達登餐飲 (DRI) 2025 Q1 法說會逐字稿

Hello, and welcome to the Darden fiscal year 2025 first-quarter earnings call. (Operator Instructions) The conference is being recorded. If you have any objections, please disconnect at this time.

您好，歡迎參加達頓商學院 2025 財年第一季財報電話會議。 （操作員指示）會議正在錄音。如果您有任何異議，請此時斷開連接。

I'll now turn the call over to Ms. Courtney Aquilla. Thank you, Courtney. You may begin.

我現在將電話轉給考特妮·阿奎拉女士。謝謝你，考特尼。你可以開始了。

Thank you, Kevin. Good morning, everyone, and thank you for participating on today's call. Joining me are Rick Cardenas, Darden's President and CEO; and Raj Vennam, CFO.

謝謝你，凱文。大家早安，感謝您參加今天的電話會議。與我一起的還有達頓商學院總裁兼執行長 Rick Cardenas；和財務長 Raj Vennam。

As a reminder, comments made during this call will include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that can cause the actual results to differ materially from our expectations and projections.

提醒一下，本次電話會議期間發表的評論將包括1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。存在重大差異。

Those risks are described in the company's press release, which was distributed this morning and is in the filings -- in its filings with the Securities and Exchange Commission. We are simultaneously broadcasting a presentation during this call, which is posted in the Investor Relations section of our website at darden.com.

這些風險在該公司今天早上發布的新聞稿中進行了描述，該新聞稿也包含在其向美國證券交易委員會提交的文件中。我們在本次電話會議期間同時播放演示文稿，該演示文稿發佈在我們網站 darden.com 的投資者關係部分。

Today's discussion and presentation includes certain non-GAAP measurements. And reconciliations of these measurements are included in the presentation. Looking ahead, we plan to release fiscal 2025 second-quarter earnings on Thursday, December 19, before the market opens, followed by a conference call.

今天的討論和演示包括某些非 GAAP 衡量標準。簡報中包含了這些測量值的調節。展望未來，我們計劃於 12 月 19 日星期四開盤前發布 2025 財年第二季收益，隨後召開電話會議。

During today's call, all references to industry results refer to the Black Box Intelligence casual dining benchmark, excluding Darden. During our fiscal first quarter, industry same-restaurant sales decreased 2.5% and industry same-restaurant guest counts decreased 5.4%.

在今天的電話會議中，所有提及的行業結果均指 Black Box Intelligence 休閒餐飲基準，不包括達頓。在我們的第一財季，行業同店銷售額下降了 2.5%，行業同店客人數量下降了 5.4%。

This morning, Rick will share some brief remarks on the quarter and discuss some of the actions our brands are taking in response to the current environment. And Raj will provide details on our first-quarter results and an update on the Chuy's acquisition.

今天早上，里克將分享一些有關本季的簡短評論，並討論我們的品牌為應對當前環境而採取的一些行動。 Raj 將提供有關我們第一季業績的詳細資訊以及 Chuy 收購的最新情況。

Now I will turn the call over to Rick.

現在我將把電話轉給里克。

Thank you, Courtney. Good morning, everyone. We operate in a very dynamic, competitive industry. And we have proven we can successfully navigate challenging environments due to our strategy rooted in our four competitive advantages and our back-to-basics operating philosophy.

謝謝你，考特尼。大家早安。我們身處一個充滿活力、競爭激烈的行業。我們已經證明，由於我們的策略植根於我們的四大競爭優勢和回歸基礎的營運理念，我們能夠成功應對充滿挑戰的環境。

While we fell short of our expectations for the first quarter, I believe in the strength of our business. And I am confident that the strategy we developed nearly 10 years ago remains the right one for our company. We have talked a lot about Darden's competitive advantages and how they provide a platform for our brands that enables them to deliver their ultimate potential.

雖然我們第一季的表現沒有達到預期，但我相信我們業務的實力。我相信，我們近 10 年前製定的策略仍然適合我們公司。我們已經談論了很多達頓的競爭優勢，以及他們如何為我們的品牌提供一個平台，使他們能夠發揮其最終潛力。

However, driving strong operational execution is how we bring our brands to life. And we do that through our back-to-basics operating philosophy, anchored in culinary innovation and execution, attentive service, and an engaging atmosphere, supported by smart and relevant integrated marketing programs that resonate with our guests.

然而，推動強大的營運執行力是我們賦予品牌生命的方式。我們透過回歸本源的經營理念來做到這一點，以烹飪創新和執行、周到的服務和引人入勝的氛圍為基礎，並輔以與客人產生共鳴的明智且相關的整合營銷計劃。

This morning, I want to spend my time focusing on the work our brand teams are doing in each of these areas. Our brand culinary teams have continued to innovate to be ready when needed. But we have a high bar when it comes to introducing any new item to ensure it drives value for our guests and is simple to execute. While all of our brands are innovating the menu, here are some examples from our four largest revenue brands.

今天早上，我想花時間關注我們的品牌團隊在每個領域所做的工作。我們的品牌烹飪團隊不斷創新，以便在需要時做好準備。但在推出任何新產品時，我們都有很高的標準，以確保它為我們的客人帶來價值並且易於執行。雖然我們所有的品牌都在創新菜單，但以下是我們四個最大收入品牌的一些範例。

The Olive Garden team has been working on new dishes to give their guests another reason to visit in the back half of this fiscal year. This includes the return of two guest favorites, Steak Gorgonzola Alfredo and Stuffed chicken marsala, which were removed from the menu during COVID.

橄欖園團隊一直在努力開發新菜餚，以便為客人在本財年下半年提供另一個前來參觀的理由。其中包括兩種客人最喜愛的菜餚的回歸：阿爾弗雷多戈爾貢佐拉牛排和瑪莎拉釀雞肉，這兩種菜餚在新冠疫情期間從菜單中刪除。

Both have been recast with higher-quality ingredients and easier execution for their restaurant teams, and both fill a gap on Olive Garden's menu for center-of-the-plate, protein-forward dishes. This announcement received tremendous applause from their general managers at their GM conference in August.

兩者都採用更高品質的食材進行了重新設計，餐廳團隊更容易執行，並且都填補了 Olive Garden 菜單上的餐盤中心、蛋白質前菜餚的空白。這一消息在 8 月的總經理會議上得到了總經理們熱烈的掌聲。

The LongHorn Steakhouse team closed their biggest menu gap with the addition of a healthier chicken dish. Their new lemon garlic chicken has scored extremely well in guest satisfaction ratings. LongHorn also introduced a new dragon fruit margarita during the quarter, made with an exclusive Patron Reposado tequila that was specially blended for LongHorn. And it has already become their top-selling margarita.

LongHorn Steakhouse 團隊透過添加更健康的雞肉菜餚彌補了菜單上的最大空白。他們的新檸檬大蒜雞​​在客人滿意度方面得分非常高。 LongHorn 也在本季推出了新的火龍果瑪格麗塔，採用專為 LongHorn 調配的獨家 Patron Reposado 龍舌蘭酒製成。它已經成為他們最暢銷的瑪格麗塔酒。

The Yard House team introduced a new pizza platform that has resulted in higher-quality pizzas that are cooked in half the time. And they have seen a significant increase in preference and guest satisfaction as a result. This follows the introduction of other successful new menu items, such as their cheesesteak sandwiches and half-pound prime burgers.

Yard House 團隊推出了一個新的披薩平台，可以製作出更高品質的披薩，烹飪時間縮短了一半。他們發現偏好和客人滿意度因此顯著增加。在此之前，還推出了其他成功的新菜單項目，例如起司牛排三明治和半磅優質漢堡。

Finally, at Cheddar's Scratch Kitchen, you get a lot for not a lot. They create value by leveraging existing product across multiple menu items through purchasing opportunity buys and limited-time offers. As an example, for limited time, they are offering two grilled pork chops topped with caramelized onions and bourbon glaze with two sides starting at $12.99.

最後，在 Cheddar's Scratch Kitchen，您可以花很少的錢獲得很多東西。他們透過購買機會購買和限時優惠，利用多個菜單項目中的現有產品來創造價值。例如，限時供應兩份烤豬排，配上焦糖洋蔥和波本威士忌釉料，兩側起價為 12.99 美元。

Our supply chain team and the Cheddar's culinary team continue to actively search for potential opportunity buys to drive exceptional value for guests And you will see more examples of their efforts in the back half of this fiscal year.

我們的供應鏈團隊和切達乾酪的烹飪團隊繼續積極尋找潛在的購買機會，為客人帶來非凡的價值，您將在本財年後半段看到更多他們努力的例子。

Additionally, the Cheddar's team introduced a new lunch specials platform earlier this calendar year that continues to win on price and build guest loyalty. This was thoroughly tested prior to launch and features eight great lunch items starting at $8.59.

此外，Cheddar 團隊在今年稍早推出了一個新的特價午餐平台，該平台繼續以價格獲勝並建立顧客忠誠度。它在發布之前經過了徹底的測試，有八種美味的午餐食品，起價為 8.59 美元。

During the quarter, they also reintroduced a guest favorite to the menu that was removed during COVID. The team worked extremely hard to simplify the process and succeeded. Onion rings are back, and guests are loving them. The Facebook post announcing the return of onion rings was the best-engaged and most-viewed post in Cheddar's history.

在本季度，他們還在新冠疫情期間刪除的菜單中重新引入了客人最喜歡的菜單。團隊非常努力地簡化流程並取得了成功。洋蔥圈又回來了，客人們都很喜歡它們。宣布洋蔥圈回歸的 Facebook 貼文是切達乾酪歷史上參與度最高、觀看次數最多的貼文。

From a service perspective, guests who visit our restaurants continue to have great experiences, which we see reflected in our guest satisfaction scores. But we know the full-service category lost focus on pace of meal over the years.

從服務的角度來看，光臨我們餐廳的客人將繼續獲得良好的體驗，這反映在我們的客人滿意度評分中。但我們知道，多年來，全方位服務類別已經不再關注用餐節奏。

In a world that has gotten faster, full-service restaurants haven't kept up. We know we can do a better job of evaluating our guest time, and that was a central theme of our general manager conferences last month. We believe we have an opportunity to drive incremental sales over time by capturing the quicker-meal occasions. The opportunities vary by brand, and it is something each brand team will continue to focus on over the long term.

在一個變得越來越快的世界裡，全方位服務的餐廳卻沒有跟上。我們知道我們可以更好地評估客人的時間，這是上個月我們總經理會議的中心主題。我們相信，隨著時間的推移，我們有機會透過抓住快餐場合來推動銷售增量。機會因品牌而異，這是每個品牌團隊長期持續關注的事情。

Providing an engaging atmosphere at each one of our restaurants, where guests enjoy themselves and the occasion, is fundamental to creating exceptional guest experiences. Our facilities and remodel teams partner with each brand's operations team to ensure we are delivering on this promise. Each year, we spend on average approximately $200,000 per restaurant for maintenance and remodels to keep our buildings fresh and inviting.

我們的每家餐廳都營造出引人入勝的氛圍，讓賓客盡情享受美食，這是創造卓越賓客體驗的基礎。我們的設施和改造團隊與每個品牌的營運團隊合作，以確保我們兌現這項承諾。每年，我們平均在每家餐廳花費約 20 萬美元用於維護和改造，以保持我們的建築新鮮且有吸引力。

But atmosphere is more than just the physical restaurant. It also involves the people who bring our brands to life. For example, at the center of every Yard House is their bar with more than 100 beers on tap, which is the cornerstone for their energized vibe.

但氛圍不僅僅是實體餐廳。它還涉及那些將我們的品牌帶入生活的人。例如，每個 Yard House 的中心都有一個酒吧，提供 100 多種桶裝啤酒，這是其充滿活力的氛圍的基石。

To strengthen this advantage, the Yard House team held their annual Best on Tap competition during the first quarter. They recertified all 900 bartenders on their bar knowledge and execution, and instilled pride about being a Yard House bartender. Congratulations to this year's winner, Andrew Stafford, from the Yard House in Denver, Colorado.

為了加強這一優勢，Yard House 團隊在第一季舉辦了年度 Best on Tap 比賽。他們對所有 900 名調酒師的酒吧知識和執行力進行了重新認證，並灌輸了作為 Yard House 調酒師的自豪感。恭喜今年的獲勝者，來自科羅拉多州丹佛市 Yard House 的安德魯·斯塔福德 (Andrew Stafford)。

The marketing that supports these priorities comes to life in different ways across our brands. Regardless, everything our brand marketing teams work on fits our marketing filters. First, it must elevate brand equity; second, be easy to execute; and third, not be at a deep discount.

支持這些優先事項的行銷在我們的品牌中以不同的方式實現。無論如何，我們的品牌行銷團隊所做的一切都符合我們的行銷過濾器。首先，必須提升品牌權益；第二，易於執行；第三，不要大幅折扣。

Perhaps nothing fits our marketing filters better than Never Ending Pasta Bowl at Olive Garden. We know that in this environment, guests are motivated by compelling offers, like Never Ending Pasta Bowl, that provide a strong value during a limited time.

也許沒有什麼比橄欖園的永無止境的意大利麵碗更適合我們的行銷過濾器了。我們知道，在這種環境下，客人會受到令人信服的優惠所激勵，例如“永無止境的意大利麵碗”，這些優惠在有限的時間內提供了強大的價值。

When the Olive Garden team saw their traffic gap to the industry go negative during our first quarter, after years of outperformance, they reacted by moving this promotion up and having it run for a total of 12 weeks, three weeks longer than they had planned and four weeks longer than last year. To help keep this offer exciting during a relatively long window, Olive Garden will introduce a new garlic herb sauce during the fifth week of the promotion.

當Olive Garden 團隊看到他們與行業的流量差距在多年的出色表現之後在第一季度出現負值時，他們的反應是提前本次促銷活動並使其持續12 週，比他們計劃的時間長了三週，並且比去年多了四個星期。為了幫助在相對較長的時間內保持這項優惠令人興奮，Olive Garden 將在促銷的第五週推出新的大蒜香草醬。

Beyond checking all our marketing filters, Never Ending Pasta Bowl offers guests tremendous value. The starting-at price point hasn't changed in three years, making it an even more compelling value. And Olive Garden is putting additional marketing support behind it.

除了檢查我們所有的行銷濾鏡之外，「永無止境的義大利麵碗」還為客人提供了巨大的價值。起價三年來沒有變化，使其更具吸引力。 Olive Garden 正在為其提供額外的行銷支援。

We have said that we intend to price below our competitors and inflation over time. In fact, when you look at Olive Garden, over the last five years, they have priced more than 800 basis points below the full-service industry average and 700 basis points below grocery inflation.

我們已經說過，我們打算將定價低於競爭對手並隨著時間的推移降低通貨膨脹。事實上，如果你看看 Olive Garden，在過去五年裡，他們的定價比全方位服務行業平均水平低 800 多個基點，比雜貨通膨低 700 個基點。

The Olive Garden team recognizes the need to do a better job of communicating this value to guests. So their advertising will prominently feature more price points this year compared to last year, when the advertising message was primarily focused on equity building.

橄欖園團隊意識到需要更好地向客人傳達這一價值觀。因此，與去年相比，他們今年的廣告將突出顯示更多的價格點，去年的廣告訊息主要集中在股權建設上。

Dan and his team are intensely focused on their business and prepared to react to market conditions as we move through the rest of this fiscal year. While Olive Garden has a national television program, they have also used connected TV to reach their guests where they are consuming content.

丹和他的團隊專注於他們的業務，並準備在本財年剩餘時間內對市場狀況做出反應。雖然 Olive Garden 擁有全國性電視節目，但他們也使用連網電視來吸引客人消費內容。

Using learnings from Olive Garden, we have successfully tested CTV across a number of brands, including LongHorn, Yard House, and Cheddar's. And it's an opportunity we remain focused on. Connected TV and our other digital tests have allowed us to learn and be more effective with our media investments. Digital marketing has proven to be a targeted, efficient way to drive brand equity and incremental sales across all our brands.

利用 Olive Garden 的經驗，我們成功測試了多個品牌的 CTV，包括 LongHorn、Yard House 和 Cheddar's。這是我們持續關注的機會。聯網電視和我們的其他數位測試使我們能夠學習並更有效地進行媒體投資。事實證明，數位行銷是一種有針對性、有效的方式，可以推動我們所有品牌的品牌資產和增量銷售。

Before I wrap up, I want to share some details regarding the exciting partnership we announced this morning with Uber that will begin with a pilot at Olive Garden. As you know, Olive Garden already offers an amazing large-party catering experience delivered by their team members. However, their guests have been asking for small-order home delivery options, and delivery guests in general continue to show they're willing to pay for the convenience.

在結束之前，我想分享一些關於我們今天早上宣布與 Uber 令人興奮的合作夥伴關係的一些細節，該合作夥伴關係將從 Olive Garden 的試點開始。如您所知，Olive Garden 已經提供了由其團隊成員提供的令人驚嘆的大型派對餐飲體驗。然而，他們的客人一直在要求小訂單送貨上門選項，而且送貨客人總體上繼續表明他們願意為這種便利付費。

As you also know, we had concerns about the third-party model. It was important for us to find a way to address this guest-need state without disrupting the team member or guest experience and without compromising our competitive advantages, simple operating model, and business model.

如您所知，我們對第三方模型感到擔憂。對我們來說，重要的是找到一種方法來解決這種客人需求狀態，同時又不影響團隊成員或客人體驗，也不損害我們的競爭優勢、簡單的營運模式和商業模式。

We've had these concerns for some time. But that did not stop us from talking to delivery partners about possible solutions over the years. We began having more serious discussions about Uber Direct in April, and our teams began working on the system's integrations in May. It was apparent to us that the solution addressed our concerns.

我們擔心這些問題已經有一段時間了。但這並沒有阻止我們多年來與交付合作夥伴討論可能的解決方案。我們從 4 月開始對 Uber Direct 進行更認真的討論，我們的團隊從 5 月開始進行系統整合。我們很明顯地該解決方案解決了我們的擔憂。

From a guest perspective, it protects the in-restaurant experience, as drivers will pick up orders curbside in the same manner our guests do today. It also enhances the take-out experience by giving guests the option to have someone else pick up their order.

從客人的角度來看，它保護了餐廳內的體驗，因為司機將像今天的客人一樣在路邊取貨。它還讓客人可以選擇讓其他人來取貨，從而增強了外帶體驗。

This delivery-as-a-service further enhances the take-out experience for our guests, which is why we will have the same everyday value menu price for dine-in, pickup, or delivery. The added cost for delivery will be transparent to the guest. And with Uber's technology platform, guests will be able to track their order all the way to their delivery address.

這種外送即服務進一步增強了客人的外送體驗，這就是為什麼我們將為堂食、自取或送貨提供相同的每日超值菜單價格。額外的送貨費用對客人來說是透明的。借助優步的技術平台，客人將能夠追蹤訂單直到送貨地址。

Second, in terms of the team member experience, our proprietary capacity management tool will remain in place, allowing us to manage volumes, so we don't negatively impact restaurant operations or the in-restaurant dining experience. And our to-go specialists will be able to continue earning tips on these orders.

其次，就團隊成員體驗而言，我們專有的容量管理工具將保持不變，使我們能夠管理數量，因此我們不會對餐廳營運或餐廳內用餐體驗產生負面影響。我們的外派專家將能夠繼續透過這些訂單賺取小費。

Third, this partnership allows us to strengthen and defend our competitive advantages of significant scale and extensive data and insights. It enables us to use the scale of Uber's driver network to enhance our scale. And since guests will order through our online portal or mobile app, we keep the data.

第三，這種夥伴關係使我們能夠加強和捍衛我們在規模和廣泛數據和見解方面的競爭優勢。它使我們能夠利用 Uber 司機網路的規模來擴大我們的規模。由於客人將透過我們的線上入口網站或行動應用程式訂購，因此我們會保留資料。

And last, we believe this partnership will allow us to protect our simple operating model. Our teams execute a great curbside-to-go experience today, and we believe there will be no significant changes to our operators.

最後，我們相信這種夥伴關係將使我們能夠保護我們簡單的營運模式。今天，我們的團隊提供了出色的路邊旅行體驗，我們相信我們的營運商不會發生重大變化。

Overall, we view this as an incremental, long-term sales driver. This is a first-party delivery, not third-party delivery marketplace, so it will take time for us to build sales. We intend to roll it out initially only at Olive Garden to learn and will pilot at a limited number of Olive Garden restaurant locations in the second quarter.

總的來說，我們認為這是一個增量的、長期的銷售驅動力。這是第一方配送，而不是第三方配送市場，因此我們需要時間來建立銷售。我們打算最初僅在 Olive Garden 推出，以進行學習，並將於第二季度在有限數量的 Olive Garden 餐廳進行試點。

Assuming a successful pilot, we plan to begin a phased rollout to all Olive Garden locations that currently offer curbside to-go. We expect that to be complete before the end of the fiscal year.

如果試點成功，我們計劃開始分階段推廣到目前所有提供路邊外送服務的 Olive Garden 地點。我們預計這將在本財年結束前完成。

To wrap up, I am confident in the actions all our brand teams are taking to address our guest needs in this environment. Each of these actions fit our operating philosophy and marketing filters. More importantly, they do not compromise our long-term health for short-term benefits.

總而言之，我對我們所有品牌團隊在這種環境下為滿足客人需求所採取的行動充滿信心。這些行動中的每一項都符合我們的經營理念和行銷過濾器。更重要的是，它們不會為了短期利益而損害我們的長期健康。

I want to thank our 190,000 team members for the focus and commitment they continue to display. I am extremely proud that our most recent engagement survey, conducted by Gallup in July, showed our overall team member engagement level reached a new all-time high and is nearly 30 points higher than the Gallup benchmark for US organizations.

我要感謝我們 19 萬名團隊成員持續表現出的專注和承諾。我感到非常自豪的是，蓋洛普在 7 月進行的最新敬業度調查顯示，我們團隊成員的整體敬業度水平達到了歷史新高，比美國組織的蓋洛普基準高出近 30 個百分點。

Thank you for all you do to make our company successful. Now I'll turn it over to Raj.

感謝您為我們公司的成功所做的一切。現在我將把它交給 Raj。

Thank you, Rick, and good morning, everyone. Last quarter earnings results were lower than our expectations as a result of the sales softness that impacted the industry in July. June same-restaurant sales trends were in line with our fiscal 2024 fourth-quarter results. And we were surprised by the significant step-down in traffic beginning with the Fourth of July holiday.

謝謝你，瑞克，大家早安。由於 7 月銷售疲軟影響了該行業，上季獲利結果低於我們的預期。 6 月同店銷售趨勢與我們 2024 財年第四季的業績一致。我們對自國慶假期開始流量大幅下降感到驚訝。

However, sales trends rebounded in August, resulting in flat same-restaurant sales for the month. The first three weeks of September have further improved, resulting in positive same-restaurant sales quarter to date for all of our segments, except fine dining.

然而，八月份的銷售趨勢出現反彈，導致當月同店銷售持平。 9 月的前三週進一步改善，導致我們除高級餐廳外的所有細分市場的同店銷售額季度均實現增長。

Despite the sales softness we experienced during the first quarter, we delivered industry-leading margins and generated more adjusted EBITDA than the prior year, highlighting the durability and cash generation of our business model. In the first quarter, we generated $2.8 billion of total sales, 1% higher than last year, driven by the addition of 42 net new restaurants and partially offset by negative same-restaurant sales of 1.1%.

儘管我們在第一季經歷了銷售疲軟，但我們仍實現了行業領先的利潤率，並產生了比上一年更多的調整後 EBITDA，凸顯了我們業務模式的耐用性和現金生成能力。第一季度，我們的總銷售額為 28 億美元，比去年增長 1%，這得益於淨新增 42 家餐廳的推動，但部分被同店銷售額 1.1% 的負增長所抵消。

We outperformed the industry again this quarter, with same-restaurant sales that were 140 basis points better than the industry and same-restaurant guest counts that exceeded the industry by 160 basis points. Our gap to the industry improved from the prior quarter, driven by the outperformance of LongHorn and the brands in our other business segments.

本季我們的表現再次跑贏行業，同店銷售額比行業高出 140 個基點，同店客人數量比行業高出 160 個基點。在 LongHorn 和我們其他業務部門的品牌表現出色的推動下，我們與行業的差距較上一季有所改善。

Adjusted diluted net earnings per share from continuing operations were slightly below last year at $1.75. We generated $392 million of adjusted EBITDA and returned $338 million to our shareholders this quarter, paying $166 million in dividends and repurchasing $172 million in shares.

持續經營業務調整後攤薄每股淨利略低於去年的 1.75 美元。本季度，我們產生了 3.92 億美元的調整後 EBITDA，並向股東返還了 3.38 億美元，支付了 1.66 億美元的股息，並回購了 1.72 億美元的股票。

Now looking at our adjusted margin analysis compared to last year, food and beverage expenses were 50 basis points lower, as commodities were only slightly inflationary for the quarter. Restaurant labor was 20 basis points higher, as total labor inflation of approximately 4% was above our total pricing of approximately 2.5%. This unfavorability was partially offset by productivity improvements at our brands.

現在來看看我們調整後的利潤率分析，與去年相比，食品和飲料費用降低了 50 個基點，因為本季大宗商品僅出現輕微通膨。餐廳勞動力上漲了 20 個基點，因為總勞動力通膨率約為 4%，高於我們約 2.5% 的總定價。我們品牌生產力的提高部分抵消了這種不利影響。

Restaurant expenses were 30 basis points higher than last year, driven by sales deleverage. Marketing expenses were 20 basis points higher, consistent with our expectations. All of this resulted in restaurant-level EBITDA of 18.8%, 20 basis points lower than last year.

受銷售去槓桿化的推動，餐廳開支比去年高出 30 個基點。行銷費用增加 20 個基點，符合我們的預期。所有這些導致餐廳級 EBITDA 為 18.8%，比去年下降 20 個基點。

Adjusted G&A expense was 20 basis points favorable due to lower incentive compensation accrual compared to the first quarter last year. This favorability was partially offset by unfavorable mark-to-market expense on our deferred compensation. Due to the way we hedge mark-to-market expense, this unfavorability is largely offset in the tax line.

由於與去年第一季相比，應計激勵薪酬較低，調整後的一般管理費用有利 20 個基點。此優惠被我們遞延薪酬的以市價計算的不利費用部分抵銷。由於我們對沖市值計價的費用的方式，這種不利因素在很大程度上被稅收額度所抵消。

Interest expense increased 30 basis points due to the financing expenses related to the Ruth's Chris acquisition. Our adjusted effective tax rate for the quarter was 10.6%. The rate favorability to last year is driven by the mark-to-market hedge I referenced earlier, along with the additional favorable tax planning actions.

由於收購與 Ruth's Chris 相關的融資費用，利息費用增加了 30 個基點。我們本季調整後的有效稅率為 10.6%。去年的利率優惠是由我之前提到的按市價對沖以及額外的有利稅收規劃行動推動的。

Our effective tax rate would have been approximately 12% without the impact of mark-to-market. In total, we generated $209 million in adjusted earnings from continuing operations, which was 7.6% of sales.

如果沒有以市價計價的影響，我們的有效稅率約為 12%。總的來說，我們從持續經營業務中獲得了 2.09 億美元的調整後收益，佔銷售額的 7.6%。

Now looking at our segments for the quarter. Total sales for Olive Garden decreased by 1.5% due to negative same-restaurant sales of 2.9%, underperforming the industry benchmark by 40 basis points. Last year, Olive Garden same-restaurant sales were 6.1% in the first quarter.

現在來看看我們本季的細分市場。由於同店銷售額負 2.9%，Olive Garden 的總銷售額下降 1.5%，低於行業基準 40 個基點。去年第一季度，Olive Garden同店銷售額成長了6.1%。

So on a two-year basis, Olive Garden has grown same-restaurant sales by 3.2%, exceeding the industry by 480 basis points over that period. Olive Garden continues to have strong segment profit margin, delivering 20.6% for the quarter.

因此，在兩年的基礎上，Olive Garden 的同店銷售額成長了 3.2%，超過同期產業 480 個基點。 Olive Garden 繼續保持強勁的部門利潤率，本季達到 20.6%。

At LongHorn, total sales increased 6.5%, driven by same-restaurant sales growth of 3.7%, outperforming the industry by 620 basis points and continuing to gain significant share even in this deep discounting environment. These results build on strong results from Q1 last year, where they had same-restaurant sales of 8.1% and outperformed the industry by 720 basis points.

在同店銷售額成長 3.7% 的推動下，LongHorn 的總銷售額成長了 6.5%，表現優於產業 620 個基點，即使在如此大的折扣環境下，仍繼續獲得顯著份額。這些業績建立在去年第一季的強勁業績之上，去年第一季的同店銷售額為 8.1%，比同業高出 720 個基點。

The LongHorn team is doing a great job of staying focused on their strategy and maintaining momentum within their business. Sales growth and favorable beef costs resulted in segment profit margin of 17.9%, 40 basis points above last year.

LongHorn 團隊在專注於策略和維持業務發展勢頭方面做得非常出色。銷售成長和有利的牛肉成本使分部利潤率達到 17.9%，比去年高出 40 個基點。

Total sales at fine dining segment increased 2% driven by the addition of eight net new restaurants. Same-restaurant sales at both Capital Grille and Eddie V's were negative as the fine dining category as a whole continues to be challenged. This resulted in lower segment profit margin than last year.

由於淨增 8 家新餐廳，高級餐飲部門的總銷售額成長了 2%。由於整個高級餐飲類別繼續受到挑戰，Capital Grille 和 Eddie V's 的同店銷售額均為負數。這導致分部利潤率低於去年。

The other business segment sales declined slightly, driven by negative same-restaurant sales of 1.8% for the brands in the segment. However, this segment outperformed the industry benchmark by 70 basis points and is continuing to gain share even in this intensified promotional activity in the industry this quarter.

其他業務部門的銷售額略有下降，原因是該部門品牌的同店銷售額下降了 1.8%。然而，該細分市場的表現優於行業基準 70 個基點，即使在本季度行業促銷活動加劇的情況下，該細分市場的份額仍在繼續增長。

Segment profit margin of 15.1% was flat to last year. This morning, we reaffirmed our guidance, taking into consideration actual performance year to date and the initiatives Rick shared to support the remainder of the fiscal year.

分部利潤率為15.1%，與去年持平。今天早上，我們重申了我們的指導意見，考慮到今年迄今為止的實際業績以及里克為支持本財年剩餘時間而分享的舉措。

Now I would like to provide a brief update on the pending Chuy's acquisition. We're currently on track to close in mid-October, assuming approval from Chuy's shareholders. We have secured financing to support the closing. And the team that successfully led the Ruth's Chris integration is ready to bring their expertise and lessons learned to this integration.

現在我想提供有關 Chuy 即將進行的收購的簡要最新情況。目前，如果獲得 Chuy 股東的批准，我們預計將於 10 月中旬完成交易。我們已獲得融資來支持交易完成。成功領導 Ruth's Chris 整合的團隊已準備好將他們的專業知識和經驗教訓帶入此次整合。

And as we mentioned on the announcement call in July, we anticipate the transaction will be neutral to our adjusted earnings per share for this fiscal year, excluding transaction- and integration-related expenses.

正如我們在 7 月的公告電話會議上所提到的，我們預計此交易將對我們本財年調整後的每股盈餘產生中性影響，不包括交易和整合相關費用。

Finally, as Rick mentioned, we will not compromise our long-term health for short-term benefits. We're confident in the actions our brand teams are taking to address their guest needs in this environment. We have proven we can navigate challenging environment and believe our strategy remains the right one for our company.

最後，正如瑞克所提到的，我們不會為了短期利益而犧牲長期健康。我們對我們的品牌團隊在這種環境下為滿足客人需求所採取的行動充滿信心。我們已經證明我們能夠應對充滿挑戰的環境，並相信我們的策略仍然適合我們公司。

Now we'll open it up for questions.

現在我們將開放提問。

(Operator Instructions) Brian Bittner, Oppenheimer.

（操作員說明）Brian Bittner，Oppenheimer。

Thank you. Good morning. As it relates to the Uber partnership, I'm just curious, have you guys conducted an analysis on how impactful this could be for Olive Garden once fully rolled out? And are there plans or options to add more partners, or will this be an exclusive partnership for some period of time?

謝謝。早安.由於它與 Uber 合作關係有關，我只是很好奇，你們是否分析過一旦全面推出，這對 Olive Garden 會有多大影響？是否有計劃或選擇增加更多合作夥伴，或者這將是一段時間內的獨家合作夥伴關係？

Hey, Brian. We'll learn quite a bit from the pilot, but we do have some estimates from Uber that are pretty big. We're just not assuming that. But we do expect the incrementality to grow over time.

嘿，布萊恩。我們將從試點中學到很多東西，但我們確實從 Uber 那裡得到了一些相當大的估計。我們只是不這麼假設。但我們確實預期增量會隨著時間的推移而成長。

And in terms of other partnerships, we have a two-year exclusive with Uber. But we have the ability to expand it to other brands if we'd like, if it works for Olive Garden. But right now, we're focusing on Olive Garden. We're focusing on getting the restaurants that are piloting up and running.

在其他合作關係方面，我們與 Uber 簽訂了為期兩年的獨家合作關係。但如果我們願意，如果它適用於 Olive Garden，我們有能力將其擴展到其他品牌。但現在，我們的重點是橄欖園。我們的重點是讓正在試點和運營的餐廳。

The technology is almost finished, and this is fully integrated into our system. So that's one of the reasons that we've spent some time to make this work. But it's a two-year exclusive, and then we have options after that.

該技術即將完成，並且已完全整合到我們的系統中。這就是我們花一些時間來完成這項工作的原因之一。但這是兩年的獨家優惠，之後我們還有選擇。

Okay, thank you. And my follow-up, just on the sales side, what's driving the improvement in September? And I'm just curious, on Olive Garden, you've talked about taking less price in the industry and that you want to showcase more price points in advertising.

好的，謝謝。我的後續行動是在銷售方面，是什麼推動了 9 月的改善？我只是很好奇，在橄欖園上，您談到了在行業中採取較低的價格，並且希望在廣告中展示更多的價格點。

But you've seen some great success by some of your peers that are striking gold with creative promotions. I'm just curious how you're thinking about promotions moving forward and the opportunity to use that lever.

但您已經看到一些同行取得了巨大成功，他們透過創意十足的促銷活動取得了巨大的成功。我只是好奇您如何看待促銷活動以及使用該槓桿的機會。

Hey, Brian. September, we're seeing increases, I think, in the industry as well. But all of our performance is contemplated in our guidance for the month of September and for the rest of the year.

嘿，布萊恩。九月，我認為該行業也出現了成長。但我們所有的表現都在我們 9 月和今年剩餘時間的指導中被考慮。

In terms of promotion and things that we're looking at for Olive Garden, Olive Garden -- and Olive Garden. I'll start by saying I'm really proud of the work that Dan and his team have done. Over the years, they continue to price below inflation, as you know.

在促銷活動和我們正在為橄欖園尋找的東西方面，橄欖園——以及橄欖園。首先我要說的是，我對 Dan 和他的團隊所做的工作感到非常自豪。如您所知，多年來，它們的價格一直低於通貨膨脹率。

But one of the challenges is, in this kind of environment, consumers are looking for a little bit more price certainty. And we've seen a little bit of a decline in the first-time guests at Olive Garden. So they might not realize that we've taken so much less pricing than everybody.

但挑戰之一是，在這種環境下，消費者正在尋求更多的價格確定性。我們發現橄欖園的首次入住客人數量有所下降。所以他們可能沒有意識到我們的定價比其他人低得多。

So we've reacted and we're going to add some more price points throughout the year. Yes, you did mention that others might be showing some benefit with some deep discount, limited-time offers. We're going to showcase our price points throughout the year in different ways. Some of them are limited time like Never Ending Pasta Bowl. Others are just talking about the great value we already have, but being more prominent.

所以我們已經做出了反應，我們將在全年增加更多的價格點。是的，您確實提到其他人可能會透過一些深度折扣、限時優惠來展示一些好處。我們將以不同的方式展示全年的價格點。其中一些是限時的，例如“永無止境的意大利麵碗”。其他人只是在談論我們已經擁有的巨大價值，但更加突出。

That said, all of our marketing filters are intact. And we may have some limited-time offers in the back half of the year. But they will still fit our filters of being simple to execute, not at a deep discount, and continue to strengthen our competitive advantages. They'll just be things that help motivate guests to get to the restaurant while those things are still in a restaurant.

也就是說，我們所有的行銷濾鏡都完好無損。下半年我們可能會有一些限時優惠。但它們仍然符合我們的過濾條件，即執行簡單、折扣不高，並繼續增強我們的競爭優勢。它們只是在這些東西仍在餐廳時幫助激勵客人前往餐廳的東西。

Thank you, Rick.

謝謝你，瑞克。

Sure.

當然。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Yes, thank you. Good morning. Maybe just also on Uber, so is there no pilot at other brands contemplated in '25? Do you think that that would perhaps come in '26, or how would you treat kind of the rest of Darden?

是的，謝謝。早安.也許也只是在 Uber 上進行，那麼 25 年是否沒有考慮在其他品牌進行試點？你認為這可能會在 26 年發生嗎？

Brian, right now, we're focusing on Olive Garden. We do have the ability to pilot other brands even in this fiscal year. We just want to make sure that the systems work, that we have a pretty seamless experience for our guests and for the drivers and for our team members so that we know this works really well.

布萊恩，現在我們的重點是橄欖園。即使在本財年，我們也確實有能力試辦其他品牌。我們只是想確保系統正常運行，為我們的客人、司機和團隊成員提供非常無縫的體驗，這樣我們就知道系統運作得很好。

And then we have the ability to pilot at other brands. And we have already the different pricing options from Uber for every one of our brands, not that every one of our brands are going to be on this first-party delivery. But we do have the ability to put it in other brands, and that's going to be up to those brands to decide if they want to do it.

然後我們就有能力在其他品牌進行試點。我們已經為每個品牌提供了 Uber 不同的定價選項，但並不是說我們的每個品牌都會採用第一方配送。但我們確實有能力將其應用到其他品牌中，這將由這些品牌決定是否願意這樣做。

Okay, great. Thank you. Rick, can you maybe just talk a little bit more also about kind of the service opportunity, kind of that focus on speed and pace of meals? What specifically do you think could change there? What -- is that more of lunch comments or sort of like shoulder-period comment? How would we kind of see that over time?

好的，太好了。謝謝。里克，你能不能再多談談服務機會，例如對用餐速度和節奏的關注？您認為具體可以改變什麼？什麼——更多的是午餐評論還是有點像肩期評論？隨著時間的推移，我們會如何看待這一點？

Yeah, Brian. This isn't just a throughput challenge. This is a guest need state challenge. The world has gotten faster. People can get on their phones and order something, and it will show up on their door in a few hours. They've got other options to dine.

是的，布萊恩。這不僅僅是吞吐量挑戰。這是客人需要狀態的挑戰。世界變得更快了。人們可以透過手機訂購一些東西，幾個小時後就會出現在他們的門口。他們還有其他用餐選擇。

And the full-service restaurant category hasn't really gotten faster. And we believe that there's opportunities for us to speed up our experience without making the guest feel rushed, and we're going to do that. And so this is going to take a while.

全方位服務的餐廳類別並沒有真正變得更快。我們相信，我們有機會加快我們的體驗，而不會讓客人感到匆忙，我們會這樣做。所以這需要一段時間。

Now some of these speed initiatives or these initiatives will help throughput earlier on. But what we're trying to do is capture that occasion where the guest has a little less time to eat than they did 10 years ago. And they don't believe they can do that at a full-service restaurant. We believe they can, and so we're going to spend our time to improve our time.

現在，其中一些速度舉措或這些舉措將有助於提早提高吞吐量。但我們想要捕捉的是客人用餐時間比 10 年前少了一些的場景。他們不相信自己可以在提供全方位服務的餐廳做到這一點。我們相信他們可以，因此我們將花時間來改善我們的時間。

If you look at guests in full service -- not just at Darden, but in full-service restaurants, their speed scores are unfavorable. So when they talk about going to a full-service restaurant and they talk about speed, it's inherently dissatisfying. We don't really get a whole lot of comments about being too fast. So we want to change that.

如果你看看全方位服務的客人——不僅是在達頓，而且在全方位服務的餐廳，他們的速度得分都是不利的。因此，當他們談論去一家提供全方位服務的餐廳並談論速度時，這本質上是令人不滿意的。我們並沒有真正收到太多關於速度太快的評論。所以我們想改變這一點。

And we're going to be doing that over the years. We're going to do that job by job and make our experience faster than it is today. I'm not saying how much faster, but it's got to be faster than it is today for those guests who want it faster. At the end of the day, we need to value our guests' time, and they have some different needs than they did 10 or 15 years ago.

多年來我們將繼續這樣做。我們將逐項完成這項工作，讓我們的體驗比現在更快。我並不是說要快多少，但對於那些想要更快的客人來說，它必須比現在快。歸根究底，我們需要珍惜客人的時間，他們的需求與 10 或 15 年前不同。

Thank you.

謝謝。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Great. Thanks for taking the questions. Just to hammer home more on Uber Eats. I am curious if you could speak to plans for advertising the option for delivery. And specifically, do you plan to advertise on the Uber Eats platform for the brand? And then I've got a follow-up.

偉大的。感謝您提出問題。只是為了進一步了解 Uber Eats 優食。我很好奇您是否可以談談宣傳送貨選項的計劃。具體來說，您是否計劃在 Uber Eats 優食平台上為該品牌做廣告？然後我有後續行動。

We do not plan on advertising on Uber Eats for the brand. But that said, as we have options to market to consumers -- and we do actually have marketing funds from Uber to help us do that. And as we reach scale, we can leverage other marketing channels to drive consumers to our websites and our mobile apps.

我們不打算在 Uber Eats 優食上為該品牌做廣告。但話雖如此，我們可以選擇向消費者行銷，而且我們實際上有 Uber 提供的行銷資金來幫助我們做到這一點。當我們達到規模時，我們可以利用其他行銷管道來吸引消費者造訪我們的網站和行動應用程式。

But when a consumer goes to place a to-go order on our apps or on our mobile website, they will have the option at that time for delivery. So they'll see it in that way. We also have a 17 million-plus guest eClub at Olive Garden that we can market to to get it started. But we think a lot of this is going to build over time, and we do have options to market it.

但是，當消費者在我們的應用程式或行動網站上下外帶訂單時，他們當時可以選擇送貨。所以他們會這樣看。我們還在 Olive Garden 設有一個擁有超過 1700 萬賓客的 eClub，我們可以向其行銷以啟動它。但我們認為其中許多內容將隨著時間的推移而建立，而且我們確實可以選擇將其推向市場。

Got it. And just a quick follow-up on that, and then another question. In terms of Uber, is this contemplated in guidance, this relationship, for fiscal '25? And then the question is on the time improvements that you mentioned earlier, do you think this will require greater investment in technology and/or staffing at the stores?

知道了。對此進行快速跟進，然後是另一個問題。就 Uber 而言，25 財年的指導方針、這種關係是否考慮到了這一點？然後問題是關於您之前提到的時間改進，您認為這是否需要在商店的技術和/或人員配備方面進行更多投資？

On the Uber side, everything that we had -- we know this morning is contemplated in guidance. And again, the Uber partner -- first-party delivery is going to take a while to build. We're going to pilot it. We're going to see how that it works. And then our plan is to have it rolled out at all Olive Gardens by the end of this fiscal year. So that will give you an idea of how much we expect it to be in this fiscal year.

在 Uber 方面，我們今天早上所知道的一切都是在指導中考慮的。再說一遍，優步合作夥伴——第一方交付需要一段時間才能建立。我們將對其進行試點。我們將看看它是如何工作的。然後我們的計劃是在本財年結束前在所有橄欖園推出它。這樣您就可以了解我們對本財年的期望是多少。

Now if it goes really well and it does a lot more than we think, then, yeah, we've got a little bit of room there. But if it doesn't -- we think it's going to take a little while. So we'll stick with that. Everything we know is contemplated in our guidance. And the second part of your question, I'm sorry?

現在，如果進展非常順利，並且比我們想像的要多得多，那麼，是的，我們還有一點空間。但如果沒有——我們認為這將需要一段時間。所以我們會堅持下去。我們所知道的一切都在我們的指導中被考慮。你問題的第二部分，對不起？

Just on the tech and -- or the improvement on time (multiple speakers) --

只是關於技術和——或時間上的改進（多個發言者）——

Yeah, I'm sorry. On the speed side, yeah, we make investments in technology all the time. We're working on our tech road map now over three years. And one of the things that we're talking about is how do we help the restaurants get a little faster.

是的，對不起。在速度方面，是的，我們一直在技術上進行投資。我們現在正在三年多的時間裡制定我們的技術路線圖。我們正在討論的一件事是如何幫助餐廳更快發展。

But it doesn't necessarily need a lot of technology. Our focus is to work on our operations to improve the speed and then if we need to add technology behind it, to do that.

但它不一定需要很多技術。我們的重點是致力於提高營運速度，然後如果我們需要在背後添加技術，就這樣做。

And on staffing, we don't believe it actually needs a lot of staffing, either. And if it does, it's for times where guests are there but we have false weights and how do we staff a little bit better there. We've got some good technology solutions to help managers understand when guests were ready to be sat and they didn't get sat, so that when they're writing their schedule, they can schedule it better.

在人員配置方面，我們也不認為它實際上需要大量人員配置。如果確實如此，那是因為有客人在那裡，但我們的體重是錯誤的，以及我們如何在那裡更好地配備工作人員。我們擁有一些優秀的技術解決方案，可以幫助經理了解客人何時準備好入座以及何時沒有入座，以便他們在編寫日程安排時可以更好地安排。

So while it may add a few hours in the restaurant, it's going to add productive hours. And so it shouldn't hurt our margins. It should actually help our margins. So over time, we believe being a little faster is going to be beneficial to our guests, beneficial to our team, and beneficial to our investors.

因此，雖然這可能會增加在餐廳工作的時間，但也會增加工作時間。所以它不應該損害我們的利潤。它實際上應該有助於我們的利潤。因此，隨著時間的推移，我們相信速度更快一點將對我們的客人有利，對我們的團隊有利，對我們的投資者有利。

Great. Thanks for taking the questions.

偉大的。感謝您提出問題。

Eric Gonzalez, KeyBanc Capital Markets.

岡薩雷斯 (Eric Gonzalez)，KeyBanc 資本市場。

Hey, thanks for the question. You talked a little bit about the price point advertising in Olive Garden. You're still spending well below what you used to spend in the past. So I'm just curious what your thoughts are on maybe increasing the level of spend to put a bit more pressure on your competitors?

嘿，謝謝你的提問。您談到了橄欖園的價格點廣告。您的支出仍然遠低於過去的支出。所以我很好奇您對增加支出水平以給競爭對手施加更大壓力有何想法？

Eric, I think we want to be thoughtful about how we do marketing. And you saw that when we find that there is something that we can get a return on, we're willing to make the investment. So it's not that there is any constraint on the spend. It's more about, do we think we can get the return on it. And we are just being more methodical.

艾瑞克，我認為我們需要認真考慮如何進行行銷。你也看到了，當我們發現某些東西可以帶來回報時，我們就願意投資。所以這並不是說支出有任何限制。更重要的是，我們是否認為我們可以獲得回報。我們只是變得更有條理。

And we've always said we are playing a long game. We're not trying to just win in the short term. We're trying to focus on the long-term health of the business and how do we build it over time. And if there are ways where we can say that we can accomplish that objective by spending more in marketing, we're willing to do that.

我們總是說我們正在打一場持久戰。我們不只是想在短期內獲勝。我們正在努力專注於業務的長期健康發展以及如何隨著時間的推移建立它。如果我們可以說我們可以透過在行銷方面投入更多資金來實現這一目標，那麼我們願意這樣做。

Okay. And then if I could just ask about fine dining. I'm just curious what's driving the big downtick in that business and maybe when you expect that business to recover?

好的。然後我是否可以詢問一下美食。我只是好奇是什麼導致該業務大幅下滑，也許您預計該業務何時會復甦？

Yeah, Eric. I think from a fine dining standpoint, it's been a continuing challenge as we got into the summer months. There were a lot of factors in the summer, seem like -- including some international travel and things like that. But it's just -- it seems like there were other places where the luxury consumer was spending dollars on, especially the summer months. So we do expect a gradual build-back.

是的，埃里克。我認為從美食的角度來看，隨著我們進入夏季，這一直是持續的挑戰。夏天似乎有很多因素——包括一些國際旅行之類的事情。但這只是——奢侈品消費者似乎還在其他地方花錢，尤其是夏季。因此，我們確實預計會逐步恢復。

I don't know that we have an exact timing of when that's going to happen. But there is a clear difference between suburban markets and urban markets. We are still operating close to that mid-70s in the pre-COVID levels at -- in the urban markets, while suburban markets are in the more of the 90s in terms of retention to pre-COVID.

我不知道我們是否有具體的時間。但郊區市場和城市市場之間存在明顯差異。在城市市場，我們的營運仍接近 70 年代中期新冠疫情前的水平，而郊區市場則保持在新冠疫情前的 90 年代左右。

And so -- and then when we look at income, people all the way up to $200,000 and below, we're seeing pullback. And so that's the other part of the fine dining impact. And they did get a lot of people, more aspirational guests maybe. And those were really losing them pretty fast. And that's part of the reason why you saw Fine Dining decline.

因此，當我們查看收入時，人們的收入一直在 20 萬美元及以下，我們會看到收入下降。這就是美食影響的另一部分。他們確實吸引了很多人，也許還有更多有抱負的客人。那些人真的很快就失去了他們。這就是高級餐飲衰退的部分原因。

Got it. Thanks.

知道了。謝謝。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Great. Thank you very much. Rick. My first question was just following up on the sales trends for both yourself from the industry. I think you talked about the July weakness and improvement since then. And we know that Olive Garden has that catalyst of the earlier launch of the Never Ending Pasta Bowl.

偉大的。非常感謝。瑞克.我的第一個問題是跟進行業的銷售趨勢。我想你談到了七月的疲軟和自那以後的改善。我們知道，橄欖園擁有早期推出永無止境的義大利麵碗的催化劑。

But I just wanted to see the trends of the other brands since July. Would you assume that's just the broader industry, and therefore, all your brands have seen improvement? And so I'm just wondering what do you think was the industry shock of July and maybe your confidence that the worst is behind us? And then I had one follow-up.

但我只是想看看其他品牌自七月以來的趨勢。您是否認為這只是更廣泛的行業，因此您的所有品牌都得到了改善？所以我只是想知道您認為 7 月份的行業衝擊是什麼？然後我進行了一項後續行動。

Yeah. If you look at what happened to the industry and to our brands, June and August were pretty similar to each other, both in the industry and our brands and -- well, at least to our brands, we were similar to Q4 trends in June and August. And then all of a sudden, the industry kind of fell off a little bit in July.

是的。如果你看看這個行業和我們的品牌發生了什麼，你會發現6 月和8 月在行業和我們的品牌上都非常相似，而且，至少對於我們的品牌來說，我們與6 月份第四季度的趨勢相似和八月。然後突然之間，這個行業在七月就有點下滑了。

And we think it's driven by a few things. There was some pretty interesting weather in the month of July, with a lot of storms, hurricanes, tornadoes. We had the Olympics in July, which -- we expected the Olympics to be not too dramatic to us. But it was the highest opening day -- opening ceremony rating in over a decade.

我們認為這是由一些因素所驅動的。七月有一些非常有趣的天氣，有許多風暴、颶風、龍捲風。我們在七月舉辦了奧運會，我們預計奧運會對我們來說不會太戲劇化。但這是十多年來開幕式收視率最高的一天。

COVID had increased in July. We don't talk about it that much, but there was an uptick there. International travel, as Raj mentioned, there was a lot more international travel out than in, which, last year, there was a lot more international travel in than out.

7 月新冠肺炎疫情增加。我們對此談得不多，但確實有所上升。國際旅行，正如 Raj 所提到的，出境的國際旅行比入境的多得多，去年，入境的國際旅行比出境的多得多。

And so there were a lot of factors in July. There was political volatility. I'm not sure anybody has seen the volatility in the politics that we've seen in the last couple of months. And so I think people had other things to worry about and think about.

所以7月有很多因素。政治動盪。我不確定是否有人看到過去幾個月我們所看到的政治波動。所以我認為人們還有其他事情需要擔心和思考。

But we picked back up in August. And all of our brands are continuing that trend, not just -- and even the guidance that we have for the rest of this year. And everybody is talking a little bit about Olive Garden pickup because of Never Ending Pasta Bowl, but all our brands are getting better.

但我們在八月有所回升。我們所有的品牌都在延續這一趨勢，不僅如此，甚至我們今年剩餘時間的指導也是如此。由於永無止境的義大利麵碗，每個人都在談論橄欖園皮卡，但我們所有的品牌都在變得更好。

So July was just something that was unexpected. And we feel like we're going to be able to react in the right ways and get -- we've got that month behind us.

所以七月只是一個意想不到的事。我們覺得我們將能夠以正確的方式做出反應並得到——我們已經度過了那個月。

Understood. And then just following up on the promotional activity. Obviously, the peers have been more aggressive. You've avoided that. The earlier launch of the Never Ending Pasta Bowl, it seems like it's an indication of your desire or willingness to better compete. But like you said, it's still profitable.

明白了。然後就是跟進促銷活動。顯然，同行們更加激進了。你已經避免了這一點。較早推出的“永無止境的意大利麵碗”似乎表明您渴望或願意更好地競爭。但正如你所說，它仍然有利可圖。

But then I think you mentioned some LTOs -- or some more LTOs in the second half of fiscal '25. So I'm just wondering specifically what that might entail, whether it's -- you're talking about Olive Garden or other brands.

但我想你提到了一些 LTO，或是 25 財年下半年的更多 LTO。所以我只是想知道這可能會帶來什麼，無論是——你談論的是橄欖園還是其他品牌。

Because again, I know you mentioned you're not going to compromise the long-term health for the short-term benefits. But just trying to get a sense for what that could entail in terms of an uptick in LTO activity in the back half of the year. Thank you.

因為我知道您提到您不會為了短期利益而犧牲長期健康。但只是想了解今年下半年 LTO 活動的增加可能會帶來什麼影響。謝謝。

Yeah. As we've said, in this environment, we think it's appropriate to highlight the great value. Last year, we were spending most of our marketing dollars and promotional messaging on equity building. And we think because we've priced so much lower than the industry over the years and we want to make sure people understand that price point, that we want to put that a little bit more in front of guests.

是的。正如我們所說，在這種環境下，我們認為突出其巨大價值是適當的。去年，我們將大部分行銷資金和促銷訊息都花在了股權建設上。我們認為，由於多年來我們的定價遠低於該行業，並且我們希望確保人們了解這個價格點，因此我們希望將其更多地呈現在客人面前。

So the Olive Garden is shifting some of their marketing message to highlight the value guests can get at Olive Garden, especially for first-time and infrequent users. And by bringing back fan favorites, whether at a limited time or on their core menu, that are simple to execute and they are an improvement from what they had before, this will give guests a little bit more compelling reasons to visit than talking about our core equities, which are great to build long term. But in this environment, we want to motivate guests to get back.

因此，橄欖園正在改變一些行銷訊息，以強調客人可以在橄欖園獲得的價值，特別是對於首次和不常來的用戶。透過帶回粉絲最愛的食物，無論是在有限的時間內還是在他們的核心菜單上，這些都易於執行，並且比以前有所改進，這將為客人提供比談論我們的更令人信服的訪問理由。但在這種環境下，我們希望激勵客人再次光臨。

I want to be clear that this isn't a return to constant deep discount promotions that add significant upstream costs that Olive Garden began to shift away from before COVID. We don't believe that that's the right thing to do. So what we're talking about in any limited-time offer is something that's very simple to execute. It's just limited time to have guests know that, hey, they got to get there.

我想澄清的是，這並不是回歸持續的大幅折扣促銷，這種促銷增加了橄欖園在新冠疫情之前就開始轉變的上游成本。我們認為這不是正確的做法。因此，我們在任何限時優惠中談論的是執行起來非常簡單的事情。只是讓客人知道，嘿，他們必須到達那裡的時間有限。

And on other brands, I talked a little bit about Cheddar's and using opportunity buys. They've done limited-time offers for years. They just don't have the marketing as much behind it. But it's because the buy they can get by leveraging Darden's scale and maybe items that some of the Darden brands won't be able to use or other brands won't be able to use.

關於其他品牌，我談了一些切達乾酪和利用機會購買。他們多年來一直提供限時優惠。他們只是沒有那麼多的行銷支援。但這是因為他們可以透過利用達頓的規模來獲得購買，也許某些達頓品牌無法使用或其他品牌無法使用的商品。

They can put an item on the menu for a very great price, like the pork chop I mentioned. We had a T-bone at Cheddar's a year or two ago -- I don't remember exactly what year -- that was also at a limited time. We have some other limited-time things that are going to go on the menu in the back half of this fiscal year at Cheddar's. Those were buys that we've made a while back. So we'll see those.

他們可以以非常優惠的價格在菜單上添加一個項目，例如我提到的豬排。一兩年前，我們在切達乾酪店吃了一份丁骨牛排——我不記得具體是哪一年了——那也是在有限的時間裡。我們還有一些其他限時食品將在本財年下半年出現在切達乾酪的菜單上。這些是我們不久前購買的。所以我們會看到這些。

And right now, I think it's this week or Monday, Yard House starts Oktoberfest, which is also a limited time, something we've always done. But what I didn't say is these are deep discounts because they're not. And so we're not going to get into that real deep discount game to bring guests in for a really low price and have a lot of our core guests pay a lot at higher price.

現在，我想是在本週或週一，Yard House 開始了慕尼黑啤酒節，這也是一個有限的時間，這是我們一直在做的事情。但我沒有說的是這些折扣很大，因為事實並非如此。因此，我們不會陷入真正的深度折扣遊戲，以非常低的價格吸引客人，而讓我們的許多核心客人以更高的價格支付很多費用。

We've played that before. We don't think it's the right long-term thing. It might feel really great in the short term. But as we've said, we're not going to sacrifice the long-term health for short-term gains. So a long way to answer your question.

我們以前玩過這個。我們認為這不是正確的長期做法。短期內感覺可能真的很棒。但正如我們所說，我們不會為了短期利益而犧牲長期健康。回答你的問題還有很長的路要走。

Yes, we will have more price points at Olive Garden on television. That said, we had already planned on doing that all year. We had planned on that at the beginning of this fiscal year. The way we're doing it may change a little bit. But we always plan to have quite a few price points on television this year.

是的，我們將在電視上播放橄欖園的更多價位。也就是說，我們已經計劃全年這樣做。我們在本財年年初就已經計劃好了。我們做事的方式可能會稍微改變。但今年我們總是計劃在電視上提供相當多的價格點。

Thank you, Rick.

謝謝你，瑞克。

Sure.

當然。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Thanks. Good morning, and congrats on this delivery test and getting this done in the -- with the parameters you wanted, which included the menu prices being the same as your everyday menu.

謝謝。早上好，祝賀這次交付測試，並按照您想要的參數完成了這項測試，其中包括菜單價格與您的日常菜單相同。

I wonder what will that delivery fee be upon checkout that you're seeing as a consumer, given that your menu prices will be the same? Will that fee get you back to a margin equivalent to a takeout order? And I have a quick follow-up.

我想知道，鑑於您的菜單價格相同，作為消費者，您在結帳時看到的送貨費是多少？這筆費用會讓您恢復到相當於外送訂單的保證金嗎？我有一個快速的跟進。

Yeah, David, I just want to be clear on the delivery fee; that's going to be paid by the guest. So while they see the menu price is the exact same menu price they see everywhere else, they will also see what will it cost them to have someone else pick up the food and bring it to them versus them coming to get it themselves. So it's really kind of a convenience.

是的，大衛，我只是想澄清一下運費；這將由客人支付。因此，雖然他們看到菜單價格與他們在其他地方看到的菜單價格完全相同，但他們也會看到讓別人拿起食物並將其帶給他們與他們自己去拿要花多少錢。所以這確實是一種便利。

That said, it's a pretty -- it's a fairly low fee. And so we've got two parts of it. One is just a kind of a delivery fee, which is around $5 for every order, and then 5% of the entire order. So on a typical Olive Garden order, it will probably be somewhere around $7 to have their food delivered to them versus picking it up themselves, and then not including the tip.

也就是說，這是一個相當低的費用。所以我們有兩個部分。一種只是一種送貨費，每個訂單5美元左右，然後是整個訂單的5%。因此，在典型的 Olive Garden 訂單中，將食物送到他們手中可能會花費 7 美元左右，而不是自己取餐，然後不包括小費。

And by the way, that tip, as we said, will be shared with our team members. So we believe that it's a win-win for everybody. If a consumer wants the convenience of delivery, we believe they should pay for that convenience in a transparent way.

順便說一句，正如我們所說，該提示將與我們的團隊成員分享。所以我們相信這對每個人來說都是雙贏的。如果消費者想要便利的送貨服務，我們認為他們應該以透明的方式為這種便利性付費。

Today, on third-party marketplace, a lot of the consumers are paying for it in a very untransparent way. They see a menu price that they may not realize is much higher than the menu price in the restaurant. And we were clear that we didn't want that. And so that's how it works. No incremental cost for Darden. So that means it's not a margin difference to our pickup.

如今，在第三方市場上，許多消費者以非常不透明的方式付款。他們看到的菜單價格可能沒有意識到比餐廳的菜單價格高得多。我們很清楚我們不希望這樣。這就是它的工作原理。達頓商學院沒有增加成本。所以這意味著這與我們的皮卡沒有利潤差異。

And we believe that was important. If you think about what we said years ago, and even today, Olive Garden does about $1 billion in sales in to-go. And so if we were to transfer quite a bit of that to a third-party marketplace without that charge being borne by someone other than Olive Garden, it would have been a big, big margin disruptor, unless it was hugely incremental.

我們認為這很重要。如果你想想我們幾年前所說的話，甚至今天，Olive Garden 的外送銷售額約為 10 億美元。因此，如果我們將其中相當一部分轉移到第三方市場，而不由 Olive Garden 以外的其他人承擔該費用，那麼這將是一個巨大的利潤擾亂，除非它是巨大的增量。

We've had third-party delivery in quite a few Olive Gardens, I mean, 13 to 14 of them for years. The incrementality isn't that much to offset unless we wanted to charge to our restaurants.

多年來，我們已經在不少橄欖園（其中 13 到 14 個）提供第三方送貨服務。除非我們想向我們的餐廳收費，否則增量並沒有那麼多可以抵消。

So again, very low cost, we believe, to the consumer to get a delivery on an average order. And as the order size gets bigger, the percentage gets smaller. So the amount -- the percent that they pay in total gets smaller because there's that $5 fixed fee.

因此，我們相信，消費者平均訂單的送貨成本非常低。隨著訂單規模變大，該百分比會變小。因此，他們支付的總金額所佔的百分比會變小，因為有 5 美元的固定費用。

And I just want to clarify, the margin percentage might be a little different just because of the geography of the P&L, right? Because the delivery fee might go -- might be recorded as revenue. And so -- and that will come out of the restaurant expenses. But it has to be really meaningful to have impact on the percentage, but that's just a nuance with the way it is accounted for.

我只是想澄清一下，由於損益表的地理位置不同，保證金百分比可能會略有不同，對嗎？因為送貨費可能會被記錄為收入。所以——這將來自餐廳費用。但它必須真正有意義才能對百分比產生影響，但這只是其計算方式的細微差別。

Just to follow up, I just wanted to get your latest thinking and latest diagnosis about Olive Garden relative to the industry, which, of course, is a contrast to LongHorn, which is still actually on an accelerated basis outperforming. Is there anything that is clear to you in the customer satisfaction scores that you're seeing that is telling about an opportunity with Olive Garden?

跟進一下，我只是想了解一下您對 Olive Garden 相對於該行業的最新想法和最新診斷，這當然與 LongHorn 形成鮮明對比，後者實際上仍在加速超越。您看到的客戶滿意度分數中是否有任何明確的內容表明 Olive Garden 存在機會？

And what are your insights telling you -- maybe it's something having to do with the category that you're in and the trade-off to at-home versus what we see in steak, for example. But any thoughts there that might inform your strategy? And thanks.

你的見解告訴你什麼——也許這與你所處的類別以及在家吃和我們在牛排中看到的權衡有關。但有什麼想法可以為你的策略提供參考嗎？謝謝。

Yeah, David, I think what we're seeing at LongHorn, they've got -- they're in the steak category. And I will start -- steak brands with strong operations that deliver on quality or winning.

是的，大衛，我認為我們在 LongHorn 看到的，他們有 - 他們屬於牛排類別。我將從——具有強大運營能力、能夠提供品質或獲勝的牛排品牌開始。

These are heightened times when stake is expensive in the grocery store. And so many people don't want to risk buying steak in the grocery store and preparing it and not doing it well. They might as well go to a restaurant and have them have the risk of the preparation.

現在是雜貨店的賭注價格昂貴的時期。很多人不想冒險在雜貨店購買牛排並準備好但做得不好。他們還不如去一家餐館，讓他們承擔準備的風險。

And I also say LongHorn has made significant investments over the years in quality, and that continues to pay off. And our data supports that people are trading down from fine dining into steaks. And so that's part of the reason that LongHorn is doing well. But you got to execute. It's not every steak -- every steak player in the country isn't doing great. You got to execute, and LongHorn is doing that.

我還想說，LongHorn 多年來在品質方面進行了大量投資，並且持續獲得回報。我們的數據表明，人們正在從高級餐廳轉向牛排。這就是 LongHorn 表現良好的部分原因。但你必須執行。並不是所有的牛排都這樣——這個國家的每個牛排玩家都做得不好。你必須執行，而 LongHorn 正在這樣做。

On the Olive Garden front, we have seen a little bit less influx of first-time-ish users or very infrequent users, where during other times, we may have seen more. And maybe that's because there's some promotional activities at a pretty deep discount from others.

在橄欖園方面，我們看到首次用戶或非常不頻繁的用戶的湧入有所減少，而在其他時間，我們可能會看到更多。也許這是因為有些促銷活動的折扣比其他活動相當大。

But what I would say is Olive Garden is not losing guests to some of these brands that are doing some pretty deep discounts. Our data says that those brands are growing at the expense of other brands, not the expense of ours. Because when you look at -- when we look at Olive Garden consumers, their share of visits hasn't changed. It's just the total number of visits they have has changed.

但我想說的是，橄欖園並沒有因為其中一些提供相當大折扣的品牌而失去客人。我們的數據表明，這些品牌的成長是以犧牲其他品牌為代價的，而不是以我們的品牌為代價。因為當你觀察橄欖園消費者時，他們的訪問比例沒有改變。只是他們的訪問總數發生了變化。

So that's one little insight that we have, is that we're not really losing. And neither is Cheddar's, neither our other brands; they're not losing their guests to these discounts. These companies that are doing discounts might be taking share from other companies that are doing discounts.

所以這是我們的一點見解，那就是我們並沒有真正失敗。 Cheddar's 也不是，我們的其他品牌也不是；他們不會因為這些折扣而失去客人。這些進行折扣的公司可能會從其他進行折扣的公司獲得份額。

So what are we doing? We are out there talking more about the great price that you can get at Olive Garden all the time, but motivating them a little bit more by saying, yeah, you get these prices all the time with unlimited first course. But some of these items, if you want them, you have to come in a little quicker.

那我們在做什麼呢？我們在那裡更多地談論你可以在橄欖園一直得到的優惠價格，但通過說，是的，你一直可以得到這些價格，而且第一道菜不限量。但其中一些物品，如果你想要的話，你得快點進來。

Thank you.

謝謝。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good morning. Rick, I had a question about the Uber Eats or, I guess, Uber Direct relationships. So my question is on the decision to make this solely a first-party relationship and not offer Olive Garden on their marketplace.

嗨，早安。里克，我有一個關於 Uber Eats 優食或 Uber Direct 關係的問題。所以我的問題是決定將其僅作為第一方關係，而不是在其市場上提供 Olive Garden。

And I guess, I think most brands source most of their delivery orders from the marketplace and not first party. So just wondering why that decision. And would you ever be open to a deal that puts your brands on their marketplace?

我想，我認為大多數品牌的大部分交貨訂單都是來自市場而不是第一方。所以只是想知道為什麼要做出這個決定。您是否願意接受將您的品牌推向市場的交易？

Yeah. I would start by -- where I mentioned earlier. The incrementality has to be really big to offset the $1 billion that we're doing in to-go sales for Olive Garden today without any fees. We believe that most -- a lot of guests come to our website directly, and they want delivery. And so we're going to start with that.

是的。我將從我之前提到的地方開始。增量必須非常大，才能抵消我們今天為 Olive Garden 的 10 億美元外送銷售，無需任何費用。我們相信，大多數客人直接訪問我們的網站，他們想要送貨。所以我們將從這個開始。

We also know that if we can tell more people about this, that they'll come to our website. Now with the acquisition of Chuy's and them coming in, we'll learn a little bit more about it, about third party. And we'll see if there's an option down the road to do marketplace. But it doesn't solve the challenges that we've had.

我們也知道，如果我們能夠告訴更多人這一點，他們就會訪問我們的網站。現在，隨著 Chuy's 的收購和他們的加入，我們將更多地了解第三方。我們將看看是否有一個選擇可以做市場。但這並不能解決我們面臨的挑戰。

And so if -- as we've always said, there are things that we don't like about third-party marketplace. One of them is a -- I mean, if you think about marketplace, and the reason maybe a lot of these folks are sourcing their delivery through that, is it's really a marketing channel.

因此，如果——正如我們一直說的那樣，第三方市場有一些我們不喜歡的地方。其中之一是——我的意思是，如果你考慮市場，也許很多人透過市場採購他們的產品的原因是，它實際上是一個行銷管道。

We're really strong marketers. We've got money we can spend in marketing that maybe others can't. And it's also a technology channel, and we've got a great technology team. So some of these brands that are sourcing may be sourcing because that's the way they can. And we have other ways to do it.

我們是非常強大的行銷人員。我們有錢可以花在行銷上，而其他人可能沒有。而且它也是一個技術管道，我們有一個很棒的技術團隊。因此，其中一些進行採購的品牌可能會進行採購，因為他們可以這樣做。我們還有其他方法可以做到這一點。

So let's see how this works. And we'll look at -- just like we've been looking at this for years and seeing if there's a way to get in, this is our way in. And if things change, David, and we think there's another option for us to be on the marketplace, then we have the ability to do that.

讓我們看看這是如何工作的。我們會看看——就像我們多年來一直在研究這個問題並看看是否有辦法進入一樣，這就是我們的進入方式。市場，那麼我們就有能力做到這一點。

Great. Makes sense. Thank you.

偉大的。有道理。謝謝。

Sure.

當然。

Chris O'Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

Thanks. Good morning, guys. Raj, Olive Garden segment margin looked slightly below, I think, 2019 levels, and maybe it was down obviously year over year. Can you talk about what drove that result?

謝謝。早安，夥計們。我認為 Raj 和 Olive Garden 部門的利潤率看起來略低於 2019 年的水平，而且可能比去年同期明顯下降。您能談談是什麼推動了這個結果嗎？

Yeah. I think, Chris, I think it really starts with the sales, right? When you think about where same-restaurant sales were when you have a negative 3%, there's a lot of deleverage. And in fact, I would say the unexpected step-down in July really made it harder for us to react and adjust our costs.

是的。我想，克里斯，我認為這真的是從銷售開始的，對吧？當您考慮負 3% 時同家餐廳的銷售額時，您會發現大量的去槓桿化。事實上，我想說，七月的意外降級確實讓我們更難做出反應和調整成本。

Our teams do a great job of forecasting the business and managing costs really well. However, July was surprising to us and to our models. I think none of our models would have predicted the type of step-down we had in July. And that just made it a little more challenging.

我們的團隊在業務預測和成本管理方面做得非常出色。然而，七月對我們和我們的模型來說是令人驚訝的。我認為我們的模型都無法預測 7 月的降級類型。這讓事情變得更具挑戰性。

And then there are some timing stuff between the quarters that might have some nuances compared to pre-COVID. Frankly, I haven't looked at pre-COVID to be able to give you a full view on exactly what's the delta.

此外，與新冠疫情爆發前相比，各季度之間的一些時間安排可能會有一些細微差別。坦白說，我還沒有研究過新冠疫情之前的情況，無法讓您全面了解三角洲到底是什麼。

But year over year, I mean, again, at a 20.6% segment profit, this is really strong margins, right? I mean, no one else in the industry comes close. They're hundreds of basis points ahead of anybody else. So we feel like they're in a great place from that business model perspective.

但我的意思是，與去年同期相比，部門利潤為 20.6%，這確實是很高的利潤率，對吧？我的意思是，業內沒有其他人能與之媲美。他們比其他人領先數百個基點。所以我們覺得從商業模式的角度來看他們處於一個很好的位置。

No, that makes sense. And then I know you're still targeting earnings growth, I guess, call it, 6% to 8% for the year. But is there anything we should be thinking about in terms of earnings cadence over the balance of the year?

不，這是有道理的。然後我知道你們仍然將今年的獲利成長目標定為 6% 到 8%，我想，可以這麼說。但是，就今年剩餘時間的獲利節奏而言，我們是否應該考慮什麼？

Yeah, Chris, I think for us, when we look at it, it's probably in that mid- to high single digits for the next three quarters. There may be a little bit of movement from quarter to quarter.

是的，克里斯，我認為對我們來說，當我們審視它時，未來三個季度可能會處於中高個位數。每個季度之間可能會有一些變動。

One of the things we mentioned earlier when we provided guidance was that, second quarter, we'll have a little bit of a benefit because of Thanksgiving shifting out of the Q2 into Q3 on sales. And you would expect some of that to flow through.

我們之前在提供指導時提到的一件事是，第二季我們將獲得一些好處，因為感恩節的銷售從第二季轉移到第三季。你會期望其中一些能夠通過。

But with all that said, I think the way we have -- we think about it. It's probably in that mid- to high single-digit growth over the next few quarters. It's not like a huge difference quarter to quarter. There may be a couple of points from quarter to quarter.

但話雖如此，我認為我們的思考方式是這樣的。未來幾季可能會出現中高個位數成長。每季的差異並不大。每個季度可能會有幾個點。

Perfect. Thanks, guys.

完美的。謝謝，夥計們。

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Yes, good morning. Thanks for taking my question. I wanted to ask on -- if you had a sense for what percentage of your Olive Garden guests already have the app downloaded? Because it sounds like the opportunity for incrementality from the delivery offering is really going to come from kind of existing Olive Garden guests.

是的，早安。感謝您提出我的問題。我想問一下 - 您是否了解 Olive Garden 客人中已經下載了該應用程式的比例是多少？因為聽起來，送貨服務的增量機會確實來自現有的橄欖園客人。

Do you have a sense for what the penetration of the app is already? And do you have any plans for kind of in-restaurant activation, whether it's the waiters or the waitresses or somebody encouraging people to download the app at the restaurant?

您是否了解該應用程式的滲透率已經達到了多少？您是否有任何餐廳內激活計劃，無論是服務員還是女服務員，還是有人鼓勵人們在餐廳下載該應用程式？

Hey, Jim. I just want to be clear that there's other ways to order to-go at Olive Garden. And over 60% of our to-go orders are already digital, whether it's through our online platform or our mobile app.

嘿，吉姆。我只是想澄清一下，在 Olive Garden 還可以透過其他方式訂購外帶。我們超過 60% 的外帶訂單已經數位化，無論是透過我們的線上平台還是行動應用程式。

There's a pretty good percentage of our guests -- we're not going to get into what percent -- have the app. And if there's things that we want to do to market that app a little bit more, we will. It's a pretty -- it's a great app for a core consumer.

我們的客人中有相當多的比例（我們不會透露具體比例）擁有該應用程式。如果我們想做一些事情來進一步推銷該應用程序，我們就會這麼做。對於核心消費者來說，這是一款非常漂亮的應用程式。

You can get your name on the wait list. You can order to-go. You can do a lot of other things. And so without giving you the percent of guests that are on that app, it's not a huge percent, but it's a good percentage. But again, you can order on the website.

您可以在等候名單上找到您的名字。您可以訂購外帶。你還可以做很多其他的事情。因此，如果不告訴您使用該應用程式的客人的百分比，這雖然不是一個很大的百分比，但也是一個不錯的百分比。但同樣，您可以在網站上訂購。

And actually, when we start the pilot, the first way you're going to be able to order is website. The app won't be ready for -- it will be ready during the pilot, but it won't be ready the first week we launch the pilot.

實際上，當我們開始試用時，您訂購的第一種方式是網站。該應用程式還沒有準備好——它將在試點期間準備好，但在我們啟動試點的第一周它還不會準備好。

Okay. And then if I missed this, I apologize. But can you guys just give us the traffic check and mix components for Olive Garden and LongHorn for the quarter?

好的。如果我錯過了這一點，我深表歉意。但是你們能為我們提供本季 Olive Garden 和 LongHorn 的流量檢查和混合組件嗎？

So at Olive Garden, our pricing was just south of 2%. I think they were like 1.9% for the quarter. They had a little bit of a positive mix. So they're in the mid-5s for traffic, negative mid-5s.

因此，在 Olive Garden，我們的定價略高於 2%。我認為該季度的成長率約為 1.9%。他們有一些積極的組合。因此，他們的流量處於 5 秒左右，負 5 秒左右。

And then LongHorn had positive traffic of 0.7%. The check growth was 3%. I think their pricing was really close to that, maybe in the high 2s. Yeah.

然後 LongHorn 的正流量為 0.7%。支票成長率為3%。我認為他們的定價非常接近這個價格，也許在高 2 秒左右。是的。

Okay, great. Thank you. I'll hop back in with you.

好的，太好了。謝謝。我會和你一起跳回來。

Jake Bartlett, Truist Securities.

傑克·巴特利特，Truist 證券公司。

Great. Thanks for taking the question. Rick, since all the changes since COVID, I think a question for investors has been, what stays around? What are the big changes you made? What remains?

偉大的。感謝您提出問題。里克，自從新冠疫情以來發生了所有變化，我認為投資者面臨的一個問題是，什麼還存在？你做出了哪些重大改變？剩下什麼？

And what called my attention was some of the add-backs on the menu. You mentioned kind of adding a couple of items back at Olive Garden. The question is, is the menu simplification kind of reversing here a little bit? Are you going to be making efforts to take items off as you add old ones back? What's the message here with kind of the menu and your commitment to the simplification?

引起我注意的是選單上的一些附加內容。您提到在橄欖園添加一些物品。問題是，菜單的簡化是否有點逆轉？當您添加舊物品時，您是否會努力將舊物品拿走？這裡的菜單類型和您對簡化的承諾有何訊息？

Yeah, Jake, we're very committed to keeping the menu simple. All of our brands have really high bars to add items. The items that we have added -- for example, at LongHorn, the lemon garlic chicken filled a hole in the menu on something that we took off that was a more healthy chicken option. And they didn't want to add just anything, and so it took them a while to find something that was really guest-satisfying.

是的，傑克，我們非常致力於保持菜單簡單。我們所有的品牌都有非常高的添加商品的標準。我們添加的菜餚——例如，在 LongHorn，檸檬蒜雞填補了菜單上的一個空缺，而我們取消了一些更健康的雞肉選擇。他們不想添加任何東西，所以他們花了一段時間才找到真正讓客人滿意的東西。

The great thing is it really doesn't add a whole lot of -- I don't know if it adds any SKUs in our restaurant. We already have the chicken. We already have the seasoning. We already have everything else. It's just adding another -- a different kind of topping on that chicken. So it's really simple to execute.

最棒的是它確實沒有添加太多——我不知道它是否在我們的餐廳中添加了任何 SKU。我們已經有雞了。我們已經有調味料了。我們已經擁有了其他一切。它只是在雞肉上添加另一種不同類型的配料。所以執行起來非常簡單。

At Yard House, the pizzas replaced pizzas. So we already had pizzas. We just replaced them with better-quality dough, better-quality toppings, and actually, in some ways, a more appealing pizza for more people. We had -- I'll give you an example, we had a pepperoni and mushroom pizza. We just took the mushrooms off, and we're selling more, right?

在 Yard House，披薩取代了披薩。所以我們已經吃了披薩了。我們只是用品質更好的麵團、品質更好的配料代替它們，實際上，在某些方面，為更多人提供了更有吸引力的披薩。我們有——我給你舉個例子，我們有義大利辣香腸和蘑菇披薩。我們剛剛把蘑菇摘下來，我們賣得更多，對嗎？

So we also improved the cook time on those pizzas. So it wasn't like we added new items. We just changed them. Same with the cheesesteak. We had a different kind of cheesesteak on the menu. We fixed this one. We had burgers on the menu. We've got different burgers on the menu.

因此，我們也改進了這些披薩的烹飪時間。所以我們並沒有新增項目。我們剛剛改變了它們。與起司牛排相同。我們的菜單上有一種不同種類的起司牛排。我們修好了這個。我們的菜單上有漢堡。我們的菜單上有不同的漢堡。

So we didn't really add to the menu at Yard House by doing that. And their menu is significantly lower than it was before. So yes, we are clear that the menu simplification we did was the right thing for us. But we do know that we have to continue to innovate on the menu. And when we add items, we take items off.

所以我們並沒有真正透過這樣做來添加到 Yard House 的菜單中。而且他們的菜單比以前明顯減少了。所以，是的，我們很清楚我們所做的菜單簡化對我們來說是正確的。但我們確實知道我們必須繼續在菜單上進行創新。當我們新增物品時，我們也會刪除物品。

Great. I appreciate that. Another question or follow-up is on pricing and on some of the inflation that you're seeing. Last call, you mentioned 2.5% to 3% pricing for '25. I think the first quarter here was at 2.5%. So is that the right way to think about pricing for the rest of the year, that it remains at the lower end of that range?

偉大的。我很欣賞這一點。另一個問題或後續行動是關於定價和您所看到的一些通貨膨脹。上次通話時，您提到 25 年的定價為 2.5% 到 3%。我認為第一季的成長率為 2.5%。那麼，考慮今年剩餘時間的定價是否正確，它仍然處於該範圍的下限？

And then the other part of the question is on the operating cost inflation. You reiterated your guidance for inflation. But when I look at the commodities outlook, things look to be a little bit better. Beef is now low single-digit inflation; produce is flat.

問題的另一部分是營運成本通膨。您重申了對通膨的指引。但當我審視大宗商品前景時，情況似乎好一些。牛肉目前通膨率低至個位數；產品表現平平。

There's just -- the items that changed got a little bit better for you. So is it fair to say that your cost environment, inflation environment, is a little bit better than you previously expected, but you're going to be on the more conservative side for pricing? How should we look at those factors?

只是——改變的項目對你來說變得更好了一些。那麼，可以公平地說，你們的成本環境、通膨環境比你們之前預期的要好一點，但你們在定價方面會採取更保守的態度嗎？我們該如何看待這些因素呢？

Yeah, Jake, I think, yeah, we're probably going to be in that range of 2.5% to 3% any given quarter. I don't think we have any quarter where it's going to be higher than 3%. But 2.7%, 2.8% in some quarters is likely. Now we're going to -- not everything is locked in from a pricing perspective. We're going to kind of watch where the costs come in.

是的，傑克，我想，是的，任何一個季度我們的成長率都可能在 2.5% 到 3% 的範圍內。我認為沒有哪個季度會高於 3%。但在某些季度可能會達到 2.7%、2.8%。現在我們要——從定價的角度來看，並非所有事情都被鎖定。我們將關注成本來自何處。

And then on the commodity side, you're right; we are seeing better-than-expected inflation. In fact, first quarter, we were only, as I said in my prepared remarks, slightly inflationary. But we do have some headwind in the back half with chicken.

然後在商品方面，你是對的；我們看到通膨優於預期。事實上，正如我在準備好的發言中所說，第一季我們只是出現了輕微的通膨。但我們在後半段的雞肉方面確實遇到了一些阻力。

Our chicken contract runs out at the beginning of new calendar year. And that implies there is -- given where chicken is trending, there is some risk there. And so we incorporated that.

我們的雞肉合約將在新曆年初到期。這意味著——考慮到雞肉的流行趨勢，那裡存在一些風險。所以我們將其納入其中。

Now with all that said, for the full year, we're probably likely going to be -- yeah, we're likely going to be south of that. But it's what the guide says approximately 2%. So you can think of it as maybe when we started, it might have been a little bit north of 2%. And maybe now we're looking at a little bit south of 2%.

話雖如此，對於全年來說，我們很可能會——是的，我們很可能會落後於此。但這就是指南所說的大約2%。所以你可以把它想像成當我們開始時，它可能有點高於 2%。也許現在我們看到的是 2% 的偏南一點。

Great. I appreciate it.

偉大的。我很感激。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Hi. Thank you. This is Katherine Griffin, on for Sara. The first question is on the steak category. Rick, I think you spoke to your -- all the businesses accelerating. But I'm curious about that performance in the context of the broader steak category because it seems that that's slowed in recent weeks. Is that a fair assessment?

你好。謝謝。我是凱瑟琳·格里芬，替莎拉發言。第一個問題是關於牛排的類別。里克，我想你談到了所有正在加速發展的企業。但我對更廣泛的牛排類別的表現感到好奇，因為最近幾週似乎有所放緩。這是一個公平的評價嗎？

Katherine, if you're talking about specifically LongHorn, we haven't seen any slowdown. That's not what we're experiencing. In fact (multiple speakers) --

Katherine，如果您具體談論的是 LongHorn，我們還沒有看到任何放緩。這不是我們正在經歷的。事實上（多個發言者）—

Right. Okay.

正確的。好的。

Yeah. As Rick said, I think September quarter to date, we're actually trending at or above August levels at pretty much all of our brands -- across all our brands.

是的。正如里克所說，我認為迄今為止的 9 月季度，我們幾乎所有品牌的趨勢實際上都達到或高於 8 月的水平——我們所有的品牌。

Right. I guess, the other question was more about the -- relative to the broader category, but it sounds like it hasn't slowed. So yeah, thank you for clarifying.

正確的。我想，另一個問題更多的是關於——相對於更廣泛的類別，但聽起來它並沒有放緩。所以是的，謝謝你的澄清。

And then the second question is just on the like curbside mix. I think you said that there's a phased rollout across locations that have the curbside to-go. So have you quantified how much -- how many of your stores have to-go? And like what would cause that maybe to change?

第二個問題就是類似的路邊混合。我想你說過，在有路邊外帶的地點會分階段推出。那麼你有沒有量化過你有多少家商店需要關閉？例如說什麼會導致這種情況改變？

Hey, Katherine. Pretty much every Olive Garden has to-go. Every Olive Garden has to-go. Almost all of them have curbside.

嘿，凱瑟琳。幾乎每個橄欖園都值得一去。每個橄欖園都值得一去。幾乎所有的都有路邊。

There's just a couple of restaurants here or there that might not have curbside, whether it's like in -- let's just use Time Square in New York City, probably not a curbside. Actually, they already have third-party delivery in Times Square.

這裡或那裡只有幾家餐廳可能沒有路邊，無論是像在——讓我們使用紐約市的時代廣場，可能沒有路邊。事實上，時代廣場已經有了第三方送貨服務。

So what we wanted to be clear is that this is a curbside experience no matter what. So if a guest orders to-go and they want it delivered, the only difference is somebody else is picking it up for them curbside just like today.

因此，我們想要明確的是，無論如何，這都是一種路邊體驗。因此，如果客人訂購了外賣並希望送貨上門，唯一的區別是其他人會像今天一樣在路邊為他們取貨。

Great. Thank you.

偉大的。謝謝。

Sure.

當然。

Peter Saleh, BTIG.

彼得·薩利赫，BTIG。

Great. Thanks for taking the questions. Just a couple of clarifications on the Uber Eats partnership. Are you allowing for the entire menu at Olive Garden or -- including LTOs for delivery, or is there any limitations on the menu going forward?

偉大的。感謝您提出問題。關於 Uber Eats 優食合作夥伴關係的幾點說明。您是否允許 Olive Garden 提供整個菜單，或包括 LTO 外賣，或者未來的菜單是否有任何限制？

Right now, anything on the menu can be ordered to-go. But you can't do Never -- it's kind of hard to do Never Ending Pasta Bowl to-go. But the only thing is -- yeah, alcohol is not available for delivery. But food items, everything is available.

現在，菜單上的任何東西都可以外帶。但你不能做「Never」——做「Never Ending Pasta Bowl to-go」有點難。但唯一的問題是——是的，酒類不能送貨。但吃的東西，什麼都有。

I will clarify that, though. Remember, we do large party catering that we deliver for big groups. Some of those items may be available for delivery. But they wouldn't get the same kind of experience you get when you do the Olive Garden catering.

不過，我會澄清這一點。請記住，我們為大型團體提供大型聚會餐飲服務。其中一些物品可能可以交付。但他們不會獲得與您在橄欖園餐飲時獲得的相同體驗。

So it would just be somebody bringing a pan of lasagna into your house versus if you do a large party catering, we go in and we set it up, and we bring the trays and everything else. So that's the only difference. But you can order pretty much anything that you can order today on Olive Garden's menu for to-go or for delivery.

因此，只需有人將一盤烤寬麵條帶進您家，而如果您舉辦大型聚會餐飲，我們進去並設置它，然後我們帶來托盤和其他所有東西。這是唯一的區別。但是，您幾乎可以在 Olive Garden 的菜單上訂購今天可以訂購的任何東西，可以外帶或送貨。

Great. Thanks for that. And then just on the overall, when you think about this Uber Eats partnership, was there a cohort of consumers that you were trying to target here, something that you're not getting? Or are you thinking this will help maybe more for lunch versus dinner? Any details around kind of how you came to this conclusion of moving forward on the delivery process?

偉大的。謝謝你。總的來說，當你考慮 Uber Eats 優食合作夥伴關係時，是否有一群你試圖瞄準的消費者，但你沒有得到？還是你認為這對午餐比晚餐更有幫助嗎？關於您如何得出推進交付流程的結論的任何詳細資訊？

Well, I'll start by saying delivery is a lot stickier than we thought it would be. We thought that over time, consumers would see how expensive it is and kind of pull back on that. But it's been fairly sticky. There are consumers that want the convenience of having something brought to them versus coming to get it.

好吧，我首先要說的是，交付比我們想像的要黏得多。我們認為，隨著時間的推移，消費者會看到它的價格有多貴，並會減少購買。但它已經相當黏了。有些消費者想要的是把東西送到他們面前的便利性，而不是親自去拿東西。

And this is not a lunch or dinner. This is a need state for convenience. And it's a different occasion. We do know that in some of our restaurants that do the delivery today -- so we've got, again, a handful of restaurants -- those guests don't come to eat in the restaurants. And so this is a new occasion for them.

這不是午餐或晚餐。這是一種為了方便而需要的狀態。這是一個不同的場合。我們確實知道，在我們今天提供送貨服務的一些餐廳中——所以我們再次有少數餐廳——這些客人不會來餐廳吃飯。所以這對他們來說是一個新的場合。

And we believe we'll be able to pick up some new occasions going forward. But it's not a lunch or dinner thing. It's just an occasion of getting something -- getting the convenience of not having to get in your car and go pick it up.

我們相信，我們將能夠在未來抓住一些新的機會。但這不是午餐或晚餐的事。這只是一個獲得東西的機會——獲得不必上車去拿東西的便利。

Thank you very much.

非常感謝。

Gregory Francfort, Guggenheim Securities.

格雷戈里·弗蘭克福特，古根漢證券公司。

Hey, thanks for taking my question. My question is, can you just remind us maybe when the pricing -- I think you said 1.9% in the quarter -- when that rolls off?

嘿，謝謝你回答我的問題。我的問題是，您能否提醒我們，當定價（我想您說的是本季 1.9%）時，定價會下降嗎？

And I'm just curious how you're thinking about pricing going forward. Your menu actually does not have massive differences in price points across regions. I'm curious how you balance maybe spreading that out a little bit with kind of advertising some of these national price points more aggressively to the customer. Thanks.

我只是好奇你如何考慮未來的定價。實際上，您的菜單在不同地區的價格點上並沒有太大差異。我很好奇你如何平衡可能將其分散一點與更積極地向客戶宣傳其中一些國家價格點。謝謝。

Hey, Greg. Yeah, there was some pricing actions in the middle of the quarter. So there is some timing of when -- so the 1.9% was for the full quarter.

嘿，格雷格。是的，本季中期出現了一些定價行動。所以有一些時間——所以 1.9% 是整個季度的。

So we don't anticipate any additional actions until -- specifically at Olive Garden, if any, until sometime in the new calendar year. I don't want to get into boxing ourselves in a certain date or a time on the amount of pricing. Because we -- like I said, this is one of those things where we're very thoughtful about how much pricing we take.

因此，我們預計不會採取任何其他行動，直到——特別是在橄欖園（如果有的話），直到新日曆年的某個時候。我不想在某個日期或某個時間點對定價金額進行限制。因為我們——就像我說的，這是我們對我們採取的定價非常深思熟慮的事情之一。

Even in times when people were taking a lot, we were being -- we were holding back. And so that philosophy hasn't changed. So we want to not -- again, I don't want to give out a number because then it becomes something we have to do.

即使在人們拿走很多東西的時候，我們也在保留。所以這理念沒有改變。所以我們不想——再說一次，我不想給一個數字，因為那樣它就變成我們必須做的事情。

Now with that said, from a tier -- from a geography perspective, we do have tiering, and we do have the price difference. Even when we have promotions, there's varying kind of price in some -- there is a small percentage of markets.

話雖如此，從一個層次來看——從地理角度來看，我們確實有分層，而且我們確實有價格差異。即使我們有促銷活動，有些市場的價格也各不相同——只有一小部分市場。

For example, if you're living in California, you're probably paying more for Never Ending Pasta Bowl than the rest of the country or if you are in New York City. So there is some differences. And we do have multiple tiers. So the pricing is -- takes into consideration a lot of factors to kind of account for that.

例如，如果您居住在加利福尼亞州，則您為「永不停歇的義大利麵碗」支付的費用可能會比該國其他地區或紐約市更高。所以存在一些差異。我們確實有多個層次。所以定價是考慮到很多因素來考慮的。

Yeah, Greg. I'll just add one thing. We do -- we're very clear in our advertising and our messaging. So if you think about what I said in the prepared remarks about Cheddar's pork chop starting at $12.99. It's not -- a lot of times, when people say starting at is because you have different items on that promotion and one of them is at this price, and there's another one and another one there.

是的，格雷格。我只補充一件事。我們確實如此——我們的廣告和訊息傳遞非常明確。因此，如果您考慮一下我在準備好的評論中所說的有關切達乾酪豬排起價 12.99 美元的內容。很多時候，人們說起價是因為促銷活動中有不同的商品，其中一件是這個價格，而還有一件又一件。

The reason I didn't say $12.99 is it's not $12.99 everywhere. So we do tier across all of our brands. Across all of our geographies, we have tiers. And in some markets, we have a different price in different restaurants for the same brand.

我沒有說 12.99 美元的原因是不是所有地方都是 12.99 美元。因此，我們對所有品牌進行了分層。在我們所有的地區，我們都有層級。在某些市場，我們在不同的餐廳對同一品牌有不同的價格。

So we're very, very focused on pricing. We have a data analytics team that works that and gives us the best places to take price and not take price, that help us in the long run. So we are very surgical in our pricing, which means that it's harder for us to advertise a one price everywhere, rather than doing starting at.

所以我們非常非常關注定價。我們有一個數據分析團隊，致力於為我們提供定價和不定價的最佳場所，從長遠來看，這對我們有幫助。因此，我們在定價方面非常嚴格，這意味著我們更難在各處宣傳統一價格，而不是從一開始就做廣告。

Thank you.

謝謝。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

Thanks. I appreciate that it's late in the call, so I'll try to be quick here. Can you guys just shed some light on that Olive Garden customer income cohort that's historically responded or, I would say, I guess, who's historically or currently responding to Never Ending Pasta Bowl? Just the bigger picture question there is if that's giving you any relief with that lower-income consumer cohort.

謝謝。我知道通話時間已經很晚了，所以我會盡量加快速度。你們能否簡單介紹一下歷史上對橄欖園客戶收入群體做出的回應，或者我想說，我猜誰在歷史上或目前對永無止境的意大利麵碗做出了回應？更大的問題是，這是否能讓低收入消費者族群鬆一口氣。

Hey, Jeff. Interestingly, when we actually do Never Ending Pasta Bowl, we actually get a lift from consumers across income spectrums all the way up to $150,000. Yes. So it's not necessarily a bigger lift for lower income versus the middle income. It seems like middle income is just as sensitive to some of these price points.

嘿，傑夫。有趣的是，當我們真正做「Never Ending Pasta Bowl」時，我們實際上從不同收入範圍的消費者那裡獲得了高達 15 萬美元的提振。是的。因此，與中等收入群體相比，低收入群體的提升並不一定更大。中等收入似乎對其中一些價格點同樣敏感。

And so -- and historically, this has shown that it actually helps us with some new guests and some infrequent. So that's really where we get the benefit. It's more about those guests where, Rick addressed earlier, that that's where we might be missing some. And Never Ending Pasta Bowl really gets them back. And then you see that the menu prices are actually pretty low compared to other places.

因此，從歷史上看，這表明它實際上幫助我們接待了一些新客人和一些不常來的客人。這才是我們真正受益的地方。里克之前提到過，更多的是關於那些我們可能會遺漏的客人。永無止境的意大利麵碗真的讓他們回來了。然後你會發現，與其他地方相比，菜單價格實際上相當低。

Thank you for that. And just as a quick follow-up, in terms of thinking about Olive Garden's diminished market share over the last couple of quarters, do you think that not fully capturing that individual or small party delivery opportunity has contributed to that diminished market share dynamic?

謝謝你。作為快速跟進，考慮到橄欖園在過去幾個季度中市場份額的下降，您是否認為沒有充分抓住個人或小團體交付機會導致了市場份額的下降？

Hey, Jeff. I just want to be clear, whenever we hear diminished market share, it sounds like we're losing share. The only quarter Olive Garden has had lower traffic than the industry, and I think the last five years, is the quarter we just ended. And it wasn't that much different.

嘿，傑夫。我只是想澄清一下，每當我們聽到市場份額減少時，聽起來就像我們正在失去份額。橄欖園客流量低於該行業的唯一一個季度，我認為過去五年，是我們剛結束的季度。情況並沒有太大不同。

So yes, this quarter, we lost a little bit of traffic share, but we're still at the 50th percentile. So there were some others that did really well to drive some traffic that moved the average a little bit.

所以，是的，這個季度，我們失去了一點流量份額，但我們仍然處於第 50 個百分點。因此，還有一些其他網站在推動流量方面做得非常好，使平均值略有上升。

Now, could it be that some of these delivery customers that didn't have a chance to get Olive Garden are part of that reason? Perhaps. But saying that we've lost share, I think, is not really what we believe. We did lose it in one quarter over the last few years.

那麼，這些沒有機會獲得 Olive Garden 的送貨客戶是否也是這個原因的一部分？也許。但我認為，說我們失去了份額並不是我們真正所相信的。在過去的幾年裡，我們確實在四分之一的時間裡失去了它。

So yeah, just quickly -- 100% fair -- I should have worded that diminished market share; outperformance is what I should have said. So fair.

所以，是的，很快——100%公平——我應該說市場份額減少了；表現出色是我該說的。太公平了。

Okay. No problem.

好的。沒問題。

Thank you for the response. Thank you.

謝謝您的回覆。謝謝。

All right. Thanks, Jeff.

好的。謝謝，傑夫。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Thank you. You were mentioning that the greater political uncertainty may have affected the consumer sentiment specifically in July. Can you make comments on how you think these tighter migration controls that we're hearing from both parties actually might be affecting labor costs for your brands? And what do you expect the labor cost to be in '25?

謝謝。您提到更大的政治不確定性可能影響了七月的消費者信心。您能否評論一下我們從雙方那裡聽到的這些更嚴格的遷移控制實際上可能會影響您品牌的勞動成本？您預計 25 年的勞動成本是多少？

Hey, Danilo. Labor costs are actually holding up pretty well. I think when we look at the current quarter, our overall labor inflation was around 4%. Hourly labor wages were 3.9%, which has come off of really high numbers a couple of years ago.

嘿，達尼洛。勞動力成本實際上保持得很好。我認為當我們看當前季度時，我們的整體勞動力通膨率約為 4%。每小時工資為 3.9%，與幾年前的相當高的數字相比有所下降。

And I think from an applicant flow, we're seeing a lot -- higher applicants. And so we actually feel really good about the labor situation and on the availability of labor. And when we look at overall for the full year, we're still expecting our labor to be more in that 4% range, which is not that different from pre-COVID. And so we don't see that as an issue, at least, in the near term or for the rest of the fiscal year.

我認為從申請者的流動來看，我們看到了很多——更高的申請者。因此，我們實際上對勞動力狀況和勞動力的可用性感到非常滿意。當我們縱觀全年的整體情況時，我們仍然預計我們的勞動力將更多地處於 4% 的範圍內，這與新冠​​疫情之前沒有太大不同。因此，至少在短期內或本財年剩餘時間內，我們不認為這是一個問題。

Great. And can you make also some comments on the actions you're taking to maybe address some of the challenges that you're seeing in the fine dining segment?

偉大的。您能否對您為解決您在美食領域遇到的一些挑戰而採取的行動發表一些評論？

Yeah, Danilo, if you think about fine dining, sometimes, you've got an economy at -- when you've got lower kind of consumers that were more aspirational going into fine dining that are not in there now, it's not something that we really want to go after very hard. We believe that the fine dining consumer is a very discerning consumer.

是的，達尼洛，如果你考慮高級餐飲，有時，你會遇到一種經濟狀況——當你有較低層次的消費者，他們更有志於進入現在不存在的高級餐飲，那麼這不是一個經濟體。我們相信，精緻餐飲消費者是非常挑剔的消費者。

And I will say that when you look at across all of our brands, but even -- especially in fine dining, the consumer that is a frequent consumer to us has not stopping coming. The people that know what you get when you go to fine dining are still coming to fine dining. It's some of those that may have come during times that they wanted to be aspirational.

我想說的是，當你縱觀我們所有的品牌時，即使是——尤其是在精緻的餐飲領域，我們的常客也沒有停止光顧。那些知道您在高級餐廳會得到什麼的人仍然會來高級餐廳。其中一些可能是在他們想要成為有抱負的時候來到的。

That said, we brought wagyu and wine back at Capital Grille. It's back right now. It's the first time I think in five years, we've run wagyu and wine. And that's a great a wagyu choice of one of three great wagyu burgers and a great -- and some great glasses of wine for a good price point.

也就是說，我們把和牛和葡萄酒帶回了 Capital Grille。現在就回來了。我認為這是五年來我們第一次經營和牛和葡萄酒。這是一個很棒的和牛選擇，三個很棒的和牛漢堡之一，還有一個很棒的和牛，還有一些很棒的葡萄酒，價格也很合理。

So that might get some of those consumers to come in and see. But sometimes, you don't want to market to people to really change your brand when you've got these great discerning consumers that come to our restaurants, and they're still coming.

因此，這可能會吸引一些消費者進來看看。但有時，當你有這些眼光敏銳的消費者來到我們的餐廳，而且他們仍然會來時，你不想向人們推銷以真正改變你的品牌。

Excellent. Thank you.

出色的。謝謝。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Hey, guys. Appreciate the time. So there's obviously increased demand for value across the industry. With Never Ending Pasta Bowl, are you seeing a higher mix or take rate than you've seen historically on the promo just given that demand for value?

嘿，夥計們。珍惜時間。因此，整個產業對價值的需求明顯增加。考慮到對價值的需求，您是否會看到「永不停歇的義大利麵碗」的組合或拿取率比歷史上在促銷中看到的更高？

Yeah, Lauren, we are seeing a little bit more preference, not dramatically more preference, but we are seeing an increase in preference in the buy-up, so the add-on, for Never Ending Pasta Bowl.

是的，勞倫，我們看到了更多的偏好，而不是顯著的偏好，但我們看到購買的偏好有所增加，所以附加的，對永無止境的意大利麵碗。

Now there are some parts of the country that we're seeing a lot of preference because it's a better value. Even though the price point is tiered, it's still a great value. And so yeah, there is a little bit of more people coming because of the value. But it's performing at our expectations.

現在，我們在該國的某些地區看到了許多人的偏好，因為它更有價值。儘管價格有階梯，但仍然物超所值。是的，因為價值，越來越多的人來到這裡。但它的表現符合我們的預期。

Great. And then just one follow-up on the delivery side. So Olive Garden off-premise already in the mid-20% range without delivery. Any additional color on how you're thinking about the potential incrementality to off-premise delivery and how much this can add to the long-term off-prem run rate?

偉大的。然後在交付方面進行一項後續行動。因此，Olive Garden 場外物業已經處於 20% 的中間範圍，沒有交付。關於您如何考慮場外交付的潛在增量以及這可以為長期場外運行率增加多少，還有什麼其他的資訊嗎？

Yeah, Lauren, what I would say is we're going to learn a lot from the pilot. We're going to learn a lot while it builds. I will say we believe this will be incremental in some way. It's not -- not every delivery order will be incremental, but there are consumers that have wanted Olive Garden delivered for small order for years.

是的，勞倫，我想說的是我們將從飛行員身上學到很多。在它建構的過程中我們會學到很多。我想說的是，我們相信這將在某種程度上是漸進的。事實並非如此——並非每個送貨訂單都會增加，但有些消費者多年來一直希望橄欖園以小訂單送貨。

So we know that there will be some incremental sales out of this. We will learn from the pilot. We will learn from the first 100 or so restaurants that roll out after the pilot and keep going from there. But we believe that over time, this will continue to build and will be highly incremental.

所以我們知道這將會帶來一些增量銷售。我們將向試點學習。我們將向試點後推出的前 100 家左右餐廳學習，並從那裡繼續發展。但我們相信，隨著時間的推移，這種情況將繼續發展，並且將是高度增量的。

Great. Does the pilot include 100 restaurants? Is that what you're saying?

偉大的。試點計畫是否包括 100 家餐廳？你是這麼說的嗎？

The pilot, we plan on having about -- probably about 100 restaurants in the pilot in the second quarter. And then we're going to leave it there through the holidays. And then if all the systems and everything works, then that's when the rollout will start.

對於試點項目，我們計劃在第二季度約有 100 家餐廳參與試點。然後我們會把它留在那裡度假。然後，如果所有系統和一切正常，那麼就可以開始推出。

Now getting to 100 restaurants means that the technology is working. So we're going to start very slowly in maybe five or six restaurants in one market to test the technology, and then build from there, but build pretty quickly to the 100 and then kind of stop the pilot -- not stop the pilot -- but stop expanding in the pilot until after the holidays.

現在擴展到 100 家餐廳意味著該技術正在發揮作用。因此，我們將非常緩慢地開始在一個市場的五到六家餐廳中測試這項技術，然後從那裡開始構建，但很快就會構建到 100 家，然後停止試點——而不是停止試點—— - 但在假期結束前停止試點擴展。

Got you. Thank you very much.

明白你了。非常感謝。

Sure.

當然。

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Hi, guys. Yeah, I just wanted to maybe finish up on Never Ending Pasta Bowl. Just kind of moving it up, how do you see the life cycle kind of that promotion as it starts to lap the year-ago launch?

嗨，大家好。是的，我只是想吃完「永無止境的義大利麵碗」。只是將其提升，您如何看待該促銷活動的生命週期，因為它開始圍繞一年前的發布？

And I guess, with the new sauce, do you expect things to continue? And then also just some color on the comparisons from a year ago. Does October and November get a little bit tougher than September?

我想，有了新的醬汁，你希望事情能繼續下去嗎？然後還有一些與一年前的比較的顏色。十月和十一月會比九月更艱難嗎？

So Andy, I'll talk about the length of Olive Garden's Never Ending Pasta Bowl. So yes, we added four weeks to last year. It was three weeks more than our plan because we always planned to add a few more weeks over time to Never Ending Pasta Bowl.

安迪，我要談談橄欖園永無止境的義大利麵碗的長度。所以，是的，我們比去年增加了四個星期。這比我們的計劃多了三週，因為我們總是計劃隨著時間的推移，為「永無止境的意大利麵碗」再增加幾週的時間。

Now it is a 12-week promotion, so we're doing some things to kind of juice it up during the time. One of them is adding this new sauce. And we're adding the media to introduce the new sauce, which will coincide with last year's launch of Never Ending Pasta Bowl.

現在是為期 12 週的促銷活動，因此我們正在做一些事情來增強促銷活動的效果。其中之一就是添加這種新醬汁。我們正在添加媒體來介紹新的醬汁，這將與去年推出的「永不停歇的義大利麵碗」同時推出。

That said, it probably will wear off a little bit towards the end when the last year's Never Ending Pasta Bowl is still going stronger. But we believe that Never Ending Pasta Bowl is better than not having Never Ending Pasta Bowl during that time right before Thanksgiving.

也就是說，當去年的永不停歇的意大利麵碗仍然更強勁時，它可能會在接近年底時逐漸減弱。但我們相信，在感恩節前的那段時間裡，吃不完的義大利麵碗比不吃吃不完的義大利麵碗好。

So we don't anticipate having every week that we run Never Ending Pasta Bowl this year being positive last year. Because, probably, towards the tail end of this year's Never Ending Pasta Bowl is going to still be running on a little bit of strength of last year's NEPB. And I'll let Raj talk about kind of the forward kind of compares.

因此，我們預計今年舉辦的「永無止境的義大利麵碗」活動的每週都不會像去年那樣積極。因為，今年的「永無止境的義大利麵碗」比賽即將結束時，可能仍將依靠去年 NEPB 的一點實力進行比賽。我會讓 Raj 談談一種前瞻性的比較。

Yeah. I think on the -- when you think about where we were last year, we started to see some softness as we got into the fall of last year, especially as we get into mid to late October, across all our brands. And in fact, last year, Never Ending Pasta Bowl preference went up significantly from the year before.

是的。我認為，當你想到我們去年的處境時，我們開始看到去年秋季的一些疲軟，特別是進入十月中下旬時，我們所有品牌的情況都出現了一些疲軟。事實上，去年對「永無止境的義大利麵碗」的偏好比前一年顯著上升。

And that probably helped that Never Ending Pasta Bowl hold up well. But outside of Olive Garden, we started to see other brands did see some softness as we get into October and then into November. So there is -- the compares actually get a little bit better, not significantly, though. But there was some softness last year.

這可能有助於永不停歇的意大利麵碗保持良好狀態。但在 Olive Garden 之外，隨著進入 10 月和 11 月，我們開始看到其他品牌確實出現了一些疲軟。所以，相較之下，其實稍微好一點，但不是很明顯。但去年出現了一些疲軟。

Thank you.

謝謝。

John Ivankoe, JPMorgan.

約翰‧伊凡科，摩根大通。

Hi. Thank you. When you look at Olive Garden performance over the last couple of quarters, what really distinguishes in your mind kind of the better markets from the slower markets? Maybe even within those markets, what kind of distinguishes a better store than a store that's not as performing as well?

你好。謝謝。當您查看橄欖園過去幾季的表現時，您認為更好的市場與較慢的市場真正有何區別？也許即使在這些市場中，更好的商店與表現不佳的商店有何不同？

I mean, can we -- is it income driven? Is it demographics driven? Or are there may be certain areas of the country where you have a lot more incremental competition? Is there a way for us to kind of look below the averages and say, hey, here's kind of a class of underperforming stores?

我的意思是，我們可以──它是收入驅動的嗎？是人口統計驅動的嗎？或者，在該國的某些地區，您可能會面臨更多的增量競爭嗎？有沒有一種方法可以讓我們看到低於平均水平的商店並說，嘿，這是一類表現不佳的商店？

And more interestingly, do you have anything, yourselves, any tools that you can do to pull some of the underperforming stores closer to average or above average?

更有趣的是，您自己是否有辦法或工具可以使一些表現不佳的商店接近平均或高於平均水平？

Yeah, John, I'll use Olive Garden as an example since it's a big part of our system. But let's just -- in geography, there are parts of the country that actually were softer than other parts of the country. So Florida, for example, soft; Texas a little soft in the quarter.

是的，約翰，我將使用橄欖園作為範例，因為它是我們系統的重要組成部分。但我們只是說——在地理上，這個國家的某些地區實際上比該國其他地區更軟弱。例如，佛羅裡達州，柔軟；德克薩斯州本季有點疲軟。

Florida, if you think about the travel component I mentioned, and if you listen to the theme parks and you listen to Disney and what happened in the summer, it was a slower summer. Texas, as I said, we had a lot of storms, got the hurricane hit in Houston. We have over 60 restaurants in Houston across all of Darden.

佛羅裡達州，如果你想想我提到的旅行部分，如果你聽主題樂園、迪士尼以及夏天發生的事情，那是一個緩慢的夏天。正如我所說，德克薩斯州遭遇了很多風暴，休士頓遭受了颶風襲擊。我們在休士頓達頓地區擁有 60 多家餐廳。

That said, when you really look at performance across geography, the difference is the quality and commitment of the management team. And are they executing our standards the way we're supposed to execute our standards?

也就是說，當你真正檢視跨地域的績效時，你會發現差異在於管理團隊的品質和承諾。他們是否按照我們應該執行標準的方式執行我們的標準？

I'll give you one. Olive Garden has been focusing on offering our guests a refill. We know that if you're offered to refill, whether or not you accept the refill, your value, your intent to return, everything else goes way up. If you're not, it doesn't. So that we know is one of the big drivers of Olive Garden performance.

我給你一張。 Olive Garden 一直專注於為我們的客人提供續杯服務。我們知道，如果您被提供續杯，無論您是否接受續杯、您的價值、您的退貨意願，其他一切都會上升。如果你不是，那就不會。所以我們知道這是橄欖園表現的一大推動因素。

At LongHorn, if your steak is cooked correctly -- and by the way, they do a great job in cooking the stakes correctly -- if it's cooked correctly, your intent to return is huge. If it's not, it's a lot lower. So I will tell you that if the management team is trained and ready to go and the general manager or the managing partner is leading that team to our standards, they do really well. If they don't, then they don't.

在 LongHorn，如果您的牛排烹調得當，順便說一句，他們在正確地烹調牛排方面做得很好，如果烹調得當，您的回頭率就很高。如果不是的話，那就低很多了。所以我會告訴你，如果管理團隊經過培訓並準備就緒，而總經理或管理合夥人帶領團隊達到我們的標準，那麼他們會做得非常好。如果他們不這樣做，那麼他們就不這樣做。

And so that we've got our directors of operations in those restaurants to help those managers. But we offer the same menu across all of our restaurants. We hire the same people across all of our restaurants. It's that management team that makes the difference.

因此，我們讓這些餐廳的營運總監來幫助這些經理。但我們所有的餐廳都提供相同的菜單。我們所有的餐廳都僱用相同的人員。正是管理團隊帶來了改變。

And we believe we have the best management teams in the industry and the best general managers in the business. So we're really confident that we continue to execute, we win.

我們相信我們擁有業內最好的管理團隊和業內最好的總經理。因此，我們非常有信心繼續執行，我們會贏。

Thank you.

謝謝。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Thanks for the question. I wanted to go back to the discussion on pricing. I think that you had taken down your create-your-own pasta promotion price point by about 4% over the summer.

謝謝你的提問。我想回到關於定價的討論。我認為今年夏天你們已經將自己製作義大利麵的促銷價格降低了約 4%。

Just wondering if you could tell us a little bit more about how that worked out in the quarter and whether you expect to feature more discounted promotions going forward similar to what we saw over the summer.

只是想知道您是否可以告訴我們更多有關本季度效果的信息，以及您是否預計未來會推出更多折扣促銷活動，類似於我們在夏季看到的情況。

Hey, Jim, if you think about create-your-own pasta, we had priced it up kind of late in the last fiscal year to, I think, a little bit over $13. And we thought, you know what, maybe we should have kept it at $12.99. So it's actually at $12.99 on our menu today. So it wasn't -- I don't think it was a 4% reduction; maybe it was. But it went down maybe $0.40, $0.50 so probably so.

嘿，吉姆，如果你考慮自己製作意大利麵，我們在上個財年末將其定價為，我認為，略高於 13 美元。我們想，你知道嗎，也許我們應該將其保持在 12.99 美元。所以今天我們菜單上的價格實際上是 12.99 美元。所以這不是——我不認為減少了 4%；而是減少了 4%。也許是的。但它可能下跌了 0.40 美元、0.50 美元，所以很可能是這樣。

But we still took our pricing across. And so we decided that Never Ending Pasta Bowl, which is a great value offer every day, probably, it makes more sense at $12.99 than at $13.49. So we were able to move that price to other places.

但我們仍然堅持我們的定價。因此，我們決定，「永不停歇的義大利麵碗」每天都會提供超值優惠，可能 12.99 美元比 13.49 美元更有意義。因此我們能夠將該價格轉移到其他地方。

So when you think about what we're doing in the future with it, we believe it's going to stay around that price point. But we'll continue to refresh that offer and continue to provide reasons for guests to come and get -- create your own pasta at $12.99, which is not limited time. It's every day.

因此，當你考慮我們未來將如何利用它時，我們相信它將保持在這個價格點附近。但我們將繼續更新優惠，並繼續為客人提供理由——以 12.99 美元的價格製作您自己的麵食，且不限時。每天都是如此。

But we'll also continue to talk about some of the great value we have on the rest of the menu and maybe some limited-time offers to get people in, so they can see the great value on the rest of the menu. If there's any other things on pricing, Raj, did I miss anything on the price?

但我們也將繼續討論菜單其餘部分的一些巨大價值，也許還有一些限時優惠來吸引人們，這樣他們就可以看到菜單其餘部分的巨大價值。 Raj，如果還有其他有關定價的信息，我是否遺漏了有關價格的任何內容？

I think you got it. Yes.

我想你明白了。是的。

Just a quick follow-up. When you did normalize that price point back to $12.99, did you notice any consumer reaction, good or bad?

只是快速跟進。當您將價格點正常化回 12.99 美元時，您是否注意到消費者有任何反應，無論好壞？

Yes, we did. It performed better than it was doing at 13%-plus. Preference went up a little bit. And our performance in June was, I think, a little bit better than it was in May at Olive Garden. Yeah.

是的，我們做到了。它的表現比 13% 以上的表現要好。偏好度上升了一點。我認為我們六月在橄欖園的表現比五月好一些。是的。

Understood. Last quick question. Can you give us an estimate of the dollar budget for G&A for the year, given you had some exceptional expenses last year, for comparison purposes?

明白了。最後一個快速問題。鑑於您去年有一些特殊費用，您能否給我們估算今年的一般行政費用預算，以便進行比較？

Yeah. I think we -- I think we said this in the initial guidance. It hasn't changed since then. We're probably looking at somewhere close to $450 million. With the first quarter being $125 million, you can expect the rest to be more in that $105 million to $110 million in any given quarter.

是的。我想我們——我想我們在最初的指導中說過這一點。從那時起它就沒有改變。我們可能正在尋找接近 4.5 億美元的資金。由於第一季為 1.25 億美元，您可以預期任何特定季度的其餘部分都將在 1.05 億至 1.1 億美元之間。

Very good. Thank you very much.

非常好。非常感謝。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅，雷蒙德·詹姆斯。

Hi. Thanks so much. Just two quick ones for me. On your existing off-premise business at Olive Garden, can you remind us what percent of that is small order takeout versus larger group or catering type orders?

你好。非常感謝。對我來說只有兩個快速的。關於您在 Olive Garden 現有的場外業務，您能否提醒我們，小訂單外帶與大型團體或餐飲類型訂單的比例是多少？

Yes. It's about 80% small order and about 20% kind of catering set.

是的。大約80%是小訂單，大約20%是餐飲套餐。

Okay. Great. And just to clarify on your comments on Never Ending Pasta, Rick, did you say that the overall sales mix on NEP was up? Or was that trade-up adding on proteins that was up? I'm just curious, what percentage of your customers end up trading up and adding proteins versus staying at that starting price point?

好的。偉大的。 Rick，為了澄清您對「永無止境的義大利麵」的評論，您是否說過 NEP 的整體銷售組合有所上升？或者說這種交換是增加了蛋白質的含量？我只是很好奇，與保持起始價格點相比，您的客戶最終進行交易並添加蛋白質的比例是多少？

Yeah. I would say two things. One, the overall preference is up slightly for Never Ending Pasta Bowl. In some markets of the country, it's up a lot. But it's up slightly.

是的。我想說兩件事。第一，對「永無止境的義大利麵碗」的整體偏好略有上升。在該國的一些市場，價格上漲了很多。但還是小幅上漲了

But the trade-up is up more than our overall preference is up. And the trade-up is about 65% -- 60% to 65% of the people order the protein on top of the pasta, which is up versus last year.

但交易的上升幅度超過了我們整體偏好的上升幅度。換購率約為 65%——60% 至 65% 的人會在麵食上添加蛋白質，比去年有所增加。

Perfect. Thank you.

完美的。謝謝。

Sure.

當然。

Thank you. We've reached the end of our question-and-answer session. I'd like to turn the floor back over to Courtney for any further or closing comments.

謝謝。我們的問答環節已經結束。我想將發言權轉回考特尼以徵求進一步的意見或結束意見。

That concludes our call. I want to remind you that we plan to release the second-quarter results on Thursday, December 19, before the market opens with the conference call to follow. Thank you for participating in today's call.

我們的通話到此結束。我想提醒您，我們計劃在 12 月 19 日星期四開市前發布第二季業績，隨後召開電話會議。感謝您參加今天的電話會議。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。