達登餐飲 (DRI) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Darden Restaurants, Inc. Q3 fiscal year 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Courtney Aquilla, Senior Director of Finance and Investor Relations. Please go ahead, Courtney.

大家好，歡迎參加 Darden Restaurants, Inc. 2025 財年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人，財務和投資者關係高級總監 Courtney Aquilla。請繼續，考特尼。

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，感謝大家參加今天的電話會議。與我一起參加的是 Darden 總裁兼執行長 Rick Cardenas；以及財務長 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 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 and in its filings with the Securities and Exchange Commission.

提醒一下，本次電話會議中發表的評論將包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些聲明受風險和不確定性的影響，可能導致實際結果與我們的預期和預測有重大差異。這些風險在該公司今天早上發布的新聞稿和提交給美國證券交易委員會的文件中進行了描述。

We are simultaneously broadcasting a presentation during this call, which is posted in the Investor Relations section of our website at darden.com.

我們將在本次電話會議中同步播放一份演示文稿，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 include certain non-GAAP measurements, and reconciliations of these measurements are included in the presentation. Looking ahead, we plan to release fiscal 2025 4th quarter earnings on Friday, June 20, before the market opens, followed by a conference call.

今天的討論和演示包括某些非 GAAP 測量，而這些測量的對帳也包含在演示中。展望未來，我們計劃在 6 月 20 日星期五市場開盤前發布 2025 財年第四季收益，隨後召開電話會議。

During today's call, all reference to industry results refer to Black Box Intelligence, Casual Dining average benchmark excluding Darden. During the fiscal third quarter, average same-restaurant sales for the industry grew 0.9% and average same-restaurant guest counts decreased 1.2%.

在今天的電話會議中，所有對行業績效的引用均指 Black Box Intelligence、Casual Dining 平均基準（不包括 Darden）。在第三財季，該行業的平均同店銷售額增加了 0.9%，平均同店顧客數量減少了 1.2%。

Additionally, due to a significant divergence between average and median results, we are sharing that the median same-restaurant sales for the industry decreased 2.3% and median same-restaurant guest counts decreased 4.2%. This represents the largest disparity between average and median observed in recent years.

此外，由於平均值和中位數結果之間存在很大差異，我們發現該行業的同店銷售額中位數下降了 2.3%，同店客人數量中位數下降了 4.2%。這是近年來觀察到的平均值與中位數之間最大的差距。

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. Now I will turn the call over to Rick.

今天上午，Rick 將簡要介紹本季度的情況，Raj 將詳細介紹我們的財務業績以及 2025 財年財務前景的最新情況。現在我將電話轉給 Rick。

Thank you, Courtney, and good morning, everyone. Overall, I am pleased with our performance this quarter and proud of how our teams managed their business and controlled what they could control. Raj will share specifics, but when you exclude weather impacts, which were even greater than last year's challenging weather, same-restaurant sales at all four of our segments were positive.

謝謝你，考特尼，大家早安。總的來說，我對我們本季的表現感到滿意，也為我們的團隊如何管理他們的業務以及控制他們所能控制的事情感到自豪。Raj 將分享具體細節，但如果排除天氣影響（比去年的惡劣天氣更為嚴重），我們四個部門的同店銷售額均為正值。

Our ability to deliver profitable sales growth in this challenging environment is a testament to the strength of our business model and adherence to our proven strategy, which is anchored in our four competitive advantages and our restaurant team's commitment to being brilliant with the basics.

我們能夠在這樣的充滿挑戰的環境中實現盈利性銷售增長，證明了我們商業模式的實力和對我們行之有效的戰略的堅持，這一戰略以我們的四大競爭優勢和我們餐廳團隊致力於在基礎上取得卓越成就的承諾為基礎。

Several of our brands set sales records during the Christmas and New Year's holidays as well as on Valentine's Day, which reinforces the strength of our portfolio and the guest loyalty our teams worked so hard to earn.

我們的多個品牌在聖誕節、新年假期以及情人節期間創下了銷售記錄，這增強了我們產品組合的實力以及我們團隊努力贏得的客戶忠誠度。

During the quarter, Olive Garden launched an updated menu featuring fan favorites, Steak Gorgonzola Alfredo and Stuffed Chicken Marsala, the two most requested entrees at Olive Garden fans asked to bring back. In January, Olive Garden's marketing featured the return of these favorites along with four Cheese Manicotti for just $12.99, plus a three Meat Manicotti for a limited time.

在本季度，Olive Garden 推出了更新的菜單，其中包括粉絲最喜歡的牛排戈貢佐拉阿爾弗雷多和釀雞馬沙拉，這是 Olive Garden 粉絲要求帶回的兩種最受歡迎的主菜。今年 1 月，Olive Garden 的行銷活動以這些暢銷產品的回歸為特色，同時還推出了限時特惠，四份起司通心粉僅售 12.99 美元，另外還有三份肉通心粉。

During the six weeks Fan Favorites was on air, Olive Garden's base traffic and sales trends improved significantly. They also experienced high levels of social media engagement, while preference for both items was strong and grew throughout the duration of the offer.

在「粉絲最愛」節目播出的六週內，Olive Garden 的客流量和銷售趨勢顯著改善。他們在社群媒體上也參與度很高，對這兩款產品的喜愛程度都很強烈，並且在整個優惠期間都在成長。

The Olive Garden team continues to use news to appeal to core guests as well as value seekers in this environment. For the first time since before COVID, they are bringing back their signature Buy One, Take One limited time offer.

Olive Garden 團隊繼續利用新聞來吸引核心客人以及該環境中的價值追求者。自疫情爆發以來，他們首次恢復了標誌性的「買一送一」限時優惠。

With the price starting at $14.99, guests choose from seven entrées for their dine-in experience and then take a second entrée home. This has historically been a high traffic driving promotion for Olive Garden. Their eClub members are enjoying early access to this offer this week and it will be available to everyone starting on Monday.

價格從 14.99 美元起，客人可以從七種主菜中進行選擇，享受店內用餐體驗，然後將第二份主菜帶回家。從歷史上看，這對 Olive Garden 來說是一個高流量推動的促銷活動。他們的 eClub 會員本周可以提前享受此優惠，從週一開始所有人都可以享受此優惠。

In the first week of February, Olive Garden completed their rollout of Uber Direct, making delivery available in all restaurants except the six locations that cannot offer a curbside-to-go. Our partnership with Uber Direct strengthens Olive Garden's ability to value their guests' time by bringing their favorite dishes directly to the doorstep using Olive Garden's online ordering platform and leveraging Uber's delivery network.

二月的第一周，Olive Garden 完成了 Uber Direct 服務的推出，除了六家無法提供路邊外帶服務的餐廳外，所有餐廳均可提供外送服務。我們與 Uber Direct 的合作增強了 Olive Garden 珍惜客人時間的能力，透過使用 Olive Garden 的線上訂餐平台並利用 Uber 的配送網絡，將客人最喜歡的菜餚直接送到客人家門口。

Additionally, delivery provides Olive Garden with a meaningful sales building opportunity over time. Without any marketing support during the quarter, the volume of delivery orders grew week-to-week, while maintaining a higher check average than curbside pickup orders.

此外，隨著時間的推移，配送為 Olive Garden 提供了有意義的銷售機會。在本季沒有任何行銷支援的情況下，送貨訂單量每週都在增長，同時保持了比路邊取貨訂單更高的平均支票金額。

In the fourth quarter, the Olive Garden team started to drive awareness of delivery with modest digital activity and will fully leverage their earned and owned channels to target their biggest fans. This will ensure a smooth transition for the newly launched restaurants and establish a baseline from which they will measure future marketing efforts.

第四季度，Olive Garden 團隊開始透過適度的數位活動來提高配送意識，並將充分利用其贏得的和自有的管道來瞄準他們最大的粉絲。這將確保新開幕餐廳的順利過渡，並為衡量未來的行銷工作奠定基礎。

They are targeting the end of this fiscal year for a more expansive awareness building campaign, including TV advertising with a compelling and memorable offer, partially funded by Uber.

他們計劃在本財政年度結束前開展一項更廣泛的宣傳活動，包括推出電視廣告，投放引人注目、令人難忘的廣告，這些活動部分由 Uber 提供資金。

We are pleased with the success of the rollout of Uber Direct at Olive Garden. We heard from the operators how seamless it was. And just this week, we began to pilot at Cheddar's Scratch Kitchen. The Cheddar's team is currently testing it in 10 locations with a plan to deploy it more broadly across their system.

我們很高興看到 Uber Direct 在 Olive Garden 的成功推出。我們從操作員那裡聽說了它是多麼的無縫。就在本週，我們開始在 Cheddar's Scratch Kitchen 進行試點。Cheddar 團隊目前正在 10 個地點對其進行測試，並計劃在其係統中更廣泛地部署它。

At LongHorn Steakhouse, strict adherence to their strategy rooted in quality, simplicity and culture continues to drive their momentum. The restaurant team is focused on execution to ensure every item they serve meets their high-quality standards.

在 LongHorn Steakhouse，嚴格遵守以品質、簡約和文化為基礎的策略繼續推動他們的發展。餐廳團隊專注於執行，以確保他們提供的每道菜都符合他們的高品質標準。

This includes having industry-leading specifications and ensuring they perfectly season and grill every steak serve to their guests. This level of focus continues to pay off, resulting in an all-time high steaks grilled quickly score in the third quarter.

這包括擁有行業領先的規格並確保他們為客人提供的每一塊牛排都進行完美的調味和燒烤。這種程度的專注持續帶來回報，使得牛排燒烤在第三節創下了歷史新高。

LongHorn's people bring their strategy to life in their restaurants and the Grill Master Legends program is an excellent example of the intersection of quality and culture. The program celebrates extraordinary team members who have grilled more than 1 million steaks over the course of their career, which typically takes more than 20 years to accomplish.

LongHorn 的員工在他們的餐廳中將他們的策略付諸實踐，而 Grill Master Legends 計劃則是品質和文化融合的絕佳範例。該計劃旨在表彰那些在職業生涯中燒烤了超過 100 萬塊牛排的傑出團隊成員，而這通常需要 20 多年的時間才能實現。

LongHorn leadership recognizes these legends with a surprise party in their restaurant that includes their family, friends, and loyal guests. During the third quarter, they inducted five more Grill Masters into this exclusive club, bringing the total to 30.

LongHorn 領導層在餐廳為這些傳奇人物舉辦了一場驚喜派對，邀請了他們的家人、朋友和忠實賓客參加。第三季度，他們又吸收了 5 位燒烤大師加入這個專屬俱樂部，使燒烤大師總數達到 30 位。

To further build on their leadership in food quality, LongHorn is bringing back grilled lamb chops and fire grilled corn during the fourth quarter. These two guest favorites along with last year's viral sensation, parmesan-crusted lamb chops, will be featured for a limited time.

為了進一步鞏固其在食品品質方面的領先地位，LongHorn 將在第四季度重新推出烤羊排和火烤玉米。這兩道客人最愛的菜餚以及去年風靡一時的帕瑪森羊排都將在限期內推出。

Successfully opening new restaurants is a key part of our ability to create value for our shareholders and help our brands reach their potential. Working with our development team, we are testing new smaller prototypes for some of our brands.

成功開設新餐廳是我們為股東創造價值和幫助我們的品牌發揮潛力的關鍵部分。我們與開發團隊合作，正在為一些品牌測試新的小型原型。

These prototypes help lower construction costs and enable the brands to build out their new restaurant pipelines by considering sites that would have been too small in the past, ultimately accelerating new restaurant openings.

這些原型有助於降低建造成本，並使品牌能夠透過考慮過去太小的場地來建立新的餐廳管道，最終加速新餐廳的開幕。

During the quarter, Yard House, and Cheddar's both opened these prototypes, and they are performing at or above expectations. Each one is roughly 20% smaller and cost approximately 15% less to build than their legacy restaurant prototype. They also preserve the essence of the brand. For example, while it's significantly smaller, the new Yard House prototype still features their full menu and offers 90 different beers on tap.

本季度，Yard House 和 Cheddar’s 均開放了這些原型，並且其表現達到或超出了預期。與傳統餐廳原型相比，每個餐廳原型大約小 20%，建造成本大約低 15%。它們也保留了品牌的精髓。例如，雖然規模明顯較小，但新的 Yard House 原型店仍然提供全套菜單並提供 90 種不同的現釀啤酒。

Now let me provide a quick update on Chuy's. The planning phase of the integration is complete and the actual work is underway. On Monday, Chuy's will convert to our human resources platform, which includes our people management systems, payroll, and benefits. Our platform streamlines key day-to-day activities, which improves efficiency and allows managers to spend more time focused on running their restaurant.

現在讓我快速提供一下 Chuy 的最新情況。整合的規劃階段已經完成，實際工作正在進行中。週一，Chuy's 將轉換到我們的人力資源平台，其中包括我們的人員管理系統、薪資和福利。我們的平台簡化了日常關鍵活動，提高了效率並讓管理人員花更多時間專注於經營餐廳。

The next major milestone will be supply chain transitions that will take place in phases beginning in June, followed by the point-of-sale transition starting in late summer. Integration is never easy, and I'm proud of how the entire Chuy's team has remained focused on executing at a high level while adapting to change.

下一個重要里程碑將是供應鏈轉型，將從 6 月開始分階段進行，隨後是從夏末開始的銷售點轉型。整合從來都不是一件容易的事，我為整個 Chuy 團隊在適應變化的同時始終專注於高水準執行而感到自豪。

Every day, we work in pursuit of our shared purpose, to nourish and delight everyone we serve. One of the ways we do this for our team members and their families is through our Next Course Scholarship program. Recently, the Darden Foundation awarded 98 post-secondary education scholarships worth $3,000 each to the children of Darden team members. This is the third year of the program and, over that time, we have awarded nearly 300 scholarships, helping team members and their families across the country.

每天，我們都在努力追求我們的共同目標：滋養和取悅我們服務的每一個人。我們為團隊成員及其家人提供此項服務的方式之一是透過我們的「Next Course」獎學金計畫。近日，達頓基金會向達頓團隊成員的子女頒發了98份高等教育獎學金，每人價值3,000美元。這是該計劃實施的第三年，在此期間，我們已頒發了近 300 份獎學金，幫助了全國各地的團隊成員及其家人。

To wrap up, I'm proud of the focus and commitment our teams continue to display. On behalf of our leadership team and the Board of Directors, I want to thank all of our team members for everything you do to nourish and delight our guests and each other.

總而言之，我為我們的團隊持續展現的專注和承諾感到自豪。我謹代表我們的領導團隊和董事會，感謝我們團隊的所有成員，感謝你們為滋養和取悅我們的客人和彼此所做的一切。

Now I will turn it over to Raj.

現在我將把話題交給 Raj。

Thank you, Rick, and good morning, everyone. Third quarter earnings results were in line with our expectations, even though the top line was impacted by unfavorable weather. The quarter started with a negative gap to the industry average in December but turned positive in January and February, with both months exceeding the industry benchmark by well over 100 basis points.

謝謝你，里克，大家早安。儘管營業收入受到不利天氣的影響，但第三季的收益結果符合我們的預期。本季 12 月與行業平均的差距為負，但 1 月和 2 月轉為正值，兩個月均超過行業基準 100 個基點。

Winter weather and Thanksgiving holiday shift into the third quarter negatively impacted same-restaurant sales for the quarter by approximately 100 basis points and 90 basis points, respectively. As a reminder, Thanksgiving shift helped our Fine Dining brands and negatively impacted Casual Dining. After adjusting for these impacts, our same-restaurant sales were 2.6% for the quarter, a sequential improvement from prior quarters.

冬季天氣和感恩節假期轉移到第三季度，對本季同店銷售額產生了負面影響，分別約 100 個基點和 90 個基點。提醒一下，感恩節的轉變對我們的高級餐飲品牌有幫助，但對休閒餐飲產生了負面影響。經過這些影響調整後，我們本季的同店銷售額成長了 2.6%，比前幾個季度有所改善。

For the first three weeks of the fourth quarter, we're seeing further improvement in our sales trends. Overall, our teams continue to do a great job managing the business through the volatility created by weather. In the third quarter, we generated $3.2 billion of total sales, 6% higher than last year, driven by same-restaurant sales growth of 0.7%, the acquisition of 103 Chuy's restaurants and the addition of 40 net new restaurants. Both our same-restaurant sales and same-restaurant guest counts for the quarter were in the top quartile of the industry.

在第四季的前三週，我們的銷售趨勢進一步改善。總體而言，我們的團隊在天氣變化的情況下繼續出色地管理業務。第三季度，我們的總銷售額為 32 億美元，比去年同期成長 6%，這得益於同店銷售額成長 0.7%、收購 103 家 Chuy's 餐廳以及新增 40 家餐廳。本季，我們的同店銷售額和同店客人數量均處於行業前四分之一。

Adjusted diluted net earnings per share from continuing operations of $2.80 were 6.9% higher than last year. We generated $559 million of adjusted EBITDA and returned $217 million to our shareholders by paying $164 million in dividends and $53 million in share repurchases.

調整後持續經營每股攤薄淨收益為 2.80 美元，較去年同期成長 6.9%。我們實現了 5.59 億美元的調整後 EBITDA，並透過支付 1.64 億美元的股息和 5,300 萬美元的股票回購，向股東返還了 2.17 億美元。

Now looking at our adjusted margin analysis compared to last year. Food and beverage expenses were 70 basis points lower driven by pricing leverage as commodities inflation was less than 0.5% with almost all categories better than our expectations.

現在來看看與去年相比我們調整後的利潤率分析。由於大宗商品通膨率低於 0.5%，且幾乎所有類別都優於我們的預期，食品和飲料支出在定價槓桿的推動下下降了 70 個基點。

Restaurant labor was flat with productivity improvements fully offsetting the impact of pricing below total labor inflation of approximately 3.5%. Restaurant expenses were 20 basis points higher driven by the brand mix with the addition of Chuy's. Marketing expenses were 10 basis points higher, consistent with our plan.

餐廳勞動力持平，生產力的提高完全抵消了低於約 3.5% 總勞動力通膨率的定價的影響。由於 Chuy's 的加入，品牌組合的推動下，餐廳支出增加了 20 個基點。行銷費用增加了10個基點，與我們的計畫一致。

Our restaurant level EBITDA of 21.1% for the quarter was 50 basis points higher than last year. Adjusted G&A expenses as a percent of sales were flat to last year. Interest expense increased 20 basis points driven by the financing expenses related to the Chuy's acquisition. And our adjusted effective tax rate for the quarter was 13.4%. In total, our adjusted earnings from continuing operations were $330 million, which was 10.5% of sales.

本季我們餐廳等級的 EBITDA 為 21.1%，比去年高出 50 個基點。調整後的一般及行政開支佔銷售額的百分比與去年持平。由於收購 Chuy's 相關的融資費用，利息支出增加了 20 個基點。本季的調整後有效稅率為 13.4%。整體而言，我們的調整後持續經營收益為 3.3 億美元，佔銷售額的 10.5%。

In the third quarter, all of our segments grew total sales and segment profit margin. Total sales for Olive Garden increased by 1.5% driven by same-restaurant sales growth of 0.6%. Olive Garden's gap to the industry benchmarks increased significantly following the launch of Fan Favorites limited time offer, outperforming the industry benchmarks by 180 basis points in January and 240 basis points in February.

第三季度，我們所有部門的總銷售額和部門利潤率均實現成長。受同店銷售額 0.6% 成長的推動，Olive Garden 的總銷售額成長了 1.5%。在推出「粉絲最愛」限時優惠活動後，Olive Garden 與行業基準的差距顯著擴大，1 月份表現超出行業基準 180 個基點，2 月份表現超出行業基準 240 個基點。

They're maintaining their momentum through the first three weeks of March. Olive Garden continues to have strong segment profit margin, delivering 23% for the quarter, which is 50 basis points higher than last year.

他們在三月的前三週一直保持著這種勢頭。Olive Garden 繼續保持強勁的分部利潤率，本季實現 23% 的利潤率，比去年高出 50 個基點。

At LongHorn, total sales increased 5.1% driven by same-restaurant sales growth of 2.6% and the addition of 14 net new restaurants. LongHorn's same-restaurant sales growth adjusted for the Thanksgiving shift and weather was 5%, a strong performance in what is traditionally their highest volume quarter.

在 LongHorn，總銷售額成長了 5.1%，這得益於同店銷售額成長 2.6% 以及新增 14 家餐廳。經過感恩節和天氣因素調整後，LongHorn 的同店銷售額增長了 5%，在傳統上銷量最高的季度中表現強勁。

Through the first three weeks of March, LongHorn has seen strong traffic and same-restaurant sales growth further increasing their positive gap to the industry. Segment profit margin for the third quarter was 19.4%, 70 basis points above last year.

三月的前三週，LongHorn 的客流量和同店銷售額均出現強勁增長，進一步擴大了與該行業的差距。第三季分部利潤率為19.4%，比去年同期高出70個基點。

Total sales at Fine Dining segment increased 3.3%, though the same-restaurant sales were negative 0.8% for the quarter. Thanksgiving is a busy day for our Fine Dining brands, and the shift of the holiday from the second quarter last year into the third quarter this year led to a positive sales impact that was mostly offset by the negative weather impacts during the quarter.

高級餐飲部門的總銷售額成長了 3.3%，但本季同店銷售額下降了 0.8%。感恩節對於我們的高級餐飲品牌來說是繁忙的一天，而假期從去年第二季度轉移到今年第三季度帶來了積極銷售影響，但大部分被本季度的負面天氣影響所抵消。

Adjusted for holiday shift and weather impacts, Fine Dining same-restaurant sales decreased approximately 1%, which continues the sequential improvement from prior quarters. Fine Dining segment profit margin of 22.3% improved 50 basis points from last year.

經假期變動和天氣影響調整後，高級餐飲同店銷售額下降約 1%，延續了前幾季的季比改善。高級餐飲部門利潤率為22.3%，較去年同期提高了50個基點。

The other business segment sales increased 20.2%, primarily driven by the acquisition of Chuy's. Segment profit margin of 15.4% was 50 basis points better than last year.

其他業務部門銷售額成長了 20.2%，主要得益於收購 Chuy’s。分部利潤率為15.4%，較去年同期高出50個基點。

Turning to our financial outlook for fiscal 2025. We've updated two items in our guidance to reflect our year-to-date results and expectations for the fourth quarter. We now expect 118.3 million diluted average shares outstanding for the year and adjusted diluted net earnings per share of $9.45 to $9.52, which excludes approximately $47 million of pretax transaction and integration-related costs.

談談我們對 2025 財年的財務展望。我們更新了指引中的兩項內容，以反映我們今年迄今為止的業績和對第四季度的預期。我們現在預計全年攤薄平均流通股數為 1.183 億股，調整後每股攤薄淨收益為 9.45 美元至 9.52 美元，其中不包括約 4700 萬美元的稅前交易和整合相關成本。

All other items remain unchanged. For the fourth quarter specifically, our annual outlook implies total sales of $3.23 billion to $3.26 billion, same-restaurant sales growth above 3%, and adjusted diluted net earnings per share between $2.88 and $2.95.

所有其他項目保持不變。具體來說，對於第四季度，我們的年度預期是總銷售額為 32.3 億美元至 32.6 億美元，同店銷售額增長 3% 以上，調整後每股攤薄淨收益在 2.88 美元至 2.95 美元之間。

Now looking forward into fiscal '26, we wanted to provide our thoughts on a few items. First, we plan to open between 60 and 65 new restaurants. We expect to spend between $375 million to $400 million of capital for new restaurants and $300 million to $325 million of capital related to ongoing restaurant maintenance, refresh, and technology. We anticipate an effective tax rate between 13% and 13.5% for fiscal 2026. And finally, fiscal 2026 will include a 53rd week, contributing approximately $0.20 in additional diluted net earnings per share.

現在展望26財年，我們想就一些事項發表我們的看法。首先，我們計劃開設60至65家新餐廳。我們預計將花費 3.75 億至 4 億美元用於新餐廳，並花費 3 億至 3.25 億美元用於餐廳的持續維護、更新和技術。我們預計 2026 財年的實際稅率在 13% 至 13.5% 之間。最後，2026 財年將包括第 53 週，每股額外攤薄淨收益貢獻約 0.20 美元。

In closing, I want to commend our teams for their outstanding efforts in serving our guests. Their dedication is reflected in the strong financial results we delivered. We remain confident in our strategy and the strength of our business model, which continues to drive our success.

最後，我要讚揚我們的團隊為客人提供的出色服務。他們的奉獻精神體現在我們所取得的強勁財務表現上。我們對我們的策略和商業模式的實力充滿信心，這將繼續推動我們的成功。

Now we'll open it up for questions.

現在我們開始回答問題。

(Operator Instructions) Jon Tower, Citi.

（操作員指示）花旗銀行的 Jon Tower。

I'm just curious, I appreciate all the color on the quarter-to-date across the brands. I'm curious if you could maybe speak to whether you believe that the improvement you're seeing is more related to your own brands or the industry.

我只是很好奇，我很欣賞本季迄今為止各個品牌的所有色彩。我很好奇，您是否可以談談您是否認為您所看到的改善與您自己的品牌或行業有關。

And specifically, you mentioned on the last earnings call that you had started to see improvement in visits and guests making between [50,000 to 100,000] a year. I'm just curious how that played out in your fiscal third quarter and perhaps what's happening quarter to date to the extent, if you can provide some color?

具體來說，您在上次財報電話會議上提到，您已經開始看到訪問量有所改善，每年的客人數量在 [50,000 到 100,000] 之間。我只是好奇這在您的財政第三季度中表現如何，以及本季迄今為止的情況如何，您能否提供一些詳細資訊？

Jon, quarter to date, I'm really pleased with the performance of our brands. Olive Garden and LongHorn have continued to perform well and the rest of our brands are continuing to improve their performance. Without commenting directly on what's going on with the rest of the industry, it's only three weeks into our quarter but we feel pretty good about where we are. And that's reflected in our guidance of above 3% same-restaurant sales growth for Darden.

喬恩，本季迄今為止，我對我們品牌的表現非常滿意。Olive Garden 和 LongHorn 繼續表現良好，我們其他品牌的表現也持續提高。我們不想直接評論行業內其他公司的情況，雖然這個季度才剛剛過去三週，但我們對目前的狀況感到非常滿意。這反映在我們對達頓同店銷售額成長 3% 以上的預期。

As it relates to the consumer between [50,000 and 100,000], it's not growing quite as much as it was before but it's still growing when you adjust for weather. Outside of -- across all income groups -- adjusting for weather, the only income group that was negative across our casual brands was below $50,000. All the billings were positive when you adjust out that bad weather this quarter.

對於 50,000 至 100,000 之間的消費者來說，它的增長幅度不如以前那麼大，但如果考慮到天氣因素，它仍然在增長。除調整天氣因素外，在所有收入群體中，我們休閒品牌中唯一收入為負值的群體是收入低於 50,000 美元的群體。如果排除本季的惡劣天氣影響，所有帳目都是正數。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Just a follow-up on that. To what degree do you think there was a flu impact in the quarter? But then separately, when it comes to Casual Dining, one of the things we're noticing is it's holding up remarkably well given what we're seeing in other segments within restaurants. I don't know if you're noticing that in your own insights work and thinking about reasons for that. I mean, I'm not sure we can make too much sense of it.

這只是對此的後續行動。您認為本季流感的影響程度有多大？但是，單獨談到休閒餐飲，我們注意到的一件事是，根據我們在餐廳其他領域看到的情況，它表現得非常好。我不知道您是否在自己的洞察工作中註意到了這一點並思考原因。我的意思是，我不確定我們是否能理解這一點。

And then lastly, I just wanted to ask you about your plans on M&A. Are they shifting now that you're further along with Ruth's and seeing what's happening with perhaps some valuations elsewhere?

最後，我只想問您有關併購的計劃。既然您與 Ruth 的觀點有了進一步的了解，並且看到了其他地方的一些估值情況，那麼他們現在是否正在轉變呢？

David, let me see if I could get all three parts of that question. Flu impact, we don't really necessarily do a lot of work on checking on weather -- I mean, I'm sorry, temperature for people. But we take that temperature in the community, climate stuff. So I can't tell you if flu had a big impact or not. Maybe it did. That said, I think our bigger impact was weather versus prior year.

大衛，讓我看看我是否能理解這個問題的所有三個部分。流感的影響，我們實際上並不一定花很多精力去檢查天氣——對不起，我的意思是，人們的體溫。但是我們測量社區的溫度、氣候等。所以我無法告訴你流感是否造成了很大影響。或許是的。話雖如此，我認為與去年相比，我們受到的更大影響是天氣。

When you think about consumers and casual dining and what's been going on, I think there -- we have seen that casual dining is holding up a little bit better than maybe some other segments. And dining out continues to be the number one category where consumers tend to treat themselves and splurge.

當您考慮消費者和休閒餐飲以及發生的事情時，我認為——我們已經看到休閒餐飲的表現可能比其他一些領域要好一些。外出用餐仍是消費者犒賞自己和揮霍的第一大類別。

And you actually treat yourself and splurge a little bit more in casual dining and fine dining than you do in other segments. So maybe that's what it is. We're going to continue to focus on providing an excellent experience and deliver value to our guests that choose to dine with us and especially the ones that come into our restaurants.

實際上，你會在休閒餐飲和高級餐飲方面比在其他領域花更多一點的錢，以犒勞自己。或許事實就是這樣。我們將繼續致力於為選擇在我們這裡用餐的客人、尤其是來到我們餐廳的客人提供優質的體驗和價值。

And in M&A, we're just in the process of starting the Chuy's integration work. And as we always say, we'll continue to talk to our Board to figure out what the best uses of our capital are, but we want to continue to focus on integrating Chuy's.

在併購方面，我們正處於啟動 Chuy 整合工作的階段。正如我們常說的那樣，我們將繼續與董事會溝通，找出如何最好地利用我們的資本，但我們希望繼續專注於整合 Chuy's。

Eric Gonzalez, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Eric Gonzalez。

Maybe a quick one on the Uber partnership. I think you mentioned at the end of the fiscal year, you'd be launching a more expansive awareness campaign that included TV advertising. I know you said it'd be partially funded by Uber. But can you level set our expectations on whether we should expect a meaningful uptick in advertising spend?

也許可以快速談談與 Uber 的合作關係。我記得您提到過，在財政年度末，您將進行一項更廣泛的宣傳活動，其中包括電視廣告。我知道你說過它將由 Uber 部分資助。但是，您能否設定我們的預期，即我們是否應該預期廣告支出會大幅增加？

And regarding your risk contributions, I'm sure you don't want to give specifics, but I was wondering how long that subsidy will last?

關於您的風險貢獻，我相信您不想透露具體細節，但我想知道這筆補貼能持續多久？

Eric, I will say we're funding more of the total spend for that advertising than Uber is, but Uber is funding quite a bit of it. I wouldn't say it's hugely meaningful impact on advertising for the quarter. It's really the last couple of weeks of the quarter, and we expect it to last just a few weeks and then we'll continue to see what we're going to do going forward. And everything that I just told you is contemplated in our guidance for the quarter. And Raj will probably talk about the marketing spend in total for the quarter.

艾瑞克，我想說的是，我們為該廣告提供的總資金比 Uber 要多，但 Uber 也提供了相當多的資金。我不會說這會對本季的廣告業務產生重大影響。這實際上是本季度的最後幾週，我們預計它只會持續幾週，然後我們將繼續觀察接下來要做什麼。我剛才告訴您的所有內容都已考慮在內了。Raj 可能會談論本季的總行銷支出。

Yes, Eric, I think we're still going to fall within that 10 basis points to 20 basis points for marketing spend like we talked about in terms of year-over-year growth.

是的，艾瑞克，我認為我們的行銷支出仍將在 10 個基點到 20 個基點之間，就像我們談到的同比增長一樣。

Is there anything you can tell us about '26 and the implications there?

您能告訴我們有關‘26’及其含義的一些資訊嗎？

I think we're still early for '26. I think what we said, if you go back to the comments we made along the way, with respect to marketing over time, we would expect it to grow but at a measured pace. Because we're going to be very deliberate and we're going to just make sure that as we invest in marketing, that's actually getting a return on investment.

我認為距離 26 年還為時過早。我認為，如果回顧我們一路以來對行銷所做的評論，我們會發現我們預計它會成長，但速度要適中。因為我們會非常謹慎，我們會確保我們在行銷方面的投資能夠真正獲得回報。

And we feel like we have over the last 1.5 year, 2 years even further improved our analytics around it and the effectiveness of media. So maybe sometimes we may not need to spend as much dollars to get the same impact because we're further -- we're continuing to get better and more efficient and effective media.

我們覺得，在過去的 1.5 年到 2 年裡，我們進一步提高了相關分析能力和媒體的有效性。所以有時我們可能不需要花那麼多錢就能獲得相同的效果，因為我們會持續獲得更好、更有效率、更有效的媒體。

Brian Bittner, Oppenheimer.

奧本海默的布萊恩·比特納。

Raj, as it relates to the EPS guidance for fourth quarter, the range implied, I think based on our math, it seems to imply flattish operating margins. So is that correct? And if so, it just seems a tad conservative with the comp sales being over 3%. So can you unpack the operating margins in the fourth quarter for us a little bit more?

Raj，就第四季的每股盈餘指引而言，根據我們的計算，隱含的範圍似乎意味著持平的營業利潤率。那麼這是正確的嗎？如果確實如此，那麼考慮到可比銷售額超過 3%，這似乎有些保守。那麼您能否為我們進一步解釋一下第四季的營業利潤率呢？

Sure, Brian. So it's a great question. Let me start by really pointing out the biggest dynamic shift. What -- the big dynamic here is that Q4, our inflation, overall inflation is going to be -- we expect it to be about 3%. From -- if you look at the first three quarters, our overall inflation was in the low 2s.

當然，布萊恩。這是一個很好的問題。首先讓我指出最大的動態轉變。這裡最大的動態是，第四季度，我們的通貨膨脹，整體通貨膨脹將是——我們預計它將在 3% 左右。從前三個季度來看，我們的整體通膨率處於 2% 的低點。

It was basically 2% to 2.2% range. So this is a big step up in that. Part of it's just a function of what we're wrapping on. But our pricing is still below 3%. So we actually have this different dynamic. So yeah, that's really the big driver. And your interpretation is right in terms of operating profit not growing materially year over year.

基本上在 2% 到 2.2% 的範圍內。因此，這是一個很大的進步。其中一部分只是我們正在包裝的功能。但我們的定價仍低於3%。因此我們實際上有這種不同的動態。是的，這確實是一個重要的驅動因素。就營業利潤逐年沒有大幅成長而言，您的解釋是正確的。

Okay. And just my follow-up on Olive Garden delivery. Last time you spoke with us, you talked about delivery mixing as about 1.5% of sales in the initial pilot units. Of course, that was with no marketing support. Now you have delivery fully rolled out across your asset base.

好的。這只是我對 Olive Garden 送貨的後續報導。上次您與我們交談時，您提到交付混合佔初始試點單位銷售額的 1.5％ 左右。當然，這是沒有行銷支援的。現在，您已在整個資產基礎上全面開展交付。

Can you update us on any additional learnings and/or surprises, particularly now that you have some digital marketing support, some awareness around the channel? Just any incremental update on that would be awesome.

您能否向我們介紹您還有什麼其他的收穫和/或驚喜，特別是現在您有了一些數位行銷支援和一些管道認知？對此的任何增量更新都將會非常棒。

Yeah. Brian, I'm going to start by saying it's still early in our delivery kind of lifespan. Very early, but we're really pleased with our pilot and the rollout. And as I said, I think, on the prepared remarks, in the initial pilot restaurants, the number of orders kind of week-to-week grew and are now about double what they were per week when we started. And our restaurants that weren't in the pilot, all the restaurant -- other restaurants are following that same pattern.

是的。布萊恩，首先我想說的是，我們的交付生命週期還處於早期階段。雖然還為時過早，但我們對我們的試點和推出感到非常滿意。正如我之前在準備好的評論中所說的那樣，在最初的試點餐廳中，訂單數量每週都在增長，現在大約是我們剛開始時每週訂單數量的兩倍。而我們未參與試點的餐廳，所有餐廳——其他餐廳都遵循同樣的模式。

And now at the end of the third quarter, our pilot restaurants were running around 2.5% of sales in delivery and the other restaurants we're following that same pattern.

截至第三季末，我們的試點餐廳外送銷售額約佔 2.5%，其他餐廳也遵循同樣的模式。

Then we started doing a little bit of marketing, just sending some communication to our eClub. And that communication didn't give an offer. It just said, hey, do you -- almost like, do you know Olive Garden delivers? And we saw some pretty good response there. And so our non-pilot restaurants, the other restaurants kind of came up that curve a little bit faster and they're pretty close to what the pilot restaurants are.

然後我們開始做一些行銷，只是向我們的電子俱樂部發送一些訊息。但那次溝通並沒有給予報價。它只是說，嘿，你知道 Olive Garden 提供送貨服務嗎？我們看到了那裡的良好反響。因此，我們的非試點餐廳和其他餐廳的成長速度稍微快一些，而且與試點餐廳的水平非常接近。

So we feel really good about the communication and where we're going on delivery itself. And I will also repeat that the operators have said it's very seamless for them. Because of the way we piloted or we partnered with Uber, it's essentially our curbside-to-go for the operators with someone else picking up the food, and that's a newer person instead of -- an Uber driver instead of the guest. So it's pretty seamless for our operators. We feel really good about it.

因此，我們對雙方的溝通以及交付進度感到非常滿意。我還要重複一遍，運營商都表示，這對他們來說非常無縫。由於我們試行或與 Uber 合作的方式，這本質上是為操作員提供路邊外送服務，其他人來取食物，而這是一個較新的人——而不是 Uber 司機，而不是客人。因此，對於我們的操作員來說，這非常無縫。我們對此感到非常高興。

Sara Senatore, Bank of America.

美國銀行的薩拉‧塞納托爾 (Sara Senatore)。

Just I guess two questions, one sort of a follow-up. The first is, if you could just talk about bringing back the Buy One, Take One. Is that a response to something you're seeing in the operating competitive environment? Or I think in the past, recently you've talked about just kind of increasing the pace of news. So just trying to understand if things have changed and that's what's prompted that.

我猜只有兩個問題，一個是後續問題。首先，您能否談談恢復「買一送一」政策？這是對您在營運競爭環境中看到的情況的反應嗎？或者我認為在過去，最近你談到了加快新聞節奏。所以只是想了解事情是否發生了變化以及是什麼導致了這種情況。

And then my second question is actually maybe not a follow-up. It's about the new prototypes for some of these other businesses. I know you said that they were performing above plan, but are the volumes consistent with the standard larger prototypes? Just as we think about accelerating unit growth, does that translate into a consistent level of accelerating revenue growth?

那麼我的第二個問題其實可能不是一個後續問題。這是關於其他一些企業的新原型。我知道您說過他們的表現超出計劃，但是其數量是否與標準大型原型一致？正如我們考慮加速單位成長一樣，這是否意味著持續加速的收入成長？

Yeah, Sara. I would say for Buy One, Take One, when we eliminated promotions, what we said was we wanted to eliminate promotions that were at a deep discount, they were hard to execute, that added new menu items and did all of those other things that made it really more challenging for our restaurants. And when we brought back the Never Ending Pasta Bowl, we brought it back in a little bit of different construct. We had a little bit of a different price point on it than we had before. So it wasn't a deep discount.

是的，薩拉。對於「買一送一」促銷活動，我想說的是，當我們取消促銷活動時，我們說的是，我們想取消那些大幅折扣的促銷活動，這些促銷活動很難執行，增加了新的菜單項，並做了所有其他讓我們的餐廳面臨更大挑戰的事情。當我們重新推出「永不結束的義大利麵碗」時，我們對其結構進行了稍微的改變。我們的價格點與以前稍有不同。因此折扣並不大。

It still was brand building because it was talking about abundance, which is one of Olive Garden's advantages. And it wasn't a bunch of new items. So it was items that we already have on our menu, and we just gave consumers a reason to come in.

這仍然是品牌建設，因為它談論的是豐富，這是 Olive Garden 的優勢之一。而且這並不是一堆新物品。所以這是我們菜單上已有的菜品，我們只是給消費者一個來這裡的理由。

And that -- we kind of took that forward to Buy One, Take One, which has been historically our second best traffic-driving promotion. So it fits all of our filters where, in the past, Buy One, Take One didn't. It was at a deep discount, we added new items to do that.

而且 — — 我們把它發展為「買一送一」的促銷活動，這在歷史上一直是我們第二好的流量驅動促銷活動。因此，它符合我們所有的過濾條件，而過去的「買一送一」卻不符合。由於折扣很大，我們添加了新商品來實現這一點。

And so this time, we're bringing back Buy One, Take One with really core menu items as the buy one and our $6 take-home items as the take one at a price point that's not at a huge discount. But it's at a limited time, which is what we want our guests to want to come in.

所以這次，我們重新推出了「買一送一」活動，主要將核心菜單項目作為買一送一，將價值 6 美元的帶回家商品作為帶一送一，但價格並沒有太大的折扣。但這是限時的，我們希望我們的客人能來。

So as we were doing all of our core menu advertising, that was great to build the brand but in an environment that guests want a reason to come in more quickly. That's where the kind of limited time came. So nothing dramatically has changed in our strategy, and it really wasn't because of things going out in the marketplace.

因此，當我們進行所有核心菜單廣告時，這對打造品牌非常有幫助，但前提是客人希望有理由更快地光臨。這就是時間有限的原因。因此，我們的策略沒有太大變化，這並不是因為市場的變化。

We just believe that this is the right way to communicate our brand that fits all of our filters. And in another interesting way, it gets people to remember that we've got the $6 take home. It just so happens that you get it free on the Buy One, Take One, but it kind of gives people thoughts in the future on the take home.

我們只是相信這是傳達我們品牌的正確方式，符合我們所有的過濾要求。而從另一個有趣的角度來說，它讓人們記住我們已經拿到了 6 美元的帶回家。碰巧的是，在「買一送一」活動中你可以免費獲得它，但它會讓人們考慮將來帶回家的東西。

In regards to the new prototypes, again, really early. When we opened those prototypes, when we opened the restaurants, they're doing significant traffic and significant sales. So we know that they can do the same kind of sales and traffic that an existing restaurant does.

關於新原型，我再說一遍，現在還太早。當我們開設這些原型店、開設餐廳時，它們的客流量和銷售額都大幅成長。所以我們知道他們可以實現與現有餐廳相同的銷售和客流量。

So it's not the size of the restaurant that will do anything. So these restaurants are opening very strongly and partly because, for example, at Yard House, we have almost the same number of tables in this Yard House as we do in others. We just have a fewer seats because some of those yard houses have a lot of eight top booths that don't really get utilized very well. So -- and they take up a lot of space.

所以，餐廳的規模並不會影響任何事情。因此，這些餐廳的開業勢頭強勁，部分原因是，例如在 Yard House，我們的餐桌數量與其他餐廳幾乎相同。我們的座位較少，因為有些院子裡有很多八層樓高的包廂，但這些包廂並沒有很好的利用。所以——它們佔用了很多空間。

So if we eliminate some of the eight top booths and make them even six tops or four tops that are bigger four tops, we still get rough -- almost the same number of tables but with fewer seats and the seats weren't being utilized before. Still has a big bar, still has 90 beers on tap, and still has a kitchen that's a little smaller because of some things that we did in kitchen design. So we feel really good about the prototypes and their sales-driving ability.

因此，如果我們消除八個頂部座位中的一些座位，並將其改為六個頂部座位或四個頂部座位（更大的四個頂部座位），我們仍然會遇到困難——桌子數量幾乎相同，但座位更少，而且這些座位以前沒有被使用過。仍然有一個大酒吧，仍然有 90 種現成的啤酒，仍然有一個稍微小一點的廚房，因為我們在廚房設計上做了一些改變。因此，我們對原型及其銷售推動能力感到非常滿意。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

The Olive Garden kind of sales momentum you talked about, is -- Rick, I mean, you cited the Uber mix for some of the pilot stores. But is that a material part of it yet for the overall system? Would you attribute it more to just some of the menu news so far? I mean, how would you kind of characterize what has driven Olive Garden in recent months?

您談到的 Olive Garden 的銷售勢頭是——里克，我的意思是，您提到了一些試點商店的 Uber 組合。但這對於整個系統來說已經是實質的部分了嗎？您是否會將其更多地歸因於迄今為止的一些菜單新聞？我的意思是，您如何描述最近幾個月 Olive Garden 發展的動力？

Yeah. Brian, I would characterize it more about the menu news than the delivery especially in the quarter because our delivery rollout started January, ended in February. So it wasn't even in most restaurants in December.

是的。布萊恩，我更傾向於將其描述為菜單新聞而不是配送新聞，特別是在本季度，因為我們的配送推出於 1 月開始，2 月結束。所以 12 月份大多數餐廳都沒有這種菜。

And Olive Garden had a pretty strong December. So we believe it's more based on the menu and bringing back those two Fan Favorites with an addition of Manicotti at a starting at price point. The two Fan Favorites were very well received and continue to grow preference, as I mentioned.

Olive Garden 12 月份的業績相當強勁。因此，我們認為這更多是基於菜單的，並以起始價位重新推出這兩款粉絲最愛菜餚並添加 Manicotti。正如我所提到的那樣，這兩個粉絲最愛的作品受到了熱烈的歡迎，並且越來越受歡迎。

Now I will also say, in delivery, as I mentioned, the pilot restaurants ended the quarter at around 2.5% of sales in delivery, and the other restaurants got pretty close to that as we jumped into marketing. But that didn't happen until Q4.

現在我還要說的是，在外賣方面，正如我提到的那樣，試點餐廳在本季度末的外賣銷售額佔比約為 2.5%，而當我們進入營銷階段時，其他餐廳的外賣銷售額也非常接近這一水平。但直到第四季才發生這種情況。

Okay. Great. Raj, can you talk a little bit more about inflation and just -- I guess I was surprised that sort of on the food side, that was still favorable in the quarter. We have seen some items move back up. But what specifically is driving in the fourth quarter?

好的。偉大的。拉吉，您能否再多談談通貨膨脹問題？我很驚訝，本季食品方面的狀況仍然良好。我們看到有些商品的價格已回升。但第四季的具體推動因素是什麼呢？

How does that kind of shape how you think about -- as we enter '26? I know you're not going to talk about that yet. But are you seeing pretty stable labor inflation? Do you think that, that could perhaps ease a bit? Or where are we on that front?

當我們進入 26 年後，這會對您的想法產生怎樣的影響？我知道你還不會談論這個。但你是否看到勞動力通膨相當穩定？您認為這樣也許可以緩解一點嗎？或者我們在這方面處於什麼位置？

Sure, Brian. The biggest dynamic within inflation, as you kind of alluded to earlier, was the commodities shift. So if we look at our -- the year, first three quarters, I'd say chicken and seafood were basically slightly deflationary. And Q4, they're both expected to be inflationary. And in fact, our supply chain team has done a great job of locking in great contracts.

當然，布萊恩。正如您之前提到的，通貨膨脹的最大動態是商品的變化。因此，如果我們看一下今年前三個季度，我會說雞肉和海鮮基本上略微通貨緊縮。而第四季度，預計都會出現通貨膨脹。事實上，我們的供應鏈團隊在鎖定優質合約方面做得非常出色。

We're still buying well below market on chicken and our contract is actually double-digit percentage better than the market. And so that's what's caused a little bit of a disconnect between what you're seeing in the market and what you're seeing at the Darden level inflation.

我們購買的雞肉價格仍然遠低於市場價格，我們的合約價格實際上比市場價格高出兩位數的百分比。這就是導致您在市場上看到的和您在達頓水平通膨中看到的之間存在一些脫節的原因。

Now as we look at labor has actually been fairly steady. The last two quarters has been in the 3.5%, which is actually a significant improvement from where we were going back a couple of years, right? So it's come down a lot. It's been more stable in that mid-3s. And if you think back to -- before COVID, for multiple years, our labor inflation was in that range, [3 -- mid-3s].

現在我們來看勞動力其實一直相當穩定。過去兩個季度的成長率都達到了 3.5%，這實際上比前幾年有了顯著的改善，對吧？因此，它下降了很多。在 3 秒中期它變得更加穩定。如果你回想一下——在新冠疫情之前，多年來，我們的勞動力通膨一直處於這個範圍內，[3——3秒中]。

So I would say we're happy to see that it has stabilized in that range. So I wouldn't say we would expect it to get a lot better or a lot worse at this point. But it's a place we know how to operate with. It's at a level that we've operated before. And it's too early to comment on fiscal '26 commodities. We'll share more in June.

因此我想說我們很高興看到它已經穩定在該範圍內。因此我不會說我們現在期望情況會變得更好或更糟。但我們知道如何在這個地方運作。這與我們以前操作過的水平是一樣的。現在對 26 財年商品發表評論還為時過早。我們將在六月分享更多消息。

Dennis Geiger, UBS.

瑞銀的丹尼斯·蓋格。

Rick, I wanted to ask a little bit more on value at Olive Garden and specifically maybe the customer value stores for the brand that you've seen. Any kind of notable uptick just in recent months as you've kind of leaned in on some attractive price points on new items, et cetera. Anything to highlight there, especially in the environment that we're in?

里克，我想多問一些關於 Olive Garden 的價值的問題，特別是關於你所見過的該品牌的顧客價值商店的問題。最近幾個月，隨著您傾向於購買一些具有吸引力的新商品價格，等等，是否出現了任何顯著的上漲？有什麼需要強調的嗎，特別是在我們所處的環境中？

Yeah, Dennis, value at Olive Garden has had a general kind of rise over time and it's been gradually continuing to uptick. It's not like it took a step change when we added the Manicotti at $12.99 starting at, didn't have a step change. But it did -- we are continuing to see value scores improve. But remember, value isn't all about price. It's about the experience you get in the restaurant.

是的，丹尼斯，橄欖園的價值隨著時間的推移總體呈上升趨勢，並且一直在逐步持續上升。當我們以 12.99 美元起價添加 Manicotti 時，情況並沒有發生重大變化，並沒有發生重大變化。但事實確實如此——我們不斷看到價值分數的提升。但請記住，價值並不全在於價格。這是與您在餐廳獲得的體驗有關。

And our value scores have been growing throughout this time, even with pricing at a higher rate, which was because inflation was higher. That's because we continue to operate better in our restaurants. Guests are seeing more value in the unlimited first course. And the more we tell people about it, the more we give them their unlimited first course to higher our value ratings scale.

儘管由於通貨膨脹率較高，定價也較高，但我們的價值得分在這段時間內一直在成長。這是因為我們的餐廳繼續經營得更好。客人們發現無限量的第一道菜更有價值。而且，我們告訴人們的資訊越多，我們為他們提供的無限量的第一道菜就越多，從而提高我們的價值評級標準。

That's helpful. And then just on Uber, just anything on incrementality. Recognizing it's very early days, but have you kind of observed anything or have any additional thoughts maybe on what incrementality may look like, even though it's early days?

這很有幫助。然後就 Uber 而言，只是關於增量的任何事情。認識到現在還處於早期階段，但是您是否觀察到了什麼，或者對增量可能會是什麼樣子有什麼額外的想法，即使現在還處於早期階段？

Yeah, Dennis, you said it's early, and I'm going to continue to say that. It's still early. But we've been seeing about 40% to 50% incrementality and that's without significant awareness advertising. So -- and I will say this is contemplated in our guidance, but it's somewhere 40% to 50%.

是的，丹尼斯，你說現在還早，我會繼續這麼說。現在還早。但我們看到大約 40% 到 50% 的增量，而且這還沒有顯著的認知廣告。所以 — — 我要說的是，這已在我們的指導中考慮到，但它大約在 40% 到 50% 之間。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Raj, I was hoping you could tell us what Darden's exposure to potential tariffs might be, I guess, how would you frame up that exposure? And if you are exposed on some ingredients, do you have a plan to address that if the tariffs actually go into play?

拉吉，我希望您能告訴我們達頓可能面臨的關稅影響有多大，我想，您會如何看待這種影響？如果您接觸到了某些成分，那麼當關稅真正生效時，您有什麼應對計劃嗎？

Sure, David. So tariff, obviously, tariffs is top of mind here. So as we think about the situation with tariffs, it's still very fluid, right? I mean, obviously, we're still trying to figure out how this is going to play out. But I think for us, as we look at our cost basket, today, as we look at our cost basket, about 80% is actually domestic sourced.

當然，大衛。因此，顯然關稅是這裡最受關注的問題。因此，當我們考慮關稅情況時，它仍然非常不穩定，對嗎？我的意思是，顯然我們仍在試圖弄清楚事情將如何發展。但我認為，對我們來說，當我們看看我們的成本籃時，今天，當我們看看我們的成本籃時，大約 80％ 實際上是國內採購的。

So there's really only 20% that's truly -- that's imported. Of that, there is a portion that we could switch easily to domestic. It's just a function of the price being better, we're going outside.

因此實際上只有 20% 是真正進口的。其中，有一部分我們可以輕鬆轉換為國內產品。只是為了價格更優惠，我們才去外面。

But as we look at our situation, even for the stuff we import, we're not the importer of record. So pretty much all products are negotiable, right? So we'll be working with our suppliers. So our team -- our supply chain team is working on strategies to kind of mitigate risk, whether it's through initially, obviously in the near term, inventory management.

但回顧我們的情況，即使對於我們進口的東西，我們也並不是記錄在案的進口商。所以幾乎所有產品都是可以協商的，對嗎？所以我們將與我們的供應商合作。因此，我們的團隊—我們的供應鏈團隊正在製定策略來降低風險，無論是透過最初的，還是在短期內，庫存管理。

But in the longer term, alternative sourcing methods and just really also further negotiations with vendors and kind of really trying to figure out how to deal with it. But hopefully, that gives you an idea of the maximum level of exposure.

但從長遠來看，替代採購方法以及與供應商的進一步談判以及真正試圖弄清楚如何處理它。但希望這能讓您了解最大曝光程度。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Rick, I was just wondering if you could give some bigger picture perspective. I mean, there's been concerns that the inclement weather and the holiday shifts the last few months may be masked a slowdown in underlying consumer spending, which I don't think would surprise too many people with consumer confidence falling. And historically, that's closely correlated to restaurant sales.

里克，我只是想知道你是否可以提供一些更廣闊的觀點。我的意思是，有人擔心過去幾個月的惡劣天氣和假期變化可能掩蓋了潛在消費者支出的放緩，我認為在消費者信心下降的情況下這不會讓太多人感到驚訝。從歷史上看，這與餐廳銷售額密切相關。

But to the contrary, I think it's encouraging to hear you noted continued improvement in March. I'm just wondering broadly for yourselves or the industry, why do you think that is? It seems like there's lots of noise, lots of headlines, D.C. and otherwise, that would have been a headwind for the industry. And I think most were bracing for that type of commentary from you guys. So I was wondering why you think trends have actually gotten better more broadly? And then I had one follow-up.

但相反，我認為聽到你注意到三月情況繼續改善是令人鼓舞的。我只是對你們自己或整個產業感到疑惑，你們認為這是為什麼呢？似乎有很多噪音，很多頭條新聞，華盛頓特區和其他地方，這對該行業來說可能是一個阻力。我想大多數人都已經準備好接受你們這樣的評論了。所以我想知道您為什麼認為趨勢實際上變得更好了？然後我進行了一次後續行動。

Yeah, Jeff. I think the consumer -- we see and hear the same thing you hear and see that consumers are feeling a little less optimistic. That said, as we kind of come out of the third quarter into the fourth quarter, and we gave you our expectation for Q4, people, even if they say they're feeling less optimistic, we haven't seen a huge correlation between that and dining out.

是的，傑夫。我認為消費者－我們看到和聽到的和您聽到和看到的一樣，消費者的感覺不那麼樂觀。也就是說，隨著我們從第三季度進入第四季度，並且我們給出了對第四季度的預期，即使人們說他們感覺不那麼樂觀，我們也沒有看到這與外出就餐之間存在巨大的相關性。

So changes in consumer sentiment haven't necessarily translated to material changes in consumer spending. So I think as long as incomes are going up and outpacing inflation, I think they're likely to keep spending.

因此，消費者情緒的變化並不一定會轉化為消費者支出的重大變化。因此我認為，只要收入增加並且超過通貨膨脹率，他們就可能會繼續消費。

Now where they spend is where they feel like they're going to get a great value for their dollar and get a great experience. And consumers are -- always have said quite a bit that dining out is the number one category where they treat themselves and splurge.

現在，他們覺得只要在某處消費，就會獲得極佳的體驗，而且物有所值。消費者一直表示，外食是他們犒賞自己和揮霍的首選。

So if they're feeling a little bit restless, maybe they go out and splurge. So we're going to continue to focus on providing an excellent experience and deliver value for these guests that choose to dine with us. But we did see, as I said, a little bit more pullback in guests with income of below $50,000. So there is a consumer out there that's feeling a little bit. But I think more of our third quarter was weather related than anything else.

所以，如果他們感覺有點焦躁，也許他們就會出去揮霍一番。因此，我們將繼續致力於為選擇在我們這裡用餐的客人提供卓越的體驗和價值。但正如我所說的，我們確實看到收入低於 50,000 美元的客人數量略有減少。所以有些消費者覺得有點不太舒服。但我認為第三季的問題與天氣有關。

Understood. And then just on the Fine Dining segment, once again, well ahead of expectation. Do you see that coming from any particular brand? Or what does that tell you about the high end and corporate consumer spending relative to the other income brackets? Is there anything unusual to note there? Or is that just a rebound perhaps on the higher income?

明白了。然後僅在高級餐飲領域，情況再次遠遠超出預期。您認為這種現象來自哪個特定品牌？或者這說明相對於其他收入階層，高端消費者和企業消費者的支出狀況如何？那裡有什麼不尋常的東西值得注意嗎？或者這只是收入提高帶來的反彈？

Yeah. Jeff, I think it's really -- I'll start by saying we were actually, to some extent, positively surprised by the impact, by Fine Dining performance during the third quarter. But what we saw was consumers were willing to buy up during the holiday season at Fine Dining. Across all our brands, we saw that. But we do see -- we are seeing more persistent check management post holidays. So I guess we're not ready to claim victory yet on Fine Dining. It's still soft.

是的。傑夫，我認為這真的是——首先我想說，我們實際上在某種程度上對第三季精緻餐飲表現的影響感到驚喜。但我們看到，消費者們願意在節慶期間購買精緻餐飲。在我們所有的品牌中，我們都看到了這一點。但我們確實看到——假期後我們看到了更持續的檢查管理。因此我想我們還沒準備好在精緻餐飲領域宣稱勝利。它還很軟。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

[This is Tyler Prause here on for Jim]. A bit of a follow-up to Eric's question. I was going to see if you could talk higher level about how the marketing program might be different than, say, pre-COVID times. Any color about change in mix regarding linear TV, connected TV, social media or influencer marketing would be helpful.

[我是 Tyler Prause，代表 Jim 發言]。對 Eric 的問題做一些後續回答。我想看看您是否可以從更高層面談談行銷計劃與疫情之前相比有何不同。關於線性電視、連網電視、社群媒體或影響力行銷組合變化的任何細節都會有所幫助。

Hey Tyler, our marketing today is very different than what it was pre-COVID times. I'll start with the biggest one, which is our marketing as a percent of sales is much lower. And it's now more focused on things that help build the brand.

嘿，泰勒，我們今天的行銷與疫情之前的行銷有很大不同。我先從最大的問題開始，那就是我們的行銷佔銷售額的百分比要低得多。現在它更加重視有助於打造品牌的事情。

Where in the past, especially at Olive Garden, our marketing was a lot more about creating a new item, telling people about that item and end up being gone six or seven weeks later, which made it really challenging in our restaurants having to train that, having to -- and our supply chain team having to go find that product and buy that product and having to make sure that we have the right amount of product.

過去，尤其是在 Olive Garden，我們的行銷更多的是創造一種新產品，向人們介紹該產品，然後六七週後產品就賣光了，這使得我們的餐廳必須進行培訓，我們的供應鏈團隊必須去尋找該產品併購買該產品，並確保我們有適量的產品，這真的是一個挑戰。

So it's a lot more complicated than it is today. Today, our promotions are more likely than not a menu item we already have. And actually, I don't think we've had any promotional items that aren't something that's in our pantry already in the last couple of years.

所以它比現在複雜得多。今天，我們的促銷活動很可能是我們已有的菜單項目。實際上，我認為過去幾年來我們所推出的促銷品都是我們食品儲藏室裡已有的。

So it's stuff that's either on our core menu or it's things that we've had in the past. And now what we've done is inject a little bit of, hey, come in because some of this is for a limited time. And that just gives people a little bit more motivation.

所以它要么是我們核心菜單上的東西，要么是我們過去吃過的東西。現在我們所做的就是注入一點點，嘿，進來吧，因為其中一些是限時的。這給了人們更多一點的動力。

In regards to mix, as Olive Garden continues to learn more and all of our brands learn more about digital, we're seeing a little bit -- slightly more mix in digital. At Olive Garden, again, TV is still the biggest driver. But we've been testing things like connected television and other things there. So I wouldn't say mix has dramatically changed. And then finally, social.

關於組合，隨著 Olive Garden 繼續學習更多知識並且我們所有品牌對數位化的了解越來越多，我們看到數位化的混合略有增加。在 Olive Garden，電視仍然是最大的推動力。但我們一直在那裡測試連網電視和其他東西。因此我不會說混合已經發生了巨大的變化。最後是社交。

We have a really great social media team. But we make sure that most of it or all of it is really viral things, not things that we go out and purchase. And so our guests really help us on the marketing and the viral nature of what we do.

我們擁有一支非常優秀的社群媒體團隊。但我們確保其中大部分或全部都是真正熱門的東西，而不是我們出去購買的東西。因此，我們的客人確實在行銷和病毒式傳播方面給予了我們很大的幫助。

Great. That's super helpful. And just one kind of follow-up to the tariff question. Again, very early, but could you add any incremental color about your exposure to kitchen equipment sourcing or building material exposure will be helpful.

偉大的。這非常有幫助。這只是對關稅問題的一種後續跟進。再說一次，現在還為時過早，但您能否補充一些關於您在廚房設備採購或建築材料方面的經驗，這將會很有幫助。

Yeah. I would say the building materials, our teams did some preliminary work. It's actually pretty consistent with what you hear -- what you heard from the, I think, the National Association of Homebuilders that said somewhere around 3 -- low single digits -- low to mid-single digit impact on the overall cost to build. But from a kitchen equipment, right now, we don't -- that's part of the overall build equipment because some of that -- but there are -- like I said, there's a lot of unknown. So we don't see that being a double-digit impact, let me put it that way.

是的。我想說的是建築材料，我們的團隊做了一些前期工作。事實上，這與您所聽到的非常一致——我想，您從全國住宅建築商協會那裡聽到的，他們說對總建築成本的影響大約為 3——低個位數——低到中個位數。但是從廚房設備來看，目前，我們還沒有——這是整體建造設備的一部分，因為其中一些——但是——就像我說的，還有很多未知數。因此，我們不認為這會產生兩位數的影響，讓我這樣說吧。

Lauren Silberman, Deutsche Bank.

德意志銀行的勞倫·西爾伯曼。

Congrats on the recent performance. If I could just start with the same-store sales guide for the fourth quarter above 3%. Is that where you're currently running and you assume current trends hold? Or are you embedding any change in comp as Olive Garden launches Buy One, Take One, delivery and then just given the compares to the rest of the quarter?

恭喜你最近的表現。如果我可以從第四季同店銷售額成長 3% 以上開始。這就是您目前所處的位置嗎？或者，當 Olive Garden 推出「買一送一」送貨服務時，您是否會在公司業績中嵌入任何變化，然後將其與本季的其他產品進行比較？

Lauren, so quarter to date, we're actually running in line with what we guided for the fourth quarter. So we said better than 3%, and we are running ahead of 3%. I don't think I want to get into much more than that. But thanks for your comments.

勞倫，本季度迄今為止，我們的業績實際上與我們對第四季度的預期一致。所以我們說要優於 3%，而且我們已經領先 3%。我認為我不想談太多。但感謝您的評論。

Okay. Fair. And then on LongHorn, the Steakhouse category has been very strong for a while now. Are you seeing any changes in underlying demand for the category, changes in consumer behavior? Mentioned quarter-to-date outperformance gap to the industry has accelerated. What do you think is driving that?

好的。公平的。然後在 LongHorn 上，牛排館類別現在已經非常強勁。您是否發現該類別的潛在需求或消費者行為發生了任何變化？上述季度迄今與產業的業績差距已擴大。您認為是什麼原因導致的呢？

Yeah. Lauren, I would say that the investments LongHorn has made over time in food quality continues to pay off. We haven't really seen a big change, a dramatic change in transactions or traffic, anything else in our steakhouse category. I would say that Q3 was a lot more driven by weather than anything else. And actually, for LongHorn, their Thanksgiving shift was a bigger impact than it would have been for Olive Garden or other brands.

是的。勞倫，我想說，LongHorn 在食品品質方面長期以來的投資將繼續獲得回報。我們並沒有真正看到大的變化，交易量或流量的顯著變化，或牛排館類別中的任何其他變化。我想說 Q3 更受天氣影響而不是其他因素。事實上，對於 LongHorn 來說，他們的感恩節轉變比 Olive Garden 或其他品牌的影響更大。

So if you look at -- if you adjust all of those things out, Thanksgiving, weather -- really Thanksgiving year over year, weather year-over-year, LongHorn's same-restaurant sales were within about 100 basis points of where they were last year in Q3 versus Q2.

所以如果你看一下——如果你調整所有這些因素，感恩節、天氣——實際上感恩節與去年同期、天氣與去年同期相比，LongHorn 第三季度與去年第二季度的同店銷售額相差約 100 個基點。

So we feel pretty good about where they are. And as Raj mentioned, our guide for Q4 has positive -- up at least 3%, and we're ahead of -- we're at that -- in that range in the first three weeks of the quarter, and LongHorn is a big part of that.

所以我們對他們的現狀感到非常滿意。正如 Raj 所提到的，我們對第四季度的預期是正增長——至少上漲 3%，並且我們在本季度前三週就處於這一範圍內，而 LongHorn 在其中發揮了重要作用。

Danilo Gargiulo, Bernstein.

達尼洛·加吉洛，伯恩斯坦。

Rick, can you give us some comments on improvement of speed of service that you were mentioning a couple of quarters ago as a potential traffic unlock? And where are you in the journey? And can you give examples of maybe new opportunities that you have identified? Or do we just need some change management to inflect positively?

里克，您幾個季度前提到過，服務速度的提高可能會緩解流量問題，您能否就此給我們一些評論？你在旅途中身處何方？您能否舉例說明您發現的可能的新機會？或者我們只是需要一些變革管理來產生正面的影響？

Yeah. Danilo, all of this is change management, to be honest with you, because it's changing the way people do things that they've been doing for years. And as I said previously, the speed of service opportunities vary by brand.

是的。達尼洛，老實說，所有這些都是變革管理，因為它正在改變人們多年來一直遵循的做事方式。正如我之前所說，服務機會的速度因品牌而異。

So each brand is approaching it in a different way that makes most sense for them, including brands in Fine Dining because that's going to be a very different tactic than casual dining. But this will be a long-term initiative for us.

因此，每個品牌都在採用對自己最有意義的方式來處理這個問題，包括高級餐飲品牌，因為這將是與休閒餐飲截然不同的策略。但這對我們來說將是一項長期舉措。

So if you want to use the analogy, we're in the first inning. But we're seeing some improvement, and we feel really good about that. But this was a long-term challenge that happened over the long term in casual dining and full-service restaurants.

所以如果你想打個比方，我們正處於第一局。但我們看到了一些改善，我們對此感到非常高興。但這是休閒餐飲和全方位服務餐廳長期面臨的挑戰。

And we think it's going to be a long term to improve because, again, we have to convince 200,000 people in our brands and primarily the teams in the front of the house that maybe they have to do some things slightly differently than they have been for many, many years.

我們認為這將是一個長期的改進過程，因為我們必須再次說服我們品牌的 20 萬名員工，特別是前台團隊，他們可能需要做一些與他們多年以來的做法略有不同的事情。

So change management is going to take us a while, but we feel good about the initial progress and we think we'll continue to gain progress. We're not attributing any of our traffic yet to any improvement in pace of meal or speed.

因此，變革管理將需要一段時間，但我們對初步進展感到滿意，並認為我們會繼續取得進展。我們尚未將客流量的增加歸因於用餐節奏或速度的改善。

But we think over the long term, it's really going to be for guests to want to come back to dine that maybe don't think they can go to a casual dining restaurant because it takes a little bit too long it's a little less about the throughput except for the weekends.

但我們認為，從長遠來看，客人確實會想回來用餐，他們可能認為他們不能去休閒餐廳，因為那裡花的時間太長了，除了週末以外，吞吐量會稍微低一些。

Excellent. And then speaking of progress, it was a very successful rollout Uber Direct. And now you're considering Cheddar's. So strategically, what parameters are you considering to select which brands may eventually potentially partner with Uber? And again, strategically, what would you need to see in order to potentially consider the Uber platform as a marketplace as opposed to just partnering through Uber Direct?

出色的。說到進展，Uber Direct 的推出非常成功。現在您正在考慮 Cheddar’s。那麼從策略角度來看，您會考慮哪些參數來選擇最終可能與 Uber 合作的品牌？再說一次，從策略角度來看，您需要看到什麼才能將 Uber 平台視為一個市場，而不是僅僅透過 Uber Direct 進行合作？

Sure, Danilo. Yeah, we -- as we said, we did move over to Cheddar's on delivery. We look for brands that have food that can travel and that travel well. They are already doing a pretty good job with their on-time and accurate to-go for curbside and that brands that it won't be a very different experience than what they would get in restaurants. And so that's how we think about which brands make sense for the delivery piece.

當然，達尼洛。是的，正如我們所說，我們確實將送貨服務轉移到了 Cheddar’s。我們尋找的品牌的食品可以運輸並且易於運輸。他們在準時、準確地將外送送達路邊方面已經做得相當出色，而且這些品牌表示，這與他們在餐廳獲得的體驗不會有太大不同。這就是我們思考哪些品牌適合於交付的方式。

And actually, the -- another way to think about it is what brands have a higher percent of sales in regular to-go. Because if you've got a pretty low to-go as a percent of sales, it's probably not -- doesn't make as much sense to do delivery.

實際上，另一種思考方式是，哪些品牌在常規外送中的銷售額佔比更高。因為如果外送佔銷售額的比例很低，那麼送貨上門可能就沒有太大意義了。

As you -- the second question on the pilot or on what would get us to think about third party, I'd say we're focused right now on first party because it solves the major issues that we have with third party. And if the issues that we have with third party, which we've been pretty clear about what they are, can be solved, that would make us think more about being on the third-party platforms, too.

正如您所說 - 關於試點的第二個問題，或者是什麼讓我們考慮第三方，我想說我們現在專注於第一方，因為它解決了我們在第三方方面遇到的主要問題。如果我們與第三方存在的問題（我們很清楚這些問題是什麼）能夠解決，那麼我們也會更考慮使用第三方平台。

But we like the Uber Direct platform the way we have it, and it's doing a really good job for us and it's not causing a lot of challenges for our restaurants.

但我們喜歡現有的 Uber Direct 平台，它為我們提供了非常好的服務，並且沒有為我們的餐廳帶來太多挑戰。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

I just wanted to come back to the Uber Eats conversation. You mentioned 40% to 50% incrementality. And I recognize it's still early, but can you comment on these customers, are they spending more? Are they spending less? Is it the same? Just trying to understand their behavior given the incrementality that you're seeing. And then I have a quick follow-up as well.

我只是想回到 Uber Eats 的話題上。您提到了 40% 到 50% 的增量。我知道現在還為時過早，但您能否對這些客戶做出評論，他們是否花了更多錢？他們支出減少了嗎？一樣嗎？只是想根據你所看到的增量來理解他們的行為。然後我也會快速跟進。

Yeah. Peter I want to make sure everybody knows because when people say Uber Eats, some people might start going to the Uber platform. It's Uber Direct. You have to come to Olive Garden. So it is a delivery, but it is through Uber coming through our website.

是的。彼得，我想確保每個人都知道，因為當人們說 Uber Eats 時，有些人可能會開始使用 Uber 平台。這是 Uber Direct。您一定要來 Olive Garden 。所以這是一次送貨，但是是透過 Uber 透過我們的網站進行的。

On the guests, again, still too early. I'll keep saying that. But the delivery guests are pretty similar to normal to-go guests. They're younger, they're higher income than our dine-in guests. There's very little overlap between our dine-in guests and our delivery guests. So these are incremental occasions for people and maybe occasions for people that wouldn't normally come to Olive Garden.

再次談論客人，現在還為時過早。我會繼續這麼說。但送餐的客人與普通的外帶客人非常相似。他們比我們的堂食客人年輕，收入也更高。我們的堂食客人和外帶客人的重疊很小。所以，這些都是人們的漸進式活動，甚至可能是那些通常不會來 Olive Garden 的人們的活動。

And as it relates to sales, the total check is about 20% higher than a typical to-go check. And that does not include the delivery fee. So the food and beverage on delivery is about 20% higher than the food and beverage on a to-go order. And the last thing on that is about 12% of our sales from delivery are for large party kind of catering items like pans of lasagna or trays of Fettuccine Alfredo.

就銷售而言，總帳單比典型的外帶帳單高出約 20%。這還不包括運費。因此，外帶食品和飲料的價格比外帶食品和飲料的價格高出約 20%。最後一點是，我們外送銷售額的 12% 左右來自大型聚會餐飲食品，例如烤寬麵條盤或阿爾弗雷多麵包托盤。

Great. That's very helpful. And then just on the labor side, just curious if you can comment a little bit on availability, if you've seen any changes in availability and the ability to hire new team members recently. Has anything changed on that front?

偉大的。這非常有幫助。然後就勞動力方面而言，我很好奇您是否可以對可用性發表一些評論，您是否看到最近可用性和僱用新團隊成員的能力有任何變化。這方面有什麼變化嗎？

Nothing's changed on that front. We've got a great employment proposition and people want to come to work for us. So nothing's really changed yet.

在這方面沒有任何改變。我們有很好的就業建議，人們願意來我們這裡工作。所以其實什麼都沒有改變。

Jeff Farmer, Gordon Haskett.

傑夫法默、戈登哈斯凱特。

At the beginning of the call, you did point out that rather large divergence between the average segment same-store sales and guest counts versus sort of the median same-store sales and guest counts. I'm just curious what your read through is on the divergence and what's causing that pretty outsized divergence.

在通話開始時，您確實指出，平均同店銷售額和客人數量與中位數同店銷售額和客人數量之間存在相當大的差異。我只是好奇，您對這種分歧的看法是什麼，以及是什麼導致了這種相當大的分歧。

Hey Jeff, so if you look at what's happened, it's really driven by an outlier. I think there's just -- and I think you probably all know what we're referring to. But it seems like when you actually look at historically over the last at least three, four years going back, the median and average were pretty close. They were, call it, within 50 basis points at best. And then it started to diverge in the second -- in our fiscal second quarter and it was even more in the third quarter.

嘿，傑夫，如果你看看發生了什麼，你會發現這實際上是由異常值引起的。我認為——我想你們可能都知道我們指的是什麼。但如果你回顧過去至少三、四年的歷史，你會發現中位數和平均值似乎相當接近。可以說，它們之間的差距最多在 50 個基點以內。然後，在第二個財季，情況開始出現分化，第三季的分化更加明顯。

But we're not -- we don't exclude anything, right? So when we talk about benchmark, we're still referencing the average. But that's really, you could call it, one or two brands causing that.

但我們不會——我們不會排除任何東西，對嗎？因此，當我們談論基準時，我們仍然參考平均值。但事實上，你可以說這是由一兩個品牌造成的。

Yeah. Jeff, I just want to add one thing to that. Whenever we talk about the benchmarks, we talk about the benchmarks excluding Darden. So in times that Darden was way outperforming, you would have seen that kind of same divergence if we included just the total benchmark with Darden in it. So it's not like it's just one brand that can ever do it. We've done that too many times, but we always exclude Darden brands in the benchmark.

是的。傑夫，我只想補充一點。每當我們談論基準時，我們談論的都是不包括達頓的基準。因此，在 Darden 表現優異的時候，如果我們只將 Darden 納入整體基準，你會看到相同的差異。所以，並不是只有一個品牌能夠做到這一點。我們已經做過很多次了，但我們總是將 Darden 品牌排除在基準之外。

Okay. That's helpful. And then just one unrelated question. You touched on it, but consumer confidence diving, falling, however you want to sort of phrase it. And you pointed to a casual dining consumer that doesn't seem to be too impacted yet. So from my perspective, that's fairly surprising in the context of basically 20 years of segment precedent.

好的。這很有幫助。然後只剩下一個不相關的問題。您剛才提到了這一點，但消費者信心正在下降，無論您想如何表達它。您指出，休閒餐飲消費者似乎還沒有受到太大的影響。因此，從我的角度來看，在基本上 20 年的細分先例背景下，這相當令人驚訝。

So given that sort of more resilient casual dining consumer than you might expect in sort of an increasingly challenging consumer backdrop, what do you think is driving that demand resilience beyond consumer just wanting to get out of their house? What is driving that demand resilience from your perspective?

因此，在日益嚴峻的消費背景下，休閒餐飲消費者的彈性比您預期的要大，您認為除了消費者只想走出家門之外，還有什麼因素推動了這種需求彈性？從您的角度來看，推動需求彈性的因素有哪些？

I'll start by saying the correlations of consumer confidence and spending is really more since COVID. So things may have changed after COVID, where people are saying, I'm still going to go out to eat no matter what. Now again, incomes are still rising compared to inflation.

首先要說的是，自疫情爆發以來，消費者信心和支出之間的關聯確實更大。因此，疫情過後情況可能發生了變化，人們會說，不管怎樣，我還是會出去吃飯。現在，與通貨膨脹相比，收入仍在上升。

And so we're also seeing some of the core items that people have to buy coming down. So if you think about what we said in the past, where housing was expensive, food and insurance, those -- and gas, those items are starting to come down, especially gas, food and housing. So it's giving people a little bit more disposable income. And they may be choosing to spend it on dining out versus buying a good.

因此，我們也看到人們必須購買的一些核心商品的價格正在下降。所以如果你想想我們過去所說的，那時住房、食物和保險都很貴，還有汽油，這些物品的價格開始下降，尤其是汽油、食物和住房。因此它給人們帶來了更多的可支配收入。他們可能會選擇把錢花在外食而不是購買商品。

So right now, we're still feeling okay about it. Now that could change. But we still think that consumers want to splurge on something, and they splurge on things that they get a great value for and they get a great experience on. But again, it doesn't mean that, that won't change in the future.

所以現在，我們對此仍然感覺良好。現在這種情況可能會改變。但我們仍然認為，消費者願意在某些東西上揮霍，而且他們會揮霍購買那些物有所值、能帶來絕佳體驗的東西。但這並不意味著將來不會改變。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），斯蒂費爾（Stifel）。

This is Patrick on for Chris. Rick, I know you mentioned last quarter you planned to begin rolling out and piloting a new POS system. I was just curious if you could give a bit more color maybe on the timeline, brand priorities around that and just any new capabilities that may be putting into the quiver.

這是派崔克，代替克里斯。里克，我知道你上個季度提到你計劃開始推出和試行一個新的 POS 系統。我只是好奇您是否可以提供更多細節，例如時間表、品牌優先事項以及可能納入箭筒中的任何新功能。

Yeah. Patrick, the POS pilot is out now. We're in -- we went into one restaurant at Olive Garden. We're in a second restaurant at Olive Garden. So we're only in two.

是的。帕特里克，POS 試點現已啟動。我們走進了 Olive Garden 的一家餐廳。我們在 Olive Garden 的第二家餐廳。因此我們只剩下兩個了。

If you think about how much POS does for a restaurant and how much our POS does compared to others, we -- our POS is really kind of the heartbeat of the restaurant. And so there's a lot of things that we have little bugs here we work in and out. And so Olive Garden was the first brand.

如果您想想 POS 對一家餐廳的作用有多大，以及我們的 POS 與其他 POS 相比的作用有多大，我們 - 我們的 POS 實際上就是餐廳的心跳。因此，我們在工作上遇到很多小問題。因此 Olive Garden 是第一個品牌。

We're working on integrating the Uber Direct piece to that because that was late in the game, so we can continue to roll it out at Olive Garden. And the next brand that will get the new POS is Chuy's so that we don't have to give them our old POS and then the new POS. So Chuy's will be next.

我們正在努力將 Uber Direct 部分整合到其中，因為這項工作已經完成了一段時間，因此我們可以繼續在 Olive Garden 推出它。下一個將採用新 POS 的品牌是 Chuy's，這樣我們就不必先給他們舊 POS，然後再給他們新 POS。因此下一個將是 Chuy’s。

And then some of the benefits of it is it's really some of them are kind of here, where the code that old POS was written in was so old, you have to train people on how to use that code to actually make the change to the POS.

它的一些好處是，其中一些確實在這裡，舊 POS 編寫的程式碼太舊了，你必須培訓人們如何使用程式碼來真正對 POS 進行更改。

And now this is a much more current code. It's easier to make changes. It actually can work on any platform. So the hardware can be a tablet, it could be kind of normal POS terminals, you name it. It will be easier to maintain. So there's a lot of benefits of it.

現在這是一個更流行的程式碼。做出改變更加容易。它實際上可以在任何平台上運行。因此，硬體可以是平板電腦，也可以是普通的 POS 終端，等等。它將更加易於維護。所以它有很多好處。

And I will tell you this, that when we put it into the first restaurant at Olive Garden, even though for the first few days it was running a little slower as we worked out a couple of kinks and we went to the servers and say, we're going to go ahead and we can take this POS back out and put the old one back in.

我要告訴你的是，當我們把它放到 Olive Garden 的第一家餐廳時，儘管在最初的幾天裡，它的運行速度有點慢，因為我們解決了幾個問題，所以我們對服務員說，我們要繼續，我們可以把這個 POS 拿出來，然後把舊的放回去。

They all said no. And so that tells you how much better it is for them. And so we'll continue to make the little tweaks that we need to make it work and find all the little bugs. That takes a while, but we plan on having it start in Chuy's towards the later end of the summer, and we'll have it in more Olive Gardens before that.

他們都說不。這就告訴你這對他們來說有多好。因此，我們將繼續進行必要的微調，以使其正常運作並找出所有的小錯誤。這需要一段時間，但我們計劃在夏季末在 Chuy's 開始實施，在此之前我們將在更多的 Olive Gardens 實施。

John Ivankoe, JPMorgan.

摩根大通的約翰伊凡科 (John Ivankoe)。

Two questions, if I can. First, as we're increasingly in personalized digital marketing, does it make sense for the brands to kind of subtly introduce some promotions? I'm going to use the word discounting, but call to action for specific customers that can only be used by that specific customer is kind of the first point.

如果可以的話，我有兩個問題。首先，隨著我們越來越個人化的數位行銷，品牌以巧妙的方式推出一些促銷活動是否有意義？我將使用折扣這個詞，但針對特定客戶的行動號召（只有特定客戶才能使用）是第一點。

And I don't know if you want to bring the sub-$50,000 household customer back specifically, but maybe something targeted to them or other types of customer cohorts that you think you have opportunity. So that's the first question.

我不知道您是否想專門吸引收入低於 50,000 美元的家庭客戶，但也許您可以針對他們或您認為有機會的其他類型的客戶群體推出一些產品。這是第一個問題。

And then secondly, and I think it's related, Olive Garden margins have gotten to be very strong. I mean, certainly, if we were to go back, Rick, 5, 10, 20 years ago, probably stronger than we thought they would be. So what's really the fair earning concept level margin for the Olive Garden business?

其次，我認為這與 Olive Garden 的利潤率變得非常高有關。我的意思是，當然，里克，如果我們回到 5 年、10 年、20 年前，他們可能比我們想像的更強大。那麼 Olive Garden 業務的公平獲利概念水準利潤率到底是多少？

I mean, if sales dictated, I mean, would you take it all the way to 25%, for example? Or does it make sense to start to think about reinvesting in the customer and employee experience to drive profitability more through volumes?

我的意思是，如果銷售情況決定的話，你會將其提高到 25% 嗎？或者是否應該開始考慮重新投資於客戶和員工體驗，以透過數量來提高獲利能力？

Yeah. So John, thanks for the questions. On the personalized digital marketing, we can do a lot with digital and a lot on the marketing front. Sometimes we don't even need to give an offer for specific customers. We have a pretty good way to determine what normal customer usage patterns are. And as they kind of start slipping from that usage pattern, we just send them a reminder of our brand and they come back. So we will continue to work on that.

是的。所以約翰，謝謝你的提問。在個人化數位行銷方面，我們可以利用數位化技術和行銷方面做很多事情。有時我們甚至不需要向特定客戶提供報價。我們有很好的方法來確定正常的客戶使用模式。當他們開始脫離這種使用模式時，我們只需向他們發送我們的品牌提醒，他們就會回來。因此我們將繼續致力於此。

Now if we ever get to a point where we want to do some of those just to test them, maybe we will. But we haven't really gone back to telling everybody about some of our great offers, and that's what this Buy One, Take One is doing. But again, we don't rule anything out. We just don't want to get back to the days of just doing a discount for everybody.

現在，如果我們真的想做一些事情來測試它們的話，也許我們會這麼做。但我們並沒有真正回去告訴大家我們的一些優惠活動，這就是「買一送一」活動所做的。但我們再次強調，我們不排除任何可能性。我們只是不想回到給所有人折扣的時代。

On the Olive Garden margins, yes, they're strong. They were up, I think it was about 50 basis points this quarter. And they are much stronger than they were a few years back. But I want to kind of catch that in saying that a lot of the margin was not necessarily things that guests see. We streamlined our menu over the years.

在橄欖園邊緣，是的，他們很強大。我認為本季的漲幅約為 50 個基點。而且他們比幾年前強大多了。但我想說的是，很多利潤不一定是客人能看到的東西。多年來，我們精簡了菜單。

We made it a heck of a lot easier for our teams to execute, and that helped become much more effective in labor. We continued -- even during that time, John, we invested a lot in our food. By adding 50% more chicken, we've improved the Alfredo, all of the things that we've done.

我們讓團隊的執行變得容易得多，這有助於提高勞動效率。我們繼續——即使在那段時間，約翰，我們也在食物上投入了很多。透過添加 50% 以上的雞肉，我們改進了 Alfredo，我們所做的一切都得到了改進。

And we believe we'll continue to do that. I never say never. I don't think that Olive Garden will get to a 25% margin. We're more likely to do things to help continue to improve affordability to drive more sales and focus on sales building versus margin building. It just so happens that sometimes our margins go up a little bit.

我們相信我們會繼續這樣做。我永遠不會說永遠不會。我認為 Olive Garden 的利潤率不會達到 25%。我們更有可能採取措施幫助繼續提高負擔能力，以推動更多銷售，並專注於銷售建設而不是利潤建設。碰巧的是，有時我們的利潤會略有上升。

But we'll continue to invest to keep our margins at a more reasonable level than going way up. That said, if we find things that the guests don't see and we can take those costs out, we'll continue to do that. But we'll likely put some of that back in so that the guests -- the things that guests see, so that they get an even better value.

但我們將繼續投資，以確保利潤率保持在更合理的水平，而不是大幅上升。也就是說，如果我們發現客人看不到的東西，而且我們可以消除這些成本，我們就會繼續這樣做。但我們可能會把其中的一部分還給客人——客人看到的東西，這樣他們就能獲得更高的價值。

Gregory Francfort, Guggenheim Partners.

古根漢合夥人公司的 Gregory Francfort。

I had a follow-up to Sara's question just on the smaller box formats at Cheddar's and Yard House. You used to open up, I think, 5 to 10 stores a year at those brands a few years ago. You're opening up only a couple. Do you think you can get back there? And is that something that can happen in the next couple of years? And do you think that changes the unit growth algorithm at all? Just your thoughts on that.

我對 Sara 的問題進行了跟進，涉及 Cheddar's 和 Yard House 的小盒子格式。我認為，幾年前，您每年都會為這些品牌開設 5 至 10 家商店。您只打開了幾個。你認為你還能回到那裡嗎？這會在未來幾年內發生嗎？您認為這會改變單位成長演算法嗎？只是你對此的想法。

Yeah. Greg, we'll get in a little bit more detail, but yes, we think we can get back to kind of the growth trajectory for Yard House and Cheddar's. And as we've said before, we're on the high end of our long-term framework and unit growth. And as Raj mentioned, our kind of rough number of units for next year, that actually is at our high end of unit growth. And so -- and that's with Olive Garden and LongHorn keeping the same mix as they had before.

是的。格雷格，我們會更詳細地講一下，但是是的，我們認為我們可以回到 Yard House 和 Cheddar's 的成長軌跡。正如我們之前所說，我們正處於長期框架和單位成長的高端。正如 Raj 所提到的，我們明年的粗略單位數量實際上是單位成長的最高值。所以 — — Olive Garden 和 LongHorn 保留了與以前相同的組合。

So we'll see how Cheddar's continues to do in this prototype and how a Yard House does, but we believe that they can get back to their more historical unit growth.

因此，我們將觀察 Cheddar’s 和 Yard House 在這個原型中的表現，但我們相信他們可以恢復到歷史水平的單位增長。

Jim Sanderson, Northcoast Research.

吉姆·桑德森（Jim Sanderson），Northcoast Research。

I wanted to go back to the quarter performance sales mix for the $12.99 price point given the addition of the Manicotti LTO that, I think, competed with some of the premium-priced LTOs you also introduced. I wanted to see how that impacted sales mix.

我想回到本季的業績銷售組合，價格為 12.99 美元，因為增加了 Manicotti LTO，我認為它與您推出的一些高價 LTO 進行了競爭。我想看看這對銷售組合有何影響。

Hey Jim, the $12.99 was actually pretty low mix compared to the higher-priced items. I would say it was in the low single-digit percent of sales.

嘿，吉姆，與高價商品相比， 12.99 美元的價格實際上相當低。我想說的是，它的銷售額只佔了低個位數的百分比。

Okay. So that went down a bit. I think it was around 10% in the past. So you had the consumer shift up a little bit. Is that the right way to look at it?

好的。所以，情況有所下降。我認為過去是10%左右。因此，消費者的消費習慣有所轉變。這是正確的看法嗎？

To be clear, I'm sorry, you were talking about the CYO $12.99 compared to the Manicotti $12.99. So the CYO did -- yes, it's still staying in that 9%, 10% range, yes, yes.

需要明確的是，很抱歉，您談論的是 CYO 12.99 美元與 Manicotti 12.99 美元之間的比較。所以 CYO 確實這麼做了——是的，它仍然保持在 9%、10% 的範圍內，是的，是的。

All right. And then on the $14.99 promotion, could you remind us how that's comparing to what was in the marketplace last year? And what gives you confidence that, that $14.99 is the right price point for that promotion?

好的。那麼關於 14.99 美元的促銷活動，您能否提醒我們一下，與去年市場上的促銷活動相比情況如何？那麼，什麼讓您確信 14.99 美元是該促銷的正確價格？

Yeah. Last year, Jim, we didn't -- we weren't promoting anything with limited time or a price point. We were -- I believe at that time, we were doing equity advertising, potentially Sauces of Soul. So we were talking about our sauces. And so there was no promotion last year that was kind of get off the couch, come into our restaurant promotion.

是的。吉姆，去年我們沒有——我們沒有推廣任何有時間限製或價格點的東西。我記得當時我們正在做股權廣告，可能是「Sauces of Soul」的廣告。我們正在談論醬汁。所以去年沒有推出那種讓大家從沙發上起來，來參加我們餐廳促銷活動的促銷活動。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅、雷蒙·詹姆斯。

I just wanted to piggyback on Jeff's question just about the average versus median performance. And I guess if we can, if we could set aside the impact of the big outlier, do you think we're also seeing a broader widening between the winners and losers in the category? And if so, I'm curious what do you contribute that to?

我只是想附和一下 Jeff 提出的關於平均表現與中位數表現的問題。我想，如果我們可以，如果我們可以拋開大異常值的影響，您是否認為我們還會看到該類別中的贏家和輸家之間的差距正在擴大？如果是這樣，我很好奇你對此有何貢獻？

I'm kind of just thinking about the question of are the benefits of consistently delivering a good experience sort of snowballing with the consumer? Or is there any evidence that the underperforming players are cutting even deeper and sort of on that kind of negative feedback loop? Or maybe there's something to mention on sort of the change versus independents front? And I have a quick follow-up.

我只是在思考這樣一個問題：持續提供良好的體驗是否會為消費者帶來滾雪球效應？或者是否有證據表明表現不佳的球員的損失甚至更大，並且陷入了那種負面反饋循環？或者也許在變革與獨立方面有什麼值得提及的地方？我還有一個快速的跟進。

Sure, Brian. Let me try to get as much as I can from there. So starting with just the chains first. I think we've always said that the chains that execute well continue to win. And I think no matter what the environment is, it comes down to the operational execution more so than anything else. Clearly, sometimes a great marketing and promotion will help drive in near term.

當然，布萊恩。讓我嘗試從那裡獲取盡可能多的信息。因此首先從鏈條開始。我認為我們總是說，執行良好的連鎖店將會繼續獲勝。我認為，無論環境如何，最重要的還是營運執行。顯然，有時出色的行銷和促銷會在短期內起到推動作用。

But over time, the winners have to have -- to be able to execute in the four walls. And so there is -- yes, there is a bifurcation. Some brands are executing really well. We would say our brands do a great job with that. And so they're more in the winners camp. And the ones that are not executing as well are the ones that are probably not winning as much, and there is probably more divergence over the last few quarters as consumers becoming even more discerning.

但隨著時間的推移，獲勝者必須具備在公司內執行的能力。是的，存在分歧。有些品牌的表現確實很好。我們可以說我們的品牌在這方面做得很好。因此他們更接近勝利者陣營。而那些執行得不太好的公司很可能就不會取得太大的成功，而且隨著消費者變得越來越挑剔，在過去幾個季度中，這種分歧可能還會進一步加劇。

And then from a chains versus independents, I think the big thing is really when you look at the full service restaurant CPI and you look at the pricing of chains, you see that the chains are pricing, in general, less than the full service. And so I think that means that the independents are pricing a lot more.

然後從連鎖店與獨立店進行比較，我認為最大的問題是，當你查看全方位服務餐廳的 CPI 並查看連鎖店的定價時，你會發現連鎖店的定價通常低於全方位服務餐廳。所以我認為這意味著獨立公司的定價要高得多。

And so that is probably -- that would have an impact on their performance, right? So when you look at the overall data aggregate, independents are losing share to chains. And I would say part of that is probably driven by the pricing differential.

所以這很可能會對他們的表現產生影響，對嗎？因此，當你查看整體數據匯總時，獨立酒店的市場份額正在被連鎖酒店所奪走。我想說部分原因可能是因為價格差異造成的。

Just back on the fiscal fourth quarter guidance as well. I just don't want to get too prescriptive on the March trend, but I guess as you think about the next few months, is there anything we should be mindful of as it relates to comparisons or calendar shifts?

回顧一下第四季的財務指引。我只是不想對三月份的趨勢做過多的說明，但我想，當你考慮接下來的幾個月時，在比較或日曆變化方面我們是否應該注意什麼？

Or any other context you wanted to put around kind of how you came up with the above 3%? And I understand it's a choppy volatile environment, there's a lot of uncertainty, maybe it's just conservatism. But just any incremental color on that fiscal fourth quarter guide.

或者您想提供任何其他背景資訊來說明您是如何得出上述 3% 的？我知道這是一個動盪的環境，存在著許多不確定性，也許這只是保守主義。但這只是財政第四季度指南中的任何增量顏色。

I keep muting my microphone. Hey Brian, it's Rick. The fourth quarter, when I was answering the question a couple of questions ago, I was actually talking about the third quarter year over year. Q4, we were running a Create Your Own Pasta at $13.49 last year versus Buy One, Take One this year. So I apologize for that.

我一直將麥克風靜音。嘿，布萊恩，我是瑞克。第四季度，當我在幾個問題之前回答這個問題的時候，我實際上是在談論第三季度的同比情況。Q4，去年我們推出的「自製義大利麵」價格為 13.49 美元，而今年則「買一送一」。我對此深感抱歉。

It still wasn't necessarily a get off the couch because it was our normal price. And so it wasn't really as much of a driving promotion as it was just telling people that we have a great value.

由於這是我們的正常價格，因此我們不一定能從沙發上起來。因此，這實際上並不是一種推動促銷的方式，而只是告訴人們我們具有巨大的價值。

So the compares this year are a little bit different, where we have something that's not necessarily on a menu with a great promotion that we ran years ago. And when you think about LongHorn, they're running pretty much the same thing they ran last year. So we just think that it's -- what we're doing with Buy One, Take One and delivery is part of the why, the reason that we're going to see a little bit -- an above 3% comp for Q4.

所以今年的比較有些不同，我們推出了菜單上不一定有的菜品，並且我們在幾年前進行了一次大促銷。當您想到 LongHorn 時，您會發現他們所運行的東西與去年幾乎相同。所以我們認為，我們推出的「買一送一」和送貨服務是原因之一，也是我們將看到第四季年增 3% 以上的原因。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

So I had a quick follow-up on the Buy One, Take One deal. So could you remind us the impact the deal had on traffic or check size five years ago when you last ran the promotion? And if successful, would this be something you would consider on a more longer-term basis or consider rolling out in some of your other brands as well?

因此，我對「買一送一」活動進行了快速跟進。那麼，您能否提醒我們一下五年前您上次進行促銷時該優惠對流量或支票規模的影響？如果成功的話，您是否會考慮長期推廣這項業務，或考慮在您的其他品牌中也推廣這項業務？

Christine, the last time we ran it was, well -- was before COVID, and it was lapping against itself and itself before. So this is a promotion that we have a lot of experience with. And I will say it's just our second best guest driving promotion. So without -- the environment is so different now than it was then to say, here's what the guest count impact was then. I don't think you can necessarily translate that to today. Another reason was because it was a much -- it was at a deep discount when we ran it last time versus now it's different.

克里斯汀，我們上次運行它是在 COVID 之前，並且它之前一直在自我重疊。這是我們擁有豐富經驗的促銷活動。我想說這是我們第二好的客座駕駛促銷活動。因此，現在的環境與當時的環境有很大不同，這就是當時客人數量的影響。我認為你不一定能將其轉化為今天的樣子。另一個原因是，上次我們運行時折扣很大，而現在折扣已經不同了。

And would we run this in other brands? Olive Garden already has the $6 take home. So again, it doesn't really change their operations very much. And when we think about promotion, we want to make sure that it builds brand equity Buy One, Take One builds the Olive Garden equity of abundance.

我們會在其他品牌中採用這種技術嗎？Olive Garden 已經有 6 美元帶回家了。所以，這其實並沒有對他們的營運產生太大的改變。當我們考慮促銷時，我們希望確保它能夠建立品牌資產，「買一送一」能夠建立橄欖園的豐裕資產。

It's simple to execute. Buy One, Take One is very simple to execute because it's just the same thing we do today with a take-home item, and it's not a deep discount. And this one is not. So if we did something like that at other brands, it might not fit those filters.

執行起來很簡單。「買一送一」的執行非常簡單，因為它與我們今天購買帶回家的物品的做法是一樣的，而且折扣也不大。但這個不是。因此，如果我們在其他品牌上做類似的事情，它可能不適合這些過濾器。

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

我們的問答環節已經結束。我想將發言權交還給大家，以便大家發表進一步的結論。

That concludes our call. I want to remind you that we plan to release fourth quarter results on Friday, June 20, before the market opens with the conference call to follow. Thank you so much 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 6 月 20 日星期五市場開盤前發布第四季度業績，然後召開電話會議。非常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 lines 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直播到此結束。此時您可以斷開您的線路，並享受美好的一天。我們感謝您今天的參與。