奇波雷墨西哥燒烤 (CMG) 2025 Q3 法說會逐字稿

Good day, and welcome to the Chipotle Mexican Grill third-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 年第三季業績電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係和策略主管辛迪·奧爾森。請繼續。

Hello, everyone, and welcome to our third-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2025財年第三季財報電話會議。現在，您應該已經可以查看我們的獲利新聞稿了。如果找不到，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.

首先我要提醒各位，本次簡報中關於我們未來業務和財務表現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對當前業務和市場的預期，我們的實際結果可能與前瞻性聲明中預測的結果有重大差異。

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-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.

有關可能導致我們的實際業績與這些前瞻性陳述有差異的風險的討論，請參閱我們的 10-K 表格年度報告和 10-Q 表格中的風險因素部分。我們今天的討論將包括非GAAP財務指標。如需查看與 GAAP 指標的調整表，請造訪我們網站「投資者關係」部分的示範頁面，點擊其中包含的連結。

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.

今天的電話會議將首先由執行長 Scott Boatwright 和財務長 Adam Rymer 發表準備好的講話，之後我們將回答大家的問題。我們的全體高階主管團隊都將在問答環節出席。

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

接下來，我將把麥克風交給史考特。

Thanks, Cindy, and good afternoon, everyone. Our third quarter performance fell short of our expectations due to persistent macroeconomic pressures. However, we are moving quickly with a clear actionable plan to accelerate transaction growth.

謝謝你，辛迪，大家下午好。由於持續的宏觀經濟壓力，我們第三季的業績未達預期。但是，我們正在迅速推進，制定了清晰可行的計劃，以加速交易成長。

Let me first review our third-quarter results. Sales grew 7.5% to reach $3 billion including a 0.3% increase in comp. Digital sales were 36.7% of total sales. Restaurant-level margin was 24.5%, a decline of 100 basis points year-over-year. Adjusted diluted EPS was $0.29, an increase of 7% over last year. And we opened 84 new restaurants, including 64 Chipotlane.

首先讓我回顧一下我們第三季的業績。銷售額成長7.5%，達到30億美元，其中同店銷售額成長0.3%。數位銷售額佔總銷售額的36.7%。餐廳層面的利潤率為 24.5%，年減 100 個基點。調整後的稀釋每股收益為 0.29 美元，比去年增長 7%。我們新開了 84 家餐廳，其中包括 64 家 Chipotlane 餐廳。

Now I want to spend a minute addressing a few of the consumer headwinds we have experienced. Earlier this year, as consumer sentiment declined sharply, we saw a broad-based pullback in frequency across all income cohorts. Since then, the gap has widened, with low to middle-income guests further reducing frequency. We believe that this guest with household income below $100,000, represents about 40% of our total sales. And based on our data is dining out less often due to concerns about the economy, and inflation.

現在我想花一分鐘時間談談我們遇到的一些消費者方面的不利因素。今年早些時候，隨著消費者信心急劇下降，我們看到所有收入群體的消費頻率普遍下降。此後，這種差距進一步擴大，中低收入客人的出行頻率進一步降低。我們認為，家庭收入低於 10 萬美元的客人約占我們總銷售額的 40%。根據我們的數據，由於對經濟和通貨膨脹的擔憂，人們外出用餐的次數減少了。

A particularly challenged cohort is the 25- to 35-year-old age group. We believe that this trend is not unique to Chipotle and is occurring across all restaurants as well as many discretionary categories. This group is facing several headwinds, including unemployment, increased student loan repayment and slower real wage growth. We tend to skew younger and slightly over-indexed to this group relative to the broader restaurant industry.

25歲至35歲年齡層的人面臨尤為嚴峻的挑戰。我們認為這種趨勢並非 Chipotle 獨有，而是正在所有餐廳以及許多其他非必需消費品類別中出現。該群體面臨諸多不利因素，包括失業、學生貸款償還增加和實質薪資成長放緩。與整個餐飲業相比，我們的員工年齡偏年輕，且這一年齡層的員工比例略高。

Finally, the promotional environment has intensified with value as a price point and menu innovation escalating throughout the year. Despite these headwinds, Chipotle maintained stable wallet share in the third quarter, but we aim to get back to consistent share gains. While value as a price point is not and will not be a Chipotle strategy, we are using this challenging period to strengthen our consumer flywheel by improving execution, enhancing how we communicate value, and accelerating menu and digital innovation. I will give you more specifics on our initiatives to drive transactions in just a moment.

最後，促銷環境愈演愈烈，價格優勢和菜單創新全年不斷升級。儘管面臨這些不利因素，Chipotle 在第三季仍保持了穩定的市場份額，但我們的目標是恢復到持續的市場份額成長。雖然 Chipotle 不會以價格優勢作為策略，但我們正在利用這段充滿挑戰的時期，透過改進執行、增強價值溝通方式以及加速菜單和數位化創新來增強我們的消費者驅動力。稍後我會詳細介紹我們為促進交易而採取的各項措施。

But first, I will review our five key strategies that will help us win today and grow our future. And these include: running successful restaurants with a people accountable culture that provides great food with integrity while delivering exceptional in-restaurant and digital experiences; sustaining world-class people leadership by developing and retaining top talent at every level; 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 in our supply chain; and expanding access and convenience by accelerating new restaurant openings in North America and internationally.

但首先，我將回顧我們的五項關鍵策略，這些策略將幫助我們贏得今天並發展我們的未來。這些措施包括：打造以人為本、注重誠信的餐廳文化，提供優質的食品，同時提供卓越的餐廳內和線上體驗；透過培養和留住各級頂尖人才，保持世界一流的人才領導力；提升品牌知名度、相關性和吸引力，以吸引新顧客並提高整體顧客參與度；加強技術和創新，以推動餐廳、支援中心和供應鏈的在北美餐廳和供應鏈的便利性成長，並擴大新餐廳的支援中心和供應鏈。

I will start with a combination of operations and world-class people leadership. We recently held our team director conference with our leaders who each oversee a subregion or region of the country. What is incredible about being in a room with these 80 leaders is that 85% were promoted internally and the average tenure is nearly 15 years. Additionally, 29 started as crew members and grew within the organization. So this group understands that during challenging times, experience in the restaurant is more important than ever, and improving it will build loyalty and drive higher frequency in the future.

我將首先著手提升營運效率和世界級的人員領導力。我們最近召開了團隊主管會議，與會領導均為各自負責的地區或區域負責人。與這 80 位領導者共處一室最令人難以置信的是，其中 85% 的人都是內部晉升的，平均任期接近 15 年。此外，有 29 人最初是船員，後來在組織內部成長。因此，該集團明白，在充滿挑戰的時期，餐廳體驗比以往任何時候都更加重要，改善餐廳體驗將建立顧客忠誠度，並在未來提高顧客光顧頻率。

During the meeting, we discussed that Chipotle has experienced slowing transaction trends several times since going public. During each period, we doubled down on getting the fundamentals right in our restaurants, which reinforces and strengthens our value proposition through execution, not discounts. And this enabled Chipotle to exit each period stronger with accelerating transaction trends that follow.

會議期間，我們討論了 Chipotle 自上市以來多次交易量放緩的情況。在每個時期，我們都加倍努力把餐廳的基本要素做好，透過執行力而不是折扣來鞏固和加強我們的價值主張。這使得 Chipotle 能夠在每個時期結束後變得更強大，並在接下來的交易趨勢中加速成長。

As a reminder, our value proposition includes food made fresh with the highest quality ingredients, prepared using classic culinary techniques, served in generous portions with reliable accuracy and fast, friendly service. Currently, all of this is delivered at a price point that is 20% to 30% below our peers. This gap has widened over the last few years as our pricing has consistently trailed the broader restaurant industry.

再次提醒，我們的價值主張包括：採用最優質的食材新鮮烹製，運用經典烹飪技法，提供份量十足、準確可靠且快捷友好的服務。目前，所有這些產品和服務的價格都比同行低 20% 到 30%。過去幾年，由於我們的定價一直落後於整個餐飲業，這種差距不斷擴大。

In fact, our pricing has tracked more closely with food at home and food away from home. Bottom line, our value proposition has never been stronger.

事實上，我們的定價與在家吃飯和在外吃飯的價格走勢更加接近。總之，我們的價值主張從未如此強大。

Now it is important that we deliver this exceptional experience consistently across 4,000 restaurants every day for every guest. With this in mind, we renewed our problem detection survey. While we improved in key areas like dining room cleanliness, friendliness and portion sizes, we have room to be better.

現在，重要的是我們要確保每天在 4000 家餐廳為每位顧客提供一致的卓越體驗。考慮到這一點，我們重新進行了問題發現調查。雖然我們在餐廳清潔度、服務態度和菜量等方面有所改進，但我們還有提升的空間。

For example, in my visits to our restaurants, I still see inconsistencies in delivering Chipotle standard of excellence, including digital order accuracy, ingredient availability and the cleanliness of our dining room and drink stations. To address this, we are reemphasizing standards with system-wide retraining and are resetting quarterly bonus incentives to better align with digital order accuracy and the guest experience.

例如，在我巡視我們餐廳的過程中，我仍然發現 Chipotle 在提供卓越服務方面存在一些不一致之處，包括數位訂單的準確性、食材的供應以及餐廳和飲料站的清潔度。為了解決這個問題，我們正在透過全系統範圍的再培訓重新強調標準，並重新調整季度獎金激勵措施，以更好地與數位訂單準確性和顧客體驗保持一致。

Additionally, we are upgrading our restaurants with a high-efficiency equipment package, or HEAP, as we call it, to improve the team experience and throughput, while maintaining or improving upon our high-quality culinary. As a reminder, these include the dual-sided plancha, the three-pan rice cooker and the high-capacity fryer.

此外，我們正在升級餐廳，採用高效設備包（我們稱之為 HEAP），以改善團隊體驗和提高效率，同時保持或提高我們高品質的烹飪水平。再次提醒，這些產品包括雙面鐵板燒、三鍋電鍋和大容量炸鍋。

While throughput reviews continue to show progress on expo and the four pillars, we believe the rollout of HEAP will drive the next step function change in throughput as it simplifies prep, enabling our teams to be properly deployed at peak periods more consistently.

雖然吞吐量審查繼續顯示博覽會和四大支柱方面取得進展，但我們相信 HEAP 的推出將推動吞吐量的下一個階躍式變化，因為它簡化了準備工作，使我們的團隊能夠在高峰期更穩定地進行適當部署。

In restaurants where our high-efficiency equipment package is live, feedback from the field has been positive. Our teams report more consistent, higher-quality culinary execution, more efficient prep, and an overall improved team experience. For example, the new plancha cooks chicken and steak to perfection in less than half the time, expanding morning capacity and helping us to keep up through peak.

在已投入使用我們高效設備方案的餐廳中，來自現場的回饋都是正面的。我們的團隊反映，烹飪執行更加穩定、品質更高，準備工作更加高效，團隊整體體驗也得到了改善。例如，新的鐵板燒烤爐可以在不到一半的時間內將雞肉和牛排烹調得完美無瑕，從而擴大了早晨的產能，並幫助我們應對高峰期。

In these restaurants, we are seeing the taste of food and guest satisfaction scores improve in addition to a yield savings and greater labor efficiency. We remain on track with the rollout of HEAP across the country, which we anticipate will take around three years.

在這些餐廳裡，我們看到食物的口味和顧客滿意度評分都有所提高，同時也節省了成本，提高了勞動效率。我們仍在按計劃推進HEAP在全國範圍內的推廣，預計這將需要大約三年時間。

Shifting to marketing and menu innovation. In the third quarter, we accelerated our marketing spend to communicate the brand's extraordinary value through menu innovation, our rewards platform and high engagement promotions like the college football BOGO and Chipotle IQ. Based on our data, these initiatives successfully drove transactions and deepened guest engagement, helping to offset some of the incremental consumer headwinds in August and September. This response reinforces our focus on transaction-led growth going forward.

轉向行銷和菜單創新。第三季度，我們加大了行銷投入，透過菜單創新、獎勵平台和高參與度促銷活動（如大學橄欖球買一送一和 Chipotle IQ）來傳達品牌的非凡價值。根據我們的數據，這些舉措成功地推動了交易，加深了顧客參與度，有助於抵消 8 月和 9 月消費者面臨的一些不利因素。這項回應進一步強化了我們未來以交易驅動型成長為重點的策略。

I will start with menu innovation. Through our research, we found that over 90% of Gen Z consumers say they would visit a restaurant just for a new sauce. Adobo Ranch proved this to be true and it was our first new dip in five years that help acquire new guests and drive incremental transactions.

我將從菜單創新開始。我們的研究發現，超過 90% 的 Z 世代消費者表示，他們會為了品嚐一種新醬料而光顧一家餐廳。Adobo Ranch 證明了這一點，這是我們五年來首次推出的新套餐，有助於吸引新客人並推動交易量成長。

Earlier this month, we rolled out Red Chimichurri, which pairs exceptionally well with our limited time offer, carne asada. The sauce is prepared with only real ingredients, no artificial preservatives, colors or flavors and made fresh in our restaurants every day. As we rolled it out, it drove a step-up in transactions and is around low double-digit incidents. It also drove an acceleration in trial of carne asada. Our culinary team is working hard to meaningfully accelerate our pace of innovation for 2026 to deliver new flavor experiences that are on trend, on brand, and operationally friendly to execute.

本月初，我們推出了紅奇米丘里醬，它與我們的限時供應產品烤牛肉搭配起來非常美味。我們的醬汁只採用真材實料製成，不含人工防腐劑、色素或香精，並且每天在我們的餐廳新鮮製作。隨著技術的推廣，交易量增加，事故發生率也維持在兩位數以下。這也加速了烤肉（carne asada）的試驗。我們的烹飪團隊正在努力加快創新步伐，力爭在 2026 年推出符合潮流、品牌定位且易於操作的全新口味體驗。

In addition to sides and dips, our innovation will include three to four limited time protein offers. Our past cadence of two offers a year has helped to drive a step change in transactions. In fact, we see in our data that new and existing guests who purchase LTOs increase frequency and spend over the following year compared to guests who do not purchase an LTO. Adding one or two more will keep Chipotle more visible, relevant and loved throughout the year.

除了配菜和沾醬外，我們的創新產品還將包括三到四款限時供應的蛋白質產品。我們過去每年兩次的報價節奏，有助於推動交易量的顯著成長。事實上，我們的數據顯示，購買限時特惠的新舊顧客與未購買限時特惠的顧客相比，在接下來的一年中會增加光顧頻率和消費額。再增加一兩家分店，就能讓 Chipotle 在一年中維持更高的知名度、相關性和受歡迎度。

Moving forward, we also plan to build awareness around new occasions that we believe could scale and be sizable pieces of our business over time. A few weeks ago, we launched a 60 restaurant catering pilot in Chicago. The test includes the high-efficiency equipment package to expedite prep and increase capacity in addition to a new technology stack to better manage orders. We also plan to make a full marketing push to drive demand into catering, including third-party platforms.

展望未來，我們也計劃提高人們對新場合的認識，我們相信這些場合隨著時間的推移可能會擴大規模，並成為我們業務的重要組成部分。幾週前，我們在芝加哥啟動了一個包含 60 家餐廳的餐飲服務試點計畫。該測試包括高效設備包，以加快準備速度並提高產能，以及新的技術堆疊，以更好地管理訂單。我們也計劃全力進行市場推廣活動，以推動餐飲業的需求成長，包括透過第三方平台。

As a reminder, our goal is to scale the catering business within our restaurants without disrupting the core operations. With catering at 1% to 2% of sales versus our peers at 5% to 10%, it could represent a meaningful opportunity in the future.

再次提醒大家，我們的目標是在不影響核心營運的前提下，擴大餐廳內的餐飲業務規模。餐飲收入佔銷售額的 1% 到 2%，而同業則為 5% 到 10%，因此餐飲收入在未來可能代表著一個重要的發展機會。

And last month, we rolled out Build Your Own Chipotle, our version of a family or group occasion with the ability to build custom bowls and tacos for a party of four to six. Early guest feedback has been positive and we are seeing little cannibalization as it is bringing new guests and driving higher frequency. We believe the family or group occasion is another big opportunity over time as groups of four or more only make up about 2% of transactions.

上個月，我們推出了「自選 Chipotle」服務，為家庭或團體聚會提供客製化餐碗和墨西哥捲餅，適合 4 至 6 人享用。早期客人的回饋都很積極，而且由於吸引了新客人並提高了入住頻率，我們沒有看到太多蠶食效應。我們認為，隨著時間的推移，家庭或團體聚會將是另一個巨大的商機，因為四人或四人以上的團體僅佔交易量的 2% 左右。

Finally, we are elevating how we communicate Chipotle's value. Despite our extraordinary value proposition, we are seeing examples where this is not reflected in consumer perception. We are planning to launch a new creative campaign that spotlights what sets Chipotle apart, including clean ingredients, freshly prepped in our restaurants each day using classic culinary techniques, served in abundance at a speed and price point you can't get anywhere else. You will see new ads that address these aspects of our value proposition in really creative ways rolling out over the coming quarter and into 2026.

最後，我們將提升我們傳達 Chipotle 價值的方式。儘管我們擁有非凡的價值主張，但我們看到一些例子表明，消費者的認知並沒有反映出這一點。我們計劃推出一項新的創意活動，重點介紹 Chipotle 的獨特之處，包括乾淨的食材，每天在我們的餐廳中使用經典的烹飪技巧新鮮烹製，並以您在其他任何地方都無法獲得的速度和價格大量供應。接下來的一個季度以及 2026 年，您將會看到一些新的廣告，這些廣告以非常有創意的方式闡述了我們價值主張的這些方面。

Now turning to digital. We believe we have an opportunity to create more engaging experiences that drive consumers into the rewards funnel, increasing our active members and resulting in higher frequency and spend. We learned from Summer of Extras that gamification is a great way to drive frequency, even with our most infrequent guests. Combination of Summer of Extras as well as incremental promotions like Chipotle IQ and Freepotle, resulted in loyalty comps accelerating versus non-loyalty comps over the last several months.

現在轉向數位化。我們相信，我們有機會創造更具吸引力的體驗，引導消費者進入獎勵管道，增加我們的活躍會員，從而提高購買頻率和消費額。我們從「額外驚喜之夏」活動中了解到，遊戲化是提高顧客光顧頻率的好方法，即使是對那些不常光顧的顧客也是如此。在過去幾個月裡，夏季額外優惠活動以及 Chipotle IQ 和 Freepotle 等增量促銷活動相結合，使得會員積分獎勵相對於非會員積分獎勵加速成長。

Additionally, our College Rewards program or Chipotle U, is off to a good start as enrollees are increasing their spend after joining the program. We will continue to build awareness around Chipotle U and believe the program will be a great way to increase engagement throughout the year with this important cohort.

此外，我們的大學獎勵計劃（Chipotle U）也取得了良好的開端，因為參與者在加入該計劃後增加了消費。我們將繼續提高人們對 Chipotle U 的認識，並相信該計劃將是全年提高與這個重要群體互動的好方法。

Going forward, we are planning to make some significant additions to the rewards program to drive an increase in active members and improve engagement. We'll have more to share in the coming quarters.

展望未來，我們計劃對獎勵計劃進行一些重大調整，以增加活躍會員數量並提高會員參與度。接下來幾季我們將分享更多資訊。

Now moving to expanding access. Over the past several years, we have made tremendous progress scaling our new restaurant openings from 140 openings in 2019 to an expected 315 to 345 this year, all while delivering industry-leading economics and returns, on average, that is nearly one new restaurant opening every day.

現在轉向擴大覆蓋範圍。過去幾年，我們在擴大新餐廳開業規模方面取得了巨大進步，從 2019 年的 140 家增加到今年預計的 315 至 345 家，同時實現了行業領先的經濟效益和回報，平均而言，幾乎每天都有一家新餐廳開業。

In North America, our new restaurant openings remained strong with consistent new restaurant productivity around 80% and year two cash-on-cash returns around 60%. We remain confident in our ability to reach 7,000 restaurants long term.

在北美，我們的新餐廳開幕情況依然強勁，新餐廳的生產力穩定在 80% 左右，第二年的現金回報率約為 60%。我們仍有信心長期實現覆蓋 7000 家餐廳的目標。

In Europe, we have made great strides in culinary and operational execution, and we continue to grow comps, restaurant margins and cash-on-cash returns. Next year, we will begin to expand new restaurant openings in the region, and we continue to believe Europe is a big opportunity for Chipotle over time.

在歐洲，我們在烹飪和營運執行方面取得了長足進步，我們不斷提高同店銷售額、餐廳利潤率和現金回報率。明年，我們將開始在該地區擴大新餐廳的開設規模，我們仍然相信，隨著時間的推移，歐洲對 Chipotle 來說是一個巨大的機會。

In the Middle East, we opened two partner-operated restaurants with the Alshaya Group bringing our total to seven restaurants, including our first in Qatar. Additionally, this week, we opened our first Chipotlane outside of North America in Kuwait and we will open two additional partner-operated restaurants in the Middle East next month. The familiarity, excitement and fandom for the brand delivered at US standards has been strong, reflecting an opening volumes that rival the best we have seen in the US and Canada.

在中東，我們與 Alshaya 集團合作開設了兩家合作經營的餐廳，使我們的餐廳總數達到七家，其中包括我們在卡達的第一家餐廳。此外，本週我們在科威特開設了北美以外的第一家 Chipotlane 餐廳，下個月我們將在中東開設兩家由合作夥伴經營的餐廳。該品牌在美國的知名度、知名度和粉絲群都非常強大，其開篇銷售量足以媲美我們在美國和加拿大見過的最佳開篇銷售。

And in September, we announced our first joint venture partnership in Asia with SPC, with restaurants in South Korea and Singapore anticipated to open in 2026. South Korea is a trendsetter for pop culture across Asia with growing influence in the United States and the response to our announcement has been exceptionally strong. With high brand familiarity in both markets, a passion for exceptional culinary experiences, and a rapidly evolving dining out landscape, these are ideal entry points for Chipotle in the region.

9 月，我們宣布與 SPC 在亞洲建立首個合資夥伴關係，預計將於 2026 年在韓國和新加坡開設餐廳。韓國是亞洲流行文化的潮流引領者，在美國的影響力也日益增強，我們發布的公告也獲得了異常強烈的迴響。Chipotle 在這兩個市場都擁有很高的品牌知名度，對卓越的烹飪體驗充滿熱情，並且餐飲業格局正在快速發展，這些都是 Chipotle 進入該地區的理想切入點。

In 2026, we anticipate opening between 350 and 370 new restaurants. In addition to growth in North America, this will include 10 to 15 new partner-operated restaurants in the Middle East, South Korea, Singapore and Mexico in one to two new company-owned restaurants in Europe.

預計到 2026 年，將開設 350 至 370 家新餐廳。除了北美地區的成長外，還將在中東、韓國、新加坡和墨西哥開設 10 至 15 家新的合作經營餐廳，並在歐洲開設一到兩家新的公司自營餐廳。

To close, I want to reiterate that our brand and value proposition are in a great place, and we are leveraging this challenging time to refocus and provide clarity for our organization. Through our rigorous ground-up review of the business, we have identified ways to accelerate our flywheel of operations, marketing and digital that will further strengthen and grow this great brand.

最後，我想重申，我們的品牌和價值主張目前處於良好狀態，我們正在利用這段充滿挑戰的時期重新調整方向，為我們的組織提供清晰的指引。透過對業務進行嚴格的自下而上的審查，我們找到了加速營運、行銷和數位化飛輪的方法，這將進一步加強和發展這個偉大的品牌。

In operations, we are elevating hospitality and throughput. In marketing, we are sharpening our message to highlight our extraordinary culinary and strong value proposition, while expanding menu innovation and growing new occasions. And in digital, we are creating more engaging personal experiences that deepen our guest loyalty and grows our rewards platform.

在營運方面，我們正在提升服務水準和營運效率。在行銷方面，我們正在強化我們的訊息，以突顯我們非凡的烹飪技巧和強大的價值主張，同時拓展菜單創新，開發新的消費場景。在數位化領域，我們正在創造更具吸引力的個人化體驗，以加深客戶忠誠度並發展我們的獎勵平台。

We are also working to define the next evolution of our long-term strategy, which we are calling recipe for growth, and we'll have more to share in the coming quarters. As we execute this plan, we are confident that we will return to consistent, positive transaction growth, putting us on a path to surpass $4 million in AUVs over time, expand to 7,000 restaurants in North America long term, and accelerate international expansion as we make our way to becoming a global iconic brand.

我們也在努力製定長期策略的下一步發展方向，我們稱之為成長秘訣，未來幾季我們將分享更多資訊。隨著我們執行這項計劃，我們有信心恢復持續、積極的交易成長，使我們走上逐步突破 400 萬美元平均單店銷售額、長期在北美擴張至 7000 家餐廳、並加速國際擴張的道路，最終成為全球標誌性品牌。

With that, I will turn it over to Adam.

接下來，我將把任務交給亞當。

Thanks, Scott, and good afternoon, everyone. Sales in the third quarter grew 7% year-over-year to reach $3 billion, including a comparable sales increase of 0.3%. The restaurant-level margin of 24.5% declined about 100 basis points compared to last year. Earnings per share grew 4% year-over-year to $0.29 on a GAAP basis and grew 7% to $0.29 on a non-GAAP basis adjusted for unusual items.

謝謝你，斯科特，大家下午好。第三季銷售額年增 7%，達到 30 億美元，其中同店銷售額成長 0.3%。餐廳層面的利潤率為 24.5%，比去年下降了約 100 個基點。以美國通用會計準則 (GAAP) 計算，每股盈餘年增 4% 至 0.29 美元；按非美國通用會計準則 (non-GAAP) 調整非經常性項目後，每股盈餘較去年同期成長 7% 至 0.29 美元。

During the quarter, we experienced another step down in our underlying trend. While we did see encouraging results as we accelerated our marketing spend and rolled out carne asada, and Red Chimichurri, our underlying trends remained challenged throughout the quarter and into October. Taking this into consideration as well as the ongoing macro uncertainty, we now anticipate full year comps to decline in the low single-digit range. As a reminder, we will be rolling off 2 points of price in early December.

本季度，我們的基本趨勢再次下滑。雖然我們加快了行銷投入，推出了烤牛肉和紅奇米丘里醬，並取得了令人鼓舞的成果，但整個季度以及 10 月份，我們的基本趨勢仍然面臨挑戰。考慮到這一點以及持續的宏觀經濟不確定性，我們現在預計全年同店銷售額將出現個位數百分比的下降。再次提醒，我們將於 12 月初下調 2 個點的價格。

Additionally, inflation is accelerating into the mid-single-digit range, primarily due to tariffs and rising beef costs, and we anticipate it will remain in this range in 2026. We do not plan to fully offset this incremental inflation in the near term. And while this will pressure margins, we think it's the right thing to do to continue to provide extraordinary value to our guests during this challenging economic backdrop.

此外，通貨膨脹正在加速至個位數中段，主要原因是關稅和牛肉價格上漲，我們預計到 2026 年將保持在這一水平。我們不打算在短期內完全抵銷這種增量通膨。雖然這會對利潤率造成壓力，但我們認為，在當前充滿挑戰的經濟環境下，為了繼續為顧客提供非凡的價值，這是正確的做法。

I will now go through the key P&L line items, beginning with cost of sales. Cost of sales in the quarter were 30%, a decrease of about 60 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 beef and chicken as well as the impact of tariffs.

接下來我將逐項分析損益表中的關鍵項目，先從銷售成本開始。本季銷售成本為 30%，比去年同期下降了約 60 個基點。與去年相比，我們菜單價格上漲帶來的好處以及銷售效率的提高，足以抵消通貨膨脹的影響，尤其是在牛肉和雞肉方面，以及關稅的影響。

Tariffs impacted the quarter by about 30 basis points, and we continue to estimate that we will see about a 50 basis point ongoing impact from tariffs which does not include any impact from Mexican or Canadian imports that fall under the USMCA exemption. For Q4, we anticipate cost of sales to be in the high 30% range as we have a full quarter of our premium carne asada limited time offer as well as higher beef prices.

關稅對本季造成了約 30 個基點的影響，我們繼續估計關稅將持續造成約 50 個基點的影響，這還不包括受美墨加協定豁免的墨西哥或加拿大進口商品的任何影響。預計第四季度銷售成本將達到 30% 以上，因為我們有一個季度的優質烤牛肉限時供應，而且牛肉價格也更高。

Labor costs for the quarter were 25.2%, an increase of about 30 basis points from last year, as higher pricing was more than offset by lower volumes and wage inflation. For Q4, we expect our labor cost to be in the high 25% range with wage inflation in the low single-digit range. Other operating costs for the quarter were 15%, an increase of about 120 basis points from last year, primarily driven by higher marketing costs and lower sales volumes.

本季勞動成本佔 25.2%，比去年同期成長約 30 個基點，原因是價格上漲被銷售下降和薪資上漲所抵銷。預計第四季勞動成本將達到 25% 以上，而薪資通膨率將處於個位數低點。本季其他營運成本為 15%，比去年同期成長約 120 個基點，主要原因是行銷成本上升和銷售量下降。

Marketing costs were 3% of sales in Q3, an increase of about 90 basis points from last year. As Scott mentioned, we accelerated our marketing spend in the quarter, which helped to offset some of the slowing underlying trends we experienced in August and September. We expect our marketing costs to remain around 3% of sales for Q4 and for the full year. For Q4, we anticipate other operating costs to be about 15%.

第三季行銷成本佔銷售額的 3%，比去年同期成長了約 90 個基點。正如 Scott 所提到的，我們在本季度加快了行銷支出，這有助於抵消我們在 8 月和 9 月遇到的一些放緩的潛在趨勢。我們預計第四季和全年的行銷成本將保持在銷售額的 3% 左右。我們預計第四季度其他營運成本約為 15%。

G&A for the quarter was $147 million on a GAAP basis or $139 million on a non-GAAP basis, excluding about $8 million related to retention equity awards granted to key executives in August of 2024. G&A also includes $137 million in underlying G&A, $8 million related to noncash stock compensation, which included a reduction in our performance share accruals, $1 million related to payroll taxes on equity vesting, $1 million related to our upcoming All Manager Conference, which will be held in Q1 of next year, offset by $8 million in lower bonus accruals.

本季一般及行政費用按美國通用會計準則 (GAAP) 計算為 1.47 億美元，按非美國通用會計準則 (non-GAAP) 計算為 1.39 億美元，其中不包括 2024 年 8 月授予主要高管的約 800 萬美元留任股權獎勵。一般及行政費用還包括 1.37 億美元的基礎一般及行政費用、800 萬美元的非現金股票補償（其中包括業績股份應計減少）、100 萬美元的股權歸屬工資稅、100 萬美元的即將舉行的全體經理人大會（將於明年第一季舉行），但被 800 萬美元的獎金應計抵銷。

We expect G&A in the fourth quarter to be around $161 million on a non-GAAP basis, which will include $145 million in underlying G&A as we make investments in people and technology to support our ongoing growth, around $26 million in noncash stock compensation, although this amount could move up or down based on our actual performance, around $2 million related to our upcoming All Manager Conference offset by $12 million in lower bonus accruals.

我們預計第四季度一般及行政費用（非GAAP）約為1.61億美元，其中包括1.45億美元的基礎一般及行政費用，用於我們在人員和技術方面的投資，以支持我們持續增長；約2600萬美元的非現金股票補償，儘管該金額可能會根據我們的實際業績而上下浮動；約200萬美元與即將舉行的全體經理人大會有關，但將被1200萬美元的獎金計提減少所抵消。

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 Q3 was 23.1% for GAAP and 22.8% for non-GAAP. Our effective tax rate benefited from lower nondeductible expenses. 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.

本季折舊費用為 9,100 萬美元，佔銷售額的 3%。我們預計到 2025 年，這一比例將保持在銷售額的 3% 左右。第三季度，我們以 GAAP 計算的有效稅率為 23.1%，以非 GAAP 計算的有效稅率為 22.8%。由於不可抵扣支出減少，我們的實際稅率有所提高。我們預計 2025 財年的實際稅率將在 25% 至 27% 之間，但具體稅率可能會因個別項目而有所不同。

Our balance sheet remains strong as we ended the quarter with $1.8 billion in cash, restricted cash and investments with no debt. During the third quarter, we purchased $687 million of our stock at an average price of $42.39 bringing our year-to-date total to a record $1.67 billion at an average price of $47.74. During the quarter, the Board authorized an additional $500 million to our share repurchase authorization and at the end of the quarter, we had $652 million remaining.

我們的資產負債表依然穩健，本季末我們擁有18億美元的現金、受限現金和投資，且無任何債務。第三季度，我們以平均每股 42.39 美元的價格回購了價值 6.87 億美元的股票，使年初至今的股票回購總額達到創紀錄的 16.7 億美元，平均價格為每股 47.74 美元。本季度，董事會批准了額外的 5 億美元股票回購授權，季度末我們剩餘的股票回購授權額度為 6.52 億美元。

To close, I want to thank all of our restaurant and restaurant support teams for their hard work and commitment to Chipotle. In times like these, our strong economic model gives us the flexibility to invest in our brand, our guest experience and our value proposition. And as we have seen in the past, this will further strengthen Chipotle and allow us to emerge from this period of consumer uncertainty even stronger than when we entered it.

最後，我要感謝我們所有餐廳和餐廳支援團隊的辛勤工作和對 Chipotle 的奉獻。在這樣的時期，我們強大的經濟模式使我們能夠靈活地投資於我們的品牌、客戶體驗和價值主張。正如我們過去所看到的，這將進一步增強 Chipotle 的實力，使我們能夠從這段消費者不確定時期中走出來，並且比我們進入這段時期時更加強大。

We are confident in our path forward, and we are ready to take your questions.

我們對自己的未來發展方向充滿信心，並隨時準備好回答您的問題。

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

現在開始問答環節。（操作說明）

Andrew Charles, TD Cowan.

安德魯查爾斯，TD Cowan。

Thank you. This is Zach Ogden on for Andrew. So Adam, last quarter, you brought up the idea of changing the pricing strategy from one per year to more of a learn and go approach. So one is that the strategy for 2026? And then two, is this a change in philosophy that you're prioritizing traffic growth over margin expansion? Or is, say, the high 20s restaurant margin at $4 million AUV still feasible and I guess, assuming normalized inflation?

謝謝。這裡是紮克‧奧格登，替安德魯為您報道。所以亞當，上個季度你提出了將定價策略從每年一次改為更靈活、更易於學習和實踐的方法的想法。所以，這就是2026年的戰略嗎？其次，這是否意味著你們的理念發生了改變，優先考慮流量成長而不是利潤成長？或者說，假設通貨膨脹正常化，年營業額 400 萬美元的餐廳，20% 以上的利潤率是否仍然可行？

Yeah. So as you know, we're currently running price of about 2% from the increase that we took in December of last year. And that's been enough to really offset the underlying inflation that we've seen so far this year. And that compares to the 4% that the industry is running as a whole. And so it's been really great how we've been able to offset underlying inflation while also increasing our value gap. And that's something that we've done historically, and we want to continue to do in the future.

是的。如您所知，我們目前的價格比去年 12 月的漲幅高出約 2%。而這足以抵消我們今年迄今所看到的潛在通膨。而整個產業的平均成長率僅為 4%。因此，我們能夠在抵消潛在通膨的同時擴大價值差距，這真的非常棒。這是我們過去一直在做的事情，也是我們希望將來繼續做的事情。

But as we look into next year, as we mentioned in our prepared comments, inflation is stepping up into that mid-single-digit range. So given the elevated inflation and the ongoing consumer uncertainty, we're going to take a slow and measured approach to pricing in 2026. And I think that's kind of what you're getting at is we're going to kind of take it over time rather than all at once.

但展望明年，正如我們在準備好的評論中所提到的，通貨膨脹率正在上升到個位數中段水準。鑑於通貨膨脹居高不下，消費者持續面臨不確定性，我們將在 2026 年採取緩慢而審慎的定價方式。我想你的意思大概就是，我們會慢慢來，而不是一次完成。

And at this point, we don't plan to fully offset inflation in 2026. And so this will pressure margins in the near term, but we believe it's the right thing to do for our guests in this environment, and it will further increase our value proposition. And we'll create a temporary dislocation, but we believe that we can get that back over time.

目前，我們並不打算在 2026 年完全抵銷通貨膨脹。因此，短期內這將對利潤率造成壓力，但我們相信，在這種環境下，這對我們的顧客來說是正確的做法，而且這將進一步提高我們的價值主張。我們會造成暫時的混亂，但我們相信隨著時間的推移，我們可以恢復正常。

I believe, Zach, you also had a question, a follow-up question about our long-term algorithm that we've talked about quite extensively. It will always be our endeavor regardless of what's going on with the economy to expand our margins responsibly based on the flow-through historically we have stated, which is around 40%.

札克，​​我相信你還有一個問題，一個關於我們之前已經深入討論過的長期演算法的後續問題。無論經濟情勢如何，我們始終致力於根據我們過去所宣稱的利潤率（約 40%）負責任地擴大利潤率。

Got it, thank you. And Scott, the last couple of calls, you've expressed confidence in returning to mid-single-digit same-store sales. So is that still the case for 2026? Or I guess what would be a reasonable time to get back there?

明白了，謝謝。史考特，在最近幾次通話中，你都表達了對恢復到個位數中段同店銷售額的信心。那麼，2026年情況是否依然如此？或者，我想問一下，什麼時候返回那裡比較合適？

Yes, I believe that it is. It will all depend on what's going on in the consumer backdrop. The economists we have spoken to over the last several quarters, say, Q4, Q1 likely to be the toughest for the consumer. Specifically the cohort under $100,000 annually, which I talked about in prepared remarks. And then some easing in Q2.

是的，我相信是這樣。這一切都取決於消費者市場的動態。我們過去幾季採訪過的經濟學家認為，第四季和第一季對消費者來說可能是最艱難的。具體來說，就是年收入低於 10 萬美元的那部分人群，我在事先準備好的演講稿中談到了這一點。第二季度有所緩和。

So I don't have a crystal ball, but here's what I will tell you, our aim is to continue to be a transaction-led growth company, full stop. And we're confident in our ability to get back there through the acceleration of the consumer flywheel I talk about often, operations, digital and marketing.

我沒有水晶球，但我可以告訴你，我們的目標是繼續成為一家以交易為主導的成長型公司，僅此而已。我們有信心透過我經常提到的消費者飛輪的加速、營運、數位化和行銷，重回巔峰。

All right, great. Thank you, guys.

好的，太好了。謝謝大家。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thanks so much. If I could just start on the comp. I guess it's a fairly wide range of outcomes for Q4 with a down low single digit for the year. Can you just help level set where you exited the quarter and what you're seeing from a traffic perspective?

非常感謝。如果我能直接開始電腦就好了。我估計第四季的結果會有相當大的波動，而全年的降幅可能只有個位數。能否幫我梳理一下本季末的業績狀況，以及您從流量角度觀察到的情況？

Yeah. Sure, Lauren. I'll start off on this one. So towards the end of July and into August, we experienced a step down like we talked about in our prepared comments. And that was somewhere around the 200 to 300 basis point range.

是的。當然可以，勞倫。我先從這個開始。因此，到了七月底和八月，我們經歷了一次下滑，正如我們在準備好的評論中所說的那樣。當時的幅度大約在 200 到 300 個基點之間。

And then as Scott mentioned in his prepared comments, we increased spend on our media as well as our promotions that helped offset some of the softness that we were seeing specifically in August and September. And we also saw a strong reaction when we launched carne asada and even Red Chimichurri in early October.

正如斯科特在事先準備好的評論中提到的那樣，我們增加了媒體和促銷方面的支出，這有助於抵消我們在 8 月和 9 月看到的一些疲軟情況。10月初，我們推出烤牛肉和紅奇米丘里醬時，也看到了強烈的迴響。

However, during this whole time, the underlying transaction trend remained under pressure. And in recent weeks has softened even further. So when you account for this recent trend as well as the ongoing uncertainty in the economy, the way that we're kind of looking at Q4 is really with a much more conservative view. And right now, at this point, we expect comps in Q4 to decline somewhere in the low to mid-single-digit range.

然而，在此期間，潛在的交易趨勢始終處於下行壓力之下。而最近幾週，情勢進一步緩和。因此，考慮到最近的這種趨勢以及經濟中持續存在的不確定性，我們對第四季的看法實際上要保守得多。就目前而言，我們預期第四季同店銷售額將出現個位數低至中位數的下滑。

Okay. When you look at what's going on with traffic, where are the losses really coming from? I understand some of the cohort commentary, but do you think you're also losing customers that are trading down or out of the space, losing frequency of transactions with your more loyal customers?

好的。當你觀察交通狀況時，你會發現損失究竟來自哪裡？我理解一些同行的評論，但您是否認為您也在流失客戶，因為他們正在降低消費檔次或退出該領域，導致您與更忠實的客戶的交易頻率下降？

Yeah, Lauren, I'll tell you based on the data that we have, we're seeing that significant pullback from that cohort under $100,000 annually. And also that age group 25 to 34, which we over-indexed to is about 25% of our total sales has pulled back meaningfully.

是的，勞倫，根據我們掌握的數據，我們看到年收入低於 10 萬美元的那部分人出現了明顯的下滑。此外，我們重點關注的 25 至 34 歲年齡層（約佔總銷售額的 25%）也出現了顯著下滑。

Based on our data, both purchased and in-house data, it shows that we are gaining market share, but that cohort, meaning we're not losing them to the competition. We're losing them to grocery and food at home. And so that consumer is under pressure. It is one of our core consumer cohorts. And so they feel the pinch, we feel the pullback from them as well.

根據我們購買和內部的數據，我們能夠獲得市場份額，但同時也能獲得該群體的客戶，這意味著我們並沒有把他們拱手讓給競爭對手。我們正把他們流失到超市和家裡的食物上。因此，消費者面臨壓力。這是我們的核心消費群之一。因此，他們感受到了壓力，我們也感受到了來自他們的退縮。

We were able to reengage them through the Summer of Extras promotion that we ran both through our loyalty rewards campaign as well as some digital initiatives that we did around Chipotle IQ as well as Freepotle. So we know with the right activations, we can get that consumer back into our business. And we're going to leverage what we've learned from Summer of Extras to really inform the 2026 digital strategy.

我們透過「夏季額外優惠」促銷活動重新吸引了他們的注意力，該活動包括我們的忠誠度獎勵活動以及我們圍繞 Chipotle IQ 和 Freepotle 開展的一些數位舉措。所以我們知道，只要採取正確的行銷措施，就能讓消費者回到我們的業務。我們將利用從「夏季額外活動」中學到的經驗，為 2026 年的數位策略提供真正的指導。

Thank you very much.

非常感謝。

Sharon Zackfia, William Blair.

莎倫·扎克菲亞，威廉·布萊爾。

Hi, thanks for taking the question. I wanted to delve into the kind of HEAP throughput that you're seeing at the pilot locations. Can you talk about how meaningful that has been, I think you referred to potentially yielding a step function and throughput. And I'm curious as to what the actual results are.

您好，感謝您回答這個問題。我想深入了解你在試點地點看到的堆內存吞吐量情況。您能談談這有多重要嗎？我想您曾提到這可能會帶來階躍函數和吞吐量的提升。我很想知道實際結果如何。

Yes. So we're still early innings, unfortunately. We're in 175 restaurants today, another 100 this quarter. And then we'll start with all new restaurant openings, as I said on the previous call here going forward. And so what gives us a lot of optimism around the project is we're already seeing labor efficiency gains, we're seeing better culinary, better food scores, better guest experience scores, we're seeing better delivery of distribution of labor during peak hours, which is leading to improved throughput for those restaurants. I can't get into specifics at present, but all signs are pointing up and to the right.

是的。很遺憾，我們現在還處於比賽初期。我們目前已入駐 175 家餐廳，本季還將新增 100 家。然後，我們將從所有新餐廳的開幕開始，就像我上次電話會議上所說的那樣。因此，讓我們對該項目充滿樂觀的是，我們已經看到勞動效率的提高，我們看到烹飪水平的提高，食品評分的提高，顧客體驗評分的提高，我們看到高峰時段勞動力分配的改善，這都提高了這些餐廳的吞吐量。目前我還不方便透露具體細節，但所有跡像都顯示情況正在好轉。

And a follow-up on the price question. Is it fair to assume that you're going to exit the year with no price at this point?

關於價格問題，還有一點需要補充說明。現在假設你今年結束時不會有任何收益，這種說法合理嗎？

And I'd say, at this point, we're going to look maybe later in the quarter and starting to understand some of the impacts of price. So you might see us test in a small number of restaurants. But expect the 2 points of price that we're running right now to fall off in December. So that's kind of how we're looking at it towards the end, but it's still kind of fluid at this (inaudible).

我認為，目前我們可能會在本季稍後開始關注價格的影響，並開始了解價格的一些影響。所以您可能會看到我們在少數幾家餐廳進行測試。但預計目前我們提供的 2 個點的價格優惠將在 12 月下降。所以，這就是我們最後看待這個問題的方式，但目前情況仍然有些變化。（聽不清楚）

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Thank you. Scott, it seems that the consumer environment is deteriorating and the many marketing efforts are not fully offsetting the traffic retraction. So while the LTO dips and marketing uplift may be helping traffic in '26, can you help us understand and maybe expand on the operational actions that you are taking in the near term to be inflecting the traffic regardless of the macro action?

謝謝。斯科特，消費者環境似乎正在惡化，許多行銷努力並不能完全彌補流量的下滑。因此，雖然限時優惠和行銷提升可能有助於 2026 年的交通流量，但您能否幫助我們了解並詳細說明您在近期內為影響交通流量而採取的營運措施，無論宏觀政策如何？

Yes. So thank you for the question, Danilo. I'll tell you, we ran a problem detection study. We actually renewed our problem detection study over the last quarter, which highlighted some key operational concerns that we are addressing as we speak.

是的。謝謝你的提問，達尼洛。我告訴你，我們進行了問題檢測研究。實際上，我們在上個季度重新進行了問題檢測研究，該研究突顯了一些關鍵的營運問題，我們正在著手解決這些問題。

Jason Kidd, as you know, is probably just over 120 days in as Chief Operating Officer. And I'll tell you he has quickly gathered the team, rallied the teams. They truly respect his leadership and his approach. And the problems that we have identified, he and the teams are actively working against solutions for those problems as well as modifying our quarterly bonus program, incentives target specifically for our restaurant teams to tie to the outcomes that we want to see going forward.

如你所知，Jason Kidd 擔任營運長至今可能才 120 多天。我可以告訴你，他已經迅速召集了團隊，團結了各支隊伍。他們非常尊重他的領導能力和處事方式。對於我們已經發現的問題，他和他的團隊正在積極努力尋找解決方案，同時也在修改我們的季度獎金計劃和激勵措施，專門針對我們的餐廳團隊，使其與我們希望在未來看到的結果掛鉤。

And so it's all grounded in this new strategy that I referenced very quickly at the end of the call around recipe for growth. And it's a 3-pronged strategy. Of course, it includes operations, digital and marketing. So from an operations perspective, we're digging in on what are the main friction points for the consumer today because they're different than they were just a year ago.

所以這一切都基於我在通話結束時簡單提到的這個新策略，也就是成長的秘訣。這是一個三管齊下的策略。當然，這包括營運、數位化和行銷。因此，從營運角度來看，我們正在深入研究當今消費者面臨的主要摩擦點，因為這些摩擦點與一年前的情況有所不同。

It is my belief that the consumer that we -- that is in the market today is more discerning. They're looking for value and not necessarily value as a price point, but value as a benefit over price, and I talk about that a lot. And so we have to over deliver on those expectations in this consumer environment, and I promise you my operations team under Jason's leadership are heading in the right direction, focused on the right activities and continue to strengthen our experience in restaurants.

我認為，如今市場上的消費者更加挑剔。他們追求的是價值，而且不一定是指價格上的價值，而是指價格以外的益處，我常談到這一點。因此，在當前的消費環境下，我們必須超越這些期望。我向你們保證，在 Jason 的領導下，我的營運團隊正朝著正確的方向前進，專注於正確的活動，並不斷加強我們在餐飲方面的經驗。

One of the other challenges that we see and some of the learnings we pulled out of Summer of Extras is that there's more work to be done in really reimagining our loyalty program and how we show up in digital commerce.

我們看到的其他挑戰之一，以及我們從「夏季額外活動」中學到的一些經驗教訓是，在真正重新構想我們的忠誠度計劃以及我們在數位商務中的形象方面，還有更多的工作要做。

And so I won't get into the nuts and bolts of that, but just know that there is a lot of work behind the scenes that is going into how do we reimagine rewards for the Chipotle customer going forward. Most importantly, targeting those consumers that aren't already in the funnel, to get more consumers into the funnel because we know once they're in our funnel, we can drive transactions and really drive demand.

因此，我不會深入探討其中的細節，但請大家知道，我們正在幕後進行大量工作，以重新構想 Chipotle 顧客未來的獎勵機制。最重要的是，要瞄準那些尚未進入銷售漏斗的消費者，讓更多消費者進入銷售漏斗，因為我們知道一旦他們進入我們的銷售漏斗，我們就可以推動交易並真正推動需求。

And then the last leg would be around this idea of better communicating our value proposition and our uniqueness as a brand. And so Chris and team are working on what that looks like today. So we talked briefly on the prepared remarks about new ad campaigns and new ads in general that will do just that.

最後一部分將圍繞著如何更好地傳達我們的價值主張和品牌獨特性這一理念。所以克里斯和他的團隊正在研究它如今會是什麼樣子。因此，我們簡要地討論了事先準備好的關於新廣告宣傳活動和新廣告的發言稿，這些發言稿正是要達到這個目的。

I'd also add one extra spin on that rev on that is we're rapidly increasing the pace of innovation as it relates to culinary innovation. And so you will see more in 2026, because we know new news is really resonating with core consumers today.

我還要補充一點，那就是我們在烹飪創新方面正在迅速加快創新步伐。因此，2026 年你會看到更多這樣的情況，因為我們知道，如今新聞資訊確實能引起核心消費者的共鳴。

Excellent. Thank you, Scott. And maybe Adam, I was wondering if you can update us on the ROIC of the incremental units being built. Specifically, if today, you're seeing more cannibalization on your existing stores versus the past and if the 8% to 10% net unit growth guidance that you shared for the long term, is still reasonable today? Or if there is any capacity constraint or return constraint that will make you think that the 8% to 10% may not be achievable going forward?

出色的。謝謝你，斯科特。亞當，我想請你更新一下正在建造的增量單元的投資報酬率。具體來說，如果您發現目前現有門市的蠶食現像比過去更為嚴重，那麼您先前分享的長期淨門市成長目標（8%至10%）在今天是否仍然合理？或者是否存在產能限製或回報限制，導致您認為未來可能無法實現 8% 到 10% 的目標？

Yeah. Thanks, Danilo. So no, in terms of impact that new restaurants are having on our existing restaurants on a per restaurant basis or a per new restaurant basis, we're seeing very similar levels to what we have in the past.

是的。謝謝你，達尼洛。所以，就新餐廳對現有餐廳的影響而言，無論是以餐廳數量或以新餐廳數量計算，我們看到的情況與過去非常相似。

The overall impact as it impacts our overall comp is increasing as we increase that percentage growth over time. But that's natural as you kind of go up in that. And then plus those new restaurants drive a much higher comp. They comp much better than our existing restaurants. So that helps offset that. So net-net, you're seeing about a 100 basis point or so impact to our overall comps from this NRO growth. Scott, do you want to talk about in terms of kind of the pace that we're at. I think that was the second part of --

隨著成長百分比的不斷提高，其對我們整體薪酬的影響也不斷擴大。但隨著你不斷進步，這是很自然的。此外，這些新餐廳也帶來了更高的同店銷售額。它們比我們現有的餐廳競爭力強得多。這樣有助於抵消這種影響。所以總的來說，NRO 的成長對我們的整體同店銷售額產生了大約 100 個基點的影響。史考特，你想談談我們目前的進度嗎？我認為那是第二部分--

Yeah. And I'll tell you that 1% has been historical for the last 10 or 15 years is what we typically see in a given year regardless of the number of openings. But I'll tell you, Danilo, it's a great question.

是的。我可以告訴你，過去 10 到 15 年裡，無論職缺數量多少，1% 的空缺率都是我們每年通常看到的。但我得說，達尼洛，這是一個很好的問題。

We believe we've reached the right pace that enables us to consistently open the best locations, staffed with the most talented teams to maintain industry-leading unit economics and returns. And I don't know if anyone else in the space is growing at that clip. If you frame it in this reference point is it's a restaurant every 24 hours, which is incredible growth. And we feel really comfortable in that as a sweet spot. And it doesn't mean we won't flex up, Danilo, but we feel great in that range today.

我們相信，我們已經達到了合適的節奏，使我們能夠不斷開設最好的門市，配備最有才華的團隊，以保持行業領先的單位經濟效益和回報。我不知道這個領域裡是否有其他人能以這樣的速度成長。如果以這個參考點來衡量，那就是每 24 小時就有一家餐廳開業，這真是驚人的成長。我們覺得這種平衡狀態非常理想​​。這並不意味著我們不會加強訓練，達尼洛，但我們今天在這個範圍內感覺狀態很好。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Great, thanks. I'm trying to put this into a question. In the near term, obviously, you're sacrificing incremental margins. Some of this is comps. You're pointing to low to mid-single-digit same-store sales declines in the quarter. And some of it's some outsized inflation, but some of it's also that you're trying to not price to that inflation and perhaps give better or work towards a better value for the consumer and hopefully, over time, maybe get recognized for that.

太好了，謝謝。我想把這個表達成一個問題。顯然，短期內你會犧牲一些利潤空間。其中一些是競爭對手。您指的是本季同店銷售額出現個位數低至中等幅度的下滑。部分原因是通貨膨脹過高，但部分原因也是你試圖避免受通貨膨脹影響而定價，或許是為了給消費者更好的價值，並希望隨著時間的推移，能夠因此獲得認可。

And I'm wondering what that could mean for 20. You mentioned that incremental margins would be -- you're still thinking 40% long term, but it also feels like in the near term that, that's not going to be the case that you're maybe going to earn the right to get back to that incremental margin by maybe rebasing those restaurant margins into 2026 as we find perhaps, some stability in traffic and your core consumer can find their own footing in terms of their own economic well-being.

我想知道這對20來說意味著什麼。您提到增量利潤率——您仍然認為長期利潤率能達到 40%，但感覺短期內不太可能達到，或許可以透過將餐廳利潤率重新調整到 2026 年，來重新獲得達到該增量利潤率的資格，前提是客流量能夠穩定下來，您的核心消費者能夠在經濟狀況方面站穩腳跟。

So I'm just wondering how we should be thinking about that where we might sort of find a base in terms of restaurant margin? And just broadly speaking, how you're thinking about this because -- is this -- do you think that the solution really is going to be just giving better value to the consumer? You've tried to these other levers. Is this basically going to be about just giving better food value and then eventually, you're just going to start to really comp strongly again because this is a very good brand. I wonder how you're thinking about all that.

所以我想知道我們應該如何考慮這個問題，才能找到餐廳利潤率的基準？總的來說，您是如何看待這個問題的？因為—您認為解決方案真的是為消費者提供更好的價值嗎？你已經嘗試過其他方法了。這基本上就是要提供更高品質的食品，然後最終，因為這是一個非常好的品牌，你們就能再次在競爭中佔優勢。我想知道你對這一切是怎麼想的。

Yeah, David, you're heading down the right path. I'll tell you the core value proposition that is Chipotle is still firmly intact. And the business fundamentals are still strong. And what we're faced with today, and we talk a lot about this is while we have opportunities, we believe that the consumer slowdown is really affecting our business in a meaningful way. But we would never let a good crisis go to waste, David. I think you and I talked about this in the past.

是的，大衛，你走在正確的道路上。我可以告訴你，Chipotle 的核心價值主張仍然牢牢地保留了下來。而且，企業基本面依然強勁。我們今天面臨的，也是我們經常談論的，是雖然我們擁有機會，但我們認為消費放緩確實對我們的業務產生了重大影響。但是，我們絕對不會浪費任何危機，大衛。我想你我以前談過這件事。

We are going to double down our efforts on the consumer flywheel and ensure we are delivering on value in the most meaningful way in this environment, and we will emerge stronger as an organization than we were when we went into this consumer slowdown.

我們將加倍努力，圍繞消費者飛輪效應，確保在當前環境下以最有意義的方式創造價值，並且我們將比進入消費放緩期時更加強大。

And so if we need to invest some component of margin to really drive top line transactions in the near term, David, there could be something there. Again, not being able to price against the inflation that we'll see next year is one leg of that. And so once we believe that the consumer is on better footing, we'll do what's right and appropriate for the business and for the consumer to get back to our long-term algo.

所以，如果我們需要在短期內投入部分利潤來真正推動營收成長，David，那或許可以考慮一下。再次強調，無法對明年將出現的通貨膨脹進行定價是其中一個原因。因此，一旦我們認為消費者的處境有所改善，我們將採取對企業和消費者都正確和適當的措施，恢復我們的長期演算法。

Anything you would add to that, Adam?

亞當，你還有什麼要補充的嗎？

No. I mean, just a reminder that, as you know, David, I mean, we take price to offset the impact of inflation and then we're going to drive that margin north with transaction growth. I mean, this has been our approach in the past. It will continue to be our approach in the future, and it has led to us lagging the industry when it comes to price on pretty much every comparison, 1 year, 5 year, even 10-plus years.

不。我的意思是，提醒一下，正如你所知，大衛，我們透過提高價格來抵消通貨膨脹的影響，然後透過交易量的成長來提高利潤率。我的意思是，這一直是我們的做法。我們將繼續採取這種策略，但這導致我們在幾乎所有的價格比較中都落後於行業平均水平，無論是 1 年、5 年，還是 10 年以上。

So the fact that our pricing will lag 2026 inflation, I mean, just look at that as a temporary dislocation that we know we can get back over time and then we can return back to that ideal 40% flow through over time as we get back to mid-single-digit comps and are driving transactions again.

因此，我們的定價將落後於 2026 年的通貨膨脹，我的意思是，就把它看作是暫時的錯位，我們知道隨著時間的推移我們可以恢復，然後隨著我們恢復到個位數的可比價並再次推動交易，我們可以恢復到理想的 40% 的流通率。

One of the things I would tell you, David, I think is encouraging, unfortunate but encouraging is that the fast casual sector is just out of favor and has been deemed unaffordable. And we are loved into that. And so -- but I'll still tell you, we are still a 20% to 30% discount to our fast casual peers in the sector. And so we've got to do a better job as an organization, communicating that value in the most meaningful way to really differentiate what makes Chipotle unique and special.

大衛，我想告訴你的一件事，雖然令人遺憾，但卻令人鼓舞，那就是快餐休閒餐飲業已經不再受歡迎，而且被認為價格昂貴。而我們正是在愛中成長的。所以——但我還是要告訴你，我們比同行業的快餐同行仍然有 20% 到 30% 的價格折扣。因此，作為一家企業，我們必須做得更好，以最有意義的方式傳達這種價值觀，真正體現 Chipotle 的獨特之處和特別之處。

Thanks for the thoughts.

謝謝你的想法。

Drew North, Baird.

德魯諾斯，貝爾德。

Great, thanks for taking the question. I wanted to ask another one on 2026, maybe asking it in a different way, but Adam or Scott, any guardrails on how you're thinking about 2026 from a comp perspective or maybe traffic and the time line getting back to positive traffic? Or maybe how you're thinking about the shape of the year when considering the comparisons, pricing dynamics and all the internal initiatives for next year? Just trying to help frame up the right expectations there as we look out to next year.

太好了，謝謝你回答這個問題。我想再問一個關於 2026 年的問題，也許換個方式問，Adam 或 Scott，從競爭角度來看，你們對 2026 年有什麼看法？或從流量和恢復正成長的時間表來看？或者，您在考慮明年各項比較、價格動態以及所有內部舉措時，是如何看待今年的整體狀況的？只是想幫助大家對明年有正確的期待。

Yeah, I'll start and kind of frame up the baseline, and then I'll let Scott kind of take it in terms of initiatives. So we're obviously not guiding to 2026 yet. We'll do that in February. But one thing that I would say that's important to note is, as you know, we've had several underlying step-downs throughout the year. I mean, February and May and August and then this most recent one in October, and despite many initiatives helping to offset most of these step downs, obviously, as we've guided, 2025 will be in that negative low single-digit range.

是的，我會先著手製定一個基本框架，然後就讓史考特來主導具體的舉措。所以，我們顯然還沒有對2026年做出預測。我們二月會做這件事。但我想指出的一點是，正如你所知，我們今年經歷了幾次內部人事變動。我的意思是，二月、五月、八月，以及最近十月的這次，儘管有很多舉措有助於抵消這些下滑，但顯然，正如我們所預測的那樣，2025 年的降幅將處於個位數低位。

So we're ending the year at a lower sales level than we began. And so that's going to create a tougher compare until we fully lap each of those step downs. So you've got to take this into account. And if you do that, you'll come up with a baseline in 2026, that starts negative, but then we're confident that we can build upon that with the initiatives that we have in place for 2026 to get that north of there. And Scott, if you want to comment on some of those.

因此，我們年底的銷售額低於年初的銷售額。因此，在我們完全超越每一個降級版本之前，比較將會更加困難。所以你必須把這一點考慮進去。如果你這樣做，你就會得出 2026 年的基準線，雖然一開始是負值，但我們有信心，透過我們為 2026 年制定的各項舉措，我們可以在此基礎上取得進展，使基準線向正值上升。斯科特，如果你想對其中一些內容發表評論的話。

Yeah. Here's what I'd tell you, in the Recipe for Growth strategy, just think about it as we're developing a road map of initiatives with clear ownership, expectations and deliverables that will serve as our top enterprise priorities for the year. The good news is it aligns with our 5 strategic priorities, and we'll use it to accelerate the consumer flywheel that you hear me talk about often, which will strengthen our value proposition and really get us back to mid-single-digit comp growth. In the end, it's meant to inspire our teams to think boldly, act with urgency and more importantly, deliver on a growth mindset for 2026.

是的。我想告訴你們的是，在「成長秘訣」策略中，請把我們視為正在製定一項路線圖的各項舉措，這些舉措將明確責任人、預期目標和交付成果，並作為我們今年的企業首要任務。好消息是，它與我們的 5 項策略重點相符，我們將利用它來加速我經常提到的消費者飛輪效應，這將增強我們的價值主張，並真正使我們恢復到個位數的同店銷售成長。最終，其目的是為了激勵我們的團隊大膽思考、迅速行動，更重要的是，在 2026 年實現成長型思維。

Thank you for the color.

謝謝你提供的色彩。

Sarah Senatore, Bank of America.

莎拉參議員，美國銀行。

Oh hi, thank you. I have, I guess, a 2-part question. The first is just about the value proposition. And Scott, you said the fast casual is being viewed as perhaps not -- it's unaffordable. But I guess trying to reconcile that with the idea that you're not really losing share of restaurant wallet, I guess, either QSRs or casual diners or your peers. So it actually sounds like maybe the value proposition is appreciated. And so I was just curious where you're kind of seeing that feedback about fast casual because it's not showing up in your share.

哦，你好，謝謝。我想問的問題可以分成兩個部分。第一個問題就關乎價值主張。史考特，你說過人們可能不認為快餐休閒餐廳——因為它價格太高。但我想，要調和這一點，就要明白你並沒有真正失去餐廳顧客的皮夾份額，無論是快餐店、休閒餐廳還是你的同行。所以聽起來，這種價值主張或許確實得到了認可。所以我很好奇你在哪裡看到關於快餐休閒餐廳的回饋，因為它沒有出現在你的分享清單中。

And I guess on that same note. Do you see any difference in daypart like lunch versus dinner. We've heard now that weekday lunch is perhaps weaker just because of -- it's easier to give up. So anything there?

我想，就這一點而言。你覺得一天中不同時段（例如午餐和晚餐）有什麼不同嗎？我們現在聽說，工作日午餐可能比較難吃，原因很簡單——人們更容易放棄午餐。有什麼進展嗎？

Hi, Sara, thanks for the question. Dayparts are holding up very consistently roughly 50-50 between lunch and dinner. So no meaningful shift there. I will tell you, candidly, through our problem detection study, there were a few remarks that said that the brand was unaffordable. And I think they were broad-based in general, but I am curious to know further, does that consumer believe to be -- believe us to be lumped in with other casual or fast casual concepts at the $15 price point, which just isn't true.

你好，莎拉，謝謝你的提問。用餐時段基本上保持穩定，午餐和晚餐的比例大致為 50:50。所以這方面沒有實質的變化。坦白說，透過我們的問題發現研究，有一些評論指出該品牌價格昂貴，難以負擔。我覺得他們的意見總體上是廣泛的，但我很好奇，消費者是否認為——認為我們和 15 美元價位的其他休閒或快餐概念歸為一類，而事實並非如此。

And so while I'm not going to disparage the competition or have a price pointed ad, I do want to communicate that you can get extraordinary value for around $10 at Chipotle in a way that doesn't say what I just said and that's the challenge.

因此，雖然我不會貶低競爭對手，也不會做價格廣告，但我確實想傳達這樣一個訊息：在 Chipotle 花 10 美元左右就能獲得非凡的價值，而我又不想用我剛才說的那種方式來表達，這就是挑戰所在。

I see. So just to follow up on that. As you talk about things that you've trialed in terms of how do you communicate value, can you give me any sense, like as you're doing through social media or targeted marketing through your app, just the idea of communicating value without a price point, it seems a little bit tricky to me.

我懂了。所以，我來補充一下。您在談到您嘗試過的如何傳達價值的方法時，能否給我一些啟發，例如您透過社交媒體或透過您的應用程式進行定向行銷，在沒有價格點的情況下傳達價值的想法，這對我來說似乎有點棘手。

It is. We did test that ad, I just mentioned to you, where we showed a lot of abundance. We showed classic culinary and we showed consumers eating Chipotle. And we said at the end of the ad, you can get all this around $10.

這是。我們確實測試過我剛才提到的廣告，廣告中展示了大量的商品和服務。我們展示了經典的烹飪方式，也展示了消費者在吃 Chipotle 的場景。我們在廣告結尾說，所有這些東西你只需 10 美元左右就能買到。

And in the testing, the consumer missed that message point altogether, and said that's really not meaningful to me. What was meaningful to me, was looking at innovation, looking at culinary and looking what makes Chipotle special and unique. So I think there's more work to do, and Chris will tell you, he's got several work streams underway to really figure out what's the right approach. We are engaging other ad agencies to bring in ideas to ensure we have the best thinking in the room. But we will -- you'll see some new ads and a new strategy in 2026.

而在測試中，消費者完全沒有理解這個資訊點，並表示這對我來說真的沒有意義。對我來說，有意義的是專注於創新，專注於烹飪，以及專注於是什麼讓 Chipotle 變得特別和獨特。所以我認為還有更多的工作要做，克里斯會告訴你，他正在進行幾個工作項目，以真正弄清楚什麼是正確的方法。我們正在與其他廣告公司合作，徵求創意，以確保我們擁有最佳的創意。但我們會—2026年您將會看到一些新的廣告和新的策略。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Thank you. Scott, I wanted to come back to some of the comments around menu innovation looking to 2026 for what sounds like at least one, maybe two incremental LTOs that I think you've mentioned. Any other learnings maybe from the '25 LTO launches to help you think about those launches next year in the current environment to maximize impact, whether it's something with marketing or timing or anything like that.

謝謝。Scott，我想回到之前關於菜單創新的一些評論，展望 2026 年，聽起來至少會有一項，也許是兩項增量限時特供產品，我想你已經提到過了。從 2025 年的限量版產品發布中，您或許還能學到哪些經驗，幫助您在當前環境下思考明年的產品發布，以最大限度地提高影響力，無論是行銷、時機選擇還是其他方面。

Obviously, you guys have a long track record under your leadership of successfully launching LTOs. So you've done it well historically. Just anything new given the environment that we're in, takeaways from this year as you think about ramping up those launches next year?

顯然，在您的領導下，您在成功推出限時特價商品方面有著長期的良好記錄。所以從歷史經驗來看，你們做得很好。鑑於我們目前的環境，今年有什麼新的經驗教訓，可以幫助您考慮明年加大產品發布力度嗎？

Yeah, it's a great question. Here's what I'll tell you is the repeat LTOs still performed well. Well the initial transaction lift seem to be muted because of the consumer backdrop. Each one did drive transaction and spend in incidents.

是的，這是一個很好的問題。我可以告訴你的是，重複的 LTO 仍然表現良好。由於消費環境的影響，最初的交易量成長似乎較為緩慢。每起事件確實推動了交易和支出。

And we also learned this year that a consumer that buys an LTOs, lifetime value goes up exponentially. Meaning they're going to spend more throughout the year than a consumer that doesn't purchase an LTO.

我們今年也了解到，購買限時特惠商品的消費者，其終身價值將會呈指數級成長。這意味著他們全年的消費額將高於不購買限時特惠商品的消費者。

What gives me a lot of confidence in the 2026 strategy, what surprised me this year was the success around dips. And so Adobo Ranch was highly successful. Red Chimichurri is proving to be just as, if not more successful. And it's even driving an incremental trial on carne asada.

讓我對 2026 年策略充滿信心的，也是今年讓我感到驚訝的是，我們在市場低迷時取得了成功。因此，阿多波牧場取得了巨大的成功。紅辣椒醬的效果絲毫不遜色，甚至可能更勝一籌。它甚至還在推動對烤牛肉的增量試驗。

What's exciting about 2026 is there could be a blend of new innovation as well as historic innovation that has worked really, really well. But at the end of the day, what we know is working is new news and new product news and product innovation. And so we're going to lean into that more meaningfully in the coming year. So you'll see not only LTOs around proteins, but you'll also see us pepper in sauces, dips or sides that we think will have a step-change improvement in the consumer experience.

2026 年令人興奮之處在於，它可能會融合新的創新以及那些已經非常非常成功的傳統創新。但歸根究底，我們知道真正有效的還是新聞、新產品新聞和產品創新。因此，我們將在來年更加重視這一點。所以你不僅會看到蛋白質相關的限時特惠產品，還會看到我們推出一些醬汁、蘸料或配菜，我們認為這些產品將為消費者的體驗帶來質的飛躍式提升。

That's terrific. One more, if I may. Just on some of your comments just a few minutes ago about investing a component of margin potentially to help drive the top line drive transactions. Beyond the pricing piece, I'm not sure if I missed it, but any other aspects that you could share now and maybe what that might look like? Could there be anything else on portion size above and beyond what you've done? Anything else that you're contemplating that you'd share kind of on that opportunity to invest to drive the top line? Thank you.

太棒了。如果可以的話，我再問一個問題。就在幾分鐘前，您提到可以將部分保證金用於投資，以幫助推動營收成長和交易量提升。除了價格方面，我不知道是不是我漏掉了什麼，但現在還能分享一下其他方面的內容嗎？例如可能是什麼樣子？除了你已經做的之外，關於份量大小還有其他需要注意的地方嗎？關於透過投資來提升營收的機會，您還有其他想法可以分享嗎？謝謝。

Yes. Thank you, and I appreciate you mentioning portioning because we are seeing incredibly positive transaction in social media around abundant portions at Chipotle, which we invested in, obviously, this year and have had a meaningful impact on. So that's one component of it.

是的。謝謝，我很感激你提到份量控制，因為我們在社交媒體上看到，Chipotle 的份量控制獲得了非常積極的反饋，而我們今年顯然也對此進行了投資，並產生了顯著的影響。這是其中的一個組成部分。

The other is you will see incremental ad spend. I think we've said historically, we'll spend around 3% annually. That number will remain intact, but there could be strategic opportunities. And again, I said, we will always have a return-focused approach to marketing. There could be strategic opportunities that present themselves where we could incrementally spend as long as we're driving. I think I've said publicly a 4-plus ROAS, return on ad spend, where we know we can drive top line and margin.

另一方面，你會看到廣告支出增加。我認為我們之前說過，我們每年支出大約 3% 的資金。這個數字將保持不變，但可能會出現戰略機會。我再次強調，我們將始終堅持以回報為導向的行銷方式。開車的時候，我們或許可以抓住一些策略機遇，逐步增加支出。我想我曾公開說過，廣告支出回報率 (ROAS) 達到 4 以上，我們知道這樣可以提高收入和利潤率。

Thank you very much.

非常感謝。

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

Yeah, thanks for taking the question. Scott, you mentioned the locations with the new equipment are seeing improved guest satisfaction scores. But have you observed any concerning trends in customer metrics for the rest of the chain, particularly regarding speed of service or food quality?

好的，謝謝你回答這個問題。史考特，你提到安裝了新設備的門市顧客滿意度有所提升。但是，您是否觀察到該連鎖店其他部門的客戶指標出現任何令人擔憂的趨勢，尤其是在服務速度或食品品質方面？

Nothing that stands out as divergent. Here's what I will tell you is we are struggling in digital with accuracy. And I'll tell you why, and I'll tell you why I think that is. I think we made a shift in our annual incentive plan to focus on, on time versus accuracy because we were doing pretty well in accuracy at the time we decided to make that change. Our accuracy has fallen off.

沒有特別突出的不同。我想告訴大家的是，我們在數位化領域面臨精準度的挑戰。我會告訴你為什麼，我會告訴你我為什麼這麼認為。我認為我們調整了年度激勵計劃，將重點從準確性轉向時間，因為在我們決定做出改變的時候，我們在準確性方面做得相當不錯。我們的準確率下降了。

And so we are redesigning the incentive plan to accurately target the right things that the -- if you think about the consumer need states in digital specifically, it's give me what I ordered accurately on time and high quality and in abundance. And it's very simple to deliver on those 3 need states, but you have to incentivize the right behavior for our 130,000 people in the field.

因此，我們正在重新設計激勵計劃，以準確地針對正確的目標——如果你想想消費者在數位領域的具體需求，那就是：給我我訂購的商品，準確、及時、高品質且充足。要滿足這 3 個需求狀態非常簡單，但你必須激勵我們 13 萬名第一線員工採取正確的行為。

And so we're shifting that back to accuracy. And as you can imagine, accuracy versus on time is far more important. If you're a 5 minutes late, but everything is in the bag it's not that big of a deal. If you show up 10 minutes early and my kid's quesadillas is missing. Now we have a real problem. And so I don't think we're actively incentivizing the right behaviors. And so we're going to get back to what we know to be true about those consumer need states.

因此，我們又把重點放在了準確性上。正如你所想，準確性遠比準時重要得多。如果你遲到了5分鐘，但所有東西都已打包好，那也沒什麼大不了的。如果你提早10分鐘到達，而我孩子的墨西哥薄餅卻不見了。現在我們遇到了一個真正的問題。所以我認為我們並沒有積極地激勵正確的行為。所以，我們將回到我們已知的關於消費者需求狀態的真相上來。

Okay, great. Thanks.

好的，太好了。謝謝。

Brian Bittner, Oppenheimer.

Brian Bittner，奧本海默。

Thanks.Hey guys, I understand the reluctance to price right now and to even talk about pricing in this environment. But I think we're trying to better understand what the action plan for pricing is when that 2% rolls off December into '26. I mean can you talk to us about how to think about the right base case or even the possible scenarios that you're thinking about for 2026 pricing against that mid-single-digit cost inflation?

謝謝。各位，我理解大家現在都不願意定價，甚至在這種環境下都不願意談定價。但我認為我們正在努力更好地了解，當 2026 年 12 月 2 日的漲幅結束時，定價的行動計劃是什麼。我的意思是，您能否和我們談談，在成本通膨率達到個位數中段的情況下，如何考慮 2026 年定價的正確基準情況，或者您正在考慮的可能情境？

Yes. Yes. So I can jump in here. So as we talked about earlier, we want to take a slow and measured approach. And so what that ultimately means is typically, in the past, you would see us take price across the country and one fell swoop maybe over a week or 2 we're going to look at this over time.

是的。是的。所以我可以插話了。正如我們之前討論過的，我們希望採取緩慢而穩健的方式。因此，最終這意味著，過去我們通常會在一兩週內對全國的價格進行全面評估，而現在我們會隨著時間的推移來觀察這種情況。

It could be over 4 or 5 or 6 months. It could be over 12 months. It really depends on as we start to roll a certain amount of restaurants and get some good reads on what we understand the resistance to be, the reaction to be, will determine from there. So that's why we're being a little bit vague because the strategy is still very fluid.

可能需要4個月、5個月或6個月。可能需要超過12個月。這真的取決於我們開始試營運一定數量的餐廳，並對我們所了解的阻力以及市場反應有了一些好的了解之後，才能最終決定。所以我們現在說話比較含糊，因為策略仍在不斷改變中。

But we do know it's not going to be what we've done in the past, which is all at once. And then that's kind of the general strategy in terms of the rollout. And then in terms of this mid-single-digit inflation that we alluded to, which is driven mostly by cost of sales. That number is much higher than what we have seen in the past. I mean, typically, we've seen a low single-digit inflation of around 2%. And so that's given us some caution with the consumer environment to not go that high to offset that, like we typically have in the past. So we'll be more patient with that over time. But we'll continue to talk about this each quarter and give you updates as to kind of what we're at, what we're seeing and what we're running.

但我們知道，這次不會像過去那樣，一下子全部完成。這就是推廣方面的整體策略。然後，就我們提到的這種個位數的中等通貨膨脹而言，這主要是由銷售成本所驅動的。這個數字比我們過去看到的要高得多。我的意思是，通常情況下，我們看到的通貨膨脹率都在2%左右，屬於個位數低點。因此，在消費環境下，我們更加謹慎，不會像過去那樣為了彌補損失而將價格抬得那麼高。所以隨著時間的推移，我們會對此更有耐心。但我們會繼續每季討論這個問題，並向您報告我們目前的進展、我們所看到的情況以及我們正在進行的工作。

Yeah. I don't think we've talked about or are prepared to talk about risk mitigation strategies as it relates to that inflation as well. And so it is not our intent to sit idly and accept 5% inflation in the upcoming year. We will work to offset that with our partner suppliers as well.

是的。我認為我們還沒有討論過，或者說還沒有準備好討論與通貨膨脹相關的風險緩解策略。因此，我們並不打算坐視不管，接受來年5%的通貨膨脹率。我們也會與合作夥伴供應商共同努力，以抵銷這項影響。

And as it relates to the unit growth, you are accelerating openings in '26 to a very impressive unprecedented level, clearly, strong growth. Is there -- and I know you've talked a lot about historically, the cannibalization factor has remained very, very steady. But does this at all elevate your risk and your ability to drive same-store traffic growth moving forward? Just given the multiple years of such high growth and the fact that, that's accelerating, what's just -- what gives you confidence that you can execute on a same-store basis while opening this many units?

至於單位成長方面，你們在 2026 年加快了開業速度，達到了前所未有的驚人水平，顯然實現了強勁成長。是否存在——我知道你從歷史上談了很多，但蠶食因素一直非常非常穩定。但這是否會增加您的風險，並影響您未來推動同店客流量成長的能力？鑑於多年來的高速成長，而且這種成長還在加速，是什麼讓您有信心在開設這麼多門市的同時，還能維持原有門市的營運水準？

Yeah. So I can jump in here. So we definitely have the confidence we can still drive same-store sales, even if that starts to -- that growth starts to basically level off at some point here in the future as we approach 7,000 restaurants. Because you have to keep in mind, new restaurants do impact our overall comp by that rough 100 basis points or so. So that's actually going to come down over time. And our existing restaurants do a fantastic job of comping.

是的。所以我可以插話了。因此，我們絕對有信心繼續推動同店銷售成長，即使未來某個時候，隨著我們餐廳數量接近 7000 家，這種增長可能會開始趨於平緩。因為你必須記住，新餐廳確實會對我們的整體比較業績產生大約 100 個基點的影響。所以隨著時間的推移，這個數字實際上是會下降的。我們現有的餐廳在贈送免費餐點方面做得非常出色。

We even see our restaurants that are over 15 or 20 years, comping as well when we're driving overall transactions up. So I don't think it's going to have any impact. If anything, it will start to give us a very small tailwind as that starts to level off.

我們甚至看到一些經營超過 15 年或 20 年的餐廳，在整體交易量上升時，也會提供免費贈品。所以我覺得不會有任何影響。如果有什麼影響的話，那就是隨著局勢趨於平穩，它會帶給我們一絲微弱的順風。

Yes. I'd add to that. One of the unique things about the Chipotle brand, having worked in other brands. The cannibalized restaurants at Chipotle recover inside of 12 to 13 months. And I don't think I've worked in any other brand that recovers as quickly. And those new restaurants are outcomping the current base restaurants. So we feel really good that we're in a sweet spot. We have the development machine prepared to develop enough ready talent leaders to run those business units, and we feel like we're in a really good spot today.

是的。我還要補充一點。在其他品牌工作過後，我發現 Chipotle 品牌的獨特之處之一就在這裡。Chipotle 被蠶食的餐廳通常在 12 到 13 個月內恢復過來。而且我覺得我之前工作過的任何其他品牌都沒有這麼快恢復過來。而這些新餐廳的業績正在超越現有的基礎餐廳。所以我們感覺非常好，因為我們正處於一個絕佳的位置。我們已經建立了完善的人才培育機制，可以培養出足夠的優秀人才來管理這些業務部門，我們感覺我們現在處境非常好。

Appreciate all your thoughts. Thanks.

感謝大家的想法。謝謝。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Hi, this is Anisha Datt, on for Jeff Bernstein. I wanted to ask a question on comp trends. To what extent do you attribute recent comp softness to Chipotle specific factors versus broader macro trends? And what levers are you considering to reverse the comp trend?

大家好，我是Anisha Datt，代Jeff Bernstein為您報道。我想問一個關於競爭趨勢的問題。您認為近期同店銷售疲軟在多大程度上是 Chipotle 特有的因素造成的，又在多大程度上是更廣泛的宏觀趨勢造成的？您正在考慮採取哪些措施來扭轉同業競爭的趨勢？

Yes, it's a great question. And when we look at very analytically and we look at often, I'm sure there's some component of self-inflicted opportunity. As I talked about, the problem detection study and trying to understand how we better deliver on the consumer experience. I think there's a component of a more discerning consumer.

是的，這是一個很好的問題。當我們進行非常分析性地審視，而且我們經常這樣做時，我確信其中存在一些自我創造的機會因素。正如我剛才所說，我們進行了問題檢測研究，試圖了解如何更好地提升消費者體驗。我認為這其中存在著消費者眼光更挑剔的因素。

And I think most of it, the majority of it is this massive pullback on who is a core audience of ours, 40% of our total sales, that household under $100,000 a year is pulling back. We're not losing that customer. They're just coming less often. We have data that shows that empirically. So that's what I would tell you. And we remain confident we can get those consumers back in transacting more frequently through better marketing messages, better digital campaigns and better innovation.

我認為這主要是因為我們核心受眾群體（占我們總銷售額的 40%）的大幅下滑，也就是年收入低於 10 萬美元的家庭正在減少消費。我們不會失去這位客戶。他們只是來得少了。我們有數據從經驗上證明了這一點。這就是我會告訴你的。我們仍然相信，透過更好的行銷訊息、更好的數位行銷活動和更好的創新，我們可以讓這些消費者重新頻繁地進行交易。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

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。我謹將會議交還給史考特·博特賴特，請他作總結發言。

Thank you. And thank you for all the questions, and thank you for your commitment to our great brand. I want to say thank you to the 135,000 people working in our field organization in what has been a very challenging year. This group continues to show up every day and works aggressively and very hard to deliver on great consumer experiences.

謝謝。感謝大家提出的所有問題，也感謝大家對我們優秀品牌的支持。我要感謝我們現場組織的 135,000 名員工，在過去這一年裡，我們經歷了非常具有挑戰性的一年。這個團隊每天都堅持不懈地努力工作，力求為消費者提供卓越的體驗。

I'll tell you, our brand is made up of people and we're people that sell burritos. But at the end of the day, we have the best people in the industry. We believe we have the best product in the industry and the brand remains as strong today as it ever -- than it has ever been. And so that said, we look forward to a new strategy in 2026 that will get us back to mid-single-digit comp growth, and we'll talk to you all in the next quarter.

我告訴你，我們的品牌是由人組成的，而我們就是賣墨西哥捲餅的人。但歸根究底，我們擁有業界最優秀的人才。我們相信我們擁有業內最好的產品，而且我們的品牌如今依然強大，甚至比以往任何時候都更強大。因此，我們期待在 2026 年推出一項新策略，使我們的同業薪酬增長恢復到中等個位數水平，我們將在下個季度與大家討論此事。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線。