cost impact. Retail cost of goods sold was 48.9% of retail sales versus 49% in the prior year. This 10 basis point decrease was primarily driven by higher vendor allowances, partially offset by higher markdowns.

正如我們在上次收益電話會議上所討論的那樣，儘管我們已經完全簽訂了雞蛋價格合同，但我們的一家供應商因禽流感爆發而失去了產能。因此，我們必須在本季從現貨市場上購買一些雞蛋。不過，雞蛋價格數據溫和，降低了對整體成本的影響。零售商品銷售成本佔零售額的 48.9%，而上年度為 49%。這 10 個基點的下降主要是由於供應商津貼增加所致，但部分被降價幅度增加所抵銷。

Our inventories at quarter end were $168.7 million compared to $175.3 million in the prior year. Labor and related expenses were 37.1% of revenue compared to 37.8% in the prior year. This 70 basis point decrease was primarily driven by menu pricing and improved productivity, partially offset by wage inflation of approximately 1.9%.

本季末我們的庫存為 1.687 億美元，而去年同期為 1.753 億美元。勞動力及相關費用佔收入的 37.1%，而上年度為 37.8%。這 70 個基點的下降主要是由於菜單定價和生產力提高所致，但約 1.9% 的薪資通膨部分抵消了這一下降。

One of the drivers of our improved productivity was our back-of-house optimization initiative. We rolled this out early in the quarter, and we are pleased that we are achieving our savings targets. Other operating expenses were 25.3% of revenue compared to 24.5% in the prior year. This 80 basis point increase was primarily driven by higher advertising expense and higher depreciation.

我們提高生產力的驅動力之一是我們的後台優化計劃。我們在本季初就推出了這項計劃，我們很高興實現了我們的節省目標。其他營運費用佔收入的 25.3%，而前一年為 24.5%。80 個基點的成長主要是因為廣告費用和折舊費用增加所致。

General and administrative expenses were 5.6% of revenue compared to adjusted general and administrative expenses of 5.4% in the prior year. This 20 basis point increase was primarily driven by investments to support our strategic transformation initiative.

一般及行政開支佔收入的 5.6%，而去年調整後的一般及行政開支為 5.4%。這 20 個基點的成長主要得益於支持我們策略轉型計畫的投資。

Net interest expense was $5 million compared to net interest expense of $5.2 million in the prior year. This decrease was primarily the result of lower average interest rates, partially offset by higher debt levels. Our GAAP income taxes were a $2.7 million credit flowing from GAAP earnings before taxes. Adjusted income taxes were a $2.5 million credit. GAAP earnings per diluted share were $0.56 and adjusted earnings per diluted share were $0.58. Adjusted EBITDA was $48.1 million or 5.9% of total revenue compared to $47.9 million or 5.9% of total revenue in the prior year.

淨利息支出為 500 萬美元，而去年淨利息支出為 520 萬美元。這一下降主要是由於平均利率較低，但債務水平較高所部分抵消。我們的 GAAP 所得稅為 270 萬美元，來自 GAAP 稅前盈餘。調整後的所得稅抵免額為 250 萬美元。GAAP 每股攤薄收益為 0.56 美元，調整後每股稀釋收益為 0.58 美元。調整後 EBITDA 為 4,810 萬美元，佔總營收的 5.9%，而去年同期為 4,790 萬美元，佔總營收的 5.9%。

Now turning to capital allocation and our balance sheet. In the third quarter, we invested $36.6 million in capital expenditures. We ended the quarter with $489.4 million in total debt. As we disclosed in May, we updated our revolver and added additional debt capacity through a delayed draw term loan or DDTL. The combination of the new revolver and the DDTL increases our debt capacity to $800 million compared to $700 million under the previous revolver and provides flexibility to execute our plans, including the refinancing of our $300 million convertible loan that matures in June of 2026.

現在轉向資本配置和我們的資產負債表。第三季度，我們投資了 3,660 萬美元的資本支出。本季結束時，我們的總債務為 4.894 億美元。正如我們在五月所揭露的那樣，我們更新了循環信貸並透過延期提取定期貸款或 DDTL 增加了額外的債務能力。新的循環信貸和 DDTL 相結合，將我們的債務能力從先前的循環信貸下的 7 億美元提高到 8 億美元，並為執行我們的計劃提供了靈活性，包括為 2026 年 6 月到期的 3 億美元可轉換貸款進行再融資。

Lastly, as announced in today's press release, the Board declared a quarterly dividend of $0.25 per share, payable on August 13, 2025, and to shareholders of record on July 18, 2025. Now moving to our outlook. As we move into the final quarter of the first year of our transformation plan, we are pleased with the progress that we're making as evidenced by our results, and we're encouraged by the strong start to Q4, driven by our Campfire promotion.

最後，正如今天的新聞稿中所宣布的，董事會宣布季度股息為每股 0.25 美元，將於 2025 年 8 月 13 日支付，並支付給 2025 年 7 月 18 日登記在冊的股東。現在轉向我們的展望。隨著我們進入轉型計劃第一年的最後一個季度，我們對所取得的進展感到滿意，這從我們的業績中可以看出，並且在 Campfire 促銷活動的推動下，第四季度的強勁開局也令我們感到鼓舞。

Additionally, our teams have done an excellent job of working to mitigate the impact of tariffs. We anticipate the net tariff impact to Q4 EBITDA will be approximately $5 million. And as Julie stated, we will have more to share in September on the impact for fiscal 2026.

此外，我們的團隊在減輕關稅影響方面做得非常出色。我們預計淨關稅對第四季 EBITDA 的影響約為 500 萬美元。正如朱莉所說，我們將在 9 月分享更多有關 2026 財年的影響的資訊。

Turning to our guidance for fiscal 2025, we expect the following: Total revenue of $3.45 billion to $3.5 billion, pricing of approximately 5%. Commodity inflation in the mid-2% range and hourly wage inflation in the mid-2% range. We increased our EBITDA outlook and now anticipate full-year adjusted EBITDA of approximately $215 million to $225 million, which includes the previously mentioned $5 million tariff impact. We expect a full-year GAAP effective tax rate of negative 17% to negative 11% and an adjusted effective tax rate of negative 6% to 0%.

談到我們對 2025 財年的指導，我們預計如下：總收入為 34.5 億美元至 35 億美元，定價約為 5%。大宗商品通膨率處於 2% 中間水平，小時工資通膨率也處於 2% 中間水平。我們提高了 EBITDA 預期，目前預計全年調整後的 EBITDA 約為 2.15 億美元至 2.25 億美元，其中包括前面提到的 500 萬美元的關稅影響。我們預計全年 GAAP 有效稅率為負 17% 至負 11%，調整後有效稅率為負 6% 至 0%。

Lastly, we anticipate capital expenditures of approximately $160 million to $170 million. In closing, we continue to make great progress. We remain confident in our plans and are focused on delivering a strong finish to fiscal 2025 to set us up for an imported fiscal 2026.

最後，我們預計資本支出約為 1.6 億至 1.7 億美元。最後，我們繼續取得巨大進步。我們對我們的計劃充滿信心，並致力於在 2025 財年取得良好業績，為 2026 財年的進口做好準備。

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

說完這些，我現在將電話轉給接線生來回答問題。

(Operator Instructions) Jeff Farmer, Gordon Haskett

（操作員指示） Jeff Farmer、Gordon Haskett

Thanks and good morning. You guys noted that Q4 is off to a strong start, but what does that mean in the context of the plus 1% restaurant same-store sales number that you reported in Q3?

謝謝，早安。你們注意到第四季開局強勁，但這與你們在第三季報告的餐廳同店銷售額成長 1% 相比意味著什麼？

Hi Jeff, I can start from that one. And we're definitely seeing improving trends as we have went through Q3 and into Q4. Our third quarter, as we noted on the last call, February started out a bit challenged as a result of both weather and some consumer uncertainty, then we saw improvements into March and into April. And then we're particularly pleased that, that improvement continued further into Q4.

嗨，傑夫，我可以從那個開始。隨著我們進入第三季和第四季，我們確實看到了改善的趨勢。正如我們在上次電話會議上所指出的，我們的第三季二月由於天氣和消費者的一些不確定性而開始面臨一些挑戰，但三月和四月情況有所改善。我們特別高興的是，這種改善在第四季度繼續延續。

So we're not giving an exact number other than to say that we're pleased with the Campfire promotion and it's resonating with guests.

因此，我們不會給出確切的數字，只是說我們對篝火促銷活動感到滿意，並且它引起了客人的共鳴。

Okay. And then just a quick follow-up. Again, I think you mentioned tightly managing expenses in Q3. Can you just provide a little bit more detail on what you're doing there on the expense side?

好的。然後只是快速的跟進。再次，我認為您提到了嚴格管理第三季的開支。您能否提供一些有關您在費用方面所做工作的更多細節？

Absolutely. I'll take that one as well. Yeah. So given that Q3 started out challenge in February in particular, we timed expenses in a number of areas, particularly around G&A. There were some discretionary items in terms of projects that we were able to adjust and generally, in discretionary areas reduced our expense. So as we think about G&A, we would expect that our G&A level in Q4 will more closely resemble the G&A level that we had in Q1 and Q2.

絕對地。我也會選擇這個。是的。因此，考慮到第三季在 2 月開始面臨挑戰，我們對多個領域的支出進行了計時，特別是在 G&A 方面。就專案而言，有一些可自由支配的項目我們可以進行調整，總體而言，在可自由支配的領域，我們的開支減少了。因此，當我們考慮 G&A 時，我們預計第四季度的 G&A 水平將與第一季和第二季的 G&A 水平更加接近。

But that also includes this Q4 number will also include some of the shifting that we did with projects out of Q3. So some gene in Q3 and Q4, inclusive of all of that will be more in line with Q1 and Q2.

但這也包括第四季的數字，其中也包括我們在第三季對專案所做的一些調整。因此 Q3 和 Q4 中的某些基因（包括所有這些基因）將更符合 Q1 和 Q2。

Okay, thank you.

好的，謝謝。

Todd Brooks, The Benchmark Company.

托德布魯克斯 (Todd Brooks)，基準公司。

Hey, thanks for taking my questions. Just following up on Jeff's last question, Craig, as you start to think about -- you gave us a framework for Q4 G&A, but there's also some catch-up in there. So how do we think about as we're looking to the out-year G&A as a percent of sales relative to the levels that you will see in Q4 that you saw in the first half of this year?

嘿，謝謝你回答我的問題。克雷格，我只是在跟進傑夫的最後一個問題，當你開始思考時——你給了我們第四季度 G&A 的框架，但其中也有一些補充內容。那麼，當我們展望未來一年的 G&A 佔銷售額的百分比時，我們如何看待相對於今年上半年第四季的水平？

Hi Todd, I think we all need to -- we'll give some more color on that into -- on the September call. I mean keep in mind, we've shared before that fiscal '25 is an investment year. And our intention is, as we work through the transformation plan, that G&A will return as a percent of sales will return to closer to its historical levels, and we'll give some more color on that in September.

嗨，托德，我想我們都需要——我們將在 9 月的電話會議上對此進行更詳細的說明。我的意思是請記住，我們之前已經分享過 25 財年是投資年。我們的目的是，隨著我們實施轉型計劃，G&A 佔銷售額的百分比將恢復到接近歷史水平，我們將在 9 月對此進行更多說明。

Okay. Great. And then two questions on pricing. Can you share -- you gave us what the pricing was in fiscal Q3, but can you tell us what average check was or maybe size what mix benefit or drag may have been in the quarter?

好的。偉大的。然後是兩個關於定價的問題。您能否分享一下—您告訴我們第三財季的定價是多少，但您能否告訴我們平均支票是多少，或者本季的混合收益或阻力是多少？

And then the second question on pricing. I think you talked about using 5% now in the fiscal fourth quarter. I think prior, you were talking about 4%. Is that reflective of an element of pricing that needed to be taken to help offset the $5 million in tariff pressure?

然後第二個問題是關於定價。我認為您現在談到了在財政第四季度使用 5%。我認為之前您談論的是 4%。這是否反映了需要採取的定價因素，以幫助抵消 500 萬美元的關稅壓力？

Todd, I'll start with the second part first. Really, our pricing guidance is -- we're providing annual guidance in that regard, and it's essentially unchanged from what we said before, which is approximately 5%. And then in terms of the overall check dynamic, the check was up 6.6% for quarter. That includes 4.9% of price in, 1.7% of mix. So a couple of encouraging things there.

托德，我先從第二部開始。實際上，我們的定價指導是——我們在這方面提供年度指導，它與我們之前所說的基本沒有變化，約為 5%。就整體支票動態而言，本季支票金額上漲了 6.6%。其中包括 4.9% 的價格和 1.7% 的混合。因此，這裡有一些令人鼓舞的事情。

On past calls, we've talked a lot about the barbell pricing strategy and just the data-driven approach to price in. And so we're really pleased that we're able to continue to see our prices flow through and also continue to deliver that positive mix, which really benefits from a lot of the items that were added to the top of the barbell. We have the stake in shrimp entree and the pot roast and the hash brown casserole, shepherd's pie.

在過去的電話會議中，我們討論了許多有關槓鈴定價策略以及數據驅動的定價方法。因此，我們真的很高興能夠繼續看到我們的價格持續上漲，並繼續提供積極的組合，這確實受益於添加到槓鈴頂部的許多項目。我們有蝦子主菜、燉肉、薯餅砂鍋和牧羊人派。

So those items have really really worked hard for us. And the flow-through of the price also continues to demonstrate that the pricing strategy continues to work well for us.

所以這些物品確實為我們付出了很多努力。價格的流動也繼續表明定價策略對我們仍然有效。

And one follow-up and then I'll jump back in queue. You talked about the success of Campfire across quarter-to-date. If we're thinking about the mix impact of Campfire if it's performing very strongly, would you -- are you anticipating a stronger mix result in the fourth quarter? How should we be thinking about mix?

再進行一次跟進，然後我會重新回到隊列中。您談到了 Campfire 本季度迄今為止的成功。如果我們考慮 Campfire 的混合影響（如果其表現非常強勁），您是否預計第四季度的混合結果會更加強勁？我們該如何思考混合？

I think as we move into Q4, we're going to start the comp on more favorable mix from the prior year. So we would expect that our mix contribution will moderate some as we move into Q4 in part is a function of what we're comping on.

我認為，隨著我們進入第四季度，我們將開始與去年相比更有利的組合進行比較。因此，我們預計，隨著進入第四季度，我們的混合貢獻將會有所緩和，這在一定程度上取決於我們的比較結果。

Okay, great. Thanks.

好的，太好了。謝謝。

Jake Bartlett, Truist Securities

傑克·巴特利特（Jake Bartlett），Truist Securities

Great, thanks for taking my questions. My first was on guidance. And Craig, I'm wondering, you raised your EBITDA guidance, but kept your sales guidance. as you mentioned, an incremental $5 million headwind from tariffs. So what are the -- what has changed? Or what are the drivers of the improved outlook for margins versus the sustained outlook for sales?

太好了，謝謝你回答我的問題。我的第一個任務是指導。克雷格，我想知道，您是否提高了 EBITDA 指引，但保留了銷售指引。正如您所提到的，關稅帶來了 500 萬美元的增量逆風。那麼——有什麼變化嗎？或者利潤率前景改善與銷售前景持續改善的驅動因素是什麼？

Yeah, we continue to -- we're pleased on a number of fronts. We talked a little bit about the menu mix and the benefits of that. We continue to be pleased with the gains that we're seeing on labor. As an example, we have -- the labor wage inflation is benefiting from some of the improvements that we have made across the business, things like turnover, the back-of-house initiative, rolled out in the third quarter.

是的，我們繼續——我們對許多方面感到高興。我們稍微談論了一下菜單組合及其好處。我們繼續對勞動力方面的進步感到高興。舉個例子，勞動力工資上漲受益於我們在整個業務中做出的一些改進，例如營業額、第三季推出的後台計劃。

But embedded in that where we had some trading costs and so once as we move into Q4, we'll get more of a full benefit from that into Q4. So a number of the really, a lot of the initiatives that we've been working on over the year are starting to come to life in Q4. And so we're excited about the progress there in spite of kind of a bit of a challenging backdrop. We think we're making good progress.

但其中也包含一些交易成本，因此，一旦進入第四季度，我們將從中獲得更多收益。因此，我們一年來一直在努力的許多計劃在第四季度開始顯現成效。因此，儘管面臨一些挑戰，我們仍然對在那裡的進展感到興奮。我們認為我們正在取得良好進展。

Okay. So it sounds like you're getting more labor leverage or some of those initiatives is offsetting the pressure you're expecting from the tariffs?

好的。所以聽起來好像你們獲得了更多的勞動力槓桿，或者其中一些舉措正在抵消你們預期的關稅壓力？

Yeah, there are a lot of moving pieces there. The tariffs is a $5 million headwind for sure. But again, and the tariffs we didn't plan for at the beginning of the year, it's relatively -- we've been working on it here for quite a few months, and the team has done a great job with that. But we also have a little bit of favorability in Q4 versus our prior thinking related to eggs. So that's a little bit of a partial offset to some of the headwinds from tariffs.

是的，那裡有很多活動部件。關稅肯定會帶來 500 萬美元的不利影響。但是，同樣，我們在年初沒有計劃的關稅，相對而言——我們已經在這裡工作了好幾個月，而且團隊在這方面做得很好。但與我們之前對雞蛋的看法相比，我們對第四季也有一些樂觀。因此，這在一定程度上抵消了關稅帶來的一些不利因素。

But I think the underlying structural improvement goes along with what Julie has been talking about here as a part of the transformation plan, which is year 1 is a test and learn investment year. And we are bringing out to life now a lot of the things that we've been testing and learning and invested in. And so you're starting to see the benefit of the broader strategic work come to life. In particular, as it relates to labor in this case.

但我認為，潛在的結構性改善與朱莉在這裡談到的轉型計劃是一致的，即第一年是測試和學習投資年。現在我們正在將許多我們一直在測試、學習和投資的事情付諸實踐。因此，您開始看到更廣泛的策略工作所帶來的好處。特別是與本案的勞動力有關。

Okay. And then another question on the tariffs, the $5 million impact that you're seeing -- given your turnover of inventory, I guess I would have expected the real impact to start a little bit later and so not actually to hit much of the fourth quarter. So how do we think of that $5 million impact? Is that directly or is -- are your costs fully impacted by tariffs at this point in the fourth quarter?

好的。然後是關於關稅的另一個問題，您所看到的 500 萬美元的影響 - 考慮到您的庫存週轉率，我想我預計真正的影響會稍後才開始，因此實際上不會在第四季度產生太大影響。那我們該如何看待這 500 萬美元的影響呢？這是直接影響嗎？還是—在第四季此時，您的成本是否完全受到關稅的影響？

What are the mitigating -- you've talked about mitigating efforts. What are they? Are there any in place in the fourth quarter? For instance, are you increasing retail prices to help offset the tariffs? Are you shifting away from the China supply?

您已經談到了緩解措施有哪些。這些是什麼？第四季還有什麼措施到位嗎？例如，您是否會提高零售價格以抵消關稅？你們是否正在放棄中國供應？

What are you doing in the fourth quarter? And should we think of is it fair to think of that $5 million is a good run rate as we think about $26 million, so $20 million for the year? Or is it just way too early to tell at this point?

第四季你在做什麼？我們是否應該考慮一下，當我們考慮 2600 萬美元，即全年 2000 萬美元時，認為 500 萬美元是一個良好的運行率是否公平？還是現在就下結論還太早？

Hey Jake, I'll start and then I'll let Craig jump in because I'm sure I won't get all of that. It's an excellent question, right? So let me back up a little bit, right? The teams have been thinking about tariffs for months, right? This is a topic on the campaign trail and frankly, we have been working on a similar transformation for the retail business that we've been doing on the restaurant side.

嘿，傑克，我先開始，然後讓克雷格加入，因為我確定我不會得到所有這些。這是一個非常好的問題，對吧？那麼讓我稍微回顧一下，好嗎？這些團隊已經考慮關稅問題好幾個月了，對嗎？這是競選活動中的一個話題，坦白說，我們一直在努力對零售業務進行與餐飲業務類似的轉型。

So really relooking at the strategy there, what are the pieces of the business that require a little bit of reinvention and what will that look like? And so thinking about that strategy and where we're going, there have been a couple of key things that the tariff situation have actually enabled us to accelerate. One of the key tenets of what we're looking at from a retail strategy is the number of SKUs that we have, the number of themes that we have and the timing of when they hit the floor.

因此，重新審視那裡的策略，哪些業務部分需要稍微改造，以及改造會是什麼樣子？因此，考慮到這項策略以及我們的發展方向，關稅情勢實際上促使我們加速幾個關鍵事項。我們從零售策略角度考慮的關鍵原則之一是我們擁有的 SKU 數量、我們擁有的主題數量以及它們上市的時間。

We've been known to put Christmas and Halloween out quite early. And so we're readjusting some of that timing to really be more in time with where consumer needs data and demand is. And so we've got a lot of moving pieces while this tariff thing is coming in. So the teams have been really working for a while now on rationalizing SKUs, thinking about those themes, thinking about the timing and moving all of those pieces.

眾所周知，我們很早就把聖誕節和萬聖節安排好了。因此，我們正在重新調整一些時間安排，以便更及時地了解消費者的需求數據和需求。因此，在關稅問題即將推出之際，我們面臨許多變動。因此，團隊現在已經真正地致力於合理化 SKU、思考這些主題、思考時間表以及移動所有這些部分。

Now specifically against the way tariffs are at the moment. And remember, 90 days ago when we were sitting here, it looks really different than where we're sitting today and time continues to be a very big factor in all of this. But we actually have to keep going because we have a business to run.

現在特別針對當前的關稅方式。請記住，90 天前我們坐在這裡時，情況與我們今天所處的情況截然不同，時間仍然是所有這些的一個非常重要的因素。但實際上我們必須繼續下去，因為我們有生意要做。

So the teams are really working with vendors. Our vendor partners have been tremendous through this exercise. We've been able to negotiate with them. They are negotiating with their factories. We've been alternate sourcing for a while. Are there different parts of the world where some of these goods can come from. And then as the last lever and look, pricing is an option. But we're being very thoughtful about pricing because this business is so discretionary.

所以團隊確實在與供應商合作。我們的供應商合作夥伴在這次演習中發揮了巨大的作用。我們已經能夠與他們進行談判。他們正在與工廠進行談判。我們一直在尋找替代來源。這些貨物是否來自世界各地？然後，作為最後一個槓桿，定價是一個選擇。但我們在定價方面非常謹慎，因為這項業務的自主性很強。

And we know from work that we've done around the transformation that value is important in this business just like it is in our restaurant business. So we'll have more to share about how to think about '26 in tariffs in September because we'll present our annual guidance, and Jake, and we'll go like a couple of clicks deeper on it at that point in time but know that the teams are really working as we push our strategy forward, absorb this tariff situation and continue to just check and adjust against it.

我們從轉型過程中所做的工作中知道，價值在這個行業中非常重要，就像在我們的餐飲業中一樣。因此，我們將在 9 月分享更多關於如何考慮 26 年關稅的信息，因為我們將提供年度指導，傑克，到那時我們將對此進行更深入的探討，但要知道，隨著我們推進戰略，吸收這種關稅情況，並繼續檢查和調整，團隊確實在努力工作。

I'm actually very pleased about how we've been able to absorb the impact so far here in fiscal '25 and what that looks like as we move forward. I don't know, Craig, if there's anything you'll add.

事實上，我很高興看到我們在 25 財年迄今能夠吸收這些影響，並且在未來的發展中能夠達到這樣的效果。克雷格，我不知道你還有什麼要補充的。

No, I think that's right. The team is doing a good job and it's dynamic, and they continue to adjust. And maybe one thing to just consider is there's an average inventory turn in their -- but there are some things that are turning faster and some things are a little bit longer. And then there are decisions that we're making now that are in anticipation of the tariff impact in the future.

不，我認為是這樣。球隊表現良好，充滿活力，並且不斷進行調整。也許需要考慮的一件事是，他們的平均庫存週轉率是這樣的——但有些東西的周轉速度較快，有些東西的周轉速度則稍長一些。我們現在做出的決定是針對未來關稅的影響所做的預測。

So I -- the big takeaway for us is while that's out there, the team has been working on this for months they've made great progress, and we anticipate even more progress.

因此，我們最大的收穫是，儘管這個問題仍然存在，但團隊已經為此努力了好幾個月，並取得了巨大的進展，我們期待取得更大的進展。

Great. I appreciate it.

偉大的。我很感激。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭、派珀·桑德勒。

Thank you. Question back to Phase 1 of the back of the house optimation initiative. Just understanding the benefits are probably only just starting now in fiscal Q4. Can you just talk about or help us understand, do you anticipate a permanent reduction in labor hours in the back of the house as a result of this phase? And do those fall to the bottom line? Or do those get maybe reinvested into another area of the business?

謝謝。問題回到後台優化計畫的第一階段。僅僅了解其好處可能才剛在第四財季開始。您能否簡單談談或幫助我們理解一下，您是否預期這一階段將永久減少後台的勞動時間？這些都屬於底線嗎？或者這些資金可能會被重新投資到業務的其他領域？

And then related to that, I think there's a Phase II and then a Phase III that we will see over the next couple of years. Can you remind us what those phases are related to and when you transition into the second phase? Thank you.

與此相關，我認為我們將在未來幾年看到第二階段和第三階段。您能否提醒我們這些階段與什麼有關以及何時過渡到第二階段？謝謝。

Sure. Brian, I'll start, and then I'll let Craig handle a couple of the specifics there on the movement of the savings. The goal, remember, of this entire work stream is to improve the quality of our food because we're mainly a restaurant business and make sure that we're always serving our delicious scratch-made food, but making it easier for the teams to do that consistently and making the job more enjoyable. We've got a lot of processes in the back of house that haven't changed a lot in a long time. And so that's really the genesis of this work.

當然。布萊恩，我先開始，然後我會讓克雷格處理有關儲蓄動向的幾個具體問題。請記住，整個工作流程的目標是提高食品質量，因為我們主要經營餐飲業，並確保我們始終提供美味的現做食品，但要讓團隊更容易始終如一地做到這一點，並使工作更愉快。我們後台有很多流程已經很久沒有太大變化了。這就是這項工作的真正起源。

As we got into it as part of the transformation agenda, we've broken this work into three phases. So this first phase that we launched in Q3. And so you're right to think that not all of the benefit is there, and I'll let Craig talk about that in a moment. The first phase is really focused on some of those processes and changing the way that we actually make the food to improve the quality and make the jobs easier. So that's Phase 1.

作為轉型議程的一部分，我們將其分為三個階段。我們在第三季啟動了第一階段。所以您認為並非所有好處都存在是正確的，稍後我將讓 Craig 談論這個問題。第一階段主要集中在其中一些流程，並改變我們實際製作食品的方式，以提高品質並使工作更輕鬆。這就是第一階段。

Phase 2 is about how do we take that even further by bringing in some ingredients that are already like pre-chopped and presliced and things like that because today, we do all of that by hand or most of it by hand.

第二階段是關於我們如何透過引入一些已經預先切好和切片的原料等來更進一步，因為今天，我們全部或大部分都是手工完成的。

And then Phase 3 is gosh equipment has changed so much in the last few decades. Are there equipment solutions that would also make it easier for our cooks and our prep cooks to do their work easier. So those three phases will phase out over the remaining years of the transformation.

然後第三階段是天哪，設備在過去的幾十年裡發生了很大的變化。是否有設備解決方案可以讓我們的廚師和準備廚師更輕鬆地完成他們的工作。因此，這三個階段將在剩餘的轉型期內逐步結束。

This Phase 1, I'll let Craig talk about how it's flowing through, but we're really pleased so far with the early days of this.

在第一階段，我會讓 Craig 談談它的進展情況，但到目前為止，我們對早期的進展感到非常滿意。

Yeah. I'll take the second part of that. We do expect the back-of-house initiative to flow through. Again, we didn't get the full benefit of that in Q3, because there were some learning curve, training and so on, we do expect more of a benefit in Q4 and into '26, we've talked -- you just talked a lot about '25 being an investment year and a test and learn a year. So we do expect to get the benefit of this initiative on a more of a run rate basis as we finish up Q4 and into fiscal '26.

是的。我將討論第二部分。我們確實希望後台措施能夠順利實施。再說一次，我們並沒有在第三季度獲得全部收益，因為還有一些學習曲線、培訓等等，我們確實預計在第四季度和 26 年會獲得更多收益，我們已經談過了——你剛才說了很多關於 25 年是投資年、測試年和學習年。因此，我們確實希望在第四季度結束和 26 財年結束時，從這項舉措中獲得更多的運行率收益。

And it's really a part of that broader $50 million to $60 million cost save that we've talked about. Now as we go into back of house Phase 2, we'll see -- we expect to see some overall benefit to our total prime cost but you might end up with a little bit of shift in between buckets there. But a part of the plan here is to, in a more permanent way improve the ease of operating the back of house and the consistency and the quality as well as the cost in a permanent structural way.

這實際上是我們談到的 5000 萬至 6000 萬美元成本節省的一部分。現在，當我們進入後台第二階段時，我們將看到 - 我們預計會看到我們的總主要成本有一些總體效益，但最終可能會在各個環節之間出現一些變化。但這裡計劃的一部分是以更持久的方式改善後台操作的便利性以及以持久的結構性方式提高一致性和品質以及成本。

Thank you. That's great color. And then I just want to ask about remodeling initiative. You've called fiscal '25 a test and learn year. So can you just talk about what you've learned thus far this year in terms of the different approaches you've taken with some of the projects and if you'd be willing to talk about your plans for fiscal '26 or how you're thinking about it in a number of stores or maybe CapEx?

謝謝。顏色真棒。然後我只想問重塑計畫的問題。您稱 25 財年為「考驗與學習之年」。那麼，您能否談談今年迄今為止您在一些專案中採取的不同方法方面學到了什麼？您是否願意談談您對 26 財年的計劃，或者您是如何考慮在一些商店或資本支出方面做到這一點的？

It's never a call until somebody asked us about remodels. I -- so thanks for the question, Brian. As we've discussed, this has really been a year of testing and learning. And so we are saving this topic for September. So we will talk a lot about it in September, really what we've learned in this year while we continue to learn because honestly, we're not done learning.

除非有人向我們詢問改造事宜，否則我們不會打電話。我——非常感謝你的提問，布萊恩。正如我們所討論的，這確實是測試和學習的一年。因此我們將這個主題留到九月。因此，我們將在九月詳細討論這個問題，真正談談我們今年學到了什麼，同時我們將繼續學習，因為說實話，我們還沒有學完。

We are really continuing to transform the organization to be one that's more agile and really to just continuously learn and improve as we go forward. We launched a new version of a remodel. Remember, we've got 20 remodels and 20 refreshes that as of right now are complete in the system.

我們確實在繼續轉變組織，使之變得更加敏捷，並且在前進的過程中不斷學習和改進。我們推出了新版本的改造。請記住，截至目前，我們已經在系統中完成了 20 次改造和 20 次更新。

And we continue to be really pleased with what we're learning there, the impact that it's having on the system, employees have given us great feedback about working in those newly remodeled and refreshed stores and guests continue to tell us that they're lighter, brighter more welcoming and they're enjoying them as well.

我們對於在那裡學到的東西以及它對系統的影響感到非常高興，員工們對於在這些新裝修和翻新的商店工作給予了我們很好的反饋，客人也不斷告訴我們，這些商店更輕鬆、更明亮、更受歡迎，他們也很喜歡這些商店。

So -- but at the end of April, we launched a new version of a remodel as well. And so it's early, early days of that. we're very pleased with the early results of that. We've taken retail into a different way in this remodel as well. So there's just a lot to learn. And as you can imagine, it's only been 30 days. And that's really why we want to wait and have the conversation in September. We'll talk about how it's informing our '26 and beyond plan and really what we've learned to date as we continue to learn on this topic.

所以——但在四月底，我們也推出了新版本的改造。所以現在還處於早期階段。我們對早期的結果非常滿意。我們在這次改造中也以不同的方式對待零售業。所以還有很多東西要學習。你可以想像，這才過了 30 天。這就是為什麼我們想等到九月再進行對話。我們將討論它如何影響我們的 26 年及以後的計劃，以及我們在繼續學習這個主題的過程中真正學到了什麼。

[Sarah Sanator], Bank of America.

[莎拉·薩納托]，美國銀行。

Oh thank you. I wanted to go back to the traffic trends. I know that you had said that they started off soft in February and then improved. But I guess as you think about all these initiatives, you said consumers or customers are choosing Cracker Barrel, but the traffic is still pretty negative.

噢，謝謝。我想回顧一下交通趨勢。我知道您說過，它們在二月開始時表現疲軟，但隨後有所改善。但我想，當您考慮所有這些舉措時，您會說消費者或客戶正在選擇 Cracker Barrel，但流量仍然相當負面。

So I guess maybe you could help me understand, is this a process where there are certain transactions that you're intentionally perhaps losing? And then in lieu of that, you're getting perhaps some more profitable transactions at the higher end of the barbell.

所以我想也許您可以幫助我理解，在這個過程中您是否有意丟失某些交易？然後，取而代之的是，您可能會在槓鈴的高端獲得一些更有利可圖的交易。

And then with respect to the -- any color on the trends across demographic groups. I know last quarter, you had said you're actually seeing some better performance among 55 and up consumers. So does that continue? And does that say anything about the efficacy of some of the traffic-driving initiatives? Thanks.

然後關於——跨人口群體趨勢的任何顏色。我知道上個季度您曾說過，您實際上看到 55 歲及以上的消費者表現有所改善。那麼這種情況還會持續嗎？這是否說明一些交通驅動措施的有效性？謝謝。

Hi Sarah, it's Craig. I'll start and I think Julie and I will share this one. And the thing I would keep in mind on the traffic for the quarter is there are pretty sizable differences in terms of, let's say, February versus April. And so I would just keep that in mind. February was particularly challenged, the weather was tough, the macro uncertainty.

你好，莎拉，我是克雷格。我先開始，我想朱莉和我會分享這個。我要記住的是，本季的流量有相當大的差異，例如二月和四月。所以我會記住這一點。二月尤其充滿挑戰，天氣惡劣，宏觀不確定性。

There was a lot of news was elevated, but we've been pleased with the progress throughout the quarter, and we've been pleased with the way that the fourth quarter has started. So we -- the work that we're doing here is really about bringing Cracker Barrel back to profitable growth, and that includes traffic.

有很多新聞被提及，但我們對整個季度的進展感到滿意，並且對第四季度的開局感到滿意。因此，我們在這裡所做的工作實際上是為了讓 Cracker Barrel 恢復獲利成長，其中包括流量。

And we think even though the overall quarter was challenged from a traffic perspective, we think the underlying trend is something that we're happy with. In terms of the demographic trends, I would say it was pretty steady. There wasn't a big standout across the entire quarter.

我們認為，儘管從流量角度來看整個季度都面臨挑戰，但我們認為潛在的趨勢是令我們滿意的。就人口趨勢而言，我認為它相當穩定。整個季度並沒有什麼突出的業績。

Our over 55 cohorts performed similarly to our under 55 cohorts. Our over 60,000 income cohort performed similarly to our under 60,000. I think the takeaway for us on the quarter is more about how the quarter developed and how the fourth quarter has started.

我們 55 歲以上族群的表現與 55 歲以下族群的表現相似。我們收入超過 60,000 的群體的表現與收入低於 60,000 的群體的表現相似。我認為，我們本季的收穫更多的在於本季的發展情況以及第四季的開局情況。

No, I think that's right. I think remember, we said this is an investment year, and this is a three-year plan. And it's not going to be a straight line. There's going to be some bumps along the way, some of which you can anticipate some of which you can't. I don't think anybody thought the macros would do what they did in February.

不，我認為是這樣。我想記住，我們說過這是一個投資年，這是一個三年計畫。而且它不會是一條直線。前進的道路上難免會遇到一些坎坷，有些你可以預料到，有些則無法預料。我認為沒有人會想到宏會在二月產生這樣的效果。

I don't think anybody thought the weather would be as bad as it was on top of that. So I'm really pleased with how we have actually managed through this quarter, given some of those real (technical difficulty) at the beginning of the quarter.

我想沒有人會想到天氣會這麼糟。因此，考慮到本季初的一些實際（技術困難），我對我們本季的實際管理情況感到非常滿意。

And then to Craig's point, I think, Sarah, we continue to be very optimistic and confident in the long-term trends that we're seeing underneath the business. So I think Q3, a little bit of a speed bump in what's been a good year for us so far in terms of changing those trends and bending the curves that we need to bend to keep this transformation on track to take the brand work needs to go long term.

然後回到克雷格的觀點，莎拉，我認為，我們對業務中看到的長期趨勢仍然非常樂觀和有信心。因此，我認為第三季度對我們來說是一個小小的減速帶，到目前為止，這是改變這些趨勢和扭轉我們需要扭轉的曲線以保持這種轉變的正常進行，從而使品牌工作能夠長期進行。

Thank you.

謝謝。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Julie Masino for closing remarks.

女士們、先生們，今天的問答環節就到此結束。我想把發言權交還給朱莉·馬西諾，請她做最後發言。

Thank you. I want to start with a huge thank you to the teams and our 658 stores who bring the Cracker Barrel Country hospitality to life every day for our guests. The executive team, the Board and I really appreciate your smiles and hard work and what was, I know, a difficult quarter.

謝謝。首先，我要衷心感謝我們的團隊和 658 家商店，他們每天都為我們的客人帶來 Cracker Barrel Country 的熱情好客。執行團隊、董事會和我都非常感謝你們的微笑和辛勤工作，我知道這是一個艱難的季度。

And to everyone else on the call today, thank you for joining us today. Our plan is working, and we are excited about what's ahead. We appreciate your interest in the brand, and we look forward to giving you our next update in September.

對於今天參加電話會議的其他人，感謝你們今天加入我們。我們的計劃正在發揮作用，我們對未來充滿期待。感謝您對該品牌的關注，我們期待在九月為您提供下一次更新。

Ladies and gentlemen, that does conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講到此結束。我們非常感謝您的加入。現在您可以斷開線路了。