達登餐飲 (DRI) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Darden fiscal year 2026 first quarter earnings conference call. (Operator Instructions) This conference is being recorded. If you have any objections, please disconnect at this time. I'll now turn the call over to Ms. Courtney Aquilla. Thank you. You may begin.

大家好，歡迎參加 Darden 2026 財年第一季財報電話會議。（操作員指示）本次會議正在錄製。如果您有任何異議，請立即斷開連接。現在我將電話轉給 Courtney Aquilla 女士。謝謝。你可以開始了。

Thank you, Kevin. Good morning, everyone, and thank you for participating on today's call. Joining me are Rick Cardenas, Darden's President and CEO; and Raj Vennam, CFO. As a reminder, comments made during this call will include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.

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。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。

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

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以及提交給美國證券交易委員會的文件中有所描述。

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

我們將在本次電話會議期間同步播放一份演示文稿，該演示文稿已發佈在我們網站darden.com的「投資者關係」板塊。今天的討論和簡報包含某些非公認會計準則 (Non-GAAP) 指標，這些指標的對帳資訊也包含在簡報中。

Looking ahead, we plan to release fiscal 2026 second quarter earnings on Thursday, December 18, before the market opens, followed by a conference call. During today's call, I'll reference to the industry results refer to Black Box Intelligence Casual Dining Benchmark excluding Darden.

展望未來，我們計劃在 12 月 18 日星期四市場開盤前發布 2026 財年第二季收益，隨後召開電話會議。在今天的電話會議中，我將參考行業結果，參考 Black Box Intelligence 休閒餐飲基準（不包括 Darden）。

During our fiscal first quarter, average same-restaurant sales for the industry grew 5%, and average same-restaurant guest count grew 2.6%. Additionally, due to the continued divergence between average and median results, we are sharing that median same-restaurant sales for the industry grew 3.3%, and median same-restaurant guest counts grew 1.3%.

在我們的第一財季，該行業的平均同店銷售額成長了 5%，平均同店顧客數量增加了 2.6%。此外，由於平均值和中位數結果之間的持續差異，我們了解到，該行業的同店銷售額中位數增長了 3.3%，同店顧客數量中位數增長了 1.3%。

This morning, Rick will share some brief remarks on the quarter, and Raj will provide details on our first quarter and share our updated fiscal 2026 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 將詳細介紹我們的第一季情況，並分享我們最新的 2026 財年財務展望。現在我將把電話轉給里克。

Thank you, Courtney, and good morning, everyone. We had a great quarter with same-restaurant sales and earnings growth that exceeded our expectations. For the first quarter, three of our four segments generated positive same-restaurant sales and traffic growth. The strength of our results is a testament to the power of our strategy.

謝謝你，考特尼，大家早安。我們本季的業績表現優異，同店銷售額和獲利成長超出了我們的預期。第一季度，我們四個部門中有三個實現了同店銷售額和客流量的正成長。我們的成果證明了我們戰略的威力。

Across our portfolio, our restaurant teams remain focused on being brilliant with the basics through culinary innovation and execution, attentive service and an engaging atmosphere, all enabled by our people. And at the Darden level, we continue to strengthen and leverage our four competitive advantages of significant scale, extensive data and insights, rigorous strategic planning and the quality of our employees to further position our brands for long-term success.

在我們的整個投資組合中，我們的餐廳團隊始終專注於透過烹飪創新和執行、周到的服務和引人入勝的氛圍，在基本方面做到出色，而這一切都歸功於我們的員工。在達頓層面，我們將持續加強並利用我們的四大競爭優勢：規模龐大、數據和洞察力豐富、策略規劃嚴謹以及員工素質高，進一步鞏固我們品牌的長期成功地位。

Olive Garden same-restaurant sales grew 5.9%, driven by compelling food news and the continued growth of first-party delivery. Early in the quarter, Olive Garden's marketing highlighted their Create Your Own Pasta platform from the core menu.

受引人注目的食品新聞和第一方配送持續成長的推動，Olive Garden 同店銷售額成長了 5.9%。本季度初，Olive Garden 的行銷重點突出了其核心菜單中的「創建您自己的義大利麵」平台。

Their television creative featured a new spicy three meat sauce and Bucatini pasta starting at $12.99. This new sauce taps into guest evolving tastes for bolder, more flavorful offerings. It was well received and helped drive a significant increase in preference for the Create Your Own Pasta platform.

他們的電視廣告宣傳片展示了一款全新辣味三肉醬和Bucatini意麵，起價12.99美元。這款新醬料迎合了顧客不斷變化的口味，帶來更大膽、更美味的菜餚。它受到了熱烈歡迎，並有助於大幅提升「創建您自己的義大利麵」平台的受歡迎程度。

Olive Garden built on the momentum of bold and spicy flavors by debuting Calabrian Steak and Shrimp Bucatini for a limited time during the quarter. The dish exceeded expectations and quickly became a new guest favorite, ranking among the top 10 entrees for preference.

Olive Garden 在本季度限時推出卡拉布里亞牛排和蝦仁通心粉，延續了濃鬱辛辣口味的勢頭。這道菜超出了預期，很快就成為了新客人的最愛，躋身最受歡迎的十大主菜之列。

First-party delivery through our partnership with Uber Direct is helping capture younger, more affluent guests who value convenience and crave Olive Garden. This represents a significant incremental opportunity for the brand as these guests have a higher check average and typically do not use Olive Garden for an in-restaurant dining occasion.

透過與 Uber Direct 合作，我們進行的第一方配送有助於吸引那些重視便利並渴望 Olive Garden 的年輕、富裕的客人。這對該品牌來說是一個重要的增量機會，因為這些客人的平均消費金額較高，通常不會在 Olive Garden 餐廳內用餐。

Olive Garden's advertising featuring 1 million free deliveries concluded in the first quarter, with all the free deliveries being redeemed. Average weekly deliveries doubled throughout the campaign. Following the campaign, delivery order volume has remained approximately 40% above the pre-campaign average. The team will continue to promote delivery across a number of channels.

Olive Garden 的 100 萬張免費送貨廣告已於第一季結束，所有免費送貨均已兌換。整個活動期間，每周平均送貨量翻了一番。活動結束後，配送訂單量仍比活動前的平均水準高出約 40%。該團隊將繼續透過多種管道推動交付。

On our last call, we talked about putting a greater emphasis on sales growth and reinvesting to drive long-term growth. One of the ways we're doing this at Olive Garden is by strengthening affordability on the menu to give guests more variety at approachable price points.

在我們上次電話會議中，我們談到了更加重視銷售成長和再投資以推動長期成長。我們在 Olive Garden 採取的措施之一是提高菜單的可負擔性，以便為客人提供更多種類且價格合理的菜餚。

During the quarter, Olive Garden began testing a lighter portion section of the menu, featuring seven of their existing entrees with reduced portions and a reduced price. These items available at dinner and all day during the weekend still offer abundant portions and come with Olive Garden's Never Ending first course of unlimited breadsticks and unlimited soup or salad.

在本季度，Olive Garden 開始測試菜單中分量較輕的部分，以減少份量和降低價格的方式推出七種現有的主菜。這些菜餚在晚餐和週末全天供應，份量仍然很足，並附帶 Olive Garden 的 Never Ending 第一道菜，即無限量麵包棒和無限量湯或沙拉。

40% of Olive Garden restaurants currently offer this menu and the initial response from guests has been encouraging, with affordability scores increasing 15 percentage points and high satisfaction with portion size. I have confidence in Olive Garden's initiatives for the year as well as their five year road map to sustain long-term growth and success.

目前，40% 的 Olive Garden 餐廳都提供此菜單，客人的初步反應令人鼓舞，可負擔性得分提高了 15 個百分點，並且對份量大小非常滿意。我對 Olive Garden 今年的舉措以及其五年路線圖充滿信心，相信它們能夠保持長期成長和成功。

LongHorn Steakhouse grew same-restaurant sales by 5.5%, driven by continued adherence to their strategy, rooted in quality, simplicity and culture. The team continues to raise the bar in food quality by consistently executing every dish on their menu to their high standards.

LongHorn Steakhouse 的同店銷售額成長了 5.5%，這得益於其持續堅持以品質、簡單和文化為根基的策略。團隊始終按照高標準製作菜單上的每道菜，不斷提高食品品質。

This is reflected by LongHorn's number one ranking among casual dining brands -- major casual dining brands within Technomic's industry tracking tool for food quality, service, atmosphere and value. I'm really proud of the operational consistency at LongHorn and the work the team is doing to maintain their momentum.

LongHorn 在休閒餐飲品牌中排名第一，這是 Technomic 行業追蹤工具中食品品質、服務、氛圍和價值方面的主要休閒餐飲品牌。我為 LongHorn 的營運一致性以及團隊為保持發展勢頭所做的工作感到非常自豪。

Same-restaurant sales for our other business segment grew 3.3% during the quarter, driven by strong performance at Yard House, Cheddar's Scratch Kitchen and Seasons 52. During the quarter, Yard House strengthened their competitive advantage of distinctive culinary offerings with broad appeal by enhancing their taco platform with higher-quality ingredients and more options for guests.

本季度，我們其他業務部門的同店銷售額成長了 3.3%，這得益於 Yard House、Cheddar's Scratch Kitchen 和 Seasons 52 的強勁表​​現。在本季度，Yard House 透過為其玉米捲餅平台提供更高品質的食材和更多的選擇，增強了其具有廣泛吸引力的獨特烹飪產品的競爭優勢。

As they have seen with similar investments in their burger and pizza platforms, this resulted in higher preference and guest satisfaction. To help strengthen their competitive advantage of a socially energized bar, Yard House held its third annual Best On Tap Competition during the quarter.

正如他們在漢堡和披薩平台上進行的類似投資一樣，這帶來了更高的偏好和客戶滿意度。為了增強社交活力酒吧的競爭優勢，Yard House 在本季舉辦了第三屆年度最佳啤酒大賽。

What began as a test of knowledge and hospitality skills has grown into a cornerstone of the Yard House culture where every bartender competes. Congratulations to this year's winner, Michelle Yanez from the Yard House at City Center in Houston, Texas.

這項比賽最初只是對知識和招待技巧的測試，如今已發展成為 Yard House 文化的基石，每位調酒師都參與其中競爭。恭喜今年的獲勝者，來自德州休士頓市中心 Yard House 的 Michelle Yanez。

The Cheddar's team leverages efficiency and Darden's purchasing power to provide great food served at a wow price. During the quarter, they introduced a Hawaiian sirloin, a center cut top sirloin finished with pineapple and a sweet Hawaiian glaze, starting at $16.49. This limited time offer also included a honey butter croissant and two sides for that price.

Cheddar 團隊利用效率和 Darden 的購買力以令人驚嘆的價格提供美味的食物。本季度，他們推出了夏威夷西冷牛排，這是一款中切上等西冷牛排，配以菠蘿和甜美的夏威夷醬汁，起價16.49美元。限時優惠還包括一個蜂蜜黃油羊角麵包和兩份配菜。

In Technomic's most recent survey, Cheddar's ranked first among casual dining brands for both price and affordability. During the quarter, Cheddar's also saw strong off-premise sales growth driven by first-party delivery. Off-premise sales grew 15% during the quarter, and the Cheddar's team will continue to promote delivery through owned and digital channels as well as in restaurants.

在 Technomic 的最新調查中，Cheddar's 在價格和可負擔性方面均位居休閒餐飲品牌之首。在本季度，受第一方配送的推動，Cheddar's 的場外銷售也實現了強勁成長。本季度，場外銷售額成長了 15%，Cheddar 團隊將繼續透過自有管道、數位管道以及餐廳推廣外送服務。

Same-restaurant sales for the Fine Dining segment was slightly negative for the quarter, but I'm encouraged by the actions each of our Fine Dining brands are taking to address the softness. For example, in the current environment, more guests are seeking price certainty, and Ruth's Chris Steakhouse introduced a five week limited time offer featuring a three course menu that drove positive comps for the quarter. For $55, guests could select one of three entrees as well as a super salad, an individual side and dessert. The offer was well received with strong guest preference and sales lift.

本季高級餐飲部門的同店銷售額略有下降，但我對各高級餐飲品牌為應對疲軟所採取的行動感到鼓舞。例如，在當前環境下，更多的客人尋求價格確定性，而 Ruth's Chris Steakhouse 推出了為期五週的限時優惠，其中包括三道菜的菜單，為本季度帶來了積極的業績。只需 55 美元，客人就可以選擇三種主菜中的一種，以及一份超級沙拉、一份配菜和一份甜點。該優惠受到了顧客的熱烈歡迎，並提升了銷售額。

Now I want to share a quick update on the sale of eight Olive Garden locations in Canada that I referenced during our last call. On July 14, we closed on the sale of those locations to Recipe Unlimited, the largest full-service operator in Canada.

現在我想簡單分享一下上次通話中提到的加拿大八家 Olive Garden 門市的銷售情況。7 月 14 日，我們完成了將這些門市出售給加拿大最大的全方位服務業者 Recipe Unlimited 的交易。

At closing, we also entered into an area development agreement with Recipe Unlimited to open 30 more Olive Gardens over the next 10 years, 5 of which have already been approved. Our franchising team is focused on growing our global presence. Today we have 163 franchise locations, which includes 63 in the Continental United States and 100 outside the Continental US.

最後，我們還與 Recipe Unlimited 達成了區域開發協議，計劃在未來 10 年內再開設 30 家 Olive Gardens，其中 5 家已經獲得批准。我們的特許經營團隊致力於擴大我們的全球影響力。如今，我們擁有 163 家特許經營店，其中 63 家位於美國大陸，100 家位於美國大陸以外。

Last month, we held our annual leadership conference, which provides a powerful way for us to engage with every general manager and managing partner across our brands, celebrate past performance and align on key operational priorities. This was also an opportunity for these restaurant leaders to learn about their brand's five year business plan and understand what they need to do to win today and into 2030.

上個月，我們舉行了年度領導力會議，這為我們與各個品牌的每位總經理和管理合夥人進行交流、慶祝過去的表現並協調關鍵的營運重點提供了強有力的方式。這也是這些餐廳領導者了解其品牌五年商業計劃並了解他們需要做些什麼才能在今天和 2030 年取得成功的機會。

The opportunity to interact with this talented group of operators is one of the highlights of the year. I came away energized by the level of engagement and passion on display, which further reinforced the results of our most recent engagement survey, a new all-time high for Darden.

有機會與這群才華橫溢的操作員進行互動是今年的亮點之一。我對所展現的參與和熱情感到振奮，這進一步證實了我們最近的參與度調查的結果，這是達頓學院的歷史新高。

Overall, I am pleased with the strong start to our new fiscal year. Our strategy is working, enabling us to grow sales and take market share while meaningful -- making meaningful investments in our business and returning capital to our shareholders.

總體而言，我對我們新財年的強勁開局感到滿意。我們的策略正在發揮作用，使我們能夠增加銷售額並佔領市場份額，同時對我們的業務進行有意義的投資並向我們的股東返還資本。

Beyond that, we have a larger purpose at Darden, to nourish and delight everyone we serve. One of the ways we do this is by fighting hunger. Once again this year, Darden is helping Feeding America add refrigerated trucks for nine member food banks.

除此之外，達頓還有一個更大的目標，那就是滋養和愉悅我們服務的每一個人。我們實現這一目標的方法之一就是消除飢餓。今年，達頓再次幫助 Feeding America 為九個成員食物銀行增加冷藏卡車。

With the addition of these new trucks, the Darden Foundation, with support from our partner, Penske Truck Leasing, has funded more than 50 vehicles to meet the increasing demand for food assistance in communities where we operate. Our philanthropic giving would not be possible without the efforts of our 200,000 team members and their passion to nourish and delight our guests and communities.

隨著這些新卡車的加入，達頓基金會在我們的合作夥伴 Penske Truck Leasing 的支持下，已經資助了 50 多輛汽車，以滿足我們營運所在社區日益增長的食品援助需求。如果沒有我們 20 萬名團隊成員的努力以及他們滋養和取悅我們的客人和社區的熱情，我們的慈善捐贈就不可能實現。

Thank you for all you do. Now I'll turn it over to Raj.

感謝您所做的一切。現在我將把發言權交給 Raj。

Thank you, Rick, and good morning, everyone. The first quarter was another strong quarter for Darden. Sales and earnings growth exceeded our expectations as our sales momentum from the fourth quarter continued into the first quarter.

謝謝你，里克，大家早安。第一季對達頓來說又是一個強勁的季度。由於第四季度的銷售動能延續到了第一季度，銷售額和獲利成長超出了我們的預期。

This strong top line sales growth and our significant scale provide us with the opportunity to keep a long-term perspective and continue investing in our business. In addition to the menu investments Rick mentioned, the largest investment we made over the past several years is pricing below total inflation.

強勁的銷售額成長和龐大的規模為我們提供了保持長遠眼光和繼續投資業務的機會。除了 Rick 提到的菜單投資之外，過去幾年我們所做的最大投資就是低於整體通貨膨脹率的定價。

During the first quarter, our pricing was 30 basis points below inflation. We generated $3 billion of total sales, 10% higher than last year, driven by same-restaurant sales growth of 4.7%, the acquisition of 103 Chuy's restaurants and the addition of 22 net new restaurants. Both our same-restaurant sales and same-restaurant guest counts for the quarter were in the top quartile of the industry.

第一季度，我們的定價比通貨膨脹率低 30 個基點。我們創造了 30 億美元的總銷售額，比去年增長 10%，這得益於同店銷售額增長 4.7%、收購 103 家 Chuy's 餐廳以及新增 22 家餐廳。本季我們的同店銷售額和同店顧客數量均處於行業前四分之一。

Adjusted diluted net earnings per share from continuing operations of $1.97 were 12.6% higher than last year. We generated $439 million of adjusted EBITDA, and returned $358 million to our shareholders this quarter by paying $175 million in dividends and repurchasing $183 million in shares.

調整後持續經營每股攤薄淨收益為 1.97 美元，比去年同期高出 12.6%。本季度，我們實現了 4.39 億美元的調整後 EBITDA，並透過支付 1.75 億美元的股息和回購 1.83 億美元的股票，向股東返還了 3.58 億美元。

Now looking at our adjusted margin analysis compared to last year. Food and beverage expenses were 20 basis points lower, driven by pricing leverage as commodities inflation was approximately 1.5% for the quarter.

現在來看看與去年相比的調整後的利潤率分析。由於本季大宗商品通膨率約為 1.5%，受定價槓桿的影響，食品和飲料支出下降了 20 個基點。

Industrial labor was 20 basis points unfavorable as a result of high performance-based compensation expense, including a higher 401(k) match for our restaurant teams. Total labor inflation of 3.1% was fully offset by pricing of 2.2% and productivity improvements.

由於績效為基礎的薪資費用較高（包括我們餐廳團隊的 401(k) 匹配率較高），工業勞動力的利潤下降了 20 個基點。3.1% 的總勞動力通膨被 2.2% 的價格上漲和生產力提高完全抵銷。

Restaurant expenses were 10 basis points higher as sales leverage was more than offset by Uber Direct fees and the brand mix with the addition of Chuy's. Marketing expenses were flat as cost savings in marketing helped fund additional marketing activity in the quarter. This resulted in restaurant-level EBITDA of 18.9%, 10 basis points lower than last year.

餐廳費用增加了 10 個基點，因為銷售槓桿被 Uber Direct 費用和 Chuy's 的加入所抵消。行銷費用持平，因為行銷成本的節省有助於為本季的額外行銷活動提供資金。這導致餐廳級 EBITDA 為 18.9%，比去年低 10 個基點。

Adjusted G&A expenses were 30 basis points favorable. Synergies from the acquisition and leverage from sales growth were partially offset by unfavorable mark-to-market expense on our deferred compensation. Due to the way we hedge mark-to-market expense, this unfavorability is fully offset in the tax line.

調整後的一般及行政開支有利 30 個基點。收購帶來的綜效和銷售成長帶來的槓桿作用被我們遞延薪酬的不利的按市價計價費用部分抵銷。由於我們對沖以市價計價費用的方式，這種不利因素在稅收方面得到了完全抵消。

Interest expense increased 10 basis points due to the financing expenses related to the Chuy's acquisition. Our adjusted effective tax rate for the quarter was 10.5%, helped by the mark-to-market hedge I mentioned earlier. Our effective tax rate would have been approximately 12.5% without this impact. In total, we generated $231 million in adjusted earnings from continuing operations, which was 7.6% of sales.

由於與 Chuy 收購相關的融資費用，利息支出增加了 10 個基點。得益於我之前提到的以市價計價的對沖，本季我們的調整後有效稅率為 10.5%。如果沒有這種影響，我們的有效稅率將約為 12.5%。整體而言，我們從持續經營業務中產生了 2.31 億美元的調整後收益，佔銷售額的 7.6%。

Looking at our segments for the quarter. Total sales for Olive Garden increased by 7.6%, driven by strong same-restaurant sales and traffic growth. The sales from the addition of 18 new restaurants more than offset the sales loss from the refranchising of 8 Canadian restaurants.

回顧本季的細分情況。受同店銷售額和客流量強勁成長的推動，Olive Garden 的總銷售額成長了 7.6%。新增 18 家餐廳的銷售額足以彌補重新特許經營 8 家加拿大餐廳的銷售損失。

Their sales momentum continued from the prior quarter with same-restaurant sales in the top decile of the industry and outperforming the industry benchmark by 90 basis points. Olive Garden delivered a strong segment profit margin of 20.6% for the quarter, which was only 10 basis points below last year, even with the investments in affordability and the impact of delivery fees.

他們的銷售動能延續了上一季的勢頭，同店銷售額位居行業前十分之一，比行業基準高出 90 個基點。Olive Garden 本季實現了 20.6% 的強勁分部利潤率，即使考慮到對可負擔性進行的投資以及運費的影響，也僅比去年低 10 個基點。

At LongHorn, total sales increased 8.8%, driven by same-restaurant sales growth of 5.5% and the addition of 18 new restaurants. The sustained sales and traffic outperformance resulted in same-restaurant sales in the top quartile of the industry for the 13th consecutive quarter, with this quarter ranking in the top decile.

LongHorn 的總銷售額成長了 8.8%，這得益於同店銷售額成長 5.5% 以及新增 18 家餐廳。銷售額和客流量的持續優異表現，使得同店銷售額連續 13 個季度位居行業前四分之一，本季更是位居前十分之一。

The LongHorn team is doing a great job of staying focused on their strategy and maintaining momentum within the business despite continued cost pressures. Higher-than-expected beef cost towards the end of the quarter and pricing below total inflation of approximately 100 basis points resulted in segment profit margin of 17.4%, 60 basis points below last year.

儘管面臨持續的成本壓力，LongHorn 團隊仍然出色地專注於他們的策略並保持業務發展勢頭。本季末牛肉成本高於預期，且價格低於總通膨率約 100 個基點，導致分部利潤率為 17.4%，比去年低 60 個基點。

Total sales at the Fine Dining segment increased 2.7%, driven by the addition of five net new restaurants. While same-restaurant sales for the segment were slightly negative, the strong performance of the limited time offer at Ruth's Chris helped to offset the continued challenges within the Fine Dining category. Overall, segment profit margin was lower than last year.

受新增五家餐廳的推動，高級餐飲部門的總銷售額成長了 2.7%。雖然該部門的同店銷售額略有下降，但 Ruth's Chris 限時優惠的強勁表現有助於抵消高級餐飲類別持續面臨的挑戰。整體而言，分部利潤率低於去年。

The other business segment sales increased 22.5% with the acquisition of Chuy's and positive same-restaurant sales of 3.3%. The positive sales momentum and continued productivity improvements in multiple brands within the segment resulted in segment profit margin of 16.1%, 90 basis points higher than last year.

由於收購了 Chuy's，其他業務部門的銷售額成長了 22.5%，同店銷售額成長了 3.3%。該部門內多個品牌的積極銷售動能和持續的生產力提高使部門利潤率達到 16.1%，比去年高出 90 個基點。

Now turning to our financial outlook for fiscal 2026. This morning, we updated a few items in our guidance, taking into consideration actual performance year-to-date and the evolving commodities outlook for the remainder of the fiscal year.

現在來談談我們對 2026 財年的財務展望。今天上午，我們更新了指導中的幾項內容，考慮到了年初至今的實際表現以及本財年剩餘時間不斷變化的大宗商品前景。

We are raising our expected total sales growth and tightening the range of same-restaurant sales to reflect the outperformance in the first quarter, acceleration in our new unit pipeline and any incremental pricing we may take to partially offset the additional commodities costs.

我們正在提高預期的總銷售成長，並縮小同店銷售額的範圍，以反映第一季的優異表現、新單位管道的加速發展以及我們可能採取的任何增量定價，以部分抵消額外的商品成本。

We now expect total sales growth of -- for the year of 7.5% to 8.5%, same-restaurant sales growth of 2.5% to 3.5%, approximately 65 new restaurant openings, and total inflation of 3% to 3.5%, with commodities inflation of 3% to 4%. All other aspects of our guidance remain unchanged, including adjusted diluted net earnings per share between $10.50 and $10.70.

我們現在預計，全年總銷售額成長率為 7.5% 至 8.5%，同店銷售額成長率為 2.5% 至 3.5%，新開餐廳約 65 家，整體通膨率為 3% 至 3.5%，其中大宗商品通膨率為 3% 至 4%。我們指引的所有其他方面保持不變，包括調整後的每股攤薄淨收益在 10.50 美元至 10.70 美元之間。

While we are reiterating our full year earnings per share guidance, we expect the lowest year-over-year EPS growth to be in the second quarter, driven by the significant step-up in beef costs and our measured approach to pricing for these costs. We expect our pricing for the second quarter to be approximately 100 basis points below total inflation.

雖然我們重申了全年每股收益預期，但我們預計第二季度每股收益將同比增幅最低，這是由於牛肉成本大幅上漲以及我們對這些成本的定價方法所致。我們預計第二季的定價將比整體通膨率低約 100 個基點。

We have a proven track record of successfully navigating through higher costs, and we'll continue to take a disciplined approach to ensure the long-term health of our business. We believe our strategy remains the right one for our company.

我們擁有成功應對更高成本的良好記錄，我們將繼續採取嚴謹的方法來確保我們業務的長期健康。我們相信我們的策略對我們公司來說仍然是正確的。

Now we'll take your questions.

現在我們來回答大家的提問。

(Operator Instructions) Brian Harbour, Morgan Stanley.

（操作員指示）摩根士丹利的 Brian Harbour。

Yeah, morning guys. Maybe just on that last point first, Raj, could you talk about sort of contracting through the balance of the year and sort of what gives you visibility that you've kind of encompassed the range of food cost outcomes?

是的，大家早安。也許首先就最後一點而言，Raj，您能否談談透過年度餘額簽訂合約的情況，以及如何讓您清楚地了解您已經涵蓋了各種食品成本結果？

Yeah, Brian, I think if you look at what we published this morning, we -- our coverage is less than typical, especially in beef. Right now, we only have about 25% coverage in beef for the next six months. And that's one of the biggest opportunities in terms of where we're seeing the biggest headwinds.

是的，布萊恩，我想如果你看看我們今天早上發布的內容，我們的報道並不像往常那麼豐富，尤其是在牛肉方面。目前，我們對未來六個月牛肉的覆蓋率僅為 25% 左右。就我們所面臨的最大阻力而言，這是最大的機會之一。

And I think as you all know, there's been a significant spike in beef costs recently, especially tenders and [rebuys], so -- and we don't believe these price levels are sustainable, and that's why we don't have as much coverage, and that's part of the reason.

我想大家都知道，最近牛肉價格大幅上漲，尤其是嫩牛肉和[回購]牛肉，所以——我們認為這些價格水平是不可持續的，這就是為什麼我們沒有那麼多報道，這是部分原因。

And given the significant price increase, there are -- we are starting to see some demand disruption in retail. So I guess, really the big picture, beef is the biggest variable here. And then the other component here where you're seeing a higher inflation is on seafood, primarily due to the tariffs on shrimp.

鑑於價格大幅上漲，我們開始看到零售業的一些需求中斷。所以我猜，從整體來看，牛肉是這裡最大的變數。這裡你會看到通貨膨脹率上升的另一個因素是海鮮，這主要是因為對蝦子徵收關稅。

And our team is working through to figure out how to mitigate some of that. And that's really the reason why we're taking the inflation up from 2.5% at the beginning of the year to now 3% to 4%. But this situation is still very fluid here.

我們的團隊正在努力尋找緩解這種影響的方法。這就是我們將通膨率從年初的 2.5% 提高到現在的 3% 至 4% 的原因。但這裡的情況仍然非常不穩定。

Okay, understood, thanks. Rick, maybe just on the comments about sort of the new portion sizes at Olive Garden. What -- are you seeing sort of a different guest that is asking for that? Do you think this is actually sort of a traffic driver for Olive Garden? Or I guess, on the other hand, do you think this is check-dilutive in some sense? Like how are people actually sort of approaching that? What are you seeing from those items?

好的，明白了，謝謝。里克，也許只是對 Olive Garden 的新份量大小的評論。什麼－您是否看到其他客人提出這樣的要求？您認為這實際上會成為 Olive Garden 的流量驅動因素嗎？或者我想，另一方面，您是否認為這在某種意義上是稀釋支票的？人們實際上是如何處理這個問題的？您從這些物品中看到了什麼？

Yeah, Brian, it's still pretty early. We do believe in the long run, this is a traffic driver. It will dilute our check a little bit if people trade from a higher portion size item to a lower portion size item. But we believe that's the portion that those guests want. And it's very early indications are that we're seeing a little bit more frequency.

是的，布萊恩，現在還很早。我們確實相信，從長遠來看，這是一個流量驅動因素。如果人們從高份量商品換成低份量商品，我們的帳單金額就會稍微減少。但我們相信這正是客人想要的份量。早期跡象表明，我們看到的頻率增加。

But it's not necessarily new guests because we haven't marketed it, and we put it in restaurant without even any fanfare and it's just people are gravitating towards that. It's not significant preference gravitating towards it, but there is some preference moving there.

但它不一定會帶來新客人，因為我們沒有對其進行行銷，而且我們把它放在餐廳裡，甚至沒有任何宣傳，只是人們被它吸引。雖然沒有明顯的偏好傾向，但有一些偏好正在轉移到那裡。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Great, thanks for taking the questions. Maybe kind of in the same vein, that -- the affordability pivot and -- this quarter as well as the Uber Eats amplification or build in the quarter. Can you maybe speak to how that hit on the cost line during the period?

太好了，感謝您回答這些問題。可能有點類似，即——可負擔性支點——本季以及 Uber Eats 的擴大或建設。您能否談談這對該期間的成本線有何影響？

And I noticed that, obviously, the restaurant margin, you didn't lever that as much on a pretty solid comp in the period. So maybe, Raj, if you could speak to those costs during the period and what you're expecting going forward as well.

我注意到，很明顯，餐廳利潤率在這段期間並沒有在相當穩固的競爭中發揮太大的作用。那麼，Raj，您能否談談這段期間的成本以及您對未來的預期。

Yeah, Jon, let me first start by saying these are things we planned on and we had in our plan. And I think we said -- that's why we said we're actually exceeding our plan. And it's actually -- the fact that the segment profit margin is only down 10%, they're still north of 20%, is a testament to the strength of the business model at Olive Garden. Now with that said, let me explain a little bit more detail.

是的，喬恩，首先我要說的是，這些都是我們計劃好的事情，並且已經包含在我們的計劃中。我想我們說過——這就是為什麼我們說我們實際上超出了我們的計劃。事實上，該部門的利潤率僅下降了 10%，但仍在 20% 以上，這證明了 Olive Garden 商業模式的實力。現在，讓我更詳細地解釋一下。

First of all, we still priced below total inflation. Olive Garden's pricing was only 1.9%. So that's a pretty low price in this environment given that, again, the total inflation. Second, specific to those two items, they were roughly on the margin, if you just purely look at the margin percentage impact, they are probably about 20 basis points each. So if you put that back, I mean, we would have been positive 30, right?

首先，我們的定價仍然低於整體通膨率。Olive Garden 的定價僅為 1.9%。因此，考慮到整體通膨，在這種環境下，這是一個相當低的價格。其次，具體到這兩項，它們大致在利潤率上，如果單純看利潤率百分比的影響，它們大概各在20個基點左右。所以如果你把它放回去，我的意思是，我們會是正 30，對嗎？

But that's, again, even with pricing below inflation. So I think that's sort of a key metric that we need to take into consideration because we believe, long term, these are the right decisions we're making. And I think any business would envy a 20 plus segment profit margin.

但這是即使價格低於通貨膨脹率的情況下的情況。所以我認為這是我們需要考慮的關鍵指標，因為我們相信，從長遠來看，這是我們做出的正確決定。我認為任何企業都會羨慕 20 以上的細分利潤率。

Got it. I appreciate that. And then maybe just drilling a little bit more into the delivery business at Olive Garden. Can you talk about -- Rick, you had mentioned that you're pleased with how, obviously, you're seeing younger guests make their way in, more affluent. Can you give us any more information on the frequency of those guests?

知道了。我很感激。然後也許會進一步深入研究 Olive Garden 的送貨業務。你能談談嗎——里克，你曾提到，你很高興看到越來越多的年輕客人、更富裕。您能否提供我們更多有關這些客人來訪頻率的資訊？

Are they coming more so than what you're seeing within the store in terms of frequency and how they're using it even, obviously, it hasn't been a year yet, but seasonally, how they're maybe using that channel relative to in-store?

就頻率和使用方式而言，他們來得是否比您在商店內看到的更多，顯然，這還不到一年，但從季節來看，他們可能如何使用該渠道而不是在商店內使用？

Yeah, Jon. We've said -- as we said in the past, we are getting higher frequency for delivery guests than we are in dining guests. It's still early. We haven't had the delivery for a year yet, as you mentioned.

是的，喬恩。我們說過——正如我們過去所說的那樣，我們外賣顧客的用餐頻率比堂食顧客的用餐頻率要高。時間還早。正如您所說，我們已經一年沒有收到貨物了。

As to seasonality, the one thing that Uber told us is normally, over the summer, delivery orders start to kind of fall off. And we really hadn't seen that. So we'll know a little bit more about the seasonality of delivery after we've passed a year or maybe even two years, because it continues to grow for us.

至於季節性，Uber 告訴我們的一件事是，通常到了夏季，送貨訂單就會開始減少。我們確實沒有看到過這種情況。因此，經過一年甚至兩年的時間，我們將對交付的季節性有更多的了解，因為它對我們來說還在繼續增長。

That said, we're very excited about how delivery is going. And as Raj mentioned earlier, we are using some of that extra guest count and extra margin to invest for all guests, and we feel really good about that for the long term.

話雖如此，我們對交付的進展感到非常興奮。正如 Raj 之前提到的，我們正在利用部分額外的客人數量和額外利潤來為所有客人進行投資，從長遠來看，我們對此感到非常滿意。

Got it. Thanks for taking the questions.

知道了。感謝您回答這些問題。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Thanks. Good morning. Aside from the beef cost question, I think there's probably two areas that are major areas of curiosity, and I certainly share them. And one is the strong performance of the casual dining segment, which is becoming increasingly unusual after fast casual has slowed through the year, through the middle of this year.

謝謝。早安.除了牛肉成本問題之外，我認為可能還有兩個主要令人好奇的領域，我當然也有同樣的好奇。一是休閒餐飲領域的強勁表現，在快餐休閒業態在今年年中放緩之後，休閒餐飲領域的表現變得越來越不尋常。

And another, I think, is Olive Garden against more difficult comparisons later in your fiscal year. How will it do and what are you lining up against that? So those are really my two questions. What are your thoughts about why casual dining is doing as well? And do you think that will continue?

另一個，我認為是 Olive Garden，與財政年度後期更困難的比較。它會如何表現？您對此有何看法？這就是我的兩個問題。您認為休閒餐飲為何如此成功？您認為這種情況會持續下去嗎？

And then separately, Olive Garden, you're rolling out a pretty large test on small portions, but what are your thoughts? And what are you kind of lining up to keep the momentum going as you get into lapping some of the good stuff you've been doing in the last three or four months? Thanks.

另外，Olive Garden，您正在對小部分產品進行相當大的測試，但您的想法是什麼？那麼，當您開始回顧過去三、四個月所做的一些好事時，您會採取什麼措施來維持這種勢頭呢？謝謝。

Yeah, David, I believe the strong casual dining segment is driven by, generally, less pricing than other segments of dining, for the segment itself, for casual dining itself. And for the larger players in casual dining, even lower pricing than casual dining total. So there's -- the guests are starting to see the value that casual dining brings.

是的，大衛，我認為休閒餐飲業的強勁成長通常是由比其他餐飲業更低的定價所驅動的，就休閒餐飲業本身而言。對於休閒餐飲業的大型參與者來說，其定價甚至比休閒餐飲整體定價還要低。因此，客人們開始看到休閒餐飲帶來的價值。

Now we've been seeing that for a few years now, as you know, it's just others are kind of following in line with that, and we're seeing that the guests see the value. Also, when they're trying to figure out where they spend their money, they're going to places where they can connect and engage with their friends and family.

正如你所知，幾年來我們已經看到這種情況，只是其他人也在效仿，我們看到客人看到了它的價值。此外，當他們試圖弄清楚在哪裡花錢時，他們會去那些可以與朋友和家人聯繫和互動的地方。

There may be less snacking going on and less kind of munching, but when people are going out to eat, they're going out to where they can feel they can get a great meal at a great value and have time with their friends.

吃零食和咀嚼的次數可能會減少，但是當人們外出就餐時，他們會去一個可以以超值的價格享用美味佳餚並與朋友共度美好時光的地方。

In regards to Olive Garden for the back half of the year, we have plans to continue the momentum. We do know that the comparisons get a little bit more challenging. But the Olive Garden team is working on things that we could do in the back half of the year. We've got a great plan. We do believe that, over time, the affordability items on the menu, the lighter portion -- I don't want to call them affordability.

對於下半年的 Olive Garden，我們計劃繼續保持這一勢頭。我們確實知道比較會變得更具挑戰性。但 Olive Garden 團隊正在致力於我們可以在下半年完成的事情。我們有一個很棒的計劃。我們確實相信，隨著時間的推移，菜單上價格實惠的菜餚、較清淡的菜餚——我不想稱之為價格實惠。

They're the right portion size for the right price for a group of consumers, that will eventually drive more traffic. It might not drive it in the back half of the year because we're not talking about it yet. That said, we may start talking about it in the back half of the year.

它們的份量大小和價格都適合特定的消費者群體，最終會吸引更多的客流量。由於我們還沒有討論這個問題，因此它可能不會在今年下半年發揮推動作用。話雖如此，我們可能會在今年下半年開始談論這個問題。

So there's a lot of things that we're going to do. We've got a great team. And we'll react to whatever the sales trends look like at Olive Garden, and we'll go from there.

因此，我們要做很多事情。我們有一個很棒的團隊。我們將對 Olive Garden 的銷售趨勢做出反應，並從那裡開始採取行動。

Thank you.

謝謝。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Rick, Raj, good morning. Thanks for taking our question. I was hoping you could give us a breakdown on LongHorn, just the comp split between traffic and ticket. And then as a follow-up on that, have you seen any increase in engagement with consumer -- you mentioned, obviously, pricing 100 basis points below inflation. Should we kind of expect that similar gap to progress through the year? Or any thoughts around how we should expect pricing to trend? Thank you.

瑞克、拉傑，早安。感謝您回答我們的問題。我希望您能為我們提供關於 LongHorn 的詳細情況，包括流量和罰單之間的分成。然後作為後續問題，您是否看到與消費者的互動有所增加——您顯然提到了價格低於通貨膨脹率 100 個基點。我們是否應該預期類似的差距會在全年持續擴大？或者我們應該如何預期價格趨勢有什麼想法？謝謝。

Yeah. So let's start with the LongHorn traffic versus -- LongHorn traffic was up about 3.2% for the quarter. The same-restaurant sales were 5.5%. So the check was 2.3%. Their pricing was 2.5%. They had a little bit of a negative mix, primarily (inaudible), of 20 basis points.

是的。那麼讓我們從 LongHorn 流量開始吧——本季度 LongHorn 流量增長了約 3.2%。同店銷售額成長5.5%。所以支票利率是 2.3%。他們的定價是 2.5%。他們有一點負面組合，主要是（聽不清楚），20 個基點。

In terms of pricing versus inflation, at LongHorn, as we said, we -- there was a bigger spike in beef prices. That was a little bit of a surprise at the end of the quarter. But we also had planned on having some gap to pricing. So it further widened, I guess, by the time we ended the quarter, a little bit.

就定價與通貨膨脹而言，正如我們所說，在 LongHorn，牛肉價格出現了更大的上漲。這在本季末有點令人驚訝。但我們也計劃在定價上留出一些差距。因此，我想，到本季末時，這個差距會進一步擴大一點。

As we look through the year, we expect second quarter, at the Darden level, without getting specific segment level here. At the Darden level, we expect pricing to be about 100 basis points below inflation, and we expect that gap to narrow as we go through the year.

回顧今年，我們預計第二季將達到 Darden 水平，但不會達到具體的細分水平。在達頓的層面上，我們預計價格將比通貨膨脹率低約 100 個基點，並且我們預計隨著時間的推移，這一差距將會縮小。

And so you would expect the pressures on the margin to be -- kind of follow that, right? So we probably have the biggest gap in Q2, maybe cut that in half by the time you get to Q3 and then try to narrow that further as we get to Q4.

所以你會預期利潤壓力會是這樣的，對嗎？因此，我們可能在第二季度出現最大的差距，到第三季時可能會將差距縮小一半，然後在第四季時嘗試進一步縮小差距。

But consistent with our philosophy, our pricing for the full year will probably be -- we'll end up being below inflation. Is it going to be 30 or 50? I don't know. We're working through that. I think our -- we've been always very thoughtful about what cost do we actually price for.

但根據我們的理念，我們全年的定價可能最終會低於通膨率。是 30 還是 50？我不知道。我們正在努力解決這個問題。我認為我們——我們一直非常認真地考慮我們的實際定價成本。

And we don't want to price for temporary costs. We want to price for, over time, find other ways to solve for these incremental costs. And that's what our team is focused on.

我們不想根據臨時成本來定價。我們希望隨著時間的推移找到其他方法來解決這些增量成本。這正是我們團隊所關注的。

Great. And then you guys mentioned the value-focused menu expansion at Olive Garden. Is that something that we could see maybe in a more limited fashion at LongHorn as well, maybe focus on like appetizers or smaller plate items? Or is that something that right now it's just Olive Garden focused?

偉大的。然後你們提到了 Olive Garden 以價值為中心的菜單擴充。我們是否也可以在 LongHorn 上以更有限的方式看到這種東西，也許專注於開胃菜或小盤菜？或者現在我們只關注 Olive Garden？

Yeah. We're doing this at Olive Garden to see how that works out. And if other brands think that it makes sense for them and they get the learnings from Olive Garden, maybe they will implement. But right now, the focus is the Olive Garden and it's the Olive Garden team that's driving it.

是的。我們正在 Olive Garden 進行此項工作，看看效果如何。如果其他品牌認為這對他們有意義，並且他們從 Olive Garden 那裡學到了很多東西，也許他們就會實施。但現在，焦點是 Olive Garden，並且由 Olive Garden 團隊來推動它。

And as I said, we'll see how that goes. Now there might be some things that LongHorn does in the future or other brands do in the future, but they'll make those decisions as those times come.

正如我所說，我們會看看事情進展如何。現在，LongHorn 或其他品牌將來可能會做一些事情，但他們會在時機成熟時做出決定。

Great, I appreciate that. So thank you.

太好了，我很感激。所以謝謝你。

Eric Gonzalez, KeyBanc Capital Market.

Eric Gonzalez，KeyBanc 資本市場。

Hi, thanks for taking the question. Just a few quarters ago, you talked about some strength among the lower income consumers. Obviously, most of your peers, particularly on the fast food side, are talking about weakness among that cohort of income.

你好，謝謝你回答這個問題。就在幾個季度前，您談到了低收入消費者的一些優勢。顯然，大多數同行，尤其是快餐業的同行，都在談論這個收入群體的疲軟。

So if you maybe you could talk about what you're seeing from an income perspective, and are you gaining share among lower-income consumers? Do you think that part of the equation is actually holding yourselves up relative to your peers? And are you seeing some maybe trade into the category from some of the higher-income folks, particularly on the casual dining side?

那麼，您是否可以從收入角度談談您所看到的情況，您是否在低收入消費者中獲得了市場份額？您是否認為等式的這一部分實際上是在使自己相對於同行保持優勢？您是否看到一些高收入者進入該類別，特別是在休閒餐飲方面？

Yeah, Eric, specific to casual dining, all our casual dining brands saw an increase in visits year-over-year from guests across all income groups, but specifically those in higher income groups. So you would expect that that would have been -- that could have been some trade down, but it could be trade up from a lower income group to a great value in casual dining.

是的，艾瑞克，具體到休閒餐飲，我們所有的休閒餐飲品牌的客流量逐年增加，涵蓋各個收入群體，尤其是高收入群體。所以你會預料到，這可能是某種程度的降級，但也可能從低收入群體升級到具有高價值的休閒餐飲群體。

We are seeing a few shifts in behavior and that guests are going towards price certainty, so they know what they're going to pay before they come in, or greater perceived value even if the item is a high price. So if you think about the Calabrian Steak and Shrimp that we had at Olive Garden, great preference, great perceived value. It was the highest priced menu item on the menu. But we are seeing, as I said, for casual dining brands, growth among all income groups.

我們看到顧客的行為發生了一些變化，他們更注重價格確定性，這樣他們在進來之前就知道自己要付多少錢，或者即使商品價格很高，他們也知道更高的感知價值。所以，如果你想想我們在 Olive Garden 吃過的卡拉布里亞牛排和蝦，味道很好，價值很高。這是菜單上價格最高的菜色。但正如我所說，我們看到休閒餐飲品牌在所有收入群體中都實現了成長。

Great. And then on the -- just to close the loop on the commodity discussion. Based on where the commodities are now and what you've locked in, I know you're a little bit lighter on the beef side, what do you think that implies for store-level margins?

偉大的。然後——只是為了結束商品討論。根據現在的商品狀況和您所鎖定的情況，我知道您在牛肉方面的投入較少，您認為這對商店層面的利潤率意味著什麼？

And what's embedded in the guidance? In the past, you talked about modest margin expansion you still think you can get there based on what you did in the first quarter and where you are locked in.

指南中都包含哪些內容？過去，您談到了適度的利潤率擴張，您仍然認為根據您在第一季的表現和所處的位置，您可以實現這一目標。

Eric, I would refer you back to our long-term framework, which basically talks about our earnings after tax from 0 to 20 basis points growth. So if you look at our guidance, even at the low end, we're basically either flat or growing margin at the EAT's level.

艾瑞克，我想讓你回顧我們的長期框架，它基本上討論了我們的稅後收益從 0 到 20 個基點的增長。因此，如果您查看我們的指導，即使在低端，我們的利潤率基本上在 EAT 水平上持平或增長。

We don't want to focus too much on any one line item, and for us, ultimately, if we're able to achieve our long-term framework and get the targets we want to get to by investing more in the guest, we want to do that.

我們不想過度專注於任何一項，對我們來說，最終，如果我們能夠實現我們的長期框架並透過在客人身上投入更多來實現我們想要達到的目標，我們就願意這樣做。

If that means that the segment profit margins are down year-over-year, that's not something we're concerned about. I think our focus ultimately is on -- at the EAT's level, at the earnings after tax level, are we staying flat or growing margins? And that's -- we feel like we're still on a path to get there.

如果這意味著該部門的利潤率同比下降，那並不是我們擔心的事情。我認為我們最終關注的是——在 EAT 層面，在稅後收益層面，我們的利潤率是保持穩定還是成長？那就是——我們感覺我們仍在朝著這個目標前進。

Great, thank you.

太好了，謝謝。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good morning. Rick, I had a question about your views on the overall health of the consumer spending environment. Certainly, you had a great quarter. But I guess over the last few months, we've seen a lot of crosscurrents related to the job updates and whatnot.

嗨，早安。瑞克，我有一個問題想問你對消費者支出環境整體健康狀況的看法。確實，你們度過了一個非常棒的季度。但我想在過去的幾個月裡，我們已經看到了許多與工作更新等相關的逆流。

So I'm just maybe wanting to get your thoughts on where we are from the state of consumer spending and whether you think anything's changed recently relative to maybe where you thought it was at the start of the year.

所以我只是想了解一下您對消費者支出現狀的看法，以及您是否認為最近與年初相比發生了變化。

Yeah, David, I can't say that anything has changed dramatically from where we saw it at the start of the year. We are ahead of where we thought we'd be right now. There's a lot of talk about the job revisions, but those jobs didn't exist. So that's what people were working.

是的，大衛，我不能說與年初相比，情況發生了巨大變化。我們現在的成績已經超出了我們的預期。關於工作修改的討論很多，但這些工作並不存在。這就是人們所做的工作。

And so we're dealing with what was actually happening, not what was thought to be happening. And so I believe that the August retail sales were up pretty significantly, and we had a pretty darn good August too. So I don't see any dramatic change to what we thought the consumer was.

因此，我們處理的是實際發生的事情，而不是被認為正在發生的事情。因此，我認為八月零售額成長相當顯著，八月的業績也相當不錯。因此，我認為消費者的情況並沒有任何重大變化。

Great, that's helpful. And Raj, one quick clarification. You mentioned the inflation versus pricing gap is expected to narrow as you get into maybe the second half of the year. Is that because of the price components going higher or the inflation components coming down? I guess, could you explain kind of how that might work?

太好了，很有幫助。Raj，請簡單澄清一下。您提到，預計到今年下半年，通貨膨脹與價格差距將會縮小。這是因為價格成分上漲還是通膨成分下降？我想，您能解釋一下這是如何實現的嗎？

Yeah. Sure, David. It's primarily the -- we are taking a little bit more price as we go through the year. We mentioned that at the beginning of the year, right? We started pretty low in the first quarter. We expect to get for the full year to be in the mid to high 2s.

是的。當然，大衛。主要是因為——隨著時間推移，我們的價格會稍微上漲一些。我們在年初就提到過這一點，對吧？我們在第一季的開局相當低迷。我們預計全年收入將達到 2% 左右。

And we started with 2.2, as you can see, as the year progresses, that moves up a little bit. And then there's also some near-term pressures that we expect, because like I said in the commentary around beef, we don't think all these high prices are sustainable. I mean these are pretty punitive to the consumer, and we're trying to protect them by not pricing for it.

我們從 2.2 開始，如您所見，隨著時間的推移，它會略有上升。我們預計短期內還會有一些壓力，因為就像我在有關牛肉的評論中所說的那樣，我們認為所有這些高價都是不可持續的。我的意思是，這些對消費者來說是相當嚴厲的懲罰，我們試圖透過不定價來保護他們。

Makes sense, thank you very much.

有道理，非常感謝。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Great, thank you. I wanted to ask about the idea of sort of investing and growing top line, more of a top line-driven growth algorithm. You mentioned pricing below inflation and, obviously, affordability is something that your brands are known for in terms of value for the money. But I guess I could also characterize marketing as a way to do that or even perhaps subsidizing delivery fees.

太好了，謝謝。我想問一下有關投資和增加收入的想法，更多的是一種收入驅動的成長演算法。您提到定價低於通貨膨脹率，顯然，就物有所值而言，價格實惠是您品牌的標誌。但我想我也可以把行銷描述為一種實現這一目標的方式，甚至可以補貼運費。

So I was just curious, as you think about the kind of different investments, is marketing something -- I know you said you got some leverage, so marketing dollars were higher though, perhaps a little bit light of what we might have expected. And you talked about delivery fees as perhaps margin pressure.

所以我只是很好奇，當你考慮不同類型的投資時，是在行銷某些東西——我知道你說你獲得了一些槓桿，所以行銷費用會更高，可能比我們預期的要少一點。您談到運費可能會對利潤造成壓力。

So I wasn't sure if that's because you're not fully covering them with what you charge your customers. But perhaps you could -- and I know it's free delivery this quarter, so perhaps an exception. But maybe you could talk a little bit about as you think about investing behind top line, these other possible ways to do that. And then I do have another quick follow-up.

所以我不確定這是否是因為您向客戶收取的費用沒有完全覆蓋他們。但也許你可以——而且我知道本季是免費送貨，所以也許是個例外。但是，當您考慮投資營收背後時，也許您可以稍微談談其他可能的方法。然後我還有另一個快速的後續問題。

Yeah, Sara, we do believe that marketing can help drive traffic. And while our marketing as a percent of sales didn't seem to grow, I think Raj mentioned in the prepared remarks, we had some cost saves in marketing that offset our actual marketing growth.

是的，薩拉，我們確實相信行銷可以幫助推動流量。雖然我們的行銷佔銷售額的百分比似乎沒有成長，但我認為 Raj 在準備好的評論中提到，我們在行銷方面節省了一些成本，抵消了我們實際的行銷成長。

So we actually had more TRPs out there, our other brands that are not on linear TV or testing connected television and other digital aspects, cheddar's has their first ever 30 second commercial on a connected television. So we are increasing our marketing activity because we believe that that will drive some traffic.

因此，我們實際上擁有更多的 TRP，我們的其他品牌不在線性電視上播出，或者在測試連網電視和其他數位方面，切達乾酪在連網電視上播出了他們的第一個 30 秒廣告。因此，我們正在增加行銷活動，因為我們相信這會帶來一些流量。

But we're not doing it at deep discounting in the ways that we had done it in the past. The -- and you did -- I think you answered your question on the delivery fees. There are other ways that we can do things to drive delivery. But this quarter, the 1 million free deliveries did impact a little bit of the margin.

但我們不會像過去那樣進行大幅折扣。——而且你確實回答了——我想你已經回答了關於運費的問題。我們還可以採取其他方式來推動交付。但本季度，100萬次免費送貨確實對利潤率產生了一點影響。

Great, thank you. And then just the follow-up was, I think, Rick, you alluded to less snacking or munching. I was curious, is that like a GLP-1 reference in terms of like how people are changing their eating patterns? Or was it more people are prepared to give up some of these sort of convenience or impulse occasions and spend behind really good experiences like they get at Olive Garden or LongHorn or your other brands?

太好了，謝謝。然後接下來的問題是，我認為，里克，你提到少吃零食或咀嚼。我很好奇，就人們如何改變飲食習慣而言，這是否像 GLP-1 參考一樣？還是說更多的人願意放棄這類便利或衝動消費，而選擇在 Olive Garden、LongHorn 或你們的其他品牌那裡享受真正美好的體驗？

Yeah, Sara, I think it's a little bit of both. There are some people on GLP-1s that when you do the research on them, they eat smaller portions or they eat out a little less, but when they eat out, they actually eat out more in casual dining. And so there is a little bit of that.

是的，薩拉，我認為兩者都有一點。對一些服用 GLP-1 的人進行研究發現，他們吃得更少，或者外出就餐的次數更少，但當他們外出就餐時，他們實際上更多地是在休閒餐廳就餐。所以有一點這樣的情況。

But I think it's maybe even a consumer that says, I'm just trying to be healthier or eat a little less. And so maybe there is a little less snacking. And at the lower end consumer, they probably don't have as much resource to go out as much as they did, and it's probably impacting another category more than it is impacting us.

但我認為連消費者可能會說，我只是想更健康或少吃一點。所以吃零食的次數可能會比較少。對於低端消費者來說，他們可能沒有那麼多資源去外出購物，這對其他類別的影響可能比對我們的影響更大。

Very good. Thank you so much.

非常好。太感謝了。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great, thank you very much. Rick, for fiscal '26, you raised your comp guide modestly. But clearly, that's in spite of maybe what many people expected, a slightly tougher macro and concerns on consumer slowdown and we know about the tougher compares. I think you mentioned the first quarter was modestly above your plan. But any color you could share on your confidence in raising that guide?

太好了，非常感謝。里克，對於 26 財年，你適度提高了你的薪資指導。但顯然，儘管許多人預料到宏觀經濟會略微嚴峻，人們對消費放緩感到擔憂，但情況仍然嚴峻，我們也知道情況會更加嚴峻。我認為您提到第一季的業績略高於您的計劃。但是您能分享一下您對提高指南的信心嗎？

And as we think about the current fiscal 2Q, the compares are definitely much tougher. In the last quarter, you were willing to frame kind of what you expected for the current quarter versus your full year guide. Wondering whether you think the fiscal second quarter will come in above or below kind of that new range. And then I had one follow-up.

當我們考慮當前的財政第二季度時，比較肯定困難得多。在上個季度，您願意制定對本季與全年指引的預期。想知道您是否認為第二財季的業績將高於或低於該新範圍。然後我進行了一次後續行動。

Yeah, Jeff, I'll start by saying we wouldn't have increased our guidance if we didn't feel confident about it. So as we look at our same-restaurant sales and our total sales -- part of the reason we raised our total sales is we're really confident in our unit count in development.

是的，傑夫，首先我要說的是，如果我們對此沒有信心，我們就不會提高我們的指導。因此，當我們查看同店銷售額和總銷售額時——我們提高總銷售額的部分原因是我們對正在開發的單位數量非常有信心。

We increased the number of -- well, we got rid of the low end of our range for development and we say now we're approximately 65, partly because we are -- most of the restaurants are either built or being built or open already, and some of them are coming in earlier than we thought. So we feel really good about our development pipeline.

我們增加了餐廳的數量——好吧，我們擺脫了開發範圍的低端，現在我們大約有 65 家餐廳，部分原因是我們——大多數餐廳要么已經建成，要么正在建設中，要么已經開業，其中一些餐廳的開業時間比我們想像的要早。因此，我們對我們的開發流程感到非常滿意。

And I'll let Raj talk about the cadence of our comp, but -- for the second quarter and beyond.

我會讓 Raj 談談我們公司的節奏，但——針對第二季及以後。

Yeah, Jeff, I'd say, look, we expected as we went into the year for the back half to be not as strong in comps as the first half. But I think as the year is progressing, we're learning more and we feel really good about how even the second quarter started off, and that's all taken into consideration as we provided this guidance. But I think ultimately, the cadence will still be the fact that we still expect the back half to be lower than the first half.

是的，傑夫，我想說，看，我們預計，進入今年以來，下半年的業績不會像上半年那麼強勁。但我認為，隨著時間的推移，我們會學到更多，我們對第二季的開局感到非常滿意，我們在提供本指引時已將所有這些都考慮在內。但我認為，最終節奏仍將是事實，我們仍然預期後半部會低於前半部。

Understood. And then just a follow-up on your Uber partnership. I know it's still early, but it seems like you're having success with Olive Garden and Cheddar's with the 1P. I'm just wondering, first, whether you'd consider a next brand to embrace that 1P Uber delivery and whether there's any updated thoughts on potential for using Uber for the order aggregation part of things, not just delivery. Thank you.

明白了。然後只是跟進您與 Uber 的合作關係。我知道現在還為時過早，但看起來您在 Olive Garden 和 Cheddar’s 的 1P 上取得了成功。我只是想知道，首先，您是否會考慮讓下一個品牌採用 1P Uber 送貨服務，以及您是否對使用 Uber 進行訂單聚合部分（而不僅僅是送貨）的潛力有任何最新的想法。謝謝。

Yeah, Jeff. We are pleased with our first-party delivery, both at Olive Garden and at Cheddar's. It continues to grow for us. We do have another brand that's wanting to embrace it, and we would expect that brand to be on the platform sometime in Q3.

是的，傑夫。我們對 Olive Garden 和 Cheddar's 的首方交付感到非常滿意。它對我們來說仍在繼續成長。我們確實有另一個品牌想要接受它，我們預計該品牌將在第三季的某個時候出現在該平台上。

I won't tell you what brand that is, but they're very excited to jump into the first-party delivery. In regards to marketplace or third party, whether it's Uber or anyone else, we still have some challenges with the model. We're focused on first party right now.

我不會告訴你那是什麼品牌，但他們非常高興能夠加入第一方交付的行列。就市場或第三方而言，無論是 Uber 或其他任何人，我們在該模式上仍面臨一些挑戰。我們現在專注於第一方。

And we've talked about the things that we don't like about third party. If a provider can come with every solution that we have for third party or the reasons that we don't like it, then we would definitely consider it. But right now, we're very comfortable and very pleased at how first-party delivery is going.

我們已經討論了我們不喜歡第三方的事情。如果供應商能夠提供我們為第三方提供的所有解決方案或我們不喜歡它的原因，那麼我們肯定會考慮它。但目前，我們對第一方交付的進展感到非常滿意。

Thank you.

謝謝。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

Hi, good morning. Yes, I first wanted to double back on unit growth acceleration over like the medium to long term. I know you took away the lower end. Just how should we think about that ramping up, especially with -- I know there's some new prototypes, there's some acceleration in Canada and a couple of moving parts?

嗨，早安。是的，我首先想在中長期內加倍提高單位成長加速度。我知道你拿走了最低端。我們應該如何看待這種加速，特別是——我知道有一些新的原型，加拿大有一些加速，還有一些活動部件？

Yeah. The development is our owned restaurants, so 65 of our restaurants. Canada is all franchised, so that doesn't count in our unit growth. We get a lot of good royalties from that, but that doesn't -- isn't a unit for us. In regards to how we're going to ramp up our five year plan, has us solidly in our long-term framework of 3% to 4% of our sales growth coming from new units. And so you would expect our unit growth percentage to ramp up a little bit year-over-year.

是的。該開發案是我們自己的餐廳，所以我們有 65 家餐廳。加拿大全部實行特許經營，因此這不計入我們的單位增長。我們從中獲得了很多不錯的版稅，但這對我們來說不是一個單位。關於我們如何推進五年計劃，我們的長期框架堅定地將 3% 到 4% 的銷售成長來自新單位。因此，您可以預期我們的單位成長率將比去年同期略有上升。

Great. And then just on -- I know that there was like some prototypes like smaller, but then also some of the competitors are saying they're seeing some higher construction costs from like imported stuff. Any comments there?

偉大的。然後就——我知道有一些較小的原型，但一些競爭對手也表示，他們看到進口產品的建造成本更高。有啥評論嗎？

Yeah. We've got a couple of brands -- actually, all of our brands, especially Olive Garden and LongHorn, over years, worked on the right prototype size. Yard House and Cheddar's have just come out with new prototypes that are smaller, much more efficient and the costs are lower than it would be for building our existing prototype-size restaurants.

是的。我們有幾個品牌——實際上，我們所有的品牌，特別是 Olive Garden 和 LongHorn，多年來一直致力於正確的原型尺寸。Yard House 和 Cheddar's 剛剛推出了新的原型，它們更小、更有效率，而且成本比建造我們現有的原型大小的餐廳要低。

And we've opened a few of them and they're doing really well and they're able to generate the sales that our existing prototypes are generating in general. In regards to costs, our costs are much closer and actually sometimes under our budgeted amounts, which is very different than it was before.

我們已經開設了其中幾家店，它們的業績非常好，能夠產生與我們現有原型店總體相當的銷售額。就成本而言，我們的成本更接近預算金額，有時甚至低於預算金額，這與以前有很大不同。

Tariff impacts, we don't believe, are too dramatic to construction costs. And so we feel really confident about our pipeline and being able to build them at a very good return for us.

我們認為，關稅對建築成本的影響不會太大。因此，我們對我們的管道非常有信心，並且能夠以非常好的回報來建造它們。

Thank you.

謝謝。

Jake Bartlett, Truist Securities.

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

Great, thanks for taking the question. My first one is on delivery. I'm hoping you can frame the mix that delivery was in the first quarter, but also what the exit rate was after the promotion. Also, whether you expect to promote similar promotions in the -- as we go forward in '26. And then I have a follow-up.

太好了，謝謝你回答這個問題。我的第一個正在交貨。我希望您能確定第一季的交付情況，以及促銷後的退出率。此外，您是否希望在 26 年繼續推動類似的促銷活動？然後我有一個後續問題。

Yeah, Jake, I'll speak specifically to Olive Garden. I think that's what you're asking for. So for Olive Garden delivery in the first quarter was about 5%. We exited at about 4%. As we mentioned, when we stopped 1 million free deliveries, we exited a little bit lower, but still 40% above where we were before the promotion. I think that was --

是的，傑克，我將特別談談 Olive Garden。我認為這就是你所要求的。因此，Olive Garden 第一季的交付量約為 5%。我們以大約 4% 的價格退出。正如我們所提到的，當我們停止 100 萬次免費送貨時，我們的利潤略有下降，但仍比促銷前高出 40%。我認為那是--

That was the question. And whether you expect to do a similar promotion to the 1 million --

這就是問題所在。你是否希望做與 100 萬類似的促銷活動--

Sorry. I don't know if we may do another 1 million free deliveries. I don't know, but we do have marketing funds that Uber gives us based on our volume. And so we're going to utilize those somehow. Whether it's 1 million free deliveries or doing something different, we will utilize those funds.

對不起。我不知道我們是否可以再進行 100 萬次免費送貨。我不知道，但 Uber 確實根據我們的業務量給了我們行銷資金。因此我們將以某種方式利用它們。無論是 100 萬次免費送貨還是做一些其他的事情，我們都會利用這些資金。

Got it. In terms of the Never Ending Pasta Bowl promotion, I think time is similar to last year. I'm wondering, you made a comment about consumers really grabbing -- taking towards price certainty, some momentum in August.

知道了。就「永不結束的義大利麵碗」促銷活動而言，我認為時間與去年相似。我想知道，您是否對消費者真正抓住價格確定性、八月份的一些勢頭髮表了評論。

I'm wondering whether you can comment on how you expect Never Ending Pasta Bowl to perform this year versus last and maybe how it is performing, whether it's particularly resonating with consumers right now.

我想知道您是否可以評論一下您預計 Never Ending Pasta Bowl 今年的表現與去年相比如何，以及它目前的表現如何，是否特別引起消費者的共鳴。

Yeah. I will say that Never Ending Pasta Bowl is off to a good start for us. It's really at the center of Olive Garden's core equity of Never Ending craveable abundant time food. And preference is up versus last year, and the team is doing an amazing job ensuring that guests get refilled. So the refill rate is way up.

是的。我想說的是，Never Ending Pasta Bowl 對我們來說是一個很好的開始。這確實是 Olive Garden 的核心優勢，即永無止境的、令人垂涎的豐盛美食。與去年相比，顧客的偏好有所上升，團隊做得非常出色，確保客人得到補充。因此補充率大幅上升。

So I think guests are understanding that promotion more and more as we brought it back and they really understand the value that it brings. And I will say that the performance to date is in our guidance.

因此，我認為，隨著我們重新推出這項促銷活動，客人會越來越理解它，並且他們真正理解它帶來的價值。我想說的是，迄今為止的表現都在我們的預期之內。

Great. Thank you so much.

偉大的。太感謝了。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Great, thanks for taking the question. Maybe just one question on the beef situation. Can you elaborate a little bit more on maybe what's driving it higher in the near term or more recently? And why do you think this is not sustainable?

太好了，謝謝你回答這個問題。也許只是關於牛肉情況的一個問題。您能否更詳細地解釋一下近期或近期推動其上漲的原因？您為什麼認為這是不可持續的？

And then just more specifically, if these prices are sustained or maybe even go higher, would you take a little bit more price at LongHorn in the back end of the year? Just trying to understand the strategy there if beef prices actually go a little higher from here.

更具體地說，如果這些價格維持下去甚至可能走高，你會在今年年底將 LongHorn 的價格提高一點嗎？只是想了解如果牛肉價格實際上從現在開始上漲的話，那裡的策略是什麼。

Yeah, Peter, let's just start with the dynamics, right? Right now, supply is constrained from a few things. One, there have been some pack or cutbacks and also Mexican cattle imports have been halted because of the screwworm outbreak. So those are kind of the drivers of the supply constraint.

是的，彼得，我們就從動態開始吧，對吧？目前，供應受到一些因素的限制。一方面，由於螺旋蠅疫情爆發，進口量減少，而且墨西哥的牛肉進口也停止。所以這些都是供應限制的驅動因素。

In addition to that, tariffs on Brazil are causing a significant reduction in beef imports into the US. So that's also creating a constraint. So those are on the supply side. Part of the reason we don't believe that kind of a price increase, especially double-digit price increase you saw, we're seeing are not sustainable, is because the consumer can't afford these.

除此之外，對巴西徵收的關稅導緻美國牛肉進口量大幅減少。所以這也造成了一種限制。這些都是供應方面的。我們不相信這種價格上漲，特別是兩位數的價格上漲，是不可持續的，部分原因是消費者無法負擔。

And over time, there will be some -- there should be some demand destruction. And also, the amount of cattle on feed has actually been fairly consistent month to month. And at some point, this cattle has to be -- has to go put to work, I guess. So those are the reasons how we think about where the prices might go. Who knows exactly? We don't know. We're just -- but we're a lot more open for those reasons.

隨著時間的推移，會出現一些需求破壞。而且，飼養的牛的數量實際上每個月都相當穩定。我想，在某個時候，這些牛必須被投入工作。這些就是我們思考價格走向的原因。誰知道具體情況？我們不知道。我們只是——但出於這些原因，我們更加開放。

Now as we think about what would we do, yeah, if these -- if prices stay very high, that means that the demand is also very high, which means we should be able to take some price. We're not -- that's not our preferred path, but if the dynamics lead to a place where we feel good about demand, then yeah, we'll take some price.

現在我們考慮一下我們會怎麼做，是的，如果這些——如果價格保持在很高的水平，那就意味著需求也很高，這意味著我們應該能夠承受一些價格。我們不是——這不是我們喜歡的道路，但如果動態導致我們對需求感到滿意，那麼是的，我們會接受一些價格。

Thank you very much.

非常感謝。

Johnny Ivankoe, JPMorgan.

摩根大通的約翰尼·伊万科。

Hi, I want to go a couple of different directions. First, Raj, in your prepared remarks, you did talk about seeing some demand destruction at retail. I wondered if you're actually seeing that, if it's recent. Some of the data that I've seen, I thought it was recent, was actually showing quite high demand at the retail level.

你好，我想去幾個不同的方向。首先，拉吉，在您準備好的發言中，您確實談到了零售業的一些需求破壞。我想知道您是否真的看到了這一點，如果它是最近的。我看到的一些數據（我認為是最近的）實際上顯示零售層面的需求相當高。

So I just hopefully got your facts being better than mine, just to kind of correct me what we're seeing in retail and if we are seeing any material signs and a slowdown in retail because that could certainly help us on the restaurant side from a supply perspective.

所以我只是希望你的事實比我的更好，只是為了糾正我在零售業看到的情況，以及我們是否看到任何實質性的跡象和零售業的放緩，因為從供應的角度來看，這肯定可以幫助我們在餐廳方面。

Yeah, John. So you're right in the fact that if you go back a few months, it's been pretty robust. But if you look at the last month of data, you're starting to see that decline. Actually, the data we have shows that the volume actually declined in the low single digits year-over-year at retail. That wasn't the case for prior, call it, four, five months or so. So there was -- yeah, there was some resiliency in that, but it's starting to -- at least we saw one month of data where it slipped into low single-digit decline year-over-year.

是的，約翰。所以你說得對，如果你回顧幾個月，你會發現它一直非常強勁。但如果你看一下上個月的數據，你就會開始看到這種下降趨勢。實際上，我們掌握的數據顯示，零售額年比實際上下降了個位數。而之前的情況並非如此，大概四、五個月左右吧。所以，是的，這其中有一定的彈性，但它開始——至少我們看到一個月的數據，它同比下滑了個位數。

Okay. And that's maybe just classic growing season being over and people are just shifting to other things. That's helpful. So --

好的。這也許只是典型的生長季節結束，人們開始轉向其他事物。這很有幫助。所以--

No. Its year-over-year. Sorry, I just want to clarify, we look at year-over-year. So seasonality is captured in the year-over-year.

不。這是逐年增長的。抱歉，我只是想澄清一下，我們看的是同比數據。因此，季節性是在同比變化中體現的。

Yes, yeah. But it's -- we're speaking the same language, I just said that awkwardly. So it was interesting, hearing things like reduced portion prices of some -- reduced prices in some portions of some core menu items, things like Hawaiian steak.

是的，是的。但是──我們說的是同一種語言，我只是尷尬地說了這句話。因此，聽到一些消息很有趣，例如降低一些核心菜單項目的部分價格——降低夏威夷牛排等部分價格。

I'm not going to name the brand that it reminds me of 20 years ago, but -- and as well as in the Darden concept, but I've seen this done actually quite unsuccessfully over time. In other words, when consumers kind of expect to see a certain amount of food on the plate, especially at dinner, it's not something that you're necessarily happy with even if they are paying lower prices.

我不會說出它讓我想起 20 年前的品牌名稱，但是——以及 Darden 概念，但我發現這種做法隨著時間的推移實際上相當不成功。換句話說，當消費者期望看到盤子裡有一定數量的食物時，尤其是在晚餐時，即使他們支付較低的價格，也不一定能讓他們滿意。

So Rick, I'm sure you know exactly what I'm talking about. But was there anything to learn about previous history lessons in casual dining specifically? I think this is probably tried around 2007, 2008 where smaller portions at smaller prices were tried, but weren't successful.

所以瑞克，我相信你很清楚我在說什麼。但是，關於休閒餐飲的歷史教訓，有什麼具體值得學習的嗎？我認為這種做法大概是在 2007 年、2008 年左右嘗試過的，當時嘗試過以較低的價格提供較少的份量，但沒有成功。

And things like Hawaiian steak way back when, which you tried that, a few people like, but really a lot of people different. Where are we on that stage gate process today in 2025 maybe versus some of the lack of success the overall industry had 20 years ago?

很久以前，你嚐過夏威夷牛排，有些人喜歡，但很多人卻不這麼認為。與 20 年前整個產業所缺乏的成功相比，2025 年我們在這階段門流程中處於什麼位置？

Hey John, I'll start with the Hawaiian steak. It's not a smaller portion size. It's a Cheddar's. It's a great portion for Hawaiian steak. And by the way, LongHorn ran Hawaiian steak and did really well with it a few years back. So maybe there's different tastes now than they were back then.

嘿，約翰，我先來一份夏威夷牛排。這不是較小的份量。這是切達乾酪。這是一份分量很足的夏威夷牛排。順便說一句，幾年前，LongHorn 經營夏威夷牛排，生意非常好。所以也許現在的口味與那時不同了。

And in regards to portion size, I think if you go back 20, 30 years ago, overall portions were maybe a little bit smaller in the dinner menu already. And so if somebody brought even smaller portion, it went a little bit too far.

至於份量，我想如果回顧 20 或 30 年前，晚餐菜單上的整體份量可能已經小一些了。因此，如果有人帶了更少的份量，那就有點太多了。

And then -- but the way we're thinking about it is there is a consumer group out there that believes in abundance, but abundance is different for everybody. And by bringing some smaller portion sizes to the dinner menu at Olive Garden, there's still abundant portion sizes, but it also adds price breadth to the menu. So consumers can choose.

然後——但我們的想法是，有一個消費者群體相信富足，但每個人對富足的理解是不同的。透過在 Olive Garden 的晚餐菜單中加入一些較小的份量，份量仍然很豐富，但也增加了菜單的價格範圍。所以消費者可以選擇。

We're not changing our entire menu to make it a smaller portion. We are putting items on there that are smaller with a compelling price point. And at Olive Garden, you still get the unlimited soup or salad and you get all the breadsticks you want. So it's still a great -- it's still abundant.

我們不會為了減少份量而改變整個菜單。我們在那裡擺放的是尺寸較小、價格極具吸引力的商品。在 Olive Garden，您仍然可以享用無限量的湯或沙拉，還可以享用所有想要的麵包棒。所以它仍然很棒——它仍然很豐富。

And maybe our consumers finally evolved that you don't need to have uneaten food on the plate to feel that you've gotten good value. You can just see just the right amount of portion and be happy with it. So that would certainly be a change versus the old America, but that'd obviously be a good direction to go. Okay, thank you.

也許我們的消費者最終會意識到，不需要盤子裡有未吃完的食物​​就能感受到物有所值。您可以看到恰到好處的份量並感到滿意。因此，與舊美國相比，這肯定會有所改變，但這顯然是一個好的方向。好的，謝謝。

Lauren Suberman, Deutsche Bank.

勞倫‧蘇伯曼，德意志銀行。

Hey, thanks. So I just want to go to top line. A lot of questions, obviously, what's going on in the restaurant industry broadly. You talked about strong August. Can you just help unpack sort of what you saw in terms of cadence of comps during the quarter? Any more color on September from that? And then any differences in performance that you're seeing across the regions?

嘿，謝謝。所以我只想去頂線。顯然，有很多問題，例如餐飲業總體上發生了什麼。您談到了強勁的八月。您能否幫助您解釋本季所看到的業績節奏？九月還有更多消息嗎？那麼，您發現不同地區的表現有何差異嗎？

Yeah, Lauren, I think from a cadence of comps, actually, the gap to the industry was the biggest for us in August. In fact, when we look at our own internal comps, we were actually -- July was our weakest. And so for us, June was pretty strong. July was still strong, all positive, but just if you look at the weak month to month, July was weaker than June and August. And actually, like I said, August had the biggest gap to the industry.

是的，勞倫，我認為從同行業的節奏來看，實際上，八月我們與行業的差距是最大的。事實上，當我們審視自己的內部情況時，我們實際上——七月是我們最弱的一個月。因此，對我們來說，六月是相當強勁的。七月依然表現強勁，全是正面因素，但如果你看一下逐月疲軟的情況，七月份的表現比六月和八月份要弱。事實上，正如我所說，八月與行業的差距最大。

As far as regionality, there isn't a huge amount of regionality. It's actually what we're seeing is fairly similar to what you kind of see in Black Box with certain markets still not performing as well, such as Texas, and Florida is starting to pick back up so it feels like Florida is getting better. And then depending on the brand, California had some decent strength. So that's all I can share regionally. There's not a lot of other stuff to get into there.

就地域性而言，地域性並不顯著。事實上，我們所看到的情況與您在 Black Box 中看到的情況非常相似，某些市場的表現仍然不佳，例如德克薩斯州和佛羅裡達州開始回升，因此感覺佛羅裡達州正在好轉。然後根據品牌的不同，加州具有相當的實力。這就是我能分享的所有地區資訊。那裡沒有太多其他東西可以放進去。

Okay. And then just a follow-up on the commodity side. What are you expecting in terms of cadence to get to the 3% to 4% for the year? I understand like there's a commodity price dynamic, but do you expect like 2Q to peak in terms of actual commodity inflation?

好的。然後只是對商品方面的後續關注。您預計今年達到 3% 到 4% 的節奏是怎麼樣的？我理解商品價格存在動態，但您是否預期第二季實際商品通膨將達到高峰？

At this point, yes, we think Q2 will -- probably the peak. But Q3, Q4, probably not that much lower. I mean by the time we get to Q4, we expect it to be a little bit better than where would be. But Q1 would be the lowest that we just had, right? It was 1.5%. I think pretty much every quarter going forward is we're expecting to be north of 3%, and that's how you get to the 3% to 4% guide. But Q2 is probably the peak, yeah.

目前，是的，我們認為第二季可能會達到頂峰。但第三季、第四季可能不會低那麼多。我的意思是，到第四季時，我們預計情況會比現在好一點。但 Q1 應該是我們剛剛經歷的最低水平，對嗎？為 1.5%。我認為，我們預計未來每季的成長率都會超過 3%，這就是我們得出 3% 到 4% 的指導方針的原因。但第二季可能是高峰，是的。

Okay, alright, thank you.

好的，好的，謝謝。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Great, thank you. Maybe a year ago or so, you started talking about the relevance and importance of improving the speed of service. And maybe, arguably, with the increased focus on affordability or right portion for the right price, there could be even more of an overlap between consumers who might be choosing casual dining over fast food. And so I'm wondering if you have any early signs or any KPIs that are showing some momentum that you're picking up in the improvement in speed of service so far.

太好了，謝謝。大概一年前左右，您開始談論提高服務速度的相關性和重要性。或許，隨著人們越來越關注價格的可負擔性或合適的份量，選擇休閒餐飲而非快餐的消費者之間可能會有更多的重疊。所以我想知道您是否有任何早期跡像或任何 KPI 顯示出您在提高服務速度方面正在取得一些進展。

Yeah, Danilo, across our brands, we're seeing some brands with some improvement and other brands that haven't really made a whole lot. And so we had a refocus on that this year at our general manager conference, and we would expect to see greater improvement in speed of service in the upcoming years.

是的，達尼洛，在我們的品牌中，我們看到一些品牌取得了一些進步，而其他品牌並沒有取得太大的進步。因此，我們在今年的總經理會議上重新關注了這一點，我們期望在未來幾年看到服務速度有更大的提高。

Recall, when I mentioned that, I said this is going to take a while. And it is taking a while. But the managers are really getting on board with it over the last year, and the reinforcement of our conference gives me great confidence that we're going to get better.

回想一下，當我提到這一點時，我說過這需要一段時間。這需要一段時間。但在過去一年中，管理人員確實開始積極參與其中，而我們會議的加強讓我非常有信心我們會做得更好。

In regards to, do we have any data to say that we're taking share from other categories, the only thing I can say is all of our consumer groups and all of our income groups were positive year-over-year in casual dining, which is probably the best chance to take share from other categories. And those other categories have had a little bit more traffic decline. So maybe we're taking share or maybe they're just losing some share.

至於，我們是否有數據表明我們正在從其他類別中搶佔份額，我唯一能說的是，我們所有的消費者群體和所有收入群體在休閒餐飲方面都同比增長，這可能是從其他類別中搶佔份額的最佳機會。而其他類別的流量則略有下降。所以也許我們正在搶佔市場份額，或者也許他們只是在失去一些市場份額。

Thank you. And then it sounds from Raj's response that there's not a lot of regional differences, maybe with the exception of Texas and maybe pockets in California. So if you're stepping back and analyzing the delta between the top-performing stores within the same brand and the bottom-performing stores within the same brand, what is the one characteristic that is driving the increased performance? And how can you make that more standardized across the rest of the group?

謝謝。然後從 Raj 的回答中聽起來，地區差異並不大，也許除了德克薩斯州和加利福尼亞州的部分地區。因此，如果您退一步分析同一品牌內業績最好的商店和業績最差的商店之間的差異，那麼推動業績提升的一個特徵是什麼？那麼如何才能讓整個集團的標準化程度更高呢？

I will say this is a tried and true thing in restaurants. The thing that drives the most performance within a brand is the quality and consistency of the managers in that restaurant, and the team. And so as turnover gets better, if you've got a great general manager and a great team of managers that are running things to our standards, you have better performance.

我想說這是餐廳裡經過驗證的正確做法。推動品牌績效成長的主要因素是餐廳經理和團隊的品質和一致性。因此，隨著營業額的改善，如果您擁有優秀的總經理和優秀的管理團隊，並按照我們的標準管理工作，那麼您的業績就會更好。

And so that's going to be restaurants for the rest of our lives. You can have restaurants that are in a market that's doing great, but the restaurant is not doing great. It all comes down to leadership.

所以我們的餘生都將在餐廳度過。你可能擁有一家市場表現良好的餐廳，但餐廳本身的經營狀況卻不好。這一切都歸結於領導力。

Thank you.

謝謝。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Great. Thanks guys. Just wanted to ask if anything to note -- else to note on sort of behaviors that Olive Garden, LongHorn or broadly across the portfolio as it relates to performance across daypart or even kind of within the menu side, desserts, alcohol, anything to call out there? Thank you.

偉大的。謝謝大家。只是想問一下是否有什麼需要注意的——還有什麼需要注意的，例如 Olive Garden、LongHorn 或整個投資組合中的行為與時段內的表現有關，甚至與菜單、甜點、酒精飲料有關，有什麼需要注意的嗎？謝謝。

Yeah. Look, I think we are seeing -- I mentioned a little bit about alcohol. There is less -- we're seeing some lower preference on alcohol across most of our brands. There is -- some brands at LongHorn, for example, has grown lunch more than their dinner, but all dayparts are growing there.

是的。瞧，我想我們看到了——我稍微提到了一點關於酒精的事情。我們發現，大多數品牌的消費者對酒精的偏好都降低。確實有——例如，LongHorn 的一些品牌的午餐銷量增長超過了晚餐銷量，但所有時段的銷量都在增長。

And then in Fine Dining, I think we're seeing a little bit more drop-off in the business travel that's leading to some weekday weakness. But those are some of the dynamics from a consumer perspective that I can share.

然後在高級餐飲方面，我認為我們看到商務旅行的下降幅度增加，這導致了工作日的疲軟。但這些是從消費者角度出發的一些動態，我可以分享。

Great. Thanks, Rajesh.

偉大的。謝謝，拉傑什。

Chris O'Cull, Stifel.

克里斯·奧卡爾 (Chris O'Cull)，Stifel。

Yeah, thanks. Rick, the conversation around eliminating the tip wage seems to be ramping up. Do you believe there's a risk that it could be eliminated? And how are you thinking about any potential impact it could have on the business?

是的，謝謝。里克，關於取消小費工資的討論似乎正在升溫。您認為有消除這種現象的風險嗎？您認為它可能對業務產生什麼影響？

I would start by saying this industry has really diverse business models. And we believe that the policy environment should reflect the level of diversity in the model. As a full-service operator, our business model continues to be the best choice for our guests and our team members.

首先我想說的是，這個產業的商業模式確實多元。我們認為政策環境應該反映模型的多樣性水準。作為一家提供全方位服務的營運商，我們的商業模式將繼續成為客人和團隊成員的最佳選擇。

And I will tell you that whatever happens, we're going to be okay with it, okay in the way we react. So I don't foresee a big change in that. But if it does, we will work through those things and come out okay.

我會告訴你們，無論發生什麼，我們都會接受它，並以我們的方式做出反應。所以我預計這不會有很大的變化。但如果確實如此，我們會努力解決這些問題，並最終解決問題。

Great, thanks.

太好了，謝謝。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅、雷蒙·詹姆斯。

Thank you. Just two quick ones, if I could. First on the housekeeping side. Raj, could you break out the Olive Garden comps between traffic and check? And as we think about check at Olive Garden, I think it's been exceeding pricing for the last several quarters. Is it still reasonable to expect check to exceed price as you think about the next few quarters?

謝謝。如果可以的話，我只想快速問兩個問題。首先是家事方面。Raj，您能否在交通和檢查之間打破 Olive Garden 的局面？當我們考慮檢查 Olive Garden 時，我認為它已經超出了過去幾季的定價。考慮到接下來的幾個季度，預計支票金額將超過價格是否仍然合理？

Yeah, Brian. Let me start with the breakdown. Olive Garden same-restaurant sales was 5.9%. Their traffic, as we measure was 2.8%, but then they also had catering of 80 basis points. So I would categorize that as 3.6% traffic growth.

是的，布萊恩。讓我先來分析一下。Olive Garden 同店銷售額為 5.9%。我們測量的他們的客流量為 2.8%，但他們的餐飲業務也佔了 80 個基點。所以我將其歸類為 3.6% 的流量成長。

And then when you think about the check, pricing was one line, and Uber fees, basically the delivery service fee net of the discount, was about 40 basis points. So yeah, as we go into the future, do we expect check to be a little bit higher than pricing? Yes. But it will be because of the delivery fee and service fee, is really the driver, yeah.

然後，當您考慮支票時，定價只有一行，而 Uber 費用（基本上是折扣後的送貨服務費）約為 40 個基點。那麼，展望未來，我們是否預期支票金額會比定價高一點？是的。但會因為送貨費和服務費，真的是司機，是的。

Okay, thank you. And then just as a follow-up, obviously, talking about investing in the guest experience, as you've been doing for a while, but thinking about fiscal '26 specifically as well. When you look at labor in the first quarter, it looks like labor per operating week as we look at it was up 4.5%, maybe closer to 5%.

好的，謝謝。然後作為後續問題，顯然，談論投資於客戶體驗，就像您一段時間以來一直在做的那樣，但也特別考慮了 26 財年。當你查看第一季的勞動力時，我們發現每週工作勞動力數量增加了 4.5%，可能接近 5%。

You talked about the higher incentive comp, and obviously you have higher traffic, which takes more labor to service. But I'm curious to what degree that also reflects some reinvestments that you're making in the guest experience. And maybe you could provide a few examples of the specifics on those reinvestments. Thank you.

您談到了更高的激勵補償，顯然您的流量更高，這需要更多的勞動力來提供服務。但我很好奇這在多大程度上也反映了您對客戶體驗所做的再投資。也許您可以提供一些這些再投資的具體例子。謝謝。

So Brian, let me just start by saying, from a labor perspective, our total inflation was 3.1%, right? So if you look at -- you mentioned 4.5% increase on dollars, but if you take the 3.1%, that is part of it. Then it was up about 1 point or so, but our traffic was up closer to 3% once you take into consideration the catering at the Darden level. So that means we're actually getting some leverage on that traffic.

那麼布萊恩，首先我要說的是，從勞動力的角度來看，我們的整體通貨膨脹率是 3.1%，對嗎？所以如果你看一下——你提到美元增長了 4.5%，但如果你取 3.1%，那就是其中的一部分。然後它上升了大約 1 個百分點，但如果考慮到 Darden 級別的餐飲，我們的客流量就會上升接近 3%。這意味著我們實際上對該流量獲得了一些影響力。

And so that's really what's happening. And that's why I mentioned in the script that we were -- we had productivity improved actually year-over-year. We continue to look at ways to invest in labor. I don't think we need to get into specifics, but some of the things that Rick mentioned about speed, those are places where we're looking at. How do we help ensure that? But that doesn't translate necessarily into a labor deleverage because you actually get more throughput when we make those investments.

這就是真實發生的事情。這就是為什麼我在腳本中提到我們的生產力實際上逐年提高。我們將繼續尋找投資勞動力的方法。我認為我們不需要討論細節，但 Rick 提到的一些有關速度的事情正是我們正在關注的地方。我們如何幫助確保這一點？但這並不一定意味著勞動力去槓桿，因為當我們進行這些投資時，實際上會獲得更多的產出。

All right, that's helpful. Thank you.

好的，這很有幫助。謝謝。

Andrew Charles, TD Cowen. (Operator Instructions)

安德魯查爾斯 (Andrew Charles)，TD Cowen。（操作員指示）

Jim Sanderson, Northcoast Research.

吉姆‧桑德森，Northcoast Research。

Hey, thanks for the question and the time. I just had a few follow-up questions. Going back to the delivery segment, have you discussed what percentage of sales mix was incremental? I think that's been a little bit of a moving target, especially given the promotions. Maybe you could update us on what you expect incrementally out of delivery for both Olive Garden and Cheddar's.

嘿，謝謝你的提問和時間。我只是想問幾個後續問題。回到交貨部分，您是否討論過銷售組合中增量的百分比是多少？我認為這是一個不斷變化的目標，特別是考慮到促銷活動。也許您可以告訴我們您對 Olive Garden 和 Cheddar’s 的配送進度有何期望。

Yeah, Jim, I'll speak specifically outside of the promotion, it's about 50% incremental. During the promotion, when you get free delivery, some of the people that would have gotten normal to go probably shifted into delivery. But outside of that, it's about 50%, both the Cheddar's and Olive Garden.

是的，吉姆，我會具體談談促銷之外的事情，它的增量約為 50%。在促銷期間，當您獲得免費送貨時，原本會正常前往的一些人可能會轉而選擇送貨。但除此之外，Cheddar's 和 Olive Garden 的比例都在 50% 左右。

Okay. So relatively stable with what it has been, let's say?

好的。那可以說，情況相對穩定嗎？

Yes.

是的。

And then just a follow-up question on Olive Garden, when we were talking about the breakdown same-store sales, I didn't really detect any negative mix. And I was wondering, does that mean that the smaller portions and the promotions aren't having any meaningful impact on check? Is that the right way to look at that?

然後是關於 Olive Garden 的一個後續問題，當我們談論同店銷售額的細目時，我並沒有發現任何負面影響。我想知道，這是否意味著較小的份量和促銷活動對帳單沒有任何有意義的影響？這是正確的看待方式嗎？

Well, they have -- that specifically has a negative impact, but it was offset by other mix. So we are seeing -- we had -- I think we mentioned on the call, we had the Calabrian Steak and Shrimp that had a higher price, but we actually had -- saw a pretty strong preference there, that helped. So it was mostly entree mix itself tended towards higher value, sometimes maybe higher price items.

嗯，確實有——這確實產生了負面影響，但被其他組合所抵消了。所以我們看到——我們有——我想我們在電話中提到過，我們的卡拉布里亞牛排和蝦價格更高，但我們實際上——看到了那裡相當強烈的偏好，這很有幫助。因此，主菜組合本身大多傾向於更高價值，有時甚至是更高價格的菜色。

That's it, thank you very much for that.

就是這樣，非常感謝。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Yeah, thank you. This is Zach Ogden on for Andrew. Could you just elaborate on where the strength is coming from for other businesses? Are there certain brands that are outperforming others and what would be leading to that?

是的，謝謝。我是 Zach Ogden，代替安德魯 (Andrew)。能否詳細說明其他企業的優勢來自哪裡？是否有某些品牌的表現優於其他品牌？是什麼原因導致的？

Do you mean in the other business or other business? I just want to make sure I understand the question.

你是指在其他業務還是其他生意？我只是想確保我理解了這個問題。

Yes. So the other businesses segment, so the 3.3% in 1Q. What was the strength coming from there?

是的。其他業務部門第一季成長 3.3%。那裡傳來的力量是什麼？

Well, we mentioned that three of those brands were all positive, some more positive than others. I think Cheddar's was the most positive and then Yard House after that and potentially Seasons are right around there. But I think Cheddar's had the highest comp in that segment.

好吧，我們提到其中三個品牌都是正面的，有些品牌比其他品牌更積極。我認為 Cheddar’s 是最積極的，然後是 Yard House，Seasons 可能也差不多。但我認為 Cheddar’s 在該領域的競爭力最高。

All right, got it, thank you. And then could you just comment on what you're seeing from the younger cohort more broadly maybe just beyond delivery? Are you seeing certain or, I guess, relative strength or weakness among Gen Z?

好的，知道了，謝謝。那麼，您能否更廣泛地評論一下您對年輕群體的觀察，也許不僅僅是在交付方面？您是否看到了 Z 世代的某些優勢或劣勢？或者，我猜是相對的優勢或劣勢？

They're fairly similar to the rest of our consumer group.

他們與我們其他的消費者群體非常相似。

All right, thank you.

好的，謝謝。

Okay, thanks.

好的，謝謝。

Thank you. We have 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 second quarter results on Thursday, December 18, before the market opens, with a conference call to follow. Thank you for participating.

我們的通話到此結束。我想提醒您，我們計劃在 12 月 18 日星期四市場開盤前發布第二季業績，隨後召開電話會議。感謝您的參與。

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

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