達登餐飲 (DRI) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Darden Restaurants Q2 fiscal-year 2026 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Courtney Aquilla, Vice President, Finance and Investor Relations. Courtney, please go ahead.

大家好，歡迎參加達頓餐飲集團2026財年第二季業績電話會議及網路直播。（操作說明）提醒各位，本次會議正在錄音。現在我很高興將電話轉交給財務和投資者關係副總裁 Courtney Aquilla。Courtney，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. As a reminder, comments made during this call will include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. Those risks are described in the company's press release, which was distributed this morning, and in the filings with the Securities and Exchange Commission.

謝謝你，凱文。各位早安，感謝大家參加今天的電話會議。與我一同出席的還有達頓餐飲集團總裁兼執行長里克·卡德納斯，以及財務長拉傑·文納姆。提醒各位，本次電話會議期間發表的評論將包含 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些聲明存在風險和不確定性，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均有描述。

We are simultaneously broadcasting a presentation during this call, which is available on the financials tab in the Investors 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. Looking ahead, we plan to release fiscal 2026 third quarter earnings on Thursday, March 19, before the market opens, followed by a conference call. During today's call, all references to industry results refer to the Black Box Intelligence Casual Dining Benchmark, excluding Darden.

我們在本次電話會議期間同時進行簡報直播，您可以在我們網站darden.com「投資者關係」部分的「財務」標籤中查看該簡報。今天的討論和簡報包含一些非GAAP財務指標，這些指標的調節表已包含在簡報中。展望未來，我們計劃在 3 月 19 日星期四股市開盤前發布 2026 財年第三季財報報告，隨後召開電話會議。在今天的電話會議中，所有提及的行業結果均指 Black Box Intelligence 休閒餐飲基準，但不包括 Darden。

During our fiscal second quarter, average same-restaurant sales for the industry grew 1.3% and average same-restaurant guest counts decreased 0.4%. Additionally, median same-restaurant sales for the industry grew 1.9% and median same-restaurant guest counts decreased 0.5%. This morning, Rick will share some brief remarks on the quarter, Raj will provide detail on our second quarter financial performance and share our updated fiscal 2026 financial outlook. Then Rick will close with some final comments. Now I'll turn the call over to Rick.

在我們第二財季，該行業的平均同店銷售額增長了 1.3%，而平均同店顧客人數下降了 0.4%。此外，該產業的同店銷售額中位數成長了 1.9%，同店顧客人數中位數下降了 0.5%。今天上午，里克將就本季發表一些簡短講話，拉傑將詳細介紹我們第二季的財務業績，並分享我們更新後的 2026 財年財務展望。最後，里克將作一些總結性評論。現在我把電話交給瑞克。

Thank you, Courtney, and good morning, everyone. We had a strong quarter that exceeded our sales expectations as each of our segments delivered positive same-restaurant sales. Commodity headwinds were stronger than we anticipated as beef prices remained at historically high levels throughout the quarter. Our restaurant teams did a great job of being brilliant with the basics during the quarter, driving record or near record guest satisfaction scores across all of our brands.

謝謝你，考特尼，大家早安。本季業績強勁，銷售額超出預期，各業務部門的同店銷售額均實現正成長。大宗商品價格上漲帶來的不利影響比我們預期的要大，牛肉價格在本季一直處於歷史高點。本季度，我們的餐廳團隊在基本服務方面表現出色，所有品牌的顧客滿意度均創歷史新高或接近歷史新高。

At the Darden level, we continue to leverage our four competitive advantages to enable our brands to compete effectively and continue providing strong value to our guests. The power of our scale enables us to continue to price below inflation over the long term and not pass all the costs on to our guests, while the breadth of our portfolio enables our brands to stick to their strategy, even if they are overly impacted by a single commodity.

在達頓餐飲集團層面，我們繼續利用我們的四大競爭優勢，使我們的品牌能夠有效地參與競爭，並繼續為我們的顧客提供強大的價值。規模優勢使我們能夠長期保持低於通貨膨脹的價格，而不會將所有成本轉嫁給顧客；同時，我們廣泛的產品組合使我們的品牌能夠堅持其策略，即使它們受到單一商品的過度影響。

We opened 17 new restaurants during the quarter and are on pace to exceed our planned openings for the full fiscal year. These new restaurants opened faster than planned, collectively contributing 40 additional operating weeks versus our plan for the quarter. This is a testament to the outstanding job Todd Burrowes and the entire development team, led by Marc Braun, have done to strengthen our pipeline.

本季我們新開了 17 家餐廳，預計將超過我們全年的計劃開業數量。這些新餐廳的開業速度比計劃更快，總共比我們本季的計劃多運營了 40 週。這充分證明了由托德·伯羅斯和馬克·布勞恩領導的整個開發團隊為加強我們的人才儲備所做的出色工作。

Olive Garden delivered positive same-restaurant sales of 4.7% for the quarter driven by the success of the Never Ending Pasta Bowl promotion and first-party delivery, combined with strong operational execution that led to all-time high guest satisfaction scores. For the fourth consecutive year, the starting price for Never Ending Pasta Bowl was $13.99. Preference was strong and refill rates reached a record high, demonstrating that guests continue to find abundance and meaningful value at Olive Garden in this environment.

Olive Garden 本季同店銷售額成長 4.7%，這主要得益於「無限量義大利麵碗」促銷活動和自營外送業務的成功，以及強有力的營運執行，從而獲得了有史以來最高的顧客滿意度評分。連續第四年，無限量意麵碗的起價為 13.99 美元。顧客反應熱烈，續杯率創歷史新高，這表明在這種環境下，顧客仍然認為 Olive Garden 提供的菜餚豐富且物有所值。

First-party delivery, through our partnership with Uber Direct, continue to drive strong results. This channel attracts younger, more affluent guests to crave Olive Garden at home, value convenience and order more frequently. These guests have a higher check average than dine-in guests. Uber Direct sales represented 4% of total sales for the quarter, and approximately half of that was incremental. As we have discussed on recent calls, across the portfolio, we are placing a greater emphasis on sales growth and reinvesting to drive long-term success. At Olive Garden, the success of first-party delivery is helping fund investments such as the addition of the lighter portion section on our menu, which features seven existing dishes with a smaller portion and a lower price.

透過與 Uber Direct 的合作，自營配送業務持續取得強勁的業績。該頻道吸引了更多年輕、富裕的顧客，他們渴望在家中享用 Olive Garden 美食，重視便利性，並且訂餐頻率更高。這些客人的平均消費額高於堂食客人。Uber Direct 的銷售額佔該季度總銷售額的 4%，其中約一半是新增銷售額。正如我們在最近的電話會議中所討論的，在整個產品組合中，我們將更加重視銷售成長和再投資，以推動長期成功。在 Olive Garden，自有外帶的成功正在幫助我們進行投資，例如在菜單中增加「輕食」部分，其中包含七道現有菜餚，但分量較小，價格也更低。

This section is designed to give guests more choices and is offered in addition to the Olive Garden regular portion sizes. Olive Garden has seen a double-digit increase in affordability perceptions from guests who order from the lighter portions menu and an increase in frequency among these guests, which should help build traffic over time. 40% of restaurants offered this menu during the quarter, and they added another 20% of locations early in the third quarter. Olive Garden plans to complete the rollout system-wide in January.

本部分旨在為顧客提供更多選擇，並且是在 Olive Garden 常規份量之外提供的。Olive Garden發現，點餐量較小的顧客對價格的感知度實現了兩位數的增長，而且這些顧客的點餐頻率也有所提高，這應該有助於客流量的長期增長。本季度，40%的餐廳推出了該菜單，並在第三季初新增了20%的門市。Olive Garden計劃於1月完成全系統推廣。

As we begin the third quarter, the Olive Garden team is poised to build on their momentum. They are currently offering two fan favorites for a limited time, Ravioli di Portobello and Braised Beef Tortelloni. Thousands of Olive Garden fans requested the return of these iconic dishes, which included multiple online petitions to bring them back. Turning to LongHorn Steakhouse. The team's ongoing commitment to their strategy rooted in quality, simplicity and culture continue to guide their success as they delivered strong top-line momentum, driven by same-restaurant sales growth of 5.9%.

第三季開始，Olive Garden 團隊已做好準備，並持續保持強勁勢頭。他們目前正在限時供應兩款深受粉絲喜愛的菜餚：波多貝羅蘑菇餛飩和燉牛肉意大利餃子。成千上萬的橄欖園餐廳粉絲要求恢復這些標誌性菜餚，他們還發起了多次線上請願活動，希望這些菜餚能夠回歸。轉戰 LongHorn 牛排館。團隊始終堅持以品質、簡潔和文化為核心的策略，這繼續指導他們的成功，並帶來了強勁的營收成長勢頭，其中同店銷售額增長了 5.9%。

Their relentless focus on executing every dish on their menu to their high standards was reflected in an all-time high steaks-grilled-correctly score for the quarter. Their ability to consistently operate at this high level is enabled by having one of the most experienced teams in the industry. In fact, LongHorn further strengthened their impressive retention by setting their record [low] for team member turnover during the quarter.

他們堅持不懈地將菜單上的每一道菜都做到盡善盡美，達到了高標準，這體現在牛排烤製正確率在本季度創下了歷史新高。他們之所以能夠持續維持如此高水準的運營，是因為他們擁有業內經驗最豐富的團隊之一。事實上，LongHorn 在本季創下了團隊成員流動率最低的紀錄，進一步鞏固了其令人矚目的員工留存率。

The investments LongHorn has made in food quality, combined with their grilling expertise, have built strong guest loyalty. And to further build on their leadership in food quality, LongHorn brought back a guest favorite for the holidays, their 14-ounce 7 pepper-crusted New York strip with brown butter sauce, which was met with enthusiastic reviews by guests and social media influencers. Same-restaurant sales for our Other Business segment grew 3.1% during the quarter, driven by strong performance at Yard House. During the quarter, Yard House's October Fest event returned for the fifth year. This event continued to deepen guest engagement and drive results through limited-time menu offerings that strengthen Yard House's competitive advantages of a socially energized bar and distinctive culinary with broad appeal.

LongHorn 對食品品質的投入，加上其燒烤技術，贏得了顧客的強烈忠誠。為了進一步鞏固其在食品品質方面的領先地位，LongHorn 在節日期間重新推出了深受顧客喜愛的 14 盎司 7 椒脆皮紐約牛排配棕色黃油醬，受到了顧客和社交媒體影響者的熱烈好評。本季度，我們其他業務部門的同店銷售額成長了 3.1%，這主要得益於 Yard House 的強勁表​​現。本季度，Yard House 的十月節活動第五次回歸。這項活動透過限時菜單的推出，進一步加深了顧客的參與度，並推動了業績成長，從而鞏固了 Yard House 在社交氛圍濃厚的酒吧和具有廣泛吸引力的獨特美食方面的競爭優勢。

The event also featured a $5 refillable beer stein that was a hit with guests, with all steins selling out within the first few weeks. Also during the quarter, Yard House began rolling out first-party delivery through our partnership with Uber Direct. While the impact on total sales won't be as significant as what we've seen at Olive Garden, the team is pleased with the initial results and plans to continue rolling it out to additional restaurants in the third quarter.

活動還推出了一款售價 5 美元的可續杯啤酒杯，深受賓客歡迎，所有啤酒杯在最初幾週內就全部售罄。本季度，Yard House 也開始透過與 Uber Direct 的合作推出自有配送服務。雖然對總銷售額的影響不會像我們在 Olive Garden 看到的那樣顯著，但團隊對初步結果感到滿意，並計劃在第三季度繼續將其推廣到更多餐廳。

Same-restaurant sales for the Fine Dining segment grew 0.8% for the quarter, driven by strong performance at Ruth's Chris Steak House and improving trends at The Capital Grille. As guests continue to seek price certainty, Ruth's Chris brought back its limited time offer, featuring a three-course menu for $55. It was a key driver of sales and traffic growth and featured a new 8-ounce prime fit cut strip and two guest favorites, Stuffed Chicken and Salmon & Shrimp (inaudible) came with a super salad and individual side and a dessert.

受 Ruth's Chris Steak House 的強勁表​​現和 The Capital Grille 趨勢改善的推動，高級餐飲部門的同店銷售額在本季度增長了 0.8%。由於顧客們繼續尋求價格確定性，Ruth's Chris 重新推出了限時優惠，提供 55 美元的三道菜套餐。它成為銷售額和客流量成長的關鍵驅動力，並推出了一款新的 8 盎司優質切條牛排和兩款顧客最愛的菜餚：釀雞和鮭魚蝦（聽不清），均配有超級沙拉、個人配菜和甜點。

The Capital Grille's Wagyu & Wine event returned during the quarter, featuring a choice of a Dave Phinney wine and wagyu burger for $35. This event delivered strong guest preference and sales momentum at The Capital Grille continued to grow throughout the quarter. I am pleased with our performance as we move back into the back half of our year. Our brand teams have the appropriate plans in place and the power of Darden positions us well to win in a competitive environment. Now I'll turn it over to Raj.

Capital Grille 的和牛與葡萄酒活動在本季度回歸，顧客可以選擇 Dave Phinney 的葡萄酒和和牛漢堡，價格為 35 美元。這項活動獲得了顧客的強烈青睞，Capital Grille 的銷售勢頭在整個季度持續成長。我對我們下半年的表現感到滿意。我們的品牌團隊已經制定了合適的計劃，達頓集團的實力使我們能夠在競爭激烈的環境中取得成功。現在我把麥克風交給拉傑。

Thank you, Rick, and good morning, everyone. As Rick mentioned, the second quarter was another strong sales quarter for Darden with top-line momentum exceeding our expectations. While elevated commodity costs, driven by beef, were a significant headwind for the quarter, we priced 130 basis points below inflation as we remain committed to providing strong value to our guests. This large investment in underpricing inflation resulted in restaurant-level margins being below last year.

謝謝你，里克，大家早安。正如里克所提到的，第二季度對於達頓來說又是銷售強勁的季度，營收成長勢頭超出了我們的預期。儘管受牛肉價格上漲等大宗商品成本上漲的影響，本季市場面臨較大阻力，但我們仍將定價低於通膨率 130 個基點，因為我們仍然致力於為顧客提供物超所值的服務。由於大量投資用於低估通貨膨脹，導致餐廳層面的利潤率低於去年。

The near record beef costs have sustained longer than we anticipated and are likely to remain elevated into the third quarter, with some relief as we get into the fourth quarter. In the second quarter, we generated $3.1 billion of total sales, 7% higher than last year, driven by same-restaurant sales growth of 4.3%, the addition of 30 net new restaurants and the acquisition of Chuy's in October of last year. Both our same-restaurant sales and same-restaurant guest counts were in the top decile of the industry again this quarter. Same-restaurant sales exceeded the industry benchmark by 300 basis points and the positive gap widened throughout the quarter.

牛肉價格接近歷史最高水平，持續時間比我們預期的要長，而且可能會在第三季度繼續保持高位，但隨著進入第四季度，價格會有所下降。第二季度，我們實現了 31 億美元的總銷售額，比去年同期增長了 7%，這主要得益於同店銷售額增長 4.3%，新增 30 家餐廳以及去年 10 月收購了 Chuy's。本季，我們的同店銷售額和同店客流量再次位列產業前10%。同店銷售額比行業基準高出 300 個基點，而這一正向差距在整個季度內不斷擴大。

Adjusted diluted net earnings per share from continuing operations of $2.08 were 2.5% higher than last year. We generated $466 million of adjusted EBITDA and returned $396 million to our shareholders this quarter by paying $174 million in dividends and repurchasing $222 million in shares.

經調整後，持續經營業務的稀釋後每股淨收益為 2.08 美元，比去年增長 2.5%。本季我們實現了 4.66 億美元的調整後 EBITDA，並透過支付 1.74 億美元的股息和回購 2.22 億美元的股票，向股東返還了 3.96 億美元。

Now looking at our adjusted margin analysis compared to last year. Food and beverage expenses were 90 basis points higher primarily due to elevated beef costs driving total commodities inflation of approximately 5.5% for the quarter. Restaurant labor was 10 basis points higher with total labor inflation of 0.3%. Restaurant labor in our comparable restaurants was favorable to last year driven by productivity improvements that more than offset pricing below labor inflation.

現在來看看我們與去年相比的調整後利潤率分析。食品和飲料支出上漲了 90 個基點，主要是由於牛肉價格上漲，導致本季大宗商品總通膨率約為 5.5%。餐飲業勞動成本上漲了 10 個基點，勞動力總通膨率為 0.3%。與我們同類餐廳相比，餐廳勞動成本較去年有所下降，這主要得益於生產力的提高，足以抵銷低於勞動成本通膨的價格上漲。

Restaurant expenses were 10 basis points higher. Sales leverage was more than offset by Uber Direct fees and brand mix with the addition of Chuy's. Marketing expenses were 10 basis points lower due to sales leverage. We had incremental marketing activity in the quarter that was funded by cost savings. This all resulted in restaurant-level EBITDA of 18.7%. Adjusted G&A expenses were 60 basis points favorable driven by leverage from sales growth and lower incentive compensation accrual as well as favorable mark-to-market expense on our (inaudible) compensation. Due to the way we hedge mark-to-market expense, this favorability is fully offset in the tax line.

餐飲費用高出10個基點。銷售槓桿帶來的好處被 Uber Direct 的費用以及 Chuy's 的加入帶來的品牌組合優勢所抵消。由於銷售槓桿作用，行銷費用降低了10個基點。本季我們進行了增量行銷活動，資金來自成本節約。這一切最終使餐廳層級的 EBITDA 達到 18.7%。經調整的一般及行政費用有利 60 個基點，這主要得益於銷售增長帶來的槓桿效應、較低的激勵性薪酬計提以及我們（聽不清）薪酬的有利市值計價費用。由於我們對市值計價的費用進行了對沖，這種優惠在稅收方面被完全抵消了。

Our adjusted effective tax rate for the quarter was 13.2%, and we generated $243 million in adjusted earnings from continuing operations, which was 7.8% of sales. Looking at our segments, all segments grew sales for the quarter driven by positive same-restaurant sales. The high beef cost pressure segment profit margins at all of our segments, except for Olive Garden. Total sales for Olive Garden increased by 5.4%, driven by strong same-restaurant sales and traffic growth as well as the addition of 11 net new restaurants. The sales momentum continued from prior quarters with same-restaurant sales in the top decile of the industry and outperformed the industry benchmark 340 basis points.

本季調整後的實際稅率為 13.2%，持續經營調整後收益為 2.43 億美元，佔銷售額的 7.8%。從我們各個業務部門來看，所有業務部門在本季度都實現了銷售額成長，這主要得益於同店銷售額的成長。除了 Olive Garden 之外，我們所有業務部門的牛肉成本高企都對利潤率造成了壓力。Olive Garden 的總銷售額成長了 5.4%，這得益於同店銷售額和客流量的強勁成長，以及新增 11 家餐廳。銷售動能延續了前幾季的好勢頭，同店銷售額位居產業前10%，比產業基準高出340個基點。

Olive Garden delivered a strong segment profit margin of 21.8% for the quarter, which was 30 basis points above last year, even with an approximate 20 basis points of margin investment related to the lighter portions menu and the continued impact of delivery fees. At LongHorn, total sales increased by 9.3%, driven by same-store sales growth of 5.9% and the addition of 21 new restaurants. The sustained sales and traffic outperformance resulted in same-restaurant sales and traffic in the top decile again this quarter. The LongHorn team is doing a great job of staying focused on their strategy and maintaining momentum despite elevated beef costs.

Olive Garden 本季實現了強勁的部門利潤率，達到 21.8%，比去年同期高出 30 個基點，即使考慮到與分量較小的菜單相關的約 20 個基點的利潤率投資以及外賣費用的持續影響。LongHorn 的總銷售額成長了 9.3%，這主要得益於同店銷售額成長 5.9% 以及新增 21 家餐廳。持續的銷售額和客流量優異表現，使得本季同店銷售額和客流量再次躋身前10%。儘管牛肉價格上漲，但LongHorn團隊在保持策略專注和發展動能方面做得非常出色。

Our measured approach in reacting to inflation resulted in pricing 320 basis points below inflation at LongHorn that resulted in segment profit margin of 16.2%. Total sales at Fine Dining segment increased 3.3%, driven by positive same-restaurant sales and the addition of three net new restaurants. High beef costs also had a large impact on the brands in the segment, resulting in segment profit margin of 14.8%, 280 basis points lower than last year.

我們採取了審慎的應對通膨的方法，使 LongHorn 的定價低於通膨率 320 個基點，從而實現了 16.2% 的部門利潤率。高級餐飲部門的總銷售額成長了 3.3%，這主要得益於同店銷售額的成長以及新增三家餐廳。牛肉價格高企也對該細分市場的品牌產生了很大影響，導致該細分市場的利潤率為 14.8%，比去年下降了 280 個基點。

The Other Business segment sales increased 11.3%, with positive same-restaurant sales of 3.1% and the acquisition of Chuy's benefiting part of the quarter. The positive sales growth and the continued productivity improvements in multiple brands within this segment were not enough to fully offset the elevated commodity pressures from beef and the impact of delivery fee. This resulted in segment profit margin of 13.4%, 60 basis points lower than last year. Turning to our financial outlook for fiscal 2026.

其他業務部門銷售額成長 11.3%，其中同店銷售額成長 3.1%，收購 Chuy's 對該季度部分業務有所貢獻。儘管該細分市場內多個品牌的銷售額持續成長，生產效率也持續提高，但仍不足以完全抵銷牛肉價格上漲帶來的大宗商品壓力和運費的影響。這導致該業務板塊利潤率為 13.4%，比去年下降了 60 個基點。接下來談談我們對 2026 財年的財務展望。

We have updated our guidance to reflect the year-to-date performance, the evolving commodities environment and the expectations for the back half of the year. We now expect total sales growth for the year of 8.5% to 9.3%; same-restaurant sales growth of 3.5% to 4.3%; 65 to 70 new restaurant openings; total capital spending of $750 million to $775 million; total inflation of approximately 3.5%, with commodities inflation of 4% to 5%; and approximately 116.5 million diluted average shares outstanding. All other aspects of our guidance remain unchanged, including adjusted diluted net earnings per share between $10.50 and $10.70, of which approximately $0.20 is related to the addition of 53rd week.

我們已更新業績指引，以反映年初至今的業績表現、不斷變化的商品市場環境以及對下半年的預期。我們現在預計全年總銷售額成長 8.5% 至 9.3%；同店銷售額成長 3.5% 至 4.3%；新開餐廳 65 至 70 家；資本支出總額為 7.5 億美元至 7.75 億美元；總流通率約為 3.5%，其中大宗通貨膨脹率為 4% 至 5%；我們其他方面的業績指引保持不變，包括調整後的稀釋每股淨收益在 10.50 美元至 10.70 美元之間，其中約 0.20 美元與第 53 週的增加有關。

We expect earnings per share growth in the third and fourth quarters to sequentially improve as the gap between pricing and total inflation narrows in the back half of the year. Specifically, for third quarter, we expect earnings per share growth in the mid-single digits compared to the third quarter of last year.

我們預計，隨著下半年價格與總通膨之間的差距縮小，第三季和第四季的每股盈餘成長將較上季改善。具體而言，我們預計第三季每股收益將比去年第三季實現中等個位數成長。

In summary, we're pleased with our strong top-line performance and continued industry outperformance this quarter. While our pricing strategy and (inaudible) commodity costs has impacted margins in the near term, we believe it's the right approach to support our long-term success. As we move through the rest of the fiscal year, we remain confident in our ability to grow sales, manage costs, and deliver value to our guests and shareholders. Now I'll turn it back to Rick.

總而言之，我們對本季強勁的營收表現和持續優於業界的業績感到滿意。雖然我們的定價策略和（聽不清楚的）商品成本在短期內影響了利潤率，但我們相信這是支持我們長期成功的正確方法。在本財年剩餘的時間裡，我們仍然有信心實現銷售成長、控製成本，並為我們的顧客和股東創造價值。現在我把麥克風交還給瑞克。

The microphone is off, sorry. As I reflect on our performance, I'm reminded of the power of the platform we built over time and our ability to navigate whatever comes our way. When you look at our company, there are three key attributes that we believe make Darden a great company and a great stock. First, our winning strategy grounded in our four competitive advantages and our commitment to managing the business for the long term has led to a long track record of success. Over our 30-year history as a public company, Darden has achieved annualized total shareholder return of 10% or greater for any 10 fiscal year period when considering Darden stock appreciation plus dividend yield.

麥克風已關閉，抱歉。回顧我們的表現，我不禁想起我們多年來建立的平台的力量，以及我們應對任何挑戰的能力。當你審視我們公司時，你會發現有三個關鍵特質使達頓成為一家偉大的公司和一支優秀的股票。首先，我們以四大競爭優勢為基礎的致勝策略，以及我們對長期經營的承諾，使我們取得了長期的成功。作為一家上市公司，達頓集團在過去 30 年的歷史中，在考慮達頓股票升值和股息收益率的情況下，任何 10 個財政年度的年化股東總回報率均達到 10% 或更高。

Second, we have a clear road map to grow our portfolio of iconic brands, which includes two dominant brands, three high-potential growth brands and several balanced brands that are leaders in their respective categories. And third, our strong commitment to disciplined capital stewardship enables us to return capital to shareholders while making appropriate investments in the business for long-term success. I'm incredibly proud of the results we continue to deliver for our shareholders, and we remain committed to executing our strategy to drive shareholder value now and for generations.

其次，我們制定了明確的路線圖來發展我們的標誌性品牌組合，其中包括兩個主導品牌、三個高潛力成長品牌和幾個在其各自類別中處於領先地位的均衡品牌。第三，我們對嚴謹的資本管理的堅定承諾使我們能夠在向股東返還資本的同時，對業務進行適當的投資，以實現長期成功。我為我們持續為股東創造的績效感到無比自豪，我們將繼續致力於執行我們的策略，為股東創造價值，造福當代及子孫後代。

Finally, I want to take a moment to acknowledge the recent passing of Darden's first CEO, Joe Lee. Joe is the visionary leader whose leadership helped shape not only Darden, but the entire casual dining industry. I was fortunate to work with Joe. And one of the things that always stood out to me was the care and compassion he had for his people. He always said, if you take care of your people, they will take care of your guests.

最後，我想藉此機會悼念達頓商學院首任執行長喬李的逝世。喬是一位富有遠見的領導者，他的領導不僅塑造了達頓餐飲集團，也塑造了整個休閒餐飲業。我很幸運能和喬共事。他身上最讓我印象深刻的一點就是他對員工的關心與體貼。他常說，如果你善待你的員工，他們就會善待你的客人。

Those words remain fundamental to Darden's culture today and they are especially meaningful during the holidays. Now is the busiest time of the year in our restaurants, and I'm so proud of our 200,000 team members who do such a remarkable job of nourishing and delighting everyone they serve. On behalf of our entire leadership team and the Darden Board of Directors, thank you to all of our team members for everything you do. I wish you and your families a happy holiday season. Now we'll take your questions.

這些話語至今仍是達頓商學院文化的重要組成部分，在節慶期間更具有特殊的意義。現在是我們餐廳一年中最繁忙的時候，我為我們20萬名團隊成員感到無比自豪，他們出色地完成了工作，為每位顧客提供營養和愉悅的用餐體驗。我謹代表我們整個領導團隊和達頓董事會，感謝所有團隊成員所做的一切。祝您和您的家人節日快樂。現在我們來回答你們的問題。

(Operator Instructions) Brian Bittner, Oppenheimer.

（操作說明）布萊恩·比特納，奧本海默。

Good morning, and happy holidays, and congratulations on solid top-line results. First question is on the lighter portions menu and the strategy as you rolled that out to 100% of the Olive Garden restaurants here in January. How impactful do you think this will be to sales just based on what you've seen so far? Is it something that we're actually going to be able to identify here from the outside? Or is it more of an impact to internal metrics, like value perception, et cetera?

早安，節日快樂，祝賀你們取得了穩健的業績。第一個問題是關於小份菜單以及你們在 1 月將其推廣到當地所有 Olive Garden 餐廳的策略。根據你目前所看到的，你認為這將對銷售產生多大的影響？這是我們能夠從外部辨識出來的嗎？或者，它對內部指標（如價值感知等）的影響更大？

Brian, it is an impact to internal metrics, value perception, affordability and in the right portion size. But we will see some impacts to sales in a couple of ways. In the long term, as we said, we've got higher frequency in the guests that are ordering this versus the guests that aren't. And the guests that aren't are increasing frequency as well. So this is a good top spin. In the short term, there will be a little bit of check mix. So as Raj mentioned, in the second quarter, we had about 20 basis points of mix from -- or 30 basis points of mix from the lighter portion.

Brian，這會對內部指標、價值認知、可負擔性以及合適的份量產生影響。但銷售額會受到一些影響，具體體現在以下幾個方面。正如我們所說，從長遠來看，點這道菜的客人比不點這道菜的客人光顧頻率更高。而那些並非如此的客人，入住頻率也在增加。這是一個漂亮的上旋球。短期內，支票組合會有些許變動。正如 Raj 所提到的，在第二季度，我們大約有 20 個基點來自——或者 30 個基點來自較輕部分。

As we roll it out to more restaurants, there will be a little bit of bigger mix impact, but that's being offset by other things we have with the strong performance of delivery. It might not be necessarily in mix offset but in total sales. So we believe this is the right thing to do for our guests in the short term and the long term. And that's why we've actually accelerated the rollout.

隨著我們向更多餐廳推廣這項服務，產品組合可能會受到更大的影響，但外送業務的強勁表現抵消了這種影響。這可能不一定會在產品組合的抵銷上反映，而是在總銷售額上反映出來。因此，我們認為無論從短期或長期來看，這對我們的客人來說都是正確的做法。正因如此，我們才加快了推廣速度。

Thanks for that. And my follow-up is on labor, in the margins on labor. Over the last couple of quarters, you've seen some labor margin deleverage despite growing comps over 4% the last couple of quarters. What do you attribute this to? Because historically, you've been able to better leverage labor margins on this type of comps. Is there any specific investments going into labor or mix issues within the brands worth pointing out? And how are you thinking about the ability to maybe better leverage labor margins moving forward?

謝謝。我的後續研究是關於勞動力的，是關於勞動力的邊緣問題。過去幾個季度，儘管同業銷售額成長超過 4%，但勞動成本利潤率卻有所下降。你認為這是什麼原因造成的？因為從歷史上看，在這種類型的比較中，你能夠更好地利用勞動利潤率。品牌內部在勞動力或產品組合方面是否有值得一提的具體投資？那麼，您認為未來如何能更好地利用勞動利潤率呢？

Brian, this is Raj. So from a labor margin perspective, I think I said in my prepared remarks, if you actually look at our comparable restaurants, which is where we obviously had the same-restaurant sales growth, you have actually labor leveraging. We actually saw labor improve year-over-year. Even with us underpricing inflation, because labor inflation, as I said, was about 3.3%, our pricing was 2.6%, so we were able to offset that underpricing inflation and drive labor leverage through productivity improvements.

布萊恩，這位是拉傑。所以從勞動力利潤率的角度來看，我想我在準備好的發言稿中說過，如果你仔細觀察我們可比的餐廳（顯然，我們在可比餐廳的銷售額增長方面取得了顯著成效），你會發現實際上存在勞動力槓桿效應。實際上，我們看到勞動力狀況逐年改善。即使我們的定價低於通貨膨脹率（正如我所說，勞動力通貨膨脹率約為 3.3%），而我們的定價為 2.6%，因此我們能夠抵消定價過低造成的通貨膨脹，並透過提高生產力來增強勞動力槓桿作用。

The reason you don't see it at the total Darden level is because of the growth over the last year and the acquisition of Chuy's. And so that's really what, you got to look at the brand mix combined with some of the nuances. So it's more, I would say, idiosyncratic versus a systematic issue. We actually feel like as we go through the back half, you should start to see labor start to be more of a good guy.

之所以在 Darden 整體層面上沒有看到這種情況，是因為過去一年的成長以及對 Chuy's 的收購。所以，關鍵在於要結合品牌組合和一些細微差別來考慮。所以，我認為這更多的是一個個別問題，而不是一個系統性問題。我們感覺，隨著產程進入後半段，產婦會開始變得更像好人。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Thanks, and congrats on this -- particularly this Olive Garden same-store sales result in the quarter, which should help with concerns about that brand lapping the tough comparisons coming up in the fourth quarter. But I'm wondering what does your guidance generally anticipate with regard to Olive Garden comps going into that quarter? Are you factoring any benefit from fiscal stimulus? And just generally, what do you think you'll be doing in general to help maximize your chances of keeping positive comps going over those tough comparisons? And I have a quick follow-up.

謝謝，恭喜你們取得這樣的成績——特別是 Olive Garden 本季的同店銷售業績，這應該有助於緩解人們對該品牌在第四季度面臨嚴峻的業績對比壓力的擔憂。但我很想知道，您對 Olive Garden 在該季度的同店銷售額有何預期？你是否將財政刺激措施帶來的好處納入考量？總的來說，你認為你通常會採取哪些措施來最大限度地提高在面對艱難的對比時保持正面對比結果的可能性？我還有一個後續問題。

Yes, David, thanks for those comments. So from a same-restaurant sales perspective, if you look at our guidance, we talked about for the full year, 3.5% to 4.3%, which essentially means roughly 2.5% to 4% in the back half, which would imply basically flat traffic at the midpoint of that range. I don't want to get specifically into the brands, but here is how we think about the total. When we look at the -- take into consideration the first half of the year, some macro uncertainty, but potential consumer spending benefit from the fiscal stimulus in early 2026, and we have several initiatives at the brand levels to drive sales, we feel like the outlook we provided is reasonable. And so I think that's really all I have to say on that front. Thanks.

是的，大衛，謝謝你的評論。因此，從同店銷售的角度來看，如果你看一下我們的指導意見，我們談到全年增長 3.5% 至 4.3%，這實際上意味著下半年增長約 2.5% 至 4%，這意味著客流量基本持平，處於該範圍的中點。我不想具體談論品牌，但這是我們對整體情況的看法。當我們審視——考慮到今年上半年的一些宏觀不確定性，但考慮到2026年初財政刺激措施可能提振消費者支出，以及我們在品牌層面採取的多項促進銷售的舉措，我們認為我們提供的展望是合理的。所以我覺得關於這一點，我就沒什麼要說的了。謝謝。

The other thing I'm curious about is how you're thinking about pricing versus the path of inflation on beef and steak. Clearly, I think you said something about your pricing was trailing inflation by 3 points or more. I think I didn't quite catch that, at LongHorn. So I'm just wondering about whether you think that -- does your guidance anticipate additional pricing at LongHorn through the rest of the year? Any thoughts on that?

我還想知道您是如何考慮牛肉和牛排的定價以及通貨膨脹路徑的。顯然，我想你說過你的定價比通貨膨脹率低 3 個百分點或更多。我覺得我在LongHorn沒完全聽懂。所以我想知道您是否認為——您的預測是否預示著 LongHorn 在今年剩餘時間內會有進一步的價格上漲？對此有什麼看法？

David, so yeah, on the pricing front, let me start at a bigger picture and then get back to LongHorn specifically. So we did price for the quarter, at the Darden level, was about 130 basis points below inflation. And we do expect that to cut in half by the time we get to third quarter and actually catch up to inflation as we get to fourth quarter, primarily because, one, we're taking some pricing, but also we expect inflation to come down, especially as we go into the fourth quarter.

David，是的，關於定價方面，讓我先從大局說起，然後再具體談談 LongHorn。因此，我們計算出的季度價格，以達頓集團的水平來看，比通貨膨脹率低約 130 個基點。我們預計到第三季度，這一數字將減少一半，到第四季度將趕上通貨膨脹率，這主要是因為，一方面，我們正在進行一些定價，另一方面，我們也預計通貨膨脹率會下降，尤其是在進入第四季度之後。

And specifically at LongHorn, yes, I don't expect LongHorns to have underpricing by 320 basis points as you move forward. We'll take some modest price increases. But that's the benefit of the portfolio, right? We've talked about -- Rick mentioned this in his prepared remarks, that when there is some near-term pressure on one of the commodities, the portfolio provides the air cover to be able to kind of deal with this for the near term. And so all that said, look, our bias is to minimize pricing. And we'll do what we think is right to protect the guest, even if that means some margin erosion in the near term. Primarily, we're talking about second and third quarter, because we expect margin growth as we get into the fourth quarter.

具體到 LongHorn 來說，是的，我不認為 LongHorn 的價格會像之前那樣低 320 個基點。我們可以接受適度的價格上漲。但這就是投資組合的好處，對吧？我們已經討論過——里克在他的準備好的發言稿中也提到過——當某種大宗商品面臨短期壓力時，投資組合可以提供緩衝，以便在短期內應對這種情況。綜上所述，我們的目標就是盡可能降低價格。我們將採取我們認為正確的措施來保護顧客，即使這意味著短期內利潤會下降。我們主要指的是第二季和第三季度，因為我們預計進入第四季後利潤率會成長。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Yeah. Thanks, good morning, guys. Raj, can you maybe just talk more about the beef piece in what kind of gives you the confidence that that starts to come down by 4Q?

是的。謝謝，各位早安。Raj，您能否再詳細談談牛肉價格，是什麼讓您有信心牛肉價格會在第四季度開始下降？

Brian, I guess maybe let me start with what happened in the second quarter and how we're transitioning and how we see this. Because beef prices peaked in our fiscal second quarter, and they were well above the normal seasonal trends due to supply constraints that stem from packer cutbacks and halted Mexican cattle imports due to the screwworm outbreak. We have seen retail demand destruction accelerate over the past few months. And we think November was actually down about 14% demand, volume down in steak. Prices have started to improve in recent weeks, and we've been able to take some coverage for the back half.

布萊恩，我想或許我應該先說說第二季發生的事情，以及我們是如何過渡的，以及我們對此的看法。因為牛肉價格在我們第二財季達到頂峰，並且由於屠宰商減產和墨西哥因螺旋蠅疫情而停止進口牛隻，導致供應受限，因此遠高於正常的季節性趨勢。過去幾個月，我們看到零售需求的萎縮速度加快。我們認為11月牛排的需求量實際上下降了約14%，銷量也下降了。最近幾週價格開始回升，我們得以對下半年的業績進行一些保障。

I think this morning we showed about 45% coverage for the back half. And actually, as we're speaking, our team is getting a little bit more coverage. And so that's -- and the prices that were -- the coverage we're getting at is at the lows that are in line with our updated thinking, and all of that is contemplated in our guidance. If you look at what happened in the near term, prices are expected to ease a little bit as beef production actually increased to near prior year levels the last couple of few weeks, driven by packer profitability and lower cattle prices. Now there are -- there is enough inventory on feedlot to support the recent production increase.

我認為今天早上我們展示了後半段約 45% 的覆蓋率。事實上，就在我們說話的這段時間，我們的團隊獲得了更多關注。因此，我們目前的覆蓋範圍——以及先前的價格——都處於與我們最新想法相符的低位，所有這些都在我們的指導意見中有所考慮。從短期來看，由於屠宰商獲利能力增強和牛價下跌，牛肉產量在過去幾週實際上已恢復到接近去年同期水平，因此價格預計將略有回落。現在情況已經好轉——飼養場的庫存足以支持最近的產量成長。

Okay. That's helpful. With first-party delivery, is 4% of sales, is that kind of where you expected to be at this point? Or I guess what else do you think could continue to push that higher, if you, in fact, want that? Are you still seeing sort of sequential increases in delivery mix?

好的。那很有幫助。自營配送佔銷售額的 4%，這是否符合您目前預期？或者，我想問，如果你真的想要更高的價格，你認為還有什麼其他因素可以繼續推高這個數字？您是否仍看到配送組合呈現某種連續成長的趨勢？

Yeah, Brian, we're really pleased with 4%. As you recall, we didn't do any marketing -- you didn't know that. But we didn't do any marketing in Q2, and we're at 4%. I think the way that would increase is if we do some marketing and get more people into it. But it's tracking pretty closely to our overall to-go business. And we feel good where that is with the incrementality we're getting. But if we want to drive that up, we have some options on the marketing side.

是的，布萊恩，我們對 4% 的成績非常滿意。你應該還記得，我們​​沒有做任何市場推廣——你不知道這一點。但我們在第二季沒有做任何行銷，我們的市佔率只有 4%。我認為增加這個數字的方法是做一些市場推廣，吸引更多的人參與其中。但它與我們整體的外送業務走勢非常接近。我們對目前的進展感到滿意。但如果我們想提高這個數字，我們在行銷方面有一些選擇。

Thank you.

謝謝。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

So I wanted to ask on Olive Garden delivery. You said about half of the 4% was incremental. But as delivery grows, do you expect the incremental share to hold? Or does cannibalization increase with penetration? And then what are you doing operationally to try to preserve the incrementality?

所以我想問一下關於Olive Garden外送的問題。你說過，這 4% 大約有一半是新增的。但隨著配送量的成長，您認為新增份額能夠維持下去嗎？或者說，隨著滲透率的提高，同類相食現像也會增加？那麼，在實際操作中，你們採取了哪些措施來努力維持這種增量性呢？

Jacob, I would hypothesize that as delivery grows, the incrementality will stay where it is or get better, because those folks that are ordering delivery are higher frequency and lower -- a little bit younger and more affluent. So as it grows, if it continues to grow, we would expect a little bit more incrementality, until it (inaudible) on itself, and then it's a little less there.

Jacob，我的假設是，隨著外送業務的成長，增量將保持不變或有所改善，因為訂購外送的人群頻率更高，而且——更年輕、更富裕一些。所以隨著它的增長，如果它繼續增長，我們預計它會逐漸增加，直到它（聽不清楚）自身停止增長，然後它就會減少一些。

And then just more broadly, you've talked about guests moving between channels depending on value or occasion. Have you seen any meaningful shift and where full-service or casual dining fits into the broader food spend mix?

此外，您也談到，顧客會根據價值或場合在不同管道之間切換。您是否觀察到任何實質的變化，以及全方位餐飲或休閒餐飲在整體食品消費結構中的定位？

Yeah. As you see, our sales performance [and] the casual dining industry itself, I think the industry has been growing faster than other segments, and we've been growing faster than the industry. So I would say that we're -- continuing to make sense for us not to look at it, but we really do have some concerns, and they know what they are.

是的。正如你所看到的，我們的銷售業績以及休閒餐飲業本身，我認為該行業的成長速度比其他行業更快，而我們的成長速度也超過了整個產業。所以我覺得，繼續不去關注這件事對我們來說仍然是明智之舉，但我們確實有一些擔憂，他們也知道這些擔憂是什麼。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. My first question is just on the comp commentary. Just I think, Raj, you mentioned that the favorable gap to the industry improved through fiscal 2Q. I was wondering whether you would assume or you are assuming that that continues. Maybe you have some quarter-to-date third quarter numbers. But your assumption for the back half of the year in terms of maybe a further widening of that gap? And then I had a follow-up.

偉大的。我的第一個問題是關於比賽解說的。Raj，我記得你提到過，第二財季產業有利差距有所改善。我想知道您是否認為或您正在假設這種情況會繼續下去。或許您有一些截至第三季末的數據。但你認為下半年這種差距可能會進一步擴大嗎？然後我還有後續跟進。

Jeff, look, we did see an increase in our performance -- and we've said historically, when industry slows a little bit, we widen the gap. But as we look at the back half, we don't really start with what the industry numbers are. We actually look at a lot of what's macro and then all the things I mentioned about the brand initiatives. Because industry is a representation of some of it, but not all of it. And so we just -- we do it differently. And so I don't want to comment on what we expect the gap to be going forward.

傑夫，你看，我們的業績確實有所提升——而且我們過去也說過，當行業增速放緩時，我們的差距就會拉大。但當我們審視後半部時，我們並不是從產業數據開始的。我們實際上會關注許多宏觀層面的問題，以及我提到的所有關於品牌推廣活動的問題。因為產業只是其中一部分，而不是全部。所以我們就——我們採取了不同的做法。因此，我不想對我們預期未來差距會有多大發表評論。

Understood. And then the follow-up is just on the Uber addition. It sounds like Yard House is next up, third in line there for -- behind Olive Garden and Cheddar's. I think you mentioned it's not likely to be as meaningful of a contributor as it is more of a bar type concept. But just wondering where LongHorn sits or where -- I know you don't dictate it, so where perhaps management of LongHorn specifically think about it. It would seem like that's the next big brand that could have more of a meaningful contribution, but offsetting that, I know often discuss that maybe their food doesn't travel as well. So just wondering your updated thoughts in terms of whether LongHorn could add 1P delivery.

明白了。接下來的重點是 Uber 的加入。聽起來 Yard House 是下一個，排在 Olive Garden 和 Cheddar's 之後，排名第三。我認為你提到過，它不太可能成為一個有意義的貢獻者，而更像是酒吧類型的概念。但我只是好奇 LongHorn 的定位是什麼——我知道這並非由你們決定，所以也許 LongHorn 的管理層應該認真考慮一下這個問題。看起來這似乎是下一個可能做出更大貢獻的大品牌，但另一方面，我經常討論他們的食物可能不太適合外帶。所以想了解一下您對 LongHorn 是否可以增加 1P 配送服務的最新看法。

Jeff, I'll start with the Yard House part. We don't anticipate it to be as big an impact because Yard House is a smaller brand, not just because they're a bar, but they also do a little bit lower to-go business. So if you think about when we implemented it at Olive Garden and then at Cheddar's, the percent delivery lined up pretty well with the percent to-go. So Cheddar's right now, I think, is doing about 15% off-premise. LongHorn does about 15% off-premise.

傑夫，我先從Yard House那部分說起。我們預計它不會產生太大的影響，因為 Yard House 是一個較小的品牌，不僅因為他們是一家酒吧，還因為他們的外賣業務也比較少。所以，如果你想想我們在 Olive Garden 和 Cheddar's 實施這項政策的時候，你會發現外送餐率與自取送餐率非常吻合。所以我覺得 Cheddar's 目前的非堂食銷售額佔比大約 15%。LongHorn約有15%的訂單是外帶。

So it's not a small off-premise business. And we do know that when guests order at LongHorn off-premise, the mix is different. So they order more chicken and seafood and a little less steak than they do in the dining room. So it's something that LongHorn is learning from the other brands to see if it makes sense for us to go on to Uber Direct. And if it does, then we'll start testing it. But we don't have anything to say about that right now.

所以這不是一家小型外賣店。我們知道，當顧客在 LongHorn 餐廳外點餐時，食材搭配會有所不同。所以他們點的雞肉和海鮮比在餐廳點的多，牛排則少一些。所以，LongHorn正在向其他品牌學習，看看我們加入Uber Direct是否有意義。如果確實如此，我們就會開始測試。但我們現在對此無可奉告。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you. I was interested just on the topic of value. It sounds like that's resonating even actually in Fine Dining. You talked about these sort of combos and these -- and the $55 at Ruth's. I guess, are you bringing in different customers to the -- across the brands? I mean I know you mentioned maybe some softness in below $50. But if I just think about while the pricing may be up low single digits, there's presumably some negative mix and the sort of entry-level price points are lower across -- it sounds like across maybe all your brands. So are you seeing different customers come in for that? Or is it just more increasing frequency among the customers you do have as you offer these kinds of very accessible price points?

謝謝。我只對價值這個主題感興趣。聽起來這種觀點甚至在高級餐飲界也引起了共鳴。你談到了這類組合，還有這些——以及 Ruth's 的 55 美元。我想，你們是否在為各個品牌吸引不同的顧客群？我的意思是，我知道你提到過50美元以下的價格可能會有一些彈性。但如果我仔細想想，雖然價格可能上漲了個位數，但想必存在一些不利因素，而且入門級價格點普遍較低——聽起來好像是你們所有品牌的價格都較低。所以，您是否看到有不同類型的顧客前來諮詢這個問題？或者，是因為你提供這種非常實惠的價格，所以你現有客戶群的購買頻率才會越來越高？

Yes, Sara, most of our promotions really help our core customers. We are seeing a little bit of an increase in new customers or customers who we haven't seen in a while when we do these. But we actually see an increase in our core too. So it's not targeted to get new -- for new people; it's targeted for anybody. And we do see a little bit of a mix at Ruth's Chris when we do the $55 prefixed menu. But that's because guests are looking for certainty (inaudible). And so that's what we're giving them. And it drives quite a bit of volume at Ruth's Chris, and it's a good thing for us. It's not -- it's a profitable deal for us.

是的，薩拉，我們大部分的促銷活動確實能幫助我們的核心客戶。我們發現，在進行這些活動時，新客戶或一段時間未見的客戶數量略有增加。但實際上，我們的核心業務也有所成長。所以它的目標用戶不是新用戶，而是所有人。當我們在 Ruth's Chris 餐廳推出 55 美元套餐時，確實看到了一些混合情況。但那是因為客人尋求的是確定性。（聽不清楚）所以這就是我們給他們的。這為 Ruth's Chris 帶來了相當大的銷量，這對我們來說是件好事。不是的——這對我們來說是一筆有利可圖的交易。

Right. Understood. And then just on a follow-up, Raj, you mentioned, I think, the demand has declined about 14% in November for beef. I guess -- do you -- are there certain kind of rules of thumb about what that would mean for beef prices? Just as I think about it, it seems like this is the first time we've really seen like retail demand pull back. So just trying to understand how that translates into kind of the market prices for beef.

正確的。明白了。Raj，我再補充一點，你剛才提到，11 月牛肉需求下降了約 14%。我想——你覺得——對於牛肉價格而言，是否存在某種經驗法則？仔細想想，這似乎是我們第一次真正看到零售需求出現回落。所以，我只是想了解這如何轉化為牛肉的市場價格。

Yeah. I would say the last few months have been different from what we would have seen historically. Historically, there was retail demand destruction. You saw the prices come down sooner. I don't want to get into a lot of the dynamics, but there is something with how the -- between the packers and how things are working. It seems like there is some constraining of supply. But it's hard for us to really know what's happening. Maybe they have other challenges. So it's really going to be a function of how much production is out there, right? And so yeah, I don't think we have a good crystal ball on that. But I did share, we are seeing some green shoots, and that's -- that are actually starting to see the coverage that come more in line with our expectations.

是的。我認為過去幾個月的情況與以往有所不同。歷史上，零售需求曾經遭受重創。你早就看到價格下降了。我不想深入探討其中的複雜因素，但包裝工隊和球隊運作方式之間存在一些問題。似乎供應方面存在一些限制。但我們很難真正了解發生了什麼事。或許他們還面臨其他挑戰。所以，這其實取決於市場上的生產規模，對吧？所以，是的，我覺得我們無法準確預測這件事。但我確實分享過，我們看到了一些好轉的跡象，那就是——這些跡象開始逐漸符合我們的預期。

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Raj, I wanted to start and maybe ask if you could us the comp components for Olive Garden breaking out particularly mix and traffic? And then as an add-on to that, are you able to give us any details around the type of consumer that you're seeing in the near term with Olive Garden given that it's a well-established brand but they have a lot more avenues that consumers can access the brand? Now I wonder if that has any noticeable changes in the type of guests, whether it's income level, age, group sizes. Anything like that you could provide would be great.

Raj，我想先問一下，你能不能利用 Olive Garden 的合成組件，特別是混音和流量部分？此外，鑑於 Olive Garden 是一個成熟的品牌，但消費者可以透過更多管道接觸到該品牌，您能否詳細介紹您在近期內看到的消費者類型？現在我想知道這是否會對客人的類型產生任何明顯的變化，例如收入水平、年齡、團體規模等。如果您能提供類似的信息，那就太好了。

Yeah. So from an Olive Garden breakdown, the comp -- the same-restaurant sales were 4.7%. The traffic, as we measured, was 1.7%, but when add the catering of 1.1%, that's basically (inaudible) of 2.8%. And the pricing was 2.6%, so there was some negative mix, but also there was some help from Uber Direct fees, but that's the mix of the traffic and the sales. From a guest perspective, I think Rick already addressed it in the script or in his prepared remarks about we're seeing more increased growth across all income levels above $50,000. And we're seeing a little bit more growth from the -- as we move up the age spectrum, there's a little bit of a pullback, the below $50,000 and lower -- or younger folks. But that's really it.

是的。根據 Olive Garden 的細分數據，同店銷售額為 4.7%。我們計算，客流量為 1.7%，但加上餐飲業的 1.1%，基本上就是（聽不清楚）2.8%。定價為 2.6%，所以存在一些負面影響，但 Uber Direct 的費用也起到了一定的幫助作用，這就是流量和銷售的組合。從嘉賓的角度來看，我認為里克已經在稿子或他準備好的發言中提到過這一點，即我們看到所有收入水平超過 5 萬美元的人群都出現了更大的增長。我們看到，隨著年齡的增長，增長幅度略有增加——但隨著年齡的增長，增長幅度略有回落，尤其是在年收入低於 5 萬美元或更低的人群中——或者說更年輕的人群。但事實僅此而已。

Okay. And then if I could shift gears a little on LongHorn. Continued outperformance there, I think, value steak in general. Is there any way for us to maybe match that up with the outperformance in Fine Dining as well? Because I think a lot of people expect the value to continue to do well, but more surprised at the outperformance in Fine Dining. I don't know if there's a read to make there, if there's some maybe aspirational guests that are accessing Fine Dining? Or if we just reached a point where we've lapped enough and the sales base is lower than we can get back to positive on Fine Dining?

好的。然後，如果我能稍微調整一下關於 LongHorn 的話題。我認為，牛排整體表現會持續優於市場平均水平，並且具有很高的價值。我們有沒有辦法讓這種表現也能與高級餐飲的優異表現相符？因為我認為很多人都預期價值股會繼續表現良好，但更讓他們感到驚訝的是，高級餐飲股的表現卻格外出色。我不知道這其中是否有什麼值得探討的地方，例如是否有一些有抱負的客人正在體驗高級餐飲？或者，如果我們已經達到一個瓶頸，即我們已經走了足夠多的彎路，銷售基數低於我們在高級餐飲領域實現盈利的能力？

Yeah, Jim, I'll start talk with LongHorn. I think LongHorn, their outperformance is driven by years of what they've done focusing on their strategy: continue to price a little below inflation, invest in their food and cook their stakes better. And that's been very helpful for them. Now I think they may be benefiting right now with such a high price of beef that that consumers are actually going to LongHorn instead of eating at home. And when we talk about the $50,000 consumer, under $50,000, I think LongHorn grew under $50,000. So it's interesting, they have a higher check than Olive Garden, but they grew their guest count at under $50,000 range.

好的，吉姆，我會開始和LongHorn公司談談。我認為 LongHorn 的優異表現源於他們多年來專注於自身策略的努力：繼續以略低於通貨膨脹的價格定價，投資於飼料，並不斷改進牛排的烹飪工藝。這對他們來說非常有幫助。現在我認為他們可能正從中受益，因為牛肉價格如此之高，消費者實際上都去 LongHorn 餐廳吃飯而不是在家吃。當我們談到年收入低於 5 萬美元的消費者時，我認為 LongHorn 的成長目標就是年收入低於 5 萬美元的消費者。所以很有意思，他們的客單價比 Olive Garden 高，但他們的客單價卻在 5 萬美元以下。

That could be because such a disparity between how much you have to pay in the grocery store versus what you pay in the restaurant, which could be driving some of the traffic growth. But it has impacted their margins. So on the Fine Dining side -- I'll finish with one other thing at LongHorn. I still think they might be taking a little bit of share from Fine Dining. That said, Fine Dining had a good quarter this quarter. Trends are improving. And it may be that we're getting closer to kind of clearing everything out that happened during COVID. We're seeing some good value, some good performance at Ruth's Chris.

這可能是因為雜貨店的消費金額與餐廳的消費金額之間存在巨大差異，而這可能是推動客流量成長的部分原因。但這影響了他們的利潤率。那麼，關於高級餐飲方面——我最後再說說 LongHorn 餐廳。我仍然認為他們可能會從高級餐飲市場搶佔一些份額。也就是說，本季高級餐飲業表現不錯。趨勢正在好轉。或許我們正在逐漸清除新冠疫情期間發生的一切。我們看到 Ruth's Chris 的菜色物有所值，表現也不錯。

Capital Grille had a good quarter. But we don't -- it's not over yet. We've got to see that continue for a while to feel really great about it. We feel good about it, we want to feel great about it. So as we think about what's happening in the industry, we continue to say that as long as we do the things that we're supposed to do, provide a great value, cook the food properly, give a great experience to our guests, they're going to be coming back.

Capital Grille本季業績不錯。但事情還沒結束。我們需要看到這種情況持續一段時間，才能真正感到滿足。我們對此感覺良好，我們希望對此感覺很棒。所以，當我們思考行業現狀時，我們始終認為，只要我們做好我們應該做的事情，提供物超所值的服務，把食物烹飪好，給顧客帶來美好的體驗，他們就會再次光顧。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Great. Can you just help unpack what you saw in terms of cadence of actual comp as you move through the quarter? I know there's a lot of volatility and noise in the industry. And then anything that you can provide on what you're seeing quarter-to-date as well as differences you may be seeing across regions?

偉大的。能否請您詳細解釋一下，隨著季度的推進，您在實際比賽節奏方面觀察到的情況？我知道這個行業波動性很大，也充斥著很多噪音。那麼，您能否提供一些關於本季至今的情況，以及您在不同地區之間觀察到的差異的資訊？

Lauren, I don't want to get into the quarterly cadence of comps, but I'll just say from an earnings perspective, I think we kind of provided the high level how we're thinking about it. And it's really more driven by pricing. As I said, pricing gap to inflation is expected to cut in half as we get into third quarter as we take a little bit more price and inflation actually is probably closer to the Q2 level. But then as we get to the fourth quarter, we expect pricing to go up a little bit more and inflation to come down a little bit more. And so that's kind of why in -- we talked about what we expect earnings growth to be more in the third quarter to be in the mid-single digits. But I don't want to get too much into the quarterly sales comp.

勞倫，我不想深入討論季度業績比較的節奏，但從盈利的角度來看，我認為我們已經大致說明了我們的想法。而且，這其實更多是由價格因素驅動的。正如我所說，隨著我們進入第三季度，價格與通膨之間的差距預計將縮小一半，因為我們將更多地考慮價格因素，而通膨實際上可能更接近第二季度的水平。但到了第四季度，我們預期物價會略微上漲，而通膨會略微下降。所以，這就是為什麼我們在…中討論過，我們預計第三季的獲利成長將達到個位數中段。但我不想過多討論季度銷售業績。

Okay. And then just on stimulus, there's some excitement about stimulus into '26. If you go back to prior fiscal stimulus, which brands tend to benefit the most in your portfolio? And do you see it through traffic or average check?

好的。然後，就刺激經濟而言，人們對 2026 年的刺激經濟感到興奮。回顧以往的財政刺激措施，您投資組合中的哪些品牌往往受益最大？你是透過交通流量還是平均客流量來判斷的？

Yes, Lauren, I would say all of our brands benefit from stimulus, depending on how it comes in. But I will say that if you think about the folks that benefit from no tax on chips and (inaudible) over time, they may be a median income and lower. So that could help our brands like Olive Garden or Cheddar's or Chuy's that have a little bit higher mix there. But all of our brands benefit when there's stimulus that gives more money to consumers.

是的，勞倫，我認為我們所有的品牌都會受益於經濟刺激，這取決於刺激的方式。但我想說的是，如果你想想那些從晶片免稅中受益的人，隨著時間的推移，他們的收入可能處於中位數甚至更低。這樣一來，這可能有助於像 Olive Garden、Cheddar's 或 Chuy's 這樣在這些地區中佔稍高的品牌。但當經濟刺激政策讓消費者有更多金錢可支配時，我們所有的品牌都會受益。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

I just wanted to follow up on the conversation around the marketing efforts around Uber Direct. I think you guys mentioned you didn't do any marketing this quarter. Can you just talk about that decision? And what's the game plan in the back half of the year? Are you planning on increasing marketing around that effort? Any thoughts on that would be helpful.

我只是想就 Uber Direct 的行銷活動進行一些後續討論。我想你們之前說過這季沒有做任何行銷。您能談談這個決定嗎？那麼下半年的比賽計畫是什麼？您是否計劃加大對這項工作的市場推廣力度？任何想法都將不勝感激。

Peter, the reason we didn't do any marketing on Uber Direct in the second quarter was we had just kind of done some in Q1, and we had other things that we wanted to spend our marketing dollars on, particularly Never Ending Pasta Bowl. Never Ending Pasta Bowl is our best promotion at Olive Garden. And I think others had some concern that we were wrapping on Never Ending Pasta Bowl on how that would go. And as Raj mentioned, our gap to the industry grew every month in the quarter, even though Never Ending Pasta Bowl was kind of coming towards the end of the promotion period. So we think that we would -- we're better off spending marketing dollars on Never Ending Pasta Bowl than we are on delivery at that time. I can't comment on if we're going to do it in the third or fourth quarter, but it's something that people will see pretty quickly if we do.

Peter，我們第二季沒有對 Uber Direct 進行任何行銷的原因是，我們在第一季已經做了一些行銷，而且我們還有其他想把行銷預算花在其他事情上，特別是 Never Ending Pasta Bowl。Olive Garden 的「無限量麵碗」是我們最棒的促銷活動。我認為其他人也有些擔心，我們即將結束的《永無止境的意大利麵碗》會如何結束。正如 Raj 所提到的，儘管「永無止境的意大利麵碗」促銷期即將結束，但我們與行業的差距在本季度每個月都在擴大。所以我們認為，與其把錢花在外賣上，不如把錢花在「永不停止的義大利麵碗」的行銷上。我無法評論我們會在第三季還是第四季這樣做，但如果我們這樣做，人們很快就會看到結果。

Great. And then just following up, my last question, on tariffs. Is there any sort of update on the impact there, tariffs, on either commodities or on development costs? I think in the past, you had mentioned there was maybe a slight impact on development cost from tariffs. Just any update on that front would be helpful too.

偉大的。最後，我還有一個關於關稅的問題。關於關稅對大宗商品或開發成本的影響，是否有任何最新進展？我記得你之前提到過，關稅可能會對開發成本產生輕微影響。任何這方面的最新消息都會很有幫助。

Yes, Peter, not a lot. I mean at this point, part of our commodity inflation includes some of the tariff impact. It's in the tens of basis points as a percent of sales, which is in line with what we had indicated earlier. From a construction cost, I'd say we're still -- from the data we're seeing, it's in that mid-single-digit impact. No change there.

是的，彼得，不多。我的意思是，目前大宗商品通膨的一部分包含了關稅的影響。佔銷售額的百分比在幾十個基點以內，這與我們先前所指出的情況一致。從建設成本來看，根據我們目前看到的數據，影響仍然在個位數的中等水平。情況沒有變化。

Jon Tower, Citi.

Jon Tower，花旗銀行。

Maybe going back the small plates that you're rolling out now and getting it done by January. I'm just curious, have you tested any [media] behind it? What's your intention behind doing that? Obviously, you're seeing a bit of negative mix now that you've rolled it out to some of the stores. So how are you thinking about communicating it to guests? And obviously, there could be some pressure on the business if you were to market it to them. So how are you thinking about the trade-off there?

或許可以恢復你現在推出的小批量產品，爭取在1月完成。我只是好奇，你有沒有測試過它背後的[媒體]？你這樣做的目的是什麼？顯然，現在你們已經將這項服務推廣到一些門市，出現了一些負面回饋。那麼，您打算如何向客人傳達這項訊息呢？顯然，如果你向他們推銷產品，可能會給企業帶來一些壓力。那麼，你如何看待這其中的權衡取捨？

Yes, Jon, currently, we're not expecting or we're not thinking about marketing it to our guests because it's doing pretty well on the menu the way it is, and it's driving a little bit more frequency and the guests order it. And maybe the word of mouth from other guests will do that. But our plans right now don't include marketing it, but those could change.

是的，Jon，目前我們沒有計劃或考慮向顧客推廣這道菜，因為它在菜單上的表現已經很好了，而且提高了顧客點餐的頻率，顧客也經常點這道菜。或許其他客人的口碑宣傳也能起到這樣的作用。但我們目前的計劃不包括市場推廣，不過這些計劃可能會改變。

Okay. And is this something that will be available to delivery, so 1P guests as well?

好的。這項服務是否也提供外送服務，包括單人用餐的客人？

Yes. The way we think about 1P is if it's on our menu, it's probably available for delivery.

是的。我們對 1P 的看法是，如果它在我們的菜單上，那麼它很可能可以外送。

Okay. Cool. And then just on the unit growth update, it's nice to see you guys taking up the numbers by another 5 potentially for the year. Can you just give us some color on where you're seeing those numbers or what brands it's coming from? And then is this just a pull forward from what you were thinking for fiscal '27?

好的。涼爽的。另外，關於單位成長情況，很高興看到你們今年的單位數量可能還會再增加 5 個。能否詳細說明一下您是從哪裡看到這些數據的，或是這些數據來自哪些品牌？那麼，這是否只是將您原先對 2027 財年的設想提前實施呢？

Yes, Jon, we're talking about five restaurants, it's a couple of brands that are driving that. So without telling you exactly which one, because that can change throughout the year where we end up at the fiscal year, so we'd say 65 to 70. It isn't necessarily a pull forward from next year that doesn't get backfilled by other brands. So we don't anticipate that this year's growth a little bit ahead of plan will [damper] next year's, because our teams are out there working hard, going and finding sites and getting deals done faster than they had before. And as you recall, in the June call, I said that we are farther along in development than any point in any June we've had in years. So we feel really good about it. And that team is still doing great work to get us more sites.

是的，喬恩，我們說的是五家餐廳，是幾個品牌在推動這一切。所以，我不能確切地告訴你具體是哪一年，因為到了財政年度結束時，這個數字可能會發生變化，所以我們說大概是 65 到 70 歲。這不一定意味著明年的訂單會被提前，也不會被其他品牌填補空缺。因此，我們預計今年略微超前於計劃的增長不會[抑制]明年的增長，因為我們的團隊正在努力工作，尋找合適的地點，並以比以往更快的速度完成交易。你們應該還記得，在六月的電話會議上，我說過，我們目前的研發進度比過去幾年任何一個六月都要快。所以我們對此感到非常滿意。而且，這個團隊仍在努力為我們爭取更多站點。

Happy holidays.

節日快樂。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

With all the pushes and pulls, how are you guys thinking about the fiscal '26 restaurant level margin versus fiscal '25?

考慮到各種利弊，你們如何看待 2026 財年餐廳層面的利潤率與 2025 財年相比的變化？

Jeff, I would just refer you back to the long-term framework, and we've talked about that we've put out at the beginning of the year, and we said we're focused on earnings after-tax margin of flat to positive 20 basis points. And I think our guidance still implies we're going to be in that range, give or take 10 basis points, but that's kind of how we look at it. I don't -- we don't want to get too bogged down on any one level of -- one line item. We manage the business holistically to get a good return to the investors. And I would encourage you all to look at it through that lens.

傑夫，我只想讓你回顧一下我們年初發布的長期框架，我們當時說過，我們專注於實現稅後利潤率持平或正20個基點的目標。我認為我們的指導意見仍然暗示我們將在這個範圍內波動，上下浮動 10 個基點，但我們就是這樣看待這個問題的。我不想——我們不想在任何一個層面——任何一個具體項目上過於糾纏。我們以整體視角管理業務，為投資者帶來良好的回報。我鼓勵大家從這個角度來看這個問題。

Okay. And then with your top line exceeding expectations for the second consecutive quarter, I appreciate that there's some incremental costs or greater than expected costs that you guys are incurring. But are there areas where you're increasing reinvestment relative to prior expectation with that better top line performance?

好的。而且，你們的營收連續第二季超出預期，我理解你們因此產生了一些額外的成本或超出預期的成本。但是，隨著營收成長，您是否在某些領域增加了相對於先前預期的再投資？

Yes, Jeff, we are making investments with these incremental sales and, primarily, it's in the lighter portion section on the Olive Garden menu. We are rolling out faster than we anticipated. We had originally expected to roll it out over the fiscal year and maybe even into next fiscal year, but it's doing so well. And the -- and delivery is doing so well, we just decided to keep going. And then we're also making big investments and still pricing below inflation.

是的，傑夫，我們正在利用這些新增銷售額進行投資，並且主要投資於橄欖園菜單上的輕食部分。我們的推廣速度比預期快。我們原本預計在本財年甚至可能延續到下一個財年內推出，但它的進展非常順利。而且——而且配送情況非常好，所以我們決定繼續下去。而且我們還在進行大量投資，但定價仍然低於通貨膨脹率。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

I just wanted to ask the latest on the operational efforts or the speed of service efforts. I know it's a longer-term initiative that you've touched on previously. But just any updates on the implementation of that or how you're thinking about the plan?

我只是想了解一下營運方面的最新進展或服務速度方面的情況。我知道這是一項長期計劃，您之前也提到過。但關於該計劃的實施情況，或您對該計劃的看法，有什麼最新進展嗎？

Yes, Dennis, every brand is implementing it a little differently depending on what they need to do. I would say that some brands are getting their speed up faster than other brands. But all brands are making some improvement. And again, this is going to take a lot of effort and a lot of time to convince a group of folks that they have to do something a little differently than they thought, and to help the teams understand that the guests want things faster. And we don't really get a whole lot of complaints about being too fast; we get about being too slow. So those are the things that we have to keep doing. This is changing people's habits, and that takes a while, but we're seeing some improvement.

是的，丹尼斯，每個品牌都會根據自身需求，採用略有不同的實施方式。我認為有些品牌的發展速度比其他品牌更快。但所有品牌都在做一些改進。再次強調，要說服一群人改變他們的想法，讓他們做一些與以往不同的事情，並幫助團隊理解顧客希望更快得到服務，這需要付出很多努力和時間。我們很少收到關於速度太快的投訴；更多的是收到關於速度太慢的投訴。所以這些都是我們必須繼續做的事情。這正在改變人們的習慣，這需要一段時間，但我們已經看到了一些改善。

Great. Just to follow up on that. I know the genesis of the plan is to improve the customer experience, et cetera, more so than table terms, I believe. But an obvious benefit over time if this goes well, presumably is your table terms move notably and maybe there's a traffic benefit that you see from this? Is that fair?

偉大的。我來補充一下。我知道這項計畫的初衷是為了改善客戶體驗等等，我認為，這比具體的條款更重要。但如果進展順利，隨著時間的推移，顯而易見的好處是，你的餐桌預訂量會顯著下降，或許還能帶來流量方面的好處？這樣公平嗎？

Absolutely. I think especially during peak times, if we can get speed better, then table turn should speed up and it would increase traffic during those times. But I think it will increase traffic long term anyway because people are getting the experience they want at the pace they want, and they'll come back more often.

絕對地。我認為尤其是在高峰時段，如果我們能提高速度，那麼車輛週轉速度就會加快，這將增加尖峰時段的交通流量。但我認為從長遠來看，這無論如何都會增加客流量，因為人們可以按照自己想要的速度獲得自己想要的體驗，他們會更頻繁地光顧。

Andy Barish, Jefferies.

安迪·巴里什，傑富瑞集團。

Could you give us just kind of a Cheddar's brand update? And not a lot of call out there, I imagine there's some pressure just given the success of some big bar and grill concepts right now. But just kind of where that stands and what you might look at as a key for more unit growth there?

能否簡單介紹一下 Cheddar's 品牌的最新情況？而且市場需求不多，我想鑑於目前一些大型酒吧和燒烤店的成功，大家可能都承受著一些壓力。但目前的情況如何？您認為實現更多單元成長的關鍵是什麼？

Yes, Andy. Cheddar's is part of the Other segment. The Other segment also grew same-restaurant sales. And Cheddar's didn't disappoint, so they grew their same restaurant sales as well. Even if other bar and grills are kind of out there talking a little bit more -- a lot more about value, cheddar's is still doing what they do: providing great everyday experience with wow pricing. The other thing that we've been able to do over the years is to significantly improve their operations turnover.

是的，安迪。Cheddar's 屬於「其他」類別。其他類別的同店銷售額也有所成長。Cheddar's 餐廳也沒有讓人失望，他們的餐廳銷售額也實現了成長。即使其他酒吧和燒烤店都在大談特談性價比，切達餐廳仍然堅持做他們自己：以令人驚喜的價格提供優質的日常體驗。多年來，我們也成功地大幅提高了他們的營運週轉率。

So if you think about turnover when we bought Cheddar's, it was well, well above the industry average. And now it's below industry average. It's much closer to Darden averages for turnover. And that means a better experience. And so we do believe that Cheddar's is one of those brands that I mentioned earlier that have high potential for growth. And what I would say is I want to remind everybody that we think that growing way too fast is an issue in the industry. So our growth rates for any of our brands won't exceed 10%. But for Cheddar's, this year is the year that they're kind of finalizing and building their pipeline, and so it might take a year or so before you start seeing a little bit more growth in Cheddar's.

所以，如果你看看我們收購 Cheddar's 時的營業額，你會發現它遠高於行業平均。現在它低於行業平均水平。這與達頓商學院的平均營業額更為接近。這意味著更好的體驗。因此，我們相信 Cheddar's 是我之前提到的那些具有很高成長潛力的品牌之一。我想提醒大家的是，我們認為產業發展過快是個問題。因此，我們旗下任何品牌的成長率都不會超過 10%。但對於 Cheddar's 來說，今年是他們完善和建立產品線的一年，因此可能需要一年左右的時間才能看到 Cheddar's 的成長。

Appreciate it. And then Raj, can you just go through -- I missed some of the Olive Garden, the components of same-store sales?

謝謝。然後 Raj，你能簡單介紹一下嗎——我錯過了 Olive Garden 的一些內容，以及同店銷售的組成部分？

Sure, Andy. So the traffic was (inaudible) was up 1.7%. Catering was another 1.1%, so I'd say really the traffic was 2.8%. And then the check was 2.6%. Yes. And then -- not check, sorry, pricing. Price was 2.6%. So if you look at it through that lens of 2.8%, then the implied check would be 1.9%.

當然可以，安迪。所以交通量（聽不清楚）增加了1.7%。餐飲業佔了 1.1%，所以我認為實際的交通流量佔比為 2.8%。然後，支票金額為 2.6%。是的。然後——抱歉，不是查看價格。價格為 2.6%。所以，如果從 2.8% 這個角度來看，那麼隱含的支票金額就是 1.9%。

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

Rick, is there a plan to take the smaller portion approach with any of the other brands?

Rick，有沒有計劃對其他品牌也採取小份量包裝的方式？

We do have another brand testing smaller portions of current menu items, but they're doing it in a different way and not as many items. So there are some brands that lead to being able to do different kind of portions based on the protein, and so other brands already have it. So you think about LongHorn has different sizes for some steaks, they're testing a little bit more, they have different sizes for their chicken tenders, so does Cheddar's, I believe. So we do have other brands doing it, but not at the same way. We don't have a separate section on the menu for it.

我們還有另一個品牌正在測試現有菜單項目的小份量，但他們採用不同的方式，而且測試的菜餚種類也不多。所以有些品牌可以根據蛋白質含量製作不同份量的食品，而其他品牌已經具備這種功能。所以你想想，LongHorn牛排有不同的尺寸，他們還在進行更多測試，他們的雞柳也有不同的尺寸，我相信Cheddar's也是如此。所以確實有其他品牌也在做類似的事情，但方式不同。選單上沒有單獨的欄位介紹它。

Okay. And then just based on the company's research on GLP-1 usage, do you see a need to make any additional changes beyond the smaller portions to kind of accommodate these consumers?

好的。然後，根據公司對 GLP-1 使用情況的研究，您是否認為除了縮小劑量之外，還需要做出其他改變來適應這些消費者？

We're continuing to monitor the usage and the impact on eating and drinking. It's impacting drinking more than it's impacting eating, especially in our kind of brands. The data that we see is they're basically pulling back on some restaurant visits, but more so limited service. That said, the lighter portion section is helpful for that. But we aren't doing the lighter portion just for GLP-1. We're doing it to give all of our guests more options. It just so happens to benefit the consumers that might want smaller portions that are on GLP-1 medications. And we have a lot of options like that in all of our menus.

我們將繼續監測其使用情況以及對飲食的影響。它對飲酒的影響比對飲食的影響更大，尤其是在我們這類品牌中。我們看到的數據顯示，他們基本上減少了去餐廳用餐的次數，但更多的是限制了餐廳服務。也就是說，輕食部分對此很有幫助。但我們進行較輕劑量的治療並不是為了 GLP-1。我們這樣做是為了提供所有客人更多選擇。這恰好有利於服用 GLP-1 藥物且希望減少藥物的人。我們所有的菜單中都有很多類似的選項。

Andrew Strelzik, BMO Capital Markets.

Andrew Strelzik，BMO資本市場。

I wanted to ask about your comments that the (inaudible) delivery was tracking with the broader off-premise business. Does that surprise you at all? I mean it's supposed to be a different guest, it's as incremental as it is earlier in the life cycle. Just kind of curious for your perspective on that.

我想問您關於（聽不清楚）送貨速度與更廣泛的非現場業務速度保持一致的評論。這讓你感到意外嗎？我的意思是，這應該是一位不同的客人，它就像生命週期早期階段一樣，是一個漸進的過程。我只是有點好奇你對此有何看法。

No, Andrew, it doesn't surprise us. They're more similar to off-premise guests than on-premise guests. So if you think about Olive Garden and the percent of sales they do with to-go, and you look at the ratio of what they do off-premise versus delivery, then I would expect that same ratio to happen with other brands, because they are more similar. Our off-premise guests that are not delivery are also a little bit higher frequency than on-premise guests. These are just the delivery guests are even higher frequency. So it wasn't surprising that the same kind of mix happened at other brands.

不，安德魯，這並不讓我們感到驚訝。他們更像是非酒店客人，而不是酒店客人。所以，如果你看看 Olive Garden 的外帶銷售額佔比，再看看他們的堂食銷售額與外賣銷售額的比例，那麼我預計其他品牌也會出現同樣的比例，因為它們更相似。除了外帶之外，我們的非堂食客人數量也比堂食客人數量略多。這些只是外送顧客的外送頻率更高而已。因此，其他品牌出現同樣的情況也就不足為奇了。

Okay. All right. And then just curious on the change in CapEx, guys. Is that all the new units? And with the updated new unit guide, you're close to the low end of your updated range? What's the realistic time line to start pushing kind of higher towards the higher end of that range?

好的。好的。還有，各位，我很好奇資本支出方面有什麼變化。這就是全部的新單元嗎？根據更新後的新單位指南，您的價格是否接近更新後價格範圍的下限？要開始向該範圍的高端推高價格，實際的時間表是什麼？

Well, so let's start with the CapEx part of it. So CapEx is really a function of some of the openings happening sooner than we planned at the beginning of the year. And again, kudos to the team for doing a great job on that. But it's also a function of what we're -- as we fill up the pipeline for next year, because the spending this year happens for some of the restaurants opening, especially in the front half of next year. So we feel good about the pipeline. We just updated our framework to reflect 3% to 4% unit growth contribution from new units. And we think we're going to be in that range based on what we provided here.

好，那我們就先從資本支出部分開始說起。因此，資本支出實際上是由於一些開業項目比我們年初計劃的提前發生的。再次讚揚團隊在這方面做得非常出色。但這同時也取決於我們正在做的事情——因為我們正在為明年儲備資金，而今年的支出將用於一些即將開業的餐廳，尤其是在明年上半年。所以我們對這條輸油管感到放心。我們剛剛更新了我們的框架，以反映新單元對單元增長 3% 至 4% 的貢獻。根據我們目前提供的信息，我們認為我們的價格會在這個範圍內。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Stepping back and looking at the long term, you have been outperforming the industry for quite some time. And I was wondering if you were to decompose this outperformance versus the industry, which cohorts are you winning the most? And I don't mean just by income level, but also maybe occasions, age. And as you're maturing your brands, how do you see this outperformance to continue?

從長遠來看，你們的表現已經優於行業平均相當長一段時間了。我想知道，如果將這種優於行業平均的表現分解，你們在哪些群體中表現最佳？我指的不僅是收入水平，還可能包括場合、年齡等因素。隨著品牌日趨成熟，您認為這種優異表現將如何持續下去？

Yes, Danilo, I would say that granularity of data on where we're outperforming more is a little bit harder to get because we don't know where other parts of the industry are getting their guests. We do know that we've had, over the last couple of years, a little bit better performance in our higher-income consumer than not. But I would say during COVID, we had a great performance in our lower income consumer. So it's really hard to say where we're getting the outperformance versus the industry.

是的，Danilo，我認為要獲得關於我們在哪些方面表現更出色的詳細數據有點困難，因為我們不知道行業其他部分是從哪裡獲得客人的。我們知道，在過去幾年裡，我們在高收入消費者群體中的表現比低收入消費者群體略好一些。但我想說的是，在新冠疫情期間，我們在低收入消費者群體中表現出色。所以，很難說我們究竟在哪些方面獲得了優於產業平均的業績。

I can just tell you we've got a great portfolio of brands that meet all the different consumer needs. And so if a higher income consumer is feeling great, we've got great brands for them. If lower-income consumer is feeling great, we've got great brands for them. So that's the beauty of our portfolio and that's what makes us pretty different than most.

我可以告訴你，我們擁有強大的品牌組合，能夠滿足各種不同的消費者需求。因此，如果高收入消費者感覺良好，我們就能提供他們優質的品牌。如果低收入消費者感覺良好，我們有很多適合他們的優質品牌。這就是我們產品組合的魅力所在，也是我們與大多數公司截然不同的地方。

And then I want to follow up on your comment on GLP-1. Specifically, I think your brands have enough flexibility within your menu to offer different options for consumers and solve different needs. I was wondering if you can comment also on how the spending behavior is changing, not just on the (inaudible) mix, but also on the eating behavior, whether you see like a greater mix of protein, fewer desserts and sides? And what's your best estimate on how this is going to be evolving over time? And how would be impacting the overall spending behavior in the industry?

然後我想就您關於 GLP-1 的評論做個後續說明。具體來說，我認為你們的品牌在菜單中具有足夠的彈性，可以為消費者提供不同的選擇，滿足不同的需求。我想請您談談消費行為的變化，不僅是食品組合的變化，還有飲食習慣的變化，例如蛋白質類食品的比例增加，甜點和配菜減少？你認為隨著時間的推移，這種情況會如何發展？這將對整個產業的整體消費行為產生怎樣的影響？

I would say the only real big change in mix that we're seeing is an alcohol sales, and we've been seeing that for a little while. And you can see that more in the Fine Dining brands and the Other brands. We're not seeing a dramatic -- we are seeing a little bit of mix in appetizer and desserts, probably from some folks that are on GLP-1 drugs. Because I think when people get on GLP-1s, they also want to try to change their lifestyle and they want to eat a little less fried food. And if you think about most restaurants, appetizers are fried. So that could be part of it. But we've got a broad menu, and we are going to continue to monitor what's going on with folks on GLP-1 drugs. We believe we have great brands that have a lot of protein, which is something that GLP-1 users want. And I would say we've got a great brand that was designed 20 years ago that is in the sweet spot of GLP-1s, Seasons 52. So we've got a lot of things that we can offer folks on those medications and anybody else. So I don't want to focus just on GLP-1 users. We've got a broad portfolio that can serve any guest need.

我認為我們看到的唯一真正的重大變化是酒類銷售，而且這種情況已經持續了一段時間。這一點在高級餐飲品牌和其他品牌中體現得更為明顯。我們沒有看到明顯的變化——只是在開胃菜和甜點中出現了一些混合，這可能是因為有些人正在服用 GLP-1 藥物。因為我覺得當人們開始服用 GLP-1 類藥物時，他們也想嘗試改變自己的生活方式，並且想少吃一些油炸食品。想想大多數餐廳，開胃菜都是油炸的。所以這可能是其中一部分原因。但我們有廣泛的選擇，我們將繼續關注服用 GLP-1 藥物的人群的情況。我們相信我們擁有優質的品牌，這些品牌富含蛋白質，而這正是 GLP-1 用戶所需要的。而且我認為我們有一個很棒的品牌，它是 20 年前設計的，它正處於 GLP-1 的最佳位置，那就是 Seasons 52。所以，我們可以為服用這些藥物的人以及其他任何人提供很多幫助。所以我不想只關注 GLP-1 用戶。我們擁有豐富的產品組合，可以滿足客人的任何需求。

Gregory Francfort, Guggenheim.

格雷戈里·弗朗福特，古根漢。

Raj, can you just maybe give us an update on where turnover sits either for Olive Garden or your total system for labor? And do you think we're in a different environment now than we were over the last few years? And what that might look like going forward?

Raj，您能否向我們介紹一下 Olive Garden 或貴公司整個勞動力系統的人員流動情況？你認為我們現在所處的環境與過去幾年有何不同？那麼，未來會是什麼樣子呢？

Greg, I would just say the turnover is actually pretty low. We continue to be better year-over-year. I think we're still trending probably double-digit increase versus prior year from a turnover -- essentially lower turnover. And so I think for most of our brands, we're probably -- this is like a bit lower. And so from that perspective, we feel really good about that environment. And I think the other factor I'll mention is our hourly wage rate -- inflation on hourly wage was about 3%. This is kind of lower than what we saw even before COVID. We used to be in the mid-3s. So to be around 3% tells you that the labor environment is actually pretty solid for us.

格雷格，我想說的是，人員流動率其實很低。我們每年都在進步。我認為，與前一年相比，我們的營業額仍可能維持兩位數成長，而營業額則有所下降。所以我覺得對於我們的大多數品牌來說，我們可能——這個數字要低一些。所以從這個角度來看，我們對這種環境感到非常滿意。我還想提一下我們的時薪——時薪的通貨膨脹率約為 3%。這比新冠疫情爆發前我們看到的水平還要低一些。我們以前在3分左右。所以，3%左右的失業率表示我們的勞動環境其實相當穩定。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

I just had a question on Olive Garden. And Rick, you spoke to the strength of Never Ending Pasta. I was just curious, was the sales mix up on NEP year-on-year? And are you seeing any changes in the mix, kind of the entry-level price point versus the higher tiers? And could you comment also just on the lighter portions? I think the sales mix was running mid-single digits last time we heard. Have you seen that increase the longer it's been in the market?

我有一個關於橄欖園的問題。里克，你剛才說的正是「永無止境的義大利麵」的魅力所在。我只是好奇，NEP 的銷售額是否比去年同期有所出入？您是否注意到產品組合方面有任何變化，例如入門價格點與更高檔次產品之間的價格差異？能否也談談比較清淡的部分？據我們上次了解，銷售組合的成長率約為個位數中段。你有沒有註意到，隨著產品上市時間的延長，價格會上漲？

Yes, Brian, I would start with the Never Ending Pasta Bowl. We did see a little bit more mix with Never Ending Pasta Bowl, so a little bit more preference in it. We did see a much stronger refill rate. I think we had a record refill rate potentially. And we did see a little bit fewer buy-ups to the higher protein -- the more protein. But it could be because we've got more guests coming in and because the refills were so high, they were getting great value. In regards to the lighter portion menu, still about -- still somewhere 1.5%, but we're around. So it could be up 10 basis points, down 10 basis points here or there. As we talk about frequency growing, it's going to take a while for that frequency to really make a meaningful impact in that mix. And we feel good about that mix.

是的，布萊恩，我會先從無限量麵碗開始。我們發現「永無止境的義麵碗」的口味混合度更高一些，所以消費者對它的偏好度也更高一些。我們確實看到了更高的補貨率。我認為我們這次的補貨率可能創下了紀錄。我們看到，高蛋白產品（蛋白質含量較高）的銷售量略有下降。但這可能是因為客人多了，續杯價格很高，所以他們覺得很划算。至於份量較小的菜單，仍然只有大約 1.5%，但我們基本上已經實現了。所以，它可能會上漲10個基點，也可能下跌10個基點。當我們談到頻率成長時，這個頻率需要一段時間才能真正對混音產生有意義的影響。我們對這種組合感到滿意。

All right. That's helpful. And then Raj, just a quick one on G&A, if I could. It came in lower than we were expecting here in the current quarter. I know there's quarter-to-quarter volatility. But could you just give a quick update on what -- where you see G&A shaking out within your fiscal '26 guidance?

好的。那很有幫助。然後 Raj，如果可以的話，請你簡單介紹一下 G&A 的情況。本季實際結果低於我們的預期。我知道季度間存在波動。能否簡單介紹一下您在 2026 財年預期中對 G&A 的預期情況？

Yes, Brian, I'd say we're still probably around -- when we look at the full year, probably going to be still close to $500 million. Q4 is probably $15 million to $20 million higher than Q3. Part of it is because of the 53rd week and some seasonal stuff. But really no change to the total guidance for G&.

是的，布萊恩，我覺得我們全年應該還能維持在5億美元左右──第四季。可能比第三季高出 1500 萬至 2000 萬美元。一部分原因是因為到了第 53 週，還有一些季節性因素。但實際上，G& 的整體指導方針沒有變化。

Jim Sanderson, Northcoast Research.

吉姆·桑德森，北海岸研究公司。

Just wanted to follow up on the lighter portions at Olive Garden. Anything to call out that's notable about the demographics of the consumer that is purchasing the slight portion, whether by gender, household income, daypart, anything like that?

我只是想補充一下關於橄欖園餐廳清淡菜色的評價。購買這部分產品的消費者的人口統計特徵有什麼值得注意的地方嗎？例如性別、家庭收入、購買時段等等？

Jim, we're still doing some more work on that. You think about -- we haven't had it in all the restaurants, and we're talking about 1.5% of sales. So if you think about the number of tokens we have for that, it's going to take us a little bit of time to get that work.

吉姆，我們還在繼續研究這個問題。你想想——我們還沒有在所有餐廳都提供這項服務，而且我們說的是銷售額的 1.5%。所以，考慮到我們為此準備的令牌數量，我們需要一些時間才能完成這項工作。

Right. And just another quick follow-up. Anything to comment on with respect to holiday bookings? Are they exceeding your expectations for the current time frame, maybe in line? Just anything you would provide as a test on how the consumer is behaving?

正確的。還有一個後續問題。關於假期預約方面，有什麼需要補充的嗎？在目前時間範圍內，他們的表現是否超出您的預期，或至少符合預期？您有什麼方法可以用來測試消費者的行為嗎？

Yes, Jim, two things. One, in regards to Thanksgiving, which was already happened, we had record Thanksgivings in our in our Fine Dining brands, our reservation brand, and our holiday bookings are strong.

是的，吉姆，有兩件事。第一，關於已經過去的感恩節，我們的高級餐飲品牌、預訂品牌和假期預訂都創下了感恩節的紀錄，而且我們的假期預訂情況也十分強勁。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

So the question is on immigration broadly, and I was hoping we could touch on a couple of maybe related topics to that. Firstly, I heard the comments, obviously, that labor inflation is now running lower than even it was pre-COVID. So that must mean that your supply of labor overall is very good. But I wonder if there's anything happening kind of below the surface that maybe in certain restaurants, certain pockets that labor markets have kind of turned over, but you've just been able to replace the people that perhaps would have left or maybe gotten competed away? So that's kind of the first question. And then secondly, make a comment, if you can, in terms of pockets of demand.

所以這個問題是關於移民問題的，我希望我們能談談一些可能與之相關的話題。首先，我聽到了一些評論，顯然，目前的勞動力通膨率甚至低於新冠疫情前的水平。所以這一定意味著你們的勞動力供應總體上非常充足。但我懷疑，在某些餐廳、某些地區，勞動市場可能發生了某種轉變，而你只是能夠找到替代者，填補那些可能已經離開或被競爭對手挖走的人員空缺？所以，這算是第一個問題。其次，如果可以的話，請就需求領域發表一些評論。

I think I remember you're using the word that there may have been some ripples of kind of demand being affected in various markets. So I wanted to see if there was a change there. And then the third point, there's a comment made on beef packers that maybe were constraining some supply. I wonder -- and this just actually came into mind when you said, that if there may be kind of an immigrant worker situation on the packer side, if that could potentially be a leading indicator for other types of industry. So just overall your view on those broadly important topics.

我記得你好像用過這個詞，意思是說各個市場的需求可能都受到了某種程度的影響。所以我想看看那裡是否有變化。第三點，有人評論說牛肉加工商可能限制了部分供應。我在想——這其實是你剛才說的，我才想到，如果包裝行業存在某種移民工人的情況，這是否有可能成為其他類型行業的先兆。所以，請您就這些重要的大議題談談您的整體看法。

Jim, thanks. I'll try to get those answers and maybe Raj can jump in too. On the immigration front on our team members, we really haven't seen anything material on any restaurants turning all of their team members for those reasons. As we mentioned, we've got record retention. So there might be a restaurant or 2 that had a few folks, but it's not something that we're too worried about. In regards to the packer situation, we can't comment on what's going on and why there might be some supply constraints. I don't think it's necessarily driven by labor, although 1 supplier did close 1 of their plants. I don't know if that was a labor issue or not. They didn't comment on why. And then Raj can talk about the sales impact for us.

吉姆，謝謝。我會盡量找到答案，也許拉傑也能參與其中。就我們團隊成員的移民問題而言，我們還沒有看到任何餐廳因為這些原因而將所有團隊成員都轉為移民的實質案例。正如我們之前提到的，我們有記錄保存機制。所以可能有一兩家餐廳會有一些顧客，但這不是我們太擔心的事情。關於包裝商的情況，我們無法評論具體情況以及可能出現供應限制的原因。我不認為這一定是勞動力短缺造成的，儘管有一家供應商確實關閉了一家工廠。我不知道那是不是勞工問題。他們沒有就原因作出評論。然後 Raj 可以談談這對我們銷售的影響。

Yeah. From a regional difference, John, I'd say for the quarter, when we look at second quarter, Midwest was our strongest growth. And then I think we had -- we saw actually softness in sales in New England area, and then Pacific Northwest. Other than that, most others were pretty close to the median. Even Florida and Texas, which were lagging, were actually -- still below the company average, but they were a little bit closer to the company average than they were a quarter ago.

是的。從區域差異來看，約翰，我認為就本季而言，當我們審視第二季時，中西部地區的成長最為強勁。然後，我認為我們看到了新英格蘭地區和太平洋西北地區的銷售疲軟。除此之外，其他大部分數值都與中位數非常接近。即使是表現落後的佛羅裡達州和德克薩斯州，實際上仍然低於公司平均水平，但比上個季度更接近公司平均水平。

Christine Cho, Goldman Sachs.

Christine Cho，高盛集團。

Follow-up to the earlier question, the casual dining outperformance. With many other segments kind of playing catch-up on value, could you kind of talk about your plans to better communicate value to consumers? Any new or expanded marketing approaches you are planning for the back half? And additionally, I think, Rick, you mentioned that you have no imminent plans to market the lower portion size menus. But what will make you or mind?

接上文的問題，休閒餐飲表現優異。鑑於其他許多細分市場都在努力追趕價值導向，您能否談談您計劃如何更好地向消費者傳達價值？你們計劃在下半年推出任何新的或擴展的行銷策略嗎？另外，里克，我想你提到過你目前沒有推出小份量菜單的計劃。但什麼會讓你或你下定決心呢？

Yeah, Christine, competitively, I don't want to get into too much detail about our plans, especially for each brand. We're disciplined and remain (inaudible) to our marketing filters. And as you all remember, the marketing filters, does the message build brand equity? Is it simple to execute, and not at a deep discount? And so we're going to continue to pull the right levers like we did with Never Ending Pasta Bowl, October Fest at Yard House, the three-course menu at Ruth's Chris, Wagyu and Wine at Capital Grille.

是的，克里斯汀，從競爭的角度來看，我不想過多透露我們的計劃細節，尤其是針對每個品牌的計劃。我們嚴於律己，始終（聽不清楚）遵循我們的行銷準則。大家應該都記得，行銷的關鍵在於：訊息能否建立品牌資產？執行起來是否簡單，價格沒有大幅折扣？因此，我們將繼續採取正確的措施，就像我們之前推出的「永無止境的義大利麵碗」、Yard House 的十月節、Ruth's Chris 的三道菜菜單、Capital Grille 的和牛與葡萄酒一樣。

Those are all things that elevate everything we talk about without a deep discount. When you look at our promotional calendar last year for the back half, I wouldn't anticipate it's going to be significantly different than that. Now on the lighter portion menu and marketing, yes, right now, we have no plans to do it. If that changes, we'll have to find the right way to communicate it. But it will have to be something that we feel like we've got a great way to communicate it to explain what it is for consumers that don't really know that section of the menu. But I think that there's a better way to do that, which is just let the consumer tell their friends. And so right now, we don't have plans to do it. But if that changes, it's because Olive Garden came up with a great way to talk about it.

這些因素都能提升我們所談論的一切，而且不會造成太大的折扣。看看我們去年下半年的促銷行程，我預計今年不會有太大變化。至於輕食菜單和行銷方面，是的，目前我們還沒有這方面的計畫。如果情況發生變化，我們需要找到合適的溝通方式。但是，我們必須找到一種很好的溝通方式，向那些不太了解菜單這一部分的消費者解釋清楚。但我認為還有更好的方法，就是讓消費者告訴他們的朋友。所以目前我們還沒有這樣做的計劃。但如果情況有所改變，那是因為 Olive Garden 想出了一個很棒的談論方式。

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.

我們的問答環節結束了。我想把發言權交還給各位，請大家補充或作總結發言。

That concludes our call. I want to remind you that we plan to release third quarter results on Thursday, March 19, before the market opens, with a conference call to follow. Thank you for participating on today's call, and happy holidays, everyone.

通話到此結束。我想提醒各位，我們計劃在 3 月 19 日星期四股市開盤前發布第三季業績報告，隨後將召開電話會議。感謝各位參加今天的電話會議，祝大家節日快樂。

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

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