達登餐飲 (DRI) 2026 Q4 法說會逐字稿

Greetings and welcome to the Darden fiscal year 2026, fourth quarter earnings call. (Operator Instructions) This conference is being recorded at this time. I will now turn over to Miss Courtney Aquila. Thank you. You may begin.

各位好，歡迎參加達登（Darden）2026 財政年度第四季財報電話會議。（接線員指示）本次會議將於此時進行錄音。現在我將把電話交給 Courtney Aquila 女士。謝謝。您可以開始了。

Thank you, Kevin. Good morning and thank you for participating on today's call. Joining me are Ricardo Cardenas, Darden's President and CEO, and Rajesh Vennam, CFO.

謝謝你，Kevin。各位早安，感謝各位參與今天的電話會議。與我一同出席的有達登總裁暨執行長 Ricardo Cardenas，以及財務長 Rajesh Vennam。

As a reminder, comments made during this call will include forward-looking statements as defined in the private securities litigation Reform Act of 1995.

提醒各位，本次電話會議中的評論將包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections.

這些陳述受風險與不確定性影響，可能導致實際結果與我們的預期與推估出現重大差異。

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.

相關風險已載於公司今晨發布的新聞稿，以及向美國證券交易委員會（SEC）提交的申報文件中。

A supplemental materials presentation containing information shared on today's call is available on the financials tab in the investors section of our website at darden.com.

包含今日電話會議所分享資訊的補充簡報資料，可於 darden.com 我們網站「投資人」專區的「財務資訊」分頁取得。

Today's discussion includes certain non-GAAP measurements of these measurements are included in the presentation.

今日討論包含若干非 GAAP 衡量指標；這些衡量指標的相關資訊已納入簡報中。

Looking ahead, we plan to release fiscal 2027, first quarter earnings on Thursday, September 24, before the market opens, followed by a conference call.

展望未來，我們計畫於 9 月 24 日（週四）開盤前發布 2027 財政年度第一季財報，並隨後召開電話會議。

During today's call, all references to industry results refer to the black box intelligence casual dining benchmark excluding Darden.

在今日電話會議中，所有提及的產業表現均指 Black Box Intelligence 的休閒餐飲基準（不含達登）。

Black Box Intelligence updated its benchmarks in early May following changes to the underlying brand set. This restatement had an outsized impact on the casual dining benchmarks.

Black Box Intelligence 於 5 月上旬在其基礎品牌集合變更後更新了基準。此次重述對休閒餐飲基準造成了不成比例的影響。

The change moved the average benchmarks up by 150 basis points for same restaurant sales and 25 basis points for same restaurant guest discounts.

此變更使同店銷售的平均基準上調 150 個基點，同店來客數的平均基準上調 25 個基點。

Incorporating this restatement, average same restaurant sales for the industry increased 1.4% and average same restaurant guest discounts decreased 1.8% during our fourth quarter.

納入此次重述後，在我們第四季期間，產業平均同店銷售成長 1.4%，產業平均同店來客數下降 1.8%。

This morning we will share some brief remarks on the quarter and full year, as well as the details of our financial results. Discuss the power of Darden's Portfolio and share our fiscal 2027 financial outlook.

今天上午我們將就本季與全年做一些簡短說明，並提供財務結果的細節。同時討論達登品牌組合的力量，並分享我們 2027 財政年度的財務展望。

Now we'll turn the call over to Rick.

接下來把電話交給 Rick。

Thank you, Courtney. Good morning, everyone. The fourth quarter was a strong finish to an excellent year, one in which we significantly outperform the industry.

謝謝你，Courtney。各位早安。第四季為這個極為出色的一年畫下強勁句點，我們在這一年中明顯優於產業表現。

Our restaurant teams continue to execute at a high level and their commitment to operational excellence help each of our brands deliver positive same-restaurant sales for the quarter. We know guests choose the brands they trust for key occasions.

我們的餐廳團隊持續以高水準執行，他們對營運卓越的投入，協助旗下各品牌在本季皆實現同店銷售正成長。我們知道，顧客在重要場合會選擇他們信賴的品牌。

Several of our brands enjoyed record performance on Mother's Day, including the highest ever traffic day at Olive Garden and LongHorn Steakhouse and our guest satisfaction results continued to be at or near all-time highs largest brands, Olive Garden, LongHorn and Yard House.

我們多個品牌在母親節創下破紀錄表現，包括 Olive Garden 與 LongHorn Steakhouse 的史上最高來客日；而我們的顧客滿意度結果也持續維持在或接近歷史高點，尤其是我們最大的品牌：Olive Garden、LongHorn 與 Yard House。

Olive Garden met our heightened expectations for the year, delivering 4% same-restaurant sales growth, which is above the high end of Darden's long-term framework. LongHorn delivered same-restaurant sales growth of over 7% for the year, reflecting their focus on food quality and execution.

Olive Garden 達成我們對本年度提高後的期待，全年同店銷售成長 4%，高於達登長期框架的上緣。LongHorn 全年同店銷售成長超過 7%，反映其對餐點品質與執行力的專注。

They ended the year by conducting their ninth annual Steak Master Series. Congratulations to Jesse Montalvo from the LongHorn Steakhouse in Riverview Florida, who claim the championship trophy.Yard House grew total sales by $95 million compared to last year, driven in part by same restaurant sales growth of 5.6% for the year.

他們在年末舉辦了第九屆年度 Steak Master 系列賽。恭喜來自佛羅里達州 Riverview 的 LongHorn Steakhouse 的 Jesse Montalvo 奪得冠軍獎盃。Yard House 的總銷售額較去年增加 9,500 萬美元，部分動能來自全年同店銷售成長 5.6%。

Performance of Olive Garden, LongHorn and Yard House this year is extremely impressive, marking the fifth consecutive year that all three brands have delivered positive same-restaurant sales.

Olive Garden、LongHorn 與 Yard House 今年的表現極為亮眼，這也標誌著連續第五年三個品牌皆實現同店銷售正成長。

With our focus on growing our brands, we opened 71 new restaurants during the fiscal year, six more than initially planned at the beginning of the year, and our development team has built a strong pipeline of sites to support new restaurant growth. Raj will share more details about our growth plans in his remarks.

在我們專注於品牌成長之下，本財政年度我們新開 71 家餐廳，較年初原先規劃多 6 家；而我們的開發團隊也建立了強健的選址管線，以支持新餐廳成長。Raj 將在他的談話中分享更多成長計畫細節。

Additionally, our newest international franchising partners in Spain and India opened their first locations during the year and our new partner in Canada plans to open their first new restaurant next week.

此外，我們在西班牙與印度的最新國際加盟夥伴於本年度開出其首家門店；而我們在加拿大的新夥伴計畫於下週開出其首家新餐廳。

Our franchising and international team has helped our new partners open restaurants more quickly, and they are on pace to open the most international locations in a single year in fiscal '27.

我們的加盟與國際團隊協助新夥伴更快速地開店；依目前進度，2027 財政年度單一年度的國際開店數將創下新高。

Fiscal '26 marks our 31st year as a publicly traded company, and Darden has achieved an average annualized total shareholder return of 10% or greater for any 10 fiscal year period. when considering Darden's stock price appreciation plus dividend yield.

2026 財政年度是我們成為上市公司的第 31 年；以達登股價增值加上股息殖利率計算，達登在任何連續 10 個財政年度期間，皆達成平均年化總股東報酬率 10% 或以上。

This morning, I want to focus my comments on how we are able to do this and what gives me confidence for the future.

今天上午，我想把重點放在我們如何做到這一點，以及是什麼讓我對未來充滿信心。

Full service dining is a variety-seeking category. And we have a collection of brands that give us reach across multiple dining occasions, guest demographics, price points, geographies and quizzing types while reducing reliance on any one brand, consumer segment, region or cuisine.

全服務餐飲是一個追求多樣性的品類。而我們擁有一組品牌，讓我們能觸及多種用餐場合、顧客族群、價格帶、地理區域與料理類型，同時降低對任何單一品牌、消費者區隔、地區或菜系的依賴。

Our brands play distinct and valuable roles. Olive Garden and LongHorn are the two most dominant brands in our portfolio with strong guest relevance and additional room for growth. Yard House, Cheddar's Scratch Kitchen and Chili's are incredibly popular brands with significant runway for growth.

我們的品牌各自扮演獨特且重要的角色。Olive Garden 與 LongHorn 是我們組合中最具主導地位的兩大品牌，與顧客高度相關，且仍有額外成長空間。Yard House、Cheddar's Scratch Kitchen 與 Chili's 是極受歡迎的品牌，具備顯著的成長跑道。

And Ruth's Chris Steak House the Capital Grille, ADVs and Season 52 are differentiated brands with positions in their respective categories and should have balanced growth over time. Our portfolio creates the scale that enables our brands to benefit from our strategic platform.

而 Ruth's Chris Steak House、The Capital Grille、ADVs 與 Season 52 則是具差異化的品牌，在各自品類中擁有定位，並應能隨時間推進而維持均衡成長。我們的品牌組合創造了規模，使各品牌得以受惠於我們的策略平台。

We have a shared operations philosophy anchored in food, service and atmosphere, enabled by the best people in the industry. And our four competitive advantages, allow our brands to compete more effectively and provide even greater value for their guests.

我們擁有共同的營運理念，以餐點、服務與氛圍為核心，並由業界最優秀的人才所驅動。同時，我們的四項競爭優勢，讓各品牌能更有效地競爭，並為顧客提供更高的價值。

One of these competitive advantages, the power of our scale, is demonstrated in our supply chain and technology stack, which enable our brands to deliver stronger performance than they could do on their own.

其中一項競爭優勢——我們的規模力量——體現在供應鏈與技術堆疊上，使各品牌能交出比單打獨鬥更強的表現。

For example, we source directly from producers and have our own dedicated food distribution network. This creates cost advantages for our brands and ensures an uninterrupted supply to our restaurants.

例如，我們直接向生產者採購，並擁有自建的專屬食品配送網路。這為各品牌帶來成本優勢，並確保餐廳供應不中斷。

Our proprietary POS system serves as a nerve center of our integrated restaurant technology ecosystem, applications, including payroll, guest forecasting, labor management and much more provide key data, improve operations and make our restaurant managers jobs easier so they can spend more time focused on their guests and their team members.

我們自有的 POS 系統是整合式餐廳科技生態系的中樞；相關應用包含薪資、來客預測、人力管理等多項功能，能提供關鍵數據、改善營運，並讓餐廳經理的工作更容易，使他們能投入更多時間關注顧客與團隊成員。

Our scale also helps from a marketing perspective. Across all our brands, we use digital marketing in a targeted, cost-effective way to build brand equity and support incremental sales.

從行銷角度來看，我們的規模也帶來助益。在所有品牌中，我們以具針對性且具成本效益的方式運用數位行銷，建立品牌資產並支持增量銷售。

Our smaller brands benefit from the learnings generated from our larger brands, and because of our platform, they can tailor sophisticated media plans to their specific business needs.

我們較小的品牌可受惠於較大品牌所產生的學習成果；而憑藉我們的平台，他們能依自身業務需求量身打造成熟且精密的媒體計畫。

Another one of our advantages are extensive data and insights, ensures we continually meet our guests' expectations and allows us to identify opportunities to improve the guest experience and drive incremental sales through continuous menu innovation across our brands. Olive Garden's new

我們的另一項優勢是龐大的數據與洞察，確保我們持續滿足顧客期待，並讓我們能找出改善顧客體驗的機會，透過各品牌持續的菜單創新來推動增量銷售。Olive Garden 的新品

Lighter Portions menu is a good example as is their new protein-forward Calabrian Steak & Shrimp Bucatini that has quickly become a guest favourite. Data and insights have also grounded all the great work Yard House is done on menu optimization.

「輕盈份量」（Lighter Portions）菜單就是一個很好的例子；他們新推出、主打高蛋白的卡拉布里亞牛排與蝦布卡提尼（Calabrian Steak & Shrimp Bucatini）也迅速成為顧客最愛。數據與洞察也為 Yard House 在菜單最佳化方面所做的出色工作提供了堅實基礎。

The new burger, pizza and taco platforms they have rolled out over the past three years are easier to execute and receive higher guest satisfaction scores.

他們在過去三年推出的新漢堡、披薩與塔可平台更容易執行，並獲得更高的顧客滿意度評分。

Rigorous strategic planning is another one of our advantages, planning at the Darden enterprise level determines each brand's strategic role to ensure we have the right portfolio of brands, we align strategies and coordinate operations to maximize our portfolio's value. and we capture available synergies across our brands.

嚴謹的策略規劃是我們的另一項優勢；在達登（Darden）企業層級進行的規劃，會界定各品牌的策略角色，以確保我們擁有正確的品牌組合。我們會對齊策略並協調營運，以最大化我們品牌組合的價值，並掌握各品牌之間可取得的綜效。

At the brand level, the strategic planning process helps us identify each brand's distinct advantages and cultivate differentiated positioning develop a deep understanding of each brand's guests and competitive landscape and ensure our brands adhere to their strategy so they compete effectively and grow share.

在品牌層級，策略規劃流程協助我們辨識各品牌的獨特優勢並培養差異化定位，深入理解各品牌的顧客與競爭態勢，並確保各品牌遵循其策略，以有效競爭並提升市占率。

We put significant emphasis on this work and the teams of our acquired brands consistently share that they have even greater clarity about the essence of their brand because of the time and level of rigor involved.

我們對這項工作投入高度重視；我們所收購品牌的團隊也一再表示，因為投入的時間與嚴謹程度，他們對品牌本質有了更清晰的認識。

The five-year business plans our brands completed last year are also an important part of this process and our teams continue to execute against those plans to drive shareholder value of course, our brands and our platform only matter because of our final advantage.

各品牌去年完成的五年期業務計畫也是此流程的重要一環；我們的團隊持續依計畫執行以推動股東價值。當然，我們的品牌與平台之所以重要，還是因為我們最後一項優勢。

The people who bring them to life every day. Our founder, Bill Darden said, the greatest edge we have on our competitors is the quality of our employees reflected each day in the job they do, and that is still true today.

每天讓它們得以落地的人。我們的創辦人 Bill Darden 曾說，我們相較競爭對手最大的優勢，是員工的品質，並在他們每天的工作表現中展現出來；這點至今仍然成立。

We have outstanding teams across our 2,200 restaurants backed by our incredible restaurant support center teams.

我們在 2,200 家餐廳擁有傑出的團隊，並有我們令人驚豔的餐廳支援中心團隊作為後盾。

We have built a compelling employment proposition that is evidenced by our industry-leading retention and to preserve this advantage we leverage our unique ability to provide robust development opportunities given the breadth of our portfolio.

我們建立了具吸引力的雇主價值主張，並由我們業界領先的留任率所證明；為了維持這項優勢，我們運用品牌組合廣度所帶來的獨特能力，提供扎實的發展機會。

Across operations in the restaurant support center, we can provide opportunities in brand-specific roles, shared support functions and restaurants across the country.

在餐廳支援中心的各項營運中，我們能提供品牌專屬職務、共享支援功能，以及全國各地餐廳的工作機會。

This gives us the ability to move proven talent across brands and support new restaurant growth and gives us multiple options to develop high-potential talent.

這讓我們能在各品牌間調動已被驗證的人才以支援新餐廳成長，也讓我們有多種選項來培育高潛力人才。

One of the most powerful things about Darden is our ability to change our team members' lives. We give people the opportunity to grow and progress regardless of their first role with us.

達登最強大的能力之一，是我們能改變團隊成員的人生。無論他們在我們這裡的第一個職務是什麼，我們都提供成長與晉升的機會。

Many of our senior leaders, including me, began as hourly team members. That's why I'm extremely proud that we promoted 1,375 hourly team members into management roles in fiscal '26. Darden has a tremendous track record of success, and it reflects the strength of our brands, the discipline of our strategy and the quality of our teams.

包括我在內，許多資深領導者都是從按時計薪的團隊成員做起。因此，我對我們在 2026 財年將 1,375 名按時計薪的團隊成員晉升至管理職務感到非常自豪。達登擁有卓越的成功紀錄，這反映了我們品牌的實力、策略的紀律，以及團隊的品質。

With the right brand, strategy and teams in place, I'm confident we are well positioned to continue growing the business and creating long-term shareholder value. In closing, I want to thank our over 200,000 team members for everything they do.

在具備正確的品牌、策略與團隊之下，我有信心我們已做好充分準備，能持續推動業務成長並創造長期股東價值。最後，我要感謝超過 200,000 名團隊成員所做的一切。

I'm proud of the engagement across our teams and the impressive retention levels that help drive our success. I look forward to connecting with many of you during our General Manager and Managing Partner conferences over the next.

我為我們團隊的高度投入以及令人印象深刻的留任水準感到自豪，這些都在推動我們的成功。我期待在接下來的總經理與經營合夥人（Managing Partner）會議期間，與各位中的許多人交流。

Now I'll turn it over to Raj.

現在我把時間交給 Raj。

Thank you, Rick, and good morning, everyone. We delivered a strong fourth quarter to close out a great year with total sales exceeding our expectations and annual earnings above the midpoint of our initial guidance.

謝謝你，Rick，各位早安。我們以強勁的第四季表現為精彩的一年畫下句點；總銷售額超出我們的預期，全年獲利也高於我們最初指引的中位數。

Results for the year reflect stronger-than-expected same-restaurant sales and faster new restaurant openings despite significant macro pressures, including beef inflation that was higher than expected for the year.

本年度的結果反映出同店銷售優於預期，以及新餐廳開幕速度更快，儘管面臨顯著的總體環境壓力，包括全年牛肉通膨高於預期。

Throughout the year, we remain focused on what was within our control, balancing investments in the business with a measured approach to pricing -- approach to inflation.

在全年期間，我們始終專注於可控事項，在對業務投資與審慎的定價作法之間取得平衡——以因應通膨。

Stronger-than-expected sales allowed us to fund targeted investment to support growth and maintain pricing discipline by only partially offsetting elevated commodity costs, preserving our ability to provide strong value to our guests.

優於預期的銷售讓我們得以投入具針對性的投資以支持成長，並透過僅部分抵銷偏高的原物料成本來維持定價紀律，從而保留我們為顧客提供高性價比的能力。

That balance is reflected in our fourth quarter performance, where margin expansion came through in line with our expectations. In the fourth quarter, we generated $3.7 billion of total sales 13.7% higher than last year.

這種平衡反映在我們第四季的表現上，利潤率擴張符合我們的預期。第四季我們創造了 37 億美元的總銷售額，較去年成長 13.7%。

This was driven by same-merchant sales growth of 4.6% with positive traffic growth, the addition of 43 net new restaurants which includes the permanent closure of 15 Bahama Breeze locations and the benefit of the 14 fiscal week.

成長動能來自同店銷售成長 4.6% 且來客數為正、淨新增 43 家餐廳（其中包含永久關閉 15 家 Bahama Breeze 據點），以及第 14 個會計週帶來的效益。

Same-restaurant sales and same-restaurant guest counts each exceeded the industry benchmark by over 300 basis points for the quarter. Adjusted diluted net earnings per share from continuing operations increased 22.8% to $3.66.

本季同店銷售與同店來客數均較產業基準高出超過 300 個基點。持續營運的調整後稀釋每股淨利增加 22.8% 至 3.66 美元。

This includes a $0.25 contribution from the extra fiscal week. We generated $678 million of adjusted EBITDA and returned $310 million to shareholders through $172 million in dividends and $138 million of share repurchases. Turning to the fourth quarter P&L compared to last year.

其中包含額外會計週貢獻的 0.25 美元。我們產生 6.78 億美元的調整後 EBITDA，並透過 1.72 億美元股利與 1.38 億美元庫藏股回購，合計向股東返還 3.10 億美元。接著看第四季損益表與去年相比。

Food and beverage expenses were flat as commodities inflation of approximately 3% and unfavourable mix was fully offset by pricing. Restaurant labor was 40 basis points lower, driven by productivity improvements and sales leverage even with total labor inflation of 3.2%.

餐飲成本持平，約 3% 的原物料通膨與不利的產品組合，已完全被定價所抵銷。餐廳人力成本下降 40 個基點，主要受生產力提升與銷售槓桿帶動，儘管整體人力通膨為 3.2%。

Restaurant expenses were flat. 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.

餐廳其他費用持平。行銷費用因銷售槓桿而下降 10 個基點。本季我們增加了額外的行銷活動，並由成本節省所支應。

This all resulted in restaurant level EBITDA for the quarter, improving 50 basis points to 22.1%, consistent with our expectations. Adjusted G&A expenses were flat.

綜合以上，使本季餐廳層級 EBITDA 利潤率提升 50 個基點至 22.1%，符合我們的預期。調整後的管理費用（G&A）持平。

Adjusted depreciation and amortization was 30 basis points lower due to sales leverage from the extra fiscal week and our adjusted effective tax rate for the quarter was 12.8%. In total, our adjusted earnings from continuing operations were $422 million, which was 11.3% of sales.

調整後折舊與攤銷因額外會計週帶來的銷售槓桿而下降 30 個基點，本季調整後有效稅率為 12.8%。合計而言，我們持續營運的調整後盈餘為 4.22 億美元，占銷售額的 11.3%。

In the fourth quarter, on a 13-week basis, all of our segments grew total sales and segment profit margin driven by positive same-restaurant sales. Olive Garden increased total sales for the quarter by 11.4%, with 7.5% from the extra fiscal week, the addition of 14 net new restaurants and same-restaurant sales growth of 2.4%.

第四季以 13 週基礎計算，我們所有事業部的總銷售與部門利潤率皆成長，主要由同店銷售為正所帶動。Olive Garden 本季總銷售成長 11.4%，其中 7.5% 來自額外會計週，另有淨新增 14 家餐廳，以及同店銷售成長 2.4%。

Traffic was positive, outpacing the industry by 200 basis points. The lighter portion section of the menu created an 80 basis point mix headwind to check.

來客數為正，較產業高出 200 個基點。菜單中的「輕食份量（Lighter Portion）」區塊，對客單價帶來 80 個基點的不利產品組合影響。

On a two year basis, Olive Garden same-restaurant sales increased 9.3%, demonstrating continued strong performance as they lapped high-growth quarter last year. Olive Garden continues to have industry-leading segment profit margin, delivering 24.3% for the quarter, which is 50 basis points higher than last year.

以兩年基礎計算，Olive Garden 同店銷售成長 9.3%，在去年高成長季度的比較基期下，仍展現持續強勁的表現。Olive Garden 仍維持業界領先的部門利潤率，本季達 24.3%，較去年高出 50 個基點。

This includes approximately 50 basis points of margin investment related to the addition of Lighter Portion section to the menu.

其中包含約 50 個基點的利潤率投資，與在菜單中新增「輕食份量（Lighter Portion）」區塊相關。

At LongHorn, total sales increased 21.9%, driven by same-restaurant sales growth of 9.5% and the addition of 27 net new restaurants and 8% from the extra fiscal week. LongHorn continues to increase market share with strong and sustained sales growth exceeding the industry's same-restaurant sales benchmark by 810 basis points this quarter.

LongHorn 的總銷售成長 21.9%，由同店銷售成長 9.5%、淨新增 27 家餐廳，以及額外會計週貢獻的 8% 所帶動。LongHorn 持續提升市占率，本季強勁且持續的銷售成長，較產業同店銷售基準高出 810 個基點。

Over the past three years, LongHorn has grown same-restaurant sales by more than 20%, resulting in average unit volumes of $5.6 million. Segment profit margin for the quarter was 21.2% higher than 10 basis points above last year.

過去三年，LongHorn 的同店銷售成長超過 20%，使平均單店營收達 560 萬美元。本季部門利潤率為 21.2%，較去年高出 10 個基點。

Total sales for the Fine Dining segment increased 10.9%, driven by 6.6% from the extra fiscal week, positive same restaurant sales of 1.9% and the addition of six net new restaurants.

精緻餐飲（Fine Dining）事業部的總銷售額成長10.9%，主要受額外會計週帶來的6.6%貢獻、同店銷售正成長1.9%，以及淨新增六家餐廳所帶動。

Segment profit margin was 20 basis points lower than last year. The inclusion of Memorial Day in the quarter is a significant drag on the segment profit margin for Fine Dining as it's traditionally a low volume week for this segment.

事業部利潤率較去年下降20個基點。本季度包含陣亡將士紀念日（Memorial Day），對精緻餐飲事業部的利潤率造成顯著拖累，因為該週傳統上是此事業部的低客流量週。

On a 13-week basis, segment profit margin for Fine Dining was actually 20 basis points higher than last year. Total sales for the Other Business segment increased 9.8% with 7.7% from the extra fiscal week and positive same-restaurant sales of 4.6%, which was partially offset by the permanent closure of Bahama Breeze's restaurants.

若以13週口徑計算，精緻餐飲事業部的利潤率實際上較去年提高20個基點。其他業務（Other Business）事業部的總銷售額成長9.8%，其中7.7%來自額外會計週，同店銷售正成長4.6%，但部分被Bahama Breeze餐廳永久關閉所抵銷。

Positive sales momentum and continued productivity improvements contributed to a 17.9% segment profit margin for the Other business segment, 40 basis points higher than last year.

正向的銷售動能與持續的生產力改善，推動其他業務事業部達成17.9%的事業部利潤率，較去年提高40個基點。

As we look at our annual results for fiscal 2026, we had same-restaurant sales growth of 4.5%, exceeding our expectations and outperforming the industry.

回顧2026會計年度的全年成果，我們同店銷售成長4.5%，超出預期並優於產業表現。

Total sales increased 9.4%, surpassing $13 billion for the first time in Darden's history. Adjusted diluted net earnings per share from continuing operations increased 11.4% and to $10.64. We delivered $2.2 billion in adjusted EBITDA from continuing operations, driven by strong sales growth.

總銷售額成長9.4%，Darden歷史上首次突破130億美元。持續營運的調整後稀釋每股淨利成長11.4%，至10.64美元。我們交出持續營運調整後EBITDA 22億美元，主要由強勁的銷售成長所帶動。

And we returned $1.4 billion to shareholders with $693 million in dividends and $675 million of share repurchases.

此外，我們以6.93億美元股利與6.75億美元庫藏股回購，合計向股東返還14億美元。

Looking at our fiscal 2026 full year P&L, restaurant level EBITDA compressed 20 basis points caused by the significant headwind of elevated commodity costs and our deliberate approach to not fully price for these costs.

檢視2026會計年度全年損益表，餐廳層級EBITDA利潤率收縮20個基點，原因在於大宗商品成本居高不下帶來的顯著逆風，以及我們刻意採取不完全以價格轉嫁這些成本的策略。

This unfavorability was fully offset by the sales leverage on G&A and depreciation and amortization expenses, resulting in earnings after tax margin that was flat to last year. Stepping back, our performance reflects the strength and durability of our business model.

上述不利影響已被一般及行政費用（G&A）與折舊攤銷費用的銷售槓桿效益完全抵銷，使得稅後利潤率與去年持平。從更宏觀的角度來看，我們的表現反映出商業模式的強韌與耐久性。

At the core of our model is a portfolio of differentiated brands supported by disciplined execution and a focus on delivering value to the guests, which allows us to generate balanced and sustainable growth over time. Our five-year plan reflects this with all of our segments contributing to sales growth.

我們模式的核心，是由具差異化的品牌組合所構成，並以嚴謹的執行力與聚焦為賓客提供價值作為支撐，讓我們能隨時間推進，創造均衡且可持續的成長。我們的五年計畫亦反映此點，所有事業部皆對銷售成長有所貢獻。

Olive Garden will continue to grow as a steady and balanced contributor while the rest of our segments are expected to grow faster and play an increasingly meaningful role in driving incremental growth.

Olive Garden將持續以穩健且均衡的方式貢獻成長；同時，我們其餘事業部預期將以更快速度成長，並在推動增量成長方面扮演愈發重要的角色。

Over the past seven years, our portfolio has become more balanced and more diversified. In fiscal 2019, Olive Garden represented 50% of sales and 55% of segment profit. By fiscal 2026, that mix has shifted to 42% of sales and 47% of segment profit.

過去七年，我們的品牌組合變得更均衡且更多元。在2019會計年度，Olive Garden占銷售額50%、占事業部利潤55%。至2026會計年度，該占比已轉變為銷售額42%、事業部利潤47%。

This change reflects the success of our portfolio strategy with roughly half of the shift driven by consistent growth at LongHorn and the other half from the rest of the brands in the portfolio, including acquisitions.

此一變化反映我們品牌組合策略的成功：其中約一半的轉變來自LongHorn的持續成長，另一半則來自組合中其他品牌（包含併購）所帶動。

Importantly, Olive Garden remains a strong and steady contributor while a broader set of brands now play a larger role in driving sales and earnings growth for Darden.

重要的是，Olive Garden仍是強勁且穩定的貢獻者，而更廣泛的品牌組合如今在推動Darden的銷售與獲利成長方面扮演更大的角色。

We expect new restaurant growth across Darden to remain within the 3% to 4% range over time which is consistent with our long-term framework.

我們預期，Darden整體的新餐廳成長長期將維持在3%至4%的區間，與我們的長期架構一致。

Olive Garden would trend towards the lower end of that range, LongHorn towards the higher end and our smaller brands growing at or above that range as they expand their footprint with Fine Dining continuing to grow opportunistically.

Olive Garden的成長將趨近該區間的低端，LongHorn則趨近高端；我們較小的品牌在擴張版圖時，成長將達到或高於該區間，而精緻餐飲則將持續把握機會進行成長。

We believe this mix shift over time can support a more diversified and resilient growth profile. Another important element of the model is our approach to pricing.

我們相信，隨時間推移的這種組合占比轉移，可支持更為多元且更具韌性的成長輪廓。本模式的另一個重要要素，是我們的定價方法。

While we have the ability to price, we have consistently taken a measured approach, pricing below inflation over time, to preserve our value proposition and support traffic.

雖然我們具備調價能力，但長期以來我們始終採取審慎的做法，定價增幅長期低於通膨，以維持我們的價值主張並支持來客數。

This discipline helps us maintain guest relevance, support long-term traffic growth and strengthen the durability of the business across different operating environments.

這種紀律有助於我們維持對賓客的相關性、支持長期來客數成長，並在不同營運環境下強化業務的耐久性。

Looking at our performance since fiscal '19 relative to our long-term framework, we generated earnings after-tax growth of 7.5% and cash returns of 4.2%. This resulted in total shareholder returns of 11.7% as measured by EPS growth plus dividend yield. Our strong operating model generates significant and durable cash flows.

以2019會計年度以來相對於我們長期架構的表現來看，我們實現稅後盈餘成長7.5%，以及現金回饋4.2%。以每股盈餘（EPS）成長加上股利殖利率衡量，總股東報酬達11.7%。我們強勁的營運模式帶來可觀且具耐久性的現金流。

Since fiscal 2019, we have delivered 9% annualized adjusted EBITDA growth. This also reflects balanced execution across each component of the framework and the total shareholder return that is within our target range despite the issuance of 9 million shares of common stock in fiscal '20 and other business disruptions from COVID.

自2019會計年度以來，我們交出年化9%的調整後EBITDA成長。這也反映我們在架構各組成要素上的均衡執行；儘管在2020會計年度發行900萬股普通股，以及COVID造成的其他業務干擾，我們的總股東報酬仍落在目標區間內。

Our consistent cash generation is expected to provide more than sufficient capacity each year to fund the core requirements of the business, including maintenance capital to sustain our existing asset base, continued growth of our dividend and investment in new restaurant development.

我們穩定的現金創造能力，預期每年都能提供綽綽有餘的資金容量，以支應業務核心需求，包括維持性資本支出以維護既有資產基礎、持續提高股利，以及投資新餐廳開發。

The remaining cash flow is generally returned to shareholders through share repurchase while preserving our financial flexibility and maintaining a strong balance sheet.

其餘現金流通常透過股票回購返還給股東，同時保留財務彈性並維持強健的資產負債表。

Our adjusted debt to EBITDA at the end of fiscal 2026 of 2.1 times is within our targeted range of 2 times to 2.5 times and consistent with maintaining an investment grade credit profile.

截至2026會計年度末，我們的調整後淨負債對EBITDA倍數為2.1倍，落在目標區間2.0倍至2.5倍之內，並符合維持投資等級信用體質的方向。

Now turning to our financial outlook for fiscal 2027.

接著談談我們對2027會計年度的財務展望。

We expect total sales of $13.6 billion to $13.75 billion driven by same-restaurant sales growth of 2.5% to 3.5%, 75% to 80% gross new restaurant openings and 11 Bahama Breeze conversions during the year. Capital spending of approximately $875 million, total inflation of approximately 3%, which includes commodities inflation of approximately 3% and labor inflation of approximately 3.5%.

我們預期總銷售額為136億至137.5億美元，主要由同店銷售成長2.5%至3.5%、新餐廳毛開店貢獻75%至80%，以及年度內進行11家Bahama Breeze轉換所帶動。資本支出約8.75億美元；總通膨約3%，其中包含大宗商品通膨約3%與勞動通膨約3.5%。

In annual effective tax rate of approximately 13.5% and approximately 114 million diluted average shares outstanding for the year. All of this results in EBITDA of $2.26 billion to $2.29 billion, and diluted net earnings per share between $11.10 and $11.35.

全年有效稅率約13.5%，全年稀釋加權平均流通股數約1.14億股。綜合以上，我們預期EBITDA為22.6億至22.9億美元，稀釋每股淨利介於11.10至11.35美元。

Additionally, our board approved an 8% increase to our regular quarterly dividend to $1.62 per share implying an annual dividend of $6.48. In closing, we delivered a strong year supported by continued sales momentum.

此外，董事會核准將例行季度股利提高8%至每股1.62美元，意味著年股利為6.48美元。總結而言，我們在持續的銷售動能支持下，交出強勁的一年。

Over the last five fiscal years, we have consistently delivered earnings at or above the midpoint of our initial guidance, demonstrating our ability to deliver on our commitment. That consistency reflects the strength and resilience of our teams and their focus on controlling what we can control as we navigate changing environments.

在過去五個會計年度，我們一貫交出不低於初始指引中位數的獲利表現，展現我們兌現承諾的能力。這種一致性反映出團隊的實力與韌性，以及在面對環境變化時專注於掌控可控事項。

Together, these factors give us confidence in our ability to continue delivering consistent growth and long-term shareholder returns.

綜合上述因素，使我們對持續交付穩健成長與長期股東報酬的能力充滿信心。

With that, we'll take your questions.

接下來我們將回答各位的提問。

(Operator Instructions) Lauren Silberman, Deutsche Bank.

（接線員指示）Lauren Silberman，德意志銀行（Deutsche Bank）。

Hey, thanks a lot and congratulations on the year. I wanted to just ask about the overall consumer environment. Obviously, a lot going on. Any color you can give on cadence of comps as you move through the quarter. anything you're willing to say on June, any impact from like the rising gas prices. Thoughts there.

嗨，謝謝，並恭喜你們今年的表現。我想請教整體消費者環境的情況。顯然目前有很多變化。你們能否分享一下本季度同店（comps）走勢的節奏？對於6月有沒有任何可以透露的資訊？例如汽油價格上升是否帶來影響。想聽聽你們的看法。

Lauren, thanks for the feedback on the quarter and the year. In regards to consumer, we really haven't seen a whole lot of change based on what we've been saying for the last couple of quarters. Consumer spending remains pretty resilient.

Lauren，感謝你對本季與全年表現的回饋。就消費者而言，根據我們過去幾季一直在說的情況，我們其實沒有看到太多變化。消費支出仍相當具韌性。

Overall, the mood with consumers is still a little cautious. But as we've said a couple of times before, the weaker consumer sentiment hasn't necessarily translated into reduced spending.

整體來看，消費者的情緒仍稍微偏謹慎。但如同我們之前提過幾次，較弱的消費者信心不一定轉化為支出減少。

A little bit different this quarter, our casual brands saw an increase in visits year-over-year from all income groups including the bottom quintile.

本季稍有不同的是，我們的休閒餐飲品牌在所有收入族群（包含最低五分位）來客數年增。

Some of that might have been tax refunds, but they did see some increase year-over-year from all income groups. We did see a little softness in guests under 35. But we're going to continue to control what we control, as Raj said.

其中一部分可能是退稅所帶動，但他們確實在所有收入族群都出現年增。我們確實看到35歲以下的顧客略有走弱。但我們會如Raj所說，持續把能掌控的事情做好。

In regards to the cadence across the quarter, it was pretty consistent our same restaurant sales across the quarters by month were fairly consistent and into 2-year stack, it's almost the exact same number.

就整季的節奏而言，表現相當一致；我們同店銷售按月來看相當穩定，若看兩年叠加，幾乎是完全相同的數字。

So we felt pretty good about where we were, not necessarily going to comment on the quarter-to-date so far. It's only three weeks. And this is a little choppy because of our 53rd week and shifting calendar. So we're not going to comment on that right now.

因此我們對目前的位置感覺不錯，但不一定會評論截至目前的本季表現。畢竟才三週。而且因為第53週與行事曆移動的影響，數據會有些起伏。所以我們現在不評論。

Okay. That's understood. And any thoughts, I guess, more broadly in terms of how we should be thinking about the cadence of comp or EPS growth throughout fiscal '27?

好的。了解。那我想更廣泛地問一下，對於2027財年同店或EPS成長在全年各季的節奏，你們有什麼看法？

Yes, Lauren, I think I would say as we get -- look at the year, I would expect that because of some of the cost situation we're in, in terms of year-over-year, we would expect that first quarter that would be kind of low to mid-single-digit EPS growth and then the rest of the quarter is fairly balanced on a 52-week basis from a growth perspective.

是的，Lauren，我會說，當我們看全年時，我預期由於我們目前所面臨的一些成本狀況（以年對年來看），第一季的EPS成長大概會落在低到中個位數；之後其餘季度在52週基礎下，從成長角度來看會相對均衡。

It's really a function of some of the factors that are impacting year-over-year, specifically in the first quarter because that's when we expect to have the highest commodities inflation. I think we're expecting roughly 4% in the first quarter.

這主要取決於一些影響年對年的因素，特別是在第一季，因為我們預期那時商品成本通膨最高。我們預估第一季大約是4%。

And then there's some other near-term costs that are just more onetime in nature that we'll have a little bit more pressure on the first quarter. But for the full year, for the rest of the quarter should be fairly even.

另外還有一些短期成本，性質上比較偏一次性，因此第一季會承受較多壓力。但就全年而言，之後其餘季度應該會相當平均。

Thank you.

謝謝。

Gregory Francfort, Guggenheim Partners.

Guggenheim Partners 的 Gregory Francfort。

Hey, thanks for the question. I just want to ask maybe a little bit about LongHorn's comp performance. I mean, it keeps putting up really good numbers.

嗨，謝謝讓我提問。我想問一下 LongHorn 的同店表現。我的意思是，它一直繳出非常好的數字。

And what do you think is driving that? And I guess how much of what's driving that can be applied to the other brands. I think the five-year outlook as you guys maybe moving some of the portion of investments into the other brands.

你們認為是什麼在驅動這個表現？以及我想問，有多少驅動因素可以套用到其他品牌？我想到你們的五年展望，可能會把部分投資移到其他品牌。

But is there anything else that's going on there that you think is a big part of the business and they can or cannot be taken over to the other brands you have?

但除此之外，還有沒有什麼你們認為是該業務的重要部分，而這些做法能或不能移植到你們其他品牌？

Greg, thanks for the great feedback on LongHorn, too. So LongHorn had a 9.5% comp, what a great quarter, and Laura and her team are doing an excellent job driving that business. A lot of that has been things that we've been doing for years.

Greg，也謝謝你對 LongHorn 的肯定。LongHorn 同店成長9.5%，這是一個很棒的季度；Laura 和她的團隊在推動這項業務方面做得非常出色。其中很多其實是我們多年來一直在做的事情。

As we mentioned, we've made investments in food quality probably for the last 10 years. Several and investments continue to pay off.service is improving.

如我們提到的，我們在食材品質上的投資大概已持續了過去10年。這些投資持續帶來回報，服務也在改善。

The guests know they're getting high-quality stakes. When they come to Longhorn, our steaks were correctly scores are highest ever levels. And they get a great value.

顧客知道他們拿到的是高品質牛排。當他們來到 LongHorn，我們牛排的「正確度」評分達到歷史最高水準。而且他們得到很好的性價比。

And it doesn't hurt that there's a high beef inflation in the market. And so the relative value looks a little bit better for LongHorn.

再加上市場上牛肉通膨很高，這也不無幫助。因此對 LongHorn 而言，相對價值看起來更好一些。

So -- and then specifically in Q4, we use a little social media that we do all the time, but we had a post that went very viral, and that was their teas bringing back land. And so they do land usually in the guests have been asking about it all year.

另外，特別是在第四季，我們使用了一些我們一直都有在做的社群媒體操作，但有一則貼文非常爆紅，內容是他們的 teas bringing back land。而他們通常會做 land，顧客一整年都在詢問這件事。

All he did with teas and say, what you're looking for is coming. And then they sold more land -- we bought more land this year than last year and we sold out in half the time.

他們在 teas 上所做的就是說：「你在找的東西要回來了。」然後他們今年賣出的 land 比去年更多，而且在一半的時間內就售罄。

So it was a strong performance. There are things that we can learn at Longhorn that take to other brands, but LongHorn's learn things from other brands to take the Longhorn.

所以表現很強。LongHorn 有一些我們可以學習並帶到其他品牌的做法，但 LongHorn 也會從其他品牌學習並帶回 LongHorn。

So not all of our brands are going to do a non-comp every quarter, but we've got a framework in a portfolio of brands that will let us meet that framework and hopefully exceed it every once in a while.

因此，我們不會期待所有品牌每一季都能做到非同店（non-comp），但我們有一個品牌組合的框架，能讓我們達成該框架，並希望偶爾能超越它。

But we'll continue to learn. LongHorn, as you mentioned, has multiple sizes of most of their steaks. Olive Garden has a little bit on that. Protein is a little bit more important. And Olive Garden just introduced in a year, a pretty protein-forward dish.

但我們會持續學習。如你提到的，LongHorn 的多數牛排都有多種份量尺寸。Olive Garden 在這方面也有一點。蛋白質的重要性更高一些。而 Olive Garden 剛在一年內推出了一道相當「以蛋白質為主」的菜色。

And we might see some more kind of protein communication at Olive Garden, but LongHorn is just doing a great job right now, and we're going to keep them going.

我們可能會在 Olive Garden 看到更多偏向蛋白質的溝通，但 LongHorn 目前做得非常好，我們會讓它持續保持動能。

Thank you.

謝謝。

Chris Carril, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Chris Carril。

Hi, good morning. So just on the commodity basket guidance of 3%, can you expand a little bit more on that and touch on some of the specific drivers, specifically beef. And then I think you mentioned, Raj, 4% inflation in the 1Q. So any more on the cadence of commodity inflation expectations, that would be great. Thank you.

嗨，早安。關於商品籃子（commodity basket）3%的指引，你能再多展開說明一下，並談談一些具體驅動因素，特別是牛肉嗎？另外我想你提到，Raj，第一季通膨是4%。所以若能再多談談商品通膨預期的節奏，會很有幫助。謝謝。

Yes, Chris, I'd just say from a commodities perspective, as you look at the fiscal '27, one of the things that you're going to see -- we expect to see in the first quarter primarily beef is going to be somewhere in that mid- to high single digit because we're wrapping on pretty low inflation a year ago.

是的，Chris，我會說從商品角度來看，當你看2027財年時，有一件事你會看到——我們預期第一季主要是牛肉，會落在中到高個位數，因為我們是在一年前相當低的通膨基期之上比較。

We started to experience significantly higher inflation for beef in the -- starting in the second quarter last year. And for the full year, we ended up in the close to 12-ish percent for beef on the fiscal 2026. As we look at we '27.

我們從去年第二季開始，牛肉就開始出現顯著更高的通膨。而全年來看，2026財年牛肉通膨最後接近約12%左右。當我們看2027財年時。

Expect beef to be in the low single digits for the full year.

我們預期牛肉全年會是低個位數。

In fact, we would expect somewhat deflation in the second quarter. So for the first half, I think we signaled low single-digit inflation, but that includes mid- to high in the first quarter and basically slight deflation in the second quarter.

事實上，我們預期第二季會有些通縮。所以就上半年而言，我想我們傳達的是低個位數通膨，但其中包含第一季中到高個位數，以及第二季基本上是小幅通縮。

As far as other items, one of the things I know a lot of you are looking at is the chicken. We do a contract. And actually, what happens for us is over time, we are actually doing well -- our contracts help protect us from the volatility in the market.

至於其他項目，我知道很多人關注的是雞肉。我們有做合約。而實際上，對我們而言，隨著時間推移，我們的合約確實表現不錯——合約有助於保護我們免受市場波動影響。

So we have been able to have much more stable pricing. And if you look at the last three years, our costs on chicken have been fairly flat, whereas there's been a roughly 5% annual inflation in the broader market. And so those are some of the big drivers, I'd say I think seafood is still -- we expect seafood to be high single digits in the in the front half, but normalize as we get to the back half.

因此，我們得以實現更穩定的定價。而如果你看過去三年，我們在雞肉上的成本相當持平，相較之下，整體市場大約每年有 5% 的通膨。所以我會說這些是一些主要驅動因素。我認為海鮮仍然——我們預期海鮮在上半年會維持在高個位數的水準，但到了下半年會趨於正常化。

Thank you.

謝謝。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Great, thank you. I'm curious if the same-store sales guidance embeds expansion delivery, either via more brands adopting first party or perhaps brands with first-party adopting third party?

很好，謝謝。我想了解一下，同店銷售指引是否已納入外送擴張，例如更多品牌採用第一方外送，或是原本採用第一方外送的品牌改採第三方？

In regards to delivery, right now, we're still focused on the brands that have first-party delivery, Olive Garden, Cheddar's and Yard House.

就外送而言，目前我們仍聚焦在有第一方外送的品牌：Olive Garden、Cheddar's 和 Yard House。

Chuy's already has third-party. In regards to thirdparty delivery, there -- as we've mentioned many times, there's a few things that we don't like about third-party delivery, that model, but some of it been solved.

Chuy's 已經有第三方。至於第三方外送——正如我們多次提到的，第三方外送這種模式有幾點是我們不喜歡的，但其中一些問題已經被解決了。

Others we'd have to see addressed before we get into that. And I'll give you some examples, price transparency for our consumers so they know exactly what their entree costs in our restaurant versus getting it delivered control of the data and tips for our employees.

其他部分我們還需要看到被改善後，才會考慮進入。我舉幾個例子：對消費者的價格透明度，讓他們清楚知道在我們餐廳用餐的主菜價格，與外送到府的價格差異；資料的掌控；以及員工的小費。

Those are just three things. We've got others. And with the acquisition of Chuy's, we have greater insight in the third-party model and how that can impact restaurant sales, both positively and negatively. So right now, we continue to focus on that first party in the -- in the restaurants that we have and the brands we have it with Uber Direct.

這只是三點。我們還有其他考量。而透過收購 Chuy's，我們對第三方模式有了更深入的洞察，了解它如何對餐廳銷售帶來正面與負面的影響。因此目前我們仍持續聚焦第一方——在我們既有的餐廳與品牌中，透過 Uber Direct 來運作。

But if a third party is ever going to be part of our business model, it must be sustainable for us in the long term and our guidance does not contemplate any third-party delivery.

但如果第三方未來要成為我們商業模式的一部分，它必須在長期對我們而言是可持續的；而我們的指引並未納入任何第三方外送。

That's helpful. And my follow-up was just around marketing spend. So what we saw in the fourth quarter, should we expect another year in '27 increased activity, but less of an increase in cost as you find?

這很有幫助。我的追問是關於行銷支出。所以我們在第四季看到的情況，是否可以預期在 2027 年還會有一年活動增加，但隨著你們找到（效率/節省）後，成本增幅會更小？

Yes. I think -- so from a marketing perspective, we are -- we expect to make some investment even with some cost as most of the cost as we receive this year, next year, I think there's probably another $5 million to $6 million of cost saves.

是的。我想——從行銷角度來看，我們預期會做一些投資，即使今年我們拿到的大部分成本節省，到了明年，我認為大概還會有另外 500 萬到 600 萬美元的成本節省。

But we expect marketing expense to go up roughly 10 basis points. It will be -- from a dollars perspective, think of it as about a $25 million investment year-over-year, and that's contemplated in the guidance.

但我們預期行銷費用大約上升 10 個基點。以金額來看，可以把它視為年對年約 2,500 萬美元的投資，這已反映在指引之中。

Thank you.

謝謝。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Thank you. First of all, at a very high level, I was wondering if you can give us some puts and takes of your guidance and perhaps where you have the highest conviction and where -- instead, you're monitoring a little bit more closely, and what will take you to the higher end of the guidance when we take it to the end guidance for '27?

謝謝。首先，從非常高的層面來看，我想請你們談談指引中的一些利多與利空因素，或許哪些部分你們最有把握、哪些部分你們會更密切監控；以及在我們走到 2027 年底時，什麼因素會讓你們落在指引區間的高端？

Yes, Danilo, so let's start with our guidance of 2.5% to 3.5% for the year, which implies flat to positive traffic with check in the mid- to high 2% range.

好的，Danilo，我們先從全年 2.5% 到 3.5% 的指引開始，這意味著來客數持平到正成長，而客單價在 2% 中段到高 2% 的區間。

So with that as a starting point, you think about -- we're looking at 12 months, there are a lot of factors that can impact what can happen with the traffic. But we expect our pricing to be closer to inflation.

以此作為起點來看——我們在看的是 12 個月的期間，有很多因素會影響來客數的表現。但我們預期我們的定價會更接近通膨。

So I mentioned -- we mentioned -- I mentioned that we expect our total inflation to be approximately 3%. Our pricing should be fairly close to that, and our check would be in that mid- to high-2s.

所以我提到——我們也提到——我提到我們預期整體通膨大約是 3%。我們的定價應該會相當接近這個水準，而我們的客單價會落在 2% 中段到高 2% 的區間。

And so that is the background. As we think about the puts and takes, is obviously the broader macro that plays into that range. And if the macro ends up being much better, we'll end up on the higher end. And then there are initiatives that our brands have.

這就是背景。當我們思考利多與利空時，顯然更廣泛的總體環境會影響這個區間。如果總體環境最終明顯更好，我們就會落在區間高端。此外，各品牌也有其自身的推動計畫。

That is -- again, I want to -- I don't want to harp on it for too long, but the reality is the portfolio of brands is a huge advantage when you think about planning and forecasting ahead and how we can pull different levers within -- across our portfolio to get to our commitments.

同樣地，我不想在這點上講太久，但現實是：在規劃與前瞻預測時，品牌組合是一個巨大的優勢；我們可以在整個品牌組合內拉動不同槓桿，以達成我們的承諾。

And so broadly speaking, those are the things. One thing I want to point out that I think might have been -- may not be as clear is we have a pretty big step-up in growth.

大致上就是這些因素。我想指出一點，我認為可能——可能不夠清楚的是：我們的成長會有一個相當大的躍升。

So if you think about the fact that we're opening -- we're guiding to 75% to 80% gross openings, last year, we opened 71. But then you also have, in addition to that 75% to 80% gross openings, we also have 11 Bahama Breeze conversions.

如果你想想我們的開店——我們指引為 75 到 80 家的總開店數，去年我們開了 71 家。但除了這 75 到 80 家總開店數之外，我們還有 11 家 Bahama Breeze 的轉換。

So when you add those two up, it's really from a development perspective and from a preopening perspective, we're actually going to have roughly 20 more openings year-over-year.

所以把這兩者加總起來，從開發角度與開幕前準備角度來看，我們年對年實際上大約會多 20 家開店。

So that will lead to some incremental preopening costs. And so when you take all that into consideration, that's roughly a $0.15 -- $15 million impact on our profit and a $0.10 EPS drag on the year.

因此會帶來一些額外的開幕前成本。綜合考量後，這大約對我們的獲利有 0.15 美元——1,500 萬美元的影響，並對全年 EPS 造成 0.10 美元的拖累。

And this is really a growth costs, right, which are because there's a step change in the number of openings, and it includes the preopening costs and some year one inefficiencies.

而這本質上是成長成本，對吧？因為開店數量出現階躍式增加，包含開幕前成本以及第一年的一些效率不彰。

And so when you actually look at that and still see that even with that headwind, our guidance implies EAT margin flat to positive. And if you will add that back, and I would actually put at margin 10 plus basis points expanding.So those are really the big components of how we're thinking about for the full year.

因此當你把這些納入後，仍然可以看到即便有這個逆風，我們的指引仍意味著 EAT 利潤率持平到正向。如果你把這部分加回去，我會認為利潤率其實會擴張 10 個基點以上。這些就是我們對全年思考的主要構成。

Great. And actually, you went on my follow-up question, which was on development, but more from an international standpoint. And I see that it's quite interesting that you're highlighting also in your presentation, the relevance of international within your strategic planning.

很好。其實你已經回答到我的追問，也就是關於開發，但更偏向國際的角度。我看到你們在簡報中也特別強調國際在策略規劃中的重要性，這點很有意思。

So I'm wondering if you can maybe help us understand when will we see -- the highest in the next two to threeyears, when will we see the highest impact coming from the international expansion?

所以我想請你們協助我們理解：在未來兩到三年中，我們何時會看到——國際擴張帶來的影響最大？

And maybe if you can give us some sort of boundaries from EAT standpoint of the contribution that we could that -- we could be expecting from an expansion in international markets?

另外，若可以的話，能否從 EAT 的角度給我們一些區間界線，說明我們可能可以期待國際市場擴張帶來的貢獻？

Danilo, just remember that our international expansion is franchising. So while it's not the same as opening an existing restaurant for us, we do get a good percentage of the sales from that.

Danilo，請記得我們的國際擴張是以加盟（franchising）方式進行。所以雖然它不像我們自己開一家自營餐廳那樣，但我們確實能從中取得不錯比例的銷售分成。

The EAT should grow as we continue to add franchise restaurants but we're talking single-digit pennies a year, a low end of that a year because you're talking 20 restaurants, 25 restaurants may be in a good year for openings. But it's a significant business for us. And Brad Smith and his team are doing a great job finding partners.

隨著我們持續增加加盟餐廳，EAT 應該會成長，但我們談的是每年個位數的「幾分錢」（以每股盈餘計），而且是偏低端的那種，因為就開店而言，即使在好的一年也可能是 20 家、25 家左右。但這對我們而言是一個重要的業務。Brad Smith 和他的團隊在尋找合作夥伴方面做得非常好。

I would say, as I said in my prepared remarks, this will be the most international openings we've ever had at Darden. And we would expect to keep doing that every year for the next few years, and then we'll continue to find new partners.

我會說，正如我在事先準備的發言中提到的，這將會是我們在 Darden 史上最國際化的一波開店。而我們預期未來幾年每年都會持續這麼做，之後也會繼續尋找新的合作夥伴。

When we signed these last three deals, we signed them in June of last year, so basically a year ago. We signed 40 restaurants in part of India, 40 restaurants in Spain and 30 restaurants in Canada.

我們簽下最近這三筆交易時，是在去年六月簽的，所以基本上就是一年前。我們在印度的部分地區簽了 40 家餐廳、西班牙 40 家餐廳，以及加拿大 30 家餐廳。

And we had never signed a development deal for a country and opened it within 12 months and all three of them pretty much are going to open within 12 months.

而我們過去從未在簽下某個國家的開發協議後，在 12 個月內就開出店來，但這三個案子幾乎都會在 12 個月內開幕。

And we have more openings in those countries already coming. So we feel really good about where we are. But it's not going to be a monster driver of EAT growth. It will be a driver of EPS, but pretty small, but it's still positive.

而且我們在那些國家已經有更多開店計畫正在推進。所以我們對目前的進展感到非常滿意。但這不會成為 EAT 成長的巨大驅動因素。它會帶動 EPS，但幅度相當小，不過仍然是正向的。

Thank you.

謝謝。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Thanks, and congratulations on your year. I wanted to ask you about -- on the same-store sales guidance for fiscal '27 and 2.5% to 3.5%. How are you generally thinking about that for Olive Garden?

謝謝，也恭喜你們今年的表現。我想請教一下——關於 2027 財年的同店銷售指引為 2.5% 到 3.5%。你們整體上是如何看待 Olive Garden 的？

Is safe to say you're thinking slightly below, but so positive? And if so, how are you thinking about restaurant level margin for that brand this year, especially with what you're doing with the small plates?

可以說你們的想法是略低於這個區間、但仍為正成長嗎？如果是的話，今年這個品牌的餐廳層級利潤率你們怎麼看，特別是考量你們在小盤菜（small plates）上的作為？

It seems like you're leaning in there. And do you think you can keep those margins stable this year? And I have a quick follow-up.

看起來你們正在加大投入。你們認為今年能把這些利潤率維持穩定嗎？我還有一個簡短的追問。

Yes, David, great question. I'll start by saying first of all, thank you for acknowledging. We did have a great year. So we're excited and happy about it. From a -- you can imagine when we look at the portfolio, and we're saying 2.5% to 3.5%, you would expect, we expect Olive Garden to be closer to the lower end of that for the year.

是的，David，這是個很好的問題。我先說，首先謝謝你提到這點。我們確實有個很棒的一年。所以我們對此感到興奮也很開心。從——你可以想像，當我們看整體組合並提出 2.5% 到 3.5% 時，你會預期、我們也預期 Olive Garden 今年會更接近這個區間的下緣。

But that -- we still expect Olive Garden to have decent growth. And especially considering where the industry would be. And the way to think about it from a margin perspective is I just talked about how in Q4, they actually had a 50 basis points increase in segment profit margin even with the headwind of the lighter portion investment of 50 basis points.

但——我們仍預期 Olive Garden 會有不錯的成長。尤其是考量整個產業的狀況。從利潤率角度來看，我剛才提到第 4 季他們即使面臨較輕份量投資（lighters portion investment）帶來的 50 個基點逆風，部門利潤率仍提升了 50 個基點。

As we look at the full year for next year, I would expect their margins to be flat to positive. So we don't expect the margins to go backwards.

展望明年全年，我預期他們的利潤率會持平到略為正向。所以我們不預期利潤率會倒退。

They've done a great job of managing costs in the rest of the P&L to be able to fund investments. And that's really what's great about Olive Garden. This is an engine that has been fueling growth for Darden through the cash generation that it does.

他們在損益表其他項目的成本管理做得非常好，因而能夠支應各項投資。而這正是 Olive Garden 的優勢所在。這是一具引擎，透過其現金創造能力，一直在為 Darden 的成長提供燃料。

And so it plays a big role in helping Darden portfolio be as successful as it's been.

因此，它在協助 Darden 的品牌組合達到目前這樣的成功方面，扮演了很重要的角色。

Yes. Just a follow-up on Olive Garden. There's been a lot of things happening with that brand. You guys have had maybe with LongHorn, there's initiatives, but we don't see them as much. I mean, with Olive Garden, they've been highly visible initiatives, small plates, you've leaned in with delivery.

是的。再追問一下 Olive Garden。這個品牌最近有很多動作。你們可能在 LongHorn 也有一些計畫，但我們不太常看到那麼多。我的意思是，Olive Garden 的計畫非常顯眼：小盤菜、你們也加大了外送的投入。

What are you kind of leaning into fiscal '27? I'm sure you don't want to be doing much worse than the exit rate comp than the mid-2s going into this year. What's the team going to be really focusing on. What would be the story of '27 for that brand?

那你們在 2027 財年會著重在哪些方向？我想你們應該不希望今年進入時的同店成長（comp）退出率比 2% 中段還差太多。團隊會真正聚焦在什麼？這個品牌在 2027 年的主軸故事會是什麼？

Yes, David. Raj kind of mentioned the story of the brand a little bit is their comps are going to be some somewhere in the 2.5% to 3.5% range, but probably closer to the bottom, and we're okay with that.

是的，David。Raj 稍早有提到一些品牌的主軸：他們的同店成長會落在 2.5% 到 3.5% 的區間，但可能更接近下緣，而我們對此是可以接受的。

We think that that's a good place for Olive Garden to be as long as they continue to make investments for the long term, so they can be running those comps for the next 20 years instead of doing something for 1.5 years. Marketing brand is well positioned to leverage news to drive traffic, and they're continuing to work on some news and you see that.

我們認為，只要他們持續做長期投資，讓他們能在未來 20 年都維持這樣的同店表現，而不是只做 1.5 年的短期操作，那麼這對 Olive Garden 來說就是個不錯的位置。行銷端的品牌定位也很適合運用「新品／新消息」（news）來帶動來客數，他們也持續在打造一些新消息，你們也看得到。

LongHorn is a little less about using news to drive traffic.cBut Olive Garden is using news to drive traffic. And one of the ways we do that is we've got several initiatives to continue appealing to core guests. And Olive Garden's core guests were the fastest-growing part of Olive Garden in the last quarter, and that's important to us.

LongHorn 比較不是靠「新品／新消息」來帶動來客數。c但 Olive Garden 會用「新品／新消息」來帶動來客數。而我們其中一個做法是推動數個計畫，持續吸引核心顧客。而在上一季，Olive Garden 的核心顧客是成長最快的族群，這對我們很重要。

But we're going to continue to follow our marketing filters, and you'll see some of that stuff over the next year. But remember, it's got to be simple to execute, can't be a deep discount and it's going to elevate brand equity.

但我們會持續遵循我們的行銷篩選原則，你們在接下來一年會看到其中一些作法。不過請記得，必須要容易執行、不能是大幅折扣，而且要提升品牌資產。

But at the end of the day, all of profitable sales growth, and Raj just mentioned that we're going to be somewhere in the flat to flat to positive segment profit for Olive Garden, even with the growth. So without getting into too many competitive things, you'll see some things at Olive Garden that you may have seen years ago or some people may have never seen.

但歸根結底，一切都要回到有利可圖的銷售成長；Raj 剛才也提到，即使在成長之下，Olive Garden 的部門利潤仍會落在持平到略為正向。所以在不透露太多競爭細節的前提下，你們會在 Olive Garden 看到一些你們可能多年前看過的東西，或是有些人可能從未看過的東西。

And so I think it's important to know that we're not going to just sit back and let Olive Garden do nothing and have a very low comp.

因此我認為重要的是要知道，我們不會只是坐視 Olive Garden 什麼都不做，然後同店成長很低。

We're going to have -- make sure they're doing the right things for Olive Garden in the long term and to help the other brands in the long term as well. So you should see some things this year that you may not have seen before or may haven't seen it a while.

我們會——確保他們做對 Olive Garden 長期發展正確的事，也同時在長期上幫助其他品牌。所以今年你們應該會看到一些你們以前沒看過的東西，或是有一段時間沒看到的東西。

Thank you.

謝謝。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行（Bank of America）。

Oh, thank you. I have a quick question and then about guidance and then a question about the quarter. But for the guidance, I just was wondering about the CapEx outlook. It looks like a bigger jump than the number of new units.

喔，謝謝。我有一個簡短問題，接著是關於指引的問題，然後還有一個關於本季的問題。不過先就指引而言，我想問一下資本支出（CapEx）的展望。看起來它的增幅比新開店數量的增幅更大。

Is that related to the -- I'm sorry, the conversions? Or is there something else going on there?Just trying to understand if it has to do with movie the shift in where your unit growth is coming from or more to do with the Bahama Breeze conversions.

這是否與——抱歉，是與轉換（conversions）有關？還是還有其他因素？Just我想了解這是否與你們的展店來源轉移有關，或是更多與 Bahama Breeze 的轉換有關。

Yes, Sara. Let me start by breaking down the CapEx a little bit and then talk about the new units. That is where you're seeing the biggest increase. But if you look at the guidance of $875 million, roughly $25 million is related to the conversions.

是的，Sara。我先把資本支出稍微拆解一下，然後再談新店。你看到最大的增加是在新店這一塊。但如果你看 8.75 億美元的指引，其中約 2,500 萬美元與轉換有關。

So then we're talking about $850 million. Close to $350 million is maintenance IT investment. So it's basically maintaining our buildings technology investments, all of that. And roughly 500 is related to new unit growth.

所以接下來我們談的是 8.5 億美元。接近 3.5 億美元是維護性 IT 投資。也就是基本上用於維護我們的建築、科技投資等等。而約 5 億美元與新店成長有關。

So we talked about opening 75% to 80% this year, but we're also talked about trying to get into that 3% to 4% and building the pipeline for next year. So there is a pretty strong pipeline for next year and some of those costs come into this year.

所以我們談到今年要開出75%到80%的店，但我們也談到要努力達到那3%到4%的水準，並為明年建立開店管線。因此明年的開店管線相當強勁，而其中一些成本會落在今年。

So that's really part of the reason why we're ending up where we are ending up. But it's -- trust us, we have a pretty strong filter for how we capital here at Darden. And we hold our brands and our development team to a pretty high standard, and our returns on new restaurants have been stellar. So we feel like this is a good use of capital.

所以這確實是我們最後會落在目前狀況的部分原因。但——相信我們，我們在Darden對資本配置有相當嚴格的篩選標準。我們對旗下品牌與開發團隊要求很高，而新餐廳的投資報酬一直非常亮眼。因此我們認為這是資本的良好運用。

And then I wanted to go back to the comment about seeing some growth from -- in spending from lower income consumers, I think that cohort has been declining in terms of traffic in prior quarters. I know you mentioned refunds.

另外我想回到你提到的評論：我們看到來自低收入消費者的支出有所成長，我認為那個族群在前幾季的來客數其實是在下滑。我知道你提到了退稅。

But is there anything -- as you think about kind of what brought them in with the smaller portion? Did that play a role because it's obviously also a smaller price points?

但還有沒有其他因素——當你思考是什麼讓他們因為較小份量而進來？這是否有發揮作用，因為很明顯這也對應到較低的價格帶？

I guess as you think about maybe value messaging perhaps more broadly, if anything changed in the quarter, we had heard that perhaps the Italian category maybe it was a little bit more promotional or more focused on value.

我想問的是，從更廣泛的價值訴求來看，如果本季有任何改變；我們聽說義大利餐飲類別可能促銷更積極、或更聚焦在價值。

So I just trying to kind of reconcile all of what I think I know about the industry, but maybe isn't the case.

所以我只是想把我自認對產業的理解與實際情況做個對照，但也許並非如此。

I think you've said all the things, right? So there could be a lot of different things. I do believe that the tax refunds.

我想你把該說的都說到了，對吧？所以可能有很多不同的因素。我確實相信退稅是一個原因。

We're a little bit of that. I'm not saying that that's the only reason. I think there are other reasons. The Italian category being more promotional, I'm not sure I necessarily saw that.

我們確實有看到一點這樣的影響。我不是說那是唯一原因。我認為還有其他原因。至於義大利類別更促銷這件事，我不確定我是否真的有看到。

I think Olive Garden did what they did the year before, but maybe others did but again, we have a big portfolio, so we said the entire Casual Dining -- all of Casual Dining did pretty well across all the cohorts. It's just that the bottom quintile was positive year-over year where the past they weren't.

我認為Olive Garden做的跟前一年差不多，但也許其他業者有做；不過再說一次，我們的品牌組合很大，所以我們說整個休閒餐飲——整個休閒餐飲在所有族群的表現都相當不錯。只是最低的那個五分位數族群年增轉為正成長，而過去他們不是。

So that's why we wanted to highlight that and we'll see if there's more reasons, but it's still early to determine exactly what the reasons were, but we feel pretty good about it.

所以這就是我們想特別強調的原因；我們會再看看是否還有更多原因，但現在要精確判定原因仍為時尚早，不過我們對此感覺相當不錯。

Thank you.

謝謝。

Brian Harbour, Morgan Stanley.

Morgan Stanley的Brian Harbour。

Yeah, thanks. Good morning guys. Yeah. I guess like 3% commodity inflation seems pretty good in this environment where some things are really moving around a lot. I guess, is this sort of a prime example of where your scale really benefits things? And I guess sort of the distribution model you have, does that kind of reduce some of the cost versus what you might otherwise see or what some peers might see in this sort of environment?

是的，謝謝。各位早安。是的。我想在目前這種環境下，有些項目波動很大，3%的食材（大宗商品）通膨看起來相當不錯。我想問，這是否算是你們規模優勢真正發揮效益的典型例子？另外你們的配送模式，是否能在這種環境下相較於你們原本可能看到的、或同業可能看到的，降低一些成本？

Yes, absolutely. We've talked about the benefit of scale. And I think Rick, actually, in his prepared remarks specifically talked about the benefit of having our own distribution network and owning our own inventory and actually working directly with our suppliers and the scale benefit is meaningful, especially helps us protect us from a lot of volatility, and we're going to get because we can guarantee certain volumes, and that helps the suppliers feel about -- good about committing to certain prices.

是的，絕對是。我們談過規模帶來的好處。而且我想Rick其實在事先準備的發言中特別提到：我們擁有自有配送網路、持有自有庫存，並且直接與供應商合作的好處；規模效益很顯著，尤其能幫助我們抵禦許多波動。我們之所以能做到，是因為我們可以保證一定的採購量，這也讓供應商更願意承諾某些價格。

So -- and I don't want to take away from our supply chain team does a great job. I mean they have done excellent job outperforming the market by mid- to high single-digit percentage points in multiple years.

所以——我也不想抹煞我們供應鏈團隊的功勞，他們做得非常好。我的意思是，他們在多個年度都能以中到高個位數的百分點幅度優於市場表現。

So that's a part of it is how our team is at negotiating and getting great deals for Darden, but the scale is really a factor, absolutely.

所以其中一部分是我們團隊在談判、為Darden爭取到很好的條件；但規模確實是一個因素，絕對是。

Raj, you're calling about more preopening and a little bit of kind of margin inefficiency from new units. I mean, I guess it doesn't sound like that's necessarily onetime. And I mean in future years, if you still saw a little bit of acceleration in unit growth.

Raj，你提到較多的開店前費用，以及新店帶來的一些毛利效率較低的情況。我的意思是，聽起來這不一定是一次性的。而且我想在未來年度，如果你們仍看到展店速度有些加快。

I assume that's not necessarily something that goes away. Were you suggesting that, that was more just related to the conversions this year and so therefore, it's not something you'd have in future years?

我想那不一定會消失。你是在說這主要只是跟今年的轉換店有關，因此未來年度不會再出現嗎？

Yes, Brian, great point. Yes. So if you look at what I was suggesting is we're opening -- or stepping up basically because of conversion, it ends up being a 20-unit step-up roughly, whereas when you look at year-over-year from now to next year, even if you assume mid- to high percent of that target range we have for units, it will not be as big of a step up. So this is one -- this will be in the P&L. But year-over-year, you won't have the same headwind.

是的，Brian，你提得很好。是的。所以如果你看我剛才的意思是：我們的開店——或基本上是因為轉換店而加速，結果大約是增加了20家店的躍升；但當你看從現在到明年的年對年變化，即使你假設我們開店目標區間落在中到高端的百分比，也不會是這麼大的躍升。所以這會反映在損益表（P&L）裡。但就年對年而言，你不會遇到同樣的逆風。

Thank you.

謝謝。

Jon Tower, Citi.

Citi的Jon Tower。

Great, thanks for taking the question. Maybe just starting on Olive Garden. I know we talked a lot about it, but right now, you're featuring smaller prices and now they're part of the menu core. And it looks like protein is becoming a bigger piece of the venue at Olive Garden.

很好，謝謝讓我提問。也許先從Olive Garden開始。我知道我們談了很多，但目前你們主打較低價格，而現在它們也成為菜單的核心部分。而且看起來在Olive Garden，蛋白質正成為營收中更大的一部分。

I think at the moment, you're focusing on a hot honey chicken by, at least from an appetizer standpoint. So can you speak to how you're thinking about balancing what the consumer wants against these strong margins that the brand has had historically?

我想目前你們在前菜方面至少主打的是辣蜂蜜雞。所以你能談談你們如何在消費者需求與該品牌歷來強勁的利潤率之間取得平衡嗎？

It seems like some of these new items or LTOs which might be more protein-centric end up costing a little bit more. So how we should think about margins longer term for that segment?

看起來其中一些新品或限時供應（LTO）可能更偏向蛋白質導向，成本會高一些。所以我們應該如何看待該品類長期的利潤率？

Jon, I just want to make sure it's clear that we're we have the lighter portions menu, but we're not featuring anywhere. It's not like we're marketing it or doing anything. It's the guests are finding it as they go. So -- but in terms of the protein, yes, we have a little bit more protein on some of these items on the menu. They're still at a good margin.

Jon，我想先確認一點：我們確實有「輕量份量」菜單，但我們並沒有在任何地方主打它。並不是說我們在行銷它或做任何推廣。是客人在用餐過程中自己發現的。所以——但就蛋白質而言，是的，我們在菜單上的某些品項確實增加了一點蛋白質。它們的毛利仍然不錯。

And as we mentioned, next year, with these investments that we made and the Lighter Portions and even in some of the protein, we expect our margins to be flat to positive. And we'll continue to find other ways to help fund these things.

而且如我們提到的，明年，隨著我們做的這些投資、輕量份量，以及甚至在部分蛋白質上的調整，我們預期利潤率將持平到略為正向。我們也會持續尋找其他方式來支應這些投入。

But Olive Garden is going to be, we believe, a viable brand for a very long time. And in order to do that, we have to continue to make investments. We have to continue to evolve with what the consumer is looking for and they're looking for a little bit more protein right now.

但我們相信Olive Garden會是一個能長期經營、非常長久的品牌。而要做到這點，我們必須持續投資。我們必須持續隨著消費者在尋找什麼而演進，而他們現在正想要多一點蛋白質。

Who knows how long that will be, but they're looking for a little bit protein right now. And we can find ways to give them that at Olive Garden and at all of our other brands.

誰知道這會持續多久，但他們現在確實想要多一點蛋白質。而我們能在Olive Garden以及我們所有其他品牌，找到方法以合適的方式提供給他們。

Again, that is the value of the portfolio that we have. We're not relying on any one brand, and we're not relying on any one cuisine. And so you think about LongHorn, you think about Yard House, Cheddar's, Chuy's, very protein-centric in those brands.

再說一次，這就是我們所擁有的投資組合的價值。我們不依賴任何單一品牌，也不依賴任何單一菜系。因此你想到 LongHorn、Yard House、Cheddar's、Chuy's，這些品牌都非常以蛋白質為核心。

So -- and all of our other brands. So it's -- let's not go too far and saying, Olive Garden needs to be LongHorn with protein, but they are going to have some protein on their menu. And they always do with promotions, they have some proteins. The chicken appetite that you mentioned is doing really well for them. and we'll see how we can keep that going.

所以——以及我們所有其他品牌也是如此。所以——我們不要走得太遠，說 Olive Garden 必須像 LongHorn 一樣以蛋白質為主，但他們的菜單上會有一些蛋白質品項。而且他們一直都有，透過促銷活動也會有一些蛋白質品項。你提到的那個雞肉開胃品對他們來說表現非常好，我們也會看看如何讓這股動能延續下去。

Great. And then you just hit on the idea that the advantages you have as a portfolio company and I think throughout the presentation in the call today, you spoke to frankly, the strength of scale.

很好。接著你剛剛提到，作為一個投資組合型公司所具備的優勢；而且我想在今天這場電話會議的簡報中，你其實談到了規模的力量。

So I'm curious if you could kind of refresh your thoughts around the M&A environment and specifically, how you see your portfolio growing over time outside of the existing brands that you have today?

所以我很好奇，你是否可以更新一下你對併購（M&A）環境的看法，特別是你如何看待在現有品牌之外，你們的投資組合隨時間推進會如何成長？

Yeah, Jon, I want to first start by saying that our long-term framework does not need acquisitions to help us hit that. So M&A doesn't have to be part of that framework, M&A could give top spin to that framework.

是的，Jon，我想先說，我們的長期框架不需要靠收購來達成目標。所以併購不一定要成為該框架的一部分，但併購可能會為這個框架帶來額外加分。

We love the brands we have right now. We're focusing on the organic growth of these brands and building scale that way. If something comes up and our Board will discuss it.

我們很喜歡目前手上的品牌。我們正專注於這些品牌的有機成長，並以此方式建立規模。如果有機會出現，我們的董事會會進行討論。

But right now, we work with what we have in front of us, which is the brands we have today and converting those remaining Bahama Breezes. That's not a little bit of work. That's quite some work for our teams. It's going to be very valuable to us. but we're going to focus on the brands we have until there's another brand.

但就目前而言，我們會先把眼前的事情做好，也就是我們今天擁有的品牌，以及把剩餘的 Bahama Breeze 轉換完成。那不是一點點工作。對我們的團隊來說，那是相當多的工作。這對我們會非常有價值。但在出現另一個品牌之前，我們會專注在現有品牌上。

Thank you.

謝謝。

Dennis Geiger, UBS.

UBS 的 Dennis Geiger。

Great, thanks guys. two on Olive Garden, if I may. The first one, just on value perceptions of the brand. Any change in the scores there? I don't know if smaller places has helped on the value side of things or some of the other initiatives you've had in place, but just any updates on where value sits if you've observed any changes there of late?

很好，謝謝各位。我想問兩個關於 Olive Garden 的問題。第一個是關於品牌的價值感知。那邊的評分有任何變化嗎？我不確定較小份量是否在價值面有所幫助，或是你們推動的其他措施，但想請你更新一下：最近你們觀察到價值定位有沒有任何變化？

Yeah. Value is still pretty strong at Olive Garden. It's always been a strong brand for value, and it still is a strong brand for value. The Lighter Portions have very strong value. And again, it's not like half of our guests are ordering that Lighter Portions.

是的。Olive Garden 的價值仍然相當強。它一直都是以高性價比著稱的強勢品牌，現在也仍然如此。「較輕份量」（Lighter Portions）的價值感非常強。而且再說一次，並不是我們有一半的客人都在點「較輕份量」。

I'm not going to tell you the preference. It's not anywhere near that. But those guests that are ordering lighter portions menu are coming back more frequently than they were before, and that frequency is continuing to build.

我不會告訴你具體偏好比例。離那個數字差得很遠。但那些點較輕份量菜單的客人，比以前更常回來，而這個回訪頻率仍在持續提升。

So we believe that in the long term, we'll get even more value with whatever we put on the menu. That is one of the biggest filters we have at Olive Garden with whatever we try to add, what is the value rate -- what is evaluating when we test it?

所以我們相信，長期來看，不論我們在菜單上放什麼，都能帶來更高的價值感。在 Olive Garden，我們在嘗試新增品項時，最重要的篩選標準之一就是：價值評分——在測試時我們如何評估它？

Does that improve value or detract from value? And if it's attraction value, we won't put it on the menu. So we feel really good about where our branch value is.

它是提升價值感，還是削弱價值感？如果是削弱價值感，我們就不會把它放上菜單。所以我們對品牌目前的價值定位感到非常有信心。

Great. And just to slip in one on Olive Garden and the operational efforts. Just kind of the latest there, operational efforts overall speed of service. I know you've got some longer-term focused initiatives on this. But just any updates there?

很好。再插問一個關於 Olive Garden 的營運改善。想請教目前的最新進展，整體營運努力、服務速度等。我知道你們有一些更長期導向的計畫。但這方面有什麼更新嗎？

I'm not sure you can find better service anywhere relative to Olive Garden at least relative to the restaurant side visit. So I'm just curious if you think you're getting credit from the guests on the operations side of things? And maybe just what that opportunity looks like on the op side of things for the brand in '27?

我不確定你是否能在其他地方找到比 Olive Garden 更好的服務，至少就到店用餐體驗而言。所以我很好奇，你是否覺得在營運面，客人有給你們相應的肯定？以及也許談談到 2027 年，這個品牌在營運端的機會看起來會是什麼？

Yes, Dennis. I would agree with you. I think Olive Garden give some of the best service in Casual Dining. So thanks for that. Olive Garden has made a pretty meaningful change in the last quarter in their speed.

是的，Dennis。我同意你的看法。我認為 Olive Garden 在休閒餐飲（Casual Dining）中提供了最好的服務之一。所以謝謝你這麼說。Olive Garden 在上一季在速度方面做了相當有意義的改變。

And they're focusing on it. They do a great job. John Wilkerson and his team of operators with Shane Elrod are doing an amazing job getting the message out to their team members on the importance of speed and what's happening. And they are seeing a very quick change in their speed. And they're seeing great feedback from their guests.

而且他們正專注在這件事上。他們做得非常好。John Wilkerson 與他的營運團隊、以及 Shane Elrod，正非常出色地把訊息傳達給團隊成員：速度的重要性，以及目前正在發生的改變。他們的速度正在非常快速地改善。而且也從客人那裡得到很好的回饋。

Their service scores and their pace of meal scores have gone up significantly. And they still have a lot more to do, by the way. So we believe Olive Garden can continue to move the needle on the speed along with our other brands. But Olive Garden is leading the way for Darden. And we're going to continue to learn from them and help to see what other brands can do from that.

他們的服務評分以及用餐節奏（pace of meal）評分都顯著上升。順帶一提，他們還有很多事情要做。所以我們相信 Olive Garden 能夠持續在速度上推動改善，同時也帶動我們其他品牌。但 Olive Garden 正在為 Darden 領先示範。我們也會持續向他們學習，並協助看看其他品牌能從中做到什麼。

Thank you.

謝謝。

Drew North, Baird.

Baird 的 Drew North。

Great, thanks for taking the question. Great. A lot of mine have been asked, but maybe one on pricing. Can you walk through some of the pricing figures by brand, at least Olive Garden and LongHorn in the fourth quarter? And then how you're thinking about the cadence of pricing through 2027?

很好，謝謝讓我提問。很好。我很多問題都已經被問過了，但我想問一個關於定價的問題。你能否帶我們看一下第四季各品牌的一些定價數字，至少 Olive Garden 和 LongHorn？以及你們如何看待到 2027 年的定價節奏？

And either on a blended level or a little bit of perspective by brand as we think about the relationship between pricing and inflation?And then I have a follow-up.

不論是以整體加權的角度，或是按品牌提供一些觀點，當我們思考定價與通膨之間的關係時？然後我還有一個追問。

Sure, Drew. So from -- for Q4, pricing was basically -- the blended pricing for Darden was 3.8%. Olive Garden was 2.8%. LongHorn was just over 5.3% or 5.4%. As we look at next year, I mentioned we expect pricing to be about 3%, which is we expect that to be more in line with inflation.

當然，Drew。所以就第四季而言，Darden 的整體加權定價大約是 3.8%。Olive Garden 是 2.8%。LongHorn 則略高於 5.3% 或 5.4%。展望明年，我提到我們預期定價大約在 3%，我們預期這會更貼近通膨水準。

From a quarterly cadence, we expect it to be slightly higher in the first half, higher than 3% in the first half and lower than 3% in the back half. And then I mentioned earlier already from an inflation, we expect first quarter to be the highest. And we expect Olive Garden to be lower pricing than Darden's pricing.

就季度節奏而言，我們預期上半年會略高一些，也就是上半年高於 3%，下半年低於 3%。另外我先前也提到，就通膨來看，我們預期第一季會是最高。而且我們預期 Olive Garden 的定價會低於 Darden 的整體定價。

Very helpful. And then one on development. As we think about 2027 unit openings, I guess what are you seeing in terms of development costs or inflation there? And perhaps you can give us an update on how cash-on-cash returns are coming in for new openings relative to your targets as you've ramped up growth.

非常有幫助。接著問一個關於展店開發。當我們思考 2027 年的開店數量時，你們在開發成本或那方面的通膨看到什麼情況？也許你們可以更新一下：在你們加速成長之後，新店開幕的現金投資報酬率（cash-on-cash returns）相對於你們目標的達成情況如何？

Yes. Drew, the inflation is actually holding up, I would say, of our construction costs in total have, I would say, fairly flatter. And actually, as we are opening -- going out to bid, we're finding that the bids are coming in a little bit better than our projection, our estimate that we approved. So that's a good sign. So costs are holding up.

是的。Drew，通膨其實仍在支撐著；我會說，我們整體的建造成本，我會說，相當平穩。而且實際上，隨著我們開始—對外招標，我們發現投標價格比我們核准的預測、估算還要好一些。所以這是個好跡象。所以成本維持得住。

I'm not going to say they're going down meaningfully, but they're not going up. From a return perspective, we feel really good.

我不會說它們有明顯下降，但它們也沒有上升。從報酬的角度來看，我們感覺非常好。

Cash on cash metric that can vary depending on how you choose to invest, whether you take TI or not and you do make your own capital, that kind of stuff and use your own capital. However, when we look at it even with all that and we look on average, our cash on cash is really strong. it's actually coming in ahead of our expectations.

現金對現金（cash-on-cash）指標會因你選擇如何投資而有所不同，例如你是否承接裝修補助（TI），或你是否自行投入資本、使用自有資金之類的。不過，即便把這些都納入考量、並以平均來看，我們的現金對現金表現非常強勁，實際上高於我們的預期。

And then more importantly, when you look at the IRR and the net present value of these projects, these are significantly positive and IRR exceeding our cost of capital by multiple hundreds of basis points. So we feel really good about the growth portfolio, the performance of the new restaurants.

更重要的是，當你看這些專案的IRR與淨現值時，它們都顯著為正，而且IRR高出我們資本成本數百個基點。所以我們對成長型投資組合、對新餐廳的表現感到非常有信心。

Thank you.

謝謝。

Jim Salera, Stephens.

Jim Salera，Stephens。

Raj, earlier, you broke out the components of the comp guidance for '27 have implied flat to modestly positive traffic. We've seen a sustained period of negative traffic for the industry, but obviously sustained outperformance for your brands.

Raj，先前你拆解了你們對27財年的同店指引組成，隱含的是客流持平到小幅正成長。我們看到整個產業客流已經持續一段時間為負，但你們的品牌顯然持續跑贏。

Can you just kind of walk us through what your expectations are for the industry in fiscal '27? And maybe how we should think about your ability to continue to either pull guests from other brands or perhaps pull them from other occasions? And just kind of walk us through that.

你能否帶我們了解一下你們對27財年餐飲產業的預期？以及我們該如何看待你們持續從其他品牌吸引顧客、或可能從其他消費情境（occasion）吸引顧客的能力？請大致說明一下。

Yes. The way we think about it is really we focus on what we can control. We're not expecting any material change to industry performance. So our baseline assumption is industry is going to be where it's been. And then we are like trying to say, what can we do to take share.

是的。我們的思考方式是，專注在我們能控制的事情上。我們不預期產業表現會有任何實質性的改變。所以我們的基準假設是，產業會維持在目前的狀態。接著我們會思考，我們能做什麼來取得市占。

And I think if you look at last year, we had positive traffic for the year in an environment when the industry was negative.

我想如果你看去年，在產業客流為負的環境下，我們全年客流仍是正成長。

And we've done that for years. And like you said, there are different initiatives our brands have to drive traffic, and that's really how we look at it. It varies from brand to brand. But I don't want to get too much into the details on what exactly we do.

而且我們多年來一直如此。如你所說，我們各品牌都有不同的推動客流的措施，而我們就是用這樣的方式來看待。各品牌情況不同。但我不想過度深入我們具體做了哪些細節。

But ultimately, the biggest and most important thing is execution and superior execution, consistent execution, which I know is the fabric of how we think about it at Darden across all our brands.

但歸根結底，最大、最重要的就是執行力：更優異的執行、持續一致的執行；我知道這正是我們在Darden跨所有品牌思考方式的核心。

Great. And then a quick follow-up. Earlier to the previous question, you had given the price for Olive Garden and LongHorn in the quarter. Can you just round that out and give us the traffic as well.

很好。再追問一個。先前針對上一個問題，你提供了本季Olive Garden與LongHorn的價格（定價）資訊。你能否也把客流一併補充完整？

Quarter. If you look at the quarter, the pricing -- I mean, the check growth was 3.3%, traffic growth was 1.3%. Pricing was 3.8%. So basically about 50 basis points of mix on the quarter. And from Olive Garden, sales perspective, their traffic was up 20 basis points.

本季。如果看本季，定價—我是說，客單成長是3.3%，客流成長是1.3%。定價是3.8%。所以本季大約有50個基點來自組合（mix）。就Olive Garden的銷售面來看，他們的客流上升了20個基點。

Their check -- I mentioned pricing was in 2.8%. And then they had catering that was helping by about 50 basis points.

他們的客單—我提到定價約2.8%。另外外燴（catering）貢獻了大約50個基點的助益。

So really, if you look at catering and the traffic that would probably be -- think of it as 70 basis points of traffic at Olive Garden and a check growth of 1.5%. Lighter Portions, as I mentioned, were a headwind of 80 basis points. And then there was some negative mix of 30 basis points. From a LongHorn perspective, traffic was up 4.2% and their check was up 5.3%, basically in line with their pricing.

所以如果把外燴與客流一起看，在Olive Garden大概可視為客流約70個基點，而客單成長為1.5%。如我提到的，Lighter Portions帶來80個基點的逆風。另外還有約30個基點的負向組合。就LongHorn而言，客流上升4.2%，客單上升5.3%，基本上與其定價一致。

Thank you.

謝謝。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

I did want to come back to the conversation on LongHorn. The comps were the strongest we've seen in, I think, more than three years. Do you think there's any trade down there from fine dining or maybe any trade up? Or any more details you can provide on that would be helpful. And then I have a follow-up?

我想回到關於LongHorn的討論。同店表現是我們看到的最強之一，我想超過三年來最強。你認為那裡是否有從高端餐飲（fine dining）往下移的消費（trade down），或可能有往上移（trade up）？或你能提供任何更細的資訊都會很有幫助。然後我還有一個追問？

Peter, yes, there's probably some trade down from fine dining. There's also some trade-in from retail is what we think is happening. But when you think about frequency and fine dining versus frequency of LongHorn, you need quite a bit of trade to make it a real big difference, but -- and the size of LongHorn versus the rest of Fine Dining. But yes, there should there's some trade but I think it's more retail trade.

Peter，是的，可能有一些從高端餐飲往下移的消費。我們也認為有一些是從零售端轉移過來的消費。但當你想到用餐頻率，高端餐飲的頻率相較LongHorn要低，要出現相當大的轉移才會造成很大的差異；另外LongHorn的規模相對於整個高端餐飲類別也是如此。但沒錯，確實有一些轉移，只是我認為更多是零售端的轉移。

Got it. And then just following up on that. Are you still seeing the demand destruction of beef and retail? Is that an ongoing thing? Or has that gotten better or worse? Any details on that would be helpful as well.

了解。接著追問。你們是否仍看到牛肉在零售端的需求被破壞（demand destruction）？這是持續發生的狀況嗎？還是有變好或變差？任何細節也會很有幫助。

Yes. I think it's -- I wouldn't say it has gotten meaningfully better, Peter. I think last month, we saw was 8.5% decline in the volume for steaks.

是的。Peter，我不會說它有明顯改善。我想上個月我們看到牛排的銷量下滑了8.5%。

So at retail, which is -- I think we were seeing as much as 11% at one point. So it's moderated a little bit, but still pretty high, 8.5%, and it's -- retail makes up roughly half of the total beef sales, I think so it's a pretty meaningful -- still a meaningful step down.

這是在零售端—我記得我們曾一度看到高達11%。所以有稍微緩和一些，但8.5%仍然相當高；而且—我想零售大約占整體牛肉銷售的一半，所以這仍是相當顯著的—仍是相當明顯的下滑幅度。

Thank you.

謝謝。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

I just wanted to ask a narrow question on beef risk management. You gave some helpful color on the cadence. But with the are already tight, how do you think about disruption from screw worm and international cattle flows? And could -- is that more of a supply chain management issue? Or could it change pricing and margin framework?

我想問一個比較聚焦的問題，關於牛肉風險管理。你提供了一些對節奏（cadence）的有用說明。但在供應已經偏緊的情況下，你們如何看待螺旋蠅蛆（screw worm）以及國際牛隻流動所帶來的干擾？而且這—比較像是供應鏈管理的問題嗎？還是可能改變定價與毛利的框架？

Yes. Jacob, I think from -- on the screw one front, I would say we're seeing some of the same information you're all seeing.

是的。Jacob，我想就螺旋蠅蛆這一塊而言，我會說我們看到的資訊跟你們大家看到的差不多。

Our perspective is that the short-term risk to beef supplies is minimal. So really no meaningful impact to supply or pricing short term. And then the consumer demand seems to be holding up, meaning they're not significant -- USDA has done a great job of just talking about how the product be safe to consume.

我們的看法是，短期內對牛肉供應的風險很小。所以短期內對供應或定價都不會有任何實質影響。而且消費者需求看起來仍然穩健，也就是說他們並沒有顯著—USDA在溝通產品可安全食用方面做得很好。

So long term, risks are really could stem from restrictions to animal movement across the state lines. So that could potentially disrupt supply chains for a short period of time.

所以從長期來看，風險確實可能來自於跨州動物移動的限制。因此，這可能會在短時間內擾亂供應鏈。

But where we sit here, our supply chain teams are fairly good about the product side and the price. And that's why I think for this year, we're expecting basically a low single-digit inflation for beef.

但就我們目前的情況而言，我們的供應鏈團隊在產品端與價格方面做得相當不錯。這也是為什麼我認為今年我們預期牛肉通膨基本上會是低個位數。

Got it. And then just -- you mentioned some softness in guests among under 35. Can you just give us more color on that? Is it an affordability issue? Or is it more about how they're choosing occasions across different channels?

了解。接著，你提到 35 歲以下的來客數有些疲弱。你能否再多補充一些細節？這是可負擔性問題嗎？還是更多是他們在不同通路之間如何選擇用餐情境？

Jacob, it's hard to tell why they're down, but it is -- I would say that unemployment is the highest on those '20 to '25 so it's been in a long time. But there's no specific reason that we're hearing that the below 35 is down. And it's not a huge -- it's not as big a part of our business as the people that are above 35.

Jacob，很難判斷他們為什麼下滑，但我會說，20 到 25 歲這個族群的失業率是很長一段時間以來最高的。但我們沒有聽到任何特定原因說明 35 歲以下為何下滑。而且這也不是——它在我們業務中的占比沒有 35 歲以上族群那麼大。

Thank you.

謝謝。

Andrew Strelzik, BMO Capital Markets.

BMO Capital Markets 的 Andrew Strelzik。

I know it doesn't get a lot of focus, but I wanted to ask a question on the other business segment, which had its best comp performance in a couple of years, both some momentum through the year. So I was hoping you could unpack what's been driving that better growth trajectory and how should we think about the durability of that into '27?

我知道這部分不太受到關注，但我想問一下其他業務部門的問題；該部門在幾年來創下最佳同店表現，而且全年也有一些動能延續。所以我希望你能拆解一下，是什麼在推動這個較佳的成長軌跡，以及我們該如何看待這股動能延續到 2027 年的持久性？

Yes, Andrew, I would say the other business, which is Yard House, Cheddar's, Seasons 52 and Chuy's. All of the brands were positive this quarter and really driven a lot by Yard House. Yard House and Cheddar's had a pretty darn good quarter. And we think that should be able to continue. At the levels of Yard House comp, I don't know, maybe, but we think they're doing a pretty good job.

好的，Andrew，我會說其他業務，也就是 Yard House、Cheddar's、Seasons 52 和 Chuy's。本季所有品牌同店都為正，主要是由 Yard House 帶動。Yard House 和 Cheddar's 這一季表現相當不錯。而我們認為這應該能夠持續。至於 Yard House 目前這樣的同店水準能否維持，我不確定，也許吧，但我們認為他們做得相當好。

They've actually, over the last three years, as I mentioned on my prepared remarks, done a lot on their menu, especially on the things that really matter at a kind of a bar and a gathering place.

事實上，過去三年，如同我在事先準備的發言中提到的，他們在菜單上做了很多調整，特別是針對在酒吧與聚會場所這類情境中真正重要的項目。

They've really improved their burgers, they've really improved their tacos and their pizza platform, and they've got other things that they want to work on. But Cheddar's is the same thing.

他們大幅改善了漢堡，也大幅改善了塔可與披薩平台，另外還有其他項目想要持續精進。但 Cheddar's 也是同樣的情況。

Cheddar's made -- has made and is making more improvements in their food and continue to improve their service. And we're going to focus on executing on both of those brands.

Cheddar's 已經做了、也正在做更多餐點上的改善，並持續提升服務。我們會聚焦在把這兩個品牌的執行做好。

Chuy's is in the middle of its integration and kind of on the back end of its integration. And now they're going to focus on using those tools that they know and continue to work on recipes to make sure there's consistency across all of the restaurants on execution of the recipes.

Chuy's 正處於整合的中期，且大致接近整合後段。接下來他們會專注於運用已掌握的工具，並持續在食譜上努力，確保所有餐廳在食譜執行上具備一致性。

So we feel really good about those brands. And the trajectory that we have for them in their future growth. As I mentioned in my call, in the early part of the call that you should see a little bit more growth on those 3 brands in the future than you've seen from the past.

所以我們對這些品牌感覺非常好。也對它們未來成長的軌跡很有信心。如同我在電話會議前段提到的，未來你應該會看到這 3 個品牌的成長比過去更高一些。

Okay. That was helpful. And then on the Olive Garden delivery side now that we're a year plus in, can you give us a sense for how you're thinking about mix potential there, incrementality and kind of the growth rate as we've lapped the national rollout?

好的。這很有幫助。接著，關於 Olive Garden 的外送業務，現在已經推行一年多了，你能否談談你們如何看待其組合占比的潛力、增量效益，以及在全國性推廣進入比較基期後的成長率？

Andrew, so from Uber as party delivery, when we look at where we were in Q4, we were basically around 4.7% of total sales, which is consistent with what we saw in Q3.

Andrew，就 Uber 的派對外送而言，回頭看我們在第四季的情況，基本上約占總銷售的 4.7%，這與第三季看到的水準一致。

So we don't expect this to be a meaningful driver incrementally year-over-year as we go into the future, but it's holding pretty fairly steady. The incrementality is still in line. We said roughly 50% incremental. That's what we think we're seeing.

因此，展望未來，我們不預期它會成為年對年增量上的重要驅動因素，但目前維持得相當穩定。增量效益仍符合我們的預期。我們先前說大約有 50% 是增量。這也是我們認為目前看到的情況。

But Olive Garden off-premise in total this quarter was 27%. And so that's a pretty good place to be.

但 Olive Garden 本季的外帶/外送（off-premise）總體占比為 27%。所以這是個相當不錯的位置。

John Ivankoe, JPMorgan.

JPMorgan 的 John Ivankoe。

The question is on both direct and indirect disruption that may have happened due to the recent Gulf crisis, was there anything in terms of supplier or other types of distribution surcharges?

我的問題是，近期墨西哥灣危機造成的直接或間接干擾方面，是否有任何供應商或其他類型的配送附加費？

Anything at all that may have actually influenced COGS at direct or indirect in the fourth quarter in first quarter? And would you expect that any type of disruption that happened from that would have been short term that wouldn't occur beyond the very short term?

是否有任何事情在第四季或第一季對銷貨成本（COGS）造成了直接或間接的影響？你是否預期由此造成的任何干擾都會是短期的，不會延續到非常短期之外？

Yes, John, great question. So there was some impact, especially there is a fuel surcharge, as you can imagine, but there's a little bit of a lag in how that works its way through the system.

是的，John，問得很好。確實有一些影響，尤其是如你所想，有燃油附加費，但它傳導到系統中的方式會有一些時間落後。

So we would expect part of the Q1 inflation is some unfavorable impact due to that elevated fuel price is working their way through the system, and we expect that impact to ease through the fiscal year as prices come down. down.

因此，我們預期第一季通膨的一部分是不利影響，來自較高的燃油價格正在傳導到系統中；隨著價格回落，我們預期這個影響會在本財年逐步緩解。down.

But it was an impact, and it was -- when you look at it, especially through the lens of COGS inflation, it could be -- it was not -- it could be tens of basis points approaching 50 basis points, 60 basis points.So at the peak, but it seems like things are starting to come down, so that should help.

但確實有影響；而且——從銷貨成本通膨的角度來看，它可能是——它不是——可能是數十個基點，接近 50 個基點、60 個基點。所以在高峰時是如此，但看起來情況開始回落，因此這應該會有所幫助。

Okay. That's very helpful. And 50 basis points to 60 basis points is certainly not nothing. And remind us where we are on the utility side. Obviously, a lot of utilities across the US are contracted or regulated. So there might be some lag there. Just remind me where Darden stands on the utility front in a relatively near-term outlook.

好的。這非常有幫助。而 50 到 60 個基點確實不是小數目。另外提醒我們一下公用事業成本的狀況。顯然，美國許多公用事業是合約制或受監管的。所以可能也會有一些落後效應。請再提醒我一下，Darden 在公用事業成本方面、相對近期期望的展望如何？

Yes, John, actually, we saw some impact when naturalize, I guess, peak during February of this year. But since then, it's been fairly steady.

是的，John，事實上，我們在今年 2 月天然氣（我想）達到高峰時看到了一些影響。但從那之後就相當穩定。

Our utilities inflation has been more in that midsingle-digit range for the year. But as we go to next year, based on some of the contracts we have and some of the hedging we have in place, we expect it to be in that low to mid-single digits.

我們今年的公用事業通膨大約在中個位數區間。但展望明年，基於我們的一些合約以及已建立的部分避險，我們預期會落在低到中個位數。

Jim Sanderson from Northcoast Research.

Northcoast Research 的 Jim Sanderson。

Just one question on Olive Garden. I wanted to go back to the mix issue for the lighter portions. I think that's 80 basis points in the quarter. How do you see that evolving? Is that going to grow as more and more consumers take advantage of that menu option? Or is it relatively stable as you lap the launch next year?

我只有一個關於 Olive Garden 的問題。我想回到較輕份量（lighter portions）的組合占比問題。我認為本季是 80 個基點。你怎麼看它接下來的演變？隨著越來越多消費者利用這個菜單選項，它會繼續上升嗎？還是說在明年進入推出後的比較基期時，它會相對穩定？

Yes. Jim, I'd say we would expect that to come down a little bit. 80 basis points is probably the peak as more consumers come in, it will have some impact, but it's not going to be -- we don't expect it to be a lot more than maybe 10 basis points, 15 basis points, and that will still take a big increase in preference. The bigger part of it is year-over-year, we started with basically 40% of the system in Q1 last year. And so there was about 30 basis point impact, I think, in Q1.

是的。Jim，我會說我們預期它會稍微下降一些。80 個基點大概是高峰；隨著更多消費者進來，它會有一些影響，但不會——我們不預期會比大約 10 個基點、15 個基點多太多，而那仍然需要偏好出現很大的提升。更大的部分在於年對年：去年第一季我們基本上只有約 40% 的系統導入。所以我記得第一季大約有 30 個基點的影響。

So as we wrap on that, you get -- you would expect this quarter -- first quarter, for example, to be more of a 50 basis points to 60 basis points headwind and work its way down as we go through the year as we wrap on the phases of launches that we had last year.

因此在我們把這部分影響消化完之後，你會看到——例如本季——第一季，預期會是約 50 個基點到 60 個基點的逆風，並且隨著我們在一年中逐步把去年各階段的新品上市影響消化完，這個逆風會一路下降。

Our next question today is coming from Brian Vaccaro from Raymond James.

我們今天的下一個問題來自 Raymond James 的 Brian Vaccaro。

Just two quick ones. First, at Olive Garden, could you just elaborate a little bit more on how the Lighter Portions menu is performing?

兩個很快的問題。第一個，關於 Olive Garden，你能否再多說一點「Lighter Portions（較輕食份量）」菜單的表現如何？

Rick, it sounds like that preference continues to build sequentially. But how's the customer using the platform? Any new learnings there? And then the follow-up, just a quick one on the guidance. Raj, what level of SG&A did you embed for the year in the fiscal '27 guidance?

Rick，聽起來這個偏好仍在逐季累積。但顧客是如何使用這個平台的？有沒有新的學習或洞察？然後追問一個很快的關於指引。Raj，你在 2027 財年指引中，全年嵌入的 SG&A 水準是多少？

Yes, Brian, the Lighter Portions menu, we're talking somewhere in the mid-single -- low to midsingle digits, total preference, but a lot of that is on the weekends at lunch, which is where we had eliminated lunch menus years ago.

是的，Brian，關於 Lighter Portions 菜單，我們談的是大約中個位數——低到中個位數的總偏好占比，但其中很大一部分發生在週末午餐時段，而那正是我們多年前已經取消午餐菜單的時段。

There's still some of that preference going on at dinner, but more of it is lunch on the weekends, and it helps to fill our restaurants again. And we'll start seeing other things.

晚餐時段仍然有一些偏好，但更多是在週末的午餐，這也有助於讓我們的餐廳再次被填滿。而且我們也會開始看到其他的變化。

As that -- as that grows, you should start seeing it spread across. And as we kind of potentially remerchandise it and how we talk about it, it might be it might continue to grow. That's why we think maybe tens of basis points in the future of mix, but not 80 like we talked about.

隨著它——隨著它成長，你應該會開始看到它擴散到更多時段。而且當我們可能重新做商品化呈現，以及我們如何談論它時，它可能——可能會持續成長。這也是為什麼我們認為未來在組合上可能是數十個基點的影響，但不會像我們談到的 80 個基點那麼高。

Yes. And Brian, on the SG&A, I'll separate SG&A because we separate marketing. We put that as part of the restaurant level EBITDA.

是的。Brian，關於 SG&A，我會把 SG&A 拆開來講，因為我們會把行銷費用分開列示。我們把行銷費用視為餐廳層級 EBITDA 的一部分。

For marketing, we expect it to go up about 10 basis points, and I think I mentioned roughly $25 million year-over-year. And then G&A, we expect it to be closer to just probably a little bit north of $500 million, but around $500 million. So -- and that can move a little bit based on what happens with mark-to-market.

行銷方面，我們預期會增加約 10 個基點，我想我提過大約是年增約 2,500 萬美元。至於 G&A，我們預期會更接近、可能略高於 5 億美元，但大約在 5 億美元左右。所以——而這可能會因為按市價評價（mark-to-market）的變動而有些微調整。

Jeffrey Bernstein, Barclays.

Barclays 的 Jeffrey Bernstein。

Great. Rick and Raj, rather than ask a 10-part question and a follow-up. I do just want to share a personal note with my plan to retire in the back half of this calendar year.

很好。Rick 和 Raj，我就不問一個 10 段式問題再加追問了。我只是想分享一個個人訊息：我計畫在今年曆年的下半年退休。

I just wanted to thank you and your predecessors for your partnership, learnings and insights over the past many years. I've always appreciated your longer-term perspective on the business, which is a rarity and I applaud your 30-plus-year chart demonstrating the 10-year average total shareholder return was above -- at or above 10%.

我想感謝你們以及你們的前任，在過去多年來的合作、學習與洞察。我一直很欣賞你們對業務的長期視角，這很罕見；我也讚賞你們那張 30 多年的圖表，顯示 10 年平均股東總報酬率高於——或至少達到 10%。

I think that's something your peers likely strive for. So I just wanted to congratulate you on a successful fiscal '26. Best of luck achieving similar in fiscal '27 and most importantly, sustaining for years to come. So I just want to thank you again. It has been an honor to work with you over all these years. Thank you.

我認為這是你們的同業很可能努力追求的目標。所以我想恭喜你們 2026 財年表現成功。祝你們在 2027 財年也能達成類似成果，最重要的是，能在未來多年持續維持。所以我想再次向你們致謝。這些年能與你們共事是一種榮幸。謝謝。

Jeff, I want to say the same thing to you. Thanks for your questions and your comments, all these years, and thanks for believing in what we do and thinking about the long term.

Jeff，我也想對你說同樣的話。謝謝你這些年來的提問與評論，也謝謝你相信我們所做的事並以長期角度思考。

We're going to miss your questions. We're going to miss what you've done with us and helped us over the years. And I would say my predecessors would say the exact same thing if they were on this line.

我們會想念你的問題。我們會想念你與我們一起做的事，以及多年來你對我們的幫助。我想如果我的前任也在線上，他們也會說完全一樣的話。

Best of luck to you in your retirement. I was hoping you would ask a question or at least be on the call, and I look forward to hearing from you some other ways.

祝你退休生活一切順利。我原本希望你能問個問題，或至少能在電話會議上出現；我也期待能以其他方式聽到你的消息。

You've got our e-mail addresses. Every once in a while, if you get the knack to listen to a call and you want to give us a call afterwards, that would be awesome, but I don't expect to do that. I expect you to have fun in your next endeavor and I'll let Raj say what he wants to say.

你有我們的電子郵件地址。偶爾如果你有興致聽一場電話會議，然後想在會後打給我們，那會很棒，但我不指望你會這麼做。我希望你在下一段旅程中玩得開心，接著我讓 Raj 說他想說的。

Yes. No, thank you, Jeff. And I echo everything Rick said, and we've always enjoyed the partnership, and we really want to thank you for the time we had the opportunity to spend with you. and all the best with your next chapter in life. And we'll miss hearing you rise on this call.

是的。不，謝謝你，Jeff。我也呼應 Rick 所說的一切；我們一直很享受這段合作關係，也非常感謝有機會與你共度的時間。祝你人生下一篇章一切順利。我們也會想念在這通電話會議上聽到你發言。

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

我們的問答環節到此結束。我想把時間交回去，看看是否還有其他或結語評論。

Thanks, Kevin. I want to remind you that we plan to release first quarter results on Thursday, September 24 before the market opens with the conference call to follow. Thanks for participating on today's call. Have a great day.

謝謝你，Kevin。我想提醒各位，我們計畫在 9 月 24 日（週四）開盤前發布第一季業績，之後將舉行電話會議。感謝各位參與今天的電話會議。祝各位有美好的一天。

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。今天的電話會議與網路直播到此結束。你現在可以掛斷電話線，祝你有美好的一天。感謝你今天的參與。