Brinker International Inc (EAT) 2026 Q1 法說會逐字稿

Good day, and welcome to the Brinker International Earnings Call for Q1 Financial Year 2026. [Operator Instructions]

大家好，歡迎參加 Brinker International 2026 財年第一季財報電話會議。[操作說明]

It is now my pleasure to turn the floor over to your host, Kim Sanders, Vice President of Investor Relations. Kim, the floor is yours.

現在我很高興將發言權交給主持人，投資者關係副總裁金桑德斯女士。金，現在輪到你發言了。

Thank you, Paul, and good morning, everyone, and thank you for joining us on today's call. Here with me today are Kevin Hochman, President and Chief Executive Officer and President of Chili's; and Mika Ware, Chief Financial Officer. Results for our first quarter were released earlier this morning and are available on our website at brinker.com. As usual, Kevin and Mika will first make prepared comments related to our strategic initiatives and operating performance. Then we will open the call for your questions.

謝謝保羅，大家早安，謝謝各位參加今天的電話會議。今天和我在一起的是 Chili's 的總裁兼執行長 Kevin Hochman；以及財務長 Mika Ware。我們第一季的業績報告已於今天上午發布，可在我們的網站 brinker.com 上查看。像往常一樣，凱文和米卡將首先就我們的策略舉措和營運績效發表事先準備好的評論。接下來我們將開放提問環節。

Before beginning our comments, I would like to remind everyone of our safe harbor regarding forward-looking statements. During our call, management may discuss certain items, which are not based entirely on historical facts. Any such items should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include factors more completely described in this morning's press release and the company's filings with the SEC.

在開始我們的評論之前，我想提醒大家注意我們關於前瞻性陳述的安全港條款。在通話過程中，管理階層可能會討論一些並非完全基於歷史事實的內容。任何此類內容應被視為 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。所有此類聲明均存在風險和不確定性，可能導致實際結果與預期結果有重大差異。此類風險和不確定性包括今天早上新聞稿和公司向美國證券交易委員會提交的文件中更完整描述的因素。

And of course, on the call, we may refer to certain non-GAAP financial measures that management uses in its review of the business and believes will provide insight into the company's ongoing operations.

當然，在電話會議上，我們可能會提及管理階層在審查業務時所使用的某些非GAAP財務指標，這些指標被認為能夠提供對公司持續營運的深入了解。

And with that said, I will turn the call over to Kevin.

那麼，接下來我將把電話交給凱文。

Thank you, Kim, and good morning, everyone. Thank you for joining us as we share insights from our first quarter and our outlook for the remainder of fiscal '26. Q1 Chili's same-store sales were plus 21.4%, outperforming the casual dining industry by 1,650 basis points. This strong result was lapping a plus 14% in Q1 last year for a 2-year compounded comp of plus 39%.

謝謝你，金，大家早安。感謝您與我們分享第一季的業績以及 2026 財年剩餘時間的展望。第一季 Chili's 同店銷售額成長 21.4%，比休閒餐飲業高出 1,650 個基點。這一強勁的業績比去年第一季成長了 14%，兩年複合成長率達到了 39%。

Our Q1 sales result was driven by traffic increases of 13% versus a year ago, and Chili's has now beat the industry the past 8 quarters on traffic as well as completed our 18th consecutive quarter of positive same-store sales growth. I'm so proud of our Chili's team rolling industry-leading comps from Q1 last year with even more industry-leading comps in Q1 this year. World-class marketing and brand building is bringing guests in and continued improvements in food service and atmosphere are bringing guests back, and that momentum feels great.

第一季的銷售業績得益於客流量比去年同期增長了 13%，Chili's 在過去 8 個季度的客流量方面都超過了行業平均水平，並且連續第 18 個季度實現了同店銷售額的正增長。我為我們 Chili's 團隊感到非常自豪，他們從去年第一季開始就取得了行業領先的業績，今年第一季更是取得了更領先的業績。世界一流的行銷和品牌建立吸引了顧客，餐飲服務和氛圍的不斷改進又讓顧客再次光臨，這股勢頭令人欣喜。

Our food and hospitality initiatives in Q1 continue to deliver momentum for the business. The ribs upgrade has been a success with the ribs business now running 35% up in sales and significantly improved profitability, which is also up 29%. Food grade scores on tickets with ribs are up and guest feedback has been very positive on the taste. On the beverage innovation front, the frozen Patrón Margaritas platform is now selling 2x the units of the old platform despite a higher price point for the more premium ingredients. Q1 new items are winning and helping progress our food grade scores in addition to growing sales.

第一季度，我們在餐飲服務方面的舉措持續為業務發展帶來動力。肋排升級取得了成功，肋排業務的銷售額成長了 35%，獲利能力也顯著提高，成長了 29%。包含肋排的餐點食品評分有所提高，顧客對口味的回饋也非常正面。在飲料創新方面，儘管採用了更優質的原料，價格也更高，但冷凍 Patrón Margaritas 平台的銷量現在是舊平台的兩倍。第一季的新產品表現出色，不僅提高了我們的食品級評分，還促進了銷售額的成長。

On the hospitality side, ongoing simplification, removing friction from our team members and managers and the North of 6 initiatives are continuing to improve guest experience scores. Our main metric for experience guests with a problem is again at an all-time low at 2.1% versus 2.7% last year in Q1, with food grade and intensity return scores also at all-time highs.

在飯店服務方面，持續的簡化流程、消除團隊成員和管理人員的摩擦以及「北六區」計畫正在不斷提高賓客體驗評分。我們衡量顧客體驗問題的主要指標再次降至歷史最低點 2.1%，而去年第一季為 2.7%，同時食品等級和強度回報分數也達到歷史最高水準。

And on atmosphere, our first 4 remodel pilot restaurants should be completed by the end of this quarter, and we will start getting a read on how they are performing. The modern Greenville prototype is about making a Chili's as Chili's a Chili's can be by going back to the first Chili's ever built on Greenville Avenue and getting back to what makes Chili's like no place else.

至於氛圍方面，我們的前 4 家改造試點餐廳應該會在本季末完成，屆時我們將開始了解它們的運作情況。現代格林維爾原型店的目標是，透過追溯格林維爾大道上第一家 Chili's 餐廳的建造歷史，回歸 Chili's 餐廳獨一無二的本質，打造一家真正意義上的 Chili's 餐廳。

Given what everyone is seeing in the industry right now, I thought it would be helpful to talk a little bit more insight on what we're seeing at Chili's with the consumer. I'm going to share what we are seeing with the consumer household income levels and some new token data on Chili's guest behavior. Chili's continues to grow sales across all households of all income levels. And while others in the restaurant industry are seeing households with lower income pull back, we are seeing just the opposite.

鑑於目前業內人士普遍面臨的情況，我認為有必要更深入地探討一下我們在 Chili's 餐廳觀察到的消費者回饋。我將分享我們觀察到的消費者家庭收入水平以及 Chili's 顧客行為的一些新數據。Chili's 的銷售額持續成長，涵蓋所有收入水平的家庭。當其他餐飲企業看到低收入家庭減少消費時，我們看到的情況卻恰恰相反。

Our customer base is very representative of the U.S. consumer across all income cohorts, but our cohort growing the fastest is actually now households with income under $60,000. It's clear that the better than fast food campaign we've been hammering over the past 2 years has positioned Chili's as an important value leader in the industry, and we are gaining market share with low-income households while others are reporting softness with that group.

我們的客戶群非常具有美國消費者的代表性，涵蓋所有收入群體，但目前成長最快的群體實際上是年收入低於 6 萬美元的家庭。很明顯，過去兩年我們大力推廣的「比快餐更好」的理念，已經將 Chili's 定位為業內重要的價值領導者，而且我們正在贏得低收入家庭的市場份額，而其他公司則表示，該群體的市場份額正在下降。

I also wanted to share some new capability mined from our tokenized data. We now have sufficient data to understand as more and more new guests come into Chili's, what is happening to the guest frequency over time. The intent is to have a better understanding of the sustainability of guest traffic we are bringing into the business via TV and social advertising. We track each group of monthly customers separately and what their visitation and purchase behavior is over time.

我還想分享一些從我們的代幣化資料中挖掘出的新功能。我們現在有足夠的數據來了解隨著越來越多的新顧客光顧 Chili's，顧客光顧頻率隨時間推移會發生什麼變化。我們的目的是更了解透過電視和社交廣告為企業帶來的客流量的可持續性。我們分別追蹤每個月的客戶群體，以及他們隨時間推移的訪問和購買行為。

For example, we have a July 2024 cohort who represents all of the guests that came into Chili's during the month of July 2024, whether they are new to Chili's or regular guests, and we can track how often they have come back over time. We can do the same analysis with the guests who came in, in August 2024 and get the same data about that group. We then look at frequency of those groups over time to understand how well we are retaining them, which also tells us how sustainable Chili's traffic trends are.

例如，我們有一個 2024 年 7 月的隊列，代表了 2024 年 7 月期間所有光顧 Chili's 的顧客，無論他們是 Chili's 的新顧客還是常客，我們都可以跟踪他們隨著時間的推移回頭的頻率。我們可以對 2024 年 8 月入住的客人進行相同的分析，並獲得有關該群體的相同數據。然後，我們會觀察這些群體隨時間推移出現的頻率，以了解我們留住這些群體的效果如何，這也能告訴我們 Chili's 的流量趨勢是否可持續。

So here's what we learned tracking monthly cohorts. For both new and regular guests, trip frequency is staying very stable regardless of the cohort. What this means is our restaurant experience is bringing guests back and retaining the traffic over time versus bringing them in once and having them not come back to Chili's. This data, along with our quarter-to-date sales and traffic trends, give us confidence we'll be able to roll over the Q2 plus 31.4% sales growth and the plus 19.9% traffic growth from prior year.

以下是我們透過追蹤每月用戶群所了解到的情況。無論是新客人或老客人，旅行頻率都保持非常穩定，不受群體影響。這意味著我們的餐廳體驗是讓顧客再次光顧並長期保持客流量，而不是讓他們只來一次就再也不會來 Chili's。這些數據，加上我們本季迄今的銷售和流量趨勢，讓我們有信心延續上年第二季 31.4% 的銷售成長和 19.9% 的流量成長。

Now I want to give an update on Maggiano's. Chief Operating Officer, Rich Kissel and I have had the opportunity to go deeper into the business, and we have a better understanding of the opportunity to get Maggiano's stabilized and growing again. The turnaround starts with a better understanding of Maggiano's positioning. which when it was growing at its best, was about abundant and scratch-made Italian American favorites with warm and attentive service and then putting those pieces in place to deliver on that positioning consistently.

現在我想報告Maggiano's餐廳的最新情況。營運長 Rich Kissel 和我有機會深入了解這家公司，我們對如何讓 Maggiano's 穩定下來並再次成長有了更深刻的認識。扭轉局面的第一步是更好地理解 Maggiano 的市場定位。 Maggiano 在發展最鼎盛時期，以豐富多樣的手工意式美式經典菜餚和熱情周到的服務著稱，然後將這些要素落實到位，以持續地實現這一市場定位。

The back to Maggiano's plan has 4 pillars: getting back to classic recipes and scratch-made Maggiano's guest favorites with the abundance that differentiates Maggiano's, improving service levels and speed of service through new labor deployment and simplification as well as the elimination of tests that don't benefit the teammate or the guest; three, focusing repairs and maintenance on guest-facing areas while reimaging the balance of the estate; and four, getting pride in ownership back with our Maggiano's management teams.

回歸 Maggiano's 計劃有 4 個支柱：1. 回歸經典配方和 Maggiano's 顧客最喜愛的現做菜餚，並保持 Maggiano's 的豐富特色；2. 通過新的勞動力部署和簡化流程來提高服務水平和服務速度，並取消對團隊成員或顧客沒有益處的測試；3. 將維修和重點放在客戶的設備管理團隊重拾主人翁意識。

We recently concluded the annual Maggiano's Conference in Orlando with the brand's top 150 leaders and the response to the new strategy and the green shoots of the execution plan was very encouraging. The Maggiano's leadership response was, we need to get back to Maggiano's, and many specifically gave me the feedback and felt like they are now being listened to. I look forward to providing updates on how the Maggiano's turnaround plan is progressing on future calls.

我們最近在奧蘭多舉辦了年度 Maggiano's 大會，與會的有該品牌的 150 位最高領導人。他們對新策略的反應以及執行計劃的初步進展都非常令人鼓舞。Maggiano's 的領導回應是，我們需要回歸 Maggiano's 的本質，許多人都向我提出了回饋意見，並感覺到他們的意見現在得到了重視。我期待在以後的電話會議中向大家報告 Maggiano 餐廳扭虧為盈計畫的進度。

Our continued momentum at Chili's is proof our strategy is working and gives us confidence in our ability to lap our high sales comparisons this fiscal. I especially want to thank our Chili's heads for their hard work and commitment to what sets Chili's apart, providing great hospitality and delicious food and drinks in a fun and friendly atmosphere. I also want to recognize our Maggiano's teammates for their engagement in our Back to Maggiano's turnaround plan and their understanding of the changing strategy and plans. Their leadership and positive attitude and passion for returning the brand to its roots is exciting to see, and I know will lead to better results in the long term.

Chili's 持續成長動能證明我們的策略是有效的，也讓我們有信心在本財年超越以往的高銷售額。我特別要感謝 Chili's 的各位負責人，感謝他們的辛勤工作和對 Chili's 特色的堅持，即在輕鬆友好的氛圍中提供熱情周到的服務、美味的食物和飲品。我還要感謝 Maggiano's 的團隊成員們積極參與我們的「重返 Maggiano's」扭虧為盈計劃，並理解不斷變化的策略和計劃。他們的領導能力、積極態度以及讓品牌回歸本源的熱情令人振奮，我知道從長遠來看，這將帶來更好的結果。

Now I'll hand the call over to Mika to walk you through fiscal '26 first quarter numbers. Go ahead, Mika.

現在我將把電話交給米卡，由他為大家介紹 2026 財年第一季的數據。請繼續，米卡。

Thank you, Kevin, and good morning, everyone. Brinker delivered another outstanding quarter led by Chili's, which marks our sixth consecutive quarter of double-digit sales and positive traffic growth, sustaining the strong momentum we built last year. Our investor growth strategy and everyday industry-leading value continue to position us well in a competitive and challenging environment, enabling our delivery of consistent positive results by focusing on the fundamentals of food, service and atmosphere.

謝謝你，凱文，大家早安。Brinker 又迎來了一個出色的季度，這主要得益於 Chili's 的出色表現。這是我們連續第六個季度實現兩位數的銷售額和客流量成長，延續了我們去年建立的強勁勢頭。我們的投資者成長策略和日常行業領先的價值使我們在競爭激烈和充滿挑戰的環境中保持良好地位，透過專注於食品、服務和氛圍的基本面，使我們能夠持續取得積極的業績。

For the first quarter, Brinker reported total revenues of $1.35 billion, an increase of 18.5% over the prior year, with consolidated comp sales of positive 18.8%. Our adjusted diluted EPS for the quarter was $1.93, up from $0.95 last year. Chili's reported top line sales growth with comps coming in at positive 21.4% driven by positive traffic of 13.1%, positive mix of 4.3% and price of 4%. We continue to see strong year-over-year top line growth, same-store sales and traffic well above industry averages and significant restaurant margin expansion at Chili's.

Brinker公司第一季總營收為13.5億美元，較上年同期成長18.5%，合併同店銷售額成長18.8%。本季調整後的稀釋每股收益為 1.93 美元，高於去年同期的 0.95 美元。Chili's 報告稱，其營收成長了 21.4%，其中客流量成長了 13.1%，產品組合成長了 4.3%，價格成長了 4%。Chili's 的營收持續強勁同比成長，同店銷售額和客流量遠高於行業平均水平，餐廳利潤率也顯著提高。

Our improved operations, menu innovation and effective marketing have brought more guests to Chili's and in a crowded environment full of limited time-only promotions, our consistent everyday value sets us apart.

我們改進的營運、菜單創新和有效的行銷為 Chili's 帶來了更多顧客，在充斥著限時促銷活動的擁擠環境中，我們始終如一的日常價值使我們脫穎而出。

Turning to Maggiano's. The brand reported comp sales for the quarter of negative 6.4%. As Kevin mentioned, we are focused on stabilizing and improving the business utilizing our new back to Maggiano's strategy, which is designed to improve our value proposition, optimize our service model and ensure our atmosphere is clean and well maintained.

轉戰馬吉亞諾餐廳。該品牌公佈的季度同店銷售額為-6.4%。正如凱文所提到的，我們正專注於利用我們新的「回歸Maggiano's」策略來穩定和改善業務，該策略旨在提高我們的價值主張，優化我們的服務模式，並確保我們的環境乾淨整潔。

At the Brinker level, we saw continued strong flow-through this quarter with restaurant operating margin coming in at 16.2%, a 270 basis points improvement year-over-year, primarily driven by sales leverage, partially offset by unfavorable food and beverage costs. Food and beverage costs for the quarter were unfavorable 60 basis points year-over-year due to unfavorable menu mix with 2.6% commodity inflation offset by price. We remain pleased with the stable mix and profitability of our $10.99 3 for Me value platform. It offers a compelling price point for guests seeking value while still allowing us to maintain margin profitability.

從 Brinker 層級來看，本季業績持續強勁成長，餐廳營業利潤率達到 16.2%，較去年同期成長 270 個基點，主要得益於銷售槓桿效應，但部分被不利的食品和飲料成本所抵銷。由於菜單組合不利，本季食品和飲料成本年減 60 個基點，儘管 2.6% 的大宗商品通膨被價格上漲所抵消。我們對售價 10.99 美元的 3 for Me 超值平台的穩定產品組合和盈利能力仍然感到滿意。它為追求性價比的客人提供了極具吸引力的價格，同時也使我們能夠保持利潤率。

Labor for the quarter was favorable 120 basis points year-over-year. Top line sales growth offset additional investments in labor and wage rate inflation of approximately 3.8%. Advertising expense for the first quarter were 2.5% of sales and decreased 10 basis points on a year-over-year due to sales leverage. G&A for the quarter came in at 4.2% of total revenues, 30 basis points lower than prior year due to sales leverage, partially offset by increases in ERP system and support costs.

本季勞動市場年比有利120個基點。營收成長抵消了勞動力方面的額外投資以及約 3.8% 的薪資通膨。第一季廣告支出佔銷售額的 2.5%，由於銷售槓桿作用，較去年同期下降 10 個基點。本季一般及行政費用佔總營收的 4.2%，較上年同期下降 30 個基點，主要得益於銷售槓桿效應，但部分被 ERP 系統和支援成本的增加所抵銷。

Depreciation and amortization for the quarter came in at 4% of total revenues and decreased 10 basis points year-over-year due to sales leverage offset by an increase in our asset base from equipment purchases. Our first quarter adjusted EBITDA was approximately $172.4 million, a 54.4% increase from prior year. The adjusted tax rate for the quarter increased to 18.5%, mainly driven by the increase in sales, which accelerated at a greater rate than the offset generated by the FICA tax tip credit.

本季折舊和攤銷佔總收入的 4%，年減 10 個基點，這是由於銷售槓桿作用，但被設備購置帶來的資產基礎增加所抵銷。我們第一季調整後的 EBITDA 約為 1.724 億美元，比去年同期成長 54.4%。本季調整後的稅率上升至 18.5%，主要原因是銷售額成長，而銷售額成長的速度超過了 FICA 稅小費抵免的抵銷作用。

Capital expenditures for the quarter were approximately $58.6 million, driven by capital maintenance spend. As discussed, in 2026, we are ramping up our reimage program for Chili's and expect to have 4 completed by the end of this calendar year for evaluation, while also working on our long-term new unit growth strategy with the goal of fully rolling out both programs during fiscal 2027 helping us return to positive net new unit growth. And for Maggiano's, as Kevin said, our main focus will be on guest-facing repairs and maintenance and a smaller reimage program before shifting gears to new unit growth.

本季資本支出約 5,860 萬美元，主要由資本維護支出推動。正如之前討論過的，2026 年，我們將加大對 Chili's 的形象重塑計劃的力度，預計到今年年底將完成 4 個項目進行評估，同時我們也在製定長期的新門店增長戰略，目標是在 2027 財年全面推出這兩個計劃，幫助我們恢復淨新增門市增長。正如凱文所說，對於 Maggiano's 餐廳而言，我們的主要重點將是面向顧客的維修和維護，以及較小的形象重塑計劃，然後再轉向新店擴張。

Our strong free cash flow provides sufficient liquidity to maintain our disciplined capital allocation strategy, allowing us to invest in our restaurants and return excess cash to shareholders. We supported this approach by repurchasing $92 million of common stock under our share repurchase program. With regard to fiscal 2026 guidance, we are reiterating the targets provided on our last earnings call. Chili's is on track to beat our original goals for the year, but those gains will likely be offset by softer results at Maggiano's, along with the investments needed to stabilize that brand's performance.

我們強勁的自由現金流提供了充足的流動性，以維持我們嚴謹的資本配置策略，使我們能夠投資於我們的餐廳並將多餘的現金回饋給股東。我們透過股票回購計畫回購了價值 9,200 萬美元的普通股，以此支持這項做法。關於 2026 財年的業績指引，我們重申上次財報電話會議所給的目標。Chili's 預計將超越我們今年的原定目標，但 Maggiano's 業績疲軟，加上穩定品牌業績所需的投資，可能會抵消 Chili's 的這些成長。

We are also currently expecting higher tariffs on commodities, along with higher inflation in workers' comp and health insurance claims. With all these factors and the current economic uncertainty, our overall guidance for the company stays the same. The assumptions underlying our guidance largely remain unchanged, except we now anticipate commodity inflation, inclusive of tariffs in the mid-single digits rather than the low single digits as projected last quarter.

我們目前也預期大宗商品關稅將上漲，同時工傷賠償和醫療保險索賠的通膨也將加劇。考慮到所有這些因素以及當前的經濟不確定性，我們對公司的整體績效預期保持不變。除我們現在預期大宗商品通膨（包括關稅）將達到個位數中段而不是上季預測的個位數低段外，我們指導意見的基本假設基本上保持不變。

Despite these headwinds, we remain confident our plans will enable us to lap fiscal 2025 and continue to outperform the industry on sales and traffic at Chili's. We still anticipate that the first quarter will be our strongest on a year-over-year basis with more moderate gains in subsequent quarters due to last year's high comparison base. Despite challenging comparisons and a weaker macroeconomic environment, Q2 is off to a great start.

儘管面臨這些不利因素，我們仍然相信我們的計劃將使我們能夠超越 2025 財年，並在 Chili's 的銷售額和客流量方面繼續超越行業平均水平。我們仍預期第一季將是我們同比表現最好的季度，由於去年同期基數較高，後續季度的成長將較為溫和。儘管面臨嚴峻的同比挑戰和疲軟的宏觀經濟環境，第二季開局良好。

Given the high comp numbers we are rolling this quarter, we thought it would be helpful to share quarter-to-date sales with expectations for the balance of the year. Chili's quarter-to-date sales are in the high single digits, and our expectations are Chili's same-store sales will normalize on average in the mid-single-digit range for the balance of the fiscal year. We will continue to manage the business for the long term and make investments strategically, so the timing of expense impacts may not be spread evenly across all quarters.

鑑於本季同店銷售額較高，我們認為有必要分享本季迄今的銷售額以及對今年剩餘時間的預期。Chili's 的本季迄今的銷售額為個位數高位成長，我們預計 Chili's 的同店銷售額在本財年剩餘時間內將恢復正常，平均達到個位數中位數成長。我們將繼續著眼於長遠經營業務，並進行策略性投資，因此費用影響的時間可能不會均勻分佈在所有季度。

In summary, our first quarter results reflect the continued strength of our strategy and the disciplined execution focusing on the fundamentals of food, service and atmosphere. Chili's continues to lead the way with exceptional performance, driven by industry-leading value platforms and guest favorites such as the Triple Dipper and our frozen Patrón Margaritas. As we execute the Back to Maggiano's plan, I am excited to partner with Kevin, Rich and the Maggiano's team as they return the brand to its full potential.

總而言之，我們第一季的業績反映了我們策略的持續優勢以及對食品、服務和氛圍等基本要素的嚴格執行。Chili's 憑藉其卓越的業績繼續引領行業，這得益於其行業領先的價值平台和顧客最喜愛的產品，例如 Triple Dipper 和我們的冰凍 Patrón 瑪格麗塔酒。隨著我們執行「重返Maggiano's」計劃，我很高興能與Kevin、Rich和Maggiano's團隊合作，幫助品牌重回巔峰。

As we look ahead, we remain focused on delivering sustainable long-term growth by sticking to our investor growth strategy and our continued momentum gives me confidence in our ability to deliver positive results this fiscal year.

展望未來，我們將繼續專注於透過堅持投資者成長策略來實現可持續的長期成長，而我們持續的成長勢頭也讓我有信心在本財年取得積極的業績。

With our comments now complete, I will turn the call back over to Paul to moderate questions. Paul?

我們的演講已經結束，現在我將把電話交還給保羅，讓他主持提問環節。保羅？

[Operator Instructions] And the first question today will be from Chris O'Cull, Stifel.

【操作說明】今天的第一個問題來自 Stifel 公司的 Chris O'Cull。

Kevin, thanks for the segmented consumer information. I was just hoping maybe you could elaborate on how Chili's plans to yet leverage tokenized consumer data now to enhance consumer engagement or drive growth.

Kevin，謝謝你提供的細分消費者資訊。我只是希望您能詳細說明 Chili's 計劃如何利用代幣化的消費者數據來增強消費者參與度或推動成長。

Well, the biggest thing is we're starting to learn how to use it. So obviously, this is new capability, what I shared on my prepared comments on the cohorts by month. So that's the first thing we're going to start doing is just tracking each of these monthly cohorts separately to understand our new guests repeating as often as the previous cohorts, what is happening over time as well as understanding when we look at guest metrics like GWAP or food grade, how is that impacting the frequency over time. So we're going to have a better understanding of the impact of some of the investments that otherwise were much more difficult to quantify in the past.

最重要的是，我們開始學習如何使用它了。顯然，這是一項新功能，我在按月準備的評論中分享了這一點。因此，我們首先要做的是分別追蹤每個月的客戶群，以了解新客戶是否像以前的客戶群一樣頻繁地重複光顧，隨著時間的推移會發生什麼，以及當我們查看客戶指標（如 GWAP 或食品等級）時，這些指標如何影響客戶光顧的頻率。因此，我們將更了解一些投資的影響，而這些投資在過去很難量化。

Separately, I think we're going to start understanding the impact of initiatives on our menu, right? So whether it's the ribs upgrade or the frozen upgrade or whatever it is, we can start understanding for the guests that have that on a transaction level data, are they coming back more frequently and then we can start linking food grade scores to how frequently guests come.

另外，我認為我們將開始了解各項措施對我們菜單的影響，對吧？所以，無論是肋排升級、冷凍食品升級還是其他什麼，我們都可以開始從交易層面的數據中了解，對於享受過這些升級的顧客，他們是否會更頻繁地光顧，然後我們就可以開始將食品等級評分與顧客光顧的頻率聯繫起來。

So I think the -- I've always said, I think the big upside is going to be better understanding the big investments that we make in the business and how they're performing versus necessarily marketing to guests using CRM. I don't love that type of discounting from a long-term standpoint of the business versus using our money to advertise how great the brand is. But I think we -- this was a really great quarter and the strides that we've made in being able to leverage the token data.

所以我認為——我一直都說，我認為最大的好處是更好地了解我們在業務中所做的重大投資以及它們的表現，而不是僅僅使用 CRM 向顧客行銷。從長遠來看，我不喜歡這種打折促銷的方式，我覺得把錢花在宣傳品牌有多棒對企業更有利。但我認為我們——這是一個非常棒的季度，我們在利用代幣數據方面取得了長足的進步。

That's great. And then we've seen several restaurant chains struggle to get a lift from recent value promotions, even some with much more marketing support. I know Chili's recently launched or returned with the big QP value message. I'm just -- and obviously, the comp trends sound great, but I'm just wondering how is it performing against your expectations? And if there's any color you can maybe provide around second half innovation for that platform?

那太棒了。然後我們看到，一些連鎖餐廳即使獲得了更多的行銷支持，也難以透過最近的促銷活動提升業績。我知道 Chili's 最近推出了或重新推出了以 QP 為核心的價值概念。我只是——顯然，競爭趨勢聽起來很棒，但我只是想知道它的表現是否符合您的預期？如果您能就該平台下半年的創新提供一些見解，那就太好了？

Yes. So we feel really good about the value platform. So I can give you just a little bit of history because I know everybody is wondering about what happened with the Triple Dipper advertising that we had rolled at the end of Q1. And we put the triple -- so if you recall, the last couple of years, we've been driving the $10.99 message pretty consistently, and that has obviously worked tremendously well to drive market share for Chili's.

是的。所以我們對這個價值平台感到非常滿意。我可以跟大家簡單介紹一下背景，因為我知道大家都很想知道我們在第一季末推出的「三重奏」廣告後來發生了什麼事。我們投入了三重優勢——所以如果你還記得的話，過去幾年，我們一直在大力宣傳 10.99 美元的價格，這顯然對提升 Chili's 的市場份額起到了非常大的作用。

And about 6 months ago, we contemplated the idea of what if we could put Triple Dipper on TV. I think the macro was in a little bit different place at the time. We went and created the advertising and the macro kind of turned, and we decided to go ahead with the Triple Dipper advertising regardless because we wanted to understand is that another quiver in our arsenal to be able to drive traffic.

大約 6 個月前，我們考慮過，如果我們能把 Triple Dipper 搬上電視會怎麼樣。我認為當時宏觀經濟的狀況與現在略有不同。我們製作了廣告，宏觀情勢也發生了轉變，我們決定無論如何都要繼續進行三重奏廣告宣傳，因為我們想了解這是否是我們吸引流量的另一個利器。

And so we turned on that advertising in September. We did see lifts in the business, and we actually saw more new guests come in from the Triple Dipper advertising than we've seen as a percentage of the total lift than we've seen from the value advertising. However, the overall lift was not as great as what we saw from the big QP. And so based on where the macro was, based on the overall lift, we decided that even though we think Triple Dipper could be used again, especially if the macro gets stronger again because of the volume response we got from new guests, we felt like it was important to get back on value. Once we got back on value, we saw the lifts improve again.

因此，我們在九月開始投放廣告。我們確實看到了業務成長，而且實際上，透過 Triple Dipper 廣告帶來的新客人數量佔總成長百分比，比透過價值廣告帶來的成長數量還要多。然而，整體提振效果不如大型 QP 那麼顯著。因此，根據宏觀經濟的現狀和整體成長情況，我們決定，儘管我們認為 Triple Dipper 可以再次使用，尤其是在宏觀經濟因新客戶的反饋而再次走強的情況下，但我們覺得回歸價值經濟非常重要。一旦我們恢復了價值，我們就看到電梯再次改善。

So I think the $10.99 burger deal that we have in the market is still as relevant as it was when we introduced it a few years ago on TV. I do think in the back half, so to answer the last question, Chris, the back half, we need to refresh that message. We're going to have some big innovation coming. It's going to be ready to go in Q3. We're going to launch it in Q4. If we feel like we need to pull it up for any reason, we can. But that's going to be a completely new initiative under the $10.99 platform in a very big segment for guests.

所以我認為，我們目前在市場上推出的 10.99 美元漢堡優惠活動，仍然像幾年前我們在電視上推出時一樣具有吸引力。我認為在後半程，所以為了回答最後一個問題，克里斯，關於後半程，我們需要重申這個觀點。我們將迎來一些重大創新。預計第三季即可投入使用。我們計劃在第四季推出。如果我們因為任何原因覺得需要把它撤下來，我們可以這麼做。但這將是10.99美元平台下面向廣大用戶推出的全新舉措。

So we're very excited about the news that we're bringing to the business, and we think that's going to continue the momentum on value.

因此，我們對即將帶給公司的消息感到非常興奮，我們認為這將繼續保持價值成長的勢頭。

Congratulations on another great quarter.

恭喜你們又一個季度取得了優異成績。

The next question is coming from David Palmer, Evercore ISI.

下一個問題來自 Evercore ISI 的 David Palmer。

Just a 2-parter here, Kevin, and thanks for all that detail. I wanted to maybe take your insights out first, and just to ask more specifically about the young consumers. I think there's a concern around younger consumers, maybe Gen Z would define it with regard to not only their economic issue of higher unemployment lately, but also you had a massive -- or it was -- it's been perceived that you had a massive wave of trial around the cheese pull and the Triple Dipper last year, and that younger cohort would -- that you would likely be down with them and that would weigh in your traffic this fiscal 2Q in particular. So if you could address what you're seeing, particularly with regard to young consumers?

凱文，這裡只有兩個部分，感謝你提供的所有細節。我想先聽聽你的見解，然後更具體地問關於年輕消費者的問題。我認為大家對年輕消費者，或許 Z 世代，存在一些擔憂。這不僅與他們近期較高的失業率等經濟問題有關，而且去年你們的芝士拉絲和三重蘸醬也經歷了一次大規模的試用熱潮——或者說，人們普遍認為你們的產品受到了年輕一代的追捧，而這很可能會影響到你們本財年第二季度的流量。所以，您能否談談您觀察到的情況，特別是關於年輕消費者的方面？

And then I just wanted to ask you separately, just on the renovation of the menu, you're pretty far along in the journey there. Maybe you could just kind of summarize where you are and what's left to do and how that's going to progress through the fiscal year?

然後，我還想單獨問一下關於菜單更新的問題，你們在這方面已經取得了相當大的進展。或許您可以簡要地總結一下您目前的狀況、還有哪些工作要做，以及這些工作將如何在本財年內推進？

Okay. So thanks, David. So let me start with the younger consumer question. So there's 2 things that we think about in terms of that younger consumer demographic. One, for the younger consumers that we've brought in, are they coming back as frequently as all new guests? And that answer is yes. So we're not seeing any difference in the age of the consumer and how frequently they come in if they're new. So that's good.

好的。謝謝你，大衛。那麼，就讓我先回答年輕消費者的問題吧。所以，對於年輕消費族群，我們主要考慮兩件事。第一，對於我們引進的年輕消費者來說，他們的回頭率是否與所有新顧客一樣高？答案是肯定的。所以，我們沒有發現消費者的年齡和他們光顧的頻率（如果他們是新顧客）有任何差異。那很好。

The second is, are we continuing to bring new young consumers in, right? And right now, when we look at like our TikTok trends, they basically have stayed the same since we saw the original the cheese pull go viral over a year ago. So I know a lot of folks have said, "Hey, that's going to peter out." We really haven't seen that. So if you look at like the monthly views, it stayed very high. Now that said, it is the marketing department's job to keep our brand relevant with young people because they're not going to stay on the same thing forever. Everybody knows that, right?

第二個問題是，我們是否仍在不斷吸引新的年輕消費者？現在，當我們審視 TikTok 上的流行趨勢時，會發現它們基本上與一年多前最初​​的“拉奶酪”視頻走紅網絡時一樣，沒有發生太大變化。我知道很多人都說，“嘿，這肯定會慢慢消失的。”我們確實沒見過這種情況。所以，如果你看一下月度瀏覽量，你會發現它一直保持在非常高的位置。話雖如此，市場部門的職責就是讓我們的品牌與年輕人保持相關性，因為他們不會永遠停留在同一個領域。大家都知道這一點，對吧？

And so one of the things I'm proud about our world-class marketing department is they're constantly thinking about every quarter, what are the things that we're going to bring to bear to make sure that we stay relevant with all guests, especially and with the emphasis on staying relevant and making the brand relevant again with Gen Z. So I don't see that letting up. In fact, I think as our marketing budgets continue to grow, as the business continues to grow, I think you're going to see more of that and not less of that.

因此，我為我們世界一流的行銷部門感到自豪的一點是，他們每季都在不斷思考，我們將採取哪些措施來確保我們與所有顧客保持聯繫，尤其要注重與Z世代保持聯繫，並重新喚起他們對品牌的興趣。所以我認為這種努力不會放鬆。事實上，我認為隨著我們的行銷預算不斷增長，隨著業務的不斷發展，你會看到更多這樣的情況，而不是更少。

So -- but the 2 things that we're focused on with the young consumer are making sure that they are repeating as much as other guests, and that's really about guest experience. And then secondly, are we bringing new guests in or new young guests in through both advertising and social media and on TV as well as some of these marketing stuff that we do.

所以——但我們針對年輕消費者關注的兩件事是確保他們像其他顧客一樣頻繁地光顧，而這實際上關乎顧客體驗。其次，我們是否透過廣告、社群媒體、電視以及我們所做的其他一些行銷活動，吸引了新的顧客或年輕的新顧客？

And then separately on the food renovation journey?

然後，在食品革新之旅中，又會如何發展呢？

Yes. Thanks for the reminder on that. So we're continuing to do that. So what next on the docket is going to likely be for next fiscal is -- well, we got the chicken sandwich platform in the back half that we talked about in previous calls. And then the following fiscal, right now in the plan is steaks and salads and there'll probably be a few other things. We've learned a lot with the queso upgrade.

是的。謝謝你的提醒。所以我們會繼續這樣做。那麼，下一個財政年度的下一步計劃可能是——嗯，我們在之前的電話會議中談到了後半部分提到的雞肉三明治平台。接下來的財政年度，目前的計劃是供應牛排和沙拉，可能還會增加一些其他菜餚。我們從起司升級中學到了很多。

So obviously, I think people are probably interested in that. One, the new queso is doing quite well. So we're pretty pleased with the sales of it. What we have learned though is not a replacement for the old queso. So we've got a lot of fans out there that have said, "Hey, this is a completely different queso. We want the old Skillet Queso back," and that's why we recently announced a few days ago, we are going to bring that back.

所以很明顯，我認為人們可能對此感興趣。第一，新推出的起司醬賣得相當不錯。所以我們對它的銷售情況相當滿意。但我們學到的這些東西並不能取代傳統的起司醬。所以有很多粉絲都說：“嘿，這完全是另一種口味的奶酪醬。”我們想要以前的鐵鍋奶酪醬回歸，」這就是為什麼我們幾天前宣布，我們將把它重新推出的原因。

We are very confident that with the 2 quesos, it's going to be a significantly bigger business than it was with the old 2 quesos. So at the end of the day, it's going to be a good thing for our sales. Obviously, we're hoping to maintain the traffic with those Skillet Queso guests. So right now, it's going to cause us to look at some of those favorites that we looked at renovating and saying maybe we need to slow down a little bit on those things to make sure that we're not missing our existing guests and making sure we're bringing them along.

我們非常有信心，有了這兩款起司，生意一定會比以前兩款起司店的生意好得多。所以歸根結底，這對我們的銷售來說是一件好事。顯然，我們希望能夠留住那些光顧 Skillet Queso 的顧客。所以現在，這將促使我們重新審視一些我們曾經考慮翻新的心頭好，並思考或許我們需要放慢這些項目的進度，以確保我們不會失去現有的客人，並確保我們能把他們也帶進來。

So that's probably a learning from the queso. I don't think it's really a very concerning thing at all. In fact, it's a good thing that we learned on a smaller item. So as we think about renovating some of the bigger items like pasta, where our eyes are wide open to what we need to work on. At the end of the day, we got to continue to make our venue tighter, and we got to continue to make it better if we want to continue to get these great results on Chili's.

所以這大概是從起司醬學到的教訓吧。我覺得這根本不是什麼值得擔憂的事。事實上，我們從一件小事上學到教訓是件好事。所以，當我們考慮翻新一些較大的菜品，例如義大利麵時，我們會非常清楚地意識到我們需要改進的地方。歸根結底，如果我們想繼續在 Chili's 取得如此好的結果，我們必須繼續改進我們的場地，讓它更加完善。

The next question will be from John Ivankoe, JPMorgan.

下一個問題來自摩根大通的約翰·伊万科。

The question is I'm getting back to the original Chili's. And I wanted just to understand better what that might mean. And Kevin, the question is on cooking platforms and even staffing around cooking platforms. Conveyors are one thing you guys did, Merrychef, TurboChef's style ovens, another. But do we have an opportunity to maybe focus more on the grill, focus more on the broilers. So talk about the possible complexity or maybe need of putting back in some of this equipment and whether such a change would benefit the customers and your products and whether that would actually require additional labor or just a reallocation from labor that you currently have?

問題是，我打算回歸最初的Chili's餐廳。我只是想更好地理解這可能意味著什麼。凱文，問題在於烹飪平台，甚至還涉及烹飪平台的人員配備。傳送帶是你們做的一件事，Merrychef，TurboChef 式烤箱是另一件事。但我們有沒有機會把更多精力放在烤架上，把更多精力放在烤肉架上呢？那麼，請談談重新引入部分設備可能存在的複雜性或必要性，以及這樣的改變是否會對客戶和產品有利，這是否真的需要額外的勞動力，還是只需要從您現有的勞動力中重新分配？

John, it's Kevin. So thank you for the questions. Let me start with the first one on the reimaging program. And so the intent of the reimage program, and folks will be able to see it by the end of this quarter, we'll have it in 4 restaurants here in Dallas, is to go back to that original Greenville Chili's, understand what made Chili's so darn special and then bring that into a 2025 version of the prototype. So that's things like having a true margarita bar and then talking about the things that make us special, whether it's the Presidente or our ribs or our fajitas, right?

約翰，我是凱文。謝謝大家的提問。讓我先從重裝系統程式的第一點開始。因此，重塑形象計畫的目的，也是大家在本季末就能看到的（我們將在達拉斯的 4 家餐廳進行試點），是回到最初的格林維爾 Chili's 餐廳，了解是什麼讓 Chili's 如此特別，然後將其融入到 2025 年的原型版本中。所以，例如擁有一個真正的瑪格麗塔酒吧，然後談論那些讓我們與眾不同的東西，無論是我們的總統啤酒、肋骨還是法士達，對吧？

And when you went into a Chili's way back when, it had a very different vibe than other casual diners, and that's what we want to bring back to it. Some of our more recent renovations, when we look at the last reimage program, it took some of that real cool characteristic and that personality out of the box. And we've been leaning forward to it in our advertising and the way we talked about the brand, there's no reason why we can't do that also in the restaurant.

以前去Chili's餐廳的時候，會發現它和其他休閒餐廳的氛圍截然不同，而這正是我們想要帶回來的。我們最近的一些翻新工程，例如上次的形象重塑項目，都抹殺了建築原本的一些獨特魅力和個性。我們在廣告宣傳和品牌推廣中一直都在積極推廣這種理念，所以我們完全可以在餐廳裡也這樣做。

So I'm excited about -- if you look at the rendering of those images, if they come out even close in real life when we do the reimaging, I think guests are going to be really excited because it's going to feel like more like Chili's, not less like Chili's, but in a modern fun way.

所以我很興奮——如果你看看這些圖片的渲染圖，如果我們在重新設計時，它們在現實生活中能夠接近這些渲染圖的效果，我認為顧客們會非常興奮，因為它會更像 Chili's，而不是不像 Chili's，而是以一種現代有趣的方式。

And then separately, the other question that you had, which was on kitchen equipment. That is part of our -- we have a 2030 Heart of House team, cross-functional team that's looking at based on the volumes that we've been bringing in and the continued growth in the business as well as where do we want to take our food next level, what is the type of equipment that we need in the restaurant. We've been working very closely on figuring out fryer capacity.

另外，您還有另一個問題，是關於廚房設備的。這是我們的一部分——我們有一個 2030 年後廚團隊，一個跨職能團隊，他們根據我們目前的客流量和業務的持續增長情況，以及我們希望將我們的食品提升到什麼水平，以及我們在餐廳需要什麼樣的設備。我們一直在密切合作，研究炸鍋的容量。

And then the other one is how do we get flame back into the building, which I think that was what you're referring to on the char boilers. We don't have anything yet to announce yet. I mean we haven't even put a charbroilers into a restaurant to start understanding labor deployment changes, how much cost there is, et cetera. But once we have line of sight to a test on that, we'll make sure to bring everybody along to understand what it could mean for the business, what it could mean for going operating cost, depreciation, all that stuff.

另一個問題是，我們要如何讓火焰重新回到建築物內，我想這就是你在炭鍋爐上所指的問題。我們目前還沒有任何消息可以宣布。我的意思是，我們甚至還沒有在餐廳安裝烤肉架，所以還無法了解勞動力配置的變化、成本是多少等等。但一旦我們能夠進行相關測試，我們就會確保讓每個人都參與進來，了解這對企業意味著什麼，對營運成本、折舊等等意味著什麼。

The good news is charbroilers aren't very expensive. So it's not like it's a major piece of equipment that's going to be a huge investment. But really, it's going to change the way the part of house operates, and that's why we need to test it. So there is some investment, obviously, but the bigger thing is going to be making sure the operation runs as smoothly as it is now in the future with the charbroiler. So once again, once we have more insight to share on that, we'll make sure we share with all of you.

好消息是，炭烤爐並不貴。所以它不是一件需要巨額投資的大型設備。但實際上，它將改變房屋這一部分的運作方式，所以我們需要進行測試。所以顯然需要一些投資，但更重要的是確保未來使用炭烤爐的運作能夠像現在一樣順利。所以，一旦我們有了更多這方面的見解，我們一定會跟大家分享。

The next question will be from Jeff Farmer, Gordon Haskett.

下一個問題將來自傑夫·法默和戈登·哈斯克特。

You noted that you expect same-store sales to normalize. I think you said in the mid-single-digit range for the balance of the fiscal year. So from your perspective, does that mean across Q2, Q3, Q4 with all 3 quarters holding on to that mid-single-digit number or sort of an average where maybe some quarters higher or lower than mid-single digit?

您提到預計同店銷售額將恢復正常。我想你之前說過，本財年剩餘時間的成長率將維持在個位數中段。所以從你的角度來看，這是指第二季、第三季和第四季這三個季度都保持個位數的中間水平，還是指一個平均值，其中某些季度可能高於或低於個位數中間水平？

Jeff, it's Mika. Yes. So it's just really once we start lapping that peak in November on that mid-single digit on average. And it is for the latter half of the year for Q3 and Q4. Q2 could be a little bit different where obviously, I just talked about how October is starting. November is going to be the peak gap or the peak lap for the full year. So that could be a little lower. And then December actually has a holiday flip in it, too, where we have Christmas moving into Q3. So we have about 100 basis points of traffic that could flip flop positive to Q2. It will reverse in Q3 negative. So Q2 could be a little bit higher than that, but that's what we wanted to communicate once we have these laps and it kind of normalizes, that's where we think Chili's will land.

傑夫，我是米卡。是的。所以，一旦我們開始在11月達到平均個位數的峰值，情況就會改變。而且，這種情況將持續到今年下半年，也就是第三季和第四季。第二季的情況可能會有所不同，顯然，我剛才談到了十月的開始。11 月將是全年差距最大的月份，或全年單圈成績最好的月份。所以這個數字可能還會再低一些。而且 12 月的假期實際上也發生了變化，聖誕節提前到了第三季。因此，我們有大約 100 個基點的流量可能會在第二季出現正向波動。第三季將出現逆轉，前景黯淡。所以 Q2 的成績可能會比這略高一些，但這就是我們想傳達的訊息，等我們跑完這些圈數，情況趨於正常後，我們認為 Chili's 的最終成績會在這個範圍內。

Okay. And then one more. On the August call, I think you were pointing to 30 to 40 basis points of restaurant level margin expansion. You just updated your thinking on commodities. So how does that -- commodity inflation, I should say, how does that impact your thinking about restaurant level margin expansion for FY '26?

好的。然後又來了一個。在 8 月的電話會議上，我認為您當時指的是餐廳層面的利潤率將擴大 30 到 40 個基點。你剛剛更新了對大宗商品的看法。那麼，大宗商品通膨——或者更確切地說，是商品通膨——會如何影響您對 2026 財年餐飲業利潤率擴張的看法呢？

Yes. So with the softness at Maggiano's and some of the investments we need to make there, coupled with the tariffs, the margins could be more flat to slightly positive than positive 30% to 40% for Brinker. So we'll be watching that closely. I know that last time we talked about the tariffs, they were a little bit more fluid. Now they're starting to materialize. We took a little bit of price in October. We planned for a little bit more price in January to offset those tariffs.

是的。因此，由於 Maggiano's 的疲軟以及我們需要在那裡進行的一些投資，再加上關稅，Brinker 的利潤率可能會比 30% 到 40% 的正利潤率更加平穩或略有正利潤。所以我們會密切關注此事。我知道上次我們討論關稅問題時，情況還比較靈活。現在它們開始變成現實了。我們在十月收了一些款。我們計劃在1月將價格略微上調，以抵消這些關稅。

Now how we're thinking about it is we're offsetting the tariffs with dollars in profit, not necessarily offsetting the margin impact. So again, those 2 things are impacting what we think Brinker margins will do for the full year right now.

我們現在的想法是，我們用美元利潤來抵銷關稅，而不是抵銷利潤率的影響。所以，這兩件事都會影響我們目前對 Brinker 全年利潤率的預測。

The next question is coming from Dennis Geiger, UBS.

下一個問題來自瑞銀集團的丹尼斯蓋格。

Congrats on the results. Mika, I wanted to follow up maybe on that question as it relates to traffic. I mean you gave us the comp from a mid-single-digit perspective. Just within that, is that sort of still assuming positive traffic? Is that the assumption as we look at the quarters from here? I guess the other piece of that would just be maybe thinking about where price shakes out for the year after your comments there. And just mix, I think, was flat was the expectation previously over the balance of the year. Is that still similar? Or there's some moving pieces there?

恭喜取得好成績。米卡，我想就交通方面的問題再追問一下。我的意思是，你給我們提供了一個中等個位數的比較數據。僅就這一點而言，這是否仍然假設了積極的交通流量？從這裡來看，我們是否可以這樣假設未來幾季的情況？我想，另一方面，或許應該考慮一下在你發表了上述評論之後，今年的價格走勢會如何。而且我認為，混合指數保持平穩，這與先前對今年剩餘時間的預期相符。情況仍然類似嗎？或者說，這裡面還有一些變數？

It's pretty similar. So price now, like I said, was at the lower end of the range. If we implement the price that I talked about in January, it will probably be about that 4% all year long for Chili's. And then we're going to lap some significant mix and traffic numbers. And so those could be negative to flat to positive, kind of in there more in a neutral-ish zone, I would say. So we'll see how well we lap those numbers.

非常相似。所以現在的價格，就像我剛才說的，處於價格區間的較低水準。如果我們實施我一月份提到的價格，Chili's 的價格可能會全年保持在 4% 左右。然後我們將超越一些重要的混合流量和交通數據。所以這些數值可能是負值、持平值或正值，我覺得比較偏向中性區間。所以，讓我們看看我們能不能超越這些數字。

[Operator Instructions] The next question is coming from Christine Cho, Goldman Sachs.

【操作者說明】下一個問題來自高盛的 Christine Cho。

Congrats on another strong quarter. I just wanted to elaborate on your recent experience with the new queso. So firstly, how did the post-launch feedback compare to the feedback that you received during the testing and trial process? And if there were some discrepancies, are there kind of ways to improve the process to narrow the gap going forward?

恭喜又一個季度業績出色。我只是想詳細說說你​​最近品嚐新起司醬的體驗。首先，產品發布後的回饋與測試和試用過程中收到的回饋相比如何？如果存在一些差異，是否有辦法改善流程以縮小未來的差距？

And secondly, could you just talk about the feedback mechanisms you have in place to quickly kind of reverse the changes or respond to customer feedback in a timely manner as you did this time?

其次，您能否談談您目前採取了哪些回饋機制，以便像這次一樣，能夠快速地糾正錯誤或及時回應客戶的回饋？

Yes. Thanks for the question. So let me just start with -- we have a very robust stage gate process on all the initiatives that we launched. So -- and we made a lot of changes to the business. So over the last 3.5 years. So the fact that we had one where it probably didn't go as well as we had hoped from a testing standpoint when we put it in market, we have a pretty good track record on these things. And the good news is we quickly learned in market that we needed to reverse course on removing the Skillet Queso.

是的。謝謝你的提問。首先我想說的是──我們對所有啟動的專案都制定了非常完善的階段性評審流程。所以——我們對業務進行了很多改變。所以，在過去的3.5年裡。所以，儘管我們推出的一款產品在市場測試階段可能沒有達到預期效果，但我們在這些方面有著相當不錯的紀錄。好消息是，我們很快在市場上意識到，我們需要改變取消 Skillet Queso 的做法。

In the test market, so just -- in the test that we did, we didn't test market like we do, let's say, the ribs upgrade or the chicken tenders because it's a small -- it's a very low mixing product. There's not like a bunch of equipment we got to go purchase. So the risk is quite low when we were to relaunch the queso. The feedback that we got inside the restaurants when we did kind of -- we do like an op shakedown for a period of time was quite good. The guests love the new queso.

在測試市場中，所以只是——在我們進行的測試中，我們沒有像測試肋排升級或雞柳那樣進行市場測試，因為它是一個小——它是一個混合度非常低的產品。我們不需要去購買一大堆設備。因此，當我們重新推出起司醬時，風險相當低。我們在餐廳內部進行了一段時間的營運試運行，得到的回饋相當不錯。客人們都很喜歡這款新推出的起司醬。

We did learn that long-time guests were kind of hesitant about trying the new queso, and that's why we did the program with the My Chili's Rewards where we dropped a queso of the new queso in for everybody so that they could come try it on us versus them having to use their own money to try it, right? So that was our thought based on the learnings in the test market that we would drop a coupon in order to get people to be able to try and get over the hump to the new queso.

我們了解到，一些老顧客對嘗試新的奶酪醬有些猶豫，所以我們與 My Chili's Rewards 合作推出了一個活動，我們給每位顧客都送上一份新的奶酪醬，這樣他們就可以來我們這裡免費品嚐，而不用自己花錢去嘗試，對吧？根據測試市場的經驗，我們決定發放優惠券，讓人們有機會嘗試並克服對新起司醬的抗拒。

And clearly, once we went to market with it, the new queso has done quite well with newer guests, but the long-time Skillet Queso users were not excited about the new queso. It's just a different queso for them. And either they didn't want to try it with the coupon or they tried it and didn't like it. And so that's why we're bringing back the Skillet Queso. I don't know if we would do anything different going forward. I mean we put these things in market. We did learn what the risk was. We thought we had put together a plan that could bring the existing guests along. That clearly has not played out the way we had hoped. And so that's why we're making the changes that we're making.

顯然，新推出的起司醬在新顧客中反應不錯，但長期使用 Skillet Queso 的用戶對新起司醬並不感冒。對他們來說，這只是另一種起司醬而已。要么他們不想用優惠券嘗試，要么他們嘗試了但不喜歡。所以，這就是我們重新推出鐵鍋起司醬的原因。我不知道我們今後是否會採取不同的做法。我的意思是，我們把這些東西放到市場上。我們確實了解了風險所在。我們以為我們已經制定了一個能夠讓現有客人參與進來的計劃。顯然，事情的發展並沒有如我們所願。所以，這就是我們做出這些改變的原因。

A big part of this turnaround has been not just listening to team members, but also listening to our guests intently about the things and why they choose casual dining, food service and atmosphere. And for the most part, we've made a lot of really great decisions over time, both ones that are tested and ones that weren't tested. In this case, we actually did some testing. We learned about it. It ended up turning out different when we went to market. And so we've made some changes. But at the end of the day, we're going to have a bigger queso business.

這次轉變的關鍵不僅在於傾聽團隊成員的意見，還在於認真傾聽顧客的意見，並了解他們選擇休閒餐飲、餐飲服務和氛圍的原因。總的來說，隨著時間的推移，我們做出了許多非常好的決定，包括經過檢驗的決定和未經檢驗的決定。在這種情況下，我們實際上進行了一些測試。我們了解到了這件事。結果我們去市場的時候，情況卻不一樣了。因此，我們做出了一些改變。但歸根結底，我們的起司醬生意將會越來越好。

I think people are excited. If you look at the social reviews, on our announcement of bringing back the queso have been quite positive. And I think we're going to make this a win for everybody. And so the newer guests are going to have the great Southwestern quesos that they love. And then the existing guests that love the Skillet Queso are also going to have that product.

我覺得大家都很興奮。如果你看看社群媒體上的評論，你會發現大家對我們宣布重新推出起司醬的反應相當正面。我認為我們會取得雙贏的局面。因此，新來的客人將會吃到他們喜愛的美味西南風味起司醬。而那些喜歡鐵鍋起司醬的現有顧客也將繼續享用這款產品。

Hyun Jin Cho Goldman Sachs Group, Inc. North of 6 initiative is progressing?

Hyun Jin Cho，高盛集團，北緯6度以北的計畫進度如何？

Yes. We continue to tick off updates on North of 6. So the big ones that we had last quarter are declaring bringing more tankless water heaters into busy restaurants. The current water heater is not particularly what's the right word for it, reliable. And so that was one thing that we found was really the better restaurants have replaced the water heaters with tankless water heaters. It's not a huge investment across the system, and we're just starting with the high-volume restaurants on that.

是的。我們將繼續更新《北緯6度》的最新進展。因此，上個季度我們了解到的幾家大型企業正在宣布向繁忙的餐廳引入更多無水箱熱水器。目前的這台熱水器不太……用一個詞來形容它，那就是「可靠」。因此，我們發現的其中一點是，比較好的餐廳已經用即熱式熱水器取代了傳統的熱水器。這並非對整個系統的巨大投資，我們只是從客流量大的餐廳開始著手。

The second big one has been something that we think can help with traffic is replacing -- we put some community tables in our last reimage across the system. So these are large format tables that most of the high-volume restaurants that have figured out this traffic thing have replaced those with smaller tables. We think that can help the balance of the system, especially on Fridays and Saturdays. So we're going to go ahead and make those replacements.

第二個大措施是我們認為有助於緩解流量的措施——我們在上次系統重裝系統中加入了一些社群桌。所以這些都是大尺寸的桌子，大多數客流量大的餐廳都已經意識到客流量的問題，並用小桌子替換了這些大尺寸的桌子。我們認為這有助於維持系統的平衡，尤其是在周五和周六。所以接下來我們將進行這些替換工作。

And then there's a couple of other smaller things that we're working on that hopefully will roll out this quarter. So the North of 6 initiative continues to go well. We continue to learn new things from those high-volume restaurants and roll them over time to the rest of the system.

此外，我們也正在努力推進其他一些較小的項目，希望能在本季推出。所以，北緯6度以北地區的倡議繼續順利進行。我們不斷從這些客流量大的餐廳學習新知識，並隨著時間的推移將這些知識推廣到系統的其他部分。

So Christine, I want to add one thing to that. Something that we really learned from the North of 6 group is how they schedule their team members, and we've been able to utilize that information and really rebuild our labor model. So as traffic scales up at those other restaurants that we're able to be really efficient with our labor and make sure we keep that throughput going, too. So a lot of learnings there really help to inform us in that labor model as we build it for the balance of the system.

克里斯汀，我想補充一點。我們從 North of 6 集團學到的最重要的一點是他們如何安排團隊成員的工作，我們已經能夠利用這些資訊並真正重建我們的勞動力模式。因此，隨著其他餐廳客流量的增加，我們能夠非常有效地利用勞動力，並確保我們也能保持這種吞吐量。因此，那裡的許多經驗教訓確實有助於我們建立勞動力模型，以平衡整個系統。

The next question will be from Sara Senatore, Bank of America.

下一個問題來自美國銀行的薩拉·塞納托雷。

I have a follow-up to an earlier question and then a question about Maggiano's. So the follow-up was just, I think, Kevin, you mentioned chicken is perhaps a fairly small mix. As you think about the products still to be renovated, how should I think about the mix compared to maybe what you've already done? I think there may be some sense that the biggest impact will already have been had because you've looked at, like you said, some of the core 5 menu items. Are these renovations that you're thinking about, are they still big enough to, I guess, move the needle on traffic? Or is this more just kind of a holistic people's perception about the menu quality just continues to ratchet up? And then a question about Maggiano's.

我有一個關於之前問題的後續問題，還有一個關於Maggiano's餐廳的問題。所以後續問題是，我想，凱文，你提到雞肉可能是一個相當小的混合比例。在考慮還需要翻新的產品時，與你們已經完成的工作相比，我該如何考慮產品組合呢？我認為，正如你所說，你已經研究了部分核心的 5 個選單項，所以可能已經產生了最大的影響。您正在考慮的這些改造項目，規模是否足夠大，能夠對交通流量產生顯著影響？或者說，這只是人們對菜單品質的整體看法不斷提高的體現？然後有人問了關於Maggiano's餐廳的問題。

So I don't know if we're mixing some of the different items. So I said the queso is relatively low mixing. The chicken sandwich platform, so it's -- Chicken sandwiches are not a big mixer for Chili's. They're a humongous mixer for restaurants. And so that's why we think renovating the chicken sandwich platform could be a huge opportunity for us. It should be a much bigger percentage of our business because boneless fried chicken is one of the top 5 things that Americans eat, and it's been growing every year for several decades now.

所以我不知道我們是不是把一些不同的物品混在一起了。所以我說起司的混合比例相對較低。雞肉三明治平台，所以——雞肉三明治並不是 Chili's 的主要產品。它們是餐廳裡一台巨大的攪拌機。所以，這就是為什麼我們認為改造雞肉三明治平台對我們來說可能是一個巨大的機會。無骨炸雞應該在我們業務中佔更大的比例，因為無骨炸雞是美國人最常吃的五種食物之一，而且幾十年來每年都在增長。

So that's why we're very bullish about the chicken sandwich platform. And it's less of a renovation because we already have a very, very good chicken sandwich, and it's more about adding some flavors to the lineup and then advertising it on TV and making a big deal about it because a lot of folks don't even know we have this great fried chicken sandwich. And then, Sarah, what was your second question in addition to that?

所以這就是為什麼我們非常看好雞肉三明治平台的原因。與其說是翻新，不如說是增加一些新口味，因為我們已經有非常非常好的雞肉三明治了，這更像是為產品線增加一些新口味，然後在電視上做廣告，大肆宣傳，因為很多人甚至不知道我們有這麼棒的炸雞三明治。那麼，莎拉，除了這個問題之外，你的第二個問題是什麼？

Yes. No, that's very helpful. So the opportunity is much bigger than what you're currently mixing. Okay. And then the second question was on Maggiano's. I know it's smaller than Chili's, but obviously, the turnaround big enough to sort of move the needle on the outlook for earnings. Could you maybe talk about whether there's any difference as you see the turnaround versus what happened when you came to Chili's, would you say the demand environment presumably may be a little softer. I guess there you're competing in an industry where there's maybe more fragmentation, are there large competitors? I guess anything that would argue for why this might be a little bit slower going than Chili's?

是的。不，這很有幫助。所以機會比你目前所混合的要大得多。好的。第二個問題是關於Maggiano's餐廳的。我知道它比 Chili's 的規模小，但顯然，這種轉變足以對獲利前景產生一定影響。您能否談談您認為目前的轉變與您剛加入 Chili's 時的情況有何不同？您是否認為目前的需求環境可能略顯疲軟？我猜你們所在的產業可能比較分散，有大型競爭對手嗎？我想請問有什麼理由可以解釋為什麼這家店的上菜速度可能比 Chili's 慢一些？

Yes. So I think it's a lot of the same challenges. I think because it's not even remotely, I mean, it's less than 10% of our sales now. Because of the size of it and the fact that there's not like big TV budgets because it doesn't have a national footprint. I think the upside is probably less and the risk is probably less because it's only 50 restaurants. So what we're seeing is very similar issues with the facilities and deferred maintenance. So just getting the facilities back up to a place where we feel really proud to host guests and host our teammates in there.

是的。所以我覺得面臨的挑戰有很多相似之處。我認為這是因為它根本不是，我的意思是，它現在只占我們銷售額的不到 10%。因為規模較小，而且由於沒有全國性的影響力，所以沒有像電視那樣龐大的預算。我認為收益可能較小，風險也可能較小，因為只有 50 家餐廳。所以我們看到的是設施和維護保養方面非常類似的問題。所以，我們只是想把設施恢復到讓我們感到非常自豪，能夠在那裡接待客人和我們的團隊成員。

Separately, I think we lost a little bit of what the North Star of Maggiano's is, which is when it was at its best, these are over-the-top portions, very shareable plates, food that sort of very consistent and hot with service that didn't feel like a chain restaurant. There's no reason why we can't get back to that pretty easily. This is not proprietary to restaurants. These are things that we just have to stay focused on and get out of the teammates way so they can do these things on a more consistent basis.

另外，我認為我們有點失去了 Maggiano's 的北極星精神，而它最好的地方在於：份量超大，非常適合分享的菜餚，食物品質始終如一且熱氣騰騰，服務也不像連鎖餐廳。我們完全可以很輕鬆地恢復到那個狀態。這並非餐廳獨有的。我們必須專注於這些事情，不要妨礙隊友，讓他們能夠更穩定地做好這些事情。

And then the good news is the investments that we need to make into the abundance is mostly on pasta and appetizers. So it's not going to really significantly change the profile of our COGS. So I feel like it's a very doable thing. I don't think it's going to be as fast or as dramatic as Chili's just because we don't have this shot in the arm to get a bunch of traffic for guests to experience the new Maggiano's as it continues to evolve. But I think over time, I think we'll see it stabilize and start to grow.

好消息是，我們需要對豐盛的食物進行的投資主要集中在義大利麵和開胃菜上。所以它不會真正顯著地改變我們銷售成本的組成。所以我覺得完全可行。我不認為它會像 Chili's 那樣迅速或引人注目地發展，因為我們沒有像 Chili's 那樣的強心劑來吸引大量客流，讓顧客體驗不斷發展的全新 Maggiano's。但我認為隨著時間的推移，它將會穩定下來並開始成長。

The next question will come from Andrew Strelzik, BMO.

下一個問題將來自 BMO 的 Andrew Strelzik。

I wanted to ask about the pricing strategy and how you implement that as you're taking a little bit more here in January and going forward. Is that -- do you take that across the menu? Is it more focused on the more premium items as you renovate those? How are you approaching it in what seems like an increasingly challenging environment?

我想問定價策略以及你們如何實施該策略，因為你們在一月及以後會增加一些收入。那是——你們會把那個菜餚從菜單上拿下來嗎？翻新時是否更重視高端產品？在這種看似日益嚴峻的環境下，您是如何面對的？

Yes, Andrew. So we actually have a revenue growth team that is partnered with Deloitte. So we get a lot of input on how we execute our pricing strategy, and we have multiple tactics. So one of them is we do have different tier pricing across the nation, depending on where our restaurants are on different pricing tiers, which takes a little bit of price across the menu. And then we also look specifically at certain items, the elasticities and where we think we have more room to price where the guest is -- their willingness to pay on certain items in different regions and across there and compared to our competition. So we have -- it's a multilayered pricing strategy that we have that we put into place.

是的，安德魯。所以，我們其實有一個與德勤合作的營收成長團隊。因此，我們在執行定價策略方面會收到很多意見，我們也有多種策略。其中之一是，我們在全國各地實行不同的價格等級，這取決於我們的餐廳位於不同的價格等級，這會對菜單上的價格產生一些影響。然後我們也會專門研究某些商品的價格彈性，以及我們認為在哪些方面還有更大的定價空間——顧客在不同地區對某些商品的支付意願，並與我們的競爭對手進行比較。所以我們採取了多層次的定價策略。

Okay. That's helpful. And on -- I know you said that you would roll out the new store growth plans moving forward. But is there anything you can share about where you are in that process, kind of what you've learned as you're going through it and kind of where you think unit growth ultimately could land over the longer term?

好的。那很有幫助。還有──我知道你說過你會逐步推出新的門市成長計畫。但您能否分享一下您目前在這個過程中的進展，您在過程中學到了什麼，以及您認為從長遠來看，單位成長最終會達到什麼水平？

Yes. So like we said, we really have been spending our time now building up that team. We hired a new leader with Richard Ingram. He's now built his team up so that we can really evaluate the opportunity across the United States for Chili's and Maggiano's. And we're really excited about the prospects we know. What I can tell you is I don't have the exact number yet that we're prepared to share. But we do know that we can build a lot more Chili's, and we think we can build more Maggiano's.

是的。正如我們所說，我們現在確實把時間都花在了組建團隊上。我們聘請了理查德·英格拉姆擔任新領導。他現在已經組建好團隊，這樣我們就可以真正評估 Chili's 和 Maggiano's 在美國各地的發展機會。我們對目前所看到的前景感到非常興奮。我可以告訴你的是，我們目前還沒有確切的數字可以公佈。但我們知道我們可以建造更多的 Chili's 餐廳，我們也認為我們可以建造更多的 Maggiano's 餐廳。

So that team is really ramping up to do the 2 things that we want them to do. One is to get both reimage programs rolling and working very smoothly across both brands and then to ramp up that new unit growth. So more to come, but we do know the opportunity is there and that we can ramp up new unit growth, specifically at Chili's.

所以，這支隊伍正在全力以赴地去做我們希望他們做的兩件事。一是確保兩個品牌的重新映像計劃順利進行，然後加快新機成長。所以未來還會有更多消息，但我們知道機會就在那裡，我們可以加快新店的成長，尤其是在 Chili's 餐廳。

The next question will be from Brian Vaccaro, Raymond James.

下一個問題來自 Raymond James 公司的 Brian Vaccaro。

Just on the updated guidance, Mika, could you give us a little more context on how much your expectations changed at Maggiano's versus the original guidance? And then I just had a follow-up.

關於更新後的指導意見，Mika，你能否再詳細解釋一下，與最初的指導意見相比，你對Maggiano's的預期發生了多大變化？然後我又進行了一次後續跟進。

Yes. So when we think of the original guidance, I think that the Maggiano's impact, it's actually going to be more pronounced most likely in the second quarter. So there's 2 things in the second quarter. Maggiano's typically, that is the quarter that they outperform. They earn almost half of their profits in the second quarter. So with them being a little bit softer right now, that will probably have a little bit more of an impact in Q2.

是的。所以當我們回顧最初的預期時，我認為 Maggiano 的影響實際上可能會在第二季度更加明顯。所以第二季有兩件事。通常情況下，Maggiano's 在這個季度業績會優於其他餐廳。他們近一半的利潤都來自第二季。由於它們目前略顯疲軟，這可能會在第二季產生更大的影響。

The other thing is, like I said, Chili's is doing great and exceeding our expectations. We do have some more tariffs that I talked about that we've factored in and some investments. Chili's the other call out, which we've talked about is Q2 is the quarter that Chili's sales originally accelerated. And then a lot of those expenses that were related to more guests and more team members in the building and some incremental investments, those materialized in Q3 and Q4. So you just want to make sure that we have all those run rates into the Q2 as we look at Chili's and Maggiano's.

另外，就像我剛才說的，Chili's 餐廳的業績非常出色，超出了我們的預期。我們還有一些我之前提到的關稅和一些投資也考慮在內。另一個值得關注的例子是 Chili's，我們之前也提到過，第二季是 Chili's 銷售額最初加速成長的季度。然後，與接待更多客人、增加更多團隊成員以及一些增量投資相關的許多費用，都在第三季和第四季實現了。所以，我們只是想確保在第二季度，當我們考察 Chili's 和 Maggiano's 時，所有這些運行率都能得到保障。

But again, so as I think about the guidance, I think Maggiano's, it's going to be a little outsized in Q2. It could be 6% to 8% impact on our EPS. And then moving forward, I think it will have a lesser impact, but still weighing down a little bit of Chili's gains, but not all of Chili's gains.

但是，當我思考業績指引時，我認為 Maggiano's 的業績在第二季可能會略顯超前。這可能會對我們的每股盈餘產生 6% 到 8% 的影響。然後展望未來，我認為它的影響會較小，但仍然會削弱 Chili 的部分收益，但不會削弱 Chili 的全部收益。

Okay. And just to clarify that last comment, so 6% to 8% impact on your fiscal second quarter EPS. And it sounds like you're expecting maybe your second quarter margins to be down year-on-year after such an outsized margin performance in Q2. Am I interpreting that correctly?

好的。最後補充一點，對貴公司第二財季每股盈餘的影響為 6% 至 8%。聽起來，在第二季利潤率表現如此出色之後，您預計第二季的利潤率可能會比去年同期下降。我的理解正確嗎？

Yes, you are. Actually just the timing.

是的，你是。其實只是時機問題。

Okay. All right. Great. Right, right. Some of the timing on bringing in labor, I think, last year, if I remember correctly, kind of lagging the traffic growth essentially to say it plainly. Okay. And then I was going to ask on margins also. The press release, it noted that repair and maintenance costs were lower. Could you just ballpark sort of how much that might have been year-on-year in the quarter? And I know it can change, but just your latest thinking on how much that cost line could be down as you continue to normalize the R&M spend?

好的。好的。偉大的。對，對。我認為，去年在引進勞動力方面，一些時機安排，如果我沒記錯的話，基本上落後於交通增長，坦白說就是這樣。好的。然後我還想問利潤率的問題。新聞稿指出，維修和保養成本較低。你能大概估算一下這個數字與去年同期相比大概是多少嗎？我知道情況可能會改變，但您最新的想法是，隨著您繼續使維修保養支出正常化，這項成本能下降多少？

Yes. So R&M was -- and this is Chili's R&M. There's a lot of different buckets there, is why I don't want to give you too specific of numbers. But in general, let's say it was down $3 million to $4 million in the first quarter. I don't know that it will be down that materially, but it is favorable year-over-year. And I think it will be the $10 million to $15 million year-over-year favorable for Chili's R&M. Some of that's going to be offset with some incremental investments into Maggiano's R&M, a little bit there, but there are some ballpark figures for you.

是的。所以 R&M 就是——而這是 Chili 的 R&M。因為涉及的類別很多，所以我不想給出太具體的數字。但總的來說，假設第一季下降了 300 萬至 400 萬美元。我不知道降幅是否會很大，但與去年同期相比是有利的。我認為 Chili's 的研發投入將比前一年增加 1,000 萬至 1,500 萬美元。部分損失將透過對 Maggiano's R&M 進行一些增量投資來抵消，雖然金額不大，但這裡有一些大致的數字供您參考。

That's great. And then one last one, if I could just squeeze it in, bookkeeping. Could you share what the 3 for Me sales mix overall was and the tiers, the $10.99 versus the higher tiers? And then anything on Triple Dipper sales mix?

那太棒了。最後，如果可以的話，我想補充一點：記帳。能否分享一下「3 for Me」活動的整體銷售組合以及各個價位的產品，例如10.99美元價位的產品與更高價位的產品之間的對比？那麼，關於Triple Dipper的銷售組合方面有什麼要補充的嗎？

Yes. So you got it. Okay. So the great news is the 3 for Me overall mix was very steady right there in that 18%, just very similar to Q4. You also know -- we also talked about that last quarter, we introduced a new tier. So the $10.99 is actually down to maybe about 40-ish percent where it was before that, 50% to 55%. We have a new tier at $12.99, which is where some of that movement happened. So between the $10.99 and $12.99 tiers, you still have about 50% to 55% of the mix and the balance of the mix is in the higher tier. So very steady performance, not much change from Q4.

是的。你明白了。好的。好消息是，3 for Me 的整體佔比非常穩定，維持在 18%，與第四季非常相似。您也知道——我們上個季度也談到了這一點，我們推出了一個新的層級。所以，10.99 美元的價格實際上可能已經降到了之前的 40% 左右，也就是之前的 50% 到 55%。我們新增了一個 12.99 美元的價位，部分價格變動就發生在這裡。因此，在 10.99 美元和 12.99 美元這兩個價位之間，仍然有大約 50% 到 55% 的產品組合，其餘部分則在更高的價位。業績非常穩定，與第四季相比變化不大。

And then I think you said Triple Dipper still remains about 15% of total sales. So those Triple Dipper sales are just hanging in there and not moving. So that's great.

然後我想你說過，三重沾醬仍然佔總銷售額的 15% 左右。所以那些三重優惠的銷售額就這麼停滯不前，沒有成長。那太好了。

The next question will be from Jon Tower, Citi.

下一個問題來自花旗銀行的 Jon Tower。

I appreciate all the color on the guest cohorts and their journeys after they've come to the company or come to the brand. I'm just curious, looking at the data, as these guests have come in, how are they drawn to the brand? Are they coming in initially and using 3 for Me out of the gates and then next visit moving along to something else on the platform? Or are they sticking with the 3 for Me when they come for the next visit? Any color you can provide on that would be great.

我非常欣賞文中對嘉賓群體以及他們加入公司或品牌後的經歷的生動描述。我只是好奇，從數據來看，這些客人是如何被這個品牌吸引的？他們一開始就用「3 for Me」這個選項，然後下次來的時候再去體驗平台上的其他服務？或者他們下次來的時候還會繼續點這 3 道菜嗎？如果您能提供任何顏色，那就太好了。

Yes. We don't have the transaction level data on what's that first basket of a new guest. What I can share with you is we've learned the 3 for Me guest they come more frequently and they're more valuable, even though their basket is a little bit lower each time they come, they're more valuable because they come more often. So 3 for Me and the Triple Dipper guests are more valuable than the average guest.

是的。我們沒有關於新客人第一筆購物籃內容的交易等級數據。我可以跟大家分享的是，我們發現「3 for Me」的顧客光顧頻率更高，價值也更高。雖然他們每次光顧的消費金額都會略微減少，但由於他們光顧頻率更高，所以他們的價值更高。所以，3 for Me 和 Triple Dipper 的賓客比一般賓客更有價值。

So we understand at least if they bought into that franchise, we know how often they come. But we haven't looked yet at what is in the basket for new guests other than we know young guests are the ones that are coming in through the Triple Dipper. So I mean, I think we're going to learn more over time. And I think that's a good question that you're asking. We probably should look into what is the entry point. Obviously, it probably is 3 for Me and Triple Dipper just based on what we've been putting heat on, but it would be helpful to understand that a little bit more depth. So thank you for the question.

所以，至少我們了解如果他們購買了連鎖店的會員資格，我們就知道他們多久來一次。但我們還沒有研究新客人的消費情況，只知道年輕客人是透過「三重沾醬」計畫進入市場的。所以我的意思是，我認為隨著時間的推移，我們會了解更多。我認為你問的這個問題很好。我們或許應該研究一下切入點是什麼。顯然，根據我們一直在關注的內容來看，它很可能是 3 for Me 和 Triple Dipper，但如果能更深入地了解這一點就更好了。謝謝你的提問。

Okay. And then, Mika, just curious in terms of your advertising spend. I know I think you said this quarter, you're about 2.5% of sales. Looking forward, any shifts? I know you noted that the second quarter, you're going to ramp that relative to what you had spent last year. But for the balance of '26, do you anticipate any other shifts relative to what you were thinking back in August?

好的。還有，Mika，我很好奇你的廣告支出狀況。我知道，我想你說過，這個季度你的銷售額大約佔總銷售額的 2.5%。展望未來，會有什麼改變嗎？我知道您已經提到，第二季您將加大投入，與去年同期相比有所增加。但對於 2026 年剩餘的時間，您是否預期相對於您在 8 月的想法會有其他變化？

Mika Ware Executive VP & CFO No, we haven't changed what our expectations are, but I can reiterate that Q2 is the biggest increase year-over-year for Chili's advertising. I said that would be up probably $9 million or $10 million. Q3 has some incremental spend there and then Q4 is closer to flattish.

Mika Ware 執行副總裁兼財務長：不，我們沒有改變我們的預期，但我可以重申，第二季是 Chili's 廣告支出年增率最大的季度。我說過，那大概會增加900萬到1000萬美元。第三季第四季支出略有增加，然後基本持平。

The next question will be from Brian Harbour, Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩哈伯。

I guess on the margin side, I think most -- you're clear about most of that. But is there any other expense lines that you expect to be lumpy? I think you mentioned some additional labor investment. I think it was labor at Chili's. What's that related to?

我想在邊緣方面，我認為大部分——你對大部分情況都很清楚。但您預計還有哪些其他費用項目會出現波動？我想你有提到需要額外的勞動投入。我想那是Chili's餐廳的工人。那跟什麼有關？

Yes. No, it's not necessarily -- I think the labor was all built in there. I think it's more of the restaurant expense bucket. Some of -- I think that's where you need to make sure that all those expenses where I talked about maybe workers' comp and employee health, things like that to make sure that, that bucket is where you reflect a lot of just the incremental cost and inflation just related to more guests and team members in the building. Labor was a little piece of it as well. I think it's in the run rate. So I think Q1 is a good model of the run rates of these things, just to make sure as -- some of those are going to be lapsed in Q2 is what I was pointing out.

是的。不，不一定——我認為所有的人工成本都包含在其中了。我認為這比較屬於餐飲開支範疇。我認為，有些費用——比如我剛才提到的工傷賠償和員工健康之類的費用——需要確保這部分費用能夠反映出因客人和團隊成員增多而產生的增量成本和通貨膨脹。勞動力也是其中一小部分原因。我認為關鍵在於運行率。所以我認為第一季是這些項目運行速度的一個很好的模型，只是為了確保——我指出的是，其中一些項目將在第二季失效。

Yes, right. Yes, because that was impacted last year. When you talk about the tariff impact, are you basically referring to beef? And then is your comment that -- or could you quantify how much pricing was taken in October and plan to be taken in January related to that?

沒錯。是的，因為去年就受到影響了。您說的關稅影響，主要是指牛肉嗎？那麼，您的評論是否與此有關——或者您能否量化一下10月份的定價情況以及1月份的定價計劃？

Yes. So it is primarily beef and ground beef is being impacted by the tariffs. So that is what's driving the majority of it, a little bit in shrimp. And then we took about 40 basis points of price in October. January is still fluid, but we're going to have to take more because a lot of these tariffs are impacting the back half of the year. So that could be up to 1% or so. Still flexibility there on the final decisions.

是的。所以，受關稅影響最大的主要是牛肉和碎牛肉。所以這就是主要驅動因素，蝦類也佔了一小部分。然後我們在 10 月將價格下調了大約 40 個基點。一月的情況仍然不明朗，但我們必須採取更多措施，因為許多關稅都會影響到下半年。所以這可能佔到1%左右。最終決定仍有一定的彈性。

The next question will be from Jeffrey Bernstein, Barclays.

下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Kevin, my first question is just on the broader consumer that you talked about earlier. There's obviously lots of talk of a slowdown in discretionary spending across lots of categories, but especially at restaurants. Just wondering, do you see any evidence of such at Chili's? I mean it's hard to tell with such a strong 21% Chili's comp that could mask lots of things and even the high single-digit running in October. But any change you're seeing that would demonstrate or substantiate what people have been talking about in terms of a change or a slowdown in consumer spending, whether it's frequency or mix shift or anything along those lines that would give you an indication?

凱文，我的第一個問題是關於你之前提到的更廣泛的消費者群體。顯然，許多領域的非必需消費支出都在放緩，尤其是在餐飲業。我只是好奇，你在Chili's餐廳看到過這方面的跡象嗎？我的意思是，Chili's 的同店銷售額成長了 21%，這很難說清原因，因為這可能會掩蓋很多因素，甚至包括 10 月接近兩位數的成長率。但如果你觀察到任何變化，能夠證明或證實人們一直在談論的消費者支出變化或放緩的情況，無論是消費頻率或消費組合的變化，還是其他任何類似的跡象，都能給你一些啟示？

No. I mean, we obviously see it on Maggiano's, but we have not felt it on Chili's. I mean -- and that's why I shared the income cohort data that the under $60,000 household is actually growing faster than other cohorts right now. So I think we've got the sweet spot of being positioned as a great value and then delivering a consistent experience when guests come in. And I think that's made us a lot stronger, I think, than some others because of those investments that we made a few years ago.

不。我的意思是，我們在Maggiano's餐廳顯然看到了這一點，但在Chili's餐廳卻沒有感覺。我的意思是——這就是為什麼我分享了收入群體數據，數據顯示，目前年收入低於 6 萬美元的家庭的成長速度實際上比其他群體更快。所以我認為我們找到了最佳平衡點，既能提供極具性價比的產品，又能為顧客提供始終如一的優質體驗。我認為，正是幾年前的那些投資，讓我們比其他一些公司強大得多。

The other thing I think people don't realize it's probably important to know is like everybody is like, hey, someone can undercut you or someone can put a better value on and they can. But look, we've been at this for a couple of years now, hammering the same message. And like I always tell the marketers, like our guests are not waiting for a Chili's ad, right?

我覺得人們沒有意識到的另一件事可能很重要，那就是每個人都會說，嘿，有人可以壓低價格或給出更優惠的價格，而他們確實可以做到。但你看，我們已經為此努力了好幾年，一再強調同樣的訊息。就像我常跟行銷人員說的那樣，我們的顧客可不會等著看 Chili's 的廣告，對吧？

So like the fact that like we've been hammering the same message over and over and then we've been able to deliver on that experience when people come in, like we are in a very good position right now in a tough environment to be ones that can deliver a complete meal at a great value with -- that is just an abundant eat and then deliver that consistently across the entire chain it's a very difficult thing to be able to establish over time and then to deliver on the back-end experience.

所以，就像我們一直在反覆強調同一個訊息，並且當人們走進餐廳時，我們能夠提供這種體驗，就像我們現在在艱難的環境中處於非常有利的地位，能夠以極高的價值提供完整的餐食——就是豐盛的食物，然後在整個連鎖店中始終如一地提供這種體驗，這一段時間內是很難做到的，而且還要提供後端體驗。

So it's something that people don't realize. I think people just think that guests know all value offers that are available and they know the relative quality of each of the offers and the fact that we've been on the same thing over and over and then delivered consistently on it, that's a very different place than a lot of others that have thrown a lot of different offers out there, maybe not have made the same investments that we've made and then don't get the same results when they go on TV with great value. And then you guys wonder why.

這是人們沒有意識到的事情。我認為人們只是覺得顧客了解所有可用的優惠，也知道每項優惠的相對品質。事實上，我們一直堅持做同樣的事情，並且始終如一地兌現承諾，這與其他許多推出各種優惠、可能沒有像我們一樣投入資金、因此在電視上推出超值優惠卻無法獲得同樣效果的公司截然不同。然後你們就納悶為什麼了。

And I'm sharing with you, I think part of it is we've been really consistent about what we've done, and we've actually made the investments to make the experience better. So I think we're positioned really well in this environment. Obviously, I'd rather have a better environment than to be positioned well in a tough environment, but I do think we're positioned really well to continue growing market share.

我想和大家分享的是，我認為部分原因是我們在所做的事情上一直非常堅持，而且我們也確實進行了投資來改善用戶體驗。所以我認為我們在這種環境下處於非常有利的地位。顯然，我寧願身處一個更好的環境，也不願在艱難的環境中佔據有利地位，但我確實認為我們目前處於非常有利的位置，能夠繼續擴大市場份額。

Got it. That makes total sense, and it's encouraging. My follow-up was, I guess, for Mika. As you think about the restaurant margin, I think you said now we should assume relatively flat for fiscal '26 versus the prior 30 to 40 basis points of expansion. The first quarter was 270 basis points of expansion. I think you kind of implied that the second quarter is maybe the toughest. But it seems fair to assume compression in the remaining quarters rather than just the fiscal second quarter to get to that flat. And being that, that's, again, compression despite a mid-single-digit or greater comp for the rest of the year, I'm just wondering how you think about that or what that suggests on the future kind of restaurant margin opportunity, your ability to expand them in future years, considering how strong the comps are still even with the easing right now?

知道了。這完全合情合理，也令人鼓舞。我接下來的提問，我想，是為了米卡。考慮到餐飲業利潤率，我想您說過，我們現在應該假設 2026 財年利潤率將相對持平，而此前曾增長 30 至 40 個基點。第一季成長了270個基點。我覺得你好像暗示過第二季可能是最難熬的。但要達到收支平衡，似乎應該假設剩餘幾季（而不僅僅是第二財季）的經濟成長放緩。有鑑於此，儘管今年剩餘時間的同店銷售額預計將達到個位數或更高，但利潤率仍出現下滑。我想知道您對此有何看法，或者這對未來餐廳的利潤空間有何啟示？考慮到即使目前同店銷售額仍然強勁，您未來幾年擴大利潤空間的能力又會如何？

Yes. No, good question, Jeff. So yes, I do think, again, quarter 2 is the one that's going to have the most pressure just because of, like I said, the timing of Chili's expenses and then just the impact of Maggiano's, specifically on that second quarter. Depending how fast Maggiano's can recover, I think it could have some incremental pressure in 3 and 4. So I think that's one of the things. But I do think that we could -- I'm not saying we're going to lose margin in both those quarters, but it could be tougher. The timing of expenses could make it that way, too. But -- so I think they could be flat to slightly positive as you kind of move out or a little pressure depending on the Maggiano's recovery in Q2 to Q3.

是的。沒錯，傑夫，問得好。所以，是的，我確實認為，第二季壓力最大，就像我剛才說的，因為 Chili's 的支出時間安排，以及 Maggiano's 對第二季的影響。我認為，如果馬吉亞諾隊能夠迅速恢復狀態，他們可能會在第三輪和第四輪比賽中獲得一些額外的壓力。所以我覺得這是其中一點。但我認為我們可能會——我不是說這兩個季度我們都會損失利潤，但情況可能會更艱難。支出時間也可能導致這種情況。但是——所以我認為，隨著市場逐漸向外發展，它們可能會保持平穩或略微上漲，或者根據馬吉亞諾在第二季度到第三季度的複蘇情況，可能會略微承壓。

The next question is coming from Alex Slagle, Jefferies.

下一個問題來自傑富瑞集團的亞歷克斯·斯萊格。

And following up on your commentary about delivering on the experience, a question on the people pipeline and your ability to hire experienced operators across the business. I mean, obviously, folks are seeing everyone at Chili's kind of getting paid well, probably having more fun. Imagine the quality stepped up significantly here and that comes a competitive advantage for you. Where are we on the path to step up the quality of your teams and the restaurants at both brands?

關於您剛才提到的提升用戶體驗，我想問一下關於人才儲備以及您在整個業務範圍內招聘經驗豐富的運營人員的能力的問題。我的意思是，很明顯，大家都看到 Chili's 的員工收入都很高，可能也更快樂。想像一下，如果這裡的產品品質大幅提升，這將為你帶來競爭優勢。在提升貴公司旗下兩個品牌的團隊和餐廳品質方面，我們目前進展如何？

Yes. Thank you for the question. So number 1, we certainly are getting more candidates and higher quality candidates based on the results that we had. I remember when I started about 3.5 years ago, and you guys were telling me that my competitors were -- we were a talent donor to them. And I don't think that's the case anymore just based on the strength of the brand and the talent that's coming to us.

是的。謝謝你的提問。第一，根據我們目前的結果來看，我們確實獲得了更多候選人，而且候選人的品質也更高了。我記得大約 3.5 年前我剛入行的時候，你們告訴我我的競爭對手——我們當時是他們的人才輸送者。鑑於品牌實力和我們吸引到的人才，我認為情況已經不再如此了。

So number 1, we have a bigger and better talent pool to be able to pull both at the hourly and the managerial level. And then number 2, our big people push over the next couple of years, so kind of act 2 of our turnaround is really pushing to upgrade both the talent that's running the restaurants as well as provide them significant amounts of ownership training. So we feel like we need to get more ownership down to the restaurant level and delegate more of the decision-making down to them so that they're able to grow their business and run it like it's their own business. And that involves a couple of years of really training what extreme ownership looks like.

第一，我們有更大更好的人才庫，可以從中招募小時工和管理人員。其次，在接下來的幾年裡，我們的高層將大力推動轉型，因此，我們轉型計畫的第二階段實際上是努力提升餐廳營運人才的水平，並為他們提供大量的經營管理培訓。因此，我們覺得需要將更多的所有權下放到餐廳層面，並將更多的決策權下放給他們，以便他們能夠發展自己的業務，並像經營自己的業務一樣經營它。這需要幾年時間真正訓練，才能明白什麼是極端所有權。

So we actually have our first round of that training rolling out this year. The initial response has been quite good. So I'm excited about what that can mean over time to our business. And then eventually, we're going to look at incentives about how to place long-term ownership incentives for the managers so that they can share in the long-term growth of the business that we expect to have over the next few years. So -- and then going forward. So I'd say right now, number 1, we're getting better talent coming into the business. And number 2, we -- our people focus right now has been to invest in making them more owners of the business and eventually, that will translate into some changed incentive structures.

所以，我們今年實際上已經啟動了第一輪培訓。初步反應相當不錯。所以我很興奮，因為這會在未來對我們的業務產生怎樣的影響。最後，我們將研究如何為管理人員提供長期所有權激勵，以便他們能夠分享我們預期在未來幾年內實現的業務長期成長。所以——然後繼續前進。所以我覺得現在第一點是，我們正在吸引更優秀的人才加入這個產業。第二，我們—我們目前關注的重點是投資讓員工更成為企業的所有者，最終，這將轉化為一些改變後的激勵機制。

The next question is coming from Margaret May Binstock, Wolfe Research.

下一個問題來自沃爾夫研究公司的瑪格麗特·梅·賓斯托克。

I know you guys talked about it a little bit earlier about -- last quarter, you talked about leading into unprice pointed value messaging. So bring the Triple Dipper advertising on, is that what you were referring to? And then as you mentioned, shifting back more into value advertising, is that still consistent with value messaging that you guys have highlighted last quarter?

我知道你們之前也稍微談過這個問題——上個季度，你們談到瞭如何引入不以價格為導向的價值訊息。所以，你指的是「三重奏」的廣告宣傳嗎？正如您所提到的，重新轉向價值廣告，這是否仍然與您上個季度強調的價值訊息保持一致？

Yes. That was part of probably why we didn't get as quite a high-volume response on the Triple Dipper messaging as we've had on $10.99 messaging is that doesn't have a price point at a time when customers are looking for what's the great value that's out there. So that's exactly what we're referencing.

是的。這也許就是為什麼我們在「三重蘸醬」促銷活動中沒有像在 10.99 美元促銷活動中那樣獲得如此高的反響的原因之一，因為在顧客正在尋找物美價廉產品的時候，「三重蘸醬」促銷活動還沒有定價。這就是我們所指的。

So going forward, we should expect kind of leaning back into price point-centric value on television going forward?

所以展望未來，我們應該會看到電視節目逐漸回歸以價格為中心的價值概念嗎？

Yes. Just to level set, I mean, the last 3 years, all we've had on TV has been $10.99 value messaging, and we spent 2.5 weeks on a non-value message. We learned a lot about it, brought new guests in, more new guests than the price point in advertising, but overall volume response was not as great. And so that's why we went back to $10.99.

是的。坦白說，過去三年，我們在電視上播放的都是價值 10.99 美元的廣告，而我們卻花了 2.5 週的時間播放毫無價值的廣告。我們從中了解了很多，也吸引了新的客人，新客人數量超過了廣告宣傳的價格，但總體而言，客流量並沒有達到預期效果。所以，這就是我們把價格恢復到 10.99 美元的原因。

And the last question today will be from Jim Sanderson, Northcoast Research.

今天的最後一個問題來自 Northcoast Research 的 Jim Sanderson。

Just wanted to talk a little bit more about your thinking regarding your new unit growth plan. Just wondering if multiple store formats are part of the narrative in that discussion, if you could potentially see a Chili's Express or maybe a reduction in square footage to allow you to enter a broader array of trade areas. Anything you'd be willing to offer on how you're looking at that opportunity ahead?

我想再和您探討一下關於您新的單元成長計畫的想法。我只是想知道，在討論中，多種門市形式是否也包含在內，是否有可能開設 Chili's Express 這樣的連鎖店，或者縮小門市面積，以便進入更廣泛的商圈。您能否就您如何看待未來的機會提供一些建議？

Jim, it's Mika. Yes, right now, we're looking just at the normal full street side footprint for Chili's. We're having great success with that. That's our bread and butter is the dine-in. And so we're going to continue with that format for the foreseeable future.

吉姆，我是米卡。是的，目前我們只考慮 Chili's 餐廳正常的臨街店面佈局。我們在這方面取得了巨大的成功。堂食是我們主要的收入來源。因此，在可預見的未來，我們將繼續採用這種形式。

All right. And a quick follow-up question. I think you called out the ribs is doing pretty well. Could you provide us an update on how that mixed in the quarter and how you expect that to evolve going forward?

好的。還有一個後續問題。我覺得你說的沒錯，肋排做得相當不錯。能否請您介紹一下本季該行業的混合情況，以及您預計未來該行業將如何發展？

So really, what we were saying is, I mean, mix is probably about $150 million business, and it was up 35% in the first quarter with the new ribs. So we think that we'll continue to sell more ribs, and we're excited about those investments and being able to offer that quality play to our guests.

所以，我們真正想說的是，混合菜餚的銷售額可能在 1.5 億美元左右，而第一季新推出的肋排使其銷售額增長了 35%。因此，我們認為我們會繼續賣出更多的肋排，我們對這些投資感到興奮，並能夠為我們的顧客提供高品質的服務。

So it's about a point incremental mix way to think about it.

所以，這是一種循序漸進的混合方式。

Operator That's all the time we have for questions today. I will now hand the call back to Kim Sanders for closing remarks.

接線生：今天提問時間到此結束。現在我將把電話交還給金·桑德斯，請她作總結發言。

Thank you, Paul. That concludes our call for today. We appreciate everyone joining us and look forward to updating you on our second quarter fiscal 2026 results in January. Have a wonderful day.

謝謝你，保羅。今天的通話就到這裡。感謝各位的參與，我們期待1月向大家報告2026財年第二季的業績。祝您有美好的一天。

Thank you. This does conclude today's conference. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝。今天的會議到此結束。您可以暫時斷開連接，祝您有美好的一天。感謝您的參與。