達登餐飲 (DRI) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Darden Restaurants fiscal year 2025 Q4 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Darden Restaurants 2025 財年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to Courtney Aquilla, Senior Director of Finance and Investor Relations. Courtney, please go ahead.

現在我很高興將電話轉給財務和投資者關係高級總監 Courtney Aquilla。考特尼，請繼續。

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。與我一起的還有達頓總裁兼執行長 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 the 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. We are simultaneously broadcasting a presentation during this call, which is posted in the Investor Relations section of our website at darden.com.

提醒一下，本次電話會議中的評論將包括 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都有描述。我們將在本次電話會議期間同步播放一份演示文稿，該演示文稿發佈在我們的網站 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 2026 first quarter earnings on Thursday, September 18, 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 9 月 18 日星期四市場開盤前發布 2026 財年第一季收益，隨後召開電話會議。

During today's call, I'll reference to the industry results refer to the Black Box Intelligence, casual dining benchmark excluding Darden. During the fiscal fourth quarter, average same-restaurant sales for the industry grew 3.0% and average same-restaurant guest counts grew 0.9%. This morning, Rick will share some brief remarks on the quarter. Raj will provide details on our fourth quarter and full year financial results as well as share our fiscal 2026 financial outlook. Then Rick will close with some final comments.

在今天的電話會議中，我將參考 Black Box Intelligence 的行業結果、不包括 Darden 的休閒餐飲基準。在第四財季，該產業同店平均銷售額成長 3.0%，同店平均顧客數成長 0.9%。今天上午，里克將就本季發表一些簡短的評論。Raj 將詳細介紹我們的第四季和全年財務業績，並分享我們 2026 財年的財務展望。然後 Rick 將以一些最後的評論作為結束。

Now, I will turn the call over to Rick.

現在，我將把電話轉給里克。

Thank you, Courtney, and good morning, everyone. We had a strong quarter with same-restaurant sales and earnings growth that exceeded our expectations. I'm proud of the great work by our restaurant teams throughout the quarter, particularly on Mother's Day as several brands achieved sales records for that day. The return of Olive Garden's buy one take one offer for the first time in five years, combined with the continued strength of off-premise, drove their impressive sales during the quarter. Olive Garden's marketing strategy to meaningfully communicate strong value, create urgency and introduce food news continue to resonate as guests are motivated by news and compelling price points.

謝謝你，考特尼，大家早安。本季我們的業績表現強勁，同店銷售額和獲利成長超出了我們的預期。我為我們的餐廳團隊在整個季度的出色工作感到自豪，特別是在母親節當天，多個品牌都創下了銷售記錄。Olive Garden 五年來首次推出買一送一優惠，加上場外銷售持續強勁，推動了該季度銷售額的驚人增長。Olive Garden 的行銷策略旨在傳達強大的價值、創造緊迫感並介紹美食新聞，這項策略繼續引起共鳴，因為客人受到新聞和誘人價格的激勵。

Buy one take one with a starting price point of $14.99 allowed guests to choose one entree for their dining experience and then take a second one home. The take-home selections leveraged Olive Garden's existing $6 take-home platform, minimizing operational complexity. During buy one take one, Olive Garden same-restaurant sales gap versus the industry increased to 450 basis points.

買一送一起價為 14.99 美元，客人可以選擇一份主菜作為用餐體驗，然後將第二份帶回家。外帶食品選擇利用了 Olive Garden 現有的 6 美元外帶平台，最大限度地降低了營運複雜性。在買一送一活動期間，Olive Garden 同店銷售額與產業差距擴大至 450 個基點。

With delivery available nationwide, the entire quarter, Olive Garden continued to see order volume grow week-to-week while retaining higher-than-average sales per transaction versus curbside pickup orders. This, combined with continued growth in catering and curbside to go, drove overall takeout sales to grow nearly 20% over last year.

由於整個季度均可在全國範圍內送貨，Olive Garden 的訂單量持續逐週增長，同時與路邊取貨訂單相比，每筆交易的銷售額均高於平均水平。再加上餐飲和路邊外送的持續成長，推動外送整體銷售額比去年成長了近 20%。

At the end of the quarter, Olive Garden launched a campaign to promote delivery across multiple channels, including television advertising, with a compelling and memorable offer, 1 million free deliveries, partially funded by Uber. We continue to see strong incrementality with average weekly deliveries per restaurant nearly doubling during the last two weeks of the quarter. The Olive Garden team continued to execute at a high level, which led to an all-time high guest satisfaction score for the quarter. I am extremely proud of how Dan Kiernan and his team managed the business throughout the year and the strong momentum they have generated heading into the new fiscal year.

在本季末，Olive Garden 發起了一項活動，透過電視廣告等多種管道推廣配送，並推出了一項引人注目且令人難忘的優惠，即 100 萬次免費配送，部分資金由 Uber 提供。我們繼續看到強勁的成長勢頭，在本季度的最後兩週，每家餐廳每週的平均外賣量幾乎翻了一番。Olive Garden 團隊繼續保持高水準執行，使得本季的客戶滿意度創下歷史新高。我為 Dan Kiernan 和他的團隊全年的業務管理以及他們在新財年所創造的強勁勢頭感到非常自豪。

At LongHorn Steakhouse, the ongoing commitment to quality, simplicity and culture continues to drive their momentum. Their entire team remains obsessed with serving the highest quality stakes in casual dining. This includes having industry-leading specifications and ensuring they perfectly season and grill every stake they serve. To support this, during the quarter, Olive Garden validated each one of their Grill Master's expertise with the 8th Annual Steak Master series, their internal drilling competition and training program.

在 LongHorn Steakhouse，對品質、簡潔和文化的持續承諾繼續推動他們的發展。他們的整個團隊始終致力於提供最高品質的休閒餐飲。這包括擁有行業領先的規格並確保他們完美地調味和燒烤他們供應的每一塊牛排。為了支持這一點，在本季度，Olive Garden 透過第八屆年度牛排大師系列賽、內部訓練比賽和培訓計劃驗證了每位燒烤大師的專業知識。

Congratulations to Tim Crane from the LongHorn Steakhouse Independents Missouri who claim the Championship Trophy. This focus on ongoing training continues to pay off as LongHorn ended the year with an all-time high stakes will correctly score as well as a new all-time high guest satisfaction score for the quarter. Laura Williamson and her team have done a great job of building on the business momentum at LongHorn.

恭喜來自密蘇裡州 LongHorn Steakhouse Independents 的 Tim Crane 榮獲冠軍獎盃。這種對持續培訓的關注繼續帶來回報，因為 LongHorn 以歷史最高的賭注正確率以及本季度新的最高客戶滿意度得分結束了這一財年。勞拉威廉森 (Laura Williamson) 和她的團隊在鞏固 LongHorn 的業務勢頭方面做出了巨大貢獻。

For the fiscal year, the same-restaurant sales increased 5.1%, and they reached a major milestone by surpassing $3 billion in total sales. These results reflect the strength of their focused strategy. Last quarter, we announced Cheddar's Scratch Kitchen have begun piloting Uber Direct. It was a successful pilot. And as of last week, delivery is now available in all but eight Chuy's restaurants. Paid media and e-mail support began earlier this week, partially funded by Uber.

本財年，同店銷售額成長 5.1%，總銷售額突破 30 億美元，創下重要里程碑。這些結果反映了他們重點策略的優勢。上個季度，我們宣布 Cheddar's Scratch Kitchen 已開始試行 Uber Direct。這是一次成功的試點。截至上週，除 8 家 Chuy's 餐廳外，其餘所有餐廳均已提供外帶服務。付費媒體和電子郵件支援已於本週稍早開始，部分資金由 Uber 提供。

The Cheddar's marketing team also continues to build on its use of connected television debuting the first 30-second spot in Cheddar's history during the quarter. The spot was developed at no cost at Darden, thanks to the scale of our CTV media spend across our portfolio. In addition to Olive Garden LongHorn, Cheddar's also received an all-time high guest satisfaction score for the quarter, as did Ruth's Chris Steak House and Eddie V's.

Cheddar 的行銷團隊也持續利用連網電視，在本季推出了 Cheddar 史上第一個 30 秒廣告。由於我們在 CTV 媒體上的投入規模龐大，達頓商學院免費製作了該廣告。除了 Olive Garden LongHorn 之外，Cheddar’s 也獲得了本季歷史最高的顧客滿意度評分，Ruth’s Chris Steak House 和 Eddie V’s 也獲得了同樣的成績。

We know that engaged well-trained team members helped drive operational success and two of our brands were recognized for their people practices during the quarter. Longhorn and the Capital Grille received the Employer of Choice Awards from Black Box Intelligence, for casual dining and fine dining, respectively. The award recognizes exemplary performance in managing turnover rates, fostering an inclusive workplace culture and implementing best-in-class people practices.

我們知道，敬業且訓練有素的團隊成員有助於推動營運成功，而我們的兩個品牌在本季度因其人員實踐而獲得認可。Longhorn 和 Capital Grille 分別因休閒餐飲和精緻餐飲獲得了 Black Box Intelligence 頒發的「最佳雇主獎」。該獎項旨在表彰在管理員工流動率、培養包容性工作場所文化和實施一流人才實踐方面的傑出表現。

Overall, I am pleased with our results. Our adherence to our winning strategy anchored in our four competitive advantages and being growing with the basics, led to a successful year. Our strategy remains the right one for the company, and we will continue to execute it to drive growth and long-term shareholder value.

總體而言，我對我們的結果感到滿意。我們堅持以四大競爭優勢為基礎的勝利策略，並在基礎上不斷發展，從而取得了成功的一年。我們的策略仍然適合公司，我們將繼續執行該策略以推動成長和長期股東價值。

Now, I will turn it over to Raj.

現在，我將把麥克風交給 Raj。

Thank you, Rick, and good morning, everyone. As Rick said, fiscal 2025 was another strong year, driven by disciplined execution of our strategy. In the fourth quarter, same-restaurant sales continued the sequential improvement from prior quarters with our casual brands gaining significant market share. This resulted in sales and earnings exceeding our expectations for the quarter. Furthermore, we finished the year with same-restaurant sales at the top of our initial guidance range and earnings in the upper half of the range despite the slower-than-expected start to the year.

謝謝你，里克，大家早安。正如里克所說，2025 財年又是強勁的一年，這得益於我們嚴格執行策略。第四季度，同店銷售額較前幾個季度繼續環比增長，我們的休閒品牌獲得了顯著的市場份額。這使得本季的銷售額和收益超出了我們的預期。此外，儘管今年年初的業績低於預期，但我們全年的同店銷售額仍處於最初指導範圍的上限，盈利也處於該範圍的上半部分。

Now, looking at the fourth quarter. We generated $3.3 billion of total sales, 10.6% higher than prior year. This was driven by same-restaurant sales growth of 4.6% with positive traffic growth, the acquisition of 103 Chuy's restaurants and the addition of 25 net new restaurants, which includes the permanent closure of 22 underperforming restaurants. Same-restaurant sales exceeded the industry benchmark for the quarter and were in the top decile of the industry.

現在，看看第四季。我們的總銷售額達到 33 億美元，比上年增長 10.6%。這是由於同店銷售額增長 4.6%、客流量增長、收購 103 家 Chuy's 餐廳以及新增 25 家餐廳（其中包括永久關閉 22 家表現不佳的餐廳）所推動的。本季同店銷售額超過了行業基準，並處於行業前十分之一。

Adjusted diluted net earnings per share from continuing operations increased 12.5% to $2.98. We generated $582 million of adjusted EBITDA and returned $215 million to shareholders through $164 million in dividends and $51 million of share repurchases.

持續經營業務的調整後稀釋每股淨收益成長12.5%，達到2.98美元。我們實現了5.82億美元的調整後EBITDA，並透過1.64億美元的股息和5,100萬美元的股票回購向股東返還了2.15億美元。

Turning to the fourth quarter P&L compared to last year. Food and beverage expenses were 60 basis points lower as commodities inflation was better than expected at approximately 1.5%. Restaurant labor was 10 basis points lower as productivity gains more than offset higher performance-based compensation and pricing below total labor inflation of approximately 3.5%. Restaurant expenses were 20 basis points higher driven by brand mix with the addition of Chuy's and the impact of first-party delivery at Olive Garden, partially offset by sales leverage.

與去年同期相比，第四季的損益情況如下。由於大宗商品通膨率優於預期（約 1.5%），食品和飲料支出下降了 60 個基點。餐廳勞動成本下降了 10 個基點，因為生產力的提高足以抵消績效薪酬的提高以及低於約 3.5% 的總勞動力通膨率的定價。餐廳費用增加了 20 個基點，這主要受到 Chuy's 的品牌組合以及 Olive Garden 第一方配送的影響，但被銷售槓桿部分抵消。

Marketing expenses were flat at 1.3% of sales consistent with our expectations. This all resulted in rational level EBITDA for the quarter, improving 50 basis points to 21.6%. Preopening costs were 10 basis points higher as we accelerated our new restaurant pipeline opening 19 restaurants during the quarter.

行銷費用與銷售額持平，為 1.3%，符合我們的預期。這一切使得本季的 EBITDA 處於合理水平，提高了 50 個基點，達到 21.6%。由於我們加快了新餐廳的籌備步伐，本季開設了 19 家餐廳，開業前成本上升了 10 個基點。

Adjusted G&A expenses were 30 basis points higher due to higher incentive compensation accrual compared to the fourth quarter last year and unfavorable mark-to-market expenses on our deferred compensation. Because of the way we hedge mark-to-market expense, this is largely offset in the tax line. Interest expense increased 20 basis points due to the financing expenses related to the Chuy's acquisition. And our adjusted effective tax rate for the quarter was 12.2%, with tax expenses down 20 basis points because of the mark-to-market hedge impact I referenced earlier.

調整後的 G&A 費用增加了 30 個基點，因為與去年第四季相比，激勵薪酬應計費用增加，且遞延薪酬的按市價計價費用不利。由於我們對沖按市價計算的費用的方式，這在很大程度上被稅收所抵消。由於與 Chuy 收購相關的融資費用，利息支出增加了 20 個基點。本季我們的調整後有效稅率為 12.2%，由於我之前提到的以市價計價的對沖影響，稅費下降了 20 個基點。

In total, our adjusted earnings from continuing operations were $352 million, which was 10.7% of sales. In the fourth quarter, all of our segments grew total sales with three of the four segments growing same-restaurant sales and segment profit margin. Olive Garden increased total sales for the quarter by 8.1% with strong same-restaurant sales growth of 6.9% and the addition of 15 net new restaurants. Olive Garden same-restaurant sales outperformed the industry benchmark by 390 basis points for the quarter.

整體而言，我們調整後的持續經營收益為 3.52 億美元，佔銷售額的 10.7%。第四季度，我們所有部門的總銷售額均有所成長，其中四個部門中有三個部門的同店銷售額和部門利潤率均有所增長。Olive Garden 本季總銷售額成長了 8.1%，同店銷售額強勁成長 6.9%，並新增了 15 家餐廳。本季，Olive Garden 同店銷售額比產業基準高出 390 個基點。

Uber direct delivery fees positively benefited check mix by about 40 basis points in the quarter. These fees were passed on to Uber with the revenue fully offset in restaurant expenses. Olive Garden continues to have industry-leading segment profit margin, delivering 23.8% for the quarter, which is 100 basis points higher than last year.

本季度，Uber 直接配送費用為支票組合帶來了約 40 個基點的正面效益。這些費用被轉嫁給了 Uber，其收入完全被餐廳費用抵消了。Olive Garden 繼續保持業界領先的分部利潤率，本季實現 23.8%，比去年高出 100 個基點。

At LongHorn, total sales increased 9.3%, driven by same-restaurant sales growth of 6.7% and the addition of 16 net new restaurants. LongHorn continues to increase market share with strong and sustained sales growth exceeding the industry same-restaurant sales benchmark by 370 basis points this quarter and 850 basis points on a two-year basis.

LongHorn 的總銷售額成長了 9.3%，這得益於同店銷售額成長 6.7% 以及新增 16 家餐廳。LongHorn 繼續增加市場份額，其強勁而持續的銷售成長使本季的同店銷售額比基準高出 370 個基點，兩年內高出 850 個基點。

Segment profit margin for the quarter was 20.1%, 80 basis points above last year. Total sales for Fine Dining segment increased 2.3%, driven by the addition of six net new restaurants, which includes the permanent closure of two underperforming restaurants. Same-restaurant sales were negative for the quarter, resulting in segment profit margin lower than last year. While the Fine Dining category as a whole continues to be challenged, we are seeing sequential improvement in guest traffic from households earning $150,000 and above.

本季分部利潤率為20.1%，較去年同期高出80個基點。精緻餐飲部門的總銷售額成長了 2.3%，這得益於新增六家餐廳（其中包括永久關閉兩家業績不佳的餐廳）。本季同店銷售額為負，導致分部利潤率低於去年。雖然整個高級餐飲類別繼續面臨挑戰，但我們看到來自家庭收入 150,000 美元及以上的客人流量正在連續改善。

Total sales for the Other Business segment increased 22.4% with the acquisition of Chuy's and positive same-restaurant sales at Yard House and Cheddar's. This positive growth was partially offset by the permanent closure of 20 restaurants during the quarter, including 15 Bahama Breeze restaurants. Positive sales momentum and continued productivity improvements at Yard House and Cheddar's contributed to a 17.5% segment profit margin for the Other Business segment, 10 basis points higher than last year. The integration of Chuy's is progressing as planned with synergies on track and a neutral impact to EPS for fiscal 2025, which is in line with our expectations.

由於收購 Chuy’s 以及 Yard House 和 Cheddar’s 的同店銷售額成長，其他業務部門的總銷售額成長了 22.4%。本季 20 家餐廳（包括 15 家 Bahama Breeze 餐廳）的永久關閉部分抵消了這一正增長。Yard House 和 Cheddar's 的積極銷售勢頭和持續的生產力提高，使其他業務部門的部門利潤率達到 17.5%，比去年高出 10 個基點。Chuy's 的整合正在按計劃進行，協同效應正在順利進行，對 2025 財年的每股收益產生中性影響，這符合我們的預期。

As we look at our annual results for fiscal 2025, we had same-restaurant sales growth of 2%, outperforming the industry by 170 basis points. Total sales increased 6%, surpassing $12 billion for the first time in our history. Adjusted diluted net earnings per share from continuing operations increased 7.5% to $9.55. We delivered $2 billion in adjusted EBITDA from continuing operations driven by strong sales growth, and we returned $1.1 billion to shareholders with $659 million in dividends and $418 million in share repurchases.

回顧 2025 財年的年度業績，我們的同店銷售額成長了 2%，比業界平均高出 170 個基點。總銷售額成長 6%，歷史上首次超過 120 億美元。持續經營業務調整後稀釋每股淨收益成長7.5%，達9.55美元。在強勁銷售成長的推動下，持續經營業務調整後EBITDA達到20億美元，並透過6.59億美元的股息和4.18億美元的股票回購向股東返還了11億美元。

Looking at our fiscal 2025 full year P&L. Restaurant-level EBITDA grew 40 basis points, driven by disciplined cost management and pricing leverage. This favorability was partially offset by the increased depreciation and amortization expense, resulting in operating income margin that was 10 basis points higher than last year.

查看我們 2025 財年全年損益表。在嚴格的成本管理和定價槓桿的推動下，餐廳級 EBITDA 成長了 40 個基點。這一有利因素被折舊和攤提費用的增加部分抵消，導致營業收入利潤率比去年高出 10 個基點。

Financing expenses related to Chuy's acquisition increased adjusted interest expense 20 basis points from last year. This all resulted in adjusted earnings from continuing operations of 9.4%, which was 10 basis points below last year.

與 Chuy 收購相關的融資費用使調整後的利息支出比去年增加了 20 個基點。這一切導致調整後的持續經營收益為 9.4%，比去年低 10 個基點。

As I mentioned earlier, we permanently closed 15 underperforming Bahama Breeze restaurants as well as a few restaurants at other brands. These closures will result in a headwind to our fiscal 2026 total sales growth but are expected to be slightly positive to earnings. Fiscal 2026 is a 53-week year and we anticipate a positive impact from the extra week on diluted net earnings per share from continuing operations of approximately $0.20.

正如我之前提到的，我們永久關閉了 15 家業績不佳的 Bahama Breeze 餐廳以及其他品牌的幾家餐廳。這些工廠的關閉將對我們 2026 財年的總銷售額成長造成阻力，但預計會對獲利產生略微正面的影響。2026 財年共 53 週，我們預計額外一週將對持續經營每股稀釋淨收益產生約 0.20 美元的正面影響。

Now, turning to our financial outlook for fiscal 2026. We expect total sales growth of 7% to 8%, including approximately 2% from the additional week; same-restaurant sales growth of 2% to 3.5%, and opening 60 to 65 new restaurants; capital spending between $700 million and $750 million; total inflation of 2.5% to 3% with commodities inflation of approximately 2.5% and total labor inflation of approximately 3.5%; EBITDA of $2.16 billion to $2.19 billion; and an annual effective tax rate of approximately 13% and approximately $117 million diluted average shares outstanding for the year, all resulting in diluted net earnings per share between $10.50 and $10.70. This morning, we also announced that our Board approved a 7% increase to our regular quarterly dividend to $1.50 per share, implying an annual dividend of $6.

現在，讓我們來談談 2026 財年的財務展望。我們預計總銷售額將增長7%至8%，其中包括額外一周帶來的約2%的增長；同店銷售額將增長2%至3.5%，併計劃新開60至65家餐廳；資本支出將在7億至7.5億美元之間；總通脹率將在2.5%至3%之間，其中大宗商品通脹率約為2.5%，總勞動力通膨率約為3.5%；息稅折舊攤銷前利潤（EBITDA）將在21.6億美元至21.9億美元之間；年度有效稅率約為13%，全年攤薄後平均流通股數約為1.17億股，所有這些因素將導致攤薄後每股淨收益在10.50美元之間。今天上午，我們也宣布，董事會批准將常規季度股息提高7%至每股1.50美元，這意味著年度股息將達到6美元。

Now, turning to our long-term financial framework, which outlines the strategic priorities and performance expectations that guide our sustained value creation. We remain committed to delivering 10% to 15% total shareholder return as defined by EPS growth plus dividend yield. However, we're updating the framework to reflect a greater emphasis on sales growth with appropriate investments while maintaining our growing margins.

現在，我們來談談我們的長期財務框架，它概述了指導我們持續價值創造的策略重點和績效期望。我們仍致力於實現 10% 至 15% 的總股東回報，即每股盈餘成長加上股息殖利率。然而，我們正在更新框架，以反映出對銷售成長的更大重視，並透過適當的投資來維持我們不斷增長的利潤率。

As a result, we're increasing new restaurant growth to 3% to 4%, and same restaurant sales growth to 1.5% to 3.5%. Additionally, we're updating how we define margin expansion, shifting from EBIT margin to earnings after tax margin to more accurately reflect how we view and manage our business. There are three primary drivers of this change.

因此，我們將新餐廳成長率提高到 3% 至 4%，同一餐廳的銷售額成長率提高到 1.5% 至 3.5%。此外，我們正在更新利潤率擴張的定義，從息稅前利潤率轉向稅後收益利潤率，以更準確地反映我們如何看待和管理我們的業務。推動這項變化的主要因素有三。

First, due to the way we hedge mark-to-market expense on our deferred compensation, the impact in G&A is largely offset in the tax line. Second, current lease accounting guidelines result in an ongoing negative impact to interest and depreciation with an offsetting benefit in restaurant expense. And third, to account for any interest expense associated with any future acquisitions.

首先，由於我們對遞延薪酬的市價費用進行對沖的方式，一般及行政費用的影響在很大程度上被稅收所抵消。其次，目前的租賃會計準則會對利息和折舊產生持續的負面影響，但會抵銷餐廳費用帶來的收益。第三，計算與未來收購相關的利息費用。

Our updated framework targets each margin growth to be flat to 20 basis points. This all results in EAT growth contributing 6% to 10% of total shareholder return. Our dividend remains a priority, and the target payout ratio range of 50% to 60% remains unchanged. Share repurchase is being updated from a dollar range to a percentage range of contribution to shareholder return. Return of cash is now targeted to contribute 4% to 5% of total shareholder return.

我們更新後的框架目標是將每個利潤率成長穩定在 20 個基點。這一切使得 EAT 成長為股東總回報貢獻了 6% 至 10%。我們的股息仍然是優先事項，50％至60％的目標派息率範圍保持不變。股票回購金額正從美元範圍更新為股東回報貢獻的百分比範圍。目前現金回報的目標是貢獻股東總回報的 4% 至 5%。

Looking at our performance since 2019 relative to the updated framework, new restaurant growth inclusive of acquisition was within the updated range having grown 3.1%. Same-restaurant sales of 2.9% is in the top half of the target range and EAT margin expansion was above the midpoint of the updated range, increasing 13 basis points on an annualized basis, developing an annualized EAT growth of 7.6% near the middle of the range.

根據更新後的框架，回顧我們自 2019 年以來的表現，包括收購在內的新餐廳成長在更新後的範圍內，成長了 3.1%。同店銷售額成長 2.9%，處於目標區間的上半部分，EAT 利潤率擴張高於更新區間的中點，按年率計算增加了 13 個基點，使年化 EAT 成長率達到 7.6%，接近區間中間值。

The dividend payout ratio of 58% is near the top end of the range and share repurchase contribution to shareholder return was 1%, culminating in total cash return of 4.1% despite the issuance of 9 million shares of common stock in fiscal 2020. Total shareholder return as defined by EPS growth plus dividend yield was 11.6% and within our targeted range. Additionally, our -- over our 30-year history as a publicly traded company, Darden has achieved an annualized total shareholder return of 10% or greater for any 10 fiscal year period when taking into account Darden's stock appreciation plus dividend yield.

58% 的股息支付率接近該範圍的上限，股票回購對股東回報的貢獻為 1%，儘管 2020 財年發行了 900 萬股普通股，但總現金回報率仍達到 4.1%。以每股盈餘成長加上股息殖利率定義的股東總回報率為 11.6%，位於我們的目標範圍內。此外，在我們作為上市公司的 30 年歷史中，如果將 Darden 的股票升值加上股息收益率考慮在內，Darden 在任何 10 個財政年度內都實現了 10% 或更高的年度化股東總回報率。

Finally, our strong operating model generates significant and durable cash flows. Since fiscal 2019, we've grown EBITDA by about $800 million and are on track to reach nearly $1 billion in EBITDA growth by the end of fiscal 2026. Our balance sheet at the end of fiscal 2025 is well positioned with adjusted debt-to-EBITDA of 2.1x. This is at the low end of our targeted range of 2 times to 2.5 times despite the additional debt related to the acquisition of Chuy's and Ruth's Chris over the past two years.

最後，我們強大的營運模式產生了大量且持久的現金流。自 2019 財年以來，我們的 EBITDA 成長了約 8 億美元，預計到 2026 財年末，EBITDA 成長將達到近 10 億美元。截至2025財年末，我們的資產負債表狀況良好，調整後債務與EBITDA比率為2.1倍。儘管過去兩年收購Chuy's和Ruth's Chris產生了額外的債務，但這一比率仍處於我們2倍至2.5倍目標範圍的低端。

Now, I'll turn it back to Rick.

現在，我將話題轉回給 Rick。

Thanks, Raj. Strategic planning is one of our competitive advantages. And at the Darden level, it ensures that we have the right portfolio of brands, we align strategies and coordinate operations to maximize our portfolio's value and we capture the available synergies across all our brands. For our brands, our strategic planning process allows us to determine the strategic role in the portfolio, identify their distinct advantages and cultivate differentiated positioning, develop a deep understanding of their guests and the competitive landscape, and ensure they adhere to their strategy so they can compete effectively and grow share.

謝謝，拉傑。策略規劃是我們的競爭優勢之一。在達頓層面，它確保我們擁有正確的品牌組合，我們調整策略並協調營運以最大化我們組合的價值，並捕捉所有品牌之間的協同效應。對於我們的品牌，我們的策略規劃流程使我們能夠確定其在產品組合中的策略作用，確定其獨特的優勢並培養差異化定位，深入了解其客戶和競爭格局，並確保其堅持其策略，以便有效競爭並增加份額。

During the quarter, we completed our five-year planning process. Each of our brands has a clear understanding of their role in their portfolio, and they have built a five-year strategic plan based on that role, focusing on what they need to do to win today and into 2030. They have already begun to put their plans in action and will execute them to drive shareholder value. Additionally, there were some other key outcomes from that process that I would like to share.

本季度，我們完成了五年規劃流程。我們的每個品牌都清楚地了解自己在投資組合中的角色，並根據該角色制定了五年戰略計劃，重點關注當前和 2030 年取得勝利所需採取的措施。他們已經開始實施他們的計劃並將執行這些計劃以推動股東價值。此外，我還想分享該過程的一些其他關鍵成果。

As Raj mentioned, we made the decision to close 15 Bahama Breeze locations in May, leaving the 28 highest-performing Bahama Breeze restaurants in our portfolio. After further review, we have made the difficult decision that these remaining locations and the Bahama Breeze brand are not a strategic priority for us. We also believe that this brand and these restaurants have the potential to benefit from a new owner.

正如 Raj 所提到的，我們決定在 5 月關閉 15 家 Bahama Breeze 餐廳，只留下我們投資組合中表現最好的 28 家 Bahama Breeze 餐廳。經過進一步審查，我們做出了艱難的決定，這些剩餘的地點和 Bahama Breeze 品牌不再是我們的策略重點。我們也相信，這個品牌和這些餐廳有可能從新主人那裡受益。

Consequently, we will be considering strategic alternatives for Bahama Breeze, including a potential sale of the brand, or converting restaurants to other Darden brands. Excluding any onetime potential impacts, which are unknown as of today, we do not expect these strategic alternatives including a potential sale to have a material impact on our financial results.

因此，我們將考慮 Bahama Breeze 的策略替代方案，包括出售該品牌，或將餐廳轉變為其他 Darden 品牌。除目前尚不清楚的任何一次性潛在影響外，我們預計這些策略選擇（包括潛在出售）不會對我們的財務表現產生重大影響。

We also signed a definitive agreement to sell the eight Olive Garden locations in Canada to Recipe Unlimited, the largest full-service operator in Canada, and we are on track to close that deal soon. These eight restaurants will become franchised and upon close, Darden and Recipe Unlimited will enter into an area development agreement to open 30 more Olive Gardens over the next 10 years. Their expertise in the Canadian market will help the Olive Garden better operate locally and accelerate the brand's ability to grow throughout the country.

我們還簽署了最終協議，將加拿大的八家 Olive Garden 餐廳出售給加拿大最大的全方位服務營運商 Recipe Unlimited，並且我們即將完成該交易。這八家餐廳將獲得特許經營權，交易完成後，達頓和 Recipe Unlimited 將達成區域開發協議，在未來 10 年內再開設 30 家 Olive Gardens 餐廳。他們在加拿大市場的專業知識將幫助 Olive Garden 更好地在當地運營，並加速品牌在全國範圍內的發展能力。

Our international franchising team led by Brad Smith, is focused on growing our global presence. Today, we have 154 franchise locations, which includes 63 in the Continental United States and 91 outside the Continental United States. One of the benefits of the Ruth's Chris acquisition was the scale it added to our franchise business. The increase in revenue from adding 74 Ruth's Chris franchise locations has allowed the team to grow faster. We were able to add the resources and systems to help our franchisees better operate our brands that would have taken us longer if we had not added the Ruth's Chris restaurants. And the team has been busy signing new area development agreements with international partners.

我們的國際特許經營團隊由布拉德史密斯 (Brad Smith) 領導，致力於擴大我們的全球影響力。如今，我們擁有 154 家特許經營店，其中 63 家位於美國大陸，91 家位於美國大陸以外。收購 Ruth's Chris 的好處之一是它擴大了我們的特許經營業務規模。新增 74 家 Ruth's Chris 特許經營店帶來的收入成長使得團隊能夠更快成長。我們能夠增加資源和系統來幫助我們的特許經營商更好地經營我們的品牌，如果我們沒有增加 Ruth's Chris 餐廳，那麼我們需要花費更長的時間。該團隊一直忙於與國際合作夥伴簽署新區域開發協議。

In addition to the agreement with Recipe Unlimited, we also have new agreements with partners in India and Spain, each of which calls for the development of 40 Olive Garden locations as well as an agreement with our existing Ruth's Chris franchise partner in Asia for the development of six Capital Grill locations. Brad and his team are doing a great job and I'm excited about the growth prospects of our international franchising business.

除了與 Recipe Unlimited 達成的協議外，我們還與印度和西班牙的合作夥伴達成了新協議，每項協議都要求開發 40 家 Olive Garden 餐廳，同時還與我們在亞洲的現有 Ruth's Chris 特許經營合作夥伴達成協議，開發 6 家 Capital Grill 餐廳。布拉德和他的團隊做得非常出色，我對我們的國際特許經營業務的成長前景感到非常興奮。

Also, as you may have seen from our 8-K filing this morning, after 33 years with Darden, Dan Kiernan will be retiring as President of Olive Garden on August 31. Dan has worked in the industry since he was 16 and began his career at Olive Garden as a manager in training. For the last seven years, he has led Olive Garden to new heights and has been a tremendous steward of the brand. As I said earlier, Dan and his team have generated strong business momentum. And following the successful completion of their five-year business plan, Olive Garden is well positioned for this leadership transition.

此外，正如您可能從我們今天早上的 8-K 文件中看到的那樣，在達頓工作了 33 年後，丹·基爾南 (Dan Kiernan) 將於 8 月 31 日從 Olive Garden 總裁一職退休。丹自 16 歲起就從事該行業，並在 Olive Garden 開始了他的職業生涯，擔任培訓經理。在過去的七年裡，他帶領 Olive Garden 走向了新的高度，並成為了品牌的傑出管理者。正如我之前所說，丹和他的團隊已經創造了強勁的業務動能。在成功完成五年商業計劃後，Olive Garden 已為此次領導層過渡做好了充分準備。

One of the benefits of our scale is having a deep bench of talent to fill leadership roles. I am pleased that we have another proven operator to lead Olive Garden. John Wilkerson who has led Cheddar's for the past seven years, will be the next President of Olive Garden, and he will work closely with Dan over the next 10 weeks to ensure a smooth transition. John is a 30-year Darden veteran, who has done an excellent job of rebuilding the fundamentals at Cheddar's and setting the brand up for growth. John will continue reporting to me.

我們的規模優勢之一是擁有大量人才來擔任領導職務。我很高興我們有另一位經驗豐富的運營商來領導 Olive Garden。領導 Cheddar's 七年之久的 John Wilkerson 將擔任 Olive Garden 的下一任總裁，他將在接下來的 10 週內與 Dan 密切合作，確保順利過渡。約翰在達頓商學院工作了 30 年，在重建切達乾酪公司的基礎和為品牌發展奠定基礎方面做出了卓越的貢獻。約翰將繼續向我報告。

John's replacement at Cheddar's is Mark Cooper, currently President of Seasons 52 and Bahama Breeze. Lorie Kessler, who has led operations at Seasons for 52 years -- excuse 52 -- for 11 years -- sorry, didn't want to age you, has been named President of Seasons 52. Mark and Lorie will report to John Martin, Group President. In addition to Cheddar's and Season 52, John Martin will retain responsibility for Yard House, the Capital Grille and Eddie V's. He will also lead Bahama Breeze as we consider strategic alternatives for the brand.

約翰在 Cheddar's 的繼任者是馬克庫柏 (Mark Cooper)，他目前擔任 Seasons 52 和 Bahama Breeze 的總裁。洛里·凱斯勒 (Lorie Kessler) 已領導 Seasons 運營 52 年（對不起，是 52 年），有 11 年了（對不起，我不想讓您顯老），她被任命為 Seasons 52 的總裁。馬克和洛里將向集團總裁約翰馬丁報告工作。除了 Cheddar's 和 Season 52 之外，約翰馬丁 (John Martin) 還將繼續負責 Yard House、Capital Grille 和 Eddie V's。他還將領導 Bahama Breeze，我們正在考慮品牌的策略替代方案。

Additionally, I am pleased to share that Thomas Hall has been named President of Chuy's. For the past seven years, Tom has served as Executive Vice President of Operations for LongHorn. Tom will report to Todd Burrows, Group President, who is responsible for Chuy's and Ruth's Chris as well as Darden development and international franchising teams. With these changes, I am confident we have the right leaders in place across all our brands to compete effectively and grow share.

此外，我很高興地告訴大家，托馬斯·霍爾 (Thomas Hall) 被任命為 Chuy's 的總裁。過去七年來，湯姆一直擔任 LongHorn 的營運執行副總裁。湯姆將向集團總裁 Todd Burrows 匯報工作，後者負責 Chuy's 和 Ruth's Chris 以及 Darden 開發和國際特許經營團隊。透過這些變化，我相信我們所有品牌都有合適的領導者來有效競爭並擴大市場份額。

Finally, last month, Darden celebrated its 30th year as a publicly traded company. I was delighted to ring the opening bell at the New York Stock Exchange with several team members with 30 or more years of service, including Level Rutledge, our longest tenured team member at 52 years. That moment was a great reminder of an enduring quote from Bill Darden. He said the greatest edge we have on our competition is the quality of our employees reflected each day in the job they do. Our people drive our success, and I want to congratulate our teams on a strong quarter and a successful year.

最後，上個月，達頓慶祝了其作為上市公司成立 30 週年。我很高興與幾位服務年限 30 年或以上的團隊成員一起在紐約證券交易所敲響開市鐘，其中包括任職時間最長的團隊成員 Level Rutledge，任職年限為 52 年。那一刻讓我想起了比爾·達登的一句名言。他說，我們在競爭中最大的優勢是員工的品質在他們每天的工作中得到體現。我們的員工推動著我們的成功，我要祝賀我們的團隊取得了強勁的季度業績和成功的一年。

On behalf of our leadership team and the Board of Directors, thank you for your continued dedication and commitment to nourishing and delighting our guests and each other. Now, we'll take your questions.

我代表我們的領導團隊和董事會，感謝您一直以來的奉獻和承諾，為我們的客人和彼此提供滋養和愉悅。現在，我們來回答大家的提問。

(Operator Instructions) Eric Gonzalez, KeyBanc Capital Markets.

（操作員指示） Eric Gonzalez，KeyBanc 資本市場。

Congrats on the really strong same-store sales results. Well, obviously, you're executing at a very high level. It's really hard to deny the fact that the industry seems to be in a strong position, particularly some of the larger chains in full service. So perhaps you can give us your perspective on why casual dining is having a bit of a moment right now.

恭喜您取得如此強勁的同店銷售業績。嗯，顯然，你的執行水準非常高。確實很難否認這個事實：該行業似乎處於強勢地位，特別是一些提供全方位服務的大型連鎖企業。那麼，也許您可以向我們解釋為什麼休閒餐飲現在如此受歡迎。

And relatedly, I'm curious what your thoughts on how some of the smaller chains are independently [fairing] in this environment? Whether you think the independents are struggling with the same affordability perception issues that you might have in fast food?

與此相關，我很好奇您對一些小型連鎖企業在這種環境下如何獨立發展有何看法？您是否認為獨立餐廳也面臨著與速食業相同的可負擔性認知問題？

Yes, Eric, thanks for the question. Thanks for the comments on our quarter. As we look across what's been going on over the last five or six years, as you recall, we've been very prudent in keeping our pricing below inflation because we knew that over time, pricing matters, if you take it too much. And what we believe is happening right now in the casual dining space is consumers are figuring out that casual dining is a great value. And so they're coming to casual dining more. And we're starting -- we're seeing that across our brands and some of the industry.

是的，艾瑞克，謝謝你的提問。感謝您對我們季度的評論。回顧過去五、六年發生的事情，正如你們所記得的，我們一直非常謹慎地將價格保持在通貨膨脹率以下，因為我們知道，隨著時間的推移，如果價格過高，定價就會變得很重要。我們認為，目前休閒餐飲領域的情況是，消費者開始意識到休閒餐飲具有很大的價值。因此他們更選擇休閒餐飲。我們已經開始——我們在我們的品牌和部分行業中看到了這一點。

And so without commenting on what's happened in other places, we think that's a big part of it. consumers want to go out and spend their hard-earned money. And we think we're taking some wallet share from fast food and fast casual.

因此，我們不評論其他地方發生的事情，但我們認為這是其中很重要的一部分原因。消費者想要出去花掉辛苦賺來的錢。我們認為，我們正在從快餐和休閒快餐中搶佔一些市場份額。

Maybe if I could, as a follow-up, ask about the unit growth outlook, the 60 to 65 units this year. Your long-term range in your algorithm is 3% to 4%. So I think the 60 to 65 implies 2.7% to 3%. So I guess I'm curious when we might see a ramp in unit growth and which brands might be the largest contributor?

作為後續問題，我是否可以詢問單位成長前景，今年的單位數量為 60 到 65 個。您的演算法中的長期範圍是 3% 到 4%。所以我認為 60 到 65 意味著 2.7% 到 3%。所以我很好奇我們什麼時候可以看到單位成長的加速，以及哪些品牌可能是最大的貢獻者？

Yes, Eric, I'd say from -- when you look at 60 to 65, you're right, it could imply 2.7% to 3%. But as you look at actually how we're ramping up growth from where we're starting. We're actually building the pipeline. Our development team has done a great job. We expect to be in the 3%-plus range over the next five years. And we are actually -- we have a pretty strong pipeline. As you know, these things take time to build up. But I think we have new practices and processes in place.

是的，艾瑞克，我想說的是——當你看 60 到 65 歲時，你是對的，它可能意味著 2.7% 到 3%。但實際上，當你看到我們如何從起點加速成長時。我們實際上正在建造管道。我們的開發團隊做得非常好。我們預計未來五年內這一比例將達到 3% 以上。事實上，我們擁有相當強大的管道。正如你所知，這些事情需要時間來建立。但我認為我們已經有了新的做法和流程。

And from a brand mix, as we've said, initially, as you look at next year, I'd say between Olive Garden and LongHorn, we're going to probably have 40 to 45 openings and then Yard House might be in the mid-single digits, and then you have all the other brands contributing probably another 15 or so. But as we look into the future, we expect the other brands to become a bigger part of the mix.

從品牌組合來看，正如我們所說，最初，展望明年，我想說 Olive Garden 和 LongHorn 之間可能會有 40 到 45 家新店，而 Yard House 可能會有中等個位數的開店數量，然後其他品牌可能會貢獻另外 15 家左右。但展望未來，我們預期其他品牌將成為更重要的組成部分。

But we do think there's a huge opportunity for still Longhorn to be in the 25 to 30 openings a year. And then Olive Garden to be in the 20-ish range for the foreseeable future. But then we're also, as I said, the other brands will start to contribute even more as we move into the next few years.

但我們確實認為，Longhorn 每年仍有巨大的機會獲得 25 至 30 個職缺。然後，在可預見的未來，Olive Garden 的銷售量將保持在 20 左右的範圍內。但正如我所說，隨著未來幾年的發展，其他品牌也將開始做出更大的貢獻。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

Raj, my question was on the updated long-term framework. Does the new margin expansion target reflect a different view on the long-term restaurant margin opportunity or even the rate of reinvestment you expect to make in the business?

Raj，我的問題是關於更新後的長期框架。新的利潤擴張目標是否反映了對長期餐廳利潤機會的不同看法，甚至是您期望在業務中進行的再投資率？

Yes, Chris, it does a little bit, right? What we're trying to figure out is, one, let me just start with the -- just by changing the definition, we're getting a more holistic view because there's a lot of contraction between the G&A, D&A and then tax and interest. So that's why we wanted to get to a bottom line number. So that's one.

是的，克里斯，有一點，對吧？我們試著弄清楚的是，首先，讓我從改變定義開始，我們就能獲得更全面的觀點，因為 G&A、D&A 以及稅收和利息之間存在著很大的收縮。所以這就是我們想要得到底線數字的原因。這就是其中之一。

But two, does it imply restaurant level EBITDA maybe not growing at the rate we've targeted in the past? Yes, because we're saying that we are going to make investments with a greater emphasis on sales grade -- sales growth. And if sales growth drives even more margin, that's good, but we're going to try to find ways to reinvest to get for the long term.

但第二，這是否意味著餐廳級的 EBITDA 可能不會按照我們過去所設定的速度成長？是的，因為我們說我們將在投資時更加重視銷售等級——銷售成長。如果銷售成長能帶來更多利潤，那當然很好，但我們會盡力尋找再投資的方法，以實現長期目標。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Regarding Uber Direct at Olive Garden, curious about what you can share about mix and same-store sales contribution in the in fiscal 4Q and what you're contemplating for mix and same-store sales contribution from it in fiscal '26? And also is there anything different about the incremental margin from that from the base business?

關於 Olive Garden 的 Uber Direct，我很好奇您可以分享一下第四財季的產品組合和同店銷售貢獻，以及您對 26 財年的產品組合和同店銷售貢獻有何打算？增量利潤與基礎業務的利潤有什麼不同嗎？

David, so I think we said on -- for Q4, the mix impact from just the fees was about 40 basis points. Uber Direct was about 3.5% of total sales at Olive Garden. So -- and I think we talked about in the past what the total contribution would be to incremental sales, and we said it's 40% to 50%. So if you kind of go with that and taking the impact of the fees, it's roughly about 2% incremental sales impact to the quarter.

大衛，所以我認為我們說過——對於第四季度，僅費用產生的綜合影響就約為 40 個基點。Uber Direct 約佔 Olive Garden 總銷售額的 3.5%。所以——我想我們過去討論過對增量銷售的總貢獻是多少，我們說是 40% 到 50%。因此，如果您按照這個思路並考慮費用的影響，那麼這將對本季的銷售額產生約 2% 的增量影響。

We are not ready to talk about the future in terms of what the impact would be for next year. But when we did the advertise, the exit rate was about 5% of total sales. That included the free delivery offer. And from a margin perspective, we do not expect this to have a meaningful impact of negative -- on margin -- any negative impact or positive impact on margin. Because if you look at how we structured the deal, a lot of the fees are just passed on to Uber but there isn't any margin difference on the base. And the minimal -- the geography impact is pretty minimal. We're talking about maybe 10 basis points at best.

我們還沒準備好談論明年會產生什麼影響。但當我們做廣告時，退出率約為總銷售額的 5%。其中包括免費送貨服務。從利潤率的角度來看，我們預計這不會對利潤率產生任何負面影響或正面影響。因為如果你看看我們是如何建立交易的，你會發現很多費用都轉嫁給了 Uber，但基礎上並沒有任何利潤差異。而且地理影響非常小。我們討論的最多是 10 個基點。

But then there's also a positive. People are buying more through that, that helps offset. And you saw that in the fourth quarter. Olive Garden has a pretty strong positive mix. And I think as we signaled a few times, if Uber -- Uber Direct contributes even more than we expect going into this year, we're going to reinvest some of that into the business to drive long-term growth.

但也有正面的一面。人們透過這種方式購買更多東西，這有助於抵消。您在第四季就看到了這一點。Olive Garden 擁有相當強勁的積極組合。我認為，正如我們多次暗示的那樣，如果 Uber——Uber Direct 今年的貢獻比我們預期的還要多，我們就會將其中的一部分重新投資到業務中，以推動長期成長。

And with regard to Uber Direct and other brands, I would assume that this is going as you would have expected for Olive Garden. Are there other stalls that you think are particular to Longhorn and the other brands that you'll want to figure out before you do Uber Direct at those brands that you think might be an additional hurdle? Or are you kind of seeing probably what you need to see from this as a lever that could apply to your other brands?

至於 Uber Direct 和其他品牌，我認為這與你對 Olive Garden 的預期一致。在為 Longhorn 和其他品牌提供 Uber Direct 服務之前，您是否認為還有其他攤位是您需要弄清楚的，並且您認為這些攤位可能會成為額外的障礙？或者您是否從中看到了自己需要看到的東西，並將其作為可以應用於其他品牌的槓桿？

Yes, David. As we launched it in Cheddar's, and got pretty similar answers to Olive Garden, we were able to ramp it up faster and get it into most of the restaurants faster. The other brands, we'll continue to look at. We have some thoughts on what brand might go next. But we want to make sure that every brand that adds delivery has a great experience for their to-go. And so we mentioned that there were eight Cheddar's restaurants that didn't -- that aren't live, that's because they didn't earn the right to have delivery. That doesn't mean that our other brands don't have a great experience.

是的，大衛。當我們在 Cheddar's 推出服務時，Olive Garden 得到了非常相似的反饋，因此我們能夠更快地推廣該服務，並更快地將其推廣到大多數餐廳。其他品牌，我們將繼續關注。我們對下一個可能走向哪個品牌有一些想法。但我們希望確保每個增加外送配送服務的品牌都能擁有良好的外送體驗。我們提到，有八家 Cheddar 餐廳沒有上線，這是因為它們沒有獲得外帶服務的權利。這並不意味著我們的其他品牌沒有良好的體驗。

But there are other brands might have a little less on the curbside space and those kind of things, so they might not even be able to have curbside pickup. And as you recall, we don't want the Uber drivers to come into our restaurant. We want that to be just like another curbside experience. So we're looking through our portfolio to see what we can do on some of the brands that might not have as much curbside to see if we want to add.

但其他品牌的路邊空間可能比較小，所以他們甚至可能無法提供路邊取貨服務。正如你所記得的，我們不希望 Uber 司機進入我們的餐廳。我們希望這就像另一種路邊體驗。因此，我們正在審視我們的投資組合，看看我們可以對一些可能沒有那麼多路邊服務的品牌做些什麼，看看我們是否想增加。

But the last thing I'll say on this is we are not pushing Uber Direct onto any brand. Every brand has their president and their leaders, and they choose if they want to do it. We can veto if they get it, and there are some brands that we would probably veto, but I don't think those brands are thinking about doing it.

但我最後要說的是，我們不會將 Uber Direct 推廣給任何品牌。每個品牌都有自己的總裁和領導者，他們選擇是否要這樣做。如果他們獲得批准，我們可以否決，有些品牌我們可能會否決，但我認為這些品牌不會考慮這樣做。

So without getting into which we're in is next, we do have another brand that we think we're going to work on but it will probably not start until sometime right at the beginning of the next calendar year.

因此，我們不必考慮下一步要做什麼，我們確實有另一個品牌需要開發，但可能要到下一個日曆年初的某個時候才會開始。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Rick, it's a good segue to my next question. I'm curious, are you prioritizing expanding rolling out Uber Direct across the remaining brands that make sense, recognizing it's not going be all of them? Or is the attitude to see how Olive Garden would perform on the Uber marketplace?

里克，這很好地引出了我的下一個問題。我很好奇，您是否會優先考慮在剩餘的合理品牌中推廣 Uber Direct，同時又意識到它不會覆蓋所有品牌？還是想看看 Olive Garden 在 Uber 市場的表現如何？

Right now, our priority is to continue to see how Olive Garden and Cheddar's perform in Uber Direct marketplace is something that has challenges for us. And we've said what those challenges are. And that's why we developed this Uber Direct offer with Uber, which was the perfect thing for us and a really great thing for Uber. So we'll continue to see how this goes before we determine whether we want to even be in the marketplace at all.

目前，我們的首要任務是繼續觀察 Olive Garden 和 Cheddar 在 Uber Direct 市場的表現，這對我們而言是一個挑戰。我們已經說過這​​些挑戰是什麼。這就是我們與 Uber 合作開發 Uber Direct 服務的原因，這對我們來說是完美的選擇，對 Uber 來說也是一件非常棒的事情。因此，在確定是否要進入市場之前，我們將繼續觀察情況如何。

Okay. That's helpful. And then, Raj, just a follow-up question. With the outlook for 2026 inflation of 2.5% to 3%, can you segue how that's going to look between food and labor?

好的。這很有幫助。然後，Raj，還有一個後續問題。預計 2026 年通膨率為 2.5% 至 3%，您能否預測一下食品和勞動力之間的通膨情況將如何？

Yes, Andrew. So the food is -- we're expecting food to be about 2.5% and labor to be about 3.5%.

是的，安德魯。因此，我們預期食品佔比約為 2.5%，勞動力佔比約為 3.5%。

Lauren Silberman, Credit Suisse.

瑞士信貸的勞倫·西爾伯曼。

Congrats on the quarter. I wanted to follow up on fiscal '26 guidance for the EPS. If your top line comes in stronger than expected, how are you thinking about flowing through to earnings versus reinvesting back in the business? And I guess that kind of applies a bit to the long term?

恭喜本季取得佳績。我想跟進 26 財年的 EPS 指導。如果您的營業收入超出預期，您會如何考慮將其轉化為收益還是重新投資於業務？我想這在某種程度上也適用於長期情況吧？

Yes, Lauren, I think if you look at our framework, we said we're going to try to get at margin to be flat to positive. So we're not going to do it at the cost of giving up margin, but we're going to -- we're okay if we -- if the incremental sales just flow through at the current restaurant level margins and then reinvest the rest. So there's ways to do that, and that's kind of how we're thinking about it.

是的，勞倫，我想如果你看看我們的框架，我們說過我們會努力讓利潤率持平到正值。因此，我們不會以放棄利潤為代價來做到這一點，但是，如果我們將增量銷售額僅流向當前餐廳水準的利潤率，然後再對剩餘部分進行再投資，那就沒問題了。所以有辦法做到這一點，這就是我們正在考慮的方式。

Okay. And then on the 2% to 3.5% comp growth, obviously, a very strong momentum in the business. Can you just talk about how you're thinking about the cadence of comp as we move through the year?

好的。然後，2% 到 3.5% 的複合成長率顯然表明業務發展勢頭非常強勁。您能否談談您對今年公司發展節奏的看法？

Well, maybe I'll just start by saying if you look at -- fourth quarter was obviously pretty strong for us, and some of the momentum from that has carried on into June -- first few weeks of June. But as we look at the 12 months out, there's obviously -- there's a lot of macro uncertainty. And so we thought looking out 12 months, we just -- it's prudent to kind of go with this range where we reflect the uncertainty because we are going to start wrapping on some of this growth as we get into the back half of the year.

好吧，也許我首先要說的是，如果你看一下——第四季度對我們來說顯然非常強勁，而且這種勢頭一直延續到六月——六月的頭幾週。但當我們展望未來 12 個月時，顯然存在著許多宏觀不確定性。因此，我們認為，展望 12 個月，我們只是 - 謹慎地選擇這個範圍來反映不確定性，因為當我們進入下半年時，我們將開始實現部分成長。

And so that's incorporated into guidance. I don't want to get too much into the cadence, but I think it's fair to assume that we'll start stronger. And from a year-over-year perspective, should be stronger in the first half than the back half.

因此這被納入指導之中。我不想過多地談論節奏，但我認為可以公平地假設我們會以更強勢的姿態開始。從年比來看，上半年應該比下半年更強勁。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

What -- Raj, what -- roughly what pricing do you expect to run in the coming year? And I guess just how about like longer term? I mean is sort of continuing to restrain that sort of key to all the brands as we think about the long-term plan?

什麼——Raj，什麼——您預計來年的​​價格大概是多少？我想問長期來看情況怎麼樣？我的意思是，當我們考慮長期計劃時，繼續限制所有品牌的關鍵是什麼？

Yes, Brian. For fiscal 2026, I would expect us to be in the mid-2s for pricing. I think first quarter is going to be close to 2, and then we'll probably get into the mid- to high teens as we get through the year. Obviously, it depends on how inflation comes in. But our bias -- but it will still likely be below total inflation.

是的，布萊恩。對於 2026 財年，我預計我們的定價將處於 2% 左右。我認為第一季將接近 2，然後隨著全年的推進，我們可能會進入中高水準。顯然，這取決於通貨膨脹如何出現。但我們的偏見——但它仍然可能低於整體通膨率。

And our bias is, as Rick just mentioned earlier, we've been very disciplined with respect to pricing, and that is not going to change anytime soon. That's just -- that's the philosophy. We try to price as little as possible and still get better returns we could get. And it's worked well for us, and we always play the long game, and we'll continue to do that.

正如里克之前提到的，我們的偏見是，我們在定價方面非常嚴謹，而且這種情況不會很快改變。這就是——這就是哲學。我們嘗試將價格定得盡可能低，但同時仍能獲得更好的回報。這對我們來說非常有效，而且我們總是著眼於長遠，我們將繼續這樣做。

Okay. And your comment about sort of reserving the right to reinvest. I mean it sounds like you're being more top line focused, right, in the current algorithm. So I mean, to some extent, what form would that take? Would it be more on the food side? Or how would that actually show itself in the brands?

好的。以及您關於保留再投資權利的評論。我的意思是，聽起來你在當前演算法中更加關注頂線，對吧。所以我的意思是，從某種程度上來說，這會採取什麼形式？食物方面會更專注嗎？或者這實際上如何在品牌中體現出來？

Yes, Brian. Yes, you got it right. We are going to focus a little bit more on top line growth and on just grabbing margin. And that will -- that can take place in many ways. Every brand has a different way to do that. Olive Garden is testing some things right now which would bring their mix down a little bit to be more -- have some more affordability. And because of the strength of Uber Direct, they're able to do that. Other brands might make some investments in labor to speed up the process.

是的，布萊恩。是的，你答對了。我們將更專注於營收成長和利潤成長。而這可以透過多種方式實現。每個品牌都有不同的方式來做到這一點。Olive Garden 目前正在測試一些東西，這會讓他們的產品組合稍微減少一點，從而更加實惠。由於 Uber Direct 的強大實力，他們能夠做到這一點。其他品牌可能會在勞動力方面進行一些投資以加快這一進程。

But it's only as we continue to grow sales, will we make some of these investments. We think these are the right long-term investments to be able to set the company up for the next five years. And the investments that we're making, especially on the menu, whether it's in mix or in affordability, will benefit both dine-in and off-premise.

但只有當我們的銷售額持續成長時，我們才會進行這些投資。我們認為這些都是正確的長期投資，能夠為公司未來五年的發展奠定基礎。我們所做的投資，特別是在菜單上的投資，無論是組合還是價格，都將使堂食和非堂食受益。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

I guess -- just wanted to ask about fine dining. You mentioned that the category has been pressured, but I think unlike some of your other larger casual dining, you might be lagging some peers the question is maybe broader about like sort of the approach to the portfolio and your decision to sell some Bahama Breeze during those nine Fine Dining.

我想——我只是想問一下有關美食的問題。您提到該類別面臨壓力，但我認為與其他一些大型休閒餐飲不同，您可能落後於一些同行，問題可能更廣泛，例如投資組合的方法以及您決定在那九家高級餐飲中出售一些 Bahama Breeze 的決定。

But is there sort of a limit to the span of control that you can have in terms of the number of brands -- is the acquisition of Ruth, would that have played any role in fine dining maybe being a little bit softer just in terms of manage resources? I'm just trying to understand sort of as you think about the portfolio, it feels like there's a little bit more movement now than I've seen in the past. And I'm trying to sort of think through what might be influencing that?

但是，就品牌數量而言，您的控制範圍是否有某種限制？收購 Ruth 是否會對高級餐飲產生任何影響？從管理資源的角度來看，高級餐飲可能會變得更溫和一些嗎？我只是想了解一下，當你考慮投資組合時，感覺現在的變動比我過去看到的要多一些。我正在嘗試思考是什麼因素影響了這一點？

Yes, Sara. I'll start with the end of your question. The movement in the portfolio being -- I think you're being -- you're talking about leadership, we have -- if we look -- if you look back a couple of years ago, we were in a position where we had leaders that are getting closer to retirement age. And so we wanted to set the company up for success over the long term, and we made some changes a year ago. And one of those leaders has retired, so we were ready for it with the changes we're doing this year. So we're really planful of what we do.

是的，薩拉。我先從你問題的結尾開始。投資組合的變動是——我想你正在談論領導力，我們有——如果我們回顧一下——如果你回顧幾年前，我們的領導者已經接近退休年齡。因此，我們希望公司能夠長期取得成功，因此我們在一年前做出了一些改變。其中一位領導人已經退休，因此我們已做好了今年所做改變的準備。所以我們對所做的事情非常有計劃。

In regards to the span of control of the people that we have, now you look at how we've structured the company on people, the two largest brands report to me, Olive Garden and LongHorn and the other brands report to two proven leaders. Todd Burrowes and John Martin. And so we think we've got it set up correctly. The number of brands really doesn't -- isn't a reason that Fine Dining has gone through the challenges they've gone through.

關於我們對人員的控制範圍，現在您可以看看我們如何建立公司的人員結構，兩個最大的品牌 Olive Garden 和 LongHorn 向我匯報，其他品牌則向兩位經驗豐富的領導者匯報。托德·伯羅斯和約翰·馬丁。因此我們認為我們已經正確設定了它。品牌數量確實不是高級餐飲遭遇這些挑戰的原因。

Fine Dining has been hit with a consumer that -- during COVID, we had a lot of growth in Fine Dining. I don't know what the other brands had, but we had growth in Fine Dining. And those consumers were not necessarily consumers that we had seen before, and they went back to the normal patterns. And so we don't feel at all that our size and scale has hurt fine dining. In fact, we have even stronger leaders there when we've got -- now we have a President of the two Fine Dining brands Capital Grille and Eddie V's, led by John Martin.

精緻餐飲受到了消費者的衝擊——在疫情期間，我們精緻的餐飲業務取得了很大的成長。我不知道其他品牌的情況如何，但我們在高級餐飲方面取得了成長。這些消費者不一定是我們以前見過的消費者，他們又恢復了正常模式。因此，我們根本不覺得我們的規模和範圍損害了高級餐飲。事實上，當我們有了更強大的領導者時——現在我們有了由約翰馬丁 (John Martin) 領導的兩個高級餐飲品牌 Capital Grille 和 Eddie V's 的總裁。

And one of our Fine Dining brands that we have is Ruth's Chris, which we've said many times, whenever you add a brand, we're going to go through some challenges during integration and that will impact same-restaurant sales, and they're one of those. So we feel really good about where our Fine Dining brands are.

我們擁有的高級餐飲品牌之一是 Ruth's Chris，我們已經說過很多次了，每當添加一個品牌時，我們都會在整合過程中遇到一些挑戰，這將影響同店銷售額，他們就是其中之一。因此，我們對我們的 Fine Dining 品牌的現狀感到非常滿意。

And then lastly, on the decision on Bahama Breeze, we have -- when we look at our portfolio and we try to determine what brands we add to our portfolio, we have criteria. And that criteria should be what we look at to keep brands in our portfolio. And we made the decision that Bahama Breeze doesn't meet the criteria anymore. And we think that they have a lot of growth potential with another owner. We were not going to be putting a lot of investment into Bahama Breeze. And so to give those team members and those managers growth opportunities, it's better for them to be under a different ownership.

最後，關於對 Bahama Breeze 的決定，當我們審視我們的投資組合併試圖確定要添加到投資組合中的品牌時，我們有標準。我們應該參考這些標準來保留我們投資組合中的品牌。我們決定，Bahama Breeze 不再符合標準。我們認為，如果換了一位老闆，他們將擁有巨大的成長潛力。我們不會對 Bahama Breeze 投入大量資金。因此，為了給這些團隊成員和經理成長機會，最好讓他們歸屬於不同的所有者。

Got it. Okay. And then just a quick follow-up. You had mentioned 150,000 improvement sequentially at Fine Dining. Is there anything else that you can comment on about the demographics? I mean, one thought is that the other benefit that casual dining might be facing is just having less exposure to low-income consumers. So anything you've been very helpful in sort of parsing out kind of under 50 and sort of some of the dynamics? Any updates there?

知道了。好的。然後只是快速的跟進。您曾提到 Fine Dining 的連續成長有 15 萬家。關於人口統計數據，您還有什麼可以評論的嗎？我的意思是，一個想法是，休閒餐飲可能面臨的另一個好處是減少對低收入消費者的曝光。那麼，您能為分析 50 歲以下人群的情況和一些動態提供什麼幫助嗎？有任何更新嗎？

Yes, Sara. I think so from a consumer demographic perspective, let me just kind of parse out a little bit. I think when you look at casual dining in general, we're seeing growth across most income cohorts. The only group that is still soft is the below $50,000 household. And in fact, if you actually look at the $150,000-plus, that's actually where we're seeing a little bit more growth on casual dining. And then when you look at Fine Dining, you're actually seeing pullback at -- with households below $150,000 across. And then only place where we're seeing some growth or stabilization is about $150,000 households.

是的，薩拉。我認為從消費者人口統計的角度來看，讓我稍微分析一下。我認為，從整體來看休閒餐飲，我們可以看到大多數收入群體都在成長。唯一收入仍疲軟的群體是收入低於 5 萬美元的家庭。事實上，如果你真正看一下 15 萬美元以上的消費水平，我們會發現休閒餐飲的成長勢頭確實略有增強。然後，當您查看精緻餐飲時，您實際上會看到回調——家庭收入低於 150,000 美元。我們看到有所成長或穩定的唯一地區是收入約 15 萬美元的家庭。

The other dynamic with the fine dining, specifically is that the urban versus suburban that we had discussed. That suburban traffic is actually still at running at 95% of pre-COVID levels, so holding up pretty well. But urban is still in the low 80s. It's like 82% or something in Q4. So it's not -- clearly a lot less than where it was before COVID.

精緻餐飲的另一個動態，具體來說就是我們討論過的城市與郊區。郊區的交通實際上仍處於疫情之前 95% 的水平，因此保持得相當好。但城市溫度仍處於華氏 80 度以下。第四季的比例大概是 82% 左右。因此，顯然沒有比新冠疫情之前少很多。

Now, I will say one other thing on Finning and then wrap it up is just really, when you look at their retention to pre-COVID, it has stabilized. We're seeing that more stable month-to-month and quarter-to-quarter were last few months. So that's a good sign that things are starting to stabilize there.

現在，我要說關於 Finning 的另一件事，然後總結一下，當你看到他們在 COVID 之前的保留率時，它已經穩定下來了。我們發現，過去幾個月的月度和季度環比情況更加穩定。這是一個好跡象，表明那裡的情況開始穩定。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

Congrats on a great quarter. I wanted to ask about the incrementality that you're seeing in the Uber Direct business, the 40% to 50% at Olive Garden. Can you just comment a little bit about who these customers are? Are they higher income? I mean I'm assuming are they new to the brand? Or is it just increased frequency? Just trying to understand how the customer is using Olive Garden through Uber Direct?

恭喜本季取得優異成績。我想問您在 Uber Direct 業務中看到的增量情況，Olive Garden 的增量為 40% 到 50%。您能否稍微評論一下這些客戶是誰？他們的收入更高嗎？我的意思是我假設他們是這個品牌的新人嗎？還是只是頻率增加了？只是想了解客戶如何透過 Uber Direct 使用 Olive Garden？

Yes, Peter. Right now, the delivery customer has very minimal overlap in dining. We are seeing higher guest frequency for delivery versus dine-in guests. And a higher percentage of them are new or lapsed guests versus pickup or dine in. So we've got a lot of consumers that haven't been to Olive Garden over a year that are using the delivery service. And nearly 40% of our pickup consumers have tried delivery.

是的，彼得。目前，外送顧客與堂食顧客的重疊很小。我們發現外送顧客的頻率比堂食顧客的頻率還要高。其中，新顧客或流失顧客的比例高於外送或堂食顧客的比例。因此，我們有許多一年多沒去過 Olive Garden 的消費者正在使用送貨服務。在我們的自取消費者中，有近 40% 嘗試過送貨上門。

And then last thing on the consumer demographics, they are younger and slightly higher income, which you would expect.

最後，關於消費者人口統計數據，他們更年輕，收入略高，這是意料之中的。

Great. That's very helpful. And then just lastly, on price going forward, I know you're taking less price than inflation. When you talk about reinvestment, is it are you considering maybe even taking less price going forward? Or is it just reinvesting back in quality? Just trying to understand kind of the reinvestment comments again, just if you guys can elaborate a little bit?

偉大的。這非常有幫助。最後，關於未來的價格，我知道你們接受的價格低於通貨膨脹率。當您談到再投資時，您是否考慮過以後甚至可能降低價格？或只是重新投資於品質？只是想再了解一次有關再投資的評論，你們能否詳細說明一下？

Yes, Peter, I think those reinvestments can take many forms. And one of them could be pricing even lower than inflation. But I think we've got some other places that we can invest. And that, as I said, is somewhere in affordability. Do we have enough items under a certain price point. And in labor, are we providing the service experience that our guests expect for the prices they're paying. Now, we're not talking about huge, huge, huge dollars, but it could be tens of basis points in investment or maybe even 20s, depending on how much we exceed our sales targets.

是的，彼得，我認為這些再投資可以採取多種形式。其中之一可能是定價甚至低於通貨膨脹率。但我認為我們還有其他可以投資的地方。正如我所說，這是在可承受範圍內的。在某個價位以下我們是否有足夠的商品？在勞動力方面，我們是否以客人支付的價格提供了他們所期望的服務體驗。現在，我們談論的並不是巨額資金，而是幾十個基點的投資，甚至是二十個基點的投資，這取決於我們超出銷售目標的程度。

But one of them could be pricing, but I would say that we've been making that investment for a long time. We'll keep doing that. And we're going to continue to do that but add some other things.

但其中之一可能是定價，但我想說我們已經進行這項投資很長時間了。我們會繼續這樣做。我們將繼續這樣做，但會添加一些其他內容。

Jake Bartlett, Truist Securities.

傑克·巴特利特（Jake Bartlett），Truist Securities。

Mine was about the same-store sales guidance in '26. And how it relates the long-term framework. Roughly the same, very similar -- but you are seeing this big contributor from delivery now. You have the easy compares -- looks like you talked about good momentum into the quarter -- into the first quarter here.

我的目標是 26 年的同店銷售。以及它與長期框架的關係。大致相同，非常相似——但您現在看到的是來自交付的巨大貢獻。您可以輕鬆地進行比較 - 看起來您談到了本季度的良好勢頭 - 即第一季度的良好勢頭。

So what are some of the offsets? It sounds like you're baking in some conservatism due to the macro environment. What are you seeing from macro that's making you maybe a little more cautious there? Any more color on the moving pieces? We can see the -- what's driving some of the strength. But what are you worried about in terms of the headwinds?

那麼有哪些抵銷措施呢？聽起來你因為宏觀環境而採取了一些保守主義。您從宏觀角度看到了什麼，讓您對此更加謹慎？移動部件上還有其他顏色嗎？我們可以看到是什麼推動了這種力量。但是，就逆風而言，您擔心什麼呢？

Jake, so there's a lot in there. So let me tried to unpack. The big headline would be, we're going to continue to make the investments. And like, look, if you go back to during COVID, we were pushed very hard to take a lot more pricing than everybody else was, and we didn't, and that is paying dividends. And so we've invested in price.

傑克，裡面有很多東西。因此讓我嘗試解開它。最重要的一點是，我們將繼續進行投資。如果你回顧一下新冠疫情期間的情況，我們被迫接受比其他所有人都高得多的定價，但我們沒有這樣做，而這正在帶來回報。因此我們在價格方面進行了投資。

Now, we're going to invest in other places. Rick talked about different areas where we're going to continue to invest. And we -- like again, we are not trying to achieve a near-term over earnings to hurt us for the long term. We're just playing the long game, and we -- I think we've earned the credibility over time to show that our strategy works.

現在，我們要去其他地方投資。里克談到了我們將繼續投資的不同領域。而我們 — — 再說一次，我們並不想為了短期的獲利而損害我們的長期利益。我們只是在打一場長線遊戲，我認為隨著時間的推移，我們已經贏得了信譽，證明我們的策略是有效的。

If you look at over time, the fact that we've been able to deliver double-digit TSR consistently is a testament to the way we operate this business and we will not deviate from that. And that's really what's reflected in this guidance.

如果從時間角度來看，我們能夠持續提供兩位數的 TSR，這證明了我們經營這項業務的方式，我們不會偏離這一點。這正是本指南所反映的內容。

Great. My follow-up is on G&A. You were a little higher than guided in '25 -- fiscal '25. Can you give us a hand on what we should expect for '26 for G&A?

偉大的。我的後續工作是關於 G&A 的。您的業績略高於 25 財年的指導值。您能告訴我們 26 年 G&A 方面應該期待什麼嗎？

Yes, Jake, I think just let me start with the first part of why it was a little bit higher in the first -- in this year than what we thought. It was really mark-to-market. So because there was such a big run-up in the market, it was an incremental impact of about $15 million to $20 million, and it was offset in taxes. And that's just -- that's why we're kind of talking about there is some interaction between G&A and tax and you got to look at them together.

是的，傑克，我想讓我先從第一部分開始，解釋為什麼今年第一季的數據比我們想像的要高一點。這確實是按市價計算的。因此，由於市場出現如此大的上漲，其增量影響約為 1500 萬至 2000 萬美元，並透過稅收抵消。這就是為什麼我們要談論一般行政費用和稅收之間的相互作用，並且必須將它們放在一起考慮。

Now, as we look at next year, we expect G&A going in to be around $500 million for the year. That includes the 53rd week. So if you take out roughly $10 million for the 53rd week, you're looking at a $490 million G&A on a 52-week basis. And like I just said, there are several factors that can influence what we'll end up being because especially mark-to-market and then the incentive comp.

現在，展望明年，我們預計全年的 G&A 收入將達到 5 億美元左右。其中包括第 53 週。因此，如果您在第 53 週拿出大約 1000 萬美元，那麼您在 52 週的基礎上需要支付 4.9 億美元的 G&A。正如我剛才所說的，有幾個因素會影響我們的最終結果，尤其是市價和激勵補償。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Can you give the breakout of traffic and ticket of Olive Garden for the quarter? Just trying to size up how much of an impact the buy one take one contributed on transactions? And do you have a sense for if that deal was more of a frequency driver among loyal Olive Garden guests or were kind of entice new households to come to the brand?

您能否提供本季 Olive Garden 的交通和罰單情況？只是想評估一下買一送一對交易的影響有多大？您是否知道，這項優惠是否更多是為了吸引 Olive Garden 的忠實顧客，還是為了吸引新的家庭來光顧品牌？

Let me start with the first part, and then we'll get to the second part in a second. So from a same restaurant sales breakdown for Olive Garden, their pricing was 2.7%. And catering grew by about 70 basis points. And then they had -- I mentioned already Uber delivery mix was about 40 basis points, and then there was a positive mix of about 1%. And so their underlying traffic was about 2%, a little over 2%.

我先從第一部分開始，然後我們馬上進入第二部分。因此，從同一家 Olive Garden 餐廳的銷售明細來看，他們的定價為 2.7%。其中餐飲業成長約70個基點。然後他們——我已經提到過，Uber 配送組合約為 40 個基點，然後是約 1% 的正組合。因此他們的潛在流量約為 2%，略高於 2%。

But truly, the traffic would be more close to 3% if you take into consideration the catering mix. From a buy one take one, it's just -- any time we do something like that, we do bring in a few new guest but that also drives frequency. And I think Rick mentioned in the script, we leveraged an existing offer. It actually did not hurt our check at all, if you -- in our margin. So you saw that. I mean, Olive Garden printed year-over-year segment profit growth of 100 basis points. And that's where we talk about how we're not deep discounting to just get traffic. We're doing it in way that's prudent.

但實際上，如果考慮到餐飲組合，客流量會更接近 3%。從買一送一的角度來看，任何時候我們做這樣的事情，我們確實會帶來一些新客人，但這也會提高頻率。我認為里克在劇本中提到過，我們利用了現有的報價。事實上，如果您在我們的保證金範圍內，它根本不會損害我們的支票。所以你看到了。我的意思是，Olive Garden 的分部利潤年增了 100 個基點。這就是我們談論的，我們不會為了吸引流量而大幅打折。我們正在以謹慎的方式做這件事。

Okay. Great. And then thinking about '26, just any comments you can offer on promotional cadence? And you mentioned I believe industry guest count was up just under 100 basis points in the quarter. And so it seems like consumer may be gradually improving. Just thoughts on how much we pull on the promotional lever in '26 to kind of support that gradual recovery?

好的。偉大的。然後考慮 26，您對促銷節奏有什麼評論嗎？您提到我相信本季行業客人數量增加了近 100 個基點。因此看起來消費者的狀況可能正在逐漸改善。只是想一想，我們在 26 年要發揮多大促銷槓桿來支持這種逐步復甦？

Yes, Jake, for competitive reasons, I'm not getting into too much detail on the promotional activity. But I can tell you that if you look at a brand like Olive Garden, with this year demonstrated is that Olive Garden can react to whatever environment they compete in. And so if the environment gets a little bit more less challenging, maybe we come off of a little promotion activity and make investments in other places.

是的，傑克，出於競爭原因，我不會談論太多促銷活動。但我可以告訴你，如果你看看像 Olive Garden 這樣的品牌，今年的表現證明 Olive Garden 可以對其競爭的任何環境做出反應。因此，如果環境變得不那麼具有挑戰性，也許我們會停止一些促銷活動，並在其他地方進行投資。

If it gets more challenging, we keep the promotional activity that we have. But we like the cadence that we have now. Recall that we have Never Any Possible during the time that's a normal well in casual dining. And we have, buy one take one at the other time that there's normal low in casual dining. But they're not deep discounted and they do drive some traffic.

如果情況變得更具挑戰性，我們會繼續現有的促銷活動。但我們喜歡現在的節奏。回想一下，在休閒用餐的正常時間裡，我們從來沒有任何可能。而且我們也有買一送一的活動，其他時候休閒餐飲的價格通常都很低。但它們的折扣並不大，而且確實帶來了一些流量。

And then you take Olive Garden in the mix, you think about some of the marketing testing we're doing at Cheddar's. John Wilkerson and his team have done a lot of great things to improve and make that brand much more foundationally ready to go. And so we're testing right now connected television, and that's having a good impact and so it will get people to see what Cheddar's has done over this year. So if you call that promotional activity, that's just marketing their brand. It's not necessarily promotional. But we're going to continue to invest in marketing whether it's promotional or not.

然後你把 Olive Garden 納入其中，想想我們在 Cheddar’s 進行的一些行銷測試。約翰·威爾克森和他的團隊做了很多偉大的事情來改進品牌，並使品牌在基礎方面更加成熟。因此，我們現在正在測試連網電視，這產生了良好的影響，因此它將讓人們看到 Cheddar’s 今年所取得的成就。所以如果你稱之為促銷活動，那隻是行銷他們的品牌。這不一定是促銷。但無論是否促銷，我們都將繼續投資行銷。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

I wanted to ask how you're thinking about the strength of the momentum. You kind of gave some color there, Rick, you touched on Uber as well. Just anything at a high level, thinking about the combination of Uber, new [menu] seems like you've had good success promos, know anything else. So just the confidence in that momentum running through '26?

我想問一下您如何看待這種動量的強度。里克，你在這裡給了一些說明，你也提到了 Uber。從高層次來看，想想 Uber 的組合，新的 [菜單] 似乎你已經取得了很好的成功促銷，知道其他任何事情。那麼，您對 26 年的勢頭有信心嗎？

Jake, you broke up a little bit on the beginning. Sorry to say can you just give us that question again? These work phones are great.

傑克，一開始你們就分手了。很抱歉，您能再問我們一次這個問題嗎？這些工作電話很棒。

Sorry, Rick. Just on Olive Garden momentum, you touched on Uber in thinking about that momentum in the '26, thinking about the viewer, but also the new menu items, the promos, just how you're thinking about the Olive Garden momentum continuing through '26?

抱歉，里克。就 Olive Garden 的發展勢頭而言，您談到了 Uber，考慮 26 年的發展勢頭，考慮觀眾，也考慮新菜單項目、促銷活動，您認為 Olive Garden 的發展勢頭會持續到 26 年嗎？

Yes, Dennis, I would say Olive Garden has had some strong momentum in the fourth quarter, and that momentum that we have in this quarter is contemplated in our guide. And recall what Raj said earlier, our first half of the year has probably got a little bit more -- a little easier compares. And so our first half of the year should be a little bit better than our second half. That said, we're going to continue to find ways to keep that momentum going. But a brand as big as Olive Garden is going to be pretty similar to Darden and where Darden results are.

是的，丹尼斯，我想說 Olive Garden 在第四季度表現出了強勁的發展勢頭，而我們在本季度所擁有的發展勢頭已在我們的指南中得到體現。回想 Raj 之前說過的話，我們今年上半年的情況可能比較好一些，比較容易一些。因此，我們上半年的表現應該會比下半年好一點。話雖如此，我們將繼續尋找方法來保持這種勢頭。但像 Olive Garden 這樣大的品牌將與 Darden 非常相似，而 Darden 的成果也與此類似。

What we're going to do with Uber and -- if Uber Direct continues to build as it is, we've got some things that are in test right now in a couple of divisions at Olive Garden, perhaps we added to more divisions. And those are investments. And so that would impact our same-restaurant sales. So if we get more same-restaurant sales from Uber, we may reduce our same-restaurant sales a little bit based on those tests that we have. It wouldn't necessarily mean that we would go negative, but it would reduce the impact of Uber. But for the right reasons for the long term, as Raj said, we've got a five-year plan and we're focusing on being great today and in 2030.

我們將如何處理 Uber 的問題——如果 Uber Direct 繼續按現狀發展，我們目前在 Olive Garden 的幾個部門測試了一些功能，也許我們會將其擴展到更多部門。這些都是投資。這會影響我們的同店銷售額。因此，如果我們從 Uber 獲得更多的同店銷售額，我們可能會根據所做的測試稍微減少我們的同店銷售額。這並不一定意味著我們會產生負面影響，但它會減少 Uber 的影響。但正如拉吉所說，出於長遠的正確考慮，我們制定了一個五年計劃，我們專注於在今天和 2030 年取得偉大成就。

And just a quick follow-up. As it relates to that acceleration or that increase in the long-term comp or the business overall. Is that largely delivery driven? Is there anything with any other initiatives? I know you've got a focus on ops and speed, that's a long-term focus. Anything else?

這只是一次快速的跟進。因為它與加速或長期競爭或整體業務的成長有關。這主要是由交付驅動的嗎？還有什麼其他舉措嗎？我知道你關注的是操作和速度，這是一個長期關注點。還要別的嗎？

No, I would say that if you look at the long-term comp guidance, we're assuming a little bit more inflation over the next five years than we saw in the first five years. And so will price a little bit below inflation, and that's a big component of that. We have our long-term framework prior to this assumed in the midpoint there was no traffic growth that we would have traffic growth.

不，我想說的是，如果你看一下長期的競爭指導，我們預計未來五年的通膨率會比前五年略高一些。因此價格會略低於通貨膨脹率，這是其中一個重要的因素。在此之前，我們有一個長期框架，假設在中期沒有流量成長，那麼我們將有流量成長。

Our comps would come from check growth. And our new long-term framework has the same general assumption. So we think we have a little bit more on price because of inflation, but we'll also have some growth because of Uber that will help offset some other things that we're implementing to improve -- continue to improve our business for the long term.

我們的業績將來自於支票成長。我們的新長期框架也有同樣的一般假設。因此，我們認為，由於通貨膨脹，我們的價格會略有上漲，但 Uber 也會為我們帶來一些成長，這將有助於抵消我們正在實施的一些其他改進措施——繼續長期改善我們的業務。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Congrats on a strong quarter. You've reiterated the ongoing resilience in consumers above $50,0000 in the last few quarters. But I was wondering if there was any notable observation on consumers in various speeds groups. So for example, have you seen better sales trends or higher net purchase intent from younger guests that is driving acceleration across casual dining as well as your major brands?

恭喜本季業績強勁。您曾重申過去幾季中 50,0000 美元以上的消費者持續保持韌性。但我想知道是否有針對不同速度組的消費者的值得注意的觀察結果。舉例來說，您是否看到年輕客人的銷售趨勢更好或淨購買意願更高，從而推動休閒餐飲以及主要品牌的成長？

Christine, really, it all comes down to the household income. I mean what we're seeing is that the higher income is actually doing a little bit more than the lower income in general. So if you look at across our segments, as you move up to incomes in the $100,000, $150,000 households. That's where we're seeing more growth than other places.

克里斯汀，實際上，這一切都取決於家庭收入。我的意思是，我們看到的是，總體而言，高收入者實際上比低收入者做得更多。因此，如果你看我們的細分市場，你會發現家庭收入上升到了 10 萬美元、15 萬美元。我們看到那裡的成長比其他地方更快。

And now it varies from brand to brand. But when you look at an aggregate, every -- pretty much every household income is growing and casual dining, except for the one below $50,000 where it's kind of flattish. And that's really -- the age is really -- it's more about the correlation to income than age.

現在各個品牌之間也存在差異。但從整體來看，幾乎每個家庭的收入都在成長，休閒餐飲也同樣如此，只有低於 5 萬美元的家庭的收入略顯平穩。這確實是——年齡確實是——它與收入的關係比與年齡的關係更大。

Gregory Francfort, Guggenheim Securities.

古根漢證券公司的 Gregory Francfort。

Rick, I guess my question is for you. I guess, in the state category, if I go back five, 10 years ago, you might have been competing with the number one player who was more focused on maybe margins and now you're focused -- you're competing with the number one player that might be a little more focused on top line. How have you positioned Longhorn to compete?

瑞克，我想我的問題是針對你的。我想，在州類別中，如果我回到五年或十年前，你可能一直在與更關注利潤的頭號球員競爭，而現在你專注於——你正在與可能更關注頂線的頭號球員競爭。您如何定位 Longhorn 以參與競爭？

I mean, I'm just trying to figure out how you're doing comps at this Level 6 and change. And going forward, do you think you need to reinvest in price? Do you think you need to reinvest in portion sizing? I guess I'm trying to figure how you're going to continue to compete there?

我的意思是，我只是想弄清楚你在第 6 級時的表現如何以及會發生怎樣的變化。展望未來，您認為您需要在價格上再投資嗎？您認為需要在份量大小上重新投資嗎？我想弄清楚你將如何繼續在那裡競爭？

Greg, LongHorn, the reason they're performing the way they have been is because of their adherence to the strategy, quality, simplicity and culture. They've made a lot of investments, especially during COVID, significant investments in all of their items they increased the size of all their stakes. They took a lot less pricing than inflation. And they're going to continue to focus on that and improve the service at LongHorn. So quality isn't just about food. It's about the overall experience. And so yes, they'll keep making those investments, but not at the detriment of margin.

格雷格，LongHorn，他們之所以能有如此出色的表現，是因為他們堅持戰略、品質、簡單和文化。他們進行了大量投資，尤其是在 COVID 期間，對所有項目都進行了大量投資，增加了所有股份的規模。他們的定價比通貨膨脹率低得多。他們將繼續關注這一點並改善 LongHorn 的服務。所以品質不只指食品。這是關於整體體驗的。所以是的，他們會繼續進行這些投資，但不會以犧牲利潤為代價。

So we think that LongHorn is well positioned to compete with their category. There's not as much overlap between the biggest player in LongHorn, as you would think on consumer, they go there for different reasons. And so we still feel like we've got a great consumer proposition at LongHorn, and we would anticipate that continuing and that's contemplated in our guide and our five-year long-term -- our long-term framework, our five-year framework long term.

因此我們認為 LongHorn 在其產品類別中處於有利地位進行競爭。LongHorn 的最大參與者之間並沒有太多重疊，正如你所想像的，在消費者方面，他們選擇它的原因不同。因此，我們仍然覺得 LongHorn 有很好的消費者主張，我們預計這種主張將會持續下去，這在我們的指南和我們的五年長期框架中有所體現——我們的長期框架，我們的五年長期框架。

Andrew Strelzik, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Andrew Strelzik。

Two quick ones from me. The first one is on marketing. Within that long-term framework, and a stronger top line focus. How are you thinking about marketing over the next several years and then '26 as well? And then the other question was on speed of service, which has been a focus for you, what drivers do you see there for '26? And can you give us an update on the progress there?

我簡單說兩句話。第一個是關於行銷的。在這個長期框架內，我們將更重視營收。您如何考慮未來幾年以及 26 年的行銷？另一個問題是服務速度，這也是您關注的重點，您認為 26 年的驅動因素是什麼？能向我們介紹一下那裡的進展嗎？

Yes, Andrew. On the marketing front, over the next five years, we anticipate marketing growing faster than our sales. Without getting into the total impact of marketing, but as Raj has said in the past, somewhere 10 to 20 basis points. Raj can get more detail on next fiscal year, and I'll turn it over to him in a second. But again, we're going to continue to invest in marketing and you'll see more of that in Cheddar's. You'll see more of that across some of our brands. But it's not -- and it will grow faster than sales.

是的，安德魯。在行銷方面，我們預計未來五年行銷成長速度將超過銷售成長速度。不考慮行銷的整體影響，但正如 Raj 過去所說的那樣，大約有 10 到 20 個基點。Raj 可以獲得有關下一財政年度的更多詳細信息，我馬上就會將其交給他。但我們將繼續在行銷方面進行投資，您將在 Cheddar’s 看到更多這樣的投資。您會在我們的一些品牌中看到更多這樣的情況。但事實並非如此——而且它的成長速度將快於銷售額。

When you think about speed, we're in the early innings. I know there's a lot of times we got a baseball analogy. We're in the real early innings here. And as I said, when I mentioned speed before, this -- our speed challenges have been a long-time trend in the entire industry. And we will take a good time to reverse that. We've made some progress, it's not as fast as I'd like it to be, but we've made progress. All of our brands are faster. And what we're really trying to do is ensure that the consumer -- we're meeting the pace that the consumer wants and not holding them hostage in a restaurant. So that will take, as I said, take some time.

當你考慮速度時，我們正處於早期階段。我知道我們常常會用棒球來做類比。我們正處於真正的早期階段。正如我之前提到速度時所說的那樣，我們的速度挑戰一直是整個行業的長期趨勢。我們將花大量時間來扭轉這種狀況。我們取得了一些進展，雖然沒有我希望的那麼快，但我們已經取得了進展。我們所有的品牌都更快。我們真正想做的是確保消費者——我們滿足消費者想要的節奏，而不是把他們困在餐廳裡。正如我所說，這需要一些時間。

We've got about 100,000 servers or more in our system, and we got to convince all of them that they've got to change a little bit of what they do. and we're working on that.

我們的系統中有大約 100,000 台或更多的伺服器，我們必須說服所有這些伺服器，他們必須稍微改變他們的工作方式。我們正在努力。

I think, Rick, you talked about it. Just so for fiscal 2026, specifically, we're still talking maybe in the 10 basis points, 20 basis points. I think if you look over the five-year same thing, Ricardo already mentioned that. And one thing I'll just point out is we don't assume that it's actually a margin drag. The way we look at it is that the investments we're making, we're going to get a return on it, and that keeps the margins flat. So I wouldn't view this as a margin erosion.

里克，我想你已經談論過這個了。因此，對於 2026 財年，具體來說，我們仍在討論 10 個基點或 20 個基點。我認為如果你回顧過去五年同樣的事情，里卡多已經提到了這一點。我想指出的一點是，我們並不認為這實際上會拖累利潤率。我們的看法是，我們所做的投資將會獲得回報，從而使利潤率保持穩定。所以我不認為這會造成利潤率的下降。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅、雷蒙·詹姆斯。

Most of mine have been asked, but just one quick one. Raj, can you walk through the traffic and check dynamics at LongHorn as well?

我的大部分問題都被問過了，但只問一個。Raj，你能走過交通線並檢查 LongHorn 的動態嗎？

Sure, Brian. LongHorn was basically -- the pricing was 3.3%. Their traffic was 3.4%. Their check was pretty flat to pricing. So I think the total was 6.7%, sir.

當然，布萊恩。LongHorn 的定價基本上是 3.3%。他們的流量為3.4%。他們的支票與定價基本持平。所以我認為總數是 6.7%，先生。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

According to the government, overall industry growth and units, and this is a broad industry seems to have slowed from around 2.5% to around 1.5%. And so my question is, where do you think that, that growth rate is changing across the industry? And how might that be influencing your ability to access the type of real estate that Darden typically does best with? In other words, you make a comment about the tightening or loosening of the specific sites that you're looking for over the next couple of years.

據政府稱，整體行業和單位（這是一個廣泛的行業）的成長似乎已從 2.5% 左右放緩至 1.5% 左右。所以我的問題是，您認為整個產業的成長率發生了怎樣的變化？這會對您獲得達頓最擅長的房地產類型的能力產生什麼影響？換句話說，您可以對未來幾年內您所關注的特定站點的收緊或放鬆做出評論。

Yes, John. We have built a strong pipeline of sites for the next few years. We are in a better position to start this fiscal year than we were to start last fiscal year. We feel really good about the work that the team has done, including new prototypes for Cheddar's and Yard House and finding -- increasing the number of potential sites for Cheddar's, Yard House, Olive Garden and LongHorn.

是的，約翰。我們已經為未來幾年建立了強大的網站儲備。與上一財年相比，我們本財年的開局更加順利。我們對團隊所做的工作感到非常滿意，包括為 Cheddar’s 和 Yard House 打造新的原型，並尋找——增加 Cheddar’s、Yard House、Olive Garden 和 LongHorn 的潛在地點數量。

I think your comment on the number of units is restaurant growth. And so where that's coming -- where the slowdown is coming from, I think, is smaller independents and smaller chains. The big chains like us, continue to grow. We've got great access to capital. We've got great cost of capital, and we've shown that we deserve to be able to grow.

我認為您對單位數量的評論是餐廳的增長。所以我認為，經濟放緩的根源在於規模較小的獨立店和規模較小的連鎖店。像我們這樣的大型連鎖企業正在繼續成長。我們擁有充足的資金。我們的資本成本很高，而且我們已經證明我們值得擁有成長的能力。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Rick, it sounds like you're more comfortable with the uptick in promotions in recent quarters. I know you guys were previously more hesitant to do any more promotional activity. So -- and I think you mentioned focus more on affordability at Olive Garden going forward to perhaps drive more traffic. I'm just wondering if you could talk a little bit more about that increased confidence in waiting into the more value or more affordability side of things and your ability at the same time to still protect margin? And then I have one follow-up.

里克，聽起來你對最近幾季促銷活動的增加感到更滿意。我知道你們之前不太願意做任何促銷活動。所以——我認為您提到過，未來將更加重視 Olive Garden 的可負擔性，以便吸引更多的客流量。我只是想知道您是否可以再多談一下在等待更具價值或更可負擔的東西方面的信心增強，以及同時仍然保護利潤的能力？然後我還有一個後續問題。

Yes, Jeff. If you think about the promotions, it's not like we're promotion crazy here. We added buy one take one, which, as Raj mentioned, wasn't a margin drag, and it was five weeks at a long time. So it's not like we're going to go into heavy promotional activity.

是的，傑夫。如果你考慮一下促銷活動，你會發現我們這裡並不是瘋狂促銷。我們增加了買一送一的優惠活動，正如 Raj 所提到的，這不會對利潤造成拖累，而且持續時間長達五週。所以我們不會進行大規模的促銷活動。

As you -- as we talk about the investments that we're looking at, we're looking at a couple of things. One is as we -- let's double down on affordability at Olive Garden and at other brands. As you think about what we think has been helping somewhat casual dining and definitely us is the price gap between us and other segments. And so let's keep that moving. Let's get that a little bit stronger.

當我們談論我們正在考慮的投資時，我們正在考慮幾件事。一是像我們一樣——讓我們加倍努力提高 Olive Garden 和其他品牌的可負擔性。正如您所想，我們認為對休閒餐飲有所幫助的因素以及肯定對我們有幫助的因素是我們與其他細分市場之間的價格差距。讓我們繼續前進。讓我們讓它變得更強大一些。

And that would mean adding some items on the menu that may not be the same price points as the ones that are on the menu today. And so that would be a mix impact. Whether we promote that or not, I don't know. We may talk about it, but it's not like we're going to -- we think that we're going to have to have a promotion to do that. We'll talk about it. We'll let our consumers know.

這意味著菜單上添加的一些菜餚的價格可能與當前菜單上的菜餚價格不同。所以這將會產生混合影響。我不知道我們是否會推廣這一點。我們可能會談論它，但這並不意味著我們會這麼做——我們認為我們必須透過促銷來做到這一點。我們會討論這個的。我們會讓消費者知道。

And as I said, we've got some of this in test in couple of divisions at Olive Garden, it's doing pretty well for us. And so we feel really good about it. What it's done to our affordability ratings, which were already strong and what it's done for those guests intend to return. So we feel -- we feel good about the investments we're making. We wouldn't be making the investments if we didn't think they pay off in the long run.

正如我所說的，我們在 Olive Garden 的幾個部門進行了測試，效果非常好。因此我們對此感到非常高興。它對我們的可負擔性評級產生了什麼影響（我們的評級本來就很高），以及它對那些打算再次光臨的客人產生了什麼影響。因此，我們對我們所做的投資感到滿意。如果我們認為從長遠來看這些投資不會帶來回報，我們就不會進行投資。

Understood. And then just as it relates to your competition on the same front, how do you think the industry is thinking about discounting versus prior, whether or not they're comfortable with the elevated levels or whether you might see some change there?

明白了。然後，就像它與您在同一條戰線上的競爭有關一樣，您認為該行業如何看待與之前相比的折扣，他們是否對提高的水平感到滿意，或者您是否會看到一些變化？

Yes, Jeff. All I can -- I mean, I don't know what the industry is thinking about other than what I see, and we've got a player that's been doing some good communication on a good value item. And looking at the rest of their menu, they're driving some folks in. I can't say what anybody else is going to do. I can just say that we're ready to react our way to whatever happens. And we showed that at Olive Garden this year and what we did to continue to improve the profitability of Olive Garden and drive traffic and drive same-restaurant sales.

是的，傑夫。我所能做的就是——我的意思是，除了我所看到的之外，我不知道這個行業在想什麼，而且我們有一個玩家一直在就一個有價值的項目進行良好的溝通。看看菜單上的其他菜餚，他們正在吸引一些人。我無法預測其他人會做什麼。我只能說我們已經準備好以自己的方式應對任何可能發生的情況。我們今年在 Olive Garden 展示了這一點，以及我們為繼續提高 Olive Garden 的盈利能力、推動客流量和推動同店銷售額所做的努力。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Great. Rick, I was wondering if you can comment on the labor environment in the United States and particularly whether you've seen any increase in turnover in the areas that you're operating, maybe not necessarily in your case, but in general, India in the trade areas that you're most active on, specifically in light of immigration policies seem to be tightening?

偉大的。里克，我想知道您是否可以評論一下美國的勞動力環境，特別是您是否看到您所經營的地區的營業額有所增加，也許不一定是您的案例，但總的來說，在您最活躍的貿易領域印度，特別是考慮到移民政策似乎正在收緊？

Yes. What I would say is I don't -- we don't get turnover data by market for others. We know what ours are, and we're not really seeing a material impact on turnover or people showing up to work from day to day, things fluctuate in our restaurants.

是的。我想說的是，我們沒有取得其他市場的營業額數據。我們知道我們的情況，我們並沒有真正看到營業額或人們每天上班受到實質影響，我們餐廳的情況有所波動。

But as of now, nothing material on the top line or on labor. I think it's because we've got such a great employment proposition and people want to come to work for us. So if anyone leaves, we're able to fill that job pretty quickly. but we haven't really seen an uptick in turnover. In fact, our brands have been at record turnover levels, record retention levels.

但截至目前，營收和勞動力方面還沒有任何實質進展。我認為這是因為我們有如此出色的就業主張，人們願意來為我們工作。因此，如果有人離開，我們很快就能找到人來填補這個職位。但我們並沒有看到人員流動率的上升。事實上，我們的品牌營業額和保留率都達到了創紀錄的水平。

Okay. Great to hear. And then regarding your international aspirations, specifically on the franchising side, what do you think your long-term objective might be from -- in terms of like total number of units that you think over the next five to even 10 years, it will be aspiring to get to? And which areas do you think are going to be getting most attention? You mentioned like India, Spain, -- any other areas you think could be particularly interesting to you?

好的。很高興聽到這個消息。然後關於您的國際抱負，特別是在特許經營方面，您認為您的長期目標是什麼 - 就您認為未來五到十年內要達到的總單位數量而言？您認為哪些領域將會受到最多關注？您提到了印度、西班牙等其他您認為特別感興趣的地區嗎？

Well, Danilo, we've really started this international push not too long ago, and we're already seeing really great results in signing franchise partners. We want to see them build those restaurants. With India, for example, the 40 restaurants are just in one small part of India. We've got a lot of other areas we can go, but we felt it was prudent to have that partner prove that they can meet those development commitments in that part of India before we give them another part of India.

嗯，達尼洛，我們不久前才真正開始這項國際化舉措，並且在簽約特許經營合作夥伴方面我們已經看到了非常好的成果。我們希望看到他們建造這些餐廳。以印度為例，這 40 家餐廳僅位於印度的一小部分地區。我們還有很多其他地區可以去，但我們認為，在我們將印度的另一部分交給他們之前，讓合作夥伴證明他們能夠在印度的那部分地區履行發展承諾是明智之舉。

In regards to Spain, they were really high on Olive Garden. And when signing a 40 restaurant deal, we'll want to see how they go. There's no guarantee that all 40 of those restaurants are going to open just like there's no guarantee that the 40 India restaurants are going to open. But we feel really good about our progress and once we get a restaurant in Spain.

就西班牙而言，他們對 Olive Garden 的評價非常高。當簽署 40 家餐廳的協議時，我們想看看他們的進展如何。沒有人能保證這 40 家餐廳都會開業，就像沒有人能保證這 40 家印度餐廳都會開業一樣。但我們對我們的進展以及在西班牙開設餐廳感到非常高興。

What generally happens -- let me take that back. What generally happens once we get Olive Garden in a country, those franchise partners realize how good we support them, and they want another brand. And so we'll probably get another brand in those countries if we support them and they see the performance. But I'm not going to give you a number of where we're going to be in five years.

通常會發生什麼事——讓我收回剛才的話。通常情況下，當我們將 Olive Garden 引入一個國家時，那些特許經營合作夥伴就會意識到我們對他們的支持有多好，然後他們就會想要另一個品牌。因此，如果我們支持這些國家並且他們看到了其表現，我們可能會在這些國家引進另一個品牌。但我不會告訴你我們五年後會達到什麼水準。

What I will say is I believe it will be bigger than it is today, and it's already a meaningful business for us on the profit side with really no capital.

我想說的是，我相信它會比現在更大，而且在沒有任何資本的情況下，它對我們來說已經是一項有意義的獲利業務。

Jim Sanderson, Northcoast Research.

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

I wanted to go back to your fiscal '26 guidance, what closure rate is implied for 2026? And just wondering if you're looking more closely at some of the smaller brands like Season 52 or Eddie V's that haven't really grown that much if there's an opportunity to streamline your portfolio going forward?

我想回到您的 26 財年指導，2026 年的關閉率是多少？我只是想知道，如果您更仔細地關註一些較小的品牌，例如 Season 52 或 Eddie V's，這些品牌實際上並沒有太大的增長，是否有機會在未來精簡您的產品組合？

Jim, I think we basically, as part of the five-year plan, we went through our portfolio, and we closed more than normal this fiscal year. We're not assuming any significant number of closings next year.

吉姆，我認為，作為五年計劃的一部分，我們基本上審查了我們的投資組合，本財年我們的收盤價比往常要高。我們預計明年不會有大量企業倒閉。

All right. And a quick follow-up question on the Uber Direct. You mentioned the promotion in the last part of May, that generated significant pickup in delivery. Just wondering, did the incrementality, the 40% to 50%, was that consistent? Or did you see more new clients coming to the brand helped by the marketing and promotions for TV -- on TV?

好的。還有一個關於 Uber Direct 的快速後續問題。您提到了 5 月下旬的促銷活動，該活動帶來了交付量的大幅增長。只是想知道，增量（40% 到 50%）是否一致？或者您看到更多的新客戶透過電視行銷和促銷來了解該品牌？

Yes, Jim, it's fair like -- the incrementality is fairly consistent. Recall, when we offer free delivery, we may have seen people that are doing current pickup, getting delivery. So I wouldn't say that the incrementality is going to spike because we may have some trade over from our current pickup tests. But it did increase our sales for delivery when we added the commercial.

是的，吉姆，這很公平——增量相當一致。回想一下，當我們提供免費送貨時，我們可能已經看到正在取貨、送貨的人。因此，我不會說增量會飆升，因為我們可能會從目前的拾取測試中進行一些交易。但當我們加入商業廣告時，我們的送貨銷售確實增加了。

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

謝謝。我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

This concludes our call. I want to remind you that we plan to release first quarter results on Thursday, September 18, before the market opens with the conference call to follow. Thank you for participating. Have a great day.

我們的通話到此結束。我想提醒您，我們計劃在 9 月 18 日星期四市場開盤前發布第一季業績，隨後召開電話會議。感謝您的參與。祝你有美好的一天。

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

謝謝。今天的電話會議網路直播到此結束。此時您可以斷開線路，享受美好的一天。我們感謝您今天的參與。