奇波雷墨西哥燒烤 (CMG) 2026 Q1 法說會逐字稿

Good day, and welcome to the Chipotle Mexican Grill first-quarter 2026 results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Chipotle Mexican Grill 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給投資人關係與策略主管 Cindy Olsen。請開始。

Hello, everyone, and welcome to our first quarter 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. Additionally, supplemental investor information is available on our site as a reference for today's call.

各位好，歡迎參加我們第一季財報電話會議。此時各位應已可取得我們的財報新聞稿。若尚未取得，可至我們的投資人關係網站 ir.chipotle.com 查閱。此外，我們網站亦提供補充投資人資訊，供今日電話會議參考。

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

首先提醒各位，本簡報中關於我們未來業務與財務結果的某些陳述與預測，構成前瞻性陳述。這些陳述係基於管理層目前對業務與市場的預期，而我們的實際結果可能與前瞻性陳述中的預測有重大差異。有關可能導致實際結果與這些前瞻性陳述不同的風險，請參閱我們 Form 10-K 年報及 Form 10-Q 季報中所載的風險因素。

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. 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 assessment.

我們今天的討論將包含非 GAAP 財務衡量指標。與 GAAP 指標的調節表可透過我們網站投資人關係專區之「簡報」頁面所附連結查閱。今天的電話會議將先由執行長 Scott Boatwright 與財務長 Adam Rymer 發表準備好的談話。之後我們將進行問答。在問答環節中，我們整個執行領導團隊都將出席。

And with that, I will turn the call over to Scott.

接下來，我把電話交給 Scott。

Thank you, Cindy, and good afternoon, everyone. Before we share our first quarter results, I want to begin by recognizing the extraordinary people who bring our purpose to life every day in our restaurants. Last month, we held our all Managers' Conference, bringing together nearly 5,000 restaurant and support center leaders. The energy was incredible as we celebrated their achievements, reinforced our commitment to developing world-class people leaders and sharpened our focus on delivering exceptional food and hospitality.

謝謝你，Cindy，各位下午好。在分享第一季業績之前，我想先表揚每天在餐廳裡讓我們使命落地的傑出同仁。上個月，我們舉辦了全體經理人會議，匯聚了近 5,000 位餐廳與支援中心的領導者。我們在慶祝他們成就的同時，也再次強化我們培育世界級人才領導者的承諾，並更聚焦於提供卓越的餐點與款待服務。

I have seen that same energy in my recent visits with restaurants that are clean, well staffed and run by friendly crew members and executed at a high level with culinary that is outstanding. This is the standard our guests expect and it is exactly what we intend to deliver everyday across Chipotle. More importantly, it gives me confidence that the work we are doing is taking hold where it matters most, which is in our restaurants.

我最近走訪多家餐廳，也看到了同樣的能量：餐廳乾淨、編制充足、夥伴親切友善，且以高水準執行，烹調品質非常出色。這就是顧客對我們的標準期待，也是我們打算在 Chipotle 每天、每一家店都要交付的水準。更重要的是，這讓我有信心，我們正在推動的工作已在最關鍵的地方—也就是我們的餐廳—開始落實並產生效果。

Now turning to our results. Our first quarter performance exceeded expectations, and we are encouraged by the early momentum we are seeing in our recipe for growth strategy that is gaining traction and positioning Chipotle to win in any environment. For the first quarter, we delivered revenue growth of 7.4% to $3.1 billion, including positive comparable sales and return to positive transaction growth.

接著談談我們的業績。第一季表現超出預期；我們也對「成長配方」策略初期展現的動能感到振奮，該策略正逐步發揮成效，並讓 Chipotle 在任何環境下都具備致勝定位。第一季我們營收成長 7.4%，達 31 億美元，包含同店銷售成長為正，且交易量成長重回正值。

In addition to improvements to in-restaurant execution, this performance was supported by the high protein line, the return of Chicken Al Pastor store and the launch of Cilantro-Lime Sauce, all of which helped drive incremental transactions. We also continue to invest in value for our gas pipe pricing low inflation because we believe reinforcing our value proposition is the right thing to do in this environment. Adam will take you through the financial details, but overall, we are encouraged by the momentum we are seeing, which has continued into April.

除了提升店內營運執行外，這項表現也受惠於高蛋白產品線、Chicken Al Pastor 的回歸，以及香菜萊姆醬（Cilantro-Lime Sauce）的上市，這些都帶動了額外的交易量。我們也持續在價值面進行投資，維持我們的「gas pipe pricing」低通膨定價，因為我們相信在此環境下強化我們的價值主張是正確的作法。Adam 會帶各位了解財務細節；但整體而言，我們對目前看到的動能感到鼓舞，而且這股動能已延續到 4 月。

Our recipe for growth strategy is built around what differentiates Chipotle and where we see the clearest path to stronger restaurant performance and long-term growth. As a reminder, the five pillars of our strategy include, connecting and strengthening the core by driving operational and culinary excellence to deliver exceptional value for our guests, modernizing our business model with industry-leading technology, including leveraging AI and relaunching our rewards program to elevate the experience for our guests and our teams, evolving the brand messaging and accelerating menu innovation and new occasions that drive demand in our restaurants, cultivating the best talent in the industry, energized and focused on speed and agility and expanding our global reach by scaling with intention to improve company-owned and partner operating markets as well as strategic new regions.

我們的「成長配方」策略，建立在 Chipotle 的差異化優勢之上，以及我們認為最清晰、能帶來更強餐廳表現與長期成長的路徑。提醒各位，我們策略的五大支柱包括：透過推動營運與烹調卓越來連結並強化核心，為顧客提供卓越價值；以業界領先的科技現代化我們的商業模式，包括運用 AI 並重新推出獎勵計畫，以提升顧客與團隊體驗；演進品牌訊息並加速菜單創新與新消費情境，以帶動餐廳需求；培育業界最佳人才，充滿活力並聚焦速度與敏捷；以及擴大全球版圖，以有意識的方式擴張，提升直營與合作夥伴營運市場，並進入具策略性的新區域。

Starting with protecting and strengthening the core. We continue to roll out our high-efficiency equipment package, including the (inaudible) , three-[pant] rice cooker and high-capacity fryer. For crews who are often in as early as 6:00 AM to prepare fresh food every day, these tools are a game changer. They help teams complete prep on time and be fully deployed for peak, while also improving the consistency and quality of our culinary and creating more capacity to meet higher levels of demand. The equipment is now in over 600 restaurants, an increase of 250 versus the prior quarter, and we are on track to reach 2,000 by year-end.

先從守護並強化核心開始。我們持續推廣高效率設備套組，包括（聽不清）、三格[pant]煮飯機與大容量油炸鍋。對於經常清晨 6:00 就進店、每天準備新鮮食材的團隊而言，這些工具是改變遊戲規則的關鍵。它們能協助團隊準時完成備料，並在尖峰時段全面就位，同時提升我們出餐的一致性與品質，並創造更多產能以因應更高的需求。目前該設備已導入超過 600 家餐廳，較上一季增加 250 家；我們也正按計畫在年底前達到 2,000 家。

For now, we are reinvesting the time savings in the equipment back into our restaurants to strengthen throughput and hospitality. And in markets where it has been rolled out, we continue to see benefits translate into hundreds of basis points of improvement in comp sales. Hospitality was a central theme at this year's all-manager conference because we know today's guests are more discerning than ever, and we need to be just as focused on how we make people feel as we are on the food that we serve.

目前，我們把設備帶來的節省時間再投入到餐廳中，以強化出餐吞吐量與款待服務。在已導入的市場，我們持續看到效益反映在同店銷售上，帶來數百個基點的改善。款待服務是今年全體經理人會議的核心主題，因為我們知道今日顧客比以往更挑剔；我們不僅要專注於提供什麼食物，也必須同樣專注於讓顧客感受到什麼。

At Chipotle, this means extraordinary food, a clean restaurant, fast and accurate service and fairly teams that make every guest feel local. As part of this initiative, we are testing a new mystery shopper program to provide an independent view of our operations and validate our efforts.

在 Chipotle，這代表卓越的餐點、乾淨的餐廳、快速且正確的服務，以及友善的團隊，讓每位顧客都感到賓至如歸。作為此計畫的一部分，我們正在測試新的神秘客計畫，以提供對我們營運的獨立觀點，並驗證我們的努力成果。

At our all Managers' Conference, we brought our focus on hospitality to life through on-stage competition that recreated the in-restaurant experience using real make lines, real food and guests moving down the line. Each region competed on throughput, accuracy and hospitality, and throughout the competition, we highlight in best practices our leaders could take back in their restaurants.

在全體經理人會議上，我們透過舞台上的競賽把款待服務的重點具體呈現：使用真實的出餐線、真實的食材，並讓顧客沿著動線前進，重現店內體驗。各區域在吞吐量、正確性與款待服務上進行競賽；在整個比賽過程中，我們也強調最佳實務，讓領導者能帶回各自的餐廳落地執行。

This powerful visual of what rate looks like supports GM Learning in the most meaningful way. I want to congratulate our Mid-Atlantic region, which won the challenge. More importantly, the energy in the arena of electric and reinforced that our teams came out of AMC energized, ready to execute and committed to providing great hospitality.

這個強而有力的視覺呈現，讓大家清楚看到「rate」應有的樣貌，並以最有意義的方式支持 GM 學習。我要恭喜我們的中大西洋區（Mid-Atlantic region）贏得挑戰。更重要的是，場館內的能量非常強烈，也再次印證我們的團隊在 AMC 之後充滿幹勁、準備好落實執行，並致力於提供優質的款待服務。

Turning to our second pillar. We are moving with speed to leverage technology and innovation to improve the experience for both teams and guests. Here are a few examples. First is our new digital makeline display we call Chipotle Kitchen built by Chipotle for Chipotle, it is designed to enhance accuracy, speed and consistency.

接著談第二個支柱。我們正以快速步伐運用科技與創新，改善團隊與顧客的體驗。以下是幾個例子。第一個是我們新的數位製作線顯示系統，我們稱之為 Chipotle Kitchen，由 Chipotle 為 Chipotle 自行打造，旨在提升正確性、速度與一致性。

Unlike our prior text-based display, it uses clear visual cues for ingredients and makes it easier to introduce and integrate new menu items. This improved interface simplifies execution for our teams and reduces the potential for error during peak demand. It is now live in over 100 restaurants, and we anticipate completing the rollout across all locations by the end of the year. While still early, we are already seeing meaningful improvements in on-time performance, digital order accuracy and customer satisfaction.

不同於先前以文字為主的顯示方式，它使用清晰的食材視覺提示，讓導入與整合新菜單品項更容易。這個改良後的介面簡化了團隊的執行流程，並降低尖峰需求期間出錯的可能性。目前已在超過 100 家餐廳上線，我們預期在年底前完成全據點的導入。雖然仍在早期階段，我們已看到準時表現、數位訂單正確率與顧客滿意度出現顯著改善。

Second is leveraging AI and our restaurants to further support our teams. Avocado, our AI assistant continues to deliver real benefits by streamlining hiring and freeing up more time for our managers. Now we are expanding (inaudible) capabilities to assist our general managers with operational insights, scheduling treat planning and (inaudible) guidance.

第二是運用 AI 與我們的餐廳，進一步支援我們的團隊。Avocado（我們的 AI 助理）持續透過簡化招募流程並為店經理釋放更多時間，帶來實質效益。目前我們正擴充（聽不清）功能，以協助總經理取得營運洞察、排班、款待規劃以及（聽不清）指引。

We are also enhancing our facilities capabilities to triage equipment issues more quickly, reducing down time on and improving restaurant performance. These enhanced capabilities received a standing ovation in our all managers conference and we anticipate having them in stage gate at the end of the year.

我們也在強化設施端的能力，以更快速分流處理設備問題，降低停機時間並提升餐廳表現。這些強化能力在我們的全體經理大會上獲得全場起立鼓掌，我們預期在年底前讓其進入 stage gate（階段審核）流程。

Finally, our zip line pilot for drone delivery is showing encouraging early results, and we plan to expand the pilot for several more restaurants in second quarter. Taken together, these efforts reflect the speed and breadth of innovation happening across the company, all in service of helping our teams perform at their best and give our guests more reasons to choose Chipotle.

最後，我們用於無人機外送的 zip line 試點計畫已展現令人鼓舞的初步成果，我們計畫在第二季將試點擴大到更多餐廳。綜合來看，這些努力反映出公司各處正在發生的創新速度與廣度，目的都是協助團隊發揮最佳表現，並讓顧客有更多理由選擇 Chipotle。

Moving to our rewards refresh. We have an all-new look and feel, designed to widen the funnel, deepen our connection with guests and accelerate engagement. In 2025, loyalty ops meaningfully outpaced non-loyalty, reinforcing the power of the platform and the opportunity ahead. This next evolution builds on that momentum through expanded choice increased gamification and enhanced value.

接著談我們的獎勵計畫（rewards）更新。我們推出全新的視覺與體驗設計，旨在擴大漏斗、加深與顧客的連結並加速互動。在 2025 年，會員（忠誠）營運表現明顯優於非會員，進一步印證平台的力量與未來機會。這次的下一階段演進，將透過更多選擇、更高的遊戲化設計以及更強的價值主張，延續這股動能。

One of the best opportunities to widen the funnel in our in-restaurant business, where only about 20% of transactions are currently linked to rewards compared to nearly 90% of app transactions. This month, we launched an in-restaurant campaign featuring menu panels and QR code signers to make enrollment more seamless and support our goal of driving further engagement. We also incentivized our team to help promote the enhanced program to guests in restaurant.

擴大漏斗的最佳機會之一在於我們的店內業務：目前只有約 20% 的交易與 rewards 綁定，相較之下，App 交易的綁定率接近 90%。本月我們啟動店內活動，包含菜單看板與 QR code 立牌，讓註冊更順暢，並支持我們推動更深度互動的目標。我們也激勵團隊在餐廳內協助向顧客推廣升級後的方案。

So far, we are seeing strong results with nearly 25% increase in daily in release. And we are in the process of creating a single scan feature within our mobile app, allowing guests to both earn points and pay in one step further reducing friction.

截至目前，我們看到強勁成果，日均 in release（聽不清/原文如此）提升接近 25%。此外，我們正在手機 App 內打造「一次掃描」功能，讓顧客可在同一步驟同時累積點數並完成付款，進一步降低摩擦。

Now shifting to marketing and menu innovation. Our value proposition remains industry-leading and differentiating. Delicious food made with high-quality ingredients, prepared fresh using classic culinary techniques and served with generous portions of a speed and price, you can't give anywhere else. This year, we've increased the cadence of menu innovation, beginning with the high-protein line campaign, which broadened awareness across the full menu and the value we offer. Add-on protein reached nearly one-fourth of all transactions and has remained unleaded, reinforcing Chipotle is the go-to destination for high-quality clean protein.

接著轉到行銷與菜單創新。我們的價值主張仍是業界領先且具差異化。以高品質食材製作的美味餐點，採用經典烹飪技法新鮮現做，並以你在其他地方找不到的速度與價格提供份量十足的餐點。今年我們提高菜單創新的節奏，從高蛋白產品線活動開始，擴大了對全品項菜單與我們所提供價值的認知。加購蛋白質的交易占比接近四分之一，且持續保持領先，進一步鞏固 Chipotle 作為高品質、潔淨蛋白首選目的地的地位。

We also recently wrapped up the return of Chicken Al Pastor, the first limited time offerings we plan to launch this year. Our guests were excited to have it back and we saw strong momentum following the launch as it drove incremental transactions. Last month, we rolled out cilantro-lime sauce which is prepared fresh daily of our stops using chopped jalapenos that are roasted on the [poncho] and then blended with cilantro-lime sound treatment spices to create a creamy, bright soft with citrus and a little bit of a car.

我們最近也剛結束 Chicken Al Pastor 的回歸活動，這是我們今年計畫推出的第一個限時供應（LTO）。顧客很高興它回歸，我們也在上市後看到強勁動能，帶動了增量交易。上個月，我們推出了香菜萊姆醬（cilantro-lime sauce），在我們的門店每日新鮮製作，使用切碎的墨西哥辣椒（jalapenos）在 [poncho]（原文如此）上烘烤後，再與香菜萊姆（聽不清/原文如此）香料混合，做出帶有柑橘清香、口感滑順明亮、並帶一點（聽不清/原文如此）的奶油風味醬。

It was our first limited time sauce on the make line and the first launched with multiple size options, delivering higher incidents than both Red Chimichurri and a Adobo Ranch. Yesterday, we brought back Chipotle Honey Chicken, fan favorite that delivers a balance of smoky heat from Chipotle Peppers and a touch of sweetness from Pure Honey and is one of the best sellers with the highest order rate.

這是我們在製作線（make line）上推出的第一款限時醬料，也是首次以多種尺寸選項上市，其帶來的附加率高於 Red Chimichurri 與 Adobo Ranch。昨天，我們帶回了 Chipotle 蜂蜜雞（Chipotle Honey Chicken），這款粉絲最愛在 Chipotle 辣椒帶來的煙燻辣感與純蜂蜜帶來的一絲甜味之間取得平衡，並且是訂購率最高的暢銷品之一。

As we look to the back half of the year, we will have two more LTOs and additional innovation planned around sides and beverages that we feel confident will keep Chipotle top of mind with our guests all year long.

展望下半年，我們還會推出另外兩個 LTO，並在配菜與飲品方面規劃更多創新；我們有信心這些將讓 Chipotle 全年都能維持在顧客心中的首選位置。

Shifting to group occasions. Following encouraging results in our initial Chicago catering pilot, including the launch of a third-party delivery platform, we have expanded the program into Boston. Assuming we continue to see similar guest response and strong execution in the restaurants, we expect to begin a broad rollout toward the end of the year.

接著談團體用餐情境。在芝加哥的初期外燴試點（包含導入第三方外送平台）取得令人鼓舞的成果後，我們已將該計畫擴展到波士頓。若我們持續看到類似的顧客回饋與餐廳端的強力執行，我們預期在年底前開始更大範圍的推廣。

Build your own Chipotle, our family or group occasion for four to six people continues to resonate with our guests. Because the occasion has proven highly incremental, we are now testing a sharper pricing architecture and leaning into key marketing moments to build awareness. Today, catering and build-on Chipotle together represent over 2% of combined sales, yet we continue to believe they could become double-digit percentage of sales over time and a meaningful growth layer for the brand.

「自己搭配你的 Chipotle」（Build your own Chipotle）作為 4 到 6 人的家庭或團體用餐方案，持續獲得顧客共鳴。由於此情境已證明具有高度增量效果，我們目前正在測試更精準的定價架構，並把握關鍵行銷時點來提升認知。目前，外燴與 Build your own Chipotle 合計占總銷售額超過 2%；但我們仍相信，隨時間推進，它們有機會成為銷售額的雙位數占比，並成為品牌一個重要的成長層。

Now to our fourth pillar, our people. We remain focused on strengthening our position as a people-first company by developing world-class leaders and creating opportunities for growth. At the end of the day, our growth story is ultimately a people story. And we continue to see Chipotle change lives in meaningful ways. At our All Managers Conference, we celebrated a number of inspirational journeys, including one leader who joined Chipotle 17 years ago, looking for a steady job to support her family.

接著談我們的第四大支柱：人才。我們仍專注於透過培養世界級領導者並創造成長機會，強化我們作為「以人為本」公司的定位。歸根究柢，我們的成長故事最終是一個人的故事。我們也持續看到 Chipotle 以有意義的方式改變人們的生活。在我們的全體經理大會上，我們表揚了多段鼓舞人心的旅程，其中包括一位領導者在 17 年前加入 Chipotle，當時只是想找一份穩定的工作來養家。

He started as a crew member and has developed into a certified training manager. Along the way, she raised her children, built financial stability, including purchasing a home with proceeds for employee stock grants and discover a passion for coaching others. When she talks about why she loves Chipotle, she points to the pride in serving real food she believes in and enjoy in seeing people she train, move into leadership roles.

他從基層夥伴（crew member）做起，並成長為取得認證的訓練經理。在這段過程中，她撫養孩子長大，建立財務穩定，包括運用員工股票獎勵的收益購置房屋，並發現自己對指導他人的熱情。當她談到為何喜愛 Chipotle 時，她提到能提供自己相信的真食物所帶來的自豪感，以及看到她所訓練的人才晉升到領導職位所帶來的喜悅。

Stories like hers are what makes Chipotle special. They show that our purpose to cultivate a better world comes to life in a powerful way through serving real food, creating real opportunity and helping grow the next generation of leaders. And because developing strong restaurant leaders is so critical to our success, we remain deeply focused on the general manager role and the pipeline behind it as we improve the role of our GMs and refine our apprentice program.

像她這樣的故事，正是 Chipotle 的特別之處。這些故事顯示，我們「培育更美好世界」的使命，透過提供真食物、創造真機會並協助培養下一代領導者，而以強而有力的方式落地實現。而由於培養強大的餐廳領導者對我們的成功至關重要，隨著我們改善總經理（GM）職務並精進學徒（apprentice）計畫，我們仍將高度聚焦於總經理角色及其後備人才管道。

The good news is that general manager turnover remains at historically low levels and stability is at a multiyear high. Against that backdrop, one of our priorities is ensuring that lunch and dinner each have manager coverage so that our restaurants are positioned to execute at the highest level during the busiest parts of their day. At the same time, we are aligning the apprentice role around a designated focus on hospitality.

好消息是，總經理離職率仍維持在歷史低位，穩定度也達到多年新高。在此背景下，我們的優先事項之一，是確保午餐與晚餐時段各自都有管理者覆蓋，讓餐廳能在一天中最繁忙的時段以最高水準執行營運。同時，我們也將學徒角色調整為以款待（hospitality）為指定重點。

Our early read shows that this combination is improving execution while also strengthening the bench for the next phase of growth. I want to provide an update on how we are restructuring leadership to support our Recipe for Growth strategy. We are thrilled to welcome Fernando Machado as our new Chief Brand Officer. Fernando is an award-winning globally recognized brand leader. His experience includes 18 years at Unilever and more than seven years leading marketing across Burger King, Popeyes and Tim Hortons at Restaurant Brands International, where he helped drive double-digit system sales growth and significant brand value expansion.

我們的初步觀察顯示，這樣的組合正在提升執行力，同時也強化了下一階段成長所需的人才梯隊。我也想更新我們如何重整領導架構，以支援我們的「成長配方」（Recipe for Growth）策略。我們非常高興歡迎 Fernando Machado 出任我們的新任首席品牌長（Chief Brand Officer）。Fernando 是屢獲獎項、享譽全球的品牌領導者。他的經歷包括在聯合利華（Unilever）任職 18 年，以及在 Restaurant Brands International 旗下的漢堡王（Burger King）、Popeyes 與 Tim Hortons 領導行銷超過 7 年；在那裡他協助推動系統銷售額雙位數成長，並顯著提升品牌價值。

His proven track record of building iconic brands, driving category-defining innovation and leading customer-centric marketing strategies is exactly what we need as we continue to elevate our brand, deepen guest loyalty, highlight the value of our real food and accelerate our long-term growth.

他在打造指標性品牌、推動定義品類的創新，以及領導以顧客為中心的行銷策略方面擁有經過驗證的卓越成績，正是我們在持續提升品牌、深化顧客忠誠度、凸顯我們真食物的價值並加速長期成長時所需要的。

We are also excited to welcome Arlie Sisson to Chipotle in the newly created role of Chief Digital Officer. Arlie has a strong track record of leading digital, data and loyalty at scale, most recently at Hyatt, where she led a global organization of more than 400 team members and advanced their digital and rewards ecosystem to drive stronger guest engagement and revenue growth. We believe she will play an important role in accelerating our digital platform and strengthening the connection between our guests and our restaurants. Together, this investment in talent will strengthen our leadership team and fuel our strategy.

我們也很高興歡迎 Arlie Sisson 加入 Chipotle，擔任新設立的首席數位長一職。Arlie 在大規模領導數位、數據與會員忠誠計畫方面有著亮眼的實績，最近任職於 Hyatt，領導一個超過 400 名團隊成員的全球組織，並推進其數位與獎勵生態系，以帶動更強的顧客互動與營收成長。我們相信她將在加速我們的數位平台、並強化顧客與餐廳之間的連結方面扮演重要角色。綜合而言，這項人才投資將強化我們的領導團隊並推動我們的策略。

Finally, to our fifth pillar, expanding global access. Starting with our partner-operated restaurants in the Middle East, the well-being of our partners and their teams remain our top priority, and we are grateful that everyone is safe. Given ongoing geopolitical conditions, we expect some delays related specifically to restaurant openings in the Middle East this year. This may result in fewer partner-operated openings than anticipated.

最後，談到我們的第五大支柱：擴大全球可及性。從我們在中東由合作夥伴營運的餐廳開始，合作夥伴及其團隊的福祉仍是我們的首要任務，我們也很感謝大家都平安無事。鑑於持續的地緣政治情勢，我們預期今年在中東的餐廳開幕進度將出現一些延遲。這可能導致由合作夥伴營運的開店數量少於原先預期。

However, our long-term outlook for the region remains unchanged, and we continue to see the potential for hundreds of restaurants in the region over time. Outside of the Middle East, we continue to anticipate partner-operated openings in our new markets in Mexico and South Korea this year, while Singapore will likely open in 2027. In the US and Canada, we opened 49 new restaurants in the first quarter and remain on track to open around 350 for the full year, with approximately 80% including a Chipotle.

然而，我們對該地區的長期展望仍維持不變，並持續看好該地區隨時間推進可發展至數百家餐廳的潛力。在中東以外，我們仍預期今年在墨西哥與南韓等新市場會有由合作夥伴營運的開店，而新加坡則可能於 2027 年開幕。在美國與加拿大，我們第一季新開 49 家餐廳，全年仍按計畫將開設約 350 家，其中約 80% 會包含 Chipotle。

New restaurant economics remain consistent and strong, and we are confident in our ability to reach 7,000 restaurants over time. In Europe, we recently opened a new restaurant at Westfield Stratford, one of UK's busiest shopping destinations, and it delivered our strongest opening day sales in the region's history. We now have 29 restaurants across Europe and anticipate at least one additional opening in Frankfurt this year. Momentum in our European business continued into the first quarter with positive comps across all countries.

新餐廳的經濟效益仍一致且強勁，我們對於隨時間推進達到 7,000 家餐廳的能力充滿信心。在歐洲，我們近期於英國最繁忙的購物目的地之一 Westfield Stratford 新開一家餐廳，創下該地區史上最高的開幕首日銷售額。我們目前在歐洲共有 29 家餐廳，並預期今年至少會在法蘭克福再開一家。我們歐洲業務的動能延續至第一季，各國同店表現皆為正成長。

This performance reflects our ongoing alignment with North American standards across culinary, training, systems and operations. We are further strengthening our foundation for future growth and continue to believe Europe represents a meaningful long-term opportunity for our company.

這項表現反映我們在餐飲、訓練、系統與營運方面，持續與北美標準對齊。我們也正進一步強化未來成長的基礎，並持續相信歐洲對公司而言代表一個具意義的長期機會。

To close, I want to reinforce the leadership culture that defines Chipotle. Our teams are energized, aligned and ready to execute, and this is showing up in the positive momentum we are seeing in the business. We know what it takes to win, be brilliant at the basics, stay close to our restaurants and guests and deliver exceptional food and hospitality with consistency every day.

最後，我想再次強調定義 Chipotle 的領導文化。我們的團隊充滿幹勁、步調一致並已準備好執行，而這也反映在我們在業務上看到的正向動能。我們知道如何取勝：把基本功做到極致、貼近我們的餐廳與顧客，並每天一致地提供卓越的食物與款待。

This is how we strengthen our value proposition and bring our strategy to life one guest, one team member and one restaurant at a time. I've never been more confident that we have the right team, the right strategy and a very long runway ahead as we continue building Chipotle into a global iconic brand.

這就是我們如何強化價值主張，並以「一位顧客、一位團隊成員、一家餐廳」為單位，將策略落地。我從未如此有信心：我們擁有正確的團隊、正確的策略，且在持續把 Chipotle 打造成全球指標性品牌的道路上，仍有非常長的成長跑道。

I will now turn it over to Adam.

接下來我把時間交給 Adam。

Thanks, Scott, and good afternoon, everyone. Our first quarter performance is an early indication that our Recipe for Growth strategy has started to translate into real results. We are seeing progress across the initiatives Scott outlined while continuing to manage the business with discipline. Our approach remains clear, reinforce guest value, support transaction-led growth and preserve the long-term strength and flexibility of our economic model.

謝謝你，Scott，各位下午好。我們第一季的表現，是我們「成長配方」策略開始轉化為實際成果的早期跡象。我們在 Scott 所概述的各項計畫上看到進展，同時持續以紀律管理業務。我們的方法仍然清晰：強化顧客價值、支持以交易量帶動的成長，並維持我們經濟模型的長期強度與彈性。

Turning to the quarter. Sales grew 7.4% to reach $3.1 billion, driven by a comparable restaurant sales increase of 0.5%. Digital sales of $1.2 billion represented 38.6% of total sales. Restaurant-level margin adjusted 40 basis points for legal settlement was 23.7%, down 250 basis points year over year. Adjusted diluted earnings per share were $0.24, representing a 17% decline versus last year.

接著談本季表現。營收成長 7.4% 至 31 億美元，主要由同店銷售成長 0.5% 所帶動。數位銷售額為 12 億美元，占總銷售額的 38.6%。餐廳層級利潤率（經調整，包含法律和解影響 40 個基點）為 23.7%，年減 250 個基點。調整後稀釋每股盈餘為 0.24 美元，較去年下降 17%。

And we opened 49 new restaurants, including 42 Chipotle. As Scott mentioned, our first quarter performance was ahead of our expectations. We saw strength following the high-protein menu launch, the return of Chicken Al Pastor and the launch cilantro-lime.

我們新開 49 家餐廳，其中 42 家為 Chipotle。如 Scott 所提到，我們第一季表現優於預期。我們在高蛋白菜單推出後、Chicken Al Pastor 回歸，以及香菜萊姆（cilantro-lime）推出後都看到強勁表現。

For the full year, our comp guidance remains about flat. Although we are trending higher than our guidance as our initiatives continue to gain traction, our guidance reflects a conservative outlook given the dynamic consumer environment.

就全年而言，我們的同店指引仍大致持平。雖然隨著各項計畫持續發酵，我們目前走勢高於指引，但鑑於多變的消費者環境，我們的指引反映較為保守的展望。

As it relates to pricing, we ran just under 1% in Q1 and anticipate pricing will be about 1.5% Q2. For the full year, we continue to expect it to be in the range of 1% to 2%. Before I walk through the P&L, I want to highlight a few encouraging trends we are continuing to see in menu innovation and rewards.

就定價而言，我們第一季加價幅度略低於 1%，並預期第二季加價約為 1.5%。全年我們仍預期加價幅度將落在 1% 至 2% 的區間。在我逐項說明損益表之前，我想先強調我們在菜單創新與會員獎勵方面持續看到的幾個令人鼓舞的趨勢。

Starting with the menu innovation. Our protein limited time offers typically generate a few hundred basis points of transaction it over the life of the promotion. The biggest benefit occurs during the first few weeks as we see increased frequency as well as more new guests.

先從菜單創新開始。我們的蛋白質類限時優惠通常在整個促銷期間可帶來數百個基點的交易量提升。最大的效益通常出現在前幾週，因為我們會看到來客頻率提高，以及更多新顧客。

Also, we sustain part of this comp lift longer term as many of our new guests continue to dine at Chipotle after the limited time offer. Sauces are showing a similar path. Beyond the mix benefit, they are effective in attracting new guests and increasing frequency.

此外，許多新顧客在限時優惠結束後仍會持續到 Chipotle 用餐，因此我們也能在較長期維持部分同店提升。醬料也呈現類似的走勢。除了組合帶來的效益外，醬料在吸引新顧客與提高來客頻率方面也很有效。

Taken together, these results reinforce that menu innovation is not simply a short-term sales driver, but a meaningful contributor to building our average agent volumes over time and a core pillar of our recipe for growth strategy. And for rewards, we continue to see clear evidence that deeper engagement builds loyalty and drives comps. Loyalty-driven comps have now outpaced non-loyalty comps for several consecutive quarters, and the gap is widening.

綜合來看，這些結果再次證明菜單創新不只是短期的銷售驅動因素，而是隨時間推進、提升我們單店平均營收（AUV）的重要貢獻者，也是我們「成長配方」策略的核心支柱之一。至於會員獎勵，我們持續看到明確證據：更深度的互動能建立忠誠度並帶動同店成長。由會員忠誠所帶動的同店表現，已連續數季超越非會員同店，且差距正在擴大。

In the first quarter, loyalty as a percent of sales reached 32%, up 300 basis points versus the first quarter of 2025. That reflects both growth in active members and higher frequency among existing members, driven by programs like Summer of Extras and the expansion of (inaudible).

第一季，會員忠誠銷售占比達到 32%，較 2025 年第一季增加 300 個基點。這反映活躍會員數成長，以及既有會員更高的來客頻率，主要由 Summer of Extras 等計畫以及(聽不清楚) 的擴展所帶動。

With the launch of our new rewards features, we are enhancing the benefits our guests already love while working to bring more in-restaurant guests into the program. I will now go through the key P&L line items, beginning with cost of sales. Cost of sales in the quarter were 29.6%, an increase of about 40 basis points from last year.

隨著我們推出新的獎勵功能，我們在強化顧客原本就喜愛的福利，同時也努力把更多到店顧客納入計畫。接下來我將說明損益表的主要項目，先從銷貨成本開始。本季銷貨成本為 29.6%，較去年增加約 40 個基點。

The benefits of lower dairy and avocado prices and menu price increases were more than offset by inflation, primarily in beef and freight as well as higher produce usage. Relative to our guidance, avocados remained favorable due to better-than-expected crop in Mexico. For Q2, we anticipate cost of sales to step up sequentially to about 30% of sales as the protein mix benefit and modest pricing leverage will be more than offset by higher costs across several items, most notably avocados, dairy and beef.

乳製品與酪梨價格下降以及菜單調價帶來的效益，已被通膨所抵銷，主要來自牛肉與運輸費，以及蔬果使用量增加。相較於我們的指引，酪梨仍維持有利，因為墨西哥收成優於預期。就第二季而言，我們預期銷貨成本占比將較前一季上升至約占銷售額的 30%；蛋白質組合帶來的效益與溫和的定價槓桿，將被多項成本上升所抵銷，其中最顯著的是酪梨、乳製品與牛肉。

Overall, we anticipate cost of sales inflation to be in the mid-single-digit range in the second quarter and will step down in the low to mid-single-digit range in the second half of the year as we lap elevated beef costs. This results in full year cost of sales inflation of around 4%.

整體而言，我們預期第二季銷貨成本通膨將落在中個位數區間；隨著我們跨越（比較基期）先前偏高的牛肉成本，下半年將降至低至中個位數區間。因此，全年銷貨成本通膨約為 4%。

Adjusting for 40 basis points related to non-GAAP legal contingencies, labor costs for the quarter were 25.7%, an increase of about 70 basis points from last year. The increase was driven by wage inflation, lower average restaurant sales volumes and higher benefits expense, including performance-based bonuses, partially offset by the benefit of menu price.

扣除與非 GAAP 法律或有事項相關的 40 個基點後，本季人力成本為 25.7%，較去年增加約 70 個基點。增加主因為薪資通膨、餐廳平均銷售量較低以及福利費用較高（包含績效型獎金），部分被菜單調價帶來的效益所抵銷。

For Q2, we expect our labor costs to be in the low 25% range with wage inflation in the low synergy range. Other operating costs for the quarter were 15.6%, an increase of about 120 basis points from last year, primarily driven by higher marketing, utility and delivery costs.

就第二季而言，我們預期人力成本將落在 25% 出頭，薪資通膨在低個位數區間。本季其他營運成本為 15.6%，較去年增加約 120 個基點，主要由較高的行銷、水電與外送成本所帶動。

Marketing costs were 3.4% of sales in Q1, an increase of about 40 basis points from last year as we increased our marketing spend in the quarter to support menu innovation and to remain top of mind with our guests.

第一季行銷成本占銷售額 3.4%，較去年增加約 40 個基點，因為我們在本季提高行銷支出，以支持菜單創新並讓顧客持續把我們放在首選名單。

We expect marketing costs to be below 3% sales in Q2 and for the full year. For Q2, we anticipate other operating costs to be in the high 14% range. G&A for the quarter was $204 million on a GAAP basis or $198 million on a non-GAAP basis. Excluding $3 million related to net restructuring costs associated with our Recipe for Growth strategy and certain legal contingencies and $3 million related to retention and equity awards granted to key executives in August of 2024.

我們預期第二季以及全年行銷成本將低於銷售額的 3%。第二季我們預估其他營運成本將落在 14% 高段。本季一般及行政費用（G&A）按 GAAP 為 2.04 億美元，按非 GAAP 為 1.98 億美元。其中排除與「成長配方（Recipe for Growth）」策略相關的淨重整成本及若干法律或有事項合計 300 萬美元，以及 2024 年 8 月授予關鍵高階主管的留任與股權獎勵相關 300 萬美元。

G&A also includes $142 million in underlying G&A, $24 million related to noncash stock compensation, $5 million related to payroll taxes on equity vesting and exercises and $27 million related to our All Managers' Conference, which was held in March. We (inaudible) G&A in the second quarter to be around $181 million on a non-GAAP basis, which will include $151 million in underlying G&A as we invest in technology and people to support our ongoing growth.

G&A 亦包含：基礎 G&A 1.42 億美元、非現金股票薪酬 2,400 萬美元、股權歸屬與行使所產生的薪資稅 500 萬美元，以及 3 月舉行的全體經理人年會相關 2,700 萬美元。我們（聽不清）預期第二季非 GAAP 口徑的 G&A 約為 1.81 億美元，其中包含 1.51 億美元的基礎 G&A，因我們將投資於科技與人才以支持持續成長。

And around $30 million in noncash stock compensation, although this amount could move up or down based on our actual performance. Depreciation for the quarter was $97 million or 3.1% of sales. For 2026, we expect it to remain around 3% of sales.

以及約 3,000 萬美元的非現金股票薪酬，不過該金額可能會隨我們實際績效而上調或下調。本季折舊費用為 9,700 萬美元，占銷售額 3.1%。2026 年我們預期其將維持在約占銷售額 3% 的水準。

Our effective tax rate for Q1 was 25.4% on a GAAP basis and 25.3% on a non-GAAP basis. For fiscal 2026, we continue to expect our underlying effective tax rate to be in the 24% to 26% range, though it may vary based on discrete items.

第一季有效稅率按 GAAP 為 25.4%，按非 GAAP 為 25.3%。就 2026 會計年度而言，我們仍預期基礎有效稅率落在 24% 至 26% 區間，但可能會因一次性項目而有所波動。

Our balance sheet remains strong as we ended the quarter with $1 billion in cash, restricted cash and investments and no debt. During the first quarter, we purchased $701 million of our stock at an average price of $36.14 and at the end of the quarter, we had $1 billion remaining under our share repurchase authorization.

我們的資產負債表依然強健，本季末現金、受限制現金及投資合計 10 億美元，且無負債。第一季期間，我們以平均每股 36.14 美元回購 7.01 億美元自家股票；季末時，我們在股票回購授權額度下仍剩餘 10 億美元。

To close, I want to reiterate what makes Chipotle a special brand. We are able to invest in the highest-quality ingredients, offer accessible price points and still deliver industry-leading economics, a combination that is very difficult to replicate.

最後，我想再次強調 Chipotle 之所以特別的原因。我們能投資於最高品質的食材、提供可負擔的價格帶，同時仍能交出業界領先的經濟效益，這樣的組合非常難以複製。

Our recipe for growth initiatives further strengthen these advantages by sharpening execution, deepening guest engagement and continuing to build long-term demand for the brand. With a strong balance sheet, clear priorities and the team energized to win, we believe Chipotle is well positioned to build on that momentum to continue creating long-term value for our guests, our teams and our shareholders.

我們的「成長配方」計畫透過強化執行、深化顧客互動，並持續為品牌建立長期需求，進一步鞏固這些優勢。憑藉強健的資產負債表、清晰的優先事項，以及充滿鬥志、準備取勝的團隊，我們相信 Chipotle 已具備良好條件，在既有動能上再接再厲，持續為顧客、團隊與股東創造長期價值。

And with that, I feel good up for questions.

接下來，我很樂意回答問題。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（接線員指示）

Danilo Gargiulo, Bernstein.

Bernstein 的 Danilo Gargiulo。

Thank you. I'd like to start with a quick clarification and then the question. It seems that you have suggested some encouraging trends also in April. So I was wondering if you can help us quantify what you're seeing quarter-to-date in the early weeks. And the real question, maybe, Scott, for you is very exciting that you're hiring Fernando Machado. And I'm wondering what specific elements of his past broad-based QSR experience you're expecting him to bring into Chipotle. Thank you.

謝謝。我想先做個簡短釐清，接著提問。看起來你們也提到 4 月出現一些令人鼓舞的趨勢。因此我想請你們協助量化一下，截至目前（本季迄今）在前幾週你們看到的情況。而真正的問題，或許 Scott 你可以回答：你們要聘用 Fernando Machado 這件事非常令人振奮。我想了解，你們期望他過去在廣泛的 QSR（速食餐飲）領域經驗中，哪些具體要素能帶進 Chipotle。謝謝。

Yeah, I'll start, and then I'll pass it over to Scott. So Danilo, so yes, it's specific to April, we saw a nice step-up in April. Part of it was the Easter shift. Easter was about two weeks earlier than it was the prior year, but a bigger part of it was the launch of Santer Lime sauce. It's really done an amazing job.

我先回答，然後再交給 Scott。Danilo，是的，具體來說在 4 月我們看到不錯的上升。其中一部分是復活節時點移動的影響。復活節比前一年早了大約兩週，但更大一部分來自 Santer Lime 醬料的上市。它的表現真的非常出色。

It's actually outperforming red chimichurri, which was our most popular sauce up until that point and the incidence is about 2x. And then, of course, the rewards relaunch. So we believe all of those things contributed to a nice step-up in April

實際上它的表現甚至超越紅色 chimichurri（阿根廷青醬），而紅色 chimichurri 在那之前一直是我們最受歡迎的醬料，使用率大約是其 2 倍。當然，還有會員獎勵計畫的重新推出。因此我們相信，這些因素共同促成了 4 月的明顯上升。

Hi, Danilo, thanks for the question. As you can imagine, we went on a very comprehensive search for the exact right individual, and we found that in Fernando. And I'll tell you, beyond his deep global brand-building experience, his numerous awards and accolades, what he has accomplished in his career is really unprecedented.

嗨，Danilo，謝謝你的提問。如你所想像，我們進行了一次非常全面的搜尋，以找到最合適的人選，而我們在 Fernando 身上找到了。我想說，除了他深厚的全球品牌打造經驗，以及眾多獎項與肯定之外，他在職涯中所完成的成就確實前所未見。

And I'll tell you, what I admired most was in my conversations with Fernando, even the earlier conversations we met several times before we made the decision to partner is his thinking of Chipotle, his love for the brand, his affinity for the organization, his love of high-quality fresh food and great culinary.

我想說，我在與 Fernando 的對話中最欣賞的一點是——即便在較早期的交流中，我們在決定合作前見了好幾次——他對 Chipotle 的看法、他對品牌的熱愛、他對組織的認同，以及他對高品質新鮮食物與優秀料理的熱情。

And he's always been a fan, although be it from a distance of our great brand. And hearing him talk about what he has seen from our advertising historically and where he would take it to the next chapter, if you will, was groundbreaking for me. And so it was an easy decision. Again, he is an incredible marketer, and he will do well here at Chipotle Mexican Grill.

他一直都是我們這個優秀品牌的粉絲，雖然是從遠處關注。聽他談到他對我們過往廣告的觀察，以及他將如何把它帶到下一個篇章，對我而言是突破性的。因此這是一個很容易的決定。再次強調，他是一位非常出色的行銷人，並且會在 Chipotle Mexican Grill 表現得很好。

Thank you.

謝謝。

Lauren Silberman, Deutsche Bank.

Deutsche Bank 的 Lauren Silberman。

Thank you very much. I guess if I could just start with, I know there was a lot of noise during the quarter, I'm going to follow up on the comp side. Any color that you can give in terms of cadence of trends as you move through the quarter? And really encouraging to hear about the momentum in April. Any color on what your guidance beds for comp in 2Q?

非常感謝。我想先從這裡開始：我知道本季有很多雜音，我想就同店銷售（comp）再追問一下。你們能否就本季進行過程中趨勢的節奏提供一些說明？而且聽到 4 月動能令人鼓舞。你們對第二季同店銷售指引的假設基礎是什麼？

Yeah. So I'll kind of walk through and then Scott, please add in. And so starting in January, I mean, we caught up on January in the last call. But just to reiterate, I mean, we saw strength in our protein menu and campaign. And it not only drove transactions, but we also saw a double-digit percentage increase in double protein and single tacos. And amazing part about this is it wasn't just during the campaign in January.

是的。所以我會大致帶大家走一遍，然後 Scott 也請補充。從一月開始，我的意思是，我們在上次電話會議已經回顧過一月。但再重申一次，我們看到蛋白質菜單與活動表現強勁。它不僅帶動了交易量，我們也看到雙倍蛋白與單點塔可的占比出現兩位數百分比的成長。而最令人驚喜的是，這不只是發生在一月活動期間。

That increase in double protein and single Tacos has really sustained even through April. And then we saw the weather impact. The weather impact in January was at one point, about half of our restaurants were closed. So that was about 100 basis points to the quarter.

雙倍蛋白與單點塔可的提升其實一路延續到四月。接著我們也受到天氣影響。一月的天氣影響在某個時間點大約有一半的餐廳關閉。所以這對當季大約造成了 100 個基點的影響。

But then as we roll around to February once the weather impact subsided, we really saw our trends improve even further, and that was really around the launch of Chicken Al Pastor. This is the third time that we've had in our restaurants, but the incidence level is actually the highest compared to the first two.

但到了二月，當天氣影響消退後，我們確實看到趨勢進一步改善，而這主要與 Chicken Al Pastor 的上市有關。這是我們第三次在餐廳推出它，但其發生率（選購比例）其實比前兩次都更高。

So that was really great to see. And then in March, there was a little bit of softening in our trends right around the time where the Iran conflict began, but then we saw the nice step-up in April that I talked about earlier on Danilo's question. And so when this kind of rolls into April and how we're looking at Q2, we're really anticipating comps probably somewhere in that plus 1% range.

所以看到這點真的很棒。然後在三月，在伊朗衝突開始的前後，我們的趨勢有些微轉弱，但接著我們在四月看到不錯的回升，我先前在回答 Danilo 的問題時也提到過。因此，當這些延伸到四月、以及我們看待第二季時，我們預期同店銷售（comps）大概會落在 +1% 左右。

And that's kind of what our expense line guidance is based on in my prepared comments. And this comp estimate, I would say, includes a modest increase from Chipotle Honey Chicken, which launched yesterday. But we are excited about the momentum that we're getting so far from our Recipe for Growth initiatives so far this year, but we really just want to remain cautious on our outlook given the dynamic consumer environment.

而我在事先準備的發言中，費用線的指引就是以這個假設為基礎。我會說，這個同店預估包含了 Chipotle Honey Chicken（昨天上市）帶來的溫和增量。不過，我們對今年以來「Recipe for Growth」各項計畫所帶來的動能感到振奮，但在消費者環境多變的情況下，我們仍希望對展望保持審慎。

Scott, anything to add?

Scott，有什麼要補充的嗎？

I think what we should highlight here is what we demonstrated in Q1 was really our ability to engage with our customer base in new ways and drive incremental sales and activate against a broad range of consumer segmentations, whether that's income or age group.

我認為我們在這裡應該強調的是，我們在第一季所展現的，確實是以新的方式與顧客族群互動、帶動增量銷售的能力，並且能針對廣泛的消費者分群採取行動，不論是收入層級或年齡族群。

Great. And just a follow-up on loyalty. You talked about loyalty comps outpacing non-loyalty, I believe, in 2025. What kind of growth have you been seeing in membership in recent quarters? And I guess is the revamp of the new loyalty program really focused on bringing in new customers, bringing less customers or trying to drive engagement with the existing membership base. Thank you.

很好。接著追問一下會員忠誠計畫。你提到在 2025 年，忠誠會員的同店表現超越非會員，我記得是這樣。最近幾季你們看到會員數成長如何？另外我想問，這次新版忠誠計畫的改版，主要是著重於導入新客、找回流失客，還是想提升既有會員基礎的互動與參與度？謝謝。

Yeah, I'll jump in here. So the relaunch, since the relaunch, we've seen about a 25% uplift in new members coming into the funnel. So not only did we widen our main goal was really to enrich our engagement and deepen our engagement with the existing loyalty members.

好，我來回答。自從重新上線以來，我們看到進入漏斗的新會員大約提升了 25%。所以不只是擴大了漏斗——我們的主要目標其實是要豐富互動、並加深與既有忠誠會員的互動。

But what we found is we were able to widen the funnel, bring more users into the funnel, reactivate lapsed consumers in a really meaningful way with some of the journeys that we've talked about historically. And we've made great progress of really redesigning a program, removing the friction points that our customers told us existed in 2025.

但我們發現，我們能夠擴大漏斗、帶進更多使用者，並透過一些我們過去談過的旅程（journeys），以非常有意義的方式重新喚回流失的消費者。而且我們在重新設計計畫方面取得很大進展，移除顧客在 2025 年告訴我們存在的摩擦點。

And the new benefits are obviously the chips & guac welcome offer, three monthly Chipotle drops. We heard loud and clear that's what our customers wanted. They want to be able to choose their own rewards. We call it rewards on repeat, and they could choose whatever reward and how they want to use their points in the loyalty program as well as well as cleaning up some of the UX features that had friction points in them as well. We're able to simplify the in-app experience, so exchange, wallet, extra badges and history are just easier to find and easier to use.

而新的福利很明顯包括：薯片加酪梨醬（chips & guac）的歡迎優惠、每月三次的 Chipotle drops。我們非常清楚地聽到，這就是顧客想要的。他們希望能選擇自己的獎勵。我們稱之為「rewards on repeat」，他們可以選擇任何獎勵，以及想如何在忠誠計畫中使用點數；同時我們也清理了一些在 UX 功能上造成摩擦的地方。我們得以簡化 App 內的體驗，因此兌換、錢包、額外徽章與歷史紀錄都更容易找到、也更容易使用。

Great. Thanks so much.

很好。非常感謝。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Thanks. I'm just, I'm wondering how you're thinking about how this year might play out. And one of the things you seem to be saying here is that by doing more frequent LTOs or your protein windows that not only do you get a boost, but that boost sticks around.

謝謝。我只是想了解你們如何看待今年可能的走勢。你們在這裡似乎在說的是，透過更頻繁的限時供應（LTO）或蛋白質檔期，不僅能帶來一波拉升，而且這個拉升會延續。

So the two-year trend gets a lift each time. And that would certainly imply that with the comparisons we see ahead of you that comp trends would accelerate from here. Is that your base case? I know you want to be cautious about the underlying environment, but is your base case that seeing what you're seeing in terms of the performance of these LTOs that you will see comps climb through the year if the environment doesn't deteriorate? And I have a quick follow-up.

所以每一次兩年期趨勢都會被抬升。而這當然意味著，考量你們接下來面臨的比較基期，同店趨勢應該會從這裡開始加速。這是你們的基本情境（base case）嗎？我知道你們想對底層環境保持謹慎，但你們的基本情境是否是：以這些 LTO 的表現來看，只要環境沒有惡化，你們會看到同店在全年逐步走高？我還有一個簡短的追問。

That's exactly right, David. And so what we learned through our demand map refresh last quarter, I guess, Q4 now is that consumers were looking for menu innovation, and they were screaming for greater innovation at a greater frequency. And we have doubled our cadence of LTO innovation stage gate processing in our culinary center to solve that challenge, evidenced by what you will see here in 2026.

完全正確，David。我們從上一季（我想現在應該算第四季）更新的需求地圖（demand map refresh）中學到的是，消費者在尋找菜單創新，而且他們強烈要求以更高頻率推出更多創新。我們已在料理中心把 LTO 創新的節奏與關卡流程（stage gate processing）加倍，以解決這個挑戰，而你在 2026 年會看到這點的成果。

They're also looking for deeper digital engagement, which I think we saw for in the app refresh and relaunch. And then they were looking for culturally relevant marketing, which we've done some of that in Q1 with a lot of success, expect to do more of that with Fernando joining here in the next couple of weeks. So I think we're targeting the right ways to activate against the core consumer and bring new consumers into our brand.

他們也在尋求更深度的數位互動，我認為我們在 App 的更新與重新上線中已經看到。此外，他們也希望有更具文化相關性的行銷；我們在第一季做了一些並且非常成功，接下來幾週 Fernando 加入後，我們預期會做得更多。所以我認為我們正以正確的方式去觸達核心消費者，並把新消費者帶進我們的品牌。

The other thing I wonder about is how you think about bringing an LTO that was around before, obviously, Chicken Al Pastor and Honey Chicken, you're bringing them more frequently, but they're familiar. They were successful, but they were stuff that you've done before. I wonder, to what degree do you feel like doing new, new is going to be more important going forward? Is that something on the horizon? And I'll pass it on.

我另外想問的是，當你們推出以前就有的 LTO——很明顯像 Chicken Al Pastor 和 Honey Chicken——你們更頻繁地帶回來，但它們是熟悉的。它們很成功，但也是你們以前做過的東西。我想知道，往前看，你們覺得推出全新的、真正全新的產品會在多大程度上變得更重要？這是否已在規劃中？我就先把問題交給你們。

It absolutely is, David. We have a couple of things that are in process or in test as we speak that are new LTO center-of-the-plate protein items. We have a few more we'll test in the back end of the year that will inform the 2027 strategy. But that's exactly it. We need to come back to tried and true favorites occasionally, not every time and then pepper in new menu items that will drive interest, drive occasion that are on brand and uniquely Chipotle. But that's exactly the strategy.

絕對是，David。我們目前就有幾個正在進行或測試中的項目，是全新的 LTO「主菜核心」蛋白質品項。今年下半年我們還會再測試幾個，這些將為 2027 年策略提供依據。但你說得正是重點。我們需要偶爾回到經得起考驗、廣受喜愛的經典品項，但不是每一次都如此，並且穿插一些新的菜單品項來帶動興趣、帶動消費情境，同時要符合品牌、且具有 Chipotle 獨特性。這正是我們的策略。

Thank you.

謝謝。

Brain Harbour, Morgan Stanley.

Brain Harbour，摩根士丹利。

Thanks. Good afternoon. Adam, can you just talk about the traffic and mix components of same-store sales and kind of what your outlook, at least on the mix side might be?

謝謝。下午好。Adam，你能否談談同店銷售的來客量與組合（mix）構成，以及你對未來展望，至少在組合面向上，可能會是什麼樣子？

Yeah, sure. So with the comp of up 0.5%, transactions were up about 60 basis points and check was a slight decline, call it, about 10 basis points. Price was around 90 basis points and then mix was a drag of about 100 basis points to net to that check. And so when you're looking at mix, it's still driven by lower group size. This is kind of that continual normalization from that really high group size that we saw around COVID.

好的，當然。同店成長0.5%，交易筆數約增加60個基點，而客單價小幅下滑，大約10個基點。價格約貢獻90個基點，而組合約拖累100個基點，合計後反映在該客單價上。所以當你看組合時，主要仍是由較小的團體規模所驅動。這算是從COVID期間我們看到的非常高的團體規模，持續回歸常態的過程。

And then there's also some other elements in there, for example, rewards when people come in and redeem a free entree, that's going to lower your group size as well as other more recent things that we've done around BYOC. For example, there's a little bit of cannibalization, not a lot, but that would be somebody coming in and getting four or five or six entrees previously is now only getting one item.

另外還有一些其他因素，例如獎勵計畫：當顧客進店兌換免費主餐時，也會降低你的團體規模；以及我們近期在BYOC方面做的一些事情。例如，會有一點點互相侵蝕（cannibalization），不多，但可能是原本會買四、五或六份主餐的人，現在只買一個品項。

So that's providing part of that drag as well as some of the other menu items like protein cups or single tacos. It's a smaller extent, but we are seeing people come in during like snack occasions to get those items. So that's also putting some pressure on group size.

因此，這也造成部分拖累；另外還有一些菜單品項，例如蛋白質杯或單點塔可。影響程度較小，但我們確實看到有人在像是點心時段（snack occasions）進店購買這些品項。所以這也對團體規模造成一些壓力。

But on the flip side, we are seeing some nice offsets. So the extra meat, for example, from the protein campaign is providing a nice mix lift as well as sides. I mean, first, it was red chimichurri kind of earlier in the quarter and then cilantro-lime sauce later in the quarter.

但另一方面，我們也看到一些不錯的抵銷因素。例如，蛋白質行銷活動帶動的加肉，對組合帶來不錯的提升，配菜也是如此。我的意思是，先是本季較早推出的紅色chimichurri，接著是本季後段推出的香菜萊姆醬。

And so when you kind of look at these going forward, I would expect mix to be closer to flat in Q2, and that's really thanks to the check benefit from cilantro-lime sauce. And then in the second half, it's really going to depend on a few factors.

因此，往前看，我預期第二季的組合會更接近持平，這主要要歸功於香菜萊姆醬帶來的客單價效益。而在下半年，則會更取決於幾個因素。

Really around LTOs, kind of the protein LTOs and the pricing around that as well as sauces. So we'll keep kind of you guys informed on a quarterly basis as we continue to really flush out our LTO strategy for the rest of the year.

主要是圍繞LTO（限時供應），也就是蛋白質類LTO及其定價，以及醬料。因此，隨著我們持續把今年剩餘時間的LTO策略更完整地梳理出來，我們會按季度持續向各位更新。

Okay. Got it. Thanks. Scott, I know you've sort of been talking about hospitality for a while and just renewed focus on that. What, I guess, what is it that's specifically changing? Or like at your conference, what did you kind of zero in on? And is this just, is deployment something that kind of addresses it best? Or like are there other things that we might see change in the stores? And how would that show up?

好的。了解。謝謝。Scott，我知道你談「待客之道／服務款待（hospitality）」已經一段時間了，也提到重新聚焦。我想問，具體來說到底改變了什麼？或者說，在你們的會議上，你們特別聚焦在哪些點？這是否主要靠人力部署（deployment）就能最好地解決？還是門店還會有其他我們可能看到的改變？而這會如何反映出來？

Yeah. It's kind of a broad answer, so I'll try to be brief. I'll tell you, the customer, we learned last year that the customer was much more discerning on how they spend their cash and hospitality was a component that they were looking for probably in a more meaningful way than they have since COVID. And so we leaned into it pretty aggressively.

是的。這個答案有點廣，我盡量簡短。我可以告訴你，我們去年學到的是：顧客在花錢時變得更挑剔，而待客之道是他們在尋求的一個要素，而且可能比COVID以來任何時候都更重要。因此我們相當積極地投入。

[Jason Kid] and his team really rallied around this idea at AMC to deliver not only speed down the line and great culinary, which we do a pretty good job, I'd say a pretty darn good job down the line, but also this idea to give the guest or treat the guests like a guest in your home. And so we really pushed on it at AMC.

[Jason Kid]和他的團隊在AMC上，真的凝聚在這個理念：不僅要做到出餐線上的速度與優秀的餐食品質——我認為我們做得相當好，可以說非常好——同時也要把客人當作到你家作客的貴賓來對待。因此我們在AMC上大力推動。

The team really bought in, and we saw the benefits of that coming out of AMC manifest in things like better KPIs on staffing, best at model levels we've seen in years, GM turnover at historical lows, taste of food and GSAT scores that are moving up and to the right.

團隊確實買單，我們也看到AMC之後帶來的效益，反映在例如人力配置相關KPI更好、達到多年來最佳的模型水準、店經理（GM）流動率處於歷史低點、餐點口味與GSAT分數持續上升、向右上方走。

Now it's not to say we don't still have opportunities in pockets around the country. But on balance, I am really proud of our teams and how they've executed in Q1 and how they're leaning into Q2 in a really meaningful way and really driving this idea of great hospitality at Chipotle.

當然，這不代表我們在全國各地的某些區域就沒有改善空間。但整體而言，我對我們團隊在第一季的執行，以及他們在第二季以非常有意義的方式持續投入、真正推動Chipotle卓越待客之道的理念，感到非常自豪。

Gregory Francfort, Guggenheim

Gregory Francfort，Guggenheim。

Hey, thanks for the question. Scott, I think you guys have pretty good price points on your food. And I think the, maybe you've had a little bit of a pricing perception issue over the last year or two. I guess as Fernando has come on board, how much do you want to integrate value and price points into the marketing message? And how much are you testing with doing that? And just what could that look like? And how important is that to what he's tasked with? Thanks.

嗨，謝謝讓我提問。Scott，我認為你們餐點的定價點相當不錯。但我想，過去一兩年你們可能在「價格觀感」上有一點問題。我想問，Fernando加入後，你們希望在行銷訊息中把「價值」與「定價點」整合到什麼程度？你們在這方面測試到什麼程度？以及這可能會長什麼樣子？而這對他被賦予的任務有多重要？謝謝。

Yeah, thanks. It's a great question. Here's what I would tell you is we are open to testing many different ideas, and we won't handicap Fernando with historical thinking or entrenched thinking. But we won't do anything to detract from the overall brand health and brand growth. And I think I've said this many times, I believe we charge a very fair price point for what we offer the consumer, high-quality ingredients, the best ingredients in the world, prepared fresh with classic culinary techniques at a speed and abundance you can't get anywhere else and what I believe to be a great price point.

是的，謝謝。這是個很好的問題。我會這樣說：我們願意測試許多不同的想法，我們不會用歷史思維或既有的固化思維去限制Fernando。但我們也不會做任何會損害整體品牌健康與品牌成長的事情。而且我已經說過很多次：我相信就我們提供給消費者的內容而言，我們的定價非常公平——高品質食材、世界上最好的食材、新鮮現做、以經典烹飪技法製作，再加上你在其他地方得不到的速度與份量——我認為這是一個很好的價格點。

And so we continue to grow our pricing power by underpricing the industry now for the second consecutive year, which we believe is right for the consumer as we try to protect or drive demand for our organization. We think it's the right thing to do. We're still a 20% to 30% discount to our fast casual peers, and we continue to grow that gap year over year.

因此，我們透過連續第二年把價格訂得低於同業，持續提升我們的定價能力（pricing power）；我們相信這對消費者是正確的，也有助於我們保護或推動組織的需求。我們認為這是正確的做法。相較於其他快速休閒同業，我們仍有20%到30%的折價幅度，而且這個差距還在逐年擴大。

So that gives us pricing flexibility and pricing power that we could pull that lever at some point when the timing is right, whether that's a better entry-level price point like we did with the high-protein menu at $3.50 for a taco or test other innovative ideas. We're going to have a test here in a couple of weeks in one of our markets where we're testing a happier hour from $2 to $5 with tacos at $2.50.

所以這讓我們在定價上有彈性與定價能力；當時機成熟時，我們可以在某個時間點拉動這個槓桿——不論是像我們高蛋白菜單那樣，提供更好的入門價位，例如塔可3.50美元，或是測試其他創新想法。再過幾週，我們會在某個市場做一個測試：推出從2到5美元的「更快樂時光」（happier hour），塔可2.50美元。

And so we're going to test ideas like that to understand where do we have pricing power elasticity, where may we have a challenged market from a pricing perspective and what levers can we pull to get consumers in our restaurants and feel like they're not getting good value, they're getting extraordinary value.

因此，我們會測試這類想法，以了解我們的定價能力與需求彈性在哪裡、哪些市場在定價面可能較具挑戰，以及我們可以拉動哪些槓桿，讓消費者走進我們的餐廳，並且覺得他們不是得到「不錯的價值」，而是得到「非凡的價值」。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

Thanks. I guess, data question and then a real question. Have you, I know in the past, you were talking about perhaps softening younger cohorts also maybe not just lower but also middle income cohorts. I guess your comment about engaging customers across income and age groups, are you seeing the gaps converge there in terms of the transaction growth with those cohorts that had previously been under pressure between those and the rest of your customer base?

謝謝。我想先問一個數據問題，然後再問一個真正的問題。我知道過去你們曾提到，較年輕的族群可能正在趨於緩和，且不只是低收入族群，也可能包含中等收入族群。我想就你提到的、跨收入與年齡層去與顧客互動的評論而言，你們是否看到先前承壓的那些族群，其交易成長與你們其他顧客群之間的差距正在收斂？

Hi, Sara. Thank you for the question. Here's what I would tell you is in Q1, I think through targeted messaging and really driving culturally relevant moments, we're able to get the younger consumer more engaged with our brand in Q1 than we have historically or over the last year, I should say. And we're seeing an uplift and an uptick across all ages and all income cohorts for Q1.

嗨，Sara。謝謝你的提問。我可以跟你說的是，在第一季，我認為透過精準的訊息傳遞，以及真正推動具文化相關性的時刻，我們在第一季讓年輕消費者對我們品牌的投入度，比過去歷史水準、或更精確地說，比過去一年都更高。而且我們在第一季看到所有年齡層與所有收入族群都出現提升與上揚。

So I think we know at this point, what levers do we pull to ensure we're being thoughtful about engaging all of those individual cohorts the right way to keep moving the needle up into the right. And so I have a lot of confidence that is built into our Recipe for Growth strategy that does just that, and we'll continue to do that for many months and years to come.

所以我想我們現在已經知道，要拉動哪些槓桿，才能確保我們以周全的方式、用正確的方法去與每一個族群互動，讓指標持續往右上推進。因此我對我們的「成長食譜」（Recipe for Growth）策略非常有信心，它正是為此而設計的；而且我們會在未來好幾個月、好幾年持續這麼做。

Thanks. And then I guess the real or non-data question is actually about Europe. You mentioned seeing some of the highest volumes in terms of opening, recent opening in that region. Can you update us on where kind of unit economics stand there or whether it's the AUVs or the middle of the P&L, I think those have been kind of the middle, those have been kind of sticking points or hurdles to clear before you accelerate unit growth. So any update on that and whether that means perhaps you're at an inflection point where you can start to pick up the pace?

謝謝。接著我想問真正的、或非數據的問題，其實是關於歐洲。你提到在那個區域近期開店的量能是最高的之一。你能否更新一下那邊的單店經濟模型目前如何？不論是AUV（平均單店營收）或損益表中段的表現；我想那些一直是、也一直被視為在你們加速展店前需要克服的卡點或門檻。所以想請你更新一下，這是否意味著你們可能正處於一個拐點，可以開始加快步伐？

We absolutely are, Sara. So we're now in the double-digit range on margin, and we're seeing 40% restaurant, new restaurant growth year over year, I'm sorry, 40% return on investment in year two, forgive me, on the new restaurants we're opening, which gives us a lot of confidence. Not only are we on track, but we need to begin to look for real estate in a more meaningful way in Central London and in Germany. I think we are released to go as quickly as we can go.

絕對是的，Sara。所以我們現在的利潤率已經來到兩位數區間，而且我們看到新餐廳在第二年的投資報酬率達到40%，抱歉我更正一下，是我們正在開的新餐廳在第二年的投資報酬率達到40%，這讓我們非常有信心。我們不僅進度符合預期，而且需要開始更有意義地在倫敦市中心與德國尋找店址。我認為我們已經可以用我們能做到的最快速度去推進。

Thank you.

謝謝。

John Ivankoe, JPMorgan.

JPMorgan 的 John Ivankoe。

Hi, thank you. The question is on competition, but I want to go a couple of ways with this, if I can. On the chain basis, which is, I guess, can be tracked. It does seem like a lot of the competition is coming in chicken, Mexican, and I'll just say very broadly but kind of bulls on a top 500 chain basis. But on a local basis, certainly, one could make the argument or at least have the observation that it's very much the same, the same type of concept growth.

嗨，謝謝。問題是關於競爭，但如果可以的話，我想從幾個角度來問。以連鎖品牌的角度來看，我想這是可以追蹤的。看起來很多競爭都來自雞肉、墨西哥料理，我就很廣泛地說，但在前500大連鎖的層面上，似乎都很積極擴張。但在地方市場層面，當然也有人可以主張、或至少觀察到，情況其實非常類似：同樣類型的概念正在成長。

So the question is, is there any opportunity to not just think about marketing on a national basis or kind of through the app, but even thinking about competition or marketing different locally to where different markets would have specifically different opportunities and different needs based on where competition is growing is the first part of the question.

所以第一個問題是：是否有機會不只是從全國層級、或透過App來思考行銷，而是也從地方層級去思考競爭或行銷的差異化？因為不同市場會因競爭擴張的位置不同，而有特定的機會與不同的需求。

And secondly, and I don't know if it's fully related, it did look like to us, at least on our calculation that new unit volumes may have been a touch light in the first quarter. So I was wondering if there is some timing or other types of factors that could have influenced that? Or how the [unit] volumes were relative to your own expectations as we would have calculated on an implied basis in the first quarter? Thanks.

第二個問題，且我不確定是否完全相關：至少以我們的計算來看，第一季新店的營收量能（new unit volumes）可能稍微偏弱。所以我想了解是否有一些時點因素或其他因素影響了這點？或者第一季的（單店）量能相對於你們自身預期如何？我們是用推算的方式算出來的。謝謝。

Yeah, I'll jump in here, and I'll Adam follow up on the second part of your question. We did a deep dive analysis on competition, specifically in New York and Florida, where our main competitors, albeit they're small today are growing the fastest. And while we see some level of cannibalization when one of those restaurants opens up near a Chipotle in the first six months or so, it recovers pretty quickly in month six, seven and eight and then climbs back to industry trends or Chipotle standard trends from there.

好的，我先回應這裡，然後第二部分我會請 Adam 補充。我們針對競爭做了深入分析，特別是在紐約與佛羅里達，因為我們的主要競爭對手雖然目前規模不大，但在那裡成長最快。我們確實看到，當其中一家餐廳在 Chipotle 附近開店時，前六個月左右會出現一定程度的自我侵蝕（cannibalization），但在第六、七、八個月就會很快恢復，之後又回到產業趨勢或 Chipotle 的常態趨勢。

So what we're seeing is when one of those competitors open up, they bring more consumers to the retail trade area, which is helping buoy our restaurant performance long term. And so obviously, we think about competition, we are concerned and keeping an eye on competition. But as it stands today, it's low levels of impact.

所以我們看到的是，當那些競爭者開店時，他們會把更多消費者帶進該零售商圈，長期來看反而有助於支撐我們餐廳的表現。因此我們當然會思考競爭、也會關注並持續觀察競爭。但就目前而言，影響程度仍然不高。

As it relates to marketing spend, we know that our marketing dollars on return on ad spend work the hardest on the national level and to bifurcate that spend to attack something locally would be costly, and I don't know if it's the most efficient use of our dollars.

至於行銷支出，我們知道以廣告投資報酬（return on ad spend）來看，我們的行銷預算在全國層級最能發揮效益；若把支出拆分成地方型、去針對某些區域進攻，成本會很高，而且我不確定那是否是最有效率的資金使用方式。

Yeah. And then to follow up on the store productivity, John. So we're seeing about 80%, which is where we've been in the last couple of years. So we're really proud of our Q1 openings and really where we've been trending over the last year. What you're probably looking at is you don't have the details on the cadence, so they may have been pushed a little bit later in the quarter versus kind of even spread throughout. But no, we're still kind of in that 80% of our comp restaurants in terms of where they're opening at.

是的。另外關於店鋪生產力（store productivity），John。我們看到大約是80%，這也是我們過去幾年的水準。所以我們對第一季的開店表現，以及過去一年來的趨勢都非常自豪。你可能看到的是，你沒有開店節奏（cadence）的細節，所以它們可能被推遲到季度後段，而不是平均分布在整個季度。但沒有，我們仍大致維持在新店開出時約為同店（comp restaurants）80%的水準。

Fair enough. That's why I asked. Thank you.

了解。所以我才會問。謝謝。

John Power, Citi.

Citi 的 John Power。

Hey, guys. Thanks for taking the questions. Maybe starting, I'm just curious, following up to Greg's question around value perception in the marketplace, I would argue maybe your delivery channel is one area where you get perhaps lower value scores than the in-store experience. So I'm just curious what you're thinking about there with respect to the premium that is currently charged for delivery, if that's an area you're exploring for an opportunity to improve the value scores.

嗨，各位。謝謝回答問題。我先從一個問題開始：延續 Greg 關於市場價值感知的提問，我會認為你們的外送通路可能是其中一個價值評分較低的地方，相較於到店體驗。所以我想了解你們對此的想法，特別是目前外送所收取的溢價（premium）；這是否是你們正在探索、用以提升價值評分的機會？

Hi, John, yes. So we did some testing on different premiums in delivery across DoorDash and Uber and people use those platforms in different ways. They primarily use Uber as a discount platform and DoorDash as a premium faster order time, faster delivery time platform. So you have to market on those platforms very differently. But I will tell you, our prices even at an elevated NPI on marketplace are still below our peers in the channel.

嗨，John，是的。所以我們在 DoorDash 與 Uber 上針對不同的外送溢價做了一些測試，而消費者使用這些平台的方式也不同。他們主要把 Uber 當作折扣平台使用，而把 DoorDash 當作較高溢價、下單更快、配送更快的平台。因此你必須在這些平台上用非常不同的方式去行銷。但我可以告訴你，即使我們在外送平台上以較高的 NPI（淨價格指數）定價，我們的價格仍然低於該通路中的同業。

And so we did see another tick up in delivery this, still in the teens, but another tick up in our delivery performance last quarter. What I'm most excited about is we surpassed 20% of order ahead in the quarter, which tells us our consumers being more discerning on how they spend those dollars and coming to the restaurant to pick up their orders versus having it delivered. And so that's encouraging for us as we think about the future of delivery long term.

因此我們也看到外送在上季再度小幅上升，仍在十幾%的區間，但外送表現又往上跳了一點。我最興奮的是，我們在本季「提前下單」（order ahead）的占比超過20%，這告訴我們消費者在如何花這些錢上變得更精打細算，選擇到店取餐而不是外送。因此，當我們思考外送的長期未來時，這對我們而言是令人鼓舞的。

We will have Arlie Sisson starting next week, we will take a hard look at our third-party aggregators to see where we are performing well, where might we have opportunity. and really take the learnings from the testing we did last year to inform our go-to-market strategy in the back half of this year.

我們下週將由 Arlie Sisson 到任，我們會嚴格檢視我們的第三方聚合平台，看看我們在哪些方面表現良好、哪些方面可能有機會，並真正把我們去年所做測試的學習成果，納入今年下半年上市策略（go-to-market strategy）的制定。

Great. Thank you. Great. And then just maybe on the labor side of the equation, it sounds like you're rolling out quite a few tools at the store level to help obviously GMs in the store, the hourly employees become more efficient. I think some of the pushback that I consistently hear from investors is stores need better staffing over time. And I'm just curious to get your take on, we think the labor levels at the stores need to settle out if you're kind of fully staffed today? Or is there more opportunity to invest there?

很好。謝謝。很好。接著可能談談勞動力這一端，聽起來你們在門市層級推出了不少工具，來幫助門市的總經理（GM）以及時薪員工提升效率。我從投資人那邊持續聽到的一個反饋是，門市長期來看需要更好的配置人力。我想請教你們的看法：你們認為門市的人力水位需要如何落定？你們今天算是已經滿編了嗎？還是說在這方面仍有更多投資空間？

I think there's more opportunity to invest, if I'm being honest. And here's how we're doing that. The heat program throws off an incremental couple of hours of productivity, which we're reinvesting back in the business.

老實說，我認為還有更多投資空間。我們是這樣做的。heat 計畫能額外釋放出幾個小時的生產力，我們會把這些增量時數再投回到業務中。

Other initiatives like the Chipotle Kitchen, things like the GM Assistant, avocado on the hiring side, all those hours are freeing up the manager and freeing up the team to be more efficient and deliver a better team member experience, which always ladders to a better guest experience. And we are reinvesting that time back into the business and not taking it out to further bolster the consumer experience, which will always lead to value creation.

其他像是 Chipotle Kitchen、GM Assistant、以及招募端的 avocado 等計畫，這些都在釋放管理者與團隊的時間，讓大家能更有效率並提供更好的團隊成員體驗，而這總是會帶動更好的顧客體驗。我們會把這些時間再投回到業務中，而不是把它拿掉，藉此進一步強化消費者體驗，而這也將一貫地帶來價值創造。

And we're also taking a hard look at our management complement to ensure that we have the right managers covering peak dayparts all 14 peaks. So think lunch and dinner every day of the week. I think we're challenged there today. Jason and his team have put a plan in place that they're executing against today to ensure that we have the right manager covering lunch and dinner every single day and not give up on Saturday and Sunday to ensure we have the best management coverage, which will lead to a better team member, a better consumer experience. So there are investments that we are making along the way to free up the manager to be more effective, train better, deploy better and leads to a better customer experience.

我們也在嚴格檢視管理編制，確保在所有尖峰時段（14 個尖峰）都有合適的管理者覆蓋。也就是一週每天的午餐與晚餐時段。我認為我們目前在這方面確實有挑戰。Jason 和他的團隊已經制定並正在執行一個計畫，確保每天午餐與晚餐都有合適的管理者到位，不會在週六、週日就鬆懈，確保最佳的管理覆蓋，進而帶來更好的團隊成員體驗與更好的消費者體驗。因此，我們一路上所做的投資，是為了釋放管理者時間，使其更有效率、訓練得更好、部署得更好，並帶來更好的顧客體驗。

Got it. Thank you.

了解。謝謝。

Drew North, Baird.

Baird 的 Drew North。

My question is on the margin trajectory, and I appreciate the color on Q2. But as we look further ahead, Wondering if you have any updated perspective on the shape of the margins as we get to the second half I know the expectation has been for pricing versus inflation and the gap there to narrow as the year progresses. So maybe just any thoughts on how you're thinking about the shape of the restaurant margin or what comp or traffic figure might be needed to see expansion as we exit the year?

我的問題是關於毛利率走勢（margin trajectory），也感謝你們對第二季的補充說明。但往更後面看，想請教你們是否對下半年毛利率的形狀（走勢型態）有更新的看法？我知道市場預期是：定價相對通膨之間的差距，會隨著年度推進而收斂。所以想聽聽你們如何看待餐廳層級毛利率的走勢，或是年底要看到毛利率擴張，可能需要怎樣的同店（comp）或來客數（traffic）表現？

Yeah. Drew, so you're right in the sense that kind of the first half of the year is when margins are going to be under the most pressure on a year over year basis. I mean the price that we're running, for example, in Q1 of 0.9% compared to inflation is kind of in that mid-3% range. So that's providing the majority of that dislocation.

是的。Drew，你說得沒錯，從年對年角度來看，上半年是毛利率承受最大壓力的時期。以第一季為例，我們的價格（漲價幅度）是 0.9%，而通膨大約在 3% 中段。所以這就是造成大部分落差的原因。

As we get to the second half of the year, inflation is going to drop down a bit, mostly because we'll start to lap kind of the elevated beef prices from the year before, and we'll continue to see pricing tick up with a slow and measured approach that we're going forward with. So I would expect towards the end of the year for that dislocation to be minimal based off the trajectory we're on right now.

進入下半年後，通膨會下降一些，主要是因為我們會開始與前一年偏高的牛肉價格形成比較基期（lap），同時我們也會延續目前採取的緩慢且審慎的方式，讓定價逐步上調。因此，依照我們目前的軌跡，我預期到年底時這種落差會變得很小。

And going forward, at that point and going forward, really the flow-through on being able to get margins higher is going to come through our usual strategy of just utilizing price to offset the impact of inflation and getting margins higher through incremental transactions.

而在那個時間點以及往後，推動毛利率上升的流入（flow-through），將會回到我們一貫的策略：用定價來抵消通膨影響，並透過增量交易筆數（incremental transactions）來提升毛利率。

That's helpful. Thanks, Adam. And hoping you could elaborate a bit more on what you're seeing from the high-efficiency equipment package in early days. Scott, I know you mentioned the 100s of basis points of comps outperformance again. But wondering if that gap has widened versus control for some of the early restaurants with the equipment? And maybe just how to think about the pace of rollout through the year to get to 2,000 at year-end? Thanks.

這很有幫助。謝謝你，Adam。另外也希望你能再多談一些你們在高效率設備套件（high-efficiency equipment package）早期導入階段看到的情況。Scott，我知道你提到這些門市的同店表現再次領先數百個基點。但想請教：對於一些較早導入設備的餐廳，這個差距相對於對照組是否有擴大？以及今年的推進節奏該如何看，才能在年底達到 2,000 家？謝謝。

Yeah. So, and what we're seeing right now is outperformance on throughput, taste of food, [OSAT] and then again, hundreds of basis points of comp lift in those restaurants, and that ranges from 200 to 400, depending on the restaurant, I will tell you. We are at 600 restaurants today. We'll be at 2,000 by year-end. This quarter, I think we're at 35, 30 installs per week.

是的。我們目前看到的是：出餐效率（throughput）、食物口味、[OSAT] 都有優於以往的表現，而且這些餐廳的同店也提升了數百個基點；我可以告訴你，依餐廳不同，大約落在 200 到 400 個基點。我們目前已經有 600 家餐廳。年底會到 2,000 家。本季我們大概每週安裝 35、30 家。

We're going to move to 45 installs per week here in the next month or so. We are going as absolutely quickly as we possibly can, but doing it in a responsible way where we don't have to close restaurants to get the new equipment in. We're doing it overnight on these installs to ensure we don't affect the business and then make sure we do it the right way where the teams are trained correctly to use the equipment.

接下來一個月左右，我們會提升到每週 45 家安裝。我們會以盡可能快的速度推進，但也會以負責任的方式進行，確保不需要為了導入新設備而關店。我們會在夜間完成安裝，確保不影響營運，同時也要確保以正確方式導入，讓團隊能被正確訓練、會使用這些設備。

Although the equipment is plug-and-play, it does require some level of training. And it takes the team about a month, if you will, to really get up to speed on how to use the equipment most efficiently. So we're being responsible. I think we can get the full portfolio done at some point late '27, early '28.

雖然設備是即插即用（plug-and-play），但仍需要一定程度的訓練。團隊大約需要一個月左右，才能真正熟悉如何以最高效率使用設備。所以我們會審慎推進。我認為在 2027 年底到 2028 年初的某個時間點，我們可以完成整個門市組合（full portfolio）的導入。

Thanks for all the perspective.

謝謝你提供這些觀點。

Chris O'Cull, Stifel.

Stifel 的 Chris O'Cull。

Thanks. Scott, just a follow-up to that last question regarding the heat package. How long does it take to see the same-store sales improvement that you're experiencing in these test stores once you deploy the package

謝謝。Scott，針對上一題關於 heat 套件的追問：當你們部署這套方案後，需要多久才能看到你們在這些測試門市所經歷的同店銷售改善？

About two months, Chris. So it happens pretty quick. It takes about a month to really get proficient and then a month to kind of hit your stride. So after about two months, we're starting to see some pretty material uplift in the business.

大約兩個月，Chris。所以效果來得很快。大概需要一個月真正熟練，接著再一個月進入穩定節奏。所以大約兩個月後，我們就開始看到業務上相當顯著的提升。

Okay. And then the marketing spend grew I think 22% in the first quarter and following a very heavy push in the fourth quarter. While you're seeing positive inflection in comps, the marginal lift relative to that level of investment appears obviously a little modest. So how is the team measuring the incremental return on the spend and are you seeing a strong enough conversion trend to justify maintaining this level of marketing?

好的。另外，行銷支出在第一季成長了我記得是 22%，而且在第四季已經有非常強力的推廣。雖然你們看到同店出現正向拐點，但相對於這樣的投資水位，邊際拉動（marginal lift）看起來顯然有點溫和。所以團隊如何衡量這筆支出的增量報酬？你們是否看到足夠強的轉換趨勢（conversion trend），以支持維持目前這個行銷水準？

Yeah. I mean I'll start and then Scott definitely add in. So yeah, what you're seeing right now with the level that we're spending, especially around supporting four LTOs is we're getting some really good returns on that incremental spend as well as some of the additional things that we're doing around some of the more Chipotle's as we call them around the tattoo Bogo and some of the other things.

是的。我的意思是我先說，然後 Scott 一定會補充。所以是的，你現在看到的是，以我們目前的支出水準來看，特別是在支援四個 LTO（限時產品）方面，我們在這些增量支出上以及我們正在做的一些額外事項上，都獲得了非常好的回報；另外也包括我們所稱的一些更像 Chipotle 風格的活動，例如 tattoo Bogo（刺青買一送一）以及其他一些活動。

And so we measure them individually and really ensure that we're getting the best return on each of them. I think what you're seeing, too, though, with that incremental spend, is there still some noise especially when it comes to consumers and kind of what we're up against. And so we're expecting this to continue to improve. But the team does a phenomenal job of really looking at each individual investment, assessing and determining where we go from there.

因此我們會逐一衡量，並確保每一項都能取得最佳回報。不過我想你也看到的是，即便有這些增量支出，仍然存在一些雜訊，特別是在消費者端以及我們所面臨的環境方面。因此我們預期這會持續改善。但團隊在檢視每一項個別投資、評估並決定後續方向方面，做得非常出色。

Yeah, I think it's important to note that some of that has a tail, right? So as you think about marketing spend, your goal is sales overnight and brand over time. So there's a component of it that is really driving sales and transactions. There's another component that is brand building, which will serve you well for many years to come. And so as long as we look at the return on ad spend as being responsible and margin accretive, which I think is the right way to view it, we'll continue to incrementally spend there.

是的，我認為重要的是要注意，其中有一部分是有尾效的，對吧？所以當你思考行銷支出時，你的目標是短期內帶動銷售、長期累積品牌。其中有一部分確實是在推動銷售與交易筆數。另一部分則是在做品牌建設，這會在未來很多年都對你有利。因此，只要我們把廣告支出報酬率（ROAS）視為負責任且能增厚毛利的——我認為這是正確的看法——我們就會持續在那裡逐步增加投入。

Okay. Thanks, guys.

好的。謝謝各位。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Great. Thank you so much. Adam, I wanted to ask you the guidance for 2Q same-store sales up 1% relative to 1Q, 50 basis points increase is commensurate with the 50 basis point step-up in price quarter-over-quarter, you also caught up you expect mix to be flat in 2Q versus down 1% in 1Q. So I'm curious like 2Q's embedding a 50 basis points traffic decline that versus what you saw with 1Q 60 basis points gain unless you categorize 2Q guidance is similarly conservative to the full year '26 guide?

很好。非常感謝。Adam，我想問一下你們對第二季同店銷售（same-store sales）指引：相較第一季上升 1%，其中 50 個基點的增加與你們季對季（quarter-over-quarter）價格上調 50 個基點相符；你也提到你們預期第二季的組合（mix）將持平，而第一季是下降 1%。所以我好奇的是，第二季是否隱含約 50 個基點的來客數（traffic）下滑？這與第一季看到的 60 個基點成長相比；除非你把第二季指引也歸類為像 2026 全年指引一樣偏保守？

Yes. So I mean I think what you're picking up there is right. Really, what it comes down to is we're being modest, like I said earlier, on the increase that we expect to get, not only from Chipotlane chicken with a yesterday, but some of the other initiatives that we have planned, just given the consumer environment, especially with the conflict in Iran and gas prices. And so we're going to remain cautious on that outlook, but we believe that there's upside from there.

是的。所以我的意思是，我想你抓到的重點是對的。歸根結底，就像我先前說的，我們對於預期能取得的增幅採取較為保守的態度，不僅是來自昨天推出的 Chipotlane chicken，也包括我們規劃的其他一些措施；考量到消費者環境，特別是伊朗衝突與油價。因此我們會對這個展望保持謹慎，但我們相信仍有上行空間。

That's helpful. Just kind of want to follow up the sustainability report published this week. It indicated a large pickup in hourly turnover in 2025, following three years declines. What drove this? And can you talk a little bit more about the plans in place to improve throughput in '26 outside of heat, leading to a faster experience.

這很有幫助。我想追問一下本週發布的永續報告。報告指出 2025 年的時薪員工離職率（hourly turnover）大幅回升，之前連續三年下降。是什麼原因造成的？另外，你能否多談談 2026 年在提升產能/出餐效率（throughput）方面的計畫，除了 heat 之外，如何帶來更快速的體驗？

Yeah. So the first part of the question, 2025, I believe, was just an anomaly as sales decelerated, which I hate to talk about, as you can imagine, there were fewer hours, which drove some attrition. And then this new focus on hospitality caused us to give a hard look at the employees we have in our restaurants and which ones were naturally friendly and have a natural inclination to smile and take care of our guests.

好的。先回答第一部分，2025 年我認為只是個異常情況，因為銷售成長放緩——如你所想，我不太願意談這個——工時變少，導致一些人員流失。此外，這個對款待/待客之道（hospitality）的新聚焦，也促使我們嚴格檢視餐廳裡的員工，看看哪些人天生友善、自然會微笑並照顧我們的顧客。

And so we had to make some hard decisions there. I'm happy to report Q1, we're back to our historical low levels of turnover. So I know we're on the right track, and we're back where we need to be as it relates to turnover. And what was the second part of your question? Andrew, I am sorry.

因此我們必須在那方面做出一些艱難的決定。我很高興可以回報，第一季我們已回到歷史低位的離職率水準。所以我知道我們走在正確的軌道上，就離職率而言，我們回到應有的位置。你問題的第二部分是什麼？Andrew，不好意思。

No, you hit it. That was it. I was just wondering what drove and what you're doing to fix it. That's it.

不，你已經回答到了。就是這個。我只是想知道原因以及你們正在做什麼來修正。就這樣。

Okay. Perfect.

好的。完美。

Thank you.

謝謝。

Thanks.

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.

問答環節到此結束。我想把電話會議交回給 Scott Boatwright，請他做任何結語。

Well, thank you, everyone. We're pleased with the results in the quarter, as you can imagine, showing progress in reinforcing that our Recipe for Growth strategy is working and driving traffic across all income cohorts. I want to leave you with the idea is that we're building on a strong team with the addition of a new Chief Brand Officer and Chief Digital Officer.

好的，謝謝各位。我們對本季的結果感到滿意，如各位所料，這顯示我們在強化「成長配方（Recipe for Growth）」策略方面取得進展，並在所有收入族群中帶動來客數。我想留給各位的想法是：隨著新任首席品牌長（Chief Brand Officer）與首席數位長（Chief Digital Officer）的加入，我們正在以一支強大的團隊為基礎持續建設。

And we expect our initiatives to continue building throughout the year and have transactions improve as innovation on ideas like heat, group occasions, rewards and restaurant execution scale over time. And we'll continue to lean into what makes Chipotle great hospitality, generous portions, great culinary and great throughput.

我們預期我們的各項措施將在全年持續累積動能，並且隨著像 heat、團體用餐情境、獎勵（rewards）以及餐廳執行力等創新想法逐步擴大規模，交易筆數將有所改善。我們也會持續加碼投入讓 Chipotle 之所以卓越的要素：出色的待客之道、份量大方、優秀的料理，以及高效率的出餐/服務能力（throughput）。

And with that, I just want to say thank you to our teams out in the field that really do the hard work for us and the heavy lifting in this brand for all that they do to make our brand great and I wish everyone a good day

最後，我只想對在第一線的團隊說聲謝謝，他們真的為我們做了艱辛的工作、扛起這個品牌的重任；感謝他們所做的一切讓我們的品牌更出色，也祝大家有美好的一天。

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

本次電話會議現在結束。感謝各位參加今天的簡報。您現在可以掛線。