Brinker International Inc (EAT) 2026 Q4 法說會逐字稿

Good day, and welcome to the Brinker Q4 F '26 earnings call. (Operator Instructions)

大家好，歡迎參加 Brinker 2026 財年第四季（Q4 F '26）財報電話會議。(接線員指示)

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.

現在我很榮幸把會議交給今天的主持人——投資人關係副總裁 Kim Sanders。女士，請開始。

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

謝謝你，Holly，各位早安，也感謝各位參加今天的電話會議。今天與我一同出席的有：Brinker International 執行長兼總裁、同時也是 Chili's 總裁的 Kevin Hochman；以及財務長 Mika Ware。我們第四季的業績已於今天稍早發布，並可在 brinker.com 的網站上查閱。照例，Kevin 與 Mika 將先就我們的策略性計畫與營運表現發表準備好的談話。接著我們將開放提問。

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.

在開始我們的談話之前，我想提醒各位注意我們關於前瞻性陳述的「安全港」聲明。在本次電話會議中，管理層可能會討論某些並非完全基於歷史事實的事項。任何此類事項均應被視為 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。所有此類陳述均受風險與不確定性影響，可能導致實際結果與預期存在重大差異。相關風險與不確定性因素在今天早上的新聞稿以及公司向美國證券交易委員會（SEC）提交的文件中有更完整的說明。

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，在本次電話會議中，我們也可能會提及某些非 GAAP 財務衡量指標；管理層在檢視業務時會使用這些指標，並相信它們能提供公司持續營運狀況的洞見。

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

那麼，接下來我把電話交給 Kevin。

Thank you, Kim, and good morning, everyone. Thank you for joining us as we discuss our financial and operating performance for the fourth quarter, as well as provide guidance for fiscal '27. Q4 Chili's same-store sales of plus 6% marked our 21st consecutive quarter of same-store sales growth and again significantly outpaced the industry. This strong result was rolling a plus 24% from last year and a plus 15% from two years ago for a three-year cumulative comp of 50%.

謝謝你，Kim，各位早安。感謝各位加入我們，一同討論第四季的財務與營運表現，並提供 2027 財年（fiscal '27）的指引。Chili's 第四季同店銷售成長 6%，這是我們連續第 21 個季度同店銷售成長，且再次顯著領先產業。這項強勁表現是在去年同店成長 24% 以及兩年前同店成長 15% 的高基期之上達成，使三年累計同店成長達 50%。

There are lots of different ways to look at our results, but the key conclusion is that Chili's turnaround is real. Fiscal '26 saw this brand increase its lead as the number one casual dining traffic brand, and the results are sustaining year after year. It's important to note in this difficult operating environment that instead of using precious resource and investments on initiatives to drive short-term sales, we at Chili's focus our resource for long-term sustainable growth, improving food service and atmosphere and the team member experience, as well as positioning our brand to be more relevant, easy and distinctive.

我們可以用很多不同方式來看待這些成果，但關鍵結論是：Chili's 的轉型確實成功。2026 財年，這個品牌進一步擴大其作為休閒餐飲（casual dining）客流量第一品牌的領先地位，而且成果年復一年持續展現。在這個艱難的營運環境中，值得強調的是：我們在 Chili's 並非把珍貴的資源與投資用在推動短期銷售的計畫上，而是將資源聚焦於長期、可持續的成長——改善餐點、服務與用餐氛圍，以及團隊成員的工作體驗，同時讓品牌更具關聯性、更容易選擇且更具差異化。

These experience improvements, coupled with our everyday value leadership represented by a per person average spend that is $3 to $4 below competition, are supporting a powerful flywheel of traffic, sales growth, margin expansion, and then reinvestment into our business. And this steady approach is why the business will continue to win.

這些體驗面的改善，再加上我們在日常價值上的領先——以每人平均消費比競品低 3 到 4 美元為代表——正在支撐一個強勁的飛輪：客流、銷售成長、利潤率擴張，進而再投資於我們的業務。而這種穩健的做法，正是我們的業務將持續勝出的原因。

The American consumer demands experience and great value, and they are showing up for those brands who consistently deliver that. Third-party syndicated data confirms Chili's continues to be ranked in the top tier across key measures, like value, quality, service, and overall experience. We still have room to improve, but our progress gives us confidence that we will sustain traffic gains and repeat business. We are very appreciative and proud that Chili's is one of the small handful of brands the American consumer trusts, and we're willing to increase their visits to. And we will work hard for our guests to maintain both our value leadership and improving our guest experience year after year.

美國消費者追求體驗與高性價比，而他們也確實會選擇那些能持續交付這些價值的品牌。第三方綜合數據顯示，Chili's 在價值、品質、服務與整體體驗等關鍵指標上，持續名列前段班。我們仍有進步空間，但目前的進展讓我們有信心能維持客流增長與回訪。我們非常感激也深感自豪，Chili's 是美國消費者信任、並願意增加到訪次數的少數品牌之一。我們也將持續為顧客努力，年復一年同時維持我們的價值領先地位，並持續提升顧客體驗。

Now I'll give some updates on the Chili's business. We're now four months post-Big Crispy launch, and we can share some more detail on how it's performing. The launch has been a success, overdelivering on our lofty estimates going in. We were selling 20 chicken sandwiches per restaurant per day pre-Big Crispy launch. By the end of Q4, we were selling 55 sandwiches per restaurant per day, an increase of 175%, and that number continues to build in the current quarter. For perspective, the Big Crispy is bigger than the '24 Big Smasher launch and the '25 Big QP launch. And as you all know, those were two very successful launches.

接下來我提供一些 Chili's 業務的最新進展。我們在 Big Crispy 上市後已經四個月，現在可以分享更多其表現細節。這次上市非常成功，成果超出我們原先相當高的預估。在 Big Crispy 上市前，我們每家餐廳每天大約賣出 20 份雞肉三明治。到第四季末，我們每家餐廳每天賣出 55 份三明治，成長 175%，而且這個數字在本季仍持續攀升。作為參考，Big Crispy 的規模超過 2024 年的 Big Smasher 上市，以及 2025 年的 Big QP 上市。各位也都知道，那兩次上市都非常成功。

The customer reviews and social media comments have been excellent, declaring Chili's victorious for size, price, value, and taste versus fast food. The Big Crispy is now a signature sandwich and another important chapter in our Better Than Fast Food story that will continue to position Chili's uniquely as a restaurant destination.

顧客評價與社群媒體留言都非常正面，認為相較於速食，Chili's 在份量、價格、價值與口味上都勝出。Big Crispy 現在已成為我們的招牌三明治，也是我們「比速食更好」（Better Than Fast Food）故事中的另一個重要篇章，將持續把 Chili's 以獨特方式定位為顧客的餐廳目的地。

In addition to culinary upgrades, our team continues to deliver world-class marketing to drive traffic. Q4 highlights include the successful Big Crispy launch, the remake of our famous 1985 Baby Back Ribs Jingle commercial featuring Popstar Lizzo, and a continued success with our Margarita of the Month program.

除了餐飲升級之外，我們的團隊也持續提供世界級的行銷來帶動客流。第四季亮點包括：成功推出 Big Crispy、重新製作我們著名的 1985 年 Baby Back Ribs 鈴聲廣告並由流行歌手 Lizzo 主演，以及我們「每月瑪格麗特」（Margarita of the Month）計畫的持續成功。

As a reminder, our marketing strategy is driving sales overnight and brand overtime. It's clear the marketing is driving sales, but they are also doing an amazing job of strengthening the brand's positioning over time. We are 2.5 years removed from the initial viral cheese pull in early '24, and YouGov's third-party data reported that Q4 was Chili's highest level of buzz across all cohorts ever recorded.

提醒各位，我們的行銷策略是在短期內推動銷售、在長期內打造品牌。很明顯行銷正在帶動銷售，同時他們也在隨時間推移強化品牌定位方面做得非常出色。距離 2024 年初最初的起司拉絲（cheese pull）爆紅事件已經 2.5 年，而 YouGov 的第三方數據顯示，第四季是 Chili's 在所有族群中有史以來最高的聲量（buzz）水準。

Chili's is everywhere. It continues to be America's hottest restaurant brand, and the sustained relevance of the brand proves this repositioning has legs beyond one social event.

Chili's 無所不在。它仍是美國最火熱的餐廳品牌，而品牌持續保持相關性也證明，這次重新定位的動能不僅僅來自單一社群事件。

Now let's talk about operations. We continue to focus our efforts on both removing friction as well as improving restaurant throughput as this is a key piece of our sustainable growth flywheel. In addition to listening to our managers' ideas on how to make operations easier, we now have the North of 6 team, our highest volume restaurant leaders to formally source ideas from two. I think the important thing to note is North of 6 leaders typically have the additional perspective of increasing throughput because of their incredibly high volumes. We recently made some very significant changes to free up managers' time to coach teams to be with guests on the floor.

接下來談談營運。我們持續把重點放在消除摩擦點以及提升餐廳出餐與接待效率（throughput），因為這是我們可持續成長飛輪中的關鍵一環。除了聆聽經理們對如何讓營運更容易的想法之外，我們現在也成立了 North of 6 團隊——由我們最高營收量的餐廳領導者組成——以更正式的方式從他們那裡蒐集想法。我認為重要的是，North of 6 的領導者通常因為其極高的營運量，而對如何提升 throughput 有額外的視角。我們最近做出一些非常重大的改變，以釋放經理的時間，讓他們能在現場與顧客互動的同時，指導團隊。

The first is the ruthless simplification of our shift line checks, a set of tasks the manager is mandated to perform to know their team is ready to take on guests. We have taken that by daily process down from eight pages to one page and freed up 30 minutes of manager time per day. Think about that as 22 years of manager time freed up annually across our system, and that's time much better spent side-by-side coaching their teams and in the dining room with our guests.

第一項是徹底簡化我們的交班線檢查（shift line checks）——這是一套經理必須執行的任務，用以確認團隊已準備好接待顧客。我們已將這個每日流程從 8 頁縮減到 1 頁，並每天為經理節省 30 分鐘。把這件事放大來看，等同於我們整個系統每年釋放出 22 年的經理工時，而這些時間更應該用在與團隊並肩教練式指導，以及在餐廳用餐區與顧客互動。

A second important change we made is upgrading hot schedules. Our tool managers used to schedule labor to make it easier to schedule the right number of team members per shift. We know the number one thing that can set up a shift for success is properly written labor schedules, and anything that makes the task easier to do correctly is a big win for our managers and improves our ability to take on more and more traffic.

我們做出的第二項重要改變，是升級 HotSchedules。這是經理用來排班人力的工具，讓每個班次更容易安排到正確數量的團隊成員。我們知道，讓一個班次成功的首要因素就是正確編排的人力班表；任何能讓這項工作更容易且更正確完成的改善，對經理而言都是重大勝利，也能提升我們承接越來越多客流的能力。

And lastly, the VPs of operations have chosen their obsession metric for fiscal year '27. This year, they have chosen traffic for a third year in a row, but have added a second metric, profit improvement. They chose a second to begin developing a stronger ownership culture on restaurant expense with things like R&M. We recently made profits a bigger percentage of their bonus structure, so it is even more important to field leadership to nail the flow-through of all the incremental sales.

最後，營運副總裁們已選定 2027 會計年度的「執念指標」。今年他們連續第三年選擇以來客量（traffic）為指標，同時新增第二項指標：獲利改善。他們之所以加入第二項指標，是為了開始培養對餐廳費用（例如維修與保養 R&M）更強的主人翁文化。我們最近提高了獲利在其獎金結構中的占比，因此對第一線領導而言，更重要的是要把所有增量銷售的利潤流入（flow-through）做到位。

Before I close out Chili's commentary, I do want to touch on one more important thing. Last quarter, I talked about a new initiative we have started with the objective of speeding up restaurant cycle time, meaning looking at everything that goes into the total time of kitchen prep and the dining experience and finding ways to remove time to serve as another traffic building block. Most cycle time improvements may seem small, but will continue to compound to make meaningful impacts as well as improve the guest and team member experience. Remember, this is about attacking anything that gets in the way of a smooth dining experience, which should also improve overall guest satisfaction.

在結束 Chili's 的說明之前，我還想再談一件重要的事。上季我提到，我們啟動了一項新計畫，目標是加快餐廳的循環時間（cycle time），也就是檢視廚房備餐與用餐體驗的整體耗時，並找出縮短出餐時間的方法，將其作為帶動來客量的另一個基石。多數循環時間的改善看似幅度不大，但會持續累積，帶來實質影響，同時也改善顧客與團隊成員的體驗。請記住，這是要針對任何阻礙順暢用餐體驗的因素進行攻克，而這也應能提升整體顧客滿意度。

The first of these initiatives have now been successfully rolled out. Supermarket simple for loyalty reward redemption. In the newly rolled out system, the guest simply puts the rewards telephone number into the Ziosk. And at the end of the meal, the discount that is available like free chips and salad is automatically removed from the check. Then the Ziosk tells the guests how much they save by being a rewards member, kind of like what happens when you put your loyalty number into the supermarket. The Ziosk software upgrade will reduce the manager time needed to resolve check issues, deliver faster table turns and more importantly, improve the guest dining experience.

其中第一批措施現已成功推行。就像超市一樣簡單的會員獎勵兌換。在新上線的系統中，顧客只需在 Ziosk 輸入會員獎勵的電話號碼。用餐結束時，可用的折扣（例如免費玉米片與莎拉）會自動從帳單中扣除。接著 Ziosk 會告訴顧客因為是會員而省了多少錢，就像在超市輸入會員號碼時的體驗一樣。這次 Ziosk 軟體升級將減少經理處理帳單問題所需的時間、加快翻桌，更重要的是，改善顧客的用餐體驗。

To summarize, Chili's long-term growth year after year is a result of deliberate set of choices we make to deploy resource and capital to improve the guest and team member experience while driving same-store sales now and over time. The traffic growth reinvestment flywheel continues to spin and create sustainable profitable growth.

總結來說，Chili's 長期逐年成長，源自於我們有意識地做出一系列選擇：部署資源與資本來改善顧客與團隊成員體驗，同時在當下與長期推動同店銷售成長。來客量成長的再投資飛輪持續轉動，並創造可持續的獲利成長。

Now I'll give a short update on Maggiano's. A reminder that given the success we've had focusing on Chili's, Maggiano's now only represents 8% of sales. For perspective, Chili's outside of the US, which is a licensed model is expected to deliver 4% of Brinker profits this fiscal, and that will actually surpass Maggiano's profit contribution.

接下來我簡要更新 Maggiano's 的情況。提醒一下，鑑於我們聚焦 Chili's 所取得的成功，Maggiano's 目前僅占銷售額的 8%。作為對照，Chili's 的美國以外業務採授權模式，預計本會計年度將貢獻 Brinker 利潤的 4%，而且實際上將超過 Maggiano's 的利潤貢獻。

While we are seeing some green shoots with financial results improvement and guest value scores, the turnaround at Maggiano's has been mixed. We've made progress on operational and culinary improvements, but some of that progress has been offset by losses with our core guests from our prior strategy.

雖然我們在財務表現改善與顧客價值評分方面看到一些初步回溫的跡象，但 Maggiano's 的翻轉進展仍然好壞參半。我們在營運與餐飲（culinary）改善上取得進展，但其中一部分進展被先前策略導致核心顧客流失所抵銷。

So while we're headed in the right direction, the turnaround is happening slower than we had planned. We think we're on the right strategy, but we need to be more focused on delivering a few important changes that can make the biggest impact. These updates are all contemplated in the fiscal '27 Brinker guidance we have provided today.

因此，雖然方向正確，但翻轉速度比我們原先規劃的更慢。我們認為策略是對的，但需要更聚焦於落實少數幾項能帶來最大影響的重要改變。這些更新都已納入我們今天提供的 2027 會計年度 Brinker 財測指引中。

Before I close, I want to share two weeks ago, we had our Annual General Managers Conference in Arlington, Texas. To summarize the event, the restaurant leaders are proud of their results, excited about the plans for fiscal '27, and ready to lead their teams for another year of growth significantly ahead of the industry. Because of their leadership and their success, almost 80% of GMs now earn more than $100,000 this past fiscal, and that number keeps growing annually.

在結束之前，我想分享兩週前我們在德州阿靈頓舉辦了年度總經理大會。總結這場活動：餐廳領導者為成果感到自豪，對 2027 會計年度的計畫感到振奮，並準備帶領團隊再度實現顯著領先同業的成長。因為他們的領導與成功，上一會計年度近 80% 的總經理年收入已超過 10 萬美元，而且這個比例每年都在增加。

Our stated goal to those GMs four years ago was to make their jobs more fun, easier and more rewarding, and you could sure feel that in the room that we have collectively delivered on that commitment. Manager turnover has been well ahead of the industry for years now, and now hourly turnover recently moved ahead of the industry, too.

四年前我們對這些總經理提出的目標，是讓他們的工作更有趣、更容易、也更有回報；而你在現場確實能感受到，我們共同兌現了這項承諾。多年間，經理離職率一直明顯優於同業；而最近，計時員工（hourly）離職率也開始優於同業。

We also recognized our GM of the Year, P.J. Tremblay, leader of the East Fort Myers Chili's and our Above Restaurant Leader of the Year, Dale Bullotta, the VP who leads our California region. I also want to recognize Dale's colleague, the legendary Vice President in the Northeast region, Todd Pierce, who was inducted into our Chili's Hall of Fame along with 35-year Director of Operations in South Florida, Tony Viola. Congratulations to all four of these amazing leaders, and thank you for your years of making guests feel special and leading our restaurant teams.

我們也表揚了年度總經理 P.J. Tremblay（東 Fort Myers Chili's 的領導者），以及年度「餐廳以上」領導者 Dale Bullotta（帶領加州區域的副總裁）。我也要表揚 Dale 的同事、東北區傳奇副總裁 Todd Pierce，他與在南佛州服務 35 年的營運總監 Tony Viola 一同入選我們的 Chili's 名人堂。恭喜這四位傑出的領導者，也感謝你們多年來讓顧客感到特別，並帶領我們的餐廳團隊。

To close, Chili's delivered another strong quarter, rolling very big numbers from the prior two years. The macro headwinds the industry is experiencing are still there, but Chili's is positioned to continue winning in this environment with improvements in food service and atmosphere, coupled with our industry-leading value. That formula has proven quarter after quarter to be resilient in driving traffic and outperforming the industry. And with all of the initiatives we have planned for fiscal '27 to continue improving the fundamentals, we are poised to have another year of profitable growth that significantly outpaces the industry.

最後，Chili's 在本季再度交出強勁成績，且是在前兩年基期數字非常高的情況下達成。產業仍面臨總體環境逆風，但 Chili's 透過餐飲服務與氛圍的改善，再加上我們領先業界的高性價比（value），已具備在此環境中持續勝出的定位。這套公式一季又一季證明其韌性，能推動來客量並跑贏同業。而隨著我們為 2027 會計年度規劃的各項計畫持續強化基本面，我們已蓄勢待發，將再度實現顯著超越同業的獲利成長。

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

接下來我把電話交給 Mika，請她帶大家回顧 2026 會計年度第四季的數字。Mika，請。

Thank you, Kevin, and good morning. As we close fiscal 2026, today's results highlight major milestones in Chili's growth journey. The completion of five consecutive years of same-store sales growth, positively lapping all four quarters of double-digit same-store sales growth this past fiscal year, including two quarters that were above 30%, two consecutive years of traffic gains, and average annual unit volumes increasing from just over $4.5 million at the end of last fiscal year to $5 million this year. Together, these results demonstrate the continued momentum and sustainability of our focus on the fundamental strategy.

謝謝你，Kevin，大家早安。在我們結束 2026 會計年度之際，今天的結果凸顯了 Chili's 成長旅程中的多項重要里程碑。包括：連續五年同店銷售成長；在本會計年度中，四個季度皆在雙位數同店銷售成長的高基期上再度正向超越（positively lapping），其中兩季超過 30%；連續兩年來客量成長；以及平均單店年營收（AUV）從上一會計年度末的略高於 450 萬美元提升至今年的 500 萬美元。綜合而言，這些成果展現了我們聚焦基本策略所帶來的持續動能與可持續性。

For the year, we reported total revenue growth of 7.9%, restaurant operating margin improvement of 30 basis points, and adjusted EPS growth of 20.6%.

全年來看，我們的總營收成長 7.9%，餐廳營運利潤率提升 30 個基點，調整後 EPS 成長 20.6%。

Turning to the fourth quarter. We continue to see strong year-over-year top-line growth, traffic well above industry averages, and restaurant margin expansion at Chili's. Brinker reported total revenues of $1.536 billion with consolidated comp sales of positive 5%. Our adjusted diluted EPS for the quarter was $3.07, up from $2.49 last year, a 23% increase. Chili's comps were positive 5.6% in the quarter, driven by price of 4.3% and positive traffic of 1.5%, partially offset by negative mix of 0.2%.

接著看第四季。我們持續看到強勁的年對年營收成長、顯著高於產業平均的來客量，以及 Chili's 的餐廳利潤率擴張。Brinker 公布總營收 15.36 億美元，合併同店銷售成長為正 5%。本季調整後稀釋 EPS 為 3.07 美元，高於去年同期的 2.49 美元，年增 23%。Chili's 本季同店銷售成長為正 5.6%，主要由 4.3% 的價格因素與 1.5% 的正向來客量帶動，部分被 -0.2% 的不利產品組合（mix）所抵銷。

Chili's continues to gain momentum through its strong everyday value platform, led by the success of the Big Smasher, the Big QP, and now the Big Crispy Chicken Sandwich. July sales and traffic have significantly accelerated versus the fourth quarter, further widening our lead over the casual dining industry.

Chili's 透過強大的日常高性價比平台持續累積動能，主要由 Big Smasher、Big QP，以及現在的 Big Crispy Chicken Sandwich 的成功所帶動。7 月的銷售與來客量相較第四季明顯加速，進一步擴大我們相對於休閒餐飲產業的領先優勢。

For Maggiano's, the brand reported comp sales for the quarter of negative 2.5% with negative 5.3% traffic, negative 0.1% of mix, partially offset by price of 2.9%. At the Brinker level, restaurant operating margins were 18%, a 20 basis points improvement year over year, primarily driven by sales leverage, partially offset by unfavorable food and beverage costs as well as higher advertising and insurance costs.

就 Maggiano's 而言，該品牌本季同店銷售為 -2.5%，來客量為 -5.3%，產品組合（mix）為 -0.1%，部分被 2.9% 的價格因素所抵銷。在 Brinker 層面，餐廳營運利潤率為 18%，年對年提升 20 個基點，主要由銷售槓桿帶動，但部分被不利的食品與飲料成本，以及較高的廣告與保險成本所抵銷。

Food and beverage costs for the quarter increased by 80 basis points, driven by 4.4% commodity inflation, primarily from higher beef cost, and a temporary spike in tomato prices following a late freeze in Florida. Tomato costs remained elevated longer than expected, but have since normalized and will not impact Q1 cost.

本季食品與飲料成本上升80個基點，主因為4.4%的大宗商品通膨，主要來自牛肉成本上升，以及佛羅里達州晚霜後番茄價格的短期飆升。番茄成本維持高檔的時間比預期更久，但目前已恢復正常，且不會影響第一季成本。

Labor for the quarter was favorable 90 basis points year over year. Top line sales growth offset wage rate inflation of approximately 3.1%, additional investments in labor and higher health insurance costs. Restaurant expenses for the quarter were favorable 10 basis points year over year with sales leverage and lower repairs and maintenance costs, partially offset by higher advertising costs and general inflation impacting expenses such as utilities, rent, to-go supplies, and delivery fees. Advertising expenses for the fourth quarter were 3% of sales and increased 20 basis points year over year to help support the rollout of the Big Crispy Chicken Sandwich campaign.

本季人力成本較去年同期有利90個基點。營收成長抵銷了約3.1%的薪資率通膨、額外的人力投入以及更高的健康保險成本。本季餐廳費用較去年同期有利10個基點，受惠於銷售槓桿與較低的維修保養成本，但部分被較高的廣告費用及影響公用事業費、租金、外帶用品與外送費等支出的整體通膨所抵銷。第四季廣告費用占銷售額3%，較去年同期增加20個基點，以支持「Big Crispy Chicken Sandwich」行銷活動的推出。

G&A for the quarter came in at 3.9% of total revenues, 10 basis points favorable to prior year due to sales leverage and lower performance bonus accruals, partially offset by an increase in restaurant center support resources. Depreciation and amortization for the quarter came in at 3.6% of total revenues and decreased 40 basis points year over year due to sales leverage and the lapping of accelerated depreciation from the prior year due to the retirement of the CTX and Impinger ovens.

本季一般及行政費用（G&A）為總營收的3.9%，較去年同期有利10個基點，主要因銷售槓桿與較低的績效獎金提列，部分被餐廳中心支援資源增加所抵銷。本季折舊與攤銷為總營收的3.6%，較去年同期下降40個基點，主要因銷售槓桿，以及去年因汰換CTX與Impinger烤箱而產生的加速折舊已不再重複。

Fourth quarter adjusted EBITDA was approximately $228 million, a 7.1% increase from prior year. Our adjusted tax rate declined year over year to 17.6% from 19.5%, primarily due to a benefit from our state income tax filing adjustments and a higher benefit from the FICA tip credit. Capital expenditures for the quarter were approximately $58.3 million, driven by capital maintenance spend.

第四季調整後EBITDA約為2.28億美元，較去年同期成長7.1%。我們的調整後有效稅率較去年同期由19.5%降至17.6%，主要受惠於州所得稅申報調整帶來的利益，以及FICA小費抵免帶來的更高利益。本季資本支出約為5,830萬美元，主要由資本維護支出所帶動。

In our new Chili's reimage program, we completed a total of 11 reimages in fiscal 2026. Based on the learnings from these restaurants, we plan to complete another 60 to 80 during fiscal '27. In fiscal '28, we will start a planned cadence of 10% of the fleet annually.

在我們新的Chili's門店重塑（reimage）計畫中，我們於2026會計年度共完成11家重塑。根據這些餐廳的學習成果，我們計畫在2027會計年度再完成60至80家。在2028會計年度，我們將開始按計畫以每年約10%的門店比例推進。

Regarding new unit growth plans, our growth will be modest in fiscal '27, but we already have sites in the pipeline to ramp up significantly in fiscal '28, with expectations for our new run rate to be in place for fiscal '29. We expect to share more details on our strategy and plans at our September 17 Investor Day.

關於新店成長計畫，我們在2027會計年度的成長將較為溫和，但我們已在開發管線中布局據點，可在2028會計年度顯著加速，並預期在2029會計年度形成新的常態化開店速度。我們預計在9月17日的投資人日分享更多策略與計畫細節。

Our strong free cash flow provides sufficient liquidity to maintain our disciplined capital allocation strategy, allowing us to invest in our restaurants, keep debt levels low, and return excess cash to shareholders. We continue to support this approach by repurchasing $100 million of common stock under our share repurchase program in the fourth quarter, bringing our total for the year to almost $400 million.

我們強勁的自由現金流提供充足流動性，以維持我們嚴謹的資本配置策略，使我們能投資於餐廳、保持較低負債水準，並將多餘現金回饋股東。我們持續以此方式推進：第四季在股票回購計畫下回購1億美元普通股，使全年回購總額接近4億美元。

In support of our capital allocation strategy, our Brinker Board of Directors authorized additional amounts under our current share repurchase program in August, bringing the total amount available to $750 million. Subsequent to year-end, we redeemed our outstanding $350 million, 8.25% bonds using the liquidity on our $1 billion revolver, which will provide interest expense savings in fiscal 2027 and the flexibility to continue to reduce leverage, if we choose.

為支持我們的資本配置策略，Brinker董事會於8月核准在現行股票回購計畫下增加授權額度，使可用總額提高至7.5億美元。在年度結束後，我們使用10億美元循環信貸（revolver）的流動性赎回未償還的3.5億美元、票面利率8.25%的債券，這將在2027會計年度節省利息費用，並在我們選擇的情況下提供持續降低槓桿的彈性。

In this morning's press release, we shared that fiscal '27 guidance includes a 53rd operating week in the fourth quarter. We estimate the impact of the additional operating week to be an increase of approximately 2% in total revenues and $0.70 in incremental earnings per share.

在今天早上的新聞稿中，我們提到2027會計年度的財測包含第四季的第53個營運週。我們估計新增營運週的影響為：總營收約增加2%，每股盈餘（EPS）增量約0.70美元。

Regarding the guidance, we expect F '27 annual revenues in the range of $6.15 billion to $6.27 billion, adjusted diluted EPS in the range of $12.60 to $13.40, weighted average shares in the range of 42 million to 43 million, and capital expenditures in the range of $265 million to $285 million.

就財測而言，我們預期2027會計年度全年營收介於61.5億至62.7億美元之間，調整後稀釋每股盈餘介於12.60至13.40美元之間，加權平均股數介於4,200萬至4,300萬股之間，資本支出介於2.65億至2.85億美元之間。

Assumptions underlying this guidance include planned commodity and wage inflation in the low-single digits, with commodity inflation higher in the first quarter before moderating as the year progresses, a tax rate of approximately 19%, and three net new company-owned restaurant openings.

此財測的假設包括：大宗商品與薪資通膨規劃為低個位數，其中大宗商品通膨在第一季較高，並隨年度推進而趨緩；稅率約19%；以及新增3家淨新開的公司自營餐廳。

Guidance also contemplates the planned acquisition of 12 Chili's franchise restaurants located in Alabama and Mississippi, including the real estate of 6 of the locations. The transaction is expected to close at the end of August.

財測亦納入計畫收購位於阿拉巴馬州與密西西比州的12家Chili's加盟餐廳，其中包含6個據點的不動產。該交易預計於8月底完成交割。

As previously mentioned, fiscal '27 is off to a strong start in July and August, and we are confident our plans will enable us to continue to significantly outperform the industry in both sales and traffic while delivering another consecutive year of same-store sales growth.

如先前所述，2027會計年度在7月與8月開局強勁，我們有信心我們的計畫將使我們在銷售與來客數（traffic）兩方面持續顯著優於產業，同時再度實現同店銷售成長的連續年度表現。

Before I wrap up, I'll just say this. The results we delivered this year give us a lot of confidence in where Chili's is headed. The strategy is working, and we believe there's still plenty of runway ahead. We'll keep building on the momentum by bringing in new guests, giving them more reasons to come back, and staying focused on the things that matter most, strong execution in our restaurants, great value, and world-class marketing and innovation. I look forward to providing further details at our upcoming Investor Day scheduled in Dallas for Thursday, September 17.

在我結束之前，我只想說這點。我們今年交出的成果，讓我們對Chili's的發展方向充滿信心。策略正在奏效，我們相信前方仍有很大的成長空間。我們將持續乘勢而上，吸引新顧客、提供更多回訪理由，並專注於最重要的事情：在餐廳端的強力執行、卓越的價值，以及世界級的行銷與創新。我期待在9月17日（週四）於達拉斯舉行的投資人日提供更多細節。

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

我們的評論到此結束，我把電話交回給Holly來主持問答。Holly？

(Operator Instructions) Dennis Geiger, UBS.

(接線員指示) Dennis Geiger，瑞銀（UBS）。

Congrats on another great quarter and year, guys. I wanted to ask a bit more on fiscal '27 guidance. I know we can back into select items, but anything more to share on specific assumptions for Chili's same-store sales for the year?

恭喜各位又交出一個很棒的季度與年度表現。我想再多問一些關於2027會計年度財測的問題。我知道我們可以回推部分項目，但就Chili's全年同店銷售的具體假設，是否能再多分享一些？

And then just shifting over to margins and earnings flow-through, helpful with the inflation, but anything more on some of the key pieces there as far as reinvestment opportunities go maybe versus prior years?

另外，轉到毛利率與獲利流入（flow-through）方面，通膨的背景很有幫助，但在關鍵構成上，關於再投資機會（可能相較於過往年度）是否還有更多可分享的內容？

Sure. So what we've done and what's implied in this guidance is we built in a little bit of upside for July. But basically, for the remainder of the year, we have assumed mid-single digit same-store sales and positive traffic for Chili's. So we feel really confident that we can continue to deliver those results. If this momentum continues that we started in the beginning of this fiscal year, there's absolutely opportunity to exceed those expectations, but that is what we have built into the guidance.

好的。我們所做的、以及這份財測所隱含的是：我們把7月的些許上行空間納入了假設。但基本上，對於今年剩餘期間，我們假設Chili's同店銷售為中個位數成長，且來客數為正成長。因此我們非常有信心能持續交出這樣的成果。如果我們在本會計年度初所展現的動能能延續下去，確實有機會超越這些預期，但這就是我們納入財測的假設。

As far as the margins go and the flow-through, we are very protective of our value proposition. We've been very mindful of that. We are very aware of driving positive traffic over time. So we have built in inflation. I talked about the inflation for commodities and for labor.

就毛利率與獲利流入而言，我們非常重視並保護我們的價值主張。我們一直非常謹慎地看待這點。我們也非常清楚，長期而言要推動來客數正成長。因此我們已將通膨納入考量。我也談到了大宗商品與人力的通膨。

There's also some inflation in some other pieces of the P&L. For example, we have some inflation in rent. We have some inflation in advertising, inflation in our insurance costs. So we've been just really mindful of baking in all those expenses and making sure that we're not putting too much pressure on the guest and the pricing strategy on the top line. So we feel really good about the numbers that we've built in.

損益表（P&L）的其他部分也存在一些通膨。例如，租金有一些通膨。廣告也有一些通膨，保險成本也有通膨。因此我們非常謹慎地把所有這些費用都納入，並確保不會在顧客端與營收端的定價策略上施加過大壓力。所以我們對所納入的數字感到非常滿意。

I think we've been very, very conservative about the inflation that we put in. So we feel good about delivering the results in the double-digit EPS that we promised.

我認為我們對於納入的通膨假設一直非常、非常保守。因此我們有信心能交出我們承諾的雙位數EPS成果。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Congrats on the accelerating sales. I had a question about that. I wonder what reasons you would give for this pretty big acceleration you're seeing in July and August. I've heard a lot of theories, but would love your analysis. And what part or parts do you think are more clearly not sustainable in your mind?

恭喜銷售加速成長。我有個相關問題。我想知道，對於你們在7月與8月看到這麼明顯的加速，你們會給出哪些原因？我聽過很多種理論，但很想聽聽你們的分析。另外，你認為其中哪些部分在你看來比較明顯是不可持續的？

Yeah. So we've seen lifts like this in the past during this turnaround, David. And like what we've seen to be is we bring people in and then it just kind of becomes their habit, and we just don't look back. So to answer your question more specifically about what we think is driving it right now, number one is chicken sandwich. So the chicken sandwich continues to build.

是的。David，在這次轉型期間，我們過去也看過類似的拉升。我們觀察到的是，我們把人吸引進來之後，這就會逐漸變成他們的習慣，然後我們就不再回頭。更具體回答你現在問的、我們認為目前驅動因素是什麼：第一是雞肉三明治。雞肉三明治的動能仍在持續累積。

It's doing everything that we thought it would do. It was part of our plan to continue the better than fast food campaign, continue to drive our value leadership in the industry, but most importantly, continue to give the guest unbelievable abundant value that tastes great, and that's exactly what it's doing. We've had a couple of other things that happened from a social standpoint. So we had some pretty good success with our Bombshell Marg, which was the Margarita of The Month in July that we saw some younger guests come in for. And then we also seized upon a social media thing that we did not do.

它的表現完全符合我們原先的預期。它是我們計畫的一部分：持續推進「比速食更好」的行銷活動，持續強化我們在產業中的價值領導地位，但最重要的是，持續為顧客提供令人難以置信、份量十足且美味的超值體驗，而它確實正在做到這一點。另外，從社群層面也發生了幾件事。我們的 Bombshell Marg 在7月作為「當月瑪格麗特」取得了相當不錯的成功，吸引了一些較年輕的顧客進店。然後我們也抓住了一個我們原本沒有主動發起的社群媒體話題。

So guests started asking for Molten's on top of skillet cookies. The marketing team wanted to get after it immediately and we said, hey, let's make sure we're operationally ready to do that before we turn that on. So we were hard at work making sure we had the proper supplies on cookies and Molten's and ice cream. And then we recently put that into the business, allowing the service have keys to ring it up properly as well as train the teams on how to make it consistently versus just looking at social media and how to make it. And that's also been very successful.

也就是顧客開始要求在鐵鍋餅乾上加 Molten's。行銷團隊想立刻跟進，但我們說，嘿，在正式推出之前，先確保我們在營運上已經準備就緒。所以我們積極確保餅乾、Molten's 和冰淇淋的供應充足。接著我們最近把這項產品正式導入營運，讓前場服務人員能用系統正確點單，同時也訓練團隊如何穩定一致地製作，而不是只看社群媒體學怎麼做。而這也非常成功。

It's actually reversed our incidence decline on desserts between that and then also upgrading a couple of our other desserts. So we feel like it's just a collection and then obviously, the continued operational initiatives on removing friction and improving throughput. They're very hard things to pinpoint because like I said in my prepared comments, the throughput stuff is a collection of small things that add up.

實際上，這件事加上我們也升級了其他幾款甜點，已經扭轉了甜點品項發生率下滑的趨勢。所以我們覺得這是一連串因素的綜合，當然也包括持續推進的營運措施：降低摩擦、提升出餐與接待效率（throughput）。這些很難精準歸因，因為就像我在事先準備的發言中提到的，throughput 的改善是許多小事情累積起來的結果。

But like, for example, when you make the reduction of our loyalty rewards supermarket simple and it reduces the number of times the manager has to come and change checks, that turns tables faster. And we know, especially on the weekend, turning tables is traffic in the till.

但例如，當你把我們的會員獎勵兌換大幅簡化，減少經理需要過來改帳單的次數，就能讓翻桌更快。而我們知道，尤其在週末，翻桌速度就是收銀機裡的來客量。

So it's a collection of all the things that we're doing. And we've been relatively consistent continuing to deliver comps on top of comps on top of comps and it's because our strategy is built to just continue to plow through all of this.

所以這是我們正在做的所有事情的綜合。而且我們相對一致地持續交出同店成長、在同店成長之上再叠加同店成長，原因在於我們的策略就是為了持續把這些事情一路推進到底。

Jeff Farmer, Gordon Haskett.

Jeff Farmer，Gordon Haskett。

Mika, what is your expectation for the restaurant level margin in '27? And how should we be thinking about the benefit from the 53rd week?

Mika，你對於2027年的餐廳層級利潤率（restaurant level margin）有什麼預期？另外，我們應該如何看待第53週帶來的效益？

That's a great question. So what I would say on a 52-week basis, I'm going to expect 20 to 40 basis points of margin improvement. Depending on where it falls in that range, the 53rd week could get you up to 50 basis points of margin improvement year over year. So that's where we are now, Jeff.

這是個很好的問題。我會說，以52週為基礎，我預期利潤率會改善20到40個基點。視落在該區間的哪個位置，第53週可能讓你在年對年比較上，最多增加到50個基點的利潤率改善。所以目前我們的看法就是這樣，Jeff。

Okay. And then just one more quick one. As it relates to the -- it sounds like you guys have made the change in the compensation structure for the restaurant level manager. How are you guys thinking about the impact that would have on the business?

好的。再一個很快的問題。關於——聽起來你們已經調整了餐廳層級經理的薪酬結構。你們如何看待這對業務可能造成的影響？

Yeah. So a couple of things to answer that question, Gordon -- I'm sorry, Jeff. So number one, we're trying to simplify the amount of reports and the measurements that the managers use so that they can focus more on the behaviors, which is in terms of coaching the team members as well as being in the dining room with the guests. So they're still going to have access to the GWOP metric, and they'll be able to see it like on a weekly basis, and they'll be able to get verbatims from guest comments.

是的。回答這個問題有幾點，Gordon——抱歉，Jeff。第一，我們正試著簡化經理使用的報表與衡量指標數量，讓他們能更專注在行為面，也就是教練式帶領團隊成員，以及在用餐區與顧客互動。他們仍然可以使用 GWOP 指標，並能以每週的頻率查看，也能看到顧客評論的逐字回饋（verbatims）。

And we're going to use AI to help cultivate that for them so they don't have to go through all of the verbatims. But we're not going to give them GWOP per shift on a daily basis because we found that they were kind of overly consumed with the daily metric. They were using that more often with their teams, posting them up and the team members didn't feel great about it.

我們會用 AI 來協助他們整理與萃取，讓他們不必逐一閱讀所有逐字回饋。但我們不會再每天以每個班次提供 GWOP，因為我們發現他們有點過度被每日指標牽著走。他們更常把這個指標拿來對團隊使用、張貼出來，而團隊成員對此感受並不好。

nd so even though we've been making incredible progress on GWOP, the guests with the problem, we felt like it was taking them away from the things that we wanted to do. So we're not going to have them look at it on a daily basis. We removed that from the bonus.

因此，即便我們在 GWOP（有問題的顧客）方面已取得驚人的進展，我們仍覺得這讓他們偏離了我們希望他們去做的事情。所以我們不會讓他們每天都去看這個指標。我們也把它從獎金計算中移除了。

The bonus is totally focused now on sales and profits. We did codesign this with them. We started with our Vice President of Operations, and we trickled it down. And overall, the feedback has been incredibly positive.

現在獎金完全聚焦在銷售與利潤。這套制度是我們與他們共同設計（codesign）的。我們從營運副總裁開始推動，並逐層向下推展。整體而言，回饋非常正面。

It's like, hey, we can focus on the behaviors that we need to focus on and we don't necessarily have to look at this thing and be consumed with reporting. We also dramatically simplify the reports that they get on a daily basis. We've got kind of this laundry list of reports down to two main reports that help them with throughput, labor scheduling and some other key things like guest metrics that they need to be able to see. So I feel like that that change is going to make them focus, number one, most importantly, on the behaviors to deliver a great guest experience.

大家的感覺是：我們可以專注在需要專注的行為上，而不必一直盯著報表被數據牽著走。我們也大幅簡化他們每天收到的報表。我們把一長串報表縮減為兩份主要報表，協助他們管理 throughput、排班與人力，以及其他他們需要掌握的關鍵事項，例如顧客指標。所以我認為這項改變會讓他們更聚焦：第一、也是最重要的，是聚焦在能帶來優質顧客體驗的行為上。

And then number two, because profits are a higher percentage of their total bonus, we think that's going to help us with that middle of the P&L to be able to flow through more of the dollars that we get with incremental sales.

第二，因為利潤在他們總獎金中的占比更高，我們認為這將有助於我們在損益表（P&L）中段的改善，讓增量銷售帶來的更多美元能夠更有效地流入利潤。

And it doesn't mean we're not going to continue to invest in the business. So Mika talked about that in the prepared comments, but we feel like this is just a continuation of dramatic simplification in order to allow the restaurant teams to do their job, which is making guests feel special.

這並不代表我們不會繼續投資於業務。Mika 在事先準備的發言中也提到這點，但我們認為這只是持續「大幅簡化」的一部分，目的是讓餐廳團隊能做好他們的工作——也就是讓顧客感到被重視、很特別。

Andrew Strelzik, BMO.

Andrew Strelzik，BMO。

And maybe following up on that last answer. If you feel like you're going to be able to get more flow-through because of the change in the compensation structure, why is 20 to 40 basis points still the right starting point for margin expansion?

我想接續剛才那個回答追問一下。如果你們覺得因為薪酬結構的改變，能帶來更高的利潤流入（flow-through），那為什麼利潤率擴張的起點仍然是20到40個基點才合理？

So Andrew, I'll start with that. So like I said, 20 to 40 basis points is what we have built in the model. And again, we've been very mindful of how much price we're taking. So our pricing strategy had been 3% to 5%. We're on the lower end of that.

Andrew，我先回答這個。就像我說的，20到40個基點是我們在模型中納入的假設。而且我們一直非常謹慎地控制提價幅度。我們的定價策略原本是3%到5%。我們目前在這個區間的較低端。

And we actually have just a lot of inflationary pressure. So I talked about the commodities even though they're in the low-single digits, that's going to start at the beginning of the year.

而且我們確實正面臨相當大的通膨壓力。所以我談到大宗商品，即使目前是個位數低檔，這個情況會從年初開始出現。

Probably I'm going to give you some nice round numbers where commodities will probably be 4% in Q1, 3% inflation in Q2, 2% inflation in Q3 and 1% in Q4. That's what we're modeling now. So we do have a little bit of earlier pressure on that.

我大概會給你一些好記的整數，大宗商品通膨可能在第一季是4%，第二季3%，第三季2%，第四季1%。這是我們目前在模型中所做的假設。所以在這方面，我們確實會在較早期承受一些壓力。

Also, we've had some inflation in some other areas such as insurance, such as delivery fees, things like that, we've built in that we're not necessarily passing all the way through to the guest. So we've been very mindful of driving long-term traffic over time.

另外，我們在其他一些領域也看到通膨，例如保險、外送費等，我們已把這些納入假設，但不一定會完全轉嫁給顧客。因此我們一直非常謹慎，著眼於長期逐步帶動來客量。

When I take a step back and just look at the whole model, we know if we deliver mid-single digit same-store sales over time, we delivered 20 to 40 basis points of margin improvement and we deliver double-digit EPS growth that we're going to deliver significant earnings and growth to the shareholders and if we can deliver those consistently over time. So we're not as concerned. We don't want to overpressure the guest in the short term. You've heard a lot of our competitors have that same mindset where you don't want to overprice the guest right now. We have a lot of inflation that we're facing.

當我退一步、只看整體模型時，我們知道只要長期能做到中個位數的同店銷售成長、帶來20到40個基點的利潤率改善，並實現兩位數的EPS成長，我們就能為股東帶來可觀的獲利與成長，而且如果能長期穩定做到。所以我們沒有那麼擔心。我們不希望在短期內對顧客施加過多壓力。你也聽到很多競爭對手有同樣的想法：現在不希望把價格訂得太高。我們正面臨很多通膨。

So we're being more conservative in those assumptions. Now as the year progresses out, if our sales exceed our expectations or some of those inflation assumptions are a little bit less, I think we have the opportunity to outperform those metrics. But that's what we have guided in and worked in the model for now to start the year.

因此我們在這些假設上採取更保守的作法。隨著年度推進，如果我們的銷售超出預期，或某些通膨假設低於預估，我認為我們有機會優於這些指標。但目前在年初，我們的指引與模型就是先以這些為基礎。

Got it. Okay. That makes sense. And maybe if I zoom out on the margins, obviously, you transformed the restaurant level margins of the business. Is there a level at which you think about kind of shifting how much flows through versus how much you reinvest kind of like a ceiling on restaurant margins for this business over time as you kind of continue to make these continuous improvements, how you think about that?

了解。好。這很合理。另外如果我把視角拉遠看利潤率，顯然你們已經改造了公司餐廳層級的利潤率。長期來看，當你們持續做這些持續性的改善時，你們是否會在某個水準上思考：有多少直接流入利潤、又有多少要再投資？也就是說，對這個業務的餐廳利潤率是否存在某種「天花板」，你們怎麼看？

Andrew, that is also an excellent point that I should have made, too. So as you called out, we had, since this turnaround started, over 600 basis points of margin improvement over time. So we've significantly improved the margin profile of this business. Now that is a reason why because we have an investor growth strategy that as we move forward, you're going to see the margin growth moderate a little bit. And really, what that means is, we're not trying to flow through every dollar.

Andrew，這也是一個我應該補充的非常好的觀點。如你所指出，自從這次轉型開始以來，我們長期累計已改善超過600個基點的利潤率。所以我們已大幅改善這個業務的利潤結構。而這也是為什麼，因為我們有一個投資人導向的成長策略，往前走你會看到利潤率的成長會稍微趨緩一些。實際上這代表的是：我們不打算讓每一塊錢都完全流入利潤。

We're trying to make sure that we're mindful to invest back in food service and atmosphere. What that means is, we are investing back in the guest experience, the team member experience, and we don't want to overprice the guest, and we want to make sure we continue to make that value proposition as strong as it can be because we know that is the secret to driving positive traffic over time. There's not a cap. I said all that, and you did say is there a cap. We do think if we continue to grow the top line in the AUVs, we still think we can expand it.

我們要確保會有意識地把資金再投資到餐飲服務與用餐氛圍上。也就是說，我們會再投資於顧客體驗、團隊成員體驗；我們不希望把價格訂得讓顧客有壓力；並且要確保我們的價值主張能夠盡可能強，因為我們知道那是長期帶動正向來客量的關鍵。並沒有一個上限。我講了這麼多，而你確實問了是否有上限。我們確實認為，只要我們能持續把AUV（單店平均營收）的營收端做大，我們仍然可以擴大利潤率。

It's just not going to be as material as it has been during this turnaround. So there will be a point as the AUVs grow. But right now, we still have plenty of capacity. Our restaurants are only at 80% capacity of our historical guest count. So we have plenty of capacity to continue to grow traffic and grow some margin.

只是它不會像這次轉型期間那樣顯著。所以當AUV成長到某個程度時，會出現一個拐點。但就目前而言，我們仍有很大的空間。我們的餐廳目前的來客數只達到歷史水準的80%。因此我們仍有充足的容量，能持續提升來客量並帶動一些利潤率成長。

And just one thing I would add is like when we first started this turnaround, what I told the leadership team was, boy, we were like at $3 million AUVs, like we just get the $4 million AUVs, like we'll have enough labor to service the guests. We'll have better restaurant margins, like we'll have enough money to pull back into the business and that happened. And now we're getting to -- we're at $5 million now. And you just get more of that. And at the end of the day, when we study these North of 6 restaurants, they have dramatically higher margins than the balance of the system.

我還想補充一點：當我們剛開始這次轉型時，我對領導團隊說的是，哇，我們當時AUV大概在300萬美元左右，只要做到400萬美元AUV，我們就會有足夠的人力來服務顧客。我們會有更好的餐廳利潤率，也會有足夠的資金再投入到業務中，而這確實發生了。而現在我們正在走向——我們現在已經到500萬美元了。你就會得到更多這樣的效益。而且歸根結底，當我們研究那些AUV超過600萬美元的餐廳時，它們的利潤率明顯高於系統內其他餐廳。

So as long as we continue to invest in the business and grow those AUVs and delight the guests, good things will happen with margin. And every year, we start out the year with a pretty reasonable guidance on our margin growth, but then we've blown through it. We've blown through it because we keep delivering on the top line because we're winning with the guests. So I don't know why we would change that approach. And I would expect that, if we deliver on the upside on sales based on the acceleration that we've seen in the first part of the year, then I would expect to see that also expand on restaurant margin.

所以只要我們持續投資於業務、提升AUV並讓顧客感到驚喜，利潤率就會有好的結果。而且每一年，我們在年初對利潤率成長都給出相當合理的指引，但之後我們都超越了。我們之所以能超越，是因為我們持續在營收端交出成果，因為我們贏得了顧客。所以我不知道我們為什麼要改變這個做法。我也預期，如果我們基於年初以來看到的加速趨勢，在銷售上交出超預期表現，那我也預期餐廳利潤率會同步擴張。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

The first, I think, housekeeping and the second may be a little bit more important. In terms of the remodels at 60 to 80 units, I know you've looked at a number of different packages in terms of what you would spend per unit. Where are we kind of landing in '27 on a per remodel basis? And is that the right number to assume going forward as well with normal type of inflation?

第一個我想算是例行問題，第二個可能更重要一些。關於60到80家門店的改裝，我知道你們針對每家店的投入金額評估過多種不同方案。在2027年，我們大概會落在每家改裝多少成本？而且在考慮一般通膨的情況下，這個數字是否也適合作為未來的假設？

So John, that's a number that we're still finalizing right now. But what I will tell you is we have taken our capital guidance up. The majority of that increase year over year is due to the reimages, and we said we're going to do between $60 million and $80 million. So you'll get an estimate there. We're continuing to refine that number.

John，這個數字我們目前仍在最後定案中。但我可以告訴你的是，我們已上調資本支出指引。其中年對年增加的大部分是因為門店重塑（reimage），而我們說過會做6000萬到8000萬美元。所以你可以從那裡推算出一個估計值。我們仍在持續精煉這個數字。

We're going to talk about it on Investor Day and give some more details around it then. But I'm pretty happy with the number. The first 250 are probably a little bit elevated because we've talked about those being some of the 911 restaurants that probably need a little bit of extra love. They also have -- a lot of those are older prototypes. And some of the early reimages, if they have the lower ceilings in the bar, we do an extra step where we open up the bar and actually remove a wall.

我們會在投資人日談到這件事，並在當時提供更多細節。但我對這個數字相當滿意。前250家可能會稍微高一些，因為我們提過其中一些是所謂的「911」餐廳，可能需要多一些關照。此外，很多店是較舊的原型店。而且一些早期的重塑案，如果酒吧區天花板較低，我們會多做一步：把酒吧打開，實際上會拆掉一面牆。

So that also has an incremental cost. So over time, I think this number is going to continue to evolve and come down as we get more scale and then we kind of work through the balance of the system. But again, more details on Investor Day, but the bulk of that increase in the year-over-year CapEx is for the reimage.

所以這也會帶來額外成本。因此隨著時間推進，我認為這個數字會持續演變，並在我們規模擴大、以及逐步完成系統內其餘門店後而下降。但同樣地，更多細節會在投資人日說明；而年對年資本支出增加的主要部分，就是用於重塑（reimage）。

Well, we're definitely looking forward to the 17th. Okay. So let me ask another question on the menu. We've talked in the past about maybe opportunity, maybe today wouldn't be the time, but we talked about the opportunity to kind of relaunch salads, bowls, maybe improving steak to kind of take another modern re-hit at the Guiltless Grill for how people are eating today. So can you kind of talk about any major menu categories that could be addressed in the near term and could lead to future sales growth beyond '27?

嗯，我們肯定很期待17號。好。那我再問一個菜單方面的問題。我們過去談過，可能有機會、也許今天不是時機，但我們談到有機會某種程度上重新推出沙拉、碗餐，或是改良牛排，讓「Guiltless Grill」以更現代的方式重新出擊，以符合大家今天的飲食方式。所以你能不能談談，短期內有哪些主要菜單品類可能會被調整，並且可能在27年之後帶來未來的銷售成長？

Yeah. We have shuffled a little bit of our priorities in '27 based on just what's happening in the zeitgeist. So let me just tell you what food innovation will be for '27, and then I'll share with you what we're planning for '28. So number one, we're going to continue to ride the chicken sandwich all year. So that was certainly up in the air as we were launching.

是的。我們根據當下的大環境氛圍（zeitgeist）所發生的事情，稍微調整了27年的優先順序。所以我先跟你說27年的食品創新會是什麼，然後再分享我們28年的規劃。第一，我們會全年持續主打雞肉三明治。所以在我們推出時，這件事確實還不確定。

The plan was if it does well, we're going to continue to drive it. And so that's the plan from an out-of-store marketing standpoint. And then, we're going to continue each quarter to remind the teams on how to make the best sandwiches. It's not an easy thing to make a hand breaded sandwich. So we're going to stay focused on that operationally.

原本的計畫是，如果表現好，我們就會持續推動。所以從店外行銷的角度來看，這就是計畫。接著，我們也會每一季持續提醒團隊如何做出最好的三明治。手工裹粉的三明治並不容易做。所以在營運面我們會持續聚焦在這件事上。

Secondly, we're in process of revamping the kids menu. So we've launched the new kids menu, and this is about how do we just continue to get young families into Chili's. We know that kids are talking about Chili's. We see -- there's a very common thing we see in social media where if a kids team wins X, they want to all go to Chili's. So we think this is the time is right to go after the kids menu.

第二，我們正在改造兒童菜單。我們已經推出新的兒童菜單，而這主要是要如何持續把年輕家庭帶進Chili's。我們知道孩子們正在談論Chili's。我們看到——社群媒體上很常見的一件事是，如果某個兒童隊伍贏了某某比賽，他們就想全部去Chili's。所以我們認為現在正是進攻兒童菜單的好時機。

So we have a new kids menu. We brought back Grilled Chicken Tenders, which is a parent and kid favorite. And then next quarter, we're going to be adding mini Moltens back to that lineup as well as cheese quesadillas. And then we've recently launched new floats with our new Blue Bell ice cream. So we've upgraded our ice cream to a much more premium ice cream.

所以我們有新的兒童菜單。我們把烤雞柳（Grilled Chicken Tenders）帶回來了，這是家長和孩子都很喜歡的品項。然後下個季度，我們也會把迷你熔岩蛋糕（mini Moltens）加回這個組合，另外也會加入起司墨西哥薄餅（cheese quesadillas）。此外，我們最近也用新的Blue Bell冰淇淋推出了新的漂浮飲（floats）。所以我們把冰淇淋升級成更高端的冰淇淋。

And then we've also added a mocktail for kids, a Shirley Temple that's made with Sprite. So -- the new kids menu, a part of that has happened now and the rest of it will be finished next quarter. We finished renovating our pasta platform. So we've added sausage as a protein. We are hearing our chicken and sausage in our Q2 menu.

另外我們也為孩子新增了一款無酒精調飲（mocktail），用雪碧（Sprite）做的Shirley Temple。所以——新的兒童菜單，其中一部分現在已經完成，其餘會在下個季度完成。我們也完成了義大利麵平台的翻新。我們新增了香腸作為蛋白質選項。我們會在第二季（Q2）的菜單中主打雞肉和香腸。

And then we retrained teams on what we call pasta perfection. We did that last quarter. So the pasta is now going to be featured in Q2 in a bigger way. And then we also have a new cooking process to make it a little bit hotter. And then on a dessert standpoint, we've got a couple of things coming, which we haven't done in a while.

接著我們也重新訓練團隊，針對我們所稱的「義大利麵完美（pasta perfection）」。這是在上個季度做的。所以義大利麵在第二季會以更大的力度被主打。另外我們也有新的烹調流程，讓它上桌時更熱一些。而在甜點方面，我們也有幾件即將推出的事，這是我們有一段時間沒做的。

We just recently upgraded our skill of cookies. So if you go in the restaurant now, you'll probably see it being advertised on our little table tent. It's been to upgrade with more premium ingredients, chocolate, brown sugar and butter to make them oozier and gooier. We've obviously upgraded the ice cream, which I talked about earlier to Blue Bell Ice cream. And then lastly, we added this social media phenomenon, the Molten on top of the cookie, and that is now something that we're selling in the restaurants.

我們最近剛升級了我們的煎鍋餅乾（skillet of cookies）。所以你現在去餐廳，可能會看到它在我們的小桌牌（table tent）上被宣傳。這次升級使用了更高級的原料：巧克力、黑糖和奶油，讓口感更濕潤、更黏稠、流心感更強。我們也如同先前提到的，把冰淇淋升級成Blue Bell冰淇淋。最後，我們加入了社群媒體上的現象級吃法：在餅乾上加一顆Molten（熔岩蛋糕），這現在已經是我們在餐廳販售的品項。

And then next quarter, we're actually going to bring back Cheesecake as a non-chocolate option for folks that want dessert. The other thing I would tell you about desserts that we're learning operationally is a lot of times in casual dining, servers don't sell dessert because they want to turn the tables on a busy Friday or Saturday. And we think we have an unlock on that one. The feedback that we've been getting from the servers is like, hey, when I get the dessert, it goes to the bottom of the kitchen display system on Zone 3, that's where we make desserts. And so it might take 15 minutes to make a dessert.

然後下個季度，我們其實會把起司蛋糕（Cheesecake）帶回來，作為想吃甜點但不想要巧克力選項的客人的替代。另外關於甜點，我們在營運上學到的一件事是：在休閒餐飲中，服務生很多時候不會推甜點，因為在忙碌的週五或週六，他們想要加快翻桌。而我們認為這裡有一個可以解鎖的點。我們從服務生那邊收到的回饋是：嘿，當我點甜點時，它會跑到廚房顯示系統（kitchen display system）第3區（Zone 3）的最底部，那裡是做甜點的地方。所以做一份甜點可能要15分鐘。

So I really don't want to sell dessert, it's going to take 15 minutes. And so what we're doing is we're going to start -- we're going to test it first, bump the desserts to the top of the screen so the desserts get priority, so we actually can get that sale. So there's a lot of good things happening on the menu.

所以我真的不想賣甜點，因為要等15分鐘。因此我們要做的是——我們會先測試——把甜點單在螢幕上置頂，讓甜點優先處理，這樣我們就真的能把那筆銷售做起來。所以菜單上有很多好事正在發生。

In '28, that's when we're going to launch in the front half, we're going to launch salads. So we push that out a little bit based on what's happening. And then we'll have steaks and Guiltless Grill, hopefully, in the back half of '28 also.

在28年，我們會在上半年推出沙拉。我們根據目前的情況把它稍微往後延了。然後牛排和Guiltless Grill，希望也會在28年下半年推出。

Brian Harbour, Morgan Stanley.

Brian Harbour，摩根士丹利。

Mika, just a quick clarification. So is it correct that you expect to run like roughly 3% price through this year? And then do you have any kind of directional color on like mix impact that you're expecting?

Mika，我想快速確認一下。所以你們預期今年大概會跑約3%的漲價幅度，這樣理解正確嗎？另外你們對於產品組合（mix）影響，有沒有任何方向性的說明？

Yes. So what I would say as far as price goes, like I said, for the full year, it's going to be on the lower end, maybe just over 3%. If you're thinking about the cadence by quarter, it's going to be a little elevated in Q1. So I would model, again, nice round numbers, 4, 3, 3, 3 if you wanted, just some general numbers on how the pricing will go at Chili's.

是的。所以就價格而言，如我所說，全年會在較低端，可能略高於3%。如果你看按季度的節奏，第一季（Q1）會稍微高一些。所以如果你要建模——再用一些好記的整數——你可以用4、3、3、3，作為Chili's定價走勢的一些大致數字。

As far as mix goes, like we said, it was slightly negative in Q4. We had the 0.2 that was driven by alcohol and appetizers. For the full year, the assumption, I would say it's basically flattish. So we see -- Kevin talked, we've had a little momentum in the dessert category.

至於組合（mix），如我們所說，第四季（Q4）略為負向。我們的0.2是由酒精飲品和開胃菜所帶動。就全年而言，我的假設會是基本持平。所以我們看到——Kevin也提到——我們在甜點品類有一些動能。

But really, our strategy this year is to focus on driving traffic. We've talked about that a little bit with the flow-through, but it's really about the chicken sandwich. The chicken sandwich is designed to drive traffic. We've built up all these other businesses over the years, and those are all built into the run rate, and now we're really leaning into this one to drive traffic, and that's exactly what it's doing.

但其實我們今年的策略是聚焦在帶動來客數（traffic）。我們在談到流量轉化（flow-through）時也稍微提過，但核心就是雞肉三明治。雞肉三明治的設計目的就是要帶動來客數。這些年我們建立了所有其他業務，而那些都已經反映在既有的運行基準（run rate）裡；現在我們真的更用力押注這一項來帶動來客數，而它也確實正在做到這件事。

So flattish mix for the year. You got the price just over 3% and the balance of your sales will be from traffic.

所以全年組合大致持平。價格略高於3%，其餘的銷售成長將來自來客數。

Okay. Got it. Maybe talk about this next month, but I guess, any of the like North of 6 initiatives that you'd expect to see visibly this fiscal year? I guess, like any of those that you're kind of giving yourself credit for sooner at this point?

好。了解。也許下個月再談這個，但我想問，有沒有任何你們所謂「North of 6」的計畫，預期在本財年會明顯看到？也就是說，有沒有哪一些你們現在會更早就先把它納入預期、提前給自己一些credit的？

Well, let me tell you one thing we've done. So really, we look at North of 6 to really study their throughput. And so, as traffic continues to increase, we want to capture all that traffic. We just talked about, we're really excited about the start of the fiscal year. And when we think about the labor model, that's the main place that we're learning from them.

嗯，我跟你說一件我們做過的事。所以其實，我們會看「North of 6」來深入研究他們的吞吐量。因此，隨著來客量持續增加，我們希望把所有這些客流都承接下來。我們剛剛也提到，我們對財政年度的開始感到非常振奮。而當我們思考人力模型時，那是我們向他們學習的主要地方。

So for example, in Q4, we just talked about that flow-through was a little bit challenged. I talked about tomatoes. We saw that food and beverage is up a little bit and also beef. But in our labor model, I will say, hey, we thought that labor would be a little bit more efficient. We have been telling our operators to staff for the sales they want.

舉例來說，在第四季，我們剛談到穿透率（flow-through）有點受到挑戰。我提到番茄。我們看到餐飲（food and beverage）略有上升，牛肉也是。但就我們的人力模型而言，我會說，嘿，我們原本以為人力會更有效率一些。我們一直告訴營運團隊，要依照他們想達成的銷售來配置人力。

So we did have a little bit of -- let's say, they weren't as efficient as we wanted in labor, but thank goodness we did that because traffic ramped up so quickly in July and August that they were all ready for it and they're capturing it. So we have actually built in a lot of that where they exceeded the labor model last year. We built that into the model this year. Now a lot of it was built in the year over year already because they overspent, but we learned all that again from where are they leaning into this labor model. We're working on getting the base labor model exactly how we have it.

所以我們確實有一點——可以說，在人力效率上沒有達到我們想要的程度，但謝天謝地我們那樣做了，因為7月和8月來客量拉升得非常快，他們都已經準備好了，也把這波客流接住了。因此，我們其實已把去年他們超出人力模型的很多部分納入考量。我們把這些納入今年的模型。現在其中很多其實在年對年比較時就已經反映了，因為他們超支了，但我們也再次從中學到：他們是如何在這個人力模型上加大投入的。我們正在把基礎人力模型調整到完全符合我們的設定。

I mean, it's a great problem to have that every year, we're growing the business so quickly that we're adjusting that labor model to make sure that we can capture all the guests and have the throughput improve. But that's kind of where we're focused on.

我的意思是，這其實是個很好的問題：每一年我們的業務成長都很快，以至於我們都在調整人力模型，確保能接住所有顧客並提升吞吐量。但這大概就是我們目前的重點。

Yeah. And like, I said in my prepared comments, there's a lot of little initiatives that help with throughput. The major one, I think, that we're mostly focused on in the front half is going to be host stand. So this is this idea that like when we're on a weight, the average weight of our guest is 15 to 20 minutes. And even if we can't reduce that, we're going to try to reduce that, even if we couldn't reduce that, even just managing the host stand better makes a huge difference for that guest.

是的。而且就像我在事先準備的發言裡說的，有很多小型的措施都能幫助提升吞吐量。我認為我們在上半年最主要聚焦的，會是接待台（host stand）。這個概念是：當我們需要等位時，顧客平均等候時間是15到20分鐘。即使我們無法降低這個時間——我們會嘗試降低——就算降不下來，光是把接待台管理得更好，對顧客體驗就會有巨大差異。

Like, there's very different ways you can experience 15 to 20 minutes. And one way it can be a delighter and another way, it can be just the opposite. So we're going to focus on how they use the software to seat guests and manage the seating of the restaurant, retraining the host on how to better work with the guest on waits. We're obviously going to work on how do we get tables seated faster, how do we get tables bused faster. So there's a whole host of initiative coming in Q2.

比如說，同樣是等15到20分鐘，體驗可以非常不同。一種方式會讓人覺得很愉快，另一種方式則完全相反。所以我們會聚焦在：他們如何使用軟體來帶位、管理餐廳座位配置；並重新訓練接待員，讓他們更懂得如何與顧客溝通等位。我們當然也會著手：如何更快讓桌位入座、如何更快清桌（bused）。所以第二季會有一整套的措施推出。

And then there's going to be just things throughout the year. So for example, one of the pieces of feedback we've been getting from North of 6 restaurants is some have tried to put in a second soda machine, but the reality is we just have a bottleneck on refills because we give a lot of free refills to our guests. And so, during a busy Friday, Saturday night, that can get -- that station can get clogged with both servers and food runners trying to get drinks. And so, we've got some initiatives that will help us with the KDS to unclog that. So there's a lot of little things like that that are going to improve throughput.

接著，全年也會持續有一些事情推進。例如，我們從「North of 6」餐廳收到的一項回饋是：有些店嘗試加裝第二台汽水機，但現實是我們在續杯上出現瓶頸，因為我們給顧客很多免費續杯。因此，在繁忙的週五、週六晚上，那個站點可能會——那個站點會被同時來取飲料的服務生和送餐員擠爆。所以我們有一些措施，會透過KDS來協助疏通這個瓶頸。所以像這樣的小事情很多，都會改善吞吐量。

But it's very clear that those North of 6 restaurants that take on so much more traffic than our rest of our restaurants, they have the similar sized boxes, but they do things differently, and we're going to continue to roll those things out, plus take new ideas from those North of 6 restaurants and what we need to work on from a system standpoint.

但很明顯的是，那些「North of 6」餐廳承接的客流量遠高於我們其他餐廳；店面大小相近，但他們的做法不同。我們會持續把那些做法推廣出去，同時也會從這些「North of 6」餐廳吸收新的想法，並思考從系統角度我們還需要改善什麼。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

Just on the quarter-to-date, just to kind of make sure we're all on the same page and setting reasonable first quarter expectations. Would you be willing to share what the quarter-to-date comp is at Chili's or provide a guardrail there? And in the fourth quarter, could you also share what the 3 For Me mix was and the split between the $10.99 and higher tiers?

關於本季迄今（quarter-to-date），只是想確認我們大家在同一頁上，並為第一季設定合理的預期。你們是否願意分享Chili's本季迄今的同店成長（comp），或提供一個區間指引？另外在第四季，你們也能分享一下「3 For Me」的組合占比，以及10.99美元與更高價位層級之間的拆分嗎？

Yeah, sure. So Brian, what I'll say and what I said in my prepared comments is that we did significantly accelerate in July and August. And so if Chili's was 6% in Q4, that means it's higher than that in Q1. So I'm happy to talk about all of that when the quarter ends, won't go over all of the results in quarter one, but we're just really, really pleased with the strong start to the year and the traffic drivers. And so again, like Kevin said, the chicken sandwich is outperforming.

可以，當然。Brian，我要說的是——也就是我在事先準備的發言裡提到的——我們在7月和8月明顯加速。所以如果Chili's在第四季是6%，那第一季就會高於這個數字。我很樂意在本季結束後再談這些；我不會在第一季還沒結束前把所有結果都講完，但我們對今年開局的強勁表現與帶動來客的因素感到非常、非常滿意。所以再說一次，就像Kevin說的，雞肉三明治的表現超出預期。

The Margarita of The Month has been fantastic. It continues to help us drive traffic. And the Triple Dipper, I wanted to mention that that the Triple Dipper is something that has grown our business year after year after year and continues to grow today and is up even in Q1 year over year. So we're happy with that. That's also built into our everyday value proposition. So that is the first thing.

「本月瑪格麗特」（Margarita of The Month）也非常出色。它持續幫助我們帶動來客量。另外我想提一下Triple Dipper：Triple Dipper是多年來一年又一年帶動我們業務成長的產品，現在仍在成長，而且在第一季年對年也仍然上升。所以我們對此很滿意。這也被納入我們的日常價值主張（everyday value proposition）。所以這是第一點。

The second thing you just asked is on the 3 For Me mix, and I'm very pleased to say that, it's very stable. So in Q3, it was just under 21%. And in Q4, it's just over 21% of our guests are opting in on the total platform for 3 For Me. And of that 21%, about 40% of the people are opting into the $10.99 tier, which is very stable, that's what we reported every quarter. So what I -- the takeaway would be 3 For Me continues to be very stable.

第二點，你問到「3 For Me」的組合占比，我很高興地說，它非常穩定。第三季略低於21%。第四季則略高於21%的顧客選擇了「3 For Me」這個完整平台。而在這21%之中，大約40%的人選擇10.99美元的價位層級，這也非常穩定，跟我們每一季揭露的數字一致。所以我的重點結論會是：「3 For Me」持續非常穩定。

We are very pleased that the chicken sandwich and before that, the QP and the smash, they drive in new guests. But the guests -- some guests opt into the $10.99 that want it, but the majority of the guests then eat all over the menu and enjoy anything else they upgrade to whatever they want on the premium option. So that strategy continues to play out, and we're very, very pleased with it.

我們非常高興雞肉三明治，以及在那之前的QP和smash，能帶來新顧客。但顧客——有些顧客會選擇他們想要的10.99美元方案；不過大多數顧客之後會在整個菜單上自由選擇，並在高階選項（premium option）上升級到他們想要的任何品項。所以這個策略持續奏效，我們對此非常、非常滿意。

And I guess as a follow-up, if I could, just on the topic of accelerating unit growth, which you've obviously talked about in recent quarters and this morning. I guess, can you just give us a sneak peek on just the opportunity you see there in the US? It would seem that there are some pretty large states in the Midwest, the Pacific Northwest, and I saw you are acquiring Alabama this morning as well.

我想追問一下，如果可以的話，關於你們談到的加速門店成長——你們在最近幾季以及今天早上都提到了。你能否先讓我們稍微預覽一下，你們在美國看到的機會有多大？看起來中西部、太平洋西北部有一些相當大的州，而且我也看到你們今天早上也提到正在收購阿拉巴馬。

There's a lot -- there's several states out there where the stores per pop might be 1.5 to 2 instead of 3.5 plus like the system average. So any early thoughts on the TAM in the US that you could be thinking about?

外面有不少——有幾個州的人均門店數（stores per pop）可能是1.5到2，而不是像系統平均那樣的3.5以上。所以你們對美國的TAM（總可服務市場）是否有任何初步想法可以分享？

Yeah. What I'll tell you about is we do think there's an opportunity to build -- to definitely build more Chili's. We talked about kind of the new unit growth as a percent of revenues ramping up. So we're going to share all those details. Again, we got to say something for Investor Day.

是的。我想跟你說的是，我們確實認為有機會擴建——也就是肯定能再開更多 Chili's。我們談到新店成長占營收比重會逐步拉升。所以我們會分享所有那些細節。再說一次，我們得在投資人日講點內容。

But what I will tell you, Brian, is that what I really love about it is we still have opportunity to expand in our three biggest states, California, Texas, and Florida. We have a lot of opportunity in the Southeast to expand, like you said. I mean, we really have opportunity all over the United States. And so, there's a lot of markets where we can continue to build out Chili's in just kind of those gray areas that we haven't built yet. There's a little bit of white space still in the Pacific Northwest, where we know we have opportunity there.

但我想跟你說，Brian，我真正喜歡的一點是，我們在三個最大的州——加州、德州和佛州——仍然有擴張空間。正如你所說，我們在美國東南部也有很多擴張機會。我的意思是，我們在全美各地其實都有機會。因此，在許多市場，我們可以在那些我們尚未佈點的灰色地帶，持續把 Chili's 開出去。在太平洋西北地區仍有一些空白市場（white space），我們知道那裡也有機會。

So we have a great opportunity. I think we're going to be able to grow units over many, many years at Chili's and have a nice growth rate to build into our growth algorithm and a nice lever to pull for years to come. So we are excited about the total opportunity for Chili's.

所以我們有很好的機會。我認為未來很多很多年，我們都能在 Chili's 持續增加店數，並以不錯的成長率納入我們的成長演算法中，成為未來多年可運用的一個很好的槓桿。所以我們對 Chili's 的整體機會感到興奮。

Andrew Charles, TD Cowen.

TD Cowen 的 Andrew Charles。

Mika, I had two different questions about the guidance. So just first, what contributes to the $0.70 53rd week impact? It's a pretty large impact relative to the revenue guidance. Is the interest savings piece of it from the new debt structure, a piece of it. Just curious more about how the $0.70 came to be.

Mika，我有兩個關於財測指引的問題。首先，所謂第 53 週對每股盈餘（EPS）影響 0.70 美元，是由哪些因素構成？相對於營收指引來說，這個影響幅度相當大。新的債務結構帶來的利息節省是否也是其中一部分？想更了解這 0.70 美元是怎麼算出來的。

Yes. So what I would tell you is at a very high level, this is how we did it, and we'll continue to refine that as the year goes on. But it's just an incremental week of sales. So you'll look at what our sales volumes are at the end of the year. And it's just a flow-through assumption.

是的。我想先用很高層次的方式說明我們怎麼做的；而且隨著年度進行，我們也會持續精進。但本質上就是多出來的一週銷售。所以你會看我們在年底的銷售量。然後就是一個穿透率（flow-through）的假設。

It's going to be probably at restaurant level margins, it's probably going to be in that 30% to 35% range. And at a net income, it will probably be in the 20% to 25% range. So it's just a flow-through assumption on that final week of sales.

在餐廳層級的利潤率上，可能會落在 30% 到 35% 的區間。以淨利來看，可能會在 20% 到 25% 的區間。所以就是對最後那一週銷售做一個穿透率假設。

Okay. And then the other piece is the impact of the 12-store franchise acquisition, how does that impact EPS guidance? And if you could also provide the purchase price you guys are paying for that as well, it would be helpful.

了解。那另一部分是收購 12 家加盟店的影響，這對 EPS 指引有什麼影響？另外，如果你們也能提供這筆收購的買價，會很有幫助。

So let me tell you how it impacted the guidance. And so I'm glad you asked that so I could clarify. So we did get the 12 restaurants back. They are a little bit lower performing than the brand average. And also, remember, we have to net out the royalties we were already getting.

我來說明它如何影響指引。我也很高興你問到，這樣我可以澄清。我們確實把那 12 家餐廳收回來了。它們的表現略低於品牌平均。另外也要記得，我們必須把原本已經在收的權利金（royalties）扣掉。

So the incremental revenues from those restaurants is probably around $30 million year over year. And then it's going to have a flat impact to EPS basically because it's a very small acquisition. And with the opportunity of share purchase versus buying those back, it's probably a flat EPS impact. I don't know, if I'm going to share all the price on that. I think we'll give some more details as it comes, but we didn't put it in now, but we've got a really great price on those restaurants, and we're really happy to welcome them back.

因此，這些餐廳帶來的增量營收，年對年大概是 3,000 萬美元左右。然後對 EPS 基本上是持平的影響，因為這是一筆非常小的收購。而且相較於把資金拿去回購股票、或是把這些店買回來的機會成本，對 EPS 可能也是持平的影響。至於買價我不確定現在是否要全部分享。我想之後會再提供更多細節；目前我們沒有把它放進來，但我們以非常好的價格買回這些餐廳，也很高興歡迎它們回來。

Sara Senatore, Bank of America.

美國銀行的 Sara Senatore。

Maybe just a quick follow-up on that and then a question about Maggiano's. I noticed you're acquiring real estate. Is that a signal about how you're thinking about growth ahead in terms of approaching unit growth? I know there have been periods of real estate acquisition, but also sale leaseback. So just as I contemplate how you think about kind of the outlook as you're accelerating unit growth.

也許先就這點快速追問一下，然後再問一個關於 Maggiano's 的問題。我注意到你們正在收購不動產。這是否代表你們在思考未來成長、以及推進展店成長時的做法有所訊號？我知道過去有一段時間你們會收購不動產，但也做過售後回租（sale leaseback）。所以當我在思考你們加速展店成長的前景時，想了解你們對此的看法。

So that was one quick question. And then I do have a follow-up.

這是第一個快速問題。然後我還有一個追問。

Okay. So really, our approach to growing Chili's in the future is going to be that we're open. Now I will tell you the majority of the opportunities are going to be to continue to lease our locations and have operating leases, which is what we're going to continue to do. But I guess what I would signal is if there's an opportunity that we could purchase the land, if it makes sense, we're not against that if it helps us to continue to grow Chili's and it makes sense in certain areas. When we did the deal with Valente, they own that real estate, and we were happy to take it back.

好的。所以，實際上我們未來擴張 Chili's 的做法會是保持開放。我可以告訴你，多數機會仍會是持續以租賃據點、採用營運租賃（operating leases）的方式，這也是我們會繼續做的。但我想傳達的是，如果有機會購買土地、而且合理，我們並不排斥；只要能幫助我們持續擴張 Chili's，並且在某些區域有其合理性。我們和 Valente 做那筆交易時，他們擁有那些不動產，我們也很樂意把它收回來。

We'll continue to hold it. We'll look at it to see what we think the long term is. I don't know that we have a lot of sale leasebacks in our future. We prefer probably just to hold the real estate. Some of these are older units.

我們會繼續持有。我們也會評估，看看長期來說我們怎麼看待它。我不認為未來我們會做很多售後回租。我們可能更偏好直接持有不動產。其中有些是較老的店。

We don't want to burden them with some really high and long rents on there. So that's not going to be a big strategy moving forward. But what I would say is primarily, we're going to leave. If the opportunity comes to buy, we're not against it, but we're not overhauling our strategy to be an all-buy strategy by any means.

我們不希望讓它們背負非常高、而且期限很長的租金。所以這不會是未來一個很大的策略。但我要說的是，主要我們還是會以租賃為主。如果出現購買的機會，我們不排斥，但我們絕對不會把策略全面改成「全買」的策略。

Got it. And then I guess maybe just two quick modeling questions. One is the negative mix, is that sort of a continuation of the check management you saw in April?

了解。然後我想再問兩個快速的模型問題。第一個是組合（mix）為負，這是否算是你們在 4 月看到的客單管理（check management）的延續？

And then can you give any color on Maggiano's, as you mentioned, it was being contemplated in the 2027 guidance. I know to Kevin's point, it's less than 4% of operating profit, but just curious about that.

另外，能否談談 Maggiano's？如你提到，它在 2027 年指引中有被納入考量。我知道如 Kevin 所說，它占營業利益不到 4%，但還是想了解一下。

Yes. So as we move forward on mix, I think because the chicken sandwich is just going so great, we're just really -- again, we're just modeling, I would say, flattish for the next year. The negative 0.2% was just a continuation of, like we said, a little bit of check management with alcohol and appetizers. Like also Kevin talked about desserts, those are hanging in there a little bit better. So we feel good about mix.

是的。所以就組合而言，往後看，我認為因為雞肉三明治表現非常好，我們——再次強調，我們只是做模型假設——會把明年假設為大致持平。負的 0.2% 只是延續我們所說的：在酒精飲料與開胃菜上做了一點客單管理。另外如 Kevin 也提到，甜點的表現稍微更撐得住一些。所以我們對組合感覺良好。

And again, I'd like to remind everyone that we've spent so many years building the mix up when we built up the Crisper business, we built up the Triple Dipper business, the fajita, the rib, and all those are maintaining, which is wonderful. And so that's why we're back to this flattish. But there is a little bit of check management, but it's very, very small.

再提醒大家一次，我們花了很多年把組合拉上來——當我們把 Crisper 業務做大、把 Triple Dipper 業務做大，還有法士達（fajita）、肋排（rib）等等，這些都維持得很好，這非常棒。因此我們才回到這種大致持平的狀態。確實有一點客單管理，但幅度非常非常小。

As far as Maggiano's goes, I'll give you some high-level assumptions. And what we've done is we've basically assumed in this guidance that Maggiano's is going to have flat revenues and flat profits year over year, that just gives us a little bit of room so that we've seen some green shoots like Kevin said, so that we just have room to have Maggiano's to be able to kind of have the pressure off of them where they can just really focus on improving their food service and atmosphere and they can get that traffic rolling again. But those are the assumptions at a high level built in for Maggiano's.

就 Maggiano's 而言，我先給各位一些高層次的假設。我們在這次指引中基本上假設 Maggiano's 的營收與獲利將年對年持平；這樣能給我們留出一點空間，因為如 Kevin 所說，我們已經看到一些回溫的跡象，讓 Maggiano's 能稍微減輕壓力，真正專注於改善餐飲服務與用餐氛圍，並讓來客量再次回升。以上就是我們對 Maggiano's 所內建的高層次假設。

Chris Carril, KeyBanc Capital Markets.

Chris Carril，KeyBanc Capital Markets。

Just on the chicken sandwich platform, can you maybe expand a little bit more in terms of what you saw around guest demand around the different tiers and price levels you offer maybe relative to your expectations?

關於雞肉三明治平台，能否再多展開說明一下：在你們提供的不同等級與價位帶上，來賓需求的表現相較於你們原先的預期如何？

And Kevin, you gave us some detail around the number of chicken sandwiches sold per day and how that's continuing to build. So can you talk maybe about how like advertising and awareness drove that growth versus maybe other factors and how the trajectory of chicken sandwich compares to what you saw with Big Smasher and Big QP?

另外 Kevin，你也提供了每天售出的雞肉三明治數量，以及這個數字如何持續攀升的一些細節。所以你能談談像是廣告投放與知名度提升在這個成長中扮演的角色，相較於其他因素各占多少？以及雞肉三明治的成長軌跡，和你們在 Big Smasher 與 Big QP 上看到的情況相比如何？

I'll start with the 3 For Me question on the chicken sandwich. So we're very mindful about maintaining our $10.99 level of the 3 For Me. So when something new comes in, the other one moves out. And so, in this case, the Big Smasher moved up to $12.99 and the Big Crispy moved in $10.99 and Big QP. Like I said, those levels have stayed very similar.

我先從雞肉三明治的 3 For Me 問題開始。我們非常注意維持 3 For Me 的 10.99 美元價位。所以當有新品加入時，就會有另一個品項退出。在這個案例中，Big Smasher 調整到 12.99 美元，而 Big Crispy 以 10.99 美元加入，Big QP 也是如此。如我所說，這些價位層級一直都維持得非常相近。

So as far as the 3 For Me goes, we're selling about a similar amount as we did before the Big QP and the Big Smasher. The rest of the chicken sandwiches and the increases that Kevin talked about are really on the base menu because we have all the sauce versions, we have the premium, the deluxe. And so that's where we're selling the bulk of our incremental chicken sandwiches are on, I would say, the base menu.

就 3 For Me 而言，我們的銷量大致與先前 Big QP 和 Big Smasher 時期相當。至於其他雞肉三明治，以及 Kevin 提到的增量，主要來自基本菜單，因為我們有各種醬料版本，也有高階款、豪華款。因此，我會說我們大部分新增的雞肉三明治銷量，是來自基本菜單。

And then as far as like the driving trial and awareness, the curve -- when you look at the curve, it looks almost exactly like the QP and the Smasher curve just higher. So like it started off at a certain level and then it kind of a few months in, it starts to accelerate, which is what we saw on the others, too. So the mix is still good. That's like it's kind of behaving like the other 2. So that's why we just continue to drive advertising on it.

再來談帶動試吃與知名度：從曲線來看——當你看那條曲線時——它幾乎和 QP 與 Smasher 的曲線一模一樣，只是整體更高。也就是一開始在某個水準，然後大概幾個月後開始加速，這也是我們在其他品項上看到的情況。所以組合（mix）仍然很好。它的表現方式就像另外兩個品項。因此我們才會持續為它投放廣告。

Like I mean, a lot of folks have seen it quite a few times like in the investment community or in our walls, our four walls. But like the reality is the vast majority of our guests haven't seen a Chili's ad, hate to tell the marketing team. So as they continue to drive and build the awareness of it with a very similar campaign, that awareness will compound over time. So that's why we stay on these things.

我的意思是，很多人——像投資圈的人，或是在我們店內、我們的四面牆之內——已經看過它很多次了。但現實是，絕大多數的顧客其實沒看過 Chili's 的廣告，說實話，行銷團隊可能不愛聽。所以當我們用非常類似的活動持續推動並建立知名度時，這個知名度會隨時間累積、疊加。這也是為什麼我們會持續做這些事。

We don't do it for four weeks and then move on to something else, hat's had incredible success for us, since we've started the 3 For Me campaign. So we don't plan to change that.

我們不會只做四週就轉去推別的；自從我們開始 3 For Me 活動以來，這個做法對我們非常成功。所以我們不打算改變。

As long as the item is -- the customer is responding well to the item, which is what it appears to be on the Big Crispy, we're going to continue to drive that. And then we'll reassess whether in year two of Big Crispy, do we continue to advertise that or we bring news to Big Crispy or do we move to another item on $10.99. But we do that -- we've done the same thing every year for the last almost four years now, and we've had success. So we don't plan on changing that formula.

只要這個品項——也就是顧客對該品項的反應良好，而 Big Crispy 目前看起來就是如此——我們就會持續推動。接著我們會再評估：到了 Big Crispy 的第二年，我們是繼續為它打廣告、還是為 Big Crispy 帶來新消息（新品/新變化）、或是改推另一個 10.99 美元的品項。但我們一直都是這樣做——過去將近四年每年都用同樣的方法，而且很成功。所以我們不打算改變這個公式。

We think that is creating value certainty for the guest and really repositioning us in the market.

我們認為這正在為顧客創造「價值確定性」，並且真正讓我們在市場上重新定位。

Jon Tower, Citi.

Jon Tower，Citi。

Kevin, you earlier talked about the cycle time efforts and what you've got lined up for 2027 in terms of what you're tackling. I'm just curious like how you're thinking beyond that. Are there larger chunks or areas that you can go after in '28 and beyond? I'm just trying to get an idea of how long this runway is for you to kind of continue to improve the cycle times.

Kevin，你先前談到縮短週期時間（cycle time）的努力，以及你們在 2027 年針對要處理的事項已經排定了哪些。我好奇的是，你們如何思考更往後的部分。在 2028 年及之後，是否還有更大塊、或更多領域可以著手？我想了解的是，你們在持續改善週期時間方面，這條跑道大概還有多長。

Yeah. I think there's two areas, I think, that we'll continue to work on that we're going to learn about, which is like the actual dining experience. And so -- and that one, I think there's a ton of upside just because it's a big part of the business, and we continue to uncover basically places where things bottleneck. And so we're just going to continue to walk through those things.

是的。我認為有兩個領域我們會持續投入、也會持續學習，其中之一是實際的用餐體驗。而這一塊我認為有很大的上行空間，因為它是業務中很大的一部分，而且我們持續發現基本上有哪些地方形成瓶頸。所以我們會繼續把這些環節逐一梳理、改善。

So for example, host is a big one. That is a major initiative for us. But like we also know that the order time is a little bit of a blockage. And so when we're finally finishing rolling out the new UX for the order tablets, that's going to speed up ordering. And what we're learning at the soft drink station, the fact that that's -- it's harder to get refills as fast, and that's going to speed up time. And then this idea of dessert bottlenecks.

例如，帶位（host）就是很大的一項。這對我們來說是一個重大專案。但我們也知道點餐時間有點卡住。所以當我們終於完成新版點餐平板 UX 的全面導入後，點餐速度就會加快。另外我們在軟性飲料站也學到一些事：那裡——要更快補飲料其實比較難——改善後也會縮短時間。還有甜點的瓶頸這件事。

And so when people do order dessert, it ends up being a long time. That's going to improve cycle time, but it's also going to improve the server being more willing to sell desserts, right? So I think we're just going to continue to uncover things from a dining room standpoint. And I think we've got at least three years of runway on that one.

因此當客人點甜點時，往往會等很久。這會改善週期時間，同時也會讓服務生更願意推銷甜點，對吧？所以我認為我們會從餐廳內場/用餐區（dining room）的角度持續挖掘問題。而我認為在這一塊，我們至少還有三年的跑道。

The other one, which we haven't even scratched the surface on is to-go. It's 25% of our business, and we have a huge opportunity to figure out how to get friction out of that to make it seamless. When you look at the players in QSR that win on digital, meaning they create habits of their guests that they can rely on to get a quick take-home meal, it's all about a fast app, a seamless pickup experience and accurate pack-outs.

另一塊我們甚至還沒真正開始深入的是外帶（to-go）。它占我們業務的 25%，我們有很大的機會把摩擦點拿掉，讓整個流程變得無縫。你看那些在 QSR（速食餐飲）中能在數位端勝出的玩家——也就是能建立顧客習慣、讓他們可以依賴來快速買到一餐帶回家的——關鍵就在於：快速的 App、順暢的取餐體驗，以及正確無誤的打包（pack-outs）。

And we think those three things, we can go nail over the next couple of years. And we think that we're uniquely positioned in casual dining to go after those transactions because if you look at the things that we're winning with, it's all around the Better Than Fast Food campaign. So these are things that people think about when they think about take-home meals.

我們認為這三件事，我們可以在接下來幾年把它做到位。而且我們認為，在休閒餐飲（casual dining）領域，我們具備獨特優勢去爭取這些交易，因為如果你看我們目前贏的地方，都是圍繞在「Better Than Fast Food」活動。所以這些正是人們在想到外帶餐（take-home meals）時會在意的事情。

So burgers and chicken sandwiches and chicken tenders and some of our Tex-Mex offerings, like these are all things that we think are positioning ourselves well, but we've got to figure out that operation. I think that's a huge task. We're going to talk a little bit more about it when you guys come in for Investor Day, but that's the next big frontier I'm excited about because there's so many more transactions in QSR that we could go after with the off-premise occasion.

像是漢堡、雞肉三明治、雞柳，以及我們的一些德州墨西哥（Tex-Mex）品項——這些都是我們認為能讓我們定位得很好的品類，但我們必須把營運流程做出來。我認為那是一項很大的任務。等各位來參加投資人日（Investor Day）時，我們會再多談一些；但這是我很期待的下一個重大前沿，因為在 QSR 裡，針對外帶/店外（off-premise）情境，我們還有更多交易量可以去爭取。

I guess one more follow-up. I guess I've asked this question before in previous calls. I'm curious if you have any data behind it now in terms of the guest behavior. A lot of those guests that have been lapsed and now have come back to Chili's over the years, how they're using the brand perhaps differently than maybe you thought or maybe they're using the brand or the menu as you had expected. I'm curious if you've got kind of that customer journey, how they've been coming back in.

我想再追問一個問題。我想我在之前的電話會議中也問過這個問題。我很好奇，就賓客行為而言，你們現在是否有任何數據佐證。多年來，許多曾經流失、如今又回到 Chili's 的賓客，他們使用品牌的方式是否與你們原先想像不同，或是否如你們預期地使用品牌或菜單。我想了解你們是否掌握那種顧客旅程，他們是如何回流的。

Yeah. We don't really have that detail. I mean, the level that we have with the token data is basically that we're bringing a lot of new guests in. So a little bit more than half of the tokens that we see each month are new. And then when we track them, now we do it within nine months, we can understand what their repeat behavior is, and it looks a lot like existing guests.

是的。我們其實沒有那麼細的資料。我的意思是，我們從 token 資料能看到的層級，基本上是我們每月帶進來很多新客。所以我們每個月看到的 token 裡，有一半多一點是新客。然後當我們追蹤他們時——現在我們是在九個月內追蹤——我們可以了解他們的回訪行為，而看起來與既有顧客非常相似。

So that's basically what we know. We have some broad things on younger guests that tend to order more triple dippers -- older guests tend to order more of the 3 For Me. So we have some of that, but like we don't really -- it's -- I don't know how to answer your -- I don't have the data to answer your specific question of like how our lapsed users will they come back to the brand using the brand differently. We don't have it to that level.

所以這基本上就是我們所知道的。我們有一些較宏觀的觀察：年輕賓客比較常點 Triple Dipper——年長賓客則比較常點 3 For Me。所以我們有這類資訊，但我們並沒有——就是——我不知道該怎麼回答你的——我沒有數據可以回答你那個更具體的問題，例如流失用戶回到品牌後是否會以不同方式使用品牌。我們沒有細到那個程度。

Jon, but what we do know is we continue to draw on new guests every quarter, and then we talk about how 3 For Me is pretty stable. So we're not seeing like an over-index to value. And all of the categories are -- they've grown over time, but then they're all pretty stable.

Jon，但我們確實知道的是，我們每一季都持續吸引新賓客，然後我們也談到 3 For Me 相當穩定。所以我們沒有看到像是對「超值」的過度偏好（over-index）。而且所有品類——它們隨時間成長，但目前都相當穩定。

And so we're not seeing any huge mix shift in the menu with new guests. It's kind of like we said, we're attracting new guests in and they quickly fall and look like existing guests over time and then just keep coming back, but they're utilizing the menu basically the same. We're not seeing any big changes in the run rates of all the different particular categories or like a run-up in 3 For Me.

因此，我們沒有看到新賓客在菜單組合上出現任何巨大的轉移。有點像我們說的，我們吸引新賓客進來，他們很快就會隨時間變得看起來像既有賓客，然後持續回來，但他們使用菜單的方式基本相同。我們沒有看到各個特定品類的銷售速度（run rates）出現任何重大變化，或是 3 For Me 有明顯拉升。

Margaret-May Binshtok, Wolfe Research.

Margaret-May Binshtok，Wolfe Research。

This is a two-parter. I wanted to ask, I know you guys have talked about the success of the Big Crispy platform, but anything to call out in terms of the incremental traffic? Is that a younger guest? Anything between the different income cohorts, the type of guest that that's bringing in?

這題分兩部分。我想問，我知道你們談過 Big Crispy 平台的成功，但在增量來客（incremental traffic）方面，有沒有什麼可以特別指出的？那是比較年輕的賓客嗎？在不同收入族群之間，這帶來的是哪一類型的賓客？

And then the second part, I just want to ask, since you guys launched the Margarita of the Month Club earlier this year, have you seen any sort of sequential improvement in alcohol incidents?

第二部分我想問，自從你們今年稍早推出「每月瑪格麗特俱樂部」（Margarita of the Month Club）之後，你們是否看到酒精飲品點購次數（alcohol incidents）有任何逐季改善？

So you know what the great thing is about Chili's and about burgers and chicken sandwiches, everybody loves them. So our traffic has been up, and we're growing. We're growing all income levels, low, medium, high. We're growing all of our different demographics. And so historically, we had a little pop in our younger guests with the initial success of the Triple Dipper.

所以你知道，Chili's 的一個很棒之處在於，漢堡和雞肉三明治人人都愛。所以我們的來客量一直在上升，而且我們在成長。我們在所有收入層級都在成長，低、中、高都一樣。我們在各種不同的人口族群也都在成長。而從歷史上看，Triple Dipper 初期成功時，我們的年輕賓客曾有一波小幅提升。

We've maintained that. And we continue to grow and attract all the different demographics and cohorts. So we're really pleased that chicken sandwich again, has behaved just like the burgers. It's a huge segment, and it's broadly appealing to everyone. And so we're not seeing one particular group drive the traffic.

我們維持住了那個表現。而且我們持續成長並吸引各種不同的人口族群與分群（cohorts）。所以我們非常高興，雞肉三明治的表現再次就像漢堡一樣。這是一個很大的品類，對所有人都有廣泛吸引力。因此，我們沒有看到是某一個特定族群在帶動來客量。

It's all the groups, which we love because it's not very specific to one group. It's very broadly appealing. And as far as the Margarita of the Month Club goes, it's been a huge success for us just in general as an everyday value platform for us. So I know our guests really appreciate that $6 margarita. It's fun, it's colorful.

是所有族群一起帶動，這點我們很喜歡，因為它不是非常依賴某一個特定族群。它的吸引力非常廣泛。至於每月瑪格麗特俱樂部，它整體而言對我們非常成功，作為我們日常超值（everyday value）平台的一部分。所以我知道我們的賓客真的很喜歡那杯 6 美元的瑪格麗特。它很有趣、色彩繽紛。

They enjoy seeing what's next. It's culturally relevant. The one we had in July, Kevin mentioned it, it was really successful. So I would say, overall, the Margarita of The Months have been very successful. They're driving margarita incidents.

他們也喜歡期待下一款是什麼。它具有文化相關性。我們 7 月那款，Kevin 提到過，真的非常成功。所以我會說，整體而言，每月瑪格麗特都非常成功。它們正在推動瑪格麗特的點購次數（incidents）。

They're driving traffic. Now if you take a bigger step back and look at the whole alcohol category, we're feeling a little pressure like everybody else as the whole category -- for the category as a whole, we continue to sell market share. We're top in market share, but we're feeling a little bit of that macro pressure like everyone else is. But Margarita of the Month specifically, great value and helping us drive traffic.

它們也在帶動來客量。現在如果你退一步、從更宏觀的角度看整個酒精飲品品類，我們跟大家一樣感受到一些壓力——就整個品類而言，我們仍在持續提升市占（sell market share）。我們的市占排名第一，但也和其他人一樣感受到一些總體環境壓力。不過就「每月瑪格麗特」本身而言，它的價值感很強，也在幫助我們帶動來客量。

And one other thing I would add is I think maybe five years ago, the prior team viewed Margarita of The Month as just like how do we get more drink attachment. And it does play a great role to do that, still does. So we tested it years ago when I first got here, which put take it off the table and it was a mistake. So we know that it drives drink attachment even if the broader macro trends are against alcohol attachment and what's going on with gas prices.

另外我想補充的是，我認為大概五年前，前一個團隊把「每月瑪格麗特」視為：我們要怎麼提高飲品加購率（drink attachment）。而它確實在這方面扮演很好的角色，現在仍然如此。所以我剛來的時候，我們幾年前測試過把它取消，結果那是個錯誤。因此我們知道，即使更廣泛的總體趨勢不利於酒精飲品加購、以及油價等因素的影響，它仍能帶動飲品加購。

But the second thing I think that is important to note is the new marketing team has done a phenomenal job of figuring out what are different margaritas a month we can use to drive traffic. We saw that with -- last November with our witch-themed Margs. We saw it with the most recent Bombshell Margs in July. And so I think they're doing a better job. Not every month is going to be this big traffic-creating margarita. These guys are very planful about which ones they're going to do and how they're going to surround it with advertising and social.

但我認為第二個重要點是，新的行銷團隊在找出「哪些每月瑪格麗特」可以用來帶動來客量方面做得非常出色。我們在去年 11 月的女巫主題瑪格麗特就看到了。我們也在最近 7 月的 Bombshell 瑪格麗特看到了。所以我認為他們做得更好。不是每個月都會有這麼強、能創造大量來客的瑪格麗特。這個團隊在規劃上非常周全，會選擇要做哪些款式，以及如何搭配廣告與社群操作。

But they've done an exceptional job of creating a second growth lever on Margarita of the Month. So it's not just about attachment and entry price point, but it's also now about traffic driving for certain Margs, and I think that's going to continue. When I look at the innovations they have planned, I think it's not going to be every month, but often, they're going to be looking at things that are actually going to drive the total box traffic, not just alcohol attachment.

但他們在「每月瑪格麗特」上創造了第二個成長槓桿，做得非常出色。所以它不再只是關於加購與入門價格帶（entry price point），而是現在也能在某些款式上帶動來客量，我認為這會持續下去。當我看他們規劃的創新，我認為不會是每個月，但會經常地，他們會尋找真正能帶動整體門店來客量（total box traffic）的項目，而不只是酒精飲品加購。

We have reached the end of the question-and-answer session. I will now turn the call over to Kim Sanders for closing remarks.

我們已到達問答環節的結束。我現在把電話會議交回 Kim Sanders 作結語。

Thank you, Holly. That concludes our call for today. We appreciate everyone joining us and look forward to presenting an update on our long-term growth plans at our upcoming Investor Day in September and updating you on our first quarter fiscal year 2027 results in October. Have a wonderful day.

謝謝你，Holly。今天的電話會議到此結束。感謝各位參與，我們期待在 9 月即將舉行的投資人日（Investor Day）上，提供我們長期成長計畫的最新進展，並在 10 月向各位更新 2027 會計年度第一季的業績結果。祝各位有美好的一天。

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。您現在可以掛斷電話線，祝您有美好的一天。感謝您的參與。