奇波雷墨西哥燒烤 (CMG) 2025 Q1 法說會逐字稿

Good day and welcome to the Chipotle Mexican Grill first-quarter 2025 conference call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 Chipotle Mexican Grill 2025 年第一季電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Cindy Olsen, Head of Investor Relations and Strategy. Please go ahead.

現在，我想將會議交給投資者關係和策略主管辛迪奧爾森 (Cindy Olsen)。請繼續。

Hello, everyone, and welcome to our first-quarter fiscal 2025 earnings call. By now, you should have access to our earnings press release. If not, it may be found on our Investor Relations website at ir.chipotle.com.

大家好，歡迎參加我們的 2025 財年第一季財報電話會議。現在，您應該可以訪問我們的收益新聞稿了。如果沒有，您可以在我們的投資者關係網站 ir.chipotle.com 上找到。

I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements. These statements are based on management's current business and market expectations, and our actual results could differ materially from those projected in the forward-looking statements. Please see the risk factors contained in our annual report on Form 10-K and our Form 10-Q for a discussion of the risks that may cause our actual results to vary from these forward-looking statements.

首先我要提醒您，本簡報中有關我們未來業務和財務結果的某些陳述和預測構成前瞻性陳述。這些聲明是基於管理層目前的業務和市場預期，我們的實際結果可能與前瞻性聲明中的預測有重大差異。請參閱我們的 10-K 表和 10-Q 表年度報告中包含的風險因素，以了解可能導致我們的實際結果與這些前瞻性陳述不同的風險。

Our discussion today will include non-GAAP financial measures. A reconciliation to GAAP measures can be found via the link included on the presentation page within the Investor Relations section of our website.

我們今天的討論將包括非公認會計準則財務指標。您可以透過我們網站投資者關係部分中的演示頁面上的連結找到與 GAAP 指標的對帳。

We will start today's call with prepared remarks from Scott Boatwright, Chief Executive Officer; and Adam Rymer, Chief Financial Officer, after which we will take your questions. Our entire executive leadership team is available during the Q&A session.

今天的電話會議將以執行長 Scott Boatwright 的準備好的演講開始；以及財務長 Adam Rymer，之後我們將回答您的問題。我們的整個執行領導團隊都會在問答環節中出席。

And with that, I will turn it over to Scott.

說完這些，我將把麥克風交給史考特。

Thanks, Cindy, and good afternoon, everyone.

謝謝，辛迪，大家下午好。

While our first-quarter results were impacted by several headwinds including weather and a slowdown in consumer spending, our teams continue to make great progress improving the execution in our restaurants, testing and rolling out exciting backup house innovation, and building out our brand in the US and internationally.

雖然我們的第一季業績受到天氣和消費者支出放緩等多種不利因素的影響，但我們的團隊繼續取得巨大進展，改善了我們餐廳的執行情況，測試和推出令人興奮的備用內部創新，並在美國和國際上打造了我們的品牌。

Additionally, Chipotle Honey Chicken is off to a terrific start, driving incremental transactions in our restaurants.

此外，Chipotle Honey Chicken 的開局非常出色，推動了我們餐廳交易量的增加。

Now turning to our first-quarter results. Sales grew over 6% to reach $2.9 billion including a comparable sales decline of 0.4%. Digital sales represented 35.4% of sales. Restaurant level margin was 26.2%, a decrease of 130 basis points year over year. Adjusted diluted earnings per share was $0.29, representing 7% growth over last year. And we opened 57 new restaurants including 48 Chipotles.

現在來談談我們的第一季業績。銷售額成長超過 6%，達到 29 億美元，其中可比銷售額下降 0.4%。數位銷售額佔銷售額的35.4%。餐廳層面利潤率為26.2%，較去年同期下降130個基點。調整後每股攤薄收益為 0.29 美元，較去年同期成長 7%。我們開設了 57 家新餐廳，其中包括 48 家 Chipotles。

Before I give an update on our five key strategies, I will provide insight into our current trends and outlook. In February, we began to see that the elevated level of uncertainty felt by consumers are starting to impact their spending habits. We could see this in our visitation study where saving money because of concerns around the economy was the overwhelming reason consumers were reducing the frequency of restaurant visits.

在介紹我們的五大關鍵策略之前，我將先介紹我們當前的趨勢和前景。從二月開始，我們開始發現消費者感受到的不確定性開始影響他們的消費習慣。我們在訪問研究中可以看到這一點，由於擔心經濟問題而省錢是消費者減少去餐廳頻率的壓倒性原因。

This drove a slowdown in our underlying transaction trends. This trend has continued into April. While we can't predict how long these consumer headwinds will last, what I do know is that the Chipotle brand has never been stronger, that we have an extraordinary value proposition that is more important than ever to focus on being guest-obsessed to earn every transaction.

這導致我們的基本交易趨勢放緩。這一趨勢一直持續到四月。雖然我們無法預測這些消費逆風將持續多久，但我確實知道的是，Chipotle 品牌從未如此強大，我們擁有一個非凡的價值主張，比以往任何時候都更重要的是專注於以顧客為中心來贏得每一筆交易。

Now turning to our outlook, current underlying trends would result in a low-single-digit full year comp and return to positive transaction growth in the second half of the year. We also have several near-term initiatives that I am confident will accelerate this trend.

現在轉向我們的展望，當前的潛在趨勢將導致全年銷售額達到低個位數，並在下半年恢復正交易成長。我們也推出了幾項近期舉措，我相信這些舉措將加速這一趨勢。

Before I get into the details of these initiatives, I want to first review our five key strategies that will help win today while we grow our future. And these strategies include: running successful restaurants with a people accountable culture that provides great food with integrity of delivering exceptional in-restaurant and digital experiences, amplifying technology and innovation to drive growth and productivity at our restaurants, support centers, and in our supply chain, making the brand visible, relevant, and loved to acquire new guests and improve overall guest engagement, sustaining world-class people leadership by developing and retaining top talent at every level, and expanding access and convenience by accelerating new restaurant openings in North America and internationally.

在詳細介紹這些舉措之前，我想先回顧一下我們的五項關鍵策略，這些策略將幫助我們在發展未來的同時贏得今天的勝利。這些策略包括：以對人負責的文化經營成功的餐廳，以誠信提供美味的食物，提供卓越的餐廳和數位體驗；擴大技術和創新，推動餐廳、支持中心和供應鏈的增長和生產力；使品牌知名度高、相關性強、受人喜愛，以吸引新客人並提高整體客人參與度；通過培養和留住各個世界一流的頂尖人才來維持世界一流的便利性；

First, starting with our restaurants. Our value proposition is rooted in exceptional people serving delicious food, fast throughput, and affordable price point. In fact, the average cost of our most popular entree at Chicken Bowl or burrito is still under $10, which is about 20% to 30% below comparable fast casual meals and can reach as high as 50% below comparable meals in some markets.

首先，從我們的餐廳開始。我們的價值主張植根於優秀的員工提供美味的食物、快速的服務以及實惠的價格。事實上，我們最受歡迎的 Chicken Bowl 主菜或墨西哥捲餅的平均價格仍然低於 10 美元，比同類快餐低 20% 至 30%，在某些市場甚至比同類餐點低 50%。

What you get for this price is handcrafted, high-quality culinary in abundance, at a speed at which you can't find anywhere else. This is resonating with our guests, and we can see it in our brand tracker, which continues to gain momentum. In fact, our latest survey shows Chipotle ranks top three in a record 15 perceptual drivers and leads in key areas including good amount of food for your money and quality of ingredients.

您可以以這個價格享受大量手工製作的高品質烹飪美食，而且速度也是在其他地方無法比擬的。這引起了我們客人的共鳴，我們可以在品牌追蹤器中看到這一點，並且其勢頭持續增強。事實上，我們最新的調查顯示，Chipotle 在創紀錄的 15 個感知驅動因素中排名前三，並在物有所值的食物量和食材品質等關鍵領域處於領先地位。

We believe that we have built a strong competitive advantage by delivering on this value proposition year after year and our success today and in the future relies on our ability to continue to wow our guests when they choose to eat at Chipotle.

我們相信，透過年復一年地實踐這一價值主張，我們已經建立了強大的競爭優勢，而我們今天和未來的成功取決於我們能否繼續讓選擇在 Chipotle 用餐的客人感到驚嘆。

Our teams are working hard and our culinary and throughput continue to be key differentiators for the brand. However, we do have an opportunity to lean into exceptional hospitality as part of our focus on being guest obsessed.

我們的團隊正在努力工作，我們的烹飪和產量繼續成為品牌的關鍵差異化因素。然而，我們確實有機會提供卓越的款待，這是我們專注於客人至上原則的一部分。

At our Field Leader Conference in March, which included all leaders above restaurant general managers, I posed this simple question: what if, in addition to great culinary and great speed, we also renewed our commitment to great hospitality?

在 3 月的現場領導者會議上，所有餐廳總經理以上的領導者都出席了會議，我提出了一個簡單的問題：如果除了出色的烹飪和極快的速度之外，我們還重新致力於提供優質的服務，那會怎樣？

With this in mind, we laid out specific actions to be accomplished in our restaurants that will not interrupt our focus on throughput. This includes a friendly smile at tortilla, a heartfelt thank you from our cashier, clean dining rooms and drink stations, and great guest on-site recovery for any issue.

考慮到這一點，我們制定了餐廳需要完成的具體行動，這些行動不會影響我們對吞吐量的關注。這包括對玉米餅的友好微笑、收銀員的衷心感謝、乾淨的餐廳和飲料站，以及為客人現場解決任何問題提供的出色服務。

Fact is, smiles down the line, don't slow us down. Our restaurant leaders have cascaded this message and rolled out training tools to all of our nearly 3,800 restaurants. While it will take time to build the guest-obsessed culture across 130,000 team members, I am confident that we can do this and it will further strengthen our industry-leading value proposition at a time when our guests appreciate it most.

事實是，一路上的微笑並不會拖慢我們的腳步。我們的餐廳領導已廣泛傳達了這一訊息，並向我們所有近 3,800 家餐廳推出了培訓工具。雖然在 130,000 名團隊成員中建立以客人為中心的文化需要時間，但我相信我們能夠做到這一點，並且在我們的客人最欣賞它的時候，它將進一步加強我們行業領先的價值主張。

Additionally, exceptional throughput remains a key priority, and we continue to make progress on executing the four pillars of throughput, including expo. In fact, a recent review showed that a handful of our sub-regions, which average about 60 restaurants each, have an expo in place over 80% of the time. While this tells us what is possible, our reviews also show us that restaurants without an expo in place, often still prepping and not properly deployed for the peak period.

此外，卓越的吞吐量仍然是我們的首要任務，我們將繼續在執行包括博覽會在內的四大吞吐量支柱方面取得進展。事實上，最近的調查顯示，我們的幾個子區域（平均每個區域約有 60 家餐廳）80% 以上的時間都會舉辦博覽會。雖然這告訴我們什麼是可能的，但我們的評論也表明，沒有舉辦博覽會的餐廳通常仍在做準備，而沒有為高峰期做好適當的部署。

As a reminder, our prep process begins at 6:00 or 7:00 AM so that we can be finished by the time we open at 10:30 AM. For those who have not seen prep at a Chipotle restaurant, it looks like a farmer's market, including whole heads of romaine lettuce, 25-pound bags of whole onions, boxes of bell peppers, jalapenos, and avocados and bunches of cilantro.

提醒一下，我們的準備過程從早上 6:00 或 7:00 開始，以便我們可以在上午 10:30 開門前完成。對於那些沒有見過 Chipotle 餐廳準備過程的人來說，它看起來就像一個農貿市場，包括整顆羅馬生菜、25 磅重的整顆洋蔥袋、一盒盒甜椒、墨西哥辣椒、酪梨和一束香菜。

When our crew arrives in the morning, they grab knives, cutting boards, pots, and pans, and get to work preparing our delicious food. Sometimes restaurants get behind in the morning and as a result are not properly deployed for the peak period, preventing the execution of the four pillars, including expo.

當我們的工作人員早上到達時，他們會拿起刀具、砧板、鍋碗瓢盆，開始準備美味的食物。有時餐廳早上的營業時間會落後，導致無法在高峰時段進行妥善部署，阻礙了包括博覽會在內的四大支柱的實施。

In addition to consistent training and reps, we also believe our backup house equipment innovation will be the next big unlock for more restaurants to complete prep on time and be ready for throughput at peak.

除了持續的培訓和代表之外，我們還相信，我們的備用室內設備創新將成為更多餐廳的下一個重大突破，使其能夠按時完成準備工作並為高峰時段的吞吐量做好準備。

This brings me to amplifying technology and innovation. We are well underway testing and rolling out innovative tools that will modernize the experience for our team members without compromising Chipotle's heritage, high quality, handcrafted culinary experience, including the farmers' market that I just described.

這讓我開始擴大技術和創新。我們正在測試和推出創新工具，這些工具將為我們的團隊成員提供現代化的體驗，同時又不損害 Chipotle 的傳統、高品質、手工烹飪體驗，包括我剛才描述的農夫市集。

We remain on track to have the produce slicer in all restaurants by this summer, which will improve the speed of prep and improve the culinary by ensuring consistent cut sizes for onions, bell peppers, and jalapenos. We are also expanding the rollout of the equipment package, which includes the dual-sided plancha, three-pan rice cooker, and the high-capacity fryer.

我們計劃在今年夏天之前在所有餐廳配備蔬菜切片機，這將提高準備速度，並透過確保洋蔥、甜椒和墨西哥胡椒的切割尺寸一致來改善烹飪效果。我們也正在擴大設備包的推出範圍，其中包括雙面電鍋、三鍋電鍋和大容量炸鍋。

In addition to new restaurant openings that will begin in Q4 of this year, we are now in the process of rolling out the equipment package to an additional 100 existing restaurants over the next few months. Based on the results, we can accelerate the rollout to all restaurants, which we believe we can complete over the next several years.

除了今年第四季開始開幕的新餐廳外，我們還計劃在未來幾個月內向另外 100 家現有餐廳推出該設備包。根據結果，我們可以加快向所有餐廳推出這項服務，我們相信我們可以在未來幾年內完成。

While we do anticipate that we will realize efficiencies from these initiatives, some of this will be invested back into our restaurants to enhance the experience for our teams and our guests. This will enable our crews to be properly deployed during peaks, driving better throughput and a better guest experience. It will also improve and drive better consistency across culinary, which is key as we continue to scale this great brand.

雖然我們確實預期這些措施將提高效率，但其中一部分資金將重新投資到我們的餐廳，以提升我們團隊和客人的體驗。這將使我們的工作人員能夠在高峰期得到適當的部署，從而提高吞吐量並為客人帶來更好的體驗。它還將改善並推動整個烹飪領域的一致性，這對於我們繼續擴大這個偉大品牌至關重要。

Finally, we continue to make progress with both Autocado and the augmented digital makeline. These are both customized pieces of equipment co-developed by Chipotle and our innovative partners. We have gone through several iterations, including in-restaurant testing, and over the last couple of months, both were back at our cultivate center for additional enhancements.

最後，我們繼續在 Autocado 和增強數位生產線方面取得進展。這些都是 Chipotle 和我們的創新合作夥伴共同開發的客製化設備。我們已經經歷了幾次迭代，包括在餐廳內進行的測試，並且在過去的幾個月裡，兩者都回到了我們的培育中心進行進一步的改進。

Autocado is now back in a restaurant for further testing and an augmented digital makeline will be back in a restaurant later this summer. We are happy with the progress we are seeing and remain optimistic about both pieces of equipment.

Autocado 現已回到一家餐廳進行進一步測試，增強數位生產線將於今年夏天晚些時候回到餐廳。我們對所看到的進展感到滿意，並對這兩台設備保持樂觀。

Turning to marketing, our Chipotle Honey Chicken limited time offer is off to a strong start. Since its launch in March, it has had a higher mix than any other limited time offer, even surpassing its two market pilot tests. It is also driving incremental transactions, and the guest feedback has been overwhelmingly positive. I am confident this will be another successful LTO to bring back in the future.

談到行銷，我們的 Chipotle Honey Chicken 限時優惠開局良好。自三月推出以來，其產品組合比任何其他限時優惠都要高，甚至超過了其兩次市場試點測試。它也推動了交易量的增加，客人的回饋也非常積極。我相信這將是未來又一次成功的 LTO。

Looking forward, our marketing team has an enhanced plan for the summer and the remainder of the year to make Chipotle more visible, more relevant, and more loved to drive difference, drive purchase, and drive culture.

展望未來，我們的行銷團隊對今年夏季和剩餘時間制定了強化計劃，以使 Chipotle 更加引人注目、更具相關性、更受喜愛，從而推動差異化、推動購買、推動文化。

For example, beginning in May and continuing through the summer, we will meaningfully ramp up our marketing spend to reach more guests and meet them where they are. This will include menu innovation around a possible site or dip, increasing marketing in our digital and social channels, and leveraging our rewards platform to target specific customer cohorts and group occasions.

例如，從五月開始一直到整個夏天，我們將大幅增加行銷支出，以接觸更多的客人並在他們所在的地方與他們見面。這將包括圍繞可能的地點或蘸醬進行菜單創新，增加我們數位和社交管道的營銷，並利用我們的獎勵平台來針對特定的客戶群和團體場合。

We are also rethinking our catering business, which we see as an opportunity long term. Today, catering is only about 1.5% of sales with little or no marketing. Yet, it is one of the best experiences at Chipotle. We have developed a plan to scale the business and we'll roll out a catering test this fall in one of our sub-regions.

我們也在重新考慮我們的餐飲業務，我們認為這是一個長期機會。如今，餐飲僅佔銷售額的 1.5% 左右，幾乎沒有行銷。然而，這是 Chipotle 最好的體驗之一。我們已經制定了擴大業務規模的計劃，並將於今年秋天在我們的一個子區域推出餐飲測試。

Our tests will include the new equipment package, additional storage, as well as new technology to best allocate orders and drive demand. We can then see if it allows us to effectively scale the catering business without impacting our core business. We will share our learnings along the way.

我們的測試將包括新的設備包、額外的儲存空間以及最佳分配訂單和推動需求的新技術。然後我們可以看看它是否允許我們有效地擴大餐飲業務規模而不影響我們的核心業務。我們將分享我們一路以來的學習成果。

Now shifting to our exceptional people. When we ask our teams what they love most about working at Chipotle, they consistently mention industry-leading benefits, culinary, commitment to food with integrity, and their ability to grow within the organization.

現在轉向我們傑出的人才。當我們詢問團隊最喜歡在 Chipotle 工作的哪一點時，他們總是提到行業領先的福利、烹飪、對食品的誠信承諾以及他們在組織內成長的能力。

Our growth has resulted in countless inspiring stories of life-changing careers to make Chipotle a very special company to work for. In fact, at our Field Leader Conference in March, we featured and celebrated the successful journey of one of our team directors. 20 years old, he moved to the United States and started working at Chipotle as a crew member. Over the last 12 years, he worked his way up through the organization.

我們的成長帶來了無數改變人生的職業勵志故事，使 Chipotle 成為一家非常特別的公司。事實上，在我們三月的現場領導會議上，我們重點介紹並慶祝了一位團隊主管的成功歷程。 20歲時，他移居美國，開始在Chipotle擔任服務生。在過去的12年裡，他透過自己的努力在組織中不斷晉升。

He credits his General Manager and his Team Director for helping him develop and grow along the way, including learning English, buying his first home, and supporting his family. And now he's one of our top leaders managing $200 million business. This type of leader inspires our teams and is able to build a strong culture in their restaurants, which is key to stability and consistency.

他感謝總經理和團隊主管一路幫助他發展和成長，包括學習英語、購買第一棟房子以及支持他的家人。現在他是我們管理 2 億美元業務的高階領導之一。這種類型的領導者激勵我們的團隊，並能夠在他們的餐廳建立強大的文化，這是穩定和一致性的關鍵。

This drives a great experience for our team, which then ladders up to a great experience for our guests, ultimately driving results.

這為我們的團隊帶來了極好的體驗，進而為我們的客人帶來了極好的體驗，最終帶來了成果。

Our culture and focus on developing exceptional people makes us an employer of choice, and I'm proud to share that we were recognized again by Fortune as one of the world's most admired companies. And we continue to have so much more opportunity for our teams as we aim to promote 90% internally and scale to our long-term goal of 7,000 restaurants in the US and Canada.

我們的文化和對培養傑出人才的關注使我們成為首選雇主，我很自豪地告訴大家，我們再次被《財富》雜誌評為全球最受尊敬的公司之一。我們將繼續為我們的團隊提供更多機會，因為我們的目標是內部晉升 90%，並擴大規模，實現在美國和加拿大開設 7,000 家餐廳的長期目標。

Finally, moving to expanding access. In the US and Canada, we opened 57 new restaurants in the quarter. We remain on track to open between 315 and 345 new restaurants this year, with 80%, including a Chipotle. This includes 15 to 20 new restaurants in Canada, which will mark another record year of openings.

最後，轉向擴大准入。在美國和加拿大，我們本季開設了 57 家新餐廳。我們今年仍計劃開設 315 至 345 家新餐廳，其中 80% 包括 Chipotle。其中包括在加拿大開設 15 至 20 家新餐廳，這將創下新餐廳開幕數量的另一個新高。

New restaurant economics remain strong with year two cash on cash returns around 60%. Additionally, our overall cash on cash return is in the low 80% range as restaurants continue to grow their economics over time, which gives us a lot of confidence and long-term growth targets.

新餐廳經濟依然強勁，第二年的現金回報率約為 60%。此外，隨著餐廳經濟效益的持續成長，我們的整體現金回報率處於 80% 的低位，這給了我們很大的信心和長期成長目標。

In the Middle East, we opened two more restaurants with the Alshaya Group in February. We now have five restaurants open, including three in Kuwait and two in Dubai. Results continue to be very strong, as we mentioned last quarter. We will accelerate growth this year with the Alshaya Group.

在中東，我們在二月與 Alshaya 集團合作開設了另外兩家餐廳。我們目前開設了五家餐廳，其中三家在科威特，兩家在杜拜。正如我們上個季度提到的那樣，業績繼續保持強勁。今年我們將與 Alshaya 集團一起加速發展。

Finally, I'm excited to share that we recently signed a new partnership agreement with Alsea, the leading operator in Latin America and Europe to open restaurants in Mexico. We anticipate the first restaurant to open in early 2026, and we will also begin to explore possible expansion into additional markets in the region.

最後，我很高興地告訴大家，我們最近與拉丁美洲和歐洲領先的營運商 Alsea 簽署了一項新的合作協議，在墨西哥開設餐廳。我們預計第一家餐廳將於 2026 年初開業，我們也將開始探索在該地區其他市場擴張的可能性。

To close, I want to thank our restaurant and support center teams for their commitment to being guest obsessed. During these uncertain economic times, our objective is to invest in the things that make Chipotle a special brand. Our people, our culinary, our value proposition, innovation, and our growth. By doing so, we expect that our brand and our business will be even stronger when the economic headwinds subside.

最後，我要感謝我們的餐廳和支援中心團隊致力於以客人為中心。在當前不確定的經濟時期，我們的目標是投資那些讓 Chipotle 成為一個特殊品牌的東西。我們的員工、我們的烹飪、我們的價值主張、創新和我們的成長。透過這樣做，我們預計當經濟逆風消退時，我們的品牌和業務將更加強大。

We continue to be optimistic about our ability to expand 7,000 restaurants in the US and Canada, grow our AUVs to over $4 million, expand margins, and make our way to becoming a global iconic brand. Not only will this mean providing delicious real food around the world, but it will also mean growth of our people and the impact of our purpose to cultivate a better world on more communities.

我們仍然對我們在美國和加拿大擴展 7,000 家餐廳、將平均營業額 (AUV) 增長到 400 萬美元以上、擴大利潤率以及成為全球標誌性品牌的能力持樂觀態度。這不僅意味著向世界各地提供美味的真正食物，也意味著我們員工的成長以及我們建立更美好世界的宗旨對更多社區的影響。

With that, I will turn it over to Adam.

說完這些，我會把它交給亞當。

Thanks, Scott, and good afternoon, everyone.

謝謝，斯科特，大家下午好。

Sales in the fourth quarter grew over 6% year over year to reach $2.9 billion including a comparable sales decline of 0.4%. Restaurant level margin of 26.2% declined about 130 basis points compared to last year. Earnings per share was $0.28 on a GAAP basis and $0.29 on a non-GAAP basis adjusted for unusual items representing 7% year-over-year growth.

第四季銷售額年增超過 6%，達到 29 億美元，其中可比銷售額下降 0.4%。餐廳層面的利潤率為26.2%，與去年相比下降了約130個基點。每股盈餘以 GAAP 計算為 0.28 美元，以非 GAAP 計算為 0.29 美元，經異常項目調整後年增 7%。

As Scott mentioned, in February, we began to see that the elevated level of uncertainty felt by consumers was starting to impact their spending. This drove a meaningful change in our underlying transaction trend that has continued into April, with some improvement late in the quarter from the success of Chipotle Honey Chicken. As we look to Q2, we are facing our most challenging comparison as we lap an 11.2% comp from last year, including a high teens comp in April.

正如史考特所提到的，二月，我們開始看到消費者感受到的不確定性增加開始影響他們的支出。這促使我們的基本交易趨勢發生了有意義的變化，這種變化一直持續到四月份，由於 Chipotle Honey Chicken 的成功，本季末出現了一些改善。展望第二季度，我們面臨最具挑戰性的比較，因為我們與去年同期相比成長了 11.2%，其中 4 月的成長幅度高達十幾歲。

Additionally, we roll off about 90 basis points of price and have an additional 100 basis points headwind due to the timing of Easter. With all of this in mind, we think it is best to consider our two-year stock comp trend, which was around 7% in February and March and accelerated by about 100 basis points in April. Assuming no change in the consumer environment, we anticipate that this trend to carry through Q2 and for comps to turn positive, exiting the quarter as comparisons ease and will return us to positive transaction growth in the second half of the year.

此外，由於復活節的時間，我們的價格下降了約 90 個基點，並且還面臨額外的 100 個基點的阻力。考慮到所有這些，我們認為最好考慮我們兩年的股票補償趨勢，該趨勢在 2 月和 3 月約為 7%，在 4 月加速了約 100 個基點。假設消費環境沒有變化，我們預計這一趨勢將持續到第二季​​度，並且可比銷售額將轉為正值，隨著比較的緩和，本季度結束時交易量將恢復正增長，下半年也將恢復正增長。

I will now go through the key P&L line items beginning with cost of sales. Cost of sales in the quarter were 29.2%, an increase of about 40 basis points from last year. The benefit of our menu price increase was more than offset by inflation and higher usage across several items, most notably avocados, dairy, and chicken, in addition to the mixed impact from limited time offers. Relative to our guidance, avocados were favorable as the year-over-year step-up was less than we anticipated, and our supply chain and in-restaurant initiatives began to offset the increase in usage from last year.

我現在將從銷售成本開始介紹關鍵的損益項目。本季銷售成本為29.2%，較去年同期增加約40個基點。菜單價格上漲帶來的好處被通貨膨脹和幾種商品（尤其是酪梨、乳製品和雞肉）使用量的增加所抵消，此外還有限時優惠帶來的混合影響。相對於我們的指導，酪梨的表現是有利的，因為同比增長低於我們的預期，而且我們的供應鏈和餐廳內舉措開始抵消去年使用量的增長。

For Q2, we expect our cost of sales to be in the high 29% range as the mixed benefit from Chipotle Honey chicken will be more than offset by higher inflation across several items, the normalization of avocado prices, and the impact of the newly enacted tariffs included aluminum and the broad-based 10% tariff. We estimate these tariffs will have an ongoing impact of about 50 basis points, and due to inventory on hand, we anticipate a 20 basis points impact in Q2, which is included in our guidance.

對於第二季度，我們預計銷售成本將在 29% 的高位，因為 Chipotle Honey 雞肉帶來的混合收益將被幾種商品的通貨膨脹率上升、酪梨價格的正常化以及新頒布的關稅（包括鋁和廣泛的 10% 關稅）的影響所抵消。我們估計這些關稅將產生約 50 個基點的持續影響，並且由於庫存，我們預計第二季度的影響將達到 20 個基點，這已包含在我們的指導中。

These estimates do not include any impact from the tariffs that were postponed, or the 25% tariffs on Mexico and Canada, since our imports fall under the USMCA exemption.

由於我們的進口屬於 USMCA 豁免範圍，這些估計不包括推遲的關稅或對墨西哥和加拿大徵收 25% 關稅的影響。

Regarding the 60 basis points investment that we made in 2024 to ensure consistent and generous portions, we estimate that we have offset more than half of the impact from supply chain savings, as well as improved execution in our restaurants. We continue to anticipate a full offset by the back half of the year through several in-restaurant initiatives, including the produce slicers.

關於我們在 2024 年為確保一致且慷慨的份量而進行的 60 個基點的投資，我們估計我們已經通過供應鏈節省以及餐廳執行力的提高抵消了一半以上的影響。我們預計，透過包括農產品切片機在內的幾項餐廳內部舉措，今年下半年將完全抵銷這一影響。

We still anticipate underlying cost of sales inflation to be in the low-single-digit range for the full year, which excludes the normalization of avocado prices, the mixed impact from LTOs, the portion investment, and any impact from tariffs. Labor costs for the quarter were 25%, an increase of about 60 basis points from last year, primarily driven by lower volumes as leverage from pricing offset wage inflation.

我們仍預期全年銷售成本通膨將處於低個位數區間，這不包括酪梨價格的正常化、長期收購的混合影響、部分投資以及關稅的影響。本季勞動成本為 25%，比去年同期增加了約 60 個基點，主要原因是定價槓桿抵消了薪資上漲，導致產量下降。

For Q2, we expect our labor cost to be in the mid 24% range, with wage inflation in the low-single-digit range, as we have now lapped the 20% step-up in California wages from April of last year. Other operating costs for the quarter were 14.4%, an increase of about 10 basis points from last year, primarily driven by lower volumes as leveraged from pricing offset underlying inflation across a number of items, most notably utilities.

對於第二季度，我們預計勞動成本將在 24% 左右，薪資通膨率將在個位數低位，因為我們現在已經趕上了去年 4 月以來加州薪資上漲 20% 的步伐。本季其他營運成本為 14.4%，比去年同期增加約 10 個基點，主要原因是由於定價槓桿抵消了許多項目（尤其是公用事業）的潛在通膨，導致銷售下降。

Marketing and promo cost were 3% of sales in Q1, an increase of about 10 basis points from last year. In Q2, we expect marketing costs to be in the mid 2% range, with the full year in the high 2% range, which includes the incremental spend for our summer marketing plans.

第一季行銷和促銷成本佔銷售額的 3%，比去年增加約 10 個基點。在第二季度，我們預計行銷成本將在 2% 的中間範圍內，而全年將在 2% 的高範圍內，其中包括我們夏季行銷計劃的增量支出。

In Q2, other operating costs are expected to be in the high 13% range. G&A for the quarter was $173 million on a GAAP basis, or $161 million on a non-GAAP basis, excluding about $12 million related to equity awards granted last year for retention of key executives.

第二季度，其他營運成本預計將達到 13% 的高點。本季的一般及行政費用 (G&A) 為 1.73 億美元（以 GAAP 計算）或 1.61 億美元（以非 GAAP 計算），不包括去年為留住關鍵高階主管而授予的股權獎勵相關的約 1,200 萬美元。

G&A also includes $133 million in underlying G&A, $23 million related to non-cash stock compensation, which included a reduction in our performance share accruals, $2 million related to payroll taxes on equity vesting and exercises partially offset by lower bonus accruals, and $3 million related to our Field Leadership Conference, which was held in March of this year.

一般及行政費用還包括 1.33 億美元的基本一般及行政費用、2,300 萬美元與非現金股票薪酬有關（其中包括績效股票應計金額的減少）、200 萬美元與股權歸屬和行權的工資稅有關（部分被較低的獎金應計金額所抵消），以及 300 萬美元與今年 3 月舉行的現場領導力會議有關。

We expect our underlying G&A to be around $135 million in Q2 and step up each quarter as we make investments in people and technology to support ongoing growth. We anticipate the second quarter G&A will also include around $36 million in stock-based compensation, although this amount could move up or down based on our actual performance, offset by $3 million in lower bonus accruals, bringing our anticipated total G&A in Q2 to around $168 million.

我們預計第二季的基本 G&A 金額約為 1.35 億美元，並且隨著我們在人才和技術方面的投資以支持持續成長，每季的 G&A 金額都會增加。我們預計第二季度的 G&A 費用還將包括約 3,600 萬美元的股票薪酬，儘管這一金額可能會根據我們的實際表現而上下波動，但扣除 300 萬美元的較低獎金應計費用後，我們預計第二季度的 G&A 總額將達到約 1.68 億美元。

Depreciation for the quarter was $87 million or 3% of sales. For 2025, we expect it to remain around 3% of sales. Our effective tax rate for Q1 was 22.9% for GAAP and 22.7% for non-GAAP, and benefited from option exercises and equity vesting above grant values. For 2025, we estimate our underlying effective tax rate will be in the 25% to 27% range, though it may vary based on discrete items.

本季折舊為 8,700 萬美元，佔銷售額的 3%。到 2025 年，我們預計其銷售額仍將維持在 3% 左右。我們第一季的有效稅率為 GAAP 22.9%，非 GAAP 22.7%，並受益於選擇權行使和高於授予價值的股權歸屬。到 2025 年，我們估計我們的基本有效稅率將在 25% 至 27% 之間，儘管它可能會根據單一項目而有所不同。

Our balance sheet remains strong, and we ended the quarter with $2.1 billion in cash, restricted cash, and investments, and no debt. During the quarter, we purchased $554 million of our stock at an average price of $54.15 and we will continue to opportunistically purchase our stock. During the quarter, the Board authorized an additional $400 million to our share purchase authorization, and at the end of the quarter, we have $875 million remaining.

我們的資產負債表依然強勁，本季末我們擁有 21 億美元的現金、受限現金和投資，且沒有債務。本季度，我們以平均 54.15 美元的價格回購了價值 5.54 億美元的股票，我們將繼續擇機回購股票。在本季度，董事會批准了額外的 4 億美元股票購買授權，截至本季末，我們還剩下 8.75 億美元。

To close, I would like to thank our 130,000 team members for your focus on being guest obsessed and earning every transaction, which is more important than ever in a challenged consumer environment. We are in a fortunate position with an industry-leading economic model, an exceptional value proposition, and a fortressed balance sheet which enables us to continue to invest in what makes Chipotle such a special brand and enable our long-term growth. I'm confident that we have a strong plan for the remainder of the year and look forward to sharing our progress with you in the coming quarters.

最後，我要感謝我們 13 萬名團隊成員，感謝你們專注於以客人為中心並賺取每一筆交易，這在充滿挑戰的消費環境中比以往任何時候都更加重要。我們很幸運，擁有業界領先的經濟模式、卓越的價值主張和穩健的資產負債表，這使我們能夠繼續投資於 Chipotle 的特殊品牌，並實現長期成長。我相信我們對今年剩餘時間有一個強有力的計劃，並期待在未來幾季與您分享我們的進展。

And with that, we can open it up for questions.

這樣，我們就可以開始提問了。

(Operator Instructions) Andrew Charles, TD Cowen.

（操作員指示） Andrew Charles，TD Cowen。

Great, thank you and thank you for the comprehensive action items to help turn on performance. Scott, when we look across publicly traded fast casual concepts, it appears they're reaching greater scale and replicating the successful Chipotle playbook of deploying advertising, speed of service, menu innovation, loyalty programs, as well as executing on unique growth targets in the suburbs.

太好了，謝謝你，也謝謝你提供的全面的行動項目來幫助提升績效。史考特，當我們回顧公開交易的快餐休閒概念時，我們發現它們正在達到更大的規模，並複製 Chipotle 的成功策略，即部署廣告、提高服務速度、菜單創新、忠誠度計劃，以及在郊區實現獨特的增長目標。

I'm curious what leaves you confidence that fast casual competition won't impede your target for positive traffic in the back half of this year?

我很好奇，是什麼讓您有信心，快餐休閒競爭不會妨礙您在今年下半年實現正客流量的目標？

Yeah, hi, Andrew. Thanks for the question. We look at our fast casual competitors, we often monitor their performance in the marketplace, their performance relative to ours. What gives me a lot of confidence is we have competition, as you can imagine, that opens up near or in close proximity to Chipotle's today, and we don't see any material impact to our business.

是的，你好，安德魯。謝謝你的提問。我們關注我們的快餐休閒競爭對手，我們經常監控他們在市場上的表現，以及他們相對於我們的表現。讓我非常有信心的是，正如你所想像的，我們今天在 Chipotle 附近或附近遇到了競爭對手，而且我們沒有看到對我們的業務有任何實質性的影響。

As a matter of fact, in most cases, we see an increase in traffic to the area and we garner more than our fair share. And what I attribute that to is an extraordinary value proposition, a speed at which our competitors are hard pressed to manage or at least even compete with, and that gives me a lot of confidence regardless of what's happening in the marketplace.

事實上，在大多數情況下，我們看到該地區的交通量增加，而且我們獲得的流量超過了我們應得的份額。我認為這歸功於一種非凡的價值主張，一種我們的競爭對手難以控制甚至難以與之競爭的速度，無論市場發生什麼，這都給了我很大的信心。

The Chipotle brand has never been stronger. Our value proposition has never been greater. Our food has never been better, and our speed is unmatched.

Chipotle 品牌從未如此強大。我們的價值主張從未如此偉大。我們的食物從未如此美味，我們的速度無與倫比。

Yeah, I would just add to that, Scott. If you look at fast casual, it's growing considerably, but it's still really small in general when it comes to the overall restaurant space. And so I think there's still a lot of room for growth.

是的，我只想補充一點，史考特。如果你看一下快餐休閒餐廳，你會發現它正在大幅增長，但就整個餐飲業而言，它的規模總體上仍然很小。因此我認為仍有很大的成長空間。

It's a great point. I actually said this at the Bayside conference recently. We build a new competitor every single year. We'll build between 315 and 345 new restaurants this year alone, which surpasses the size and scale of most of our competitors.

這是一個很好的觀點。事實上，我最近在 Bayside 會議上說過這件事。我們每年都會培養一個新的競爭對手。光是今年，我們就將開設 315 至 345 家新餐廳，規模超過了大多數競爭對手。

That's helpful. And if I could ask one follow-up, I appreciate the commentary on tariffs and the impact on COGS. How should we think about the impact on new starts or CapEx? And I think you talked about how new start economics, 60%, while still very strong, diminished a bit from the 60% to 70% you talked about last quarter.

這很有幫助。如果我可以問一個後續問題，我很感謝有關關稅和對 COGS 的影響的評論。我們該如何看待對新開工或資本支出的影響？我認為您談到了新創業經濟，雖然 60% 仍然非常強勁，但比上個季度提到的 60% 到 70% 略有下降。

Yeah, so when it comes to tariffs on new store bills, it's still a little bit in flux, of course, with everything that's moving around, but everything that's been enacted so far. We think it'll be an increase of somewhere in the mid-single-digit range, but a lot of that comes from China and as we've seen in the news in the last couple of days, that percentage could be coming down, so that could have an impact on our new store returns. But again, still very much in flux and appears to be somewhat minimal at this point.

是的，所以當涉及新商店賬單的關稅時，當然，它仍然有點不穩定，因為一切都在變化，但到目前為止一切都已經頒布。我們認為增幅將在個位數中段，但其中很大一部分來自中國，正如我們在過去幾天的新聞中看到的那樣，這一比例可能會下降，因此這可能會對我們的新店回報產生影響。但同樣，變化仍然很大，目前看來變化很小。

Very helpful. Thank you.

非常有幫助。謝謝。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

All right, thank you. Just I guess a question and then maybe just a clarification on your marketing comments. The question is, you mentioned maybe the consumer slowing, but I think depending on how I interpret your comments about the run rate signals I mean first of all, as you said the two-year stack approved and then when I looked versus 2019, albeit that was a long time ago now, it's actually incredibly stable so I'm just curious what you might be seeing?

好的，謝謝。我只是想問一個問題，然後也許只是澄清一下您的行銷評論。問題是，您提到消費者可能正在放緩，但我認為這取決於我如何解讀您對運行率訊號的評論，我的意思是，首先，正如您所說，兩年期堆疊已獲批准，然後當我查看 2019 年的數據時，儘管那是很久以前的事了，但它實際上非常穩定，所以我只是好奇您可能會看到什麼？

I know you mentioned survey data, but is there any kind of, I guess, legitimacy to the idea that maybe it's just difficult comparisons as opposed to a real fundamental change in consumer behavior? And then like I said, I will have a quick follow-up on the marketing spend, please.

我知道您提到了調查數據，但我認為，這種認為這只是難以比較的結果，而不是消費者行為真正根本改變的想法，是否具有合理性？然後就像我說的，我將快速跟進行銷支出情況。

Hi, Sara, thank you. As I think about the consumer visitation study we just took just a few weeks ago and look at why consumers are spending less, and it was all around this idea of saving money, economic uncertainty, they're eating at home more frequently than they're eating out. What we asked specifically around Chipotle is around convenience, which we've been hearing for many years, which really supports our long-term growth strategy to get to 7,000 restaurants to create convenience and access for the consumer.

嗨，薩拉，謝謝你。當我想到我們幾週前剛進行的消費者訪問研究並研究為什麼消費者支出減少時，我發現這一切都與省錢的想法、經濟不確定性有關，他們在家吃飯的頻率比外出吃飯的頻率高。我們特別詢問了 Chipotle 的便利性問題，我們已經聽了很多年了，它確實支持了我們的長期成長策略，即覆蓋 7,000 家餐廳，為消費者創造便利和訪問管道。

So we believe it's a culmination of many things, whether it's weather, the Easter shift, whether it's consumer slowdown and consumer spending, and or tough compares. I really believe it's all of the above, but I think the underlying trend, I'll let Adam weigh in here, is really tied to the consumer sitting on the sideline.

因此，我們認為這是多種因素共同作用的結果，無論是天氣、復活節的變化、消費放緩和消費者支出，還是艱難的比較。我確實相信以上所有因素都有，但我認為，潛在的趨勢，我讓亞當來權衡一下，確實與坐在場邊的消費者息息相關。

Yeah, and I think that's right, Scott. So if you look at it, especially across February, we started to see kind of our underlying transactions soften a little bit. But then as we go into March, we launched Chipotle Honey Chicken and that provided a little bit of an offset. But then we started to comp over the Easter shift.

是的，我認為這是對的，斯科特。所以如果你看一下，特別是在二月份，我們開始看到我們的基礎交易減弱。但進入三月份，我們推出了 Chipotle Honey Chicken，這在一定程度上抵消了銷量下滑的影響。但後來我們開始在復活節輪班期間進行補償。

And as you know, Easter, it's a springboard really for our burrito season and getting us on the spring seasonality. And so the fact that that happened several weeks later, there's a bunch of layers to kind of peel back there, but net net, we are measuring a few 100 basis points lower on our trend, which we believe is primarily macro-related like Scott said.

如你所知，復活節實際上是我們墨西哥捲餅季節的跳板，讓我們進入春季的季節。因此，事實是幾週後就發生了這種情況，我們需要剝離很多層面面紗，但總體而言，我們的趨勢是下降了幾百個基點，我們認為這主要與宏觀經濟有關，就像斯科特所說的那樣。

Great, thank you. And then just on the marketing, I think you took up the spend as a percentage of revenues just a little bit. Is there room to do even more if you see the returns are quite positive? I know some of your traditional QSR peers spend twice that revenue share on marketing.

太好了，謝謝。然後就行銷而言，我認為你只把支出佔收入的百分比提高了一點點。如果您看到回報相當可觀，是否還有進一步做多的空間？我知道一些傳統的 QSR 同行在行銷上花費了兩倍的收入份額。

Yeah, Sara, so we took a hard look at summer seasonality the last couple of years we've seen a step down in the business during that summer time frame. And what Chris and the team have come up with is a plan that has -- that will reach consumers and remain -- keep us relevant with our consumers more consistently throughout the summer. And we're looking at it as the return on ads spend, obviously, and Chris and team are hyper-focused on returns with the marketing spend.

是的，薩拉，所以我們仔細研究了過去幾年夏季的季節性，我們發現夏季業務有所下滑。克里斯和他的團隊制定了一項計劃，該計劃將涵蓋消費者，並在整個夏季讓我們與消費者保持更持續的聯繫。顯然，我們將其視為廣告支出的回報，而克里斯和團隊則高度關注行銷支出的回報。

But I think how we're thinking about the consumer because linear ATV as you know, just doesn't work as hard for us or isn't as efficient in the summer months, but thinking about what's possible with regard to streaming, social activations, or just reaching the consumer in a different way during the summer months, and some digital activation to add top spend from our digital team, I think we'll have a meaningful impact on the summer.

但我認為，我們正在考慮消費者，因為正如你所知，線性 ATV 對我們來說並不那麼有效，或者在夏季不那麼高效，但考慮在串流媒體、社交激活方面有什麼可能性，或者只是在夏季以不同的方式接觸消費者，以及一些數字激活來增加我們數字團隊的最高支出，我認為我們將對夏季產生有意義的影響。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

My question is really getting back to kind of the underlying slowdown you mentioned. I guess, Scott, how did you diagnose that it was all macro and not something specific to Chipotle, I guess as you look at your internal metrics or however you want to look at it or however you benchmark your business versus others? Why wouldn't you think that maybe there isn't something related to specifically Chipotle and in this environment? Thanks.

我的問題實際上是回到您提到的潛在的經濟放緩問題。史考特，我想，你是如何判斷這都是宏觀因素，而不是 Chipotle 特有的因素的，我想當你查看你的內部指標時，或者無論你想如何查看它，或者無論你將你的業務與其他業務進行比較時？為什麼你不認為也許沒有與 Chipotle 和這種環境特別相關的東西呢？謝謝。

Thank you, David. Yeah, I think that I'm confident the brand has never been stronger, David. If I look at every KPI whether I'm looking at operational KPIs, people KPIs, or more importantly, how we're performing in the consumer visitation study in our own brand tracker, we've never been stronger.

謝謝你，大衛。是的，我相信這個品牌從未如此強大，大衛。如果我查看每個 KPI，無論是查看營運 KPI、人員 KPI，還是更重要的是，查看我們在自己的品牌追蹤器中的消費者訪問研究中的表現，我們從未如此強大。

We moved into a record 15 perceptual drivers, top 3 this past quarter, which gives us confidence. We are making the right decisions as it relates to value for the money, food for the money, quality of ingredients. We've moved into two measures we haven't seen before in the past around, cares a lot about the customer as well as customer care, customer satisfaction, which is exciting to see, which supports the whole guest obsessed movement we put into place just a couple of months ago.

上個季度，我們創紀錄地擁有 15 個感知驅動因素，排名前三，這給了我們信心。我們正在做出正確的決定，因為它與物有所值、食物的性價比以及食材的品質有關。我們採取了兩項以前從未見過的措施，非常關心客戶以及客戶關懷和客戶滿意度，這令人興奮，它支持了我們幾個月前實施的整個以客戶為中心的運動。

Couldn't be proud of our restaurant teams for their performance. Turnover is holding steady at all-time lows. Staffing levels are at all-time highs. The digital team continues to lean in and innovate and remove friction points within the app. They continue to work on customer journeys. We can talk about that in a moment.

我們為餐廳團隊的表現感到無比自豪。營業額維持在歷史最低水準。人員配備水準達到了歷史最高水準。數位團隊繼續努力創新並消除應用程式中的摩擦點。他們繼續致力於客戶旅程。我們稍後可以討論這個問題。

We are doing all the right things and so it has to lead me to believe that the consumer slowdown and pullback is probably the leading factor for the sales performance in Q1 and what's happening in Q2. So I'd leave you with that, David.

我們正在做的一切都是正確的，因此我相信，消費放緩和回落可能是影響第一季銷售業績和第二季銷售情況的主要因素。所以我就把這個留給你了，大衛。

Great, that's very helpful. And then Adam, I know you sometimes look at the business trend, I know you mentioned the two-year comp performance, but I know in the past you talked about taking what you're seeing in the most recent few months and running that forward on a seasonally adjusted basis. I guess, does that give you the same answer when you look at it that way in terms of how you're guiding for the rest of the year?

太好了，這非常有幫助。然後亞當，我知道你有時會關注商業趨勢，我知道你提到了兩年的業績表現，但我知道你過去談到過根據最近幾個月看到的情況，在季節性調整的基礎上進行調整。我想，當您以這種方式看待您對今年剩餘時間的指導時，您是否會給出相同的答案？

That's how I would look at Q2 like we talked about that two-year comp stepped up to about 8%. If you push that through for Q2, I think that's a good place to get to in terms of a Q2 comp. When you start to think about the second half of the year, if you were to push forward that same trend, it would yield a positive comp in the second half, including the positive transactions like we discussed and a slightly positive full year comp, somewhere in that 0% to 1% range.

這就是我對第二季的看法，就像我們談到的，兩年的複合成長率上升至約 8%。如果您在第二季度推動這一目標，我認為從第二季度的比較來看，這將是一個不錯的成績。當你開始考慮下半年時，如果你推動同樣的趨勢，它將在下半年產生積極的收益，包括我們討論過的積極交易和略微積極的全年收益，在 0% 到 1% 的範圍內。

But we believe with the initiatives that we already had in place going into this year, as well as some of the things that we're leaning into that Scott just mentioned around summertime, that we can build upon that to get to that low-single-digit comp that we guided for the full year.

但我們相信，憑藉我們今年已經實施的舉措，以及斯科特在夏天剛剛提到的一些我們正在傾向的事情，我們可以在此基礎上再接再厲，實現我們預期的全年低個位數增長。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Thanks, guys. I wanted to ask you maybe to dig into the data that you might have collected in terms of your consumer survey or study. There's been an acceleration in the restaurant industry chain traffic trends in the last four weeks ending mid-April. And back in February, it was really bad. The industry was down 4% or 5% traffic wise. It's been flat over the last four weeks. So it got a little bit better through March.

謝謝大家。我想請您深入研究您在消費者調查或研究中收集到的數據。截至四月中旬的過去四周，餐飲業連鎖店的客流量趨勢已加速。回到二月份，情況真的很糟。該行業的客流量下降了 4% 或 5%。過去四周一直持平。所以三月的情況有所改善。

So that's a chain, those are chain numbers. So maybe some of the big fast food chains are getting better that were doing pretty awful last year as you're maybe dealing with some difficult comparisons. So I'm wondering if your study is showing that consumers are maybe trading to other traditional fast food players, and if you think that that is happening, how does that inform your view about consumer value and your marketing strategy? And I have a quick follow-up.

這就是一個鏈，這些是鏈數字。因此，也許一些大型快餐連鎖店正在好轉，而去年它們的表現卻非常糟糕，因為你可能需要進行一些艱難的比較。所以我想知道，您的研究是否表明消費者可能正在轉向其他傳統快餐企業，如果您認為這種情況正在發生，那麼這對您對消費者價值的看法以及您的行銷策略有何影響？我有一個快速的後續行動。

Yeah, hi, David, Scott here. As we look at our data, we continue to gain share across all restaurants, both QSR and fast casual, and so we feel like we're in a really good place. The promotional activity you're seeing are primarily trading share between QSRs at present based on our information. So we feel good about where we sit today.

是的，你好，大衛，我是史考特。從數據來看，我們在所有餐廳（包括快餐店和休閒快餐店）中的份額都在不斷增長，因此我們感覺自己處於一個非常好的位置。根據我們的訊息，您所看到的促銷活動目前主要是 QSR 之間的交易份額。因此，我們對目前的狀況感到滿意。

We continue to lean into my idea or our idea of value, which is benefit over price. We're going to hold price constant day. We're going to continue to lean into the benefit of the offering. We're lean into high quality, great culinary, abundant portioning throughout all restaurant occasions and all channels, and then lean into the customer experience in a more meaningful way, which I talked about on the in the prepared remarks.

我們繼續傾向於我的想法或我們的價值觀念，即效益高於價格。我們將每日保持價格不變。我們將繼續關注該產品的益處。我們在所有餐廳場合和所有管道中都注重高品質、出色的烹飪和豐富的份量，然後以更有意義的方式註重客戶體驗，我在準備好的評論中談到了這一點。

And I just want to ask you about Honey Chicken. You said it's done well and no doubt it is doing well, but I wonder if doing well might be 8 out of 10 versus maybe one of the best LTO's you've ever done, but it might not be quite to Chicken al Pastor, which might have been a 10 out of 10 in terms of lift the sales and incrementality.

我只是想問你關於蜂蜜雞的事。您說它做得很好，毫無疑問它做得很好，但我想知道做得好是否可能是 10 分中的 8 分，也許是您做過的最好的 LTO 之一，但它可能不完全是 Chicken al Pastor，從提升銷售額和增量的角度來看，它可能是 10 分中的 10 分。

So I just wonder how you're viewing this because clearly, something that mixed over 20% last year with Chicken al Pastor might just be too big of a mountain for you to climb over and that might be frankly what we're looking at here.

所以我只是想知道您是如何看待這個問題的，因為很明顯，去年與 Chicken al Pastor 混合超過 20% 的東西對您來說可能是一個難以逾越的大山，坦率地說，這可能就是我們在這裡所看到的。

Yeah, David, the mixed percent on Chipotle Honey Chicken is outpacing Chicken al Pastor, which gives us confidence that that LTO is working really hard for us in this environment, and we feel like it is moving transactions.

是的，大衛，Chipotle Honey Chicken 的混合百分比超過了 Chicken al Pastor，這讓我們相信 LTO 在這種環境下確實為我們努力工作，我們感覺它正在推動交易。

Yeah, I would say, David, it's probably in that at least 100 to 200 basis points range on transactions. The problem is we launched in the middle of March and then soon thereafter was the Easter shift. And so that's kind of cloudy in a little bit of that compare. But again, with the idea that it's driving that much in transactions in a really tough consumer environment, we're really excited about what this could do, as we potentially bring it out in another year when the environment is not so tough.

是的，我想說，大衛，交易的波動範圍可能至少在 100 到 200 個基點之間。問題是我們在三月中旬啟動，然後很快就到了復活節輪班。因此，這種比較有點模糊。但是，考慮到它在非常艱難的消費環境中能夠推動如此大的交易量，我們對它所能帶來的影響感到非常興奮，因為我們可能會在另一年環境不那麼艱難的時候推出它。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Hi, thanks for taking the question. I guess as you kind of unpack what's happening in your business, how do you think about what's happening by income cohort? Is there anything to talk about there or the digital versus walk-in business, and a divergence and urban versus suburban? So trying to unpack that.

你好，謝謝你回答這個問題。我想，當您分析您的業務中正在發生的事情時，您如何看待收入群體正在發生的事情？那裡有什麼好談的嗎？或數位業務與步入式業務，以及城市與郊區的差異？因此嘗試解開它。

And then how do you translate that and how quickly can you translate that to your marketing plan?

那麼您如何轉化這一點以及您能多快將其轉化為您的行銷計劃？

Yeah, hi, Sharon. I'll jump in and I'll flip it over to Adam. We took a hard look at the consumer by income cohort, which we're not seeing any divergence in any cohort, specific cohort, and we took a look at it by geography. And we see that the slowdown is more macro versus generalized or by geography or by cohort. So we're not seeing anything that would lead us to believe that there's a problem with the consumer today as it relates to Chipotle, Chipotle's consumers.

是的，你好，莎倫。我會跳進去並將其交給亞當。我們仔細研究了按收入群體劃分的消費者，沒有發現任何群體、特定群體有任何差異，並且我們按地理位置進行了研究。我們發現，經濟放緩更多的是宏觀層面的，而不是普遍性的，也不是按地域或群體劃分的。因此，我們沒有看到任何讓我們相信今天的消費者與 Chipotle 以及 Chipotle 的消費者有問題的證據。

Yeah, I would agree, Scott. I mean, it's broad-based whether it's income, whether it's suburban, urban. We're not seeing a deflection there. So it again just appears very broad based.

是的，我同意，斯科特。我的意思是，它具有廣泛的基礎，無論是收入，無論是郊區還是城市。我們沒有看到那裡出現偏轉。因此，它再次顯得基礎非常廣泛。

Can I ask a follow-up because if I back into the average weekly sales for digital, it seems to kind of have gap more negatively in the first quarter where it had been trending relative to the non-digital business. Is there something happening there with delivery that's particularly weak or anything going on with the rewards program which you think you can amplify better?

我可以問一個後續問題嗎？因為如果我回到數位業務的平均每週銷售額，第一季的數位業務與非數位業務的差距似乎更大。您認為在配送方面是否存在特別薄弱的地方，或者獎勵計劃方面是否存在可以進一步完善的地方？

I'll start by saying I think there is more we can do in digital to amplify better. I will tell you marketplace is holding up very consistent month over month and quarter over quarter where we are seeing some deterioration in white label, and we see that moving more order head pick up and in restaurant. So that's the only softness we're seeing in the channel today.

首先我想說，我認為我們可以在數位領域做更多的事情來取得更好的效果。我會告訴你，市場月環比、季環比保持著非常穩定的表現，我們看到白標業務惡化，但我們看到餐廳的訂單量增加。這是我們今天在頻道中看到的唯一疲軟。

Can we do more? Yes, and we're innovating against customer journeys which I've talked about before. And I'll give you an idea of one of those journeys as we think about digital and how we remove friction from the app. We just completed what I believe to be a very successful AI test on time of day and content optimizations with our welcome journey which saw significant increases to our engagement rates as we continue to drive for 3 purchases within our first 90 days.

我們能做得更多嗎？是的，我們正在針對我之前談到的客戶旅程進行創新。當我們思考數位化以及如何消除應用程式中的摩擦時，我將向您介紹其中一次旅程。我們剛剛完成了一項我認為非常成功的人工智慧測試，該測試針對的是歡迎旅程中的時間和內容優化，我們的參與率顯著提高，因為我們在前 90 天內繼續推動了 3 次購買。

And then separately on the welcome journey, we continue to test offers to expedite progress through the journey. And so while the team is still testing and iterating, we're learning on the fly, but I believe there's more to do there as the team gets sharper around the journey specific to new lapsed and at-risk consumers within the digital ecosystem.

然後在歡迎旅程中，我們繼續測試各種優惠，以加快旅程的進度。因此，雖然團隊仍在測試和迭代，我們也在不斷學習，但我相信，隨著團隊對數位生態系統中新流失和高風險消費者的旅程變得更加敏銳，我們還有很多工作要做。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Yeah, thank you. Good evening. When you talked about sort of elevating hospitality and I guess some of these other initiatives just increasing marketing maybe some new innovation, was that an output of -- did some of your survey work, for example, indicate any sort of deficiency there or things that people were sort of concerned about? For example, on sort of guides or add-ons, was there -- do you think there's just a real interest in that that you haven't kind of tapped successfully in the past? What drove some of those decisions to move forward with those things?

是的，謝謝。晚安.當您談到提升飯店服務水準時，我想這些其他舉措只是增加了行銷，也許是一些新的創新，這是不是您的一些調查工作的成果——例如，您的一些調查工作是否表明存在任何缺陷或人們所擔心的事情？例如，對於指南或附加元件，您是否認為人們對此真的感興趣，而您過去卻沒有成功挖掘過？是什麼促使我們做出這些決定並繼續推動這些事情？

Yeah, thanks, Brian. I'll tell you these initiatives have been in flight for some time as far back as Q4 of last year. So it wasn't necessarily about what's happening with the consumer today. It was just different thinking, if you will, between this leadership team and past leadership on how we approach marketing specifically, how we think about digital and the customer that work has been in flight for some time.

是的，謝謝，布萊恩。我可以告訴你，這些措施早在去年第四季就已經實施了一段時間。所以這不一定與當今消費者的情況有關。如果你願意的話，這個領導團隊和過去的領導團隊之間只是在如何具體地對待行銷、如何看待數位化和客戶方面存在不同的想法，而這項工作已經開展了一段時間了。

I'll tell you Chris Brandt has been asking for more marketing dollars for the eight years I've been with this brand, so he's pretty darn excited as we think about spend and how we reach more consumers more frequently.

我可以告訴你，在我為這個品牌效力的八年裡，克里斯·布蘭特 (Chris Brandt) 一直在要求增加行銷資金，因此當我們考慮支出以及如何更頻繁地接觸更多消費者時，他非常興奮。

The operational component, I was seeing some pretty material deficiencies and I'm pretty hard on the ops team as it relates to the guest experience. We did do an impact analysis on the consumer last year problem detection study, if you will, that told us we're not as clean as we should be at peak as it relates to dining room and drink station. We're not as friendly as we probably should be in restaurants and that we don't handle customer recovery well.

在營運部分，我發現了一些相當大的物質缺陷，我對營運團隊的要求相當嚴格，因為這關係到客人的體驗。如果您願意的話，我們確實對去年的消費者問題檢測研究進行了影響分析，結果表明，就餐廳和飲料站而言，我們的清潔程度並不如高峰時期那麼高。我們在餐廳裡可能沒有達到應有的友好程度，而且我們沒有很好地處理顧客挽回問題。

And so that's why we're leaning into the operational improvements. And I'll tell you, the team has really knocked it out of the park. We are seeing refunds drop as a percentage of sales. We are seeing cost of care drop and we're moving the needle on brand perception with the consumer, evidenced by our brand tracker remarks that I made earlier.

這就是我們傾向於營運改善的原因。我要告訴你，這支球隊確實表現出色。我們發現退款佔銷售額的比例正在下降。我們看到護理成本正在下降，我們正在改變消費者對品牌的認知，我之前對品牌追蹤器的評論證明了這一點。

Great, that's helpful. Thank you.

太好了，很有幫助。謝謝。

On the tariff impact, could you -- I know you said kind of like aluminum, could you elaborate on what items are affected there? I don't know if it's any other packaging items and what equipment, either for new restaurants or based on some of the like the new equipment package, what actually could be affected there under current plans?

關於關稅的影響，我知道您說的是鋁，可以詳細說明受影響的商品有哪些嗎？我不知道是否有任何其他包裝物品和設備，無論是用於新餐廳還是基於一些新的設備包，根據目前的計劃實際上會受到影響嗎？

And so the 50 basis points that I shared in the prepared comments as it relates to aluminum and then the 10% broad based, that was mostly or pretty much all on cost of sales. So the big categories there are going to be beef. We get some of our beef from Australia, so that's been impacted as well as packaging from various countries. I mean, so think about Vietnam, Indonesia, Thailand, areas like that, as well as avocados from Colombia and Peru.

因此，我在準備好的評論中分享了與鋁相關的 50 個基點，然後是 10% 的廣泛基礎，這主要或幾乎全部基於銷售成本。所以那裡的大類別就是牛肉。我們的牛肉部分來自澳大利亞，因此以及來自各國的包裝都受到了影響。我的意思是，想想越南、印尼、泰國等地區，以及來自哥倫比亞和秘魯的酪梨。

And so those categories right there are going to be the majority of that 50 basis points. And then when it comes to new restaurant builds, it's a few different categories. I mean everything from lumber to shelving to to some of the other items. Like I mentioned earlier, that one is still a little bit in flux, especially the items that come from China. And so that one, we're going to continue to really understand how we can mitigate those costs, but those are the main categories when it comes to cost of sales.

因此，這些類別將佔這 50 個基點的大部分。說到新餐廳的建設，則分為幾個不同的類別。我指的是從木材到架子到其他一些物品的所有東西。正如我之前提到的，這一點仍然有點不穩定，尤其是來自中國的商品。因此，我們將繼續真正了解如何降低這些成本，但這些是銷售成本的主要類別。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Great, thanks, guys. Two-part question on the sales trend, if I could, please. The first one, just adding to the question around observations of what you're seeing, anything on lunch versus dinner to call out? Is it easier for your customer to cut back on lunch in this environment, but dinner is holding up better? Anything there?

太好了，謝謝大家。如果可以的話，請問關於銷售趨勢的兩部分問題。第一個問題，只是想補充一下您所觀察到的情況，關於午餐和晚餐有什麼需要注意的嗎？在這種環境下，您的顧客是否更容易減少午餐，但晚餐表現得更好？有什麼？

And the second part, Scott, just as it relates to the initiatives that you outlined to drive a return to positive transaction costs in the back half, can you just help frame up a bit how you think about what's most impactful, maybe the additional marketing, maybe the third new menu item, the new protein, I assume probably in the back half of the throughput? Anything there you could just frame up, what's most impactful in in the back half as you sit here today?

第二部分，斯科特，正如您所概述的推動下半年交易成本回歸正值的舉措一樣，您能否稍微解釋一下，您認為什麼是最有影響力的，也許是額外的營銷，也許是第三個新菜單項，新的蛋白質，我猜想可能在吞吐量的後半部分？您能概括出什麼嗎？今天坐在這裡，後半部最有影響力的是什麼？

Thank you.

謝謝。

Yeah, thanks, Dennis. I'll answer the last part of your second question first, and I'll flip over to Adam to answer your first question just to make things really confusing. I think about the consumer flywheel they talk about operations, marketing, and digital, and when those three things are working in harmony for this brand, great things happen for us and for the consumer.

是的，謝謝，丹尼斯。我將首先回答您的第二個問題的最後一部分，然後我會翻到亞當來回答您的第一個問題，只是為了讓事情變得更加混亂。我想到他們談論的消費者飛輪，即營運、行銷和數位化，當這三者為這個品牌協調運作時，我們和消費者都會獲得巨大的收益。

And I'll tell you, the most important thing we can do, we've said this, gosh, for the last eight years I've been here is continue to lean into great throughput in our restaurants. And so operationally, we'll continue to push our teams and challenge our teams on delivering on the four cornerstones of great throughput to ensure that we have expo in place, the produce slicer, which we haven't talked about today, will be in all restaurants by the end of Q2.

我要告訴你，我們能做的最重要的事情，我們已經說過了，天哪，過去八年來我一直在這裡，就是繼續依靠我們餐廳的巨大吞吐量。因此，在營運方面，我們將繼續推動我們的團隊並挑戰我們的團隊實現高吞吐量的四大基石，以確保我們有博覽會，我們今天還沒有談到的農產品切片機將在第二季末出現在所有餐廳。

The restaurants we're in today are already seeing improved expo placement, improved throughput. We're seeing better labor management in those restaurants. We're seeing more consistent cut sizes. So I think once we get to scale all restaurants with the produce slicer, we'll have a step change in our throughput performance leading into the back half of the year.

我們今天所在的餐廳已經看到了展覽位置的改善和吞吐量的提高。我們看到這些餐廳的勞動力管理有所改善。我們看到了更一致的切割尺寸。因此，我認為，一旦我們在所有餐廳都使用農產品切片機，我們的吞吐量性能將在下半年發生重大變化。

The marketing initiatives that are in flight are really just to maintain our position as it relates to relevance for the consumer throughout the summer months when our competitors continue to spend at high levels. I think we just fall behind in those months.

正在進行的行銷舉措實際上只是為了保持我們的地位，因為這與整個夏季消費者的相關性有關，因為我們的競爭對手會繼續進行高水準的支出。我認為我們只是在那幾個月裡落後了。

And then the digital ecosystem, Kurt and his team constantly think through ways to remove friction within the app, to make it a seamless experience for the consumer, and then meet the consumer through this idea we keep talking about around personalization to drive increased frequency and add-ons to check in the digital system.

然後是數位生態系統，Kurt 和他的團隊不斷思考如何消除應用程式內的摩擦，為消費者帶來無縫體驗，然後透過我們一直在談論的個人化理念來滿足消費者的需求，以增加數位系統中的簽到頻率和附加組件。

So I say that to say I think it's all of the above. If we just stay on our current trend line that we see today, we'll move into positive transactions in the second half. Everything I just described to you will add top spin to what we're seeing.

所以我這樣說是說我認為以上都是原因。如果我們只是保持今天看到的當前趨勢線，我們將在下半年實現積極的交易。我剛才向你描述的一切都會為我們所看到的情況增添上旋效果。

Yeah, and then in terms of the lunch versus dinner mix, I mean, overall, our sales are pretty evenly split between the two, but dinner has been holding up better than lunch recently. And that was through last year and it's also true in the first quarter of this year. So holding up a little bit better and therefore lunch is down a little bit more than dinner has been, especially recently.

是的，就午餐和晚餐的組合而言，我的意思是，總體而言，我們的銷售額在兩者之間分配相當均勻，但最近晚餐的表現比午餐要好。去年的情況如此，今年第一季的情況也是如此。因此，情況會好一點，午餐的價格比晚餐的價格低一點，尤其是最近。

Gregory Francfort, Guggenheim.

古根漢美術館的格雷戈里·弗蘭克福特。

Hey, thanks for the question. I know someone asked about it earlier, just on tariffs on the new builds. I'm wondering if there's any like where you're sourcing the new equipment from for the equipment package and if there's any impact on either cost or just availability and timing of the ability to roll that out?

嘿，謝謝你的提問。我知道之前有人問過這個問題，只是關於新建建築的關稅。我想知道您是否從哪裡採購設備包中的新設備，以及這是否會對成本或可用性以及推出時間產生影響？

And then my second question is just any more clarity on the margin impact you might be able to see as you get the whole suite of that equipment package in? Thanks.

我的第二個問題是，當您獲得整套設備包時，您是否能夠更清楚地看到對利潤的影響？謝謝。

Yeah, hi. So most of the equipment that we use here in the US is manufactured in the US. Now its component parts are the things that will be subject to tariffs as those things come from other countries, as you can imagine. So we really don't understand the full impact today. We have an educated guess, and that's baked into what Adam talked about earlier as it relates to build costs, inflation and build costs.

是的，你好。因此，我們在美國使用的大多數設備都是在美國製造的。現在，它的組成部分將被徵收關稅，因為這些東西來自其他國家，你可以想像。所以我們今天確實不了解其全部影響。我們有一個有根據的猜測，這與亞當之前談到的與建設成本、通貨膨脹和建設成本有關的內容有關。

I'm sorry, I forgot the second part of your question.

抱歉，我忘了你問題的第二部分。

Just any early thoughts on the benefits you'll see from that either from a margin or even sales, I would assume it would be cost and margin benefits, but maybe the magnitude on that? Thanks.

您能否初步考慮從利潤或銷售額所獲得的收益？我認為是成本和利潤收益，但其幅度如何？謝謝。

Yeah, so we're just now we're going to move into 100 additional restaurants with a high efficiency equipment package this summer, so it's a little too early to tell. We ballparked what we believe the savings, the margin savings to be, but we also haven't landed on what components of that savings will be reinvested back into the consumer experience or the team member experience and which components we will capture as margins. So more to come.

是的，我們今年夏天將向另外 100 家餐廳推出高效設備，所以現在說還為時過早。我們估算了我們認為的節省金額、利潤節省金額，但我們還沒有確定節省的哪些部分將重新投資於消費者體驗或團隊成員體驗，以及哪些部分將作為利潤。未來還會有更多。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Yes, thank you. So could you give us a little bit more color on trends in your international markets, particularly Canada and UK? Are you seeing any impact from shift in sentiment towards the US, and could this impact your thinking around the development plans in the region? Thank you.

是的，謝謝。那麼，您能否向我們詳細介紹國際市場，特別是加拿大和英國的趨勢？您是否看到了對美國情緒轉變的影響？這是否會影響您對該地區發展計劃的思考？謝謝。

Yeah, hi, thanks, Christine. Thanks for the question. Canada is holding up quite well as it relates to sales and margin performance, and we're still seeing US level margin in Canada. We're going to grow that market this year at about 35%, so I think an additional 15 to 20 restaurants in Canada this year alone, and we continue to lean into development across the three provinces we are in today.

是的，嗨，謝謝你，克里斯汀。謝謝你的提問。加拿大在銷售和利潤表現方面表現良好，我們仍然看到加拿大的利潤率與美國持平。我們今年將使該市場成長約 35%，所以我認為光是今年，加拿大就會新增 15 至 20 家餐廳，我們將繼續在目前所在的三個省份進行開發。

Canada is a long-term opportunity we feel really bullish on, obviously. As it relates to Western Europe, we continue to see great progress in restaurant level margins and achieving some of the highest margins we have seen in that market since we entered the market many years ago. So I have a lot of confidence in Anna and her team really building out a really strong economic model across the markets we're in which we can see a pathway to hundreds of restaurants and the markets we operate in today.

顯然，我們對加拿大的長期機會非常看好。就西歐而言，我們繼續看到餐廳利潤率的巨大進步，並實現了自多年前進入該市場以來在該市場所見過的最高利潤率。因此，我對安娜和她的團隊充滿信心，他們確實能在我們所處的市場中建立一個真正強大的經濟模式，我們可以看到通往數百家餐廳和我們今天運營的市場的道路。

We've already opened up Central London and Germany for additional development opportunities. We are actively looking for sites to start growing again in Europe. As you know, it takes time, once you find a site, it's probably 18 to 24 months before that site opens, but we feel really good about where we are today in the progress we're making.

我們已經向倫敦市中心和德國開放了更多發展機會。我們正在積極尋找能夠在歐洲重新開始發展的站點。如你所知，這需要時間，一旦你找到一個地點，可能需要 18 到 24 個月的時間才能開放該地點，但我們對目前所取得的進展感到非常滿意。

Are you still there?

你還在嗎？

Christine, does that answer your questions?

克里斯汀，這回答了你的問題嗎？

Yes, thank you. Sorry, just one more follow-up question. We're all hopeful of the acceleration in future quarters, but if you continue to see slower comp growth, would you reconsider kind of your high-single-digit to low-double-digit unit growth algo in the midterm? What are some of the key considerations here as you think about development and capital allocation? Thank you.

是的，謝謝。抱歉，我還有一個後續問題。我們都對未來幾季的加速成長充滿希望，但如果您繼續看到較慢的同店成長，您是否會在中期重新考慮高個位數到低兩位數的單位成長演算法？當您考慮開發和資本配置時，有哪些關鍵考慮因素？謝謝。

Yeah, I'll start here. I think I have a lot of confidence of us returning to mid-single-digit growth for the next many years. And again, I shared earlier, the strength of the brand has never been better. We are on our front foot operationally. I love our marketing plan, our strategy, our LTO innovation to drive or create new news for our consumer, which will drive transactions both in repeat and trial.

是的，我就從這裡開始。我認為我們在未來許多年內將恢復中等個位數的成長，對此我充滿信心。正如我之前所說，該品牌的實力從未如此強大。我們在營運上處於領先地位。我喜歡我們的行銷計劃、我們的策略、我們的 LTO 創新，它們為我們的消費者帶來或創造新的新聞，從而推動重複交易和試用交易。

And our digital ecosystem, we continue to innovate and drive creative ways to meet the consumer where they are. A lot of confidence in our runway to get to 7,000 restaurants here in North America. And we continue to see great strength in our partnership with Alshaya in the Middle East and we're five restaurants today, three in Kuwait and Dubai, and we're going to grow aggressively with Alshaya this year as well.

在我們的數位生態系統中，我們不斷創新並推動創意的方式來滿足消費者的需求。我對我們的在北美開設 7,000 家餐廳的通路充滿信心。我們與 Alshaya 在中東的合作持續強勁，目前我們擁有五家餐廳，其中三家在科威特，三家在杜拜，今年我們也將與 Alshaya 大力發展。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you very much. What I wanted to just ask, a follow up on the unit growth side. You're running close to high-single digit now. A few years ago, you're closer to mid-single-digit. What are you seeing in terms of cannibalization of the existing store base and whether you're seeing any incremental drag?

非常感謝。我只是想問一下有關單位增長方面的後續情況。您現在已經接近高個位數了。幾年前，這數字更接近個位數的中間值。您認為現有商店基礎的蠶食情況如何？是否出現了任何增量拖累？

Yeah, thanks, Lauren. So our impact to comp it's only ticked up as that percentage has increased, but in terms of per store basis or per opening basis as we're looking at it, we're seeing a very similar overall drag to comps. It's been somewhere in that 80 to 100 basis points range on our overall comps and so not seeing any further deterioration from there as we ramp up.

是的，謝謝，勞倫。因此，隨著該百分比的增加，我們對同類產品的影響只會逐漸增大，但就我們所看到的每家商店或每家開業店而言，我們看到與同類產品非常相似的總體拖累。我們的整體比較結果一直處於 80 至 100 個基點的範圍內，因此隨著我們的擴張，不會再出現任何進一步的惡化。

Okay, very helpful. And then if I could just ask another one to clarify the comp guide, given the expectation for traffic to accelerate on a 1 year and 2 year in the back half, are you anticipating comps approach mid-single digit, or do you need the macro to get a little bit better before returning to your mid-single-digit run rate?

好的，非常有幫助。然後，如果我可以請另一個人澄清一下比較指南，考慮到預計下半年 1 年和 2 年的流量將加速，您是否預計比較接近中等個位數，或者您是否需要宏觀情況變得更好一點，然後才能回到中等個位數的運行率？

I mean, like I said earlier, the trend line that we're on now probably gets you closer to that 0% to 1% range. We believe that we can build upon that. How much really depends, and obviously that assumes no change in macro for better or for worse for the rest of the year in terms of that impact. And so it's really just how well some of these things that we're investing in throughout the year perform for us.

我的意思是，就像我之前說的，我們現在所處的趨勢線可能更接近 0% 到 1% 的範圍。我們相信我們能夠在此基礎上取得進一步進展。具體影響程度取決於實際情況，顯然，這假設今年剩餘時間內宏觀經濟不會發生任何改善或惡化。所以，這實際上取決於我們全年投資的一些東西為我們帶來了多大的效果。

But again, you're especially you're looking at the first half versus the second half. I believe the second half can get to that mid-single-digit range. Getting the full year there would probably take some relief on the macro side.

但再次強調，你尤其要關注上半場與下半場的對比。我相信下半年可以達到中等個位數的水平。實現全年目標可能會在宏觀方面帶來一些緩解。

And then final one just on the 2Q comp, Adam, I think you mentioned that exiting you'll be positive comp. I just want to clarify that's comp, not traffic? Thank you.

最後關於第二季的比較，亞當，我想你提到退出將會是正面的比較。我只是想澄清一下，這是補償，而不是流量？謝謝。

Yeah, that's correct. I think as you get towards the end of the quarter because of our easing compares throughout the quarter, I mean, like I said, April was kind of in that high-double-digit comp. As you get closer to June, you're more in that mid to high single digit, in that 6% to 7% range. So at that point we'll be positive comps and I believe traffic around that time will be close to flat as we exit.

是的，沒錯。我認為，由於我們整個季度的寬鬆政策，當你接近季度末時，我的意思是，就像我說的那樣，四月份的成長速度達到了兩位數的高點。隨著接近 6 月份，成長率將更加接近中高個位數，即 6% 到 7% 的範圍內。因此，在那個時候，我們的業績將呈現正成長，而且我相信，當我們退出時，那個時候的客流量將接近持平。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Yeah, great, thanks. I'm curious, it sounds like this summer we're going to be seeing a new sauce or side or something like that coming into the menu with some heavy marketing around it. And I'm just more curious thinking about your philosophy around the LTO cadence for the brand going forward.

是的，太好了，謝謝。我很好奇，聽起來今年夏天我們將會看到一種新的醬料或配菜或類似的東西出現在菜單上，並且會有一些大力的營銷。我只是更好奇地思考您對該品牌未來 LTO 節奏的理念。

Historically, it's been one in the spring, one in the fall, and now there's coming this summer. Going forward, are you effectively evolving your thinking around that such that we should see more of these throughout the year as we progress into the future or is it just kind of a one-time thing this year?

從歷史上看，春季有一次，秋天有一次，而今年夏天又有一次。展望未來，您是否會有效地改進您的想法，以便我們在未來的一年中看到更多這樣的事情，還是說這只是今年的一次性事件？

Yeah, I think we've had a lot of discussion internally about what's right and appropriate for our brand. We've loved to for many years. We're never going to be an LTO driven brand, that's just not who we are as an organization, not core of who we are. You could see us do up to three LTOs in a not-too-distant future. It is our belief that we're -- there are times when we're asking the LTO to work too hard.

是的，我認為我們內部已經就什麼對我們的品牌來說是正確和合適的進行了大量討論。我們已經喜歡這樣做很多年了。我們永遠不會成為一個 LTO 驅動的品牌，這根本不是我們作為一個組織的本質，也不是我們的核心。在不久的將來，你會看到我們最多進行三次 LTO。我們相信，有時我們會要求 LTO 工作太辛苦了。

And what I mean by that is the 1first 30, 60 days you have the ramp of the LTO. It works incredibly hard for us. You start to see some level of softening, albeit small, in that 60 to 90 days. We're asking our LTOs today to work for five or six months. And I think they lose their luster in months five and six, so there is potential to do potentially a three LTO calendar to bridge the month more fully and drive consumer engagement. So that's what we're thinking about, how we're thinking about LTOs for the brand, and likely something you will see as we go forward.

我的意思是，在最初的 30 到 60 天內，您可以獲得 LTO 的提升。它為我們付出了難以置信的努力。在這 60 到 90 天內，你會開始看到一定程度的軟化，儘管程度很小。我們今天要求我們的 LTO 工作五到六個月。我認為它們在第五個月和第六個月會失去光彩，因此有可能製定一個三月的 LTO 日曆，以更充分地銜接整個月份並推動消費者參與。這就是我們正在考慮的，我們如何考慮品牌的 LTO，以及隨著我們前進，您很可能會看到的。

Awesome, thanks. I appreciate that. And then maybe just going back to your remarks earlier about the high efficiency kitchen equipment and some of the other stuff that's being brought into the back of the house and reinvesting back some of the savings into the stores sounds like hospitality.

太棒了，謝謝。我很感激。然後也許回到您之前關於高效廚房設備和一些其他東西被帶進房子後面並將部分節省下來的資金重新投資到商店的評論，這聽起來像是款待。

Can you just maybe frame up what you mean by that? Are we talking about labor hours? Are we talking about even greater portions for guests? Are you thinking more labor hours or perhaps more actual bodies in the stores on a regular basis? I know it's still kind of evolving, but any thoughts would be great.

能否簡單解釋一下您這樣說的意思？我們談的是工時嗎？我們是在談論為客人提供更多的份量嗎？您是否考慮過增加工時或定期增加商店的實際人員？我知道它仍在不斷發展，但任何想法都很好。

I think it's more towards deploying additional people towards peak to drive even greater throughput in all restaurants, but it's not something we have landed on or is definitive. And we don't know if it will be fully necessary. So once we get the equipment package in, we get the test done this summer, we'll have greater clarity and line of sight on what's right and responsible. So stay tuned, more to come.

我認為這更多的是為了在高峰期部署更多人員，以推動所有餐廳的更大吞吐量，但這不是我們已經實現或確定的目標。我們不知道這是否完全有必要。因此，一旦我們收到設備包，並在今年夏天完成測試，我們將對正確和負責任的事情有更清晰的認識和了解。請關注，更多內容即將推出。

Thank you. We would take that as the last question for today. I would now like to hand the conference back to Scott for any closing remarks.

謝謝。我們認為這是今天的最後一個問題。現在我想將會議交還給史考特，請他做結束語。

I just like to close with -- it's a tough quarter and we can't control what's going on in the consumer environment. We can't control what's going on with our great brand. We will continue to lean into our core strategies which have served us well for the past many years. We'll continue to invest in the things that make us special as an organization.

最後我想說的是──這是一個艱難的季度，我們無法控制消費環境中發生的事情。我們無法控制我們偉大品牌的走向。我們將繼續堅持過去多年以來對我們起到良好作用的核心策略。我們將繼續投資那些讓我們成為一個特別的組織的事情。

We're going to continue to invest in people and great culinary, innovation, and in growth and continue to push our brand forward on our path to 7,000 restaurants here in North America.

我們將繼續投資於人才、烹飪、創新和發展，並繼續推動我們的品牌在北美開設 7,000 家餐廳。

In closing, I just want to say thank you to our 130,000 team members out in our restaurants for all their hard work every single day that bring this beautiful Chipotle experience to life. Thanks, all, for listening and have a great week.

最後，我只想對我們餐廳的 13 萬名團隊成員說一聲感謝，感謝他們每天的辛勤工作，讓美好的 Chipotle 體驗成為現實。謝謝大家的聆聽，祝大家有個愉快的一週。

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

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。