Brinker International Inc (EAT) 2026 Q2 法說會逐字稿

Good day and welcome to the Brinker International's Q2 F26 earnings goal. (Operator Instructions) The floor will be open for your questions and comments following the presentation.

大家好，歡迎來到 Brinker International 2026 財年第二季獲利目標報告。（操作說明）演示結束後，將開放提問和評論環節。

It is now my pleasure to turn the floor over to your host, Kim Sanders, Vice President of Investor Relations. Ma'am, 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。女士，請您發言。

Thank you, Holly, and good morning, everyone, and thank you for joining us on today's call. Here with me today are Kevin Hockman, Chief Executive Officer and President of Brinker International and President of Chili's; and Mika Ware, Chief Financial Officer.

謝謝Holly，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 Brinker International 的執行長兼總裁、Chili's 的總裁 Kevin Hockman；以及財務長 Mika Ware。

Results for our second 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.

我們第二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, and such -- any such items should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

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。在電話會議期間，管理階層可能會討論一些並非完全基於歷史事實的項目，因此，任何此類項目都應被視為 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。

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. 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.

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。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，並認為這些指標將有助於了解公司的持續營運情況。

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 discuss our financial and operating performance for the second quarter, as well as our outlook on the remainder of fiscal '26. Q2 Chili's same-store sales were plus 8.6%, outpacing the casual dining industry by 680 basis points. This strong result was rolling at plus 31% from last year for a two-year cumulative comp of 43%.

謝謝你，金，大家早安。感謝您與我們一同探討我們第二季的財務與營運業績，以及我們對 2026 財年剩餘時間的展望。第二季 Chili's 同店銷售額成長 8.6%，比休閒餐飲業平均高出 680 個基點。這一強勁的業績較去年同期成長了 31%，兩年累計成長了 43%。

This was our 19th consecutive quarter of same-store sales growth with a three-year cumulative comp of 50% and a four-year comp of 62%. The Chili's turnaround is real, it is sustaining, and we have no intentions of taking our foot off the gas, which means we will continue to be focused on improving our food, service, and atmosphere, as well as continue making Chili's more fun, easier, and more rewarding for our team members.

這是我們連續第 19 季實現同店銷售額成長，三年累計同店銷售額成長 50%，四年累計同店銷售額成長 62%。Chili's 的轉型是真實存在的，而且是可持續的，我們沒有放慢腳步的打算，這意味著我們將繼續專注於改善我們的食物、服務和氛圍，並繼續讓 Chili's 對我們的團隊成員來說更有趣、更輕鬆、更有意義。

Q2 results were driven by our world-class marketing and brainbuilding that brought guests in and continued improvements in food, service, and atmosphere that brought guests back.

第二季業績得益於我們世界一流的行銷和人才培養，吸引了顧客；同時，食品、服務和氛圍的不斷改進也讓顧客再次光臨。

Now, I'll give some updates on the Chili's business. We talked last quarter about the need to bring back our Skillet Queso based on guest feedback. That reintroduction has been successful. We are now selling 20% more Southwestern Queso and the original Skillet Queso versus the prior two Queso lineup.

現在，我將報告Chili's餐廳的最新業務情況。上個季度我們根據顧客的回饋討論了重新推出鐵鍋起司醬的必要性。重新引入該技術取得了成功。我們現在西南風味起司醬和原味鐵鍋起司醬的銷量比之前的兩款起司醬系列增加了 20%。

In addition, our relaunched nacho featuring our signature Chicken Bacon, and house-made Ranch is now 170% bigger business than the previous nachos with guests loving our new nachos. We have also completed our bacon upgrade to thicker bacon strips in our bacon cheeseburger upgrade, which now features triple the bacon in the prior burger. That bacon burger upgrade is doing 30 -- 43% more sales than the prior bacon burger.

此外，我們重新推出的招牌雞肉培根玉米片和自製牧場醬玉米片，銷量比之前的玉米片增長了 170%，顧客們都非常喜歡我們的新玉米片。我們還完成了培根升級，在培根起司漢堡升級版中加入了更厚的培根條，現在這款漢堡的培根量是以前漢堡的三倍。升級後的培根漢堡銷售量比之前的培根漢堡高出 30% 至 43%。

What's important to take away from these examples is as we upgrade the menu offerings while attracting a new generation of guests, we continue to build bigger, sustainable sales layers in the business. Over the past three years, we have had success with these menu renovations. Crispers, margaritas, burgers, ribs, frozen margs, and now Queso and nachos with more segments still ahead of us to upgrade.

從這些例子我們應該明白的是，隨著我們不斷升級菜單產品，吸引新一代顧客，我們也不斷建立更大、更永續的業務銷售體系。過去三年，我們的菜單改革取得了成功。脆皮薯條、瑪格麗塔酒、漢堡、排骨、冰凍瑪格麗塔酒，現在又增加了起司和玉米片，未來還有更多產品需要升級。

Next on our list is our Super Premium Chicken Sandwich lineup, which we'll launch chain-wide in April with a substantial advertising campaign. Chicken sandwiches is a very large market with over 80% of people buying them at least once last year. And it's, by far, the biggest segment of all restaurant chicken servings. It has the potential to drive customer traffic, both with new and existing guests.

接下來我們將推出超優質雞肉三明治系列，並於 4 月在全連鎖店推出，同時進行大規模的廣告宣傳活動。雞肉三明治市場非常大，去年有超過 80% 的人至少購買過一次。而且，就餐廳所有雞肉菜餚的份量而言，雞肉菜餚佔比最大。它有潛力吸引顧客流量，包括新顧客和老顧客。

We believe our new chicken sandwich lineup is superior, distinctly on-brand, and highly differentiated than what is in the market today. Bold signature flavors unique to Chili's, terrific value with abundance, and a traffic driving opening price point within a three-tier lineup.

我們相信，我們全新的雞肉三明治系列產品品質更優，品牌特色鮮明，與目前市面上的產品相比具有高度差異化。Chili's 獨有的濃鬱招牌風味，超值的價格，以及三檔產品線中極具吸引力的起價，都為餐廳帶來了客流。

We'll also be advertising in a big way leveraging that sharp price point to drive awareness and traffic. The sandwich lineup has done exceptionally well from a mixed standpoint in merchandizing-only test in 200 restaurants, and we expect even bigger numbers when we launched nationally in April with advertising and earned media attention.

我們也將大力投放廣告，利用這極具競爭力的價格來提高品牌知名度和流量。從混合角度來看，三明治系列產品在 200 家餐廳的僅銷售測試中表現非常出色，我們預計在 4 月份全國範圍內推出，並配合廣告宣傳和媒體關注後，銷量會更高。

From an operations perspective, we've also made great progress in Q2. We've successfully eliminated a net total of six menu items which will continue to make it easier for our teams to serve hot, delicious food more consistently. One of the keys to our success has been staying disciplined on food innovation, which means avoiding launching food limited time offerings. This allows us to focus our efforts to improve our core offerings, simplify operations, and keep field leader attention on ops fundamentals like hospitality and great food, avoiding limited time offered distractions to maintain efforts on the core business has continued to drive guess scores.

從營運角度來看，我們在第二季也取得了巨大進展。我們已成功取消了總共六道菜品，這將使我們的團隊能夠更穩定地提供熱騰騰、美味的食物。我們成功的關鍵之一在於堅持食品創新，這意味著避免推出限時供應的食品。這使我們能夠集中精力改進核心產品，簡化運營，並讓現場領導專注於服務、美食等運營基本要素，避免因時間有限而分心，從而持續提升核心業務水平，進而提高顧客滿意度。

The only metric we measure, guest with a problem, or GWAP, improved to 2.1% versus 2.9% for Q2 last year. For perspective, when we started the turnaround journey over three years ago, we were at about 5% and it's been consistently getting better every quarter as we keep hitting on different fundamentals in the business.

我們衡量的唯一指標——遇到問題的客人（GWAP）——從去年第二季的 2.9% 改善至 2.1%。為了讓大家有個概念，三年前我們開始扭虧為盈的時候，盈利能力只有 5% 左右，但隨著我們不斷觸及業務中的不同基本面，每個季度盈利能力都在持續提高。

We are also now seeing real movement in syndicated external guest perception metrics, which allow it to track not just progress against ourselves, but even more importantly, how we are improving versus our competitive set. When we started this turnaround, third-party syndicated data placed us at the bottom or near the bottom of our competitive set in all seven of their key metrics that correlate to future sales growth.

我們現在也看到了聯合外部客戶感知指標的真正變化，這不僅可以追蹤我們自身的進步，更重要的是，還可以追蹤我們相對於競爭對手的進步。當我們開始扭轉局面時，第三方聯合數據顯示，在與未來銷售成長相關的七項關鍵指標中，我們在競爭對手中處於墊底或接近墊底的位置。

In the last quarterly snapshot of these metrics, Chili's is now in the top three of all those metrics: quality, value, service, atmosphere, taste, cleanliness, and overall experience. Yes, there's still room for meaningful gains, but our guests experienced progress through our operational improvements is very encouraging.

在最近一個季度的指標快照中，Chili's 在所有這些指標中都位列前三名：品質、價值、服務、氛圍、口味、清潔度和整體體驗。是的，雖然還有很大的提升空間，但我們透過營運改善為顧客帶來的進步非常令人鼓舞。

The other important takeaway from this data is where we have repositioned ourselves on value, which allows us a long runway for growth. In the past three years, we have captured value leadership in casual dining and the broader restaurant industry.

從這些數據中得到的另一個重要啟示是，我們已經重新定位了自己的價值，這為我們未來的成長提供了廣闊的空間。過去三年，我們在休閒餐飲和更廣泛的餐飲業中佔據了價值領導地位。

And while we earn that leadership value position, we were also able to improve restaurant operating margins from 11% to 18%, while baking in hundreds of millions of dollars of guest experience investments into the going four-wall economics.

在贏得這項領導價值地位的同時，我們也能夠將餐廳的營運利潤率從 11% 提高到 18%，同時將數億美元的顧客體驗投資融入「走出餐廳」的經濟模式中。

The brand repositioning and operational improvements have delivered big results. Chili's was the number one traffic brand in casual dining for the entire 2025 year.

品牌重新定位和營運改善取得了顯著成效。Chili's 在 2025 年全年都是休閒餐飲領域客流量排名第一的品牌。

And what's even more encouraging is Black Box data is telling us, our per person check average is still more than $3 less than our direct casual dining competitors and more than $4 less than casual dining as a whole. Simply put, Chili's has been repositioned to win for the long term, and that's exactly what this team is going to do.

更令人鼓舞的是，Black Box 的數據顯示，我們的人均消費額仍比直接競爭對手低 3 美元以上，比整個休閒餐飲業低 4 美元以上。簡而言之，Chili's 已經重新定位，以求長期成功，而這正是這支團隊將要做的。

On the Maggiano's business, we are making progress in the turnaround pillars of food, service, and atmosphere I talked about last quarter. Based on guest feedback, we brought back Gigi's Butter Cake, Eggplant Parmesan, Baked Ziti, and Classic Meat Sauce. On the value front, we've also increased pasta portions by 20% and have up portions on select other dishes that had opportunities, including our meatball dishes, salads, stuffed shells, and crispy mozzarella.

關於 Maggiano's 餐廳的業務，我們在食品、服務和氛圍這三大扭虧為盈的支柱方面都取得了進展，我上個季度就談到了這一點。根據顧客的回饋，我們重新推出了吉吉奶油蛋糕、茄子帕瑪森起司、烤通心粉和經典肉醬。在性價比方面，我們也增加了義大利麵的份量 20%，並增加了其他一些有機會增加份量的菜餚的份量，包括我們的肉丸菜餚、沙拉、釀貝殼麵和脆皮馬蘇里拉起司。

As a result of bigger portions, value scores have improved in the past few months. We did see some sequential improvement in the business during the quarter and sales being our internal expectations for the first time in a while. Still lots of work ahead of us on service atmosphere and team culture, but these are encouraging green shoots and small wins.

由於份量較大，過去幾個月性價比評分有所提高。本季業務確實出現了一些環比改善，銷售額也達到了我們一段時間以來的內部預期。在服務氛圍和團隊文化方面，我們還有很多工作要做，但這些都是令人鼓舞的萌芽和小小的勝利。

Maggiano's is now only 8% of our company sales and 3% of our profit contribution, but it can be a source of growth in the future given the white space opportunities. This is why improving four-wall economics of the brand and getting momentum back in the business is important.

Maggiano's 目前僅占我們公司銷售額的 8% 和利潤貢獻的 3%，但考慮到市場空白，它未來可能成為成長的來源。這就是為什麼改善品牌的四面牆經濟效益並重振業務動能至關重要的原因。

Q2 marked another exceptionally strong quarter for Chili's with continued progress in food service and atmosphere, guest experience improvements, world-class marketing, a repositioning relevant and distinctive to Chili's brand, and our value leadership sets us up for continued market share gains and a long run of profitable growth. We won big results from Q2 last year with more big results this year, and that's proof that the strategy is working and that it's sustainable.

第二季度對 Chili's 來說又是一個異常強勁的季度，我們在餐飲服務和氛圍、顧客體驗、世界一流的營銷、與 Chili's 品牌相關且獨特的重新定位以及我們的價值領導地位方面都取得了持續進步，這為我們持續獲得市場份額和長期盈利增長奠定了基礎。去年第二季我們取得了巨大成功，今年又取得了更大的成功，證明該策略是有效的，而且是可持續的。

Lastly, I want to recognize our restaurant teams and our home office teams for quickly responding to winter storm Fern. I know many of us on this call view the storm through a lens of what it will do to sales or earnings, but on the ground, it's a whole lot more than that. Our restaurant teams have done an excellent job overcoming the challenges of the storm to reopen safely and quickly.

最後，我要表揚我們的餐廳團隊和總部團隊，感謝他們對冬季風暴「弗恩」的快速反應。我知道我們很多人在這次電話會議上都是從這場風暴對銷售額或收益的影響來看待它的，但實際上，它的影響遠不止於此。我們的餐廳團隊出色地克服了風暴帶來的挑戰，安全迅速地重新開業。

Our field facilities teams are working tirelessly on restaurant repairs that are needed, and our restaurant support center has been incredibly responsive getting restaurants what they need. Hats-off to our VPOs, our Directors of Operations, our managers, our team members, and our restaurant support center for all that you do to overcome challenges like these.

我們的現場設施團隊正在不懈地努力進行餐廳所需的維修工作，我們的餐廳支援中心也反應迅速，及時滿足餐廳的需求。向我們的副總裁、營運總監、經理、團隊成員和餐廳支援中心致敬，感謝你們為克服這些挑戰所做的一切。

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

現在我將把電話交給米卡，由他來為大家介紹 2026 財年第二季的數據。請繼續，米卡。

Thank you, Kevin, and good morning. Brinker successfully comped the comp, delivering another quarter of positive same-store sales growth, led by 8.6% growth at Chili's, lapping a 31.4% increase from the prior year. With fiscal '26 more than halfway complete, we expect to achieve our fifth consecutive year of same-store sales growth and second consecutive year of traffic gains, demonstrating our continued momentum and sustained growth.

謝謝你，凱文，早安。Brinker 成功實現了同店銷售成長，又一個季度實現了同店銷售正成長，其中 Chili's 成長了 8.6%，比上一年增長了 31.4%。2026 財年已過半，我們預計將實現連續第五年同店銷售額增長和連續第二年客流量增長，這表明我們持續保持增長勢頭和持續增長。

We have grown our customer base by leaning into our everyday industry-leading value, core menu improvements, and marketing initiatives to position us well in a competitive and challenging environment. And by focusing on the fundamentals of food, service, and atmosphere, we continue to improve operations, bring guests back, and deliver consistent positive growth.

我們透過發揮日常行業領先的價值、改進核心菜單和開展行銷活動，不斷擴大客戶群，從而在競爭激烈且充滿挑戰的環境中佔據有利地位。透過專注於食物、服務和氛圍這三大要素，我們不斷改進運營，吸引顧客再次光臨，並實現持續的積極增長。

For the second quarter, Brinker reported total revenues of $1.45 billion, an increase of 7% over the prior year, with consolidated comp sales of positive 7.5%. Our adjusted diluted EPS for the quarter was $2.87, up from $2.80 last year.

Brinker公司第二季總營收為14.5億美元，較上年同期成長7%，合併同店銷售額成長7.5%。本季調整後的稀釋每股收益為 2.87 美元，高於去年同期的 2.80 美元。

Chili's top-line sales growth was driven by price of 4.4%, positive traffic of 2.7%, and positive mix of 1.5%. These results were bolstered by the continued success of our Margarita of the Month program, which performed well during all months of the quarter. Notably, we exceeded our expectations in November with what guests and the media coined, The Wicked Margaritas, which sold approximately 1.5 million more drinks than a typical Margarita of the Month.

Chili's 的營收成長主要得益於價格上漲（4.4%）、客流量增加（2.7%）和產品組合優化（1.5%）。這些成果得益於我們每月推出的「瑪格麗塔特飲」活動的持續成功，該活動在本季度所有月份都表現良好。值得一提的是，我們在 11 月份推出了“邪惡瑪格麗塔”，這款飲品被顧客和媒體譽為“邪惡瑪格麗塔”，銷量比當月特供瑪格麗塔多出約 150 萬杯，超出了我們的預期。

Another callout for the quarter, Christmas Day traded out of the second quarter into the third quarter, resulting in a favorable comp sales impact of 1.2%.

本季還有另一個值得關注的因素，聖誕節從第二季度轉移到了第三季度，導致同店銷售額產生了 1.2% 的有利影響。

Turning to Maggiano's, the brand reported comp sales for the quarter of negative 2.4%. As Kevin mentioned, we saw some encouraging progress as the team executes on its Back to Maggiano's strategy, which is designed to improve our value proposition, optimize our service model, and ensure atmosphere is clean and well maintained.

再來看 Maggiano's，品牌公佈的季度同店銷售額為負 2.4%。正如凱文所提到的，我們看到團隊在執行「回歸馬吉亞諾」策略方面取得了一些令人鼓舞的進展，該策略旨在提高我們的價值主張，優化我們的服務模式，並確保環境清潔且維護良好。

At the Brinker level, restaurant operating margin was 18.8% compared to 19.1% in the prior year, a 30 basis points decrease year over year, mainly due to Maggiano's sales deleverage and the additional investments needed to help improve that business.

在 Brinker 層面，餐廳營業利潤率為 18.8%，而去年同期為 19.1%，年減 30 個基點，這主要是由於 Maggiano's 的銷售槓桿率下降以及為改善該業務所需的額外投資。

However, at Chili's, we saw a 40 basis point increase in restaurant operating margin year over year, mainly due to sales leverage partially offset by incremental investments in labor and advertising and higher health and workers' compensation insurance cost due to increased restaurant headcount.

然而，Chili's 餐廳的營業利潤率同比增長了 40 個基點，這主要是由於銷售槓桿作用，但部分被勞動力和廣告方面的增量投資以及由於餐廳員工人數增加而導致的更高的健康和工傷賠償保險成本所抵消。

Food and beverage for the quarter were unfavorable by 20 basis points year over year due to unfavorable menu mix with 0.8% commodity inflation offset by price. Labor for the quarter was favorable 30 basis points year over year. Top-line sales growth offset additional investments in labor, higher health insurance costs, and wage rate inflation of approximately 3.3%.

由於菜單組合不佳，本季食品和飲料業務年減 20 個基點，0.8% 的大宗商品通膨被價格所抵銷。本季勞動市場年增30個基點。銷售額成長抵消了勞動力方面的額外投資、更高的醫療保險成本以及約 3.3% 的薪資通膨。

Advertising expenses for the quarter were 2.9% of sales and increased 40 basis points year over year due to additional weeks on TV. G&A for the quarter came in at 4.1% of total revenues, 20 basis points higher than prior year due to increased restaurant support -- restaurant center support resources, partially offset by sales leverage.

本季廣告支出佔銷售額的 2.9%，由於電視廣告投放週數增加，較去年同期成長 40 個基點。本季一般及行政費用佔總營收的 4.1%，較上年同期高出 20 個基點，原因是餐廳支援（餐廳中心支援資源）增加，但部分被銷售槓桿作用所抵銷。

Depreciation and amortization for the quarter came in at 3.8% of total revenue and increased 30 basis points year over year due to an increase in our asset base from equipment purchases, partially offset by sales leverage.

本季折舊和攤銷佔總收入的 3.8%，年減 30 個基點，原因是設備購買導致資產基礎增加，但部分被銷售槓桿所抵銷。

Second quarter adjusted EBITDA was approximately $223.5 million, a 3.6% increase from prior year. The adjusted tax rate for the quarter increased to 18.8%, mainly driven by higher profits, which increased at a greater rate than the offset generated by the FICA tax tip credit. Capital expenditures for the quarter were approximately $63.7 million, driven by capital maintenance spend.

第二季調整後 EBITDA 約 2.235 億美元，比上年同期成長 3.6%。本季調整後的稅率上升至 18.8%，主要原因是利潤成長，而利潤成長速度超過了 FICA 稅小費抵免的抵銷作用。本季資本支出約 6,370 萬美元，主要由資本維護支出推動。

As discussed, in 2026, we started our reimage program for Chili's. We just completed our first four reimages, and we'll use the learnings to inform our long-term reimage and new unit growth strategy. We expect to complete another 8 to 10 reimages during the balance of this fiscal year before ramping up to 60 to 80 reimages in fiscal 2027. We expect to fully roll out both our reimage and new unit growth programs during fiscal 2028. At Maggiano's, our main focus areas will be guest-facing repairs and maintenance and a smaller scope reimage program.

如同先前討論過的，我們在 2026 年啟動了 Chili's 的形象重塑計畫。我們剛完成了前四個品牌重塑項目，我們將利用這些經驗來指導我們的長期品牌重塑和新單元成長策略。我們預計在本財年剩餘時間內再完成 8 到 10 次系統重繪，然後在 2027 財年將系統重繪數量增加到 60 到 80 次。我們預計在 2028 財年全面推出品牌重塑和新單元成長計畫。在 Maggiano's，我們的主要關注點將是面向顧客的維修和維護，以及較小的重新成像計劃。

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. In the second quarter, we also repurchased an additional $100 million of common stock under our share repurchase program to support our ongoing commitment to returning capital to shareholders.

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。第二季度，我們也根據股票回購計畫額外回購了 1 億美元的普通股，以支持我們持續履行向股東返還資本的承諾。

In terms of our expectations for the balance of the year, as noted in this morning's press release, we're raising our fiscal 2026 guidance, which includes: annual revenues in the range of $5.76 billion to $5.83 billion; adjusted diluted EPS in the range of $10.45 to $10.85; capital expenditures in the range of $250 million to $260 million; and weighted average shares in the range of 44.7 million to 45.2 million.

關於我們對今年剩餘時間的預期，正如今天早上的新聞稿中所述，我們提高了 2026 財年的業績指引，其中包括：年度收入在 57.6 億美元至 58.3 億美元之間；調整後攤薄每股收益在 10.45 美元至 10.85 美元之間；資本支出在 2.5 億美元在 2.640 萬至 2.50 萬至平均資本支出在 2.640 萬美元之間在 2.50 萬美元之間；萬股之間。

This guidance also includes the negative impact from closures caused by winter storm Fern through Tuesday, January 27, which includes approximately $20 million in reduced revenues and a decrease of $0.15 in adjusted diluted EPS.

該指引還包括冬季風暴 Fern 造成的停業帶來的負面影響，停業時間截至 1 月 27 日星期二，其中包括約 2000 萬美元的收入減少和調整後攤薄每股收益減少 0.15 美元。

Prior to the storm, Chili's comps, including the negative holiday flip, were running solidly in the mid-single-digit range, giving us a good glimpse into the health of the base business. Once we get through the negative impacts of the weather, we expect Chili's same-store sales to return to the mid-single-digit range.

在暴風雪來臨之前，Chili's 的同店銷售額（包括假日期間的負成長）一直穩定在個位數中段，讓我們得以很好地了解其基礎業務的健康狀況。一旦天氣帶來的負面影響過去，我們預計 Chili's 的同店銷售額將恢復到個位數中段水準。

Additional assumptions underlying our guidance largely remain unchanged. We still anticipate wage inflation in the low single digits and our tax rate to be approximately 19%. Our commodity inflation is now anticipated to be in the low single digits for the fiscal year due to the removal of Brazil-based ground beef tariffs this past quarter and better-than-expected poultry and dairy commodity prices.

我們的指導原則所依據的其他假設基本上保持不變。我們仍預期薪資通膨率將維持在個位數低位，稅率約為 19%。由於上個季度取消了對巴西牛肉的關稅，以及家禽和乳製品價格好於預期，預計本財年我國大宗商品通膨率將維持在個位數低點。

However, due to rising beef prices, we still expect mid-single-digit inflation for the back half of the year. We remain confident our plans will enable us to lap the upcoming quarters and continue to significantly outperform the industry on sales and traffic at Chili's.

然而，由於牛肉價格上漲，我們仍然預計下半年通貨膨脹率將保持在個位數中段。我們仍然相信，我們的計劃將使我們能夠在接下來的幾個季度超越行業平均水平，並在 Chili's 的銷售額和客流量方面繼續顯著優於行業平均水平。

In summary, our second quarter results reflect the continued strength of our strategy. Chili's industry-leading everyday value continues to deliver for the guest, not only on overall price, but also on overall experience. As we look ahead, we remain focused on delivering sustainable long-term growth.

總而言之，我們第二季的業績反映了我們策略的持續優勢。Chili's 始終堅持業界領先的日常價值，不僅體現在整體價格上，也體現在整體體驗上，持續為顧客帶來實惠。展望未來，我們將繼續專注於實現可持續的長期成長。

Our continued momentum and plans for the remainder of this fiscal year give me confidence in our ability to deliver on expectations, and our strong financial position will allow us to continue to invest in the business and return cash to shareholders, unlocking future growth potential.

在本財年剩餘時間裡，我們持續的發展勢頭和計劃讓我有信心實現預期目標，我們強勁的財務狀況將使我們能夠繼續投資於業務並向股東返還現金，從而釋放未來的成長潛力。

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

我們的演講已經結束，現在我將把電話交還給霍莉，讓她主持提問環節。冬青？

(Operator Instructions) Dennis Geiger, UBS.

（操作說明）丹尼斯·蓋格，瑞銀集團。

Great. Thanks, guys, and congrats on the strong results. First, I just wanted to ask a little bit more on contributors to the strong traffic and sales growth in the quarter. You gave a lot of color. Beyond the margarita campaign, just curious if any other notable shifts in contributors. As we think about 3 For Me and where that was mixing Triple Dipper mix, et cetera. Anything to call out there?

偉大的。謝謝各位，恭喜你們取得如此優異的成績。首先，我想再了解本季流量和銷售額強勁成長的促成因素。你增添了很多色彩。除了瑪格麗塔酒活動之外，只是好奇捐助者方面是否還有其他值得注意的變化。當我們思考 3 For Me 以及它與 Triple Dipper 混合等等的情況時。有什麼要說的嗎？

I'll start --

我先開始--

Go ahead, Mika. Sorry, we're in different locations because of the ice storm. But go ahead, Mika.

請繼續，米卡。抱歉，由於冰暴，我們身處在不同的地方。去吧，米卡。

I'll start with some of the things. And Kevin, you can fill in some color. So as we've talked and we've guided all year, our pricing has been very stable, right in the middle of that 3% to 5% range.

我先從一些事情說起。凱文，你可以負責上色。正如我們全年所討論和指導的那樣，我們的定價一直非常穩定，正好處於 3% 到 5% 的範圍內。

What I will say on mix is, yes, we were very, very happy with the performance of the Margarita of the Month. But overall, our mix was still positive. That was driven not only by the margaritas, but continued success in Triple Dippers. They were up still year over year, even lapping the big numbers from prior year, and some appetizer sales with the new Quesos out.

關於混音，我想說的是，是的，我們對本月瑪格麗塔雞尾酒的表現非常非常滿意。但總體而言，我們的業績組合仍然是正面的。這不僅是因為瑪格麗塔酒，還因為 Triple Dippers 的持續成功。與去年同期相比，銷售額仍然有所增長，甚至超過了前一年的大幅增長，而且隨著新推出的起司小吃，開胃菜的銷量也有所增長。

So we're not seeing any huge changes. We're still really happy with how our menu is performing, how our sales are going. And again, our traffic, and we were very pleased with the traffic. Throughout the quarter, we had positive traffic that before the storm was continuing on. So nothing huge in it that changed.

所以，我們沒有看到任何巨大的改變。我們對我們的菜單表現和銷售情況仍然非常滿意。再次強調，我們的交通狀況非常好，我們對交通狀況非常滿意。整個季度，我們的客流量一直保持良好勢頭，這種勢頭在暴風雨來臨前就已經持續了。所以沒有什麼大的改變。

Kevin, if you want to add some color to that?

凱文，你想給它加點顏色嗎？

Yeah. I was going to say the same thing with a little bit different angle of -- it's just more of the same. So we continue to streamline the menu. We continue to improve operations and make the needed investments to improve the overall guest experience.

是的。我本來想換個角度說同樣的話——其實都一樣。因此，我們將繼續精簡菜單。我們將繼續改進運營，並進行必要的投資，以改善整體賓客體驗。

And then, we see that in the internal metrics and then, that allows us to both attract new guests with things like the 3 For Me and the Margarita of the Month program that did really well in November and December, but then also allow us to retain existing guests.

然後，我們在內部指標中看到了這一點，這使我們能夠透過「3 For Me」和「每月瑪格麗塔」計畫等活動吸引新客人（這些活動在 11 月和 12 月表現非常出色），同時也能夠留住現有客人。

So we don't see any frequency changes. So we don't see frequency changes in existing guests when we keep bringing new guests in and they start looking like existing guests pretty quickly in terms of frequency, that's how you sustainably grow over time.

所以我們沒有看到任何頻率變化。因此，當我們不斷吸引新客人時，我們並沒有看到現有客人的消費頻率發生變化，而且新客人的消費頻率很快就會像現有客人一樣，這就是你如何隨著時間的推移實現可持續增長的方式。

So like I shared the GWAP metric, guests with a problem, continuing to hit record lows. Our food grade scores went from 68% last year in Q2 to 74% this year. We also saw quarter-on-quarter improvements in food grade, and same thing with intent to return was 32% last year, it's almost 78% this year.

正如我之前分享的 GWAP 指標所示，遇到問題的客人數量持續創下歷史新低。我們的食品級得分從去年第二季的 68% 提高到今年的 74%。我們也看到食品級產品較上季有所改善，同樣，顧客的回歸意願從去年的 32% 成長到今年的近 78%。

So you just look across the board, the internal metrics continue to get better. And this is what I keep saying, as long as we keep focusing on the fundamentals of casual dining and we are honestly looking in the mirror saying, are we going to be better this year than last year and we continue to have this world-class marketing, there's no reason why the comp will continue to grow.

所以從整體來看，內部指標持續改善。我一直強調，只要我們繼續專注於休閒餐飲的基本要素，並且誠實地反省自己，問自己今年是否會比去年做得更好，並且繼續保持世界一流的營銷水平，那麼競爭對手的增長就沒有理由停止。

So we're just going to -- it's going to be a boring quarter, we say, on our new drivers, and it's like, well, they're not new drivers, but there are new things we're doing to drive those drivers. And I couldn't be more proud of the team.

所以我們打算——我們說，對於我們的新司機來說，這將是一個乏味的季度，但實際上，他們並不是新司機，只是我們正在採取一些新措施來激勵這些司機。我為我的團隊感到無比自豪。

Great. Appreciate it, guys. And then, just one more. You guys both gave good color on back half of the year revenue and comp expectations. And I think you talked about a strong quarter-to-date even with a calendar shift pressure, I believe.

偉大的。謝謝各位。然後，就再來一個。你們兩位都很好地闡述了下半年營收和同店銷售預期。我認為你之前也提到過，即使受到日曆調整帶來的壓力，本季迄今的業績依然強勁。

Anything else on the back half of the year as it relates to top-line expectations? Anything embedded from a stimulus tax rebate perspective, or Kevin, anything else to share on some of those big levers, which sound exciting through the back half of the year? Thank you.

關於下半年的營收預期，還有其他需要注意的地方嗎？從刺激性退稅的角度來看，有什麼具體措施嗎？或者凱文，​​關於下半年那些聽起來令人興奮的大政策槓桿，你還有什麼要分享的嗎？謝謝。

Yeah. Dennis, so let me talk about that. So we, like Kevin said, expect more of the same. So we're forecasting for Chili's mid -- solid mid-single-digit comps for the back half of the year. We've talked about pricing. I think, again, mix may moderate a little bit in the back half of the year just as we continue to lap those really big Triple Dipper numbers.

是的。丹尼斯，那我就說說這件事。所以，就像凱文說的那樣，我們預計情況還會繼續這樣下去。因此，我們預測 Chi​​li's 下半年的同店銷售額將保持穩健的個位數中段成長。我們已經討論過定價問題了。我認為，隨著我們繼續突破那些非常大的三重低谷期，下半年混合交易可能會稍微緩和一些。

And then, traffic. What I would say is, prior to the storm, we would have expected traffic positive in both Q3 and Q4. We may have a little pressure with the storm and the holiday flip on traffic just because of those two events. It could be flat to slightly negative traffic in Q3, but we expect positive traffic in Q4. So really, it's more of the same, but that's some of the detailed color into what we expect the same-store sales to do over time.

然後，就是交通擁擠。我想說的是，在暴風雨之前，我們預計第三季和第四季的交通流量都會呈現正成長。由於暴風雪和假日這兩件事，我們可能會面臨一些交通壓力。第三季交通流量可能持平甚至略有下降，但我們預計第四季交通流量將出現成長。所以實際上，情況大同小異，但以上是我們對同店銷售額隨時間變化的一些具體描述。

Great. Helpful. Thank you, guys.

偉大的。很有幫助。謝謝大家。

Thanks, Dennis.

謝謝你，丹尼斯。

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

Yeah. Thanks. Good morning, guys. Mika, I just want to follow up on that last question. Can you just maybe elaborate on or level set us on the comp cadence that's embedded into the back half of the year guidance?

是的。謝謝。各位早安。米卡，我只想就你最後一個問題做個後續說明。您能否詳細說明一下或向我們解釋一下下半年業績指引中涉及的比較節奏？

Yeah. No, it's going to be pretty steady as we go. So January, we'll have the storm and the holiday flip. But after that, I expect it to be very steady mid-single digits. There's not a lot of flips in and out, and the quarters will be very similar to each other is what we expect.

是的。不，情況會一直比較穩定。所以一月份，我們將迎來暴風雪，假期也會跟著顛倒。但之後，我預期會非常穩定地維持在個位數中段。球員進出次數不會很多，我們預期各季度的球員狀況會非常相似。

Okay. Perfect. And then, Kevin, you guys have successfully used the $10.99 anchor to drive the 43% to your comp. But the barbell strategy relies on guest eventually, I would think trading up to premium items like the Triple Dipper and then, maybe the new ribs. But as you lap these massive traffic gains, how do you prevent the $10.99 price point from becoming a structural ceiling on the pricing power?

好的。完美的。然後，凱文，你們成功地利用 10.99 美元的價格錨定效應，將 43% 的佣金提升到了你們的水平。但我認為，槓鈴策略最終依賴顧客，他們會升級到高級菜餚，例如三重沾醬，然後，也許還會嘗試新的肋排。但是，隨著流量的大幅增長，如何防止 10.99 美元的價格成為定價權的結構性上限呢？

Is there any long-term risk that you're training your most loyal new guest or your new guest, I guess, to never leave that price point?

從長遠來看，這樣做是否有風險，即你正在培養你最忠實的新客戶，或者說你的新客戶，讓他們永遠不會選擇這個價位？

Yeah. Well, so that we've talked about for several years now, it's very important for our team to have offerings for all guests because if too much mix gets in the $10.99 price point, obviously, the math doesn't continue the math.

是的。嗯，我們已經討論過好幾年了，對我們的團隊來說，為所有顧客提供產品非常重要，因為如果 10.99 美元的價格區間內產品種類過多，顯然，價格就無法繼續盈利了。

So one of the first thing that we do is we have what we call the barbell strategy, which we talked about, which is we have good, better, best price tiers because not every guest wants the cheapest thing on the menu somewhat different benefits or different features and the things that they buy.

所以我們首先要做的事情之一就是我們所說的槓鈴策略，我們之前也談到過，那就是我們設定了好、更好、最好的價格等級，因為並不是每個客人都想要菜單上最便宜的東西，不同的優惠或不同的功能以及他們購買的東西也會有所不同。

So like when we launched the chicken sandwich -- when launched the chicken sandwich, it's not just going to be a hot opening price point that we advertise on TV. We're going to have chicken sandwich with benefits. We're going to have more premium chicken sandwiches that can take you all the way up to the highest tiers, and then, we're going to see to manage that.

就像我們推出雞肉三明治時一樣——推出雞肉三明治時，我們不會只依靠在電視上做廣告來吸引顧客，更不會只追求火爆的開盤價格。我們將享用一份有好處的雞肉三明治。我們將推出更多優質雞肉三明治，讓您體驗最高等級的美味，然後，我們將努力管理這些產品。

So the outcome when you do this is that you keep the $10.99 sales mix constant. You don't let it grow too much because that's when the margins can get out of whack. So as long as we continue to bring innovation, not just at the $10.99 price point, but at other price points that we keep other parts of the menu interesting and we hold the mix on all those parts of the menu, we shouldn't have any issue continuing to advertise $10.99.

這樣做的結果就是保持 10.99 美元的銷售組合不變。你不能讓它長得太大，因為那樣利潤率就會失衡。所以，只要我們繼續推陳出新，不僅在 10.99 美元的價格點上，而且在其他價格點上，保持菜單其他部分的趣味性，並保持菜單所有部分的組合，我們就應該不會有任何問題，可以繼續宣傳 10.99 美元的價格。

Now five years from now, I know we might be in a different position. It's hard to predict how -- what will happen with COGS inflation, et cetera. But because we have such a varied menu, and we've done a really good job merchandising and we continue to innovate on higher tiers like ribs and margaritas, et cetera, we're continuing to drive people into that mix.

五年後，我知道我們的處境可能會有所不同。很難預測——例如銷售成本通膨等因素將會發生什麼變化。但是，由於我們的菜單種類繁多，而且我們在商品陳列方面做得非常好，並且我們不斷在更高層次的產品上進行創新，例如肋排和瑪格麗塔酒等等，我們正在繼續吸引人們加入到這個組合中來。

We don't see -- we don't have like specifics in detail. We don't see, in general, a lot of training up and down the menu. So people gravitate to what they want to gravitate to and they stick with it. So like the 3 For Me, consumer tends to come more often. They actually spend more over the course of the year because they come more often versus higher-priced guests.

我們看不到——我們沒有具體的細節資訊。總的來說，我們很少看到從頭到尾各個級別的訓練。所以人們會傾向於他們想要的事物，並且堅持下去。所以和「3 For Me」一樣，消費者往往會更頻繁地光顧。與高價客人相比，他們由於光顧頻率較高，一年下來實際消費額反而更高。

They don't come as often, but they're worth a lot to us because they spend more when they're there. But like I get asked a lot of questions about our people, people bounce all over the menu and you just don't see that much of that.

他們來的次數不多，但他們對我們來說價值很高，因為他們每次來消費都更多。但就像我常被問到關於我們員工的問題一樣，人們會隨意點菜，但你卻很少看到這種情況。

Makes sense. Congrats on a great quarter, guys.

有道理。恭喜各位，這個季度業績很棒！

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Thanks. Good morning. I had a question on the reimaging. Is there any one of the prototypes that you're testing that is emerging as the most exciting, perhaps the one that you feel like has very good odds of being the go-to-market option that can be rolled out quickly and with significant sales lifts? And if so, what can you tell us about the learnings from the reimaging?

謝謝。早安.我有一個關於系統重裝的問題。在你們測試的眾多原型產品中，有沒有哪一款最令人興奮？有沒有哪一款你覺得很有可能成為最終上市的產品，能夠快速推出並大幅提升銷售？如果是這樣，您能告訴我們從重新構想中獲得了哪些經驗教訓嗎？

Yeah. Good morning, David. Thanks for the question. So there's two reasons why we're doing these first four. One is to understand the levels of investment and which ones make the most sense. And then, the second is to get operational learnings so that we don't make this -- if there is any mistakes in the first four, we don't make them as we roll them out to the balance of the system. And obviously, we'll continue to learn beyond just these first four.

是的。早安，大衛。謝謝你的提問。所以我們做這前四個專案有兩個原因。首先要了解投資水準以及哪些投資水準最合理。其次，要吸取操作經驗教訓，這樣我們就不會犯同樣的錯誤——如果前四個步驟中出現了任何錯誤，我們在向系統其餘部分推廣時就不會再犯同樣的錯誤。顯然，除了這前四個面向之外，我們還會繼續學習。

The first thing I would tell you is the guests and the team members absolutely love all four of the reimage units. And there's a lot of clearing in our system to get that across the system. So that's good. It's too early to declare victory on sales lifts. The initial results look pretty good.

首先我要告訴大家的是，賓客和團隊成員都非常喜歡這四台翻新設備。我們的系統中有很多清算環節，才能讓這些資訊在系統中傳遞下去。那很好。現在就斷言銷售額上升取得了勝利還為時過早。初步結果看起來相當不錯。

We're pretty excited about that. But it's nothing that we would publish and that you could take to the bank. Obviously, we want to understand more and look at test versus control and all that good stuff.

我們對此感到非常興奮。但這並非我們會公開報道的內容，你們也不能完全相信。顯然，我們希望了解更多信息，並研究測試組與對照組之間的差異等等。

So overall, the first thing is they look like completely different restaurants and when all of you guys are here for our Investor Day later in the year, you'll be able to tour them. So we'll make sure we spend time where you can see them firsthand, this first four and get your eyes on them to see there's a market difference.

總的來說，首先，它們看起來像是完全不同的餐廳，今年晚些時候你們來參加我們的投資者日時，就可以參觀它們了。所以我們會確保花時間讓您親眼看到這前四款產品，讓您親眼看看它們，從而發現它們與市場上的差異。

I mean, basically the comment I typically hear from the managers is like, we have a new restaurant, which is really cool to hear because these are really old restaurants that haven't been touched a while.

我的意思是，我通常從經理那裡聽到的評論基本上是，我們新開了一家餐廳，這聽起來真的很棒，因為這些都是很久沒有翻新的老餐廳了。

The second thing that we've learned is that -- so each of the four have different elements to them. And the good news is the one that has actually the lowest cost is the one that everybody is gravitating towards is the best.

我們學到的第二件事是──這四個人各自都有不同的元素。好消息是，成本最低的那一款，正是大家都趨之若鷯的那一款，也是最好的一款。

So some of the ones that cost a little bit more that had a little too much done on the inside and are a little too busy. So we're learning like, hey, less is more in some of the interior units. But things like the bar part of the reimage has been phenomenal.

所以有些價格稍高的，內部裝潢過度，顯得過於繁複。所以我們逐漸明白，在一些室內單元中，少即是多。但像酒吧改造部分這樣的改變真是太棒了。

I mean, it literally just makes the whole building feel different, not just the bar area that creates an energy and a vibe, and it is distinctly Chili's. I mean, you go in and you're like, wow, it feels like I'm back in Chili's when it first started but in a modern way.

我的意思是，它真的讓整棟建築都感覺不一樣了，不僅僅是酒吧區營造出一種活力和氛圍，而且它很有 Chili's 的特色。我的意思是，你走進去就會覺得，哇，感覺就像回到了 Chili's 剛開業的時候，但又是一種現代化的體驗。

So that's the second thing we're learning is that we probably don't need all the bells and whistles, like for example, a couple of the restaurants have these oversized margarita shakers that we actually pulled from the old, old Chili's, and it's something that just feels like it's clutter.

所以我們學到的第二件事是，我們可能不需要所有花里胡哨的東西，比如，有幾家餐廳裡有那種超大的瑪格麗塔酒搖酒器，我們實際上是從以前的 Chili's 餐廳搬過來的，感覺就像是雜物。

It's not really adding versus some of the tile tables that we've added and some of the cheaper fills actually make a bigger impact. So we're going to be obviously focused on the things that make the biggest impact for the lowest cost. So that's a good learning.

它並沒有比我們添加的一些瓷磚桌子更有意義，而且一些更便宜的填充物實際上產生了更大的影響。因此，我們顯然會專注於那些能以最低成本產生最大影響的事物。這是個很好的學習機會。

And then, lastly, we're learning a lot about the operational opportunities with rolling them out. So for example, we're learning there's just a lot of extra dust and a lot of extra work that's coming in that construction. So we've got to do a better job of like masking and taping and tarping, and those are important things to know as we roll out further.

最後，我們也了解到在推廣這些服務過程中可以遇到許多營運方面的機會。例如，我們了解到，施工過程中會產生許多額外的灰塵，也會帶來許多額外的工作。所以我們必須在遮蔽、黏貼膠帶和鋪設防水布等方面做得更好，這些都是我們在進一步推廣時需要了解的重要事項。

We're learning about some of the tile work that we're putting by the bar is actually not needed and it adds additional expense that's not needed. So just using the tiles on the table tops on the exterior and on the sides of the bar, but not the floor of the bar is making the maximum impact.

我們了解到，酒吧附近鋪設的一些瓷磚實際上是不必要的，這增加了不必要的額外開支。因此，只在吧台外側的桌面和側面使用瓷磚，而不在吧台的地板上使用瓷磚，就能達到最大的效果。

And then, we're also learning about some of the operational opportunities. So like, for example, we're bringing back tile tables, but we're doing it in a smart way where they're much easier to clean. So like the old tile tables that were so cool are really difficult to clean the grout in between the tiles.

此外，我們也正在了解一些營運方面的機會。例如，我們正在重新推出瓷磚桌子，但我們以一種巧妙的方式進行，使它們更容易清潔。就像以前那些很酷的磁磚桌子一樣，磁磚之間的縫隙很難清理。

And so what we're basically doing is a printed pile table that looks three-dimensional, but then has an acrylic top on top of it. We're finding that those are a little hard to clean, not the tile, but because that's a printed unit, but the actual plastic is starting to buckle under the heat of skillet. So that's an example where we're just going to spend a little bit more time getting the right tabletop on that.

因此，我們基本上是在製作一個看起來像三維立體的印刷堆疊桌，但上面還有一個壓克力桌面。我們發現這些瓷磚不太容易清潔，不是瓷磚本身的問題，而是因為瓷磚是印刷的，而塑膠部分在煎鍋的高溫下開始彎曲變形。所以，在這個例子中，我們需要多花點時間來找到合適的桌面。

So that's what we're learning from it. It's both operationally, how do we make sure that's sound. And then, two, what is the right investments. But I will tell you, we are extremely bullish about this, and we can't wait for you guys to see what we've done.

這就是我們從中學到的。這既關乎操作層面，也關乎我們如何確保其合理性。其次，什麼是合適的投資？但我可以告訴你們，我們對此非常有信心，迫不及待地想讓你們看看我們取得了什麼成果。

Great. Thank you.

偉大的。謝謝。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

Hi. Thank you. It's actually a follow-up on the previous question. In terms of remodels, which obviously, you're planning to accelerate into '27. I think you said 60 to 80, but correct me on that with potential further acceleration -- (technical difficulty)

你好。謝謝。這其實是對上一個問題的後續。至於改造方面，顯然你們計劃在 2027 年加快腳步。我記得你說過是 60 到 80，但如果速度還有可能進一步提升，請指正。（技術難題）

John, you're cutting out.

約翰，你退出了。

Looks like his line dropped. We'll take our next question from Jeff Farmer.

看來他的線路斷了。接下來，我們將回答傑夫·法默提出的問題。

Yeah. Thank you, guys. Just cutting to the weather and all the calendar shifts that the industry is facing. What is your read on casual dining segment trends in December and January? So ultimately, I'm trying to ask you guys if you think the demand backdrop is stable, is it softening? Is it improving? Any color there would be helpful.

是的。謝謝大家。直接跳到天氣和行業面臨的所有日程調整上來吧。您如何看待12月和1月休閒餐飲市場的發展趨勢？所以最終，我想問大家，你們認為需求背景是否穩定，還是正在走軟？情況有好轉嗎？任何顏色都會有所幫助。

Well, it's just like what you guys are seeing, it's mixed, right? Like December was tougher for the industry, but then January was really good. And then, the weather hits, which stopped that trend. So I mean, candidly, it's a lot of mixed signals.

嗯，就像你們看到的一樣，情況很複雜，對吧？感覺12月對業界來說比較艱難，但1月情況就非常好了。然後，惡劣天氣阻止了這一趨勢。所以，坦白說，這傳遞出了很多矛盾的訊息。

What I've told our team is just continue to focus on the things that we can control, which is food, service, and atmosphere, whether the economy gets better and the consumer gets better or worse, having a better experience is going to win trips, which is what's happened in the last couple of years for our business.

我告訴團隊，要繼續專注於我們能夠控制的事情，也就是食物、服務和氣氛。無論經濟狀況好轉或消費者變好或變壞，提供更好的體驗就能贏得客源，而這正是我們公司過去幾年所取得的成就。

So if the macro gets better, that will be more tailwind for us. If the macro doesn't get better, we're going to continue to steal market share from those that aren't improving their food service and atmosphere.

所以如果宏觀經濟情勢好轉，對我們來說會更有利。如果宏觀經濟情勢沒有好轉，我們將繼續從那些沒有改善餐飲服務和氛圍的企業手中搶佔市場份額。

But to answer your question directly, December didn't look great, January was better, weather stopped everything. We'll see what happens when we get out of -- fully out of the weather with the strength that we saw in January restart. So -- but it's similar to what you're seeing.

但直接回答你的問題，12 月情況不太好，1 月情況好轉，但天氣原因導致一切都停滯了。我們將看看當我們完全擺脫惡劣天氣，並恢復到一月份重啟時的強勁勢頭後會發生什麼。所以——但這和你看到的很相似。

Okay. And then, Mika, with the updated guidance, can you just level set us on the restaurant level margin and G&A as a percent of revenue expectation for fiscal '26?

好的。那麼，Mika，根據更新後的指導意見，你能否幫我們確定一下 2026 財年餐廳層面的利潤率和一般及行政費用佔收入預期百分比？

Sure. So looking out into the back half of the year, what I would say is our restaurant level margin will probably decrease a little bit in the back half versus what we posted in Q2. And really, it's the line I think everyone should look at is make sure the cost of sales line is it's going to be pretty similar to what you saw in Q2, maybe a little bit higher.

當然。展望下半年，我認為我們餐廳層面的利潤率可能會比第二季略有下降。實際上，我認為每個人都應該關注的一點是，確保銷售成本與第二季的情況非常相似，可能會略高一些。

I talked about the influx in commodity pricing in the back half. But also that mid-single digit includes some of those investments we've made in things like bacon and ribs and some better cut chicken. But with that being said, there are going to be phenomenal margins in the back half, very steady, similar to what you saw in Q -- maybe just a little bit less as some -- as we wash through some of those laps year over year.

我在下半場談到了大宗商品價格的上漲。但這個個位數百分比也包括了我們對培根、排骨和一些品質更好的雞肉的一些投資。但即便如此，後半程的差距將會非常大，非常穩定，類似於你在排位賽中看到的情況——也許差距會小一些——因為我們每年都會跑完一些圈。

And then, G&A real quick?

然後，快速計算一下一般及行政費用？

G&A is going to be very similar to what you saw. We were 4.1% of total revenues in Q2. I expect similar numbers as you move through the fiscal year, very similar to what you saw in Q2.

一般及行政費用將與您之前看到的非常相似。第二季度，我們的收入佔總收入的 4.1%。我預計隨著財年的推進，數據將與第二季的數據非常相似。

All right. Thank you.

好的。謝謝。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

Hi. Thank you so much. Can you hear me?

你好。太感謝了。你聽得到我嗎？

We can now.

現在我們可以了。

All right. Super. Talking about travel disruptions. I'm doing this from the airport and I have this big long question and was literally just talking to myself. So thank you for the patience on this.

好的。極好的。談談旅行中斷問題。我現在在機場，我有一個很長的問題，剛才一直在自言自語。感謝大家的耐心等待。

The question is actually a follow-up to the remodel question. Obviously, remodel is an important part of the Chili's business. And I think I heard you say, correct me if I'm wrong, that you're planning 60 to 80 remodels in '27 with the further --

這個問題其實是對改造問題的後續。顯然，翻新是 Chili's 餐廳業務的重要組成部分。我想我聽到您說過（如果我沒聽錯請糾正我），您計劃在2027年進行60到80項改造，並且…--

Looks like he lost his line again. We'll move on to Jon Tower with Citi.

他好像又斷線了。接下來我們將討論花旗銀行的 Jon Tower。

Hey. Good morning. Thanks for taking the questions. I appreciate it. Just a couple, if I may. Maybe starting off, I know obviously your launch (technical difficulty) in the chicken in April with advertising, I believe it's a soft launch now or soon in stores.

嘿。早安.謝謝您回答問題。謝謝。就兩件，如果可以的話。或許可以先從我知道你們四月在雞肉廣告中推出的產品開始說起（技術上遇到了困難），我相信現在或不久之後會在商店裡進行試銷。

But curious if you're attacking the marketing side of the equation any bit differently than what you've done with the previous two product launches on 3 For Me, the two burgers? I know it's -- you don't want to -- if it's not broke, you might not want to (technical difficulty) but is there a different track you might be taking this go around?

但我很好奇，在行銷方面，你是否會採取與之前在 3 For Me 推出的兩款漢堡產品不同的策略？我知道——你不想——如果它沒壞，你可能不想（技術難題），但這次你有沒有考慮過其他方法？

Well. We think that high prices are more relevant than ever. So every time we think we're -- that the consumer is going to get bored of our messaging, like this just keeps coming back up in social media and in the site guys.

出色地。我們認為高物價問題比以往任何時候都更重要。所以每次我們以為消費者會對我們的訊息感到厭倦時，社群媒體和網站上都會不斷出現類似的情況。

So -- and I think you guys see it all the time that consumers are really frustrated with high pricing in lots of different areas, not just restaurants. And so the idea of continuing to attack that head on with unbeatable value and abundance continues to win for us. So there's no reason why we would change that.

所以——而且我想你們常常會看到，消費者對很多領域的高價感到非常不滿，不只是餐廳。因此，我們繼續以無與倫比的價值和豐富的產品正面迎擊這項挑戰，而這項策略最終取得了勝利。所以我們沒有理由改變這一點。

Got it. And then, just maybe to the store-level employees and specifically thinking about incentives over time. Obviously, you have a fairly ambitious goal to get to roughly $6 million AUVs across the Chili's store base over time. I'm just curious how you're thinking about store level incentives for the managers and where they sit today versus where you might optimally see them going over time?

知道了。然後，或許可以考慮對門市員工進行激勵，特別是考慮長期激勵措施。顯然，你們的目標是在一段時間內讓 Chili's 旗下所有門市的平均單店銷售額達到約 600 萬美元，這是一個相當雄心勃勃的目標。我只是好奇您是如何考慮門市經理的激勵措施的，以及它們目前的狀況與您認為它們未來最佳的發展方向有何不同？

Yeah. It's something we talk about a lot. We look at like the best-in-class competitor and they are masters of ownership at the general manager level. And part of that is their incentive structure. They do other things, too, that we're obviously studying.

是的。這是我們經常談論的話題。我們認為他們是業界最優秀的競爭對手，而且他們在總經理層級都是管理大師。而這其中一部分原因在於他們的激勵機制。他們還會做其他事情，我們當然也在研究這些。

And right now, we're in the camp of, let's get our managers trained so they can be true owners of the business. For years, we started pulling things off of their P&L in effort to make their bonuses more and more fair and control more of what happens in the restaurant.

而現在，我們傾向於對經理進行培訓，使他們能夠真正成為企業的所有者。多年來，我們開始從他們的損益表中刪除一些項目，以使他們的獎金越來越公平，並控制餐廳運營的更多方面。

And we've got to unravel some of that so that they actually understand the P&L, understand the areas that they can improve their bottom line and their top line and then, start rewarding for them once they're trained and have the tools to do that.

我們必須理清其中的一些問題，讓他們真正理解損益表，了解他們可以在哪些方面提高利潤和收入，然後在他們接受培訓並擁有相應的工具後，開始給予他們獎勵。

So the first step has been, number one, what we launched and a new P&L tool as part of our overall Oracle upgrade. That's done, and they've been trained on that. Secondly, we're teaching the principles of extreme ownership to our managers.

因此，第一步是，第一，我們推出了新的損益工具，作為我們整體 Oracle 升級的一部分。這件事已經辦妥，他們也接受過這方面的訓練。其次，我們正在向我們的經理們傳授極端所有權的原則。

We started with our Directors of Operations and above and now we've been rolling that out over to the general managers and the management team inside the restaurants. We're going to do that for at least a year, maybe even a little bit longer before we actually change the incentive structure.

我們首先從營運總監及以上級別的人員開始，現在我們正在將這一理念推廣到餐廳的總經理和管理團隊。我們至少會這樣做一年，甚至可能更久一些，才會真正改變激勵機制。

I do anticipate that we will change the -- some of the long-term -- or I'm sorry, some of the bonus structure for the directors and above before that. So we'll try to roll that out to the directors first and make sure that we got -- they're abiding and they're understanding before we would ever go to the manager level. But we're at least one to two years out from actually changing the incentive structure of the managers.

我預計我們會改變一些長期的——或者抱歉，在此之前，改變一些董事及以上級別人員的獎金結構。所以我們會先向董事們推行，確保他們遵守並理解之後，才會上報到經理層面。但至少還要一到兩年才能真正改變管理階層的激勵機制。

Got it. Thanks for taking the questions.

知道了。謝謝您回答問題。

John Ivankoe.

約翰·伊万科。

Okay, guys, thank you so much for the patience. We're blaming this on the ice storm. So I'm in the airport, and this one is not going to drop. So the question was on remodels. Remodel is obviously a very important part of your story in '27, '28. I think I heard you say 60 to 80 remodels in '27, followed by a greater increase in '28. So just confirm that.

好的，各位，非常感謝你們的耐心等待。我們認為這是冰暴造成的。我現在在機場，但這事兒是不會發生了。所以問題是關於房屋改造的。很明顯，在 2027 年和 2028 年，房屋改造是你故事中非常重要的一部分。我好像聽你說過，2027 年有 60 到 80 套房屋進行了翻新，2028 年又有更大的增長。所以請確認一下。

And secondly, as we think about new unit development into '28 and beyond, I mean, that is something that you're planning to accelerate in the Chili's business in '28, and I'm not going to ask you for TAM at this point on this conference call, but what are we thinking in terms of percent unit growth that's right for the Chili's brand at this part of the brand's life cycle in '28 that maybe can be established for a long term?

其次，當我們考慮 2028 年及以後的新店發展時，我的意思是，這是你們計劃在 2028 年加速 Chili's 業務發展的事情，我不會在這次電話會議上問你 TAM 的具體數字，但是，在 2028 年 Chili's 品牌生命週期的這個階段，我們認為合適的商店增長多少？這個成長率或許可以長期維持下去？

And Mika, you know where I'm getting with this question is how we should just think about broad capital intensity of the business in '27 and '28 as this is such an important part of our model? And thank you, guys, so much for the patience.

米卡，你知道我問這個問題的意思是，我們應該如何看待 2027 年和 2028 年的業務整體資本密集度，因為這是我們模型中非常重要的一部分？非常感謝大家的耐心等待。

Yeah. So John, let me start. There's a lot of pieces to your question. First, yes, I'll confirm we want to ramp up in '27, fiscal '27 with the 60 to 80 is our current plan. And then, the goal in '28 is to get to about 10% of the system, which would get us a little bit over 100. So you did hear that right, and we're very excited about it.

是的。約翰，那我先開始吧。你的問題包含很多面向。首先，是的，我確認我們希望在 2027 財年（即 2027 財年）提高產量，目前的計劃是達到 60 到 80。然後，2028 年的目標是達到系統容量的 10% 左右，這將使我們略微超過 100%。沒錯，你沒聽錯，我們對此感到非常興奮。

Okay, on the new unit growth. And so what I would say is next year, well, this year has been pretty flat with what we've opened versus what we -- some of the leases expiring, et cetera, what we've closed. Next year, you're not going to see that much of a bump because remember, it's an 18- to 24-month cycle.

好的，關於新的單位增長。所以我想說的是，明年情況會如何呢？今年我們新開的店和我們關掉的店相比，基本上持平——一些租約到期等等。明年你不會看到太大的成長，因為記住，這是一個 18 到 24 個月的週期。

So that's from two years ago when we weren't really leaning into new units. But what I can tell you with all the progress we've made on building the team and all of the sites that we have at the front end of the funnel that we're putting in, I do feel like you're going to see a significant difference in F28 in the new units that we're able to post for that year.

那是兩年前的事了，當時我們還沒有真正大力發展新業務。但我可以告訴你們的是，憑藉我們在團隊建立方面取得的所有進展，以及我們在銷售漏斗前端建立的所有網站，我感覺你們將在 F28 看到我們當年能夠發布的新數據方面發生顯著變化。

So that is correct. We haven't communicated an exact target of new unit growth. But it will be in the low single digits, I would say is something that could be in the realm of expectations for what we can do. So again, that will be something that we go into more detail on when we get to that Investor Day and talk about what we think the universe of Chili's could be, what we think that new unit growth cadence will be over time.

沒錯。我們尚未公佈具體的新增單元數量目標。但我認為，最終數字應該在個位數左右，這或許在我們能力範圍之內。所以，我們會在投資者日上更詳細地討論這個問題，談談我們認為 Chili's 的未來發展方向，以及我們認為其新店成長的節奏會如何變化。

But we do know that we can build more Chili's, and we're really excited about it, especially with the change in the business. The areas of opportunities have opened up for us because our business is so much stronger on where we can build in different areas, different locations. We've learned a ton. So we're really excited about it as we move forward. So I hope that's helpful.

但我們知道我們可以開設更多 Chili's 餐廳，我們對此感到非常興奮，尤其是在業務變化的情況下。由於我們的業務實力大幅增強，我們可以在不同領域、不同地點進行拓展，因此為我們開啟了更多機會領域。我們學到了很多。所以，我們對未來的發展感到非常興奮。希望這能有所幫助。

It is. And I guess, as we're thinking at this point, I mean, do we think that there might be an opportunity long, long term to maybe double the Chili's brand relative to what it is? Or am I may be getting ahead of myself, the question of just thinking about what this brand could be now that it has the returns, the permission, and the capital to once again start to expand this footprint again?

這是。我想，我們現在正在思考，從長遠來看，我們是否認為有機會讓 Chili's 品牌的規模比現在翻倍？或者我可能想得太遠了，現在的問題應該是，既然這個品牌已經獲得了回報、許可和資金，可以再次開始擴大其影響力，那麼這個品牌未來會是什麼樣子？

Yeah. Again, no, I don't know that we're ready to say the numbers. I think double is quite aggressive. But yes, we think we can build more Chili's. And again, more to come.

是的。再次聲明，不，我不知道我們是否已經準備好公佈這些數字。我覺得雙殺有點太激進了。是的，我們認為我們可以開更多 Chili's 餐廳。還有更多精彩內容即將到來。

The great news is the company has plenty of capital available to do it, too. So that's not a constraint for us to continue to invest in the business and return to the shareholders. So we feel really good about our capital allocation strategy over time and our ability to invest back in the new unit growth and grow from profitable Chili's.

好消息是，該公司也擁有充足的資金來做到這一點。因此，這不會限制我們繼續投資業務並向股東回報。因此，我們對我們的資本配置策略以及我們有能力再投資於新店發展並從盈利的 Chili's 餐廳實現成長感到非常滿意。

All right. Well, I'm really looking forward to the event for you guys to highlight all of your opportunities. So look forward to that. And thanks, again, for the patience.

好的。我非常期待你們舉辦這次活動，希望你們能藉此機會展示你們所有的機會。敬請期待。再次感謝您的耐心等待。

Thanks, John.

謝謝你，約翰。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Yeah. Thanks. Morning, guys. Mika, just so I'm clear on the food cost comments. Are you saying tariffs is helpful, but look, there's some other things that offset that? So you're not really changing your outlook for commodities?

是的。謝謝。早上好，各位。米卡，我再確認你對食物成本的看法。你是說關稅有幫助，但你看，還有一些其他因素會抵銷它的影響嗎？所以你對大宗商品市場的看法並沒有真正改變？

Yes. No. My outlook for commodities, we did have favorability in the tariffs. So it is more favorable than it was last quarter. But what I'm saying is I'm reiterating that the back half of the year is going to be in that mid-single digits.

是的。不。我對大宗商品前景的展望是，關稅方面確實存在利多因素。所以比上個季度的情況好。但我想說的是，我再次重申，今年下半年的降幅將在個位數中段。

That does include some of the investments we've made in things such as ribs and bacon. We made some investments in poultry. And so we're -- I'm just trying to level set everybody on commodities have looked pretty favorable in the front half. In the back half, it will be that mid-single digit.

這其中確實包括我們對排骨和培根等產品的一些投資。我們投資了一些家禽養殖業。所以，我只是想讓大家明白，大宗商品市場在上半年看起來相當有利。下半程，這個數字會是中個位數。

And then, to help guide people on what does that mean, I was just trying to say, hey, you've seen our food and beverage cost in quarter two, I think we'll have a similar number in quarter three as we move forward. So just trying to help people understand what would that turn into within 10 to 20 basis points.

然後，為了幫助大家理解這意味著什麼，我只是想說，嘿，你們已經看到了我們第二季度的食品和飲料成本，我認為隨著我們繼續前進，第三季度我們將有類似的數字。所以，我只是想幫助大家理解，如果匯率波動在 10 到 20 個基點之間，會發生什麼變化。

Okay. Got it. Thanks. And with the chicken sandwich revamp, did you change any of the timing at all on the soft launch? Is that still as expected? Are you -- is it fair to say you're not giving yourselves credit for that in your revenue comments or you just view it as one of the drivers that have been ongoing?

好的。知道了。謝謝。雞肉三明治改版後，試賣階段的時間安排有做任何調整嗎？這是否仍然符合預期？你們在收入報告中是否沒有將此歸功於自己，或者你們只是將其視為持續成長的驅動因素之一？

No --

不--

Yeah, that's -- go ahead, Mika.

是的，那就是——米卡，請繼續。

I would just say, the chicken sandwich -- what's in the guidance is we have it in over 200 restaurants now where we're getting all the learnings. The real launch will be late in April, and that's when we'll go on TV. And that's really critical for the chicken sandwich because this is about driving traffic with a very appealing product that we have. And so that's the timing that's built into the guidance that we gave.

我只想說，雞肉三明治——根據指導方針，我們現在在 200 多家餐廳都有供應，從中吸取了所有經驗教訓。正式發表會將在四月下旬舉行，屆時我們將上電視。這對雞肉三明治來說至關重要，因為我們的目標是用我們極具吸引力的產品來吸引客流。所以，這就是我們在指導意見中預留的時間安排。

Kevin, you can give more color on that.

凱文，你可以再詳細說。

Yeah. I mean, the thing to understand is in the 200 restaurants, when you don't advertise it, you're just basically going to be moving mix. You might get a little bit of repeat, but if it's only a three- or four-month period, it's not going to be a ton of repeat that you get.

是的。我的意思是，你需要明白的是，在200家餐廳裡，如果你不做廣告，基本上就只能靠調貨來維持營運。可能會有一些重複，但如果只有三、四個月的時間，就不會出現大量的重複。

So you're really just trying to test for what are consumers saying about the sandwich, can we execute it with excellence given it's going to drive a lot of mix the way you merchandise it, what is the feedback that we're getting on the sandwich.

所以你其實只是想測試消費者對這款三明治的評價，我們能否把它做得盡善盡美，因為它會影響很多銷售組合，以及我們收到的關於這款三明治的反饋是什麼。

But you're really not going to see a major change in the business other than some mix shifts until you launch the TV advertising and start bringing people in with the sandwich. So I wouldn't read too much in the restaurants that we put in other than it's encouraging. When you see something mix significantly more and the feedback is really good, there's always a good sign that it's going to do even better when you go on TV.

但是，在推出電視廣告並用三明治吸引顧客之前，除了產品組合的一些變化之外，你不會看到業務發生重大變化。所以，除了令人鼓舞之外，我不會對我們推薦的餐廳做太多解讀。當你看到某個節目播出後反應非常好，而且觀眾反饋也很好時，這通常預示著它在電視上播出後會取得更好的成績。

Thank you.

謝謝。

Brian Vaccaro, Raymond James

布萊恩·瓦卡羅，雷蒙德·詹姆斯

Hi. Thanks and good morning. Kevin, just back to chicken sandwich. Could you remind us just the changes that you've made to quality and the flavor profile? And maybe level set us on where your existing chicken sandwich mix is and just how you frame that potential opportunity? And then, more broadly, just what's your latest thinking on the timing for other menu upgrades? Are you still thinking about steaks and salads maybe moving into fiscal '27? Just curious there.

你好。謝謝，早安。凱文，我又開始吃雞肉三明治了。能否請您具體說明一下，您在產品品質和口味方面做了哪些改變？或許可以先介紹一下你們現有的雞肉三明治配方，以及你們如何看待這個潛在的商機？那麼，更廣泛地說，您對其他選單升級的時機有什麼最新想法？你還在考慮把牛排和沙拉的供應計畫延續到 2027 財年嗎？只是好奇而已。

Yeah. So I'll let Mika answer the exact mix question while I give you the update on the platform. So the first thing is the base sandwich, and we had fixed the recipe on that about a year ago where we went to a very focused build that you see in the most popular or the biggest innovation in, I would say, in fast food history or modern history, which is the Popeyes Chicken Sandwich, which is a very basic build and we wanted to look at that and learn from that.

是的。那麼，就請 Mika 來回答具體的混音問題吧，我來跟大家介紹一下平台的最新狀況。首先是基礎三明治，我們大約在一年前就確定了它的配方，我們採用了一種非常專注的結構，這種結構在快餐史或現代史上最受歡迎或最具創新性的產品——Popeyes 雞肉三明治中可以看到，它的結構非常基礎，我們想研究它並從中學習。

And so that's what we did about a year ago. We basically have a brioche bun, a semi-cured pickle, mayonnaise, and a very large hand-breaded chicken breast that we think is incredibly abundant in the category. I mean, I don't have the exact data to say it's the biggest, but when you eat it, you might think it's the biggest. And so that was done.

所以，大約一年前，我們就這麼做了。我們基本上使用的是奶油蛋捲麵包、半醃製泡菜、蛋黃醬和一塊非常大的手工裹麵包屑的雞胸​​肉，我們認為這塊雞胸肉在這個類別中算是非常豐富的。我的意思是，我沒有確切的數據來證明它是最大的，但是當你吃它的時候，你可能會覺得它是最大的。事情就這樣辦完了。

And then, we're going to start bringing in some flavor updates to it, which I can't go into the details of, but there'll be a variety of sandwiches in different benefit spaces based on some of the signature flavors that we have as well as a new flavor that we don't have in the restaurants today that mixed really well when Popeyes launched the sandwich.

然後，我們將開始推出一些口味更新，我不能透露細節，但會根據我們的一些招牌口味，以及一種我們目前在餐廳中還沒有的新口味，在不同的優惠空間推出各種三明治。這種新口味在 Popeyes 推出這款三明治時搭配得非常好。

And then, we're going to have a good, better, best tiering of those sandwiches. So we'll have a base sandwich at a hot price point. We'll have a sandwich with benefits at a median price point. And then, we'll have a super premium that will have like bacon and produce and things that you expect in the super premium sandwich at a super premium tier.

然後，我們將對這些三明治進行優劣分級，分為好、更好、最好的三個等級。所以我們會推出一款價格實惠的基礎三明治。我們將提供價格適中、營養均衡的三明治。然後，我們也會推出一款超級高級版，裡面會有培根、蔬菜等你在超級高級三明治中期望看到的食材。

And then, we're also going to bring some additional sides innovation and the cup innovation to that lineup to make it even more exciting and more distinctly Chili's. So it really will look like a completely new lineup to the guests, and it's in areas that we know that consumers are excited about chicken sandwiches, but done in a very unique Chili's way, not just in the flavor profiles, but the abundance and value that we think that you're going to get.

此外，我們還將在該系列產品中加入一些配菜創新和杯子創新，使其更加令人興奮，更具 Chili's 特色。所以對顧客來說，這真的會是一個全新的菜單系列，而且我們知道消費者對雞肉三明治很感興趣，但我們以 Chili's 非常獨特的方式來製作，不僅在口味上，而且在分量和價值上，我們相信您一定會滿意。

And so I'll talk about the mix. Right now, the mix is very low, Brian, because we aren't merchandising it on the menu, it's not on TV. So it's just one item on the menu in our handheld section. So very low, but there are big plans for how we merchandise it, how it's going to be on TV. So we do know that there is a big room for mix to grow there. And we do think, again, the chicken sandwich is designed to be a traffic driver.

所以接下來我會談談混音。布萊恩，目前它的銷售量非常低，因為我們沒有在菜單上進行推廣，也沒有在電視上投放廣告。所以這只是我們手持食品菜單上的一個菜色。雖然價格很低，但我們對它的行銷方式以及它在電視上的播出方式都有宏大的計劃。所以我們知道，混合音樂領域還有很大的發展空間。我們再次認為，雞肉三明治的設計目的就是為了吸引顧客。

All right. That's very helpful. I was going to ask one on the balance sheet as well. Mika, you only have $20 million left on the revolver, I think, and you've got the $350 million notes at 8.25%. Just how are you thinking about the refi opportunity on the notes through calendar '26?

好的。那很有幫助。我也正打算問一個關於資產負債表的問題。米卡，我想你那把左輪手槍裡只剩下 2000 萬美元了，而你還有 3.5 億美元的債券，利率為 8.25%。您如何看待截至 2026 年的票據再融資機會？

And is there an opportunity to maybe move those notes on to the revolver second half of calendar '26 and maybe shave off a few hundred bps on the interest rate?

有沒有可能將這些票據轉移到 2026 年下半年的循環信貸帳戶中，從而降低幾百個基點的利率？

Brian, right now, we don't have that in the works, but we are watching it closely. So if the opportunity arises where we can take out the bonds early, and it makes sense for the revolver and save us some money, we'd absolutely do that.

布萊恩，目前我們還沒有這方面的計劃，但我們正在密切關注。所以，如果出現可以提前贖回債券的機會，而且這對循環信貸有利，還能幫我們省錢，我們一定會這麼做。

Remember, it's just different aspects that when you do it in the fees, you have to pay upfront. But it is something we're watching. So right now, I would say we don't have that planned, but we're going to continue to watch it.

記住，費用方面有所不同，當你這樣做的時候，你需要預先支付費用。但我們正在密切關注此事。所以目前我們還沒有這方面的計劃，但我們會繼續關注事態發展。

All right. Thank you very much.

好的。非常感謝。

Eric Gonzalez, KeyBanc.

Eric Gonzalez，KeyBanc。

Hi. Thanks for taking the question and congrats on the strong results. I'm just curious about the timing of marketing investments this year. I know there was an uptick in spend in the second quarter. So if you could just confirm that you stayed in that range of $9 million to $10 million incremental advertising. And then, how does that look as you get into 3Q and 4Q, particularly around the chicken sandwich launch?

你好。感謝您回答這個問題，並祝賀您取得優異的成績。我只是好奇今年的行銷投資時機安排。我知道第二季支出有所成長。所以，如果您能確認一下，您的增量廣告支出是否保持在 900 萬至 1000 萬美元的範圍內。那麼，到了第三季和第四季度，特別是雞肉三明治上市前後，情況又會如何呢？

Yeah. No, we did stay in that, Eric. So we had the biggest increase year over year in Q2. So that did happen, and we said that was about 2.9% of sales. I think the percent of sales will stay fairly stable as we move forward. The year-over-year increase isn't as much in 3% and 4%, but exactly what we said did happen in Q2.

是的。不，我們確實待在那裡了，艾瑞克。因此，我們第二季的年成長幅度最大。所以這件事確實發生了，我們說這大約佔銷售額的 2.9%。我認為隨著時間的推移，銷售額的百分比將保持相對穩定。年比增幅雖然沒有達到 3% 和 4%，但正如我們在第二季所說的那樣，情況確實發生了。

And then, just quickly, just regarding the winter storm. I mean, how quickly do you expect to bounce back there? And what are your expectations in terms of how long the effects could linger?

然後，簡單說一下關於冬季風暴的事。我的意思是，你預計多久能恢復到之前的狀態？那麼，您預計這些影響會持續多久？

Yeah. No, that is the big question. So it was quite a challenge to be. We had to quantify the impact of the storm while the storm is still happening and unfolding. So that is why I was pretty purposeful in saying, this is what we know as of Tuesday and what the impacts are.

是的。不，這才是關鍵問題。所以，這確實是一個不小的挑戰。我們必須趁著風暴仍在發生和發展之際，量化風暴的影響。所以，我才特意說明，這是我們截至週二所了解的情況以及其影響。

So that is what we have built into that guidance. We'll see the -- historically, we have had some bounce back when people get a little bit of cabin fever. Now on the flip side, I will caution, we lost a Friday, Saturday, Sunday. We're on a Monday, Tuesday, Wednesday when it bounces back.

所以，這就是我們納入指導原則的內容。我們拭目以待——從歷史經驗來看，當人們感到有些憋悶的時候，經濟就會出現一些反彈。但另一方面，我要提醒大家，我們錯過了週五、週六和週日。週一、週二、週三，情況就會好轉。

So there could be some upside, but what I will say is we don't have a ton of upside built in that we just have all systems go from Wednesday on. So upside or downside on the storm could still be playing out a little bit. But we think we got the bulk of the impact captured with what I communicated earlier and the $20 million decrease in revenue and the $0.15 to EPS.

所以可能會有一些上漲空間，但我要說的是，我們並沒有預留很多上漲空間，所以從週三開始，我們所有的系統都不會完全運作。所以這場風暴的走向，無論是好是壞，可能還會繼續發展下去。但我們認為，正如我之前所溝通的，收入減少了 2000 萬美元，每股收益減少了 0.15 美元，這已經反映了大部分影響。

Yeah. Fair enough. Thank you so much.

是的。很公平。太感謝了。

Christine Cho, Goldman Sachs.

Christine Cho，高盛集團。

Congrats on the quarter. In the last call, you mentioned that the under $60,000 income was your fastest-growing group contrary to the broader industry trends. Have these trends continued to this quarter? And are there any other observations on spending across various consumer cohorts?

恭喜你本季取得佳績。在上次通話中，您提到，與整個行業的趨勢相反，年收入低於 6 萬美元的客戶群是你們成長最快的群體。這些趨勢在本季是否仍在持續？對於不同消費群體，還有其他觀察嗎？

And additionally, are you concerned at all that the QSR pricing growth continues to track below the casual dining average and how that would impact the overall category value perception? Thank you.

此外，您是否擔心快餐店的價格增長持續低於休閒餐飲的平均水平，以及這會對整個品類的價值認知產生怎樣的影響？謝謝。

Yeah. So from an income cohort standpoint, we didn't see much shifting in the quarter, like the low-income cohort is no longer the fastest growing. So there was a little bit of shift down and a little bit of shift to the higher income cohorts, but it wasn't anything like that was so obvious that I'll be willing -- we should proactively highlight to you guys on the call. So just a little bit. We haven't seen any trade down, but mix has been pretty healthy.

是的。因此，從收入群體的角度來看，本季我們沒有看到太大的變化，例如低收入群體不再是成長最快的群體。所以，收入水平略有下降，高收入群體略有上升，但這種變化並不明顯，以至於我願意——我們應該在電話會議上主動向你們強調這一點。就一點點。我們沒有看到任何降級交易，但資產組合一直相當健康。

So I would say, not really made any major shifts or changes versus last quarter. I know that's a little bit of bucking the trend from what you see in the industry, but I also think that we do have industry-leading value, which is helping insulate us to some extent.

所以我覺得，和上個季度相比，並沒有發生任何重大變化。我知道這與業內普遍趨勢有些背道而馳，但我認為我們確實擁有行業領先的價值，這在一定程度上幫助我們抵禦風險。

As far as the QSR question that you -- the second part of your question, I'd say we still have industry-leading value on TV. We still have -- when you look at casual dinings having a renaissance, and you look at our -- I mentioned on my prepared comments, when you look at the PPA or per person average versus our casual dining competitive set -- direct competitive set, we're $3 under them or $4 under the broader casual dining.

至於你提出的 QSR 問題——也就是你問題的第二部分，我想說我們在電視廣告方面仍然擁有領先業界的價值。我們仍然——當你看到休閒餐飲業正在復興，當你看到——我在準備好的發言稿中提到過——當你看到人均消費（PPA）與我們的休閒餐飲競爭對手——直接競爭對手相比，我們比他們低3美元，或者比更廣泛的休閒餐飲業低4美元。

So we don't really -- we feel like we're really positioned to win regardless of what happens with the macro between the operational improvements that we've made where we've positioned ourselves and then, our everyday value, which looks pretty darn good.

所以，我們並不覺得——我們感覺無論宏觀經濟形勢如何變化，我們都已做好充分準備去贏得勝利，這得益於我們所做的運營改進，以及我們自身的定位，還有我們日常創造的價值，而這看起來相當不錯。

So I'm not particularly concerned. I think we get asked that every time a competitor from Chicago decides to put a $5 meal out there. And we just keep chugging along. And I think it's because when you look at the overall value for what you pay, for what you get, it does feel superior to what's out there, and we're going to continue to deliver that.

所以我並不太擔心。我想每次芝加哥的競爭對手推出 5 美元的餐點時，我們都會被問到這個問題。我們就這樣繼續前進。我認為這是因為，當你考慮到你所支付的價格和你所得到的服務的整體價值時，它確實感覺比市面上的其他產品更勝一籌，我們將繼續提供這種優質服務。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you. Just I guess maybe a couple of clarifications. One, Mika, you pointed out that you had positive mix in terms of the check impact, but I think, negative in terms of margins. Can you just talk about that? I mean, it didn't sound like there was a lot of shift in terms of consumption or I guess, choice. But I don't know if that was maybe a little bit more on the value side.

謝謝。我想可能還有幾點需要澄清。第一，Mika，你指出從支票影響來看，你的組合是正面的，但我認為，從利潤率來看，是負面的。你能談談這個嗎？我的意思是，聽起來消費方式或選擇方面並沒有太大的變化。但我不知道這是否在價值上更勝一籌。

And then, also, sorry if I missed it, but you lowered the CapEx guide. I don't think that's because of the lower cost of remodels. It sounds like those are still in test, but just wanted to maybe understand that, too.

另外，如果我錯過了的話，請見諒，你們降低了資本支出預期。我不認為這是因為翻修成本較低。聽起來這些功能還在測試階段，但我也想了解一下。

Okay. Yeah. Great, Sara. So first of all, we'll start with the mix. Yes, mix was positive and a little less positive. One reason that margins went down year over year was, if you remember last year, it was really about the lapping of last year when we accelerated our business, took a huge step change in the business.

好的。是的。太好了，薩拉。首先，我們從混音開始。是的，結果有好有壞。利潤率較去年同期下降的一個原因是，如果你還記得去年的話，那實際上是去年我們加速業務發展、業務發生巨大變革後留下的空白。

We weren't able to staff our labor as quickly as we needed to a year ago, October. So we overearned in quarter two, which I caution people about as we were lapping that even coming into this year. So I think that's probably what's in play with the margins more than just the overall health of the margins and the health of the business and the flow-through. So again, that's what's built in the run rate.

一年前的十月份，我們沒能及時招募到所需的勞動力。因此，我們在第二季度獲利超出了預期，但我提醒大家注意這一點，因為在今年年初，我們的獲利就已經超過了上一季。所以我認為，影響利潤率的可能不僅僅是利潤率的整體健康狀況、業務健康狀況和利潤傳遞情況。所以，這就是運行率中包含的因素。

The same with the restaurant expense. As our restaurants got busier, it took us a little bit to ramp up and get those expenses caught up with the new traffic levels. And we've continued to invest in the business and now we're lapping some of that. So I feel really good about the flow-through and the margin profile overall. So it's really strong and really healthy.

餐飲費用也是如此。隨著餐廳生意越來越好，我們花了一段時間才把營運成本調整到與新的客流量水準相符的水準。我們一直在持續投資這項業務，現在我們正在收回部分投資成果。所以我對整體的利潤率和利潤狀況都非常滿意。所以它非常強壯，也非常健康。

And if I take a step back and just look at the full year, I guided that I think we can improve restaurant-level margins 30 to 40 basis points even with the impacts of the storm that could put a little pressure on us. I still feel very confident in that number on growing the margins over time. So I feel like if there's any variability in the quarter to quarter, it's really back to some timing of expenses or investments and a little bit of seasonality, but I feel really good about margins overall.

如果我退後一步，只看全年的情況，我認為即使受到風暴的影響，餐廳層面的利潤率也可以提高 30 到 40 個基點，這可能會給我們帶來一些壓力。我仍然對利潤率隨時間增長的數字充滿信心。所以我覺得，如果季度之間有任何波動，那實際上都是由於支出或投資的時間安排以及一些季節性因素造成的，但我對整體利潤率感覺非常好。

Great question about CapEx. Really just taking a look at it at the midpoint of the year, we realize it's not necessarily because reimages are less expensive. We're still finalizing the scope of that. We are doing a few less than we originally planned.

關於資本支出，這是一個很好的問題。到了年中，仔細檢視一下，我們發現這不一定是因為重新成像比較便宜。我們仍在最終確定其範圍。我們實際完成的工作量比原計劃少一些。

I think the bigger nugget in there is we had a placeholder for maybe a potential new equipment rollout that now, after the teams have moved down a little bit further on that, we realized we aren't going to have a new big equipment rollout.

我認為其中更重要的訊息是，我們原本預留了一個位置，用於可能推出的新設備，但現在，在各隊進一步推進之後，我們意識到我們不會推出新的大型設備了。

So we went ahead and updated that in our forecast and just tightened it up a little bit. So plenty of capital out there. We're just tightening up the forecast.

因此，我們更新了預測數據，並稍微收緊了一些。所以市場上資金充足。我們只是在完善預測。

Okay. Thank you. That's helpful. And then, just on the margin, I guess I was referring to COGS, specifically. You had said it was, I think, 20 basis points unfavorable because of menu.

好的。謝謝。那很有幫助。然後，順便提一下，我指的是銷售成本（COGS）。我認為你之前說過，由於菜單的原因，不利因素是 20 個基點。

Okay. Thank you. So that is really -- what we're seeing is there's a lot of investments into the quality of the food that we're lapping. So ribs is very material investment we talked about. We were serving one-thirds ribs, and two-thirds, we did the big shift from imported ribs to domestic ribs. So that's just an example of we put a lot more of quantity and quality into the cost of sales line.

好的。謝謝。所以，我們看到的是，人們對我們所食用食物的品質進行了大量投資。所以，肋排是我們之前提到的非常重要的物質投資。我們之前供應的豬肋排有三分之一是進口的，後來三分之二是國產的。所以這只是一個例子，說明我們如何在銷售成本中增加數量和品質。

And so that's where I'm just saying, hey, you see a new run rate in cost of sales. It's a combination of we do have some more -- we still have commodity inflation in there, but then the investments we're making into that COGS line. And so that's what's hitting there.

所以，我只是想說，嘿，你會看到銷售成本出現了新的運行率。這是多種因素共同作用的結果，一方面我們還有一些——我們仍然面臨大宗商品通膨問題，另一方面我們對銷售成本（COGS）方面的投資也起到了作用。這就是那裡發生的情況。

And if you do mix into more expensive items, which is fine, that puts a little pressure there. You always have higher penny profit. But if you're selling more than more expensive one, there's some more cost of sales associated with that, too.

如果你混入一些更貴重的物品，這也沒關係，但這會給你帶來一些壓力。每分錢的利潤總是更高的。但是，如果你賣的是價格較高的產品，那麼也會產生一些額外的銷售成本。

Great. Thank you so much.

偉大的。太感謝了。

Thank you, Sara.

謝謝你，薩拉。

Jeff Bernstein, Barclays.

傑夫·伯恩斯坦，巴克萊銀行。

Great. Thank you. Kevin, I was intrigued by your prior comments on the restaurant level leadership model. I think you mentioned that you have a peer that successfully operates with a market partner, more of a market partner ownership model, more akin to maybe a franchise model, which you know well from past days.

偉大的。謝謝。凱文，我對你之前關於餐廳層級領導模式的評論很感興趣。我想你提到過，你的同儕與市場夥伴成功合作，採用的是市場夥伴所有權模式，更像是特許經營模式，你以前就很了解這種模式。

So I'm wondering if you could just -- any more color conceptually about the pros and cons versus the more traditional company-operated manager model that most of the industry uses. It does sound like maybe you're considering a shift.

所以我想知道您是否可以再從概念上更詳細地闡述一下這種模式相對於業內大多數企業採用的傳統公司營運經理模式的優缺點。聽起來你好像在考慮換工作。

I know others have talked about the potential to benefit retention, engagement, compensation. Just wondering if there's any more color in terms of how you would implement it. It would seem like that will be a material change to your economic model, but presumably more of an ownership structure for long-term further improvements. So any incremental color would be great. Thank you.

我知道其他人也談到了這可能對提高員工留任率、員工敬業度和薪資水平帶來的好處。想知道在具體實現方式上是否還有其他細節可以補充。這似乎會對你的經濟模式產生實質的影響，但想必更多的是一種所有權結構，旨在實現長期的進一步改進。所以任何遞增的顏色都可以。謝謝。

Yeah. Hey. Good morning, Jeff. So I think conceptually, all of the stakeholders are aligned that we want to do something here, like we believe that when we hear from the managers, they want to have more of a stake and ownership in the company, especially when they see with how the company has performed.

是的。嘿。早安，傑夫。所以我認為，從概念上講，所有利益相關者都一致認為我們想在這裡做些事情，例如我們相信，當我們聽到管理層的意見時，他們希望在公司擁有更多的股份和所有權，尤其是在他們看到公司業績表現之後。

We believe that it would be a good thing for them to have more ownership over the results, both in terms of their personal compensation as well as just how they run the restaurant. So I don't think anybody is really debating like, should we do it. It's really the how.

我們認為，讓他們對結果擁有更多自主權是一件好事，無論是在個人薪酬方面，還是在餐廳的經營方式方面。所以我覺得沒有人真正在爭論我們是否應該這樣做。關鍵在於如何實現。

And the challenge for us is when you benchmark the model that you were talking about earlier, they tend to pay lower base salaries and then, they put more into the variable comp, and that puts us in a difficult position because we're not going to lower base salaries and put it in the variable comp, that's not going to be received very well.

我們面臨的挑戰是，當你以你之前提到的那種模式為基準時，他們往往會支付較低的基本工資，然後把更多的錢投入到浮動薪酬中，這讓我們處境艱難，因為我們不會降低基本工資並將其投入到浮動薪酬中，這樣做不會受到歡迎。

So we've really got to figure out what's the how to do this in a way that is going to work for everybody, and not just hope that in the year that we make the change that people aren't upset about it because they would be because you're moving comp that you can be confident into something that's more variable. So we've got to figure out a way that wins for everybody and not just on one or two items. So that's what we're going to have to work through.

所以我們必須想辦法找到一種對每個人都適用的方法，而不是僅僅希望在我們做出改變的那一年裡，人們不會對此感到不滿，因為他們會不滿，因為你把原本可以充滿信心的薪酬體系變成了更加不穩定的東西。所以我們必須找到一種對所有人都有利的方法，而不僅僅是對一兩個方面有利。所以，這就是我們需要努力解決的問題。

At the same time, we still got a couple of years where we just got to continue to build scale and capability and the ability to own the restaurant. So that means building the best team, holding people accountable, making sure that you really are owning your restaurant in the facility.

同時，我們還有幾年的時間來繼續擴大規模、提升能力，並最終擁有這家餐廳。所以這意味著要組建最好的團隊，讓每個人都承擔責任，確保你真正擁有這家餐廳及其所在設施的所有權。

These are new muscles that quite frankly, you haven't asked these guys to do in a while that we've got to build up over time before we change any incentive structure. And I wish it was more simple and we could just flip a switch and replicate the models that we see that works, but we're just starting from a different place.

這些都是新的肌肉群，坦白說，你已經很久沒有要求這些人做這些動作了，我們需要花時間慢慢培養他們，然後再改變任何激勵機制。我希望事情能更簡單一些，我們只需撥動一個開關就能複製那些行之有效的模式，但我們是從不同的起點出發的。

Thank you.

謝謝。

Andrew Strelzik, BMO.

Andrew Strelzik，BMO。

Hey. God morning for taking the questions. I was wondering if you're seeing the mix of traffic growth shift between new customers and increasing frequency. And I guess, what I'm trying to think through is as you brought back all these new customers over the last couple of years, as you worked through the brand repositioning, is the opportunity mix between those two buckets evolving and how you potentially evolve the strategy to address the two buckets as you move forward?

嘿。早上好，感謝您回答問題。我想知道您是否注意到流量成長的組成正在發生變化，新客戶數量和客戶購買頻率都在增加。我想，我正在思考的是，在過去幾年裡，隨著你們重新定位品牌，吸引了這麼多新客戶，這兩個群體之間的機會組合是否正在改變？隨著你們繼續前進，你們可能會如何調整策略來應對這兩個群體？

Yeah. Hey, Andrew. It's Kevin. We don't see really a change in how we're doing this. It's pretty simple. It's like, number one, continue to have a great experience so that you don't leak guests. And so that's what we see on the frequency of existing guests that's not changing.

是的。嘿，安德魯。是凱文。我們並沒有看到我們做事方式的真正改變。很簡單。第一，要持續提供良好的體驗，才不會流失客人。所以，我們看到現有客人的入住頻率並沒有改變。

And then, use our world-class marketing and great value offer and great new positioning to drive new guests in. And so, if you're not leaking guests and you're bringing new guests in and then, they quickly are starting to look like existing guests in terms of their frequency pattern, that's a recipe for sustainable growth.

然後，利用我們世界一流的行銷、極具價值的產品和全新的市場定位，吸引新顧客。因此，如果你沒有流失客人，並且不斷吸引新客人，那麼這些新客人很快就會在光顧頻率方面與老客人相似，這就是可持續增長的秘訣。

So what I lean on my team is don't change that strategy, but we better have ideas every quarter to get better and better on the experience because that's the flywheel. We know the marketing guys can do it. They're doing it right now. They're continuing to just really reinvent the industry and what can be done with advertising and marketing, and hats off to them. So as long as we continue to improve our experience over time, there's no reason why this rolling won't stop.

所以我要求我的團隊不要改變這個策略，但我們最好每季都有新的想法來持續改善使用者體驗，因為這就是飛輪效應。我們知道市場部的人員能做到。他們現在正在這樣做。他們一直在不斷地重塑這個行業，以及廣告和行銷的運作方式，向他們致敬。所以，只要我們不斷改進使用者體驗，這種滾動式成長就沒有理由停止。

So I don't anticipate changing the strategy. It's just making sure that we continue to execute it quarter after quarter so we continue that because the key to this whole thing is having a great experience because that's going to both retain existing guests and stop the leak and be able to attract new guests because of the things that people are saying about our brand. And we're just going to continue to do that.

所以我預計不會改變策略。關鍵在於確保我們每季都能繼續執行這項計劃，因為這件事的關鍵在於提供良好的體驗，這樣既能留住現有客戶，又能阻止客戶流失，還能透過人們對我們品牌的評價來吸引新客戶。我們將繼續這樣做。

Okay. That's helpful. And one clarification. Last quarter, you talked about the earnings drag from Maggiano's. Can you share what that looks like through the back half of the year?

好的。那很有幫助。還有一點需要澄清。上個季度，你談到了Maggiano's餐廳對獲利的拖累。能否分享一下下半年的具體安排？

Andrew, that's me. So really, just what I would say is in the guidance that I gave, we haven't changed the expectations for Maggiano's very much. And so what we're expecting is their same-store sales will probably be in the negative mid-single-digit range for the back half of the year. So probably just more of the same on that. So if we get some more green shoots out of Maggiano's and I think we can start improving that, but they're still going to have a drag year over year in their margins.

安德魯，那就是我。所以，我真正想說的是，在我給予的指導意見中，我們並沒有對 Maggiano's 的期望做出太大的改變。因此，我們預期他們下半年的同店銷售額可能會出現個位數的負成長。所以，這方面可能還是老樣子。所以，如果我們能讓 Maggiano's 的經營狀況再有起色，我認為我們可以開始改善這種情況，但他們的利潤率仍然會逐年下降。

Okay. Thank you very much.

好的。非常感謝。

Okay. Thank you.

好的。謝謝。

We have reached the end of the question-and-answer session, and I will now turn the floor back over to Kim Sanders for closing comments.

問答環節到此結束，現在我將把發言權交還給金·桑德斯，請她作總結發言。

And that concludes our call for today. We appreciate everyone joining us and look forward to updating you on our third quarter fiscal 2026 results in April. Have a wonderful day. Thank you.

今天的通話就到這裡。感謝各位的參與，我們期待在四月向大家報告我們 2026 財年第三季的業績。祝您有美好的一天。謝謝。

Bye, everyone.

再見，各位。

Thank you. This concludes today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開電話線了，祝您有美好的一天。感謝您的參與。