Cracker Barrel Old Country Store Inc (CBRL) 2026 Q3 法說會逐字稿

Good day, and welcome to the Cracker Barrel fiscal 2026 third-quarter conference call. (Operator Instructions) . Please note, this event is being recorded.

大家好，歡迎參加 Cracker Barrel 2026 會計年度第三季財報電話會議。(接線員指示)。請注意，本活動將被錄音。

I would now like to turn the conference over to Adam Hannon, Director of Investor Relations. Please go ahead.

現在我想把會議交給投資人關係總監 Adam Hannon。請開始。

Thank you. Good afternoon, and welcome to Cracker Barrel's third-quarter fiscal 2026 conference call and webcast.

謝謝。各位下午好，歡迎收聽 Cracker Barrel 2026 會計年度第三季電話會議與網路直播。

This afternoon, 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 1, 2026. Please refer to the footnotes in our press release for further details about these metrics.

今天下午，我們發布新聞稿，公布第三季業績。在本新聞稿與本次電話會議中，我們將提及非 GAAP 財務衡量指標，例如截至 2026 年 5 月 1 日止第三季的調整後 EBITDA。關於這些指標的更多細節，請參閱新聞稿中的註腳。

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.

公司認為，這些衡量指標可讓投資人更深入理解公司的財務表現。本資訊不應被單獨考量，亦不應作為依 GAAP 編製之淨利或每股盈餘資訊的替代。新聞稿最後一頁包含非 GAAP 資訊與 GAAP 財務數據之間的調節表。

On the call with me 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.

與我一同出席本次電話會議的有 Cracker Barrel 總裁暨執行長 Julie Masino，以及資深副總裁兼財務長 Craig Pommells。Julie 與 Craig 將回顧業務、財務表現與展望。之後我們將開放提問。

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. 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.

在本次電話會議中，管理層可能會就公司未來營運結果或預期未來事件，表達其信念與預期。這些屬於前瞻性陳述，涉及風險與不確定性，且在許多情況下超出管理層控制範圍，可能導致實際結果與預期存在重大差異。

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

我們提醒聽眾與讀者在考量前瞻性陳述與資訊時應審慎。可能影響結果的多項因素，已在新聞稿末尾的風險與不確定性警示說明中摘要，並在我們向 SEC 提交或提供的報告中有更詳細的描述。最後，本次電話會議所分享之資訊以今日為準，除非適用法律另有要求，公司不承擔更新該等資訊之義務。

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

現在我把電話會議交給 Cracker Barrel 總裁暨執行長 Julie Masino。Julie？

Good afternoon, and thank you for joining us. Q3 results exceeded our expectations. Sales were $797 million and adjusted EBITDA came in at $40 million. This performance was driven by strong cost management across the P&L as well as improved traffic and check.

各位下午好，感謝各位加入我們。第三季業績超出我們的預期。銷售額為 7.97 億美元，調整後 EBITDA 為 4,000 萬美元。此表現主要受惠於損益表各項成本管理強勁，以及來客數與客單價的改善。

Our dedicated teams have positioned us for success and they continue to execute at a high level. They are key to implementing our strategic initiatives, which are grouped into three areas: improved operations, deeper connections with guests through our menu, marketing and value proposition, and increased profitability. I'll now discuss each one.

我們敬業的團隊已讓我們具備成功的條件，並持續以高水準執行。他們是推動我們策略性計畫落地的關鍵；這些計畫分為三大面向：提升營運、透過菜單／行銷／價值主張與顧客建立更深連結，以及提高獲利能力。接下來我將逐一說明。

First, operationally, we remain focused on consistent execution and delivering an exceptional guest experience. This resulted in strong improvements across important guest metrics for the third consecutive quarter. Year over year, our Google star rating increased 4%, reaching its highest quarterly score since 2018.

首先，在營運方面，我們仍聚焦於一致性的執行，並提供卓越的顧客體驗。這使得關鍵顧客指標連續第三季出現顯著改善。與去年同期相比，我們的 Google 星等評分提升 4%，達到自 2018 年以來最高的單季分數。

While our food taste and service scores rose 5% and food temperature scores increased 7%. Managerial turnover improved by 6%, outperforming the industry and we continue to see positive trends in hourly turnover. We are pleased with the favorable trends in these metrics, which are important leading indicators and are confident these gains will translate into improved traffic over time.

同時，我們的餐點口味與服務評分分別提升 5%，餐點溫度評分提升 7%。管理職離職率改善 6%，優於產業水準；我們也持續看到計時人員離職率的正向趨勢。我們對這些指標的有利趨勢感到滿意；它們是重要的領先指標，我們有信心這些進展將隨時間轉化為來客數的提升。

Turning to our menu. Our multipronged strategy combines bringing back guest favorites, introducing new offerings, enhancing quality and leaning into value. We are incorporating these elements into each of our seasonal menus in an effort to improve guest satisfaction and drive traffic.

接著談我們的菜單。我們的多管齊下策略結合了讓顧客喜愛的品項回歸、推出新品、提升品質，以及強化價值訴求。我們正把這些元素融入每一季的季節性菜單中，以提升顧客滿意度並帶動來客數。

Our spring menu featured the return of our Sugar Cured and Country Ham dinners to the core menu and our very popular Carrot Cake as an LTO. We also introduced our Garden and Farmhouse Scrambles to address a menu gap and respond to a long-standing guest request. Additionally, our spring menu featured our new Smoky Southern Salmon, which provided a more premium, lighter fish option.

我們的春季菜單將糖醃火腿與鄉村火腿晚餐重新納入核心菜單，並以限時供應（LTO）推出非常受歡迎的胡蘿蔔蛋糕。我們也推出 Garden 與 Farmhouse Scrambles，以補足菜單缺口並回應顧客長期以來的需求。此外，春季菜單也推出全新的 Smoky Southern Salmon，提供更高端、較清爽的魚類選擇。

Our summer menu is centered on our Campfire promotion. As a reminder, last year marked the return of the Campfire platform, one of our strongest nostalgia anchors and a clear celebration of Americana, travel and gathering.

我們的夏季菜單以 Campfire 推廣活動為核心。提醒各位，去年是 Campfire 平台回歸的一年；它是我們最強的懷舊主軸之一，也清楚展現美式文化、旅行與相聚的精神。

This year, we made enhancements to our Campfire chicken and beef offerings to improve flavor and consistency. We also extended the platform into the morning daypart with a new Campfire Breakfast Skillet. This hearty meal consists of bacon, smoked sausage, roasted peppers, onions and cheese, served over three eggs with crispy Campfire seasoned potatoes.

今年，我們針對 Campfire 雞肉與牛肉品項進行改良，以提升風味與一致性。我們也把該平台延伸到早餐時段，推出全新的 Campfire Breakfast Skillet。這道份量十足的餐點包含培根、煙燻香腸、烤甜椒、洋蔥與起司，搭配三顆蛋，並佐以酥脆的 Campfire 調味馬鈴薯。

Value is incredibly important in today's environment. For Cracker Barrel, it's not a response to the moment, it's part of who we are, delivering meaningful abundance and everyday value for our guests. Our value remains strong as evidenced by the fact that our Q3 value scores increased 5% year over year.

在當前環境下，價值感極其重要。對 Cracker Barrel 而言，這不是因應一時的策略，而是我們品牌的一部分：為顧客提供實質的豐盛感與日常價值。我們的價值主張依然強勁，第三季的價值評分年增 5% 即為明證。

There are a number of reasons we are confident that our proposition will continue to resonate.

我們有多項理由相信，我們的價值主張將持續引起共鳴。

First, our absolute check remains well below the industry. In Q3, our average check was $15.85 and compared to over $27 in casual dining and over $19 in family dining, underscoring our lower prices versus competitors. In fact, guests can order add-ons with us and their check will still be lower than an entree at many of our peers. In addition to lower relative prices, our overall value proposition is strengthened by the high-quality ingredients, delicious food and genuine hospitality we are known for.

第一，我們的絕對客單價仍明顯低於產業水準。第三季我們的平均客單價為 15.85 美元；相較之下，休閒餐飲超過 27 美元、家庭餐飲超過 19 美元，凸顯我們相對競爭對手的較低價格。事實上，顧客在我們這裡加點配餐後，結帳金額仍可能低於許多同業的一道主菜價格。除了相對較低的價格外，我們以高品質食材、美味餐點與真誠款待著稱，亦進一步強化整體價值主張。

Second, we've maintained a strong everyday foundation, further enhanced through our barbell pricing strategy that includes compelling entree price points, such as our Sunrise Pancake special for $7.99 and early dinner deals starting at $8.99.

第二，我們維持強健的日常基本盤，並透過「槓鈴式」定價策略進一步強化，其中包含具吸引力的主菜價格帶，例如 7.99 美元的 Sunrise Pancake 特餐，以及 8.99 美元起的早晚餐優惠。

Third, we've implemented targeted menu changes to reinforce our value proposition and expand guest choice while also building margin. This includes bundled shareable duos and trios as well as options for guests to upgrade to three sides or add an extra breakfast protein to select entrees for a modest surcharge.

第三，我們已實施具針對性的菜單調整，以強化價值主張、擴大顧客選擇，同時提升毛利。這包括可分享的雙人與三人組合套餐，以及讓顧客可用小幅加價將配菜升級為三樣，或在特定主餐加點額外早餐蛋白質的選項。

Transitioning to loyalty. Cracker Barrel Rewards remains a meaningful traffic and value driver for the business. The program has grown to nearly 12 million members with continued strong engagement.

接著談會員忠誠計畫。Cracker Barrel Rewards 仍是業務的重要來客數與價值驅動因素。該計畫會員數已成長至接近 1,200 萬人，且互動參與度持續強勁。

In Q3, member tracked sales remained above 40%. We saw strong retention among our most valuable loyalty guests that was consistent with historical norms. Overall, loyalty member visits increased year over year, reinforcing the program's role as an important traffic tailwind.

第三季，會員追蹤銷售占比仍維持在 40% 以上。我們在最具價值的忠誠會員族群中看到強勁的留存率，且與歷史常態一致。整體而言，忠誠會員到店次數年增，進一步凸顯該計畫作為重要來客數順風因素的角色。

Beyond points and rewards, we are using the loyalty platform to create more meaningful reasons for guests to engage with the brand. A good example of this is our Fuel Your Summer Road Trip sweepstakes.

除了點數與獎勵之外，我們也運用忠誠度平台，為賓客創造更有意義的理由來與品牌互動。一個很好的例子是我們的「Fuel Your Summer Road Trip」抽獎活動。

As part of the sweepstakes, which launched May 19 and will run through July 26, loyalty members who purchased an entree will have a chance to win Cracker Barrel and fuel gift cards. Each week, 25 winners will receive a $500 Cracker Barrel gift card and a $500 gas card, with $250,000 in total prices awarded. These loyalty exclusive engagement opportunities are expected to support member acquisition and encourage repeat visits while reinforcing Cracker Barrel's role as a trusted destination for gathering, comfort and hospitality during the summer travel season.

作為該抽獎活動的一部分（活動於 5 月 19 日推出並將持續至 7 月 26 日），凡購買主餐的忠誠會員皆有機會贏得 Cracker Barrel 禮品卡與加油禮品卡。每週將有 25 位得主各獲得 500 美元 Cracker Barrel 禮品卡與 500 美元加油卡，總獎項金額為 250,000 美元。這些忠誠會員專屬的互動機會，預期將支持會員招募並鼓勵回訪，同時在夏季旅遊旺季強化 Cracker Barrel 作為值得信賴的聚會、舒適與好客目的地之角色。

From a marketing perspective, our guest connection strategy remains centered on food, value and Cracker Barrel's distinct heritage. We continue to leverage key partnerships and cultural moments to deepen emotional connection, expand reach and drive visitation. For example, our partnership with Speedway Motorsports continues to be an important platform and we're using it, along with our broader summer marketing efforts, to generate excitement around Campfire and drive traffic.

從行銷角度來看，我們的賓客連結策略仍以美食、價值與 Cracker Barrel 獨特的傳承為核心。我們持續運用關鍵合作夥伴關係與文化時刻，以加深情感連結、擴大觸及並帶動來客。例如，我們與 Speedway Motorsports 的合作仍是重要平台；我們正運用該合作以及更廣泛的夏季行銷活動，為 Campfire 製造話題並帶動客流。

Building on last year's successful partnership, we've expanded this year's program through broader national awareness, deeper local store engagement in key race markets and enhanced on-site activations across the season. This year, Cracker Barrel Fan Zones will be present at every Speedway Motorsports race, giving us a larger physical presence with fans and extending the brand beyond the track itself.

在去年成功合作的基礎上，我們透過更廣泛的全國性曝光、在關鍵賽事市場更深入的在地門店參與，以及整個賽季更強化的現場活動，擴大了今年的計畫。今年，Cracker Barrel 粉絲專區（Fan Zones）將出現在每一場 Speedway Motorsports 賽事中，讓我們能以更大的實體存在與粉絲互動，並將品牌延伸至賽道之外。

We were especially proud to have once again served as the title sponsor of the Cracker Barrel 400. This year's sold-out [raised] on May 31 was action packed and included 31 [lead] changes among 15 different drivers with Denny Hamlin ultimately winning in an exciting finish.

我們尤其自豪能再次擔任 Cracker Barrel 400 的冠名贊助商。今年 5 月 31 日的售罄賽事精彩刺激，共出現 31 次領先更迭、涉及 15 位不同車手，最終由 Denny Hamlin 在令人振奮的收尾中奪冠。

Moving to retail. This business continues to gain momentum under the leadership of Heather Hager, who joined us in September 2024 and was promoted as Senior Vice President this past February. We are pleased with the improvement in our retail performance and are seeing good results from key initiatives such as SKU rationalization, optimized markdowns and improved merchandising.

接著談零售業務。在 Heather Hager 的領導下，該業務持續累積動能；她於 2024 年 9 月加入我們，並在今年 2 月升任資深副總裁。我們對零售表現的改善感到滿意，並在多項關鍵措施上看到良好成效，例如 SKU 精簡、最佳化折價（markdown）以及改善商品陳列與銷售（merchandising）。

In fact, retail comps outperformed restaurant comps for the first time in over four years. Additionally, we saw year-over-year improvements in important metrics such as units per transaction and average unit retail. Most importantly, our product is resonating with our guests. I'll provide a few examples.

事實上，零售同店表現（comps）在四年多來首次優於餐廳同店表現。此外，我們在每筆交易件數（units per transaction）與平均單品零售額（average unit retail）等重要指標上，也看到年對年改善。最重要的是，我們的產品正與賓客產生共鳴。我將提供幾個例子。

First, the toys category has been a particular strength, in part, because we successfully capitalized on social media-driven trends related to sensory play and fidget toys. Second, our salt and pepper shakers remain a hit. These unique collectibles are an incredible value as well as a great expression of the brand. And third, our American heritage team remains a beloved summer assortment, full of merchandise proudly celebrating America and patriotism. This year, we're featuring merchandise commemorating America's 250th birthday and the guest response has been strong.

第一，玩具品類一直是特別強項，部分原因在於我們成功掌握了與感官遊戲與解壓玩具（fidget toys）相關、由社群媒體帶動的趨勢。第二，我們的鹽與胡椒罐仍然大受歡迎。這些獨特的收藏品不僅物超所值，也能很好地展現品牌特色。第三，我們的美國傳承（American heritage）團隊仍是深受喜愛的夏季商品組合，充滿自豪地慶祝美國與愛國精神的商品。今年我們推出紀念美國 250 週年的商品，賓客反應熱烈。

Our last strategic initiative is improving profitability. Our teams from the operators at our stores to team members at the support center, done an outstanding job of managing costs. As a reminder, we executed a corporate restructuring completed in Q2 that is expected to deliver $20 million to $25 million in annualized G&A savings.

我們最後一項策略性舉措是提升獲利能力。從門店營運人員到支援中心的團隊成員，我們的團隊在成本管理方面表現出色。提醒一下，我們在第二季完成了公司重整，預期可帶來每年 2,000 萬至 2,500 萬美元的年化一般及行政費用（G&A）節省。

We also reduced our advertising expense in the second half of the year compared to the prior year. Collectively, these efforts and cost saving actions were a significant driver of our Q3 adjusted EBITDA results, and we will continue to diligently manage our expenses going forward.

我們也在下半年相較前一年降低了廣告費用。整體而言，這些努力與節省成本的行動，是我們第三季調整後 EBITDA 結果的重要推動因素；未來我們也將持續嚴謹地管理各項費用。

As our team continues to execute our strategic initiatives to improve operations, make deeper connections with guests and increased profitability, we are also taking other steps to advance the business and position us for the future, particularly through the use of technology. I'll provide a couple of examples.

在團隊持續推動策略性舉措以改善營運、與賓客建立更深連結並提升獲利能力的同時，我們也採取其他步驟來推進業務並為未來做好定位，尤其是透過科技的運用。我將舉幾個例子。

First, in the coming weeks, we are upgrading our website to create a more frictionless and intuitive digital journey. The new platform will better support online ordering, rewards and targeted content. Importantly, this also serves as the foundation for expanding personalization across more channels over time, allowing us to deliver more effective messaging and reasons to visit wherever guests are engaging with Cracker Barrel. We're excited about these enhancements, which will improve the guest experience while simultaneously driving our off-premise business, which, as a reminder, accounts for approximately 20% of restaurant sales.

第一，在接下來幾週內，我們將升級網站，以打造更順暢、直覺的數位旅程。新平台將能更好地支援線上點餐、獎勵以及目標式內容。重要的是，這也將成為未來逐步擴大跨更多渠道個人化的基礎，使我們能在賓客與 Cracker Barrel 互動的各個接觸點，提供更有效的訊息與到訪理由。我們對這些強化感到振奮；它們將改善賓客體驗，同時帶動我們的店外（off-premise）業務。提醒一下，店外業務約占餐廳銷售額的 20%。

Second, we're using AI across the company to enhance our team's capabilities and to support the guest experience. We've deployed enterprise-wide tools, built foundational data infrastructure and established governance to ensure responsible use in scaling.

第二，我們在全公司範圍內運用 AI，以強化團隊能力並支援賓客體驗。我們已部署企業級工具、建立基礎資料基建，並設立治理機制，以確保在擴大應用時能負責任地使用。

In building these capabilities, we're also investing in our people, upskilling teams and ensuring leadership adoption. We are leveraging AI as a force multiplier that allows us to be more productive while making our team's jobs more efficient. For example, our machine learning traffic forecasting model has improved our projection accuracy, which supports better labor deployment and execution.

在建立這些能力的同時，我們也投資於人才，提升團隊技能並確保領導層採用。我們將 AI 視為倍增器，使我們能更具生產力，同時讓團隊工作更有效率。例如，我們的機器學習客流預測模型提升了預測準確度，進而支援更佳的人力配置與執行。

Additionally, we are using AI and guest relations to more efficiently resolve tickets and where appropriate, to more quickly connect guests with live support. Finally, as part of our focus on the guest experience, we developed an internal agent that can quickly mine data across all guest feedback channels and provide actionable insights.

此外，我們也在賓客關係（guest relations）中運用 AI，以更有效率地解決工單（tickets），並在適當情況下更快速地將賓客連結至真人支援。最後，作為我們聚焦賓客體驗的一部分，我們開發了一個內部代理（agent），可快速彙整所有賓客回饋渠道的資料並提供可執行的洞察。

In closing, we are executing at a high level and gaining traction across the business, as evidenced by our Q3 results. We are focused on sustaining this momentum over the coming quarters.

總結來說，我們正以高水準執行並在各項業務上取得進展，這也反映在我們第三季的結果中。我們專注於在接下來幾個季度維持這股動能。

I'll now turn it over to Craig to walk through the financials.

接下來我把時間交給 Craig，請他帶大家回顧財務表現。

Thank you, Julie, and good afternoon, everyone. Before reviewing the results, I'd like to build on Julie's remarks and thank our teams. I'm proud of their work and their progress as reflected in the improvements in our key guest metrics, expense management and overall financial results.

謝謝你，Julie，各位下午好。在回顧結果之前，我想延續 Julie 的發言並感謝我們的團隊。我為他們的努力與進展感到自豪，這些成果反映在我們關鍵賓客指標的改善、費用管理以及整體財務結果的提升上。

Now turning to the third-quarter's results. Total revenue was $797.4 million. Restaurant revenue was $658.4 million. Comparable store restaurant sales decreased 2.6%, which included a traffic decline of 6.7%. Although traffic remained negative, we are encouraged by the gradual improvement in the underlying traffic trend.

現在來看第三季的結果。總營收為 7.974 億美元。餐廳營收為 6.584 億美元。餐廳同店銷售下滑 2.6%，其中包含來客數下滑 6.7%。雖然來客數仍為負成長，但我們對其基礎趨勢逐步改善感到鼓舞。

The restaurant average check increased 4.3% and including pricing of 4.4%. Menu mix was slightly negative but improved from the first half of the year, driven by the many changes Julie mentioned. Off-premise sales were 19.6% of restaurant sales, an increase of approximately 50 basis points compared to the prior year, driven by growth in catering and third-party delivery. Retail revenue was $139 million. Comparable store retail sales decreased 1.8%, driven by lower traffic, partially offset by increases in average unit retail and units per transaction.

餐廳平均客單價上升 4.3%，其中包含 4.4% 的定價因素。菜單組合（menu mix）略為負面，但在 Julie 提到的多項變革帶動下，較上半年有所改善。店外銷售占餐廳銷售的 19.6%，較前一年增加約 50 個基點，主要由外燴（catering）與第三方外送成長所帶動。零售營收為 1.39 億美元。零售同店銷售下滑 1.8%，主因為來客數較低，但部分被平均單品零售額與每筆交易件數的提升所抵銷。

Turning to the quarterly expenses. Total cost of goods sold in the quarter was 30.2% of total revenue versus 30.1% in the prior year. Restaurant cost of goods sold was 26.1% of restaurant sales versus 26.2% in the prior year. This 10-basis-point decrease was primarily driven by menu pricing, partially offset by commodity inflation.

接著談季度費用。本季銷貨成本總額占總營收的30.2%，相較去年同期為30.1%。餐廳銷貨成本占餐廳銷售額的26.1%，相較去年同期為26.2%。這10個基點的下降主要由菜單定價所帶動，但部分被商品通膨所抵銷。

Commodity inflation was approximately 2.5%, driven principally by higher beef, pork, produce and seafood prices, partially offset by lower egg and dairy prices. Retail cost of goods sold was 49.8% of retail sales versus 48.9% in the prior year. This 90-basis-point increase was primarily driven by higher tariffs partially offset by pricing.

商品通膨約為2.5%，主要由牛肉、豬肉、農產品與海鮮價格上漲所驅動，但部分被雞蛋與乳製品價格下降所抵銷。零售銷貨成本占零售銷售額的49.8%，相較去年同期為48.9%。這90個基點的上升主要由關稅提高所致，但部分被定價所抵銷。

Quarter-end inventories were $179.9 million compared to $168.7 million in the prior year. Although inventories are modestly higher, we are comfortable with the level and believe we are well positioned with clean inventories.

季末存貨為1.799億美元，去年同期為1.687億美元。雖然存貨略有增加，但我們對目前水位感到安心，並相信我們以乾淨的存貨狀態做好了充分準備。

Labor and related expenses were 37.9% of revenue compared to 37.1% in the prior year. This 80-basis-point increase was primarily driven by sales deleverage. Wage inflation was approximately 2%. Other operating expenses were 24.9% of revenue compared to 25.3% in the prior year. This 40-basis-point decrease was primarily driven by lower advertising expense and lower supplies expense, partially offset by higher utilities expense.

人力及相關費用占營收的37.9%，相較去年同期為37.1%。這80個基點的上升主要由銷售去槓桿所驅動。薪資通膨約為2%。其他營運費用占營收的24.9%，相較去年同期為25.3%。這40個基點的下降主要由廣告費用與用品費用降低所帶動，但部分被公用事業費用上升所抵銷。

General and administrative expenses were 6.2% of revenue compared to 5.6% in the prior year. This 60-basis-point increase was primarily driven by the following items, which totaled approximately $6.8 million. First, $2.9 million in higher incentive compensation expense, driven by a year-to-date true-up based on higher expectations for the year. Second, $2.8 million in higher professional fees driven by legal expenses. And third, $1.1 million in employee separation costs.

一般及行政費用占營收的6.2%，相較去年同期為5.6%。這60個基點的上升主要由以下項目所致，合計約680萬美元。第一，激勵性薪酬費用增加290萬美元，係因根據對全年較高預期所做的年初至今調整。第二，因法律費用所致的專業服務費增加280萬美元。第三，員工離職相關成本110萬美元。

During the quarter, we received $47.4 million in cash proceeds from a settlement agreement resolve an interchange fee litigation. This amount was recorded in the litigation settlement income line on the P&L. It is included in our GAAP results but excluded from the calculation of reported adjusted EBITDA to enhance comparability across periods.

本季我們因一項和解協議而收到4,740萬美元現金款項，用以解決交換手續費訴訟。該金額在損益表中列於訴訟和解收益項下。其納入我們的GAAP結果，但為提升各期間可比性，於計算對外揭露的調整後EBITDA時予以排除。

Net interest expense was $3.7 million compared to $5 million in the prior year. This decrease was primarily the result of a lower revolver balance and a higher convertible debt balance. GAAP income taxes were $7.7 million, including the tax impact of the interchange fee litigation income. Adjusted income taxes were a $3.5 million credit. GAAP earnings per diluted share were $1.90 and adjusted earnings per diluted share were $0.29. Adjusted EBITDA was $40.3 million or 5.1% of total revenue compared to $48.1 million or 5.9% of total revenue in the prior year.

淨利息費用為370萬美元，去年同期為500萬美元。此下降主要是循環信貸（revolver）餘額較低以及可轉換債務餘額較高所致。GAAP所得稅為770萬美元，包含交換手續費訴訟收益的稅務影響。調整後所得稅為350萬美元的抵減（credit）。GAAP稀釋後每股盈餘為1.90美元，調整後稀釋後每股盈餘為0.29美元。調整後EBITDA為4,030萬美元，或占總營收的5.1%，相較去年同期為4,810萬美元或占總營收的5.9%。

In summary, Q3 results exceeded our expectations, driven by our operating and cost actions, while guest-facing metrics continue to improve, and position us for further traffic recovery.

總結而言，第三季業績超出我們預期，主要受惠於我們在營運與成本方面的措施；同時，面向顧客的指標持續改善，並使我們具備進一步恢復來客量的有利位置。

Now turning to capital allocation and the balance sheet. We continue to diligently manage the company's capital resources. Capital expenditures are lower relative to recent years. Investments remain focused on core business operations while maintaining modest debt levels.

接著談資本配置與資產負債表。我們持續審慎管理公司的資本資源。資本支出相較近年水準較低。投資仍聚焦於核心營運，同時維持適度的負債水位。

The $47.4 million litigation settlement further bolstered the balance sheet, and we continue to have ample access to liquidity, ending the quarter with $541.3 million in available capacity. The quarter ended with $486.6 million in debt, which was approximately $3 million below the prior year. The current debt is comprised entirely of the two convertible debt notes with the revolver undrawn at quarter end. As a result, the consolidated senior debt to adjusted EBITDA ratio was zero.

4,740萬美元的訴訟和解進一步強化了資產負債表，我們仍可充足取得流動性，季末可用額度為5.413億美元。本季末負債為4.866億美元，約較去年同期低300萬美元。目前負債完全由兩筆可轉換債券構成，且季末循環信貸未動用。因此，合併資深債務對調整後EBITDA比率為零。

The consolidated total debt leverage ratio was 2.4, including the $47.4 million litigation settlement. Capital expenditures in the third quarter were $27.1 million.

合併總負債槓桿比率為2.4（包含4,740萬美元訴訟和解）。第三季資本支出為2,710萬美元。

Turning to the fiscal '26 outlook. I want to remind everyone that in Q4, we are lapping a stronger quarter in the prior year, and this more difficult comparison impacts our year-over-year expected comp store traffic and sales results. That said, controlling for the variability between last year's third and fourth quarters and the resulting comparison in the current year, the underlying traffic trend continues to show gradual improvement.

接著談2026會計年度展望。提醒大家，第四季我們將面臨去年同期較強的一季，因此這個較困難的比較基期會影響我們對同店來客量與銷售年增表現的預期。即便如此，若控制去年第三季與第四季之間的波動，以及因此在今年形成的比較效應，底層的來客量趨勢仍持續呈現逐步改善。

Regarding tariff refunds, we filed a claim for approximately $17 million. To date, we have received approximately $5 million, all of which was received in Q4. We expect to reinvest nearly all of this during the quarter. I want to point out that our guidance does not contemplate any additional refunds, given the uncertainty regarding the remaining amount applied for, but not yet received.

關於關稅退稅，我們已提出約1,700萬美元的申請。截至目前，我們已收到約500萬美元，且全部是在第四季收到。我們預期在本季將其中幾乎全部再投資。我想指出，我們的指引並未納入任何額外退稅，因為對於已申請但尚未收到的剩餘金額仍存在不確定性。

Now moving to the guidance. As outlined in the press release, we anticipate the following for fiscal 2026. Total revenue of $3.27 billion to $3.3 billion, pricing in the low 4% range, commodity inflation in the low 2% range, hourly wage inflation in the low 2% range. Taking all the above into account, we are increasing our full-year adjusted EBITDA guidance to between $120 million and $125 million. Finally, capital expenditures are expected to be between $105 million and $115 million, the majority of which relates to maintenance.

現在進入財測指引。如新聞稿所述，我們對2026會計年度預期如下。總營收32.7億至33.0億美元，定價增幅約在低4%區間，商品通膨約在低2%區間，時薪薪資通膨約在低2%區間。綜合以上因素，我們將全年調整後EBITDA指引上調至1.20億至1.25億美元。最後，資本支出預期為1.05億至1.15億美元，其中大部分與維護性支出相關。

I'll now turn it over to the operator for Q&A.

接下來我把時間交給接線員進行問答。

(Operator Instructions) Todd Brooks, The Benchmark Company.

(接線員指示) Todd Brooks，Benchmark Company。

Congrats on a really strong quarter, well done. I was wondering if we could talk, the full-year guidance for revenue, Q3 beat by about $20 million, you're raising the ranges on revenue guidance by $30 million, which implies a guide up to expectations for Q4. Can you walk through what's giving you the confidence?

恭喜本季表現非常強勁，做得很好。我想請教一下，全年營收指引方面，第三季大約超出2,000萬美元，你們把營收指引區間上調3,000萬美元，這意味著第四季的指引上調幅度大致符合預期。能否說明一下是什麼讓你們有信心？

You just talked about tougher comparisons year over year. And I didn't hear anything in the comments to date around higher prices at the pump and reliance on summer driving season and travel by car. So if we could kind of weave all that together into a commentary about why the constructive nature to the Q4 guide?

你剛才提到年對年比較會更具挑戰。而且截至目前的說明中，我沒有聽到任何關於油價上漲、以及對夏季自駕旺季與汽車旅行依賴度的評論。所以如果可以的話，能否把這些因素串起來，談談為什麼第四季指引仍偏向正面？

Todd, thank you. Sure. You did cover a lot there with that question. Well, number one, we're obviously pleased with the improving trend that we saw in the third quarter, underpinning all of that is this kind of gradual improvement in the underlying traffic trend. As you noted, Q4 does have a more challenging comparison relative to the prior year than did Q3, Q4 last year was one of the best fourth quarters we had in a while. But again, the underlying trend is improving. And at this point, we are over a month into the quarter.

Todd，謝謝你。當然可以。你的問題涵蓋了很多面向。首先，我們顯然對第三季看到的改善趨勢感到滿意，而支撐這一切的是底層來客量趨勢的逐步改善。如你所提，第四季相較去年同期的比較基期確實比第三季更具挑戰；去年第四季是我們近年表現最好的第四季之一。但再次強調，底層趨勢正在改善。而且截至目前，我們已進入本季超過一個月。

In terms of gas prices, gas prices are obviously an input into discretionary income. Discretionary income is important as it relates to the restaurant industry, and it does impact us as well. So that is potentially a bit of a headwind. But again, for us, we're continuing to execute really well. We're continuing to get better and better. And as a result of that, again, we're seeing that improvement in the underlying trend. So we're feeling good about that.

就汽油價格而言，汽油價格顯然是可支配所得的一項投入因素。可支配所得很重要，因為它與餐飲產業相關，也確實會影響到我們。因此這可能會帶來一些逆風。但再說一次，對我們而言，我們仍在持續把執行做得非常好。我們也在持續變得越來越好。因此，基於這些因素，我們再次看到基本趨勢正在改善。所以我們對此感覺良好。

There's clearly -- I think implied in your question, there is a little bit of what's going on with the consumer and the pressure with the consumer. And certainly, we've all read about that. We're seeing that as well, particularly with the lower income consumer.

很明顯——我想你的問題裡也隱含了——消費者端正在發生一些狀況，以及消費者所承受的壓力。當然，我們大家也都讀到相關報導。我們也看到了這一點，尤其是在較低收入的消費者身上。

But again, as Julie mentioned, if you think about our check average [15.85] relative to casual dining at [27], family dine-in at [19], we are a really good value. And then we also have the barbell pricing strategy as it relates to really sharp entree price points and then some more premium offerings as well.

但再說一次，如 Julie 提到的，如果你把我們的平均客單價[15.85]，相較於休閒餐飲的[27]、家庭內用的[19]來看，我們的性價比非常高。此外，就我們的定價而言，我們也採用「兩端槓鈴式」定價策略：一方面有非常有競爭力的主菜價格帶，另一方面也提供一些更高端的品項。

So underpinning Q4, it is a tougher comparison. But again, we do have that gradual improvement trend that's supporting it as well.

因此支撐第四季（Q4）的因素之一，是比較基期更具挑戰。但再說一次，我們也有逐步改善的趨勢在支撐。

That's great. Craig. And my follow-up, you talked about pressured consumer, especially as we get down the income scale. The retail performance, though, was dynamic in this past quarter. And I guess, the thought would be that people could preserve the visit to the restaurant, but maybe you don't attach retail in the same fashion. Julie, you highlighted a couple of categories that are working really well.

很好。Craig。我接著追問一下，你提到消費者承壓，尤其是收入越低的族群。不過，這一季零售端的表現很有動能。我在想，人們可能會保留去餐廳用餐的行程，但不一定會同樣地把零售一起帶動。Julie，你也點出有幾個品類表現得非常好。

But overall, are you surprised by the sturdiness that you're seeing in the retail business, given where the consumer is? And as you look forward, as we start to get holiday on the radar here, any changes in kind of the SKU [rat] or anything like that, that we should be thinking about as we get to the holiday season?

但整體而言，考量到消費者的狀況，你對零售業務展現出的韌性是否感到意外？另外往前看，隨著假期季節開始進入視野，在我們進入假期旺季時，SKU（品項）[rat]或類似方面是否會有任何變化，是我們需要留意的？

Yeah. Thanks, Todd. And I appreciate the question because we were really, really proud of the performance in this quarter and especially the restaurant teams are working so hard, but so are the retail teams.

是的。謝謝你，Todd。我也很感謝這個問題，因為我們對本季的表現真的非常、非常自豪；尤其餐廳團隊非常努力，但零售團隊也同樣如此。

We have a new leader in retail. I think I've chatted with you about her before. I'm so proud of Heather Hager. She joined Cracker Barrel in 2024 and was promoted to Senior Vice President of Retail just this past February. She's got a really, really broad background across retail and hospitality and all facets of that, including retail design, brand and customer experience, strategy, finance, and I'm pleased with the way she's really leading the business and the teams and the work that they're doing there.

我們零售部門有一位新領導者。我想我之前跟你聊過她。我非常以 Heather Hager 為榮。她在 2024 年加入 Cracker Barrel，並在今年 2 月剛升任零售資深副總裁。她在零售與餐旅領域擁有非常、非常廣泛的背景，涵蓋各個面向，包括零售設計、品牌與顧客體驗、策略、財務；我也很高興看到她在帶領業務、團隊以及他們在那裡所做的工作方面，展現出很好的領導力。

So as mentioned, the call, retail comps outperformed our restaurant comps for the first time in over four years. And the increases were in the units per transaction and the average unit retail.

如同電話會議中提到的，零售同店表現（retail comps）在超過四年來首次優於我們餐廳同店表現（restaurant comps）。成長主要來自每筆交易的購買件數（units per transaction）以及平均零售單價（average unit retail）的提升。

And to your point, I think there's a few things going on there. One, the initiatives around SKU rationalization. The optimized markdown strategy that Heather and the team have really been working hard on is really driving a lot for us as well. And the improved merchandising. They're working on bringing site lines down, widening aisles. They've been running a lot of tests all year, and a lot of those are coming together now, and you'll see some of those move into next year for us. They're gaining traction, and it's really working.

而就你提到的點，我認為這背後有幾件事同時在發生。第一，是圍繞 SKU 精簡（SKU rationalization）的各項措施。Heather 與團隊一直非常努力推動的最佳化折價（markdown）策略，也為我們帶來了很大的推動力。以及更好的商品陳列（merchandising）。他們正在降低視線遮擋、加寬走道。他們整年做了很多測試，而其中許多現在正逐步整合到位；你也會看到其中一些在明年推進。這些措施正在取得進展，而且確實有效。

So I've talked about the updated retail strategy in the past. There's more to come there, but they're really doing a nice job around all of this. In addition to all of that, remember, they also mitigated a bunch of tariffs, right? We had $17 million worth of tariff impacts in this last year. So they did a great job around that.

我過去也談過更新後的零售策略。後續還會有更多內容，但他們在這些方面確實做得很好。此外，也別忘了，他們也緩解了不少關稅影響，對吧？我們上一年度承受了 1,700 萬美元的關稅影響。所以他們在這方面也做得很出色。

And then I think finally, the most important thing, truly, right? I mean, obviously, the hard work and how you manage the business, and buy the business and merchandise it is important, but you got to have the right stuff. And the team has done a really wonderful job of making sure that we have product that resonates with guests.

最後我想說，真正最重要的一點是——對吧？我的意思是，當然，努力工作、如何管理業務、採購與商品化都很重要，但你必須要有對的商品。而團隊做得非常好，確保我們擁有能與顧客產生共鳴的產品。

I called out a few on the call as well, but in particular, toys have been a bright spot for us. Toys in general, have done well in the industry. But our team has done a really nice job focusing in on sensory play, fidget toys. I mean we've had runs on NeeDoh like it's a great category for us. They've done a wonderful job there.

我在電話會議中也點出幾項，尤其玩具一直是我們的亮點。整體而言，玩具在產業內表現也不錯。但我們團隊很用心聚焦在感官遊戲（sensory play）、解壓玩具（fidget toys）。我的意思是，我們的 NeeDoh 幾乎賣到缺貨，對我們來說是很棒的品類。他們在這方面做得非常出色。

And then the other thing you'll see a lot in our social media is our collectible salt and pepper shakers. They are such a hit in what a great sort of brand expression. We're able to play up on things from our legacy, things that -- stories that we want to tell, things that are uniquely Cracker Barrel. And they're just fun, and they're very affordable. So when you think about a pressured consumer and wanting to have a little retail therapy at a very affordable price [dosed] at the bill.

另外，你會在我們的社群媒體上看到很多的是我們可收藏的鹽與胡椒罐。它們非常受歡迎，也是很棒的一種品牌呈現。我們能夠強化我們的傳承元素、我們想講述的故事，以及那些獨具 Cracker Barrel 特色的事物。而且它們很有趣，也非常平價。所以當你想到消費者承壓、又想用很實惠的價格做一點「零售療癒」[dosed]，把它加在帳單上。

And then finally, right now, our front and center theme in stores is the American Heritage team, and this has been a beloved part of our summer assortment for years now. The team really worked to hone that assortment given it's the 250th anniversary of the signing of the Declaration of Independence this summer. This merchandise is selling out so fast for us.

最後，目前我們店內最醒目的主題是 American Heritage 系列，而這多年間一直是我們夏季商品組合中深受喜愛的一部分。團隊也特別針對今年夏天《獨立宣言》簽署 250 週年，進一步精煉了該系列的商品組合。這些商品對我們來說賣得非常快，幾乎一上架就售罄。

It's been so popular that actually we had to pull Halloween up because we've been running out of this American Heritage product. So Halloween actually hit the floor for us this past week, and that's actually off to a great start as well.

它受歡迎到我們其實不得不把萬聖節商品提前上架，因為我們的 American Heritage 商品快賣光了。所以萬聖節商品在上週就已經上架，而目前開局也非常不錯。

So thanks for the question. Really proud of the team and all the hard work that they're doing there. But honestly, I'll take this opportunity to really just thank the entire Cracker Barrel because everyone has worked so hard this last quarter. Our teams in the stores, the team at the support center and everyone is working really, really hard to effectuate the change that we're seeing in the results.

所以謝謝你的提問。我們對團隊以及他們在那裡所付出的所有努力感到非常自豪。但老實說，我也想藉這個機會，真心感謝整個 Cracker Barrel，因為過去這一季每個人都非常努力。我們門店團隊、支援中心團隊以及所有人都在非常、非常努力地推動我們在結果中看到的改變。

Jeff Farmer, Gordon Haskett.

Jeff Farmer，Gordon Haskett。

You guys did touch on it, but the middle of the EBITDA guidance range increased by more than 30%, which was a very big number. So I'm just curious if you can provide just a little bit more color on the nature of that, greater-than-expected flow-through you're seeing on the EBITDA line?

你們確實有提到，但 EBITDA 指引區間的中位數上調了超過 30%，這是個非常大的數字。所以我想請教，你們能否再多提供一點背景，說明在 EBITDA 這一行你們看到的、超出預期的流入（flow-through）是什麼性質？

Sure. Jeff, it's Craig. Good to be talking to you again. I think that we really -- the teams did a really good job in the quarter, and that's continuing into the fourth quarter as well. We were a little bit higher on our comp store performance, again, referencing that kind of gradual improvement. So that drove the top line to be a little bit stronger. So traffic was a bit favorable.

當然。Jeff，我是 Craig。很高興再次和你交流。我認為我們——團隊在本季做得非常好，而且這股動能也延續到第四季。我們的同店表現略高一些，再次呼應那種逐步改善的趨勢。因此帶動營收端略為更強。所以來客數（traffic）也稍微有利。

We also did a lot of work on menu mix, in particular, with add-ons. We've made some changes to our site strategy as well as our Barrel Bites or appetizers and that paid off well. We've got -- the operations team was really humming as well during the quarter. So we had a really good performance with food waste as well.

我們也在菜單組合上做了很多工作，特別是在加購（add-ons）方面。我們也對據點策略以及我們的 Barrel Bites（或開胃菜）做了一些調整，效果很好。我們的——營運團隊在本季也運轉得非常順暢。因此我們在食材浪費（food waste）方面也有非常好的表現。

So all of the pieces, all of the work that the team has been doing over the past few months and we've been planning for it and purposeful, that just came together really well from a cost perspective. And as importantly, if not even more importantly, it also translated into the guest experience, which also improved a lot.

所以所有環節、團隊過去幾個月所做的所有工作——我們一直在規劃且有目的地推進——從成本角度看都非常到位地整合在一起。而且同樣重要、甚至更重要的是，這也轉化為顧客體驗的提升，而顧客體驗也改善了很多。

So it's a function of team coming together, putting together a good plan and executing the plan. And it just -- on a number of fronts, the plan was a little bit on the higher end of our expectations, and that drove the improvement that we saw in the quarter relative to our expectations. And it also, we expect will continue to contribute to that gradual improvement that we have laid out for the fourth quarter.

所以這是團隊凝聚、制定好計畫並落實執行的結果。而且——在多個面向上，成果都略高於我們原先的預期上緣，這就推動了本季相較我們預期所看到的改善。同時，我們也預期這些因素會持續貢獻於我們為第四季所描繪的那種逐步改善。

Okay. A lot you said there. I'll process that. But actually, just my follow-up on that. So as it relates to cost control relative to everything you just sort of highlighted, how big a role has cost control played in driving that EBITDA revision, the upward revision to EBITDA on the cost control front?

好的。你講了很多。我會消化一下。但其實我接著追問的是：就你剛才提到的各項重點而言，在成本控管方面，成本控管在推動這次 EBITDA 上修——也就是 EBITDA 向上修正——中扮演了多大的角色？

Yeah. It was significant. And in this case, the cost control actually starts with -- actually, I'm going to go all the way back. It's cost control but even start the sales level. So thinking about Check and thinking about add-ons, and what the marketing team has done there to really enhance our add-ons.

是的。影響很大。而在這個案例中，成本控管其實是從——其實我想從更前面講起。這是成本控管，但甚至要從銷售層面開始。所以去思考客單（check）以及加購（add-ons），以及行銷團隊在那方面做了什麼來真正強化我們的加購。

We've also updated the way that we discounted during the quarter. So we made a lot of improvements in Q3 with our discounts in relation to where we were in Q1 and Q2, really driven by the market in Oregon and executed by the operations org. And then as I mentioned, a number of cost benefits there in terms of in terms of waste, in terms of labor, in terms of supplies.

我們也更新了本季折扣（discounting）的方式。因此相較於 Q1 和 Q2，我們在 Q3 對折扣做了很多改善，主要是由奧勒岡市場的情況所驅動，並由營運組織執行。然後如我提到的，在成本效益方面也有多項收穫，包括浪費、勞動力以及耗材等。

So it's all of it, all of those pieces coming together that some of them, a lot of cost controls, but also things that drove the top line in the form of check and improving our check performance as well during the quarter.

所以就是全部——所有這些環節整合在一起，其中有些是大量的成本控管，但也有一些是以客單形式推動營收端，並在本季同時改善了我們的客單表現。

There's no doubt, Jeff. We are operating better in our stores, right? All the metrics that I shared, the consumer-facing metrics in terms of Google Star rating, our quality scores, our value scores on food take scores, the service scores are better. The teams are just really focused.

毫無疑問，Jeff。我們門店的營運確實更好了，對吧？我分享的所有指標——面向消費者的指標，包括 Google 星等評分、我們的品質分數、我們在 Food Take 分數上的價值分數、服務分數——都更好了。團隊真的非常專注。

Again, I'm really proud of everybody's hard work and under [Heather's] leadership, they're very focused on taking care of the guests but also making sure that they're doing things properly, and that's improving waste. That's improving the scheduling. All of those things are coming together, really, really nicely. So it's just some real hard work and attention to detail by the teams on all the fronts.

再次強調，我為大家的辛勤付出感到非常自豪；在 [Heather] 的領導下，他們非常專注於照顧顧客，同時也確保把事情做對，這改善了浪費。這也改善了排班。所有這些事情真的都非常、非常好地整合在一起。所以這就是團隊在各個面向上付出大量努力並注重細節的成果。

(Operator Instructions) Jon Tower, Citi.

(接線員指示) Jon Tower，花旗（Citi）。

Maybe just starting in terms of the guest complexion, obviously, it looks like you're focusing a little bit more on fan favorites of the past and bringing those back and then innovating around them. I'm just curious if you could share some color on the guest that you're drawing in during this quarter relative to past, are they older, younger, the income levels. It sounds like you're still seeing some pressure on the lower income cohort, but any color you can provide around that would be great.

也許先從顧客結構談起，顯然看起來你們更聚焦於過去的粉絲最愛，將它們帶回來，並在其基礎上做創新。我想請教，你們能否分享一些本季吸引到的顧客相較於過去有何不同：他們更年長或更年輕、收入水準如何？聽起來你們仍看到低收入族群有些壓力，但若能就此提供一些說明會很有幫助。

Jon, it's Julie. Thanks for the question. Obviously, it's Julie. Frank hasn't done anything like me, sorry. I'll start, and then I'll have Craig jump in a little bit on some of the finer points.

Jon，我是 Julie。謝謝你的問題。很明顯是 Julie。Frank 沒有做任何像我這樣的事，抱歉。我先回答，然後我會請 Craig 補充一些更細的重點。

So let me take you back because this time last year, Jon, we had actually brought new guests into the business. And we were really excited about the work and proud of that work around Campfire, around the Cracker Barrel 400 and how the marketing -- the full marketing funnel really came together around that.

我先帶你回顧一下，Jon，因為去年這個時候，我們其實為業務帶來了新顧客。我們對 Campfire、Cracker Barrel 400 相關的工作感到非常興奮，也為那項工作感到自豪，以及行銷——完整的行銷漏斗如何在那件事上真正整合到位。

If you remember, Q1 and Q2, we lost a lot of those new guests. And we've turned very, very intentionally to our core guests, to our loyalty members and make sure that we really retained them and brought them back as we were pulling ourselves out of the Q1 situation. So we have been very, very focused on that. The teams have done a great job in the high-value loyalty guests, making sure that they're back in, making sure that we're growing loyalty as a percent of tracked sales and making sure that our guests know that we're still the Cracker Barrel that they know and love and that we're operating even better for them.

如果你記得，Q1 和 Q2 我們流失了很多這些新顧客。而當我們從 Q1 的狀況中走出來時，我們非常、非常有意識地轉向核心顧客與忠誠會員，確保我們真正留住他們並把他們帶回來。所以我們一直非常專注在這件事上。團隊在高價值忠誠顧客方面做得很棒，確保他們回流、確保忠誠客占可追蹤銷售的比例成長，並確保顧客知道我們仍是他們熟悉且喜愛的 Cracker Barrel，而且我們為他們營運得更好。

The food is even more delicious. It's made the way that they remember and the service is going to be out of this world. So that is really what the teams are doing every single day, and we're very, very focused on that.

食物更美味。做法是他們記憶中的那個味道，而服務也會好到無可挑剔。所以這就是團隊每天在做的事，我們也非常、非常專注在這上面。

In that, I'll let Craig give you the numbers around it. But we are -- we've been pressured, as you mentioned, on the lower income, but we're seeing some growth in the upper income guests which has been nice to see.

在這方面，我讓 Craig 給你一些數字。但我們——如你所提到的，低收入族群確實承受壓力，不過我們也看到高收入顧客有一些成長，這點很高興看到。

Across the demographics, it's been pretty consistent. There hasn't been a lot of newness or people coming in differently there. But we are pleased with the progress that we've been making, most intentionally around holding on to our core guests. And we've got lots of stuff to share with you as we go into next year around how we're moving that forward.

就各項人口統計而言，整體相當一致。在那方面並沒有太多新變化或不同類型的人進來。但我們對目前取得的進展感到滿意，最有意識、最核心的就是留住我們的核心顧客。而在我們邁入明年之際，關於我們如何推進這件事，我們也有很多內容可以與你分享。

Yeah. I would just really reinforce that. From an age perspective, again, relatively consistent across the different age cohorts, not a big difference there. In terms of income, as we mentioned, better performance at the higher end of the spectrum and pretty linear performance as income goes down. And this really was the quarter of the core guests kind of bringing back our legacy guests, particular guests that are part of the loyalty program, and that really was a big driver for us this quarter.

是的。我想再次強調這一點。從年齡角度來看，各個年齡層之間表現相對一致，差異不大。就收入而言，如我們提到的，在收入區間較高端的表現更好，且隨著收入下降，表現大致呈線性下滑。而這一季確實是核心顧客回流的一季，某種程度上把我們的老顧客帶回來，特別是忠誠度計畫的會員顧客，這在本季對我們是很大的驅動因素。

Got it. And maybe going to the marketing side of the equation, I know that as of last call, you were talking about marketing spend in the back half of the year being down $13 million to $17 million Curious how you're thinking about that shaping up for next year.

了解。那也許轉到行銷這一端，我知道在上次電話會議時，你們提到下半年行銷支出會減少1,300萬到1,700萬美元。想請教你們如何看待這對明年的影響與走勢。

Are you contemplating kind of a reset back to previous levels? Or are you comfortable with kind of the run rate that you're at, at the moment?

你們是否在考慮把支出重置回到先前的水準？還是你們對目前的支出運行水準（run rate）感到滿意？

Yeah. We'll touch on the marketing spend on the next call. Clearly, in the second half of the year, we adjusted down -- it was -- we were down about $7 million versus prior year and Q3 will be down roughly $7 million in Q4 versus prior year. That puts us in a range that's kind of over longer-term advertising as a percent of sales, what we've done over the very long term.

是的。我們會在下一次電話會議再談行銷支出。很明顯，在今年下半年我們做了下調——也就是——相較去年我們大約少了700萬美元，而第三季會比去年少約700萬美元，第四季也會比去年少約700萬美元。這讓我們落在一個區間，與我們長期以來廣告費用占銷售額比重的水準大致一致。

Now we want to continue to test and learn and to the degree that there is a compelling business case to spend more we will do that. But for right now, given where we are and the P&L objectives that we had, we were pretty effective with the level that we executed in Q3 and that we've got planned for Q4. And as we move into next year, we're going to use the data that we have, the best we're able to and combine that with some test and learn. And if that data says, we should stay where we are, we'll do that. And if it says we should do more, we'll do that.

我們現在仍希望持續測試與學習（test and learn），如果有足夠有說服力的商業案例支持增加投入，我們也會這麼做。但就目前而言，考量我們所處的狀況以及既定的損益表（P&L）目標，我們在第三季以這個投入水準執行得相當有效率，且第四季的規劃也是如此。而進入明年後，我們會盡可能運用手上的數據，並結合一些測試與學習。如果數據顯示我們應維持現狀，我們就會維持。如果顯示我們應該做更多，我們就會加碼。

Yeah. And I think what I would add to that, Jon, is the teams are really -- what you're seeing in the performance in Q3 is the team is really, really getting scrappy, getting focused on maximizing every single penny that we have. And that marketing is another place where the team has done a really nice job of that.

是的。Jon，我想補充的是，你在第三季看到的表現，反映出團隊真的非常、非常拚，聚焦在把我們每一分錢的效益最大化。而行銷也是團隊在這方面做得非常出色的另一個領域。

So it's not simply about reducing dollars. It's examining that entire funnel. The team's gone back through and said, okay, we're focused on retaining our guests, where do we find them? How do we go after them? We've created look-a-like audiences for all of them last year.

所以這不只是單純削減預算。而是檢視整個漏斗（funnel）。團隊回頭重新梳理並說，好，我們聚焦在留住顧客，那我們在哪裡找到他們？我們要如何觸達他們？去年我們也為他們建立了相似受眾（look-a-like audiences）。

If you remember, I've talked about the work that there and the team did to really relook at all of the audiences, relook at all of the media. And last Q4 was the first time that we had, had that sort of new funnel and those new audiences. And then given everything that happened in Q1 and Q2, we went back and reexamined all of that. So any -- so they went in and did that.

如果你還記得，我談過那段時間我和團隊所做的工作：重新檢視所有受眾、重新檢視所有媒體。而去年第四季是我們第一次採用那種新的漏斗與新的受眾。接著在第一季與第二季發生了各種事情之後，我們又回頭重新檢視了所有這些。所以——所以他們就進去把這些都重新做了一遍。

I think the last thing I would add into that is the work that we're doing around the CB 400 has also been really exciting. We've actually doubled down there even more to show up across all of the races with Speedway Motorsports this summer and really write the value proposition to life. It gives us a chance to get outside of the stores. in real, authentic ways, connect with people, share campfire with them.

我想最後再補充的是，我們在CB 400相關的工作也非常令人振奮。我們其實在那裡加倍投入，這個夏天與Speedway Motorsports合作，讓我們在所有賽事中都有更強的曝光，並真正把價值主張具體呈現出來。這也讓我們有機會走出店外，以真實、自然的方式與人們連結，和他們一起分享營火時光。

So we're looking across all pieces of the funnel, not just like your traditional media and your digital and all of the social and all those things. But the activations that we're able to pull together this summer have been really phenomenal in our partnership with them.

因此我們是在檢視漏斗的所有環節，而不只是傳統媒體、數位、社群等那些部分。而我們今年夏天能夠整合出來的各種活動，在與他們的合作之下，成果真的非常出色。

And maybe one more lever there, Jon, as well, is just the loyalty program. And we've got 12 million members and it's just a lot more efficient for us to -- efficient and effective for us to talk to them directly. And as that population has grown and continues to grow, it gives us another way to communicate with guests, and they get a little bit more out of that in terms of earning pegs and redeeming pegs and they'd love to do that in retail. And for us, it's more cost effective.

Jon，另外還有一個槓桿也值得一提，就是忠誠度計畫。我們有1,200萬名會員，對我們而言，直接與他們溝通在效率與效果上都更好。而隨著這個族群成長並持續擴大，也讓我們多了一種與顧客溝通的方式；對他們來說，在累積pegs與兌換pegs方面也能得到更多好處，而且他們很喜歡在零售端這麼做。對我們而言，成本也更具效益。

Yeah. I think I'll just build on that one because that's an excellent point, Craig. I think that's what you posed to me, and I missed it, is -- this summer, we also launched on a new promo for our loyalty members as a way to drive both activations and excitement for them. And frankly, given the macros that everybody asks us about and that we know all the consumers are experiencing out there really let our guests know that we've got them, right?

是的。Craig，我想我再延伸一下，因為這點說得非常好。我想你剛剛問到的、而我先前漏掉的是——今年夏天我們也為忠誠度會員推出了一個新的促銷活動，用來同時帶動參與度（activations）與興奮感。坦白說，考量大家一直問我們的總體環境（macros），以及我們知道所有消費者在外面正面臨的狀況，這也讓我們的顧客知道我們挺他們，對吧？

So we launched food and fuel and we call it, food and fuel internally, but it's the Fuel Your Summer Road Trip sweepstakes. And this is an example of really using the loyalty program in an exciting way to bring value to guests this summer. So any time a loyalty member purchases an entree, it started the weekend before Memorial Day through the end of July, they're entered in the sweepstakes.

所以我們推出了「food and fuel」，我們內部稱它為food and fuel，但對外是「Fuel Your Summer Road Trip」抽獎活動。這就是一個例子：用忠誠度計畫以更有趣的方式，在今年夏天為顧客帶來價值。因此，只要忠誠度會員購買一份主餐（entree），從國殤日（Memorial Day）前一個週末開始到七月底為止，就能獲得抽獎資格。

We've got 25 people winning every week in $1,000 worth of gas cards and $500 worth of Cracker Barrel foods. So it's a great -- I'm super pumped about it. I think it's amazing because I think it really speaks to what people are feeling out there right now in terms of groceries and food are more expensive and gas is more expensive and at Cracker Barrel we want. People will still be able to enjoy their summer. And we're an affordable option for them this summer.

我們每週會有25位得主，獲得價值1,000美元的加油卡，以及價值500美元的Cracker Barrel食品。所以這是一個很棒的——我對此非常興奮。我覺得這很了不起，因為它確實呼應了人們現在的感受：雜貨與食物更貴了、汽油也更貴了，而在Cracker Barrel我們希望——大家仍然能享受他們的夏天。而我們在今年夏天對他們而言是一個負擔得起的選擇。

We pointed out where our average check is versus the competition. So we think this is a great way for us to reward those loyal gas. And frankly, to get some new people into our loyalty program as well.

我們也指出了我們的平均客單（average check）相較於競爭對手的水準。因此我們認為，這是我們回饋那些忠誠顧客的一個很好的方式。而且坦白說，也能讓一些新客加入我們的忠誠度計畫。

Maybe just one last one on me for me is CapEx spend is obviously down this year relative to where it had been or at least originally thought about over time. I'm just curious, where are you guys thinking about the remodel cycle again, because obviously, there's quite a bit that still can be done at the stores with respect to bringing it to kind of modern image. But how far out are you thinking before that kicks up the end to the system?

我這邊最後一個問題是，今年的資本支出（CapEx）顯然比過去、或至少原先長期規劃所預期的水準要低。我想請教的是，你們現在如何看待翻新（remodel）週期？因為很明顯，門店在導入較現代化形象方面，仍有不少可以做的事情。但你們預期要到多遠之後，這個投入才會在整個系統端再度拉升？

So we are -- there are a lot of the great things about Cracker Barrel is in a lot of ways, the look is a look that's enduring. Now what we've continued to do is really improve on areas that are -- don't really impact that.

所以我們——Cracker Barrel 有很多很棒的地方，其中一點是，從很多方面來看，它的外觀是一種經得起時間考驗的風格。而我們持續在做的，是在一些其實不太影響那一點的領域加以改善。

So we've done work in areas like the bathrooms as an example. We've made updates there. We're continuing to make updates to the way that we show items in the retail area. So we're spending in the store in a format that is not a traditional remodel but really makes the experience more easier for the guest a little bit more effective, but really preserves the it really preserves the brand's core.

例如，我們在洗手間等區域做了工程。我們已在那裡進行更新。我們也持續更新零售區的商品陳列方式。因此，我們在店內投入的是一種不是傳統翻新的形式，但能讓顧客體驗更容易一些、更有效一些，同時也確實保留——確實保留品牌的核心。

Yeah, if I may, Jon, we have been really clear. We put the remodel program on pause this year, given everything that happened to us in Q1. We wanted to really listen to our guests. We learned a lot from that program in fiscal '24. And in '25, there are a lot of things that Craig is alluding to that worked really well for us that we were pleased with.

是的，如果我可以補充一下，Jon，我們一直講得很清楚。鑑於第一季發生在我們身上的一切，我們今年把翻新計畫暫停了。我們想要真正傾聽顧客的聲音。我們從 2024 財年那個計畫中學到了很多。而在 2025 年，Craig 剛才提到的很多事情對我們來說運作得非常好，我們也很滿意。

But our guests did not want us to move forward with that at this point in time. So we put that on hold. And when we get to '27, we'll talk about kind of what we're thinking about going forward, but it's really more in the lines of what Craig is talking about. We're just updating paint, updating bathrooms, things like that. We don't have big plans to roll over model program.

但我們的顧客此刻並不希望我們繼續推進。所以我們先把它擱置。等到 2027 年，我們會再談談未來的想法，但方向其實更接近 Craig 所說的那種。我們只是更新油漆、更新洗手間之類的事情。我們沒有大規模推動翻新計畫的打算。

Paul Howes, UBS.

UBS 的 Paul Howes。

Congratulations on great results. I guess my first question, I think you've mentioned pressure among lower income consumer. Just wondering if you noticed any other impacts from the elevated gas price and specifically if there's any indication from gas surcharge like gas price surcharges from vendors or suppliers that's probably going to, I don't know, potentially hitting the flow-through?

恭喜取得很好的業績。我想先問第一個問題，我記得你們提到低收入消費者面臨壓力。想請教你們是否注意到高油價帶來的其他影響，特別是供應商或供貨商是否有任何燃油附加費的跡象，可能會——我不知道——潛在地影響到利潤傳導（flow-through）？

Paul, yes, in -- certainly, fuel prices are up and that will impact the business in terms of distribution on the restaurant side. It also impacts the retail side of the business. So there is some impact in the fourth quarter related to fuel, and all of that is included in the guidance.

Paul，是的——確實，燃油價格上升，這會在餐廳端的配送方面影響業務。它也會影響零售端的業務。因此，第四季確實會有一些與燃油相關的影響，而這些都已包含在我們的指引之中。

Got you. And maybe just one more on maybe some bigger picture things. I'm wondering if you have seen any early signs from the usage of GLP-1, if there's any shift in guest ordering, customization trends, if you have seen anything maybe on the order size? Any color you can share with us?

了解。再問一個可能更宏觀的問題。我想知道你們是否看到使用 GLP-1 的任何早期跡象，例如顧客點餐是否有任何轉變、客製化趨勢，或是你們是否看到客單量（order size）有任何變化？有沒有什麼可以跟我們分享的觀察？

Yeah, Paul. We have been actively monitoring GLP-1s for over a year now and really watching what's going on. We have not seen any measurable impact at Cracker Barrel to date.

是的，Paul。我們已經主動監測 GLP-1 超過一年了，並且密切關注相關情況。截至目前，我們在 Cracker Barrel 尚未看到任何可衡量的影響。

Our menu strategy continues to really think about our bring backs, our innovation, the categories and all of those things. And we already have a lot of protein-forward categories. We reorganized our menu about a year ago to really make it easier for people to order by the protein that they like, whether that's beef or chicken or seafood. And we've got portion flexibility for all of our guests, right?

我們的菜單策略仍然著重在回歸品項、創新、品類，以及所有這些面向。而我們本來就有很多以蛋白質為主的品類。大約一年前我們重新整理了菜單，讓大家能更容易依照自己喜歡的蛋白質來點餐，不論是牛肉、雞肉或海鮮。而且我們也為所有顧客提供份量彈性，對吧？

We have two sides or three sides, I'd love to say you can crack it in -- your Cracker Barrel, doesn't like it when I say that. But -- we've got lots of options for people. We've got lighter comfort options. We just did an add a soup and a salad for $5, and you can take all of this.

我們有兩樣配菜或三樣配菜，我很想說你可以在——你的 Cracker Barrel 裡「crack it in」——但我們的 Cracker Barrel 不喜歡我這樣說。不過——我們給大家很多選擇。我們也有較清爽的家常風味選項。我們剛推出加 5 美元就能加點湯和沙拉，而且你可以把這些都帶走。

So what we're seeing is that people are able to customize their Cracker Barrel experience the way that they want to. If they want more protein, if they want a smaller portion, we've got that early dine option for them as well, that really sharp price point, Monday through Friday. So right now, we're feeling like we're meeting people's needs and that's what we're hearing from our guests, and that's what we're seeing. And the way mix is up, and just everything seems to be working okay for us right now.

所以我們看到的是，人們能以自己想要的方式客製化他們的 Cracker Barrel 體驗。如果他們想要更多蛋白質、或想要較小份量，我們也有早鳥用餐（early dine）選項，價格點非常犀利，週一到週五提供。因此目前我們覺得自己正在滿足大家的需求；這也是我們從顧客那裡聽到的，也是我們所觀察到的。而且產品組合（mix）在改善，整體看起來目前對我們而言都運作得不錯。

Remember, people love abundant portions at Cracker Barrel at a very fair price point. We hear that again and again from our guests as we look at our pricing. And as we're constantly talking to our guests and evaluating their needs, that continues to be the resident theme, which is abundant portion at a fair price, and that's what you get here at Cracker Barrel.

請記得，大家喜歡在 Cracker Barrel 以非常合理的價格享用份量豐盛的餐點。當我們檢視定價時，會一再從顧客那裡聽到這點。而當我們持續與顧客對話並評估他們的需求時，這仍然是最核心的主題：合理價格、份量豐盛——而這正是你在 Cracker Barrel 得到的。

This concludes our question-and-answer session. I would like to turn the conference back over to Julie Masino for any closing remarks. Please go ahead.

問答環節到此結束。我想把電話會議交回給 Julie Masino，請她做結語。請開始。

Thank you for joining us today. I want to again thank our 70,000-plus team members who are doing such a great job focusing on our guests and executing our plans. We are encouraged by our progress and are confident that our continued focus on serving delicious food and delivering an exceptional guest experience will sustain this momentum.

感謝各位今天加入我們。我也想再次感謝我們超過 70,000 名的團隊成員，他們在聚焦顧客並落實我們的計畫方面做得非常出色。我們對目前的進展感到鼓舞，也有信心持續專注於提供美味餐點並帶來卓越的顧客體驗，將能維持這股動能。

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

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以中斷連線。