奇波雷墨西哥燒烤 (CMG) 2025 Q2 法說會逐字稿

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

大家好，歡迎參加 Chipotle Mexican Grill 2025 年第二季業績電話會議。（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 second 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 財年第二季財報電話會議。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 projections, and our actual results could differ materially from those projected in the 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測，我們的實際結果可能與前瞻性聲明中的預測有重大差異。

Please see the risk factors contained in our annual report on Form 10-K and in our Form 10-Qs for a discussion of risks that may cause our actual results to vary from these forward-looking statements. Our discussion today will include non-gap financial measures.

請參閱我們的 10-K 表年度報告和 10-Q 表中包含的風險因素，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。我們今天的討論將包括非差距財務措施。

A reconciliation of GAAP measures can be found via the link included on the presentation page within the investor relations section of our website. 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.

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 GAAP 指標的對帳表。今天的電話會議將以執行長 Scott Boatwright 和財務長 Adam Rymer 的準備好的發言開始，之後我們將回答您的問題。

Our entire Executive Leadership team is available during the Q&A session. And with that, I will turn the call over to Scott.

我們的整個執行領導團隊都會在問答環節中出席。說完這些，我會把電話轉給史考特。

Thanks Cindy, and good afternoon, everyone. In the second quarter, our restaurant teams did an extraordinary job of executing in a challenging environment, including delivering exceptional food, throughput, and hospitality as well as managing their controllable costs.

謝謝辛迪，大家下午好。在第二季度，我們的餐廳團隊在充滿挑戰的環境中表現出色，包括提供卓越的食品、吞吐量和接待服務以及管理可控成本。

Additionally, we are beginning to see some of the benefits of our backup house initiatives as we complete the rollout of the produce slicer.

此外，隨著我們完成農產品切片機的推出，我們開始看到備用房屋計劃的一些好處。

Now let me review our second quarter results. Sales for the second quarter grew 3% to reach $3.1 billion including a negative 4% comp. Digital sales were 35.5% of total sales. Restaurant level margin was 27.4%, a decline of 150 basis points year-over-year.

現在讓我回顧一下我們第二季的業績。第二季銷售額成長 3%，達到 31 億美元，其中年減 4%。數位銷售額佔總銷售額的35.5%。餐廳層面的利潤率為27.4%，年減150個基點。

Adjusted diluted EPS was $0.33, a decline of 3% over last year. And we opened 61 new restaurants, including 47 Chipotlanes. I will start with an update on our current trends.

調整後稀釋每股收益為 0.33 美元，較去年同期下降 3%。我們還開設了 61 家新餐廳，其中包括 47 家 Chipotlanes。我將首先介紹我們當前的趨勢。

But we experienced a slowdown in our underlying trend in May. We did see momentum build as we rolled out our summer marketing initiatives and leaned into hospitality. And exiting the quarter, we return to a positive comp and transaction trends which have continued into July.

但五月我們的潛在趨勢有所放緩。隨著我們推出夏季行銷計劃並轉向酒店業，我們確實看到了發展勢頭。在本季結束時，我們恢復了持續到 7 月的積極的競爭和交易趨勢。

However, considering the ongoing volatility in our trends in the consumer environment, we now anticipate comparable sales to be about flat for the full year. With that said, we have a strong plan to build on our industry leading value proposition and accelerate transactions.

然而，考慮到消費環境趨勢的持續波動，我們現在預計全年可比銷售額將基本持平。話雖如此，我們有一個強有力的計劃來鞏固我們行業領先的價值主張並加速交易。

The fact is, most markets for around $10 before taxes and fees, you can get a handcrafted chicken bowl or burrito filled in abundance with the best ingredients made fresh in our restaurants using classic culinary techniques at a speed at which you cannot find anywhere else.

事實上，在大多數市場上，只需花費稅費前 10 美元左右，您就可以享用到手工製作的雞肉碗或墨西哥捲餅，這些雞肉碗或墨西哥捲餅採用我們餐廳新鮮製作的最佳食材，採用經典的烹飪技術，以您在其他任何地方都找不到的速度製作而成。

This is a 20% to 30% discount to comparable fast casual meals and often below comparable meals at many quick service restaurants. Going forward, we will roll out new and creative ways to emphasize our value proposition while improving the benefit of our offering through better execution, menu innovation, and amplifying our rewards program, which we'll get to in just a few moments.

與同類快餐相比，這有 20% 至 30% 的折扣，並且通常低於許多快餐店的同類餐點。展望未來，我們將推出新的、有創意的方式來強調我們的價值主張，同時透過更好的執行、菜單創新和擴大我們的獎勵計劃來提高我們產品的優勢，我們很快就會講到這些。

First, I will review our five key strategies that will help win today while we grow our future. These strategies include, running successful restaurants with people accountable culture that provides great food with integrity while delivering exceptional in restaurants and digital experiences.

首先，我將回顧我們的五項關鍵策略，這些策略將幫助我們在今天取得勝利，同時實現未來的發展。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，同時提供卓越的餐廳和數位體驗。

Making the brand visible, relevant, and love to acquire new guests and improve overall guest engagement. Amplifying technology and innovation to drive growth and productivity at our restaurants, support centers, and our supply chain.

讓品牌具有知名度、相關性，並樂於吸引新客人並提高整體客人參與度。擴大技術和創新，推動我們的餐廳、支援中心和供應鏈的成長和生產力。

Expanding access and convenience by accelerating new restaurant openings in North America and internationally, and sustaining world-class people leadership by developing and retaining top talent at every level.

透過加速在北美和國際上開設新餐廳來擴大通路和便利性，並透過培養和留住各個層面的頂尖人才來維持世界一流的人才領導力。

I want to reiterate that we have a lot of opportunity to drive consistent transaction growth over the upcoming years as we execute against the first three of our five key strategies or our flywheel of operations, marketing, and digital experience.

我想重申的是，隨著我們執行五大關鍵策略中的前三個或營運、行銷和數位體驗的飛輪，我們有很多機會在未來幾年推動交易的持續成長。

Starting with operations, we recently appointed Jason Kidd as Chief Operating Officer. He's off to a tremendous start and brings a wealth of knowledge and vast operational experience at large scale multi-unit retail.

從營運開始，我們最近任命 Jason Kidd 為營運長。他有著良好的開端，並帶來了豐富的知識和大型多單元零售的營運經驗。

I have no doubt that he is the right person to lead and inspire the 130,000 people that make up our restaurant teams, and that he will also bring new strategic thinking to our executive team.

我毫不懷疑他是領導和激勵我們餐廳團隊 13 萬名員工的合適人選，而且他也將為我們的執行團隊帶來新的策略思維。

This quarter, I am pleased to say that we continue to make progress around throughput execution, as the percentage of restaurants with an [expo] in place is now over 70%.

本季度，我很高興地說，我們在吞吐量執行方面繼續取得進展，因為設有[博覽會]的餐廳比例現已超過 70%。

In addition to coaching and training around the four pillars of throughput, we just completed the rollout of the produce slicers across all restaurants, and we are starting to see backup house benefits as it enables our teams to complete prep on time and be properly deployed for their peak period.

除了圍繞吞吐量四大支柱進行指導和培訓之外，我們還剛剛在所有餐廳完成了農產品切片機的推廣，並且我們開始看到備用房屋效益，因為它使我們的團隊能夠按時完成準備工作並在高峰期得到適當的部署。

In addition to the slicer, we have begun rolling out the high efficiency equipment package, which includes the dual-sided planchas, the three-pan rice cooker, and the high capacity fryer.

除了切片機外，我們也開始推出高效能設備包，其中包括雙面電烙鐵、三鍋電鍋和高容量炸鍋。

We anticipate this rollout will create a more scalable Chipotle with many benefits, including an improvement in the consistency and quality of our culinary and an increase in prep efficiencies that will help our teams be properly deployed for peak, driving faster throughput.

我們預計，此次推出將使 Chipotle 更具可擴展性，並帶來許多好處，包括提高烹飪的一致性和質量，並提高準備效率，這將有助於我們的團隊在高峰期得到適當部署，從而提高吞吐量。

This will lead to a better team member and guest experience and potentially could unlock additional growth platforms for our business like catering.

這將帶來更好的團隊成員和客人體驗，並可能為我們的餐飲業務開闢額外的成長平台。

For the rollout, we plan to do a phased stage gate approach and we anticipate by the end of the year, a high efficiency equipment package will be in hundreds of restaurants, including the subregion where we plan to introduce our catering test in the fall and all new restaurant openings beginning in the fourth quarter.

對於此次推廣，我們計劃採取分階段的階段門控方法，預計到今年年底，高效設備包將涵蓋數百家餐廳，包括我們計劃在秋季推出餐飲測試的子區域和從第四季度開始的所有新餐廳開業。

Based on our learnings, we can accelerate the rollout later this year and we estimate it will take around three years to complete across all existing restaurants. We also recently opened a new restaurant innovation space where we have a team working on emergent technology that rethinks our tools and processes holistically rather than as bolt-on additions.

根據我們的經驗，我們可以在今年稍後加速推出這項服務，我們估計大約需要三年時間才能在所有現有餐廳完成。我們最近也開設了一個新的餐廳創新空間，在那裡我們有一個團隊致力於新興技術，從整體上重新思考我們的工具和流程，而不是將其作為附加的補充。

Currently, this includes the high efficiency equipment package, or augmented digital makeline, Autocado, and a vision system. Ultimately, we aim to identify the ideal technology and operating model to enhance culinary standards, improve the team and guest experience, and drive higher returns in our restaurants.

目前，這包括高效設備包或增強數位生產線、Autocado 和視覺系統。最終，我們的目標是找到理想的技術和營運模式，以提高烹飪標準，改善團隊和客人的體驗，並提高我們餐廳的回報。

The next pillar of our cop flywheel is marketing, or making Chipotle more visible, more relevant, and more loved.

我們的警察飛輪的下一個支柱是行銷，或者讓 Chipotle 更引人注目、更相關、更受喜愛。

Over the last two summers, we've experienced a slowdown in trends as our guests typically step out of their routine and our marketing spend seasonally slows. To increase visibility and drive engagement, we made the decision to ramp up our summer marketing strategy and meet our guests where they are by doubling our reach in social and streaming, adding incremental menu innovation, and launching our first ever seasonal program for rewards members called Summer of Extras. This has been successful in driving and acceleration in our underlying trends.

在過去的兩個夏天，我們經歷了趨勢放緩，因為我們的客人通常會打破常規，我們的行銷支出也會隨著季節而放緩。為了提高知名度和推動參與度，我們決定加強夏季行銷策略，並透過加倍社交和串流覆蓋面、增加漸進式菜單創新以及推出首個針對獎勵會員的季節性計劃（稱為“Summer of Extras”）來滿足客人的需求。這成功地推動並加速了我們的潛在趨勢。

In terms of menu innovation, Chipotle Honey Chicken has the highest incidence rate of all of our limited time offers and is included in one out of every four orders. The guest feedback has been very positive. It will certainly be another LTO that we will bring back in the future.

在菜單創新方面，Chipotle Honey Chicken 是我們所有限時優惠中出現率最高的，每四份訂單中就有一份包含該菜品。客人的回饋非常正面。將來我們肯定會再次推出 LTO。

We also introduced Adobo Ranch last month, which is our first dip in five years. This is our smoky, spicy twist on classic ranch made fresh in our restaurants and featuring only real ingredients. It is delicious, easy to execute, and off to a great start driving incremental transactions.

上個月我們也推出了 Adobo Ranch，這是我們五年來的第一款沾醬。這是我們餐廳新鮮製作的煙燻、辛辣經典牧場菜餚，僅採用真正的食材。它味道鮮美，易於執行，並且在推動增量交易方面取得了良好的開端。

We see more opportunity in sides and dips in the future, and we'll have more to share as they make their way through the stage-gate process.

我們看到了未來在側面和側面的更多機會，隨著它們進入階段門流程，我們將有更多內容可以分享。

In social, we leverage user-generated content to launch a Tatted Like a Chipotle bag BOGO, which is one of our best-performing BOGOs ever, despite only being available for one hour as it drove more than double the sales of a normal 3:00 PM to 4:00 PM time-frame.

在社交方面，我們利用用戶生成的內容推出了 Tatted Like a Chipotle 包 BOGO，這是我們有史以來表現最好的 BOGO 之一，儘管只開放了一個小時，但它帶來的銷售額是正常下午 3:00 到下午 4:00 時間段的兩倍多。

Additionally, while the BOGO was only in-store, the over 100 million social impressions had a media halo effect, driving more guests into our digital channel, making it a highly incremental promotion.

此外，雖然「買一送一」活動僅限於店內，但超過 1 億次的社交曝光產生了媒體光環效應，吸引了更多客人進入我們的數位管道，使其成為高度增量的促銷活動。

Based on the learnings and success of the recent marketing initiatives and as we start to think about 2026 and beyond, I believe we have a lot more opportunity to increase visibility, highlight our value proposition and add incremental menu innovation that drives consumer relevance and love for the brand all year long.

根據最近行銷舉措的經驗和成功，當我們開始考慮 2026 年及以後時，我相信我們有更多的機會來提高知名度，突出我們的價值主張，並增加漸進式菜單創新，以推動消費者對品牌的相關性和喜愛。

Finally, as I mentioned earlier, we will be testing a new catering platform this fall in a subregion of about 60 restaurants. The test will include the high-efficiency equipment package to help expedite prep and increase capacity. It will also include a new technology stack to help load balance orders across restaurants as well as a full marketing push to drive demand into catering.

最後，正如我之前提到的，今年秋天我們將在一個擁有約 60 家餐廳的子區域測試一個新的餐飲平台。測試將包括高效設備包，以幫助加快準備工作並提高產能。它還將包括一個新的技術堆棧，以幫助平衡各餐廳的訂單，以及全面的營銷推動，以推動餐飲需求。

Our goal is to scale the catering business within our restaurants without disrupting the core operations. With catering at just about 1% to 2% of sales versus our peers who are at 5% to 10%, we think this could be a big opportunity longer term.

我們的目標是在不影響核心業務的情況下擴大餐廳的餐飲業務。餐飲業僅佔銷售額的 1% 到 2%，而我們的同行則佔 5% 到 10%，我們認為從長遠來看這可能是一個巨大的機會。

Shifting to the final piece of the flywheel, the digital experience. We continue to find ways to enhance our app functionality to provide a seamless experience for our guests. This includes a recent update to the app providing the ability to personalize multiple message offerings such as rewards, reminders and menu suggestions.

轉向飛輪的最後一部分，即數位體驗。我們將繼續尋找方法來增強我們的應用程式功能，為我們的客人提供無縫體驗。這包括應用程式的最新更新，提供個人化多種訊息服務（如獎勵、提醒和選單建議）的功能。

Within rewards, about 20 million members are active or have transacted at least once in the last year. To drive more people into our loyalty program, we are ramping up our enrollment campaigns and signage, both in restaurant and digitally.

在獎勵方面，約有 2000 萬會員處於活躍狀態或在去年至少進行過一次交易。為了吸引更多人加入我們的忠誠度計劃，我們正在餐廳和數位平台上加強註冊活動和標牌宣傳。

We also recently launched Summer of Extras, a three-month gamified experience with extra points, badges and prices as our rewards members reach milestones. Results have been very encouraging as we drive more people into the rewards program and increasing their frequency and spend year-over-year. We have another exciting program planned for the fall of targeting the college cohort, and we will continue to find creative ways to drive enrollment and improve engagement.

我們最近還推出了“Summer of Extras”，這是一項為期三個月的遊戲化體驗，當我們的獎勵會員達到里程碑時，他們將獲得額外的積分、徽章和價格。隨著我們吸引更多人加入獎勵計劃並逐年增加他們的頻率和消費，結果非常令人鼓舞。我們計劃在秋季推出另一個針對大學生群體的令人興奮的項目，我們將繼續尋找創造性的方法來推動入學並提高參與度。

When you layer all these opportunities within the flywheel, we are confident in getting back to mid-single-digit comps and surpassing $4 million in AUVs longer term. And our 40% flow-through remains intact with the potential for additional margin opportunities as we continue to improve the back-of-house experience.

當你將所有這些機會納入飛輪之中時，我們有信心回到中等個位數的水平，並在長期內超過 400 萬美元的 AUV。隨著我們繼續改善後台體驗，我們的 40% 流通量保持不變，並有可能獲得額外的利潤機會。

Now moving to expanding access. In the US and Canada, we opened 61 new restaurants, which marked a record for the second quarter. We now have 61 restaurants in Canada. And over the last five years, we have nearly tripled the business with economics, on par with the US.

現在轉向擴大訪問範圍。在美國和加拿大，我們開設了 61 家新餐廳，創下了第二季的最高紀錄。我們現在在加拿大有 61 家餐廳。在過去五年裡，我們的業務和經濟規模幾乎成長了兩倍，與美國持平。

In the US and Canada, we remain on track to open between 315 and 345 new restaurants this year, with 80% including a Chipotlane. We are also confident in our ability to grow new restaurant openings between 8% and 10% and to reach 7,000 restaurants longer term. We are also establishing a solid foundation in other international markets, which will enable Chipotle to extend its growth runway for decades.

在美國和加拿大，我們今年仍將開設 315 至 345 家新餐廳，其中 80% 包括 Chipotlane。我們也相信，我們有能力將新餐廳數量提高 8% 至 10%，並在較長時期內達到 7,000 家餐廳的目標。我們也在其他國際市場建立了堅實的基礎，這將使 Chipotle 能夠延長其數十年的成長軌道。

In Europe, economics continue to progress with positive consumer feedback on the improvement and the experience, including the quality of the culinary. Our Head of Europe and Canada is doing an excellent job of building the team and culture to be able to scale, similar to what she did in Canada several years ago.

在歐洲，經濟持續進步，消費者對烹飪的改進和體驗（包括烹飪品質）給予了正面的回饋。我們的歐洲和加拿大主管在團隊建立和文化建設方面做得非常出色，就像她幾年前在加拿大所做的那樣。

In the Middle East, our restaurant in the Avenues Mall in Kuwait completed its first year of operations, with revenue surpassing the average unit volume in the United States. We have five restaurants open in Kuwait and Dubai, and Alshaya Group plans to accelerate growth in the back half of the year.

在中東，我們位於科威特 Avenues Mall 的餐廳完成了第一年的運營，收入超過了美國的平均單價。我們在科威特和杜拜開設了五家餐廳，Alshaya 集團計劃在今年下半年加速成長。

We remain on track to open our first restaurant with Alsea in Mexico early next year and continue to evaluate other potential partnerships in different parts of the world. Based on our progress in our current markets and discussions with partners, we have a lot of confidence that Chipotle's fresh, craveable, culinary served fast will resonate around the world.

我們仍計劃於明年初與 Alsea 在墨西哥開設第一家餐廳，並繼續評估世界不同地區的其他潛在合作夥伴關係。根據我們在當前市場取得的進展以及與合作夥伴的討論，我們非常有信心，Chipotle 新鮮、令人垂涎、快速的烹飪服務將在世界各地引起共鳴。

Finally, moving to sustaining world-class people leadership. We are often asked if there are parts of the Chipotle story that are underappreciated, and I believe there are 2, our purpose of cultivating a better world and our culture of people development.

最後，轉向維持世界級的人才領導力。我們經常被問到 Chipotle 的故事中是否有一些部分被低估了，我認為有兩個，即我們創造更美好世界的宗旨和我們的人才發展文化。

Not only does our purpose give our teams pride in what they do every day, but with around 80% internal promotions, our teams can visualize their own growth within the organization, which is critical as we scale and build the brand.

我們的目標不僅讓我們的團隊對他們每天所做的事情感到自豪，而且透過大約 80% 的內部晉升，我們的團隊可以在組織內看到自己的成長，這對我們擴大規模和打造品牌至關重要。

The growth of our Canadian business is a notable example. Our Team Director in Canada has been with Chipotle for 23 years. She started as an Apprentice General Manager in Texas and then moved to Canada to become the first field leader in the country. Her deep connection with her teams and her ability to develop and grow future leaders stood out, which led to her becoming Canada's first Team Director about five years ago. We decided to accelerate growth in the country.

我們加拿大業務的成長就是一個顯著的例子。我們的加拿大團隊總監已在 Chipotle 工作了 23 年。她最初在德克薩斯州擔任學徒總經理，後來移居加拿大，成為該國第一位現場領導。她與團隊的深厚聯繫以及培養未來領導者的能力脫穎而出，這使她在大約五年前成為加拿大第一位團隊總監。我們決定加速該國的發展。

She has now developed 8 of our 10 field leaders within the region and is an inspiration to our Canadian restaurant teams who see her path as achievable. This is what Chipotle is all about, cultivating a better world by not only expanding access to our delicious, fresh food, but by creating life-changing opportunities for our people along the way.

她現在已經培養了我們在該地區 10 名現場領導者中的 8 名，並激勵了我們的加拿大餐廳團隊，讓他們相信她的道路是可以實現的。這就是 Chipotle 的宗旨，我們不僅透過擴大人們獲取美味新鮮食物的管道，而且透過為我們的人民創造改變生活的機會，來創造一個更美好的世界。

To close, I want to thank our teams for all their hard work bringing the Chipotle culinary experience to life each and every day. I am optimistic about our operational improvements and early results and learnings from our summer marketing initiatives, which we will use to enhance our value proposition moving forward.

最後，我要感謝我們的團隊每天的辛勤工作，讓 Chipotle 的烹飪體驗充滿活力。我對我們的營運改善以及夏季行銷計劃的早期成果和經驗感到樂觀，我們將利用這些成果和經驗來提升我們未來的價值主張。

I continue to see so much opportunity ahead by leveraging our flywheel of operations, marketing and digital to drive our AUVs north of $4 million longer term. Additionally, we will continue to invest in our restaurants and backhouse initiatives to create a more scalable Chipotle as we grow to 7,000 restaurants in the US and Canada and making our way to becoming a global iconic brand.

我繼續看到未來有很多機會，透過利用我們的營運、行銷和數位飛輪，可以長期推動我們的 AUV 超過 400 萬美元。此外，隨著我們在美國和加拿大的餐廳數量增長至 7,000 家，並逐步成為全球標誌性品牌，我們將繼續投資於我們的餐廳和後勤計劃，以打造更具可擴展性的 Chipotle。

This will require an exceptional team of people committed to paying homage to our culinary beginnings and our purpose while focusing on our long runway of growth ahead. I am confident that we have the right team and a clear strategy to achieve this ambitious goal.

這需要一支優秀的團隊，致力於致敬我們的烹飪起源和宗旨，同時關注我們未來的長期成長。我相信我們擁有合適的團隊和明確的策略來實現這個雄心勃勃的目標。

With that, I will turn it over to Adam.

說完這些，我會把它交給亞當。

Thanks, Scott. Good afternoon, everyone. Sales in the second quarter grew 3% year-over-year to reach $3.1 billion, including a comparable sales decline of 4%. Restaurant level margin of 27.4% declined about 150 basis points compared to last year.

謝謝，斯科特。大家下午好。第二季銷售額年增 3%，達到 31 億美元，其中可比銷售額下降 4%。餐廳層面的利潤率為 27.4%，與去年相比下降了約 150 個基點。

Earnings per share was $0.32 on a GAAP basis and $0.33 on a non-GAAP basis adjusted for unusual items, representing 3% year-over-year decline.

每股收益（以 GAAP 計算）為 0.32 美元，按非 GAAP 計算（經過非常規項目調整後）為 0.33 美元，年減 3%。

As Scott mentioned, in May, we saw a step down in our underlying transaction trend, followed by a reacceleration in June as we rolled out our summer marketing initiatives. While comparable sales and transactions turned positive in June and this trend continued into July, given the ongoing volatility in our sales trends in the consumer environment, we now anticipate comps to be about flat for the full year. I will now go through the key P&L line items, beginning with cost of sales.

正如斯科特所提到的，5 月份，我們的基本交易趨勢有所下降，但隨著 6 月份我們推出夏季行銷計劃，交易趨勢又重新加速。儘管 6 月份可比銷售額和交易量轉為正值，且這一趨勢持續到 7 月份，但考慮到消費環境中銷售趨勢的持續波動，我們現在預計全年可比銷售額將基本持平。我現在將介紹關鍵的損益項目，從銷售成本開始。

Cost of sales in the quarter were 28.9%, a decrease of about 50 basis points from last year. The benefit of our menu price increase from last year and cost of sales efficiencies more than offset inflation, primarily in steak and chicken.

本季銷售成本為28.9%，較去年同期下降約50個基點。我們的菜單價格較去年同期上漲，銷售成本效率提高，足以抵消通貨膨脹的影響，尤其是牛排和雞肉的價格上漲。

Relative to our guidance, we benefited from lower-than-anticipated avocado prices, a better-than-expected benefit from cost of sales efficiencies and a lower impact from tariffs.

相對於我們的預期，我們受益於低於預期的酪梨價格、好於預期的銷售成本效率收益以及較低的關稅影響。

Thanks to these efficiencies, which include both supply chain and in-restaurant initiatives, we have now more than offset the portion of investment we made last year. For Q3, we expect our cost of sales will step up to the high 29% range, with about 60 basis points of the step-up due to the mix impact from rolling off Chipotle Honey Chicken and 40 basis points due to tariffs.

由於這些包括供應鏈和餐廳內部措施在內的效率提升，我們現在已經抵銷了去年的投資部分。對於第三季度，我們預計銷售成本將上升至 29% 的高位，其中約 60 個基點的上升是由於推出 Chipotle Honey Chicken 帶來的產品組合影響，而 40 個基點的上升是由於關稅。

We estimate that we will see about a 50 basis points ongoing impact from tariffs, which remains in line with our commentary from last quarter and does not include any impact from Mexican or Canadian imports that fall into the USMCA exemption. We still anticipate underlying cost of sales inflation to be in the low single-digit range for the remainder of the year, which excludes impacts from LTOs and tariffs as well as benefits from cost of sales initiatives.

我們估計，關稅將持續產生約 50 個基點的影響，這與我們上個季度的評論一致，並且不包括屬於 USMCA 豁免範圍的墨西哥或加拿大進口產品的影響。我們仍然預計，今年剩餘時間內，基礎銷售成本通膨將處於低個位數區間，這還不包括長期目標和關稅的影響以及銷售成本措施的好處。

Labor costs for the quarter were 24.7%, an increase of about 60 basis points from last year, primarily driven by lower volumes as higher pricing and better labor execution more than offset wage inflation. For Q3, we expect our labor cost to be in the high 24% range with wage inflation in the low single-digit range for the remainder of the year.

本季勞動成本為 24.7%，比去年同期增加了約 60 個基點，主要原因是由於價格上漲和勞動力執行力增強抵消了工資上漲的影響，導致產量下降。對於第三季度，我們預計勞動成本將在 24% 的高位，而今年剩餘時間內的薪資通膨率將在個位數的低點。

Regarding labor execution, our restaurant teams did a fantastic job managing labor throughout the quarter, supported by the rollout of the new produce license. Other operating costs for the quarter were 14%, an increase of about 110 basis points from last year, primarily driven by higher marketing costs and lower volumes.

關於勞動力執行，在新的農產品許可證的支持下，我們的餐廳團隊在整個季度的勞動力管理方面做得非常出色。本季其他營運成本為 14%，比去年增加約 110 個基點，主要原因是行銷成本增加和銷售下降。

Marketing costs were 2.7% of sales in Q2, an increase of about 60 basis points from last year. In Q3, we expect marketing cost to step up to the mid-2% range, with the full year in the high 2% range. For Q3, we anticipate other operating costs to be in the mid-14% range.

第二季行銷成本佔銷售額的 2.7%，比去年同期增加約 60 個基點。我們預計第三季行銷成本將升至 2% 中段，全年行銷成本將升至 2% 中段。對於第三季度，我們預計其他營運成本將在 14% 左右。

G&A for the quarter was $172 million on a GAAP basis or $160 million on a non-GAAP basis, excluding about $12 million related to retention, equity awards granted to key executives last August. G&A also includes $140 million in underlying G&A, $23 million related to non-cash stock compensation, which included a reduction in our performance share approvals, $2 million related to restaurant leadership conferences, offset by $5 million in lower bonus accruals.

本季的一般及行政費用 (G&A) 為 1.72 億美元（以 GAAP 計算）或 1.6 億美元（按非 GAAP 計算），不包括與去年 8 月授予關鍵高階主管的留任和股權獎勵相關的約 1,200 萬美元。G&A 還包括 1.4 億美元的基本 G&A、2300 萬美元與非現金股票薪酬有關（其中包括績效股票批准的減少）、200 萬美元與餐廳領導會議有關，但因應計獎金減少 500 萬美元而有所抵消。

We expect our underlying G&A to be around $139 million in Q3. We anticipate the third quarter G&A will also include around $29 million in stock-based compensation, although this amount could move up or down based on our actual performance, around $2 million in employer taxes associated with shares that vest during the quarter and around $1 million related to restaurant leadership conferences, offset by $8 million in lower bonus accruals, bringing our anticipated total non-GAAP G&A in Q3 to around $163 million.

我們預計第三季的基本 G&A 金額約為 1.39 億美元。我們預計第三季的一般及行政費用還將包括約 2,900 萬美元的股票薪酬（儘管這一數額可能會根據我們的實際業績上下浮動），約 200 萬美元的與本季度歸屬股票相關的雇主稅以及約 100 萬美元的與餐廳領導會議相關的稅，加上 800 萬美元的較低獎金稅以及約 100 萬美元的與餐廳領導會議相關的稅，加上 800 萬美元的較低獎金應計額，使我們預計第三季的非行政費用。

Depreciation for the quarter was $91 million or 3% of sales. For 2025, we expect it to remain around 3% of sales. Our effective tax rate for Q2 was 24.5% for GAAP and 24.2% for non-GAAP. Our effective tax rate benefited from option exercises and equity vesting above the grant values.

本季折舊為 9,100 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。我們第二季的有效稅率為 GAAP 24.5%，非 GAAP 24.2%。我們的有效稅率受益於選擇權行使和高於授予價值的股權歸屬。

For fiscal 2025, we estimate our underlying effective tax rate will be in the 25% to 27% range, though it may vary based on discrete items. Our balance sheet remains strong as we ended the quarter with $2.1 billion in cash, restricted cash and investments and no debt.

對於 2025 財年，我們估計我們的基本有效稅率將在 25% 至 27% 之間，儘管它可能因單一項目而異。我們的資產負債表依然強勁，本季末我們擁有 21 億美元現金、受限現金和投資，且沒有債務。

During the second quarter, we purchased $436 million of our stock at an average price of $50.16, bringing our year-to-date total to a record $990 million at an average price of $52.32. During the quarter, the Board authorized an additional $400 million to our share purchase authorization. And at the end of the quarter, we had $839 million remaining.

第二季度，我們以平均每股50.16美元的價格回購了價值4.36億美元的股票，使年初至今的回購總額達到創紀錄的9.9億美元，平均每股52.32美元。本季度，董事會批准了額外4億美元的股票回購授權。截至本季末，我們還剩下 8.39 億美元。

To close, I want to thank our restaurant and support center teams for their dedication to Chipotle and their execution this quarter. Our strong economic model rooted in real ingredients, exceptional value and industry-leading margins and returns allows us to continue to invest in our people and our growth. As Scott laid out, we have a long runway for growth in front of us in both the US and internationally.

最後，我要感謝我們的餐廳和支援中心團隊對 Chipotle 的奉獻以及本季的表現。我們強大的經濟模式植根於真實的原料、卓越的價值以及領先業界的利潤和回報，這使我們能夠繼續投資於我們的員工和我們的成長。正如斯科特所說，我們在美國和國際上都有很長的成長空間。

And with that, we'll open it up for questions.

接下來，我們將開始回答問題。

We will now begin the question and answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Thanks. I wanted to ask you a question about the digital marketing, and I know you were doing some things that you haven't done before. Obviously, Summer of Extras. You also did some other digital marketing. What worked? What didn't work? Have you been able to already affect the change in that two year to the 8% or so that it seems to be implied for the second half? And I have a quick follow-up.

謝謝。我想問您一個關於數位行銷的問題，我知道您正在做一些以前沒有做過的事情。顯然，這是臨時演員的夏天。您還做了一些其他的數位行銷。什麼有效？什麼不起作用？您是否已經能夠將這兩年的變化影響到下半年預計的 8% 左右？我有一個快速的後續行動。

Hi, David, Scott here. Thanks for the question. Really pleased with how Summer of Extras performed. We had about 5 million people participating, of which about 40% of those who transacted. We also saw enrollments go up about 14% year-over-year, adding a significant number of people to the top of the funnel, which is exciting to see.

你好，大衛，我是史考特。謝謝你的提問。我對《Summer of Extras》的表現非常滿意。我們有大約500萬人參與，其中約40％的人進行了交易。我們還看到入學人數同比增長了約 14%，為漏斗頂端增加了大量人員，這是令人興奮的。

We drove incremental frequency versus normal behavior across all frequency bands, including low frequency. Of the 5 million, 2 million were low-frequency users that are now engaging with the brand throughout summer on a more consistent basis.

我們在所有頻段（包括低頻）上推動了增量頻率與正常行為的對比。在這 500 萬用戶中，有 200 萬是低頻用戶，他們現在整個夏天都以更持續的方式與品牌互動。

So I'll tell you all in all, I think it's been a great program for us, a lot of key learnings there and learnings that we will leverage for the back half of the year.

總而言之，我認為這對我們來說是一個很棒的項目，我們學到了很多關鍵的知識，這些知識我們將在下半年加以利用。

That's great. I would perceive the Summer of Extras would be really directed towards your active users, just trying to get maybe one or two more visits out of them during a month. And then I wonder also with your digital getting those lapsed users back and maybe with some things to kind of get them back like a freebie here or there, is that an opportunity? And when can you maybe get those tools up and running?

那太棒了。我認為「夏季額外活動」真正針對的是活躍用戶，只是試圖在一個月內吸引他們多訪問一兩次。然後我想知道，透過你們的數位行銷，能否重新獲得那些流失的用戶，或許可以透過一些免費的東西讓他們回來，這是一個機會嗎？什麼時候可以啟動並運行這些工具？

I think it's a really sizable opportunity, David. On the last call, I talked about the welcome journey, and I talked about how AI will help us on the welcome journey and our goal of achieving three purchases within the first 90 days.

我認為這是一個相當大的機會，大衛。在上次電話會議上，我談到了歡迎之旅，我談到了人工智慧將如何幫助我們完成歡迎之旅以及我們在前 90 天內實現三次購買的目標。

We saw with the AI tool, about a 46%, 47% uplift in engagement through that welcome journey. So that informed what we are now calling the win-back journey. So this is a more aggressive targeted program for near or lapsing consumers to really get them to reengage with the brand.

我們發現，透過人工智慧工具，歡迎旅程的參與度提高了約 46% 至 47%。這就是我們現在所說的贏回之旅。因此，這是一個針對即將成為品牌顧客或流失顧客的更有針對性的計劃，旨在真正讓他們重新與品牌建立聯繫。

So we are still early innings, David. It should be in-market and test here in the coming months. But we feel like there's a meaningful opportunity to reengage lapsed or near lapsed users that have engaged in the platform.

所以我們仍處於早期階段，大衛。它應該會在未來幾個月內上市並進行測試。但我們覺得這是一個有意義的機會，可以重新吸引已經使用該平台的流失用戶或接近流失的用戶。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Great, thanks very much. First question, just curious, maybe housekeeping. If you could sort of speak at all to trends through the quarter. I know you talked about that improving momentum, but anything sort of on June, July, either the one year or I know you spoke last quarter to the two-year trend, just so we can kind of level set where that sort of underlying trend is now, please?

太好了，非常感謝。第一個問題，只是好奇，也許是家事。如果您可以談談本季的趨勢的話。我知道您談到了改善的勢頭，但是請問您能談談 6 月、7 月的情況，無論是一年還是兩年的趨勢，這樣我們就可以大致確定現在的潛在趨勢在哪裡，好嗎？

Yeah, Dennis, I'll start, and then Scott, feel free to add in. So going all the way back to April, like we said during the last call, we're riding the wave from Chipotle Honey Chicken and our two-year comp was around a plus 8%.

是的，丹尼斯，我先開始，然後斯科特，請隨意添加。因此，回到四月份，就像我們在上次電話會議上所說的那樣，我們正乘著 Chipotle Honey Chicken 的浪潮，我們的兩年同期增長率約為 8%。

In May, we saw the softness that Scott talked about, and that really correlated pretty heavily with consumer sentiment bottoming around that time. So our two-year dropped a couple of hundred basis points. But then it bounced back in the second half of June and some of our marketing went into full effect, as well as the launch of Adobo Ranch and Summer of Extras.

五月份，我們看到了史考特所說的疲軟現象，這與當時消費者信心觸底有很大關係。因此我們的兩年期公債下跌了幾百個基點。但隨後，它在 6 月下半月有所反彈，我們的一些行銷活動開始全面奏效，同時也推出了 Adobo Ranch 和 Summer of Extras。

And we exited June not only with positive comps and positive transactions, but also that two-year returning to about that 8% level.

截至 6 月份，我們不僅取得了積極的業績和積極的交易，而且兩年來回報率也回到了 8% 左右的水平。

Now when you go into July, July has been a bit choppy over the last couple of weeks. I think it's due to kind of some post-holiday as well as some weather that we've seen. And so the two-year stack in July has been bouncing around like 7% to 8%, but we expect that it will be closer to 8% in Q3, and we have a solid plan to lap risk it in September. So that obviously includes that as well.

現在進入七月，過去幾週七月的情況有些不穩定。我認為這是由於假期後的一些因素以及我們所經歷的一些天氣因素造成的。因此，7 月兩年期公債殖利率一直在 7% 至 8% 之間波動，但我們預計第三季的殖利率將接近 8%，而且我們有一個完善的計畫來應對 9 月的風險。所以這顯然也包括這一點。

Great. I appreciate that color, Adam. And then maybe one more, just bigger picture, Scott, you talked about the confidence kind of in getting back to that mid-single-digit comp growth profile that you had at least historically.

偉大的。我很欣賞那個顏色，亞當。然後也許再多一個，只是更大的圖景，斯科特，你談到了對回到至少歷史上所擁有的中等個位數增長狀況的信心。

Just any additional thoughts on the time line there? How important is sort of the macro normalizing relative to all the initiatives that you talked about and kind of just starting to see those continue to gain traction and gain momentum? Thanks guys.

關於時間線還有什麼其他想法嗎？相對於您談到的所有舉措而言，宏觀正常化有多重要？並且是否剛開始看到這些舉措繼續獲得關注和發展？謝謝大家。

Yeah, it's a great question, Dennis. I think Q2 was probably the worst aggregate storm -- conditions for an aggregate storm that we could have faced. We had extraordinary compares, we had declining consumer confidence. We had -- we just had all sorts of things. I won't make any more excuses around the quarter.

是的，這是一個很好的問題，丹尼斯。我認為第二季可能是我們可能面臨的最嚴重的整體風暴——整體風暴的條件。我們經歷了異常的比較，消費者信心正在下降。我們有——我們有各種各樣的東西。本季我不會再找任何藉口了。

Here's what I'll tell you is, as compares ease in the back half of the year, if we could get a little favorability on consumer confidence, which seems to be trending upward in June, July and then layer in the initiatives that we have in the back half of the year, another exciting LTO coming, I've got another side that's making its way through stage-gate as we speak, which could also launch in the fall, kind of winter time frame.

我要告訴你們的是，與今年下半年的輕鬆程度相比，如果我們能夠獲得一些消費者信心方面的支持，那麼消費者信心在 6 月和 7 月似乎呈上升趨勢，再加上我們在下半年採取的舉措，另一個令人興奮的 LTO 即將到來，我還有另一項正在通過階段門的計劃，它也可能於秋季或冬季推出。

We have an additional rewards program targeted for college students, which will launch here in just a few weeks, which I think will drive increased engagement with the college students across the country, which are big fans of our brand. And then we have a lot of benefits that are on their way from the produce slicer launch, increasing culinary, improving the guest experience, ensuring that we're ready for great throughput this fall.

我們還有一個針對大學生的額外獎勵計劃，將在幾週後推出，我認為這將增強我們與全國各地大學生的互動，他們是我們品牌的忠實粉絲。然後，我們從農產品切片機的推出中獲得了許多好處，提高了烹飪水平，改善了客人體驗，確保我們為今年秋天的大產量做好準備。

So I say all that to say I have a lot of confidence in the plans we have of getting us back on our front foot here very quickly. And then the 2026 calendar, I'll tell you, is shaping up nicely. Chris and team have been working aggressively on what that will look like.

所以我說這些是為了表明，我對我們的計劃很有信心，相信我們能很快重新站穩腳跟。然後我會告訴你，2026 年的行事曆進展順利。克里斯和他的團隊一直在積極努力實現這一目標。

You've already heard me say that we'll have increased LTO cadence. I talked about three for the upcoming year to include, we will pepper in other sides and dips, which we know are highly incremental and that are performing well. So I feel really confident in us getting back to mid-single digits in the near term.

您已經聽我說過我們將提高 LTO 節奏。我談到了即將到來的一年中的三個方面，我們將在其他方面和方面進行改進，我們知道這些方面和方面具有很高的增量，並且表現良好。因此，我非常有信心我們能在短期內恢復到中等個位數的成長。

Thanks, Scott.

謝謝，斯科特。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Great, thank you. So I guess one quick housekeeping question. It's always difficult to measure new store productivity, I think, given timing and also just when trajectory change a lot in the comp. Could you maybe just talk a little bit about that, the MSPs and how anything that you might be seeing there? It looks, I think, pretty consistent, but I just wanted to confirm that.

太好了，謝謝。所以我想問一個簡單的基本問題。我認為，考慮到時機以及公司發展軌跡發生很大變化的時候，衡量新店生產力總是很困難的。您能否稍微談談 MSP 以及您在那裡看到的一切？我認為它看起來非常一致，但我只是想確認這一點。

And then also, I do have a separate question.

另外，我還有一個單獨的問題。

Yeah, Sara, I can jump in on the new store productivity. So you're reading that correctly. We're still in that like around 80%, actually just slightly above that in Q2. So our new store productivity is holding up really, really nicely compared to our existing base.

是的，薩拉，我可以參與新店的生產力。所以你讀得對。我們仍然處於 80% 左右的水平，實際上略高於第二季度的水平。因此，與現有店面相比，我們新店的生產力保持得確實非常好。

Okay. Great. And then on the -- I know you said like there's a lot of volatility, consumer confidence, I guess. Historically, we haven't seen as much of correlation with confidence. And then I guess when I'm thinking about the two-year, it feels like you've thrown a lot at this with respect to advertising and then the LTO, and I know -- or the Adobo Ranch.

好的。偉大的。然後——我知道您說過，消費者信心存在很大波動，我想。從歷史上看，我們並沒有看到與信心有太大的相關性。然後我想，當我考慮這兩年的時候，感覺你在廣告和 LTO 方面投入了很多，我知道——或者 Adobo Ranch。

I guess to what extent is this all -- you still have control over or you feel confident in the ability, I guess, to continue to innovate, given that we have seen a lot and yet it sort of seems like it's moving the needle just a little bit less significantly than you had? Is there any sense that maybe people are -- they're fatigued or anything like that, that would give you pause?

我想，在多大程度上，您仍然可以控制這一切，或者您對繼續創新的能力充滿信心，因為我們已經看到了很多，但似乎它對指針的移動沒有您想像的那麼顯著？有沒有一種感覺，也許人們感到疲憊或類似情況，這會讓您停下來思考？

Hi, Sara, Scott here. Thanks for the question. We have been tracking along with consumer sentiment over the last several months, which is interesting in its own -- in looking at the charts and how we trend along with foot traffic.

嗨，薩拉，我是史考特。謝謝你的提問。過去幾個月我們一直在追蹤消費者情緒，這本身就很有趣——透過查看圖表可以了解我們如何隨著客流量變化而變化。

Here's what I'll tell you is the summer campaign, while it seems like we threw a lot at it, we were just testing and learning. And if you recall, the initiatives around summer, we put into flight in the fall winter time-frame of last year. It wasn't to respond to market conditions or a declining consumer backdrop.

以下是我要告訴你們的夏季活動，雖然看起來我們投入了很多，但我們只是在測試和學習。如果你還記得的話，我們在去年夏季實施的措施是在秋冬季節開始實施的。這並不是為了因應市場狀況或消費下滑的背景。

And so the goal this summer was to merely test ideas to really buttress the summer lull we've experienced over the last couple of years. And quite frankly, I think we have learned several things that work and several things that may not work that will inform the back half of the year calendar as well as the 2026 calendar.

因此，今年夏天的目標只是測試一些想法，以真正支持我們在過去幾年所經歷的夏季低迷時期。坦白說，我認為我們已經了解了一些可行的方法和一些可能行不通的方法，這些方法將為今年下半年以及 2026 年的日曆提供參考。

Very helpful, thank you.

非常有幫助，謝謝。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good afternoon, Scott, I just want to come back to the outlook to getting back to mid-single-digit comps. I guess there's some debate in the investment community about whether Chipotle is just reaching a scale at which it's going to be tough to drive that kind of comp growth and whether a more appropriate target for the business might be something lower than that.

嗨，斯科特，下午好，我只是想回到中個位數成長的前景。我想投資界存在一些爭論，關於 Chipotle 是否剛剛達到難以推動這種成長的規模，以及對於該業務來說更合適的目標是否可能是低於這個水平。

So I just wanted to see if you could react to that comment. Do you think it's going to be harder and harder to get to that kind of number over time? Or do you think this is all just macro holding you back? And once that clears up, you'll be able to get there? So any thoughts on that topic would be great.

所以我只是想看看你是否能對該評論做出反應。您是否認為隨著時間的推移，達到這樣的數字會變得越來越困難？還是您認為這一切都只是宏觀因素在阻礙您？一旦解決了這個問題，你就能到達那裡嗎？因此，任何有關該主題的想法都是很好的。

Yeah, David, thanks for the question. I think much of what we're experiencing right now is due to macro, and the consumer -- the low-income consumer is looking for value as a price point at present. You have to look no further than what's going on with our competitors with [snack occasion] or $5 meals or -- and that's where the consumer is drifting towards as value as a price point because of low consumer sentiment.

是的，大衛，謝謝你的提問。我認為我們現在所經歷的大部分情況都是宏觀因素，而消費者——低收入消費者目前正在尋找價值作為價格點。你只要看看我們的競爭對手在[零食場合]或 5 美元餐點方面的情況就知道了——由於消費者情緒低落，消費者正轉向以價格為價值的點。

I think sentiment improves, the business will improve. And so that -- I think that's probably the biggest headwind we face. Now that does cause us internally to think differently about how do we think about value at Chipotle, how do we think about innovation as it relates to whether it's LTOs or sides or dips or desserts and other platforms that we can layer into the business long term.

我認為情緒改善，業務就會改善。所以——我認為這可能是我們面臨的最大阻力。現在，這確實促使我們在內部以不同的方式思考我們如何看待 Chipotle 的價值，我們如何看待創新，因為它與 LTO 或配菜或蘸醬或甜點以及其他我們可以長期融入業務的平台有關。

But I still believe and I'm confident, this leadership team and I are all confident that we have a path to get back to mid-single-digit growth and return us back to where we need to be in the coming months.

但我仍然相信，我和領導團隊都相信，我們有辦法恢復中等個位數的成長，並在未來幾個月內回到我們需要的水平。

Thank you.

謝謝。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

Yeah, thanks. Good afternoon, guys. Scott, it's encouraging to hear the plan to adjust the LTO cadence next year. How are you thinking about the mix of new product launches versus revisiting some of those existing favorites that have been proven to be consistent performers?

是的，謝謝。大家下午好。斯科特，聽到明年調整 LTO 節奏的計劃令人鼓舞。您如何考慮推出新產品與重新推出一些已被證明表現穩定的現有熱門產品？

Yeah. I'll tell you, each time we run an LTO -- thank you for the question, by the way. Every time we run an LTO, it tends to perform better than it did during its prior launch. Even products that we've revisited 2 times or 3 times. So that gives us a lot of confidence that we have a pantry of items today, LTOs, that is -- that we can layer into the marketing calendar that we know are proven that will be successful.

是的。我會告訴你，每次我們運行 LTO——順便說一句，謝謝你的提問。每次我們運行 LTO 時，它的表現往往比上次啟動時更好。即使是我們已經重複看過 2 遍或 3 遍的產品。因此，這給了我們很大的信心，我們今天擁有一批庫存商品，也就是 LTO，我們可以將這些商品分層到行銷日程表中，我們知道這些商品已經被證明是會成功的。

And we just reintroduced a product in test that we've launched, I guess, it's been in market 3 times now. It actually performed better in test than it did during its first three market launches. So that said, you set that aside, and then the team continues to work on other craveable on-brand items, whether that's center of the plate items, or sides or dips that we can launch into the marketplace that will go through our stage-gate process to help fill out a more full calendar in 2026 and beyond.

我們剛剛重新推出了一款正在測試的產品，我想，它已經上市三次了。事實上，它在測試中的表現比前三次上市時的表現要好。所以說，你把它放在一邊，然後團隊繼續致力於其他令人垂涎的品牌商品，無論是餐盤中央的商品，還是我們可以推向市場的配菜或蘸醬，這些商品都將通過我們的階段門流程來幫助填寫 2026 年及以後更完整的日曆。

Okay thanks.

好的，謝謝。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Thank you. Scott, I want to go back on the debate on whether macro is impacting the performance in the second quarter versus something a little bit more structural. And so I wonder if you can talk a little bit about whether you're seeing some level of competition rising and whether this is a source of concern for you? Specifically, are you seeing any of your consumers potentially trading down into any other food categories? Or do you see stable trends across the income cohorts?

謝謝。史考特，我想回到關於宏觀經濟是否影響第二季業績還是一些更具結構性因素的爭論。所以我想知道您是否可以稍微談談您是否看到某種程度的競爭加劇以及這是否讓您擔心？具體來說，您是否發現您的消費者有可能轉向其他食品類別？還是您看到各個收入群體的穩定趨勢？

Hi, Danilo. Thanks for the question. We did see some share loss in the April-May time frame as the low-income consumer pulled back, but we're back to share gains yet again in June-July. So I think it truly is trending along with the macro and consumer sentiment at this point. And so I don't have overarching fears.

你好，達尼洛。謝謝你的提問。由於低收入消費者的減少，我們確實看到 4 月至 5 月期間的份額有所下降，但 6 月至 7 月期間的份額又恢復增長。所以我認為它目前的趨勢確實與宏觀和消費者情緒一致。所以我並沒有什麼過度的恐懼。

We always keep our eye on the competitors as you -- I'm sure you're aware, Danilo. But we see no one on the rise today that is causing us to remake our strategy. And we'll continue to meet the consumer where they are and try to drive demand through our core equities of the brand, whether that's obviously high-quality ingredients, classic culinary abundance and the speed at which you can't get anywhere else and then bring in new ideas around LTOs to get the consumer to come back more often or bring trial to the brand.

我們始終關注著競爭對手——我相信您也意識到了，達尼洛。但我們今天沒有看到任何崛起，促使我們重新制定策略。我們將繼續滿足消費者的需求，並嘗試透過我們品牌的核心資產來推動需求，無論是明顯的高品質原料、經典的烹飪豐富度還是在其他地方無法獲得的速度，然後圍繞 LTO 引入新想法，讓消費者更頻繁地回來或嘗試該品牌。

Great. And then speaking about the frequency itself, I mean, the loyalty members that you have is around 40 million people. And you mentioned that about 20 million of them are active in the past 12 months. But I'm sure that within this active population, there are different tiers of activity, right? There are some consumers who are more free consumers than others.

偉大的。然後談到頻率本身，我的意思是，你們擁有的忠誠會員大約有 4000 萬人。您提到，過去 12 個月中約有 2,000 萬人活躍。但我確信在這個活躍的人群中，存在著不同層次的活動，對嗎？有些消費者比其他消費者更自由。

So what level of frequency from active members -- like how has it trended over time? And which part of the active consumer base has been more under [press related]? Is it the super users, the more casual consumers? And what are your plans to be attracting those consumers back in the second half?

那麼活躍會員的頻率水平如何——隨著時間的推移趨勢如何？哪些活躍消費者群體受到的影響較大[相關新聞]？是超級用戶，還是更隨興的消費者？您有什麼計劃來在下半年吸引這些消費者呢？

Yes. I talked about this just a moment ago. I think the low frequency user is the one that's most at risk here, Danilo. The Summer of Extras promotion really engaged that consumer in a meaningful way and cause them to transact with us more frequently over June-July. This program will obviously continue for the next several weeks.

是的。我剛才談到了這一點。我認為低頻用戶是這裡最危險的用戶，達尼洛。「夏季額外優惠」促銷活動確實以一種有意義的方式吸引了消費者，並促使他們在 6 月至 7 月期間更頻繁地與我們交易。該計劃顯然將在接下來的幾週內繼續進行。

And so we continue to see that pick up, which is encouraging, which will also inform our strategy as we think about extras beyond Summer of Extras, what does that look like as an evergreen program that will inform the back half of the year calendar as well as the 2026 calendar.

因此，我們繼續看到這種回升，這是令人鼓舞的，這也將為我們的策略提供訊息，因為我們考慮《夏季附加內容》之外的附加內容，它將是什麼樣子，作為一個常青計劃，它將為下半年的日曆以及 2026 年的日曆提供資訊。

No, thank you.

不，謝謝。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

Hi, thank you. Yeah, the question is also -- you're dissecting the comp and just overall performance to some degree. And the question isn't from a consumer cohort perspective. The question is based on various regional performance differences that you may see, suburban or urban differences that you may see.

你好，謝謝。是的，問題也是——您正在某種程度上剖析公司以及整體表現。而這個問題並不是從消費者群體的角度提出的。這個問題是基於您可能看到的各種地區表現差異、郊區或城市差異。

And I asked the question sitting in New York today, where competition has notably improved over the past couple of years, but I could even say that there's even been some significant changes from Washington all the way up through Boston and a lot of areas in between that.

我今天在紐約提出了這個問題，這裡的競爭在過去幾年裡有了明顯改善，但我什至可以說，從華盛頓一直到波士頓以及其間的許多地區都發生了一些重大變化。

If you are seeing some pockets of competitive change in New York, for example, that maybe have, to some extent, been offset by easing of competition and other certain metropolitan areas?

例如，您是否看到紐約的一些競爭變化，這些變化可能在某種程度上被其他某些大都市地區的競爭緩和所抵消？

Yeah. I'll jump in, and I'll let Adam come in behind with any additional detail. Here's what I would tell you, is I have the privilege, the opportunity to look at sales by region every single morning, as you can imagine. And surprisingly, all regions trend have been trending in the same way, either up or down for the past many months.

是的。我會加入進來，然後讓亞當在後面補充詳細資訊。我想告訴你們的是，正如你們所想像的，我有幸每天早上查看各地區的銷售情況。令人驚訝的是，過去幾個月來，所有地區的趨勢都呈現相同趨勢，要么上升，要么下降。

With regard to the Northeast, Northeast was one of our best-performing regions last year, was top of the category. And so I feel confident that we're still performing at a really high level in the Northeast. So I know what you're seeing in New York, I was there in Boston as well over the last several months for different meetings.

就東北地區而言，東北地區是我們去年表現最好的地區之一，位居榜首。因此，我相信我們在東北地區的表現仍然非常出色。所以我知道你在紐約看到了什麼，過去幾個月我也去波士頓參加了不同的會議。

And I see the emergence of a lot of really cool fast casual concepts. But if you go into Chipotle, you'll see a line to the door. You may not find that still yet at some of the emerging concepts.

我看到了很多非常酷的快速休閒概念的出現。但如果你走進 Chipotle，你會看到門口排著長隊。您可能還沒有在一些新興概念中發現這一點。

Yeah. And the only other two things I would add in, number one, in some pockets of the country, especially around high vacation times, we've seen a little bit of softness compared to some of the other areas, especially around holidays and whatnot. So that's been more pockets. And then you asked about urban versus suburban. I mean, the majority -- the vast majority of our restaurants are suburban.

是的。我只想補充另外兩件事，第一，在該國的一些地區，特別是在假期高峰期，與其他一些地區相比，我們看到了一點疲軟，尤其是在節假日等期間。所以口袋更多了。然後你問到城市與郊區的問題。我的意思是，我們的大多數餐廳都位於郊區。

However, we've actually seen the urban restaurants outperform those just a little bit. So I think to Scott's point in some of those areas, although there is more competition, we're not necessarily seeing that, especially on urban.

然而，我們實際上看到城市餐廳的表現略勝一籌。所以我認為，正如史考特所說，在某些領域，儘管競爭更加激烈，但我們不一定會看到這種情況，尤其是在城市地區。

That's great. Thank you for the answer.

那太棒了。謝謝你的回答。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Yeah, thank you. So Scott, I would be curious to hear from you, just given your previous role of COO. What specific contribution do you expect Jason to bring to Chipotle? And what would be his kind of key priorities and focus areas in the near term? And furthermore, now with all the executive team fully on board, are there any aspects of your long-term strategy that could be reconsidered or tweaked? Thank you.

是的，謝謝。斯科特，鑑於你之前擔任首席營運官，我很想聽聽你的意見。您希望 Jason 為 Chipotle 帶來什麼具體貢獻？他近期的首要任務和重點領域是什麼？此外，現在所有執行團隊都已完全加入，您的長期策略中有哪些方面可以重新考慮或調整？謝謝。

Yeah, hi, Christine, thank you. Jason brings a vast knowledge of high-level, large-scale retail to our brand. And his previous brand, obviously, managing a very large food concept. I think in our early days -- and so he's been in restaurant doing his restaurant training, he's learning how to work a knife, which is unique to our brand, which is exciting to see. But I think he'll bring a different perspective, and he already has.

是的，嗨，克里斯汀，謝謝你。Jason 為我們的品牌帶來了豐富的高級、大規模零售知識。顯然，他之前的品牌管理著一個非常大的食品概念。我想在我們早期的時候——他一直在餐廳接受餐廳培訓，學習如何使用刀具，這是我們品牌獨有的，這令人興奮。但我認為他會帶來不同的視角，而他已經做到了。

I mean, we've been in restaurants together over the last few weeks, and he's already identifying opportunities to improve the experience for both team member and guest that maybe was overlooked by the prior COO, which is exciting.

我的意思是，過去幾週我們一起去過餐廳，他已經在尋找機會改善團隊成員和客人的體驗，而這可能被前首席營運長忽視了，這令人興奮。

And so I think I really believe Jason will create a step change in our operational performance in this brand. I would like to caveat that with, I could not be more proud of how our 130,000 people have performed in a really tough macro environment over the last six months and achieving the profitability, both restaurant level margin and EPS that we have enjoyed over the last couple of quarters is in large part due to their efforts. And so I just want to say thank you to them.

因此，我認為我真的相信 Jason 會為這個品牌的營運表現帶來重大改變。我想補充一點，我為我們 13 萬名員工在過去六個月中在非常艱難的宏觀環境下的表現感到無比自豪，並且在過去幾個季度中實現了盈利，包括餐廳級利潤率和每股收益，這在很大程度上要歸功於他們的努力。所以我只想對他們說謝謝。

That said, the management team fully intact, it's an extraordinary team that has been in this brand with a lot of historical contacts, a lot of success for a lot of years. And we constantly are talking about our strategy. We're constantly talking about the consumer and we're always looking for ways to innovate, whether that's in operations, digital or marketing. And the idea is this team generates best-in-class, full stop. I have a lot of confidence in our strategy today and how it will evolve in the future.

也就是說，管理團隊完全完好無損，這是一支非凡的團隊，多年來一直為這個品牌效力，擁有豐富的歷史聯繫，並取得了許多成功。我們一直在談論我們的戰略。我們一直在談論消費者，並且一直在尋找創新的方法，無論是在營運、數位還是行銷方面。我們的想法是，這個團隊要創造出一流的成果，僅此而已。我對我們目前的策略以及未來的發展充滿信心。

Thank you. Just a follow-up to an earlier question. So thank you for sharing some of the key metrics around the impact of Summer of Extras. Would you consider making this as kind of a more regular engagement in the summer? And do you see potential kind of increase to marketing spend going forward versus kind of the high 2% that you're expecting for the year? Thank you.

謝謝。這只是對先前問題的後續回答。非常感謝您分享一些關於「Summer of Extras」影響的關鍵指標。您會考慮在夏天將此變成一種更定期的活動嗎？您是否認為未來行銷支出可能會增加，而不是像您預期的那樣，今年的行銷支出將增加 2%？謝謝。

Yeah. And you're thinking about it the right way. And so we are learning what's working right now as we speak, and that will inform our strategy as it relates to digital going forward. And so you could see some modifications, not wholesale changes, but as we continue to think about how do we approach digital in the most meaningful way, whether that's driving new users into that channel or solving for some of the challenges as we have some attrition within the bucket.

是的。而且你的想法是正確的。因此，我們正在了解目前正在進行的工作，這將為我們未來數位化相關的策略提供資訊。因此，您可能會看到一些修改，而不是徹底的改變，但隨著我們繼續思考如何以最有意義的方式實現數位化，無論是吸引新用戶進入該管道還是解決一些挑戰，因為我們在儲存桶內有一些損耗。

As it relates to marketing, I mean, we will continue to follow a return-focused approach to marketing. So we will incrementally spend where we know that we can drive both top line and bottom line. And I think Chris and his team have done a remarkable job of doing just that this summer, which gives us confidence if we increase, and you could see us spend up to 3%, perhaps even more, dare I say. I know that will make Chris pretty happy. But as long as it's return focused and we can drive again both topline and bottomline, we'll spend the dollars.

至於行銷，我的意思是，我們將繼續遵循以回報為中心的行銷方法。因此，我們將在能夠同時推動營業收入和利潤成長的領域中逐步增加支出。我認為克里斯和他的團隊今年夏天在這方面做得非常出色，這給了我們增加支出的信心，你可以看到我們的支出高達 3%，甚至更多，我敢說。我知道這會讓克里斯非常高興。但只要我們注重回報，並且能夠再次推動營收和利潤的成長，我們就會花錢。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Great, thank you, Adam, I'm curious now that you've had the high-efficiency equipment in market for enough time in the pilot that you're rolling this out to all new stores and retrofits are going to begin, what are you seeing just in early stages with the sales volumes and margin uplifts relative to the remainder of the restaurant fleet?

太好了，謝謝你，亞當，我現在很好奇，你們已經在試點中將高效設備推向市場足夠長的時間，你們正在將其推廣到所有新店，並且即將開始改造，在早期階段，相對於其他餐廳，你看到了什麼銷售量和利潤率的提升？

Yeah, hey, Andrew. So it's a little early to put numbers to any of those yet, especially given that we've had maybe about 40 or so installs. And like Scott said, we're ramping up. But I can give you a few (inaudible) and we've talked a little bit about this in the past, but in terms of what we're expecting to see just right off the bat is a labor efficiency in order to really justify the expense here.

是的，嘿，安德魯。因此現在給出具體數字還為時過早，特別是考慮到我們的安裝量可能只有 40 台左右。正如斯科特所說，我們正在加大力度。但我可以給你一些（聽不清楚），我們過去已經談過一點這個，但就我們期望立即看到的而言，就是勞動效率，以真正證明這裡的費用是合理的。

And that's probably going to be in that like two to three hour range on an average restaurant on an average day. And that's just the straight off efficiency, which I believe will drive a pretty nice return on this. It doesn't count the fact that all the other benefits that Scott has detailed. I mean, the improvement and the consistency of our quality of our culinary, I mean, I think that, that's going to be a huge step change that could definitely affect the top line.

在普通餐廳，每天的用餐時間大概需要兩到三個小時。這只是直接的效率，我相信這將帶來相當不錯的回報。這還不包括斯科特所詳述的所有其他好處。我的意思是，我們烹飪品質的提高和一致性，我的意思是，我認為，這將是一個巨大的進步，肯定會影響到收入。

I think that allowing our teams to be more efficient at prep will allow them to deploy better and increase our [max 15] to allow us to really drive better throughput. I think that can have to top line benefit as well as potentially unlocking additional growth platforms like we mentioned earlier, with catering and doing that test and having a high-efficiency equipment package and before we do that test to really see if we can unlock that. So just several things that I can do to not only help the team members, but also the guests. So still early, but we're really excited about the returns that this could potentially have.

我認為，讓我們的團隊更有效率地進行準備將使他們能夠更好地部署並增加我們的[最多 15 人]，從而讓我們真正提高吞吐量。我認為這不僅可以帶來收入效益，還可能解鎖額外的成長平台，就像我們之前提到的那樣，透過餐飲和進行測試，並擁有高效的設備包，在我們進行測試之前，真正看看我們是否可以解鎖它。因此，我可以做幾件事，不僅可以幫助團隊成員，還可以幫助客人。雖然現在還為時過早，但我們對這可能帶來的回報感到非常興奮。

That's helpful. Maybe just one quick follow-up, just as a result of the delays of prep that I know can cause operational hiccups and cause sales hiccups. Is there a way to quantify what you're seeing today in the business or in recent quarters just from the headwinds there that it can help solve?

這很有幫助。也許只是一次快速的跟進，只是因為我知道準備工作的延遲會導致營運問題並導致銷售問題。有沒有辦法量化您目前在業務中或最近幾季所看到的、能夠幫助解決的不利因素？

I mean I think the best indication of that is just our ability to deploy. So the fact that we shared in the prepared comments that 70% or so of our restaurants are able to get expo in place, that's driving a step change in throughput. And so we'll be able to continue to push that further. It's a little less than that on getting all four pillars in place.

我的意思是，我認為最好的證明就是我們的部署能力。因此，我們在準備好的評論中分享了一個事實：大約 70% 的餐廳能夠舉辦博覽會，這推動了吞吐量的逐步變化。因此我們將能夠繼續推動這項進程。如果將四大支柱全部落實到位，那麼所需的成本就會稍微少一些。

We're probably somewhere in that 50% range in terms of the amount of restaurants that we're able to have all four pillars in place during their busiest 15-minute period. So as we're able to get this equipment in place, including the produce slicer and really get proficient with it, we expect those numbers to rise, which will then yield to higher a max 15, which will yield to a higher comp. So I think there's some really good benefit there that's coming our way.

就能夠在最繁忙的 15 分鐘內實現所有四大支柱的餐廳數量而言，我們大概處於 50% 的範圍內。因此，當我們能夠安裝好這些設備（包括農產品切片機）並真正熟練地使用它時，我們預計這些數字會上升，然後會產生更高的最大值 15，從而產生更高的補償。所以我認為這確實會為我們帶來一些好處。

I appreciate the thought. Thanks.

我很感激你的想法。謝謝。

Yeah, thanks Andrew.

是的，謝謝安德魯。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you very much. I wanted to just follow up on the same-store sales trends. two-year, around 8% exiting June, 7% to 8% in July. Can you just help level set what you're seeing on a one-year basis in July? And I think compares make it tougher as you move through the quarter. So do you expect the one-year comp to moderate? Or just what should we be thinking there, which I think would get you to about a 2% comp for the quarter?

非常感謝。我只是想追蹤同店銷售趨勢。兩年來，6 月成長約 8%，7 月成長 7% 至 8%。您能否幫助您確定七月以一年為週期所見的情況？我認為，隨著季度的推進，比較會使事情變得更加困難。那麼，您是否預期一年期的業績會有所緩和？或者我們應該怎麼想，我認為這將使您本季的業績達到 2% 左右？

Yeah. No, I think you're thinking about it the right way. I mean it's somewhat consistent July, August and September, especially that we're embedding that we have a really strong plan to lap Brisket in September. And so if you're getting somewhere in that like low single-digit range for the quarter, that's about where we're at in July. We've got positive comps, but also positive transactions so far in July despite kind of that choppiness. But you're thinking about it the right way.

是的。不，我認為你的想法是正確的。我的意思是，7 月、8 月和 9 月的情況基本上一致，特別是我們正在製定一個非常強有力的計劃，在 9 月涵蓋 Brisket。因此，如果本季的銷售額處於低個位數範圍內，那麼這大約就是我們 7 月的水平。儘管存在一些波動，但截至 7 月份，我們的銷售額仍為正，交易金額也為正。但你的想法是正確的。

Okay. And I assume there's some mix headwind that's going on?

好的。我認為其中存在一些混合逆風？

Yes. I would assume the mix headwind, which was about a minus 1% in the second quarter to continue for the rest of the year. That's still driven by lower group size. There's also been a little bit of a shift to lower-priced entree. So think of that as your steak in and barbacoa customers shifting a little bit more to chicken than we've seen kind of in the past.

是的。我認為混合逆風（第二季約為-1%）將在今年剩餘時間內持續下去。這仍然是由較小的群體規模所致。主菜價格也略有下降。因此，可以想像，與過去相比，牛排和烤肉店的顧客更多地轉向了雞肉。

But we're still seeing strength in sides on a [parent] basis, like extra meat, for example, especially around Chipotle Honey Chicken has been really, really strong. And then the Adobo Ranch really stepped up, but that was kind of late in the quarter, so we got a couple of weeks in that. And then the other items like guac, queso chips, even drinks are actually holding really nicely. And so net-net, sides are still providing kind of a partial offset to that group size decline, but we expect that minus 1 to continue for the rest of the year.

但我們仍然看到配菜在[母公司]基礎上表現強勁，例如額外的肉，尤其是 Chipotle Honey Chicken 的強勁表現。然後 Adobo Ranch 確實取得了進展，但那是在本季度末，所以我們花了幾週的時間。其他商品，如酪梨醬、起司薯片，甚至飲料，其實都賣得很好。因此，淨額方面，雙方仍在部分抵消團體規模的下降，但我們預計，今年剩餘時間內，負 1 的趨勢仍將持續。

Okay, thanks. Okay. And a little bit of a, I guess, a follow-up, but you guys have been historically very resilient in challenging environments. Obviously, a strong value proposition on an absolute basis. Is there any reason you think Chipotle is more susceptible to macro today than you have historically? Or do you think you're getting sufficient credit from consumers on your strong value proposition? Thank you.

好的，謝謝。好的。我想這有點像是後續問題，但你們在充滿挑戰的環境中歷來都表現得非常堅韌。顯然，這是一個絕對強而有力的價值主張。您是否認為 Chipotle 目前比過去更容易受到宏觀經濟的影響？或者您認為您的強大價值主張已經從消費者那裡獲得了足夠的認可？謝謝。

Yeah. To answer that question very bluntly, I don't think we're getting credit with the consumer today. And so what I've talked to the team about internally is how do we better communicate our value proposition and center around the core equities of the brand. And so there's a lot of activity going on to talk. How do we do that in a unique way that is authentically Chipotle that is not targeted at the competition, and that is not price pointed, right?

是的。坦率地回答這個問題，我認為我們今天沒有得到消費者的信任。因此，我與團隊內部討論的是如何更好地傳達我們的價值主張並圍繞品牌的核心資產。因此，有很多活動正在進行中。我們如何以獨特的方式做到這一點，既能體現真正的 Chipotle 風格，又不以競爭對手為目標，而且不以價格為導向，對嗎？

I think we've got to figure out a way we can communicate value for the consumer and showcase the value we are to QSR and fast casual, I think there's more work to do there, and that's what we'll lean into in the back half of the year.

我認為我們必須找到一種方法來向消費者傳達價值並展示我們對 QSR 和快餐休閒的價值，我認為這裡還有更多工作要做，這就是我們下半年要努力的方向。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Yeah, thanks. Good afternoon, guys. Maybe just to clarify those same for sales comments, too. So I guess, the way you're thinking about it is sort of similar from June, July sort of similar trends holding through the balance of the year?

是的，謝謝。大家下午好。也許只是為了澄清銷售評論中的相同內容。所以我猜，您對此的看法與 6 月、7 月類似，全年趨勢也類似？

And would you say that the things you're doing with rewards marketing kind of ranch have all had some contribution over the last couple of months and so you're sort of assuming no real change in how those things drive same-store sales for the balance of the year?

您是否認為，在過去幾個月裡，你們透過獎勵行銷等方式做出的貢獻都產生了一些影響，因此您是否認為這些措施對今年餘下的同店銷售額的推動作用不會發生真正的變化？

Yeah. No, I think that's a good way to look at it because again, in May, we saw softness. It was a couple of hundred basis points. Those drove us back to get to that rough 8% two-year comp, and that's what we expect to continue on into the second half of the year.

是的。不，我認為這是一個很好的看待它的方式，因為在五月我們再次看到了疲軟。這是幾百個基點。這些因素促使我們實現了約 8% 的兩年期複合成長率，我們預計這一趨勢將持續到今年下半年。

Obviously, as the summer marketing initiatives start to wear off, that's where the fall campaign comes in, and we're really confident with what we've got lined up for the fall and all the other things that Scott mentioned, that we'll be able to maintain that, if not build upon that throughout the rest of the year.

顯然，隨著夏季行銷活動的逐漸消退，秋季行銷活動就開始發揮作用了，我們對秋季的安排以及斯科特提到的所有其他事情都非常有信心，我們將能夠保持這種勢頭，甚至在今年剩餘時間裡繼續保持這種勢頭。

Okay. The food efficiencies that you called out, I mean, I assume because I think the slicers are probably just now starting to have an impact. So I guess I might infer that, that was from other initiatives. Could you sort of talk about what else it is that's driven some of that food cost favorability?

好的。我假設您提到的食品效率是因為我認為切片機可能現在才開始產生影響。所以我想我可以推斷，這是來自其他措施。您能否談談還有哪些因素推動了食品成本的有利因素？

Yeah. So I'll go into some detail on that. So as you know, I mean, a little history lesson. As you guys already know, we had about a 60 basis points portion of investment a little over a year ago.

是的。因此我將對此進行詳細介紹。所以如你所知，我的意思是，上一堂小小的歷史課。如你所知，一年多前我們的投資份額約為 60 個基點。

It dropped towards the end of the year to probably closer to about 40 basis points or 50 basis points with some outlier management that we discussed several quarters ago. But we have more than offset it through really two main initiatives. One is in-restaurant initiatives. So think of this as our restaurant team is doing a remarkable job, really focusing in on what we call the flow of food.

由於我們幾個季度前討論過的一些異常管理，到年底時，該比率可能下降到接近 40 個基點或 50 個基點。但我們透過兩項主要措施已經抵銷了這項影響。一是餐廳內部舉措。所以，請認為我們的餐廳團隊正在做一項了不起的工作，真正專注於我們所說的食物流動。

And that's many steps throughout the restaurant, but it goes from everything from receiving and logging orders to ensure that we're only paying for food that actually showed up at the restaurants from our DCs to managing their inventories effectively, properly prepping, properly cooking. We've given this example many times in the past. I mean if you overcook chicken a minute or two, the yield loss of that can be pretty substantial across the entire fleet of restaurants.

這是整個餐廳的許多步驟，但它涵蓋了從接收和記錄訂單到確保我們只為從我們的配送中心實際到達餐廳的食物付款的所有環節，以及有效管理他們的庫存、正確準備、正確烹飪。我們過去已經多次舉過這個例子。我的意思是，如果雞肉煮過頭一兩分鐘，那麼整個餐廳的產量損失就會相當大。

And then it goes all the way to ensuring that we're correctly bringing everything up on the front line. And I think as we're better deployed and have expo in place, we're more likely to be much more accurate in making sure that we're charging for steak instead of chicken that we're getting all of the sides and that communication is doing. It's going really well on the line. So that's part of it.

然後它會盡力確保我們正確地將所有事情帶到前線。我認為，隨著我們更好地部署和舉辦博覽會，我們更有可能更準確地確保我們收取的是牛排而不是雞肉的費用，並確保我們獲得所有的配菜並且溝通正在進行中。生產線上一切進展順利。這就是其中的一部分。

The other part is supply chain initiatives. And I think we've pointed to some of this in the past, but we found a lot of success with our team and supply chain around supplier diversification in specific categories, especially like tortillas, as well as some fine-tuning and logistics and removing some unnecessary intermediaries.

另一部分是供應鏈計劃。我認為我們過去已經指出了其中的一些問題，但我們發現我們的團隊和供應鏈在特定類別的供應商多樣化方面取得了很大成功，特別是像玉米餅這樣的產品，以及一些微調和物流並消除了一些不必要的中間商。

All of those combined were actually net about a 30 basis points to 40 basis points gain on a go-forward basis from that investment that we made just over a year ago. And then on labor, when it comes to the produce slicers, we're starting to see some really nice execution come through. We didn't remove any hours when it came to produce slicers, we invested that back into the restaurant so that they can really make sure that we're doing everything done at prep so that they can take their meal breaks and be fully deployed at lunch.

所有這些加起來，實際上比我們一年多前進行的投資在未來帶來了約 30 個基點至 40 個基點的淨收益。然後關於勞動力，當談到農產品切片機時，我們開始看到一些非常好的執行效果。在生產切片機時，我們並沒有減少任何時間，而是將其重新投入到餐廳中，以便他們能夠真正確保我們在準備階段完成所有工作，以便他們可以休息用餐並在午餐時完全投入。

But the efficiencies that they're driving is allowing these teams to get much better on their labor execution, and that drove around 20 basis points of efficiencies in Q2 alone. So we expect some of that to continue going into the future. So it's a really good story around this margin initiative across the board to not only offset that investment we made, but really overshoot it by about 30 basis points or 40 basis points just on cost of sales alone.

但他們所推動的效率使得這些團隊的勞動執行能力大大提高，光是在第二季就將效率提高了約 20 個基點。因此我們預計未來這種情況還會繼續發生。因此，對於這項全面的利潤率舉措來說，這是一個非常好的故事，它不僅抵消了我們所做的投資，而且僅在銷售成本方面就超過了約 30 個基點或 40 個基點。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Question is on the more recent comp slowdown you noted, and I think consumer environment was the issue, consumer looking for more price point certainty. Clearly, others in the industry are being more aggressive with price points. I'm just wondering beyond that kind of consumer environment, do you think there's anything specific in terms of -- for the headwind? Maybe you can use me as an example.

問題是關於您提到的最近的公司成長放緩，我認為問題在於消費者環境，消費者尋求更確定的價格點。顯然，業內其他公司在價格方面採取了更激進的策略。我只是想知道，除了這種消費環境之外，您認為在逆風方面還有什麼具體的影響嗎？也許你可以以我為例。

It didn't seem like peers sort of saying you're pulling back. I'm just wondering beyond the macro, if there's anything that's been self-inflicted that you could perhaps address that would give reason to believe trends should get better in the back half? And then I have one follow-up.

看起來你的同事們並沒有說你要退縮。我只是想知道，除了宏觀因素之外，是否有任何自身造成的問題您可以解決，從而有理由相信下半年趨勢會變得更好？然後我還有一個後續問題。

Yeah, Jeffrey, great question. All the consumer metrics that we look at through our brand tracker and how we think about the Chipotle customer shows positive progress still yet. And I know I talked about the 15 perceptual attributes that we were top three in on the last call.

是的，傑弗裡，這個問題問得好。我們透過品牌追蹤器查看的所有消費者指標以及我們對 Chipotle 客戶的看法仍然顯示出積極的進展。我知道我在上次電話會議上談到了我們排名前三的 15 個感知屬性。

We remain pretty consistent quarter-over-quarter and we remain consistent on some of the consumer metrics we measure in restaurants as well as team member measurements, whether that's turnover, staffing or at model or development, all remain very consistent. And believe me, we've unpacked this thing 10 ways to understand is this a self-inflicted problem or is this just more of a macro problem.

我們每季都保持相當一致的表現，我們在餐廳測量的一些消費者指標以及團隊成員測量也保持一致，無論是營業額、人員配備還是模型或開發，都保持非常一致。相信我，我們已經用 10 種方法來分析這個問題，以了解這是一個自我造成的問題，還是一個宏觀問題。

Now we have our opportunities, don't misunderstand that statement. But there's nothing blaring. There's no smoking gun here that says we've had a misstep. And that gives us confidence that stay on strategy, innovate where we can, try to meet the consumer where they are in our own unique Chipotle way, but more importantly is really continued execution in the restaurant, delivering great team member experiences and great guest experiences.

現在我們有了機會，不要誤解這句話。但沒有什麼引人注目的事情。這裡沒有確鑿的證據證明我們犯了錯。這給了我們信心，讓我們堅持策略，盡可能地創新，嘗試以我們獨特的 Chipotle 方式滿足消費者的需求，但更重要的是，真正繼續在餐廳中執行，為團隊成員和客人提供良好的體驗。

Understood. And then just the follow-up, as I think about the restaurant margin side of things, just wondering your confidence on your line of sight to return to margin expansion over time if the comps weren't necessarily to return to mid-single digits.

明白了。然後只是後續問題，當我考慮餐廳利潤率方面的問題時，我只是想知道如果可比銷售額不一定會回到中等個位數，您是否有信心隨著時間的推移恢復利潤率擴張。

So if it was more low single digit, your ability to expand margins from here. I think you noted your goal of getting to that $4 million AUV and obviously, you're talking about a return to the mid-single-digit comp. But what restaurant margin would come with that, if you were to return to a mid-single digit? I know that used to be talk of a 30% type margin. I'm just wondering how you think about the margin outlook, depending on whether the comp is low or mid-single digit going forward. Thank you.

因此，如果利潤率較低，那麼您就有能力從這裡擴大利潤率。我認為您提到了實現 400 萬美元 AUV 的目標，顯然，您談論的是恢復到中等個位數的表現。但是，如果要回到中等個位數，餐廳的利潤率會是多少呢？我知道以前人們談論的是 30% 類型的利潤。我只是想知道您如何看待利潤前景，這取決於未來利潤率是低個位數還是中等個位數。謝謝。

Yeah. So I can start on this one. So no change to the flow-through as we look longer term at 40% growth through on incremental transactions. And so when you're at a mid-single-digit comp and you're opening restaurants at the pace that we're opening.

是的。所以我可以從這個開始。因此，流通量不會發生變化，因為我們著眼於長期增量交易 40% 的成長。因此，當您的業績處於中等個位數水平時，您開設餐廳的速度與我們一樣快。

No problem seeing that as we approach $4 million in AUV, we can get to that 29%, 30% range on the restaurant-level margin. And that does not include any additional benefits that we're able to find in the business, like the high-efficiency equipment package or anything else that we're able to drive.

沒問題，隨著我們的 AUV 接近 400 萬美元，我們可以在餐廳層級實現 29% 至 30% 的利潤率。這還不包括我們在業務中能夠找到的任何額外好處，例如高效設備包或我們能夠推動的任何其他東西。

And then in terms of margin expansion, I mean, really looking at the second half of the year, we expect margin will increase at that typical flow-through with additional transactions. Because if you think about it, the impact of tariffs, which like I said in prepared comments was -- it's probably going to be somewhere around 40 basis points in Q3 and a little bit more than that in Q4.

然後就利潤率擴張而言，我的意思是，真正放眼今年下半年，我們預計利潤率將隨著交易的增加而以典型的流通量增加。因為如果你仔細想想，關稅的影響，就像我在準備好的評論中所說的那樣——它可能在第三季度達到 40 個基點左右，在第四季度會略高一些。

That's going to begin. We also have higher ad promo spend in the second half of the year, probably around 20 basis points or so on a year-over-year. But that's going to be offset by the lower cost of sales from the margin initiatives that I just discussed as well as lapping the portion investment.

那就要開始了。我們下半年的廣告促銷支出也有所增加，可能比去年同期增加 20 個基點左右。但這將被我剛才討論的利潤計劃帶來的較低銷售成本以及部分投資所抵消。

So all of that offsets to where we should see a nice increase in our restaurant-level margins based off of the transactions that we're able to drive. And then next year, build upon that as well. And so the margin story is still very much intact. And our restaurant teams, again, are doing such a great job on execution, both on the cost of sales side, but on the labor side to really make sure that, that happens.

因此，所有這些都抵消了我們能夠推動的交易帶來的餐廳級利潤率的大幅成長。然後明年，在此基礎上再接再厲。因此，利潤率的故事仍然完好無損。而且我們的餐廳團隊在執行方面做得非常出色，無論是在銷售成本方面，還是在勞動力方面，都真正確保了這一點。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

Hi, good afternoon. So I just wanted to ask about -- a bit more about digital. So like your recent commentary earnings, it seems like you've rightfully emphasized operations, hospitality, equipment innovation. But Chipotle has been really good at scaling the digital. And I'd argue that to get back to mid-single-digit comps, you have to lean more into that digital.

嗨，下午好。所以我只是想問一些關於數字的問題。因此，就像您最近對收益的評論一樣，您似乎正確地強調了營運、接待和設備創新。但 Chipotle 確實非常擅長擴展數位化業務。我認為，要回到中等個位數的水平，你必須更依賴數字。

So just how are you thinking about like medium term to long term? I know you've outlined some good stuff for this year in 2026. So how are you thinking about that evolving as a comp driver? And how do you prioritize investments in tech or equipment innovation versus in digital?

那麼您對於中期和長期有何看法？我知道你已經為 2026 年制定了一些好計劃。那麼，作為一名賽車手，您如何看待這項發展？您如何優先考慮對技術或設備創新的投資以及對數位領域的投資？

Yeah. Great question. I think -- I don't think. So today, we continue to innovate in the digital channels. Curt and his team are some of the most accretive figures in the industry as far as I'm concerned.

是的。好問題。我認為——我不這麼認為。所以今天我們繼續在數位管道上進行創新。在我看來，Curt 和他的團隊是業界最具成長力的人物之一。

We continue to work on creating an end-to-end frictionless user experience within the app. We've made a couple of recent innovations on the app to remove friction from the experience already. They continue to look for ways to do that. They're driving top of funnel. So this -- I think I said earlier, we're up 14% year-over-year on sign-ups for digital for our loyalty program.

我們將繼續致力於在應用程式內創建端到端的無摩擦用戶體驗。我們最近對應用程式進行了一些創新，以消除體驗中的摩擦。他們繼續尋找實現這一目標的方法。他們正在推動漏斗頂部。所以這個——我想我之前說過，我們的忠誠度計劃的數位註冊量比去年同期增長了 14%。

And then we continue to work with our third-party partners on creative ways to drive more demand into the channel. And so there's constant pressure to really move the needle on the digital experience and create a great experience for the consumer. And so that's a forever evolving and evergreen approach to again, creating a seamless experience for that consumer.

然後，我們繼續與第三方合作夥伴合作，以創意的方式推動管道的更多需求。因此，我們不斷面臨著推動數位體驗真正進步並為消費者創造卓越體驗的壓力。因此，這是一種不斷發展和常青的方法，為消費者創造無縫的體驗。

As we think about prioritizing spend, we are very fortunate at Chipotle to have an extraordinary balance sheet, and we have the cash we need to innovate and be creative in the channels we need to, whether that's operations, marketing and or digital, and we'll continue to use those dollars to drive the highest return.

當我們考慮優先支出時，我們非常幸運，Chipotle 擁有出色的資產負債表，並且我們擁有在所需管道進行創新和發揮創造力所需的現金，無論是營運、行銷還是數位管道，我們將繼續利用這些資金來獲得最高的回報。

Great. And then just on international, like you've done great work in Canada and doing great work in Europe. Any color on at what point you reach a level of like self-sustaining growth or accelerating growth in newer markets?

偉大的。然後就國際而言，您在加拿大和歐洲都做出了出色的工作。您能具體說明一下在什麼時候您會達到自我維持成長或在新興市場加速成長的水平嗎？

Yeah. I'll tell you, Anat and her team have done remarkable work in Western Europe. And so -- and leveraging -- really working on getting 100% recipes aligned and then 100% aligned on menu. Believe it or not, we didn't have kids' meals or we didn't have tractor, we didn't have soda fountains. And they're making a lot of progress on creating delivering the Chipotle experience the way it was intended.

是的。我告訴你，阿納特和她的團隊在西歐做出了卓越的貢獻。因此 — — 並利用 — — 真正致力於使 100% 的食譜一致，然後使菜單 100% 一致。不管你信不信，我們沒有兒童餐，沒有拖拉機，也沒有冷飲店。他們在按照預期方式提供 Chipotle 體驗方面取得了很大進展。

We are driving top line. We are driving margin improvement in Western Europe today. We've already unlocked Central London and Germany for additional restaurant growth. We think we can have hundreds of restaurants in the existing markets we're in today, potentially thousands in Western Europe over time. That said, you know about our deal with Alshaya, they'll accelerate development of growth in the back half of this year.

我們正在推動營收成長。我們目前正在推動西歐的利潤率提高。我們已經開放了倫敦市中心和德國的餐廳擴張計劃。我們認為，我們可以在目前現有的市場中擁有數百家餐廳，隨著時間的推移，可能在西歐擁有數千家餐廳。也就是說，您知道我們與 Alshaya 的交易，他們將在今年下半年加速成長。

Alsea will open their first restaurant next year. And then we're looking at other opportunities. And we have a framework which we're leveraging to understand, weighing the opportunity size, operational complexity, partner quality and the economic model. I think I've said this before, but it's important to repeat, and we will leverage the strength of the Chipotle brand in the markets we enter in and we'll be flexible on that market entry strategy, whether that's partnership, wholly owned or JV.

Alsea 將於明年開設第一家餐廳。然後我們正在尋找其他機會。我們有一個框架，可以利用它來理解、權衡機會規模、營運複雜性、合作夥伴品質和經濟模式。我想我以前說過，但再次強調這一點很重要，我們將利用 Chipotle 品牌在我們進入的市場中的優勢，我們將靈活地制定市場進入策略，無論是合作、獨資還是合資。

And so it's -- we are early, early, early innings on what international will be for this brand, but we fully believe it will be a pretty significant growth lever for us in the years to come.

因此，我們對這個品牌的國際化發展還處於早期階段，但我們完全相信，在未來幾年裡，它將成為我們一個相當重要的成長槓桿。

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

我們的問答環節到此結束。我想將會議交還給 Scott Boatwright 並請他做最後發言。

Hey, I just want to say thank you to our support center teams and our restaurant teams for their hard work. I really believe that the brand strength and the core equities of this brand are still intact. We still are driving consumer fandom and delivering great experiences in large part to our operators in the field who work tirelessly every day to deliver the experience.

嘿，我只想對我們的支援中心團隊和餐廳團隊的辛勤工作表示感謝。我堅信該品牌的品牌實力和核心資產仍然完好無損。我們仍在推動消費者的喜愛，並在很大程度上為現場的運營商提供出色的體驗，他們每天不知疲倦地工作以提供這種體驗。

I've said it before, it's worth repeating there, the absolute backbone of this great organization and a large reason why we maintain our profitability and our EPS, couldn't be prouder of their performance. We will get back to positive growth here in the second half and will accelerate in 2026, what I believe to be a best-in-class marketing calendar with innovation and creativity from both digital as well as marketing. That said, thank you all for listening in, and have a great quarter.

我以前就說過，值得重複一遍，這個偉大組織的絕對支柱以及我們保持盈利能力和每股收益的一大原因，對他們的表現感到無比自豪。我們將在下半年恢復正成長，並將在 2026 年加速成長，我相信這將是一個一流的行銷日曆，融合了數位和行銷方面的創新和創造力。話雖如此，還是感謝大家的收聽，祝大家有個愉快的季度。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。