達登餐飲 (DRI) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Darden Restaurants Inc. Q2 fiscal year 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加達頓餐廳公司 2025 財年第二季財報電話會議及網路廣播。 （操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to your host, Phil McClain, Vice President, Finance and Investor Relations. Please go ahead, Phil.

現在我很高興將電話轉給東道主財務和投資者關係副總裁菲爾麥克萊恩 (Phil McClain)。請繼續，菲爾。

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 could cause actual results to differ materially from our expectations and projections. Those risks are described in the company's press release, which was distributed this morning in its filings with the Securities and Exchange Commission.

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。這些風險在該公司的新聞稿中進行了描述，該新聞稿在今天上午向美國證券交易委員會提交的文件中分發。

We are simultaneously broadcasting a presentation during this call, which is posted in the investor relations section of our website at darden.com. Today's discussions and presentation include a certain non-GAAP measurements and reconciliations of these measurements are included in the presentation.

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。今天的討論和簡報包括某些非 GAAP 衡量標準，簡報中還包括這些衡量標準的調整。

Looking ahead, we plan to release fiscal 2025 third-quarter earnings on Thursday, March 20, before the market opens followed by a conference call.

展望未來，我們計劃在 3 月 20 日星期四開盤前召開電話會議之前發布 2025 財年第三季收益。

During today's call, all references to industry results refer to the Black Box Intelligence casual dining benchmarks excluding Darden. During our fiscal second quarter, industry-same restaurant sales grew by 1% and industry same-restaurant guest counts decreased 1.8%.

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。在第二財季，同行業餐廳銷售額成長了 1%，同行業餐廳客人數量減少了 1.8%。

This morning, Rick will share some brief remarks on the quarter, and Raj will provide details on our financial results and an update to our fiscal 2025 financial outlook.

今天早上，Rick 將分享有關本季度的一些簡短評論，Raj 將提供有關我們財務業績的詳細資訊以及我們 2025 財年財務前景的最新資訊。

Now I will turn the call over to Rick.

現在我將把電話轉給里克。

Thank you, Phil, and good morning, everyone.

謝謝你，菲爾，大家早安。

We had a strong quarter that met our expectations. Same-restaurant sales at three of our four segments were positive and all of our brands remain intensely focused on our back-to-basics operating philosophy, anchored in food, service, and atmosphere.

我們的季度表現強勁，符合我們的預期。我們四個細分市場中的三個的同餐廳銷售情況良好，我們所有的品牌仍然高度關注我們回歸基本的經營理念，以食品、服務和氛圍為基礎。

I was pleased that our four largest brands, Olive Garden, LongHorn Steakhouse, Yard House, and Cheddar's Scratch Kitchen all generated positive same-restaurant sales for the quarter.

我很高興我們的四個最大品牌 Olive Garden、LongHorn Steakhouse、Yard House 和 Cheddar's Scratch Kitchen 在本季度都實現了積極的同店銷售。

During the quarter, the Olive Garden team's ongoing focus on being growing with the basics combined with great execution of an extended Never Ending Pasta Bowl drove a positive sales gap to the industry. Never Ending Pasta Bowl featured a starting at price point of $13.99, marking the third consecutive year at that price point and making it an even more compelling value for our guests. NEPB was once again well received as evidenced by the highest refill rate ever in higher protein add-ons compared to last year.

在本季度，橄欖園團隊持續專注於基礎知識的增長，再加上擴展的永無止境的意大利麵碗的出色執行力，為行業帶來了積極的銷售差距。 「Never Ending Pasta Bowl」起價為 13.99 美元，這是連續第三年保持該價位，這對我們的客人來說更具吸引力。與去年相比，NEPB 再次受到好評，高蛋白添加物的補充率達到了歷史最高水準。

In October, Olive Garden launched its Uber direct pilot in approximately 100 restaurants. They are not promoting it yet in order to focus on the technology integration and operational execution. The pilot has gone very well, thanks to the operators in the pilot restaurants, the Olive Garden operations excellence team, and the Darden IT team.

10 月，Olive Garden 在大約 100 家餐廳推出了 Uber 直接試點。他們還沒有推廣它，以便專注於技術整合和營運執行。感謝試點餐廳的操作員、Olive Garden 卓越營運團隊和 Darden IT 團隊，試點進展順利。

Olive Garden is on track to begin rolling it out to the rest of the system after the holidays, with potential completion by the end of the third quarter. Olive Garden is a brand that is well positioned to leverage news to drive traffic. And the team has been working on several initiatives to continue appealing to core guests as well as value seekers.

Olive Garden 預計在假期後開始將其推廣到系統的其他部分，並可能在第三季末完成。 Olive Garden 是一個能夠利用新聞來推動流量的品牌。該團隊一直致力於多項舉措，以繼續吸引核心客人和價值追求者。

One of these initiatives is an updated menu that launched two weeks ago featuring the return of two fan favorites: Steak Gorgonzola and Stuffed Chicken Marsala. These dishes were the most requested entrées that fans ask Olive Garden to bring back, and the initial response from guests is encouraging.

其中一項舉措是兩週前推出的更新菜單，其中兩種深受粉絲喜愛的菜餚回歸：戈貢佐拉牛排和馬薩拉釀雞肉。這些菜餚是粉絲要求橄欖園帶回來的最受歡迎的主菜，客人的初步反應令人鼓舞。

Starting in January, Olive Garden's advertising will feature the return of these fan favorites and additional guest driving news at compelling price point.

從一月開始，Olive Garden 的廣告將以極具吸引力的價格回歸這些粉絲喜愛的商品以及更多客座新聞。

LongHorn continues to exceed expectations, driven by great guest value and strong operational execution. The LongHorn team is extremely passionate about serving the highest quality steaks in casual dining, which not only requires grilling each steak perfectly, but also having the highest quality product.

在巨大的賓客價值和強大的營運執行力的推動下，LongHorn 繼續超越預期。 LongHorn團隊非常熱衷於在休閒餐飲中提供最高品質的牛排，這不僅需要完美地燒烤每塊牛排，而且還需要擁有最高品質的產品。

During the quarter, LongHorn hosted their first day cutter summit with their suppliers from across the country to review their customers' specifications and immerse their partners in the LongHorn business and culture. The summit ended with one supplier receiving the Golden Steak Award for the best adherence to LongHorn standards. And all of the partners left the event more aligned in better position to consistently meet the brand's expectations.

在本季度，LongHorn 與來自全國各地的供應商舉辦了第一天的切割機高峰會，以審查客戶的規格，並使合作夥伴沉浸在 LongHorn 的業務和文化中。高峰會結束時，一家供應商因最佳遵守 LongHorn 標準而榮獲金牛排獎。所有合作夥伴在活動結束後都更加協調一致，以更好地持續滿足品牌的期望。

After receiving steaks that meet their stringent quality specifications, [expect] the LongHorn team members to grill them to perfection. That's why the LongHorn team validates their grill masters' expertise each year, regularly retrained and how to correctly season their steaks, and ensures their managers verify that each state is grilled to the right temperature. This focus continues to pay off and resulted in an all time high steaks were correctly [store] during the quarter.

在收到符合嚴格品質規格的牛排後，[期望]LongHorn 團隊成員將其烤至完美。這就是為什麼 LongHorn 團隊每年都會驗證其燒烤大師的專業知識，定期進行再培訓以及如何正確調味牛排，並確保其經理驗證每個州的燒烤溫度是否合適。這種關注繼續得到回報，並導致本季度正確[儲存]的牛排達到歷史最高水平。

The performance of Yard House and Cheddar's drove positive comps within our other segments. Yard House has built a competitive advantage of distinctive culinary offerings with broad appeal to a range of approachable and trend forward items. One example of how they bring this to life is bratwurst sliders that were featured during Octoberfest, which helped drive further sales momentum for the brand during the quarter. The Yard House team is well positioned to build on their momentum with new food news during the third quarter.

Yard House 和 Cheddar's 的表現推動了我們其他細分市場的積極競爭。 Yard House 憑藉獨特的烹飪產品建立了競爭優勢，對一系列平易近人、引領潮流的菜餚具有廣泛的吸引力。他們如何將這一理念變為現實的一個例子是十月節期間推出的香腸滑塊，這有助於推動該品牌在本季度的進一步銷售勢頭。 Yard House 團隊已做好準備，將在第三季透過新的食品新聞來鞏固其勢頭。

The Cheddar's team leverages efficiency and Darden's purchasing power to provide great food served with speed at a (inaudible) price. One way they achieve this is by capitalizing on lower cost opportunity buys to create limited time offers. During the quarter, two LTOs return to their menu. Their Texas T-bone for $21.49, which was followed by their Bone-in Ribeye for $22.49. And each of these entrées also include honey butter croissants and two sides for that price.

切達乾酪的團隊利用效率和達頓的購買力，以（聽不清楚）的價格提供美味的食物。他們實現這一目標的方法之一是利用低成本購買機會來創造限時優惠。在本季度，兩個 LTO 重新回到他們的菜單中。他們的德州丁骨牛排售價 21.49 美元，其次是帶骨肋眼牛排，售價 22.49 美元。每個主菜還包括蜂蜜黃油羊角麵包和兩個配菜，價格相同。

I'm proud of the momentum that Cheddar's team is building. During the quarter, they achieved their best ever retention level already exceeding their annual goal. Also, in Technomic's most recent survey, their value score once again outperformed the casual dining category and Cheddar's ranked first among casual dining brands for affordability.

我為切達團隊正在建立的勢頭感到自豪。在本季度，他們實現了有史以來最好的保留水平，已經超過了年度目標。此外，在 Technomic 的最新調查中，他們的價值得分再次超過了休閒餐飲類別，Cheddar's 在休閒餐飲品牌的價格承受能力方面排名第一。

Now, let me -- before I provide a brief update on Chuy's. We successfully closed the transaction during the quarter and the leadership team, including Chuy's President, Steve Hislop and their operations leader, John Korman, is in place. The integration process has just begun and is being led by the same team that successfully directed the Ruth's Chris integration.

現在，讓我——在我提供有關 Chuy 的簡短更新之前。我們在本季成功完成了交易，包括 Chuy 總裁 Steve Hislop 和營運負責人 John Korman 在內的領導團隊已就位。整合過程才剛開始，由成功指導 Ruth's Chris 整合的同一個團隊領導。

They're focused on three key objectives: preserving the employee experience and Chuy's unique culture, maintaining the guest experience, and successfully migrating Chuy's onto the Darden platform with as few disruptions as possible.

他們專注於三個關鍵目標：保留員工體驗和 Chuy 的獨特文化、維護賓客體驗以及在盡可能減少干擾的情況下成功將 Chuy's 遷移到 Darden 平台。

The timeline for this integration will likely be a little longer than the one for Ruth's Chris, because we are about to begin rolling out the next generation of our point-of-sale system. This system currently supports nine different brands and is the nerve center for our competitive advantage of extensive data and insights.

這種整合的時間可能會比露絲的克里斯的時間長一點，因為我們即將開始推出下一代銷售點系統。該系統目前支援九個不同的品牌，是我們擁有豐富數據和見解的競爭優勢的神經中樞。

This is not an off-the-shelf product, rather, it's a proprietary system that we first built more than 20 years ago and continued to maintain enhanced ourselves. It's integrated with all of our key restaurant applications and also has a number of great features that are designed to make our managers' jobs easier, deliver key data to help enhance operations, and ensure labor compliance.

這不是現成的產品，而是我們在 20 多年前首次建構的專有系統，並不斷自我改進。它與我們所有的主要餐廳應用程式集成，並且還具有許多強大的功能，旨在使我們的經理的工作更輕鬆，提供關鍵數據以幫助增強運營，並確保勞工合規性。

Our IT team has been working for some time to completely rewrite and modernize the application in order to provide an improved and more modern user interface, implement updated technology architecture, offer the ability to operate on different types of hardware, and deliver near real-time analytics.

一段時間以來，我們的IT 團隊一直致力於完全重寫應用程式並使其現代化，以提供改進且更現代的用戶界面、實施更新的技術架構、提供在不同類型的硬體上運行的能力，並提供近乎即時的交付。

All of this will reduce training time for our new team members, drive speed by reducing number of clicks required to enter orders as well as other tasks, enable our IT team to respond faster to request for system enhancements, and further strengthen our competitive advantages of significant scale and extensive data and insights. The learning we capture from rolling it out will help minimize disruptions when we bring it online at Chuy's.

所有這些都將減少我們新團隊成員的培訓時間，透過減少輸入訂單和其他任務所需的點擊次數來提高速度，使我們的IT 團隊能夠更快地響應系統增強的請求，並進一步增強我們的競爭優勢巨大的規模和廣泛的數據和見解。我們從推出它中獲得的經驗將有助於最大限度地減少我們在 Chuy's 上線時的干擾。

During the second quarter, we also experienced meaningful impacts from hurricanes Helene and Milton. Our operations teams and our severe weather taskforce did an outstanding job ensuring our restaurants were prepared for the storms and able to reopen quickly. Only one restaurant, the Cheddar's in Asheville, North Carolina, has been able to reopen due to the damages sustained. We expect to reopen this restaurant next fiscal year.

在第二季度，我們也經歷了颶風海倫和米爾頓的重大影響。我們的營運團隊和惡劣天氣工作小組做得非常出色，確保我們的餐廳為風暴做好準備並能夠迅速重新開業。由於遭受的損失，只有北卡羅來納州阿什維爾的 Cheddar's 一家餐廳能夠重新開業。我們預計下個財政年度將重新開放這家餐廳。

Hurricane Helen's impact was felt across multiple states, while Hurricane Milton left a path of destruction across Florida, each affecting our team members and guests. As a company that cares, one of the ways we nourish and delight everyone we serve is by responding to help others in times of need. That's why Darden is a proud partner of the American Red Cross. Each year, the Darden foundation provides a $500,000 grant to their annual disaster giving program.

颶風海倫的影響遍及多個州，而颶風米爾頓在佛羅裡達州造成了破壞，每個州都影響了我們的團隊成員和客人。作為一家關懷他人的公司，我們滋養和取悅我們所服務的每個人的方式之一就是在需要時做出回應，幫助其他人。這就是達頓成為美國紅十字會自豪的合作夥伴的原因。每年，達頓基金會都會為其年度災難捐贈計畫提供 50 萬美元的補助。

The program enables the Red Cross to prepare communities for disasters like Helene and Milton and respond to help families during the recovery process. Our team members can count on us as well. Nothing represents the strength of our culture, quite like Darden Dimes, our signature employee giving program that enables team members across our family of restaurants and at the restaurant support center to support their fellow coworkers when the unexpected happens.

該計劃使紅十字會能夠幫助社區做好應對海倫和米爾頓這樣的災難的準備，並在恢復過程中為家庭提供幫助。我們的團隊成員也可以信賴我們。沒有什麼比 Darden Dimes 更能代表我們文化的力量，Darden Dimes 是我們標誌性的員工捐贈計劃，該計劃使我們餐廳家族和餐廳支持中心的團隊成員能夠在意外發生時為同事提供支持。

We are grateful that all of our team members in the affected areas are safe, and we moved quickly to help those who were hardest hit. Darden Dimes provided grants totaling $1.1 million to more than 5,600 impacted team members.

我們很高興受影響地區的所有團隊成員都很安全，我們迅速採取行動幫助那些受災最嚴重的人。 Darden Dimes 向 5,600 多名受影響的團隊成員提供了總計 110 萬美元的贈款。

As I reflect on the quarter, I continue to believe in the power of our strategy, in our brand's ability to compete effectively regardless of the environment. Each point of our brand leadership teams is focused on the long term and staying committed to our back-to-basics operating philosophy. I am proud of the way our teams performed throughout the second quarter, and now we're in the midst of the busiest time of the year for our restaurants as they nourish and delight our guests and create lasting holiday memories.

當我回顧本季時，我仍然相信我們策略的力量，相信我們的品牌無論環境如何都能有效競爭的能力。我們的品牌領導團隊的每一點都著眼於長期，並堅持我們回歸基本的營運理念。我對我們團隊在第二季的表現感到自豪，現在我們的餐廳正處於一年中最繁忙的時期，他們為我們的客人提供營養和愉悅，並創造持久的假期回憶。

On behalf of our leadership team and the Board of Directors, I want to thank our 195,000 team members. I wish you and your families a happy holiday season and hope to see you in our restaurants.

我謹代表我們的領導團隊和董事會，感謝我們的 195,000 名團隊成員。祝您和您的家人節日快樂，並希望在我們的餐廳見到您。

Now, I'll turn it over to Raj.

現在，我將把它交給 Raj。

Thank you, Rick, and good morning, everyone.

謝謝你，瑞克，大家早安。

Second-quarter earnings results were in line with our expectations, with positive same-restaurant sales at our four largest brands. The Thanksgiving shift to the third quarter this year caused the sales benefit for the casual dining brands and a headwind for our fine dining brands in the second quarter. However, even when adjusting for the benefit of the Thanksgiving holiday shift at our four largest brands, same-restaurant sales were still positive.

第二季獲利結果符合我們的預期，我們四個最大品牌的同店銷售業績良好。今年感恩節移至第三季度，為休閒餐飲品牌帶來了銷售收益，但也為我們的高級餐飲品牌帶來了第二季度的不利影響。然而，即使我們四個最大的品牌考慮了感恩節假期的影響，同店銷售額仍然樂觀。

In the second quarter, we generated $2.9 billion of total sales, 6% higher than last year, driven by same-restaurant sales of 2.4%, the acquisition of 103 Chuy's restaurants on October 11, and the addition of 39 net new restaurants. The Thanksgiving holiday shift contributed approximately 90 basis points to the same-restaurant sales for the quarter, but was partially offset by a negative 30 basis points impact from from hurricanes Helene and Milton.

第二季度，我們的總銷售額為 29 億美元，比去年增長 6%，這主要得益於同店銷售額 2.4%、10 月 11 日收購了 103 家 Chuy's 餐廳以及淨增 39 家新餐廳。感恩節假期的轉變為本季同餐廳銷售額貢獻了約 90 個基點，但被颶風海倫和米爾頓帶來的 30 個基點的負面影響部分抵消。

We outperformed the industry benchmarks again this quarter. Same-restaurant sales were 140 basis points better than the industry, and same-restaurant guest counts also exceeded the industry by 140 basis points.

本季我們的表現再次優於業界基準。同店銷售額比業界高出140個基點，同店客人數量也比業界高出140個基點。

Adjusted diluted net earnings per share from continuing operations of $2.03, were 10% higher than last year. We generated $445 million of adjusted EBITDA and return $308 million to our shareholders, paying $166 million in dividends on $142 million in share repurchases.

持續經營業務調整後稀釋每股淨利為 2.03 美元，比去年高 10%。我們產生了 4.45 億美元的調整後 EBITDA，並向股東返還 3.08 億美元，並透過 1.42 億美元的股票回購支付了 1.66 億美元的股息。

Now looking at our adjusted margin analysis compared to last year, food and beverage expenses were 80 basis points lower, driven by the pricing leverage as commodities were slightly deflationary and they were better than our expectations. Restaurant labor was 20 basis points lower with productivity improvements and sales leverage from the Thanksgiving shift, more than offsetting the total labor inflation of 3.7%, which was [well level over] pricing.

現在看看我們調整後的利潤率分析，與去年相比，食品和飲料費用下降了 80 個基點，這是由於大宗商品略有通縮而受到定價槓桿的推動，並且好於我們的預期。由於生產力的提高和感恩節轉變帶來的銷售槓桿，餐廳勞動力下降了 20 個基點，遠遠抵消了 3.7% 的勞動力總通膨率，該通膨率[遠高於]定價。

Restaurant expenses were flat. Marketing expenses were 30 basis points higher, driven by increased media spending due to more weeks of never-ending possible, while we remain disciplined in how we spend our marketing dollars.

餐廳開支持平。行銷費用增加了 30 個基點，這是由於媒體支出增加，因為可能有更多周的無休止的可能，而我們仍然嚴格控制行銷費用的支出。

Our restaurant level EBITDA of 19.5% for the quarter was 70 basis points higher than last year. Adjusted G&A expenses were 10 basis points higher than last year as unfavorable mark-to-market expense on our deferred compensation cost 20 basis points increase for the quarter. Due to the way we hedge mark-to-market expense, this unfavorability is largely offset in the tax line.

本季我們餐廳的 EBITDA 為 19.5%，比去年高出 70 個基點。調整後的一般管理費用比去年高出 10 個基點，因為本季遞延薪資成本的不利以市價計算費用增加了 20 個基點。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 20 basis points, driven by the financing expenses related to the Chuy's acquisition and other cash needs. Our adjusted effective tax rate was 12.3%, which includes the favorable impact from the mark-to-market hedge I referenced earlier. Our effective tax rate would have been approximately 14% without the impact of mark-to-market.

受與 Chuy 收購相關的融資費用和其他現金需求的推動，利息費用增加了 20 個基點。我們調整後的有效稅率為 12.3%，其中包括我之前提到的以市價對沖的有利影響。如果沒有以市價計價的影響，我們的有效稅率約為 14%。

In total, our adjusted earnings from continuing operations were $240 million, which was 8.3% of sales and 20 basis points better than last year.

總的來說，我們來自持續經營業務的調整後收益為 2.4 億美元，佔銷售額的 8.3%，比去年提高了 20 個基點。

Looking at our segments for the quarter, total sales for Olive Garden increased by 3.3%, driven by same-restaurant sales of 2%, outperforming the industry benchmark by 100 basis points. Last year, Olive Garden same-restaurant sales were 4.1% in the second quarter. On a two-year basis, Olive Garden has grown same-restaurant sales by over 6%, exceeding the industry benchmark by 640 basis points over that period. Olive Garden continues to have strong segment profit margin delivering 21.4% for the quarter, which is 40 basis points higher than last year.

從本季的細分市場來看，在同店銷售額成長 2% 的推動下，Olive Garden 的總銷售額成長了 3.3%，比產業基準高出 100 個基點。去年第二季度，Olive Garden 同店銷售額成長了 4.1%。兩年來，Olive Garden 的同店銷售額成長了 6% 以上，超過同期產業基準 640 個基點。 Olive Garden 繼續保持強勁的部門利潤率，本季達到 21.4%，比去年高 40 個基點。

At LongHorn, total sales increased 10.4%, driven mostly by same-restaurant sales growth of 7.5%, outperforming the industry benchmark by 650 basis points. This is all built on strong results from Q2 last year where they had same-restaurant sales of 4.9%. Leverage from the strong sales growth resulted in segment profit margin of 18.9%, higher than 50 basis points [above] last year.

LongHorn 的總銷售額增長了 10.4%，主要是由於同店銷售額增長 7.5%，超出行業基準 650 個基點。這一切都建立在去年第二季的強勁業績之上，當時他們的同店銷售額為 4.9%。由於強勁的銷售成長，部門利潤率達到 18.9%，比去年高出 50 個基點。

Total sales and the Fine Dining segment decreased 3.8% at same-restaurant sales were negative at all of our fine dining brands for the quarter. Thanksgiving is a busy day for our fine dining brands on the shift of this holiday from the second quarter last year into the third quarter of this year, combined with the hurricanes resulted in an approximately 200 basis points of negative impact to same-restaurant sales.

本季我們所有高級餐飲品牌的同店銷售額均為負數，因此總銷售額和高級餐飲部門下降了 3.8%。感恩節對我們的高級餐飲品牌來說是忙碌的一天，這個假期從去年第二季度轉移到今年第三季度，加上颶風導致同店銷售額下降了約 200 個基點。

Adjusted for these impacts, fine-dining same restaurant sales decreased approximately 3.8%, which was a sequential improvement from the first quarter. The negative sales growth resulted in lower segment profit margin than last year. The other business segment sales increased by 12.9%, driven by the acquisition of Chuy's and positive same-restaurant sales of 0.7%. Segment profit margin of 13.6% was 70 basis points better than last year.

調整這些影響後，高檔餐廳的同店銷售額下降了約 3.8%，較第一季較上季有所改善。銷售負成長導致分部利潤率低於去年。在收購 Chuy's 和同店銷售額成長 0.7% 的推動下，其他業務部門的銷售額成長了 12.9%。分部利潤率為 13.6%，比去年提高 70 個基點。

Turning to our financial outlook for fiscal 2025, we updated our guidance to reflect the acquisition of Chuy's, our year-to-date results, and expectations for the back half of the year. As a reminder, same-restaurant sales for the year do not include Ruth's Chris Steak House or Chuy's because they were not owned and operated by Darden for a 16-month period at the beginning of the fiscal year.

談到 2025 財年的財務展望，我們更新了指引，以反映收購 Chuy's 的情況、我們今年迄今的業績以及對下半年的預期。需要提醒的是，本年度同店的銷售額不包括 Ruth's Chris Steak House 或 Chuy's，因為它們在本財年開始的 16 個月內並非由達頓擁有和經營。

So we now expect total sales of approximately $12.1 billion, including approximately $300 million from Chuy's. Same-restaurant sales growth of approximately 1.5%, 50 to 55 restaurants, capital spending of approximately $650 million, quarterly inflation of approximately 2.5%, including commodities inflation of approximately 1%, an annual effective tax rate of approximately 12.5%, approximately 118 million diluted average shares outstanding for the year. This results in no change to our adjusted diluted net earnings per share outlook of $9.40 to $9.60, which excludes approximately $47 million of pretax transaction and integration related costs.

因此，我們現在預計總銷售額約為 121 億美元，其中來自 Chuy's 的銷售額約為 3 億美元。同店銷售額成長約1.5%，餐廳50至55家，資本支出約6.5億美元，季度通膨約2.5%，其中商品通膨約1%，年度有效稅率約12.5%，約1.18億美元稀釋後的當年已發行平均股數。這不會導致我們調整後的稀釋後每股淨利潤預期為 9.40 美元至 9.60 美元，其中不包括約 4,700 萬美元的稅前交易和整合相關成本。

Looking at the back half of the fiscal year, we expect sales and EPS growth rate to be lower in Q3 than the growth rates in Q4, given the impact of the Thanksgiving holiday shift into the third quarter. Finally, as we expected, we closed in on the Chuy's deal in October, acquiring 103 Chuy's restaurants. We're in the early stages, but the integration is going well, and we now expect to realize run rate synergies of approximately $17 million with approximately $2 million realized in fiscal 2025 and the balance in fiscal 2026.

展望本財年後半段，考慮到感恩節假期轉移到第三季的影響，我們預計第三季的銷售額和每股盈餘成長率將低於第四季的成長率。最後，正如我們預期的那樣，我們在 10 月完成了 Chuy's 交易，收購了 103 家 Chuy's 餐廳。我們正處於早期階段，但整合進展順利，我們現在預計將實現約 1700 萬美元的運行率協同效應，其中約 200 萬美元將在 2025 財年實現，餘額將在 2026 財年實現。

As we mentioned previously, we anticipate the transaction will be neutral to adjusted earnings per share for the fiscal year, not including transaction and integration related expenses. We're very pleased with the actions our brand teams are taking to address their guest needs and deliver strong results. We'll continue to adhere to our strategy and have confidence in the sense of our business model.

正如我們先前所提到的，我們預期此交易對本財年調整後每股盈餘的影響是中性的，不包括交易和整合相關費用。我們對我們的品牌團隊為滿足賓客需求並取得強勁成果而採取的行動感到非常滿意。我們將繼續堅持我們的策略，並對我們的商業模式充滿信心。

Now we'll open it up for questions.

現在我們將開放提問。

(Operator Instructions) David Palmer, Evercore ISI.

（操作員說明）David Palmer，Evercore ISI。

Wanted to ask a question on Olive Garden. I know you have a very good high consumer insights team there. Wanted to ask you about what you're seeing with that brand given the fact that the customer satisfaction levels are so high, sort of comparable to the leaders in any segment, Olive Garden is -- seems to be equal to that superiority in the Italian segment.

想請教關於橄欖園的問題。我知道你們那裡有一支非常優秀的高消費者洞察團隊。想問您對品牌的看法，因為客戶滿意度如此之高，可以與任何細分市場的領導者相媲美，橄欖園似乎與義大利的這種優勢相當部分。

I'm just wondering why do you think the sales gap to the industry is not better? Is it -- and in why is that not related to the advertising? I think a lot of people ask about that, the gap right now and your advertising spend to pre-COVID. I think it was down about a half. So any comments on that would be helpful.

我只是想知道為什麼您認為與行業的銷售差距沒有改善？是嗎──為什麼這跟廣告無關？我想很多人都會問這個問題，現在的差距以及你的廣告支出到新冠疫情之前的情況。我認為它下降了大約一半。因此，對此的任何評論都會有所幫助。

Hey, David, it's Rick.

嘿，大衛，我是瑞克。

A couple of things about Olive Garden. One, the gap to the industry, while it's a little bit narrower than it has been in the past, if you think about how much we've gapped over the last five years, it's been an exceptional gap. And so, if you if you go back a few -- maybe a year ago in the call, we said we don't expect to see keep the gap as high as it is now.

關於橄欖園的一些事。第一，與行業的差距，雖然比過去稍微縮小了一些，但如果你想想我們在過去五年中的差距有多大，你會發現這是一個非常大的差距。因此，如果你回顧幾年前——也許是一年前的電話會議，我們說我們預計差距不會像現在這樣大。

And so when that happened, we've also not gone after some significant discounting promotions like others have brought back. We kept our strategy to drive profitable same-restaurant guest count growth, profitable sales growth. And so this quarter, we showed the power of doing some things.

因此，當這種情況發生時，我們也沒有像其他人那樣追求一些重大折扣促銷活動。我們堅持推動獲利的同餐廳客人數量成長和獲利銷售成長的策略。因此，本季度，我們展示了做一些事情的力量。

We added a few weeks to a Never Ending Pasta Bowl promotion. And those weeks that we were running Never Ending Pasta Bowl against nothing were great weeks for us. Just like others who have started running promotions against nothing, they've been doing it a little longer. And so, our [GAAP], while smaller, we still feel confident we're doing the right things in the long term.

我們在永無止境的義大利麵碗促銷活動中增加了幾週的時間。那些我們無緣無故跑「永無止境的義大利麵碗」比賽的幾週對我們來說是很棒的幾週。就像其他不勞而獲地進行促銷活動的人一樣，他們已經這樣做了更長的時間。因此，我們的 [GAAP] 雖然較小，但我們仍然有信心從長遠來看我們正在做正確的事情。

And in terms of marketing, the amounts that you said, I don't think are exactly accurate. I'll let Raj comment on that part.

在行銷方面，我認為你所說的金額並不完全準確。我會讓 Raj 對此部分發表評論。

Yeah, David, on the marketing spend, it's really driven by at essentially LongHorn spending very little, right? So LongHorn used to spend close to 3%. I think today they're spending probably maybe 0.3%, 0.4% of sales at best. So that's really the biggest driver of marketing decrease. Olive Garden is spending less, but it's not half. It's more in the -- call it, 25%, 30% less than what it used to spend.

是的，大衛，在行銷支出方面，它實際上是由 LongHorn 的支出很少驅動的，對吧？所以LongHorn過去花費接近3%。我認為現在他們的支出最多只佔銷售額的 0.3%、0.4%。所以這確實是行銷下降的最大驅動因素。橄欖園的支出減少了，但還不到一半。比以前的支出減少了 25%、30%。

So you don't believe the scale of advertising is a problem? You're comfortable at these levels of advertising spending going forward?

那您不認為廣告規模是個問題嗎？您對未來的廣告支出水準感到滿意嗎？

David, I wouldn't say whether we're comfortable or not. I would say we can continue to look at ways to advertise Olive Garden and there -- as we think about what we're going to do, we've ticked up advertising in this quarter. We could continue to do that. So it depends on what we're running and what kind of promotions we have. But we feel really good about what we have in our second half of the year. And so there potentially could be a pickup in marketing in the second half, but we don't want to comment on that for competitive reasons.

大衛，我不會說我們是否舒服。我想說，我們可以繼續尋找為橄欖園做廣告的方法，當我們思考我們要做什麼時，我們在本季度增加了廣告。我們可以繼續這樣做。所以這取決於我們正在運行的內容以及我們有什麼樣的促銷活動。但我們對今年下半年的情況感覺非常好。因此，下半年的行銷活動可能會有所回升，但出於競爭原因，我們不想對此發表評論。

Thank you very much.

非常感謝。

Eric Gonzalez, KeyBanc Capital Markets.

岡薩雷斯 (Eric Gonzalez)，KeyBanc 資本市場。

Just on that last point about marketing, I think you mentioned an average -- in January, you're going to bring that to the fan favorites and to the menu. And then your messaging will also include compelling price point. So just putting the pieces together because it sounds like the next quarter might have a little bit of an uptick in advertising?

關於行銷的最後一點，我想你提到了一個平均數——在一月份，你將把它帶到粉絲的最愛和菜單上。然後您的訊息還將包括引人注目的價格點。那麼，只是將各個部分放在一起，因為聽起來下個季度的廣告可能會增加？

Well, if you think about the -- the third quarter is already a really strong quarter for us, usually. It's one of our highest volume quarters. So without commenting on how much marketing will tick up or not, I would just tell you that our advertising will look different. We have, as I said, some exciting news with our two return fan favorites and another fan favorite that's coming with a compelling price point for limited time. So our advertising will look different in the third quarter. I won't comment on if it's going to be higher or lower.

好吧，如果你想想——通常情況下，第三季對我們來說已經是一個非常強勁的季度了。這是我們銷量最高的季度之一。因此，在不評論行銷成效是否會提升多少的情況下，我只想告訴你，我們的廣告看起來會有所不同。正如我所說，我們有一些令人興奮的消息，包括我們的兩款粉絲最愛的回歸產品和另一款粉絲最愛的產品，該產品在有限的時間內以令人信服的價格點推出。所以我們的廣告在第三季看起來會有所不同。我不會評論它是否會更高或更低。

Okay. And then just also on Never Ending Pasta Bowl, I think you talked about the strong performance, particularly those weeks that didn't compare against the prior year. So I'm just curious how the promotion played out during the quarter, like how did it do once -- with the longer promo period, how did it do once those easy last weeks kind of [lap] last year?

好的。然後，在「永無止境的義大利麵碗」中，我想您也談到了強勁的表現，特別是那些與前一年無法比較的幾週。所以我只是好奇這個季度的促銷活動是如何進行的，例如它一次的表現如何——隨著促銷期的延長，去年最後幾週的輕鬆表現如何？

Yeah. I'm going to start by saying how proud I am still of the work that Dan and the team at Olive Garden has done to improve the guest experience and react to what's going on in the marketplace. And one of those reactions was to add some weeks to Never Ending Pasta Bowl. And so we're pleased about those four extra weeks.

是的。首先，我要說的是，我仍然對 Dan 和 Olive Garden 團隊為改善賓客體驗和對市場動態做出反應所做的工作感到非常自豪。這些反應之一就是增加幾週的「永無止境的義大利麵碗」。所以我們對這四個星期的額外時間感到高興。

We knew that we would have a trend change by adding those four extra weeks. But then we knew in the last eight weeks, we'll be wrapping against stronger media weight kind of looks and launch rates. But what happened throughout the promotion, it was a good promotion for us. We kept our preference on Never Ending Pasta Bowl throughout the entire thing. So there was no wear out on demand for the items.

我們知道，透過增加這四個星期，我們將會改變趨勢。但後來我們知道，在過去的八周里，我們將面臨更強的媒體重量、外觀和發布率。但整個促銷過程中發生的事情對我們來說是個很好的促銷。在整個過程中，我們始終堅持對永無止境的義大利麵碗的偏好。因此，這些物品沒有按需磨損。

And we -- as I said in my prepared remarks, we had record preference for refills and record preference for the buy-up. So the promotion did well. Now, we had expected it to be below prior year in the back half -- in the second part of the promotion, especially when we were wrapping on launch weights. What we did during that was add the new sauce, but a new source isn't going to be as powerful as a launch weight of a new promotion. So we feel really good at where we ended up with Never Ending Pasta Bowl, and we're looking at what that did for us and what we could do in the future with other promotions.

正如我在準備好的發言中所說，我們對補充品的偏好創歷史新高，對購買的偏好創歷史新高。所以促銷效果很好。現在，我們預計在後半段——促銷活動的第二部分——特別是當我們結束發射重量時，它會低於去年。在此期間我們所做的是添加新的調味品，但新的來源不會像新促銷活動的啟動權那麼強大。因此，我們對「永無止境的義大利麵碗」的最終結果感到非常滿意，我們正在研究這對我們有什麼好處，以及我們將來可以透過其他促銷活動做些什麼。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Thanks for taking our question. I wanted to drill down a little bit in LongHorn, in particular, just given some of the commentary you guys had, marketing spend there is really low, but the engagement is very strong. Can you just kind of parse out what's driving the continued strength there maybe relative to some of the trends we've seen in casual? And how should we think about that progressing through the years, especially as other competitors have very prominent marketing that focuses on dollar price points and [got] LongHorn's more of a experiential value.

感謝您提出我們的問題。我想深入了解 LongHorn，特別是根據你們的一些評論，那裡的營銷支出確實很低，但參與度非常高。您能否分析一下相對於我們在休閒領域看到的一些趨勢，推動該領域持續強勢的因素是什麼？我們應該如何看待這些年來的進展，特別是當其他競爭對手有非常突出的營銷，專注於美元價格點並[得到] LongHorn 更多的體驗價值。

Well, that's what LongHorn brand is so they're not going to fight back or the price point promotion or a brand that's about quality and experience. So I'll start by saying LongHorn has made investments over the years even before COVID to improve the quality of their food to improve the execution of that food.

好吧，這就是 LongHorn 品牌，所以他們不會反擊價格點促銷或註重品質和體驗的品牌。因此，我首先要說的是，LongHorn 多年來甚至在新冠疫情爆發之前就已經進行了投資，以提高食品質量，從而改善食品的執行情況。

And so things that we have done over those times of making sure that our grill masters are well trained to cook the steaks exactly as the guest like it. And that showed up in our record guest -- record steaks were correctly scored this quarter, dramatically different than where it was just three or four years ago.

因此，我們在這些時間裡所做的事情是確保我們的燒烤師傅訓練有素，能夠按照客人的喜好烹飪牛排。這一點在我們創紀錄的客人身上得到了體現——本季牛排的評分正確，與三、四年前的情況截然不同。

We continue to make investments in food. We have -- we put more dollars on the plate than anybody else in our space and the guest noticed that value. And so they're willing to come to our restaurants and do that. And so what are the results? The results, 7.5% comp for the quarter, on a 4%-plus comp last year and on a 7%-plus comp the year before. So those investments in quality have paid off. Guests know they're getting the highest quality steaks and expertly prepare it at a great value.

我們繼續對食品進行投資。我們在盤子上投入的錢比我們空間中的任何其他人都多，客人注意到了這個價值。所以他們願意來我們的餐廳這樣做。那麼結果如何呢？結果是，本季的比較結果為 7.5%，去年的比較結果為 4% 以上，前年的比較結果為 7% 以上。因此，這些對品質的投資已經得到回報。客人知道他們正在享用最優質的牛排，並以超值的價格精心烹製。

And then a last thing I'll say is steak brands that -- with strong operations that deliver are -- in quality are winning. And so that's -- we think that LongHorn is working on the right things. And I can't comment on do I think they're going to continue to way outperform everybody else for the next few years, but we think they're doing the right things.

我要說的最後一件事是，憑藉強大的營運能力和質量，牛排品牌正在贏得勝利。所以我們認為 LongHorn 正在做正確的事。我無法評論我認為他們在未來幾年是否會繼續超越其他人，但我們認為他們正在做正確的事情。

Great. And can you able to just break out of that 7.5% traffic mix price for LongHorn?

偉大的。您能否突破 LongHorn 7.5% 的流量混合價格？

Yeah, the traffic was mid-fours, I think [four three-ish] or [four three] or [four four] and the check was about [three] something and price was like [two eight two nine]. So they had a positive mix a little bit.

是的，交通量是四點左右，我認為是[四三左右]或[四三]或[四四]，支票約為[三]，價格約為[二八二九]。所以他們有一點正面的組合。

Okay, great.

好的，太好了。

Peter Saleh, BTIG.

彼得·薩利赫，BTIG。

Congrats on a great quarter. I did want to ask maybe about the Uber eats partnership and the accounting of how you guys are accounting for the delivery in the service charge in the Olive Garden comp and what if anything is reflected in your guidance kind of going forward from the benefit of customers maybe switching from self pick-up to delivery through Uber eats. Is there anything there?

恭喜您度過了一個出色的季度。我確實想問有關 Uber eats 合作夥伴關係的問題，以及你們如何在 Olive Garden comp 中計算服務費中的交付的會計，以及如果您的指導中反映了從客戶利益出發的指導，該怎麼辦？會從自提轉向透過Uber eats 送餐。那裡有什麼嗎？

Yeah, Peter, first of all, it's very small, right? When you think about the impact -- let me start with the accounting part of it. The delivery fee and service fee are considered as part of sales, however, when you look at the impact of -- right now, we have it at 100 restaurants. We have had it for maybe less than half the quarter at -- fully throughout those 100 restaurants up. And when you take the dollars that come through, it's single basis points impact. So it's not -- it's very minuscule.

是的，彼得，首先，它很小，對吧？當你考慮影響力時——讓我從會計部分開始。送貨費和服務費被視為銷售額的一部分，但是，當您查看其影響時，我們現在有 100 家餐廳。我們在這 100 家餐廳中吃過的時間可能還不到一半。當你考慮所產生的美元時，你會發現這是單一基點的影響。所以它不是——它非常微小。

And as we look forward to -- yeah, there may be, could it be 5, 10 basis points maybe? But it's not going to be a huge. I mean, it obviously depends on what percentage off-premise -- or what percentage of sales delivery will be. So we'll share more when we actually have more information to share. But right now we expect it to be fairly minimal.

正如我們所期望的那樣——是的，可能會有，可能是 5、10 個基點？但這不會是一個巨大的。我的意思是，這顯然取決於場外百分比是多少，或者銷售交付的百分比是多少。因此，當我們確實有更多資訊要分享時，我們會分享更多資訊。但現在我們預計它會相當小。

Great. And then just on the unit growth, it looks like it ticked up in -- at least your guidance ticked up by about five units. Any comments on where that's coming from? Is that the inclusion of Chuy's or is there something more? Just trying to understand where the incremental five are coming from?

偉大的。然後就單位增長而言，看起來它有所上升——至少你的指導上升了大約五個單位。關於它的來源有什麼評論嗎？是包含了 Chuy 的內容還是還有其他內容？只是想了解增量的五個來自哪裡？

It's really the inclusion of Chuy's. There's five additional openings related to Chuy's. And ss we said, we're trying to continue to work towards getting as we look at next fiscal year, trying to build the pipeline. And so that's some of them. There's some difference between the year to year -- few weeks move could bring come in, but it's really driven by Chuy's.

確實是楚伊的加入。還有五個與 Chuy 相關的職缺。我們說過，我們正在努力繼續努力，爭取在下一財年建立管道。這就是其中的一些。每年之間存在一些差異——幾週的搬家可能會帶來影響，但這實際上是由 Chuy 推動的。

Thank you very much.

非常感謝。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

My first question is just on the fiscal '25 comp guidance. It looks like for the system you tightened it to 1.5%. I think previously you are 1% to 2%. So just two related questions on that. One is, why, with two quarters remaining, would you tighten it such a specific price point? I'm just wondering whether that demonstrates maybe increased confidence that there's going to be a lot less volatility?

我的第一個問題是關於 25 財年的公司指南。看來您將系統收緊至 1.5%。我認為以前你是1%到2%。所以只有兩個相關的問題。一是，為什麼在剩下兩個季度的情況下，要把價格收緊到如此具體的價格點？我只是想知道這是否表明人們對波動性會大大減少的信心增強？

And second question around that is just what does that assume directionally at least for Olive Garden and LongHorn? And I know with Olive Garden you got much easier competitors, you've got a new value LTO potentially on the come. LongHorn, obviously has a very strong momentum. So I would have assumed maybe both of those brands would be above that 1.5%? Just trying to see if I'm interpreting that correctly.

圍繞這個問題的第二個問題是，至少對於 Olive Garden 和 LongHorn 來說，方向假設是什麼？我知道，透過 Olive Garden，你會遇到更容易的競爭對手，你可能會獲得新的價值 LTO。 LongHorn，顯然有著非常強勁的勢頭。所以我會假設這兩個品牌的比例可能都會高於 1.5%？只是想看看我的解釋是否正確。

Hey, Jeff, let's just start with the guidance on the same-restaurant sales itself. We said, yeah, we expect it to be approximately 1.5.% The way we're thinking about it is, we're looking at the underlying trends on a multiyear basis, and the actions we're taking in the back half we're incorporating all of that.

嘿，傑夫，讓我們從同店銷售本身的指導開始。我們說，是的，我們預計約為 1.5%。

And yeah, you could say that in place that we have a little bit more increased confidence in the sales being more closer to that midpoint or better, and that's our -- in that range. And that's why we have tightened it to be there. And the rate, as we get -- we have two quarters behind us. So we have the idea, we had -- those are actualized. So it makes it a little bit more -- the range is not as narrower when you take into consideration the fact that now we're looking at only two quarters and we're trying to calculate the full year,

是的，你可以說，我們對銷售更加接近中點或更好的信心有所增強，這就是我們在這個範圍內的情況。這就是我們將其收緊的原因。從我們得到的數據來看，我們已經落後了兩個季度。所以我們有這個想法，我們已經實現了。因此，當你考慮到現在我們只考慮兩個季度而我們正在嘗試計算全年這一事實時，它的範圍並沒有那麼窄，

Go it. And in terms of the assumption for Olive Garden and LongHorn within there, am I correct to assume that you would think Olive Garden would accelerate from here and obviously, LongHorn has been running well above those ranges. So just trying to get a sense for whether that's the correct interpretation or whether there are some offsets that we're not fully appreciating?

去吧。就 Olive Garden 和 LongHorn 的假設而言，我是否正確地假設您認為 Olive Garden 會從這裡加速，顯然，LongHorn 的運行速度遠遠高於這些範圍。因此，只是想了解這是否是正確的解釋，或者是否存在一些我們沒有完全理解的抵消？

No, I think that's probably a fair assumption given the mix of the brands we have in the portfolio.

不，我認為考慮到我們產品組合中的品牌組合，這可能是一個合理的假設。

Understood. And then my follow up is just on the Fine Dining comps, I think it's that they improved sequentially, back at the Thanksgiving and hurricane shifts. I'm just wondering, are there any particular brand leading or lagging, I'm just thinking a lot of questions around maybe the increasing GLP-1 impact that might have an impact on kind of higher end brands. I'm wondering whether you think that's having any noticeable impact at this point.

明白了。然後我的後續行動只是關於高級餐廳的比較，我認為他們在感恩節和颶風輪班時連續改進。我只是想知道，是否有任何特定的品牌處於領先或落後狀態，我只是在思考很多關於 GLP-1 影響不斷增加的問題，這可能會對高端品牌產生影響。我想知道您認為這目前是否會產生任何明顯的影響。

Hey, Jeff. Think about our Fine Dining brands, there's really no brands leading or lagging. Ruth's Chris is just a little bit less than capital growing Eddie V's. But some of that is due to the fact that last year, if you recall, in the second quarter, we eliminated lunch and a lot of the restaurants. We turned our third-party delivery in a lot of their restaurants. And actually, we didn't take any price at Ruth's Chris where we had for the other brands. And in regards to GLP ones, I think right now it's about 6% of the population around GLP-1 drugs.

嘿，傑夫。想想我們的高級餐飲品牌，確實沒有領先或落後的品牌。露絲的克里斯只比艾迪五世的資本成長少一點點。但部分原因是去年，如果你還記得的話，在第二季度，我們取消了午餐和許多餐廳。我們在他們的許多餐廳都轉向了第三方送貨。事實上，我們在 Ruth's Chris 上並沒有像其他品牌那樣定價。至於 GLP 藥物，我認為目前約有 6% 的人使用 GLP-1 藥物。

It could be having an impact on the higher end brands and we'll continue to monitor that. That said, that's the benefit of a large portfolio like ours and having multiple brands in many different categories. But we will monitor the GLP-1 and see if there's any actions that we have to take to help strengthen from that.

它可能會對高端品牌產生影響，我們將繼續監控這種情況。也就是說，這就是像我們這樣的大型產品組合以及在許多不同類別中擁有多個品牌的好處。但我們將監控 GLP-1，看看我們是否必須採取任何行動來幫助加強這一點。

Thank you.

謝謝。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

I have a question, actually, I guess, about the broader environment. You mentioned that Fine Dining, I mean that the large casual dining brands were all positive. And then I guess, [polished] casual and fine dining were a bit softer. And yet, one of the things that you're seeing in Olive Garden, for example, is that pricing up through the protein add-on. So it seems like people are willing to pay up for protein specifically, but indulge a little bit.

事實上，我想，我有一個關於更廣泛環境的問題。你提到Fine Dining，我的意思是大型休閒餐飲品牌都是正面的。然後我想，[精緻的]休閒和精緻的餐飲會更柔和一些。然而，例如，您在橄欖園看到的事情之一是透過蛋白質附加產品定價。因此，人們似乎願意專門為蛋白質付費，但也會稍微放縱一下。

Are you seeing any trade do you think among your brands? Capital Grille to LongHorn or anything like that? Again, you just mentioned the value having the portfolio. And I was just curious if you can draw any or extrapolate some of the performance, which seems to be strongest at the sort of mid-price points, but with a clear desire to -- for some indulgence and positive mix.

您認為您的品牌之間有任何貿易嗎？ Capital Grille 到 LongHorn 或類似的東西？同樣，您剛才提到了投資組合的價值。我只是很好奇你是否可以得出任何或推斷出一些表現，這似乎在中等價格點上最強，但有明確的願望 - 一些放縱和積極的組合。

Yes, Sara. A couple of things on the environment. First of all, it looks like the consumer is starting to feel a little bit better than they were in prior quarters. I'll give you a little bit of our research. Our external research shows that consumer sentiment is trending positive. And there's a little bit of a feeling of optimism out there by the belief the labor market will improve.

是的，薩拉。關於環境的一些事。首先，消費者的感覺似乎開始比前幾季好一點。我會給你一些我們的研究成果。我們的外部研究顯示消費者信心呈現正面趨勢。人們相信勞動市場將會改善，從而產生了一些樂觀情緒。

But then when -- in the terms of the more casual brands versus the Fine Dining brands, we're actually seeing optimism in our restaurants. In contrast to seeing this optimism there. In contrast to previous quarters, we're seeing growth in visits from our guests making between $50,000 and $100,000 a year, which is really more of our casual dining brands. We're not seeing as much of an increase in visits yet on the consumers that are above that.

但是，就休閒品牌與高級餐飲品牌而言，我們實際上在我們的餐廳中看到了樂觀情緒。與那裡看到的這種樂觀情緒相反。與前幾季相比，我們看到年收入在 50,000 至 100,000 美元之間的客人的訪問量有所增長，這實際上更多是我們的休閒餐飲品牌。我們還沒有看到高於此數字的消費者的訪問量增加那麼多。

And so the other thing in Fine Dining in the -- just like we've said in the past, it appears that consumers who are splurging on fine dining for basically those who are making less than $150,000 have continued to pull back. So it's impacting Fine Dining a little bit, the kind of more average income consumer is starting to feel a little bit better.

因此，高級餐飲領域的另一件事——就像我們過去所說的那樣，那些為年收入低於 15 萬美元的人在高級餐飲上揮霍的消費者似乎繼續縮減開支。因此，它對高級餐飲產生了一些影響，平均收入的消費者開始感覺好一點了。

In regards to trade down, there could be some trade down from Capital Grille to LongHorn or Ruth's Chris to LongHorn that might be benefiting them and maybe at other state players. But frequency isn't super high. So to be able to vet that out quarter to quarter isn't necessarily the easiest thing to do, but there's probably a little trade down.

在向下交易方面，可能會有一些從 Capital Grille 到 LongHorn 或 Ruth's Chris 到 LongHorn 的交易，這可能對他們有利，也可能對其他州參與者有利。但頻率並不是很高。因此，能夠逐季度進行審查並不一定是最容易做的事情，但可能會下降。

Yeah. That's really helpful. Thank you. Just -- and the point about sort of maybe where the middle class is indulging itself as maybe it was briefly at Fine Dining and now it's more kind of trading up at cash (multiple speakers) --

是的。這真的很有幫助。謝謝。只是——也許中產階級在哪裡放縱自己，也許是在高級餐廳短暫地享受，現在更多的是用現金進行交易（多位發言者）——

It's probably trading back to where they were.

它可能會回到原來的水平。

Right. Okay. Got it. Thank you. But then just a quick follow up. This is more on Cheddar's, comping positively. It seems like it's really hit its stride after maybe getting a little slower off the mark after the acquisition. So I think at one point, the expectation was for a much faster growth -- unit growth out of that brand. Isn't that an inflection point now where we could see that?

正確的。好的。知道了。謝謝。但隨後只是快速跟進。這更多的是切達乾酪，比較積極。收購後，它的發展速度可能會慢一些，但看起來它確實已經邁出了一大步。所以我認為，在某一時刻，人們的期望是更快的成長——該品牌的銷售成長。現在不是我們可以看到這一點的轉折點嗎？

Well, we think that they've actually done a lot to improve the operation. As I said earlier, John Wilkerson and his team have been amazing at bringing their turnover down -- turnovers at their best ever levels and it helps on having team members that know the brand, understand the brand, and can execute the brand. We've also done a little bit of testing with some ways to let the consumer know about Cheddar's.

嗯，我們認為他們實際上已經做了很多來改進操作。正如我之前所說，約翰·威爾克森（John Wilkerson）和他的團隊在降低營業額方面表現出色，營業額達到了有史以來最好的水平，這有助於讓團隊成員了解品牌、了解品牌並能夠執行品牌。我們也透過一些方法做了一些測試，讓消費者了解切達乾酪。

And so I would say inflection point, I don't want to use that word because that would imply something significant change. When you think about unit growth, it takes a little while to build the pipeline. That said, we've opened one restaurant in a new lower cost prototype that's doing very well for us, and we're opening another one fairly soon. And we would expect to start ramp -- building that pipeline up so that we can get towards that high end of our framework for new unit growth and Cheddar's will be part of that improvement.

所以我想說拐點，我不想使用這個詞，因為這意味著一些重大的變化。當您考慮單位增長時，需要一些時間來建立管道。也就是說，我們已經以新的低成本原型開設了一家餐廳，這對我們來說效果很好，而且我們很快就會開設另一家餐廳。我們預計將開始加速建造管道，以便我們能夠達到新單位成長框架的高端，而切達乾酪將成為這項改進的一部分。

So we'll talk a little bit more about unit growth in the March call, which is what we normally do. But yes, inflection point might not be the right word, but confidence that we can continue to open these restaurants is maybe a better way to say it.

因此，我們將在三月的電話會議中更多地討論單位增長，這是我們通常所做的。但是，是的，拐點可能不是正確的詞，但對我們可以繼續開設這些餐廳的信心可能是更好的表達方式。

Thank you so much.

太感謝了。

Andrew Charles, TD Cowen

安德魯查爾斯，TD·考恩

Raj, within the reiterated EPS guidance, can you just help level set the expectations for line items around G&A, interest spends, and depreciation for the year just following the Chuy's acquisition?

Raj，在重申的每股盈餘指引中，您能否協助設定 Chuy 收購後一年的一般管理費用、利息支出和折舊等項目的預期？

Hey, Andrew. I think G&A, we had previously guided approximately $450 million. I think we're going to be with Chuy's really, it's going to be close to $470 million. So think of it as $470 million roughly. Obviously, there was going to be some movement depending on what happens with mark-to-market and incentive comp, but that's a good number to use. And then from an interest expense I think our interest expense for the back half is probably, call it, $47 million a quarter in that range.

嘿，安德魯。我認為 G&A，我們之前指導了大約 4.5 億美元。我認為我們真的會和 Chuy's 合作，它的價值將接近 4.7 億美元。因此，可以將其視為約 4.7 億美元。顯然，根據按市值計價和激勵補償的情況，將會出現一些變化，但這是一個很好使用的數字。然後從利息支出來看，我認為我們後半段的利息支出可能是，稱之為，每季 4700 萬美元，在這個範圍內。

And then D&A, I think as a percent of sales, shouldn't be fairly similar to where we've been trending. There's an increase year over year. So in the back half, probably 10, 20 basis points higher, driven just by the incremental CapEx, our inflation on the CapEx really over the last several years. But I think that's really how you should think about it.

然後，我認為 D&A 佔銷售額的百分比不應該與我們的趨勢非常相似。逐年有增加。因此，在下半年，由於資本支出增量的推動，可能會高出 10、20 個基點，過去幾年我們的資本支出通膨確實如此。但我認為這確實是你應該思考的問題。

Okay. That's helpful. And then just on beef, good to see low single-digit inflation outlook, 40% coverage. Talk about the conversations you're having with vendors on this? I mean is this something that you'd like to be more covered on, but it seems like the cost use to be prohibitive and you'd rather go more spot market rather than more covered. I just love to kind of know more of the outlook there beyond what's covered and what would lead you to be more covered there.

好的。這很有幫助。然後就牛肉而言，很高興看到低個位數的通膨前景，覆蓋率達 40%。談談您與供應商就此進行的對話？我的意思是，這是您希望獲得更多覆蓋的東西，但似乎成本使用令人望而卻步，您寧願進入現貨市場而不是更多覆蓋。我只是想更多地了解那裡的前景，除了所涵蓋的內容之外，以及什麼會讓你在那裡得到更多的了解。

Yeah. I think beef, I'll start by saying, really, our supply chain team has done an amazing job at being better than market. If you look at what happened throughout the year, we've been able to the strategy that they have deployed in terms of selectively contracting, but also having the spot market at the right times, looking at all their knowledge and talking to the suppliers has been very helpful in delivering strong results for us, and that's been -- that shows up in our P&L, right, when you look at the results.

是的。我認為牛肉，我首先要說的是，我們的供應鏈團隊在比市場更好方面做得非常出色。如果你看看全年發生的事情，我們就能夠了解他們在選擇性簽約方面部署的策略，而且在正確的時間擁有現貨市場，了解他們所有的知識並與供應商交談在為我們提供強勁業績方面非常有幫助，這在我們的損益表中有所體現，對吧，當你查看結果時。

So as you all know, currently, the beef prices are up significantly year over year, just driven as retailers are actively promoting some of these prime beef cuts and rebuys. So the prices are up in November, December. However, I think we -- our team expects that as we get into calendar 2025, early January, the seasonal dip will -- there will be some opportunities for us to go cover a little bit more.

眾所周知，目前牛肉價格逐年大幅上漲，原因是零售商積極促銷一些優質牛肉的分割和重新購買。所以11月、12月的價格會上漲。然而，我認為我們——我們的團隊預計，當我們進入 2025 年 1 月初時，季節性下降將——我們將有一些機會可以覆蓋更多一點。

So I don't want to get too much into the details, but I just know that we have very high confidence in the strategy that our team is pursuing in terms of how we get the coverage. The last point is from a vendor's perspective, they've been asking for the packers have been reluctant to code out front due to the supply concerns that they have. So that's part of the reason the premiums that are being demanded are the prices are not what we like. So that's why we have not covered as much.

所以我不想透露太多細節，但我只知道我們對我們的團隊在如何獲得覆蓋範圍方面所追求的策略非常有信心。最後一點是從供應商的角度來看，他們一直要求包裝商因為供應方面的擔憂而不願意預先編碼。因此，這就是我們要求的溢價是價格不符合我們的要求的部分原因。這就是為什麼我們沒有介紹那麼多。

That's helpful. Thank you.

這很有幫助。謝謝。

Andrew Strelzik, BMO Capital Markets.

Andrew Strelzik，BMO 資本市場。

I wanted to talk about total inflation for 2025 and perhaps if you could walk us through some of the drivers of that and maybe how you're thinking about margin progression through the back half of the year.

我想談談 2025 年的總通膨，也許您可以向我們介紹其中的一些驅動因素，以及您如何考慮今年下半年的利潤成長。

Yeah, Andrew. So from a total inflation, I think we said we're going to be approximately 2.5%. So if you think about the first half was just over 2%. So food was fairly neutral. Food -- commodities inflation was basically flat in the first half, but labor was in the high [3s] and then all other costs was somewhere in the 3%.

是的，安德魯。因此，從總通膨率來看，我認為我們說的通膨率約為 2.5%。所以如果你想想上半年的成長率剛好超過 2%。所以食物是相當中立的。上半年，食品－大宗商品通膨基本上持平，但勞動力處於高位 [3%]，然後其他所有成本都在 3% 左右。

That's how we get to that [2-ish], a little over 2% in the first half. As we look at the back half, we expect it to be Q3 to Q4. Q4 would be probably the highest is what we're expecting as food and beverage steps up a little bit. Part of that is driven by beef and chicken have been turning inflationary in the back half, and actually seafood as well.

這就是我們如何達到 [2-ish]，上半場略高於 2%。當我們看後半部分時，我們預計是第三季到第四季。隨著食品和飲料價格的上漲，第四季可能是我們預期的最高水準。部分原因是牛肉和雞肉在下半年通貨膨脹，實際上海鮮也是如此。

So if you look at beef was pretty flat in the first half, chicken was deflationary for us in the first half, and then seafood was basically slightly deflationary. So those three categories turning inflationary in the back half, albeit low single digits, is part of the reason why we have that step up. We would expect the back half to be around 2%-ish on commodities inflation with Q3, maybe a little bit south of that and Q4 north of that. Then from a labor, it's probably not a big change. We probably would be in that high 3s. And then all others would be in that 3% range.

因此，如果你看一下上半年牛肉的表現相當平淡，上半年雞肉對我們來說是通貨緊縮的，然後海鮮基本上是輕微通貨緊縮的。因此，這三個類別在後半段出現通膨，儘管是低個位數，但也是我們採取這項措施的部分原因。我們預計下半年大宗商品通膨率將在 2% 左右，第三季可能會偏南一點，第四季則偏北一些。那麼從分娩來看，可能變化也不大。我們可能會處於那個高三分。然後所有其他人都會在 3% 的範圍內。

Got it. And then I just wanted to dig a little bit deeper into Olive Garden's Never Ending Pasta promotion, and how that performs relative to expectations specifically as it relates to the mix of customers that opted to pay extra for the protein add-on and the impact that that had on same-store sales growth in the quarter.

知道了。然後我只是想更深入地研究一下Olive Garden 的永無止境的意大利麵促銷活動，以及它相對於預期的表現如何，特別是因為它與選擇支付額外費用的蛋白質附加產品的客戶組合有關，以及它的影響這對本季同店銷售成長產生了影響。

Yeah, Andrew, as I mentioned, we had record consumers buying that buy up. And so that performed above our expectations, and we had record refills, which was above our expectations. The refills, I think, was a positive thing for us. It gives the consumer even more value, more abundance. And so the same-store sales impact on the buy-up wasn't tremendous, but we did have positive mix in Olive Garden.

是的，安德魯，正如我所提到的，我們有創紀錄的消費者購買。因此，其表現超出了我們的預期，並且我們的補充量創下了紀錄，這超出了我們的預期。我認為，續杯對我們來說是一件正面的事情。它為消費者提供了更多的價值、更多的豐富。因此，同店銷售對收購的影響並不大，但我們在橄欖園確實有正面的組合。

So that could have been part of it. But without getting into the detail of how much that that buy-up caused impact -- cause same-restaurant sales, that would kind of get you to -- I don't know how many people bought up. So we're not going to get into that level of detail.

所以這可能是其中的一部分。但如果不詳細了解這種購買造成了多大的影響——導致同家餐廳的銷售，這會讓你知道——我不知道有多少人購買了。所以我們不會深入討論這個細節。

All right. Thank you very much.

好的。非常感謝。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Just on Uber. I know you say you didn't promote it yet, but was it fairly material at some of the stores where you've rolled out so far, I guess, to the extent you're going to comment. And then is the expectation that you would start to kind of promote it more actively in the fourth quarter? How do you plan to kind of approach leaning into that?

就在優步。我知道你說你還沒有推廣它，但我想，在你迄今為止推出的一些商店中，它是否相當重要，以至於你要發表評論。那麼您是否期望在第四季度開始更積極地推廣它？您打算如何採取這種方法？

Yeah, Brian. Uber, the pilot has gone very well for us, as I mentioned, but we aren't promoting it yet. So we're not assuming any of these sales are incremental. So the -- in order to get the item or the delivery, you have to go to our website to try to place a takeout order, and if the restaurant is in the pilot, it will ask you if you want delivery or not.

是的，布萊恩。正如我所提到的，Uber 的試點對我們來說進展順利，但我們還沒有推廣它。因此，我們並不假設這些銷售額都是增量的。因此，為了獲得商品或送貨，您必須訪問我們的網站嘗試下外帶訂單，如果餐廳處於試點範圍內，它會詢問您是否需要送貨。

So that's the only way people know about it. We're averaging somewhere about 1.5% of sales on -- across the 100 restaurants on delivery without -- not including the delivery fee. So it's not going to be a tremendous impact to comps for this quarter. Again, we said it's not -- we don't think it's incremental.

所以這是人們了解它的唯一方法。我們平均約 1.5% 的銷售額來自 100 家餐廳的外送服務，不包括外送費。因此，這不會對本季的業績產生巨大影響。我們再說一次，我們不認為它是增量的。

It does -- we have seen some positive results, though. So it accounts for about 6% of our to-go business and order volume is increasing week to week. So that's again with no marketing. The average order size is actually bigger than the average pickup order size. That was a little bit of a surprise for us.

確實如此——不過我們已經看到了一些正面的結果。因此，它約占我們外送業務的 6%，並且訂單量每週都在增加。所以這又是沒有行銷的情況。平均訂單大小實際上大於平均取貨訂單大小。這對我們來說有點意外。

And the real pleasant surprise is that about 15% of the orders have a catering item on there. And our existing catering delivery requires ordering prior to 5:00 PM, the day before. So maybe guests are figuring out they can order these items closer to when they want them, if they don't want the extra service that they get from Olive Garden catering itself.

真正令人驚訝的是，大約 15% 的訂單中包含餐飲項目。我們現有的餐飲配送需求在前一天下午 5:00 之前訂購。因此，也許客人們發現，如果他們不想要從 Olive Garden 餐飲本身獲得的額外服務，他們可以在更接近需要時訂購這些物品。

So -- and in terms of marketing, I'm not going to tell you the timing of the marketing. Right now, we're assuming the pilot restaurants aren't incremental, as I said. We're focusing on rolling it out to the rest of the system to the rest of Olive Garden. And as I said, we intend to complete that by the end of the third quarter, most likely it will be done by the end of the third quarter. And then as locations come online, those guests will know that you can get delivery.

因此，就行銷而言，我不會告訴您行銷的時機。正如我所說，目前我們假設試點餐廳不是增量的。我們專注於將其推廣到系統的其餘部分以及橄欖園的其餘部分。正如我所說，我們打算在第三季末完成，很可能會在第三季末完成。然後，隨著地點上線，這些客人就會知道您可以送貨。

After we complete the rollout, we're going to make sure that the operators have time to run it and make sure that they learn how it works, even though it's been very seamless to the restaurants that have had it. And then -- the good thing is, as part of our partnership with Uber, marketing dollars are available and the Olive Garden marketing team is working on plans to deploy those dollars and some more with marketing this delivery. I can't tell you if it's going to be in Q4. I can't tell you it's been in Q1. But we do plan on marketing this new offer after the rollout .

完成部署後，我們將確保運營商有時間運行它，並確保他們了解它是如何工作的，儘管它對於已經擁有它的餐廳來說非常無縫。然後，好的事情是，作為我們與 Uber 合作的一部分，行銷資金是可用的，橄欖園行銷團隊正在製定計劃，部署這些資金以及更多資金來行銷此交付。我無法告訴你是否會在第四季進行。我不能告訴你這是在第一季。但我們確實計劃在推出後推廣這項新產品。

Okay. Yeah, that's helpful. Thank you. Just -- you quoted pricing for LongHorn. Could you cite what it was for Olive Garden as well? And I think you previously provided some comments just on the rest of the year. Is pricing still kind of what you'd expect for the second half or any change to your plans there?

好的。是的，這很有幫助。謝謝。只是——您引用了 LongHorn 的定價。你能列舉一下橄欖園的情況嗎？我認為您之前就今年剩餘時間提供了一些評論。下半年的定價是否仍符合您的預期，或者您的計畫有何變化？

Yeah, Brian. Olive Garden pricing was also south of 3%. I think they were like 2.8% or 2.9%. Across the system, Garden was also just under 3%. We expect back half to be fairly similar, mid- to high-2s is what we're expecting.

是的，布萊恩。 Olive Garden 的定價也低於 3%。我認為他們大概是 2.8% 或 2.9%。整個系統中，Garden 的佔比也略低於 3%。我們預期後半部會相當相似，中高2是我們所期望的。

And then the other thing with Olive Garden mix in the second quarter was, we did see significant contribution from catering. Catering was contributing about 60 basis points positive, which we don't necessarily count as gas, but that's a meaningful impact to sales.

第二季橄欖園組合的另一件事是，我們確實看到了餐飲業的重大貢獻。餐飲業貢獻了大約 60 個基點的積極貢獻，我們不一定將其算作汽油，但這對銷售產生了有意義的影響。

Thank you.

謝謝。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Congrats on the quarter. So really strong performance, particularly at Oliver Garden and LongHorn. Can you just talk about the cadence through the quarter? And any color on what you're seeing in December the Thanksgiving shift. So that's created some noise. So just trying to understand what you're seeing in terms of underlying trends?

恭喜本季。表現非常強勁，尤其是在 Oliver Garden 和 LongHorn。能談談本季的節奏嗎？以及您在 12 月感恩節班次中看到的任何顏色。所以這造成了一些噪音。那麼只是想了解您所看到的潛在趨勢嗎？

Yeah, Lauren. So when we look at the quarter -- the trends within the quarter, September was pretty strong for us, driven by Olive Garden Never Ending Pasta Bowl. But when we actually look at the underlying base traffic trends during the quarter adjusted for holiday and weather because we had storms impact, as we talked about earlier.

是的，勞倫。因此，當我們審視本季的趨勢時，在 Olive Garden Never Ending Pasta Bowl 的推動下，9 月對我們來說相當強勁。但是，當我們實際查看本季的基本基本流量趨勢時，我們會根據假期和天氣進行調整，因為我們受到了風暴的影響，正如我們之前提到的。

I think the hurricane impact in September was about 30 basis points. The hurricane impact in October was about 50 basis points. So when you account for that noise of the weather and then shift of the holidays and promotion, what we see is the underlying basic traffic trends improved versus what we saw the prior two quarters across all of our brands.

我認為 9 月的颶風影響約為 30 個基點。 10 月的颶風影響約為 50 個基點。因此，當您考慮到天氣的噪音以及假期和促銷活動的變化時，我們看到的是與我們所有品牌的前兩個季度相比，潛在的基本流量趨勢有所改善。

And then actually, as we think about what that has continued as we look into the third quarter, but we're only three weeks into the quarter, but with a significant change in holiday schedule versus last year. The holidays impact each brand differently.

實際上，當我們考慮第三季度的情況時，我們會發現這種情況仍在繼續，但該季度才剛剛三週，但與去年相比，假期安排發生了重大變化。假期對每個品牌的影響不同。

So the best way to really look at this, the trends versus pre-COVID when we had the exact same holiday schedule. 2019 holiday schedule was the same as this year for this quarter. So if you look at that time frame, we -- when we look at through that lens and look at retention on traffic versus pre-COVID, we feel very good about what we're seeing. So that is all incorporated into our guidance.

因此，真正了解這一點的最佳方法是，與新冠疫情爆發前我們有完全相同的假期安排時的趨勢相比。 2019 年本季放假安排與今年相同。因此，如果你看看那個時間框架，當我們透過這個鏡頭觀察流量保留率與新冠疫情之前的情況時，我們對所看到的情況感到非常滿意。因此，這一切都已納入我們的指導中。

Great. Thank you. And then I just wanted to follow up on the LTOs that you'll be promoting in January. Clarifying, you'll be promoting these three items, Stuff Chicken Marsala, Steak Gorgonzola, and then a third classic at a specific price point. And any color about how you're thinking about the price point and what's compelling given some of the promos out there in the industry?

偉大的。謝謝。然後我只是想跟進您將在 1 月份推廣的 LTO。澄清一下，您將促銷這三款產品：Stuff Chicken Marsala、Steak Gorgonzola，然後以特定價格點推出第三款經典產品。您對價格點有何看法，以及考慮到行業中的一些促銷活動，什麼是引人注目的？

For competitive reasons, we're not going to talk about what the price point is, Lauren. I will say that we are going to continue to stick to our filters though. So this is not a deep discount, but it's a compelling price point. So you'll see that pretty soon. I think it's January 2, I think, is when it starts right around then. So it won't be long.

出於競爭原因，我們不會談論價格點，勞倫。我想說的是，我們將繼續堅持我們的過濾器。因此，這並不是一個很大的折扣，但這是一個引人注目的價格點。所以你很快就會看到這一點。我想是 1 月 2 日，我想，就是從那時開始的。所以不會太久。

Great. And it's all three of those menu items?

偉大的。這三個菜單項目都是嗎？

Excuse me?

打擾一下？

It will be all three menu items that are promoted at a price point?

這三個菜單項目都會以一個價格點進行促銷嗎？

No. There will be one at a price point. The other two are already on the menu. So people know -- would know what that price point is but the one that's the limited time offer. The other two will stay on the menu.

不會。另外兩個已經在菜單上了。所以人們知道──會知道這個價格點是多少，但那是限時優惠。另外兩個將保留在菜單上。

Great. Thanks so much.

偉大的。非常感謝。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Rick, I know in previous calls, you talked about the idea of speed of service across the brands, particularly Olive Garden as being an area where you feel like there's still room for improvement. I'm just curious, you could give us any sort of update on where you are on progress there and perhaps leaving that into some of the technology you had spoke to earlier in terms of upgrading the infrastructure around the point of sales? And if you think that will be a bit of an unlock to help expedite the speed across the system.

里克（Rick），我知道在之前的電話中，您談到了跨品牌的服務速度的想法，特別是橄欖園（Olive Garden），因為您認為該區域仍有改進的空間。我只是很好奇，您可以向我們提供有關您在那裡的進展情況的任何更新信息，也許可以將其保留到您之前談到的一些技術中，以升級銷售點周圍的基礎設施？如果您認為這將有助於加快整個系統的速度。

Yeah, Jon. Thanks for the question. As I said on the last call, the opportunities for speed vary by brand. So each brand is approaching it a different way that makes the most sense for them. We are seeing gradual improvement in all of our brands.

是的，喬恩。謝謝你的提問。正如我在上次電話會議中所說，速度的機會因品牌而異。因此，每個品牌都以不同的方式來對待它，這對他們來說最有意義。我們看到我們所有品牌都在逐步改進。

Every one of the brands have seen improvement in speed. That said, we also said this is going to be a very long-term improvement in the speed because this was a long-term thing that happened in the casual dining industry and the full service industry to actually get slower. So it's going to take a while to get faster. You have to convince people in our restaurants, not guess. We have to convince our team that this is the right thing.

每個品牌的速度都有所提升。也就是說，我們也表示這將是速度的一個非常長期的改進，因為這是休閒餐飲業和全方位服務業發生的長期事情，實際上速度會變慢。所以需要一段時間才能變得更快。你必須說服我們餐廳的人們，而不是猜測。我們必須讓我們的團隊相信這是正確的事。

And it's -- we have 200,000 people. So it will take a while. And I'll give you an example without necessarily getting Olive Garden because they're doing the same thing, but Cheddar's has really taken a big push on this because, again, great food at speed and a wild price is what Cheddar is about.

我們有 20 萬人。所以這需要一段時間。我給你舉個例子，不一定要買Olive Garden，因為他們在做同樣的事情，但Cheddar's 確實在這方面做出了巨大的努力，因為，再一次，Cheddar 的宗旨是快速提供美味的食物和瘋狂的價格。

And they recently updated their steps to service to focus on a few key areas. I'm not going to get into what those areas are. And they've already seen faster execution in their restaurants. As I said, all of the other brands have too. In regards to technology, as I mentioned, we are going to be piloting and rolling out our next-generation point of sale, which actually helps do things a little bit faster.

他們最近更新了服務步驟，重點是幾個關鍵領域。我不會深入探討這些領域是什麼。他們已經看到餐廳的執行速度更快了。正如我所說，所有其他品牌也都有。在技​​術方面，正如我所提到的，我們將試點並推出下一代銷售點，這實際上有助於更快地完成工作。

When you think about the brands today that have Ziosk on the table. Many of them are really focusing their servers on ringing the appetizer in right at the table, which is something that's always been available, but really having a push on that, and that is helping. So there's a lot of things that we're doing to get speed. But again, this is going to be a long-term thing, and we're really pleased of the early progress.

當您想到當今有 Ziosk 的品牌時。他們中的許多人確實將服務器的重點放在餐桌上的開胃菜上，這是一直可用的東西，但真正推動這一點，這是有幫助的。因此，我們正在做很多事情來提高速度。但同樣，這將是一個長期的事情，我們對早期的進展感到非常高興。

Great. I appreciate that. And then maybe just in terms of the marketing side, I know you touched on it a little bit earlier, but I'm just curious where the connected TV piece comes into this. And specifically, you'd mentioned the idea of Cheddar's maybe building some brand awareness. I'm curious if that's weaved into it.

偉大的。我很欣賞這一點。然後也許只是在行銷方面，我知道你早些時候談到過它，但我只是好奇聯網電視作品在哪裡。具體來說，您提到了切達乾酪可能會建立一些品牌知名度的想法。我很好奇這是否也融入其中。

And just speaking broadly about connected TV versus traditional linear TV. Can you give us a gauge of the cost differential between the different spend channel, so connected versus linear? If there's any significant savings you can drive utilizing that relative to traditional TV?

只是泛泛地談論連網電視與傳統線性電視。您能否給我們衡量不同支出管道之間的成本差異（如此連結與線性）？相對於傳統電視，您是否可以利用它來節省大量成本？

Jon, we have been testing a lot of different things in digital marketing and connected TV for several years. We've got a great internal digital team that knows a lot about that. And we have been testing it at Cheddar's. We've been testing at Olive Garden. We've been testing it at LongHorn.

喬恩，多年來我們一直在數位行銷和連網電視領域測試許多不同的東西。我們擁有一支優秀的內部數位團隊，他們對此了解很多。我們已經在切達乾酪進行了測試。我們一直在橄欖園進行測試。我們已經在 LongHorn 對其進行了測試。

And the benefit of our portfolio is we can test it at our big brands Olive Garden and LongHorn and then move it to our smaller brands like Cheddar's and others. Cheddar's is seeing pretty good results from their test and they've expanded their test. We believe it's a channel that we can continue to expand. As in the cost, it's more effective. So whether it costs a little bit more, it's much more effective because it's targeted.

我們產品組合的好處是，我們可以在我們的大品牌 Olive Garden 和 LongHorn 上進行測試，然後將其轉移到我們的小品牌，例如 Cheddar's 和其他品牌。切達乾酪從他們的測試中看到了相當好的結果，並且他們擴大了測試範圍。我們相信這是一個我們可以繼續擴展的管道。就成本而言，它更有效。因此，無論花費多一點，它都會更有效，因為它是有針對性的。

We can target to the geo codes if we have to, we can target the specific age groups or consumer groups. And -- or users or nonusers of our brand, we can get some pretty good targeting for connected TV. And so we feel pretty good about where that is. But even if -- I think when you take the effectiveness out into account, it's probably not that different in cost.

如果有必要的話，我們可以針對地理代碼，我們可以針對特定的年齡層或消費者群體。而且—或者我們品牌的用戶或非用戶，我們可以為連網電視獲得一些非常好的目標。所以我們對這個位置感覺很好。但即使——我認為當你考慮到有效性時，成本可能並沒有那麼不同。

Got it. Thanks for taking the questions.

知道了。感謝您提出問題。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great. Thanks for the encouraging color on Uber Direct. Encouraging also that the rollout, I think, it's a little bit faster than we had thought previously. I'm just curious, relative to the full-year guide and Uber Direct if there is anything embedded there, I feel like previously that there was no expectation for any contribution. Rick, I said -- I know you said you're not commenting on the marketing. And as of now, you're kind of assuming not incremental. So just is anything embedded from Uber in the guide for this year or not yet?

偉大的。感謝 Uber Direct 上令人鼓舞的顏色。我認為，推出的速度比我們之前想像的要快一些，這也令人鼓舞。我只是好奇，相對於全年指南和 Uber Direct 來說，是否有任何內容嵌入其中，我覺得以前沒有期望做出任何貢獻。里克，我說——我知道你說過你不會對行銷發表評論。到目前為止，你有點假設不是增量的。那麼，Uber 今年的指南中是否嵌入了任何內容？

Hey, Dennis, thanks for pointing out the rollout maybe a little bit quicker than we thought. And I'll tell you why that is. A couple of things. One is the technology worked flawlessly from the beginning. If you think about pilots, sometimes technology has some issues.

嘿，丹尼斯，感謝您指出推出可能比我們想像的要快一點。我會告訴你為什麼會這樣。有幾件事。一是該技術從一開始就完美無缺。如果你考慮飛行員，有時技術會存在一些問題。

Yeah, we had a few little tweaks here or there, but the IT team and the Uber team did a great job integrating our proprietary point of sale into their systems. And actually, Uber had to make some changes to their systems to work the way we wanted it to work. So we wanted to make sure that all worked well. And second, if you think about what we -- the reason that we're going a little bit faster is because one of the most important things that we think helps things be successful is operator buy-in.

是的，我們在這裡或那裡做了一些小調整，但 IT 團隊和 Uber 團隊在將我們專有的銷售點整合到他們的系統中做得很好。實際上，Uber 必須對他們的系統進行一些更改，才能按照我們希望的方式運作。所以我們想確保一切順利。其次，如果你想一想我們——我們進展得更快一點的原因是因為我們認為有助於事情成功的最重要的事情之一是運營商的支持。

And operators at all the pilot locations are pretty much fully embraced in this and are almost unanimous in that we should put this in every Olive Garden as fast as we can. It's essentially almost exactly like curbside pickup. And so it's not a real big change for them because it's integrated into our point of sale, and that was the key.

所有試點地點的營運商幾乎都完全接受了這一點，並且幾乎一致認為我們應該盡快將其推廣到每個橄欖園。它本質上幾乎與路邊取貨完全相同。因此，這對他們來說並不是一個真正的大變化，因為它已整合到我們的銷售點中，這是關鍵。

In regards to our guidance, we don't have any real incremental sales built into our guidance for the launch and for the rollout in this fiscal year.

就我們的指導而言，我們在本財年的發布和推廣指導中沒有任何真正的增量銷售。

That's great, encouraging. Thank you. Just wondered if I could sneak it in. As it relates to menu innovation and just going forward as we look ahead, how do we think about that? Will we see more menu innovation from Olive Garden specifically going forward than the last few years? Is there a shift in all there as we think about the longer term?

這太好了，令人鼓舞。謝謝。只是想知道我是否可以把它偷偷地放進去。與過去幾年相比，我們會在橄欖園看到更多的菜單創新嗎？當我們考慮更長期的情況時，一切都會改變嗎？

Yeah, Dennis, as you think about what we've done over the years and really simplifying the Olive Garden menu, there are items that that we've wanted to continue to improve and to bring back and you see two of them right now with Steak Gorgonzola and Stuffed Chicken Marsala.

是的，丹尼斯，當你想到我們多年來所做的事情並真正簡化了橄欖園菜單時，我們希望繼續改進並帶回一些項目，你現在看到其中兩個戈貢佐拉牛排和馬薩拉釀雞肉。

There are others that we've worked on as we look at our menu and to see where we have gaps in the menu, there are -- there will be some more innovation and even some more innovation on the compelling price points that we can offer for a limited time. just to get that consumer that needs a little bit more value to come in but still have great value across their entire menu for all of our guests.

當我們查看菜單並查看菜單中的差距時，我們還做了其他一些工作，將會有更多的創新，甚至在我們可以提供的令人信服的價格點上有更多的創新在有限的時間內。只是為了吸引那些需要更多價值的消費者，但他們的整個菜單對我們所有的客人來說仍然具有巨大的價值。

Great. Thanks, Rick.

偉大的。謝謝，瑞克。

Gregory Francfort, Guggenheim.

格雷戈里·弗蘭克福特，古根漢。

Thanks for the question. Rick, this might be a little bit out of left field, but One of the things, I guess, we've seen recently from maybe outside of restaurants is a lot of major retailers being able to have a step function, a major step function in processing customer data, operational data, AI feels like it's playing a role in that. Do you feel like that's relevant to Darden? Are you seeing this internally at Darden? And I guess, what sort of competitive moats do you think this helps create?

謝謝你的提問。里克，這可能有點超出預期，但我想，我們最近從餐館之外看到的一件事是，很多主要零售商都能夠擁有階梯功能，一個主要的階梯功能在處理客戶數據、運營數據時，人工智慧似乎在其中發揮作用。你覺得這跟達頓有關嗎？您在達頓商學院內部看到了這一點嗎？我想，您認為這有助於創造什麼樣的競爭護城河？

Hey, Greg, this is Raj. So we have actually been on -- a little bit on the forefront in terms of leveraging the data. Lot of the tokenization was put in place several years ago for us. We moved to the data lake a few years ago. We have a strategy.

嘿，格雷格，這是拉吉。因此，在利用數據方面，我們實際上已經走在了前沿。幾年前我們就已經實施了許多代幣化。幾年前我們轉向了資料湖。我們有一個策略。

We had embarked on this data strategy work four, five years ago. And so we built a strong foundation to really collect and organize the data. And then we have a team of data scientists and advanced analytics teams that actually leverage all of that. And whether it's new technology, with Snowflake or other technologies that we've been able to leverage that are cloud-based that have helped us really stay ahead of our competitors in terms of analytics. That's already been in the works.

我們四、五年前就開始了這項數據策略工作。因此，我們為真正收集和組織數據奠定了堅實的基礎。然後我們擁有一支由數據科學家和高級分析團隊組成的團隊，他們實際上利用了所有這些。無論是新技術（Snowflake）還是我們能夠利用的其他基於雲端的技術，都幫助我們在分析方面真正領先於競爭對手。這已經在進行中了。

I don't necessarily expected to be a step change, but it's been a gradual improvement, and we continue to get better. Obviously, with the advent of GenAI, we have a team that's focused on -- or a group of people that are focused on figuring out how best we can leverage it within our business. There are some pilots, but there's not a lot at this point for us to share, but we are on that journey, and we feel good about the capabilities we built.

我不一定期望會發生重大變化，但這是一個逐步的改進，而且我們會繼續變得更好。顯然，隨著 GenAI 的出現，我們有一個團隊或一群人專注於弄清楚如何在我們的業務中最好地利用它。有一些試點項目，但目前我們可以分享的內容並不多，但我們正在踏上這段旅程，並且我們對我們構建的功能感到滿意。

Thanks for that perspective. Thanks, Raj.

感謝您的觀點。謝謝，拉吉。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

When we look at the labor market, especially for maybe the back half of '25 into 2026, if the [title] immigration policies were to be implemented maybe the restaurant labor pool might be shrinking and this may be driving the [sales] up. So understandably, you have a better employment proposition than peers, and you've demonstrated that over the years. But assuming that some of that impact might also be affecting. Are you planning to considering to pass on any cost increases on to consumers? Do you think that consumers can absorb that? Or are you going to be continuing with much more prudent pricing actions going forward?

當我們觀察勞動市場時，尤其是從 25 世紀下半年到 2026 年，如果[標題]移民政策得到實施，餐廳勞動力資源可能會縮小，這可能會推動[銷售額]上升。因此，可以理解的是，您比同行擁有更好的就業機會，而且多年來您已經證明了這一點。但假設其中一些影響也可能產生影響。您是否打算考慮將增加的成本轉嫁給消費者？您認為消費者能夠接受嗎？或者您會繼續採取更審慎的定價行動？

Danilo, I think it's still a little too early to comment on the new administration and what they're going to do. We've been through an administration that kept immigration a little bit lower or more at a more normal level and had and we're able to operate in that environment before. I will go back to our actual -- our overall strategy.

達尼洛，我認為現在評論新政府及其將要做的事情還為時過早。我們經歷過一屆政府，將移民數量保持在較低水平或保持在更正常的水平，並且我們以前能夠在這種環境中運作。我將回到我們實際的—我們的整體策略。

Our overall strategy is to find ways to become more efficient to take all of our inflation into account, which includes our food inflation, our labor inflation and other. And also using our scale advantages at Darden to find other ways to take some cost out so that we can price below others. Without getting into what we would do, we'd have to see what the impact is.

我們的整體策略是找到提高效率的方法，將所有通貨膨脹考慮在內，其中包括食品通貨膨脹、勞動力通貨膨脹等。並且利用我們在達頓的規模優勢尋找其他方法來降低成本，以便我們可以低於其他人的價格。在不討論我們要做什麼的情況下，我們必須看看會產生什麼影響。

But right now, we expect to stick to our strategy of keeping our pricing below who we compete against. And if you look at over the last five years, I think it's about 500 basis points less than CPI and almost 1,000 basis points less than limited service restaurants. So I think it's about 20% over the last five years of pricing total for Darden. So that's much less than everybody else and we'll continue to focus on that.

但現在，我們希望堅持我們的策略，將我們的定價保持在低於競爭對手的水平。如果你看看過去五年，我認為它比 CPI 低約 500 個基點，比有限服務餐廳低近 1,000 個基點。所以我認為達頓過去五年的總定價約為 20%。所以這比其他人要少得多，我們將繼續關注這一點。

Great, Rick. And building on your comments, given the shift in not only political environment, but also the consumer sentiment, as you mentioned earlier. So in light of that, looking into 2025, what is the one item that you're most excited about? And what is the one item that you're watching more closely because maybe you have some concerns about?

太棒了，瑞克。正如您之前提到的，考慮到政治環境和消費者情緒的變化，基於您的評論。因此，展望 2025 年，您最興奮的一件事情是什麼？您因為可能有一些擔憂而更加密切關注的一項是什麼？

I'm excited about our team and our brands. I'm excited about what Olive Garden is doing to talk about their brand in a different way to drive the guests to our restaurants. I'm excited about the investments that LongHorn has made over the last five years and continue to make. I'm excited about the performance at Cheddar's and Yard House and all of our brands. I also feel better about the consumer.

我對我們的團隊和品牌感到興奮。我對 Olive Garden 所做的事情感到很興奮，他們以不同的方式談論他們的品牌，以吸引客人來到我們的餐廳。我對 LongHorn 在過去五年中所做的投資以及繼續進行的投資感到興奮。我對 Cheddar's 和 Yard House 以及我們所有品牌的表現感到興奮。我對消費者的感覺也更好了。

So there's -- those are the things I'm excited about. I want to talk about -- I'm excited about our internal stuff. Whatever happens externally, we will handle. But I'm excited about what we're doing. And I think we have been clear that we focus on the long term, and we have ways to move the needle, and we showed that in the second quarter.

所以，這些都是我感到興奮的事情。我想談談——我對我們的內部事務感到興奮。外部發生任何事情，我們都會處理。但我對我們正在做的事情感到興奮。我認為我們已經明確表示我們著眼於長期，我們有辦法取得進展，我們在第二季度就證明了這一點。

Thank you.

謝謝。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Just a quick question on the CapEx guidance. So it stepped up quite a bit versus the midpoint of the range that you had last time, and I suspect some of that's related to Chuy's. Could you just elaborate on why the big step-up? And then whether you think that is a good run rate for us to think about kind of growing from going forward?

關於資本支出指南的一個簡單問題。因此，與上次範圍的中點相比，它上升了很多，我懷疑其中一些與 Chuy 的有關。能詳細說明為什麼要大幅提升嗎？那麼您是否認為這對於我們考慮未來的成長來說是一個很好的運行率？

Hey, David. So a couple of things. Obviously, Chuy's coming in is a part of it. I mean, as we mentioned, we expect to open five Chuy's restaurants, but there's also a pipeline. And we also bought some -- in some situations, we bought some land, which increases the CapEx.

嘿，大衛。有幾件事。顯然，楚伊的到來也是其中的一部分。我的意思是，正如我們所提到的，我們預計將開設五家 Chuy's 餐廳，但還有一個管道。我們也買了一些——在某些情況下，我們購買了一些土地，這增加了資本支出。

But with that said, the other part of it is us laying the pipeline building for next year. So we've said all along that we've been trying to kind of get -- we would like to get to the higher end of our framework of 3% unit growth, we're on the pathway to that. We'll share more in March. But right now, obviously, for those projects next year, we have to spend now.

但話雖如此，另一部分是我們為明年鋪設管道建設。因此，我們一直在說，我們一直在努力實現——我們希望達到 3% 單位成長框架的高端，我們正在實現這一目標。我們將在三月分享更多內容。但現在，顯然，對於明年的這些項目，我們必須現在就花錢。

To your question around run rate, I would say this is a function of new units versus maintenance, right? The maintenance CapEx, IT CapEx, all of that is probably around $300 million a year. Wouldn't expect that to move up materially. But if we have a step-up in new units, it would go up too. And so we'll share more in March.

對於您關於運行率的問題，我想說這是新設備與維護的函數，對嗎？維護資本支出、IT 資本支出，所有這些每年可能約為 3 億美元。沒想到這數字會大幅上升。但如果我們增加新單位，它也會增加。因此，我們將在三月分享更多資訊。

Great. Thank you.

偉大的。謝謝。

Rahul Krotthapalli, JPMorgan.

拉胡爾·克羅塔帕利，摩根大通。

Any -- just a broader industry customer, I have a follow-up. Any preliminary thoughts from your vantage point and what a potential product deregulation versus previous years would mean for the industry, particularly casual dining space as it relates to, say, M&A or actuating development pipeline, given your guide up on permitting, et cetera. And also any comments around specific policies for pay or taxes on tip credits that you foresee?

任何——只是更廣泛的行業客戶，我都有跟進。從您的角度出發的任何初步想法，以及與前幾年相比，潛在的產品放鬆管制對該行業意味著什麼，特別是休閒餐飲空間，因為它涉及併購或啟動開發管道，考慮到您在許可等方面的指引。您對小費抵免的具體工資或稅收政策有何評論？

Yeah. I'm not going to comment on anything that could be coming down the line. We'll comment on it when it happens. But I will say anything that reduces the time to have to open a restaurant is good for us, permitting, regulate whatever it is, anything that can help us kind of open up the marketplace in some way would be good.

是的。我不會對任何可能發生的事情發表評論。當它發生時我們會發表評論。但我想說，任何能減少開餐廳時間的事情對我們都有好處，無論是什麼，只要允許、監管，任何能幫助我們以某種方式打開市場的東西都是好的。

Got it. And a quick follow up. What are your thoughts on having a fast casual brand within the portfolio over time. Your comments on Cheddar's were very helpful. But I'm just curious, why not tap into M&A to address this sooner given the shifts we see in the industry overall as more younger customers seem to gravitate towards this model and who will eventually be a part of the demography interacting with your brands?

知道了。並快速跟進。隨著時間的推移，您對在產品組合中加入快速休閒品牌有何看法？您對切達乾酪的評論非常有幫助。但我只是好奇，考慮到我們在整個行業中看到的變化，為什麼不盡快利用併購來解決這個問題，因為越來越多的年輕客戶似乎傾向於這種模式，而誰最終將成為與您的品牌互動的人群的一部分？

Rahul, a couple of things. One is we are a full-service restaurant company. That is where we have our scale advantage. That is what we know. The fast casual model is a very different model. And we believe that we can continue to excel in full service.

拉胡爾，有幾件事。一是我們是一家提供全方位服務的餐廳公司。這就是我們的規模優勢。這就是我們所知道的。快速休閒模式是一種非常不同的模式。我們相信，我們能夠在全方位服務方面繼續表現出色。

There's a -- we've had conversations a long time about that. We'll get into more detail if you'd like, on things we've said in the past. That said, the speed initiatives that we're doing will help. But fast casual is not something that we would anticipate being in any time soon. And I'll say the other thing that you mentioned about the younger consumer.

我們已經就這個問題進行了很長時間的對話。如果您願意，我們將更詳細地介紹我們過去說過的事情。也就是說，我們正在採取的速度措施將會有所幫助。但快速休閒並不是我們所期望的很快的事。我想說你提到的關於年輕消費者的另一件事。

The younger consumer, we over -- we actually have a higher percentage of our visits from younger consumers than we have from older consumers. And as consumers move into their peak earning years, they move into casual dining. If you go back 10 years ago, the millennials had a certain percentage of visits to casual dining, and you come now, those same people are visiting casual dining more. So it's really more of a lifestyle and need state than it is that they like fast casual versus casual dining.

年輕消費者，我們實際上年輕消費者的訪問比例高於年長消費者。隨著消費者進入收入高峰期，他們開始轉向休閒餐飲。如果你回到 10 年前，千禧世代有一定比例的人去休閒餐廳，而現在，這些人更多地去休閒餐廳。因此，這實際上更多的是一種生活方式和需求狀態，而不是他們喜歡快速休閒與休閒餐飲。

Appreciate the insight, Rick. Thank you.

欣賞你的洞察力，里克。謝謝。

Jake Bartlett, Truist Securities.

傑克·巴特利特，Truist 證券公司。

Thanks for taking the question. Mine was on labor efficiencies. And if we look at your labor cost per operating week, it's been trailing your wage inflation that you've been quoting. I'm thinking a little bit of a narrower difference this quarter. But I'm wondering, is there kind of a some more significant efficiencies that you gained at some point last year that you're going to start to lap and so maybe we shouldn't expect labor (inaudible) lead to lag so much?

感謝您提出問題。我的主題是勞動效率。如果我們看看你們每個工作週的勞動成本，就會發現它一直落後於你們所引用的薪資通膨。我認為本季的差異會縮小。但我想知道，去年某個時候你是否獲得了一些更顯著的效率，你將開始繞圈，所以也許我們不應該期望勞動力（聽不清楚）導致如此多的滯後？

And then could you talk about other opportunities you have for driving efficiencies? I know improved retention is helpful, but anything else and then I have a follow up.

然後您能談談您在提高效率方面擁有的其他機會嗎？我知道提高保留率是有幫助的，但如果有其他事情，我會跟進。

Hey, Jake. So yeah, we've talked about how we're always, as a system, trying to find efficiencies. When we look at labor specifically, you pointed out, yes, labor has kept -- has grown less than the wage growth, and that's really driven by a significant improvement in turnover. If you look at what's happened over the last several -- last year, 1.5 years, we've been -- our turnover has been improving. And you heard Rick mention earlier about some of the historic best levels at some of our brands.

嘿，傑克。是的，我們已經討論過作為一個系統，我們如何始終努力提高效率。當我們具體關注勞動力時，您指出，是的，勞動力的成長一直低於薪資成長，而這實際上是由營業額的顯著改善所推動的。如果你看看過去幾年發生的事情——去年，1.5 年——我們的營業額一直在改善。您之前聽到 Rick 提到我們一些品牌的一些歷史最佳水平。

That's one of the big contributors. And the second part, I will mention specific to the second quarter, is the Thanksgiving shifting is actually you leverage labor a little bit more, right, because the day is open for casual dining brands versus closed. So there's a little bit of leveraging of that fixed labor. That helps. But then as we said, we're always in the process of continuous improvement.

這是最大的貢獻者之一。第二部分，我將具體提到第二季度，感恩節的轉變實際上是你更多地利用勞動力，對吧，因為這一天對休閒餐飲品牌來說是開放的，而不是休息的。因此，固定勞動力可以得到一定程度的利用。這有幫助。但正如我們所說，我們始終處於持續改進的過程中。

It has to come at the -- it has to come through improving steps service, improving, eliminating and streamlining the processes, but getting -- giving guests a great experience. And so we'll continue to do that.

它必須透過改進步驟服務、改進、消除和簡化流程來實現，但要為客人提供良好的體驗。所以我們將繼續這樣做。

Great. And then the follow up was on the selling as a percentage of sales. And I think the past commentary that I have here is you expect a couple [tens] higher in '25. It was about 30 basis points higher as a percentage of sales in the second quarter. I'm wondering, is that being we thought, should we think about 30 to 40 basis points versus maybe 20 basis points of an increase in '25 at this point?

偉大的。然後跟進的是銷售量佔銷售額的百分比。我認為我過去的評論是，你預計 25 年的價格會高出幾十倍。佔第二季銷售額的百分比大約高出 30 個基點。我想知道，正如我們所想的那樣，我們現在是否應該考慮 30 到 40 個基點，而不是 25 年可能增加 20 個基點？

Yeah, Jake, again, it's also a function of things I mentioned on the call. One was we had more weeks of nonearning possible. And then also we shifted Thanksgiving shifting out would mean that we were still on air, an extra week than we would have been a year ago. And so those are a couple of things that [role].But when we look at the full year, we still expect to be in that, call it, 10 to 20 basis points higher. Again, if we find that we can deploy marketing dollars and grow sales and grow profit like we did this quarter, we'll do that.

是的，傑克，這也是我在電話中提到的事情的功能。一是我們可能有更多的幾週沒有收入。然後，我們也將感恩節移出意味著我們仍在播出，比一年前多了一周。因此，這些都是[發揮作用]的幾件事。同樣，如果我們發現我們可以像本季度那樣部署行銷資金並增加銷售額和利潤，我們就會這樣做。

Great. I appreciate it.

偉大的。我很感激。

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

我們的問答環節結束了。我想將發言權交還給菲爾，以徵求進一步或結束評論的意見。

That concludes our call. I want to remind you that we plan to release third-quarter results on Thursday, March 20, before the market opens with a conference call to follow. Thank you for participating on today's call.

我們的通話到此結束。我想提醒您，我們計劃在 3 月 20 日星期四開市前發布第三季業績，並隨後召開電話會議。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。